►
From YouTube: Pillar Series: Public Chain and Economy
Description
ABOUT
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A
B
First
stay
a
bit
of
housekeeping,
please
you
can
join
our
discord
and
ask
questions
there
or
you
can
ask
questions
in
the
youtube
channel
and
if
I
miss
them,
our
fearless
product
manager
will
pop
in
and
and
point
you
out.
So
thank
you
for
joining
us
and
I
look
forward
to
conversation
here.
B
So
in
2018,
gorek
was
founded
and
we
had
a
vision
of
building
large-scale
distributed
commerce
so
that
we
could
move
the
entire
vibrant
world
economy
online
by
improving
smart
contracts
and
making
them
accessible
to
many
more
millions
of
people
and
that's
a
vision
that
we've
been
pursuing
even
before
blockchain
back
into
our
history.
When
we
worked
on
early
smart
contracts
and
early
large
scale
distributed
commerce
systems,
we
knew
that
was
a
lot
of
work,
but
we've
done
a
lot
of
of
large-scale
systems
and
brought
a
lot
of
big
systems
to
life.
B
But
you
get
into
2019
and
oh
my
god.
It's
really
a
lot
of
work
right,
so
so
we're
moving
forward
in
time
crunching
down,
but
in,
but
in
that
time
doing
that
work
we
built
a
bunch
of
technology
pieces
that
have
since
been
adopted
and
used
in
other
places.
The
the
underlying
secure
javascript
that
underpins
our
system
is
used
inside
of
things
from
salesforce
on
through
to
the
next
generation
of
the
metamask
wallet
infrastructure.
B
So
it's
a.
There
are
several
technologies.
We
built
that
the
the
secure
javascript,
the
ibc,
the
inter
blockchain
communication
protocol
that
we
did
in
conjunction
with
other
teams
in
the
cosmos
environment,
and
that's
now
at
1.0
and
rolling
out
to
a
blockchain
near
you,
so
we're
very
excited
about
those
things.
But
this
year
it's
now
really
putting
all
those
pieces
together,
putting
our
approach
putting
our
smart
contract
technology
together
in
order
to
enable
in
order
to
accelerate
d5
and
we'll
talk
about.
I've
talked
at
various
times
about
how
that
works.
B
B
Okay,
so
there
are
several
challenges,
though,
that
we
saw
in
2018,
and
some
of
them
have
been
solved
or
mitigated
in
isolation,
but
they
haven't
all
been
put
together,
one
that
that
lots
of
people
are
aware
of
is
the
poor
performance
of
existing
systems
for
d5
and
there's
a
lot
of
scaling
efforts.
There's
a
lot
of
performance
efforts,
but
fundamentally
it
remains
a
challenge
in
in
in
the
core
places
where
people
are
building
this
stuff
and
the
gork
solution.
B
The
gork
is
producing
a
public
chain
that
is
based
on
the
battle
tested,
hardened
tendermint
consensus
system,
and
so
this
is
a
virtual
machine
chain,
so
you
can
deploy
multiple
smart
contracts
running
with
fast
finality
and
tendermint
underneath
and,
of
course,
for
those
of
you
that
we've
been
working
with
working
with
across
the
cosmos
ecosystem.
You're.
Well
aware
of
all
the
reasons
we
chose
this
now,
that
does
not
solve
all
performance
problems.
B
B
Second,
is
you
know,
so
we
move
to
proof
of
stake
and
a
lot
of
the
the
world
of
blockchain
is
moving
to
proof
of
stake,
but
that
has
challenges
of
economic
pressure
towards
centralization
which
we've
seen
across
several
different
networks,
and
you
know-
and
that's
that's
a
challenge
that
is
important.
It's
crucial
for
this
world
to
stay
decentralized
and
to
be
able
to
grow.
B
We
kind
of
know
the
answer
to
that
which
is
staking
derivatives
and
lots
of
people
are
working
on
that,
but
it's
hard
to
roll
that
out
in
a
system
where
it
requires
a
large-scale
governance
action
to
do
so,
and
once
you
have
staking
derivatives
once
you
have
a
digital
instrument,
an
asset
that
you
could
turn
around
and
sell
in
a
market.
Well,
you
need
a
market
right
and
more
than
that,
you
can't
just
sell
it
in
a
market.
B
Okay.
So
that
means
the
answer
is
an
extensible
economy.
Now?
What
do
I
mean
by
an
economy?
Well,
some
of
it
is
is
a
place
where
these
go
such
that
multiple
businesses
can
interoperate
with
a
consistent
notion
of
pricing
in
exchange,
so
that
one
customer
can
see
multiple
business
units
decide
between
them.
Collaborate
across
them
have
long-term
arrangements
between
these
different
businesses
and
so
forth.
B
So
we're
very
excited
about
that
and
that's
the
vision
that
we've
had
for
a
very
long
time
of
not
just
a
platform
that
you
can
deploy
software
to
run
it,
but
a
platform
where
you
can
deploy
software
to
safely,
run
it
in
a
stable
economy.
So
it
can
cooperate
and
put
all
that
together.
So
you
can
rapidly
deploy
those
things.
B
Okay,
let's
talk
about
that
rapid
deployment,
because
a
lot
about
what
it's
going
to
take
to
be
able
to
make
all
of
this
grow
out
to
the
mainstream
environment
is
being
able
to
much
more
rapidly
produce
new
businesses
much
more
rapidly
get
them
into
a
market
where
they
earn
money
for
their
creators
much
more
rapidly
and
safely.
Have
those
talk
together.
Have
those
cooperate?
Have
those
be
able
to
engage
and
trade
with
each
other
so
that
you
can
build
a
growing
network
of
of
of
business
among
multiple
different
parties?
Right?
B
It's
not
about
us
being
successful,
it's
not
about
one
or
two
people
being
successful.
It's
about
a
world
of
entrepreneurs
being
successful!
That's
what
it'll
take
to
move
the
world
online
here,
but
we've
all
had
this
expression
on
our
face
right
if
we've
done
development
or
we've
tried
to
use
some
of
these
tools.
Oh
my
god
right.
B
We
know
there's
a
long
way
to
go
in
the
developer
experience
to
get
to
get
even
from
where
crypto
is
now
to
the
low
bar,
that
that
mean
to
a
low
bar
that
mainstream
developers
expect
out
of
their
tools
and
out
of
their
ability
to
build
and
deploy
businesses.
You
know
right
now:
there
are
electric
capital,
estimated
10,
000,
actually
active
developers
versus
10
million
active
developers
in
the
larger
ecosystem.
It's
those
developers
we
need
to
be
able.
B
We
need
to
enable
to
build
these
smart
contracts,
enabled
to
participate
in
these
economy,
economies
that
we're
creating
and
a
key
to
that
as
we've
talked
about
before
is
composition.
Right
people
are
excited
right
now
about
the
composition
where
I
can
write
a
transaction.
Have
a
wallet
talk
to
multiple
different
businesses,
do
a
transaction
across
multiple
businesses
and
that's
very
powerful-
that's
very
exciting,
but
it's
not
what
I
mean
by
composition.
B
And
so
that's
what
we
need
in
order
for
more
than
10
000
developers
to
get
on
board
to
drive,
defy
and
blockchain
to
the
next
level,
and
so
that's
what
we're
building
is.
You
know
we
can
reach
those
millions
of
developers
by
letting
them
program
in
a
language
they're
familiar
with
javascript,
with
a
model
like
react,
like
view
like
these
other
components
of
d5
legos
that
really
plug
together
into
a
simple
app
into
a
single
app
inside
of
a
smart
contract
framework
that
successfully
supports
exchange
business
and
the
other
kinds
of
things
you
want.
B
A
Dean,
but
before
you
move
on,
we
had
a
question
come
in
around
the
fast
system.
Part,
so
double
ask:
what's
our
take
on
side
chains?
Do
we
think
the
scalability
issue
has
to
be
solved
in
the
core
layer.
B
So
so
the
answer
is,
we
do
think
scalability.
Some
of
it
must
be
solved
in
the
core
layer
when
you
start
adding
richer
and
richer
interaction,
there's
huge
value
in
especially
the
zero
knowledge
side
chains
and
so
forth.
The
architecture
that
that
all
of
our
system
is
based
on
uses
is
is
designed
for
large-scale
distributed
systems
originally,
where
blockchains
come
in
and
they
add
integrity
to
execution.
B
Now,
instead
of
one
machine
operated
by
some
guy,
I
have
to
trust
it's
a
hundred
machines
or
a
thousand
machines
all
having
to
agree
on
the
answer,
and
so
it's
not
subject
to
compromise.
That's
the
integrity
that
blockchain
brings,
but
fundamentally
our
model
provides
uniform
distributed
systems
so
that
I
can
in
fact,
spin
up
a
side
chain
where
it's
not
a
side
chain.
That's
so
radically
different
to
program
in
a
different
environment.
It
has
the
same
secure
composition,
lego
model
that
is
and
is,
is
distributed
uniformly
with
our
public
chain.
B
So
we
can
easily
set
up
a
side
chain
with
a
business
that
that
that
delivers
distributed.
Sorry
that
delivers
digital
assets
into
the
public
chain
for
trade
on
the
public
markets.
There
are
previous
talks
out
of
our
hackathon
series
that
talk
a
fair
bit
about
that
and,
if
you're
interested,
you
should
definitely
look
into
how
all
of
that
goes
together,
because
it's
actually
quite
exciting
to
be
able
to
program
smart
contracts
and
then
migrate
them
or
deploy
them
in
multiple
different
environments
and
have
it
all
work
together,
transparently
and
seamlessly.
B
Okay,
and
so
our
economy
is
big
chain
a
place
to
be
able
to
deploy
these
the
the
smart
contracts
in
a
public
market.
But
you
can
do
so
by
having
it
attached
to
these
side
chains
that
have
some
of
those
same
components,
all
communicating
with
the
contracts
on
chain
in
a
smooth,
seamless
matter,
leveraging
ibc,
but
also
leveraging
the
larger
scale
high
performance
distributed
technology
that
we've
built
over
decades
before
starting
agora.
B
B
But
fundamentally
it
needs
a
medium
of
exchange
right
and
so
inspired
by
the
unified
dow
work
in
the
in
the
cosmos
ecosystem,
where,
where
it's
it's
getting
a
bunch
of
people
together
to
realize
and
and
build
out
all
of
the
ways
in
which
the
cosmos
ecosystem
can
can
take
advantage
and
improve
the
world
of
d5
there.
The
chant
is
mo.
So
I'm
calling
this
for
purposes
of
this
presentation.
B
We
have
the
consumer
economy
the
place
where
your
smart
contracts
go
the
place
where
users
come
in
as
market
participants
to
buy
and
sell,
defy
assets
to
deploy
new
car
new
smart
contracts
to
build
new
businesses,
to
sell
to
other
market
participants,
to
deploy
bots
they're
going
to
do
trading
for
you
proactively
inside
the
market,
because
you
can
have
long-lived
contracts
and
long-live
programs
that
will
wake
up
and
do
things
in
the
market
and
so
forth.
B
So
that's
the
consumer
economy
on
the
top
at
the
bottom
is
the
capital
economy
where
there's
staking
and
collateralization
of
loans
and
those
kinds
of
things.
We'll
talk
more
a
little
bit
more
about
each
of
these
each
of
these
in
a
moment:
okay,
but
inside
that
consumer
economy
at
the
top
are
market
institutions
where
you
know,
when
my
business
does
an
arrangement
with
some
other
business,
I'm
not
necessarily
talking
to
the
bank,
but
there's
banks
involved.
It's
part
of
the
ecosystem.
B
It's
part
of
the
interest
infrastructure
of
the
economy
that
we're
embedded
in,
and
so
we
refer
to
those
as
market
institutions.
So
market
institutions
are
themselves
businesses
in
the
economy,
but
they
hold
a
special
place
because
they're
they're,
providing
the
framework
and
glue
and
grease
to
make
transactions
and
trade
happen
better.
B
Okay.
So
let's
look
at
that
treasury
a
little
bit
more
right.
It
is
it's
about
producing
mo
where
it
uses
the
same
mechanisms
of
the
stable
coin.
What
we
care
about
for
a
medium
of
exchanges
is
relatively
low
volatility
and
I'll
talk
a
little
bit
more
about
about
why
that
later,
but
that
makes
it
easier
for
businesses
to
build
and
plan
in
an
economy,
and
so
we
use
the
same
mechanisms
used
for
stable
coins
and
it
has
a
lot
of
the
same
architecture,
but
the
fundamental
focus
is
oh,
my
gosh.
B
Everyone
everywhere
should
use
this
currency.
No,
no!
It's
about
a
local
currency
to
grease
the
wheels
of
trade
and
commerce
in
the
local
environment.
So
when
you
go
to
europe,
you
trade,
your
your
your
assets
or
your
your
personal
currency,
for
a
local
currency
to
spend
in
local
markets.
That's
the
focus
here:
it's
enabling
these
components,
these
markets
to
be
deployed
these
businesses
to
be
deployed
in
a
stable
economy
where
they
can
usefully
communicate
and
cooperate
in
terms
of
the
same
set
of
prices.
B
That's
the
value
of
having
a
coin
at
the
at
the
economic
at
the
transactional
level
of
the
economy
at
the
consumer
economy
level.
So
it's
familiar
and
a
consistent
approach.
It
provides
consistent
pricing
and
a
unit
of
account
that
allows
users
to
be
able
to
understand
what's
going
on
across
many
businesses.
Now
it
is
it.
It
is
crucial
that
the
treasury
is
part
of
that
economy
and
the
the
the
thing
that's
especially
different
is
that
the
treasury
is
built
as
part
of
that
economy.
B
So
so,
first
we
get
the
collateralization
brought
over
via
ibc
or
from
the
local
markets,
and
so
ibc
is
the
inter
blockchain
communication
protocol.
Unlike
most
change
prior
to
this,
we
don't
launch
in
a
vacuum
when
we
launch
our
public
chain
in
2021,
we
launch
connected
to
all
the
pools
of
assets
that
are
available
in
the
cosmos
ecosystem
via
ibc,
connected
with
various
interrupt
protocols
to
ethereum
and
so
forth.
B
This
inter
blockchain
communication
protocol
and
be
able
to
bridge
those
assets
over
to
where
people
can
bring
them
over,
use
them
as
collateral
to
convert
to
the
local
currency
and
spend
that
currency
in
these
markets
to
do
various
kinds
of
d5
things
and
one
of
the
things.
That's
then
special
about
that
treasury.
That's
special
about
our
implementation
of
these
mechanisms
versus
prior
ones.
Is
that,
because
this
asynchronous
system
allows
a
component,
you
know
smart
contracts
to
wake
up
asynchronously.
B
It
can,
for
example,
notice
that
that
it
is
time
to
liquidate
some
some
some
vaults
and
it
liquidates
proactively
on
the
local
market.
So
it
can
liquidate
against
this
amm
or
other
local
markets
without
waiting
for
off-chain
bidders
that
are
subject
to
denial
of
service.
To
come
in
and
make
bids
on
those
assets,
so
that
makes
for
a
smoother
more
integral
relationship
of
of
the
treasury
to
the
rest
of
the
economy.
B
And
that
ability
of
being
you
know
that
that
ability
of
being
intrinsic
to
the
chain
means
both
that
it
gets
to
participate
in
the
local
markets
easily.
It's
not
a
bolt-on
thing,
it's
intrinsically
part
of
it
I'll,
say
about
various
ways
that
mo
gets
used
in
other
parts
of
the
economy,
but
also
the
the
the
the
liquidation
strategy
gets
to
leverage
that
position.
B
So
so
what
are
some
of
the
elements
here
when
I
bring
in
collateral-
and
I
get
a
loan,
we
will
indeed
have
liquidity
rewards
we'll
talk
about
that
later,
because
it's
intrinsic
to
the
chain,
the
liquidity
rewards,
are
in
terms
of
the
staking
token,
that's
a
big
deal,
instead
of
being
in
terms
of
a
secondary
token
for
a
particular
market
on
there
it's
part
of
the
overall
economy.
It
gets
to.
B
Against
the
local
markets,
it
provides
rewards
to
the
validators
and
stakers
we'll
say
a
little
bit
more
about
later
and
fundamentally,
if
there's
a
run
on
the
collateral,
and
it
has
to
liquidate
positions
at
a
loss,
it
has
a
liquidation
order
or
a
a
a
an
ability
to
cover
the
default
first
from
obviously
over
collateralization,
which
is
a
typical
mechanism
in
vaults,
from
stable
coinbackers
that
are
in
that
are
backers
of
both
the
chain
and
the
staple
coin,
and
then
finally,
worst
case.
B
B
Okay,
so
one
of
the
ways
that
the
mo
gets
used
and
that
is
intrinsic
to
the
economy
again
another
way,
rather
that
it's
intrinsic
to
the
economy
is
the
execution
machine.
The
gas
fees,
if
you
will
are
paid
in
in
mo,
are
paid
in
in
the
local
currency,
and
why
is
that?
Well,
partly
we
had
it
and
and
every
every
every
contract,
especially
long-lived
contracts,
are
going
to
have
some
of
the
mo
available
to
be
able
to
have
for
execution.
B
So
that's
much
simpler,
but
if
you
paid
in
an
appreciating
asset,
an
asset
that
goes
up,
then
if
it
goes
up
enough,
suddenly
the
people
just
trying
to
get
business
done
are
competing
with
speculators.
In
this
thing,
that
ought
to
have
been
a
currency
right
when
businesses
are,
you
know
the
way,
I
think
about
the
execution
machine
is
that's
like
postage
right.
B
Every
business
needs
it
in
order
to
get
something
done,
you
need
some
poster
to
be
able
to
send
physical
mailings
or
deliveries,
or
what
have
you,
but
it's
not
your
number
one
price,
except
for
a
number
one
cost,
except
for
a
very
few
businesses.
It's
a
line
item
in
your
budget
and
you're
kind
of
done
right.
Similarly,
you
know
if
you
take
an
uber
ride
as
a
consumer,
you
don't
think
about
gas
price.
B
B
Similarly,
you
don't
want
a
depreciating
asset,
because
one
of
the
key
things
that
we
can
do
that
is
that
is
hard
in
other
systems.
Is
long-lived
contracts
subscriptions
mortgages,
insurance
contracts,
many
businesses,
much
of
the
economy,
the
backbone
of
it
is
long-lived
contracts
and
long-lived
business
relationships.
We
like
that.
We
want
to
empower
that
by
allowing
contracts
to
hold
assets
and
wake
up
and
spend
them
on
business
with
other
contracts.
B
It
can't
do
that
if
the
assets
that
it's
holding
are
going
down
in
value
and
it's
spending
power
that
it
allocated
for
a
subscription
is
no
longer
able
to
pay
for
it
right,
and
so
those
mechanics
are
some
of
why
what
it
turns
out
you
want
is
a
very
low
volatility
coin.
A
stable
coin
is
fine.
It's
not
important
that
it's
really!
You
know
perfectly
stable,
it's
nice,
but
it's
crucial
that
it'd
be
low
volatility,
so
that
businesses
can
plan
with
respect
to
the
to
the
use
of
that
budget
line
item.
B
If
you
will
okay,
so
we
use
mo
to
pay
for
execution
and
that
those
kinds
of
considerations
they
don't
matter
for
very
highly
leveraged
businesses
that
can
deal
with
a
lot
of
speculation,
but
there's
a
lot
of
businesses
out
there.
That
really
do
that
really
are
only
possible
if
they
can
predict
their
budget
that
can
be
very
profitable
if
they
can
manage
how
their
cash
flow
works.
B
Yet
all
those
kinds
of
things
are
what
we
need
to
bridge
from
blockchain
to
the
worldwide
economy,
and
many
of
them
are
very,
very
exciting
to
the
people
currently
in
the
economy
and
to
the
people
outside,
okay,
so
the
the
so
so
you
pay
in
stable
coin.
The
execution
machine
is
using
a
deterministic
auction.
B
It's
inspired
by
our
chief
scientist
mark
miller,
mark
miller's
groundbreaking
work
back
in
1988
the
gork
open
systems
papers,
where
it
talks
about
the
escalator
algorithm
as
a
as
a
stable
algorithm
for
doing
fair
share
scheduling
in
a
competitive
market.
It
was
an
inspiration
and
those
papers
were
an
inspiration
too
much
of
the
work
that's
shown
up
in
various
parts
of
the
crypto
ecosystem,
and
indeed
the
escalator
algorithm
in
particular,
was
specifically
considered
for
next-gen
economics
in
ethereum.
B
So
it's
it's
well-regarded
work
that
is
the
core
of
being
able
to
do
many
of
these
kinds
of
efficient
scheduling
and
that's
really
nice,
because
because
it's
a
deterministic
algorithm,
it
means
that
the
validators
can
execute
it
independently
without
having
to
coordinate
and
come
up
with
the
same
schedule
of
activity,
given
the
the
the
the
set
of
items
on
the
on
our
schedule
of
execution.
So
those
kinds
of
things
are
very
exciting
and
makes
it
very
easy
to
have
predictable
markets
and
increase
performance.
B
As
as
we
go
forward,
okay
and
then
the
final
thing
is
those
fees
don't
go
to
the
validator,
that's
another
element
where
if
they
go
to
validators,
if
gas
fees
go
to
the
miners,
now
you
have
a
fundamental
misalignment
between
the
incentive
of
the
miners
to
raise
the
gas
price,
so
they
make
more
money
and
the
incentive
of
the
people
who
are
of
the
of
the
economy.
Overall,
where
you
know
I
don't
want
to
be
bidding
to
send
my
invitation
to
a
gala
to
someone
I
just
want
to.
B
You
know,
pay
a
postage
and
be
done
with
it
right.
You
know,
there's
one
of
those
things
where
arranging
for
the
having
those
misaligned
incentives
can
lead
to
bad
economics
around
the
gas
price.
This
aligns
those
incentives.
Everyone
in
the
system
wants
there
to
be
more
business
on
the
chain,
they're
still
bidding
for
priority.
In
order
to
have
the
gas
price
reflect
that
that
higher
priority
higher
valued
actions
happen
with
priority
over
lower
valued
actions.
B
I
will,
I
will
be
able
to
close
escrow
at
a
reasonable
price
before
the
party
invitation
response
goes
through
or
those
kinds
of
competitive
needs,
but
that's
not
fundamentally
the
way
the
people
operating
system
get
rewarded.
B
Instead,
the
gas
prices
go
into
the
stability
pool
for
mo,
so
that
so
that
you
are
more,
have
higher
assurance
that
indeed,
these
these
contracts
and
these
businesses
are
operating
in
a
stable
economy
so
paid
in
mo
for
execution
deterministic
auction,
so
that
we
can.
B
We
can
have
a
better
model
and
a
more
stable
pricing
of
execution
and
then,
finally,
those
execution
fees
go
into
the
stablecoin
for
sorry
into
the
pool
for
stabilizing
the
stablecoin
so
that,
if
vaults
are
sold
off
at
below
market,
the
the
fees
to
cover
that
default
first
come
out
of
that
stability
pool
okay.
B
B
And
if
you
look
at
most
chains
out
there,
they
don't
actually
have
a
very
good
story
for
how
activity
on
the
chain
parlays
itself
into
value,
for
the
investors
that
are
making
the
chain
possible
or
value
for
the
operators
that
are
driving
the
chain
and
driving
it
forward,
so
that
you
can
do
more
business,
but
especially
in
a
proof
of
stake
system.
You
know
it's
not
just
good
for
people
and
rewarding
to
make
them
one
operated.
B
It's
crucial
for
the
security
of
the
system
and
since
the
mission
is,
you
know,
rapid
deployment
of
of
of
safe
smart
contracts
in
a
stable
economy.
That
security
is
a
crucial
element
of
what
we're
delivering
here,
and
so
it
must
be
the
case
that
the
value
that
the
value
associated
with
the
with
execution
and
economic
activity
in
the
chain,
as
that
goes
from
a
million
dollars
to
a
billion
dollars
to
10
billion
dollars.
B
The
value
of
the
network
has
to
go
commensurately
with
that
and
grow
with
that
economy
so
that
it's
still
providing
economic
activity
for
the
for
the
sorry.
So
it's
still
providing
economic
security.
So
the
stake
is
still
a
relevant
amount
and
people
will
not
want
to
sacrifice
the
stake
in
order
to
attack
the
system
right
and
that's
a
tenant
of
proof-of-stake
systems.
So
how
does
that
work
in
this
system?
B
Fundamentally,
you
have
to
extract
value
from
elements
of
the
economic
activity,
so
the
treasury
that
produces
this
medium
of
exchange
that
is
used
for
execution
and
other
services
on
the
chain
that
that
that
treasury
charges
fees-
just
like
you
see
in
lots
of
other
mechanics.
But
here
the
fees
go
into
a
reward
pool
that
would
be
paid
out
to
the
stakers
and
validators
and
so
forth.
B
That's
the
value
that
the
people
running
the
chain
are
providing
they're,
getting
a
reward
as
a
result
coming
out
of
the
liquidity,
the
the
liquidity
pools
in
amm
and
and
in
the
treasury,
and
then
finally,
since
as
we're
first
starting
this
out,
the
economy
is
relatively
small
compared
to
the
effort
of
getting
it
going.
There
is
a
bootstrap
phase
where
that
reward
pool
is,
is
enhanced
if
you
will
with
staking
tokens.
B
So
during
the
bootstrap
phase,
there
will
be
stake
in
token,
comes
staking
tokens
provided
as
part
of
the
reward
as
well,
so
the
reward
is
part
mo
parts
taking
tokens
now.
A
key
element
of
out
of
all
of
this
is
again
that
that,
therefore,
the
reward
the
reward
pool,
the
the
val
the
reward
of
the
overall
economy
flows
into
the
the
stake
tokens
and
therefore
enhances
the
the
value
that
is
securing
the
network.
B
It
is
also
the
case
that,
just
like
these
bootstrap
staking
tokens,
these
bootstrap
rewards
for
staking.
There
are
also
bootstrap
rewards
for
liquidity
and
economic
operation,
so
that
collateral
coming
in
over
ibc
that
collateral,
taking
a
loan
taking
out
mo
and
using
it,
is
rewarded
by,
for
you
know,
liquidity
mining
basically
is
rewarded
by
not
just
tokens
that
are
sort
of
tokens
about
a
particular
contract,
but
staking
tokens
for
the
entire
economy
make
up
the
liquidity
reward
for
bringing
assets.
So
the
overall
you
know
result
here
is
we're
doing
liquidity
mining
over
ibc.
B
It's
you
know,
traders
come
and
bring
their
assets
for
for
the
liquidity,
and
then
they
stay
for
the
marketplace,
and
that's
the
world
that
we're
building
here
and
we're
very
looking
forward
to
all
of
you
joining
us,
and
we
think
we
have
all
the
pieces
together
so
that
developers
developers
can
rapidly
build
the
next
generation
of
d5.
We've
got
the
libraries,
the
component
market,
the
market
institutions
all
coming
together
with
a
place
to
deploy
those
in
a
successful
economy.
So
please
validators
come
come
to
test
net
and
look
at
validating.
B
We
will
be
starting
incentivized
test
nets.
Early
next
year,
developers
come
and
start
learning
the
mechanism
and
learning
how
to
start
building
smart
contracts
that
can
deploy
into
this
into
this
environment.
So
you
can
rapidly
innovate
rapidly,
deploy
new
businesses
in
an
environment
that
has
real
money
attached.
We're
excited
for
you
to
join
us.
Thank
you
for
joining
me
today
and
happy
to
take
questions
both
here
and
in
the
future
on
our
discord.
A
And
looks
like
you
would
cover
the
question
that
came
in
dean
and
as
dean
mentioned,
please
join
us
on
discord.
The
teams
available
we're
available
to
talk
about
any
of
these
aspects.
I
dropped
the
discord,
invite
link
in
in
the
chat
here
and,
as
dean
alluded
to
earlier,
we
had
a
hackathon
in
conjunction
with
chain
link
over
the
last
month
or
so,
and
a
bunch
of
great
presentations
came
out
of
that.
So
you
know
take
a
look
out
on
our
youtube
channel
and
come
see
some
details
on
how
the
system
is
built.
A
All
right
all
right
and
with
that
I'm
gonna
bring
you
down
dean
and
thanks
everybody
for
joining
this
is
our
pillar
series
we're
doing
one
presentation
roughly
every
month
about
different
topics.
Some
of
them
may
be
more
technical.
Some
of
them
may
be
more
economic
focused,
and
we
appreciate
you
guys
joining
and
as
always,
join
our
discord
and
come
interact
and
we'll
see
you
next
month.