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Tuesday, June 28, 2022

$20k! Bitcoin, Ethereum Price Prediction 2022!

We have some positive stuff. It’s about time. We talk about some good things, happy things, fun things um, so uh, one of the ideas that we’ve been batting around a bit for 2022 is we’ve been having some discussions about the dap ecosystem for cardanol, and it’s really nice what we’ve been seeing, there’s meld and Sunday swap and Cody with uh, Jed and Charlie, and you know the confit marketplace and hundreds of fan tokens and other things that are floating around. And what we’ve noticed is that everybody’s kind of looking at things in a different way. And there needs to be some logical groupings, uh that occur where we bring domain experts together, and they all kind of just have a focused conversation in the discussion about a topic area.

We’ve been doing this internally for things like the light wallet we’ve been doing this internally for prism. We’ve been doing this internally for, like a lot of re-architecture stuff of how do we improve the performance of the cardanol node and what features to have like, for example, the light wallet workshop. We had over 30 people attend and i think that was either in Portugal or Spain. I can’t remember where it was um, but it happened when i was in Africa, so we started brainstorming. The idea of mini summits that are scoped to a particular domain as an opportunity for dap developers who are building in that domain to come together, interact with each other and interact with i.o staff members, merci staff, members and foundation members.

So the first that we’re going to try is some form of dex convention uh and bring a lot of the people that are building doxes on cardanol together uh, we had a chance to take a look at some of the Sunday swap stuff. I believe some of our people met with mild people today and we’ve been floating around to provide technical assistance and advice and, of course, a lot of developer. Questions come up and everybody has their own different way of viewing various things like automated market making where liquidity comes from uh how to handle your order book pattern. How, where concurrency comes from what’s in soft chain, what sits on chain and their favorite models on how to do distribution and so forth? And there’s a lot of lore in each of these things.

These community things and what’s happening is that things are starting to roll out. As you know, the pab is in the test net and it’s being utilized, people are building with it and then what’s happening is that’s leaving and it’s going to mainnet and some point. People are very comfortable with it, so probably december january just depends on the cycles. Uh and uh things like sunday and others will start waking up on cardano more likely, not this year uh. So that’s just the first and what’s gon na happen is there’s gon na, be lots of evolution and iteration, and it’s important that the adapt developers have direct access to the core pollutus team, the ledger team and network team and other people as well as stake, pool Operators to kind of have discussions about features they’d like to see uh new functionality and priorities that they have that they need in order for commercialization to work properly.

So we’re going to have micro summits, starting with i think, a decks convention, and my hope would be to do that in february, uh february, to march somewhere in that time frame right around the babbage hartford combinator event. I think that’s enough time for the pap to reach a certain level of maturity for the next generation of pluto’s stuff to come out and also for the certification program to evolve a bit more. Many of you know that we built pollutus in cardano with dap certification. In mind, 10.5 billion dollars worth of waste fraud and abuse has occurred in the d5 space in 2021.

So one of the things that was a design requirement for cardano was making sure that when people build daps on the settlement layer, they have an obvious path to establishing levels of certification in that software. This is very important for the end user because they need visually to be able to look at something and know that that code has gone through some sort of demonstration of quality and there’s been some oversight to look at that. And normally that’s done through centralized curation. But it would be nice to have certification levels that are based on formal methods and they can verify proofs that the thing is correct and they can look at a lot of blockchain based stuff. So we’ve been building that certification ecosystem with partners cubic tweak.

Well, typed, uh, runtime verification and um certtic are the five that we’ve been talking most to and there’s some security. Auditors, like uh kodelski, uh trail of bits, uh others that we’ve had many conversations with throughout the world. Quan stamp was another uh and basically the idea is that we can get three certification levels now. All of the dexes that have been talking to us they have either committed to, or already are in some process of getting certification, either from certic or talking to weld type or working with runtime verification right around the february march time frame. The k semantics for plutus will be done and i think we’re going to have a lot of great certification, tooling from automated tooling, like what cubic is doing for basic stuff.

All the way up to manual certification, uh, getting more mature, so design patterns are materializing. We published the blog post on concurrency, showing some patterns to use, to create concurrency within your application, and every dex has their own idea of how to achieve concurrency on cardano for their domain with various different techniques. So it makes a lot of sense to bring them all together: the certification people together, people who host infrastructure together, pollutus developers together the plutus core team together and the dexes together, the core teams of those people for a scope, focused event where everybody can kind of Talk it through and i’d like to do this for each category, so it’d be really cool to do this. For the dexa’s building on cardinal there’s, algorithmic, stable coins, building gone cardinal oracle’s, building on cardano and so forth. Nft marketplaces these things, and so this is not meant to be a giant public event like the summit with 100 000 people.

Rather, it’s meant to be a really fun few days, for maybe you know, 30 people to 50 people and the point of the event is really an exchange of ideas and knowledge and airing of grievances of of things that they say we can do better on and Build up either it be better things to do with the pab uh or it be. You know, new features and functionality included some syntactic sugar in the language, uh, new libraries for certain things or other improvements and and so forth um. This would also be an opportunity to kind of have a lot of community influence on the june and october hfc events, as many of you know, uh they’re, gon na be three hfc events next year february june and october, and a big hallmark is moving. All of these into a large well-distributed open source project to handle these moving pieces um. So the february hfc event is fairly saturated for the changes that are coming in pluto’s script, compression a lot of optimizations involving utxohd and so forth.

And you know like new things and new functionality and we’re having lots of discussions about pollutus templates and really takes so. Some will be in february, some will be in uh june, but that’s pretty saturated in february for the babbage fork, but june is not yet saturated. So having events in february would give ample time for an agile development cycle to add some additional features and functionality that certain members think a lot about it, also very cool to have a regulatory bend on this uh. The next generation of dexes and get a sense of what would future proof dexes in a way to make people more comfortable and bring in some voltaire people, because catalyst provides dow capabilities right now, they’re being utilized for cardano and all next year. A complete feature set is being built so that you can have it on chain governance system, but because of the native asset standard.

That cardano has, if you issue an asset on cardano, it’s treated like ada, so that functionally means that you’re able to then reuse the governance mechanics that ada has to run a dow for your application. I think this is going to be extremely useful for algorithmic stablecoins and extremely useful for dexas. So it’s very important that all these people come together. They talk to each other and they have a great time together and we learn a lot. So my personal preference would be, if there’s enough room to do this in spain at alfred’s hotel, cardano hotel.

I think he’d be a phenomenal host and maybe we can make that happen, but i’m open for some ideas from the community and again at the point, is just to bring the dexes together. Bring some regulatory ideas together, bring the certification people together. The governance people together. Uh bring the pluto’s core team elements of it together for a few days, and you know basically have a big workshop and everybody shares ideas they get drunk together. They learn a lot of stuff about what they’re doing, and then we do a bunch of presentations uh to kind of showcase.

Some of the things that they’re building and doing. I fully expect the next 60 days you’re going to see a lot of dexes turn on and cardano and some preliminary traffic occurring, so probably nfts trading and other such things and, what’s going to happen, there’s going to be a long tail on texas. Just like you see, with ethereum with uniswap and sushi swap and these other exchanges, basically they’ve they’ve gone through multiple iterations. I think uniswab’s already version three, for example, and dexes – are going to rapidly iterate and evolve on cardano as well. So right now is the time to start establishing patterns, best practices, certification standards and building some standardized on and off chain infrastructure.

Another closely related topic is the pollutants. Application, back-end and we’ve been having a lot of conversations about building a web-oriented pab. In addition to the haskell p-a-b, the original strategy was build once compiled everywhere, so haskell running on windows and linux and macintosh, but then also in the browser and then hopefully a path to getting it on cell phones. And we did this through the serious project that tweak for ghc to web assembly, uh so haskell to webassembly and then uh and also the gsg.js project.

That’S still ongoing, but that’s an r d project as much as it is a commercial project. And so it makes sense to start taking a look at pap and saying can a lightweight version of that be built in typescript as a javascript port. So basically it’s a native.js library, an infrastructure and i think, from an open source project. It makes a lot of sense and there’s some complementarity between these two approaches that could mutually be beneficial.

I’D like to get that started before the end of the year and i’d like to have some form of beta available by the first dexcon. If we can do that, and then i think that that that would be a perfect example of where an open source project conversation can happen and serendipity can occur now if this model is successful, i think we can replicate this model, as i said, amongst different d5 Classes that are coming through cardano, like algorithmic, stable coins and so forth, uh, and basically it can be events that can be run at a fairly low cost on a fairly regular basis, and it gives people the latest and greatest of state of the art for what’s Going on in that particular category in different domains, so very multidisciplinary in that respect – and i feel this is something that perhaps the foundation could subsidize – and it sure is a reoccurring thing, so they can still have the cardano summit, but then there’s also these quarterly community Events where there’s new things coming and coming and coming for uh developers uh so anyway, it’s an idea that we’ve been batting around for a little bit now, and i figured it’s gotten to the point where it makes sense to start talking to the community, because dexes Are imminent on cardano they’re, under construction, they’re being tested on the test net they’re, getting to a point where there’s they’re doing code audits and they’re doing performance testing uh these types of things, and so as a consequence of of that project, progress uh! The positive side is the first time ever we get to see it. The negative side is that there’s going to be a lot of replication of effort and unless there’s a lot of effort for teams to talk to each other, then what’s going to happen is people are going to make the same mistakes again and again. So it’s pivotal that in the early nascent days of the dap ecosystem of cardano, there’s a an open welcoming, very floss centric free, libre, open source software notion of sharing ideas, because at the end of the day we are all in this together.

We all have to figure out how to write great plutus code. We all have to understand where the tooling is great and where the tooling is not so great. We all have to basically solve the same collection of problems from user experience, problems to problems with uh. You know concurrency and other things and that’s that’s a thought process. There’S a lot of moving pieces there and uh there’s certainly different ways to do it and commercial uh ventures will bet on which way is best uh, but there makes no sense for people have to rediscover the same technology again and again and again, our goal is To try to build a great ecosystem and really move quickly uh, so i think the mini summit, the micro summit idea, is probably the way to accommodate that, and you know it’s something where you could build a lot of great friendships and get to know a lot Of people and uh we can go to cardano mecca, which is the uh the hotel, alfred, has and uh.

Hopefully, there’s enough room for something like that. You know if that will at least hang around the area, it’d be a good place to have those conversations, and we can certainly send dom down there and shoot a bunch of videos and people can talk um a few more things. So, as i mentioned, the typescript pab is certainly one thing. The other thing is that we brought in a new developer into the ecosystem. Splendid, very unique development house.

Splendid is a ui ux developer. They specialize in nothing but user interface design. This is their bread and butter and they’re, a very talented, firm. One of my big priorities in 2022 is thinking a lot about experiences. So how do we get things to work fast, beautiful in the browser on the cell phone, because we’ve achieved the correctness goals of the project?

We now know all the protocols, the design space and it’s now a conversation about optimization and it’s a conversation about uh making. It pretty usable and functional uh for the largest set of users possible, so you kind of build that in parallel. So as your performance scales up your usability scales up, so you get a larger user population for the system. Well, what that means is you have to bring in a diverse set of new actors to kind of worry about various different things, so, on splendid side, they’re going to be working on the dapp store, we have gone through something called the double diamond design process. We did that internally, we did many customer interviews.

We talked a lot with different people. We did a ton of market research on how to build a beautiful dapp store and there were several presentations about this in the light wallet section of the cardano summit back in september. Well now the time has come to escalate that and have some domain experts come in, who do nothing but build beautiful gui and have them basically figure out how to transform the ideas that we have into a fully usable and functional user interface. Now, ui design is something where it’s deceptively simple and deceptively complicated. So it’s simple from the perspective that you can make very fast progress.

Two to three weeks, you can have something that you can bring up on a browser or a cell phone app demo and play with and potentially be very functional. It’S deceptively uh simple in that, while you can do that very quickly, um to refine it and to get to a fully usable state could take dozens of iterations. So you may end up spending quite a long time. So it’s important to start that process. Once you have a really good foundation, it’s deceptively complex because there’s a tendency to try to complicate user interface.

You try to do too many things. At the same time, when you look at the wallet ecosystem, you have a voting center and you have a dap store. You have a delegation center, you have the wallet interfaces you and it has to be multi-currency uh. You have the hardware wallet center uh and then you have third-party plug-ins that fit in uh and then there’s probably all there’s an identity, center and so forth. So there’s a lot of these moving pieces that are there and each and every one of them actually has to have a unique experience and contains a bundled module.

For example, the identity center will carry prism. The voting center has to interface with catalyst but then potentially be modularizable to work with third-party applications. You need a dap connector, so the dapps in the dapp store, once acquired, can communicate with the wallet, identity, voting and other infrastructure, because that’s one of the usps of unifying these things together. Now we spent about nine months talking about how this architecture is going to fit together with the light wallet next generations of daedalus uh, and we have real good technological ideas of that architecture and the roadmap and progress and how you can roll things out in three To six week, cadences and add this in and each of those is a gui discussion as well. What should voting look like which these delegation centers look like in a world of partial delegation where you can delegate to multi-pools and so forth, um?

So this is the job of splendid working with us is to to start with the dapp store and then hopefully, we’ll negotiate working through the other modules, and we can kind of get a good sense of of. Where do we sit so the micro summits fit into this idea, because we can also have a user experience question with everybody, bring people together and basically talk about these things and figure. These things out and so 2022 is going to be a lot of that. There’S going to be many events, many gaps are coming out. Uh you know, plutus is here: smart contracts are running on cardano there’s a lot of updates happening very quickly, and things are quite malleable and at the same time, there’s all this scaffolding being put in and institutions being empowered to build out this great open source corpus For cardano, that is going to be multi-layered, so it starts from you know: the scientific papers to the formal specifications and protocol specifications to the consensus, logic and node logic and ledger logic and transaction logic, and then you just kind of work.

Your way up the stack and each and every level requires a different governance system and governance approaches in order to achieve efficient execution. It’S been working well because it’s a fairly vertically integrated stack with 12 companies kind of piling in, but that has to open up because the dap developers are going to become contributors to the protocol as much so as the core developers are and stuff at. The top. Has to come the bottom, so if the bottom has to come to the top – and that needs to be a very effective communication loop, and so we can do better. We must do better and to ensure healthy ecosystem growth, so things in 2022 are less about when and they’re more about how and why and they’re more about who in this respect, because there’s so many actors doing things, there’s so much momentum and work.

That’S in cardano! It’S very important to keep all these things organized and that’s going to be the the great challenge for the project and making sure that that momentum continues to accelerate. So we’re going to try a lot of new tools, we’re going to try and do a lot of new communication media. We’Re going to try a lot of social stuff. We’Re going to try a lot of smaller things that are much more focused and workshoppy.

The blog posts will still come out on a pretty regular cadence. We’Re scaling that up. Our hope is to hire a science writer full time to work with the scientists to increase the velocity, because there’s so many scientific innovations that have occurred. So it’s going to be a busy year, but it’s going to be a pretty exciting year and it’s something i’m really looking forward to and what’s nice is that as this year, flushes out, there’s going to be so many interesting things that are happening, that what’s going To occur for you, the cardano user, is it’s going to get more and more difficult to know where to put your focus, so there’s going to be things that happen in cardona, where you can’t keep it all. In your your mind, it’s kind of like with the the scientific revolution, the enlightenment.

It used to be right at the beginning that you could be a polymath who mastered every field like if you look at da vinci or leibniz or any of these great scholars uh. They did everything they did: medicine and law and mathematics and physics and engineering, and they kind of knew a little bit about everything and because human knowledge was brought wide but shallow it was possible to master the the seminal texts of each field and then what happened Is the enlightenment continued in the scientific revolution continued uh, then what occurred is it became more difficult because the depth was so big. You could spend your whole life in the vertical and never know your neighbor and that’s where we’re going with cardano now, there’s so much specialization and depth in each of these. Things like auroboris, is not just one protocol. It’S a family of protocols and a whole scientific understanding of how consensus protocols should work for cryptocurrencies.

It’S taken us six years with a team of more than 20 scientists from more than 10 universities working continuously to build out that corpus, so that specialization requires a lot of domain knowledge. Now over time, it’ll simplify, but more stuff is occurring. More attacks are being mitigated. More features are being added like a decoupled clock, uh quantum resistance, private stake, pull operation, uh pipelining and input endorsers fast finality, sidechain connection. All these types of things are being debated and discussed in that family of protocols and the security models are being refined to add more functionality or preserve functionality, but be simpler to explain so that whole domain expertise is somewhat inter related to maybe, let’s say the programming Language side like what makes pluto’s core and what makes pluto’s surface and what makes a great language, but in many cases, there’s no overlap and as a and as a result of that lack of overlap, it can be difficult for neighbors to know each other.

So the other part of the open source project is ensuring there’s effective broadcasting communication of the innovations and magic that’s happening so that we all kind of understand. You know how amazing some of these things are with uh with cardano, so uh. So it’s gon na be very busy here and there’s certainly a lot of things that are firing in parallel and, as i’ve mentioned repeatedly actually every month things are actually looking better is than the historical average. So i’m very happy and very confident that we can bring a lot of really cool stuff out. But now is the time for the community to really start getting aggressive and raising up and pushing hard, and now is the time to make sure your voices are heard.

That’S another point of these micro summits and that’s another point of this video in particular uh. The community knows everything collectively. The problem is that any individual node only has a small view. So, if we’re doing our job with community management correctly, there needs to be mechanisms where people can go to learn and to ask and then to interact. Okay, so cardano stack exchange is an example of a place.

You can go to ask and learn and interact uh, and if you have any question all about protocol parameters, the open source nature of the project, whatever have you about an 83 84 answering rate right now, i’d like to see that over 95 as a kpi, no Matter how complex or simple the question may be, and that’s public and open and people can see that and it builds up over time a corpus of knowledge. That’S ubiquitously, useful. The discords have been very useful for interactive conversations about the development of plutus applications as these applications grow in complexity, which is inevitable. There’S going to be enormous amounts of questions and lots of work to do and a lot of people to to kind of interact with each other, so you, the community, it’s very important that you kind of wear your hearts on your sleeves ask questions interact with each Other and have a lot of say and influence over uh things that have to get done or should get done or ought to get done, or you feel are very commercially useful. To this point, one of the things i told our dcf product manager to do johnny was that he gave his beautiful presentation, lots of slides, and i said, okay, how do we put everything in these slides into a single picture?

An architectural map of the layers of the card, open source ecosystem and we’re working on getting a nice visual. For that we kind of have a prototype visual at the moment and we’re going to work our way through it and then make it very pretty. But then, once we have that, i want to create a special class for people to basically get involved with cardano at one of the levels of that stack. One of the most common questions i get in my amas, email or other places. I’M a big fan of cardano.

I love the ecosystem. I love the ethos. I love the people. How do i do something here? I’M a lawyer, i’m a doctor, i’m a fisherman, i’m a truck driver, i’m a developer, i’m an accountant.

I would like to have a class that shows you all the different career paths and all the different things a person can do if their desire is to work within the cardano ecosystem, potentially directly for the cardano protocol. When we talk about catalyst funding next year, i believe there will be hundreds of people by the end of 2022 who work for cardano paid for by cardona catalysts. Will the people will submit grants and say hey? I want to get a job. I want to do something: here’s what i want to do.

Here’S my qualifications and people just make decisions, and they can be ambassadors, marketers developers, entrepreneurs and residents these types of things. The other thing is, i want to build something on cardano or i want to integrate. Cardano with my business, so that’s the other option. I want to work for the protocol. I want to build on or with the protocol for that.

Second category we’ve had a lot of discussions about. How do we create a bespoke incubation acceleration pipeline where people either can go through entrepreneurial training and there’s some great programs mit has one cmu has one stanford has one it’s just a question of who is the ideal partner and after graduating, through that training be in A position where they understand how to submit a callous catalyst proposal for their business uh to do something with cardona to build something on cardano and there’s some normalization of those standards. So those are two high-priority educational tracks that exist, and i think that will cover the vast majority of people who want to do something but aren’t sure what they can do and aren’t sure what best matches their skills now. True to form. I think these micro summits are going to provide a window into various different, interesting opportunities and problems, because they can eventually be community driven, for example, a metaverse oriented micro summit, an nft oriented micro summit, a gaming oriented micro summit for how to get video games.

And cardinal deeper, integrated and actual projects that are building and the basically the inclusion test is you have to have adapt working or otherwise. You have to have something at a certain level of maturity to be able to attend, so everybody there earned their way out in a certain respect, uh and they know something. They know something about how plutus works. They know something about how catalyst works. They understand the underlying technology enough to be able to utilize that technology and propagate that technology.

So a lot of ecosystem development in this respect, and now is the time for community to wake up to, to interact to listen, to learn from each other. To ask questions to eric grievances: if you have complaints, go ahead, now’s the time because everything can be fixed, everything can be advanced and evolved, and this great dialogue has to keep going it’s one of the strengths of cardano. Is we have one of the strongest communities from the perspective of a dialogue? People are always talking, always sharing always building, and when we look to 2022 we have to continue growing that base and it’s going to be a continued source of great strength for us. As an ecosystem, now, there’s always going to be ups and downs and there’s always going to be big challenges and things to push through, but for the most part, the era of giant things is over.

Like you know, the gogan release the shelley release these things. They were so massive so much to do literally with byron the shelley. All the code was rewritten, so it’s a completely new code base and there was a big migration to it. It was extremely painful and new ideas like hfc, the harford combinator were introduced. The centralization was introduced from a static confederated to a dynamic and decentralized system.

So all these moving pieces were very, very difficult and they were very challenging for us as a product jig. But now we’re in the era of rapid iteration rapid feedback. Gogen will continue to evolve and optimize shelley will continue to evolve and optimize and even byron era. Technology, like opft, has a lot of room for optimization for when we talk about the permission side chains at cordano, but those are iterative and in parallel in a certain respect, they don’t stop. They just keep going and when we look to voltaire, that’s more about experimentation of what makes a good open source bureaucracy and what makes a good open source government and getting to that.

Getting to that inclusivity. That’S truly global and avoiding some of the sins of the past, and that’s a gradual process that you gradually build to that bacio is much the same way. There are protocols that will create massive innovations like mithril, for example, but then there’s a long tail of optimizations week by week by week that get done to ensure that cardano continues to scale and then new protocols that, when are available, are available. For example, like sidechains and so forth, so a lot of optimization and iteration is going to occur and the beautiful part is the closer we are to the community. As that happens, the more the iterations can be influenced to an extent where the community is the key driver of innovation and optimization and so forth in the project.

So this is the great challenge of doing that organization, but then allowing total decentralization and ensuring consistent delivery with the consistent quality of the delivery. And i i think, there’s a lot of methodologies that we’ve been exploring and thinking about proactively to try to get that done and ensure that that’s uh, that’s good, but it’s a very healthy bones and vibrant project from that perspective and it’s exciting to see all of It, as i mentioned in my home video, you know, stuff goes way up and stuff goes down. Events happen and you can spend a lot of time just obsessed with the blatant unfairness of things uh. Just for example. Today the etoro story.

I thought it was exceedingly unfair coin telegraph and other people how this was picked up, an organization that is going for an ipo and it’s de-risking itself in preparation for that decided to ring fence off certain marketplaces, uh and, in that case, staking activity in the united States because it seems like some regulators want to lump staking and defy and yields, and all these things together in one package and if you’re, if your primary goal is pursuing something like a liquidity uh through an ipo. You want to be very conservative with the things that you do. They didn’t delist ada. They didn’t prevent the trading of it. They just said certain countries are off limits, but there’s still over 100 countries.

I think that are trading and people all around the world and still there i think, they’re still running their stake, pools internally. I don’t think they’ve shut them down um or you know at least that’s not going to happen for a while uh. So that is an event and it’s no indication of anything. The project i mean bitstamp, as i mentioned, is ten times larger by volume and also in europe and they’re entering the ecosystem and a lot of people are talking about staking products and so forth. So this is an industry-wide concern about proof-of-stake and the nature of staking and delegation and pools that the industry is going to have to work its way through 40 of all cryptocurrency value lives in that paradigm.

So when you look at that, that almost half of all your value is in this proof-of-stake world, uh then or intends to be in a proof-of-stake world. This is a universal problem that tens of millions of people and entrepreneurs companies are going to be discussing four years with regulators. Cardano has no special provenance in that particular problem. So it’s deeply unfair to extrapolate from an event like that, a particular about a particular project. But you don’t you don’t let it bother you.

You know you just realize that every single day the caravan has to make some distance progress has to be made and every single day each person is responsible for their part. What makes cryptocurrencies great is not the leader up on the hill who says this is the promised land. This is where we’re going. This is what we’re going to do. What makes cryptocurrency great is that a swarm across the entire world comes together like locusts and they bathe the land and they make some progress.

They take it over, they transform it. They are one unity made of many, no one. Member of that swarm is somehow indispensable or more special than others. Some locusts are bigger. Some are queens, some are different species, but you don’t look at a swarm as one look, you look at it as a collection that makes a universal a whole.

That’S what a cryptocurrency is all about and the swarm moves slowly. Sometimes it moves quickly other times it runs into bad weather from time to time, but we’re okay, you know, and the growth is okay and it’s truly a decentralized giant ecosystem. Every contingency you could imagine, has been considered from my death to the united states, banning all proof of stake and proof of work cryptocurrencies and only allowing permission, ledgers run by the federal reserve with uh. You know a gov coin, uh to catastrophic protocol failure. Events to uh cosmic rays coming and uh, you know destroying uh.

You know a lot of infrastructure like, for example, those solar flares that uh hit 100 years ago and knocked out the entire telegraph network for a week. We’Ve thought about these things in the disaster recovery plan and there are contingencies put in and there are people whose day job is to just do this, which is why there’s so many damn people at i o and there’s so many different companies working on cardano and There’S so many different people thinking about cardano, taking it seriously now we’re not unique in this respect. I’M absolutely certain at you know: gavin’s shop with polkadot and uh at al grant and silvio’s shop, and you know the shop over at avalanche and all these. They think about this stuff too, and they plan for these things too, and their ideas and their methodologies make us stronger and our ideas and our methodologies make them stronger. We learn from each other.

That’S what gives me hope about this industry in this field, not the minutia of the day to days or how brutally unfair people can be, especially when they have biases that they don’t admit, but they certainly do broadcast in the way that they talk about things. It’S the fact that we are a swarm together, we’re all in this together the technology we’re all in this together with this desire to create real use and utility, and we can see massive progress when we zoom out a little bit. It wasn’t too long ago that cardano was just an idea on a blackboard in japan and now there’s millions of people there’s great technology, there’s a beautiful vision and road map and progress. That’S collectively happening with that swarm, that’s inspiring other ecosystems onto itself. It wasn’t too long ago that bitcoin was just a digital white paper uh that had been uploaded to the peer-to-peer foundation in 2008, followed on by some code that kind of worked kind of didn’t work.

It was really difficult to play around with not even a logo. We had to wait for marty malmy for that, so it wasn’t too long ago in the stream of history 2008. It’S not actually that long ago you know we most of the people. Listening to this have vivid memories of what they were doing in 2008. They were maybe a little younger, but not that much younger.

This gray, hair wasn’t in the beard, but i still had a beard. Okay, so things change when you scale out a bit a few years actually fairly quickly, because humans are bad at the notion of exponential growth and we don’t see the hockey stick until we live it. And then we just pretend, as if that’s the standard, but that is the result of constant vigilance and work every single day the caravan has to move every single day. Work has to be done. I know what i have to do.

The company knows what it has to do. The ecosystem knows what it has to do. Our partners know what we have to do and you, the community deep down inside, know what you have to do and what you have to build and if we are prepared to collectively do that and put in that effort day by day by day by day, when You zoom out five years 10 years 15 years you get bitcoin, you get linux, you get the internet, you get the web browser, you get the operating system, you get computer science, you get modern physics, you get modern chemistry, you get modern medicine. You get the moon landing, it’s not the big speeches or the great leaders that matter it’s the people who work in the trenches who actually enable the great speeches to become manifest. It’S easy to remember kennedy in the 60s saying we will go to the moon because it’s hard it’s one of the greatest speeches in presidential history, but it’s hard to remember that over a million people worked on the apollo program.

Thousands of companies and government agencies uh. All together and some people had to do very difficult, yet somewhat mundane and repetitive things. For example, the engines on the saturn v rocket had to be meticulously welded, together by master craftsmen every single day standing in the hot weather of texas and florida and other places 12 hours a day welding. If they didn’t do their job, neil armstrong would have never been on the moon, and they did that’s why he was, and someone had to make the flag and someone had to sew the spacesuit, as someone had to figure out how to make a life support system. That would survive someone had to do the physics someone had to figure out the fuel composition and that swarm working together meticulously day by day by day by day, allow those great moments of history to be realized and those great visions to be realized.

The better the tools of collaboration are the more effective we can be in the way we communicate, listen, learn and assist each other, the better the ecosystems ultimately will be, and the stronger the principles will be inside the ecosystem. This is the great meta challenge for our industry as a whole. All of this favorite coin of the week factionalism maximalism it’s toxic, not only in that it inhibits growth, it’s toxic in that it prevents us from ascending and achieving great things. If we look at the world as some zero, where, if we win someone has to lose, then that’s basically saying for us to go to the moon. Every other nation can’t have a space program.

Every other nation can’t have a scientist or an engineer. We must go to the moon at the expense of everyone else’s ability to do that. That’S some zero thinking didn’t exist. There were people from over 115 countries working on that program, collectively, there’s over 200 languages commonly spoken in the apollo program. It was the most diverse, culturally unique time for a mega project of that nature, and while that seems massive, that is dwarfed in comparison to what we have seen collectively, with the horsepower of the cryptocurrency movement.

There are 10 times as many companies working in the cryptocurrency space actively well-funded, then we’re working on the moon landing and there are a hundred times as many people in the cryptocurrency space than there were the people working on the moon, landing the greatest scientific achievement of The human race of the 20th century – certainly arguably one of them, so we as an ecosystem have the raw materials, the talent, the companies, the funding. It’S really a matter of vision, leadership mission and the ability to communicate with each other, and what makes it hard is. We have incentives not to work together in many cases and what makes it hard is that to work together usually requires some degree of centralization. Which brings me to my final point, which is i saw on the reddit uh the other day, some snarkiness about the naming of voltaire. In particular, voltaire was a harsh critic of democracy, and people often ask why did i choose the name?

Voltaire for the final part of the original road map, you know – and i think the best way of answering this was that it was kind of a dual point. One part was for me at the end of candide. You know there was a a quote. One must tend their own garden and it was in reference to a political event in turkey at the end of the book. So he had this great journey that the protagonist goes on with his friends and he starts as kind of an idealistic likeness man who believes in the determinism of the universe and is very idealistic about how the universe ought to work and over time through events and Tragedies gets gradually a bit more pragmatic, if not cynical, and instead of rushing headlong into politics, comes to the realization that that around him is probably more important.

So when you go on this great journey and bacio went on a great journey throughout japan, it was a very dangerous time period to go. Travel around most people think you’re a criminal or a spy and kill you for moving from one village to the next. During that period of japanese history, but somehow he managed to do it and write about it. So we’ve all gone on this incredible journey and myself included and it’s some time for some of the people to go and tend to their gardens. They still can contribute participate, but they don’t get to be king and they’re changed in the entire journey, but then for the community.

Voltaire was a big fan of the idea of the enlightened monarch, so his issue with the aristocracy is that they were very parasitic. His issue with democracy, especially direct democracy, was that it almost always converged the mob rule, and so he liked the idea of a monarch with the philosophers surrounding him kind of plato’s vision of the republic and i’d like to believe what we are constructing is a social Laws of physics we’re constructing in our own way, a monarch, an open source, distributed decentralized monarch that preserves and protects a standard that we would like to believe it should be applied equally to everyone and those who participate in governance. Catalyst are effectively the philosophers, the enlightened ones who advise this monarch. No one of them can influence it, but if enough of them get together, they’ll have enough influence to likely steer the protocol in a particular direction, but there are still absolutes and immutables like the monetary policy and other such things. This is what voltaire kind of imagined would be an interesting way of governing and every time he saw contradictions and other things he’d certainly write about it, which is why he kept getting arrested and exiled.

The other thing is that voltaire wrote over 2 000 books and pamphlets about 30 000 letters during his lifetime. So i imagined, as we built out cardano, we would write so many papers and blog posts and other things that when we summed up all the words about cardano that had been written, it would actually rival the life’s collective work of full and it may actually be The case that before this is over that we do that, there’s over 125 papers that have been written for cardano and there’s an enormous amount of blog posts and literature – that’s been produced. Some i wrote some other people wrote it’s pretty remarkable. The breadth and depth of publications that we’ve had so that’s why i chose the name, because it was a message to myself to tend my own garden and kind of retire and move back a bit and still, of course, work. But i’m just one of the locusts in the swarm and it’s a message to all of you that your government is what you get with it.

If you are too aristocratic and oligarchic, you end up having a lot of parasites you take from all of you for their own benefit and give you nothing if you’re too close to direct democracy without proper institutions to counterbalance it and regulate it and constitutional restrictions. Then you end up having rapid variance whatever the whims of the mob happen to be and effectively. We are building a collective, enlightened king that protects our certain economic freedoms, our self-sovereign identity, our economic identity and the other utilities that cardano seeks to provide, and each and every one of you can be the philosopher who assists this new order to get along grow evolve. In your own way and the currency is merit, respect, trust and our ability to work together and collaborate together. So a lot of ground we cover here, but i hope it helps people kind of navigate things a bit and understand that the caravan is always going to be moving on and no matter how loud the dogs bark.

Sometimes in my own house, uh we’ll always get there in the end and then when we get there, we realize we want to go somewhere else and we’ll just keep moving on it’s a life’s pursuit. It’S a worthwhile one, though every day we learn something. Every day we meet new people every day we come up with creative, new ideas to do things, and every day we find new ways to solve old problems in a way, that’s better for everyone. We can’t lose as an ecosystem and as a protocol as long as we keep this delight in our hearts and we keep pushing forward so uh late at night. Here.

Thanksgiving is on the way, and here’s to many more with all of you together and i can’t wait to see the next year come: cheers hi everyone. This is charles hoskinson broadcasting live from warm sunny colorado, always warm, always sunny, september’s colorado. Still november 23rd been a long day uh, but uh nearly done with it, and i wanted to make a quick video. You know it’s about time. We have some positive stuff.

It’S about time. We talk about some good things, happy things, fun things um, so uh, one of the ideas that we’ve been batting around a bit for 2022 is we’ve been having some discussions about the dap ecosystem for cardano, and it’s really nice what we’ve been seeing, there’s meld and Sunday swap and cody with jed and charlie, and you know the cnft marketplace and hundreds of fan tokens and other things that are floating around. And what we’ve noticed is that everybody’s kind of looking at things in a different way. And there needs to be some logical groupings, uh that occur where we bring domain experts uh together and they all kind of just have a focused conversation. The discussion about a topic area we’ve been doing this internally for things like the light wallet we’ve been doing this internally for prism.

We’Ve been doing this internally for, like a lot of re-architecture stuff of how do we improve the performance of the cardano node and what features to have like, for example, the light wallet workshop. We had over 30 people attend and i think that was either in portugal or spain. I can’t remember where it was um, but it happened when i was in africa, so we started brainstorming. The idea of mini summits that are scoped to a particular domain as an opportunity for dapp developers who are building in that domain to come together, interact with each other and interact with io staff members, merco staff, members and foundation members, so uh. The first that we’re going to try is some form of dex convention dexcon and bring a lot of the people that are building dexes on cardano.

Together, we had a chance to take a look at some of the sunday swap stuff. I believe some of our people met with mild people today and we’ve been floating around to provide technical assistance and advice and, of course, a lot of developer. Questions come up and everybody has their own different way of viewing various things like automated market making where liquidity comes from uh how to handle your order book pattern. How, where concurrency comes from what’s in soft chain, what sits on chain and their favorite models on how to do distribution and so forth? And there’s a lot of lore in each of these things.

These community things and what’s happening is that things are starting to roll out. As you know, the pab is in the test net and it’s being utilized, people are building with it and then what’s happening is that’s leaving and it’s going to mainnet and some point. People are very comfortable with it uh so probably december january just depends on the cycles. Uh and uh things like sunday and others will start waking up on cardano more likely not this year. So that’s just the first and what’s going to happen, is there’s going to be lots of evolution and iteration and it’s important that the adapt developers have direct access to the core, pollutus team, uh, the ledger, team, uh and network team and other people as well as Stakeholder operators to kind of have discussions about features they’d like to see new functionality and priorities that they have that they need in order for commercialization to work properly.

So we’re going to have micro summits, starting with i think, a decks convention, and my hope would be to do that in february february to march somewhere in that time frame right around the babbage hartford combinator event. I think that’s enough time for the pab to reach a certain level of maturity for the next generation of pluto’s stuff to come out and also for the certification program to evolve a bit more. Many of you know that we built pollutus and cardano with dab certification in mind 10.5 billion dollars worth of waste fraud and abuse has occurred in the d5 space in 2021. So one of the things that was a design requirement for cardano was making sure that when people build dapps on the settlement layer, they have an obvious path to establishing levels of certification in that software.

This is very important for the end user because they need visually to be able to look at something and know that that code has gone through some sort of demonstration of quality and there’s been some oversight to look at that. And normally that’s done through centralized curation. But it would be nice to have certification levels that are based on formal methods and they can verify proofs that the thing is correct and they can look at a lot of blockchain based stuff. So we’ve been building that certification ecosystem with partners, um cubic tweak. Well, typed, uh, runtime verification and um uh certic are the five that we’ve been talking most to and there’s some security.

Auditors like uh kodelski, uh trail of bits, uh others that we’ve had many conversations with throughout the world. Quan stamp was another uh and basically the idea is that we can get three certification levels now. All of the dexes that have been talking to us they have either committed to, or already are in some process of getting certification, either from certic or talking to well type or working with runtime verification right around the february march time frame. The k semantics for plutus will be done and i think we’re gon na have a lot of great certification, tooling from automated tooling, like what cubic is doing for basic stuff. All the way up to manual certification, uh, getting more mature, so design patterns are materializing.

We published the blog post on concurrency, showing some patterns to use, to create concurrency within your application, and every dex has their own idea of how to achieve concurrency on cardano for their domain with various different techniques. So it makes a lot of sense to bring them all together: the certification people together, people who host infrastructure together, pollutus developers together the pluto’s core team together and the dexas together, the core teams of those people for a scope, focused event where everybody can kind of Talk it through and i’d like to do this for each dab category, so it’d be really cool to do this. For the dexa’s building on cardano, there’s algorithmic, stable coins, building gone cardinal warple’s, building on cardano and so forth. Nft marketplaces these things, and so this is not meant to be a giant public event like the summit with 100 000 people. Rather, it’s meant to be a really fun few days uh, for maybe you know, 30 people to 50 people and the point of the event is really an exchange of ideas and knowledge and airing of grievances of of things that they say we can do better on And build up either it be better things to do with the pab uh or it be.

You know, new features and functionality included some syntactic sugar in the language, uh, new libraries for certain things or other improvements and and so forth um. This would also be an opportunity to kind of have a lot of community influence on the june and october hfc events, as many of you know, they’re going to be three hfc events next year february june and october, and a big hallmark is moving. All of these into a large well-distributed open source project uh to handle these moving pieces um. So the february hfc event is fairly saturated for the changes that are coming in polluted script, compression a lot of optimizations involving utxohd, uh and so forth. And you know like new things and new functionality and we’re having lots of discussions about pollutus templates and readily utxo.

Some will be in february, some will be in june, but that’s pretty saturated in february for the babbage fork, but june is not yet saturated. So having events in february would give ample time for an agile development cycle to add some additional features and functionality that certain members think a lot about. It also very cool to have a regulatory bend on this, the next generation of dexes, and get a sense of what would future proof dexes in a way to make people more comfortable and bring in some voltaire people, because catalyst provides dow capabilities right now, they’re being Utilized for cardano and all next year, a complete feature set is being built so that you can have an on-chain governance system, but because of the native asset standard. That cardano has. If you issue an asset on cardano, it’s treated like ada, so that functionally means that you’re able to then reuse the governance mechanics that ada has to run a dow for your application.

I think this is going to be extremely useful for algorithmic stablecoins and extremely useful for dexes. So it’s very important that all these people come together. They talk to each other and they have a great time together and we learn a lot. So my personal preference would be, if there’s enough room to do this in spain at alfred’s hotel, cardano hotel. I think he’d be a phenomenal host and maybe we can make that happen, but i’m open for some ideas, uh from the community and again at the point, is just to bring the dexes together.

Bring some regulatory ideas together, bring the certification people together. The governance people together uh bring the pluto’s core team elements of it together for a few days, and you know basically have a big workshop and everybody shares ideas they get drunk together. They learn a lot of stuff about what they’re doing, and then we do a bunch of presentations uh to kind of showcase. Some of the things that they’re building and doing. I fully expect that in the next 60 days, you’re going to see a lot of dexa’s turn on and cardano and some preliminary traffic occurring, so probably nft’s, trading, uh and other such things and what’s going to happen, is there’s going to be a long tail on Dexa’S, just like you see, with ethereum with uniswap and sushi swap, and these other exchanges, basically they’ve gone through multiple iterations.

I think eunice was already version. Three, for example, and dexes are going to rapidly iterate and evolve on cardano as well. So right now is the time to start establishing patterns, best practices, certification standards and building some standardized on and off chain infrastructure. Another closely related topic is the pluto’s application. Back-End and we’ve been having a lot of conversations about building a web pab.

In addition to the haskell p-a-b, the original strategy was build once compiled everywhere, so haskell running on windows and linux and macintosh, but then also in the browser and then hopefully a path to getting it on cell phones. And we did this through the serious project that tweak for ghc to web assembly, uh so haskell to web assembly and then uh and then also the gsg
Js project that’s still ongoing, but that’s an r d project as much as it is a commercial project, and so it makes sense to start taking a look at pap and saying can a lightweight version of that be built in typescript as a javascript port. So basically, it’s a native.js library, an infrastructure and i think, from an open source project. It makes a lot of sense and there’s some complementarity between these two approaches that could mutually be beneficial.

I’D like to get that started before the end of the year and i’d like to have some form of beta available by the first dexcon. If we can do that, and then i think that that that would be a perfect example of where an open source project conversation can happen and serendipity can occur now if this model is successful, i think we can replicate this model, as i said, amongst different d5 Classes that are coming through cardano, like algorithmic, stable coins and so forth, uh, and basically it can be events that can be run at a fairly low cost on a fairly regular basis, and it gives people the latest and greatest of state-of-the-art for what’s going on in That particular category in different domains so very multi-disciplinary in that respect – and i feel this is something that perhaps the foundation could subsidize – and it sure is a reoccurring thing, so they can still have the cardinal summit, but then there’s also these quarterly community events, where there’s New things coming and coming and coming for uh developers uh so anyway, it’s an idea that we’ve been batting around for a little bit now, and i figured it’s gotten to the point where it makes sense to start talking to the community, because dexes are imminent on Cardano they’re under construction, they’re being tested on the test net they’re, getting to a point where there’s they’re doing code audits and they’re doing performance, testing uh these types of things, and so as a consequence of of that project, progress. The positive side is the first time ever we get to see it. The negative side is that there’s going to be a lot of replication of effort and unless there’s a lot of effort for teams to talk to each other, then what’s going to happen is people are going to make the same mistakes again and again. So it’s pivotal that in the early nascent days of the dap ecosystem of cardano, there’s a an open welcoming, very floss-centric free, libre, open source software notion of sharing ideas, because at the end of the day we are all in this together uh.

We all have to figure out how to write great plutus code. We all have to understand where the tooling is great and where the tooling is not so great. We all have to basically solve the same collection of problems from user experience, problems to problems with uh. You know concurrency and other things and that’s that’s a thought process. There’S a lot of moving pieces there and there’s certainly different ways to do it and commercial ventures will bet on which way is best, but there makes no sense for people to have to rediscover the same technology again and again and again, our goal is to try To build a great ecosystem and really move quickly uh, so i think the mini summit.

The micro summit idea is probably the way to accommodate that, and you know it’s something where you could build a lot of great friendships and get to know a lot of people and uh. We can go to cardona mecca, which is the uh, the hotel, alfred has and uh. Hopefully, there’s enough room for something like that. You know, if not we’ll at least hang around the area. It’D be good place to have those conversations, and we can certainly send dom down there and shoot a bunch of videos and people can talk um, a few more things.

So, as i mentioned, the typescript pab is certainly one thing. The other thing is that we brought in a new uh developer into the ecosystem, splendid, very unique development house. Uh splendid is a ui ux developer. They specialize in nothing but user interface design. This is their bread and butter and they’re a very talented firm.

One of my big priorities in 2022 is thinking a lot about experiences. So how do we get things to work fast, beautiful in the browser on the cell phone, because we’ve achieved the correctness goals of the project? We now know all the protocols, the design space and it’s now a con conversation about optimization and it’s a conversation about uh, making it pretty usable and functional uh for the largest set of users possible. So you kind of build that in parallel. So, as your performance scales up your usability scales up, so you get a larger user population for the system.

Well, what that means is you have to bring in a diverse set of new actors to kind of worry about various different things, so, on splendid side, they’re going to be working on the dapp store, we have gone through something called the double diamond design process. We did that internally, we did many customer interviews. We talked a lot with different people. We did a ton of market research on how to build a beautiful dapp store and there were several presentations about this in the light wallet section of the cardano summit back in september. Well now the time has come to escalate that and have some domain experts come in, who do nothing but build beautiful gui and have them basically figure out how to transform the ideas that we have into a fully usable and functional user interface.

Now, ui design is something where it’s deceptively simple and deceptively complicated. So it’s simple from the perspective that you can make very fast progress. Two to three weeks, you can have something that you can bring up on a browser or a cell phone app demo and play with and potentially be very functional. It’S deceptively uh simple in that, while you can do that very quickly to refine it and to get to a fully usable state could take dozens of iterations, so you may end up spending quite a long time. So it’s important to start that process.

Once you have a really good foundation, it’s deceptively complex because there’s a tendency to try to complicate user interface. You try to do too many things. At the same time, when you look at the wallet ecosystem, you have a voting center and you have a dap store. Uh, you have a delegation center, you have the wallet interfaces you and it has to be multi-currency uh. You have the hardware wallet center uh and then you have third-party plug-ins that fit in and then there’s probably other.

Oh there’s an identity, center and so forth. So there’s a lot of these moving pieces that are there and each and every one of them actually has to have a unique experience and contains a bundled module. For example, the identity center will carry prism. The voting center has to interface with catalyst but then potentially be modularizable to work with third-party applications. You need a dap connector, so the dapps in the dapp store, once acquired, can communicate with the wallet, identity, voting and other infrastructure, because that’s one of the usps of unifying these things together.

Now we spent about nine months talking about how this architecture is going to fit together with the light wallet next generations of daedalus, and we have real good technological ideas of that architecture and the road map and progress and how you can roll things out and three To six week, cadences and add this in and each of those is a gui uh discussion as well. What should voting look like which these delegation centers look like in a world of partial delegation where you can delegate to multi-pools and so forth, um? So this is the job the following is a conversation with vitalik buterin. His second time in the podcast vitalik is the co-founder of ethereum and one of the most influential people in cryptocurrency and technology broadly defined quick mention of our sponsors, athletic greens, magic spoon. Indeed, for sigmatic and better help check them out in the description to support this podcast.

As a side note, let me say that ethereum bitcoin and many other cryptocurrencies have been taking a wild ride of prices going up and down in the past few months. To me, the prices were never as important as the ideas. Both technical and philosophical cryptocurrency has the potential to empower billions of people to participate in the global economy in a way that resists the manipulation by centralized power, also with smart contracts, layer, 2 technologies, data pools, nfts and, of course, integration of artificial intelligence into the whole Thing we have the opportunity to build tools and worlds that transform physical and digital life, as we know it, hopefully minimizing the suffering in the world and maximizing the fun. This is the lex friedman podcast, and here is my conversation with vitalik buterin. Let’S first talk about shiba inu.

If we can also known as shiba token code shib for contact, shiba unu was created in august 2020, modeled off of doshcoin by the anonymous founder known as ryoshi on may 10th. This year it had a market capitalization of over 13 billion and uh. Maybe you can explain this, but in a crazy move you were given half of shibs uh total supply. You uh, burned, aka destroyed. Ninety percent of it that’s worth six point: seven billion dollars and you donated ten percent – that’s worth uh 1.

billion at the time to an uh india covet 19 relief fund. Saying you don’t want to be the locus of this much power. This is uh fascinating. Why and how were you able to walk away from this much money and this much power, so i i i should probably start by giving some of the backstory around. You know these coins and this concept of giving me coins uh.

So you know, first of all, you know shiba yunu, as you said, is this kind of knockoff of dogecoin right and dogecoin. Was this initial and kind of fun coin that was created back, i think around 2014 or so, and it was just created by jackson, palmer and like put it out as a joke for a couple of hours and a community formed around it and at the beginning, People didn’t take it very seriously. I actually remember putting about twenty five thousand dollars into doge sometime around 2016, and i just remember uh thinking to myself like okay. How am i going to explain my to my mom that i just invested 25 000 into dog coins and like what even are dog coins like the only interesting thing about this coin? Is that there’s you know a logo of a dog somewhere um, but you know, of course, that ended up being one of the best investments i’ve ever made and it did really well and then at the end of 2020, elon musk, of course started talking about dogecoin And the market cap just like shot up to about 50 billion dollars actually and it shot up multiple times right, like the first time it went up from about 0.

cents to about like seven cents, and this just happened all in one day, and i remember um This was when i was still in singapore in the middle of uh kovid, and you know i saw that the price just went up by a thousand percent and i was like. Oh, my god, my dough is worth like a lot, and so i immediately called up some of my friends and told them to like drop everything in scramble and i just sold half the dosh and i got 4.3 million dollars donated the proceeds to give directly and A few hours after i did this, the price dropped back down from about seven cents to four cents right, so i managed to sell the doj at the top, and i remember just that feeling like i was such an amazing trader, but then, of course you know The price went up from four cents, then, to seven, and then fifty and just like doge becoming this big phenomenon, where there’s even a lot of people that have heard of those that have not heard of ethereum is just like something. Even i wasn’t predicting right, and so after that, of course, you know we have doge and then people are thinking well, you know if the leading dog token is worth 50 billion dollars, then surely the second largest dog token deserves you know at least seven or eight Billion right because i feel like that’s kind of what the mindset of these sheba people is um. So then, of course they did this other gimmick right where they gave me half the shiba token supply.

They were actually not the first projects to do this. So around the end of 2020, there was this weird project called teller. It’S like t-e-l-l-o-r, i think they’re, a chain-link competitor or something like this, but i remember they just like dumped fifty thousand dollars worth of their token into my wallet and then they had their twitter arbi and just like basically run around saying, look: look at vitalik’s wallet. Vitalik holds towers, he’s one of us he’s a supporter and as soon as i discovered this, i just like publicly sold the tower tokens on you to swap, and this created a bit of a twitter splat. Now the shiva people were more clever the shiva people.

Instead of dumping to that wallet, they dumped to my cold wallet right so in a cryptocurrency right. There’S this concept of like cold, wallets and hot wallets. Basically, like the thing that actually owns euro money is like this 80 digit number called a private key right, and a hot wallet is when that private key is just stored in memory on your computer. On your phone really easy to access. Cold wallet means it’s either.

On written down on a piece of paper or it’s uh on a computer, that’s just never accessed the internet right, so cold is very inconvenient, but cold is also much more secure right, because, even if that computer has some like viruses on it like it’s, it’s like Air-Gapped, it’s not actually going to be able to upload it, so this cold wallet and like all the money’s out of the cold wallet. So it’s safe for me to talk about my setup now right, but it was a laptop that was sitting in canada and i also had um two pieces of paper where i wrote down two numbers on those two pieces of paper. One was with me: one was in canada and, if you add those two numbers together, you get the private key so because of covid travel restrictions – and you know this is cold wallets in canada, like it’s very difficult for me to actually access it right and i’m Not sure if they knew this, maybe they just got lucky, but basically they, you know, sent a lot of these dog tokens into this wallet where i it was very difficult for me to access it, but then i saw these dot co tokens. I saw more and more people talking about them and then at some point i real. I realized that, like hey, these things are worth billions of dollars and, like you know, there’s lots of really good things that you could do with that amount of money and it would actually be a waste to just like see a go.

So i made the decision that, like i, would actually power through and figure out how to like safely, like basically get my private key um, i actually had to call up my family tell them to read out their number off of their piece of paper. I entered that into a fresh laptop that i bought from target. Then i put in my other number on my piece of paper added the two numbers together on the computer. There’S the key and at the same time, like just scrambled for two days, setting up a new wallet for to where i can move my youth to safely like getting people to be multi-sig partners. Just like doing all sorts of like stuff that you know 10 years ago, you would expect to just be part of a cyberpunk.

You know science fiction novel, but you know now it’s all real, so you’re doing this all by yourself. I essentially most of it by myself, so i just have to keep it secret right and i needed my family to um. Actually like go and read the the number on their piece of paper, and then i um in my new multi-sig wallet like there’s other people that are signatories um, but you know i’m obviously not gon na reveal any details beyond that about. So i did this right and i actually managed to make get the private key make the first transaction that would just move all my ether to the multisig wallet, so it’s safe and then second transact put the private key on my main computer then started. You know like going in and just selling some of the dog tokens and then just like giving them to these different charities.

Now, at the time i actually did not even like have any idea of how much you would be able to get right because, like on paper, the dog tokens are seven billion dollars but like in reality, it’s a very liquid market. You know, are you going to crash it by yeah and after you sell 1 million worth you’re going to crash it after 10 million? Are you might you actually be able to get like an entire 200 million? I had no idea um, so i definitely was just of the mindset like okay, i mean i’ll, sell a bit, maybe get some eath and then you know donated some youth to give well donated some to other groups and then okay have some dog tokens like. I.

Don’T have an easy ability to sell more myself, but then i’ll just like give them to these groups and, like you know, hopefully, they’ll, do good things with them. Um. It was actually um. I actually donated at 20 and dumped 80 percent um yeah. So the cove, the coved india group got one batch and then there’s another group that got another batch and i don’t want to say who they are, because i think that they want to announce themselves at some point sure yeah.

But it’s uh. You know you, you can see the fact that these transactions were made on the blockchain um, but it was uh just very intriguing, interesting and unexpected and just an insanely, crazy situation. It’S been a couple of weeks. First of all, thank you for uh helping me uh. Hang up some curtains.

This is a first for the podcast and uh shows uh that you’re truly a special person um to be willing to help. But now a couple weeks later, do you regret any aspect of that decision? Um, i’m sure there are some things that i probably could have done better like i i was actually. I was actually talking to some of these charities and i was impressed by just how much money they managed to get out of selling some of these coins. So i i probably could have done better by just like talking more with the traders and actually ensuring that, like you know that they can do a better job of maximizing the the value of uh of uh.

All of them. But, like you know, it was a very stressful time and i did have to act quickly like i yeah i did manage to. You know, make a lot of the donations before like a few. A few days before the great crypto crash happened uh, so it was, and it’s difficult to, like obviously there’s parallel universes, in which i did better, but at the same time there’s also lots of parallel universes. Where?

Because i hesitated more and tried to spend more time thinking, i missed the opportunity uh. So you know on that, it’s like a luck of the draw, and i’m just you know happy that uh it was. Everything was able to turn out as well as it did, but psychologically you mentioned stress: how hard was it uh? It was stressful right, i think. Well, one of the really stressful parts was just the fact that i had to basically move all of my funds.

You know, including the 325 000 ether from one cold wallet into another hot wallet or sorry into another multi-sig wallet. Um and you know maybe the multisig wallet had a bug in it. Maybe there’s like some mistake i’ll make in the middle that causes the the funds to get lost. Like you know, that’s that part was stressful and i i was definitely stressing out for two days. I’M you know triple checking the new wallet.

I even did a bit of an audit of the code myself. I wrote my own javascript adapt to make confirmations because gnosis safe, didn’t work with the status wall well um, so there was definite that whole thing was definitely a bit of a marathon um. I was also a kind of definitely a bit worried about or uncertain. I guess how the public – and you know, including the coin communities – would perceive the whole thing um, but i was actually impressed, like i yeah, for every poster that was saying like no. You know why, yeah, why did vitalik like rug pull on us?

He was simple. His wallet was supposed to be a burn address. You know there’s like 10 people that are like. Oh, you know. I thought i was just in this because it’s a it’s a fun pyramid gambling thing, but instead i ended up being part of this.

You know great public good thing for humanity and that’s like even more amazing uh, so the i, the amount of that that i got was very impressive, so you know all in all. Let me know, i think the dog people did great the is there something you can extend to the bigger picture of it in the principles you apply to making this decision is there. Some principles philosophies that you apply also to uh the decisions you make around ethereum um um, i think uh, a big one for me is just this idea that crypto um, you know, isn’t just an opportunity to give people like slightly better ways to save value and All these things like it’s also an opportunity to like basically create these like new digital institutions that could serve the public good in new ways and and that’s something that i’ve been interested in for a long time um. I actually even have this article in bitcoin magazine back in 2014, where i basically suggested this idea that you know you would have coins that represent causes and like people would just like, buy and accept those coins because they support those causes. So i think it’s called markets, institutions and currencies, a new form of social incentivization or something like that like and i’m sure you can find it and throw it in the links.

Um yeah the so that was interesting to kind of see, becoming real and like in general. Right, i think you know. Public goods are very important and on the internet, public goods are even more important right, like every single lex. Freeman podcast is just on youtube and you know anyone can go and see it like. There’S no way for you to like you, know, sell it and so that some people can see it, but other people can’t see it like you know you could do that, but then you’d obviously be you know, reducing your impact.

So, thank you for making the uh the amazing lex treatment podcast still freely available. Well, that’s! Actually a tense thing is uh. How do you do it in a way? That’S not uh controlled in a centralized, uh fashion, because actually youtube feels free and open, but it nevertheless is one company making centralized decisions and the first time i realized youtube was not forever is when a lot of the joe rogan experienced library was pulled from youtube.

As part of the spotify deal it made me realize we need to uh it’s like the realization that fiat money is centralized. Yes, uh, realizing that you know they. This is not forever and you might want to come up with schemes to distribute it to uh decentralize. The control of it in a way that audio for podcasters was just an rss feed, exactly yeah, and i think one of the kind of philosophical things that i hope to achieve is kind of decouple. The concept of public goods, which are incredibly important and are the lifeblood of modern civilization, from the the idea that their nick is there can be one central organization that represents the public and, like perfectly unders, understands and can impose their idea of what is the good Right like it’s, when people talk about public goods like it just often comes with this baggage of uh, you know either centralization or conformism, and i think like it doesn’t have to right.

Like often the most important public goods are the ones that are created by you know the crazy individualists that disagree with everyone else so trying to make this kind of synthesis. Where you know you combine the values of decentralization and the values of open source, but you’re not naive about it and, like you know, you realize um that, for these things to be produced, there needs to be a way for it to be sustainable. There needs to be some way of supporting people who are working these projects, but at the same time, you want to avoid that turning into a vector of centralization like trying to sort of get all of the good things without the bad things to me, that’s a Yeah, a big part of sort of what my grand experiment in crypto is about and like we are doing things in different kinds of things for this right like there’s, the the git coin grants quadratic funding in the ethereum ecosystem, um there’s i mean. Obviously, these uh dog coins that just happens like i guess accidentally um, there’s other projects um that like, for example, you know uniswap has um their uniswapped dow. That just has a huge amount of funding and, like we haven’t seen yet how that’s going to be deployed.

But you know it could be potentially deployed to do lots of really good and amazing things. Do you see ethereum, as essentially a mechanism to uh fight for social causes? Um? I definitely see ethereum as being a mechanism to fight for definitely some some specific things that are that are social causes. Um, like just you know the fact of creating an open financial system that anyone can participate in no matter where they are in the world.

That’S a social cause, i’m just you know giving people the ability to organize and create projects, even if it’s five people in five different countries. I think that kind of inclusiveness, i think that’s a social cause and it’s a core, a core crypto value um. But then, at the same time, like the other important and if part of the magic of ethereum that you have to balance, that against is that it is also this open platform where, ultimately, you know the thing that go. The things that are on ethereum is just the things that the community makes of it. Well, you kind of briefly open the door.

So let’s go there when it comes to uh government regulation of crypto uh. What’S the best case scenario, what’s the worst case scenario in terms of um, you know as you’ve kind of mentioned, ethereum challenges the the the power centers of the world, and how do you see the interplay between government governments and this new technology that resists centralized power Best case and worst case, the the best case is um, that um no blockchains continue to prosper and we figure out scalability is so that people can actually start doing things on block all you know all of the amazing use cases that people have been talking about. Instead of today, where a lot of the great stuff gets priced out, because you know, transaction fees are at five to ten dollars, and then we see a lot of different um amazing applications happening on blockchains. You know it could be like dao is creating new ways for people to inter, interact and organize with each other new ways for artists to get funded and just all sorts of these amazing things and there’s just enough public um, public support and just enough people that See that you know look, crypto is clearly doing a lot of good things and – and you know there, there are definitely areas where there’s tensions, but there is areas where there’s tensions like there could be some kind of creative and interesting approaches that get figured out right. Like you know the concept of corporate taxes, for example, right, like you know it, doesn’t it it that would disappear as a revenue stream if theoretically, corporations just all get replaced by taos.

But i don’t know like maybe there’s some other creative way by which dao like taos themselves can kind of be. You know have some kind of encoded governance that ensures that they, you know, have at least some of us some kind of bias towards serving the global public. Good and uh. You know – maybe it does enough of the daos can do enough of that that people are happy with it and – and you know there are going to be things that people are unhappy about, there’s always going to be the people that you know wants to surveil everyone, But if the on the the kind of effect of crypto from just empowering people is greater than that and greater than that in a way that people can just easily see, then you know that would be a good scenario right and we’ll just like become incorpor kind Of incorporated and accepted the same way as happened with the internet um, but the in the worst case scenario would of course be just like people like suddenly you know flipping and going into moral panic mode, and just you know, oh my god, like this technology is Used by, like you know, insert bad group of the day and then i don’t think governments have the ability to ban crypto to the extent of just complete like preventing blockchains from existing, but they definitely have the ability to really marginalize it right like if you just Ban all exchanges, i can ban all links from the fiat ecosystem to crypto, and you know you ban all kind of mainstream employers from accepting or paying in cryptocurrency. Then, like you, could you can successfully like turn it into a like?

You know a fairly kind of niche counterculture thing that has much less impact than otherwise would so that’s somewhere between the good scenario in the bad scenario, i’m obviously hoping for the good. Well, that’s interesting also the tension between governments and uh companies like if you have a bunch of billionaires or a bunch of companies like tesla, investing in bitcoin and then governments resisting that it’s interesting who wins out in that worst-case scenario, and almost when companies and uh Rich quote-unquote respectable people embrace uh, cryptocurrencies, bitcoin ethereum, so on even the dot coins. It’S almost sends a signal to everybody else that this is. This is a revolution. That’S here to stay on this one little tangent that you brought up.

This is almost an outdated idea, but it’s still with us, which is cryptocurrencies, are used for illegal activity for drugs, for crime and so on. Is there some sense that worries you that, if uh, if cryptocurrency, if ethereum runs the world, then crime making money from crime will be easier? There’S always that possibility like at the same time, i think if you look at you know the world as a whole and like the way all the other technological trends are going like you know, in-person surveillance is just going up every year right, yeah, like the. If you commit a crime in, you know meat space, it’s getting harder and harder to get away with it. So, like you know, if he wants to do something, and – and this is something that’s just like happening as a result of you know just better technology, information and information transparency like a lot of it’s hard to prevent, even if you really tried um, so i the World, where, like things, go dark to such an ex, you know, as the the one the police hawks, sometimes like to say, um to such an extent that, like you know, oh my god, the criminals are committing crimes with impunity, and we can’t see anything like that.

Just seems unlikely um, but you know, on the other hand, like the world where there, just you know, is no privacy, for example, or um the world where there just like, is no no ability to kind of act outside of the the confines of you know: mainstream Institutions, like that’s uh, some, that’s something that’s more realistic, and that seems like something that uh could lead to a lot of kind of a lot of scary things right and like even from a government’s point of view. Right, like, i think, governments over the last few years, a lot of them they’re very worried about sovereignty. You know they’re worried about like if their um a country’s economy is, in you know, social environments they’re just completely dependent on basically foreign tech companies controlled by foreign governments. Like you know, governments are not on team government right. It’S like you know.

The indian government is on you know, team india. You know the russian government is on team, russia and so forth. Right so, like you know, they don’t want the us to be able to like have this big backdoor into everything uh. So i mean i do think that a balance is needed, but at the same time i do think um. I guess i i definitely like worry more about the messiah.

The possibility that just like, without things like crypto, uh kind of acting outside of institutions, becomes too impossible, and i don’t even necessarily mean outside of governments. Even just you know, outside of corporations like becomes too impossible and there’s just like terrible things that come as a result, um and if things going in the other direction like it obviously is a a risk. But you know at the same time, i think in the long term, like a crypto can potentially even like offer defenses as much as attacks against that sort of thing. Yeah many throughout history, many of the most destructive things came from centralized institutions versus uh sort of from the people operating in the shadows. And you know i’ve been talking to a bunch of psychedelics folks that people doing researchers like greg doblin uh in uh johns hopkins.

There’S a lot of exciting research on psychedelics, and one thing you could say about operating at the edge of legality. It could actually accelerate the adoption of particular things like whether it’s

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