Short AMA 05/20/2019

hey Ray Charles Hoskinson here broadcasting live from warm sunny Colorado let me grab my microphone okay everybody hear me all right looks good okay let's begin so I just got back I've been traveling like crazy I was in New York and I was also in Mongolia unfortunately I caught some stomachs problems in Mongolia which moved over to New York and I wasn't able to continue my trip I was supposed to go to Germany to Euro Crypt and I decided to come back home and recover a little bit but I'm definitely feeling better and just get through the Schlag and get myself all ready for a June and July those are my last two big travel months and then after that my goal is actually to stay home for the entire year or a large chunk of the year so I'm not going to be traveling to many events or conferences after July it's mostly health-related but also I'd like to focus on a few ihk matters and less on external matters because we have too much deal flow and that's time to actually start executing on those deals as opposed to building relationships and so forth but anyway guys it's good to be here good to be back the weather is terrible in Colorado we have dreary dreary rain coming down and it was hailing a little earlier and I had to quickly get my car in the garage and we built a chicken coop for all those little chicks because they're growing up we also found out there's a terrible raccoon problem and unfortunately those chicks could be eaten so I got some advice from a bunch of different ranchers and they told me to get some geese and apparently the geese keep the raccoons away so it's an experiment but we'll we'll find out if it works all right well Sasa just came out that's a block exchange Explorer from a merc Oh real super excited about that the recent car now no effect episode number 30 starring David Esther made a lot of comments about the car Donald test net as well as the Shelly roadmap the 2020 roadmap we completely redid the whole website reskin Rochelle that it's broken into stages so you have Byron Shelley Goggan basho and Voltaire and each of those stages there's a litany of information associated with them so for Byron is just going to talk about what did we accomplish and how do you actually measure success and then we'll transpose that auntie Shelley for the goals of Shelley and then where we anchored you and Shelley and then the same for Cogan and so forth so that's a living document and it's going to be kind of built up over time and it's gonna be a lot of fun to see that evolved pretty rapidly as he mentioned the hope is to get the card on a test net rolling in June so a lot of work has gone into that there's a lot of pieces coming together now so if you follow the weekly reports on the haskell wallet back-end June 7th is when the new database is coming in for that so we're moving the sequel Lite from assets state and then also it should we should have a preliminary connection of the Hosko wallet back end with the russ code and that's required for the rest code to talk to the GUI so it's an important understanding and the first version of the test that is command-line interface it's not a GUI test net but obviously it is the final product we require a GUI connection so the Daedalus team has been building stuff and building stuff and the wallet back-end team has been building stuff and building stuff and the russ team has been building stuff and they're all going to come together at some point and right now they're coming together and pretty rapidly so look for that in June the state pool task force should have already had a survey come through if not it'll come through soon but basically asking people their level of technical competency where they all these other facts and circumstances behind where they're at and what they want to do and how much they want to invest and if they want to run a professional stick pool or something for their personal haida and they won't there is to be able to create a nice candidate set for the first beta that we run because we're very very closely with that initial group of beta testers to run a bunch of scenarios and hopefully be able to get a better understanding of what we did well what we didn't do well we've also been in discussions with kelskiy about how we're going to do an end and audit of the entire Cardinal stack there is enormous amount of code that we've written a lot of new code in it's good code we're very confident in it but one of the hallmarks of our entire ecosystem has always been peer review and so as a consequence we believe very firmly that you need third parties to analyze the code and make sure that the code is free of security issues so soaked Adamski's are preferred auditor they did the auditing on the card on our aside for Icarus and euro they also did the auditing for mantas which is our version of the etherion classic client so we're going to reengage them and have them systematically begin and into an audit of the entire card on a stack that we've reimplemented for Shelly and hopefully we'll get a clean bill of health there but that process is ongoing and it take a little bit of time but not a huge amount generally these audits take about three to six weeks it's just a question of what is the code frozen enough that it makes sense to audit it prior to rapid changes but a lot of form things have have solidified and so it does make sense to begin that audit specifications are all done now they're living documents so they're being upgraded as we decide to tinker and discovering new things and the formal methods team is already starting to move on to future stuff related to Kogan and related to future releases like or wars Chronos and so forth so those things are looking pretty good as well so anyway it's it's the Schlag this is the the most difficult part of any software project you spend this huge amount of time building stuff and then you get to that last part where you're actually ready to push something and it's just this endless walk through mud as you as you get to it because there's a lot of little things you didn't think about a lot of little things that come up towards the at the very end for example we're gonna probably need to make a slight tweak to the o BFT implementation that we currently have which means we're gonna have to issue a hot patch to one point five so look for a one point five point one in the coming weeks this is kind of last mile before we switch over to Opie of T so we'll make an identikit announcement about that but that should be the last week that we have to make on the on the buyer and code side then everything else looking forward is going to be Shelly code so so yeah that's where overall pretty happy with the way the engineering teams are working David Scher Bruno and Chris Greenwood are kind of a Power Team and they're doing a good job I got three demos this month on various different Haskell Cardinal things and we're going to be getting two demos next month on Cardinal Haskell stuff and the rest team has been giving us regular feedback as has the the wallet back-end team as well so the feature demos are looking pretty good and we're already having discussions with Tim and product marketing about how to open up these demos that we have and hopefully we will be able to do that in June after the roadmap comes out but I'm not June in July and then it'll be a regular event where every month or so will have some form of a demo and basically how that runs is it's a Google hangout somebody's screencasting and they're showing you a particular feature talking around it and there's people there asking questions and so forth and we might do a to model one where we do one internal and then we rebroadcast it maybe even do it as an AMA style format so we're still trying to figure out the best format for that but we are the way we've been doing it internally is that they hang out with like 20 30 people in it and then they basically do a feature demonstration of some part that's complete like this is a sinking to the network or downloading blocks or this is a demonstration of new format that we have or in any of these types of things so look for that okay now anyway let's get to the questions I have a nice nice touch screen here and I hope you guys like David SR he's a he's a really cool guy he's been doing products now for about 30 years and he's working the valley actually lives on a houseboat now so it's hard to find him but still hangs around the San Francisco area from time to time and David's actually not only built stuff he's sold the stuff he's built and has successful exits so he tends to look at things in terms of a Minimum Viable Product and milestones and these things and he's working real hard on that roadmap okay and thank you Carano effect guys for having david on it's always nice sorry I couldn't make it I was running around New York at the time all right is in looking for stos be put in the ecosystem the answer is that we do anticipate tokens to exist within Cardno and in fact corrado from the very beginning was always engineered to be a multi asset ledger so we had this idea that there's eight as the native unit but then there's going to be other tokens that exist in the system and then there's a question of well there's really kind of several parameters you can look at now when a parameter is the parameter of fungibility so basically that means are all things the same or are they different so for example the this this is a headset for master and dynamic or something and these are little earbuds well they're relatively fungible unified by these I should be able to go to the store buy an identical set and my user parent should be the same whereas other things like this this notebook after I've written in it that's not fungible anymore because even if you go and buy another one of those notebooks you're not going to be able to replicate what I've written in it it's a non Frenchie glass of that so people artwork all these things the art of the back that's that's not fungible it's one of a kind or it's part of a small set and variations actually make a big difference in the value and the contractual relationships to the item so any good token system should be able to support a fungible standard and a non-functional standard so for example with aetherium they have C 20 so one auger token or one EOS token that was on the system I were identical to each other there was no story behind that would that would allow you to differentiate between the two unless you were purposely attaching meditator to the system the other side of it is non fungibility so let's say you tokenize a soccer team well one soccer team would be very different from the other soccer team for example I going in July to final via finalize the acquisition the Jinja hippos which is our our team in Uganda that is a very different team than the Colorado Rapids I'd love to say the hippos they're as good as the rapids and one day they will be but today there not so we have worked real hard but there are certainly facts and circumstances that are different there's even though they are both soccer teams they're there different teams entirely and so they're not fungible then the other axis is the regulatory collections on the token so is it an open unrestricted token meaning that Alice can send to Bob with no restrictions or is this a token with facts and circumstances the story's connected to it that would restrict the transference like for example can Alice only sent to Bob when Bob consents or when Alice gets special permission from the issuer bill of the asset and when you start wrapping some of those terms and conditions into a subset specifically to complying with US regulation or European regulation or some regulation for securities laws we tend to call that a security token now you can have a fungible or a non fungible asset that is the security for example I could securitize one of those paintings by in there that would be a security related to a none functional asset or a revenue flow associated with a patent portfolio patents are not fungible patents are different but it's still a security in the last or you can security shares of a company or mine and that that is fungible so you can live in any of those categories in that grade now the question is will Cardinal support it's not ginger it's ginger ginger is a city in Uganda ji nja so we'll Cardno support a security token standard and the answer is yes we've always desired to support a security token standard but the question is where will these security tokens live second what jurisdictions will these security tokens be resident within the problem with securities laws as securities laws do not respect global boundaries there is no situation where you issue a security let's say in the Marshall Islands or Bermuda and then that suddenly is a global security the US government says we accept those standards behind it in those terms and conditions no they say if I have that security if you bring it into our borders here now under US law I don't give a about the Marshall Islands or Bermuda you're gonna have to comply with our standards and then when you move from the United States let's say a German it's a whole nother conversation so we anticipate the types of securities that I which K will be working with with our partners and what Cardinal will be doing are gonna be the securitization of assets within operating domains that we happen to be in Mongolia Ethiopia Uganda these types of places where there's a lot of SMEs that want to securitize there's a lot of Natural Resources IP to securitize there's a lot of revenue claims to securitize we could work out a deal for example where we can have a tax issued in let's say you Lambada in Mongolia to do an urban transportation system and basically we could issue debt against a revenue claim of those bonds and then collateralized that with natural resources and the gobi desert so you can do these very complicated securities and different issuer and audit relationships and so forth but that type of a deal we wouldn't structure let's say in Seattle or Oregon so when you look at things like polymesh the other thing I do work with it probably will be better suited in my view for the traditional securities markets probably doing with smaller verticals because those are always the first movers but I don't imagine they're gonna be running around Namibia or running around Western Sahara or something like that looking for interesting prospects it's a little bit outside of that team's domain whereas that's exactly what card on o is built for and those are the operating domains that were built in so there it's actually less about adherence plus a u.s.