Happy Christmas Eve

hi this is charles hoskinson broadcasting live from warm sunny colorado always warm always sunny sometimes colorado today is december 24th christmas eve 2021 it's been a hell of a year and i thought i'd take a moment to reflect on the year and talk a little bit about next year and also wish each and every one of you merry christmas today is friday so tomorrow is not only the weekend it's also christmas day families coming in from wyoming and hopefully we'll have a great time together so this year we saw a lot the crypto markets really came alive the nft revolution we saw d5 go crazy it went from i think 10 billion market cap to 100 we saw 10.5 billion dollars worth of loss in d5 because of scams and bad software and all kinds of problems we saw yet another year of coveted madness where the world continued to linger and being shut down goal posts continue to be moved we all got vaccinated in the u.s and that doesn't count still have to do everything we did in 2020. so it's it's been tough it's been incredible it's been great it's been terrible it's in everything in between opened up the hoskinson center for formal mathematics over carnegie mellon i was on the lex friedman podcast the awareness of cardano grew exponentially we had a great event in september that was a lot of fun over a hundred thousand people attended the cardano summit and predictions some of which came true some of which did not so there was a tweet from 2020 where i said i predict by this time next year we'll have thousands of dapps and hundreds of assets on cardano and i got it wrong in both directions so on the asset side over two million assets have been issued on cardone not two thousand but two million vast majority of which are nfts and on the dapp side because it took a little longer to get gogen out we have yet to see significant traction there but right now there's 127 projects actively writing code with the intent to deploy something a dap on cardone of which we know of at least 20 or 30 that are going to be launching within the next 90 days from sunday to many other things so that's taking a little bit more time however the quality is there and there's no shortage of developers there's a developer discord i think the last number i was given over 10 000 of them with the pluto's pioneer program we trained thousands of people and more to come next year we're going to run that program aggressively my goal is to get it onto a two-month cadence and do six classes a year and make that an indefinite thing next year we're also planning on really building and shoring up the institutions that hold up cardano so there are three custodial companies that were around since the beginning the foundation of ergo and io and there's a huge orbit of other companies that come and go and do specific work next year what's going to happen is that a formal open source project structure is going to be formed kind of like hyperledger to linux and we're going to see many institutions wired in and all the people that are currently working on will be novated over including me there's a punch list of things when you remodel a house or something like that you always have a list of stuff to clean up and do and that's really what we're doing in 2022 when you look at things like enhancing plutus there's already three cips as a result of the work we've done with developers that need to come in we have pipelining that needs to come in input endorsers that needs to come in peer-to-peer is currently being tested with the stake pool operators on the test net and there's lots of stuff happening there a huge amount of optimizations are coming with cardano node 1.3.

3 50 reduction in sync time for daedalus how about that and memory utilization way down because of a lot of optimizations that we've done we've been working very closely with gowa and we're starting to turn over lots of haskell libraries and other pieces of infrastructure to them with the explicit aim for optimization we started with correctness as our highest priority and now that correctness has been achieved we're moving over to performance tuning optimization usability and these factors and that is a game of rapid iteration you do a little bit you get a huge advantage as we've seen with node 1.3.3 mithril is coming next year and that's going to really push us aggressively into the light client space and also give us best in class full nodes hydra is coming next year as well that's purring away on a great schedule we have a lot of great publications that are going to be hitting in february thanks to the whole eurocrypt crypto ccs block we're staging things appropriately and we're starting to see a refinement of the science of things so the adoption's there the communities there we've grown to about 2 million people and looking at daedalus downloads social metrics and a litany of other things and what's exciting is that the velocity of scale is now here if you look at how catalyst is operating and how every round we just see incredible growth you look at the fact that this huge open source project is awakening which will be eventually on par with what we see with linux with 800 companies 800 developers and 100 companies and the fact that we just have the resources as an ecosystem to get this done in the long term is extraordinary but in 2014 i did a ted talk and i was a man with a mission it's kind of funny people write books and people write blog posts and they say all kinds of just batshit crazy stuff about me my intentions my history in the space cardano the project and so forth it's not really a reflection of me at this point it's more of a reflection of them how they think and their incentives i've always been with you guys straight and honest and i told you back in 2014 what i was going to do i'm going to go out there and we're going to figure out how to build a financial operating system for the world we told you how we're going to do it and do it with peer review and formal methods and we told you what it would take it can be a long arduous systematic march day by day by day it's not sexy it's not defined by surprise announcements it's not defined by sudden partnerships and burns and all these other gimmicks that the space has it's defined by just good old-fashioned hard work that's what we said in 2014 which was by the way batshit crazy it's just me and a few adherents that were crazy enough to believe it was possible now we look at the end of 2021 and there's two million people billions of dollars an ecosystem a huge movement 127 p adapts projects building the one i am most excited for is the relationship with possession so my goal is the second half of 2022 to figure out how to put all the pieces together to get an end-to-end microfinance transaction on cardona real person in kenya or somewhere the blockchain based identity and credit score stablecoin on the other side cardano is the settlement rail peer-to-peer person to person click a button loan goes to them they pay it back goes to the other side right now if you look at microfinance the interest rates are 35 to 80 percent with a 40 default rate possession is doing great they're about three percent per month which is 36 percent per annum because they usually repay monthly and the default rate is two percent the npl rate is two percent so that's spigot once it turns on i don't need to do anything i don't need to run anything greed will compel people to get involved with it and there's two consequences to that one is that the interest rates go down because of competition they have to there's an oversupply of capital relative to the people the other is that we've completely circumvented the banking system in africa which is at times tremendously predatory and enables some of the worst people alive to stay in power and it's permissionless can't shut it off once that's happened and it opens up a thousand conversations what's a good identity what's a good credit score what other products and services should exist in the real five space in africa and how do we spread this across all of africa not just be kenya but be nigeria ghana and rwanda uganda all across africa that's the dream and in 2014 it was a slide deck at a ted talk but we're here now and 2022 all the infrastructure is in place to make that happen mithril hydra pipelining input endorsers you take a look at the identity system prism continues to evolve at a rapid pace light wallet infrastructure the partnerships we did the africa tour with six countries in four weeks met heads of state met heads of major companies built great relationships and it was the culmination of four years of effort on the ground not easy years they were years filled with hostility misunderstandings food poisoning on some cases a monthly basis poor logistics oftentimes difficult communication coups attempted coups civil war disease all kinds of things horrors and the heroes that stood the line they got it done they built a reality where we said we were going to do in 2014 can now be done and that legitimizes not just cardano and the concept of d5 but to befrank our industry as a whole we have a pretty big check we wrote as an industry if you look at the valuation two trillion dollars you look at the statements the books the articles the blog posts the videos the courses they all say the same thing change the world change the world change everything reimagine everything decentralization and that's what we were promised and what did we get pictures of rocks that sell for a million dollars buzzword buzzword buzzword networks that purport to be centralized but when they stop working somebody kicks them to restart them but hey great returns right so yeah just keep doing that and billions of dollars of losses because of incompetence and malice willful theft and criminal conduct and a mentality that it's better to be first than best that is a pretty big check that we've written as an industry and we haven't cached it somebody has to so we're going to do that as a project and then everybody else will come flooding in competition will come in and [Music] then it's over because it doesn't matter who wins because we win humanity wins the people win we set this whole thing up as an industry to do better to live in a more fair world a more equal world we did this as an industry so that we together don't have to pessimistically cynically accept what has been given to us that is the rally cry just do better don't accept mediocrity don't accept evil don't embrace it don't tolerate it speak up against it don't accept hypocrisy don't accept lies don't accept the status quo every single thing around all of you was constructed by people who are no brighter than you no more special than you no more powerful than you you consent to the things around you the laws around you the social customs around you the way people treat you and you treat them it's all consent based at the end of the rainbow sometimes your consent is coerced through fear through psychological manipulation through threats of criminality but every now and then a society has to stand up and it has to say we've had enough if kofi taught us anything it taught us that the human race is amazingly capable of lying to each other a building structure upon structure of deception and it doesn't matter where your politics fall or what you think about it you can be on one side or the other side or all sides every single one of you has gotten some trauma from this event and you've seen how bad things could get so we have this tool it's not a good tool it's not a bad tool blockchain cryptocurrency and we just have to decide how are we going to use it where are we going to use it and i caution every single person going into 2022 our success as an industry will be tested it has to be because if we succeed we will change the power structures of humanity itself there's going to be lots of scrutiny misinformation lies and other things told by the legacy system we already see it we see people in the congress we see people in transnational bodies say that the only use and utility of cryptocurrencies is money laundering child pornography evading sanctions all kinds of negative conduct and consequences but yet they never mention all the good things the fact that we can transform and change people's lives give them economic agency that they lack they never mention that the legacy system takes three billion people and cast them into perpetual poverty they don't mention that they don't mention that the legacy system enables the wealthy and powerful to work with the very criminal elements they purport to want to destroy and suffer no criminality they get away with it and when we expose that it's very inconvenient very uncomfortable for them but you cannot perpetuate a lie forever and you have to ask yourself how stable are institutions and structures that are built on a house of cards they may have lofty titles they may have legacy and history some cases stretching back centuries if not thousands of years but if the core is hollow and the foundations are corrupted corroded cracked decaying then all you need is a little bit of a push and that's effectively what we are collectively doing as an industry we're giving the human race a little bit of a push not a big one but enough enough to see what's on the inside of these institutions how the sausage is made the entire american population saw with the infrastructure bill how legislation is actually written how everyone can agree the vast majority a super majority of the senate the congress that there was harm in a bill but only one person was necessary to allow that harm to push through and people responded that's just how washington works it's bipartisan in that respect and it's your decision coming into 2022.