It's so that it helps prevent it from becoming a distraction. On the other hand, it becomes a very big value augmentation because it can bring so many new people into the Cardano ecosystem. Many never gave us a fair shot for a variety of reasons and this gives us a second look, which is how you build a great ecosystem, all just in time for the next cycle. So, I hope this gives you guys a better sense of what's going on. I look forward to your comments and future videos. Cheers
...here, with this, I was one of the few people in the industry when you guys got hit with the XRP is a security lawsuit. I actually came out and said, "You're not Vitalik Buterin, didn't do that." Boatloads of Layer One CEOs, they didn't do that. I was one of the few guys who said, "You guys are not a security." I've never believed that you are, and I left Ethereum. Let's, let's make...
Charles, they and I say, "We'd like a decentralized Twitter or Facebook or YouTube," and I couldn't agree more that this is useful and necessary. If we want to live in a free society that embraces free expression, we must have these things because they're being taken from us. You can't even go to YouTube anymore and search for keto videos without some algorithm deprioritizing things that don't fall into
Here's what happened. People took Hydra outside of IO as a marketing thing. They made YouTube videos and said, "Hydra is the secret weapon that's going to kill Ethereum and all these other guys. Hydra is going to do this thing - a million transactions per second." This was because I read in a blog post that that's its theoretical maximum or something like that.
Do I know where Dan Larimer is? He's probably retired, living off the EOS money he raised $4 billion dollars, before just walking away. Charles, what can be done to stop the Cardano fun? It's been too damaging for too long. I feel it every day. It makes me older, fatter, and more worn down, all the white in my scraggly beard. Well, next year...
...and regulatrion through enforcement, which one would you rather have? A localized potential victory, like what EOS got with the Block One settlement for just that particular ecosystem? Or would you prefer something that results in benefit for the entire cryptocurrency space? Given how much time, effort, and money had been expended to get there, it would have been catastrophic to lose that piece of...
And I explained what happened, and I made multiple videos. It escalated, escalated, escalated, and now we're back. We're literally back here; we're right here, again. You just proved every single thing I was just saying. You can't separate them; you just can't. I never once said your thoughts about Hinman or these other things, like Eth gate, are conspiracy. I said the notion that...
Uh, so basically, what they do is they just put a bunch of stuff on a pancake and they cook it late at night, preferably while you're drunk, and it's just an amazing thing to eat. In conversation, it also refers to a discussion that encompasses a little bit of everything, as opposed to one specific thing. So, every now and then, we do some roll-up videos, and this is one of them.
Them that are incubating inside the venture studio are all being spun out and most of them are related to Cardano. We've had a lot of CEOs and a lot of board meetings. A boatload of team building has occurred, the most notable of which is actually the Midnight Project that we've been working on internally for years now. So, there's lots to say about that in the future, but that's what we're doing right now.
...we really do have a good shot of being the biggest and the best and we're just going to keep working at it people are very tireless in that respect so thanks for listening, this is an okonomiyaki. I'll uh give you guys a report in a bit on what we're going to do with the whole Twitter space and AMA and HoskSaid shorts and various things still do the Whiteboard videos I'd love to include um some other...
That it just doesn't make sense, you know? And uh, we've made videos throughout the years and had discussions throughout the years about these things. The nuance is lost, so every now and then, I just got to make a video to set the record straight and say that there is evidence for all these things, especially given that they're deployed and live on-chain simulations were always done.
So the paper is titled "Discovery of Spheroles of Likely Extra-Solar Composition in the Pacific Ocean of the CNES and EOS 20140108," so January 8th, 2014. And we refer to it as IM1 and you see a lot of different authors from Berkeley, from the PNG University of Technology and by the way, special thanks to the PNG, has just been great in this entire process, and then obviously a lot of Harvard authors as well, there's me.
He does a really good job and there's actually several videos here that do a really good job discussing data availability in these ecosystems. But basically, there's a big research agenda here and there's actually kind of a Manhattan Project Style thing that we're setting up to catch up on the roll-up side because the time has come to invest in some good technology.
Today is July 29, 2023, and this is a follow-up video to some of the videos I've made in the past about 1694. I'm going to go into a lot of detail about some current thinking of a minimum viable Constitution and going beyond that to a final Constitution, a 1.0 product by and for the community.
A humongous amount of other things to say but too late at night to really go through all of it and I'm very excited to do some whiteboard videos tomorrow, so we're going to have a lot of fun with that. But you know what? This is not about me ranting on and on and on and on. I've already taken 5 minutes of your time about your questions. So, let's get to your questions. OK, let's take a look here.
Sergey Brin came out of retirement and now he's at Google working like a graduate student, and it dude is worth like $100 billion and he's really enjoyed a more creative and diverse life. And for him to work with that much focus and passion exclusively on the Gemini project, which is Google's answer to ChatGPT. That is an indication of how seriously people are taking large language models in AI. If you look at AI explained, it's a great channel on YouTube. There are videos that come out weekly about things like for example, Facebook just released its new Llama model, what is that about?
For example, generative AI to be so good in five years that people can make fake videos of me. You, anyone and most people would believe it. Can't believe your eyes anymore. Can't believe your ears anymore. You're gonna get a call from your mom. Sounds exactly like her.
Anyway, it is almost midnight here. Great AMA as always and I'm sorry that I haven't had a chance to do all my whiteboard videos yet, but I will do them over the weekend.
Because Midnight it's going to be its own company. RealFi is going to be its own company. Our wallet Lace it's its own company. CEOs are hungry to get equity. They're fired up. They're ready to go. They want to go do some stuff. They want to build some stuff and then I can focus at the core and innovation and incubation.
So that's a link to it also include the link in the show notes. But this technology is growing exponentially and as a result of it growing exponentially, what will occur within a 12 month to 24-month horizon. So likely next year will be that videos of me could be manufactured using generative AI. Audio of me can be manufactured using generative AI to make it appear that I'm calling you talking to you, or soliciting your money.
So the problem is that thousands of people are going to fall for that, no matter how many of these videos I make and warn you about it, no matter how many times I say it's a scam, it always will be a scam. You don't get something for nothing. You don't get something for nothing. People are going to fall for it. It's called confidence scam.
For example, recently got an Oura ring and I've been using a device called eXciteOSA and I've been treating my sleep apnea with it and already seeing a considerable improvement in my my apnea score. The HI and not having any major events anymore at night. Pretty pretty good.
Charles with an increasing ease of creating deep fake AI generated media, do you see a future where blockchain technology has to be used to verify videos, images, recordings are legitimate? Yes, I think in a world of deep fakes, we are going to need to have a verification system.
So, everything is going to move into a whitelisted with an automatic blacklist in terms of veracity mindset within the next 12 to 24 months, indistinguishable video and audio will be possible for the most part, so you will see videos of Ron DeSantis and Donald Trump and Joe Biden murdering kids and doing horrible things. And they're fake, but you'll see them.
There's some statements that well if you just change your diet, you do certain things that somehow this will cure cancer and there's lots of YouTube videos floating around for it. I think there's merit from the perspective that changing your diet, especially a low glucose diet for certain cancers, could be helpful because it starves the tumors.
So, there was some great videos like we have no moat was a memo, that was circulated and leaked out of Google, basically saying that the AI business is changing rapidly and that these big projects by Google and by OpenAI and others are going to be foreshadowed, are going to be overshadowed by open source. Which they can turn all the alignment safeguards off.
Read some great YouTube videos talking about it as well.
And they're damn well better be one of those roll up videos that they do.
I've just returned from Cheyenne, WY and had a lovely time with the governor and other state officials talking about the new Wyoming stablecoin law that they've passed and attended the first public hearing that they had on May 8th to discuss how Wyoming is going to build a stablecoin, it's a very exciting time and I'll make videos about that later when things are a bit more mature.
So that separation didn't happen and the rocket went to kind of a catastrophic spin and rut happened, so it broke up. So instead of saying wildly successful mission, the Starship has successfully launched, gathered all the data, and they're moving forward with their plan. The first post out of the Washington Post is "Starship explodes." Now, normal people reading that headline, seeing the videos, would say, "Oh, it's a failure."
Because I know how much everybody likes whiteboards, we're going to do them live. You know, I love doing live whiteboard videos. How about that? So, let me just go ahead and open up my whiteboard here, and we will do all kinds of crazy, cool stuff with it. Loading the board content. Uh, yeah, exactly right, an art reference. You guys remember our good friend from my background? Here we go.
...and every six months, have a gold box game come out. I think you could do a lot of really fun stuff, but that's something for Charles in his 40s, not Charles in his 30s. Yeah, I forgot, we got a shout out Eye of the King, the guy who does the Cardano. He does all the compilations of the AMAs for you. Excellent Cardano content creator. Those are always some of my favorite videos. I
Whether we talk about evolution or the consensus protocol with Ouroboros, it continues to grow in great papers like Leos and Praos, among others. These will provide a lot of insight into everything, from finality gadgets to parallel chains that can be high throughput and allow asynchronous calculations to occur. We really have matured as an ecosystem.
I agree more with the letter that has been written, so that's the follow-up question: Actually, what do you think of the 1000 CEO's letters? Yeah, so Imad is someone I've been following. I may have made a mistake with his name; I'm not exactly sure how to pronounce his last name. So, I've watched a couple of videos now. I don't think it was on LAX, or maybe it was on Lex Lax, but I kind of like his...
...and give human tissue the ability to look like a chameleon, so it could actually change color. Because, if you see videos on YouTube of an octopus floating around, an octopus can change the color of its skin. So, you potentially could add that capability into human tissue. It's an extension of our capabilities. Now, you'll notice something: that each of
Over the last hundred years, and being denied basic things, that's malice. Meanwhile, back to my prior videos, we still have the problem of inequality. Three billion people are cut out of the system. We see six percent average global rates for remittances and microfinance that's over 100 percent, we still have all the terrorism, most of the financial crimes, and we still have huge...
...about sensible legislation to get us out of this madness, we fight the battles we can fight, but we can't do this alone. Each and every one of us has to rise up and do our part, from the CEOs of the crypto companies to the everyday people who are just voters. I think we can get it done. Thanks, everyone.
...what we've decided to do is just say, "Let them all ask us at once. We'll get it all into material and once we have that, then we can create an FAQ. We can create content around that, blog posts, videos, and other things." So when you, in the community, see somebody ask about this, instead of trying to answer, you can just point them with only a reply and say, "This answer is everything." If they say, "Oh...",
...allow you to create new money, blacklist old money, and EOS has actually already reversed transactions. I do not think that is ethical or wise. We haven't resolved the governance problems of the United States, Europe or the rest of the world in any shape or form. So, why are we to believe that somehow we're so much smarter when hundreds of millions of people are involved?
...this has already left the ecosystem, and they are now happy purchasing EOS and Tron. People hate it when I do that. To some people, we've gone with this. Come on, guys. I'm looking for an interesting question, something with lots of meat that people find interesting. Well, hello from Turkey. What area of Turkey? It's a beautiful place. And NiPoPows vs. Min the Limbal, will they accomplish...
...cryptocurrencies have been in the top 15 since launch, and we did all of this with relatively little funding compared to EOS or any of these other guys. We continue to grow, continue to deliver, and continue to pivot when we decide that a strategy is not working. Instead of doubling down, we released Icarus which became Yoroi, and now 15% of the network is on it.
We feel that over time, we can become fifty to a hundred times more decentralized than the standard Deep Haas model or the Bitcoin mining model. So, it's like in Bitcoin, where basically, five to ten pools, depending on how you count things, control the majority of the hash power. In the case of EOS, it's twenty-one delegates and actually, it's even worse than that because 90% of the stake appears to be.
And they'll make an announcement shortly soon, I suspect today or early tomorrow, and they have some videos and other cool things, but from our perspective on the IOHK case side, this is a major milestone because it's a resilient milestone.
Charles, how do you feel about EOS? Come on, guys. Thank you for the Christmas levity.
We have a path to train lots of people, we and all the right educational material will be completely open source. Books, videos and other material. You guys can consume that, and gals can consume that any way you want and then if we get it wrong, we have a plan a B and you know it works, so the other one works great. Like having two redundant systems.
Well, Ray, what can you deploy today that you don't have to also connect to a server if it operates at scale? Go ahead and create Uber on a blockchain. You come back to me and tell me how much your operating cost is on Ethereum for that or EOS or any of these other guys?
So, it's as if the Epochs are getting larger for decentralization, so you'll see a series of videos and blog posts and announcements, and Duncan Coutts will go and talk about this as well others, but progress is pretty good.
It's incredibly important to understand that when Shelley comes out, Cardano is basically on same footing with every other major cryptocurrency in the space, and that it is fully decentralized to be 50 to 100 times more decentralized than Ethereum, Bitcoin and EOS....
There's been some other FUD, some recent FUD, I guess somehow out of the EOS community is saying something like all the Japanese who purchased ADA years ago, or apparently locked, and when ADA was launched on the exchanges, new ADA was issued to somehow create liquidity and that the Japanese are still locked up.
So there's going to be a Treasury component and a liquid democratic component for democratic consent of CIP's. So, we've written one paper on that, and we have some videos on our our YouTube page about that and I highly encourage people to look into it.
EOS has 21 and Bitcoin has a roughly 10 ish major pools that control things. So we'd be 100 times more decentralized than Bitcoin and about 50 times more decentralized than EOS just on the stake pool level. But voting will be easier.
And there's already starting to emerge a whole development experience with this whole notion of Web3, where you can take that notion of a decentralized infrastructure and connect it to your web application and what's really important to me is to avoid vendor lock in what I don't want to happen is to say that once you've committed and you've deployed on a particular piece of infrastructure, whether that be Ethereum or Cardano or EOS, whatever that might be, that you're locked in and you're trapped there.
Why do you think the Chinese rate EOS higher than ADA? Don't you think they're trying to control the market? I think any government that thinks it's a good idea to put everybody in a database and assign social credit scores to them and if you buy the wrong food at the supermarket or you associate with the wrong people, your score goes down, and then you get fired from your job and your money gets shut off...
Probably doesn't have their priorities aligned with the priorities of cryptocurrencies so I take it as a mark of pride that EOS is higher rank than Cardano. I want to be at the very bottom of their scale. I don't want to be anywhere near the top.
There's a wonderful 14-part series on ????? that Sebastian Pabon from Emurgo did, and I'd highly encourage anyone curious about what we're doing in that space to watch those videos.
Another EOS question.
So that's the whole point of having an overlay layer like for example when you want to mix accounting computation together. As Ethereum has done. Or, as EOS has done, or the other guys have done.
Alright, let's take another question from the Reddit. This is a really interesting question. Do you think having EOS raised 4 billion USD versus you raising somewhere at 60 million USD? Is anyhow getting them a competitive advantage that will be hard to deal with. It's clear that you have a much better team product performance, but they have an endless source of money. Can this be any sort of treat?
So I don't think too much or worry too much about competitors like EOS or Tazos, who have raised a significantly larger amount of money because the best that they can do is to go to somebody and bribe them to build on their system, and those bribes are always short term boosts.
Duncan Coutts is going to be preparing some content, some videos and our product marketers are going to be been kind of parsing down all of this stuff and trying to put it into an Understandable road map for people So people can get a pretty good sense of the scope and scale of Shelley. Shelley, we thought was going to be this year so larger and that's why it's taking so much more time for us to very carefully think about it. It's larger. And that the interdependencies and the the way that The software works. You have to think super carefully about it.
Urgent mention at one point, when Cardano is 100% complete, you could basically attach EOS to the computation layer and they could take advantage of the Cardano blockchain? Well, sure, we could fork EOS and attach it to our chain. I don't think it's a particularly good idea for people to lose money.
In fact, some videos are coming out for the one year anniversary of Cardano to show you all the cool things that you can do, and that team is one of our crown jewels.
So if you take your ADA or your ether or your EOS or whatever the hell your token happens to be and you give that token to a third party and that token carries within it at that address certain rights, what you have done is you transferred the token rights to that third party, even if they're a custodian.
It's a bizarre, terrible thing, I think EOS is a great example of that, you know, we already have deciders. There's judges, there's police there. There's a judicial branch of every government.
You know, it's really a bad world if everything you do vendor locks you into a particular blockchain solution like Ethereum or EOS or Cardano.
This is the philosophical difference between ourselves and EOS and Ethereum and other ventures in the space.
Videos looking forward to 1.4.
Microsoft released a project called Project Bletchley, a kind of blockchain-as-a-service project. There's a host of things you could imagine, like consensus-as-a-service or storage-as-a-service. I've always felt this was a good direction for Lisk to go into. That's the direction that EOS has been pursuing, and if they follow it, I think Lisk will have a lot of utility and value.
...and then to make matters worse, Microsoft tried to get people into a development paradigm called ActiveX, which was horribly insecure, and it was very bad for everybody, but it also locked people into Internet Explorer, and now we see companies running around and say use Ethereum or use EOS or use IOTA or use Cardano.
So the whole point of the Daedalus model that we've developed for Cardano is this idea of an application ecosystem and it's blockchain agnostic. So you'll be able to deploy that on Ethereum or deploy that on Cardano, you want to go live in hell, deploy it EOS.
And projects like Tezos, EOS and others all suffer from the same common sin, which is they raise too much money. You do not need $200 million to build a cryptocurrency. Even something as seemingly complicated as Cardano, you do not need this kind of money. You do not need a billion-dollar gap fund or VC.
And there's a track record there and there's definitely a mass market, whereas EOS and Tezos and much, much smaller. So the first comments that I think is they were overfunded and as a consequence of the overfunding, people don't talk about the technology, the vision, the mission, the goals, the dreams like we did with Bitcoin. Because there was no money in the beginning with Bitcoin, we he had was dreams and a mission.