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All right, welcome to part three, glad you're still sticking with me here.

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So, this is about the Olympia network.

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The Olympia network is sort of like a mega release we've been working on for a long time sort of asynchronously with everything else

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and particularly on the runtime side, also on the Pioneer side, obviously, and I’m going to get to it.

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And it's such a big release that it's not even scheduled to be the release immediately after the Sumer release.

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The reason I’m sort of putting it on the table is because it's probably one of those big milestones which may or may not be the last release,

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even before main net probably going to have one or two big releases, even after that,

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but it's a very important piece milestone for where we're trying to go.

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And it's also something that we were working on for such a long time that I thought it was worth sharing.

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So, what's going on in this release?

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One is that we're shipping a new updated simplified benchmarked and audited runtime which sees major improvements really across the board

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and new functionality and features for, I would say, every subsystem.

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And then it's introduction of Pioneer 2, version 2.

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Pioneer, for those who don't know, is the governance app where you vote and stake and buy memberships and run for the elections in the council and forum and blah blah.

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So that's all the stuff that actually has to do with participating in the system.

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Pioneer 2 is the sort of user facing application for doing that through a user interface.

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And I want to say that really probably the big bottleneck for going live with Olympia is actually Pioneer itself.

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It's a tremendous piece of work in terms of on the infrastructure, the design, the application development itself.

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There are a lot of pieces that are coming together, and we really could have released
the runtime improvements that we already have but it just doesn't make sense for us

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to try to upgrade the version of Pioneer which is currently live, that we're calling Pioneer one, and try to upgrade them to work with the new runtime.

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It's just going to be a lot of work for very temporary benefits, so our thinking is currently that we really will go live once Pioneer 2 is ready, 

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and that will simultaneously reveal a system which is quite different in many ways from what we see today.

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The overall structure is, of course, the same but there will be, you know, important improvements everywhere. 

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So, I think the best way to get a flavor for what the Olympia runtime currently looks like, and remember it's a moving target whenever we develop

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something new that we're not ready to put out right away, it will sort of get go live in the Olympia runtime.

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And we can sort of put it in the context of what we currently expect will be in the mainnet runtime. 

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You could see that on the runtime side we're really getting there.

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There are basically two major subsystems, well, it is an open question whether the channel tokens and DAOs is a subsystem, but two big pieces that really we haven't started on at all. 

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Everything else is in some reasonable state of development, to put it that way. 

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In addition, again, my image is covering that, but we're working with SR Labs, one of the premier auditing firms that work with Polkadot 

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and that old ecosystem, and they've already audited a substantial part of our Olympia runtime to help us identify problems, and that's gone really well,

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and we're probably going to do another audit once we're sort of at the finishing line.

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But we've already done a very meaningful step towards getting production ready, I think, and at the same time we've also done benchmarking, as I mentioned prior.

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So, what is benchmarking?

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This is one of the important or necessary steps involved in deriving the fees that will be used in your blockchain.

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If you're used to Ethereum, you will know that the fees associated with doing anything is sort of computed on the fly

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because the whole system is a dynamic, and the set of contracts changes, and so on.

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In substrate there's sort of a step involved in the development process where you try to compute basically how expensive it

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is to do all the operations that people can do in the system - that's called benchmarking. 

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That literally boils down to sort of measuring how much time each action or transaction, if you will, takes on certain reference hardware. I am skipping ahead here. 

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And we've done that for a big part of the system - we've sort of built that in-house skill, and we will be doing that for all the modules

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modules that go into Olympia which means we will have meaningful transaction fees as well.

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I think at the current runtime basically every transaction has the same nominal fee which is sort of a random number that won't be the case in Olympia.

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There is an extra step from benchmarking to getting fees which is more about figuring out how much you're going to charge

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per unit of computation and per unit of block space, so to speak, in terms of your native token.

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But that's, you know, that's a smaller exercise.

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So, let me try to just briefly talk about some of the things that have changed.

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It will be way too much to try to cover all this but one of the very very important things we've changed is that,

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what's referred to as the referendum module here, which has to do with electing the council.

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You're now able to use stake that you're using for something else. Let's say you're a validator or let's say you're staking as a working group lead 

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or in a proposal or something, you're able to take that stake and redeploy it to vote or stand for the council.

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This was, I think, a big step in the right direction in terms of making it much cheaper for people to participate in governance.

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In the current system that's live you really have to pick whether you want to participate in governance or you want to stake,

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and then it's really easy to get to basically do the, you know, the selfish thing of just thinking about your own private returns

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on your own T-Joy account and stake rather than thinking about, you know, managing the system overall.

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If everyone does that, it doesn't work out as well as we would like.

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That's a very big change in the tokenomics of the system overall.

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That stake is basically reusable towards this one specific thing of being participating in elections.

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We are introducing obviously the new content directory that I've talked about in Sumer. 

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We're introducing the idea of a constitution which is a very simple idea, actually. 

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We're not, I think, the first chain to do this but, basically, it's sort of a social commitment to all the conventions and standards and,

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you know, improvement proposals, if you want to follow sort of bitcoin or Ethereum parlance of things, that are sort of on the social layer of the system.

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There are all sorts of metadata standards, for example, about how you encode an application for a working group, for example,

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that would be in the constitution and all sorts of policy things that the chain itself doesn't actually model and capture goes into the constitution.

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There's a council blog where the council can sort of speak in one voice to the system.

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We’re adding crowdfunded bounties which is basically a way for community members to fund the creation of all sorts of goods

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that can be useful for the platform where they don't depend on the council to contribute. 

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So, if you want to improve some software or really anything, you can get people on the system to fund a bounty basically where someone is tasked

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with the responsibility of following up with the bounty, and distributing the funds according to what people contribute and so on.

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What else should I cover?

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I think maybe that’s sufficient for you to just get a flavor for some of the things that are changing.

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conveniently in the current state of the chain, and that really limits your ability to do all sorts of searches and queries and look back into history
I think maybe that’s sufficient for you to just get a flavor for some of the things that are changing.

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I think maybe that’s sufficient for you to just get a flavor for some of the things that are changing.

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So, that's the Olympia runtime and some of the things that are being changed.

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Then we have Pioneer itself.

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Pioneer is the product where you actually engage in governance and participate in the community,

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so it's extremely important obviously given that this is a video platform DAO,

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and we have really for a very long time been using and trying to maintain and evolve a fork of the Polkadot apps application.

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You know, that has a lot of limitations and problems not least of which is that you really can only access information that's in the current state, 

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about who has done what at what time and what happened and so on, which is a critical precondition really for people to accumulate reputation

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and you being able to distinguish, you know, who's a good guy, who's a bad guy or girl for various positions and roles and everything.

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Pioneer 2 is really focused on this this goal of conveniently lifting out all the historical information that exists in the system

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where you can understand what the history of a person is and also actually frankly sort of aggregating and summarizing

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a lot of the complicated state that is in the system into a more digestible form.

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And, well, a lot of what enables that is, on one hand, of course, a product that's been redesigned from scratch by a team of excellent designers

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but also this infrastructure piece called Hydra which I'm going to talk about in the next update which allows you

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to sort of look through all of the transactions and all the events and all the state in one simple query and allows you to do really cool things like,

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for example, search for anywhere you're mentioned in the forum, for example, or in a proposal or you could look at all the time someone was fired, for example, in one easy click.

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There are all sorts of ways of lifting out all the information which currently is sort of either not possible to get out or your application has to like go

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and talk to an archival node for you know five minutes or something before it could fetch and filter and query and search for whatever you're looking for.

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So, Pioneer 2 is really a big piece of making it practically possible for the DAO to actually work.

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So, that is it. The changed runtime, Pioneer 2 – that’s what is coming up in Olympia.

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Thank you very much, see you soon for Hydra. 

