A whole bunch of wallet makers together, the NAMI and the Typhon and the Exodus and the Flint and the Lace and Yoroi, and you have a representative sample of each of them kind of discuss what's important, what's not important. Then you create a certification standard as a CIP. Then once you have it, you can use the treasury, for example, to offer bounties and incentives for wallets to get certified.

So, in terms of Ledger, things are moving along quite well. What happened was that there needed to be a pretty considerable update to the software that was going on the Ledger. So, we worked with a third-party company called Vacuum Labs. Vacuum Labs has finished their package of work and now Ledger and Emurgo have worked really hard at trying to increase Yoroi, and they think...

...there's a pretty good possibility, not 100%, but very good, like greater than 50%, that they should be able to get that out in the month of March. So in just a few weeks, if you guys have Ledger devices, Laser Nanos, you should be able to use those Ledger's in Yoroi. Yoroi has really been a phenomenal success. I'm super happy with the speed at which they're developing features and the acceleration that they're gaining, and the product quality, still looks pretty good.

...use that wallet interface, it really doesn't matter with the security model. This is because, at the end of the day, your wallet is an interface that talks to the alleged device, but the private keys live on that device. So, whether you interface through Yoroi or you interface through Daedalus, it doesn't change your security reality. I would argue it's probably better to use a web interface like Yoroi...

...because it provides a faster user experience. It boots really quickly and it's really easy to install and manage Yoroi. So, until we get clients for Daedalus, that's probably the way to go. That's the story there. Now, in terms of Shelley, the milestone for Shelley really consists of three buckets of work that we do and each of those buckets have to be done for Shelley to begin.

When we ship it, it's not going to provoke a heart immediately because we need to give partners time to upgrade. Some exchanges are still on 1.3.1 and have not even updated at one 1.4. Yoroi's backend is still based on a heavily modified version of 1.2, so we're working with them to try to get them upgraded. That's in addition to the OBFT update...

...download a small snippet of things and boom, your client just starts working. It's just like Yoroi in that respect. That as a background process gradually upgrades itself to the full wallet, but it doesn't stop you from using your client. It also means that we could start having meaningful discussions about fast bootstrapping for recovery and these things without...

...cryptocurrencies have been in the top 15 since launch, and we did all of this with relatively little funding compared to EOS or any of these other guys. We continue to grow, continue to deliver, and continue to pivot when we decide that a strategy is not working. Instead of doubling down, we released Icarus which became Yoroi, and now 15% of the network is on it.

And challenge every design assumption. The workshop basically gave us the opportunity to do that. People from IOHK Science were there. Peter Gazi was representing him, and then we also had engineers from the Haskell team and engineers from the Rust team, as well as engineers from Emurgo. In particular, Sebastian and Nico were there because they're actively maintaining your Yoroi and...

...they're going to need to understand where the legend rules are going for Shelley to ensure that your Yoroi has, you know, interoperability. Okay, so the other specification that we're covering, the one that's probably more meaningful to the vast majority of you, is the delegation specification. Basically, that describes how staking is going to work under the hood when we first design Cardano...

In case you need to, submit a ticket to the helpdesk and Karl will take a look at it. If you're really frustrated about this, you have two options. One, you can restore your wallet to Yoroi and immediately use it with the keywords. Or two, you can delete the database, reset the whole thing, and restore the wallet. That should solve the issue. Okay, let's see what else we have.

To do an API is to write, and so forth. What I decided is to kind of swallow my pride and let Yoroi be first to the market. It's almost like the gigahertz Wars back in the day, where there was a race between Intel and AMD to get to a 1 gigahertz processor. Even though Intel was a much larger, much more powerful company, AMD was able to sneak its way to that benchmark with the commercial product.

The same for 64-bit computing. AMD was the dominant standard, so anyway, Yoroi is maintained by a much smaller team. But they're really passionate and they work super hard. This is their only thing to do, so they're working with Vacuum Labs. There has been a lot of progress already, and as soon as Vacuum finishes its job, it will be very straightforward for your Yoroi to...

...add support for Ledger because they already have a method to do that via what they've done for Treasurer. So, it's just flipping a switch for them, with some other little things to look into. Probably, if I had to hazard a guess, I would imagine that unless there's a substantial delay from the third-party contractor or a security flaw is discovered, that Yoroi would be able to...

...device, so it doesn't really matter if you're using Yoroi as the interface versus Daedalus as the interface, you know. Some people would like to, but you know, I care much more about which one you can finally use it with our system. You can also use it for staking than just the mere use of it. It's just important to have at least one of the two wallets supported and because your Yoroi is...

The news of the hour is that one of our partners Emurgo earlier this morning went ahead and pushed an update to Yoroi and that update for the first time ever gives Cardano support for hardware wallet, so Trezor wallet.

Trezor came a little sooner because there was some great work that was done there by VacuumLabs and others, but Ledger is not too far behind. So given that we have support there, support on Ledger should probably come in the next month or two at the latest on Yoroi side.

So, we already have one pull request that was from, I think April to May of last year, where there was a pretty good design for multisig but we chose not to pursue it because we were in the process of rebuilding everything, now the major components have been reconstructed. We're going to go ahead and restart the multisig project, so right after we start seeing Ledger support and Trezor supports already now here with Yoroi, very short thereafter...

The other nice part about Yoroi is the development team keeps growing. We're going to start making contributions to it.

We were trying to figure out whether it made sense to keep maintaining the Icarus code base or to retire that and move our contributions to Yoroi but we're so impressed with what Sebastian Pabon and Nico and Emurgo have been doing that IOHK is going to start making code commits to Yoroi. So, we can hopefully double the size of that development team and we can very rapidly get wallet features out, but not just multisig and hardware support...

These are fun, but also features like a delegation center from Yoroi so you can stake your coins, right within the browser and other such things so that's going to be a nice open road map and that's going to be exciting.

So anyway, the good news it's not super significant, but it is a major milestone to repeat is the launch of Trezor support with Yoroi and what's so exciting about it to me, again, is this concept that it was done 100% without IOHK engineers, IOHK input it was just done by our partner.

There are some discussions about given how transmit our blockchain, given how our network stack works and given how Ouroboros works, what's the most optimal way of doing a light client but this is not insurmountable challenge, and the advantage would be that when you download that you just click it, it boots up very quickly, kind of like how Yoroi boots up quickly and then when the background if it's left on it will gradually upgrade itself to a full node, but it should not stop you from using the wallet.

We also have competition now, Yoroi is looking great and these guys are moving super fast and they're just doing wonderful work. The code quality is quite and we expect to see them making phenomenal progress as well.

Like the wallet backends that we see with Yoroi or people who run exchange nodes, the SL nodes and so they'll have a nice window of time to be able to upgrade there and also make sure they're interoperable with the new V1 API.

So happy New Year's guys. Thank you so much for all the patience and support, and if you're a Trezor user, check out Yoroi and very shortly thereafter, I hope that Ledger support is coming and then we can move on to the next big thing. Cheers everyone.

Will staking be possible on a mobile version of Yoroi from the Cardano effect? I have talked to Sebastian Pabon and Nico about this so we're having a summit about delegation and basically what the delegation spec is and that's summit invitation only for Cardano developers. So, we've invited Yoroi developers. IOHK coming as well. So, is the Rust team and the Haskell team and we'll see if we get the vacuumlabs guys there...

OK, so that's the basic concept. That's where we're at and that's some, it's 9th to 10th of January. So, my hope is on the back of that that we can get a strong commitment from Emurgo to guarantee that there will be support for delegation in the Yoroi interface. And I don't see any reason why that wouldn't happen.

5 or 6 weeks worth of engineering work is required starting in early January, and that work will, once done, should give us the ability to easily interact with Ledger and if that's the case, then Ledger support should come in short order, so the soonest you could expect it on the Daedalus side would be February, but we potentially might be able to get it out a little earlier on Yoroi side. Yoroi is also working on Trezor support as well, so you'll notice that once Icarus style addresses are supported by Daedalus, there's going to be another transition where we'd like to get people from the old nondeterministic addresses to the new Icarus addresses that because you'll have significantly faster recovery time for wallet restoration for the more the address size is about half the size...

So easier addresses to work with, faster recovery time, just overall better experience for people for the more those will be the addresses supported by the Ledger devices, not the old Daedalus style, not deterministic addresses. Furthermore, then the Icarus addresses and the Daedalus addresses will be interoperable with each other, so Yoroi and Daedalus should be able to restore from each other at some point.

Ledger is coming, we now have a great third-party partner for that. Yoroi is evolving at a great rate in fact I think Sebastian Pabon and Nico are going to have some great announcements here in a little bit and they're really doing a wonderful job of making Cardano easy to use and that’s really exciting.

For example, if you want to do a fast restoration under a deterministic HD wallet, if you have access to an explorer, you can do a restoration at a very fast pace, less than a minute in some cases. As we've seen with Yoroi, but that does mean you do potentially have to trust some third party...

Given that that was the case early this year, I authorized the work of the Icarus program and that i really one of our fastest pieces of engineering. We started in early March gathering business requirements and technical requirements that we built an entire engineering team in less than two months and that team over a period of just three months was able to actually build a wallet from scratch involving both a Rust component and a JavaScript component and have that go through a full security audit. And in short order, Emurgo was able to take that reference code base - Icarus - and turn it into the Yoroi wallet.

Now the good news is that now that the foundation issues have been resolved and Emurgo has really started scaling up development with Yoroi, we've had a lot of discussions about bringing in a third-party firm, principally vacuumlabs, to work with both of us to rapidly accelerate Ledger support and get Ledger support first in Yoroi and then very shortly thereafter to Daedalus with either the next most immediate update or the following update...

Yoroi was recently just open source, so congratulations to Emurgo and we're pretty excited to hear about Ledger support and pretty excited to hear about Trezor support. Trezor just updated their side so, if you have a Trezor very soon Yoroi will support that and if you have a Ledger device very soon Yoroi will support that as well.

I believe Yoroi is also prioritizing multisig, so that's going to come soon.

What do you think will be the major impact of open sourcing Yoroi. I have a very firm belief that all wallets, unless there's a very good technical reason, must be open source if you are going to go to the community and say, put your money on this wallet the community has the right to see the source code, if anything, just to verify you haven't put a backdoor in to...

Steal people's money or you haven't biased it in some way where you can skim off the top. OK, so that's just a standard and it's a standard we've had since the very beginning. Satoshi didn't release some closed binaries of Bitcoin and say, trust me. The code was right out there, and people could see it read it. And that's how cryptography is done, and that's how good wallets are done so, it's incredibly important for Yoroi to be open source for people see the source code...

The whole point of the Icarus project was to be a reference point for people to fork that code and build their own products, whether that product be the what we've seen with Infinito, where they have now a mobile wallet or that product be what we've seen with Yoroi.

And so in a sense, that open source nature of that reference client is mission accomplished and great things have been done and if Yoroi is to be truly open source, our hope is people will fork that and create their own.

Ledger support will be coming soon, first with Yoroi, and then later on with Daedalus. Daedalus is evolving quite rapidly. v1.4 is just left the first round of QA and large scale regression testing is underway. Cardano testnet it's just about out. And many more good things to come soon.

We use a different elliptic curve ED25519, we also used, the way the software was written made Ledger interoperability a bit difficult. We got to the point where it's a firmware update and I think the first thing that's going to support Ledger is going to be the Icarus platform. So Yoroi and potentially Infinito and then eventually it'll work its way backward into Daedalus after we've decoupled the wallet, upgraded the wallet a little bit to support Icarus style addresses. So when Ledger very soon and thanks to Yoroi being out and thanks to Ledger having firmware update available.

When mobile wallet? Actually, that's a great question too. So, you know we chose Haskell and Haskell has just been a mixed bag. It's been great and it's been a nightmare at the same time and at some point I threw in the towel, I said OK, let's diversify development a little bit. So, we created a rust project called Prometheus and. And we ended up creating the Cardano Rust wallet, and the code is up on GitHub and the first product of that was Icarus, which gave us a Chrome extension, and now that's being built up by a Emurgo for Yoroi.

Now Emurgo is one of our partners and they've decided to fork Icarus and create a new product called Yoroi, and they're going to be making an announcement August 15th about that, and it should be launching as a test net sometime this month.

You'll be able to import your 12 keywords into Icarus or Yoroi.

You know Icarus is the reference client and Yoroi is a fork if it and you'll be able to recover your wallet there.

So Yoroi is basically one click install, you just go to the Chrome Web Store, you enter it in, you click install and then you have it, you just enter in your wallet that you already have or you create a new wallet and boom, you can start spending ADA.

Icarus or Yoroi to be able to interface with ADA.