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From YouTube: DAPPCON 2019: Reputation & Cross-DAO Collaboration in the dxDAO - Matthew Finestone (Loopring)
Description
DappCon is a nonprofit global developer conference focusing on decentralized applications, tooling, and foundational infrastructure on Ethereum.
A
B
Okay,
thank
you.
Everybody
I
came
up
with
a
fancy
title
cuz.
They
asked
me
to
like
a
month
ago
and
I
didn't
know
what
I
would
talk
about,
but
really
I'll
just
be
talking
about
that
DX
Dao
in
real
practical
terms,
after
Matan
just
kind
of
delve
deep
into
the
higher-level
design
of
competition,
vers
coordination
I'll
keep
it
up
practical
and
we'll
look
at
what
I
would've
doubt
how
this
one's
been
operating.
So
first
a
little
bit
of
background
just
so.
This
makes
sense.
B
So
I
work
with
loop
ring
loop
ring
is
a
protocol
for
building
non-custodial
high-performance
order
book
based
exchanges.
I
use
all
those
words
instead
of
calling
it
a
Dex
protocol,
because
we've
come
a
long
way
in
in
the
space
to
just
bucket
everything
as
the
Dex.
You
know,
we
don't
concern
ourselves
like
swaps
and
stuff.
We
try
to
build
order,
but
based
exchanges
and
I
do
business
stuff
for
for
loop
rings.
So
that's
the
background,
and
just
so
you
can
understand
a
bit
of
what
we
do
and
a
tiny
little
shell
here
just
so.
B
This
makes
sense
why
we're
interested
in
the
DX
Dow
we've
been
using
snarks
for
the
past
year
to
increase
our
scalability
from
an
old
version
of
three
transactions
per
second
to
now,
350
in
the
safest
terms
or
several
thousand,
if
we
relax
some
some
security
guarantees.
So
how
does
this
relate
to
the
DX
Dow
and
what
is
it
the
X
Dow?
So
the
DX
Dow
is
a
next-generation,
decentralized,
autonomous
organization
for
community
governance
of
software
protocols.
So
it's
a
Dow
for
community
governance
of
software
protocols.
B
It
was
created
by
gnosis
and
dau
stack,
or
it
was
incepted
by
them,
and
the
code
has
worked
on
and
the
whole
design
using
cows,
tax,
holographic
consensus
and
and
gnosis
figuring
out
the
more
specifics,
and,
most
importantly,
in
my
opinion,
the
DX
Dao
now
owns
and
governs
the
Dutch
X
protocol
and
I
highlight
this.
This
fact,
because
I
find
this
really
cool
that
this
Dow
owns
a
fully
working
decentralized
exchange
protocol,
the
docx
protocol.
B
To
my
knowledge,
it's
the
first
Dow
that
wholly
owns
a
working
piece
of
software
such
as
this
it
actually
transacts
economic
value.
So,
on
that
note,
what
is
the
Dutch
X?
It's
a
Dutch
auction
trading
protocol
created
by
gnosis,
so
you
see,
gnosis
had
a
big
part
in
this
and
the
benefits
just
very
quickly
free
for
you
that
are
familiar
with
Dutch
auction.
Some
of
the
nice
properties
are
its
front-running
resistant,
meaning
like
there's,
not
race,
conditions
where
you
could
get
in
gasps
bidding
wars.
B
I
won't
get
into
this
too
much
because
it's
a
separate
topic,
but
front-running
resistant,
which
is
big
thing
for
blockchain
based
exes.
It
could
be
used
as
an
on
chain
Oracle
for
fair
price
feeds.
It's
good
in
low
liquidity
situations,
including
for
initial
price
discovery
where
a
price
has
not
existed
yet
and
what
we
would
call
slippage
resistant
here.
It's
also
good
because
it
could
be
truly
decentralized,
so
it
could
all
live
on
chain
and
not
you
know
succumb
to
those
front-running
challenges
that
other
fully
Unchained
access
app.
So
these
are
super
cool
properties.
B
Some
of
the
potential
cons
or
disadvantages.
Are
it's
slow
by
design
auctions?
Take
time
to
clear
for
everybody,
so
a
Dutch
auction,
just
to
maybe
I,
should
explain
a
bit
more.
The
price
starts
high:
it
keeps
going
down
people
bid
and
eventually,
when
the
whole
locked
that
was
supposed
to
be
sold
when
that's
bid
up
at
that
last
marginal
price.
The
last
person
who
raised
their
hands-
it
all
clears
there.
So
it's
slow
by
design.
B
It's
meant
to
take
six
hours,
I
hear,
but
it
could
take
longer
or
quicker,
and
it's
somewhat
complicated
for
somebody
that
isn't
familiar
with
trading.
It's
less
easy
than
maybe
an
order
book
or
it
doesn't
have
to
be,
it
could
be
abstracted,
but
it's
a
potential
disadvantage.
So
why
is
it
so
cool
this
marriage
of
them?
B
Now
that
the
DX
Dao
owns
the
Dutch
Jack's
protocol?
In
my
opinion
it
could
be-
or
it
is
the
first
real
real
decks,
because
you
remove
that
control
layer
that
a
team,
a
centralized
team,
usually
that
you
know
people
often
just
think
about
the
architecture
of
a
Dex
what's
on
chain
what's
off
chain
and
you
know
who
could
censor
orders,
but
they
forget
about
the
control
layer
and
like
the
the
decision-making
power
now
that
the
DX
Dao
really
governs
at
that
check.
B
So
that
is
that
to
me,
that's
the
most
salient
point
and
another
really
cool
thing
are
legal
considerations
that
tons
of
Dex's
face
when
you
spin
up
a
Dex
and
you're
making
money
in
some
jurisdiction
you
have
to
you
know
you
have
this
regulatory
burden
in
which
jurisdictions
could
you
operate?
Could
you
serve
Americans?
Could
you
could
you
serve
securities
by
maybe
and
I'm
not
saying
this?
The
DX
Adele
does
kind
of
protect
us
fully,
but
a
lot
of
work
went
into
the
structure
that
legal
considerations
could
be
kept
at
bay.
B
Also,
network
effects
of
DX
Dow,
which
is
a
network
within
itself,
owning
a
trading
protocol.
You
just
by
design,
have
a
bunch
of
champions
for
the
exchange
right.
It's
like
you
own
it
and
that's
kind
of
like
maybe
even
a
primitive
and
anything
crypto.
Is
it
like
we're
all
part
of
the
network,
so
we
all
champion
it
and
we
all
have
vested
interest.
This
is
like
a
double
case
of
that.
We
own
the
Dow,
the
downs
that
it's
that
we
could
really
kind
of
bootstrap
that
the
community.
B
So
that's
why
it's
important,
there's
also
a
few
downsides,
though
the
biggest
one
in
my
opinion
is
potential
like
apathy
when
you
have
something
so
decentralized.
People
are
like
they're
looking
at
that
guy
and
that
girl
to
maybe
take
the
lead.
It's
tough
right,
like
people
are
apathetic
or
even
lazy.
It's
hard
to
kind
of
you
know.
Inertia
is,
is
a
thing
right
in
decision-making.
So
that's
something
that
we're
seeing
lack
of
action,
ability
or
speed
of
execution.
You
know
if
we
all
have
to
decide
on
a
plan
right
now.
B
If
it,
if
that
initial
distribution
is
out
of
whack,
you
could
have
some
problems.
So
these
are
the
potential
downsides.
Dow
stack
and
holographic
consensus
is
meant
to
really
you
know,
navigate
these
concerns,
but
they're
they'll
persist
in
in
any
decentralized
system
potentially
and
how
that
the
excel
looks
to
fight.
That
is
if
the
balance
the
sufficient
decentralization
with
the
the
provision
of
meaningful
control
and
the
ability
to
actually
make
decisions,
so
you
want
it
to
be
decentralized,
but
you
can't
just
be
you
know
so
slow
moving.
B
So
that's
that's
what
all
this
tries
to
entail
now
all
right,
how
the
heck
does
loop
ring
figure
into
this?
As
I
told
you
word
X
protocol
and
when
we
saw
this
happening
said
Wow
community
governance
of
software
protocols.
We
work
so
hard
to
make
things
decentralize.
Yet
it's
still
like
20
of
us.
You
know
mostly
sitting
in
a
room
in
Shanghai
making
decisions
were
very
cognizant
to
the
fact
that,
eventually
we
need
to
let
this
you
know
be
free.
The
the
software
protocol
has
to
be.
You
know
it
has
to.
B
We
have
to
let
it
fly
and
let
the
community
govern
it.
So
we
thought
wow.
This
is
amazing.
Someone
is
doing
all
the
heavy
lifting
and
we
planned
for
our
own
Dow
to
that
same
effect.
But
no
we
figured
the
DX
Dow
could
help
cover
an
hour
Dow
or
vice
versa,
like
we
could
give
our
stake
to
our
Dow,
which
then
controls
that
the
X
now
so
all
sorts
of
cross,
Dow
pollination.
B
Also
on
a
kind
of
practical
matter,
we
actually
had
an
internal
need
for
the
Dutch
Jack's.
That's
why
I
was
so
interested
in
it
personally
years
ago
or
a
year
ago,
because
there's
a
little
mechanism
where
within
loop
ring,
we
actually
have
to
convert
a
whole
grab
bag
of
tokens
that
are
paid
in
fees
to
Dex's.
B
We
had
a
mechanism
that
we
needed
to
turn
it
into
LRC
and
the
Dutch
X
is
good
for
that,
for,
like
discrete
interval,
low
liquidity,
conversions
right,
you
can't
trade
like
matt
coyne
for
LRC
on
an
order
book
somewhere,
there's
just
no
liquidity.
That
Jax
is
good
for
that,
and
I
thought
it
was
really
cool,
so
I
kind
of
just
pushed
the
team.
Hey,
let's
look
into
this,
and
and
we
did
so
initial
reputation
offering.
How
do
we
kind
seed?
B
The
votes
in
this
in
this
community
gnosis
and
Dow
stock
came
up
with
this
mechanism
to
distribute
the
initial
reputation.
So
there
was
four:
let's
ignore
the
2%
storytellers
for
right
now
there
was
for
real
methods.
You
could
lock
er
C
20
tokens,
certain
ones
that
were
whitelisted.
You
could
lock
ethan
you
lock
it
for
a
month,
then
you
would
get
like
you're
proportional
share
of
reputation.
You
could
register
m
GN
m.
Gn.
Very
quickly
is
a
token
that's
earned
by
people
that
trade
on
the
Dutch
axe
you,
trade
on
the
Dutch
X.
B
You
earn
these
tokens,
you
see
that's
the
biggest
chunk
and
finally
bid
gen
Dow
stacks
a
native
token.
You
could
bid
for
reputation.
So
you
see
four
different
methods.
The
design
goal
for
them,
speaking
for
them,
was
to
kind
of
get
a
few.
Disparate
groups
involved
and
groups
that
actually
have
sorry
acquire
about
four
different
methods
during
three
days:
target
groups
that
actually
have
a
technical
or
legal
knowledge
and
could
contribute
something
and
they
tried
to
really
kind
of
optimize.
B
For
that
and
the
best
slide
I
could
think
of
to
show
this
was
this
from
the
other
day
and
yes,
it's
a
slide
of
a
slide,
but
this
was
the
two
creators
of
this
at
Dow
stack
the
other
day
and
they're,
showing
why
each
like
Avenue
for
participation
was
selected.
So
we
see
registering
magnolias.
That
was
for
fifty
percent
of
the
voting
power,
strong
Dutch
X
coupling.
B
You
want
people
that
understand
the
debt,
the
DX
tiles
main
asset,
the
Dutch
X,
who
are
those
those
are
the
market
makers,
so
you
give
the
power
to
them,
and
70
participants
came
in
registering
their
Magnolia
that
they're
in
the
Dutch
X
next
locking,
ERC
20
tokens.
That's
to
include
projects
like
loop
ring
who
have
their
communities
who
may
have
an
internal
need
for
the
Dutch,
X
or
or
an
eventual
need
for
the
DX
Dao
governance
structure,
but
to
get
other
you
know
it's
like.
B
B
You
know,
presumably
a
lot
of
people
that
care
about
the
stuff
have
eath,
let
them
lock
it
to
reserve
their
voting
power
and
finally
bidding
Jen.
This
was
to
actually
fund
the
Dow,
so
you
bid
with
Dow
stacks
token
for
reputation
and
that's
how
you
run
it
now.
The
Dow
has
a
starting
Treasury
of
Jen,
so
there
you
have
it
why
the
initial
reputation,
one
of
the
most
you
know,
important
features
how
it
came
about,
and
here
were
the
stats.
B
The
most
important
one
is
just
three
hundred
ninety
nine
participants.
You
see
that
twenty
eight
were
smart
contracts
using
like
the
gnosis
safe
just
for
ease
of
transferability.
Later
and
configurability,
twenty
million
bucks
almost
were
locked
in
there,
but
yeah.
Almost
four
hundred
people
participated.
Let's
look
quickly
how
they
did
so
you
see,
thirty
thousand
eath
were
locked
up
eventually,
and
the
number
of
participants
per
method
you
had
mainly
the
e
and
the
token
lockers
right.
B
Magnolia
is
like
it's
just
it's
for
the
traders
on
the
debt
jacks
and
the
Jen
bidders
were
the
two
lower
ones.
Now,
here's
where
I'll
say
okay
loop
rank
participated
on
the
locking
of
the
tokens,
but
remember
on
day
one
of
thirty.
We
had
no
clue
how
much
reputation
other
people
like
each
track.
Let
me
just
say
quickly:
it's
like
you,
compete
with
other
people
in
that
track,
so
for
the
token
reputation,
distribution,
how
much
I
stake
is
measured
versus
how
much
other
people
stake
of
tokens.
B
Nothing
to
do
with
bidding
Jen
or
bidding
ease,
I
earn
thirty
percent
which
is
allotted
to
that
Avenue
I
earn
it
relative
to
other
people
in
that
Avenue,
so
loop
ring,
so
I
was
gonna.
Do
it
personally,
then
I
told
you
know
our
founder
and
CEO
hey.
This
is
cool,
let's
get
involved
and
he
went
big.
Okay,
that's
us
in
pink.
Of
course,
he
didn't
know
what
big
was
beforehand.
He
did
it
on
day,
one
first
of
all,
so
that
was
actually
a
few
million
bucks
of
LRC's.
B
So
he's
a
risk
taker
just
to
lock
that
up
in
a
smart
contract
that
could
potentially
have
a
bug.
But
you
know
we
didn't
know.
If
actually
other
people
would
dwarf
us
and
we
could
have
ended
up
with
two
percent,
we
had
no
idea
what
people
would
stake.
It
was
non-deterministic
at
the
beginning.
However,
you
see
in
the
ERC
twenty
staking
method.
We
earned
forty
three
percent.
That
is
not
the
whole
of
four
methods,
though
keep
in
mind.
B
So
it's
really
would
be
thirty
times
that,
and
this
is
actually
what
we
ended
up
with
in
the
tub
just
slightly
off
now,
because
a
bit
more
as
minted,
but
we
ended
up
with
10
and
a
half
percent
of
the
DX
Dowell
reputation,
the
biggest
chunk,
and
you
see
the
rest
how
it
comes
to
play
greater
than
50%.
You
need
seven
people
own
50%
of
the
vote,
so
you
see
kind
of
the
four
you
see
how
its
distributed
there.
We
ended
up
with
ten
and
a
half
percent.
B
So
now,
let's
go
into
what
has
the
DX
Dow
been
up
to
after
this
this?
By
the
way
this
happened
in
June,
the
reputation
distribution
happened
in
June.
What
is
it
DX
now
been
up
to
so
one
of
the
first
proposals
slashing
loop
ring
reputation
all
right.
Those
son
of
a
guns,
but
actually,
but
really
so
you
see
this
is
a
proposal,
but
it
was
voted
down.
So
thanks,
everybody
that
voted
it
down.
But
really
this
wasn't
like
an
adversarial
hey
loop
ring
get
out
of
here.
B
It
was
actually
us
that
said:
oh,
we
ended
up
with
a
lot.
We
want
to
flatten
this
distribution.
It
was
actually
us
that
said.
It's
me
that
put
forward
our
first
unofficial
proposal,
because
the
proposal
is
a
technical
thing
in
downstack,
where
you
propose
and
it
becomes
actionable
and
voted
upon.
Just
in
a
forum.
I
said:
hey,
we
want
to
give
away
point
five
percent.
We
either
want
to
donate
it
or
distribute
it
or
auction
it
sell
it
for
eath,
let's
say
which
will
go
into
the
Treasury.
B
So
we
wanted
to
do
that,
so
that
was
actually
a
friendly
proposal
that
someone
did
that,
but
actually
was
harder
than
anticipated
and
to
date
we
have
not
given
that
point
five
percent
and
it
was
harder
than
anticipated.
Briefly,
because
one
little
technical
thing
was,
we
don't
know,
let's
say
we're
to
give
it
to
that:
guy
who's,
a
good
a
nice
day,
contributor
I,
don't
know
if
he
has
like
four
other
identities
that
hold
to
six
and
four
percent
of
the
Dow,
and
now
he
actually
becomes
a
bigger
shareholder
than
loop
ring
right.
B
You
have
this
pseudonymity
civil
attack
problem
price
discovery.
If
we
did
in
fact
want
to
sell
it,
what's
a
fair
price,
half
a
percent
for
one
eighth
penny,
like
anecdotally,
when
I
put
that
on
Twitter
a
mean
from
McDowell
said:
I'll
buy
it
for
like
what
price
and
he
was
probably
kidding
anyway,
but
I.
Think
there's
like
technical
reasons
like
how
do
you
actually
do
it
they're
all
super
solvable
and
somewhat
trivial,
but
it's
not
like
just
a
cell
button.
You
have
to
do
it.
Oh
yeah.
B
What
I
should
say
is
reputation
is
not
a
token.
It's
non-transferable
the
only
way
to
transfer
it
is
to
make
a
proposal
which
would
vote
upon
it,
and
then
it
would
slash
me
and
mint
it
for
somebody
else.
So
so
that's
that's
what
happened?
Let's
just
see
what
else
we've
been
up
to
in
the
DX
now
I
say
here:
finding
out
our
culture
and
molding
the
reputation
distribution.
Here
we
have
Eric
a
big
contributor,
he
says
so.
We
had
our
first
weekly
call
a
couple
weeks
ago
and
you
know
we
want
to
reward
people.
B
So
he
says
to
get
this
culture
going.
Let's
reward
each
person
that
that
went
on
the
call
with
0.1
percent
wrath
each
and
keep
in
mind
if
the
twelve
of
us
that
were
on
the
call,
if
we
earned
point
one
percent
rep
each
everybody
else
gets
relatively
diluted
so
actually
after
he
proposed
this
informally,
we
said
you
know
what,
like
we
don't
think.
That's
a
good
mechanism,
because
maybe
it's
slightly
against
the
social
contract.
People
weren't
aware
time
zones
aren't
fair
and
then
you
could
it's
kind
of
game.
It's
game.
B
A
bowl
you'll
have
people
that
log
on
to
the
weekly
call
mask
they're
their
computer
go
on
mute
and
you
know
buzz
off
and
just
earn
reputation
like
that.
So,
oh
you
know
we're
trying
to
figure
out
ways
to
like
hey,
you're,
a
valuable
member
of
the
doubt.
Let's
give
you
reputation
and
all
the
while
dilute
everybody
else,
what
else
we've
been
up
to
very
cool,
claiming
E&S
domains?
So
sorry,
one
thing
first
is
remember:
the
Dutch
axe
has
potential
to
be
the
most
decentralized
X.
B
In
my
opinion,
because
that
governance
layers
decentralized,
we
need
the
ability
to
put
the
interfaces
for
every
day
users
to
interact
with
the
Dutch
X
protocol,
our
main
asset.
We
need
to
put
that
up
on
kind
of
censorship,
resistant,
unkillable
mediums,
so
we
wanted
to
by
ens
domains,
and
here
we
have
a
little
Twitter
snippet
saying:
hey.
We
bought
DX
dot
e,
which
we
have
to
navigate
in
certain
ways.
We
also
bought
and
here's
an
actual
proposal.
We
also
bought
Dutch.
B
So
now
we
could
spin
up
an
alternative
interface
to
the
two
that
already
exists,
which
are
essentially
you
know
that
are
subject
to
whatever
regulatory
regime
they
live.
In
now
we
could
put
it
on
aetherium,
hosted
an
IP
FS
and
literally
have
an
unkillable
exchange
at
the
architecture
level
and
at
the
governance
layer.
So
now
we
own
Jax
e,
pretty
cool
another
asset
for
us,
and
you
see
nice
participation,
there
25%
all
votes
for
what
else
we've
been
doing.
We've
been
white
listing
and
D
white
listing
tokens.
B
I'll
go
over
this
quickly,
like
white
listing
tokens
means
it's
eligible
to
earn
in
Magnolia
on
the
when
you
trade,
you
earn
Magnolia.
So
it's
kind
of
like
preferred
tokens
on
a
service
here
we
accepted,
or
you
know,
we're
going
to
accept,
there's
like
some
consensus
behind
white
listing
hot
holla
token,
because
we
think
that
they
have
a
good
token
that
lends
itself
not
a
good
token,
but
that
their
community
wants
the
Dutch
axe
and
like
so.
We
want
to
get
people
to
come
to
venues
where
their
community
is
like
leading
the
way.
B
Similarly,
we
D
Twila,
we
D
whitelisted
tokens
because
we
don't
want
just
any
random
token
to
be
on
there.
We
want
to
kind
of
control
our
preferred
service,
so
white
listing
and
B
white
right
listening
then
we're
also
making
good
on
some
of
our
initial
promises.
Remember
I
showed
you.
At
the
beginning
there
was
2%
Fordow
storytellers
of
reputation,
distribution.
That
was
like
a
suggestion:
hey
people
that
help
tell
the
story
of
the
D
X
tau,
let's
reward
them
here.
B
We
have
somebody
that
said:
hey
I
listed
a
whole
bunch
of
tweets
check
it
out
I'm
requesting
some
of
that
reputation
that,
like
we
had
a
social
contract
around
that
you'll
reward
me
and
indeed
we
voted.
We
voted
for
and
he's
gonna
get
like
point
to
9%
reputation.
So
you
know
it's
it's
just
all
such
a
nice
experiment
really.
What
else
have
we
been
up
to?
We
actually
had
our
first
in-person
meeting
two
mornings
ago.
So
that's
really
cool
too.
After
months
of
telegram,
chat
and
Gao
talk
forum
chat,
we
had
our
our
meeting.
B
Some
of
them
are
in
the
house
right
now
we
even
have
the
most
perfect
photo
bomber.
Ever
it's
so
crazy.
Well,
yeah,
yeah,
well,
you'll,
see
oh
yeah,
yeah,
look
at
his
wife
or
friend
is
laughing
like
perfectly
right.
Our
first
in-person
meeting.
We
have
a
potential
logo
coming
out
here.
It
is
d
XD,
that's
up
for
proposal
right
now,
right
now,
people
like
it
for
some
reason
when,
when
the
enosis
people
spoke
about
this
the
other
day,
they
said
legal
disclaimer.
B
This
is
not
our
official
I'm
just
saying
the
same
thing
in
case
somebody
I,
don't
know
why
but
yeah
that's
it's
not
mine
or
they
I,
don't
know
like
legal
gray
areas.
We
have
a
bit
of
money.
So
from
that
gen
auction
we
have
a
couple
hundred
thousand
gen,
which
is
worth
seventeen
thousand
bucks.
That
is
our
Treasury
and
real
dollars
dollar
equivalents.
We
can
also
fund
ourselves
by
selling
more
reputation
or
dxd
tokens,
which
we
can
mint.
That
has
some
right.
Maybe
the
dxd
gives
you
preferential
treatment
on
the
Dutch
Act.
B
B
Look,
this
is
what
making
a
proposal
looks
like
on
the
interface.
The
alchemy
interface
from
Dow
stack,
your
your
title,
your
description
and
then
what
you
want
in
reputation,
Awards
or
in
the
potential.
Yes
be
token
or
an
e.
Let's
say
you
say:
hey
I'm
gonna
go
evangelize
the
DX,
with
the
EPS
now
on
some
campus
I
need
to
east
to
drive
there
and
set
up
a
booth,
etc.
A
big
thing
is
focusing
attention.
B
That's
kind
of
like
what
Dow
stack
really
allows
for
at
scale
is
like
okay,
there's
going
to
be
a
thousand
proposals
a
week,
eventually
in
the
DX.
Now,
how
do
you
kind
of
put
the
best
ones
to
the
top?
That's
all
you
have
these
boosted
proposals
and
you
see
there's
nothing
in
pending
and
there's
like
regular,
even
below,
but
you
see
people
cared
about
the
DX
del
branding,
so
they
up
staked
it.
I
won't
get
into
that
I'm.
Sorry,
I
don't
have
time,
but
that's
what
this
all
about
is
like.
B
Focusing
the
very
scarce
resource
of
attention.
Now,
a
bit
back
to
loop
ring
what
we
plan
to
do
with
it
so
leaf
the
loop
ring
ecosystem
advancement
fund.
That's
where
we
stake
those
tokens
from
that
is
our
community
fund,
which
is
filled
with
our
native
token
lrc.
So
we
said:
hey
we
have
this
right.
Now,
it's
not
being
used,
let's
stake
it,
and
hopefully
this
will
be
a
very
valuable
asset
for
LRC
holders
who
we
eventually
want
to
kind
of
bequeath
control
to.
B
So
it's
really
it's
so
interesting,
like
Here
I
am
a
loop
ringer,
but
I'm
doing
the
work
of
like
the
Dutch
X,
which
I
own
or
like
the
community
of
loop
ring
owns
I
mean
so
it's
just
really
nice,
like
cross-pollination,
and
it's
a
strong
start
for
our
eventual
Dow,
like
I,
can't
wait
for
the
day
when
hey
here's
the
loop
ring
Dow,
which
now
owns
the
DX
Dow
stake
or
conversely,
the
DX
Dow
governs
the
loop
ring,
Dow
or
and
potentially
a
loop
ring
protocol.
So
that's
what
we're
doing
now.
B
This
is
kind
of
a
tangent
but
I
just
find
it
relevant.
Like
you
might
read
these
days,
how
we've
moved
from
the
Information
Age
to
the
reputation
age?
It's
no
coincidence
that,
like
the
voting
power
is
called
reputation
in
in
Dow
stack.
In
my
opinion,
information
I
believe
and
many
believe
will
only
have
value
once
it's
been
filtered
because
of
such
an
abundance
of
information,
I
can't
possibly
navigate
it.
B
All
I
need
to
like
look
to
others
who
navigate
it,
who
kind
of
filter
it
and
I
say:
oh,
it's
like
you
know,
I,
don't
evaluate
every
EIP
or
you
know
the
feasibility
of
sharding
I
say:
oh
really,
smart
people
in
a
theorem
community,
like
it
I'm
for
it
right
like
that's
that
that's
how
a
lot
of
this
is
working
and
something
that's
very
interesting.
This
allows
for
anonymous
or
pseudonymous
participation
in
the
DX
Dow.
B
Only
some
members
large
members
have
stepped
forward
but
they're
their
face
on
it,
but
Lou
purring,
because
we
staked
so
much
they
knew
it
was
Lou
purring.
So
here
we
have
actually
a
situation
where
sure
we
have
some
outsized
control
right
now
or
a
little
bit,
but
we're
actually
very
aware
of,
like
the
social
pressures
of
like
acting
in
the
benefit
of
the
Dow.
B
We
have
to
kind
of
you
know,
gain
the
respect.
Otherwise,
actually
everybody
say:
okay,
actually,
loop
ring
is
being,
and
you
know
not
a
great
steward.
Let's
fork
it
and
just
well
distribute
their
Dow
and
I.
Just
really
like
this
quote
from
a
psychologist.
Think
Phillip
Roche
I
read
a
while
ago,
but
what
most
clearly
sets
human
beings
apart
from
other
species,
is
the
internalized
gaze
of
others
that
permanently
haunts
us?
That's
a
it
may
be
on
the
morbid
side,
but
it
means
I.
Like
you
know,
that
is
it's
kind
of
interesting.
B
What
makes
us
human
beings
like
when
I
met
up
with
the
DX
down
for
the
first
time
I'm
very
aware
of
like
okay,
we
have
this
power,
but
we
want
to
cooperate.
We
want
to
be
loved
and
we're
very
aware
of
that
internalized
gaze
of
others.
Now
the
final
thing
I'll
say
here:
the
DX
now
must
define
its
mission,
not
because
that's
like
a
cool
thing
to
say,
but
in
the
framework
of
Dow
stack
predictors,
the
stake
Jen
are
literally
predicting
what
the
Dow
will
vote
for
and
not
necessarily
what
is
good
for
it.
B
If,
like
you
know,
it's
like
several
layers
of
like
abstraction,
if
I
think
that
they'll
vote
for
that,
because
that
so
we
actually
must
have
a
very
well-defined
mission,
so
people
could
properly
ups
take
what
we
care
about.
If
people
don't
know
our
intentions,
it's
it's
kind
of
a
useless
framework.
B
The
success
of
the
Dow
at
scale
comes
down
to
us
having
a
reputation
among
predictors,
the
global
networks
of
gemst
acres,
that
they
know
what
we
care
about,
so
they
could
feed
us
what's
important
and
finally,
the
exhale
call-to-action
auction
figure
out
how
to
fund
this
thing
sustainably,
which
we
do
have
several
informal
proposals
and
potentially
some
some
real
proposals
coming
up,
selling
reputations
selling
dxd
figure
out
how
to
drive
checks,
volumes,
the
DX
Davos
greatest
asset
and
to
me
the
only
Dow
owned
protocol
right
now.
How
do
we
drive
checks
volumes?
B
Those
are
actually
very
tightly
coupled.
If
we
drive
Dutch
checks
volumes,
we
could
the
DX
now
could
earn
fees
from
those
Dutch
checks
volumes
and
then
we
don't
have
to
sell
a
token.
Perhaps
we're
just
earning
fees,
we're
gonna
be
a
money
making
Dow.
But
how
do
we
actually
drive?
Dutch
checks
volumes
just
a
little
technical
note
here
or
practical
note.
We
say:
okay,
where
do
people
really
want
the
Dutch
acts
and
remember
its
slippage
resistant
so
for
super
deep
popular
liquid
pairs
like
eat
die.
B
If
someone
wants
to
sell
10
million
of
that,
the
Dutch
Jack's
is
a
good
venue
to
do
that
on
an
order
book
or
uni.
Swap
you
can't
really
escape
the
slippage
on
the
other
extreme.
You
have
super
niche
new
venue
lists
tokens,
maybe
their
regulatory
gray
area,
so
a
centralized
exchange
won't
list
it
or
maybe
there's
just
not
a
lot
of
community
power.
Some
random
token,
if
I
issue
a
token
but
I
have
a
nice
group
of
followers.
B
A
C
Thank
you.
That
was
very
interesting.
So
as
soon
as
the
DAGs
actually
can
a
trade
prodigal.
Actually
you
need
to
create
liquidity
for
each
pair.
So
do
you
have
some
model
to
interact
like
with,
for
example,
with
other
dowse
that
can
provide
liquidity,
state
liquidity
in
your
pairs
and
actually
be
incentivized
with
with
the
fees
like
a
be
a
market
maker
for
for
your
protocol
right,
yeah.
B
That's
like
one
of
the
most
important
questions,
one
of
the
largest
reputation
holders
or
a
few
them
are
people
that
were
the
largest
market
makers
in
that
vote
staking
period,
so
they
know
the
technicalities
of
why
it
was
market
maker
friendly.
Why
it
wasn't
so
we're
really
actually
looking
to
this
reputation
holder
saying
what
could
we
do
to
attract
market
makers?
But
yes,
that's
exactly
what
we
want
to
do.
That's
actually,
with
the
Magnolia
token,
that
nosis
implemented
is
meant
for
when
you
trade
a
lot
in
the
Dutch
X,
you
earn
this
mg
n.
B
If
you
have
mg
n,
you
don't
have
to
give
as
much
as
a
liquidity
contribution
to
the
next
auction.
It's
not
a
fee,
there's
no
value
actually
being
extracted
when
a
normal
trader
trades
on
the
Dutch
X.
There's
a
point:
five
percent
liquidity
contribution
fee,
that's
kind
of
getting
seeding
the
net
next
auction.
If
a
very
active
market
maker
has
a
lot
of
mgn,
they
don't
have
to
give
that
liquidity
contribution.
So
there
already
are
in
place
some
mechanics
to
incentivize
market
makers,
but
we
actually
want
to
take.
B
We
want
the
the
DX
Dow
to
earn
fees
of
the
Dutch
X.
You
want
to
change
that
parameter,
make
maybe
a
point
one
percent
trading
fee
to
come
to
the
DX
Dow.
So
we
could
have
market
makers
own
the
Dutch
X
and
the
DX
Dow
and
earn
those
fees
the
most
and
I'm
if
you're
a
market.
If
you
have
ideas
about
that,
then
I'm
deaf
were
definitely
keen.
A
How
many
Dutch
chicks
are
predation
holders
are
in
here
yeah
a
lot
yeah.
Oh,
so
there's
a
couple
of
guys
at
the
back,
so
I'm
doing
like
a
decentralized
hackathon
and
einem
and
I'm
thinking
of
requesting
the
DA
cheques
to
fund
some
of
the
decentralized
Agathon.
That's
happening
later
this
week,
Eddie
Berlin!
So
now
it's
like
2,000,
maybe
$4,000,
and
this
could
tie
in
very
well
to
I.
Guess
your
marketing
efforts
and
trying
to
get
people
to
know
about
the
big
sow
and
trade
on
to
the
Excel.