►
From YouTube: Agoric Community Call #5
Description
First Wednesday of the month we will share Agoric announcements, answer live questions, highlight community projects, and introduce new tools to help you build your application on chain. Set your reminder here not to miss our Community Call.
A
Hi,
everyone
welcome
to
our
fifth
community
call.
I'm
roland
grouse,
product
manager
at
agoric
and
I'll
be
leading
those
this
call.
So
for
those
of
you
expecting
dean,
don't
worry,
he
hasn't
gone
anywhere,
he'll
be
driving
plenty
of
future
updates,
and
I
have
had
three
extra
cups
of
coffee
today,
so
I
will
see
if
I
can
match
his
energy
so,
but
before
we
start,
I
want
to
give
a
bit
of
context
for
this
month's
update.
A
A
I
want
to
spend
this
time
talking
a
little
bit
more
about
what
this
will
look
like
and
what
it
means
from
the
user
experience
and
and
taking
that
from
various
different
users
perspectives.
So,
let's
start
with
highlights
from
the
last
month,
so
this
january
was
awesome
for
us.
We
we
had
the
cosmos
demo
day
on
january
13th
and
for
that
we
shipped
an
end-to-end
demo
of
our
key
economy
applications
and
that
meant
pulling
together
a
whole
bunch
of
different
pieces
of
our
system.
A
So
the
chain
itself,
our
wallet,
our
electronic
rights
transfer
protocol,
our
zoe
framework,
ibc,
the
ethereum
bridge
and
building
a
ui
on
top
of
it
and
making
it
all
work
as
an
end-to-end
system,
and
it
was
the
first
iteration
of
our
core
economy,
components
and
I'll
I'll
talk
a
little
bit
more
about
those
today,
but
it's
just
amazing
to
see
it
all
work
at
the
same
time.
So,
of
course,
you
know
we
have
a
bunch
left
to
build.
A
We
saw
a
bunch
of
stuff
as
a
result
of
that
demo
that
we
we
want
to
improve.
But
it
was
a
super
successful
test
and
we
were
all
really
excited
about
that.
So
as
part
of
that,
we
did
a
bunch
of
work
to
integrate
the
cosmos
gravity
bridge,
and
this
was
previously
called
pegi,
and
this
is
so
that
ethereum
assets
can
move
easily
into
the
cosmos
ecosystem
and
back
and
connect
via
ibc
to
any
different
zone.
A
In
cosmos-
and
this
was
a
major
feature
of
our
demo-
and
we
got
some
great
experience
there
as
well
and
then,
as
always,
we've
made
a
ton
of
progress
on
the
platform
side
and
this
included
a
long
sought
after
goal
of
building
functionality,
to
snapshot
running
processes
for
checkpointing.
So
if
you're
a
validator
and
something
goes
wrong,
you
need
to
restart.
You
can
do
that
without
having
to
start
the
chain
from
scratch.
So
that's
something
we've
been
working
towards
for
a
while-
and
this
is
you
know,
a
big
part
of
our
january
update.
A
So
you
know
grouping
all
the
engineering
work
together
into
one
bullet
is
extremely
unfair
to
the
team,
and
I
apologize
to
everybody
for
doing
that,
but
we'll
take
a
look
at
the
roadmap
in
a
little
more
detail
later.
A
Okay,
so
let's
get
into
the
main
topic
here,
which
is
the
economy
itself,
and
last
month
we
talked
about
the
agoric
economy
for
the
first
time,
and
dean
went
into
some
detail
on
it
and
we
we
had
our
own
presentation
specifically
on
the
economy,
and
so
this
slide
is
a
very,
very
high
level
summary
just
to
refresh
everyone
on
some
basic
dynamics.
So
first
agorik
has
two
native
tokens
a
staking
token
and
what
we
call
our
local
currency.
A
The
local
currency
is
what's
used
to
pay
for
execution,
which
is
effectively
our
gas
model
and
is
the
base
currency
for
agoric
applications,
and
so
obviously,
as
a
third-party
developer,
you
have
choices
on
what
you
would
want
to
use
to
price
whatever
it
is
you're
you're
doing
if
it's
an
options
platform
or
if
you're
selling
nfts
you
can
price
in
the
currency
that
you
want
but
know
that
from
agora
standpoint
our
applications
will
will
be
priced
in
the
local
currency
and
execution
will
be
priced
in
local
currency.
A
So
we
know
that
that
is
the
one
thing
that
all
users
will
have
in
their
wallet.
The
local
currency
is
minted
at
the
treasury
and
it's
backed
by
collateral
from
agoric
and
from
other
chains,
so
might
be
ethereum
assets
coming
in.
It
might
be
atoms
coming
in
creating
vaults
to
mint
the
currency
and
subject
to
collateralization
requirements
and
the
kinds
of
things
that
you're
you're
likely
used
to
in
d5
applications
and
then
so.
The
second
currency
is
the
staking
staking
token,
and
that
is
where
users
will
stake.
A
The
validators,
or
rather
delegate
to
validators,
accrue
rewards,
and
things
like
that.
So
I
want
to
spend
the
next
few
slides
going
through
what
that
really
looks
like
from
the
perspective
of
different
users
in
the
system.
A
So,
let's,
let's
start
with
stakers,
so
stakers
perform
a
super
important
role
in
the
agoric
ecosystem
by
providing
a
secure
environment
for
contract
interactions
in
a
stable
economy
and
as
a
result,
the
holders
of
the
staking
token
receive
rewards
for
their
service
from
multiple
sources.
So
the
first
of
those
rewards
is
inflationary,
rewards
that
you're
used
to
seeing
from
other
proof
of
stake
chains
and
that
that's
new
issuance,
which
which
happens
in
the
early
phases
to
ensure
that
you're
rewarded
for
staking
those
tokens.
A
However,
you're
also
entitled
to
rewards
generated
from
fees
in
the
economy
itself.
So
the
first
part
is
the
most
basic,
which
is
just
the
actual
execution
fees
for
transactions,
which
is
what
I
mentioned
to
begin
with.
You
know
the
transactions
are
paid
for,
our
gas
is
in
our
local
currency.
A
Those
fees
will
accrue
to
staking
to
stakers
and
validators,
but
then
more
interestingly,
we
also
have
fees
coming
from
the
treasury
itself
and
the
native
amm
that
is
part
of
the
treasury,
so
as
vaults
are
created
as
interest
accrues
on
those
vaults,
those
fees
will
get
paid
out
to
stakers
and
validators
and
then
similarly,
trading
fees
from
the
amm
will
in
part
go
to
lp
liquidity
providers,
but
will
in
part
go
to
to
stakers
so
that
as
a
staker
in
the
agoric
system,
you're
benefiting
from
activity
in
the
economy
and
you're
tied
to
the
economy,
much
more
directly
than
just
sort
of
paying
for
transactions.
A
A
Okay,
so
let's,
let's
move
on
then
from
stakers
and
look
at
the
the
treasury
and
again
in
very
high
level.
What
are
what
are
the
two
two
parts
of
the
system?
So
we
we
refer
to
the
treasury.
As
sort
of
you
know,
we
also
kind
of
call
it
our
core
economy.
I
I'm
calling
here
the
treasury
system,
because
really
it
includes
two
major
components:
one
is
the
treasury
where
vaults
get
minted
and
the
vaults
get
created
and
local
currency
gets
minted
and
then
separately
are
our
amm.
A
So,
as
we
discussed,
vaults
will
have
risk
and
fees
managed
based
on
parameters
like
liquidation,
threat
thresholds
and
liquidation
penalties,
and
things
like
that
which
will
be
set
by
governance,
and
we
expect
to
launch
with
several
different
asset
types.
So
some
of
those
will
assets
will
come
from
ethereum.
Some
will
be
likely
agoric.
Some
will
likely
be
from
the
cosmos
ecosystem
and
those
determinations
and
how
that
expands
over
time
will
be
a
governance
decision.
A
The
treasury,
as
we
showed
in
the
demo,
the
treasury
will
use
asset
bridges
from
ethereum,
we'll
use,
ibc
and
so
obviously
bringing
bringing
assets
in
from
other
chains
will
be
very
straightforward
for
users.
A
Okay,
so
the
the
other
component
is
the
amm
and
in
the
amn
amm
we
will
have
on
launch
and
more
details
coming.
We
will
have
incentives
to
build
liquidity
for
core
pairs
with
our
local
currency
and
the
amm
is
going
to
be
using.
A
You
know
an
xyk
curve,
similar
to
what
you've
seen
in
you
know,
uniswap
and
other
similar
implementations,
but
we
also
want
to
have
a
stable
currency
swap
for
any
stable
asset
pairs,
so
we'll
likely
launch
with
both
of
those
importantly,
the
reason,
one
of
the
reasons
that
these
systems
we
view
these
systems
as
complementary
or
even
the
same
system,
is
that
liquidations
that
happen
on
the
on
the
treasury,
at
least
during
normal
market
conditions,
will
occur
on
our
native
amm.
A
So
that
provides
some
additional
assurances
for
us
on
how
those
liquidations
will
operate
and
how
efficient
it
will
be,
and
obviously
we'll
have
other
mechanisms
to
deal
with
non-normal
market
conditions
where
we
we
don't
want
liquidations
to
all
of
a
sudden
cause
a
challenge
on
the
ammo
okay.
So
I
I've
talked
about
these
two
components
independently
and
what
we?
A
What
we
believe
is
that,
while
these
will
have
front
ends
and
users
will
be
able
to
come
to
a
treasury
application
and
and
mint
local
currency
for
their
wallet
and
then
go
somewhere
else
to
to
deal
with
a
third
party
application
where
we
think
this
gets
really
powerful
is
integrating
these
things
directly
in
third-party
applications.
So
you
know
I'm
going
to
show
a
very
cartoony
slide
on
the
developer
experience
and
what
this
really
means.
A
So
as
an
example,
the
asset
bridges
that
we're
showing
in
our
treasury
will
be
available
to
you
to
use
so
that
users
can
come
directly
in
and
in
a
few
clicks,
either
come
in
exchange
their
existing
assets
for
the
local
currency
or
create
a
vault
and
mint
local
currency
so
that
they
can
interact
with
your
application
directly.
A
A
So
this
will
start
with
core
economy
elements
as
I'm
showing
here,
but
will
also
include
much
much
more
so,
for
example,
implementations
for
loan
protocols
or
options
protocols,
so
importing
these
into
your
application
will
not
only
save
you
development
time,
but
also
improve
your
security
as
your
you'll
be
reusing
components
that
have
not
only
potentially
undergone
security
audits
but
also
battle
testing
in
the
field.
A
So
you
know,
dean
talks,
a
lot
about
the
challenges
with
leveraging
copy
pasted
code
and
how
all
of
a
sudden
you
change
one
one
part
of
that
code
and
you've
nullified
all
the
security
properties
of
it.
We
really
want
to
avoid
that
and
being
able
to
to
directly
import
these
kinds
of
components
into
your
system
does
so
you
know
and
again
we
we've
had
a
number
of
talks
in
the
past
about
our
ocap
security
model
and
ertp
and
smart
contract
framework
and
the
benefits
of
building
and
secure
javascript.
A
But
we've
talked
less
about
how
those
things
add
up
to
safe
code,
reuse
and
what
that
looks
like.
So
we
we
view
this
as
the
first
step
along
that
pathway,
and
you
know
our
unofficial
mission,
or
at
least
my
belief
that
our
unofficial
mission
is
just
to
be
the
safest,
fastest
and
best
place
for
you
to
build
smart
contracts.
A
All
right,
so,
let's,
let's
move
on
and
talk
about
a
couple
things
that
we
saw
happen
this
month
in
the
ecosystem
that
we
think
are
really
important.
So
first
is
the
launch
of
the
gravity
bridge
and
ibc
on
cosmos.
So
these
are
you
know.
Obviously
you
you've
like
if
you're
on
this
community
call
you're
likely
aware
of
some
of
the
updates
on
cosmos.
A
But
this
was
a
lot
of
work
and
you
know
the
agora
team
has
been
a
core
contributor
on
the
design
and
architecture
for
ibc,
so
we're
really
thrilled
to
see
this
go
live
and
what
this
will
mean
for
the
cosmos
ecosystem
and
beyond,
as
ibc
becomes
a
thing
in
its
own
right
and
and
so
next
is
secret
network.
So
our
friends
over
there
launched
an
ethereum
bridge
of
their
own
back
in.
A
I
believe
it
was
actually
december
and
started
a
liquidity
mining
program
in
january
and
as
of
yesterday,
it
looked
to
me
like
over
30
million
dollars
was
locked
between
ethereum
and
various
erc
20
assets
that
they
support.
So
we
view
this
as
a
really
important
validation
that
users
are
happy
to
move
across
blockchains
to
take
advantage
of
opportunities
if
the
opportunities
are
there.
So
really,
you
know
if
you're
a
developer
and
you're
looking
to
understand
user
behavior.
A
You
can
look
to
implementations
like
these
and
and
see
that
you
know
to
the
extent
you
have
an
interesting
opportunity
for
a
user
and
an
easy
bridge
to
get
their
assets
there.
They
will
come
so
we
thought
that
was
really
great
all
right.
So
let's
talk
a
little
bit
in
a
little
bit
more
detail
about
our
roadmap.
Here,
as
you
can
see,
we
have
a
bunch
of
concurrent
development
paths
happening
concurrently.
So
there's
a
lot
of
stuff
that
we're
working
on
all
at
once.
A
The
demo
in
january
was
an
important
test
of
various
aspects
of
the
system,
and
you
know,
as
I
mentioned
earlier,
there
are
some
clear
improvements
coming
out
of
that
and
those
go
into
the
treasury,
ethereum
bridge
and
ibc
boxes
here
and
the
the
primary
goal
that
we
have
is
shooting
towards
our
beta.
A
So
the
beta
will
be
the
first
test
of
the
core
economy:
components
where
users,
you
guys
will
come
in
use
a
ui
for
the
the
treasury
use
the
ui
for
staking
when
we
launch
it
and
that
that
will
be
sort
of
the
the
first
next
large
large
date
that
we're
shooting
towards.
A
So
on
the
platform
side,
we
have
a
bunch
of
on
going
work
to
scale
performance
of
the
system
and
that
will
likely
continue
through
beta
through
the
validator
challenges,
up
to
mainnet
likely
beyond
mainnet,
but
there's
a
bunch
of
important
improvements
that
we're
making
there
and
then
we've
got
a
lot
of
great
input
on
driving
a
a
successful
validator
program.
So
you
can
see
here.
I've
got
validator
challenges
up
as
a
date
in
the
future.
A
Here
what
we
want
to
ensure
is
that
as
users
come
in
and
are
testing
the
system,
we
have
specific
things
that
they're
they're,
looking
to
stress
and
so
more
will
be
coming
out
about
our
validator
program
this
month,
which
we're
really
excited
to
announce
so
and
again
it
it's
difficult
to
represent
a
complex
roadmap
in
one
slide
here.
So
obviously
some
boxes
are
are
shaped
in
certain
ways
to
make
them
fit.
A
We
have
a
lot
of
work
that
that
is
ongoing,
that
we've
we've
made
a
ton
of
progress
on
over
the
last
month,
so
looking
to
see,
if
there's
anything
else
that
I
want
to
pull
out
here,
I
think
one
thing
to
keep
in
mind
is
that
governance
will
likely
come
post
beta.
We
will
have
plans
for
that,
but
on
the
beta
itself,
we'll
launch
with
the
treasury,
with
ethereum
bridge
we'll
soon
have
staking
and
then
we'll
be
layering
an
additional
functionality
after
that.
A
Great
so
let's
talk
a
little
bit
about
a
couple
of
updated
upcoming
events
that
we
have
so.
The
first
is
a
live
event
with
figment
networks
where
dean
dean
tribble
is.
Our
ceo
is
going
to
join
figment
to
discuss
our
high-level
use
case,
our
ecosystem
and
future
roadmap,
and
then
we
also
have
the
citizens
cosmos
podcast,
which
is
a
recording.
It's
an
episode
with
dean,
to
explain,
gorick's
role
in
the
cosmos
ecosystem
and
our
future
vision,
and
so
we'll
we'll
be
sure
to
announce
that
when
the
podcast
gets.
A
Released
and
finally,
for
those
of
you
who
are
interested
in
understanding
how
to
get
involved-
and
obviously
this
this
will
evolve
as
we
continue
to
continue
to
release
new
things.
But
right
now
we
think
there's
there's
three
primary
things
that
you
should
be
doing
one.
If
you're
interested
in
running
a
validator.
You
should
join
us
in
discord
and
join
the
validators
channel
to
help
prepare
for
for
test
net.
A
So
you
know
we
have
a
very
active
validators
channel
community
is
getting
up
involved
and
you
can
get
help
either
from
the
team
or
from
existing
community
members
separately.
We
hope
that
you
come
and
build
on
our
alpha.
So
as
we
continue
to
release
new
features,
get
closer
to
mainnet
those
of
you
that
have
either
participated
in
previous
hackathons
or
have
experience
building
on
our
alpha.
You
know
we're
looking
for
early
contributors
to
become
community
leaders
as
as
we
approach
mainnet.
A
So
you
know
we
encourage
you
to
come
get
comfortable
with
our
frameworks,
understand
how
agora
works,
engage
with
our
team
and
then
become
a
community
leader
yourself
as
we
as
we
come
towards
launch
and
then
just
be
sure
to
even
if
you
don't
want
to
become
a
validator.
Please
do
join
our
discord
and
that's
where
we
announce
things
primarily.
We
also
have
a
telegram
group,
but
announcements
will
be
coming.
A
A
All
right
so
with
that,
please
you
know,
obviously,
for
those
of
you
watching
this
on
recording,
which
we
know
happens,
frequently
come
come
to
discord.
Ask
us
there
happy
to
engage
either
myself
or
other
people
on
the
team
are,
are
tracking
discord
every
day,
so
really
excited
to
have
all
of
you
joining
us
on
this
journey
and
we'll
look
forward
to
chatting
next
month
with
a
lot
of
great
updates.