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From YouTube: Status Townhall #30 - Monday 18 March, 2019
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A
Okay,
hi
everyone,
let's
get
started,
welcome
to
the
30th
town
hall.
Sadly
it
will
just
be
me
today.
Unfortunately,
Rachel
had
some
technical
issues.
So
let's
get
started
first
things.
First,
I,
don't
know.
If
everyone
saw
my
status
post,
we
will
be
having
status
build
week.
Think
of
it
as
like
a
hack
week,
but
we
gave
it
a
really
cool
name
called
status
build
week,
what
it
oh.
A
Sorry,
I'm,
a
computer
screen
got
messed
up.
Okay,
so
basically,
what
status
build
will
be?
We
put
out
a
status
post
it'll,
be
like
a
hack
week
as
I
said,
it'll
be
right
after
unicorn
doc
week.
So
here's
kind
of
what
the
timeline
will
be.
We
thought
it
would
be
best
to
line
it
up
with
after
you
corndog
week,
just
so
that
we
know
kind
of
what
needs
to
be
fixed.
What
we
can
improve
on
and
what
we
can
do
to
just
make
things
better.
B
C
B
B
But
it's
definitely
we're
getting
to
a
point
now,
where
things
a
lot
more
stable
and
we
can
stop
thinking
about
the
future
again
and
q2
is
coming
up.
So
we
need
to
figure
out
what
our
priorities
are
for
that.
So
I
just
want
to
spend
a
few
minutes
now
and
just
kind
of
give
some
thoughts
that
I've
been
having
and
then
we
can
have
like
a
discussion
or
we
can
have
some
feedback
and
over
the
next
couple
of
weeks
we
can
figure
out
what
we
would
like
to
do.
Collectively.
B
B
First
next
slide,
please
so
at
face
value
with
status,
basically
with
all
the
components
that
we
have
like
key
card,
the
teller
network
and
status
we're
essentially
creating
an
open,
decentralized
payment
network,
at
least
the
touch
points
to
do
so.
You
can
kind
of
think
about
this
as
like
replacing
what
visa
does,
except
for
it's
a
lot
more
interesting
at
least
I
I
guess
I'm
kind
of
biased,
but
it
is
permissionless
and
the
community
owns
these.
B
If
you
use,
if
you
have
a
key
card,
you
can
access
funds
the
same
way.
You
would
with
your
debit
card,
whether
it's
at
point
of
sale
terminals,
which,
by
the
way
in
our
network,
can
be
created
on
the
fly
by
using
status
directly.
That's
really
cool,
because,
if
you're
a
new
vendor
you
don't
have
to
buy
any
dedicated
hardware,
you
can
basically
just
use
your
mobile
phone
or
your
smartphone.
I
should
say,
and
in
addition
to
that,
you
know,
status
is
also
Mobile,
Money
clients.
You
know
the
same
way.
B
We
have
line
a
WeChat
in
in
Asia,
where
you
can
actually
pay
with
your
mobile
phone.
Of
course,
this
is
always
the
intention
of
status.
So
so,
with
these
sort
of
three
touch
points,
we
can
pretty
much
give
the
giver
a
comparable
user
experience
to
to
what
already
exists
today.
But,
of
course,
there's
a
lot
of
differences
there.
There
is
no
intermediaries
in
the
same
way,
you
can
actually
profit
by
running
the
network.
B
So
so
the
the
incentives
are
a
lot
more
aligned
in
such
a
network,
and
we
can
do
all
of
this
without
actually
having
to
worry
about
scalability
at
least
the
initial
sort
of
iterations,
of
course,
in
the
future,
that'll
either
depend
on
what
the
theorem
2
is
capable
of,
but
much
more
likely
will
we
end
up
creating
some
kind
of
layered
su
network
on
top
of
ethereum.
This
could
be
done
in
plasma
or,
more
recently,
some
of
the
more
interesting
researchers
around
roll-ups,
which
cannot
also
offer
a
lot
more
transaction
privacy
as
well.
B
If
this
is
kind
of
interesting
to
you,
I'd
highly
recommend
david
stern's
electronic
value
exchange.
It's
definitely
a
very
interesting
account
of
the
origins
of
visa
and
it's
kind
of
like
a
crystal
ball,
except
for
everything
set
in
the
50s.
So
this
is
essentially
the
on-ramp
for
users
into
our
our
ecosystem
into
into
all
of
these
wonderful
goodies
that
we're
creating
next
slide,
but
I
mean,
of
course
you
should
know
this
by
now,
but
it
definitely
goes
deeper
than
that.
B
B
So
what's
really
interesting
about
this
is
this
is,
is
that
we
we
can
now
model
what
this
token
economy
looks
like.
Berry
has
been
doing
some
excellent
work
on
this
front
and
I
think
he
might
be
presenting
some
of
it
today,
if
not
it'll,
be
the
next
town
hall.
But
what
what
this
does
is
it
gives
us
new
models
that
allow
us
to
project
into
the
future
and
see
what
our
token
economy
will
look
like.
B
This
is
really
important
for
us,
because
one
it
can
give
us
a
sense
of
how
to
design
these
systems
in
the
ways
that
it's
maximally
efficient
in
capturing
value,
but
also
it
can
help
us
with
priorities,
prioritization
our
testing,
our
assumptions
and
also
giving
us
metrics
in
which
to
to
guide
out
the
organization
in
the
future.
And,
of
course
all
of
this
is
supported
by
the
status,
application
and
nubes
yep
next
slide.
B
And
the
third
sort
of
pillar
here
is
how
we
actually
construct
status,
and
this
is
a
decentralized
network.
It
is
open,
participatory
and
you
can
think
of
it
as
infinite
game
store.
Brand
hadn't
recommended
this
book
to
me
finite
and
infinite
games,
and
it's
it's
pretty
interesting
when
you're
developing
a
decentralized
system
to
keep
this
in
mind,
because
the
logic
isn't
what
we're
kind
of
used
to
in
the
in
how
companies
are
created
and
how
they
fall.
You
know
it's
basically,
a
winner-take-all
idea.
B
You
you
want
to
the
logic
is
essentially
to
win,
but
in
a
decentralized
system
it
doesn't
necessarily
have
to
be
the
case.
The
logic
is
actually
instead
not
to
lose.
So
as
long
as
we
create
the
infrastructure
for
contribution
and
network
growth,
it'll
always
be
there
for
anyone
to
ever
do
so.
If
there's
one
lonely
person
out
there
who
would
like
to
see
the
vision
of
status
and
what
we're
creating
succeed,
they
can
do
so
without
permission.
They
can
do
so
without
anybody
else's
intervention,
and
this
is
where,
like
the
doubt,
comes
into
play.
B
Hopefully
extensions
will
be
used
as
a
way
to
essentially
actually
Gateway
to
contributing
to
status,
reacted
like
educating
people,
enclosure
scripts,
but
also
enhancing
the
status
clients
somewhere
indirectly-
and,
of
course,
this
is
kind
of
where
embark
also
comes
in,
because
it
allows
you
to
create
more
gaps.
On
top
of
the
theory
and
increase
the
utility
of
the
overall
ecosystem.
B
They're
a
comment
or
question,
though
someone's
off
you
know:
okay
I
mean
so
with
that
in
mind.
Basically,
q2
is
about
formulating
these
go
to
market
strategies,
hopefully,
hopefully
buying
their
Ike
by
the
end
of
jutsu
will
have
the
status
application
in
a
place
where
things
become
frictionless.
You
can
kind
of
be
supportive
in
terms
of
the
use
cases
that
we
can
actually
take
to
market,
such
as
the
teller
network
and
such
as
key
card
as
prime
examples,
but,
of
course,
sticker
markets
attribute
to
talk
and
during
other
use
cases
so
by
the
indicator.
B
Ideally,
whatever
swims,
we
have
we'll
have
some
kind
of
formulation
on
how
to
how
to
get
customers,
and
hopefully
already
starting
to
get
some
in
the
pipeline
very
similar
to
how
we've
been
doing
the
NS
usernames,
but
a
much
more
concerted
effort
doing
that.
Now.
What
if
we
can
get
to
that
point
that
actually
gives
us
five
months
of
actually
actively
going
to
market
we
on
our
current
theas
tours.
So
so
that's
as
nearly
two
quarters
that
should
there
should
be.
There
should
be
playing
a
time
to
kind
of
test
our
assumptions
and
change.
B
So
I
mean
I
think
this
is
totally
open
for
debate,
but
I.
Imagine
the
status
application
priorities
should
be
really
to
support
the
go-to-market
strategies
as
much
as
possible,
specifically
making
sure
that
the
key
card
until
a
network
with
a
very
streamlined
which
also
requires
other
wallet
to
be
a
lot
more
responsive
to
transactions,
and,
ideally,
we
can
get
status
to
the
point
where
it
just
becomes
frictionless
or
it
doesn't
become
like
a
a
sort
of
sore
point
in
the
user
experience.
B
That
also
means
reducing
the
time
it
takes
to
get
into
it
into
the
application
through
the
entry
points,
whether
that's
login,
switching
between
applications
and
mobile
devices,
or
even
doing
push
notifications
right
now,
it's
a
little
hairy
it'd
be
great
to
get
that
down
and,
of
course,
the
the
plan
from
the
UX
and
design
has
also
to
be
thinking
about
onboarding.
We
don't
want
to
add
any
more
features.
We
just
want
to
streamline
the
status
application
as
much
as
possible
in
queued
suit
support
the
use
cases
next
slide
from
a
contribution.
B
Standpoint
it'd
be
great
to
see
the
the
doubt
finally
funding
our
project
elements
it'd
be
great
to
have
the
participation
in
the
meritocracy.
Richard
has
done
some
some
great
fixes
to
that
so
and
getting
it
live.
So
that's
just
around
the
corner,
it'd
be
great
to
have
a
certain
percentage
of
monthly
contributors
to
the
project,
actually
not
be
core
contributors
and,
as
I
mentioned
before,
having
extensions
actually
at
a
point
where
we
can
lead
people
to
work
on
extensions
and
then
finally,
contribute
upstream
to
status.
B
There's
definitely
some
things
we
can
change
in
the
organization
as
well,
I
mean,
first
and
foremost,
we
need
to
reform
this
forms
that
are
suitable
for
q2.
That
means
that
keeping
some
of
them
alive
closing
some
of
them.
We
can
even
cause
what
a
bunch
and
then
reopen
them
in
different
ways,
with
different
goals
in
mind.
It'll
be
great
to
have
certain
components
of
the
organization
such
as
design,
some
people,
ops
to
be
under
the
swamp
framework
and
a
little
more
communicative
I
think
that's
been
a
bit
of
a
sore
point
in
human.
B
Also
core
has
definitely
taken
on
way
too
much,
so
it'd
be
great
to
get
them
more
focused
and
not
having
to
worry
about
a
bunch
of
other
stuff
that,
basically,
nobody,
there's.
No
other
resources
to
work
on
yeah
people
watch
I'd,
love
to
see
them
getting
more,
getting
their
hands
more
dirty
with
technical
stuff,
particularly
around
the
dowel
meritocracy
and
contribution
flows,
and
hopefully,
by
the
end
of
q2.
B
So
the
biggest
issues
are
like
a
network
incentivization
the
most
impactful
to
the
staffs
application
is
definitely
the
messaging
research
core
has
been
doing
a
really
good
job
making
the
best
of
what
we
have,
but
you
know
messaging,
is
definitely
a
very
long-term
research
endeavor
and
this
might
be
a
friction
point
by
the
end
of
q2.
So
we
definitely
need
to
keep
this
in
mind
and
do
our
best
to
alleviate
that
as
much
as
possible,
because
it's
yeah,
because
the
protocol
stuff
is
definitely
going
to
take
a
lot
longer.
B
D
D
Okay,
so
the
past
two
weeks,
we
so
true
to
talk,
is
part
of
the
chat
team.
So
we
were
working
on
a
few
other
things,
but
regarding
tribute
to
talk,
only
we
are
now
in
the
implementation
phase,
and
there
was
a
few
issues
that
popped
out
that
we
had
to
discuss
with
Vitaly
and
which
also
involved
Ricardo
and
Richard
smart
contract
developers.
D
So
the
decisions
we
made
is
to
store
the
messages,
the
personalized
messages
inch
with
token
ipfs
and
also
to
add
a
way
to
deactivate
the
contract
in
the
future,
because
we
consider
this
to
be
a
better
version
of
tribute,
talk
and
Jared
or
already
mentioned
a
couple
weeks
ago,
that
there
might
be
other
better
ways
to
do
tribute
to
talk.
So
we
need
to
anticipate
and
take
that
into
consideration
so
that
there
is
a
an
upgrade
path
for
for
tribute
to
talk
versions.
C
Yes,
not
a
lot
to
share
this
time,
foster-care
market,
because
essentially
we
are
done
that
the
only
thing
missing
true
to
go
live
is
the
contract
audits,
which
we
are
in
the
process
of
beginning
and
we
also
started
discussing
the
next
phase
foster
care
market.
So
we
had
a
first
call
to
discuss
that.
That's
it
cool.
E
Yep
hi
so
yeah,
basically,
as
Jared
said,
like
core
was
a
bit
spread
to
saying,
especially
like
the
last
few
weeks,
with
the
releases
and
things
so
but
yeah.
We,
we
kind
of
started,
doing
there
textual
documentation
and
discussing
it,
and
they
also
like
started
roughly
today,
working
on
the
first,
like
simple
proof
of
concept
like
yeah,
it's
an
iteration
one
of
whatever
it
would
be
of
like
a
beer
town
on
a
test
network
yeah,
that's
essentially
it
so
I.
Guess
we
more
or
less
settled
on
the
rough
like
bigger
picture.
E
D
So
the
teller
we
have,
we
are
releasing
it
to
Rick,
abhi
and
testing
and
funny
tuning
there
after
releasing
where
it
can
be.
We
found
some
issues
that
were
not
that
apparent
on
the
local
environment,
so
we're
working
on
on
fixing
that,
at
the
same
time,
we're
updating
it
to
embark
for
and
crate
react
app,
which
is
taking
some
some
work.
Currently,
we
started
to
work
on
the
implementation
of
the
second
phase
for
the
arbitration
protocol.
F
Do
a
quick
demo
right
now:
oh
yeah,
so
actually
Esther's
put
a
lot
of
a
lot
of
good
research
and
have
some
good
ideas
about
how
we
can
better
present
the
liquid
funding
gap
to
and
end-users
what
we
have
so
far.
I
guess
is
more.
We
made
some
good
head
headway
on
the
technical
front
in
terms
of
the
actual
a
project
page
where
you
can
create
almost
like
a
a
Kickstarter
like
project
page
for
your
project
and
then
allow
which
would
allow
any
delegate
that
a
funder
appointed
to.
F
And
I
guess
what
makes
it
interesting
as
far
as
what
we've
done
is,
even
though
it's
so
fully
decentralized
for
this
staff.
What
we've
done
that's
a
little
different
is
normal
in,
like
a
normal
client-server
application
that
interfaces
with
a
database,
and
so
what
we
essentially
did
here
so
try
to
keep
it
decentralized
but
improve
the
legal
experience.
We've
effectively
moved
the
database
to
the
client
side
and
and
host
all
assets
related
to
presentation
on
ipfs,
and
actually
that
creates
a
experience.
F
That's
remarkably
close
to
like
the
centralized
application,
which
I'll
demo
right
now
and
looks
pretty.
This
is
what
it
would
essentially
look
like,
and
if
you
look
basically,
everything
on
the
right
half
of
the
screen
is
just
presentation:
data,
the
name
of
the
who's
behind
the
project,
the
title
subtitle
any
media
assets
as
well.
As
you
know
what
what
their
goal
is.
So
a
project
and
creator
is,
as
far
as
what
we
can
put
into
a
project
page
we're
no
longer
limited
by
what
we
can
store
in
the
contract.
F
In
our
case,
the
video
itself
is
on
YouTube,
so
we
just
put
the
URL
and
there,
but
this
would
essentially
allow
anybody
to
create
a
project
manage
their
projects
in
a
permissionless
way,
and
then
you
know
also
back
the
project
in
a
permission
in
this
way,
so
I
guess
the
next
steps
is
just
to
complete
the
actual
back
project
flow
where,
when
they
so
one
clicks
back
project,
there's
a
delegate,
they
can
back
it
their
weird.
The
funds
are
who
they
got.
F
A
D
Thanks
and
thanks
for
putting
me
after
that,
awesome
presentation
feel
super
good,
so
the
Deaf
store
is
moving
along
nicely.
We
have
contracted
an
agency
in
Cape,
Town
and
Subaru
la
diversión,
one
of
our
designs
just
to
redesign
deaf
thoughts,
make
navigation
and
back
browsing
debts,
easy
and
pleasure.
There's
no
contract
integration
or
anything
funky
happening
there
on
the
contract
side
of
things.
We
are
still
researching
some
interesting
way.
Mr.
Poole
explained
solidity,
but
it
has
proved
more
Bentall
to
go
down
the
pipe
the
roots
just
by
perseverance,.
D
D
D
Okay,
so
yes,
like
the
VIPRE
contracts,
is
being
worked
on
through
a
ban,
see
we
have
an
initial
version
and
Jacques
has
put
together
a
balanced
testing
framework
for
us.
The
next
steps
will
be
to
implement
the
library
that
does
square
roots
with
precision
and
flesh
out
the
testing
framework,
and
then
we
can
get
busy
on
version
two
which
includes
contract
integration
and
uploads
and
downloads
and
real
ranking
with
their
sexy.
E
That's
for
sure,
so
the
next
thing
we
are
going
to
do
is
we're
gonna
prepare
for
the
scales
unicorns
aid,
because
just
to
to
be
sure
that
it
happens
because
it's
not
like
Rick,
we
can
just
shut
down
our
cluster
but,
for
instance,
to
SharePoint
which
are
done
in
fewer.
We
need
to
to
do
some
client-side
implementation
and
also
we
need
to
Maureen's
and
other
little
things.
E
It's
like
a
extremely
to
have
someone
who
can
build
essentially
an
if
you
come
online
comments
not
like
right
now,
it's
very
complicated,
so
I
hope
it
will
bring
more
contributions
to
their
to
our
application
as
well,
and
one
more
thing
is
that
we
also
did
some
initial
work
on
to
reduce
withdrawals
in
the
UI
Roman
did
this.
It
is
the
wall
hanging
fruits.
There
were
a
few
PRS
during
these
two
weeks
and
finally,
we
decided
to
go
back
to
fixed
release
schedule.
E
E
So
we
decided
to
go
back
to
like
bi-weekly
release
schedule
and
we
also
created
a
webpage
on
status,
sign
that
I
forgot
to
put
on
this
slide
that
actually
visualizes
and
shows
their
next
four
plant
releases
together
with
feature
freezes,
but
I'll
I'll
share
it
later
in
the
status
channel.
That's
all
for
me,
cool.
C
C
Cool,
so
mobile
UI
is
almost
ready
almost
there
for
desktop
and
pull
requests
already
prepared
and
should
be
available,
probably
tomorrow
for
you
and
just
need
to
made
a
couple
quick
fixes
on
that.
Most
of
activities
on
these
tasks
were
made
with
indirect
native
desktop
because
mobile
you
are
uncovered
some
things
that
were
not
implemented
yet
transit
area
so
now
they're
all
ready
and
yeah.
We
we
have
mobile
your
own
desktop.
You
just
need
to
go
through
the
review
and
testing
face
to
make
sure
nothing
was
broken
in
mobile,
especially.
G
If
you
got
many
things
you're
moving
to
this
next
package
manager,
this
is
a
branch
which
is
close
to
being
merged
later
this
week.
So
NYX
is
a
functional
package
manager
written
in
Haskell
and
it's
you
know.
The
goal
is
to
build
pure
packages
pure
in
the
sense
that
they
don't
have
any
side
effects,
or
at
least
this
least
as
possible.
G
It
allows
us
to
target
both
Linux
and
Mac
OS
with
the
same
codes,
whereas
previously
we
had
different
package
managers,
one
for
Linux
and
one
for
Mac
OS,
which
made
it's
harder
to
ensure
that
we
had
similar
environments
with
NYX.
It's
all
done,
it's
all
handled
on
the
next
side.
The
recipes
are
written
in
Haskell
as
well,
and
using
that
we
can
download
packages
from
cache
or
built
from
source
if
needed,
but
most
of
the
time
users
won't
see
any
builds
time,
because
we
have
a
daily
job
that
builds
it's
and
constrast
in
this
cache.
G
So
in
our
current
set
up,
we
will
be
able
to
get
rid
of
the
usage
of
apt-get
on
brew
and
VM,
and
also
some
haddock
downloads
that
we
had,
such
as
their
Android
NDK
and
also
other
smaller
parent
packages
that
we
needed
in
order
to
debug.
Yet
in
the
future
we
will
try
to
get
rid
of
other
package
managers
as
well
to
standardize
on
Nicks.
G
So
the
nice
thing
is
that
the
package
configurations
are
part
of
the
package
identity
and
that
gets
computed
into
a
hash.
So
it
makes
it
very
easy
to
switch
to
a
different
version
of
the
tool.
Try
that
out
and
if
you
don't
like
it,
you
can
always
go
back
and
there's
no
extra
download
time
or
any
collisions
yeah.
It's
pretty
easy
to
work
with,
in
that
sense,
yeah.
So
looking
forward
to
seeing
this
get
merged
in
later
this
week,.
F
So
it's
certainly
a
work
in
progress,
but
I
think
the
first
thing,
of
course
you
have
to
ask
was:
why
are
we
even
doing
this
in
the
first
place
and
well,
if
you
can
understand
the
economic
impact
of
of
our
decisions
right,
we
can
create
better
metrics
for
the
different
swarms,
which
would
lead
to
better
decisions
and,
ultimately,
better
outcomes
and
based
on
so
far
the
research
we've
done.
I'd
like
to
start
with
this
thesis
and
sort
of
work,
my
way
back
from
there,
which
is
that
a
token
is
part
currency
and
part
capital.
F
So
let's
unpack
that
a
little
bit.
What
is
currency
well,
currency
gives
us
the
power
to
consume
all
right.
You
can
exchange
it
for
goods
and
services,
it's
a
means
of
exchange
unit
of
account
and
what's
capital.
Well,
capital
has
the
power
to
govern,
and
it's
a
store
of
value
generally
power
to
govern,
in
the
sense
that
when
it's
in
the
form
of
equity,
perhaps
it
gives
you
boding
power
and
so
forth.
F
The
interesting
thing
is,
though,
and
and
so
a
lot
of
the
data
that
I'm
going
to
present
in
this
initial
slide.
I
use
the
US
economy
only
because
of
the
data
availability,
the
size
of
that
market
and
just
for
consistency,
I
kept
with
the
US
economy
all
the
way
down,
but
these
patterns
seem
to
recur
across
basically
all
modern
economies.
F
So
the
difference
right
now
is
that
modern
economy
is
separate
capital
from
currency
right.
The
average
person
being
paid
in
fiat
doesn't
participate
in
the
broad
economic
value
being
created,
and
we
see
this.
This
is
a
an
actual
chart
from
a
study
put
out
by
the
US
Congressional
Budget
Office,
that
showed
over
time.
F
This
is
a
graph
well,
this
is
a
pie
chart
just
showing
how
its
split
up
of
the
main
assets
in
the
economy
currency
makes
up
about.
5%
for
currency
is
what
the
vast
majority
of
people
get
paid
in
and
and
the
porting
and
keep
most
of
their
worth
in,
but
it's
interesting
because
the
economy
itself,
95%
of
it,
is
not
made
up
of
currency,
and
so
what
the
effect
of
that
is
is
that
if
the
majority
people
are
keeping
their,
you
know
the
product
of
their
their
their
work
and
their
wealth
in
a
depreciating
asset.
F
This
makes
sense
why
you
keep
seeing
this
pattern
emerged,
where
the
majority
ended
up,
owning
less
and
less
of
a
stake
in
the
economy,
because
this
is
a
total
returns
of
these
different
three
different
assets.
We
just
showed,
above
from
2004
to
2008
eeen
when
I
got
the
starting
data.
The
only
one
that's
negative
is
the
domestic
purchasing
power
of
the
of
the
US
dollar,
and
this
is
a
trend
you
see
among
all
fiat
currency.
F
It's
not
going
to
adjust
the
dollar
right,
and
this
is
just
a
graph
where
we've
actually
visualized
all
these
different
assets
over
time-
and
you
can
see
the
only
one
that's
consistently
just
gone
negative
is-
is
the
domestic
purchasing
power
of
the
dollar
and
there's
other
other
prices
here?
I
want
and
I
would
just
quickly
point
your
attention
to.
Is
this
one,
which
is
not
a
real
asset,
but
it's
a
synthetic
one
that
we
created,
which
is
an
equal,
equal
weighted
blend
of
the
three
assets
and
how
it
would
have
performed
over
time?
F
Now
you
also
have
a
less
of
a
concentration
in
governance
power
right
because
that
capital
concentration
has
governance
power
in
terms
of
all
the
corporations
of
an
economy,
and
most
corporations
have
a
big
influence
on
the
politics
of
a
nation
as
well.
So
it
starts
to
more
over
time.
It
should
start
to
more
evenly
distribute
the
power
amongst
all
stakeholders
in
an
economy.
F
F
F
It's
that
markets
are
discounting
mechanisms
and
measures
like
the
GDP
look
at.
What's
already
happens
right,
and
so
what
are?
What
are?
They
discounting?
I
mean
they're
discounting
the
future,
but
they're
discounting
all
the
future
cash
flows.
You
know
and
discounted
to
the
present
and
when
you
say
discounted
to
the
present,
you
have
to
discount
these
future.
Cash
flows
against
uncertainty,
risks
inflation
all
those
things.
F
But
if
you
understand
this
principle-
and
this
is
really
at
the
core
of
it-
you
basically
can
get
an
understanding
of
yeah.
You
have
a
pretty
good
base
level
for
understanding
how
markets
work
so
now,
specifically
within
crypto
utility
cases,
we've
identified
two
types
of
cash
flows
right
and
and
and
if
we,
if
we
back
out
to
thinking
about
cash
flows,
we
can
use
existing
valuation
methodologies.
F
We
can
apply
existing
valuation
methodologies
to
them.
So
one
of
those
types
is
token
bonding
and
unbounding,
and
another
type
is
value
flow
through
the
network.
Let
me
talk
a
little
more
about
what
those
might
look
like.
So
an
example
of
you
know
value.
The
value
flow
is
simply
a
buyer
seller
transacting
through
the
network
buyer
sends
the
seller
or
some
token
seller
sends
the
buyer,
some
good
or
service,
and
and
that's
it
Network
incentive.
H
incentivization
might
be
an
example
of
that.
F
It's
sort
of
flowing
through
it
bonding
exam
token
bonding,
for
example,
might
be
something
like
ENS
usernames,
where,
when
you
register
a
name,
your
token
gets
locked
up
in
the
contract
and
when
you
unregister
or
when
you
want
to
release
a
name,
you
can
get
your
tokens
back,
and
so
using
this
this,
this
approach,
you
can
value
these.
These
cash
flows,
basically,
as
in
a
given
period,
all
the
tokens
locked
up.
F
All
the
tokens
released
is
your
net,
your
net
cash
flows
and
you
discount
those
to
the
present,
and
if
anyone
wants
there,
you
can
get
links
to
the
to
these
notebooks
and
all
the
data
is
in
these
notebooks.
You
could
explore
and
and
elaborate
on
that
yourself.
I
want
to
dive
now
into
the
actual
use
cases.
So
we've
we've
combined
all
these
different.
F
The
first
use
case
in
there
just
to
show
what
are
some
of
these
levers
in
a
in
a
model
right
so
using
networks
instead
of
visitation.
As
an
example,
there's
a
couple
parameters
that
all
these
use
cases
share
in
common
right,
the
number
of
current
status
users
in
in
the
network,
the
user
growth
rate
per
year.
F
The
churn
rate
these
these
first
three
they're
they're
common
amongst
all
the
all
the
used
cases
right
there,
they're
sort
of
a
a
good,
a
good
starting
point
to
be
able
to
gauge
what
the
impact
is
on
the
metrics
that
are
unique
to
the
use
case
itself.
Now,
what's
unique,
let's
say
the
network
and
sanitization
is
the
average
number
of
messages
sent
per
user
per
day
right?
That's
a
metric
that
say
may
not
be
very
relevant
to
something
like
e
NS
user
names.
F
You
know
the
number
of
registrations
or
the
percent
of
the
users
that
register
a
name,
but
in
order
in
order
to
get
a
sense
of
how
values
gonna
be
created
here,
we
need
to
be
able
to
also
come
up
with
some
estimate,
and
this
is
all
a
work
in
progress.
We
used
dippy
as
just
a
gut
feeling
number
and
so
we're
completely
open
to
a
more
objective
measure
here,
but
it
and
the
the
other
thing
that
needs
to
be
figured
out
is:
what's
the
cost
per
message
all
right.
F
We
apply
that
to
our.
We
calculate
our
gross
profit
from
that
right.
So
the
evaluation
formula
we
use
here
is
is
wal
called
the
equation
of
exchange,
which
can
be
summarized
as
this,
which
is
the
monetary
base
times.
The
velocity
is
equal
to
the
price
and
the
quantity
price
times
the
quantity.
There's
a
lot
to
unpack
there.
So
I'll
try,
but
it's
okay.
If
you
don't
get
it
all
here,
but
and
if
you
have
questions
you
can
certainly
message
me
after
this
and
I'll
be
happy
to
point
you
in
the
right
direction.
F
So
if
we
take
the
number
of
messages
per
year
times
the
the
quantity
of
the
messages
we
get
the
gross
product
for
a
given
year,
right
now
to
get
the
monetary
base,
we
need
to
divide
by
the
velocity
of
these
tokens,
and
this
is
something
that
also,
we
need
more
clarity
on
being
able
to
estimate.
But
essentially
the
way
to
think
about
velocity
is
if
a
user
is
paying
for
the
messages
to
be
forwarded.
How
many,
how
many
times
in
a
given
period
in
this
case
appeared,
is
the
year?
F
Will
they
acquire
it
so
again
spend
it
and
do
that
again
right?
So
where
are
you
in
general
for
something
like
these
commodity
type
cases?
The
velocity
we've
estimated
to
be
a
very
high
one,
something
like
Bitcoin,
a
common,
a
common
metric
being
used
right
now
for
the
velocity
of
Bitcoin
is
about
six
and
a
half
times
per
year.
A
Bitcoin
turns
over
for
crypto
commodities,
where
you're
having
say
machine-to-machine
interaction.
You
could
expect
a
higher
velocity,
so
we're
using
a
velocity
of
20.
F
That's
been
estimated
by
some
other
some
other
researchers,
but
certainly
open
to
debate
and
certainly
interested
to
see
what
it
will
be
once
these
use
cases
are
live
and
we
can
actually
measure
these
things.
But
for
now
we
have
to
start
somewhere
the
discount
rate.
Well,
you
got
a
discount.
The
future
earnings
by
something
I
won't
spend
too
much
time
here,
but
if
you're
interested
you
could
go
to
this
notebook
and
there's
an
extensive
study
on
how
we
computed
our
discount
rate.
F
Now,
once
you
get
all
these
future
cash
flows
and
you
discount
them
to
the
present,
the
one
thing
you
still
need
to
do
is
you
need
to
then
apply
a
probability,
the
probability
of
failure
that
also
is
going
to
impact
your
value
and
I'll
just
quickly
go
here.
In
this
case,
the
present
utility
value
has
been
calculated
here,
but
it's
actually
the
discounted
value
multiplied
by
the
probability
of
success
right
so
or
one
minus
the
probability
of
failure.
So.
F
These
are
sort
of
initial
starting
points
and
are
also
up
for
debate.
What
their
weight
should
be.
What
is
missing,
what
needs
to
be
added
but
I'll
walk
you
through
some
some
things
so
right
now,
this
particular
notebook
has
a
probability
failure
of
72
percent,
and
so
what
are
the
things
that
influenced
that
number
right
so
for
one,
is
the
milestones
right
if
it's
being
researched
versus,
say
it's
been
active
development.
F
Well,
the
probability
of
cure
goes
down
if
it's
deployed
to
mean
that
it's
now
at
under
50%,
if
your
key
metric
is
positive,
you're
now
at
30%,
your
key
metric
is
growing
over
time,
you're
under
20%
right
and
if
your
value
accrual
exceeds
the
cost
of
capital.
Well,
you're
you're
already
approaching
10%,
but
will
won't
go
too
deep
on
that
right
now
is
really
no
one
in
the
space
is
at
that
point
anyhow.
F
Does
it
require
our
scalability
solution
right?
If
it
doesn't
your
probability,
fair
goes
down.
It's
just
going
to
be
easier
to
implement
if
it
does
require
our
scalability
solution
that
the
execution
risk
is
higher
economic
mechanics,
you
know
token
bonding
an
equation
of
exchange.
Like
simple
vanilla
transactions
like
bonding
to
a
contract
or
exchanges
between
one
or
more
parties
are
about
the
same
risk
here.
Maybe
that's
right,
maybe
that's
wrong.
Maybe
equation
of
exchange
should
be
less
than
token
bonding,
but
we
for
now
have
things
like
pokey,
curated,
registries
and
and
dowse
down.
F
If
it
uses
some
kind
of
more
complicated
mechanics
that
the
average
person
may
not
easily
grok,
it's
going
to
raise
the
probability
of
failure
right
off
the
bat
just
because
again,
that's
something
that
may
impacts
the
execution
risk
of
it
all.
And
finally,
how
decentralized
is
it
right
if
it's
highly
decentralized,
you
know
it's
more
likely
sister
in
the
long
run
and
this
value
the
value
here
is
all
based
on
long-term
value
right,
we're
extrapolating
out
over
years.
F
So
you
know
if
something
is
being
built,
how
we
decentralized
versus
a
minimum
of
decentralization.
Well,
you
go
to
minimum
decentralization,
a
long-term
probability
of
failure,
given
if
you're,
if
you're
being
researched,
it
requires
a
scalability
solution,
a
TCR
with
minimum
decentralization
right
off
the
back
back.
You're
gonna
have
a
98%
probability
of
failure.
F
So
that's
that's
one!
Notebook
and
there's
we've
done
something
like
this
for
multiple
use
cases
I'm
going
to
see
if
I
could
switch
back
here
and
you
can
go
to
this
combined
utilities
value
notebook
and
you
can
click
through
to
any
one
of
these
use
cases
and
see
what
our
assumptions
are,
how
we
came
up
with
these
things
and
tweak
the
values
yourselves.
You
can
fork
these
notebooks.
You
can
make
comments,
you
can
make
merge
requests
back
in
you
know
these
things
are
all
open
source
for
everybody
to
to
mess
around
with.
F
When
it's
all
said
and
done,
we
calculate
a
combined
net
present
utility
value
by
combining
the
individual
utility
values
and
we've
included
this
these
knobs
at
the
bottom,
which
will
allow
you
to
play
with
the
assumptions
that
are
the
same
to
all
of
them.
So
you
know
if
you
think
that
the
user
growth
rate
per
year
should
be
not
three
hundred
percent,
but
I,
don't
know
three
point:
you
know
you
could
you
could
mess
with
it
and
see
how
it
will
impact
the
value
of
the
network?
You
can
see.
Growth
has
a
big
impact.
F
You
can
play
with
the
churn
rate
to
see
how
that
will
impact
the
discount
rate.
These
are
the
values
that
are
apply
to
all
the
use
cases,
but
you
can
also
we're
thinking
of
adding
the
actual
metrics
that
are
unique
to
each
notebook
directly
under
each
note.
So
perhaps
there'll
be
one
unified
notebook
to
to
basically
be
able
to
computer
combine
sort
of
play
with
all
the
variables
in
one
unified
notebook.
That's
the
bit
that
way.
F
That
is
that's
at
a
high
level
where
everything
stands
right
now
and
there's
certainly
a
lot
of
research
being
done
in
terms
of
figuring
out
what
are
the
correct
probabilities
of
failure
and
how
we
should
wait
them.
The
discount
rate
is
also
a
big
issue
that
that's
been
going
on.
I.
Think
one
last
thing
I'd
like
to
leave
this
on
is
once
the
utility
case
is
alive
and
we
use
ENS,
because
it's
now
on
May
Annette.
This
allows
us
now
to
start
tracking
them
creating
metrics.
F
C
F
This
is
where
we
stand
right
now
and
you
know
thoughts,
comments,
feedback,
certainly
appreciated
I,
just
like
to
leave
it
on
the
one
note
where
you
know,
if
you're
working
in
a
swarm,
it
really
would
help
to
think
about.
You
know
what
are
the
key
value
drivers
of
your
swarm
and,
and
that
would
help
help
us
just
estimate
these
things
much
better.
A
A
A
B
C
It's
just
nature
like
the
games.
Naturally,
by
having
a
use
case,
we
don't
need
to
promote
that
not
in
a
way
I
think
marketing.
Just
by
integrating
it
into
the
application
is
enough.
Then
we
can
of
course
marketing
the
application,
not
the
estimate,
in
the
case,
yeah
yeah,
exactly
there's
a
bunch
of
work
being
done
with
touching
myself
to
onboard
users
into
the
S&T
utility
features,
and
a
lot
of
that
work
is
being
done
now
and
there's
some
campaigns
being
planned
and
hoping
to
launch
when
these
features
are
released.