 We're gonna talk about doubts today a few years ago if we're talking about doubts people were talking that we're thinking that you know You would use put money into them and your money could might actually disappear because of the whole the dollhack But back in the day, you know, we were like well Those are not inherently bad. So let's just focus on them. Let's actually make them great The doubt was unfortunate, but it also puts the space forward by a lot in terms of security and so That's what we're doing at Argon. We've been doing doubts since November 2016 Focusing on making them very high quality and very easy to use for anywhere in the world So what I want to talk about today is how we can use doubts to make decentralized protocols actually decentralized So I don't know if I coined this term, but I like to use the term see fi So probably you all know defy the centralized finance but actually there's another term called see fi which is Centralized finance and a lot of these defy that we talked about today. It's actually see fi Which I mean I will talk about that later, but I think it's It's okay sometimes to start centralized and then decentralized But we just have to be conscious about it and make a conscious effort to actually get For it to be decentralized and so I want to talk about Some things today starting with, you know, smart contracts the best invention since ramen think we will all agree Inevitable smart contracts are the default state of smart contracts at least on blockchains like a theorem And so they are fully trashless. So call this law kind of thing What you write into a smart contract is basically what happens And these who is they are not upgradable. And so we learn the hard way Via kind of, you know, some some other issues that we had in the theory community That it is very important for smart contracts to be upgradable for mainly two reasons One of them is you want to be able to fix backs and the other one is you want to be able to add features It is very hard to compete against Other systems that are upgradable and enhance over time if we don't have that capability Or if the only way to upgrade something is via forks with which require a lot of human coordination So it's time you want to add something you have to tell your whole network here I deployed a new contract is the new address and You know, they have to like review it again And they have to reach consensus like again that that new contract is the one that they should actually use and you lose a lot Of network effects as well if you want to fork every time that you want to upgrade a contract that may just break for example, like You know a lot of DeFi protocols because they just cannot be like yeah This is v2 and you have to move all your funds from one place to the other imagine like all of that If people were like closing CDPs in like, you know one system opening the other one That would just break everything Then on the other hand we have the centrally govern the smart contracts That's easy for developers right you have a smart contract and then use upgrade it and that's it But it is not really trustless Because it is custodial so you have fans and then you have when a lateral permission to upgrade the smart contract What is the difference with just having a centralized server in which you can like push code too And so I like to use the Ether Trump Analogy here I made this kind of picture with like a theorems logo and Trump because I think this is the this is the worst from both worlds you have like Ethereum which is you know like kind of clunky to use and it's low and all those things and then it costs money to like click buttons That's one team member from our team said But then also you have the worst things from like, you know, it'd be in centralized So there's one person one sort of like dictator or entity that can just push changes, right? So I think centrally govern the smart contracts are used a very bad idea So that's why the the ether Trump. I hope you you don't have nightmares about the ether Trump And thanks John for coining the term ether Trump. I love it And now well what I want to propose is a different thing Which is a different combination that I think takes the best from both worlds and that is community governed smart contracts And so the idea for for this is my contract is that they are upgrade the ball You can enhance them over time. You can enhance your protocol. You can enhance your apps, but at the same time There's a community. There's a governance process a little bit governance process That ensures that you cannot push an update that you know gets people's money and get away with it, right? And so I think this is very very important to to work on and These you hear is of course you have to figure out your governance structure You have to think all right if I am gonna put my smart contracts governance behind a DAO or some sort of like community governance What is the governance structure that fits the best and so we've been working with projects for a long time to figure this out and There are a bunch of different things you can do the cool thing about Aragon and the way we thought about it Is that it is very modular so instead of saying, you know We have like the key ingredient like the kissles and there's gonna solve all your governance problems And we're gonna use focus on that Instead of saying that we were like well, we don't know how Organizations of the future are gonna look like we don't know, you know in the future Which kind of DAO's people will want to deploy? We think every protocol has or each community even has their own needs And so let's build this very modular framework in which you can basically do everything that is here and much more so There are two axes in this in this kind of map here And so one of them is speed so the speed of which developers core developers can implement changes To the protocol and there's the other one which is trashlessness Which is how trashless is actually this protocol the reason why trashlessness is important It's not because I like decentralization, which I also do It's more because if it's not trustless again like if you just have like a protocol that is custodial You may have a lot of issues from not having trust from your users because you can use with other fans or you know maliciously Like intervening their apps and the working systems or even because you may have legal legal issues like a lot of these C-5 projects today. I think they may face some kind of legal issue if they are used Basically the ones controlling the whole protocol in the background, right? So because they are they're supposed to be decentralized, but they are not in practice. So I think it is very important To put trustlessness first where we're building trustless systems if you don't want a trustless system You can always use MongoDB and use go the centralized route soon. I have amazing user experience The centralized for me has like very very high speed, but it's not trustless at all Then you have something like a technical council. So there is a project a deep fiber or actually called melon protocol and so the way they structure their governance They they wanted to do something in which token holders have the ultimate word But also there was you know, fairly fairly fast to push updates, right? And so today it is very hard to so Token holders of your community as my contract and be like well, do you want to approve this upgrade? I mean that requires a lot of coordination cost and stuff like that And there is a very specific knowledge that they need to have on solidity and general protocol design Instead of doing that they wanted a technical council So token holders could like both for this council and then this council will take care of the of the upgrades afterwards And so for me that's not like super super trustless, but I think it's like trustless enough and Also guarantees a very high speed because you can iterate very fast with this council And you can ensure that these people actually know what they are talking about. They are experts in their field So this is a very very example of how a protocol went from centralized to decentralized using argon and our tool in And it's a very exciting project and right now it's been omitted for for a few months in terms of the the governance structure That they are using with argon and I'm super super happy that it's working out for them Then you have other models for example community veto. So here you may say as the core developer I still want to retain the power to push upgrades But I want to give my community like 24 hours for eight hours Whatever time you want for them to check the upgrade and be able to veto it if it's just like outrage use if I'm just gonna like You know steal their money or something like that So with this You may have this period where like you need to allow token holders to vote no to your proposed upgrade So it is not that fast, but it's more trustless, right? Because you can have your whole community basically stop updates at any point in time So that's cool. Then you have like a stuff like liquid tokenocracy There is no holy tokenocracy is because it is not like democracy in the sense that you have like one person one vote You can also do that with argon. There is another now that is there's doing that doing some kind of like Civil resistance using an app that they have in which have to like pick a photo or something like that It's a regular system, but here I'm referring to tokenocracy. So basically it's getting the game kind of Kind of tokenocracy where like you have one token you have one vote basically And so you can have something like liquid tokenocracy where you can delegate to other people So you're talking holders don't have to read every proposal They can use delegate to other person that they they think is it's more expert in that in the field But then if that person that delegate is not performing Well, they can withdraw it both immediately and give it to someone else. So that's very cool I'm working on that implementation And then you have something that is I think the probably the most trustless But also like kind of as low which is direct tokenocracy That's what we do also in in argon for our own governance So each three months token holders get to decide on the future of the project and I think I think that's a very cool model It's the again like it's super trustless like, you know every three months basically they can do whatever they want You don't have to do it every three months You can do like continuous as well, but of course if you need all your token holders to come together and take a decision Maybe it's better to like concentrate that into one moment each quarter one moment each year kind of thing So it's more, you know, it's a slower, but it's more trustless So again, you know, you can design all of this with argon and you can basically see what are your trade-offs What matters to you and then you know customize your dow to fit those needs so I Think it is very important to build a community not only to ensure that your protocol remains trustless And so you can eventually move governance from centralized to decentralized But also because if you look at like what threes all about it's basically network effects around communities the code can be forked Of course like branding and stuff like that and community cannot so it is very very important that we focus on the right things here And communities the right thing if you look at the theorem You can you can fork a theory on today. You can name it a theory on cash Probably no one would use it because the community we have here you guys and everyone out there that cannot be forked So I think also is very important as I was so student the other day that we see organizations and governance structures as products and the users maybe in this case I was talking about like a more like a company structure or like an organization But I think it's the same for a crypto protocol or network So when you create the governance structure that is also a product that is a product and your users are your community members For example, so when I think about the governance process we created for ourselves in Aragon We have a lot of these people who author new governance proposals. We have these people who edit them We have these people who then our community members and they get affected by them So at the end of the day you have to look at your community and your governance as just another product Have you have to care of it as if it was just another product that you're building and of course a very important one I think also when talking about One token one vote a lot of people get outraged about, you know Protocracy and capture and all of these things, right? I think if you look at tokenocracy or What I call the evolution of a stick holder governance if you look at third holder governance for the last hundreds of years It has to work beautifully to create value now We are in this weird position where we have common goods or something that kind of resembles a common good Or it's like, you know kind of a gray area between being a common good and also like a like a private property Because I mean it's not certainly like a hundred percent common good You have to like acquire ETH or Bitcoin or whatever to be part of these networks But at the same of the same time like it's not use a traditional private company So I think here with this evolution of a stakeholder governance one token one vote There are certain things that could improve but there are also things that are really great And they are very handy if you is when I like have a community voting today So and serves us getting the game of course if you have participants in your network that own a big steak or they own a steak They're gonna be incentivized for the network in the community to grow and work They are easy to deploy today like you can deploy one token one vote today very very easy allows for pseudonymous participants I don't like it YC. I think it works for some models governance models, but I think Allowing pseudonymous participation is very important for example in the Arabian community There are people who are pseudonymous they pass proposals into the ballot and they actually get adopted by the whole community And we don't know who these people are and that's beautiful as a beauty of it And then also allows everyone to benefit from value creation So a key difference with like private companies decades ago is that? You could only Benefit from this value creation for example in Apple Facebook stuff like that if you were the first engine investor the city investor Even you know later in the kind of like a stage in which you could buy shares, right? But not a lot of people had access to that Especially not like everyone who was not ABC here Everyone can just chime in and you know by Bitcoin early in the day or by if they or by whatever kind of token or community So they can they can participate in that value creation So my message here is only owner. I don't think it will last we need to improve trashlessness and transparency with doubts Especially for protocols that are supposed to be decentralized I think it's important also if your protocol is centralized today I think you know there are some trade-offs There are things that need to be improved and I don't blame you like technology Wasn't there a year ago for these protocols to actually be more decentralized But it is today and so we need to like pave the way we need to think about the roadmap And we need to actually get these things into a point that they are actually trustless If you get an only owner problem we can help we're working on this one click setup template for protocols So if you go to the argon app you see these templates that you can just click on and then feel like a bunch of text fields in our Beautiful UI click create Boom done if you want to something more complex There are like CLI like command-line tools that are like an there's a second SDK with a bunch of things You can really like get crazy with it But if you want to get like the basic basic basic templates is it right like Graphic like user interface I don't have to do anything else and we're working on integrating this into our like argon client So in the future you will be able to use go to Apple argon org select crypto protocol and then basically you can write your smart contracts For example here. This can be your protocol Like on the on the left side of the screen you can write your smart contracts You know as much Flexibility as you want and then instead of like putting the only owner to your account or your company's Sir let it or treasure or whatever What you can do is put the only owner to the agent app in the Dow and so basically everything to the right Is the Dow so the dog can have multiple apps the voting app the finance app that allows your doubt to have money You can get very crazy with permissions So for example you can you can give a voting app to get money out of the finance app So you can even have like a protocol reward now in which like, you know each block or yeah It's walk or like, you know each period of time. There's a new Talking created that goes into this finance app in the Dow and then token holders can use the voting app to decide how to spend those funds and protocol development But then we created this app called agent inside argon and agent is basically the the DAO's Face to the world to the work through world And so what I am so I am tall house is for the doubt to interoperate with any worthy protocols So the Dow may be able to open a CDP or maker They'll may be able to lend money on compound all of those things and the good thing here is you don't need to get into our SDK To use this like you just basically have to create your protocol Whatever way you want and then put the address of this agent app as the only owner and that will basically Make your protocol be governed by a DAO It's that easy So I think as a summary like now is make defy deserve the B I think I think right now we're in the process of actually making sure that defy actually deserve that I think it's more like see if I today. I think our own house are very easy to deploy you can literally deploy them in like 30 seconds They are working case studies on mainnet like the one that I mentioned from From melon protocol if you go to the argon website, there's like a slide so with multiple mainnet use cases today And we're working on this one click set up template that will make things way way easier So as I before like we have a bunch of DAO's now mainnet I think a year ago technology was very early. I think now we are getting there So more than 700,000 mainnet today. You can create yours at app.argon.org Very easy. It's right like 30 seconds. We just released a new version two weeks ago or three weeks ago That makes the user experience much better. I think we're getting there like we are we are slowly making sure that it's comparable to web-to-experiences In terms of user experience, so I'm very happy about that and I just want to thank everyone You can follow our gonna Twitter you can follow me on Twitter if you're interested in these challenges the the company that I work for argon one we're hiding Much of roles especially frontend people because we really care about designing really careful bringing these two people that actually need it So you just go to argon.one is last jobs and also you can check out the argon website. So thanks And actually have two more things for today. So one of them is are we going to be releasing a couple interesting news later today About a couple of community developments that are going on So it's the it's the tune for the R&Us during the day and then a second one is we are throwing a party And so we are throwing a DAO party the echo edition So basically focusing on the DAO model and the upcoming launch of argon fundraising That would allow any DAO in the world to fundraise using bonding curves. So it's very cool We're gonna have we're gonna have actual like Susie there for the first people that arrive Not like party finger food. So I'm very happy about that and I invite everyone to use Sign up you can RSVP just go into argon's Twitter and there is a link there So see you all later and hope we can enjoy some Susie and DAO conversations. Thank you