Can you hear me okay Chris?
Check, check. Everybody hear me okay? I just want to make sure I'm not rugged on my side here.
Beautiful, you can hear me okay, Vaz, as I have the thumbs up. Okay, awesome. Just let the room fill up here. I see my man Chris up here. I'm just getting the final touches on my coffee me. So hold tight for about two more minutes and we'll get rockin' and rollin' here again.
Okey dokey has everybody doing today? I mean it thumbs up a heart a purple heart whatever it is let me know what you're doing
It's a great beautiful day here in the Okinawa or in Vancouver. I'd say on about 15 degrees Celsius, so I'm gonna shine it. It's gonna be a beautiful one.
It's gonna be a beautiful one. Chris, if you're there, let me know if I can keep stalling. I don't mind.
I'm not sure if anybody else saw, but there's some cool stuff showing up on Tell Us Native for NFTs now. So there was a builder from Wax that came over to...
start building on us. So it's what I really like seeing, you know, just that organic growth from spending a lot of time checking out other chains and what they're doing and should have asked you for doing that.
And I think it's just really all that goodwill that we've been selling has really been soaked up. And people are asking me every day, it feels like, what do I do with telos?
How do I get on tell us? So let's go. Let's go. And I honestly think like all this, you know, attention that we're getting with Ted P here. I think it's really helping kind of
put some eyes on what we're doing over here and thankfully we spent the better half of a year getting all that infrastructure in place. So I mean I could teach that more in all day because I love the JPEGs but
Here, Crystal, just bring me up his speaker. Let's see if that does it.
And to, if anybody also wants to come up and speak, I kind of was hoping this would be more of a, you know, kind of informal chat about Ted P. I didn't want to have a whole bunch of procedures and process, but again, really wanted to go through why this is important, answer any kind of questions that any
y'all might have. It's not always easy reading through these documents either. So, hey, there he is. It's working now. Good old days, man. Yeah, right. Thanks, Elon. I mean, it's awesome. It's a great thing, but it's just still buggy. Like, so you gave me a
co-host and then all of a sudden I couldn't hear anything and it couldn't come off mute so I had to reboot my cell phone. And you're paying for the check too man, come on, it should work every time. Right? Beautiful. Well I'm so glad you're here with us Chris. I know you've been like the
Ted P spearhead and have such a deep like a rich knowledge on it. So I think what I was kind of curious and trying here is I know the document pretty well, but maybe kind of asking a few questions like a toddler here just so we can kind of get them out in the light and
Like I'm just interested in addressing maybe some hurdles or obstacles that people have in terms of voting to so I definitely want to cover that but I mean again open to talk about whatever concerned it so where where would you like to see the conversation go today? Yeah, well, so first of all I definitely didn't spearhead this just
to be clear, I just sort of came late to the party when I was at consensus I had an opportunity to meet with the full team and then they just sort of let me in a little bit as a guardian because even the guardians didn't quite have because this the deal and the partnership and everything that's going on around this, there's a lot of kind of NDAs right now.
So it made it difficult and it's really hard because we're in this decentralized community where we really want to have everyone be aware of things so everyone can help participate in decision making and it's like this kind of this conflict between traditional legacy web to legacy finance where it's not necessarily
We're trying to kind of, and it's difficult. I think the team has done a really good job. So, you know, so that's why something just aren't able to be shared fully. But we've, I think we've definitely done our best to try to express what is going on without breaking any clauses. But yeah, so I was brought in and I
And I helped mostly really with just the TBNOA part. So I definitely had some input on the TEDP4 document itself, but the team was already, I mean, they had it all, it was just fine tuning. And then I came in with more of a, you know, big focus on governance and really as much as it might sound brutal and I can't believe I'm saying it.
but I enjoy writing bylaws. I'm barfing in my mouth as I say those words, but it turns out it might be true. And so the TBI, which is the telos block, what does it say? Telos blockchain network operator agreement, which is kind of like this underlying set of bylaws or rules of engagement.
are basically like this fundamental piece of rules that are written that we all sort of agree to when we use the telos network. So they're really important. They're important to be accurate, they're important to be really unambiguous and clear and hopefully human readable. And that's one thing I really noticed as I was going through the TV NOA.
It's great. There's lots of great stuff there, but it's not easily digestible. It's kind of has this very what would you would consider kind of a standard legal ease type of writing style. And I don't know about you all, but I really do not enjoy reading legal documents. Like it's just there's no spice in those things, you know.
And it's like run on sentence, the lore and like, you know, so anyway, so when I, I just kind of helped write the two sections of the TVN OA that have been updated that were taken from the Ted P4 proposal itself. And that's so that's definitely where and so where we go today, I'd love to get some feedback from people like this is meant to be a bit of an AMA.
So it's the A part at the beginning, they're the ask. It's tough to get engagement in Twitter, I guess. But I'm definitely curious to hear what questions people might have. Maybe if you have questions that just come to you or you've seen, we can just try to bounce those across. Or I can just run through the whole TEDP and just
just kind of skim through it and talk about it. A lot of ways we could do it. Um, well, I wonder if maybe, I mean, it's great to hear that there's another bylaw nerd in the room because like I used to be on an executive committee for a labor council. And this is like, you know, Roberts rules of order, like, like bylaws dictating this like it.
You're so right. It's so important to have these things now and not later and a system to work with inside of it. So I mean, I think for me, the things I wanted to get addressed right off the hop and where the clarify is like how you vote because I think that's a really important thing. But then we can get like cut into the meat of the
the document, talk about any portions of it, but I think for me, like the most pressing thing I want to get out to people is like, how do I get my telos for my wallet to state and voted on the proposal? Well, yeah, that is the crux of it, right? In the end, these things are
to when these kind of Ted P's are meant to get community engagement. Like this is the whole idea is that Telos is a truly decentralized blockchain, where the community ultimately has the final say in terms of what they do and what will at least what the network does. Oh, a bit of background noise there. Oh, I'm so sorry here.
So it's the this is where we're special in that we're minting tokens minting tokens is something that affects every single token holder and it affects you directly because there's this idea of your your asset value So you've got value in these tokens that you own and now we're diluting that I mean this is this is the negative
side of doing this. This is one of the complaints and criticisms that is very valid. And we're printing new tokens, minting new tokens, expanding the supply. And that has a direct, we'll call it dilution of value to pre-existing token holders. And so that's bad, you could say, right? I mean, you're
Now, we're going to be talking about the world.
costs of housing, like that's what inflation has two meanings to some, right? It's one thing it means the inflation of the currency supply, that's the legacy meaning, but the new meaning would almost be just the cost of goods go up, that is inflation. And really, they're not the same thing, but one leads to the other. So when you increase the supply, the cost of goods also go up because
there's more currency around to pay for things. Anyway, long-winded answer, that's what's happening here. And that's why it's so important that the token holder have a chance to express their opinion. And you do that through voting. And the weight of your vote is determined by the number of tokens that you have. So to your point, Bigui, right? How do people vote?
that you need to have your tokens staked on native. This is also one not ideal situation is if you have tokens on the EVM side of telos, right now there's no mechanism where you can vote with your EVM tokens. They have to be on native. So that's a process. If you really want to participate in terms of voting, you've got to move
And this is something I think we need to fix. This is something this isn't a great setup. So this is a future project that we need to take on to allow greater breadth of inclusion from other forms of telos tokens that exist in other memes basically. So telosvm. And so you need to get those to native.
You need to stake them into rex and then from there you're able to then vote with your staked tokens. And when you vote you go to app.tellos.net. So that's your L. You go there and then at the top of that page there's a proposals section which says "Dowes, Elections, and then Proposals."
click proposals, there are currently two proposals available for voting. And one of them is this primary TED P4. Another one is a more recent addition that was put up by Douglas, which isn't really related to the TED P4, even though it has that in the name. In reality, it's a governance agenda, but it should be
almost a Ted P5 because it's its own set of changes that are different from Ted P4. So there's two things that people can vote for there. And the Ted P4 one that's titled just Ted P4, you click on that and you're able to then vote yes or no or abstain based on how you view it.
And right now it's looking really good. We've got 108 different accounts have voted 35 million telos worth of votes. And we're at 99.06% yes of those token. So that's we're off to a good start. I think in terms of those of us who see this as a really beneficial thing for the network, for the ecosystem, and certainly want to see this pass.
Yeah, and I think it really bears kind of repeating in that like a multiplicity of voices is just as important as you know whales Voting here too like I think that this this process only becomes enriched and Progresses it with participation. It can't just happen in a vacuum constantly and
And like you were saying, that's really one of the beautiful things that drew me to tell us is this direct kind of democratic approach that we can have with the aspects that are happening on chain. So I really hope that people take it upon themselves to read the TEDP article. If you haven't already, I've put a link up at the top here on how to
how to access any of that information. But just to be clear, if I've got EVM, I can't use it, but you could use the Telos web wallet and send it over to native if you want to be so bold. Now, my Telos does it need to be staked or can I state,
a vote with just unstaked tell us as well on needed. No, it's got to be staked. Yeah, you got to have it staked and then you have the ability to vote. And you said one thing that I just I think it's really interesting, you know, being a bit of a, you're a gov see a bit of a governance nerd yourself. And one of the issues, there's this idea of, so we have staked#
So when you selected myself as a guardian, that was a staquated vote. When we do on telos works, those are staquated votes. This, Ted P4, is a staquated vote. And what that means is that the whales have the largest voice. The more tokens you have, the heavier that you have, the more you have the higher the voice.
hand you have, or the greater weight you have in influencing the outcome of these decisions. And so that's not necessarily bad, but I think it's worth considering the alternative approach where it's one person, one vote. So each unique human should have equal value to lead to the outcome of a decision as every other unique
human. Why do the rich have more voice and more power than the poor, for example? This is like an oligarchy or plutocracies that we've seen in kind of legacy world. And so what my thinking on this is when we're the Ted P4 is very much an economic. So Ted P actually stands for Tellos Economic Development Plan. And so this is when we're minting new tokens, it's very much an economic
decision. And there, I think there is merit in the argument, say that those who have the greatest amount of stake, they have the most skin in the game in terms of actual tokens, and the value of those tokens, they arguably should have greater voice or weight in these economic, tight decisions that they themselves will feel the most dilution effect for
example of minting new tokens. That kind of makes sense. What I think it makes less sense is when we look at the other addendum that's been put for the governance addendum, even titled governance, to me when you're making governance decisions, that should be less predicated on those who have the most weight, the most stake, the most value, the rich people.
I think the government stuff should be more about a one person, one vote type of approach. And I think this is something that I feel really passionate about, that I think we can improve the amazing already democratic processes that we have and are leading by example on telos and add another nuance to that. And that's one human one vote, which opens up a whole other set of can of can of worms.
on this concept of a civil attack where one person can have multiple blockchain accounts does that mean each one of those accounts gets a vote. So no longer then this is basically attacking this is an attack vector on this one person one unique human one vote but there is solutions to that and one of them is a solution that I have suggested recently to bring
the community together in this event type of thing, it's this kind of community election, and the output of that election is you can get a non-transferable token that verifies that your account that you participated in belongs to a unique human. And then those can be used to do a unique human vote. And I think I just really think there's a lot there that we should
the considering as we want to advance and evolve tellos and start to think of these TED-P changes that actually aren't economic in nature at all in our governance and maybe we do a different way of voting. But that's off in the weeds a little bit, but I think it's really important topics for us. No, that's in mind. I think it's all really great to have this as part of the discussion.
question as we're moving along, right? Because obviously there's a lot of moving pieces here. But I think that like knowing the difference between, you know, like one-of-one voting per person and what, you know, a state-staked rated voting looks like, because, you know, one works when one doesn't and vice versa. And I
I think that it's interesting even as you were talking about how a soulbound token registered to somebody's account could have effectively solved part of that problem. I know you can't. You could bought it to high heaven, but if it's a soulbound token, at least it didn't move around and you can kind of peg some pe-- anyways, I digress.
No, you're right. That's exactly it. Once it's a soulbound or non-transferable token, it all goes back to the question of how you earned that token, right? That's the mechanism that needs to be civil proof. And that's why this election process that I'm talking about, it's a simultaneous video call. So when you have a hundred people who are all concurrently turning on their video and
engaging in a chat with say for other people so you have small breakout rooms yeah yeah yeah that now means that I couldn't have been in two places having two concurrent conversations even with AI that becomes really difficult because I can't just be intelligibly conversing in more than one place at once so that is how you could potentially earn this sold-down token well and
I'll give it two more seconds here because I just think this is so important to talk about is that I think that's that's actually how you get more engagement with the democratic process is like you know I there even in my labor days there were some people who just showed up to vote because they got you know bullied to do it and it's like I kind of would think of that as being
all aspects of the chain in terms of what people are doing because you have to engage with people in order to do this. That's my one fear about decentralized voting. It makes it so nebulous and non- you can't put a human face to who's been debating this.
enough that there's this detachment then from how you have to equalize your vote. But anyways, that's a whole 'nother can of worms to get into. So why don't we talk about what are these funds doing, Chris, that we're going to mint here? What's the justification behind how
How can we need 420 million tokens now? Well, for one, it's just a really fun number to run. Oh, for the culture, my man. For the culture. Right. Yeah, we're creating our own meme stock right here is what we're doing. So, yeah, so where are these tokens? So 65 million new tokens are being proposed.
to be issued. So that is the round number 65 million currently. The net supply of telostockens is 355 million, all of which are not circulating. So there's still a reserve. That reserve is used to pay for the ongoing operational expenditures or up X for the network itself, which includes paying the block producers, funding the activities of
the T.F. paying for the telos fuel, the telosignite grants and wrecks. Those are the big buckets. The telos works. These are all large buckets that each have their unique use case and purpose that draw from the reserves. That's the current state of affairs. What this is going to do is this is going to liberate, first it's going
to create 65 million tokens. And at the moment of the passage of Ted P4, well not at the moment, the block producers in the end will then need to actually execute this from happening. The Ted P4 is just a means by which we generate global consensus that this is in fact what the token holders want to do. And then the
block producers will execute on that. So once this thing passes, an M-SIG will be put up to the block producers to mint and create 65 million tokens. And those tokens will be placed in an account called TEDP4 Holding. And they will sit there and basically under an M-SIG. So that account will have an M-SIG that
That is a 5 of 7 account, 5 of 7 msig or multi signature account, and basically two of those five belong to the BPs themselves, two belong to the guardians. So they have others nine guardians, six out of nine have to vote to have something happen. So two threshold belongs to that group, and then three of this five
5 of 7 belong to the talist foundation executives themselves. So there's lots of there's multiple parties here who need to sort of work together to have tokens move from the 65 million from that original holding account. So what the the trotches so how this works is the the ability to release those tokens are
broken into separate amounts. 15 million are immediately available. That means the moment the type before passes and BP's create the tokens and put them in that account, 15 million are immediately unlocked and available for use. Then, I'll get into what they could be used for in a moment. But after that, the next
There's three tranches of price points that need to be hit to realize. Sorry, let me just drop in there Chris. When those tokens are minted, when I go to look at the market cap on CoinGecko for tell us the new number will be reflected then, right? It should, yeah, and what's interesting is the fully diluted
market cap will actually go up initially because the price won't go down intrinsically based on minting your tokens. They're not all showing up at once. They're not all showing up at once. They're not all showing up at once. They're not all showing up at once. They're not all showing up at once. They're not all showing up at once. They're not all showing up at once. They're not all showing up at once. They#
account based on these kind of thresholds that I can go through. Yeah, yeah, sorry, I just wanted to clarify that. No, no, please interrupt. Yeah, yeah, no, anytime, anybody else, right? Just request to, uh, to be a speaker and come on stage like this is an AMA. I'm open to any and all questions and nothing is off off the table. I may not answer it if it's like too sensitive or#
So yes, so 15 million initially released then another 10 million tokens can be released once the price is at 25 cents. So currently we're like 17.5 cents. If the price got to 25 cents and closes a daily close and we're using coin market cap.com as like sort of that's the price we're going to go from.
because they aggregate prices from multiple exchanges and sources. Once it's 25 cents, then 10 million are released. Then the price needs to get to 50 cents to release another 20 million tokens and finally 75 cents to release the final 20 million tokens. But when I say release, it doesn't mean they all of a sudden go from that
the whole 10p4 tokenomics section that really I think does a good job of explaining what the point is and the primary purpose of these tokens is to generate to do all the
So, over the counter sales, OTC sales to very larger institutional players or venture capitalist firms that have an interest in the network and want to basically get a piece of it. And they want to buy some tokens. They do it usually over the counter, which doesn't push the price up. That's the one downside is if we were to like, if they
They were to just buy in at current market prices. It would push the price up a lot higher, but they're less incentivized to want to do that. The VCs don't get as good of a deal. This is this kind of finding that sweet spot of getting a VC or an institutional player a good deal. But what that does for us as the overall community is now we have these real
well connected. And this is also written in here that these potential recipients and these partners who are going to buy in through these OTC deals, they can't just be anybody. They are, they want to, like the BD team, who I think we can all agree, AJ Dinger and his team have done an incredibly fantastic job of pushing Tellos and look at the partners
that have come out. What is our accident? These partnerships take a lot of work. It's no accident. We look at some other similar chains to ourselves and you just don't see this type of movement. That's the kind of caliber of these individuals and I think from my meeting and hanging
with AJ. The dude is top notch. He's incredibly smart. He knows what he's doing. He's got, and he's very personable. One of the things we found with this larger partnership that's going to be announced if everything goes as planned, they picked Tellos because of the team and the community. But really, a lot of it was because just the team
team that they were working with is like, we like you guys. Like you're fun to work with. If we're going to have a long term relationship that lasts for a year or more, you want to make that relationship with people you like talking to. Like it's kind of obvious. This is where it goes back to this whole, this whole human connection that we sometimes lose track of in these digital worlds. So that had a lot to do with it. And#
I'm sure you saw him in Texas. It's like, it's kind of like watching a master in a while, you know, like, there's the way that he can
approach people and like so much of this this world feels transactional in terms of who you talk to right like some people just come with either an open hand or you get this and we get that kind of thing but just the way he's able to like really forge a connection so quickly is like that's that's really
really inspiring to see. So I totally can get why people see that in AJ because he just, for me, has been a really big inspiration and somebody I continually draw on for his wisdom in terms of what should I do here? I guess the best way I never
I want to think I'm an absolute authority on it, so I do kind of just ask them dumb questions. How is it that you close and still make them feel like this wasn't a waste of their time and the door is still left open? All of those really interesting mechanics of doing business development that keep relationships alive,
even if there's nothing to give on either side. I think that's one of the things I've really taken from it, but I can totally accredit your claim about how hard that team works because I'm in that call every week and just like what everybody brings to the table is, we're all accountable to each other and I think that's like a really
Beautiful and you know we run a really like you know lean and mean team so let's go Yeah, well, and you know it's not even about it. It's certainly how hard one works matters But you know you can work really hard to dig a dig a hole in the ground and just fill it back in it's like
How productive is that hard work, you know, and that's where I think these guys like they're talented like a J's this is what I mean again some coming I just I it sounds like I'm full of shit when I say this by swear I'm being honest when I say this like the team that I met in Texas are like topped Tellos has such a strong future and this reason I'm like
I'm full in. I used to be more of a tell us or sorry, now I'm doing the other way around. I used to say Eos instead of Telos. I used to be an Eos guy. That was the community that I was mostly involved in. A lot of it was because of this Eden community that does this election thing that I'd mentioned. That's where they were. I spent a lot of time. I am so in
effectively. And that's to me, I think what's really special about what we've got and everyone in this community should feel proud about who you've appointed to help create increased utility and network effects and just all the things that we want to see with our ecosystem. So I think that's, I know we'll get right back to TIP here, but it's
I think it's really like that is reflective in, you know, I see a lot of the people that work for the foundation are from the community as well. You know, like shout out, uh, base Jake and, and shout out like holy vaz like we're, if you're here to like, cause obviously there's something different about tell us that, you know, if you can't even put your finger on
it just feels like tangibly different in a lot of ways and I think that it's like through that perseverance of all this like sideways motion or even in the downturns like it's the idea that keeps me here more than anything else and I think that's like ideas are like immutable just as much as
is until something supplants it. And I think Tellos has an idea on what it can represent. I think that's very much reflected in this TEPI in wanting to take the community to that next point and do it very methodically in a way that makes sense and not just like Mint, Stokens, and Dump
on the market. I think it's all very reflective of the content here in that this is a professional team as much as I run my own business and I'm a professional, but I don't think of myself in the same league as how this has been crafted. It's very inspiring.
to see how the communities kind of resoundingly agreeing with it, right? Because I think they can see the merit in it. But it's just like this is what we stump on all the time about talking about governance and getting into these weed detoxes probably more enjoyable for some
like ourselves, but I think it's like really involving yourself in the due process of the chain is like, you know, that's that's crypto, you know, like that is that that that you're trying to do to have a voice. That's right. Yeah. Well, and you mentioned one important thing like so we have a lot of faith we can call it and trust in the team to do
the right things when it comes to BD and selling these tokens, for example, right? The qualified participants that's mentioned, this is who can receive the 65 million, we will seek sophisticated partners who can provide meaningful strategic value in the web three space. We will not allocate tokens to individuals and or parties who do not. Like, so that's
We're looking at that. That's what the 65 million tokens are destined for people and entities and organizations, VCs, institutional players who actually can add value to Telos broadly in Web 3. So that's really important. Like this hasn't happened yet in the history of Telos and that is something that's going to put us on the map, right? We have as much as we might want
want to say, "VCs, who needs them?" Well, it kind of worked for Solana. Even though they're tech sucked, their token in terms of value and market appreciation was largely predicated on the relationships and business partners that they had pushing and rooting for it. That's what we're going to get some of that now.
That's a good thing. We're not going to sell out to VCs. The chain won't be majorly owned by VCs in terms of having the most tokens. No, it's only 18%. So it's actually a nice balance to get them involved, yet we as the community still have 82% of the tokens in our pre-existing hands. So that's really important. And you said one other thing that I think is
Important to mention, right? We're trusting the team to execute on this type before which introduces a whole new strategic vision for where tell us is going. A lot of that vision is technical in nature. This layer zero concept and adding a really big privacy focus is something that is a technical type of direction
and decision and that's been made by the current executive team and those of the TeleScore developers. One of the issues I have with the other proposal that's up for vote, the TEDP4 governance addendum, is it is suggesting to completely revamp and change the process by which the TeleScore developers receive their strategic direction and
where they go from here. It's basically proposing a whole new oversight board is created and elected by the community that then get to have complete oversight and not just oversight, but actually dictate what the Tell us Quart developers do in terms of their focus. That's very disruptive kind of to the current vision
and the current focus that has been presented in Tello Zero. So that's, I voted no to that governance proposal because I just don't feel like, "Hey, it's a bit rushed. We didn't really get feedback from the TCD members themselves. I don't think when that was proposed in terms of what did they want to see. Like, is this going to mess it up? Does this become like two steps backward after we've taken
three steps forward and kind of off slowing us down from where we could go with this Tello Zero. And so I think I want to slow down a little bit that governance at Dendom and just take a step back and maybe get more community engagement to make those types of changes. So I just think it's important again this idea of trusting the team we have to do the right thing. You know, I'm just because I'm a
tradesmen and come from a labor background. I'm just going to call a space spade and this amendment is the ghost of an argument from the New Year that somehow has made its way out into the light and really just is not engaging in this process and good faith. And that's just my opinion, but I really think that like people need kind of a full
context around why this is out here too and how much jeopardy it puts our deal in. I really like, I can't stress enough that it's like RTP deal is based upon a certain architecture here and then to just kind of take a hammer to it and be like, nope, not unless it's got this to
I'm not going to be able to do that. I'm not going to be able to do that. I'm not going to be able to do that. I'm not going to be able to do that. I'm not going to be able to do that. I'm not going to be able to do that. I'm not going to be able to do that. I'm not going to be able to do that. I'm not going to be able to#
find mutually aligned incentive. So even though, like, I don't think this is necessarily bad faith, what Doug was put forward, I think Doug is an incredibly talented and brilliant guy who's done so much for our ecosystem. And in his proposal, there's good stuff in there. Like, there's a bunch of stuff that I totally agree is should be included in the TBNOA. My gripe is more
Let's not rush it. Let's get more feedback from the overarching community and the tcd team themselves when we start to really change how they operate and so that's more I want to work with Douglas and I think we all do and but I think we need to just slow it down a bit and to your point which is one of my ways.
I haven't seen them up in any of these calls. It's like if you got something to say about it and enough to put pen to paper and make an amendment, I think you kind of owe it to the community to come out and talk about it and it's kind of nowhere to be seen. That's what I mean. It's like this kind of compiling of like you got to look at.
I'm not a peacemaker. I know. I love you for that Chris. I love you for that. I want to have Douglas. This is one of the mistakes that I saw in the EOS community is that they started to the the the the management that took over did almost a deliberate effort to push people away that didn't fully align with what they saw as the future. And I think that's a huge mistake when you just push people away. And it's#
has value to provide. And whether we're perfectly in alignment, of course not, we're humans, we're unique, but there's certainly somewhere where we can knit together a uniform direction where we all agree. And then we then we have everyone included and we don't lose this kind of brain power and this wisdom of the crowd. Like I very much believe that even if we
disagree on many things, we still got to work together because we're better for it. And that's where I think Douglas, as much as he hasn't maybe been communicated as communicative as you've mentioned, it would prefer, I personally still really want Douglas included and involved in how we're moving forward as a network. I just think we need to do it in a more strategic,
is very much important. And so this other governance agenda that's kind of tried to change the technical approach, that could create problems. So let's maybe slow it down a bit. Well, I'm sure, like, I'm a Canadian, but I'm sure you can probably test to when, you know, omnibus bills come through that just kind of
have everything in the kitchen sink in there and you cross your fingers. I think the thing for me that frustrates me the most about this amendment is like, you know, I know we've kind of strayed from talking about the TIP but I think it all kind of comes full circle in that like this is a well thought out thing that the team has like
like busted their chops to get done. And in terms of like obviously it's, it's, I hate that aspect of crypto that's very coy and it's like, well, we got a lot in the back that's going on. It's like, no, there's like, you know, I've kind of been privy to some
of what's going on. And it's, again, I can't see anything, but it's kind of like, it's pretty inspiring to see what it is and the fact that there's something now introduced in play that essentially puts that in jeopardy makes me like a little frustrated because
Like there's been so much time and effort put into this to make it get it across the line. The community is kind of like just got this resounding yes to what it is that they've laid out. And you know, this conversation is important to have around governance, which you know are
I'll give Douglas, you know, has some gripes with, but it's like, I don't think it's the time. And I think that it's like, it's a conversation to be had and put through the proposal process, but just feels very ham-fisted like
I will say anymore because I will be scared of it. Let's go back. Yeah, I think, you know, there's no, I think yeah, you've expressed yourself. I think in the end we all just have to try to find a way to work together. Bottom line, that's it. 100% sense. This thing, this whole thing is predicated on consensus, consensus building and finding out where we align. And I think one thing that we#
for the Telos network, for our community, for our ecosystem, to thrive, to flourish, to have technical advancements, to have increased user adoption, to bring in key partners that then put Telos on the roadmap in terms of the global crypto community, which is what's going to happen folks. Like this partnership, I mean, I don't want to get stuck in
being overly excited. But it's going to put Telos on the map. This is no small deal. This is transformative, which is why some of us are so incredibly excited. We can't say anything about the details, but it's legit. This is going to do something special for Telos, and we couldn't be more excited about it. Okay, back to the Ted
Is there anything anything that also is kind of that I cover the token bit that we get into that enough or I mean we kind of yeah Yeah, so just like a top shot here and again, I'm just gonna come at it like a five-year-old because of my lizard brain So tronches of telos will essentially be open
for sale when we hit certain prices so that it kind of slowly trickles out to strategic investors and you know we're not just gonna dump it all into the market and and just have a dump back on us. Right and one other thing that's really important about this that I think isn't explicitly it is written it says
for the purposes of clarity. These are the minimum price criteria for token unlocks. If there are opportunities to exchange tokens at higher prices, the Telestandation on behalf of the community will do everything in its effort to achieve this outcome. So what that means is even though, say the token price, we hit 25% through two days after the tech depasses
and now we've unlocked another 10 million tokens. That doesn't mean that those are for sale at 25 cents. It just means the release. So now the place goes to like 45 cents and even though the tokens were released at 25, the thing about releasing them is it allows the BD team to now reach out to the different DCs and potential institutions.
and other investors to start that conversation. It's like, "Okay, we've got these tokens now. Let's talk." As they're talking, the price goes up. Well, guess what? It doesn't mean we're selling it at 25. We're selling it at the new price. This is where those are just unlock prices, which are deliberately low because we want to get access to them so we can start the conversations to get them
Hopefully sold at a much higher price and then those and just so it's also clear the proceeds from those sales They don't like they end up in the coffers of the Tellos Foundation itself to use to then execute on the partnership and the technical road map So this is to create a bit of like Phantom did this Phantom's are really they did a really great job on
on selling into strength and different mechanisms to then not just be using their native token to dump onto the market to pay for what they want to do. They created about $100 million, call it a war chest that's not based on their token price. So in a bear market, they don't have to add additional sale pressure to their price.
can live and run the org and advance and create more technological advancements that lead to greater network adoption and all those good things based on stables and not. They're token. So that's what this will do for us. It will create a bit of a buffer now that the foundation wrecks hopefully be. Peepay, all of that can stop being inflationary and
and not apply downer pressure to the price of telos and just run off of reserves. So that's kind of where all that goes. Maybe not paying for BP's. I shouldn't have included that. I think that will still be running from the telos token itself because it's introducing way too much change. But certainly the TF and what it's doing, the TCD and what it does, those will be the beneficiaries of
of these sales. And it's not just like everyone gets a bonus. Nothing like that. It sits in a coffer, a war chest that then buys five years of development, which is huge. I mean, this chain has gone from a bootstrapped community-led thing with no injection of external capital from any significant player.
Now here we are, knocking on the doorstep of being a top tier crypto. It's a really magical story. Like to talk about a rag to riches, the groundswell of community actually doing something. This is the story of Telos. It's one that people are going to absolutely resonate with once they get to learn of Telos and what we've been able to do.
bears repeating too that like Tellos played that game really well in the last run where you know sold a whole bunch at the top to support the runway for a team to develop outwards right like since I've been at the TF it's exploded in size in terms of what what it is we cover and what it is we handle and
and really building that team, you know, kind of horizontally to work together as well. And I think that, you know, conceptually, I'm almost starting to think of Ted P. Nell as like this kind of strategic side pot of tokens that goes out the gate when it makes sense, but it only kind of stands to profit us on the way up in terms of
The people who are going to want to be buying these tokens, you know as the price goes up, I'm sure that that even even though like behaviorally it'll be like oh this is like wow this is a hot ticket right like I think that it only serves to drive more interest in terms of who we're getting to invest and Given you know it once takes
P4 pass is here and you know we can get on the other side of who these you know people we've been talking with are I think it just further further drives excitement you know like in a way that tell us did really well for itself in the last bull run you know what I mean like anybody who was around and was like messing around with you know I
made a fair amount of money on charm just over on Omni Dex playing that game and like there was a lot popping off and you could really really really really see why the tech is like you know like when I'm trading Pepe and paying 50 bucks a transaction it's like what like am I paying duty on my crypto now like it just feels like such a heavy way
and when I swapped some telos the other day on swapsicle it was like oh yeah it's just a penny sweet okay I think when it should be right? Well no I think once that psychological barrier of when we see like Ethereum will just break down I think you know it will be
so expensive to operate on it that it will not be operable and everything gets pushed to these LTs that are like okay at best I guess in terms of how they're going to handle capacity but they'll just do the same thing with NFTs with GameFi with DeFi like you know all that sharding nonsense and I think that like we're just
This position, we've refined this technology, we've refined a team that can really present and get it in front of those next and top tier partners that we're trying to score. Like you said, it's all just been the booth draft community project until this point.
like, you know, how I see this projecting out in the future and how like the team even looks at it ahead, right? Like I think we look at chunks of time rather than cycles, I think, and to be in a really good spot going on the way up this time, let's us then, you know, continue that
I think we've seen a lot of momentum come out of the TF's efforts to onboard, even just infrastructure stuff. I know Jake and Shelley can attest to just being in meetings trying to get these people
On board to talk about why you know tell us is important and then we get the feedback from them and their communities It's like yeah, we just use telos all the time for like deploying contracts because it's way cheaper right and I think that not only do we have the this kind of um
technical layer, but I think they're like, you know, going back to that point in the conversation earlier, since I do a layer of telos, right, is that just from even a structural level, we're thinking about things in very different terms. And I think that our patients will be rewarded in that there are so many lessons. Like, I'm
It's such a small part of the telos history, even though I've been here since early 2021, that there's so much that tribal wisdom amongst the people who built this thing.
seeing how that evolves and even the process in myself has evolved in the short time of work here. I'm so bullish on the people that work here. I think, and I'm sure you were saying it earlier, is it's like the team is like where your bread gets buttered in terms of what drives a chain.
And I think I was in a space the other day and it's like, you know, if I was looking at telos objectively as a chain and saw the credentials and went sniffing around on the social medias and like what, you know, doing that objective view from the outside, like there are things churning, there, you know,
We're very mindful on like what our content looks like and and how it's getting out to people like this is a full working mechanism of You know how to operate in the space and I think it's it's really just like clutching that opportunity when it's right before us and and that's Ted P baby that's
that's the first thing that this is the most arguably I mean I haven't been around since the very beginning but I have follow tell us like I have my I claim my ICO amount and like so I've been following or dropping it was in a drop exactly yeah that's how they did it so
This is the biggest step tell us is going to make so far in its history. This is going to be the most transformative thing that it's going to have done. Next to that when the EVM was released and that exploit was identified by whoever the auditor was, maybe was sentinel. They noticed something.
with the EVM code itself that put tell us on the mat with a lot of Ethereum folks. And so that was really beneficial for our ecosystem. A lot of people became aware of what's going on. This is going to be the next big step, except it's less focused. It's at both this partnership and the number of eyes that's going to bring to our ecosystem. Buckle up folks.
because the chats are going to fill up, more people are going to flood in, they want to learn about what we're doing. There's a great opportunity for people to create content and to start to like help tell the story of Tellos. Like I've yet to see, I've got a lot of ideas about what I think should be done, just not the hours to do it, but we need a really good holistic five minute, what is the history of
tell us, like, where do we come from, where are we going? That's something that I think we really need to do. I'm probably going to try to work on it the next week, to be honest, because I think it's something that when we start to get the eyes of the broader world, we need to have something to immediately just cleanly just show them and say, look, this is what we are. So thank you for looking.
Hope you like what you see stick around for a while because we're a lot of fun and we can do a lot of good things because we've got the tech on our side the community on our side and And this really impressive partnership that's going to just be like provide value, right? It's like it's like it's utility value not just like yeah pump pump pump bags go up. It's like no, no
It provides a product like a service like this is like utilizing the blockchain for what it was meant for And that's so that's of course where we're all here for right finding ways find that there's been no killer app yet in crypto blockchain technology itself currency is arguably been the only killer app the rest of its kind of just even NFTs they have
They've had their thing and there's something there, but it's not the killer app. People aren't flooding into blockchain because they've heard of NFTs and they won't want. It's not quite there yet. We're still waiting for that huge influx of the next 100 million users into blockchain technology based assets or products.
haven't really seen it and this kind of has the chance to be it. That's how freaking exciting this is. This has the opportunity to be this watershed moment that draws in tens of not hundreds of millions of new web3 adopters through the partnership. So, not overstealing, but that's what's possible.
I know we're getting close to the top of the hour here, but I was in a space the other day talking to a guy who makes music and a tease. We just got kind of talking about crypto. To me, it feels like it's still very much in that punk or octaves.
that edgy thing on the side that some people do and it's perceived as naughty at the most charitable and criminal at the worst end of the spectrum. Eventually, all the kids are listening to punk rock music in the suburbs and I think that's kind of like
That's kind of the feeling here, right? It's like I think there's this really interesting subculture that is, you know, I've found an NFTs, right? And I'm sure it's different across D5 and across Game 5, but there is really something interesting about this amalgamation of
people who are here through sheer stubbornness of working through difficult apps or it's asking a lot of time and energy of a person to be here that I think at some point transcends the financial investment and you just become part of that fabric of
of what's going on here. And that's like, I think if I have to put my finger on any one thing about telos, it's that like I really do feel like I'm part of that fabric in terms of, you know, what I'm trying to help build or, you know, if I can lend any kind of
assistance to people that have projects coming up or just talking through their ideas like I think that like that is the the touch point that makes this all feels so different and that I know obviously we can't retain that when there's like a hundred million people in the room but I really think that
like that's what the root of what we're trying to accomplish is and really having that human touch inside of a decentralized process. I think that's really cool. I know that's not like a fully formed idea, but I think like that
That keeps me here when I see other chains exploding. I'm not here for the money, man. If I was, I'd go be trading shit coins right now and not put my head down over here, but there's just something in that.
I mean, I guess a great example. Sorry. I'm going really off the beaten path here, but I'm sure you felt it in Texas too is that like I was in NFTBC here with vaz and Jake and like these people are like some of my best friends now, you know what I mean? Like I just I interact with them so much. I know that
them on such a personal level from every day. And it's kind of like you just pull harder for those people, right? Then you would if, you know, like, I was showing up on my own union gig. It's just kind of side by side with somebody who's just in that job until they don't need it anymore or whatever the circumstances is. Like, there's a real camaraderie here. And I
I think that like, I know we said it multiple times. It just shows in the like, it shows up in Ted P and how well it's crafted shows up in how this whole kind of deal has been able to be brokered and done and all the sacrifice that, you know, the members have put in to get it done.
I'm stoked that we all get to be here at this moment in time that feels like we're on the threshold of really seismic change. And you know what, we're still early here, right? Like this is as early to kind of tell us as you get before EVMI, I guess is the biggest thing is what it feels
Yeah, well, well said man, that's right. It is early and even blockchain still early doesn't feel that way for those of us who've been doing this and involved for almost 10 years. I have nearly 10 years now doing things related to crypto and it's flown by and worked still early like we're still doing
the beginning of that S curve of adoption that we often see. And like I mentioned earlier, that killer app outside of currency still kind of hasn't really manifested all the pieces are there, the building blocks are there, it just hasn't been all assembled into a cohesive structure that can then kind of people look at, oh, I get it. Oh, that's
That's what this is about. Okay, I'm in. I finally have that light bulb moment. You mentioned earlier, like an idea becomes this immutable thing. And that's exactly true. It's just we have to be able to clarify the idea with, with while abstracting or obfuscating all the difficulties of what's a wallet and how do my keys work and
cyclical or a cyclical graph generated Keen's. That just needs to be completely unimportant. And so that's where we're so close to be able to pull off. And that's why I think this is a huge opportunity for Tellos. If anybody has any questions about the 10p4,
that we didn't get a chance to hear answer today. My DMs are open. Definitely, I don't know about Twitter, I think they are, but they're certainly open in Telegram. Chris Barnes won there. If anybody has any questions, they want to talk. I'm super chatty, as you can tell, and I'm more than willing to talk about these things. If you have questions and you're not sure about something and you're
be shy to put it up in the public channel. Don't hesitate at all to PM me and I will do my very best to give you the answers that you have. The questions you have. Beautiful. Well, this was great, Chris. We should do this more often. It's it's it's a conversation with you. And just keep an eye out to I've got a
Just to say thanks for thanks for Thank you. It's the mint on the pillow Chris Just small things that matter though. Hey, those are those little things that stick in people's minds. Not the big stuff. It's some of those little things. It's the good mint with the check right?
That's the right thing. You remember. Love it. Love it. Well, thanks, Dean. I appreciate your time and you've got your great speaker and you've got great ideas. So I hope the audience has enjoyed this. And yeah, let's do it again for sure. Absolutely. Have a great day, dude. OK. Talk to you later. Bye-bye.