 Awesome. Thank you so much everybody. So sorry that I couldn't be there in person today. That was originally the plan and I'm really hoping I'll catch you at one of these upcoming critical days. They sound like all the fun and the all the conversation topics that I've listened to today has been really interesting for me. So hopefully you're all having a blast enjoying your trip to Austin and have a productive rescue day. I want to talk to you primarily about Filecoin Plus. And so we'll spend some time going over what Filecoin Plus actually is, the system, how it works, what the mechanics are, and then chat a little bit about its place in the Filecoin state, like in terms of Filecoin as a network, the economics of Filecoin are participating in the of the market, and then chat a little bit about our upcoming plans and how you can get involved. I'll try to keep it to 15 minutes. So I'll probably take questions at the end. But if there's anything burning somebody from the room, stop me. Let's talk about what Filecoin Plus actually is. So our little headline quote is effectively that Filecoin Plus adds a layer of social trust to the Filecoin network to incentivize useful storage. So what does that actually mean? So Filecoin today serves as a marketplace for people that have demand to use storage services and people that have supply to serve those people's demands. The idea behind Filecoin Plus is that in an environment where there's no actual algorithmic algorithmic way to identify whether or not storage itself is useful, or whether or not the services that are being given to clients or data owners are born of legitimate need. Filecoin Plus is introduced as a social trust layer effectively to build a mechanism where we could ensure that the Filecoin ecosystem itself is being adopted and used in the best way possible, and that Filecoin's mission to be the store for humanities information is actually met. The idea is that we introduce a mechanism that provides some amount of leverage to clients where they effectively go through a KYC process or a trust building or verification process to be rewarded with the resources and leverage within the network to have favorable deal terms and deal with the adoption of Filecoin as a technology, but then also ensuring that over time they have leverage in shaping how the Filecoin economy is actually built, how the services in the network are built, in an effort to build the most useful storage services possible. How does this actually work? Let's talk about it. So the core Filecoin Plus mechanism is based on this resource called DataCap, and I'll jump into that in a second, but as you can see here on the right, we've got a set of different stakeholders. We've got the governance community, we've got something called root key holders, we've got notaries and then we've got clients or data owners as well as storage providers, and the idea is that each of these stakeholders interact through the use of DataCap. And so I'm going to say a couple of things right now, and some of you that are not familiar with the system may be confused by them, and we'll dive into each of these spots and touch back on them towards the end, so hopefully it will start to make sense. But the idea, the core idea is effectively that we have this stakeholder role called notaries that allocate DataCap to data owners and clients who spend that DataCap in making deals for their data to be stored on the Filecoin network via storage providers. And storage providers receive a network subsidy to take those deals on, and the mechanism for that network subsidies via something that we call quality adjusted power. So you probably heard the damn power at this point. It's the relative supply that you're adding to the network. And the idea with quality adjustment is effectively that when you're serving the data of a client that is coming with DataCap, you get a 10x multiplier to that power. So you receive a 10x quality adjustment. So a 32 give you a deal has raw power of 32 give you bytes, but with DataCap that would be 320. And so that in return effectively acts as multiple in the likelihood of a storage provider winning block rewards over time. And so it becomes a network back subsidy effectively for these storage providers to work with these clients and data owners to store their data on chain. So let's talk about what DataCap actually is. It's a novel infinitely generated infinite supply resource within the Filecoin network. Clients and data owners use DataCap to make these storage deals as we talked about. It is a one-time use credit, which means that as you use it, it's consumed or it gets burned, whatever term you want to use. But the idea is that it's a balance effectively on each address on the network that decreases as it's used. And then storage riders that receive deals for which DataCap is used. Those deals are marked on chain as verified deals and verified deals receive a 10x quality adjustment. And I know we've got a bunch of tokenomics and crypto econ nerds in the room. And so what that also means is effectively for that to satisfy the crypto economic design of the Filecoin network. These deals also have 10 times the collateral, but also result in 10 times the odds of block rewards for those storage providers. So how do these stakeholders actually come together for this Filecoin plus system to work. So first up we've got Rootkey holders. Rootkey holders are sort of our executors of decisions on chain like these decisions are often made by way of community governance through conversation, consensus voting, etc. That happens through our community governance mechanisms, but to actually help execute decisions on chain, i.e., a great example is a new notary is elected and we'll hear about what that means in a second. But the Rootkey holders are the ones that sort of based on the audit trail of a decision can just objectively push a decision onto the chain. In the interest of time, I'm going to speak through a little bit this section. But if you have any questions on this, we can chat about them at the end or you can chat to me. You have notaries notaries are arguably the core fiduciaries of the Falkland network and that new role that's introduced through the Falkland plus program. And the goal is very simple. It's that you establish trust with data owners that are coming to Falkland and that in establishment of that trust, you are giving data cap that is commensurate with that level of trust and so it's a project that is open data that's publicly accessible. It's a well known, well reputed organization that is renowned internationally, then it's easy to establish trust as long as you can identify that the person coming to you from that organization actually does work for that organization. But, you know, if you've got to jump through hoops, go through NDAs, try to unlock and understand who the client actually is and why they want to use Falkland, then it's harder to do that. And notaries introduced that sort of soft skills social element where you can actually build a human to human or a person to person relationship that then results in an on chain economic incentive. So notaries are currently selected through an election process that is run via the governance team but also primarily to the existence of a rubric, which is community owned. So we all sort of make proposals to make changes to rubric over time. And in the process of notary selection is by way of an application that is scored based on that rubric, and then people are elected based on how high the score. And the idea is that we have geographic distribution of these notaries, so by notaries in all the continents where there's Falkland presence with lots of different countries represented lots of languages cultures and then also backgrounds, whether that's academic, or by vocation. So people understand business needs or understand how client needs may evolve based on the use cases that they're trying to unlock super important as a specializing in different types of industries like media or something might be useful for a notary when I try to identify the legitimacy or build trust with the notaries that are coming in from said industry. Then you've got, of course, the core of the market, we've got clients, the search writers clients being the demand side of the marketplace the day donors, their aim is to be an established that they are trustworthy in the system. And then you've got search writers and the other side the supply side of the marketplace. And what they want to do is provide storage services to these clients and earn for it, whether that's about words or through the actual transaction of Falkland in offering services. And then last but absolutely not least, in our system we've got the Falkland plus governance community, which includes all of these other categories of people would talk about, as well as just in general, members of the community that are interested in shaping this program, as well as ensuring that Falkland itself is living up to being the data for a data store for humanity's most valuable information. And this now includes you. Gotcha. And as a quick recap, notaries perform due diligence or KYC processes on data owners to verify them, and the process of verification is similar to establishing trust, or can be interpreted that way. And the goal is to identify real data owners that actually have valid data. Notaries then send data gap to these data owners addresses on chain. And then these data owners and these clients are able to burn that data cap to make deals with providers on chain. So as providers make these verified deals, they get a quality adjustment to their power on chain, which results in more blocker words over time, and so better our iPhone. Hopefully that's how it makes sense. Let's chat about what that actually means in terms of where Falkland is at today, and the overall economics of the network. So, real quick time check, we got about five minutes left. Thank you. Cool. So data cap right now accounts. We've got a couple of dashboards you can check out I can show thanks. But roughly, you know, we've invented or pulled out about 560 gigabytes of data cap of the network, about 140 of that has been made available in addresses owned by clients or clients and 98.5 so very, very close to hitting this major milestone of 150 bytes of data cap being sealed the deals is has actually been locked into sectors and deals have been made and so that's just under one exabyte of quality adjusted power. If you look at the network that still represents a small percentage, we've got a long way to go. Lots of work to do to get that and really exciting opportunity to continue unlocking the usefulness of Falkland over time. In terms of our program we're in the process of wrapping up our third round of notary elections, we'll have between 55 and 60 active notaries that are distributed globally after this. We're working on mechanisms to increase their activity, enablement reduce how long it takes them to react and work with clients to get them data cap. And right now just as a call out about 23% of applications for data cap actually end up receiving it. So there's definitely some learnings and takeaways that in terms of the network state. This is a super powerful graph. What you can see in green is actually the, the presence of Falkland plus when it comes to the amount of data that's in deals on chain active today. The proportion has just grown astronomically over the last year. This is one year to date basically and Falkland plus right now effectively represents 90% of all the deals. So it's a very important sort of energy point for legitimate deal making on the network. And we're currently seeing throughput rates of about one every better day. In terms of the overall network state. If you look at committed capacity or power and the network or supply provider the network so this includes both what could be in deals versus what's not. You can again see that the presence of Falkland plus has grown substantively and it's been very important in shaping the stability of the network and showing that network continues to be useful and deliver value to humanity. Currently, it's still definitely optimized or more public open data sets, data sets that can be geographic geographically distributed because it's easier to validate that that data is actually being stored in deals with search providers that are in different locations and definitely more optimized or long term storage. We're working towards better supporting enterprise needs, private data needs, data that needs to be to do more frequently and some of the stuff Patrick talked about you heard. But there's definitely challenges in the economy for to keep those themselves and so we're part of that conversation we're excited to see how that shapes out and might influence the way in which people will use this network in the future. The current economic state fill plus is very important because it effectively results in significantly better ROI for search providers or people participating in the network collateral is currently to the cheap hardware still available. The main thing here is actually on the customer acquisition front. So doing the business development ensuring that data owners that are interested in participating in top one actually have a path to getting there. And there's an on ramp to getting on the phone point that includes of course the following plus path of verification reduction in sort of the liability being taken on by a search writer once you have better knowledge of who the client actually is. But then in general just like understanding and being educated as a data owner, how you can leverage the services network is super important so we're really excited to continue enabling the market and sort of lubricating this market and ensuring that Filecoin delivers useful value. In terms of program areas of focus today, we want to enable ideally up to five everybody's verified deals today and like this number has a lot of nuance and complexity to it. We're currently having around one. But the idea is that we do this both through program design and evolving evolving the actual mechanisms of how the community works together and in what way did it actually gets to class, but then also doing it in a safe way. And so there's a lot of complexity behind that are core goals can be broken down into these three sort of categories. First we want to reduce one of our key metrics that we call TTD or time to data gap, where we want to increase both the availability but also the availability of data gap, and the speed in which it gets allocated we want to err on the side of trusting people, and then watching behavior on chain, ensure that trust that is earned is continued to be to be followed through on that Yes, we want to bring on more notaries we want to improve that onboarding flow as we talked about briefly before. Second, focus on trust and transparency, making sure that the data that we have in the five point plus system to the participant system is more transparent and accessible. And like I said before, working towards like watching behavior on chain, as a source of data on like the transfer to the United States of different entities, and the interaction between different actors that exist in our system. And working towards involving the notary role to be more in line with how the network has evolved, how the Falcon plus system can evolve and how we can make sort of the best impact possible and enabling the usefulness of this network in the long term. So how can you get involved with Falcon plus channel, which is public and focus like please come join us. Every two weeks, we do governance calls and our governance calls happen in two slots. So we do a morning and an afternoon. And for some of you that might mean late night and even later at night, but the ideas that we capture people in different time zones and they're able to participate in the conversation regardless of what it's based. A lot of this is available in in Slack, but also in GitHub where we track a lot of our work. So please come join us for an upcoming governance governance call. We'd also love to have you involved in some of the incentive design and long term system design that we're thinking about with regards to the Falcon plus how like data capital continue to go out, what the evolution of these different stakeholder roles and look like how they interact with each other on chain. And then in general, like how can we leverage the data that we have to make Falcon more useful. In addition to you know just participating as an active community member, quick plug, we're definitely hiring both on the protocol labs as well as the Falcon foundation site. If you're interested, please get in touch with me, even if you're not interested, feel free to get in touch with me anytime. And then there's Deep Kapoor on Falcon Slack already chat to me at Deep K Kapoor on Twitter, available to answer any questions chat or just, you know, discuss ways in which we can build a better future together. So thanks so much for listening. Really excited to be here. Thanks for giving me the time. And hopefully, you're all having a productive day and this is a continue to be a good use of your time. Thanks, Steve. All right, deep I'll ask you one quick question. If, if it moves towards everyone becoming, if every deal, every new deal starts to become Filecoin plus, is that the equivalent of great inflation and do we want a distribution of like some Filecoin plus and some not to maintain a, you know, there's a gradient pushing people That's a great question. So I think in a way I can see why that would be beneficial but I actually don't think it's a bad thing if we move towards the inflation and 100% use our Filecoin plus deals. And the reason for that, there's a few reasons for it. I think firstly, data cap itself is not a constraint resource right like so in essence it doesn't have its own economy it doesn't have its own supply constraint. It doesn't need to be bought or sold. It is obtained by showing trust. And so you can create an opportunity for people to effectively obtain it by trading some amount of information about themselves to KWC about themselves. And the more you realize that it also then means we'll probably never reach a state where 100% of deals will be taken because there will always be actors on the network that would rather operate incomplete anonymity and leverage the services without going to that verification process because it just doesn't make sense to them in the use case or they're not comfortable with doing that. And so, even if that were to happen. The thing that Filecoin plus does is one on one hand it gives leverage to somebody that has demand to say hey like, I want to store my data, a search writer with much rather store my data than not store it. So just, you know, offer empty capacity or work with an unverified client. And so in that way the quality of services offered to me will continue to increase over time so search writers will theoretically invest more and building better better services because that is the way in which they can capture the best ROI for their investment is serving the people that are Filecoin plus deals. Second, it also offsets liability for search rather so when a client comes in in a P2P anonymous distributed environment they just look like an address on chain right so you get like a here's an address here's a CID, maybe the information is encrypted you actually don't know what you're storing. But when somebody comes through Filecoin plus you have a public auditable track record of who they actually are what they're hoping to do in the network what they're hoping to achieve what their data looks like what the shape of it might be what their long term plans are. So it reduces the risk and the liability on behalf of the search fighters walk who can then take a dependency on their expectations their long term services that they have to offer and reduce the likelihood that you know they might be storing something illegal because they actually have an understanding of who this client is and they can offer their services to them over a long period of time. So regardless of whether or not data cap itself becomes less valuable and less lucrative, which it will as you're calling out, but that will happen anyway because block rewards over time will go down. The thing that I do see happening is that today when deals are made with data cap those deals are often free. So data owners or clients often end up paying nothing just offering like data cap for their deals. I do expect that over time that will change like these deals will start to cost money because search fighters have business models that require income. And in general the Falcon network was designed for the income to shift from just being block reward oriented to being deal income based oriented over time, but I don't actually see a reason for data cap itself not to be desirable for both sides of the marketplace. Great. That makes sense. Thank you.