Transcript

Is speaking in St. Petersburg, so I think you should prefer him to myself. But it’s up to you guys.

So let’s get started. As always, let’s make some review of what was happening last week on WX Waves. And after that you can add me any questions you want.

So one good thing happened finally on Waste. We launched the new domain for WX Network. It looks sweet.

In my opinion, it looks awesome. It’s a very good product. Maybe there is some small bucks, but the idea was to keep all the working product there.

Bridges, training, everything working, no legacy. Legacy remain as the old website and that website was exchanged, will be operational as long as it’s needed to redeem all tokens to shut down algorithmic trading strategies. It’s going to be there for as much time as needed, so you can always log in back to the outside and for example, sell your Wxg tokens and so on.

And I think it’s time to do some marketing for WX Network. And this time has finally come and we’re going to be doing this, I think, starting from next week. Also talking to some VC people.

No guarantees here, but there is some progress. So what else happened? A lot of proposals on power in waste and yes, the most important thing, but it’s not finalized yet, but it probably will. The miners have voted for the proposal to buy back XTN and sent one third of the inflation to Waves.

There is only one big minor Turkish exchange. They haven’t voted yet, but I think they will. The rest of the miners, like maybe with the exception of a couple miners, voted for this proposal.

So it will be accepted because the voting period has just started today actually. So it’s going to take one week one way or another, and after that the proposal will be activated and one third of inflation, of waste inflation will go to waste dow one third will go to XTN buyback and one third will keep going to the miners. So I’m really grateful to the miners, by the way.

It’s hard to find some consensus, especially when the situation is not so good, but we were able to find some consensus. And I’m really grateful to the miners because I think almost all people who are in the no camp voted for the proposal. Some people didn’t.

But it’s okay as well because Ways is decentralized and people fathers keep mentioning that Wave is centralized. It’s like the most decentralized, I think, blockchain in the moment, if you look closely. Yeah, guys.

Okay, so I think it’s more or less what we had last week. Maybe some other things that I forgot to mention, but I will, if you remind me. Absolutely.

Are there new upcoming Australia on the new Double X domain? Some new products? Yes, LP Staking thing, which will be like some kind of upgrade of what we had on WX and we had a lot of issues with it due to XTN DPAC. Now it’s not going to be connected to XTN in any way and it will work as some kind of like a contract that works on top of other contracts. Basically it’s kind of like Y error if you know this approach.

There is like a DeFi contract that distributes your liquidity between different contracts and the same is going to be implemented on WX. There’s going to be a simple way for people to enter the pools because sometimes it’s hard for people to understand how it works because you need to provide two tokens, not one. There is some boosting and it’s kind of complicated.

So the idea is to make it more simple for regular users and that’s why you need some kind of aggregation contract that just accepts one token, does some boosting under the hood and this is what’s going to be I think as next, as a next product. But I would say that there is a good range of products on WX time tested I would say because WX has been live in one form or another for six years by now. This is one of the oldest DEXes in the world in continuous operation.

Six years. So some products are pretty good. Trading swaps are amazing.

I think some other things and governance works fine. Also the contracts have to be finalized because there is like I mentioned that some of the contracts are not finalized and once they are finalized, WX becomes totally decentralized. Okay, more question.

No one fucking cares about your shipping out ramps. We want our money back and you fucking wave sims go fuck yourself with 300 messages. No gives a fuck about this is the right information man.

Situation in the world is not the best. It has impacted us as well. But we are working to make it better.

We are working guys to make you whole to bring new people to the ecosystem. Not for the investment but so that they can use what we have. Like borrow dow, for example.

And I understand your frustration but okay, so you’re frustrated. But we have to work. We have to move on.

Move forward, move forward, moving on. There is like subtle difference between moving on and moving forward. Moving on means that you just abandon everything.

You left everything behind. This is not what we are doing. We are moving forward now.

So we have some legacy but we don’t deny it, we don’t give up on it. We work with it. So we are moving forward and understand the frustration but probably shouldn’t be that frustrated man.

Because we are here, we are working and everything’s going to be fine. Eventually migrated to new X while you did your preamble. Good job.

It looks pretty good. Thank you Colin. I liked it as well actually.

I think it looks pretty neat. Do you like Peter new camp girl fad avatar? Yeah, it’s amazing. I think you have some style, man.

It’s not for everybody. But what I can say about your art, there is some style to it, that’s for sure. Keep it up.

It’s good. A note. Can you please tell us a little bit about mining rewards and notes? Are all notes taking the same percentage of the block tax in it or is there any difference? The same.

So basically share not the reward of one particular node between the doll and the buyback. The whole thing is shared. So miners can set their own share of their mining rewards.

That goes to a specific task, either buyback or you share it on the protocol level. And where can you see how much each node is taxing us? Yeah, so it’s not like that on Waves. It’s pretty decentralized.

It’s hard to say if it’s the best option, but the payout of the nodes to the leisures are not a part of the protocol. So basically you lease your weight to a node. And I think I have some problem with my headphones.

And the node decides how much it is willing to pay you. So you can just yeah, can you hear me now? Okay, thank you. Yes, my ipods are dead.

Miners. So you can’t receive those payments automatically. So they pay you as much as they want.

So you have to track what miners pay you. This is how it works on waste. It can be automated, it can be like integrated in the cord of the protocol, but we didn’t do it.

So if you lease your waste to a certain node, you need to check what it pays you, because it can pay actually something else. For example, pay its own token. For example.

Some nodes have some tokens they launched, so it’s very flexible. But miners can easily install scripts. Yeah, sure.

There is of course some scripts that were coded over the years that the miners can use and they are like pretty standard. So there is some probably standard percentage they take for themselves. But you should always check because there is no guarantee.

That’s how it works on Waves, because you could integrate. I said it twice already, but it’s important. Yeah, I think on some systems, I think in Tesla it’s automated, but we decided against it actually, and I think it allows for more flexibility at the end of the day.

Can they make it trusted themselves? Probably not, no, you have to because they receive those ways to their address, to their account. Actually, I don’t know. I should check the right language, I think.

No, actually, but it’s possible probably to modify right a little so that those payouts are made automatically through smart contract. But I think it’s not working yet. Yes, I should check right can releases, but I’m not sure about whether it can make the payouts like that.

I think. No, I’ll check. I’ll get back to you.

Actually, it’s an interesting question, it is doable in any case, so we can tweak right in such a way that it becomes doable. No problem. Did anyone pay their debts nearest? I think some people did.

Smaller, smaller debts? Yeah. How long to wait for a solution to the problem with WSG token? Why you don’t attract new investors to solve the problem? I’m trying to talk to the VC people, but it’s hard, guys. Not because of waste, but in general it’s not easy now, but I’m doing my best.

And as I said, there is some traction around WX. So I think we will be able to understand whether we can move forward with this in June, maybe in July, beginning of July, because the negotiations are still ongoing. So I’m trying to raise funds.

I will be trying out to do some marketing around the new WX to attract more traders to increase the fees. And all the fees go to buying back the old gateway tokens. So we need more trades, we need more traders and we need more fees.

And all the fees will be used to redeem. Basically buying it back from the market is redemption because all the tokens that are being bought back are burned. So all those fees will be used to redeem all those tokens.

And it is about power. Yes. Turkish Dao is in the process of soft launch.

We need to have more people in the governance committee there. And after that there’s going to be voting in the main Dow to donate some power tokens to the Turkish Dow. And those tokens will be locked and used for governance, for making decisions.

And if the Turkish Dow is successful, like in half a year, there is this KPI milestone period and the community votes that the Dow is successful. The Dow participants will receive those circles. So those circles will remain locked for half a year at least.

And next week I think the interface for Waves Dow will be there because you can make the proposals for the Waves Dow is a power interface, but it requires a separate interface as well because there’s going to be LP tokens. For example, as you know, the miners have voted for one third of inflation going to the Dow and the miners will be receiving LP tokens in return for this. So some kind of interface is needed for that and I think it will be launched next month or next month.

Next week. Next week, yeah. So two things about like power Dow, Turkish voting is coming and also with Dao interface protocol or website.

There’s going to be a separate website. Yeah, I think lt tokens in wait. Doll should be there next week.

XTN bought for Neutrino. Yeah, there is some developments because for example, there is no bitcoin now on X and this is a problem. So we are discussing how to launch it properly.

There is some ideas, but I wouldn’t tell you until it’s all settled. But there’s going to be definitely something new with awesome interface and awesome view you have man. Pep.

No. Pep. It’s very hard to do trust with Bitcoin bridges and Pep is doing trust with bridges.

Now. Trust is meaning they work through smart contracts and for Bitcoin it’s kind of impossible. There is some ways to do it, you can think of some ways to do it, but it’s really not easy because if we should go into some technical details, there is Bitcoin scripting as well.

Potentially you can do something like trustless, but it’s hard. Basically why centralized exchanges exist. You know why? Because of bitcoin.

You can’t trade bitcoin on DEXes. That’s why centralized exchanges are still with us. This is the only reason that keeps them afloat.

And Bitcoin is like the main, definitely the main cryptocurrency. Everybody trades bitcoin. All the market is driven by Bitcoin.

As you can easily see, all those bull runs and bear markets are related to Bitcoin. You can’t trade Bitcoin in a decentralized way and until it is possible, we will have centralized exchanges, unfortunately. And Bitcoin guys don’t want to change the protocol.

So actually it gets you thinking. You start coming up with some conspiracy theories immediately, but I won’t go into that direction. How many candidates for this have you met so far? Not so many, because I’m trying to find some people who could really come through.

So does it make sense just go talking to people, just like to random people and I don’t have that much time for that. And I think if I start doing this, I will lose a lot of time that I should spend on other things which might be more helpful. So I’m talking to people who potentially can deliver and it’s like it’s less than ten, but we did have some productive discussions with all of them.

Your camera lens looks really direct. Yeah, I have this problem. I’m sorry.

I guess something is wrong with my phone. Let me just yeah, sorry, you’re right. My apologies.

You have seen my face many times. Use my laptop or can do complicated. Why? Because you can’t use telegram.

Yeah, I can’t use my MacBook because I don’t have a PM there. Can you clarify your proposal? The new proposal? I turn on the camera because there’s some dot, I think in the last section because I tried to clean it but see my pretty face. My ears are sound is bad, but what’s wrong? Hi, can you hear me now? Better? I don’t know guys.

My phone is too old. But I have this. But I can combine one when I have some money.

But I will keep what about the surf air? Just wait a little. Just like so many things. And I think we need to decide what we do surf in general because people are not mad.

So we need to think about and also how we deal with surf in the long run. Because it has to be also changing. Whereas pink microwave in other rooms and panels I will use it next time.

Yeah, I have pink microphone I could handle. Yeah, you can hear me not well. Yeah, guys, very bad.

Maybe because of VPN as well. Okay guys, okay, you got me. I will buy a microphone next time.

Okay, I’ll just speak louder. So guys, give me some questions. I think the current Verse proposal is not about this.

It’s about stopping payments to the old market. And the old proposal that was exempted was meant to get people to return their debt. They don’t.

Within a month, their accounts are resumed for further liquidation. So I just don’t understand. Basically have a loan there.

You need either to return it or your account will get liquidated will be made from this. AMA, go for it. Possibly twice if you’re okay.

Why am not okay? Why am I not okay? I am okay. I’m blinking. I’m like Britney Spears here.

Next time I’ll wear some orange dress. I’m good, I’m good, guys. No, I’m not.

I’m not hostage. I’m okay. Everything’s fine.

I’m still in Dubai for now, basically for the lack of better place to go. Yeah. JLT area in Dubai, pretty nice here.

Probably the only area like here. What about the Vires relaunch? Yeah, I think the guys need to do the feature that we have promised. The feature, when the utilization is high, your collateral is unlocked.

So if you don’t want to return your debt, even if the house of the account is good, even if the account is backed by your collateral, still your collateral can be released. And other people who lend to the funds can sell your collateral. Because otherwise we have a situation when people just don’t want to pay their money back.

So this feature will be implemented on Vires and I think after that we can say that Vires has been officially relaunched. When are we coming to Riyadh? I think I’ll come sometime, maybe this summer, actually. It’s pretty close and I like to take a look at Saudi Arabia.

Really? Because I think this is going to be the next big thing in this region after Dubai. This is what I think I might be wrong, actually. Yeah.

This is the last proposal. Vires. There is some locked liquidity still which people actually agreed to get Vires token and now it has to be unlocked and Vires token payments should stop for the old markets.

So the king would make an ICC. He’s like the richest guy in the world. I read today about him, actually.

They say he has $2 trillion. Can you imagine? More than Putin by a small margin, but still. Yeah.

Okay. He has his old he has his whole country, I guess. Yeah.

They say that he controls Aramco and Aramco market capitalization is 2 trillion. And he has more things. Of course, he’s doing pretty well.

What changes will come at Double X governance? I think for now, no changes. I think we have done what we promised. There is boosting some things around token verification because it should be done faster.

We need more tokens. Otherwise exchange. We need more people who come and hopefully launch some good tokens, not Scammy tokens to filter out scammy tokens.

We still have the vetting process, but probably should be made more streamlined and fast. So I think there is this proposal to make it simpler. Otherwise what else? I think that’s it boring as fuck.

It’s an exchange. It’s a financial service, man. What they want to see there naked women.

Stop. Okay. Makes sense.

Please know naked men. I can use a cat. Okay.

So did you like the cat so much? Because not so many people like the cat and I didn’t hear anyone like, crying for the cat. Where is the cat? Only you. Okay, but Waves is a duck chain, right? So we need to have a dog.

There not a cat. I hate the cat. Nick hates the cat.

Cat was lucky for ways we haven’t been so lucky, man. Come on. We need hot girls.

Yeah. Galka should send us the pictures and we will basically use them for the front page and all people will be attracted to winning because we have girls. Yeah.

Okay. This year Gas Girls is your preference, but okay. They’re nice.

I sent you a proposal for you. Let me check. I haven’t seen it a lot of people message, so I kind of like but I try to reply to almost everything.

Yeah, you should actually post it because it’s pretty crazy. There is a little bit of everything there. Post it in the channel.

Yeah. Netherworld, send your draft. Oh, yes.

She’s nice. I think it’s good. I think it’s good, guys.

I like it. It’s kind of like really crazy. Really crazy.

So any updates that they can post in the summary? So what are the updates? New domain. Miners have voted. Thank you, Galka, for voting as well.

Actually, you are very reluctant, but you still vote, so I really appreciate that. Waiting for Paribu. There are big organizations.

Probably going to take them some time, but it’s okay because we still have a week, so we don’t have to be in a hurry. In any case, it will last for a week at least, so we can’t speed it up. It has to last a week.

So waiting for Peribu and next week to be voted for. And the buyback will start in two weeks. So things start looking good again.

Lot of launches are being in preparation. A lot of teams are going to launch their products. Teams that are participating in the doll are working on the products.

So some other proposals will be there. And I think the situation is getting a bit better in general ways 2.0 is moving forward.

I have some plan which is I think I have finally settled on some plan and I will reveal it soon. But the good thing is I think I settled on something because I’ve been thinking way too much about this, about different options. And it’s not so easy to understand what can be done now in blockchain technology.

Really groundbreaking. It’s kind of like hard because maybe the technology has reached its potential. It’s reached full potential.

So there is some directions of development, zero knowledge proofs, for example. But it’s all really sophisticated actually. It’s becoming very hard to come up with something really new.

But I think I have settled on an idea and we will move into that direction and it will involve EVM as L Two will involve a low level L Zero chain, not even L One. I prefer to call it L Zero because it’s a very basic chain that has a very specific functionality. So there is no smart contract there, for example.

And it’s going to be interacting with L Two S using zero knowledge proofs. So in such a way we will be able to support not only EVM but also other virtual machines. And I think it’s pretty interesting.

And those like L Two S will be able to interact between themselves through the L zero. It needs more explanations, of course, and they are coming, but it has to do with web three, I think we need web zero. We don’t need web three, we need web zero because Internet itself is very poorly decentralized.

It’s very centralized. So it’s kind of weird that people are trying to build some decentralized products on top of very centralized Internet. I think we need web zero, not web one, web two or web three.

We need web zero now. The underlying layer has to change. Is there a private group? Will NSBT be good again? I think yes.

XTN won’t be a stable coin as it was, but it won’t go away. I think it will actually be used quite a lot now with a buyback. And we need to basically burn the excess XTN.

And when it’s burned, XTN will be back actually as an asset. That makes sense because there is some surplus of XTN. That’s why it’s not working as intended now.

But it will be burned and in this case it will have a future. Some question about private group? Yeah, a note. I don’t understand your political tendency.

You’re a communist or I don’t know who you are. Okay, communist friend. Is there a private group with minors where decisions have been made? Yes, sure.

Yeah, there is a group. If you have a node node, you can join Galke there, for example, some other people. Ah, what about higher interest rates? Up to 100% during the week? Yeah, I think yes, we will combine.

Shawnee is messaging about Vires, about unlocking those accounts who borrowed and don’t want to pay back. Two ways to approach this either increase the interest like crazy up to 1000%, for example, which could work for some people. But for some people it won’t work either, I guess, because they just don’t want to return anything.

And I think we should combine the interest should go up exponentially when utilization approaches 100% and at the same time the unlock should turn on. Basically, you should be able to unlock any collateral in those accounts. So I think those two things should be combined.

Not lasers. No, it’s like a node chat node. It’s like chat for node maintainers.

Just launch your node. You’re a developer after all. Why don’t you have a node? Yeah, I understand.

Because the problem with those protocols is there are like participants there are actors in lending protocols that only borrow and don’t want to pay back. No matter the interest. No matter the interest.

So this is the thing here. And we have a situation, as you know, even Avi has a situation, basically with the guy who sued me in the US. Avi had a problem with Avi because different spelling, but it sound the same.

Probably he was trying to manipulate their pools and he got some liquidity stuck there and he didn’t bother to repay. A Redemption of Wxg tokens from commission money will be carried out. Yes, it will be done at market price.

But if it is constant if there is constant buy pressure, it means that the market price goes up. Right? And eventually the tokens will be bought at a higher price. Closer to one dollars.

Yes. West. West, yes.

Waste. Enterprise projects are not moving forward too fast, unfortunately. As you know, we had many successful projects in Russia and there are some guys who remained in Russia.

I’m talking to them on Telegram, but that’s it. I have no interaction with them because I kind of like left Russia. Let’s see what happens in the future.

Maybe something happens to Russia, something positive, because I obviously like the country and I’m very sad about the current situation. But I’m Ukrainian, as you know. So some guys remain there and Enterprise Department works pretty well.

But it’s not like waves, some separate team. So I can’t say that it’s waves. It’s like something else.

As for the international part, we are trying to find some projects, but it’s not so easy now. Enterprise blockchain is kind of lagging behind. I guess I can see a lot of potential there.

But I, during my career as blockchain evangelist, was not able to convince people, a lot of people that blockchain can be used in enterprise. My bad. But I think there is still a lot of potential for it.

So let’s see what happens next. Are you a communist or are you a capitalist? What’s your political stance? I just don’t understand. Libertarian or something.

I just don’t understand. Just like the truth. No, it’s not a political stance.

Everyone will say that we like the truth. Truth. From fascists to I don’t know, to libertarians.

Just tell us who you are. Can you answer my question clearly? Which question? Do you think it’s okay that controversial? No decisions are made without investors being present? Yes, because actually, it’s pretty simple. You can lease to the notes that you want to vote in a particular way.

So if you know that there is this voting, you could probably have leased to Waves Camp because they don’t want to vote for the proposal. You could lease to them. That’s it.

It’s democracy the way it should be because you always have different levels. It’s not a flat structure. You have some, like, deputies, some representatives who should be representing you.

And in this case, those representatives are the nodes. And I can choose either to lease to them or not to lease at all. Or maybe to lease to a note that has the same opinion about some problem as you do.

So it’s called democracy, man. You don’t know what it is. But this is democracy.

Can I add a note in the black so whenever I want? Sure, you can launch your note. It’s true. Democracy, man.

We are doing this transition here where everybody is equal. Um, you said you reached the decision with minors. We reasoned with them.

Like, you know, we talked to them, but we were not able to convince everyone. We convinced some of them, but not everyone. It was just like talking discussion.

And as you can see, it didn’t go well the first time because they requested two additional features that were implemented. So it’s called like, democratic process. When you talk to people, they actually tell you what they think, they air their concerns, you react to it, you do what they ask you to do, and you reach some consensus.

This is called democracy map. That’s how it works. Yes.

Galker, for example, was really against, and we talked to her as human beings the way it should be done. Do investors vote too? Absolutely. You vote by leasing your ways to a particular node.

That’s it. It’s like representative democracy. You have your representative in, like, what’s it called in a Senate or what they were told in some representative organ, representative body.

Right. And he votes probably he votes the way you would like him to vote. This is the same here.

You have nodes as your representatives and your voice is heard through the leasing. Basically, you can lease to a node. For example, you could have leased to Wavecamp.

They voted against. That’s it. I don’t understand.

If you don’t understand what I’m saying, it’s like, just stop, because you don’t look good, man. It’s okay. Yes.

Maybe you should install your node. You’re a developer, right? You promise to buy back the Wxg tokens one to one eventually. But I didn’t break my promise, ma’am, you don’t need to sell now, right? You can wait till the price is closer to one or is one.

Exactly, that’s it. Yeah. Which node.

Is voting no on. I know. Like there is some, I think two anonymous notes that I don’t know and wastecamp.

I talked to the guy and he said that he doesn’t agree, which is fine. And they voted against WasteCap. You are bringing up an interesting question.

I mean, CME messaging that there is no decentralization of the leasing of waste, which is inverse. This is true. This is true.

Probably not the biggest problem now, but okay, yeah, you’re right. If there is more waves, probably it makes sense to distribute those waves between different nodes for sure. Always are borrowed there.

This is true as well. So basically there is no waste. There no physical waste.

How price will be closer to one? Because there is buyback. When you buy something, there is by pressure there is less tokens, less in circulation because all the tokens that are being bought back are burned and the price goes up. Because there is somebody buying always from the fees.

People are not buying. Of course they shouldn’t. Somebody probably will be buying.

But the idea is to use the fees to buy back those tokens and the fees should go up. The buyback volume should go up and the price should go up too by external. I’m not saying that.

I’m not saying that’s. Okay. And Note is raising hell as always.

You’re a hell razor, my friend. But it’s okay. Everybody who owns A note is angry with me.

Own your own node. A Note, even your nickname has a Note in it. You should install your own node, man, and be done with it.

Waste suppliers and Years are earning a boatload of interest. Yeah, because they have one month to liquidate the debt. After that it will be assumed there is still interest which is paid, but it will stop.

I already have people contacting me. A Note. I think you should install your node and this is going to be great.

And you will install the script. We shall do 100% payouts. Please do it.

Please do it. Does Puzzle run a node yet? They lease their weights, that’s for sure. But I don’t know to who you should ask.

Vadimir. Okay. Yeah.

Ducks to me. Okay. I don’t know.

Ducks are somehow not my focus now for the moment. I have some ideas, but I have to talk to Bram which has taken over the ducks, who has taken over the ducks. And actually I think they’re doing pretty well under the circumstances.

But we need to breathe some fresh life into the docs for sure. I have an idea actually. They won’t tell you now.

When you put your waste to lending platforms, they vote on node level for you. Yes, this is true. This is true.

Yes, this is true. So you should bear this in mind. So if you don’t want somebody using your waste to vote, you should check the current voting.

And if there’s something that you don’t agree with. You shouldn’t put your waste to a node or to a project that uses a node that can vote against your idea. It’s pretty transparent, though.

So I understand that maybe it can be improved, but it’s quite transparent because you just need to keep track of what’s going on. That’s it. Yeah.

Egg is very cheap now. It will remain cheap if we don’t come up with something. Okay, guys.

So, yeah, I think it’s time to wrap up because not so many questions and you started to basically talk between themselves. Between yourselves, I think. I’m not here, so thank you very much.

Next week, the minor voting should be finalized, which is important. Wave Dow interface will be presented. Something else.

Something else. Okay. Thank you very much, guys.

Power to the people, right? And Waves have a very calm week. I think it’s very good when things are calm now because the world is crazy, actually. Now, I love you all.

See you next week. Bye, guys.