September 2, 2024 • 26 mins
00:55 Genesis Keys Are Burnt
01:37 It's Official Cardano Moves to the Conway Era, Voltaire
02:13 Conversations
02:53 Node bug
04:34 Smooth For the MAjority
05:07 ZK Smart Contracts are Here
06:01 DReps Are Registering
07:09 I'm a Registered DRep
08:30 Compensation for DReps
12:06 DRep Survey
13:01 Joining Intersect
13:37 What About Me? What do I do now...
16:09 Join in the conversation
17:19 Join a Consitutional Workshop
20:31 Going to Buenos Aries
21:36 Join Working Groups
23:24 To Join Intersect or Not?
01:37 It's Official Cardano Moves to the Conway Era, Voltaire
02:13 Conversations
02:53 Node bug
04:34 Smooth For the MAjority
05:07 ZK Smart Contracts are Here
06:01 DReps Are Registering
07:09 I'm a Registered DRep
08:30 Compensation for DReps
12:06 DRep Survey
13:01 Joining Intersect
13:37 What About Me? What do I do now...
16:09 Join in the conversation
17:19 Join a Consitutional Workshop
20:31 Going to Buenos Aries
21:36 Join Working Groups
23:24 To Join Intersect or Not?
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Okay, this is pretty exciting. The Kadano blockchain has now
entered its Voltaire era. This is the final step on
the roadmap. Of course, there's still more work to do
on scaling and everything else, but this is the era
where now the Cadano holders, the eight holders out there,
have control of the blockchain. We're making steps forward to
(00:23):
direct its future, and it's in our hands now. So
no longer are we being babysat by the founding entities.
Of course they're still there, they're still helping along, but
we can choose whether or not IOG is going to
continue to develop the blockchain. We can say, hey, I
think we've had enough of you guys. We can change
(00:45):
that and have another development company continue to build the
Cadana ecosystem so we can do things like that. And
this is absolutely crazy. The whole blockchain is in our hands.
Genesis keys have been burnt. This is just the phenomenal
point in time for crypto, for Kadano and the whole
blockchain space. Let's go through some news items here. It's
(01:09):
been a good Let's see twelve thirteen, fourteen hours since
the hard fork. Now, and i'd want to take a
little bit of time before jumping into this one because
I know things happen. I've wanted to make sure that
the transition was as smooth as possible and see what
people were asking most about, and I want to cover
(01:29):
that in this video. So if you have no idea
what's going on, if you want to know what happens next,
this is the perfect video for you, all right, So
this is the initial post from the Kadana Foundation today.
Chang hard fork marks a major milestone for the Kadano
blockchain ecosystem and community, fulfilling its promise of a truly
(01:50):
self governing, decentralized network. And like I said, this is
a monumental moment in time for the whole Kadana ecosysm.
I'm just so happy that I'm here now. There's a
lot of good news articles and whatnot that are coming
out across the ecosystem, cross crypto in general. This coin
desk one here is quite good as well. I'll put
links down blowers you can read it. I won't cover
(02:11):
it in this particular video. Now, there was a really
good xspace at the time of transition as well, and
there was a lot of conversations about what we should
expect what we can expect as well. The biggest thing
at the moment, which I'll talk about, is the budgeting
and how the treasure is going to be spent. There's
already precursors to this. Charles mentioned in this space that
(02:35):
IG will be pulling from this treasury. Other big entities
will be pulling from this treasury. So this is all
things that we need to be aware of. I'll talk
a little bit more about INTERSECT and the working groups
as well. I've got some insights in there, especially for
those that aren't a part of Intersect, haven't signed up
as members yet. Now, there was one little issue with
(02:55):
the resinking from Genesis. If your node is re started
after a particular point in time. Now, this was incredibly
annoying because my state pool was one pool that automatically
restarted itself. It does so every twenty four hours the
relays do restart and reboot, but this was quite annoying
(03:16):
because it restarted right after the Epoch transition for me,
and as a result, my pool was down for about
an hour and a half in which it missed a
couple of blocks. So that's really unfortunate. So I do
apologize to any of my delegates out there. The pool
did recinc after that hour and a half. Other operators
did suffer from this as well. I did check on
(03:38):
pool tool and I could see that there were other
operators that were slightly out of sync, but not that many,
so that was very fortunate. I could still see blocks
being produced and many of the operators out there minting.
So if you are a state pool operator, this is
one thing to note. Look for this hot fix, this
nine point one point one. You should be able to
(03:59):
apply that to you poll and stop your pools from
rebooting and resincing from genesis, which takes a long time.
Took me an hour and a half for each one
of those nodes, so incredibly annoying that it happened, but
I'm glad it did because now my pool's all sorted
for this Conway era. So that's something to keep an
eye on as well. But to apply that fix as
(04:20):
soon as it comes out. Intersect also put a notice
out on that and it will be released on the
GitHub repo as soon as it is ready, So do
check out the repo if it is there or not,
and you can upgrade your nodes accordingly. But the majority
of protocols. The majority of Dex's DAPs out there didn't
see any downtime at all, So aida markets here for one,
(04:43):
was down for maybe thirty minutes while they were just
transitioning over just to make sure all their blocks or
their nodes were all synked and ready, and it was
just smooth selling for them. So the majority of the
operation was quite nice, just a little bit of downtime
as people were testing out and making sure everything was fine.
So it's really good to see that it was a
really flawless and smooth transition to the new era here.
(05:07):
Now what comes also with governance and everything else around it.
I've mentioned this in other videos as well, but also
all of these new primitives that come with the hard fork,
all these technical aspects, and one of them is the
ZK smart contract era. So now these adapt developers will
be deploying smart contracts that have zero knowledge proofs so
(05:32):
we don't need. This brings in a whole level of
privacy for the Kadana ecosystem, so I'm really really excited
about that. Whole new use cases, more adapts, more development,
and a lot more hope usage because of that as well.
So we'll see how that goes keep an eye on
end coins. End Coins is probably the premiere platform out
(05:53):
there that is building privacy transactions and ZK tech on
their platform as well, So check out coins if you
haven't done so already. So the main thing that the
chang Hard thought brings in is the governance side of things,
and Nils Here was very excited to become a de
rep so delegated representative. These people are the ones that
(06:15):
will be helping others vote in the Kadanta ecosystem, So
a d REP would be a representative within the ecosystem.
So if you have no idea what to vote for,
you don't know and or understand any of these things
that are happening on the blockchain, you can delegate your
wallet to one of these de reps and they will
(06:35):
vote on your behalf. So the voting power from your wallet,
which is the balance of aida that is recorded as
voting power, and then that voting power is assigned to
a delegate representative such as Nils Here, and he was
very happy to be or what he thought was he
was the very first one to have registered as ad rep.
(06:57):
Unfortunately for Nils he wasn't the first. And we can
see here from this response here that Marek was the
first to register as a de rep. I think he
has many first actually, so I too will become a
de rep. So I've decided that it may be beneficial
for the community myself to become a de rep and
(07:19):
help guide the direction of the ecosystem in some sort
of manner. Now, I know it's going to be a
lot of work, and I'll try and do my best
to try and fulfill that to roll and responsibility of
a de rep. And I hope I do my delegates proud.
But if you want to delegate to me, this is
my de rep id, I'll put it in the comments
(07:41):
and in the show notes down below, so you can
copy that and you can start delegating to this particular ID,
which is myself. Now everything isn't in place yet, so
you can do this on the wallet Eternal wallet at
the moment. Other wallets don't support this just yet, so
Eternal fantastic job there. They are the very first ones
(08:03):
on launch to have this or up and running and
ready so that people can register as de reps or
delegate their wallets to it. I think there is a
tiny bug at the moment for delegation too, particularly de reps,
so you might just have to wait twenty four hours
or so before that actually works properly. But it's really
good to see. We can see a lot of this
data on chain already as well, and a lot of
(08:24):
people are delegating to these de reps out there, so
that's really exciting to see. Now. Like I said, being
a de rep is going to take a lot of time, effort,
and money, and there are some potential incentives when you
become a de rep because there will be a point
in time I see that the role of a de
rep will become a full time job. You'll be reviewing
(08:48):
these proposals. You'll be reviewing these budgets and governance actions
that could change the direction of Kadanu. Some of these
government's actions are going to pull millions of aida. We
saw already on that leaked proposal that I talked about
last week that two hundred million was just going to
(09:09):
be pulled for marketing and Kadano and we're going to
see a lot more of that. We're going to see
many organizations, like I said a little bit earlier, IOG
are planning to pull from the treasury. So I want
to make sure that I can do what I can
for this particular era as a de rep. But it
will become a full time job at some point. And
this article here, this was a part of the de
(09:31):
rep governance workshops and if you attended one, they covered this,
so they did talk about this. But there are certain
incentives on how you can be compensated for your time. Now,
some of these rewards may not be very high or
not high enough to compensate all the work that ad
rep might do, but it's very interesting to see the
(09:51):
various tiers of how this potentially could work. And you
can see visually from the graphs here the illustrations that
some certain de reps may get rewards and some may not.
But there's different models here. There are actually five different models.
The fairest one looks like this one here, where each
one of these governance actions would potentially have a budget
(10:14):
or in this case two budgets, and based on how
the performance of the proposal goes, the de reps would
be allocander certain amount of rewards for their participation and
work involved in it. So you can see here it
just an example. I'll point out this one here because
I thought it was the best one we could see here.
A budget one goes across all of the de reps,
(10:36):
so everyone that participated within the governance actions and is
a de rep. That's de reps such as myself and
people can delegate their voting power or de reps that
vote on their own. So all of that, all those
de reps will get an allocation from this entire one
set of budget. And you can see here it's got
(10:56):
some sort of tier, so it will go from a
high amount to a very low amount based on how
much voting power you have, how much is staked to
that particular de rep. Then you have a secondary budget
here for the top ten de reps. Now these numbers
are very preliminary. It might not be the top ten,
it might be the top twenty, might be the top
one hundred, And that secondary budget might only be a
(11:19):
small amount of eight or it might be a really
large amount of eight. I don't know yet. But the
rewards here, each one of those that make it into
the top ten gets an extra five hundred eight in rewards.
So this is all, like I said, just all examples.
But the models here are quite interesting, and this is
a lot of the discussions that have been going on
since early this year. You can see this article here
(11:40):
was released back in May mid May, so this has
been going around for quite a while. So if you're
only just catching up on this, a lot of people
have been talking about this already, and if you want
to catch up on all of this, you have to
join the intersect working groups so you can find out
what has been spoken about. Of course, you can also
debate this on x or in other forums as well,
(12:02):
but there's a lot of conversations around de rep compensation. Now.
If you are wanting to be a de rep and
you are a little bit confused or you don't know
if you can fulfill that role, or you think you
might need resources and help, this survey here is perfect
for this. So you can go through and feel this
survey and express your concerns and ask about what potential
(12:25):
resources could help you become a de rep. I feeled
this in and I thought was quite helpful in highlighting
to myself what might be a problem for me as
being a de rep. So I gave them some feedback
as well. It's my biggest worry is that this will
be a full time job in the future, so if
I commit now, it's all fine. The next three six
(12:46):
months might be very minimal in regards to the amount
of work, but in two years time it may become
very laborious and very time consuming. So we'll see how
that goes, and like I said, I'll do my best
for the time that I have allocated. Now with Intersect,
there are a lot of members joining at the moment.
Members can join for ten dollars to Intersect this members
(13:08):
based organization. Enterprises are starting to join now too, because
they've opened up to enterprises. I don't know the price
for enterprises. It's a kind of like a if you
have to ask, it's probably too much for you. So
I'm not going to ask, so I'm not embarrassed. But
members like I goone are joining Intersect to help help
(13:28):
steer and work within the various working groups there. So
I'm really happy to see igone and other really large
organizations start to move into the space too. Okay, so
this is all well and good, Pete, thank you for
telling me what's going on. Enterprises are paying memberships, blah
blah blah whatever. But I'm just a regular staker, So
what can I do as a regular staker? That is
(13:49):
just on the sidelines and watching what's happening, waiting for
price appreciation and all that jazz. Well, the very first
thing that you will need to do, and this is guaranteed,
you will need to register your wallet for governance. You
need to register and delegate to a de rep. Register
and be a de rep yourself, or set your account
(14:11):
to abstain or no confidence so that at least the
wallet has been activated for governance. But you just don't
want to participate at all. You just don't care. Maybe
you'll change your mind in the future because becoming a
de rep might have some financial incentives or whatever it is.
So you've got some things to do here and have
(14:31):
a look at this message here. This is very poignant.
I mentioned this in my other video. If you check
out my video how to register it as a de Rep,
I talk about this. Please can seller delegating to a
de rep for governance actions. It will be required if
in the following era to be able to withdraw your
staking rewards. This is very important. If you still want
(14:55):
to be able to get your staking rewards out of
your wallet, you will have to partnticipate in governance. This
is one of those things that they did to up
that amount of participation within this particular era. We know
from Project Catalysts there's only a small portion of people
small wallet holders, well actually it's quite large really that
(15:15):
are actually voting within Project Catalyst. So to up that
amount of wallet usage that is voting and participating and
suddenly know about it, they are making people delegate de
reps or become de reps themselves, or set their wallets
to abstain or no confidence. So this is something you
have to do at the moment. The only wallet that
(15:37):
I found that supports this is Eternal. I haven't gone
through all of them yet, but the main ones that
I do use Typhon, Nami Lace, I haven't seen them
in there yet, or Vesper or begin Wallet, I haven't
seen them on the mobile aspects. So you will need
to do this and register your wallet with Eternal at
(15:59):
the moment, or sit back and wait for those other
wallets to upgrade and put in these governance features as well.
So hats off to the internal team for getting this
up and running so early. The other thing that you
can do now is also join the conversation and from
this street from gm Caadano, I've mentioned these guys before
as well, have a look at the draft constitution. This
(16:20):
is the constitution for Kadana. This is how we are
going to run and operate as a blockchain and community.
It is not a small document. It is a very
large document. It keeps on going. It's something that you
put into chat GTP and get it to give you
quick summaries of and that again will also be a
(16:41):
massive document. You can see there it's thirty nine or
so pages. You can also get to it at sixteen
ninety four dot io. So this website domain is named
after the Kadana Improvement Proposal sixteen ninety four or SIP
sixteen ninety four. And we can see all of the
information here presented in a very nice way with the
(17:02):
abstract the main motivation of why this SIP is needed
and so on and so forth. It breaks it down into
all of its chunks and everything that you need to
know in general in a nice visual way as well.
So if you want the visual version, I'll put links
down below for you so you can find that as well.
The other thing we can do here is give the
teams some feedback within the feedback form. But I think
(17:25):
most importantly between now and the end of the year
is that we can join these various workshops. So there
are many workshops, these constitutional workshops. This article is put
out in July mid this year, so we can go
through and see all of these constitutional workshops are being
held around the world. I believe there's over fifty countries
(17:47):
that are holding workshops to give feedback and contribute to
this constitution itself. Now I'll put a link to this
down below as well. But this is the Luma link
that will give you an idea of all of the
events that are happening around. This is everything that's listed.
This is everything that's going ahead. There's one here in Sydney,
(18:07):
Australia on the twelfth of October. Because it's a one
day workshop. It's run by Mark. Mark's doing an amazing
job and also Peter from Melbourne, so the Melbourne Cadano
User Group. And you can see here this is a
breakdown of what's going to happen throughout the day. So
there's six parts. It's a fairly long day, so do
(18:28):
bring your thinking caps. Lots of coffee is also needed
to make this all happen. Now I'll just go back here,
take Oceana off, but you can see here they've already started.
The has been running for a while already, the tweets
and photos posted up online of people going to these
workshops around the world, So have a look through this.
(18:50):
If there is a constitutional workshop that is close to
you in one of these locations, please check it out
and see if you can make it there. This is
one of those really key moments in time where if
you are an eight holder you and you are really
passionate about governance, this is a time where you can
(19:12):
join in and be a part of this and have
your say. Even if it's a small little input that
you've made, You've made your mark on this monumental piece
of this Condona Improvement Proposal sixteen ninety four. So I
am going to try and get there myself as well.
Now this is all in a big, big lead up
(19:33):
to the final event, which is in Buenos Aires at
the end of the year. That's going to be held
in December. I wonder if it's on here. No, it's
not on here, but the final ratification of the Constitution
will be happening in Buenos Aires, don't I can't remember
the exact day. It is sometime in December. But this
is the big event where there's going to be hopefully
(19:56):
the next hard fork at that point, and treasury withdrawals
are opened from that point onwards, so users can start
submitting these governance actions, these proposals in general, and then
getting the community to vote for it. So this is
now the ramp up period for de reps. So now
between now and then de reps are all going to
(20:17):
come on board. So this is going to be a
really interesting era overall. Oh hang on, there's one more
thing I forgot to mention here. These constitutional workshops, they
are selecting two people. I can't remember if the details
were two people from each one of these workshops or
two people overall being sent from these workshops to the
(20:40):
final event, the big event in Bortos Areas at the
end of the year. It would be amazing because there
are quite a lot of events here. If it was
two people from each one of these events, I'm pretty
sure that's the case because when I was at the
de rep workshop in Sydney, Mark was talking about this
and they said they were going to choose two people
from the workhow to go to Buenos Aires as representatives
(21:03):
for that particular event. So there's going to be a
lot of people in BORENUS areas. I've never been myself,
and it'd be absolutely amazing too. But check those details.
I will clarify my next news update. I couldn't find
them before recording this, and I had to get this
a video out, so apologies off, I did get that
(21:23):
one incorrect. If you do know the correct handswer leave
a comment down below for me. But this is the
next step that I highly recommend you do if you're
interested in the Kadona ecosystem and the constitution at this
point in time. Now, I've also joined at various working
groups from Intersect, and I've joined the Marketing Working Group
and check this out here. Just randomly this evening, I
(21:46):
happened to stumble across the live care for the Marketing
working Group. I thought these were at a different time
and I could never make them. But it's actually a
decent time for me at the moment, and I could
actually chime in and have a little little bit of
a listen through what these team members have contributed to already,
and it's a massive amount of work that they've already
(22:08):
put in. I don't want to come in at this
point in time and say hey, check it out. I'mpeed
I can help out. These guys have done all the
work already. There's so much time and effort they've put
into researching the various various things that other ecosystems have done,
marketing position, all sorts of things that blockchains have done
(22:31):
to try and market themselves. So they've done the research,
they've collected data. This is just one of the documents
that they've put together looking at all different ecosystems, how
much these ecosisms have spent and based on what other
people have done, how much Kadanu should could potentially spend
as well. So they've done the research here. They've also
(22:52):
put together the Marketing working Group proposal, and this is
an indication of the problem, statement, solutions, actions that can
be taken, initiatives, and also the budget for this as well.
Like I said, these working groups within intersect, within the
broader Cadona ecosystem will be asking for funds. And it's
(23:13):
not small amounts. There are large amounts of funds. So
if you are worried about that, if you are concerned,
if you think you could contribute to this joining working group.
Now there's one thing that I'd like to mention about this,
and I see it in the comments by a couple
of people that are up in arms about this, and
it's about Intersect being a centralized organization, and yes it is.
(23:39):
It's something that had to be formed as a company
an organization and have a representative entity somewhere in the world,
and it just happens to be in the United States now.
As part of that for collecting members of that particular DOW,
they need credit card payments and that was a way
that you had to reveal and identify yourself within the
(24:00):
down a community. So if you are not happy with that,
that's something that you do have to consider. You will
be doxing yourself when joining Intersect. And it is a
centralized entity, but this is where we are. We're working
in a decentralized ecosystem, which is Kadano, but we are
trying to bridge that in a legal mechanism in the
(24:22):
current world that we're in, and that is with centralized
entities such as Intersect. So this is a bridging formation
that we have. We have that centralized entity Intersect, we
have our members based organization becoming a part of that.
So I don't see anyway else around this within the
legal realms that we have. So we need something like
(24:43):
this to bridge between decentralization and centralization of the real
world that we live in. So if you are against that,
you may not want to join Intersect. You can contribute
and talk to the various people that are within the
working groups so that you can have your voice heard
at least. But you know, I'm sure if you are
really wanting to, you can join these working groups and
(25:04):
contribute that way, So I highly recommend that you do.
There's a lot of different working groups here, and if
you are coming up with a brand new idea and
your concept, maybe a working group that doesn't exist. You
can propose a special interest group and that will if garners,
and that will turn into a working group if it
garners enough attention or it has enough people that are interested.
(25:25):
So that is the way that things are working at
the moment. I kind of like it. There's a lot
of things that are happening at the moment, and I
highly recommend that you join in and see what's going on.
All right, So I'm babbling on a little bit here,
so I'm going to leave it there. But this is
just amazing. I've been reflecting it all day. I've been
telling my partner. She's like, what's a big deal. I
(25:46):
keep on talking about it because it is such a
big moment in time. Anyway, Guys, leave a comment down below,
let me know what you think of Ganano, governance and
everything else around it. Hit that thumbs upbscribe notification bell
on your way out. I've seen the next video.
Speaker 2 (26:04):
Gee, you gotta do it like that. You've been listening
to the Learned Cardinal podcast. You gotta get it. Hey,
crypto is what we like. But this is not investment
or financial advice. Gotta do your research because it's risky.
We know where it is. This show is education on length,
This informative crypto is the future. Really, it ain't no debate.
Okay, this is pretty exciting. The Kadano blockchain has now
entered its Voltaire era. This is the final step on
the roadmap. Of course, there's still more work to do
on scaling and everything else, but this is the era
where now the Cadano holders, the eight holders out there,
have control of the blockchain. We're making steps forward to
(00:23):
direct its future, and it's in our hands now. So
no longer are we being babysat by the founding entities.
Of course they're still there, they're still helping along, but
we can choose whether or not IOG is going to
continue to develop the blockchain. We can say, hey, I
think we've had enough of you guys. We can change
(00:45):
that and have another development company continue to build the
Cadana ecosystem so we can do things like that. And
this is absolutely crazy. The whole blockchain is in our hands.
Genesis keys have been burnt. This is just the phenomenal
point in time for crypto, for Kadano and the whole
blockchain space. Let's go through some news items here. It's
(01:09):
been a good Let's see twelve thirteen, fourteen hours since
the hard fork. Now, and i'd want to take a
little bit of time before jumping into this one because
I know things happen. I've wanted to make sure that
the transition was as smooth as possible and see what
people were asking most about, and I want to cover
(01:29):
that in this video. So if you have no idea
what's going on, if you want to know what happens next,
this is the perfect video for you, all right, So
this is the initial post from the Kadana Foundation today.
Chang hard fork marks a major milestone for the Kadano
blockchain ecosystem and community, fulfilling its promise of a truly
(01:50):
self governing, decentralized network. And like I said, this is
a monumental moment in time for the whole Kadana ecosysm.
I'm just so happy that I'm here now. There's a
lot of good news articles and whatnot that are coming
out across the ecosystem, cross crypto in general. This coin
desk one here is quite good as well. I'll put
links down blowers you can read it. I won't cover
(02:11):
it in this particular video. Now, there was a really
good xspace at the time of transition as well, and
there was a lot of conversations about what we should
expect what we can expect as well. The biggest thing
at the moment, which I'll talk about, is the budgeting
and how the treasure is going to be spent. There's
already precursors to this. Charles mentioned in this space that
(02:35):
IG will be pulling from this treasury. Other big entities
will be pulling from this treasury. So this is all
things that we need to be aware of. I'll talk
a little bit more about INTERSECT and the working groups
as well. I've got some insights in there, especially for
those that aren't a part of Intersect, haven't signed up
as members yet. Now, there was one little issue with
(02:55):
the resinking from Genesis. If your node is re started
after a particular point in time. Now, this was incredibly
annoying because my state pool was one pool that automatically
restarted itself. It does so every twenty four hours the
relays do restart and reboot, but this was quite annoying
(03:16):
because it restarted right after the Epoch transition for me,
and as a result, my pool was down for about
an hour and a half in which it missed a
couple of blocks. So that's really unfortunate. So I do
apologize to any of my delegates out there. The pool
did recinc after that hour and a half. Other operators
did suffer from this as well. I did check on
(03:38):
pool tool and I could see that there were other
operators that were slightly out of sync, but not that many,
so that was very fortunate. I could still see blocks
being produced and many of the operators out there minting.
So if you are a state pool operator, this is
one thing to note. Look for this hot fix, this
nine point one point one. You should be able to
(03:59):
apply that to you poll and stop your pools from
rebooting and resincing from genesis, which takes a long time.
Took me an hour and a half for each one
of those nodes, so incredibly annoying that it happened, but
I'm glad it did because now my pool's all sorted
for this Conway era. So that's something to keep an
eye on as well. But to apply that fix as
(04:20):
soon as it comes out. Intersect also put a notice
out on that and it will be released on the
GitHub repo as soon as it is ready, So do
check out the repo if it is there or not,
and you can upgrade your nodes accordingly. But the majority
of protocols. The majority of Dex's DAPs out there didn't
see any downtime at all, So aida markets here for one,
(04:43):
was down for maybe thirty minutes while they were just
transitioning over just to make sure all their blocks or
their nodes were all synked and ready, and it was
just smooth selling for them. So the majority of the
operation was quite nice, just a little bit of downtime
as people were testing out and making sure everything was fine.
So it's really good to see that it was a
really flawless and smooth transition to the new era here.
(05:07):
Now what comes also with governance and everything else around it.
I've mentioned this in other videos as well, but also
all of these new primitives that come with the hard fork,
all these technical aspects, and one of them is the
ZK smart contract era. So now these adapt developers will
be deploying smart contracts that have zero knowledge proofs so
(05:32):
we don't need. This brings in a whole level of
privacy for the Kadana ecosystem, so I'm really really excited
about that. Whole new use cases, more adapts, more development,
and a lot more hope usage because of that as well.
So we'll see how that goes keep an eye on
end coins. End Coins is probably the premiere platform out
(05:53):
there that is building privacy transactions and ZK tech on
their platform as well, So check out coins if you
haven't done so already. So the main thing that the
chang Hard thought brings in is the governance side of things,
and Nils Here was very excited to become a de
rep so delegated representative. These people are the ones that
(06:15):
will be helping others vote in the Kadanta ecosystem, So
a d REP would be a representative within the ecosystem.
So if you have no idea what to vote for,
you don't know and or understand any of these things
that are happening on the blockchain, you can delegate your
wallet to one of these de reps and they will
(06:35):
vote on your behalf. So the voting power from your wallet,
which is the balance of aida that is recorded as
voting power, and then that voting power is assigned to
a delegate representative such as Nils Here, and he was
very happy to be or what he thought was he
was the very first one to have registered as ad rep.
(06:57):
Unfortunately for Nils he wasn't the first. And we can
see here from this response here that Marek was the
first to register as a de rep. I think he
has many first actually, so I too will become a
de rep. So I've decided that it may be beneficial
for the community myself to become a de rep and
(07:19):
help guide the direction of the ecosystem in some sort
of manner. Now, I know it's going to be a
lot of work, and I'll try and do my best
to try and fulfill that to roll and responsibility of
a de rep. And I hope I do my delegates proud.
But if you want to delegate to me, this is
my de rep id, I'll put it in the comments
(07:41):
and in the show notes down below, so you can
copy that and you can start delegating to this particular ID,
which is myself. Now everything isn't in place yet, so
you can do this on the wallet Eternal wallet at
the moment. Other wallets don't support this just yet, so
Eternal fantastic job there. They are the very first ones
(08:03):
on launch to have this or up and running and
ready so that people can register as de reps or
delegate their wallets to it. I think there is a
tiny bug at the moment for delegation too, particularly de reps,
so you might just have to wait twenty four hours
or so before that actually works properly. But it's really
good to see. We can see a lot of this
data on chain already as well, and a lot of
(08:24):
people are delegating to these de reps out there, so
that's really exciting to see. Now. Like I said, being
a de rep is going to take a lot of time, effort,
and money, and there are some potential incentives when you
become a de rep because there will be a point
in time I see that the role of a de
rep will become a full time job. You'll be reviewing
(08:48):
these proposals. You'll be reviewing these budgets and governance actions
that could change the direction of Kadanu. Some of these
government's actions are going to pull millions of aida. We
saw already on that leaked proposal that I talked about
last week that two hundred million was just going to
(09:09):
be pulled for marketing and Kadano and we're going to
see a lot more of that. We're going to see
many organizations, like I said a little bit earlier, IOG
are planning to pull from the treasury. So I want
to make sure that I can do what I can
for this particular era as a de rep. But it
will become a full time job at some point. And
this article here, this was a part of the de
(09:31):
rep governance workshops and if you attended one, they covered this,
so they did talk about this. But there are certain
incentives on how you can be compensated for your time. Now,
some of these rewards may not be very high or
not high enough to compensate all the work that ad
rep might do, but it's very interesting to see the
(09:51):
various tiers of how this potentially could work. And you
can see visually from the graphs here the illustrations that
some certain de reps may get rewards and some may not.
But there's different models here. There are actually five different models.
The fairest one looks like this one here, where each
one of these governance actions would potentially have a budget
(10:14):
or in this case two budgets, and based on how
the performance of the proposal goes, the de reps would
be allocander certain amount of rewards for their participation and
work involved in it. So you can see here it
just an example. I'll point out this one here because
I thought it was the best one we could see here.
A budget one goes across all of the de reps,
(10:36):
so everyone that participated within the governance actions and is
a de rep. That's de reps such as myself and
people can delegate their voting power or de reps that
vote on their own. So all of that, all those
de reps will get an allocation from this entire one
set of budget. And you can see here it's got
(10:56):
some sort of tier, so it will go from a
high amount to a very low amount based on how
much voting power you have, how much is staked to
that particular de rep. Then you have a secondary budget
here for the top ten de reps. Now these numbers
are very preliminary. It might not be the top ten,
it might be the top twenty, might be the top
one hundred, And that secondary budget might only be a
(11:19):
small amount of eight or it might be a really
large amount of eight. I don't know yet. But the
rewards here, each one of those that make it into
the top ten gets an extra five hundred eight in rewards.
So this is all, like I said, just all examples.
But the models here are quite interesting, and this is
a lot of the discussions that have been going on
since early this year. You can see this article here
(11:40):
was released back in May mid May, so this has
been going around for quite a while. So if you're
only just catching up on this, a lot of people
have been talking about this already, and if you want
to catch up on all of this, you have to
join the intersect working groups so you can find out
what has been spoken about. Of course, you can also
debate this on x or in other forums as well,
(12:02):
but there's a lot of conversations around de rep compensation. Now.
If you are wanting to be a de rep and
you are a little bit confused or you don't know
if you can fulfill that role, or you think you
might need resources and help, this survey here is perfect
for this. So you can go through and feel this
survey and express your concerns and ask about what potential
(12:25):
resources could help you become a de rep. I feeled
this in and I thought was quite helpful in highlighting
to myself what might be a problem for me as
being a de rep. So I gave them some feedback
as well. It's my biggest worry is that this will
be a full time job in the future, so if
I commit now, it's all fine. The next three six
(12:46):
months might be very minimal in regards to the amount
of work, but in two years time it may become
very laborious and very time consuming. So we'll see how
that goes, and like I said, I'll do my best
for the time that I have allocated. Now with Intersect,
there are a lot of members joining at the moment.
Members can join for ten dollars to Intersect this members
(13:08):
based organization. Enterprises are starting to join now too, because
they've opened up to enterprises. I don't know the price
for enterprises. It's a kind of like a if you
have to ask, it's probably too much for you. So
I'm not going to ask, so I'm not embarrassed. But
members like I goone are joining Intersect to help help
(13:28):
steer and work within the various working groups there. So
I'm really happy to see igone and other really large
organizations start to move into the space too. Okay, so
this is all well and good, Pete, thank you for
telling me what's going on. Enterprises are paying memberships, blah
blah blah whatever. But I'm just a regular staker, So
what can I do as a regular staker? That is
(13:49):
just on the sidelines and watching what's happening, waiting for
price appreciation and all that jazz. Well, the very first
thing that you will need to do, and this is guaranteed,
you will need to register your wallet for governance. You
need to register and delegate to a de rep. Register
and be a de rep yourself, or set your account
(14:11):
to abstain or no confidence so that at least the
wallet has been activated for governance. But you just don't
want to participate at all. You just don't care. Maybe
you'll change your mind in the future because becoming a
de rep might have some financial incentives or whatever it is.
So you've got some things to do here and have
(14:31):
a look at this message here. This is very poignant.
I mentioned this in my other video. If you check
out my video how to register it as a de Rep,
I talk about this. Please can seller delegating to a
de rep for governance actions. It will be required if
in the following era to be able to withdraw your
staking rewards. This is very important. If you still want
(14:55):
to be able to get your staking rewards out of
your wallet, you will have to partnticipate in governance. This
is one of those things that they did to up
that amount of participation within this particular era. We know
from Project Catalysts there's only a small portion of people
small wallet holders, well actually it's quite large really that
(15:15):
are actually voting within Project Catalyst. So to up that
amount of wallet usage that is voting and participating and
suddenly know about it, they are making people delegate de
reps or become de reps themselves, or set their wallets
to abstain or no confidence. So this is something you
have to do at the moment. The only wallet that
(15:37):
I found that supports this is Eternal. I haven't gone
through all of them yet, but the main ones that
I do use Typhon, Nami Lace, I haven't seen them
in there yet, or Vesper or begin Wallet, I haven't
seen them on the mobile aspects. So you will need
to do this and register your wallet with Eternal at
(15:59):
the moment, or sit back and wait for those other
wallets to upgrade and put in these governance features as well.
So hats off to the internal team for getting this
up and running so early. The other thing that you
can do now is also join the conversation and from
this street from gm Caadano, I've mentioned these guys before
as well, have a look at the draft constitution. This
(16:20):
is the constitution for Kadana. This is how we are
going to run and operate as a blockchain and community.
It is not a small document. It is a very
large document. It keeps on going. It's something that you
put into chat GTP and get it to give you
quick summaries of and that again will also be a
(16:41):
massive document. You can see there it's thirty nine or
so pages. You can also get to it at sixteen
ninety four dot io. So this website domain is named
after the Kadana Improvement Proposal sixteen ninety four or SIP
sixteen ninety four. And we can see all of the
information here presented in a very nice way with the
(17:02):
abstract the main motivation of why this SIP is needed
and so on and so forth. It breaks it down into
all of its chunks and everything that you need to
know in general in a nice visual way as well.
So if you want the visual version, I'll put links
down below for you so you can find that as well.
The other thing we can do here is give the
teams some feedback within the feedback form. But I think
(17:25):
most importantly between now and the end of the year
is that we can join these various workshops. So there
are many workshops, these constitutional workshops. This article is put
out in July mid this year, so we can go
through and see all of these constitutional workshops are being
held around the world. I believe there's over fifty countries
(17:47):
that are holding workshops to give feedback and contribute to
this constitution itself. Now I'll put a link to this
down below as well. But this is the Luma link
that will give you an idea of all of the
events that are happening around. This is everything that's listed.
This is everything that's going ahead. There's one here in Sydney,
(18:07):
Australia on the twelfth of October. Because it's a one
day workshop. It's run by Mark. Mark's doing an amazing
job and also Peter from Melbourne, so the Melbourne Cadano
User Group. And you can see here this is a
breakdown of what's going to happen throughout the day. So
there's six parts. It's a fairly long day, so do
(18:28):
bring your thinking caps. Lots of coffee is also needed
to make this all happen. Now I'll just go back here,
take Oceana off, but you can see here they've already started.
The has been running for a while already, the tweets
and photos posted up online of people going to these
workshops around the world, So have a look through this.
(18:50):
If there is a constitutional workshop that is close to
you in one of these locations, please check it out
and see if you can make it there. This is
one of those really key moments in time where if
you are an eight holder you and you are really
passionate about governance, this is a time where you can
(19:12):
join in and be a part of this and have
your say. Even if it's a small little input that
you've made, You've made your mark on this monumental piece
of this Condona Improvement Proposal sixteen ninety four. So I
am going to try and get there myself as well.
Now this is all in a big, big lead up
(19:33):
to the final event, which is in Buenos Aires at
the end of the year. That's going to be held
in December. I wonder if it's on here. No, it's
not on here, but the final ratification of the Constitution
will be happening in Buenos Aires, don't I can't remember
the exact day. It is sometime in December. But this
is the big event where there's going to be hopefully
(19:56):
the next hard fork at that point, and treasury withdrawals
are opened from that point onwards, so users can start
submitting these governance actions, these proposals in general, and then
getting the community to vote for it. So this is
now the ramp up period for de reps. So now
between now and then de reps are all going to
(20:17):
come on board. So this is going to be a
really interesting era overall. Oh hang on, there's one more
thing I forgot to mention here. These constitutional workshops, they
are selecting two people. I can't remember if the details
were two people from each one of these workshops or
two people overall being sent from these workshops to the
(20:40):
final event, the big event in Bortos Areas at the
end of the year. It would be amazing because there
are quite a lot of events here. If it was
two people from each one of these events, I'm pretty
sure that's the case because when I was at the
de rep workshop in Sydney, Mark was talking about this
and they said they were going to choose two people
from the workhow to go to Buenos Aires as representatives
(21:03):
for that particular event. So there's going to be a
lot of people in BORENUS areas. I've never been myself,
and it'd be absolutely amazing too. But check those details.
I will clarify my next news update. I couldn't find
them before recording this, and I had to get this
a video out, so apologies off, I did get that
(21:23):
one incorrect. If you do know the correct handswer leave
a comment down below for me. But this is the
next step that I highly recommend you do if you're
interested in the Kadona ecosystem and the constitution at this
point in time. Now, I've also joined at various working
groups from Intersect, and I've joined the Marketing Working Group
and check this out here. Just randomly this evening, I
(21:46):
happened to stumble across the live care for the Marketing
working Group. I thought these were at a different time
and I could never make them. But it's actually a
decent time for me at the moment, and I could
actually chime in and have a little little bit of
a listen through what these team members have contributed to already,
and it's a massive amount of work that they've already
(22:08):
put in. I don't want to come in at this
point in time and say hey, check it out. I'mpeed
I can help out. These guys have done all the
work already. There's so much time and effort they've put
into researching the various various things that other ecosystems have done,
marketing position, all sorts of things that blockchains have done
(22:31):
to try and market themselves. So they've done the research,
they've collected data. This is just one of the documents
that they've put together looking at all different ecosystems, how
much these ecosisms have spent and based on what other
people have done, how much Kadanu should could potentially spend
as well. So they've done the research here. They've also
(22:52):
put together the Marketing working Group proposal, and this is
an indication of the problem, statement, solutions, actions that can
be taken, initiatives, and also the budget for this as well.
Like I said, these working groups within intersect, within the
broader Cadona ecosystem will be asking for funds. And it's
(23:13):
not small amounts. There are large amounts of funds. So
if you are worried about that, if you are concerned,
if you think you could contribute to this joining working group.
Now there's one thing that I'd like to mention about this,
and I see it in the comments by a couple
of people that are up in arms about this, and
it's about Intersect being a centralized organization, and yes it is.
(23:39):
It's something that had to be formed as a company
an organization and have a representative entity somewhere in the world,
and it just happens to be in the United States now.
As part of that for collecting members of that particular DOW,
they need credit card payments and that was a way
that you had to reveal and identify yourself within the
(24:00):
down a community. So if you are not happy with that,
that's something that you do have to consider. You will
be doxing yourself when joining Intersect. And it is a
centralized entity, but this is where we are. We're working
in a decentralized ecosystem, which is Kadano, but we are
trying to bridge that in a legal mechanism in the
(24:22):
current world that we're in, and that is with centralized
entities such as Intersect. So this is a bridging formation
that we have. We have that centralized entity Intersect, we
have our members based organization becoming a part of that.
So I don't see anyway else around this within the
legal realms that we have. So we need something like
(24:43):
this to bridge between decentralization and centralization of the real
world that we live in. So if you are against that,
you may not want to join Intersect. You can contribute
and talk to the various people that are within the
working groups so that you can have your voice heard
at least. But you know, I'm sure if you are
really wanting to, you can join these working groups and
(25:04):
contribute that way, So I highly recommend that you do.
There's a lot of different working groups here, and if
you are coming up with a brand new idea and
your concept, maybe a working group that doesn't exist. You
can propose a special interest group and that will if garners,
and that will turn into a working group if it
garners enough attention or it has enough people that are interested.
(25:25):
So that is the way that things are working at
the moment. I kind of like it. There's a lot
of things that are happening at the moment, and I
highly recommend that you join in and see what's going on.
All right, So I'm babbling on a little bit here,
so I'm going to leave it there. But this is
just amazing. I've been reflecting it all day. I've been
telling my partner. She's like, what's a big deal. I
(25:46):
keep on talking about it because it is such a
big moment in time. Anyway, Guys, leave a comment down below,
let me know what you think of Ganano, governance and
everything else around it. Hit that thumbs upbscribe notification bell
on your way out. I've seen the next video.
Speaker 2 (26:04):
Gee, you gotta do it like that. You've been listening
to the Learned Cardinal podcast. You gotta get it. Hey,
crypto is what we like. But this is not investment
or financial advice. Gotta do your research because it's risky.
We know where it is. This show is education on length,
This informative crypto is the future. Really, it ain't no debate.
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