Consensus Wrap Up and Some Housecleaning

hey guys it's Charles Hoskinson here I just wanted to make a video real quick to clean up a few things and also talk about my thoughts about consensus it's actually the first time I've gone to consensus since 2017 the environments a little different and 2017 things were a bit crazy in fact that's right when Bitcoin shot to 10k I and everybody was going a bit wild and everything was a kind of crazy there was even a 10k party that they had were the whole space kind of came together and everybody had fun so this was about half the size I think of last year's consensus or the 2017 consensus I in a really show there was a lot less booths and the makeup of the booths for more enterprise-oriented than cryptocurrency oriented I think mem was there and some - people were there and obviously aetherium made a strong showing as they always do both the etherium Enterprise Alliance and consensus and a lot of people from the EF were floating around but most of the ventures were were either their service providers or infrastructure people or people on the enterprise side I'd like for example Microsoft had a booth and IBM had a booth and Deloitte had a booth and it was pretty interesting to kind of see them change in dynamic I remember going to conferences many years ago for the cryptocurrency space and we all kind of knew each other because there was like 12 people there now going to these conferences there's like 5,000 people and most of the people don't know each other or they're just a different crowd so I've kind of felt an old guy or slightly out of place I was mostly hanging out with the polymath people and my key takeaway though was just how poorly the security at the conference treated people we had one incident actually in the basement so the sponsor rooms polymath was a Tier one sponsor and they they put a lot of money into this conference they we had rooms in the basement for polymath and all the other people and on the third day of the conference just a few hours before the conference closed one of the security guards came in and asked for all of our badges I had my badge but it's the third day of the conference not everybody had their badges in the room and he basically told everybody who didn't have a badge that they had to leave the sponsor room or else he would call security and have them escorted out I just I just can't understand why a few hours before a conference closes on the third day why the conference organizers would feel it necessary to tell security to go randomly audit the sponsor rooms which are downstairs in the basement until people have given them six figures that unless you have credentials we're gonna kick you out of your own sponsor room we even took a video of the event and the guy threatened to throw us out the rest is for trespassing so that's that's the way consensus it is I guess 450 speakers I I wasn't invited but I still had a chance to speak three different times so I always find a way through the back door they don't let you in the front come in the back and I don't know if I'll go next year unless I I have a compelling reason it's certainly not the most interesting conference I've been to it's a big industry event and lots of business is done there but to be honest with you I've seen a big pivot towards Asia in the last two years in the space and the conference is in Korea Japan China and other places are just far more interesting and I've had a lot better time in those jurisdictions that I've had in western conferences with the exception of the smaller conferences Bruce always puts on a good event Satoshi circle never actually Benton but every time I hear about it it always sounds fun and I love Pavel's events actually over in bit the Bitcoin incredible party in Ukraine so space is maturing things are changing starting to recognize less and less people more diverse crowd the CFTC was actually there at consensus which was really interesting they they had a whistleblower booth so the CFTC for those of you who don't know is the Commodity Futures Trading Commission and basically they regulate futures contracts derivatives so for if you issue a token that's backed by gold that's probably going to be regulated by that so they have this thing called the whistleblower program so if you think someone's violating lawn you actually have evidence to it you can tell them and they give you a reward up to 30% of the violation and the largest one they've awarded so far for the crypto space but I think thirty million dollars so or that's what the guys told me but I think it takes a lot of gusto to show up at a cryptocurrency conference as a regulator and have a booth specifically for whistleblowing in case anybody in this space violates the law so yeah anyway these conferences I don't really think are worth the money unless someone gives you a ticket or you get a big discount and certainly nothing major was announced there that said polymath did announce polymesh and that was just kind of a stub it was an intent to build something really special and really interesting basically a special purpose blockchain specifically for security tokens and I'd say that's very interesting but it was more of a coming soon Lola will give more information later than a full demo where we actually showed a product and so forth but it started a great conversation and we had a chance all throughout the conference to talk a lot of people in the security token industry as well as some regulators and specifically about what do they want what would they want to be to be an issue or what are the audit requirements and all these other things and it's always nice to have those types of dialogues and so I hope that as that product gets more mature at some point Polly's going to be able to give a great demo and that's going to be a lot of fun and that dialogue is just going to keep growing and continuing in it's a cool one because it's a dialogue you just don't have with other cryptocurrency people it's a dialogue that you have with governments and regulators and large institutions and so forth so you can kind of get out of your lane a bit and see how the world is let's see what else here oh yeah some housecleaning so there were some articles that came out about the MOU that we signed in Mongolia and the cryptocurrency press never ceases to amaze me with their lack of due diligence and level of accuracy generally speaking here's a protip if you're ever going to be a journalist if you're writing about an MOU or a press release or something a company's done the first thing you do before you write an article is you reach out to that company for comment and for additional information because the odds are because the company signed the MOU maybe they'd be able to tell you a little bit more you can get quotes you can get a much richer better article if you just write about something you heard you're probably not going to write accurate information so one article in particular said that we signed an MoU with the Mongolian government and with Pharma trusts we did neither we sign an MoU with the the two leading blockchain groups within Mongolia and we started a dialogue with bullion government about doing a training course just like what we did in Ethiopia which probably will yield to some relationship at some point in the future but we're both on the try before you buy model so we did not sign an MoU with Mongolian government never happened and yeah we're going to do an air quality pilot with a private vendor and we'd love to work with the government of the city of Ljubljana bar but that requires additional relationships discussions and those will happen over the coming months two years Pharma trust we've never met the principals of them but I use them as an example of a real-life cryptocurrency pilot that does actually provide some value to the space Mongolia has a terrible problem with counterfeit medicine and adulterated medicine in the urban areas about 18% of medicine you buy will either be expired the milligrams will be wrong or it'll be just not real it's a sugar pill where it should have been a particular drug and in the rural areas they could be up to 40 percent so that basically means you're just rolling the dice 1 out of 5 times they're almost half every time you take a pill and most of that comes from China so anybody's trying to solve that problem is a good actor and they ran some pilots within the jurisdiction and they've done some good work within that jurisdiction we'd love to chat with them and work with them and it came up during our due diligence and it came up during our conversations with actors in the jurisdiction but we never signed an MoU with them and we don't have a relationship with but we admire the work they're doing and it sounds they're trying to solve real problems but crypto journalism apparently decided to take statements and just roll it all up and say were partnered with the Mongol government and we're partnered with pharma trust and that's just not true in these things just keep happening so I makes you wonder if these people are real journalists at all so it is what it is let's see what else here so I'm currently in New York and this is my last day here and then I finally get to fly back Colorado on my upcoming travel schedule I'll be the second half this year in June going to Israel and I'll be in Tel Aviv and hopefully we'll be able to have some great events there and then in July I may be going to Uganda there's several invitations that God also be in Japan for ye G's conference it's a big conference I think there's like ten or twenty thousand people it's not a crypto conference it's a big digital world conference and I got a keynote there and that's going to be I believe June 8 to 14 but I'd have to double-check those dates so yeah so a lot of travel the next few months this after July I'm gonna cut it down tremendously and you'll see a lot more of me in Colorado so when I do these these events in these AMA s and these these types of announcements you'll see my standard usual setting as opposed to a dreary hotel room at five o'clock in the morning and that that always makes me feel better and hopefully I'll be able to lose a little bit of weight and go on a diet and get get slightly healthier on the Cardinal site a few announcements there David SR is the senior product manager for Cardinal and David's gonna go on the Cardinal effect at some point soon I think next week but I don't recall the exact time and he's going to talk about the Cardinal roadmap and basically how to use the card on a road map so it's it's not just a document or we just put some things and they'll be percentages or something that's that's not longer our viable or smart way to do things it's rather going to be a document that is basically functional so it'll be a repository for the regular status updates it'll contain kind of high goals of where we want to go and then for milestones we've already completed it'll provide a retrospective for example with byron because byron is now close is the roadmap will actually list all the accomplishments that we had during byron what do we actually do we see a lot from people who want to spread Fudd and say that we're all idiots and we don't know what we're doing that were just a wallet we've never shipped anything it's just a white paper and the reality is there's an enormous amount of stuff we've done and progress made so it's really important to make a listing of well what was accomplished for things that came before and then also when we talked about a milestone like Shelley or Gogan the better manage expectations of what are the KPIs behind this what are we considered to be Shelley and what does success mean for Shelley and should that be successful then we can do the same type of closing that we are going to do with byron so David's gonna provide a pretty exhaustive explanation of that and I'd highly recommend you go to the carnival effect reddit they usually run a thread and if you want to add questions they specifically you want to ask David that and because they always take some community questions that's the time and place to do it shortly after the road map comes out we'll make some sort of statement on the Shelley test that things are looking pretty good not gonna spoil anything there but I'm pretty happy with with the level progress I'm also happy with the way his software is coming together the wallet back end looks really nice we just made another release there and now we're cleaning a few things up and it's being integrated with the rest code and I'm pretty happy with the way that or Boris is shaped up and not only is the code looking nice the research is looking nice too so it's pretty clear how we actually get to the next steps so we'll make a statement and later date about that but things are moving along things are looking pretty good in terms of industry infrastructure a lot of exchanges still talk to us and want to do stuff with us and certain ones that shall remain nameless there's still interested multi-sig is coming soon we've had six different designs for it and we've consolidated them to one that we think we a lot that'll likely ship with Shelley when we ship Shelley but it may be available for the Shelley test net we'll see if we can get that feature for the first version of the test net that multi-sig is going to be a lot of fun to deploy it's kind of a necessity especially for us large holders of ADA it's a security requirement now one cool thing for multi-sig is the concept of hardware based multi-sig where let's say you see Roy as an app like copay where you have a pending transaction and you send it to all your other people the actual key management signing can be done on a ledger device so we've talked to vacuum labs I also talked to the legit guys here they had a big booth and we we think that it would be possible to do an M of n multi-sig using ledger nanos and something the ROI app so you can kind of get the convenience and benefit of using a cell phone app to manage a multi-sig but then actually when time comes to sign you can use a ledger device to handle that so that should provide an order of magnitude additional security to people who are doing this and of course we are in discussions about multi-sig in relation to delegation and staking so it's not just good enough to have a multi sick address if the point is about multi-sig is you're probably gonna have a lot of funds in those addresses so it's very important that those addresses can delegate to a state pool or to a state key that can then read allocate so we will have support for that we know how to build that and that's part of the specifications we released in march and we're now consolidating to a design that we think is pretty good we're likely also going to adopt for Shelley Beck 30 to address formatting block stream did some good work there and there's it's a nice future proof to dress structure and it looks a lot of the spaces moving in that particular direction so look for that too ok anyway that's that's most of the wrap-up coin disk coinbase excuse me consensus there we go it was it was an interesting event lots of interesting interviews block TV was always fun and got to be on CNBC Africa with ran and he's always a good interview and we talked if you print media Rachel Wolfson and she was with Forbes and a few others so it's always nice to be able to go in one place and talk to like 25 generalists it saves you a lot of time I and is a lot smaller and III would argue maybe three thousand people at most four thousand I remember the multi-core inside went to last year had eight thousand people and I stayed at the hotel it took 20 minutes to go down the elevator because of how many people were there and that that was definitely a much larger event than consensus and much cheaper that thing consensus and more meaningful even McAfee was there doing crazy things all right well thank you guys so much let's see if there's any questions real quick in the chat anything interesting since you we have a live chat I might as well take one or two questions I ran into tone days by the way and I saw him getting interview I asked him hey let's do an interview and we were gonna do it but we just we couldn't find the time to come together but I I'm happy to come on tones tones show yeah of course we have the standard questions this is getting way over the time line now seriously man had been following the project since 2017 holy excuses we get is well Microsoft had two delays this had delays blah blah blah this isn't helping at all okay great for you I'm sure you can buy some Tron if you'd like let's see here right actually I ran into Justin's son he's always a nice guy I got a he's a marketing machine but you got to give Justin you gotta give just a credit for just making people to just keep going and going and I somehow I think it'll be around for a while oh I completely forgot one last thing so I made a statement about auditable back doors and some people within the Monaro community took this to say that both Cardno and z cash are going to somehow have back doors in the system that will be handed to a government entity this is completely completely completely insane this was never my intent in this statement and it's it's just a perversion of my statement and I saw it actually in the Monaro reddit and it's propagated fairly long and even came to our on reddit first guys if we put it back door who would be even give the back door to think it through honestly I mean come on it's it's not it's in the same concept the statement was if you wanted to have privacy the problem is we exist in a world right now where either your pseudonymous or are not private or we're totally private it would be nice that you can embed within the transaction itself some capability that you can give a third party a key or some evidence and then they could use that to verify the claims that you've made in the in the transaction for example let's say that you're trading two instruments a commodity and some cash and then you create an audit component to that transaction which is completely opaque to the outside world but then you provide that to your auditor Webb PwC or a video or something like that because they need to see your books at the end of the year as a as a company it's a standard practice and the problem is that the current technology with snarks and these things makes this very difficult to to enforce so yes it would be very nice to have some capability within the system that if you wanted to do that you could do that or else you just can't use a system you can never be compliant within the system don't you have a right to decide who you share information with and don't you have a right to be able to lawfully lose it they use a system if you so desire but somehow this is the Monaro people decided that that equates to China has a backdoor the United States government has a backdoor into the system there is no zero cache improvement proposal there is no Cardinal improvement proposal suggesting this and if they think there is one I'd love for them to point that out else you are lying to people and you're lying in a very shameful way normally I wouldn't escalate this but actually fluffy pony one of the founders of Manero said this on Twitter and I think that's just dishonest and disingenuous the research into nuanced auditability and nuanced D anonymization is a very necessary research for instagraming institutions into the space furthermore when I made these comments it was in context to polymesh which is a regulated ledger which deals with broker-dealers and MSBs and governments and auditors so of course there needs to be a denomination and audit policy for these types of systems you need to have that type of technology of course because it's a regulated ledger so that has nothing to do with Cardno but then they implied that somehow Cardinal is going to have a back door these things happen in the space and when they come up sometimes I ignore them but it when a fan the founder of another cryptocurrency starts using it I you have to make a statement about it there are no back doors and zero cash there are no back doors in card no there's no intention to put these back doors and if they were ever attempted to do so they'd have to go through some sort of an improvement proposal process and then that would be in github and it would be there for months and people would have to write code and then people would have to consent by installing the clients and card forking the system to do that which is obviously an insane thing so this is what happens in our space of misinformation tends to percolate spread and that's why we have the power of Twitter and the power of these these videos to kind of counterman that so anyway thank you guys so much for your time and this is always fun and I'll see y'all in Colorado and I hope to have some good news soon about a whole litany of things and boy everybody's working real hard and they're pretty excited about it Cheers