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something and then people would just be like, what?

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They launched an airdrop?

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Go!

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Welcome to Game of Nodes, a weekly podcast on the Cosmos

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from independent validator teams.

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OK, hello.

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Welcome to Game of Thrones, a weekly podcast on the Cosmos

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from independent validators with a perennially dodgy start.

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We've just been talking about health care, which is obviously

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not very related to the current drama in Cosmos,

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but it is very interesting to have an international perspective

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on such things.

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This episode is going, we've called it extra credit,

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and it's about what is going to happen next, probably,

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in the ongoing resolution of the current drama.

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So, we've got a resolution of the implications of Prop 16,

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which obviously we're all quite close to,

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and Meow from Juno Core is hopefully

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going to join us in a little bit as well.

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So, yeah, hopefully this is going to be a little bit less

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dry than wading through some of the text proposals

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and the implications thereof that we've had to do

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during the last week.

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Because we put this together at relatively short notice,

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and Joe will be joining me until Meow shows up,

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which I think is going to happen in a bit.

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But obviously, there's few people as qualified,

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particularly than Joe, to speak about this.

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So, we were wondering earlier, Joe, do you have,

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do you still have this, so Joe put together a great flow

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chart of where we're up to, do you still have that, Joe?

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Can you screen share it?

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I just sent that to you, but I can also do.

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I think if you say to screen share,

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I can give you permission.

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All right.

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Let me put that on a proper screen.

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Nerds, I know you were so bad, aren't we?

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Allow me to put it on my second monitor.

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Second.

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That's all.

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There's more than two.

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And you had to worry about the rotated monitor for coding.

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That's right.

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Yeah, I mean, this is going to come off

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fantastically on the Spotify version of this podcast.

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All right.

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Maybe you're here.

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Maybe you, Serpa, can trim this.

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Do you have to welcome my screen into the...

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Ah, there we go.

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There it is.

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Wow.

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We're like high tech now.

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So PropFar came along and says, ah, they

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gave them the stack drop.

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And then Wolf says, no, they didn't.

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They're fine.

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It's cool.

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So we rejected it.

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And then they started selling it about to Juno.

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And then Prop16 comes along.

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There's some investigations.

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There's some articles.

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Core One says, please vote no.

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But it's still passed anyway.

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So then we can kind of zoom out and see

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like how everything's expanded from that point.

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Validators have had concerns.

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CCN wants to negotiate.

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There was a PR that was briefly ready.

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Then it was closed.

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And there's another PR.

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Then there's been multiple PRs.

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Over here on the Commonwealth proposals,

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I really like that people have gotten more active

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in the Commonwealth and making proposals

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about different remediations, different ways

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to handle the situation at hand.

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And sort of on the side here also

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tracking kind of the general consensus

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from the community about, hey, all right, it's passed.

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Let's do it.

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And then why isn't government doing anything?

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And why isn't Core One doing anything?

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And then why is it over?

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And so where we've basically sunk to

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from all these different paths are,

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CCN has a proposal that they've prepared.

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There's unity proposal that Core One has produced.

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And then there's the one that I effectively authored

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gathering up information

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and what would be the logical conclusion

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from that information.

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So that's the three proposals that we currently have

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on deck right now.

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Yeah, so now we've kind of gone through

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Jaby's quite excellent flow chart.

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I guess for the rest of this, we'll refer to them

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as the CCN prop, unity prop and the burn prop.

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Sepulona?

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Yeah, I guess so.

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So I'm gonna attempt a very short summary

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of each of those and sure see if you think

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I'm screwing this up then please jump in.

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So the CCN prop is let's split what we have 50-50

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between the community and our own investors.

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The burn prop is we burn, we undeligate

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and then burn the funds held by CCN.

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And the unity prop is we undeligate and move the funds

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to a smart contract, which has hooks that CCN can use

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and hooks that the community can use.

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That is my summary of the three proposals.

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Is that reasonable?

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I think that's a good tough little summary of it.

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I think that one thing that'd be best to discuss

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a little bit more is like,

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what is the end game of the unity proposal?

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Do you envision it as being a, like a,

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right now we have labels like an escrow account,

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where we'll have some level of control,

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but the reality is that'll probably just end up being

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a pseudo burn, right?

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It's gonna be locked up for an indeterminate amount of time

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because there's probably gonna be no conclusion

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as to who gets what, right?

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So what is your vision of what the unity

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will eventually become?

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Well, so there's a couple,

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so we'll talk a little bit about each of the props

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in a minute, but I think it's also worth saying

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that unity prop was obviously put forward

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when everything was a lot more uncertain

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and a lot more shouty maybe than it has got now.

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I think the conversation has sobered a little bit

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and I think we're in a more constructive place

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than we were a week ago or 10 days ago,

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but the original unity prop, like you say,

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I think certainly the way CCN view it is,

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it is sort of burning by another means

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because it's locking the funds up.

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There is a way of putting a timer on this, right?

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Which is to say, instead of the default position

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being nothing moves, you could actually amend

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that contract design to be that it still has

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the governance hooks for the community.

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It still has the withdrawal hook for CCN,

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but you could also do a vesting schedule on it

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so that the default position is that it drains over time,

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right?

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The other thing that you could amend to that,

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which is if you say that it's going to drain over time

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in favor of an account nominated by CCN,

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I mean their admin, you could equally remove

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what we call the RIPCord, which is their ability

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to withdraw with a 28-day delay.

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Because if you're getting the funds vested

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over a longer period, then is there ever a scenario

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where it's in the benefit, it benefits the community

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to use the RIPCord?

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No.

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So the default position is come up with a compromise

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to agree to withdraw the funds

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or the funds will drain over a 10-year vest.

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Let's say.

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So there has been some discussion around

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contract implementation about whether to go back

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to the community and ask about that,

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should there be the RIPCord in the current design

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or should there be a vest?

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But the problem is going back to the community

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at this stage on a Commonwealth is likely

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to just cause kind of anxiety or it's quite hard

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to communicate even to technical people smart contract design.

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I mean, talking about code is hard, right?

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I mean, we're all on this call, we all kind of understand it.

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And even then part of this call is that we're kind of

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explaining this to each other as well as we go.

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So I understand that it is like a difficult thing

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to kind of talk about, especially in text form

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on these Commonwealth proposals.

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So yeah, so I guess we started talking about the Unity prop.

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There's no particular order with how we were gonna go through

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the three things that are gonna happen.

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But it's so before we go on, I will say that there is

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so that there is a logical sequencing of events

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that is now going to happen.

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People have been asking what's going to happen.

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The answer is probably tomorrow,

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we are going to table Lupa-Kalia phase one,

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which is a security upgrade that will have,

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this is great, we should have Joe with the charts up

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all the time, this is amazing.

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So Lupa-Kalia phase one is a security upgrade

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and crucially it allows, it has an upgrade in it

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that allows the governance module to take actions

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on a smart contract.

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And this is very new behavior.

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This is new and exciting behavior.

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So the reason this is important is because the Unity prop

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requires the governance module to be able to take actions

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on a smart contract.

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And this is why I think smart contract developers like me

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are very excited by this, not just because I think

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it's a good solution, but because it is genuinely

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very novel to try and solve this deadlock

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in a zero trust environment with a smart contract,

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with a smart contract that's not only a smart,

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just solving with a smart contract full stop

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will be pretty historic, but solving it with a smart contract

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that's actually directly controlled

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by the governance module is completely,

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I mean, just the concept is completely impossible

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in a proof of work chain, right?

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So can we take a moment to talk about this a little longer?

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So currently governance can basically do

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like a community spend proposal,

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it can do a text proposal, a software upgrade proposal,

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and then now there's gonna be like,

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execute smart contract type proposal,

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or what will that look like in reality?

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And will that have any sort of,

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I suppose, anybody can create a proposal right now.

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Are there any controls around that smart contract

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execution now?

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Like can anyone just put up a proposal that says

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we should do this with a smart contract,

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or how will that look?

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Right, so what you do is you implement,

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there's a, so Cosmos and smart contracts

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have several entry points.

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You can think of them as like a right entry point

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and a read entry point,

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if you're kind of used to traditional database models.

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And then there are a couple of extra ones,

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one of them is like a hook for if you get a message

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from another smart contract, how do you handle that?

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And there is an additional one,

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which is that this is coming with the most recent upgrade,

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which is I have gotten the message

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from the governance module, what should I do with it?

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So you need to handle specifically the message case,

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and it needs to be formatted obviously a certain way,

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serialized in a certain way to take an instruction.

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So the Unity prop contract exists,

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it has been written, and at the moment,

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it is implemented purely to the letter and word

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of the Unity prop as it is up on Commonwealth.

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So it has, I can actually throw up,

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I've got a couple of pictures I can throw up

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to show what it does.

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So the first thing,

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and you can see a little bit of the side of us over here,

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where is it?

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Hello, there's my hand.

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So there is a address that can do actions,

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in this case, we would envisage it to be CCN,

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and they can take a withdrawal action.

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This is available at any time, they can request a withdrawal,

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it starts a smart contract,

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a timer effectively in the smart contract.

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And then after that time has elapsed,

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the withdrawal can actually be executed, right?

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And that's the 28 day delay.

265
00:13:02,560 --> 00:13:03,560
It's actually configurable,

266
00:13:03,560 --> 00:13:08,560
but in the implementation notes on Commonwealth,

267
00:13:09,360 --> 00:13:13,640
it was said that it would be 28 days.

268
00:13:13,640 --> 00:13:16,560
So that's what we would configure it to, right?

269
00:13:16,560 --> 00:13:18,360
And then when that time runs,

270
00:13:18,360 --> 00:13:20,960
you can actually withdraw the funds.

271
00:13:20,960 --> 00:13:24,600
Now we've been referring to this as the ripcord, right?

272
00:13:24,600 --> 00:13:26,960
So you request a withdrawal,

273
00:13:26,960 --> 00:13:30,120
the parachute starts deploying,

274
00:13:30,120 --> 00:13:32,760
and at some point you actually start slowing down,

275
00:13:32,760 --> 00:13:34,640
I guess that's the funds arriving in one go.

276
00:13:34,640 --> 00:13:36,480
That's actually a really bad analogy, but whatever.

277
00:13:36,480 --> 00:13:39,760
Anyway, for some reason we call it the ripcord,

278
00:13:39,760 --> 00:13:42,920
but what it is is a delayed release of funds.

279
00:13:42,920 --> 00:13:47,280
So that behaves very much like a normal smart contract,

280
00:13:47,280 --> 00:13:51,160
it's just the execute handler, right?

281
00:13:51,160 --> 00:13:53,920
But the other half of the governance contract

282
00:13:53,920 --> 00:13:56,480
is the bit that, sorry,

283
00:13:56,480 --> 00:13:58,560
the other half of this contract is the governance actions,

284
00:13:58,560 --> 00:14:00,480
which is the bit I think that you were asking about

285
00:14:00,480 --> 00:14:01,520
just then, Schultz-y,

286
00:14:02,920 --> 00:14:07,400
which is that a governance prop can send a message,

287
00:14:09,280 --> 00:14:12,760
and it can be one of three message types

288
00:14:12,760 --> 00:14:13,640
that are implemented.

289
00:14:13,640 --> 00:14:17,000
So the contract basically looks at what the message type is.

290
00:14:17,000 --> 00:14:20,240
I mean, obviously the message type could also be invalid,

291
00:14:20,240 --> 00:14:21,280
which would be bad,

292
00:14:22,160 --> 00:14:23,760
but there are three actions available

293
00:14:23,760 --> 00:14:25,920
to the community effectively, right?

294
00:14:27,040 --> 00:14:30,560
There's burn all the funds held by the contract,

295
00:14:30,560 --> 00:14:34,560
there's send an amount of native funds to an address,

296
00:14:34,560 --> 00:14:39,560
and there's send all funds held by the contract to an address.

297
00:14:41,680 --> 00:14:44,040
So again, pretty straightforward.

298
00:14:44,040 --> 00:14:49,040
So governance could decide to do any one of those

299
00:14:49,880 --> 00:14:51,320
three things on the right

300
00:14:51,320 --> 00:14:54,960
by sending the right message to the smart contract.

301
00:14:54,960 --> 00:14:57,160
So you said for a moment that

302
00:14:58,920 --> 00:15:01,160
there's an assumption that the contract

303
00:15:01,160 --> 00:15:03,440
or the message would be formatted correctly.

304
00:15:03,440 --> 00:15:04,880
What's the default behavior

305
00:15:04,880 --> 00:15:07,160
if the message isn't formatted correctly?

306
00:15:07,160 --> 00:15:10,600
What if there's all this buildup around a prop saying,

307
00:15:10,600 --> 00:15:13,360
we're gonna do this and it's not formatted correctly,

308
00:15:13,360 --> 00:15:15,240
or someone sends it in and does something wrong,

309
00:15:15,240 --> 00:15:16,480
what will happen?

310
00:15:16,480 --> 00:15:18,640
You get a Cosm wasm panic,

311
00:15:18,640 --> 00:15:22,000
and it says incorrect message format,

312
00:15:22,000 --> 00:15:24,600
I think incorrect invalid wasm message,

313
00:15:25,520 --> 00:15:28,280
and it returns an error from the SDK level,

314
00:15:28,280 --> 00:15:30,480
from the wasm module.

315
00:15:30,480 --> 00:15:34,960
So it would be pretty important

316
00:15:34,960 --> 00:15:39,840
to do a dry run of that on a test net with this,

317
00:15:39,840 --> 00:15:41,840
which obviously, so UniOne currently has

318
00:15:41,840 --> 00:15:44,280
this behavior available to it on test net.

319
00:15:44,280 --> 00:15:49,280
So the reality is whoever was going to implement

320
00:15:50,960 --> 00:15:53,360
such a proposal from the community

321
00:15:53,360 --> 00:15:56,280
would want to go on Uni and propose,

322
00:15:57,960 --> 00:16:00,840
propose that upgrade, right, to test that it works.

323
00:16:00,840 --> 00:16:03,360
Otherwise they would risk burning,

324
00:16:03,360 --> 00:16:05,480
well, actually, I guess they wouldn't burn any Juno,

325
00:16:05,480 --> 00:16:06,720
but they would just look a bit silly

326
00:16:06,720 --> 00:16:07,760
if they did it on main net,

327
00:16:07,760 --> 00:16:11,000
and it didn't work as anticipated.

328
00:16:11,000 --> 00:16:14,720
Okay, so to clarify, there would be an error,

329
00:16:14,720 --> 00:16:16,240
but it wouldn't cause a chain halt,

330
00:16:16,240 --> 00:16:18,320
it wouldn't cause crazy adverse behavior,

331
00:16:18,320 --> 00:16:21,480
it would just say throw up a new prop essentially.

332
00:16:21,480 --> 00:16:23,680
Because no, it would be exactly the same as,

333
00:16:23,680 --> 00:16:27,000
on the name service, if you don't fund

334
00:16:27,000 --> 00:16:29,520
a wasm message correctly when you try and buy a name,

335
00:16:29,520 --> 00:16:31,440
it throws a wasm error.

336
00:16:31,440 --> 00:16:33,720
It would be exactly the same severity as that.

337
00:16:33,720 --> 00:16:38,720
It's completely sort of firewalled

338
00:16:39,560 --> 00:16:40,680
within the contract itself,

339
00:16:40,680 --> 00:16:43,640
just because the contract has been called by governance

340
00:16:43,640 --> 00:16:48,160
doesn't mean there's like some much more

341
00:16:49,000 --> 00:16:52,080
risky behavior that's being used.

342
00:16:56,800 --> 00:17:01,800
So yeah, that's the unity prop smart contract,

343
00:17:02,760 --> 00:17:04,360
and that's how it would work.

344
00:17:04,360 --> 00:17:07,080
And I think we've kind of gone over why it's cool as well,

345
00:17:07,080 --> 00:17:10,680
which is that we're a smart contract chain,

346
00:17:10,680 --> 00:17:12,520
and to be able to solve a problem like this,

347
00:17:12,520 --> 00:17:15,040
using a smart contract is kind of inherently cool.

348
00:17:16,800 --> 00:17:19,520
Maybe coolness is perhaps not the best way

349
00:17:19,520 --> 00:17:21,360
to be judging the relative merit

350
00:17:21,360 --> 00:17:26,360
of quite high stakes things, but it is cool,

351
00:17:26,480 --> 00:17:28,480
and it would be pretty historic to,

352
00:17:28,480 --> 00:17:30,400
on a proof of state chain,

353
00:17:30,400 --> 00:17:33,640
solve a governance problem using a smart contract

354
00:17:33,640 --> 00:17:34,880
controlled by the community.

355
00:17:34,880 --> 00:17:39,880
I mean, I think that would be kind of pretty incredible,

356
00:17:43,640 --> 00:17:48,640
but what I think about the technical coolness of it,

357
00:17:49,160 --> 00:17:51,200
obviously, shouldn't really influence anybody

358
00:17:51,200 --> 00:17:52,760
on whether they think it's a good idea or not,

359
00:17:52,760 --> 00:17:55,040
because it does obviously boil down to whether or not

360
00:17:55,040 --> 00:17:57,440
this is the right thing to do in terms of governance,

361
00:17:57,440 --> 00:18:00,240
and in terms of actually mediating the situation effectively,

362
00:18:00,240 --> 00:18:02,480
which is, does this contract,

363
00:18:02,480 --> 00:18:07,320
or does the Unity prop itself actually set up

364
00:18:07,320 --> 00:18:10,040
a reasonable ground for negotiation, right,

365
00:18:10,040 --> 00:18:10,920
and all of that kind of stuff

366
00:18:10,920 --> 00:18:12,800
that we've been talking about before?

367
00:18:12,800 --> 00:18:17,800
So what does it look like if another option is proposed

368
00:18:18,840 --> 00:18:21,040
and the smart contract needs modified?

369
00:18:21,040 --> 00:18:24,400
Will that just go through a standard smart contract upgrade,

370
00:18:24,400 --> 00:18:29,400
change, or will it just be a simple update to the contract

371
00:18:30,720 --> 00:18:31,760
for the new addition,

372
00:18:31,760 --> 00:18:34,160
for the new proposal that people are bringing forward?

373
00:18:35,760 --> 00:18:38,720
So you mean if, let's say somebody said,

374
00:18:38,720 --> 00:18:43,000
oh, I would like to perform some other behavior

375
00:18:43,000 --> 00:18:45,240
that's not currently supported by the contract?

376
00:18:46,240 --> 00:18:47,200
Yes, that's correct.

377
00:18:47,200 --> 00:18:48,760
Yes, so right now, except for a certain amount

378
00:18:48,760 --> 00:18:52,600
of text messages, a fourth message that says,

379
00:18:52,600 --> 00:18:54,720
immediate burn half distribute half,

380
00:18:54,720 --> 00:18:56,920
as an off the cuff example.

381
00:18:57,760 --> 00:18:59,640
Yeah, so, well, this is the difficulty.

382
00:18:59,640 --> 00:19:04,240
So as suggested by Unity,

383
00:19:06,960 --> 00:19:09,040
my understanding of it is that the contract

384
00:19:09,040 --> 00:19:11,800
should be instantiated without any admin.

385
00:19:13,040 --> 00:19:15,280
So you instantiate without an admin,

386
00:19:15,280 --> 00:19:18,280
it means nobody can ever rug the contract itself.

387
00:19:18,280 --> 00:19:20,920
So if a regulator came along and was like,

388
00:19:20,920 --> 00:19:24,160
stop this immediately, can't do it, there's no admin.

389
00:19:24,160 --> 00:19:29,160
It basically, taking away the admin has a lot of good features

390
00:19:31,800 --> 00:19:34,760
in that it puts a solution on the table

391
00:19:34,760 --> 00:19:36,520
and it's like, now this is the solution,

392
00:19:36,520 --> 00:19:38,800
we can't now bike shed any further,

393
00:19:38,800 --> 00:19:40,920
but the downside is you can't migrate it.

394
00:19:42,000 --> 00:19:44,960
If we were going to propose a smart contract solution

395
00:19:44,960 --> 00:19:49,920
that could be migrated to change the kind of the

396
00:19:49,920 --> 00:19:51,800
lay of the land underneath the contract,

397
00:19:51,800 --> 00:19:54,520
like it's functionality, it's behavior,

398
00:19:54,520 --> 00:19:56,440
I almost think that would be another proposal

399
00:19:56,440 --> 00:19:58,520
because it's obviously you can migrate it

400
00:19:58,520 --> 00:20:00,360
and you can change the way it behaves,

401
00:20:00,360 --> 00:20:02,760
but whether or not that is the correct thing to do.

402
00:20:03,840 --> 00:20:04,680
I don't know.

403
00:20:04,680 --> 00:20:07,000
Yeah, you could also have it so that the community

404
00:20:07,000 --> 00:20:09,640
or the governance module itself is the admin.

405
00:20:10,600 --> 00:20:13,600
So if the community wanted to upgrade the contract,

406
00:20:13,600 --> 00:20:16,120
they could vote to upgrade the contract.

407
00:20:17,480 --> 00:20:18,960
Does that actually work though?

408
00:20:18,960 --> 00:20:23,000
Can you send a migrate message as the governance module?

409
00:20:23,000 --> 00:20:26,200
Because I thought you have to be a regular signing key

410
00:20:26,200 --> 00:20:28,120
in order to call a Wazem migrate message.

411
00:20:28,120 --> 00:20:31,160
I believe that there is a new,

412
00:20:31,160 --> 00:20:32,960
in the latest version of Wazemd,

413
00:20:32,960 --> 00:20:36,480
there is a new migrate contract message,

414
00:20:36,480 --> 00:20:38,400
which you could, or proposal type.

415
00:20:38,400 --> 00:20:40,600
So there's a special proposal type

416
00:20:40,600 --> 00:20:45,120
for this new migrate feature.

417
00:20:45,120 --> 00:20:47,160
That actually does sound like a thing

418
00:20:47,160 --> 00:20:48,760
I've seen in the changelog.

419
00:20:48,760 --> 00:20:51,920
So yeah, I know they just went ahead

420
00:20:51,920 --> 00:20:55,640
and added full smart contract interaction capabilities

421
00:20:55,640 --> 00:20:57,760
to the Cosmos governance module,

422
00:20:57,760 --> 00:21:00,080
which is really exciting.

423
00:21:01,400 --> 00:21:03,080
Another thing that could happen to you is

424
00:21:03,080 --> 00:21:04,880
if there's a new contract,

425
00:21:04,880 --> 00:21:06,840
the new contract could be instantiated

426
00:21:06,840 --> 00:21:08,840
and then the community could just vote

427
00:21:08,840 --> 00:21:10,680
to send funds to the new contract.

428
00:21:12,320 --> 00:21:13,760
So like having a new...

429
00:21:13,760 --> 00:21:14,880
That's actually a really good point

430
00:21:14,880 --> 00:21:16,800
is if you did want to instantiate,

431
00:21:16,800 --> 00:21:20,520
even if you wanted to take away the admin capabilities

432
00:21:20,520 --> 00:21:23,000
for any number of reasons,

433
00:21:23,000 --> 00:21:25,080
like from liability to whatever,

434
00:21:27,120 --> 00:21:28,760
another good reason I'm taking the admin away

435
00:21:28,760 --> 00:21:31,880
is to force people into having to come up with the solution.

436
00:21:31,880 --> 00:21:35,080
But actually, like Meow's just saying,

437
00:21:35,080 --> 00:21:39,120
when you have the ability to have a prop that says,

438
00:21:39,120 --> 00:21:40,880
drain all the funds from the contract

439
00:21:40,880 --> 00:21:42,440
and send it somewhere,

440
00:21:42,440 --> 00:21:44,320
you also could instantiate another contract

441
00:21:44,320 --> 00:21:45,360
and send the funds there.

442
00:21:45,360 --> 00:21:47,280
And the native balance would land.

443
00:21:48,800 --> 00:21:52,240
Although I suppose a weirder and funnier thing would be,

444
00:21:52,240 --> 00:21:54,440
the smart contract, I guess, appears as an address.

445
00:21:54,440 --> 00:21:55,320
Wouldn't it be kind of funny

446
00:21:55,320 --> 00:21:58,160
if the smart contract received an airdrop?

447
00:22:01,360 --> 00:22:02,600
Or is it too soon?

448
00:22:02,600 --> 00:22:05,480
It could happen, yeah, why not?

449
00:22:05,480 --> 00:22:07,280
Someone's gonna have that brilliant idea,

450
00:22:07,280 --> 00:22:08,600
like a brand new airdrop.

451
00:22:08,600 --> 00:22:09,440
I just want to have you space,

452
00:22:09,440 --> 00:22:10,720
he's just saying, dear God, no.

453
00:22:12,400 --> 00:22:14,080
It's gonna become a do-am-a-dress

454
00:22:14,080 --> 00:22:16,840
where people start sending NFTs and stuff to it.

455
00:22:16,840 --> 00:22:18,640
It's like, eh, I don't need this one anymore,

456
00:22:18,640 --> 00:22:21,680
send it to the whale, send the whale contracts.

457
00:22:23,760 --> 00:22:25,040
Yeah, I mean, I guess you could,

458
00:22:25,040 --> 00:22:26,720
I mean, it would be overthinking it

459
00:22:26,720 --> 00:22:29,920
to actually write some reply hooks for NFTs

460
00:22:29,920 --> 00:22:32,120
to see what it would do with those, but yeah.

461
00:22:33,760 --> 00:22:37,200
So yeah, that's the long and short,

462
00:22:37,200 --> 00:22:39,760
I think, where we're up to with the contract stuff.

463
00:22:39,760 --> 00:22:42,640
And also, hello, Meow, we kind of snuck you in the back door

464
00:22:42,640 --> 00:22:44,600
without introducing you properly.

465
00:22:44,600 --> 00:22:45,440
Yeah, I know.

466
00:22:45,440 --> 00:22:46,840
Welcome to Game of Nodes.

467
00:22:46,840 --> 00:22:48,920
I was late, but I'm excited to be here.

468
00:22:48,920 --> 00:22:51,120
This is my favorite YouTube series.

469
00:22:52,240 --> 00:22:53,840
After like one episode.

470
00:22:53,840 --> 00:22:55,160
Wait, two episodes?

471
00:22:55,160 --> 00:22:58,240
Two episodes, yeah, the last one was great.

472
00:22:59,240 --> 00:23:00,440
It was a great episode.

473
00:23:01,440 --> 00:23:02,280
Awesome.

474
00:23:02,280 --> 00:23:04,800
And I'm honored to be here with the likes of Jaby.

475
00:23:04,800 --> 00:23:07,800
Like, I raised my glass to you, sir.

476
00:23:07,800 --> 00:23:08,640
Thank you.

477
00:23:08,640 --> 00:23:09,520
Thank you.

478
00:23:09,520 --> 00:23:10,880
Thank you.

479
00:23:10,880 --> 00:23:12,480
Jaby's been keeping us safe for the last-

480
00:23:12,480 --> 00:23:14,840
I'm sure it's you and YouTube, obviously, Alex.

481
00:23:18,920 --> 00:23:21,360
The phrase username just gives me closure.

482
00:23:25,120 --> 00:23:25,960
Great.

483
00:23:25,960 --> 00:23:28,280
That was an excellent joke.

484
00:23:31,040 --> 00:23:31,880
Cool.

485
00:23:31,880 --> 00:23:33,640
So is there anything else we wanna say

486
00:23:33,640 --> 00:23:35,760
about the Unity prop at this stage?

487
00:23:35,760 --> 00:23:37,320
And also, if anybody,

488
00:23:37,320 --> 00:23:38,680
I actually noticed there are people watching.

489
00:23:38,680 --> 00:23:42,800
So if you have questions about the Unity prop,

490
00:23:42,800 --> 00:23:44,760
I'm gonna whip through the comments.

491
00:23:44,760 --> 00:23:47,120
I've realized I haven't been paying attention to them.

492
00:23:47,120 --> 00:23:50,920
Ask questions about what we're saying as we go.

493
00:23:50,920 --> 00:23:51,960
Sorry about that.

494
00:23:53,800 --> 00:23:55,160
Can I get my quick,

495
00:23:55,160 --> 00:23:58,280
why I think the Unity prop is cool, Spiel?

496
00:23:59,240 --> 00:24:00,680
Please do, yes.

497
00:24:00,680 --> 00:24:03,160
I'm really sorry if I repeat anything

498
00:24:03,160 --> 00:24:05,520
that any of you said before.

499
00:24:05,520 --> 00:24:08,800
Jesus Christ, Wenra.

500
00:24:10,800 --> 00:24:15,800
But yeah, it achieves everything the community really wants.

501
00:24:16,360 --> 00:24:19,240
It takes away the whales' voting power.

502
00:24:19,240 --> 00:24:21,360
It takes away their staking rewards.

503
00:24:22,640 --> 00:24:25,200
It is action.

504
00:24:25,200 --> 00:24:27,480
So, you know, it's like,

505
00:24:27,480 --> 00:24:30,240
at the same time, it also makes a lot of validators

506
00:24:30,240 --> 00:24:31,480
feel a little bit more comfortable

507
00:24:31,480 --> 00:24:34,160
to not burn the funds instantaneously.

508
00:24:34,160 --> 00:24:38,200
Obviously, they can be burned once in the smart contracts,

509
00:24:38,200 --> 00:24:39,800
but it's not the validators doing it.

510
00:24:39,800 --> 00:24:41,800
It's the community voting to burn the funds,

511
00:24:41,800 --> 00:24:45,240
which is a small distinction,

512
00:24:45,240 --> 00:24:49,960
but I think that, you know, that's a good one.

513
00:24:49,960 --> 00:24:52,480
Making our validators comfortable is great.

514
00:24:54,040 --> 00:24:58,280
And then I think the final reason I really like it is,

515
00:24:58,280 --> 00:25:00,440
because the community is in complete control.

516
00:25:00,440 --> 00:25:03,120
It is also a really great way

517
00:25:03,120 --> 00:25:06,120
to come up with a little bit more deliberation

518
00:25:06,120 --> 00:25:08,080
before we take this big step.

519
00:25:08,080 --> 00:25:13,080
It allows the chance for us to come to a compromise

520
00:25:13,080 --> 00:25:16,040
or some other solution we haven't yet thought.

521
00:25:16,040 --> 00:25:18,480
Now, do I think that's super likely?

522
00:25:18,480 --> 00:25:20,200
No, I think probably the funds

523
00:25:20,200 --> 00:25:21,720
are gonna get voted to be burns

524
00:25:21,720 --> 00:25:23,440
because I don't think the whale

525
00:25:23,440 --> 00:25:24,960
is gonna put forward a good solution,

526
00:25:24,960 --> 00:25:26,400
but you never know.

527
00:25:26,400 --> 00:25:27,960
You have to allow space for that.

528
00:25:27,960 --> 00:25:32,800
And I think it's gonna make us look a little bit better

529
00:25:32,800 --> 00:25:35,120
having some sort of process for this

530
00:25:35,120 --> 00:25:38,280
and not just instantly burning the funds,

531
00:25:38,280 --> 00:25:39,680
though that might happen anyway.

532
00:25:39,680 --> 00:25:42,000
All right, yeah, that's my appeal.

533
00:25:43,600 --> 00:25:46,200
I think it's also, can we just recognize how good

534
00:25:46,200 --> 00:25:48,960
Javi's little flow chart here is

535
00:25:48,960 --> 00:25:51,320
like laying out all of these points,

536
00:25:51,320 --> 00:25:54,120
as we've been saying them, this is kind of pretty awesome.

537
00:25:55,480 --> 00:25:57,560
But yeah, one of the big things I think for anybody

538
00:25:57,560 --> 00:25:59,560
that's following the Commonwealth threads

539
00:25:59,560 --> 00:26:00,400
is they were happening,

540
00:26:00,400 --> 00:26:02,120
like to pick up on something you said just there,

541
00:26:02,120 --> 00:26:05,600
which is that moving the funds to the smart contract

542
00:26:05,600 --> 00:26:09,960
and delegating them, it's a very subtle distinction

543
00:26:09,960 --> 00:26:11,800
to like pop them in the smart contract.

544
00:26:11,800 --> 00:26:16,800
But the CCN still are the only entity

545
00:26:17,280 --> 00:26:18,680
that can trigger that withdrawal,

546
00:26:18,680 --> 00:26:20,880
the ripcord we were talking about earlier,

547
00:26:20,880 --> 00:26:24,720
so they're kind of still in control at the table,

548
00:26:24,720 --> 00:26:28,440
able to compromise if they would like to,

549
00:26:28,440 --> 00:26:32,280
but very crucially, their voting power is gone

550
00:26:32,280 --> 00:26:35,000
and their ability to unbond and cut and run

551
00:26:35,000 --> 00:26:36,040
is also kind of gone,

552
00:26:36,040 --> 00:26:37,800
although still on a 28 day timer,

553
00:26:37,800 --> 00:26:39,640
but the community has the other half,

554
00:26:39,640 --> 00:26:42,040
is basically holding the other half in the thread, right?

555
00:26:42,040 --> 00:26:44,400
So the two things that we I think saw the most

556
00:26:44,400 --> 00:26:47,600
during that debate, which is we're worried

557
00:26:47,600 --> 00:26:48,680
about their voting power,

558
00:26:48,680 --> 00:26:52,400
which I think validates and devs are most worried about.

559
00:26:52,400 --> 00:26:55,400
And then we're worried about their kind of economic power,

560
00:26:55,400 --> 00:26:56,720
as well as their voting power,

561
00:26:56,720 --> 00:26:58,960
was the other thing I saw a lot in the community.

562
00:26:58,960 --> 00:27:01,760
So the great thing about a unity prop

563
00:27:01,760 --> 00:27:04,000
is it does kind of deal with both of those things

564
00:27:04,000 --> 00:27:05,360
quite neatly, right?

565
00:27:06,360 --> 00:27:08,640
Yeah, and I think people don't really understand

566
00:27:08,640 --> 00:27:10,000
the whole ripcord dynamic.

567
00:27:10,000 --> 00:27:14,040
I saw a lot of, I think, I'll call them bad ticks

568
00:27:14,040 --> 00:27:16,200
because I don't think they really read through

569
00:27:16,200 --> 00:27:19,000
or understood some of the nuance of the proposal.

570
00:27:19,000 --> 00:27:20,600
The community is in complete control,

571
00:27:20,600 --> 00:27:24,040
even if the whale pulls the ripcord,

572
00:27:24,040 --> 00:27:26,280
there's 28 days for the community to vote

573
00:27:26,280 --> 00:27:28,640
to burn their funds or send them somewhere else.

574
00:27:29,800 --> 00:27:33,000
So, and who knows, maybe the community will decide

575
00:27:33,000 --> 00:27:35,240
to fund Ukraine or whatever, I don't know.

576
00:27:38,360 --> 00:27:43,360
But yeah, so that ripcord also is to make people feel

577
00:27:43,600 --> 00:27:46,640
a little bit more safe about running this code.

578
00:27:47,920 --> 00:27:51,160
It's, it was a compromise.

579
00:27:52,200 --> 00:27:53,480
So.

580
00:27:53,480 --> 00:27:54,320
Yeah.

581
00:27:54,320 --> 00:27:56,200
And it doesn't matter if the whale agrees to it or not,

582
00:27:56,200 --> 00:27:57,880
that's another thing is like, yeah,

583
00:27:57,880 --> 00:28:02,040
the whale has not come forward with any actual

584
00:28:02,040 --> 00:28:05,240
viable solutions, they're just wasting time at this point.

585
00:28:05,240 --> 00:28:08,480
So this forces them to actually come to the table

586
00:28:08,480 --> 00:28:10,120
with a good solution.

587
00:28:12,800 --> 00:28:14,640
So there's some, actually,

588
00:28:14,640 --> 00:28:16,640
there's some good questions in the chat,

589
00:28:16,640 --> 00:28:20,080
one of which is probably too big to throw up on the screen

590
00:28:20,080 --> 00:28:21,600
because there's a really big comment,

591
00:28:21,600 --> 00:28:24,920
but can the whale's staking rewards be frozen

592
00:28:24,920 --> 00:28:26,240
as soon as the prop goes up?

593
00:28:26,240 --> 00:28:31,240
So this is, we were obviously now at the point where,

594
00:28:31,400 --> 00:28:32,880
and I think this is an interesting question,

595
00:28:32,880 --> 00:28:36,200
is that the CCN account has accumulated quite a lot

596
00:28:36,200 --> 00:28:41,000
of rewards while this situation has been ongoing.

597
00:28:41,000 --> 00:28:43,920
So it's worth bearing in mind that with,

598
00:28:43,920 --> 00:28:46,920
so back to, we were gonna talk a little bit

599
00:28:46,920 --> 00:28:49,200
about what loopercalia phase one is.

600
00:28:49,200 --> 00:28:53,720
So loopercalia phase one, we already mentioned is

601
00:28:53,720 --> 00:28:57,280
essentially the teamwork that makes the dream work

602
00:28:57,280 --> 00:29:01,240
as far as the pseudo functionality

603
00:29:01,240 --> 00:29:04,200
and the governance module calling contracts is concerned,

604
00:29:04,200 --> 00:29:06,080
as well as some security fix and stuff

605
00:29:06,080 --> 00:29:08,080
that we'd really like to get in.

606
00:29:08,080 --> 00:29:10,000
And then loopercalia phase two,

607
00:29:10,000 --> 00:29:14,320
which is what Jaby has been hard at work testing,

608
00:29:14,320 --> 00:29:17,320
is the actual, well, one of two,

609
00:29:17,320 --> 00:29:20,040
loopercalia phase two is one of two things, right?

610
00:29:20,040 --> 00:29:21,440
Option one is it's a burn,

611
00:29:21,440 --> 00:29:24,120
as we described at the top of the show.

612
00:29:24,120 --> 00:29:29,040
Option two, it's moving the funds to a smart contract, right?

613
00:29:29,040 --> 00:29:31,720
So either way, the work that Jaby's been doing,

614
00:29:31,720 --> 00:29:35,680
testing this code is like completely essential

615
00:29:35,680 --> 00:29:37,240
to what we need to do.

616
00:29:38,920 --> 00:29:41,440
But until loopercalia phase two,

617
00:29:41,440 --> 00:29:43,800
that prop, whatever it is,

618
00:29:43,800 --> 00:29:45,800
whatever number it ends up being,

619
00:29:45,800 --> 00:29:50,800
until that code is run, the whales funds aren't undeligated,

620
00:29:50,800 --> 00:29:51,640
right?

621
00:29:51,640 --> 00:29:56,640
And in addition, they are free to claim their rewards

622
00:29:56,880 --> 00:29:58,280
and can't run with those.

623
00:29:59,160 --> 00:30:01,680
But I don't know, what's our sense here

624
00:30:01,680 --> 00:30:04,640
on how major an issue that would be,

625
00:30:04,640 --> 00:30:08,320
you know, the rewards that they've got to date?

626
00:30:08,320 --> 00:30:11,880
I personally don't think this is too much of an issue.

627
00:30:11,880 --> 00:30:14,440
Like they've sold very large amounts of Juneau before.

628
00:30:14,440 --> 00:30:17,760
And yes, it does like tank the price like temporarily,

629
00:30:17,760 --> 00:30:20,840
not like, you know, it's a large amount of funds,

630
00:30:20,840 --> 00:30:23,560
but you know, it's a flash crash

631
00:30:23,560 --> 00:30:25,440
and people know that Juneau is valuable

632
00:30:25,440 --> 00:30:28,000
and we've weathered it many times in the past.

633
00:30:28,000 --> 00:30:30,440
I mean, they've already sold like $60 million of Juneau

634
00:30:30,440 --> 00:30:33,360
and so this will just be the last time.

635
00:30:33,360 --> 00:30:36,400
I mean, there's not really too much we can do

636
00:30:36,400 --> 00:30:38,280
about those rewards at the moment.

637
00:30:39,400 --> 00:30:44,200
Maybe, you know, Jaby has some more to add to this,

638
00:30:44,200 --> 00:30:46,960
but yeah, there's like, it's not gonna be possible

639
00:30:46,960 --> 00:30:49,480
to like really, I mean, there's a chance

640
00:30:49,480 --> 00:30:50,840
that they won't move them.

641
00:30:53,200 --> 00:30:54,720
But I think that that's unlikely.

642
00:30:54,720 --> 00:30:57,320
If there's a phase two proposal that comes up,

643
00:30:57,320 --> 00:30:59,200
they're probably gonna wanna be like, okay,

644
00:30:59,200 --> 00:31:00,480
now we're out of here.

645
00:31:00,480 --> 00:31:03,040
But, you know, maybe they won't

646
00:31:03,040 --> 00:31:04,320
because the game theory here,

647
00:31:04,320 --> 00:31:07,360
especially if we do a smart contract approach is,

648
00:31:07,360 --> 00:31:09,240
well, maybe they won't move their funds

649
00:31:09,240 --> 00:31:10,720
because they don't wanna piss off the community

650
00:31:10,720 --> 00:31:14,360
because then the community will vote to burn them, you know?

651
00:31:14,360 --> 00:31:17,360
So who knows exactly how they're gonna behave

652
00:31:18,280 --> 00:31:22,520
like with the prop on the table, but yeah,

653
00:31:22,520 --> 00:31:25,400
there's, we can't really grab those

654
00:31:25,400 --> 00:31:27,240
because we have to wait for the prop to pass.

655
00:31:27,240 --> 00:31:29,000
And so then there's like a five day window

656
00:31:29,000 --> 00:31:31,840
where they can just send it to osmosis or whatever.

657
00:31:31,840 --> 00:31:33,880
But honestly, I-

658
00:31:33,880 --> 00:31:35,200
What is the numbers?

659
00:31:35,200 --> 00:31:36,600
Can anybody, I feel like this is a number

660
00:31:36,600 --> 00:31:38,000
that Jaby might know off the top of his head.

661
00:31:38,000 --> 00:31:41,040
I feel like it's 50K.

662
00:31:41,040 --> 00:31:41,880
It's like-

663
00:31:41,880 --> 00:31:46,240
So they have a little over 100,000 stake rewards

664
00:31:46,240 --> 00:31:47,960
earning about 6,000 a day.

665
00:31:49,000 --> 00:31:54,000
They have around, I think they put 2 million into liquidity.

666
00:31:54,800 --> 00:31:56,720
It's now worth around 4 million.

667
00:31:57,160 --> 00:31:59,680
And then of course there's several other

668
00:32:01,320 --> 00:32:04,440
potentially CCN related accounts that are,

669
00:32:04,440 --> 00:32:09,440
some are definitely, that are also still flush with Juno.

670
00:32:09,440 --> 00:32:14,440
And, you know, this is the one very easy to identify

671
00:32:16,440 --> 00:32:21,440
and remediate case that keeps us sane, if you will,

672
00:32:23,840 --> 00:32:27,440
and not having to sort of go through every module account

673
00:32:27,440 --> 00:32:30,440
and, you know, or not module account,

674
00:32:30,440 --> 00:32:34,440
but every user account and try to address the balances there.

675
00:32:34,440 --> 00:32:39,440
So I think that keeping it limited to what is locked

676
00:32:40,800 --> 00:32:45,800
and staking in terms of what we can safely guarantee

677
00:32:46,920 --> 00:32:48,800
that we will be able to claw back,

678
00:32:50,080 --> 00:32:52,200
gives us a lot of leverage.

679
00:32:52,200 --> 00:32:54,160
And then we get into the game theory,

680
00:32:54,160 --> 00:32:59,160
like Meow was describing with regards to what happens

681
00:32:59,000 --> 00:33:01,200
during the moment of governance.

682
00:33:01,200 --> 00:33:04,640
If they sell it, so be it they sell it,

683
00:33:05,640 --> 00:33:07,880
if they decide to retain it,

684
00:33:07,880 --> 00:33:10,960
I think that will do well for, you know,

685
00:33:10,960 --> 00:33:13,120
keeping the community engaged.

686
00:33:14,440 --> 00:33:17,960
But I think that as they continue to explain things,

687
00:33:17,960 --> 00:33:22,960
we've effectively seen their support,

688
00:33:25,880 --> 00:33:27,680
not gaining traction.

689
00:33:27,680 --> 00:33:29,280
Which was just like the question,

690
00:33:29,280 --> 00:33:32,360
I think we've talked about this privately as well,

691
00:33:32,360 --> 00:33:37,360
like, do you think they've been negotiating in bad faith

692
00:33:37,360 --> 00:33:42,360
or is it just a not comprehending the severity

693
00:33:43,800 --> 00:33:45,960
of the situation they're currently faced with?

694
00:33:45,960 --> 00:33:50,960
So there's a couple of perspectives you can go with this.

695
00:33:51,800 --> 00:33:54,000
You can go at the perspective of,

696
00:33:55,720 --> 00:33:58,720
you started with nothing in Juneau,

697
00:33:59,200 --> 00:34:04,200
you were given something and you gained already from it.

698
00:34:05,040 --> 00:34:06,200
So from that perspective,

699
00:34:06,200 --> 00:34:09,200
I think that's the question that we're trying to get into.

700
00:34:09,200 --> 00:34:13,200
And I think that's the question that we're trying to get into.

701
00:34:13,200 --> 00:34:16,600
You gained already from it. So from that perspective,

702
00:34:16,600 --> 00:34:17,760
like you've already won.

703
00:34:18,760 --> 00:34:22,240
And then the other perspective is I had something amazing.

704
00:34:22,240 --> 00:34:25,200
I had, you know, $120 million and now they're trying to

705
00:34:25,200 --> 00:34:26,960
sort of pull that back from me.

706
00:34:28,440 --> 00:34:31,560
So if you take it from that, you know,

707
00:34:31,560 --> 00:34:35,080
I've already maximized my profits, I want to retain it.

708
00:34:35,080 --> 00:34:37,640
I think that it becomes easy to see

709
00:34:39,000 --> 00:34:40,960
how they want to project,

710
00:34:40,960 --> 00:34:43,520
they have the upper hand throughout this.

711
00:34:45,200 --> 00:34:48,880
I don't know, I feel like I'm using words like them and they,

712
00:34:48,880 --> 00:34:51,240
and not adding a lot of compassion to this.

713
00:34:53,160 --> 00:34:56,280
It is curious, you know, from a,

714
00:34:58,680 --> 00:35:01,560
from the way I see the layout of the chessboard

715
00:35:01,560 --> 00:35:03,760
and the pieces that are in play,

716
00:35:03,760 --> 00:35:07,600
it feels like we're in end game and they're playing like-

717
00:35:07,600 --> 00:35:08,680
If you will, by the way,

718
00:35:08,680 --> 00:35:11,640
what is chessboard that you describe this game of notes?

719
00:35:11,640 --> 00:35:13,120
If you will.

720
00:35:13,120 --> 00:35:16,440
But it really plays more like, like Go,

721
00:35:16,440 --> 00:35:19,320
where it's about surrounding pieces

722
00:35:20,320 --> 00:35:23,120
and trying to capture territory.

723
00:35:23,120 --> 00:35:27,040
And, you know, at any moment that it can sort of flip

724
00:35:27,040 --> 00:35:31,080
between, you know, you're ahead in this game

725
00:35:31,080 --> 00:35:34,160
or you're suddenly, you know, underwater.

726
00:35:35,360 --> 00:35:38,480
So anyway, yeah, I think I sort of rambled on there.

727
00:35:38,480 --> 00:35:41,280
Well, I think that there's a point to be made here about,

728
00:35:42,560 --> 00:35:45,600
given that they are supposed to be a fund

729
00:35:45,600 --> 00:35:48,440
holding their investors funds,

730
00:35:49,720 --> 00:35:51,840
I think there's an argument to be made that

731
00:35:51,840 --> 00:35:53,360
they probably don't have a lot of things on the table

732
00:35:53,360 --> 00:35:57,040
that we might have expected them to bargain with, right?

733
00:35:57,040 --> 00:36:00,160
If I had just been airdropped $125 million,

734
00:36:01,160 --> 00:36:03,600
and I knew that the community was coming for a burn,

735
00:36:03,600 --> 00:36:04,880
I would probably try to negotiate.

736
00:36:04,880 --> 00:36:06,200
I want to keep like 5%.

737
00:36:06,200 --> 00:36:09,040
That's everything else and I'll send it for you.

738
00:36:09,040 --> 00:36:10,320
I got my thing.

739
00:36:10,320 --> 00:36:12,360
But if they're holding someone else's funds,

740
00:36:12,360 --> 00:36:15,400
then they would technically need the permission

741
00:36:15,400 --> 00:36:18,160
of the fund individuals to say,

742
00:36:18,160 --> 00:36:22,000
hey, I'm going, I'm trying to get your funds,

743
00:36:22,000 --> 00:36:26,080
but that means giving away most of it, right?

744
00:36:26,080 --> 00:36:28,520
And for them to have to go back and talk to each person

745
00:36:28,520 --> 00:36:31,440
would be quite a lift, something they're probably doing.

746
00:36:31,440 --> 00:36:33,680
But it means that they aren't able to just come up

747
00:36:33,680 --> 00:36:37,320
with immediate answers, they have to kind of like evolve

748
00:36:37,320 --> 00:36:39,880
through it because they have constituents

749
00:36:39,880 --> 00:36:42,800
that they need to effectively communicate with

750
00:36:42,800 --> 00:36:47,800
and their interests and there's probably even

751
00:36:48,440 --> 00:36:50,760
Japanese laws that they need to adhere to

752
00:36:50,760 --> 00:36:52,960
that means that they don't have to control

753
00:36:52,960 --> 00:36:56,160
to just say burn half and give us the rest, things like that.

754
00:36:56,160 --> 00:36:57,000
Right.

755
00:36:59,280 --> 00:37:03,520
I'm not sure how much they care about the complying

756
00:37:03,520 --> 00:37:06,280
with Japanese laws or their clients.

757
00:37:06,280 --> 00:37:07,800
It's really hard to say.

758
00:37:10,600 --> 00:37:15,600
Yeah, I personally think that, it doesn't really matter

759
00:37:16,280 --> 00:37:19,280
they've whether or not they're doing this

760
00:37:19,280 --> 00:37:23,080
with nefarious intent or not, or why they're doing it.

761
00:37:23,080 --> 00:37:28,080
I don't think they've fully understood the situation here

762
00:37:29,320 --> 00:37:33,000
and that there is not really a core team

763
00:37:33,000 --> 00:37:36,640
they can argue with or deal with.

764
00:37:36,640 --> 00:37:38,400
This is a decentralized community

765
00:37:38,400 --> 00:37:42,040
and ultimately they have to appeal to the community

766
00:37:42,040 --> 00:37:45,080
with what something the community feels

767
00:37:45,080 --> 00:37:47,760
is a viable solution and that could be like,

768
00:37:49,960 --> 00:37:51,520
the reason I like the unity prop is

769
00:37:51,520 --> 00:37:55,600
because it buys more time to come

770
00:37:55,600 --> 00:37:57,520
to that potential viable solution

771
00:37:57,520 --> 00:38:00,440
while still addressing the community's concerns.

772
00:38:00,440 --> 00:38:05,440
So hopefully we'll see something good from them

773
00:38:06,960 --> 00:38:08,800
but perhaps not.

774
00:38:11,520 --> 00:38:16,200
I do think that they've probably could have played their hand

775
00:38:16,200 --> 00:38:17,240
a lot better.

776
00:38:19,120 --> 00:38:22,280
They focused a lot on how poorly Prop 16 was written

777
00:38:22,280 --> 00:38:27,280
and a lot of that drama but I think sort of the discussion

778
00:38:27,720 --> 00:38:29,440
has moved on from there.

779
00:38:29,440 --> 00:38:32,920
And they've talked a lot about,

780
00:38:32,920 --> 00:38:34,880
they haven't really put forward any very many

781
00:38:34,880 --> 00:38:39,880
concrete proposals and they still have time.

782
00:38:41,040 --> 00:38:43,040
There still is time to put forward for them

783
00:38:43,040 --> 00:38:44,960
to put forward like an on chain proposal

784
00:38:45,960 --> 00:38:47,000
that gets voted on.

785
00:38:48,440 --> 00:38:52,640
So we'll see what they do and we've got in the meantime,

786
00:38:52,640 --> 00:38:55,040
phase one of the upgrade with some really cool stuff

787
00:38:55,040 --> 00:38:58,800
coming in and then I think we'll probably wind up

788
00:38:58,800 --> 00:39:01,080
moving forward with hopefully like unity

789
00:39:02,880 --> 00:39:06,880
and yeah, that should get them to the table

790
00:39:06,880 --> 00:39:09,240
to show that they need to make some sort of concessions.

791
00:39:09,240 --> 00:39:12,840
Like people are not gonna just like trust them right away

792
00:39:12,840 --> 00:39:16,200
so that they need to like figure out a proposal

793
00:39:16,200 --> 00:39:18,960
that'll work to like when trust from the community.

794
00:39:18,960 --> 00:39:22,320
I'm actually surprised that they haven't like done like,

795
00:39:22,320 --> 00:39:25,360
let us keep 25% kind of thing or like let us,

796
00:39:25,360 --> 00:39:30,360
you know, there's still like a lot more areas to explore.

797
00:39:31,600 --> 00:39:34,720
But you know, I think the time is ticking

798
00:39:34,720 --> 00:39:37,600
and yeah, we'll see what they come up with.

799
00:39:39,240 --> 00:39:40,920
Like I think what I was worried about

800
00:39:40,920 --> 00:39:42,440
and I think I tweeted about this the other day

801
00:39:42,440 --> 00:39:45,400
is that their optimal negotiating strategy

802
00:39:45,400 --> 00:39:50,400
might just be to stall because if you have

803
00:39:50,400 --> 00:39:55,400
2% of token supply, it's still gonna be worth something

804
00:39:56,320 --> 00:40:01,160
regardless of how much you essentially play out

805
00:40:01,160 --> 00:40:02,320
the hand of everybody else.

806
00:40:02,320 --> 00:40:04,680
Cause there are certainly the kind of,

807
00:40:06,680 --> 00:40:09,320
a lot of people who have skin in the game can't afford

808
00:40:09,320 --> 00:40:13,560
to just watch, you know, essentially a drama

809
00:40:13,560 --> 00:40:15,960
continue for a long period of time.

810
00:40:15,960 --> 00:40:19,400
But then it's also very hard to see how other than a kind

811
00:40:19,400 --> 00:40:23,080
of very short term negotiating strategy,

812
00:40:23,080 --> 00:40:24,640
like if you're trying to wait somebody out

813
00:40:24,640 --> 00:40:27,080
in a contract negotiation, maybe,

814
00:40:27,080 --> 00:40:31,120
but if those people also kind of hold the key to your funds,

815
00:40:31,120 --> 00:40:33,400
just a lot of things about their negotiating strategy

816
00:40:33,400 --> 00:40:35,920
really do not add up if it is indeed

817
00:40:35,920 --> 00:40:37,800
a thought out strategy at all.

818
00:40:37,800 --> 00:40:39,640
And actually back to Schultz's point,

819
00:40:41,160 --> 00:40:45,680
obviously I have no insider evidence on this,

820
00:40:45,680 --> 00:40:50,680
but like my gut feeling tells me that the majority

821
00:40:51,440 --> 00:40:54,760
of people that are involved in whatever investments

822
00:40:54,760 --> 00:40:59,760
they're running do not know about these funds, but some do.

823
00:40:59,800 --> 00:41:01,960
And I do wonder if they're slowness to move

824
00:41:01,960 --> 00:41:04,400
is that they have a few big people behind the scenes

825
00:41:04,400 --> 00:41:07,200
who have an opinion, but the majority of people,

826
00:41:08,120 --> 00:41:09,800
they don't have any idea.

827
00:41:09,800 --> 00:41:12,360
And that's why they could table the 50-50,

828
00:41:12,360 --> 00:41:16,880
because it's like, well, the 50% that goes to the Juno

829
00:41:16,880 --> 00:41:19,160
community comes out the small fish,

830
00:41:19,160 --> 00:41:21,360
and then the people that we would have to go around

831
00:41:21,360 --> 00:41:24,200
and individually ask them their funds are protected.

832
00:41:24,200 --> 00:41:27,000
It feels like that kind of a fudge.

833
00:41:27,000 --> 00:41:29,880
But yeah, I mean, I'm also curious as to why,

834
00:41:29,880 --> 00:41:33,480
when that received hostility, the other question is then,

835
00:41:33,480 --> 00:41:37,320
yeah, why don't you then go down to 25, 75?

836
00:41:38,320 --> 00:41:40,640
Unless I guess the question is like the community,

837
00:41:40,640 --> 00:41:43,680
I think quite strongly reacted to it as a bribe as well,

838
00:41:43,680 --> 00:41:46,160
which, you know, a bribe is a bribe, right?

839
00:41:46,160 --> 00:41:48,640
It doesn't matter whether it's 75% or 50%,

840
00:41:48,640 --> 00:41:50,840
like it's gonna get rejected either way, right?

841
00:41:55,240 --> 00:41:56,600
Yeah, I think so.

842
00:41:56,600 --> 00:41:59,680
I mean, what we've seen generally is that

843
00:42:02,040 --> 00:42:06,080
we started with clawing back 90%.

844
00:42:06,080 --> 00:42:10,760
We then progressed to clawing back 50K.

845
00:42:10,760 --> 00:42:13,680
We have talked about burning all.

846
00:42:13,680 --> 00:42:17,640
We've talked about unity, where over the course of time,

847
00:42:17,640 --> 00:42:22,320
there's a path in which they receive all the Juno.

848
00:42:22,320 --> 00:42:27,680
There are options for remediating further

849
00:42:27,680 --> 00:42:29,760
in the unity proposal.

850
00:42:29,760 --> 00:42:34,480
So why haven't anyone submitted like an upgrade proposal?

851
00:42:34,480 --> 00:42:38,000
Well, because we do wanna still evaluate

852
00:42:38,000 --> 00:42:40,600
and consider the different options that are available.

853
00:42:41,920 --> 00:42:44,360
Yes, Prop 16 passed,

854
00:42:45,840 --> 00:42:50,360
but we all agree on some level it was deeply flawed.

855
00:42:50,360 --> 00:42:54,960
And so how can we prevent?

856
00:42:57,560 --> 00:43:00,480
There's these three opposing forces

857
00:43:00,480 --> 00:43:03,160
that are working in concert with one another

858
00:43:03,160 --> 00:43:05,320
in directly oppositional paths.

859
00:43:05,320 --> 00:43:07,760
And so we're in this deadlock.

860
00:43:07,760 --> 00:43:11,600
And so how do we navigate this in such a way that we all win?

861
00:43:11,600 --> 00:43:16,320
And it seems like unity is the best option forward.

862
00:43:17,640 --> 00:43:19,160
It might be worth talking about

863
00:43:19,160 --> 00:43:21,680
like why a software upgrade proposal is necessary

864
00:43:21,680 --> 00:43:23,520
to get this to happen.

865
00:43:23,520 --> 00:43:24,560
And please correct me if I'm wrong,

866
00:43:24,560 --> 00:43:26,200
but my understanding is the reason why

867
00:43:26,200 --> 00:43:28,320
a software upgrade is necessary

868
00:43:28,320 --> 00:43:32,120
is because during an upgrade, state changes can happen.

869
00:43:32,120 --> 00:43:37,120
This has actually happened previously with the Somalia chain.

870
00:43:38,120 --> 00:43:40,480
But aside from that one instance,

871
00:43:40,480 --> 00:43:42,320
you can't alter the state of the chain.

872
00:43:42,320 --> 00:43:44,240
Is that correct?

873
00:43:44,240 --> 00:43:45,280
No, you can.

874
00:43:45,280 --> 00:43:49,720
And that's kind of why it has to be done through an upgrade.

875
00:43:51,080 --> 00:43:54,240
When you make a big breaking change

876
00:43:54,240 --> 00:43:58,360
to like a native Cosmos SDK module, well, state changes.

877
00:43:58,360 --> 00:44:00,280
And so they actually built this feature

878
00:44:00,280 --> 00:44:02,760
to make upgrades like more seamless and easy

879
00:44:02,760 --> 00:44:05,000
so they could happen via on-chain votes.

880
00:44:06,200 --> 00:44:09,440
But it's kind of had this unintended side effect is like,

881
00:44:09,440 --> 00:44:13,560
oh, wow, we can like control state there.

882
00:44:13,560 --> 00:44:15,680
Like we can kind of do whatever we want.

883
00:44:17,640 --> 00:44:22,400
And so yeah, I think that a feature that was built

884
00:44:22,400 --> 00:44:25,320
to make upgrades easier actually has this like other,

885
00:44:25,320 --> 00:44:27,880
like, you know, some other consequence to it.

886
00:44:27,880 --> 00:44:30,320
Like, but yeah, the whole point was...

887
00:44:30,320 --> 00:44:32,840
It's a bit of an Adam Curtis documentary type situation,

888
00:44:32,840 --> 00:44:35,080
isn't it, where it's like, you know,

889
00:44:35,080 --> 00:44:36,440
the devs built this feature

890
00:44:36,440 --> 00:44:40,320
and they thought they were just making their lives easier.

891
00:44:40,320 --> 00:44:42,560
But this was a fantasy.

892
00:44:42,560 --> 00:44:47,080
Well, the other option is that we forego

893
00:44:47,080 --> 00:44:48,840
a software upgrade proposal.

894
00:44:48,840 --> 00:44:53,840
We get all the validators, all 120, is it 125 on Juno?

895
00:44:53,840 --> 00:44:56,440
We get all the validators to agree

896
00:44:56,440 --> 00:45:00,440
that we're gonna set a halt height at 2.5,

897
00:45:00,440 --> 00:45:02,520
you know, block 2.5 million.

898
00:45:02,520 --> 00:45:06,240
And so once that comes around, everyone stops,

899
00:45:06,240 --> 00:45:10,240
everyone installs the new Juno and then starts again.

900
00:45:10,240 --> 00:45:15,240
But coordinating that and ensuring that everyone upgrades

901
00:45:17,080 --> 00:45:21,480
is very difficult and it can end up

902
00:45:21,480 --> 00:45:26,480
creating a situation where the chain halts

903
00:45:27,600 --> 00:45:30,160
because people don't see that the consensus is progressing

904
00:45:30,160 --> 00:45:31,600
during that upgrade.

905
00:45:31,600 --> 00:45:32,880
And so it gets very dangerous.

906
00:45:32,880 --> 00:45:37,880
So the software upgrade proposal is basically setting

907
00:45:38,560 --> 00:45:41,800
the halt height for everyone at the same time

908
00:45:41,800 --> 00:45:44,960
when the government's proposals succeeds

909
00:45:44,960 --> 00:45:49,880
and preventing the chain from proceeding without, you know,

910
00:45:49,880 --> 00:45:52,760
at least a modicum of checking that says,

911
00:45:52,760 --> 00:45:54,640
are you running the latest?

912
00:45:54,640 --> 00:45:57,880
And so it's not a perfect system,

913
00:45:57,880 --> 00:46:02,880
but it definitely avoids the halt height debacle

914
00:46:03,360 --> 00:46:06,480
where some chains even recently have halted.

915
00:46:06,480 --> 00:46:08,600
Oh yeah, it's so much nicer.

916
00:46:08,600 --> 00:46:11,320
I mean, I don't know if you guys remember

917
00:46:11,320 --> 00:46:13,680
like the early like Cosmos Hub upgrades

918
00:46:13,680 --> 00:46:16,200
where like the number changed each time,

919
00:46:16,200 --> 00:46:19,400
like Cosmos Hub 2 to Cosmos Hub 3,

920
00:46:19,400 --> 00:46:21,200
Cosmos Hub 3 to Cosmos Hub 4.

921
00:46:21,200 --> 00:46:24,360
It was like those were, you know,

922
00:46:25,440 --> 00:46:28,120
the auto upgrade stuff is an amazing tool,

923
00:46:28,120 --> 00:46:31,400
but you know, with it comes this like sort of like ability

924
00:46:31,400 --> 00:46:33,520
to like, you know, rewrite state.

925
00:46:33,520 --> 00:46:35,000
And that was a needed feature

926
00:46:35,000 --> 00:46:37,720
because oftentimes when you need an upgrade,

927
00:46:37,720 --> 00:46:41,520
it's because, you know, some breaking change happened

928
00:46:41,520 --> 00:46:43,800
in the state somewhere, like,

929
00:46:43,800 --> 00:46:45,720
and you needed to migrate that.

930
00:46:45,720 --> 00:46:49,880
And so yeah, you know, I think this comes down

931
00:46:49,880 --> 00:46:52,160
to like a lot of the discussions we've been having around this

932
00:46:52,160 --> 00:46:55,400
of like the need to improve, you know,

933
00:46:55,400 --> 00:46:57,800
our governance standards,

934
00:46:57,800 --> 00:47:01,120
thinking about things like on-chain constitutions,

935
00:47:02,400 --> 00:47:04,960
just evolving our governance processes.

936
00:47:06,800 --> 00:47:08,600
You know, those are longer conversations.

937
00:47:08,600 --> 00:47:12,040
And I know the whale has like posted a lot about like,

938
00:47:12,040 --> 00:47:13,520
oh, we need a constitution.

939
00:47:13,520 --> 00:47:16,960
There needs to be like some sort of like, you know, due process,

940
00:47:16,960 --> 00:47:19,960
but the constitution is sort of the consensus

941
00:47:19,960 --> 00:47:21,200
of the community.

942
00:47:22,400 --> 00:47:25,520
And you know, the community would have to,

943
00:47:25,520 --> 00:47:28,320
I do think it comes down to like sort of stalling,

944
00:47:28,320 --> 00:47:29,920
which is good for them,

945
00:47:30,840 --> 00:47:32,760
at least in this phase of the game theory,

946
00:47:32,760 --> 00:47:34,400
when they're earning staking rewards,

947
00:47:34,400 --> 00:47:37,960
they have all the incentives, you know, to want to stall

948
00:47:37,960 --> 00:47:41,360
and like, you know, try to make themselves look good

949
00:47:41,360 --> 00:47:44,000
by like advocating for, oh, we need to like create

950
00:47:44,000 --> 00:47:46,560
a constitution first before we like, you know,

951
00:47:47,960 --> 00:47:52,960
take this drastic measure, but it's, you know,

952
00:47:54,720 --> 00:47:57,000
there's nothing to stop the community from,

953
00:47:57,000 --> 00:47:58,640
like especially now that the code is out there,

954
00:47:58,640 --> 00:48:00,440
like someone could like literally just like,

955
00:48:00,440 --> 00:48:02,840
anyone could just like post this, you know.

956
00:48:04,560 --> 00:48:09,560
It's like, and it's, the community has like been very loud

957
00:48:09,560 --> 00:48:11,760
and vocal that something needs to happen here.

958
00:48:11,760 --> 00:48:14,200
In many ways, like I'm kind of surprised

959
00:48:14,200 --> 00:48:16,760
that the whale did not go just for the unity proposal

960
00:48:16,760 --> 00:48:19,920
out of like just trying to like show like good faith.

961
00:48:19,920 --> 00:48:24,440
And yeah, at the other day,

962
00:48:24,440 --> 00:48:27,280
they don't really have too much of a choice.

963
00:48:27,280 --> 00:48:30,040
Like consensus is ultimately social consensus.

964
00:48:30,040 --> 00:48:32,640
And like the large majority of the community believes

965
00:48:32,640 --> 00:48:34,520
that action needs to be taken.

966
00:48:34,520 --> 00:48:39,520
So yeah, I tend to agree, especially with how much effort

967
00:48:43,800 --> 00:48:47,560
they put into getting game going,

968
00:48:47,560 --> 00:48:50,920
you would think they'd spend more time trying to improve

969
00:48:50,920 --> 00:48:53,200
the goodwill of the community.

970
00:48:53,200 --> 00:48:58,000
Because if they're not trying to make any inroads

971
00:48:58,000 --> 00:48:59,400
with the general community,

972
00:48:59,400 --> 00:49:01,440
that then expands to Osmosis community

973
00:49:01,440 --> 00:49:02,920
and Cosmos community.

974
00:49:02,920 --> 00:49:04,960
And so people are, they're not gonna feel

975
00:49:04,960 --> 00:49:07,800
as much incentive to go join game.

976
00:49:07,800 --> 00:49:08,960
And I feel like that's a conversation

977
00:49:08,960 --> 00:49:10,640
that they haven't really addressed too much,

978
00:49:10,640 --> 00:49:12,640
but I found very interesting.

979
00:49:12,640 --> 00:49:14,600
I don't know if they're trying to distance themselves

980
00:49:14,600 --> 00:49:16,360
as much from it as much as possible,

981
00:49:16,360 --> 00:49:20,960
but they are in effect game.

982
00:49:20,960 --> 00:49:24,360
So goodwill against the whale or badwill for the whale

983
00:49:24,360 --> 00:49:26,640
is more or less badwill for game.

984
00:49:27,520 --> 00:49:30,640
And it seems like they are remissed for not addressing that.

985
00:49:30,640 --> 00:49:33,760
Yeah, I think it's a missed opportunity on their part.

986
00:49:33,760 --> 00:49:38,760
Like, yeah, I think in hindsight,

987
00:49:39,760 --> 00:49:42,560
or if I could just argue from the whales perspective

988
00:49:42,560 --> 00:49:44,240
for a little bit, like the best thing to do

989
00:49:44,240 --> 00:49:46,560
is to like engage the community

990
00:49:46,560 --> 00:49:50,200
and figure out some, like explore different plans

991
00:49:50,200 --> 00:49:52,920
of actions for solving the core problems.

992
00:49:52,920 --> 00:49:54,560
Like they have to give up their funds.

993
00:49:54,560 --> 00:49:59,920
And so like, you know, and there's more of the

994
00:49:59,920 --> 00:50:00,920
there's more.

995
00:50:00,920 --> 00:50:04,520
Honestly, they're only the only thing,

996
00:50:04,520 --> 00:50:06,360
the only thing they've been able to do

997
00:50:06,360 --> 00:50:09,600
since the Unity prop was was put on the table,

998
00:50:09,600 --> 00:50:12,120
that has been the only game in town.

999
00:50:12,120 --> 00:50:13,960
And that's really obvious, right?

1000
00:50:13,960 --> 00:50:16,520
It's fundamentally pretty obvious.

1001
00:50:16,520 --> 00:50:20,200
Like, it's Unity prop or burn, right?

1002
00:50:20,200 --> 00:50:24,200
And burn is incredibly difficult to pass

1003
00:50:24,200 --> 00:50:26,160
for a variety of reasons.

1004
00:50:26,160 --> 00:50:32,840
So, stalling the Unity prop is the only way

1005
00:50:32,840 --> 00:50:35,520
you've got Riggle Room out of burn

1006
00:50:35,520 --> 00:50:37,720
if you don't like the Unity prop.

1007
00:50:37,720 --> 00:50:40,200
But it doesn't change the fact that the Unity prop

1008
00:50:40,200 --> 00:50:43,040
is your only way out, which is the bit I don't get.

1009
00:50:43,040 --> 00:50:46,960
Like, I get that there, that the stalling tactic is logical

1010
00:50:46,960 --> 00:50:48,600
in for some definition of logical,

1011
00:50:48,600 --> 00:50:51,640
but there's no end game to it.

1012
00:50:51,640 --> 00:50:55,160
Like it's not a it's a short-sighted tactic.

1013
00:50:55,160 --> 00:50:56,680
And that's been the weirdest thing for me

1014
00:50:56,680 --> 00:50:57,760
is watching this play out.

1015
00:50:57,760 --> 00:51:01,080
It's just going like, yeah, like,

1016
00:51:01,080 --> 00:51:02,480
putting aside all the stuff about game,

1017
00:51:02,480 --> 00:51:04,200
which is like, you know, the Cosmos community

1018
00:51:04,200 --> 00:51:07,320
is largely the same group of people.

1019
00:51:07,320 --> 00:51:09,080
You know, if you poison the well,

1020
00:51:09,080 --> 00:51:10,880
you poison the well, right?

1021
00:51:10,880 --> 00:51:13,520
So that's a big negative for their entire

1022
00:51:13,520 --> 00:51:15,240
negotiating strategy.

1023
00:51:15,240 --> 00:51:16,720
But also, if you intend to walk away

1024
00:51:16,720 --> 00:51:19,200
with any of your Juno, then you should have

1025
00:51:19,200 --> 00:51:20,600
taken the Unity prop.

1026
00:51:22,840 --> 00:51:24,920
Yeah, it's pretty weird.

1027
00:51:24,920 --> 00:51:28,040
So anyway, we were going to kind of keep this to about,

1028
00:51:28,040 --> 00:51:30,120
we were originally trying to keep this to about half an hour,

1029
00:51:30,120 --> 00:51:33,440
but we've ended up, we seem to like just sort of,

1030
00:51:33,440 --> 00:51:35,400
our default length is about 50 minutes,

1031
00:51:35,400 --> 00:51:37,480
and they were like, oh, it's 50 minutes on the clock.

1032
00:51:37,480 --> 00:51:40,400
We should probably start thinking about wrapping up.

1033
00:51:40,400 --> 00:51:43,640
So, yeah, we basically wanted to just talk about

1034
00:51:43,640 --> 00:51:45,840
looping area phase one, what the Unity prop is

1035
00:51:45,840 --> 00:51:48,040
and how it actually works.

1036
00:51:48,040 --> 00:51:50,200
And, you know, the work Joe's been doing

1037
00:51:50,200 --> 00:51:53,360
with the testing and stuff for looping area phase two,

1038
00:51:53,360 --> 00:51:55,800
and why that's important so far,

1039
00:51:55,800 --> 00:51:58,240
like important for all of the different strategies.

1040
00:51:58,240 --> 00:52:02,360
Hopefully that has now been done partly,

1041
00:52:02,360 --> 00:52:06,440
and well, largely due to Joe's excellent flowchart making.

1042
00:52:08,480 --> 00:52:09,800
Is there anything else we'd like to say

1043
00:52:09,800 --> 00:52:11,040
on this before we wrap up?

1044
00:52:11,040 --> 00:52:13,560
If there's any other, I'll flick back through the comments

1045
00:52:13,560 --> 00:52:17,160
and just see if there's anything super pressing.

1046
00:52:17,160 --> 00:52:21,240
I think the most important thing is that we have all,

1047
00:52:21,240 --> 00:52:23,600
at one point or another, changed our mind

1048
00:52:23,600 --> 00:52:27,400
about a conclusion that we've come up to or made,

1049
00:52:27,400 --> 00:52:29,040
and sometimes very publicly,

1050
00:52:30,080 --> 00:52:32,320
and have learned that you're wrong,

1051
00:52:32,320 --> 00:52:34,200
and then admitted that you're wrong,

1052
00:52:34,200 --> 00:52:39,200
and made a change to, you know, choose a new path

1053
00:52:39,520 --> 00:52:42,720
or a path that you had previously closed.

1054
00:52:42,720 --> 00:52:44,040
I know I've done that myself.

1055
00:52:44,040 --> 00:52:47,560
You've all seen it in me shutting down my validator

1056
00:52:47,560 --> 00:52:48,680
and then being like, wait, nope,

1057
00:52:48,680 --> 00:52:50,080
this is gonna cause more harm.

1058
00:52:50,080 --> 00:52:51,320
Let me turn it back on.

1059
00:52:51,320 --> 00:52:54,760
So while we say that they've rejected it,

1060
00:52:54,760 --> 00:52:56,240
you know, that they rejected unity,

1061
00:52:56,240 --> 00:52:59,600
I think there's still the opportunity to accept it.

1062
00:52:59,600 --> 00:53:02,320
I think there's the opportunity to realize

1063
00:53:02,320 --> 00:53:05,160
that there is time that it affords,

1064
00:53:07,320 --> 00:53:10,480
and that we can't continue to discuss and proceed.

1065
00:53:10,480 --> 00:53:14,280
I know I've had some terse,

1066
00:53:15,800 --> 00:53:17,600
succinct comments about, you know,

1067
00:53:17,600 --> 00:53:19,680
we're done talking about it,

1068
00:53:19,680 --> 00:53:24,480
but I totally understand that this is a non-trivial

1069
00:53:24,480 --> 00:53:26,280
problem to solve.

1070
00:53:26,280 --> 00:53:29,160
Yeah, and, you know, at the end of the day,

1071
00:53:29,160 --> 00:53:31,440
they're probably just gonna be forced into unity.

1072
00:53:31,440 --> 00:53:34,400
It doesn't really matter if they accepted it or not,

1073
00:53:34,400 --> 00:53:37,080
but I think it would be better for them,

1074
00:53:37,080 --> 00:53:39,480
and also better for us if they did,

1075
00:53:39,480 --> 00:53:42,400
because then it's like, that's actually,

1076
00:53:42,400 --> 00:53:46,520
I think, you know, kind of adds a lot more legitimacy

1077
00:53:46,520 --> 00:53:48,040
to what we're doing, you know?

1078
00:53:48,040 --> 00:53:52,200
And I think people were, a lot of people were confused of,

1079
00:53:52,200 --> 00:53:53,640
like, let's just kill the whale,

1080
00:53:53,640 --> 00:53:55,480
like, why are they, like, involved at all?

1081
00:53:55,480 --> 00:53:58,320
Like, well, first of all, the community has full power,

1082
00:53:58,320 --> 00:53:59,840
which is why the whale is, like,

1083
00:53:59,840 --> 00:54:02,120
probably hesitant to, you know,

1084
00:54:02,120 --> 00:54:04,920
place themselves in a situation where the whale,

1085
00:54:04,920 --> 00:54:07,120
or where the community has full power.

1086
00:54:09,440 --> 00:54:12,760
But, you know, they're involved to, like,

1087
00:54:12,760 --> 00:54:14,560
give, to make us look better,

1088
00:54:14,560 --> 00:54:18,160
and so, like, you know, make it so that people see

1089
00:54:18,160 --> 00:54:20,640
that Juno is, like, you know,

1090
00:54:20,640 --> 00:54:22,840
evolving its own governance procedures,

1091
00:54:22,840 --> 00:54:24,400
like, really quickly,

1092
00:54:24,400 --> 00:54:27,200
and doing things in a very thoughtful, considerate way.

1093
00:54:32,480 --> 00:54:33,320
Loh.

1094
00:54:35,400 --> 00:54:37,360
Three heads are better than one.

1095
00:54:37,360 --> 00:54:39,200
Three heads are better than one, but, you know.

1096
00:54:39,200 --> 00:54:40,760
It's the 4D chess move we've all been missing.

1097
00:54:40,760 --> 00:54:41,600
Right.

1098
00:54:42,880 --> 00:54:43,720
Yeah.

1099
00:54:43,720 --> 00:54:45,960
I mean, yes, I think we're all on the same page,

1100
00:54:45,960 --> 00:54:47,880
like, we just really like,

1101
00:54:47,880 --> 00:54:50,960
it would be really, really nice if we could have

1102
00:54:50,960 --> 00:54:53,080
unity not enforced,

1103
00:54:53,080 --> 00:54:55,040
but the reality is that at this stage,

1104
00:54:55,040 --> 00:54:58,120
the most likely thing to pass is probably unity,

1105
00:54:58,120 --> 00:55:00,880
and it's most likely that it will be enforced,

1106
00:55:00,880 --> 00:55:02,960
and that means...

1107
00:55:02,960 --> 00:55:05,120
I think it's most likely that the community will vote

1108
00:55:05,120 --> 00:55:07,800
to burn the whale after it's in the smart contract,

1109
00:55:07,800 --> 00:55:11,040
you know, but then that happens.

1110
00:55:11,040 --> 00:55:12,360
Speaking of something burning,

1111
00:55:12,360 --> 00:55:14,280
I think I smell something in the oven.

1112
00:55:15,600 --> 00:55:16,440
Go, go.

1113
00:55:16,440 --> 00:55:20,000
So, I guess just to fully recap then,

1114
00:55:20,000 --> 00:55:23,440
the probable fate, for anybody who's joined Superlate,

1115
00:55:23,440 --> 00:55:25,480
what's probably gonna happen now,

1116
00:55:25,480 --> 00:55:27,200
Lupikelia phase one,

1117
00:55:27,200 --> 00:55:29,160
who gets the mark contracts with Pseudo,

1118
00:55:30,880 --> 00:55:34,040
Unity Prop, which involves smart contract,

1119
00:55:34,040 --> 00:55:36,880
and Unity Prop launches the upgrade,

1120
00:55:36,880 --> 00:55:41,320
which is Lupikelia part two, which moves the funds,

1121
00:55:41,320 --> 00:55:43,800
and the time scale for this is probably next week,

1122
00:55:43,800 --> 00:55:46,600
testing period then next week,

1123
00:55:46,600 --> 00:55:49,080
so 10 to 14 days.

1124
00:55:50,600 --> 00:55:52,640
That sound about right, Meow?

1125
00:55:52,640 --> 00:55:55,600
Yep, I think it's about 10 to 14 days,

1126
00:55:55,600 --> 00:55:59,480
and then this whole CCN saga will be,

1127
00:56:00,840 --> 00:56:03,400
I think, largely resolved, you know.

1128
00:56:05,160 --> 00:56:07,920
There might be, you know, some follow on proposals,

1129
00:56:07,920 --> 00:56:10,040
but I think there'll be a lot less dramatic

1130
00:56:10,040 --> 00:56:11,960
because the main problem of the whale

1131
00:56:11,960 --> 00:56:13,840
having too much voting power,

1132
00:56:13,840 --> 00:56:15,720
and selling staking rewards,

1133
00:56:15,720 --> 00:56:18,760
and getting staking rewards, that will be resolved.

1134
00:56:18,760 --> 00:56:22,520
And so, hopefully the coming, any future debates,

1135
00:56:22,520 --> 00:56:23,800
oh, that looks delicious.

1136
00:56:24,840 --> 00:56:26,560
They're supposed to be waffle fries,

1137
00:56:26,560 --> 00:56:28,360
they are waffle burnt.

1138
00:56:30,480 --> 00:56:31,320
Good crisp.

1139
00:56:31,320 --> 00:56:34,160
I guess you're just practicing, you know?

1140
00:56:34,160 --> 00:56:36,360
Yeah, just practicing.

1141
00:56:36,360 --> 00:56:39,800
I took that joke from Callum Anderson in the comments,

1142
00:56:39,800 --> 00:56:40,640
so, you know.

1143
00:56:40,640 --> 00:56:41,680
Ah.

1144
00:56:41,680 --> 00:56:44,200
Yeah, I thought that was an original.

1145
00:56:44,200 --> 00:56:45,600
No, no.

1146
00:56:45,600 --> 00:56:46,960
And you've also just docked Callum

1147
00:56:46,960 --> 00:56:50,640
on the Spotify version of this as well.

1148
00:56:50,640 --> 00:56:52,120
Oh, wow.

1149
00:56:52,120 --> 00:56:52,960
Sensational.

1150
00:56:54,080 --> 00:56:57,920
Okay, well, I was gonna say,

1151
00:56:57,920 --> 00:57:00,000
should we sign this off with something positive

1152
00:57:00,000 --> 00:57:00,840
from you, Jake,

1153
00:57:00,840 --> 00:57:03,880
because we'll all be doing this again

1154
00:57:03,880 --> 00:57:06,760
on our regular slot when it's not extra credit,

1155
00:57:06,760 --> 00:57:08,720
but what we always round off the show

1156
00:57:08,720 --> 00:57:12,920
is something that we're excited about for the next week.

1157
00:57:12,920 --> 00:57:14,520
So would you like to round up the show

1158
00:57:14,520 --> 00:57:16,120
by telling us something you're excited about

1159
00:57:16,120 --> 00:57:17,360
from the next week?

1160
00:57:17,360 --> 00:57:18,680
Anywhere in the cosmos.

1161
00:57:18,680 --> 00:57:20,280
So you can also plug Stargaze

1162
00:57:20,280 --> 00:57:22,080
if you would like to plug Stargaze.

1163
00:57:24,600 --> 00:57:27,400
Yeah, I mean, I'm excited for everything

1164
00:57:27,400 --> 00:57:29,720
happening in the cosmos.

1165
00:57:29,720 --> 00:57:30,640
There we go.

1166
00:57:30,640 --> 00:57:33,520
Now, I mean, okay, seriously, I'm excited for the upgrade.

1167
00:57:33,520 --> 00:57:35,640
Like, this is gonna be really, really cool.

1168
00:57:35,640 --> 00:57:38,560
It's a big moment for Juno,

1169
00:57:38,560 --> 00:57:41,120
like some nice performance improvements

1170
00:57:41,120 --> 00:57:42,680
and security stuff.

1171
00:57:42,680 --> 00:57:44,600
And it's like giving governance,

1172
00:57:44,600 --> 00:57:45,520
like the community,

1173
00:57:45,520 --> 00:57:48,440
like real governance control over smart contracts

1174
00:57:48,440 --> 00:57:52,560
is gonna, I think, lead to some next gen stuff.

1175
00:57:52,560 --> 00:57:54,560
Like we're gonna do some things as a community

1176
00:57:54,560 --> 00:57:57,360
that no community will have like ever done before.

1177
00:57:57,360 --> 00:58:00,800
And that, I mean, how can you not be excited about that?

1178
00:58:03,080 --> 00:58:04,080
Yeah, it's pretty rad.

1179
00:58:04,080 --> 00:58:07,480
Okay, on that note, I think we're out.

1180
00:58:07,480 --> 00:58:11,040
Thanks for joining us, Jake, Meow.

1181
00:58:12,960 --> 00:58:16,040
And thanks for all your hard work, Jabby.

1182
00:58:16,040 --> 00:58:18,760
I think we all need to say thank you

1183
00:58:18,760 --> 00:58:21,440
for all your hard work behind the scenes

1184
00:58:21,440 --> 00:58:25,320
with the flow charts in front of the scenes on Twitter.

1185
00:58:25,320 --> 00:58:26,920
And for all the shade you've been throwing

1186
00:58:26,920 --> 00:58:28,080
in the last 24 hours,

1187
00:58:28,080 --> 00:58:30,040
it's been very, very funny to watch.

1188
00:58:30,040 --> 00:58:33,960
And here's hoping we get all of our upgrades out

1189
00:58:33,960 --> 00:58:36,120
and rolling in the next sort of 10 to 14 days

1190
00:58:36,120 --> 00:58:37,320
and put this behind us, eh?

1191
00:58:39,920 --> 00:58:41,360
Yeah, that's awesome.

1192
00:58:41,360 --> 00:59:00,840
Right, party on, everybody.