WEBVTT Kind: captions Language: en 00:00:12.730 --> 00:00:16.090 align:start position:0% so<00:00:13.730> hi<00:00:14.030> everyone<00:00:14.299> my<00:00:15.079> name<00:00:15.200> is<00:00:15.230> axel<00:00:15.530> Erickson 00:00:16.090 --> 00:00:16.100 align:start position:0% so hi everyone my name is axel Erickson 00:00:16.100 --> 00:00:18.190 align:start position:0% so hi everyone my name is axel Erickson and<00:00:16.400> today<00:00:16.880> my<00:00:17.060> co-founder<00:00:17.570> is<00:00:17.690> AK<00:00:17.870> Lauren 00:00:18.190 --> 00:00:18.200 align:start position:0% and today my co-founder is AK Lauren 00:00:18.200 --> 00:00:20.050 align:start position:0% and today my co-founder is AK Lauren tonight<00:00:18.350> are<00:00:18.890> gonna<00:00:19.040> be<00:00:19.250> talking<00:00:19.400> about<00:00:19.670> what 00:00:20.050 --> 00:00:20.060 align:start position:0% tonight are gonna be talking about what 00:00:20.060 --> 00:00:23.580 align:start position:0% tonight are gonna be talking about what we're<00:00:20.210> building<00:00:20.360> over<00:00:20.930> at<00:00:21.020> one<00:00:21.230> protocol<00:00:21.970> so 00:00:23.580 --> 00:00:23.590 align:start position:0% we're building over at one protocol so 00:00:23.590 --> 00:00:26.710 align:start position:0% we're building over at one protocol so who<00:00:24.590> we<00:00:24.710> are<00:00:24.860> we<00:00:25.790> were<00:00:25.910> both<00:00:26.060> studying<00:00:26.330> at 00:00:26.710 --> 00:00:26.720 align:start position:0% who we are we were both studying at 00:00:26.720 --> 00:00:29.560 align:start position:0% who we are we were both studying at Stanford<00:00:27.290> University<00:00:28.150> Computer<00:00:29.150> Science<00:00:29.450> and 00:00:29.560 --> 00:00:29.570 align:start position:0% Stanford University Computer Science and 00:00:29.570 --> 00:00:31.720 align:start position:0% Stanford University Computer Science and Mathematics<00:00:29.660> respectively<00:00:30.650> and<00:00:30.830> chose<00:00:31.460> to<00:00:31.610> do 00:00:31.720 --> 00:00:31.730 align:start position:0% Mathematics respectively and chose to do 00:00:31.730 --> 00:00:33.640 align:start position:0% Mathematics respectively and chose to do a<00:00:31.760> theory<00:00:32.180> on<00:00:32.210> protocol<00:00:32.719> development<00:00:33.110> full 00:00:33.640 --> 00:00:33.650 align:start position:0% a theory on protocol development full 00:00:33.650 --> 00:00:36.130 align:start position:0% a theory on protocol development full time<00:00:34.090> in<00:00:35.090> the<00:00:35.180> beginning<00:00:35.300> of<00:00:35.570> this<00:00:35.690> year<00:00:35.960> and 00:00:36.130 --> 00:00:36.140 align:start position:0% time in the beginning of this year and 00:00:36.140 --> 00:00:39.010 align:start position:0% time in the beginning of this year and that<00:00:36.290> is<00:00:36.380> not<00:00:36.530> a<00:00:36.560> decision<00:00:36.920> that<00:00:37.250> I<00:00:37.370> regret<00:00:38.020> so 00:00:39.010 --> 00:00:39.020 align:start position:0% that is not a decision that I regret so 00:00:39.020 --> 00:00:40.750 align:start position:0% that is not a decision that I regret so for<00:00:39.710> those<00:00:39.800> of<00:00:40.010> you<00:00:40.130> who<00:00:40.220> haven't<00:00:40.400> heard<00:00:40.640> about 00:00:40.750 --> 00:00:40.760 align:start position:0% for those of you who haven't heard about 00:00:40.760 --> 00:00:42.970 align:start position:0% for those of you who haven't heard about one<00:00:41.180> protocol<00:00:41.660> or<00:00:41.930> haven't<00:00:42.560> heard<00:00:42.710> about<00:00:42.860> the 00:00:42.970 --> 00:00:42.980 align:start position:0% one protocol or haven't heard about the 00:00:42.980 --> 00:00:45.520 align:start position:0% one protocol or haven't heard about the concepts<00:00:43.430> of<00:00:43.610> virtual<00:00:43.940> workers<00:00:44.270> the<00:00:44.900> short 00:00:45.520 --> 00:00:45.530 align:start position:0% concepts of virtual workers the short 00:00:45.530 --> 00:00:47.560 align:start position:0% concepts of virtual workers the short version<00:00:45.800> of<00:00:46.220> this<00:00:46.399> speech<00:00:46.550> is<00:00:46.970> essentially 00:00:47.560 --> 00:00:47.570 align:start position:0% version of this speech is essentially 00:00:47.570 --> 00:00:50.470 align:start position:0% version of this speech is essentially that<00:00:47.750> instead<00:00:48.620> of<00:00:48.710> signing<00:00:49.270> machines<00:00:50.270> up 00:00:50.470 --> 00:00:50.480 align:start position:0% that instead of signing machines up 00:00:50.480 --> 00:00:53.170 align:start position:0% that instead of signing machines up directly<00:00:51.020> as<00:00:51.260> validators<00:00:52.010> in<00:00:52.220> Casper<00:00:52.730> or<00:00:53.000> as 00:00:53.170 --> 00:00:53.180 align:start position:0% directly as validators in Casper or as 00:00:53.180 --> 00:00:55.479 align:start position:0% directly as validators in Casper or as solvers<00:00:53.750> in<00:00:53.780> Troubadour<00:00:54.590> more<00:00:54.770> generally<00:00:55.280> as 00:00:55.479 --> 00:00:55.489 align:start position:0% solvers in Troubadour more generally as 00:00:55.489 --> 00:00:57.970 align:start position:0% solvers in Troubadour more generally as workers<00:00:56.090> in<00:00:56.270> staking<00:00:56.870> protocols<00:00:57.320> we<00:00:57.800> can 00:00:57.970 --> 00:00:57.980 align:start position:0% workers in staking protocols we can 00:00:57.980 --> 00:01:00.310 align:start position:0% workers in staking protocols we can actually<00:00:58.160> sign<00:00:58.700> up<00:00:58.730> smart<00:00:59.540> contracts<00:01:00.200> as 00:01:00.310 --> 00:01:00.320 align:start position:0% actually sign up smart contracts as 00:01:00.320 --> 00:01:02.620 align:start position:0% actually sign up smart contracts as these<00:01:00.649> workers<00:01:01.100> in<00:01:01.340> these<00:01:01.790> staking<00:01:02.180> protocols 00:01:02.620 --> 00:01:02.630 align:start position:0% these workers in these staking protocols 00:01:02.630 --> 00:01:04.450 align:start position:0% these workers in these staking protocols and<00:01:02.870> in<00:01:03.110> doing<00:01:03.410> so<00:01:03.590> we<00:01:03.770> can<00:01:03.800> actually<00:01:04.040> solve 00:01:04.450 --> 00:01:04.460 align:start position:0% and in doing so we can actually solve 00:01:04.460 --> 00:01:06.820 align:start position:0% and in doing so we can actually solve some<00:01:04.670> fundamental<00:01:05.479> problems<00:01:05.960> inherent<00:01:06.200> in 00:01:06.820 --> 00:01:06.830 align:start position:0% some fundamental problems inherent in 00:01:06.830 --> 00:01:08.649 align:start position:0% some fundamental problems inherent in all<00:01:06.979> staking<00:01:07.400> protocols<00:01:07.880> and<00:01:08.240> we<00:01:08.390> can<00:01:08.510> also 00:01:08.649 --> 00:01:08.659 align:start position:0% all staking protocols and we can also 00:01:08.659 --> 00:01:10.950 align:start position:0% all staking protocols and we can also introduce<00:01:08.870> some<00:01:09.290> new<00:01:09.590> exciting<00:01:09.920> properties 00:01:10.950 --> 00:01:10.960 align:start position:0% introduce some new exciting properties 00:01:10.960 --> 00:01:13.990 align:start position:0% introduce some new exciting properties so<00:01:11.960> to<00:01:12.409> get<00:01:12.530> to<00:01:12.590> that<00:01:12.799> we're<00:01:13.400> gonna<00:01:13.520> start<00:01:13.880> by 00:01:13.990 --> 00:01:14.000 align:start position:0% so to get to that we're gonna start by 00:01:14.000 --> 00:01:16.030 align:start position:0% so to get to that we're gonna start by introducing<00:01:14.330> a<00:01:14.780> useful<00:01:15.229> model<00:01:15.409> that<00:01:15.830> we<00:01:15.890> can 00:01:16.030 --> 00:01:16.040 align:start position:0% introducing a useful model that we can 00:01:16.040 --> 00:01:17.680 align:start position:0% introducing a useful model that we can use<00:01:16.250> to<00:01:16.430> think<00:01:16.640> about<00:01:16.880> protocols<00:01:17.479> like 00:01:17.680 --> 00:01:17.690 align:start position:0% use to think about protocols like 00:01:17.690 --> 00:01:19.750 align:start position:0% use to think about protocols like aetherium<00:01:18.229> true--but<00:01:18.740> and<00:01:18.979> foul<00:01:19.250> coin<00:01:19.520> and 00:01:19.750 --> 00:01:19.760 align:start position:0% aetherium true--but and foul coin and 00:01:19.760 --> 00:01:21.310 align:start position:0% aetherium true--but and foul coin and then<00:01:20.150> we're<00:01:20.299> gonna<00:01:20.420> explore<00:01:20.780> different<00:01:20.990> ways 00:01:21.310 --> 00:01:21.320 align:start position:0% then we're gonna explore different ways 00:01:21.320 --> 00:01:23.140 align:start position:0% then we're gonna explore different ways that<00:01:21.590> we<00:01:21.710> can<00:01:21.830> ensure<00:01:22.010> correctness<00:01:22.700> in<00:01:23.000> these 00:01:23.140 --> 00:01:23.150 align:start position:0% that we can ensure correctness in these 00:01:23.150 --> 00:01:25.480 align:start position:0% that we can ensure correctness in these protocols<00:01:23.540> and<00:01:23.990> what<00:01:24.650> we're<00:01:24.770> gonna<00:01:24.830> find<00:01:25.130> is 00:01:25.480 --> 00:01:25.490 align:start position:0% protocols and what we're gonna find is 00:01:25.490 --> 00:01:27.760 align:start position:0% protocols and what we're gonna find is that<00:01:25.549> using<00:01:25.970> staking<00:01:26.630> in<00:01:27.080> the<00:01:27.229> general<00:01:27.560> sense 00:01:27.760 --> 00:01:27.770 align:start position:0% that using staking in the general sense 00:01:27.770 --> 00:01:30.039 align:start position:0% that using staking in the general sense is<00:01:27.979> a<00:01:28.010> very<00:01:28.220> cheap<00:01:28.580> way<00:01:28.790> of<00:01:29.060> ensuring 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we're<00:01:37.670> going<00:01:37.760> to<00:01:37.850> introduce<00:01:38.090> that<00:01:38.450> and<00:01:38.750> then 00:01:39.100 --> 00:01:39.110 align:start position:0% we're going to introduce that and then 00:01:39.110 --> 00:01:40.810 align:start position:0% we're going to introduce that and then zach<00:01:39.380> is<00:01:39.560> going<00:01:39.710> to<00:01:39.770> introduce<00:01:39.979> our<00:01:40.369> solution 00:01:40.810 --> 00:01:40.820 align:start position:0% zach is going to introduce our solution 00:01:40.820 --> 00:01:43.050 align:start position:0% zach is going to introduce our solution which<00:01:41.119> are<00:01:41.270> of<00:01:41.330> course<00:01:41.510> virtual<00:01:42.320> workers 00:01:43.050 --> 00:01:43.060 align:start position:0% which are of course virtual workers 00:01:43.060 --> 00:01:46.200 align:start position:0% which are of course virtual workers we're<00:01:44.060> gonna<00:01:44.150> give<00:01:44.360> you<00:01:44.390> a<00:01:44.509> sneak<00:01:44.600> peek<00:01:45.140> for 00:01:46.200 --> 00:01:46.210 align:start position:0% we're gonna give you a sneak peek for 00:01:46.210 --> 00:01:48.910 align:start position:0% we're gonna give you a sneak peek for what<00:01:47.210> virtual<00:01:47.600> workers<00:01:47.810> may<00:01:48.259> look<00:01:48.470> like<00:01:48.680> on 00:01:48.910 --> 00:01:48.920 align:start position:0% what virtual workers may look like on 00:01:48.920 --> 00:01:52.060 align:start position:0% what virtual workers may look like on protocols<00:01:49.520> like<00:01:49.850> Casper<00:01:50.409> true<00:01:51.409> bit<00:01:51.619> and<00:01:51.830> even 00:01:52.060 --> 00:01:52.070 align:start position:0% protocols like Casper true bit and even 00:01:52.070 --> 00:01:54.370 align:start position:0% protocols like Casper true bit and even Radin<00:01:52.490> and<00:01:52.729> then<00:01:53.210> we're<00:01:53.540> gonna<00:01:53.630> finish<00:01:53.869> off<00:01:54.140> by 00:01:54.370 --> 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to begin we think 00:02:00.920 --> 00:02:02.800 align:start position:0% working towards so to begin we think they<00:02:01.070> had<00:02:01.159> a<00:02:01.340> nice<00:02:01.700> and<00:02:01.909> easy<00:02:02.090> way<00:02:02.390> to<00:02:02.450> think 00:02:02.800 --> 00:02:02.810 align:start position:0% they had a nice and easy way to think 00:02:02.810 --> 00:02:04.870 align:start position:0% they had a nice and easy way to think about<00:02:02.960> protocols<00:02:03.710> like<00:02:04.009> like<00:02:04.340> if<00:02:04.460> your<00:02:04.670> iam 00:02:04.870 --> 00:02:04.880 align:start position:0% about protocols like like if your iam 00:02:04.880 --> 00:02:07.030 align:start position:0% about protocols like like if your iam and<00:02:05.090> and<00:02:05.420> true<00:02:05.780> bit<00:02:05.960> it's<00:02:06.380> simply<00:02:06.680> that<00:02:06.710> they 00:02:07.030 --> 00:02:07.040 align:start position:0% and and true bit it's simply that they 00:02:07.040 --> 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set<00:02:12.890> of<00:02:12.920> buyers<00:02:13.160> and<00:02:13.700> with<00:02:13.880> the<00:02:13.970> buyers<00:02:14.150> do<00:02:14.480> is 00:02:14.620 --> 00:02:14.630 align:start position:0% set of buyers and with the buyers do is 00:02:14.630 --> 00:02:15.580 align:start position:0% set of buyers and with the buyers do is that<00:02:14.810> they<00:02:14.900> form<00:02:15.170> Jah 00:02:15.580 --> 00:02:15.590 align:start position:0% that they form Jah 00:02:15.590 --> 00:02:17.290 align:start position:0% that they form Jah along<00:02:16.069> with<00:02:16.190> payments<00:02:16.640> and<00:02:16.819> they<00:02:16.879> send<00:02:17.150> them 00:02:17.290 --> 00:02:17.300 align:start position:0% along with payments and they send them 00:02:17.300 --> 00:02:19.509 align:start position:0% along with payments and they send them to<00:02:17.330> the<00:02:17.599> sellers<00:02:17.930> and<00:02:18.470> what<00:02:19.010> the<00:02:19.129> sellers<00:02:19.400> are 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position:0% model best is true--but where of course 00:02:26.450 --> 00:02:28.750 align:start position:0% model best is true--but where of course you<00:02:26.810> have<00:02:26.989> a<00:02:27.230> set<00:02:27.470> of<00:02:27.560> task<00:02:27.800> givers<00:02:28.220> which<00:02:28.580> are 00:02:28.750 --> 00:02:28.760 align:start position:0% you have a set of task givers which are 00:02:28.760 --> 00:02:30.790 align:start position:0% you have a set of task givers which are either<00:02:28.910> you<00:02:29.209> know<00:02:29.330> it<00:02:29.660> curiam<00:02:30.110> accounts<00:02:30.620> or 00:02:30.790 --> 00:02:30.800 align:start position:0% either you know it curiam accounts or 00:02:30.800 --> 00:02:32.920 align:start position:0% either you know it curiam accounts or smart<00:02:31.220> contracts<00:02:31.700> themselves<00:02:31.879> that<00:02:32.599> want<00:02:32.810> to 00:02:32.920 --> 00:02:32.930 align:start position:0% smart contracts themselves that want to 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position:0% called tasks in in the true--but system along<00:02:39.530> with<00:02:39.560> payments<00:02:40.099> and<00:02:40.250> they<00:02:40.610> send<00:02:40.879> those 00:02:41.050 --> 00:02:41.060 align:start position:0% along with payments and they send those 00:02:41.060 --> 00:02:43.240 align:start position:0% along with payments and they send those two<00:02:41.450> to<00:02:41.780> the<00:02:41.870> solvers<00:02:42.230> on<00:02:42.349> the<00:02:42.470> other<00:02:42.590> side<00:02:42.799> but 00:02:43.240 --> 00:02:43.250 align:start position:0% two to the solvers on the other side but 00:02:43.250 --> 00:02:45.759 align:start position:0% two to the solvers on the other side but of<00:02:43.370> course<00:02:43.610> execute<00:02:44.090> the<00:02:44.209> programs<00:02:44.599> so<00:02:44.840> we<00:02:45.620> can 00:02:45.759 --> 00:02:45.769 align:start position:0% of course execute the programs so we can 00:02:45.769 --> 00:02:47.620 align:start position:0% of course execute the programs so we can imagine<00:02:45.950> that<00:02:46.129> the<00:02:46.310> service<00:02:46.790> being<00:02:47.060> mediated 00:02:47.620 --> 00:02:47.630 align:start position:0% imagine that the service being mediated 00:02:47.630 --> 00:02:50.380 align:start position:0% imagine that the service being mediated across<00:02:48.250> true--but<00:02:49.250> the<00:02:49.430> market<00:02:49.760> protocol<00:02:50.209> is 00:02:50.380 --> 00:02:50.390 align:start position:0% across true--but the market protocol is 00:02:50.390 --> 00:02:52.210 align:start position:0% across true--but the market protocol is quite<00:02:50.690> literally<00:02:51.019> off<00:02:51.319> tuning<00:02:51.680> computation 00:02:52.210 --> 00:02:52.220 align:start position:0% quite literally off tuning computation 00:02:52.220 --> 00:02:54.819 align:start position:0% quite literally off tuning computation like<00:02:52.370> we<00:02:52.519> would<00:02:52.670> expect<00:02:53.030> but<00:02:53.930> this<00:02:54.170> this<00:02:54.620> model 00:02:54.819 --> 00:02:54.829 align:start position:0% like we would expect but this this model 00:02:54.829 --> 00:02:57.759 align:start position:0% like we would expect but this this model extends<00:02:55.730> to<00:02:55.970> etherium<00:02:56.480> itself<00:02:56.840> so<00:02:57.500> in 00:02:57.759 --> 00:02:57.769 align:start position:0% extends to etherium itself so in 00:02:57.769 --> 00:02:59.920 align:start position:0% extends to etherium itself so in etherium<00:02:58.220> we<00:02:59.000> can<00:02:59.120> imagine<00:02:59.299> that<00:02:59.480> the<00:02:59.690> buyers 00:02:59.920 --> 00:02:59.930 align:start position:0% etherium we can imagine that the buyers 00:02:59.930 --> 00:03:02.229 align:start position:0% etherium we can imagine that the buyers of<00:03:00.079> the<00:03:00.319> service<00:03:00.680> for<00:03:00.709> all<00:03:00.980> the<00:03:01.010> people<00:03:01.489> that 00:03:02.229 --> 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aetherium<00:03:08.150> transactions<00:03:08.720> that<00:03:08.840> they 00:03:08.949 --> 00:03:08.959 align:start position:0% aetherium transactions that they 00:03:08.959 --> 00:03:10.839 align:start position:0% aetherium transactions that they broadcast<00:03:09.470> across<00:03:09.680> the<00:03:09.920> network<00:03:10.250> and<00:03:10.519> then 00:03:10.839 --> 00:03:10.849 align:start position:0% broadcast across the network and then 00:03:10.849 --> 00:03:12.190 align:start position:0% broadcast across the network and then the<00:03:10.940> miners<00:03:11.239> are<00:03:11.420> of<00:03:11.480> course<00:03:11.629> the<00:03:11.870> machines 00:03:12.190 --> 00:03:12.200 align:start position:0% the miners are of course the machines 00:03:12.200 --> 00:03:13.869 align:start position:0% the miners are of course the machines that<00:03:12.319> plug<00:03:12.590> in<00:03:12.739> on<00:03:12.829> the<00:03:12.950> selling<00:03:13.220> side<00:03:13.400> to 00:03:13.869 --> 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quite<00:03:19.700> literally<00:03:20.180> having<00:03:20.510> your 00:03:20.620 --> 00:03:20.630 align:start position:0% well it's quite literally having your 00:03:20.630 --> 00:03:22.539 align:start position:0% well it's quite literally having your transaction<00:03:21.230> included<00:03:21.829> in<00:03:22.069> the<00:03:22.190> etherium 00:03:22.539 --> 00:03:22.549 align:start position:0% transaction included in the etherium 00:03:22.549 --> 00:03:25.150 align:start position:0% transaction included in the etherium state<00:03:22.760> okay<00:03:23.600> simple<00:03:23.959> enough<00:03:24.079> there<00:03:25.040> is 00:03:25.150 --> 00:03:25.160 align:start position:0% state okay simple enough there is 00:03:25.160 --> 00:03:26.650 align:start position:0% state okay simple enough there is however<00:03:25.370> a<00:03:25.579> fundamental<00:03:26.180> difference<00:03:26.540> between 00:03:26.650 --> 00:03:26.660 align:start position:0% however a fundamental difference between 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align:start position:0% this is of course that they're both open and<00:03:33.440> anonymous<00:03:33.950> and<00:03:34.130> what<00:03:34.609> we<00:03:34.700> mean<00:03:34.849> by<00:03:34.910> this 00:03:35.080 --> 00:03:35.090 align:start position:0% and anonymous and what we mean by this 00:03:35.090 --> 00:03:38.440 align:start position:0% and anonymous and what we mean by this is<00:03:35.450> that<00:03:35.720> anyone<00:03:36.530> should<00:03:37.130> be<00:03:37.670> able<00:03:37.760> to<00:03:38.060> plug<00:03:38.269> in 00:03:38.440 --> 00:03:38.450 align:start position:0% is that anyone should be able to plug in 00:03:38.450 --> 00:03:40.509 align:start position:0% is that anyone should be able to plug in as<00:03:38.630> the<00:03:39.049> seller<00:03:39.500> in<00:03:39.799> one<00:03:39.980> of<00:03:40.069> these<00:03:40.190> protocols 00:03:40.509 --> 00:03:40.519 align:start position:0% as the seller in one of these protocols 00:03:40.519 --> 00:03:42.460 align:start position:0% as the seller in one of these protocols and<00:03:40.880> when<00:03:41.000> they<00:03:41.120> do<00:03:41.180> we<00:03:41.810> don't<00:03:42.019> know<00:03:42.170> who<00:03:42.319> they 00:03:42.460 --> 00:03:42.470 align:start position:0% and when they do we don't know who they 00:03:42.470 --> 00:03:45.370 align:start position:0% and when they do we don't know who they are<00:03:42.620> simultaneously<00:03:43.299> the<00:03:44.299> users<00:03:44.690> expect<00:03:45.230> the 00:03:45.370 --> 00:03:45.380 align:start position:0% are simultaneously the users expect the 00:03:45.380 --> 00:03:47.860 align:start position:0% are simultaneously the users expect the protocol<00:03:45.859> to<00:03:46.099> reliably<00:03:46.609> deliver<00:03:47.299> the<00:03:47.480> service 00:03:47.860 --> 00:03:47.870 align:start position:0% protocol to reliably deliver the service 00:03:47.870 --> 00:03:50.229 align:start position:0% protocol to reliably deliver the service and<00:03:48.109> the<00:03:48.919> users<00:03:49.250> really<00:03:49.700> don't<00:03:49.910> want<00:03:50.060> to<00:03:50.120> have 00:03:50.229 --> 00:03:50.239 align:start position:0% and the users really don't want to have 00:03:50.239 --> 00:03:51.849 align:start position:0% and the users really don't want to have to<00:03:50.329> care<00:03:50.599> about<00:03:50.630> who<00:03:51.019> they<00:03:51.169> actually<00:03:51.290> got<00:03:51.650> much 00:03:51.849 --> 00:03:51.859 align:start position:0% to care about who they actually got much 00:03:51.859 --> 00:03:53.500 align:start position:0% to care about who they actually got much get<00:03:52.370> matched<00:03:52.579> up<00:03:52.760> with<00:03:52.940> on<00:03:53.060> the<00:03:53.150> other<00:03:53.269> side 00:03:53.500 --> 00:03:53.510 align:start position:0% get matched up with on the other side 00:03:53.510 --> 00:03:55.300 align:start position:0% get matched up with on the other side and<00:03:53.810> if<00:03:54.290> we<00:03:54.349> think<00:03:54.560> about<00:03:54.680> it<00:03:54.829> this<00:03:55.040> is<00:03:55.190> of 00:03:55.300 --> 00:03:55.310 align:start position:0% and if we think about it this is of 00:03:55.310 --> 00:03:56.559 align:start position:0% and if we think about it this is of course<00:03:55.459> the<00:03:55.700> expected<00:03:56.120> behavior<00:03:56.480> in 00:03:56.559 --> 00:03:56.569 align:start position:0% course the expected behavior in 00:03:56.569 --> 00:03:58.809 align:start position:0% course the expected behavior in aetherium<00:03:57.019> one<00:03:57.530> anyone<00:03:58.069> can<00:03:58.220> join<00:03:58.370> as<00:03:58.549> a<00:03:58.579> miner 00:03:58.809 --> 00:03:58.819 align:start position:0% aetherium one anyone can join as a miner 00:03:58.819 --> 00:04:01.420 align:start position:0% aetherium one anyone can join as a miner and<00:03:59.090> two<00:03:59.780> when<00:04:00.349> you<00:04:00.440> as<00:04:00.590> a<00:04:00.620> user<00:04:00.889> sign<00:04:01.069> your 00:04:01.420 --> 00:04:01.430 align:start position:0% and two when you as a user sign your 00:04:01.430 --> 00:04:02.890 align:start position:0% and two when you as a user sign your theorem<00:04:01.760> transactions<00:04:02.359> and<00:04:02.540> send<00:04:02.720> them<00:04:02.810> away 00:04:02.890 --> 00:04:02.900 align:start position:0% theorem transactions and send them away 00:04:02.900 --> 00:04:04.900 align:start position:0% theorem transactions and send them away you<00:04:03.440> never<00:04:03.620> actually<00:04:03.829> want<00:04:04.160> to<00:04:04.220> have<00:04:04.370> to<00:04:04.549> you 00:04:04.900 --> 00:04:04.910 align:start position:0% you never actually want to have to you 00:04:04.910 --> 00:04:06.339 align:start position:0% you never actually want to have to you never<00:04:05.090> want<00:04:05.329> to<00:04:05.359> have<00:04:05.480> to<00:04:05.540> worry<00:04:05.810> about<00:04:05.989> which 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seller<00:04:20.030> to<00:04:20.120> provide<00:04:20.690> some<00:04:20.870> service<00:04:21.229> there's 00:04:21.789 --> 00:04:21.799 align:start position:0% seller to provide some service there's 00:04:21.799 --> 00:04:24.040 align:start position:0% seller to provide some service there's essentially<00:04:22.190> two<00:04:22.370> categories<00:04:23.330> of<00:04:23.360> strategies 00:04:24.040 --> 00:04:24.050 align:start position:0% essentially two categories of strategies 00:04:24.050 --> 00:04:25.690 align:start position:0% essentially two categories of strategies that<00:04:24.260> they<00:04:24.349> can<00:04:24.380> employ<00:04:24.710> and<00:04:25.099> the<00:04:25.520> first 00:04:25.690 --> 00:04:25.700 align:start position:0% that they can employ and the first 00:04:25.700 --> 00:04:28.390 align:start position:0% that they can employ and the first category<00:04:26.030> is<00:04:26.390> the<00:04:26.710> first<00:04:27.710> strategy<00:04:28.159> is<00:04:28.280> the 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according<00:04:33.949> to<00:04:34.190> the<00:04:34.280> protocol<00:04:34.669> this 00:04:34.870 --> 00:04:34.880 align:start position:0% performs according to the protocol this 00:04:34.880 --> 00:04:36.219 align:start position:0% performs according to the protocol this would<00:04:35.060> be<00:04:35.180> analogous<00:04:35.509> to<00:04:35.660> running<00:04:36.020> the 00:04:36.219 --> 00:04:36.229 align:start position:0% would be analogous to running the 00:04:36.229 --> 00:04:38.170 align:start position:0% would be analogous to running the standard<00:04:37.009> implementation<00:04:37.699> of<00:04:37.789> some<00:04:37.910> mining 00:04:38.170 --> 00:04:38.180 align:start position:0% standard implementation of some mining 00:04:38.180 --> 00:04:40.540 align:start position:0% standard implementation of some mining software<00:04:38.569> and<00:04:38.810> then<00:04:39.380> the<00:04:39.470> second<00:04:39.860> strategy 00:04:40.540 --> 00:04:40.550 align:start position:0% software and then the second strategy 00:04:40.550 --> 00:04:42.820 align:start position:0% software and then the second strategy isn't<00:04:41.180> is<00:04:41.360> the<00:04:41.599> incorrect<00:04:41.900> strategy<00:04:42.470> which<00:04:42.680> is 00:04:42.820 --> 00:04:42.830 align:start position:0% isn't is the incorrect strategy which is 00:04:42.830 --> 00:04:44.890 align:start position:0% isn't is the incorrect strategy which is any<00:04:43.069> other<00:04:43.280> one<00:04:43.550> so<00:04:44.180> this<00:04:44.330> could<00:04:44.509> be<00:04:44.660> either 00:04:44.890 --> 00:04:44.900 align:start position:0% any other one so this could be either 00:04:44.900 --> 00:04:48.400 align:start position:0% any other one so this could be either that<00:04:45.349> the<00:04:45.590> the<00:04:46.009> miner<00:04:46.990> accidentally<00:04:47.990> faults 00:04:48.400 --> 00:04:48.410 align:start position:0% that the the miner accidentally faults 00:04:48.410 --> 00:04:49.990 align:start position:0% that the the miner accidentally faults meaning<00:04:48.800> that<00:04:48.889> the<00:04:49.160> software<00:04:49.460> breaks<00:04:49.669> down 00:04:49.990 --> 00:04:50.000 align:start position:0% meaning that the software breaks down 00:04:50.000 --> 00:04:52.120 align:start position:0% meaning that the software breaks down mid<00:04:50.389> execution<00:04:50.990> or<00:04:51.139> that<00:04:51.560> he<00:04:51.710> deliberately 00:04:52.120 --> 00:04:52.130 align:start position:0% mid execution or that he deliberately 00:04:52.130 --> 00:04:53.499 align:start position:0% mid execution or that he deliberately does<00:04:52.520> something<00:04:52.819> that<00:04:52.970> he<00:04:53.030> shouldn't<00:04:53.300> do 00:04:53.499 --> 00:04:53.509 align:start position:0% does something that he shouldn't do 00:04:53.509 --> 00:04:56.740 align:start position:0% does something that he shouldn't do think<00:04:54.050> selfish<00:04:54.500> mining<00:04:54.830> attacks<00:04:55.099> and<00:04:55.750> there 00:04:56.740 --> 00:04:56.750 align:start position:0% think selfish mining attacks and there 00:04:56.750 --> 00:04:58.659 align:start position:0% think selfish mining attacks and there of<00:04:56.840> course<00:04:56.870> expected<00:04:57.620> returns<00:04:58.009> to<00:04:58.250> both<00:04:58.400> these 00:04:58.659 --> 00:04:58.669 align:start position:0% of course expected returns to both these 00:04:58.669 --> 00:05:01.420 align:start position:0% of course expected returns to both these strategies<00:04:59.060> and<00:04:59.389> using<00:05:00.199> this<00:05:00.319> notation<00:05:00.530> we 00:05:01.420 --> 00:05:01.430 align:start position:0% strategies and using this notation we 00:05:01.430 --> 00:05:03.070 align:start position:0% strategies and using this notation we can<00:05:01.550> ask<00:05:01.759> well<00:05:02.150> what's<00:05:02.360> the<00:05:02.479> cost<00:05:02.780> of 00:05:03.070 --> 00:05:03.080 align:start position:0% can ask well what's the cost of 00:05:03.080 --> 00:05:05.140 align:start position:0% can ask well what's the cost of incorrectness<00:05:03.650> to<00:05:04.099> the<00:05:04.250> miner<00:05:04.460> that<00:05:04.759> chooses 00:05:05.140 --> 00:05:05.150 align:start position:0% incorrectness to the miner that chooses 00:05:05.150 --> 00:05:07.629 align:start position:0% incorrectness to the miner that chooses to<00:05:05.210> cheat<00:05:05.590> well<00:05:06.590> the<00:05:06.830> cost<00:05:07.070> of<00:05:07.220> incorrectness 00:05:07.629 --> 00:05:07.639 align:start position:0% to cheat well the cost of incorrectness 00:05:07.639 --> 00:05:09.490 align:start position:0% to cheat well the cost of incorrectness is<00:05:07.820> of<00:05:07.940> course<00:05:08.180> going<00:05:08.360> to<00:05:08.419> be<00:05:08.479> the<00:05:08.870> opportunity 00:05:09.490 --> 00:05:09.500 align:start position:0% is of course going to be the opportunity 00:05:09.500 --> 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from the cost<00:05:16.370> of<00:05:16.550> incorrectness<00:05:16.970> we're<00:05:17.210> gonna 00:05:17.290 --> 00:05:17.300 align:start position:0% cost of incorrectness we're gonna 00:05:17.300 --> 00:05:20.469 align:start position:0% cost of incorrectness we're gonna subtract<00:05:17.930> what<00:05:18.169> he<00:05:18.229> actually<00:05:18.380> does<00:05:18.770> make<00:05:19.479> when 00:05:20.469 --> 00:05:20.479 align:start position:0% subtract what he actually does make when 00:05:20.479 --> 00:05:23.020 align:start position:0% subtract what he actually does make when when<00:05:20.720> he<00:05:20.810> chooses<00:05:21.020> an<00:05:21.289> incorrect<00:05:21.830> strategy<00:05:22.310> so 00:05:23.020 --> 00:05:23.030 align:start position:0% when he chooses an incorrect strategy so 00:05:23.030 --> 00:05:25.149 align:start position:0% when he chooses an incorrect strategy so in<00:05:23.330> order<00:05:23.479> to<00:05:23.599> ensure<00:05:23.960> correctness<00:05:24.409> all<00:05:24.800> that 00:05:25.149 --> 00:05:25.159 align:start position:0% in order to ensure correctness all that 00:05:25.159 --> 00:05:26.890 align:start position:0% in order to ensure correctness all that we're<00:05:25.280> really<00:05:25.490> trying<00:05:25.789> to<00:05:25.970> do<00:05:26.090> is<00:05:26.300> just<00:05:26.690> trying 00:05:26.890 --> 00:05:26.900 align:start position:0% we're really trying to do is just trying 00:05:26.900 --> 00:05:28.629 align:start position:0% we're really trying to do is just trying to<00:05:26.930> maximize<00:05:27.199> this<00:05:27.680> difference<00:05:28.130> so<00:05:28.460> how<00:05:28.580> can 00:05:28.629 --> 00:05:28.639 align:start position:0% to maximize this difference so how can 00:05:28.639 --> 00:05:30.670 align:start position:0% to maximize this difference so how can we<00:05:28.849> do<00:05:28.970> that<00:05:29.120> well<00:05:29.720> there's<00:05:30.139> really<00:05:30.349> only<00:05:30.440> two 00:05:30.670 --> 00:05:30.680 align:start position:0% we do that well there's really only two 00:05:30.680 --> 00:05:33.399 align:start position:0% we do that well there's really only two options<00:05:30.919> so<00:05:31.849> we<00:05:31.880> can<00:05:32.120> start<00:05:32.389> with<00:05:32.599> trying<00:05:33.320> to 00:05:33.399 --> 00:05:33.409 align:start position:0% options so we can start with trying to 00:05:33.409 --> 00:05:35.260 align:start position:0% options so we can start with trying to maximize<00:05:33.889> the<00:05:34.220> opportunity<00:05:34.880> cost<00:05:35.090> of 00:05:35.260 --> 00:05:35.270 align:start position:0% maximize the opportunity cost of 00:05:35.270 --> 00:05:37.629 align:start position:0% maximize the opportunity cost of correctness<00:05:35.659> the<00:05:36.099> problem<00:05:37.099> with<00:05:37.250> this<00:05:37.400> is 00:05:37.629 --> 00:05:37.639 align:start position:0% correctness the problem with this is 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this<00:05:44.330> is<00:05:44.509> analogous<00:05:44.900> to<00:05:45.050> block<00:05:45.590> rewards<00:05:46.070> and 00:05:46.240 --> 00:05:46.250 align:start position:0% this is analogous to block rewards and 00:05:46.250 --> 00:05:48.370 align:start position:0% this is analogous to block rewards and consensus<00:05:46.759> protocols<00:05:47.210> and<00:05:47.479> it<00:05:47.990> might<00:05:48.139> seem 00:05:48.370 --> 00:05:48.380 align:start position:0% consensus protocols and it might seem 00:05:48.380 --> 00:05:49.990 align:start position:0% consensus protocols and it might seem fine<00:05:48.740> because<00:05:49.219> it<00:05:49.370> achieves<00:05:49.669> what<00:05:49.849> we're 00:05:49.990 --> 00:05:50.000 align:start position:0% fine because it achieves what we're 00:05:50.000 --> 00:05:52.810 align:start position:0% fine because it achieves what we're trying<00:05:50.240> to<00:05:50.330> do<00:05:51.159> but<00:05:52.159> in<00:05:52.340> a<00:05:52.430> system<00:05:52.699> like 00:05:52.810 --> 00:05:52.820 align:start position:0% trying to do but in a system like 00:05:52.820 --> 00:05:55.120 align:start position:0% trying to do but in a system like aetherium<00:05:53.300> for<00:05:53.479> example<00:05:53.900> these<00:05:54.289> costs<00:05:54.800> can<00:05:54.979> go 00:05:55.120 --> 00:05:55.130 align:start position:0% aetherium for example these costs can go 00:05:55.130 --> 00:05:58.060 align:start position:0% aetherium for example these costs can go crazy<00:05:55.370> after<00:05:55.789> after<00:05:56.449> a<00:05:56.479> while<00:05:56.630> so<00:05:56.960> with<00:05:57.169> three 00:05:58.060 --> 00:05:58.070 align:start position:0% crazy after after a while so with three 00:05:58.070 --> 00:05:59.499 align:start position:0% crazy after after a while so with three new<00:05:58.190> ethers<00:05:58.520> being<00:05:58.789> issued<00:05:58.880> in<00:05:59.120> every<00:05:59.389> new 00:05:59.499 --> 00:05:59.509 align:start position:0% new ethers being issued in every new 00:05:59.509 --> 00:06:01.990 align:start position:0% new ethers being issued in every new block<00:05:59.750> and<00:06:00.110> one<00:06:00.560> new<00:06:00.680> block<00:06:00.919> every<00:06:01.219> 13<00:06:01.580> seconds 00:06:01.990 --> 00:06:02.000 align:start position:0% block and one new block every 13 seconds 00:06:02.000 --> 00:06:04.089 align:start position:0% block and one new block every 13 seconds all<00:06:02.599> that<00:06:03.080> during<00:06:03.289> users<00:06:03.770> are<00:06:03.949> actually 00:06:04.089 --> 00:06:04.099 align:start position:0% all that during users are actually 00:06:04.099 --> 00:06:06.790 align:start position:0% all that during users are actually cumulatively<00:06:04.759> planned<00:06:05.150> paying<00:06:05.630> about<00:06:05.960> 5.5 00:06:06.790 --> 00:06:06.800 align:start position:0% cumulatively planned paying about 5.5 00:06:06.800 --> 00:06:09.100 align:start position:0% cumulatively planned paying about 5.5 million<00:06:07.159> dollars<00:06:07.490> today<00:06:07.639> to<00:06:08.360> increase<00:06:08.960> the 00:06:09.100 --> 00:06:09.110 align:start position:0% million dollars today to increase the 00:06:09.110 --> 00:06:10.930 align:start position:0% million dollars today to increase the opportunity<00:06:09.710> cost<00:06:09.919> of<00:06:10.130> correctness<00:06:10.610> on<00:06:10.909> a 00:06:10.930 --> 00:06:10.940 align:start position:0% opportunity cost of correctness on a 00:06:10.940 --> 00:06:13.420 align:start position:0% opportunity cost of correctness on a theorem<00:06:11.330> so<00:06:11.900> a<00:06:11.930> fun<00:06:12.229> calculation<00:06:12.830> to<00:06:12.949> do<00:06:13.099> is<00:06:13.310> to 00:06:13.420 --> 00:06:13.430 align:start position:0% theorem so a fun calculation to do is to 00:06:13.430 --> 00:06:14.830 align:start position:0% theorem so a fun calculation to do is to simply<00:06:13.580> take<00:06:13.880> the<00:06:14.000> number<00:06:14.180> of<00:06:14.270> ether<00:06:14.570> that<00:06:14.750> you 00:06:14.830 --> 00:06:14.840 align:start position:0% simply take the number of ether that you 00:06:14.840 --> 00:06:16.990 align:start position:0% simply take the number of ether that you have<00:06:15.020> and<00:06:15.289> divide<00:06:15.530> it<00:06:15.650> by<00:06:15.680> 18<00:06:16.219> and<00:06:16.490> then<00:06:16.849> you'll 00:06:16.990 --> 00:06:17.000 align:start position:0% have and divide it by 18 and then you'll 00:06:17.000 --> 00:06:18.730 align:start position:0% have and divide it by 18 and then you'll find<00:06:17.240> out<00:06:17.389> how<00:06:17.570> much<00:06:17.780> you're<00:06:18.139> paying<00:06:18.409> every 00:06:18.730 --> 00:06:18.740 align:start position:0% find out how much you're paying every 00:06:18.740 --> 00:06:21.040 align:start position:0% find out how much you're paying every day<00:06:18.889> to<00:06:19.490> increase<00:06:19.969> this<00:06:20.090> opportunity<00:06:20.659> cost<00:06:20.840> in 00:06:21.040 --> 00:06:21.050 align:start position:0% day to increase this opportunity cost in 00:06:21.050 --> 00:06:23.620 align:start position:0% day to increase this opportunity cost in dollars<00:06:21.580> but<00:06:22.580> there<00:06:22.729> is<00:06:22.820> of<00:06:22.969> course<00:06:23.000> a<00:06:23.270> second 00:06:23.620 --> 00:06:23.630 align:start position:0% dollars but there is of course a second 00:06:23.630 --> 00:06:25.510 align:start position:0% dollars but there is of course a second thing<00:06:23.750> that<00:06:23.780> we<00:06:24.020> can<00:06:24.139> do<00:06:24.259> and<00:06:25.070> we<00:06:25.250> can<00:06:25.370> try<00:06:25.460> to 00:06:25.510 --> 00:06:25.520 align:start position:0% thing that we can do and we can try to 00:06:25.520 --> 00:06:27.249 align:start position:0% thing that we can do and we can try to minimize<00:06:25.969> the<00:06:26.240> payout<00:06:26.509> of<00:06:26.539> being<00:06:26.780> incorrect 00:06:27.249 --> 00:06:27.259 align:start position:0% minimize the payout of being incorrect 00:06:27.259 --> 00:06:29.830 align:start position:0% minimize the payout of being incorrect and<00:06:27.759> if<00:06:28.759> we're<00:06:29.090> able<00:06:29.150> to<00:06:29.419> implement<00:06:29.599> this 00:06:29.830 --> 00:06:29.840 align:start position:0% and if we're able to implement this 00:06:29.840 --> 00:06:31.899 align:start position:0% and if we're able to implement this correctly<00:06:30.289> what<00:06:30.949> we<00:06:31.070> achieve<00:06:31.460> is<00:06:31.669> that<00:06:31.699> we 00:06:31.899 --> 00:06:31.909 align:start position:0% correctly what we achieve is that we 00:06:31.909 --> 00:06:34.060 align:start position:0% correctly what we achieve is that we increase<00:06:32.389> costs<00:06:32.900> only<00:06:33.289> for<00:06:33.469> the<00:06:33.560> actors<00:06:33.889> that 00:06:34.060 --> 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a part of the requirement to be 00:06:40.159 --> 00:06:42.700 align:start position:0% make it a part of the requirement to be a<00:06:40.190> selling<00:06:40.610> machine<00:06:40.810> to<00:06:41.810> put<00:06:42.560> up 00:06:42.700 --> 00:06:42.710 align:start position:0% a selling machine to put up 00:06:42.710 --> 00:06:44.470 align:start position:0% a selling machine to put up massive<00:06:43.070> security<00:06:43.340> deposit<00:06:44.000> when<00:06:44.120> you<00:06:44.210> join 00:06:44.470 --> 00:06:44.480 align:start position:0% massive security deposit when you join 00:06:44.480 --> 00:06:46.660 align:start position:0% massive security deposit when you join that<00:06:44.750> you'll<00:06:45.080> always<00:06:45.320> lose<00:06:45.650> loose<00:06:46.250> if<00:06:46.490> you 00:06:46.660 --> 00:06:46.670 align:start position:0% that you'll always lose loose if you 00:06:46.670 --> 00:06:47.920 align:start position:0% that you'll always lose loose if you cheat<00:06:46.910> according<00:06:47.330> to<00:06:47.450> the<00:06:47.540> rules<00:06:47.690> of<00:06:47.840> the 00:06:47.920 --> 00:06:47.930 align:start position:0% cheat according to the rules of the 00:06:47.930 --> 00:06:51.340 align:start position:0% cheat according to the rules of the protocol<00:06:49.180> so<00:06:50.180> when<00:06:50.720> implemented<00:06:51.200> correctly 00:06:51.340 --> 00:06:51.350 align:start position:0% protocol so when implemented correctly 00:06:51.350 --> 00:06:54.400 align:start position:0% protocol so when implemented correctly we<00:06:52.250> can<00:06:52.400> actually<00:06:52.580> make<00:06:52.910> this<00:06:53.410> expected 00:06:54.400 --> 00:06:54.410 align:start position:0% we can actually make this expected 00:06:54.410 --> 00:06:56.710 align:start position:0% we can actually make this expected return<00:06:54.680> something<00:06:54.920> correctness<00:06:55.720> negative 00:06:56.710 --> 00:06:56.720 align:start position:0% return something correctness negative 00:06:56.720 --> 00:06:58.450 align:start position:0% return something correctness negative which<00:06:57.140> of<00:06:57.290> course<00:06:57.320> is<00:06:57.620> going<00:06:57.800> to<00:06:57.860> maximize<00:06:58.010> the 00:06:58.450 --> 00:06:58.460 align:start position:0% which of course is going to maximize the 00:06:58.460 --> 00:07:00.070 align:start position:0% which of course is going to maximize the cost<00:06:58.670> of<00:06:58.820> an<00:06:58.910> correctness<00:06:59.240> and<00:06:59.540> the<00:06:59.810> idea 00:07:00.070 --> 00:07:00.080 align:start position:0% cost of an correctness and the idea 00:07:00.080 --> 00:07:02.320 align:start position:0% cost of an correctness and the idea there<00:07:00.350> is<00:07:00.380> that<00:07:00.530> for<00:07:00.920> any<00:07:01.160> incorrect<00:07:01.640> strategy 00:07:02.320 --> 00:07:02.330 align:start position:0% there is that for any incorrect strategy 00:07:02.330 --> 00:07:04.540 align:start position:0% there is that for any incorrect strategy that<00:07:02.870> a<00:07:02.900> malicious<00:07:03.320> miner<00:07:03.560> can<00:07:03.980> confined 00:07:04.540 --> 00:07:04.550 align:start position:0% that a malicious miner can confined 00:07:04.550 --> 00:07:06.340 align:start position:0% that a malicious miner can confined either<00:07:04.820> accidentally<00:07:05.420> or<00:07:05.450> deliberately<00:07:05.870> he's 00:07:06.340 --> 00:07:06.350 align:start position:0% either accidentally or deliberately he's 00:07:06.350 --> 00:07:08.410 align:start position:0% either accidentally or deliberately he's always<00:07:06.650> going<00:07:06.890> to<00:07:06.950> lose<00:07:07.160> money<00:07:07.850> if<00:07:08.090> he<00:07:08.120> chooses 00:07:08.410 --> 00:07:08.420 align:start position:0% always going to lose money if he chooses 00:07:08.420 --> 00:07:12.280 align:start position:0% always going to lose money if he chooses that<00:07:08.690> path<00:07:10.090> so<00:07:11.090> so<00:07:11.630> what<00:07:12.020> we<00:07:12.110> found 00:07:12.280 --> 00:07:12.290 align:start position:0% that path so so what we found 00:07:12.290 --> 00:07:13.720 align:start position:0% that path so so what we found essentially<00:07:12.830> is<00:07:12.920> that<00:07:12.950> staking<00:07:13.520> in<00:07:13.640> the 00:07:13.720 --> 00:07:13.730 align:start position:0% essentially is that staking in the 00:07:13.730 --> 00:07:15.790 align:start position:0% essentially is that staking in the general<00:07:14.060> sense<00:07:14.240> is<00:07:14.390> a<00:07:14.450> very<00:07:14.630> cheap<00:07:14.960> way<00:07:15.140> of<00:07:15.170> of 00:07:15.790 --> 00:07:15.800 align:start position:0% general sense is a very cheap way of of 00:07:15.800 --> 00:07:18.490 align:start position:0% general sense is a very cheap way of of ensuring<00:07:16.790> correctness<00:07:17.150> and<00:07:17.600> this<00:07:18.230> is<00:07:18.380> of 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know often 00:07:25.790 --> 00:07:27.940 align:start position:0% correctness and we have you know often computation<00:07:26.360> protocols<00:07:26.840> decentralized<00:07:27.710> file 00:07:27.940 --> 00:07:27.950 align:start position:0% computation protocols decentralized file 00:07:27.950 --> 00:07:29.890 align:start position:0% computation protocols decentralized file storage<00:07:28.250> marketplaces<00:07:28.970> consensus<00:07:29.480> protocols 00:07:29.890 --> 00:07:29.900 align:start position:0% storage marketplaces consensus protocols 00:07:29.900 --> 00:07:33.430 align:start position:0% storage marketplaces consensus protocols etc<00:07:30.880> there<00:07:31.880> is<00:07:31.910> however<00:07:32.150> a<00:07:32.600> fundamental 00:07:33.430 --> 00:07:33.440 align:start position:0% etc there is however a fundamental 00:07:33.440 --> 00:07:35.740 align:start position:0% etc there is however a fundamental problem<00:07:33.710> that's<00:07:34.220> not<00:07:34.460> talked<00:07:34.790> about<00:07:35.030> that 00:07:35.740 --> 00:07:35.750 align:start position:0% problem that's not talked about that 00:07:35.750 --> 00:07:38.380 align:start position:0% problem that's not talked about that much<00:07:35.960> that<00:07:36.770> is<00:07:37.100> inherent<00:07:37.730> to<00:07:37.880> all<00:07:37.910> staking 00:07:38.380 --> 00:07:38.390 align:start position:0% much that is inherent to all staking 00:07:38.390 --> 00:07:40.150 align:start position:0% much that is inherent to all staking protocols<00:07:38.810> and<00:07:39.200> if<00:07:39.320> you<00:07:39.440> think<00:07:39.590> about<00:07:39.770> it<00:07:39.950> what 00:07:40.150 --> 00:07:40.160 align:start position:0% protocols and if you think about it what 00:07:40.160 --> 00:07:41.380 align:start position:0% protocols and if you think about it what we've<00:07:40.310> done<00:07:40.550> is<00:07:40.730> that<00:07:40.760> we've<00:07:41.000> essentially 00:07:41.380 --> 00:07:41.390 align:start position:0% we've done is that we've essentially 00:07:41.390 --> 00:07:43.390 align:start position:0% we've done is that we've essentially taken<00:07:41.510> a<00:07:41.900> worker<00:07:42.110> and<00:07:42.410> we've<00:07:42.560> changed<00:07:42.890> what<00:07:43.310> it 00:07:43.390 --> 00:07:43.400 align:start position:0% taken a worker and we've changed what it 00:07:43.400 --> 00:07:45.310 align:start position:0% taken a worker and we've changed what it needs<00:07:43.580> to<00:07:43.670> do<00:07:43.910> so<00:07:44.570> instead<00:07:44.870> of<00:07:44.930> just 00:07:45.310 --> 00:07:45.320 align:start position:0% needs to do so instead of just 00:07:45.320 --> 00:07:47.560 align:start position:0% needs to do so instead of just performing<00:07:46.220> a<00:07:46.280> task<00:07:46.520> and<00:07:46.850> delivering<00:07:47.270> some 00:07:47.560 --> 00:07:47.570 align:start position:0% performing a task and delivering some 00:07:47.570 --> 00:07:49.840 align:start position:0% performing a task and delivering some some<00:07:47.870> useful<00:07:48.200> service<00:07:48.590> we've<00:07:49.070> also<00:07:49.340> said<00:07:49.700> that 00:07:49.840 --> 00:07:49.850 align:start position:0% some useful service we've also said that 00:07:49.850 --> 00:07:52.270 align:start position:0% some useful service we've also said that this<00:07:50.000> worker<00:07:50.270> needs<00:07:50.540> to<00:07:50.720> put<00:07:50.870> up<00:07:50.960> a<00:07:51.050> massive<00:07:51.280> or 00:07:52.270 --> 00:07:52.280 align:start position:0% this worker needs to put up a massive or 00:07:52.280 --> 00:07:55.090 align:start position:0% this worker needs to put up a massive or a<00:07:52.790> stake<00:07:53.120> so<00:07:54.110> what<00:07:54.230> we've<00:07:54.380> effectively<00:07:54.830> done 00:07:55.090 --> 00:07:55.100 align:start position:0% a stake so what we've effectively done 00:07:55.100 --> 00:07:56.800 align:start position:0% a stake so what we've effectively done is<00:07:55.130> that<00:07:55.340> we've<00:07:55.490> limited<00:07:55.790> the<00:07:56.000> supply<00:07:56.420> of 00:07:56.800 --> 00:07:56.810 align:start position:0% is that we've limited the supply of 00:07:56.810 --> 00:07:59.470 align:start position:0% is that we've limited the supply of viable<00:07:57.470> workers<00:07:57.860> which<00:07:58.580> in<00:07:58.880> the<00:07:58.970> short<00:07:59.210> term 00:07:59.470 --> 00:07:59.480 align:start position:0% viable workers which in the short term 00:07:59.480 --> 00:08:01.270 align:start position:0% viable workers which in the short term means<00:08:00.050> higher<00:08:00.350> prices<00:08:00.860> for<00:08:00.890> the<00:08:01.100> same 00:08:01.270 --> 00:08:01.280 align:start position:0% means higher prices for the same 00:08:01.280 --> 00:08:04.660 align:start position:0% means higher prices for the same security<00:08:01.640> or<00:08:02.650> lower<00:08:03.650> security<00:08:04.040> for<00:08:04.400> the<00:08:04.490> same 00:08:04.660 --> 00:08:04.670 align:start position:0% security or lower security for the same 00:08:04.670 --> 00:08:06.610 align:start position:0% security or lower security for the same price<00:08:04.910> and<00:08:05.210> this<00:08:05.570> in<00:08:05.690> the<00:08:05.780> long<00:08:05.990> term<00:08:06.260> creates 00:08:06.610 --> 00:08:06.620 align:start position:0% price and this in the long term creates 00:08:06.620 --> 00:08:08.770 align:start position:0% price and this in the long term creates a<00:08:06.680> big<00:08:06.890> big<00:08:07.520> macro<00:08:07.760> inefficiency<00:08:08.390> in<00:08:08.600> any 00:08:08.770 --> 00:08:08.780 align:start position:0% a big big macro inefficiency in any 00:08:08.780 --> 00:08:10.900 align:start position:0% a big big macro inefficiency in any protocol<00:08:09.290> that<00:08:09.410> chooses<00:08:09.800> the<00:08:09.950> strategy<00:08:10.400> and<00:08:10.850> I 00:08:10.900 --> 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to<00:08:25.550> stick<00:08:25.760> and<00:08:26.000> the<00:08:26.360> answer<00:08:26.660> is<00:08:26.750> not 00:08:27.190 --> 00:08:27.200 align:start position:0% ether to stick and the answer is not 00:08:27.200 --> 00:08:30.190 align:start position:0% ether to stick and the answer is not that<00:08:27.410> many<00:08:27.560> so<00:08:28.430> this<00:08:28.910> is<00:08:29.090> the<00:08:29.210> problem<00:08:29.450> and<00:08:29.750> to 00:08:30.190 --> 00:08:30.200 align:start position:0% that many so this is the problem and to 00:08:30.200 --> 00:08:39.860 align:start position:0% that many so this is the problem and to present<00:08:30.500> the<00:08:30.590> solution<00:08:30.710> is<00:08:31.190> Zach 00:08:39.860 --> 00:08:39.870 align:start position:0% 00:08:39.870 --> 00:08:43.230 align:start position:0% thank<00:08:40.870> you<00:08:40.959> so<00:08:41.560> the<00:08:41.979> solution<00:08:42.399> is<00:08:42.610> actually<00:08:43.089> to 00:08:43.230 --> 00:08:43.240 align:start position:0% thank you so the solution is actually to 00:08:43.240 --> 00:08:45.180 align:start position:0% thank you so the solution is actually to divide<00:08:43.599> the<00:08:43.779> labor<00:08:43.899> using<00:08:44.529> smart<00:08:44.770> contracts 00:08:45.180 --> 00:08:45.190 align:start position:0% divide the labor using smart contracts 00:08:45.190 --> 00:08:47.760 align:start position:0% divide the labor using smart contracts so<00:08:46.000> more<00:08:46.540> specifically<00:08:47.050> you<00:08:47.260> can<00:08:47.320> imagine 00:08:47.760 --> 00:08:47.770 align:start position:0% so more specifically you can imagine 00:08:47.770 --> 00:08:49.680 align:start position:0% so more specifically you can imagine using<00:08:48.190> smart<00:08:48.580> contracts<00:08:49.029> which<00:08:49.270> we<00:08:49.450> term 00:08:49.680 --> 00:08:49.690 align:start position:0% using smart contracts which we term 00:08:49.690 --> 00:08:52.769 align:start position:0% using smart contracts which we term virtual<00:08:50.290> workers<00:08:50.470> to<00:08:51.160> allow<00:08:51.370> two<00:08:51.610> parties<00:08:51.970> one 00:08:52.769 --> 00:08:52.779 align:start position:0% virtual workers to allow two parties one 00:08:52.779 --> 00:08:54.900 align:start position:0% virtual workers to allow two parties one a<00:08:53.050> capitalist<00:08:53.680> who's<00:08:53.860> providing<00:08:54.339> some<00:08:54.490> tokens 00:08:54.900 --> 00:08:54.910 align:start position:0% a capitalist who's providing some tokens 00:08:54.910 --> 00:08:57.600 align:start position:0% a capitalist who's providing some tokens another<00:08:55.830> party<00:08:56.830> the<00:08:56.950> operator<00:08:57.339> who's 00:08:57.600 --> 00:08:57.610 align:start position:0% another party the operator who's 00:08:57.610 --> 00:09:00.000 align:start position:0% another party the operator who's providing<00:08:58.029> the<00:08:58.180> computational<00:08:58.839> resources<00:08:59.230> to 00:09:00.000 --> 00:09:00.010 align:start position:0% providing the computational resources to 00:09:00.010 --> 00:09:02.190 align:start position:0% providing the computational resources to work<00:09:00.459> collaboratively<00:09:01.120> for<00:09:01.690> these<00:09:01.870> different 00:09:02.190 --> 00:09:02.200 align:start position:0% work collaboratively for these different 00:09:02.200 --> 00:09:03.930 align:start position:0% work collaboratively for these different staking<00:09:02.560> protocols<00:09:02.950> that<00:09:03.160> axel<00:09:03.490> was<00:09:03.610> talking 00:09:03.930 --> 00:09:03.940 align:start position:0% staking protocols that axel was talking 00:09:03.940 --> 00:09:06.000 align:start position:0% staking protocols that axel was talking about<00:09:04.000> and<00:09:04.330> then<00:09:04.839> use<00:09:05.320> the<00:09:05.470> virtual<00:09:05.620> worker 00:09:06.000 --> 00:09:06.010 align:start position:0% about and then use the virtual worker 00:09:06.010 --> 00:09:09.990 align:start position:0% about and then use the virtual worker contract<00:09:06.550> to<00:09:06.820> share<00:09:07.029> in<00:09:07.180> the<00:09:07.270> returns<00:09:09.000> so 00:09:09.990 --> 00:09:10.000 align:start position:0% contract to share in the returns so 00:09:10.000 --> 00:09:11.639 align:start position:0% contract to share in the returns so let's<00:09:10.330> take<00:09:10.480> a<00:09:10.510> quick<00:09:10.750> look<00:09:10.959> at<00:09:11.200> the<00:09:11.410> actual 00:09:11.639 --> 00:09:11.649 align:start position:0% let's take a quick look at the actual 00:09:11.649 --> 00:09:13.829 align:start position:0% let's take a quick look at the actual logic<00:09:12.130> that<00:09:12.370> we<00:09:12.580> imagine<00:09:13.029> to<00:09:13.060> be<00:09:13.149> contained<00:09:13.630> in 00:09:13.829 --> 00:09:13.839 align:start position:0% logic that we imagine to be contained in 00:09:13.839 --> 00:09:18.449 align:start position:0% logic that we imagine to be contained in these<00:09:14.140> smart<00:09:14.740> contracts<00:09:15.130> so<00:09:16.110> the<00:09:17.110> first<00:09:17.459> role 00:09:18.449 --> 00:09:18.459 align:start position:0% these smart contracts so the first role 00:09:18.459 --> 00:09:19.980 align:start position:0% these smart contracts so the first role of<00:09:18.760> the<00:09:18.850> smart<00:09:19.060> contract<00:09:19.480> would<00:09:19.570> be<00:09:19.630> in 00:09:19.980 --> 00:09:19.990 align:start position:0% of the smart contract would be in 00:09:19.990 --> 00:09:22.290 align:start position:0% of the smart contract would be in restricting<00:09:20.740> how<00:09:20.890> this<00:09:21.130> operator<00:09:21.580> can<00:09:22.089> use 00:09:22.290 --> 00:09:22.300 align:start position:0% restricting how this operator can use 00:09:22.300 --> 00:09:23.790 align:start position:0% restricting how this operator can use the<00:09:22.450> borrowed<00:09:22.690> capital<00:09:23.080> so<00:09:23.410> you<00:09:23.500> can<00:09:23.620> imagine 00:09:23.790 --> 00:09:23.800 align:start position:0% the borrowed capital so you can imagine 00:09:23.800 --> 00:09:27.090 align:start position:0% the borrowed capital so you can imagine in<00:09:24.190> a<00:09:24.310> virtual<00:09:24.640> worker<00:09:24.790> for<00:09:25.120> Casper<00:09:25.540> the<00:09:26.170> logic 00:09:27.090 --> 00:09:27.100 align:start position:0% in a virtual worker for Casper the logic 00:09:27.100 --> 00:09:29.370 align:start position:0% in a virtual worker for Casper the logic would<00:09:27.250> ensure<00:09:27.640> that<00:09:28.149> the<00:09:28.360> operator<00:09:28.810> can<00:09:29.140> only 00:09:29.370 --> 00:09:29.380 align:start position:0% would ensure that the operator can only 00:09:29.380 --> 00:09:31.620 align:start position:0% would ensure that the operator can only use<00:09:29.740> the<00:09:29.950> capital<00:09:30.130> to<00:09:30.580> sign<00:09:31.300> up<00:09:31.480> as<00:09:31.600> a 00:09:31.620 --> 00:09:31.630 align:start position:0% use the capital to sign up as a 00:09:31.630 --> 00:09:34.310 align:start position:0% use the capital to sign up as a validator<00:09:32.080> in<00:09:32.589> Casper<00:09:33.130> and<00:09:33.160> validate<00:09:33.850> blocks 00:09:34.310 --> 00:09:34.320 align:start position:0% validator in Casper and validate blocks 00:09:34.320 --> 00:09:38.310 align:start position:0% validator in Casper and validate blocks now<00:09:35.320> second<00:09:35.770> also<00:09:36.490> important<00:09:37.029> point<00:09:37.870> in<00:09:37.959> logic 00:09:38.310 --> 00:09:38.320 align:start position:0% now second also important point in logic 00:09:38.320 --> 00:09:41.100 align:start position:0% now second also important point in logic is<00:09:38.440> to<00:09:38.860> ensure<00:09:39.700> that<00:09:39.730> the<00:09:40.089> operator<00:09:40.540> doesn't 00:09:41.100 --> 00:09:41.110 align:start position:0% is to ensure that the operator doesn't 00:09:41.110 --> 00:09:42.900 align:start position:0% is to ensure that the operator doesn't destroy<00:09:41.620> any<00:09:41.980> of<00:09:42.250> the<00:09:42.339> capital<00:09:42.700> that<00:09:42.790> is 00:09:42.900 --> 00:09:42.910 align:start position:0% destroy any of the capital that is 00:09:42.910 --> 00:09:46.230 align:start position:0% destroy any of the capital that is actually<00:09:43.209> borrowing<00:09:43.510> so<00:09:44.380> you<00:09:45.310> can<00:09:45.490> imagine<00:09:45.730> in 00:09:46.230 --> 00:09:46.240 align:start position:0% actually borrowing so you can imagine in 00:09:46.240 --> 00:09:49.350 align:start position:0% actually borrowing so you can imagine in the<00:09:46.450> case<00:09:46.660> of<00:09:46.930> Casper<00:09:47.890> you<00:09:48.339> wouldn't<00:09:48.610> want<00:09:48.760> no 00:09:49.350 --> 00:09:49.360 align:start position:0% the case of Casper you wouldn't want no 00:09:49.360 --> 00:09:51.569 align:start position:0% the case of Casper you wouldn't want no the<00:09:49.540> operator<00:09:49.959> to<00:09:50.230> destroy<00:09:50.800> the<00:09:50.950> capital<00:09:51.370> and 00:09:51.569 --> 00:09:51.579 align:start position:0% the operator to destroy the capital and 00:09:51.579 --> 00:09:53.819 align:start position:0% the operator to destroy the capital and that<00:09:52.000> to<00:09:52.420> protect<00:09:52.750> against<00:09:53.079> that<00:09:53.200> you<00:09:53.470> would 00:09:53.819 --> 00:09:53.829 align:start position:0% that to protect against that you would 00:09:53.829 --> 00:09:55.319 align:start position:0% that to protect against that you would use<00:09:53.980> a<00:09:54.010> virtual<00:09:54.220> worker<00:09:54.520> logic<00:09:55.000> to 00:09:55.319 --> 00:09:55.329 align:start position:0% use a virtual worker logic to 00:09:55.329 --> 00:09:57.269 align:start position:0% use a virtual worker logic to incentivize<00:09:55.930> machines<00:09:56.380> to<00:09:56.620> be<00:09:56.709> moderating 00:09:57.269 --> 00:09:57.279 align:start position:0% incentivize machines to be moderating 00:09:57.279 --> 00:10:00.480 align:start position:0% incentivize machines to be moderating this<00:09:57.430> upper<00:09:57.880> operator<00:09:58.660> and<00:09:58.899> reporting<00:09:59.800> before 00:10:00.480 --> 00:10:00.490 align:start position:0% this upper operator and reporting before 00:10:00.490 --> 00:10:02.670 align:start position:0% this upper operator and reporting before he<00:10:00.610> destroys<00:10:00.790> any<00:10:01.240> of<00:10:01.360> the<00:10:01.420> capital<00:10:01.750> and<00:10:02.320> then 00:10:02.670 --> 00:10:02.680 align:start position:0% he destroys any of the capital and then 00:10:02.680 --> 00:10:04.470 align:start position:0% he destroys any of the capital and then finally<00:10:03.130> you<00:10:03.760> would<00:10:03.850> just<00:10:04.000> use<00:10:04.209> the<00:10:04.329> virtual 00:10:04.470 --> 00:10:04.480 align:start position:0% finally you would just use the virtual 00:10:04.480 --> 00:10:06.449 align:start position:0% finally you would just use the virtual worker<00:10:04.810> to<00:10:05.140> handle<00:10:05.620> division<00:10:05.950> of<00:10:06.040> the<00:10:06.100> rewards 00:10:06.449 --> 00:10:06.459 align:start position:0% worker to handle division of the rewards 00:10:06.459 --> 00:10:09.750 align:start position:0% worker to handle division of the rewards so<00:10:07.240> you<00:10:08.079> can<00:10:08.230> imagine<00:10:08.410> the<00:10:08.920> virtual<00:10:09.610> worker 00:10:09.750 --> 00:10:09.760 align:start position:0% so you can imagine the virtual worker 00:10:09.760 --> 00:10:11.819 align:start position:0% so you can imagine the virtual worker would<00:10:10.390> allow<00:10:10.600> the<00:10:10.660> operator<00:10:11.230> in<00:10:11.320> capitals<00:10:11.709> to 00:10:11.819 --> 00:10:11.829 align:start position:0% would allow the operator in capitals to 00:10:11.829 --> 00:10:13.920 align:start position:0% would allow the operator in capitals to negotiate<00:10:12.310> some<00:10:12.490> sort<00:10:12.700> of<00:10:12.760> rate<00:10:12.940> which<00:10:13.600> they 00:10:13.920 --> 00:10:13.930 align:start position:0% negotiate some sort of rate which they 00:10:13.930 --> 00:10:18.030 align:start position:0% negotiate some sort of rate which they would<00:10:14.079> use<00:10:14.260> to<00:10:14.290> split<00:10:14.620> the<00:10:14.770> rewards<00:10:16.440> so<00:10:17.440> now 00:10:18.030 --> 00:10:18.040 align:start position:0% would use to split the rewards so now 00:10:18.040 --> 00:10:19.530 align:start position:0% would use to split the rewards so now we'd<00:10:18.520> like<00:10:18.550> to<00:10:18.760> present<00:10:19.060> a<00:10:19.180> few<00:10:19.329> of<00:10:19.450> the 00:10:19.530 --> 00:10:19.540 align:start position:0% we'd like to present a few of the 00:10:19.540 --> 00:10:20.730 align:start position:0% we'd like to present a few of the virtual<00:10:19.839> workers<00:10:20.140> that<00:10:20.350> we've<00:10:20.500> been 00:10:20.730 --> 00:10:20.740 align:start position:0% virtual workers that we've been 00:10:20.740 --> 00:10:24.769 align:start position:0% virtual workers that we've been designing<00:10:21.220> I<00:10:21.730> have<00:10:22.390> one<00:10:22.570> protocol<00:10:22.930> so 00:10:24.769 --> 00:10:24.779 align:start position:0% designing I have one protocol so 00:10:24.779 --> 00:10:28.500 align:start position:0% designing I have one protocol so starting<00:10:25.779> with<00:10:25.870> Casper<00:10:26.550> so<00:10:27.550> as<00:10:27.760> most<00:10:28.240> of<00:10:28.420> you 00:10:28.500 --> 00:10:28.510 align:start position:0% starting with Casper so as most of you 00:10:28.510 --> 00:10:31.319 align:start position:0% starting with Casper so as most of you probably<00:10:28.600> already<00:10:28.899> know<00:10:30.089> aetherium<00:10:31.120> is 00:10:31.319 --> 00:10:31.329 align:start position:0% probably already know aetherium is 00:10:31.329 --> 00:10:32.790 align:start position:0% probably already know aetherium is planning<00:10:31.779> transition<00:10:32.290> from<00:10:32.470> its<00:10:32.620> current 00:10:32.790 --> 00:10:32.800 align:start position:0% planning transition from its current 00:10:32.800 --> 00:10:34.740 align:start position:0% planning transition from its current proof<00:10:33.279> of<00:10:33.399> work<00:10:33.550> base<00:10:33.760> consensus<00:10:34.300> mechanism 00:10:34.740 --> 00:10:34.750 align:start position:0% proof of work base consensus mechanism 00:10:34.750 --> 00:10:37.740 align:start position:0% proof of work base consensus mechanism to<00:10:35.230> a<00:10:35.260> proof<00:10:36.130> of<00:10:36.279> stake<00:10:36.490> basic<00:10:36.790> consensus 00:10:37.740 --> 00:10:37.750 align:start position:0% to a proof of stake basic consensus 00:10:37.750 --> 00:10:39.180 align:start position:0% to a proof of stake basic consensus mechanism<00:10:38.140> and<00:10:38.290> one<00:10:38.380> of<00:10:38.470> the<00:10:38.529> upcoming<00:10:38.740> hard 00:10:39.180 --> 00:10:39.190 align:start position:0% mechanism and one of the upcoming hard 00:10:39.190 --> 00:10:41.190 align:start position:0% mechanism and one of the upcoming hard forks<00:10:39.430> and<00:10:39.579> essentially<00:10:40.390> all<00:10:40.510> that<00:10:40.810> means<00:10:40.990> is 00:10:41.190 --> 00:10:41.200 align:start position:0% forks and essentially all that means is 00:10:41.200 --> 00:10:43.590 align:start position:0% forks and essentially all that means is that<00:10:41.310> miners<00:10:42.310> are<00:10:42.550> going<00:10:42.730> to<00:10:42.790> have<00:10:42.940> to<00:10:43.120> supply 00:10:43.590 --> 00:10:43.600 align:start position:0% that miners are going to have to supply 00:10:43.600 --> 00:10:46.319 align:start position:0% that miners are going to have to supply a<00:10:43.690> stake<00:10:44.020> in<00:10:44.320> order<00:10:44.560> to<00:10:44.709> perform<00:10:45.490> work<00:10:45.760> for<00:10:46.240> the 00:10:46.319 --> 00:10:46.329 align:start position:0% a stake in order to perform work for the 00:10:46.329 --> 00:10:49.980 align:start position:0% a stake in order to perform work for the consensus<00:10:47.550> in<00:10:48.550> other<00:10:48.850> words<00:10:49.060> its<00:10:49.240> theorem<00:10:49.870> is 00:10:49.980 --> 00:10:49.990 align:start position:0% consensus in other words its theorem is 00:10:49.990 --> 00:10:52.200 align:start position:0% consensus in other words its theorem is becoming<00:10:50.290> a<00:10:50.470> stake<00:10:50.680> in<00:10:50.800> protocol 00:10:52.200 --> 00:10:52.210 align:start position:0% becoming a stake in protocol 00:10:52.210 --> 00:10:55.500 align:start position:0% becoming a stake in protocol so<00:10:52.510> we<00:10:52.960> have<00:10:53.080> two<00:10:53.320> ideas<00:10:53.920> for<00:10:54.310> how<00:10:54.520> to<00:10:54.550> create<00:10:55.480> a 00:10:55.500 --> 00:10:55.510 align:start position:0% so we have two ideas for how to create a 00:10:55.510 --> 00:10:57.840 align:start position:0% so we have two ideas for how to create a virtual<00:10:55.720> worker<00:10:56.050> for<00:10:56.320> Casper<00:10:56.649> in<00:10:56.860> the<00:10:57.520> first 00:10:57.840 --> 00:10:57.850 align:start position:0% virtual worker for Casper in the first 00:10:57.850 --> 00:11:00.810 align:start position:0% virtual worker for Casper in the first one<00:10:58.470> operator<00:10:59.470> produces<00:11:00.130> blocks<00:11:00.399> and<00:11:00.700> also 00:11:00.810 --> 00:11:00.820 align:start position:0% one operator produces blocks and also 00:11:00.820 --> 00:11:05.190 align:start position:0% one operator produces blocks and also supplies<00:11:01.330> a<00:11:01.360> small<00:11:01.990> stake<00:11:02.260> which<00:11:02.890> is<00:11:03.870> lost<00:11:04.870> if 00:11:05.190 --> 00:11:05.200 align:start position:0% supplies a small stake which is lost if 00:11:05.200 --> 00:11:06.960 align:start position:0% supplies a small stake which is lost if he<00:11:05.320> loses<00:11:05.529> any<00:11:05.800> of<00:11:05.950> the<00:11:06.070> capitalists<00:11:06.790> money 00:11:06.960 --> 00:11:06.970 align:start position:0% he loses any of the capitalists money 00:11:06.970 --> 00:11:08.790 align:start position:0% he loses any of the capitalists money and<00:11:07.210> then<00:11:07.630> you<00:11:07.899> have<00:11:07.990> the<00:11:08.080> capitalist<00:11:08.589> as 00:11:08.790 --> 00:11:08.800 align:start position:0% and then you have the capitalist as 00:11:08.800 --> 00:11:11.760 align:start position:0% and then you have the capitalist as before<00:11:09.430> just<00:11:09.459> supplies<00:11:10.300> tokens<00:11:10.839> in<00:11:10.990> this<00:11:11.560> case 00:11:11.760 --> 00:11:11.770 align:start position:0% before just supplies tokens in this case 00:11:11.770 --> 00:11:14.940 align:start position:0% before just supplies tokens in this case ether<00:11:12.100> so<00:11:12.850> the<00:11:13.300> other<00:11:13.450> model<00:11:13.810> we<00:11:13.899> have<00:11:14.050> which 00:11:14.940 --> 00:11:14.950 align:start position:0% ether so the other model we have which 00:11:14.950 --> 00:11:16.470 align:start position:0% ether so the other model we have which actually<00:11:15.399> applies<00:11:15.640> to<00:11:15.910> many<00:11:16.330> different 00:11:16.470 --> 00:11:16.480 align:start position:0% actually applies to many different 00:11:16.480 --> 00:11:19.769 align:start position:0% actually applies to many different staking<00:11:17.320> protocols<00:11:17.709> not<00:11:18.220> only<00:11:18.520> Casper<00:11:18.910> is<00:11:19.089> the 00:11:19.769 --> 00:11:19.779 align:start position:0% staking protocols not only Casper is the 00:11:19.779 --> 00:11:23.730 align:start position:0% staking protocols not only Casper is the producer<00:11:20.680> signer<00:11:20.920> model<00:11:21.220> so<00:11:22.209> in<00:11:22.720> this<00:11:23.170> case<00:11:23.410> we 00:11:23.730 --> 00:11:23.740 align:start position:0% producer signer model so in this case we 00:11:23.740 --> 00:11:25.320 align:start position:0% producer signer model so in this case we actually<00:11:24.070> further<00:11:24.399> divide<00:11:24.850> the<00:11:25.149> role<00:11:25.300> of 00:11:25.320 --> 00:11:25.330 align:start position:0% actually further divide the role of 00:11:25.330 --> 00:11:28.440 align:start position:0% actually further divide the role of operator<00:11:25.750> into<00:11:26.589> producer<00:11:27.339> which<00:11:27.820> produces 00:11:28.440 --> 00:11:28.450 align:start position:0% operator into producer which produces 00:11:28.450 --> 00:11:30.120 align:start position:0% operator into producer which produces the<00:11:28.570> blocks<00:11:28.810> and<00:11:29.080> proposes<00:11:29.560> blocks<00:11:29.800> to<00:11:30.010> be 00:11:30.120 --> 00:11:30.130 align:start position:0% the blocks and proposes blocks to be 00:11:30.130 --> 00:11:34.050 align:start position:0% the blocks and proposes blocks to be signed<00:11:30.790> and<00:11:31.320> signer<00:11:32.320> which<00:11:32.830> actually<00:11:33.310> decides 00:11:34.050 --> 00:11:34.060 align:start position:0% signed and signer which actually decides 00:11:34.060 --> 00:11:36.360 align:start position:0% signed and signer which actually decides which<00:11:34.810> of<00:11:34.839> these<00:11:35.110> proposed<00:11:35.589> blocks<00:11:35.920> to<00:11:36.160> sign 00:11:36.360 --> 00:11:36.370 align:start position:0% which of these proposed blocks to sign 00:11:36.370 --> 00:11:38.220 align:start position:0% which of these proposed blocks to sign and<00:11:36.610> then<00:11:36.700> broadcast<00:11:36.940> to<00:11:37.300> the<00:11:37.390> network<00:11:37.630> so 00:11:38.220 --> 00:11:38.230 align:start position:0% and then broadcast to the network so 00:11:38.230 --> 00:11:40.500 align:start position:0% and then broadcast to the network so this<00:11:38.649> makes<00:11:38.860> a<00:11:38.950> lot<00:11:39.040> of<00:11:39.100> sense<00:11:39.370> in<00:11:39.670> protocols 00:11:40.500 --> 00:11:40.510 align:start position:0% this makes a lot of sense in protocols 00:11:40.510 --> 00:11:42.540 align:start position:0% this makes a lot of sense in protocols where<00:11:40.779> the<00:11:41.350> the<00:11:41.709> computation<00:11:42.370> being 00:11:42.540 --> 00:11:42.550 align:start position:0% where the the computation being 00:11:42.550 --> 00:11:44.400 align:start position:0% where the the computation being performed<00:11:43.000> is<00:11:43.120> very<00:11:43.270> expensive<00:11:43.540> and<00:11:43.899> it<00:11:44.290> would 00:11:44.400 --> 00:11:44.410 align:start position:0% performed is very expensive and it would 00:11:44.410 --> 00:11:48.150 align:start position:0% performed is very expensive and it would make<00:11:44.529> sense<00:11:44.800> in<00:11:45.100> Casper<00:11:45.700> if<00:11:46.180> the<00:11:47.140> cost<00:11:47.950> of 00:11:48.150 --> 00:11:48.160 align:start position:0% make sense in Casper if the cost of 00:11:48.160 --> 00:11:49.320 align:start position:0% make sense in Casper if the cost of running<00:11:48.250> a<00:11:48.430> full<00:11:48.610> miner<00:11:48.880> becomes 00:11:49.320 --> 00:11:49.330 align:start position:0% running a full miner becomes 00:11:49.330 --> 00:11:51.000 align:start position:0% running a full miner becomes prohibitively<00:11:49.839> expensive<00:11:49.899> so<00:11:50.620> a<00:11:50.649> lot<00:11:50.890> of 00:11:51.000 --> 00:11:51.010 align:start position:0% prohibitively expensive so a lot of 00:11:51.010 --> 00:11:56.010 align:start position:0% prohibitively expensive so a lot of players<00:11:51.300> can't<00:11:52.300> participate<00:11:54.270> so<00:11:55.270> the<00:11:55.570> the 00:11:56.010 --> 00:11:56.020 align:start position:0% players can't participate so the the 00:11:56.020 --> 00:11:57.420 align:start position:0% players can't participate so the the second<00:11:56.320> virtual<00:11:56.440> worker<00:11:56.740> we<00:11:57.130> wanted<00:11:57.339> to 00:11:57.420 --> 00:11:57.430 align:start position:0% second virtual worker we wanted to 00:11:57.430 --> 00:11:59.040 align:start position:0% second virtual worker we wanted to present<00:11:57.550> is<00:11:57.940> our<00:11:58.180> virtual<00:11:58.600> worker<00:11:58.779> for 00:11:59.040 --> 00:11:59.050 align:start position:0% present is our virtual worker for 00:11:59.050 --> 00:12:00.920 align:start position:0% present is our virtual worker for true--but<00:11:59.440> so<00:12:00.010> for<00:12:00.370> those<00:12:00.490> that<00:12:00.640> don't<00:12:00.760> know 00:12:00.920 --> 00:12:00.930 align:start position:0% true--but so for those that don't know 00:12:00.930 --> 00:12:03.960 align:start position:0% true--but so for those that don't know true--but<00:12:01.930> is<00:12:02.140> a<00:12:02.220> protocol<00:12:03.220> on<00:12:03.459> aetherium 00:12:03.960 --> 00:12:03.970 align:start position:0% true--but is a protocol on aetherium 00:12:03.970 --> 00:12:07.320 align:start position:0% true--but is a protocol on aetherium which<00:12:04.390> allows<00:12:04.690> users<00:12:05.200> to<00:12:05.410> hire<00:12:06.220> a<00:12:06.250> solver<00:12:06.850> to 00:12:07.320 --> 00:12:07.330 align:start position:0% which allows users to hire a solver to 00:12:07.330 --> 00:12:10.680 align:start position:0% which allows users to hire a solver to solve<00:12:07.600> a<00:12:08.010> computational<00:12:09.010> task<00:12:09.420> notably<00:12:10.420> these 00:12:10.680 --> 00:12:10.690 align:start position:0% solve a computational task notably these 00:12:10.690 --> 00:12:12.960 align:start position:0% solve a computational task notably these solvers<00:12:11.529> have<00:12:11.740> to<00:12:11.890> supply<00:12:12.220> a<00:12:12.310> security 00:12:12.960 --> 00:12:12.970 align:start position:0% solvers have to supply a security 00:12:12.970 --> 00:12:16.500 align:start position:0% solvers have to supply a security deposit<00:12:13.089> which<00:12:13.870> is<00:12:14.080> slashed<00:12:14.440> if<00:12:15.010> the<00:12:15.610> task<00:12:16.330> is 00:12:16.500 --> 00:12:16.510 align:start position:0% deposit which is slashed if the task is 00:12:16.510 --> 00:12:18.810 align:start position:0% deposit which is slashed if the task is performed<00:12:16.959> incorrectly<00:12:17.200> and<00:12:17.650> also<00:12:18.339> these 00:12:18.810 --> 00:12:18.820 align:start position:0% performed incorrectly and also these 00:12:18.820 --> 00:12:22.560 align:start position:0% performed incorrectly and also these solvers<00:12:19.360> are<00:12:19.770> chosen<00:12:20.770> to<00:12:21.190> put<00:12:21.459> salt<00:12:22.089> tasks 00:12:22.560 --> 00:12:22.570 align:start position:0% solvers are chosen to put salt tasks 00:12:22.570 --> 00:12:24.449 align:start position:0% solvers are chosen to put salt tasks based<00:12:22.839> on<00:12:23.110> the<00:12:23.650> size<00:12:23.860> of<00:12:24.100> their<00:12:24.190> security 00:12:24.449 --> 00:12:24.459 align:start position:0% based on the size of their security 00:12:24.459 --> 00:12:27.390 align:start position:0% based on the size of their security deposits<00:12:25.380> so<00:12:26.380> in<00:12:26.589> the<00:12:26.680> case<00:12:26.830> of<00:12:26.950> our<00:12:27.040> virtual 00:12:27.390 --> 00:12:27.400 align:start position:0% deposits so in the case of our virtual 00:12:27.400 --> 00:12:29.940 align:start position:0% deposits so in the case of our virtual worker<00:12:27.839> again<00:12:28.839> the<00:12:28.990> operator<00:12:29.380> supplies<00:12:29.920> a 00:12:29.940 --> 00:12:29.950 align:start position:0% worker again the operator supplies a 00:12:29.950 --> 00:12:31.920 align:start position:0% worker again the operator supplies a small<00:12:30.279> stake<00:12:30.580> which<00:12:30.940> is<00:12:31.150> slash<00:12:31.570> if<00:12:31.810> he 00:12:31.920 --> 00:12:31.930 align:start position:0% small stake which is slash if he 00:12:31.930 --> 00:12:33.930 align:start position:0% small stake which is slash if he performs<00:12:32.380> incorrectly<00:12:32.890> and<00:12:33.220> then<00:12:33.700> this 00:12:33.930 --> 00:12:33.940 align:start position:0% performs incorrectly and then this 00:12:33.940 --> 00:12:36.449 align:start position:0% performs incorrectly and then this operator<00:12:34.440> leverages<00:12:35.440> the<00:12:35.620> tokens<00:12:36.040> it<00:12:36.190> borrows 00:12:36.449 --> 00:12:36.459 align:start position:0% operator leverages the tokens it borrows 00:12:36.459 --> 00:12:38.040 align:start position:0% operator leverages the tokens it borrows from<00:12:36.640> the<00:12:36.730> token<00:12:37.000> holder<00:12:37.270> in<00:12:37.420> order<00:12:37.900> to 00:12:38.040 --> 00:12:38.050 align:start position:0% from the token holder in order to 00:12:38.050 --> 00:12:39.960 align:start position:0% from the token holder in order to increase<00:12:38.589> his<00:12:38.829> chances<00:12:38.890> of<00:12:39.279> being<00:12:39.490> selected 00:12:39.960 --> 00:12:39.970 align:start position:0% increase his chances of being selected 00:12:39.970 --> 00:12:42.420 align:start position:0% increase his chances of being selected for<00:12:40.150> tasks<00:12:40.630> and<00:12:40.810> also<00:12:41.320> to<00:12:41.529> be<00:12:41.860> able<00:12:41.950> to<00:12:42.130> take<00:12:42.279> on 00:12:42.420 --> 00:12:42.430 align:start position:0% for tasks and also to be able to take on 00:12:42.430 --> 00:12:44.670 align:start position:0% for tasks and also to be able to take on many<00:12:42.700> different<00:12:42.880> jobs<00:12:43.150> and<00:12:43.450> now<00:12:44.170> in<00:12:44.529> this 00:12:44.670 --> 00:12:44.680 align:start position:0% many different jobs and now in this 00:12:44.680 --> 00:12:47.180 align:start position:0% many different jobs and now in this virtual<00:12:44.860> worker<00:12:45.190> there's<00:12:45.550> also<00:12:45.730> logic<00:12:46.240> which 00:12:47.180 --> 00:12:47.190 align:start position:0% virtual worker there's also logic which 00:12:47.190 --> 00:12:49.740 align:start position:0% virtual worker there's also logic which incentivizes<00:12:48.190> different<00:12:49.180> workers<00:12:49.360> to 00:12:49.740 --> 00:12:49.750 align:start position:0% incentivizes different workers to 00:12:49.750 --> 00:12:52.230 align:start position:0% incentivizes different workers to monitor<00:12:50.380> the<00:12:50.470> operator<00:12:50.829> and<00:12:51.070> replace<00:12:51.820> him<00:12:52.029> if 00:12:52.230 --> 00:12:52.240 align:start position:0% monitor the operator and replace him if 00:12:52.240 --> 00:12:58.380 align:start position:0% monitor the operator and replace him if he<00:12:52.839> fails<00:12:53.200> to<00:12:53.350> perform<00:12:54.310> a<00:12:54.610> task<00:12:54.790> correctly<00:12:57.390> so 00:12:58.380 --> 00:12:58.390 align:start position:0% he fails to perform a task correctly so 00:12:58.390 --> 00:12:59.850 align:start position:0% he fails to perform a task correctly so the<00:12:58.690> final<00:12:58.959> virtual<00:12:59.290> worker<00:12:59.440> we<00:12:59.620> want<00:12:59.770> to 00:12:59.850 --> 00:12:59.860 align:start position:0% the final virtual worker we want to 00:12:59.860 --> 00:13:02.819 align:start position:0% the final virtual worker we want to presented<00:13:00.279> was<00:13:00.790> one<00:13:01.480> for<00:13:01.690> Raiden<00:13:02.050> so<00:13:02.589> for 00:13:02.819 --> 00:13:02.829 align:start position:0% presented was one for Raiden so for 00:13:02.829 --> 00:13:04.250 align:start position:0% presented was one for Raiden so for those<00:13:02.920> who<00:13:02.980> don't<00:13:03.190> know<00:13:03.250> Raiden<00:13:04.000> is<00:13:04.150> a 00:13:04.250 --> 00:13:04.260 align:start position:0% those who don't know Raiden is a 00:13:04.260 --> 00:13:05.820 align:start position:0% those who don't know Raiden is a implementation<00:13:05.260> of 00:13:05.820 --> 00:13:05.830 align:start position:0% implementation of 00:13:05.830 --> 00:13:07.520 align:start position:0% implementation of eight<00:13:05.920> channels<00:13:06.280> on<00:13:06.520> top<00:13:06.730> of<00:13:06.850> etherium 00:13:07.520 --> 00:13:07.530 align:start position:0% eight channels on top of etherium 00:13:07.530 --> 00:13:10.730 align:start position:0% eight channels on top of etherium essentially<00:13:08.530> if<00:13:08.980> Alice<00:13:09.430> wants<00:13:10.000> to<00:13:10.060> send 00:13:10.730 --> 00:13:10.740 align:start position:0% essentially if Alice wants to send 00:13:10.740 --> 00:13:14.700 align:start position:0% essentially if Alice wants to send capital<00:13:11.740> to<00:13:11.920> Bob<00:13:12.310> or<00:13:12.670> ether<00:13:13.330> to<00:13:13.450> Bob<00:13:13.630> they<00:13:14.530> can 00:13:14.700 --> 00:13:14.710 align:start position:0% capital to Bob or ether to Bob they can 00:13:14.710 --> 00:13:17.610 align:start position:0% capital to Bob or ether to Bob they can create<00:13:15.310> a<00:13:15.580> payment<00:13:16.090> channel<00:13:16.540> and<00:13:16.750> send<00:13:17.470> an 00:13:17.610 --> 00:13:17.620 align:start position:0% create a payment channel and send an 00:13:17.620 --> 00:13:19.530 align:start position:0% create a payment channel and send an unlimited<00:13:17.920> number<00:13:18.130> of<00:13:18.490> transactions<00:13:19.090> amongst 00:13:19.530 --> 00:13:19.540 align:start position:0% unlimited number of transactions amongst 00:13:19.540 --> 00:13:21.510 align:start position:0% unlimited number of transactions amongst each<00:13:19.630> other<00:13:19.780> off<00:13:20.080> chain<00:13:20.350> and<00:13:20.530> then<00:13:21.130> close<00:13:21.370> this 00:13:21.510 --> 00:13:21.520 align:start position:0% each other off chain and then close this 00:13:21.520 --> 00:13:22.860 align:start position:0% each other off chain and then close this channel<00:13:21.880> only<00:13:22.060> actually<00:13:22.510> needing<00:13:22.750> to 00:13:22.860 --> 00:13:22.870 align:start position:0% channel only actually needing to 00:13:22.870 --> 00:13:24.720 align:start position:0% channel only actually needing to interact<00:13:23.320> with<00:13:23.470> the<00:13:23.680> etherion<00:13:23.950> blockchain<00:13:24.370> to 00:13:24.720 --> 00:13:24.730 align:start position:0% interact with the etherion blockchain to 00:13:24.730 --> 00:13:27.720 align:start position:0% interact with the etherion blockchain to open<00:13:25.090> and<00:13:25.330> close<00:13:25.660> the<00:13:25.840> channel<00:13:26.370> for<00:13:27.370> many<00:13:27.520> use 00:13:27.720 --> 00:13:27.730 align:start position:0% open and close the channel for many use 00:13:27.730 --> 00:13:29.820 align:start position:0% open and close the channel for many use cases<00:13:27.970> that's<00:13:28.300> good<00:13:28.510> but<00:13:28.780> for<00:13:28.990> some<00:13:29.200> it's<00:13:29.740> not 00:13:29.820 --> 00:13:29.830 align:start position:0% cases that's good but for some it's not 00:13:29.830 --> 00:13:31.650 align:start position:0% cases that's good but for some it's not it's<00:13:30.220> actually<00:13:30.640> too<00:13:31.000> much<00:13:31.180> to<00:13:31.390> have<00:13:31.510> to 00:13:31.650 --> 00:13:31.660 align:start position:0% it's actually too much to have to 00:13:31.660 --> 00:13:33.450 align:start position:0% it's actually too much to have to communicate<00:13:32.170> with<00:13:32.320> aetherium<00:13:32.560> twice<00:13:32.920> so<00:13:33.430> you 00:13:33.450 --> 00:13:33.460 align:start position:0% communicate with aetherium twice so you 00:13:33.460 --> 00:13:36.270 align:start position:0% communicate with aetherium twice so you can<00:13:33.550> imagine<00:13:33.790> if<00:13:34.150> axel<00:13:35.140> is<00:13:35.350> communicating 00:13:36.270 --> 00:13:36.280 align:start position:0% can imagine if axel is communicating 00:13:36.280 --> 00:13:38.430 align:start position:0% can imagine if axel is communicating with<00:13:36.310> BBC<00:13:36.640> and<00:13:37.030> BBC's<00:13:37.450> charging<00:13:37.900> axel<00:13:38.230> for 00:13:38.430 --> 00:13:38.440 align:start position:0% with BBC and BBC's charging axel for 00:13:38.440 --> 00:13:42.330 align:start position:0% with BBC and BBC's charging axel for every<00:13:38.830> webpage<00:13:39.010> he<00:13:39.790> visits<00:13:40.890> you<00:13:41.890> know<00:13:41.980> Axel's 00:13:42.330 --> 00:13:42.340 align:start position:0% every webpage he visits you know Axel's 00:13:42.340 --> 00:13:43.440 align:start position:0% every webpage he visits you know Axel's not<00:13:42.490> gonna<00:13:42.640> want<00:13:42.760> to<00:13:42.790> have<00:13:42.910> to<00:13:43.030> wait<00:13:43.180> several 00:13:43.440 --> 00:13:43.450 align:start position:0% not gonna want to have to wait several 00:13:43.450 --> 00:13:45.980 align:start position:0% not gonna want to have to wait several blocks<00:13:43.780> to<00:13:44.170> begin<00:13:44.410> visiting<00:13:44.800> websites<00:13:44.950> and 00:13:45.980 --> 00:13:45.990 align:start position:0% blocks to begin visiting websites and 00:13:45.990 --> 00:13:48.420 align:start position:0% blocks to begin visiting websites and BBC<00:13:46.990> it's<00:13:47.740> not<00:13:47.860> going<00:13:48.010> to<00:13:48.070> want<00:13:48.190> to<00:13:48.250> have<00:13:48.340> to 00:13:48.420 --> 00:13:48.430 align:start position:0% BBC it's not going to want to have to 00:13:48.430 --> 00:13:50.580 align:start position:0% BBC it's not going to want to have to wait<00:13:48.580> several<00:13:48.850> blocks<00:13:49.180> in<00:13:49.390> order<00:13:49.510> to<00:13:49.720> receive 00:13:50.580 --> 00:13:50.590 align:start position:0% wait several blocks in order to receive 00:13:50.590 --> 00:13:52.710 align:start position:0% wait several blocks in order to receive confirmation<00:13:50.860> of<00:13:51.220> the<00:13:51.310> payment<00:13:51.610> so<00:13:52.180> so<00:13:52.450> Raiden 00:13:52.710 --> 00:13:52.720 align:start position:0% confirmation of the payment so so Raiden 00:13:52.720 --> 00:13:54.540 align:start position:0% confirmation of the payment so so Raiden does<00:13:52.930> have<00:13:53.140> a<00:13:53.170> solution<00:13:53.440> to<00:13:53.680> this<00:13:53.770> it's<00:13:54.340> in<00:13:54.490> the 00:13:54.540 --> 00:13:54.550 align:start position:0% does have a solution to this it's in the 00:13:54.550 --> 00:13:57.180 align:start position:0% does have a solution to this it's in the form<00:13:54.820> of<00:13:55.030> mediated<00:13:55.840> transfers<00:13:56.290> so<00:13:56.920> you<00:13:56.980> can 00:13:57.180 --> 00:13:57.190 align:start position:0% form of mediated transfers so you can 00:13:57.190 --> 00:13:59.310 align:start position:0% form of mediated transfers so you can imagine<00:13:57.400> if<00:13:57.700> acts<00:13:57.940> already<00:13:58.330> has<00:13:58.510> a<00:13:58.540> payment 00:13:59.310 --> 00:13:59.320 align:start position:0% imagine if acts already has a payment 00:13:59.320 --> 00:14:01.680 align:start position:0% imagine if acts already has a payment channel<00:13:59.800> open<00:14:00.130> with<00:14:00.280> a<00:14:00.310> mediator<00:14:00.640> who's<00:14:01.240> also 00:14:01.680 --> 00:14:01.690 align:start position:0% channel open with a mediator who's also 00:14:01.690 --> 00:14:04.920 align:start position:0% channel open with a mediator who's also connected<00:14:02.110> to<00:14:02.170> BBC<00:14:02.410> then<00:14:03.370> Axl<00:14:03.910> can<00:14:04.180> pay<00:14:04.780> the 00:14:04.920 --> 00:14:04.930 align:start position:0% connected to BBC then Axl can pay the 00:14:04.930 --> 00:14:08.130 align:start position:0% connected to BBC then Axl can pay the mediator<00:14:05.260> to<00:14:05.830> forward<00:14:06.460> a<00:14:06.550> payment<00:14:06.880> to<00:14:07.390> BBC<00:14:07.690> for 00:14:08.130 --> 00:14:08.140 align:start position:0% mediator to forward a payment to BBC for 00:14:08.140 --> 00:14:11.490 align:start position:0% mediator to forward a payment to BBC for Axl<00:14:08.790> the<00:14:09.790> caveat<00:14:10.180> here<00:14:10.360> is<00:14:10.420> that<00:14:10.510> the<00:14:11.050> mediator 00:14:11.490 --> 00:14:11.500 align:start position:0% Axl the caveat here is that the mediator 00:14:11.500 --> 00:14:14.640 align:start position:0% Axl the caveat here is that the mediator has<00:14:11.980> to<00:14:12.190> have<00:14:12.340> enough<00:14:12.970> tokens<00:14:13.420> already<00:14:13.960> in<00:14:14.230> the 00:14:14.640 --> 00:14:14.650 align:start position:0% has to have enough tokens already in the 00:14:14.650 --> 00:14:16.740 align:start position:0% has to have enough tokens already in the channel<00:14:14.950> with<00:14:15.070> BBC<00:14:15.310> in<00:14:15.640> order<00:14:15.880> to<00:14:15.970> handle<00:14:16.150> the 00:14:16.740 --> 00:14:16.750 align:start position:0% channel with BBC in order to handle the 00:14:16.750 --> 00:14:18.870 align:start position:0% channel with BBC in order to handle the requests<00:14:17.080> from<00:14:17.170> Axl<00:14:17.560> so<00:14:18.250> you<00:14:18.310> can<00:14:18.490> imagine 00:14:18.870 --> 00:14:18.880 align:start position:0% requests from Axl so you can imagine 00:14:18.880 --> 00:14:21.090 align:start position:0% requests from Axl so you can imagine some<00:14:19.270> ideal<00:14:19.600> mediator<00:14:19.990> could<00:14:20.770> be<00:14:20.860> connected 00:14:21.090 --> 00:14:21.100 align:start position:0% some ideal mediator could be connected 00:14:21.100 --> 00:14:25.050 align:start position:0% some ideal mediator could be connected to<00:14:21.400> all<00:14:21.520> the<00:14:21.700> major<00:14:23.460> recipients<00:14:24.460> like<00:14:24.850> live 00:14:25.050 --> 00:14:25.060 align:start position:0% to all the major recipients like live 00:14:25.060 --> 00:14:27.570 align:start position:0% to all the major recipients like live Pier<00:14:25.330> BBC<00:14:25.720> New<00:14:25.930> York<00:14:26.050> Times<00:14:26.260> etc<00:14:26.830> and<00:14:27.040> then 00:14:27.570 --> 00:14:27.580 align:start position:0% Pier BBC New York Times etc and then 00:14:27.580 --> 00:14:30.510 align:start position:0% Pier BBC New York Times etc and then users<00:14:28.000> Axl<00:14:28.690> Bob<00:14:28.810> and<00:14:28.990> Zack<00:14:29.140> etc<00:14:29.710> wouldn't<00:14:30.460> even 00:14:30.510 --> 00:14:30.520 align:start position:0% users Axl Bob and Zack etc wouldn't even 00:14:30.520 --> 00:14:33.000 align:start position:0% users Axl Bob and Zack etc wouldn't even need<00:14:30.940> to<00:14:31.090> ever<00:14:31.360> connect<00:14:31.810> to<00:14:31.960> these<00:14:32.110> vendors 00:14:33.000 --> 00:14:33.010 align:start position:0% need to ever connect to these vendors 00:14:33.010 --> 00:14:34.860 align:start position:0% need to ever connect to these vendors directly<00:14:33.160> instead<00:14:33.820> they<00:14:33.970> would<00:14:34.090> connect<00:14:34.750> to 00:14:34.860 --> 00:14:34.870 align:start position:0% directly instead they would connect to 00:14:34.870 --> 00:14:36.540 align:start position:0% directly instead they would connect to the<00:14:34.930> mediator<00:14:35.230> and<00:14:35.410> send<00:14:35.920> all<00:14:36.160> of<00:14:36.190> their 00:14:36.540 --> 00:14:36.550 align:start position:0% the mediator and send all of their 00:14:36.550 --> 00:14:40.020 align:start position:0% the mediator and send all of their payments<00:14:37.510> directly<00:14:38.580> through<00:14:39.580> the<00:14:39.730> mediator 00:14:40.020 --> 00:14:40.030 align:start position:0% payments directly through the mediator 00:14:40.030 --> 00:14:43.320 align:start position:0% payments directly through the mediator now<00:14:41.020> the<00:14:41.860> caveat<00:14:42.130> with<00:14:42.430> this<00:14:42.550> is<00:14:42.730> the<00:14:42.940> mediator 00:14:43.320 --> 00:14:43.330 align:start position:0% now the caveat with this is the mediator 00:14:43.330 --> 00:14:45.270 align:start position:0% now the caveat with this is the mediator is<00:14:44.020> gonna<00:14:44.230> have<00:14:44.350> to<00:14:44.440> have<00:14:44.530> a<00:14:44.590> lot<00:14:44.740> of<00:14:44.770> tokens<00:14:45.220> to 00:14:45.270 --> 00:14:45.280 align:start position:0% is gonna have to have a lot of tokens to 00:14:45.280 --> 00:14:46.250 align:start position:0% is gonna have to have a lot of tokens to be<00:14:45.370> able<00:14:45.430> to<00:14:45.520> Hannah<00:14:45.670> that<00:14:45.790> you<00:14:45.880> can<00:14:46.000> imagine 00:14:46.250 --> 00:14:46.260 align:start position:0% be able to Hannah that you can imagine 00:14:46.260 --> 00:14:48.780 align:start position:0% be able to Hannah that you can imagine potentially<00:14:47.260> millions<00:14:47.590> of<00:14:47.680> dollars<00:14:47.980> worth<00:14:48.640> of 00:14:48.780 --> 00:14:48.790 align:start position:0% potentially millions of dollars worth of 00:14:48.790 --> 00:14:50.220 align:start position:0% potentially millions of dollars worth of tokens<00:14:49.180> flowing<00:14:49.660> through<00:14:49.780> this<00:14:49.870> mediator 00:14:50.220 --> 00:14:50.230 align:start position:0% tokens flowing through this mediator 00:14:50.230 --> 00:14:51.870 align:start position:0% tokens flowing through this mediator means<00:14:50.530> it<00:14:50.680> has<00:14:50.830> to<00:14:50.950> have<00:14:51.070> millions<00:14:51.610> of<00:14:51.700> dollars 00:14:51.870 --> 00:14:51.880 align:start position:0% means it has to have millions of dollars 00:14:51.880 --> 00:14:53.850 align:start position:0% means it has to have millions of dollars of<00:14:52.030> tokens<00:14:52.300> and<00:14:52.420> all<00:14:52.540> of<00:14:52.630> these<00:14:52.720> channels<00:14:53.260> so 00:14:53.850 --> 00:14:53.860 align:start position:0% of tokens and all of these channels so 00:14:53.860 --> 00:14:55.110 align:start position:0% of tokens and all of these channels so we<00:14:53.890> think<00:14:54.220> that's<00:14:54.370> a<00:14:54.520> perfect<00:14:54.850> opportunity 00:14:55.110 --> 00:14:55.120 align:start position:0% we think that's a perfect opportunity 00:14:55.120 --> 00:14:58.530 align:start position:0% we think that's a perfect opportunity for<00:14:55.630> a<00:14:56.200> virtual<00:14:56.950> worker<00:14:57.100> and<00:14:57.370> so<00:14:57.970> as<00:14:58.150> before<00:14:58.300> we 00:14:58.530 --> 00:14:58.540 align:start position:0% for a virtual worker and so as before we 00:14:58.540 --> 00:15:02.040 align:start position:0% for a virtual worker and so as before we use<00:14:59.470> the<00:14:59.650> operator<00:15:00.040> token<00:15:00.850> holder<00:15:01.090> model<00:15:01.390> or 00:15:02.040 --> 00:15:02.050 align:start position:0% use the operator token holder model or 00:15:02.050 --> 00:15:04.050 align:start position:0% use the operator token holder model or token<00:15:02.380> holders<00:15:02.680> put<00:15:03.430> tokens<00:15:03.760> into<00:15:03.940> this 00:15:04.050 --> 00:15:04.060 align:start position:0% token holders put tokens into this 00:15:04.060 --> 00:15:05.910 align:start position:0% token holders put tokens into this virtual<00:15:04.300> work<00:15:04.510> contract<00:15:05.020> and<00:15:05.200> the<00:15:05.530> operator 00:15:05.910 --> 00:15:05.920 align:start position:0% virtual work contract and the operator 00:15:05.920 --> 00:15:08.190 align:start position:0% virtual work contract and the operator handles<00:15:06.820> the<00:15:06.910> job<00:15:06.940> of<00:15:07.330> being<00:15:07.630> this<00:15:07.870> ideal 00:15:08.190 --> 00:15:08.200 align:start position:0% handles the job of being this ideal 00:15:08.200 --> 00:15:12.750 align:start position:0% handles the job of being this ideal mediator<00:15:08.680> and<00:15:09.030> they<00:15:10.030> split<00:15:10.270> the<00:15:10.420> rewards<00:15:11.760> yeah 00:15:12.750 --> 00:15:12.760 align:start position:0% mediator and they split the rewards yeah 00:15:12.760 --> 00:15:15.030 align:start position:0% mediator and they split the rewards yeah so<00:15:12.940> this<00:15:13.090> is<00:15:13.210> just<00:15:13.300> a<00:15:13.540> preview<00:15:14.260> of<00:15:14.470> a<00:15:14.620> couple<00:15:14.920> of 00:15:15.030 --> 00:15:15.040 align:start position:0% so this is just a preview of a couple of 00:15:15.040 --> 00:15:16.590 align:start position:0% so this is just a preview of a couple of the<00:15:15.190> protocols<00:15:15.910> we're<00:15:16.090> building<00:15:16.360> virtual 00:15:16.590 --> 00:15:16.600 align:start position:0% the protocols we're building virtual 00:15:16.600 --> 00:15:18.150 align:start position:0% the protocols we're building virtual workers<00:15:16.810> for<00:15:17.020> and<00:15:17.320> we're<00:15:17.590> playing<00:15:17.800> designed 00:15:18.150 --> 00:15:18.160 align:start position:0% workers for and we're playing designed 00:15:18.160 --> 00:15:19.530 align:start position:0% workers for and we're playing designed virtual<00:15:18.520> workers<00:15:18.790> for<00:15:19.030> for<00:15:19.300> many 00:15:19.530 --> 00:15:19.540 align:start position:0% virtual workers for for many 00:15:19.540 --> 00:15:22.170 align:start position:0% virtual workers for for many more<00:15:19.690> upcoming<00:15:20.230> staking<00:15:20.829> protocols<00:15:21.220> but<00:15:22.000> the 00:15:22.170 --> 00:15:22.180 align:start position:0% more upcoming staking protocols but the 00:15:22.180 --> 00:15:24.030 align:start position:0% more upcoming staking protocols but the ultimate<00:15:22.779> aim<00:15:23.110> of<00:15:23.139> what<00:15:23.560> we're<00:15:23.680> doing<00:15:23.889> is<00:15:24.009> is 00:15:24.030 --> 00:15:24.040 align:start position:0% ultimate aim of what we're doing is is 00:15:24.040 --> 00:15:26.550 align:start position:0% ultimate aim of what we're doing is is actually<00:15:24.339> to<00:15:24.550> create<00:15:24.959> marketplace<00:15:25.959> for 00:15:26.550 --> 00:15:26.560 align:start position:0% actually to create marketplace for 00:15:26.560 --> 00:15:28.829 align:start position:0% actually to create marketplace for capitalists<00:15:27.339> and<00:15:27.459> operators<00:15:27.970> to<00:15:28.180> match<00:15:28.329> up<00:15:28.600> be 00:15:28.829 --> 00:15:28.839 align:start position:0% capitalists and operators to match up be 00:15:28.839 --> 00:15:30.600 align:start position:0% capitalists and operators to match up be placed<00:15:29.170> into<00:15:29.440> virtual<00:15:29.740> workers<00:15:29.889> and<00:15:30.220> then 00:15:30.600 --> 00:15:30.610 align:start position:0% placed into virtual workers and then 00:15:30.610 --> 00:15:33.480 align:start position:0% placed into virtual workers and then start<00:15:30.970> working<00:15:31.779> for<00:15:32.320> arbitrary<00:15:33.040> staking 00:15:33.480 --> 00:15:33.490 align:start position:0% start working for arbitrary staking 00:15:33.490 --> 00:15:35.790 align:start position:0% start working for arbitrary staking protocols<00:15:33.910> so<00:15:34.540> we<00:15:34.959> want<00:15:35.139> to<00:15:35.230> create<00:15:35.529> this 00:15:35.790 --> 00:15:35.800 align:start position:0% protocols so we want to create this 00:15:35.800 --> 00:15:38.189 align:start position:0% protocols so we want to create this shared<00:15:36.100> platform<00:15:36.720> for<00:15:37.720> a<00:15:37.750> couple<00:15:38.019> of<00:15:38.079> reasons 00:15:38.189 --> 00:15:38.199 align:start position:0% shared platform for a couple of reasons 00:15:38.199 --> 00:15:41.639 align:start position:0% shared platform for a couple of reasons the<00:15:38.920> first<00:15:39.069> one<00:15:39.250> being<00:15:39.910> that<00:15:40.350> there's<00:15:41.350> a<00:15:41.440> huge 00:15:41.639 --> 00:15:41.649 align:start position:0% the first one being that there's a huge 00:15:41.649 --> 00:15:43.980 align:start position:0% the first one being that there's a huge benefit<00:15:42.009> for<00:15:42.069> virtual<00:15:42.790> workers<00:15:42.970> to<00:15:43.360> be<00:15:43.480> all<00:15:43.720> in 00:15:43.980 --> 00:15:43.990 align:start position:0% benefit for virtual workers to be all in 00:15:43.990 --> 00:15:47.100 align:start position:0% benefit for virtual workers to be all in the<00:15:44.079> same<00:15:44.259> platform<00:15:44.560> in<00:15:45.430> that<00:15:45.930> many<00:15:46.930> of<00:15:47.050> these 00:15:47.100 --> 00:15:47.110 align:start position:0% the same platform in that many of these 00:15:47.110 --> 00:15:48.900 align:start position:0% the same platform in that many of these virtual<00:15:47.470> workers<00:15:47.620> rely<00:15:47.920> on<00:15:48.069> a<00:15:48.279> deep<00:15:48.610> you<00:15:48.819> know 00:15:48.900 --> 00:15:48.910 align:start position:0% virtual workers rely on a deep you know 00:15:48.910 --> 00:15:51.269 align:start position:0% virtual workers rely on a deep you know liquid<00:15:49.240> pool<00:15:49.389> of<00:15:49.509> workers<00:15:49.660> which<00:15:50.350> can<00:15:50.529> come<00:15:51.100> in 00:15:51.269 --> 00:15:51.279 align:start position:0% liquid pool of workers which can come in 00:15:51.279 --> 00:15:53.460 align:start position:0% liquid pool of workers which can come in and<00:15:51.519> replace<00:15:51.819> their<00:15:52.120> operator<00:15:52.569> if<00:15:52.779> he<00:15:53.259> acts 00:15:53.460 --> 00:15:53.470 align:start position:0% and replace their operator if he acts 00:15:53.470 --> 00:15:55.620 align:start position:0% and replace their operator if he acts maliciously<00:15:53.949> and<00:15:54.190> also<00:15:54.940> some<00:15:55.480> of<00:15:55.569> these 00:15:55.620 --> 00:15:55.630 align:start position:0% maliciously and also some of these 00:15:55.630 --> 00:15:57.930 align:start position:0% maliciously and also some of these virtual<00:15:55.990> workers<00:15:56.170> rely<00:15:56.889> on<00:15:57.040> operators<00:15:57.730> which 00:15:57.930 --> 00:15:57.940 align:start position:0% virtual workers rely on operators which 00:15:57.940 --> 00:16:01.079 align:start position:0% virtual workers rely on operators which are<00:15:58.139> monitoring<00:15:59.139> their<00:15:59.860> operators<00:16:00.279> ensuring 00:16:01.079 --> 00:16:01.089 align:start position:0% are monitoring their operators ensuring 00:16:01.089 --> 00:16:02.610 align:start position:0% are monitoring their operators ensuring that<00:16:01.120> they<00:16:01.360> don't<00:16:01.389> lose<00:16:01.899> any<00:16:02.110> of<00:16:02.170> the<00:16:02.259> capital 00:16:02.610 --> 00:16:02.620 align:start position:0% that they don't lose any of the capital 00:16:02.620 --> 00:16:04.860 align:start position:0% that they don't lose any of the capital and<00:16:02.829> then<00:16:03.430> additionally<00:16:04.000> we<00:16:04.540> just<00:16:04.660> want<00:16:04.810> to 00:16:04.860 --> 00:16:04.870 align:start position:0% and then additionally we just want to 00:16:04.870 --> 00:16:08.449 align:start position:0% and then additionally we just want to make<00:16:04.990> it<00:16:05.740> as<00:16:06.699> seamless<00:16:07.120> as<00:16:07.389> possible<00:16:07.449> for<00:16:08.079> any 00:16:08.449 --> 00:16:08.459 align:start position:0% make it as seamless as possible for any 00:16:08.459 --> 00:16:11.160 align:start position:0% make it as seamless as possible for any capitalists<00:16:09.459> or<00:16:09.550> operator<00:16:10.000> to<00:16:10.269> find<00:16:10.990> a 00:16:11.160 --> 00:16:11.170 align:start position:0% capitalists or operator to find a 00:16:11.170 --> 00:16:12.600 align:start position:0% capitalists or operator to find a protocol<00:16:11.560> which<00:16:11.800> can<00:16:12.040> give<00:16:12.160> them<00:16:12.279> the<00:16:12.370> highest 00:16:12.600 --> 00:16:12.610 align:start position:0% protocol which can give them the highest 00:16:12.610 --> 00:16:14.430 align:start position:0% protocol which can give them the highest returns<00:16:12.910> and<00:16:13.180> as<00:16:13.569> soon<00:16:13.720> as<00:16:13.810> it<00:16:13.959> stops<00:16:14.139> giving 00:16:14.430 --> 00:16:14.440 align:start position:0% returns and as soon as it stops giving 00:16:14.440 --> 00:16:16.050 align:start position:0% returns and as soon as it stops giving the<00:16:14.500> highest<00:16:14.620> returns<00:16:14.980> switch<00:16:15.310> to<00:16:15.639> some<00:16:15.910> new 00:16:16.050 --> 00:16:16.060 align:start position:0% the highest returns switch to some new 00:16:16.060 --> 00:16:19.290 align:start position:0% the highest returns switch to some new protocol<00:16:17.250> so<00:16:18.250> at<00:16:18.639> this<00:16:18.819> point<00:16:19.089> in<00:16:19.209> the 00:16:19.290 --> 00:16:19.300 align:start position:0% protocol so at this point in the 00:16:19.300 --> 00:16:21.480 align:start position:0% protocol so at this point in the explanation<00:16:19.870> people<00:16:20.529> usually<00:16:20.680> start<00:16:21.009> asking 00:16:21.480 --> 00:16:21.490 align:start position:0% explanation people usually start asking 00:16:21.490 --> 00:16:23.400 align:start position:0% explanation people usually start asking me<00:16:21.579> ok<00:16:21.910> so<00:16:22.120> how<00:16:22.540> you<00:16:22.779> know<00:16:22.810> how<00:16:22.959> higher<00:16:23.170> my 00:16:23.400 --> 00:16:23.410 align:start position:0% me ok so how you know how higher my 00:16:23.410 --> 00:16:25.650 align:start position:0% me ok so how you know how higher my returns<00:16:23.709> gonna<00:16:23.949> be<00:16:24.130> on<00:16:24.639> tokens<00:16:25.149> if<00:16:25.269> I<00:16:25.329> put<00:16:25.569> them 00:16:25.650 --> 00:16:25.660 align:start position:0% returns gonna be on tokens if I put them 00:16:25.660 --> 00:16:27.329 align:start position:0% returns gonna be on tokens if I put them into<00:16:25.810> the<00:16:25.990> system<00:16:26.319> and<00:16:26.529> then<00:16:26.860> my<00:16:26.949> response<00:16:27.160> to 00:16:27.329 --> 00:16:27.339 align:start position:0% into the system and then my response to 00:16:27.339 --> 00:16:29.610 align:start position:0% into the system and then my response to that<00:16:27.430> is<00:16:27.579> that<00:16:28.029> you<00:16:28.480> know<00:16:28.600> potential<00:16:29.260> returns 00:16:29.610 --> 00:16:29.620 align:start position:0% that is that you know potential returns 00:16:29.620 --> 00:16:33.509 align:start position:0% that is that you know potential returns are<00:16:29.889> always<00:16:30.699> a<00:16:30.959> function<00:16:31.959> of<00:16:32.290> risk<00:16:32.680> and<00:16:32.980> you 00:16:33.509 --> 00:16:33.519 align:start position:0% are always a function of risk and you 00:16:33.519 --> 00:16:34.680 align:start position:0% are always a function of risk and you know<00:16:33.579> there's<00:16:33.760> risk<00:16:33.910> associated<00:16:34.180> right<00:16:34.569> now 00:16:34.680 --> 00:16:34.690 align:start position:0% know there's risk associated right now 00:16:34.690 --> 00:16:36.780 align:start position:0% know there's risk associated right now with<00:16:34.839> owning<00:16:35.110> crypto<00:16:35.470> tokens<00:16:35.860> it's<00:16:36.310> also<00:16:36.490> risk 00:16:36.780 --> 00:16:36.790 align:start position:0% with owning crypto tokens it's also risk 00:16:36.790 --> 00:16:38.639 align:start position:0% with owning crypto tokens it's also risk associated<00:16:37.120> with<00:16:37.480> interacting<00:16:38.350> with<00:16:38.470> one<00:16:38.589> of 00:16:38.639 --> 00:16:38.649 align:start position:0% associated with interacting with one of 00:16:38.649 --> 00:16:40.350 align:start position:0% associated with interacting with one of these<00:16:38.769> virtual<00:16:38.920> workers<00:16:39.339> and<00:16:39.519> so<00:16:39.910> the<00:16:40.029> returns 00:16:40.350 --> 00:16:40.360 align:start position:0% these virtual workers and so the returns 00:16:40.360 --> 00:16:42.150 align:start position:0% these virtual workers and so the returns are<00:16:40.569> gonna<00:16:40.690> be<00:16:40.870> positively<00:16:41.529> correlated<00:16:41.980> with 00:16:42.150 --> 00:16:42.160 align:start position:0% are gonna be positively correlated with 00:16:42.160 --> 00:16:47.370 align:start position:0% are gonna be positively correlated with that<00:16:42.190> and<00:16:42.490> so<00:16:42.970> it's<00:16:43.930> hard<00:16:44.110> to<00:16:44.199> say<00:16:44.380> exactly<00:16:46.380> so 00:16:47.370 --> 00:16:47.380 align:start position:0% that and so it's hard to say exactly so 00:16:47.380 --> 00:16:49.170 align:start position:0% that and so it's hard to say exactly so you<00:16:47.949> know<00:16:48.040> moving<00:16:48.220> forward<00:16:48.639> you<00:16:48.790> can<00:16:48.940> imagine 00:16:49.170 --> 00:16:49.180 align:start position:0% you know moving forward you can imagine 00:16:49.180 --> 00:16:51.240 align:start position:0% you know moving forward you can imagine rather<00:16:49.899> than<00:16:50.139> having<00:16:50.470> you<00:16:50.680> know<00:16:50.740> individual 00:16:51.240 --> 00:16:51.250 align:start position:0% rather than having you know individual 00:16:51.250 --> 00:16:53.610 align:start position:0% rather than having you know individual users<00:16:51.610> plugging<00:16:52.089> in<00:16:52.240> as<00:16:52.420> capitalists<00:16:53.350> or<00:16:53.529> an 00:16:53.610 --> 00:16:53.620 align:start position:0% users plugging in as capitalists or an 00:16:53.620 --> 00:16:55.620 align:start position:0% users plugging in as capitalists or an operator<00:16:53.949> instead<00:16:54.610> having<00:16:54.850> smart<00:16:55.180> contracts 00:16:55.620 --> 00:16:55.630 align:start position:0% operator instead having smart contracts 00:16:55.630 --> 00:16:57.180 align:start position:0% operator instead having smart contracts plugging<00:16:55.990> in<00:16:56.110> you<00:16:56.529> know<00:16:56.620> in<00:16:56.709> the<00:16:56.800> case<00:16:56.949> of 00:16:57.180 --> 00:16:57.190 align:start position:0% plugging in you know in the case of 00:16:57.190 --> 00:16:59.129 align:start position:0% plugging in you know in the case of multiple<00:16:57.760> capitalists<00:16:58.329> plugging<00:16:58.720> in<00:16:58.839> via 00:16:59.129 --> 00:16:59.139 align:start position:0% multiple capitalists plugging in via 00:16:59.139 --> 00:17:01.860 align:start position:0% multiple capitalists plugging in via smart<00:16:59.470> contract<00:16:59.920> we<00:17:00.370> term<00:17:00.610> that<00:17:00.819> a<00:17:01.120> fun<00:17:01.690> pool 00:17:01.860 --> 00:17:01.870 align:start position:0% smart contract we term that a fun pool 00:17:01.870 --> 00:17:04.230 align:start position:0% smart contract we term that a fun pool and<00:17:02.170> you<00:17:02.860> could<00:17:02.980> further<00:17:03.220> imagine<00:17:03.490> these<00:17:04.000> fun 00:17:04.230 --> 00:17:04.240 align:start position:0% and you could further imagine these fun 00:17:04.240 --> 00:17:07.350 align:start position:0% and you could further imagine these fun pools<00:17:04.540> tokenizing<00:17:05.199> participation<00:17:06.179> in<00:17:07.179> other 00:17:07.350 --> 00:17:07.360 align:start position:0% pools tokenizing participation in other 00:17:07.360 --> 00:17:09.329 align:start position:0% pools tokenizing participation in other words<00:17:07.600> issuing<00:17:08.079> shares<00:17:08.110> which<00:17:08.919> then<00:17:09.130> the 00:17:09.329 --> 00:17:09.339 align:start position:0% words issuing shares which then the 00:17:09.339 --> 00:17:11.100 align:start position:0% words issuing shares which then the participants<00:17:09.669> can<00:17:10.120> go<00:17:10.390> to<00:17:10.449> exchanges<00:17:10.990> on 00:17:11.100 --> 00:17:11.110 align:start position:0% participants can go to exchanges on 00:17:11.110 --> 00:17:12.929 align:start position:0% participants can go to exchanges on making<00:17:11.799> it<00:17:11.890> even<00:17:11.980> easier<00:17:12.220> for<00:17:12.400> people<00:17:12.610> to 00:17:12.929 --> 00:17:12.939 align:start position:0% making it even easier for people to 00:17:12.939 --> 00:17:17.370 align:start position:0% making it even easier for people to start<00:17:13.360> interacting<00:17:13.659> with<00:17:14.049> the<00:17:14.110> system<00:17:16.380> and 00:17:17.370 --> 00:17:17.380 align:start position:0% start interacting with the system and 00:17:17.380 --> 00:17:20.039 align:start position:0% start interacting with the system and finally<00:17:18.250> with<00:17:18.790> what<00:17:18.939> we're<00:17:19.059> building<00:17:19.390> with 00:17:20.039 --> 00:17:20.049 align:start position:0% finally with what we're building with 00:17:20.049 --> 00:17:22.799 align:start position:0% finally with what we're building with the<00:17:20.140> one<00:17:20.260> protocol<00:17:20.970> we<00:17:21.970> see<00:17:22.150> that<00:17:22.360> right<00:17:22.630> now 00:17:22.799 --> 00:17:22.809 align:start position:0% the one protocol we see that right now 00:17:22.809 --> 00:17:24.210 align:start position:0% the one protocol we see that right now there's<00:17:23.020> a<00:17:23.079> lot<00:17:23.230> of<00:17:23.350> idle<00:17:23.470> capital<00:17:23.890> out<00:17:23.980> there 00:17:24.210 --> 00:17:24.220 align:start position:0% there's a lot of idle capital out there 00:17:24.220 --> 00:17:26.429 align:start position:0% there's a lot of idle capital out there tons<00:17:24.699> of<00:17:24.880> people<00:17:25.000> have<00:17:25.240> you<00:17:25.600> know<00:17:25.689> millions<00:17:26.169> if 00:17:26.429 --> 00:17:26.439 align:start position:0% tons of people have you know millions if 00:17:26.439 --> 00:17:28.020 align:start position:0% tons of people have you know millions if not<00:17:26.500> billions<00:17:26.799> of<00:17:26.980> dollars<00:17:27.250> in<00:17:27.400> cold<00:17:27.610> storage 00:17:28.020 --> 00:17:28.030 align:start position:0% not billions of dollars in cold storage 00:17:28.030 --> 00:17:30.510 align:start position:0% not billions of dollars in cold storage and<00:17:28.270> ether<00:17:28.569> and<00:17:28.929> whether<00:17:29.799> or<00:17:29.950> not<00:17:29.980> it's<00:17:30.250> you 00:17:30.510 --> 00:17:30.520 align:start position:0% and ether and whether or not it's you 00:17:30.520 --> 00:17:32.280 align:start position:0% and ether and whether or not it's you know<00:17:30.640> your<00:17:30.850> ether<00:17:31.120> and<00:17:31.240> coal<00:17:31.390> storage<00:17:31.630> or<00:17:32.020> your 00:17:32.280 --> 00:17:32.290 align:start position:0% know your ether and coal storage or your 00:17:32.290 --> 00:17:32.910 align:start position:0% know your ether and coal storage or your old 00:17:32.910 --> 00:17:32.920 align:start position:0% old 00:17:32.920 --> 00:17:34.740 align:start position:0% old smartphone<00:17:33.280> in<00:17:33.520> the<00:17:33.880> drawer<00:17:34.510> that<00:17:34.660> you 00:17:34.740 --> 00:17:34.750 align:start position:0% smartphone in the drawer that you 00:17:34.750 --> 00:17:37.890 align:start position:0% smartphone in the drawer that you haven't<00:17:35.020> seen<00:17:35.500> in<00:17:35.710> years<00:17:35.890> we<00:17:36.490> think<00:17:36.760> that<00:17:36.940> if 00:17:37.890 --> 00:17:37.900 align:start position:0% haven't seen in years we think that if 00:17:37.900 --> 00:17:39.900 align:start position:0% haven't seen in years we think that if there's<00:17:38.140> an<00:17:38.290> easy<00:17:38.500> seamless<00:17:39.010> way<00:17:39.370> for<00:17:39.640> people 00:17:39.900 --> 00:17:39.910 align:start position:0% there's an easy seamless way for people 00:17:39.910 --> 00:17:41.520 align:start position:0% there's an easy seamless way for people to<00:17:40.030> start<00:17:40.210> getting<00:17:40.660> returns<00:17:40.990> on<00:17:41.170> that<00:17:41.320> capital 00:17:41.520 --> 00:17:41.530 align:start position:0% to start getting returns on that capital 00:17:41.530 --> 00:17:43.580 align:start position:0% to start getting returns on that capital by<00:17:41.890> plugging<00:17:42.130> into<00:17:42.400> the<00:17:42.640> digital<00:17:42.820> ecosystem 00:17:43.580 --> 00:17:43.590 align:start position:0% by plugging into the digital ecosystem 00:17:43.590 --> 00:17:45.450 align:start position:0% by plugging into the digital ecosystem that<00:17:44.590> could<00:17:44.800> make<00:17:44.950> the<00:17:45.100> whole<00:17:45.130> digital 00:17:45.450 --> 00:17:45.460 align:start position:0% that could make the whole digital 00:17:45.460 --> 00:17:48.510 align:start position:0% that could make the whole digital economy<00:17:45.940> a<00:17:45.970> lot<00:17:46.060> faster<00:17:46.480> so<00:17:47.310> thank<00:17:48.310> you<00:17:48.400> guys 00:17:48.510 --> 00:17:48.520 align:start position:0% economy a lot faster so thank you guys 00:17:48.520 --> 00:17:49.860 align:start position:0% economy a lot faster so thank you guys so<00:17:48.670> much<00:17:48.820> for<00:17:48.880> your<00:17:49.090> attention<00:17:49.330> so<00:17:49.720> we're 00:17:49.860 --> 00:17:49.870 align:start position:0% so much for your attention so we're 00:17:49.870 --> 00:17:51.000 align:start position:0% so much for your attention so we're currently<00:17:49.930> hiring<00:17:50.440> so<00:17:50.560> feel<00:17:50.740> free<00:17:50.770> to<00:17:50.890> reach 00:17:51.000 --> 00:17:51.010 align:start position:0% currently hiring so feel free to reach 00:17:51.010 --> 00:17:52.470 align:start position:0% currently hiring so feel free to reach out<00:17:51.250> and<00:17:51.490> if<00:17:51.880> you<00:17:51.970> guys<00:17:52.060> have<00:17:52.210> any<00:17:52.360> questions 00:17:52.470 --> 00:17:52.480 align:start position:0% out and if you guys have any questions 00:17:52.480 --> 00:17:54.000 align:start position:0% out and if you guys have any questions you<00:17:52.930> know<00:17:53.020> feel<00:17:53.050> free<00:17:53.410> to<00:17:53.440> reach<00:17:53.620> out<00:17:53.770> to<00:17:53.920> us 00:17:54.000 --> 00:17:54.010 align:start position:0% you know feel free to reach out to us 00:17:54.010 --> 00:17:55.930 align:start position:0% you know feel free to reach out to us via<00:17:54.160> our<00:17:54.220> website<00:17:54.490> thank<00:17:54.970> you 00:17:55.930 --> 00:17:55.940 align:start position:0% via our website thank you 00:17:55.940 --> 00:18:05.380 align:start position:0% via our website thank you [Applause] 00:18:05.380 --> 00:18:05.390 align:start position:0% 00:18:05.390 --> 00:18:12.969 align:start position:0% [Music]