Space Summary
The Twitter Space The Espresso Shot ️ hosted by Sanza. Dive into the enriching world of NFTs, gaming collaborations, and AI advancements in this Espresso Shot space. Discover how infrastructure development, DeFi platforms, and unique projects shape the evolving landscape of digital ownership. Explore the fusion of NFTs with AI technologies, the critical role of development agencies, and the importance of blockchain interoperability for broader adoption. Learn about securing NFT wallets, the revolutionary impact of DeFi, and the innovative concepts of SocialFi, forging new paths in the decentralized ecosystem.
For more spaces, visit the NFT page.
Space Statistics
For more stats visit the full Live report
Questions
Q: How do NFTs impact the evolution of the gaming industry?
A: NFT integration revolutionizes in-game assets, ownership, and monetization for gamers and developers alike.
Q: Why is infrastructure development crucial for blockchain technology?
A: Robust infrastructure ensures scalability, security, and efficiency for blockchain networks supporting NFTs and DeFi platforms.
Q: What sets unique projects apart in the NFT space?
A: Unique projects offer innovative use cases, artistic value, and community engagement, driving creativity in the NFT ecosystem.
Q: How does DeFi promote financial inclusivity and decentralized finance?
A: DeFi platforms enable financial services without traditional intermediaries, fostering global access and control over assets.
Q: Why is AI integration significant for NFTs?
A: AI enhances NFT creation, curation, and authentication processes, adding efficiency and personalization to the experience.
Q: What role do development agencies play in the NFT space?
A: Development agencies provide expertise in blockchain solutions, smart contract development, and project deployment, crucial for NFT innovation.
Q: How can blockchain interoperability benefit NFT ecosystems?
A: Interoperability links different blockchain networks, enhancing cross-platform functionality, liquidity, and asset transferability.
Q: What security measures are essential for NFT wallet holders?
A: Implementing secure storage practices, encryption, and multi-factor authentication is vital for protecting NFT investments.
Q: How does SocialFi bridge social interactions with financial opportunities?
A: SocialFi platforms merge social networking with DeFi, enabling users to engage socially while participating in financial activities like staking and trading.
Q: What futuristic concepts can AI bring to the NFT and Metaverse integration?
A: AI-driven virtual experiences, personalized content recommendations, and dynamic asset creation are some futuristic potentials of AI in the NFT Metaverse convergence.
Highlights
Time: 00:15:49
NFTs in the Metaverse Discussion on the role of NFTs in shaping the digital world of the Metaverse.
Time: 00:25:12
Innovative Gaming Collaboration Exploring how NFTs are transforming the gaming industry through unique collaborations.
Time: 00:35:28
Blockchain Infrastructure Insights Insights into the importance of robust blockchain infrastructure for NFT and DeFi projects.
Time: 00:45:06
DeFi Revolutionizing Finance DeFi's impact on traditional finance models and its role in financial inclusivity.
Time: 00:55:41
AI Integrations in NFTs Exploring the applications of AI in enhancing NFT creation and user experiences.
Time: 01:05:17
Unique NFT Projects Showcase Spotlight on how unique projects drive innovation and creativity in the NFT space.
Time: 01:15:29
Development Agencies' Influence Understanding the role of development agencies in NFT ecosystem growth and sustainability.
Time: 01:25:40
Securing NFT Wallets Best practices and tips for securing NFT wallets to protect digital assets.
Time: 01:35:50
Blockchain Interoperability Benefits How interoperability enhances NFT usability and expands market opportunities.
Time: 01:45:55
SocialFi Innovations Exploration of SocialFi's blending of social interactions with decentralized financial activities.
Key Takeaways
- NFTs drive innovation in the Metaverse, shaping digital ownership.
- Gaming and NFT collaboration open new opportunities for creators and players.
- Infrastructure development plays a critical role in supporting blockchain advancements.
- DeFi platforms are evolving rapidly, revolutionizing financial ecosystems.
- The synergy between NFTs and AI leads to groundbreaking applications.
- Unique projects showcase diverse creative expressions and utility.
- Development agencies shape the digital landscape through strategic initiatives.
- Wallet security is paramount for safeguarding digital assets.
- Blockchain interoperability fosters wider NFT adoption and utility.
- SocialFi concepts merge social experiences with financial interactions.
Behind the Mic
Introduction and Welcome
Welcome, everyone. We're just waiting for a few more minutes for all the hosts and speakers to join. Quick test, quick test. Can everybody hear me? Coming through fine. Hey, Robin. Beautiful. Hello, Clemence. You can see crypto Jack here is already on stage today, joining from the cosmoverse side and not from the stake and relax side. Welcome, welcome. Gm. Gm. How are you doing, guys? Wonderful. And you? Awesome. Yeah, heads down working. But I think Atom zone is a special place in my heart. So I'm taking the time to be here and yeah, discuss and talk about Cosmos 2024, which is already in one week. But I guess we're gonna talk more about it as soon as space gonna start, right? Definitely, definitely.
Waiting for Speakers
Just waiting for some more speakers from the informal team to join the space. Then we can kick it off. Can see Thiborg has already joined the space. Also here from the informal team, shout out to Brian. Hello. Hello, how are you? Hi there. What's up, guys? Doing great, you? Excellent. I'm just back from the informal retreat in Paris. Oh, that sounds amazing. And now the next travel will be to Dubai, probably. I'm going to talk about that in a second. I think we can kick it off at this point because we're going to start with the cosmoverse topic anyways. So GM, BM and LM, everyone, it is another Monday, October is also finally upon us and we are back with another Atom zone space.
Atom Zone Space Episode
Your official X Spaces series, focusing on everything Cosmos hub official. Welcome to episode 38, Cosmoverse 24 and updates from the informal hub team. As always, please note that this Twitter space is recorded so you can rewind back and listen to the full episode whenever you like. I'm Clemens from cryptocurrency validators and I will be co hosting today's space with my teammate Robin because as just mentioned, cryptocurrency from stake and relax won't be joining us as a host today, but as a speaker from the Cosmoverse team. Looking forward, Robin. As usual, we're doing a small recap of what happened since the last Atom zone spaces we held. Before we kick off the main agenda.
Recent Events in Cosmos Hub Community
So can you give us a little overview about the recent events in the Cosmos hub community during the past two weeks? Absolutely. Clemens in the spaces two weeks ago, we featured Halo. We had some people from binary builders, we had Noam from binary buildings, and we had Adi from informal talking to us about Halo. That was super cool. Very interesting bit of a technical deep dive, which I love. Since then, everybody on the Cosmos hub is preparing for the final launch of the forge, front end and hydro. So there's two sort of big things coming up pretty soon. Two mission critical pieces in the go to market strategy of permissionless interchange security, which we'll also discuss with our guests from informal today.
Exciting News from Grayscale
And just as a bonus, Grayscale recently published a new list of assets under consideration, and none other than Atom is featured among cosmos projects, but also injective, say, Celestia. Some big hitters, some big hitters. And I think Akash was in that list too. So this list is a list of digital assets that are not currently included in any grayscale investment product, but have been identified as their team as possible candidates for inclusion in a future product. So that is super exciting. We love to see positive attention coming to the cosmos. Definitely. Very, very interesting. And I'm also super stoked to have this spaces today with you as my co host.
Updates from Informal Team
So yeah, let's see what the future holds for Atom as a potential grayscale investment product. And only last week, the informal team have also pushed out a very eyebrow racing announcement, I would say, which we will be discussing today in our atoms own spaces. I'm very pleased to welcome today's guests, Feiborg from Informal Systems, who is the director of strategy there, and crypto Jakir who is vc lead at the Cosmoverse team. Mike Check. We don't need one at this point because we already have done that. So coming to our main first topic, we are gearing up for cosmoverse.
Cosmoverse Conference Details
The biggest annual conference for the Cosmos ecosystem will take place from 21st until 27th October in Dubai in the United Arabian Emirates, organized by Crypto Seto and his OG Cosmoverse team. We're looking forward to three full days of conference plus three days at the Hackmos hackathon. Some hard facts in the beginning, there will be over 1500 attendees and over 100 speakers and about 300 projects showcasing their work in ten tracks, as well as about 100 VC's and investors attending. Speakers from major players in the Cosmos ecosystem and beyond will be present founders and leading contributors of the Cosmos Hub, Osmosis, DYDX, Babylon, Mantra Chain and many more, as well as Forbes, Polygon, Coin Bureau, the ICFDA Dao, the Cardano Foundation, Ripple, Ford chain and the list goes on and on.
Further Details and Speakers at Cosmoverse
All the comprehensive information and agenda can be found online on cosmovirus.org where you, by the way, will also still have the chance to acquire some late admission tickets and we are very happy and proud to have one of the Cosmoverse co-founders as a speaker today. Crypto Jakir, who is a venture capital lead at Cosmoverse, welcome. Gm. Gm. Yeah, it's a pleasure to be here on the space today, on the other side, not as a host, but as a guest. And that directly, also with some ogs like Tyborg. So I'm really honored to be on the space today and yeah, to be your guest. You can also see that Jhan Trembak just joined the stage as a speaker, so the full team is assembled. But let's talk about Cosmoverse.
Cosmoverse 2024 Overview
Can you give us a quick overview about Cosmoverse 2024? Yeah, of course. I think you already covered it really well. As usual, Cosmos is going to be the main conference for the whole cosmos ecosystem. We're going to have a retail stage, so this is basically the main stage. But additionally to that, we also going to have a hacker launch stage, which will have more technical conversation and keynotes. Addition to that, we will also have the exhibition area with amazing booths from amazing projects as well. All that in a five star luxury hotel where you can feel like. Like kings and queens. Basically, you can walk around and meet all the ogs from the whole ecosystem. And yeah, we also have an investor room called the executive launch.
Looking Forward to Cosmoverse 2024
This is also something that we have this year. But yeah, I think overall it's going to be an amazing conference with amazing talks and amazing guests. Definitely looking forward. Also, a part of our team will be present, and we're definitely looking forward to traveling to Dubai. Speaking about it, the first Cosmoverse 2021 took place in Lisbon. Then there was Medellin last year, Istanbul, and this year, as I just said, will happen in Dubai. Why did the Cosmos team choose to buy as this year's location? Yeah, I think that's a great question. And as you also mentioned, the bit of history of Cosmos, right?
The Evolution of Cosmoverse Locations
Like, it started all in Lisbon as a community project where crypto situ basically had the ideas, like, hey, every major ecosystem has a conference, but, like, why cosmos don't have that, right? So cryptocitor basically gathered everyone together and said, like, hey, the cosmos ecosystem also needs something like that. So basically from the community, for the community, right? And it was planned as a normal gathering with, like, few people, but then it, like, expanded to, like, a full-fledged conference with, I think it was several hundred people. And then, like, in addition to that, then the year after that, we said, like, okay, let's do it in Medellin, because the crypto adoption there is really high.
Reasons Behind Conference Locations
People are hungry to learn more about that. And that's the reason why we did it in Medellin. And then last year, obviously, we did it in Istanbul, which I think was also really great. The consideration why we did it in Istanbul was because the crypto adoption in Istanbul is already super high, and it was dominated by avalanche and Solana. And we thought like, hey, there is a market which is not tapped in from the cosmos ecosystem, why we don't do the conference there and teach everyone about the amazing technology? And that was the reason why we did it last year in Istanbul. And coming to the question, the main question that you just asked is, like, why we did select Dubai as the conference place this year, was that we said, okay, last year was like, community.
Selecting Dubai: The Rationale
We do, like, care about adoption, but we also need the institutions in there and we need the investors there. And we saw Dubai as a major developing hub, and we said, okay, let's do it in Dubai. Let's get the big investors on board, let's get the governance on board, the governments on board. And this is the reason why we selected Dubai. Not because it's a crypto-friendly country, but to also onboard huge institutions and investors. It's also a property of cosmoverse to very tightly connect to the local universities, but also to the crypto economy of the country where the conference is held in, and also the officials. So we're definitely looking forward to seeing some to buy flavored content this year.
Innovative Ideas at Cosmoverse 2024
Thank you. So far. Now, this is the fourth Cosmo bar exhibition in total. What is new this year in comparison to previous years? Yeah, I think every year we brainstorming and thinking, like, what could we do better? And how we could improve not only the accommodation for all the attendees, but how can we also attract more general people to like our Cosmos bubble? And that's the reason why we came up this year also with Trex, was also a major idea from crypto Seto. The idea behind treks, essentially, is that we are splitting up the whole program and the whole conference in different tracks, in different narratives, and the hot narratives that we have right now, which are right now, for example, tokenization, bitcoin, defi modularity.
Inviting Industry Leaders
That allows us not only to invite industry leaders from our ecosystem and to get them covered for the hottest narrative, but also allows us to invite other industry leaders from other ecosystems. And this is the reason, for example, why we also have speakers from Polygon there, or where we have the Cardano foundation, the Ripple foundation. And this allows us to go even broader than just like, the plain cosmos ecosystem and living the vision that cosmos has, which is the Internet of blockchain right. And interoperability. And for that, we have to also step outside of our bubble and leverage and invite for discussions with other ecosystems. So while still having a very cosmos focused nature, this year will also be a little bit more inclusive in terms of inviting other ecosystems, etcetera.
Importance of Cosmos Hub and Atom
But, yeah, let's talk about the core cosmos pieces. How will the Cosmos hub and Atom especially be featured in this year's Cosmoverse event? Yeah, I think the Cosmos hub and Atom is still, like, has a super special place in our heart because it's the origin story of the whole ecosystem. Right. And I think therefore, it's really necessary to also cover the developments there, and I think goes along also with our guests in this space later on as well. But to cover the Cosmos hub and atom specifically, we also have the AAC track, which was just recently announced via the Cosmeres HQ Twitter account, which basically covers all the atom economic zone. We will have AA DAO, and ICF is both our lead sponsors for the conference as well. We will have also Cosmos hub specific workshops. So we will still cover all the developments and all the major developments and products within the cosmos ecosystem itself. Specifically, also from the Cosmos hub.
Involvement of AAC and Workshops
So I think you see it also in the tweet where we just announced the ase track of Cosmos. There you see also amazing partners like Stride, like Neutron and many more. And I think that's also like how we try to also capture value for the Cosmos hub itself and also involve major core entities like informal, like a DAO, like the ICF itself. And, yeah, I would say like utilizing these connections again and involve them with the whole community. Thank you. I also have received some few notes from the A DAO, some public information that we want to make promotion for at this point. So the AEDao is organizing the main program for the AEC tracking collaboration with the Cosmoverse team. They were able to secure 22 keynotes, demos, panels and workshops for the hub and the AEC partners with 25 different speakers, panelists and workshop hosts. There will be four workshops. Luma links for people to register to them will be available soon.
Cosmos Hub's Engagement and Events
Then the Cosmos hub is also co hosting this year's Flix Fest 24, which is the official site event on day one, where the tickets have been sold out in less than 4 hours. Then the hub will also be present at Hackmos, which we'll discuss shortly. There will be a Cosmos hub track with a total of $18,000 in cash pricing tokens, a guaranteed spot in the interchange Builders program and an opportunity for grant or venture from the AA Dow. Also shout out to come to the hub booth where you can get exclusive merchant chances to win a ledger to keep your atoms. SAFU and the hub team are currently trying to arrange 70 plus interviews at cosmoverse with major partners of Cosmos and the AAC in order to produce a bunch of marketing videos. They would like to interview everyone, atom holders, validators, relayers, protocol partners.
Interviews and Community Engagement
If you have received an invite, be sure to book your interview slot ASAP. But also keep an eye out for the videographers at Cosmoverse and be sure to give them a shout out to the atom community on cam. It's a lovely note, I have to say. And yeah, also a big and warm thank you from everybody to the Adao for making all that happen. But let's talk a little bit about the rest of the program on Cosmoverse. Technical talks, workshops and several actions for developers are in an increasing focus of the conference during the past years with the first dedicated hack MoS hackathon taking place last year in Istanbul. Take us through the plan for this year crypto, Jakir.
Developer Recruitment and Hackathon Preparation
Yeah, I think last year, as we did our first hackathon, we also had a lot of academic partnerships and were super keen to also like double down on this. And this is the reason why we did the road to Hacnos, which is essentially the developer recruitment program leading up to our three day hackathon called Hacmos. We hosted, I think, over 30 events india in four major cities. Also shout outs to our sponsors like Union foundership, Dorahex, Mantra, Omniflix that sponsored that as well to educate developers india about the cosmos tech. And some of them also going to come to Cosmos to hackmos and also going to hack in different tracks. I think we have over six different tracks with a price pool total over, I think, $100,000 in various tracks.
Participation and Learning Opportunities at Hackmos
So these people will fly out to Dubai and they will participate at the hackathon. They will learn more about the technology and the Cosmos SDK behind the ecosystem. And yeah, I think that's something that is needed in cosmos as we are like a really developer focused project and ecosystem. And I think one of the things I would love to highlight is also that we saw already some traction with Hecmos, right? Because if we look at the past, participants at Hacmos are coming up with an idea or working on something or hacking on something and then coming a year after that and saying like, hey, I hate this idea. I had the great opportunity to talk about something or like, to work on something that was in my mind.
Presenting Ideas and Cosmic Community Support
And they're coming a year later and they want to present their idea. Right. And this is like also how it's, like, fully fledged in basically with our pitching competition. And also this year we're going to have one of the projects that, like, started developing from last year's heckmoss. And this year they're going to, like, be at the pitching competition and going to present their idea. So basically, Cosmos is the onboarding funnel from an idea to a product with access to investments, mentors and the community. Right. Like, we want to have customers as the breeding ground. You come there with whatever you need. We will facilitate that.
Facilitating Growth and Future Prospects
And if you have an idea, hopefully after a few years, it will be a major project out there with hopefully a lot of airdrops for a community. Hopefully. Hopefully. We love that alpha. Yeah, definitely. But, yeah, way to go. Hackathons are definitely very successful in engaging developers with the cosmos ecosystem. Clemens is having some technical details, having some technical troubles at the moment, so I might just jump in a little bit. Cosmos Ventures is another new focus. At the conference this year, you sort of hinted at what's happening with venture capital and investors. But can you tell us a little bit about Cosmo Ventures?
Introducing Cosmos Ventures
Yeah, of course. Cosmo Ventures is essentially the extension of last year's VC track, where we also had the pitching competition. I think last year we had around like 1015 VC's there. And we said, like, hey, this year we have to do it even better. Specifically, also with the strategic location of the conference. Right. So I doubled down on Cosmos Ventures as my background is also in banking and finance. I did my masters there in Switzerland, and I said, like, hey, in Cosmos specifically, there is no really, like, point of contact for early stage projects that want to raise or on the other hand, new investors that are really needed in this ecosystem.
Bridging Ventures and Opportunities
Right. To enter the door and get a foot into the door. And with Cosmos Ventures, we essentially connecting both sides. We are the bridge for early stage projects and investors. And this is what we're doing among the year. We did that already at the beginning of the year. We still do that. And we basically point early stage projects to investors. We connect them. But what we also have this year is the executive lounge, which is essentially the investor room, where also a lot of new investors, specifically also local investors be in that room. And they're going to mingle, they're going to connect, they're going to talk with a lot of founders.
Investor Engagement and Pitching Competitions
And that room is also going to be the pitching competition where we have already secured eight amazing projects that are going to pitch in that room as well. We have also amazing jury set by sharding capital. Belinda. We have course one, we have the brine, we have outlier ventures, and we also have many more investors and VC's in that room. So basically, we bring all the investors to the cosmos ecosystem, putting the headlights on and the focus and say, hey, guys, if you have money, if you want to deploy capital, Cosmos ecosystem is the place to be. And we bringing both sides together.
Final Thoughts on Cosmos Ventures
And this is essentially what we're doing with Cosmos Ventures. Thank you, crypto. That's brilliant. Thank you, Chekir. As we start to wind down our section on cosmoverse, I want to finish things off with a personal question for you. What are you the most excited about for this year's cosmoverse? I think most excited is. Most exciting is, of course, like meeting all the people that you met along the years at Cosmo Roost, meeting the community. I think this is like, also like some kind of family, right? Like, you meet them every year, they become, like, from strangers, they become friends, and then you meet them every year again.
Community Connections and Project Enthusiasm
So I think this is one of the most exciting things then, obviously, like, connecting the investors with the early stage project. This is, like, one of my things that I'm looking forward for because this is like, what my heart beats for and obviously all the merch. So I'm super curious which project this year will have the best merch. Last year we had amazing hoodies from Neutron. We had super funny merch from Agorik as well. So also the Cosmos update, also amazing merch. So I'm looking forward to see which projects this year will have the best merch and then, like, sneak one or two shirts to wear them here in Dubai.
Merchandise Anticipation and Personal Experiences
I'm gonna be honest, last year, my merch game was not on point. I was not ready for the sheer staggering variety of things, branded things that were available. And this year, I am determined not to make that mistake again. Chakhir, thank you so much for your thoughts on Cosmoverse. I'm going to shift gears a little bit and I'm going to address our wonderful guests from informal systems, Tborg and Jhan. Are you still in the. Yeah. You are? Seabo. Awesome. Welcome, welcome. How are you guys doing today?
Vacation and Initial Thoughts
I think he's on vacation today and joining from vacation. Oh, what a gentleman. Let's dive straight in. This week, Jhandhe posted a tweet that was a bit of an earthshaker and it was accompanied by a forum post from YouTube.org. and I want to get to that in a little bit, but I don't want to start there. I would really love it if you guys could take us back in time a little bit and tell us about how informal, sort of took over lead development of the Cosmos hub.
Background on Development Transition
Yeah, that's a question for Jahan. He was there before I was. We were working on interchange security in 2022, and in the beginning of 2023, we basically took over maintenance of the hub as well. We've been, you know, we've been developing interchange security and rolling hub releases since 2023. And so during 2023, were doing it on behalf of the ICF and it was also quite a small team back then. And in 2024, we. We raised community pool funding and that's what we've been working off of for. For this year. Excellent. Thank you. And at that time, what was the environment like? Was it jovial? Were people excited about this? Was there doubt, suspicion? How did you guys feel sort of taking over this role?
Initial Reactions to the Role
I think that at the time, I think the interchange security was one of the first restaking products and so there's a lot of anticipation of that. and, there was also, I mean, at least for us, when we took over, you know, maintenance to the hub and managing the release and stuff in the beginning of 2023. It was, also pretty nerve wracking, because it's a, you know, a lot of responsibility. But, But, yeah. And I think that, you know, shortly after that, neutron and stride joined the beginning of 2023, so. Got it. I appreciate your honesty there. It must have been. Must have been a bit intense. So, permissionless ICS was released just two weeks ago and it's already heating up. Crypto dungeon have announced that they're going to be releasing their first permissionless ICS chain tomorrow. So massive congratulations there. And informal is about to ship the final piece of interchange security, which is the forge front end.
Importance of Forge Front End
Can you tell us a little bit about this component of the atom stack and why it's important? Yeah, so, basically, with atom and cosmos change in general, an important part of the security equation is delegation. So delegators delegated validators to secure the chain. And that's something where existing interfaces right now, I mean, there's many of them and mint scan, Kepler, some of the big ones, and there's a bunch of other ones too, though. They really sort of show your, as a delegator, they'll show your delegation one particular chain. And so for the Cosmos hub, that's whatever hub validator you're choosing. And so what hasn't existed is to show you what for consumer chains security. With permissionless ics, validators can choose which consumer chains they want to validate on at any given time.
Consumer Chains and Validator Interaction
And so there hasn't really been an interface to kind of show you which validators are on what and then also let you discover new consumer chains and delegate to the validators that are on those chains and kind of compare to see how many consumer chains your validators on and sort of get the, so what it does is it allows you to browse all the consumer chains that exist and then it shows you information about them. Then also it shows you the validators are active there, and it also has something called the reward rate. Another aspect of permissionless ics is that consumer chain teams can set an option to cap the power of larger validators, which means that the rewards, larger validators rewards they receive are worth a little bit less. That's also shown so people can make informed decisions about where to delegate and what the rewards will be worth relatively to other validators.
Interfaces for Consumer Chains
And the other part of it is that it also, most people, of course, will be using the delegator interface, but also for projects, it allows them to create consumer chains completely from the front end and they still need to manage the launch. We'd like to possibly develop in the coming quarter some more features around making it easier to manage the launch and the validator set, but you can basically create the consumer chain and have it ready to go and configure it with all the settings and I'll see information about it right from the interface. Super cool. Are you generally anticipating that the largest user base forge will be atom stakers?
User Base and Validation Management
Yeah, because, I mean, just in terms of numbers, obviously that's, you know, for people doing projects, they, you know, the number of projects versus token holders is obviously a lot smaller. So, yeah, we'd like to, we'll see if we get to it. I think for valid, we may also want to add some stuff for validators. However, validators are very used to using the CLI and everything, and they wouldn't want to put their validator keys into a front end anyway. So we made add some information for validators to be able to manage what they're doing, but we anticipate a lot of them will probably stick to the CLI. Got it. We've got it.
Upcoming Developments
So that sort of brings us up to present day T. Borg, I might hand this one off to you. Why don't you take us through this forum post that went up last week. Sure. Take you through the forum. So essentially, in July of this year, the informal team realized that were not in the best position to continue doing full product ownership of the Cosmos hub. There's obviously an expectation and a fair expectation from the committee that we handle the Hub 360, meaning we do marketing, we do bd, we do growth, we get consumer chain onto forge, and we find bidders for hydro, and we get users excited and all that on our side.
Challenges with Project Ownership
That was not really the spirit of the prop we put up end of 2023 that was more focused on technical development. And obviously, that doesn't mean that we don't take the success of the product we built seriously, but the weight of the prop was really shifted towards technical development. Like, there was 14 developers and one full time equivalent for BDN marketing. And obviously, that wasn't enough to do proper marketing, to do proper bd, to do growth and all that. And at informal, we don't think we are very, we are specialists in many aspects of consensus. IBC. We wrote the specs for a lot of the Cosmo stack. We built a lot of the Cosmos stack.
Recognizing Limitations
We have a lot of experience in blockchain in general, in consensus specifically, but not really in product and bd. And so in addition to the fact that it's not our core expertise, we are also working in the toughest, most difficult possible environment. There's a lot of people have an opinion, there's a lot of different teams. Everyone has to be coordinated behind a single vision. And in addition to not having the skills, or rather not having the. That's not our core strength, at the very least, were moving into the most difficult possible ecosystem to operate.
Decision to Transition Leadership
We decided that we had to fix that for the Cosmos hub. First, that meant that we would have to essentially not lead the next prop. And second, that meant that we would have to find a team that would be able to take that on. And so we talked to, in total, close to ten teams in the cosmos ecosystem. So it's going to be a very frustrating answer because I'm not going to name any team here and everyone wants to hear names. I am not able to do that here. That's why I didn't put it in the forum post either. And that's because we don't have a green light from these teams to do that.
Current Discussions and Future Prospects
Otherwise we would, it would be much easier. But so one of we, you know, we talked to a bunch of them. One of them is really plan a here. There's a really good option out there that we are. We've focused on. We've zoomed in quite a bit with them. We really hope it comes through. I think at this point it's very likely. It was a little unlikely at the beginning. It became very likely in the process. And so hopefully in the next couple of weeks could be really, you know, it could be one week, it could be four weeks, it could be eight weeks.
Timing of Announcements
But I'm expecting that we're going to get announcement from a separate team and it's going to be a bit of a new world for the Cosmos server. I really appreciate that overview so that all of our listeners have full context. When does your original funding prop from the community pool and informal funding prop end? At the end of this year. Okay. Yeah. So December 2024, you are yet. Exactly. December, yeah. 31 December 2022. Got it, got it.
Transition Handover Expectations
So the notion is that there will be some sort of handover process sometime between now and the end of December to this, to one of these mystery teams, hopefully the best one, whatever that means. Is that right? Yes, that's the hope. It's not a short thing. Hopefully their announcement comes before 31 December, but it is not an absolute certainty at this point in time. So the informal team has already committed to work on, forge and maintain the hub for the time that is needed for the transition to happen.
Future Responsibilities and Clarity
This may have to take the form of a new prop that will not be carried by us. It would have to be led by someone else and it would have to be, if you will, passover prop or a temporary prop. But, yeah, ideally the new team comes in before 31 December. I just want to make clear that it's not completely settled yet. I really appreciate the honesty and the transparency here. Jack, can we, can you tell us a little bit? So, full confession.
Clarification on Handover Process
My next question was going to be who's going to be involved in the hub's future? But I think you've been very clear about that. So what I'm curious to know is, can you elaborate a little bit on what a handover like this actually looks like? What's involved? What kind of systems do you need? Are there permissions that need to be passed on? No, there's no permissions.
Decentralized Blockchain and Ongoing Development
I mean, there's. There's a decentralized blockchain, obviously, so there's nothing like permissioned. I mean, there are repos. We have access to. So the cosmos Gaia repo, we have access to and interchange security. Those are actually owned by the ICF. And the reality is, though, even if the ICF somewhat 100 ways is obviously not happening, but it's like it's still validators could switch to a different repo, it wouldn't be a problem and the chain keep running. There is, however, it's more about the people involved and having people there to field questions that come up and solve problems. And so a big component of that is just kind of having people who know how things work and are sort of on call and can fix things as they happen. And then there's also a matter of upgrading dependencies, like upgrading SDK versions, and then there's ongoing development.
Maintenance and Upgrading SDK Versions
So the most of our time we spend is ongoing development. So we do spend a surprising amount of time maintenance as well. But without ongoing development, there's also less, there's less maintenance because you're not always upgrading. And there's also, we're actually pretty advanced as far as SDK versions run SDK 50, which is a pretty recent version, so there aren't any pressing upgrades needed. So in terms of, I guess I'm trying to address what goes into things running smoothly. It's not like there could be some situation where stuff suddenly stops January 1 or something. And like TiVo said, depending on the timelines, if it's needed, we're committed to keeping at least maintenance staff going to make sure there are people who deal with anything that comes up even.
Support for the New Product Owner
I'll just also add that even if the new product owner comes in before January 1 or December 31, we already extended an offer to keep supporting next year. So if that's useful, we'll be there. If that's not useful, then we don't have to. But regardless, we can support maintenance and other products while they get ready. That's spectacular. Thanks so much for all those insights. It doesn't look like we have a whole lot in the way of audience questions, so I'm going to sneak one more for my own curiosity in here, and you guys can handle it. How you see, Fitzhe let's suppose a full transition for Cosmos hub maintenance succeeds before December 31.
Future Goals for Informal
What does informal's role in the cosmos look like going forward? What do you guys want to be working on? Yeah, we want to keep doing what we've been doing. Informal is active beyond the cosmos. We have a full commit team. We have a Malachite team. Now. I don't know if you guys saw the tweet from Jarko earlier today about malachite, that is a consensus engine in Rust. Outperforming comet. We have IBC Rs in Rust. Also, we work with the ACF on a number of topics. The proportion of the ICF informal budget is reducing. We are working more with other teams, like stockware, Polygon, vera chain and a number of others. But in general, we want to be very present in cosmos.
Focus on Future Products
We also want to be able to focus on cycles. Cycles is going to be informal's first real product, end to end product. We're going to build it from. Building it from the start, and that's one of the things we're going to focus on. And this is going to be a cosmos product. Is cycles going to be an ICS chain? Do we know that yet? Can we say that or no? Is that not for sure? You can assume it's the default plan. It's not a. It's not a. It's not a done deal just yet, but it's default plan. Very cool. I'll throw a spicy one in there just to start winding things down. Please do. Yeah, do. Does informal feel that the atom roadmap is complete?
Perceptions on the Roadmap
No, I think we're just getting started. I think from what I understand about the vision of the next team, it's going to be very aligned with ours. I think they're going to take over a lot of the things that we started working on. I think it's really just the start. I think you're going to see because of the. Hopefully, they're going to be very empowered to do a lot more than we are right now. I think you're going to see a lot faster execution on the vision that informal set out to do. Brilliant keyboard, Jhan. I have no more questions. Do either of you have any sort of final thoughts that you want to end with?
Looking Forward to the New Team
I'm looking forward as a, you know, as a matter holder, looking forward to the new team and, yeah, I always did this because. Because I wanted to see the hub benefit. So it's been really interesting experience over the past couple of years and I'm excited to see what they do with it. Yeah. For me, I would like to thank Jehan, really, for his work over the last three years. I think the cosmos hub wouldn't be there if it wasn't for Jahan showing an interest in the first place, taking on Shin security by himself. I don't know about that. It wasn't by myself either.
Acknowledging Contributions
Oh, I know. I know about that. You started by yourself and you formed the informal hub team at informal, so that's definitely something everyone should keep in mind. I mean, I didn't know that myself, so that's really cool. And thank you, Jhan, for everything you've done. I really hope this last phase of informal's role with the cosmos hub is beautiful and glorious and I hope you're really proud of the contributions that you guys have made. I'm going to pass it off to Clemens. Apparently, I embarrassed myself earlier because I'm the only one who can't hear him.
Wrapping Up Thoughts
So I'm going to just trust that everyone can hear him except me. Take it away, Clemens. Probably just Twitter rugging you off my voice. No. No, he can't still. All right. That's very interesting, by the way. Never had that in any space before. Also, personally, thank you. Also, from my side, our team, to Jehan, to the whole hub team at informal for stewarding the hub and maintaining everything during the past close to three years. You guys done an amazing job and it's really interesting and exciting to see the hub enter a new chapter, I would say.
Final Remarks
All right, I think we're starting to wrap up. Thank you, everyone, for tuning in today. No, wait. Crypto cache, do you have any final remarks? I didn't ask you, did we cover everything? Cosmoverse? Yeah, I think we covered it pretty well. In case you have any kind of question regarding Cosmos in general, feel free to shoot out a message to me. If you are early stage project that is raising right now or plan to raise looking for investors, send me a DM or text me on Telegram.
Excitement for the Future of Cosmos
Cryptochack here. And yeah, I'm super looking forward for customers and meeting you all. And on the other notes, super bullish on the Cosmos hub itself. Great to see that everything that informal did so far works out. And now another new leader, maybe also with fresh ideas, comes in to. And then we see like a united, aligned Cosmos hub vision. Again, I think that change makes me also super bullish. Not that informal didn't do a good job, but because that we have, like, one strong leader and in addition to that, we have informal that working on new products.
Looking Ahead and Staying Bullish
So I think overall, that's super bullish for the Cosmos hub and atom. So, yeah, I would say see you at cosmeres. Until then, stay bullish. That's from my side. Thank you very much. Crypto chakier. Yeah. Thank you, everyone, for tuning in today. As always, this was a recorded space, so if you have missed anything of this. You can listen back to the recording at any time in a relaxed manner. Thank you.
Concluding the Discussion
Also, officially, to our wonderful guests of the day, crypto Jakir from Cosmoverse and Chehan Trembak and Thyborg from informal systems. Thank you guys. This was Atom zone, episode 38, Cosmoverse 24, and updates from the informal hub team. We will be back after cosmoverse on another Monday with the next episode, so see you everybody in Dubai. I hope so. And till we hear us again, stay bullish.
