So, this is a tweet we just put out today, it says that the polling event on CIP1694, utilizing the Cardano ballot tool developed by the Cardano foundation and in collaboration with Input Output and Intersect, is a temperature check on the progress made thus far on the Cardano governance journey. So, it outlines that there's a snapshot being taken on the 21st, the ballot opens on the 1st, people vote, and the ballot closes on the 11th and the results come in on the 16th.

When you think about the reality of CIP1694, if you are a DP or constitutional Committee Member and you're thinking about voting on something and you want to pull people and say hey, I'm really curious about what you guys think, you need a set of tools to be able to easily do that and solicit feedback. It's my hope that we can see the tool Cardono Ballot as a template and starting point for a...

...CIP30 and CIP95 continue building up that stack of resources for the wallet ecosystem to make voting very easy. There's a long road ahead. There's a lot to do. There are a few updates in CIP1694 as it relates to the PKI side of things, especially the rotation of credentials of dReps and for committee members. That's probably the next thing that's coming. But, overall, people are working hard and we're getting a lot done.

...including new standards like security tokens etc., and all of that is wrapped up with best-in-class on-chain governance. And so, this is this concept of CIP1694 in MVG. Now, that's all fine and dandy, but if you're a Dapp developer and you want to write a great Dapp, so let's just, you know, expand one of these things right here, we'll put a little background inside that thing, maybe a little happy blue.

It can't even do a ballot vote without some drama. It is what it is. It's okay, it's a controversial thing, and CIP1694 is helping to push us in that direction. When you talk about scalability, we have input endorsers and that's great, but other people even have their own ideas on how to achieve scalability, and they are certainly very passionate about it. But interoperability? It really is a game of asking, "What are we being Interoperable about?"

Decentralization is the only way to move forward, and I think that with CIP1694, in the direction we have, we're going to move faster than anybody, including Bitcoin, in that dimension and in that direction. We will get to that facelessness that's required for the protocol to get away from a particular straw man to set on fire. You can't let it bother you, and not everybody subscribes to that...

...prove you're a verified member of that community in that set, but you can participate in these polling exercises without doxing yourself. We're quite interested in this because of CIP1694 and there's this management logistics problem. How does a dRep pull the opinions of those people who have delegated their votes to that dRep about whether they should vote for a protocol parameter changes, hard forks, and things like that...

The problem with this process, and the big frustration we have with, uh, the Genesis key system, is that the social processes are unclear why was CIP1694 such a big step forward. The social process is like, "What is the threshold, for example, for a protocol parameter update?" So, we poll the community and some people come together and they say, "Oh, K 500, we want to upgrade it to K 1000", or "We want to get rid of this other protocol parameter like the Mint Fee", or this type of thing. Okay, so we do that. What does that translate into?

The system, as you see here, is CIP1694, the actual CIP that's situated in the Cardano Foundation. You can observe the several workshops that people have attended and the attendees of those workshops. It's been an extremely decentralized process where people are engaged in discussions. However, in terms of the relevance of these Genesis Keys, that entire concept is replaced with this idea of a The Constitutional Committee.

If you scroll down, there are seven governance actions within CIP1694. Three of these are regulating functions for the Constitutional Committee, and the other four, specifically four to six, are replications of the process that occurred here. This is defined in the update proposal of Shelley, along with some extensions for the new things you can do in Conway.

...getting elected constitutional committee members and rotating them through, there's a bootstrap of course with CIP1694, where an interim committee is needed to roll over. But, once the entire system stabilizes, which would probably take three to six months, you can begin to actually elect turn-based constitutional committee members and rotate out the interim ones to the term-based members.

Parameter updates, which is why they're seldom done, much to my dismay, and other people's dismay as well. You know, because of that, it created an urgency to figure out a significantly better way of doing things, which is the entire point of the Conway era. What's been under construction now with CIP1694. Apparently, some people have really tried to make this an issue and argue that...

They basically take their network and change some things. Uh, the point of CIP1694 is to memorialize and formalize, uh, tradition, and precedent into something that is algorithmically adjudicated. But the thing is, you have to move as your capabilities move. When Shelley came out, we did not have extended UTXL and Plutus. If we had, we'd put a lot of the off-chain stuff that's done...

...a transaction is submitted to the network; the network upgrades. That's how it is done with CIP1694. Any person in the entire Cardano network can submit a request to upgrade the system or make changes to the system. It was very important to me that this be included. We'll test the scalability of that, but I do believe it's in the CIP. Once they do that, there's a

...over a federated trustee style model, and the next step from there is to have more resources to pull from for real-life human identity, if you can find a good way of doing that. Perhaps some work model or whatever, to basically give an indication of consent and different voting systems like preference voting, quadratic voting, these types of things. So, that would be the successor of CIP1694.

We've achieved is a truly decentralized, very unique ecosystem with millions of people all around the world. We saw that actually when we sampled for CIP1694, looking at all the different workshops that were held and the different people. It meant the world to us that everybody showed up and shared an opinion about what is necessary for minimum viable governance, true to form...

...not everybody agrees, and the people who disagree are insanely vocal on Twitter. That's fair. What's not really fair is when they try to imply that there's some conspiracy, dishonesty, ill will on our part, or desire to completely control the network. You know, the reality is, if CIP1694 does not pass, I'm out of ideas on the best way to move forward for having an on-chain upgrade system.

...years of development effort, uh, and we're just not going to do that. Somebody else should do that and step forward for it. So, the community has to decide on these things, but that's the point of social consensus: to let people come together, let people have a conversation, and decide what's the best approach forward. CIP1694 started very small, a small working group of people saying what's...

Parameters, hard fork combinator, and having an on-chain governance system for that, are all involved in 1694. What it does, is it puts you in a situation where you can literally use that to modify it in any particular direction. You could move towards an open governance model, like Polkadot has, or a Tezos model, or keep it along this model but just add new voting capabilities. Or, do you want to move more towards a different model?

...the CF is the best organization to figure that out, and you know what, we will work through them if that's the case. Perhaps they have a better idea, but ultimately speaking, there's no indication of that at the moment. The indication has been that the approach with 1694 is a very good starting point for minimum viable governance. It's a lot more dynamic and...

...doing that, working together, and reaching compromise is why Intersect was formed as a member-based organization. It was formed to take over the code, the GitHub repository, the formal specifications, the working groups, and ultimately the product backlog of the protocol. This is why also in CIP1694, an info section was included. That info section gives you the ability as a...

Through that mechanism, the community approves a CIP, a roadmap, and a direction forward. These types of things give consent for people to start pursuing certain things and expending resources in a certain way. This is also why the treasury is now completely open with the CIP1694. The idea here is that this, for the first time in history, gives you the ability...

...would argue for their interests in a neutral place, within a members-based organization, and let them make those decisions. That's the point, in my view, we need to reach. The point of CIP1694 provides us with all of the fundamental resources to recursively improve the governance system towards that end. This will hold the institutions accountable that have taken money from the Cardano treasury.

...for developer expediency will be preserved and we'll find some other approach. That's above my pay grade to make these decisions, and it's yours. The point of CIP1694 is you now get to express those types of opinions explicitly, in an on-chain way. If that's the shell you want to occupy, then sanchonet is the roadmap to get there. We see a lot of really good people working.

Well, why do you think we've been talking about CIP1694 since 2021? You know, this concept of 'let's upgrade the governance stack of Cardano.' Even before there was a CIP1694, there were discussions about elements and fundamental criteria that would have to go into the Genesis keys. For example, deprecate them, and replace that concept with a notion of constitutional.

"To you know, that's why CIP1694 exists. That's why Intersect exists. That's why I keep pushing for memb space to organizations and decentralization. It's really easy to attack one guy; it's a lot harder to attack a movement. So, that's what we're doing as an ecosystem. That's what Satoshi did, he had the foresight to leave before that happened. It's what Vitalik is enduring right now with his...

The hidden truth of Cardano from CIP1694 is that immediately after ratification and adoption, the very first thing people are going to want to do is start spending the treasury. This needs to be done in a structured way. Every government worth its salt has a budget. They use a pie chart and start allocating different things. This is especially true if you care a lot about the brand.

It's done, but that's a much bigger, more interesting fight than what happens over Twitter these days, especially in a post-truth world. Okay, why is Catalyst still our vote solution? It is not. That's the entire point of 1694, the D stack, and actually, Cardano ballot one of the other things. Hi, Charles. I feel you're ignoring the India Cardano Community. Many folks here are working very hard to promote.

...to be ecosystem builders and marketers, there are many people who are more qualified, cheaper, and better than us to pursue that, and frankly, that needs to be decentralized. The point of on-chain government is to prioritize these types of things, and then I think things will get a lot better. You know, the Ethereum community, they'll also be a lot happier with CIP1694 because what will happen is...

They can't reconcile Cardano being successful or legitimate, so they'll say, "Ah, Cardano fired its founder. Charles has been fired and now Cardano is successful." That will be the narrative of 2024 if CIP1694 comes through. Then, they'll like Cardano. They'll suddenly want to work with it. They'll enjoy it. They'll embrace it. The FUD will go way down because it's just...

...has anyone ever beaten Earthworm Jim. No, no, no, no. How do you like your bison cooked? Medium rare. Hi Charles, I'm a Cardano ambassador from Ghana. Any words of motivation for me? Well, first, thank you so much for the support. My recommendation is just to know the protocol, know the people. Get involved in sanchonet. Get involved in CIP1694. We are looking for a lot of

I'm currently engaged in tons of meetings and tons of execution work. There's all the work related to CIP1694, in addition to the work related to the recent summits and conferences we've attended, such as the Evo NFTxLV, and the soon-to-be Cardano Foundation Summit in Dubai. We are also handling dozens of other tasks, including all the community events we've hosted, which total over 50 CIP1694 events.

In 1694, for example, there were a lot of internal workshops that were related to particular technology. For example, we just finished a workshop either in Scotland for Ouroboros Paros. There's a huge amount of work being done under the hood. In addition to external meetings, such as the monthly meetings we have with the Wyoming stablecoin commission in the state of Wyoming for for their stablecoin.

The stuff is completely community-led and built. There's great decentralized governance coming. It’s minimum viable governance through CIP1694, which was completely ratified through a community-led process. There's a great members-based organization beginning to aggregate everyone together for a decentralized product backlog. Plutus has gone through multiple iterations.

And obviously, we'll have a lot of people from the Voltaire team there to talk about governance. Sam Leathers is going to be there, and Sam is going to do a master class workshop on Sanchonet, which is 1694's testnet. The Hydra team is actually in the office today preparing for RareEvo to talk about a Hydra Master Class where they're going to show you guys how to use Hydra, Mithril, and other technologies together.

This has to wait for CIP1694 because it does change the trade-offs of Cardano. No matter how much of an advancement it will have, some implications on the monetary policy and incentive schemes, and it's going to be a different operating model than what people are used to.

The design for Praos should work its way throughout the summer, and then the very next thing is Leios. And then with Leios, alongside lots of modeling, should have a direct line on the site of a very good design for the system. Then once that design is in place, the community through CIP1694 can decide if they like the trade-off profile, and then input endorsers can be implemented through a series of upgrades and iterations.

Today is July 29, 2023, and this is a follow-up video to some of the videos I've made in the past about 1694. I'm going to go into a lot of detail about some current thinking of a minimum viable Constitution and going beyond that to a final Constitution, a 1.0 product by and for the community.

In a prior video, I talked a lot about Cardano, the open-source project, and the governance layer, the execution layer, the management layer, the oversight audit control of how great software is made. However, Cardano is getting a government. 1694 is the closest thing we have to it at the moment.

So, if you look at CIP1694, one of the things that we've been exploring is how do we, because you have the dRep side, you have the Constitution side, and then you have the SPO side. So, for these three things, how do you constrain behavior? This is via liquid feedback, so very similar to the liquid democracy conversation.

The initial ratification of that is going to be the ratification of 1694. This doesn't contain big flowery language and rights and duties and responsibilities, but rather it contains just a collection of things that are required to convene an interim working group, an interim constitutional committee, something to get started because you need to bootstrap a system.

And the idea of the discussion is to establish a baseline so that that could become an input to hosting somewhere between 100 to 200 workshops throughout the world. And it can provide all the funding necessary for those workshops. So, this is an innovation that we learned from CIP1694.

Then that will then be voted on by the CIP1694 government. Then we're done. So, there are basic steps. So, we have to bootstrap the system, you need some initial parameters

So, it worked really well with 1694 where there were some initial stuff that came together and then went 50 plus workshops were done. But now we ask more of the workshop participants because they actually have to go to a constitutional committee, a convention, and create, ratify something.

Once that's in place, what will happen is because we've built this into 1694 the CIP, there's a model to replace the Constitution version 0 with a new version. So, they just follow that, and that new version comes into place.

And then they come on over and, you know, they participate and actually put some serious time and roll up their sleeves and decide. It's very egalitarian, it's not connected to a person's ownership of ADA, it's connected to the mere skill and them convincing their local community that they're the most qualified person. And then obviously the community has an on-chain update system to go from the minimum viable Constitution, which is the bootstrap, to one. So then there is a question of what ratifies the bootstrap. That's the ratification of the CIP1694 altogether.

And then it moves over and becomes the law of the land for the digital nation that is Cardano. So, I hope this answers some questions about that. The MVC will have some more specifics to release but obviously, you'll be able to read it and see it because it's part of the special voting event for 1694 and make a decision if you think that's good. Pretty cool stuff, huh?

The interplay of CIP1694 is that what 1694 can do, which is independent of Intersect, it's important not to conflate the two. This is kind of the government of Cardano, and then over here, Intersect is kind of an execution vehicle. What the government does is it gives permission. When things like protocol parameters, things like hard forks, all these types of things, it gives permission to do that.

Now there's a big open question of alternative clients and blueprints. Okay, so there are some people who want to do a Rust client. I saw on Twitter there's some people that want to do TypeScript. That's great and fine, but the issue is what is the canonical Cardano. What is Cardano? Well, a major innovation that's occurring right now with the CIP1694 work, the Conway era that's being pushed out with sanchonet, is that we actually wrote the specifications for these not in a prose like LaTeX but actually in AGAD.

We have a continuity in GCD backlog that we put together as a suggestion and as it moves over to the members-based organization then there's a debate and discussion amongst all the members and that becomes a universal backlog and that universal backlog can be ratified by the government of Cardano which would be 1694 if ratified.

Really the point of 1694 is to have a deliberative body that's endowed with the power of the AD holders through a series of checks and balances to review and understand and in some cases provide funding to buckets or to give consent to execution vehicles to do something.

Once it's been proven in an objective, open way, then they can have a great voice in a roadmap that can then be ratified by others. Now, what if you disagree with all of this and you think all of this is nuts and you think it should go in a radically different way? Well, that's the point of something like CIP1694 because you could have an ALT vision and you can say, you know what, vote for that. And if the government of Cardano says this alt vision is the way to go and all of this is nonsense, well guess what, the alternate vision wins.

The point of 1694 and the enormous progress that now more than a thousand people, more than 50 countries have put a lot of time into to try to get to is to create that voting layer so decisions can be made and once made the vehicles of the ecosystem can execute them and execute them well.

I'm really proud of each and every one of you. Just getting a taste of the amazing creativity, passion, and ideas of the community during the CIP1694 process, what's happened with Cardano DeFi and the NFT space in Cardano really is a good indication of how powerful we really have become as an ecosystem.

..and a lot of third party contribution for the HYDRA code base and a nice open cadence as well as everything living in git. So that's what we should aspire for, and it's going to be a lot of fun to move things over. A huge amount of progress as well on CIP1694, we had the workshop in Edinburgh. It was very successful as a closing workshop to finalize a candidate spec and now Sanchonet is underway. That is a very specialized test net specifically to give Bleeding Edge features.

For people to test the rollout of 1694, build against it play, as did reps, kind of like the incentivized testnet and it will connect to wallets via the CIP95 standard, which is right now in the final stages of ratification. So, node 8.2 has just been tagged. And should be working its way this week and next week and that will enable Sanchonet for people to play around with it and throughout the next 6 to 8 weeks you'll see a lot of features roll their weigh in on the Constitutional Committee concept to dRep concept.

When we had the 1694 workshop together, over 1000 people participated in all the different workshops. People came in from Latin America. People came in from the Middle East, people came in from Asia, people came in from Africa and other places, but you know Internet trolls, what they like to do is they like to say just crazy outrageous things or create this this boogeyman that's going to come in and kill all your opponents. But your chosen coin is magical. How about we all just get along?

When will it come? It's your decision as a community. Why? Because after 1694 comes, you decide. Your dReps decide. There's a roadmap and you say you know; we could really aggressively push and escalate scalability like input endorsers.

But it was actually really wonderful to engage with the community at the Capstone 1694 workshop, and it was really a roll up of the commentary of over 1000 people from 50 different workshops, about half virtual, half in person throughout the world. What we learned from the process is that we have.

Now, node 8.2 is near eminent and it's carrying with it, Sancho net. So, what we broke down is a series of milestones, and Sancho net that will flesh out a full implementation of 1694, allowing people to test what it's like being a a dRep, submitting a constitutional update, writing custom code for dReps, including smart contracts, and managing multiple users as a dRep build political parties.

At some point, there'll be community wide vote for ratification of 1694 and then it's just a matter of what level of quality assurance is required to do a hard fork should the Community decide this is what they want to do. Now, there's a lot of things that have also launched.

For example, the workshops that were held in 1694 hold a very tight moderator pattern that a lot of people agreed was very productive to actually have meaningful conversations and give people the right to be heard. A super important thing.

In the future, in terms of the vision thing, there's now a way to debate and ratify it through a members based organization intersect, and there's also a way to vote on it. That's the point of 1694, and the community can decide whether that vision makes sense or another vision, or a hybrid vision, for example, makes sense.

It's also fundamentally unfair to think people are one-dimensional. The reality is we're very complicated. One of the things I was most proud of when we put all these workshops together with the community for CIP1694 with the diversity of people in the room, there were people who worked really hard to travel all throughout South America, including Rhoda candidate, constitution and principles, almost revolutionaries inside the room.

Talk about on YouTube, do some interviews, host some Twitter spaces, a lot of really cool people there, Cardano Stoners Club, for example, was represented in 1694. Never thought to see him there, but they were there and I remember some of my fondest memories, are joining late at night, on Twitter and talking to him, and it was really cool to see that they're engaged, and they want to educate people as well.

In fact, I got. It right here. All of the CIP1694 workshops, the cynicism that has so permeated our society is, of course, permeating Twitter, and there's some people saying these things don't matter, but they do, and they matter so much, and I just want to take a moment to thank everybody who is participating.

What's happening right now is that throughout the world, all these red pins indicate places that workshops are being held. So, for example you click here, you zoom in as a California CIP1694 workshop contact information, what people are doing there.

So, all of the feedback from these many different places is going to be aggregated together. We're all going to come together in Europe and we're going to have a closing workshop to sort through all the community's commentary and come up with a a draft final specification of 1694 and then the next step is to get a fully functional testnet and then for the people to vote and if they vote for it, we'll fork it and then Cardano has an official government. How about that? And so, everybody can go and become a dRep, you know and. They can actually start opening up the Treasury. You can do whatever you want. You're can run the whole show.

Ohh it's going to be really cool. When we opened up staking, thousands of people came. So dReps. thousands of people are going to come and they're going to be some lively crazy debates and it's going to be really cool to watch all those happen, and people talk about priorities and vote on CIPs and all these other things. So, if you like CIP50 and Michaels convinced you - vote on it. Bring it through. This is the point of CIP1694. You know, for people be in charge and do all these cool things.

And it just needs to get resources and need to get good governance. And that's the point of things like an MBO and 1694 and these other institutions that are coming in.

But what we're trying to do is structure those conversations towards specific things. For example, we have 1694 coming up in July, there's going to be a workshop in Edinburgh, Scotland.And that's going to be the closing workshop to aggregate the feedback of the 43 CIP1694 workshops that are going to be held over the next two months and basically come together with a final candidate to basically be deployed to a testnet and voted on by the Community whether they want to approve that or not as the approach form.

There's going to be an enormous amount of discussion about 1694 and a lot of opportunity to engage there. So that's an example of a cardono oriented conversation in July and beyond, there's going to be a lot of conversation about the MBO and how to join it, what to do with it. All these kinds of things, because that infrastructure is now where it needs to be, it's building up bubbling up.

What’s time frame on input endorsers. Well, once all the final papers come in, it's up to the community on how quickly they want to move. The priority is CIP1694 and the GCD backlog, which is coming along at lightning speed. And there's a lot of different directions one can go in.

So as many of you know, there's been an enormous amount of work on CIP1694 both internally and externally so, on internally there's a very aggressive development effort that's underway. The node that CIP1694 is being built on for testing is node 8.0, node 8.0 is out. In fact, already node 8.1 is under construction and will be released the next few weeks.

So, what's going to happen is those workshops are going to solicit and gather enormous amounts of commentary and feedback, and then it's all going to be funneled into a closing workshop in July in Edinburgh in Scotland. The goal of that workshop is to ingest all of the comments from the 43 community workshops that are underway for 1694 and then kind of argue over some of the finalized design principles of and parameters of 1694 and get those into the final step.

Now there's been a lot of work right now to figure out how to create an RFP program, a grant program for people interested in building community tooling for 1694 and that's underway at the moment. There'll be some announcements about that June and July.

The idea is that once things are where they need to be, and if we can get 1694 of a line based on the Community vote and Cardano hard forks to adopt that, it would be really cool to actually have the lab measure Cardano and see where our decentralization sits in relation to Bitcoin and other major cryptocurrencies like Ethereum.

...and that's going to be running in parallel with the core team that does 1694. The same for UTXO HD, which is a different way of storing things so that you can utilize a persistent storage, a hard disk in addition to in memory storage. These were both critical path items for complete decentralization of the system, so they're kind of first-class citizens with CIP1690.

To get things where they they need to go. So there's an enormous amount of good thought there, but that's something in scope this year in terms of the engineering effort and then the intention would be a post CIP1694 integration. There's still a lot of open questions about how these heavy crypto primitives can be integrated.

And the road maps can be voted on and the CIPs can be voted on and legitimized through the governance process, 1694, which will include thousands of representatives and basically a liquid democracy, which was the intention from the beginning and because of the SL CL model sidechains will enable Cardano to adopt radically different philosophies.

This is a huge roll up, over 8 months of work went into Cardano node 8.0.0 For a variety of reasons, things kind of lived on different branches, and they eventually got all brought in after we did the SECP256k1 hard fork and this is the beginning of the Conway Ledger era, which means that when you look at CIP1694. It's going to be added into this family of nodes and then we can test it in pre prod.

There's a lot of fun here, and I'd love to see what you guys do with the CLI polling and hopefully we can see a lot of cool new governance features to experiment with and play with, added to this soon so that a lot of people can kind of talk around what they like and dislike about CIP1694. Cheers.

You can look no further than the actions of CIP1694 on Cardano, where we're literally constructing together a government with the Constitution and delegated representatives, stake pool operators, and all kinds of checks and balances and layers and control third open, deliberative process, which will ultimately be approved by all the ADA holders.

That's called Treasury, and there's 1.5 billion Ada in the treasury. The point of CIP1694 and the members-based organization is to create the rails for you, the community, to unlock and decide what level of support you want to have for growth hacking in the ecosystem.

They could say stuff like that, and they could pursue that and that's perfectly reasonable and fine. It's something you're going to have to think about and that's really the point of the dReps. That's really the point of sub 1694 or these things, to give a platform for those kinds of discussions.

You go and rally people, you get things done. We think, for example, it's a good idea to have a more sophisticated governance layer than anarchy on Cardano, so we and others are advocating for 1694. And so, we have to build stuff, we have to hold workshops, we have to do all kinds of things.

A legal defense fund, dozens of things. All of those are legitimate and you, the community, through the MBO, through CIP1694, can participate, talk about those types of things. And the point is, it gives you the power to make decisions in your wisdom of what directions you need to go.

Meanwhile, the reality on the ground has always been the same. It's a decentralized protocol. So that's the point and if that's what you want, then we need to work together, get this thing off the ground, 1694, and put it all together.

That is the moral hazard of the enlightened few self-appointed who can never be fired and hold the resources. The point of 1694, the point of the design of Cardano, the point of the Treasury System, the point of decentralization is those kinds of things can't happen by design unless you choose them to, in which case you voted for it and you have to deal with the consequences of it collectively as the Cardano masses.

And then when you point that out, they play the victim and say that we're being bullies or these types of things. Those people aren't insignificant, they have a voice in the ecosystem and when CIP1694, if it gets passed, comes into play, probably will become dRep and make it their life mission out of principle to vote against every single thing I propose. Not because there's merit or lack thereof but because of a personal distaste for whatever reason.

So, in the coming months, lots of workshops are going to be held. In July, there's the Capstone workshop and at Edinburgh for 1694. Lots of cool things have happened on the MBO and continue to go and moving in the right direction and Cardano will be more decentralized than ever by the end of the year.

But that's just one thing. You could look at other metrics as well and the point is that's part of governance. There's a lot of data that's ready to go, ready to fire off and the point of 1694 is to give you a working government. MBO could be a working government but you have to still program that giant robot. You have to tell it where to go, what to do and that's ultimately your decision. And it's like what Benjamin Franklin said as he left Philadelphia on his elegant Rickshaw and they asked him, Mr. Franklin, what have you given us? And he said a republic if you can keep it.

Similarly, 1694 in the MBO and other things only work proportional to the inspiration and participation of a tireless group of people who care about the protocol and what we collectively agree is an important thing to measure and optimize as an ecosystem. We'll help where we can. But because we're decentralized, we're just a single actor in a broader course and ultimately, it's your decision as a group where to go and what to do. And as Paul Harvey would say, now you know the rest of the story. Thank you much.

Charles, was there an abnormal reward distribution las year to satisfy the claims of the original Japanese ICO? No. That never happened and there's no claim there. It's been the same since the very beginning; you people, with your fucking conspiracy theories. Did you like the CIP1694 in-a-nutshell diagram? I tried to make it understandable for everybody. I really did enjoy it, and thank you so much for that.

...so, you know, there's stuff like that but this is one of the things that we are definitely thinking about with CIP1694. It's a massive pile of work. I think there's about 80 people, uh, on that and it consumes quite a bit of our schedule. I mean, you do the scheduling. How many hours per week do we spend on Voltaire related stuff? Oh, I'd say at least an hour a day right now. It's, uh...

And if they can't on a technology side, they're going to try on a social side or political side. So, this is why CIP1694 is viewed as an MVG, minimum viable governance, and it has to evolve to accommodate the reality of a world that is multipolar. This is an interesting one right here. What happened to the RINA network? Is that still in the works? Actually, you know, we've been really interested in...

"Can you wax lyrical about some of the things you're most interested in development-wise on Cardano? As well as... Any thoughts on AI?" I know we talked about AI a little bit before, but what are you most excited about, just a quick gut check? Well, I mean, I'm most excited about CIP1694 that unlocks, you know, so much power and potential inside the community. And you know, it's a little scary because there's going to be a lot of divergent opinions and uh, having to manage all of that and still be able to...

We know they're lying, but they have to lie. This is the theater, and there's no grounding of accountability. So, that won't bring about a systemic level change. In a way, a lot of the work we do with Cardano is actually helping, because with CIP1694, we're drafting a constitution; we're building a government. We're actually figuring out how to be accountable for progress and growth

Um, a few more things, uh, we are still on target for the CIP1694 Workshop in Edinburgh, Scotland, uh, in July, and there's a lot of effort right now going into community workshops. Uh, the MBO also looks really good, um, in terms of the progress that's happening. Finally, some communications are coming out and, uh, that'll be like lace...

Things go pretty rapidly, so a few things come out, and then a lot of things come out. Throughout the summer, I think that plus 1694 is going to continue building up. A lot of you have seen the enormous amount of work we're doing for node version 8.0. So, right now, we're running on node version 1.3.5/.7, or something like that, or 1.3.7. I can't remember the exact name, but we've moved over to the...

so on pre-prod and on a parallel test, some of the early Ledger rules associated with CIP1694 will start being implemented and added. They'll work their way up over time and then people, through private test nets, can begin to play around with those features and be in active conversation with the team. So, this will be a faster, much more agile...

...process for adding these capabilities to the system and hopefully, also give some understanding as we go into July about what a tendering process would look like for community tooling for CIP1694 and how big of a delta that's going to be. So, a lot of progress there, a lot of great progress with Mithril and Hydra. So, part of the Lace initiative is and the...

...DSLs like Marlow, uh, and then obviously all the community projects that are actually getting supercharged and moving very quickly. In addition to that, we're getting closer and closer to unlocking the power of the community through CIP1694. Once that's done, if the community chooses to go down that road, then we'll have a treasury of 1.5 billion Ada under the community's control...

...the certification program, an education program, continues to do great work. The community continues to do great work. Wonderful projects like Aiken, TX pipe, and block Frost and others are out and they continue to grow. There's a lot of great news with CIP1694, which will harness the power of the community as a whole. Now, as many of you know, I thought about buying Coindesk. We...

That is really interesting as well. CIP1694 is going to unlock the floodgates and enable many of those to get to the next level and have significant serious development efforts behind them. This is an emergent property that no other ecosystem has; it's a scale envisioned by CIP1694. Again, all of this will be ignored by the crypto media. They're only going to report on the mistakes we make.

We are right in the thick of things with moving Cardano along. CIP1694 is really starting to shape up. There are a lot of community workshops that are getting started. We just had our first community Zoom call. I think more than 50 to 60 people showed up for that, in addition to the original people who were in the workshop that we had here in Colorado. A lot of community workshops are going to be...

Excuse me, others and I have been gradually pulling our way through, and with any luck, that should be pushed to pre-prod soon. So, we're really excited about that because that's going to be the foundation upon which CIP1694 is implemented for testing. This means that people can actually see what it means to be a D rep, which is similar to the experience we had with the incentivized testnet. I'm really excited about that.

...centers at Stanford and CMU, to places like Edinburgh. Cardano is a reflection of those principles. When you see things like CIP1694, it's the first foray into a completely decentralized governance system, which is a model for organizational design. Is it perfect? No, but it's a minimum viable concept that's recursive. So, if it's built right, the prior will improve the next. That's why