November 1, 2024 • 10 mins
01:04 Cardano Node 10.x.x is out
02:35 Plutus Cost Model Governance Action
04:29 K Parameter
06:23 Current Voting Values
07:54 Project Catalyst
09:29 Booking in to Highlight Your Proposal
09:51 Fund 13 Key Dates
10:15 Thanks
02:35 Plutus Cost Model Governance Action
04:29 K Parameter
06:23 Current Voting Values
07:54 Project Catalyst
09:29 Booking in to Highlight Your Proposal
09:51 Fund 13 Key Dates
10:15 Thanks
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
There's a bit more progress being made for the next
hard fork. This has changed hard fork number two. Yeah,
that's right, number two. We had the first one only
just recently, but the teams have been working hard on
the next Cardano node version version ten, and we'll also
see some improvements in there in interoperability with other chains.
So we've got some parameter changes that are coming up
(00:21):
and some governance actions to.
Speaker 2 (00:22):
Look at as well.
Speaker 1 (00:24):
Catalyst is also in full swing as well, with fun
thirteen in community review stage at the moment, and we'll
have a look at some key dates around.
Speaker 2 (00:32):
That or that coming right up.
Speaker 1 (00:34):
Hey everyone, I'm Peter Bwy and welcome back to learn
Condina podcast. It's been a little while since I've uploaded
a video. I needed a break, and you know, you
need some rest from the crypto space, especially with so
much happening, and that is certainly the case in the
Cadana ecosystem.
Speaker 2 (00:51):
There is so much happening at the moment.
Speaker 1 (00:53):
I haven't even watched all the videos from the Cadana
summit yet, but I will get around to it and
give you guys an update and some highlights that I've
picked out from the summit itself.
Speaker 2 (01:04):
But let's go through some of these highlights here.
Speaker 1 (01:06):
And this is the next version of Kandano nodes, So
this is the software that runs all of the blockchain
nodes out there.
Speaker 2 (01:14):
We're up to version.
Speaker 1 (01:16):
Nine point two point one at the moment, that's what
I'm running on Mike Dona stackpool. But version ten has
been released and it's ready for main net So we're
going to see this start to be rolled out on
the preview and test networks very very soon, and they
will perform a hard fork on that to test it
and make sure everything is working just fine. So Samuel
(01:37):
here has put out the notification. You can see this
on GitHub as well on the Intersect GitHub repo, and
you can start downloading it and trialing it out on
the preview and pre pride networks. So if you are
a Candano node operator, do check this one out, see
if it will run for you on the preview and
pre Pride networks, and give the team feedback if there's
(01:59):
any issue. Hopefully this one is a simple update as well.
I'll be updating my own statepol after this is all
ready for Kadana production MAYNAT. So this is all leading
up to that big constitution and convention in Bonus areas
later this year in December. I think it's the first
or second week of December. I can't remember the exact dates,
(02:20):
but you'll be able to follow along with that. There's
a lot of people heading to that convention or the
representatives from all the workshops from around the world to
contribute to the final ratification of the constitution. So it's
going to be a really interesting time for the Cadano space.
Now with a hard fork, we've also started to see
some more governance actions that are coming on chain. This
(02:41):
one here that you can see this is around the
cost model parameter change for Plutus V three. Now, this
is a fairly technical aspect around it, so if you
don't understand what's going on here, throw it through chat
GTP and it will help you summarize and get a
better understanding of exactly what is going on here. I
did have a look at this on the gov Tool's
(03:02):
website early today, but coming back to it, it seems
to have something gone wrong with it after the epoch change,
so I may have to come back to this one
and see what's going on. But I did manage to
grab it and put it through chat DTP and this
is the summary for you guys. So this cost model,
the plus v three cost model, is to support twelve
(03:23):
new bitwise and cryptographic primitives that are upcoming in Chain
two hard fork. These changes include bitwise operation enhancement, cryptographic
functions like ripe, MD one point sixty hashing, and other
primitives intended to improve interoperability with Bitcoin and ethereum. The
cost model update will not alter existing settings, but will
(03:43):
provide resource allocations for the new primitive as verified through
Kadana's standard benchmarking and security procedures. This proposal is consistent
with Kadana's government standards and can be reverted if needed
by restoring the current cost model. Now when you hear this,
you immediately think, okay, it's going to cost me more
to these plute v three smart contracts in terms of
transaction fees. But the actual cost here is around the
(04:06):
CPU and memory costs for the new primitives. So each
new Plutus primmeter has a specific cost model for CPU
and memory usage based on benchmarking execution times. So these
are some of the details here. If you want to
dig into that, I'll put links down below for you guys.
So you can get a little bit more of an
understanding of what this is or about and how the
cost model is actually put in place. Now, we also
(04:30):
have another governance info action is open for voting at
the moment, and this is or around being a litmus
test to see if the K parameter.
Speaker 2 (04:38):
Should be increased.
Speaker 1 (04:40):
Now, this K parameter defines how many state pools out
there in the can Down ecosystem can mint blocks or
quite mint blocks. I should be a little bit more
specific there. So currently K is set to five hundred,
so five hundred state pools are needed, and doubling this
to a thousand, which I believe is the requested amount
I will allow a lot more pools to be able
(05:02):
to mint blocks.
Speaker 2 (05:03):
In the ecosystem.
Speaker 1 (05:04):
Now, the thing here is that currently the saturation limit
for all the pools is around that seventy four point
five million eight, and increasing this to one thousand will
then decrease this number to half that, so just over
thirty five million eight per pool. So this will hopefully
the idea is move that aida delegation from wherever it
(05:26):
is at the moment to one of these smaller pools
out there that doesn't have much allegations the ideas that
will spread to all the smaller pools and then allow
more staatepool operators out there to start minting blocks. Now,
I did have a little look into this one as well,
and I did some napkin math around this, and I
will do a blog post around this one as well,
(05:47):
so you guys can see how I'm voting for this
one here in regards to increase of K Again, I'll
put that down below and also link it to my
Learn Condanna podcast website at larn Cadown too. You can
see all the write ups for governance actions there. Now,
this is only an info action. It isn't something that's
going to be enforced by a parameter change itself, but
(06:10):
this will give everyone an idea of where everyone is
sitting with this one at the moment, should this que
parameter be changed and allow for more smaller staatepool operators
out there to start potentially meeting blocks. Now, if we
actually have a look at the numbers itself at the moment,
or the everyone that's actually voted at the moment, it's
a little bit hard to see without any commas here,
(06:32):
but we've got one hundred million voting for yes, we
have five hundred million abstaining from the vote, and the
no votes here seem to be winning with two hundred
million voting for no. So it seems the de reps
are voting for no at the moment. If we have
looked at the sbos themselves, we have twenty one million
voting yes and we have I believe seven point five
(06:54):
million voting no. So it's interesting to see which direction
the votes are going here at the moment, but I'm
pretty sure we'll see more debate around this after the
date for this one is passed. I believe the date
for voting for this one is on the eleventh of November,
so it ends then. Now if you don't know what
you're voting for in regards to all these governance actions,
(07:14):
I am actually a de rep delegate representative, and if
you are interested in delegating your wallet to me, the
ADA doesn't leave your wallet, just the voting power for
it is allocated to myself and I can vote on
your behalf. This is my de rep id here, So
whatever wallet you're using, or if you're using the cover
tool's website, you can find my profile by typing in
(07:36):
that or copy and pasting the de rep id and
then you can delegate your wallet to myself. Now, I'll
post all my governance action votes online on the learnk
down A website, and you can find all video totals
about how to actually delegate on my other channel, my
tatorial channel again links down blow for you guys. Now,
we just happen to have a Fund thirteen of Project
(07:57):
Catalysts kick in at the moment as well, so there's
a lot of community reviews being done right now. But
this is a reminder for you guys that you can
start registering your wallets for Fund thirteen voting. If you
registered in previous round and you still have your voting
QR code and pin you should be totally fine. You
(08:17):
should be able to restore that on the voting app
if the voting app changes again, and then continue to
vote within fun thirteen. But in Fund twelve, a couple
of people had to reinstore the Catalyst app and as
a result, they didn't have their QR code or their
pin code and couldn't reregister on the app itself to
(08:38):
do voting in Fund twelve, I was one of those people, unfortunately,
So if you were one of those unlucky users, you
couldn't vote, But if you reregister now, you will hopefully
save that QR code and that pin code that you
create during that registration process and you'll be able to
restore it in the Catalyst app for voting this fund
(09:00):
round as well. So this is a really good way
to help support some of the projects out there that
are building on the Cardina ecosystem. The majority of them
do have Catalyst proposals and it's kind of the lifeline
to keep them running at the moment. So if you
really want to support your projects out there that you
love using all the time, check out their callous proposals,
(09:21):
register for Fund thirteen and give them a vote this
round so they can keep on building and providing value
to the Kadana ecosystem. We're starting to see some really
interesting proposals come out at the moment as well. If
you do have a proposal and you want some airtime,
please reach out. I put a post out you can
comment below. If you can't dm me directly, but dm
(09:42):
me and I will try and schedule in a time
for you as well so that we can talk about
the proposal and see what you guys are contributing to
the CADNA ecosystem.
Speaker 2 (09:51):
There are the.
Speaker 1 (09:52):
Various key dates that you need to be aware of.
So the voting does begin at the end of November
on the twenty eighth, and it will go until me.
Speaker 2 (10:00):
December on the twelfth of December.
Speaker 1 (10:01):
So this is the crucial time for voting and any
interviews and anything that needs to be done needs to
be done before that time. So schedule yourself in and
I'll see what I can do for you guys. Now
that that's all I have for you guys for this
particular update. It's all around governance. It's all around voting,
all around these governance actions that are coming up in
(10:23):
the space. I'm looking forward to seeing what happens next
month in December with this constitutional convention. There's a few
more constitutional workshops in the pipeline at the moment that
are happening at the moment to contribute to that convention.
But we should see that all come into place and
the next chang hard folk happen around.
Speaker 2 (10:42):
That time as well.
Speaker 1 (10:43):
Super exciting stuff. Thank you for tuning in. Make sure
you hit that thumbs up like subscribe on your way out.
I'll see you guys in The next video
There's a bit more progress being made for the next
hard fork. This has changed hard fork number two. Yeah,
that's right, number two. We had the first one only
just recently, but the teams have been working hard on
the next Cardano node version version ten, and we'll also
see some improvements in there in interoperability with other chains.
So we've got some parameter changes that are coming up
(00:21):
and some governance actions to.
Speaker 2 (00:22):
Look at as well.
Speaker 1 (00:24):
Catalyst is also in full swing as well, with fun
thirteen in community review stage at the moment, and we'll
have a look at some key dates around.
Speaker 2 (00:32):
That or that coming right up.
Speaker 1 (00:34):
Hey everyone, I'm Peter Bwy and welcome back to learn
Condina podcast. It's been a little while since I've uploaded
a video. I needed a break, and you know, you
need some rest from the crypto space, especially with so
much happening, and that is certainly the case in the
Cadana ecosystem.
Speaker 2 (00:51):
There is so much happening at the moment.
Speaker 1 (00:53):
I haven't even watched all the videos from the Cadana
summit yet, but I will get around to it and
give you guys an update and some highlights that I've
picked out from the summit itself.
Speaker 2 (01:04):
But let's go through some of these highlights here.
Speaker 1 (01:06):
And this is the next version of Kandano nodes, So
this is the software that runs all of the blockchain
nodes out there.
Speaker 2 (01:14):
We're up to version.
Speaker 1 (01:16):
Nine point two point one at the moment, that's what
I'm running on Mike Dona stackpool. But version ten has
been released and it's ready for main net So we're
going to see this start to be rolled out on
the preview and test networks very very soon, and they
will perform a hard fork on that to test it
and make sure everything is working just fine. So Samuel
(01:37):
here has put out the notification. You can see this
on GitHub as well on the Intersect GitHub repo, and
you can start downloading it and trialing it out on
the preview and pre pride networks. So if you are
a Candano node operator, do check this one out, see
if it will run for you on the preview and
pre Pride networks, and give the team feedback if there's
(01:59):
any issue. Hopefully this one is a simple update as well.
I'll be updating my own statepol after this is all
ready for Kadana production MAYNAT. So this is all leading
up to that big constitution and convention in Bonus areas
later this year in December. I think it's the first
or second week of December. I can't remember the exact dates,
(02:20):
but you'll be able to follow along with that. There's
a lot of people heading to that convention or the
representatives from all the workshops from around the world to
contribute to the final ratification of the constitution. So it's
going to be a really interesting time for the Cadano space.
Now with a hard fork, we've also started to see
some more governance actions that are coming on chain. This
(02:41):
one here that you can see this is around the
cost model parameter change for Plutus V three. Now, this
is a fairly technical aspect around it, so if you
don't understand what's going on here, throw it through chat
GTP and it will help you summarize and get a
better understanding of exactly what is going on here. I
did have a look at this on the gov Tool's
(03:02):
website early today, but coming back to it, it seems
to have something gone wrong with it after the epoch change,
so I may have to come back to this one
and see what's going on. But I did manage to
grab it and put it through chat DTP and this
is the summary for you guys. So this cost model,
the plus v three cost model, is to support twelve
(03:23):
new bitwise and cryptographic primitives that are upcoming in Chain
two hard fork. These changes include bitwise operation enhancement, cryptographic
functions like ripe, MD one point sixty hashing, and other
primitives intended to improve interoperability with Bitcoin and ethereum. The
cost model update will not alter existing settings, but will
(03:43):
provide resource allocations for the new primitive as verified through
Kadana's standard benchmarking and security procedures. This proposal is consistent
with Kadana's government standards and can be reverted if needed
by restoring the current cost model. Now when you hear this,
you immediately think, okay, it's going to cost me more
to these plute v three smart contracts in terms of
transaction fees. But the actual cost here is around the
(04:06):
CPU and memory costs for the new primitives. So each
new Plutus primmeter has a specific cost model for CPU
and memory usage based on benchmarking execution times. So these
are some of the details here. If you want to
dig into that, I'll put links down below for you guys.
So you can get a little bit more of an
understanding of what this is or about and how the
cost model is actually put in place. Now, we also
(04:30):
have another governance info action is open for voting at
the moment, and this is or around being a litmus
test to see if the K parameter.
Speaker 2 (04:38):
Should be increased.
Speaker 1 (04:40):
Now, this K parameter defines how many state pools out
there in the can Down ecosystem can mint blocks or
quite mint blocks. I should be a little bit more
specific there. So currently K is set to five hundred,
so five hundred state pools are needed, and doubling this
to a thousand, which I believe is the requested amount
I will allow a lot more pools to be able
(05:02):
to mint blocks.
Speaker 2 (05:03):
In the ecosystem.
Speaker 1 (05:04):
Now, the thing here is that currently the saturation limit
for all the pools is around that seventy four point
five million eight, and increasing this to one thousand will
then decrease this number to half that, so just over
thirty five million eight per pool. So this will hopefully
the idea is move that aida delegation from wherever it
(05:26):
is at the moment to one of these smaller pools
out there that doesn't have much allegations the ideas that
will spread to all the smaller pools and then allow
more staatepool operators out there to start minting blocks. Now,
I did have a little look into this one as well,
and I did some napkin math around this, and I
will do a blog post around this one as well,
(05:47):
so you guys can see how I'm voting for this
one here in regards to increase of K Again, I'll
put that down below and also link it to my
Learn Condanna podcast website at larn Cadown too. You can
see all the write ups for governance actions there. Now,
this is only an info action. It isn't something that's
going to be enforced by a parameter change itself, but
(06:10):
this will give everyone an idea of where everyone is
sitting with this one at the moment, should this que
parameter be changed and allow for more smaller staatepool operators
out there to start potentially meeting blocks. Now, if we
actually have a look at the numbers itself at the moment,
or the everyone that's actually voted at the moment, it's
a little bit hard to see without any commas here,
(06:32):
but we've got one hundred million voting for yes, we
have five hundred million abstaining from the vote, and the
no votes here seem to be winning with two hundred
million voting for no. So it seems the de reps
are voting for no at the moment. If we have
looked at the sbos themselves, we have twenty one million
voting yes and we have I believe seven point five
(06:54):
million voting no. So it's interesting to see which direction
the votes are going here at the moment, but I'm
pretty sure we'll see more debate around this after the
date for this one is passed. I believe the date
for voting for this one is on the eleventh of November,
so it ends then. Now if you don't know what
you're voting for in regards to all these governance actions,
(07:14):
I am actually a de rep delegate representative, and if
you are interested in delegating your wallet to me, the
ADA doesn't leave your wallet, just the voting power for
it is allocated to myself and I can vote on
your behalf. This is my de rep id here, So
whatever wallet you're using, or if you're using the cover
tool's website, you can find my profile by typing in
(07:36):
that or copy and pasting the de rep id and
then you can delegate your wallet to myself. Now, I'll
post all my governance action votes online on the learnk
down A website, and you can find all video totals
about how to actually delegate on my other channel, my
tatorial channel again links down blow for you guys. Now,
we just happen to have a Fund thirteen of Project
(07:57):
Catalysts kick in at the moment as well, so there's
a lot of community reviews being done right now. But
this is a reminder for you guys that you can
start registering your wallets for Fund thirteen voting. If you
registered in previous round and you still have your voting
QR code and pin you should be totally fine. You
(08:17):
should be able to restore that on the voting app
if the voting app changes again, and then continue to
vote within fun thirteen. But in Fund twelve, a couple
of people had to reinstore the Catalyst app and as
a result, they didn't have their QR code or their
pin code and couldn't reregister on the app itself to
(08:38):
do voting in Fund twelve, I was one of those people, unfortunately,
So if you were one of those unlucky users, you
couldn't vote, But if you reregister now, you will hopefully
save that QR code and that pin code that you
create during that registration process and you'll be able to
restore it in the Catalyst app for voting this fund
(09:00):
round as well. So this is a really good way
to help support some of the projects out there that
are building on the Cardina ecosystem. The majority of them
do have Catalyst proposals and it's kind of the lifeline
to keep them running at the moment. So if you
really want to support your projects out there that you
love using all the time, check out their callous proposals,
(09:21):
register for Fund thirteen and give them a vote this
round so they can keep on building and providing value
to the Kadana ecosystem. We're starting to see some really
interesting proposals come out at the moment as well. If
you do have a proposal and you want some airtime,
please reach out. I put a post out you can
comment below. If you can't dm me directly, but dm
(09:42):
me and I will try and schedule in a time
for you as well so that we can talk about
the proposal and see what you guys are contributing to
the CADNA ecosystem.
Speaker 2 (09:51):
There are the.
Speaker 1 (09:52):
Various key dates that you need to be aware of.
So the voting does begin at the end of November
on the twenty eighth, and it will go until me.
Speaker 2 (10:00):
December on the twelfth of December.
Speaker 1 (10:01):
So this is the crucial time for voting and any
interviews and anything that needs to be done needs to
be done before that time. So schedule yourself in and
I'll see what I can do for you guys. Now
that that's all I have for you guys for this
particular update. It's all around governance. It's all around voting,
all around these governance actions that are coming up in
(10:23):
the space. I'm looking forward to seeing what happens next
month in December with this constitutional convention. There's a few
more constitutional workshops in the pipeline at the moment that
are happening at the moment to contribute to that convention.
But we should see that all come into place and
the next chang hard folk happen around.
Speaker 2 (10:42):
That time as well.
Speaker 1 (10:43):
Super exciting stuff. Thank you for tuning in. Make sure
you hit that thumbs up like subscribe on your way out.
I'll see you guys in The next video
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