 Hello, my name is Gerard Moroney and I'm a project manager here at IOHK. Today, I'm going to give you an update on one of the projects I'm responsible for called Project Gogan. So what is Gogan and what will it do? So Gogan will deliver smart contracts capabilities for Cardano. We're going to create a new layer called a computational layer where smart contracts will reside and be executed. What's in Gogan? There's a lot of new and innovative features in Gogan and I'll briefly describe them right now. Sidechains. So sidechains is research we've done which will allow us to move tokens between the blockchains without a third party being involved. Then there's accounting and accounting will allow us to support UTXO and account based transactions. We've got multi currency which allows multiple cryptocurrencies to exist on a single ledger. Then we have Plutus. So Plutus is a general purpose language for writing smart contracts. We have Marlowe which is another smart contract language designed for financial transactions. We have Yelly which is a virtual machine with a universal language framework called a key framework for smart contract transactions. End users. This will allow users to execute smart contracts. We're very focused on improving the end user experience when it comes to smart contracts. Finally, we have developers and these are the tools which developers will use to create smart contracts and this is something we also regard as being very, very important to create a really excellent developer experience. What have we done? We've done quite a lot today. We've done some academic research on the accounting, multiple currency and sidechains. We've been engineering the Plutus language and we've created a roadmap to define what's going to be delivered in the next 12 months. From Marlowe we've got release of version 1.2. We've created an academic paper on it. We've also got a roadmap to define what's going to be delivered over the next year. The first version of the Yelly virtual machine has been completed and we're working on the completion of a solidity to Yelly translator. And finally we've adapted Mantis which is the Ethereum Classic client produced by IOHK to work with the Yelly VM and KEVM. And this is going to allow us to showcase and allow you to interact with the virtual machines until it's finally integrated into Cardano. So our first deliveries which are test nets. So we're very excited about our first deliveries because it's an opportunity for us to engage with you and let you know what the technology is and what it can and can't do. So the first test that we're going to release is using the KEVM which is a stack-based machine. It's a fully executable formal semantics of the Ethereum virtual machine and it uses KE for formal specification and the KEV framework for execution. And what's the learning experience going to be here? Well it's going to allow you to understand the practical application of formal semantics by interacting with the virtual machine and executing solidity contracts. It's also a known quantity so it allows you to compare the Ethereum virtual machine with something that has been built using KE and the KEV framework. And finally it's going to allow us and you to make better software via the feedback that you're going to provide and the changes we will roll out during the life of the test net. And this is going to go live on the 28th of May 2018. The second test net we're going to launch is the LA virtual machine which we're really really excited about. And this is a register-based machine inspired by LLVM. It also uses KE for formal semantics and the KEV framework for the execution. And what's the learning experience going to be there? Well here you're going to get an opportunity to a comparison of a stack-based and a register-based virtual machine through the two test nets. The test nets will exist in parallel when the LA virtual machine is launched. And also here we're really excited about getting your feedback about what's good and bad about the virtual machine but also about the test nets. So we can create a better experience for you, get really good feedback and make better software. So the LA virtual machine is not going to be launched at the same time as the KEVM. It's going to go live in probably June or July time. And in the next update I'll give you a more accurate date about when that's going to occur. So what's next? Well as I said we're going to be providing you with monthly updates on the project, what's happening and what you can expect. We're going to use our monthly updates to let you know about what feedback we've received and suggestions and how we're going to address that. And we're going to make you aware of the important dates and events that are upcoming for Gogan so you can be prepared. And this is very, very important to us because community engagement and what you think is at the heart of what we do. So letting you know about these dates and events is really important so we can get your feedback and make better software. That's all for today. I'd like to thank you for your time and I look forward to speaking to you again in the near future. Bye bye.