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so<00:00:14.040><c> I'm</c><00:00:14.160><c> going</c><00:00:14.280><c> to</c><00:00:14.400><c> get</c><00:00:14.960><c> started</c><00:00:15.960><c> uh</c><00:00:16.199><c> I'm</c><00:00:16.359><c> very</c>

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so I'm going to get started uh I'm very
 

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so I'm going to get started uh I'm very
excited<00:00:16.960><c> to</c><00:00:17.080><c> be</c><00:00:17.199><c> here</c><00:00:17.359><c> today</c><00:00:17.840><c> to</c><00:00:18.240><c> talk</c><00:00:18.400><c> to</c><00:00:18.520><c> you</c>

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excited to be here today to talk to you
 

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excited to be here today to talk to you
about<00:00:18.840><c> zerox</c><00:00:19.840><c> uh</c><00:00:19.960><c> this</c><00:00:20.199><c> project</c><00:00:20.920><c> has</c><00:00:21.119><c> been</c><00:00:21.600><c> a</c>

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about zerox uh this project has been a
 

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about zerox uh this project has been a
long<00:00:22.080><c> time</c><00:00:22.359><c> in</c><00:00:22.519><c> the</c><00:00:22.920><c> coming</c><00:00:23.920><c> um</c><00:00:24.640><c> and</c><00:00:25.039><c> uh</c><00:00:25.199><c> I</c><00:00:25.320><c> hope</c>

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long time in the coming um and uh I hope
 

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long time in the coming um and uh I hope
that<00:00:26.800><c> uh</c><00:00:26.920><c> we</c><00:00:27.039><c> can</c><00:00:27.160><c> get</c><00:00:27.320><c> some</c><00:00:27.480><c> people</c><00:00:27.760><c> excited</c>

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that uh we can get some people excited
 

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that uh we can get some people excited
about<00:00:28.279><c> it</c><00:00:28.480><c> today</c><00:00:29.480><c> w</c>

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uh<00:00:32.559><c> so</c><00:00:32.759><c> just</c><00:00:33.079><c> to</c><00:00:33.320><c> outline</c><00:00:33.800><c> this</c><00:00:34.000><c> presentation</c>

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uh so just to outline this presentation
 

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uh so just to outline this presentation
uh<00:00:35.120><c> going</c><00:00:35.239><c> to</c><00:00:35.440><c> quickly</c><00:00:35.760><c> give</c><00:00:35.920><c> a</c><00:00:36.040><c> little</c><00:00:36.200><c> bit</c><00:00:36.320><c> of</c>

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uh going to quickly give a little bit of
 

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uh going to quickly give a little bit of
background<00:00:37.200><c> and</c><00:00:37.440><c> timeline</c><00:00:38.040><c> on</c><00:00:38.440><c> zerx</c><00:00:39.480><c> protocol</c>

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background and timeline on zerx protocol
 

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background and timeline on zerx protocol
uh<00:00:40.640><c> motivate</c><00:00:41.320><c> the</c><00:00:41.600><c> problem</c><00:00:41.920><c> we</c><00:00:42.039><c> are</c><00:00:42.200><c> trying</c><00:00:42.440><c> to</c>

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uh motivate the problem we are trying to
 

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uh motivate the problem we are trying to
solve<00:00:43.840><c> uh</c><00:00:44.000><c> talk</c><00:00:44.200><c> a</c><00:00:44.360><c> little</c><00:00:44.520><c> bit</c><00:00:44.760><c> about</c><00:00:45.039><c> the</c>

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solve uh talk a little bit about the
 

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solve uh talk a little bit about the
existing<00:00:46.120><c> work</c><00:00:47.120><c> uh</c><00:00:47.719><c> then</c><00:00:47.840><c> we'll</c><00:00:48.039><c> go</c><00:00:48.160><c> into</c><00:00:48.399><c> zerx</c>

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existing work uh then we'll go into zerx
 

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existing work uh then we'll go into zerx
protocol<00:00:49.640><c> we'll</c><00:00:49.879><c> talk</c><00:00:50.120><c> about</c><00:00:50.480><c> the</c><00:00:50.680><c> benefits</c>

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protocol we'll talk about the benefits
 

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protocol we'll talk about the benefits
of<00:00:51.520><c> an</c><00:00:51.680><c> open</c><00:00:52.320><c> standard</c><00:00:53.320><c> uh</c><00:00:53.440><c> we'll</c><00:00:54.160><c> cover</c><00:00:54.640><c> the</c>

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of an open standard uh we'll cover the
 

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of an open standard uh we'll cover the
developer<00:00:55.680><c> ecosystem</c><00:00:56.440><c> that</c><00:00:56.559><c> we</c><00:00:56.640><c> see</c>

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developer ecosystem that we see
 

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developer ecosystem that we see
developing<00:00:57.760><c> today</c><00:00:58.760><c> uh</c><00:00:58.879><c> and</c><00:00:59.000><c> we'll</c><00:00:59.280><c> quickly</c>

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developing today uh and we'll quickly
 

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developing today uh and we'll quickly
discuss<00:01:00.280><c> the</c><00:01:00.399><c> need</c><00:01:00.600><c> for</c><00:01:00.840><c> governance</c><00:01:01.440><c> for</c><00:01:01.680><c> open</c>

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discuss the need for governance for open
 

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discuss the need for governance for open
protocols<00:01:03.840><c> uh</c><00:01:04.159><c> then</c><00:01:04.439><c> we'll</c><00:01:05.080><c> go</c><00:01:05.280><c> into</c><00:01:05.760><c> dap</c>

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protocols uh then we'll go into dap
 

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protocols uh then we'll go into dap
Integrations<00:01:07.200><c> and</c><00:01:07.479><c> something</c><00:01:08.040><c> that</c><00:01:08.200><c> we</c><00:01:08.360><c> like</c>

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Integrations and something that we like
 

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Integrations and something that we like
to<00:01:08.600><c> call</c><00:01:08.840><c> token</c>

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abstraction<00:01:13.119><c> uh</c><00:01:13.240><c> so</c><00:01:13.479><c> my</c><00:01:13.640><c> co-founder</c><00:01:14.200><c> Amir</c><00:01:14.520><c> and</c>

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abstraction uh so my co-founder Amir and
 

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abstraction uh so my co-founder Amir and
I<00:01:14.840><c> started</c><00:01:15.159><c> working</c><00:01:15.439><c> on</c><00:01:15.600><c> zerox</c><00:01:16.400><c> just</c><00:01:16.640><c> over</c><00:01:16.920><c> a</c>

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I started working on zerox just over a
 

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I started working on zerox just over a
year<00:01:17.560><c> ago</c><00:01:18.560><c> um</c><00:01:18.960><c> we</c><00:01:19.400><c> released</c><00:01:19.840><c> our</c><00:01:20.079><c> white</c><00:01:20.360><c> paper</c>

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year ago um we released our white paper
 

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year ago um we released our white paper
in<00:01:21.200><c> February</c><00:01:21.840><c> of</c><00:01:22.079><c> this</c><00:01:22.360><c> year</c><00:01:23.360><c> and</c><00:01:23.640><c> since</c><00:01:24.079><c> then</c>

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in February of this year and since then
 

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in February of this year and since then
have<00:01:24.479><c> put</c><00:01:24.799><c> together</c><00:01:25.159><c> a</c><00:01:25.360><c> really</c><00:01:25.759><c> talented</c><00:01:26.520><c> and</c>

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have put together a really talented and
 

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have put together a really talented and
awesome<00:01:27.280><c> team</c><00:01:28.280><c> uh</c><00:01:28.560><c> all</c><00:01:28.759><c> eight</c><00:01:28.960><c> of</c><00:01:29.079><c> us</c><00:01:29.200><c> are</c><00:01:29.439><c> here</c>

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awesome team uh all eight of us are here
 

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awesome team uh all eight of us are here
at<00:01:29.920><c> at</c><00:01:30.000><c> the</c><00:01:30.240><c> conference</c><00:01:31.240><c> we</c><00:01:31.520><c> love</c><00:01:31.799><c> chatting</c>

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at at the conference we love chatting
 

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at at the conference we love chatting
with<00:01:32.479><c> people</c><00:01:32.960><c> so</c><00:01:33.200><c> feel</c><00:01:33.399><c> free</c><00:01:33.640><c> to</c><00:01:33.759><c> come</c><00:01:33.920><c> up</c><00:01:34.079><c> and</c>

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with people so feel free to come up and
 

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with people so feel free to come up and
say<00:01:34.600><c> Hello</c><00:01:35.600><c> uh</c><00:01:35.720><c> and</c><00:01:35.840><c> we're</c><00:01:36.040><c> happy</c><00:01:36.240><c> to</c><00:01:36.399><c> answer</c>

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say Hello uh and we're happy to answer
 

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say Hello uh and we're happy to answer
any

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questions<00:01:40.040><c> uh</c><00:01:40.280><c> so</c><00:01:41.280><c> really</c><00:01:41.680><c> the</c><00:01:41.840><c> motivation</c>

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questions uh so really the motivation
 

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questions uh so really the motivation
behind<00:01:42.720><c> creating</c><00:01:43.119><c> zerox</c><00:01:43.680><c> protocol</c><00:01:44.360><c> was</c><00:01:45.040><c> this</c>

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behind creating zerox protocol was this
 

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behind creating zerox protocol was this
long-term<00:01:46.119><c> theme</c><00:01:46.399><c> that</c><00:01:46.560><c> we</c><00:01:46.799><c> see</c><00:01:47.799><c> um</c><00:01:48.560><c> coming</c>

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long-term theme that we see um coming
 

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long-term theme that we see um coming
into<00:01:49.280><c> existence</c><00:01:49.880><c> where</c><00:01:50.240><c> where</c><00:01:50.799><c> anything</c><00:01:51.280><c> that</c>

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into existence where where anything that
 

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into existence where where anything that
can<00:01:51.560><c> be</c><00:01:51.719><c> assigned</c><00:01:52.119><c> to</c><00:01:52.360><c> value</c><00:01:52.799><c> in</c><00:01:52.920><c> the</c><00:01:53.079><c> world</c><00:01:53.880><c> is</c>

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can be assigned to value in the world is
 

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can be assigned to value in the world is
going<00:01:54.240><c> to</c><00:01:54.479><c> eventually</c><00:01:54.960><c> be</c><00:01:55.159><c> tokenized</c><00:01:55.920><c> and</c>

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going to eventually be tokenized and
 

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going to eventually be tokenized and
moved<00:01:56.360><c> onto</c><00:01:56.719><c> an</c><00:01:56.880><c> open</c><00:01:57.200><c> Financial</c><00:01:57.680><c> Network</c>

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moved onto an open Financial Network
 

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moved onto an open Financial Network
like<00:01:58.759><c> the</c><00:01:58.880><c> ethereum</c><00:01:59.320><c> blockchain</c>

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like the ethereum blockchain
 

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like the ethereum blockchain
uh<00:02:00.759><c> so</c><00:02:01.000><c> this</c><00:02:01.159><c> can</c><00:02:01.320><c> be</c><00:02:01.600><c> things</c><00:02:01.920><c> like</c>

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uh so this can be things like
 

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uh so this can be things like
traditional<00:02:03.000><c> assets</c><00:02:03.680><c> like</c><00:02:04.399><c> Fiat</c><00:02:05.000><c> currencies</c>

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traditional assets like Fiat currencies
 

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traditional assets like Fiat currencies
stocks<00:02:06.479><c> and</c><00:02:06.759><c> bonds</c><00:02:07.479><c> debt</c><00:02:08.039><c> assets</c><00:02:08.959><c> all</c><00:02:09.119><c> the</c><00:02:09.280><c> way</c>

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stocks and bonds debt assets all the way
 

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stocks and bonds debt assets all the way
to<00:02:09.920><c> scarce</c><00:02:10.440><c> digital</c><00:02:10.879><c> Goods</c><00:02:11.319><c> like</c><00:02:11.920><c> video</c><00:02:12.360><c> game</c>

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to scarce digital Goods like video game
 

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to scarce digital Goods like video game
items<00:02:13.120><c> and</c><00:02:13.360><c> loyalty</c><00:02:13.920><c> points</c><00:02:14.319><c> and</c><00:02:14.480><c> airline</c>

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items and loyalty points and airline
 

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items and loyalty points and airline
miles<00:02:16.280><c> uh</c><00:02:16.400><c> and</c><00:02:16.560><c> even</c><00:02:16.800><c> things</c><00:02:17.000><c> that</c><00:02:17.120><c> are</c><00:02:17.280><c> more</c>

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miles uh and even things that are more
 

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miles uh and even things that are more
abstract<00:02:18.239><c> like</c>

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abstract like
 

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abstract like
attention<00:02:21.480><c> uh</c><00:02:21.560><c> so</c><00:02:21.840><c> naturally</c><00:02:22.680><c> with</c><00:02:22.879><c> all</c><00:02:23.040><c> of</c>

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attention uh so naturally with all of
 

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attention uh so naturally with all of
these<00:02:23.400><c> different</c><00:02:23.680><c> tokens</c><00:02:24.239><c> that</c><00:02:24.360><c> are</c><00:02:24.519><c> going</c><00:02:24.760><c> to</c>

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these different tokens that are going to
 

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these different tokens that are going to
eventually<00:02:25.400><c> find</c><00:02:25.599><c> their</c><00:02:25.760><c> way</c><00:02:25.920><c> onto</c><00:02:26.200><c> the</c>

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eventually find their way onto the
 

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eventually find their way onto the
ethereum<00:02:26.800><c> blockchain</c><00:02:27.760><c> there</c><00:02:27.920><c> needs</c><00:02:28.120><c> to</c><00:02:28.280><c> be</c><00:02:28.400><c> a</c>

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ethereum blockchain there needs to be a
 

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ethereum blockchain there needs to be a
very<00:02:28.720><c> low</c><00:02:29.040><c> friction</c><00:02:29.440><c> way</c><00:02:29.920><c> to</c><00:02:30.080><c> exchange</c><00:02:30.519><c> these</c>

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tokens<00:02:34.200><c> uh</c>

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tokens uh
 

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tokens uh
so<00:02:36.160><c> uh</c><00:02:36.760><c> just</c><00:02:37.000><c> taking</c><00:02:37.280><c> a</c><00:02:37.480><c> quick</c><00:02:37.879><c> look</c><00:02:38.120><c> at</c><00:02:38.400><c> the</c>

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so uh just taking a quick look at the
 

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so uh just taking a quick look at the
exchange<00:02:39.720><c> ecosystem</c><00:02:40.480><c> on</c><00:02:40.640><c> the</c><00:02:40.760><c> ethereum</c>

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exchange ecosystem on the ethereum
 

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exchange ecosystem on the ethereum
blockchain<00:02:42.680><c> uh</c><00:02:43.360><c> kind</c><00:02:43.519><c> of</c><00:02:43.840><c> this</c><00:02:44.120><c> this</c><00:02:44.200><c> is</c><00:02:44.400><c> kind</c>

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blockchain uh kind of this this is kind
 

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blockchain uh kind of this this is kind
of<00:02:44.879><c> the</c><00:02:45.120><c> state</c><00:02:45.400><c> of</c><00:02:45.560><c> the</c><00:02:45.640><c> etherium</c><00:02:46.159><c> blockchain</c>

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of the state of the etherium blockchain
 

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of the state of the etherium blockchain
back<00:02:46.840><c> when</c><00:02:46.959><c> we</c><00:02:47.120><c> started</c><00:02:47.560><c> there's</c><00:02:47.760><c> been</c><00:02:48.040><c> quite</c>

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back when we started there's been quite
 

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back when we started there's been quite
a<00:02:48.319><c> few</c><00:02:48.840><c> developments</c><00:02:49.840><c> uh</c><00:02:50.000><c> recently</c><00:02:50.560><c> as</c><00:02:50.720><c> well</c>

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a few developments uh recently as well
 

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a few developments uh recently as well
but<00:02:51.560><c> there's</c><00:02:51.879><c> there's</c><00:02:52.040><c> a</c><00:02:52.159><c> handful</c><00:02:52.560><c> of</c>

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but there's there's a handful of
 

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but there's there's a handful of
existing<00:02:53.200><c> decentralized</c><00:02:54.519><c> exchanges</c><00:02:55.519><c> uh</c><00:02:55.680><c> and</c>

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existing decentralized exchanges uh and
 

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existing decentralized exchanges uh and
there's<00:02:56.360><c> a</c><00:02:56.640><c> lot</c><00:02:57.120><c> of</c><00:02:57.400><c> decentralized</c>

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there's a lot of decentralized
 

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there's a lot of decentralized
applications<00:02:59.599><c> that</c><00:02:59.959><c> require</c><00:03:00.400><c> exchange</c>

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applications that require exchange
 

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applications that require exchange
functionality<00:03:01.640><c> in</c><00:03:01.760><c> order</c><00:03:02.000><c> to</c><00:03:02.200><c> operate</c><00:03:03.200><c> so</c>

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functionality in order to operate so
 

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functionality in order to operate so
things<00:03:03.760><c> like</c><00:03:04.040><c> prediction</c><00:03:04.560><c> markets</c><00:03:05.159><c> or</c><00:03:05.400><c> stable</c>

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things like prediction markets or stable
 

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things like prediction markets or stable
coins<00:03:06.480><c> or</c><00:03:06.840><c> decentralized</c><00:03:07.799><c> fund</c><00:03:08.080><c> management</c>

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coins or decentralized fund management
 

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coins or decentralized fund management
platforms<00:03:09.519><c> all</c><00:03:09.680><c> of</c><00:03:09.840><c> these</c><00:03:10.040><c> things</c><00:03:10.360><c> require</c>

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platforms all of these things require
 

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platforms all of these things require
exchange

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exchange
 

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exchange
functionality<00:03:13.599><c> uh</c><00:03:13.760><c> so</c><00:03:14.400><c> the</c><00:03:14.640><c> problem</c><00:03:15.000><c> that</c><00:03:15.159><c> we</c>

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functionality uh so the problem that we
 

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functionality uh so the problem that we
identified<00:03:16.319><c> in</c><00:03:16.480><c> the</c><00:03:16.879><c> ecosystem</c><00:03:17.879><c> was</c><00:03:18.159><c> that</c>

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identified in the ecosystem was that
 

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identified in the ecosystem was that
every<00:03:19.159><c> single</c><00:03:19.519><c> one</c><00:03:19.680><c> of</c><00:03:19.840><c> these</c><00:03:20.080><c> exchanges</c><00:03:20.680><c> and</c>

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every single one of these exchanges and
 

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every single one of these exchanges and
daps<00:03:21.680><c> was</c><00:03:21.920><c> creating</c><00:03:22.360><c> their</c><00:03:22.560><c> own</c><00:03:22.959><c> proprietary</c>

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daps was creating their own proprietary
 

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daps was creating their own proprietary
and<00:03:24.120><c> custom</c><00:03:24.519><c> Smart</c><00:03:24.879><c> contracts</c><00:03:25.400><c> from</c><00:03:25.879><c> scratch</c>

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and custom Smart contracts from scratch
 

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and custom Smart contracts from scratch
uh<00:03:27.040><c> and</c><00:03:27.200><c> what</c><00:03:27.400><c> this</c><00:03:27.560><c> meant</c><00:03:27.959><c> is</c><00:03:28.239><c> that</c><00:03:28.840><c> not</c><00:03:29.000><c> only</c>

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uh and what this meant is that not only
 

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uh and what this meant is that not only
would<00:03:29.400><c> each</c><00:03:29.799><c> exchange</c><00:03:30.159><c> have</c><00:03:30.319><c> to</c><00:03:30.439><c> bootstrap</c>

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would each exchange have to bootstrap
 

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would each exchange have to bootstrap
liquidity<00:03:31.519><c> from</c><00:03:31.720><c> stretch</c><00:03:32.599><c> but</c><00:03:32.799><c> it</c><00:03:32.879><c> would</c><00:03:33.120><c> also</c>

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liquidity from stretch but it would also
 

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liquidity from stretch but it would also
expose<00:03:34.040><c> end</c><00:03:34.360><c> users</c><00:03:34.920><c> to</c><00:03:35.599><c> a</c><00:03:35.720><c> bunch</c><00:03:35.920><c> of</c><00:03:36.120><c> different</c>

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expose end users to a bunch of different
 

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expose end users to a bunch of different
smart<00:03:36.799><c> contracts</c><00:03:37.400><c> that</c><00:03:37.560><c> have</c><00:03:37.840><c> varying</c><00:03:38.239><c> levels</c>

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smart contracts that have varying levels
 

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smart contracts that have varying levels
of<00:03:38.920><c> security</c><00:03:39.480><c> and</c><00:03:40.159><c> efficiency</c><00:03:41.159><c> um</c><00:03:41.360><c> and</c><00:03:41.480><c> they</c>

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of security and efficiency um and they
 

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of security and efficiency um and they
all<00:03:41.760><c> do</c><00:03:41.959><c> the</c><00:03:42.120><c> exact</c><00:03:42.439><c> same</c><00:03:42.680><c> thing</c><00:03:43.599><c> uh</c><00:03:43.720><c> so</c><00:03:43.920><c> that's</c>

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all do the exact same thing uh so that's
 

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all do the exact same thing uh so that's
not<00:03:44.439><c> a</c><00:03:44.599><c> very</c><00:03:44.799><c> efficient</c>

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not a very efficient
 

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not a very efficient
approach<00:03:46.799><c> another</c><00:03:47.159><c> issue</c><00:03:47.480><c> with</c><00:03:47.680><c> having</c><00:03:48.040><c> a</c>

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approach another issue with having a
 

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approach another issue with having a
bunch<00:03:48.360><c> of</c><00:03:48.560><c> different</c><00:03:48.879><c> implementations</c><00:03:49.760><c> of</c>

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bunch of different implementations of
 

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bunch of different implementations of
exchange<00:03:50.319><c> smart</c><00:03:50.680><c> contracts</c><00:03:51.599><c> is</c><00:03:51.760><c> that</c><00:03:51.920><c> there's</c>

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exchange smart contracts is that there's
 

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exchange smart contracts is that there's
no<00:03:52.280><c> interoperability</c><00:03:53.280><c> between</c><00:03:53.599><c> any</c><00:03:53.879><c> of</c><00:03:54.040><c> them</c>

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no interoperability between any of them
 

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no interoperability between any of them
uh<00:03:55.000><c> so</c><00:03:55.200><c> it</c><00:03:55.360><c> fractures</c><00:03:55.879><c> the</c><00:03:56.040><c> ecosystem</c><00:03:56.799><c> and</c><00:03:56.879><c> it</c>

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uh so it fractures the ecosystem and it
 

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uh so it fractures the ecosystem and it
kind<00:03:57.200><c> of</c><00:03:57.720><c> results</c><00:03:58.120><c> in</c><00:03:58.319><c> less</c><00:03:58.599><c> liquidity</c><00:03:59.120><c> for</c>

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kind of results in less liquidity for
 

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kind of results in less liquidity for
everyone

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everyone
 

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everyone
so<00:04:01.079><c> in</c><00:04:01.319><c> in</c><00:04:01.439><c> our</c><00:04:01.640><c> view</c><00:04:02.159><c> smart</c><00:04:02.519><c> contracts</c><00:04:03.239><c> should</c>

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so in in our view smart contracts should
 

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so in in our view smart contracts should
really<00:04:04.280><c> behave</c><00:04:04.840><c> like</c><00:04:05.760><c> uh</c><00:04:06.200><c> modular</c><00:04:06.799><c> building</c>

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really behave like uh modular building
 

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really behave like uh modular building
blocks<00:04:07.920><c> that</c><00:04:08.040><c> can</c><00:04:08.159><c> be</c><00:04:08.360><c> assembled</c><00:04:08.799><c> and</c>

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blocks that can be assembled and
 

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blocks that can be assembled and
reconfigured<00:04:10.760><c> uh</c><00:04:10.879><c> and</c><00:04:11.040><c> we</c><00:04:11.239><c> also</c><00:04:11.519><c> believe</c><00:04:11.920><c> that</c>

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reconfigured uh and we also believe that
 

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reconfigured uh and we also believe that
Open<00:04:12.599><c> Standards</c><00:04:13.280><c> tend</c><00:04:13.519><c> to</c><00:04:13.640><c> win</c><00:04:13.840><c> out</c><00:04:14.000><c> in</c><00:04:14.079><c> the</c>

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Open Standards tend to win out in the
 

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Open Standards tend to win out in the
long

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run<00:04:17.880><c> uh</c><00:04:18.040><c> so</c><00:04:18.359><c> I'm</c><00:04:18.479><c> just</c><00:04:18.600><c> going</c><00:04:18.720><c> to</c><00:04:18.880><c> briefly</c><00:04:19.320><c> talk</c>

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run uh so I'm just going to briefly talk
 

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run uh so I'm just going to briefly talk
about<00:04:19.919><c> the</c><00:04:20.120><c> different</c><00:04:20.560><c> approaches</c><00:04:21.000><c> to</c>

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about the different approaches to
 

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about the different approaches to
decentralized<00:04:22.320><c> exchange</c><00:04:23.320><c> uh</c><00:04:23.440><c> that</c><00:04:23.680><c> exist</c><00:04:24.440><c> and</c>

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decentralized exchange uh that exist and
 

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decentralized exchange uh that exist and
uh<00:04:25.000><c> give</c><00:04:25.199><c> like</c><00:04:25.320><c> a</c><00:04:25.440><c> high</c><00:04:25.680><c> level</c><00:04:25.960><c> view</c><00:04:26.160><c> of</c><00:04:26.240><c> the</c>

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uh give like a high level view of the
 

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uh give like a high level view of the
pros<00:04:26.600><c> and</c><00:04:26.880><c> cons</c><00:04:27.880><c> uh</c><00:04:28.000><c> so</c><00:04:28.160><c> the</c><00:04:28.320><c> very</c><00:04:28.560><c> first</c>

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pros and cons uh so the very first
 

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pros and cons uh so the very first
decentralized<00:04:29.880><c> exchanges</c><00:04:30.479><c> that</c><00:04:30.600><c> were</c>

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decentralized exchanges that were
 

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decentralized exchanges that were
created<00:04:31.160><c> on</c><00:04:31.280><c> the</c><00:04:31.400><c> ethereum</c><00:04:31.880><c> blockchain</c><00:04:32.800><c> kind</c>

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created on the ethereum blockchain kind
 

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created on the ethereum blockchain kind
of<00:04:33.160><c> took</c><00:04:33.360><c> the</c><00:04:33.479><c> same</c><00:04:33.800><c> functionality</c><00:04:34.400><c> of</c><00:04:34.520><c> a</c>

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of took the same functionality of a
 

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of took the same functionality of a
centralized<00:04:35.240><c> exchange</c><00:04:35.720><c> and</c><00:04:35.880><c> pulled</c><00:04:36.120><c> it</c><00:04:36.240><c> into</c>

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centralized exchange and pulled it into
 

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centralized exchange and pulled it into
an<00:04:36.600><c> ethereum</c><00:04:37.039><c> smart</c><00:04:37.520><c> contract</c><00:04:38.520><c> uh</c><00:04:38.639><c> so</c><00:04:38.919><c> the</c><00:04:39.639><c> the</c>

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an ethereum smart contract uh so the the
 

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an ethereum smart contract uh so the the
ethereum<00:04:40.360><c> smart</c><00:04:40.720><c> contract</c><00:04:41.120><c> would</c><00:04:41.360><c> store</c><00:04:41.800><c> an</c>

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ethereum smart contract would store an
 

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ethereum smart contract would store an
order<00:04:42.320><c> book</c><00:04:42.919><c> uh</c><00:04:43.280><c> within</c><00:04:43.919><c> the</c><00:04:44.520><c> contract</c><00:04:45.520><c> uh</c><00:04:45.720><c> so</c>

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order book uh within the contract uh so
 

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order book uh within the contract uh so
what<00:04:46.080><c> this</c><00:04:46.199><c> means</c><00:04:46.560><c> is</c><00:04:46.720><c> that</c><00:04:46.960><c> every</c><00:04:47.280><c> time</c>

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what this means is that every time
 

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what this means is that every time
someone<00:04:48.039><c> wants</c><00:04:48.360><c> to</c><00:04:48.759><c> post</c><00:04:49.639><c> modify</c><00:04:50.400><c> or</c><00:04:50.720><c> cancel</c>

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someone wants to post modify or cancel
 

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someone wants to post modify or cancel
an<00:04:51.240><c> order</c><00:04:51.919><c> they</c><00:04:52.080><c> must</c><00:04:52.360><c> pay</c><00:04:52.720><c> gas</c><00:04:53.120><c> costs</c><00:04:53.520><c> and</c>

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an order they must pay gas costs and
 

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an order they must pay gas costs and
create<00:04:53.960><c> an</c><00:04:54.039><c> ethereum</c><00:04:54.800><c> transaction</c><00:04:55.800><c> uh</c><00:04:55.880><c> and</c>

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create an ethereum transaction uh and
 

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create an ethereum transaction uh and
this<00:04:56.280><c> becomes</c><00:04:57.280><c> completely</c><00:04:58.280><c> unrealistically</c>

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this becomes completely unrealistically
 

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this becomes completely unrealistically
expensive<00:04:59.680><c> expensive</c><00:05:00.080><c> for</c><00:05:00.240><c> any</c><00:05:00.440><c> sort</c><00:05:00.600><c> of</c>

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expensive expensive for any sort of
 

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expensive expensive for any sort of
Market<00:05:01.039><c> maker</c><00:05:01.400><c> to</c><00:05:01.520><c> create</c><00:05:01.840><c> liquidity</c><00:05:02.600><c> uh</c>

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Market maker to create liquidity uh
 

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Market maker to create liquidity uh
using<00:05:02.960><c> an</c><00:05:03.080><c> onchain</c><00:05:03.520><c> order</c><00:05:03.840><c> book</c><00:05:04.840><c> uh</c><00:05:04.960><c> not</c><00:05:05.120><c> only</c>

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using an onchain order book uh not only
 

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using an onchain order book uh not only
is<00:05:05.440><c> it</c><00:05:05.680><c> really</c><00:05:05.960><c> expensive</c><00:05:06.600><c> but</c><00:05:06.720><c> you</c><00:05:06.919><c> also</c>

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is it really expensive but you also
 

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is it really expensive but you also
bloat<00:05:07.520><c> the</c><00:05:07.680><c> blockchain</c><00:05:08.680><c> with</c><00:05:09.000><c> tons</c><00:05:09.440><c> of</c>

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bloat the blockchain with tons of
 

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bloat the blockchain with tons of
unnecessary<00:05:10.759><c> transactions</c><00:05:11.400><c> that</c><00:05:11.560><c> aren't</c>

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unnecessary transactions that aren't
 

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unnecessary transactions that aren't
necessarily<00:05:12.360><c> moving</c><00:05:12.759><c> any</c>

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necessarily moving any
 

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necessarily moving any
value<00:05:14.880><c> uh</c><00:05:14.960><c> they're</c><00:05:15.160><c> also</c><00:05:15.400><c> High</c><00:05:15.960><c> latency</c><00:05:16.960><c> a</c>

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value uh they're also High latency a
 

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value uh they're also High latency a
second<00:05:17.560><c> class</c><00:05:18.039><c> of</c><00:05:18.319><c> decentralized</c><00:05:19.160><c> exchanges</c>

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second class of decentralized exchanges
 

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second class of decentralized exchanges
are<00:05:20.039><c> automated</c><00:05:20.600><c> market</c><00:05:21.039><c> makers</c><00:05:22.039><c> and</c>

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are automated market makers and
 

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are automated market makers and
automated<00:05:22.759><c> market</c><00:05:23.080><c> makers</c><00:05:24.000><c> uh</c><00:05:24.440><c> instead</c><00:05:24.759><c> of</c>

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automated market makers uh instead of
 

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automated market makers uh instead of
having<00:05:25.319><c> two</c><00:05:25.720><c> parties</c><00:05:26.120><c> on</c><00:05:26.319><c> either</c><00:05:26.560><c> side</c><00:05:26.759><c> of</c>

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having two parties on either side of
 

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having two parties on either side of
either<00:05:27.520><c> side</c><00:05:27.680><c> of</c><00:05:27.800><c> a</c><00:05:27.919><c> market</c><00:05:28.240><c> trading</c><00:05:28.680><c> directly</c>

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either side of a market trading directly
 

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either side of a market trading directly
uh<00:05:30.080><c> both</c><00:05:30.440><c> parties</c><00:05:30.880><c> trade</c><00:05:31.240><c> with</c><00:05:31.360><c> a</c><00:05:31.479><c> smart</c>

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uh both parties trade with a smart
 

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uh both parties trade with a smart
contract<00:05:32.919><c> and</c><00:05:33.360><c> the</c><00:05:34.039><c> exchange</c><00:05:34.520><c> rate</c><00:05:34.800><c> that</c><00:05:34.919><c> is</c>

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contract and the exchange rate that is
 

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contract and the exchange rate that is
offered<00:05:35.479><c> by</c><00:05:35.680><c> that</c><00:05:35.840><c> smart</c><00:05:36.319><c> contract</c><00:05:37.400><c> uh</c><00:05:38.400><c> is</c><00:05:38.720><c> is</c>

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offered by that smart contract uh is is
 

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offered by that smart contract uh is is
modified<00:05:39.479><c> deterministically</c><00:05:40.479><c> according</c><00:05:40.840><c> to</c>

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modified deterministically according to
 

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modified deterministically according to
how<00:05:41.919><c> strong</c><00:05:42.039><c> the</c><00:05:42.160><c> market</c><00:05:42.440><c> forces</c><00:05:42.840><c> are</c><00:05:43.039><c> on</c>

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how strong the market forces are on
 

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how strong the market forces are on
either<00:05:43.440><c> side</c><00:05:43.600><c> of</c><00:05:43.720><c> the</c>

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either side of the
 

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either side of the
market<00:05:46.160><c> um</c><00:05:47.240><c> augur</c><00:05:48.240><c> uh</c><00:05:48.440><c> spent</c><00:05:48.680><c> a</c><00:05:48.840><c> long</c><00:05:49.080><c> time</c>

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market um augur uh spent a long time
 

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market um augur uh spent a long time
working<00:05:49.639><c> on</c><00:05:49.960><c> these</c><00:05:50.440><c> working</c><00:05:50.720><c> on</c><00:05:50.960><c> finding</c>

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working on these working on finding
 

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working on these working on finding
working<00:05:51.840><c> implementations</c><00:05:52.560><c> of</c><00:05:52.720><c> automated</c>

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working implementations of automated
 

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working implementations of automated
market<00:05:53.479><c> makers</c><00:05:54.000><c> and</c><00:05:54.600><c> found</c><00:05:54.960><c> that</c><00:05:55.160><c> they're</c>

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market makers and found that they're
 

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market makers and found that they're
really<00:05:55.919><c> subject</c><00:05:56.400><c> to</c><00:05:56.600><c> front</c><00:05:56.919><c> running</c><00:05:57.840><c> they</c><00:05:57.919><c> can</c>

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really subject to front running they can
 

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really subject to front running they can
be<00:05:58.240><c> gameable</c><00:05:59.160><c> and</c><00:05:59.280><c> they're</c><00:05:59.440><c> really</c><00:05:59.759><c> low</c>

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be gameable and they're really low
 

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be gameable and they're really low
throughput<00:06:01.120><c> uh</c><00:06:01.280><c> so</c><00:06:01.440><c> if</c><00:06:01.560><c> you</c><00:06:01.720><c> have</c><00:06:01.960><c> one</c><00:06:02.199><c> party</c>

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throughput uh so if you have one party
 

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throughput uh so if you have one party
with<00:06:02.759><c> a</c><00:06:03.000><c> large</c><00:06:03.919><c> pot</c><00:06:04.240><c> of</c><00:06:04.639><c> some</c><00:06:04.880><c> kind</c><00:06:05.039><c> of</c><00:06:05.199><c> token</c>

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with a large pot of some kind of token
 

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with a large pot of some kind of token
and<00:06:05.919><c> another</c><00:06:06.240><c> counterparty</c><00:06:06.880><c> that</c><00:06:07.000><c> would</c><00:06:07.160><c> like</c>

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and another counterparty that would like
 

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and another counterparty that would like
to<00:06:07.400><c> trade</c><00:06:07.720><c> with</c><00:06:07.880><c> them</c><00:06:08.680><c> uh</c><00:06:08.800><c> instead</c><00:06:09.080><c> of</c><00:06:09.240><c> just</c>

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to trade with them uh instead of just
 

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to trade with them uh instead of just
doing<00:06:09.680><c> one</c><00:06:10.000><c> big</c><00:06:10.240><c> trade</c><00:06:10.840><c> directly</c><00:06:11.800><c> they</c><00:06:11.960><c> must</c>

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doing one big trade directly they must
 

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doing one big trade directly they must
chop<00:06:12.919><c> up</c><00:06:13.160><c> that</c><00:06:13.360><c> trade</c><00:06:13.720><c> into</c><00:06:14.000><c> little</c><00:06:14.240><c> tiny</c>

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chop up that trade into little tiny
 

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chop up that trade into little tiny
pieces<00:06:15.080><c> and</c><00:06:15.199><c> trade</c><00:06:15.440><c> with</c><00:06:15.639><c> the</c><00:06:15.759><c> smart</c><00:06:16.039><c> contract</c>

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pieces and trade with the smart contract
 

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pieces and trade with the smart contract
back<00:06:16.639><c> and</c><00:06:16.800><c> forth</c><00:06:17.479><c> so</c><00:06:17.680><c> it's</c><00:06:17.840><c> really</c>

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back and forth so it's really
 

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back and forth so it's really
inefficient<00:06:19.520><c> uh</c><00:06:19.639><c> the</c><00:06:19.759><c> third</c><00:06:20.039><c> approach</c><00:06:20.319><c> to</c>

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inefficient uh the third approach to
 

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inefficient uh the third approach to
decentralized<00:06:21.240><c> exchange</c><00:06:21.759><c> and</c><00:06:21.880><c> we</c><00:06:22.000><c> haven't</c>

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decentralized exchange and we haven't
 

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decentralized exchange and we haven't
seen<00:06:22.479><c> any</c><00:06:23.240><c> uh</c><00:06:23.440><c> examples</c><00:06:23.880><c> in</c><00:06:24.080><c> production</c><00:06:24.520><c> yet</c>

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seen any uh examples in production yet
 

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seen any uh examples in production yet
but<00:06:24.800><c> we</c><00:06:24.919><c> will</c><00:06:25.080><c> soon</c><00:06:25.400><c> I'm</c><00:06:25.520><c> sure</c><00:06:26.240><c> are</c><00:06:26.479><c> State</c>

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but we will soon I'm sure are State
 

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but we will soon I'm sure are State
channels<00:06:27.800><c> uh</c><00:06:27.919><c> and</c><00:06:28.039><c> so</c><00:06:28.240><c> State</c><00:06:28.479><c> channels</c><00:06:28.960><c> are</c>

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channels uh and so State channels are
 

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channels uh and so State channels are
amazing<00:06:29.759><c> in</c><00:06:30.160><c> for</c><00:06:31.080><c> reducing</c><00:06:31.639><c> latency</c><00:06:32.440><c> and</c>

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amazing in for reducing latency and
 

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amazing in for reducing latency and
increasing<00:06:33.160><c> throughput</c><00:06:34.160><c> because</c><00:06:34.440><c> with</c><00:06:34.599><c> State</c>

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increasing throughput because with State
 

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increasing throughput because with State
channels<00:06:35.720><c> uh</c><00:06:36.000><c> transactions</c><00:06:37.000><c> occur</c><00:06:37.400><c> off</c><00:06:37.599><c> of</c>

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channels uh transactions occur off of
 

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channels uh transactions occur off of
the<00:06:38.039><c> blockchain</c><00:06:39.039><c> uh</c><00:06:39.160><c> and</c><00:06:39.280><c> you</c><00:06:39.400><c> can</c><00:06:39.599><c> sort</c><00:06:39.759><c> of</c>

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the blockchain uh and you can sort of
 

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the blockchain uh and you can sort of
accumulate<00:06:41.319><c> uh</c><00:06:41.440><c> a</c><00:06:41.639><c> series</c><00:06:42.039><c> of</c><00:06:42.240><c> intermediate</c>

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accumulate uh a series of intermediate
 

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accumulate uh a series of intermediate
State<00:06:43.199><c> changes</c><00:06:44.199><c> aggregate</c><00:06:44.800><c> them</c><00:06:45.199><c> and</c><00:06:45.360><c> settle</c>

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State changes aggregate them and settle
 

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State changes aggregate them and settle
them<00:06:45.880><c> all</c><00:06:46.000><c> on</c><00:06:46.120><c> the</c><00:06:46.240><c> blockchain</c><00:06:46.680><c> in</c><00:06:46.800><c> a</c><00:06:46.919><c> single</c>

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them all on the blockchain in a single
 

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them all on the blockchain in a single
transaction<00:06:48.840><c> uh</c><00:06:48.960><c> the</c><00:06:49.080><c> issue</c><00:06:49.360><c> with</c><00:06:49.479><c> State</c>

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transaction uh the issue with State
 

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transaction uh the issue with State
channels<00:06:50.400><c> is</c><00:06:50.680><c> that</c><00:06:51.400><c> you</c><00:06:51.520><c> know</c><00:06:51.919><c> they're</c><00:06:52.240><c> great</c>

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channels is that you know they're great
 

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channels is that you know they're great
if<00:06:52.599><c> you</c><00:06:52.720><c> want</c><00:06:52.840><c> to</c><00:06:52.919><c> do</c><00:06:53.120><c> day</c><00:06:53.360><c> trading</c><00:06:54.199><c> but</c><00:06:54.479><c> if</c><00:06:54.560><c> you</c>

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if you want to do day trading but if you
 

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if you want to do day trading but if you
want<00:06:54.840><c> to</c><00:06:55.120><c> just</c><00:06:55.520><c> do</c><00:06:55.840><c> one</c><00:06:56.120><c> block</c><00:06:56.440><c> trade</c><00:06:56.720><c> you</c><00:06:56.840><c> just</c>

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want to just do one block trade you just
 

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want to just do one block trade you just
want<00:06:57.080><c> to</c><00:06:57.440><c> buy</c><00:06:57.919><c> a</c><00:06:58.039><c> big</c><00:06:58.199><c> chunk</c><00:06:58.440><c> of</c><00:06:58.599><c> tokens</c><00:06:58.960><c> in</c><00:06:59.199><c> a</c>

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want to buy a big chunk of tokens in a
 

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want to buy a big chunk of tokens in a
medely<00:06:59.919><c> use</c><00:07:00.199><c> them</c><00:07:01.080><c> uh</c><00:07:01.240><c> it's</c><00:07:01.520><c> there's</c><00:07:01.840><c> a</c><00:07:01.960><c> lot</c><00:07:02.080><c> of</c>

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medely use them uh it's there's a lot of
 

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medely use them uh it's there's a lot of
friction<00:07:02.639><c> around</c><00:07:03.000><c> using</c><00:07:03.280><c> a</c><00:07:03.400><c> state</c><00:07:03.599><c> Channel</c>

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friction around using a state Channel
 

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friction around using a state Channel
you<00:07:04.319><c> have</c><00:07:04.440><c> to</c><00:07:04.560><c> move</c><00:07:04.720><c> your</c><00:07:04.879><c> funds</c><00:07:05.240><c> into</c><00:07:05.479><c> the</c>

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you have to move your funds into the
 

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you have to move your funds into the
channel<00:07:06.919><c> you</c><00:07:07.080><c> have</c><00:07:07.160><c> to</c><00:07:07.319><c> place</c><00:07:07.599><c> down</c><00:07:07.720><c> a</c>

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channel you have to place down a
 

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channel you have to place down a
security<00:07:08.319><c> deposit</c><00:07:08.759><c> to</c><00:07:08.960><c> ensure</c><00:07:09.240><c> that</c><00:07:09.400><c> everyone</c>

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security deposit to ensure that everyone
 

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security deposit to ensure that everyone
is<00:07:09.840><c> behaving</c><00:07:10.240><c> honestly</c><00:07:10.759><c> within</c><00:07:11.039><c> that</c><00:07:11.160><c> channel</c>

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is behaving honestly within that channel
 

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is behaving honestly within that channel
and<00:07:12.120><c> then</c><00:07:12.240><c> when</c><00:07:12.400><c> you</c><00:07:12.479><c> want</c><00:07:12.639><c> to</c><00:07:12.759><c> move</c><00:07:12.960><c> your</c>

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and then when you want to move your
 

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and then when you want to move your
funds<00:07:13.400><c> out</c><00:07:13.520><c> of</c><00:07:13.639><c> the</c><00:07:13.759><c> state</c><00:07:14.000><c> Channel</c><00:07:14.639><c> there's</c><00:07:15.000><c> a</c>

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funds out of the state Channel there's a
 

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funds out of the state Channel there's a
there's<00:07:15.840><c> a</c><00:07:16.039><c> challenge</c><00:07:16.520><c> period</c><00:07:17.039><c> which</c><00:07:17.199><c> is</c>

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there's a challenge period which is
 

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there's a challenge period which is
required<00:07:18.280><c> also</c><00:07:18.560><c> to</c><00:07:18.759><c> ensure</c><00:07:19.120><c> people</c><00:07:19.319><c> are</c>

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required also to ensure people are
 

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required also to ensure people are
behaving<00:07:20.280><c> honestly</c><00:07:21.280><c> uh</c><00:07:21.440><c> another</c><00:07:21.720><c> downside</c><00:07:22.120><c> to</c>

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behaving honestly uh another downside to
 

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behaving honestly uh another downside to
State<00:07:22.440><c> channels</c><00:07:22.960><c> is</c><00:07:23.160><c> that</c><00:07:23.680><c> when</c><00:07:23.840><c> you</c><00:07:23.960><c> move</c>

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State channels is that when you move
 

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State channels is that when you move
into<00:07:24.520><c> a</c><00:07:24.720><c> state</c><00:07:24.919><c> Channel</c><00:07:25.360><c> off</c><00:07:25.479><c> of</c><00:07:25.639><c> the</c>

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into a state Channel off of the
 

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into a state Channel off of the
blockchain<00:07:26.599><c> you</c><00:07:26.840><c> isolate</c><00:07:27.360><c> yourself</c><00:07:27.800><c> from</c><00:07:28.039><c> all</c>

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blockchain you isolate yourself from all
 

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blockchain you isolate yourself from all
of<00:07:28.360><c> the</c><00:07:28.639><c> cool</c><00:07:28.919><c> and</c><00:07:29.080><c> interesting</c><00:07:29.680><c> smart</c>

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of the cool and interesting smart
 

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of the cool and interesting smart
contracts<00:07:30.560><c> that</c><00:07:30.720><c> exist</c><00:07:31.000><c> on</c><00:07:31.120><c> the</c><00:07:31.199><c> ethereum</c>

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contracts that exist on the ethereum
 

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contracts that exist on the ethereum
blockchain<00:07:32.960><c> um</c>

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blockchain um
 

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blockchain um
yeah<00:07:36.199><c> so</c><00:07:36.759><c> Zach</c><00:07:37.639><c> pioneered</c><00:07:38.240><c> the</c><00:07:38.479><c> offchain</c>

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yeah so Zach pioneered the offchain
 

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yeah so Zach pioneered the offchain
order<00:07:39.440><c> book</c><00:07:39.800><c> with</c><00:07:39.960><c> onchain</c><00:07:40.479><c> settlement</c>

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order book with onchain settlement
 

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order book with onchain settlement
approach<00:07:42.319><c> uh</c><00:07:42.879><c> around</c><00:07:43.560><c> a</c><00:07:43.680><c> little</c><00:07:44.000><c> a</c><00:07:44.120><c> little</c>

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approach uh around a little a little
 

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approach uh around a little a little
while<00:07:44.639><c> after</c><00:07:45.280><c> uh</c><00:07:45.479><c> we</c><00:07:45.720><c> came</c><00:07:45.919><c> up</c><00:07:46.120><c> with</c><00:07:46.360><c> a</c><00:07:46.560><c> similar</c>

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while after uh we came up with a similar
 

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while after uh we came up with a similar
approach<00:07:47.960><c> but</c><00:07:48.280><c> it's</c><00:07:48.680><c> really</c><00:07:48.960><c> a</c><00:07:49.159><c> protocol</c>

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approach but it's really a protocol
 

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approach but it's really a protocol
instead<00:07:49.919><c> of</c><00:07:50.000><c> an</c><00:07:50.120><c> nonchain</c><00:07:50.560><c> order</c><00:07:50.960><c> book</c><00:07:51.960><c> uh</c><00:07:52.039><c> so</c>

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instead of an nonchain order book uh so
 

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instead of an nonchain order book uh so
zerox<00:07:52.879><c> protocol</c><00:07:53.879><c> uh</c><00:07:54.039><c> really</c><00:07:54.280><c> is</c><00:07:54.520><c> comprised</c><00:07:55.080><c> of</c>

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zerox protocol uh really is comprised of
 

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zerox protocol uh really is comprised of
a<00:07:55.520><c> standard</c><00:07:55.960><c> order</c><00:07:56.360><c> schema</c><00:07:57.360><c> that</c><00:07:57.560><c> represents</c>

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a standard order schema that represents
 

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a standard order schema that represents
uh<00:07:58.720><c> the</c><00:07:58.879><c> different</c><00:07:59.159><c> par</c><00:07:59.479><c> parameters</c>

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uh the different par parameters
 

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uh the different par parameters
associated<00:08:00.599><c> with</c><00:08:00.720><c> a</c><00:08:00.919><c> given</c><00:08:01.800><c> uh</c><00:08:01.919><c> a</c><00:08:02.039><c> given</c><00:08:02.400><c> order</c>

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associated with a given uh a given order
 

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associated with a given uh a given order
so<00:08:03.159><c> the</c><00:08:03.280><c> two</c><00:08:03.599><c> assets</c><00:08:04.000><c> that</c><00:08:04.080><c> are</c><00:08:04.240><c> being</c>

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so the two assets that are being
 

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so the two assets that are being
exchanged<00:08:05.520><c> the</c><00:08:05.720><c> exchange</c><00:08:06.280><c> rate</c><00:08:06.879><c> the</c>

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exchanged the exchange rate the
 

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exchanged the exchange rate the
expiration<00:08:07.720><c> time</c><00:08:07.919><c> for</c><00:08:08.120><c> this</c><00:08:08.440><c> order</c><00:08:09.440><c> um</c><00:08:10.199><c> and</c><00:08:10.360><c> a</c>

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expiration time for this order um and a
 

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expiration time for this order um and a
cryptographic<00:08:11.240><c> signature</c><00:08:11.840><c> of</c><00:08:12.039><c> the</c><00:08:12.479><c> above</c>

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cryptographic signature of the above
 

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cryptographic signature of the above
parameters<00:08:14.120><c> uh</c><00:08:14.319><c> and</c><00:08:14.520><c> that</c><00:08:14.639><c> is</c><00:08:14.840><c> coupled</c><00:08:15.280><c> with</c><00:08:15.560><c> a</c>

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parameters uh and that is coupled with a
 

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parameters uh and that is coupled with a
smart<00:08:16.159><c> contract</c><00:08:16.879><c> system</c><00:08:17.599><c> that</c><00:08:17.759><c> is</c>

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smart contract system that is
 

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smart contract system that is
responsible<00:08:18.720><c> for</c><00:08:18.919><c> settling</c><00:08:19.400><c> these</c><00:08:19.599><c> trades</c>

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responsible for settling these trades
 

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responsible for settling these trades
directly<00:08:20.319><c> on</c><00:08:20.440><c> the</c>

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directly on the
 

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directly on the
blockchain<00:08:22.440><c> um</c><00:08:23.159><c> what's</c><00:08:23.800><c> really</c><00:08:24.000><c> makes</c><00:08:24.280><c> zerox</c>

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blockchain um what's really makes zerox
 

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blockchain um what's really makes zerox
a<00:08:25.199><c> protocol</c><00:08:26.199><c> is</c><00:08:26.520><c> that</c><00:08:27.280><c> there</c><00:08:27.479><c> really</c><00:08:27.680><c> aren't</c>

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a protocol is that there really aren't
 

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a protocol is that there really aren't
any<00:08:28.280><c> rules</c><00:08:28.800><c> about</c><00:08:29.120><c> how</c><00:08:29.599><c> you</c><00:08:29.800><c> choose</c><00:08:30.159><c> to</c><00:08:30.520><c> pass</c>

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any rules about how you choose to pass
 

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any rules about how you choose to pass
these<00:08:31.199><c> cryptographically</c><00:08:32.039><c> signed</c><00:08:32.360><c> chunks</c><00:08:32.640><c> of</c>

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these cryptographically signed chunks of
 

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these cryptographically signed chunks of
data<00:08:33.279><c> around</c><00:08:33.680><c> off</c><00:08:33.839><c> of</c><00:08:33.959><c> the</c><00:08:34.440><c> blockchain</c><00:08:35.440><c> uh</c><00:08:35.560><c> so</c>

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data around off of the blockchain uh so
 

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data around off of the blockchain uh so
the<00:08:36.159><c> transport</c><00:08:36.719><c> layer</c><00:08:37.120><c> is</c><00:08:37.479><c> arbitrary</c><00:08:38.479><c> you</c><00:08:38.640><c> can</c>

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the transport layer is arbitrary you can
 

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the transport layer is arbitrary you can
generate<00:08:39.360><c> one</c><00:08:39.519><c> of</c><00:08:39.680><c> these</c><00:08:39.919><c> cryptographically</c>

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generate one of these cryptographically
 

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generate one of these cryptographically
signed<00:08:41.000><c> orders</c><00:08:41.440><c> and</c><00:08:41.560><c> you</c><00:08:41.680><c> can</c><00:08:41.839><c> send</c><00:08:42.039><c> it</c><00:08:42.159><c> to</c><00:08:42.320><c> a</c>

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signed orders and you can send it to a
 

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signed orders and you can send it to a
counterparty<00:08:43.159><c> in</c><00:08:43.279><c> an</c><00:08:43.440><c> email</c><00:08:44.320><c> or</c><00:08:44.560><c> over</c>

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counterparty in an email or over
 

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counterparty in an email or over
Facebook<00:08:45.959><c> or</c><00:08:46.240><c> you</c><00:08:46.399><c> can</c><00:08:46.600><c> write</c><00:08:46.800><c> it</c><00:08:46.920><c> down</c><00:08:47.080><c> on</c><00:08:47.200><c> a</c>

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Facebook or you can write it down on a
 

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Facebook or you can write it down on a
piece<00:08:47.480><c> of</c><00:08:47.640><c> paper</c><00:08:48.000><c> and</c><00:08:48.160><c> send</c><00:08:48.399><c> it</c><00:08:48.519><c> to</c><00:08:48.720><c> them</c><00:08:49.040><c> using</c>

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piece of paper and send it to them using
 

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piece of paper and send it to them using
a<00:08:49.440><c> carrier</c><00:08:49.760><c> pigeon</c><00:08:50.279><c> it</c><00:08:50.399><c> doesn't</c><00:08:50.680><c> matter</c><00:08:51.200><c> the</c>

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a carrier pigeon it doesn't matter the
 

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a carrier pigeon it doesn't matter the
cryptographic<00:08:52.000><c> signature</c><00:08:52.440><c> just</c><00:08:52.560><c> needs</c><00:08:52.760><c> to</c><00:08:52.880><c> be</c>

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cryptographic signature just needs to be
 

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cryptographic signature just needs to be
valid<00:08:55.040><c> um</c><00:08:55.480><c> another</c><00:08:55.800><c> thing</c><00:08:56.000><c> that</c><00:08:56.120><c> is</c><00:08:56.320><c> different</c>

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valid um another thing that is different
 

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valid um another thing that is different
is<00:08:56.880><c> that</c><00:08:57.040><c> the</c><00:08:57.200><c> message</c><00:08:57.680><c> passing</c><00:08:58.079><c> semantics</c>

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is that the message passing semantics
 

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is that the message passing semantics
are<00:08:58.959><c> arbitrary</c><00:08:59.800><c> and</c><00:08:59.920><c> you</c><00:09:00.079><c> can</c><00:09:00.399><c> choose</c><00:09:00.680><c> to</c><00:09:00.880><c> use</c>

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are arbitrary and you can choose to use
 

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are arbitrary and you can choose to use
a<00:09:01.240><c> variety</c><00:09:01.640><c> of</c><00:09:01.800><c> different</c><00:09:02.600><c> strategies</c>

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a variety of different strategies
 

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a variety of different strategies
um<00:09:05.120><c> so</c><00:09:05.440><c> if</c><00:09:05.600><c> I</c><00:09:05.720><c> wanted</c><00:09:06.000><c> to</c><00:09:06.279><c> trade</c><00:09:06.640><c> directly</c><00:09:07.040><c> with</c>

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um so if I wanted to trade directly with
 

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um so if I wanted to trade directly with
a<00:09:07.399><c> counter</c><00:09:07.680><c> party</c><00:09:08.040><c> in</c><00:09:08.160><c> a</c><00:09:08.279><c> peer-to-peer</c>

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a counter party in a peer-to-peer
 

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a counter party in a peer-to-peer
fashion<00:09:09.720><c> uh</c><00:09:09.959><c> like</c><00:09:10.120><c> an</c><00:09:10.279><c> over-the-counter</c>

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fashion uh like an over-the-counter
 

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fashion uh like an over-the-counter
trade<00:09:12.240><c> uh</c><00:09:12.519><c> I</c><00:09:12.680><c> can</c><00:09:13.040><c> just</c><00:09:13.720><c> create</c><00:09:14.120><c> this</c><00:09:14.279><c> order</c>

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trade uh I can just create this order
 

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trade uh I can just create this order
that<00:09:14.839><c> specifies</c><00:09:15.399><c> the</c><00:09:15.519><c> parameters</c><00:09:15.959><c> I'm</c>

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that specifies the parameters I'm
 

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that specifies the parameters I'm
interested<00:09:16.600><c> in</c><00:09:17.240><c> uh</c><00:09:17.360><c> trading</c><00:09:17.760><c> at</c><00:09:18.399><c> and</c><00:09:18.560><c> I</c><00:09:18.680><c> can</c>

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interested in uh trading at and I can
 

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interested in uh trading at and I can
cryptographically<00:09:19.600><c> sign</c><00:09:19.800><c> it</c><00:09:20.000><c> and</c><00:09:20.120><c> I</c><00:09:20.240><c> can</c><00:09:20.360><c> send</c>

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cryptographically sign it and I can send
 

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cryptographically sign it and I can send
it<00:09:20.640><c> to</c><00:09:20.800><c> my</c><00:09:20.959><c> counterparty</c><00:09:21.920><c> and</c><00:09:22.040><c> we</c><00:09:22.160><c> can</c><00:09:22.279><c> settle</c>

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it to my counterparty and we can settle
 

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it to my counterparty and we can settle
that<00:09:22.760><c> trade</c><00:09:23.079><c> directly</c><00:09:23.440><c> on</c><00:09:23.560><c> the</c><00:09:23.680><c> blockchain</c>

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that trade directly on the blockchain
 

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that trade directly on the blockchain
completely<00:09:24.920><c> free</c><00:09:25.920><c> um</c><00:09:26.079><c> there's</c><00:09:26.680><c> no</c><00:09:26.880><c> fees</c>

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completely free um there's no fees
 

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completely free um there's no fees
involved<00:09:27.640><c> other</c><00:09:27.800><c> than</c><00:09:27.920><c> the</c><00:09:28.079><c> gas</c><00:09:28.399><c> costs</c>

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involved other than the gas costs
 

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involved other than the gas costs
uh<00:09:30.120><c> but</c><00:09:30.320><c> naturally</c><00:09:31.040><c> people</c><00:09:31.320><c> need</c><00:09:31.600><c> to</c><00:09:32.000><c> go</c><00:09:32.200><c> to</c><00:09:32.560><c> a</c>

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uh but naturally people need to go to a
 

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uh but naturally people need to go to a
location<00:09:33.640><c> where</c><00:09:33.920><c> a</c><00:09:34.040><c> bunch</c><00:09:34.279><c> of</c><00:09:34.519><c> different</c>

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location where a bunch of different
 

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location where a bunch of different
parties<00:09:35.160><c> are</c><00:09:35.399><c> interested</c><00:09:35.839><c> in</c><00:09:35.959><c> trading</c><00:09:36.800><c> and</c>

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parties are interested in trading and
 

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parties are interested in trading and
where<00:09:37.160><c> these</c><00:09:37.360><c> orders</c><00:09:37.680><c> are</c><00:09:37.959><c> aggregated</c><00:09:38.480><c> in</c><00:09:38.640><c> a</c>

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where these orders are aggregated in a
 

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where these orders are aggregated in a
single<00:09:39.399><c> location</c><00:09:40.399><c> uh</c><00:09:40.519><c> and</c><00:09:40.640><c> we</c><00:09:40.839><c> call</c><00:09:41.160><c> these</c><00:09:41.680><c> Rel</c>

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single location uh and we call these Rel
 

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single location uh and we call these Rel
layers<00:09:42.839><c> or</c><00:09:43.040><c> they're</c><00:09:43.200><c> very</c><00:09:43.399><c> similar</c><00:09:43.680><c> to</c>

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layers or they're very similar to
 

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layers or they're very similar to
decentralized<00:09:45.040><c> exchanges</c><00:09:46.040><c> uh</c><00:09:46.160><c> what's</c><00:09:46.440><c> really</c>

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decentralized exchanges uh what's really
 

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decentralized exchanges uh what's really
cool<00:09:47.040><c> about</c><00:09:47.279><c> ZX</c><00:09:48.200><c> is</c><00:09:48.480><c> that</c><00:09:49.440><c> anyone</c><00:09:50.160><c> can</c><00:09:50.360><c> be</c><00:09:50.640><c> a</c>

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cool about ZX is that anyone can be a
 

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cool about ZX is that anyone can be a
relayer<00:09:52.079><c> anyone</c><00:09:52.560><c> can</c><00:09:53.040><c> create</c><00:09:53.399><c> a</c>

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relayer anyone can create a
 

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relayer anyone can create a
decentralized<00:09:54.320><c> exchange</c><00:09:55.000><c> and</c><00:09:55.440><c> charge</c>

00:09:55.870 --> 00:09:55.880 align:start position:0%
decentralized exchange and charge
 

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decentralized exchange and charge
trading<00:09:56.200><c> fees</c><00:09:56.560><c> on</c><00:09:56.720><c> all</c><00:09:56.880><c> the</c><00:09:57.040><c> volume</c><00:09:57.360><c> that</c><00:09:57.519><c> they</c>

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trading fees on all the volume that they
 

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trading fees on all the volume that they
create<00:09:58.800><c> uh</c><00:09:58.959><c> they</c><00:09:59.120><c> keep</c><00:09:59.760><c> 100%</c><00:10:00.680><c> of</c><00:10:01.040><c> the</c><00:10:01.920><c> fees</c>

00:10:02.310 --> 00:10:02.320 align:start position:0%
create uh they keep 100% of the fees
 

00:10:02.320 --> 00:10:03.350 align:start position:0%
create uh they keep 100% of the fees
that<00:10:02.519><c> they</c>

00:10:03.350 --> 00:10:03.360 align:start position:0%
that they
 

00:10:03.360 --> 00:10:06.710 align:start position:0%
that they
charge<00:10:04.480><c> um</c><00:10:05.480><c> there's</c><00:10:05.760><c> also</c><00:10:06.040><c> a</c><00:10:06.200><c> variety</c><00:10:06.600><c> of</c>

00:10:06.710 --> 00:10:06.720 align:start position:0%
charge um there's also a variety of
 

00:10:06.720 --> 00:10:08.430 align:start position:0%
charge um there's also a variety of
different<00:10:07.000><c> relayer</c><00:10:07.519><c> strategies</c><00:10:08.160><c> that</c><00:10:08.279><c> a</c>

00:10:08.430 --> 00:10:08.440 align:start position:0%
different relayer strategies that a
 

00:10:08.440 --> 00:10:11.190 align:start position:0%
different relayer strategies that a
relayer<00:10:08.920><c> can</c><00:10:09.079><c> decide</c><00:10:09.360><c> to</c><00:10:09.519><c> use</c><00:10:10.320><c> so</c><00:10:10.560><c> you</c><00:10:10.640><c> can</c><00:10:10.839><c> use</c>

00:10:11.190 --> 00:10:11.200 align:start position:0%
relayer can decide to use so you can use
 

00:10:11.200 --> 00:10:13.150 align:start position:0%
relayer can decide to use so you can use
an<00:10:11.360><c> open</c><00:10:11.640><c> orderbook</c><00:10:12.200><c> strategy</c><00:10:12.800><c> kind</c><00:10:12.920><c> of</c><00:10:13.040><c> like</c>

00:10:13.150 --> 00:10:13.160 align:start position:0%
an open orderbook strategy kind of like
 

00:10:13.160 --> 00:10:15.389 align:start position:0%
an open orderbook strategy kind of like
ether<00:10:13.480><c> Delta</c><00:10:14.240><c> where</c><00:10:14.399><c> there's</c><00:10:14.600><c> a</c><00:10:14.880><c> public</c>

00:10:15.389 --> 00:10:15.399 align:start position:0%
ether Delta where there's a public
 

00:10:15.399 --> 00:10:16.990 align:start position:0%
ether Delta where there's a public
Post-it<00:10:15.800><c> board</c><00:10:16.160><c> and</c><00:10:16.320><c> people</c><00:10:16.560><c> can</c><00:10:16.720><c> put</c><00:10:16.880><c> their</c>

00:10:16.990 --> 00:10:17.000 align:start position:0%
Post-it board and people can put their
 

00:10:17.000 --> 00:10:19.389 align:start position:0%
Post-it board and people can put their
orders<00:10:17.360><c> up</c><00:10:17.600><c> and</c><00:10:17.760><c> anyone</c><00:10:18.079><c> can</c><00:10:18.240><c> take</c><00:10:18.399><c> them</c><00:10:18.640><c> down</c>

00:10:19.389 --> 00:10:19.399 align:start position:0%
orders up and anyone can take them down
 

00:10:19.399 --> 00:10:21.590 align:start position:0%
orders up and anyone can take them down
you<00:10:19.519><c> can</c><00:10:19.680><c> also</c><00:10:19.959><c> do</c><00:10:20.279><c> a</c><00:10:20.480><c> centralized</c><00:10:21.079><c> matching</c>

00:10:21.590 --> 00:10:21.600 align:start position:0%
you can also do a centralized matching
 

00:10:21.600 --> 00:10:24.350 align:start position:0%
you can also do a centralized matching
strategy<00:10:22.600><c> where</c><00:10:23.000><c> a</c><00:10:23.360><c> delayer</c><00:10:23.839><c> will</c><00:10:24.040><c> only</c>

00:10:24.350 --> 00:10:24.360 align:start position:0%
strategy where a delayer will only
 

00:10:24.360 --> 00:10:26.790 align:start position:0%
strategy where a delayer will only
accept<00:10:24.720><c> orders</c><00:10:25.200><c> onto</c><00:10:25.519><c> their</c><00:10:25.680><c> order</c><00:10:25.959><c> book</c><00:10:26.640><c> if</c>

00:10:26.790 --> 00:10:26.800 align:start position:0%
accept orders onto their order book if
 

00:10:26.800 --> 00:10:29.430 align:start position:0%
accept orders onto their order book if
they<00:10:26.920><c> are</c><00:10:27.240><c> specified</c><00:10:28.120><c> as</c><00:10:28.320><c> the</c><00:10:28.480><c> only</c><00:10:28.839><c> entity</c>

00:10:29.430 --> 00:10:29.440 align:start position:0%
they are specified as the only entity
 

00:10:29.440 --> 00:10:31.470 align:start position:0%
they are specified as the only entity
able<00:10:29.600><c> to</c><00:10:29.720><c> fill</c><00:10:30.000><c> those</c><00:10:30.160><c> orders</c><00:10:31.040><c> and</c><00:10:31.160><c> when</c><00:10:31.320><c> they</c>

00:10:31.470 --> 00:10:31.480 align:start position:0%
able to fill those orders and when they
 

00:10:31.480 --> 00:10:33.150 align:start position:0%
able to fill those orders and when they
find<00:10:31.680><c> two</c><00:10:31.880><c> orders</c><00:10:32.240><c> on</c><00:10:32.440><c> either</c><00:10:32.720><c> side</c><00:10:32.880><c> of</c><00:10:33.000><c> the</c>

00:10:33.150 --> 00:10:33.160 align:start position:0%
find two orders on either side of the
 

00:10:33.160 --> 00:10:35.230 align:start position:0%
find two orders on either side of the
market<00:10:33.920><c> they</c><00:10:34.079><c> can</c><00:10:34.360><c> batch</c><00:10:34.680><c> fill</c><00:10:35.000><c> them</c>

00:10:35.230 --> 00:10:35.240 align:start position:0%
market they can batch fill them
 

00:10:35.240 --> 00:10:37.629 align:start position:0%
market they can batch fill them
simultaneously<00:10:36.240><c> and</c><00:10:36.480><c> synchronously</c><00:10:37.279><c> on</c><00:10:37.440><c> the</c>

00:10:37.629 --> 00:10:37.639 align:start position:0%
simultaneously and synchronously on the
 

00:10:37.639 --> 00:10:39.710 align:start position:0%
simultaneously and synchronously on the
blockchain<00:10:38.639><c> uh</c><00:10:38.800><c> and</c><00:10:38.920><c> you</c><00:10:39.040><c> can</c><00:10:39.200><c> eliminate</c>

00:10:39.710 --> 00:10:39.720 align:start position:0%
blockchain uh and you can eliminate
 

00:10:39.720 --> 00:10:42.110 align:start position:0%
blockchain uh and you can eliminate
things<00:10:39.880><c> like</c><00:10:40.040><c> front</c><00:10:40.600><c> running</c><00:10:41.600><c> uh</c><00:10:41.720><c> a</c><00:10:41.880><c> third</c>

00:10:42.110 --> 00:10:42.120 align:start position:0%
things like front running uh a third
 

00:10:42.120 --> 00:10:44.150 align:start position:0%
things like front running uh a third
option<00:10:42.399><c> is</c><00:10:42.519><c> a</c><00:10:42.680><c> shapeshift</c><00:10:43.279><c> type</c><00:10:43.560><c> exchange</c>

00:10:44.150 --> 00:10:44.160 align:start position:0%
option is a shapeshift type exchange
 

00:10:44.160 --> 00:10:45.949 align:start position:0%
option is a shapeshift type exchange
where<00:10:44.600><c> someone</c><00:10:44.920><c> essentially</c><00:10:45.440><c> acts</c><00:10:45.720><c> as</c><00:10:45.839><c> a</c>

00:10:45.949 --> 00:10:45.959 align:start position:0%
where someone essentially acts as a
 

00:10:45.959 --> 00:10:47.629 align:start position:0%
where someone essentially acts as a
reserve<00:10:46.320><c> manager</c><00:10:46.720><c> and</c><00:10:46.839><c> they</c><00:10:46.959><c> just</c><00:10:47.120><c> post</c><00:10:47.320><c> a</c><00:10:47.440><c> bid</c>

00:10:47.629 --> 00:10:47.639 align:start position:0%
reserve manager and they just post a bid
 

00:10:47.639 --> 00:10:50.550 align:start position:0%
reserve manager and they just post a bid
in<00:10:47.720><c> an</c><00:10:47.920><c> ask</c><00:10:48.160><c> for</c><00:10:48.320><c> a</c><00:10:48.399><c> single</c><00:10:48.639><c> trading</c>

00:10:50.550 --> 00:10:50.560 align:start position:0%
in an ask for a single trading
 

00:10:50.560 --> 00:10:55.350 align:start position:0%
in an ask for a single trading
pair<00:10:51.560><c> so</c><00:10:52.040><c> why</c><00:10:52.240><c> create</c><00:10:52.480><c> an</c><00:10:52.600><c> open</c><00:10:53.079><c> standard</c><00:10:54.360><c> why</c>

00:10:55.350 --> 00:10:55.360 align:start position:0%
pair so why create an open standard why
 

00:10:55.360 --> 00:10:58.150 align:start position:0%
pair so why create an open standard why
uh<00:10:55.639><c> well</c><00:10:56.639><c> one</c><00:10:56.760><c> of</c><00:10:56.880><c> the</c><00:10:57.040><c> reasons</c><00:10:57.560><c> is</c><00:10:57.760><c> because</c><00:10:58.079><c> if</c>

00:10:58.150 --> 00:10:58.160 align:start position:0%
uh well one of the reasons is because if
 

00:10:58.160 --> 00:10:59.790 align:start position:0%
uh well one of the reasons is because if
you<00:10:58.320><c> have</c><00:10:58.480><c> an</c><00:10:58.639><c> open</c><00:10:58.880><c> stand</c>

00:10:59.790 --> 00:10:59.800 align:start position:0%
you have an open stand
 

00:10:59.800 --> 00:11:02.030 align:start position:0%
you have an open stand
you<00:10:59.920><c> can</c><00:11:00.160><c> create</c><00:11:00.680><c> really</c><00:11:01.040><c> robust</c><00:11:01.480><c> developer</c>

00:11:02.030 --> 00:11:02.040 align:start position:0%
you can create really robust developer
 

00:11:02.040 --> 00:11:05.030 align:start position:0%
you can create really robust developer
tools<00:11:03.040><c> uh</c><00:11:03.120><c> so</c><00:11:03.399><c> things</c><00:11:03.680><c> like</c><00:11:03.880><c> Zer</c><00:11:04.240><c> xjs</c><00:11:04.800><c> our</c>

00:11:05.030 --> 00:11:05.040 align:start position:0%
tools uh so things like Zer xjs our
 

00:11:05.040 --> 00:11:07.110 align:start position:0%
tools uh so things like Zer xjs our
JavaScript<00:11:05.600><c> library</c><00:11:06.480><c> and</c><00:11:06.639><c> things</c><00:11:06.839><c> like</c><00:11:06.959><c> our</c>

00:11:07.110 --> 00:11:07.120 align:start position:0%
JavaScript library and things like our
 

00:11:07.120 --> 00:11:09.509 align:start position:0%
JavaScript library and things like our
standard<00:11:07.519><c> relayer</c><00:11:08.000><c> API</c><00:11:08.920><c> and</c><00:11:09.079><c> with</c><00:11:09.320><c> these</c>

00:11:09.509 --> 00:11:09.519 align:start position:0%
standard relayer API and with these
 

00:11:09.519 --> 00:11:12.230 align:start position:0%
standard relayer API and with these
tools<00:11:10.160><c> you</c><00:11:10.519><c> massively</c><00:11:11.120><c> lower</c><00:11:11.519><c> the</c><00:11:11.639><c> barrier</c><00:11:12.000><c> to</c>

00:11:12.230 --> 00:11:12.240 align:start position:0%
tools you massively lower the barrier to
 

00:11:12.240 --> 00:11:14.949 align:start position:0%
tools you massively lower the barrier to
entry<00:11:13.040><c> for</c><00:11:13.360><c> new</c><00:11:13.680><c> people</c><00:11:14.000><c> and</c><00:11:14.240><c> developers</c><00:11:14.800><c> that</c>

00:11:14.949 --> 00:11:14.959 align:start position:0%
entry for new people and developers that
 

00:11:14.959 --> 00:11:16.870 align:start position:0%
entry for new people and developers that
want<00:11:15.079><c> to</c><00:11:15.279><c> create</c><00:11:15.560><c> decentralized</c>

00:11:16.870 --> 00:11:16.880 align:start position:0%
want to create decentralized
 

00:11:16.880 --> 00:11:21.069 align:start position:0%
want to create decentralized
exchanges<00:11:18.279><c> um</c><00:11:19.279><c> and</c><00:11:20.120><c> so</c><00:11:20.480><c> what</c><00:11:20.560><c> you</c><00:11:20.720><c> end</c><00:11:20.880><c> up</c>

00:11:21.069 --> 00:11:21.079 align:start position:0%
exchanges um and so what you end up
 

00:11:21.079 --> 00:11:22.949 align:start position:0%
exchanges um and so what you end up
getting<00:11:21.519><c> are</c><00:11:21.839><c> a</c><00:11:22.000><c> variety</c><00:11:22.440><c> of</c><00:11:22.600><c> different</c>

00:11:22.949 --> 00:11:22.959 align:start position:0%
getting are a variety of different
 

00:11:22.959 --> 00:11:25.030 align:start position:0%
getting are a variety of different
decentralized<00:11:23.800><c> exchanges</c><00:11:24.399><c> that</c><00:11:24.480><c> are</c><00:11:24.680><c> highly</c>

00:11:25.030 --> 00:11:25.040 align:start position:0%
decentralized exchanges that are highly
 

00:11:25.040 --> 00:11:27.069 align:start position:0%
decentralized exchanges that are highly
competitive<00:11:25.560><c> on</c><00:11:25.760><c> fees</c><00:11:26.279><c> as</c><00:11:26.399><c> well</c><00:11:26.560><c> as</c><00:11:26.680><c> user</c>

00:11:27.069 --> 00:11:27.079 align:start position:0%
competitive on fees as well as user
 

00:11:27.079 --> 00:11:29.550 align:start position:0%
competitive on fees as well as user
experience<00:11:28.000><c> they</c><00:11:28.160><c> also</c><00:11:28.399><c> find</c><00:11:28.760><c> in</c><00:11:28.959><c> Target</c>

00:11:29.550 --> 00:11:29.560 align:start position:0%
experience they also find in Target
 

00:11:29.560 --> 00:11:32.150 align:start position:0%
experience they also find in Target
different<00:11:30.079><c> Market</c><00:11:30.680><c> niches</c><00:11:31.680><c> uh</c><00:11:31.800><c> and</c><00:11:31.880><c> you</c><00:11:32.000><c> end</c>

00:11:32.150 --> 00:11:32.160 align:start position:0%
different Market niches uh and you end
 

00:11:32.160 --> 00:11:33.550 align:start position:0%
different Market niches uh and you end
up<00:11:32.320><c> with</c><00:11:32.440><c> a</c><00:11:32.600><c> diversity</c><00:11:33.120><c> of</c><00:11:33.279><c> different</c>

00:11:33.550 --> 00:11:33.560 align:start position:0%
up with a diversity of different
 

00:11:33.560 --> 00:11:34.829 align:start position:0%
up with a diversity of different
decentralized

00:11:34.829 --> 00:11:34.839 align:start position:0%
decentralized
 

00:11:34.839 --> 00:11:37.110 align:start position:0%
decentralized
exchanges<00:11:35.839><c> uh</c><00:11:36.040><c> a</c><00:11:36.160><c> second</c><00:11:36.480><c> reason</c><00:11:36.720><c> to</c><00:11:36.880><c> create</c>

00:11:37.110 --> 00:11:37.120 align:start position:0%
exchanges uh a second reason to create
 

00:11:37.120 --> 00:11:39.550 align:start position:0%
exchanges uh a second reason to create
an<00:11:37.279><c> open</c><00:11:37.560><c> standard</c><00:11:38.320><c> is</c><00:11:38.560><c> that</c><00:11:38.800><c> if</c><00:11:39.000><c> every</c><00:11:39.240><c> single</c>

00:11:39.550 --> 00:11:39.560 align:start position:0%
an open standard is that if every single
 

00:11:39.560 --> 00:11:41.670 align:start position:0%
an open standard is that if every single
decentralized<00:11:40.320><c> exchange</c><00:11:40.839><c> is</c><00:11:41.000><c> speaking</c><00:11:41.480><c> the</c>

00:11:41.670 --> 00:11:41.680 align:start position:0%
decentralized exchange is speaking the
 

00:11:41.680 --> 00:11:43.990 align:start position:0%
decentralized exchange is speaking the
exact<00:11:42.040><c> same</c><00:11:42.320><c> language</c><00:11:43.240><c> it</c><00:11:43.399><c> creates</c><00:11:43.760><c> these</c>

00:11:43.990 --> 00:11:44.000 align:start position:0%
exact same language it creates these
 

00:11:44.000 --> 00:11:46.389 align:start position:0%
exact same language it creates these
Network<00:11:44.399><c> effects</c><00:11:44.760><c> around</c><00:11:45.000><c> liquidity</c><00:11:45.959><c> where</c>

00:11:46.389 --> 00:11:46.399 align:start position:0%
Network effects around liquidity where
 

00:11:46.399 --> 00:11:48.389 align:start position:0%
Network effects around liquidity where
each<00:11:46.600><c> relayer</c><00:11:47.120><c> isn't</c><00:11:47.440><c> necessarily</c><00:11:47.959><c> competing</c>

00:11:48.389 --> 00:11:48.399 align:start position:0%
each relayer isn't necessarily competing
 

00:11:48.399 --> 00:11:50.030 align:start position:0%
each relayer isn't necessarily competing
with<00:11:48.519><c> the</c><00:11:48.639><c> others</c><00:11:49.279><c> they</c><00:11:49.399><c> could</c><00:11:49.680><c> actually</c>

00:11:50.030 --> 00:11:50.040 align:start position:0%
with the others they could actually
 

00:11:50.040 --> 00:11:52.110 align:start position:0%
with the others they could actually
benefit<00:11:50.480><c> from</c><00:11:50.600><c> a</c><00:11:50.720><c> new</c><00:11:50.880><c> relayer</c><00:11:51.399><c> ENT</c><00:11:51.720><c> entering</c>

00:11:52.110 --> 00:11:52.120 align:start position:0%
benefit from a new relayer ENT entering
 

00:11:52.120 --> 00:11:55.750 align:start position:0%
benefit from a new relayer ENT entering
the<00:11:52.519><c> ecosystem</c><00:11:53.519><c> uh</c><00:11:53.680><c> as</c><00:11:53.920><c> arbitrages</c><00:11:54.760><c> are</c><00:11:55.480><c> are</c>

00:11:55.750 --> 00:11:55.760 align:start position:0%
the ecosystem uh as arbitrages are are
 

00:11:55.760 --> 00:11:57.550 align:start position:0%
the ecosystem uh as arbitrages are are
taken<00:11:56.079><c> advantage</c><00:11:56.480><c> of</c><00:11:56.680><c> across</c><00:11:57.160><c> different</c>

00:11:57.550 --> 00:11:57.560 align:start position:0%
taken advantage of across different
 

00:11:57.560 --> 00:12:00.710 align:start position:0%
taken advantage of across different
exchanges<00:11:58.360><c> risk-free</c><00:11:58.839><c> and</c><00:11:59.000><c> a</c><00:11:59.480><c> ically</c><00:12:00.480><c> uh</c>

00:12:00.710 --> 00:12:00.720 align:start position:0%
exchanges risk-free and a ically uh
 

00:12:00.720 --> 00:12:02.910 align:start position:0%
exchanges risk-free and a ically uh
decentralized<00:12:01.560><c> applications</c><00:12:02.200><c> can</c><00:12:02.399><c> also</c><00:12:02.680><c> be</c><00:12:02.800><c> a</c>

00:12:02.910 --> 00:12:02.920 align:start position:0%
decentralized applications can also be a
 

00:12:02.920 --> 00:12:04.629 align:start position:0%
decentralized applications can also be a
source<00:12:03.160><c> of</c><00:12:03.360><c> customers</c><00:12:04.200><c> for</c><00:12:04.440><c> these</c>

00:12:04.629 --> 00:12:04.639 align:start position:0%
source of customers for these
 

00:12:04.639 --> 00:12:08.670 align:start position:0%
source of customers for these
decentralized<00:12:05.480><c> exchanges</c><00:12:06.079><c> or</c>

00:12:08.670 --> 00:12:08.680 align:start position:0%
 
 

00:12:08.680 --> 00:12:12.310 align:start position:0%
 
relays<00:12:09.680><c> so</c><00:12:10.000><c> since</c><00:12:10.639><c> deploying</c><00:12:11.160><c> zerox</c><00:12:11.680><c> protocol</c>

00:12:12.310 --> 00:12:12.320 align:start position:0%
relays so since deploying zerox protocol
 

00:12:12.320 --> 00:12:15.310 align:start position:0%
relays so since deploying zerox protocol
on<00:12:12.480><c> the</c><00:12:12.639><c> ethereum</c><00:12:13.199><c> mainnet</c><00:12:14.199><c> uh</c><00:12:14.320><c> in</c><00:12:14.560><c> August</c>

00:12:15.310 --> 00:12:15.320 align:start position:0%
on the ethereum mainnet uh in August
 

00:12:15.320 --> 00:12:18.949 align:start position:0%
on the ethereum mainnet uh in August
15th<00:12:16.320><c> um</c><00:12:16.680><c> we've</c><00:12:16.959><c> seen</c><00:12:17.720><c> just</c><00:12:18.160><c> a</c><00:12:18.399><c> crazy</c>

00:12:18.949 --> 00:12:18.959 align:start position:0%
15th um we've seen just a crazy
 

00:12:18.959 --> 00:12:22.870 align:start position:0%
15th um we've seen just a crazy
explosion<00:12:19.800><c> of</c><00:12:20.040><c> development</c><00:12:21.160><c> activity</c><00:12:22.160><c> um</c>

00:12:22.870 --> 00:12:22.880 align:start position:0%
explosion of development activity um
 

00:12:22.880 --> 00:12:25.189 align:start position:0%
explosion of development activity um
there<00:12:23.000><c> are</c><00:12:23.399><c> upwards</c><00:12:23.800><c> of</c><00:12:24.079><c> 10</c><00:12:24.760><c> different</c>

00:12:25.189 --> 00:12:25.199 align:start position:0%
there are upwards of 10 different
 

00:12:25.199 --> 00:12:27.829 align:start position:0%
there are upwards of 10 different
completely<00:12:25.800><c> independent</c><00:12:26.800><c> developer</c><00:12:27.279><c> teams</c>

00:12:27.829 --> 00:12:27.839 align:start position:0%
completely independent developer teams
 

00:12:27.839 --> 00:12:30.629 align:start position:0%
completely independent developer teams
creating<00:12:28.279><c> Rel</c><00:12:28.519><c> layers</c><00:12:28.880><c> on</c><00:12:29.199><c> top</c><00:12:29.320><c> of</c><00:12:29.440><c> zerx</c>

00:12:30.629 --> 00:12:30.639 align:start position:0%
creating Rel layers on top of zerx
 

00:12:30.639 --> 00:12:33.790 align:start position:0%
creating Rel layers on top of zerx
protocol<00:12:31.639><c> um</c><00:12:32.639><c> so</c><00:12:33.040><c> I'm</c><00:12:33.160><c> just</c><00:12:33.279><c> going</c><00:12:33.399><c> to</c><00:12:33.680><c> give</c>

00:12:33.790 --> 00:12:33.800 align:start position:0%
protocol um so I'm just going to give
 

00:12:33.800 --> 00:12:36.590 align:start position:0%
protocol um so I'm just going to give
you<00:12:33.959><c> a</c><00:12:34.120><c> closer</c><00:12:34.519><c> look</c><00:12:34.680><c> at</c><00:12:34.800><c> a</c><00:12:34.920><c> few</c><00:12:35.120><c> of</c>

00:12:36.590 --> 00:12:36.600 align:start position:0%
you a closer look at a few of
 

00:12:36.600 --> 00:12:39.910 align:start position:0%
you a closer look at a few of
these<00:12:37.600><c> so</c><00:12:38.040><c> the</c><00:12:38.199><c> first</c><00:12:38.519><c> relayer</c><00:12:39.079><c> to</c><00:12:39.279><c> go</c><00:12:39.519><c> live</c><00:12:39.800><c> on</c>

00:12:39.910 --> 00:12:39.920 align:start position:0%
these so the first relayer to go live on
 

00:12:39.920 --> 00:12:43.550 align:start position:0%
these so the first relayer to go live on
the<00:12:40.079><c> ethereum</c><00:12:40.519><c> mainnet</c><00:12:41.399><c> is</c><00:12:41.680><c> kin</c><00:12:42.279><c> Alpha</c><00:12:43.279><c> uh</c><00:12:43.399><c> and</c>

00:12:43.550 --> 00:12:43.560 align:start position:0%
the ethereum mainnet is kin Alpha uh and
 

00:12:43.560 --> 00:12:46.030 align:start position:0%
the ethereum mainnet is kin Alpha uh and
this<00:12:43.680><c> was</c><00:12:43.959><c> created</c><00:12:44.519><c> by</c><00:12:44.720><c> a</c><00:12:44.880><c> single</c><00:12:45.360><c> developer</c>

00:12:46.030 --> 00:12:46.040 align:start position:0%
this was created by a single developer
 

00:12:46.040 --> 00:12:48.790 align:start position:0%
this was created by a single developer
in<00:12:46.199><c> their</c><00:12:46.440><c> spare</c><00:12:46.880><c> time</c><00:12:47.399><c> over</c><00:12:47.639><c> the</c><00:12:47.800><c> course</c><00:12:48.199><c> of</c><00:12:48.680><c> a</c>

00:12:48.790 --> 00:12:48.800 align:start position:0%
in their spare time over the course of a
 

00:12:48.800 --> 00:12:51.750 align:start position:0%
in their spare time over the course of a
few<00:12:49.320><c> weeks</c><00:12:50.320><c> um</c><00:12:50.600><c> you</c><00:12:50.720><c> can</c><00:12:50.880><c> see</c><00:12:51.199><c> that</c><00:12:51.360><c> it</c><00:12:51.480><c> leaves</c>

00:12:51.750 --> 00:12:51.760 align:start position:0%
few weeks um you can see that it leaves
 

00:12:51.760 --> 00:12:53.590 align:start position:0%
few weeks um you can see that it leaves
a<00:12:51.880><c> little</c><00:12:52.160><c> bit</c><00:12:52.320><c> to</c><00:12:52.440><c> be</c><00:12:52.639><c> desired</c><00:12:53.079><c> in</c><00:12:53.240><c> terms</c><00:12:53.440><c> of</c>

00:12:53.590 --> 00:12:53.600 align:start position:0%
a little bit to be desired in terms of
 

00:12:53.600 --> 00:12:56.430 align:start position:0%
a little bit to be desired in terms of
the<00:12:53.720><c> user</c><00:12:54.360><c> experience</c><00:12:55.360><c> um</c><00:12:55.600><c> but</c><00:12:56.000><c> we</c><00:12:56.240><c> just</c>

00:12:56.430 --> 00:12:56.440 align:start position:0%
the user experience um but we just
 

00:12:56.440 --> 00:12:58.110 align:start position:0%
the user experience um but we just
thought<00:12:56.600><c> it</c><00:12:56.720><c> was</c><00:12:56.920><c> pretty</c><00:12:57.199><c> amazing</c><00:12:57.800><c> that</c>

00:12:58.110 --> 00:12:58.120 align:start position:0%
thought it was pretty amazing that
 

00:12:58.120 --> 00:13:00.829 align:start position:0%
thought it was pretty amazing that
someone<00:12:58.440><c> could</c><00:12:58.600><c> go</c><00:12:58.720><c> and</c><00:12:58.839><c> create</c><00:12:59.519><c> this</c><00:13:00.399><c> uh</c><00:13:00.639><c> on</c>

00:13:00.829 --> 00:13:00.839 align:start position:0%
someone could go and create this uh on
 

00:13:00.839 --> 00:13:03.110 align:start position:0%
someone could go and create this uh on
their<00:13:01.000><c> own</c><00:13:01.199><c> in</c><00:13:01.320><c> a</c><00:13:01.440><c> matter</c><00:13:01.680><c> of</c>

00:13:03.110 --> 00:13:03.120 align:start position:0%
their own in a matter of
 

00:13:03.120 --> 00:13:05.790 align:start position:0%
their own in a matter of
weeks<00:13:04.120><c> uh</c><00:13:04.279><c> another</c><00:13:04.680><c> really</c><00:13:04.920><c> cool</c><00:13:05.279><c> relayer</c>

00:13:05.790 --> 00:13:05.800 align:start position:0%
weeks uh another really cool relayer
 

00:13:05.800 --> 00:13:08.829 align:start position:0%
weeks uh another really cool relayer
that's<00:13:06.000><c> worth</c><00:13:06.240><c> checking</c><00:13:06.600><c> out</c><00:13:06.920><c> is</c><00:13:07.199><c> radar</c><00:13:07.839><c> relay</c>

00:13:08.829 --> 00:13:08.839 align:start position:0%
that's worth checking out is radar relay
 

00:13:08.839 --> 00:13:10.870 align:start position:0%
that's worth checking out is radar relay
uh<00:13:08.959><c> they're</c><00:13:09.160><c> live</c><00:13:09.360><c> on</c><00:13:09.519><c> the</c><00:13:09.600><c> main</c><00:13:09.880><c> net</c><00:13:10.079><c> today</c><00:13:10.800><c> uh</c>

00:13:10.870 --> 00:13:10.880 align:start position:0%
uh they're live on the main net today uh
 

00:13:10.880 --> 00:13:12.949 align:start position:0%
uh they're live on the main net today uh
you<00:13:10.959><c> can</c><00:13:11.120><c> go</c><00:13:11.199><c> to</c><00:13:11.360><c> radar</c><00:13:11.760><c> relay.com</c><00:13:12.399><c> and</c><00:13:12.760><c> check</c>

00:13:12.949 --> 00:13:12.959 align:start position:0%
you can go to radar relay.com and check
 

00:13:12.959 --> 00:13:16.389 align:start position:0%
you can go to radar relay.com and check
them<00:13:13.120><c> out</c><00:13:14.000><c> uh</c><00:13:14.160><c> they're</c><00:13:14.800><c> doing</c><00:13:15.639><c> uh</c><00:13:16.160><c> a</c><00:13:16.240><c> little</c>

00:13:16.389 --> 00:13:16.399 align:start position:0%
them out uh they're doing uh a little
 

00:13:16.399 --> 00:13:20.430 align:start position:0%
them out uh they're doing uh a little
bit<00:13:16.560><c> of</c><00:13:16.720><c> volume</c><00:13:17.160><c> but</c><00:13:17.320><c> their</c><00:13:17.519><c> API</c><00:13:17.959><c> should</c><00:13:18.160><c> be</c><00:13:18.320><c> up</c>

00:13:20.430 --> 00:13:20.440 align:start position:0%
bit of volume but their API should be up
 

00:13:20.440 --> 00:13:24.750 align:start position:0%
bit of volume but their API should be up
soon<00:13:21.440><c> uh</c><00:13:21.560><c> and</c><00:13:21.720><c> third</c><00:13:22.160><c> is</c><00:13:22.440><c> paradex</c><00:13:23.440><c> uh</c><00:13:23.760><c> paradex</c>

00:13:24.750 --> 00:13:24.760 align:start position:0%
soon uh and third is paradex uh paradex
 

00:13:24.760 --> 00:13:26.710 align:start position:0%
soon uh and third is paradex uh paradex
has<00:13:24.959><c> created</c><00:13:25.360><c> this</c><00:13:25.639><c> beautiful</c><00:13:26.120><c> user</c>

00:13:26.710 --> 00:13:26.720 align:start position:0%
has created this beautiful user
 

00:13:26.720 --> 00:13:28.710 align:start position:0%
has created this beautiful user
interface<00:13:27.720><c> uh</c><00:13:27.839><c> and</c><00:13:27.920><c> they're</c><00:13:28.199><c> expecting</c><00:13:28.560><c> to</c>

00:13:28.710 --> 00:13:28.720 align:start position:0%
interface uh and they're expecting to
 

00:13:28.720 --> 00:13:31.710 align:start position:0%
interface uh and they're expecting to
Launch<00:13:29.519><c> uh</c><00:13:29.680><c> their</c><00:13:29.880><c> beta</c><00:13:30.320><c> on</c><00:13:30.440><c> the</c><00:13:30.560><c> main</c><00:13:30.839><c> net</c><00:13:31.560><c> uh</c>

00:13:31.710 --> 00:13:31.720 align:start position:0%
Launch uh their beta on the main net uh
 

00:13:31.720 --> 00:13:34.030 align:start position:0%
Launch uh their beta on the main net uh
this<00:13:32.040><c> month</c><00:13:33.040><c> uh</c><00:13:33.120><c> and</c><00:13:33.240><c> they're</c><00:13:33.519><c> using</c><00:13:33.839><c> a</c>

00:13:34.030 --> 00:13:34.040 align:start position:0%
this month uh and they're using a
 

00:13:34.040 --> 00:13:36.829 align:start position:0%
this month uh and they're using a
centralized<00:13:34.600><c> matching</c><00:13:35.360><c> strategy</c><00:13:36.360><c> so</c><00:13:36.639><c> we're</c>

00:13:36.829 --> 00:13:36.839 align:start position:0%
centralized matching strategy so we're
 

00:13:36.839 --> 00:13:38.030 align:start position:0%
centralized matching strategy so we're
really<00:13:37.120><c> excited</c><00:13:37.440><c> to</c><00:13:37.560><c> see</c><00:13:37.720><c> all</c><00:13:37.880><c> this</c>

00:13:38.030 --> 00:13:38.040 align:start position:0%
really excited to see all this
 

00:13:38.040 --> 00:13:40.590 align:start position:0%
really excited to see all this
development<00:13:38.600><c> activity</c><00:13:39.079><c> going</c><00:13:39.320><c> on</c><00:13:39.880><c> and</c><00:13:40.240><c> uh</c><00:13:40.480><c> I</c>

00:13:40.590 --> 00:13:40.600 align:start position:0%
development activity going on and uh I
 

00:13:40.600 --> 00:13:44.030 align:start position:0%
development activity going on and uh I
think<00:13:41.040><c> that</c><00:13:42.040><c> we</c><00:13:42.279><c> will</c><00:13:42.600><c> see</c><00:13:43.040><c> a</c><00:13:43.240><c> dent</c><00:13:43.600><c> put</c><00:13:43.800><c> into</c>

00:13:44.030 --> 00:13:44.040 align:start position:0%
think that we will see a dent put into
 

00:13:44.040 --> 00:13:57.150 align:start position:0%
think that we will see a dent put into
the<00:13:44.240><c> centralized</c><00:13:44.839><c> exchange</c>

00:13:57.150 --> 00:13:57.160 align:start position:0%
 
 

00:13:57.160 --> 00:13:59.590 align:start position:0%
 
industry<00:13:58.160><c> uh</c><00:13:58.480><c> some</c><00:13:58.680><c> other</c><00:13:59.160><c> interesting</c>

00:13:59.590 --> 00:13:59.600 align:start position:0%
industry uh some other interesting
 

00:13:59.600 --> 00:14:02.310 align:start position:0%
industry uh some other interesting
development<00:14:00.160><c> that</c><00:14:00.279><c> we've</c><00:14:00.480><c> seen</c><00:14:01.279><c> uh</c><00:14:01.480><c> are</c><00:14:01.880><c> just</c>

00:14:02.310 --> 00:14:02.320 align:start position:0%
development that we've seen uh are just
 

00:14:02.320 --> 00:14:03.870 align:start position:0%
development that we've seen uh are just
independent<00:14:02.920><c> developers</c><00:14:03.480><c> out</c><00:14:03.680><c> there</c>

00:14:03.870 --> 00:14:03.880 align:start position:0%
independent developers out there
 

00:14:03.880 --> 00:14:06.310 align:start position:0%
independent developers out there
creating<00:14:04.279><c> trade</c><00:14:04.720><c> explorers</c><00:14:05.720><c> that</c><00:14:05.920><c> allow</c><00:14:06.160><c> you</c>

00:14:06.310 --> 00:14:06.320 align:start position:0%
creating trade explorers that allow you
 

00:14:06.320 --> 00:14:08.509 align:start position:0%
creating trade explorers that allow you
to<00:14:06.600><c> view</c><00:14:06.920><c> and</c><00:14:07.160><c> explore</c><00:14:07.560><c> the</c><00:14:07.720><c> various</c><00:14:08.079><c> trading</c>

00:14:08.509 --> 00:14:08.519 align:start position:0%
to view and explore the various trading
 

00:14:08.519 --> 00:14:10.990 align:start position:0%
to view and explore the various trading
activity<00:14:09.040><c> going</c><00:14:09.279><c> on</c><00:14:09.560><c> on</c><00:14:09.720><c> top</c><00:14:09.920><c> of</c><00:14:10.040><c> zerox</c>

00:14:10.990 --> 00:14:11.000 align:start position:0%
activity going on on top of zerox
 

00:14:11.000 --> 00:14:14.069 align:start position:0%
activity going on on top of zerox
protocol<00:14:12.000><c> um</c><00:14:12.639><c> and</c><00:14:12.759><c> you</c><00:14:12.920><c> can</c><00:14:13.240><c> sort</c><00:14:13.440><c> of</c><00:14:13.639><c> sort</c>

00:14:14.069 --> 00:14:14.079 align:start position:0%
protocol um and you can sort of sort
 

00:14:14.079 --> 00:14:16.790 align:start position:0%
protocol um and you can sort of sort
trades<00:14:14.639><c> by</c><00:14:15.399><c> different</c><00:14:15.639><c> Rel</c><00:14:15.880><c> layers</c><00:14:16.399><c> and</c><00:14:16.600><c> by</c>

00:14:16.790 --> 00:14:16.800 align:start position:0%
trades by different Rel layers and by
 

00:14:16.800 --> 00:14:19.269 align:start position:0%
trades by different Rel layers and by
different<00:14:17.040><c> trading</c><00:14:17.399><c> pairs</c><00:14:17.880><c> Etc</c><00:14:18.880><c> uh</c><00:14:18.959><c> it's</c><00:14:19.079><c> been</c>

00:14:19.269 --> 00:14:19.279 align:start position:0%
different trading pairs Etc uh it's been
 

00:14:19.279 --> 00:14:20.990 align:start position:0%
different trading pairs Etc uh it's been
really<00:14:19.519><c> exciting</c><00:14:19.920><c> for</c><00:14:20.120><c> us</c><00:14:20.279><c> to</c><00:14:20.440><c> see</c><00:14:20.759><c> people</c>

00:14:20.990 --> 00:14:21.000 align:start position:0%
really exciting for us to see people
 

00:14:21.000 --> 00:14:23.230 align:start position:0%
really exciting for us to see people
building<00:14:21.480><c> things</c><00:14:22.160><c> completely</c><00:14:22.600><c> independently</c>

00:14:23.230 --> 00:14:23.240 align:start position:0%
building things completely independently
 

00:14:23.240 --> 00:14:24.829 align:start position:0%
building things completely independently
on<00:14:23.399><c> top</c><00:14:23.560><c> of</c><00:14:23.639><c> the</c><00:14:23.800><c> protocol</c><00:14:24.279><c> and</c><00:14:24.399><c> just</c><00:14:24.560><c> finding</c>

00:14:24.829 --> 00:14:24.839 align:start position:0%
on top of the protocol and just finding
 

00:14:24.839 --> 00:14:27.629 align:start position:0%
on top of the protocol and just finding
out<00:14:25.040><c> about</c><00:14:25.199><c> it</c><00:14:25.320><c> on</c>

00:14:27.629 --> 00:14:27.639 align:start position:0%
 
 

00:14:27.639 --> 00:14:29.829 align:start position:0%
 
Reddit<00:14:28.639><c> uh</c><00:14:28.720><c> so</c><00:14:28.880><c> now</c><00:14:29.120><c> I</c><00:14:29.199><c> want</c><00:14:29.320><c> to</c><00:14:29.440><c> talk</c><00:14:29.600><c> about</c>

00:14:29.829 --> 00:14:29.839 align:start position:0%
Reddit uh so now I want to talk about
 

00:14:29.839 --> 00:14:32.350 align:start position:0%
Reddit uh so now I want to talk about
something<00:14:30.240><c> that</c><00:14:30.759><c> is</c><00:14:30.880><c> a</c><00:14:31.000><c> little</c><00:14:31.199><c> bit</c><00:14:31.440><c> different</c>

00:14:32.350 --> 00:14:32.360 align:start position:0%
something that is a little bit different
 

00:14:32.360 --> 00:14:35.150 align:start position:0%
something that is a little bit different
uh<00:14:32.560><c> that</c><00:14:32.720><c> zerox</c><00:14:33.240><c> protocol</c><00:14:33.920><c> enables</c><00:14:34.920><c> and</c><00:14:35.079><c> I</c>

00:14:35.150 --> 00:14:35.160 align:start position:0%
uh that zerox protocol enables and I
 

00:14:35.160 --> 00:14:36.269 align:start position:0%
uh that zerox protocol enables and I
think<00:14:35.360><c> this</c><00:14:35.440><c> is</c><00:14:35.600><c> something</c><00:14:35.839><c> that's</c><00:14:36.040><c> pretty</c>

00:14:36.269 --> 00:14:36.279 align:start position:0%
think this is something that's pretty
 

00:14:36.279 --> 00:14:38.790 align:start position:0%
think this is something that's pretty
unique<00:14:36.680><c> compared</c><00:14:37.000><c> to</c><00:14:37.160><c> the</c><00:14:37.320><c> other</c><00:14:38.160><c> uh</c>

00:14:38.790 --> 00:14:38.800 align:start position:0%
unique compared to the other uh
 

00:14:38.800 --> 00:14:40.350 align:start position:0%
unique compared to the other uh
approaches<00:14:39.240><c> and</c><00:14:39.440><c> implementations</c><00:14:40.120><c> that</c><00:14:40.240><c> are</c>

00:14:40.350 --> 00:14:40.360 align:start position:0%
approaches and implementations that are
 

00:14:40.360 --> 00:14:44.189 align:start position:0%
approaches and implementations that are
out<00:14:40.519><c> there</c><00:14:41.079><c> today</c><00:14:42.079><c> uh</c><00:14:42.240><c> so</c><00:14:43.040><c> zerox</c><00:14:43.680><c> protocol</c>

00:14:44.189 --> 00:14:44.199 align:start position:0%
out there today uh so zerox protocol
 

00:14:44.199 --> 00:14:47.269 align:start position:0%
out there today uh so zerox protocol
allows<00:14:44.839><c> smart</c><00:14:45.399><c> contracts</c><00:14:46.399><c> to</c><00:14:46.639><c> natively</c>

00:14:47.269 --> 00:14:47.279 align:start position:0%
allows smart contracts to natively
 

00:14:47.279 --> 00:14:50.389 align:start position:0%
allows smart contracts to natively
execute<00:14:47.920><c> trades</c><00:14:48.920><c> in</c><00:14:49.079><c> a</c><00:14:49.320><c> single</c><00:14:49.680><c> line</c><00:14:49.880><c> of</c><00:14:50.079><c> smart</c>

00:14:50.389 --> 00:14:50.399 align:start position:0%
execute trades in a single line of smart
 

00:14:50.399 --> 00:14:53.069 align:start position:0%
execute trades in a single line of smart
contract<00:14:51.040><c> code</c><00:14:52.040><c> uh</c><00:14:52.160><c> and</c><00:14:52.279><c> this</c><00:14:52.399><c> is</c><00:14:52.560><c> really</c>

00:14:53.069 --> 00:14:53.079 align:start position:0%
contract code uh and this is really
 

00:14:53.079 --> 00:14:55.030 align:start position:0%
contract code uh and this is really
powerful<00:14:54.079><c> uh</c><00:14:54.240><c> because</c><00:14:54.480><c> this</c><00:14:54.639><c> essentially</c>

00:14:55.030 --> 00:14:55.040 align:start position:0%
powerful uh because this essentially
 

00:14:55.040 --> 00:14:58.269 align:start position:0%
powerful uh because this essentially
allows<00:14:55.399><c> ZX</c><00:14:55.959><c> protocol</c><00:14:56.480><c> to</c><00:14:56.800><c> act</c><00:14:57.120><c> as</c><00:14:57.519><c> an</c><00:14:57.759><c> exchange</c>

00:14:58.269 --> 00:14:58.279 align:start position:0%
allows ZX protocol to act as an exchange
 

00:14:58.279 --> 00:15:00.949 align:start position:0%
allows ZX protocol to act as an exchange
module<00:14:58.759><c> that</c><00:14:59.079><c> exist</c><00:14:59.440><c> natively</c><00:14:59.959><c> within</c><00:15:00.199><c> the</c>

00:15:00.949 --> 00:15:00.959 align:start position:0%
module that exist natively within the
 

00:15:00.959 --> 00:15:02.990 align:start position:0%
module that exist natively within the
evm<00:15:01.959><c> uh</c>

00:15:02.990 --> 00:15:03.000 align:start position:0%
evm uh
 

00:15:03.000 --> 00:15:05.949 align:start position:0%
evm uh
and<00:15:04.000><c> this</c><00:15:04.160><c> allows</c><00:15:04.480><c> ZX</c><00:15:05.000><c> to</c><00:15:05.120><c> be</c><00:15:05.240><c> treated</c><00:15:05.639><c> as</c><00:15:05.800><c> a</c>

00:15:05.949 --> 00:15:05.959 align:start position:0%
and this allows ZX to be treated as a
 

00:15:05.959 --> 00:15:07.870 align:start position:0%
and this allows ZX to be treated as a
sort<00:15:06.120><c> of</c><00:15:06.320><c> fundamental</c><00:15:07.000><c> building</c><00:15:07.279><c> block</c><00:15:07.759><c> that</c>

00:15:07.870 --> 00:15:07.880 align:start position:0%
sort of fundamental building block that
 

00:15:07.880 --> 00:15:10.350 align:start position:0%
sort of fundamental building block that
can<00:15:08.040><c> be</c><00:15:08.320><c> combined</c><00:15:08.920><c> and</c><00:15:09.079><c> built</c><00:15:09.399><c> upon</c><00:15:09.959><c> by</c><00:15:10.120><c> other</c>

00:15:10.350 --> 00:15:10.360 align:start position:0%
can be combined and built upon by other
 

00:15:10.360 --> 00:15:13.030 align:start position:0%
can be combined and built upon by other
developers<00:15:10.959><c> creating</c><00:15:11.279><c> their</c><00:15:11.440><c> own</c><00:15:12.040><c> protocols</c>

00:15:13.030 --> 00:15:13.040 align:start position:0%
developers creating their own protocols
 

00:15:13.040 --> 00:15:15.069 align:start position:0%
developers creating their own protocols
uh<00:15:13.160><c> and</c><00:15:13.320><c> to</c><00:15:13.480><c> date</c><00:15:13.680><c> we've</c><00:15:13.880><c> seen</c><00:15:14.160><c> two</c><00:15:14.440><c> examples</c>

00:15:15.069 --> 00:15:15.079 align:start position:0%
uh and to date we've seen two examples
 

00:15:15.079 --> 00:15:17.670 align:start position:0%
uh and to date we've seen two examples
of<00:15:15.279><c> completely</c><00:15:15.920><c> independent</c><00:15:16.920><c> uh</c><00:15:17.120><c> protocols</c>

00:15:17.670 --> 00:15:17.680 align:start position:0%
of completely independent uh protocols
 

00:15:17.680 --> 00:15:21.749 align:start position:0%
of completely independent uh protocols
being<00:15:18.000><c> created</c><00:15:18.519><c> on</c><00:15:18.759><c> top</c><00:15:18.959><c> of</c><00:15:19.240><c> zerx</c><00:15:20.240><c> uh</c><00:15:20.360><c> dydx</c><00:15:21.240><c> and</c>

00:15:21.749 --> 00:15:21.759 align:start position:0%
being created on top of zerx uh dydx and
 

00:15:21.759 --> 00:15:24.150 align:start position:0%
being created on top of zerx uh dydx and
Dharma<00:15:22.759><c> I</c><00:15:22.839><c> would</c><00:15:23.160><c> encourage</c><00:15:23.480><c> you</c><00:15:23.560><c> to</c><00:15:23.720><c> go</c><00:15:23.880><c> check</c>

00:15:24.150 --> 00:15:24.160 align:start position:0%
Dharma I would encourage you to go check
 

00:15:24.160 --> 00:15:26.030 align:start position:0%
Dharma I would encourage you to go check
them

00:15:26.030 --> 00:15:26.040 align:start position:0%
them
 

00:15:26.040 --> 00:15:29.069 align:start position:0%
them
out<00:15:27.040><c> there</c><00:15:27.120><c> are</c><00:15:27.399><c> also</c><00:15:27.759><c> a</c><00:15:27.880><c> variety</c><00:15:28.319><c> of</c><00:15:28.480><c> other</c>

00:15:29.069 --> 00:15:29.079 align:start position:0%
out there are also a variety of other
 

00:15:29.079 --> 00:15:32.189 align:start position:0%
out there are also a variety of other
centralized<00:15:29.680><c> applications</c><00:15:30.600><c> that</c><00:15:30.839><c> have</c><00:15:31.800><c> um</c>

00:15:32.189 --> 00:15:32.199 align:start position:0%
centralized applications that have um
 

00:15:32.199 --> 00:15:35.430 align:start position:0%
centralized applications that have um
you<00:15:32.360><c> know</c><00:15:32.720><c> decided</c><00:15:33.240><c> to</c><00:15:34.240><c> uh</c><00:15:34.440><c> either</c><00:15:35.000><c> right</c><00:15:35.199><c> now</c>

00:15:35.430 --> 00:15:35.440 align:start position:0%
you know decided to uh either right now
 

00:15:35.440 --> 00:15:37.550 align:start position:0%
you know decided to uh either right now
or<00:15:35.720><c> some</c><00:15:35.880><c> point</c><00:15:36.079><c> in</c><00:15:36.160><c> the</c><00:15:36.319><c> future</c><00:15:36.959><c> uh</c><00:15:37.079><c> integrate</c>

00:15:37.550 --> 00:15:37.560 align:start position:0%
or some point in the future uh integrate
 

00:15:37.560 --> 00:15:40.670 align:start position:0%
or some point in the future uh integrate
zerox<00:15:38.360><c> protocol</c><00:15:39.360><c> uh</c><00:15:39.639><c> because</c><00:15:39.920><c> it</c><00:15:40.000><c> will</c><00:15:40.399><c> allow</c>

00:15:40.670 --> 00:15:40.680 align:start position:0%
zerox protocol uh because it will allow
 

00:15:40.680 --> 00:15:42.470 align:start position:0%
zerox protocol uh because it will allow
them<00:15:40.839><c> to</c><00:15:41.079><c> get</c><00:15:41.279><c> the</c><00:15:41.440><c> functionality</c><00:15:42.079><c> they</c><00:15:42.199><c> need</c>

00:15:42.470 --> 00:15:42.480 align:start position:0%
them to get the functionality they need
 

00:15:42.480 --> 00:15:47.509 align:start position:0%
them to get the functionality they need
without<00:15:42.759><c> having</c><00:15:42.959><c> to</c><00:15:43.160><c> write</c><00:15:43.399><c> any</c><00:15:43.639><c> code</c><00:15:43.920><c> from</c>

00:15:47.509 --> 00:15:47.519 align:start position:0%
 
 

00:15:47.519 --> 00:15:49.550 align:start position:0%
 
scratch<00:15:48.519><c> uh</c><00:15:48.639><c> so</c><00:15:48.800><c> now</c><00:15:48.959><c> I</c><00:15:49.040><c> want</c><00:15:49.160><c> to</c><00:15:49.279><c> talk</c><00:15:49.480><c> a</c>

00:15:49.550 --> 00:15:49.560 align:start position:0%
scratch uh so now I want to talk a
 

00:15:49.560 --> 00:15:50.710 align:start position:0%
scratch uh so now I want to talk a
little<00:15:49.759><c> bit</c><00:15:49.920><c> about</c>

00:15:50.710 --> 00:15:50.720 align:start position:0%
little bit about
 

00:15:50.720 --> 00:15:54.829 align:start position:0%
little bit about
governance<00:15:51.720><c> so</c><00:15:52.600><c> zerox</c><00:15:53.240><c> is</c><00:15:53.360><c> an</c><00:15:53.560><c> open</c><00:15:53.920><c> system</c>

00:15:54.829 --> 00:15:54.839 align:start position:0%
governance so zerox is an open system
 

00:15:54.839 --> 00:15:56.749 align:start position:0%
governance so zerox is an open system
and<00:15:55.040><c> there</c><00:15:55.160><c> are</c><00:15:55.319><c> a</c><00:15:55.480><c> variety</c><00:15:55.880><c> of</c><00:15:56.040><c> stakeholders</c>

00:15:56.749 --> 00:15:56.759 align:start position:0%
and there are a variety of stakeholders
 

00:15:56.759 --> 00:15:58.550 align:start position:0%
and there are a variety of stakeholders
and<00:15:56.880><c> they</c><00:15:57.040><c> each</c><00:15:57.240><c> have</c><00:15:57.440><c> their</c><00:15:57.600><c> own</c><00:15:57.959><c> motives</c><00:15:58.399><c> and</c>

00:15:58.550 --> 00:15:58.560 align:start position:0%
and they each have their own motives and
 

00:15:58.560 --> 00:15:59.470 align:start position:0%
and they each have their own motives and
their<00:15:58.720><c> own</c>

00:15:59.470 --> 00:15:59.480 align:start position:0%
their own
 

00:15:59.480 --> 00:16:01.590 align:start position:0%
their own
desires<00:16:00.040><c> that</c><00:16:00.160><c> they</c><00:16:00.319><c> need</c><00:16:00.560><c> out</c><00:16:00.680><c> of</c><00:16:00.800><c> the</c>

00:16:01.590 --> 00:16:01.600 align:start position:0%
desires that they need out of the
 

00:16:01.600 --> 00:16:04.069 align:start position:0%
desires that they need out of the
protocol<00:16:02.600><c> um</c><00:16:03.079><c> but</c><00:16:03.240><c> they</c><00:16:03.360><c> all</c><00:16:03.560><c> benefit</c><00:16:03.959><c> from</c>

00:16:04.069 --> 00:16:04.079 align:start position:0%
protocol um but they all benefit from
 

00:16:04.079 --> 00:16:06.069 align:start position:0%
protocol um but they all benefit from
the<00:16:04.199><c> network</c><00:16:04.639><c> effects</c><00:16:05.240><c> of</c><00:16:05.399><c> building</c><00:16:05.720><c> on</c><00:16:05.920><c> top</c>

00:16:06.069 --> 00:16:06.079 align:start position:0%
the network effects of building on top
 

00:16:06.079 --> 00:16:07.990 align:start position:0%
the network effects of building on top
of<00:16:06.199><c> the</c><00:16:06.319><c> same</c><00:16:06.560><c> shared</c>

00:16:07.990 --> 00:16:08.000 align:start position:0%
of the same shared
 

00:16:08.000 --> 00:16:11.069 align:start position:0%
of the same shared
standard<00:16:09.000><c> uh</c><00:16:09.120><c> and</c><00:16:09.240><c> at</c><00:16:09.399><c> the</c><00:16:09.519><c> same</c><00:16:09.800><c> time</c><00:16:10.519><c> zerox</c>

00:16:11.069 --> 00:16:11.079 align:start position:0%
standard uh and at the same time zerox
 

00:16:11.079 --> 00:16:13.069 align:start position:0%
standard uh and at the same time zerox
protocol<00:16:11.519><c> is</c><00:16:11.639><c> a</c><00:16:11.800><c> system</c><00:16:12.079><c> of</c><00:16:12.279><c> ethereum</c><00:16:12.759><c> smart</c>

00:16:13.069 --> 00:16:13.079 align:start position:0%
protocol is a system of ethereum smart
 

00:16:13.079 --> 00:16:15.230 align:start position:0%
protocol is a system of ethereum smart
contracts<00:16:13.519><c> that</c><00:16:13.639><c> are</c><00:16:14.000><c> immutable</c><00:16:15.000><c> but</c><00:16:15.160><c> they</c>

00:16:15.230 --> 00:16:15.240 align:start position:0%
contracts that are immutable but they
 

00:16:15.240 --> 00:16:19.309 align:start position:0%
contracts that are immutable but they
must<00:16:15.560><c> remain</c><00:16:15.720><c> future</c><00:16:16.079><c> proof</c><00:16:16.360><c> over</c><00:16:17.079><c> time</c><00:16:18.079><c> uh</c><00:16:18.319><c> so</c>

00:16:19.309 --> 00:16:19.319 align:start position:0%
must remain future proof over time uh so
 

00:16:19.319 --> 00:16:23.189 align:start position:0%
must remain future proof over time uh so
how<00:16:19.519><c> do</c><00:16:19.680><c> you</c><00:16:20.319><c> decide</c><00:16:20.880><c> on</c><00:16:21.240><c> protocol</c><00:16:22.199><c> upgrades</c>

00:16:23.189 --> 00:16:23.199 align:start position:0%
how do you decide on protocol upgrades
 

00:16:23.199 --> 00:16:26.110 align:start position:0%
how do you decide on protocol upgrades
uh<00:16:23.319><c> you</c><00:16:23.440><c> can</c><00:16:23.639><c> either</c><00:16:24.120><c> allow</c><00:16:25.120><c> a</c><00:16:25.319><c> small</c><00:16:25.680><c> group</c><00:16:25.920><c> of</c>

00:16:26.110 --> 00:16:26.120 align:start position:0%
uh you can either allow a small group of
 

00:16:26.120 --> 00:16:27.949 align:start position:0%
uh you can either allow a small group of
developers<00:16:26.720><c> to</c><00:16:26.880><c> make</c><00:16:27.040><c> all</c><00:16:27.199><c> the</c><00:16:27.399><c> decisions</c>

00:16:27.949 --> 00:16:27.959 align:start position:0%
developers to make all the decisions
 

00:16:27.959 --> 00:16:29.389 align:start position:0%
developers to make all the decisions
about<00:16:28.199><c> the</c><00:16:28.279><c> future</c><00:16:28.600><c> Direction</c><00:16:29.079><c> of</c><00:16:29.199><c> the</c>

00:16:29.389 --> 00:16:29.399 align:start position:0%
about the future Direction of the
 

00:16:29.399 --> 00:16:31.790 align:start position:0%
about the future Direction of the
protocol<00:16:30.399><c> or</c><00:16:30.639><c> you</c><00:16:30.759><c> can</c><00:16:30.959><c> allow</c><00:16:31.319><c> all</c><00:16:31.480><c> of</c><00:16:31.639><c> the</c>

00:16:31.790 --> 00:16:31.800 align:start position:0%
protocol or you can allow all of the
 

00:16:31.800 --> 00:16:33.629 align:start position:0%
protocol or you can allow all of the
stakeholders<00:16:32.399><c> in</c><00:16:32.519><c> the</c><00:16:32.680><c> system</c><00:16:33.160><c> to</c><00:16:33.319><c> have</c><00:16:33.440><c> a</c>

00:16:33.629 --> 00:16:33.639 align:start position:0%
stakeholders in the system to have a
 

00:16:33.639 --> 00:16:37.749 align:start position:0%
stakeholders in the system to have a
fair<00:16:34.240><c> say</c><00:16:35.240><c> um</c><00:16:35.519><c> so</c><00:16:35.920><c> what</c><00:16:36.040><c> we</c><00:16:36.240><c> decided</c><00:16:36.560><c> to</c><00:16:36.720><c> do</c><00:16:37.519><c> is</c>

00:16:37.749 --> 00:16:37.759 align:start position:0%
fair say um so what we decided to do is
 

00:16:37.759 --> 00:16:40.509 align:start position:0%
fair say um so what we decided to do is
to<00:16:38.480><c> create</c><00:16:38.759><c> a</c><00:16:38.920><c> decentralized</c><00:16:39.680><c> governance</c>

00:16:40.509 --> 00:16:40.519 align:start position:0%
to create a decentralized governance
 

00:16:40.519 --> 00:16:44.230 align:start position:0%
to create a decentralized governance
mechanism<00:16:41.519><c> that</c><00:16:41.800><c> uses</c><00:16:42.399><c> token</c><00:16:42.880><c> voting</c><00:16:43.880><c> uh</c><00:16:43.959><c> for</c>

00:16:44.230 --> 00:16:44.240 align:start position:0%
mechanism that uses token voting uh for
 

00:16:44.240 --> 00:16:49.150 align:start position:0%
mechanism that uses token voting uh for
future<00:16:44.639><c> upgrades</c><00:16:45.079><c> to</c><00:16:45.240><c> the</c>

00:16:49.150 --> 00:16:49.160 align:start position:0%
 
 

00:16:49.160 --> 00:16:53.430 align:start position:0%
 
protocol<00:16:50.480><c> so</c><00:16:51.480><c> uh</c><00:16:51.959><c> I</c><00:16:52.399><c> understand</c><00:16:52.759><c> that</c>

00:16:53.430 --> 00:16:53.440 align:start position:0%
protocol so uh I understand that
 

00:16:53.440 --> 00:16:54.829 align:start position:0%
protocol so uh I understand that
everyone<00:16:53.759><c> here</c><00:16:53.920><c> is</c><00:16:54.120><c> probably</c><00:16:54.319><c> a</c><00:16:54.399><c> little</c><00:16:54.560><c> bit</c>

00:16:54.829 --> 00:16:54.839 align:start position:0%
everyone here is probably a little bit
 

00:16:54.839 --> 00:16:56.790 align:start position:0%
everyone here is probably a little bit
sick<00:16:55.399><c> of</c><00:16:55.680><c> all</c><00:16:55.839><c> the</c><00:16:55.959><c> tokens</c><00:16:56.360><c> that</c><00:16:56.480><c> are</c><00:16:56.600><c> out</c>

00:16:56.790 --> 00:16:56.800 align:start position:0%
sick of all the tokens that are out
 

00:16:56.800 --> 00:16:58.670 align:start position:0%
sick of all the tokens that are out
there<00:16:57.000><c> today</c><00:16:58.000><c> uh</c><00:16:58.120><c> and</c><00:16:58.199><c> they</c><00:16:58.319><c> might</c><00:16:58.480><c> not</c><00:16:58.600><c> want</c>

00:16:58.670 --> 00:16:58.680 align:start position:0%
there today uh and they might not want
 

00:16:58.680 --> 00:17:00.710 align:start position:0%
there today uh and they might not want
to<00:16:59.040><c> deal</c><00:16:59.319><c> with</c><00:16:59.600><c> another</c><00:16:59.959><c> token</c><00:17:00.360><c> so</c><00:17:00.519><c> I'm</c><00:17:00.600><c> going</c>

00:17:00.710 --> 00:17:00.720 align:start position:0%
to deal with another token so I'm going
 

00:17:00.720 --> 00:17:02.309 align:start position:0%
to deal with another token so I'm going
to<00:17:00.839><c> just</c><00:17:01.000><c> briefly</c><00:17:01.399><c> talk</c><00:17:01.639><c> about</c><00:17:01.959><c> something</c>

00:17:02.309 --> 00:17:02.319 align:start position:0%
to just briefly talk about something
 

00:17:02.319 --> 00:17:05.909 align:start position:0%
to just briefly talk about something
called<00:17:02.639><c> token</c><00:17:03.280><c> abstraction</c><00:17:04.280><c> that</c><00:17:04.640><c> ZX</c><00:17:05.319><c> enables</c>

00:17:05.909 --> 00:17:05.919 align:start position:0%
called token abstraction that ZX enables
 

00:17:05.919 --> 00:17:08.429 align:start position:0%
called token abstraction that ZX enables
and<00:17:06.039><c> I</c><00:17:06.120><c> think</c><00:17:06.319><c> is</c><00:17:06.559><c> really</c><00:17:07.160><c> exciting</c><00:17:08.160><c> um</c><00:17:08.360><c> but</c>

00:17:08.429 --> 00:17:08.439 align:start position:0%
and I think is really exciting um but
 

00:17:08.439 --> 00:17:09.909 align:start position:0%
and I think is really exciting um but
we're<00:17:08.600><c> going</c><00:17:08.679><c> to</c><00:17:08.839><c> have</c><00:17:08.959><c> to</c><00:17:09.120><c> think</c><00:17:09.360><c> about</c><00:17:09.720><c> five</c>

00:17:09.909 --> 00:17:09.919 align:start position:0%
we're going to have to think about five
 

00:17:09.919 --> 00:17:14.230 align:start position:0%
we're going to have to think about five
or<00:17:10.079><c> 10</c><00:17:10.319><c> years</c><00:17:10.520><c> out</c><00:17:10.760><c> from</c><00:17:11.439><c> now</c><00:17:12.439><c> uh</c><00:17:12.919><c> so</c><00:17:13.919><c> when</c><00:17:14.079><c> we</c>

00:17:14.230 --> 00:17:14.240 align:start position:0%
or 10 years out from now uh so when we
 

00:17:14.240 --> 00:17:16.270 align:start position:0%
or 10 years out from now uh so when we
think<00:17:14.439><c> about</c><00:17:14.640><c> decentralized</c>

00:17:16.270 --> 00:17:16.280 align:start position:0%
think about decentralized
 

00:17:16.280 --> 00:17:19.510 align:start position:0%
think about decentralized
applications<00:17:17.439><c> um</c><00:17:18.439><c> you</c><00:17:18.559><c> know</c><00:17:18.959><c> we</c><00:17:19.079><c> used</c><00:17:19.319><c> to</c>

00:17:19.510 --> 00:17:19.520 align:start position:0%
applications um you know we used to
 

00:17:19.520 --> 00:17:20.710 align:start position:0%
applications um you know we used to
think<00:17:19.720><c> of</c><00:17:19.919><c> them</c><00:17:20.079><c> as</c><00:17:20.240><c> sort</c><00:17:20.360><c> of</c><00:17:20.520><c> these</c>

00:17:20.710 --> 00:17:20.720 align:start position:0%
think of them as sort of these
 

00:17:20.720 --> 00:17:23.429 align:start position:0%
think of them as sort of these
vertically<00:17:21.480><c> integrated</c><00:17:22.480><c> uh</c><00:17:22.600><c> mono</c><00:17:23.039><c> lists</c><00:17:23.319><c> that</c>

00:17:23.429 --> 00:17:23.439 align:start position:0%
vertically integrated uh mono lists that
 

00:17:23.439 --> 00:17:25.069 align:start position:0%
vertically integrated uh mono lists that
might<00:17:23.559><c> have</c><00:17:23.720><c> been</c><00:17:23.839><c> built</c><00:17:24.120><c> on</c><00:17:24.360><c> the</c><00:17:24.600><c> Bitcoin</c>

00:17:25.069 --> 00:17:25.079 align:start position:0%
might have been built on the Bitcoin
 

00:17:25.079 --> 00:17:27.549 align:start position:0%
might have been built on the Bitcoin
blockchain<00:17:25.679><c> or</c><00:17:26.079><c> the</c><00:17:26.240><c> ethereum</c><00:17:26.720><c> blockchain</c>

00:17:27.549 --> 00:17:27.559 align:start position:0%
blockchain or the ethereum blockchain
 

00:17:27.559 --> 00:17:30.190 align:start position:0%
blockchain or the ethereum blockchain
but<00:17:27.720><c> I</c><00:17:27.799><c> think</c><00:17:27.959><c> what</c><00:17:28.079><c> we're</c><00:17:28.240><c> starting</c><00:17:28.559><c> to</c><00:17:29.280><c> is</c><00:17:29.559><c> an</c>

00:17:30.190 --> 00:17:30.200 align:start position:0%
but I think what we're starting to is an
 

00:17:30.200 --> 00:17:32.470 align:start position:0%
but I think what we're starting to is an
unbundling<00:17:31.200><c> uh</c><00:17:31.360><c> where</c><00:17:31.559><c> there's</c><00:17:31.840><c> many</c><00:17:32.120><c> layers</c>

00:17:32.470 --> 00:17:32.480 align:start position:0%
unbundling uh where there's many layers
 

00:17:32.480 --> 00:17:34.990 align:start position:0%
unbundling uh where there's many layers
in<00:17:32.640><c> the</c><00:17:32.799><c> decentralized</c><00:17:33.640><c> application</c><00:17:34.240><c> stack</c>

00:17:34.990 --> 00:17:35.000 align:start position:0%
in the decentralized application stack
 

00:17:35.000 --> 00:17:36.510 align:start position:0%
in the decentralized application stack
and<00:17:35.160><c> they</c><00:17:35.280><c> all</c><00:17:35.520><c> have</c><00:17:36.000><c> they're</c><00:17:36.200><c> all</c>

00:17:36.510 --> 00:17:36.520 align:start position:0%
and they all have they're all
 

00:17:36.520 --> 00:17:38.669 align:start position:0%
and they all have they're all
specialized<00:17:37.280><c> networks</c><00:17:37.799><c> with</c><00:17:38.039><c> distinct</c>

00:17:38.669 --> 00:17:38.679 align:start position:0%
specialized networks with distinct
 

00:17:38.679 --> 00:17:41.350 align:start position:0%
specialized networks with distinct
incentives<00:17:39.280><c> and</c><00:17:39.559><c> tokens</c><00:17:40.559><c> so</c><00:17:40.919><c> you</c><00:17:41.080><c> might</c>

00:17:41.350 --> 00:17:41.360 align:start position:0%
incentives and tokens so you might
 

00:17:41.360 --> 00:17:44.110 align:start position:0%
incentives and tokens so you might
imagine<00:17:41.840><c> that</c><00:17:42.000><c> a</c><00:17:42.160><c> decentralized</c><00:17:43.120><c> application</c>

00:17:44.110 --> 00:17:44.120 align:start position:0%
imagine that a decentralized application
 

00:17:44.120 --> 00:17:46.470 align:start position:0%
imagine that a decentralized application
requires<00:17:44.520><c> a</c><00:17:44.760><c> consensus</c><00:17:45.280><c> layer</c><00:17:46.120><c> it</c><00:17:46.240><c> might</c>

00:17:46.470 --> 00:17:46.480 align:start position:0%
requires a consensus layer it might
 

00:17:46.480 --> 00:17:48.630 align:start position:0%
requires a consensus layer it might
require<00:17:46.919><c> some</c><00:17:47.160><c> file</c><00:17:47.559><c> storage</c><00:17:48.080><c> and</c><00:17:48.240><c> some</c>

00:17:48.630 --> 00:17:48.640 align:start position:0%
require some file storage and some
 

00:17:48.640 --> 00:17:51.029 align:start position:0%
require some file storage and some
computation<00:17:49.640><c> and</c><00:17:49.799><c> it</c><00:17:49.960><c> might</c><00:17:50.200><c> require</c><00:17:50.799><c> an</c>

00:17:51.029 --> 00:17:51.039 align:start position:0%
computation and it might require an
 

00:17:51.039 --> 00:17:53.830 align:start position:0%
computation and it might require an
external<00:17:51.720><c> some</c><00:17:52.120><c> Oracle</c><00:17:52.600><c> to</c><00:17:52.880><c> inject</c><00:17:53.320><c> external</c>

00:17:53.830 --> 00:17:53.840 align:start position:0%
external some Oracle to inject external
 

00:17:53.840 --> 00:17:56.990 align:start position:0%
external some Oracle to inject external
data<00:17:54.520><c> into</c><00:17:54.880><c> that</c>

00:17:56.990 --> 00:17:57.000 align:start position:0%
data into that
 

00:17:57.000 --> 00:17:59.669 align:start position:0%
data into that
D<00:17:58.000><c> so</c><00:17:58.520><c> if</c><00:17:58.640><c> we</c><00:17:58.880><c> we</c><00:17:59.000><c> have</c><00:17:59.200><c> all</c><00:17:59.320><c> of</c><00:17:59.480><c> these</c>

00:17:59.669 --> 00:17:59.679 align:start position:0%
D so if we we have all of these
 

00:17:59.679 --> 00:18:01.350 align:start position:0%
D so if we we have all of these
different<00:17:59.960><c> layers</c><00:18:00.320><c> in</c><00:18:00.440><c> the</c><00:18:00.600><c> decentralized</c>

00:18:01.350 --> 00:18:01.360 align:start position:0%
different layers in the decentralized
 

00:18:01.360 --> 00:18:03.230 align:start position:0%
different layers in the decentralized
application<00:18:01.919><c> stack</c><00:18:02.520><c> and</c><00:18:02.640><c> you're</c><00:18:02.840><c> the</c><00:18:02.960><c> end</c>

00:18:03.230 --> 00:18:03.240 align:start position:0%
application stack and you're the end
 

00:18:03.240 --> 00:18:06.070 align:start position:0%
application stack and you're the end
user<00:18:03.600><c> of</c><00:18:03.720><c> this</c><00:18:03.960><c> stap</c><00:18:04.960><c> it's</c><00:18:05.159><c> going</c><00:18:05.320><c> to</c><00:18:05.600><c> require</c>

00:18:06.070 --> 00:18:06.080 align:start position:0%
user of this stap it's going to require
 

00:18:06.080 --> 00:18:08.190 align:start position:0%
user of this stap it's going to require
it's<00:18:06.240><c> going</c><00:18:06.440><c> to</c><00:18:06.640><c> require</c><00:18:07.159><c> you</c><00:18:07.360><c> to</c><00:18:07.600><c> have</c><00:18:08.080><c> a</c>

00:18:08.190 --> 00:18:08.200 align:start position:0%
it's going to require you to have a
 

00:18:08.200 --> 00:18:10.230 align:start position:0%
it's going to require you to have a
bunch<00:18:08.400><c> of</c><00:18:08.600><c> these</c><00:18:08.880><c> different</c><00:18:09.240><c> tokens</c><00:18:09.760><c> for</c><00:18:10.000><c> each</c>

00:18:10.230 --> 00:18:10.240 align:start position:0%
bunch of these different tokens for each
 

00:18:10.240 --> 00:18:12.110 align:start position:0%
bunch of these different tokens for each
layer<00:18:10.480><c> of</c><00:18:10.600><c> the</c><00:18:10.799><c> stack</c><00:18:11.400><c> and</c><00:18:11.559><c> that's</c><00:18:11.760><c> something</c>

00:18:12.110 --> 00:18:12.120 align:start position:0%
layer of the stack and that's something
 

00:18:12.120 --> 00:18:13.990 align:start position:0%
layer of the stack and that's something
that<00:18:12.400><c> I</c><00:18:12.480><c> don't</c><00:18:12.720><c> think</c><00:18:13.120><c> very</c><00:18:13.320><c> many</c><00:18:13.559><c> people</c><00:18:13.799><c> are</c>

00:18:13.990 --> 00:18:14.000 align:start position:0%
that I don't think very many people are
 

00:18:14.000 --> 00:18:16.909 align:start position:0%
that I don't think very many people are
excited<00:18:14.720><c> about</c><00:18:15.720><c> uh</c><00:18:15.840><c> so</c><00:18:16.000><c> in</c><00:18:16.159><c> this</c><00:18:16.400><c> example</c><00:18:16.840><c> you</c>

00:18:16.909 --> 00:18:16.919 align:start position:0%
excited about uh so in this example you
 

00:18:16.919 --> 00:18:19.590 align:start position:0%
excited about uh so in this example you
can<00:18:17.159><c> see</c><00:18:18.159><c> um</c><00:18:18.720><c> there's</c><00:18:19.039><c> some</c><00:18:19.200><c> sort</c><00:18:19.400><c> of</c>

00:18:19.590 --> 00:18:19.600 align:start position:0%
can see um there's some sort of
 

00:18:19.600 --> 00:18:21.750 align:start position:0%
can see um there's some sort of
decentralized<00:18:20.480><c> application</c><00:18:21.320><c> and</c><00:18:21.520><c> what</c><00:18:21.640><c> it</c>

00:18:21.750 --> 00:18:21.760 align:start position:0%
decentralized application and what it
 

00:18:21.760 --> 00:18:24.230 align:start position:0%
decentralized application and what it
wants<00:18:21.960><c> to</c><00:18:22.159><c> do</c><00:18:22.679><c> is</c><00:18:22.880><c> it</c><00:18:23.039><c> wants</c><00:18:23.240><c> to</c><00:18:23.480><c> take</c><00:18:23.720><c> a</c><00:18:23.919><c> data</c>

00:18:24.230 --> 00:18:24.240 align:start position:0%
wants to do is it wants to take a data
 

00:18:24.240 --> 00:18:28.270 align:start position:0%
wants to do is it wants to take a data
set<00:18:25.000><c> from</c><00:18:25.440><c> say</c><00:18:25.960><c> ipfs</c><00:18:26.960><c> it</c><00:18:27.120><c> wants</c><00:18:27.440><c> to</c><00:18:27.720><c> run</c><00:18:28.000><c> some</c>

00:18:28.270 --> 00:18:28.280 align:start position:0%
set from say ipfs it wants to run some
 

00:18:28.280 --> 00:18:30.310 align:start position:0%
set from say ipfs it wants to run some
computation<00:18:29.159><c> on</c><00:18:29.320><c> that</c><00:18:29.480><c> data</c><00:18:29.720><c> set</c><00:18:30.000><c> using</c>

00:18:30.310 --> 00:18:30.320 align:start position:0%
computation on that data set using
 

00:18:30.320 --> 00:18:33.270 align:start position:0%
computation on that data set using
something<00:18:30.679><c> like</c><00:18:31.120><c> truebit</c><00:18:32.120><c> and</c><00:18:32.320><c> the</c><00:18:32.559><c> result</c><00:18:33.080><c> of</c>

00:18:33.270 --> 00:18:33.280 align:start position:0%
something like truebit and the result of
 

00:18:33.280 --> 00:18:35.630 align:start position:0%
something like truebit and the result of
that<00:18:33.480><c> computation</c><00:18:34.280><c> is</c><00:18:34.440><c> going</c><00:18:34.600><c> to</c><00:18:34.760><c> be</c><00:18:35.080><c> injected</c>

00:18:35.630 --> 00:18:35.640 align:start position:0%
that computation is going to be injected
 

00:18:35.640 --> 00:18:38.029 align:start position:0%
that computation is going to be injected
into<00:18:35.880><c> a</c><00:18:36.000><c> smart</c><00:18:36.360><c> contract</c><00:18:37.280><c> which</c><00:18:37.480><c> makes</c><00:18:37.840><c> some</c>

00:18:38.029 --> 00:18:38.039 align:start position:0%
into a smart contract which makes some
 

00:18:38.039 --> 00:18:39.789 align:start position:0%
into a smart contract which makes some
sort<00:18:38.240><c> of</c><00:18:38.480><c> decision</c><00:18:38.960><c> depending</c><00:18:39.400><c> upon</c><00:18:39.600><c> the</c>

00:18:39.789 --> 00:18:39.799 align:start position:0%
sort of decision depending upon the
 

00:18:39.799 --> 00:18:41.630 align:start position:0%
sort of decision depending upon the
result<00:18:40.520><c> something</c><00:18:40.840><c> that</c><00:18:41.000><c> just</c><00:18:41.159><c> would</c><00:18:41.320><c> not</c><00:18:41.520><c> be</c>

00:18:41.630 --> 00:18:41.640 align:start position:0%
result something that just would not be
 

00:18:41.640 --> 00:18:43.230 align:start position:0%
result something that just would not be
feasible<00:18:42.240><c> within</c><00:18:42.480><c> the</c>

00:18:43.230 --> 00:18:43.240 align:start position:0%
feasible within the
 

00:18:43.240 --> 00:18:46.590 align:start position:0%
feasible within the
evm<00:18:44.240><c> uh</c><00:18:44.360><c> in</c><00:18:44.480><c> order</c><00:18:44.840><c> to</c><00:18:45.480><c> power</c><00:18:45.919><c> some</c><00:18:46.120><c> sort</c><00:18:46.320><c> of</c>

00:18:46.590 --> 00:18:46.600 align:start position:0%
evm uh in order to power some sort of
 

00:18:46.600 --> 00:18:48.789 align:start position:0%
evm uh in order to power some sort of
sophisticated<00:18:47.400><c> decentralized</c><00:18:48.240><c> application</c>

00:18:48.789 --> 00:18:48.799 align:start position:0%
sophisticated decentralized application
 

00:18:48.799 --> 00:18:51.710 align:start position:0%
sophisticated decentralized application
like<00:18:49.000><c> this</c><00:18:49.600><c> you</c><00:18:49.799><c> might</c><00:18:49.960><c> be</c><00:18:50.240><c> required</c><00:18:50.720><c> to</c><00:18:50.960><c> have</c>

00:18:51.710 --> 00:18:51.720 align:start position:0%
like this you might be required to have
 

00:18:51.720 --> 00:18:54.070 align:start position:0%
like this you might be required to have
a<00:18:51.880><c> handful</c><00:18:52.280><c> of</c><00:18:52.440><c> different</c><00:18:52.799><c> tokens</c><00:18:53.799><c> and</c><00:18:53.919><c> that's</c>

00:18:54.070 --> 00:18:54.080 align:start position:0%
a handful of different tokens and that's
 

00:18:54.080 --> 00:18:56.029 align:start position:0%
a handful of different tokens and that's
not<00:18:54.200><c> a</c><00:18:54.320><c> very</c><00:18:54.480><c> good</c><00:18:54.640><c> user</c>

00:18:56.029 --> 00:18:56.039 align:start position:0%
not a very good user
 

00:18:56.039 --> 00:18:58.390 align:start position:0%
not a very good user
experience<00:18:57.039><c> so</c><00:18:57.360><c> something</c><00:18:57.799><c> that</c><00:18:58.200><c> we're</c>

00:18:58.390 --> 00:18:58.400 align:start position:0%
experience so something that we're
 

00:18:58.400 --> 00:19:00.870 align:start position:0%
experience so something that we're
really<00:18:58.880><c> excited</c><00:18:59.200><c> about</c><00:18:59.559><c> that</c><00:18:59.679><c> we</c><00:18:59.840><c> think</c><00:19:00.039><c> ZX</c>

00:19:00.870 --> 00:19:00.880 align:start position:0%
really excited about that we think ZX
 

00:19:00.880 --> 00:19:02.950 align:start position:0%
really excited about that we think ZX
will<00:19:01.120><c> play</c><00:19:01.280><c> a</c><00:19:01.400><c> role</c><00:19:01.600><c> in</c><00:19:01.799><c> in</c><00:19:01.880><c> the</c><00:19:02.039><c> future</c><00:19:02.799><c> is</c>

00:19:02.950 --> 00:19:02.960 align:start position:0%
will play a role in in the future is
 

00:19:02.960 --> 00:19:04.669 align:start position:0%
will play a role in in the future is
something<00:19:03.280><c> called</c><00:19:03.600><c> token</c>

00:19:04.669 --> 00:19:04.679 align:start position:0%
something called token
 

00:19:04.679 --> 00:19:07.270 align:start position:0%
something called token
abstraction<00:19:05.679><c> so</c><00:19:06.000><c> as</c><00:19:06.159><c> the</c><00:19:06.320><c> end</c><00:19:06.600><c> user</c><00:19:07.039><c> of</c><00:19:07.159><c> a</c>

00:19:07.270 --> 00:19:07.280 align:start position:0%
abstraction so as the end user of a
 

00:19:07.280 --> 00:19:09.830 align:start position:0%
abstraction so as the end user of a
decentralized<00:19:08.320><c> application</c><00:19:09.320><c> instead</c><00:19:09.640><c> of</c>

00:19:09.830 --> 00:19:09.840 align:start position:0%
decentralized application instead of
 

00:19:09.840 --> 00:19:12.590 align:start position:0%
decentralized application instead of
having<00:19:10.080><c> to</c><00:19:10.360><c> hold</c><00:19:11.200><c> a</c><00:19:11.440><c> variety</c><00:19:12.000><c> of</c><00:19:12.240><c> different</c>

00:19:12.590 --> 00:19:12.600 align:start position:0%
having to hold a variety of different
 

00:19:12.600 --> 00:19:14.549 align:start position:0%
having to hold a variety of different
tokens<00:19:13.080><c> that</c><00:19:13.200><c> you</c><00:19:13.320><c> may</c><00:19:13.480><c> not</c><00:19:13.720><c> know</c><00:19:14.039><c> or</c><00:19:14.320><c> care</c>

00:19:14.549 --> 00:19:14.559 align:start position:0%
tokens that you may not know or care
 

00:19:14.559 --> 00:19:16.669 align:start position:0%
tokens that you may not know or care
about<00:19:14.919><c> or</c><00:19:15.120><c> really</c><00:19:15.320><c> have</c><00:19:15.559><c> any</c><00:19:15.840><c> vested</c><00:19:16.320><c> interest</c>

00:19:16.669 --> 00:19:16.679 align:start position:0%
about or really have any vested interest
 

00:19:16.679 --> 00:19:18.950 align:start position:0%
about or really have any vested interest
in<00:19:17.480><c> you</c><00:19:17.840><c> can</c><00:19:18.000><c> just</c><00:19:18.159><c> hold</c><00:19:18.360><c> on</c><00:19:18.520><c> to</c><00:19:18.720><c> some</c>

00:19:18.950 --> 00:19:18.960 align:start position:0%
in you can just hold on to some
 

00:19:18.960 --> 00:19:22.390 align:start position:0%
in you can just hold on to some
tokenized<00:19:19.720><c> Fiat</c><00:19:20.720><c> uh</c><00:19:21.280><c> and</c><00:19:21.440><c> you</c><00:19:21.559><c> can</c><00:19:21.919><c> pass</c><00:19:22.159><c> in</c>

00:19:22.390 --> 00:19:22.400 align:start position:0%
tokenized Fiat uh and you can pass in
 

00:19:22.400 --> 00:19:25.950 align:start position:0%
tokenized Fiat uh and you can pass in
this<00:19:22.760><c> Fiat</c><00:19:23.600><c> along</c><00:19:23.919><c> with</c><00:19:24.120><c> a</c><00:19:24.400><c> thick</c><00:19:24.760><c> stack</c><00:19:25.200><c> of</c><00:19:25.400><c> ZX</c>

00:19:25.950 --> 00:19:25.960 align:start position:0%
this Fiat along with a thick stack of ZX
 

00:19:25.960 --> 00:19:27.669 align:start position:0%
this Fiat along with a thick stack of ZX
orders<00:19:26.559><c> into</c><00:19:26.799><c> the</c><00:19:26.919><c> decentralized</c>

00:19:27.669 --> 00:19:27.679 align:start position:0%
orders into the decentralized
 

00:19:27.679 --> 00:19:29.390 align:start position:0%
orders into the decentralized
application<00:19:28.200><c> that</c><00:19:28.320><c> you</c><00:19:28.400><c> want</c><00:19:28.520><c> to</c><00:19:28.720><c> to</c><00:19:28.840><c> use</c><00:19:29.159><c> into</c>

00:19:29.390 --> 00:19:29.400 align:start position:0%
application that you want to to use into
 

00:19:29.400 --> 00:19:33.070 align:start position:0%
application that you want to to use into
the<00:19:29.520><c> smart</c><00:19:30.000><c> contract</c><00:19:31.000><c> it</c><00:19:31.120><c> will</c><00:19:31.480><c> forward</c><00:19:32.159><c> those</c>

00:19:33.070 --> 00:19:33.080 align:start position:0%
the smart contract it will forward those
 

00:19:33.080 --> 00:19:35.870 align:start position:0%
the smart contract it will forward those
Fiat<00:19:33.520><c> tokens</c><00:19:34.039><c> and</c><00:19:34.240><c> the</c><00:19:34.520><c> 0x</c><00:19:35.080><c> orders</c><00:19:35.480><c> onto</c><00:19:35.760><c> the</c>

00:19:35.870 --> 00:19:35.880 align:start position:0%
Fiat tokens and the 0x orders onto the
 

00:19:35.880 --> 00:19:38.669 align:start position:0%
Fiat tokens and the 0x orders onto the
ZX<00:19:36.360><c> smart</c><00:19:36.880><c> contracts</c><00:19:37.880><c> and</c><00:19:38.159><c> the</c><00:19:38.320><c> smart</c>

00:19:38.669 --> 00:19:38.679 align:start position:0%
ZX smart contracts and the smart
 

00:19:38.679 --> 00:19:40.669 align:start position:0%
ZX smart contracts and the smart
contract<00:19:39.120><c> will</c><00:19:39.440><c> synchronously</c><00:19:40.440><c> and</c>

00:19:40.669 --> 00:19:40.679 align:start position:0%
contract will synchronously and
 

00:19:40.679 --> 00:19:43.110 align:start position:0%
contract will synchronously and
immediately<00:19:41.480><c> receive</c><00:19:42.320><c> the</c><00:19:42.520><c> variety</c><00:19:42.919><c> of</c>

00:19:43.110 --> 00:19:43.120 align:start position:0%
immediately receive the variety of
 

00:19:43.120 --> 00:19:44.990 align:start position:0%
immediately receive the variety of
tokens<00:19:43.600><c> that</c><00:19:43.720><c> it</c><00:19:43.840><c> needs</c><00:19:44.240><c> to</c><00:19:44.440><c> power</c><00:19:44.840><c> that</c>

00:19:44.990 --> 00:19:45.000 align:start position:0%
tokens that it needs to power that
 

00:19:45.000 --> 00:19:46.310 align:start position:0%
tokens that it needs to power that
decentralized

00:19:46.310 --> 00:19:46.320 align:start position:0%
decentralized
 

00:19:46.320 --> 00:19:48.830 align:start position:0%
decentralized
application<00:19:47.320><c> uh</c><00:19:47.559><c> the</c><00:19:47.760><c> smart</c><00:19:48.159><c> contract</c><00:19:48.600><c> will</c>

00:19:48.830 --> 00:19:48.840 align:start position:0%
application uh the smart contract will
 

00:19:48.840 --> 00:19:50.710 align:start position:0%
application uh the smart contract will
immediately<00:19:49.400><c> go</c><00:19:49.559><c> on</c><00:19:49.720><c> its</c><00:19:49.880><c> merry</c><00:19:50.200><c> way</c><00:19:50.440><c> using</c>

00:19:50.710 --> 00:19:50.720 align:start position:0%
immediately go on its merry way using
 

00:19:50.720 --> 00:19:52.029 align:start position:0%
immediately go on its merry way using
them<00:19:50.919><c> as</c><00:19:51.039><c> it</c><00:19:51.159><c> needs</c>

00:19:52.029 --> 00:19:52.039 align:start position:0%
them as it needs
 

00:19:52.039 --> 00:19:54.750 align:start position:0%
them as it needs
to<00:19:53.039><c> uh</c><00:19:53.200><c> so</c><00:19:53.559><c> you</c><00:19:53.679><c> can</c><00:19:53.880><c> imagine</c><00:19:54.440><c> that</c><00:19:54.600><c> the</c>

00:19:54.750 --> 00:19:54.760 align:start position:0%
to uh so you can imagine that the
 

00:19:54.760 --> 00:19:56.950 align:start position:0%
to uh so you can imagine that the
takeaway<00:19:55.200><c> from</c><00:19:55.480><c> this</c><00:19:55.799><c> is</c><00:19:56.039><c> that</c><00:19:56.520><c> instead</c><00:19:56.799><c> of</c>

00:19:56.950 --> 00:19:56.960 align:start position:0%
takeaway from this is that instead of
 

00:19:56.960 --> 00:19:59.110 align:start position:0%
takeaway from this is that instead of
having<00:19:57.200><c> to</c><00:19:57.440><c> have</c><00:19:58.120><c> a</c><00:19:58.280><c> bunch</c><00:19:58.480><c> of</c><00:19:58.840><c> different</c>

00:19:59.110 --> 00:19:59.120 align:start position:0%
having to have a bunch of different
 

00:19:59.120 --> 00:20:01.710 align:start position:0%
having to have a bunch of different
tokens<00:19:59.679><c> as</c><00:19:59.799><c> an</c><00:19:59.919><c> end</c><00:20:00.200><c> user</c><00:20:00.520><c> in</c><00:20:00.640><c> the</c><00:20:00.760><c> future</c><00:20:01.520><c> you</c>

00:20:01.710 --> 00:20:01.720 align:start position:0%
tokens as an end user in the future you
 

00:20:01.720 --> 00:20:03.190 align:start position:0%
tokens as an end user in the future you
might<00:20:01.880><c> just</c><00:20:02.039><c> go</c><00:20:02.159><c> to</c><00:20:02.320><c> a</c><00:20:02.440><c> decentralized</c>

00:20:03.190 --> 00:20:03.200 align:start position:0%
might just go to a decentralized
 

00:20:03.200 --> 00:20:04.870 align:start position:0%
might just go to a decentralized
application<00:20:03.960><c> and</c><00:20:04.080><c> see</c><00:20:04.320><c> that</c><00:20:04.440><c> it's</c><00:20:04.600><c> going</c><00:20:04.720><c> to</c>

00:20:04.870 --> 00:20:04.880 align:start position:0%
application and see that it's going to
 

00:20:04.880 --> 00:20:06.070 align:start position:0%
application and see that it's going to
cost<00:20:05.080><c> you</c>

00:20:06.070 --> 00:20:06.080 align:start position:0%
cost you
 

00:20:06.080 --> 00:20:09.190 align:start position:0%
cost you
$33.50<00:20:07.080><c> in</c><00:20:07.280><c> Fiat</c><00:20:07.720><c> tokens</c><00:20:08.200><c> in</c><00:20:08.280><c> order</c><00:20:08.559><c> to</c><00:20:08.880><c> access</c>

00:20:09.190 --> 00:20:09.200 align:start position:0%
$33.50 in Fiat tokens in order to access
 

00:20:09.200 --> 00:20:11.310 align:start position:0%
$33.50 in Fiat tokens in order to access
some<00:20:09.360><c> of</c><00:20:09.480><c> its</c>

00:20:11.310 --> 00:20:11.320 align:start position:0%
some of its
 

00:20:11.320 --> 00:20:14.669 align:start position:0%
some of its
functionality<00:20:12.320><c> uh</c><00:20:12.440><c> so</c><00:20:13.080><c> lastly</c><00:20:14.080><c> uh</c><00:20:14.200><c> we're</c>

00:20:14.669 --> 00:20:14.679 align:start position:0%
functionality uh so lastly uh we're
 

00:20:14.679 --> 00:20:17.630 align:start position:0%
functionality uh so lastly uh we're
working<00:20:15.000><c> on</c><00:20:15.640><c> version</c><00:20:16.039><c> two</c><00:20:16.400><c> of</c><00:20:16.559><c> zerox</c><00:20:17.120><c> protocol</c>

00:20:17.630 --> 00:20:17.640 align:start position:0%
working on version two of zerox protocol
 

00:20:17.640 --> 00:20:20.830 align:start position:0%
working on version two of zerox protocol
today<00:20:18.600><c> and</c><00:20:18.840><c> we</c><00:20:19.000><c> would</c><00:20:19.840><c> love</c><00:20:20.159><c> to</c><00:20:20.360><c> get</c><00:20:20.559><c> some</c>

00:20:20.830 --> 00:20:20.840 align:start position:0%
today and we would love to get some
 

00:20:20.840 --> 00:20:23.750 align:start position:0%
today and we would love to get some
Community<00:20:21.400><c> involvement</c><00:20:21.919><c> and</c><00:20:22.480><c> feedback</c><00:20:23.480><c> um</c>

00:20:23.750 --> 00:20:23.760 align:start position:0%
Community involvement and feedback um
 

00:20:23.760 --> 00:20:25.110 align:start position:0%
Community involvement and feedback um
some<00:20:23.880><c> of</c><00:20:24.039><c> the</c><00:20:24.159><c> things</c><00:20:24.400><c> that</c><00:20:24.559><c> we're</c><00:20:24.799><c> really</c>

00:20:25.110 --> 00:20:25.120 align:start position:0%
some of the things that we're really
 

00:20:25.120 --> 00:20:27.950 align:start position:0%
some of the things that we're really
excited<00:20:25.520><c> about</c><00:20:25.960><c> including</c><00:20:26.960><c> uh</c><00:20:27.080><c> in</c><00:20:27.200><c> our</c><00:20:27.400><c> zerx</c>

00:20:27.950 --> 00:20:27.960 align:start position:0%
excited about including uh in our zerx
 

00:20:27.960 --> 00:20:30.390 align:start position:0%
excited about including uh in our zerx
Improvement<00:20:28.400><c> Pro</c><00:20:28.840><c> proposals</c><00:20:29.840><c> are</c><00:20:30.120><c> things</c>

00:20:30.390 --> 00:20:30.400 align:start position:0%
Improvement Pro proposals are things
 

00:20:30.400 --> 00:20:33.669 align:start position:0%
Improvement Pro proposals are things
like<00:20:30.679><c> support</c><00:20:31.039><c> for</c><00:20:31.320><c> non-fungible</c><00:20:32.480><c> tokens</c><00:20:33.480><c> uh</c>

00:20:33.669 --> 00:20:33.679 align:start position:0%
like support for non-fungible tokens uh
 

00:20:33.679 --> 00:20:36.470 align:start position:0%
like support for non-fungible tokens uh
Atomic<00:20:34.159><c> order</c><00:20:34.520><c> matching</c><00:20:35.440><c> order</c><00:20:35.880><c> Generation</c>

00:20:36.470 --> 00:20:36.480 align:start position:0%
Atomic order matching order Generation
 

00:20:36.480 --> 00:20:38.870 align:start position:0%
Atomic order matching order Generation
by<00:20:36.720><c> smart</c><00:20:37.080><c> contracts</c><00:20:38.080><c> and</c><00:20:38.240><c> a</c><00:20:38.360><c> variety</c><00:20:38.760><c> of</c>

00:20:38.870 --> 00:20:38.880 align:start position:0%
by smart contracts and a variety of
 

00:20:38.880 --> 00:20:41.549 align:start position:0%
by smart contracts and a variety of
other<00:20:39.120><c> things</c><00:20:39.400><c> as</c><00:20:39.559><c> well</c><00:20:40.360><c> so</c><00:20:40.880><c> uh</c><00:20:41.000><c> we</c><00:20:41.159><c> welcome</c>

00:20:41.549 --> 00:20:41.559 align:start position:0%
other things as well so uh we welcome
 

00:20:41.559 --> 00:20:43.510 align:start position:0%
other things as well so uh we welcome
you<00:20:41.840><c> to</c><00:20:42.159><c> come</c><00:20:42.360><c> and</c><00:20:42.559><c> contribute</c><00:20:43.200><c> to</c><00:20:43.360><c> the</c>

00:20:43.510 --> 00:20:43.520 align:start position:0%
you to come and contribute to the
 

00:20:43.520 --> 00:20:46.430 align:start position:0%
you to come and contribute to the
protocol<00:20:44.280><c> and</c><00:20:44.799><c> shape</c><00:20:45.120><c> its</c><00:20:45.280><c> future</c><00:20:45.799><c> so</c><00:20:46.320><c> thank</c>

00:20:46.430 --> 00:20:46.440 align:start position:0%
protocol and shape its future so thank
 

00:20:46.440 --> 00:20:52.780 align:start position:0%
protocol and shape its future so thank
you<00:20:46.600><c> very</c><00:20:46.760><c> much</c><00:20:47.000><c> I</c><00:20:47.120><c> appreciate</c><00:20:47.600><c> the</c><00:20:47.760><c> attention</c>

00:20:52.780 --> 00:20:52.790 align:start position:0%
 
 

00:20:52.790 --> 00:21:00.369 align:start position:0%
 
[Music]