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PKT Community Roundtable: Project Good New Final Reveal
Recorded: Aug. 21, 2024 Duration: 2:05:52Space Recording
Full Transcription
Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. what's up everybody how are we doing today project good News final reveal is here. Let's go. 296 people on this live right now.
We got Josh Berger. We got Jesse Berger. I'm Jeremy Berger. And we are going to tell you guys
what all this hype is about and what we've been doing the last three months and getting ready for this
day. I mean, today's a special day, guys. Five-year birthday also, the largest live stream
we've ever had. We're live on X. We're live on YouTube. Share this with everybody.
Yell it from the mountaintops because we got some good news for you all um josh do you want
to yeah let me uh and i'll add it up here uh let's share it the good news let's go um
yes we can hear that in the background so yeah it's it was well unfortunately today the bad news is that they
decided to do construction on my building so we're gonna mix the good news with the bad news
you get the bad news first and the good news is coming now um all right let's see here
and sorry about the delay everybody as you know these types of things happen um we are um ready
to present um it just uh had a little bit of technical difficulties this is our first time
doing a live on youtube and on x at the same time so hopefully this goes off without a hitch and maybe this is the way that we
start doing our town halls our round tables our announcements you know we could literally this
software allows us to add anybody to this stage and we can have huge round tables on video um
and yeah it's exciting exciting moment right now for the history of packet
all right is is caleb joining
yeah let's um caleb can you join
yeah i want caleb to be here obviously because he's the mastermind behind it all.
I want to figure out.
Did you send him the link, Jer?
Yeah, yeah, yeah, yeah.
Here, I'll send it again.
Yeah, I'll send it again just so it's on top of this.
top of this
these launches they always come with a little bit of fun
um well that's that's lovely noise that is
you're gonna have to keep it muted josh go on and off on mute and i'll i'll just
yeah we'll just have to switch between presenting presenting
um josh do you want to
well the first screen reveals the news so i'd like to reveal it with caleb on the line so that he's
there yeah let's see if caleb can make it um but yeah you know this is uh you know there's been a lot of uh a lot of talk amongst everybody
trying to speculate what's going on here and uh you know we've tried our very best to um really
try to keep this under wraps so that uh we can announce it here together with everybody because
i think that's really important um you know to see where we started and where we're going is important also. And it's exciting time
for us all. Yeah. And I think that, you know, I think the important thing, you know, that we've
tried to do from the beginning with this project is put our faces in front of the community. You
know, crypto is kind of happens in a lot of dark corners. You know, even some of the most successful projects, you know, don't have docs, devs,
and, you know, people that do really incredible things in this kind of greater community that, you know, lurking in the shadows.
And it's understandable why a lot of people do that.
that you know with packet it's been a totally different approach you know and from the very
You know, with Packet, it's been a totally different approach, you know.
beginning the burgers as we've become known in the community and caleb have always just put
ourselves right out there you know we've been in front of the community talking through everything
and you know it's always interesting to see the imagination of the community. And in the sense that I think, you know, everyone thinks that,
you know, and there are so many bad actors in the in the crypto world.
It's true.
And so it's understandable why there's often some,
you know, anticipation that everyone's trying to, you know, do everyone dirty,
you know, but the reality is from the way
that we've approached this project from day one is being stewards of the project, stewards of the
network, and stewards of the vision, ultimately. So a little bit of background on this project,
and I can talk about this while we're waiting for Caleb to pop on, you know, this project started
for us in 2017, 2018, you know, it's based on my background in the entertainment industry,
having made some of the biggest movies, you know, ever that are short of, you know, Marvel movies,
quarter billion dollar movies. My first two movies, first one was Oblivion starring Tom
Cruise and Morgan Freeman. We did that with Universal. That was $160 million budget. And
that movie went on and generated over $650 million worldwide. I did that in 2013. And then in 2014,
came out with Hercules, which was big movie made with Paramount, MGM, starring Dwayne Johnson,
The Rock, his first leading role as the star of a movie, getting paid over eight figures,
and his first big, big payday like that in media and entertainment. and as everyone knows he's gone on to be the biggest movie star
in the world and so uh you know we're uh you know so so from my background having made those two big
movies uh hercules went on and generated over you know 450 million dollars worldwide so almost
you know 1.1 billion on those two films. And while my company as producer,
production company, creator of the content did quite well on the front end, on the back end,
we got no money. It just absolutely never got money. And we had incredible definitions,
all the contracts that would have indicated that we would have done extremely well in success.
And ultimately I have a royalty
statements from both of those studios that showed somehow these movies that made well beyond their
budget, well beyond their marketing budget, didn't make any money. And I just felt really
disillusioned with that because as a young guy going to film school and dreaming about being in
Hollywood and then achieving that goal at the highest level, you would think that that success would show up in the results of all your hard work, of years and years and years of work.
And it didn't.
And so in 2017, when the crypto markets were exploding to the upside and Bitcoin was heading towards these wild all-time high, nearly $20,000,
obviously, there was a lot of excitement around that time.
But what I really found myself drawn to was was blockchain, was the immutable ledger.
And it sparked my imagination, which was that what if we could figure out a way for media to be
for media to all be transacted on a blockchain.
And at this time, there were smart contracts with Ethereum, but the big problem was gas fees.
And so there was really no way that I could imagine, you expense of all the little microtransactions that come in, that you could ever build something like that with Ethereum. And secondary, we realized that
you would have to have an actual network, a core network, because if you distribute your content through traditional platforms,
through traditional media, they receive all the money. And yeah, if they pay you on a blockchain,
that doesn't solve the problem of the malfeasance that happens on the accounting side,
because there's this black box where the money goes from the customer to the studio or to the
distributor before it gets to the content creator. And that black box is where the problem is.
So you'd have to figure out how to have a network with integrated payments.
And one of our colleagues mentioned CJDNS and said that that would be the way that you
could do it is if you built something on CJDNS.
Now, CJDNS was not a crypto project.
And I had no idea who Caleb was at the time.
And so a couple of my friends that we were having these conversations with and whiteboarding this with went on a goose chase to find Caleb and ended up finding him living out in Paris.
And we got in touch with them.
I don't even I wasn't a part of getting in touch with them.
So I have no idea how they pulled that off.
And we told them what we wanted to build. Funny enough, Caleb replied, I just had quit my job
three weeks ago to build something like that. That's literally what I want to do.
We flew him on a plane out to California and brought him to our office. And he, on the plane,
had created a presentation of how he would build this network,
what that would look like.
And we told him, that's cool.
We actually have another idea of what we want to do.
And we pitched it to him.
After some deliberation, we ended up being like,
Caleb, we like your plan better.
You go, this is a better plan.
And we ended up going with his plan.
And that's Packet.
Packet launched in 2019.
And because Packet needed to do microtransactions, that was like fundamental to the project.
That's why we ended up, and Caleb was very enamored with Lightning.
And Caleb was very enamored with Lightning.
That's why we ended up going with a UXTO Bitcoin chain.
And obviously, Caleb invented the packet crip proof of work.
The vision behind the packet crip proof of work, if you read the white paper, was to provide an economic incentive for people to
run the infrastructure. And that was always the point. Now, if you read the white paper,
the focus was about building the network. It never really the the network itself is where we um need to be it's where we
need to be building it's where we need to have expansion and so this presentation that we're
going to make for you today we made a really cool, is the execution of that original vision.
And we've been talking about this as Project Good News for all this time, putting an emphasis on the infrastructure itself.
Because for me to achieve my goal that I set out to do now five, really six years ago,
and what Caleb presented to us on that whiteboard all those years ago ago was on a way to expand the infrastructure for CJDNS.
And so that's been missing from our project all this time.
The infrastructure providers in our current ecosystem are focused on mining.
And that's fine.
That's totally fine.
But the network doesn't benefit from mining at all.
We had hoped in launching Packet Crypt
and launching Packet,
we had hoped that people who were running
infrastructure, that the bandwidth required to run the pools and announcement mining would inspire
people out of the goodness of their heart to run the infrastructure for the network.
Fast forward now five years, that hasn't materialized at all and we have you know a robust
network it's not as widely distributed as it we would have wanted and because the mining rewards
have gone to poop over the years the majority of the community miners have left because it's not profitable to mine anymore.
However, there's still this formidable network of miners. There's this formidable infrastructure for the pools and for pushback even from people to even set up anything on the CJDNS side.
And so CJDNS has been pretty much stagnant since the start of this project, which in a lot of ways, I hate using the F word failure, but in a lot of ways is basically, you know, a failure to execute on the, on the grander vision.
Why? Because what we've learned over these years is that, and I've always said this,
it's always been like part of my thought process, which is that you can really get people to do
things two ways. One, if they really, really believe in something. So like no one gets paid
to go do religion or go
to church. You don't get paid. You believe in, and that's where your heart is. And that's where
you go and spend your time, um, being with your family, being with your friends. You don't get
paid to do that. That's something you believe in. That's, that's where you're, that's your life.
But oftentimes going to work, if you're going to go do a job, if you're going to go do something for
someone, you got to get paid. And that's where the nature of decentralized infrastructure,
this whole idea of D-Pin, and in a lot of ways, crypto has been rooted on motivating people to get paid. And so where we've gotten to right now is that running the
infrastructure for CGDNS, nobody gets paid to do it. So nobody's doing it. And that's as far as the
ethos and the vision of packet, a failure to execute on the white paper.
So what we're going to present today, everyone's been kind of like waiting and suggested you're beating around the bush here.
What we're going to present today is a mechanism, a strategy, a strategy so that we can grow
the network to actually have people motivated to grow the network.
And that's what we've been excited to, that's what we've been building on the Project Good
News side of things. And that's what we're going to present today. What I'm trying to figure out
is if we're going to get Caleb over here because he's dealing with some technical issues. And it seems like he might not be able to make it.
Let me see here. Just not ideal.
I'm going to put this on hold for one sec.
Yeah, Josh, you can't really participate because you're dealing with some issues.
Well, I can participate, but we wanted to, you know, the presenting this is going to reveal the announcement and I'd love for Kayla to be there.
So we want to make sure that he is dialed in
for this announcement.
But yeah, I mean, I'll just echo kind of what
Jesse's been saying around this is
the concept has always been about the network
and it's always been about building this network.
And so we really wanted to make it so that that was possible
to expand that and grow that.
And when looking at the proof of work and the pools and all the things that we had set up initially,
people weren't building out and growing the network. And though we beat this drum about,
you know, we need to build and there's things that need to be built and done,
the incentives weren't aligned with the
actual network growth, which was always the vision behind this project. And so, yeah, I know we would
love to present this and be able to share what it is, but we're kind of stalling a little bit here
so that we can get Caleb on the line and he can give the announcement.
So if you can just bear with us and give us a minute, we will return shortly. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. All right, we're back.
All right, we're back.
Sorry about the technical difficulties, but we are here and we are ready to present.
So let me jump into the deck and present for everybody.
All right. Ready? Drum roll, please.
All right. So Packet is moving over to the base blockchain and this is the big exciting news
um that we have been waiting to tell everybody um and um yeah so caleb i'll let you jump in
yeah okay so um let's see the brass tax we're moving off of uh layer one blockchain to a contract based
ecosystem the reason for that it's a technical upgrade everything that we were not able to do
with uh with with token strike with uh bandwidth marketplace everything that was going to be so
hard and it was going to take so long it's just instant and it becomes it makes it pop it's becoming possible now because um we have chains
like base which are very low cost to transact and uh back you know five years ago you only
could transact in ethereum it was very. You could never build a bandwidth marketplace on base, very cheap transaction fees. So I foresee us having a bandwidth marketplace
functioning within a year. This kind of stuff is now possible that wasn't going to be possible for
us. And at some point, you have to do like what Apple did in the 90s. They went with the PowerPC. It was the best choice at the time.
Then Intel pulled ahead and they made a decision that they were going to switch from the PowerPC to the x86.
And we have to make that bold decision that we're moving away from a technology that's becoming less and less and becoming more of a ghost town.
And we're moving to the technology, which is becoming the global standard,
which is what everybody's doing.
So I won't take up too much time.
I think Josh has a great deck for you.
So I'll hand it back.
Look, we went through this slide,
just my background and I preface it with my story.
So a little bit on what that is.
Let's go to the next slide here.
And we've talked a little bit on what that is. Let's go to the next slide, Jer. And we've talked a little bit about the entertainment industry being broken, but the key here is D-Pin.
And that if you want to create a competitor to the $4 trillion with the market cap that's running
the media industry, it's even more than that, $5 or or six trillion really. Then you're either starting
a centralized company and raising billions and billions of dollars, or you're taking this
angle where you're decentralizing the infrastructure out to the people. And that's
what Bitcoin accomplished, frankly, building a financial structure that's bigger than the four
biggest banks in the world combined. 15 years ago, no one imagined that that could ever be possible.
I actually like to refer to Bitcoin as the first deep end project because in the world combined, 15 years ago, no one imagined that that could ever be possible.
I actually like to refer to Bitcoin as the first deep end project because the decentralized infrastructure of that network is what makes that actually possible. Obviously, now nation
states are mining Bitcoin. But in the case of Bitcoin, the network is the payments. That's
what it is. So it makes sense that everyone's mining
and that it's a proof of work. That makes sense. But with packet, the network is CJDNS. It has
nothing to do with payments. And having integrated payments is fundamental, but having integrated
payments that can do fractionalized small payments and low cost payments and smart contracts and excellent wallets
is all required for the success of this project. And Packet's really suffered over the years
building in the world of Bitcoin where there's just not a lot of activity. And we've seen that
materialized on our chart, materialize within our developer
community. And ultimately, this inspires the next, you know, the future of the project. Let's go to
the next slide. And also, when you're thinking about the big monopolies and how much infrastructure
costs are required to be able to run those infrastructure, you know, Netflix is paying
a billion dollars a year to Amazon Web Server for their infrastructure to be able to provide content to their users.
And so that's where Deepin becomes really important. incentives with the people that are participating and create transparency on payments versus
decentralized payments, which is what was the essence between Packet Crip. But with the packet
network, as it's with this kind of new iteration of it and extension of it and technology upgrade,
the community is now actually paid to power the network and creating a distributed,
resilient, payment agnostic network. And the blockchain technology ensures that there's
revenue transparency and aligned community incentives. And so when this happens, this
brings us the packet network as we've always envisioned it from the beginning.
And so what the packet network really consists of is an ecosystem of platforms, almost like a
platform of platforms where all these other projects that are building stuff in the media
and entertainment space can participate and bring their technology here. And similar to what Roku
did or what Apple TV did, where you have all these library apps that are Hulu or Netflix or
Paramount TV or YouTube, and they all kind of exist within your Apple TV. And so the packet
network becomes this media network that's powered by the people.
And packet becomes that ecosystem where there's full transparency.
And the thing that we've never had in the past is smart contracts. And that makes this network super, super powerful.
So the killer, we'll talk just a quick, we've mentioned Bia and this is the first view that
the community will be having of the platform. Bia is the killer app on this network. It's the
first streaming platform that will launch in 2025. It fulfills the vision that I talked about of,
as a content creator, if I could distribute content and the revenue
could go to the content creator at dollar zero with a 0% platform fee instead of 30% going to
Amazon or 30% going to Apple and then 70 cents on every dollar going back to the distributor who
then fleeces that money, taking out all of their fees and expenses and overhead costs. And so at the end
of the day, you have gatekeepers preventing content from getting into these distribution
channels. And then when they get in, you never get paid. And it's a systemic issue. And so this
platform isn't going to make it so content creators aren't going to distribute with Apple and Universal and Disney.
No, you're still going to go there first. But when you are weighing your options, when let's say
Netflix offers you some horrendous upfront guarantee for your content, then you can say,
we're going to go to BIA because on BIA, we get all the transparency
elements. There's no platform fees. We get real-time reporting, real-time revenue.
And this is where it gets very interesting when we talk about Deepin, the audience is literally
powering the network. So the audience is earning money for actually providing infrastructure to
this network. That money goes into their wallet and in essentially passive revenue, they can
choose to cash out with that cash out, even if it was five, 10, 50 bucks a month, whatever that is,
that subsidizes the content cost that you're already spending. If you're paying 22 bucks a
month for Netflix, if you get $4 off this platform, which I anticipate it's more, but we don't know
until we launch, that's a 20% discount on your Netflix bill for life. Hey, we'll take it.
If that accumulates over the course of weeks or months or years, then you now have a content slush fund. And I always say the money
in your PayPal account or the money in your Venmo account is always this money that's in suspense.
It's not your credit card money. It's not your bank account money. And so you have a lower barrier
to spend the money that's in that account versus money that you're pulling out of your bank account
that comes from your paycheck or comes from your investments. And so by lowering the barrier to entry for people to spend money on the platform,
by having the audience getting paid for actually participating in the platform and for content
creators to actually for the first time get remunerated for putting content onto the platform,
we change the economics of the entertainment industry. We redistribute the way that money flows through this industry.
And there's a reason that Netflix has a $280 billion market cap.
If Netflix was a crypto, it'd be tied for the second place with Ethereum for the biggest
crypto in the ecosystem.
But the reason that it's so big on the Netflix side is because they just absolutely cornered the market.
It's very difficult to compete. And so a platform like this, where the money goes back to the
creators, can change the dynamic of getting the quality content that people would generally bring
to these big incumbent platforms. They can bring it over here. They can draw their audience over
here. When you get the celebrities, when you get the good content, when people have a reason to exist on this platform,
then you can build community. And that's the vision for Beop.
If you don't know this guy, he's right there in the corner. You know, I like to always say Caleb's are vitalic.
You know, Caleb's a blockchain cryptography expert.
His security analyst and his background is in mesh networking.
And, you know, just to flatter you a little bit, you know, Caleb built CJDNS, invented
CJDNS back in 2011 as an open source project.
CJDNS was incorporated into Bitcoin Core in April 2022, version 23 Bitcoin Core.
The reason that CJDNS was incorporated into Bitcoin Core is because of its ability to deal
with adversarial nodes in a network, the resilience of its ability to transmit data on a global basis
without geofencing. And so what this does is it breaks down the walls of segregated regional
distribution. And by distributing on the CJDNS network, suddenly content is accessible globally. You access the
network through a VPN so you can get to it from anywhere. The resilience of the network means that
you can subvert firewalls, even regional firewalls from government level firewalls.
And you're basically making it so that content is globally accessible, which makes it so that
content creators and
audiences can access content that generally they wouldn't be able to access. And that might be bad
for the traditional media world, but it's really good for this new media world, for this future
that we envision where content creators can get paid from a global audience and where global audiences can
access content without being geofenced by their, you know, regional platform. Is there anything
that we should add there, Caleb? I would say the only thing that's funny is that you didn't have
a background in salinity and you went and taught yourself salinity relatively quickly to help build this future vision for packet.
Yeah, well, I mean, I just put a blog post in the Discord, Why I see that this is our switch from the PowerPC to the x86 of Apple.
It's hard. It's painful. Nobody wants it.
Everybody wants to stay where it's comfortable.
It seems very risky. But when you look at the global view, Bitcoin-like blockchains, they've peaked and
they're on a downward trend. Proof of work, it's peaked. Nothing new is happening in this space
anymore. And we need to recognize that. That's part of being on the cutting edge is you pick you back the horse you
think is going to win but you also have to be prepared to switch when it becomes clear that
the bet the horse you backed wasn't the one and when we you know in in 2019 it made the most sense
to make a blockchain now it makes the most sense to build on top of any of the many different optimistic roll-up based subchains that exist on top of Ethereum.
That's just, that's the winner.
You know, that's the token strike.
That's the decentralized bandwidth marketplace.
That's where it's going to happen. And we would be foolish to
try to continue to shovel the dirt in what's becoming more and more of a ghost town
of layer ones that it's just not where the party's going to be.
Yeah. And in addition, that is reflected with how difficult it's been for us to grow our
community. I mean, you watch shit tokens launch, 17,000 shit tokens launch every day on Solana
and get to dramatic market caps, huge communities, tens of thousands of wallet holders within a
matter of weeks. And meanwhile, Packet's building some of the most consequential technology in the entire crypto ecosystem. And we've really struggled to onboard people. Why?
Because you can't buy Packet. As long as you're on an exchange, centralized exchange is the only
place that you can buy Packet. Any regional restriction, any friction, the entire communities,
most of these communities are buying in a DeFi manner directly out of the wallet.
People aren't even going to the exchanges anymore.
So we can't onboard.
People can't buy PAKET.
Even people who want to buy PAKET go try and sign up for Maxi and they're like, oh, I can't buy in the United States or I can't buy in this country.
So that's been a huge friction point for this project in general.
And we've suffered because of it.
The second part is the gig of work.
Liquidity pools are now becoming bigger than centralized exchanges.
There isn't any future for centralized exchanges except on roads and off roads because it doesn't make any sense.
Why would you do something on a centralized exchange when you could just do something on a trustless contract that nobody has to worry about counterparty risk or anything,
any of that, just put it in the liquidity pool, you're set. And because of that, we can see that
everybody by 10 years from now, centralized exchanges aren't going to exist. People are
going to put their dollars into a dollar box and then that's going to become USDT. And then they're going to take that USDT and they're going to go swap it
however they want. That's the future. It's just not going to be on centralized exchanges. And
it's time to admit that even though we love our friends at the centralized exchanges,
we need to admit that where the technology is going is in the DeFi space.
Indeed. And wallet technology, that's the other piece. Caleb, myself, Josh, I probably spent a
million dollars on building wallets for packet over the last five years. And for more, I mean,
if you look at the value of the coins that we spent, and we've never been able
to get even close to what you have with EVM. Like we're just nowhere close to a phantom wallet or
Coinbase wallet or MetaMask wallet. And so our community, we don't even have consequential
mobile wallet technology. Even the anode wallet that we invested heavily and put a lot of time and
money into is...
Jared, can you turn off these people tweeting about this?
And well, this is actually a good point that Emily brings up and we will discuss that.
So it makes it so that now people can actually buy
into this project. People can actually participate with very little friction.
So additional KYC, we know that KYC has been an issue for our crypto DGEN folks.
And staking. So we're going to talk a lot about staking in the rest of this presentation, but staking is an incredibly opportunistic part of DeFi, specifically on the liquidity pool sides of things and smart contracts. and and not been able to get it here's the uh and then lastly bridges to other projects like
we've been hearing in the chats continuously let's bridge to cosmos well we can't bridge the cosmos
there's no such thing as a bridge for cosmos with a uxto chain going to cosmos in in the current
iterations of the world you would have to go to a wrapped version and then you'd have to go to cosmos
and so it's just like it's just impractical to build
all of that for what? You wouldn't even have the integrations and you miss all the rest of
the benefits here. So that's a key piece of it. Liquidity. This has been probably the biggest exciting part for this project and where we're going.
With liquidity, we have created within the staking protocol, and I should mention, we
didn't even mention this, but the big story for what Packet is doing is changing to a stake to earn protocol.
Okay.
So that's the opportunity at the forefront here is stake to earn.
Okay.
Because our community that began as miners understand that they're taking some action
and they're yielding out coins.
And that's how they've been participating for
all these years with the project.
So that ethos of the project is going to continue.
However, what do we have?
We have a huge hole on the liquidity side.
There's no one providing liquidity to the market.
If you are a project that only exists on a centralized exchange, you need institutional
capital. Someone's putting up
the money to buy coins perpetually. If you don't have a large market of people buying and selling,
and there's not a lot of money being made in that market, you're not getting any institutional
capital. So it's like you need the community to get the institutional capital. You need the
institutional capital to get the community. So it's like, how do you build this? This is where the brilliance of DeFi comes into play.
And with the big debut of PancakeSwap and Uniswap in 2021, which is what propelled the last bull
market, we launched Packet in 2019. DeFi wasn't even a thing. So what we've done in building out this protocol is recaptured
the burn coins that were existent in the protocol, and those are going to, I mean, in the previous
proof of work, and those are now going to be redistributed back out to the community for
providing various different benefits to the network. So the first benefit here is a million packet a day
will be yielded out to people that are providing liquidity into the market to create an economic
incentive for liquidity providers to put ETH and packets staked. And so long as you provide
liquidity to the market and take your LP tokens and stake for a minimum of one week, you become eligible for that million packet a day.
So if you're providing 50% of the liquidity pool, you're going to be earning 500,000 packet per day for providing liquidity.
That's the division of payment pro rata based on the contributions that people make into the pool.
This also now inspires people because if you remember what I said earlier, people want to
get paid to take action. This inspires our community. We essentially crowd forces liquidity
for the project. This is extremely novel. And I want somebody to point to me to another project someone else maybe knows of
another uh whoever's scrolling crazy can you go back up to the last slide shot up too much
way too far hello who's doing that josh josh yeah you want to this you want to go back to this slide
i was going to the next thing go to the out of order. That's why I did that. Sorry?
It's out of order, which is why I went to the slide that's supposed to be next.
Oh, I see. Interesting. Okay. So stay here for just a moment so I can just finish my thought
on this. This is crowdsourcing liquidity from the community. And the big idea here is that now people can come in and they can put
liquidity into the pool and they can earn almost as though you were running a pool,
but you're providing an incredible benefit to the marketplace. And obviously, as anyone knows,
in AMM, you make money whether it goes up and down. The problem that you have with liquidity pools
is that somebody needs to put liquidity at a low price, which means that if you're putting your packet,
your precious packet that you want to go up in value at a low price and the price runs,
then you're selling your packet at a low price. So the idea with incentivizing the liquidity pool
is to incentivize people to actually put their packet in knowing that they're going to
be remunerated out of the yields for that participation. Go to the next slide. Whatever,
what slide were you going to go to? Here, I'll just fix it here.
Oh, I see. I see what you're doing. So yeah. So Josh, do you want to talk,
just walk through this next piece right here?
Oh, here. That's the next slide.
Yeah. Yeah. Yeah. Do you want to walk through this piece?
Yeah. So basically the whole point of it is to provide liquidity and to bring incentivized liquidity on top of that.
And there's a million coins per day that are paid out.
Now, anybody that ever ran a mining pool, a million coins per day payout is pretty extreme.
No community members besides pools were ever even getting anywhere close to that.
And so by providing liquidity to the liquidity pool, you now get to participate in that million
packet per day. On top of that, if you lock your liquidity up for an extended period of time, then you get an X multiplier on those yields.
So if you put in $10,000 into packet liquidity pool and then you stake it for one year,
then it's as if you put in $40,000 into liquidity pool and you're going to get a 4X yield on those coins.
So we wanted to highly incentivize liquidity, which is what the community has all been,
you know, yelling about and saying, hey, we need more liquidity in this project.
And so now this incentivizes liquidity providers, A, people who are excited about packet and want to earn more packet, but B,
people who maybe just want to make money and see this as a opportunity to make money.
And so that gets really exciting to be able to invite investors and institutions to come in
and stake liquidity because the opportunity is big.
Sure. So the next piece is stake. We're talking a little bit about the stake to earn
structure. And you heard me mention on numerous occasions early on in this presentation about the
importance of the incentives being aligned with the actual infrastructure. So one of the major
pieces of Project Good News is this dashboard that's live
on the website, where you can basically go and connect your wallet and you'll be able to stake
your packet. And initially between now and the end of October, this is October 26th, it'll actually
be October 30th, which will be infrastructure date. Just in this period, this first few months
period, you just stake to earn. It's that simple. So you're taking your packet and you're staking it and you're earning
a yield credit. The way it yields is you get one yield credit per packet. However,
the longer you lock into the staking contract, you'll get a multiplier on your yields.
So it's not incumbent that you take 100% of your packet,
you lock it all up for a year. You can tear it out, you can break it up, you can have multiple
different lockups. But the key here is that the people who lock up their packet for longer
are going to get a yield multiplier. So for instance, if you were to lock up a million
packet for a year, it's going to yield as though it's 4 million packet. And that will recalibrate
into the yield categories. And then, like I said, on infrastructure day, that will change.
What will happen on infrastructure day is that each stake will be required to pair with an
infrastructure note. So we can go to the next slide.
And so there will be five different types of infrastructure nodes that people can work.
I can grab this one. So there's the whole thing that we've been kind of beating our drum on is about building out the network. And there's pieces of the network that are mandatory to be
built out. And the truth is running a proof of work and mining doesn't build out this network. Now, mining made it so that there was the fairest
distribution of coins and it helped fund the ability to build all this technology. And over
the last five years of Packet, this technology has been built from network steward proposals
to just community members participating.
And so now all of this is possible for the network.
And so what this new kind of shift happens is to align the incentives with the actual growth of the network and not just securing the blockchain to make a lot of money.
Now the money that you're earning is by growing this network.
And so people, this doesn't launch until October, this part of it, we want to get people really
comfortable with staking their coins, generating yields. And then in October, you will be able to
pair your stake with your infrastructure node. And so the infrastructure that's really easy to run,
like a CJDNS node has the highest percentage, but we anticipate the most amount of people are going to be running CJDNS nodes.
And we'd like to make it as easy as running this as an app on your phone, where running a route server requires more infrastructure, is more complex, and will require more technical know-how, but less people will be doing it.
So that's why less percentage, but the coins and making it so that the
other people who didn't have crazy infrastructure and technical know-how weren't able to make money.
And so now this shifts the incentives and makes it so that people who are actually passionate
about Packet and the growth of the network and the mission and building out this network that's
powered by the people, that's now possible.
And you can take small actions that require little bandwidth to be able to do that. The other big
thing that this is exciting is that CJDNS doesn't kick your ISP in the teeth by running it. So
people can run this at their home or low bandwidth locations
and be able to earn a yield. And that just opens us up to an immense amount of people,
which is really exciting. Yeah. And just on that topic, go back real quick. I just want to
mention one more piece about that, that Josh mentioned. One of our visions for the packet network was for it to be able to run on
multi-devices. What if you could run the packet network on TVs, for instance? What if all Samsung
TVs had the packet network running on them and they were being remunerated? The problem as we
started talking with representatives for Samsung was that the CPU requirement for proof of work
was so intense, like it wouldn't fit the profile at all. Not to mention if you just had a nominal
amount of the CPU going towards mining, it's going to yield nothing. And so there was no way
that you would ever be able to get into a low CPU allocation or low bandwidth allocation situation with the previous
proof of work. So in that sense, it was not scalable at all. And now with this strategy,
you can get into low bandwidth situations. You don't require massive CPU outlay, which does absolutely nothing for the majority of what the network requires.
Now, running a route server does require significant resources.
It does require similar comparable technical know-how that more sophisticated technologists and networking folks will want to do. And that'll
be a place where people will spend time building infrastructure for this network to make those
monies. In addition to run a route server, it will be incumbent that you run every single one of
these other pieces of infrastructure. So if you're a route server operator, you're actually running
a name server, you're running a domain, you're running VPN exits, you're running CJDance Notes.
And so you really are providing an incredible amount of resources to the network, which is why, you know, prospectively, there won't be a huge amount of people doing it.
It'll be extremely lucrative for people to do that.
That'll be where the reward mentality of people who want to make a lot of money participating in this network will go. However, the people who don't have the
capabilities of setting up that type of complex infrastructure are also going to be
remunerated. And there's no person who could come along and just recalibrate the rewards and flush all the network participants
down to basically peanuts while they take the lion's share of all the yields. That's not going
to be able to happen because it's all programmed into the contract. And that was the vision that
when Caleb was running the first pool in Packet, which we participated in, we funded, we put a lot of money into that pool.
Our vision was to give back. It was always about remunerating the community. But what happened as
mining became more and more centralized and everyone started having secret code and everyone
started kind of backstabbing each other in the mining communities that the people got thrown
to the wayside was all the community miners and it became
not profitable to mine anymore. And as a result, all the mining, the robust, vibrant mining
community that was there left. And this prevents that from happening because you have a yield curve
that still takes us out the remainder of 57 years to yield out the rest of the the rewards even more
because we're recapturing the the burn coins and giving those back to the community to incentivize
participation so it's actually like you know a reboot in a sense that there's now you know if
you weren't here five years ago you missed all those really you know exciting bigger rewards
well that now restarts in a lot of
ways. People can now jump in and feel like they're here at the beginning, but they're also
knowing that they're providing legitimate foundational resources to a network by doing
that rather than just like a payment network where it's just transmitting payments across
the network, which packet was never designed to just be a payment network.
So yeah, so the network steward still exists. We were testing out this network steward in,
you know, over the last six months of how it should function and really giving that power
back to the people. And so most of you guys know what this is, but I'll just recap it for people who are new here. 20% of the payouts get paid to the network steward and the network
steward is designed to make it so that anybody can petition and campaign to the community to
become the network steward and fund development, marketing, listings, whatever they see fit. If you want to go sponsor a
conference or things like that, all these things become possible and the packet network self-funds
itself. And so what people do is they campaign to the community and then they can be voted as the
network steward with a proof of stake vote. And every week, there's a new proof
of stake vote that has to take place to make people remain as the network steward. And so
that's the network steward as it stands. Yeah. And just the community participation and the way for
people to really work to A, keep people accountable every week and B, to be able to make it so that
we all own this network together and your vote actually means something.
That's the Electorium thing. There's no change there.
Yeah, that's what I was just going to say was that Electorium, we're still bringing Electorium
over, which Caleb's working. Do you just want to talk a little bit about how you vote while you do your stake caleb yes when you're doing your walk it's yeah when
you when you lock up coins in the in the lock uh you'll you'll be able to cast a vote with them
which uh the the lockbox and the dashboard is uh gonna be here very very soon um the reason why i'm eyes glazed over is because i'm
finishing some stuff the snapshot has already been taken did we talk about the airdrop people
understand now that that's fine okay let's get to it because it's important because um uh
important because if you had packet as of block number, let me get the exact number,
the block number of whatever you had as of about an hour ago is what you have what you can uh request to be yielded to be uh to be migrated
yeah so your old packet nothing nothing changes with old packet okay the block number is drumroll
two six three nine two nine nine so whatever you had in that block number snapshot so you can take with your to get with
your airdrop the airdrop happens in three phases uh you'll be able to get a third today once i'm
done setting up the dashboard you'll be able to get a third in six months and a third in 12 months
um that uh that airdrop you'll sign using a private key from your old packet address.
And very importantly, because a lot of people who like the mining project are bringing this up,
nothing happens with the mining project.
You can do whatever you want with it.
The point here is that me, Jesse, Josh, Jeremy, and our friends, we're going to do this.
And this is how we're going to implement
the packet vision is on this project.
But if your vision is based on Packet Crypt,
go do it.
It's yours.
I give it to you.
I created it and I will give it to you.
You can have it.
Even though you hate me, we'll will give it to you. You can have it. Even though you hate me,
we'll still give it to you. But anyway, that's what's happening. It's essentially a new project
and you can claim the airdrop. The caveat, there's a caveat for people whose packets on an exchange,
you'll get all of it at the same time, but the exchange doesn't deal with splitting new
and old packet. So you only get the new packet from the exchange. However, I am prepared to swap
you. If you want old packet, if you don't want to be part of this, I'm prepared to swap you new packet
for old or private keys for old packet. You got 50 million in private keys and you want to
swap that for a legacy packet. I'll give you all the legacy packet. You can go do whatever you want
with it. So this isn't really a, there isn't anything being forced on anyone and people
saying, well, this should be democratic. No, it's better than democratic. It's you get to choose. You get to choose what you do. That's my choice. I'm going
to go this way for technological reasons, which I outlined in the blog post. And my colleagues are
going and we're bringing our friends. And that's where we think we have the best shot of implementing
the pack of vision. If you have a different vision,
then you get to go 100% in that direction and do what you want with that.
Yeah, I think that's really important. I just want to emphasize a couple of things that Caleb said.
Number one, anybody that wants to swap a new packet for old packet, you're entitled to do so.
new packet for old packet, you're entitled to do so. We have a form that you can fill out and you
can put your addresses and we will help facilitate that through escrow. So anybody that's excited
about that, this shouldn't be any point of contention that you believe this other thing
and we believe this thing. It should just be a kumbaya where we're going to shake hands and part ways,
where we believe that the best efforts to fulfill the vision of Packet that was started five years ago when Packet was launched is over on base.
If you have a vision that's different from that vision where you believe that the best vision for your version of packet is on packet crip then you will be uh
then we're happy to help you fulfill that vision um and you can take packet on packet crip to uh
whatever direction you want uh and so we just want to open the door for um for a peaceful parting between PacketCrip and the vision of the packet network, which is what
stemmed this whole project from the start. Yeah. And let me just add one piece to that.
Look, that's the nature of proof of work. I remember there was this whole thing about people
talking. There was all these major dumps on the Bitcoin market when it was like,
China's banning Bitcoin.
Like this is the end of Bitcoin.
It was like, unless you could go into every Bitcoin miners computer and turn it off, Bitcoin will run forever.
You can never get rid of Bitcoin. Right.
And it's the same thing with with pocket.
As long as somebody runs a pool, pocket will persist.
runs a pool, Packet will persist. And if someone is going to be like, hey, we're going to carry on
and mine this chain, then you're just going to continue mining blocks. And that's totally fine.
But for the project founding community members, we've come to terms, we've made peace on the fifth birthday of, of, of packet
crib that we can't achieve the goals that we set out to achieve with proof of work. It's too
centralized, it's too expensive and it's not scalable. And, and, and maybe that's a fundamental,
I don't know if I'd call it a flaw, but for lack of better words,
with the pool structure, with the criteria.
And I think this is where I asked Caleb this.
I was like, why do you think the game theory on Packet Crypt somewhat failed versus the game theory on Bitcoin?
There's a lot of theories behind it.
We can pontificate about it.
But I think one of them is the centralization around pools
and the barrier to entry is so high that even if someone had the allure of making a lot of money
running a pool competitively, the reality of accomplishing it is impossible in today's market.
You would need the 1% of the 1% of the 1% to do it, to spend months and months and months, if not years doing
it and need millions of dollars to do it. That's literally the barrier to entry. And we've seen
entrants come into the Packet Crypt community and try and set up pools. And we've seen just
millions of dollars with a pool wasteland where people just can't even get into a competitive nature. You know, everyone's running privatized code.
We tried, you know, even creating a democratized approach
where there was a big enough reward for the network steward
for somebody to compete in building mining code
with the faster crip opportunity, if people remember that.
And that no one could even build something competitive
there. And the nature of the community was never about supporting competitive competitors. It was,
you know, which is fine. Mining is capitalistic. You get it. It's competitive. We get it. You know,
people are protecting their intellectual property, All aspects of running of capitalism.
And I'm a capitalist.
I support that.
But the reality, if you're trying to achieve the vision of packet, and frankly, even from Bitcoin, I think where the flaw is with Bitcoin, anybody can just connect enough GPU power and start yielding some coins. And, you
know, even though the network's, you know, gotten to the point where you would need to put up a
tremendous amount of money. But if you just put up the money, you can play the game. Whereas in
packet, you can't. With packet crypt, you cannot play the game because of the incumbent requirement for bandwidth, which is difficult to find.
The code is so customized and so sharp.
I mean, bravo to the pool.
Owners have built incredible intellectual property, but the privatization of that intellectual property made it impossible for new people to come in.
intellectual property made it impossible for new people to come in. And ultimately, because of how
expensive it is to run a pool, the pools have to, it's like incumbent on them keeping, you know,
the lion's share of what they make, which means that there's no money to be made by community
members coming in. And there are some community members yielding 10, 20, 30, 40,000 pack in a day.
And that's, you know, but we've, but what's that worth when the
price is under a 10th of a penny? Like, you know, how do you even cover your overhead costs?
And we've seen that there's nothing, there's no catalyst that, and we've invested, you know,
tremendously in marketing, in listings, in technology development to try and find what
that catalyst is that can change the game and turn the
tide for packet and get it so that it's profitable to mine again. And this quote came to me, the
Einstein quote, which is the definition of insanity is trying the same thing over and over again,
expecting different results. And that quote inspired us to sit down at the drawing table
and ask ourselves if we were going to do
it again, what would it look like? What would we do? And we literally went back to the way that
we designed the pools in the beginning as fair, where Caleb sat on the phone and gave all his
secrets to other pool operators to help them set up competitive pools. They ended up putting us
out of business and that's fine. But the ethos and spirit of the way we started this
was to invite people in and to give people the opportunity to participate because we needed
that distributed network. But now it never, you know, looking back, it never happened.
The distributed network didn't grow. And so that's why we went with this new strategy to,
to, you know, actually instantiate that, that execution.
And I know a lot of people in the chat are asking about how to go and swap a packet for
packet on base. We'll be releasing that into the communities. So make sure you're on discord
and, and you'll be able to get the full instructions we actually have
tutorial videos and everything it's going to be really simple so um stay tuned for that once we're
off this we'll be dropping a bunch of information into the chats yeah so what's going to happen is
uh you know a new website will go live um just the you know swap out swap out of the previous site will go live and it'll have all the new docs.
Docs.packet.cache is going to just give you the playbook, everything. It's actually got a lot on
the infrastructure setups as well, even though you won't need that for the next couple of months.
It's got about the migration airdrop, what it is, new site.
You'll see it.
And I'm excited for that to go live.
In addition, there's a new packet dashboard that will also go live.
And I'm so excited about the dashboard.
This community has been talking about a freaking dashboard for three years now.
This dashboard is going to be like something you leave open on your computer.
It's going to be where something you leave open on your computer. It's going to be where you like see your yields.
It's going to be where you can like have a touch point
where you can pull the levers that are relevant to you as an individual.
In the same way that people set up, you know, enterprises with announcement mining,
you can now set up enterprises with staking.
You can set up enterprises with infrastructure.
And there's no minimum to how much you how much packet you have you have freaking 10 packet go and stake it stake it for a year get your forex yield multiplier like people can pull
all the different levers and and i think that's what always made packets so fun is that like you
got to kind of make it your own and i remember like all my friends going and buying
hetzner servers and ovh servers you know setting up mining wallets like i sat with my father
setting up mining wallets you know it's like people were genuinely excited about packet and
that that excitement i always said into our community publicly was about the prospect of
getting those yields it's like when you're yielding
thousands of packet a day, like that's just exciting, you know? And nobody's doing that,
but a few people now. And so that feeling of earning has like left the, you know,
for 99% of the people in this community is left. And so that's what this stirs the pot back for.
Do you want to go through the tokenomics, Josh? You want me to do it? Oh, you're muted.
Caleb, do you want to go through the tokenomics or you want me to do it? I can do it.
I can do it. It's fine. So there's 6 billion coins, the same as there always was,
based on the fact that one third of the coins are being released every six months,
only about two billion coins will be released today. The yield curve is exactly the same as
it always has been, except as Jesse mentioned, the burn coins were recaptured and they're being
allocated to people who stake in the liquidity pool. And the decimations
stay the same. Every 100 days, the yields would decrease by 10%. So we wanted to create the same
ideas. We built this thing. We're not starting a new project per se. I mean, I guess we kind of are, but we're keeping the ethos of the original project
and all the yields that are being earned are in replacement from mining and now are staked to earn.
Yeah. Let me just add one more thing there, Josh, back on the tokenomics. So as Josh said,
we're picking up on the daily yields of packet today with the
block reward today, like the one minute block reward is now just going to be multiplied times
1444, sorry, 1440 minutes per day. That'll just be the daily block reward. So like right now it's
a little over 900,000 packet yielded a day. So this will pick up right where that left off was staking, right? So you'll
go in, you'll be able to stake. If there's not a lot of people staking in the beginning,
yields are going to be crazy, right? You're going to participate in that 900,000 packet per day
that goes, well, 900,000 packet minus 20% going to the network steward. So that's 720,000 packet
a day. That's what everyone, all the miners today,
that's what they're yielding. Obviously, most of it's going to the pools. So that's now going to
level the playing field. Everyone who stakes is going to get a taste of the big yields now.
In addition, the extra million, so today it's yielding 900,000 a day with the captured coins
that are going to the liquidity pool. Anyone who stakes liquidity is now going to be participating
in that million coin allocation per day. So if someone comes in with 50% of the liquidity,
bang, you're going to be earning 500,000 packet per day, totally separate from your staking yields
on the main aspect of the protocol. So that gets me really excited. Like I saw some people writing
some FUD, burgers and Caleb could just be yielding all the coins out to themselves. Guys,
we've never done anything like that. This is us basically putting it all out in the open and
giving it all back to the people. Like the goal here is not for us to do anything other than inspire a global community to build this
freaking network. Selfishly, what I want is the network because I want to basically distribute
content on this freaking network. I need everyone else in the world to be economically incentivized
to do that, to build that, to create
that. And then we all benefit collectively from that. And so putting the rewards back to the
people, this is always meant to be a network powered by the people. That's the idea here.
However, people who showed up in 2022, 2023, they missed the first two, three years of the network
where the yields were the highest. Just like if you showed up to Bitcoin in 2022, you missed the 50 Bitcoin per block mining.
So that's what happens. You show up late to a proof of work party and you miss the boat.
This resets the playing field in a lot of ways. It kind of, you could say,
rewinds time on yields back maybe four years ago, three years ago, I don't know the exact number, but getting up into this 1.9
million packet per day yields is super exciting. And, and it creates opportunity for people who
are just learning about this project right now, like you're here at the beginning again. And,
and so this is yours to yours to lose, basically. So this gets me really excited because when we first started packet,
we ran around and I just told every single person I knew about that pack.
It was the best thing since sliced bread.
And we launched packet racks where we were doing a white glove service to be
able to mine on people's behalf because mining is complicated. But that whole thing just blew the thing up because people,
A, were making a lot of money and B, were telling people and making money off of telling their
friends. And so we wanted to bring that same opportunity into this new iteration of packet.
And so when you connect your wallet to this dashboard,
you are provided with an affiliate code. When your friend uses that affiliate code,
you get a 1% bonus. And when your friend uses the affiliate code, they get a 1% bonus and you get a
4% yield bonus on whatever they stake. So if they stake a dollar or they
stake a million dollars, you're going to get a 4% yield bonus off of their stake. If they go and
tell a friend, then you also get a 1% yield bonus off of all of their friends. So what this does
in turn, first of all, every single person here is going to want to find an affiliate code because you're going to get that 1% yield bonus.
Happy to share mine. And what this does is it now incentivizes people to go to KOLs,
to go to influencers and give them their affiliate code, because not only are you going to make a
bonus off of those people, you're going to make a bonus off of their entire network.
And so now when you're going to KOL,
you're not just doing it to shill your own bag, you're doing it because you want to be able to
capitalize off of their entire community. And so that gets really exciting and opens up a huge
opportunity for virality with packet. Additionally, we know that meme culture is massive right now.
Everybody is, not every meme, but these meme projects are getting multi-billion dollar market caps.
I mean, it's pretty insane.
And so we wanted to be able to capitalize off of that meme culture to do storytelling to do storytelling. That's really easy to, um, that's really easy
to digest. And so we created this character named Packeteer and Packeteer allows us to A,
create tons of content, B, make this fun and C, make something like networking that generally is
pretty complex into something simple. Um, and so we hired this amazing artist who has been creating us a
ton of content. You can actually go to the Packet Instagram and you can see the Packet,
the launch of the new character coming to base. It's pretty awesome. I mean, I'm really proud of
it and excited. And I think that this is just going to help us tell the story of Packet and
also help the community tell their friends and tell the story of Packet and make it really digestible and easy to share.
Yeah, I'll just add one more thing on the meme side of things, you know, just to emphasize what Josh said.
We've been creating content for Packet for five years.
Most of the content that we've created is just graphics and video. And it's Josh or myself or
Caleb having a conversation or doing a live chat or anything like that. But that's not really
shareable content to the extent that we see today. Now, the meme culture, if you go the other way,
it's like if you're invested in a meme, let's say something like ponke or muumuu or
um wolf which are incredible meme projects you know they're pumping out content across their
socials and it's a fun thing for you to see and they're creating all these scenes and characters
and storylines and you're basically just relating to the character and people are investing in those projects and they're going to
into the billions, hundreds of millions. But those projects don't do anything. There's no real
utility. I know a lot of people back into utility. It's like, oh, well, now you can use Shiba Inu to
buy some coffee. And I guess you could call that utility, but like the token itself isn't really do anything,
right?
No shame to the fact that, you know, those are multi-billion dollar projects.
So all the respect in the world.
What we wanted to do is basically straddle both where obviously packets built as a utility
project, like from the ground up, that's what it is.
But we found ourselves struggling to communicate and to get people's attention. And so by being able to package the narrative and the information that's
somewhat technically orientated, like maybe people are falling asleep to this
presentation today as we talk about networking, it's not the most fun, exciting thing.
Trading memes is. Looking at cool, fun, creative content into your social feeds is fun.
And so if we can add that element of fun, create shareable content while also educating the
community, then we get the win. The narrative and the storyline behind the character of Packeteer
is it's us against the suits. Like we are all Packeteer. It's not just this guy. You'll see in the content that's created, Packeteer is everybody.
And it's against us.
It's us against them.
And the them is the media monopolies and the suits that shut content creators down.
It's like that YouTube creator who's making millions of dollars but knows that YouTube's
making tens of millions of dollars off
of them. It's like that person against the suits. And it's like, thank you, YouTube, for all the
money and making me rich. But I know that you're making 10 times more than I am. And that's fucked
up. We want to empower people to take control of their own identity, of their own community,
and of their own content and
monetize it. And the money should go to you. You should be the winner. And so anybody who holds
those type of people down, anybody who steals from us, any type of accounting malfeasance that's
rampant in the world of social media and media at large, those are the suits. And you'll see the content that's created
that can give us a rally cry
that's totally separate
from whether you're even staking
or running infrastructure.
You can just hold packet
and believe in the storyline.
And if nothing else,
follow the socials and engage with the content.
And somebody else had written in a chat
that said, oh, we're not doing
internet freedom anymore. And that's just so not chat that said, oh, we're not doing Internet freedom anymore.
And that's just so not true. That's exactly what we're doing.
What is Internet freedom, Internet? And what do you consume on the Internet?
I mean, the media that we're consuming, that is the Internet freedom.
And that is this ecosystem. You know, we've been talking to projects like Rumble,
where their whole thing is about Internet freedom and freedom of speech.
You know, but this becomes an ecosystem where all of this stuff can exist. And it's the power of the people
that are able to support this network and make it decentralized and make it powerful. And by many
hands, make light work and make this thing so that it can be as big as the conglomerates and
the monopolies. I want to add to that. That's such
a good comment too. Cause like I was actually feeling that the other day while I was writing
about, uh, you know, writing all this stuff about packet and I was just feeling like,
yeah, I mean, you know, as I'm like changing the narrative about being a media network and it's
like, I'm replacing the narrative that was like, you know, getting the next billion people online
and, you know, you know, creating a censorship resistant internet and the D you know, building the
decentralized web. The reality is that those concepts are pretty esoteric. It's like very
fringe. It's like, I felt like I was, when I was writing that stuff and writing those press releases
and writing those articles, like we never really caught on with that narrative. So the underpinnings of CJDNS, that is the
underpinnings of CJDNS. But what you find out is that like culture today, we're gravitated towards
celebrity. We're gravitated towards content. And so if the underpinnings of the network are decentralized, decentralization and internet freedom.
Great.
That is what gives us the geo, you know, the aversion.
I mean, the being able to overcome geo fencing and geolocation and actually get this expansive
global relationship to the network.
But by focusing the story just over the last few months,
as we've been like retooling this narrative around content, immediately we've had all
these content companies be like, oh, well, you know, we should launch our platform on
Packet Network. Like we belong there. Still Packet Network does everything that it's always
that we've been talking about it doing. You still, if you're launching a platform, it's the equivalent of launching a website. Like I'll give you an
example. Ever gone to a website called netflix.com? That's a platform, right? When you log in to
netflix.com, that's a website. Well, where does that website live, right? In the case of someone
building a Netflix competitor, that website will live in the
world of CJDNS on the packet network.
And so you're still building there.
But the difference between the Netflix that would be built on the packet network and the
Netflix that currently exists is like that Netflix in the packet network, if you log
in through a VPN to access the network, anybody, anywhere in the world, even places that potentially would be shut off from accessing Netflix can access this Netflix competitor in the packet network.
The packet network does stand for internet freedom.
It does stand for ubiquitous accessibility.
And so that's still the underpinnings of the storyline. It's just we've found that when you're marketing, you kind of need to try stuff.
And you have to be willing to kill your darlings and find what trends are working.
You have to be able to adapt.
And so part of Taked, it's funny because everyone's like, oh, you're changing this.
Look, human beings are resistant to change.
We know that.
That's part of human nature.
But like you also know that innovation comes from change.
Like, you know, I remember watching like if you go into YouTube and watch any type of YouTube clip from the news when they were talking about email, the beginning of email, people are like, what do I need to email for?
I got a fax machine, you know? It's like, well, what was the winner? Was it the fax machine or was it the
email? We have to be able to change and adapt. We have to be able to understand where the storyline
changes. And in this case, we're changing the storyline, but we're not changing the vision of
what the network represents. So just to kind of recap, I know we talked
about a lot of things. And so just to kind of go through them all, this is a breath of fresh air
for the packet network. And the best opportunity right now is to go to Uniswap and to be able to buy packet at the lowest price right now.
We are rallying the community together and getting everybody over to Uniswap to be able to trade from your MetaMask wallet, from your Coinbase wallet.
I mean, trust me, it's like a breath of fresh air to be able to just operate this network from a real wallet.
No offense to the wallets that we have.
They're great and they served a purpose.
But like these people have invested millions and millions of dollars into these wallets and they're so good and they're so easy to use and so frictionless.
So jump over into those wallets and start trading on Uniswap. We encourage,
we'll be launching this dashboard shortly. And so when you get your airdrop, the best thing you're
going to do is stake because if there's just a few people staking, you're going to get the highest
yields. It's back to the beginning of when packets started and everybody had the opportunity to make all this money and all
this Packet. And so that gets me so excited because it's for me and my friends and my
inner circle and also people who aren't very technical. Now they have an opportunity to
re-engage with Packet where a lot of people have just died off because they just the barrier to
entry came too high. Also, the biggest opportunity is
to stake liquidity in the liquidity pool. As that thing grows right now, when it's still low,
the yields are just insane. So right now, I think in the liquidity pool, there's $931,000 in the liquidity pool. So pretty amazing to watch the liquidity pool
fill up that fast, but those people are making the most money right now. So that's the exciting
part is to have people filling up that liquidity pool and staking and earning this million coins per day to all the people participating.
And if you want to even X multiply those yields, then you'll go and stake the LP token
and generate an even higher yield. Lastly, the mini in the cube, you guys can go over to
the Rowdy website or the packetpal.com website, which will be relaunching shortly.
And to learn about the yields of people don't want to be technical and just want to have a plug and play passive income device.
We've changed the economics on the mini and the cube, and we will be staking on your behalf.
So feel free to jump in the chat, ask any questions that you want over on Discord.
Happy to answer that. And become an affiliate. Go connect your wallet, get your affiliate code,
tell your friends, and make sure you find an affiliate code because it only works on your
first stake. So you want to make sure that that first stake is as big as possible so that you can
get the highest bonus on that stake and reward.
And so that just kind of opens up the door for us to go and spread the word.
And last but not least, anybody that wants to continue with Packet Crip,
we support you in that endeavor. Packet Crip will live forever. As long as somebody runs that code,
there should be no contention or this versus that. If that's something you're passionate about,
we want to support you in that vision. And we will provide a form for everybody to do a one
for one swap. And we'll be using the escrows that we've been using in the past that are trusted
escrows to make that a fair and easy swap. And that doesn't just count for coins that are
on the exchange that are now switched. That's any packet. If you have any packet and you claim
your airdrop and you go and receive those coins, we'll swap those coins as well for
old packet as well. So you can double if you have a million coins, a hundred million coins
on packet crip and you go get an airdrop for a hundred million coins. We've working with our
partners that are all following us to this base and
everybody is happy to do a swap one for one for old packet, for new packet for old packet.
And we'll do it through the escrow. So if anybody has any questions, feel free to ask them in the
chats. And we will be dropping a link soon where you can go and claim that you'll be able to see it on
telegram and discord yeah look in parting here um you know obviously we realized that
the the mine runs and there's a lot of speculation with the lack of information over the especially
the last two weeks as we got really close to project good news launch you know there will
be people who disagree you know with the direction you can't please everybody. You know, there'll be people who disagree, you know, with the direction.
You can't please everybody to get it.
And there'll be people who want to continue with Packet Crypt.
And as Josh said, like, you know, Godspeed, that's great.
The, you know, the spirit of this
isn't to be adversarial.
Like this is our life and our life's work.
And like what we set out to build,
you know, five, six years ago,
like we're still carrying the mantle of what that represents like what we set out to build, you know, five, six years ago, like we're
still carrying the mantle of what that represents and what we want to achieve. And, and if you have
a different vision, whoever you may be like, you know, Godspeed, good luck. If, as Josh said, you
know, you want to sell your coins, do it. You know, ideally, we're doing that off the market,
you know, and, and it can happen in both, going
in both directions in the sense that like if you're wanting to get rid of, you know,
the token, no problem, you know, swap you back into the proof of work.
And I think the, and then the other piece of it is like, especially for people, let's
say who got swapped out when you do whenever they do
open up the exchange which should be imminent um they're just evaluating the contract address
at the point that they do open up the exchange um if you're unhappy that you ended up with
the packet crypt tokens super easy um you just basically are you sorry you ended up with the
packet on base token super easy um effectively you you would just withdraw into a wallet and swap it out and you'll get your tokens right back.
So there should be no friction.
There should be no animosity.
No one's trying to take anyone's property away from them or anything kind of silly like that.
silly like that. Obviously, doing this type of stuff is challenging and tricky and it requires
a lot of technological surgical approach. Surely there will be bumps in the road, but the intent
and the integrity and the focus is all there. Even while there's obviously always going to be some adversarial people, it comes with the territory.
Our goal is to go in this direction and see you off in the direction you want to go
or bring you along if you're with us on that journey.
Caleb, any parting comments before we end this?
Caleb, can you hear you with us?
I, yeah, I have to switch to the tab to unmute.
So in case, I think people kind of understand
that I got sucked into this event mid-launch,
and so not all the functionality is up quite yet.
It should be here imminently once I'm off and I can focus. But I think, yeah, I mean, my take on here, you want to do with Packet Crypt, that's fine.
And anybody who thinks that they have a right to me, like continuing to labor under a particular project for free forever, like that just doesn't make any sense.
This is where me, my friends, my colleagues, the people I brought into Packet, this is where I'm taking them to get them to where we want to be. And if you don't like it, like nothing's being taken away from you exactly as Jesse said.
But again, it's not a democracy. It's your choice. So everybody gets to vote. You vote that you're going to go to the new project or you vote that you're going to go to the old project. And you get to have, you get to It's your choice where you want to go.
Yeah, that's a really good point.
I think it's different if you were taking everyone's coins away from them.
And that's just not the case at all.
I think that's why there's different projects that do like a global migration where they kill off the other coin based on the nature of being proof
of work, like a true proof of work, not a fake one. That was impossible with Packet Crypt. And
I understand that people love Packet Crypt. There's an elegance to what Caleb had built there.
But there's also some game theory flaws there that we just, at the end of the day,
just felt that there was, there was no possibility of us ever being able to get it to scale. You
know, we got this, we got this project up to over a 400, $500 million market cap back in the early
2021 for packet. Unbelievable. Right. We were seeing trades go down at six, seven cents, you
know, the price sitting down at like, you know, you know like a tenth of a penny or I haven't even looked
at where the chart is now. But people have stayed committed to it. The devs on this project never
sold. The founding community members never sold. The wallets are all still sitting there. You can
see them all. And it showed our testament to that we believe that this was worth a lot more like the reason we didn't sell at five and six cents is because we were like this thing's
going no dollar like that was where this thing belonged we felt that this was bigger than helium
and um and so why would we sell at five cents you know 400 million dollar market cap that ain't shit
in this crypto world you know um looking back you know project down 90 something percent, you wish you sold at five
cents. But I'm still in it because we believe this thing is going to a dollar. We'll maybe
take a depot stop at a nickel and a quarter and beyond. But the vision of what we're building
is we're going up against trillions and trillions of dollars in market cap. That's the
vision of what we're building. And so that's who we're going up against. That's why I use the
analogy of Netflix, $280 billion market cap would make Netflix the third biggest crypto in the game if it was a crypto project,
right? If packet can achieve a fraction of that, $6 billion market cap is a $1 packet.
I mean, someone's going to do the math on that. It's an unbelievable amount of exits.
And if a meme token can go to those market caps, why? Because they rally a massive community. It's just community. It's
just wallet holders. It's belief. It's conviction. And if a Shiba Inu and a Dogecoin can be top 50
coins, why wouldn't a project that has some of the most consequential technology in the entire,
we'll put this technology up against any crypto project in the game. We'll put our platforms in the entertainment space up against any of the platforms in the media space, trillions of dollars with the media market cap.
And because of that, we believe that if we can succeed in our communication strategy, if we can succeed in properly remunerating the community, if we can succeed in building a decentralized bandwidth marketplace,
if we can succeed in expanding the CJDNS network on a global basis, if we can support content
creators getting their content viewed and being properly renumerated where the money is literally
cutting out the middleman going direct into these people's pockets, you can have a massive
redistribution of wealth that hasn't existed since probably the 80s and 90s when you know people were
getting royalties on cds and vhs and dvds back in the day which is all dead now so it's like that's
the that's the opportunity at hand with this project you know and that's why you know we we
put our heads together we put our money where our mouth is, and we built. And what we built is
this platform that allows you to put your hands all over that dashboard, gives you a reason to
go to the website rather than just read about it. You get to go and actually pull the levers that
are appropriate for you. You get to tell your friends to buy Pocket, and they can literally
buy it with a Coinbase wallet in two minutes. You can participate in the liquidity pool and get yields that only were reserved for pool operators.
You can, as a normal packet community member, get paid on that level now by the project.
And then we have the integrity, the speed, the backing of the base blockchain.
the backing of the base blockchain. And instead of us spending our time worrying about payment
processing and blockchain, you know, blockchain stuff, let's build the actual technology on the
roadmap, guys. Like everyone's sitting here tinkering with mining and their pool and who
cares about that? It has nothing to do with what the project vision is or what the
white paper is about. So if you're smart in networking, you're smart in programming, if you
have infrastructure, we want to see that infrastructure actually routing the network.
We want to see you become a route server. We want to see you setting up VPN exits.
And that's going to be what makes this project go to the moon for sure.
And you can be a part of that. You can actually take like a serious part. And even if you're
staking, you know, a small amount of packet, you're making a huge difference because one of
the cool metrics that will be up on the new website, as this thing kind of picks up, we have
some tinkering to do. We're a small dev team uh you'll see the total
locked value uh rate right in the middle of the home page so once that'll be a great metric for
people to uh be able to follow to see how many people are actually locking up their coins and um
you know let's see if we can get that up into the you know 70 80 percent of the um of the circulating
supply and lockups where people are here. What that's going to do
is that if people are locked up long-term, it mitigates against some of these major downturns
that happen, especially with a black swan event like happened two weeks ago on Bitcoin and Ethereum
where the price craters, what happens? Everyone just like sells into liquidations and the price goes down. But if Packet has its community staked for six, 12, you know, three,
six, 12 months, then you're not going to have these capitulation events where the price can
drop by, you know, 60, 80 plus percent, which is what any crypto project is susceptible for.
You know, all you got to do is pull the liquidity off the pool and sell, and it completely craters the
price. And so by incentivizing people to stay in this long-term, we can mitigate against that type
of situation. It's a pretty good looking chart. So let's rock the roll.
It's trading. Yeah, there's almost a million dollars in liquidity right now, which is pretty impressive. And, you know, that's people that just seeing the opportunity. You know, this is exciting stuff. So people that want to know what to do with their coins, there's two things you can do. You're either going to go to the migration app
and you're going to claim your airdrop
and it'll be self-explanatory when you get there.
Or B, you're going to go to Mexi or Bitmart
and you'll withdraw your coins directly into your base wallet on Mexi,
I mean on Metamask or Coinbase wallet,
which are amazing wallets. I'm sure anybody in crypto knows them and uses them. And so you withdraw them. And then if for some reason you don't want
to continue with the packet on base project, I'll be dropping the form link into the Discord
and on the Telegram and you can, and you can go, we'll do
a one for one swap and, uh, you guys can continue with the, uh, the packet crypt project.
Uh, any, uh, any questions, feel free to jump in the chat and, uh, and look, we thank you
guys for coming along this ride.
Uh, sorry for the bumpiness this morning, lots of spinning plates and, and moving. And so, uh, we appreciate,
uh, appreciate you and are grateful for, uh, you coming along with us and putting your faith in,
in packet. Also, I just want to say one thing. Um, I mean, this is ultimate record. A thousand
people join this live a and be your prayers have been answered telegram is open packet cash is the handle go
join telegram i mean it's absolutely popping in there we got raiders we got tons of stuff
happening uh it's the first time that we've actually assembled a team around the social
interaction and i'm just fired up that this is actually happened. We have all kinds of content coming out.
And yeah, we'll be posting the YouTube videos,
the how-to tutorials to do migration staking,
liquidity pool staking.
And just make sure you go get yourself a MetaMask wallet
and a Coinbase wallet and pack it to a dollar.
That's our motto.
Let's get it.
Let's get it.
Love it.
Guys, well, thanks everyone for tuning in
appreciate you being on this for almost two hours guys that was huge uh promise the next one won't
be so bumpy but we're going to continue doing it this way uh because it seems like it's the most
uh lucrative way to interact with the community so thank you all that and you know what especially
as a lot of new community members are coming into the project and just discovering about it, like we're going to make ourselves a lot more accessible.
I want to do like voice chats on Telegram and, you know, getting people access to, you know, the team that's been building this and running it.
Ask your questions and feel like we're, you know, here and accessible um you know including your concerns and um you know
no it's not all you know flowers and roses but but uh you know this is this right here is a
testament of what's possible when you know a few good men put their uh their time and
hearts and energy into it um i just want to send that hats off to our dev teams that absolutely um
I just want to send hats off to our dev teams that absolutely killed themselves over the last three months.
Probably about 50 people worked on this, almost a million dollars worth of development effort.
I mean, it's just an unbelievable outpour on how to make this happen and the investment of time, energy, sacrifice to build it.
We'll live and die by the chart. I get that.
And I'm sure some people look forward to getting their coins so that they can dump on you know the market but you know the intent is
that we can um continue to grow this thing to the to the heights and and the market cap that
it deserves to be in and if there's some turbulence along the way there's a lot of buyers that want to
you know pick up those uh pick up those coins so let's just keep on rolling and um we'll see you
guys in the chats yeah thanks everybody see you guys next time back into a So let's just keep on rolling and we'll see you guys in the chats. Yeah. Thanks everybody. See you guys next time. Pack it to a dollar. Let's get it.
