Discussing Crypto & Cardano’s Bullish Future with BigPey

[Music] hey guys what's going on paul here welcome back to another cardano video today i have the pleasure of being joined by big pay who runs a karana youtube channel one that i have been watching even before i set up my own channel here he also runs the bloom steak pools so we're gonna go through lots of different cardano content today get his viewpoints and hopefully give you guys a better insight into cardano and big pay himself so we pay welcome thanks very much for taking the time to come on yeah no problem man i mentioned this to you before we got on here but it's very nice to connect with you because you know i feel like you and i have a unique perspective on cardano in the world because there are not too many people that you know make cryptocurrency education videos especially specifically cardano you know so it's nice to connect with you yeah it is it's great to it's great to finally connect because we're probably chatted at diff on different videos and comments and stuff like that but it's good to uh finally get to meet you properly hopefully someday in person as well yeah for sure so let's jump into the content anyone watching i will put timestamps down below of the different topics that we cover if you want to jump to anything specific but okay tell me how you got into cardano state pools youtube where did it start or what brought you into cardano specifically this was for sure for sure so you know my whole life i've always made youtube videos you know when i was nine years old was when youtube came out and i just sat there and i watched it all day you know so i played a lot of video games at the time and i would record those video games and upload them to my channel you know i wanted to be one of the let's play guys but i was too young and i was also too late to the party so my videos never really did well if you look at my channel now i still have some of those old videos and you know as time went on eventually i was running a minecraft server and someone initially said hey man i want to donate to your minecraft server but all i have is bitcoin would you accept that and you know there was no cost to rewarding them with the donation tier so i was like sure man i'll accept bitcoin i want to say that was like 2014 2015.

I didn't really think much of it until i was buying and selling computer parts and somebody who's buying these gpus from me said hey man um he was buying two at the same time i'm like why are you buying two gpus at the same time that's weird you know you can't play games on that he's like well i mine with them so immediately i'm like wait you can make money i had like five gpu sitting at home so immediately i bought gpu risers i started mining on them um and because i played a lot of video games in the past and i watched how you know xbox ones to xbox 360 and xbox 360 went to xbox one i was immediately in the place of i'm not bitcoin's not going to be around forever ethereum's not going to be around forever you know what is you know the next one going to be that i'm not going to miss out on because i'm already clearly missing out on the mining here uh you know and so i had another guy that came to my house and saw my miners and he said hey peyton have you ever heard about cardano and at the time i want to say it was probably like the 10th or the 9th you know biggest and this was in 2017 and i was like no i haven't or when they started just giving me this feel you know they're they're removing mining it's going to be proof of stake you know they're taking the inefficiency of mining where we're using power uh and also you know this hardware to do nothing because that's what it's doing it's completing algorithms to show something that is value deterministic right well we're proof of stake you take away the energy and the hardware instead the value deterministic item is ada you know so immediately i started seeing okay you can see the next step here you can see the evolution and because i was late to the party essentially i didn't have this network effect ingrained in me so after reading about cardano and watching the whiteboard video and also seeing uh his ted talk that was from 2015 or 2014 where he talked about three billion people being unbanked and how can we bridge you know this legacy system into a new system well the only thing is to watch back now i'll try and link that one below for anyone who hasn't seen it if you watch that now and watch what's going on with corrana nowadays it's crazy to see his vision finally coming through sorry i go ahead i interrupted you there no it's no worries man it is actually it's insane it's insane to see that someone can have a vision especially because i'm still pretty young man so you know seeing somebody you know have a vision six years ago and finally enact everything that he was dreaming of six years ago uh is a very powerful inspiration for me at a young age you know and it's crazy so i saw him speak about you know banking three billion people how are we going to bridge these old systems with the new systems considering the old systems hold most of the power well the only way to do that is if you have all of these users you know to where the legacy system has to interact with the new system to stay relevant you know and immediately that just clicked with me because why would our government adopt a bitcoin why would our government or our banks or you know all these institutions that we have adopt a cryptocurrency when all it does is take the power away from them the only way that they would do it is through monetary purpose right incentive and that the three billion users really did stick in my head so that from that point on all of the mining profit that i was getting whatever it was you know raven coin or ether whatever it may be i traded every single coin that i made like a madman into cardano i was in a to maximalist for years i'm not that way anymore i've definitely diversified out i still believe in cardano fully but back then i felt like cardano was so uniquely undervalued because of the ghost chain narrative that was so prevalent but it was really just a project that was you know trying to better the ecosystem you know so yeah that's what we'll touch on the maximalistic again as well i think that's a good topic as well so when you got into cardano then the staples i suppose was you come from you were in college studying i.t where you were programming so when the itn came along the stake builds was kind of the next thing to jump on i suppose well i um so i was a minor back then as i just mentioned and i just wanted to be a part because also you know where i was just mining in the past it was for greed i wanted to make more money i was working for eight bucks an hour so the idea of something sitting at home making me five bucks a day was just the awesome like it was just amazing you know so i initially came in you know for greed but after hearing about you know the financial freedom aspects and bringing in all of these users and you know actually being able to better the world through governance and taking some away taking the power away from you know the centralized few i started to become very passionate about it and i wanted to be a part of it you know i wanted to participate in the network and process transactions because at the time i was very like simple-minded i didn't understand nfts i didn't understand defy the only thing that i understood was processing transactions right so i was like well how can i do this for this new network that i think will be the biggest network you know so really at 20 from 2017 and on it was always in my head that i was going to create a state pool for cardano and process transactions and then when the itn started um it was the same thing it was you know i want to be a part of this network i'm very excited for it and um i would think it was day three of the itn i set up pay ada state pool and um i just i fell in love you know i fell in love with the community learning about all this stuff you know the technical sides of it um and also you start seeing more of charles philos like philosophy come out too during that time you know because this one we were getting all the lockdowns and um you know i was very like most people in my country not radicalized in a negative way but radicalizing the sense of you know i'm not just going to stand by anymore while we know we let certain people run the world i'm actually going to be vocal and develop opinions whereas before before this radicalization i i couldn't do that you know so yeah i was in school full-time uh for computer science and engineering and uh then you know because of what happened with the world it was kind of a strike of luck they moved all of my classes online and i i have adhd i'm not someone who can learn without being there having something to do somewhere to go um so i just i took the decision and thought you know with all the government printing with staples coming out i'm going to drop out you know i had a good gpa it was at like a 3-7 in a big university and i dropped out and i was like i'm going to do this and go give it my all for probably the next two years and see if it works out and if it doesn't i'll just pick up right back where i left off for computer science and engineering and i learned a lot you know i honestly learned more about the industry and about computer science than i would have if i stayed in school so yes was it it's turned out to be a completely life-changing decision for you because the platform that you've built for yourself now and where where we are with cardano where i suppose we both expect and a lot of people watching this where they expect cardano to go as well things are only going to get better and better in that sense so um worked out very well in the end for you for at such at such a young age to be effectively set up for the next i don't know potentially lifetime with all going well with the vision being fulfilled of what cardano is looking to do yeah so it's incredible man you know i never um it still hasn't set in yet i don't think because there is really no difference between you know me waking up in the morning getting on here and turning on a camera and making a video than there was in the itn days you know there's there's no difference so it still hasn't set in yet yeah it's great to still have the passion for it and look you're getting up and i i know from my side anyway you're the exact same i'd say that you put in incredible hours behind behind the scenes it's not you just turn on the camera for 20 minutes someday and a video comes out there's a lot that goes on behind that so it's uh but to me it's not work it's something i enjoy doing so it's great to to be able to do that yeah it's a nice living that's for sure yeah you mentioned the ghost chain narrative and we still have that as well there's still lots of people out there will claim cardano ghost chain and whether that's a fear of cardano or whether that is their actual belief smart contracts should be extremely close do you think we will have it in september or when do you think we'll have it you know i could i could definitely see us having smart contracts by the end of the month early of september but what it reminds me of is the shelly days right when we came out with shelley and there were a few promises that we didn't have yet you know multi-delegation wallets um you know there were some other parameter changes that we wanted at the time you know we wanted an a not change we wanted a k parameter change you know i think that it's going to be similar when plutus launches except the difference is we're not waiting for gogan anymore so gogan is going to be the main focus so i think we're going to have a launch and it's going to essentially be like the the layer 0 launch where it's like developing a website in the early 2000s where you don't have javascript yet you don't have wordpress you don't have all this tooling that makes things you know easier because you're the first one ever doing it you know you're having to design these tools yourself and when you design these tools hopefully they're open source for other people to use as well but i do think we're going to have smart contracts on cardano next month and if not the latest october but i do think they're going to be you know like a layer zero version of the smart smart contracts while we wait on tools same thing happened with shelley we used to have to create stake pools you know with just lines of you know lines of cli we used to do transactions with lines of cli well now there's tools where anyone can set up a state pool in an hour you know whereas it would take me days back in the past yeah and suppose that's what charles has kind of said as well that we don't have to go through every color so people who've seen the chart of the different phases of the test net we don't have to get to the very end of that to have the hard fork so the hard fork will happen which brings the nodes off we're up but then the tooling and everything else will all follow and yeah it's going to just keep following if from what i see there's always going to be new tools coming and buying new ways of being able to develop making it easier as you say going from cli to having complete scripts and making it very easy for people to set stuff up and it will be very similar you're on the test net as well aren't you how's that going on that side is from what charles says it seems seems fairly good few bugs but that's standard in any software yeah it seems less buggy than shelley was by by a large margin and you can also see you know this momentum that charles is always speaks of you know he says oh you know we were slow in the past but you know we've built up momentum i mean will you see that and the people that you know are both participating in the test net and also from iog you know how fast they're spinning up new node versions how spas fast alonso white 3.0 comes out and then okay we're all doing a different network we're all jumping to okay now the kilobyte size is increased and i really thought about this for a while because my first response to launching it without all the tooling was well why you know why don't we just wait until we have all of the tooling we've been waiting for so long why don't we just release it all together but then i thought about it and it's not just charles at the helm anymore it's not just iog you know they're i just got off the call with someone before this and you know it was a company that probably has you know hundreds of millions of dollars and they're choosing cardano as the protocol to build on so if gogan is released next month and the tools aren't there but this company you know has this vision of something they want to accomplish what do you think they're going to do they're going to build the tools they're going to open source them and give them to other people so by having the code launched and allowing people to build those tools you know you're not going to just see iog finishing these tools you're going to see other people in the community doing the same thing just as we saw with stake pools you know yeah that's exactly where we want to get to us was and on that yeah stakeholders we've seen so many different tools different ways of running the pools as well from different operators out there that have created some brilliant tools that make it so much easier so hopefully we will see that with smart contracts as well and that's i suppose that's all part of the vision is that it comes away from being just charles air or being iohk or that that eventually it will be just the community is driving the driving force behind it so yeah other projects that you're bullish on so obviously you're very bullish on cardano is there anything else that you are kind of confident on or investing into i think i i saw your video with world mobile world mobile's one of them i'm very excited for them um to me i call it a cardano investment you know because if cardano's going to do well i think world mobile inherently will too same with most of the coins i hold unfortunately are the cardano investments you know i hold i hold ergo i heard hold s dao i heard hold agi x i hold world mobile uh and i hold bitcoin and then a little bit east you know to do my daily transactions and style buys on there yeah but world mobile i'm very excited for to me it just seems like the perfect you know use case of the cardano blockchain you know they're using it as a way to incentivize action and that action is not participating in a d5 project that action is actually you know connecting real people and building real infrastructure for real people in this world you know it's not just you know trading you know phony numbers with phony defy tokens um you know back and forth it's a real company using a blockchain to provide real incentive to real people to connect the unconnected um and it just makes me excited you know yeah from the first time i think i've had mickey on twice now but the first time i talked to him i was thinking before it yeah i probably will get invested into it but after talking to him even on the call and after it it was like i was sold on the vision of where they're going to go and again when i see i o hk investing into a company or taking a big interest in it that's kind of a seal of approval i know it's not an official seal of approval but for me who is invested in this ecosystem i see that as a really good sign as well and if they can fulfill even half of their vision then there's huge potential there the other ones you mentioned there ergo i still kick myself that i haven't got into it yet i've been watching it since around two dollars three dollars waiting for opportunities to get in i will own it at some stage but don't yet agi x and was it esto you said yeah there too i haven't fully looked into ben extremely smart guy for edgy agi x so again one that i need a bit more research but you had been on before didn't you yeah and that's um you know i'm not gonna say that i'm some savvy investor man you know i haven't had enough time in the markets to you know make the 100 best decisions but what i did notice um was when i invested in cardano in a way i was investing in at first charles now i'm not investing in charles right but and i did that because he was you know a genius i felt like he was a visionary and i feel the same way about ben gortzel you know i'm investing in someone who i feel is very smart you know i feel that you know can accomplish real change in this world ergo it's honestly a similar thing but also there's another use case there uh alex troopernoy hopefully i pronounce his last name right uh he is just a a smart dude you know i had him on and he's just ahead of the game i mean he already has a blockchain built in extended utxo so you know we're all betting on this course that is ada right and it's extended utxo but there's something called input house and input pals uh help you know prove something and specifically proving internet interoperability you know apparently you know and i'm not 100 on this because it's pretty complicated you know with extended utxo and the ergo blockchain you can do an inpapal that allows you to verifiably prove the transaction between two chains and you know as we head towards this you know blockchain of blockchains where we're all inoperable with each other and each blockchain has its own niche use case you know i feel that as ada does well you know so will ergo as the secondary proof of work use case for cardano you know and i was lucky enough to get in at like 30 cents you know so nice i've been holding it for a while and i had him on my podcast too and it was the same thing like he said with mickey how he just sold you on it i had alex on i'm like that dude is smart way smarter than me he can do more with this than i can you know yeah it's it's definitely that the person involved in the person who heads up cryptocurrency you can see that they actually believe in it look i've been in and out of different coins since 2017 properly i think 2016 was my first bitcoin didn't hold any of it but seen so many projects come and go but you know when one project leader stands out and they actually do believe in it you see so many that are just saying what the community wants them to say or when you actually listen to them you don't get that belief in them so when i do see a project like that that i can get into long term i think i've got a lot more safer in my own investing i see i do hold bitcoin i hold cardano i get into projects that i think long term i don't care what happens short term long term i believe where where things can go it's good to hear you hold a small bit of ethereum as well because i do hold a bit of ethereum too nowhere near the amount of cardano that i hold but sometimes you get this narrative of sort of in the maximalism territory that if you hold cardano you can't hold ethereum or you can't hold other coins and that's not good in any coin i think you have to be open to we even seen charles post yesterday about congratulating ethereum on what they've achieved with eie vip 559 or one five can't think of it now the london hour i think it's one five five nine you were close yeah the london hard fork and we have to be able to do that we have to be able to look around and acknowledge the achievement of other cryptocurrencies crypto isn't a zero-sum game it's not one one succeeds and everything else fails like you mentioned there interoperability is going to be massive for the future yeah i agree with you completely and you know with all the regulation stuff that's going on right now you know do you see how like small-minded it is and you know ignorant it is to you know be fighting each other and trying to take down each other when you know the real enemy here is regulation that's trying to limit the growth and the impact that blockchain has on the world yeah uh with what's going on in the us the you can talk about it a bit this was the regulation that they're or the bill they're looking to bring in to me they're just they're very short-sighted in what they're trying to do so they're looking at tax getting the big tax payday which they might and they might get but long term they're going to kill themselves because technology companies in the blockchain space are not going to be opening up in the us as well as that they really hamper us citizens getting involved in lots of different cryptocurrencies or crypto companies wanting to deal with us citizens it's um there's a lot of education needed there and i hope they don't rush into making this build that kind of scares away a lot of companies with what went on in china where they're pushing out the miners and stuff they want their digital one that's a different angle they're coming from anywhere but the us has a huge opportunity to attract them so we see some of the amendments to the bill that are trying to get put forward are some are trying to allow proof of work but still excluding proof of stake which will be cardano and lots of other chains as well what do you what's your take on it as a us citizen so the the first part that makes me the most angry is that it's in an infrastructure bill you know so for the past two years we've seen many of these infrastructure bills be pushed out and you know a year ago the right and the left would always have something to say about the last paragraph in these bills because it would always be something crazy like 10 billion dollars going for um you know gender studies programs in israel was one that i saw last year so what what makes me the most angry is that in a bill you know they can just do changes to an entire industry like this and maybe that's necessary you know if something like an emergency happens you know but it's hidden in there and half of the people that are voting on this don't even understand probably more than half what a proof of stake validator node or what is a blockchain validator node and the goal is to increase tax compliance and tell you right now that it is going to do the exact opposite because as a proof of stake company you know i report every single thing that i do to the government every dollar i make they take half of it so they're not going to increase tax compliance at all because i already do comply with my taxes the issue is you have to self-comply with your taxes well i want to operate in this industry and i want to be in this industry forever so i'm going to comply with my taxes and self-comply but what they're doing is they're introducing a law that states that if any transacting of swapping of two currencies happens on a state pool node then they have to kyc that customer and give that data to the irs when in reality that's not possible because i can't determine what transactions are processed through my node so they're introducing you know a law that can't be followed so what is that going to do it's going to reduce tax compliance because if you're introducing a law that my company can't follow and i'm going to be under scrutiny if i you know don't follow it then what is there to do other than leave yeah so you're pushing you know all of the people in this country that are in you know the most revolutionary industry right now you're pushing them all out of your country and let's think about what would happen if you would have done the same thing during the dot-com bubble you know your country will be left to die you know it's um it's it's sad you know and a lot of stake pool operators are in the united states a lot of them and i'm fortunate enough to actually have the option you know to do that if it comes down to it but there are others that don't you know so as i complain about this you know i i must say that i'm thankful for what i have to be so worried that this could happen in the first place um but there are others who maybe won't have the resources and you know other people that follow the same path that i did where you know they're just a college kid they want to mind or they want to do this as a hobby to learn more to intellectually push themselves towards the future and now they can't do that because of some [ __ ] law that's supposed to increase tax compliance but the law of unintended consequences it actually does the exact opposite you know yeah it's it's a complete as it's short-sighted i think there's a mix of not enough education just what you said there about actually confirming transactions on the node i hadn't even considered that side of it which it's impossible to do that like i was thinking from the side of paying out staking rewards but they don't understand that the protocol does that it's not like we get the all the rewards every five days and we manually send them that's all handled by the protocol and so who didn't even think about it from that point i didn't think about it you didn't hang out the tokens because that is in a way a transfer of tokens right yeah i was looking at it as like an exchange like let's say there's like a uni swap of cardano and they do a transaction on there who's going to process that well depending on how many transactions i consistently process one of them is going to be me and that one i'm going to have to report to the irs and it's just impossible you can't do it like there's even the thing then me as a state build operator outside the u.s i can't stop u.s members or u.s people going on to the cardano blockchain and making transactions that i may or may not validate it's um it's a crazy law i do agree that the united states government's pretty scary too if you mess with their citizens they'll come after you sometimes that's it yeah so it's it's not just it's not just the us unfortunately it's like this has ramifications on the whole of crypto so that's why tribalism within cryptocurrency and i don't like that crypto they don't like that if someone within a cryptocurrency makes good points or education on this we all need to spread it around so that people understand what they're actually voting on like the ones one of the amendments was to actually specify what a broker is so the one is this i can't even think of the names the first amendment that came out was where essentially they want to leave it that it's the likes of coinbase kraken finance they're the ones that have to report taxes and everything like that which i fully agree with look if you're using the centralized exchange you agree to kyc pay your taxes regulation if we want crypto to go where where we all want it to go then regulation is inevitable it has to come in we have to accept that if we want to grow but just not in this exact form that they're trying to bring in right now this kills kills innovation yeah and of course i'm under the opinion of you know well why do we pay taxes anyway when the government printed 30 percent of the total supply last year you know but at the same time you know paying my taxes is going to ensure you know that the government is okay with our industry you know so from day one you know we've paid all of our taxes and we continue to do so and it's just unfortunate that you know we're rewarded for giving half of our income as a company uh we're rewarded with you know leave so it's unfortunate it just pushes pushes a lot offshore like you say you're in the position where you could potentially go if you needed to but there's so many others that that of course you can't don't have that option to move so hopefully there's some sense seen before they crush the blockchain industry over there yeah that's i don't know when you're gonna upload this but you know it could have already passed you know when you're watching this video yeah i did actually record another one to put up i might put up these two videos today so my one first and then this one later on tonight as well just to double get the message out there yeah so let's move on to nfts it's a space that i have been i suppose not fully bought into since the beginning um i'm slowly coming around a lot more to it i see what's going on on ethereum and it's just crazy the um prices that i see being paid out there for some of the nfts what's your thoughts on the space as just digital artists bringing gaming into it the next for me i'm can't wait to see the next evolution in terms of gaming and how that can go yeah yeah so i've really been taking an interest in nft since basebots before space buds um i didn't really see the use case there i was like oh digital artwork i like real things physical in my hand this doesn't make any sense but space buds like kind of unlock something in me where i was like okay i see what it is now it's like trading cards it's like it's just the next evolution of you know you know collecting things but then i started to think about it more and at the protocol level there is no nuance between a artwork and a bond that's paying you return so you might be looking at nfts right now and thinking oh well this is stupid they're trading a bunch of money for this digital artwork these nfts but behind the scenes they're building tooling that will be used for the future financial system relative to nfts you know um because like imagine if you just pull together a bunch of nfts into a liquidity pool and you pay out you know a certain amount of funds relative to what the smart contract says and this time it's digital artwork next time it's going to be you know houses or bonds or you know all of these other things so i honestly am very excited for nfts on cardano as a use case and i'm excited about everyone that's building tooling for nfts because it's the foundation for the future financial system and to touch on that even more um you know i mentioned earlier that i've played games my entire life well i've played some games where as soon as you introduce an economic aspect to it the users flood in because it's a lot easier to play you know counter-strike and receive a random skin at the end of the game than it is to work a job and it is way funner to gamble in open packs than it is to work a job so i saw with counter strike where they had they were a dying game and they introduced an economy on top of the game and the economy was called cs go skins and you would get a random item at the end of the game where you'd open a pack and get a random item and that could be valued at twenty thousand dollars at the high end or it could be valued at a dollar or fifty cents the low end so people are gambling on these packs but as soon as they introduced this feature that no one had ever done before they were quickly reaching a million users from thousands to to millions like in in six months right so as a way to bring people into cryptocurrency say you're laymen what you do is you build a kick-ass video game with a kick-ass economy on top of it and you integrate it within the cardona blockchain and you will get as many users from this video game as you do from signing in a tolerant contract in africa yeah it's definitely something that i see as gonna bring huge adoption into cryptocurrency in general is the gaming side of it being able to so lots of games there's a whole generation that was growing up playing games from extremely young playing these games where you have to buy skins buy characters by weapons within games but they're only you can only use them within that game so when you introduce the concept of they can buy these items but they're actually nfts that they can sell on the marketplace or that you can earn within a game then that's going to be absolutely massive you see actually infinity over on ethereum already just exploding with people earning their living just just playing on the game it's um it's an industry that's going to be huge there's another one alluvium on ethereum i don't know if you've seen any of the i've seen axis infinity but i haven't seen aluminum yeah you should look up some of the videos of what they're actually producing and the graphics in the game looks like it's going to be incredible the actual game won't be out until next year but the token has exploded over the last few weeks i don't own any sorry i don't but somebody some of the gameplay looks like it will be incredible yeah and it's um it's merging you know two types of people because i i am somewhere in the middle like i love gaming but i've always had this you know this urge uh to learn about finance and to you know you know really dive into that and i feel like when i used to play video games all the time i always loved the games with an economy you know i loved interacting with the economy i love like building myself up in the economy or you know building a business in these games and i feel like merging those two things but actually having real value um is especially um as we go into like the world of virtual realities too you know i mean it's um 20 years from now these games mixed with cryptocurrency is really going to be a crazy thing yeah definitely um yeah i'm looking forward to seeing what types of games and everything come out on top of cardano it's um it's definitely a space that over the next year i think will look extremely different 12 months from now and to me it's only going to explode so just on nft's then on on cardano versus other gen so we see they're absolutely exploding on ethereum and other chains when native assets came on to cardano that was something that people really jumped on because it was a used case that could be done on the blockchain even though we didn't have smart contracts so what do you see as the difference i suppose between cardano between ethereum any other ones that you have checked out this wasn't relative to nfts so there are like actually you know niche blockchains that focus specifically on gaming and nfts and i haven't dove into them yet i haven't so really my good comparison is between ethereum and cardona you know the two that i know and you know as you mentioned native assets were introduced in february with the mary hard fork and really i immediately saw the most evident use case and it was fees you know it is way cheaper from both a business perspective and a user perspective to buy and sell nfts on cardano the actual cost to mint an nft and send it i want to say is about a little over two eta you know so if you're doing you know say 4 000 nfts well that's going to be you know 8 000 ada and let's compare that to ethereum you know because you also have to send the nft so you're having a mention fee for the creation of the token and then you're going to have the fee to send the token to another user and you have to do that at scale well on ethereum when you're building let's say a project where they're selling 10 000 nfts you don't even know what the cost is going to be from the smart contract perspective or the user perspective when you create the smart contract because it's determined based on the current fee structure and ethereum and that's based on you know people bidding to be in this the nearest block right so from the user perspective i mean you can spend let's say you want to pick up 10 nfts you can spend like 500 in tx fees doing that you know yeah whereas on cardano i can have people purchase 10 nfts at the same time and pay you know the total cost between both them and i is at most you know two to three eta and you might your first thought is well you know eight is not as big as eth yet so as the price of eta goes up well no because cardano will have governance and you can actually vote on what these fees are so it's not determined based on what the miners are willing to extract you know it's determined on what the community votes on you know what offered these fees to be as the price of ada goes up because as we get to you know let's say a five dollar ada no financial advice you know that's going to be an expensive nft transaction and we're starting to compare to ether so immediately what we do as a community is you know we lobby together and say hey these fees need to come down to support people in other countries you know so i released a tweet the other day and so far i think we sold about you know 4 000 nfts and i worked with the engineer that was helping when we ran the math on how much it would cost because a lot of these nfts are distributed at the same time if you buy 10 of the 10 of them at the same time it costs that cuts that cost down from you know say a little over two eta it cuts that cost down to you know about 2.5 eta for 10 nfts so we sold you know 4 000 nfts and that cost us you know anywhere from you know 2 000 to 4 000 and the only variable in that amount was if someone was buying one in ft or 10 of them so if you needed to know the set amount you could just limit the amount of nfts they buy or require that they buy five you know and that's the max so you can get a deterministic value from both the user perspective and both the entrepreneurial perspective of what the blockchain is going to cost you because at its core all these blockchains are our tools you know and right now they're being used for you know nft projects so yes well that is that is really important both as a business site that you can determine what the cost of your business is going to be so you can price your items end user as well you don't want to bid a hundred dollars on an nft and then realize you have to spend another fifty dollars to actually pay the transaction fee to receive it then or whatever way they work it so you mentioned as well on you've sold four thousand nfcs what's the project as well do you want to get into that yeah for sure so earlier this week it was on monday i actually did it on my monday ama i released a project and at first the project is a gallery it's called mycelial gallery and you know we're going to be doing you know multiple drops but they're going to be a good comparison in my opinion is like cardano you know our drops are going to take a while they're going to be very meticulate and planned out we have been actually working on this since february you know since the mary hard fork and we're finally releasing it now um and we probably won't release another one for probably six months but our first drop is called the pioneer collection and it's based on you know all of the founders of cardano you know the pioneers you know the people that we based a lot of our thought and our theory on so you know and also the release cycles to look at them from a you know a normal standpoint so then you have shelly gogan while you are talking here i appreciate that you have shelly gogan voltaire cardano ada lovelace and each of these there is only a certain amount of them so as you're looking at the screen right now you see the cardano and there's four different tiers there you have unframed black framed silver frame and gold frame gold frame is the most rare but what's very unique about this project relative to other projects is we're actually going to be using smart contracts on cardano when they're complete so as you see the tiers there you see the unframed well let's say you collect all seven of the unframed well you can actually use a cardano smart contract to burn all seven of those nfts and then you get an eighth nft in return so you're looking at this and you might compare it to space buds well space buds had 10 000 so obviously those are more scarce well what's very interesting about my project is that number is constantly going up and going down you know there are only 50 gold cardanos right now so when people start burning how many gold cardanos are going to be left how many of the eighth gold cards are going to be available because when you burn you can only burn seven of the different characters and of the different tiers and when you burn all seven you get an eighth card that's a gold tier so how many eighth cards are there actually going to be you know that's what we all have to find out and it's up to you as a community uh to burn them and figure that out as well and choose whether you want the eighth card or the seven and i'm honestly happy to release it you know as you guys know uh we're gonna have a lot more utility when smart contracts come out on cardona where this drop would have been a lot easier but we actually did this in a centralized format using the cardano blockchain to still meant the nfts and you know we're very excited that our next projects are all just going to be done much easier through smart contracts and we're also donating 10 of the profit to maps and maps is you know they're a company in the united states a non-profit organization that is actually pushing uh psychedelic research you know they've done breakthrough trials on mdma they've done re breakthrough trials on psilocybin cubensis which is you know the trippy mushroom that you've all heard about um as far as you know removing addictions from people removing ptsd from people and when comparing that to you know traditional medicine as far as you know longevity of their life and and lifestyle to significantly increase so we're happy to support that you know project and all of our future donations will be for psychedelic research as well but we're not sure if maps will be the one always and it's real simple you can just go to our website at mycelialgallery.io and then you can click buy now and you can purchase one through ten and then you get a random you know character and uh we'll be releasing the burning smart contract as soon as gogan allows it uh and or also you know when we sell out if gogan is available then and then once the smart contractors release you'll have three months to burn and then the the minting is done you know these nfts will be there forever i don't have control over them uh you do you know and i can't mint or burn any after those three months oh okay nice yeah yeah i'll put a link to this down below as well so i'll be putting all of big pays details down below twitter youtube and i'll put a link to this down below as well i might have to try uh lucky dip after this as well and see it's all completely random is it so when you go through the process here you just set up and it'll get you put in how many you want to buy and it gives you one random nft is it yep and then i there's the pricing structure too so when we were determining the pricing structure we wanted to allow people to actually participate in it you know space buds i missed out on the initial drop right because they were i saw and they were 108 of a piece and i'm like i can't pay 108 for something like there's something in me where i'm like a digital artwork 108 i can't do it um so what i wanted to do with this one is increase the supply and lower that price down because the most entertaining part of getting these nfts is buying them it's getting a random one it's not going to a secondary market and picking the exact one you want it's buying a few of them to see if you can get lucky and get the one that you're really excited for so what we did was we lowered the price down to the initial start price of 28 up and then it goes 20 30 and 40 and the increments are at the 33 mark so 33 you're going up to 38 to 30 more percent you're going up to 48 and that's the last amount last night while i was sleeping we reached 10 000 sold you know so we're and it's only been three days so we're moving around yeah it's crazy man it's crazy it's moving much faster because like i said i wanted more people to participate i was also looking at the longevity of the project as well i wanted somebody you know two months from now to be able to buy one of these but it doesn't look like that's going to be able to happen unfortunately yes was it's like when when i was a kid back in school you buy these sticker packs you were collecting the whole football team or something like that so you open the pack but you never knew which ones you were actually going to get in it so it was that was part of the draw of it was you don't know what you're going to get that's the that's the fun part for me you know it's the randomization i think look i know we're going on now nerdy 50 minutes so anything you want to close us out with anything else we didn't cover that you wanted to bring up or that we should know um i think i think we covered a lot of good topics here today um i would be willing if if you're willing as well to give away three of those random nfts to anybody watching this video if they made it to the end yeah perfect on that yeah we can do that um how will we do it if they just comment below yep if you made it to the end comment down below um we got to give them a word we want to make it i don't know if that i was gonna say maps since that's the charity that you're donating to so include maps within the comment and then i will either do a live stream or something next week or do you want to do it on your channel do you want to pick the winners um yeah i'll just use some random comments thing and um i'll reply to you and say hey dm you on discord and i'll send it to you sorry to make things complicated i just thought it would be cool for people participating i love giving these things out perfect yeah well that's that's how they do it they include maps in any comment they want to leave down below so i really appreciate your time i really enjoyed the conversation anyway getting to know you a bit better learning a bit more about carano as well and as i said i'll put all the links down below thanks to everyone that has tuned in i'll put big pays details below give the video a like share it out there comment to get into the giveaway as well and i'll talk to you all soon thanks very much for joining yeah thank you for having me on i'll see you guys

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