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Intro: Good morning Vietnam that was a special request for a fan hi everybody its Charles Hoskins in here broadcasting live from our favorite place warm and sunny Colorado got a new microphone this is the new Yeti X we step the red microphone which was the old Yeti so out with the old in with the new I hope you guys can hear me well let me turn down game just a little bit it's pretty cool mic action it's got a little flashing lights and this stuff although it's still not USB see what is up with that so today is May the 17th it is an interesting day it's a Sunday I try to do Sunday mas from time to time well you know during quarantine you guys have got a lot more charles time when i travel you get a little bit less and you know as we're building up the shelly you know things are kind of moving and in a steady drumbeat at the moment you know this was the first week that we had the Pioneer test net and next week is the real meat and potatoes at the Pioneer test then so the first week was about getting everybody on boarded getting them started with lots of exercises to do being able to establish a proper flow of communication a nice way for them to report issues and bugs and various misconceptions or misunderstandings or such things as they come up and next week is about actually making the blocks so hopefully we can actually see people successfully register stay cool get delegated to and make a block propagate that block throughout the entire network and then after all of that has been established it's just about opening it up to the rest of the general public and then once we get it opened up to the rest general public it'll be very short order basically wiring on the shell e-wallet in doing an end-to-end test net with Daedalus and the rest of the things and then it's balance check time ballast check is for you to verify that all the balances are right for the exchanges something to integrate against and for us a way of verifying that the hard for Combinator works the way that we think it works so that when we do it for realsies on the main net it as seamlessly as Byron reboot went and the rest of the endeavors have gone so things are things that are really moving in the right direction and it's a it's good to see things be predictable and on Rails and dates happen as we expect them to so this month is really the pioneer month and next month is really the month of you know getting the Shelley main users online and getting people where they need to go and it's gonna be a lot of fun to do the product update at the end of this month because we'll probably have a lot to say from the virtual summit to other such things you know it's also really exciting to see that all the things that we'd worked on for months or years in pieces be pulled together so quickly and without a hitch you know normally when you build things in a poly lithic architecture one piece after another piece when you wire those pieces together they don't fit right boeing learned this the hard way with the 787 and it caused a lot of delays for them but so far knock on wood all that wiring from the vrf on down seems to be working pretty well with a couple of sharp edges here and there that people have managed to resolve fairly quickly and it's just been a joy working with the pioneers and it's just been a joy working with the broader Cardinal community to actually really get this thing pushed through and released on time so Shelley is looking good guys it's looking really really good and I'm very happy about it what's really fun at this point and actually listening to the comments from trolls people from other projects you know they come in every six months and they have no idea what's going on and they say we're just a wallet or we haven't accomplished anything or we're a test net or we've never released anything it's getting almost comical at this point really comical and it's great for us because it means that the market is mispricing Ada and it means that the market doesn't quite understand our project yet so everybody's just going to be caught on their ass surprised and really get hit hard as a consequence of the launch of Shelley so there's going to be a little bit of a crypto ecosystem whiplash Shelley lash as a consequence of the launch I mean it's it's just crazy like today I saw an article from Queen Telegraph a supposed article covering all the latest and greatest proofs of steak from F to s offering to Algren to cosmos and of course cardano's missing we're always missing in these articles it's censorship at the at the worst or ignorance at the best so either they're stupid or they're purposely not doing their job so when we launch it's going to be really interesting to see how the market responds to that and it's going to be very interesting to see how the media as a whole responds to that one of the points of the virtual summit is to put an exclamation point at the launch of Shelia's as much your event as it is our event those who have waited so patiently for so long for the wait and launch of Shelley finally get to prove to the space that we deserve a seat at the table and we've done a really good job and we get to show how good of a job we've done we get to show the quality of the software get to show the capabilities the vision the roadmap and what people can do already so that's going to be a lot of fun and of course we're going to invite a lot of the media and of course we're gonna do our marketing reset at that point alongside the launch of the new Cardinal org website but it's nice to see a light at the end of the table I'm very excited about it very very fired up about it because I'm just damn tired about the current way things are going we just don't get enough respect and we just don't get enough accolades we put in the work we put in the time the community put in the work and put in the time there has never been in the history of cryptocurrency a test net as successful as the incentivized test that I mean literally you you have about half of the carto ecosystem participating there's I think 19,000 validating nodes there's over 1,200 registered stake pools hundreds actively making blocks for test net software test net software ok which was not the easiest software in the world to use let's be honest here that Russ code was very alpha and it was made for bleeding edge and despite the warts despite the fact that it took some time to mature and grow into something the community showed up work hard and they did their job you don't see that in many cryptocurrencies certainly in the top 15 or top 20 do we see that level of passion excitement enthusiasm and it's just incredible to me that it's ignored wholesale by large chunks of the industry so we could look at it as a problem or we could look at it as an opportunity I like to be a glass half-full kind of guy so let's say it's an opportunity and it's a great opportunity for us as an ecosystem and we will do what we need to do to grow and we'll do what we need to do to get our fair share and get to where we need to go the good news is that the engineering is getting done anybody who says otherwise is either ignorant or a liar and you can see it right there we're still number one for commits I believe crypto miso has still not updated their website unbelievable to me they're still pointing to a deprecated repository they refuse to update at the point to point to the other 10 repos that we've been actively contributing to to go to card Auto updates you can see I think we made over 2400 commits this this week alone and yet somehow someway we didn't make any commits because crypto miso is pointing to something that has no no maintenance it's a deprecated code base but you know that's just the way it is in this space people feel like they're in a position to tell everybody else what a product or a project is all about they claim that they're a trusted source of information when it's blatantly clear that they've failed in that mandate the community calls them out over Twitter they still don't update and they still have the audacity to judge other people then the people who don't like us point to that data sources Canon ignore everything else so we I will overcome that all right well anyway that is what it is and I don't really care anymore because I know I'm gonna win you know I it's inevitable we have done what we've needed to do and we're gonna get to a point where this project is going to take off and this project is really going to make a big impact it already has it's fundamentally changed the way that people do research in the space it's fundamentally change the conversation aetherium is taking formal methods very seriously there's companies like off chain Labs there's a whole methods group it can census none of this existed prior to carnival people recognize the value of what we were saying even if they decided not to give us credit it was extraordinary to me when Vitalik tweeted only cos perhaps has done or maybe Tasos interesting novel things dan Larimer is a thought leader in the space and of course the c-word can't be mentioned and then they asked him well Vitalik what would you create if he could do it all over again and then he basically describes Cardinal this is what we're up against in it at some point it just gets pretty absurd I remember in my own history when we were pushing for auditing the Federal Reserve System and we had one of the most sponsored bills in the history of Congress and the media refused to talk about auditing the Fed or when they brought it up they somehow said that an audit would disrupt or politicize the Fed preserve they literally took the talking points of the Chairman I mean well we said guys this organization is actually in charge of all the money in the entire United States and even the CIA the most sensitive of all places and the US government is subject to accountability oversight audits so why shouldn't the people who print our money be pretty simple concept and the vast majority of Congress seems to be on with this can we please talk about it 0 media coverage none nobody wanted to talk about it so it kind of feels like that to a certain extent in certain circles in the space and you know what we operate well in those circles we're used to it and we we certainly can outlast and survive anybody and sure as hell hasn't hurt our ability to grow as a project or the power of the community as a whole and I love all of you you're just great and I love that you show up for the AMAs I love it you come with great questions I love the conversations we have it's very meaningful and it's a family and we're all working together to try to create a better world so that's a lot of fun all right let's get to your questions huh hey Charles how's the garden growing very good I put in six raised beds two big beds and four small ones and those those beds we're going to grow some peppers and we're gonna grow a whole bunch of plants and unfortunately the first wave things we planted hail came and destroyed a lot of them it wasn't even in the forecast but that's Colorado for you you know just when you think everything is going to summer you get a hailstorm and you get some dents in the cars and you get some you get some damaged plants so better luck next time all right let's see here hey Charles I'm trying to write a book about car Don oh do you think it's a good time or a bad time considering you're rewriting the documentation launching marketing content push or if you're trying to write a book about it I'd highly encourage you to reach out to rod Alexander so rod Alexander at i/o hki oh you can all find his name spelling on our website IOH k dot io and we'd be happy to talk about it and we can be sure to give you as much information as we can to make that as easy of a process it's a lot of fun writing book and actually i i've been many times offered to write a book about my experiences in the space certainly books are being written about me there are three books being written about the history of aetherium and one or two chapters will be devoted to something I've done so it's a it's an interesting game hi Charles will I be able to stake when Shelley launches yes you'll be able to stake when the heart Fork begins so what will happen is that we're gonna launch the client and then we're going to wait about four weeks and do a heart Fork the reason why is that exchanges need time to rotate out or else what will happen is a they will get de listed while they they are getting their software updated so we talked to all the exchanges that have listed Ada and they said they need between four to six weeks we're going to do the balance checks slightly before we do the main net client and both of those will be basically the same sans bugs but it would be good given four weeks so as soon as that four weeks expires after the main net client is cut then the hard work begins which means we shift from the Shelley world the the Byron rules to the Shelley rules and at that point stick pools are running at that point delegations happening rewards are being paid and you're able to use it there's also other people like ledger who need to update euro you need to update and there's always latency there because when we finish a standardized then they need to build against that so you always have to wait a few weeks so so yes as soon as the as soon as the hard work begins you'll be able to do that does the hardware you were running effect node performance if you're referring to node performance with respect to stake pools generally speaking even at a rock pie should be able to make a block if you think about things such as sync time wallet restoration time if you have more CPU and memory and disk storage especially with faster disk with you'll be able to of course do these things faster unless we've done a really poor job optimizing algorithms so yeah if you have a core i9 with 64 gigabytes of RAM on a really powerful PCI Express based nvme solid-state hard drive then yeah you're gonna of course have a faster node experience than if you have a rock pi but both of these can use the system hi Charles would you be able to give a simplified version of how proof of steak works yeah sure there's a very easy way of thinking about proof of steak so both proof of work and proof of steak are attempting to achieve the same thing so all the old consensus algorithms the the rafts and the packs OSes and these BFT protocols basically they existed with an assumption that you have a static and federated system static and that you're not going to change your consensus set very often and federated in that that that set is basically a set of actors so five or seven or nine or eleven and it's not elastic so it doesn't go from like seven to thirty or something like that all right now this was built because at the end of the day you were talking about computers amongst known actors who basically own the hardware and they're building a distributed system to optimize you're going from one computer to many computers Byzantine resistance was added because maybe you're doing as things were hardware is unreliable in which case is it eaten by no fault of its own gives you wrong answers and the system needs to be self-correcting you don't want to halt as a consequence of a bit being flipped or because you're actually networking with outside parties but you still have a situation where the system is for the most part static and federated now we're moving to a dynamic and decentralized system dynamic in that lots of people can open a join and and you don't know how big that sets going to be and and basically anybody can play you don't need permission to play inside the system so this requires a new class of protocols and the first of its kind was proof of work and then proof of state was invented thereafter the big difference is that you need some sort of resource to determine participation and so in the case of proof of work your resources hash rate in the case of proof of stake your resources ada now that resource then you can make decisions about who gets to advance the system so basically you can think of it this way you have your system and state a so whatever today's state is so the current set of all the values and then you run it and then a lot of people propose things they say okay I want to send this amount to Bob and I want to send this amount to Eve and so forth and those are called pending transactions and they go and sit in the memory pool and they just wait for somebody to bunch all of them together make a block and then advance the network to the next state the state B okay well what proof of work and proof of stake is all about is it's a decision mechanism to decide who gets the right to bundle all of those things that are sitting in the memory pool together and advance the system from one state to the next state then that candidate is broadcasted throughout the network and if they follow the rules all the validating nodes all the full nodes in the system can look at that and say yeah that looks good I accept that block so basically there is a select who's going to do it do it and then check the work of the person who does it the only major difference between proof of stake and proof of work is that in proof of work the selection phase is basically a lottery system determined by hash rate so you've basically a lot of people are buying tickets all their mining capacities how many tickets per second they can buy so you have a Giga hashing at a billion tickets per second pedda hash etc etc and basically at some point you find that lucky ticket that lucky hash that is a winner and then that if you're fast enough can be used to go ahead and advance the system you get the right to do that now if two people roughly at the same time get winning tickets then you actually have a fight between them and then the first person to have somebody build a block on top of their chain is the winner and then the other one actually gets discarded that's called an orphan block now with proof of stake what we do is and we say instead of using hashes to do this we say okay we're just going to synthetically let people win so if you have 25% of the ada and circulation 25% of the time on average you'll have a chance to win and with a delegation system can take that and give that chance to win to a state pool operator on your behalf and then they go and participate and but the only way you get paid is by actually making the block this is one of the reasons why it's not right to call proof of stake like interest or a dividend or something like that because with interest and dividend you have a legal right to a payment just by holding an asset with stake you don't you actually have to do something you have to either do it yourself or you have to entrust somebody to do it on your behalf and they actually have to go and do that and what they're doing is actually real utility to for the network because if these stake poles didn't exist well then the network couldn't advance so the network as a whole is paying people to do something in the only way they can do something is by participating in the synthetic lottery effectively and actually then constructing the block and advancing it so it's a pretty clever system because you achieve open participation and you'll achieve decentralisation but unlike Bitcoin because you're not spending any electricity on that synthetic lottery basically you have a constant amount of power that's being used very very small amount in our case about ten kilowatts if we had a thousand state pools and they were all running Rock PI's so what does that mean like for the power of a large home you can run a global scale financial system whereas a Bitcoin the problem is that as the cost of energy goes up except well excuse me the hash rate goes up and the value of Bitcoin goes up you know you're going to use more and more and more electricity to stay competitive for those same amount of coins so as a consequence there's no incentive to reduce power consumption in the system if the system becomes more valuable it's quite the opposite anytime the value goes up you will spend more and more electricity to acquire that value so this is what's made Bitcoin go from the power of One Laptop to the power of an entire country like Switzerland and if it continues to grow like to a trillion dollar market cap it will consume more electricity than Canada it'll consume more electricity than Argentina very large countries so it does give you a sense of how problematic this will be of iron mentally speaking and all of that is tone with proof of stake as with all things you talk about trade-offs and the trade-offs are that you have an endogenous resource versus an external resource and in an exogenous resource so they have different trust models and a misogynist resource is a resource outside of the system and endogenous resources of the resource within the system okay so a resource outside of the system means that you are trusting a process that lives outside of your protocol to make the protocols secure so you are relying on mining Hardware existing people using that mining hardware and for a sufficient amount of it to be around that it would be quite expensive for the system to be hacked in the case of an endogenous resource you're saying that's something within the system a resource that exists within the system is what gives the system security so the more expensive that resource happens to be and the more plentifully distributed that resource happens to be then the less chance you have of fraud and abuse of the system or damage to the system so you have a direct alignment with an endogenous resource to the financial incentives of the system and security in health of the system whereas you do not have a direct alignment with an exogenous resource because that mining capacity could be used for any proof-of-work coin that shares that same hash power this is a big difference between the systems even if there was an 8 a classic the ADA and ADA regular everyday Cardno cannot be used to secure ADA classic so whatever value of one system can't be reused to the other system but if you had a Bitcoin in a Bitcoin cash situation because they both share the same consensus algorithm a miner chooses to either mine chain a or chain B here's the problem with that if chain a and chain B have roughly the same hash rate and the same value the miners of one of these chains actually have an incentive to collude and destroy a chain and then move all hash power over to the other chain because they can maximize profit you can't dilute your resources if you mind and be at the same time you can only split your resources 50/50 so you'll make roughly the same amount of money but if you destroy one of the coins you can use financial products like short selling and derivatives these types of things to make windfall money as it's in free fall because it becomes unusable and it's broken and then when it's destroyed you just move all your hash power over to the other system and you would make the same amount of money if you mind a all the time but you get to keep all the value of destroying a that's the problem with proof-of-work is it's a winner-takes-all type of system and it's very mercenary and so if you're defending your city with mercenaries you have to be very careful because those mercenaries may have an incentive to turn on your city and Sackett yeah if someone pays them more if they realize that they can get away with that whereas an endogenous resources like defending your city with your own people you know if they turn on the city they're killing their kids they're killing their family so that's really the big difference philosophically between these two things but they approve of stake to work in principle and synthesize all the security properties of proof of work that a super super super hard and that's why we've had to spend years and years of research to understand can we do this synchronous or asynchronous or partially synchronous can we get adaptive security can we bootstrap from Genesis the rule there were a lot of properties that proved work gets for free as a consequence of its design that are really hard to emulate with proof of stake in a provably secure way so that's why we had to write a lot of papers and spend years thinking about it hi Charles what is your current relationship with avital akin and in your opinion what is the reason for him not to ever mention Cardinal I don't really have a relationship with italic we never talk we barely interact with each other maybe once every year or two years at some event hey hey that's about it and he certainly doesn't talk about our project except for to criticize our papers usually in a public medium like Reddit or Twitter but never in a scientific medium where we can certainly have a discussion we wish him well and you know the space is certainly large enough for both of us and I hope that he has a good time with etc' makes use me at the etherium too hi Charles do you expect a depression because of the lockdown situation if so can what can we expect from the blockchain industry are they already offer a viable alternative to the failing fiat system I do anticipate that there's a very high probability of depression as a direct consequence of these lock downs this is a classic case of where something was done as a knee-jerk reaction in the short term because we did not have complete information and we decided to err on the side of caution that has been taken heavily politicized and the goal posts have been moved in my own country the whole reason for the shutdown was so that the medical system could catch up we could get our PPE supply chains in order we'd have a little bit of time to try to get better therapeutics and that we could orient ourselves properly so that when we reopened we could properly social distance and wear masks and these types of things those were the goal posts that's that's where we started and it was a reasonably you know one or two month endeavor understanding that it had profound economic consequences literally it would wipe out hundreds of thousands of small businesses and probably double or triple the unemployment rate for at least a year but it was a risk we took because we didn't know enough now moving forward the goal posts have been changed in the case of Los Angeles - we may not open up until we have a cure we don't have a cure for HIV we don't have a cure for the common cold we don't have a cure for any of the other coronaviruses we don't have a cure for influenza but apparently that's now the goal post and they've said there's at least three more months of lockdown the longer we do this in an effect society with a second virus we'll call it the quarantine virus and it has very real consequences on every single person first it destroys your constitutional rights and freedoms your right to assembly or freedom of religion your right of expression your right to commerce second its instituting this is a spy' state it's apparently already K for Google and Apple to begin tracking and tracing people on their phones and reporting that information to the government it also allows the government to decide which businesses are essential and not essential apparently and state of Colorado if you're a marijuana dispensary or you sell pornography you're essential if you're a church or not so how you can figure that one out I can't but all right and then it also leads to profound death the case of suicides increased by about one percent for every percent increase in unemployment that's a well-known statistic and our unemployment rate has gone from about four five percent to almost twenty percent in some places fifteen percent increase in suicide rate translates to at least 15,000 additional deaths perhaps more just in the United States I destroys quality of life as well because what those suicides are overwhelmingly represented by people under the age of 40 who many of which have small children and have many people deeply reliant on them so all those families have devastation that takes some cases decades if not ever to recover from then you talk about all the people who can't get elective procedures 34 have already died in Toronto that's one place they've tracked it extrapolating across the entire United States it's hundreds if not thousands of people who will die as a consequence of elective becoming much more so this recent statistic I read said over 80,000 cancers will go undiagnosed as a consequence of this quarantine it's important to also point out that the quarantines are bankrupting our healthcare system because no one's allowed to perform non-elective it no one's allowed to perform elective procedures doctors nurses nurse practitioners are being laid off in mass hospitals are going out of business time of a global pandemic where you would expect people be working overtime the healthcare systems being crushed in addition to that many people in the United Nations and the World Food Program in other places that track famine believe that because of the economic devastation of the quarantine virus shutting down the world 265 million people will be pushed into acute hunger of which 1 to 2 percent will at least die of hunger starve to death the men go first usually then the women then the children because no one's there to take care of them that translates to 2.6 million to 5 million people will die of starvation within the next twelve months because of the economic depression that has been pushed upon the world to show the colossal mismanagement of the government agencies in the United States we are destroying food we are allowing millions of sheep chickens pigs and other things to just basically be butchered and no meat processed so they just rot silo's full of agricultural goods are rotting as well so the markets aren't functioning normally because of this and despite that millions of people will now starve to death as a direct consequence don't believe me read the New York Times if you're on that political persuasion so know these people who want to end these lockdowns don't want to get a haircut they don't want to just go get a beer they understand the profound social trauma economic trauma and death the quarantine virus will cause meanwhile on the science side we've discovered with all available data and the antibody test across many places a meta-analysis of them that the case fatality rates probably about somewhere around 0.34% and that's probably going to be lower once we actually start accounting for a lot of things and dragging more data and as of next year and that is overwhelmingly represented amongst people who have many comorbidities overwhelmingly represented amongst people who are morbidly obese or old now for a long time medicine has been able to deal with people who are very vulnerable to diseases there's at least one person who has had a cancer and had to have their immune system destroyed bone marrow transplant who said boy somebody coughs on me I'm gonna have a really bad time they self isolate we don't shut all of society down to protect them we tell them that the burden is on their shoulders because we understand the socio-economic realities of shutting all society down despite that apparently people claim that they follow science are saying that we're gonna have quarantine and shutdowns where you're allowed to go on wet sand but not dry sand you can't go outside you have to stay inside two-thirds of people in New York who have coronavirus caught it during the quarantine indoors you don't really see you're not really gonna catch this in a park with sunlight far away from people but you can go ahead and kick Tom Brady out of a park he's not allowed to exercise by himself alone in the park it's insanity it's absolute insanity and the quarantine virus will kill far far far far more people than any coronavirus ever will furthermore we will never get rid of corona virus now ever it is mutated it is in the wild too many people have gotten just like the common flu and influenza there will be new strains every year and we for the rest of time until medicine evolves much much beyond where it's at we'll have a double flu season a corona season and an influenza season just there even if we develop a vaccine and we start distributing that vaccine there's over 30 strains of corona virus floating around flattening the curve will do absolutely nothing to mitigate death it prevents people from dying as a consequence of lack of medical care so the whole point was to avoid hospitals from getting overrun and a doctor in the ICU having to make the worst decision of their life of which patient do I give the ventilator to accepting that the other ones going to die we are under capacity to the point that we are laying physicians off so that decision doesn't have to be made the curve will be dragged out longer but the same amount of people will probably get coronavirus with these quarantine stay at home policies than if we didn't have them and before anybody quotes the countries and places that didn't quarantine for example Sweden and say oh look how terrible it is they have far more cases than their nearest neighbor or remind you that if you extrapolate Sweden's population to Italy's population there's 10 million people in Sweden 60 million people in Italy there's still about 10,000 people less who would have died in Sweden than Italy but then you say oh well that doesn't count because Italy is a totally different country compare them to Norway which is a totally different country from Sweden and if you look at Sweden and you discount the route in homes and the nursing homes the places where people are most vulnerable or they did have bad policies and they didn't shut them down and quarantine them they'd actually converge to Germany and Netherlands and other countries so this is just a great example of how people live was data it's a great example of how propaganda spreads and it's a great example of how bad policy kills people and the very same people who in the Soviet Union felt that they could centrally plan an economy I and decide who gets food and who doesn't get food are now added again thinking that this time will be different and I will remind everybody that during the 20th century 100 million people starve to death in the Soviet Union and tens of millions were gulag we will converge to that again in some form or capacity if we're not so careful with this quarantine virus and the civil liberties that we lose the rights we lose the social graces that we lose as a consequence of this quarantine will not come back instantly the minute that the quarantines end politicians never give power back government never gives power back unless the people take it back from the government and the media has been completely complicit in it I am disgusted absolutely disgusted with all of this and I'm really tired of every single time that I speak out it in this particular topic I'm called racist a Nazi or I just want to get my hair cut or I want to go get a beer or something like that too to get through it my life is great I live on a 50 acre farm I have no problems in the world I could live in quarantine for 10 years and it'd have very little impact on me my lifestyle or the things going on but I do see a lot more homeless people I do know a lot of people have lost their livelihood their business New York City has gone from 20,000 restaurants the probably less than 10,000 after this is all said and done the vast majority of those are small businesses owned by minorities all of them completely wiped out and no it's not a solution to just institute universal basic income socialize the entire medical system and Institute a welfare state there's dignity and work and there's dignity and freedom and to rob us of this and then that replacing with total government control the factors of production is the better way of going things this is just this is just the most inhuman of things I've seen and we're making people suffer when the science clearly says we should not so yeah I think it's gonna have profound consequences and it's already having consequences it's hurting the entire world and there's no scientific reason to hurt the entire world I certainly do feel bad about the people who've died coronavirus millions of people have died of malaria millions of people have died of other diseases as well it's called being human we're frail and fragile and we can die from crazy things from being hidden by meteorite fragments to getting Ebola it happens and we as a collective society we try to do better we try to protect the vulnerable but we do not use the fact that something can harm somebody as an excuse to rob people of their freedom and their liberty and to rob people of their ability to self-govern and for society to function as it was it's it's just morally wrong yeah what's the solution that pretty simple you just open up you do what Sweden did use common sense you socially distance you wear masks it reduces the infection rate people are more careful you accept that you're gonna have a pretty constant stream of people getting it there's some seasonality in this as we've seen from India and Africa data I in you work on better therapeutics from death severe is a great platform when you see that treating with zinc and vitamin D certainly helps and we will have a vaccine for some strains of this and we give that vaccine to the most vulnerable people and then we move on with our lives just like we moved on with our lives with influenza every year influenza kills half a million people if not more in society works just fine so yes we have to accept we have another one here and it may kill a million people every single year it is a tragedy and good research in good science and slight improvements here and there can make those numbers go down but you get back to work destroying the world economy all that's going to do is kill ten times or hundred times as many people but those people live in India and those people live in Africa and those people live in Southeast Asia and apparently the media thinks it's okay to let them die because apparently they don't matter their skin colors not the right color or they were just lost a geographic Lottery according to them so let's ignore them and meanwhile they died in the most horrific ways possible violent deaths or deaths from hunger that is not a good alternative and it is fundamentally immoral and we know it's coming people are shouting it at the rooftops that when you destroy the world economy this happens it happened at the back of the world wars it happened during the Great Depression it's happened during every world crisis that has pushed global unemployment up and this is no different and as being man-made just we're just doing it of our own volition crying science science science even when the science is faulty what would you recommend for a pledge for a test net pool operator without much fun so in general the pledge mechanism we're going to discuss next week Duncan and Lars and Kevin are gonna go on the card oh no effect and we're gonna have a discussion about this and so I'm not gonna front run that conversation outside of saying that for those who are not quite able to meet a reasonable pledge for a profitable operation there will be an ability for small pool operators to merge together and run a consolidated pool so Duncan will discuss that and it's certainly something that we are working very hard with the communities set properly it's one of the powers of having super powers of having the Pioneer test net is that we can discuss all of these things with the pioneers and soon-to-be the entire state pool set and we can actually measure and understand what are the real-life consequences and business consequences of particular parameterizations so and there are things that are very meaningful to you if you're running a business a state pool that go above and beyond just the pledge mechanic for example no one can see you in Daedalus your desirability is too low you won't care too much about the pledge because even if you were a great pool and very profitable to delegate to no one will come it's the equivalent of having a business with no visibility nobody from the road knows you're there so no one goes there so obviously you need to mark it a little bit right so there's a lot of discussion there and these are businesses that it's a new business model and there you go [Music] how close are we to meeting the roadmap deadlines I think this year we're gonna complete what we sought out to do for Cardinal I'm very confident of that if you look at Chile go go to Volterra all of them are shaping up in a way that we can make meaningful and significant contributions to those areas and as for bacio of the things that were necessary to do they've been done we had to pick a scalability approach and we know how to do that when we know how to introduce that with competition and leveraging the stateful model that we have so from a certain respect there's a very high probability we'll be able to get through that tie roadmap that said you know it's moving target there's always a million more things you could do and that was the point of the Treasury system to create a funding mechanism to allow us to do the next thing so if we're able to bootstrap the next five years off of the prior five years and be able to compete in a much higher level and go give Bitcoin and the rest of the gang a run for its money that I feel that it's mission accomplished accomplished so yeah it's a it's certainly a great thing we will do a closing report I'm treating this almost like a DARPA project and so we're gonna discuss and exhaustively all the accomplishments the things we've done the research that was done the code that was written the lessons learned and so forth and that'll be a very comprehensive piece of work that will give to the community clearly articulating what was Bill pound-for-pound dollar for dollar more code more values been delivered for Cardno than frankly any other project in the space it'sit's unbelievably vast the scale which things had been done it wasn't a very profitable project for me to work on we went well over budget and that came out of my pocket but you know those things happen you know I love seeing these questions hi Charles can you give a quick explanation the difference between Ada and Tasos I've done it before refer to those you know everybody wants fast quick answers and I answer it over and over and over again and people just keep asking the same question we're very different systems at the surface level there seem to be similarities but actually when you go into it there are big differences there's fundamental differences in the way the consensus algorithms work or Boris is a very different protocol than there's the accounting model is different they use in aetherium style account model accounts and we use extended UTX oh so it looks a lot more like bitcoins accounting mechanism smart contract languages are very distinctly different our approaches to governance are very distinctly different we're embracing an off chain blockchain and with some Unchained components whereas their ours are completely built into the system which creates a bit more of a monolith and makes it harder to upgrade so there's a there's a lot of philosophical technological and engineering differences between the two projects despite the fact that they're both using functional programming languages and that we're trying to achieve somewhat similar goals and third certain things crypto as please explain how ADA is quantum decryption proof at the moment card on o is not quantum resistant so quantum computers are a different mode of computation they use a kind of different physics and different science and what they allow you to do is find shortcuts to reduce problems that are super hard in classical computers to problems that are solvable so it's like a like an NP reduction you know you take this thing like crypto for example so how public key crypto works is that you have a really hard math problem that allows you to basically construct a public piece of information that everybody can see and then you keep a private piece of information which is the trapdoor and to discover that trapdoor and that really hard thing the only way you could do so is either know it already so you created it yourself so it's your secret key or solve very hard problem that is known to be very hard or we suspect it to be very hard well it turns out that quantum computers are really good at finding shortcuts through magics of special algorithms like Shor's algorithm and so forth and they allow you to discover that piece of information without having to tackle that very hard problem in the traditional way so it is really scary because how we've constructed crypto kind of relies on those those foundations and when you remove these very hard problems and you make them solvable then then all of a sudden with a quantum computer you could start breaking encryption so the good news is is a whole class of algorithms that are quantum resistant like hash based crypto and lattice based crypto and learning with err super singular asaji knees and so forth and there's tons of mathematical primitives that are believed to be quantum resistant or they just kind of make back of the napkin sense for that now we could introduce those primitives into Cardno at any time and we've even built a bespoke one using X MSS with a kes with Peter Schwab a now the problem is that those algorithms carry trade-offs generally speaking they're not optimized there is significantly more resource intensive so the keys are much larger it's harder to verify them and they rely on primitives that are not as well understood and as a consequence they could potentially not be secure there could be vectors of attack whereas the primitives of elliptic curve cryptography so you never get something for nothing you always have a trade-off now just the public key crypto is not enough you also have to model your way you generate random numbers and you have to model the operation of your system from perspective what's called Quantum adversary that modeling effort is underway and we have written some papers on it and we are looking at things like potentially doing a post quantum vrf is how we generate random numbers but getting all these things done in a way that mitigates their trade-offs and enhances their security is an exceedingly difficult project but it's not necessary in the short term like Basho so what we'll do with the renewal when we ask for it is include a quantum research agenda so that cardano's end-to-end quantum resistant and we'll make sure that with all those papers getting written the testing gets done and since we're doing quantum stuff we'll try to introduce not only post quantum crypto antim crypto so post quantum crypto is crypto that helps you defeat the existence of quantum computers quantum crypto uses some of this newfound weird stuff in the quantum world to do crypto better like for example we wrote a paper called one-shot signatures which means it's almost like the the Mission Impossible the signature self-destructs after you read it so you can only use it once and by the laws of physics so there's a really cool stuff that we can you can push down the pipe and it's not necessary today but it will be necessary in the 10 to 20 year time horizon if we look at the evolution of quantum computers so it is certainly something that we should as an ecosystem start planning for and gracefully add in once we've annihilated as many trade offs as we can the good news is we can piggyback on work that the US government is doing and other governments are doing because they have a lot of Secrets they'd like to keep and they're just as vulnerable to those secrets being revealed if crypto doesn't work as we are so some of the world's foremost engineers and intelligence agencies and Defense Department people are doing a lot of work on algorithms and fundamental research to try to get proper protocols and the good news is most of this work is in the open domain it's open source so we can borrow that and use it well I which case submit smart contracts for patent no we never pursue patents at I which can well you know Leah vrf is a VR f is a VR F there's plenty of around al grant has one we have one chain-link does stuff uh it's not necessarily about well hey you know can you create the optimal vrf it's more of situation is this good for what we want but is it secure do we does it work and is it performant these are the things that you look at look at and then of course there's uh there's plenty of things that can be done to enhance VRS like hybridize them with V DFS and other cool things and that's part of our research agenda for optimizing or borås but at the moment we're very happy with the way we generate random numbers and there's no real need to go shopping we have what we need for Shelley and for the foreseeable future hi Charles what happened the previous CTO of Iowa HK the previous CTO of AI which K was me I was both CTO and CEO and I hired someone much smarter than me Romain and he's been gradually getting into getting into all the day-to-day stuff we've had a few directors of engineering and you know we've had various people on a product side that haven't quite worked out as well as we hoped but there's never been another CTO we were always gonna hire one but it was one of those things like once we finish le will bring it in a CTO and then at some point I was like what am i doing this is crazy let's let's have a CTO so I'm very happy Romain he's here and he's doing a phenomenal job he's already had a big impact you should can't to give cardano's some market visibility what exactly would I be selling head shark tank and I'm richer than most of him pivotal is a software Anthony and I don't know the name of the company that makes it but yeah we're using that with our PR from April 6 will prison be open source yes well existing SSI software be interoperable with prism on card ah no I'd like the hope that did czar I'd like to hope that did czar portable unfortunately the did standard is is a little screwy so reading a careful reading of the dude standard the cryptographic assets of the did are in the did document not in the did itself yes so ideally how would you like to embed these on a blockchain is that you'd like to have a did associated with the public key and then signed with the corresponding private key along with the hash of the dead body the document of course you you remove the public heats you'd separate the crypto into a header in a body this type of a thing so you'd like to be able to have that as a logical unit that you would embed in the blockchain but that's not the standard for dead and it's not good to put the dead document on the chain because the did document will contain PII so there's gonna have to be some sort of management of modifying the did standard a bit to make it blockchain friendly also there's nothing in the dead standard about aliasing and so dudes aren't particularly useful if they're just numbers you'd like be able to connect them to a name at some point so we're right now working on a way of modifying that a little bit so that it's more palatable and useful for smart contracts and for people in practice and that we can also add an aliasing system on so you could say things like send ADA to Bob or something like that it's a fundamental component but yeah we'll do that that said most of the dead standard seems to be preservable and once people understand our interpretation of it it should be pretty to reassemble it once the data is there into something that could be ported to hyper ledger into your sovereign but it's a bear of a problem and you know I commend Menace poorni and Chris Allen and the rest of the people at the w3c for trying to create something it's one of those things where they they set reasonable goal posts but because they were reasonable there's always a lot of stuff missing and it doesn't natively port so well watching you have to work at it bmw m3 or Mercedes c63 neither I despised German cars except for well it's not completely true so I do have technically an Audi is there's a story behind it so I've always had American my first car was a Ford and I went over the GM I have Cadillacs and I love Cadillacs I love GM trucks I got a Chevy truck and a GM truck and I did some consulting work and they said hey we could also sweeten the deal a little bit and I said okay how and they said we'll throw a Lamborghini and I said well I kinda always like Lamborghinis fine I'll take it so I took a Lamborghini Huracan LP 610 2017 Spyder it's a car I put 10,000 miles on it so the Huracan is actually basically like Italian version of the Audi r8 and and I do drive that and it's a great car you know the oil changes your $2,000 and you would not believe how expensive it is to fix a tire and of course they're filled with nitrogen and so you can't just go to any shop but it is a lot of fun driver I really do enjoy it and I have to commend Lamborghini for building something that can be a daily driver but anyway I I don't like mercedes-benz very much and I've never been a big BMW fan I think Cadillac makes a significantly better product the technology is better it's easier to use the oil changes are cheap I take my ct-6 into the GM dealership they can change my oil for forty dollars you cannot do that with an AMG 63 you just can't and it's way too expensive maintenance on those things and by the way ct-6 550 horsepower twin-turbo v8 with a 10 speed transmission it drives itself - and it's got a 34 speaker Bose sound system how about that he had $2,000 oil change