 So the Shelly release is not really a release, it's a whole bundle of features which we will be delivering over a period of time. And it divides really into two parts, there's the decentralization that everyone's very excited about and there are a whole bunch of wallet features. And what we've decided to do is to prioritize the wallet features and get those out first and the decentralization will follow on later. So let's see what wallet features are we looking at. So there's paper wallets, there's hardware wallets with the ledger hardware and then we've got multi-signature accounts so maybe I should go through each one of those and just give a brief overview of what we'll be seeing in each one. So with paper wallets this is about being able to print out your wallets and have it offline so that you don't have to run deadless all the time and your private keys are not being kept on your desktop, they're printed out, put on a piece of paper and you stick it in your safe. And we'll be delivering that actually sort of two versions of that I think, there's going to be a version that will be coming out relatively soon which is a front-end only solution, it'll have some limitations to it and then we'll follow it up with a slightly more fully featured paper wallet scheme a little bit later. Then hardware wallets is a very exciting one, so we're working with ledger, little ledger devices and that will mean that your private keys are not on your desktop or laptop but they're on the little device and that gives a much higher degree of security. So if you're storing a lot of money paper wallets great or the ledger device and the ledger device means that it's secure and it can be online, so the paper wallet obviously it's offline and it's stored in your safe so you can't make payments in that case. You can see, you'll still be able to see in deadless what your balance is with a paper wallet but you won't be able to make new payments whereas with the ledger device the keys are stored on the on the device and you can still make payments. So we're partway through that project at the moment. And then the last one multi-sig so this is where you it's basically joint accounts right it's where you know if you think about a normal bank account you can have joint accounts with you know you and a partner or whatever or a business partnership or something where you can say you know there's two people who own this account and it requires a signature by both people to be able to make a payment and multi-sig is exactly that but for the Cardano and deadless wallets and in general it's you know any number of people with some subset required to sign like you know an account that's owned by three people and two people are required to sign every each payment. So that's a feature in the in the wallet that we will be trying to deliver as part of the Shelley program and then we come to decentralization so as I said we're prioritizing the wallet features because everybody really wants those and we will follow up with the decentralization features. So what are the components of that we've got we've got networking to make the peer to make the network layer properly peer-to-peer and then we've got a bundle of features that sort of go together that finally make the thing properly decentralized that hands control over to the to the community. So we have some game theory some incentives the incentive mechanism how how are people rewarded for for delegating or for running state pools for for running running full nodes so we're working with game theory experts working that out at the moment we've got the how does delegation actually work how because at the moment you know it's it's everybody is sort of delegated to to the core nodes which are run by you know Cardano Foundation and IOHK in America and how do we how do we go from that very simple delegation scheme to you can delegate to whoever you want you know to be able to have these these state pools and you can choose who to delegate to or to run your own run your own node so that's the delegation set of features and and then the it's also worth mentioning voting so this is about how do we do software updates and actually for the moment we are not going to go fully decentralized on the voting for for software updates because we still have a whole we haven't figured out entirely yet how to how to hand voting completely over to the community in a way that guarantees that will still be able to make forward progress because we don't want to get into a situation where you know IOHK has come out with like you know some new gogon features or some new you know the latest latest and greatest and we end up in a situation where we're stuck that that you know something has gone wrong with the social dynamics of voting and nobody knows how to vote or nobody cares enough for so we don't we don't want to get into that situation so we have to do a bit more analysis first before we roll out fully decentralized voting for update proposals and updating the software so that one will come along eventually but that will be much later but we will have the decentralization of the of the network and of the staking state pools and delegating and so that those are that those are the core components of of making the system decentralized and IOHK for the moment will retain control over proposing new software updates and deploying new software updates to everybody so shelly is not a like a single big bang release shelly is a whole bundle of features that that makes sense together that will be delivered over a period of time because we're not we're not doing big bang releases we did that for the for the mainnet release at the beginning but what's much better software engineering practice is that you just have your software development team cranking through things and releasing them as and when they are ready and that that makes everything much more productive it's much easier to test you get much more reliability and predictability in your sort of that development process so corresponding to that we're not going to having like you know an all-seeing or dancing release and everything's ready all at once at all at the same time it will be we will release things as soon as they're ready and that that's the best way to do things these days so that in particular that means we're aiming for sort of roughly four-week cycles on on software releases it might be it might be four it might be six we're figuring out the the tempo at the moment but that means that yeah we will simply release these features as soon as they are as soon as they're ready so we're prioritizing wallet features and the decentralized decentralization features will come later on so it'll be so Shelly is really a program of work that is sort of smeared out over time and so certain things sort of have to come together like the many of the decentralization features don't make sense without they're interdependent they don't make sense on their own but like the wallet features you know they would they make sense individually they're they're individually useful whereas the decentralization features you know maybe we will have them lots of stuff released in the code but not yet sort of enabled until all of them are ready so to some extent the decentralization is a bit more like a big bang but but everything else is is spread out and in particular actually the networking the networking stuff needed for decentralization we probably will be able to get that out and get that in use before we flip the switch on full decentralization but those other decentralization features are really tied together is the the state pools the being able to delegate and the intensive scheme that makes that all work so those will be we'll flip the switch on that you know sort of at one point but the code for it will have been you know in in releases earlier than that probably so at the moment we are doing a series of releases to just make incremental improvements to the Byron release and that's really trying to address some of the problems that people have reported issues with connection to network and other sorts of things that have been plaguing users and making lots of internal improvements to improve the quality and set the stage for us to be able to implement the the next round of features for Shelley so there'll be a release that's out shortly and then because we're doing this rolling release approach we're expecting to do then another release again with incremental improvements sort of four to six weeks later after that and that will set the tempo from then on it'll be regular releases on a rolling basis so state pools so the question is what what are they and then how are how are we going to get into it so I'm in state pools it's it's individuals or organizations running full nodes and then other people being able to delegate to them so as you know at the moment it's effectively like right now you know iWHK and Amurgo and the Cardano Foundation run the state pools but they don't make any money from them but they control you know everybody delegates to those three organizations right now and the idea is to generalize out into anyone can run a state pool and there'll be rewards for doing so so it'll be possible to register to be a state pool which will be an open open sort of process and then in deadless users can choose do they want to run their own node at home or do they want to delegate to someone else and you'll be able to see you know all the different options who you delegate to what the rewards might be for for delegating but also if you are running a state pool there are rewards that go to the state pool leader and they they compete with each other for running the best state pools giving the best rewards having the greatest reliability and right at the moment we are just at the process of completing the game theory analysis of how does how does the sort of competition between state pools going to work so that we end up with a healthy balance of different state pools because we don't want a situation like with Bitcoin where effectively there are only like five mining pools in the whole world so we've got in fact there a great degree of centralization and right now we've got in in Godana we've got you know three organizations and then we say that's not enough right we we say that's not sufficiently to centralize Bitcoin is like effectively five we want that to be a lot more than that so we have a game theory analysis analysis of this where we there's a parameter in the in the in the game theory you can control that that should end up with there being a larger number of state pools that are of relatively even sizes to each other so there's not massive dominance from one to another so that's there's there's that's kind of the theory side of things and then the question is then how how are people going to get involved in that well we will have a at some point we'll have a test net for people to experiment with being with running a state pool experiment being a state pool leader and we are our comms team will will engage with the community at some stage on you know signing people up people are interested and then we can get feedback from them and see and so we will we will define how exactly that's going to work it's not it's not not the full details yet but that'll come along at a in in time for for us flipping the switch on full decentralization