...and there are more than a dozens of system parameters that the update system controls. We said, all right, let's distribute these among the three core entities: three to IO, two to Emurgo, and two to the CF. The basic idea is that the majority of them...
MIR or it's a, uh, protocol parameter update or it is a hard fork. What occurs is that a collection of people agree. So let's see here a few details. So in this case, 11 people in the list, you see the names here, from the IOG, CF, and Emurgo come together and agree to basically approve a well-formed update proposal. That then gets submitted to the network and so...
...data shows that in practice, when these certificates get signed, there are five signatures from the IO side instead of three. The historical reason for this is that while Emurgo still grants us the legal authority to do that, for operational concerns, Emurgo decided a few years ago to delegate their keys to us as a custodian. This is very similar to how people store their Bitcoin or...
...sign, and you can see this signature of Ken Kodama when he signed for MIR, and Mezaki when he signed, and these types of things. That's just how that system operates. So, we control three, two delegated as a custodian and on behalf of Emurgo, and with their original Genesis keys, they can revoke that if chosen. Then, two from the Cardano Foundation. So, it's kind of... a
"In which case, I don't want to be involved in designing the new one. So, what we'll do on the IO side is we're just going to burn the Genesis Keys we have. Emurgo and the CF are going to have to figure out if they want to continue along those lines or not. You know, it's not that it's just we put our heart and soul into this for two years and worked with the community on this.
And omit huge amounts of history, for example, the Genesis Keys. Uh, it's not something that's hidden. It's all there — three entities: IOG, Emurgo, and CF. And there's an entire off-chain governance structure and an on-chain implicit governance structure about how those are used. For example, we don't do hard forks until 70% of the SPOs upgrade. That precedent hasn't been violated//.
Please visit India so we can get more developers on board. I am not ignoring India; it's definitely a high priority. In fact, there are many prominent Indians who have worked in the Cardano ecosystem. Manit Singh, for example, was the Chief Investment Officer of Emurgo and worked very hard to build a comprehensive set of infrastructure there. It has just been difficult because of the Indian government.
One of the things that we're batting around right now, we're going to talk to partners like Emurgo or the foundation as well as the members of Intersect, is an idea of four courses that once you complete them, you get certificates that are posted on the Cardano blockchain. Something to cover Haskell, something to cover AGDA, something to cover open-source best practices, and a mastering Cardano course.
Now there will be problems, there will be critics. There's plenty of people that are going to say certain parts don't meet their expectations or they want a certain sacred thing to be preserved and that's the point of debate. And that's why you have to have a consent engine, you have to have a voting layer inside the system because at some point you have to make a decision. And it's not my place to make that decision or Emurgo or the Foundation's. It's your place to make that decision, directly or indirectly through some form of voting system.
So, in terms of Ledger, things are moving along quite well. What happened was that there needed to be a pretty considerable update to the software that was going on the Ledger. So, we worked with a third-party company called Vacuum Labs. Vacuum Labs has finished their package of work and now Ledger and Emurgo have worked really hard at trying to increase Yoroi, and they think...
There are still some issues here and there. Mobile clients aren't quite where they need to be, but the code is quite nice to work with. It's nice to see that Emurgo is really able to help a lot of people out and take accessibility to the next level. The ledger is probably coming in March. Very good possibility that we're a little bit behind because we're in the middle of a massive update...
...of them went to Hong Kong and they could have had a month-long brutal codeathon boot camp where they just went ahead and worked like hell, not sleeping and trying to get everything to work the way they wanted. So, I said, "Well, if you can find me an office space that you can go to, then I'll consider it." Emurgo, Hong Kong was gracious enough to actually lend their office space to our Rust team.
...the Emurgo people will be there, and the Cardano foundation will be there. We've partnered with TanGem and we're hoping that everybody who attends the conference will also get a free TanGem wallet, so that's a lot of value. We'll just keep adding and adding as the weeks go on and more people get interested in attending. So, I feel that the ticket prices are quite...
...there was initially a bit of a misunderstanding about what this workshop was about. It was not a public event. Apparently, we received some criticism over Twitter, where people were saying, "Oh well, we saw pictures that you guys took and not many people showed up." However, 100 percent of the people there were either partners of our company, like Emurgo people, or employees.
And challenge every design assumption. The workshop basically gave us the opportunity to do that. People from IOHK Science were there. Peter Gazi was representing him, and then we also had engineers from the Haskell team and engineers from the Rust team, as well as engineers from Emurgo. In particular, Sebastian and Nico were there because they're actively maintaining your Yoroi and...
And if you have a wallet, you can send funds to it and use it the way it's intended to be used. You don't have all those transitive dependencies that will be built there. Then there's a nice reputation system that we can put on top, so community curation can happen. You might ask, "Is this a high-quality app? Is it an organization I trust, like a Emurgo or IOHK for example? Has the Foundation attested that this...?"
...infrastructure and then go and do cool things, so the purpose of entities like Emurgo is to provide resources once they're ready to go. They've already begun doing this with the startup accelerator in New York, and they'll expand that to give startups the resources they need to succeed. The purpose of the Treasury system is to support them all.
The news of the hour is that one of our partners Emurgo earlier this morning went ahead and pushed an update to Yoroi and that update for the first time ever gives Cardano support for hardware wallet, so Trezor wallet.
This is the first time in the history of the Cardano project where something of this magnitude has been done without any effort, coordination or input from IOHK, the Trezor integration that Emurgo is done. It's 100% them. It's 100% their efforts and they've done a really great job with it.
We should have a standard for multisig and we're going to work with Emurgo to make sure that that gets implemented properly, they have some more announcements that they're going to make about their roadmap for 2019. I've seen it. It's great roadmap.
We were trying to figure out whether it made sense to keep maintaining the Icarus code base or to retire that and move our contributions to Yoroi but we're so impressed with what Sebastian Pabon and Nico and Emurgo have been doing that IOHK is going to start making code commits to Yoroi. So, we can hopefully double the size of that development team and we can very rapidly get wallet features out, but not just multisig and hardware support...
So anyway, good news is hardware support has come, that's Trezor and Emurgo will make an announcement. They have lots of cool stuff to get people excited about.
We shouldn't be too far behind on hardware wallet support. There are just some things we have to do to get that to happen and takes a little bit of time for that. And it's a little easier for the guys over at Emurgo to do that because they're on the BIP44 compliant. Icarus style addresses and we are migrating our way to that.
OK, so that's the basic concept. That's where we're at and that's some, it's 9th to 10th of January. So, my hope is on the back of that that we can get a strong commitment from Emurgo to guarantee that there will be support for delegation in the Yoroi interface. And I don't see any reason why that wouldn't happen.
Manmeet Singh from Emurgo, he's chief investment officer there and has literally spent over a year of his life now looking at hundreds if not thousands of ventures who are trying to get funding and trying to participate in the Cardano ecosystem.
So, terminals coming that's coming now we get asked a lot about Ledger support. Now that we're on the new datal Layer we're going to have Icarus style addresses which are ED25519, BIP44 compliant, and the Ledger does support that. And what we've done is we through Emurgo have begun discussions with a firm called VacuumLab...
And hand it off as a reference product to Infinoto and to Emurgo.
Now the good news is that now that the foundation issues have been resolved and Emurgo has really started scaling up development with Yoroi, we've had a lot of discussions about bringing in a third-party firm, principally vacuumlabs, to work with both of us to rapidly accelerate Ledger support and get Ledger support first in Yoroi and then very shortly thereafter to Daedalus with either the next most immediate update or the following update...
So that's not too much. And for a moderately sized team, two to three people working with Emurgo, it probably can be done in short order, but that requires a little bit more negotiation and a little bit more effort...
Now Emurgo is also keen on having treasure support, in addition to Ledger and I, I think there's been some good progress there as well.
We have resurrected Cardano Foundation and Emurgo is starting to really get things going in our Pan African strategy is really starting to show some fruit in our enterprise framework is going to start rolling out in 2019 throughout Africa...
Yoroi was recently just open source, so congratulations to Emurgo and we're pretty excited to hear about Ledger support and pretty excited to hear about Trezor support. Trezor just updated their side so, if you have a Trezor very soon Yoroi will support that and if you have a Ledger device very soon Yoroi will support that as well.
One episode is topical, and one episode is an interview episode, so the interview episodes will be populated initially by Emurgo and IOHK which people just to get the ball rolling, but then the hope is for anyone in the ecosystem who is really interesting and has a cool project, something they're doing to come on and talk, you know.
Has IOHK or Emurgo or CF employed or hired anyone from Africa who can assist in regulation planning? Our Director of African operations is John O'Connor and we have engaged a lot with regulators, and we've talked to a lot of people who are domain experts like Chris Cleverly and so forth in in various jurisdictions like Uganda.
Yeah, IronFX. So I don't know much about this IronFX deal or what Emurgo Hong Kong has planned. Just on my side, we were never fully informed. We were aware that they had built some sort of relationship with this exchange, and I guess it's a pre-existing forex exchange. But we've never been in any of those conversations on IOHK side and we don't know too much about it.
We love Brazil. We have an office down in Argentina. It's not too far away from Buenos Aries and the head of Emurgo, their CTO, is Chilean, so we do have Latin American roots and there's certainly a lot of things we're doing on the development side.
So we'll definitely push hard into Latin America one way or another, it just these things take time and we have a phenomenal director of African operations and Emurgo as an Asian company.
Does Cardano and Sirin Labs have an agreement of some sort? That was a deal my understaning was negotiated by Emurgo , and I did actually fly to Israel for Eurocrypt. And while I was there, I met with Moshi and had a discussion with them, and they got to show me around their facility and didn't look too bad it was a really nice place. Beautiful skyscraper. Lots of really pleasant people.
And the trusted hardware module will support their embedded token as well as other cryptocurrencies, and I believe the deal that was negotiated with the Emurgo to Sirin was to have ADA support. They've been very friendly with me, and I haven't gotten any indication that they're not going to support ADA.
And but I'm not directly aware of when and how that support is coming, but I'd imagine that it's coming probably soon, although I'd reach out to Emurgo and to Sirin to get an exact date on that.
So Emurgo and IOHK and the remaining members of the Cardano Foundation, we're hopefully going to be able to work together after the next one or two months of cleanup occur to try to figure out a permanent form of governance for the foundation.
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.
Are aware there's been some issues with the Cardano Foundation, as I stated previously last week, these issues will not have an impact on Cardano's success or our ability to launch the protocol, get things done, and continue our scientific research or for Emurgo to embrace partnerships.
So what we've done the last week at IOHK and Emurgo is that we've begun executing on a multi pronged strategy to start the build up of community management.
We'll make an announcement, probably in a week or two about The Community management team at IOHK but we've already begun coordinating with the community management team at Emurgo we're working with Sebastian Pabon, we're working with Miyataki and others there and Sebastian Pabon, actually today just released a wonderful series.
So our hope is to have three hosts, somebody from Emurgo, someone from the IOHK side and hopefully someone from the Guardian side.
Emurgo and the foundation, and those who represent them.
Considering what options do we have in parallel, the Guardians of Cardano, because they had heard that IOHK and Emurgo, were having difficulty with the CF.
I which can employees and Emurgo employees, some group of people who have relationships and contacts.
It's pretty interesting to see how far he's gone and the country he's gone to, and we're planning on continuing that amazing pace and Emurgo has done some pretty good work running around Indonesia and other places and Taiwan and so forth and they've had great meetings and interfaces with.
Charles is Carl coming out with a a debit card or credit card of some type? It was on the road map and it was one of the foundations responsibilities. They're the ones who announced it. We said great. Let us know if we can help and nothing happened for a year. Welcome to my life. So Emurgo and IOHK and I are starting to look into it. We've already started talking to some vendors. There's a few. That are interesting and it's not super hard thing to get done. And now that we're looking into it, hopefully we'll be able to make an announcement soon.
Just because you can get Alice or Bob to mitigate to your system, Alice and Bob won't stay there if your system doesn't offer a compelling great experience for your customer, second, we tend to compete in different circles. Most people chase the Western developed world. I tend to chase the developing world and have a pan African strategy and Emurgo has an Asian strategy and the types of customers we're dealing with, many cases this Is the first cryptocurrency that they've ever dealt with. So we are their Bitcoin.
This was an enormously complicated process/task and there are natural checks and balances on the science side, the peer review process and on the engineering side, things like third party code reviews for example with Kudelski or through any other firm in addition to open source contributions to the project in Code review, Emurgo took upon itself.
As the months came by and our relationship continued to strain, it became very clear to IOHK and Emurgo that we're probably not going to effectively work with the foundation the way it's structured.
IOHK and Emurgo started hiring some community development people. Emurgo, for example, recently hired Sebastian Pabon and Jane Wild and others on our team have been working very hard at trying to bridge that gap.
And so as a consequence, we've decided to just move without them so what this effectively means is that IOHK and Emurgo, will be taking on all of the responsibilities that the Cardano Foundation is, was historically tasked with.
We still have a depth rolodex of people who want to build on the protocol and are very excited about our technology and if anything by bringing community management more tightly into a Emurgo and IOHK it probably will allow us to better carry out our mission.
The network is still strong. We're going to wake up every day and still write code. Emurgo wakes up every day and still finds new opportunities, and what's really amazing to me is the strength of our community as a whole.
Because the foundation is not in control of IOHK case funding nor Emurgo’s, we've already been paid in full for the services rendered and to be rendered. As a consequence, they're not in the position to veto or stop us from moving unilaterally in different directions. Nor can they mandate how the protocol will be developed or how funds will be spent on the development of the protocol.
We're also going to hire some community managers, as is Emurgo, and they've already begun that process with miyataki over in Japan. And we'll also start taking on some of the law and policy and lobbying research that the foundation was responsible for. So we'll look for some STO and ICO partners to better understand how those will be done on our platform.
We'll start working with some research centers throughout the world and make some announcements at some point. You know it's a big expense for us, but it's OK. We believe in Cardano and we want this project to succeed, as does Emurgo.
I'd like to thank Ken Kodama and Manmeet Singh and the others at Emurgo for their patients and understanding and support throughout this entire process. And again, I'd like to thank the Community for their incredible support and patience throughout this process.
When mobile wallet? Actually, that's a great question too. So, you know we chose Haskell and Haskell has just been a mixed bag. It's been great and it's been a nightmare at the same time and at some point I threw in the towel, I said OK, let's diversify development a little bit. So, we created a rust project called Prometheus and. And we ended up creating the Cardano Rust wallet, and the code is up on GitHub and the first product of that was Icarus, which gave us a Chrome extension, and now that's being built up by a Emurgo for Yoroi.
Now the reality of this Rust Code base, is that it has all the batteries included for mobile client. So, if you wanted to take it and use it as the heart of a mobile client you can. And in discussions with Nico, the CTO of Emurgo, they're going to be just that thing. But there's probably going to be competition because it's it's like 50-60% there. You just need to put a front end and figure out how you're going to do some things with that.
Now Emurgo is one of our partners and they've decided to fork Icarus and create a new product called Yoroi, and they're going to be making an announcement August 15th about that, and it should be launching as a test net sometime this month.
So our hope is that a Emurgo can go in that direction and link their portfolio together with the code base that we've construct.
You know we have Emurgo, we have the foundation we have IOHK.
The Cardinal Foundation and some of it Emurgo ones and the rest of it is completely owned by the community of which I have no idea who owns it.
The Cardano Foundation, EMURGO, and IOHK are the three core entities behind Cardano at the moment. Cardano from the very beginning was Federated. It wasn't like, in the beginning, there was a person, then a company, then a collection of companies. In the beginning, there was a collection of companies and each and every one of them serves a different role and purpose in the ecosystem.
Then there needs to be an entity that's kind of the evangelist, and it goes around and says you should build on Cardano, use Cardano in your stack. Cardano is the most amazing thing in the whole world and that entity is EMURGO, they're kind of like our version of Consensus. Consensus is tremendously successful for the Ethereum ecosystem, and they've done just amazing work for Ethereum, and our hope was that there could be a Consensus for Cardano, and that's what EMURGO does, amongst other things.
What will happen to Emurgo IOHK contract for developing Cardano by 2020? We will have a by 2020 we will have a fully operational treasury that will, and I'll stick around until that's done. So, if it bleeds into 2021, we'll keep working till that's done. And at that point, there's going to be specifications, the Cardano Improvement proposal process, competing clients written in different languages by different development teams that will be a very decentralized ecosystem. And IOHK, would love to continue doing research and engineering, but you, the ADA holders will be able to make that choice. So, we'll submit a funding proposal to keep the contract going, but you get to decide whether that happens and that's how it should be at the end of the day, engineers work for you, the owners of the protocol.
The other thing is this is not an IOHK project, this is a collective project. Predictable Network Solutions works on this, tweak works on this FP complete works on this, WellTyped works on this allied testing works on, this Kubik works on this runtime verification works on this and Emurgo works on this. The Cardano Foundation works on, 8x works on this amongst others.
Indonesia and Emurgo. Emurgo has a lot of great partnerships. They're based in Singapore and Hong Kong and they have offices in Japan, Vietnam, Malaysia and Indonesia and Vietnam and a few other places. So they make great partnerships all around and where and when we can work with them, we do.
So all the agritech work that we're doing in Ethiopia could potentially be ported there. So I think. Emurgo is very prescient in building good relationships in those jurisdictions and what we do is we talk about well, capabilities and we ask them what capabilities do you guys need and what capabilities are reconstructing and it helps us inform the road maps so that we can better address those capabilities move forward, but you'll have to address those questions specifically to Emurgo about the particular strategy.