December 6, 2024 • 20 mins
01:14 Bitcoin Hits $100,000
02:21 Trumps Crypto Czar
05:33 Cardano Votes Yes
07:04 Constitution Live Stream
07:26 Constitution Voting Platform
07:58 Constitution Concerns
09:57 Points of Centralisation
11:14 Treasury will still work, without a Constitution
12:26 Cardano Proves It Can Scale
15:40 Infrastructure Costs for Hydra Doom
17:48 Cardano Project Sales
18:49 $Hawk Token Scam
02:21 Trumps Crypto Czar
05:33 Cardano Votes Yes
07:04 Constitution Live Stream
07:26 Constitution Voting Platform
07:58 Constitution Concerns
09:57 Points of Centralisation
11:14 Treasury will still work, without a Constitution
12:26 Cardano Proves It Can Scale
15:40 Infrastructure Costs for Hydra Doom
17:48 Cardano Project Sales
18:49 $Hawk Token Scam
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Some really exciting stuff here at guys at Bitcoin has
passed that one hundred thousand US dollars per bitcoin. We
have news and updates around the Kadana Constitution Convention. We
also have Trump appointing a brand new crypto Za, a
person looking after the cryptocurrency industry in the US, as
well as AI. All this coming right up, Hey one,
I'm Peter Biwy Welcome back to the Learning Cadana podcast.
(00:22):
Make sure you hit that thumbs up subscribe notification belt
on your way in. We've got lots to go through here,
so let's hit it. But first off, don't forget about
these crypto scams. This giveaway scamp has been going on
for quite a while. The scammers keep on wincing and
repeating the same process. One video channel gets taken down,
another one pops up. Please be aware of this. There
(00:44):
are plenty of people that are watching this video that
I've been putting together here and people are thankfully being
saved by this video that I did about four or
five months ago. But please be aware of this. Telly friends,
tell anyone that's getting to crypto at the moment, there's
no such thing as a crypto or a giveaway. They're
all scams here. Don't connect your wallet to these websites.
(01:06):
It's highly likely that you get drained or enticed into
sending away all your assets. All right, but that out
of the way, let's get into the news updates. So
first off, bigcoin has broken that barrow we saw yesterday
it went past that one hundred thousand US dollars per token,
But of course since then it has also retraced, had
that big drop down right afterwards as well. You can
(01:27):
see it on the dailies here. There's a big candle
here that dropped down and people were taking profits and
selling off. Now, this always does happen. As soon as
there's that big hype and people start jumping in, there's
always other people taking profits and selling at the top
of the market. There. People always are trying to time
the top. If you look at trading view here, one
of the indicators I like to use is the Bolinger band,
(01:50):
And if you see the candles here at breaking that
top line of the Bollinger band, it's definitely an indicator
that the market's being overbought at that particular point in time,
and it might be a good point to actually sell
your tokens. So we can see these green candles breaking
the Bollinger band the top band here and then retracing
afterwards and here and now it's breaking the bottom. So
(02:11):
it's probably a good time to buy. So that's one
of the indicators that I do like to use. I
did do an article about this as well. You can
find it or on the Learnedcadano dot io website. The
other big piece of news is David Sacks being appointed
the Crypto Zar for the United States, looking after cryptocurrency
and the AI space. So they're both huge developing markets
(02:34):
and we're going to see a lot of movement in
the space in twenty twenty five once the Trump administration
takes office. But this is David Sacks. If you haven't
heard of him before, if you haven't seen him in action,
he is a big venture capitalist in the Silicon Valley space.
But this is a clip of him back in twenty
twenty one chatting to a couple of other Solana vcs.
(02:58):
Let me just play this one for you guys, Eric
Tremothopotita and I'm your boy, j cow Sachs. I gotta
say I think I think your au M is positively
correlated with the bags under your eyes.
Speaker 2 (03:11):
If you mean it's getting bigger, you're they're heavy.
Speaker 1 (03:15):
Good Lord, you're heavy, dragging you down. That's where you're
hiding all that Solana in. You're fucking under your eyes.
You better clear that Salona position. What's your lock up?
Twenty four months?
Speaker 2 (03:26):
Fuck?
Speaker 1 (03:27):
No, he's trying to sell it to me on text message. Yeah,
of course we're negotiating discounts. I just had to.
Speaker 2 (03:33):
You're fucking the whole thing up, Bro, You don't You
don't think I'm holding I'm holding.
Speaker 1 (03:39):
You think I buy one hundred millions dollars of anything
without a discount.
Speaker 2 (03:42):
Everything is a discount.
Speaker 1 (03:43):
Everything's discount. You want to clear that position in an
ll SA.
Speaker 2 (03:46):
Are you say I got a billion dollars a Solana? No, Bro,
I'm saying I have one, but you know I brought
it at a discount.
Speaker 1 (03:51):
But you're holding correct? Ish?
Speaker 2 (03:54):
Yeah?
Speaker 1 (03:55):
Ok? Yeah? Holding ish right? Okay. Uh So I don't
know the truth about this, whether he did have billions
of Solano and if he did sold or not. Apparently
someone told me in a later interview that he didn't
sell any of his Solana tokens and he kept them
but I don't know what the truth is here. The
(04:16):
thing that we can get out of this is that
he is definitely pro crypto, so that is definitely a
good thing overall. The other disappointing thing that I did
notice here about David Sachs is his knowledge about Kadano
in general. And let me just pull up this thread here. Now,
this here was a post back in twenty twenty one,
and I have to admit back then, there weren't many
(04:39):
devs building on Kardano. There were devs building Kadano itself,
but not so much DAPs or anything on top of it.
So here he writes, I'm a prolific crypto investor one
hundred plus investments. I've never come across a company pitching
to build on Caardano. Never forget about an investment, I
mean pitch. So this is his experience back in twenty
(05:01):
twenty one. I know the ecosystem has changed dramatically since then,
so we may very well see something completely different within
the space now, and his ideas and perspective of Kadana
itself overall, I think it's very bullish that he is
put into this particular position. He has definitely got the
experience and knowledge of cryptocurrency, blockchain tech and also AI
(05:24):
and VC investing. So this is definitely I think a
good pick overall. Hopefully he has heard more about Kadano
and has more exposure to the Kadana ecosystem itself. In
other news around the Kadana ecosystem, governance has taken another
step further and at this point we have a yes result.
Next it's up to the Kadana community whether or not
(05:45):
to ratify it. Expect to be submitted on chain in
January twenty twenty five. The work continues. So now this
puts the constitution into the community's hand or it's up
to us now to read over it, see what the
delegates have put together for us, and then we need
to now vote for this on chain. So this is
where de reps or delegate representatives come into play. These
(06:07):
are all the people that are helping all the aid
holders out there vote within the governance era of the
Kadana ecosystem. If you're wanting to learn how to delegate
to a de rep or become a de rep yourself,
I have a bunch of tutorial's here, these top three online.
There's one by big Pay and I've got written a
documentation on the Learn Kadana website as well, so a
lot of stuff out there for you guys, so you
(06:29):
can learn how to participate within this governance era of Kadano.
You can see the community absolutely ecstatic at this point,
a lot of community members from around the world I've gathered.
You can see the two participating bodies here, one in
Bonos Aires and the other one in Naobi. Overall, I
think it's an absolutely phenomenal step forward for the Kadana
ecosystem and for blockchain in general as well. This here
(06:50):
is the Australian representatives that went over to Buenos Aires
to represent Australia's work within this constitutional process. We have Nate,
we have Pete care in Mark and Mark. So congratulations guys,
thank you for all of your hard work over there. Now,
if you want to catch up on all the presentations
and all the conversations and the live voting within this process,
(07:11):
you can. You can get to it at Cadanoconvention dot com.
Click on the watch live and you'll be able to
watch all the live streams. There is still one more
to go on the six here, and that's the actual
signing of the document and everything else around that, So
do check that out. Big shout out to the guys
at claritydal that put together the voting platform for all
(07:31):
of this as well. This is it here, or the
delegates could connect their wallets and vote on chain within
this process. So you see the ninety five percent voted
yes for this entire process, with three people voting no.
We have Patrick Tobler, we have Giselle Rosa and Darlington
Well that all voted no for this process. Now this
(07:53):
is quite interesting. Why wouldn't we get a full, full
resounding yes vote. And there were some concern when it
came to the whole process, and I think this post
by shaguy Rex really summarizes how some of the community
were feeling around that this whole constitutional process. And I've
highlighted some points here that I can summarize exactly how
(08:14):
some of the community was feeling. First off, they were
feeling a little bit disenfranchised within the editing process of
the constitution. Some people were raising concerns but weren't really
being listened to the process overall of organizing all the
workshops around the world and then organizing the constitutional event
seemed a little rushed and add hot, not enough planning
(08:35):
was put in place to make this actually happen correctly
and how they wanted it to. There was a lot
of ambiguity within the language of the constitution, and some
of it wasn't really defined well and wasn't really clear.
The last thing was that the process seemed very rush
the total opposite to how Kadano has been built, taking
that slow, methodical approach. Instead, this constitution seems to be
(08:57):
pushed ahead as quickly as possible. Now I do share
some of this sentiment, and as it's pointed out here,
at the Interim Constitution how it is right now can
still allow the Cadano ecosystem to function. We can do
a hard walk within the next couple of months if
we need to, and then start Treasury withdraws with the
interim Constitution, so we didn't have to go through this
(09:19):
whole process of the constitution, convention and ratifying it right now.
We could have given it a few more months really
to slow down the process and allow more people to contribute,
edit the documentation and contribute that way. But let me
know in the comments down below, let me know how
what you guys think of this whole constitutional process should
(09:40):
have been slowed down. Should we have spent more time
getting the constitution correct and right as it is? Or
are we okay with writing the constitution and ratifying it
as quickly as possible and then making amendments in the future.
I don't know. Let me know what you guys think now.
One of the really interesting points that Patrick Tobler, one
of the people that voted, know, within this whole process.
(10:03):
One of the things that he pointed out was that
we were going from a really big decentralized governance process
to potentially a centralized governing body that could be controlling
all the funds that are coming out of the treasury.
This was one of the ambiguous points within the whole constitution.
Some body, some person, some organization would be looking after
(10:24):
those funds as the treasury has been withdrawn and then
distributing out to users. This was something that was a
little bit of concern and it would have been great
to have that all done in smart contracts as well,
so that way we have this huge treasury which is decentralized,
governed by the de reps and everyone that is voting
on chain, and then moving that to smart contracts to
(10:46):
allow that part of the process to be decentralized as well,
so this was Patrick's concern and maybe we will see
that later on in the year. So this is kind
of like the first steps just to get things moving.
We have an authoritaive by in the middle just to
get things rolling, but then we could possibly move that
to smart contracts to allow for a more automated process
(11:08):
and less of a centralized structure. So hopefully we do
see things moved to that direction. And just to clarify
a few things about treasure withdrawals the guys from blink Labs.
It's probably Chris here that's posting, but he mentions here
access to the treasury needs the polym hard fork, So
this is the next hard fork, moving the Cadano node
(11:29):
to version ten, net change limit set and then info
Action budget pass by de REPS and the ICC, so
we don't need a new constitution to access to treasury.
The intrim constitution provides the capability. We're blocked by the
protocol version currently, and everyone within the ecosystem can initiate
(11:50):
that hard fork and move the protocol to version ten.
My statepol itself I have upgraded to version ten, so
my staatepool is ready for the next Hard four whenever
that might happen, So we'll see that come into play
over the next month or so, maybe in February. After
the constitution, the new one is put on chain and
(12:10):
is ratified by the community, so hopefully we do see
that part of the process happen too, but we don't
need it to happen. We don't need that constitution ratified
on chain because it can also be pushed ahead with
the interim constitution. Now. The other big news story at
the moment is Kadano hitting a million transactions per second.
(12:32):
This is all thanks to the Doom implementation with a
Hydra with the Hydra heads, and this allowed for all
the transactions that were happening within the game. This is
every movement, every jump, every item, every kill, every action
that was happening in the games that people were playing.
We're all put on chain thanks to the hydra heads
(12:52):
that were deployed and people playing all those games and
bringing up the chain up to a million transactions per second,
which is absolutely insane. And people have started to take
note of what's going on here and people are trying
to clarify exactly what is happening. Let me play this
clip from Paul baron Cardana.
Speaker 2 (13:11):
Cardona hit a million and they were on Hydra and
again this is something we don't know for sure if
that actually happened, but this is what their CEO is
talking about, or their leader in Jared with Charles Hoskinson.
Speaker 1 (13:27):
So a couple of things there. First off, Charles is
not the CEO of Cardano. Here's the CEO of input output.
We the Cardano ecosystem, the holders. We're in charge of
the ecosystem. Now we're in charge of Cardana now. One
of the other things there was that he hadn't clarified
or verified that this actually happened. And this is because
(13:47):
Hydra is an L two on the Cadana ecosystem. This
is a layer too, So you have Cardano and then
you have a Hydra sitting on top of it. And
what happens is all these gaming transactions within the Doom
demo were happening on that Hydro level, and then those
transactions be rolled up and then placed back onto the
Cadano main chain, maybe after all those hydra heads are closed. Now,
(14:11):
if we have a look at the stats here, people
were unsure about how many hydra heads were actually being
deployed within this process. It's actually in the thousands, tens
of thousands of hydra heads. People were thinking, oh, maybe
it's just one hydro head. No, no, no, there's many
more hydro heads there. There were twelve thousand hydra heads
(14:31):
in six different regions around the world. So each one
of these hydra heads can process about one hundred to
eight hundred I think theoretical transactions per second. So they
really maxed out and drove hydro to its limits with
this particular demo with the Doom game. So here from
the Grifana dashboard, you can see exactly how many nodes
(14:54):
were being deployed to accept all those transactions from the
game being played itself. So this is absolutely insane. These
numbers are big. Now, also with the hydra side of things,
because it's an L two, you can set the transaction
costs to whatever you want. You could do it for free,
but the transaction costs to zero because it is an
L two. It's a separate blockchain. Now, one of the
(15:17):
big things that were in the comments of my last
video that I did was around the costs. Now, each
of the transactions that were being stored should have cost
something Now this was done on hydra and L two
and you can set the fees to whatever you want
there because it is essentially a separate blockchain. So they
set the transaction cost to I believe zero, and this
(15:38):
allowed them to do that many transactions. But there are
other type of costs such as infrastructure costs. So each
one of these hydra heads was a separate node, and
you have one hydra head per node, so you literally
have twelve one thousand nodes there being fired up for
this particular process to accept those millions actions per second.
(16:01):
So there is that big cost there of setting all
the nodes. Now I don't know how much or how
big these particular nodes were. Is it the equivalent to
a Cadano statepool node? And if that's the case, that
would have been ninety roughly ninety US dollars per node.
So let me just pull up the calculator here, So
(16:21):
ninety times up by twelve thousand, and that's just a million,
just over a million USD to power all of these notes,
So there is definitely a cost in this particular process.
The other costs was also the hard drive space to
store all of these transactions, and I swear I saw
(16:42):
a post. I cannot find it for the life of
me now, but I think it was around forty one
terabytes of data being stored. So this is what you
get from a lot of the centralized chains. The bigger,
the faster the transactions per second you have, the more
centralized the network is, and the higher the costs of
actually running that chain. So that's why we see Solanna
(17:04):
nodes costing so much compared to Kadano nodes because we
aren't going for this really high speed where we need
all of this data on chain. So that's the main
differences that we have. But this is how hydra was
made possible because it is an lt for the Cadana ecosystem.
Now Trim here it was one of the big contributors
to all this, and he will do a big breakdown
(17:27):
so we can find out exactly how much this whole
thing costs. Hopefully we'll hear from him soon. Is at
the convention at the moment, so we might not get
it straight away, but this is a really exciting thing
to get because so that way other businesses will know
exactly how much will cost to set up a hydra
head infrastructure for their adapts. For whatever they're building. Now.
(17:49):
On other project related news, we have the work Courses
projects sell out of their tokens, so congratulations to the
work Courses team. We also have Bidega markets at the
moment that are doing their resale on axo and they're
doing quite well as well. So if you want to
check out those projects, I'll put links down below. Of course,
this is an endorsement of any of these projects, and
(18:10):
please do your own research before jumping in and get
a really good understanding of the tokenomics and how these
particular tokens are used within their ecosystem. And on the
meme side of things, the Snack ecosystem is absolutely killing
it at the moment with four million twenty four hour
volume with snack USD trading on gate dot io. So
(18:32):
this is a lot more essentralized trading, centralized exchange trading,
i should say, of the Condona meme cooin. So this
is really really starting to pick up with more and
more people interested in Condona meme coins. They seem to
operate a little bit differently here, especially the Snack ecosystem.
Now meme coin that did shake up the entire crypto
(18:52):
space was the Hawk token. I've got a separate video
for this, but it really didn't look good with ninety
six of the supply concentrated to the insiders of this
particular project, and we had certain investors that were trying
to get in on this token, hoping that it would
(19:13):
make them rich or change their lives, only to see
their fortunes plummet dramatically. Here. You see this person here
put in thirty five thousand, purchased the Hawk token, and
it went down to two thousand after ten minutes. You
can see here it went from a five hundred million
valuation to crash to sixty million in twenty minutes. So
this is definitely big insider trading dumping on the retail
(19:37):
investors that were coming in. Right afterwards, there was a
big X space that really drilled the team here, but
that has since been deleted, But do check out this
particular video here by coffee Zilla where he breaks down
this crypto scam and tries to get the team to
answer some serious questions about what's happened. But in general, guys,
(19:59):
don't jump into these meme coins. If you fall for
the hype, if you fall for the fomo, it's definitely
something that is going to catch you off guard. A
lot of people that are getting into crypto right now,
and I think this Hawk token really prayed on people
that had never been in the crypto space before and
believe that it could make them rich and change their lives,
(20:20):
and unfortunately they lost a lot of money. Unfortunately they
lost a lot of money. For people seasoned veterans that
have been in the space, been in crypto since like
twenty seventeen and earlier, we know these crypto scams are around,
and these rug pulls happen all the time. But these
new people coming in right now because of this bull market,
they're just the brand new. They're the fresh blood, I
(20:43):
think is the best way to say. Anyway, if you
enjoy this episode, make sure you hit that thumbs up
on the way out to hit subscribe, click the notification bell,
and I'll see you guys in the next video.
Some really exciting stuff here at guys at Bitcoin has
passed that one hundred thousand US dollars per bitcoin. We
have news and updates around the Kadana Constitution Convention. We
also have Trump appointing a brand new crypto Za, a
person looking after the cryptocurrency industry in the US, as
well as AI. All this coming right up, Hey one,
I'm Peter Biwy Welcome back to the Learning Cadana podcast.
(00:22):
Make sure you hit that thumbs up subscribe notification belt
on your way in. We've got lots to go through here,
so let's hit it. But first off, don't forget about
these crypto scams. This giveaway scamp has been going on
for quite a while. The scammers keep on wincing and
repeating the same process. One video channel gets taken down,
another one pops up. Please be aware of this. There
(00:44):
are plenty of people that are watching this video that
I've been putting together here and people are thankfully being
saved by this video that I did about four or
five months ago. But please be aware of this. Telly friends,
tell anyone that's getting to crypto at the moment, there's
no such thing as a crypto or a giveaway. They're
all scams here. Don't connect your wallet to these websites.
(01:06):
It's highly likely that you get drained or enticed into
sending away all your assets. All right, but that out
of the way, let's get into the news updates. So
first off, bigcoin has broken that barrow we saw yesterday
it went past that one hundred thousand US dollars per token,
But of course since then it has also retraced, had
that big drop down right afterwards as well. You can
(01:27):
see it on the dailies here. There's a big candle
here that dropped down and people were taking profits and
selling off. Now, this always does happen. As soon as
there's that big hype and people start jumping in, there's
always other people taking profits and selling at the top
of the market. There. People always are trying to time
the top. If you look at trading view here, one
of the indicators I like to use is the Bolinger band,
(01:50):
And if you see the candles here at breaking that
top line of the Bollinger band, it's definitely an indicator
that the market's being overbought at that particular point in time,
and it might be a good point to actually sell
your tokens. So we can see these green candles breaking
the Bollinger band the top band here and then retracing
afterwards and here and now it's breaking the bottom. So
(02:11):
it's probably a good time to buy. So that's one
of the indicators that I do like to use. I
did do an article about this as well. You can
find it or on the Learnedcadano dot io website. The
other big piece of news is David Sacks being appointed
the Crypto Zar for the United States, looking after cryptocurrency
and the AI space. So they're both huge developing markets
(02:34):
and we're going to see a lot of movement in
the space in twenty twenty five once the Trump administration
takes office. But this is David Sacks. If you haven't
heard of him before, if you haven't seen him in action,
he is a big venture capitalist in the Silicon Valley space.
But this is a clip of him back in twenty
twenty one chatting to a couple of other Solana vcs.
(02:58):
Let me just play this one for you guys, Eric
Tremothopotita and I'm your boy, j cow Sachs. I gotta
say I think I think your au M is positively
correlated with the bags under your eyes.
Speaker 2 (03:11):
If you mean it's getting bigger, you're they're heavy.
Speaker 1 (03:15):
Good Lord, you're heavy, dragging you down. That's where you're
hiding all that Solana in. You're fucking under your eyes.
You better clear that Salona position. What's your lock up?
Twenty four months?
Speaker 2 (03:26):
Fuck?
Speaker 1 (03:27):
No, he's trying to sell it to me on text message. Yeah,
of course we're negotiating discounts. I just had to.
Speaker 2 (03:33):
You're fucking the whole thing up, Bro, You don't You
don't think I'm holding I'm holding.
Speaker 1 (03:39):
You think I buy one hundred millions dollars of anything
without a discount.
Speaker 2 (03:42):
Everything is a discount.
Speaker 1 (03:43):
Everything's discount. You want to clear that position in an
ll SA.
Speaker 2 (03:46):
Are you say I got a billion dollars a Solana? No, Bro,
I'm saying I have one, but you know I brought
it at a discount.
Speaker 1 (03:51):
But you're holding correct? Ish?
Speaker 2 (03:54):
Yeah?
Speaker 1 (03:55):
Ok? Yeah? Holding ish right? Okay. Uh So I don't
know the truth about this, whether he did have billions
of Solano and if he did sold or not. Apparently
someone told me in a later interview that he didn't
sell any of his Solana tokens and he kept them
but I don't know what the truth is here. The
(04:16):
thing that we can get out of this is that
he is definitely pro crypto, so that is definitely a
good thing overall. The other disappointing thing that I did
notice here about David Sachs is his knowledge about Kadano
in general. And let me just pull up this thread here. Now,
this here was a post back in twenty twenty one,
and I have to admit back then, there weren't many
(04:39):
devs building on Kardano. There were devs building Kadano itself,
but not so much DAPs or anything on top of it.
So here he writes, I'm a prolific crypto investor one
hundred plus investments. I've never come across a company pitching
to build on Caardano. Never forget about an investment, I
mean pitch. So this is his experience back in twenty
(05:01):
twenty one. I know the ecosystem has changed dramatically since then,
so we may very well see something completely different within
the space now, and his ideas and perspective of Kadana
itself overall, I think it's very bullish that he is
put into this particular position. He has definitely got the
experience and knowledge of cryptocurrency, blockchain tech and also AI
(05:24):
and VC investing. So this is definitely I think a
good pick overall. Hopefully he has heard more about Kadano
and has more exposure to the Kadana ecosystem itself. In
other news around the Kadana ecosystem, governance has taken another
step further and at this point we have a yes result.
Next it's up to the Kadana community whether or not
(05:45):
to ratify it. Expect to be submitted on chain in
January twenty twenty five. The work continues. So now this
puts the constitution into the community's hand or it's up
to us now to read over it, see what the
delegates have put together for us, and then we need
to now vote for this on chain. So this is
where de reps or delegate representatives come into play. These
(06:07):
are all the people that are helping all the aid
holders out there vote within the governance era of the
Kadana ecosystem. If you're wanting to learn how to delegate
to a de rep or become a de rep yourself,
I have a bunch of tutorial's here, these top three online.
There's one by big Pay and I've got written a
documentation on the Learn Kadana website as well, so a
lot of stuff out there for you guys, so you
(06:29):
can learn how to participate within this governance era of Kadano.
You can see the community absolutely ecstatic at this point,
a lot of community members from around the world I've gathered.
You can see the two participating bodies here, one in
Bonos Aires and the other one in Naobi. Overall, I
think it's an absolutely phenomenal step forward for the Kadana
ecosystem and for blockchain in general as well. This here
(06:50):
is the Australian representatives that went over to Buenos Aires
to represent Australia's work within this constitutional process. We have Nate,
we have Pete care in Mark and Mark. So congratulations guys,
thank you for all of your hard work over there. Now,
if you want to catch up on all the presentations
and all the conversations and the live voting within this process,
(07:11):
you can. You can get to it at Cadanoconvention dot com.
Click on the watch live and you'll be able to
watch all the live streams. There is still one more
to go on the six here, and that's the actual
signing of the document and everything else around that, So
do check that out. Big shout out to the guys
at claritydal that put together the voting platform for all
(07:31):
of this as well. This is it here, or the
delegates could connect their wallets and vote on chain within
this process. So you see the ninety five percent voted
yes for this entire process, with three people voting no.
We have Patrick Tobler, we have Giselle Rosa and Darlington
Well that all voted no for this process. Now this
(07:53):
is quite interesting. Why wouldn't we get a full, full
resounding yes vote. And there were some concern when it
came to the whole process, and I think this post
by shaguy Rex really summarizes how some of the community
were feeling around that this whole constitutional process. And I've
highlighted some points here that I can summarize exactly how
(08:14):
some of the community was feeling. First off, they were
feeling a little bit disenfranchised within the editing process of
the constitution. Some people were raising concerns but weren't really
being listened to the process overall of organizing all the
workshops around the world and then organizing the constitutional event
seemed a little rushed and add hot, not enough planning
(08:35):
was put in place to make this actually happen correctly
and how they wanted it to. There was a lot
of ambiguity within the language of the constitution, and some
of it wasn't really defined well and wasn't really clear.
The last thing was that the process seemed very rush
the total opposite to how Kadano has been built, taking
that slow, methodical approach. Instead, this constitution seems to be
(08:57):
pushed ahead as quickly as possible. Now I do share
some of this sentiment, and as it's pointed out here,
at the Interim Constitution how it is right now can
still allow the Cadano ecosystem to function. We can do
a hard walk within the next couple of months if
we need to, and then start Treasury withdraws with the
interim Constitution, so we didn't have to go through this
(09:19):
whole process of the constitution, convention and ratifying it right now.
We could have given it a few more months really
to slow down the process and allow more people to contribute,
edit the documentation and contribute that way. But let me
know in the comments down below, let me know how
what you guys think of this whole constitutional process should
(09:40):
have been slowed down. Should we have spent more time
getting the constitution correct and right as it is? Or
are we okay with writing the constitution and ratifying it
as quickly as possible and then making amendments in the future.
I don't know. Let me know what you guys think now.
One of the really interesting points that Patrick Tobler, one
of the people that voted, know, within this whole process.
(10:03):
One of the things that he pointed out was that
we were going from a really big decentralized governance process
to potentially a centralized governing body that could be controlling
all the funds that are coming out of the treasury.
This was one of the ambiguous points within the whole constitution.
Some body, some person, some organization would be looking after
(10:24):
those funds as the treasury has been withdrawn and then
distributing out to users. This was something that was a
little bit of concern and it would have been great
to have that all done in smart contracts as well,
so that way we have this huge treasury which is decentralized,
governed by the de reps and everyone that is voting
on chain, and then moving that to smart contracts to
(10:46):
allow that part of the process to be decentralized as well,
so this was Patrick's concern and maybe we will see
that later on in the year. So this is kind
of like the first steps just to get things moving.
We have an authoritaive by in the middle just to
get things rolling, but then we could possibly move that
to smart contracts to allow for a more automated process
(11:08):
and less of a centralized structure. So hopefully we do
see things moved to that direction. And just to clarify
a few things about treasure withdrawals the guys from blink Labs.
It's probably Chris here that's posting, but he mentions here
access to the treasury needs the polym hard fork, So
this is the next hard fork, moving the Cadano node
(11:29):
to version ten, net change limit set and then info
Action budget pass by de REPS and the ICC, so
we don't need a new constitution to access to treasury.
The intrim constitution provides the capability. We're blocked by the
protocol version currently, and everyone within the ecosystem can initiate
(11:50):
that hard fork and move the protocol to version ten.
My statepol itself I have upgraded to version ten, so
my staatepool is ready for the next Hard four whenever
that might happen, So we'll see that come into play
over the next month or so, maybe in February. After
the constitution, the new one is put on chain and
(12:10):
is ratified by the community, so hopefully we do see
that part of the process happen too, but we don't
need it to happen. We don't need that constitution ratified
on chain because it can also be pushed ahead with
the interim constitution. Now. The other big news story at
the moment is Kadano hitting a million transactions per second.
(12:32):
This is all thanks to the Doom implementation with a
Hydra with the Hydra heads, and this allowed for all
the transactions that were happening within the game. This is
every movement, every jump, every item, every kill, every action
that was happening in the games that people were playing.
We're all put on chain thanks to the hydra heads
(12:52):
that were deployed and people playing all those games and
bringing up the chain up to a million transactions per second,
which is absolutely insane. And people have started to take
note of what's going on here and people are trying
to clarify exactly what is happening. Let me play this
clip from Paul baron Cardana.
Speaker 2 (13:11):
Cardona hit a million and they were on Hydra and
again this is something we don't know for sure if
that actually happened, but this is what their CEO is
talking about, or their leader in Jared with Charles Hoskinson.
Speaker 1 (13:27):
So a couple of things there. First off, Charles is
not the CEO of Cardano. Here's the CEO of input output.
We the Cardano ecosystem, the holders. We're in charge of
the ecosystem. Now we're in charge of Cardana now. One
of the other things there was that he hadn't clarified
or verified that this actually happened. And this is because
(13:47):
Hydra is an L two on the Cadana ecosystem. This
is a layer too, So you have Cardano and then
you have a Hydra sitting on top of it. And
what happens is all these gaming transactions within the Doom
demo were happening on that Hydro level, and then those
transactions be rolled up and then placed back onto the
Cadano main chain, maybe after all those hydra heads are closed. Now,
(14:11):
if we have a look at the stats here, people
were unsure about how many hydra heads were actually being
deployed within this process. It's actually in the thousands, tens
of thousands of hydra heads. People were thinking, oh, maybe
it's just one hydro head. No, no, no, there's many
more hydro heads there. There were twelve thousand hydra heads
(14:31):
in six different regions around the world. So each one
of these hydra heads can process about one hundred to
eight hundred I think theoretical transactions per second. So they
really maxed out and drove hydro to its limits with
this particular demo with the Doom game. So here from
the Grifana dashboard, you can see exactly how many nodes
(14:54):
were being deployed to accept all those transactions from the
game being played itself. So this is absolutely insane. These
numbers are big. Now, also with the hydra side of things,
because it's an L two, you can set the transaction
costs to whatever you want. You could do it for free,
but the transaction costs to zero because it is an
L two. It's a separate blockchain. Now, one of the
(15:17):
big things that were in the comments of my last
video that I did was around the costs. Now, each
of the transactions that were being stored should have cost
something Now this was done on hydra and L two
and you can set the fees to whatever you want
there because it is essentially a separate blockchain. So they
set the transaction cost to I believe zero, and this
(15:38):
allowed them to do that many transactions. But there are
other type of costs such as infrastructure costs. So each
one of these hydra heads was a separate node, and
you have one hydra head per node, so you literally
have twelve one thousand nodes there being fired up for
this particular process to accept those millions actions per second.
(16:01):
So there is that big cost there of setting all
the nodes. Now I don't know how much or how
big these particular nodes were. Is it the equivalent to
a Cadano statepool node? And if that's the case, that
would have been ninety roughly ninety US dollars per node.
So let me just pull up the calculator here, So
(16:21):
ninety times up by twelve thousand, and that's just a million,
just over a million USD to power all of these notes,
So there is definitely a cost in this particular process.
The other costs was also the hard drive space to
store all of these transactions, and I swear I saw
(16:42):
a post. I cannot find it for the life of
me now, but I think it was around forty one
terabytes of data being stored. So this is what you
get from a lot of the centralized chains. The bigger,
the faster the transactions per second you have, the more
centralized the network is, and the higher the costs of
actually running that chain. So that's why we see Solanna
(17:04):
nodes costing so much compared to Kadano nodes because we
aren't going for this really high speed where we need
all of this data on chain. So that's the main
differences that we have. But this is how hydra was
made possible because it is an lt for the Cadana ecosystem.
Now Trim here it was one of the big contributors
to all this, and he will do a big breakdown
(17:27):
so we can find out exactly how much this whole
thing costs. Hopefully we'll hear from him soon. Is at
the convention at the moment, so we might not get
it straight away, but this is a really exciting thing
to get because so that way other businesses will know
exactly how much will cost to set up a hydra
head infrastructure for their adapts. For whatever they're building. Now.
(17:49):
On other project related news, we have the work Courses
projects sell out of their tokens, so congratulations to the
work Courses team. We also have Bidega markets at the
moment that are doing their resale on axo and they're
doing quite well as well. So if you want to
check out those projects, I'll put links down below. Of course,
this is an endorsement of any of these projects, and
(18:10):
please do your own research before jumping in and get
a really good understanding of the tokenomics and how these
particular tokens are used within their ecosystem. And on the
meme side of things, the Snack ecosystem is absolutely killing
it at the moment with four million twenty four hour
volume with snack USD trading on gate dot io. So
(18:32):
this is a lot more essentralized trading, centralized exchange trading,
i should say, of the Condona meme cooin. So this
is really really starting to pick up with more and
more people interested in Condona meme coins. They seem to
operate a little bit differently here, especially the Snack ecosystem.
Now meme coin that did shake up the entire crypto
(18:52):
space was the Hawk token. I've got a separate video
for this, but it really didn't look good with ninety
six of the supply concentrated to the insiders of this
particular project, and we had certain investors that were trying
to get in on this token, hoping that it would
(19:13):
make them rich or change their lives, only to see
their fortunes plummet dramatically. Here. You see this person here
put in thirty five thousand, purchased the Hawk token, and
it went down to two thousand after ten minutes. You
can see here it went from a five hundred million
valuation to crash to sixty million in twenty minutes. So
this is definitely big insider trading dumping on the retail
(19:37):
investors that were coming in. Right afterwards, there was a
big X space that really drilled the team here, but
that has since been deleted, But do check out this
particular video here by coffee Zilla where he breaks down
this crypto scam and tries to get the team to
answer some serious questions about what's happened. But in general, guys,
(19:59):
don't jump into these meme coins. If you fall for
the hype, if you fall for the fomo, it's definitely
something that is going to catch you off guard. A
lot of people that are getting into crypto right now,
and I think this Hawk token really prayed on people
that had never been in the crypto space before and
believe that it could make them rich and change their lives,
(20:20):
and unfortunately they lost a lot of money. Unfortunately they
lost a lot of money. For people seasoned veterans that
have been in the space, been in crypto since like
twenty seventeen and earlier, we know these crypto scams are around,
and these rug pulls happen all the time. But these
new people coming in right now because of this bull market,
they're just the brand new. They're the fresh blood, I
(20:43):
think is the best way to say. Anyway, if you
enjoy this episode, make sure you hit that thumbs up
on the way out to hit subscribe, click the notification bell,
and I'll see you guys in the next video.
Popular Podcasts
On Purpose with Jay Shetty
I’m Jay Shetty host of On Purpose the worlds #1 Mental Health podcast and I’m so grateful you found us. I started this podcast 5 years ago to invite you into conversations and workshops that are designed to help make you happier, healthier and more healed. I believe that when you (yes you) feel seen, heard and understood you’re able to deal with relationship struggles, work challenges and life’s ups and downs with more ease and grace. I interview experts, celebrities, thought leaders and athletes so that we can grow our mindset, build better habits and uncover a side of them we’ve never seen before. New episodes every Monday and Friday. Your support means the world to me and I don’t take it for granted — click the follow button and leave a review to help us spread the love with On Purpose. I can’t wait for you to listen to your first or 500th episode!
Dateline NBC
Current and classic episodes, featuring compelling true-crime mysteries, powerful documentaries and in-depth investigations. Follow now to get the latest episodes of Dateline NBC completely free, or subscribe to Dateline Premium for ad-free listening and exclusive bonus content: DatelinePremium.com
What Are We Even Doing? with Kyle MacLachlan
Join award-winning actor and social media madman Kyle MacLachlan on “What Are We Even Doing,” where he sits down with Millennial and Gen Z actors, musicians, artists, and content creators to share stories about the entertainment industry past, present, and future. Kyle and his guests will talk shop, compare notes on life, and generally be weird together. In a good way. Their conversations will resonate with listeners of any age whose interests lie in television & film, music, art, or pop culture.