Back from California (Milken Institute)

hi this is charles hoskinson broadcasting live from warm sunny colorado always warm always sunny sometimes colorado today is may 6 2022 early in the morning having some fun enjoying life got the lobster on the microphone and a nice giant bag of pretzels that i got it's very salty these pretzels look how salty that is it almost reminds me of twitter and i am back from california land of the avocado toast and 15 earth shots and all that other [ __ ] god i'm very glad i don't live there although i did get this this is pretty cool this is black ivory coffee how about that it's 2500 a kilogram so i basically i guess it's competing with cocaine and how it's made is elephants eat coffee beans and they digest them and they [ __ ] them out and then some guy goes and sifts through the coffee through the poo and takes out the coffee beans and roasts them and then apparently that makes it taste really good so this is my 2500 elephant poop coffee [Laughter] figure only in california so as many of i i go to various events throughout the years and this year i was invited to go to the milken institute annual conference that they have in los angeles california and it was really interesting was who's who i went to so many after parties i was at dan loeb's house hanging out with litany of different people in wall street and other places i went to eric schmidt's birthday party that was fun and also had a chance to see david rothschild it was a little out there eco adventurer and spent four hours talking about antarctica and creating a nation state for for nature and all kinds of things but basically it's an event where people go and talk about where the world is going to go and how to invest and move in that direction so it was a nice mixture of everyone and we got to see several other blockchains represented there most notably al goran apparently they sponsored the event so they announced their fifa relationship and they were going around saying they're going to democratize finance and so forth of course we wish them well cardano was well represented we had a lot of great events we basically worked with wave and rented a little penthouse at the waldorf astoria and every night had an after party and invited lots of people to come it was a pretty eclectic crowd from investors to and family offices to the girls from [ __ ] riot so it tells you the diversity of the crowd right there of different people that come and go i got to see a lot of prominent families from africa as well and also see the milken scholars program and their graduation so well worth the time there's a lot of love and a lot of passion a lot of excitement as many of cardano's been growing by leaps and bounds we have almost a thousand dap projects on chain tvl is going up if you in not absolute terms because the prices of all cryptos are going down but actually when you look at the raw amount of stuff it actually is going up staking stills at 74 percent fossil hard fork is still on schedule for june 29th pipelining is going to be a huge performance improvement we have a very strong dex game right now jed just hit the test net finally i think chain link integration is underway there's there's a lot of things going on here it's it's pretty active ecosystem and the second half of the year is going to speed up even more there's enormous amount of work being done on the overall open source project structure enormous amount of work being done on getting more permanency behind the alliances that are forming and consensus is going to be a huge event for us june 9th to 12th we'll have a pre-consensus party invite the whole cardinal community it's june 8th i believe that's up on eventbrite now and we're going to showcase a lot of things that have been going on and where cardano's app it's a little bizarre that month by month we continue to achieve great progress we continue to get more access we're rubbing shoulders with the most powerful people in the world and getting adoption yet then there's in the crypto media side people basically assume that nothing is getting done and there's no progress in fact crypto banter rand said that we don't even have a working dex there's like five of them that are running all right now on mainnet and if you want to swap something the swaps happen in less than 30 seconds and the load is higher today if you sum up those five then when sunday swap launched so i don't understand what the definition of working decks is if you have something that works in under a minute and there's a lot of them and more launching and every month performance gets better you went from like multi-day settlement time in some cases to 30 seconds in a six-month spread that's pretty good progress that's pretty good momentum devx continues to get better a lot more integrations are coming and we're having deep detailed conversations about the things that need to be done and like any ecosystem there's some growing pains but communities with us on that and we're making making great progress the markets as a whole are starting to deflate a little bit the nft markets are down bitcoin is down everything is draining and what is most surprising is that crypto's trading cyclically with the equity markets i always imagine that if you were of the belief that the global economy is collapsing that crypto is the safe harbor so as the stock market collapses interest rates go up economies contract bitcoin and everything else should go up but actually as the stock markets go down bitcoin has been going down which is a little bizarre it apparently is following that asset so there's a there's a lot of surprises but what people have to understand is whatever the price is on coin market cap for all cryptocurrencies does not reflect the actual progress use and utility of the crypto currencies just a strange reality that we're in and you could be doing everything right you can be building growing have every metric look phenomenal but that's not necessarily reflected there but i guess if that's the only thing you care about that's the only thing that matters then everything else is is not apparent or important the dream is really coming together may 17th 18th we have the certification summit barcelona spain bringing all the certification actors together we're having a deep and detailed conversation about the application of formal methods to smart contracts that will result in certification standards for all cardano dabs so we don't have 10.5 billion dollars of stolen or lost money because of design flaws a light wallet ecosystem is really coming together in fact on our side we should have a light wallet announcement at consensus but there are many others who have entered the space and hopefully there should be a wallet certification program that gets stood up hopefully from the foundation this year so that people can certify their wallets and you can get as a consumer assurances of quality and capabilities a dapp store is coming with our light wallet voting center is coming with our light wallet hardware wallet ecosystem has never been better smart contract support has just been added if partial delegation and proxy keys are on the horizon finally and all the things on the backlog are finally coming through in addition to major performance improvements pipelining is just one example input endorsers is the next example and these things are near horizon not long horizon in terms of shipping adding more feel of that fire the side chain ecosystem is starting to really heat up there's been some great conversations not only about the side chains we'd like to construct but the side chains that the broader ecosystem would like before the end of the year that strategy is coming to really materialize and crystallize alongside the enterprise cardano strategy so all these pieces that have been threads that were kind of thought about over a multi-year arc are now coming in and are benefiting from the design choices that were made with extended utxo oro boris and the ecosystem as a whole and speeding up instead of slowing down meanwhile the ecosystem continues to grow at an unprecedented rate there's more people using cardano today by far than any time in the history of the project this time last year we didn't have any smart contract transactions now we have over four million three and a half million users probably more than five six million wallets more transactions every day last month than the last year of cardano tvl depends on how you count it for our competitors apparently staking can count but for us it doesn't if it did it would be 19 billion dollars but it doesn't so okay nobody really wants to give us fair measurements but when you measure things fairly or comparably things look fine grows every day and remember stable coins are just now coming algorithmic stable coins which are a huge contributor to that so those metrics look solid and fine if we continue to access execute people just straight up lie about things like calcasa went just lied about ethiopia just said a bunch of stuff and meanwhile by the end of the year we should have a million kids inside the system said we were wasting time i don't even know what that means said we didn't tender properly i don't know i spent three years negotiating that two different boards had to go through and sign off on that contract we thought about suing him for slander but what do you do people just lie these days there's no accountability anymore really isn't we live in a post-truth economy where you can measure things and you can take it step back and really look at step by step the things that are happening and then you can objectively decide what reality looks like or you can just say [ __ ] online and no one calls you out on it whatever you say okay you write books whatever you say okay just goes out there and the gap between what you say in reality grows and grows and grows but there's no reckoning there's no consequences no one gets sued no one cares this is just where we're at and it's a very frustrating space for that reason because all i know how to do is just work and build that's all i know how to do that's all my company knows how to do that's all the ecosystem knows how to do we tell you what we're going to do we write it down we go do it and then we tell you that we did it and we show you the evidence and proof that's pretty simple it's the paul halmo's way of doing things i'm i'm a simple guy but we don't really live in that world anymore now we live in a world of chasing cars going from one to the other and that kind of makes me sad it really does because it's hard this space a lot of people don't know what to trust and where to get news from and i'm told to ignore it i'm told to say well don't really think too much about it but the reality is that people do listen to these things innocently so and they get caught into them so combating the fud i think is going to be our big challenge so for consensus for example there's going to be a big showing there a lot of people there and who's coming to dabs why because the narrative right now is no one's using or building on cardano so if you get all these people using and building on cardano at the biggest cryptocurrency event united states doesn't that send a message doesn't that tell people we're here seems simple enough to me maybe it'll work maybe it won't work but at least it's something and at least we're pushing in that direction and also bringing the community together and have a chance to see them talk to them when i was in miami last year we had a thousand people at the event that we held in miami hopefully we can match that or grow that and we can see as many as people as possible austin texas doesn't cost you anything to go for our community event it's free if you just pay the way there and chance to meet me meet the team and meet the people building on cardano doing interesting things and we're just gonna keep doing that again and again year after year it doesn't matter the events you the community are really doing the heavy lift as are we there are a lot of challenges ahead there's a lot of complex technology we have to think about a lot of design features that we have to slowly sneak in but these things are known knowns meaning that they're quantified they exist and just go get it done write the code do the work flip the page the more interesting things to me are that we are now finally executing on the vision of realfly this is the year loans will be done on cardano microfinance loans to people in africa with blockchain based identity and stable coins issued on cardano it took eight years of building to get us to that moment i'm proud that we finally are at the dawn of it and to close out the year with this kind of reality is a pretty special thing and then do it with principles meaning the our protocols our formal methods all the things that we thought as an ecosystem need to be done are done that's pretty exciting as well it's really cool to see the evolution of user experience and wallet infrastructure and all these pieces coming together and it's kind of weird to be doing it in now a slight crypto recession because while we're changing the world the media is going to go and say crypto's over crypto's dead it's it's a it's bad thing all crypto's falling apart and you just have to keep moving forward because it's not for today it's for the long term five years 10 years 15 years 20 years and so forth and that's just where we're at so anyway thank you guys for being part of this community and thank you for your patience and thank you for dealing with the [ __ ] day in and day out i i feel your pain and trust me i understand how frustrating it can be to really put your heart and soul into things and push hard and every single day work hard i was on fox business i get up at 4 a.