IOHK | Cardano whiteboard; Treasuries, with Bingsheng Zhang, Ph.D. Lecturer

[@陈贺-l3h]

Perhaps the ADA is well known and there is no need for marketing. Sorry for the inappropriate discussion I started at the forum. Thank you for all you have done! These are too great! Looking forward to Cardano's exciting development and future!

[@IohkIo]

On the Ouroboros Design: How rigour and engineering are essential for critical infrastructure, read the latest IOHK blog now: iohk.io/blog/on-the-ouroboros-design-how-rigour-and-engineering-are-essential-for-critical-infrastructure/

[@JasonWhittle1]

God damn. You guys have really thought this through. I wish nations operated like this.

[@SqualexR]

36:50 : "We are currently in process of developing the first system in collaboration with ZenCash, to integrate our system with their system". Can't wait !!

[@marcuspi999]

The smart money is on the global network of high level nerds. Gotta love this team.

[@daniel212212]

Very interesting. I can see the future of voting being this way in general.

[@TransVoiceLessons]

This is pretty brilliant.

[@monkishrex]

Great talk Dr. Zhang, thank you!

[@Gald33]

It's even better than I expected. However, I would think a treasury incentivises attacks, will read the paper . Great lecture.

[@azadkaya]

Very interesting. Keep up the good work!

[@Wes-gj1pn]

Fantastic presentation! Waiting for the governance layer white board presentation now

[@IamColehearmeroar]

Great video! This system is amazing.

[@КонстантинМуравьёв-Апостол]

I dont understand - what is voting in anonymous network? How can you delegate your stack to expert if u dont know who it is? Does he reveal his identity and post his pulic key?

[@K.a.r.a.c.k.]

I really love the direction taken by IOHK and its philosophy. From my point on view the Cardano project future feel promising, And to be honest, i'm in love with the fact that you don't rush things just to get a quick buck from it , The idea to build a true fondation based on peer review and adding that all of it is open source meant a lot, really ! Now question !! Any update for the rest of the paper regarding the Treasury System ? Because there is a lot of blank and i need to go deep ;)

[@davidding9305]

wonderful,looking forward to vote.^^

[@arnopfefferling7323]

very good job! thanks

[@sukitrebek]

Thanks for the presentation. Very enlightening! I have a question about how voting power is allocated according to stake in the system. In its current form, if the top 1% "wealthiest" Ada owners have over 50% of Ada, do they also have over 50% of the voting power? I see the reasoning behind requiring a minimum holding to be allowed to vote, to prevent someone from creating thousands or millions of fake accounts in order to game the system. However, would it also be good to have a maximum amount of voting power that someone could attain? For example, say the maximum is 100,000. If the "Bill Gates" of Ada owns 31 million, he only has the voting power of someone with 100,000 Ada. This would prevent the wealthiest from having undue influence on the system simply because they are rich.

[@suryaya441]

But then incredibly rich people could make 1000's of accounts each with 100,000 ADA in them and we would have the same problem

[@pkosmasjr]

You have raised an excellent point, that voting privileges should not be correlated with the amount of wealth held, but rather with a verifiable identity. By correlating votes to stake, we run the risk of creating a system of wealth concentration where the wealthiest continue to vote in their self-interest, leading to ever greater wealth concentration in the hands of the few. After all, who should really vote? People or coins? If you agree it's people that should have agency, then we must address the question of how to strongly authenticate a person? And this brings up the issue of tying an identity to a human person (an entity). Most cryptocurrency models rely heavily on private keys, which is a token bearer model. Just as the keys to your house identify you as the owner, and give you the privilege of entering your house, cryptographic private keys authenticate anyone who has them to act upon the underlying asset. Clearly this is not optimal, as it doesn't strongly link the holder of the keys (identity) with a real live human (entity). We need stronger authentication of identity, verifiably linking identities to human entities. We want to insure that voting privileges are given to the human entities participating in the system. There is room for development of an authentication an authorization model that includes biometrics, zero-knowledge proof systems, and zero-trust network models. I trust that Cardano and IOHK are considering these issues, and that their rigorous approach will guide them to a verifiable identity solution!

[@Alternativemusic213]

Paul Kosmas it should be a blend of verifiable ID and stake otherwise you would have mob rule. Poor people usually make poor voting choices because they are rather short sighted hence why they are poor.

[@yiprogrammer]

Of course not one people one vote here, two guys with 1 ada and 1 billion should have very different power, because they have different to lose if the system fails.

[@thrivingtruth1605]

We would like to know a bit more concerning more detailed specifics with regard to the mention of an "expert" vote(r)s. How is "expert" defined, by whom, on what criteria...? Self declaration of being an "expert"? ...We, are hearing a description of a type of governance within this created system (Liquid Democracy), based upon the majority within the system being honest/good/ethical/principled. Furthermore, we understand that hash-graph/game theory is employed within this described system of Liquid Democracy, which the lecturer, Bingsheng Zhang Ph.D., expresses many common words such as, votes, voters, delegates, committees, treasury, tax... which are clearly terms utilized by a governing entity. We are quite interested as modest laypersons in understanding more about this project and the possibilities it may create for a greater good/leap. We would like to sincerely thank IOHK, Cardano for these presentations, which to us, are discoveries shared. May the transparency of a true decentralized system that may benefit more lives be realized for the greater good. -rwb

[@NewMateo]

Dude Can you do more whiteboards? I really like this!

[@SpyrosFougias]

So in practice, what he’s explaining is a debit/credit accounting system between separate blockchains. That’s basically what crypto coins are today, their blockchain is a ledger where everyone agree that the movement between accounts is to be honored and using math to confirm the movements validity. With these sidechains, you have two separate entities that are supposed to honor each other’s promises. What if the ETC community in the video suddenly decides not to support the sidechain any more? Then you’re stuck outside the main chain.

[@syedzawwarabbas6961]

Great ! Well explained

[@TKzTechnology]

I don't see how setting an amount of coins you have to pay to cast a vote, will actually stop people from abusing the voting system. Sure, it might work for those who don't have a lot of funds, but for those with huge funds and with huge gain of the vote, it won't matter.

[@StephenLee529]

Excellent

[@criticalthinkingalways3378]

Ada all the way great work

[@itay5180]

can an expert also sign up to the committee election? meaning if he isn't elected to the committee he will be considered an expert?

[@aochiai]

No minting, since all the coins are issued.No taxes, hopefully.There is a inicial treasury, ist that all it is about?

[@lok6314]

ADA is gonna change the world..the model itself once it gets mainstream attention, we are gonna question our own democratic models..!! support ADA now!! is support a better future now!!!

[@antoniehuang9424]

Amazing

[@amenostalgique]

let's do the next US elections with this

[@chriswright6791]

good

[@tomdepauw8833]

So more stake is more chance to get in the election committee? That looks so strange to me, why are they not voted for?

[@frank88lin]

ADA coin will up to at least 100USD the end of this year.

[@PiNetworkcodecharliea]

HODL!!!!!!