Ethereum bday, Synthetix exchange on Optimism & more - The Daily Gwei Refuel #176 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of the daily gray refuel where we cap the latest news in the ethereum ecosystem i'm your host anthony sosano and today's the 30th of july 2021 all right everyone 30th of july 2021 you know what that means it is ethereum's sixth birthday so the ethereum may net wet live on the 30th of july 2015. uh you know it's funny because like uh the ico was actually done in july of 2014 so it was about a year from the ico that the ethereum mainnet went live and then even like the white paper was published late 2013 so it was about i guess you could say 18 months before the kind of like ethereum mainnet went live and everything like that you know what's i always think about this and think about how amazing it is that

it only took 18 months from white paper to main net whereas there's a lot of these other kind of like chains out there that have been developing for for many years before they shipped anything i mean just thinking back now to polka dot they did their ico in late 2017 didn't uh kind of like launch till late 2020 um and even still they're not kind of like launched with full full uh full features or anything like that like the parrot chains and smart contracts and stuff that's just starting to come online now um you know same thing with i mean i know i make fun of cardano all the time but like i don't know went live in 2017 with just like their staking chain and they still don't have smart contracts like it's just amazing to me that ethereum had smart contracts and eth1

was basically i mean eth1 isn't obviously or the existing ethereum chain today is obviously very different to what it was back in 2015 there's been multiple upgrades since then but the core um thing like the evm being able to execute smart contracts uh you know proof of work and everything that's still kind of the same and obviously it took uh you know a while to get to where we wanted to be in terms of like upgrading ethereum getting proof of work um you know sharding and stuff like that is still a little bit further away but it's amazing like how quickly how fast um you know ethereum went to mainnet after just being a white paper and and back then that was very very different right it was just bitcoin and a few bitcoin derivatives and forks ethereum was like totally game changing back then so

i thought that was quite amazing but you know i was writing the daily great newsletter today and it's about uh ethereum sixth birthday obviously but i was going through uh each of that kind of the years and how you know what what narrative is dominated each year in ethereum's life so with 2015 or at least 2014 i don't think really anyone knew what ethereum was going to be and what it was going to amount to i wasn't around back then but from what i can see there wasn't really a big enough community for there to be any kind of like prevailing narratives it was really hey you know we want to build this thing because uh we believe that smart contracts or um you know lead to all these really cool applications that can be built but there was not enough of a community to really

set a huge narrative or anything like that same within 2015 like when ethereum first went live it was really like no one kind of knew what we were going to do with the network what was going to like have product market fit it was just like um a pretty big experiment at that point in time then coming into 2016 we had um uh the prevailing narrative of the dow the dow was like the biggest thing that happened in 2016 in good and bad ways good that it showed like the power of um of crowdfunding with with blockchains uh you know ethereum specifically and it showed like you know you could tokenize or at least sell tokens and things like that and raise money and then obviously bad is that we had it explode and you know we had the kind of rollback uh not the rollback sorry the um the

regular state transition which basically took the eath away from the the hakka and then we had the ethereum classic fork so there was all that in 2016 and then 2017 saw an extension of that crowdfunding mechanism and we had ico mania where ethereum pretty much led the bull market in 2017 uh you know eight went from ten dollars to a basically its all-time high of uh 1420 in january of 2018 uh so yeah 2017 was definitely the year of the ico uh then in 2018 we i wouldn't say ethereum had any kind of like good narratives i think 2018 really was like a very sobering year for the ethereum community eighth fell 94 from its all-time high uh ico's menu obviously subsided because that was only

really sustainable during a bull market ethereum itself didn't really have any any kind of like prevailing use cases we had some like very very early stage defy stuff but it wasn't called d4 anything like that and hardly anyone was paying attention to it uh and we had like nfts like with cryptokitties had guy come and gone and and no one was really doing much stuff with nfts back then so 2018 was was really a kind of i guess um the sentiment was like really low but it was a sobering year for the people who stuck around then in 2019 the the sentiment was uh the sentiment i think changed like everyone had gotten over the the price falling we had kind of found found a bottom in december of 2018 and started to trend up a little bit again but not really i mean we hung around the same

kind of price for most of 2019 but essentially uh in 2019 we saw the first signs of like real d5 coming uh coming alive and and you know it was still very early still very niche but it was still it was kind of like growing and people kind of like in the know were like yeah we can see something here like we can definitely see this being something big uh and then and that was 2019 for for ethereum i think and then in 2020 i mean it was completely different 2019 right ethereum uh had its breakout with d5 summer uh you know compounds liquidity mining uh kind of i think launched and i mean east price started going back up again of course we started the year at 130 ish i think and we ended the year at about a thousand dollars so i mean went crazy and obviously 2020 was

also dominated by like the covert narrative uh because you know we had we had covert and lockdowns and things like that so ethereum really kind of like had a lot of new people interacting with and a lot of new narratives kind of coming into its own uh and then in 2021 so far we've had i think we've had like a mix of things it's not really just one prevailing narrative we've had d5 we've had nfts we've had uh layer twos we've had uh you know proof of stake going live end of 2020 into 2021 more and more people staking so it's funny how like i think we went from having like one or two maybe prevailing narratives um during the previous years but now in 2021 ethereum is so big the community is so large the network is used by so many people and

so much money is being invested in it so many people are developing on it that ethereum itself has just become what we originally envisioned it as and that was as a world computer you know uh that was the kind of like original vision of ethereum now not to say that ethereum is scalable as it is today still or anything like that uh you know it's still got a long way to go but a world computer to me was never about being like this thing that could run every kind of like app on it right ethereum as a world computer meant that it was it was basically something that executed arbitrary code and it was located all across the world because you know different uh there was miners all across the world there was full nodes all across the world and things like that so that's what the

world computer always meant to me but that narrative kind of like fell off you know the face of the earth it doesn't really get spoken about at all anymore i don't even see anyone saying the term world computer even to make fun of it like no one's really saying that anymore i think that's fine i think people now know what ethereum is good for um you know what what what the breakout use cases are what the killer apps are and people are just doubling down on that and focusing on that and ethereum's community social layer and cultural layer uh all of those are very very very strong and it continues to feed into whatever else we're going to build whatever else is going to be a breakout as we go into 2022 and beyond and i mentioned in the newsletter today that i really do think ethereum is

a rocket ship that shows absolutely no signs of slowing down it is going way past the moon it is going you know out into outer space into exploring other galaxies and basically growing uh much faster than than we can even anticipate uh and and lastly on this you know i i put in my tweet here uh thank you ethereum for changing my life and i think that's one common theme across like all of the years right from from from the very kind of like start of it when vitalik first posted the white paper to today is that ethereum has changed so many people's lives in so many different ways you know some of them in monetary ways that people have have bought early on and obviously um you know it's appreciated and they've they kind of erode that up but also in in terms of like giving them you know a

purpose or making letting them work on things um you know that they want to work on instead of having to work for some massive multinational corporation i mean for me personally i get to basically uh do um do the refill do my newsletter to help out all these kind of like early stage teams and stuff like that and and be really heavily involved with the ethereum community and i get to do that all on my own without without a kind of boss and ethereum enabled that for me so i mean it's just amazing that that i think that is incredibly sticky and that is what causes a lot of people to stay in this ecosystem is that uh ethereum has given them so much and they want to give back so yeah i guess i'm gonna leave it at that for now but happy sixth birthday again to

ethereum uh let's uh let's get to many more i think you know it's funny because like blockchains can live forever uh as long as someone you know someone's mining or staking it as long as there's a full nerd out there uh the blockchain can't live forever so i'm i'm gonna i'm gonna say ethereum's going to live for many many decades if not centuries from now i don't see any reason why i wouldn't uh and it's going to be awesome to to kind of like celebrate all those birthdays as they come so yeah all right i've been talking about stateful works as beacon book a lot lately well finally the 100 physical beacon books are now being auctioned off on mira so you can head to the uh kind of mirror page here we linked in the youtube description and you can kind of put your uh i guess like

place your your bids in for um for these books so the way it works is essentially there's a hundred physical genesis edition books you can go here and basically click back this project uh and the top 100 backers will get one of these books there's only 25 backers so far so you know no matter what you kind of like um put forward here you're guaranteed to to get a book but the suggestion is to put forward 0.018 to cover like printing costs and things like that uh there's also a leaderboard and everything you know i'm i'm not first right now i'm third but like i'm thinking before this ends on august 3rd maybe i'll um i'll i'll outbid james here and now to become first uh but uh you know that 18th is a lot of money there 1.18 is a lot of money these

days and i did mint all of the nfts from from the beacon book so i i think i have um uh i've definitely already spent a lot of money on this project but anyway i think that all of you should definitely go check this out if you haven't yet i'm pretty sure you're familiar with the beacon book by now um but yeah this is your chance to get a physical edition of the book now if you don't want to kind of like get a physical edition or anything like that you can read the whole book on uh stateful works as mirror page here it's in one of their other posts uh where essentially you can um uh read all of the um the text that was in the book and basically see all the images and stuff like that you don't have to purchase the

physical edition but me being a collector i want the physical edition i want all the nfts that went with it so i'm definitely going to be backing this but yeah i'll link this in the youtube description for you all to check out so uh people please uh who a lot of you will know as uh i mean she's she's been known for creating a lot of different nfts and artwork within the crypto ecosystem specifically ethereum and defy uh there's actually like a dow that's um that's uh that's dedicated to you know i guess like buying her works and kind of like buying other works as well that's centered around it called please dao so i'm pretty sure a lot of you will have heard of her well she uh made a uh a kind of like image here with a bunch of uh references to crypto twitter

and she had it um on the cover of fortune magazine which is i mean pretty a pretty big deal right so you can see here that uh in the image there's a bunch of uh of crypto twitter accounts basically i mean from what i can see i see here you know the bunnies band tag you have the people on the kind of like rug there you have cl uh loom dart and crypto dog and then you have inverse bra like attempting to rug rug them which i thought was a pretty funny reference uh you have uh tetranode on the left there playing um uh playing the dj uh and then you know i mean there's not just the character references there's also like protocol references i mean obviously you can see compound on the right of this image uh you can see um the eth logo the btc logo chain link

god sitting in the back there uh and then you can see like sushi obviously uh uni the unicorn uh pleaser dao is those three stars uh yeah so there's a ton of references in here i mean even crypto cobains in here those bitcoin glasses uh but this is really cool because fortune magazine i mean this isn't just like a uh an image for them to build on their cover they actually got a story that goes along with this called crypto versus wall street how the well-funded tech rebels behind decentralized finance plan to remake the financial system we're mainstream guys like we're really breaking into it now and not only are we mainstream we're getting to set the culture of what this is like no one's telling us that defy has to be like all suits and and proper and you know adhere to the

traditional finance culture which quite frankly is pretty like i would not want to be involved in an ecosystem that had that kind of culture of like big banks and centralization all that sort of stuff um because uh d5 is is is wacky decent you know decentralized uh it's still very early we we see these kind of things playing out where you basically have like all these aenons on ct that are kind of some of the most prominent people within the d5 community and they're very very active uh and they kind of like set the culture and set the tone not just within d5 but with nfts as well so i'm really kind of glad to see uh this from from people pleaser and you know she's very good at kind of i guess putting these artworks together uh to capture kind of i guess like the the mimetics of

d5 and like the characters within it and the culture within it um so i'm glad that she was the one to put this together but yeah i mean i love this i really do because it just perfectly encapsulates what defy is and it kind of like sets the tone and sets the theme so people can kind of get a good idea for it and i'm surprised fortunately i do this right but i think that fortune may be a bit more progressive on that front i kind of realized that you know d fire is not like traditional finance it's not like what we're used to from like the wall street wall street kind of like people in the wall street kind of culture it is very very different it is much more weird and wacky and and much more colorful as well at the end of the day

it's not you know grays and greens and and and blacks and all that sort of stuff we have all kind of funky colors like purples and oranges and greens and all uh uh no sorry not like like bright green like i'm uh with the wall street stuff it's like usually dark green or it's like um you know faded faded green as well to represent money whereas in crypto we have like all these bright and fancy kind of neon colors and stuff like that so yeah i thought this was really cool i'm sure a lot of you already saw this um so i'm not gonna kind of like uh go on go on too much about it but i just thought it was a cool way to capture the culture of crypto d5 ethereum in in an image so this ultrasound money account is one of my favorite follows uh on on twitter

recently and i've showed you this the website that they've put together before actually um this ultrasound dot money website i'm sure a lot of you have seen it by now i've covered on the refuel before it's got a one five five nine count down here and it's got like the eighth supply and a projection you can kind of put here where you can say okay well what if there was 20 million each staked and you know the gas price was this gray and how much each would be burned per day blah blah but they put in a tweet today which i i think is is pretty good is a pretty good way of reminding people about like what it's scarcity engines are now this is something that justin drake has spoken about a lot on the bankless podcast but essentially eth has three kind of

like score core scarcity engines that's staking where uh 6.4 million i think that's that 6.6 million each um has been staked so far which is basically effectively locked because um there's no way back just yet but i think that there's going to be a lot of ether just perpetually stakes and then you have d5 there's almost 10 million eighth in in d5 that's only taken three years and eight months uh this is and this timeline is counting from like december 2017 where it was just maker that came out um so yeah but you can see the growth like how how much quicker it's been um it's been happening and then the third kind of scarcity engine is obviously the burn which activates in 155.9 hours which was from the time of this tweet so it's um i think it's like a lot less than that

now but obviously that's activating next week so these are the three kind of core components to why eth is valuable right i mean why ethys is going to be considered scarce why there's not going to be much ease supply for people to to to buy on whether whether they buy on centralized exchanges or decentralized exchanges which i think is very very important for people to understand and it's a big reason why a lot of people are kind of um you know really bullish on eat is that these these scarcity engines are so much better than just this vanilla oh you know we have a 21 million supply cap for bitcoin bitcoin doesn't have these scarcity engines they don't have staking they don't have true defy um you know you can have wrapped bitcoin coming to define all that sort of stuff but that is still like a very big

centralized centralized point of failure and then you have um you know this burn uh which bitcoin doesn't have either there's no btc being burned on each transaction as part of one five five nine so eighth and ethereum are uniquely positioned here to and that's you know that's why i believe in the flipping is because each just has so many more value accrual uh kind of mechanisms and so many more scarcity engines than something like bitcoin has but not just bitcoin like pretty much everything else within crypto which i think is really interesting and you know the funny thing is some people ask me well what if you know one of these other networks what if bitcoin implemented a fee burn it's like okay well they could do that but it still wouldn't be nearly as impactful as ethereum's fee burn because if you actually look at the fees

generated on all the other networks bitcoin is only generating i think six seven hundred thousand dollars a day in fee revenue um whereas ethereum is generating like anywhere from 5 to 10 million depending what the day is and that's on you know that's during kind of like the the quiet market right now when we're at the hot market we were generating you know 30 40 million dollars a day more than that during the hottest kind of days and then all the other networks if you go and crypto fees.info you can actually see that pretty much all of them um aren't generating much fear revenue at all except with the exception of like bsc which i've spoken about bfc be uh the other day and how i think that it's very hard to know if that fear revenue is actually kind of like real or not um but i won't go into that again

but you know besides that like pretty much all the other networks are not generating much fees at all so even if they had a fee burn it wouldn't really account for much and it wouldn't really do much for the the asset that's native to their network so eth is very very uniquely positioned here so just a good reminder from the ultrasound money account so uh some more exciting news out of the synthetics ecosystem i should actually start with this so uh the synth exchange is now live on layer two so this is live on optimism uh and that means that quinta is now enabled for trading on there so cuento is basically the interface you use to trade uh synthetics uh products on um and you can do all of this on optimism which i mean synthetics has been pretty much the earliest team working with optimism

to get onto l2 they've had staking live for quite a while but now this is the next level where you can basically um trade a bunch of different assets here as this is a testing phase right now the only assets available for trader synthetic usd btc ethan link which i think is fine i mean this is the same deal with uni swap where there was only a handful of assets on optimism that were available for trading but this is awesome because i think synthetics is one of those protocols that really did uh suffer from the high gas fees at layer one no one wanted to trade like the synth assets and stuff like that on layer one or very few people did um and the fact that they have like a really beautiful interface with quentin now as well uh people can the more more more and

more people can trade on here and tap into all of this and i think it's really really positive so yeah just another app that's live on optimism for you to go use yes it's still in alpha testing phases but i think you know it's still public you can all use it and this is just the optimism's ecosystem growing um you know just continuing to grow because you have unisop on there now you have quencher on there a chain links on there to enable uh uh you know the synthetics kind of integrations and stuff like that and i'm sure we're going to see many more protocols as well and obviously arbitrary is coming uh you know i'm not sure if they're gonna come before the end of the month this hat is apparently getting eaten because i said that they're gonna be live before the end of the month

unfortunately i don't know if they will be um but still they're all coming so you know slowly but surely the l2 ecosystem is being built out it's maturing um you know as i said this is still very early days it's still going to be in testing in phases like that uh but it's coming and you can go play around with it even though it's in alpha testing phase you just have to be aware of that uh and it's and it's kind of like limited in in some way but as we progress over the next few months this stuff's just gonna kind of uh snowball i think and we're gonna have a much bigger layer two ecosystem to play with so uh there was an article about one five five nine uh and london in bloomberg today now i don't know if this is going to pay

wall me if i load it up here uh yeah it's going to pay all me but essentially it was an article covering london in 1.59 which i thought was pretty cool unfortunately they did get some some they get like a core thing wrong there's chain link god notes here where he says uh where he quotes their article which says a change called eip1559 will split up the roughly 13 000 new ethers issued each day for minor payment gas fees into three parts i mean no this doesn't make sense the 13 000 new issue today is protocol issuance that's got nothing to do with the fees being paid to minors so that definitely isn't what one five five nine is about uh and then i replied to chandling god saying they should have just read my piece right the pizza that i put out the other day with my

co-author um where we just we basically gave you a really um clear overview of 1.59 which you should all go read if you haven't yet uh but still i mean it's it's cool to see like the mainstream publications covering the more kind of like esoteric stuff about ethereum like london uh like a network upgrade and like one five five nine but like seriously this is surface level stuff like getting this thing kind of wrong just shows like how far mainstream media still has to go to get a grasp of this sort of stuff and honestly all they have to do is ask like a few of us if they're doing an article on ethereum like seriously if they dm me on twitter i will reply to them if they're from like a media outlet like i see all the dm's that come through you know sometimes i won't reply to them

because for various different reasons or i don't have time but if like a mainstream media kind of um reporter contacts me and wants information for an article about ethereum i'm more than happy to give it to them and that's all it takes like i don't get how the the mainstream media can still get this wrong like you have access to all these sources not just myself but all these ethereum education sources on twitter that you can just dm and they will get they will kind of like reply to you so at this point in time i would say there's no excuse getting this wrong is just like blatant laziness at this point and getting it as wrong as what chandling god points out here like come on like do they even do any research on this like you i don't even know how they made this

connection but anyway i don't want to rant too much about that but it just shows like how early we still are and how confusing this stuff still is i think for for people because you know i'm i'm attributing laziness as a main factor for them getting this wrong but it might be that it's confusing for them they might be thinking well you know what's all this stuff what's one five five nine what's you know issuance what's proof of stake what's all this kind of stuff i think it's easy to get confused but at the same time there's so many resources now for you to kind of like educate yourself and not get confused i feel like if they just message like any of the the kind of like people that are doing educational stuff they would get their answers rather quickly and i do have reporters message

me from time to time and i reply to them straight away and i answer all of their questions um you know with with factual information so it really there's no excuse at this point in time but still good to see i guess like a major publication covering this i just wish that the the value of the um the information was more accurate because i just hate uh knowing that people are being misled by this and this is how those kind of like weird narratives start you know how i was talking about the other day how people thought that one five five nine had to do with the triple hardening this is exactly how it starts they see this kind of like incorrect information whether it be on a media outlet or somewhere on twitter and then it just kind of like warps their view and they think it's actually

right like these people reading it they're not spreading it on purpose they just think that it's right because they read it on some kind of trusted resource that they trust whereas it was completely wrong right i explained to you why it's wrong i explained to you why 1559 has nothing to do with the triple hardening and this is how the narrative kind of can get away from you and narrative wars are inherently pretty hard to win like especially when a narrative takes hold that um a lot of people kind of like resonate with a lot of people want to promote for one reason or another especially narratives that pump people's bags it's very very hard to change their opinion on these sorts of things so getting to it before those narratives take hold i think is very important but there's only so much i can do

there's only so much people like bankless can do and the defiant and and um you know d fight out and all the people producing ethereum media we're we're a small kind of like group we're not like uh and we're not mainstream media so there's only so much we can do but i think as time goes on it will get better but i just wish that these reporters contacted people who knew what they were talking about uh to kind of like get clarity on this sort of stuff and not spread the wrong information so yearn finance announced a book called the blue pill which is basically a spiritual guide for the past present and future of yearn it is as they describe a beautifully typeset book um and it's available to our 13 13 500 most loyal supporters so what this

kind of like book is a bunch of nfts here you can see and the people who can claim these nfts were the ones who originally participated in yearns early life whether that be as an original farmer or be part of governance um or anything like that so you can go to the link here i claim the nfts and claim the ones that are available to you unfortunately not all of them are available to me even though i was a very early kind of like yearn user wi-fi kind of like farmer and buyer but i didn't get all of them unfortunately but still i got i got i got a few of them which i thought was really cool so yeah if you are looking for some more nfts to kind of like uh mint and be part of the culture of of yearn uh definitely go i go check

this out it'll be linked in the youtube description for you so the ethereum.org team is building out a new security page to help protect the users on ethereum so they're asking for kind of feedback here like what they are missing i'll link this in the youtube description you can definitely reply to them here but this page just in general i think is really really great so as i said it's a safety tips page for ethereum they cover wallet security dap security um social media community platforms giveaways like you know covering you for like giveaway scams and stuff like that um eth2 and staking security best practices strong passwords all that sort of stuff so i'm this is a work in progress obviously it's not even on kind of like the main website yet it's on there kind of staging area but essentially this is really important

because i've seen so many people for one reason or another either get like rugged um from you know from within a protocol or have their funds stolen because they put in their seed phrase into some way they shouldn't or they don't have like their funds on a ledger they have them all in metamask they don't use the hardware wallet but whether that being ledger or lattice one or something else uh and you know they they kind of like approve um tokens into contract that they shouldn't be approving them into and they can lose them that way so you know there's plenty of ways to get scammed and to lose your your crypto so i'm very glad that the ethereum.org team is putting this together i mean give away scams as well like i've had people message me before saying they fell for some of these

giveaways and and kind of like asking me like how do i get my funds back and like i feel so bad for them because as much as i think to myself like you know i see these giveaway things i'm like okay who would actually send money to kind of like these people like this is just seems like a blatant scam to me there are a lot of newer people to this ecosystem who aren't used to this right like if someone um if you're very new to the ecosystem and you see this you may not be know that this is like a well-known scam within kind of like the crypto ecosystem and you may uh kind of like you know you may fall for it and on top of that i see a lot of people kind of like putting in their seed phrase or they're

like their secret phrase into various places that they shouldn't and they get phished that way because it's very easy for people to trick newer people into putting their seed phrase into a fake like my crypto myetherwallet page for example um whereas like they may not know any better and it's very easy to trick people into signing a transaction on metamask that they uh that they didn't actually authorize because all this kind of stuff is still very uh very technical if you kind of look below the surface so i'm glad that the ethereum.org teams put this page together you can go check this out if you want to to kind of like read their security tips here as i said it's a work in progress so i'm expecting much more uh kind of tips to be put on here and if you have suggestions for them you can reply to

their tweet and and kind of like give you a suggestion there so the altair devnet 2 forked successfully uh i think it was yesterday uh this and as terence here from the pro labs team notes this is likely the last devnet before forking the public paramount test net uh and he says congrats to all the hard working teams on making this happen so i spoke about this a couple of days ago on the refuel about how yeah the next kind of like um uh uh thing here is just the fork on the test net and then that'll last for i don't know how long it's gonna last for a few weeks maybe a couple months or something like that i don't expect it to last too long um but but once that con that's kind of like on there and working and tracking along there'll be a mainnet date set and that

will be the first hard fork network upgrade for the eth2 network and then after that i'm pretty sure all the 82 teams kind of like efforts are going to turn to the merge as i discussed uh yesterday or the day before on the refuel so yeah getting closer and closer to altair getting closer and closer to um a lot uh to the merge and obviously london is going live next week so a lot of things happening on the ethereum core protocol development side and really exciting to see it all coming together and i think the next six to 12 months is going to be absolutely amazing in ethereum on the core protocol side and it's going to be really awesome to see all these upgrades finally go live but on that note i think that is it for today everyone so thank you again for listening and watching be sure to

subscribe to the channel if you haven't yet give that video a thumbs up subscribe to the newsletter join the discord channel and i'll catch you all next week thanks everyone