Update on PFMS, the 9.6M ADA treasury request.
DRep Yes is now 17.9% of active stake. It needs 67%.
About two-thirds of that Yes is EMURGO and Yoroi (₳612M), and both de-register on Nov 30, ten days after the final count. Without them, Yes would be about 6%.
The 76.5% that hasn't voted counts as No.
Source: AdaStat, Oct 29, 09:26 UTC. My full case for voting No is in the quoted post.
The 9.6M ADA PFMS proposal (a police evidence system in India, built on Cardano) looks like a tech question. It's really a sales question. Here's my reasoning, and why I'd want my DRep to vote No.
What the law requires
• Police in India keep case evidence as files. Under India's new criminal laws, in force since July 2024, electronic evidence submitted to court must come with a certificate that includes its hash value: a digital fingerprint showing the file is the original.
• That's the opening PFMS is built for. It stamps those fingerprints on Cardano.
But a blockchain isn't the only answer
• I can't find a single Indian court ruling that accepts a hash on a public blockchain as that proof.
• The government already has its own tool. e-Sakshya is the official evidence app that India's Home Minister launched in August 2024 for the new criminal laws. Police record evidence in it, and it's kept on a government evidence server that courts can access.
• The 54-page proposal doesn't mention e-Sakshya once.
Spending 9.6M ADA on this? Fine. Paying for it from the treasury? For the sake of argument, fine too.
The problem is how the money is supposed to come back.
How the money comes back
• The only revenue is paid verification. A lawyer or a prosecutor pays to check a record, from $1.89 per request, and 70% goes to the treasury.
Now run the numbers
• Say 100,000 police case files get stamped on Cardano.
• Say 10,000 of them end up contested in court, through victims' challenges and other disputes.
• Say 1,000 of those turn on whether the evidence is genuine, so a lawyer or a prosecutor wants it checked.
• Most of those 1,000 will use the government's own system, e-Sakshya.
How many will treat the hash on Cardano as the only way to settle it?
For that number to be large, three things have to be true
1. Trust in the existing government system is close to zero across the country.
2. No working habits or vested interests keep police, lawyers and courts on that system.
3. Courts accept the hash on Cardano as verified proof.
So the real question isn't whether Trivolve Tech can build it. It's whether Trivolve can sell it to India's legal world: courts, prosecutors and defence lawyers.
The proposal has no plan for that, and I don't see that capability.
Build it, by all means. Just not on the Cardano treasury's budget.
Your ADA doesn't vote on this. Your DRep does. Voting closes Nov 20.
맞는 말이긴해요. 애초부터 투표를 했으면 안되죠. 재단이 1차원적으로 사업성 검토를 하는 부분에 처음 놀랐고, 이머고가 복붙해서 투표하는 무책임한 행위에 두 번 놀랍니다. 찰스의 설계는 이상적인데 그 안에 조직 역량이 또 하나의 변수였군요. 조직 설계보다는 '인사가 만사'라는 말이 왜 있는지 되돌아보게 됩니다.
EMURGO and Yoroi de-register on Nov 30, ten days after PFMS's final count. Yoroi alone puts ₳400M behind Yes and won't be around to answer for it. Should DReps with an announced exit abstain on treasury withdrawals?
진짜 조심할 건 새 나간 정보로 거래소·증권사인 척 접근하는 2차 피해임.🙏🙏
빗썸·대신증권·미래에셋운용 해킹 총정리(feat. 거래소에 둔 내 코인은?) (출처 : 크립토 리치 | 네이버 블로그) m.blog.naver.com/joseph_suan…
The 9.6M ADA PFMS proposal (a police evidence system in India, built on Cardano) looks like a tech question. It's really a sales question. Here's my reasoning, and why I'd want my DRep to vote No.
What the law requires
• Police in India keep case evidence as files. Under India's new criminal laws, in force since July 2024, electronic evidence submitted to court must come with a certificate that includes its hash value: a digital fingerprint showing the file is the original.
• That's the opening PFMS is built for. It stamps those fingerprints on Cardano.
But a blockchain isn't the only answer
• I can't find a single Indian court ruling that accepts a hash on a public blockchain as that proof.
• The government already has its own tool. e-Sakshya is the official evidence app that India's Home Minister launched in August 2024 for the new criminal laws. Police record evidence in it, and it's kept on a government evidence server that courts can access.
• The 54-page proposal doesn't mention e-Sakshya once.
Spending 9.6M ADA on this? Fine. Paying for it from the treasury? For the sake of argument, fine too.
The problem is how the money is supposed to come back.
How the money comes back
• The only revenue is paid verification. A lawyer or a prosecutor pays to check a record, from $1.89 per request, and 70% goes to the treasury.
Now run the numbers
• Say 100,000 police case files get stamped on Cardano.
• Say 10,000 of them end up contested in court, through victims' challenges and other disputes.
• Say 1,000 of those turn on whether the evidence is genuine, so a lawyer or a prosecutor wants it checked.
• Most of those 1,000 will use the government's own system, e-Sakshya.
How many will treat the hash on Cardano as the only way to settle it?
For that number to be large, three things have to be true
1. Trust in the existing government system is close to zero across the country.
2. No working habits or vested interests keep police, lawyers and courts on that system.
3. Courts accept the hash on Cardano as verified proof.
So the real question isn't whether Trivolve Tech can build it. It's whether Trivolve can sell it to India's legal world: courts, prosecutors and defence lawyers.
The proposal has no plan for that, and I don't see that capability.
Build it, by all means. Just not on the Cardano treasury's budget.
Your ADA doesn't vote on this. Your DRep does. Voting closes Nov 20.
We’re in a position where we’d be spending 9.6M $ADA on a proposal that doesn't bring in users or liquidity, doesn't directly add to network volume, and doesn't improve the developer experience for builders.
Put simply, a project that records police evidence for one Indian state benefits that state's public agencies more than the Cardano ecosystem.
If that's the case, those agencies should be the ones paying for it.
I think that 9.6M ADA could go somewhere far more valuable for Cardano.
We should be focusing on projects that create a positive cycle: new products get built, users and liquidity come in, that activity refills the treasury, and the treasury gets reinvested in the next wave of growth.
Good to see a Cardano asset in that top 10. How much of the 11.66% comes from the private-credit book versus the Treasury and money-market sleeve? The mix tells holders how durable that yield is.
Charles is building a new programming language for Cardano.
What would actually change for you as an ADA holder? Here's the full picture, from what you'd tap to what happens behind the screen.
First, what it is (and isn't)
• A language, not an app. You'll never use it directly, the same way you never "use HTML". You use websites built with it.
• Developers will write Cardano apps in it, like they use Aiken or Plutus today.
• Not AI "type in English, get code." It's built around two ideas: intents and zero-knowledge proofs.
• No name, code or release date yet. Charles says it runs on Cardano as it is today. No hard fork needed.
Who does what
• The language: the rulebook. "This ADA can only leave if the user gets at least 2,000 X within 10 minutes."
• Apps: wallets and DEXs (Lace, Eternl, VESPR, Minswap...) could build new screens with it.
• Solvers: independent operators who compete to fill your order.
• You: you keep using the app you already use.
Example 1: swapping ADA for a token
Today
1. Open a DEX like Minswap, pick the pair.
2. Set slippage and sign.
3. Your order waits for that DEX's batcher.
4. If the price moves past your slippage, it isn't filled. You cancel and retry.
With intents
1. Open the same wallet or DEX, once it adds intent-based swaps.
2. Fill in three fields: what you give (1,000 ADA), the minimum you want (2,000 X), how long the offer stays open (10 min).
3. Tap Swap. Your wallet signs that order, not one fixed route.
4. Solvers compete to fill it from any liquidity on Cardano. The best one sends you the tokens.
5. If nobody fills it in time, it expires and you keep your ADA.
You decide the outcome. The app finds the route.
Example 2: proving things without exposing yourself
Today
To use a KYC'd or region-restricted service, you upload your ID to each app. And once your wallet is linked to you, anyone can read your full history.
With zero-knowledge proofs
1. Get verified once. Your wallet stores the credential.
2. When an app asks "are you eligible?", tap Prove.
3. The app sees only the answer, like "verified, not in a restricted country" or "holds 10,000+ ADA". Not your name, balance or wallet.
Isn't this already a thing elsewhere?
Partly. That's what makes it interesting.
• Ethereum: intent swaps like UniswapX and CoW Swap are widely used, but as add-ons. ZK apps use separate languages (like Noir on Aztec).
• Solana: can verify the same type of proof (Groth16), but intents and privacy are built app by app in Rust.
• Anoma: built around intents and privacy with its own language (Juvix). Live on Ethereum via an adapter since Nov 2025, still little usage.
• Midnight: has its own privacy language, Compact, for the Midnight chain.
• ADA already swaps through NEAR Intents (since Sept 2025), but on NEAR's network, not inside Cardano apps.
What's different: one language for both ideas, native to Cardano's main chain, using features Cardano already has. And Cardano's transaction model already works on "only if these conditions are met". That's basically what an intent is.
What holders could see
• Swaps that work like limit orders across all of Cardano.
• One signature for multi-step actions, like swap then stake or lend.
• Compliant products (RWA, institutional DeFi) without handing over your wallet history.
• Airdrop and governance eligibility checks that don't expose who you are.
None of this is live yet. The point is the direction: the chain already supports it, the language gives builders the tools, and the apps you already use are where you'd see it.
Looks solid. One question on attribution: do you group holdings by stake credential or payment credential? Franken addresses make those two different people, so who holds it and who can move it can diverge.
Asked Charles whether his new language needs new ledger rules.
Answer: no. The last hard fork already gave Cardano what it needs.
My read: the bottleneck is no longer the chain. It's tooling and execution cost.
좋은 지표네요. 그런데 ZK증명으로 에이전트가 본인이 에이전트인 사실만 스스로 밝히지 않는 한 집계를 어케 하죠 -_- 결국 '밝히기로 한 에이전트'만 세는 최소치가 될 텐데, 스스로 밝힐 이유는 어떻게 만드실 계획이 있으실지 궁금합니당. (가르침 부탁드림)
Good to see you writing again, Joel. "Who should make those decisions" is exactly what Cardano's on-chain governance tests in practice. Does faster rule-making strengthen legitimacy, or does legitimacy need some slowness built in?
Plutus V3 already ships BLS12-381 builtins, so Groth16 verification is possible on-chain today. Does the new language compile to UPLC like Aiken, or does intent settlement need new ledger rules?
On America falling behind: eToro pulled ADA from US users in 2021 without any ruling, then relisted it in 2025. What changed, the law or the risk appetite?
A first worth noting. Was the 115K unspent because the work came in under budget, or because milestones weren't delivered? Those are two very different receipts.
Midnight plans to open block production to Cardano stake pools in Q1 2027.
For delegators, the interesting part: it's the ADA delegation that counts. You don't need to hold NIGHT.
I plan to register CRICH the day it opens. No promises on NIGHT amounts until the rules are published.
What does it take to make privacy practical onchain?
The Midnight roadmap breaks it down across 7 areas of work, from confidential finance and digital identity to cross-chain development and next-generation proving infrastructure.
Here's a deeper dive 🧵👇
midnight.network/roadmap
More at crich.io
I'll never DM you first, and I'll never ask for your recovery phrase or ask you to connect your wallet anywhere.
CRICH is live on Cardano mainnet.
Bare-metal block producer with ECC memory.
Relays on two continents, EU and US.
Cold keys kept offline.
Fixed fee 170 ADA (the protocol minimum), 0% margin.
About 600K ADA of operator stake delegated.
First blocks possible from epoch 665 (Oct 31, 21:45 UTC).
Pool ID
pool1ezmnjmu9fw36ftprczhwhvqd60syaclpp74keu0yj7rty7r3dna