Tezos

So these different paths of threatening to the security of our cryptography, they're separate, right? So like AI is accelerating both of these, but nonetheless, like the underlying threat push is AI is accelerating classical computing tricks and also quantum tricks and if you can do one you can definitely do the other and so it's kind of like god damn it like there's no there's no like we're AI is just coming at us no matter what and and things are are going to break I feel like that's probably potentially why the market is dumping today You could argue like the reason why Bitcoin is down like 3% today and the industry is down even more is like, yeah, like Justin Drake scared everyone because he like woke people up to just the inevitability that things break because of AI.

Well, Arthur Brightman, he's the founder and creator of Tezos.

He made the point that it's notable that open AI is not saying anything about cryptography.

And the reason they're not saying anything publicly could be tinfoil hat because they've already made some breakthroughs or are on the cusp of making breakthroughs and have to privately start to inform the rest of the world that these things are going.

And this was actually before the Ethereum proof of stake design was even out.

So we had to start with Tezos, and we found a few things, and then fortuitous timing, the Ethereum Gasper paper came out, so that's kind of combining Ghost and, and Casper.

This is what the Ethereum consensus mechanism is today.

And so, yeah, we spent some time analyzing that.

Before the stream started, we had, uh, been a news from you, Will, that Robert Anderson on TikTok here is asking about, good to see you, Robert, who wanted to know, SHIB is one of 16 tokens declared commodities by the CFTC.

What's our outlook on that? And in case anybody missed this headline, Will, feel free to give me more color, but I've got a tweet here from Coin Bureau that says the CFTC lists 16 tokens, BTC, ETH, SOL, XLM, XTZ, Tezos, and XRP, and now apparently, uh, SHIB, as examples of digital commodities.

So being framed as less SEC uncertainty, clearer oversight, and an easier path for US crypto listings.

But, um, you got anything to take on-

Polygon, obviously.

Tezos.

I mean, there's some there's some killers in here that have been, you know, eliminated over time.

Yeah, I think that that's the reasonable way that most people are going to want this.

Like the-

Well, Tezos was formally-

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the Tezos-

... verified

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That's right, Trace.

All right, next up, Tezos, which is a famous blockchain, is now looking to become quantum resistant.

So, you know, we've looked at this before.

Blockchain's trying to transition to be quantum proof.

And what this means is that when quantum computers do come online in, you know, expected in the next five years, they could, you know, break the security of many of these blockchains.

And so these guys at Tezos are... trialing some new code that's going to make them quantum resistant.

And we're seeing this roll out across a bunch of blockchains and it's great to see.

So no doubt Bitcoin and Ethereum will be fine once they roll out their solutions.

So weirdly that

there's actually a big one on, um, on, uh, Tezos, I think there was, there was, there was one that was on Solana, um, that I think kind of wound down.

Um, you can also, you can also trade perps for it on hyperliquid.

Not bad.

Their revenue from commercial operations fell.

There was a £10 million sponsorship deal with Tezos, who was the shirt sponsor.

That disappeared.

And then because they weren't in the Champions League and they only had, I think they had... 30 matches last season and 10 fewer home games because they weren't in any of the cups they lost money potentially on gate receipts and things like that so the lesson here is that the top line revenue can be inflated by one particular revenue stream in a business But you need to actually dig down and find out which one that is, because a healthy functioning business has multiple streams of income so that if one dies off, the other one supplements it.

That was down.

That was because I think, I think it was, it was at the Tezos deal.

There, there was a, they didn't have that, uh, last season, so there, there was, there was a bit of a gap.

But that's been replaced.