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#YieldmosWeekly - Community Call + What’s up Cosmos! 💜⚛️
Recorded: Aug. 30, 2023 Duration: 0:34:37Space Recording
Full Transcription
I hope everyone is having a great week so far.
Thank you for tuning in to another YieldMust space.
We're glad to have you guys with us today.
If you don't know, we recently just completed the validator selection for our testnet.
We're pleased to have a testnet and testnet.
We're going to be able to ship, we're going to be able to ship, we're going to be able to ship
and we're going to be able to ship something like a public testnet for everybody to take
a look.
Yeah, I'm super excited as well.
If you want to get it on the phone, I've had this countdown open on my screen for the last
like 12 hours.
If you want to do this, we're going to be able to do the first time, we're going to be able to do this, we're going to be able to do this.
We're going to be able to do this.
We're going to be able to do this.
If you want to get it on the phone, we have a link to the countdown pinned up in the space.
The tweet is pinned in this space.
And please retweet and let your friends know that we launch on public testnet tomorrow.
But yeah, that's great.
We're glad to be here.
We're glad to have this space.
I guess we really just want to know, right?
I know we discussed this in the last space.
We spoke about this last week.
But for people that weren't here last week, we'd love to know again, Gio, what's the significance of what we're doing with Temporal
and, you know, this change that we're launching?
Yeah, Temporal is aiming to be a ecosystem of non-custodial apps.
It wants to attract and foster, you know, the apps and infrastructure that leverage whatever non-custodial approach people want to take.
But I think the important thing is that non-custodial is, you know, a new paradigm, a new way of doing things that reduces risks and is not, and it's sort of developing.
So that's sort of the hope with where we want to take the world.
I think that's absolutely brilliant.
And I keep saying it.
This is the future of finance, guys.
You heard it first here.
And, you know, in a couple of years, I think you'll be clearer what we're building here and the significance of everything that we're trying to build here and pioneer as well.
But, yeah, this is great.
We'd love it if Lewis could come up.
I know that Interblog is one of the validators in our testnet, and we'd love to hear from you as well, Lewis.
Twitter might be drugging people again.
There we go.
Hello, do you hear me?
Hey, Lewis.
Yeah, we can.
Thank you for coming up.
Sorry if I put you on the spot there.
No, no, it's fine.
Just had to get my headset on.
Oh, great.
How are you doing today?
Good.
Not as good as you all, but, you know, managing.
Yeah, but are you excited?
Yeah, excited.
Good stuff coming and with the transactions submitted.
We can finally get things going.
But I'd love to know, so, like, when the chain goes live or testnet goes live, like, what's the first thing that happens?
What should we expect first?
Well, hopefully we start all producing blocks, right?
So, as we've seen, that can, that usually can have some issues, but, I mean, in general.
Are you guys, are you guys ready to go?
Yeah, we're ready.
Actually, I think we have...
Maybe it's here, which she's the one that's been doing the Genesis stuff.
But, yeah, we're good to go.
I think the time is...
Yes, I think that puts us at, like, 16 or 17 that I've confirmed are ready to go.
And I think we need 21.
So, I think we'll be fine.
Hopefully we'll be fine.
Yeah, I've always wondered, like, how do you choose the testnet stuff?
Because, you know, as far as I know, you only need, like, three validators, I think, for tendermen stuff?
A one.
All you need is one.
Really?
Oh, I didn't know.
Yeah.
Yeah, you could run one validator because whatever stake is bonded to that validator is actually 100% of owning power.
Yeah.
So, I've done a private testnet of, like, two validators.
We did, like, a private testnet with three.
And now we're doing a public testnet with 20, 27, I think.
Oh, yeah.
Well, I thought, I don't know why I thought it was three.
I think someone told me that at some point in time.
And I always thought, oh, that's the minimum.
That's good to know, I guess.
No, no, no.
One is enough.
But, like, what's the point of having a single validator?
Yeah, exactly.
That would work, right?
Yeah.
Yeah.
I mean, it comes in handy if you're, like, running things locally, right?
I mean, most of the vast majority of development I did was running it on a single validator.
Well, that's why you have a testnet.
For those.
Right.
It's just all this.
And there's different things that get, there's different, like, variables that get introduced when you have a diverse validator side.
Different hardware.
That's hopefully distributed latency and stuff.
Right.
Different hardware.
Different network.
Right.
Different network location.
Different data centers.
Different configurations.
Yeah.
I think that there's, that a chain, it's pretty telling when a chain has a good testnet and when they don't.
Like, for me, a testnet should run all the time because you always have upgrades and stuff.
But some chains just choose to go, you know, test it on production and, fuck it, let's try it on mainnet.
And when everything crashes, oh, there was a bug.
Or the testnet, it's not the same environment as the mainnet because it has different variables and stuff.
And it has happened to osmosis, like, just recently with the concentrated liquidity.
I think there was, like, there's going to be, like, three different upgrades until it's hopefully fixed.
But, you know, because the testnet for osmosis, it's pretty centralized.
I think it's just two bug daters and one is, has, like, 80 or 90 percent boating power.
So it's not representative of how the mainnet runs.
And I think part of that's what's been causing the issues with that.
So I think it's pretty important to have one testnet that's, you know, ongoing and representative of how the mainnet actually works,
even if it doesn't have the same number of validators and stuff.
Because otherwise stuff breaks all the time, you know.
Right.
Exactly.
Agreed.
And what stuff do you have planned for the launch?
Do you have any activities for users or just going to see how it goes right now?
Yeah, this isn't really meant for users.
We don't have anything ready to go for users.
We have no UI, no UX.
Most of the stuff we're going to be asking the validators to test out is all going to be, like, CLI stuff.
So we can't expect users to be messing around with installing nodes.
That's just, that's probably never, never goes over well.
So there's, there's probably, there's probably three things planned for this, this public testnet.
Number one is sort of just to get to know the validators, see how everybody works together as a team, get the channels established.
We actually had a heck of a time getting Discord set up the way we wanted it.
Like, that, that was probably one of the most difficult things so far on this, on getting this test set up and running.
Like, yeah, you need to nail the permissions and stuff so everyone can talk and read the channels.
And especially with the whole Discord hacking thing, you can never, you know, be cautious with that.
Right.
So, so number one is sort of a team building exercise just to get that out of the way before I made that.
So, um, I would hate for, like, anything related to that to become a blocker when we go, when we go to mainnet, right?
So that's sort of one of the biggest goals, goals there.
Then there's some testing that we want to do.
Um, for those of you that don't know, we have around three or 4,000 users using Yieldmos right now.
Um, what would, and, and we're planning on doing an airdrop, uh, or, excuse me, there's been, let me, let me rephrase that.
There's been 34,000 addresses, 34,000 distinct addresses that have at one point or another used Yieldmos over the last 18 months.
Of those 34,000, we believe, um, that around 12,000 are still like actively using Yieldmos to this day.
And we believe that those 12,000 addresses represent around three or 4,000 users.
We don't have the best, the best analytics, so we can't really give a distinct number, but we believe that each user has between three or four, um, addresses being managed by, by Yieldmos.
So that's sort of, sort of napkin math.
So don't hold me to that.
So we want to, you know, if we were to airdrop, we do plan on airdropping to current and past Yieldmos users.
So we want to sort of do a load test, uh, with some of the new functionality that we've introduced.
Um, there is, um, a custom module that I built called the compound module.
And it basically is able to do everything that Yieldmos does now, but it does it all on chain without us having to like interact with it.
It also can like be a complete replacement for restake, like for all developers that do or don't, don't run restake.
You don't have to run restake because you can now just point your users to on chain functionality that does the exact same thing.
Right.
But there are capacity concerns.
What will happen if all 34,000 people were to turn on auto compounding on the temporal token?
Right.
Uh, we've introduced some governors, like only allow a hundred of those, uh, compounds per block and only allow a compound once every 10 minutes.
But all of that sort of needs to be tested to see how it all sort of jives together and make sure that we're not creating some sort of adverse condition that's going to create, you know, 10 second blocks or something else unforeseen.
So the second, second thing that I'm hoping to do is to run like a, a fuzz slash load test and actually straight up spam, spam the test net with five, 10, 15,000 accounts that turn on auto compounding and see, see what happens.
Yeah.
Nice.
And then the third thing.
I think it's.
Yeah.
Should I go ahead?
Computationally.
I, I think it's a huge task, you know, to make this, uh, decentralized in a way.
And really it's part of the reason that I'm so interested in is how you guys handle it.
Cause to me as a non-dev, it sounds tough, you know, like a, a hard task to, to solve.
And that's why I'm hyped, you know, to, to see how it develops and how, how it moves along.
So, cause many, many chains don't even tackle that.
And actual innovation on this basis, it's hard to find.
So I have to see how it goes.
Yeah.
And also, you know, there's been like tax, tax considerations that every time there's a transaction, it's a taxable event for a good chunk of the world.
This particular process doesn't create a transaction.
You never have control of the staking rewards.
So in our, in my opinion, it wouldn't be a taxable event either.
So I think people will appreciate that as well.
Yeah, I think so.
Thankfully we don't have taxes for crypto here.
Oh, that's nice.
That's so nice.
But, but.
Go ahead and rub it in some more.
Luis, come on.
I, I, I try to bring it up every time I can.
Yeah, no, I get it.
I get it.
It's probably one of the things that.
The only benefits of being in their world.
But yeah, I'm sure you as.
And then the third thing is.
Will appreciate it.
Sorry, go ahead.
Yeah.
I don't know.
Some users like pay a lot of taxes in that.
So I think it's worthwhile.
Yeah.
Yeah.
Yeah.
So it should reduce, reduce people's tax overhead, tax liability and, and headache at tax time as well.
And then finally, we have a upgrade planned for the testnet as well.
That will add additional functionality that actually stores.
We've been calling them compounding preferences up on nil now.
So, but with the release of the outpost, I don't think that's, that's, that's no longer an appropriate name because not everything's going to get compounded.
Right.
So I think just like user instructions or like outpost preferences, I don't know, we're going to come up with a different name.
But basically being able to store those preferences on chain so that there's like the ability for the contracts to be able to eventually run off of them.
It's sort of a fundamental piece to be able to move, being able to move everything on chain.
Cause that's sort of the whole, the whole effort.
Some people might look at the chain and be like, why, why do you need a chain?
Well, one of the, one of the, like the, not one of the, but the plan is to like move everything on chain and get everything totally decentralized and out of our hands and get it running with, get it running by the validators.
And that, uh, I think that reminds me that there's probably like one more thing that we should be looking at, which is like, um, the custody, right?
Now, the other big part of why we're, where we're launching this, this network is the outposts, um, will be set up to collect a fee and that fee will be, um, not handled or custody by, by us, but rather by, by a network address, by the validators basically.
So that's, that's really the major reason for, for the network is to be able to sort of facilitate that and build a, build a foundation to be able to move the rest of the things on chain.
Great. Like I, like I mentioned that the, the task seems like something worthwhile and very interesting.
And I think everyone should pay attention to how you solve it.
And it takes time, you know, that, so I think it's fine.
Everyone's just want to see how it moves along.
Me too.
I want to see how you're saying.
I want to see how I solve it.
Future, future you.
It's a future deal.
Yeah, because we probably have, we probably have slash looked at 80 ish, 90 ish percent of everything that's required.
We've tested a bunch of the ICA and ICQ stuff, found a bunch of blockers and challenges that we had to pivot on.
And so like, once we get these outposts out, I'm hoping that I can go back to the ICA, ICQ stuff.
And there's like newer versions of it available that are a little bit more, they're a little bit more scalable and, you know, a little bit more flexible than they are today.
So like, I'm excited about that and looking forward to like, readdressing, readdressing those challenges.
Awesome.
I think I'll have to mute myself because it's getting pretty loud at the house.
But as I mentioned, hi for you guys and glad to be a part of it.
Cheers, Louis.
Thanks for coming up, Louis.
We're glad to have you on board.
And thank you to the entire inter-blog team as well.
But yeah, we have a couple of our testnet validators in the audience as well.
We'd love it if you guys would want to come up, ask questions, vibe with us for a couple more minutes before we wrap up.
And in the meantime, I would go ahead and give some announcements.
So this Friday, we have a super exciting quiz in Discord.
So if you don't have plans at 7 p.m. UTC on Friday, please hop in our Discord.
It's always so much fun and we get to win amazing prizes as well.
And besides that, our NFT project, the Yield Gang Passes, are minting in September.
So they are minting on 25th of September.
If you do not have a spot yet, you should pay attention to Discord and Twitter, the official Yield Moss Twitter,
because we're going to be giving away a couple more spots.
If you'd like some spots for your community, please reach out on Discord and we can make that happen for you as well.
We have limited spots left, so we'll be giving away just a couple more.
So please reach out and we can get that sorted for you.
And, of course, the most important thing is our testnet launches tomorrow.
If you don't know yet, you can join the countdown with the link that's pinned to the space.
So if you take a look at the tweet that's pinned to the space, there's a link and that leads to our countdown.
It's super exciting to watch and feel free to share that link with all your friends and get them involved on what's going on tomorrow.
So, yeah, these are all our announcements for this week.
Gio, would you like to add something else before we wrap up?
Yeah, I was actually looking, just reading through Strangelove's thing that they released yesterday about the IBC roadmap.
Oh, yeah.
What do you think about that?
Yeah, I'm super excited that they're, like, committing to helping teams from outside of Cosmos make IBC connections back to a bunch of Cosmos chains.
Yeah.
As well as, like, working on a bunch of features.
Sort of, they're, like, IBC adjacent, right?
They specifically call out ICA and ICQ and a bunch of, like, middleware and packet forward stuff.
So, super exciting to see, seeing them sort of make a commitment to expanding IBC beyond Cosmos, right?
Yeah.
And they specifically touch on, you know, things like Composable and Penumbra, Pact, Union, Polymer, Electron, Sovereign, Octopus, Data Chain.
I mean, that's taking into account, like, the entire Bulkadot system, and I'm pretty sure they mentioned Solidity and Ethereum, too, in here.
But I think that someone else is working on that already.
So, like, the inner chain, sort of the inner chain vision is slowly expanding beyond just the Cosmos, right?
Beyond just Cosmos, Cosmos networks.
Because right now, IBC was sort of built, is, like, directly built into the Cosmos SDK, and it's relatively easy to, like, turn it on and allow people to start using it.
But, like, adding it to all these other networks and, like, getting everything connected is basically, like, like that saying goes, like, all roads lead to Rome, right?
It's, like, IBC.
All roads lead to Cosmos.
Right, right.
Like, IBC is the roads between, you know, all these little islands getting connected with a way to being able to move value between them.
And not just value, because they're also listing, like, NFT stuff, too, that's possible, and instruction sets that can be moved as well.
So, like, super, super exciting to see them make this commitment, and I applaud them for it.
Absolutely.
And I think, like, the idea is pretty simple, and it makes so much sense.
IBC has remained much safer than bridges, so there's so much more value, you know, in more chains adopting what we have to offer.
So, I'm just big ups to the Strangelove team.
First of all, I love that they were able to put this together and share that for all of us to read.
And, you know, just looking forward to what else they're able to build up and help support.
Heck, yeah.
Do we have anybody that has wanted up, has wanted to come up and ask questions?
Feel free to come up, guys, or leave your questions in the text box below so we can get to that.
I'm currently watching the countdown, and we're 18 hours out.
Yeah, exciting.
Yeah.
Well, it doesn't look like anyone's raised their hands, or Twitter is just being stubborn and not showing that to us, but I guess we'll give it another minute.
All right.
Well, thank you, everybody, for joining.
Maybe you, if you want to wrap it up for us.
Yeah, sure.
Thank you so much for listening, guys.
It was great having you guys on.
We would love it if you could pop in on our games night this Friday at 7 p.m. UTC,
and we would love to see you guys next week at the same time for our community call.
Please remember, our public testnet launches tomorrow.
Share that info with all your friends.
Hop in Discord.
We're in great spirits, and we're just looking forward to tomorrow.
So, yeah.
Thanks, guys.
See you next week.
We actually had one question come in.
Oh, great.
Citizen Cosmos asks,
do you have any other project in the pipeline to be on Temporal?
Yes, we do.
There was actually, like, a text-based, turn-based game, I think,
that was looking for a home.
Has absolutely nothing to do with the non-custodial vision.
But we know the validator.
We know the developer.
So they reached out to us first.
So that's cool.
We also have a couple other projects that we're hoping to work on
once we get the outposts out and about.
I don't think Yieldmos is not the only thing that we plan on launching on Temporal ourselves.
There's one more other thing that we haven't really spent a lot of time on,
so I don't really want to talk about it.
But more importantly, we're looking.
We're always open to ideas.
Anything in the non-custodial type space or even something like a video game.
Come on by.
Let's talk.
Sounds exciting.
Yeah, thank you for that question, and thanks for your answer, Gio.
Thank you guys for listening, and see you next week at the same time.
Bye, guys.
Have a great week.
Bye, everyone.
