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Richard Heart On Twitter Spaces July 23rd, 2022
Jul 23, 2022
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Load earlier
40:52
perfectly
40:53
now they introduced light admin keys
40:56
by allowing them to activate a switch
40:59
which would activate attacks on all
41:01
future additions to liquidity
41:03
they never used that
41:05
but they did stick it there but v1 never
41:07
had any admin key at all
41:09
v2 and v3 had this light admin key but
41:12
they're still and by the way that's only
41:14
new liquidity ads the old guys don't get
41:16
you know retroactively taxed so uniswap
41:20
is a wonderful example of a protocol
41:23
that doesn't have
41:25
admin key completely
41:27
truly innovative truly useful truly open
41:30
source except again in the case of v3
41:32
where they added a one year time lock
41:35
where you couldn't actually fork the
41:36
code for a year
41:38
they use a less permissive license
41:41
so what's another example hex no admin
41:44
keys i die
41:46
so what everyone's got their own front
41:48
ends everyone does their own stuff
41:50
so those are really the only two
41:51
examples i know of where it was done
41:53
right
41:54
and all these other examples i can't say
41:57
whether they're done right or whether
41:58
they're really just
41:59
obfuscated central
42:01
neutralized but all the things that
42:02
really anything that runs on chain link
42:05
two guys could change what their price
42:06
feed is and they did with gold they
42:07
published a bad price feed for gold no
42:09
one was ever penalized no one was
42:11
overharmed
42:12
you don't lose any security bond you
42:14
don't lose anything it's a joke so like
42:16
anything that relies on an oracle
42:18
it's not actually defined
42:21
so is hex is hex a series of smart
42:23
contracts on
ethereum
or is that its own
42:25
uh
42:26
it's on blue it's just one one single
42:29
smart contract with three audits two
42:31
security audits one economics audit
42:33
it has no admin keys
42:35
no proxies no admin keys you can't
42:37
change it as a matter of fact metallic
42:39
started screwing us by making the s load
42:41
function cost 14 times more than when we
42:44
wrote the [ __ ] contract thanks
42:46
vitalik good job
42:48
on top on top
42:50
of the gas fees going up so not only did
42:53
he cost not only did he cause reading
42:55
from disc to cost 14 times more
42:59
that multiplies by the gas fee so
43:01
because hex is immutable i had to make a
43:03
fork of the entire chain to save
43:05
everyone from the fees so the only way i
43:07
could try and save hexans and save
43:09
ethereans
43:10
was to make more supply
43:14
because supporting blockchain we do want
43:15
to increase the supply let's make a
43:17
higher throughput you know less
43:19
environmentally impactful
43:21
fork so it's just like bsc but
43:23
with system state injected so like bsc
43:26
is a fork of
ethereum
higher throughput
43:28
lower cost but it didn't give you any
43:30
free coins pax is basically bsc but
43:34
it gives you free coins and it does
43:35
speed burning in the protocol and and so
43:37
like if effects were
43:39
changeable i don't know there's really
43:41
it's already gas efficient it does
43:43
caching it does bit y shifts there's
43:45
there's nothing you can do to make the
43:47
contract more
43:49
more efficient that i could have you
43:51
ever done any upgrade or you you're
43:52
still rolling with the og deployment
43:55
there is no upgrade it's impossible no
43:57
proxy okay you didn't even replace no
43:59
migrations you roll it with day one code
44:02
exactly the same way unit swap exactly
44:05
the same way um v1 did
44:07
there's no there's no counterparty risk
44:09
there's no admin key risk
44:11
and and it works great i mean listen
44:12
this is the reason we're more secure
44:15
against bugs than bitcoin is and more
44:17
secure against
ethereum
44:19
so
44:20
bitcoin has had inflammation bugs where
44:22
anyone could invent as many free coins
44:23
as they
44:25
wanted twice buggering commit as many
44:27
free coins as they wanted but they
44:28
caught it before somebody used it xlm
44:30
had the inflation bug
44:32
avax had the inflation bug
44:34
they were both used
44:35
ravencoin had the inflation bug a hacker
44:38
mined ten percent of the raven coin
44:39
supply and dumped it on exchange
44:41
he definitely did tax will never have
44:43
that problem that all of those other
44:45
successful or rather popular coins have
44:47
had
44:48
because our consensus code is locked and
44:51
isolated and immutable and untouchable
44:53
and theirs aren't and so their
44:56
errors accidentally get scuffed and so
44:59
that immutability makes us more secure
45:01
than even
ethereum
itself
ethereum
's
45:03
consensus code is not like locked and
45:05
isolated in a contract where you can't
45:07
accidentally screw with it
45:08
it's it's touching everything else just
45:10
like bitcoins they're all it's not
45:12
modular so ours is a safe within a safe
45:14
it's actually a better security model to
45:16
secure you against inflation bugs which
45:18
are the most common and harmful bugs in
45:20
cryptocurrency
45:31
sec can you hear me
45:34
i can't hear you it went kind of yeah
45:36
everybody for
45:37
a minute you thought we had cut up i
45:38
guess we didn't cut out um i would love
45:40
to hear the panel's thoughts hector you
45:42
were giving up some thumbs up and
45:43
clapping hands and richard tech were
45:44
talking love to hear your thoughts and
45:46
opinions and views on on the matter
45:49
yeah so um
45:51
for the most part generally i i tend to
45:53
agree with with richard
45:55
um a lot of [ __ ] is a scam and there's
45:57
plenty of scams that people are going
45:58
around trying to
45:59
sell off to others less expecting less
46:01
technical
46:02
as
46:03
the future as a possibility as a
46:05
innovation is a change and so
46:08
i think it's um
46:10
it's more so i align a lot with richard
46:12
in that sense
46:14
a lot of this [ __ ] is really just [ __ ]
46:15
um none of this [ __ ] works there's a lot
46:17
of essential actors
46:18
dows aren't really dows there's um small
46:20
group of people who are making decisions
46:22
at the end of the day when doing things
46:23
um and i speak from experience as being
46:25
part of dells and like seeing the inner
46:26
workings of dao's
46:28
um
46:29
it doesn't really you really feel like
46:30
you have this like false sense of belief
46:31
that you are the one that is making an
46:33
impact when the reality
46:35
they just in the facade the discord the
46:37
front end you kind of feel like feel
46:40
that way but in reality it's just
46:41
a small number of people who are at the
46:43
end of the day going to decide which way
46:44
things are going to go and what they're
46:45
going to do and you have
46:47
various examples
46:50
of that happening i don't think that
46:52
go ahead but the the the real problem
46:55
and the way richard phrased it was
46:57
economic energy right like the reality
47:00
is like
47:01
we're just circulating the money that's
47:02
been you know off-boarded off off
47:04
exchanges yeah into the into these d5
47:07
wallets yeah and
47:09
the problem with that is that you're
47:10
creating this um basically you're like
47:13
you're losing power in the sense of like
47:16
some are losing
47:17
but i mean like in the general sense
47:18
like like crypto versus the the
47:21
status quo of today right like people
47:23
like generally together are trying to
47:25
like
47:26
make a change in the world fragmented
47:27
apart because um everyone's being
47:30
chasing the newest latest thing when
47:32
they don't know what the newest latest
47:33
thing can actually do and they don't
47:34
have any technical or like economic
47:36
understanding of how to
47:38
how to like how do we fix the problem of
47:40
traditional finance today or traditional
47:42
um i guess
47:44
uh
47:45
requirement to have a third party to do
47:47
things
47:48
that like that isn't understanding and
47:49
you're getting fragments in a way where
47:51
it's like divide and conquer instead of
47:53
unite and try to do something that's
47:54
going to be revolutionary in the future
47:56
like bitcoin btc had that opportunity
47:58
right like it was there was a way to do
48:00
it but
48:03
it caused this literal fragmentation
48:04
which we saw with
ethereum
and then
48:06
cascaded on to now and like that's why i
48:09
believe uh
48:10
my opinion by richard does what he does
48:11
is because he believes that someone is
48:13
not taking the reins or doing it
48:14
correctly therefore he must step up and
48:16
do it and so like i i
48:18
you know applaud that effort i
48:20
you know could disagree with his
48:21
approach but um overall like i feel like
48:24
he has a better understanding in that
48:26
sense and i think
48:27
most people who are getting into crypto
48:29
are getting in the crypto for the idea
48:31
of i'm going to get rich and i'm going
48:32
to make money before anyone else and i
48:34
don't give a [ __ ] what it does or what
48:36
what
48:37
is going on before i can just dump on
48:38
someone else someone else and so that's
48:40
kind of the bad approach to take it and
48:42
um richard does you know you kind of
48:44
just you do you know go after the idea
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