Cardano Number 1

Summary

Charles Hoskinson, founder of Cardano, discusses his observations on technology, innovation, and collaboration in the blockchain space. He emphasizes the importance of staying open to learning from other projects, like Sui, and the need for collaboration across blockchain ecosystems. Hoskinson highlights Cardano’s strengths, including its decentralized governance, compositional design, and innovations like Ouroboros and Hydra. He stresses that Cardano’s evolution is cumulative, built for long-term growth. Hoskinson also addresses misconceptions about Cardano’s technology and reaffirms his commitment to the project and its future potential.

Takeaways

• 🌍 Cardano's founder comments on tribalism in the cryptocurrency ecosystem, highlighting the need for collaboration rather than division.
• 📊 He acknowledges the technological advancements of other projects like Sui, particularly in research and innovation, but emphasizes that this does not indicate disloyalty to Cardano.
• ⚡ Cardano has made significant progress with innovations such as the Narwhal and Tusk protocols, Hydra, and various partner chains.
• 🔄 The project continues to focus on decentralized governance, introducing SIP 1694 and hosting workshops globally to finalize its on-chain government.
• 🛠️ Cardano has a strong technical foundation, boasting the best network stack, consensus architecture, and programming model, with cumulative improvements over time.
• 🚀 Innovations like Plutus V2 and V3, as well as initiatives such as Babel fees, have made smart contracts faster, cheaper, and easier to build on Cardano.
• 🎓 Cardano prioritizes academic rigor with 223 research papers backing its innovations, emphasizing long-term development over short-term hype.
• 💼 There is a need to focus on marketing and branding Cardano’s unique selling points (USPs) to promote the ecosystem’s growth.
• 🔗 Cardano believes in blockchain interoperability, where blockchains can trade and collaborate instead of competing against each other.
• 🎯 The founder asserts that Cardano will become the largest cryptocurrency ecosystem through the collective efforts of its decentralized community over time.

Q & A

What is the speaker's main message regarding tribalism in the blockchain ecosystem?

The speaker emphasizes that tribalism is self-destructive and prevents learning and growth. He advocates for objectivity and collaboration across blockchain projects to benefit the entire ecosystem.

Why does the speaker praise the Sui project despite being involved with Cardano?

The speaker praises the Sui project because it incorporates real research and innovation, especially from a researcher named George Denis. While the speaker isn't involved with the project, he recognizes its contributions to the blockchain space, particularly in high throughput and low-latency protocols.

How does the speaker address concerns about Cardano being outdated technology?

The speaker rejects the notion that Cardano is outdated, highlighting that Ethereum is now trying to implement features Cardano has pioneered, such as on-chain governance and non-custodial staking. Cardano's design decisions have been cumulative, leading to a stable and secure system that continues to innovate without radical changes.

What recent technological advancements within Cardano does the speaker highlight?

The speaker mentions advancements such as Hydra for faster transactions, the development of the Laos protocol, improvements in Plutus for easier application development, and decentralized wallet recovery in collaboration with other ecosystems like Ripple and Hedera Hashgraph.

How does the speaker compare Cardano’s approach to decentralization with other blockchain platforms?

The speaker argues that while it’s easy for other platforms to prioritize speed and centralization, Cardano has focused on decentralization and on-chain governance, which he believes is more sustainable and true to the ideals of cryptocurrency.

What is the significance of the Constitutional Convention that the speaker mentions?

The Constitutional Convention will be held in Argentina, where 63 delegates will ratify Cardano’s constitution. This is part of Cardano's on-chain governance process, aiming to formalize a decentralized governance structure that will guide the platform’s future development.

What is the speaker’s response to criticisms about the pace of Cardano’s growth and user base?

The speaker acknowledges that Cardano's growth in areas like DeFi and daily active users has been slower than desired. However, he takes pride in Cardano not relying on Ponzi schemes or meme coins for growth, instead focusing on building substantial and sustainable projects.

How does the speaker view Cardano’s current position in the blockchain industry?

The speaker is confident that Cardano is in a strong position with the most decentralized government and continuous innovation. He believes Cardano will eventually become the largest cryptocurrency ecosystem, although it will take time and collective effort.

Why does the speaker emphasize the importance of collaboration between different blockchain platforms?

The speaker believes that the era of 'blockchain vs blockchain' is ending, and collaboration between blockchains will be more beneficial for the industry as a whole. He encourages working together to solve common problems and innovate across ecosystems.

What are some of the major upcoming projects or innovations within the Cardano ecosystem mentioned in the transcript?

The speaker mentions several major upcoming innovations, including the Laos protocol for faster transactions, Mithril for light clients, sidechains for interoperability, and further development of Cardano’s on-chain governance, which is set to be formalized by the Constitutional Convention.

Outlines

00:00

🌍 Update from Europe and Reflections on Innovation

The speaker provides an update from London, reflecting on his recent travels through Italy and Switzerland. He talks about upcoming workshops and preparations for a constitutional convention in Argentina. He comments on technology, specifically the importance of looking at projects like SWE in a non-biased way. The speaker stresses the self-destructive nature of tribalism in the blockchain community and advocates for collaboration. He shares insights on research by George Denis and the advancements in protocols like Narwhal and Tusk, highlighting Cardano's ability to learn from and improve upon innovative ideas.

05:00

🚀 Cardano’s Progress and Compositional Growth

This paragraph discusses the cumulative progress and technological improvements within the Cardano ecosystem. The speaker highlights the decentralized governance model, the ongoing work with partner projects, and the advantages of Cardano's compositional growth. He emphasizes the benefits of the network’s design decisions, such as the programming model with Plutus and its evolution through different versions, the introduction of Hydra, and the implementation of new protocols like Laos. The speaker also mentions Cardano's involvement in decentralized wallet recovery efforts with other blockchain ecosystems and addresses misconceptions about Cardano's capacity and technology.

10:01

🏛️ Decentralized Governance and Global Constitutional Efforts

Cardano's decentralized governance and recent advancements in governance protocols are outlined here. The speaker highlights the introduction of the largest decentralized governance system in the industry and ongoing global efforts to ratify a Cardano constitution. He mentions Cardano’s momentum with workshops, constitutional conventions, and node updates to enhance the ecosystem further. The speaker contrasts Cardano's approach to fully decentralized governance with other projects that rely on centralized authorities, emphasizing that Cardano has established itself as a real cryptocurrency with aspirations to revolutionize economic, political, and social systems worldwide.

15:03

🔍 Growth Challenges and Future Ambitions

The speaker acknowledges the challenges Cardano faces in marketing and branding as it aims to grow. He mentions the need for the Cardano community to market itself as a cutting-edge and safe ecosystem to build on. He also compares Cardano to other cryptocurrencies and defends its principles, stating that only Cardano and Bitcoin have truly escaped their founding teams' control, while others remain reliant on them. He stresses that Cardano is built with long-term sustainability in mind, focusing on a decentralized government and the continuous evolution of the protocol in collaboration with its community and stakeholders.

🌐 Cardano's Unique Position and Industry Innovations

The speaker explains how Cardano differs from other projects by creating the largest decentralized ecosystem without falling into stagnation or anarchy. He emphasizes the community-driven development of Cardano and ongoing discussions about a new, more inclusive node architecture. The focus is on maintaining decentralization while fostering innovation. He outlines Cardano’s dedication to deliberate and considered advancements rather than flashy marketing tactics, underscoring the goal of changing the world's economic, political, and social systems for the better. The achievements so far include numerous innovations, from decentralized governance to cutting-edge smart contracts.

💡 Innovations, Challenges, and A Vision for the Future

The speaker details Cardano’s extensive list of innovations, including extended UTXO, Plutus, decentralized governance, and various side-chain implementations. He mentions specific technologies like Babble fees, zero-knowledge applications, and Hydra. He also emphasizes Cardano’s seamless upgrades with the hard fork combinator and the support for various programming languages. Despite facing challenges with growth and recognition, Cardano is steadily progressing with a long-term vision. The speaker highlights that the cumulative development of Cardano is unmatched in the industry, emphasizing the deliberate nature of the ecosystem's evolution and its vision of remaining decentralized and inclusive.

🤝 Collaboration Over Competition

The speaker advocates for collaboration between blockchain networks rather than competition, arguing that there is more to gain by working together. He emphasizes Cardano's vision of connecting blockchains for the benefit of all ecosystems rather than dividing the community. The speaker discusses how different teams within Cardano are committed to advancing the project collectively and building an ecosystem that supports millions of users and diverse innovations. He reassures the audience that he is committed to the long-term success of Cardano, with the ultimate goal of making Cardano the leading cryptocurrency ecosystem through principles and steady progress.

Keywords

💡Cardano

Cardano is a blockchain platform that emphasizes security, scalability, and sustainability. In the video, the speaker, likely Charles Hoskinson, highlights Cardano's core strengths, including its decentralized governance, best-in-class programming model, and innovative solutions such as Hydra. The platform is presented as a pioneer in on-chain governance and compositionality, offering a solid foundation for building decentralized applications and systems.

💡Decentralization

Decentralization is the distribution of authority and control across multiple nodes or participants, rather than relying on a central entity. The video underscores Cardano’s commitment to decentralization, noting that it has the largest decentralized government in the blockchain industry. This is a core value for Cardano, distinguishing it from other blockchains that may sacrifice decentralization for faster development or decision-making.

💡On-chain Governance

On-chain governance refers to the process of making decisions about the future of a blockchain project directly on the blockchain, with votes recorded immutably. The video emphasizes how Cardano has implemented a fully decentralized on-chain government through initiatives like SIP 1694. This governance model ensures that the ecosystem can evolve and make decisions without relying on central authorities.

💡Ouroboros

Ouroboros is the consensus algorithm used by Cardano. It ensures the security and efficiency of the blockchain by facilitating the creation of new blocks in a decentralized manner. The speaker mentions how Cardano learned from Bitcoin’s consensus mechanism and built on top of it with innovations like Ouroboros to achieve low inflation and sustainability. The mention of Ouroboros Laōs further exemplifies how Cardano aims to enhance throughput and scalability.

💡Hydra

Hydra is a layer-2 scalability solution for Cardano. It aims to increase transaction throughput by enabling multiple processing heads, allowing Cardano to scale more efficiently while maintaining decentralization. In the video, the speaker notes that Hydra is reaching maturity, and it’s an essential part of Cardano’s technological stack that enables faster and cheaper applications on the blockchain.

💡Extended UTXO

Extended UTXO (Unspent Transaction Output) is Cardano’s accounting model, which builds on Bitcoin’s UTXO model. It allows for more complex transactions and smart contract functionality. The speaker highlights the benefits of Cardano’s extended UTXO, stating that it makes smart contracts more secure, deterministic, and predictable, which is crucial for building decentralized applications.

💡Plutus

Plutus is Cardano’s smart contract platform, which allows developers to write decentralized applications using functional programming principles. The speaker discusses how Plutus has evolved through multiple versions, becoming easier to use and more efficient without changing the core programming or security models. This evolution reflects Cardano's focus on long-term stability and gradual improvement.

💡Narwhal and Tusk

Narwhal and Tusk are high-throughput Byzantine Fault Tolerance (BFT) protocols designed to improve the speed and efficiency of blockchains. The speaker mentions that these protocols, developed by researchers like George Denis, are among the fastest BFT protocols ever conceived, and Cardano is exploring collaboration opportunities based on such research. This highlights Cardano's focus on integrating cutting-edge academic work into its ecosystem.

💡Compositionality

Compositionality in blockchain refers to the ability to build systems that layer and integrate smoothly over time. The speaker emphasizes how Cardano’s design decisions are made with compositionality in mind, allowing the platform to improve layer by layer without needing radical redesigns. This concept is central to Cardano’s long-term strategy, ensuring that innovations like Hydra and Plutus build on each other.

💡Babble Fees

Babble Fees is a concept within the Cardano ecosystem that allows users to pay transaction fees using multiple types of assets rather than just the native cryptocurrency. This concept fosters a more flexible, user-friendly ecosystem. The speaker references Babble Fees as an example of Cardano’s innovative approach to addressing real-world blockchain usability challenges.

Highlights

The founder addresses criticisms of being disloyal to Cardano when discussing other projects, emphasizing the importance of evaluating technology objectively.

Cardano is focusing on compositionality and momentum, building on existing design decisions for years and not deviating from the core programming model.

Cardano has pioneered several technologies like Hydra, partner chains, and one of the fastest single-shard protocols called Ouroboros Leios.

Collaboration across ecosystems is emphasized, as seen with projects like decentralized wallet recovery with Hedera Hashgraph, Ripple, and others.

Cardano’s innovations include Mithril for light clients, Hydra for state channels, and Narwhal and Tusk protocols for high-throughput performance.

The founder believes Cardano will become the largest cryptocurrency ecosystem in the world, citing its long-term strategy and focus on decentralization and good governance.

The project’s evolution has resulted in significant improvements like a 10x reduction in transaction costs, while keeping the core programming model intact.

Ouroboros Leios, the new consensus protocol, aims to be the fastest single-shard protocol, balancing speed and decentralization without sacrificing security.

Despite criticisms, Cardano remains the most decentralized ecosystem with one of the largest decentralized governance structures in the industry.

The on-chain government has been implemented, and discussions for a new node design called Cardano 2 are underway, highlighting ongoing innovation in the ecosystem.

Cardano’s approach to side chains promotes interoperability and ensures that multiple ecosystems can collaborate seamlessly.

Cardano is one of the few projects that has successfully transitioned away from reliance on its founding team, achieving true decentralization.

The ecosystem has conducted four workshops globally, and soon 63 delegates from 50 countries will participate in a Constitutional Convention in Argentina.

Cardano’s identity stack, Atala PRISM, is integrated with Hyperledger and offers one of the best-in-class identity solutions for blockchain.

The founder emphasizes that Cardano’s innovations are built on research and formal verification, with over 223 research papers backing its progress.

The project’s slow but steady progress is seen as a strength, allowing for sustainable growth and cumulative improvements over time.

There’s a push to increase marketing and promote Cardano’s unique value propositions, with discussions around effective KPIs and growth strategies.

With the launch of Midnight, Cardano will be connected to almost every major blockchain ecosystem, fostering greater collaboration and integration.

Cardano has developed unique technical features like the hard fork combinator, allowing for seamless upgrades and continuous improvement.

The project’s treasury, valued at nearly $600 million, is governed on-chain, allowing the community to fund projects that align with Cardano’s goals.

The founder advocates for more praise and recognition of other blockchain projects, believing that the future is one of collaboration rather than competition.

Cardano's long-term ambition is to change the world's economic, political, and social systems through a decentralized and sustainable ecosystem.

Transcripts

hello from cold gloomy

London here after being in Italy and

Switzerland almost over with my little

tour of Europe uh here for some

workshops for the midnight people uh so

I'll be home soon and then after that

down to Argentina to set everything up

with Malay and the rest of the gang for

December for the Constitutional

Convention I did want to make a quick

video because you know from time to time

I comment on technology and projects in

the ecosystem as a whole and people are

so radicalized and polar that they

anticipate the founder of cardano to

always just say negative things about

the things that people do and if I say

anything positive there's this immediate

impression that I'm abandoning cardono

or somehow uh being disloyal to the

project first that tribalism is

intrinsically self-destructive and

second it prevents us from learning and

growing together as an ecosystem so

recently I made some comments about swe

you know I've been looking at the

project um with an objective eye and the

reason why is that some of the

technology comes from George

Denis I've known George for almost a

decade and we were one of the first

teams to implement RS coin a protocol

that he wrote with Sarah Mikel John uh

years ago that we used as a precursor to

some things with cardano uh before the

main net launched uh so we've always

tried to find a way to collaborate with

George but he's always been busy in U

UCL and we have our team up at uh

University of Edinburgh we're all in the

same academic circles there and

everybody reads and cites each other's

papers so he wrote a paper called

narwhal and Tusk um which is one of the

fastest bft protocols ever conceived

incredibly High throughput sixf figure

TPS low latency it has tradeoffs as does

red belly and others uh but George a

real researcher and if you look at the

design ofu there is real research and

there's a real team uh that's behind it

not commenting on the distribution the

tokenomics how they've launched all

those things I haven't looked at those

things and nor do I care about them I

don't hold any s and I'm not involved

with the project in any way so I

dispassionately look at these things to

say is there any interesting Innovation

uh that has occurred because it's

important for us as an ecosystem to see

what we can collaborate on work with as

you know we joined d uh and we're

working on decentralized wallet recovery

um with hadera hashgraph

uh with ripple and um also ALR uh as

ecosystems because it's a universal

problem that all of us are involved with

there's the stuff that's floating around

that cardano's old technology we only do

one transaction per second and you know

best days are behind it there's no

innovative ideas there what's ironic

about it is that ethereum is desperate

to try to be cardono they're trying to

figure out how to do onchain government

they're trying to have liquid

non-custodial staking they're trying to

figure out how to bolt on utxo um

there's a lot of things we did right in

2018 2019 2020 and Beyond uh that did

take some time to get out the gate but

now we're enjoying the benefits of them

you see the thing is cardano is about

compositionality and momentum when we

make design decisions as an ecosystem we

build on top of those decisions for

years to decades to come and we don't

regress or have to radically change the

core design of the system plutus came

out and is a very tight system from

expressiveness then V2 got better V3 got

better and then a family of languages

came we didn't radically change the

programming model or the security model

but now it's exponentially easier to

write applications on cardano and

they're much faster and cheaper in fact

10 times cheaper in many cases than they

were just a few years ago without any

deviation from the core programming

model which also was hand and glove buil

for Technologies like Hydra which is

starting to become into enough maturity

to actually start doing useful things as

well as where we want to go as an

ecosystem with partner chains and Laos

Laos will be the fastest Single Shard

protocol around what's called a one

minus Delta protocol you can't really

get much faster than that without

sharding the system and then trading off

decentralization in

security so in terms of prototyping or

Force Paris the Sip is written we nearly

done with the prototyping of it and um

all of that's being turned over to an

RFP which I believe modus create is

currently bidding on the ones who

implemented um Genesis also known as

tweak because modus create acquired

tweak well the exact same thing is

underway with oror Laos now and we have

6.8 full-time

Engineers uh working on the Innovation

team right now for Laos that will

continue to scale because it's such a

high priority inside the ecosystem

and all of that is sitting over at

intersect we're leading the primary push

but there are other companies namely

Sunday Swap and well type that are also

involved in the prototyping and more to

come as this becomes more critical so

the point is that that plus the fact

that we are still the most decentralized

and we've just turned on the largest

decentralized government in the entire

industry is a demonstration of how

cardano is starting to speed up and how

card O's design decisions are cumulative

they're building on themselves layer

after layer we have the best network

stack we have the best consensus

architecture the best programming model

and with the launch of midnight we'll be

connected to pretty much everything in

the industry as an ecosystem other

Frontier Technologies like Babble fees

allow people to pay in the assets that

they care to pay in and for markets to

form with that and we will Embrace zero

knowledge in ways that is very difficult

for account based models to do so

rolling up outputs of utxo is much

simpler uh than rolling up account

systems and less security trade-offs as

well and we're Best in Class there so

cardano is one of those things where you

can go away for a few years you come

back and it's exponentially better and

that's what makes it so cool that

alongside the hard for combinator means

you have seamless upgrades in the system

it's very easy to build high performance

protocols if you are willing to

sacrifice decentralization

and it's very easy to move very quickly

as long as you're willing to trust a

central authority to do that on your

behalf it is much harder to do things in

a fully decentralized way with an

onchain government cardano chose that

road because it's a real

cryptocurrency and its aspiration is to

be the dominant platform for the

economic political and social systems of

the world it's been pioneering for a

long time and that's why it's been

around for seven years 24 hours and

seven days a week it also has a

deflationary monetary policy and low

inflation with the uh consensus

algorithm or Boris we learned a lot from

Bitcoin and we built on top of those

ideas there is a lot of personal

distaste in certain ecosystems and

communities for me a lot of

misinformation and a lot of just

straightup lies that people tell but it

doesn't really matter because cardano's

here is going to be here tomorrow in the

next day and the next next day and the

point is that we are number one because

we figured out the recipe a lot of what

we've been doing in 2024 is sharing that

recipe and getting that recipe

institutionalized so that custodians

across the world will ensure that it is

protected for the decades to come

already there's a vigorous debate

occurring about the budget process

already there are more than 500 people

who have signed up to be DS in addition

to the Dozen plus people service on the

Constitutional committee and all of the

details for Chang plus one are nearly

finished and we are on schedule as an

EOS system uh for node version 10 which

will enable Chang plus one and there's a

high probability the onchain government

will initiate it before the end of the

year or early quarter one of next year

subject to their will because they're in

charge in the process of doing that we

then have a full onchain government and

the Constitutional Convention is on

schedule more than four workshops have

been held across the world and soon to

be 63 in 50 countries with 63 delegates

being voted and alternates being voted

on to descend to Argentina to ratify a

constitution to then be completely

ratified on chain there's no

cryptocurrency in the world that's had

the audacity to try to do things in

parallel and at this scale that we've

been doing that's just a

fact and do doing so with no help from

the VCS and a lot of people uh playing

unfair games yes there are certainly

some problems and yeah we need to grow

in certain areas and that's one of the

discussions right now in the onchain

government especially with marketing

branding and growth and I'm one of the

loudest voices saying that the time has

come for us as an ecosystem to market

the USPS of cardano and to get cardano's

brand out there as the most cuttingedge

state-of-the-art ecosystem and the

safest ecosystem to build on and to grow

cardano at a steady and mature rate

there needs to be some discussions of

what growth means and what kpis are

meaningful that's the point of a budget

process is that it puts money down on

the table to match intent leaders have

to step up and do great things but the

point of decentralized governance is to

give space for leaders to do

so only cardano and Bitcoin have truly

escaped their founding teams the rest of

them are reliant upon them in some way

or fashion that's just a fact as well

and that's what makes cardano so special

is that we have created the largest

decentralized brain the largest

decentralized government and unlike

Bitcoin we have not succumb to

stagnation and Anarchy where there's no

way to evolve the core protocol quite

the contrary there's a desire to speed

up the rate of innovation there's Aire

to to innovate now there's a lot of

things that we have to relax as an

ecosystem there's already a lot of talk

about a new version of the node one that

is less Reliant upon hascal and more of

a polyglot nature there's also

discussions about alternative clients as

well again these are things that are

being discussed in the budget process

and I'm in favor of a cardano 2 in terms

of a node architecture that relies upon

all the lessons we've learned over the

last seven years and to build this in

the most inclusive way possible we've

already begun key conversations with

members of the cardono ecosystem who are

outside of input output who have been

building infrastructure like the TX

pipes and DC Sparks about serving in an

architectural role to discuss a new node

design this is something I'll talk about

more detail in my presentation down in

Argentina where I talk about the new

road map and where we can go and what we

can do but again this has to be endorsed

funded and approved by a nonchain

government that that's the difference

between us and those who Aspire for

decentralization we've achieved it it's

done in a considered and deliberate way

where no one is really left behind

that's the magic of who we are and where

we're going it's not sexy it's not

flashy we don't wake up with these huge

announcements that surprise everybody

the one more thing on a stage like Steve

Jobs instead it's the tireless work of

thousands of people people across the

world many of which have never met each

other who all just want a better world

and that's why they contribute cardano

is here to change the world's economic

political and social systems and it's

built purpose handing glove for that

expressed reason and we've truly

innovated in every place you can look

from how you measure decentralization

with the Edinburgh decentralization

index to how governance works with SIP

1694 to how one should approach like

clients with mithril to how people

should approach State Channels with

Hydra to how side chains needs to work

in a way that promotes interoperability

with partner chains to one minus Delta

protocol which is oroborus Laos to the

entire formalization of the consensus

logic of our industry as a whole leading

to liquid non-custodial staking built

upon the ethos that Satoshi set out the

realization of the dream of color coins

with cardono Native assets the expansion

of the accounting model that Satoshi

invented with extended utxo allowing us

to do proper smart contracts in a utxo

system and derive all the benefits of

them including the verifiability and

determinism and local predictability of

resource

utilization the seamless upgrades with

the hard for combinator the utilization

of literate agda so it allows us to have

formal specifications that extract both

hll and soon rust code the poly nature

of cardono smart contracts with

typescript Aken which is functionally

looks a lot like rust and Haskell for

high Assurance applications mean you

pick your own adventure these are all

amazing Innovations not to mention

Catalyst in the 1900 funded projects

that it has and the soon to be $600

million onchain treasury at the consent

and deliberation of an onchain

government you pick the Dozen plus

wallets that are Community developed and

all the amazing standards there

and a t prism now hyperledger identist

which gives us the best-in-class

identity stack these are undeniable

Innovations compromising comprising

excuse me millions of lines of code with

thousands of Engineers who have touched

and conceived of these ideas over the

last seven years the project has been

live and nine years

total backed by 223 research papers

there's just simply put nothing in the

industry that even comes close to the

cumulative effort of this endeavor

because we sought out to be different to

do things differently to think

differently and think from first

principles about what is required for us

to change the world and make those

changes stick and not get co-opted by

large corporations the banking industry

or the convenience of

avarice especially if the founders are

afflicted by it and I'd like to believe

we've been successful now I fully agree

with you we don't get enough credit and

we're not growing as fast as I would

like but all things considered to go

from nothing to a multi-million person

ecosystem in nine years is pretty

impressive especially when it's more

valuable than the vast majority of

companies in the world which is a pretty

impressive thing if you think about it

no there's not 30,000 daily active users

there are 1.4 million wallets currently

delegating yes the defi site needs to

grow and it has not gotten sufficient

love from the VC side of the house nor

have we enjoyed the majority of the mem

coin surge that's occurring but I do

take a little bit of pride in the fact

that we don't have to rely upon Ponzi

schemes for growth let's be honest here

the vast majority of the meme coins in

the industry succumb to this the only

reason they're valuable is lots of

people are buying them and the goal of

the Insiders the early adopters is to

dump a new entrance hoping they can get

out before it collapses that by its very

definition is a Ponzi scheme the vast

majority of projects on cardano are

trying to build things and do things

like Singularity net and World mobile as

examples iagon is another there are

dozens of incredible entrepreneurs every

day waking up working on interesting

things for accumula total of more than

300 projects that have launched and

about a thousand that are underway

various forms and function in fact it's

hard to track all of them and it's hard

to know all of them because the

ecosystem continues to grow and evolve

again I'm not saying we're done in fact

this is just the beginning there's a lot

to do but it's being done just like how

the parent protocol is being done vast

majority care about decentralization the

vast majority care about proper

incentives the vast majority care about

good governance and the vast majority

care about working together to get

things to done which is why when we look

at the pool of DS and members of

intersect the members based organization

which hosts many of the governance

conversations that are occurring off

chain are made up by members of people

building projects actively on cardono

that's an impressive thing and I'm proud

of that so I will praise from time to

time good science and good engineering

effort and interesting protocols that

come

across but that doesn't mean in any

sense word that I'm no longer on the

cardano train let me be very clear here

cardano I do believe will become the

largest cryptocurrency ecosystem in the

world it's going to take some time and

it's going to be done by the collective

efforts of millions if not tens of

millions of people working diligently in

their own interests in their own

projects over the coming years and

decades I'm young guy and many of you

are too we have the time to get it done

because we're getting it done with

principles and that's what this has

always been about and it is very

important that we learn from others it's

very important that when we see

interesting approaches or unique

projects that we praise them and we try

to find ways to work with them and

integrate with them because after all we

can trade with each other the age of

blockchain versus blockchain is coming

to an end and the age of blockchains

trading with blockchains is starting to

begin we have so much more to gain

working together as an industry than we

do working apart as an

industry and I've always believed that I

think tokenomics and Cults of

personality and the Very nature of

social media at times can get in the way

of this but overall I think we are

working our way in this particular

direction so I just figured I'd make

this video very quickly little tired

that's okay we're pushing and uh just

tell you guys that I'm here to stay I

love every part of this and uh thank you

so much for listening cheers