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A
Hey
everybody
this
time
we're
starting
right
right
on
time,
and
this
is
dor
product
manager
for
catalysts
and
reporting
from.
A
And
really
happy
to
be
here
and
and
happy
to
to
host
this
town
hall,
unlike
unlike
most
of
the
town
halls.
Yes,
we
usually
have
actually
there's
not
a
lot
of
there's
no
live
guests.
So
it's
like
it's
like
a
short
one
and
we
have
a
few
recordings
and
let
me
let
me
fire
up
the.
A
A
Okay,
so
first,
first
and
foremost
I
want
to,
I
want
to
show
you
a
video
that
geronimo
made
for
us
he's
one
of
our
funded
proposals
for
funds3.
Let
me
let
me
share
the.
A
B
And
this
is
joramu
bax
from
warm
sunny
adelaide
down
under
in
australia.
Today,
I'm
going
to
talk
briefly
about
our
digital
asset
inheritance
proposal,
which
was
funded
in
front
three
and
I'd
like
to
start
by
thanking
the
community
for
supporting
this
project,
so
the
digital
asset
inheritance
project
is
about
making
safer
to
and
simply
to
organize
an
estate
plan
that
involves
cryptocurrencies
and
other
digital
assets.
B
We
all
know
that
we
must
protect
the
secrets
that
give
access
to
our
funds,
and
but
this
protection
means
that
your
relatives
might
be
unable
to
access
these
funds
because
they
don't
have
access
to
the
secrets
in
case
you
pass
away,
so
the
money
essentially
dies
with
you,
and
this
is
what
happens
if
you
die.
This
access
to
deceit,
freeze
goes
away.
Access
to
the
money
goes
away.
Your
family
ends
up
poor
and
homeless
because
you
make
all
your
money
in
crypto.
B
So
what
we
are
working
on
is
a
depth
that
supports
two
approaches
to
inheritance.
B
One
of
one
of
these
approaches
is
to
use
a
smart
contract
to
automatically
send
the
funds
in
a
wallet
to
destination
wallets
and
after
a
given
period
of
inactivity,
so
this
will
work
only
for
cardenal
wallets,
so
we
also
have
this
other
idea
to
also
enable
to
facilitate
secret
sharing.
So
the
other
approach
that
this
other
approach
allows
you
to
you
to
share
secrets
with
your
with
your
family
and
you
can
you
can
use
that
for
multiple
blockchains,
not
only
cardamom,
so
this
is
based
on
a
dictionary
that
maps
our
secrets.
B
I'm
going
to
explain
this
later
on,
so
the
smart
contract
bit.
That
is
time
pays
it
works
like
this.
You
create
multi,
multiple.
You
can
create
multiple
empty
wallets
and
give
these
empty
wallets
to
your
family,
like
this
example
here
and
after
some
time
lapses,
because
you
passed
away
like
six
months
or
one
year
or
something
like
this.
The
money
is
going
to
be
sent
to
this
from
the
your
main
wallet
to
these
empty
wallets.
So
you
can
define
in
the
app
a
share
to
send
to
these
beneficiary
wallets.
B
Or,
alternatively,
you
could
use
you
could
use
custodian
to
to
get
to
get
the
funds,
and
then
they
will
do
the
sharing
according
to
the
regulations
that
so
this
would
be
the
only
way
that
I
can
conceive
that
can
work
according
to
regulations
in
law.
B
The
the
app
will
be
able
to
allow
you
to
define
your
state
management
in
multiple
ways,
so
you
can
define
like,
like
you
saw
previously,
and
you
can
use
a
custodian
to
to
follow
the
rules
and
regulations
at
the
time
of
your
passing,
then
we
have
also
the
dictionary
approach
that
I
mentioned
earlier
and
this
maps
random
words
are
sentences
to
each
one
of
those
of
the
2048
awards
of
the
vip
39
word
list.
B
The
idea
is
that
the
dictionary
is
something
meaningful
to
you,
so
your
family
gets
something
that
brings
brings
up
memories
of
you,
so
yeah.
It's
something
nice
to
have
to
share
with
your
family,
so
you
can
use,
for
example,
to
build
a
dictionary.
You
can
use
favorite
songs,
movies,
bible
passages
whatever
to
create
this
dictionary
and
then
once
you
load
the
dictionary
you
can
give
it
erc
phrases
and
it's
going
to
generate
an
encoded
version
of
these
of
this
seed
phrase
of
these
secrets.
B
So
you
can
share
in
this
example,
so
you
create
a
list
of
musics
as
a
dictionary,
and
this
is
randomized
and
secure,
don't
worry
yeah,
then
you
can
give
a
playlist
generated
from
the
dictionary
to
your
family.
They
will
receive
that
and
will
need
when
you
pass
away.
They
will
have
to
to
get
the
dictionary
for
someone.
So
you
make
your
estate
plan
based
on
on
the
dictionary
you
do
this
once
only
and
from
then
on.
B
You
can
keep
adding
things
to
the
dictionary,
so
you
define
as
an
estate
plan
a
wheel
and
you
draft
draft
everything
based
on
the
and
using
that
dictionary,
and
you
don't
need
to
change
it
anymore.
So,
every
time
you
create
a
new
wallet,
you
I,
for
example,
create
like
10
wallets
every
year
or
something
I
can
keep
adding
the
seed
phrases
to
the
dictionary
generating
the
encoded
outputs.
B
I
can
give
encoded
outputs
for
different
people
to
different
people,
so
if
they,
even
if
they
get
the
same
dictionary,
they
would
each
they
won't
be
able
to
restore
the
seed
freezes
from
the
other
from
the
other
beneficiaries.
B
So
it
is
a
secure
way
to
to
allow
people
to
share
their
secrets
with
their
family
and
loved
ones.
So,
essentially,
that's
it.
You
are
here
with
your
dictionary
and
each
one
of
your
family
members
will
have
a
playlist
in
this
example
that
I
gave
using
a
list
of
songs.
B
And
yeah
you
put
this
in
a
safe,
a
wheel
or
a
testament
whatever,
and
when
you
die,
your
family
gets
their
playlists,
combines
with
the
dictionary
and
is
able
to
then
extract
the
seed
phrases
and
restore
the
wallets
that
you
assign
to
them
right
now
we
are
building
this
app
called
the
patrimony
for
mobile
and
desktop,
and
on
top
of
that
we
are
also
working
on
an
air
gap.
Linux
live
distribution,
so
this
is
a
distribution
with
no
internet
access.
B
This
will
come
ready
with
the
app
and
the
the
point
of
this
is
to
make
it
secure
for
users
to
input
their
secrets
with
no
risk
of
being
hacked
by
spywares
and
have
fun
stolen
and
things
like
this,
so
you,
basically
you
put
it
up.
You're
gonna
have
the
app
there.
You
encode
your
secrets:
it's
not
going
to
be
able
to
connect
to
the
internet
and
or
do
anything
other
than
you
running
the
app,
and
when
you
restart
a
computer
it
leaves
no
trace
or
any
secret
information
anywhere.
B
So
that's,
basically
it
you
can
shoot
an
email
to
jpegs
at
university.com.
If
you
have
any
questions.
Thank
you.
A
A
A
I
think
I
think
that
I
think
the
part
with
the
playlist
could
use
a
bit
of
clarification,
and
I
think
this
is
why
the
community
is
here
for
you
to
to
work,
to
work
with
you
and
like
simplify
with
the
explanations,
because
in
the
end
you're
onto
something
really
interesting
here,
because
we're
all
going
to
die,
I'm
sorry
to
bring
it
to
you
audience
members,
but
we're
all
going
to
die
and
we're
going
to
have
hopefully
some
kind
of
inheritance
to
share,
and
I
believe
a
concept
like
this
could
really
be.
A
And
besides
that
you
know
really.
I
think
I
think
it's
it's
really.
It's
really
great
that
to
have
such
a
very
specific
use
case.
It's
very
refreshing
in
a
world
of
frameworks
and
abstract
thinking
and
big
ideas
like
to
to
just
to
bring
something
so
concrete,
so
great
work,
and
now
I
just
wanted
to
let's
move
on
to
the
next
video
we
have.
We
have
a
second.
A
A
C
Hi
there,
and
thanks
for
watching
today,
we're
going
to
have
a
brief
demo
of
an
end-to-end
prototype
of
the
liquid
lending
platform.
So
just
on
the
left,
we
have
a
simulated
blockchain
running
in
the
environment
that
plutus
will
be
running
and
then
over.
On
the
right
hand,
side
we
have
the
prototype
user
interface
that
you're
going
to
see
so
just
for
reference
you're
going
to
see
over
here,
you're
going
to
see
the
empty
column.
C
C
C
Let's
do
10
000,
lovelace
and
we'll
go
ahead
and
hit
supply
and
we'll
see
a
few
things
were
to
life
over
on
the
blockchain
and
at
the
end
of
this,
we're
going
to
see
a
a
balance
update
and
we're
going
to
see
that
we
now
have
2
000
tokens
in
queue
ada
and
we
have
reduced
our
balance
of
eta.
We're
also
seeing
the
live
transaction
fees
shown
here
as
well.
So
next
we're
going
to
go
back
in
we're
going
to
withdraw
those
tokens.
We
can
draw
them
out.
C
Let's
do
fifty
percent,
so
we're
going
to
draw
out
five
thousand
eta
worth
of
q
a
go
ahead
and
do
that
and
we're
gonna
see
our
balances
adjust
here
in
just
a
moment.
There
they
go
and
now
we're
down
to
1000
q,
ada
and
we've
had
an
increase
corresponding
in
our
ada
balances.
C
There
they
are
and
we're
almost
back
to
where
we
started
less
transaction
fees.
So
it's
just
a
quick
show
of
just
first
few
features
of
the
liquid
lending
platform,
you're
going
to
see
a
little
bit
more
as
the
smart
contracts
grow
and
we
start
to
get
end-to-end
integration
with
what
we've
been
building.
But
I
think
this
is
a
really
great
initial
first
peek
at
what
we're
up
to,
and
I
think
this
represents
a
tremendous
amount
of
work
from
the
entire
team
on
the
project.
A
Maybe
it
goes
to
someone
in
in
africa
who
really
needs
who
really
needs
to
jump
start
his
business
right.
So
it's
really
nice
to
it's
really
nice
to
see
it
come
come
to
come
to
fruition
and
the
different
components.
A
Congratulations
on
your
progress
really
great
and
of
course,
of
course,
I
would
love
to
that's
liquid
seems
like
a
gazillion
questions,
but
I'm
sure
we're
going
to
have
them
around
soon
and
have
a
more
in-depth
conversation.
A
A
A
So,
let's
see
how
that
will
work
out
so
moving
from
you
know,
I
just
wanted
to
you
know
from
looking
into
two
specific
proposals.
I
just
wanted
to
also
give
you
an
overview
about
some
of
the
general
work
of
the
of
the
coordinator
of
like
this
is
the
report
of
all
the
proposals
in
fund
two
okay.
So
every
every
couple
of
weeks
we
ask
them
to
update
us
how
they're
doing
at
addressing
the
challenge
find
two
challenge.
A
A
I
do
encourage
everybody
here
that
have
access
to
the
to
the
links
of
the
slides
to
to
look
and
read
it
in
in
detail
their
their
report
and
we're
also
working
on
a
much
nicer
format
to
to
share
with
you
and
we
yeah.
So
we
can
see
I'm
excited
for
the
cardano
for
mobile
developers.
It's
about
to
be
launched
soon
and
I
see
lovelace
are
going
to
be
launched.
A
The
governance
association
published
their
results
and
you
can
see
the
sum
okay,
so
we
have
around
half
of
the
proposals
have
already
launched
six
out
of
exactly
half
six
out
of
twelve
and
they
report
attracting
282
developers
to
the
ecosystem.
Let's
say
like
who's,
the
yes,
so
the
the
haskell
producer
education
with
164
is
doing
doing
a
wonderful
job.
Everybody.
B
A
A
Here
we
see
three
launched.
A
Actually,
I
think
yeah.
So
it's
like
several
several
slides
we've
with
six
launched
overall
out
of
our
out
of
the
12
and
with
already
24
developers
engaged
and
eight
developers
on
boarded
okay.
So
the
whole
purpose
of
this
of
this
specific
challenge
was,
if
we
can,
you
know,
generate,
you
know,
help
developers
get
started,
building
on
top
of
cardano,
so
so
24
new
ones
are
already
engaging
with
the
proposers
and
already
eight
started
actually
building
thanks
to
the
thanks
to
the
offers
of
the
proposals,
and
they
really
really
just
started.
A
You
can
see
that
like,
for
example,
you
know
with
other
makerspace
academy,
and
yet
114
people
join
and
23
signed
up
to
be
a
dev
32
signed
up
for
a
hackathon,
and
I
mean
there's
lots
of
gems
here.
I
just
I
don't
want
to
take
all
the
time
today
doing
that.
So,
but
again,
I
really
invite
you
to
double
click
on
these
slides
and
read
and
also
follow
the
follow
the
links
that
are
shared
so,
for
example,
liquid,
have
really
detailed
documentation
that
they
share
and
so
do
others.
A
A
And
lastly,
we
have
a
report
from
the
dapp
creation.
Of
course,
creating
adapts
is
the
most
tricky
because,
of
course,
we're
all
we're
all
waiting
for
for
the
final
gogan
release
the
alonzo,
the
famous
alonso
release
so
hard
to
launch
things
before
that.
So,
but
we
already
have
yeah.
We
saw
today
the
demo
from
the
liquidity
pools
and-
and
you
see
that
they
already
have
this
kind
of,
like
the
the
bootstrap
version
of
that,
but
they're
still
early.
So
you
know
in
terms
of
like
daily
active
users
and
transaction
volume.
A
You
know
we're
just
we're
just
getting
started
and
it's
gonna
take
it's
gonna,
take
a
while
and
for
this
for
this
specific
cohort
to
to
show
their
eternal
intention,
and
that
makes
perfect
sense,
and
these
three
cohorts
also
shared
kudos.
Okay,
people
who
help
them
give
them
substantial
help
and
we
honor
these
people,
because
these
are
other
cardinal
community
members
who
who
demonstrate
their
ability
to
to
collaborate
and
to
promote
the
network
and
just
remember
we're
all
bonded
by
aida,
and
so
we
honor
those
who
did
it.
A
A
A
Yeah
many
yeah
a
lot
of
kudos
this
last
two
weeks.
Things
are
picking
up,
there's
lots
of
collaboration
happening,
it's
really
great
to
see,
and
and
on
that
note
I
also
have
another
good
news
to
share
and
much
like
I'm
in
the
bunker.
All
the
the
technical
team
of
catalyst
is
also
in
the
bunker
and
we're
making
good
good
headway
to
towards
launching
of
fund
four,
and
we
had
the
pre-dry
run
done.
A
We
had,
we
have
dry
run
the
first
iteration
of
the
dry
run
launching
tomorrow,
one
day
ahead
of
time.
Okay,
so
we're
on
track
for
launching
on
the
26..
A
Of
course,
this
is
dependent
on
the
results
of
the
dry
run
and
if
everything
goes
well,
I
think
there's
a
good
chance
we're
going
to
launch
under
26.
If
there's
an
issue
and
things
need
to
be
fixed,
we
will
we
will
give
you
an
update
so
week
after
week,
I'm
gonna
track
this,
and
I
really
hope
that
next
week
we
can
just
come
and
say
to
you:
hey,
let's,
let's
go
register
really
hope
so
the.
A
A
This
is
a
great
way
to
preview.
How
fund
4
is
going
to
look
like
and
and
help
us
detect
bugs
early
and
and
the
test
registration
will
end
tomorrow
at
7,
30
utc,
so
make
sure
to
register
before
that,
and
the
testing
would
start
at
eight
eight
in
the
morning
utc
and
really
I
want
I
wanna
take
the
moment
to
say
thank
you
for
for
marek
to
getting
everything
rolling
and
this
guy's
such
an
asset,
such
a
great
guy.
A
So
more
good
news,
so
I
told
you
like
one
of
the
things
is
we're
going
to
share
a
bit
like
our
lessons
learned
and-
and
you
know,
after
after
the
like
this
postponement
to
fund
four
and
we
decided
to
change
a
bit
the
format
of
deploying
funds
and
into
moving
to
a
bit
of
more
sane
pace.
A
The
title
is
misleading:
it's
like
it's
actually
we're
going
to
deploy
a
new
fund
every
12
weeks,
okay,
so
not
not
every
six
weeks,
but
every
12
weeks
and
we're
also
gonna
move
from
having
like
several
funds
launch
in
parallel
to
actually
having
them
launch
in
a
serial
fashion
like
one
after
the
other.
So
comparison
before,
we
had
like
fun,
two
six
weeks,
fun
three
six
weeks,
fun
four
six
weeks,
just
the
innovation
phases.
In
parallel
we
had.
A
While
we
were
running
fun
too,
we
had,
like
you,
know,
voting
on
fund
three
and
when
fund
three
was
running,
you
know
like,
of
course
there
was
some
because
of
the
innovation
delay.
You
know
it
wasn't
exactly
running
in
parallel,
but
it
was
the
intention
and
what
we
saw
is
a
few
things.
So,
first
of
all
we
saw
it
was
very
confusing
for
people
to
like
do
innovation
and
governance
like
in
parallel.
It
was
very
disorienting.
A
I
mean,
I
think,
for
a
lot
of
people
here
in
the
town
hall
that
you're
really
devoted
like
it
wasn't
such
a
big
deal,
but
I
think
for
when
we
look
about
when
we
look
at
our
reddit
all
right,
they
can
read
it
with
more
than
four
hundred
thousand
people
and
we
want
to
get
them
into
catalyst.
It's
a
bit
too
much.
Okay,
and
another
thing
we
noticed
is
that
a
fund
four
and
fund
5
have
had
almost
the
same
amount
of
proposals.
A
The
fund
5
have
doubled
the
funding
okay,
so
this
is
a
phenomenon
called
fund
funding
fatigue,
and
this
is
known
in
many
many
different
types
of
innovation
programs
when,
when
you
do
run
these
things
too
too
tightly
over
time,
you
know
all
the
innovators
like
this.
They
can
become
fatigued
and
there's
like
lessons
proposals
and
they're,
like
kind
of
like
the
energy
gets
sapped
out
of
them.
A
There
will
be
time
dedicated
time
that
we
can
do
as
a
community.
We
can
do
in
a
retrospective
and
learn
and
fix
everything
from
fun
to
fund.
I
want
to
launch
a
few
experiments
about
team
building
like
like
like
have
a
week.
That's
really
dedicated
for
finding
the
right,
teammates
and
and
sharing
like
which
teammates
you
need
and
all
sorts
of
stuff
like
this.
A
So
it's
gonna
be
much
more
much
more
rich
experience,
so
how
it's
gonna
look
like
so
so
now
we
have
fund
five
okay,
so
we're
gonna
run
it
all
the
way
to
the
end,
the
innovation
and
then
we're
gonna
have
a
governance
phase
like
just
have
a
vote
then,
once
the
vote
once
the
votes
is
done
and
the
tally
is
ready
and
like
and
everybody
knows
what's
going
on
and
not
wonder
if
I'm
funded
or
not
funded,
then
we
launch
fund
six.
A
And
then
you
know,
then
we
create
ideas
and
review
ideas
and
we,
you
know
we
vote
and
we
tally.
We
learn.
What's
going
on,
then
we
launch
fund
seven.
It
sounds
kind
of
obvious
no
like
now
that
I
describe
it
like
this,
but
but
we
really
wanted
at
the
start
of
of
catalyst.
A
The
first,
the
first
quarter
of
2021
like
to
have
like
rapid
iterations
and
see
how
far
we
can
go,
and
I
think
we
will
discover
how
far
we
can
go
and
now
we're
much
better
equipped
for
for
the
for
the
next
levels
of
funds
that
are
also
going
to
be.
You
know
much
larger
in
scale
in
terms
of
funding,
so
I
think
this
is
a
great
move.
A
Meanwhile,
and
we're
entering
the
we're
entering
the
second
week
of
of
the
assessment
qa
stage,
so
what
what
does
it
mean?
It
means
that
it
means
that
you
know
we
had
the
community
advisors
come
and
review
the
proposals.
A
So
that
has
already
that
is
already
started,
and
I
already
seen
the
community
advisor
channel
a
few
people
posting
their
their
their
results
of,
like
the
of
like
reviewing
these
flag,
flag
assessments
and-
and
that
will
end
next
week
and
of
course
you
know,
we
have
a
168
eligible
advisors
and
I'm
really
curious
to
see
by
the
end
of
the
week.
How
many
actually
participated.
A
A
So
it's
not
too
late.
I
think
if
you
want
to
join
in
check
your
email,
you
can
also
join
the
ca
channel
and
ask
around
there's
a
link
in
the
end
of
these
slides.
A
Okay,
so,
just
to
finish
up,
you
know
like
as
we
patiently
equanimously
wait
for
fun
for
to
start,
and
I'm
sure
all
of
us
are
wondering
like
where,
where
are
we
going
what's
going
on?
You
know,
maybe
some
people
feel
a
bit
overloaded
and
disoriented
and
I
wanted
to
offer
a
little
a
little
a
little
salve.
Okay
like
like
some
something
like
like
remember
they.
It's
like
you
know
like
help
me
remember
the
the
simple
things
you
know
and
help
us
remember
the
important
things
and
realize
that
while
governance
evokes
emotions,
it
evokes
uncertainty.
A
A
There
are
certain
certain
very
simple
things
you
can
do
to
kind
of
assure
the
overall
that
we
that
we
get
where
we
want
to
get,
and
I
just
wanted
to
share
you
my
perspective
about
it
and-
and
I
hope
you
will
find
it
helpful
so,
first
of
all
what
what
are
we
doing
here?
Okay,
what's
the
goal?
What's
the
goal
of
voltaire?
What's
the
goal
of
catalyst,
I
would
even
say
maybe
what's
even
the
goal
of
blockchain
in
general,
like
you
know,
but
I
think
I
think
for
me
they
do.
I
see
it.
A
A
You
know
in
you
know
there
was
monarchy
was
legitimate
at
some
point
and
then
at
some
point
it
started
being
legitimate
and
heads
of
king
started
flying
right,
a
ceo
in
a
company,
his
governance
is
legitimate,
but
then
he
does
outrageous
things
and
suddenly
he's
out
of
power.
A
Okay,
like
so,
this
concept
of
legitimacy
is
really
really
important
and
and
and
this
table
and
this
this
chart,
I'm
showing
you
is
kind
of
a
breakdown
of
what
could
happen
with
something
like
catalyst
over
time
or
something
with
water
over
time
as
we
grow
in
legitimacy.
Okay,
so
we
start
with
zero
legitimacy
and
which
is,
let's
say,
zero
legitimacy
is
something
that
says
like
it's
terrible.
I
will
never
do
that.
You
know
I'll.
Never
follow
that
kind
of
governance
and,
like
a
hundred,
is
I'm
all
in
okay
like
I'll.
A
Do
whatever
you
tell
me,
I
told
her
I'm
a
true
believer
in
this
governance,
and
it's
not
just
yours.
It's
like
everybody's
perception
right,
so
so,
if
we're,
if
we're
at
zero
or
really
low,
if
in
terms
of
the
legitimacy
of
decentralized
governance,
nothing
happens,
nothing
happens,
everything's
fine,
you
know
we're
just
getting
continuing
to
be
governed
by
whatever
their
current
system,
democracy
or
dictatorships
or
corporatism
or
whatever.
Whatever
is
the
you
know,
whatever
is
now
taking
up
the
the
power
it
continues.
A
Okay,
we
have
a
legitimacy
because
we
have
almost
25
000
people
in
this
scale
before
we,
because
we
have
a
hundred
of
proposals,
hundreds
of
community
advisors,
we're
showing
results
that
come
from
our
decisions
and
because
of
that
small
amount
of
legitimacy
that
we
have.
We
have
a
minor
role.
Okay
in
cardano
like
we
we
govern
last
time
around
we
govern
half
a
million
dollars
now
fund
four
will
be
a
million.
A
Five
will
be
two
million,
it's
like
it
grows
and
grows,
but
you
know
it's
still
a
minor
role.
Next
step
is,
as
we
grow
in
legitimacy,
we
will
have
a
major
role
in
cardinal
governance
right.
There
will
be
more
funds
under
control
and
also
they're
gonna
be
other
types
of
decisions
that
would
be
included
in
in
the
decentralized
governance.
Okay,
so
every
time
the
legitimacy
and
the
power
and
influence
of
this
community
over
cardano
is
growing
and
growing.
A
It
would
mean
that
you
know
we
would
have
hundreds
of
not
thousands
of
native
native
tokens
deployed
in
the
cardinal
network
that
will
use
those
governance
mechanisms.
You
know
and
we'll
just
like
expand
in
an
exponential
fashion.
We
will
have
partners
joining
from
other
networks.
A
We
will
have
other
networks
replicating
our
efforts
trying
to
copycat
and
it
would
form
like
a
really
healthy,
healthy
kind
of
like
competition,
evolution
right
between
the
different
governance
methods
and
hopefully,
also
a
approach
of
collaboration,
and
it
will
vote
involve
grow,
hopefully
grow
legitimacy
until
it
comes
to
a
place
where
it's
actually
a
viable
alternative
to,
let's
say
a
corporate
sort
of
governance
or
a
state
sort
of
governance.
Okay,
so
we
don't
know
what
you
know.
We
don't
have
a
crystal
ball.
A
We
don't
know
how
things
will
turn
out,
but
there
might
be
a
point
where
a
person
says
well,
we
can
we
get
outcome
x
when
we
have
like
a
co
and
a
board,
and
we
get
x
times
y
if
we
do
it
in
a
in
an
essential
governance
way.
A
If
we
have
like
thousands,
tens
of
thousands
and
hundreds
and
thousands
people
incentivized
and
participating
and
collaborating
in
ways
that
were
not
possible
before
okay
or
we
can
have
a
state
level
like
like,
let's
say
like
a
city
or
a
village
or
and
or
an
association
or
you
know
something
on
that
level
from
in
a
that
would
say
like.
Oh,
this
is
actually
a
viable
alternative.
A
You
know
we
can
even
have
like
elected
council
members
like
according
to
the
rules,
or
we
can
have
like
decentralized
governance
over
x,
okay
and
that
will
be
a
viable
alternative,
and
then
there
will
start
to
be
some
kind
of
maybe
some
hybrid
models,
maybe
some
competition,
maybe
some
collaboration
between
the
two
forms
and
then
the
next
step
is
if
it
continues
together
legitimacy
and
if
it
actually
becomes
more
legitimate
more
than
than
the
regular
default
alternatives.
A
Okay,
so
we
then
this
is
like
really
the
great
unknown,
and
I
don't
know
like
whatever
is
your
imagination
is
what
it
means
like
a
paradigm
shift
here,
but
it
definitely
means
that
the
world
will
look
different
and-
and
hopefully
this
change
would
be
this
kind
of
a
radical
change
that
that
that
fixes
a
lot
of
the
issues
we
see
right
now
in
the
world,
so
as
if
it's
all
kind
of
like
comes
for
legitimacy
and
then,
like
you,
ask
okay:
what's
what
is
legitimacy,
so
we
look
at
three
different
components.
A
If
something
is
not
not
effective,
then
it
will
lose
legitimacy
very
quickly.
Okay,
this
is
like
this
is.
Why
am
this
is
something
we've
been
emphasizing
really
really
all
the
time
right
in
the
town
halls
and
in
all
the
way
we
frame
things,
because
we
have
to
stand
around
to
feeds
before
we
can
tell
others
how
to
how
to
walk.
A
Then
you
have
what
I
call
user
experience,
but
it's
you
know
it's,
it's,
not
a
user
experience,
it's
the
experience
of
the
governed,
okay,
it's
the
individual
experience
and
which
is
basically
just
a
sequence
of
experiences
that
we
have
as
we
engage
in
this
system.
Okay,
so
it
could
be
feelings
of
excitement
of
connection
of
bonding
of
be
feeling
empowered
like
that
sort
of
thing.
A
Complexity,
confusion
right
and,
and
the
trick
is
that
there's
more
good,
meaningful
positive
experiences,
the
negative
experiences.
Why
is
it
so-
and
this
is
so
so
important
because
for
two
things,
because
this
is
what
engages
the
the
voters?
This
is
what
gives
legitimacy
through
participation,
okay,
so
so
a
system,
that's
like
super
hard
to
understand-
and
you
feel
this
empowered
and
blah
blah
blah
and
then
there's
low
engagement,
low
energy
and,
second
of
all,
we're
not
leaving
a
vacuum.
A
A
And,
of
course,
you
know
when
you
attract
talent,
it
goes
back
to
this
return
on
intention,
so
in
the
third
pillar
is
decentralization,
so
let's
call
it
d,
okay,
just
because
if
I
write
it
in
a
whole
word
in
this
slide,
it
looks
really
small,
but
it's
actually
really
important.
So,
let's
call
it
d,
the
decentralization
and
simple
question
who's
in
power
and
who
is
in
control?
Is
it
like
a
single
person,
a
single
entity
or
is
it
distributed
amongst
many
okay?
So
without
that,
I
think
we're
just
going
to
end
up
replicating.
A
We
might
create
like
a
slightly
better
version
of
existing
systems,
but
we're
not
gonna
do
anything
paradigm.
Shifting.
A
So,
let's,
let's
go
into
it,
okay,
so
what's
what
makes
a?
What
makes
roi?
What's
the
key
for
a
high
roi
to
simplify
it's
like
solving
the
right
problems
right?
So
this
is
what
you
do,
and
you
know-
and
really
here
I
want
to-
I
want
to
break
it
down
to
what
actually
okay
go
from
the
big
picture
to
like,
let's,
let's,
let's
talk
concretely
about
catalyst
and
things
we
can
do
right
now.
A
So,
first
of
all,
we
have
the
challenges.
Challenges
are
the
base.
You
have
a
challenge,
setting
challenge
right,
you,
the
community,
is
free
to
create
challenges
and
vote
and
decide
what
challenges
are,
and
this
is
really
critical,
because
with
only
good,
only
impactful
as
the
impact
of
the
problems
that
we
select
for
ourselves,
okay,
so
selecting
the
right
problems
is
at
the
base
of
being
effective.
A
Then
we
have
the
proposals
right.
So
the
right
solutions
to
address
these
challenges-
and
we
have
a
lot
of
power
here,
not
because
only
every
one
of
you
is-
has
the
capability
to
write
a
proposal,
but
there's
like
a
giant
support
system
to
help
you
do
that
place
for
you
to
find
collaborators
and
place
for
you
to.
Even
if
you're,
not
leading
a
proposal,
you
can
join
a
proposal
as
an
implementer
you
can.
A
You
can
give
constructive
advice,
you
can
there's
like
a
million
things
you
can
do
to
to
to
help
formulate
the
right
solutions
and
whether
is
a
as
the
star
character
in
that
play
or
the
supporting
as
one
of
the
supporting
cast.
A
Then
we
have
the
right
decisions.
Okay,
so
we
have
all
these
like
high
quality
solutions,
but
we
need
to
discern
which
ones
are
the
best
would
lead
to
the
best
roi.
So
we
have
basically
two
two
layers
here.
Right
like
we
have
one,
which
is
the
the
assessment
layer,
like
everything
that
that
is,
the
advisors
do:
okay,
the
community
advisors.
They
give
us
this
layer
of
insights
of
analysis.
A
Solving
the
problem
of
you
know:
how
can
one
individual
even
try
to
assess
hundreds
of
really
dense
proposals
and
then
there's
the
voter
layer,
which
is
all
about
decision-making
process
and
making
making
sure
the
voters
are,
are
informed
that
the
guide
them
to
make
the
right
decision
so,
for
example,
by
assessments,
but
also
by
expert
community
ballots
in
the
future
expert
ballots
in
the
future
and
other
processes
and
tools
we're
going
to
create
together
right?
We
have
all
these
challenges
just
about
that.
A
Then
then
we
have
the
you
know.
Once
we
decided
what
to
fund
many
decisions,
then
we
have
the
execution
and-
and
again
here
I
would
say
it's
like
two
subparts
one-
is
acceleration
so
making
sure
that
those
funded
proposals
get
like
guidance
and
mentorship
and
training
and
tools
to
not
reinvent
the
wheel,
but
be
as
effective
as
possible
and
also
maybe
connect
them
to
more
investors
and
more
talents
and
connect.
A
You
know,
so
that's
one
and
the
other
one
is
coordination,
so
make
sure
they
help
each
other
and
make
sure
that
when,
when
everybody's
like
attacking
a
challenge,
they
do
it
in
somewhat
a
coordinated
fashion.
To
not
replicate
efforts
to
learn
from
each
other,
etc,
and
so
this
is
our.
Why?
Then
we
have
the
experience?
A
A
The
perceived
benefits
should
excel
the
perceived
costs.
Okay,
so
what
does
it
mean
that
the
incentives
like
the
voter
incentives,
for
example,
or
the
or
any
other
incentive
in
the
system,
is
higher
in
the
financial
sense
than
the
fees
you
need
to
pay?
Okay.
So
this
is
like
already
something
we're
working
really
hard
on
you
know,
and
and
and
trying
to
really
make
sure
that,
even
if
the
voter
rewards
are
small
they're
higher
than
the
fees
you
pay
to
participate
and
then
the
second
one
is
the
experience.
A
So
all
these
all
the
lived
moments,
okay,
that
you
have
in
the
catalyst,
the
people
you
learn
you
meet
and
the
things
you
learn
the
excitement.
All
these
things
are
higher
than
the
frustration
and
the
challenge
of
complexity.
Okay
of
the
confusion
and
the
disorientation.
You
know
that
it's
like
and
you're
like.
Okay,
I'm
gonna
tolerate
this
complexity
because
of
all
the
other
things
I'm
getting,
then
we
need
to
think
about
the
engaging
correctly
for
different
type
of
engagement.
A
You
know
and
then,
on
the
other
hand,
like
you,
have
like
people
who
are
like,
like
proposers
or
advisors,
who
are
like
extremely
engaged
and
like
give
them
the
ability
to
be
extremely
engaged,
so
not
one
size
fits
all,
and
then
we
have
iterating
based
on
listening
to
community
feedback.
So
this
is
what
we're
doing
the
service
for
every
every
town
hall.
Like
every
fund,
we
publish
a
survey,
the
survey
we
got
more
than
two
thousand
people
participating
and
we
had
very
specific
action
points
coming
for
it.
A
So,
for
example,
voter
history
is
now
gonna
be
a
big
priority
for
us
and
in
the
coming
funds.
You're
gonna
see
that,
and
we
know
a
lot
of
people
you
know
like
hybrid
wallets
was
something
that
the
community
really
wanted
and
for
you
as
an
individual,
participate
in
the
surveys
and
be
real.
Okay,
give
us
give
us
the
feedback,
and
so
we
can
learn
and
improve
and
understand
that
that
you
feeling
good
is
not
just
you
feeling
good.
A
It
means
it
predicts
that
thousands,
tens
of
thousands,
hundreds
of
thousands
millions
of
people,
are
going
to
have
that
same
experience.
Okay,
if
we
just
stay
true
to
ourselves
and
be
real
about,
what's
working
for
us,
what's
not
working
for
us
and
and
lastly,
belonging
okay,
a
sense
of
sense,
a
real
sense
of
community.
A
This
is
what
people
always
tell
us
is
like
the
best
thing
about
this
project,
and
you
know
it's
it's
again.
It
goes
both
ways
right
like
how
are
you,
including
others,
and
make
them
feel
good
and
like
and
like
make
make
them
accept
them
and
welcome
them
in
whatever
way
they
come
and
also
the
other
way.
What
are
you,
how
are
you
showing,
showing
up
and
engaging
and
initiating
and
not
just
being
like
closed
in
your
room
in
front
of
your
computer
passively
watching?
A
A
It's
decentralizing
components
all
right:
it's
it's
regis
like
we
registration
is
already
decentralized
because
you
decentralize
on
the
shelley
mainnet,
which
is
a
decentralized
network.
The
voting
power
is
decentralized.
We
have
more
than
20
000,
unique
voters,
and
we
expect
many
more
for
front
four
and
we're
working
on
on
delegation
soon.
That
will
also
decentralized
and
we
so
so
these
things
are
pretty
much
underway
the
then
we
have
the
privacy
of
the
vote.
A
Okay,
so
you
being
safe
from
from
harassment
and
and
control
like
because
of
how
you
vote-
and
you
can
vote
with
your
conscience
and
then
we
have
the
decentralization
of
the
tally,
it's
very
complicated,
but
we
already
have
a
solid
theoretical
foundations
of
how
to
do
that,
and
thanks
for
being
shang
and
roman
and
their
team
and
we're
we're
on
the
pathway
to
do
that.
So
the
tally.
A
So
now
we're
catholicism
is
doing
the
tally,
but
we're
going
in
a
way
that
actually
there
will
be
hundreds,
if
not
thousands,
of
participants
who
will
be
doing
the
tally
together
in
the
centralized
way
like
in
in
there's
like
the
the
system
will
use,
is
actually
there's
like
a
lot
of
similarities
in
how
like
stake,
pools
and
staking
work,
but
instead
of
you
know,
generating
blocks.
A
You
know
we're
going
to
count,
votes
right
and
publish
published
words
that
are
that
are
really
not
dependent
on
some
person
in
a
company
like
like
what
we
do
right
now,
then
we
have
the
decentralization
of
funding.
Okay,
so
again,
like
moving
from
we
transfer
funds
to
actually
having
a
smart
contract
or
or
an
or
like
an
automatic
trigger.
That's
gonna
generate
an
automated
transactions.
It's
gonna
send
incentives
to
participants.
A
A
Okay,
like
would
improve
decision
making,
so
he
comes
and
he
makes
an
argument,
but
he
does
it
in
a
very
negative
way.
He
insults
everybody
on
that
way.
He
put
names
and,
and
everybody
having
a
really
hard
experience
because
of
the
way
it
showed
up
so
so
suddenly,
there's
a
trade-off
between
like
increased
roi,
but
then
a
lower
ux,
okay.
But
of
course
this
it
doesn't
have
to
be
like
this.
A
person
can
come
and
make
the
same
arguments
and
in
a
sweet,
constructive,
positive
way
that
actually
lifts
everybody
up.
A
Okay
and
suddenly
there
is
no.
There
is
no
trade-off.
Okay,
but
like
another
type
of
trade-off
is
like
let's
say:
sometimes
things
can
be
more
efficient
when
there's
like
a
leader
with
absolute
power
just
makes
decisions
and
we
don't
have
to
spend
time
talking
right.
So,
like
less
decentralization,
more
roi
and
of
course
you
know,
then
then
then
comes
the
you
know
the
wisdom
of
the
crowds
and
collective
intelligence
and
showing
like
how
actually
decentralization
can
lead
to
higher
roi,
okay
and
then
in
higher
energy
higher
motivation.
A
So
as
you
as
someone
in
catalyst
that
might
be
confused
or
overwhelmed
or
trying
to
navigate
the
complexity
of
of
all
these
rules
and
other
humans,
try
to
simplify,
try
to
look
at
these
three
parameters
and
and
think
in
your
own
actions.
What
are
you,
how
can
you
individually
increase
the
legitimacy
through
through
working
on
these
things?
A
So
I
hope
that
helped.
I
hope
I
didn't
make
things
more
complicated
than
before
and
yeah
thanks
for
listening
and
it
concludes.
I
just
wanted
to
offer
you
a
few
options
to
increase
the
legitimacy,
legitimacy
of
catalyst.
So
you
can
read,
listen
to
announcements.
You
can
watch
re-watch
town
halls.
You
can
browse
the
proposals,
ideas
and
insights
in
a
descale.
A
A
What
am
I
elijah
says:
nft?
Okay,
if
you
have
me,
you
want
to
share
me.
If
you
share
me,
you
don't
have
me
so
I
don't
know
I'm
like
in
the
crypto
community.
So
maybe
like
secrets
something
like
that
like
if
a
secret
everybody
wants
to
share
secrets,
I
mean
sometimes
people
don't
want
to
share
secrets,
but
definitely,
if
I
share
it,
I
don't
have
it
anymore
and
I'd
love
to
get
the
audience
if
they
have
other
other.
I
really
seriously
can
be
like
a
lot
of
a
lot
of
other
things
and,
let's.
A
A
I
think
that
I
wish
our
team
knew
more
and
I
would
love
if
you
can.
We
can
send
a
little
love
bomb
to
to
our
tech
team
that
are
working
so
hard,
and
I
just
don't
know
how
what's
the
best
way
to
do
it.
So
I
don't
know
marek
and
danny.
Maybe
if
you
can
think
about
the
way
to
like
form
a
bridge
between
our
our
tech
team
and
the
in
the
community,
because
because
if
they
knew
they,
I
think
they
would,
it
would
make
them
bring
bring
open
their
hearts.
A
So,
let's
figure
it
out.
You
know
because
I
can
tell
them,
but
it's
not
the
same
as
hearing
it's
from
you.
A
Okay,
len
is
asking
please
consider
for
a
future
town
hall,
including
a
segment
explaining
the
history
and
current
relationships
between
emergo,
the
cardano
foundation
and
iog
graphics
would
help
also
to
expand
the
relationships
between
the
cardano
foundation,
iog
and
project
catalyst
and
explain
more
clearly.
What
is
the
source
of
funds
for
project
catalyst
grants?
A
We
hear
it's
a
treasury
and
who
is
spending
authority
on
that
source
of
funds?
Are
there
multi-signature
controls
in
place?
Sure,
okay,
I
mean
I
will
consider.
I
think
it's
very
easy.
I
will
I'll
take
a
note
of
that
request
and
I
can
make
a
few
slides
in
in
the
I'm
not
afraid
next
week,
but
definitely
this
month
I
can.
I
can.
I
can
dedicate
a
few
sites.
To
that
I
mean
it's.
It
is
coming
from
the
treasury,
like.
A
A
A
The
one
in
the
email
doesn't
work,
okay,
so
it's
the
opportunity
and
a
setup
session
that
sounds
fun.
Practical,
practical,
it's
good,
effective,
okay,
mehmet,
mehmet
okusoy
is
asking
hi
all.
Is
there
any
estimated
date
for
fund
six?
New
ideas
are
ready
to
present,
not
so
much.
We've
been
kind
of
heading
in
the
bunker,
releasing
fund
four
and
then
we'll
be
heading
to
banker,
releasing
fund
five
governance,
but
we're
going
to
release
them
really
quickly,
one
after
the
other
and
then
like
and
then
like
launch
fund
six
as
soon
as
possible.
A
So
I
would
give
an
estimated
dates
once
once
we
have
an
estimated
date
for
fund
four,
we'll
start
to
we'll
start
to
to
do
the
estimation.
So
soon
soon
you
will
soon
you
will
know
if
people
want
to
start
working
on
your
ideas,
so
definitely
we're
going
to
have
the
challenges
in
front
five
again
in
more
more
of
them,
and
so
you
know
you
can
already.
A
If
you
have
something
that's
like
related
to
one
of
these
challenges,
you
can
already
start,
you
know
initiating
work
and
ask
for
feedback,
etc,
etc
and
yeah,
and
hopefully
you
know
after
fun.
Four
we're
going
to
get
some
new,
exciting
challenges,
so
it
will
you
know,
and
then
we
will
then
we
can
really
get
everybody
ready
for
for
fun.
A
A
And
let's
get
to
fund
for
first
and
then
and
then
I
will
announce
once
we
nail
down
the
fund
for
schedule.
A
A
Can
you
assist
with
contacting
the
charity
stake
pools
I
mean
I
can.
What
I
can
is
like.
I
can
take
this
link
and
put
it
in
the
chat
and
invite
the
community
to
be
in
touch
with
you
and
your
team
and
and
help
to
make
contacts
and
hopefully,
next
week
we
can.
You
can
touch
a
base
and
see
if
how
that
worked
out
thanks.
A
Okay,
we
have
one
okay,
we
have
one
question,
not
question
an
idea
by
rich.
If
the
idea
is
12
weeks
per
funding
ground,
you
can
add
one
week
transition
and
that
would
be
4
times.
12
plus
4
equals
52
weeks.
A
It's
true,
that's
a
good
idea.
I
think
it's
nice,
you
know
we'll
have
like
the.
We
have
fun
the
fall
edition
fun
11
summer
edition,
like
we
can
do
with
the
seasons
and
we
can
have
like
themes
according
to
you
know,
one
with
more
leaves
and
one
with
like
wintery
and
and
like
you
know,
snowman,
and
I
like
the
concept
of
being
aligned
with
the
seasons
so
and
and
that
we
can
neatly
fit
it.
Also
in
quarters
like
we
can
be
really
corporate
about
it.
A
Jonathan
is
asking:
where
did
the
12
week
time
frame
come
from?
Why
not
eight
or
ten?
Well,
we
did
actually
pretty
extensive
analysis.
There
was
like
actually
a
process
of
of
negotiation,
and
it
was
a
a
trade-off
between
what
we
know
about
our
capability
to
deliver
things
in
a
reliable
way
and
some
specific
time
that
we
knew
things
are
she
can
take
that
are
not
too
rushed
like
like,
for
example,
the
two-week
ca,
the
two-week
vca,
a
qa
assessment
phase,
for
example,
but
mainly
we
just
wanted
to
make
sure
that
we
can.
A
A
So
so,
basically,
you
know
we're
going
to
run
with
the
12
weeks
and
see
how
we
do,
and
you
know,
and
maybe
after
a
few
funds,
you
know
we're
going
to
go
and
revisit
the
decision
and
I'm
sure
a
lot
of
things
are
going
to
change
from
now
and
then
okay,
actually
we're
gonna
clear
out
all
the
questions
this
week,
because
it's
like
a
new
okay.
A
Can
anybody
my
ma,
meraf
devos
is
asking
anyone
tell
me
how
voters
can
vote
to
a
project
so
and
once
fund
four
governance,
gonna
launch
we're
gonna,
give
you
instructions
and
how
exactly
you
can
register
if
you,
if
you
will,
if
you
have
a
dead
or
loose
wallet
or
your
roy,
you
can
use
that
to
register
to
vote.
There's
also
other
tools
like
a
cli
tool
that
can
you
can
use,
but
to
make
a
long
story
short.
A
A
Only
costs
like
one
one-time
fee
that
you
need
to
pay
to
register.
It's
like
very
small
fee
and
the
rewards
you
will
receive
are
likely
to
be
higher
than
the
fee.
Okay,
so
there's
no
costs
very
easy
to
use,
and
probably
I
would
advise
you
to
join
the
catalyst
the
announcement
channel
to
really
be
on
top
of
of
all
announcements
around
the
start
of
registration,
and
so
thank
thanks
for
the
questions.