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Speaker 1: The coin Bureau Podcast is a production of I Heart Radio.

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Speaker 1: The realization was pretty clear that Ethereum was not fast

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Speaker 1: enough and it hadn't been able to scale up basically

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Speaker 1: to cope with all the activity that was taking place

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Speaker 1: on the network, and as I think we've said before,

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Speaker 1: it became a victim of its own success. Welcome everyone

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Speaker 1: to the coin burea podcast. My name is Guy and

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Speaker 1: his name is mad Mike Mooch. We are going to

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Speaker 1: talk about Ethereum today again Part four, Part four. Yeah,

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Speaker 1: and this is the final part on Ethereum, final part

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Speaker 1: that we're talking about it now, I imagine, because I'm

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Speaker 1: sure this story is not over. Absolutely absolutely, this story

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Speaker 1: is just getting started. But yeah, so today we're gonna

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Speaker 1: kind of bring Ethereum up were last time we finished

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Speaker 1: up by looking at how Ethereum was at the center

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Speaker 1: of the i c O boom that was in kind

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Speaker 1: of that was all through and into early uh that

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Speaker 1: was involved hundreds of projects launching on the Ethereum network

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Speaker 1: and raising money through these token sales, these initial coin

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Speaker 1: offerings or i c O s, which was this whole

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Speaker 1: new way of raising capital. And boy did they raise

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Speaker 1: some capital. I mean we're talking billions here, if you remember.

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Speaker 1: And yeah, it all got a little crazy. And we

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Speaker 1: ended last time by noting that the demand for these

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Speaker 1: i c o s, the demand to participate, the demand

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Speaker 1: to buy tokens was so great that at times the

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Speaker 1: Ethereum network just couldn't cope with it all, with all

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Speaker 1: the people trying to use it, and just kind of

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Speaker 1: crashed or slowed to a crawl. And yeah, so on

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Speaker 1: the timeline, we're roughly at the end of Okay, so

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Speaker 1: speaking of Ethereum slowing down before we before we kind

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Speaker 1: of carry on with the timeline and kind of what

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Speaker 1: happened after that. I want to go back to another

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Speaker 1: event that took place towards the end of noven, towards

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Speaker 1: the end of in November, and that was the launch

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Speaker 1: of the Crypto Kitties. The Crypto Kitties, I think we

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Speaker 1: may have mentioned these in a previous episode, but for

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Speaker 1: anyone unfamiliar, familiar, Okay, So the crypto Kitties were, well

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Speaker 1: they still are. There's still a thing. These are digital

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Speaker 1: images of cartoon cats, a range of collectible cartoon cats.

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Speaker 1: They're all different. They have this range of discernible attributes.

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Speaker 1: They were called cat tributes. Yeah, yeah, I know, I know.

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Speaker 1: But the whole point was these things they could be

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Speaker 1: boughts and then bred with each other to create new ones. Yeah,

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Speaker 1: so you buy these n f T s um and

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Speaker 1: you'd create a new n f T a new crypto kitty,

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Speaker 1: which will be yeah, something like that, something like that.

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Speaker 1: And depending on the two kitties you bread together, the

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Speaker 1: other one would come out with sort of certain characteristics.

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Speaker 1: So it's kind of like it's Tamagotchi three point, Oh,

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Speaker 1: tamagot She's a good good yeah, good reference point. I

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Speaker 1: think it's kind of it's kind of similar, but all

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Speaker 1: on the blockchain, all virtually these people started buying, collecting,

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Speaker 1: breeding these cats. And I should point out that obviously

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Speaker 1: all these actions so in order to buy one of

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Speaker 1: these n f t s, in order to breed it,

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Speaker 1: in order to trade it whatever you needed the native

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Speaker 1: currency of Ethereum, So this was obviously a big kind

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Speaker 1: of demand driver for the coin. And yeah, these are

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Speaker 1: one of the earliest examples of n f t s

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Speaker 1: non fungible tokens, and each crypto kitty was represented as

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Speaker 1: an n f T on the Ethereum blockchain, so a

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Speaker 1: quick recap on n f T s for anyone who

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Speaker 1: is still catching up. An n f T basically acts

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Speaker 1: as a digital certificate of ownership that's recorded and traceable,

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Speaker 1: trackable on the blockchain. We discussed these maybe it was

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Speaker 1: one episode or two episodes ago, anyhow, and we'll talk

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Speaker 1: about n f T s a lot more in future.

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Speaker 1: Non Fungible, as we said, basically means unique, not interchangeable

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Speaker 1: with other tokens. Kind of fat money, if you like,

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Speaker 1: is fungible. One pound is equal to another pound. So

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Speaker 1: the Crypto Kitties, they weren't the first n f T s,

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Speaker 1: but they were the first collection of them to gain

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Speaker 1: wide attention. They are many people's, most people's kind of

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Speaker 1: starting point for the whole n f T board ape

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Speaker 1: seems to be like the latest sort of yeah, major,

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Speaker 1: sort of well known one. Yeah, the board ep Yacht

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Speaker 1: Club is yeah at the time of at the time

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Speaker 1: of speaking, the board ep Yacht Club is the kind

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Speaker 1: of big name in n f T s. And you

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Speaker 1: can't you can't move for board apes at the moment.

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Speaker 1: And actually, so these crypto kitties, they were so popular,

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Speaker 1: they really caught the imagination so much. So many people

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Speaker 1: were trading and breathing them that the Ethereum network became

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Speaker 1: severely congested. And yeah, they're they're a big early milestone

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Speaker 1: in the development of n f t s and a

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Speaker 1: kind of an early indication of how big this kind

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Speaker 1: of this kind of niche was going to become. And

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Speaker 1: this is a good example of people basically finding a

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Speaker 1: use for a theorem. I don't know if Vitalik had

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Speaker 1: envisioned this or anything like this when he created it,

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Speaker 1: but it's a it's a perfect example of a group

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Speaker 1: of developers, a group of people looking at a theorem

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Speaker 1: going what can we do here? Okay, why don't we

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Speaker 1: try this? Digital collectibles everyone, you know, they're all different,

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Speaker 1: blah blah blah blah blah. They created a they created

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Speaker 1: a new type of tokens what was called an e

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Speaker 1: r C seven twenty one token, if I remember rightly,

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Speaker 1: in order to represent these these n f t s

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Speaker 1: on the blockchain um. And yeah, they were a big

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Speaker 1: old deon. They're still going. I mean then they've been,

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Speaker 1: as you point out, they've been kind of overtaken by

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Speaker 1: more the more recent Yeah that the latest, the latest fad.

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Speaker 1: But yeah, crypto kitties were a big the O G

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Speaker 1: n F T if you want to squeeze some acronym

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Speaker 1: is in and yeah, we'll we'll talk about n F

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Speaker 1: T S a bit more later on UM. So late

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Speaker 1: two thousand seventeen it also saw Vitarli persuaded to eventually

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Speaker 1: fire ming Chan, who was the director, the executive director

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Speaker 1: of the Ethereum Foundation. And if you remember, she'd kind

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Speaker 1: of she'd come on board. Yeah, she'd upset a lot

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Speaker 1: of people. She had a very sort of weird style

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Speaker 1: of management. Her behavior was a little bit erratic. But

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Speaker 1: it wasn't actually until January eighteen that she was sort

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Speaker 1: of finally ushered out the door, and she was replaced

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Speaker 1: by someone called Iam Miyagucci, who had previously worked at Kraken,

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Speaker 1: which is well was then and is now a big

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Speaker 1: cryptocurrency exchange based in the US. So the Ethereum Foundation

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Speaker 1: had this new executive director who I think worked a

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Speaker 1: lot better with Vataran was and was just you know,

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Speaker 1: a better fit for the roles. So this kind of

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Speaker 1: closes a chapter ming ming Chan's departure, and what it

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Speaker 1: meant was that Vitalik was by now the only one

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Speaker 1: of the original Ethereum founders still on board. Ming Chan

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Speaker 1: wasn't an actual founder, but she'd been there for quite

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Speaker 1: a while. All the other founders had either been fired

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Speaker 1: or kind of pushed out the door, or just left

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Speaker 1: to kind of go off and do their own things.

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Speaker 1: So Vitalek was the only one left. Highlander. Highlander, Yeah,

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Speaker 1: there can be only one Um. And so now let's

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Speaker 1: move into two thousand eighteen. So as we saw late

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Speaker 1: two thousand seventeen and even early eighteen, it was just crazy.

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Speaker 1: As I said, prices were going crazy. Ethereum was touching

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Speaker 1: it's all time high Bitcoin to all these I c

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Speaker 1: O s, everyone was talking about crypto and obviously this

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Speaker 1: this couldn't last. What goes up must come down. And

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Speaker 1: the warning signs had actually been appearing in two thousand

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Speaker 1: and seventeen. In September, if I remember, China ordered all

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Speaker 1: crypto exchanges to shut down. And this is China is

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Speaker 1: a kind of recurring theme in these in these years

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Speaker 1: of crypto. It's like China would decide that it was

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Speaker 1: going to crack down on crypto a little bit harder

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Speaker 1: and the rest and the market would tank as a result.

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Speaker 1: So September two seventeen, China ordered all crypto exchanges to shutdown,

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Speaker 1: which obviously made it very difficult for Chinese people to

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Speaker 1: get their hands on crypto. And this was a warning sign.

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Speaker 1: And then on December the eleventh, I think it was

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Speaker 1: in the US, the SEC, the Securities Exchange Commission, issued

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Speaker 1: a cease and desist order against an ic o project,

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Speaker 1: and they accompanied it with a press release saying that

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Speaker 1: the project had been selling unregistered securities. Now this was

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Speaker 1: bad because unread, you know, selling securities without a license

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Speaker 1: as a big known America, Yeah you can, you can.

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Speaker 1: You can do some pretty good bird for doing that.

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Speaker 1: And yeah, this was this was not good news because

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Speaker 1: this is something that still is still kind of hanging

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Speaker 1: over the whole industry. We're seeing this at the moment

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Speaker 1: with the SEC's case against Ripple, where it's saying that

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Speaker 1: it's sold x r P is an unregistered security. That

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Speaker 1: case is still not resolved, you know, in it well

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Speaker 1: into its second year now, and yeah we still haven't

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Speaker 1: got not even an end insight really maybe the end

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Speaker 1: of two, but who knows. So late December bitcoin reached

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Speaker 1: just below twenty k, which was an all time high,

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Speaker 1: and then it crashed big time and continued pumping into

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Speaker 1: the new year, into and it hit it's all time

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Speaker 1: high of just over four dollars on the thirteenth of January,

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Speaker 1: and then it did the same thing. And this coincided

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Speaker 1: with regulators in the US and elsewhere deciding, right, this

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Speaker 1: has gone far enough, we're going to crack down on crypto.

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Speaker 1: As you can, I guess you can imagine really, given

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Speaker 1: everything that had been going on, the crazy money being

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Speaker 1: raised by these i c o s, and obviously sadly

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Speaker 1: many i c o s turned out to be scams. Really,

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Speaker 1: so you know, people quickly cotton on that this this

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Speaker 1: thing was so hot, the sector was so hot, all

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Speaker 1: you needed to do was come up with a fancy name,

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Speaker 1: idea pitch, maybe a website, not not always a website

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Speaker 1: like something. Some of them would just like, you know,

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Speaker 1: you'd think, how on earth would anyone fall for this?

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Speaker 1: But people did, because that's what happens when there's a

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Speaker 1: gold rush. Yeah, yeah, people are just scrambling over themselves

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Speaker 1: to invest in, you know, whatever comes their way. So

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Speaker 1: obviously people were lots of people were losing a lot

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Speaker 1: of money, and that is a that is bound to

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Speaker 1: attract the attention of the regulators, and I mean, you know,

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Speaker 1: people like the people like the sec their job is

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Speaker 1: protecting investors, so they kind of had to step in.

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Speaker 1: So um I c O fraudsters started getting arrested when

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Speaker 1: they could actually be found. Plenty kind of disappeared without

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Speaker 1: trace and were never seen again. And in janu the

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Speaker 1: bit Connect ponzi scheme, which had been huge, that imploded

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Speaker 1: in January. Investors lost over two billion dollars. It was,

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Speaker 1: oh god, yeah, I remember it. I remember it pretty well,

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Speaker 1: and it was it was a terrible time because yeah,

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Speaker 1: I mean, this, this the bit Connect thing, had had

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Speaker 1: promised investors these crazy returns. And there's some just bizarre footage.

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Speaker 1: They had a they had a conference, they had a

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Speaker 1: big bit connect event, and they had this guy called

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Speaker 1: Carlos Matos on stage who was just crazy. And this

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Speaker 1: footage if you type in bit connect into YouTube or something,

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Speaker 1: you'll see this guy and it's just him like just

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Speaker 1: going mental on stage and and he eventually kind of

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Speaker 1: ends it by shouting bi wow. You know, you look

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Speaker 1: at it and you think anyone, anyone new to crypto

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Speaker 1: at that precise moment in time, you could forgive them

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Speaker 1: for just walking away to do it again. You're just like,

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Speaker 1: is it worse than that Microsoft dance when there when

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Speaker 1: Bill Gates and co word is it Windows ninety eight

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Speaker 1: or something like that, and they're they're unvaluant on stage

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Speaker 1: and they're all dancing like, Yeah, I think, well, I

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Speaker 1: don't think Windows was necessarily a Ponzi scheme, but yeah, yeah,

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Speaker 1: but which is more cringe E is still debatable? Um. Yeah.

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Speaker 1: So there were also there were also concerns over Tether

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Speaker 1: around this time as well. Tether we've I think we've

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Speaker 1: touched on it before. This is the company which issues USDT,

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Speaker 1: which is the biggest stable coin on the market and

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Speaker 1: still was then it is now, as well as Tether's

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Speaker 1: sister company, the bit fin x Exchange. There were lots

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Speaker 1: of questions. People were kind of looking into what was

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Speaker 1: going on with them with them and the US Commodity

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Speaker 1: Futures Trading Commission, the CFTC was revealed to be investigating

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Speaker 1: both companies. So again not a good look for the

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Speaker 1: industry as a whole, and there are actually ongoing concern

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Speaker 1: and basically that their their concerns around USDT mostly centered

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Speaker 1: on the fact that what assets are actually backing this?

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Speaker 1: Like you're printing all these you're printing all these stable coins.

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Speaker 1: Where's the money? Yeah, like you know, where's the money?

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Speaker 1: Are you operating as a business? Yeah? If if you know, Yeah,

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Speaker 1: it's not backed by gold or actual dollars. Yeah, can

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Speaker 1: we please, can we please have a look at your books?

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Speaker 1: And and yeah even today maybe okay, maybe later maybe not.

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Speaker 1: I think I've lost the books. What's a book? I

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Speaker 1: think I just dropped one of the books into the

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Speaker 1: North Sea. Anyhow, Yes, so even today there are still

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Speaker 1: concerns about what assets are actually backing, are actually backing

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Speaker 1: us d T Yeah, pretty worrying anyway. In short, seen

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Speaker 1: was the party and eighteen was the hangover. That's a

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Speaker 1: great discosion. Thanks, I just just it just came to me.

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Speaker 1: So nine is kind of is often described now as

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Speaker 1: crypto winter. Winter is coming. Yeah, winter came to crypto.

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Speaker 1: Many projects went to the wall. Those that didn't. Their

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Speaker 1: prices took a massive tumble, including bitcoin. Yeah well remember that. Yeah,

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Speaker 1: I mean went down to around eighty dollars when you

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Speaker 1: consider it was fourteen hundred at one point. I mean

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Speaker 1: people would have bought in at fred and yeah, that

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Speaker 1: that that's a that's a heck of a ride down

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Speaker 1: to UM. So yeah, and as you can imagine, sort

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Speaker 1: of interest general interest in crypto, it just dropped off

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Speaker 1: a cliff because other people had lost money or they'd

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Speaker 1: heard about people losing money, and so there wasn't really much,

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Speaker 1: you know, there weren't many new people me into the space.

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Speaker 1: And again I remember that sort of time, and I

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Speaker 1: mean I remember thinking, I remember believing that it would

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Speaker 1: this wasn't the end, but it was kind of hard

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Speaker 1: to It was kind of hard to believe yourself sometimes

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Speaker 1: during that time. It was it was it was difficult

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Speaker 1: because yeah, you you were sort of convincing yourself that yeah,

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Speaker 1: this is this is going to recover, things are going

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Speaker 1: to get better, and then you check the chance and

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Speaker 1: it's fallen another god knows how many percents, like you know.

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Speaker 1: But that said, there was still development going on, but

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Speaker 1: obviously with the sense that the boom was most definitely over.

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Speaker 1: So it was it was a tricky time. But this

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Speaker 1: time also began to see the emergence of so called

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Speaker 1: ethereum killers too. On that note, should we take a break, sure,

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Speaker 1: you know how much I like a Cliffhanger, welcome back.

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Speaker 1: Should we give should we talk about some good news

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Speaker 1: that Ethereum had, Keep more doom and gloom, keep going

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Speaker 1: with the negativity, gives us good news? Okay, So there

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Speaker 1: was some good news for Ethereum in in June Bill Hinman,

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Speaker 1: who was a director at the SEC, he stated that

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Speaker 1: he believed was not a security because it was quote

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Speaker 1: sufficiently decentralized, and he also said the same about Bitcoin

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Speaker 1: about BTC as well. Now this was this is good

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Speaker 1: news because it meant that there weren't necessarily any any

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Speaker 1: barriers to you know, to American investors buying into or bitcoin.

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Speaker 1: So that's an importance. That's an important point to note.

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Speaker 1: Other than that it's Ethereum had a lot of problems

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Speaker 1: facing it, and not least the emergence of rival smart

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Speaker 1: contracts platforms. So these are often referred to as the

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Speaker 1: Ethereum killers because they all aim to basically replace Ethereum

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Speaker 1: or you know, take some of its market share by

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Speaker 1: being faster or more decentralized, or more secure or ideally

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Speaker 1: all three. And they all kind of promised this to

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Speaker 1: a greater or lesser degree. And there are absolutely tons

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Speaker 1: of so called Ethereum killers now and some of them

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Speaker 1: are really big projects, but none has yet come close

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Speaker 1: to toppling Ethereum, And to be honest, I think it's

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Speaker 1: fairly unlikely that any will any time soon. But we'll

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Speaker 1: talk about these. We'll talk about these a bit towards

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Speaker 1: the end of the episode as well. But a few examples,

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Speaker 1: I mean the Tessos which we mentioned when we talked

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Speaker 1: about I c o S. That's one one example of

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Speaker 1: a kind of rival to Ethereum eos. Now Eos held

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Speaker 1: a year long I c oh It ran from June

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Speaker 1: seventeen to June eighteen, and it raised four point two

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Speaker 1: billion dollars. Absolutely insane. The guy Twitter could have could

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Speaker 1: have brought themselves a little just a little slice of

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Speaker 1: Twitter for that. It's extraordinary. The guy, the guy behind

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Speaker 1: it was this chap Dan Larimer, whose name has come

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Speaker 1: up before. He worked with Charles Hoskinson, who was one

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Speaker 1: of the one of the cover Ethereum sort of early

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Speaker 1: CEO before he was booted out at the Game of

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Speaker 1: Thrones night. That they had Um Eos is extraordinary. No

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Speaker 1: one is really able to tell what they did with

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Speaker 1: this four point two billion dollars, not a lot by

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Speaker 1: the sound of it, it's all gone now. Well, Eos

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Speaker 1: is still going, it's still the top one crypto, but

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Speaker 1: not a lot has happened. M Yeah, we'll talk about

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Speaker 1: yours another time. Another example is Cardaro, which was Charles

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Speaker 1: Hoskinson's project. Tron is another one the newer ones now Solana,

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Speaker 1: which is currently the fastest or one of the fastest

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Speaker 1: out there. An Avalanche, which emin gun Sarah who we

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Speaker 1: talked about before he started Phantoms another one. There are

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Speaker 1: There are absolutely loads um and of course there's Gavin Woods.

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Speaker 1: Polka Dot that's another competitor. Polka Dot is structured like

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Speaker 1: is seen as an Ethereum competitor. It's structured in a

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Speaker 1: slightly different way from some of these other smart contract

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Speaker 1: change Ethereum included. It's actually structured more in the way

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Speaker 1: that Ethereum will eventually become. Okay, and this with the

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Speaker 1: update to etherem yeah exactly, which we'll talk about shortly.

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Speaker 1: One of kind of not called two point oh were you?

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Speaker 1: Oh yeah, yeah it is, but we're not allowed to

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Speaker 1: call it two point yeah. It gets complicated. No one

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Speaker 1: said this crypto business was Sorry, I keep the readingness.

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Speaker 1: One of Gavin's kind of one of Gavin's reasons for,

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Speaker 1: you know, for moving on from Ethereum, even though he

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Speaker 1: was kind of moved on, he designed and built Polka

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Speaker 1: Dot to to become to fulfill the promises Ethereum could not.

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Speaker 1: I think that's his statement. Yeah, something along those lines. Anyhow, Now, Ethereum.

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Speaker 1: One of the reasons that all these other smart contract platforms,

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Speaker 1: all these Ethereum killers in inverted commas, sprang up, was

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Speaker 1: because Ethereum itself was pretty slow. It can well, it's

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Speaker 1: still can only process around fifteen one five transactions per second, which,

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Speaker 1: as we've seen, is not very many. And remember that

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Speaker 1: Ethereum uses a proof of work blockchain like bitcoins. Newer

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Speaker 1: smart contract blockchains made use of another consensus method, which

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Speaker 1: is known as proof of steak. Yeah. We we have

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Speaker 1: talked about the state before. I want to go over

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Speaker 1: it a little bit in in a moment or so

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Speaker 1: because it's really relevant to to the next stage of

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Speaker 1: ethereum Um. Now, most these are the smart contract blockchains

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Speaker 1: have now become more commonly known as layer ones, okay,

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Speaker 1: because they're you know, they're the layer that you build

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Speaker 1: everything else on top. And these have much greater what

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Speaker 1: we call tp escorts transactions per second. They can they

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Speaker 1: can process a lot more transactions per second, but few

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Speaker 1: of them, really, if any, are as decentralized as ethereum.

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Speaker 1: And sometimes when you dig into when you dig into

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Speaker 1: the nuts and bolts of one of these projects, you

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Speaker 1: find out that although they claim to be very decentralized,

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Speaker 1: there's only you know, sometimes just not even you know,

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Speaker 1: maybe maybe a couple of hundred validators, which are kind

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Speaker 1: of the same as equivalent to minors. Sometimes there are

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Speaker 1: only you know, maybe a hundred and fifty or two

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Speaker 1: hundred odd validators on the network, and you think, okay,

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Speaker 1: that's that's more decentralized than you know, than one. But

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Speaker 1: that's not it's not impenetrable, you know, like it's it's

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Speaker 1: you can pressure that you can change a hundred and

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Speaker 1: fifty people's mind by Yeah, when you consider, when you

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Speaker 1: consider there are thousands, tens of thousands of both nodes

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Speaker 1: and miners combined on the on the Bitcoin network and

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Speaker 1: ethereum as well, there lots of people running Ethereum nodes,

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Speaker 1: thousands and thousands, and also plenty of ethereum miners too.

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Speaker 1: For the time being, at least you know that is

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Speaker 1: that is true, truly true decentralization, having you know a

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Speaker 1: couple of hundred is, it ain't the same, It ain't decentralized.

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Speaker 1: So um, the realization was pretty clear that Ethereum was

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Speaker 1: not fast enough and it hadn't been able to scale

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Speaker 1: up basically to cope with all the activity that was

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Speaker 1: taking place on the network. And as I think we've

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Speaker 1: said before, it became a victim of its own success.

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Speaker 1: So Vitalik, being the massively intelligent chapter that he was,

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Speaker 1: had kind of realized this for a while and by

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Speaker 1: eighteen had already begun working working on fixing it. So

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Speaker 1: he wasn't he wasn't resting on his laurels. And so

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Speaker 1: this is where the this is where Ethereum two point comes.

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Speaker 1: I'm sorry, we're gonna quite I'm gonna refer to it

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Speaker 1: as Ethereum two point out for now and then and

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Speaker 1: then I will and then I will reveal why we

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Speaker 1: can't recopate a THEORYM two point This is a command

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Speaker 1: from from on high. So in a nutshell, as we

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Speaker 1: record this and in in mid Ethereum is in the

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Speaker 1: midst of transitioning from its current proof of work blockchain

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Speaker 1: to become a proof of steak blockchain. Okay, so I

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Speaker 1: think firstly we need a quick recap of what proof

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Speaker 1: of steak is for anyone who missed that episode or

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Speaker 1: just potentially who may have forgotten and potentially who I

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Speaker 1: saw the information go in one ear and just dribble

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Speaker 1: out the other. Okay, So, as we know, a proof

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Speaker 1: of work blockchain has minors and they expend energy in

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Speaker 1: the form of computing power in order to win the

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Speaker 1: chance to create a block and add it to the blockchain.

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Speaker 1: And of course the winning minor in that situation gets

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Speaker 1: the block reward as remuneration for their efforts. And I

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Speaker 1: should point out as well that proof of work miners

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Speaker 1: they also get paid transaction fees as well. That's an

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Speaker 1: added incentive for for doing the work that they do.

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Speaker 1: But the block reward is is kind of the big

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Speaker 1: headline grabber. Now we've looked at this in detail before,

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Speaker 1: but suffice to say that a proof of work chain

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Speaker 1: is very secure because you would need to expend an

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Speaker 1: insane amount of energy to try and corrupt it, certainly

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Speaker 1: in Bitcoin's case, and probably that that energy would probably

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Speaker 1: cost more than you'd actually gain financially from from corrupting

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Speaker 1: the network, assuming that the network didn't. You know, the

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Speaker 1: bitcoin itself didn't go to zero because everyone realized that

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Speaker 1: it had been corrupted. But anyway, so Bitcoin's blockchain is

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Speaker 1: also super decentralized because there are so many miners on

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Speaker 1: the network, and because there are so many nodes as

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Speaker 1: well who aren't miners, but do you know they do

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Speaker 1: run the Bitcoin software, so they are participating on the network. Now.

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Speaker 1: There are disadvantages though, because obviously proof of work blockchain

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Speaker 1: is extremely expensive. It choose up a lot of energy

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Speaker 1: and it is now very expensive to become a bitcoin

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Speaker 1: in minor because your electricity bill is insane and you

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Speaker 1: need lots of expensive equipment to do it. Proof of

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Speaker 1: work because of this energy use. Because of the way

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Speaker 1: it's build, it's also kind of heavy and slow. It

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Speaker 1: can't process many transactions per second bitcoin, yeah, it is

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Speaker 1: only it's about seven or eight transactions per second, which

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Speaker 1: is nothing really. Proof of steak, however, works differently. On

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Speaker 1: a proof of steake chain. Minors are instead known as

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Speaker 1: validators as I said earlier, and instead of expending computing

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Speaker 1: power to try and get chosen to add the next

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Speaker 1: block to the chain validators. Yeah, they stake the block

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Speaker 1: chain's native coin. They put their money down, um. And again. Remember,

429
00:25:41,960 --> 00:25:43,800
Speaker 1: I think the best way to think of this is

430
00:25:43,840 --> 00:25:47,840
Speaker 1: through the lottery analogy. So with proof of work, the

431
00:25:47,880 --> 00:25:51,680
Speaker 1: more energy you expend, the more lottery tickets you get,

432
00:25:51,880 --> 00:25:54,800
Speaker 1: the more chances you have to win. Proof of steak

433
00:25:54,880 --> 00:25:58,119
Speaker 1: works similarly in its case, the more the validators stake,

434
00:25:58,520 --> 00:26:00,520
Speaker 1: the higher their chances of getting is. And it's like,

435
00:26:00,560 --> 00:26:02,960
Speaker 1: you know, let's putting more money down to buy more

436
00:26:03,000 --> 00:26:06,920
Speaker 1: lottery tickets. Again, So proof of stake therefore doesn't need

437
00:26:07,080 --> 00:26:10,560
Speaker 1: lots of computers running you know, hashing all the time.

438
00:26:10,720 --> 00:26:14,240
Speaker 1: The winner of the lottery is instead chosen at random.

439
00:26:14,280 --> 00:26:18,040
Speaker 1: And this means, as you can probably guess, this drastically

440
00:26:18,080 --> 00:26:19,960
Speaker 1: lowers the amount of energy that a proof of steak

441
00:26:20,040 --> 00:26:25,359
Speaker 1: chain consumes. I mean it's less. It's a negligible amount

442
00:26:25,359 --> 00:26:27,520
Speaker 1: of energy really in the grand scheme of things to

443
00:26:27,720 --> 00:26:31,720
Speaker 1: run a proof of steak blockchain. But people with more

444
00:26:32,119 --> 00:26:36,439
Speaker 1: mula or more yeah, yeah, and this whatever, Yeah, this

445
00:26:36,520 --> 00:26:39,120
Speaker 1: is this is the big This is the more frequently

446
00:26:39,200 --> 00:26:41,080
Speaker 1: yeah exactly, this is that this is the problem that

447
00:26:42,359 --> 00:26:45,400
Speaker 1: you know, proof of proof of work lovers bitcoiners will

448
00:26:45,520 --> 00:26:47,800
Speaker 1: will raise about proof of steak and it's a very

449
00:26:47,880 --> 00:26:52,919
Speaker 1: valid point. You know, Okay, what happens if someone it

450
00:26:53,000 --> 00:26:56,159
Speaker 1: gives a lot of power to to those to the

451
00:26:56,160 --> 00:27:01,800
Speaker 1: whales proof of steake. It is much faster, higher, higher tps, score,

452
00:27:01,840 --> 00:27:05,000
Speaker 1: more transactions per second because it's not relying on all

453
00:27:05,080 --> 00:27:08,040
Speaker 1: this heavy computing power to be done. And it has

454
00:27:08,160 --> 00:27:11,000
Speaker 1: as a result, become by far the most popular blockchain

455
00:27:11,040 --> 00:27:14,120
Speaker 1: consensus model. And this is especially in terms of going

456
00:27:14,160 --> 00:27:17,200
Speaker 1: back to this energy usage. Again, this is especially as

457
00:27:17,760 --> 00:27:21,080
Speaker 1: e s G environmental, social, and governance concerns have come

458
00:27:21,160 --> 00:27:26,440
Speaker 1: to shape investor behavior, especially big investors um and nowadays,

459
00:27:26,480 --> 00:27:28,919
Speaker 1: if you're a big institution wanting to invest, you have

460
00:27:29,119 --> 00:27:32,680
Speaker 1: to have an eye on e s G. And obviously

461
00:27:32,760 --> 00:27:35,040
Speaker 1: a lot of people say, well, because bitcoin uses so

462
00:27:35,119 --> 00:27:38,439
Speaker 1: much electricity, it's therefore bad for the planet, and that

463
00:27:38,560 --> 00:27:41,040
Speaker 1: ignores the fact that a lot of that electricity comes

464
00:27:41,040 --> 00:27:44,680
Speaker 1: from renewable sources. It ignores the fact that bitcoin mining

465
00:27:44,720 --> 00:27:47,679
Speaker 1: has become a lot more energy efficient. But I'm not

466
00:27:47,680 --> 00:27:49,560
Speaker 1: going to fall down that rabbit hole because I've I

467
00:27:49,560 --> 00:27:52,880
Speaker 1: think I've spoken about this before. Now, as you say, Mike,

468
00:27:53,400 --> 00:27:56,359
Speaker 1: the concerns are the proof of sake is not as

469
00:27:56,400 --> 00:27:59,080
Speaker 1: decentralized or as secure as proof of work because that

470
00:27:59,200 --> 00:28:02,080
Speaker 1: the higher state, higher chance model means that those who

471
00:28:02,119 --> 00:28:04,960
Speaker 1: are able to stake more are basically able to get

472
00:28:04,960 --> 00:28:08,240
Speaker 1: selected to validator block and claim the reward more so,

473
00:28:08,840 --> 00:28:13,400
Speaker 1: and for instance, in order to become a validator on Ethereum,

474
00:28:13,440 --> 00:28:16,840
Speaker 1: you need to stake thirty two I mean that is

475
00:28:17,400 --> 00:28:20,879
Speaker 1: hundreds of thousands of dollars, which is not you know,

476
00:28:21,000 --> 00:28:25,000
Speaker 1: not money that most people have. On some other proof

477
00:28:25,000 --> 00:28:27,760
Speaker 1: of state chains, the barrier to entry is even higher.

478
00:28:27,880 --> 00:28:32,359
Speaker 1: You know that the minimum stake to become a validator

479
00:28:32,480 --> 00:28:35,240
Speaker 1: can be hundreds of thousands of dollars worth of the

480
00:28:35,240 --> 00:28:38,680
Speaker 1: particular coin. And also in some cases you need you

481
00:28:38,720 --> 00:28:41,080
Speaker 1: need pretty up to date hardware as well, you need

482
00:28:41,080 --> 00:28:46,760
Speaker 1: pretty expensive hardware. So again this raises the concerns around centralization.

483
00:28:46,800 --> 00:28:49,720
Speaker 1: How can you call something decentralized if only a handlet

484
00:28:49,720 --> 00:28:53,840
Speaker 1: a few or people who can afford it. Yeah, and

485
00:28:53,920 --> 00:28:57,280
Speaker 1: of course steaking can be very profitable because you get

486
00:28:57,280 --> 00:28:59,960
Speaker 1: a cut of you got you you stand a chart

487
00:29:00,080 --> 00:29:03,240
Speaker 1: to win these block rewards, and you also get network

488
00:29:03,320 --> 00:29:07,440
Speaker 1: fees as well. Now, there are ways that the you know,

489
00:29:07,480 --> 00:29:09,880
Speaker 1: the man or woman in the street can participate in

490
00:29:09,920 --> 00:29:12,280
Speaker 1: a proof of staate blockchain. You can you can actually

491
00:29:12,960 --> 00:29:16,360
Speaker 1: you can actually delegate, so you can, or you can

492
00:29:16,520 --> 00:29:18,640
Speaker 1: you can put money into a staking pool, which means

493
00:29:18,640 --> 00:29:22,000
Speaker 1: you basically lend your money, lend your eath for instance,

494
00:29:22,000 --> 00:29:25,440
Speaker 1: to someone else, and they will in order that they

495
00:29:25,480 --> 00:29:28,960
Speaker 1: can run a validator themselves. So let's say there's a

496
00:29:28,960 --> 00:29:31,840
Speaker 1: group of us. None of us have thirty two thirty

497
00:29:31,880 --> 00:29:34,200
Speaker 1: two required to become a validator, but if we pulled

498
00:29:34,200 --> 00:29:37,120
Speaker 1: all that together, then we'd have enough to run a

499
00:29:37,200 --> 00:29:41,040
Speaker 1: validator node. And then we could obviously split up any

500
00:29:41,120 --> 00:29:43,040
Speaker 1: any money that we earned from that, a bit like

501
00:29:43,680 --> 00:29:46,040
Speaker 1: a bit like a lottery syndicate. I guess, you know,

502
00:29:46,120 --> 00:29:48,520
Speaker 1: everyone clubs together, they buy loads of tickets and they

503
00:29:48,560 --> 00:29:53,640
Speaker 1: split any winnings, and so it is possible for you know,

504
00:29:53,720 --> 00:29:57,160
Speaker 1: for for non whales to stake as well. But there

505
00:29:57,160 --> 00:29:59,280
Speaker 1: are still a lot of a lot of concerns around

506
00:29:59,320 --> 00:30:02,960
Speaker 1: centralization with proof of steak, and but as I said,

507
00:30:03,200 --> 00:30:07,040
Speaker 1: that hasn't stopped it becoming much, really really popular for

508
00:30:07,080 --> 00:30:10,080
Speaker 1: a whole load of reasons, not least environmental concerns, but

509
00:30:10,200 --> 00:30:14,800
Speaker 1: also speed as well. And it was these concerns around

510
00:30:14,880 --> 00:30:18,840
Speaker 1: speed and scalability. That got Vitalk interested in proof of steak,

511
00:30:19,160 --> 00:30:24,280
Speaker 1: and since kind of eighteen he's been working to move

512
00:30:24,400 --> 00:30:28,040
Speaker 1: Ethereum onto a proof of state model. Now, as you

513
00:30:28,080 --> 00:30:31,120
Speaker 1: can imagine, for a project that has gotten as big

514
00:30:31,160 --> 00:30:35,720
Speaker 1: as ethereum, with so much going on, that is not easy.

515
00:30:36,240 --> 00:30:39,800
Speaker 1: And this is why the switch over to proof of

516
00:30:39,840 --> 00:30:42,640
Speaker 1: steak has been going on for I mean for years now.

517
00:30:42,680 --> 00:30:46,320
Speaker 1: They've been working on this, as I say, since eighteen,

518
00:30:46,400 --> 00:30:49,840
Speaker 1: So what's that over four years now? But it's a

519
00:30:49,920 --> 00:30:52,840
Speaker 1: necessary one though Ethereum is so dominant, so many projects

520
00:30:52,840 --> 00:30:54,760
Speaker 1: are building on it that it needs to be able

521
00:30:54,800 --> 00:30:56,800
Speaker 1: to scale. It can't go on the way it is,

522
00:30:57,200 --> 00:31:00,360
Speaker 1: and this slowness has made it unusable at time, and

523
00:31:00,440 --> 00:31:03,160
Speaker 1: the fees get too high. Yeah, yeah, And that's exactly

524
00:31:03,160 --> 00:31:06,600
Speaker 1: what I wanted to mention at this point, actually gas fees,

525
00:31:06,920 --> 00:31:10,000
Speaker 1: because if you'll remember, in order to in order to

526
00:31:10,200 --> 00:31:13,080
Speaker 1: use to in order to transact on the Ethereum network,

527
00:31:13,160 --> 00:31:15,960
Speaker 1: let's say I want to send some to you, I

528
00:31:16,080 --> 00:31:19,720
Speaker 1: have to pay a fee for the miners on the

529
00:31:19,800 --> 00:31:22,680
Speaker 1: network to to process that transaction. That's that's kind of

530
00:31:22,720 --> 00:31:25,760
Speaker 1: a reward for their computing power, and that's part of

531
00:31:25,760 --> 00:31:28,400
Speaker 1: the reason that they're part of the way that miners

532
00:31:28,520 --> 00:31:31,320
Speaker 1: on a proof of network network, that's part of how

533
00:31:31,320 --> 00:31:35,000
Speaker 1: they earn their crust, if you like. Now, the problem

534
00:31:35,160 --> 00:31:39,240
Speaker 1: is that when there are so many people trying to transact,

535
00:31:39,240 --> 00:31:42,360
Speaker 1: when there are so many transactions queuing up to get

536
00:31:42,560 --> 00:31:45,480
Speaker 1: kittens loads, yeah, when so many people are trying to

537
00:31:45,800 --> 00:31:49,320
Speaker 1: trying to buy and sell and breed digital cats, there's

538
00:31:49,360 --> 00:31:54,000
Speaker 1: this huge backlog of transactions waiting to go through. And

539
00:31:54,200 --> 00:31:57,280
Speaker 1: what happens is that some people are who are willing

540
00:31:57,320 --> 00:31:59,960
Speaker 1: to pay more, willing to pay more gas to the

541
00:32:00,080 --> 00:32:05,920
Speaker 1: minors to have their transaction prioritized surge charge, yeah yeah,

542
00:32:06,000 --> 00:32:08,800
Speaker 1: And what this means is that the gas price gets

543
00:32:08,880 --> 00:32:13,640
Speaker 1: progressively bid up and so in order to in order

544
00:32:13,680 --> 00:32:17,280
Speaker 1: to get your transaction processed that you at times have

545
00:32:17,400 --> 00:32:22,160
Speaker 1: to pay an absolutely exorbitant fee, and gas prices on

546
00:32:22,360 --> 00:32:26,200
Speaker 1: ethereum have become insane. Not all the time, it is

547
00:32:26,240 --> 00:32:32,720
Speaker 1: still possible to transact relatively cheaply on ethereum, but at

548
00:32:32,800 --> 00:32:37,040
Speaker 1: times of high demands forget it. And a recent example,

549
00:32:37,320 --> 00:32:38,800
Speaker 1: let's go back to n f t S again. You

550
00:32:38,800 --> 00:32:42,760
Speaker 1: mentioned the board a yacht club, so recently the Board

551
00:32:42,760 --> 00:32:47,120
Speaker 1: eight Yacht Club Start held a sale of virtual land

552
00:32:47,280 --> 00:32:50,440
Speaker 1: for its for its metaverse project, which is called other Side,

553
00:32:51,400 --> 00:32:55,400
Speaker 1: and demand for these virtual land n f t s,

554
00:32:55,480 --> 00:32:58,360
Speaker 1: which is how the virtual land was sold, was just insane.

555
00:32:58,400 --> 00:33:00,760
Speaker 1: And I thought there was actually a there was actually

556
00:33:00,920 --> 00:33:03,360
Speaker 1: an article here in the Guardian, you know, in the

557
00:33:03,400 --> 00:33:07,880
Speaker 1: mainstream press, that reported that one user had bought two

558
00:33:08,160 --> 00:33:11,520
Speaker 1: n f t s for a total of nine thousand pounds.

559
00:33:12,120 --> 00:33:16,479
Speaker 1: I mean, that's what's that eleven tho dollars or something. Uh,

560
00:33:17,160 --> 00:33:18,840
Speaker 1: that's what the n f t s had cost them.

561
00:33:18,920 --> 00:33:23,080
Speaker 1: The gas in order to execute these transactions was eleven

562
00:33:23,120 --> 00:33:28,840
Speaker 1: thousand pounds. Wow. Yeah, yeah, I think that. I think that.

563
00:33:29,040 --> 00:33:32,240
Speaker 1: I think that silence says it all. It's insane. And

564
00:33:32,520 --> 00:33:35,080
Speaker 1: but I mean at a time like this, when you

565
00:33:35,160 --> 00:33:38,160
Speaker 1: might say, well, why on earth would anyone would anyone

566
00:33:38,240 --> 00:33:40,760
Speaker 1: do this? Well, at a time like this, there's a

567
00:33:40,800 --> 00:33:43,040
Speaker 1: limited number of these n f t s being sold,

568
00:33:44,120 --> 00:33:47,080
Speaker 1: there's a lot of demand for them, and some people,

569
00:33:47,280 --> 00:33:49,840
Speaker 1: most people would look at that and go forget it.

570
00:33:50,000 --> 00:33:51,920
Speaker 1: You know, I don't want it that badly, But other

571
00:33:51,960 --> 00:33:53,640
Speaker 1: people would be like, yeah, I want one of these

572
00:33:53,760 --> 00:33:56,600
Speaker 1: n f t s. I think you know, you see

573
00:33:56,600 --> 00:34:00,680
Speaker 1: these Supreme shop drops and there is a you know,

574
00:34:01,000 --> 00:34:03,320
Speaker 1: a far exting or show with Supreme written on it

575
00:34:04,360 --> 00:34:09,000
Speaker 1: and it's like five thousand pounds and you're like what Yeah,

576
00:34:09,360 --> 00:34:15,239
Speaker 1: but someone buys it and it's instantly worthy parts. Yeah.

577
00:34:15,480 --> 00:34:18,959
Speaker 1: The second it was a second market or whatever it's called,

578
00:34:19,239 --> 00:34:21,600
Speaker 1: is just crazy for these things, and there's people out

579
00:34:21,600 --> 00:34:23,840
Speaker 1: there willing to pay it. It's kind of like, I

580
00:34:23,840 --> 00:34:27,680
Speaker 1: suppose in the same way that you know, yeah, I've

581
00:34:27,680 --> 00:34:30,959
Speaker 1: got the actual mona Lisa, or I've got a print. Yeah,

582
00:34:31,000 --> 00:34:33,960
Speaker 1: what's yeah, one is one is going to be. It's mental,

583
00:34:34,040 --> 00:34:37,400
Speaker 1: but you know we've created this mentality. Yeah, I mean

584
00:34:37,440 --> 00:34:40,640
Speaker 1: it's human behavior, isn't It's when there's a when there's

585
00:34:40,640 --> 00:34:44,080
Speaker 1: a frenzy, when there's a feeding frenzy, people are willing

586
00:34:44,080 --> 00:34:47,160
Speaker 1: to pay these insane gas costs. These gas costs get

587
00:34:47,200 --> 00:34:52,279
Speaker 1: bit up to yeah, just eyewatering degree and um yeah,

588
00:34:52,280 --> 00:34:54,120
Speaker 1: so this is this is like, this is a bad

589
00:34:54,160 --> 00:34:56,279
Speaker 1: look for the theory, and no one really wants this

590
00:34:56,360 --> 00:34:58,879
Speaker 1: situation to continue. And the story of the last few

591
00:34:58,960 --> 00:35:02,399
Speaker 1: years apart from the miners. Apart from the miners, Yeah,

592
00:35:02,440 --> 00:35:05,960
Speaker 1: we're doing doing pretty well out of it. Um, but yeah,

593
00:35:06,000 --> 00:35:08,320
Speaker 1: so the last few years ethereum has been largely about

594
00:35:08,520 --> 00:35:11,560
Speaker 1: moving over to proof of stake and ethereum two point oh,

595
00:35:11,560 --> 00:35:13,600
Speaker 1: which we're not allowed to call it. Now. The way

596
00:35:13,640 --> 00:35:18,320
Speaker 1: that ethereum is is eventually going to solve this problem.

597
00:35:18,360 --> 00:35:21,240
Speaker 1: If you like, you should call it re ethereum theory.

598
00:35:21,320 --> 00:35:24,480
Speaker 1: I like it vitalic. If you're listening there you are, Yeah, okay,

599
00:35:24,680 --> 00:35:28,520
Speaker 1: I'm sure he's scribbling frantically on a pad um. There's

600
00:35:28,640 --> 00:35:32,000
Speaker 1: Ethereum to two point oh is going to employ a

601
00:35:32,040 --> 00:35:35,880
Speaker 1: technique which is known as scharding. Okay, now this is

602
00:35:35,920 --> 00:35:39,759
Speaker 1: actually this, this is something that existed before blockchain, but

603
00:35:39,840 --> 00:35:43,200
Speaker 1: it's a burning of No, this isn't burning. This is

604
00:35:43,239 --> 00:35:46,840
Speaker 1: slightly different. So this basically we'll see a group in

605
00:35:46,880 --> 00:35:51,560
Speaker 1: Ethereum's case of sixty four additional blockchains, known as chard chains,

606
00:35:52,239 --> 00:35:56,960
Speaker 1: run in parallel to the main Ethereum chain. Okay, so

607
00:35:57,000 --> 00:35:59,640
Speaker 1: it's basically like imagine, you know, you've got your blockchain,

608
00:35:59,680 --> 00:36:02,239
Speaker 1: which is very slow because it's very congested, So it's

609
00:36:02,239 --> 00:36:05,600
Speaker 1: basically kind of siphoning off all this activity onto these

610
00:36:05,640 --> 00:36:08,439
Speaker 1: separate chains. It's like, I guess if you're if you're

611
00:36:08,440 --> 00:36:11,640
Speaker 1: building a road, you know, a one layer a one

612
00:36:11,760 --> 00:36:14,239
Speaker 1: lane road and it gets congested, you just build more

613
00:36:14,320 --> 00:36:17,279
Speaker 1: lanes so as more cars can travel down it. That's

614
00:36:17,280 --> 00:36:22,279
Speaker 1: basically what sharding is adding extra block chains. Now, this

615
00:36:22,480 --> 00:36:26,320
Speaker 1: the main Ethereum chain which has which the main Ethereum

616
00:36:26,360 --> 00:36:28,040
Speaker 1: proof of state chain which has been launched is going

617
00:36:28,080 --> 00:36:30,200
Speaker 1: to be, is the Beacon chain. So this is going

618
00:36:30,239 --> 00:36:32,200
Speaker 1: to be where this is going to be, if you like,

619
00:36:32,280 --> 00:36:35,919
Speaker 1: at the heart of Ethereum. But these shard chains will

620
00:36:35,960 --> 00:36:38,080
Speaker 1: take a lot of the pressure off of the Beacon chain,

621
00:36:38,360 --> 00:36:41,399
Speaker 1: but they will occasionally submit an updated report of their

622
00:36:41,440 --> 00:36:44,080
Speaker 1: status to the Beacon chain, so as the whole network

623
00:36:44,080 --> 00:36:48,240
Speaker 1: can be updated. Now, the Beacon chain itself has actually

624
00:36:48,440 --> 00:36:51,640
Speaker 1: it actually shipped on the first of December and this

625
00:36:51,800 --> 00:36:54,840
Speaker 1: introduced proof of stake to Ethereum and mark the first

626
00:36:54,880 --> 00:36:58,480
Speaker 1: stage of the transition. So this this transition is very

627
00:36:58,560 --> 00:37:01,759
Speaker 1: much underway. The next day is the merge, and this

628
00:37:01,920 --> 00:37:06,399
Speaker 1: is where the current Ethereum main net will merge with

629
00:37:06,600 --> 00:37:10,400
Speaker 1: the Beacon chain. An Ethereum at that point will cease

630
00:37:10,560 --> 00:37:15,359
Speaker 1: altogether to be a proof of work network. Okay, so

631
00:37:15,520 --> 00:37:18,480
Speaker 1: the merge is the next big thing on the horizon

632
00:37:18,520 --> 00:37:20,960
Speaker 1: as we speak. Now. It was originally scheduled. Well, no,

633
00:37:21,320 --> 00:37:23,040
Speaker 1: it's been kind of put back a lot. It was

634
00:37:23,080 --> 00:37:27,879
Speaker 1: scheduled for early two, but has since been pushed back

635
00:37:27,920 --> 00:37:32,040
Speaker 1: to Q three or Q four now, so kind of

636
00:37:32,040 --> 00:37:35,080
Speaker 1: towards in the second half of the year. And this

637
00:37:35,120 --> 00:37:37,080
Speaker 1: has become a bit of a running joke in the

638
00:37:37,120 --> 00:37:40,520
Speaker 1: crypto community about how long the switch to you know,

639
00:37:41,000 --> 00:37:45,480
Speaker 1: the merge is taking um and the final stage, the introduction,

640
00:37:45,560 --> 00:37:48,120
Speaker 1: the actual introduction of shard chains, that is scheduled for

641
00:37:48,920 --> 00:37:53,480
Speaker 1: three assuming the merge happens this year, and that should

642
00:37:53,520 --> 00:37:58,040
Speaker 1: mark the end of ethereums transition, but we are still

643
00:37:58,080 --> 00:38:03,399
Speaker 1: waiting now. I about those holding the original Etherem, Well, well,

644
00:38:03,440 --> 00:38:05,000
Speaker 1: there isn't going to be. I mean, that's that's a

645
00:38:05,000 --> 00:38:08,520
Speaker 1: good point one from where there was that breach. Oh

646
00:38:08,680 --> 00:38:13,040
Speaker 1: Ethereum classic, Yeah, no one, Not many people are talking

647
00:38:13,080 --> 00:38:16,160
Speaker 1: about Ethereum classic. Yeah, it's going to be. Yeah, I

648
00:38:16,200 --> 00:38:22,640
Speaker 1: don't think Ethereum classic BlackBerry Yeah, why you still got

649
00:38:22,680 --> 00:38:26,040
Speaker 1: youth classic? Good? Yeah? Um. Now this is from the

650
00:38:26,040 --> 00:38:29,239
Speaker 1: Ethereum website. I was trying to find a way to

651
00:38:29,280 --> 00:38:31,640
Speaker 1: express why we can't say Ethereum to bind out anymore.

652
00:38:31,640 --> 00:38:33,520
Speaker 1: So I'll just I'll just say what the website says.

653
00:38:33,560 --> 00:38:38,759
Speaker 1: So quote, after merging one and two into a single chain,

654
00:38:38,880 --> 00:38:42,080
Speaker 1: there will no longer be two distinct Ethereum networks. There

655
00:38:42,080 --> 00:38:45,880
Speaker 1: will be only there will only be one Ethereum. So

656
00:38:45,960 --> 00:38:50,160
Speaker 1: to limit confusion, the community has updated these terms. One

657
00:38:50,640 --> 00:38:54,799
Speaker 1: is now the execution layer. Two is now the consensus

658
00:38:54,840 --> 00:38:59,799
Speaker 1: layer Consensus, which handles proof of steak. Consensus. Okay. And

659
00:39:00,080 --> 00:39:02,640
Speaker 1: there were additional There were a few kind of additional

660
00:39:03,320 --> 00:39:06,920
Speaker 1: points around why we couldn't say it to one one

661
00:39:06,960 --> 00:39:09,520
Speaker 1: of it. One of it pertained to scammers because a

662
00:39:09,520 --> 00:39:11,279
Speaker 1: lot of scammers were sort of getting in touch with

663
00:39:11,320 --> 00:39:13,799
Speaker 1: people saying, hey, you know Ethereum is transitioning, Well, you

664
00:39:13,800 --> 00:39:17,640
Speaker 1: can swap your eight one for two here. Just send

665
00:39:17,680 --> 00:39:23,200
Speaker 1: it to this address and by by money, not if

666
00:39:23,239 --> 00:39:28,760
Speaker 1: you're not if you've been scammed. So were you yawning there? Okay,

667
00:39:28,920 --> 00:39:32,480
Speaker 1: that's good to know. So. Ethereum has undergone several network

668
00:39:32,560 --> 00:39:35,040
Speaker 1: upgrades in order to pave the way for proof of steak.

669
00:39:35,520 --> 00:39:38,160
Speaker 1: The most important one recently was the London upgrade that

670
00:39:38,239 --> 00:39:43,080
Speaker 1: was back in August. One. London Upgrade implemented a number

671
00:39:43,120 --> 00:39:46,879
Speaker 1: of Ethereum improvement proposals or e I p s um

672
00:39:47,280 --> 00:39:50,520
Speaker 1: the I P. Yeah, that's pretty for self expansion and

673
00:39:50,560 --> 00:39:52,800
Speaker 1: the Ethereum improvement proposal, it's like I have an idea

674
00:39:53,400 --> 00:39:56,200
Speaker 1: how to improve Ethereum. The most significant of these in

675
00:39:56,239 --> 00:39:58,799
Speaker 1: the London upgrade was e I P fift nine and

676
00:39:58,840 --> 00:40:02,359
Speaker 1: this made changes to Ethereum's gas fee structure. And one

677
00:40:02,360 --> 00:40:04,920
Speaker 1: of the most important aspects of this change was that

678
00:40:04,960 --> 00:40:07,240
Speaker 1: a portion of gas fees what would from that point

679
00:40:07,239 --> 00:40:11,160
Speaker 1: on be burned burned, yeah, and removed from circulation altogether.

680
00:40:11,800 --> 00:40:16,360
Speaker 1: And there's no total numbers, that's right. Yeah. Ethereum doesn't

681
00:40:16,920 --> 00:40:20,960
Speaker 1: doesn't have a fixed supply like unlike bitcoin. Bitcoin obviously

682
00:40:21,000 --> 00:40:23,880
Speaker 1: twenty one million BTC will be mined and that's it.

683
00:40:24,320 --> 00:40:27,600
Speaker 1: Ethereum has no fixed supply. And this had a lot

684
00:40:27,640 --> 00:40:30,680
Speaker 1: of people concerned, Well, you know, how is an asset

685
00:40:30,840 --> 00:40:34,759
Speaker 1: that its supply is constantly increasing? How is that? Yeah?

686
00:40:34,760 --> 00:40:38,000
Speaker 1: How is that going to hold its value? And I mean,

687
00:40:38,280 --> 00:40:41,120
Speaker 1: you know, ethereum is eth is so useful for using

688
00:40:41,160 --> 00:40:43,400
Speaker 1: the Ethereum network that you know it's always going to

689
00:40:43,440 --> 00:40:47,279
Speaker 1: have I think the demand even if there is a

690
00:40:47,360 --> 00:40:49,719
Speaker 1: large supply, but the fact that so so much of

691
00:40:49,719 --> 00:40:51,719
Speaker 1: it is now being burned, so many of these gas

692
00:40:51,800 --> 00:40:55,279
Speaker 1: fees are being burned. Has raised the possibility that with

693
00:40:55,520 --> 00:41:00,879
Speaker 1: enough network activity could become deflationary. Okay, so and that

694
00:41:00,960 --> 00:41:05,000
Speaker 1: has that has you know, pretty serious implications, potential implications

695
00:41:05,080 --> 00:41:07,839
Speaker 1: for the price of as well. You know a lot

696
00:41:07,880 --> 00:41:10,640
Speaker 1: of people saying, well, you know, this asset becomes deflationary

697
00:41:10,800 --> 00:41:15,200
Speaker 1: and demand stays the if if supply decreases and demand

698
00:41:15,360 --> 00:41:21,120
Speaker 1: remains the same propos proposition to go, Okay, cool, we'll

699
00:41:21,160 --> 00:41:24,880
Speaker 1: burn less. I suppose they could, but I don't think

700
00:41:24,880 --> 00:41:26,960
Speaker 1: if it's burning too much. Yeah, I mean, you know,

701
00:41:27,080 --> 00:41:30,640
Speaker 1: you could argue that they wanted to become deflation It

702
00:41:30,680 --> 00:41:33,520
Speaker 1: makes it more makes it more valuable. Um, there is

703
00:41:33,520 --> 00:41:36,880
Speaker 1: always going to be new EA being created, but that

704
00:41:37,040 --> 00:41:42,840
Speaker 1: ratio and yeah, there's as we speak, there is a

705
00:41:42,880 --> 00:41:46,000
Speaker 1: lot of anticipation around the merge and proof of stake. Now,

706
00:41:46,040 --> 00:41:47,880
Speaker 1: a lot of people think that as soon as the

707
00:41:47,920 --> 00:41:51,200
Speaker 1: merge happens, gas fees are going to go down to

708
00:41:51,760 --> 00:41:54,960
Speaker 1: very little and everything will be fine. It's it's not

709
00:41:55,040 --> 00:41:57,799
Speaker 1: that simple. This is such a big this is such

710
00:41:57,840 --> 00:42:00,480
Speaker 1: a big transition, This is such a big project, um

711
00:42:00,480 --> 00:42:02,560
Speaker 1: that it's going to take a while, and you know,

712
00:42:02,680 --> 00:42:05,920
Speaker 1: not until we've got shard chains really, and even probably

713
00:42:05,960 --> 00:42:08,400
Speaker 1: a bit beyond the introduction of sharding. It's going to

714
00:42:08,480 --> 00:42:12,320
Speaker 1: be a while before Ethereum you know you can. Gas

715
00:42:12,400 --> 00:42:15,200
Speaker 1: is going to cost you know, a few cents like

716
00:42:15,239 --> 00:42:18,239
Speaker 1: it does on some other proof of state chains. But

717
00:42:18,680 --> 00:42:22,800
Speaker 1: we're getting there. We're getting there. Let's take another break,

718
00:42:22,960 --> 00:42:41,680
Speaker 1: shall We're back for part three of this episode of Ethereum.

719
00:42:41,719 --> 00:42:44,440
Speaker 1: This is this? Is it for Ethereum, not really, but

720
00:42:45,920 --> 00:42:48,759
Speaker 1: for the podcast. Yeah, I think we've I think we've

721
00:42:48,800 --> 00:42:52,040
Speaker 1: covered this ad nauseum. Okay, So I just want to

722
00:42:52,120 --> 00:42:55,160
Speaker 1: quickly talk about something that's um, something that's come up

723
00:42:55,239 --> 00:42:58,839
Speaker 1: again in response to these scaling issues that Ethereum has

724
00:42:58,960 --> 00:43:01,799
Speaker 1: and the kind of slo rollout of this proof of

725
00:43:01,800 --> 00:43:05,040
Speaker 1: steak that's attracted a lot of criticism. So and as

726
00:43:05,040 --> 00:43:06,799
Speaker 1: I say, at times of high demands, as we know,

727
00:43:06,880 --> 00:43:09,319
Speaker 1: the network is pretty much unusable unless you're prepared to

728
00:43:09,360 --> 00:43:13,440
Speaker 1: pay insane gas fees. But recently we've seen the emergence

729
00:43:13,600 --> 00:43:18,000
Speaker 1: of some projects that make that use basically make using

730
00:43:18,040 --> 00:43:23,000
Speaker 1: Ethereum easier, and these are known as Layer two's Layer

731
00:43:23,040 --> 00:43:27,040
Speaker 1: two scaling solutions to give them their full title. Obviously,

732
00:43:27,080 --> 00:43:31,200
Speaker 1: Ethereum being a layer one Layer two's UM and some

733
00:43:31,239 --> 00:43:35,279
Speaker 1: examples here Polygon Optimism, Arbitram are all examples of layer

734
00:43:35,320 --> 00:43:38,640
Speaker 1: two projects. They're built on top of ethereum, but they

735
00:43:38,719 --> 00:43:42,200
Speaker 1: use their own chains to compute transactions off the main

736
00:43:42,280 --> 00:43:46,239
Speaker 1: ethereum chain, and they reference the main ethereum chain for

737
00:43:46,360 --> 00:43:50,600
Speaker 1: security purposes, but take you know, the transactional strain off

738
00:43:50,600 --> 00:43:53,720
Speaker 1: of it. And this obviously allows for faster and cheaper

739
00:43:53,760 --> 00:43:57,120
Speaker 1: transactions than would be possible on the main chain. And

740
00:43:57,200 --> 00:44:00,680
Speaker 1: these have become a very a very use full stop

741
00:44:00,719 --> 00:44:03,560
Speaker 1: gap whilst we wait for whilst we wait for shard

742
00:44:03,640 --> 00:44:08,960
Speaker 1: chains and proof of steak in general, and these layer two's,

743
00:44:09,000 --> 00:44:12,040
Speaker 1: like shard chains, they can periodically submit summaries of their

744
00:44:12,120 --> 00:44:14,160
Speaker 1: data to the main chain to keep the whole you know,

745
00:44:14,200 --> 00:44:18,040
Speaker 1: the whole network updated. UM. But they've they've been useful

746
00:44:18,080 --> 00:44:20,560
Speaker 1: to take some of the strain off the main Ethereum network.

747
00:44:21,880 --> 00:44:25,520
Speaker 1: That said, it's still it's still often slow and expensive

748
00:44:25,560 --> 00:44:28,040
Speaker 1: to use. You know, these layer two's have helped, but

749
00:44:28,120 --> 00:44:32,600
Speaker 1: they haven't solved the problem UM. And again, as we've seen,

750
00:44:32,640 --> 00:44:35,160
Speaker 1: these kind of rival layer ones have taken advantage of

751
00:44:35,200 --> 00:44:39,359
Speaker 1: this situation to make some inroads into Ethereum's market share,

752
00:44:40,080 --> 00:44:42,719
Speaker 1: but none of them have so far come close to

753
00:44:42,760 --> 00:44:47,200
Speaker 1: mounting a serious challenge to Ethereum's dominance. And I'm going

754
00:44:47,239 --> 00:44:48,759
Speaker 1: to go as far as to say that if the

755
00:44:48,840 --> 00:44:52,759
Speaker 1: move to proof of steak is completed relatively soon and

756
00:44:52,920 --> 00:44:57,400
Speaker 1: without any disasters happening along the way, then it's for

757
00:44:57,400 --> 00:45:00,000
Speaker 1: for me, it's kind of hard to see how ethereum

758
00:45:00,080 --> 00:45:03,040
Speaker 1: could be toppled. It's not impossible, I mean it could,

759
00:45:03,480 --> 00:45:08,280
Speaker 1: it could still happen, but Ethereum is is so dominant,

760
00:45:08,440 --> 00:45:11,000
Speaker 1: you know, even and and it it does surprise me

761
00:45:11,040 --> 00:45:14,920
Speaker 1: in a way, even though it can become so unusable,

762
00:45:15,000 --> 00:45:18,000
Speaker 1: even though the ethereum experience can be can be pretty

763
00:45:18,040 --> 00:45:20,399
Speaker 1: miserable sometimes if if you're you know, if you're trying

764
00:45:20,440 --> 00:45:23,400
Speaker 1: to pile into some hot new n f T project

765
00:45:23,480 --> 00:45:26,840
Speaker 1: or something like that, despite all this, people are still

766
00:45:26,920 --> 00:45:29,959
Speaker 1: building on it. It's it has so much use and

767
00:45:30,120 --> 00:45:34,440
Speaker 1: I struggle to see how another project is going to

768
00:45:35,640 --> 00:45:38,279
Speaker 1: is going to take that away. Certainly in the short

769
00:45:38,400 --> 00:45:41,600
Speaker 1: term it must. It's going to be a very long

770
00:45:41,719 --> 00:45:45,239
Speaker 1: term thing to try and chip away as ethereums. Ethereums lead,

771
00:45:45,640 --> 00:45:49,680
Speaker 1: I mean um, I think the future like anyone who

772
00:45:49,680 --> 00:45:52,480
Speaker 1: imagines that that that the future of crypto is going

773
00:45:52,520 --> 00:45:54,399
Speaker 1: to be, you know, sort of one chain to rule

774
00:45:54,440 --> 00:45:56,560
Speaker 1: them all. Any thing like that is wrong. I think

775
00:45:56,560 --> 00:46:00,640
Speaker 1: there are there are going to be lots of different blockchain. Um,

776
00:46:00,680 --> 00:46:03,479
Speaker 1: there are lots of other you know, cryptocurrency block chains

777
00:46:03,520 --> 00:46:06,080
Speaker 1: that do different things. It's not all about Bitcoin, and

778
00:46:06,120 --> 00:46:07,799
Speaker 1: then a whole load of layer twos. You know, there

779
00:46:07,800 --> 00:46:11,600
Speaker 1: are lots of cryptos that do different things. Um. But

780
00:46:12,040 --> 00:46:13,960
Speaker 1: it's going to be interesting to see how this kind

781
00:46:13,960 --> 00:46:17,080
Speaker 1: of layer one landscape shapes up, and you know, whether

782
00:46:17,160 --> 00:46:21,279
Speaker 1: some layer ones will kind of specialize in, you know,

783
00:46:21,440 --> 00:46:24,160
Speaker 1: in kind of some aspects. You know, maybe maybe one

784
00:46:24,280 --> 00:46:26,560
Speaker 1: or or two block chains will emerge as kind of

785
00:46:26,680 --> 00:46:29,120
Speaker 1: the block chains for n f T s or something like,

786
00:46:30,080 --> 00:46:32,960
Speaker 1: maybe one particular blockchain or a small handful of them

787
00:46:32,960 --> 00:46:36,839
Speaker 1: will be where most of you know, decentralized finance kind

788
00:46:36,840 --> 00:46:40,759
Speaker 1: of eventually finds itself. But it's it's so difficult to

789
00:46:40,800 --> 00:46:43,239
Speaker 1: predict how this, how this might pan out, and so

790
00:46:43,360 --> 00:46:45,239
Speaker 1: the you know, the easiest thing for the moment is

791
00:46:45,280 --> 00:46:48,279
Speaker 1: to say, well, it's it's still very much the ball

792
00:46:48,360 --> 00:46:51,160
Speaker 1: is still very much in ethereums court, and obviously it

793
00:46:51,200 --> 00:46:53,279
Speaker 1: has this kind of network effects, you know, this first

794
00:46:53,320 --> 00:46:57,160
Speaker 1: mover advantage. It's built up so much activity that's going

795
00:46:57,160 --> 00:46:59,920
Speaker 1: to be very difficult for another project to overtake that.

796
00:47:00,040 --> 00:47:02,239
Speaker 1: And that these rival projects, and I'm going to use

797
00:47:02,239 --> 00:47:05,840
Speaker 1: the examples of Cardano and polka Dot here, they have

798
00:47:06,520 --> 00:47:08,120
Speaker 1: kind of gone about it a different way, you know,

799
00:47:08,239 --> 00:47:11,440
Speaker 1: rather than Ethereum kind of launched. It's like, this is

800
00:47:11,480 --> 00:47:15,160
Speaker 1: what we can do, and they've been trying to basically

801
00:47:15,160 --> 00:47:18,319
Speaker 1: correct it as they go along. Ever since these other

802
00:47:18,360 --> 00:47:21,360
Speaker 1: projects are sort of starting, you know, having learned the

803
00:47:21,440 --> 00:47:25,040
Speaker 1: lessons of what has happened before a Ethereum, they're building

804
00:47:25,200 --> 00:47:30,160
Speaker 1: these supposedly much more resilient networks that should theoretically be

805
00:47:30,280 --> 00:47:35,880
Speaker 1: able to scale to handle ethereums volume. Most of these

806
00:47:35,920 --> 00:47:40,200
Speaker 1: are still very much in developments. Yeah, I mean, Polka

807
00:47:40,239 --> 00:47:43,200
Speaker 1: dot is an interesting one. Polka dots. Polka dot uses

808
00:47:43,239 --> 00:47:47,040
Speaker 1: something Its main chain is called the relay chain, and

809
00:47:47,080 --> 00:47:49,719
Speaker 1: then it has what are called para chains, which are

810
00:47:49,880 --> 00:47:51,839
Speaker 1: these kind of separate blockchains that work in a kind

811
00:47:51,840 --> 00:47:55,400
Speaker 1: of similar way to shards. And the Polka Dot network

812
00:47:55,440 --> 00:47:58,879
Speaker 1: is in the middle of kind of rolling these these

813
00:47:58,920 --> 00:48:02,840
Speaker 1: para chains out, and various projects each para chain is

814
00:48:02,880 --> 00:48:07,319
Speaker 1: going to is reserved for one particular project, and at

815
00:48:07,320 --> 00:48:10,240
Speaker 1: the moment, it's conducting what are called para chains slot

816
00:48:10,360 --> 00:48:13,120
Speaker 1: auctions in order for you know, whichever projects are building

817
00:48:13,120 --> 00:48:16,000
Speaker 1: on polka Dot, they basic you know, they're basically bidding

818
00:48:16,040 --> 00:48:18,960
Speaker 1: to get a para chain slot, and that's how that's

819
00:48:18,960 --> 00:48:22,160
Speaker 1: going to work. But so the polka Dot network is growing,

820
00:48:22,800 --> 00:48:26,960
Speaker 1: Cardano is doing it slightly differently. Um. Cardano is basically

821
00:48:27,000 --> 00:48:30,520
Speaker 1: a peer reviewed projects. So rather than kind of put

822
00:48:30,520 --> 00:48:33,000
Speaker 1: the network out there and see what happens, they've been

823
00:48:33,000 --> 00:48:37,120
Speaker 1: building its painstakingly for years now. Every stage is being

824
00:48:37,120 --> 00:48:38,960
Speaker 1: peer reviewed. You know, it's going out to all these

825
00:48:39,040 --> 00:48:42,000
Speaker 1: various developers and scientists and people like that to look

826
00:48:42,040 --> 00:48:46,359
Speaker 1: over with the hope that you know, when it's when

827
00:48:46,360 --> 00:48:49,320
Speaker 1: it's up and fully functioning, they will have spotted every

828
00:48:49,600 --> 00:48:53,960
Speaker 1: potential problem and it'll you know run like Ethereum, like

829
00:48:54,040 --> 00:48:58,480
Speaker 1: we'd all like Ethereum to run um. But obviously this

830
00:48:58,560 --> 00:49:01,160
Speaker 1: is you know, this is a slow proces. Smart contracts

831
00:49:01,160 --> 00:49:03,480
Speaker 1: have only been enabled on Cardano for a few months.

832
00:49:04,200 --> 00:49:06,439
Speaker 1: They're still kind of rolling out depths. There are lots

833
00:49:06,440 --> 00:49:08,520
Speaker 1: of projects building on it, but there's still you know,

834
00:49:08,560 --> 00:49:13,000
Speaker 1: it's still very much in development. So that is the

835
00:49:13,040 --> 00:49:15,840
Speaker 1: kind of landscape at the moment. Ethereum is the Theoryum

836
00:49:15,920 --> 00:49:19,879
Speaker 1: is the daddy in that particular niche of cryptocurrency. There

837
00:49:19,880 --> 00:49:22,319
Speaker 1: are lots of projects lining up to try and take

838
00:49:22,360 --> 00:49:27,280
Speaker 1: its crown, to try and take it down. But Ethereum. Yeah,

839
00:49:27,600 --> 00:49:30,320
Speaker 1: this this change to proof of steak, there's changed to

840
00:49:30,640 --> 00:49:33,239
Speaker 1: Ethereum too that we're not allowed to call it is

841
00:49:33,880 --> 00:49:36,399
Speaker 1: and it's it's it's a huge it's it's a huge

842
00:49:36,440 --> 00:49:38,759
Speaker 1: factor in the whole crypto space at the moment. Really,

843
00:49:38,760 --> 00:49:42,680
Speaker 1: everyone is kind of waiting on, waiting on on this

844
00:49:42,719 --> 00:49:47,640
Speaker 1: to happen, And yeah, I want to finish up by saying, um.

845
00:49:47,680 --> 00:49:51,439
Speaker 1: You know, Ethereum is capturing the public imagination more and more.

846
00:49:51,480 --> 00:49:53,160
Speaker 1: You know, it's not just all the stuff that's happening

847
00:49:53,160 --> 00:49:55,400
Speaker 1: on it. It's not just the fact that Vitally is

848
00:49:55,440 --> 00:49:59,680
Speaker 1: such a it's such a prominent figure in crypto and beyond.

849
00:49:59,719 --> 00:50:01,120
Speaker 1: I think as well. He was on the cover of

850
00:50:01,200 --> 00:50:04,600
Speaker 1: Time magazine recently. You know, he really is becoming a

851
00:50:04,680 --> 00:50:09,239
Speaker 1: kind of global figure. And you'll remember that a few

852
00:50:09,280 --> 00:50:12,680
Speaker 1: times during these Ethereum episodes, I've referenced a couple of books.

853
00:50:12,719 --> 00:50:15,000
Speaker 1: One was The Cryptopians by Laura Shin and the other

854
00:50:15,040 --> 00:50:19,920
Speaker 1: one was The Infinite Machine by Camilla Russo. And the

855
00:50:19,960 --> 00:50:21,920
Speaker 1: Infinite Machine was actually the first. Both of them are

856
00:50:21,920 --> 00:50:25,720
Speaker 1: about the early days of ethereum. Well, um, the Infinite

857
00:50:25,719 --> 00:50:28,719
Speaker 1: Machine has just been optioned. The film rights have just

858
00:50:28,840 --> 00:50:33,440
Speaker 1: been bought by Ridley Scott's company. Talk about a blockbuster.

859
00:50:35,239 --> 00:50:38,080
Speaker 1: Oh god, on that note, let's end it because they

860
00:50:38,080 --> 00:50:42,000
Speaker 1: were blocked in. Yeah, that's that's quite enough. Bye, bye everyone,

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00:50:42,040 --> 00:50:44,160
Speaker 1: Thanks for listening to you soon. Thank you so much

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00:50:44,200 --> 00:50:46,759
Speaker 1: for listening to the coin Bureau podcast. If you'd like

863
00:50:46,800 --> 00:50:49,960
Speaker 1: to learn more about cryptocurrency, you can visit our YouTube

864
00:50:50,040 --> 00:50:53,560
Speaker 1: channel at YouTube dot com forward slash coin Bureau. You

865
00:50:53,600 --> 00:50:55,920
Speaker 1: can also go to coin bureau dot com for loads

866
00:50:55,920 --> 00:50:58,920
Speaker 1: more information about all things crypto. You can follow me

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00:50:58,960 --> 00:51:01,359
Speaker 1: on Twitter and at coin beer all one word, and

868
00:51:01,400 --> 00:51:04,959
Speaker 1: I'm also active on TikTok and Instagram as well. First

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00:51:05,000 --> 00:51:08,000
Speaker 1: of all, it's not thank you for listening. You're welcome

870
00:51:08,320 --> 00:51:12,680
Speaker 1: for great content. Yeah, like this is free and they're

871
00:51:12,760 --> 00:51:16,640
Speaker 1: learning about a fairly great topic in a non boring way.

872
00:51:17,000 --> 00:51:19,359
Speaker 1: If you'd like to visit me and hear more about me,

873
00:51:20,040 --> 00:51:22,600
Speaker 1: go to mooch about m O O c h A

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00:51:22,800 --> 00:51:35,960
Speaker 1: b o U T or else. For more podcasts from

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00:51:35,960 --> 00:51:39,799
Speaker 1: I heart Radio, visit the i heart Radio app, Apple Podcasts,

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00:51:40,000 --> 00:51:50,840
Speaker 1: or wherever we get your podcasts. The coin Beera podcast

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00:51:51,000 --> 00:52:15,160
Speaker 1: is a production of I heart Radio.