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uh<00:00:00.599><c> slides</c><00:00:01.040><c> prepared</c><00:00:01.400><c> for</c><00:00:01.599><c> this</c><00:00:01.760><c> event</c><00:00:02.320><c> but</c><00:00:02.639><c> I</c>

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uh slides prepared for this event but I
 

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uh slides prepared for this event but I
have<00:00:03.520><c> some</c><00:00:03.879><c> from</c><00:00:04.120><c> a</c><00:00:04.319><c> past</c><00:00:04.560><c> talk</c><00:00:04.839><c> that</c><00:00:04.960><c> I</c><00:00:05.040><c> can</c>

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have some from a past talk that I can
 

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have some from a past talk that I can
use<00:00:05.359><c> to</c><00:00:05.480><c> kind</c><00:00:05.560><c> of</c><00:00:05.680><c> kick</c><00:00:05.839><c> off</c><00:00:06.000><c> the</c><00:00:06.120><c> discussion</c>

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use to kind of kick off the discussion
 

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use to kind of kick off the discussion
and<00:00:06.799><c> I</c><00:00:06.879><c> think</c><00:00:07.120><c> that's</c><00:00:07.319><c> more</c><00:00:07.520><c> the</c><00:00:07.640><c> framing</c><00:00:08.040><c> is</c>

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and I think that's more the framing is
 

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and I think that's more the framing is
just<00:00:08.280><c> to</c><00:00:08.440><c> have</c><00:00:08.639><c> like</c><00:00:08.760><c> a</c><00:00:08.960><c> conversation</c><00:00:09.400><c> with</c>

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just to have like a conversation with
 

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just to have like a conversation with
the<00:00:09.639><c> people</c><00:00:09.840><c> here</c><00:00:09.920><c> in</c><00:00:10.080><c> this</c><00:00:10.440><c> room</c><00:00:11.440><c> uh</c><00:00:11.559><c> but</c><00:00:11.679><c> yeah</c>

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the people here in this room uh but yeah
 

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the people here in this room uh but yeah
I<00:00:11.880><c> can</c><00:00:12.080><c> like</c><00:00:12.200><c> tell</c><00:00:12.360><c> you</c><00:00:12.480><c> a</c><00:00:12.559><c> bit</c><00:00:12.759><c> about</c><00:00:13.040><c> like</c><00:00:13.200><c> the</c>

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I can like tell you a bit about like the
 

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I can like tell you a bit about like the
state<00:00:13.480><c> of</c><00:00:13.639><c> things</c><00:00:13.920><c> now</c><00:00:14.120><c> in</c><00:00:14.240><c> ethereum</c><00:00:14.679><c> with</c><00:00:14.839><c> my</c>

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state of things now in ethereum with my
 

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state of things now in ethereum with my
Boost<00:00:15.599><c> and</c><00:00:15.759><c> PBS</c><00:00:16.320><c> and</c><00:00:16.480><c> things</c><00:00:16.680><c> like</c><00:00:17.119><c> that</c><00:00:18.119><c> and</c>

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Boost and PBS and things like that and
 

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Boost and PBS and things like that and
uh<00:00:18.760><c> yeah</c><00:00:18.960><c> then</c><00:00:19.119><c> maybe</c><00:00:19.320><c> that</c><00:00:19.400><c> will</c><00:00:19.520><c> seat</c><00:00:19.800><c> off</c>

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uh yeah then maybe that will seat off
 

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uh yeah then maybe that will seat off
the<00:00:20.359><c> conversation</c><00:00:21.160><c> and</c><00:00:21.439><c> we</c><00:00:21.519><c> can</c><00:00:21.720><c> go</c><00:00:21.880><c> from</c>

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the conversation and we can go from
 

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the conversation and we can go from
there

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there
 

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there
so<00:00:25.320><c> yeah</c><00:00:25.960><c> I</c><00:00:26.160><c> guess</c><00:00:26.599><c> uh</c><00:00:26.880><c> one</c><00:00:27.119><c> question</c><00:00:27.359><c> is</c><00:00:27.519><c> just</c>

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so yeah I guess uh one question is just
 

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so yeah I guess uh one question is just
like<00:00:27.960><c> has</c><00:00:28.119><c> everyone</c><00:00:28.599><c> here</c><00:00:28.920><c> heard</c><00:00:29.119><c> of</c><00:00:29.240><c> Med</c>

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like has everyone here heard of Med
 

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like has everyone here heard of Med
boost

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boost
 

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boost
does<00:00:30.800><c> this</c><00:00:30.960><c> mean</c>

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does this mean
 

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does this mean
anything<00:00:34.079><c> yeah</c><00:00:34.440><c> okay</c><00:00:34.600><c> there's</c><00:00:34.760><c> like</c><00:00:35.040><c> maybe</c><00:00:35.200><c> a</c>

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anything yeah okay there's like maybe a
 

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anything yeah okay there's like maybe a
few<00:00:35.440><c> nods</c><00:00:36.360><c> so</c><00:00:36.640><c> anyway</c><00:00:37.640><c> uh</c><00:00:37.800><c> maybe</c><00:00:38.040><c> I'll</c><00:00:38.160><c> just</c>

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few nods so anyway uh maybe I'll just
 

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few nods so anyway uh maybe I'll just
start<00:00:38.440><c> from</c><00:00:38.600><c> the</c><00:00:38.719><c> beginning</c><00:00:38.960><c> and</c><00:00:39.079><c> end</c>

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start from the beginning and end
 

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start from the beginning and end
so<00:00:41.399><c> we</c><00:00:41.520><c> have</c><00:00:41.640><c> ethereum</c><00:00:42.360><c> we</c><00:00:42.520><c> all</c><00:00:42.879><c> we</c><00:00:43.000><c> all</c><00:00:43.120><c> know</c>

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so we have ethereum we all we all know
 

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so we have ethereum we all we all know
and<00:00:43.399><c> love</c><00:00:43.559><c> ethereum</c><00:00:44.280><c> and</c><00:00:44.440><c> ethereum</c><00:00:44.800><c> is</c><00:00:44.879><c> cool</c>

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and love ethereum and ethereum is cool
 

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and love ethereum and ethereum is cool
because<00:00:45.160><c> it</c><00:00:45.200><c> let</c><00:00:45.360><c> you</c><00:00:45.440><c> send</c><00:00:45.640><c> transactions</c>

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because it let you send transactions
 

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because it let you send transactions
which<00:00:46.360><c> can</c><00:00:46.520><c> do</c><00:00:46.640><c> all</c><00:00:46.760><c> sorts</c><00:00:46.960><c> of</c><00:00:47.160><c> types</c><00:00:47.360><c> of</c>

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which can do all sorts of types of
 

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which can do all sorts of types of
things<00:00:47.719><c> with</c><00:00:47.840><c> all</c><00:00:48.000><c> these</c><00:00:48.120><c> decentralized</c>

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things with all these decentralized
 

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things with all these decentralized
applications<00:00:50.079><c> it</c><00:00:50.199><c> turns</c><00:00:50.480><c> out</c><00:00:50.840><c> that</c><00:00:51.760><c> uh</c><00:00:51.920><c> you</c>

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applications it turns out that uh you
 

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applications it turns out that uh you
can<00:00:52.760><c> basically</c><00:00:53.760><c> uh</c><00:00:54.320><c> you</c><00:00:54.480><c> know</c><00:00:55.399><c> craft</c><00:00:56.280><c> the</c>

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can basically uh you know craft the
 

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can basically uh you know craft the
blocks<00:00:56.840><c> of</c><00:00:57.000><c> ethereum</c><00:00:57.520><c> in</c><00:00:57.640><c> a</c><00:00:57.760><c> certain</c><00:00:58.239><c> way</c><00:00:59.239><c> and</c>

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blocks of ethereum in a certain way and
 

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blocks of ethereum in a certain way and
and<00:01:00.039><c> a</c><00:01:00.160><c> certain</c><00:01:00.440><c> way</c><00:01:00.760><c> it</c><00:01:00.840><c> turns</c><00:01:01.120><c> out</c><00:01:01.359><c> that</c><00:01:01.559><c> like</c>

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and a certain way it turns out that like
 

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and a certain way it turns out that like
a<00:01:01.920><c> builder</c><00:01:02.160><c> of</c><00:01:02.280><c> the</c><00:01:02.399><c> block</c><00:01:02.640><c> can</c><00:01:02.840><c> get</c><00:01:03.039><c> more</c><00:01:03.760><c> uh</c>

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a builder of the block can get more uh
 

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a builder of the block can get more uh
you<00:01:04.080><c> know</c><00:01:04.239><c> revenue</c><00:01:04.559><c> or</c><00:01:04.799><c> profit</c><00:01:05.320><c> compared</c><00:01:05.680><c> to</c>

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you know revenue or profit compared to
 

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you know revenue or profit compared to
other<00:01:06.040><c> ways</c><00:01:07.000><c> we</c><00:01:07.119><c> generally</c><00:01:07.479><c> call</c><00:01:07.680><c> this</c><00:01:07.799><c> thing</c>

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other ways we generally call this thing
 

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other ways we generally call this thing
M<00:01:09.320><c> and</c><00:01:09.520><c> point</c><00:01:09.759><c> being</c><00:01:10.119><c> is</c><00:01:10.360><c> this</c><00:01:10.600><c> poses</c><00:01:10.960><c> a</c>

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M and point being is this poses a
 

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M and point being is this poses a
concern<00:01:11.560><c> for</c><00:01:11.920><c> the</c><00:01:12.080><c> protocol</c><00:01:12.880><c> because</c><00:01:13.880><c> um</c><00:01:14.640><c> yeah</c>

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concern for the protocol because um yeah
 

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concern for the protocol because um yeah
essentially<00:01:15.119><c> if</c><00:01:15.240><c> you're</c><00:01:15.439><c> better</c><00:01:15.640><c> at</c><00:01:15.759><c> M</c>

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essentially if you're better at M
 

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essentially if you're better at M
extraction<00:01:16.680><c> than</c><00:01:16.799><c> someone</c><00:01:17.080><c> else</c><00:01:17.640><c> then</c><00:01:18.040><c> you</c>

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extraction than someone else then you
 

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extraction than someone else then you
now<00:01:18.400><c> kind</c><00:01:18.520><c> of</c><00:01:18.640><c> have</c><00:01:18.759><c> this</c><00:01:18.880><c> flywheel</c><00:01:19.439><c> where</c><00:01:19.560><c> you</c>

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now kind of have this flywheel where you
 

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now kind of have this flywheel where you
can<00:01:19.799><c> reinvest</c><00:01:20.240><c> in</c><00:01:20.400><c> your</c><00:01:20.640><c> operations</c><00:01:21.159><c> and</c><00:01:21.280><c> you</c>

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can reinvest in your operations and you
 

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can reinvest in your operations and you
just<00:01:21.520><c> get</c><00:01:21.640><c> bigger</c><00:01:21.880><c> and</c><00:01:22.159><c> bigger</c><00:01:23.159><c> uh</c><00:01:23.280><c> what</c><00:01:23.400><c> this</c>

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just get bigger and bigger uh what this
 

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just get bigger and bigger uh what this
could<00:01:23.720><c> even</c><00:01:23.960><c> look</c><00:01:24.079><c> like</c><00:01:24.280><c> right</c><00:01:24.400><c> now</c><00:01:24.560><c> is</c>

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could even look like right now is
 

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could even look like right now is
offering<00:01:25.000><c> better</c><00:01:25.320><c> returns</c><00:01:25.520><c> to</c><00:01:25.720><c> validators</c>

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offering better returns to validators
 

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offering better returns to validators
and<00:01:26.439><c> then</c><00:01:26.560><c> you</c><00:01:26.640><c> have</c><00:01:26.759><c> this</c><00:01:26.880><c> flywheel</c><00:01:27.400><c> where</c>

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and then you have this flywheel where
 

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and then you have this flywheel where
like<00:01:27.720><c> all</c><00:01:27.840><c> the</c><00:01:27.960><c> STI</c><00:01:28.280><c> ends</c><00:01:28.479><c> up</c><00:01:28.640><c> with</c><00:01:28.759><c> you</c><00:01:28.960><c> and</c>

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like all the STI ends up with you and
 

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like all the STI ends up with you and
ethereum<00:01:29.439><c> is</c><00:01:29.520><c> no</c><00:01:29.600><c> longer</c><00:01:30.360><c> centralized</c><00:01:31.360><c> so</c>

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ethereum is no longer centralized so
 

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ethereum is no longer centralized so
this<00:01:31.600><c> is</c><00:01:31.759><c> very</c><00:01:32.000><c> bad</c><00:01:32.759><c> and</c><00:01:33.320><c> you</c><00:01:33.439><c> know</c><00:01:33.600><c> I</c><00:01:33.680><c> think</c>

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this is very bad and you know I think
 

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this is very bad and you know I think
the<00:01:33.880><c> way</c><00:01:34.000><c> we</c><00:01:34.079><c> generally</c><00:01:34.360><c> think</c><00:01:34.520><c> about</c><00:01:34.799><c> this</c><00:01:35.680><c> uh</c>

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the way we generally think about this uh
 

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the way we generally think about this uh
in<00:01:36.240><c> terms</c><00:01:36.520><c> of</c><00:01:36.759><c> at</c><00:01:36.880><c> least</c><00:01:37.040><c> protocol</c><00:01:37.439><c> research</c>

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in terms of at least protocol research
 

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in terms of at least protocol research
is<00:01:38.399><c> with</c><00:01:38.799><c> PBS</c><00:01:39.799><c> PBS</c><00:01:40.320><c> here</c><00:01:40.520><c> is</c><00:01:40.759><c> proposer</c><00:01:41.360><c> Builder</c>

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is with PBS PBS here is proposer Builder
 

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is with PBS PBS here is proposer Builder
separation<00:01:43.000><c> and</c><00:01:43.119><c> it's</c><00:01:43.280><c> thinking</c><00:01:43.479><c> about</c><00:01:43.680><c> ways</c>

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separation and it's thinking about ways
 

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separation and it's thinking about ways
to<00:01:44.079><c> separate</c><00:01:44.479><c> off</c><00:01:44.880><c> this</c><00:01:45.079><c> building</c><00:01:45.399><c> role</c><00:01:45.640><c> of</c>

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to separate off this building role of
 

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to separate off this building role of
these<00:01:45.960><c> like</c><00:01:46.119><c> very</c><00:01:46.280><c> valuable</c><00:01:46.759><c> execution</c>

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these like very valuable execution
 

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these like very valuable execution
payloads<00:01:48.200><c> uh</c><00:01:48.280><c> in</c><00:01:48.399><c> the</c><00:01:48.520><c> protocol</c><00:01:49.200><c> from</c><00:01:49.479><c> these</c>

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payloads uh in the protocol from these
 

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payloads uh in the protocol from these
validators<00:01:50.320><c> right</c><00:01:50.479><c> so</c><00:01:50.799><c> what</c><00:01:50.920><c> you</c><00:01:51.200><c> could</c>

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validators right so what you could
 

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validators right so what you could
imagine<00:01:51.759><c> is</c><00:01:51.880><c> there's</c><00:01:52.119><c> this</c><00:01:52.360><c> like</c><00:01:53.119><c> very</c><00:01:53.759><c> uh</c>

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imagine is there's this like very uh
 

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imagine is there's this like very uh
even<00:01:54.240><c> light</c><00:01:54.439><c> layer</c><00:01:54.719><c> of</c><00:01:54.880><c> validators</c><00:01:55.680><c> that</c><00:01:55.840><c> are</c>

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even light layer of validators that are
 

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even light layer of validators that are
again<00:01:56.680><c> sort</c><00:01:56.840><c> of</c><00:01:56.920><c> attesting</c><00:01:57.280><c> to</c><00:01:57.360><c> the</c><00:01:57.439><c> validity</c>

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again sort of attesting to the validity
 

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again sort of attesting to the validity
of<00:01:57.799><c> the</c><00:01:57.880><c> network</c><00:01:58.320><c> but</c><00:01:58.439><c> then</c><00:01:58.560><c> you</c><00:01:58.880><c> entirely</c>

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of the network but then you entirely
 

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of the network but then you entirely
fire<00:01:59.640><c> allall</c><00:01:59.960><c> off</c><00:02:00.079><c> these</c><00:02:00.240><c> concerns</c><00:02:00.920><c> of</c><00:02:01.880><c> uh</c>

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fire allall off these concerns of uh
 

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fire allall off these concerns of uh
this<00:02:02.159><c> me</c><00:02:02.719><c> stuff</c><00:02:03.719><c> and</c><00:02:04.079><c> the</c><00:02:04.200><c> point</c><00:02:04.439><c> here</c><00:02:04.560><c> is</c><00:02:04.680><c> that</c>

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this me stuff and the point here is that
 

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this me stuff and the point here is that
even<00:02:05.000><c> if</c><00:02:05.119><c> you</c><00:02:05.200><c> do</c><00:02:05.320><c> end</c><00:02:05.479><c> up</c><00:02:05.560><c> with</c><00:02:05.680><c> like</c><00:02:05.759><c> a</c><00:02:05.880><c> very</c>

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even if you do end up with like a very
 

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even if you do end up with like a very
centralized<00:02:06.719><c> Builder</c><00:02:07.200><c> or</c><00:02:07.360><c> block</c><00:02:07.560><c> Builder</c>

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centralized Builder or block Builder
 

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centralized Builder or block Builder
world<00:02:08.520><c> I</c><00:02:08.599><c> mean</c><00:02:08.759><c> even</c><00:02:08.920><c> nowadays</c><00:02:09.319><c> we</c><00:02:09.440><c> talk</c><00:02:09.599><c> about</c>

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world I mean even nowadays we talk about
 

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world I mean even nowadays we talk about
like<00:02:09.920><c> a</c><00:02:10.080><c> transaction</c><00:02:10.599><c> supply</c><00:02:10.920><c> chain</c><00:02:11.200><c> so</c><00:02:11.360><c> it's</c>

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like a transaction supply chain so it's
 

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like a transaction supply chain so it's
like<00:02:11.680><c> very</c><00:02:11.840><c> much</c><00:02:12.120><c> professionalizing</c><00:02:12.840><c> and</c>

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like very much professionalizing and
 

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like very much professionalizing and
like

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like
 

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like
operationalizing<00:02:15.200><c> uh</c><00:02:15.319><c> even</c><00:02:15.480><c> if</c><00:02:15.680><c> that</c><00:02:15.920><c> does</c>

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operationalizing uh even if that does
 

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operationalizing uh even if that does
you<00:02:16.720><c> know</c><00:02:17.120><c> become</c><00:02:17.400><c> more</c><00:02:17.560><c> centralized</c><00:02:18.080><c> than</c><00:02:18.200><c> we</c>

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you know become more centralized than we
 

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you know become more centralized than we
would<00:02:18.560><c> like</c><00:02:19.560><c> uh</c><00:02:19.640><c> you</c><00:02:19.760><c> still</c><00:02:20.000><c> have</c><00:02:20.200><c> this</c><00:02:20.360><c> like</c>

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would like uh you still have this like
 

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would like uh you still have this like
very<00:02:20.680><c> robust</c><00:02:21.040><c> Valor</c><00:02:21.480><c> set</c><00:02:21.760><c> that</c><00:02:21.920><c> attests</c><00:02:22.239><c> to</c>

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very robust Valor set that attests to
 

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very robust Valor set that attests to
like<00:02:22.519><c> the</c><00:02:22.640><c> truth</c><00:02:22.840><c> of</c><00:02:22.959><c> the</c>

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like the truth of the
 

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like the truth of the
chain

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chain
 

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chain
so<00:02:26.360><c> is</c><00:02:26.519><c> there</c><00:02:26.640><c> a</c>

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so is there a
 

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so is there a
question<00:02:28.879><c> oh</c><00:02:29.080><c> sorry</c>

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uh<00:02:32.319><c> I'll</c><00:02:32.480><c> keep</c><00:02:32.680><c> going</c>

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uh I'll keep going
 

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uh I'll keep going
so<00:02:34.599><c> what</c><00:02:34.720><c> else</c><00:02:34.920><c> is</c><00:02:35.080><c> there</c><00:02:35.239><c> to</c><00:02:35.560><c> say</c><00:02:35.959><c> so</c><00:02:36.200><c> PBS</c>

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so what else is there to say so PBS
 

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so what else is there to say so PBS
right<00:02:37.319><c> I</c><00:02:37.400><c> guess</c><00:02:37.519><c> from</c><00:02:37.640><c> PBS</c><00:02:38.120><c> then</c><00:02:38.280><c> there's</c><00:02:38.440><c> a</c>

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right I guess from PBS then there's a
 

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right I guess from PBS then there's a
question

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question
 

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question
of<00:02:40.959><c> I</c><00:02:41.080><c> just</c><00:02:41.239><c> killed</c><00:02:41.800><c> it</c><00:02:42.800><c> what</c><00:02:43.000><c> happened</c><00:02:44.000><c> oh</c><00:02:44.159><c> my</c>

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of I just killed it what happened oh my
 

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of I just killed it what happened oh my
computer<00:02:44.519><c> went</c><00:02:44.640><c> to</c><00:02:44.760><c> sleep</c><00:02:45.040><c> sorry</c><00:02:45.760><c> so</c><00:02:45.959><c> from</c><00:02:46.080><c> BBS</c>

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computer went to sleep sorry so from BBS
 

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computer went to sleep sorry so from BBS
there's<00:02:46.560><c> a</c><00:02:46.720><c> question</c><00:02:47.080><c> of</c><00:02:47.440><c> you</c><00:02:47.519><c> know</c><00:02:47.720><c> how</c><00:02:47.800><c> would</c>

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there's a question of you know how would
 

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there's a question of you know how would
you<00:02:48.080><c> actually</c><00:02:48.280><c> implement</c><00:02:48.720><c> this</c><00:02:49.400><c> and</c><00:02:49.800><c> there's</c>

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you actually implement this and there's
 

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you actually implement this and there's
a<00:02:50.040><c> lot</c><00:02:50.159><c> of</c><00:02:50.239><c> ways</c><00:02:50.400><c> to</c><00:02:50.519><c> think</c><00:02:50.640><c> about</c><00:02:50.800><c> it</c><00:02:50.920><c> you</c><00:02:51.000><c> can</c>

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a lot of ways to think about it you can
 

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a lot of ways to think about it you can
either<00:02:51.280><c> do</c><00:02:51.440><c> it</c><00:02:51.840><c> you</c><00:02:51.920><c> know</c><00:02:52.080><c> I</c><00:02:52.200><c> guess</c><00:02:52.519><c> like</c><00:02:52.680><c> one</c>

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either do it you know I guess like one
 

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either do it you know I guess like one
high<00:02:53.120><c> decision</c><00:02:53.440><c> point</c><00:02:53.640><c> is</c><00:02:53.800><c> like</c><00:02:54.040><c> is</c><00:02:54.159><c> your</c><00:02:54.319><c> PBS</c>

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high decision point is like is your PBS
 

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high decision point is like is your PBS
onchain<00:02:55.239><c> or</c><00:02:55.440><c> offchain</c><00:02:56.440><c> and</c><00:02:56.560><c> we'll</c><00:02:56.760><c> talk</c><00:02:56.920><c> about</c>

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onchain or offchain and we'll talk about
 

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onchain or offchain and we'll talk about
onchain<00:02:57.560><c> flavors</c><00:02:57.920><c> in</c><00:02:58.000><c> a</c><00:02:58.200><c> bit</c><00:02:59.159><c> but</c><00:02:59.400><c> given</c><00:02:59.720><c> that</c>

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onchain flavors in a bit but given that
 

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onchain flavors in a bit but given that
that<00:03:00.159><c> you</c><00:03:00.319><c> know</c><00:03:01.360><c> um</c><00:03:02.360><c> like</c><00:03:02.440><c> an</c><00:03:02.599><c> onchain</c><00:03:03.159><c> setting</c>

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that you know um like an onchain setting
 

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that you know um like an onchain setting
would<00:03:03.680><c> be</c><00:03:03.760><c> a</c><00:03:03.840><c> protocol</c><00:03:04.200><c> change</c><00:03:04.440><c> it's</c><00:03:04.599><c> probably</c>

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would be a protocol change it's probably
 

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would be a protocol change it's probably
going<00:03:04.879><c> to</c><00:03:05.000><c> take</c><00:03:05.159><c> a</c><00:03:05.280><c> while</c><00:03:05.599><c> to</c><00:03:05.760><c> even</c><00:03:06.040><c> come</c><00:03:06.200><c> to</c><00:03:06.360><c> an</c>

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going to take a while to even come to an
 

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going to take a while to even come to an
agreement<00:03:06.879><c> around</c><00:03:07.159><c> what</c><00:03:07.319><c> the</c><00:03:07.400><c> best</c><00:03:07.560><c> way</c><00:03:07.640><c> to</c><00:03:07.799><c> do</c>

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agreement around what the best way to do
 

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agreement around what the best way to do
this<00:03:08.720><c> and</c><00:03:08.879><c> even</c><00:03:09.120><c> right</c><00:03:09.280><c> now</c><00:03:09.640><c> maybe</c><00:03:09.840><c> I'll</c><00:03:10.000><c> talk</c>

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this and even right now maybe I'll talk
 

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this and even right now maybe I'll talk
about<00:03:10.319><c> this</c><00:03:10.440><c> in</c><00:03:10.519><c> a</c><00:03:10.640><c> little</c><00:03:10.799><c> bit</c><00:03:10.959><c> but</c><00:03:11.080><c> even</c>

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about this in a little bit but even
 

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about this in a little bit but even
right<00:03:11.440><c> now</c><00:03:11.599><c> there's</c><00:03:11.840><c> still</c><00:03:12.120><c> like</c><00:03:12.560><c> big</c><00:03:12.760><c> open</c>

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right now there's still like big open
 

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right now there's still like big open
questions<00:03:13.720><c> around</c><00:03:14.720><c> uh</c><00:03:14.879><c> the</c><00:03:15.040><c> best</c><00:03:15.239><c> way</c><00:03:15.400><c> to</c><00:03:15.560><c> do</c>

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questions around uh the best way to do
 

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questions around uh the best way to do
PBS<00:03:16.360><c> in</c><00:03:16.480><c> the</c><00:03:16.840><c> protocol</c><00:03:17.840><c> so</c><00:03:18.040><c> what</c><00:03:18.200><c> can</c><00:03:18.280><c> we</c><00:03:18.400><c> do</c>

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PBS in the protocol so what can we do
 

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PBS in the protocol so what can we do
well<00:03:18.840><c> in</c><00:03:18.920><c> the</c><00:03:19.040><c> meantime</c><00:03:19.720><c> we</c><00:03:19.840><c> can</c><00:03:20.120><c> essentially</c>

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well in the meantime we can essentially
 

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well in the meantime we can essentially
do<00:03:20.680><c> PBS</c><00:03:21.120><c> offchain</c><00:03:22.080><c> and</c><00:03:22.319><c> the</c><00:03:22.480><c> implementation</c>

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do PBS offchain and the implementation
 

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do PBS offchain and the implementation
we<00:03:23.280><c> have</c><00:03:23.720><c> that</c><00:03:24.400><c> uh</c><00:03:24.560><c> has</c><00:03:24.680><c> the</c><00:03:24.799><c> most</c><00:03:25.000><c> adoption</c><00:03:25.360><c> at</c>

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we have that uh has the most adoption at
 

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we have that uh has the most adoption at
this<00:03:25.599><c> point</c><00:03:25.760><c> in</c><00:03:25.959><c> time</c><00:03:26.280><c> is</c><00:03:26.440><c> M</c><00:03:27.000><c> boost</c><00:03:28.000><c> and</c><00:03:28.159><c> I</c>

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this point in time is M boost and I
 

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this point in time is M boost and I
think<00:03:28.519><c> that'll</c><00:03:28.720><c> team</c><00:03:28.959><c> me</c><00:03:29.120><c> up</c><00:03:29.400><c> for</c>

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think that'll team me up for
 

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think that'll team me up for
these<00:03:30.720><c> slides</c><00:03:31.519><c> so</c><00:03:32.400><c> the</c><00:03:32.519><c> way</c><00:03:32.640><c> you</c><00:03:32.720><c> can</c><00:03:32.840><c> think</c>

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these slides so the way you can think
 

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these slides so the way you can think
about<00:03:33.159><c> this</c><00:03:33.280><c> working</c><00:03:33.799><c> is</c><00:03:34.080><c> that</c><00:03:34.599><c> uh</c><00:03:34.680><c> it's</c>

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about this working is that uh it's
 

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about this working is that uh it's
almost<00:03:35.080><c> this</c><00:03:35.239><c> like</c><00:03:35.360><c> Grand</c><00:03:35.920><c> service</c><00:03:36.480><c> between</c>

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almost this like Grand service between
 

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almost this like Grand service between
again<00:03:37.040><c> Builders</c><00:03:37.360><c> and</c><00:03:37.680><c> proposers</c><00:03:38.680><c> so</c><00:03:38.920><c> these</c>

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again Builders and proposers so these
 

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again Builders and proposers so these
proposers<00:03:39.640><c> you</c><00:03:39.760><c> know</c><00:03:40.120><c> as</c><00:03:40.200><c> you</c><00:03:40.319><c> go</c><00:03:40.519><c> to</c><00:03:40.680><c> like</c>

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proposers you know as you go to like
 

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proposers you know as you go to like
validate<00:03:41.159><c> the</c><00:03:41.280><c> chain</c><00:03:42.159><c> uh</c><00:03:42.400><c> as</c><00:03:42.480><c> a</c><00:03:42.799><c> validator</c><00:03:43.439><c> you</c>

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validate the chain uh as a validator you
 

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validate the chain uh as a validator you
then<00:03:43.760><c> also</c><00:03:43.959><c> have</c><00:03:44.040><c> the</c><00:03:44.159><c> opportunity</c><00:03:44.640><c> every</c><00:03:44.840><c> so</c>

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then also have the opportunity every so
 

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then also have the opportunity every so
often<00:03:45.200><c> to</c><00:03:45.360><c> propose</c><00:03:45.599><c> a</c><00:03:45.760><c> block</c><00:03:46.200><c> this</c><00:03:46.319><c> is</c>

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often to propose a block this is
 

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often to propose a block this is
building<00:03:46.720><c> like</c><00:03:46.879><c> the</c><00:03:47.000><c> consistance</c><00:03:47.360><c> block</c><00:03:47.640><c> and</c>

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building like the consistance block and
 

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building like the consistance block and
then<00:03:47.879><c> also</c><00:03:48.040><c> this</c><00:03:48.200><c> execution</c><00:03:49.080><c> payload</c><00:03:50.080><c> and</c><00:03:50.439><c> now</c>

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then also this execution payload and now
 

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then also this execution payload and now
this<00:03:50.680><c> is</c><00:03:50.799><c> where</c><00:03:50.920><c> the</c><00:03:51.040><c> PBS</c><00:03:51.400><c> comes</c><00:03:51.560><c> in</c><00:03:51.760><c> is</c><00:03:51.920><c> you</c>

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this is where the PBS comes in is you
 

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this is where the PBS comes in is you
can<00:03:52.159><c> think</c><00:03:52.360><c> about</c><00:03:53.239><c> carving</c><00:03:53.599><c> off</c><00:03:54.239><c> the</c><00:03:54.480><c> task</c><00:03:55.000><c> of</c>

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can think about carving off the task of
 

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can think about carving off the task of
building<00:03:55.760><c> this</c><00:03:55.959><c> execution</c><00:03:56.360><c> payload</c><00:03:56.720><c> the</c>

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building this execution payload the
 

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building this execution payload the
execution<00:03:57.120><c> part</c><00:03:57.239><c> of</c><00:03:57.319><c> the</c><00:03:57.400><c> block</c><00:03:57.640><c> where</c><00:03:57.760><c> all</c>

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execution part of the block where all
 

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execution part of the block where all
this<00:03:58.079><c> like</c><00:03:58.200><c> jucm</c><00:03:58.959><c> is</c><00:03:59.599><c> um</c><00:03:59.879><c> and</c><00:03:59.959><c> handing</c><00:04:00.200><c> it</c><00:04:00.319><c> off</c>

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this like jucm is um and handing it off
 

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this like jucm is um and handing it off
to<00:04:00.599><c> like</c><00:04:00.720><c> someone</c><00:04:01.040><c> else</c><00:04:02.000><c> and</c><00:04:02.159><c> me</c><00:04:02.360><c> boost</c><00:04:02.599><c> again</c>

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to like someone else and me boost again
 

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to like someone else and me boost again
is<00:04:02.840><c> a</c><00:04:02.959><c> software</c><00:04:03.319><c> stack</c><00:04:03.599><c> and</c><00:04:03.720><c> a</c><00:04:03.840><c> protocol</c><00:04:04.280><c> that</c>

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is a software stack and a protocol that
 

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is a software stack and a protocol that
implements<00:04:05.159><c> this</c><00:04:06.159><c> and</c><00:04:06.400><c> one</c><00:04:06.560><c> way</c><00:04:06.680><c> to</c><00:04:06.799><c> think</c>

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implements this and one way to think
 

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implements this and one way to think
about<00:04:07.120><c> it</c><00:04:07.239><c> is</c><00:04:07.439><c> yeah</c><00:04:07.560><c> you</c><00:04:07.760><c> have</c><00:04:07.920><c> this</c><00:04:08.120><c> like</c><00:04:09.120><c> uh</c>

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about it is yeah you have this like uh
 

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about it is yeah you have this like uh
this<00:04:09.640><c> green</c><00:04:10.280><c> sort</c><00:04:10.480><c> of</c><00:04:10.640><c> rectangle</c><00:04:11.079><c> over</c><00:04:11.319><c> here</c>

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this green sort of rectangle over here
 

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this green sort of rectangle over here
is<00:04:11.799><c> like</c><00:04:11.959><c> the</c><00:04:12.159><c> execution</c><00:04:12.640><c> payload</c><00:04:13.200><c> the</c><00:04:13.319><c> gold</c>

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is like the execution payload the gold
 

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is like the execution payload the gold
is<00:04:13.720><c> meant</c><00:04:13.920><c> to</c><00:04:14.200><c> like</c><00:04:14.400><c> represent</c><00:04:14.720><c> the</c><00:04:14.799><c> M</c><00:04:15.239><c> around</c>

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is meant to like represent the M around
 

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is meant to like represent the M around
it<00:04:15.760><c> because</c><00:04:15.879><c> it's</c><00:04:16.079><c> like</c><00:04:16.239><c> this</c><00:04:16.440><c> nice</c><00:04:16.720><c> money</c>

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it because it's like this nice money
 

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it because it's like this nice money
Everyone<00:04:17.639><c> likes</c><00:04:17.799><c> to</c><00:04:17.919><c> fight</c><00:04:18.160><c> over</c><00:04:19.160><c> and</c><00:04:19.239><c> then</c>

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Everyone likes to fight over and then
 

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Everyone likes to fight over and then
you<00:04:19.479><c> have</c><00:04:19.639><c> this</c><00:04:19.759><c> Blue</c><00:04:20.000><c> Block</c><00:04:20.239><c> on</c><00:04:20.359><c> the</c><00:04:20.519><c> right</c>

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you have this Blue Block on the right
 

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you have this Blue Block on the right
and<00:04:21.000><c> this</c><00:04:21.160><c> is</c><00:04:21.440><c> the</c><00:04:21.680><c> consistence</c><00:04:22.199><c> block</c><00:04:23.160><c> um</c>

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and this is the consistence block um
 

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and this is the consistence block um
that<00:04:23.800><c> the</c><00:04:23.919><c> proposer</c><00:04:24.280><c> wants</c><00:04:24.520><c> to</c><00:04:25.000><c> you</c><00:04:25.120><c> know</c><00:04:25.400><c> send</c>

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that the proposer wants to you know send
 

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that the proposer wants to you know send
to<00:04:25.720><c> the</c><00:04:26.000><c> network</c><00:04:27.000><c> and</c><00:04:27.160><c> the</c><00:04:27.280><c> question</c><00:04:27.520><c> now</c><00:04:27.720><c> is</c>

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to the network and the question now is
 

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to the network and the question now is
like<00:04:28.199><c> how</c><00:04:28.400><c> do</c><00:04:28.560><c> you</c><00:04:28.759><c> have</c><00:04:29.000><c> like</c><00:04:29.240><c> this</c><00:04:29.560><c> uh</c><00:04:30.080><c> you</c>

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like how do you have like this uh you
 

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like how do you have like this uh you
know<00:04:30.400><c> secure</c><00:04:30.759><c> exchange</c><00:04:31.240><c> between</c><00:04:31.560><c> these</c><00:04:31.680><c> two</c>

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know secure exchange between these two
 

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know secure exchange between these two
parties<00:04:32.440><c> who</c><00:04:32.680><c> might</c><00:04:32.840><c> not</c><00:04:33.039><c> trust</c><00:04:33.320><c> each</c><00:04:33.440><c> other</c>

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parties who might not trust each other
 

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parties who might not trust each other
and<00:04:34.360><c> in</c><00:04:34.479><c> fact</c><00:04:34.680><c> we</c><00:04:34.759><c> don't</c><00:04:34.919><c> want</c><00:04:35.080><c> them</c><00:04:35.160><c> to</c><00:04:35.280><c> trust</c>

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and in fact we don't want them to trust
 

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and in fact we don't want them to trust
each<00:04:35.680><c> other</c>

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each other
 

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each other
uh<00:04:38.199><c> because</c><00:04:38.400><c> otherwise</c><00:04:38.759><c> again</c><00:04:38.880><c> you</c><00:04:39.000><c> kind</c><00:04:39.080><c> of</c>

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uh because otherwise again you kind of
 

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uh because otherwise again you kind of
fall<00:04:39.400><c> back</c><00:04:39.560><c> to</c><00:04:39.800><c> the</c><00:04:39.960><c> status</c><00:04:40.240><c> quo</c><00:04:40.440><c> I</c><00:04:40.520><c> was</c>

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fall back to the status quo I was
 

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fall back to the status quo I was
talking<00:04:40.880><c> or</c><00:04:40.960><c> not</c><00:04:41.080><c> the</c><00:04:41.199><c> status</c><00:04:41.440><c> quo</c><00:04:41.720><c> but</c><00:04:41.800><c> you</c>

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talking or not the status quo but you
 

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talking or not the status quo but you
know<00:04:42.000><c> a</c><00:04:42.120><c> failure</c><00:04:42.400><c> mode</c><00:04:42.720><c> that</c><00:04:43.400><c> I</c><00:04:43.479><c> was</c><00:04:43.560><c> talking</c>

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know a failure mode that I was talking
 

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know a failure mode that I was talking
about<00:04:43.880><c> a</c><00:04:43.960><c> minute</c><00:04:44.160><c> ago</c><00:04:44.479><c> where</c><00:04:44.840><c> you</c><00:04:45.000><c> have</c><00:04:45.160><c> like</c><00:04:45.280><c> a</c>

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about a minute ago where you have like a
 

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about a minute ago where you have like a
very<00:04:45.680><c> small</c><00:04:46.039><c> Valor</c><00:04:46.479><c> set</c><00:04:46.680><c> that</c><00:04:46.800><c> all</c><00:04:46.919><c> works</c><00:04:47.160><c> with</c>

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very small Valor set that all works with
 

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very small Valor set that all works with
these<00:04:47.560><c> like</c><00:04:47.680><c> you</c><00:04:47.800><c> know</c><00:04:47.919><c> one</c><00:04:48.039><c> or</c><00:04:48.160><c> two</c><00:04:48.400><c> Builders</c>

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these like you know one or two Builders
 

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these like you know one or two Builders
and<00:04:49.800><c> things</c><00:04:50.039><c> like</c><00:04:50.280><c> this</c><00:04:50.759><c> so</c><00:04:51.639><c> in</c><00:04:51.840><c> any</c><00:04:52.360><c> case</c><00:04:53.360><c> uh</c>

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and things like this so in any case uh
 

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and things like this so in any case uh
you<00:04:53.800><c> know</c><00:04:54.000><c> we</c><00:04:54.120><c> now</c><00:04:54.280><c> have</c><00:04:54.360><c> to</c><00:04:54.440><c> think</c><00:04:54.600><c> about</c><00:04:54.800><c> how</c>

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you know we now have to think about how
 

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you know we now have to think about how
to<00:04:55.160><c> get</c><00:04:55.720><c> uh</c><00:04:55.840><c> this</c><00:04:56.000><c> block</c><00:04:56.919><c> uh</c><00:04:57.080><c> the</c><00:04:57.199><c> execution</c>

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to get uh this block uh the execution
 

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to get uh this block uh the execution
payload<00:04:57.960><c> into</c><00:04:58.160><c> the</c><00:04:58.240><c> block</c><00:04:58.880><c> and</c><00:04:59.080><c> make</c><00:04:59.280><c> this</c><00:04:59.400><c> all</c>

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payload into the block and make this all
 

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payload into the block and make this all
work

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work
 

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work
well<00:05:02.479><c> and</c><00:05:03.039><c> at</c><00:05:03.120><c> a</c><00:05:03.280><c> high</c><00:05:03.440><c> level</c><00:05:03.639><c> the</c><00:05:03.720><c> way</c><00:05:03.840><c> to</c>

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well and at a high level the way to
 

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well and at a high level the way to
think<00:05:04.039><c> about</c><00:05:04.240><c> meus</c><00:05:04.639><c> today</c><00:05:04.880><c> is</c><00:05:05.000><c> that</c><00:05:05.120><c> it's</c><00:05:05.320><c> like</c>

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think about meus today is that it's like
 

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think about meus today is that it's like
this<00:05:05.680><c> commit</c><00:05:06.080><c> reveal</c><00:05:06.720><c> protocol</c><00:05:07.720><c> meaning</c><00:05:08.039><c> you</c>

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this commit reveal protocol meaning you
 

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this commit reveal protocol meaning you
like<00:05:08.639><c> commit</c><00:05:08.919><c> to</c><00:05:09.080><c> something</c><00:05:09.919><c> and</c><00:05:10.080><c> then</c><00:05:10.320><c> once</c>

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like commit to something and then once
 

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like commit to something and then once
you've<00:05:10.680><c> committed</c><00:05:11.039><c> to</c><00:05:11.240><c> it</c><00:05:12.039><c> it</c><00:05:12.320><c> you</c><00:05:12.440><c> know</c><00:05:12.600><c> the</c>

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you've committed to it it you know the
 

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you've committed to it it you know the
person<00:05:12.919><c> committing</c><00:05:13.240><c> now</c><00:05:13.400><c> is</c><00:05:13.479><c> the</c><00:05:13.600><c> proposer</c>

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person committing now is the proposer
 

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person committing now is the proposer
but<00:05:14.080><c> once</c><00:05:14.199><c> they</c><00:05:14.400><c> committed</c><00:05:14.720><c> to</c><00:05:14.880><c> it</c><00:05:15.840><c> uh</c><00:05:16.160><c> then</c>

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but once they committed to it uh then
 

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but once they committed to it uh then
the<00:05:16.560><c> the</c><00:05:16.639><c> Builder</c><00:05:16.919><c> is</c><00:05:17.039><c> free</c><00:05:17.360><c> to</c><00:05:17.520><c> like</c><00:05:17.639><c> release</c>

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the the Builder is free to like release
 

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the the Builder is free to like release
their<00:05:18.120><c> block</c><00:05:18.520><c> with</c><00:05:18.800><c> with</c><00:05:18.919><c> no</c>

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their block with with no
 

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their block with with no
worries<00:05:20.759><c> and</c><00:05:21.240><c> you</c><00:05:21.360><c> know</c><00:05:21.520><c> diagrammatically</c>

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worries and you know diagrammatically
 

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worries and you know diagrammatically
you<00:05:22.639><c> can</c><00:05:22.800><c> imagine</c><00:05:23.199><c> that</c><00:05:23.280><c> the</c><00:05:23.400><c> builder</c><00:05:23.800><c> then</c>

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you can imagine that the builder then
 

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you can imagine that the builder then
has<00:05:24.280><c> their</c><00:05:24.479><c> like</c><00:05:24.639><c> nice</c><00:05:24.840><c> green</c><00:05:25.160><c> execution</c>

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has their like nice green execution
 

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has their like nice green execution
payload<00:05:26.080><c> it</c><00:05:26.199><c> has</c><00:05:26.400><c> like</c><00:05:26.520><c> some</c><00:05:26.639><c> juicy</c><00:05:26.919><c> M</c><00:05:27.400><c> with</c>

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payload it has like some juicy M with
 

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payload it has like some juicy M with
that<00:05:28.039><c> gold</c><00:05:28.360><c> border</c><00:05:29.360><c> and</c><00:05:29.520><c> then</c><00:05:29.800><c> then</c><00:05:30.360><c> uh</c><00:05:30.560><c> the</c>

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that gold border and then then uh the
 

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that gold border and then then uh the
like<00:05:30.840><c> shaded</c><00:05:31.319><c> thing</c><00:05:31.600><c> on</c><00:05:31.759><c> top</c><00:05:31.919><c> of</c><00:05:32.000><c> it</c><00:05:32.160><c> is</c><00:05:32.280><c> meant</c>

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like shaded thing on top of it is meant
 

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like shaded thing on top of it is meant
to<00:05:32.720><c> represent</c><00:05:33.160><c> that</c><00:05:33.240><c> it's</c><00:05:33.720><c> blinded</c><00:05:34.720><c> and</c><00:05:34.800><c> the</c>

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to represent that it's blinded and the
 

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to represent that it's blinded and the
reason<00:05:35.120><c> why</c><00:05:35.199><c> you</c><00:05:35.319><c> want</c><00:05:35.600><c> this</c><00:05:35.759><c> is</c><00:05:36.000><c> because</c><00:05:36.639><c> if</c>

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reason why you want this is because if
 

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reason why you want this is because if
the<00:05:36.840><c> Builder</c><00:05:37.160><c> sent</c><00:05:37.360><c> the</c><00:05:37.440><c> payload</c><00:05:37.759><c> and</c><00:05:37.960><c> clear</c>

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the Builder sent the payload and clear
 

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the Builder sent the payload and clear
then<00:05:39.039><c> the</c><00:05:39.160><c> proposer</c><00:05:39.560><c> basically</c><00:05:39.880><c> could</c><00:05:40.120><c> like</c>

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then the proposer basically could like
 

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then the proposer basically could like
copy<00:05:40.560><c> the</c><00:05:40.639><c> Builder's</c><00:05:41.039><c> work</c><00:05:41.400><c> take</c><00:05:41.639><c> all</c><00:05:41.840><c> the</c>

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copy the Builder's work take all the
 

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copy the Builder's work take all the
sort<00:05:42.280><c> of</c><00:05:42.639><c> you</c><00:05:42.720><c> know</c><00:05:42.880><c> rewards</c><00:05:43.160><c> from</c><00:05:43.319><c> that</c><00:05:43.440><c> work</c>

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sort of you know rewards from that work
 

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sort of you know rewards from that work
for<00:05:43.840><c> themselves</c><00:05:44.479><c> and</c><00:05:44.680><c> the</c><00:05:44.800><c> Builder</c><00:05:45.039><c> would</c><00:05:45.160><c> be</c>

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for themselves and the Builder would be
 

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for themselves and the Builder would be
unhappy<00:05:46.560><c> what</c><00:05:46.680><c> this</c><00:05:46.800><c> means</c><00:05:47.120><c> then</c><00:05:47.280><c> is</c><00:05:47.400><c> that</c><00:05:47.560><c> the</c>

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unhappy what this means then is that the
 

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unhappy what this means then is that the
pro<00:05:47.919><c> like</c><00:05:48.000><c> the</c><00:05:48.080><c> mechanism</c><00:05:48.479><c> itself</c><00:05:48.720><c> is</c><00:05:48.840><c> not</c>

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pro like the mechanism itself is not
 

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pro like the mechanism itself is not
sound<00:05:49.240><c> and</c><00:05:49.360><c> then</c><00:05:49.479><c> no</c><00:05:49.560><c> one</c><00:05:49.639><c> would</c><00:05:49.800><c> use</c><00:05:49.960><c> it</c><00:05:50.240><c> and</c>

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sound and then no one would use it and
 

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sound and then no one would use it and
it<00:05:50.440><c> would</c><00:05:50.600><c> be</c><00:05:50.759><c> bad</c><00:05:51.680><c> because</c><00:05:51.919><c> proposes</c><00:05:52.280><c> would</c>

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it would be bad because proposes would
 

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it would be bad because proposes would
just<00:05:52.520><c> fall</c><00:05:52.759><c> back</c><00:05:52.919><c> to</c><00:05:53.120><c> like</c><00:05:53.240><c> these</c><00:05:53.440><c> backroom</c>

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just fall back to like these backroom
 

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just fall back to like these backroom
deals<00:05:54.240><c> and</c><00:05:54.520><c> God</c><00:05:54.720><c> knows</c><00:05:55.120><c> what</c><00:05:56.120><c> so</c><00:05:56.560><c> the</c><00:05:56.639><c> way</c><00:05:56.759><c> to</c>

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deals and God knows what so the way to
 

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deals and God knows what so the way to
get<00:05:57.000><c> around</c><00:05:57.280><c> this</c><00:05:57.400><c> is</c><00:05:57.560><c> basically</c><00:05:57.880><c> you</c><00:05:58.000><c> need</c>

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get around this is basically you need
 

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get around this is basically you need
some<00:05:58.360><c> way</c><00:05:58.479><c> for</c><00:05:58.600><c> the</c><00:05:58.720><c> proposer</c><00:05:59.160><c> to</c><00:05:59.720><c> commit</c><00:06:00.000><c> to</c>

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some way for the proposer to commit to
 

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some way for the proposer to commit to
the<00:06:00.240><c> block</c><00:06:00.560><c> this</c><00:06:00.639><c> is</c><00:06:00.759><c> a</c><00:06:00.919><c> commit</c><00:06:01.199><c> step</c><00:06:02.000><c> uh</c><00:06:02.120><c> and</c>

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the block this is a commit step uh and
 

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the block this is a commit step uh and
so<00:06:02.360><c> they</c><00:06:02.440><c> get</c><00:06:02.600><c> a</c><00:06:02.759><c> blinded</c><00:06:03.160><c> payload</c><00:06:03.560><c> which</c><00:06:03.680><c> goes</c>

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so they get a blinded payload which goes
 

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so they get a blinded payload which goes
into<00:06:04.039><c> the</c><00:06:04.160><c> block</c><00:06:05.160><c> the</c><00:06:05.280><c> way</c><00:06:05.440><c> this</c><00:06:05.560><c> works</c><00:06:05.800><c> is</c>

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into the block the way this works is
 

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into the block the way this works is
that<00:06:06.199><c> you</c><00:06:06.319><c> know</c><00:06:06.479><c> sort</c><00:06:06.639><c> of</c><00:06:06.720><c> like</c><00:06:06.840><c> zooming</c><00:06:07.120><c> way</c>

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that you know sort of like zooming way
 

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that you know sort of like zooming way
into<00:06:07.400><c> the</c><00:06:07.479><c> details</c><00:06:07.960><c> the</c><00:06:08.080><c> proposer</c><00:06:08.479><c> signs</c><00:06:08.840><c> over</c>

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into the details the proposer signs over
 

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into the details the proposer signs over
this<00:06:09.199><c> block</c><00:06:09.479><c> in</c><00:06:09.599><c> a</c><00:06:09.759><c> compatible</c><00:06:10.199><c> way</c><00:06:10.400><c> with</c>

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this block in a compatible way with
 

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this block in a compatible way with
what's<00:06:10.840><c> actually</c><00:06:11.479><c> uh</c><00:06:11.720><c> the</c><00:06:11.840><c> thing</c><00:06:11.960><c> that</c><00:06:12.080><c> ends</c>

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what's actually uh the thing that ends
 

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what's actually uh the thing that ends
up<00:06:12.400><c> on</c>

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up on
 

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up on
chain<00:06:14.440><c> and</c><00:06:15.440><c> uh</c><00:06:16.000><c> yeah</c><00:06:16.360><c> basically</c><00:06:16.720><c> they</c><00:06:16.840><c> do</c><00:06:17.080><c> this</c>

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chain and uh yeah basically they do this
 

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chain and uh yeah basically they do this
and<00:06:17.639><c> then</c><00:06:17.800><c> they</c><00:06:17.919><c> can</c><00:06:18.080><c> show</c><00:06:18.400><c> the</c><00:06:18.599><c> Builder</c><00:06:19.000><c> kind</c>

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and then they can show the Builder kind
 

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and then they can show the Builder kind
of<00:06:19.240><c> as</c><00:06:19.479><c> proof</c><00:06:19.840><c> that</c><00:06:20.000><c> like</c><00:06:20.160><c> they've</c><00:06:20.319><c> committed</c>

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of as proof that like they've committed
 

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of as proof that like they've committed
to<00:06:20.840><c> this</c><00:06:21.039><c> particular</c><00:06:21.400><c> payload</c><00:06:22.400><c> say</c><00:06:22.639><c> including</c>

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to this particular payload say including
 

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to this particular payload say including
one<00:06:23.160><c> that</c><00:06:23.280><c> pays</c><00:06:23.479><c> the</c><00:06:23.639><c> Builder</c><00:06:24.000><c> for</c><00:06:24.280><c> their</c><00:06:24.440><c> work</c>

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one that pays the Builder for their work
 

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one that pays the Builder for their work
and<00:06:25.400><c> then</c><00:06:25.479><c> once</c><00:06:25.599><c> the</c><00:06:25.720><c> Builder</c><00:06:25.960><c> sees</c><00:06:26.280><c> that</c><00:06:26.479><c> they</c>

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and then once the Builder sees that they
 

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and then once the Builder sees that they
can<00:06:26.759><c> release</c><00:06:27.080><c> it</c><00:06:27.280><c> to</c><00:06:27.440><c> the</c><00:06:27.599><c> Wild</c><00:06:28.360><c> and</c><00:06:28.720><c> this</c>

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can release it to the Wild and this
 

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can release it to the Wild and this
bottom<00:06:29.680><c> right</c><00:06:30.000><c> square</c><00:06:30.400><c> is</c><00:06:30.560><c> what</c><00:06:30.720><c> would</c><00:06:30.919><c> go</c><00:06:31.039><c> on</c>

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chain<00:06:34.560><c> and</c><00:06:34.840><c> yeah</c><00:06:35.280><c> so</c><00:06:35.720><c> the</c><00:06:35.840><c> thing</c><00:06:35.960><c> to</c><00:06:36.120><c> consider</c>

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chain and yeah so the thing to consider
 

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chain and yeah so the thing to consider
here<00:06:36.680><c> is</c><00:06:36.880><c> like</c><00:06:37.080><c> this</c><00:06:37.280><c> sort</c><00:06:37.479><c> of</c><00:06:37.639><c> me</c><00:06:37.840><c> stealing</c>

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here is like this sort of me stealing
 

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here is like this sort of me stealing
issue<00:06:38.400><c> that</c><00:06:38.479><c> I</c><00:06:38.560><c> was</c><00:06:38.639><c> just</c><00:06:38.759><c> trying</c><00:06:38.919><c> to</c><00:06:39.080><c> describe</c>

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issue that I was just trying to describe
 

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issue that I was just trying to describe
like<00:06:39.800><c> you</c><00:06:39.880><c> can</c><00:06:40.039><c> imagine</c><00:06:40.560><c> that</c><00:06:41.160><c> there's</c><00:06:41.360><c> a</c>

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like you can imagine that there's a
 

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like you can imagine that there's a
block<00:06:41.720><c> with</c><00:06:41.840><c> some</c><00:06:42.000><c> M</c><00:06:42.880><c> the</c><00:06:42.960><c> builder</c><00:06:43.440><c> takes</c><00:06:43.759><c> like</c>

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block with some M the builder takes like
 

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block with some M the builder takes like
some<00:06:44.199><c> amount</c><00:06:44.440><c> of</c><00:06:44.800><c> funds</c><00:06:45.560><c> to</c><00:06:45.720><c> that</c><00:06:45.880><c> address</c><00:06:46.319><c> and</c>

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some amount of funds to that address and
 

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some amount of funds to that address and
wants<00:06:46.599><c> to</c><00:06:46.720><c> pay</c><00:06:46.880><c> the</c><00:06:47.000><c> proposer</c><00:06:47.520><c> this</c><00:06:48.360><c> if</c><00:06:48.520><c> there</c>

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wants to pay the proposer this if there
 

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wants to pay the proposer this if there
isn't<00:06:48.960><c> this</c><00:06:49.160><c> like</c><00:06:49.360><c> commit</c><00:06:49.800><c> reveal</c><00:06:50.160><c> step</c><00:06:50.479><c> baked</c>

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isn't this like commit reveal step baked
 

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isn't this like commit reveal step baked
in<00:06:50.960><c> to</c><00:06:51.120><c> the</c><00:06:51.240><c> protocol</c><00:06:51.720><c> then</c><00:06:51.880><c> the</c><00:06:52.280><c> the</c><00:06:52.479><c> proposer</c>

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in to the protocol then the the proposer
 

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in to the protocol then the the proposer
basically<00:06:53.240><c> could</c><00:06:53.400><c> just</c><00:06:53.599><c> take</c><00:06:53.759><c> the</c><00:06:53.880><c> block</c><00:06:54.160><c> say</c>

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basically could just take the block say
 

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basically could just take the block say
thank<00:06:54.479><c> you</c><00:06:54.639><c> very</c><00:06:54.800><c> much</c><00:06:55.039><c> for</c><00:06:55.199><c> all</c><00:06:55.319><c> this</c><00:06:55.440><c> hard</c>

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thank you very much for all this hard
 

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thank you very much for all this hard
work<00:06:56.400><c> they</c><00:06:56.520><c> could</c><00:06:56.720><c> rewrite</c><00:06:57.080><c> the</c><00:06:57.160><c> payment</c>

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work they could rewrite the payment
 

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work they could rewrite the payment
transaction<00:06:57.919><c> for</c><00:06:58.080><c> example</c><00:06:58.479><c> that</c><00:06:58.599><c> sends</c><00:06:58.840><c> all</c>

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transaction for example that sends all
 

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transaction for example that sends all
the<00:06:59.000><c> revenue</c><00:06:59.280><c> to</c><00:06:59.360><c> the</c><00:06:59.599><c> proposer</c><00:07:00.319><c> and</c><00:07:00.440><c> then</c>

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the revenue to the proposer and then
 

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the revenue to the proposer and then
Builders<00:07:00.919><c> don't</c><00:07:01.039><c> want</c><00:07:01.160><c> to</c><00:07:01.280><c> use</c><00:07:01.479><c> it</c><00:07:02.240><c> there's</c><00:07:02.440><c> no</c>

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Builders don't want to use it there's no
 

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Builders don't want to use it there's no
Builders<00:07:02.960><c> no</c><00:07:03.080><c> proposers</c><00:07:03.520><c> use</c><00:07:03.720><c> it</c><00:07:04.120><c> and</c><00:07:04.360><c> again</c>

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Builders no proposers use it and again
 

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Builders no proposers use it and again
we<00:07:04.639><c> don't</c><00:07:04.840><c> have</c><00:07:05.080><c> some</c><00:07:05.240><c> sort</c><00:07:05.400><c> of</c><00:07:05.560><c> PBS</c><00:07:06.120><c> to</c>

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we don't have some sort of PBS to
 

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we don't have some sort of PBS to
protect<00:07:06.599><c> the</c><00:07:06.720><c> Valor</c><00:07:07.120><c> set</c><00:07:07.319><c> from</c><00:07:07.560><c> pressures</c><00:07:07.879><c> of</c>

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protect the Valor set from pressures of
 

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protect the Valor set from pressures of
centralization<00:07:09.039><c> so</c><00:07:09.240><c> that's</c>

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centralization so that's
 

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centralization so that's
bad<00:07:12.199><c> okay</c><00:07:12.919><c> so</c><00:07:13.440><c> that's</c><00:07:13.639><c> like</c><00:07:13.800><c> kind</c><00:07:13.919><c> of</c><00:07:14.000><c> a</c><00:07:14.120><c> very</c>

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bad okay so that's like kind of a very
 

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bad okay so that's like kind of a very
high<00:07:14.400><c> level</c><00:07:14.599><c> rview</c><00:07:14.919><c> of</c><00:07:15.120><c> like</c><00:07:15.400><c> PBS</c><00:07:15.800><c> today</c>

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high level rview of like PBS today
 

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high level rview of like PBS today
offchain<00:07:16.440><c> and</c><00:07:16.560><c> how</c><00:07:16.639><c> it</c><00:07:17.199><c> works</c><00:07:18.199><c> and</c><00:07:19.039><c> yeah</c><00:07:19.319><c> so</c>

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offchain and how it works and yeah so
 

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offchain and how it works and yeah so
this<00:07:19.639><c> has</c><00:07:19.800><c> been</c><00:07:20.000><c> live</c><00:07:20.360><c> basically</c><00:07:20.720><c> since</c><00:07:21.000><c> the</c>

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this has been live basically since the
 

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this has been live basically since the
merge<00:07:21.440><c> so</c><00:07:21.599><c> for</c><00:07:21.759><c> a</c><00:07:21.840><c> few</c><00:07:22.039><c> years</c><00:07:22.280><c> now</c><00:07:22.879><c> and</c><00:07:23.080><c> at</c><00:07:23.199><c> this</c>

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merge so for a few years now and at this
 

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merge so for a few years now and at this
point<00:07:23.759><c> it's</c><00:07:24.120><c> like</c><00:07:25.120><c> an</c><00:07:25.280><c> even</c><00:07:25.479><c> more</c><00:07:25.680><c> complicated</c>

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point it's like an even more complicated
 

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point it's like an even more complicated
picture<00:07:26.319><c> in</c><00:07:26.520><c> this</c><00:07:26.720><c> cuz</c><00:07:26.840><c> now</c><00:07:27.000><c> there's</c><00:07:27.199><c> like</c>

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picture in this cuz now there's like
 

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picture in this cuz now there's like
solvers<00:07:28.240><c> and</c><00:07:28.440><c> like</c><00:07:28.599><c> bundlers</c><00:07:29.039><c> before</c><00:07:29.199><c> they</c><00:07:29.319><c> do</c>

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solvers and like bundlers before they do
 

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solvers and like bundlers before they do
7<00:07:30.240><c> and</c><00:07:30.479><c> yeah</c><00:07:30.680><c> like</c><00:07:30.840><c> every</c><00:07:31.080><c> day</c><00:07:31.240><c> you</c><00:07:31.360><c> know</c><00:07:31.520><c> new</c>

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7 and yeah like every day you know new
 

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7 and yeah like every day you know new
parties<00:07:32.000><c> come</c><00:07:32.160><c> online</c><00:07:32.560><c> that</c><00:07:32.639><c> are</c><00:07:32.800><c> part</c><00:07:32.919><c> of</c>

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parties come online that are part of
 

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parties come online that are part of
this<00:07:33.240><c> like</c><00:07:33.400><c> transaction</c><00:07:34.039><c> supply</c>

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this like transaction supply
 

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this like transaction supply
chain<00:07:36.120><c> but</c><00:07:36.240><c> all</c><00:07:36.440><c> being</c><00:07:36.720><c> said</c><00:07:37.240><c> uh</c><00:07:37.319><c> just</c><00:07:37.479><c> to</c><00:07:37.639><c> give</c>

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chain but all being said uh just to give
 

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chain but all being said uh just to give
you<00:07:37.919><c> a</c><00:07:38.080><c> sense</c><00:07:38.360><c> of</c><00:07:38.520><c> like</c><00:07:38.680><c> what</c><00:07:38.800><c> this</c><00:07:38.919><c> looks</c><00:07:39.120><c> like</c>

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you a sense of like what this looks like
 

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you a sense of like what this looks like
right<00:07:39.520><c> now</c><00:07:40.440><c> uh</c><00:07:40.520><c> you</c><00:07:40.599><c> would</c><00:07:40.840><c> have</c><00:07:41.120><c> the</c>

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right now uh you would have the
 

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right now uh you would have the
validator<00:07:42.080><c> here</c><00:07:42.400><c> that's</c><00:07:42.599><c> labeled</c><00:07:43.160><c> they</c><00:07:43.280><c> use</c><00:07:43.479><c> M</c>

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validator here that's labeled they use M
 

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validator here that's labeled they use M
boost<00:07:44.039><c> to</c><00:07:44.199><c> talk</c><00:07:44.360><c> to</c><00:07:44.599><c> these</c><00:07:44.759><c> different</c><00:07:45.039><c> relays</c>

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boost to talk to these different relays
 

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boost to talk to these different relays
uh<00:07:46.199><c> which</c><00:07:46.440><c> I'll</c><00:07:46.759><c> talk</c><00:07:47.039><c> about</c><00:07:47.280><c> more</c><00:07:47.479><c> in</c><00:07:47.560><c> a</c>

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uh which I'll talk about more in a
 

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uh which I'll talk about more in a
second<00:07:48.720><c> the</c><00:07:48.840><c> relays</c><00:07:49.240><c> then</c><00:07:49.400><c> interact</c><00:07:49.720><c> with</c>

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second the relays then interact with
 

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second the relays then interact with
Builders<00:07:50.879><c> and</c><00:07:51.159><c> you</c><00:07:51.319><c> have</c><00:07:51.599><c> this</c><00:07:52.479><c> so</c><00:07:53.479><c> I</c><00:07:53.560><c> called</c>

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Builders and you have this so I called
 

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Builders and you have this so I called
out<00:07:53.879><c> this</c><00:07:53.960><c> relay</c><00:07:54.240><c> actor</c><00:07:54.520><c> this</c><00:07:54.599><c> one's</c><00:07:54.840><c> like</c>

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out this relay actor this one's like
 

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out this relay actor this one's like
very<00:07:55.159><c> important</c><00:07:55.560><c> and</c><00:07:55.720><c> pretty</c><00:07:55.919><c> much</c><00:07:56.120><c> the</c>

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very important and pretty much the
 

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very important and pretty much the
source<00:07:56.440><c> of</c><00:07:56.599><c> all</c><00:07:56.680><c> of</c><00:07:56.800><c> our</c><00:07:56.960><c> problems</c><00:07:57.319><c> with</c><00:07:57.440><c> this</c>

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source of all of our problems with this
 

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source of all of our problems with this
system<00:07:57.919><c> today</c><00:07:58.919><c> um</c><00:07:59.240><c> the</c><00:07:59.520><c> relay</c><00:07:59.800><c> basically</c><00:08:00.159><c> act</c>

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system today um the relay basically act
 

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system today um the relay basically act
acts<00:08:00.840><c> as</c><00:08:00.960><c> like</c><00:08:01.039><c> a</c><00:08:01.159><c> trusted</c><00:08:01.479><c> broker</c><00:08:01.840><c> between</c>

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acts as like a trusted broker between
 

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acts as like a trusted broker between
proposers<00:08:02.479><c> and</c><00:08:02.759><c> Builders</c><00:08:03.759><c> otherwise</c><00:08:04.159><c> there's</c>

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proposers and Builders otherwise there's
 

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proposers and Builders otherwise there's
not<00:08:04.520><c> like</c><00:08:04.639><c> a</c><00:08:04.800><c> nice</c><00:08:05.039><c> way</c><00:08:05.240><c> to</c><00:08:05.400><c> like</c><00:08:05.520><c> trustless</c>

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not like a nice way to like trustless
 

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not like a nice way to like trustless
have<00:08:06.280><c> this</c><00:08:06.479><c> exchange</c><00:08:06.919><c> that</c><00:08:07.039><c> I</c><00:08:07.120><c> just</c><00:08:07.240><c> laid</c><00:08:07.520><c> out</c>

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have this exchange that I just laid out
 

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have this exchange that I just laid out
with<00:08:08.000><c> this</c><00:08:08.120><c> commit</c><00:08:08.400><c> reveal</c><00:08:09.080><c> protocol</c><00:08:10.080><c> and</c>

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with this commit reveal protocol and
 

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with this commit reveal protocol and
because<00:08:10.520><c> of</c><00:08:10.759><c> that</c><00:08:11.319><c> uh</c><00:08:11.520><c> yeah</c><00:08:11.759><c> you</c><00:08:11.879><c> need</c><00:08:12.039><c> the</c>

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because of that uh yeah you need the
 

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because of that uh yeah you need the
relay<00:08:12.759><c> the</c><00:08:12.879><c> relays</c><00:08:13.440><c> exist</c><00:08:14.440><c> what</c><00:08:14.639><c> this</c><00:08:14.800><c> does</c><00:08:15.039><c> it</c>

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relay the relays exist what this does it
 

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relay the relays exist what this does it
adds<00:08:15.479><c> like</c><00:08:15.680><c> another</c><00:08:16.319><c> intermediary</c><00:08:17.000><c> into</c>

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adds like another intermediary into
 

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adds like another intermediary into
things<00:08:17.840><c> that</c><00:08:17.960><c> can</c><00:08:18.120><c> have</c><00:08:18.280><c> its</c><00:08:18.400><c> own</c><00:08:18.639><c> issues</c>

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things that can have its own issues
 

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things that can have its own issues
whether<00:08:19.280><c> that's</c><00:08:19.440><c> being</c><00:08:19.599><c> a</c><00:08:19.680><c> single</c><00:08:19.919><c> point</c><00:08:20.080><c> of</c>

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whether that's being a single point of
 

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whether that's being a single point of
failure<00:08:20.800><c> or</c><00:08:21.000><c> especially</c><00:08:21.319><c> with</c><00:08:21.440><c> concerns</c><00:08:21.720><c> of</c>

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failure or especially with concerns of
 

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failure or especially with concerns of
censorship<00:08:23.599><c> and</c><00:08:24.599><c> yeah</c><00:08:24.720><c> you</c><00:08:24.840><c> know</c><00:08:25.000><c> these</c>

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censorship and yeah you know these
 

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censorship and yeah you know these
things<00:08:25.360><c> also</c><00:08:25.560><c> have</c><00:08:25.720><c> bugs</c><00:08:26.080><c> and</c><00:08:26.319><c> like</c><00:08:26.479><c> can</c><00:08:26.639><c> go</c>

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things also have bugs and like can go
 

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things also have bugs and like can go
down<00:08:27.159><c> and</c><00:08:27.319><c> there's</c><00:08:27.520><c> just</c><00:08:27.639><c> a</c><00:08:27.759><c> bunch</c><00:08:27.919><c> of</c>

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down and there's just a bunch of
 

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down and there's just a bunch of
headaches<00:08:28.360><c> that</c><00:08:28.479><c> come</c><00:08:28.599><c> out</c><00:08:28.720><c> of</c><00:08:28.919><c> this</c><00:08:29.800><c> uh</c><00:08:29.919><c> but</c>

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headaches that come out of this uh but
 

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headaches that come out of this uh but
this<00:08:30.080><c> is</c><00:08:30.159><c> what</c><00:08:30.280><c> we</c><00:08:30.360><c> have</c><00:08:30.479><c> today</c><00:08:31.039><c> and</c><00:08:31.199><c> yeah</c><00:08:31.319><c> if</c>

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this is what we have today and yeah if
 

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this is what we have today and yeah if
you<00:08:31.479><c> follow</c><00:08:31.680><c> the</c><00:08:31.800><c> space</c><00:08:32.000><c> at</c><00:08:32.159><c> all</c><00:08:32.360><c> you've</c>

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you follow the space at all you've
 

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you follow the space at all you've
you've<00:08:32.719><c> heard</c><00:08:32.880><c> about</c><00:08:33.080><c> these</c><00:08:33.240><c> relays</c><00:08:33.719><c> I'm</c>

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you've heard about these relays I'm
 

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you've heard about these relays I'm
sure<00:08:36.839><c> so</c><00:08:37.680><c> yeah</c><00:08:37.880><c> again</c><00:08:38.080><c> like</c><00:08:38.240><c> the</c><00:08:38.360><c> system</c>

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sure so yeah again like the system
 

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sure so yeah again like the system
shipped<00:08:39.240><c> around</c><00:08:39.440><c> the</c><00:08:39.519><c> merge</c><00:08:40.479><c> and</c><00:08:41.279><c> yeah</c><00:08:41.959><c> uh</c>

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shipped around the merge and yeah uh
 

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shipped around the merge and yeah uh
again<00:08:42.479><c> these</c><00:08:42.599><c> numbers</c><00:08:42.959><c> are</c><00:08:43.200><c> a</c><00:08:43.680><c> little</c><00:08:44.680><c> dated</c>

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again these numbers are a little dated
 

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again these numbers are a little dated
but<00:08:45.519><c> what</c><00:08:45.640><c> I</c><00:08:45.720><c> can</c><00:08:45.920><c> probably</c><00:08:46.240><c> do</c><00:08:46.920><c> is</c><00:08:47.120><c> even</c><00:08:47.360><c> just</c>

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but what I can probably do is even just
 

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but what I can probably do is even just
go<00:08:47.680><c> here</c><00:08:47.880><c> right</c>

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go here right
 

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go here right
now<00:08:50.080><c> uh</c><00:08:51.080><c> here</c><00:08:51.200><c> we</c>

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now uh here we
 

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now uh here we
go<00:08:53.240><c> and</c><00:08:53.640><c> you</c><00:08:53.800><c> can</c><00:08:54.160><c> see</c><00:08:54.600><c> that</c><00:08:54.760><c> they</c><00:08:54.880><c> should</c><00:08:55.080><c> look</c>

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go and you can see that they should look
 

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go and you can see that they should look
about<00:08:55.600><c> the</c><00:08:55.760><c> same</c><00:08:56.399><c> so</c><00:08:57.000><c> yeah</c><00:08:57.160><c> I</c><00:08:57.240><c> mean</c><00:08:57.360><c> you</c><00:08:57.440><c> can</c>

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about the same so yeah I mean you can
 

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about the same so yeah I mean you can
see<00:08:57.839><c> here</c><00:08:58.279><c> like</c><00:08:58.880><c> there's</c><00:08:59.440><c> over</c><00:08:59.640><c> 90%</c><00:09:00.120><c> of</c><00:09:00.320><c> blocks</c>

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see here like there's over 90% of blocks
 

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see here like there's over 90% of blocks
say<00:09:01.160><c> in</c><00:09:01.240><c> the</c><00:09:01.360><c> last</c><00:09:01.480><c> two</c><00:09:01.680><c> weeks</c><00:09:02.160><c> have</c><00:09:02.560><c> uh</c><00:09:02.680><c> gone</c>

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say in the last two weeks have uh gone
 

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say in the last two weeks have uh gone
through<00:09:03.040><c> the</c><00:09:03.279><c> system</c><00:09:04.279><c> so</c><00:09:04.560><c> people</c><00:09:04.800><c> like</c><00:09:05.000><c> it</c>

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through the system so people like it
 

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through the system so people like it
people<00:09:05.480><c> use</c><00:09:05.720><c> it</c><00:09:06.399><c> um</c><00:09:06.600><c> again</c><00:09:06.800><c> it</c><00:09:06.920><c> like</c><00:09:07.120><c> adds</c>

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people use it um again it like adds
 

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people use it um again it like adds
extra<00:09:08.320><c> me</c><00:09:09.320><c> uh</c><00:09:09.440><c> you</c><00:09:09.519><c> know</c><00:09:09.680><c> extra</c><00:09:09.920><c> Revenue</c><00:09:10.279><c> to</c><00:09:10.600><c> to</c>

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extra me uh you know extra Revenue to to
 

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extra me uh you know extra Revenue to to
your<00:09:11.160><c> block</c><00:09:12.160><c> uh</c><00:09:12.279><c> for</c><00:09:12.480><c> example</c><00:09:12.760><c> you</c><00:09:12.839><c> could</c><00:09:12.959><c> say</c>

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your block uh for example you could say
 

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your block uh for example you could say
the<00:09:13.200><c> average</c><00:09:13.480><c> payment</c><00:09:13.800><c> here</c><00:09:13.959><c> is</c><00:09:14.120><c> like</c><00:09:14.240><c> 005</c><00:09:15.160><c> but</c>

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the average payment here is like 005 but
 

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the average payment here is like 005 but
I<00:09:15.399><c> think</c><00:09:15.600><c> we'll</c><00:09:15.720><c> see</c><00:09:15.880><c> a</c><00:09:16.040><c> bit</c><00:09:16.360><c> later</c><00:09:16.920><c> the</c>

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I think we'll see a bit later the
 

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I think we'll see a bit later the
they're<00:09:17.240><c> are</c><00:09:17.440><c> like</c><00:09:17.640><c> very</c><00:09:18.120><c> outli</c><00:09:18.760><c> like</c><00:09:18.880><c> there</c>

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they're are like very outli like there
 

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they're are like very outli like there
are<00:09:19.079><c> payments</c><00:09:19.399><c> that</c><00:09:19.519><c> are</c><00:09:19.720><c> very</c><00:09:19.920><c> much</c><00:09:20.079><c> outliers</c>

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are payments that are very much outliers
 

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are payments that are very much outliers
and<00:09:20.959><c> they</c><00:09:21.279><c> sometimes</c><00:09:21.519><c> pay</c><00:09:21.720><c> quite</c><00:09:21.880><c> a</c>

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and they sometimes pay quite a
 

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and they sometimes pay quite a
bit<00:09:23.720><c> um</c><00:09:24.680><c> yeah</c><00:09:24.920><c> I</c><00:09:25.000><c> mean</c><00:09:25.120><c> one</c><00:09:25.240><c> thing</c><00:09:25.360><c> you</c><00:09:25.440><c> can</c><00:09:25.560><c> see</c>

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bit um yeah I mean one thing you can see
 

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bit um yeah I mean one thing you can see
here<00:09:25.880><c> is</c><00:09:26.000><c> that</c><00:09:26.160><c> there</c><00:09:26.240><c> are</c><00:09:26.399><c> like</c><00:09:26.519><c> 12</c><00:09:26.800><c> relays</c><00:09:27.760><c> uh</c>

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here is that there are like 12 relays uh
 

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here is that there are like 12 relays uh
and<00:09:27.959><c> 31</c><00:09:28.320><c> Builders</c><00:09:28.680><c> registered</c><00:09:29.160><c> or</c><00:09:29.360><c> at</c><00:09:29.480><c> Le</c><00:09:29.640><c> like</c>

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and 31 Builders registered or at Le like
 

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and 31 Builders registered or at Le like
observed<00:09:30.240><c> which</c><00:09:30.360><c> is</c><00:09:30.560><c> like</c><00:09:30.800><c> pretty</c><00:09:31.040><c> nice</c><00:09:31.399><c> for</c>

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observed which is like pretty nice for
 

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observed which is like pretty nice for
decentralization

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decentralization
 

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decentralization
purposes<00:09:33.839><c> um</c><00:09:34.600><c> but</c><00:09:34.760><c> yeah</c><00:09:34.880><c> I</c><00:09:34.920><c> think</c><00:09:35.079><c> I'll</c><00:09:35.200><c> touch</c>

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purposes um but yeah I think I'll touch
 

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purposes um but yeah I think I'll touch
on<00:09:35.519><c> in</c><00:09:35.640><c> a</c><00:09:35.800><c> second</c><00:09:36.240><c> that</c><00:09:36.440><c> the</c><00:09:36.600><c> pictures</c><00:09:37.279><c> uh</c><00:09:37.880><c> not</c>

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on in a second that the pictures uh not
 

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on in a second that the pictures uh not
so<00:09:38.240><c> great</c><00:09:38.440><c> once</c><00:09:38.600><c> you</c><00:09:38.800><c> get</c><00:09:38.920><c> into</c><00:09:39.240><c> actual</c>

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so great once you get into actual
 

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so great once you get into actual
details<00:09:41.320><c> so</c><00:09:41.800><c> anyway</c><00:09:42.160><c> point</c><00:09:42.399><c> being</c><00:09:43.040><c> uh</c><00:09:43.160><c> people</c>

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details so anyway point being uh people
 

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details so anyway point being uh people
use<00:09:43.640><c> me</c><00:09:43.880><c> boost</c><00:09:44.399><c> and</c><00:09:44.519><c> it's</c><00:09:44.680><c> what</c><00:09:44.800><c> we</c><00:09:44.920><c> have</c><00:09:45.040><c> today</c>

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use me boost and it's what we have today
 

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use me boost and it's what we have today
and<00:09:45.880><c> you</c><00:09:46.000><c> know</c><00:09:46.240><c> it</c><00:09:46.399><c> works</c><00:09:47.360><c> um</c><00:09:48.079><c> which</c><00:09:48.200><c> is</c><00:09:48.760><c> cool</c>

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and you know it works um which is cool
 

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and you know it works um which is cool
however<00:09:50.399><c> there</c><00:09:50.519><c> are</c><00:09:50.839><c> some</c><00:09:51.640><c> uh</c><00:09:51.920><c> some</c>

00:09:55.630 --> 00:09:55.640 align:start position:0%
 
 

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downsides<00:09:56.640><c> the</c><00:09:56.760><c> downsides</c><00:09:57.279><c> here</c><00:09:57.440><c> are</c><00:09:57.760><c> that</c><00:09:58.680><c> uh</c>

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downsides the downsides here are that uh
 

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downsides the downsides here are that uh
since<00:09:59.079><c> you're</c>

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since you're
 

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since you're
especially<00:10:00.320><c> at</c><00:10:00.480><c> this</c><00:10:00.600><c> like</c><00:10:00.720><c> relay</c><00:10:01.040><c> actor</c><00:10:01.279><c> I</c>

00:10:01.350 --> 00:10:01.360 align:start position:0%
especially at this like relay actor I
 

00:10:01.360 --> 00:10:02.670 align:start position:0%
especially at this like relay actor I
was<00:10:01.480><c> talking</c><00:10:01.680><c> about</c><00:10:01.880><c> like</c><00:10:02.040><c> quickly</c><00:10:02.279><c> entered</c>

00:10:02.670 --> 00:10:02.680 align:start position:0%
was talking about like quickly entered
 

00:10:02.680 --> 00:10:05.949 align:start position:0%
was talking about like quickly entered
the<00:10:02.800><c> chat</c><00:10:03.720><c> meaning</c><00:10:04.240><c> like</c><00:10:04.600><c> within</c><00:10:05.200><c> you</c><00:10:05.360><c> know</c>

00:10:05.949 --> 00:10:05.959 align:start position:0%
the chat meaning like within you know
 

00:10:05.959 --> 00:10:07.550 align:start position:0%
the chat meaning like within you know
pretty<00:10:06.160><c> soon</c><00:10:06.480><c> after</c><00:10:06.839><c> like</c><00:10:06.959><c> the</c><00:10:07.040><c> launch</c><00:10:07.360><c> of</c>

00:10:07.550 --> 00:10:07.560 align:start position:0%
pretty soon after like the launch of
 

00:10:07.560 --> 00:10:10.150 align:start position:0%
pretty soon after like the launch of
this<00:10:07.920><c> system</c><00:10:08.839><c> uh</c><00:10:09.000><c> it</c><00:10:09.160><c> became</c><00:10:09.480><c> clear</c><00:10:09.839><c> that</c><00:10:10.040><c> like</c>

00:10:10.150 --> 00:10:10.160 align:start position:0%
this system uh it became clear that like
 

00:10:10.160 --> 00:10:11.590 align:start position:0%
this system uh it became clear that like
relays<00:10:10.519><c> and</c><00:10:10.640><c> Builders</c><00:10:10.959><c> would</c><00:10:11.120><c> be</c><00:10:11.200><c> censoring</c>

00:10:11.590 --> 00:10:11.600 align:start position:0%
relays and Builders would be censoring
 

00:10:11.600 --> 00:10:12.949 align:start position:0%
relays and Builders would be censoring
certain<00:10:11.839><c> transactions</c><00:10:12.519><c> and</c><00:10:12.640><c> this</c><00:10:12.839><c> like</c>

00:10:12.949 --> 00:10:12.959 align:start position:0%
certain transactions and this like
 

00:10:12.959 --> 00:10:15.910 align:start position:0%
certain transactions and this like
directly<00:10:13.320><c> harms</c><00:10:13.880><c> ethereum's</c><00:10:14.800><c> values</c><00:10:15.800><c> which</c>

00:10:15.910 --> 00:10:15.920 align:start position:0%
directly harms ethereum's values which
 

00:10:15.920 --> 00:10:19.430 align:start position:0%
directly harms ethereum's values which
is<00:10:16.040><c> not</c><00:10:16.640><c> good</c><00:10:17.640><c> um</c><00:10:18.320><c> again</c><00:10:18.720><c> I</c><00:10:18.800><c> can</c><00:10:19.040><c> actually</c><00:10:19.240><c> go</c>

00:10:19.430 --> 00:10:19.440 align:start position:0%
is not good um again I can actually go
 

00:10:19.440 --> 00:10:21.269 align:start position:0%
is not good um again I can actually go
grab<00:10:19.680><c> the</c><00:10:19.839><c> web</c><00:10:20.040><c> page</c><00:10:20.279><c> here</c><00:10:20.480><c> to</c><00:10:20.600><c> see</c><00:10:20.800><c> the</c><00:10:20.920><c> latest</c>

00:10:21.269 --> 00:10:21.279 align:start position:0%
grab the web page here to see the latest
 

00:10:21.279 --> 00:10:23.829 align:start position:0%
grab the web page here to see the latest
data<00:10:21.760><c> I</c><00:10:22.000><c> know</c><00:10:22.160><c> it's</c><00:10:22.320><c> improved</c><00:10:22.720><c> a</c><00:10:22.880><c> bit</c><00:10:23.399><c> uh</c><00:10:23.560><c> since</c>

00:10:23.829 --> 00:10:23.839 align:start position:0%
data I know it's improved a bit uh since
 

00:10:23.839 --> 00:10:26.829 align:start position:0%
data I know it's improved a bit uh since
here<00:10:24.240><c> but</c><00:10:24.920><c> in</c><00:10:25.079><c> any</c><00:10:25.320><c> case</c><00:10:25.959><c> uh</c><00:10:26.120><c> people</c><00:10:26.320><c> were</c><00:10:26.600><c> very</c>

00:10:26.829 --> 00:10:26.839 align:start position:0%
here but in any case uh people were very
 

00:10:26.839 --> 00:10:29.430 align:start position:0%
here but in any case uh people were very
concerned<00:10:27.839><c> uh</c><00:10:27.959><c> about</c><00:10:28.279><c> this</c><00:10:28.560><c> and</c><00:10:28.760><c> still</c><00:10:29.000><c> are</c>

00:10:29.430 --> 00:10:29.440 align:start position:0%
concerned uh about this and still are
 

00:10:29.440 --> 00:10:30.670 align:start position:0%
concerned uh about this and still are
right<00:10:29.600><c> I</c><00:10:29.680><c> mean</c><00:10:29.800><c> it</c><00:10:29.880><c> could</c><00:10:30.040><c> be</c><00:10:30.160><c> the</c><00:10:30.279><c> case</c><00:10:30.480><c> that</c>

00:10:30.670 --> 00:10:30.680 align:start position:0%
right I mean it could be the case that
 

00:10:30.680 --> 00:10:33.230 align:start position:0%
right I mean it could be the case that
like<00:10:30.839><c> new</c><00:10:31.040><c> relays</c><00:10:31.360><c> enter</c><00:10:31.760><c> the</c><00:10:32.079><c> the</c><00:10:32.399><c> the</c><00:10:32.720><c> market</c>

00:10:33.230 --> 00:10:33.240 align:start position:0%
like new relays enter the the the market
 

00:10:33.240 --> 00:10:35.190 align:start position:0%
like new relays enter the the the market
that<00:10:33.959><c> uh</c><00:10:34.079><c> get</c><00:10:34.200><c> a</c><00:10:34.279><c> lot</c><00:10:34.399><c> of</c><00:10:34.519><c> adoption</c><00:10:34.959><c> and</c><00:10:35.120><c> they</c>

00:10:35.190 --> 00:10:35.200 align:start position:0%
that uh get a lot of adoption and they
 

00:10:35.200 --> 00:10:36.829 align:start position:0%
that uh get a lot of adoption and they
start<00:10:35.399><c> censoring</c><00:10:35.959><c> and</c><00:10:36.160><c> again</c><00:10:36.360><c> we</c><00:10:36.480><c> have</c><00:10:36.720><c> the</c>

00:10:36.829 --> 00:10:36.839 align:start position:0%
start censoring and again we have the
 

00:10:36.839 --> 00:10:40.870 align:start position:0%
start censoring and again we have the
same<00:10:37.480><c> problem</c><00:10:38.839><c> um</c><00:10:39.839><c> yeah</c><00:10:40.120><c> so</c><00:10:40.320><c> maybe</c><00:10:40.600><c> if</c><00:10:40.760><c> this</c>

00:10:40.870 --> 00:10:40.880 align:start position:0%
same problem um yeah so maybe if this
 

00:10:40.880 --> 00:10:43.030 align:start position:0%
same problem um yeah so maybe if this
isn't<00:10:41.279><c> self-explanatory</c><00:10:42.279><c> uh</c><00:10:42.440><c> basically</c><00:10:42.880><c> it's</c>

00:10:43.030 --> 00:10:43.040 align:start position:0%
isn't self-explanatory uh basically it's
 

00:10:43.040 --> 00:10:45.350 align:start position:0%
isn't self-explanatory uh basically it's
saying<00:10:43.639><c> that</c><00:10:44.240><c> uh</c><00:10:44.480><c> right</c><00:10:44.639><c> basically</c><00:10:45.000><c> this</c><00:10:45.120><c> like</c>

00:10:45.350 --> 00:10:45.360 align:start position:0%
saying that uh right basically this like
 

00:10:45.360 --> 00:10:47.629 align:start position:0%
saying that uh right basically this like
red<00:10:45.519><c> blob</c><00:10:45.880><c> is</c><00:10:46.000><c> like</c><00:10:46.240><c> sensoring</c><00:10:47.240><c> uh</c><00:10:47.360><c> the</c><00:10:47.440><c> green</c>

00:10:47.629 --> 00:10:47.639 align:start position:0%
red blob is like sensoring uh the green
 

00:10:47.639 --> 00:10:51.350 align:start position:0%
red blob is like sensoring uh the green
or<00:10:47.839><c> not</c><00:10:48.680><c> and</c><00:10:48.959><c> yeah</c><00:10:49.160><c> let's</c><00:10:49.399><c> actually</c><00:10:49.639><c> go</c><00:10:50.360><c> check</c>

00:10:51.350 --> 00:10:51.360 align:start position:0%
or not and yeah let's actually go check
 

00:10:51.360 --> 00:10:56.430 align:start position:0%
or not and yeah let's actually go check
because<00:10:51.600><c> it's</c><00:10:52.360><c> right</c>

00:10:56.430 --> 00:10:56.440 align:start position:0%
 
 

00:10:56.440 --> 00:11:03.389 align:start position:0%
 
here<00:10:57.440><c> so</c><00:10:57.600><c> that's</c><00:10:57.760><c> over</c><00:10:57.959><c> for</c><00:10:58.079><c> the</c><00:10:58.160><c> last</c><00:10:58.600><c> day</c>

00:11:03.389 --> 00:11:03.399 align:start position:0%
 
 

00:11:03.399 --> 00:11:05.310 align:start position:0%
 
we'll<00:11:03.639><c> get</c><00:11:03.760><c> this</c><00:11:03.920><c> nice</c>

00:11:05.310 --> 00:11:05.320 align:start position:0%
we'll get this nice
 

00:11:05.320 --> 00:11:08.230 align:start position:0%
we'll get this nice
graph<00:11:06.320><c> right</c><00:11:06.600><c> so</c><00:11:06.800><c> you</c><00:11:06.920><c> can</c><00:11:07.040><c> see</c>

00:11:08.230 --> 00:11:08.240 align:start position:0%
graph right so you can see
 

00:11:08.240 --> 00:11:10.629 align:start position:0%
graph right so you can see
here<00:11:09.240><c> okay</c><00:11:09.399><c> I</c><00:11:09.440><c> mean</c><00:11:09.560><c> this</c><00:11:09.639><c> doesn't</c><00:11:09.880><c> look</c>

00:11:10.629 --> 00:11:10.639 align:start position:0%
here okay I mean this doesn't look
 

00:11:10.639 --> 00:11:12.990 align:start position:0%
here okay I mean this doesn't look
great<00:11:11.639><c> uh</c><00:11:11.880><c> point</c><00:11:12.120><c> being</c><00:11:12.399><c> is</c><00:11:12.519><c> that</c><00:11:12.720><c> yeah</c><00:11:12.839><c> I</c><00:11:12.880><c> mean</c>

00:11:12.990 --> 00:11:13.000 align:start position:0%
great uh point being is that yeah I mean
 

00:11:13.000 --> 00:11:16.030 align:start position:0%
great uh point being is that yeah I mean
CIP<00:11:13.399><c> is</c><00:11:13.519><c> still</c><00:11:13.680><c> very</c><00:11:13.800><c> much</c><00:11:13.920><c> a</c><00:11:14.120><c> problem</c><00:11:15.040><c> um</c><00:11:15.800><c> and</c>

00:11:16.030 --> 00:11:16.040 align:start position:0%
CIP is still very much a problem um and
 

00:11:16.040 --> 00:11:17.590 align:start position:0%
CIP is still very much a problem um and
yeah<00:11:16.279><c> so</c><00:11:16.600><c> we</c><00:11:16.760><c> want</c><00:11:16.839><c> to</c><00:11:16.959><c> think</c><00:11:17.120><c> about</c><00:11:17.320><c> ways</c><00:11:17.480><c> to</c>

00:11:17.590 --> 00:11:17.600 align:start position:0%
yeah so we want to think about ways to
 

00:11:17.600 --> 00:11:24.790 align:start position:0%
yeah so we want to think about ways to
improve

00:11:24.790 --> 00:11:24.800 align:start position:0%
 
 

00:11:24.800 --> 00:11:28.430 align:start position:0%
 
it<00:11:25.800><c> another</c><00:11:26.160><c> thing</c><00:11:26.560><c> that's</c><00:11:27.160><c> maybe</c><00:11:27.480><c> not</c><00:11:27.800><c> quite</c>

00:11:28.430 --> 00:11:28.440 align:start position:0%
it another thing that's maybe not quite
 

00:11:28.440 --> 00:11:29.590 align:start position:0%
it another thing that's maybe not quite
well<00:11:28.560><c> I</c><00:11:28.600><c> think</c><00:11:28.760><c> there's</c><00:11:28.959><c> like</c><00:11:29.079><c> two</c><00:11:29.360><c> points</c>

00:11:29.590 --> 00:11:29.600 align:start position:0%
well I think there's like two points
 

00:11:29.600 --> 00:11:31.230 align:start position:0%
well I think there's like two points
here<00:11:29.760><c> so</c><00:11:29.920><c> like</c><00:11:30.040><c> one</c><00:11:30.240><c> point</c><00:11:30.519><c> here</c><00:11:30.720><c> is</c><00:11:30.880><c> that</c><00:11:31.120><c> you</c>

00:11:31.230 --> 00:11:31.240 align:start position:0%
here so like one point here is that you
 

00:11:31.240 --> 00:11:32.629 align:start position:0%
here so like one point here is that you
know<00:11:31.360><c> there's</c><00:11:31.560><c> not</c><00:11:31.720><c> just</c><00:11:31.800><c> a</c><00:11:31.959><c> censorship</c><00:11:32.440><c> issue</c>

00:11:32.629 --> 00:11:32.639 align:start position:0%
know there's not just a censorship issue
 

00:11:32.639 --> 00:11:34.509 align:start position:0%
know there's not just a censorship issue
with<00:11:32.760><c> relays</c><00:11:33.680><c> there's</c><00:11:33.880><c> also</c><00:11:34.079><c> very</c><00:11:34.240><c> much</c><00:11:34.360><c> a</c>

00:11:34.509 --> 00:11:34.519 align:start position:0%
with relays there's also very much a
 

00:11:34.519 --> 00:11:38.310 align:start position:0%
with relays there's also very much a
concern<00:11:35.240><c> of</c><00:11:36.160><c> um</c><00:11:37.120><c> yeah</c><00:11:37.399><c> the</c><00:11:37.519><c> system</c><00:11:37.760><c> not</c><00:11:37.959><c> being</c>

00:11:38.310 --> 00:11:38.320 align:start position:0%
concern of um yeah the system not being
 

00:11:38.320 --> 00:11:40.110 align:start position:0%
concern of um yeah the system not being
secure<00:11:39.000><c> right</c><00:11:39.160><c> so</c><00:11:39.320><c> just</c><00:11:39.440><c> in</c><00:11:39.560><c> terms</c><00:11:39.760><c> of</c><00:11:39.959><c> like</c>

00:11:40.110 --> 00:11:40.120 align:start position:0%
secure right so just in terms of like
 

00:11:40.120 --> 00:11:41.509 align:start position:0%
secure right so just in terms of like
this<00:11:40.240><c> is</c><00:11:40.399><c> software</c><00:11:40.720><c> running</c><00:11:40.959><c> out</c><00:11:41.120><c> the</c><00:11:41.240><c> world</c>

00:11:41.509 --> 00:11:41.519 align:start position:0%
this is software running out the world
 

00:11:41.519 --> 00:11:43.990 align:start position:0%
this is software running out the world
there<00:11:41.600><c> can</c><00:11:41.720><c> be</c><00:11:41.959><c> bugs</c><00:11:42.959><c> accidents</c><00:11:43.399><c> happen</c>

00:11:43.990 --> 00:11:44.000 align:start position:0%
there can be bugs accidents happen
 

00:11:44.000 --> 00:11:46.910 align:start position:0%
there can be bugs accidents happen
sometimes<00:11:44.560><c> there</c><00:11:45.560><c> uh</c><00:11:45.920><c> harmless</c><00:11:46.399><c> accidents</c><00:11:46.720><c> or</c>

00:11:46.910 --> 00:11:46.920 align:start position:0%
sometimes there uh harmless accidents or
 

00:11:46.920 --> 00:11:49.470 align:start position:0%
sometimes there uh harmless accidents or
at<00:11:47.000><c> least</c><00:11:47.200><c> like</c><00:11:47.320><c> not</c><00:11:47.760><c> malicious</c><00:11:48.760><c> um</c><00:11:48.839><c> say</c><00:11:49.160><c> relay</c>

00:11:49.470 --> 00:11:49.480 align:start position:0%
at least like not malicious um say relay
 

00:11:49.480 --> 00:11:52.509 align:start position:0%
at least like not malicious um say relay
goes<00:11:49.720><c> down</c><00:11:50.680><c> um</c><00:11:51.160><c> what</c><00:11:51.360><c> this</c><00:11:51.519><c> would</c><00:11:51.800><c> likely</c><00:11:52.120><c> mean</c>

00:11:52.509 --> 00:11:52.519 align:start position:0%
goes down um what this would likely mean
 

00:11:52.519 --> 00:11:54.750 align:start position:0%
goes down um what this would likely mean
especially<00:11:52.880><c> in</c><00:11:53.000><c> the</c><00:11:53.120><c> MEO</c><00:11:53.560><c> context</c><00:11:54.360><c> is</c><00:11:54.480><c> if</c><00:11:54.639><c> like</c>

00:11:54.750 --> 00:11:54.760 align:start position:0%
especially in the MEO context is if like
 

00:11:54.760 --> 00:11:56.389 align:start position:0%
especially in the MEO context is if like
the<00:11:54.880><c> relay</c><00:11:55.200><c> can't</c><00:11:55.360><c> get</c><00:11:55.519><c> the</c><00:11:55.760><c> final</c><00:11:56.000><c> block</c><00:11:56.200><c> out</c>

00:11:56.389 --> 00:11:56.399 align:start position:0%
the relay can't get the final block out
 

00:11:56.399 --> 00:11:58.230 align:start position:0%
the relay can't get the final block out
in<00:11:56.600><c> time</c><00:11:56.920><c> then</c><00:11:57.160><c> like</c><00:11:57.320><c> the</c><00:11:57.440><c> slots</c><00:11:57.839><c> basically</c>

00:11:58.230 --> 00:11:58.240 align:start position:0%
in time then like the slots basically
 

00:11:58.240 --> 00:12:00.190 align:start position:0%
in time then like the slots basically
missed<00:11:59.279><c> uh</c><00:11:59.360><c> the</c><00:11:59.480><c> logic</c><00:11:59.720><c> here</c><00:11:59.880><c> is</c><00:11:59.959><c> that</c><00:12:00.120><c> the</c>

00:12:00.190 --> 00:12:00.200 align:start position:0%
missed uh the logic here is that the
 

00:12:00.200 --> 00:12:01.670 align:start position:0%
missed uh the logic here is that the
proposer<00:12:00.600><c> has</c><00:12:00.800><c> already</c><00:12:01.040><c> committed</c><00:12:01.399><c> to</c><00:12:01.560><c> a</c>

00:12:01.670 --> 00:12:01.680 align:start position:0%
proposer has already committed to a
 

00:12:01.680 --> 00:12:02.750 align:start position:0%
proposer has already committed to a
particular<00:12:01.959><c> block</c><00:12:02.279><c> they</c><00:12:02.360><c> want</c><00:12:02.519><c> to</c>

00:12:02.750 --> 00:12:02.760 align:start position:0%
particular block they want to
 

00:12:02.760 --> 00:12:04.150 align:start position:0%
particular block they want to
essentially<00:12:03.160><c> buy</c><00:12:03.360><c> from</c><00:12:03.480><c> the</c><00:12:03.600><c> Builder</c><00:12:03.959><c> and</c><00:12:04.079><c> if</c>

00:12:04.150 --> 00:12:04.160 align:start position:0%
essentially buy from the Builder and if
 

00:12:04.160 --> 00:12:06.629 align:start position:0%
essentially buy from the Builder and if
the<00:12:04.320><c> relay</c><00:12:04.760><c> can't</c><00:12:05.120><c> you</c><00:12:05.240><c> know</c><00:12:06.000><c> facilitate</c><00:12:06.519><c> the</c>

00:12:06.629 --> 00:12:06.639 align:start position:0%
the relay can't you know facilitate the
 

00:12:06.639 --> 00:12:09.110 align:start position:0%
the relay can't you know facilitate the
whole<00:12:06.839><c> auction</c><00:12:07.200><c> or</c><00:12:07.360><c> exchange</c><00:12:08.040><c> then</c><00:12:08.880><c> uh</c><00:12:09.000><c> the</c>

00:12:09.110 --> 00:12:09.120 align:start position:0%
whole auction or exchange then uh the
 

00:12:09.120 --> 00:12:11.470 align:start position:0%
whole auction or exchange then uh the
proposer<00:12:09.399><c> is</c><00:12:09.519><c> just</c><00:12:09.639><c> out</c><00:12:09.760><c> of</c><00:12:09.880><c> luck</c><00:12:10.639><c> and</c><00:12:11.040><c> then</c><00:12:11.360><c> we</c>

00:12:11.470 --> 00:12:11.480 align:start position:0%
proposer is just out of luck and then we
 

00:12:11.480 --> 00:12:15.310 align:start position:0%
proposer is just out of luck and then we
miss<00:12:11.639><c> a</c><00:12:11.800><c> slot</c><00:12:12.680><c> uh</c><00:12:12.760><c> in</c><00:12:12.880><c> the</c><00:12:13.000><c> protocol</c><00:12:13.760><c> right</c><00:12:14.320><c> so</c>

00:12:15.310 --> 00:12:15.320 align:start position:0%
miss a slot uh in the protocol right so
 

00:12:15.320 --> 00:12:16.829 align:start position:0%
miss a slot uh in the protocol right so
sure<00:12:15.600><c> it's</c><00:12:15.760><c> maybe</c><00:12:16.000><c> just</c><00:12:16.120><c> one</c><00:12:16.320><c> slot</c><00:12:16.720><c> but</c>

00:12:16.829 --> 00:12:16.839 align:start position:0%
sure it's maybe just one slot but
 

00:12:16.839 --> 00:12:18.430 align:start position:0%
sure it's maybe just one slot but
generally<00:12:17.279><c> this</c><00:12:17.519><c> this</c><00:12:17.600><c> is</c>

00:12:18.430 --> 00:12:18.440 align:start position:0%
generally this this is
 

00:12:18.440 --> 00:12:20.829 align:start position:0%
generally this this is
bad<00:12:19.440><c> um</c><00:12:19.760><c> so</c><00:12:19.959><c> there's</c><00:12:20.160><c> like</c><00:12:20.279><c> some</c><00:12:20.440><c> security</c>

00:12:20.829 --> 00:12:20.839 align:start position:0%
bad um so there's like some security
 

00:12:20.839 --> 00:12:22.430 align:start position:0%
bad um so there's like some security
things<00:12:21.360><c> which</c><00:12:21.560><c> I</c><00:12:21.639><c> think</c><00:12:21.800><c> already</c><00:12:22.160><c> are</c><00:12:22.320><c> like</c>

00:12:22.430 --> 00:12:22.440 align:start position:0%
things which I think already are like
 

00:12:22.440 --> 00:12:24.389 align:start position:0%
things which I think already are like
make<00:12:22.639><c> people</c><00:12:22.839><c> uncomfortable</c><00:12:23.320><c> with</c><00:12:23.440><c> relays</c>

00:12:24.389 --> 00:12:24.399 align:start position:0%
make people uncomfortable with relays
 

00:12:24.399 --> 00:12:25.910 align:start position:0%
make people uncomfortable with relays
and<00:12:24.800><c> that</c><00:12:24.920><c> being</c><00:12:25.120><c> said</c><00:12:25.399><c> there</c><00:12:25.519><c> can</c><00:12:25.639><c> even</c><00:12:25.800><c> be</c>

00:12:25.910 --> 00:12:25.920 align:start position:0%
and that being said there can even be
 

00:12:25.920 --> 00:12:28.030 align:start position:0%
and that being said there can even be
malicious<00:12:26.360><c> attacks</c><00:12:26.800><c> right</c><00:12:27.079><c> and</c><00:12:27.240><c> so</c><00:12:27.600><c> you</c><00:12:27.720><c> might</c>

00:12:28.030 --> 00:12:28.040 align:start position:0%
malicious attacks right and so you might
 

00:12:28.040 --> 00:12:29.430 align:start position:0%
malicious attacks right and so you might
you<00:12:28.240><c> again</c><00:12:28.440><c> if</c><00:12:28.480><c> you</c><00:12:28.600><c> follow</c><00:12:28.880><c> space</c><00:12:29.199><c> You'</c><00:12:29.279><c> heard</c>

00:12:29.430 --> 00:12:29.440 align:start position:0%
you again if you follow space You' heard
 

00:12:29.440 --> 00:12:30.910 align:start position:0%
you again if you follow space You' heard
about<00:12:29.600><c> this</c><00:12:29.680><c> one</c><00:12:29.800><c> the</c><00:12:29.880><c> low</c><00:12:30.120><c> carb</c>

00:12:30.910 --> 00:12:30.920 align:start position:0%
about this one the low carb
 

00:12:30.920 --> 00:12:34.150 align:start position:0%
about this one the low carb
Crusader<00:12:32.120><c> um</c><00:12:33.120><c> L</c><00:12:33.440><c> what</c><00:12:33.519><c> did</c><00:12:33.600><c> I</c><00:12:33.720><c> want</c><00:12:33.800><c> to</c><00:12:33.920><c> call</c>

00:12:34.150 --> 00:12:34.160 align:start position:0%
Crusader um L what did I want to call
 

00:12:34.160 --> 00:12:35.550 align:start position:0%
Crusader um L what did I want to call
out<00:12:34.399><c> here</c><00:12:34.680><c> I</c>

00:12:35.550 --> 00:12:35.560 align:start position:0%
out here I
 

00:12:35.560 --> 00:12:38.430 align:start position:0%
out here I
think<00:12:36.560><c> right</c><00:12:36.880><c> so</c><00:12:37.480><c> I</c><00:12:37.639><c> think</c><00:12:37.920><c> the</c><00:12:38.040><c> point</c><00:12:38.279><c> here</c>

00:12:38.430 --> 00:12:38.440 align:start position:0%
think right so I think the point here
 

00:12:38.440 --> 00:12:40.269 align:start position:0%
think right so I think the point here
with<00:12:38.639><c> the</c><00:12:38.839><c> call</c><00:12:39.040><c> outs</c><00:12:39.399><c> is</c><00:12:39.639><c> that</c><00:12:39.920><c> this</c><00:12:40.000><c> was</c><00:12:40.160><c> an</c>

00:12:40.269 --> 00:12:40.279 align:start position:0%
with the call outs is that this was an
 

00:12:40.279 --> 00:12:44.150 align:start position:0%
with the call outs is that this was an
incredibly<00:12:40.720><c> profitable</c><00:12:41.519><c> attack</c><00:12:42.680><c> um</c><00:12:43.680><c> I</c><00:12:43.800><c> don't</c>

00:12:44.150 --> 00:12:44.160 align:start position:0%
incredibly profitable attack um I don't
 

00:12:44.160 --> 00:12:45.430 align:start position:0%
incredibly profitable attack um I don't
again<00:12:44.360><c> I</c><00:12:44.399><c> don't</c><00:12:44.519><c> know</c><00:12:44.639><c> how</c><00:12:44.760><c> many</c><00:12:44.920><c> people</c><00:12:45.279><c> are</c>

00:12:45.430 --> 00:12:45.440 align:start position:0%
again I don't know how many people are
 

00:12:45.440 --> 00:12:46.430 align:start position:0%
again I don't know how many people are
familiar<00:12:45.720><c> with</c><00:12:45.880><c> this</c><00:12:46.000><c> but</c><00:12:46.079><c> basically</c><00:12:46.360><c> what</c>

00:12:46.430 --> 00:12:46.440 align:start position:0%
familiar with this but basically what
 

00:12:46.440 --> 00:12:47.470 align:start position:0%
familiar with this but basically what
happened<00:12:46.720><c> was</c><00:12:46.880><c> there</c><00:12:46.959><c> was</c><00:12:47.040><c> a</c><00:12:47.160><c> bug</c><00:12:47.320><c> in</c><00:12:47.399><c> the</c>

00:12:47.470 --> 00:12:47.480 align:start position:0%
happened was there was a bug in the
 

00:12:47.480 --> 00:12:49.990 align:start position:0%
happened was there was a bug in the
relay<00:12:47.760><c> implementation</c><00:12:48.199><c> at</c><00:12:48.279><c> the</c><00:12:48.480><c> time</c><00:12:49.079><c> where</c>

00:12:49.990 --> 00:12:50.000 align:start position:0%
relay implementation at the time where
 

00:12:50.000 --> 00:12:52.269 align:start position:0%
relay implementation at the time where
as<00:12:50.120><c> a</c><00:12:50.360><c> validator</c><00:12:50.880><c> you</c><00:12:51.000><c> could</c><00:12:51.240><c> basically</c><00:12:51.760><c> trick</c>

00:12:52.269 --> 00:12:52.279 align:start position:0%
as a validator you could basically trick
 

00:12:52.279 --> 00:12:53.829 align:start position:0%
as a validator you could basically trick
the<00:12:52.399><c> relay</c><00:12:52.720><c> into</c><00:12:52.920><c> giving</c><00:12:53.120><c> you</c><00:12:53.279><c> the</c><00:12:53.399><c> block</c>

00:12:53.829 --> 00:12:53.839 align:start position:0%
the relay into giving you the block
 

00:12:53.839 --> 00:12:56.590 align:start position:0%
the relay into giving you the block
without<00:12:54.079><c> having</c><00:12:54.240><c> to</c><00:12:54.360><c> commit</c><00:12:54.639><c> to</c><00:12:55.160><c> it</c><00:12:56.160><c> uh</c><00:12:56.320><c> and</c><00:12:56.399><c> so</c>

00:12:56.590 --> 00:12:56.600 align:start position:0%
without having to commit to it uh and so
 

00:12:56.600 --> 00:12:58.949 align:start position:0%
without having to commit to it uh and so
that's<00:12:56.800><c> exactly</c><00:12:57.240><c> what</c><00:12:57.480><c> these</c><00:12:57.680><c> attackers</c><00:12:58.199><c> did</c>

00:12:58.949 --> 00:12:58.959 align:start position:0%
that's exactly what these attackers did
 

00:12:58.959 --> 00:13:00.389 align:start position:0%
that's exactly what these attackers did
and<00:12:59.279><c> and</c><00:12:59.440><c> they</c><00:12:59.560><c> also</c><00:12:59.720><c> did</c><00:12:59.880><c> a</c><00:12:59.959><c> bunch</c><00:13:00.120><c> of</c><00:13:00.199><c> other</c>

00:13:00.389 --> 00:13:00.399 align:start position:0%
and and they also did a bunch of other
 

00:13:00.399 --> 00:13:03.189 align:start position:0%
and and they also did a bunch of other
very<00:13:00.560><c> clever</c><00:13:00.959><c> things</c><00:13:01.440><c> to</c><00:13:01.639><c> then</c><00:13:01.839><c> also</c><00:13:02.079><c> in</c><00:13:02.240><c> turn</c>

00:13:03.189 --> 00:13:03.199 align:start position:0%
very clever things to then also in turn
 

00:13:03.199 --> 00:13:04.509 align:start position:0%
very clever things to then also in turn
uh<00:13:03.360><c> mess</c><00:13:03.560><c> with</c><00:13:03.720><c> the</c><00:13:03.800><c> transactions</c><00:13:04.279><c> in</c><00:13:04.399><c> the</c>

00:13:04.509 --> 00:13:04.519 align:start position:0%
uh mess with the transactions in the
 

00:13:04.519 --> 00:13:05.949 align:start position:0%
uh mess with the transactions in the
payload<00:13:05.120><c> if</c><00:13:05.199><c> you've</c><00:13:05.360><c> heard</c><00:13:05.519><c> of</c><00:13:05.720><c> like</c>

00:13:05.949 --> 00:13:05.959 align:start position:0%
payload if you've heard of like
 

00:13:05.959 --> 00:13:07.790 align:start position:0%
payload if you've heard of like
Searchers<00:13:06.600><c> in</c><00:13:06.720><c> this</c><00:13:06.920><c> context</c><00:13:07.519><c> there</c><00:13:07.600><c> are</c>

00:13:07.790 --> 00:13:07.800 align:start position:0%
Searchers in this context there are
 

00:13:07.800 --> 00:13:09.470 align:start position:0%
Searchers in this context there are
people<00:13:08.000><c> who</c><00:13:08.120><c> are</c><00:13:08.399><c> like</c><00:13:08.880><c> making</c><00:13:09.199><c> different</c>

00:13:09.470 --> 00:13:09.480 align:start position:0%
people who are like making different
 

00:13:09.480 --> 00:13:11.790 align:start position:0%
people who are like making different
trades<00:13:09.959><c> to</c><00:13:10.199><c> like</c><00:13:10.360><c> ARB</c><00:13:10.920><c> say</c><00:13:11.120><c> Unis</c><00:13:11.440><c> swap</c><00:13:11.639><c> or</c>

00:13:11.790 --> 00:13:11.800 align:start position:0%
trades to like ARB say Unis swap or
 

00:13:11.800 --> 00:13:13.189 align:start position:0%
trades to like ARB say Unis swap or
different<00:13:12.120><c> different</c><00:13:12.320><c> token</c>

00:13:13.189 --> 00:13:13.199 align:start position:0%
different different token
 

00:13:13.199 --> 00:13:16.710 align:start position:0%
different different token
pools<00:13:14.199><c> and</c><00:13:15.120><c> um</c><00:13:15.760><c> yeah</c><00:13:15.920><c> they</c><00:13:16.079><c> even</c><00:13:16.279><c> like</c><00:13:16.399><c> went</c><00:13:16.600><c> as</c>

00:13:16.710 --> 00:13:16.720 align:start position:0%
pools and um yeah they even like went as
 

00:13:16.720 --> 00:13:18.550 align:start position:0%
pools and um yeah they even like went as
so<00:13:16.920><c> far</c><00:13:17.040><c> as</c><00:13:17.279><c> like</c><00:13:17.480><c> bait</c><00:13:17.760><c> the</c><00:13:17.880><c> Searchers</c><00:13:18.440><c> who</c>

00:13:18.550 --> 00:13:18.560 align:start position:0%
so far as like bait the Searchers who
 

00:13:18.560 --> 00:13:20.069 align:start position:0%
so far as like bait the Searchers who
were<00:13:18.760><c> trading</c><00:13:19.120><c> and</c><00:13:19.240><c> then</c><00:13:19.399><c> basically</c><00:13:19.680><c> sandwich</c>

00:13:20.069 --> 00:13:20.079 align:start position:0%
were trading and then basically sandwich
 

00:13:20.079 --> 00:13:22.470 align:start position:0%
were trading and then basically sandwich
the<00:13:20.199><c> sandwiches</c><00:13:20.720><c> that</c><00:13:20.880><c> makes</c><00:13:21.199><c> sense</c><00:13:22.199><c> and</c>

00:13:22.470 --> 00:13:22.480 align:start position:0%
the sandwiches that makes sense and
 

00:13:22.480 --> 00:13:23.949 align:start position:0%
the sandwiches that makes sense and
anyways<00:13:22.880><c> it</c><00:13:22.959><c> was</c><00:13:23.160><c> actually</c><00:13:23.399><c> a</c><00:13:23.519><c> very</c><00:13:23.760><c> like</c><00:13:23.880><c> it's</c>

00:13:23.949 --> 00:13:23.959 align:start position:0%
anyways it was actually a very like it's
 

00:13:23.959 --> 00:13:25.430 align:start position:0%
anyways it was actually a very like it's
a<00:13:24.079><c> very</c><00:13:24.279><c> fascinating</c><00:13:24.800><c> attack</c><00:13:25.079><c> and</c><00:13:25.240><c> I</c><00:13:25.320><c> would</c>

00:13:25.430 --> 00:13:25.440 align:start position:0%
a very fascinating attack and I would
 

00:13:25.440 --> 00:13:27.750 align:start position:0%
a very fascinating attack and I would
recommend<00:13:25.760><c> reading</c><00:13:26.040><c> up</c><00:13:26.160><c> on</c><00:13:26.320><c> it</c><00:13:26.959><c> uh</c><00:13:27.480><c> but</c><00:13:27.639><c> that</c>

00:13:27.750 --> 00:13:27.760 align:start position:0%
recommend reading up on it uh but that
 

00:13:27.760 --> 00:13:30.990 align:start position:0%
recommend reading up on it uh but that
being<00:13:27.959><c> said</c><00:13:28.160><c> this</c><00:13:28.279><c> is</c><00:13:28.560><c> very</c><00:13:28.760><c> bad</c>

00:13:30.990 --> 00:13:31.000 align:start position:0%
being said this is very bad
 

00:13:31.000 --> 00:13:33.790 align:start position:0%
being said this is very bad
so<00:13:32.000><c> um</c><00:13:32.480><c> yeah</c><00:13:32.839><c> again</c><00:13:33.120><c> we</c><00:13:33.240><c> just</c><00:13:33.399><c> see</c><00:13:33.560><c> more</c><00:13:33.680><c> and</c>

00:13:33.790 --> 00:13:33.800 align:start position:0%
so um yeah again we just see more and
 

00:13:33.800 --> 00:13:35.470 align:start position:0%
so um yeah again we just see more and
more<00:13:33.959><c> cases</c><00:13:34.320><c> where</c><00:13:34.560><c> relays</c><00:13:34.959><c> are</c><00:13:35.120><c> causing</c>

00:13:35.470 --> 00:13:35.480 align:start position:0%
more cases where relays are causing
 

00:13:35.480 --> 00:13:38.310 align:start position:0%
more cases where relays are causing
problems<00:13:35.760><c> and</c><00:13:35.839><c> it'd</c><00:13:35.959><c> be</c><00:13:36.079><c> nice</c><00:13:36.199><c> to</c><00:13:36.279><c> get</c><00:13:36.440><c> rid</c><00:13:36.560><c> of</c>

00:13:38.310 --> 00:13:38.320 align:start position:0%
problems and it'd be nice to get rid of
 

00:13:38.320 --> 00:13:41.990 align:start position:0%
problems and it'd be nice to get rid of
them<00:13:39.320><c> so</c><00:13:40.240><c> well</c><00:13:40.480><c> okay</c><00:13:40.680><c> before</c><00:13:40.880><c> I</c><00:13:40.959><c> get</c><00:13:41.079><c> to</c><00:13:41.320><c> here</c>

00:13:41.990 --> 00:13:42.000 align:start position:0%
them so well okay before I get to here
 

00:13:42.000 --> 00:13:44.389 align:start position:0%
them so well okay before I get to here
uh<00:13:42.120><c> maybe</c><00:13:42.399><c> like</c><00:13:42.560><c> another</c><00:13:42.800><c> sort</c><00:13:43.000><c> of</c><00:13:43.120><c> new</c><00:13:43.399><c> update</c>

00:13:44.389 --> 00:13:44.399 align:start position:0%
uh maybe like another sort of new update
 

00:13:44.399 --> 00:13:45.870 align:start position:0%
uh maybe like another sort of new update
uh<00:13:44.519><c> since</c><00:13:44.680><c> I</c><00:13:44.800><c> made</c><00:13:44.959><c> these</c><00:13:45.160><c> slides</c><00:13:45.560><c> is</c><00:13:45.720><c> like</c>

00:13:45.870 --> 00:13:45.880 align:start position:0%
uh since I made these slides is like
 

00:13:45.880 --> 00:13:47.069 align:start position:0%
uh since I made these slides is like
also<00:13:46.079><c> the</c><00:13:46.240><c> question</c><00:13:46.440><c> of</c><00:13:46.600><c> like</c><00:13:46.720><c> relay</c>

00:13:47.069 --> 00:13:47.079 align:start position:0%
also the question of like relay
 

00:13:47.079 --> 00:13:48.389 align:start position:0%
also the question of like relay
sustainability<00:13:47.839><c> and</c><00:13:47.959><c> this</c><00:13:48.040><c> is</c><00:13:48.199><c> actually</c>

00:13:48.389 --> 00:13:48.399 align:start position:0%
sustainability and this is actually
 

00:13:48.399 --> 00:13:51.189 align:start position:0%
sustainability and this is actually
quite<00:13:48.560><c> a</c><00:13:48.680><c> big</c><00:13:48.839><c> one</c><00:13:49.320><c> because</c><00:13:50.320><c> again</c><00:13:50.519><c> over</c><00:13:50.759><c> 90%</c>

00:13:51.189 --> 00:13:51.199 align:start position:0%
quite a big one because again over 90%
 

00:13:51.199 --> 00:13:53.310 align:start position:0%
quite a big one because again over 90%
of<00:13:51.320><c> blocks</c><00:13:51.600><c> are</c><00:13:51.720><c> coming</c><00:13:51.920><c> through</c><00:13:52.120><c> the</c><00:13:52.320><c> system</c>

00:13:53.310 --> 00:13:53.320 align:start position:0%
of blocks are coming through the system
 

00:13:53.320 --> 00:13:54.870 align:start position:0%
of blocks are coming through the system
uh<00:13:53.440><c> there</c><00:13:53.519><c> are</c><00:13:53.720><c> effectively</c><00:13:54.480><c> like</c><00:13:54.560><c> a</c><00:13:54.720><c> very</c>

00:13:54.870 --> 00:13:54.880 align:start position:0%
uh there are effectively like a very
 

00:13:54.880 --> 00:13:57.749 align:start position:0%
uh there are effectively like a very
small<00:13:55.120><c> number</c><00:13:55.320><c> of</c><00:13:55.480><c> relays</c><00:13:56.199><c> I</c><00:13:56.320><c> know</c><00:13:56.600><c> that</c><00:13:56.920><c> the</c>

00:13:57.749 --> 00:13:57.759 align:start position:0%
small number of relays I know that the
 

00:13:57.759 --> 00:14:00.189 align:start position:0%
small number of relays I know that the
me.<00:13:58.279><c> piix</c><00:13:58.519><c> website</c><00:13:58.759><c> should</c><00:13:59.279><c> more</c><00:13:59.639><c> but</c><00:14:00.120><c> you</c>

00:14:00.189 --> 00:14:00.199 align:start position:0%
me. piix website should more but you
 

00:14:00.199 --> 00:14:01.550 align:start position:0%
me. piix website should more but you
know<00:14:00.320><c> in</c><00:14:00.399><c> terms</c><00:14:00.600><c> of</c><00:14:00.720><c> market</c><00:14:01.000><c> share</c><00:14:01.320><c> it's</c>

00:14:01.550 --> 00:14:01.560 align:start position:0%
know in terms of market share it's
 

00:14:01.560 --> 00:14:05.310 align:start position:0%
know in terms of market share it's
really<00:14:02.519><c> a</c><00:14:02.839><c> small</c><00:14:03.199><c> number</c><00:14:04.199><c> and</c><00:14:04.360><c> I</c><00:14:04.480><c> may</c><00:14:04.759><c> actually</c>

00:14:05.310 --> 00:14:05.320 align:start position:0%
really a small number and I may actually
 

00:14:05.320 --> 00:14:10.470 align:start position:0%
really a small number and I may actually
yeah<00:14:05.519><c> so</c><00:14:05.680><c> let's</c><00:14:05.880><c> do</c><00:14:06.279><c> this</c><00:14:07.279><c> just</c><00:14:07.399><c> to</c><00:14:07.560><c> make</c><00:14:07.759><c> the</c>

00:14:10.470 --> 00:14:10.480 align:start position:0%
 
 

00:14:10.480 --> 00:14:12.550 align:start position:0%
 
point<00:14:11.480><c> right</c><00:14:11.720><c> so</c><00:14:11.880><c> these</c><00:14:12.000><c> are</c><00:14:12.160><c> looking</c><00:14:12.399><c> at</c>

00:14:12.550 --> 00:14:12.560 align:start position:0%
point right so these are looking at
 

00:14:12.560 --> 00:14:14.509 align:start position:0%
point right so these are looking at
relays<00:14:13.240><c> and</c><00:14:13.360><c> you</c><00:14:13.440><c> can</c><00:14:13.600><c> see</c><00:14:13.920><c> here</c><00:14:14.120><c> so</c><00:14:14.279><c> this</c><00:14:14.360><c> is</c>

00:14:14.509 --> 00:14:14.519 align:start position:0%
relays and you can see here so this is
 

00:14:14.519 --> 00:14:17.189 align:start position:0%
relays and you can see here so this is
basically<00:14:14.800><c> breaking</c><00:14:15.120><c> them</c><00:14:15.360><c> down</c><00:14:15.880><c> by</c><00:14:16.839><c> market</c>

00:14:17.189 --> 00:14:17.199 align:start position:0%
basically breaking them down by market
 

00:14:17.199 --> 00:14:19.430 align:start position:0%
basically breaking them down by market
share<00:14:17.959><c> and</c><00:14:18.199><c> really</c><00:14:18.480><c> just</c><00:14:18.800><c> you</c><00:14:18.920><c> can</c><00:14:19.040><c> look</c><00:14:19.199><c> at</c>

00:14:19.430 --> 00:14:19.440 align:start position:0%
share and really just you can look at
 

00:14:19.440 --> 00:14:22.389 align:start position:0%
share and really just you can look at
the<00:14:19.800><c> pie</c><00:14:20.040><c> chart</c><00:14:20.279><c> on</c><00:14:20.440><c> the</c><00:14:20.680><c> right</c><00:14:21.680><c> so</c><00:14:21.920><c> we</c><00:14:22.040><c> see</c>

00:14:22.389 --> 00:14:22.399 align:start position:0%
the pie chart on the right so we see
 

00:14:22.399 --> 00:14:23.910 align:start position:0%
the pie chart on the right so we see
basically<00:14:22.880><c> yeah</c><00:14:23.079><c> there</c><00:14:23.199><c> are</c><00:14:23.360><c> like</c><00:14:23.440><c> a</c><00:14:23.560><c> number</c>

00:14:23.910 --> 00:14:23.920 align:start position:0%
basically yeah there are like a number
 

00:14:23.920 --> 00:14:26.990 align:start position:0%
basically yeah there are like a number
here<00:14:24.399><c> but</c><00:14:24.759><c> you</c><00:14:24.920><c> know</c><00:14:25.120><c> flash</c><00:14:25.480><c> Bots</c><00:14:25.720><c> only</c><00:14:25.880><c> has</c><00:14:26.079><c> 5%</c>

00:14:26.990 --> 00:14:27.000 align:start position:0%
here but you know flash Bots only has 5%
 

00:14:27.000 --> 00:14:28.629 align:start position:0%
here but you know flash Bots only has 5%
uh<00:14:27.160><c> as</c><00:14:27.240><c> a</c><00:14:27.399><c> relay</c><00:14:27.839><c> and</c><00:14:27.959><c> then</c><00:14:28.079><c> otherwise</c><00:14:28.440><c> you</c>

00:14:28.629 --> 00:14:28.639 align:start position:0%
uh as a relay and then otherwise you
 

00:14:28.639 --> 00:14:33.269 align:start position:0%
uh as a relay and then otherwise you
have<00:14:29.120><c> BLX</c><00:14:29.519><c> route</c><00:14:30.519><c> uh</c><00:14:30.759><c> which</c><00:14:31.399><c> is</c><00:14:32.000><c> here</c><00:14:32.959><c> then</c><00:14:33.079><c> you</c>

00:14:33.269 --> 00:14:33.279 align:start position:0%
have BLX route uh which is here then you
 

00:14:33.279 --> 00:14:35.910 align:start position:0%
have BLX route uh which is here then you
have<00:14:33.600><c> another</c><00:14:33.880><c> Blox</c><00:14:34.199><c> route</c><00:14:34.680><c> relay</c><00:14:35.680><c> and</c><00:14:35.759><c> then</c>

00:14:35.910 --> 00:14:35.920 align:start position:0%
have another Blox route relay and then
 

00:14:35.920 --> 00:14:37.829 align:start position:0%
have another Blox route relay and then
ultrasound<00:14:36.600><c> so</c><00:14:36.839><c> honestly</c><00:14:37.399><c> there's</c><00:14:37.639><c> like</c>

00:14:37.829 --> 00:14:37.839 align:start position:0%
ultrasound so honestly there's like
 

00:14:37.839 --> 00:14:39.670 align:start position:0%
ultrasound so honestly there's like
three<00:14:38.279><c> relays</c><00:14:38.880><c> that</c><00:14:39.199><c> have</c><00:14:39.360><c> pretty</c><00:14:39.560><c> much</c>

00:14:39.670 --> 00:14:39.680 align:start position:0%
three relays that have pretty much
 

00:14:39.680 --> 00:14:42.670 align:start position:0%
three relays that have pretty much
dominated<00:14:40.120><c> the</c><00:14:40.639><c> market</c><00:14:41.639><c> um</c><00:14:42.160><c> and</c><00:14:42.360><c> really</c><00:14:42.560><c> you</c>

00:14:42.670 --> 00:14:42.680 align:start position:0%
dominated the market um and really you
 

00:14:42.680 --> 00:14:44.389 align:start position:0%
dominated the market um and really you
know<00:14:42.839><c> this</c><00:14:42.959><c> one</c><00:14:43.120><c> is</c><00:14:43.320><c> like</c><00:14:43.759><c> honestly</c><00:14:44.120><c> just</c><00:14:44.240><c> one</c>

00:14:44.389 --> 00:14:44.399 align:start position:0%
know this one is like honestly just one
 

00:14:44.399 --> 00:14:49.870 align:start position:0%
know this one is like honestly just one
relay<00:14:44.839><c> so</c><00:14:45.279><c> yeah</c><00:14:45.680><c> that's</c><00:14:46.320><c> that's</c><00:14:46.480><c> not</c>

00:14:49.870 --> 00:14:49.880 align:start position:0%
 
 

00:14:49.880 --> 00:14:52.389 align:start position:0%
 
ideal<00:14:50.880><c> we</c><00:14:51.000><c> can</c><00:14:51.120><c> do</c><00:14:51.279><c> the</c><00:14:51.399><c> same</c><00:14:51.560><c> thing</c><00:14:51.680><c> for</c>

00:14:52.389 --> 00:14:52.399 align:start position:0%
ideal we can do the same thing for
 

00:14:52.399 --> 00:14:55.670 align:start position:0%
ideal we can do the same thing for
Builders<00:14:53.399><c> if</c><00:14:53.600><c> this</c>

00:14:55.670 --> 00:14:55.680 align:start position:0%
Builders if this
 

00:14:55.680 --> 00:14:59.030 align:start position:0%
Builders if this
loads<00:14:56.680><c> okay</c><00:14:57.160><c> yeah</c><00:14:57.440><c> so</c><00:14:58.199><c> if</c><00:14:58.360><c> anything</c><00:14:58.720><c> this</c>

00:14:59.030 --> 00:14:59.040 align:start position:0%
loads okay yeah so if anything this
 

00:14:59.040 --> 00:15:01.829 align:start position:0%
loads okay yeah so if anything this
looks<00:14:59.279><c> even</c><00:14:59.480><c> worse</c><00:15:00.279><c> um</c><00:15:00.880><c> again</c><00:15:01.160><c> so</c><00:15:01.519><c> the</c><00:15:01.680><c> left</c>

00:15:01.829 --> 00:15:01.839 align:start position:0%
looks even worse um again so the left
 

00:15:01.839 --> 00:15:03.310 align:start position:0%
looks even worse um again so the left
and<00:15:02.000><c> right</c><00:15:02.199><c> here</c><00:15:02.360><c> the</c><00:15:02.480><c> left</c><00:15:02.680><c> one</c><00:15:02.839><c> is</c><00:15:02.959><c> just</c><00:15:03.120><c> also</c>

00:15:03.310 --> 00:15:03.320 align:start position:0%
and right here the left one is just also
 

00:15:03.320 --> 00:15:05.550 align:start position:0%
and right here the left one is just also
including<00:15:03.759><c> like</c><00:15:03.880><c> nonm</c><00:15:04.279><c> boost</c><00:15:04.480><c> blocks</c><00:15:05.000><c> so</c><00:15:05.199><c> for</c>

00:15:05.550 --> 00:15:05.560 align:start position:0%
including like nonm boost blocks so for
 

00:15:05.560 --> 00:15:06.829 align:start position:0%
including like nonm boost blocks so for
the<00:15:05.680><c> purposes</c><00:15:06.040><c> of</c><00:15:06.240><c> now</c><00:15:06.399><c> you</c><00:15:06.440><c> can</c><00:15:06.560><c> kind</c><00:15:06.639><c> of</c><00:15:06.720><c> just</c>

00:15:06.829 --> 00:15:06.839 align:start position:0%
the purposes of now you can kind of just
 

00:15:06.839 --> 00:15:09.550 align:start position:0%
the purposes of now you can kind of just
ignore<00:15:07.160><c> it</c><00:15:07.839><c> on</c><00:15:07.959><c> the</c><00:15:08.079><c> right</c><00:15:08.320><c> here</c><00:15:08.480><c> you</c><00:15:08.639><c> see</c><00:15:09.440><c> uh</c>

00:15:09.550 --> 00:15:09.560 align:start position:0%
ignore it on the right here you see uh
 

00:15:09.560 --> 00:15:11.310 align:start position:0%
ignore it on the right here you see uh
for<00:15:09.720><c> All</c><00:15:09.880><c> Med</c><00:15:10.079><c> boost</c><00:15:10.360><c> blocks</c><00:15:10.800><c> you</c><00:15:10.880><c> know</c><00:15:11.040><c> who's</c>

00:15:11.310 --> 00:15:11.320 align:start position:0%
for All Med boost blocks you know who's
 

00:15:11.320 --> 00:15:13.030 align:start position:0%
for All Med boost blocks you know who's
responsible<00:15:11.720><c> for</c><00:15:11.920><c> what</c><00:15:12.199><c> and</c><00:15:12.320><c> you</c><00:15:12.560><c> really</c><00:15:12.759><c> see</c>

00:15:13.030 --> 00:15:13.040 align:start position:0%
responsible for what and you really see
 

00:15:13.040 --> 00:15:15.749 align:start position:0%
responsible for what and you really see
it's<00:15:13.279><c> just</c><00:15:13.440><c> these</c><00:15:13.600><c> two</c><00:15:13.759><c> Builders</c><00:15:14.199><c> here</c><00:15:14.759><c> right</c>

00:15:15.749 --> 00:15:15.759 align:start position:0%
it's just these two Builders here right
 

00:15:15.759 --> 00:15:18.430 align:start position:0%
it's just these two Builders here right
uh<00:15:15.959><c> this</c><00:15:16.120><c> is</c><00:15:16.480><c> this</c><00:15:16.600><c> is</c><00:15:16.800><c> very</c><00:15:17.040><c> bad</c><00:15:17.880><c> I</c><00:15:17.959><c> will</c><00:15:18.199><c> say</c>

00:15:18.430 --> 00:15:18.440 align:start position:0%
uh this is this is very bad I will say
 

00:15:18.440 --> 00:15:20.269 align:start position:0%
uh this is this is very bad I will say
these<00:15:18.600><c> two</c><00:15:18.759><c> Builders</c><00:15:19.160><c> are</c><00:15:19.480><c> like</c><00:15:19.959><c> quote</c>

00:15:20.269 --> 00:15:20.279 align:start position:0%
these two Builders are like quote
 

00:15:20.279 --> 00:15:21.870 align:start position:0%
these two Builders are like quote
aligned<00:15:20.800><c> a</c><00:15:20.880><c> lot</c><00:15:21.040><c> more</c><00:15:21.279><c> than</c><00:15:21.440><c> like</c><00:15:21.560><c> random</c>

00:15:21.870 --> 00:15:21.880 align:start position:0%
aligned a lot more than like random
 

00:15:21.880 --> 00:15:23.430 align:start position:0%
aligned a lot more than like random
Builders<00:15:22.240><c> could</c><00:15:22.399><c> be</c><00:15:22.880><c> but</c><00:15:23.079><c> again</c><00:15:23.240><c> you</c><00:15:23.320><c> could</c>

00:15:23.430 --> 00:15:23.440 align:start position:0%
Builders could be but again you could
 

00:15:23.440 --> 00:15:25.269 align:start position:0%
Builders could be but again you could
imagine<00:15:23.759><c> a</c><00:15:23.920><c> much</c><00:15:24.120><c> more</c><00:15:24.440><c> unaligned</c><00:15:25.000><c> actor</c>

00:15:25.269 --> 00:15:25.279 align:start position:0%
imagine a much more unaligned actor
 

00:15:25.279 --> 00:15:27.150 align:start position:0%
imagine a much more unaligned actor
comes<00:15:25.480><c> to</c><00:15:25.600><c> the</c><00:15:25.759><c> table</c><00:15:26.480><c> in</c><00:15:26.600><c> the</c><00:15:26.720><c> next</c><00:15:26.920><c> year</c><00:15:27.040><c> or</c>

00:15:27.150 --> 00:15:27.160 align:start position:0%
comes to the table in the next year or
 

00:15:27.160 --> 00:15:29.030 align:start position:0%
comes to the table in the next year or
two<00:15:28.000><c> say</c><00:15:28.199><c> like</c><00:15:28.319><c> one</c><00:15:28.399><c> of</c><00:15:28.480><c> these</c><00:15:28.600><c> more</c><00:15:28.759><c> like</c>

00:15:29.030 --> 00:15:29.040 align:start position:0%
two say like one of these more like
 

00:15:29.040 --> 00:15:31.150 align:start position:0%
two say like one of these more like
traditional<00:15:29.720><c> like</c><00:15:30.040><c> uh</c><00:15:30.240><c> institutions</c><00:15:31.000><c> like</c>

00:15:31.150 --> 00:15:31.160 align:start position:0%
traditional like uh institutions like
 

00:15:31.160 --> 00:15:33.389 align:start position:0%
traditional like uh institutions like
these<00:15:31.279><c> big</c><00:15:31.440><c> trading</c><00:15:31.920><c> firms</c><00:15:32.920><c> and</c><00:15:33.120><c> they</c><00:15:33.240><c> could</c>

00:15:33.389 --> 00:15:33.399 align:start position:0%
these big trading firms and they could
 

00:15:33.399 --> 00:15:34.990 align:start position:0%
these big trading firms and they could
just<00:15:33.560><c> Dominate</c><00:15:34.000><c> and</c><00:15:34.160><c> care</c><00:15:34.360><c> even</c><00:15:34.600><c> less</c><00:15:34.800><c> about</c>

00:15:34.990 --> 00:15:35.000 align:start position:0%
just Dominate and care even less about
 

00:15:35.000 --> 00:15:36.870 align:start position:0%
just Dominate and care even less about
like<00:15:35.120><c> ethereum's</c><00:15:35.600><c> values</c><00:15:35.959><c> and</c><00:15:36.120><c> things</c><00:15:36.360><c> like</c>

00:15:36.870 --> 00:15:36.880 align:start position:0%
like ethereum's values and things like
 

00:15:36.880 --> 00:15:39.269 align:start position:0%
like ethereum's values and things like
this<00:15:37.880><c> and</c><00:15:38.000><c> maybe</c><00:15:38.240><c> just</c><00:15:38.360><c> to</c><00:15:38.519><c> give</c><00:15:38.639><c> you</c><00:15:38.880><c> another</c>

00:15:39.269 --> 00:15:39.279 align:start position:0%
this and maybe just to give you another
 

00:15:39.279 --> 00:15:40.910 align:start position:0%
this and maybe just to give you another
view<00:15:39.639><c> on</c>

00:15:40.910 --> 00:15:40.920 align:start position:0%
view on
 

00:15:40.920 --> 00:15:43.150 align:start position:0%
view on
this<00:15:41.920><c> you</c><00:15:42.000><c> know</c><00:15:42.160><c> you</c><00:15:42.240><c> can</c><00:15:42.360><c> go</c><00:15:42.480><c> to</c><00:15:42.600><c> Ether</c><00:15:42.880><c> scan</c>

00:15:43.150 --> 00:15:43.160 align:start position:0%
this you know you can go to Ether scan
 

00:15:43.160 --> 00:15:45.110 align:start position:0%
this you know you can go to Ether scan
these<00:15:43.399><c> days</c><00:15:43.880><c> and</c><00:15:43.959><c> then</c><00:15:44.120><c> you</c><00:15:44.199><c> can</c><00:15:44.360><c> see</c><00:15:44.720><c> like</c><00:15:44.880><c> it</c>

00:15:45.110 --> 00:15:45.120 align:start position:0%
these days and then you can see like it
 

00:15:45.120 --> 00:15:46.470 align:start position:0%
these days and then you can see like it
it<00:15:45.240><c> gives</c><00:15:45.399><c> you</c><00:15:45.560><c> the</c><00:15:45.680><c> minor</c><00:15:46.040><c> but</c><00:15:46.199><c> really</c><00:15:46.399><c> they</c>

00:15:46.470 --> 00:15:46.480 align:start position:0%
it gives you the minor but really they
 

00:15:46.480 --> 00:15:48.949 align:start position:0%
it gives you the minor but really they
just<00:15:46.600><c> mean</c><00:15:46.920><c> like</c><00:15:47.120><c> the</c><00:15:47.279><c> the</c><00:15:47.360><c> Builder</c><00:15:47.759><c> here</c><00:15:48.759><c> and</c>

00:15:48.949 --> 00:15:48.959 align:start position:0%
just mean like the the Builder here and
 

00:15:48.959 --> 00:15:51.590 align:start position:0%
just mean like the the Builder here and
yeah<00:15:49.120><c> it's</c><00:15:49.240><c> like</c><00:15:49.440><c> Beaver</c><00:15:49.920><c> Titan</c><00:15:50.880><c> okay</c><00:15:51.279><c> someone</c>

00:15:51.590 --> 00:15:51.600 align:start position:0%
yeah it's like Beaver Titan okay someone
 

00:15:51.600 --> 00:15:53.629 align:start position:0%
yeah it's like Beaver Titan okay someone
from<00:15:51.720><c> Lio</c><00:15:52.199><c> this</c><00:15:52.279><c> one's</c><00:15:52.600><c> fine</c><00:15:52.959><c> like</c><00:15:53.360><c> Titan</c>

00:15:53.629 --> 00:15:53.639 align:start position:0%
from Lio this one's fine like Titan
 

00:15:53.639 --> 00:15:55.670 align:start position:0%
from Lio this one's fine like Titan
Titan<00:15:53.959><c> Titan</c><00:15:54.319><c> you</c><00:15:54.440><c> know</c><00:15:54.600><c> it</c><00:15:54.720><c> just</c><00:15:54.959><c> it</c><00:15:55.120><c> keeps</c>

00:15:55.670 --> 00:15:55.680 align:start position:0%
Titan Titan you know it just it keeps
 

00:15:55.680 --> 00:15:58.189 align:start position:0%
Titan Titan you know it just it keeps
going<00:15:56.680><c> beaver</c><00:15:57.040><c> beaver</c><00:15:57.360><c> beaver</c><00:15:57.680><c> TI</c><00:15:57.920><c> Titan</c>

00:15:58.189 --> 00:15:58.199 align:start position:0%
going beaver beaver beaver TI Titan
 

00:15:58.199 --> 00:16:00.350 align:start position:0%
going beaver beaver beaver TI Titan
Titan<00:15:58.480><c> Titan</c><00:15:58.759><c> like</c><00:15:59.399><c> it's</c><00:15:59.639><c> really</c><00:15:59.880><c> not</c><00:16:00.120><c> like</c><00:16:00.240><c> a</c>

00:16:00.350 --> 00:16:00.360 align:start position:0%
Titan Titan like it's really not like a
 

00:16:00.360 --> 00:16:02.670 align:start position:0%
Titan Titan like it's really not like a
great<00:16:01.040><c> picture</c>

00:16:02.670 --> 00:16:02.680 align:start position:0%
great picture
 

00:16:02.680 --> 00:16:04.829 align:start position:0%
great picture
so<00:16:03.680><c> if</c><00:16:03.839><c> anything</c><00:16:04.120><c> there's</c><00:16:04.360><c> now</c><00:16:04.560><c> like</c><00:16:04.680><c> two</c>

00:16:04.829 --> 00:16:04.839 align:start position:0%
so if anything there's now like two
 

00:16:04.839 --> 00:16:06.069 align:start position:0%
so if anything there's now like two
levels<00:16:05.120><c> of</c><00:16:05.240><c> concern</c><00:16:05.600><c> here</c><00:16:05.759><c> there's</c><00:16:05.959><c> like</c>

00:16:06.069 --> 00:16:06.079 align:start position:0%
levels of concern here there's like
 

00:16:06.079 --> 00:16:07.790 align:start position:0%
levels of concern here there's like
relay<00:16:06.399><c> decentralization</c><00:16:07.120><c> and</c><00:16:07.240><c> also</c><00:16:07.440><c> Builder</c>

00:16:07.790 --> 00:16:07.800 align:start position:0%
relay decentralization and also Builder
 

00:16:07.800 --> 00:16:10.030 align:start position:0%
relay decentralization and also Builder
decentralization<00:16:08.800><c> and</c><00:16:09.440><c> people</c><00:16:09.680><c> think</c><00:16:09.839><c> about</c>

00:16:10.030 --> 00:16:10.040 align:start position:0%
decentralization and people think about
 

00:16:10.040 --> 00:16:12.269 align:start position:0%
decentralization and people think about
both<00:16:10.240><c> these</c><00:16:10.360><c> parts</c><00:16:10.560><c> of</c><00:16:10.639><c> the</c><00:16:10.759><c> stack</c><00:16:11.600><c> um</c><00:16:12.079><c> and</c>

00:16:12.269 --> 00:16:12.279 align:start position:0%
both these parts of the stack um and
 

00:16:12.279 --> 00:16:14.069 align:start position:0%
both these parts of the stack um and
yeah<00:16:12.680><c> there</c><00:16:12.920><c> honestly</c><00:16:13.279><c> just</c><00:16:13.399><c> aren't</c><00:16:13.720><c> like</c><00:16:13.880><c> any</c>

00:16:14.069 --> 00:16:14.079 align:start position:0%
yeah there honestly just aren't like any
 

00:16:14.079 --> 00:16:16.030 align:start position:0%
yeah there honestly just aren't like any
silver<00:16:14.399><c> bullets</c><00:16:14.800><c> yet</c><00:16:15.160><c> because</c><00:16:15.480><c> it's</c><00:16:15.720><c> actually</c>

00:16:16.030 --> 00:16:16.040 align:start position:0%
silver bullets yet because it's actually
 

00:16:16.040 --> 00:16:18.670 align:start position:0%
silver bullets yet because it's actually
like<00:16:16.279><c> quite</c><00:16:16.560><c> hairy</c><00:16:16.880><c> once</c><00:16:17.000><c> you</c><00:16:17.079><c> get</c><00:16:17.199><c> into</c><00:16:17.680><c> it</c>

00:16:18.670 --> 00:16:18.680 align:start position:0%
like quite hairy once you get into it
 

00:16:18.680 --> 00:16:20.990 align:start position:0%
like quite hairy once you get into it
but<00:16:19.440><c> yeah</c>

00:16:20.990 --> 00:16:21.000 align:start position:0%
but yeah
 

00:16:21.000 --> 00:16:24.230 align:start position:0%
but yeah
so<00:16:22.000><c> given</c><00:16:22.319><c> all</c><00:16:22.480><c> of</c><00:16:22.680><c> this</c><00:16:23.639><c> you</c><00:16:23.759><c> might</c><00:16:23.959><c> even</c><00:16:24.120><c> be</c>

00:16:24.230 --> 00:16:24.240 align:start position:0%
so given all of this you might even be
 

00:16:24.240 --> 00:16:25.790 align:start position:0%
so given all of this you might even be
wondering<00:16:24.560><c> why</c><00:16:24.720><c> we</c><00:16:25.040><c> did</c><00:16:25.199><c> this</c><00:16:25.319><c> in</c><00:16:25.399><c> the</c><00:16:25.519><c> first</c>

00:16:25.790 --> 00:16:25.800 align:start position:0%
wondering why we did this in the first
 

00:16:25.800 --> 00:16:27.189 align:start position:0%
wondering why we did this in the first
place<00:16:26.240><c> because</c><00:16:26.519><c> it</c><00:16:26.639><c> sounds</c><00:16:26.880><c> like</c><00:16:27.000><c> it's</c>

00:16:27.189 --> 00:16:27.199 align:start position:0%
place because it sounds like it's
 

00:16:27.199 --> 00:16:29.309 align:start position:0%
place because it sounds like it's
actually<00:16:27.440><c> pretty</c><00:16:27.680><c> bad</c>

00:16:29.309 --> 00:16:29.319 align:start position:0%
actually pretty bad
 

00:16:29.319 --> 00:16:32.430 align:start position:0%
actually pretty bad
and<00:16:29.800><c> you</c><00:16:29.920><c> know</c><00:16:30.199><c> I</c><00:16:30.279><c> won't</c><00:16:30.560><c> lie</c><00:16:30.880><c> it's</c><00:16:31.040><c> not</c><00:16:31.440><c> great</c>

00:16:32.430 --> 00:16:32.440 align:start position:0%
and you know I won't lie it's not great
 

00:16:32.440 --> 00:16:33.790 align:start position:0%
and you know I won't lie it's not great
uh<00:16:32.600><c> but</c><00:16:32.759><c> that</c><00:16:32.880><c> being</c><00:16:33.079><c> said</c><00:16:33.319><c> now</c><00:16:33.440><c> the</c><00:16:33.600><c> question</c>

00:16:33.790 --> 00:16:33.800 align:start position:0%
uh but that being said now the question
 

00:16:33.800 --> 00:16:35.189 align:start position:0%
uh but that being said now the question
is<00:16:34.079><c> well</c><00:16:34.360><c> okay</c><00:16:34.519><c> are</c><00:16:34.639><c> there</c><00:16:34.800><c> things</c><00:16:35.000><c> we</c><00:16:35.120><c> can</c>

00:16:35.189 --> 00:16:35.199 align:start position:0%
is well okay are there things we can
 

00:16:35.199 --> 00:16:37.829 align:start position:0%
is well okay are there things we can
start<00:16:35.399><c> to</c><00:16:35.560><c> do</c><00:16:36.160><c> via</c><00:16:36.360><c> the</c><00:16:36.480><c> protocol</c><00:16:37.160><c> that</c><00:16:37.319><c> would</c>

00:16:37.829 --> 00:16:37.839 align:start position:0%
start to do via the protocol that would
 

00:16:37.839 --> 00:16:38.829 align:start position:0%
start to do via the protocol that would
uh<00:16:37.959><c> remove</c><00:16:38.240><c> some</c><00:16:38.360><c> of</c><00:16:38.440><c> these</c><00:16:38.560><c> trust</c>

00:16:38.829 --> 00:16:38.839 align:start position:0%
uh remove some of these trust
 

00:16:38.839 --> 00:16:39.990 align:start position:0%
uh remove some of these trust
assumptions<00:16:39.360><c> are</c><00:16:39.519><c> there</c><00:16:39.720><c> like</c><00:16:39.839><c> other</c>

00:16:39.990 --> 00:16:40.000 align:start position:0%
assumptions are there like other
 

00:16:40.000 --> 00:16:41.350 align:start position:0%
assumptions are there like other
protocol<00:16:40.360><c> features</c><00:16:40.720><c> that</c><00:16:40.839><c> would</c><00:16:40.959><c> play</c><00:16:41.120><c> into</c>

00:16:41.350 --> 00:16:41.360 align:start position:0%
protocol features that would play into
 

00:16:41.360 --> 00:16:42.870 align:start position:0%
protocol features that would play into
this<00:16:41.519><c> like</c><00:16:41.680><c> you</c><00:16:41.759><c> could</c><00:16:41.920><c> imagine</c><00:16:42.399><c> that</c><00:16:42.560><c> we</c><00:16:42.720><c> have</c>

00:16:42.870 --> 00:16:42.880 align:start position:0%
this like you could imagine that we have
 

00:16:42.880 --> 00:16:44.430 align:start position:0%
this like you could imagine that we have
Builders<00:16:43.480><c> but</c><00:16:43.600><c> then</c><00:16:43.759><c> they</c><00:16:43.839><c> are</c><00:16:44.040><c> subject</c><00:16:44.319><c> to</c>

00:16:44.430 --> 00:16:44.440 align:start position:0%
Builders but then they are subject to
 

00:16:44.440 --> 00:16:45.829 align:start position:0%
Builders but then they are subject to
like<00:16:44.560><c> inclusion</c><00:16:44.959><c> list</c><00:16:45.160><c> or</c><00:16:45.279><c> something</c><00:16:45.560><c> like</c>

00:16:45.829 --> 00:16:45.839 align:start position:0%
like inclusion list or something like
 

00:16:45.839 --> 00:16:47.870 align:start position:0%
like inclusion list or something like
this<00:16:46.839><c> uh</c><00:16:46.920><c> and</c><00:16:47.040><c> that</c><00:16:47.160><c> might</c><00:16:47.319><c> fix</c><00:16:47.800><c> the</c>

00:16:47.870 --> 00:16:47.880 align:start position:0%
this uh and that might fix the
 

00:16:47.880 --> 00:16:49.749 align:start position:0%
this uh and that might fix the
censorship<00:16:48.440><c> problem</c><00:16:49.160><c> so</c><00:16:49.319><c> there's</c><00:16:49.480><c> like</c><00:16:49.600><c> a</c><00:16:49.680><c> lot</c>

00:16:49.749 --> 00:16:49.759 align:start position:0%
censorship problem so there's like a lot
 

00:16:49.759 --> 00:16:50.790 align:start position:0%
censorship problem so there's like a lot
of<00:16:49.839><c> things</c><00:16:50.000><c> we</c><00:16:50.079><c> could</c><00:16:50.199><c> think</c><00:16:50.360><c> about</c><00:16:50.560><c> and</c><00:16:50.680><c> the</c>

00:16:50.790 --> 00:16:50.800 align:start position:0%
of things we could think about and the
 

00:16:50.800 --> 00:16:53.110 align:start position:0%
of things we could think about and the
question<00:16:51.000><c> then</c><00:16:51.120><c> is</c><00:16:51.279><c> just</c><00:16:51.519><c> what</c><00:16:52.279><c> um</c><00:16:52.639><c> and</c><00:16:52.920><c> once</c>

00:16:53.110 --> 00:16:53.120 align:start position:0%
question then is just what um and once
 

00:16:53.120 --> 00:16:54.990 align:start position:0%
question then is just what um and once
you<00:16:53.240><c> get</c><00:16:53.399><c> into</c><00:16:53.639><c> this</c><00:16:53.759><c> Rabbit</c><00:16:54.040><c> Hole</c><00:16:54.240><c> vpbs</c><00:16:54.880><c> you</c>

00:16:54.990 --> 00:16:55.000 align:start position:0%
you get into this Rabbit Hole vpbs you
 

00:16:55.000 --> 00:16:57.350 align:start position:0%
you get into this Rabbit Hole vpbs you
find<00:16:55.199><c> it</c><00:16:55.399><c> like</c><00:16:55.600><c> is</c><00:16:56.240><c> perhaps</c><00:16:56.600><c> infinitely</c><00:16:57.040><c> deep</c>

00:16:57.350 --> 00:16:57.360 align:start position:0%
find it like is perhaps infinitely deep
 

00:16:57.360 --> 00:16:58.629 align:start position:0%
find it like is perhaps infinitely deep
I<00:16:57.440><c> don't</c><00:16:57.519><c> think</c><00:16:57.639><c> anyone's</c><00:16:57.959><c> found</c><00:16:58.199><c> the</c><00:16:58.319><c> bottom</c>

00:16:58.629 --> 00:16:58.639 align:start position:0%
I don't think anyone's found the bottom
 

00:16:58.639 --> 00:16:59.870 align:start position:0%
I don't think anyone's found the bottom
yet

00:16:59.870 --> 00:16:59.880 align:start position:0%
yet
 

00:16:59.880 --> 00:17:01.509 align:start position:0%
yet
uh<00:17:00.040><c> there's</c><00:17:00.319><c> like</c><00:17:00.880><c> a</c><00:17:01.000><c> number</c><00:17:01.199><c> of</c><00:17:01.319><c> different</c>

00:17:01.509 --> 00:17:01.519 align:start position:0%
uh there's like a number of different
 

00:17:01.519 --> 00:17:04.029 align:start position:0%
uh there's like a number of different
flavors<00:17:02.160><c> of</c><00:17:02.360><c> design</c><00:17:03.199><c> uh</c><00:17:03.319><c> there's</c><00:17:03.839><c> many</c>

00:17:04.029 --> 00:17:04.039 align:start position:0%
flavors of design uh there's many
 

00:17:04.039 --> 00:17:05.750 align:start position:0%
flavors of design uh there's many
different<00:17:04.280><c> concerns</c><00:17:04.799><c> across</c><00:17:05.079><c> the</c><00:17:05.280><c> design</c>

00:17:05.750 --> 00:17:05.760 align:start position:0%
different concerns across the design
 

00:17:05.760 --> 00:17:07.189 align:start position:0%
different concerns across the design
they<00:17:05.919><c> touch</c><00:17:06.199><c> all</c><00:17:06.360><c> parts</c><00:17:06.559><c> of</c><00:17:06.640><c> the</c><00:17:06.760><c> protocol</c>

00:17:07.189 --> 00:17:07.199 align:start position:0%
they touch all parts of the protocol
 

00:17:07.199 --> 00:17:09.630 align:start position:0%
they touch all parts of the protocol
from<00:17:07.360><c> like</c><00:17:07.520><c> Fork</c><00:17:07.799><c> choice</c><00:17:08.319><c> to</c><00:17:09.199><c> uh</c><00:17:09.319><c> block</c>

00:17:09.630 --> 00:17:09.640 align:start position:0%
from like Fork choice to uh block
 

00:17:09.640 --> 00:17:12.630 align:start position:0%
from like Fork choice to uh block
production<00:17:10.360><c> to</c><00:17:10.880><c> the</c><00:17:11.120><c> incentives</c><00:17:11.679><c> around</c><00:17:12.520><c> you</c>

00:17:12.630 --> 00:17:12.640 align:start position:0%
production to the incentives around you
 

00:17:12.640 --> 00:17:14.150 align:start position:0%
production to the incentives around you
know<00:17:12.799><c> making</c><00:17:13.120><c> blocks</c><00:17:13.400><c> and</c><00:17:13.559><c> attesting</c><00:17:13.959><c> to</c>

00:17:14.150 --> 00:17:14.160 align:start position:0%
know making blocks and attesting to
 

00:17:14.160 --> 00:17:16.510 align:start position:0%
know making blocks and attesting to
blocks<00:17:15.160><c> and</c><00:17:15.400><c> yeah</c><00:17:15.640><c> just</c><00:17:15.919><c> it's</c><00:17:16.160><c> it's</c><00:17:16.280><c> like</c><00:17:16.400><c> a</c>

00:17:16.510 --> 00:17:16.520 align:start position:0%
blocks and yeah just it's it's like a
 

00:17:16.520 --> 00:17:18.390 align:start position:0%
blocks and yeah just it's it's like a
very<00:17:16.760><c> core</c><00:17:17.079><c> part</c><00:17:17.199><c> of</c><00:17:17.319><c> the</c><00:17:17.439><c> protocol</c><00:17:18.079><c> and</c><00:17:18.280><c> it</c>

00:17:18.390 --> 00:17:18.400 align:start position:0%
very core part of the protocol and it
 

00:17:18.400 --> 00:17:19.750 align:start position:0%
very core part of the protocol and it
touches<00:17:18.720><c> a</c><00:17:18.839><c> lot</c><00:17:18.959><c> of</c>

00:17:19.750 --> 00:17:19.760 align:start position:0%
touches a lot of
 

00:17:19.760 --> 00:17:22.110 align:start position:0%
touches a lot of
things<00:17:20.760><c> one</c><00:17:20.959><c> thing</c><00:17:21.079><c> we</c><00:17:21.199><c> could</c><00:17:21.319><c> start</c><00:17:21.480><c> to</c><00:17:21.640><c> do</c><00:17:21.959><c> is</c>

00:17:22.110 --> 00:17:22.120 align:start position:0%
things one thing we could start to do is
 

00:17:22.120 --> 00:17:24.549 align:start position:0%
things one thing we could start to do is
get<00:17:22.280><c> rid</c><00:17:22.400><c> of</c><00:17:22.480><c> this</c><00:17:22.799><c> relay</c><00:17:23.799><c> um</c><00:17:24.120><c> and</c><00:17:24.240><c> the</c><00:17:24.319><c> way</c><00:17:24.439><c> to</c>

00:17:24.549 --> 00:17:24.559 align:start position:0%
get rid of this relay um and the way to
 

00:17:24.559 --> 00:17:25.990 align:start position:0%
get rid of this relay um and the way to
think<00:17:24.720><c> about</c><00:17:24.959><c> this</c><00:17:25.120><c> is</c><00:17:25.280><c> like</c><00:17:25.400><c> you</c><00:17:25.480><c> can</c><00:17:25.679><c> imagine</c>

00:17:25.990 --> 00:17:26.000 align:start position:0%
think about this is like you can imagine
 

00:17:26.000 --> 00:17:29.630 align:start position:0%
think about this is like you can imagine
the<00:17:26.120><c> relay</c><00:17:26.559><c> itself</c><00:17:27.120><c> becomes</c><00:17:27.880><c> the</c><00:17:28.039><c> protocol</c>

00:17:29.630 --> 00:17:29.640 align:start position:0%
the relay itself becomes the protocol
 

00:17:29.640 --> 00:17:31.430 align:start position:0%
the relay itself becomes the protocol
uh<00:17:29.799><c> somehow</c><00:17:30.240><c> like</c><00:17:30.440><c> yeah</c><00:17:30.640><c> this</c><00:17:30.799><c> protocol</c><00:17:31.280><c> is</c>

00:17:31.430 --> 00:17:31.440 align:start position:0%
uh somehow like yeah this protocol is
 

00:17:31.440 --> 00:17:33.750 align:start position:0%
uh somehow like yeah this protocol is
now<00:17:31.640><c> going</c><00:17:31.840><c> to</c><00:17:32.160><c> like</c><00:17:32.640><c> be</c><00:17:32.960><c> this</c><00:17:33.120><c> like</c><00:17:33.280><c> broker</c>

00:17:33.750 --> 00:17:33.760 align:start position:0%
now going to like be this like broker
 

00:17:33.760 --> 00:17:35.549 align:start position:0%
now going to like be this like broker
between<00:17:34.080><c> Builders</c><00:17:34.440><c> and</c><00:17:34.640><c> proposers</c><00:17:35.360><c> and</c><00:17:35.480><c> you</c>

00:17:35.549 --> 00:17:35.559 align:start position:0%
between Builders and proposers and you
 

00:17:35.559 --> 00:17:39.830 align:start position:0%
between Builders and proposers and you
want<00:17:35.640><c> to</c><00:17:35.760><c> do</c><00:17:35.919><c> this</c><00:17:36.039><c> in</c><00:17:36.200><c> like</c><00:17:36.360><c> a</c><00:17:36.520><c> safe</c>

00:17:39.830 --> 00:17:39.840 align:start position:0%
 
 

00:17:39.840 --> 00:17:41.750 align:start position:0%
 
way<00:17:40.840><c> uh</c><00:17:41.039><c> there</c><00:17:41.160><c> is</c><00:17:41.280><c> this</c><00:17:41.440><c> bit</c><00:17:41.600><c> about</c>

00:17:41.750 --> 00:17:41.760 align:start position:0%
way uh there is this bit about
 

00:17:41.760 --> 00:17:44.990 align:start position:0%
way uh there is this bit about
optimistic<00:17:42.720><c> relay</c><00:17:43.720><c> I</c><00:17:44.080><c> we</c><00:17:44.200><c> can</c><00:17:44.520><c> talk</c><00:17:44.720><c> about</c>

00:17:44.990 --> 00:17:45.000 align:start position:0%
optimistic relay I we can talk about
 

00:17:45.000 --> 00:17:46.630 align:start position:0%
optimistic relay I we can talk about
this<00:17:45.120><c> if</c><00:17:45.240><c> you</c><00:17:45.360><c> guys</c><00:17:45.480><c> are</c><00:17:45.640><c> curious</c><00:17:46.400><c> I</c><00:17:46.480><c> think</c><00:17:46.559><c> I'm</c>

00:17:46.630 --> 00:17:46.640 align:start position:0%
this if you guys are curious I think I'm
 

00:17:46.640 --> 00:17:48.470 align:start position:0%
this if you guys are curious I think I'm
going<00:17:46.760><c> to</c><00:17:46.840><c> skip</c><00:17:47.039><c> this</c><00:17:47.160><c> for</c><00:17:47.360><c> now</c><00:17:48.080><c> but</c><00:17:48.200><c> it</c><00:17:48.320><c> just</c>

00:17:48.470 --> 00:17:48.480 align:start position:0%
going to skip this for now but it just
 

00:17:48.480 --> 00:17:50.150 align:start position:0%
going to skip this for now but it just
is<00:17:48.679><c> referring</c><00:17:49.039><c> to</c><00:17:49.280><c> a</c><00:17:49.400><c> mode</c><00:17:49.559><c> of</c><00:17:49.720><c> operation</c><00:17:50.039><c> of</c>

00:17:50.150 --> 00:17:50.160 align:start position:0%
is referring to a mode of operation of
 

00:17:50.160 --> 00:17:51.750 align:start position:0%
is referring to a mode of operation of
the<00:17:50.280><c> relays</c>

00:17:51.750 --> 00:17:51.760 align:start position:0%
the relays
 

00:17:51.760 --> 00:17:54.750 align:start position:0%
the relays
today<00:17:52.880><c> and</c><00:17:53.880><c> yeah</c><00:17:54.080><c> this</c><00:17:54.240><c> might</c><00:17:54.400><c> be</c><00:17:54.559><c> more</c>

00:17:54.750 --> 00:17:54.760 align:start position:0%
today and yeah this might be more
 

00:17:54.760 --> 00:17:57.149 align:start position:0%
today and yeah this might be more
interesting<00:17:55.080><c> to</c><00:17:55.240><c> think</c><00:17:55.440><c> about</c><00:17:55.960><c> for</c><00:17:56.400><c> today</c>

00:17:57.149 --> 00:17:57.159 align:start position:0%
interesting to think about for today
 

00:17:57.159 --> 00:18:00.789 align:start position:0%
interesting to think about for today
essentially<00:17:57.760><c> like</c><00:17:58.080><c> yeah</c><00:17:58.200><c> flavors</c><00:17:58.559><c> of</c><00:17:59.120><c> PPS</c><00:18:00.120><c> so</c>

00:18:00.789 --> 00:18:00.799 align:start position:0%
essentially like yeah flavors of PPS so
 

00:18:00.799 --> 00:18:04.230 align:start position:0%
essentially like yeah flavors of PPS so
we<00:18:00.960><c> C</c><00:18:01.200><c> out</c><00:18:01.360><c> here</c><00:18:01.520><c> EPS</c><00:18:02.760><c> PTC</c><00:18:03.760><c> uh</c><00:18:03.840><c> there's</c><00:18:04.039><c> this</c>

00:18:04.230 --> 00:18:04.240 align:start position:0%
we C out here EPS PTC uh there's this
 

00:18:04.240 --> 00:18:06.430 align:start position:0%
we C out here EPS PTC uh there's this
payload<00:18:04.600><c> timeliness</c><00:18:05.080><c> committee</c><00:18:06.080><c> and</c>

00:18:06.430 --> 00:18:06.440 align:start position:0%
payload timeliness committee and
 

00:18:06.440 --> 00:18:08.190 align:start position:0%
payload timeliness committee and
essentially<00:18:07.039><c> yeah</c><00:18:07.159><c> there's</c><00:18:07.320><c> now</c><00:18:07.440><c> an</c><00:18:07.559><c> EIP</c><00:18:08.000><c> for</c>

00:18:08.190 --> 00:18:08.200 align:start position:0%
essentially yeah there's now an EIP for
 

00:18:08.200 --> 00:18:11.669 align:start position:0%
essentially yeah there's now an EIP for
this<00:18:08.480><c> EIP</c><00:18:09.360><c> 7732</c><00:18:10.360><c> that</c><00:18:10.480><c> is</c><00:18:10.640><c> a</c><00:18:10.880><c> proposal</c><00:18:11.400><c> to</c>

00:18:11.669 --> 00:18:11.679 align:start position:0%
this EIP 7732 that is a proposal to
 

00:18:11.679 --> 00:18:14.029 align:start position:0%
this EIP 7732 that is a proposal to
implement<00:18:12.120><c> this</c><00:18:12.559><c> design</c><00:18:13.559><c> um</c><00:18:13.679><c> the</c><00:18:13.799><c> way</c><00:18:13.880><c> to</c>

00:18:14.029 --> 00:18:14.039 align:start position:0%
implement this design um the way to
 

00:18:14.039 --> 00:18:15.230 align:start position:0%
implement this design um the way to
think<00:18:14.200><c> about</c><00:18:14.360><c> it</c><00:18:14.480><c> is</c><00:18:14.640><c> yeah</c><00:18:14.799><c> you</c><00:18:14.919><c> just</c><00:18:15.039><c> kind</c><00:18:15.120><c> of</c>

00:18:15.230 --> 00:18:15.240 align:start position:0%
think about it is yeah you just kind of
 

00:18:15.240 --> 00:18:19.149 align:start position:0%
think about it is yeah you just kind of
remove<00:18:15.559><c> the</c><00:18:16.039><c> relay</c><00:18:17.039><c> uh</c><00:18:17.320><c> and</c><00:18:17.520><c> now</c><00:18:17.760><c> effectively</c>

00:18:19.149 --> 00:18:19.159 align:start position:0%
remove the relay uh and now effectively
 

00:18:19.159 --> 00:18:21.590 align:start position:0%
remove the relay uh and now effectively
the<00:18:20.159><c> protocol</c><00:18:20.559><c> act</c><00:18:20.799><c> as</c><00:18:20.880><c> a</c><00:18:21.000><c> relay</c><00:18:21.280><c> in</c><00:18:21.400><c> some</c>

00:18:21.590 --> 00:18:21.600 align:start position:0%
the protocol act as a relay in some
 

00:18:21.600 --> 00:18:24.230 align:start position:0%
the protocol act as a relay in some
sense<00:18:22.520><c> uh</c><00:18:22.679><c> a</c><00:18:22.880><c> key</c><00:18:23.120><c> bit</c><00:18:23.400><c> here</c><00:18:23.600><c> is</c><00:18:23.799><c> you</c><00:18:23.919><c> need</c><00:18:24.080><c> to</c>

00:18:24.230 --> 00:18:24.240 align:start position:0%
sense uh a key bit here is you need to
 

00:18:24.240 --> 00:18:26.909 align:start position:0%
sense uh a key bit here is you need to
have<00:18:24.440><c> like</c><00:18:24.559><c> trustless</c><00:18:25.000><c> Builder</c><00:18:25.760><c> payments</c><00:18:26.760><c> uh</c>

00:18:26.909 --> 00:18:26.919 align:start position:0%
have like trustless Builder payments uh
 

00:18:26.919 --> 00:18:27.990 align:start position:0%
have like trustless Builder payments uh
because<00:18:27.159><c> otherwise</c><00:18:27.559><c> again</c><00:18:27.760><c> you</c><00:18:27.840><c> could</c>

00:18:27.990 --> 00:18:28.000 align:start position:0%
because otherwise again you could
 

00:18:28.000 --> 00:18:29.549 align:start position:0%
because otherwise again you could
imagine<00:18:28.280><c> the</c><00:18:28.400><c> proposed</c><00:18:29.000><c> like</c><00:18:29.120><c> I</c><00:18:29.200><c> was</c><00:18:29.360><c> telling</c>

00:18:29.549 --> 00:18:29.559 align:start position:0%
imagine the proposed like I was telling
 

00:18:29.559 --> 00:18:31.110 align:start position:0%
imagine the proposed like I was telling
you<00:18:29.679><c> a</c><00:18:29.760><c> few</c><00:18:29.919><c> slides</c><00:18:30.200><c> ago</c><00:18:30.480><c> the</c><00:18:30.600><c> proposer</c><00:18:31.000><c> could</c>

00:18:31.110 --> 00:18:31.120 align:start position:0%
you a few slides ago the proposer could
 

00:18:31.120 --> 00:18:35.430 align:start position:0%
you a few slides ago the proposer could
just<00:18:31.240><c> steal</c><00:18:31.559><c> the</c><00:18:31.640><c> Builder's</c><00:18:32.360><c> work</c><00:18:33.360><c> and</c><00:18:34.039><c> so</c><00:18:35.039><c> the</c>

00:18:35.430 --> 00:18:35.440 align:start position:0%
just steal the Builder's work and so the
 

00:18:35.440 --> 00:18:36.830 align:start position:0%
just steal the Builder's work and so the
the<00:18:35.600><c> protocol</c><00:18:36.000><c> work</c><00:18:36.159><c> in</c><00:18:36.240><c> a</c><00:18:36.400><c> way</c><00:18:36.559><c> that</c><00:18:36.640><c> you</c>

00:18:36.830 --> 00:18:36.840 align:start position:0%
the protocol work in a way that you
 

00:18:36.840 --> 00:18:39.190 align:start position:0%
the protocol work in a way that you
basically<00:18:37.200><c> have</c><00:18:37.400><c> this</c><00:18:37.520><c> money</c><00:18:37.760><c> locked</c><00:18:38.080><c> up</c><00:18:38.799><c> and</c>

00:18:39.190 --> 00:18:39.200 align:start position:0%
basically have this money locked up and
 

00:18:39.200 --> 00:18:40.909 align:start position:0%
basically have this money locked up and
then<00:18:39.559><c> it</c><00:18:39.640><c> could</c><00:18:39.760><c> be</c><00:18:39.840><c> used</c><00:18:40.039><c> to</c><00:18:40.200><c> paid</c><00:18:40.440><c> out</c>

00:18:40.909 --> 00:18:40.919 align:start position:0%
then it could be used to paid out
 

00:18:40.919 --> 00:18:42.190 align:start position:0%
then it could be used to paid out
regardless<00:18:41.320><c> of</c><00:18:41.400><c> what</c><00:18:41.520><c> the</c><00:18:41.600><c> Builder</c><00:18:41.919><c> does</c><00:18:42.039><c> or</c>

00:18:42.190 --> 00:18:42.200 align:start position:0%
regardless of what the Builder does or
 

00:18:42.200 --> 00:18:43.470 align:start position:0%
regardless of what the Builder does or
doesn't<00:18:42.440><c> do</c><00:18:42.600><c> or</c><00:18:42.720><c> the</c><00:18:42.840><c> proposer</c><00:18:43.200><c> does</c><00:18:43.320><c> or</c>

00:18:43.470 --> 00:18:43.480 align:start position:0%
doesn't do or the proposer does or
 

00:18:43.480 --> 00:18:47.750 align:start position:0%
doesn't do or the proposer does or
doesn't<00:18:44.200><c> do</c><00:18:45.200><c> so</c><00:18:45.480><c> that's</c><00:18:45.679><c> pretty</c><00:18:46.120><c> cool</c><00:18:47.120><c> and</c>

00:18:47.750 --> 00:18:47.760 align:start position:0%
doesn't do so that's pretty cool and
 

00:18:47.760 --> 00:18:49.470 align:start position:0%
doesn't do so that's pretty cool and
what<00:18:47.880><c> else</c><00:18:48.039><c> do</c><00:18:48.159><c> I</c><00:18:48.280><c> want</c><00:18:48.360><c> to</c><00:18:48.480><c> say</c><00:18:48.640><c> about</c><00:18:48.840><c> PTC</c><00:18:49.400><c> at</c>

00:18:49.470 --> 00:18:49.480 align:start position:0%
what else do I want to say about PTC at
 

00:18:49.480 --> 00:18:50.190 align:start position:0%
what else do I want to say about PTC at
the

00:18:50.190 --> 00:18:50.200 align:start position:0%
the
 

00:18:50.200 --> 00:18:53.029 align:start position:0%
the
moment<00:18:51.200><c> um</c><00:18:51.720><c> yeah</c><00:18:51.840><c> I</c><00:18:51.919><c> mean</c><00:18:52.120><c> interesting</c><00:18:52.799><c> part</c>

00:18:53.029 --> 00:18:53.039 align:start position:0%
moment um yeah I mean interesting part
 

00:18:53.039 --> 00:18:55.070 align:start position:0%
moment um yeah I mean interesting part
of<00:18:53.240><c> the</c><00:18:53.400><c> design</c><00:18:53.720><c> lately</c><00:18:54.240><c> is</c><00:18:54.480><c> that</c><00:18:54.880><c> uh</c><00:18:55.000><c> you</c>

00:18:55.070 --> 00:18:55.080 align:start position:0%
of the design lately is that uh you
 

00:18:55.080 --> 00:18:56.909 align:start position:0%
of the design lately is that uh you
could<00:18:55.200><c> even</c><00:18:55.440><c> imagine</c><00:18:55.960><c> like</c><00:18:56.280><c> the</c><00:18:56.480><c> the</c><00:18:56.559><c> builders</c>

00:18:56.909 --> 00:18:56.919 align:start position:0%
could even imagine like the the builders
 

00:18:56.919 --> 00:18:58.390 align:start position:0%
could even imagine like the the builders
and<00:18:57.120><c> proposers</c><00:18:57.559><c> directly</c><00:18:57.919><c> talk</c><00:18:58.120><c> to</c><00:18:58.280><c> each</c>

00:18:58.390 --> 00:18:58.400 align:start position:0%
and proposers directly talk to each
 

00:18:58.400 --> 00:19:00.110 align:start position:0%
and proposers directly talk to each
other<00:18:59.120><c> because</c><00:18:59.320><c> again</c><00:18:59.520><c> the</c><00:18:59.600><c> way</c><00:18:59.840><c> the</c><00:19:00.000><c> the</c>

00:19:00.110 --> 00:19:00.120 align:start position:0%
other because again the way the the
 

00:19:00.120 --> 00:19:01.390 align:start position:0%
other because again the way the the
protocol<00:19:00.480><c> works</c><00:19:00.640><c> is</c><00:19:00.760><c> you</c><00:19:00.840><c> get</c><00:19:00.960><c> a</c><00:19:01.039><c> lot</c><00:19:01.159><c> more</c><00:19:01.280><c> of</c>

00:19:01.390 --> 00:19:01.400 align:start position:0%
protocol works is you get a lot more of
 

00:19:01.400 --> 00:19:03.070 align:start position:0%
protocol works is you get a lot more of
these<00:19:01.600><c> like</c><00:19:01.720><c> assurances</c><00:19:02.320><c> in</c><00:19:02.440><c> the</c><00:19:02.600><c> protocol</c>

00:19:03.070 --> 00:19:03.080 align:start position:0%
these like assurances in the protocol
 

00:19:03.080 --> 00:19:06.750 align:start position:0%
these like assurances in the protocol
itself<00:19:04.080><c> and</c><00:19:04.200><c> so</c><00:19:04.559><c> then</c><00:19:05.480><c> uh</c><00:19:05.840><c> yeah</c><00:19:06.159><c> you</c><00:19:06.320><c> can</c><00:19:06.520><c> very</c>

00:19:06.750 --> 00:19:06.760 align:start position:0%
itself and so then uh yeah you can very
 

00:19:06.760 --> 00:19:09.470 align:start position:0%
itself and so then uh yeah you can very
much<00:19:06.919><c> imagine</c><00:19:07.200><c> relays</c><00:19:07.559><c> going</c><00:19:08.320><c> away</c><00:19:09.320><c> that</c>

00:19:09.470 --> 00:19:09.480 align:start position:0%
much imagine relays going away that
 

00:19:09.480 --> 00:19:11.190 align:start position:0%
much imagine relays going away that
being<00:19:09.720><c> said</c><00:19:10.280><c> there</c><00:19:10.400><c> are</c><00:19:10.520><c> a</c><00:19:10.600><c> number</c><00:19:10.799><c> of</c><00:19:10.960><c> things</c>

00:19:11.190 --> 00:19:11.200 align:start position:0%
being said there are a number of things
 

00:19:11.200 --> 00:19:12.789 align:start position:0%
being said there are a number of things
relays<00:19:11.720><c> I</c><00:19:11.799><c> think</c><00:19:11.960><c> still</c><00:19:12.159><c> would</c><00:19:12.280><c> even</c><00:19:12.480><c> do</c><00:19:12.640><c> in</c>

00:19:12.789 --> 00:19:12.799 align:start position:0%
relays I think still would even do in
 

00:19:12.799 --> 00:19:14.789 align:start position:0%
relays I think still would even do in
this<00:19:12.960><c> world</c><00:19:13.360><c> around</c><00:19:13.640><c> either</c><00:19:14.360><c> providing</c>

00:19:14.789 --> 00:19:14.799 align:start position:0%
this world around either providing
 

00:19:14.799 --> 00:19:16.390 align:start position:0%
this world around either providing
essentially<00:19:15.080><c> low</c><00:19:15.280><c> latency</c><00:19:15.600><c> as</c><00:19:15.720><c> a</c><00:19:15.840><c> service</c><00:19:16.159><c> or</c>

00:19:16.390 --> 00:19:16.400 align:start position:0%
essentially low latency as a service or
 

00:19:16.400 --> 00:19:18.549 align:start position:0%
essentially low latency as a service or
like<00:19:16.520><c> a</c><00:19:16.640><c> number</c><00:19:16.840><c> of</c><00:19:17.039><c> other</c><00:19:17.360><c> like</c><00:19:18.039><c> uh</c><00:19:18.159><c> nice</c><00:19:18.400><c> to</c>

00:19:18.549 --> 00:19:18.559 align:start position:0%
like a number of other like uh nice to
 

00:19:18.559 --> 00:19:20.430 align:start position:0%
like a number of other like uh nice to
have<00:19:18.720><c> features</c><00:19:19.400><c> like</c><00:19:19.559><c> cancellations</c><00:19:20.200><c> are</c>

00:19:20.430 --> 00:19:20.440 align:start position:0%
have features like cancellations are
 

00:19:20.440 --> 00:19:21.830 align:start position:0%
have features like cancellations are
another<00:19:20.679><c> one</c><00:19:20.960><c> and</c><00:19:21.200><c> there's</c><00:19:21.400><c> more</c><00:19:21.600><c> we</c><00:19:21.679><c> can</c>

00:19:21.830 --> 00:19:21.840 align:start position:0%
another one and there's more we can
 

00:19:21.840 --> 00:19:24.070 align:start position:0%
another one and there's more we can
probably<00:19:22.080><c> think</c><00:19:22.360><c> of</c><00:19:23.360><c> um</c><00:19:23.600><c> so</c><00:19:23.760><c> yeah</c><00:19:23.880><c> I</c><00:19:23.960><c> think</c>

00:19:24.070 --> 00:19:24.080 align:start position:0%
probably think of um so yeah I think
 

00:19:24.080 --> 00:19:25.430 align:start position:0%
probably think of um so yeah I think
it's<00:19:24.200><c> very</c><00:19:24.320><c> much</c><00:19:24.440><c> an</c><00:19:24.559><c> open</c><00:19:24.799><c> question</c><00:19:25.080><c> to</c><00:19:25.240><c> what</c>

00:19:25.430 --> 00:19:25.440 align:start position:0%
it's very much an open question to what
 

00:19:25.440 --> 00:19:27.549 align:start position:0%
it's very much an open question to what
extent<00:19:26.360><c> uh</c><00:19:26.600><c> this</c><00:19:26.760><c> particular</c><00:19:27.080><c> design</c><00:19:27.400><c> is</c>

00:19:27.549 --> 00:19:27.559 align:start position:0%
extent uh this particular design is
 

00:19:27.559 --> 00:19:29.549 align:start position:0%
extent uh this particular design is
actually<00:19:27.799><c> going</c><00:19:27.960><c> to</c><00:19:28.200><c> like</c><00:19:28.720><c> solve</c><00:19:29.120><c> this</c><00:19:29.280><c> pain</c>

00:19:29.549 --> 00:19:29.559 align:start position:0%
actually going to like solve this pain
 

00:19:29.559 --> 00:19:33.110 align:start position:0%
actually going to like solve this pain
point<00:19:29.840><c> of</c><00:19:29.960><c> the</c>

00:19:33.110 --> 00:19:33.120 align:start position:0%
 
 

00:19:33.120 --> 00:19:36.870 align:start position:0%
 
relay<00:19:34.159><c> and</c><00:19:35.159><c> yeah</c><00:19:35.480><c> so</c><00:19:35.840><c> this</c><00:19:36.120><c> now</c><00:19:36.400><c> I</c><00:19:36.520><c> think</c><00:19:36.760><c> that</c>

00:19:36.870 --> 00:19:36.880 align:start position:0%
relay and yeah so this now I think that
 

00:19:36.880 --> 00:19:38.549 align:start position:0%
relay and yeah so this now I think that
might<00:19:37.080><c> be</c><00:19:37.240><c> everything</c><00:19:37.720><c> that</c><00:19:37.840><c> I</c><00:19:37.960><c> want</c><00:19:38.080><c> to</c><00:19:38.320><c> call</c>

00:19:38.549 --> 00:19:38.559 align:start position:0%
might be everything that I want to call
 

00:19:38.559 --> 00:19:39.549 align:start position:0%
might be everything that I want to call
out<00:19:38.760><c> at</c><00:19:38.880><c> the</c>

00:19:39.549 --> 00:19:39.559 align:start position:0%
out at the
 

00:19:39.559 --> 00:19:42.710 align:start position:0%
out at the
moment<00:19:40.559><c> this</c><00:19:40.679><c> is</c><00:19:40.880><c> some</c><00:19:41.159><c> stuff</c><00:19:41.799><c> yeah</c><00:19:42.200><c> I</c><00:19:42.240><c> mean</c>

00:19:42.710 --> 00:19:42.720 align:start position:0%
moment this is some stuff yeah I mean
 

00:19:42.720 --> 00:19:44.549 align:start position:0%
moment this is some stuff yeah I mean
there's<00:19:43.000><c> always</c><00:19:43.600><c> an</c><00:19:43.760><c> infinite</c><00:19:44.120><c> Buffet</c><00:19:44.480><c> of</c>

00:19:44.549 --> 00:19:44.559 align:start position:0%
there's always an infinite Buffet of
 

00:19:44.559 --> 00:19:48.190 align:start position:0%
there's always an infinite Buffet of
things<00:19:44.799><c> to</c><00:19:44.960><c> talk</c><00:19:45.520><c> about</c><00:19:46.559><c> um</c><00:19:47.559><c> yeah</c><00:19:47.720><c> maybe</c><00:19:47.960><c> I'll</c>

00:19:48.190 --> 00:19:48.200 align:start position:0%
things to talk about um yeah maybe I'll
 

00:19:48.200 --> 00:19:50.470 align:start position:0%
things to talk about um yeah maybe I'll
just<00:19:49.120><c> throw</c><00:19:49.400><c> up</c><00:19:49.520><c> this</c><00:19:49.679><c> slide</c><00:19:50.120><c> which</c><00:19:50.240><c> is</c><00:19:50.400><c> kind</c>

00:19:50.470 --> 00:19:50.480 align:start position:0%
just throw up this slide which is kind
 

00:19:50.480 --> 00:19:51.270 align:start position:0%
just throw up this slide which is kind
of

00:19:51.270 --> 00:19:51.280 align:start position:0%
of
 

00:19:51.280 --> 00:19:54.830 align:start position:0%
of
nice<00:19:52.280><c> and</c><00:19:52.600><c> yeah</c><00:19:53.200><c> so</c><00:19:53.520><c> I</c><00:19:53.640><c> guess</c><00:19:53.799><c> from</c><00:19:54.039><c> here</c><00:19:54.760><c> uh</c>

00:19:54.830 --> 00:19:54.840 align:start position:0%
nice and yeah so I guess from here uh
 

00:19:54.840 --> 00:19:56.350 align:start position:0%
nice and yeah so I guess from here uh
maybe<00:19:55.080><c> we</c><00:19:55.200><c> can</c><00:19:55.360><c> open</c><00:19:55.559><c> it</c><00:19:55.720><c> up</c><00:19:55.960><c> I</c><00:19:56.039><c> don't</c><00:19:56.159><c> know</c><00:19:56.240><c> if</c>

00:19:56.350 --> 00:19:56.360 align:start position:0%
maybe we can open it up I don't know if
 

00:19:56.360 --> 00:19:59.830 align:start position:0%
maybe we can open it up I don't know if
anyone<00:19:56.679><c> has</c><00:19:57.080><c> questions</c><00:19:58.080><c> or</c><00:19:58.840><c> concerns</c>

00:19:59.830 --> 00:19:59.840 align:start position:0%
anyone has questions or concerns
 

00:19:59.840 --> 00:20:01.430 align:start position:0%
anyone has questions or concerns
anything<00:20:00.080><c> they'd</c><00:20:00.280><c> like</c><00:20:00.400><c> to</c><00:20:00.600><c> discuss</c><00:20:01.320><c> you</c>

00:20:01.430 --> 00:20:01.440 align:start position:0%
anything they'd like to discuss you
 

00:20:01.440 --> 00:20:06.190 align:start position:0%
anything they'd like to discuss you
could<00:20:01.600><c> even</c><00:20:01.880><c> come</c><00:20:02.039><c> up</c><00:20:02.159><c> here</c><00:20:02.280><c> and</c><00:20:02.400><c> grab</c><00:20:02.559><c> a</c>

00:20:06.190 --> 00:20:06.200 align:start position:0%
 
 

00:20:06.200 --> 00:20:11.470 align:start position:0%
 
mic<00:20:07.200><c> okay</c><00:20:07.559><c> I</c><00:20:07.640><c> don't</c><00:20:07.799><c> know</c><00:20:07.919><c> how</c><00:20:08.039><c> to</c><00:20:08.200><c> access</c><00:20:08.480><c> the</c>

00:20:11.470 --> 00:20:11.480 align:start position:0%
 
 

00:20:11.480 --> 00:20:17.549 align:start position:0%
 
Q&amp;A<00:20:12.480><c> is</c><00:20:12.640><c> it</c><00:20:13.600><c> in</c><00:20:13.760><c> some</c><00:20:14.000><c> chat</c>

00:20:17.549 --> 00:20:17.559 align:start position:0%
 
 

00:20:17.559 --> 00:20:19.070 align:start position:0%
 
somewhere

00:20:19.070 --> 00:20:19.080 align:start position:0%
somewhere
 

00:20:19.080 --> 00:20:21.870 align:start position:0%
somewhere
um<00:20:20.080><c> oh</c><00:20:20.200><c> here</c><00:20:20.320><c> we</c>

00:20:21.870 --> 00:20:21.880 align:start position:0%
um oh here we
 

00:20:21.880 --> 00:20:24.909 align:start position:0%
um oh here we
go<00:20:22.880><c> here</c><00:20:23.159><c> there's</c><00:20:23.400><c> questions</c><00:20:23.679><c> up</c><00:20:23.880><c> here</c><00:20:24.480><c> um</c>

00:20:24.909 --> 00:20:24.919 align:start position:0%
go here there's questions up here um
 

00:20:24.919 --> 00:20:26.590 align:start position:0%
go here there's questions up here um
okay<00:20:25.039><c> so</c><00:20:25.240><c> removing</c><00:20:25.760><c> Rel</c><00:20:26.000><c> layers</c><00:20:26.400><c> each</c>

00:20:26.590 --> 00:20:26.600 align:start position:0%
okay so removing Rel layers each
 

00:20:26.600 --> 00:20:27.669 align:start position:0%
okay so removing Rel layers each
validator<00:20:27.000><c> will</c><00:20:27.120><c> have</c><00:20:27.200><c> to</c><00:20:27.440><c> discover</c><00:20:27.600><c> and</c>

00:20:27.669 --> 00:20:27.679 align:start position:0%
validator will have to discover and
 

00:20:27.679 --> 00:20:29.590 align:start position:0%
validator will have to discover and
manage<00:20:27.919><c> the</c><00:20:28.000><c> builders</c><00:20:28.200><c> they</c><00:20:28.280><c> connect</c><00:20:28.520><c> to</c>

00:20:29.590 --> 00:20:29.600 align:start position:0%
manage the builders they connect to
 

00:20:29.600 --> 00:20:31.070 align:start position:0%
manage the builders they connect to
will<00:20:29.760><c> it's</c><00:20:29.880><c> just</c><00:20:30.039><c> not</c><00:20:30.240><c> cause</c><00:20:30.520><c> disconnect</c><00:20:30.960><c> to</c>

00:20:31.070 --> 00:20:31.080 align:start position:0%
will it's just not cause disconnect to
 

00:20:31.080 --> 00:20:32.590 align:start position:0%
will it's just not cause disconnect to
the<00:20:31.159><c> two</c><00:20:31.320><c> biggest</c><00:20:31.600><c> ones</c><00:20:31.760><c> and</c><00:20:31.880><c> forget</c><00:20:32.200><c> about</c><00:20:32.400><c> it</c>

00:20:32.590 --> 00:20:32.600 align:start position:0%
the two biggest ones and forget about it
 

00:20:32.600 --> 00:20:35.110 align:start position:0%
the two biggest ones and forget about it
entrenching<00:20:33.159><c> them</c><00:20:34.080><c> yeah</c><00:20:34.400><c> so</c><00:20:34.720><c> again</c><00:20:34.880><c> I</c><00:20:34.960><c> think</c>

00:20:35.110 --> 00:20:35.120 align:start position:0%
entrenching them yeah so again I think
 

00:20:35.120 --> 00:20:36.669 align:start position:0%
entrenching them yeah so again I think
there's<00:20:35.360><c> like</c><00:20:35.440><c> a</c><00:20:35.559><c> number</c><00:20:35.840><c> of</c><00:20:36.039><c> questions</c><00:20:36.400><c> here</c>

00:20:36.669 --> 00:20:36.679 align:start position:0%
there's like a number of questions here
 

00:20:36.679 --> 00:20:39.230 align:start position:0%
there's like a number of questions here
on<00:20:36.919><c> this</c>

00:20:39.230 --> 00:20:39.240 align:start position:0%
on this
 

00:20:39.240 --> 00:20:43.830 align:start position:0%
on this
and<00:20:40.240><c> let</c><00:20:40.320><c> me</c><00:20:40.559><c> grab</c>

00:20:43.830 --> 00:20:43.840 align:start position:0%
 
 

00:20:43.840 --> 00:20:45.990 align:start position:0%
 
up<00:20:44.840><c> so</c><00:20:44.960><c> maybe</c><00:20:45.159><c> to</c><00:20:45.240><c> add</c><00:20:45.360><c> some</c><00:20:45.520><c> context</c><00:20:45.880><c> this</c>

00:20:45.990 --> 00:20:46.000 align:start position:0%
up so maybe to add some context this
 

00:20:46.000 --> 00:20:47.870 align:start position:0%
up so maybe to add some context this
question<00:20:46.240><c> is</c><00:20:46.520><c> thinking</c><00:20:46.880><c> about</c><00:20:47.080><c> the</c><00:20:47.240><c> latest</c><00:20:47.760><c> uh</c>

00:20:47.870 --> 00:20:47.880 align:start position:0%
question is thinking about the latest uh
 

00:20:47.880 --> 00:20:50.789 align:start position:0%
question is thinking about the latest uh
EPS<00:20:48.360><c> design</c><00:20:48.600><c> that</c><00:20:48.720><c> I</c><00:20:48.799><c> mentioned</c><00:20:49.120><c> with</c><00:20:49.240><c> EIP</c>

00:20:50.789 --> 00:20:50.799 align:start position:0%
EPS design that I mentioned with EIP
 

00:20:50.799 --> 00:20:54.549 align:start position:0%
EPS design that I mentioned with EIP
7732<00:20:51.799><c> and</c><00:20:51.960><c> the</c><00:20:52.120><c> idea</c><00:20:52.440><c> here</c>

00:20:54.549 --> 00:20:54.559 align:start position:0%
7732 and the idea here
 

00:20:54.559 --> 00:20:57.549 align:start position:0%
7732 and the idea here
is<00:20:55.559><c> it's</c><00:20:56.320><c> perhaps</c><00:20:56.640><c> even</c><00:20:56.880><c> pitched</c><00:20:57.159><c> as</c><00:20:57.320><c> like</c><00:20:57.400><c> a</c>

00:20:57.549 --> 00:20:57.559 align:start position:0%
is it's perhaps even pitched as like a
 

00:20:57.559 --> 00:21:00.430 align:start position:0%
is it's perhaps even pitched as like a
benefit<00:20:57.880><c> of</c><00:20:58.000><c> the</c><00:20:58.159><c> CIP</c><00:20:59.039><c> that</c><00:21:00.039><c> uh</c><00:21:00.159><c> you</c><00:21:00.280><c> don't</c>

00:21:00.430 --> 00:21:00.440 align:start position:0%
benefit of the CIP that uh you don't
 

00:21:00.440 --> 00:21:02.310 align:start position:0%
benefit of the CIP that uh you don't
need<00:21:00.600><c> the</c><00:21:00.760><c> relays</c><00:21:01.360><c> because</c><00:21:01.679><c> again</c><00:21:02.159><c> the</c>

00:21:02.310 --> 00:21:02.320 align:start position:0%
need the relays because again the
 

00:21:02.320 --> 00:21:03.990 align:start position:0%
need the relays because again the
protocol<00:21:02.799><c> handles</c><00:21:03.200><c> all</c><00:21:03.360><c> the</c><00:21:03.520><c> like</c><00:21:03.640><c> trusted</c>

00:21:03.990 --> 00:21:04.000 align:start position:0%
protocol handles all the like trusted
 

00:21:04.000 --> 00:21:06.149 align:start position:0%
protocol handles all the like trusted
bits<00:21:04.280><c> for</c><00:21:04.480><c> you</c><00:21:04.840><c> and</c><00:21:04.960><c> so</c><00:21:05.240><c> then</c><00:21:05.440><c> a</c><00:21:05.640><c> proposer</c><00:21:06.039><c> can</c>

00:21:06.149 --> 00:21:06.159 align:start position:0%
bits for you and so then a proposer can
 

00:21:06.159 --> 00:21:08.549 align:start position:0%
bits for you and so then a proposer can
just<00:21:06.280><c> directly</c><00:21:06.600><c> connect</c><00:21:06.880><c> to</c><00:21:06.960><c> the</c><00:21:07.400><c> Builder</c><00:21:08.400><c> um</c>

00:21:08.549 --> 00:21:08.559 align:start position:0%
just directly connect to the Builder um
 

00:21:08.559 --> 00:21:09.950 align:start position:0%
just directly connect to the Builder um
one<00:21:08.760><c> issue</c><00:21:09.120><c> I</c><00:21:09.200><c> think</c><00:21:09.360><c> you</c><00:21:09.440><c> could</c><00:21:09.600><c> immediately</c>

00:21:09.950 --> 00:21:09.960 align:start position:0%
one issue I think you could immediately
 

00:21:09.960 --> 00:21:11.870 align:start position:0%
one issue I think you could immediately
see<00:21:10.159><c> with</c><00:21:10.360><c> this</c><00:21:10.559><c> is</c><00:21:10.720><c> just</c><00:21:10.919><c> like</c><00:21:11.159><c> privacy</c>

00:21:11.870 --> 00:21:11.880 align:start position:0%
see with this is just like privacy
 

00:21:11.880 --> 00:21:14.190 align:start position:0%
see with this is just like privacy
considerations<00:21:12.840><c> so</c><00:21:13.120><c> now</c><00:21:13.440><c> the</c><00:21:13.679><c> problem</c><00:21:14.000><c> is</c>

00:21:14.190 --> 00:21:14.200 align:start position:0%
considerations so now the problem is
 

00:21:14.200 --> 00:21:16.870 align:start position:0%
considerations so now the problem is
that<00:21:14.919><c> you</c><00:21:15.039><c> know</c><00:21:15.240><c> if</c><00:21:15.480><c> I</c><00:21:15.760><c> have</c><00:21:16.080><c> my</c><00:21:16.240><c> validator</c>

00:21:16.870 --> 00:21:16.880 align:start position:0%
that you know if I have my validator
 

00:21:16.880 --> 00:21:18.350 align:start position:0%
that you know if I have my validator
let's<00:21:17.080><c> say</c><00:21:17.360><c> I'm</c><00:21:17.520><c> even</c><00:21:17.760><c> just</c><00:21:17.880><c> like</c><00:21:18.000><c> a</c><00:21:18.120><c> home</c>

00:21:18.350 --> 00:21:18.360 align:start position:0%
let's say I'm even just like a home
 

00:21:18.360 --> 00:21:19.909 align:start position:0%
let's say I'm even just like a home
Staker<00:21:18.760><c> and</c><00:21:18.840><c> I</c><00:21:18.919><c> don't</c><00:21:19.039><c> have</c><00:21:19.159><c> a</c><00:21:19.320><c> sophisticated</c>

00:21:19.909 --> 00:21:19.919 align:start position:0%
Staker and I don't have a sophisticated
 

00:21:19.919 --> 00:21:21.990 align:start position:0%
Staker and I don't have a sophisticated
way<00:21:20.039><c> to</c><00:21:20.159><c> like</c><00:21:20.320><c> off</c><00:21:20.600><c> office</c><00:21:20.960><c> skate</c><00:21:21.120><c> all</c><00:21:21.200><c> of</c><00:21:21.360><c> this</c>

00:21:21.990 --> 00:21:22.000 align:start position:0%
way to like off office skate all of this
 

00:21:22.000 --> 00:21:23.630 align:start position:0%
way to like off office skate all of this
if<00:21:22.080><c> I</c><00:21:22.200><c> disc</c><00:21:22.320><c> connect</c><00:21:22.559><c> to</c><00:21:22.679><c> a</c><00:21:22.760><c> builder</c><00:21:23.320><c> then</c><00:21:23.520><c> like</c>

00:21:23.630 --> 00:21:23.640 align:start position:0%
if I disc connect to a builder then like
 

00:21:23.640 --> 00:21:26.710 align:start position:0%
if I disc connect to a builder then like
they<00:21:23.760><c> have</c><00:21:23.919><c> my</c><00:21:24.080><c> IP</c><00:21:25.000><c> and</c><00:21:25.120><c> they</c><00:21:25.240><c> can</c><00:21:25.360><c> start</c><00:21:25.720><c> doing</c>

00:21:26.710 --> 00:21:26.720 align:start position:0%
they have my IP and they can start doing
 

00:21:26.720 --> 00:21:29.029 align:start position:0%
they have my IP and they can start doing
bad<00:21:27.000><c> things</c><00:21:27.520><c> possibly</c><00:21:28.200><c> for</c><00:21:28.559><c> for</c><00:21:28.640><c> example</c><00:21:28.960><c> if</c>

00:21:29.029 --> 00:21:29.039 align:start position:0%
bad things possibly for for example if
 

00:21:29.039 --> 00:21:31.029 align:start position:0%
bad things possibly for for example if
it's<00:21:29.440><c> myp</c><00:21:29.880><c> they</c><00:21:30.000><c> now</c><00:21:30.120><c> have</c><00:21:30.200><c> a</c><00:21:30.320><c> Target</c><00:21:30.559><c> to</c><00:21:30.760><c> like</c>

00:21:31.029 --> 00:21:31.039 align:start position:0%
it's myp they now have a Target to like
 

00:21:31.039 --> 00:21:32.830 align:start position:0%
it's myp they now have a Target to like
Doss<00:21:31.640><c> and</c><00:21:31.760><c> so</c><00:21:31.960><c> you</c><00:21:32.080><c> could</c><00:21:32.240><c> basically</c><00:21:32.600><c> just</c>

00:21:32.830 --> 00:21:32.840 align:start position:0%
Doss and so you could basically just
 

00:21:32.840 --> 00:21:35.029 align:start position:0%
Doss and so you could basically just
like<00:21:33.279><c> get</c><00:21:33.400><c> a</c><00:21:33.520><c> list</c><00:21:33.720><c> of</c><00:21:33.880><c> these</c><00:21:34.080><c> things</c><00:21:34.640><c> and</c><00:21:34.840><c> just</c>

00:21:35.029 --> 00:21:35.039 align:start position:0%
like get a list of these things and just
 

00:21:35.039 --> 00:21:36.669 align:start position:0%
like get a list of these things and just
wait<00:21:35.559><c> until</c><00:21:35.919><c> someone</c><00:21:36.200><c> comes</c><00:21:36.360><c> up</c><00:21:36.559><c> that</c><00:21:36.640><c> you</c>

00:21:36.669 --> 00:21:36.679 align:start position:0%
wait until someone comes up that you
 

00:21:36.679 --> 00:21:38.470 align:start position:0%
wait until someone comes up that you
want<00:21:36.799><c> to</c><00:21:36.919><c> Doss</c><00:21:37.880><c> and</c><00:21:37.960><c> then</c><00:21:38.120><c> what</c><00:21:38.240><c> this</c><00:21:38.320><c> would</c>

00:21:38.470 --> 00:21:38.480 align:start position:0%
want to Doss and then what this would
 

00:21:38.480 --> 00:21:39.950 align:start position:0%
want to Doss and then what this would
look<00:21:38.640><c> like</c><00:21:38.760><c> is</c><00:21:38.919><c> suddenly</c><00:21:39.320><c> the</c><00:21:39.440><c> chain</c><00:21:39.720><c> goes</c>

00:21:39.950 --> 00:21:39.960 align:start position:0%
look like is suddenly the chain goes
 

00:21:39.960 --> 00:21:42.870 align:start position:0%
look like is suddenly the chain goes
down<00:21:40.520><c> so</c><00:21:40.799><c> that's</c><00:21:40.960><c> not</c><00:21:41.559><c> great</c><00:21:42.559><c> uh</c><00:21:42.679><c> this</c>

00:21:42.870 --> 00:21:42.880 align:start position:0%
down so that's not great uh this
 

00:21:42.880 --> 00:21:45.470 align:start position:0%
down so that's not great uh this
question<00:21:43.159><c> then</c><00:21:43.360><c> is</c><00:21:43.840><c> in</c><00:21:44.080><c> that</c><00:21:44.400><c> context</c><00:21:45.000><c> asking</c>

00:21:45.470 --> 00:21:45.480 align:start position:0%
question then is in that context asking
 

00:21:45.480 --> 00:21:47.870 align:start position:0%
question then is in that context asking
right<00:21:45.679><c> in</c><00:21:45.760><c> a</c><00:21:45.880><c> 7732</c><00:21:46.799><c> world</c><00:21:47.240><c> if</c><00:21:47.320><c> you</c><00:21:47.440><c> get</c><00:21:47.600><c> rid</c><00:21:47.760><c> of</c>

00:21:47.870 --> 00:21:47.880 align:start position:0%
right in a 7732 world if you get rid of
 

00:21:47.880 --> 00:21:50.070 align:start position:0%
right in a 7732 world if you get rid of
them<00:21:48.000><c> in</c><00:21:48.159><c> this</c><00:21:48.360><c> way</c><00:21:49.320><c> uh</c><00:21:49.440><c> and</c><00:21:49.600><c> just</c><00:21:49.799><c> yeah</c><00:21:49.919><c> have</c>

00:21:50.070 --> 00:21:50.080 align:start position:0%
them in this way uh and just yeah have
 

00:21:50.080 --> 00:21:51.190 align:start position:0%
them in this way uh and just yeah have
validators<00:21:50.480><c> connect</c><00:21:50.720><c> to</c><00:21:50.799><c> the</c><00:21:50.919><c> people</c><00:21:51.080><c> they</c>

00:21:51.190 --> 00:21:51.200 align:start position:0%
validators connect to the people they
 

00:21:51.200 --> 00:21:54.830 align:start position:0%
validators connect to the people they
want<00:21:51.559><c> to</c><00:21:52.919><c> um</c><00:21:53.919><c> right</c><00:21:54.240><c> would</c><00:21:54.400><c> you</c><00:21:54.520><c> basically</c>

00:21:54.830 --> 00:21:54.840 align:start position:0%
want to um right would you basically
 

00:21:54.840 --> 00:21:56.110 align:start position:0%
want to um right would you basically
just<00:21:55.000><c> have</c><00:21:55.200><c> like</c><00:21:55.320><c> the</c><00:21:55.400><c> same</c><00:21:55.600><c> entrenchment</c>

00:21:56.110 --> 00:21:56.120 align:start position:0%
just have like the same entrenchment
 

00:21:56.120 --> 00:21:58.230 align:start position:0%
just have like the same entrenchment
going<00:21:56.320><c> on</c><00:21:56.679><c> so</c><00:21:57.400><c> I</c><00:21:57.480><c> think</c><00:21:57.600><c> this</c><00:21:57.720><c> is</c><00:21:57.840><c> another</c><00:21:58.080><c> good</c>

00:21:58.230 --> 00:21:58.240 align:start position:0%
going on so I think this is another good
 

00:21:58.240 --> 00:21:59.000 align:start position:0%
going on so I think this is another good
point

00:21:59.000 --> 00:21:59.010 align:start position:0%
point
 

00:21:59.010 --> 00:22:00.830 align:start position:0%
point
[Music]

00:22:00.830 --> 00:22:00.840 align:start position:0%
[Music]
 

00:22:00.840 --> 00:22:03.350 align:start position:0%
[Music]
um<00:22:01.840><c> I</c><00:22:01.880><c> mean</c><00:22:02.080><c> that</c><00:22:02.240><c> I</c><00:22:02.360><c> agree</c><00:22:02.679><c> with</c><00:22:02.919><c> I</c><00:22:03.000><c> mean</c><00:22:03.200><c> just</c>

00:22:03.350 --> 00:22:03.360 align:start position:0%
um I mean that I agree with I mean just
 

00:22:03.360 --> 00:22:04.750 align:start position:0%
um I mean that I agree with I mean just
I<00:22:03.440><c> guess</c><00:22:03.559><c> to</c><00:22:03.679><c> be</c><00:22:03.799><c> transparent</c><00:22:04.400><c> I'm</c><00:22:04.520><c> not</c><00:22:04.640><c> like</c>

00:22:04.750 --> 00:22:04.760 align:start position:0%
I guess to be transparent I'm not like
 

00:22:04.760 --> 00:22:07.710 align:start position:0%
I guess to be transparent I'm not like
sold<00:22:05.039><c> on</c><00:22:05.320><c> 7732</c><00:22:06.320><c> but</c><00:22:06.919><c> that</c><00:22:07.080><c> being</c><00:22:07.279><c> said</c><00:22:07.600><c> the</c>

00:22:07.710 --> 00:22:07.720 align:start position:0%
sold on 7732 but that being said the
 

00:22:07.720 --> 00:22:10.110 align:start position:0%
sold on 7732 but that being said the
concern<00:22:08.120><c> here</c><00:22:08.279><c> is</c><00:22:08.600><c> that</c><00:22:09.200><c> yeah</c><00:22:09.520><c> even</c><00:22:09.760><c> today</c>

00:22:10.110 --> 00:22:10.120 align:start position:0%
concern here is that yeah even today
 

00:22:10.120 --> 00:22:11.909 align:start position:0%
concern here is that yeah even today
it's<00:22:10.279><c> really</c><00:22:10.480><c> hard</c><00:22:10.640><c> to</c><00:22:10.799><c> get</c><00:22:10.960><c> new</c><00:22:11.159><c> validators</c>

00:22:11.909 --> 00:22:11.919 align:start position:0%
it's really hard to get new validators
 

00:22:11.919 --> 00:22:13.470 align:start position:0%
it's really hard to get new validators
to<00:22:12.120><c> connect</c><00:22:12.600><c> or</c><00:22:12.760><c> maybe</c><00:22:12.919><c> I'll</c><00:22:13.039><c> frame</c><00:22:13.240><c> it</c><00:22:13.360><c> this</c>

00:22:13.470 --> 00:22:13.480 align:start position:0%
to connect or maybe I'll frame it this
 

00:22:13.480 --> 00:22:15.350 align:start position:0%
to connect or maybe I'll frame it this
way<00:22:13.600><c> it's</c><00:22:13.720><c> really</c><00:22:13.919><c> hard</c><00:22:14.080><c> for</c><00:22:14.279><c> new</c><00:22:14.559><c> relays</c><00:22:15.120><c> to</c>

00:22:15.350 --> 00:22:15.360 align:start position:0%
way it's really hard for new relays to
 

00:22:15.360 --> 00:22:17.029 align:start position:0%
way it's really hard for new relays to
get<00:22:15.600><c> adoption</c><00:22:16.000><c> by</c><00:22:16.159><c> validators</c><00:22:16.799><c> like</c><00:22:16.919><c> it's</c>

00:22:17.029 --> 00:22:17.039 align:start position:0%
get adoption by validators like it's
 

00:22:17.039 --> 00:22:18.669 align:start position:0%
get adoption by validators like it's
almost<00:22:17.240><c> this</c><00:22:17.400><c> BD</c><00:22:17.679><c> effort</c><00:22:17.919><c> for</c><00:22:18.039><c> them</c><00:22:18.120><c> to</c><00:22:18.279><c> go</c><00:22:18.400><c> out</c>

00:22:18.669 --> 00:22:18.679 align:start position:0%
almost this BD effort for them to go out
 

00:22:18.679 --> 00:22:21.029 align:start position:0%
almost this BD effort for them to go out
and<00:22:18.919><c> like</c><00:22:19.559><c> track</c><00:22:19.880><c> down</c><00:22:20.120><c> all</c><00:22:20.279><c> these</c><00:22:20.480><c> validators</c>

00:22:21.029 --> 00:22:21.039 align:start position:0%
and like track down all these validators
 

00:22:21.039 --> 00:22:22.750 align:start position:0%
and like track down all these validators
because<00:22:21.279><c> again</c><00:22:21.520><c> it's</c><00:22:21.720><c> like</c><00:22:22.159><c> ethereum</c><00:22:22.600><c> is</c>

00:22:22.750 --> 00:22:22.760 align:start position:0%
because again it's like ethereum is
 

00:22:22.760 --> 00:22:24.990 align:start position:0%
because again it's like ethereum is
actually<00:22:22.960><c> decentralized</c><00:22:23.640><c> so</c><00:22:23.919><c> like</c><00:22:24.679><c> it's</c><00:22:24.840><c> very</c>

00:22:24.990 --> 00:22:25.000 align:start position:0%
actually decentralized so like it's very
 

00:22:25.000 --> 00:22:27.029 align:start position:0%
actually decentralized so like it's very
hard<00:22:25.159><c> to</c><00:22:25.320><c> even</c><00:22:25.600><c> like</c><00:22:25.919><c> know</c><00:22:26.159><c> who</c><00:22:26.279><c> to</c><00:22:26.480><c> talk</c><00:22:26.640><c> to</c><00:22:26.880><c> to</c>

00:22:27.029 --> 00:22:27.039 align:start position:0%
hard to even like know who to talk to to
 

00:22:27.039 --> 00:22:29.149 align:start position:0%
hard to even like know who to talk to to
like<00:22:27.200><c> let</c><00:22:27.320><c> them</c><00:22:27.440><c> know</c><00:22:27.640><c> you</c><00:22:27.799><c> exist</c>

00:22:29.149 --> 00:22:29.159 align:start position:0%
like let them know you exist
 

00:22:29.159 --> 00:22:31.269 align:start position:0%
like let them know you exist
um<00:22:30.039><c> and</c><00:22:30.120><c> so</c><00:22:30.320><c> because</c><00:22:30.520><c> of</c><00:22:30.679><c> that</c><00:22:30.919><c> yeah</c><00:22:31.039><c> you</c><00:22:31.159><c> could</c>

00:22:31.269 --> 00:22:31.279 align:start position:0%
um and so because of that yeah you could
 

00:22:31.279 --> 00:22:33.149 align:start position:0%
um and so because of that yeah you could
see<00:22:31.520><c> this</c><00:22:31.720><c> sort</c><00:22:31.919><c> of</c><00:22:32.120><c> effect</c><00:22:32.520><c> where</c><00:22:32.679><c> even</c><00:22:32.880><c> if</c><00:22:33.000><c> we</c>

00:22:33.149 --> 00:22:33.159 align:start position:0%
see this sort of effect where even if we
 

00:22:33.159 --> 00:22:35.190 align:start position:0%
see this sort of effect where even if we
have<00:22:33.360><c> this</c><00:22:33.520><c> world</c><00:22:34.039><c> like</c><00:22:34.520><c> validators</c><00:22:35.000><c> still</c>

00:22:35.190 --> 00:22:35.200 align:start position:0%
have this world like validators still
 

00:22:35.200 --> 00:22:36.950 align:start position:0%
have this world like validators still
may<00:22:35.400><c> just</c><00:22:35.520><c> go</c><00:22:35.799><c> to</c><00:22:36.000><c> like</c><00:22:36.159><c> the</c><00:22:36.240><c> names</c><00:22:36.559><c> they</c><00:22:36.679><c> know</c>

00:22:36.950 --> 00:22:36.960 align:start position:0%
may just go to like the names they know
 

00:22:36.960 --> 00:22:38.070 align:start position:0%
may just go to like the names they know
simply<00:22:37.279><c> because</c><00:22:37.400><c> that's</c><00:22:37.559><c> what</c><00:22:37.679><c> they've</c><00:22:37.840><c> been</c>

00:22:38.070 --> 00:22:38.080 align:start position:0%
simply because that's what they've been
 

00:22:38.080 --> 00:22:41.750 align:start position:0%
simply because that's what they've been
doing<00:22:39.080><c> and</c><00:22:39.320><c> yeah</c><00:22:39.480><c> I</c><00:22:39.559><c> mean</c><00:22:40.520><c> if</c><00:22:40.679><c> anything</c><00:22:41.559><c> uh</c><00:22:41.679><c> I</c>

00:22:41.750 --> 00:22:41.760 align:start position:0%
doing and yeah I mean if anything uh I
 

00:22:41.760 --> 00:22:43.549 align:start position:0%
doing and yeah I mean if anything uh I
think<00:22:41.880><c> there's</c><00:22:42.039><c> some</c><00:22:42.159><c> good</c><00:22:42.320><c> parts</c><00:22:42.480><c> of</c><00:22:42.559><c> 732</c><00:22:43.440><c> but</c>

00:22:43.549 --> 00:22:43.559 align:start position:0%
think there's some good parts of 732 but
 

00:22:43.559 --> 00:22:47.149 align:start position:0%
think there's some good parts of 732 but
I<00:22:43.679><c> do</c><00:22:43.880><c> have</c><00:22:44.000><c> some</c><00:22:44.159><c> concerns</c><00:22:44.840><c> around</c><00:22:45.840><c> um</c><00:22:46.840><c> yeah</c>

00:22:47.149 --> 00:22:47.159 align:start position:0%
I do have some concerns around um yeah
 

00:22:47.159 --> 00:22:48.630 align:start position:0%
I do have some concerns around um yeah
especially<00:22:47.559><c> this</c><00:22:47.720><c> point</c><00:22:47.880><c> of</c><00:22:48.080><c> like</c><00:22:48.240><c> removing</c>

00:22:48.630 --> 00:22:48.640 align:start position:0%
especially this point of like removing
 

00:22:48.640 --> 00:22:51.070 align:start position:0%
especially this point of like removing
the<00:22:48.960><c> relay</c><00:22:49.960><c> I</c><00:22:50.039><c> think</c><00:22:50.200><c> it</c><00:22:50.320><c> might</c><00:22:50.559><c> provide</c><00:22:50.840><c> an</c>

00:22:51.070 --> 00:22:51.080 align:start position:0%
the relay I think it might provide an
 

00:22:51.080 --> 00:22:53.909 align:start position:0%
the relay I think it might provide an
opportunity<00:22:51.840><c> for</c><00:22:52.240><c> relays</c><00:22:52.720><c> to</c><00:22:52.840><c> be</c><00:22:53.000><c> used</c><00:22:53.400><c> less</c>

00:22:53.909 --> 00:22:53.919 align:start position:0%
opportunity for relays to be used less
 

00:22:53.919 --> 00:22:56.789 align:start position:0%
opportunity for relays to be used less
but<00:22:54.039><c> I</c><00:22:54.159><c> don't</c><00:22:54.320><c> think</c><00:22:54.520><c> they'll</c><00:22:54.760><c> go</c><00:22:54.960><c> away</c><00:22:55.840><c> and</c>

00:22:56.789 --> 00:22:56.799 align:start position:0%
but I don't think they'll go away and
 

00:22:56.799 --> 00:22:59.950 align:start position:0%
but I don't think they'll go away and
yeah<00:22:57.120><c> that</c><00:22:57.240><c> is</c><00:22:57.440><c> what</c><00:22:57.559><c> it</c><00:22:57.679><c> is</c>

00:22:59.950 --> 00:22:59.960 align:start position:0%
yeah that is what it is
 

00:22:59.960 --> 00:23:02.149 align:start position:0%
yeah that is what it is
uh<00:23:00.120><c> thank</c><00:23:00.320><c> you</c><00:23:00.720><c> so</c><00:23:01.039><c> next</c><00:23:01.279><c> question</c><00:23:01.600><c> in</c><00:23:01.799><c> early</c>

00:23:02.149 --> 00:23:02.159 align:start position:0%
uh thank you so next question in early
 

00:23:02.159 --> 00:23:04.950 align:start position:0%
uh thank you so next question in early
discussion<00:23:02.640><c> of</c><00:23:02.799><c> Max</c><00:23:03.120><c> EB</c><00:23:03.840><c> it</c><00:23:04.440><c> was</c><00:23:04.600><c> said</c><00:23:04.799><c> that</c>

00:23:04.950 --> 00:23:04.960 align:start position:0%
discussion of Max EB it was said that
 

00:23:04.960 --> 00:23:06.830 align:start position:0%
discussion of Max EB it was said that
collapsing<00:23:05.440><c> the</c><00:23:05.600><c> set</c><00:23:05.880><c> was</c><00:23:06.000><c> a</c><00:23:06.159><c> prerequisite</c>

00:23:06.830 --> 00:23:06.840 align:start position:0%
collapsing the set was a prerequisite
 

00:23:06.840 --> 00:23:09.590 align:start position:0%
collapsing the set was a prerequisite
for<00:23:07.080><c> epbs</c><00:23:07.720><c> and</c><00:23:08.080><c> ssf</c><00:23:09.080><c> is</c><00:23:09.200><c> that</c><00:23:09.360><c> still</c>

00:23:09.590 --> 00:23:09.600 align:start position:0%
for epbs and ssf is that still
 

00:23:09.600 --> 00:23:11.430 align:start position:0%
for epbs and ssf is that still
considered<00:23:10.039><c> to</c><00:23:10.200><c> be</c><00:23:10.440><c> the</c>

00:23:11.430 --> 00:23:11.440 align:start position:0%
considered to be the
 

00:23:11.440 --> 00:23:14.789 align:start position:0%
considered to be the
case<00:23:12.480><c> um</c><00:23:13.480><c> I'm</c><00:23:13.600><c> not</c><00:23:13.720><c> sure</c><00:23:13.960><c> about</c>

00:23:14.789 --> 00:23:14.799 align:start position:0%
case um I'm not sure about
 

00:23:14.799 --> 00:23:17.149 align:start position:0%
case um I'm not sure about
epvs<00:23:15.799><c> I</c><00:23:15.880><c> mean</c><00:23:16.080><c> yeah</c><00:23:16.240><c> if</c><00:23:16.320><c> someone</c><00:23:16.559><c> else</c><00:23:16.720><c> in</c><00:23:16.799><c> the</c>

00:23:17.149 --> 00:23:17.159 align:start position:0%
epvs I mean yeah if someone else in the
 

00:23:17.159 --> 00:23:19.590 align:start position:0%
epvs I mean yeah if someone else in the
audience<00:23:18.159><c> can</c><00:23:18.360><c> think</c><00:23:18.480><c> of</c><00:23:18.640><c> something</c><00:23:19.400><c> we're</c>

00:23:19.590 --> 00:23:19.600 align:start position:0%
audience can think of something we're
 

00:23:19.600 --> 00:23:22.669 align:start position:0%
audience can think of something we're
all<00:23:20.279><c> yours</c><00:23:21.279><c> um</c><00:23:21.840><c> I</c><00:23:21.919><c> don't</c><00:23:22.080><c> think</c><00:23:22.240><c> so</c><00:23:22.400><c> much</c><00:23:22.559><c> about</c>

00:23:22.669 --> 00:23:22.679 align:start position:0%
all yours um I don't think so much about
 

00:23:22.679 --> 00:23:25.870 align:start position:0%
all yours um I don't think so much about
ups<00:23:23.080><c> but</c><00:23:23.159><c> definitely</c><00:23:23.360><c> so</c><00:23:23.600><c> ssf</c><00:23:24.200><c> so</c><00:23:25.080><c> uh</c><00:23:25.200><c> ssf</c>

00:23:25.870 --> 00:23:25.880 align:start position:0%
ups but definitely so ssf so uh ssf
 

00:23:25.880 --> 00:23:27.590 align:start position:0%
ups but definitely so ssf so uh ssf
again<00:23:26.080><c> is</c><00:23:26.279><c> maybe</c><00:23:26.480><c> a</c><00:23:26.559><c> bit</c><00:23:26.720><c> off</c><00:23:26.919><c> topic</c><00:23:27.360><c> but</c><00:23:27.480><c> the</c>

00:23:27.590 --> 00:23:27.600 align:start position:0%
again is maybe a bit off topic but the
 

00:23:27.600 --> 00:23:29.669 align:start position:0%
again is maybe a bit off topic but the
idea<00:23:27.880><c> is</c><00:23:28.039><c> basically</c><00:23:28.880><c> uh</c><00:23:29.080><c> like</c><00:23:29.240><c> right</c><00:23:29.400><c> now</c><00:23:29.559><c> the</c>

00:23:29.669 --> 00:23:29.679 align:start position:0%
idea is basically uh like right now the
 

00:23:29.679 --> 00:23:30.950 align:start position:0%
idea is basically uh like right now the
way<00:23:29.799><c> the</c><00:23:29.919><c> protocol</c><00:23:30.279><c> works</c><00:23:30.559><c> is</c><00:23:30.679><c> there's</c><00:23:30.840><c> a</c>

00:23:30.950 --> 00:23:30.960 align:start position:0%
way the protocol works is there's a
 

00:23:30.960 --> 00:23:32.310 align:start position:0%
way the protocol works is there's a
notion<00:23:31.200><c> of</c><00:23:31.360><c> finality</c><00:23:31.840><c> once</c><00:23:32.080><c> enough</c>

00:23:32.310 --> 00:23:32.320 align:start position:0%
notion of finality once enough
 

00:23:32.320 --> 00:23:34.190 align:start position:0%
notion of finality once enough
validators<00:23:32.919><c> have</c><00:23:33.200><c> essentially</c><00:23:33.640><c> voted</c><00:23:34.000><c> on</c>

00:23:34.190 --> 00:23:34.200 align:start position:0%
validators have essentially voted on
 

00:23:34.200 --> 00:23:36.950 align:start position:0%
validators have essentially voted on
like<00:23:34.320><c> a</c><00:23:34.400><c> block</c><00:23:34.640><c> in</c><00:23:34.760><c> the</c><00:23:35.039><c> chain</c><00:23:36.039><c> and</c><00:23:36.240><c> right</c><00:23:36.400><c> now</c>

00:23:36.950 --> 00:23:36.960 align:start position:0%
like a block in the chain and right now
 

00:23:36.960 --> 00:23:38.070 align:start position:0%
like a block in the chain and right now
again<00:23:37.159><c> because</c><00:23:37.360><c> we</c><00:23:37.440><c> want</c><00:23:37.559><c> ethereum</c><00:23:37.919><c> to</c><00:23:37.960><c> be</c>

00:23:38.070 --> 00:23:38.080 align:start position:0%
again because we want ethereum to be
 

00:23:38.080 --> 00:23:39.710 align:start position:0%
again because we want ethereum to be
decentralized<00:23:38.919><c> we</c><00:23:39.120><c> have</c><00:23:39.240><c> the</c><00:23:39.360><c> protocol</c>

00:23:39.710 --> 00:23:39.720 align:start position:0%
decentralized we have the protocol
 

00:23:39.720 --> 00:23:40.909 align:start position:0%
decentralized we have the protocol
designed<00:23:40.039><c> in</c><00:23:40.120><c> a</c><00:23:40.240><c> way</c><00:23:40.400><c> where</c><00:23:40.559><c> like</c><00:23:40.679><c> many</c>

00:23:40.909 --> 00:23:40.919 align:start position:0%
designed in a way where like many
 

00:23:40.919 --> 00:23:43.230 align:start position:0%
designed in a way where like many
validators<00:23:41.360><c> can</c><00:23:41.480><c> come</c><00:23:41.600><c> to</c><00:23:41.720><c> the</c><00:23:42.000><c> table</c><00:23:43.000><c> this</c><00:23:43.080><c> is</c>

00:23:43.230 --> 00:23:43.240 align:start position:0%
validators can come to the table this is
 

00:23:43.240 --> 00:23:44.830 align:start position:0%
validators can come to the table this is
kind<00:23:43.360><c> of</c><00:23:43.520><c> at</c><00:23:43.679><c> odds</c><00:23:44.039><c> with</c><00:23:44.200><c> like</c><00:23:44.320><c> getting</c><00:23:44.640><c> this</c>

00:23:44.830 --> 00:23:44.840 align:start position:0%
kind of at odds with like getting this
 

00:23:44.840 --> 00:23:46.710 align:start position:0%
kind of at odds with like getting this
like<00:23:45.000><c> a</c><00:23:45.159><c> very</c><00:23:45.400><c> fast</c><00:23:45.679><c> finality</c><00:23:46.360><c> because</c><00:23:46.559><c> they</c>

00:23:46.710 --> 00:23:46.720 align:start position:0%
like a very fast finality because they
 

00:23:46.720 --> 00:23:48.230 align:start position:0%
like a very fast finality because they
need<00:23:47.000><c> time</c><00:23:47.200><c> to</c><00:23:47.400><c> basically</c><00:23:47.760><c> share</c><00:23:48.080><c> their</c>

00:23:48.230 --> 00:23:48.240 align:start position:0%
need time to basically share their
 

00:23:48.240 --> 00:23:50.149 align:start position:0%
need time to basically share their
messages<00:23:48.720><c> and</c><00:23:48.840><c> run</c><00:23:49.000><c> the</c><00:23:49.159><c> protocol</c><00:23:49.520><c> and</c><00:23:49.640><c> all</c>

00:23:50.149 --> 00:23:50.159 align:start position:0%
messages and run the protocol and all
 

00:23:50.159 --> 00:23:53.230 align:start position:0%
messages and run the protocol and all
agree<00:23:51.159><c> and</c><00:23:51.400><c> ssf</c><00:23:52.240><c> is</c><00:23:52.480><c> short</c><00:23:52.679><c> for</c><00:23:52.840><c> like</c><00:23:52.960><c> single</c>

00:23:53.230 --> 00:23:53.240 align:start position:0%
agree and ssf is short for like single
 

00:23:53.240 --> 00:23:55.350 align:start position:0%
agree and ssf is short for like single
slot<00:23:53.679><c> finality</c><00:23:54.679><c> and</c><00:23:54.840><c> again</c><00:23:55.000><c> it's</c><00:23:55.120><c> like</c><00:23:55.240><c> a</c>

00:23:55.350 --> 00:23:55.360 align:start position:0%
slot finality and again it's like a
 

00:23:55.360 --> 00:23:56.950 align:start position:0%
slot finality and again it's like a
research<00:23:55.720><c> direction</c><00:23:56.120><c> that</c><00:23:56.240><c> wants</c><00:23:56.440><c> to</c><00:23:56.600><c> say</c>

00:23:56.950 --> 00:23:56.960 align:start position:0%
research direction that wants to say
 

00:23:56.960 --> 00:23:59.350 align:start position:0%
research direction that wants to say
okay<00:23:57.200><c> can</c><00:23:57.360><c> we</c><00:23:57.640><c> like</c><00:23:58.480><c> again</c><00:23:58.679><c> have</c><00:23:58.880><c> finality</c><00:23:59.279><c> in</c>

00:23:59.350 --> 00:23:59.360 align:start position:0%
okay can we like again have finality in
 

00:23:59.360 --> 00:24:01.190 align:start position:0%
okay can we like again have finality in
a<00:23:59.480><c> single</c><00:23:59.760><c> slot</c><00:24:00.360><c> rather</c><00:24:00.600><c> than</c><00:24:00.840><c> like</c><00:24:01.039><c> the</c>

00:24:01.190 --> 00:24:01.200 align:start position:0%
a single slot rather than like the
 

00:24:01.200 --> 00:24:04.269 align:start position:0%
a single slot rather than like the
current<00:24:02.200><c> uh</c><00:24:02.559><c> protocol</c><00:24:03.080><c> of</c><00:24:03.240><c> say</c><00:24:03.520><c> like</c><00:24:03.720><c> an</c><00:24:03.880><c> Epoch</c>

00:24:04.269 --> 00:24:04.279 align:start position:0%
current uh protocol of say like an Epoch
 

00:24:04.279 --> 00:24:09.350 align:start position:0%
current uh protocol of say like an Epoch
or<00:24:04.799><c> so</c><00:24:06.000><c> and</c><00:24:07.000><c> yeah</c><00:24:07.320><c> so</c><00:24:07.640><c> in</c><00:24:07.799><c> this</c><00:24:07.960><c> case</c><00:24:08.159><c> so</c><00:24:08.320><c> max</c><00:24:08.600><c> CB</c>

00:24:09.350 --> 00:24:09.360 align:start position:0%
or so and yeah so in this case so max CB
 

00:24:09.360 --> 00:24:11.909 align:start position:0%
or so and yeah so in this case so max CB
sorry<00:24:09.640><c> there's</c><00:24:09.799><c> like</c><00:24:09.919><c> a</c><00:24:10.000><c> lot</c><00:24:10.120><c> of</c><00:24:10.240><c> context</c><00:24:10.919><c> here</c>

00:24:11.909 --> 00:24:11.919 align:start position:0%
sorry there's like a lot of context here
 

00:24:11.919 --> 00:24:15.230 align:start position:0%
sorry there's like a lot of context here
so<00:24:12.120><c> max</c><00:24:12.440><c> CB</c><00:24:13.440><c> uh</c><00:24:13.679><c> this</c><00:24:13.760><c> is</c><00:24:13.919><c> an</c><00:24:14.080><c> EAP</c><00:24:14.919><c> I</c><00:24:15.000><c> believe</c>

00:24:15.230 --> 00:24:15.240 align:start position:0%
so max CB uh this is an EAP I believe
 

00:24:15.240 --> 00:24:19.149 align:start position:0%
so max CB uh this is an EAP I believe
it's<00:24:15.520><c> 7251</c><00:24:16.520><c> coming</c><00:24:17.080><c> into</c><00:24:18.080><c> uh</c><00:24:18.240><c> Petra</c><00:24:18.679><c> the</c><00:24:19.000><c> next</c>

00:24:19.149 --> 00:24:19.159 align:start position:0%
it's 7251 coming into uh Petra the next
 

00:24:19.159 --> 00:24:21.669 align:start position:0%
it's 7251 coming into uh Petra the next
hard<00:24:19.400><c> fork</c><00:24:20.240><c> and</c><00:24:20.440><c> basically</c><00:24:21.120><c> this</c><00:24:21.240><c> does</c><00:24:21.440><c> like</c><00:24:21.600><c> a</c>

00:24:21.669 --> 00:24:21.679 align:start position:0%
hard fork and basically this does like a
 

00:24:21.679 --> 00:24:23.310 align:start position:0%
hard fork and basically this does like a
number<00:24:21.880><c> of</c><00:24:22.039><c> things</c><00:24:22.520><c> but</c><00:24:22.679><c> one</c><00:24:22.799><c> thing</c><00:24:22.960><c> it</c><00:24:23.120><c> does</c>

00:24:23.310 --> 00:24:23.320 align:start position:0%
number of things but one thing it does
 

00:24:23.320 --> 00:24:25.430 align:start position:0%
number of things but one thing it does
do<00:24:23.559><c> is</c><00:24:23.799><c> allow</c><00:24:24.159><c> a</c><00:24:24.320><c> validator</c><00:24:24.760><c> to</c><00:24:24.880><c> be</c>

00:24:25.430 --> 00:24:25.440 align:start position:0%
do is allow a validator to be
 

00:24:25.440 --> 00:24:27.350 align:start position:0%
do is allow a validator to be
represented<00:24:26.440><c> uh</c><00:24:26.600><c> with</c><00:24:26.760><c> like</c><00:24:26.919><c> much</c><00:24:27.120><c> higher</c>

00:24:27.350 --> 00:24:27.360 align:start position:0%
represented uh with like much higher
 

00:24:27.360 --> 00:24:28.909 align:start position:0%
represented uh with like much higher
stake<00:24:27.720><c> and</c><00:24:27.799><c> so</c><00:24:27.960><c> what</c><00:24:28.039><c> that</c><00:24:28.120><c> means</c><00:24:28.480><c> is</c><00:24:28.600><c> today</c><00:24:28.840><c> in</c>

00:24:28.909 --> 00:24:28.919 align:start position:0%
stake and so what that means is today in
 

00:24:28.919 --> 00:24:29.549 align:start position:0%
stake and so what that means is today in
the

00:24:29.549 --> 00:24:29.559 align:start position:0%
the
 

00:24:29.559 --> 00:24:31.230 align:start position:0%
the
protocol

00:24:31.230 --> 00:24:31.240 align:start position:0%
protocol
 

00:24:31.240 --> 00:24:34.590 align:start position:0%
protocol
um<00:24:32.240><c> beam</c><00:24:32.440><c> chain</c><00:24:32.720><c> question</c><00:24:33.320><c> interesting</c><00:24:34.320><c> uh</c><00:24:34.520><c> in</c>

00:24:34.590 --> 00:24:34.600 align:start position:0%
um beam chain question interesting uh in
 

00:24:34.600 --> 00:24:36.110 align:start position:0%
um beam chain question interesting uh in
the<00:24:34.760><c> protocol</c><00:24:35.279><c> you</c><00:24:35.399><c> basically</c><00:24:35.799><c> have</c><00:24:35.960><c> every</c>

00:24:36.110 --> 00:24:36.120 align:start position:0%
the protocol you basically have every
 

00:24:36.120 --> 00:24:37.590 align:start position:0%
the protocol you basically have every
validator<00:24:36.559><c> that</c><00:24:36.640><c> has</c><00:24:36.760><c> like</c><00:24:36.840><c> a</c><00:24:36.919><c> fixed</c><00:24:37.200><c> stake</c><00:24:37.480><c> is</c>

00:24:37.590 --> 00:24:37.600 align:start position:0%
validator that has like a fixed stake is
 

00:24:37.600 --> 00:24:38.590 align:start position:0%
validator that has like a fixed stake is
the<00:24:37.679><c> way</c><00:24:37.760><c> to</c><00:24:37.880><c> think</c><00:24:38.000><c> about</c><00:24:38.159><c> it</c><00:24:38.279><c> they</c><00:24:38.399><c> all</c><00:24:38.520><c> kind</c>

00:24:38.590 --> 00:24:38.600 align:start position:0%
the way to think about it they all kind
 

00:24:38.600 --> 00:24:40.549 align:start position:0%
the way to think about it they all kind
of<00:24:38.760><c> look</c><00:24:38.960><c> the</c><00:24:39.080><c> same</c><00:24:39.880><c> and</c><00:24:40.000><c> this</c><00:24:40.120><c> was</c><00:24:40.279><c> done</c>

00:24:40.549 --> 00:24:40.559 align:start position:0%
of look the same and this was done
 

00:24:40.559 --> 00:24:42.310 align:start position:0%
of look the same and this was done
because<00:24:40.880><c> it's</c><00:24:41.000><c> much</c><00:24:41.159><c> easier</c><00:24:41.360><c> to</c><00:24:41.480><c> reason</c><00:24:41.799><c> about</c>

00:24:42.310 --> 00:24:42.320 align:start position:0%
because it's much easier to reason about
 

00:24:42.320 --> 00:24:43.310 align:start position:0%
because it's much easier to reason about
especially<00:24:42.679><c> like</c><00:24:42.760><c> a</c><00:24:42.840><c> large</c><00:24:43.039><c> number</c><00:24:43.200><c> of</c>

00:24:43.310 --> 00:24:43.320 align:start position:0%
especially like a large number of
 

00:24:43.320 --> 00:24:44.830 align:start position:0%
especially like a large number of
validators<00:24:43.840><c> if</c><00:24:43.960><c> they</c><00:24:44.080><c> all</c><00:24:44.279><c> kind</c><00:24:44.440><c> of</c><00:24:44.520><c> look</c><00:24:44.720><c> the</c>

00:24:44.830 --> 00:24:44.840 align:start position:0%
validators if they all kind of look the
 

00:24:44.840 --> 00:24:47.070 align:start position:0%
validators if they all kind of look the
same<00:24:45.279><c> and</c><00:24:45.399><c> there's</c><00:24:45.600><c> no</c><00:24:45.840><c> like</c><00:24:46.039><c> special</c><00:24:46.960><c> you</c>

00:24:47.070 --> 00:24:47.080 align:start position:0%
same and there's no like special you
 

00:24:47.080 --> 00:24:49.350 align:start position:0%
same and there's no like special you
know<00:24:47.240><c> jewelry</c><00:24:47.600><c> hanging</c><00:24:47.880><c> off</c><00:24:48.000><c> of</c><00:24:48.159><c> any</c><00:24:48.279><c> of</c><00:24:48.399><c> them</c>

00:24:49.350 --> 00:24:49.360 align:start position:0%
know jewelry hanging off of any of them
 

00:24:49.360 --> 00:24:51.909 align:start position:0%
know jewelry hanging off of any of them
but<00:24:50.320><c> uh</c><00:24:50.799><c> this</c><00:24:51.000><c> also</c><00:24:51.200><c> kind</c><00:24:51.320><c> of</c><00:24:51.440><c> artificially</c>

00:24:51.909 --> 00:24:51.919 align:start position:0%
but uh this also kind of artificially
 

00:24:51.919 --> 00:24:53.750 align:start position:0%
but uh this also kind of artificially
inflates<00:24:52.240><c> devel</c><00:24:52.799><c> set</c><00:24:53.039><c> and</c><00:24:53.159><c> is</c><00:24:53.279><c> at</c><00:24:53.440><c> odds</c><00:24:53.640><c> with</c>

00:24:53.750 --> 00:24:53.760 align:start position:0%
inflates devel set and is at odds with
 

00:24:53.760 --> 00:24:56.149 align:start position:0%
inflates devel set and is at odds with
things<00:24:53.880><c> like</c><00:24:54.240><c> ussf</c><00:24:55.240><c> so</c><00:24:55.600><c> it</c><00:24:55.679><c> would</c><00:24:55.799><c> be</c><00:24:55.960><c> much</c>

00:24:56.149 --> 00:24:56.159 align:start position:0%
things like ussf so it would be much
 

00:24:56.159 --> 00:24:57.870 align:start position:0%
things like ussf so it would be much
nicer<00:24:56.480><c> for</c><00:24:56.760><c> even</c><00:24:56.919><c> if</c><00:24:57.039><c> you</c><00:24:57.159><c> are</c><00:24:57.320><c> still</c><00:24:57.520><c> a</c><00:24:57.600><c> single</c>

00:24:57.870 --> 00:24:57.880 align:start position:0%
nicer for even if you are still a single
 

00:24:57.880 --> 00:25:00.190 align:start position:0%
nicer for even if you are still a single
entity<00:24:58.559><c> you</c><00:24:58.640><c> know</c><00:24:58.799><c> say</c><00:24:59.000><c> you</c><00:24:59.159><c> come</c><00:24:59.360><c> with</c>

00:25:00.190 --> 00:25:00.200 align:start position:0%
entity you know say you come with
 

00:25:00.200 --> 00:25:03.909 align:start position:0%
entity you know say you come with
like<00:25:01.200><c> you</c><00:25:01.360><c> know</c><00:25:01.760><c> more</c><00:25:01.960><c> than</c><00:25:02.120><c> 32</c><00:25:02.559><c> eth</c><00:25:03.360><c> uh</c><00:25:03.799><c> you</c>

00:25:03.909 --> 00:25:03.919 align:start position:0%
like you know more than 32 eth uh you
 

00:25:03.919 --> 00:25:05.430 align:start position:0%
like you know more than 32 eth uh you
know<00:25:04.120><c> it's</c><00:25:04.279><c> nice</c><00:25:04.440><c> to</c><00:25:04.559><c> just</c><00:25:04.720><c> go</c><00:25:04.840><c> ahead</c><00:25:05.039><c> and</c><00:25:05.240><c> like</c>

00:25:05.430 --> 00:25:05.440 align:start position:0%
know it's nice to just go ahead and like
 

00:25:05.440 --> 00:25:06.870 align:start position:0%
know it's nice to just go ahead and like
have<00:25:05.600><c> that</c><00:25:05.760><c> in</c><00:25:05.840><c> the</c><00:25:05.960><c> protocol</c><00:25:06.360><c> be</c><00:25:06.480><c> represented</c>

00:25:06.870 --> 00:25:06.880 align:start position:0%
have that in the protocol be represented
 

00:25:06.880 --> 00:25:08.750 align:start position:0%
have that in the protocol be represented
as<00:25:07.000><c> one</c><00:25:07.159><c> validator</c><00:25:07.640><c> versus</c><00:25:08.080><c> like</c><00:25:08.520><c> you</c><00:25:08.640><c> know</c>

00:25:08.750 --> 00:25:08.760 align:start position:0%
as one validator versus like you know
 

00:25:08.760 --> 00:25:10.310 align:start position:0%
as one validator versus like you know
say<00:25:08.919><c> you</c><00:25:09.000><c> have</c><00:25:09.120><c> 64</c><00:25:09.559><c> wath</c><00:25:09.880><c> rather</c><00:25:10.039><c> than</c><00:25:10.159><c> two</c>

00:25:10.310 --> 00:25:10.320 align:start position:0%
say you have 64 wath rather than two
 

00:25:10.320 --> 00:25:12.110 align:start position:0%
say you have 64 wath rather than two
validators<00:25:10.760><c> you</c><00:25:10.840><c> can</c><00:25:10.919><c> now</c><00:25:11.080><c> be</c>

00:25:12.110 --> 00:25:12.120 align:start position:0%
validators you can now be
 

00:25:12.120 --> 00:25:14.669 align:start position:0%
validators you can now be
one<00:25:13.120><c> all</c><00:25:13.399><c> that</c><00:25:13.559><c> is</c><00:25:13.720><c> to</c><00:25:13.880><c> say</c><00:25:14.120><c> that</c><00:25:14.240><c> now</c><00:25:14.480><c> with</c>

00:25:14.669 --> 00:25:14.679 align:start position:0%
one all that is to say that now with
 

00:25:14.679 --> 00:25:17.149 align:start position:0%
one all that is to say that now with
this<00:25:14.799><c> feature</c><00:25:15.520><c> there's</c><00:25:16.000><c> a</c><00:25:16.480><c> another</c><00:25:16.799><c> part</c><00:25:16.960><c> of</c>

00:25:17.149 --> 00:25:17.159 align:start position:0%
this feature there's a another part of
 

00:25:17.159 --> 00:25:18.710 align:start position:0%
this feature there's a another part of
this<00:25:17.559><c> that</c><00:25:17.679><c> lets</c><00:25:17.880><c> you</c><00:25:18.039><c> consolidate</c>

00:25:18.710 --> 00:25:18.720 align:start position:0%
this that lets you consolidate
 

00:25:18.720 --> 00:25:20.990 align:start position:0%
this that lets you consolidate
validators<00:25:19.720><c> and</c><00:25:20.120><c> then</c><00:25:20.240><c> you</c><00:25:20.360><c> start</c><00:25:20.559><c> to</c><00:25:20.679><c> see</c><00:25:20.840><c> how</c>

00:25:20.990 --> 00:25:21.000 align:start position:0%
validators and then you start to see how
 

00:25:21.000 --> 00:25:22.430 align:start position:0%
validators and then you start to see how
we<00:25:21.120><c> get</c><00:25:21.240><c> to</c><00:25:21.480><c> fewer</c><00:25:21.760><c> validators</c><00:25:22.159><c> in</c><00:25:22.279><c> the</c>

00:25:22.430 --> 00:25:22.440 align:start position:0%
we get to fewer validators in the
 

00:25:22.440 --> 00:25:25.029 align:start position:0%
we get to fewer validators in the
protocol<00:25:23.360><c> it</c><00:25:23.480><c> makes</c><00:25:23.760><c> ssf</c><00:25:24.240><c> easier</c><00:25:24.679><c> for</c><00:25:24.919><c> like</c>

00:25:25.029 --> 00:25:25.039 align:start position:0%
protocol it makes ssf easier for like
 

00:25:25.039 --> 00:25:26.750 align:start position:0%
protocol it makes ssf easier for like
some<00:25:25.200><c> other</c><00:25:25.360><c> technical</c><00:25:25.720><c> reasons</c><00:25:26.480><c> and</c><00:25:26.600><c> We're</c>

00:25:26.750 --> 00:25:26.760 align:start position:0%
some other technical reasons and We're
 

00:25:26.760 --> 00:25:29.750 align:start position:0%
some other technical reasons and We're
Off<00:25:26.880><c> to</c><00:25:26.960><c> the</c><00:25:27.080><c> Races</c>

00:25:29.750 --> 00:25:29.760 align:start position:0%
Off to the Races
 

00:25:29.760 --> 00:25:32.590 align:start position:0%
Off to the Races
so<00:25:30.760><c> cool</c><00:25:31.480><c> I</c><00:25:31.600><c> guess</c><00:25:31.720><c> I'll</c><00:25:31.919><c> go</c><00:25:32.039><c> to</c><00:25:32.200><c> this</c><00:25:32.399><c> next</c>

00:25:32.590 --> 00:25:32.600 align:start position:0%
so cool I guess I'll go to this next
 

00:25:32.600 --> 00:25:35.350 align:start position:0%
so cool I guess I'll go to this next
question<00:25:33.399><c> thoughts</c><00:25:34.399><c> let</c><00:25:34.480><c> me</c><00:25:34.600><c> go</c><00:25:34.720><c> to</c><00:25:34.799><c> the</c><00:25:34.880><c> next</c>

00:25:35.350 --> 00:25:35.360 align:start position:0%
question thoughts let me go to the next
 

00:25:35.360 --> 00:25:37.470 align:start position:0%
question thoughts let me go to the next
question<00:25:36.360><c> simple</c><00:25:36.720><c> cue</c><00:25:37.039><c> what</c><00:25:37.159><c> happens</c>

00:25:37.470 --> 00:25:37.480 align:start position:0%
question simple cue what happens
 

00:25:37.480 --> 00:25:41.269 align:start position:0%
question simple cue what happens
internally<00:25:37.960><c> within</c><00:25:38.720><c> relays</c><00:25:39.880><c> um</c><00:25:40.880><c> do</c><00:25:41.039><c> they</c><00:25:41.159><c> just</c>

00:25:41.269 --> 00:25:41.279 align:start position:0%
internally within relays um do they just
 

00:25:41.279 --> 00:25:43.310 align:start position:0%
internally within relays um do they just
relay<00:25:41.600><c> the</c><00:25:41.679><c> best</c><00:25:41.880><c> block</c><00:25:42.200><c> okay</c><00:25:42.320><c> so</c><00:25:42.440><c> relays</c><00:25:42.840><c> do</c><00:25:43.000><c> a</c>

00:25:43.310 --> 00:25:43.320 align:start position:0%
relay the best block okay so relays do a
 

00:25:43.320 --> 00:25:45.230 align:start position:0%
relay the best block okay so relays do a
lot<00:25:44.320><c> uh</c><00:25:44.440><c> this</c><00:25:44.520><c> is</c><00:25:44.640><c> actually</c><00:25:44.799><c> a</c><00:25:44.880><c> fun</c><00:25:45.080><c> question</c>

00:25:45.230 --> 00:25:45.240 align:start position:0%
lot uh this is actually a fun question
 

00:25:45.240 --> 00:25:47.789 align:start position:0%
lot uh this is actually a fun question
so<00:25:45.399><c> relays</c><00:25:45.720><c> do</c><00:25:45.840><c> a</c><00:25:45.960><c> lot</c><00:25:46.840><c> and</c><00:25:47.240><c> if</c><00:25:47.399><c> anything</c><00:25:47.679><c> they</c>

00:25:47.789 --> 00:25:47.799 align:start position:0%
so relays do a lot and if anything they
 

00:25:47.799 --> 00:25:50.230 align:start position:0%
so relays do a lot and if anything they
keep<00:25:47.960><c> doing</c><00:25:48.159><c> more</c><00:25:48.279><c> and</c><00:25:48.399><c> more</c><00:25:48.559><c> over</c><00:25:48.760><c> time</c><00:25:49.240><c> so</c>

00:25:50.230 --> 00:25:50.240 align:start position:0%
keep doing more and more over time so
 

00:25:50.240 --> 00:25:53.830 align:start position:0%
keep doing more and more over time so
one<00:25:50.559><c> way</c><00:25:50.679><c> to</c><00:25:50.880><c> think</c><00:25:51.039><c> about</c><00:25:51.279><c> relays</c><00:25:52.000><c> is</c>

00:25:53.830 --> 00:25:53.840 align:start position:0%
one way to think about relays is
 

00:25:53.840 --> 00:25:56.389 align:start position:0%
one way to think about relays is
that<00:25:54.840><c> okay</c><00:25:55.000><c> so</c><00:25:55.200><c> they're</c><00:25:55.360><c> running</c><00:25:55.679><c> an</c><00:25:55.840><c> auction</c>

00:25:56.389 --> 00:25:56.399 align:start position:0%
that okay so they're running an auction
 

00:25:56.399 --> 00:25:57.590 align:start position:0%
that okay so they're running an auction
and<00:25:56.480><c> it's</c><00:25:56.640><c> kind</c><00:25:56.760><c> of</c><00:25:56.880><c> this</c><00:25:57.000><c> like</c><00:25:57.120><c> two-sided</c>

00:25:57.590 --> 00:25:57.600 align:start position:0%
and it's kind of this like two-sided
 

00:25:57.600 --> 00:25:58.990 align:start position:0%
and it's kind of this like two-sided
Marketplace<00:25:58.039><c> is</c><00:25:58.360><c> way</c><00:25:58.480><c> thinking</c><00:25:58.679><c> about</c><00:25:58.840><c> it</c>

00:25:58.990 --> 00:25:59.000 align:start position:0%
Marketplace is way thinking about it
 

00:25:59.000 --> 00:26:02.190 align:start position:0%
Marketplace is way thinking about it
again<00:25:59.200><c> between</c><00:25:59.480><c> proposers</c><00:25:59.919><c> and</c><00:26:00.520><c> Builders</c><00:26:01.520><c> and</c>

00:26:02.190 --> 00:26:02.200 align:start position:0%
again between proposers and Builders and
 

00:26:02.200 --> 00:26:03.669 align:start position:0%
again between proposers and Builders and
maybe<00:26:02.480><c> just</c><00:26:02.640><c> kind</c><00:26:02.720><c> of</c><00:26:02.840><c> walking</c><00:26:03.159><c> sequentially</c>

00:26:03.669 --> 00:26:03.679 align:start position:0%
maybe just kind of walking sequentially
 

00:26:03.679 --> 00:26:04.870 align:start position:0%
maybe just kind of walking sequentially
through<00:26:03.799><c> the</c><00:26:03.919><c> flow</c><00:26:04.240><c> the</c><00:26:04.360><c> way</c><00:26:04.480><c> you</c><00:26:04.559><c> could</c><00:26:04.720><c> think</c>

00:26:04.870 --> 00:26:04.880 align:start position:0%
through the flow the way you could think
 

00:26:04.880 --> 00:26:07.990 align:start position:0%
through the flow the way you could think
about<00:26:05.159><c> this</c><00:26:05.559><c> is</c><00:26:05.840><c> that</c><00:26:06.480><c> Builders</c><00:26:06.960><c> build</c><00:26:07.240><c> blocks</c>

00:26:07.990 --> 00:26:08.000 align:start position:0%
about this is that Builders build blocks
 

00:26:08.000 --> 00:26:09.269 align:start position:0%
about this is that Builders build blocks
they<00:26:08.159><c> also</c><00:26:08.320><c> need</c><00:26:08.480><c> to</c><00:26:08.559><c> be</c><00:26:08.679><c> watching</c><00:26:08.880><c> the</c><00:26:09.000><c> chain</c>

00:26:09.269 --> 00:26:09.279 align:start position:0%
they also need to be watching the chain
 

00:26:09.279 --> 00:26:10.789 align:start position:0%
they also need to be watching the chain
to<00:26:09.440><c> know</c><00:26:09.600><c> like</c><00:26:09.720><c> the</c><00:26:09.799><c> latest</c><00:26:10.159><c> head</c><00:26:10.360><c> to</c><00:26:10.520><c> know</c>

00:26:10.789 --> 00:26:10.799 align:start position:0%
to know like the latest head to know
 

00:26:10.799 --> 00:26:13.029 align:start position:0%
to know like the latest head to know
like<00:26:11.000><c> what</c><00:26:11.120><c> the</c><00:26:11.200><c> next</c><00:26:11.440><c> valid</c><00:26:11.720><c> block</c><00:26:12.000><c> could</c><00:26:12.159><c> be</c>

00:26:13.029 --> 00:26:13.039 align:start position:0%
like what the next valid block could be
 

00:26:13.039 --> 00:26:14.549 align:start position:0%
like what the next valid block could be
but<00:26:13.159><c> on</c><00:26:13.360><c> top</c><00:26:13.520><c> of</c><00:26:13.679><c> that</c><00:26:13.919><c> they</c><00:26:14.039><c> don't</c><00:26:14.279><c> just</c><00:26:14.399><c> want</c>

00:26:14.549 --> 00:26:14.559 align:start position:0%
but on top of that they don't just want
 

00:26:14.559 --> 00:26:16.110 align:start position:0%
but on top of that they don't just want
the<00:26:14.679><c> next</c><00:26:14.919><c> valid</c><00:26:15.200><c> block</c><00:26:15.520><c> they</c><00:26:15.640><c> want</c><00:26:15.799><c> the</c><00:26:15.919><c> next</c>

00:26:16.110 --> 00:26:16.120 align:start position:0%
the next valid block they want the next
 

00:26:16.120 --> 00:26:18.029 align:start position:0%
the next valid block they want the next
valid<00:26:16.399><c> most</c><00:26:16.600><c> valuable</c><00:26:16.960><c> block</c><00:26:17.480><c> so</c><00:26:17.679><c> they</c><00:26:17.799><c> do</c>

00:26:18.029 --> 00:26:18.039 align:start position:0%
valid most valuable block so they do
 

00:26:18.039 --> 00:26:19.669 align:start position:0%
valid most valuable block so they do
their<00:26:18.200><c> thing</c><00:26:18.600><c> you</c><00:26:18.720><c> know</c><00:26:18.840><c> sorts</c><00:26:19.120><c> in</c><00:26:19.279><c> order</c><00:26:19.440><c> flow</c>

00:26:19.669 --> 00:26:19.679 align:start position:0%
their thing you know sorts in order flow
 

00:26:19.679 --> 00:26:21.630 align:start position:0%
their thing you know sorts in order flow
from<00:26:19.840><c> various</c><00:26:20.120><c> places</c><00:26:20.919><c> to</c><00:26:21.080><c> make</c><00:26:21.279><c> a</c><00:26:21.399><c> very</c>

00:26:21.630 --> 00:26:21.640 align:start position:0%
from various places to make a very
 

00:26:21.640 --> 00:26:23.750 align:start position:0%
from various places to make a very
sophisticated<00:26:22.159><c> block</c><00:26:22.919><c> uh</c><00:26:23.120><c> that</c><00:26:23.360><c> pays</c><00:26:23.559><c> them</c><00:26:23.679><c> a</c>

00:26:23.750 --> 00:26:23.760 align:start position:0%
sophisticated block uh that pays them a
 

00:26:23.760 --> 00:26:26.070 align:start position:0%
sophisticated block uh that pays them a
lot<00:26:23.840><c> of</c><00:26:24.039><c> money</c><00:26:25.039><c> and</c><00:26:25.320><c> so</c><00:26:25.480><c> Builders</c><00:26:25.760><c> are</c><00:26:25.880><c> doing</c>

00:26:26.070 --> 00:26:26.080 align:start position:0%
lot of money and so Builders are doing
 

00:26:26.080 --> 00:26:27.549 align:start position:0%
lot of money and so Builders are doing
their<00:26:26.279><c> things</c><00:26:26.679><c> they</c><00:26:26.840><c> eventually</c><00:26:27.240><c> at</c><00:26:27.399><c> some</c>

00:26:27.549 --> 00:26:27.559 align:start position:0%
their things they eventually at some
 

00:26:27.559 --> 00:26:30.669 align:start position:0%
their things they eventually at some
point<00:26:27.720><c> in</c><00:26:27.919><c> time</c><00:26:28.600><c> have</c><00:26:29.320><c> a</c>

00:26:30.669 --> 00:26:30.679 align:start position:0%
point in time have a
 

00:26:30.679 --> 00:26:34.950 align:start position:0%
point in time have a
payload<00:26:31.679><c> uh</c><00:26:32.279><c> there's</c><00:26:32.520><c> sort</c><00:26:32.679><c> of</c><00:26:32.919><c> like</c><00:26:33.720><c> a</c><00:26:34.720><c> I</c><00:26:34.799><c> mean</c>

00:26:34.950 --> 00:26:34.960 align:start position:0%
payload uh there's sort of like a I mean
 

00:26:34.960 --> 00:26:36.269 align:start position:0%
payload uh there's sort of like a I mean
there's<00:26:35.080><c> a</c><00:26:35.279><c> spec</c><00:26:35.600><c> but</c><00:26:35.720><c> if</c><00:26:35.799><c> anything</c><00:26:36.080><c> there's</c>

00:26:36.269 --> 00:26:36.279 align:start position:0%
there's a spec but if anything there's
 

00:26:36.279 --> 00:26:38.389 align:start position:0%
there's a spec but if anything there's
like<00:26:36.399><c> an</c><00:26:36.480><c> implicit</c><00:26:36.880><c> agreement</c><00:26:37.440><c> that</c><00:26:37.919><c> relay</c>

00:26:38.389 --> 00:26:38.399 align:start position:0%
like an implicit agreement that relay
 

00:26:38.399 --> 00:26:41.070 align:start position:0%
like an implicit agreement that relay
support<00:26:38.960><c> very</c><00:26:39.240><c> like</c><00:26:39.480><c> a</c><00:26:40.120><c> specific</c><00:26:40.600><c> sets</c><00:26:40.880><c> of</c>

00:26:41.070 --> 00:26:41.080 align:start position:0%
support very like a specific sets of
 

00:26:41.080 --> 00:26:44.149 align:start position:0%
support very like a specific sets of
ways<00:26:41.440><c> to</c><00:26:41.760><c> like</c><00:26:41.919><c> have</c><00:26:42.080><c> Builders</c><00:26:42.480><c> pay</c><00:26:43.159><c> proposers</c>

00:26:44.149 --> 00:26:44.159 align:start position:0%
ways to like have Builders pay proposers
 

00:26:44.159 --> 00:26:46.269 align:start position:0%
ways to like have Builders pay proposers
and<00:26:44.399><c> so</c><00:26:44.559><c> then</c><00:26:44.679><c> the</c><00:26:44.760><c> Builder</c><00:26:45.039><c> makes</c><00:26:45.240><c> the</c><00:26:45.399><c> block</c>

00:26:46.269 --> 00:26:46.279 align:start position:0%
and so then the Builder makes the block
 

00:26:46.279 --> 00:26:48.029 align:start position:0%
and so then the Builder makes the block
out<00:26:46.440><c> of</c><00:26:46.640><c> whatever</c><00:26:47.000><c> Revenue</c><00:26:47.440><c> they</c><00:26:47.559><c> happen</c><00:26:47.760><c> to</c>

00:26:48.029 --> 00:26:48.039 align:start position:0%
out of whatever Revenue they happen to
 

00:26:48.039 --> 00:26:50.190 align:start position:0%
out of whatever Revenue they happen to
find<00:26:49.039><c> they</c><00:26:49.200><c> then</c><00:26:49.360><c> make</c><00:26:49.480><c> a</c><00:26:49.640><c> payment</c><00:26:49.960><c> in</c><00:26:50.039><c> a</c>

00:26:50.190 --> 00:26:50.200 align:start position:0%
find they then make a payment in a
 

00:26:50.200 --> 00:26:51.750 align:start position:0%
find they then make a payment in a
particular<00:26:50.559><c> way</c><00:26:50.799><c> which</c><00:26:50.960><c> usually</c><00:26:51.399><c> you</c><00:26:51.520><c> know</c><00:26:51.679><c> a</c>

00:26:51.750 --> 00:26:51.760 align:start position:0%
particular way which usually you know a
 

00:26:51.760 --> 00:26:52.830 align:start position:0%
particular way which usually you know a
way<00:26:51.880><c> to</c><00:26:52.000><c> think</c><00:26:52.120><c> about</c><00:26:52.360><c> this</c><00:26:52.480><c> is</c><00:26:52.600><c> they</c><00:26:52.720><c> just</c>

00:26:52.830 --> 00:26:52.840 align:start position:0%
way to think about this is they just
 

00:26:52.840 --> 00:26:54.590 align:start position:0%
way to think about this is they just
staple<00:26:53.200><c> a</c><00:26:53.320><c> final</c><00:26:53.600><c> transaction</c><00:26:54.039><c> on</c><00:26:54.240><c> that</c><00:26:54.399><c> pays</c>

00:26:54.590 --> 00:26:54.600 align:start position:0%
staple a final transaction on that pays
 

00:26:54.600 --> 00:26:57.669 align:start position:0%
staple a final transaction on that pays
the<00:26:55.000><c> proposer</c><00:26:56.000><c> uh</c><00:26:56.120><c> some</c><00:26:56.360><c> amount</c><00:26:57.240><c> that</c><00:26:57.399><c> amount</c>

00:26:57.669 --> 00:26:57.679 align:start position:0%
the proposer uh some amount that amount
 

00:26:57.679 --> 00:26:58.789 align:start position:0%
the proposer uh some amount that amount
then<00:26:57.799><c> is</c><00:26:57.880><c> basically</c><00:26:58.320><c> their</c><00:26:58.440><c> bid</c><00:26:58.600><c> and</c><00:26:58.679><c> the</c>

00:26:58.789 --> 00:26:58.799 align:start position:0%
then is basically their bid and the
 

00:26:58.799 --> 00:27:00.549 align:start position:0%
then is basically their bid and the
auction<00:26:59.120><c> for</c><00:26:59.279><c> that</c><00:26:59.440><c> slot</c><00:27:00.200><c> so</c><00:27:00.360><c> then</c><00:27:00.480><c> the</c>

00:27:00.549 --> 00:27:00.559 align:start position:0%
auction for that slot so then the
 

00:27:00.559 --> 00:27:02.430 align:start position:0%
auction for that slot so then the
Builder<00:27:00.880><c> submits</c><00:27:01.240><c> the</c><00:27:01.320><c> block</c><00:27:01.520><c> to</c><00:27:01.640><c> the</c><00:27:01.760><c> relay</c>

00:27:02.430 --> 00:27:02.440 align:start position:0%
Builder submits the block to the relay
 

00:27:02.440 --> 00:27:04.750 align:start position:0%
Builder submits the block to the relay
the<00:27:02.559><c> relay</c><00:27:02.919><c> gets</c><00:27:03.240><c> this</c><00:27:03.960><c> they</c><00:27:04.200><c> then</c><00:27:04.320><c> do</c><00:27:04.520><c> a</c><00:27:04.600><c> bunch</c>

00:27:04.750 --> 00:27:04.760 align:start position:0%
the relay gets this they then do a bunch
 

00:27:04.760 --> 00:27:06.750 align:start position:0%
the relay gets this they then do a bunch
of<00:27:04.960><c> stuff</c><00:27:05.559><c> one</c><00:27:05.720><c> thing</c><00:27:05.840><c> they</c><00:27:06.000><c> do</c><00:27:06.240><c> is</c><00:27:06.440><c> they</c><00:27:06.600><c> take</c>

00:27:06.750 --> 00:27:06.760 align:start position:0%
of stuff one thing they do is they take
 

00:27:06.760 --> 00:27:08.510 align:start position:0%
of stuff one thing they do is they take
the<00:27:06.880><c> block</c><00:27:07.240><c> they</c><00:27:07.399><c> validate</c><00:27:07.720><c> it</c><00:27:07.840><c> locally</c>

00:27:08.510 --> 00:27:08.520 align:start position:0%
the block they validate it locally
 

00:27:08.520 --> 00:27:09.750 align:start position:0%
the block they validate it locally
because<00:27:08.720><c> you</c><00:27:08.799><c> know</c><00:27:09.039><c> a</c><00:27:09.159><c> builder</c><00:27:09.559><c> again</c>

00:27:09.750 --> 00:27:09.760 align:start position:0%
because you know a builder again
 

00:27:09.760 --> 00:27:11.070 align:start position:0%
because you know a builder again
Builders<00:27:10.120><c> are</c><00:27:10.320><c> it's</c><00:27:10.440><c> like</c><00:27:10.559><c> an</c><00:27:10.640><c> open</c><00:27:10.840><c> set</c><00:27:11.000><c> of</c>

00:27:11.070 --> 00:27:11.080 align:start position:0%
Builders are it's like an open set of
 

00:27:11.080 --> 00:27:12.830 align:start position:0%
Builders are it's like an open set of
Builders<00:27:11.399><c> as</c><00:27:11.520><c> well</c><00:27:12.120><c> a</c><00:27:12.240><c> builder</c><00:27:12.559><c> could</c><00:27:12.679><c> just</c>

00:27:12.830 --> 00:27:12.840 align:start position:0%
Builders as well a builder could just
 

00:27:12.840 --> 00:27:14.389 align:start position:0%
Builders as well a builder could just
like<00:27:12.960><c> be</c><00:27:13.039><c> spamming</c><00:27:13.360><c> a</c><00:27:13.480><c> relay</c><00:27:13.799><c> with</c><00:27:13.960><c> like</c>

00:27:14.389 --> 00:27:14.399 align:start position:0%
like be spamming a relay with like
 

00:27:14.399 --> 00:27:16.950 align:start position:0%
like be spamming a relay with like
garbage<00:27:15.399><c> so</c><00:27:15.600><c> they</c><00:27:15.720><c> have</c><00:27:15.840><c> to</c><00:27:16.399><c> validate</c><00:27:16.760><c> the</c>

00:27:16.950 --> 00:27:16.960 align:start position:0%
garbage so they have to validate the
 

00:27:16.960 --> 00:27:18.789 align:start position:0%
garbage so they have to validate the
block<00:27:17.960><c> they</c><00:27:18.080><c> validate</c><00:27:18.399><c> the</c><00:27:18.480><c> block</c><00:27:18.679><c> with</c>

00:27:18.789 --> 00:27:18.799 align:start position:0%
block they validate the block with
 

00:27:18.799 --> 00:27:20.149 align:start position:0%
block they validate the block with
respect<00:27:19.000><c> to</c><00:27:19.080><c> the</c><00:27:19.200><c> protocol</c><00:27:19.600><c> but</c><00:27:19.720><c> then</c><00:27:19.840><c> also</c>

00:27:20.149 --> 00:27:20.159 align:start position:0%
respect to the protocol but then also
 

00:27:20.159 --> 00:27:22.630 align:start position:0%
respect to the protocol but then also
this<00:27:20.360><c> like</c><00:27:20.600><c> sort</c><00:27:20.799><c> of</c><00:27:20.960><c> subset</c><00:27:21.520><c> property</c><00:27:22.080><c> that</c>

00:27:22.630 --> 00:27:22.640 align:start position:0%
this like sort of subset property that
 

00:27:22.640 --> 00:27:24.990 align:start position:0%
this like sort of subset property that
uh<00:27:23.000><c> it</c><00:27:23.279><c> it</c><00:27:23.399><c> sort</c><00:27:23.559><c> of</c><00:27:23.799><c> follows</c><00:27:24.480><c> again</c><00:27:24.679><c> this</c><00:27:24.799><c> like</c>

00:27:24.990 --> 00:27:25.000 align:start position:0%
uh it it sort of follows again this like
 

00:27:25.000 --> 00:27:27.909 align:start position:0%
uh it it sort of follows again this like
PBS<00:27:25.559><c> protocol</c><00:27:25.960><c> of</c><00:27:26.080><c> my</c><00:27:26.399><c> Boost</c><00:27:27.399><c> uh</c><00:27:27.480><c> and</c><00:27:27.559><c> so</c><00:27:27.679><c> a</c><00:27:27.799><c> key</c>

00:27:27.909 --> 00:27:27.919 align:start position:0%
PBS protocol of my Boost uh and so a key
 

00:27:27.919 --> 00:27:29.789 align:start position:0%
PBS protocol of my Boost uh and so a key
thing<00:27:28.200><c> here</c><00:27:28.360><c> is</c><00:27:28.559><c> like</c><00:27:28.760><c> uh</c><00:27:28.919><c> this</c><00:27:29.080><c> payment</c><00:27:29.640><c> this</c>

00:27:29.789 --> 00:27:29.799 align:start position:0%
thing here is like uh this payment this
 

00:27:29.799 --> 00:27:31.710 align:start position:0%
thing here is like uh this payment this
payment<00:27:30.279><c> that</c><00:27:30.679><c> the</c><00:27:30.840><c> proposer</c><00:27:31.320><c> actually</c>

00:27:31.710 --> 00:27:31.720 align:start position:0%
payment that the proposer actually
 

00:27:31.720 --> 00:27:34.669 align:start position:0%
payment that the proposer actually
receives<00:27:31.960><c> some</c><00:27:32.360><c> payment</c><00:27:33.360><c> so</c><00:27:33.600><c> they</c><00:27:34.039><c> do</c><00:27:34.279><c> all</c>

00:27:34.669 --> 00:27:34.679 align:start position:0%
receives some payment so they do all
 

00:27:34.679 --> 00:27:37.470 align:start position:0%
receives some payment so they do all
that<00:27:35.679><c> then</c><00:27:35.840><c> from</c><00:27:36.080><c> there</c><00:27:36.679><c> they</c><00:27:36.799><c> can</c><00:27:37.039><c> extract</c>

00:27:37.470 --> 00:27:37.480 align:start position:0%
that then from there they can extract
 

00:27:37.480 --> 00:27:40.029 align:start position:0%
that then from there they can extract
out<00:27:37.960><c> what</c><00:27:38.159><c> looks</c><00:27:38.440><c> like</c><00:27:38.840><c> to</c><00:27:39.000><c> the</c><00:27:39.200><c> proposer</c><00:27:39.679><c> as</c><00:27:39.760><c> a</c>

00:27:40.029 --> 00:27:40.039 align:start position:0%
out what looks like to the proposer as a
 

00:27:40.039 --> 00:27:42.669 align:start position:0%
out what looks like to the proposer as a
bid<00:27:41.039><c> the</c><00:27:41.159><c> bid</c><00:27:41.399><c> says</c><00:27:41.760><c> like</c><00:27:41.880><c> some</c><00:27:42.080><c> metadata</c>

00:27:42.669 --> 00:27:42.679 align:start position:0%
bid the bid says like some metadata
 

00:27:42.679 --> 00:27:44.509 align:start position:0%
bid the bid says like some metadata
about<00:27:43.200><c> uh</c><00:27:43.320><c> the</c><00:27:43.440><c> block</c><00:27:43.840><c> maybe</c><00:27:44.039><c> like</c><00:27:44.200><c> the</c><00:27:44.320><c> block</c>

00:27:44.509 --> 00:27:44.519 align:start position:0%
about uh the block maybe like the block
 

00:27:44.519 --> 00:27:51.310 align:start position:0%
about uh the block maybe like the block
header<00:27:44.880><c> and</c><00:27:44.960><c> then</c><00:27:45.120><c> also</c><00:27:45.360><c> the</c><00:27:45.519><c> value</c>

00:27:51.310 --> 00:27:51.320 align:start position:0%
 
 

00:27:51.320 --> 00:27:54.190 align:start position:0%
 
question<00:27:52.320><c> of</c><00:27:52.600><c> the</c><00:27:53.080><c> of</c><00:27:53.240><c> the</c>

00:27:54.190 --> 00:27:54.200 align:start position:0%
question of the of the
 

00:27:54.200 --> 00:27:58.750 align:start position:0%
question of the of the
proposer<00:27:55.200><c> uh</c><00:27:55.480><c> so</c><00:27:56.600><c> yeah</c><00:27:57.600><c> right</c>

00:27:58.750 --> 00:27:58.760 align:start position:0%
proposer uh so yeah right
 

00:27:58.760 --> 00:28:01.830 align:start position:0%
proposer uh so yeah right
uh<00:27:58.960><c> so</c><00:27:59.159><c> there's</c><00:27:59.320><c> a</c><00:27:59.559><c> step</c><00:27:59.880><c> before</c><00:28:00.200><c> all</c><00:28:00.840><c> this</c>

00:28:01.830 --> 00:28:01.840 align:start position:0%
uh so there's a step before all this
 

00:28:01.840 --> 00:28:05.190 align:start position:0%
uh so there's a step before all this
which<00:28:02.000><c> is</c><00:28:02.320><c> that</c><00:28:03.000><c> uh</c><00:28:03.159><c> as</c><00:28:03.320><c> you</c><00:28:03.519><c> start</c><00:28:03.799><c> your</c><00:28:04.200><c> node</c>

00:28:05.190 --> 00:28:05.200 align:start position:0%
which is that uh as you start your node
 

00:28:05.200 --> 00:28:06.789 align:start position:0%
which is that uh as you start your node
let's<00:28:05.399><c> say</c><00:28:05.559><c> you're</c><00:28:05.840><c> validator</c><00:28:06.399><c> you</c><00:28:06.519><c> start</c>

00:28:06.789 --> 00:28:06.799 align:start position:0%
let's say you're validator you start
 

00:28:06.799 --> 00:28:09.669 align:start position:0%
let's say you're validator you start
your<00:28:07.000><c> validator</c><00:28:07.760><c> your</c><00:28:08.000><c> CL</c><00:28:08.440><c> and</c><00:28:08.600><c> El</c><00:28:09.159><c> also</c><00:28:09.480><c> run</c>

00:28:09.669 --> 00:28:09.679 align:start position:0%
your validator your CL and El also run
 

00:28:09.679 --> 00:28:12.310 align:start position:0%
your validator your CL and El also run
by<00:28:09.919><c> Boost</c><00:28:10.919><c> when</c><00:28:11.080><c> it</c><00:28:11.200><c> does</c><00:28:11.519><c> this</c><00:28:11.760><c> you</c><00:28:11.880><c> tell</c><00:28:12.120><c> your</c>

00:28:12.310 --> 00:28:12.320 align:start position:0%
by Boost when it does this you tell your
 

00:28:12.320 --> 00:28:14.590 align:start position:0%
by Boost when it does this you tell your
consistent<00:28:12.799><c> client</c><00:28:13.159><c> that</c><00:28:13.240><c> you</c><00:28:13.320><c> want</c><00:28:13.440><c> to</c><00:28:13.600><c> use</c>

00:28:14.590 --> 00:28:14.600 align:start position:0%
consistent client that you want to use
 

00:28:14.600 --> 00:28:17.149 align:start position:0%
consistent client that you want to use
uh<00:28:14.679><c> use</c><00:28:14.919><c> this</c><00:28:15.080><c> external</c><00:28:15.640><c> network</c><00:28:16.640><c> and</c><00:28:16.799><c> as</c><00:28:17.000><c> part</c>

00:28:17.149 --> 00:28:17.159 align:start position:0%
uh use this external network and as part
 

00:28:17.159 --> 00:28:18.870 align:start position:0%
uh use this external network and as part
of<00:28:17.320><c> that</c><00:28:17.600><c> then</c><00:28:17.919><c> it</c><00:28:18.080><c> basically</c><00:28:18.360><c> sends</c><00:28:18.679><c> these</c>

00:28:18.870 --> 00:28:18.880 align:start position:0%
of that then it basically sends these
 

00:28:18.880 --> 00:28:21.149 align:start position:0%
of that then it basically sends these
like<00:28:19.039><c> registration</c><00:28:19.600><c> messages</c><00:28:20.360><c> to</c><00:28:20.640><c> the</c><00:28:20.760><c> relays</c>

00:28:21.149 --> 00:28:21.159 align:start position:0%
like registration messages to the relays
 

00:28:21.159 --> 00:28:23.350 align:start position:0%
like registration messages to the relays
you've<00:28:21.360><c> configured</c><00:28:21.799><c> via</c><00:28:22.039><c> me</c><00:28:22.279><c> boost</c><00:28:23.080><c> um</c><00:28:23.240><c> right</c>

00:28:23.350 --> 00:28:23.360 align:start position:0%
you've configured via me boost um right
 

00:28:23.360 --> 00:28:24.470 align:start position:0%
you've configured via me boost um right
now<00:28:23.519><c> it</c><00:28:23.640><c> actually</c><00:28:23.840><c> happens</c><00:28:24.120><c> like</c><00:28:24.240><c> once</c><00:28:24.360><c> in</c>

00:28:24.470 --> 00:28:24.480 align:start position:0%
now it actually happens like once in
 

00:28:24.480 --> 00:28:25.950 align:start position:0%
now it actually happens like once in
Epoch<00:28:24.840><c> or</c><00:28:24.960><c> something</c><00:28:25.240><c> so</c><00:28:25.399><c> like</c><00:28:25.559><c> pretty</c>

00:28:25.950 --> 00:28:25.960 align:start position:0%
Epoch or something so like pretty
 

00:28:25.960 --> 00:28:28.470 align:start position:0%
Epoch or something so like pretty
frequently<00:28:26.960><c> but</c><00:28:27.200><c> in</c><00:28:27.399><c> that</c><00:28:27.640><c> message</c><00:28:28.120><c> you</c><00:28:28.240><c> say</c>

00:28:28.470 --> 00:28:28.480 align:start position:0%
frequently but in that message you say
 

00:28:28.480 --> 00:28:30.430 align:start position:0%
frequently but in that message you say
hey<00:28:28.640><c> I'd</c><00:28:28.799><c> like</c><00:28:28.919><c> to</c><00:28:29.480><c> register</c><00:28:30.039><c> like</c><00:28:30.159><c> I'd</c><00:28:30.320><c> like</c>

00:28:30.430 --> 00:28:30.440 align:start position:0%
hey I'd like to register like I'd like
 

00:28:30.440 --> 00:28:33.190 align:start position:0%
hey I'd like to register like I'd like
to<00:28:30.559><c> be</c><00:28:30.760><c> in</c><00:28:31.159><c> your</c><00:28:31.480><c> your</c><00:28:32.080><c> you</c><00:28:32.200><c> know</c><00:28:32.880><c> set</c><00:28:33.039><c> of</c>

00:28:33.190 --> 00:28:33.200 align:start position:0%
to be in your your you know set of
 

00:28:33.200 --> 00:28:35.269 align:start position:0%
to be in your your you know set of
validators<00:28:33.679><c> that</c><00:28:33.840><c> Builders</c><00:28:34.120><c> could</c><00:28:34.279><c> build</c><00:28:34.519><c> for</c>

00:28:35.269 --> 00:28:35.279 align:start position:0%
validators that Builders could build for
 

00:28:35.279 --> 00:28:36.710 align:start position:0%
validators that Builders could build for
and<00:28:35.399><c> as</c><00:28:35.559><c> part</c><00:28:35.720><c> of</c><00:28:35.840><c> that</c><00:28:35.960><c> message</c><00:28:36.399><c> there's</c><00:28:36.600><c> like</c>

00:28:36.710 --> 00:28:36.720 align:start position:0%
and as part of that message there's like
 

00:28:36.720 --> 00:28:39.470 align:start position:0%
and as part of that message there's like
a<00:28:36.960><c> proposer</c><00:28:37.360><c> payment</c><00:28:38.120><c> address</c><00:28:39.120><c> so</c><00:28:39.279><c> then</c>

00:28:39.470 --> 00:28:39.480 align:start position:0%
a proposer payment address so then
 

00:28:39.480 --> 00:28:41.230 align:start position:0%
a proposer payment address so then
separately<00:28:40.440><c> this</c><00:28:40.519><c> is</c><00:28:40.720><c> again</c><00:28:40.880><c> why</c><00:28:41.000><c> Builders</c>

00:28:41.230 --> 00:28:41.240 align:start position:0%
separately this is again why Builders
 

00:28:41.240 --> 00:28:42.590 align:start position:0%
separately this is again why Builders
need<00:28:41.360><c> to</c><00:28:41.440><c> be</c><00:28:41.559><c> watching</c><00:28:41.760><c> the</c><00:28:41.840><c> chain</c><00:28:42.320><c> because</c>

00:28:42.590 --> 00:28:42.600 align:start position:0%
need to be watching the chain because
 

00:28:42.600 --> 00:28:44.509 align:start position:0%
need to be watching the chain because
they<00:28:42.720><c> need</c><00:28:42.880><c> to</c><00:28:43.000><c> see</c><00:28:43.399><c> you</c><00:28:43.559><c> know</c><00:28:44.080><c> say</c><00:28:44.240><c> they</c><00:28:44.360><c> have</c>

00:28:44.509 --> 00:28:44.519 align:start position:0%
they need to see you know say they have
 

00:28:44.519 --> 00:28:46.509 align:start position:0%
they need to see you know say they have
like<00:28:44.679><c> an</c><00:28:44.840><c> Epoch</c><00:28:45.240><c> of</c><00:28:45.360><c> look</c><00:28:45.559><c> ahead</c><00:28:45.840><c> on</c><00:28:46.000><c> the</c><00:28:46.159><c> next</c>

00:28:46.509 --> 00:28:46.519 align:start position:0%
like an Epoch of look ahead on the next
 

00:28:46.519 --> 00:28:48.669 align:start position:0%
like an Epoch of look ahead on the next
who<00:28:46.679><c> the</c><00:28:46.760><c> next</c><00:28:46.960><c> proposers</c><00:28:47.399><c> are</c><00:28:48.200><c> when</c><00:28:48.320><c> they</c><00:28:48.440><c> say</c>

00:28:48.669 --> 00:28:48.679 align:start position:0%
who the next proposers are when they say
 

00:28:48.679 --> 00:28:51.190 align:start position:0%
who the next proposers are when they say
oh<00:28:48.840><c> I</c><00:28:48.880><c> want</c><00:28:49.000><c> to</c><00:28:49.120><c> build</c><00:28:49.279><c> a</c><00:28:49.399><c> block</c><00:28:49.919><c> for</c><00:28:50.480><c> you</c><00:28:50.640><c> know</c>

00:28:51.190 --> 00:28:51.200 align:start position:0%
oh I want to build a block for you know
 

00:28:51.200 --> 00:28:53.149 align:start position:0%
oh I want to build a block for you know
the<00:28:51.360><c> millionth</c><00:28:51.799><c> slot</c><00:28:52.399><c> they</c><00:28:52.519><c> can</c><00:28:52.679><c> go</c><00:28:52.840><c> look</c><00:28:53.000><c> and</c>

00:28:53.149 --> 00:28:53.159 align:start position:0%
the millionth slot they can go look and
 

00:28:53.159 --> 00:28:54.710 align:start position:0%
the millionth slot they can go look and
see<00:28:53.440><c> ahead</c><00:28:53.640><c> of</c><00:28:53.799><c> time</c><00:28:54.080><c> who</c><00:28:54.240><c> the</c><00:28:54.320><c> millionth</c>

00:28:54.710 --> 00:28:54.720 align:start position:0%
see ahead of time who the millionth
 

00:28:54.720 --> 00:28:56.310 align:start position:0%
see ahead of time who the millionth
proposer<00:28:55.039><c> will</c><00:28:55.200><c> be</c><00:28:55.640><c> and</c><00:28:55.760><c> then</c><00:28:55.880><c> they</c><00:28:56.000><c> can</c><00:28:56.120><c> go</c><00:28:56.200><c> to</c>

00:28:56.310 --> 00:28:56.320 align:start position:0%
proposer will be and then they can go to
 

00:28:56.320 --> 00:28:58.310 align:start position:0%
proposer will be and then they can go to
the<00:28:56.440><c> relay</c><00:28:57.200><c> and</c><00:28:57.320><c> get</c><00:28:57.440><c> the</c><00:28:57.559><c> payment</c><00:28:57.799><c> address</c>

00:28:58.310 --> 00:28:58.320 align:start position:0%
the relay and get the payment address
 

00:28:58.320 --> 00:29:01.669 align:start position:0%
the relay and get the payment address
there<00:28:59.159><c> and</c><00:28:59.320><c> that's</c><00:28:59.440><c> who</c><00:28:59.600><c> they</c><00:28:59.919><c> pay</c>

00:29:01.669 --> 00:29:01.679 align:start position:0%
there and that's who they pay
 

00:29:01.679 --> 00:29:05.269 align:start position:0%
there and that's who they pay
yeah<00:29:02.679><c> okay</c><00:29:03.320><c> so</c><00:29:04.279><c> we</c><00:29:04.480><c> in</c><00:29:04.600><c> the</c><00:29:04.720><c> relay</c><00:29:05.080><c> they</c>

00:29:05.269 --> 00:29:05.279 align:start position:0%
yeah okay so we in the relay they
 

00:29:05.279 --> 00:29:07.230 align:start position:0%
yeah okay so we in the relay they
validated<00:29:05.799><c> the</c><00:29:05.960><c> Builder</c><00:29:06.399><c> side</c><00:29:06.559><c> of</c><00:29:06.760><c> things</c>

00:29:07.230 --> 00:29:07.240 align:start position:0%
validated the Builder side of things
 

00:29:07.240 --> 00:29:09.909 align:start position:0%
validated the Builder side of things
they<00:29:07.399><c> now</c><00:29:07.600><c> have</c><00:29:07.720><c> a</c><00:29:08.039><c> bid</c><00:29:09.039><c> and</c><00:29:09.240><c> the</c><00:29:09.360><c> bids</c><00:29:09.640><c> can</c><00:29:09.799><c> be</c>

00:29:09.909 --> 00:29:09.919 align:start position:0%
they now have a bid and the bids can be
 

00:29:09.919 --> 00:29:11.669 align:start position:0%
they now have a bid and the bids can be
served<00:29:10.399><c> and</c><00:29:10.519><c> there's</c><00:29:10.720><c> like</c><00:29:10.840><c> some</c><00:29:11.039><c> apis</c><00:29:11.559><c> that</c>

00:29:11.669 --> 00:29:11.679 align:start position:0%
served and there's like some apis that
 

00:29:11.679 --> 00:29:14.269 align:start position:0%
served and there's like some apis that
Meo<00:29:12.120><c> knows</c><00:29:12.279><c> how</c><00:29:12.360><c> to</c><00:29:12.600><c> call</c><00:29:13.600><c> so</c><00:29:13.840><c> then</c><00:29:13.960><c> when</c><00:29:14.120><c> it's</c>

00:29:14.269 --> 00:29:14.279 align:start position:0%
Meo knows how to call so then when it's
 

00:29:14.279 --> 00:29:17.070 align:start position:0%
Meo knows how to call so then when it's
time<00:29:14.399><c> for</c><00:29:14.519><c> the</c><00:29:14.679><c> proposer</c><00:29:15.519><c> to</c><00:29:15.760><c> Now</c><00:29:16.360><c> sort</c><00:29:16.600><c> of</c><00:29:16.960><c> uh</c>

00:29:17.070 --> 00:29:17.080 align:start position:0%
time for the proposer to Now sort of uh
 

00:29:17.080 --> 00:29:19.230 align:start position:0%
time for the proposer to Now sort of uh
let's<00:29:17.240><c> say</c><00:29:17.440><c> accept</c><00:29:17.720><c> a</c><00:29:17.880><c> bid</c><00:29:18.320><c> out</c><00:29:18.480><c> of</c><00:29:18.760><c> this</c><00:29:19.039><c> set</c>

00:29:19.230 --> 00:29:19.240 align:start position:0%
let's say accept a bid out of this set
 

00:29:19.240 --> 00:29:22.950 align:start position:0%
let's say accept a bid out of this set
of<00:29:19.679><c> bids</c><00:29:20.679><c> uh</c><00:29:21.039><c> this</c><00:29:21.159><c> is</c><00:29:21.279><c> all</c><00:29:21.600><c> time</c><00:29:21.919><c> such</c><00:29:22.360><c> that</c>

00:29:22.950 --> 00:29:22.960 align:start position:0%
of bids uh this is all time such that
 

00:29:22.960 --> 00:29:24.990 align:start position:0%
of bids uh this is all time such that
again<00:29:23.200><c> because</c><00:29:23.399><c> we</c><00:29:23.600><c> registered</c><00:29:24.120><c> the</c><00:29:24.200><c> CL</c><00:29:24.600><c> knows</c>

00:29:24.990 --> 00:29:25.000 align:start position:0%
again because we registered the CL knows
 

00:29:25.000 --> 00:29:26.710 align:start position:0%
again because we registered the CL knows
to<00:29:25.200><c> call</c><00:29:25.480><c> the</c><00:29:25.600><c> relays</c><00:29:26.120><c> at</c><00:29:26.240><c> least</c><00:29:26.360><c> it</c><00:29:26.440><c> knows</c><00:29:26.600><c> to</c>

00:29:26.710 --> 00:29:26.720 align:start position:0%
to call the relays at least it knows to
 

00:29:26.720 --> 00:29:28.830 align:start position:0%
to call the relays at least it knows to
call<00:29:26.880><c> me</c><00:29:27.120><c> boost</c><00:29:28.080><c> the</c><00:29:28.159><c> way</c><00:29:28.240><c> to</c><00:29:28.320><c> think</c><00:29:28.440><c> about</c><00:29:28.600><c> me</c>

00:29:28.830 --> 00:29:28.840 align:start position:0%
call me boost the way to think about me
 

00:29:28.840 --> 00:29:30.470 align:start position:0%
call me boost the way to think about me
boost<00:29:29.200><c> is</c><00:29:29.360><c> like</c><00:29:29.519><c> this</c><00:29:29.640><c> little</c><00:29:29.880><c> slide</c><00:29:30.279><c> car</c>

00:29:30.470 --> 00:29:30.480 align:start position:0%
boost is like this little slide car
 

00:29:30.480 --> 00:29:31.630 align:start position:0%
boost is like this little slide car
software<00:29:30.880><c> that's</c><00:29:31.080><c> essentially</c><00:29:31.519><c> a</c>

00:29:31.630 --> 00:29:31.640 align:start position:0%
software that's essentially a
 

00:29:31.640 --> 00:29:33.990 align:start position:0%
software that's essentially a
multiplexer<00:29:32.519><c> across</c><00:29:32.840><c> multiple</c><00:29:33.240><c> relays</c><00:29:33.799><c> and</c>

00:29:33.990 --> 00:29:34.000 align:start position:0%
multiplexer across multiple relays and
 

00:29:34.000 --> 00:29:35.149 align:start position:0%
multiplexer across multiple relays and
again<00:29:34.320><c> like</c><00:29:34.440><c> you</c><00:29:34.519><c> don't</c><00:29:34.640><c> want</c><00:29:34.760><c> to</c><00:29:34.840><c> work</c><00:29:35.000><c> with</c>

00:29:35.149 --> 00:29:35.159 align:start position:0%
again like you don't want to work with
 

00:29:35.159 --> 00:29:36.909 align:start position:0%
again like you don't want to work with
just<00:29:35.320><c> one</c><00:29:35.519><c> party</c><00:29:36.279><c> it</c><00:29:36.360><c> would</c><00:29:36.519><c> be</c><00:29:36.600><c> nice</c><00:29:36.760><c> to</c><00:29:36.840><c> be</c>

00:29:36.909 --> 00:29:36.919 align:start position:0%
just one party it would be nice to be
 

00:29:36.919 --> 00:29:38.590 align:start position:0%
just one party it would be nice to be
able<00:29:37.080><c> to</c><00:29:37.159><c> work</c><00:29:37.320><c> with</c><00:29:37.480><c> like</c><00:29:37.640><c> many</c><00:29:37.840><c> of</c><00:29:37.960><c> them</c><00:29:38.360><c> and</c>

00:29:38.590 --> 00:29:38.600 align:start position:0%
able to work with like many of them and
 

00:29:38.600 --> 00:29:41.350 align:start position:0%
able to work with like many of them and
in<00:29:38.799><c> practice</c><00:29:39.120><c> that's</c><00:29:39.279><c> what</c><00:29:39.399><c> people</c><00:29:39.679><c> do</c><00:29:40.679><c> so</c><00:29:40.960><c> now</c>

00:29:41.350 --> 00:29:41.360 align:start position:0%
in practice that's what people do so now
 

00:29:41.360 --> 00:29:43.190 align:start position:0%
in practice that's what people do so now
the<00:29:41.440><c> way</c><00:29:41.559><c> it</c><00:29:41.640><c> looks</c><00:29:42.000><c> as</c><00:29:42.120><c> a</c><00:29:42.279><c> proposer</c><00:29:42.799><c> is</c><00:29:43.080><c> as</c>

00:29:43.190 --> 00:29:43.200 align:start position:0%
the way it looks as a proposer is as
 

00:29:43.200 --> 00:29:45.630 align:start position:0%
the way it looks as a proposer is as
you're<00:29:43.440><c> about</c><00:29:43.720><c> to</c><00:29:44.159><c> propose</c><00:29:44.519><c> for</c><00:29:44.679><c> your</c><00:29:44.840><c> slot</c>

00:29:45.630 --> 00:29:45.640 align:start position:0%
you're about to propose for your slot
 

00:29:45.640 --> 00:29:47.070 align:start position:0%
you're about to propose for your slot
you're<00:29:45.840><c> like</c><00:29:46.080><c> oh</c><00:29:46.279><c> hey</c><00:29:46.440><c> I</c><00:29:46.480><c> want</c><00:29:46.600><c> to</c><00:29:46.720><c> use</c><00:29:46.880><c> this</c>

00:29:47.070 --> 00:29:47.080 align:start position:0%
you're like oh hey I want to use this
 

00:29:47.080 --> 00:29:49.870 align:start position:0%
you're like oh hey I want to use this
external<00:29:47.720><c> you</c><00:29:47.799><c> know</c><00:29:47.960><c> building</c><00:29:48.559><c> Service</c><00:29:49.559><c> uh</c><00:29:49.640><c> so</c>

00:29:49.870 --> 00:29:49.880 align:start position:0%
external you know building Service uh so
 

00:29:49.880 --> 00:29:51.710 align:start position:0%
external you know building Service uh so
then<00:29:50.240><c> you</c><00:29:50.320><c> know</c><00:29:50.440><c> a</c><00:29:50.519><c> little</c><00:29:50.760><c> before</c><00:29:51.039><c> my</c><00:29:51.200><c> slot</c><00:29:51.600><c> I</c>

00:29:51.710 --> 00:29:51.720 align:start position:0%
then you know a little before my slot I
 

00:29:51.720 --> 00:29:55.350 align:start position:0%
then you know a little before my slot I
start<00:29:52.320><c> talking</c><00:29:52.600><c> to</c><00:29:53.039><c> them</c><00:29:54.039><c> and</c><00:29:54.720><c> then</c><00:29:54.880><c> you</c><00:29:55.039><c> call</c>

00:29:55.350 --> 00:29:55.360 align:start position:0%
start talking to them and then you call
 

00:29:55.360 --> 00:29:56.909 align:start position:0%
start talking to them and then you call
all<00:29:55.480><c> the</c><00:29:55.600><c> relays</c><00:29:55.919><c> you</c>

00:29:56.909 --> 00:29:56.919 align:start position:0%
all the relays you
 

00:29:56.919 --> 00:29:59.149 align:start position:0%
all the relays you
configured<00:29:57.919><c> uh</c><00:29:58.200><c> uh</c><00:29:58.360><c> they</c><00:29:58.519><c> then</c><00:29:58.679><c> respond</c><00:29:59.000><c> with</c>

00:29:59.149 --> 00:29:59.159 align:start position:0%
configured uh uh they then respond with
 

00:29:59.159 --> 00:30:01.269 align:start position:0%
configured uh uh they then respond with
these<00:29:59.320><c> bids</c><00:29:59.960><c> so</c><00:30:00.240><c> you</c><00:30:00.360><c> know</c><00:30:00.640><c> on</c><00:30:00.799><c> this</c><00:30:00.960><c> other</c>

00:30:01.269 --> 00:30:01.279 align:start position:0%
these bids so you know on this other
 

00:30:01.279 --> 00:30:03.110 align:start position:0%
these bids so you know on this other
side<00:30:01.440><c> of</c><00:30:01.640><c> it</c><00:30:02.279><c> actually</c><00:30:02.519><c> maybe</c><00:30:02.720><c> if</c><00:30:02.799><c> I</c><00:30:02.919><c> had</c><00:30:03.000><c> a</c>

00:30:03.110 --> 00:30:03.120 align:start position:0%
side of it actually maybe if I had a
 

00:30:03.120 --> 00:30:04.590 align:start position:0%
side of it actually maybe if I had a
whiteboard<00:30:03.760><c> this</c><00:30:03.840><c> would</c><00:30:03.960><c> be</c><00:30:04.120><c> easier</c><00:30:04.480><c> but</c>

00:30:04.590 --> 00:30:04.600 align:start position:0%
whiteboard this would be easier but
 

00:30:04.600 --> 00:30:07.710 align:start position:0%
whiteboard this would be easier but
anyways<00:30:04.960><c> just</c><00:30:05.080><c> follow</c><00:30:05.320><c> along</c><00:30:06.039><c> so</c><00:30:06.559><c> if</c><00:30:07.039><c> uh</c><00:30:07.559><c> we</c>

00:30:07.710 --> 00:30:07.720 align:start position:0%
anyways just follow along so if uh we
 

00:30:07.720 --> 00:30:09.149 align:start position:0%
anyways just follow along so if uh we
got<00:30:07.840><c> to</c><00:30:08.039><c> this</c><00:30:08.240><c> place</c><00:30:08.399><c> where</c><00:30:08.600><c> Builders</c><00:30:08.919><c> are</c>

00:30:09.149 --> 00:30:09.159 align:start position:0%
got to this place where Builders are
 

00:30:09.159 --> 00:30:11.549 align:start position:0%
got to this place where Builders are
putting<00:30:09.480><c> blocks</c><00:30:09.799><c> into</c><00:30:10.080><c> the</c><00:30:10.240><c> auction</c><00:30:11.159><c> relays</c>

00:30:11.549 --> 00:30:11.559 align:start position:0%
putting blocks into the auction relays
 

00:30:11.559 --> 00:30:14.909 align:start position:0%
putting blocks into the auction relays
are<00:30:11.760><c> exposing</c><00:30:12.720><c> bids</c><00:30:13.720><c> the</c><00:30:13.880><c> proposer</c><00:30:14.320><c> then</c><00:30:14.480><c> VM</c>

00:30:14.909 --> 00:30:14.919 align:start position:0%
are exposing bids the proposer then VM
 

00:30:14.919 --> 00:30:16.509 align:start position:0%
are exposing bids the proposer then VM
boost<00:30:15.200><c> is</c><00:30:15.320><c> calling</c><00:30:15.679><c> multiple</c><00:30:16.000><c> relays</c><00:30:16.360><c> for</c>

00:30:16.509 --> 00:30:16.519 align:start position:0%
boost is calling multiple relays for
 

00:30:16.519 --> 00:30:18.909 align:start position:0%
boost is calling multiple relays for
bids<00:30:17.120><c> they</c><00:30:17.279><c> now</c><00:30:17.480><c> have</c><00:30:17.640><c> like</c><00:30:17.760><c> a</c><00:30:17.919><c> pile</c><00:30:18.159><c> of</c><00:30:18.279><c> bids</c>

00:30:18.909 --> 00:30:18.919 align:start position:0%
bids they now have like a pile of bids
 

00:30:18.919 --> 00:30:20.590 align:start position:0%
bids they now have like a pile of bids
and<00:30:19.159><c> they</c><00:30:19.279><c> can</c><00:30:19.399><c> pick</c><00:30:19.600><c> whatever</c><00:30:19.880><c> they</c><00:30:20.000><c> want</c><00:30:20.519><c> I</c>

00:30:20.590 --> 00:30:20.600 align:start position:0%
and they can pick whatever they want I
 

00:30:20.600 --> 00:30:21.909 align:start position:0%
and they can pick whatever they want I
mean<00:30:20.799><c> the</c><00:30:20.880><c> way</c><00:30:21.120><c> the</c><00:30:21.240><c> protocol</c><00:30:21.559><c> works</c><00:30:21.799><c> right</c>

00:30:21.909 --> 00:30:21.919 align:start position:0%
mean the way the protocol works right
 

00:30:21.919 --> 00:30:23.990 align:start position:0%
mean the way the protocol works right
now<00:30:22.120><c> is</c><00:30:22.240><c> that</c><00:30:22.360><c> they</c><00:30:22.480><c> pick</c><00:30:22.679><c> the</c><00:30:22.760><c> highest</c><00:30:23.080><c> bid</c>

00:30:23.990 --> 00:30:24.000 align:start position:0%
now is that they pick the highest bid
 

00:30:24.000 --> 00:30:25.310 align:start position:0%
now is that they pick the highest bid
because<00:30:24.399><c> you</c><00:30:24.480><c> know</c><00:30:24.600><c> we</c><00:30:24.720><c> assume</c><00:30:25.039><c> people</c><00:30:25.200><c> want</c>

00:30:25.310 --> 00:30:25.320 align:start position:0%
because you know we assume people want
 

00:30:25.320 --> 00:30:28.110 align:start position:0%
because you know we assume people want
to<00:30:25.600><c> be</c><00:30:25.760><c> maxing</c><00:30:26.120><c> Revenue</c>

00:30:28.110 --> 00:30:28.120 align:start position:0%
to be maxing Revenue
 

00:30:28.120 --> 00:30:30.070 align:start position:0%
to be maxing Revenue
so<00:30:28.840><c> then</c><00:30:28.960><c> out</c><00:30:29.080><c> of</c><00:30:29.240><c> the</c><00:30:29.320><c> set</c><00:30:29.519><c> of</c><00:30:29.600><c> all</c><00:30:29.760><c> bids</c><00:30:30.000><c> you</c>

00:30:30.070 --> 00:30:30.080 align:start position:0%
so then out of the set of all bids you
 

00:30:30.080 --> 00:30:31.789 align:start position:0%
so then out of the set of all bids you
get<00:30:30.200><c> for</c><00:30:30.320><c> your</c><00:30:30.480><c> slot</c><00:30:31.120><c> say</c><00:30:31.320><c> you</c><00:30:31.440><c> pick</c><00:30:31.679><c> the</c>

00:30:31.789 --> 00:30:31.799 align:start position:0%
get for your slot say you pick the
 

00:30:31.799 --> 00:30:34.430 align:start position:0%
get for your slot say you pick the
highest<00:30:32.200><c> one</c><00:30:33.200><c> from</c><00:30:33.559><c> there</c><00:30:33.840><c> we</c><00:30:33.960><c> get</c><00:30:34.080><c> to</c><00:30:34.279><c> this</c>

00:30:34.430 --> 00:30:34.440 align:start position:0%
highest one from there we get to this
 

00:30:34.440 --> 00:30:35.950 align:start position:0%
highest one from there we get to this
like<00:30:34.600><c> commit</c><00:30:34.880><c> reveal</c><00:30:35.279><c> game</c><00:30:35.559><c> that</c><00:30:35.640><c> I</c><00:30:35.760><c> was</c>

00:30:35.950 --> 00:30:35.960 align:start position:0%
like commit reveal game that I was
 

00:30:35.960 --> 00:30:37.909 align:start position:0%
like commit reveal game that I was
talking<00:30:36.240><c> about</c><00:30:36.720><c> where</c><00:30:36.919><c> as</c><00:30:37.120><c> part</c><00:30:37.240><c> of</c><00:30:37.360><c> the</c><00:30:37.480><c> bid</c>

00:30:37.909 --> 00:30:37.919 align:start position:0%
talking about where as part of the bid
 

00:30:37.919 --> 00:30:39.870 align:start position:0%
talking about where as part of the bid
the<00:30:38.039><c> validator</c><00:30:38.640><c> has</c><00:30:38.880><c> the</c><00:30:39.039><c> block</c><00:30:39.320><c> header</c><00:30:39.760><c> that</c>

00:30:39.870 --> 00:30:39.880 align:start position:0%
the validator has the block header that
 

00:30:39.880 --> 00:30:42.750 align:start position:0%
the validator has the block header that
can<00:30:40.000><c> go</c><00:30:40.159><c> in</c><00:30:40.240><c> a</c><00:30:40.440><c> compatible</c><00:30:41.159><c> way</c><00:30:42.159><c> uh</c><00:30:42.279><c> into</c><00:30:42.600><c> their</c>

00:30:42.750 --> 00:30:42.760 align:start position:0%
can go in a compatible way uh into their
 

00:30:42.760 --> 00:30:45.669 align:start position:0%
can go in a compatible way uh into their
consensus<00:30:43.519><c> block</c><00:30:44.519><c> they</c><00:30:44.640><c> can</c><00:30:44.799><c> then</c><00:30:44.960><c> sign</c><00:30:45.320><c> that</c>

00:30:45.669 --> 00:30:45.679 align:start position:0%
consensus block they can then sign that
 

00:30:45.679 --> 00:30:46.789 align:start position:0%
consensus block they can then sign that
and<00:30:45.799><c> this</c><00:30:45.880><c> is</c><00:30:46.039><c> the</c><00:30:46.120><c> same</c><00:30:46.320><c> signature</c><00:30:46.720><c> that</c>

00:30:46.789 --> 00:30:46.799 align:start position:0%
and this is the same signature that
 

00:30:46.799 --> 00:30:48.669 align:start position:0%
and this is the same signature that
would<00:30:46.919><c> go</c><00:30:47.039><c> on</c><00:30:47.200><c> chain</c><00:30:47.720><c> so</c><00:30:48.080><c> that's</c><00:30:48.240><c> like</c><00:30:48.360><c> a</c><00:30:48.480><c> nice</c>

00:30:48.669 --> 00:30:48.679 align:start position:0%
would go on chain so that's like a nice
 

00:30:48.679 --> 00:30:50.950 align:start position:0%
would go on chain so that's like a nice
property<00:30:49.039><c> that</c><00:30:49.120><c> makes</c><00:30:49.320><c> this</c><00:30:49.480><c> work</c><00:30:49.720><c> a</c><00:30:49.840><c> lot</c>

00:30:50.950 --> 00:30:50.960 align:start position:0%
property that makes this work a lot
 

00:30:50.960 --> 00:30:54.549 align:start position:0%
property that makes this work a lot
better<00:30:51.960><c> once</c><00:30:52.799><c> the</c><00:30:53.120><c> proposer</c><00:30:53.519><c> has</c><00:30:53.679><c> this</c><00:30:53.840><c> signed</c>

00:30:54.549 --> 00:30:54.559 align:start position:0%
better once the proposer has this signed
 

00:30:54.559 --> 00:30:58.190 align:start position:0%
better once the proposer has this signed
message<00:30:55.960><c> um</c><00:30:56.960><c> that</c><00:30:57.159><c> commits</c><00:30:57.480><c> the</c><00:30:57.600><c> proposer</c><00:30:58.080><c> to</c>

00:30:58.190 --> 00:30:58.200 align:start position:0%
message um that commits the proposer to
 

00:30:58.200 --> 00:31:00.350 align:start position:0%
message um that commits the proposer to
this<00:30:58.360><c> exact</c><00:30:58.639><c> Builder's</c><00:30:59.039><c> payload</c><00:30:59.960><c> they</c><00:31:00.080><c> send</c>

00:31:00.350 --> 00:31:00.360 align:start position:0%
this exact Builder's payload they send
 

00:31:00.360 --> 00:31:03.029 align:start position:0%
this exact Builder's payload they send
that<00:31:00.480><c> to</c><00:31:00.639><c> the</c><00:31:01.039><c> relay</c><00:31:02.039><c> the</c><00:31:02.200><c> relay</c><00:31:02.600><c> then</c><00:31:02.799><c> can</c>

00:31:03.029 --> 00:31:03.039 align:start position:0%
that to the relay the relay then can
 

00:31:03.039 --> 00:31:05.070 align:start position:0%
that to the relay the relay then can
validate<00:31:03.679><c> that</c><00:31:04.360><c> and</c><00:31:04.519><c> that's</c><00:31:04.760><c> actually</c><00:31:04.960><c> the</c>

00:31:05.070 --> 00:31:05.080 align:start position:0%
validate that and that's actually the
 

00:31:05.080 --> 00:31:06.110 align:start position:0%
validate that and that's actually the
bug<00:31:05.279><c> I</c><00:31:05.360><c> was</c><00:31:05.480><c> talking</c><00:31:05.679><c> about</c><00:31:05.799><c> with</c><00:31:05.880><c> the</c><00:31:05.960><c> low</c>

00:31:06.110 --> 00:31:06.120 align:start position:0%
bug I was talking about with the low
 

00:31:06.120 --> 00:31:08.110 align:start position:0%
bug I was talking about with the low
carb<00:31:06.279><c> crator</c><00:31:07.080><c> that</c><00:31:07.279><c> the</c><00:31:07.399><c> relay</c><00:31:07.720><c> at</c><00:31:07.799><c> the</c><00:31:07.919><c> time</c>

00:31:08.110 --> 00:31:08.120 align:start position:0%
carb crator that the relay at the time
 

00:31:08.120 --> 00:31:09.350 align:start position:0%
carb crator that the relay at the time
did<00:31:08.240><c> not</c><00:31:08.440><c> validate</c><00:31:08.799><c> that</c><00:31:08.960><c> signature</c>

00:31:09.350 --> 00:31:09.360 align:start position:0%
did not validate that signature
 

00:31:09.360 --> 00:31:11.870 align:start position:0%
did not validate that signature
correctly<00:31:10.279><c> which</c><00:31:10.399><c> was</c><00:31:10.519><c> a</c><00:31:10.639><c> huge</c><00:31:10.919><c> problem</c><00:31:11.799><c> uh</c>

00:31:11.870 --> 00:31:11.880 align:start position:0%
correctly which was a huge problem uh
 

00:31:11.880 --> 00:31:14.070 align:start position:0%
correctly which was a huge problem uh
it's<00:31:12.000><c> been</c><00:31:12.159><c> fixed</c><00:31:12.440><c> now</c><00:31:13.000><c> but</c><00:31:13.159><c> in</c><00:31:13.279><c> any</c><00:31:13.519><c> case</c><00:31:13.960><c> you</c>

00:31:14.070 --> 00:31:14.080 align:start position:0%
it's been fixed now but in any case you
 

00:31:14.080 --> 00:31:16.750 align:start position:0%
it's been fixed now but in any case you
validate<00:31:14.519><c> the</c><00:31:14.639><c> block</c><00:31:15.360><c> and</c><00:31:15.600><c> then</c><00:31:16.279><c> if</c><00:31:16.399><c> it</c><00:31:16.559><c> all</c>

00:31:16.750 --> 00:31:16.760 align:start position:0%
validate the block and then if it all
 

00:31:16.760 --> 00:31:19.350 align:start position:0%
validate the block and then if it all
looks<00:31:17.159><c> good</c><00:31:17.760><c> you</c><00:31:18.000><c> can</c><00:31:18.519><c> really</c><00:31:18.760><c> at</c><00:31:18.919><c> that</c><00:31:19.080><c> point</c>

00:31:19.350 --> 00:31:19.360 align:start position:0%
looks good you can really at that point
 

00:31:19.360 --> 00:31:21.629 align:start position:0%
looks good you can really at that point
like<00:31:19.519><c> in</c><00:31:19.639><c> relays</c><00:31:20.000><c> do</c><00:31:20.159><c> this</c><00:31:20.279><c> as</c><00:31:20.440><c> well</c><00:31:20.880><c> they</c>

00:31:21.629 --> 00:31:21.639 align:start position:0%
like in relays do this as well they
 

00:31:21.639 --> 00:31:23.389 align:start position:0%
like in relays do this as well they
should<00:31:22.039><c> send</c><00:31:22.519><c> the</c><00:31:22.679><c> payload</c><00:31:23.200><c> like</c><00:31:23.279><c> the</c>

00:31:23.389 --> 00:31:23.399 align:start position:0%
should send the payload like the
 

00:31:23.399 --> 00:31:24.950 align:start position:0%
should send the payload like the
Builder's<00:31:23.760><c> payload</c><00:31:24.120><c> to</c><00:31:24.240><c> the</c><00:31:24.399><c> proposer</c><00:31:24.840><c> but</c>

00:31:24.950 --> 00:31:24.960 align:start position:0%
Builder's payload to the proposer but
 

00:31:24.960 --> 00:31:25.990 align:start position:0%
Builder's payload to the proposer but
they<00:31:25.039><c> really</c><00:31:25.159><c> don't</c><00:31:25.320><c> need</c><00:31:25.480><c> to</c><00:31:25.679><c> like</c><00:31:25.799><c> at</c><00:31:25.880><c> that</c>

00:31:25.990 --> 00:31:26.000 align:start position:0%
they really don't need to like at that
 

00:31:26.000 --> 00:31:27.190 align:start position:0%
they really don't need to like at that
point<00:31:26.120><c> the</c><00:31:26.240><c> relay</c><00:31:26.519><c> has</c><00:31:26.639><c> all</c><00:31:26.760><c> the</c><00:31:26.880><c> day</c><00:31:27.080><c> they</c>

00:31:27.190 --> 00:31:27.200 align:start position:0%
point the relay has all the day they
 

00:31:27.200 --> 00:31:28.750 align:start position:0%
point the relay has all the day they
need<00:31:27.360><c> to</c><00:31:27.440><c> make</c><00:31:27.600><c> the</c><00:31:27.720><c> next</c><00:31:28.039><c> Block</c><00:31:28.200><c> in</c><00:31:28.279><c> the</c><00:31:28.399><c> chain</c>

00:31:28.750 --> 00:31:28.760 align:start position:0%
need to make the next Block in the chain
 

00:31:28.760 --> 00:31:31.230 align:start position:0%
need to make the next Block in the chain
and<00:31:28.880><c> they</c><00:31:29.000><c> can</c><00:31:29.159><c> just</c><00:31:29.360><c> gossip</c><00:31:29.639><c> it</c><00:31:29.919><c> out</c><00:31:30.919><c> uh</c><00:31:31.120><c> and</c>

00:31:31.230 --> 00:31:31.240 align:start position:0%
and they can just gossip it out uh and
 

00:31:31.240 --> 00:31:32.950 align:start position:0%
and they can just gossip it out uh and
you<00:31:31.399><c> do</c><00:31:31.600><c> both</c><00:31:31.799><c> like</c><00:31:31.919><c> relays</c><00:31:32.320><c> gossip</c><00:31:32.639><c> things</c>

00:31:32.950 --> 00:31:32.960 align:start position:0%
you do both like relays gossip things
 

00:31:32.960 --> 00:31:34.230 align:start position:0%
you do both like relays gossip things
they<00:31:33.080><c> send</c><00:31:33.240><c> it</c><00:31:33.360><c> back</c><00:31:33.480><c> to</c><00:31:33.600><c> the</c><00:31:33.720><c> proposer</c><00:31:34.120><c> and</c>

00:31:34.230 --> 00:31:34.240 align:start position:0%
they send it back to the proposer and
 

00:31:34.240 --> 00:31:36.629 align:start position:0%
they send it back to the proposer and
they<00:31:34.399><c> gossip</c><00:31:34.720><c> it</c><00:31:34.919><c> themselves</c><00:31:35.200><c> as</c>

00:31:36.629 --> 00:31:36.639 align:start position:0%
they gossip it themselves as
 

00:31:36.639 --> 00:31:38.430 align:start position:0%
they gossip it themselves as
well

00:31:38.430 --> 00:31:38.440 align:start position:0%
well
 

00:31:38.440 --> 00:31:42.070 align:start position:0%
well
so<00:31:39.440><c> okay</c><00:31:39.639><c> that</c><00:31:39.720><c> was</c><00:31:39.840><c> a</c><00:31:40.360><c> lot</c><00:31:41.360><c> the</c><00:31:41.480><c> story</c><00:31:41.799><c> keeps</c>

00:31:42.070 --> 00:31:42.080 align:start position:0%
so okay that was a lot the story keeps
 

00:31:42.080 --> 00:31:43.389 align:start position:0%
so okay that was a lot the story keeps
going<00:31:42.440><c> I</c><00:31:42.519><c> don't</c><00:31:42.639><c> know</c><00:31:42.840><c> how</c><00:31:42.960><c> much</c><00:31:43.080><c> we</c><00:31:43.200><c> want</c><00:31:43.279><c> to</c>

00:31:43.389 --> 00:31:43.399 align:start position:0%
going I don't know how much we want to
 

00:31:43.399 --> 00:31:47.269 align:start position:0%
going I don't know how much we want to
get<00:31:43.519><c> into</c><00:31:43.720><c> this</c><00:31:44.559><c> but</c><00:31:45.679><c> um</c><00:31:46.679><c> yeah</c><00:31:46.880><c> I</c><00:31:46.919><c> would</c><00:31:47.080><c> say</c>

00:31:47.269 --> 00:31:47.279 align:start position:0%
get into this but um yeah I would say
 

00:31:47.279 --> 00:31:48.909 align:start position:0%
get into this but um yeah I would say
that's<00:31:47.440><c> like</c><00:31:47.600><c> the</c><00:31:47.760><c> basic</c><00:31:48.039><c> flow</c><00:31:48.399><c> and</c><00:31:48.480><c> then</c><00:31:48.639><c> from</c>

00:31:48.909 --> 00:31:48.919 align:start position:0%
that's like the basic flow and then from
 

00:31:48.919 --> 00:31:52.149 align:start position:0%
that's like the basic flow and then from
here<00:31:49.880><c> even</c><00:31:50.120><c> in</c><00:31:50.279><c> like</c><00:31:50.440><c> the</c><00:31:50.600><c> last</c><00:31:51.120><c> year</c><00:31:51.880><c> year</c><00:31:52.039><c> and</c>

00:31:52.149 --> 00:31:52.159 align:start position:0%
here even in like the last year year and
 

00:31:52.159 --> 00:31:54.509 align:start position:0%
here even in like the last year year and
a<00:31:52.279><c> half</c><00:31:52.600><c> we've</c><00:31:52.799><c> seen</c><00:31:53.120><c> more</c><00:31:53.440><c> optimizations</c><00:31:54.440><c> I</c>

00:31:54.509 --> 00:31:54.519 align:start position:0%
a half we've seen more optimizations I
 

00:31:54.519 --> 00:31:55.950 align:start position:0%
a half we've seen more optimizations I
guess<00:31:54.679><c> this</c><00:31:54.760><c> is</c><00:31:54.880><c> the</c><00:31:54.960><c> next</c><00:31:55.120><c> point</c><00:31:55.279><c> to</c><00:31:55.440><c> make</c><00:31:55.679><c> is</c>

00:31:55.950 --> 00:31:55.960 align:start position:0%
guess this is the next point to make is
 

00:31:55.960 --> 00:31:58.629 align:start position:0%
guess this is the next point to make is
that<00:31:56.480><c> time</c><00:31:56.679><c> is</c><00:31:56.840><c> money</c><00:31:57.960><c> and</c><00:31:58.080><c> what</c><00:31:58.200><c> this</c><00:31:58.320><c> means</c>

00:31:58.629 --> 00:31:58.639 align:start position:0%
that time is money and what this means
 

00:31:58.639 --> 00:32:00.470 align:start position:0%
that time is money and what this means
is<00:31:58.880><c> that</c><00:31:59.480><c> there's</c><00:31:59.760><c> like</c><00:31:59.960><c> again</c><00:32:00.159><c> this</c><00:32:00.320><c> like</c>

00:32:00.470 --> 00:32:00.480 align:start position:0%
is that there's like again this like
 

00:32:00.480 --> 00:32:01.470 align:start position:0%
is that there's like again this like
very

00:32:01.470 --> 00:32:01.480 align:start position:0%
very
 

00:32:01.480 --> 00:32:03.629 align:start position:0%
very
sophisticated<00:32:02.480><c> you</c><00:32:02.600><c> know</c><00:32:02.880><c> pipeline</c><00:32:03.320><c> or</c><00:32:03.480><c> like</c>

00:32:03.629 --> 00:32:03.639 align:start position:0%
sophisticated you know pipeline or like
 

00:32:03.639 --> 00:32:05.870 align:start position:0%
sophisticated you know pipeline or like
supply<00:32:03.960><c> chain</c><00:32:04.159><c> of</c><00:32:04.399><c> actors</c><00:32:05.399><c> and</c><00:32:05.519><c> the</c><00:32:05.600><c> way</c><00:32:05.720><c> to</c>

00:32:05.870 --> 00:32:05.880 align:start position:0%
supply chain of actors and the way to
 

00:32:05.880 --> 00:32:07.269 align:start position:0%
supply chain of actors and the way to
think<00:32:06.039><c> about</c><00:32:06.279><c> this</c><00:32:06.519><c> is</c><00:32:06.720><c> because</c><00:32:06.919><c> of</c><00:32:07.039><c> the</c><00:32:07.159><c> way</c>

00:32:07.269 --> 00:32:07.279 align:start position:0%
think about this is because of the way
 

00:32:07.279 --> 00:32:09.669 align:start position:0%
think about this is because of the way
MV<00:32:07.679><c> Works</c><00:32:08.360><c> uh</c><00:32:08.519><c> basically</c><00:32:08.960><c> yeah</c><00:32:09.200><c> every</c><00:32:09.480><c> even</c>

00:32:09.669 --> 00:32:09.679 align:start position:0%
MV Works uh basically yeah every even
 

00:32:09.679 --> 00:32:12.190 align:start position:0%
MV Works uh basically yeah every even
like<00:32:09.880><c> millisecond</c><00:32:10.880><c> is</c><00:32:11.120><c> like</c><00:32:11.320><c> some</c><00:32:11.639><c> money</c><00:32:11.960><c> to</c>

00:32:12.190 --> 00:32:12.200 align:start position:0%
like millisecond is like some money to
 

00:32:12.200 --> 00:32:14.669 align:start position:0%
like millisecond is like some money to
some<00:32:12.799><c> you</c><00:32:12.880><c> know</c><00:32:13.519><c> in</c><00:32:13.720><c> practice</c><00:32:14.120><c> these</c><00:32:14.240><c> Builders</c>

00:32:14.669 --> 00:32:14.679 align:start position:0%
some you know in practice these Builders
 

00:32:14.679 --> 00:32:15.789 align:start position:0%
some you know in practice these Builders
usually<00:32:14.960><c> end</c><00:32:15.080><c> up</c><00:32:15.200><c> being</c><00:32:15.440><c> like</c><00:32:15.559><c> very</c>

00:32:15.789 --> 00:32:15.799 align:start position:0%
usually end up being like very
 

00:32:15.799 --> 00:32:17.509 align:start position:0%
usually end up being like very
sophisticated<00:32:16.320><c> Financial</c><00:32:16.720><c> entities</c><00:32:17.279><c> they're</c>

00:32:17.509 --> 00:32:17.519 align:start position:0%
sophisticated Financial entities they're
 

00:32:17.519 --> 00:32:19.789 align:start position:0%
sophisticated Financial entities they're
like<00:32:18.279><c> uh</c><00:32:18.399><c> are</c><00:32:18.679><c> being</c><00:32:19.000><c> like</c><00:32:19.279><c> centralized</c>

00:32:19.789 --> 00:32:19.799 align:start position:0%
like uh are being like centralized
 

00:32:19.799 --> 00:32:21.029 align:start position:0%
like uh are being like centralized
exchanges<00:32:20.240><c> against</c><00:32:20.480><c> decentralized</c>

00:32:21.029 --> 00:32:21.039 align:start position:0%
exchanges against decentralized
 

00:32:21.039 --> 00:32:22.389 align:start position:0%
exchanges against decentralized
exchanges<00:32:21.399><c> and</c><00:32:21.519><c> all</c><00:32:21.639><c> sorts</c><00:32:21.880><c> of</c><00:32:22.039><c> things</c><00:32:22.240><c> like</c>

00:32:22.389 --> 00:32:22.399 align:start position:0%
exchanges and all sorts of things like
 

00:32:22.399 --> 00:32:23.950 align:start position:0%
exchanges and all sorts of things like
this<00:32:22.639><c> and</c><00:32:22.760><c> in</c><00:32:22.880><c> this</c><00:32:23.080><c> case</c><00:32:23.279><c> like</c><00:32:23.399><c> it</c><00:32:23.519><c> VAR</c><00:32:23.760><c> as</c>

00:32:23.950 --> 00:32:23.960 align:start position:0%
this and in this case like it VAR as
 

00:32:23.960 --> 00:32:25.830 align:start position:0%
this and in this case like it VAR as
much<00:32:24.159><c> the</c><00:32:24.320><c> case</c><00:32:24.679><c> that</c><00:32:25.240><c> you</c><00:32:25.360><c> know</c><00:32:25.480><c> the</c><00:32:25.600><c> market</c>

00:32:25.830 --> 00:32:25.840 align:start position:0%
much the case that you know the market
 

00:32:25.840 --> 00:32:27.629 align:start position:0%
much the case that you know the market
can<00:32:25.960><c> move</c><00:32:26.240><c> against</c><00:32:26.480><c> you</c><00:32:26.840><c> and</c><00:32:26.960><c> so</c><00:32:27.159><c> suddenly</c>

00:32:27.629 --> 00:32:27.639 align:start position:0%
can move against you and so suddenly
 

00:32:27.639 --> 00:32:28.870 align:start position:0%
can move against you and so suddenly
like<00:32:27.919><c> what</c><00:32:28.000><c> you</c><00:32:28.159><c> thought</c><00:32:28.320><c> of</c><00:32:28.399><c> the</c><00:32:28.480><c> world</c><00:32:28.720><c> as</c>

00:32:28.870 --> 00:32:28.880 align:start position:0%
like what you thought of the world as
 

00:32:28.880 --> 00:32:31.029 align:start position:0%
like what you thought of the world as
stale<00:32:29.840><c> and</c><00:32:30.120><c> you</c><00:32:30.279><c> basically</c><00:32:30.519><c> want</c><00:32:30.639><c> to</c><00:32:30.760><c> be</c><00:32:30.840><c> able</c>

00:32:31.029 --> 00:32:31.039 align:start position:0%
stale and you basically want to be able
 

00:32:31.039 --> 00:32:34.190 align:start position:0%
stale and you basically want to be able
to<00:32:31.360><c> react</c><00:32:31.639><c> to</c><00:32:32.200><c> that</c><00:32:33.200><c> what</c><00:32:33.320><c> this</c><00:32:33.440><c> means</c><00:32:33.720><c> is</c><00:32:33.960><c> like</c>

00:32:34.190 --> 00:32:34.200 align:start position:0%
to react to that what this means is like
 

00:32:34.200 --> 00:32:36.110 align:start position:0%
to react to that what this means is like
now<00:32:34.679><c> this</c><00:32:34.880><c> pipeline's</c><00:32:35.320><c> become</c><00:32:35.559><c> incredibly</c>

00:32:36.110 --> 00:32:36.120 align:start position:0%
now this pipeline's become incredibly
 

00:32:36.120 --> 00:32:38.310 align:start position:0%
now this pipeline's become incredibly
latency<00:32:36.519><c> optimized</c><00:32:37.240><c> like</c><00:32:37.519><c> the</c><00:32:37.639><c> top</c><00:32:37.840><c> relays</c>

00:32:38.310 --> 00:32:38.320 align:start position:0%
latency optimized like the top relays
 

00:32:38.320 --> 00:32:39.950 align:start position:0%
latency optimized like the top relays
basically<00:32:38.639><c> do</c><00:32:38.880><c> like</c><00:32:39.120><c> very</c><00:32:39.360><c> very</c><00:32:39.559><c> aggressive</c>

00:32:39.950 --> 00:32:39.960 align:start position:0%
basically do like very very aggressive
 

00:32:39.960 --> 00:32:42.389 align:start position:0%
basically do like very very aggressive
latency<00:32:40.760><c> optimizations</c><00:32:41.760><c> this</c><00:32:41.919><c> can</c><00:32:42.080><c> look</c><00:32:42.240><c> like</c>

00:32:42.389 --> 00:32:42.399 align:start position:0%
latency optimizations this can look like
 

00:32:42.399 --> 00:32:44.029 align:start position:0%
latency optimizations this can look like
things<00:32:42.600><c> like</c><00:32:42.799><c> having</c><00:32:43.039><c> Builders</c><00:32:43.440><c> collocate</c>

00:32:44.029 --> 00:32:44.039 align:start position:0%
things like having Builders collocate
 

00:32:44.039 --> 00:32:46.149 align:start position:0%
things like having Builders collocate
with<00:32:44.200><c> relays</c><00:32:45.120><c> uh</c><00:32:45.240><c> which</c><00:32:45.360><c> is</c><00:32:45.519><c> also</c><00:32:45.760><c> not</c><00:32:46.000><c> good</c>

00:32:46.149 --> 00:32:46.159 align:start position:0%
with relays uh which is also not good
 

00:32:46.159 --> 00:32:47.870 align:start position:0%
with relays uh which is also not good
for<00:32:46.320><c> like</c><00:32:46.480><c> vertical</c><00:32:46.799><c> integration</c><00:32:47.279><c> reasons</c>

00:32:47.870 --> 00:32:47.880 align:start position:0%
for like vertical integration reasons
 

00:32:47.880 --> 00:32:51.870 align:start position:0%
for like vertical integration reasons
but<00:32:48.639><c> it</c><00:32:48.760><c> is</c><00:32:48.919><c> what</c><00:32:49.039><c> it</c><00:32:49.200><c> is</c><00:32:50.200><c> um</c><00:32:51.200><c> and</c><00:32:51.480><c> yeah</c><00:32:51.720><c> then</c>

00:32:51.870 --> 00:32:51.880 align:start position:0%
but it is what it is um and yeah then
 

00:32:51.880 --> 00:32:53.350 align:start position:0%
but it is what it is um and yeah then
even<00:32:52.080><c> from</c><00:32:52.320><c> there</c><00:32:52.639><c> I</c><00:32:52.720><c> mentioned</c><00:32:53.039><c> this</c><00:32:53.200><c> point</c>

00:32:53.350 --> 00:32:53.360 align:start position:0%
even from there I mentioned this point
 

00:32:53.360 --> 00:32:56.470 align:start position:0%
even from there I mentioned this point
of<00:32:53.480><c> like</c><00:32:53.600><c> relay</c><00:32:53.919><c> sustainability</c><00:32:55.240><c> so</c><00:32:56.240><c> right</c>

00:32:56.470 --> 00:32:56.480 align:start position:0%
of like relay sustainability so right
 

00:32:56.480 --> 00:32:59.070 align:start position:0%
of like relay sustainability so right
now<00:32:57.399><c> relay</c>

00:32:59.070 --> 00:32:59.080 align:start position:0%
now relay
 

00:32:59.080 --> 00:33:01.669 align:start position:0%
now relay
well<00:32:59.760><c> let's</c><00:32:59.919><c> say</c><00:33:00.320><c> when</c><00:33:00.440><c> the</c><00:33:00.559><c> system</c><00:33:00.880><c> launched</c>

00:33:01.669 --> 00:33:01.679 align:start position:0%
well let's say when the system launched
 

00:33:01.679 --> 00:33:04.350 align:start position:0%
well let's say when the system launched
the<00:33:01.880><c> claim</c><00:33:02.480><c> was</c>

00:33:04.350 --> 00:33:04.360 align:start position:0%
the claim was
 

00:33:04.360 --> 00:33:06.870 align:start position:0%
the claim was
um<00:33:05.360><c> essentially</c><00:33:05.960><c> relays</c><00:33:06.360><c> would</c><00:33:06.480><c> be</c><00:33:06.639><c> public</c>

00:33:06.870 --> 00:33:06.880 align:start position:0%
um essentially relays would be public
 

00:33:06.880 --> 00:33:07.950 align:start position:0%
um essentially relays would be public
goods<00:33:07.120><c> in</c><00:33:07.240><c> the</c><00:33:07.320><c> sense</c><00:33:07.480><c> that</c><00:33:07.600><c> they</c><00:33:07.679><c> would</c><00:33:07.840><c> just</c>

00:33:07.950 --> 00:33:07.960 align:start position:0%
goods in the sense that they would just
 

00:33:07.960 --> 00:33:10.909 align:start position:0%
goods in the sense that they would just
perform<00:33:08.240><c> the</c><00:33:08.880><c> service</c><00:33:09.880><c> uh</c><00:33:10.080><c> I</c><00:33:10.200><c> could</c><00:33:10.399><c> think</c>

00:33:10.909 --> 00:33:10.919 align:start position:0%
perform the service uh I could think
 

00:33:10.919 --> 00:33:12.870 align:start position:0%
perform the service uh I could think
well<00:33:11.399><c> you</c><00:33:11.519><c> know</c><00:33:11.720><c> I</c><00:33:11.799><c> can</c><00:33:11.960><c> say</c><00:33:12.200><c> the</c><00:33:12.320><c> concern</c><00:33:12.720><c> was</c>

00:33:12.870 --> 00:33:12.880 align:start position:0%
well you know I can say the concern was
 

00:33:12.880 --> 00:33:16.909 align:start position:0%
well you know I can say the concern was
essentially<00:33:13.440><c> that</c><00:33:14.240><c> if</c><00:33:14.320><c> you</c><00:33:14.480><c> had</c><00:33:14.600><c> a</c><00:33:14.720><c> relay</c><00:33:15.559><c> that</c>

00:33:16.909 --> 00:33:16.919 align:start position:0%
essentially that if you had a relay that
 

00:33:16.919 --> 00:33:18.830 align:start position:0%
essentially that if you had a relay that
um<00:33:17.919><c> basically</c><00:33:18.240><c> could</c><00:33:18.360><c> charge</c><00:33:18.600><c> more</c><00:33:18.720><c> than</c>

00:33:18.830 --> 00:33:18.840 align:start position:0%
um basically could charge more than
 

00:33:18.840 --> 00:33:20.110 align:start position:0%
um basically could charge more than
other<00:33:19.039><c> people</c><00:33:19.480><c> then</c><00:33:19.600><c> you</c><00:33:19.720><c> still</c><00:33:19.880><c> have</c><00:33:20.000><c> the</c>

00:33:20.110 --> 00:33:20.120 align:start position:0%
other people then you still have the
 

00:33:20.120 --> 00:33:21.909 align:start position:0%
other people then you still have the
same<00:33:20.240><c> sort</c><00:33:20.399><c> of</c><00:33:20.519><c> like</c><00:33:20.600><c> centralizing</c><00:33:21.159><c> flywheel</c>

00:33:21.909 --> 00:33:21.919 align:start position:0%
same sort of like centralizing flywheel
 

00:33:21.919 --> 00:33:24.509 align:start position:0%
same sort of like centralizing flywheel
that<00:33:22.039><c> could</c><00:33:22.200><c> play</c><00:33:22.360><c> out</c><00:33:23.320><c> so</c><00:33:23.480><c> in</c><00:33:23.639><c> any</c><00:33:23.880><c> case</c><00:33:24.399><c> I</c>

00:33:24.509 --> 00:33:24.519 align:start position:0%
that could play out so in any case I
 

00:33:24.519 --> 00:33:26.029 align:start position:0%
that could play out so in any case I
think<00:33:24.679><c> there's</c><00:33:24.919><c> like</c><00:33:25.080><c> pros</c><00:33:25.279><c> or</c><00:33:25.440><c> cons</c><00:33:25.679><c> to</c><00:33:25.840><c> both</c>

00:33:26.029 --> 00:33:26.039 align:start position:0%
think there's like pros or cons to both
 

00:33:26.039 --> 00:33:27.830 align:start position:0%
think there's like pros or cons to both
models<00:33:26.639><c> we</c><00:33:26.799><c> have</c><00:33:26.960><c> sort</c><00:33:27.080><c> of</c><00:33:27.200><c> this</c><00:33:27.320><c> public</c><00:33:27.519><c> goods</c>

00:33:27.830 --> 00:33:27.840 align:start position:0%
models we have sort of this public goods
 

00:33:27.840 --> 00:33:30.029 align:start position:0%
models we have sort of this public goods
model<00:33:28.799><c> and</c><00:33:28.919><c> that's</c><00:33:29.080><c> a</c><00:33:29.240><c> problem</c><00:33:29.639><c> because</c><00:33:29.919><c> it</c>

00:33:30.029 --> 00:33:30.039 align:start position:0%
model and that's a problem because it
 

00:33:30.039 --> 00:33:31.470 align:start position:0%
model and that's a problem because it
turns<00:33:30.240><c> out</c><00:33:30.440><c> public</c><00:33:30.639><c> goods</c><00:33:30.840><c> funding</c><00:33:31.120><c> is</c><00:33:31.279><c> really</c>

00:33:31.470 --> 00:33:31.480 align:start position:0%
turns out public goods funding is really
 

00:33:31.480 --> 00:33:33.430 align:start position:0%
turns out public goods funding is really
hard<00:33:32.320><c> and</c><00:33:32.440><c> a</c><00:33:32.519><c> lot</c><00:33:32.639><c> of</c><00:33:32.679><c> the</c><00:33:32.760><c> relays</c><00:33:33.080><c> I</c><00:33:33.159><c> think</c><00:33:33.279><c> are</c>

00:33:33.430 --> 00:33:33.440 align:start position:0%
hard and a lot of the relays I think are
 

00:33:33.440 --> 00:33:34.990 align:start position:0%
hard and a lot of the relays I think are
quite<00:33:33.600><c> strange</c><00:33:34.039><c> right</c><00:33:34.159><c> now</c><00:33:34.440><c> with</c><00:33:34.559><c> respect</c><00:33:34.840><c> to</c>

00:33:34.990 --> 00:33:35.000 align:start position:0%
quite strange right now with respect to
 

00:33:35.000 --> 00:33:38.070 align:start position:0%
quite strange right now with respect to
like<00:33:35.200><c> sustainability</c><00:33:36.200><c> so</c><00:33:37.200><c> one</c><00:33:37.399><c> way</c><00:33:37.600><c> Rel</c><00:33:37.919><c> have</c>

00:33:38.070 --> 00:33:38.080 align:start position:0%
like sustainability so one way Rel have
 

00:33:38.080 --> 00:33:39.590 align:start position:0%
like sustainability so one way Rel have
thought<00:33:38.240><c> about</c><00:33:38.519><c> this</c><00:33:38.840><c> is</c><00:33:39.000><c> like</c><00:33:39.159><c> trying</c><00:33:39.440><c> to</c>

00:33:39.590 --> 00:33:39.600 align:start position:0%
thought about this is like trying to
 

00:33:39.600 --> 00:33:42.269 align:start position:0%
thought about this is like trying to
monetize<00:33:40.399><c> somehow</c><00:33:41.399><c> and</c><00:33:41.679><c> there's</c><00:33:41.919><c> even</c><00:33:42.159><c> like</c>

00:33:42.269 --> 00:33:42.279 align:start position:0%
monetize somehow and there's even like
 

00:33:42.279 --> 00:33:45.029 align:start position:0%
monetize somehow and there's even like
more<00:33:42.519><c> sophisticated</c><00:33:43.120><c> ideas</c><00:33:43.840><c> around</c><00:33:44.840><c> I</c><00:33:44.919><c> mean</c>

00:33:45.029 --> 00:33:45.039 align:start position:0%
more sophisticated ideas around I mean
 

00:33:45.039 --> 00:33:46.549 align:start position:0%
more sophisticated ideas around I mean
we<00:33:45.120><c> can</c><00:33:45.200><c> get</c><00:33:45.320><c> into</c><00:33:45.840><c> if</c><00:33:45.919><c> you</c><00:33:46.039><c> want</c><00:33:46.399><c> but</c>

00:33:46.549 --> 00:33:46.559 align:start position:0%
we can get into if you want but
 

00:33:46.559 --> 00:33:47.950 align:start position:0%
we can get into if you want but
basically<00:33:46.960><c> the</c><00:33:47.080><c> way</c><00:33:47.200><c> to</c><00:33:47.320><c> think</c><00:33:47.480><c> about</c><00:33:47.639><c> it</c><00:33:47.799><c> is</c>

00:33:47.950 --> 00:33:47.960 align:start position:0%
basically the way to think about it is
 

00:33:47.960 --> 00:33:50.070 align:start position:0%
basically the way to think about it is
if<00:33:48.080><c> I'm</c><00:33:48.200><c> a</c><00:33:48.320><c> relay</c><00:33:49.120><c> I</c><00:33:49.200><c> can</c><00:33:49.399><c> look</c><00:33:49.559><c> at</c><00:33:49.840><c> other</c>

00:33:50.070 --> 00:33:50.080 align:start position:0%
if I'm a relay I can look at other
 

00:33:50.080 --> 00:33:52.269 align:start position:0%
if I'm a relay I can look at other
relays<00:33:51.039><c> because</c><00:33:51.159><c> these</c><00:33:51.279><c> are</c><00:33:51.399><c> all</c><00:33:51.559><c> public</c><00:33:51.799><c> apis</c>

00:33:52.269 --> 00:33:52.279 align:start position:0%
relays because these are all public apis
 

00:33:52.279 --> 00:33:55.190 align:start position:0%
relays because these are all public apis
I<00:33:52.320><c> can</c><00:33:52.440><c> look</c><00:33:52.559><c> at</c><00:33:52.720><c> other</c><00:33:53.200><c> relays</c><00:33:54.200><c> I</c><00:33:54.360><c> can</c><00:33:54.919><c> based</c>

00:33:55.190 --> 00:33:55.200 align:start position:0%
I can look at other relays I can based
 

00:33:55.200 --> 00:33:59.269 align:start position:0%
I can look at other relays I can based
on<00:33:55.360><c> the</c><00:33:55.480><c> other</c><00:33:55.679><c> relay</c><00:33:56.320><c> I</c><00:33:56.559><c> can</c><00:33:57.559><c> uh</c>

00:33:59.269 --> 00:33:59.279 align:start position:0%
on the other relay I can uh
 

00:33:59.279 --> 00:34:01.350 align:start position:0%
on the other relay I can uh
basically<00:33:59.799><c> charge</c><00:34:00.320><c> like</c><00:34:00.440><c> the</c><00:34:00.559><c> second</c><00:34:00.919><c> price</c>

00:34:01.350 --> 00:34:01.360 align:start position:0%
basically charge like the second price
 

00:34:01.360 --> 00:34:03.590 align:start position:0%
basically charge like the second price
across<00:34:01.639><c> the</c><00:34:01.760><c> entire</c><00:34:02.080><c> auction</c><00:34:02.399><c> set</c><00:34:03.159><c> and</c><00:34:03.320><c> then</c>

00:34:03.590 --> 00:34:03.600 align:start position:0%
across the entire auction set and then
 

00:34:03.600 --> 00:34:05.389 align:start position:0%
across the entire auction set and then
capture<00:34:04.000><c> the</c><00:34:04.120><c> Delta</c><00:34:04.679><c> and</c><00:34:04.799><c> maybe</c><00:34:05.000><c> share</c><00:34:05.279><c> half</c>

00:34:05.389 --> 00:34:05.399 align:start position:0%
capture the Delta and maybe share half
 

00:34:05.399 --> 00:34:06.870 align:start position:0%
capture the Delta and maybe share half
with<00:34:05.519><c> the</c><00:34:05.600><c> builder</c><00:34:05.880><c> half</c><00:34:06.039><c> of</c><00:34:06.200><c> myself</c><00:34:06.639><c> but</c><00:34:06.760><c> then</c>

00:34:06.870 --> 00:34:06.880 align:start position:0%
with the builder half of myself but then
 

00:34:06.880 --> 00:34:09.109 align:start position:0%
with the builder half of myself but then
now<00:34:07.039><c> I</c><00:34:07.159><c> have</c><00:34:07.360><c> like</c><00:34:07.519><c> some</c><00:34:08.040><c> Revenue</c><00:34:08.440><c> coming</c><00:34:08.679><c> in</c>

00:34:09.109 --> 00:34:09.119 align:start position:0%
now I have like some Revenue coming in
 

00:34:09.119 --> 00:34:10.389 align:start position:0%
now I have like some Revenue coming in
and<00:34:09.240><c> there's</c><00:34:09.480><c> some</c><00:34:09.720><c> like</c><00:34:09.879><c> sustainability</c>

00:34:10.389 --> 00:34:10.399 align:start position:0%
and there's some like sustainability
 

00:34:10.399 --> 00:34:11.990 align:start position:0%
and there's some like sustainability
argument<00:34:10.720><c> you</c><00:34:10.800><c> can</c><00:34:10.919><c> make</c><00:34:11.079><c> off</c><00:34:11.240><c> of</c>

00:34:11.990 --> 00:34:12.000 align:start position:0%
argument you can make off of
 

00:34:12.000 --> 00:34:14.389 align:start position:0%
argument you can make off of
that<00:34:13.000><c> that's</c><00:34:13.240><c> going</c><00:34:13.440><c> on</c><00:34:13.879><c> there's</c><00:34:14.079><c> also</c><00:34:14.280><c> this</c>

00:34:14.389 --> 00:34:14.399 align:start position:0%
that that's going on there's also this
 

00:34:14.399 --> 00:34:17.230 align:start position:0%
that that's going on there's also this
notion<00:34:14.639><c> of</c><00:34:14.800><c> timing</c><00:34:15.119><c> games</c><00:34:15.679><c> which</c><00:34:15.800><c> is</c><00:34:16.079><c> like</c><00:34:16.879><c> uh</c>

00:34:17.230 --> 00:34:17.240 align:start position:0%
notion of timing games which is like uh
 

00:34:17.240 --> 00:34:18.349 align:start position:0%
notion of timing games which is like uh
very<00:34:17.399><c> concerning</c><00:34:17.879><c> with</c><00:34:18.000><c> respect</c><00:34:18.240><c> to</c><00:34:18.320><c> at</c>

00:34:18.349 --> 00:34:18.359 align:start position:0%
very concerning with respect to at
 

00:34:18.359 --> 00:34:21.149 align:start position:0%
very concerning with respect to at
leaste<00:34:18.560><c> the</c><00:34:19.119><c> protocol</c><00:34:20.119><c> and</c><00:34:20.679><c> the</c><00:34:20.760><c> way</c><00:34:20.879><c> to</c><00:34:21.000><c> think</c>

00:34:21.149 --> 00:34:21.159 align:start position:0%
leaste the protocol and the way to think
 

00:34:21.159 --> 00:34:24.069 align:start position:0%
leaste the protocol and the way to think
about<00:34:21.399><c> this</c><00:34:21.520><c> is</c><00:34:21.760><c> again</c><00:34:22.000><c> time</c><00:34:22.200><c> is</c><00:34:22.359><c> money</c><00:34:23.159><c> and</c>

00:34:24.069 --> 00:34:24.079 align:start position:0%
about this is again time is money and
 

00:34:24.079 --> 00:34:26.470 align:start position:0%
about this is again time is money and
you<00:34:24.359><c> kind</c><00:34:24.520><c> of</c><00:34:24.960><c> have</c><00:34:25.359><c> like</c><00:34:25.520><c> a</c><00:34:25.639><c> lot</c><00:34:25.760><c> of</c><00:34:25.960><c> room</c>

00:34:26.470 --> 00:34:26.480 align:start position:0%
you kind of have like a lot of room
 

00:34:26.480 --> 00:34:28.190 align:start position:0%
you kind of have like a lot of room
right<00:34:26.639><c> now</c><00:34:26.960><c> to</c><00:34:27.200><c> play</c><00:34:27.440><c> with</c><00:34:27.760><c> when</c><00:34:27.879><c> you</c><00:34:28.000><c> actually</c>

00:34:28.190 --> 00:34:28.200 align:start position:0%
right now to play with when you actually
 

00:34:28.200 --> 00:34:30.470 align:start position:0%
right now to play with when you actually
release<00:34:28.480><c> your</c><00:34:28.599><c> block</c><00:34:28.839><c> to</c><00:34:28.919><c> the</c><00:34:29.359><c> network</c><00:34:30.359><c> you</c>

00:34:30.470 --> 00:34:30.480 align:start position:0%
release your block to the network you
 

00:34:30.480 --> 00:34:32.869 align:start position:0%
release your block to the network you
should<00:34:30.760><c> propose</c><00:34:31.040><c> at</c><00:34:31.200><c> the</c><00:34:31.320><c> start</c><00:34:31.480><c> of</c><00:34:31.599><c> your</c><00:34:31.879><c> slot</c>

00:34:32.869 --> 00:34:32.879 align:start position:0%
should propose at the start of your slot
 

00:34:32.879 --> 00:34:35.030 align:start position:0%
should propose at the start of your slot
uh<00:34:33.000><c> this</c><00:34:33.119><c> is</c><00:34:33.240><c> like</c><00:34:33.359><c> the</c><00:34:33.480><c> honest</c><00:34:33.800><c> Behavior</c><00:34:34.760><c> but</c>

00:34:35.030 --> 00:34:35.040 align:start position:0%
uh this is like the honest Behavior but
 

00:34:35.040 --> 00:34:36.869 align:start position:0%
uh this is like the honest Behavior but
you<00:34:35.200><c> really</c><00:34:35.480><c> have</c><00:34:35.679><c> up</c><00:34:35.839><c> until</c><00:34:36.079><c> like</c><00:34:36.240><c> this</c><00:34:36.359><c> 4C</c>

00:34:36.869 --> 00:34:36.879 align:start position:0%
you really have up until like this 4C
 

00:34:36.879 --> 00:34:39.069 align:start position:0%
you really have up until like this 4C
deadline<00:34:37.800><c> uh</c><00:34:37.960><c> where</c><00:34:38.119><c> the</c><00:34:38.280><c> rest</c><00:34:38.399><c> of</c><00:34:38.520><c> the</c><00:34:38.639><c> Valor</c>

00:34:39.069 --> 00:34:39.079 align:start position:0%
deadline uh where the rest of the Valor
 

00:34:39.079 --> 00:34:40.750 align:start position:0%
deadline uh where the rest of the Valor
set<00:34:39.320><c> would</c><00:34:39.560><c> sort</c><00:34:39.760><c> of</c><00:34:40.000><c> observe</c><00:34:40.280><c> your</c><00:34:40.440><c> block</c><00:34:40.639><c> and</c>

00:34:40.750 --> 00:34:40.760 align:start position:0%
set would sort of observe your block and
 

00:34:40.760 --> 00:34:43.069 align:start position:0%
set would sort of observe your block and
attest<00:34:41.079><c> to</c><00:34:41.240><c> it</c><00:34:41.879><c> so</c><00:34:42.040><c> there</c><00:34:42.119><c> is</c><00:34:42.320><c> quite</c><00:34:42.440><c> a</c><00:34:42.639><c> like</c><00:34:42.800><c> a</c>

00:34:43.069 --> 00:34:43.079 align:start position:0%
attest to it so there is quite a like a
 

00:34:43.079 --> 00:34:44.869 align:start position:0%
attest to it so there is quite a like a
lot<00:34:43.240><c> of</c><00:34:43.359><c> play</c><00:34:43.599><c> here</c><00:34:43.839><c> and</c><00:34:44.000><c> you</c><00:34:44.079><c> can</c><00:34:44.240><c> be</c><00:34:44.480><c> more</c><00:34:44.679><c> or</c>

00:34:44.869 --> 00:34:44.879 align:start position:0%
lot of play here and you can be more or
 

00:34:44.879 --> 00:34:46.270 align:start position:0%
lot of play here and you can be more or
less<00:34:45.079><c> aggressive</c><00:34:45.480><c> with</c><00:34:45.639><c> respect</c><00:34:45.879><c> to</c><00:34:46.040><c> like</c><00:34:46.159><c> how</c>

00:34:46.270 --> 00:34:46.280 align:start position:0%
less aggressive with respect to like how
 

00:34:46.280 --> 00:34:48.790 align:start position:0%
less aggressive with respect to like how
much<00:34:46.399><c> of</c><00:34:46.560><c> that</c><00:34:46.720><c> time</c><00:34:46.879><c> you</c><00:34:47.000><c> take</c><00:34:47.399><c> up</c><00:34:48.399><c> uh</c><00:34:48.560><c> again</c>

00:34:48.790 --> 00:34:48.800 align:start position:0%
much of that time you take up uh again
 

00:34:48.800 --> 00:34:50.829 align:start position:0%
much of that time you take up uh again
because<00:34:48.960><c> you're</c><00:34:49.119><c> trying</c><00:34:49.320><c> to</c><00:34:49.520><c> maximize</c><00:34:50.040><c> profit</c>

00:34:50.829 --> 00:34:50.839 align:start position:0%
because you're trying to maximize profit
 

00:34:50.839 --> 00:34:53.190 align:start position:0%
because you're trying to maximize profit
so<00:34:51.520><c> that's</c><00:34:51.760><c> not</c><00:34:52.000><c> great</c><00:34:52.280><c> but</c><00:34:52.480><c> point</c><00:34:52.720><c> being</c><00:34:52.960><c> is</c>

00:34:53.190 --> 00:34:53.200 align:start position:0%
so that's not great but point being is
 

00:34:53.200 --> 00:34:54.869 align:start position:0%
so that's not great but point being is
like<00:34:53.399><c> relays</c><00:34:53.839><c> I</c><00:34:53.919><c> think</c><00:34:54.040><c> are</c><00:34:54.200><c> even</c><00:34:54.399><c> thinking</c>

00:34:54.869 --> 00:34:54.879 align:start position:0%
like relays I think are even thinking
 

00:34:54.879 --> 00:34:57.710 align:start position:0%
like relays I think are even thinking
about<00:34:55.879><c> um</c><00:34:56.560><c> essentially</c><00:34:56.919><c> offering</c><00:34:57.200><c> this</c><00:34:57.320><c> as</c><00:34:57.400><c> a</c>

00:34:57.710 --> 00:34:57.720 align:start position:0%
about um essentially offering this as a
 

00:34:57.720 --> 00:34:59.109 align:start position:0%
about um essentially offering this as a
service<00:34:58.280><c> where</c><00:34:58.480><c> they</c><00:34:58.599><c> would</c><00:34:58.720><c> do</c><00:34:58.839><c> all</c><00:34:59.000><c> this</c>

00:34:59.109 --> 00:34:59.119 align:start position:0%
service where they would do all this
 

00:34:59.119 --> 00:35:01.230 align:start position:0%
service where they would do all this
optimization<00:34:59.720><c> for</c><00:34:59.960><c> you</c><00:35:00.640><c> and</c><00:35:00.800><c> basically</c><00:35:01.079><c> just</c>

00:35:01.230 --> 00:35:01.240 align:start position:0%
optimization for you and basically just
 

00:35:01.240 --> 00:35:03.510 align:start position:0%
optimization for you and basically just
give<00:35:01.359><c> you</c><00:35:01.599><c> like</c><00:35:02.079><c> the</c><00:35:02.320><c> the</c><00:35:02.440><c> best</c><00:35:02.640><c> block</c><00:35:02.960><c> they</c>

00:35:03.510 --> 00:35:03.520 align:start position:0%
give you like the the best block they
 

00:35:03.520 --> 00:35:06.550 align:start position:0%
give you like the the best block they
can<00:35:04.520><c> so</c><00:35:05.359><c> yeah</c><00:35:05.520><c> this</c><00:35:05.680><c> was</c><00:35:05.800><c> a</c><00:35:05.960><c> short</c><00:35:06.240><c> answer</c>

00:35:06.550 --> 00:35:06.560 align:start position:0%
can so yeah this was a short answer
 

00:35:06.560 --> 00:35:07.990 align:start position:0%
can so yeah this was a short answer
short<00:35:06.839><c> question</c><00:35:07.240><c> with</c><00:35:07.400><c> like</c><00:35:07.480><c> a</c><00:35:07.599><c> very</c><00:35:07.760><c> long</c>

00:35:07.990 --> 00:35:08.000 align:start position:0%
short question with like a very long
 

00:35:08.000 --> 00:35:09.950 align:start position:0%
short question with like a very long
answer<00:35:08.520><c> they</c><00:35:08.640><c> do</c><00:35:08.839><c> a</c><00:35:08.960><c> lot</c><00:35:09.440><c> and</c><00:35:09.560><c> they're</c><00:35:09.720><c> doing</c>

00:35:09.950 --> 00:35:09.960 align:start position:0%
answer they do a lot and they're doing
 

00:35:09.960 --> 00:35:16.030 align:start position:0%
answer they do a lot and they're doing
more<00:35:10.160><c> over</c><00:35:10.599><c> time</c><00:35:11.599><c> and</c><00:35:11.880><c> yeah</c><00:35:12.040><c> it's</c><00:35:12.680><c> quite</c>

00:35:16.030 --> 00:35:16.040 align:start position:0%
 
 

00:35:16.040 --> 00:35:18.870 align:start position:0%
 
crazy<00:35:17.040><c> I'll</c><00:35:17.200><c> go</c><00:35:17.280><c> to</c><00:35:17.400><c> the</c><00:35:17.520><c> next</c><00:35:17.680><c> question</c>

00:35:18.870 --> 00:35:18.880 align:start position:0%
crazy I'll go to the next question
 

00:35:18.880 --> 00:35:21.349 align:start position:0%
crazy I'll go to the next question
then<00:35:19.880><c> after</c><00:35:20.040><c> I</c><00:35:20.160><c> grab</c><00:35:20.440><c> some</c><00:35:20.640><c> water</c><00:35:21.160><c> I</c><00:35:21.240><c> don't</c>

00:35:21.349 --> 00:35:21.359 align:start position:0%
then after I grab some water I don't
 

00:35:21.359 --> 00:35:22.430 align:start position:0%
then after I grab some water I don't
know<00:35:21.440><c> if</c><00:35:21.520><c> there</c><00:35:21.599><c> are</c><00:35:21.720><c> any</c><00:35:21.920><c> questions</c><00:35:22.280><c> from</c>

00:35:22.430 --> 00:35:22.440 align:start position:0%
know if there are any questions from
 

00:35:22.440 --> 00:35:24.550 align:start position:0%
know if there are any questions from
what<00:35:22.560><c> I</c><00:35:22.720><c> just</c><00:35:22.880><c> said</c><00:35:23.800><c> that</c><00:35:23.920><c> was</c><00:35:24.079><c> like</c><00:35:24.280><c> quite</c><00:35:24.400><c> a</c>

00:35:24.550 --> 00:35:24.560 align:start position:0%
what I just said that was like quite a
 

00:35:24.560 --> 00:35:39.829 align:start position:0%
what I just said that was like quite a
lot

00:35:39.829 --> 00:35:39.839 align:start position:0%
 
 

00:35:39.839 --> 00:35:41.589 align:start position:0%
 
okay<00:35:40.320><c> well</c><00:35:40.640><c> thanks</c><00:35:40.839><c> for</c><00:35:41.000><c> the</c><00:35:41.119><c> questions</c><00:35:41.480><c> these</c>

00:35:41.589 --> 00:35:41.599 align:start position:0%
okay well thanks for the questions these
 

00:35:41.599 --> 00:35:42.710 align:start position:0%
okay well thanks for the questions these
are<00:35:41.800><c> good</c>

00:35:42.710 --> 00:35:42.720 align:start position:0%
are good
 

00:35:42.720 --> 00:35:45.109 align:start position:0%
are good
so<00:35:43.720><c> let's</c><00:35:43.920><c> see</c>

00:35:45.109 --> 00:35:45.119 align:start position:0%
so let's see
 

00:35:45.119 --> 00:35:48.230 align:start position:0%
so let's see
moving<00:35:46.119><c> right</c><00:35:46.960><c> some</c><00:35:47.200><c> Builders</c><00:35:47.920><c> have</c><00:35:48.079><c> their</c>

00:35:48.230 --> 00:35:48.240 align:start position:0%
moving right some Builders have their
 

00:35:48.240 --> 00:35:50.069 align:start position:0%
moving right some Builders have their
own<00:35:48.440><c> Searchers</c><00:35:48.960><c> or</c>

00:35:50.069 --> 00:35:50.079 align:start position:0%
own Searchers or
 

00:35:50.079 --> 00:35:52.069 align:start position:0%
own Searchers or
something<00:35:51.079><c> right</c><00:35:51.280><c> what's</c><00:35:51.440><c> the</c><00:35:51.520><c> additional</c>

00:35:52.069 --> 00:35:52.079 align:start position:0%
something right what's the additional
 

00:35:52.079 --> 00:35:55.710 align:start position:0%
something right what's the additional
value<00:35:53.480><c> okay</c><00:35:54.480><c> uh</c><00:35:54.839><c> yeah</c><00:35:55.000><c> so</c><00:35:55.160><c> this</c><00:35:55.240><c> is</c><00:35:55.400><c> basically</c>

00:35:55.710 --> 00:35:55.720 align:start position:0%
value okay uh yeah so this is basically
 

00:35:55.720 --> 00:35:57.270 align:start position:0%
value okay uh yeah so this is basically
a<00:35:55.839><c> question</c><00:35:56.079><c> around</c><00:35:56.400><c> like</c><00:35:56.599><c> exclusive</c><00:35:57.000><c> order</c>

00:35:57.270 --> 00:35:57.280 align:start position:0%
a question around like exclusive order
 

00:35:57.280 --> 00:35:59.230 align:start position:0%
a question around like exclusive order
flow<00:35:57.800><c> I</c><00:35:57.880><c> think</c><00:35:58.000><c> is</c><00:35:58.240><c> sort</c><00:35:58.440><c> of</c><00:35:58.560><c> like</c><00:35:58.720><c> the</c><00:35:58.839><c> buzz</c>

00:35:59.230 --> 00:35:59.240 align:start position:0%
flow I think is sort of like the buzz
 

00:35:59.240 --> 00:36:02.030 align:start position:0%
flow I think is sort of like the buzz
phrase<00:35:59.599><c> that</c><00:35:59.720><c> you</c><00:35:59.800><c> would</c><00:35:59.960><c> hear</c><00:36:00.119><c> about</c><00:36:00.680><c> this</c>

00:36:02.030 --> 00:36:02.040 align:start position:0%
phrase that you would hear about this
 

00:36:02.040 --> 00:36:05.349 align:start position:0%
phrase that you would hear about this
and<00:36:03.040><c> yeah</c><00:36:03.560><c> like</c><00:36:03.839><c> the</c><00:36:04.000><c> idea</c><00:36:04.440><c> here</c><00:36:04.720><c> is</c><00:36:05.000><c> that</c><00:36:05.240><c> you</c>

00:36:05.349 --> 00:36:05.359 align:start position:0%
and yeah like the idea here is that you
 

00:36:05.359 --> 00:36:07.109 align:start position:0%
and yeah like the idea here is that you
know<00:36:05.599><c> the</c><00:36:05.720><c> way</c><00:36:05.880><c> you</c><00:36:06.000><c> should</c><00:36:06.480><c> the</c><00:36:06.599><c> way</c><00:36:06.800><c> at</c><00:36:06.880><c> least</c>

00:36:07.109 --> 00:36:07.119 align:start position:0%
know the way you should the way at least
 

00:36:07.119 --> 00:36:08.550 align:start position:0%
know the way you should the way at least
that<00:36:07.359><c> you</c><00:36:07.440><c> know</c><00:36:07.640><c> I</c><00:36:07.720><c> would</c><00:36:07.880><c> want</c><00:36:08.040><c> this</c><00:36:08.160><c> to</c><00:36:08.319><c> work</c>

00:36:08.550 --> 00:36:08.560 align:start position:0%
that you know I would want this to work
 

00:36:08.560 --> 00:36:11.790 align:start position:0%
that you know I would want this to work
is<00:36:08.680><c> that</c><00:36:08.880><c> these</c><00:36:09.000><c> are</c><00:36:09.200><c> all</c><00:36:09.800><c> like</c><00:36:10.800><c> uh</c>

00:36:11.790 --> 00:36:11.800 align:start position:0%
is that these are all like uh
 

00:36:11.800 --> 00:36:14.230 align:start position:0%
is that these are all like uh
independent<00:36:12.400><c> entities</c><00:36:13.119><c> that</c><00:36:13.359><c> you</c><00:36:13.480><c> know</c><00:36:14.000><c> maybe</c>

00:36:14.230 --> 00:36:14.240 align:start position:0%
independent entities that you know maybe
 

00:36:14.240 --> 00:36:15.950 align:start position:0%
independent entities that you know maybe
are<00:36:14.400><c> in</c><00:36:14.560><c> competition</c><00:36:15.000><c> in</c><00:36:15.160><c> some</c><00:36:15.400><c> sense</c><00:36:15.800><c> because</c>

00:36:15.950 --> 00:36:15.960 align:start position:0%
are in competition in some sense because
 

00:36:15.960 --> 00:36:18.030 align:start position:0%
are in competition in some sense because
then<00:36:16.160><c> that</c><00:36:16.319><c> drives</c><00:36:16.880><c> usually</c><00:36:17.200><c> better</c><00:36:17.440><c> to</c>

00:36:18.030 --> 00:36:18.040 align:start position:0%
then that drives usually better to
 

00:36:18.040 --> 00:36:21.710 align:start position:0%
then that drives usually better to
centralization<00:36:19.040><c> um</c><00:36:19.640><c> then</c><00:36:19.800><c> from</c><00:36:20.520><c> there</c><00:36:21.520><c> uh</c>

00:36:21.710 --> 00:36:21.720 align:start position:0%
centralization um then from there uh
 

00:36:21.720 --> 00:36:23.510 align:start position:0%
centralization um then from there uh
they<00:36:21.920><c> all</c><00:36:22.160><c> have</c><00:36:22.359><c> like</c><00:36:22.480><c> say</c><00:36:22.680><c> open</c><00:36:22.920><c> apis</c><00:36:23.400><c> like</c>

00:36:23.510 --> 00:36:23.520 align:start position:0%
they all have like say open apis like
 

00:36:23.520 --> 00:36:24.550 align:start position:0%
they all have like say open apis like
any<00:36:23.640><c> of</c><00:36:23.720><c> these</c><00:36:23.839><c> Services</c><00:36:24.280><c> these</c><00:36:24.440><c> like</c>

00:36:24.550 --> 00:36:24.560 align:start position:0%
any of these Services these like
 

00:36:24.560 --> 00:36:26.109 align:start position:0%
any of these Services these like
auctions<00:36:24.880><c> we're</c><00:36:25.079><c> talking</c><00:36:25.280><c> about</c><00:36:25.480><c> and</c><00:36:25.640><c> things</c>

00:36:26.109 --> 00:36:26.119 align:start position:0%
auctions we're talking about and things
 

00:36:26.119 --> 00:36:27.829 align:start position:0%
auctions we're talking about and things
they<00:36:26.200><c> should</c><00:36:26.400><c> be</c><00:36:26.599><c> like</c><00:36:26.760><c> independent</c><00:36:27.680><c> like</c>

00:36:27.829 --> 00:36:27.839 align:start position:0%
they should be like independent like
 

00:36:27.839 --> 00:36:29.390 align:start position:0%
they should be like independent like
open<00:36:28.079><c> in</c><00:36:28.200><c> some</c><00:36:28.400><c> sense</c><00:36:28.760><c> because</c><00:36:28.880><c> then</c><00:36:29.079><c> now</c><00:36:29.240><c> it</c>

00:36:29.390 --> 00:36:29.400 align:start position:0%
open in some sense because then now it
 

00:36:29.400 --> 00:36:31.030 align:start position:0%
open in some sense because then now it
like<00:36:29.520><c> lowers</c><00:36:29.880><c> the</c><00:36:30.000><c> playe</c><00:36:30.280><c> field</c><00:36:30.640><c> or</c><00:36:30.760><c> lowers</c>

00:36:31.030 --> 00:36:31.040 align:start position:0%
like lowers the playe field or lowers
 

00:36:31.040 --> 00:36:33.630 align:start position:0%
like lowers the playe field or lowers
the<00:36:31.119><c> barrier's</c><00:36:31.440><c> entry</c><00:36:32.319><c> to</c><00:36:32.480><c> level</c><00:36:32.720><c> the</c><00:36:32.800><c> playe</c>

00:36:33.630 --> 00:36:33.640 align:start position:0%
the barrier's entry to level the playe
 

00:36:33.640 --> 00:36:36.950 align:start position:0%
the barrier's entry to level the playe
field<00:36:34.760><c> so</c><00:36:35.760><c> it</c><00:36:35.839><c> turns</c><00:36:36.119><c> out</c><00:36:36.400><c> though</c><00:36:36.599><c> that</c><00:36:36.720><c> if</c><00:36:36.839><c> you</c>

00:36:36.950 --> 00:36:36.960 align:start position:0%
field so it turns out though that if you
 

00:36:36.960 --> 00:36:40.069 align:start position:0%
field so it turns out though that if you
deviate<00:36:37.560><c> from</c><00:36:37.800><c> this</c><00:36:38.079><c> nice</c><00:36:38.359><c> ideal</c><00:36:39.000><c> model</c><00:36:40.000><c> you</c>

00:36:40.069 --> 00:36:40.079 align:start position:0%
deviate from this nice ideal model you
 

00:36:40.079 --> 00:36:42.069 align:start position:0%
deviate from this nice ideal model you
can<00:36:40.240><c> make</c><00:36:40.400><c> more</c><00:36:40.599><c> money</c><00:36:41.480><c> and</c><00:36:41.599><c> so</c><00:36:41.760><c> this</c><00:36:41.839><c> is</c><00:36:41.960><c> what</c>

00:36:42.069 --> 00:36:42.079 align:start position:0%
can make more money and so this is what
 

00:36:42.079 --> 00:36:45.069 align:start position:0%
can make more money and so this is what
we<00:36:42.200><c> see</c><00:36:42.920><c> um</c><00:36:43.400><c> you</c><00:36:43.560><c> know</c><00:36:43.720><c> you</c><00:36:43.800><c> can</c><00:36:44.040><c> have</c><00:36:44.800><c> I</c><00:36:44.839><c> mean</c>

00:36:45.069 --> 00:36:45.079 align:start position:0%
we see um you know you can have I mean
 

00:36:45.079 --> 00:36:46.550 align:start position:0%
we see um you know you can have I mean
like<00:36:45.280><c> yeah</c><00:36:45.440><c> sort</c><00:36:45.599><c> of</c><00:36:45.800><c> like</c><00:36:45.920><c> a</c><00:36:46.240><c> very</c>

00:36:46.550 --> 00:36:46.560 align:start position:0%
like yeah sort of like a very
 

00:36:46.560 --> 00:36:48.349 align:start position:0%
like yeah sort of like a very
pathological<00:36:47.160><c> instance</c><00:36:47.520><c> you</c><00:36:47.599><c> can</c><00:36:47.760><c> imagine</c><00:36:48.160><c> is</c>

00:36:48.349 --> 00:36:48.359 align:start position:0%
pathological instance you can imagine is
 

00:36:48.359 --> 00:36:50.430 align:start position:0%
pathological instance you can imagine is
like<00:36:48.599><c> I'm</c><00:36:48.800><c> like</c><00:36:48.920><c> a</c><00:36:49.040><c> big</c><00:36:49.240><c> wallet</c><00:36:50.160><c> or</c><00:36:50.280><c> you're</c>

00:36:50.430 --> 00:36:50.440 align:start position:0%
like I'm like a big wallet or you're
 

00:36:50.440 --> 00:36:53.270 align:start position:0%
like I'm like a big wallet or you're
like<00:36:50.560><c> a</c><00:36:50.640><c> big</c><00:36:50.800><c> telegram</c><00:36:51.560><c> bot</c><00:36:52.560><c> uh</c><00:36:52.720><c> so</c><00:36:52.920><c> I</c><00:36:53.040><c> have</c>

00:36:53.270 --> 00:36:53.280 align:start position:0%
like a big telegram bot uh so I have
 

00:36:53.280 --> 00:36:54.630 align:start position:0%
like a big telegram bot uh so I have
maybe<00:36:53.520><c> already</c><00:36:53.760><c> a</c><00:36:53.839><c> lot</c><00:36:53.960><c> of</c><00:36:54.040><c> valuable</c><00:36:54.359><c> order</c>

00:36:54.630 --> 00:36:54.640 align:start position:0%
maybe already a lot of valuable order
 

00:36:54.640 --> 00:36:56.309 align:start position:0%
maybe already a lot of valuable order
flow<00:36:55.280><c> and</c><00:36:55.359><c> then</c><00:36:55.520><c> from</c><00:36:55.720><c> there</c><00:36:55.920><c> I</c><00:36:56.000><c> could</c><00:36:56.119><c> even</c>

00:36:56.309 --> 00:36:56.319 align:start position:0%
flow and then from there I could even
 

00:36:56.319 --> 00:36:58.390 align:start position:0%
flow and then from there I could even
like<00:36:56.440><c> solid</c><00:36:56.760><c> direct</c><00:36:57.000><c> L</c><00:36:57.119><c> to</c><00:36:57.240><c> some</c><00:36:57.560><c> Searcher</c>

00:36:58.390 --> 00:36:58.400 align:start position:0%
like solid direct L to some Searcher
 

00:36:58.400 --> 00:37:01.069 align:start position:0%
like solid direct L to some Searcher
there's<00:36:58.599><c> some</c><00:36:59.119><c> Builder</c><00:37:00.119><c> and</c><00:37:00.520><c> then</c><00:37:00.839><c> yeah</c><00:37:00.960><c> you</c>

00:37:01.069 --> 00:37:01.079 align:start position:0%
there's some Builder and then yeah you
 

00:37:01.079 --> 00:37:03.670 align:start position:0%
there's some Builder and then yeah you
end<00:37:01.240><c> up</c><00:37:01.359><c> with</c><00:37:01.520><c> this</c><00:37:01.680><c> like</c><00:37:01.880><c> very</c><00:37:02.119><c> sort</c><00:37:02.280><c> of</c><00:37:02.760><c> um</c>

00:37:03.670 --> 00:37:03.680 align:start position:0%
end up with this like very sort of um
 

00:37:03.680 --> 00:37:07.069 align:start position:0%
end up with this like very sort of um
perhaps<00:37:04.319><c> collusive</c><00:37:05.319><c> uh</c><00:37:05.560><c> arrangement</c><00:37:06.240><c> in</c><00:37:06.359><c> the</c>

00:37:07.069 --> 00:37:07.079 align:start position:0%
perhaps collusive uh arrangement in the
 

00:37:07.079 --> 00:37:09.870 align:start position:0%
perhaps collusive uh arrangement in the
world<00:37:08.079><c> and</c><00:37:08.599><c> that's</c><00:37:08.800><c> not</c><00:37:09.040><c> great</c><00:37:09.680><c> but</c>

00:37:09.870 --> 00:37:09.880 align:start position:0%
world and that's not great but
 

00:37:09.880 --> 00:37:11.630 align:start position:0%
world and that's not great but
ultimately<00:37:10.520><c> yeah</c><00:37:10.680><c> it</c><00:37:10.760><c> just</c><00:37:10.920><c> turns</c><00:37:11.200><c> out</c><00:37:11.440><c> that</c>

00:37:11.630 --> 00:37:11.640 align:start position:0%
ultimately yeah it just turns out that
 

00:37:11.640 --> 00:37:13.950 align:start position:0%
ultimately yeah it just turns out that
like<00:37:11.880><c> yeah</c><00:37:12.119><c> with</c><00:37:12.319><c> these</c><00:37:12.560><c> types</c><00:37:12.760><c> of</c><00:37:13.079><c> like</c><00:37:13.520><c> uh</c>

00:37:13.950 --> 00:37:13.960 align:start position:0%
like yeah with these types of like uh
 

00:37:13.960 --> 00:37:15.750 align:start position:0%
like yeah with these types of like uh
let's<00:37:14.119><c> say</c><00:37:14.319><c> agreements</c><00:37:14.920><c> then</c><00:37:15.200><c> yeah</c><00:37:15.400><c> you</c><00:37:15.560><c> can</c>

00:37:15.750 --> 00:37:15.760 align:start position:0%
let's say agreements then yeah you can
 

00:37:15.760 --> 00:37:18.510 align:start position:0%
let's say agreements then yeah you can
usually<00:37:16.240><c> make</c><00:37:16.440><c> more</c><00:37:17.000><c> money</c><00:37:18.000><c> uh</c><00:37:18.160><c> I</c><00:37:18.240><c> think</c><00:37:18.440><c> this</c>

00:37:18.510 --> 00:37:18.520 align:start position:0%
usually make more money uh I think this
 

00:37:18.520 --> 00:37:20.270 align:start position:0%
usually make more money uh I think this
is<00:37:18.680><c> like</c><00:37:18.839><c> sort</c><00:37:19.000><c> of</c><00:37:19.119><c> in</c><00:37:19.280><c> direct</c><00:37:19.599><c> conflict</c><00:37:20.079><c> with</c>

00:37:20.270 --> 00:37:20.280 align:start position:0%
is like sort of in direct conflict with
 

00:37:20.280 --> 00:37:22.510 align:start position:0%
is like sort of in direct conflict with
like<00:37:20.440><c> what</c><00:37:20.560><c> we</c><00:37:20.680><c> want</c><00:37:20.800><c> to</c><00:37:20.920><c> see</c><00:37:21.160><c> out</c><00:37:21.319><c> of</c><00:37:22.319><c> this</c>

00:37:22.510 --> 00:37:22.520 align:start position:0%
like what we want to see out of this
 

00:37:22.520 --> 00:37:25.109 align:start position:0%
like what we want to see out of this
part<00:37:22.640><c> of</c><00:37:22.760><c> the</c><00:37:22.880><c> world</c><00:37:23.400><c> but</c><00:37:24.000><c> that's</c><00:37:24.200><c> what</c><00:37:24.319><c> we</c>

00:37:25.109 --> 00:37:25.119 align:start position:0%
part of the world but that's what we
 

00:37:25.119 --> 00:37:27.150 align:start position:0%
part of the world but that's what we
have<00:37:26.119><c> uh</c><00:37:26.240><c> it's</c><00:37:26.359><c> very</c><00:37:26.480><c> hard</c><00:37:26.640><c> to</c><00:37:26.760><c> like</c><00:37:26.880><c> prevent</c>

00:37:27.150 --> 00:37:27.160 align:start position:0%
have uh it's very hard to like prevent
 

00:37:27.160 --> 00:37:29.150 align:start position:0%
have uh it's very hard to like prevent
these<00:37:27.280><c> things</c><00:37:27.599><c> in</c><00:37:27.760><c> protocol</c><00:37:28.160><c> or</c><00:37:28.359><c> like</c><00:37:28.560><c> with</c>

00:37:29.150 --> 00:37:29.160 align:start position:0%
these things in protocol or like with
 

00:37:29.160 --> 00:37:32.470 align:start position:0%
these things in protocol or like with
any<00:37:30.160><c> uh</c><00:37:30.560><c> anything</c><00:37:31.000><c> like</c><00:37:31.200><c> that</c><00:37:31.680><c> but</c><00:37:32.119><c> it</c><00:37:32.240><c> is</c><00:37:32.359><c> an</c>

00:37:32.470 --> 00:37:32.480 align:start position:0%
any uh anything like that but it is an
 

00:37:32.480 --> 00:37:33.829 align:start position:0%
any uh anything like that but it is an
interesting<00:37:32.800><c> research</c><00:37:33.200><c> question</c><00:37:33.480><c> so</c><00:37:33.599><c> if</c><00:37:33.680><c> you</c>

00:37:33.829 --> 00:37:33.839 align:start position:0%
interesting research question so if you
 

00:37:33.839 --> 00:37:35.069 align:start position:0%
interesting research question so if you
think<00:37:34.000><c> about</c><00:37:34.240><c> things</c><00:37:34.480><c> there</c><00:37:34.599><c> could</c><00:37:34.760><c> be</c><00:37:34.880><c> some</c>

00:37:35.069 --> 00:37:35.079 align:start position:0%
think about things there could be some
 

00:37:35.079 --> 00:37:37.109 align:start position:0%
think about things there could be some
fancy<00:37:35.480><c> mechanism</c><00:37:35.960><c> design</c><00:37:36.760><c> there</c><00:37:36.880><c> could</c><00:37:37.000><c> be</c>

00:37:37.109 --> 00:37:37.119 align:start position:0%
fancy mechanism design there could be
 

00:37:37.119 --> 00:37:39.710 align:start position:0%
fancy mechanism design there could be
fancy<00:37:37.599><c> cryptography</c><00:37:38.599><c> there's</c><00:37:39.480><c> there</c><00:37:39.560><c> are</c>

00:37:39.710 --> 00:37:39.720 align:start position:0%
fancy cryptography there's there are
 

00:37:39.720 --> 00:37:40.950 align:start position:0%
fancy cryptography there's there are
ways<00:37:39.880><c> to</c><00:37:40.000><c> think</c><00:37:40.160><c> about</c><00:37:40.400><c> this</c><00:37:40.599><c> that</c><00:37:40.720><c> I</c><00:37:40.800><c> think</c>

00:37:40.950 --> 00:37:40.960 align:start position:0%
ways to think about this that I think
 

00:37:40.960 --> 00:37:44.069 align:start position:0%
ways to think about this that I think
start<00:37:41.280><c> to</c><00:37:41.960><c> remove</c><00:37:42.680><c> the</c><00:37:43.000><c> ability</c><00:37:43.480><c> or</c><00:37:43.640><c> even</c><00:37:43.880><c> like</c>

00:37:44.069 --> 00:37:44.079 align:start position:0%
start to remove the ability or even like
 

00:37:44.079 --> 00:37:51.710 align:start position:0%
start to remove the ability or even like
desire<00:37:44.520><c> for</c><00:37:44.800><c> these</c><00:37:45.119><c> sort</c><00:37:45.319><c> of</c><00:37:45.480><c> like</c><00:37:45.640><c> back</c><00:37:45.880><c> room</c>

00:37:51.710 --> 00:37:51.720 align:start position:0%
 
 

00:37:51.720 --> 00:37:54.270 align:start position:0%
 
deals<00:37:52.720><c> what</c><00:37:52.880><c> about</c><00:37:53.079><c> moving</c><00:37:53.480><c> from</c><00:37:53.680><c> the</c><00:37:53.880><c> English</c>

00:37:54.270 --> 00:37:54.280 align:start position:0%
deals what about moving from the English
 

00:37:54.280 --> 00:37:57.069 align:start position:0%
deals what about moving from the English
auction<00:37:54.560><c> to</c><00:37:54.720><c> the</c><00:37:54.800><c> first</c><00:37:55.079><c> price</c><00:37:55.280><c> field</c><00:37:56.079><c> auction</c>

00:37:57.069 --> 00:37:57.079 align:start position:0%
auction to the first price field auction
 

00:37:57.079 --> 00:37:57.990 align:start position:0%
auction to the first price field auction
so

00:37:57.990 --> 00:37:58.000 align:start position:0%
so
 

00:37:58.000 --> 00:37:59.589 align:start position:0%
so
yeah<00:37:58.119><c> I'll</c><00:37:58.240><c> talk</c><00:37:58.400><c> a</c><00:37:58.520><c> bit</c><00:37:58.680><c> about</c><00:37:58.920><c> this</c><00:37:59.200><c> this</c><00:37:59.319><c> was</c>

00:37:59.589 --> 00:37:59.599 align:start position:0%
yeah I'll talk a bit about this this was
 

00:37:59.599 --> 00:38:02.349 align:start position:0%
yeah I'll talk a bit about this this was
kind<00:37:59.720><c> of</c><00:38:00.079><c> what</c><00:38:00.240><c> I</c><00:38:00.359><c> was</c><00:38:00.920><c> saying</c><00:38:01.920><c> with</c><00:38:02.079><c> this</c><00:38:02.240><c> like</c>

00:38:02.349 --> 00:38:02.359 align:start position:0%
kind of what I was saying with this like
 

00:38:02.359 --> 00:38:04.430 align:start position:0%
kind of what I was saying with this like
relay<00:38:02.839><c> sustainability</c><00:38:03.720><c> sort</c><00:38:03.960><c> of</c><00:38:04.280><c> uh</c>

00:38:04.430 --> 00:38:04.440 align:start position:0%
relay sustainability sort of uh
 

00:38:04.440 --> 00:38:07.309 align:start position:0%
relay sustainability sort of uh
experiment<00:38:04.880><c> that</c><00:38:05.000><c> has</c><00:38:05.119><c> been</c><00:38:05.240><c> playing</c><00:38:05.560><c> out</c><00:38:06.560><c> so</c>

00:38:07.309 --> 00:38:07.319 align:start position:0%
experiment that has been playing out so
 

00:38:07.319 --> 00:38:09.950 align:start position:0%
experiment that has been playing out so
the<00:38:07.480><c> way</c><00:38:08.160><c> to</c><00:38:08.359><c> think</c><00:38:08.560><c> about</c><00:38:08.839><c> it</c><00:38:09.400><c> sort</c><00:38:09.640><c> of</c><00:38:09.800><c> from</c>

00:38:09.950 --> 00:38:09.960 align:start position:0%
the way to think about it sort of from
 

00:38:09.960 --> 00:38:13.309 align:start position:0%
the way to think about it sort of from
the<00:38:10.119><c> beginning</c><00:38:10.680><c> was</c><00:38:11.119><c> that</c><00:38:12.119><c> Builders</c><00:38:12.560><c> would</c>

00:38:13.309 --> 00:38:13.319 align:start position:0%
the beginning was that Builders would
 

00:38:13.319 --> 00:38:15.950 align:start position:0%
the beginning was that Builders would
bid<00:38:14.319><c> uh</c><00:38:14.640><c> you</c><00:38:14.760><c> know</c><00:38:14.920><c> hopefully</c><00:38:15.359><c> the</c><00:38:15.480><c> true</c><00:38:15.720><c> value</c>

00:38:15.950 --> 00:38:15.960 align:start position:0%
bid uh you know hopefully the true value
 

00:38:15.960 --> 00:38:17.870 align:start position:0%
bid uh you know hopefully the true value
of<00:38:16.079><c> their</c><00:38:16.240><c> block</c><00:38:16.640><c> but</c><00:38:16.760><c> even</c><00:38:17.000><c> already</c><00:38:17.680><c> again</c>

00:38:17.870 --> 00:38:17.880 align:start position:0%
of their block but even already again
 

00:38:17.880 --> 00:38:19.390 align:start position:0%
of their block but even already again
these<00:38:18.000><c> are</c><00:38:18.119><c> all</c><00:38:18.280><c> public</c><00:38:18.520><c> endpoints</c><00:38:19.079><c> so</c><00:38:19.240><c> like</c>

00:38:19.390 --> 00:38:19.400 align:start position:0%
these are all public endpoints so like
 

00:38:19.400 --> 00:38:21.069 align:start position:0%
these are all public endpoints so like
Builders<00:38:19.839><c> have</c><00:38:20.119><c> like</c><00:38:20.240><c> sort</c><00:38:20.400><c> of</c><00:38:20.480><c> a</c><00:38:20.640><c> PVP</c>

00:38:21.069 --> 00:38:21.079 align:start position:0%
Builders have like sort of a PVP
 

00:38:21.079 --> 00:38:23.109 align:start position:0%
Builders have like sort of a PVP
mentality<00:38:21.760><c> where</c><00:38:22.480><c> they</c><00:38:22.599><c> could</c><00:38:22.720><c> look</c><00:38:22.839><c> at</c><00:38:22.960><c> other</c>

00:38:23.109 --> 00:38:23.119 align:start position:0%
mentality where they could look at other
 

00:38:23.119 --> 00:38:24.829 align:start position:0%
mentality where they could look at other
relays<00:38:23.640><c> to</c><00:38:23.800><c> figure</c><00:38:24.040><c> out</c><00:38:24.240><c> what</c><00:38:24.400><c> other</c><00:38:24.560><c> blocks</c>

00:38:24.829 --> 00:38:24.839 align:start position:0%
relays to figure out what other blocks
 

00:38:24.839 --> 00:38:27.270 align:start position:0%
relays to figure out what other blocks
there<00:38:25.000><c> were</c><00:38:25.319><c> and</c><00:38:25.440><c> they</c><00:38:25.560><c> could</c><00:38:25.680><c> try</c><00:38:25.839><c> to</c><00:38:26.079><c> have</c><00:38:26.960><c> re</c>

00:38:27.270 --> 00:38:27.280 align:start position:0%
there were and they could try to have re
 

00:38:27.280 --> 00:38:29.349 align:start position:0%
there were and they could try to have re
uh<00:38:27.520><c> responsive</c><00:38:27.960><c> strategies</c><00:38:28.640><c> and</c><00:38:29.000><c> and</c><00:38:29.240><c> you</c>

00:38:29.349 --> 00:38:29.359 align:start position:0%
uh responsive strategies and and you
 

00:38:29.359 --> 00:38:33.589 align:start position:0%
uh responsive strategies and and you
know<00:38:29.520><c> in</c><00:38:29.640><c> light</c><00:38:29.800><c> of</c><00:38:30.400><c> that</c><00:38:31.480><c> so</c><00:38:32.480><c> in</c><00:38:32.640><c> any</c><00:38:32.880><c> case</c><00:38:33.400><c> the</c>

00:38:33.589 --> 00:38:33.599 align:start position:0%
know in light of that so in any case the
 

00:38:33.599 --> 00:38:36.990 align:start position:0%
know in light of that so in any case the
idea<00:38:34.520><c> is</c><00:38:34.839><c> that</c><00:38:35.400><c> uh</c><00:38:35.640><c> I'm</c><00:38:35.760><c> a</c><00:38:35.920><c> builder</c><00:38:36.640><c> I</c><00:38:36.839><c> like</c>

00:38:36.990 --> 00:38:37.000 align:start position:0%
idea is that uh I'm a builder I like
 

00:38:37.000 --> 00:38:38.550 align:start position:0%
idea is that uh I'm a builder I like
basically<00:38:37.359><c> say</c><00:38:37.720><c> okay</c><00:38:37.880><c> you</c><00:38:38.000><c> know</c><00:38:38.280><c> if</c><00:38:38.400><c> this</c>

00:38:38.550 --> 00:38:38.560 align:start position:0%
basically say okay you know if this
 

00:38:38.560 --> 00:38:41.270 align:start position:0%
basically say okay you know if this
block<00:38:38.800><c> pays</c><00:38:39.000><c> me</c><00:38:39.200><c> X</c><00:38:40.119><c> I'm</c><00:38:40.200><c> going</c><00:38:40.319><c> to</c><00:38:40.520><c> pay</c><00:38:40.839><c> like</c><00:38:41.040><c> x</c>

00:38:41.270 --> 00:38:41.280 align:start position:0%
block pays me X I'm going to pay like x
 

00:38:41.280 --> 00:38:43.670 align:start position:0%
block pays me X I'm going to pay like x
minus<00:38:41.640><c> Epsilon</c><00:38:42.119><c> to</c><00:38:42.319><c> the</c><00:38:42.480><c> proposer</c><00:38:43.240><c> I</c><00:38:43.480><c> keep</c>

00:38:43.670 --> 00:38:43.680 align:start position:0%
minus Epsilon to the proposer I keep
 

00:38:43.680 --> 00:38:45.430 align:start position:0%
minus Epsilon to the proposer I keep
Epsilon<00:38:44.079><c> for</c><00:38:44.319><c> myself</c><00:38:44.760><c> that's</c><00:38:44.920><c> sort</c><00:38:45.079><c> of</c><00:38:45.240><c> like</c>

00:38:45.430 --> 00:38:45.440 align:start position:0%
Epsilon for myself that's sort of like
 

00:38:45.440 --> 00:38:46.710 align:start position:0%
Epsilon for myself that's sort of like
my<00:38:45.640><c> tip</c><00:38:45.839><c> for</c><00:38:46.000><c> the</c>

00:38:46.710 --> 00:38:46.720 align:start position:0%
my tip for the
 

00:38:46.720 --> 00:38:49.510 align:start position:0%
my tip for the
service<00:38:47.720><c> and</c><00:38:48.720><c> yeah</c><00:38:48.880><c> then</c><00:38:49.000><c> you</c><00:38:49.119><c> to</c><00:38:49.240><c> have</c><00:38:49.400><c> this</c>

00:38:49.510 --> 00:38:49.520 align:start position:0%
service and yeah then you to have this
 

00:38:49.520 --> 00:38:52.750 align:start position:0%
service and yeah then you to have this
bid<00:38:50.040><c> that</c><00:38:50.160><c> goes</c><00:38:50.359><c> into</c><00:38:50.800><c> this</c><00:38:51.119><c> this</c><00:38:51.599><c> auction</c><00:38:52.599><c> um</c>

00:38:52.750 --> 00:38:52.760 align:start position:0%
bid that goes into this this auction um
 

00:38:52.760 --> 00:38:53.790 align:start position:0%
bid that goes into this this auction um
and<00:38:52.839><c> this</c><00:38:52.960><c> is</c><00:38:53.040><c> what</c><00:38:53.119><c> we</c><00:38:53.200><c> mean</c><00:38:53.319><c> when</c><00:38:53.400><c> we</c><00:38:53.520><c> say</c>

00:38:53.790 --> 00:38:53.800 align:start position:0%
and this is what we mean when we say
 

00:38:53.800 --> 00:38:56.750 align:start position:0%
and this is what we mean when we say
like<00:38:54.520><c> uh</c><00:38:55.520><c> English</c><00:38:55.920><c> auction</c><00:38:56.400><c> yeah</c><00:38:56.520><c> let</c><00:38:56.640><c> me</c>

00:38:56.750 --> 00:38:56.760 align:start position:0%
like uh English auction yeah let me
 

00:38:56.760 --> 00:38:58.430 align:start position:0%
like uh English auction yeah let me
think<00:38:56.920><c> about</c><00:38:57.160><c> this</c><00:38:57.599><c> right</c><00:38:58.000><c> so</c><00:38:58.160><c> English</c>

00:38:58.430 --> 00:38:58.440 align:start position:0%
think about this right so English
 

00:38:58.440 --> 00:38:59.470 align:start position:0%
think about this right so English
auction<00:38:58.680><c> here</c><00:38:58.760><c> is</c><00:38:58.880><c> referring</c><00:38:59.119><c> to</c><00:38:59.240><c> the</c><00:38:59.319><c> fact</c>

00:38:59.470 --> 00:38:59.480 align:start position:0%
auction here is referring to the fact
 

00:38:59.480 --> 00:39:01.270 align:start position:0%
auction here is referring to the fact
that<00:38:59.680><c> like</c><00:38:59.800><c> the</c><00:38:59.920><c> bids</c><00:39:00.240><c> would</c><00:39:00.440><c> keep</c><00:39:00.640><c> going</c><00:39:00.920><c> up</c>

00:39:01.270 --> 00:39:01.280 align:start position:0%
that like the bids would keep going up
 

00:39:01.280 --> 00:39:02.870 align:start position:0%
that like the bids would keep going up
and<00:39:01.400><c> I</c><00:39:01.520><c> don't</c><00:39:01.760><c> even</c><00:39:02.000><c> know</c><00:39:02.200><c> if</c><00:39:02.359><c> I</c><00:39:02.440><c> would</c><00:39:02.640><c> say</c>

00:39:02.870 --> 00:39:02.880 align:start position:0%
and I don't even know if I would say
 

00:39:02.880 --> 00:39:06.750 align:start position:0%
and I don't even know if I would say
this<00:39:03.000><c> is</c><00:39:03.160><c> an</c><00:39:03.280><c> English</c><00:39:03.560><c> auction</c><00:39:04.599><c> actually</c>

00:39:06.750 --> 00:39:06.760 align:start position:0%
this is an English auction actually
 

00:39:06.760 --> 00:39:10.589 align:start position:0%
this is an English auction actually
um<00:39:07.760><c> if</c><00:39:07.960><c> anything</c><00:39:08.319><c> I</c><00:39:08.400><c> think</c><00:39:08.520><c> we'd</c><00:39:08.760><c> call</c><00:39:09.440><c> it</c><00:39:10.440><c> yeah</c>

00:39:10.589 --> 00:39:10.599 align:start position:0%
um if anything I think we'd call it yeah
 

00:39:10.599 --> 00:39:11.710 align:start position:0%
um if anything I think we'd call it yeah
maybe<00:39:10.800><c> I</c><00:39:10.880><c> don't</c><00:39:11.160><c> understand</c><00:39:11.280><c> that</c><00:39:11.440><c> question</c>

00:39:11.710 --> 00:39:11.720 align:start position:0%
maybe I don't understand that question
 

00:39:11.720 --> 00:39:13.630 align:start position:0%
maybe I don't understand that question
but<00:39:11.920><c> I</c><00:39:12.319><c> I</c><00:39:12.440><c> think</c><00:39:12.760><c> what</c><00:39:12.880><c> we</c><00:39:13.000><c> would</c><00:39:13.160><c> call</c><00:39:13.319><c> this</c><00:39:13.520><c> is</c>

00:39:13.630 --> 00:39:13.640 align:start position:0%
but I I think what we would call this is
 

00:39:13.640 --> 00:39:16.109 align:start position:0%
but I I think what we would call this is
a<00:39:13.800><c> first</c><00:39:14.160><c> price</c><00:39:14.560><c> open</c><00:39:14.880><c> auction</c><00:39:15.800><c> if</c><00:39:15.920><c> there</c><00:39:16.000><c> are</c>

00:39:16.109 --> 00:39:16.119 align:start position:0%
a first price open auction if there are
 

00:39:16.119 --> 00:39:17.750 align:start position:0%
a first price open auction if there are
any<00:39:16.240><c> auction</c><00:39:16.480><c> theorist</c><00:39:16.880><c> you</c><00:39:17.000><c> can</c><00:39:17.119><c> correct</c><00:39:17.400><c> me</c>

00:39:17.750 --> 00:39:17.760 align:start position:0%
any auction theorist you can correct me
 

00:39:17.760 --> 00:39:21.510 align:start position:0%
any auction theorist you can correct me
but<00:39:18.400><c> in</c><00:39:18.560><c> any</c><00:39:18.800><c> case</c><00:39:19.760><c> um</c><00:39:20.760><c> what</c><00:39:20.920><c> I</c><00:39:21.079><c> think</c><00:39:21.240><c> this</c><00:39:21.400><c> is</c>

00:39:21.510 --> 00:39:21.520 align:start position:0%
but in any case um what I think this is
 

00:39:21.520 --> 00:39:23.069 align:start position:0%
but in any case um what I think this is
asking<00:39:21.800><c> about</c><00:39:22.000><c> is</c><00:39:22.119><c> then</c><00:39:22.240><c> moving</c><00:39:22.560><c> from</c><00:39:22.800><c> that</c>

00:39:23.069 --> 00:39:23.079 align:start position:0%
asking about is then moving from that
 

00:39:23.079 --> 00:39:24.190 align:start position:0%
asking about is then moving from that
setting<00:39:23.440><c> where</c><00:39:23.599><c> basically</c><00:39:23.920><c> you're</c><00:39:24.079><c> just</c>

00:39:24.190 --> 00:39:24.200 align:start position:0%
setting where basically you're just
 

00:39:24.200 --> 00:39:26.870 align:start position:0%
setting where basically you're just
bidding<00:39:24.520><c> in</c><00:39:24.640><c> the</c><00:39:24.800><c> open</c><00:39:25.680><c> um</c><00:39:25.960><c> and</c><00:39:26.119><c> the</c><00:39:26.240><c> bids</c><00:39:26.480><c> are</c>

00:39:26.870 --> 00:39:26.880 align:start position:0%
bidding in the open um and the bids are
 

00:39:26.880 --> 00:39:29.069 align:start position:0%
bidding in the open um and the bids are
yeah<00:39:27.000><c> just</c><00:39:27.119><c> kind</c><00:39:27.240><c> of</c><00:39:27.440><c> they</c><00:39:27.520><c> can</c><00:39:27.640><c> be</c><00:39:28.079><c> whatever</c>

00:39:29.069 --> 00:39:29.079 align:start position:0%
yeah just kind of they can be whatever
 

00:39:29.079 --> 00:39:31.829 align:start position:0%
yeah just kind of they can be whatever
um<00:39:29.880><c> but</c><00:39:30.160><c> again</c><00:39:30.400><c> the</c><00:39:30.560><c> key</c><00:39:30.760><c> point</c><00:39:31.000><c> is</c><00:39:31.280><c> that</c>

00:39:31.829 --> 00:39:31.839 align:start position:0%
um but again the key point is that
 

00:39:31.839 --> 00:39:34.309 align:start position:0%
um but again the key point is that
whatever<00:39:32.280><c> you</c><00:39:32.480><c> bid</c><00:39:32.720><c> is</c><00:39:32.880><c> what</c><00:39:33.000><c> you</c><00:39:33.200><c> pay</c><00:39:34.200><c> there</c>

00:39:34.309 --> 00:39:34.319 align:start position:0%
whatever you bid is what you pay there
 

00:39:34.319 --> 00:39:37.150 align:start position:0%
whatever you bid is what you pay there
are<00:39:34.520><c> fancier</c><00:39:35.119><c> auction</c><00:39:35.560><c> designs</c><00:39:36.319><c> where</c><00:39:36.920><c> maybe</c>

00:39:37.150 --> 00:39:37.160 align:start position:0%
are fancier auction designs where maybe
 

00:39:37.160 --> 00:39:38.950 align:start position:0%
are fancier auction designs where maybe
you<00:39:37.280><c> have</c><00:39:37.400><c> a</c><00:39:37.520><c> set</c><00:39:37.680><c> of</c><00:39:37.839><c> bids</c><00:39:38.359><c> from</c><00:39:38.599><c> people</c><00:39:38.839><c> who</c>

00:39:38.950 --> 00:39:38.960 align:start position:0%
you have a set of bids from people who
 

00:39:38.960 --> 00:39:41.030 align:start position:0%
you have a set of bids from people who
are<00:39:39.240><c> like</c><00:39:39.800><c> you</c><00:39:39.920><c> know</c><00:39:40.119><c> trying</c><00:39:40.400><c> to</c><00:39:40.560><c> like</c><00:39:40.680><c> sell</c><00:39:40.920><c> a</c>

00:39:41.030 --> 00:39:41.040 align:start position:0%
are like you know trying to like sell a
 

00:39:41.040 --> 00:39:42.829 align:start position:0%
are like you know trying to like sell a
good<00:39:41.240><c> or</c><00:39:41.400><c> something</c><00:39:42.359><c> and</c><00:39:42.440><c> then</c><00:39:42.560><c> you</c><00:39:42.680><c> could</c>

00:39:42.829 --> 00:39:42.839 align:start position:0%
good or something and then you could
 

00:39:42.839 --> 00:39:44.430 align:start position:0%
good or something and then you could
imagine<00:39:43.119><c> doing</c><00:39:43.400><c> more</c><00:39:43.599><c> sophisticated</c><00:39:44.240><c> things</c>

00:39:44.430 --> 00:39:44.440 align:start position:0%
imagine doing more sophisticated things
 

00:39:44.440 --> 00:39:46.390 align:start position:0%
imagine doing more sophisticated things
to<00:39:44.640><c> like</c><00:39:44.760><c> score</c><00:39:45.160><c> the</c><00:39:45.319><c> outcome</c><00:39:45.960><c> of</c><00:39:46.119><c> like</c><00:39:46.280><c> the</c>

00:39:46.390 --> 00:39:46.400 align:start position:0%
to like score the outcome of like the
 

00:39:46.400 --> 00:39:48.430 align:start position:0%
to like score the outcome of like the
whole<00:39:46.520><c> set</c><00:39:46.680><c> of</c><00:39:46.800><c> bids</c><00:39:47.760><c> and</c><00:39:47.880><c> this</c><00:39:48.000><c> is</c><00:39:48.119><c> now</c><00:39:48.319><c> what</c>

00:39:48.430 --> 00:39:48.440 align:start position:0%
whole set of bids and this is now what
 

00:39:48.440 --> 00:39:50.030 align:start position:0%
whole set of bids and this is now what
this<00:39:48.599><c> like</c><00:39:48.760><c> first</c><00:39:49.040><c> price</c><00:39:49.280><c> versus</c><00:39:49.760><c> versus</c>

00:39:50.030 --> 00:39:50.040 align:start position:0%
this like first price versus versus
 

00:39:50.040 --> 00:39:52.950 align:start position:0%
this like first price versus versus
second<00:39:50.280><c> price</c><00:39:50.480><c> is</c><00:39:50.640><c> referring</c><00:39:50.960><c> to</c><00:39:51.440><c> where</c><00:39:52.440><c> um</c>

00:39:52.950 --> 00:39:52.960 align:start position:0%
second price is referring to where um
 

00:39:52.960 --> 00:39:54.470 align:start position:0%
second price is referring to where um
again<00:39:53.119><c> there's</c><00:39:53.280><c> a</c><00:39:53.400><c> result</c><00:39:53.599><c> in</c><00:39:53.760><c> auction</c><00:39:54.040><c> Theory</c>

00:39:54.470 --> 00:39:54.480 align:start position:0%
again there's a result in auction Theory
 

00:39:54.480 --> 00:39:56.950 align:start position:0%
again there's a result in auction Theory
where<00:39:55.480><c> if</c><00:39:55.599><c> you</c><00:39:55.720><c> have</c><00:39:55.839><c> a</c><00:39:55.960><c> set</c><00:39:56.119><c> of</c><00:39:56.280><c> bids</c><00:39:56.640><c> sort</c><00:39:56.839><c> of</c>

00:39:56.950 --> 00:39:56.960 align:start position:0%
where if you have a set of bids sort of
 

00:39:56.960 --> 00:39:59.309 align:start position:0%
where if you have a set of bids sort of
like<00:39:57.079><c> the</c><00:39:57.520><c> best</c><00:39:58.240><c> auction</c><00:39:58.640><c> you</c><00:39:58.760><c> can</c><00:39:58.960><c> think</c><00:39:59.119><c> of</c>

00:39:59.309 --> 00:39:59.319 align:start position:0%
like the best auction you can think of
 

00:39:59.319 --> 00:40:01.829 align:start position:0%
like the best auction you can think of
ever<00:39:59.560><c> having</c><00:39:59.920><c> is</c><00:40:00.119><c> one</c><00:40:00.440><c> where</c><00:40:01.200><c> everyone</c><00:40:01.599><c> just</c>

00:40:01.829 --> 00:40:01.839 align:start position:0%
ever having is one where everyone just
 

00:40:01.839 --> 00:40:04.829 align:start position:0%
ever having is one where everyone just
bids<00:40:02.839><c> and</c><00:40:03.400><c> what</c><00:40:03.520><c> you</c><00:40:03.680><c> do</c><00:40:04.000><c> is</c><00:40:04.160><c> you</c><00:40:04.359><c> basically</c>

00:40:04.829 --> 00:40:04.839 align:start position:0%
bids and what you do is you basically
 

00:40:04.839 --> 00:40:06.510 align:start position:0%
bids and what you do is you basically
charge<00:40:05.480><c> the</c><00:40:05.599><c> second</c>

00:40:06.510 --> 00:40:06.520 align:start position:0%
charge the second
 

00:40:06.520 --> 00:40:09.589 align:start position:0%
charge the second
price<00:40:07.520><c> um</c><00:40:08.520><c> because</c><00:40:08.720><c> that's</c><00:40:08.960><c> basically</c><00:40:09.440><c> like</c>

00:40:09.589 --> 00:40:09.599 align:start position:0%
price um because that's basically like
 

00:40:09.599 --> 00:40:11.430 align:start position:0%
price um because that's basically like
the<00:40:09.720><c> only</c><00:40:09.920><c> thing</c><00:40:10.040><c> you</c><00:40:10.160><c> would</c><00:40:10.359><c> have</c><00:40:10.480><c> to</c><00:40:10.720><c> pay</c><00:40:11.280><c> if</c>

00:40:11.430 --> 00:40:11.440 align:start position:0%
the only thing you would have to pay if
 

00:40:11.440 --> 00:40:13.790 align:start position:0%
the only thing you would have to pay if
that<00:40:11.560><c> makes</c><00:40:12.000><c> sense</c><00:40:13.000><c> uh</c><00:40:13.200><c> and</c><00:40:13.359><c> the</c><00:40:13.480><c> reason</c><00:40:13.680><c> you</c>

00:40:13.790 --> 00:40:13.800 align:start position:0%
that makes sense uh and the reason you
 

00:40:13.800 --> 00:40:15.550 align:start position:0%
that makes sense uh and the reason you
do<00:40:13.960><c> this</c><00:40:14.119><c> is</c><00:40:14.319><c> because</c><00:40:14.680><c> there's</c><00:40:14.960><c> now</c><00:40:15.200><c> like</c><00:40:15.319><c> no</c>

00:40:15.550 --> 00:40:15.560 align:start position:0%
do this is because there's now like no
 

00:40:15.560 --> 00:40:17.430 align:start position:0%
do this is because there's now like no
strategies<00:40:16.240><c> around</c><00:40:16.640><c> like</c><00:40:16.880><c> different</c><00:40:17.119><c> bidding</c>

00:40:17.430 --> 00:40:17.440 align:start position:0%
strategies around like different bidding
 

00:40:17.440 --> 00:40:18.750 align:start position:0%
strategies around like different bidding
games<00:40:17.680><c> you</c><00:40:17.760><c> can</c><00:40:17.960><c> play</c><00:40:18.240><c> that</c><00:40:18.400><c> become</c>

00:40:18.750 --> 00:40:18.760 align:start position:0%
games you can play that become
 

00:40:18.760 --> 00:40:21.829 align:start position:0%
games you can play that become
pathological<00:40:19.480><c> and</c><00:40:19.640><c> and</c><00:40:19.760><c> all</c><00:40:20.160><c> this</c><00:40:21.160><c> so</c><00:40:21.400><c> in</c><00:40:21.520><c> any</c>

00:40:21.829 --> 00:40:21.839 align:start position:0%
pathological and and all this so in any
 

00:40:21.839 --> 00:40:24.270 align:start position:0%
pathological and and all this so in any
case<00:40:22.839><c> uh</c><00:40:23.359><c> we</c><00:40:23.520><c> now</c><00:40:23.640><c> have</c><00:40:23.760><c> this</c><00:40:23.880><c> thing</c><00:40:24.040><c> I</c><00:40:24.119><c> was</c>

00:40:24.270 --> 00:40:24.280 align:start position:0%
case uh we now have this thing I was
 

00:40:24.280 --> 00:40:26.630 align:start position:0%
case uh we now have this thing I was
describing<00:40:24.920><c> where</c><00:40:25.880><c> uh</c><00:40:25.960><c> the</c><00:40:26.079><c> relays</c><00:40:26.480><c> some</c><00:40:26.560><c> of</c>

00:40:26.630 --> 00:40:26.640 align:start position:0%
describing where uh the relays some of
 

00:40:26.640 --> 00:40:28.430 align:start position:0%
describing where uh the relays some of
the<00:40:26.720><c> relays</c><00:40:26.960><c> have</c><00:40:27.079><c> exper</c><00:40:27.319><c> exped</c><00:40:27.720><c> with</c><00:40:27.920><c> having</c>

00:40:28.430 --> 00:40:28.440 align:start position:0%
the relays have exper exped with having
 

00:40:28.440 --> 00:40:31.349 align:start position:0%
the relays have exper exped with having
like<00:40:29.200><c> um</c><00:40:30.200><c> yeah</c><00:40:30.440><c> different</c><00:40:30.760><c> different</c><00:40:31.000><c> ways</c><00:40:31.160><c> to</c>

00:40:31.349 --> 00:40:31.359 align:start position:0%
like um yeah different different ways to
 

00:40:31.359 --> 00:40:33.950 align:start position:0%
like um yeah different different ways to
process<00:40:31.640><c> the</c><00:40:31.800><c> bids</c><00:40:32.400><c> and</c><00:40:33.079><c> the</c><00:40:33.240><c> idea</c><00:40:33.680><c> with</c><00:40:33.839><c> this</c>

00:40:33.950 --> 00:40:33.960 align:start position:0%
process the bids and the idea with this
 

00:40:33.960 --> 00:40:35.950 align:start position:0%
process the bids and the idea with this
one<00:40:34.200><c> is</c><00:40:34.359><c> that</c><00:40:34.599><c> okay</c><00:40:34.720><c> you</c><00:40:34.800><c> have</c><00:40:34.880><c> a</c><00:40:35.000><c> relay</c><00:40:35.760><c> who</c>

00:40:35.950 --> 00:40:35.960 align:start position:0%
one is that okay you have a relay who
 

00:40:35.960 --> 00:40:38.790 align:start position:0%
one is that okay you have a relay who
observes<00:40:36.359><c> all</c><00:40:36.520><c> their</c><00:40:37.040><c> relays</c><00:40:38.040><c> and</c><00:40:38.280><c> let's</c><00:40:38.480><c> say</c>

00:40:38.790 --> 00:40:38.800 align:start position:0%
observes all their relays and let's say
 

00:40:38.800 --> 00:40:41.430 align:start position:0%
observes all their relays and let's say
like<00:40:39.319><c> you</c><00:40:39.440><c> know</c><00:40:40.319><c> the</c><00:40:40.520><c> highest</c><00:40:40.839><c> bit</c><00:40:41.119><c> from</c><00:40:41.280><c> some</c>

00:40:41.430 --> 00:40:41.440 align:start position:0%
like you know the highest bit from some
 

00:40:41.440 --> 00:40:44.790 align:start position:0%
like you know the highest bit from some
other<00:40:41.599><c> relay</c><00:40:41.960><c> is</c><00:40:42.119><c> like</c><00:40:42.599><c> X</c><00:40:43.599><c> and</c><00:40:44.280><c> the</c><00:40:44.440><c> builder</c>

00:40:44.790 --> 00:40:44.800 align:start position:0%
other relay is like X and the builder
 

00:40:44.800 --> 00:40:49.309 align:start position:0%
other relay is like X and the builder
then<00:40:44.960><c> is</c><00:40:45.079><c> bidding</c><00:40:45.520><c> like</c><00:40:45.720><c> X</c><00:40:45.960><c> over</c><00:40:46.680><c> two</c><00:40:48.160><c> um</c><00:40:49.160><c> let's</c>

00:40:49.309 --> 00:40:49.319 align:start position:0%
then is bidding like X over two um let's
 

00:40:49.319 --> 00:40:51.710 align:start position:0%
then is bidding like X over two um let's
see<00:40:49.480><c> how</c><00:40:49.599><c> would</c><00:40:49.760><c> this</c><00:40:50.280><c> work</c><00:40:51.280><c> it's</c><00:40:51.400><c> hard</c><00:40:51.560><c> to</c>

00:40:51.710 --> 00:40:51.720 align:start position:0%
see how would this work it's hard to
 

00:40:51.720 --> 00:40:55.670 align:start position:0%
see how would this work it's hard to
describe<00:40:52.079><c> out</c><00:40:52.280><c> loud</c><00:40:52.880><c> so</c><00:40:53.880><c> you</c><00:40:54.040><c> only</c><00:40:54.319><c> need</c>

00:40:55.670 --> 00:40:55.680 align:start position:0%
describe out loud so you only need
 

00:40:55.680 --> 00:41:00.069 align:start position:0%
describe out loud so you only need
the<00:40:56.680><c> let's</c><00:40:56.880><c> see</c>

00:41:00.069 --> 00:41:00.079 align:start position:0%
 
 

00:41:00.079 --> 00:41:02.270 align:start position:0%
 
it<00:41:00.200><c> does</c><00:41:00.359><c> it</c><00:41:00.480><c> go</c><00:41:00.599><c> the</c><00:41:00.720><c> other</c><00:41:00.920><c> way</c><00:41:01.800><c> so</c><00:41:02.000><c> I</c><00:41:02.079><c> think</c>

00:41:02.270 --> 00:41:02.280 align:start position:0%
it does it go the other way so I think
 

00:41:02.280 --> 00:41:03.870 align:start position:0%
it does it go the other way so I think
then<00:41:02.400><c> it</c><00:41:02.520><c> might</c><00:41:02.680><c> be</c><00:41:02.800><c> the</c><00:41:02.960><c> case</c><00:41:03.319><c> that</c><00:41:03.480><c> you</c><00:41:03.640><c> have</c>

00:41:03.870 --> 00:41:03.880 align:start position:0%
then it might be the case that you have
 

00:41:03.880 --> 00:41:10.270 align:start position:0%
then it might be the case that you have
the<00:41:04.079><c> Builder</c><00:41:05.000><c> who</c><00:41:05.520><c> is</c><00:41:05.720><c> going</c><00:41:05.920><c> to</c>

00:41:10.270 --> 00:41:10.280 align:start position:0%
 
 

00:41:10.280 --> 00:41:12.910 align:start position:0%
 
bid<00:41:11.280><c> yeah</c><00:41:12.079><c> I'd</c><00:41:12.240><c> have</c><00:41:12.319><c> to</c><00:41:12.440><c> think</c><00:41:12.560><c> about</c><00:41:12.720><c> this</c><00:41:12.839><c> to</c>

00:41:12.910 --> 00:41:12.920 align:start position:0%
bid yeah I'd have to think about this to
 

00:41:12.920 --> 00:41:15.069 align:start position:0%
bid yeah I'd have to think about this to
give<00:41:13.000><c> you</c><00:41:13.079><c> a</c><00:41:13.160><c> nice</c><00:41:13.440><c> example</c><00:41:14.040><c> but</c><00:41:14.480><c> the</c><00:41:14.640><c> point</c><00:41:14.920><c> is</c>

00:41:15.069 --> 00:41:15.079 align:start position:0%
give you a nice example but the point is
 

00:41:15.079 --> 00:41:18.309 align:start position:0%
give you a nice example but the point is
is<00:41:15.400><c> that</c><00:41:16.400><c> uh</c><00:41:17.240><c> if</c><00:41:17.359><c> you</c><00:41:17.480><c> have</c><00:41:17.599><c> a</c><00:41:17.720><c> builder</c><00:41:18.000><c> locally</c>

00:41:18.309 --> 00:41:18.319 align:start position:0%
is that uh if you have a builder locally
 

00:41:18.319 --> 00:41:21.510 align:start position:0%
is that uh if you have a builder locally
who's<00:41:18.960><c> overpaying</c><00:41:19.960><c> then</c><00:41:20.960><c> uh</c><00:41:21.119><c> there's</c><00:41:21.359><c> no</c>

00:41:21.510 --> 00:41:21.520 align:start position:0%
who's overpaying then uh there's no
 

00:41:21.520 --> 00:41:23.109 align:start position:0%
who's overpaying then uh there's no
reason<00:41:21.720><c> for</c><00:41:21.839><c> them</c><00:41:21.920><c> to</c><00:41:22.079><c> overpay</c><00:41:22.680><c> relative</c><00:41:23.000><c> to</c>

00:41:23.109 --> 00:41:23.119 align:start position:0%
reason for them to overpay relative to
 

00:41:23.119 --> 00:41:24.630 align:start position:0%
reason for them to overpay relative to
someone<00:41:23.359><c> else</c><00:41:23.760><c> because</c><00:41:24.040><c> otherwise</c><00:41:24.440><c> if</c><00:41:24.520><c> they</c>

00:41:24.630 --> 00:41:24.640 align:start position:0%
someone else because otherwise if they
 

00:41:24.640 --> 00:41:26.190 align:start position:0%
someone else because otherwise if they
had<00:41:24.760><c> not</c><00:41:24.960><c> bid</c><00:41:25.280><c> then</c><00:41:25.359><c> the</c><00:41:25.480><c> next</c><00:41:25.680><c> Builder</c><00:41:26.040><c> would</c>

00:41:26.190 --> 00:41:26.200 align:start position:0%
had not bid then the next Builder would
 

00:41:26.200 --> 00:41:27.550 align:start position:0%
had not bid then the next Builder would
have<00:41:26.359><c> won</c><00:41:26.599><c> and</c><00:41:26.680><c> they</c><00:41:26.760><c> would</c><00:41:26.880><c> have</c><00:41:26.960><c> paid</c><00:41:27.359><c> much</c>

00:41:27.550 --> 00:41:27.560 align:start position:0%
have won and they would have paid much
 

00:41:27.560 --> 00:41:29.150 align:start position:0%
have won and they would have paid much
less<00:41:28.240><c> and</c><00:41:28.319><c> so</c><00:41:28.480><c> that's</c><00:41:28.599><c> where</c><00:41:28.720><c> you</c><00:41:28.839><c> think</c><00:41:29.000><c> get</c>

00:41:29.150 --> 00:41:29.160 align:start position:0%
less and so that's where you think get
 

00:41:29.160 --> 00:41:31.829 align:start position:0%
less and so that's where you think get
this<00:41:29.319><c> like</c><00:41:29.480><c> rebate</c><00:41:30.440><c> function</c><00:41:31.440><c> yeah</c><00:41:31.599><c> actually</c>

00:41:31.829 --> 00:41:31.839 align:start position:0%
this like rebate function yeah actually
 

00:41:31.839 --> 00:41:32.750 align:start position:0%
this like rebate function yeah actually
this<00:41:32.000><c> might</c>

00:41:32.750 --> 00:41:32.760 align:start position:0%
this might
 

00:41:32.760 --> 00:41:49.470 align:start position:0%
this might
help<00:41:33.760><c> if</c><00:41:33.880><c> I</c><00:41:33.960><c> can</c><00:41:34.079><c> just</c><00:41:34.200><c> draw</c><00:41:34.440><c> this</c>

00:41:49.470 --> 00:41:49.480 align:start position:0%
 
 

00:41:49.480 --> 00:41:53.470 align:start position:0%
 
out<00:41:50.480><c> I</c><00:41:50.599><c> think</c><00:41:50.920><c> this</c><00:41:51.079><c> works</c><00:41:52.079><c> I</c><00:41:52.160><c> just</c><00:41:52.280><c> need</c><00:41:52.400><c> to</c>

00:41:53.470 --> 00:41:53.480 align:start position:0%
out I think this works I just need to
 

00:41:53.480 --> 00:41:58.990 align:start position:0%
out I think this works I just need to
scribble<00:41:54.480><c> so</c>

00:41:58.990 --> 00:41:59.000 align:start position:0%
 
 

00:41:59.000 --> 00:42:00.430 align:start position:0%
 
I<00:41:59.079><c> think</c><00:41:59.240><c> this</c><00:41:59.319><c> will</c><00:41:59.480><c> be</c><00:41:59.599><c> clear</c><00:42:00.000><c> so</c><00:42:00.240><c> like</c><00:42:00.359><c> you</c>

00:42:00.430 --> 00:42:00.440 align:start position:0%
I think this will be clear so like you
 

00:42:00.440 --> 00:42:03.309 align:start position:0%
I think this will be clear so like you
can<00:42:00.599><c> imagine</c><00:42:00.960><c> there's</c><00:42:01.200><c> like</c><00:42:01.319><c> relay</c><00:42:02.079><c> a</c><00:42:03.079><c> and</c>

00:42:03.309 --> 00:42:03.319 align:start position:0%
can imagine there's like relay a and
 

00:42:03.319 --> 00:42:07.390 align:start position:0%
can imagine there's like relay a and
relay<00:42:04.440><c> B</c><00:42:05.440><c> and</c><00:42:05.520><c> so</c><00:42:05.760><c> the</c><00:42:05.920><c> idea</c><00:42:06.319><c> then</c><00:42:06.520><c> is</c><00:42:06.800><c> like</c><00:42:07.240><c> you</c>

00:42:07.390 --> 00:42:07.400 align:start position:0%
relay B and so the idea then is like you
 

00:42:07.400 --> 00:42:11.630 align:start position:0%
relay B and so the idea then is like you
know<00:42:07.839><c> Builder</c><00:42:08.400><c> one</c><00:42:09.000><c> is</c><00:42:09.119><c> going</c><00:42:09.240><c> to</c><00:42:09.720><c> bid</c>

00:42:11.630 --> 00:42:11.640 align:start position:0%
know Builder one is going to bid
 

00:42:11.640 --> 00:42:15.309 align:start position:0%
know Builder one is going to bid
X<00:42:12.640><c> Builder</c><00:42:13.440><c> two</c><00:42:14.000><c> is</c><00:42:14.119><c> going</c><00:42:14.240><c> to</c><00:42:14.560><c> bid</c><00:42:15.119><c> I</c><00:42:15.200><c> don't</c>

00:42:15.309 --> 00:42:15.319 align:start position:0%
X Builder two is going to bid I don't
 

00:42:15.319 --> 00:42:16.829 align:start position:0%
X Builder two is going to bid I don't
know<00:42:15.560><c> let's</c><00:42:15.760><c> say</c>

00:42:16.829 --> 00:42:16.839 align:start position:0%
know let's say
 

00:42:16.839 --> 00:42:20.150 align:start position:0%
know let's say
2X<00:42:17.839><c> and</c><00:42:18.040><c> so</c><00:42:18.400><c> the</c><00:42:18.599><c> idea</c><00:42:19.079><c> then</c><00:42:19.280><c> is</c>

00:42:20.150 --> 00:42:20.160 align:start position:0%
2X and so the idea then is
 

00:42:20.160 --> 00:42:22.549 align:start position:0%
2X and so the idea then is
that

00:42:22.549 --> 00:42:22.559 align:start position:0%
that
 

00:42:22.559 --> 00:42:27.230 align:start position:0%
that
um<00:42:23.559><c> right</c><00:42:23.800><c> let</c><00:42:23.920><c> me</c><00:42:24.079><c> flip</c><00:42:24.480><c> this</c><00:42:25.640><c> 3x</c><00:42:26.640><c> okay</c><00:42:26.760><c> so</c><00:42:26.920><c> the</c>

00:42:27.230 --> 00:42:27.240 align:start position:0%
um right let me flip this 3x okay so the
 

00:42:27.240 --> 00:42:28.390 align:start position:0%
um right let me flip this 3x okay so the
idea<00:42:27.480><c> then</c><00:42:27.640><c> is</c>

00:42:28.390 --> 00:42:28.400 align:start position:0%
idea then is
 

00:42:28.400 --> 00:42:31.870 align:start position:0%
idea then is
that<00:42:29.400><c> if</c><00:42:29.520><c> you</c><00:42:29.720><c> had</c><00:42:30.000><c> this</c><00:42:30.520><c> set</c><00:42:30.760><c> up</c><00:42:31.280><c> where</c><00:42:31.760><c> the</c>

00:42:31.870 --> 00:42:31.880 align:start position:0%
that if you had this set up where the
 

00:42:31.880 --> 00:42:33.710 align:start position:0%
that if you had this set up where the
Builder<00:42:32.280><c> here</c><00:42:32.440><c> is</c><00:42:32.640><c> going</c><00:42:32.800><c> to</c><00:42:32.920><c> pay</c><00:42:33.119><c> 3x</c><00:42:33.520><c> and</c><00:42:33.640><c> the</c>

00:42:33.710 --> 00:42:33.720 align:start position:0%
Builder here is going to pay 3x and the
 

00:42:33.720 --> 00:42:35.230 align:start position:0%
Builder here is going to pay 3x and the
Builder<00:42:34.000><c> here</c><00:42:34.160><c> was</c><00:42:34.280><c> going</c><00:42:34.400><c> to</c><00:42:34.559><c> pay</c>

00:42:35.230 --> 00:42:35.240 align:start position:0%
Builder here was going to pay
 

00:42:35.240 --> 00:42:38.790 align:start position:0%
Builder here was going to pay
2x<00:42:36.240><c> if</c><00:42:36.400><c> Builder</c><00:42:36.760><c> one</c><00:42:37.200><c> did</c><00:42:37.400><c> not</c><00:42:37.640><c> bid</c><00:42:38.480><c> imagine</c>

00:42:38.790 --> 00:42:38.800 align:start position:0%
2x if Builder one did not bid imagine
 

00:42:38.800 --> 00:42:41.069 align:start position:0%
2x if Builder one did not bid imagine
this<00:42:38.880><c> is</c><00:42:39.040><c> not</c><00:42:39.319><c> here</c><00:42:40.119><c> then</c><00:42:40.520><c> the</c><00:42:40.640><c> auction</c><00:42:40.960><c> would</c>

00:42:41.069 --> 00:42:41.079 align:start position:0%
this is not here then the auction would
 

00:42:41.079 --> 00:42:44.030 align:start position:0%
this is not here then the auction would
have<00:42:41.160><c> been</c><00:42:41.319><c> one</c><00:42:41.920><c> by</c><00:42:42.280><c> 2X</c><00:42:43.240><c> and</c><00:42:43.400><c> X</c><00:42:43.680><c> I</c><00:42:43.720><c> don't</c><00:42:43.839><c> know</c><00:42:43.960><c> I</c>

00:42:44.030 --> 00:42:44.040 align:start position:0%
have been one by 2X and X I don't know I
 

00:42:44.040 --> 00:42:45.270 align:start position:0%
have been one by 2X and X I don't know I
can<00:42:44.119><c> make</c><00:42:44.280><c> these</c><00:42:44.440><c> concrete</c><00:42:44.720><c> numbers</c><00:42:44.960><c> but</c><00:42:45.079><c> say</c>

00:42:45.270 --> 00:42:45.280 align:start position:0%
can make these concrete numbers but say
 

00:42:45.280 --> 00:42:48.510 align:start position:0%
can make these concrete numbers but say
x<00:42:45.440><c> is</c><00:42:45.599><c> just</c><00:42:45.839><c> like</c><00:42:46.359><c> an</c><00:42:46.800><c> eth</c><00:42:47.800><c> so</c><00:42:48.000><c> say</c><00:42:48.160><c> this</c><00:42:48.240><c> is</c><00:42:48.359><c> two</c>

00:42:48.510 --> 00:42:48.520 align:start position:0%
x is just like an eth so say this is two
 

00:42:48.520 --> 00:42:50.670 align:start position:0%
x is just like an eth so say this is two
e<00:42:48.680><c> and</c><00:42:48.800><c> 3</c><00:42:48.960><c> e</c><00:42:49.200><c> and</c><00:42:49.280><c> the</c><00:42:49.400><c> idea</c><00:42:49.720><c> then</c><00:42:49.880><c> is</c><00:42:50.160><c> that</c><00:42:50.559><c> you</c>

00:42:50.670 --> 00:42:50.680 align:start position:0%
e and 3 e and the idea then is that you
 

00:42:50.680 --> 00:42:53.950 align:start position:0%
e and 3 e and the idea then is that you
know<00:42:50.839><c> if</c><00:42:50.920><c> you</c><00:42:51.040><c> want</c><00:42:51.160><c> to</c><00:42:51.319><c> like</c><00:42:51.440><c> draw</c><00:42:51.760><c> this</c><00:42:52.200><c> out</c>

00:42:53.950 --> 00:42:53.960 align:start position:0%
know if you want to like draw this out
 

00:42:53.960 --> 00:42:57.349 align:start position:0%
know if you want to like draw this out
two<00:42:54.960><c> versus</c><00:42:55.440><c> three</c><00:42:55.800><c> something</c><00:42:56.119><c> like</c><00:42:56.359><c> this</c><00:42:57.200><c> if</c>

00:42:57.349 --> 00:42:57.359 align:start position:0%
two versus three something like this if
 

00:42:57.359 --> 00:43:00.030 align:start position:0%
two versus three something like this if
this<00:42:57.480><c> was</c><00:42:57.640><c> not</c><00:42:58.359><c> here</c><00:42:59.359><c> because</c><00:42:59.640><c> this</c><00:42:59.760><c> was</c><00:42:59.920><c> the</c>

00:43:00.030 --> 00:43:00.040 align:start position:0%
this was not here because this was the
 

00:43:00.040 --> 00:43:02.270 align:start position:0%
this was not here because this was the
second<00:43:00.319><c> highest</c><00:43:00.640><c> bid</c><00:43:01.280><c> then</c><00:43:01.559><c> this</c><00:43:01.880><c> bid</c><00:43:02.160><c> would</c>

00:43:02.270 --> 00:43:02.280 align:start position:0%
second highest bid then this bid would
 

00:43:02.280 --> 00:43:03.870 align:start position:0%
second highest bid then this bid would
have<00:43:02.440><c> won</c><00:43:02.599><c> the</c><00:43:02.720><c> auction</c><00:43:03.200><c> if</c><00:43:03.319><c> this</c><00:43:03.440><c> Builder</c><00:43:03.760><c> was</c>

00:43:03.870 --> 00:43:03.880 align:start position:0%
have won the auction if this Builder was
 

00:43:03.880 --> 00:43:05.109 align:start position:0%
have won the auction if this Builder was
not

00:43:05.109 --> 00:43:05.119 align:start position:0%
not
 

00:43:05.119 --> 00:43:07.390 align:start position:0%
not
here<00:43:06.119><c> when</c><00:43:06.280><c> the</c><00:43:06.400><c> Builder</c><00:43:06.680><c> is</c><00:43:06.880><c> here</c><00:43:07.240><c> they're</c>

00:43:07.390 --> 00:43:07.400 align:start position:0%
here when the Builder is here they're
 

00:43:07.400 --> 00:43:08.910 align:start position:0%
here when the Builder is here they're
obviously<00:43:07.640><c> going</c><00:43:07.720><c> to</c><00:43:07.839><c> win</c><00:43:07.960><c> the</c><00:43:08.079><c> auction</c><00:43:08.720><c> but</c>

00:43:08.910 --> 00:43:08.920 align:start position:0%
obviously going to win the auction but
 

00:43:08.920 --> 00:43:10.670 align:start position:0%
obviously going to win the auction but
this<00:43:09.079><c> in</c><00:43:09.200><c> some</c><00:43:09.440><c> sense</c><00:43:09.680><c> sets</c><00:43:10.000><c> like</c><00:43:10.119><c> a</c><00:43:10.240><c> floor</c><00:43:10.559><c> or</c>

00:43:10.670 --> 00:43:10.680 align:start position:0%
this in some sense sets like a floor or
 

00:43:10.680 --> 00:43:12.069 align:start position:0%
this in some sense sets like a floor or
a<00:43:10.800><c> ceiling</c><00:43:11.240><c> depending</c><00:43:11.520><c> on</c><00:43:11.599><c> how</c><00:43:11.680><c> you</c><00:43:11.800><c> look</c><00:43:11.920><c> at</c>

00:43:12.069 --> 00:43:12.079 align:start position:0%
a ceiling depending on how you look at
 

00:43:12.079 --> 00:43:14.470 align:start position:0%
a ceiling depending on how you look at
it<00:43:12.280><c> for</c><00:43:12.520><c> the</c><00:43:12.640><c> auction</c><00:43:12.960><c> itself</c><00:43:13.480><c> and</c><00:43:13.640><c> so</c><00:43:14.319><c> what</c>

00:43:14.470 --> 00:43:14.480 align:start position:0%
it for the auction itself and so what
 

00:43:14.480 --> 00:43:16.430 align:start position:0%
it for the auction itself and so what
this<00:43:14.599><c> means</c><00:43:14.960><c> is</c><00:43:15.240><c> that</c><00:43:15.720><c> Builder</c><00:43:16.040><c> one</c><00:43:16.319><c> could</c>

00:43:16.430 --> 00:43:16.440 align:start position:0%
this means is that Builder one could
 

00:43:16.440 --> 00:43:20.870 align:start position:0%
this means is that Builder one could
have<00:43:16.680><c> paid</c><00:43:17.040><c> 2.1</c><00:43:17.880><c> eth</c><00:43:18.280><c> let's</c><00:43:18.920><c> say</c><00:43:19.920><c> and</c><00:43:20.319><c> one</c>

00:43:20.870 --> 00:43:20.880 align:start position:0%
have paid 2.1 eth let's say and one
 

00:43:20.880 --> 00:43:22.309 align:start position:0%
have paid 2.1 eth let's say and one
right<00:43:21.079><c> and</c><00:43:21.200><c> so</c><00:43:21.359><c> that's</c><00:43:21.480><c> the</c><00:43:21.760><c> intuition</c><00:43:22.200><c> here</c>

00:43:22.309 --> 00:43:22.319 align:start position:0%
right and so that's the intuition here
 

00:43:22.319 --> 00:43:23.990 align:start position:0%
right and so that's the intuition here
is<00:43:22.480><c> that</c><00:43:22.680><c> this</c><00:43:22.800><c> relay</c><00:43:23.200><c> then</c><00:43:23.400><c> can</c><00:43:23.599><c> basically</c>

00:43:23.990 --> 00:43:24.000 align:start position:0%
is that this relay then can basically
 

00:43:24.000 --> 00:43:26.870 align:start position:0%
is that this relay then can basically
rebate<00:43:24.440><c> the</c><00:43:24.559><c> Builder</c><00:43:25.119><c> some</c><00:43:25.359><c> amount</c><00:43:25.760><c> here</c><00:43:26.680><c> say</c>

00:43:26.870 --> 00:43:26.880 align:start position:0%
rebate the Builder some amount here say
 

00:43:26.880 --> 00:43:28.710 align:start position:0%
rebate the Builder some amount here say
now<00:43:27.240><c> there's</c><00:43:27.480><c> like</c><00:43:27.680><c> you</c><00:43:27.839><c> know</c><00:43:28.319><c> what</c><00:43:28.440><c> is</c><00:43:28.559><c> that</c>

00:43:28.710 --> 00:43:28.720 align:start position:0%
now there's like you know what is that
 

00:43:28.720 --> 00:43:32.549 align:start position:0%
now there's like you know what is that
1.9<00:43:29.800><c> e</c><00:43:30.800><c> uh</c><00:43:31.480><c> that</c><00:43:31.720><c> doesn't</c><00:43:32.000><c> really</c><00:43:32.200><c> need</c><00:43:32.359><c> to</c><00:43:32.440><c> be</c>

00:43:32.549 --> 00:43:32.559 align:start position:0%
1.9 e uh that doesn't really need to be
 

00:43:32.559 --> 00:43:33.950 align:start position:0%
1.9 e uh that doesn't really need to be
paid<00:43:32.760><c> to</c><00:43:32.880><c> the</c><00:43:33.000><c> proposer</c><00:43:33.400><c> and</c><00:43:33.520><c> could</c><00:43:33.680><c> just</c><00:43:33.800><c> be</c>

00:43:33.950 --> 00:43:33.960 align:start position:0%
paid to the proposer and could just be
 

00:43:33.960 --> 00:43:35.270 align:start position:0%
paid to the proposer and could just be
sort<00:43:34.119><c> of</c><00:43:34.240><c> retained</c><00:43:34.680><c> within</c><00:43:34.880><c> the</c><00:43:34.960><c> relay</c>

00:43:35.270 --> 00:43:35.280 align:start position:0%
sort of retained within the relay
 

00:43:35.280 --> 00:43:38.390 align:start position:0%
sort of retained within the relay
Builder<00:43:35.880><c> system</c><00:43:36.880><c> and</c><00:43:37.160><c> that's</c><00:43:37.800><c> what</c><00:43:38.040><c> this</c><00:43:38.200><c> sort</c>

00:43:38.390 --> 00:43:38.400 align:start position:0%
Builder system and that's what this sort
 

00:43:38.400 --> 00:43:41.630 align:start position:0%
Builder system and that's what this sort
of<00:43:39.200><c> uh</c><00:43:40.200><c> I</c><00:43:40.280><c> don't</c><00:43:40.440><c> even</c><00:43:40.640><c> have</c><00:43:40.760><c> like</c><00:43:40.880><c> a</c><00:43:41.000><c> nice</c><00:43:41.400><c> name</c>

00:43:41.630 --> 00:43:41.640 align:start position:0%
of uh I don't even have like a nice name
 

00:43:41.640 --> 00:43:43.349 align:start position:0%
of uh I don't even have like a nice name
for<00:43:41.880><c> this</c><00:43:42.200><c> but</c><00:43:42.559><c> there's</c><00:43:42.760><c> like</c><00:43:42.880><c> a</c><00:43:43.079><c> rebate</c>

00:43:43.349 --> 00:43:43.359 align:start position:0%
for this but there's like a rebate
 

00:43:43.359 --> 00:43:44.870 align:start position:0%
for this but there's like a rebate
function<00:43:43.640><c> Builder</c><00:43:43.960><c> rebates</c><00:43:44.400><c> is</c><00:43:44.559><c> probably</c><00:43:44.720><c> the</c>

00:43:44.870 --> 00:43:44.880 align:start position:0%
function Builder rebates is probably the
 

00:43:44.880 --> 00:43:46.790 align:start position:0%
function Builder rebates is probably the
best<00:43:45.040><c> way</c><00:43:45.119><c> to</c><00:43:45.280><c> describe</c><00:43:45.599><c> it</c><00:43:46.160><c> there's</c><00:43:46.559><c> a</c><00:43:46.720><c> a</c>

00:43:46.790 --> 00:43:46.800 align:start position:0%
best way to describe it there's a a
 

00:43:46.800 --> 00:43:48.069 align:start position:0%
best way to describe it there's a a
builder<00:43:47.040><c> rebate</c><00:43:47.400><c> thing</c><00:43:47.559><c> here</c><00:43:47.680><c> where</c><00:43:47.839><c> now</c><00:43:47.960><c> the</c>

00:43:48.069 --> 00:43:48.079 align:start position:0%
builder rebate thing here where now the
 

00:43:48.079 --> 00:43:50.030 align:start position:0%
builder rebate thing here where now the
Relay<00:43:48.440><c> can</c><00:43:48.599><c> say</c><00:43:48.920><c> Okay</c><00:43:49.520><c> rather</c><00:43:49.760><c> than</c><00:43:49.880><c> you</c>

00:43:50.030 --> 00:43:50.040 align:start position:0%
Relay can say Okay rather than you
 

00:43:50.040 --> 00:43:51.950 align:start position:0%
Relay can say Okay rather than you
paying<00:43:50.319><c> all</c><00:43:50.440><c> of</c><00:43:50.559><c> this</c><00:43:50.680><c> to</c><00:43:50.800><c> the</c><00:43:50.920><c> proposer</c><00:43:51.839><c> we</c>

00:43:51.950 --> 00:43:51.960 align:start position:0%
paying all of this to the proposer we
 

00:43:51.960 --> 00:43:53.630 align:start position:0%
paying all of this to the proposer we
can<00:43:52.119><c> keep</c><00:43:52.319><c> some</c><00:43:52.599><c> and</c><00:43:52.720><c> then</c><00:43:53.119><c> you</c><00:43:53.200><c> know</c><00:43:53.359><c> split</c>

00:43:53.630 --> 00:43:53.640 align:start position:0%
can keep some and then you know split
 

00:43:53.640 --> 00:43:55.390 align:start position:0%
can keep some and then you know split
this<00:43:53.760><c> up</c><00:43:53.920><c> between</c><00:43:54.160><c> ourselves</c><00:43:55.000><c> it</c><00:43:55.119><c> could</c><00:43:55.240><c> be</c>

00:43:55.390 --> 00:43:55.400 align:start position:0%
this up between ourselves it could be
 

00:43:55.400 --> 00:43:57.790 align:start position:0%
this up between ourselves it could be
like<00:43:55.559><c> 50</c><00:43:55.839><c> to</c><00:43:56.000><c> the</c><00:43:56.119><c> relay</c><00:43:56.520><c> 50%</c><00:43:56.920><c> to</c><00:43:57.160><c> relay</c><00:43:57.359><c> 50%</c><00:43:57.720><c> to</c>

00:43:57.790 --> 00:43:57.800 align:start position:0%
like 50 to the relay 50% to relay 50% to
 

00:43:57.800 --> 00:44:00.390 align:start position:0%
like 50 to the relay 50% to relay 50% to
the<00:43:57.920><c> Builder</c><00:43:58.920><c> could</c><00:43:59.040><c> be</c><00:43:59.200><c> other</c><00:43:59.400><c> things</c><00:43:59.920><c> but</c>

00:44:00.390 --> 00:44:00.400 align:start position:0%
the Builder could be other things but
 

00:44:00.400 --> 00:44:01.829 align:start position:0%
the Builder could be other things but
now<00:44:00.520><c> you</c><00:44:00.680><c> go</c><00:44:00.839><c> from</c><00:44:01.040><c> having</c><00:44:01.319><c> absolutely</c><00:44:01.680><c> no</c>

00:44:01.829 --> 00:44:01.839 align:start position:0%
now you go from having absolutely no
 

00:44:01.839 --> 00:44:05.790 align:start position:0%
now you go from having absolutely no
Revenue<00:44:02.160><c> in</c><00:44:02.240><c> the</c><00:44:02.319><c> relay</c><00:44:02.640><c> to</c><00:44:02.800><c> now</c><00:44:03.000><c> having</c>

00:44:05.790 --> 00:44:05.800 align:start position:0%
 
 

00:44:05.800 --> 00:44:07.710 align:start position:0%
 
some<00:44:06.800><c> I</c><00:44:06.880><c> think</c><00:44:07.040><c> that's</c><00:44:07.200><c> all</c><00:44:07.319><c> I'm</c><00:44:07.400><c> going</c><00:44:07.480><c> to</c><00:44:07.559><c> say</c>

00:44:07.710 --> 00:44:07.720 align:start position:0%
some I think that's all I'm going to say
 

00:44:07.720 --> 00:44:27.390 align:start position:0%
some I think that's all I'm going to say
about<00:44:08.200><c> that</c><00:44:09.200><c> question</c>

00:44:27.390 --> 00:44:27.400 align:start position:0%
 
 

00:44:27.400 --> 00:44:31.270 align:start position:0%
 
so<00:44:28.040><c> yeah</c><00:44:28.720><c> so</c><00:44:29.000><c> yeah</c><00:44:29.440><c> the</c><00:44:29.720><c> the</c><00:44:30.119><c> um</c><00:44:30.880><c> yeah</c><00:44:31.079><c> the</c>

00:44:31.270 --> 00:44:31.280 align:start position:0%
so yeah so yeah the the um yeah the
 

00:44:31.280 --> 00:44:33.069 align:start position:0%
so yeah so yeah the the um yeah the
proposer<00:44:31.839><c> is</c><00:44:31.960><c> only</c><00:44:32.240><c> interacting</c><00:44:32.720><c> with</c><00:44:32.880><c> one</c>

00:44:33.069 --> 00:44:33.079 align:start position:0%
proposer is only interacting with one
 

00:44:33.079 --> 00:44:37.790 align:start position:0%
proposer is only interacting with one
relay<00:44:33.480><c> meaning</c><00:44:33.880><c> that</c><00:44:35.160><c> um</c><00:44:36.160><c> the</c><00:44:36.520><c> builders</c><00:44:37.160><c> don't</c>

00:44:37.790 --> 00:44:37.800 align:start position:0%
relay meaning that um the builders don't
 

00:44:37.800 --> 00:44:40.510 align:start position:0%
relay meaning that um the builders don't
are<00:44:38.000><c> not</c><00:44:38.280><c> aware</c><00:44:38.680><c> of</c><00:44:38.960><c> what</c><00:44:39.520><c> the</c><00:44:39.680><c> other</c><00:44:40.000><c> Builder</c>

00:44:40.510 --> 00:44:40.520 align:start position:0%
are not aware of what the other Builder
 

00:44:40.520 --> 00:44:44.390 align:start position:0%
are not aware of what the other Builder
are<00:44:41.319><c> um</c><00:44:41.880><c> bidding</c><00:44:42.880><c> uh</c><00:44:43.160><c> about</c><00:44:43.400><c> the</c><00:44:43.520><c> other</c><00:44:43.880><c> bits</c>

00:44:44.390 --> 00:44:44.400 align:start position:0%
are um bidding uh about the other bits
 

00:44:44.400 --> 00:44:46.109 align:start position:0%
are um bidding uh about the other bits
meaning<00:44:44.800><c> that</c><00:44:45.040><c> we</c><00:44:45.200><c> can</c><00:44:45.480><c> increase</c><00:44:45.960><c> the</c>

00:44:46.109 --> 00:44:46.119 align:start position:0%
meaning that we can increase the
 

00:44:46.119 --> 00:44:51.109 align:start position:0%
meaning that we can increase the
Winner's<00:44:47.079><c> curse</c><00:44:48.319><c> and</c><00:44:49.319><c> mainly</c><00:44:49.880><c> for</c><00:44:50.880><c> uh</c>

00:44:51.109 --> 00:44:51.119 align:start position:0%
Winner's curse and mainly for uh
 

00:44:51.119 --> 00:44:53.549 align:start position:0%
Winner's curse and mainly for uh
integrated<00:44:51.760><c> Builders</c><00:44:52.640><c> so</c><00:44:52.960><c> because</c><00:44:53.200><c> we</c><00:44:53.359><c> don't</c>

00:44:53.549 --> 00:44:53.559 align:start position:0%
integrated Builders so because we don't
 

00:44:53.559 --> 00:44:55.870 align:start position:0%
integrated Builders so because we don't
really<00:44:53.760><c> know</c><00:44:54.000><c> how</c><00:44:54.160><c> much</c><00:44:54.440><c> are</c><00:44:54.839><c> like</c><00:44:55.520><c> what</c><00:44:55.680><c> the</c>

00:44:55.870 --> 00:44:55.880 align:start position:0%
really know how much are like what the
 

00:44:55.880 --> 00:45:02.230 align:start position:0%
really know how much are like what the
what<00:44:56.000><c> other</c><00:44:56.480><c> margins</c><00:44:57.359><c> with</c><00:44:57.599><c> the</c><00:44:58.480><c> uh</c><00:44:58.680><c> six</c>

00:45:02.230 --> 00:45:02.240 align:start position:0%
 
 

00:45:02.240 --> 00:45:04.710 align:start position:0%
 
arbitrages<00:45:03.240><c> uh</c><00:45:03.839><c> yeah</c><00:45:04.000><c> sorry</c><00:45:04.319><c> what</c><00:45:04.440><c> was</c><00:45:04.559><c> the</c>

00:45:04.710 --> 00:45:04.720 align:start position:0%
arbitrages uh yeah sorry what was the
 

00:45:04.720 --> 00:45:08.030 align:start position:0%
arbitrages uh yeah sorry what was the
question<00:45:05.119><c> exactly</c><00:45:05.960><c> I</c><00:45:06.839><c> is</c><00:45:06.960><c> it</c><00:45:07.119><c> make</c><00:45:07.319><c> sense</c><00:45:07.839><c> like</c>

00:45:08.030 --> 00:45:08.040 align:start position:0%
question exactly I is it make sense like
 

00:45:08.040 --> 00:45:11.750 align:start position:0%
question exactly I is it make sense like
to<00:45:08.440><c> to</c><00:45:08.839><c> switch</c><00:45:09.160><c> to</c><00:45:09.400><c> first</c><00:45:09.800><c> price</c><00:45:10.040><c> s</c><00:45:10.359><c> auction</c><00:45:10.800><c> to</c>

00:45:11.750 --> 00:45:11.760 align:start position:0%
to to switch to first price s auction to
 

00:45:11.760 --> 00:45:14.950 align:start position:0%
to to switch to first price s auction to
uh<00:45:12.000><c> increase</c><00:45:12.920><c> uh</c><00:45:13.440><c> the</c><00:45:13.720><c> rewards</c><00:45:14.319><c> because</c><00:45:14.839><c> in</c>

00:45:14.950 --> 00:45:14.960 align:start position:0%
uh increase uh the rewards because in
 

00:45:14.960 --> 00:45:18.190 align:start position:0%
uh increase uh the rewards because in
the<00:45:15.119><c> English</c><00:45:15.559><c> auction</c><00:45:16.480><c> like</c><00:45:17.200><c> the</c><00:45:17.640><c> builders</c>

00:45:18.190 --> 00:45:18.200 align:start position:0%
the English auction like the builders
 

00:45:18.200 --> 00:45:20.549 align:start position:0%
the English auction like the builders
are<00:45:18.599><c> looking</c><00:45:19.000><c> at</c><00:45:19.319><c> each</c><00:45:19.480><c> others</c><00:45:20.040><c> and</c><00:45:20.200><c> they</c><00:45:20.319><c> will</c>

00:45:20.549 --> 00:45:20.559 align:start position:0%
are looking at each others and they will
 

00:45:20.559 --> 00:45:24.190 align:start position:0%
are looking at each others and they will
just<00:45:20.839><c> outbid</c><00:45:21.599><c> at</c><00:45:21.760><c> the</c><00:45:21.960><c> last</c><00:45:22.760><c> you</c><00:45:22.920><c> know</c><00:45:23.880><c> at</c><00:45:24.040><c> the</c>

00:45:24.190 --> 00:45:24.200 align:start position:0%
just outbid at the last you know at the
 

00:45:24.200 --> 00:45:27.230 align:start position:0%
just outbid at the last you know at the
end<00:45:25.000><c> so</c><00:45:25.480><c> if</c><00:45:25.680><c> we</c><00:45:25.800><c> are</c><00:45:26.040><c> moving</c><00:45:26.359><c> to</c><00:45:26.520><c> a</c><00:45:26.640><c> first</c><00:45:27.000><c> price</c>

00:45:27.230 --> 00:45:27.240 align:start position:0%
end so if we are moving to a first price
 

00:45:27.240 --> 00:45:28.230 align:start position:0%
end so if we are moving to a first price
SE

00:45:28.230 --> 00:45:28.240 align:start position:0%
SE
 

00:45:28.240 --> 00:45:30.790 align:start position:0%
SE
auction<00:45:29.240><c> we</c><00:45:29.359><c> have</c><00:45:29.520><c> to</c><00:45:29.680><c> suppose</c><00:45:30.200><c> that</c><00:45:30.559><c> there's</c>

00:45:30.790 --> 00:45:30.800 align:start position:0%
auction we have to suppose that there's
 

00:45:30.800 --> 00:45:32.270 align:start position:0%
auction we have to suppose that there's
only<00:45:31.079><c> one</c><00:45:31.319><c> relay</c><00:45:31.720><c> because</c><00:45:31.960><c> I</c><00:45:32.079><c> guess</c><00:45:32.200><c> it</c>

00:45:32.270 --> 00:45:32.280 align:start position:0%
only one relay because I guess it
 

00:45:32.280 --> 00:45:33.630 align:start position:0%
only one relay because I guess it
doesn't<00:45:32.520><c> make</c><00:45:32.680><c> sense</c><00:45:32.839><c> to</c><00:45:33.000><c> have</c><00:45:33.160><c> different</c>

00:45:33.630 --> 00:45:33.640 align:start position:0%
doesn't make sense to have different
 

00:45:33.640 --> 00:45:36.630 align:start position:0%
doesn't make sense to have different
auctions<00:45:34.160><c> types</c><00:45:34.800><c> between</c><00:45:35.160><c> relays</c><00:45:36.040><c> so</c><00:45:36.359><c> we</c><00:45:36.520><c> have</c>

00:45:36.630 --> 00:45:36.640 align:start position:0%
auctions types between relays so we have
 

00:45:36.640 --> 00:45:39.069 align:start position:0%
auctions types between relays so we have
to<00:45:36.760><c> be</c><00:45:36.880><c> sure</c><00:45:37.160><c> that</c><00:45:37.359><c> there</c><00:45:37.480><c> is</c><00:45:37.640><c> only</c><00:45:37.880><c> one</c><00:45:38.119><c> relay</c>

00:45:39.069 --> 00:45:39.079 align:start position:0%
to be sure that there is only one relay
 

00:45:39.079 --> 00:45:42.390 align:start position:0%
to be sure that there is only one relay
um<00:45:39.760><c> if</c><00:45:39.960><c> it's</c><00:45:40.160><c> a</c><00:45:40.359><c> good</c><00:45:40.599><c> way</c><00:45:40.839><c> to</c><00:45:41.319><c> increase</c><00:45:41.960><c> this</c>

00:45:42.390 --> 00:45:42.400 align:start position:0%
um if it's a good way to increase this
 

00:45:42.400 --> 00:45:45.470 align:start position:0%
um if it's a good way to increase this
Windows<00:45:42.760><c> C</c><00:45:43.119><c> because</c><00:45:43.400><c> I</c><00:45:43.559><c> I</c><00:45:43.720><c> I</c><00:45:43.880><c> think</c><00:45:44.160><c> that</c><00:45:44.920><c> some</c>

00:45:45.470 --> 00:45:45.480 align:start position:0%
Windows C because I I I think that some
 

00:45:45.480 --> 00:45:47.870 align:start position:0%
Windows C because I I I think that some
market<00:45:45.800><c> makers</c><00:45:46.520><c> are</c><00:45:46.839><c> really</c><00:45:47.119><c> want</c><00:45:47.559><c> some</c>

00:45:47.870 --> 00:45:47.880 align:start position:0%
market makers are really want some
 

00:45:47.880 --> 00:45:50.750 align:start position:0%
market makers are really want some
blocks<00:45:48.880><c> and</c><00:45:49.040><c> they</c><00:45:49.160><c> are</c><00:45:49.559><c> willing</c><00:45:49.920><c> to</c><00:45:50.160><c> pay</c><00:45:50.400><c> more</c>

00:45:50.750 --> 00:45:50.760 align:start position:0%
blocks and they are willing to pay more
 

00:45:50.760 --> 00:45:53.630 align:start position:0%
blocks and they are willing to pay more
that<00:45:51.040><c> what</c><00:45:51.200><c> they're</c><00:45:51.440><c> actually</c><00:45:52.240><c> paying</c><00:45:52.920><c> at</c><00:45:53.040><c> the</c>

00:45:53.630 --> 00:45:53.640 align:start position:0%
that what they're actually paying at the
 

00:45:53.640 --> 00:45:56.270 align:start position:0%
that what they're actually paying at the
moment<00:45:54.640><c> yeah</c><00:45:54.920><c> it's</c><00:45:55.040><c> a</c><00:45:55.200><c> good</c><00:45:55.480><c> question</c><00:45:56.040><c> and</c>

00:45:56.270 --> 00:45:56.280 align:start position:0%
moment yeah it's a good question and
 

00:45:56.280 --> 00:45:58.710 align:start position:0%
moment yeah it's a good question and
like<00:45:57.040><c> I</c><00:45:57.160><c> guess</c><00:45:57.359><c> like</c><00:45:57.559><c> the</c><00:45:57.800><c> first</c><00:45:58.079><c> thing</c><00:45:58.240><c> to</c><00:45:58.400><c> say</c>

00:45:58.710 --> 00:45:58.720 align:start position:0%
like I guess like the first thing to say
 

00:45:58.720 --> 00:46:01.230 align:start position:0%
like I guess like the first thing to say
is<00:45:59.280><c> there's</c><00:46:00.079><c> again</c><00:46:00.359><c> like</c><00:46:00.520><c> even</c><00:46:00.720><c> just</c><00:46:00.880><c> making</c><00:46:01.119><c> a</c>

00:46:01.230 --> 00:46:01.240 align:start position:0%
is there's again like even just making a
 

00:46:01.240 --> 00:46:03.190 align:start position:0%
is there's again like even just making a
small<00:46:01.480><c> change</c><00:46:01.839><c> like</c><00:46:02.040><c> this</c><00:46:02.280><c> it</c><00:46:02.480><c> like</c><00:46:02.680><c> has</c><00:46:02.880><c> like</c>

00:46:03.190 --> 00:46:03.200 align:start position:0%
small change like this it like has like
 

00:46:03.200 --> 00:46:05.069 align:start position:0%
small change like this it like has like
pretty<00:46:03.520><c> big</c><00:46:03.760><c> impacts</c><00:46:04.240><c> for</c><00:46:04.520><c> again</c><00:46:04.760><c> bidding</c>

00:46:05.069 --> 00:46:05.079 align:start position:0%
pretty big impacts for again bidding
 

00:46:05.079 --> 00:46:06.589 align:start position:0%
pretty big impacts for again bidding
strategies<00:46:05.520><c> and</c><00:46:05.680><c> how</c><00:46:05.880><c> everyone</c><00:46:06.240><c> like</c><00:46:06.359><c> shows</c>

00:46:06.589 --> 00:46:06.599 align:start position:0%
strategies and how everyone like shows
 

00:46:06.599 --> 00:46:09.950 align:start position:0%
strategies and how everyone like shows
up<00:46:06.760><c> to</c><00:46:06.880><c> this</c><00:46:07.240><c> game</c><00:46:08.240><c> so</c><00:46:08.839><c> things</c><00:46:09.119><c> need</c><00:46:09.280><c> to</c><00:46:09.440><c> be</c>

00:46:09.950 --> 00:46:09.960 align:start position:0%
up to this game so things need to be
 

00:46:09.960 --> 00:46:11.270 align:start position:0%
up to this game so things need to be
changed<00:46:10.400><c> very</c>

00:46:11.270 --> 00:46:11.280 align:start position:0%
changed very
 

00:46:11.280 --> 00:46:15.030 align:start position:0%
changed very
thoughtfully<00:46:12.760><c> um</c><00:46:13.760><c> I</c><00:46:13.880><c> guess</c><00:46:14.079><c> one</c><00:46:14.359><c> thing</c><00:46:14.520><c> to</c><00:46:14.680><c> say</c>

00:46:15.030 --> 00:46:15.040 align:start position:0%
thoughtfully um I guess one thing to say
 

00:46:15.040 --> 00:46:17.790 align:start position:0%
thoughtfully um I guess one thing to say
here<00:46:15.559><c> is</c><00:46:15.960><c> yeah</c><00:46:16.200><c> like</c><00:46:16.440><c> I</c><00:46:16.640><c> I</c><00:46:16.720><c> think</c><00:46:16.880><c> the</c><00:46:17.079><c> like</c><00:46:17.319><c> key</c>

00:46:17.790 --> 00:46:17.800 align:start position:0%
here is yeah like I I think the like key
 

00:46:17.800 --> 00:46:18.870 align:start position:0%
here is yeah like I I think the like key
difference<00:46:18.160><c> that</c><00:46:18.280><c> we're</c><00:46:18.440><c> talking</c><00:46:18.680><c> about</c>

00:46:18.870 --> 00:46:18.880 align:start position:0%
difference that we're talking about
 

00:46:18.880 --> 00:46:20.349 align:start position:0%
difference that we're talking about
right<00:46:18.960><c> now</c><00:46:19.200><c> just</c><00:46:19.359><c> be</c><00:46:19.520><c> the</c><00:46:19.720><c> fact</c><00:46:19.920><c> of</c><00:46:20.119><c> whether</c>

00:46:20.349 --> 00:46:20.359 align:start position:0%
right now just be the fact of whether
 

00:46:20.359 --> 00:46:21.950 align:start position:0%
right now just be the fact of whether
the<00:46:20.480><c> bids</c><00:46:20.720><c> are</c><00:46:20.960><c> like</c><00:46:21.079><c> sealed</c><00:46:21.400><c> or</c><00:46:21.520><c> not</c><00:46:21.720><c> so</c>

00:46:21.950 --> 00:46:21.960 align:start position:0%
the bids are like sealed or not so
 

00:46:21.960 --> 00:46:23.990 align:start position:0%
the bids are like sealed or not so
rather<00:46:22.240><c> basically</c><00:46:22.880><c> they're</c><00:46:23.319><c> private</c><00:46:23.839><c> and</c>

00:46:23.990 --> 00:46:24.000 align:start position:0%
rather basically they're private and
 

00:46:24.000 --> 00:46:25.150 align:start position:0%
rather basically they're private and
like<00:46:24.119><c> one</c><00:46:24.240><c> way</c><00:46:24.359><c> to</c><00:46:24.480><c> think</c><00:46:24.640><c> about</c><00:46:24.880><c> this</c>

00:46:25.150 --> 00:46:25.160 align:start position:0%
like one way to think about this
 

00:46:25.160 --> 00:46:27.910 align:start position:0%
like one way to think about this
implementation<00:46:25.880><c> wise</c><00:46:26.240><c> is</c><00:46:27.079><c> so</c><00:46:27.440><c> the</c><00:46:27.559><c> bids</c>

00:46:27.910 --> 00:46:27.920 align:start position:0%
implementation wise is so the bids
 

00:46:27.920 --> 00:46:29.549 align:start position:0%
implementation wise is so the bids
basically<00:46:28.400><c> from</c><00:46:28.559><c> the</c><00:46:28.720><c> Builder</c><00:46:29.359><c> like</c><00:46:29.480><c> the</c>

00:46:29.549 --> 00:46:29.559 align:start position:0%
basically from the Builder like the
 

00:46:29.559 --> 00:46:31.349 align:start position:0%
basically from the Builder like the
blocks<00:46:29.880><c> the</c><00:46:30.000><c> Builder</c><00:46:30.280><c> sends</c><00:46:30.720><c> are</c><00:46:30.880><c> all</c><00:46:31.000><c> sealed</c>

00:46:31.349 --> 00:46:31.359 align:start position:0%
blocks the Builder sends are all sealed
 

00:46:31.359 --> 00:46:32.790 align:start position:0%
blocks the Builder sends are all sealed
in<00:46:31.520><c> this</c><00:46:31.640><c> sense</c><00:46:31.960><c> like</c><00:46:32.119><c> other</c><00:46:32.280><c> builders</c><00:46:32.640><c> can't</c>

00:46:32.790 --> 00:46:32.800 align:start position:0%
in this sense like other builders can't
 

00:46:32.800 --> 00:46:34.710 align:start position:0%
in this sense like other builders can't
see<00:46:33.040><c> that</c><00:46:33.160><c> from</c><00:46:33.280><c> the</c><00:46:33.400><c> relay</c><00:46:34.319><c> assuming</c><00:46:34.640><c> the</c>

00:46:34.710 --> 00:46:34.720 align:start position:0%
see that from the relay assuming the
 

00:46:34.720 --> 00:46:37.990 align:start position:0%
see that from the relay assuming the
relay<00:46:35.040><c> is</c><00:46:35.480><c> acting</c><00:46:36.000><c> well</c><00:46:37.000><c> um</c><00:46:37.559><c> but</c><00:46:37.720><c> then</c><00:46:37.839><c> they</c>

00:46:37.990 --> 00:46:38.000 align:start position:0%
relay is acting well um but then they
 

00:46:38.000 --> 00:46:40.309 align:start position:0%
relay is acting well um but then they
expose<00:46:38.319><c> them</c><00:46:38.480><c> all</c><00:46:38.680><c> to</c><00:46:38.839><c> like</c><00:46:39.160><c> anyone</c><00:46:40.160><c> and</c>

00:46:40.309 --> 00:46:40.319 align:start position:0%
expose them all to like anyone and
 

00:46:40.319 --> 00:46:41.990 align:start position:0%
expose them all to like anyone and
instead<00:46:40.640><c> you</c><00:46:40.720><c> could</c><00:46:40.880><c> imagine</c><00:46:41.280><c> now</c><00:46:41.599><c> that</c><00:46:41.880><c> the</c>

00:46:41.990 --> 00:46:42.000 align:start position:0%
instead you could imagine now that the
 

00:46:42.000 --> 00:46:43.589 align:start position:0%
instead you could imagine now that the
API<00:46:42.359><c> is</c><00:46:42.480><c> like</c><00:46:42.599><c> authenticated</c><00:46:43.240><c> or</c><00:46:43.359><c> something</c>

00:46:43.589 --> 00:46:43.599 align:start position:0%
API is like authenticated or something
 

00:46:43.599 --> 00:46:45.069 align:start position:0%
API is like authenticated or something
in<00:46:43.720><c> a</c><00:46:43.880><c> way</c><00:46:44.079><c> that</c><00:46:44.160><c> only</c><00:46:44.359><c> the</c><00:46:44.520><c> proposer</c><00:46:44.920><c> can</c>

00:46:45.069 --> 00:46:45.079 align:start position:0%
in a way that only the proposer can
 

00:46:45.079 --> 00:46:48.349 align:start position:0%
in a way that only the proposer can
access<00:46:45.520><c> them</c><00:46:46.520><c> so</c><00:46:46.800><c> already</c><00:46:47.760><c> because</c><00:46:47.960><c> of</c><00:46:48.119><c> what</c><00:46:48.240><c> I</c>

00:46:48.349 --> 00:46:48.359 align:start position:0%
access them so already because of what I
 

00:46:48.359 --> 00:46:50.470 align:start position:0%
access them so already because of what I
just<00:46:48.520><c> said</c><00:46:49.440><c> uh</c><00:46:49.640><c> you</c><00:46:49.760><c> can</c><00:46:49.960><c> imagine</c><00:46:50.359><c> like</c>

00:46:50.470 --> 00:46:50.480 align:start position:0%
just said uh you can imagine like
 

00:46:50.480 --> 00:46:52.390 align:start position:0%
just said uh you can imagine like
Builders<00:46:50.920><c> cut</c><00:46:51.079><c> deals</c><00:46:51.319><c> with</c><00:46:51.520><c> proposers</c><00:46:52.160><c> to</c>

00:46:52.390 --> 00:46:52.400 align:start position:0%
Builders cut deals with proposers to
 

00:46:52.400 --> 00:46:54.670 align:start position:0%
Builders cut deals with proposers to
like<00:46:52.680><c> Sid</c><00:46:53.000><c> step</c><00:46:53.359><c> this</c><00:46:53.640><c> fact</c><00:46:54.200><c> like</c><00:46:54.319><c> you</c><00:46:54.520><c> still</c>

00:46:54.670 --> 00:46:54.680 align:start position:0%
like Sid step this fact like you still
 

00:46:54.680 --> 00:46:56.109 align:start position:0%
like Sid step this fact like you still
need<00:46:54.839><c> to</c><00:46:55.000><c> have</c><00:46:55.160><c> the</c><00:46:55.280><c> relay</c><00:46:55.680><c> talk</c><00:46:55.880><c> to</c><00:46:56.000><c> the</c>

00:46:56.109 --> 00:46:56.119 align:start position:0%
need to have the relay talk to the
 

00:46:56.119 --> 00:46:57.349 align:start position:0%
need to have the relay talk to the
proposer<00:46:56.480><c> somehow</c>

00:46:57.349 --> 00:46:57.359 align:start position:0%
proposer somehow
 

00:46:57.359 --> 00:46:58.430 align:start position:0%
proposer somehow
and<00:46:57.480><c> you</c><00:46:57.559><c> could</c><00:46:57.720><c> still</c><00:46:57.880><c> then</c><00:46:58.040><c> have</c><00:46:58.119><c> a</c><00:46:58.280><c> side</c>

00:46:58.430 --> 00:46:58.440 align:start position:0%
and you could still then have a side
 

00:46:58.440 --> 00:46:59.990 align:start position:0%
and you could still then have a side
Channel<00:46:59.000><c> like</c><00:46:59.119><c> a</c><00:46:59.240><c> proposer</c><00:46:59.680><c> could</c><00:46:59.839><c> be</c>

00:46:59.990 --> 00:47:00.000 align:start position:0%
Channel like a proposer could be
 

00:47:00.000 --> 00:47:01.870 align:start position:0%
Channel like a proposer could be
malicious<00:47:00.440><c> in</c><00:47:00.559><c> the</c><00:47:00.640><c> sense</c><00:47:00.880><c> of</c><00:47:01.160><c> like</c><00:47:01.680><c> still</c>

00:47:01.870 --> 00:47:01.880 align:start position:0%
malicious in the sense of like still
 

00:47:01.880 --> 00:47:04.990 align:start position:0%
malicious in the sense of like still
sharing<00:47:02.359><c> like</c><00:47:02.480><c> order</c><00:47:02.760><c> flow</c><00:47:03.119><c> somehow</c><00:47:04.040><c> um</c><00:47:04.920><c> you</c>

00:47:04.990 --> 00:47:05.000 align:start position:0%
sharing like order flow somehow um you
 

00:47:05.000 --> 00:47:06.349 align:start position:0%
sharing like order flow somehow um you
can<00:47:05.119><c> scope</c><00:47:05.400><c> it</c><00:47:05.480><c> more</c><00:47:05.640><c> tightly</c><00:47:05.960><c> to</c><00:47:06.119><c> like</c><00:47:06.240><c> just</c>

00:47:06.349 --> 00:47:06.359 align:start position:0%
can scope it more tightly to like just
 

00:47:06.359 --> 00:47:07.990 align:start position:0%
can scope it more tightly to like just
the<00:47:06.559><c> proposer</c><00:47:07.000><c> from</c><00:47:07.240><c> like</c><00:47:07.400><c> this</c><00:47:07.640><c> particular</c>

00:47:07.990 --> 00:47:08.000 align:start position:0%
the proposer from like this particular
 

00:47:08.000 --> 00:47:10.790 align:start position:0%
the proposer from like this particular
slot<00:47:08.400><c> and</c><00:47:08.520><c> that</c><00:47:08.640><c> helps</c><00:47:08.960><c> some</c><00:47:09.359><c> but</c><00:47:10.359><c> there</c><00:47:10.480><c> was</c><00:47:10.640><c> a</c>

00:47:10.790 --> 00:47:10.800 align:start position:0%
slot and that helps some but there was a
 

00:47:10.800 --> 00:47:11.870 align:start position:0%
slot and that helps some but there was a
concern<00:47:11.119><c> there</c><00:47:11.280><c> at</c><00:47:11.359><c> least</c><00:47:11.520><c> I</c><00:47:11.599><c> know</c><00:47:11.720><c> that's</c>

00:47:11.870 --> 00:47:11.880 align:start position:0%
concern there at least I know that's
 

00:47:11.880 --> 00:47:14.549 align:start position:0%
concern there at least I know that's
been<00:47:12.000><c> discussed</c><00:47:12.440><c> before</c><00:47:13.440><c> um</c><00:47:13.920><c> another</c><00:47:14.240><c> concern</c>

00:47:14.549 --> 00:47:14.559 align:start position:0%
been discussed before um another concern
 

00:47:14.559 --> 00:47:15.990 align:start position:0%
been discussed before um another concern
is<00:47:14.680><c> just</c><00:47:14.839><c> general</c><00:47:15.160><c> observability</c><00:47:15.720><c> of</c><00:47:15.839><c> the</c>

00:47:15.990 --> 00:47:16.000 align:start position:0%
is just general observability of the
 

00:47:16.000 --> 00:47:18.589 align:start position:0%
is just general observability of the
system<00:47:17.000><c> like</c><00:47:17.280><c> if</c><00:47:17.400><c> we</c><00:47:17.559><c> do</c><00:47:17.800><c> this</c><00:47:18.040><c> then</c><00:47:18.200><c> it's</c><00:47:18.440><c> like</c>

00:47:18.589 --> 00:47:18.599 align:start position:0%
system like if we do this then it's like
 

00:47:18.599 --> 00:47:20.390 align:start position:0%
system like if we do this then it's like
much<00:47:18.760><c> harder</c><00:47:19.000><c> to</c><00:47:19.160><c> know</c><00:47:19.599><c> like</c><00:47:19.920><c> what</c><00:47:20.079><c> Builders</c>

00:47:20.390 --> 00:47:20.400 align:start position:0%
much harder to know like what Builders
 

00:47:20.400 --> 00:47:22.589 align:start position:0%
much harder to know like what Builders
are<00:47:20.559><c> even</c><00:47:20.760><c> bidding</c><00:47:21.319><c> and</c><00:47:21.520><c> like</c><00:47:21.800><c> how</c><00:47:22.119><c> they're</c>

00:47:22.589 --> 00:47:22.599 align:start position:0%
are even bidding and like how they're
 

00:47:22.599 --> 00:47:24.069 align:start position:0%
are even bidding and like how they're
acting<00:47:23.079><c> so</c><00:47:23.319><c> right</c><00:47:23.480><c> now</c><00:47:23.640><c> there's</c><00:47:23.880><c> actually</c>

00:47:24.069 --> 00:47:24.079 align:start position:0%
acting so right now there's actually
 

00:47:24.079 --> 00:47:25.589 align:start position:0%
acting so right now there's actually
like<00:47:24.200><c> pretty</c><00:47:24.400><c> rich</c><00:47:24.640><c> data</c><00:47:24.880><c> apis</c><00:47:25.319><c> that</c><00:47:25.400><c> all</c><00:47:25.520><c> the</c>

00:47:25.589 --> 00:47:25.599 align:start position:0%
like pretty rich data apis that all the
 

00:47:25.599 --> 00:47:28.630 align:start position:0%
like pretty rich data apis that all the
relays<00:47:25.960><c> support</c><00:47:27.200><c> and</c><00:47:27.520><c> because</c><00:47:27.720><c> of</c><00:47:27.920><c> that</c><00:47:28.200><c> then</c>

00:47:28.630 --> 00:47:28.640 align:start position:0%
relays support and because of that then
 

00:47:28.640 --> 00:47:31.829 align:start position:0%
relays support and because of that then
they<00:47:28.839><c> can</c><00:47:29.640><c> uh</c><00:47:29.839><c> you</c><00:47:30.000><c> know</c><00:47:30.400><c> not</c><00:47:30.640><c> they</c><00:47:30.880><c> but</c><00:47:31.359><c> us</c>

00:47:31.829 --> 00:47:31.839 align:start position:0%
they can uh you know not they but us
 

00:47:31.839 --> 00:47:34.309 align:start position:0%
they can uh you know not they but us
everyone<00:47:32.839><c> can</c><00:47:33.040><c> actually</c><00:47:33.240><c> look</c><00:47:33.480><c> quite</c><00:47:33.680><c> deeply</c>

00:47:34.309 --> 00:47:34.319 align:start position:0%
everyone can actually look quite deeply
 

00:47:34.319 --> 00:47:37.710 align:start position:0%
everyone can actually look quite deeply
uh<00:47:34.440><c> into</c><00:47:34.680><c> what's</c><00:47:35.200><c> happening</c><00:47:36.200><c> and</c><00:47:37.079><c> uh</c><00:47:37.520><c> yeah</c>

00:47:37.710 --> 00:47:37.720 align:start position:0%
uh into what's happening and uh yeah
 

00:47:37.720 --> 00:47:38.950 align:start position:0%
uh into what's happening and uh yeah
things<00:47:37.920><c> like</c><00:47:38.079><c> this</c><00:47:38.200><c> would</c><00:47:38.359><c> get</c><00:47:38.440><c> in</c><00:47:38.520><c> the</c><00:47:38.640><c> way</c><00:47:38.800><c> of</c>

00:47:38.950 --> 00:47:38.960 align:start position:0%
things like this would get in the way of
 

00:47:38.960 --> 00:47:42.309 align:start position:0%
things like this would get in the way of
that<00:47:39.800><c> and</c><00:47:40.440><c> it</c><00:47:40.559><c> might</c><00:47:40.760><c> be</c><00:47:41.119><c> you</c><00:47:41.240><c> know</c><00:47:41.880><c> good</c><00:47:42.240><c> I'm</c>

00:47:42.309 --> 00:47:42.319 align:start position:0%
that and it might be you know good I'm
 

00:47:42.319 --> 00:47:44.069 align:start position:0%
that and it might be you know good I'm
not<00:47:42.480><c> saying</c><00:47:42.800><c> necess</c><00:47:43.160><c> is</c><00:47:43.359><c> but</c><00:47:43.480><c> it</c><00:47:43.559><c> could</c><00:47:43.760><c> be</c>

00:47:44.069 --> 00:47:44.079 align:start position:0%
not saying necess is but it could be
 

00:47:44.079 --> 00:47:45.270 align:start position:0%
not saying necess is but it could be
it's<00:47:44.280><c> it's</c><00:47:44.359><c> just</c><00:47:44.520><c> more</c><00:47:44.680><c> that</c><00:47:44.760><c> it's</c><00:47:44.880><c> an</c><00:47:45.000><c> open</c>

00:47:45.270 --> 00:47:45.280 align:start position:0%
it's it's just more that it's an open
 

00:47:45.280 --> 00:47:47.150 align:start position:0%
it's it's just more that it's an open
question<00:47:46.119><c> and</c><00:47:46.280><c> there</c><00:47:46.440><c> is</c><00:47:46.720><c> like</c><00:47:46.839><c> there</c><00:47:46.920><c> are</c><00:47:47.040><c> a</c>

00:47:47.150 --> 00:47:47.160 align:start position:0%
question and there is like there are a
 

00:47:47.160 --> 00:47:49.950 align:start position:0%
question and there is like there are a
lot<00:47:47.280><c> of</c><00:47:47.400><c> like</c><00:47:47.559><c> Dimensions</c><00:47:48.000><c> to</c><00:47:48.520><c> this</c><00:47:49.520><c> yeah</c>

00:47:49.950 --> 00:47:49.960 align:start position:0%
lot of like Dimensions to this yeah
 

00:47:49.960 --> 00:48:00.430 align:start position:0%
lot of like Dimensions to this yeah
question

00:48:00.430 --> 00:48:00.440 align:start position:0%
 
 

00:48:00.440 --> 00:48:04.190 align:start position:0%
 
like<00:48:00.599><c> Network</c><00:48:00.960><c> performance</c><00:48:01.400><c> of</c>

00:48:04.190 --> 00:48:04.200 align:start position:0%
 
 

00:48:04.200 --> 00:48:06.630 align:start position:0%
 
epbs<00:48:05.200><c> uh</c><00:48:05.359><c> I</c><00:48:05.480><c> suppose</c><00:48:05.800><c> these</c><00:48:05.920><c> are</c><00:48:06.160><c> happening</c><00:48:06.520><c> on</c>

00:48:06.630 --> 00:48:06.640 align:start position:0%
epbs uh I suppose these are happening on
 

00:48:06.640 --> 00:48:10.109 align:start position:0%
epbs uh I suppose these are happening on
the<00:48:06.760><c> P2P</c><00:48:07.240><c> layer</c><00:48:08.160><c> right</c><00:48:09.160><c> sending</c><00:48:09.559><c> the</c><00:48:10.000><c> uh</c>

00:48:10.109 --> 00:48:10.119 align:start position:0%
the P2P layer right sending the uh
 

00:48:10.119 --> 00:48:12.950 align:start position:0%
the P2P layer right sending the uh
nothing<00:48:10.400><c> right</c><00:48:10.520><c> now</c><00:48:10.760><c> no</c><00:48:11.640><c> no</c><00:48:12.079><c> not</c><00:48:12.400><c> the</c><00:48:12.800><c> right</c>

00:48:12.950 --> 00:48:12.960 align:start position:0%
nothing right now no no not the right
 

00:48:12.960 --> 00:48:13.990 align:start position:0%
nothing right now no no not the right
now<00:48:13.160><c> on</c>

00:48:13.990 --> 00:48:14.000 align:start position:0%
now on
 

00:48:14.000 --> 00:48:17.069 align:start position:0%
now on
epbs<00:48:15.000><c> well</c><00:48:15.200><c> not</c><00:48:15.359><c> even</c><00:48:16.079><c> yeah</c><00:48:16.319><c> so</c><00:48:16.599><c> that</c><00:48:16.760><c> that's</c><00:48:16.880><c> a</c>

00:48:17.069 --> 00:48:17.079 align:start position:0%
epbs well not even yeah so that that's a
 

00:48:17.079 --> 00:48:18.990 align:start position:0%
epbs well not even yeah so that that's a
question<00:48:17.559><c> like</c><00:48:17.720><c> I</c><00:48:17.800><c> think</c><00:48:18.000><c> if</c><00:48:18.119><c> anything</c><00:48:18.440><c> epbs</c>

00:48:18.990 --> 00:48:19.000 align:start position:0%
question like I think if anything epbs
 

00:48:19.000 --> 00:48:21.150 align:start position:0%
question like I think if anything epbs
is<00:48:19.240><c> like</c><00:48:19.400><c> somewhat</c><00:48:19.800><c> agnostic</c><00:48:20.440><c> oh</c><00:48:20.640><c> okay</c><00:48:20.960><c> so</c>

00:48:21.150 --> 00:48:21.160 align:start position:0%
is like somewhat agnostic oh okay so
 

00:48:21.160 --> 00:48:22.230 align:start position:0%
is like somewhat agnostic oh okay so
let's<00:48:21.359><c> talk</c><00:48:21.520><c> about</c>

00:48:22.230 --> 00:48:22.240 align:start position:0%
let's talk about
 

00:48:22.240 --> 00:48:23.950 align:start position:0%
let's talk about
7732<00:48:23.240><c> the</c>

00:48:23.950 --> 00:48:23.960 align:start position:0%
7732 the
 

00:48:23.960 --> 00:48:27.549 align:start position:0%
7732 the
IP<00:48:24.960><c> um</c><00:48:25.200><c> so</c><00:48:25.480><c> that</c><00:48:25.680><c> is</c><00:48:26.119><c> if</c><00:48:26.240><c> anything</c><00:48:26.920><c> agnostic</c><00:48:27.359><c> to</c>

00:48:27.549 --> 00:48:27.559 align:start position:0%
IP um so that is if anything agnostic to
 

00:48:27.559 --> 00:48:29.150 align:start position:0%
IP um so that is if anything agnostic to
like<00:48:27.760><c> how</c><00:48:28.000><c> bids</c><00:48:28.280><c> are</c>

00:48:29.150 --> 00:48:29.160 align:start position:0%
like how bids are
 

00:48:29.160 --> 00:48:31.230 align:start position:0%
like how bids are
produced<00:48:30.160><c> uh</c><00:48:30.319><c> you</c><00:48:30.440><c> could</c><00:48:30.599><c> imagine</c><00:48:30.880><c> there's</c><00:48:31.079><c> a</c>

00:48:31.230 --> 00:48:31.240 align:start position:0%
produced uh you could imagine there's a
 

00:48:31.240 --> 00:48:34.549 align:start position:0%
produced uh you could imagine there's a
gossip<00:48:31.960><c> layer</c><00:48:32.960><c> but</c><00:48:33.440><c> the</c><00:48:33.640><c> concern</c><00:48:34.079><c> then</c><00:48:34.280><c> is</c>

00:48:34.549 --> 00:48:34.559 align:start position:0%
gossip layer but the concern then is
 

00:48:34.559 --> 00:48:36.990 align:start position:0%
gossip layer but the concern then is
that<00:48:35.319><c> uh</c><00:48:35.480><c> again</c><00:48:35.720><c> time</c><00:48:35.880><c> is</c><00:48:36.040><c> money</c><00:48:36.640><c> and</c><00:48:36.720><c> so</c><00:48:36.920><c> what</c>

00:48:36.990 --> 00:48:37.000 align:start position:0%
that uh again time is money and so what
 

00:48:37.000 --> 00:48:38.109 align:start position:0%
that uh again time is money and so what
will<00:48:37.200><c> happen</c><00:48:37.480><c> is</c><00:48:37.640><c> like</c><00:48:37.800><c> there's</c><00:48:38.000><c> some</c>

00:48:38.109 --> 00:48:38.119 align:start position:0%
will happen is like there's some
 

00:48:38.119 --> 00:48:40.430 align:start position:0%
will happen is like there's some
overhead<00:48:38.480><c> to</c><00:48:38.640><c> gossip</c><00:48:39.640><c> and</c><00:48:39.760><c> so</c><00:48:39.960><c> bids</c><00:48:40.280><c> will</c>

00:48:40.430 --> 00:48:40.440 align:start position:0%
overhead to gossip and so bids will
 

00:48:40.440 --> 00:48:42.470 align:start position:0%
overhead to gossip and so bids will
propagate<00:48:40.880><c> more</c><00:48:41.040><c> slowly</c><00:48:41.920><c> and</c><00:48:42.040><c> then</c><00:48:42.280><c> because</c>

00:48:42.470 --> 00:48:42.480 align:start position:0%
propagate more slowly and then because
 

00:48:42.480 --> 00:48:43.790 align:start position:0%
propagate more slowly and then because
of<00:48:42.599><c> that</c><00:48:42.800><c> Builders</c><00:48:43.119><c> just</c><00:48:43.240><c> won't</c><00:48:43.440><c> use</c><00:48:43.599><c> the</c>

00:48:43.790 --> 00:48:43.800 align:start position:0%
of that Builders just won't use the
 

00:48:43.800 --> 00:48:45.910 align:start position:0%
of that Builders just won't use the
system<00:48:44.760><c> they'll</c><00:48:45.000><c> kind</c><00:48:45.119><c> of</c><00:48:45.400><c> you</c><00:48:45.520><c> know</c><00:48:45.680><c> we</c><00:48:45.760><c> could</c>

00:48:45.910 --> 00:48:45.920 align:start position:0%
system they'll kind of you know we could
 

00:48:45.920 --> 00:48:47.710 align:start position:0%
system they'll kind of you know we could
imagine<00:48:46.240><c> they</c><00:48:46.400><c> very</c><00:48:46.640><c> directly</c><00:48:47.040><c> go</c><00:48:47.200><c> to</c><00:48:47.400><c> some</c>

00:48:47.710 --> 00:48:47.720 align:start position:0%
imagine they very directly go to some
 

00:48:47.720 --> 00:48:49.670 align:start position:0%
imagine they very directly go to some
more<00:48:47.960><c> like</c><00:48:48.200><c> pipe</c><00:48:48.480><c> or</c><00:48:49.079><c> point-to-point</c>

00:48:49.670 --> 00:48:49.680 align:start position:0%
more like pipe or point-to-point
 

00:48:49.680 --> 00:48:51.349 align:start position:0%
more like pipe or point-to-point
Communications<00:48:50.680><c> and</c><00:48:50.839><c> this</c><00:48:50.960><c> is</c><00:48:51.079><c> where</c><00:48:51.200><c> you</c>

00:48:51.349 --> 00:48:51.359 align:start position:0%
Communications and this is where you
 

00:48:51.359 --> 00:48:52.950 align:start position:0%
Communications and this is where you
have<00:48:51.640><c> like</c><00:48:51.839><c> proposers</c><00:48:52.319><c> directly</c><00:48:52.599><c> connecting</c>

00:48:52.950 --> 00:48:52.960 align:start position:0%
have like proposers directly connecting
 

00:48:52.960 --> 00:48:55.549 align:start position:0%
have like proposers directly connecting
to<00:48:53.559><c> builders</c><00:48:54.559><c> um</c><00:48:54.720><c> again</c><00:48:54.880><c> just</c><00:48:55.000><c> for</c><00:48:55.160><c> latency</c>

00:48:55.549 --> 00:48:55.559 align:start position:0%
to builders um again just for latency
 

00:48:55.559 --> 00:48:58.710 align:start position:0%
to builders um again just for latency
reasons<00:48:56.480><c> so</c><00:48:56.799><c> so</c><00:48:57.119><c> yeah</c>

00:48:58.710 --> 00:48:58.720 align:start position:0%
reasons so so yeah
 

00:48:58.720 --> 00:49:03.109 align:start position:0%
reasons so so yeah
um<00:48:59.720><c> the</c><00:48:59.839><c> only</c><00:49:00.200><c> case</c><00:49:00.480><c> I</c><00:49:00.559><c> would</c><00:49:00.880><c> see</c><00:49:01.880><c> P2P</c><00:49:02.839><c> being</c>

00:49:03.109 --> 00:49:03.119 align:start position:0%
um the only case I would see P2P being
 

00:49:03.119 --> 00:49:05.870 align:start position:0%
um the only case I would see P2P being
relevant<00:49:03.480><c> for</c><00:49:03.680><c> epbs</c><00:49:04.319><c> is</c><00:49:04.440><c> the</c><00:49:04.599><c> case</c>

00:49:05.870 --> 00:49:05.880 align:start position:0%
relevant for epbs is the case
 

00:49:05.880 --> 00:49:07.430 align:start position:0%
relevant for epbs is the case
where

00:49:07.430 --> 00:49:07.440 align:start position:0%
where
 

00:49:07.440 --> 00:49:10.829 align:start position:0%
where
um<00:49:08.440><c> it's</c><00:49:08.720><c> now</c><00:49:09.119><c> like</c><00:49:09.400><c> a</c><00:49:09.680><c> an</c><00:49:09.880><c> even</c><00:49:10.079><c> lower</c><00:49:10.440><c> barrier</c>

00:49:10.829 --> 00:49:10.839 align:start position:0%
um it's now like a an even lower barrier
 

00:49:10.839 --> 00:49:13.470 align:start position:0%
um it's now like a an even lower barrier
entry<00:49:11.359><c> for</c><00:49:12.240><c> new</c><00:49:12.440><c> Builders</c><00:49:12.839><c> to</c><00:49:12.960><c> enter</c><00:49:13.359><c> the</c>

00:49:13.470 --> 00:49:13.480 align:start position:0%
entry for new Builders to enter the
 

00:49:13.480 --> 00:49:15.549 align:start position:0%
entry for new Builders to enter the
scene<00:49:14.400><c> and</c><00:49:14.520><c> the</c><00:49:14.599><c> way</c><00:49:14.760><c> this</c><00:49:14.880><c> would</c><00:49:15.040><c> work</c><00:49:15.319><c> is</c>

00:49:15.549 --> 00:49:15.559 align:start position:0%
scene and the way this would work is
 

00:49:15.559 --> 00:49:17.470 align:start position:0%
scene and the way this would work is
that<00:49:16.240><c> uh</c><00:49:16.480><c> rather</c><00:49:16.680><c> than</c><00:49:16.799><c> needing</c><00:49:17.040><c> to</c><00:49:17.200><c> convince</c>

00:49:17.470 --> 00:49:17.480 align:start position:0%
that uh rather than needing to convince
 

00:49:17.480 --> 00:49:19.390 align:start position:0%
that uh rather than needing to convince
a<00:49:17.599><c> validator</c><00:49:17.960><c> to</c><00:49:18.040><c> connect</c><00:49:18.240><c> to</c><00:49:18.319><c> me</c><00:49:18.520><c> directly</c><00:49:19.319><c> I</c>

00:49:19.390 --> 00:49:19.400 align:start position:0%
a validator to connect to me directly I
 

00:49:19.400 --> 00:49:22.109 align:start position:0%
a validator to connect to me directly I
can<00:49:19.599><c> just</c><00:49:19.720><c> kind</c><00:49:19.839><c> of</c><00:49:20.079><c> have</c><00:49:20.319><c> like</c><00:49:20.640><c> a</c><00:49:21.640><c> almost</c><00:49:21.920><c> like</c>

00:49:22.109 --> 00:49:22.119 align:start position:0%
can just kind of have like a almost like
 

00:49:22.119 --> 00:49:23.950 align:start position:0%
can just kind of have like a almost like
open<00:49:22.359><c> Channel</c><00:49:22.880><c> where</c><00:49:23.079><c> like</c><00:49:23.240><c> anyone</c><00:49:23.559><c> can</c><00:49:23.680><c> send</c>

00:49:23.950 --> 00:49:23.960 align:start position:0%
open Channel where like anyone can send
 

00:49:23.960 --> 00:49:25.990 align:start position:0%
open Channel where like anyone can send
bids<00:49:24.760><c> and</c><00:49:24.880><c> it's</c><00:49:25.160><c> then</c><00:49:25.319><c> you</c><00:49:25.400><c> know</c><00:49:25.520><c> you</c><00:49:25.599><c> have</c><00:49:25.720><c> DOS</c>

00:49:25.990 --> 00:49:26.000 align:start position:0%
bids and it's then you know you have DOS
 

00:49:26.000 --> 00:49:27.950 align:start position:0%
bids and it's then you know you have DOS
protections<00:49:26.319><c> and</c><00:49:26.400><c> things</c><00:49:26.520><c> in</c><00:49:26.839><c> place</c><00:49:27.640><c> but</c><00:49:27.760><c> then</c>

00:49:27.950 --> 00:49:27.960 align:start position:0%
protections and things in place but then
 

00:49:27.960 --> 00:49:29.430 align:start position:0%
protections and things in place but then
now<00:49:28.119><c> you</c><00:49:28.200><c> can</c><00:49:28.400><c> imagine</c><00:49:28.680><c> it's</c><00:49:28.880><c> much</c><00:49:29.040><c> easier</c><00:49:29.319><c> for</c>

00:49:29.430 --> 00:49:29.440 align:start position:0%
now you can imagine it's much easier for
 

00:49:29.440 --> 00:49:31.510 align:start position:0%
now you can imagine it's much easier for
like<00:49:29.559><c> new</c><00:49:29.680><c> Builders</c><00:49:30.079><c> to</c><00:49:30.240><c> enter</c><00:49:30.640><c> the</c><00:49:30.880><c> enter</c><00:49:31.119><c> the</c>

00:49:31.510 --> 00:49:31.520 align:start position:0%
like new Builders to enter the enter the
 

00:49:31.520 --> 00:49:33.710 align:start position:0%
like new Builders to enter the enter the
network<00:49:32.520><c> uh</c><00:49:32.680><c> then</c><00:49:32.799><c> the</c><00:49:32.920><c> question</c><00:49:33.200><c> is</c><00:49:33.440><c> like</c>

00:49:33.710 --> 00:49:33.720 align:start position:0%
network uh then the question is like
 

00:49:33.720 --> 00:49:35.789 align:start position:0%
network uh then the question is like
yeah<00:49:34.160><c> how</c><00:49:34.319><c> valuable</c><00:49:34.680><c> are</c><00:49:34.799><c> these</c><00:49:34.960><c> new</c><00:49:35.119><c> players</c>

00:49:35.789 --> 00:49:35.799 align:start position:0%
yeah how valuable are these new players
 

00:49:35.799 --> 00:49:37.309 align:start position:0%
yeah how valuable are these new players
and<00:49:36.040><c> how</c><00:49:36.200><c> does</c><00:49:36.359><c> that</c><00:49:36.480><c> all</c><00:49:36.559><c> shake</c><00:49:36.799><c> out</c><00:49:37.000><c> with</c><00:49:37.200><c> the</c>

00:49:37.309 --> 00:49:37.319 align:start position:0%
and how does that all shake out with the
 

00:49:37.319 --> 00:49:43.109 align:start position:0%
and how does that all shake out with the
other

00:49:43.109 --> 00:49:43.119 align:start position:0%
 
 

00:49:43.119 --> 00:49:45.109 align:start position:0%
 
ones<00:49:44.119><c> is</c><00:49:44.200><c> there</c><00:49:44.400><c> any</c><00:49:44.599><c> evidence</c><00:49:44.920><c> that</c><00:49:45.040><c> the</c>

00:49:45.109 --> 00:49:45.119 align:start position:0%
ones is there any evidence that the
 

00:49:45.119 --> 00:49:47.710 align:start position:0%
ones is there any evidence that the
Builder<00:49:45.440><c> relays</c><00:49:45.839><c> are</c>

00:49:47.710 --> 00:49:47.720 align:start position:0%
Builder relays are
 

00:49:47.720 --> 00:49:50.470 align:start position:0%
Builder relays are
collocated<00:49:48.720><c> um</c><00:49:49.440><c> good</c><00:49:49.680><c> question</c><00:49:50.240><c> so</c>

00:49:50.470 --> 00:49:50.480 align:start position:0%
collocated um good question so
 

00:49:50.480 --> 00:49:55.270 align:start position:0%
collocated um good question so
colocation<00:49:51.200><c> refers</c><00:49:51.599><c> to</c><00:49:51.880><c> this</c><00:49:52.160><c> fact</c><00:49:52.680><c> that</c>

00:49:55.270 --> 00:49:55.280 align:start position:0%
colocation refers to this fact that
 

00:49:55.280 --> 00:49:57.630 align:start position:0%
colocation refers to this fact that
um<00:49:56.280><c> right</c><00:49:56.480><c> again</c><00:49:56.880><c> because</c><00:49:57.079><c> of</c><00:49:57.240><c> how</c><00:49:57.359><c> important</c>

00:49:57.630 --> 00:49:57.640 align:start position:0%
um right again because of how important
 

00:49:57.640 --> 00:49:59.910 align:start position:0%
um right again because of how important
Lany<00:49:58.040><c> is</c><00:49:58.240><c> here</c><00:49:58.960><c> this</c><00:49:59.119><c> was</c><00:49:59.280><c> referring</c><00:49:59.599><c> to</c><00:49:59.760><c> the</c>

00:49:59.910 --> 00:49:59.920 align:start position:0%
Lany is here this was referring to the
 

00:49:59.920 --> 00:50:01.870 align:start position:0%
Lany is here this was referring to the
fact<00:50:00.280><c> that</c><00:50:00.920><c> rather</c><00:50:01.160><c> than</c><00:50:01.280><c> have</c><00:50:01.400><c> your</c><00:50:01.520><c> Builder</c>

00:50:01.870 --> 00:50:01.880 align:start position:0%
fact that rather than have your Builder
 

00:50:01.880 --> 00:50:03.789 align:start position:0%
fact that rather than have your Builder
like<00:50:02.040><c> halfway</c><00:50:02.359><c> around</c><00:50:02.559><c> the</c><00:50:02.680><c> world</c><00:50:03.319><c> from</c><00:50:03.640><c> the</c>

00:50:03.789 --> 00:50:03.799 align:start position:0%
like halfway around the world from the
 

00:50:03.799 --> 00:50:05.150 align:start position:0%
like halfway around the world from the
relay<00:50:04.160><c> like</c><00:50:04.280><c> let's</c><00:50:04.400><c> say</c><00:50:04.520><c> there's</c><00:50:04.720><c> a</c><00:50:04.799><c> relay</c>

00:50:05.150 --> 00:50:05.160 align:start position:0%
relay like let's say there's a relay
 

00:50:05.160 --> 00:50:07.309 align:start position:0%
relay like let's say there's a relay
somewhere<00:50:05.400><c> in</c><00:50:05.559><c> Europe</c><00:50:06.359><c> the</c><00:50:06.480><c> Builder</c><00:50:06.880><c> could</c><00:50:07.040><c> be</c>

00:50:07.309 --> 00:50:07.319 align:start position:0%
somewhere in Europe the Builder could be
 

00:50:07.319 --> 00:50:10.390 align:start position:0%
somewhere in Europe the Builder could be
somewhere<00:50:07.599><c> in</c><00:50:07.839><c> like</c><00:50:08.599><c> I</c><00:50:08.640><c> don't</c><00:50:08.799><c> know</c><00:50:09.240><c> Tokyo</c><00:50:10.240><c> uh</c>

00:50:10.390 --> 00:50:10.400 align:start position:0%
somewhere in like I don't know Tokyo uh
 

00:50:10.400 --> 00:50:12.150 align:start position:0%
somewhere in like I don't know Tokyo uh
there's<00:50:10.640><c> not</c><00:50:10.920><c> quite</c><00:50:11.240><c> like</c><00:50:11.480><c> a</c><00:50:11.640><c> substantial</c>

00:50:12.150 --> 00:50:12.160 align:start position:0%
there's not quite like a substantial
 

00:50:12.160 --> 00:50:13.789 align:start position:0%
there's not quite like a substantial
incy<00:50:12.680><c> between</c><00:50:12.920><c> these</c><00:50:13.040><c> two</c><00:50:13.240><c> even</c><00:50:13.400><c> on</c><00:50:13.520><c> the</c>

00:50:13.789 --> 00:50:13.799 align:start position:0%
incy between these two even on the
 

00:50:13.799 --> 00:50:16.270 align:start position:0%
incy between these two even on the
internet<00:50:14.799><c> and</c><00:50:15.119><c> then</c><00:50:15.280><c> the</c><00:50:15.440><c> question</c><00:50:15.720><c> is</c><00:50:16.000><c> like</c>

00:50:16.270 --> 00:50:16.280 align:start position:0%
internet and then the question is like
 

00:50:16.280 --> 00:50:18.230 align:start position:0%
internet and then the question is like
yeah<00:50:16.480><c> well</c><00:50:16.640><c> if</c><00:50:16.880><c> if</c><00:50:17.079><c> time</c><00:50:17.240><c> is</c><00:50:17.359><c> so</c><00:50:17.559><c> important</c><00:50:18.119><c> we</c>

00:50:18.230 --> 00:50:18.240 align:start position:0%
yeah well if if time is so important we
 

00:50:18.240 --> 00:50:19.870 align:start position:0%
yeah well if if time is so important we
could<00:50:18.440><c> just</c><00:50:18.680><c> have</c><00:50:18.960><c> them</c><00:50:19.119><c> right</c><00:50:19.319><c> next</c><00:50:19.559><c> door</c>

00:50:19.870 --> 00:50:19.880 align:start position:0%
could just have them right next door
 

00:50:19.880 --> 00:50:21.549 align:start position:0%
could just have them right next door
like<00:50:20.000><c> even</c><00:50:20.240><c> literally</c><00:50:20.640><c> like</c><00:50:21.200><c> there's</c><00:50:21.400><c> a</c>

00:50:21.549 --> 00:50:21.559 align:start position:0%
like even literally like there's a
 

00:50:21.559 --> 00:50:22.870 align:start position:0%
like even literally like there's a
computer<00:50:22.000><c> and</c><00:50:22.119><c> then</c><00:50:22.240><c> there's</c><00:50:22.400><c> a</c><00:50:22.520><c> computer</c>

00:50:22.870 --> 00:50:22.880 align:start position:0%
computer and then there's a computer
 

00:50:22.880 --> 00:50:23.789 align:start position:0%
computer and then there's a computer
right<00:50:23.000><c> below</c><00:50:23.200><c> it</c><00:50:23.280><c> and</c><00:50:23.359><c> they're</c><00:50:23.520><c> directly</c>

00:50:23.789 --> 00:50:23.799 align:start position:0%
right below it and they're directly
 

00:50:23.799 --> 00:50:25.750 align:start position:0%
right below it and they're directly
connected<00:50:24.240><c> together</c><00:50:24.720><c> right</c><00:50:24.920><c> that's</c><00:50:25.359><c> very</c><00:50:25.520><c> low</c>

00:50:25.750 --> 00:50:25.760 align:start position:0%
connected together right that's very low
 

00:50:25.760 --> 00:50:27.309 align:start position:0%
connected together right that's very low
latency

00:50:27.309 --> 00:50:27.319 align:start position:0%
latency
 

00:50:27.319 --> 00:50:29.710 align:start position:0%
latency
so<00:50:28.280><c> uh</c><00:50:28.440><c> when</c><00:50:28.559><c> we</c><00:50:28.640><c> say</c><00:50:28.880><c> Colo</c><00:50:29.280><c> this</c><00:50:29.400><c> is</c><00:50:29.480><c> what</c><00:50:29.599><c> we</c>

00:50:29.710 --> 00:50:29.720 align:start position:0%
so uh when we say Colo this is what we
 

00:50:29.720 --> 00:50:31.670 align:start position:0%
so uh when we say Colo this is what we
mean<00:50:30.119><c> that</c><00:50:30.280><c> they</c><00:50:30.440><c> are</c><00:50:30.839><c> directly</c><00:50:31.160><c> connected</c><00:50:31.559><c> in</c>

00:50:31.670 --> 00:50:31.680 align:start position:0%
mean that they are directly connected in
 

00:50:31.680 --> 00:50:32.630 align:start position:0%
mean that they are directly connected in
this

00:50:32.630 --> 00:50:32.640 align:start position:0%
this
 

00:50:32.640 --> 00:50:35.750 align:start position:0%
this
way<00:50:33.640><c> um</c><00:50:33.960><c> is</c><00:50:34.040><c> there</c><00:50:34.280><c> any</c><00:50:34.559><c> evidence</c><00:50:35.280><c> I</c><00:50:35.440><c> think</c>

00:50:35.750 --> 00:50:35.760 align:start position:0%
way um is there any evidence I think
 

00:50:35.760 --> 00:50:37.309 align:start position:0%
way um is there any evidence I think
there<00:50:36.000><c> might</c><00:50:36.160><c> have</c><00:50:36.319><c> been</c><00:50:36.520><c> some</c><00:50:36.720><c> research</c><00:50:37.200><c> that</c>

00:50:37.309 --> 00:50:37.319 align:start position:0%
there might have been some research that
 

00:50:37.319 --> 00:50:40.870 align:start position:0%
there might have been some research that
tries<00:50:37.599><c> to</c><00:50:37.839><c> get</c><00:50:38.079><c> into</c><00:50:38.520><c> this</c>

00:50:40.870 --> 00:50:40.880 align:start position:0%
tries to get into this
 

00:50:40.880 --> 00:50:43.390 align:start position:0%
tries to get into this
um<00:50:41.880><c> I'm</c><00:50:42.040><c> not</c><00:50:42.200><c> sure</c><00:50:42.359><c> if</c><00:50:42.520><c> there's</c><00:50:42.799><c> anything</c>

00:50:43.390 --> 00:50:43.400 align:start position:0%
um I'm not sure if there's anything
 

00:50:43.400 --> 00:50:44.829 align:start position:0%
um I'm not sure if there's anything
public<00:50:43.760><c> because</c><00:50:43.920><c> I</c><00:50:44.000><c> think</c><00:50:44.119><c> it's</c><00:50:44.280><c> kind</c><00:50:44.400><c> of</c><00:50:44.559><c> hard</c>

00:50:44.829 --> 00:50:44.839 align:start position:0%
public because I think it's kind of hard
 

00:50:44.839 --> 00:50:49.430 align:start position:0%
public because I think it's kind of hard
to<00:50:45.760><c> to</c><00:50:46.160><c> assess</c><00:50:47.160><c> just</c><00:50:47.400><c> from</c>

00:50:49.430 --> 00:50:49.440 align:start position:0%
to to assess just from
 

00:50:49.440 --> 00:50:52.549 align:start position:0%
to to assess just from
uh<00:50:50.440><c> yeah</c><00:50:51.400><c> public</c><00:50:51.680><c> data</c><00:50:52.000><c> I</c><00:50:52.040><c> mean</c><00:50:52.200><c> one</c><00:50:52.359><c> way</c><00:50:52.480><c> you</c>

00:50:52.549 --> 00:50:52.559 align:start position:0%
uh yeah public data I mean one way you
 

00:50:52.559 --> 00:50:54.750 align:start position:0%
uh yeah public data I mean one way you
could<00:50:52.760><c> maybe</c><00:50:53.000><c> get</c><00:50:53.119><c> about</c><00:50:53.440><c> this</c><00:50:53.640><c> is</c><00:50:53.920><c> like</c><00:50:54.640><c> you</c>

00:50:54.750 --> 00:50:54.760 align:start position:0%
could maybe get about this is like you
 

00:50:54.760 --> 00:50:56.430 align:start position:0%
could maybe get about this is like you
know<00:50:54.960><c> both</c><00:50:55.119><c> Builders</c><00:50:55.440><c> and</c><00:50:55.559><c> relays</c><00:50:55.920><c> have</c><00:50:56.079><c> apis</c>

00:50:56.430 --> 00:50:56.440 align:start position:0%
know both Builders and relays have apis
 

00:50:56.440 --> 00:50:58.230 align:start position:0%
know both Builders and relays have apis
EXP<00:50:56.640><c> exposed</c><00:50:57.119><c> and</c><00:50:57.359><c> you</c><00:50:57.480><c> could</c><00:50:57.680><c> maybe</c><00:50:57.960><c> just</c>

00:50:58.230 --> 00:50:58.240 align:start position:0%
EXP exposed and you could maybe just
 

00:50:58.240 --> 00:51:00.430 align:start position:0%
EXP exposed and you could maybe just
like<00:50:58.720><c> Ping</c><00:50:58.960><c> them</c><00:50:59.119><c> directly</c><00:50:59.920><c> and</c><00:51:00.079><c> try</c><00:51:00.200><c> to</c><00:51:00.319><c> like</c>

00:51:00.430 --> 00:51:00.440 align:start position:0%
like Ping them directly and try to like
 

00:51:00.440 --> 00:51:03.510 align:start position:0%
like Ping them directly and try to like
geolocate<00:51:01.000><c> them</c><00:51:01.079><c> in</c><00:51:01.160><c> a</c><00:51:01.319><c> sense</c><00:51:01.960><c> yeah</c>

00:51:03.510 --> 00:51:03.520 align:start position:0%
geolocate them in a sense yeah
 

00:51:03.520 --> 00:51:06.630 align:start position:0%
geolocate them in a sense yeah
pus<00:51:04.520><c> exactly</c><00:51:05.040><c> which</c><00:51:05.200><c> servers</c><00:51:05.720><c> they</c><00:51:05.839><c> are</c><00:51:06.440><c> they</c>

00:51:06.630 --> 00:51:06.640 align:start position:0%
pus exactly which servers they are they
 

00:51:06.640 --> 00:51:09.150 align:start position:0%
pus exactly which servers they are they
have<00:51:07.520><c> two</c><00:51:08.000><c> different</c><00:51:08.400><c> servers</c><00:51:08.720><c> from</c><00:51:08.960><c> two</c>

00:51:09.150 --> 00:51:09.160 align:start position:0%
have two different servers from two
 

00:51:09.160 --> 00:51:10.670 align:start position:0%
have two different servers from two
different<00:51:09.440><c> continents</c><00:51:10.200><c> and</c><00:51:10.400><c> they</c><00:51:10.480><c> are</c>

00:51:10.670 --> 00:51:10.680 align:start position:0%
different continents and they are
 

00:51:10.680 --> 00:51:15.230 align:start position:0%
different continents and they are
collated<00:51:11.599><c> and</c><00:51:11.839><c> they</c><00:51:11.960><c> are</c><00:51:12.400><c> under</c>

00:51:15.230 --> 00:51:15.240 align:start position:0%
 
 

00:51:15.240 --> 00:51:17.710 align:start position:0%
 
one<00:51:16.240><c> but</c><00:51:16.359><c> relays</c><00:51:16.680><c> or</c><00:51:16.839><c> Builders</c><00:51:17.280><c> like</c><00:51:17.520><c> I</c><00:51:17.599><c> don't</c>

00:51:17.710 --> 00:51:17.720 align:start position:0%
one but relays or Builders like I don't
 

00:51:17.720 --> 00:51:18.630 align:start position:0%
one but relays or Builders like I don't
know<00:51:17.880><c> I</c>

00:51:18.630 --> 00:51:18.640 align:start position:0%
know I
 

00:51:18.640 --> 00:51:21.910 align:start position:0%
know I
think<00:51:19.640><c> they</c><00:51:20.359><c> build</c><00:51:20.760><c> are</c><00:51:20.920><c> cating</c><00:51:21.440><c> with</c><00:51:21.640><c> them</c>

00:51:21.910 --> 00:51:21.920 align:start position:0%
think they build are cating with them
 

00:51:21.920 --> 00:51:23.829 align:start position:0%
think they build are cating with them
and<00:51:22.079><c> the</c><00:51:22.160><c> communications</c><00:51:22.799><c> today</c><00:51:23.400><c> is</c><00:51:23.599><c> under</c>

00:51:23.829 --> 00:51:23.839 align:start position:0%
and the communications today is under
 

00:51:23.839 --> 00:51:30.390 align:start position:0%
and the communications today is under
one<00:51:24.040><c> MC</c>

00:51:30.390 --> 00:51:30.400 align:start position:0%
 
 

00:51:30.400 --> 00:51:31.470 align:start position:0%
 
there's<00:51:30.559><c> a</c><00:51:30.680><c> bit</c><00:51:30.839><c> more</c><00:51:30.960><c> to</c><00:51:31.119><c> that</c><00:51:31.319><c> because</c>

00:51:31.470 --> 00:51:31.480 align:start position:0%
there's a bit more to that because
 

00:51:31.480 --> 00:51:32.789 align:start position:0%
there's a bit more to that because
obviously<00:51:31.760><c> the</c><00:51:31.839><c> relay</c><00:51:32.119><c> wants</c><00:51:32.280><c> to</c><00:51:32.359><c> be</c><00:51:32.480><c> close</c><00:51:32.680><c> to</c>

00:51:32.789 --> 00:51:32.799 align:start position:0%
obviously the relay wants to be close to
 

00:51:32.799 --> 00:51:34.950 align:start position:0%
obviously the relay wants to be close to
the<00:51:32.960><c> proposer</c><00:51:33.720><c> so</c><00:51:33.880><c> if</c><00:51:33.960><c> the</c><00:51:34.079><c> relay's</c><00:51:34.559><c> closer</c><00:51:34.839><c> to</c>

00:51:34.950 --> 00:51:34.960 align:start position:0%
the proposer so if the relay's closer to
 

00:51:34.960 --> 00:51:36.670 align:start position:0%
the proposer so if the relay's closer to
the<00:51:35.119><c> proposer</c><00:51:35.839><c> you</c><00:51:35.920><c> can</c><00:51:36.079><c> delay</c><00:51:36.359><c> things</c><00:51:36.559><c> a</c>

00:51:36.670 --> 00:51:36.680 align:start position:0%
the proposer you can delay things a
 

00:51:36.680 --> 00:51:38.549 align:start position:0%
the proposer you can delay things a
little<00:51:36.839><c> bit</c><00:51:36.960><c> more</c><00:51:37.200><c> as</c><00:51:37.319><c> well</c><00:51:37.880><c> so</c><00:51:38.040><c> what</c><00:51:38.160><c> the</c><00:51:38.240><c> Rel</c>

00:51:38.549 --> 00:51:38.559 align:start position:0%
little bit more as well so what the Rel
 

00:51:38.559 --> 00:51:39.710 align:start position:0%
little bit more as well so what the Rel
wants<00:51:38.720><c> to</c><00:51:38.799><c> do</c><00:51:38.960><c> is</c><00:51:39.040><c> to</c><00:51:39.160><c> be</c><00:51:39.280><c> in</c><00:51:39.400><c> lots</c><00:51:39.559><c> of</c>

00:51:39.710 --> 00:51:39.720 align:start position:0%
wants to do is to be in lots of
 

00:51:39.720 --> 00:51:41.390 align:start position:0%
wants to do is to be in lots of
locations<00:51:40.119><c> that</c><00:51:40.200><c> are</c><00:51:40.359><c> close</c><00:51:40.559><c> to</c><00:51:40.720><c> proposers</c>

00:51:41.390 --> 00:51:41.400 align:start position:0%
locations that are close to proposers
 

00:51:41.400 --> 00:51:42.630 align:start position:0%
locations that are close to proposers
and<00:51:41.520><c> the</c><00:51:41.640><c> reality</c><00:51:42.040><c> is</c><00:51:42.160><c> that</c><00:51:42.280><c> they</c><00:51:42.359><c> want</c><00:51:42.440><c> to</c><00:51:42.559><c> be</c>

00:51:42.630 --> 00:51:42.640 align:start position:0%
and the reality is that they want to be
 

00:51:42.640 --> 00:51:44.230 align:start position:0%
and the reality is that they want to be
close<00:51:42.880><c> the</c>

00:51:44.230 --> 00:51:44.240 align:start position:0%
close the
 

00:51:44.240 --> 00:51:46.910 align:start position:0%
close the
Li<00:51:45.240><c> and</c><00:51:45.520><c> and</c><00:51:45.680><c> other</c><00:51:45.920><c> validators</c><00:51:46.520><c> but</c><00:51:46.680><c> yeah</c><00:51:46.880><c> I</c>

00:51:46.910 --> 00:51:46.920 align:start position:0%
Li and and other validators but yeah I
 

00:51:46.920 --> 00:51:48.309 align:start position:0%
Li and and other validators but yeah I
mean<00:51:47.079><c> I</c><00:51:47.160><c> have</c><00:51:47.280><c> seen</c><00:51:47.480><c> relay</c><00:51:47.839><c> designs</c><00:51:48.200><c> where</c>

00:51:48.309 --> 00:51:48.319 align:start position:0%
mean I have seen relay designs where
 

00:51:48.319 --> 00:51:49.630 align:start position:0%
mean I have seen relay designs where
they<00:51:48.440><c> have</c><00:51:48.599><c> this</c><00:51:48.760><c> like</c><00:51:48.880><c> Geo</c><00:51:49.160><c> distribution</c>

00:51:49.630 --> 00:51:49.640 align:start position:0%
they have this like Geo distribution
 

00:51:49.640 --> 00:51:52.069 align:start position:0%
they have this like Geo distribution
baked<00:51:49.920><c> in</c><00:51:50.280><c> just</c><00:51:50.559><c> again</c><00:51:50.720><c> to</c><00:51:50.920><c> reduce</c><00:51:51.200><c> Laten</c><00:51:51.599><c> Z</c><00:51:51.799><c> to</c>

00:51:52.069 --> 00:51:52.079 align:start position:0%
baked in just again to reduce Laten Z to
 

00:51:52.079 --> 00:51:58.589 align:start position:0%
baked in just again to reduce Laten Z to
to<00:51:52.280><c> validators</c>

00:51:58.589 --> 00:51:58.599 align:start position:0%
 
 

00:51:58.599 --> 00:52:00.910 align:start position:0%
 
do<00:51:58.799><c> relays</c><00:51:59.240><c> get</c><00:51:59.400><c> paid</c><00:51:59.599><c> for</c><00:51:59.760><c> doing</c><00:52:00.040><c> their</c><00:52:00.359><c> task</c>

00:52:00.910 --> 00:52:00.920 align:start position:0%
do relays get paid for doing their task
 

00:52:00.920 --> 00:52:02.430 align:start position:0%
do relays get paid for doing their task
if<00:52:01.079><c> no</c><00:52:01.319><c> what</c><00:52:01.440><c> are</c><00:52:01.559><c> the</c><00:52:01.720><c> advantages</c><00:52:02.240><c> for</c>

00:52:02.430 --> 00:52:02.440 align:start position:0%
if no what are the advantages for
 

00:52:02.440 --> 00:52:04.910 align:start position:0%
if no what are the advantages for
someone<00:52:02.760><c> to</c><00:52:02.960><c> run</c><00:52:03.280><c> a</c><00:52:03.440><c> relay</c><00:52:04.079><c> I'm</c><00:52:04.200><c> also</c><00:52:04.400><c> going</c><00:52:04.520><c> to</c>

00:52:04.910 --> 00:52:04.920 align:start position:0%
someone to run a relay I'm also going to
 

00:52:04.920 --> 00:52:07.910 align:start position:0%
someone to run a relay I'm also going to
see<00:52:05.920><c> how</c><00:52:06.079><c> we</c><00:52:06.200><c> are</c><00:52:06.359><c> on</c><00:52:06.680><c> time</c><00:52:07.240><c> okay</c><00:52:07.440><c> about</c><00:52:07.640><c> 30</c>

00:52:07.910 --> 00:52:07.920 align:start position:0%
see how we are on time okay about 30
 

00:52:07.920 --> 00:52:10.230 align:start position:0%
see how we are on time okay about 30
minutes<00:52:08.799><c> so</c><00:52:09.000><c> do</c><00:52:09.200><c> Rel</c><00:52:09.559><c> get</c><00:52:09.680><c> paid</c><00:52:09.839><c> for</c><00:52:10.079><c> their</c>

00:52:10.230 --> 00:52:10.240 align:start position:0%
minutes so do Rel get paid for their
 

00:52:10.240 --> 00:52:11.630 align:start position:0%
minutes so do Rel get paid for their
task<00:52:10.559><c> if</c><00:52:10.680><c> no</c><00:52:10.839><c> what</c><00:52:10.920><c> are</c><00:52:11.040><c> the</c><00:52:11.119><c> advantages</c><00:52:11.480><c> for</c>

00:52:11.630 --> 00:52:11.640 align:start position:0%
task if no what are the advantages for
 

00:52:11.640 --> 00:52:13.910 align:start position:0%
task if no what are the advantages for
someone<00:52:11.839><c> to</c><00:52:12.040><c> run</c><00:52:12.280><c> a</c><00:52:12.559><c> relay</c><00:52:13.079><c> if</c><00:52:13.319><c> yes</c><00:52:13.520><c> do</c><00:52:13.720><c> block</c>

00:52:13.910 --> 00:52:13.920 align:start position:0%
someone to run a relay if yes do block
 

00:52:13.920 --> 00:52:15.990 align:start position:0%
someone to run a relay if yes do block
Builders<00:52:14.240><c> pay</c><00:52:14.440><c> them</c><00:52:14.559><c> and</c>

00:52:15.990 --> 00:52:16.000 align:start position:0%
Builders pay them and
 

00:52:16.000 --> 00:52:19.950 align:start position:0%
Builders pay them and
how<00:52:17.000><c> uh</c><00:52:17.119><c> the</c><00:52:17.200><c> short</c><00:52:17.520><c> answer</c><00:52:18.000><c> is</c><00:52:18.760><c> no</c><00:52:19.440><c> other</c><00:52:19.680><c> than</c>

00:52:19.950 --> 00:52:19.960 align:start position:0%
how uh the short answer is no other than
 

00:52:19.960 --> 00:52:21.430 align:start position:0%
how uh the short answer is no other than
again<00:52:20.200><c> I</c><00:52:20.280><c> think</c><00:52:20.440><c> the</c><00:52:20.599><c> most</c><00:52:20.799><c> like</c><00:52:21.000><c> public</c><00:52:21.280><c> thing</c>

00:52:21.430 --> 00:52:21.440 align:start position:0%
again I think the most like public thing
 

00:52:21.440 --> 00:52:23.829 align:start position:0%
again I think the most like public thing
we've<00:52:21.640><c> seen</c><00:52:21.960><c> is</c><00:52:22.240><c> just</c><00:52:22.680><c> uh</c><00:52:22.920><c> this</c><00:52:23.200><c> like</c><00:52:23.599><c> um</c>

00:52:23.829 --> 00:52:23.839 align:start position:0%
we've seen is just uh this like um
 

00:52:23.839 --> 00:52:25.829 align:start position:0%
we've seen is just uh this like um
Builder<00:52:24.240><c> rebate</c><00:52:24.799><c> mechanism</c><00:52:25.280><c> I</c><00:52:25.359><c> was</c><00:52:25.480><c> trying</c><00:52:25.680><c> to</c>

00:52:25.829 --> 00:52:25.839 align:start position:0%
Builder rebate mechanism I was trying to
 

00:52:25.839 --> 00:52:27.270 align:start position:0%
Builder rebate mechanism I was trying to
describe

00:52:27.270 --> 00:52:27.280 align:start position:0%
describe
 

00:52:27.280 --> 00:52:29.390 align:start position:0%
describe
and<00:52:27.880><c> otherwise</c><00:52:28.200><c> were</c><00:52:28.400><c> the</c><00:52:28.520><c> advantages</c><00:52:29.200><c> yeah</c><00:52:29.319><c> I</c>

00:52:29.390 --> 00:52:29.400 align:start position:0%
and otherwise were the advantages yeah I
 

00:52:29.400 --> 00:52:31.430 align:start position:0%
and otherwise were the advantages yeah I
mean<00:52:29.520><c> I</c><00:52:29.640><c> think</c><00:52:29.920><c> the</c><00:52:30.200><c> initial</c><00:52:30.599><c> idea</c><00:52:31.000><c> was</c><00:52:31.319><c> you</c>

00:52:31.430 --> 00:52:31.440 align:start position:0%
mean I think the initial idea was you
 

00:52:31.440 --> 00:52:32.870 align:start position:0%
mean I think the initial idea was you
know<00:52:31.599><c> there</c><00:52:31.720><c> are</c><00:52:31.839><c> altruistic</c><00:52:32.359><c> actors</c><00:52:32.599><c> in</c><00:52:32.720><c> the</c>

00:52:32.870 --> 00:52:32.880 align:start position:0%
know there are altruistic actors in the
 

00:52:32.880 --> 00:52:34.630 align:start position:0%
know there are altruistic actors in the
space<00:52:33.160><c> who</c><00:52:33.319><c> care</c><00:52:33.480><c> about</c><00:52:33.680><c> ethereum</c><00:52:34.280><c> and</c><00:52:34.480><c> want</c>

00:52:34.630 --> 00:52:34.640 align:start position:0%
space who care about ethereum and want
 

00:52:34.640 --> 00:52:36.309 align:start position:0%
space who care about ethereum and want
to<00:52:34.839><c> like</c><00:52:35.000><c> provide</c><00:52:35.319><c> this</c><00:52:35.480><c> as</c><00:52:35.720><c> almost</c><00:52:36.000><c> like</c><00:52:36.119><c> a</c>

00:52:36.309 --> 00:52:36.319 align:start position:0%
to like provide this as almost like a
 

00:52:36.319 --> 00:52:38.789 align:start position:0%
to like provide this as almost like a
public<00:52:36.599><c> good</c><00:52:37.400><c> and</c><00:52:37.480><c> so</c><00:52:37.720><c> that's</c><00:52:37.839><c> what</c><00:52:38.000><c> they</c><00:52:38.119><c> do</c>

00:52:38.789 --> 00:52:38.799 align:start position:0%
public good and so that's what they do
 

00:52:38.799 --> 00:52:39.829 align:start position:0%
public good and so that's what they do
um<00:52:39.000><c> there</c><00:52:39.119><c> have</c><00:52:39.240><c> been</c><00:52:39.359><c> a</c><00:52:39.440><c> number</c><00:52:39.599><c> of</c><00:52:39.720><c> like</c>

00:52:39.829 --> 00:52:39.839 align:start position:0%
um there have been a number of like
 

00:52:39.839 --> 00:52:41.549 align:start position:0%
um there have been a number of like
funding<00:52:40.119><c> efforts</c><00:52:40.440><c> in</c><00:52:40.520><c> the</c><00:52:40.680><c> space</c><00:52:41.040><c> like</c><00:52:41.200><c> PBS</c>

00:52:41.549 --> 00:52:41.559 align:start position:0%
funding efforts in the space like PBS
 

00:52:41.559 --> 00:52:43.910 align:start position:0%
funding efforts in the space like PBS
Foundation<00:52:41.920><c> is</c><00:52:42.119><c> one</c><00:52:43.119><c> uh</c><00:52:43.240><c> that</c><00:52:43.400><c> tries</c><00:52:43.599><c> to</c><00:52:43.799><c> like</c>

00:52:43.910 --> 00:52:43.920 align:start position:0%
Foundation is one uh that tries to like
 

00:52:43.920 --> 00:52:46.030 align:start position:0%
Foundation is one uh that tries to like
help<00:52:44.160><c> the</c><00:52:44.319><c> situation</c><00:52:44.799><c> and</c><00:52:45.040><c> like</c><00:52:45.280><c> provide</c><00:52:45.920><c> at</c>

00:52:46.030 --> 00:52:46.040 align:start position:0%
help the situation and like provide at
 

00:52:46.040 --> 00:52:47.950 align:start position:0%
help the situation and like provide at
least<00:52:46.200><c> some</c><00:52:46.440><c> like</c><00:52:46.559><c> tools</c><00:52:46.839><c> for</c>

00:52:47.950 --> 00:52:47.960 align:start position:0%
least some like tools for
 

00:52:47.960 --> 00:52:51.470 align:start position:0%
least some like tools for
sustainability<00:52:49.079><c> and</c><00:52:50.079><c> yeah</c><00:52:50.319><c> otherwise</c><00:52:51.319><c> do</c>

00:52:51.470 --> 00:52:51.480 align:start position:0%
sustainability and yeah otherwise do
 

00:52:51.480 --> 00:52:54.910 align:start position:0%
sustainability and yeah otherwise do
block<00:52:51.680><c> Builders</c><00:52:52.000><c> pay</c><00:52:52.200><c> them</c><00:52:52.480><c> yeah</c><00:52:53.000><c> so</c><00:52:54.000><c> um</c><00:52:54.760><c> yeah</c>

00:52:54.910 --> 00:52:54.920 align:start position:0%
block Builders pay them yeah so um yeah
 

00:52:54.920 --> 00:52:57.470 align:start position:0%
block Builders pay them yeah so um yeah
I'm<00:52:55.040><c> trying</c><00:52:55.319><c> to</c><00:52:55.680><c> avoid</c><00:52:56.000><c> getting</c><00:52:56.240><c> into</c>

00:52:57.470 --> 00:52:57.480 align:start position:0%
I'm trying to avoid getting into
 

00:52:57.480 --> 00:53:01.109 align:start position:0%
I'm trying to avoid getting into
to<00:52:58.480><c> maybe</c><00:52:58.880><c> sensitive</c><00:52:59.359><c> things</c><00:52:59.799><c> but</c><00:53:00.119><c> ultimately</c>

00:53:01.109 --> 00:53:01.119 align:start position:0%
to maybe sensitive things but ultimately
 

00:53:01.119 --> 00:53:03.750 align:start position:0%
to maybe sensitive things but ultimately
let's<00:53:01.440><c> yeah</c><00:53:01.640><c> let's</c><00:53:01.799><c> just</c><00:53:01.960><c> say</c><00:53:02.720><c> you</c><00:53:02.960><c> you</c><00:53:03.119><c> might</c>

00:53:03.750 --> 00:53:03.760 align:start position:0%
let's yeah let's just say you you might
 

00:53:03.760 --> 00:53:06.950 align:start position:0%
let's yeah let's just say you you might
imagine<00:53:04.280><c> that</c><00:53:04.480><c> Builders</c><00:53:04.799><c> are</c><00:53:04.960><c> paying</c><00:53:05.760><c> four</c>

00:53:06.950 --> 00:53:06.960 align:start position:0%
imagine that Builders are paying four
 

00:53:06.960 --> 00:53:10.030 align:start position:0%
imagine that Builders are paying four
things<00:53:07.960><c> uh</c><00:53:08.119><c> for</c><00:53:08.319><c> special</c><00:53:08.640><c> treatment</c><00:53:09.319><c> which</c><00:53:09.880><c> if</c>

00:53:10.030 --> 00:53:10.040 align:start position:0%
things uh for special treatment which if
 

00:53:10.040 --> 00:53:12.349 align:start position:0%
things uh for special treatment which if
anything<00:53:10.280><c> motivates</c><00:53:10.680><c> epbs</c><00:53:11.400><c> right</c><00:53:11.680><c> because</c>

00:53:12.349 --> 00:53:12.359 align:start position:0%
anything motivates epbs right because
 

00:53:12.359 --> 00:53:13.309 align:start position:0%
anything motivates epbs right because
you<00:53:12.520><c> know</c><00:53:12.640><c> we</c><00:53:12.720><c> talked</c><00:53:12.920><c> about</c><00:53:13.079><c> this</c><00:53:13.160><c> with</c><00:53:13.280><c> the</c>

00:53:13.309 --> 00:53:13.319 align:start position:0%
you know we talked about this with the
 

00:53:13.319 --> 00:53:15.230 align:start position:0%
you know we talked about this with the
Searchers<00:53:13.680><c> a</c><00:53:13.799><c> second</c><00:53:14.040><c> ago</c><00:53:14.400><c> like</c><00:53:14.599><c> you</c><00:53:14.799><c> guys</c><00:53:15.119><c> you</c>

00:53:15.230 --> 00:53:15.240 align:start position:0%
Searchers a second ago like you guys you
 

00:53:15.240 --> 00:53:17.309 align:start position:0%
Searchers a second ago like you guys you
know<00:53:15.880><c> we</c><00:53:16.000><c> aren't</c><00:53:16.240><c> dumb</c><00:53:16.520><c> like</c><00:53:16.640><c> we</c><00:53:16.720><c> can</c><00:53:16.920><c> imagine</c>

00:53:17.309 --> 00:53:17.319 align:start position:0%
know we aren't dumb like we can imagine
 

00:53:17.319 --> 00:53:19.589 align:start position:0%
know we aren't dumb like we can imagine
that<00:53:17.480><c> there</c><00:53:17.599><c> are</c><00:53:17.920><c> like</c><00:53:18.079><c> things</c><00:53:18.480><c> happening</c><00:53:19.480><c> uh</c>

00:53:19.589 --> 00:53:19.599 align:start position:0%
that there are like things happening uh
 

00:53:19.599 --> 00:53:21.829 align:start position:0%
that there are like things happening uh
with<00:53:19.760><c> these</c><00:53:19.920><c> actors</c><00:53:20.400><c> and</c><00:53:20.559><c> if</c><00:53:20.720><c> anything</c><00:53:21.200><c> like</c>

00:53:21.829 --> 00:53:21.839 align:start position:0%
with these actors and if anything like
 

00:53:21.839 --> 00:53:23.630 align:start position:0%
with these actors and if anything like
the<00:53:22.000><c> way</c><00:53:22.200><c> we</c><00:53:22.359><c> remove</c><00:53:22.760><c> that</c><00:53:22.920><c> is</c><00:53:23.119><c> by</c><00:53:23.319><c> sort</c><00:53:23.480><c> of</c>

00:53:23.630 --> 00:53:23.640 align:start position:0%
the way we remove that is by sort of
 

00:53:23.640 --> 00:53:25.230 align:start position:0%
the way we remove that is by sort of
enforcing<00:53:24.040><c> more</c><00:53:24.240><c> things</c><00:53:24.440><c> in</c><00:53:24.599><c> the</c><00:53:24.720><c> protocol</c>

00:53:25.230 --> 00:53:25.240 align:start position:0%
enforcing more things in the protocol
 

00:53:25.240 --> 00:53:26.829 align:start position:0%
enforcing more things in the protocol
either<00:53:25.440><c> with</c><00:53:25.640><c> like</c><00:53:25.760><c> cryptography</c><00:53:26.599><c> code</c>

00:53:26.829 --> 00:53:26.839 align:start position:0%
either with like cryptography code
 

00:53:26.839 --> 00:53:29.270 align:start position:0%
either with like cryptography code
economics<00:53:27.359><c> all</c><00:53:27.440><c> of</c><00:53:27.559><c> our</c><00:53:27.680><c> usual</c><00:53:28.079><c> tools</c><00:53:29.079><c> uh</c><00:53:29.200><c> and</c>

00:53:29.270 --> 00:53:29.280 align:start position:0%
economics all of our usual tools uh and
 

00:53:29.280 --> 00:53:31.230 align:start position:0%
economics all of our usual tools uh and
that<00:53:29.440><c> really</c><00:53:29.599><c> does</c><00:53:29.760><c> motivate</c><00:53:30.280><c> Solutions</c><00:53:30.960><c> like</c>

00:53:31.230 --> 00:53:31.240 align:start position:0%
that really does motivate Solutions like
 

00:53:31.240 --> 00:53:35.109 align:start position:0%
that really does motivate Solutions like
you<00:53:31.319><c> know</c><00:53:31.480><c> different</c><00:53:31.640><c> players</c><00:53:32.000><c> of</c>

00:53:35.109 --> 00:53:35.119 align:start position:0%
 
 

00:53:35.119 --> 00:53:38.150 align:start position:0%
 
epbs<00:53:36.119><c> uh</c><00:53:36.280><c> trust</c><00:53:36.839><c> assumptions</c><00:53:37.839><c> okay</c><00:53:37.960><c> what</c><00:53:38.040><c> are</c>

00:53:38.150 --> 00:53:38.160 align:start position:0%
epbs uh trust assumptions okay what are
 

00:53:38.160 --> 00:53:39.430 align:start position:0%
epbs uh trust assumptions okay what are
the<00:53:38.240><c> trust</c><00:53:38.480><c> assumptions</c><00:53:38.880><c> between</c><00:53:39.119><c> Builders</c>

00:53:39.430 --> 00:53:39.440 align:start position:0%
the trust assumptions between Builders
 

00:53:39.440 --> 00:53:40.630 align:start position:0%
the trust assumptions between Builders
and<00:53:39.599><c> Searchers</c><00:53:40.119><c> yeah</c><00:53:40.240><c> so</c><00:53:40.359><c> this</c><00:53:40.440><c> is</c><00:53:40.520><c> an</c>

00:53:40.630 --> 00:53:40.640 align:start position:0%
and Searchers yeah so this is an
 

00:53:40.640 --> 00:53:42.829 align:start position:0%
and Searchers yeah so this is an
interesting<00:53:40.960><c> question</c><00:53:41.960><c> maybe</c><00:53:42.200><c> I</c><00:53:42.280><c> will</c><00:53:42.520><c> say</c>

00:53:42.829 --> 00:53:42.839 align:start position:0%
interesting question maybe I will say
 

00:53:42.839 --> 00:53:44.750 align:start position:0%
interesting question maybe I will say
just<00:53:42.960><c> a</c><00:53:43.119><c> little</c><00:53:43.319><c> bit</c><00:53:43.599><c> about</c><00:53:44.079><c> Searchers</c>

00:53:44.750 --> 00:53:44.760 align:start position:0%
just a little bit about Searchers
 

00:53:44.760 --> 00:53:45.829 align:start position:0%
just a little bit about Searchers
because<00:53:44.880><c> I</c><00:53:44.960><c> think</c><00:53:45.079><c> I</c><00:53:45.160><c> just</c><00:53:45.280><c> threw</c><00:53:45.480><c> the</c><00:53:45.599><c> term</c>

00:53:45.829 --> 00:53:45.839 align:start position:0%
because I think I just threw the term
 

00:53:45.839 --> 00:53:46.760 align:start position:0%
because I think I just threw the term
out

00:53:46.760 --> 00:53:46.770 align:start position:0%
out
 

00:53:46.770 --> 00:53:48.109 align:start position:0%
out
[Music]

00:53:48.109 --> 00:53:48.119 align:start position:0%
[Music]
 

00:53:48.119 --> 00:53:51.470 align:start position:0%
[Music]
um<00:53:49.119><c> there</c><00:53:49.240><c> is</c><00:53:49.400><c> this</c><00:53:49.680><c> Vision</c><00:53:50.640><c> that</c><00:53:51.079><c> there</c><00:53:51.200><c> is</c>

00:53:51.470 --> 00:53:51.480 align:start position:0%
um there is this Vision that there is
 

00:53:51.480 --> 00:53:54.670 align:start position:0%
um there is this Vision that there is
like<00:53:51.960><c> a</c><00:53:52.960><c> actually</c><00:53:53.640><c> well</c><00:53:54.079><c> okay</c><00:53:54.359><c> I</c><00:53:54.440><c> have</c><00:53:54.559><c> some</c>

00:53:54.670 --> 00:53:54.680 align:start position:0%
like a actually well okay I have some
 

00:53:54.680 --> 00:53:56.829 align:start position:0%
like a actually well okay I have some
slides<00:53:54.960><c> for</c><00:53:55.160><c> this</c><00:53:55.400><c> but</c><00:53:55.680><c> it's</c><00:53:55.839><c> not</c><00:53:55.960><c> a</c><00:53:56.079><c> big</c><00:53:56.240><c> deal</c>

00:53:56.829 --> 00:53:56.839 align:start position:0%
slides for this but it's not a big deal
 

00:53:56.839 --> 00:53:59.470 align:start position:0%
slides for this but it's not a big deal
so<00:53:57.119><c> ultimately</c><00:53:58.119><c> um</c><00:53:58.720><c> there</c><00:53:58.839><c> was</c><00:53:59.000><c> this</c><00:53:59.160><c> Vision</c>

00:53:59.470 --> 00:53:59.480 align:start position:0%
so ultimately um there was this Vision
 

00:53:59.480 --> 00:54:00.829 align:start position:0%
so ultimately um there was this Vision
that<00:53:59.599><c> you</c><00:53:59.680><c> would</c><00:53:59.839><c> have</c><00:54:00.040><c> again</c><00:54:00.280><c> the</c><00:54:00.400><c> like</c><00:54:00.520><c> many</c>

00:54:00.829 --> 00:54:00.839 align:start position:0%
that you would have again the like many
 

00:54:00.839 --> 00:54:03.789 align:start position:0%
that you would have again the like many
actors<00:54:01.400><c> and</c><00:54:01.599><c> a</c><00:54:01.839><c> very</c><00:54:02.119><c> like</c><00:54:02.440><c> diverse</c><00:54:03.119><c> setup</c><00:54:03.520><c> for</c>

00:54:03.789 --> 00:54:03.799 align:start position:0%
actors and a very like diverse setup for
 

00:54:03.799 --> 00:54:05.829 align:start position:0%
actors and a very like diverse setup for
this<00:54:04.480><c> transaction</c><00:54:04.960><c> supply</c><00:54:05.240><c> chain</c><00:54:05.559><c> which</c><00:54:05.680><c> is</c>

00:54:05.829 --> 00:54:05.839 align:start position:0%
this transaction supply chain which is
 

00:54:05.839 --> 00:54:08.430 align:start position:0%
this transaction supply chain which is
basically<00:54:06.119><c> saying</c><00:54:06.480><c> like</c><00:54:06.920><c> Okay</c><00:54:07.920><c> uh</c><00:54:08.079><c> these</c><00:54:08.240><c> days</c>

00:54:08.430 --> 00:54:08.440 align:start position:0%
basically saying like Okay uh these days
 

00:54:08.440 --> 00:54:09.829 align:start position:0%
basically saying like Okay uh these days
we<00:54:08.559><c> think</c><00:54:08.720><c> about</c><00:54:08.960><c> intents</c><00:54:09.440><c> so</c><00:54:09.599><c> you</c><00:54:09.680><c> can</c>

00:54:09.829 --> 00:54:09.839 align:start position:0%
we think about intents so you can
 

00:54:09.839 --> 00:54:12.109 align:start position:0%
we think about intents so you can
imagine<00:54:10.160><c> I</c><00:54:10.280><c> even</c><00:54:10.440><c> have</c><00:54:10.599><c> an</c><00:54:10.760><c> intent</c><00:54:11.680><c> you</c><00:54:11.799><c> know</c><00:54:12.000><c> I</c>

00:54:12.109 --> 00:54:12.119 align:start position:0%
imagine I even have an intent you know I
 

00:54:12.119 --> 00:54:14.510 align:start position:0%
imagine I even have an intent you know I
like<00:54:12.280><c> want</c><00:54:12.520><c> some</c><00:54:12.680><c> meme</c><00:54:13.040><c> coins</c><00:54:14.040><c> and</c><00:54:14.200><c> then</c><00:54:14.359><c> I</c>

00:54:14.510 --> 00:54:14.520 align:start position:0%
like want some meme coins and then I
 

00:54:14.520 --> 00:54:16.109 align:start position:0%
like want some meme coins and then I
just<00:54:14.680><c> like</c><00:54:14.839><c> yell</c><00:54:15.200><c> this</c><00:54:15.480><c> at</c><00:54:15.640><c> someone</c><00:54:15.880><c> on</c><00:54:16.000><c> the</c>

00:54:16.109 --> 00:54:16.119 align:start position:0%
just like yell this at someone on the
 

00:54:16.119 --> 00:54:18.190 align:start position:0%
just like yell this at someone on the
internet<00:54:16.960><c> and</c><00:54:17.119><c> then</c><00:54:17.240><c> it</c><00:54:17.400><c> somehow</c><00:54:17.680><c> turns</c><00:54:17.920><c> into</c>

00:54:18.190 --> 00:54:18.200 align:start position:0%
internet and then it somehow turns into
 

00:54:18.200 --> 00:54:19.750 align:start position:0%
internet and then it somehow turns into
like<00:54:18.280><c> a</c><00:54:18.400><c> final</c><00:54:18.680><c> transaction</c><00:54:19.160><c> on</c><00:54:19.280><c> some</c>

00:54:19.750 --> 00:54:19.760 align:start position:0%
like a final transaction on some
 

00:54:19.760 --> 00:54:21.789 align:start position:0%
like a final transaction on some
blockchain<00:54:20.760><c> and</c><00:54:20.880><c> then</c><00:54:21.000><c> we</c><00:54:21.119><c> ask</c><00:54:21.359><c> how</c><00:54:21.480><c> does</c><00:54:21.640><c> it</c>

00:54:21.789 --> 00:54:21.799 align:start position:0%
blockchain and then we ask how does it
 

00:54:21.799 --> 00:54:24.030 align:start position:0%
blockchain and then we ask how does it
go<00:54:21.960><c> from</c><00:54:22.240><c> like</c><00:54:22.920><c> you</c><00:54:23.040><c> know</c><00:54:23.280><c> the</c><00:54:23.440><c> thought</c><00:54:23.640><c> in</c><00:54:23.799><c> my</c>

00:54:24.030 --> 00:54:24.040 align:start position:0%
go from like you know the thought in my
 

00:54:24.040 --> 00:54:27.230 align:start position:0%
go from like you know the thought in my
head<00:54:24.680><c> to</c><00:54:25.640><c> uh</c><00:54:26.440><c> actually</c><00:54:26.640><c> landing</c><00:54:26.960><c> on</c><00:54:27.079><c> some</c>

00:54:27.230 --> 00:54:27.240 align:start position:0%
head to uh actually landing on some
 

00:54:27.240 --> 00:54:29.430 align:start position:0%
head to uh actually landing on some
chain<00:54:28.200><c> like</c><00:54:28.319><c> a</c><00:54:28.480><c> concrete</c><00:54:28.799><c> State</c><00:54:29.040><c> transition</c>

00:54:29.430 --> 00:54:29.440 align:start position:0%
chain like a concrete State transition
 

00:54:29.440 --> 00:54:31.829 align:start position:0%
chain like a concrete State transition
in<00:54:29.559><c> one</c><00:54:29.640><c> of</c><00:54:29.760><c> these</c><00:54:29.920><c> systems</c><00:54:30.720><c> so</c><00:54:31.520><c> uh</c><00:54:31.640><c> there's</c>

00:54:31.829 --> 00:54:31.839 align:start position:0%
in one of these systems so uh there's
 

00:54:31.839 --> 00:54:33.309 align:start position:0%
in one of these systems so uh there's
like<00:54:31.960><c> a</c><00:54:32.040><c> lot</c><00:54:32.160><c> of</c><00:54:32.240><c> ways</c><00:54:32.400><c> to</c><00:54:32.520><c> think</c><00:54:32.680><c> about</c><00:54:32.960><c> this</c>

00:54:33.309 --> 00:54:33.319 align:start position:0%
like a lot of ways to think about this
 

00:54:33.319 --> 00:54:35.190 align:start position:0%
like a lot of ways to think about this
and<00:54:33.520><c> again</c><00:54:33.760><c> like</c><00:54:33.920><c> I</c><00:54:34.040><c> said</c><00:54:34.359><c> a</c><00:54:34.480><c> bit</c><00:54:34.640><c> ago</c><00:54:35.000><c> like</c>

00:54:35.190 --> 00:54:35.200 align:start position:0%
and again like I said a bit ago like
 

00:54:35.200 --> 00:54:37.390 align:start position:0%
and again like I said a bit ago like
every<00:54:35.440><c> day</c><00:54:35.640><c> there's</c><00:54:35.880><c> like</c><00:54:36.040><c> some</c><00:54:36.280><c> new</c><00:54:36.960><c> actor</c>

00:54:37.390 --> 00:54:37.400 align:start position:0%
every day there's like some new actor
 

00:54:37.400 --> 00:54:39.150 align:start position:0%
every day there's like some new actor
entity<00:54:37.839><c> that</c><00:54:38.200><c> like</c><00:54:38.359><c> kind</c><00:54:38.440><c> of</c><00:54:38.520><c> shows</c><00:54:38.799><c> up</c><00:54:38.920><c> to</c><00:54:39.040><c> the</c>

00:54:39.150 --> 00:54:39.160 align:start position:0%
entity that like kind of shows up to the
 

00:54:39.160 --> 00:54:41.870 align:start position:0%
entity that like kind of shows up to the
table<00:54:39.599><c> but</c><00:54:39.680><c> you</c><00:54:39.799><c> could</c><00:54:39.960><c> imagine</c><00:54:40.559><c> that</c><00:54:41.559><c> uh</c><00:54:41.680><c> sort</c>

00:54:41.870 --> 00:54:41.880 align:start position:0%
table but you could imagine that uh sort
 

00:54:41.880 --> 00:54:43.190 align:start position:0%
table but you could imagine that uh sort
of<00:54:42.000><c> simplified</c><00:54:42.480><c> model</c><00:54:42.720><c> that's</c><00:54:42.839><c> helpful</c><00:54:43.079><c> to</c>

00:54:43.190 --> 00:54:43.200 align:start position:0%
of simplified model that's helpful to
 

00:54:43.200 --> 00:54:45.270 align:start position:0%
of simplified model that's helpful to
think<00:54:43.359><c> about</c><00:54:43.640><c> is</c><00:54:43.880><c> that</c><00:54:44.240><c> there's</c><00:54:44.880><c> you</c><00:54:45.000><c> know</c>

00:54:45.270 --> 00:54:45.280 align:start position:0%
think about is that there's you know
 

00:54:45.280 --> 00:54:47.990 align:start position:0%
think about is that there's you know
myself<00:54:45.720><c> as</c><00:54:45.799><c> a</c><00:54:45.920><c> user</c><00:54:46.319><c> making</c><00:54:46.599><c> a</c><00:54:47.000><c> transaction</c>

00:54:47.990 --> 00:54:48.000 align:start position:0%
myself as a user making a transaction
 

00:54:48.000 --> 00:54:49.910 align:start position:0%
myself as a user making a transaction
for<00:54:48.240><c> that</c><00:54:48.440><c> I</c><00:54:48.559><c> like</c><00:54:48.880><c> use</c><00:54:49.520><c> either</c><00:54:49.720><c> an</c>

00:54:49.910 --> 00:54:49.920 align:start position:0%
for that I like use either an
 

00:54:49.920 --> 00:54:52.710 align:start position:0%
for that I like use either an
application<00:54:50.440><c> or</c><00:54:50.599><c> like</c><00:54:50.720><c> a</c><00:54:51.160><c> wallet</c><00:54:52.160><c> they</c><00:54:52.400><c> then</c>

00:54:52.710 --> 00:54:52.720 align:start position:0%
application or like a wallet they then
 

00:54:52.720 --> 00:54:54.230 align:start position:0%
application or like a wallet they then
would<00:54:52.880><c> make</c><00:54:53.000><c> a</c><00:54:53.160><c> transaction</c><00:54:53.760><c> that</c><00:54:53.880><c> goes</c><00:54:54.040><c> into</c>

00:54:54.230 --> 00:54:54.240 align:start position:0%
would make a transaction that goes into
 

00:54:54.240 --> 00:54:56.789 align:start position:0%
would make a transaction that goes into
say<00:54:54.440><c> them</c><00:54:54.760><c> impol</c><00:54:55.760><c> from</c><00:54:55.960><c> there</c><00:54:56.480><c> could</c><00:54:56.599><c> have</c>

00:54:56.789 --> 00:54:56.799 align:start position:0%
say them impol from there could have
 

00:54:56.799 --> 00:54:58.510 align:start position:0%
say them impol from there could have
these<00:54:57.000><c> like</c><00:54:57.160><c> specialized</c><00:54:57.680><c> entities</c><00:54:58.079><c> called</c>

00:54:58.510 --> 00:54:58.520 align:start position:0%
these like specialized entities called
 

00:54:58.520 --> 00:55:00.230 align:start position:0%
these like specialized entities called
Searchers<00:54:59.520><c> uh</c><00:54:59.640><c> who</c><00:54:59.799><c> then</c><00:54:59.880><c> are</c><00:55:00.000><c> looking</c><00:55:00.200><c> at</c>

00:55:00.230 --> 00:55:00.240 align:start position:0%
Searchers uh who then are looking at
 

00:55:00.240 --> 00:55:01.750 align:start position:0%
Searchers uh who then are looking at
them<00:55:00.359><c> in</c><00:55:00.520><c> pool</c><00:55:00.880><c> and</c><00:55:01.000><c> these</c><00:55:01.119><c> are</c><00:55:01.240><c> the</c><00:55:01.319><c> ones</c><00:55:01.559><c> now</c>

00:55:01.750 --> 00:55:01.760 align:start position:0%
them in pool and these are the ones now
 

00:55:01.760 --> 00:55:03.589 align:start position:0%
them in pool and these are the ones now
that<00:55:01.880><c> know</c><00:55:02.280><c> these</c><00:55:02.480><c> like</c><00:55:02.720><c> very</c><00:55:02.960><c> sophisticated</c>

00:55:03.589 --> 00:55:03.599 align:start position:0%
that know these like very sophisticated
 

00:55:03.599 --> 00:55:06.549 align:start position:0%
that know these like very sophisticated
strategies<00:55:04.000><c> for</c><00:55:04.160><c> MV</c><00:55:05.040><c> extraction</c><00:55:06.040><c> uh</c><00:55:06.319><c> like</c><00:55:06.440><c> a</c>

00:55:06.549 --> 00:55:06.559 align:start position:0%
strategies for MV extraction uh like a
 

00:55:06.559 --> 00:55:07.750 align:start position:0%
strategies for MV extraction uh like a
typical<00:55:06.880><c> one</c><00:55:07.040><c> to</c><00:55:07.160><c> think</c><00:55:07.319><c> about</c><00:55:07.480><c> is</c><00:55:07.599><c> like</c>

00:55:07.750 --> 00:55:07.760 align:start position:0%
typical one to think about is like
 

00:55:07.760 --> 00:55:11.109 align:start position:0%
typical one to think about is like
sandwiching<00:55:08.400><c> where</c><00:55:08.839><c> basically</c><00:55:09.839><c> if</c><00:55:10.040><c> I</c><00:55:10.280><c> have</c><00:55:11.040><c> a</c>

00:55:11.109 --> 00:55:11.119 align:start position:0%
sandwiching where basically if I have a
 

00:55:11.119 --> 00:55:12.950 align:start position:0%
sandwiching where basically if I have a
lot<00:55:11.280><c> of</c><00:55:11.400><c> slippage</c><00:55:11.960><c> on</c><00:55:12.200><c> like</c><00:55:12.400><c> a</c><00:55:12.559><c> trade</c><00:55:12.760><c> I</c><00:55:12.839><c> want</c>

00:55:12.950 --> 00:55:12.960 align:start position:0%
lot of slippage on like a trade I want
 

00:55:12.960 --> 00:55:14.510 align:start position:0%
lot of slippage on like a trade I want
to<00:55:13.040><c> make</c><00:55:13.160><c> on</c><00:55:13.280><c> some</c><00:55:13.480><c> decks</c><00:55:13.960><c> which</c><00:55:14.079><c> is</c><00:55:14.200><c> basically</c>

00:55:14.510 --> 00:55:14.520 align:start position:0%
to make on some decks which is basically
 

00:55:14.520 --> 00:55:18.309 align:start position:0%
to make on some decks which is basically
referring<00:55:14.839><c> to</c><00:55:15.040><c> like</c><00:55:15.400><c> my</c><00:55:16.599><c> uh</c><00:55:17.599><c> tolerance</c><00:55:18.119><c> let's</c>

00:55:18.309 --> 00:55:18.319 align:start position:0%
referring to like my uh tolerance let's
 

00:55:18.319 --> 00:55:22.309 align:start position:0%
referring to like my uh tolerance let's
say<00:55:18.480><c> for</c><00:55:18.680><c> like</c><00:55:19.000><c> execution</c><00:55:20.119><c> meaning</c><00:55:21.240><c> um</c><00:55:22.240><c> I</c>

00:55:22.309 --> 00:55:22.319 align:start position:0%
say for like execution meaning um I
 

00:55:22.319 --> 00:55:24.150 align:start position:0%
say for like execution meaning um I
would<00:55:22.559><c> accept</c><00:55:22.839><c> a</c><00:55:23.000><c> worse</c><00:55:23.319><c> price</c><00:55:23.680><c> or</c><00:55:23.839><c> maybe</c><00:55:24.039><c> a</c>

00:55:24.150 --> 00:55:24.160 align:start position:0%
would accept a worse price or maybe a
 

00:55:24.160 --> 00:55:25.710 align:start position:0%
would accept a worse price or maybe a
better<00:55:24.440><c> price</c><00:55:24.760><c> than</c><00:55:24.920><c> like</c><00:55:25.079><c> what</c><00:55:25.200><c> I</c><00:55:25.359><c> exactly</c>

00:55:25.710 --> 00:55:25.720 align:start position:0%
better price than like what I exactly
 

00:55:25.720 --> 00:55:27.549 align:start position:0%
better price than like what I exactly
think<00:55:25.880><c> I'm</c><00:55:26.000><c> getting</c>

00:55:27.549 --> 00:55:27.559 align:start position:0%
think I'm getting
 

00:55:27.559 --> 00:55:31.230 align:start position:0%
think I'm getting
and<00:55:28.559><c> in</c><00:55:28.720><c> any</c><00:55:28.960><c> case</c><00:55:29.920><c> um</c><00:55:30.440><c> Searchers</c><00:55:30.920><c> then</c><00:55:31.079><c> can</c>

00:55:31.230 --> 00:55:31.240 align:start position:0%
and in any case um Searchers then can
 

00:55:31.240 --> 00:55:32.789 align:start position:0%
and in any case um Searchers then can
basically<00:55:31.599><c> work</c><00:55:31.760><c> around</c><00:55:31.960><c> this</c><00:55:32.119><c> slippage</c><00:55:32.640><c> and</c>

00:55:32.789 --> 00:55:32.799 align:start position:0%
basically work around this slippage and
 

00:55:32.799 --> 00:55:36.789 align:start position:0%
basically work around this slippage and
kind<00:55:32.920><c> of</c><00:55:33.119><c> take</c><00:55:33.319><c> out</c><00:55:33.680><c> the</c><00:55:33.839><c> bits</c><00:55:34.799><c> that</c><00:55:35.799><c> uh</c><00:55:36.039><c> you</c>

00:55:36.789 --> 00:55:36.799 align:start position:0%
kind of take out the bits that uh you
 

00:55:36.799 --> 00:55:38.870 align:start position:0%
kind of take out the bits that uh you
left<00:55:37.079><c> on</c><00:55:37.240><c> the</c><00:55:37.400><c> table</c><00:55:37.920><c> in</c><00:55:38.039><c> terms</c><00:55:38.280><c> of</c><00:55:38.680><c> having</c>

00:55:38.870 --> 00:55:38.880 align:start position:0%
left on the table in terms of having
 

00:55:38.880 --> 00:55:41.589 align:start position:0%
left on the table in terms of having
this<00:55:39.039><c> flexibility</c><00:55:39.599><c> of</c><00:55:39.720><c> your</c><00:55:40.200><c> trade</c><00:55:41.200><c> against</c>

00:55:41.589 --> 00:55:41.599 align:start position:0%
this flexibility of your trade against
 

00:55:41.599 --> 00:55:43.789 align:start position:0%
this flexibility of your trade against
say<00:55:42.039><c> what's</c><00:55:42.280><c> on</c><00:55:42.440><c> chain</c><00:55:42.960><c> because</c><00:55:43.119><c> then</c><00:55:43.520><c> as</c><00:55:43.640><c> you</c>

00:55:43.789 --> 00:55:43.799 align:start position:0%
say what's on chain because then as you
 

00:55:43.799 --> 00:55:45.829 align:start position:0%
say what's on chain because then as you
realize<00:55:44.240><c> there's</c><00:55:44.559><c> like</c><00:55:45.119><c> markets</c><00:55:45.599><c> that</c><00:55:45.720><c> are</c>

00:55:45.829 --> 00:55:45.839 align:start position:0%
realize there's like markets that are
 

00:55:45.839 --> 00:55:47.910 align:start position:0%
realize there's like markets that are
moving<00:55:46.280><c> other</c><00:55:46.480><c> places</c><00:55:46.720><c> in</c><00:55:46.839><c> the</c><00:55:46.920><c> world</c><00:55:47.760><c> the</c>

00:55:47.910 --> 00:55:47.920 align:start position:0%
moving other places in the world the
 

00:55:47.920 --> 00:55:50.109 align:start position:0%
moving other places in the world the
chain<00:55:48.200><c> then</c><00:55:48.440><c> like</c><00:55:48.559><c> follows</c><00:55:48.920><c> them</c><00:55:49.319><c> eventually</c>

00:55:50.109 --> 00:55:50.119 align:start position:0%
chain then like follows them eventually
 

00:55:50.119 --> 00:55:52.710 align:start position:0%
chain then like follows them eventually
and<00:55:50.839><c> point</c><00:55:51.079><c> being</c><00:55:51.440><c> is</c><00:55:52.160><c> there</c><00:55:52.240><c> are</c><00:55:52.400><c> ways</c><00:55:52.559><c> to</c>

00:55:52.710 --> 00:55:52.720 align:start position:0%
and point being is there are ways to
 

00:55:52.720 --> 00:55:55.150 align:start position:0%
and point being is there are ways to
distract<00:55:53.039><c> me</c><00:55:53.960><c> Searchers</c><00:55:54.400><c> are</c><00:55:54.640><c> the</c><00:55:54.760><c> entity</c>

00:55:55.150 --> 00:55:55.160 align:start position:0%
distract me Searchers are the entity
 

00:55:55.160 --> 00:55:57.390 align:start position:0%
distract me Searchers are the entity
that<00:55:55.240><c> would</c><00:55:55.400><c> do</c><00:55:55.599><c> this</c>

00:55:57.390 --> 00:55:57.400 align:start position:0%
that would do this
 

00:55:57.400 --> 00:55:58.829 align:start position:0%
that would do this
now<00:55:57.680><c> then</c><00:55:58.240><c> if</c><00:55:58.319><c> you</c><00:55:58.440><c> have</c><00:55:58.520><c> a</c><00:55:58.599><c> bunch</c><00:55:58.760><c> of</c>

00:55:58.829 --> 00:55:58.839 align:start position:0%
now then if you have a bunch of
 

00:55:58.839 --> 00:56:00.589 align:start position:0%
now then if you have a bunch of
Searchers<00:55:59.200><c> in</c><00:55:59.280><c> the</c><00:55:59.440><c> world</c><00:56:00.200><c> they</c><00:56:00.359><c> might</c><00:56:00.480><c> want</c>

00:56:00.589 --> 00:56:00.599 align:start position:0%
Searchers in the world they might want
 

00:56:00.599 --> 00:56:02.150 align:start position:0%
Searchers in the world they might want
to<00:56:00.720><c> specialize</c><00:56:01.200><c> exactly</c><00:56:01.520><c> in</c><00:56:01.680><c> these</c><00:56:01.839><c> like</c><00:56:01.960><c> very</c>

00:56:02.150 --> 00:56:02.160 align:start position:0%
to specialize exactly in these like very
 

00:56:02.160 --> 00:56:04.309 align:start position:0%
to specialize exactly in these like very
sophisticated<00:56:02.799><c> strategies</c><00:56:03.799><c> they</c><00:56:03.960><c> might</c><00:56:04.119><c> not</c>

00:56:04.309 --> 00:56:04.319 align:start position:0%
sophisticated strategies they might not
 

00:56:04.319 --> 00:56:05.750 align:start position:0%
sophisticated strategies they might not
be<00:56:04.440><c> the</c><00:56:04.559><c> best</c><00:56:04.720><c> at</c><00:56:04.839><c> like</c><00:56:04.960><c> building</c><00:56:05.319><c> blocks</c>

00:56:05.750 --> 00:56:05.760 align:start position:0%
be the best at like building blocks
 

00:56:05.760 --> 00:56:06.670 align:start position:0%
be the best at like building blocks
themselves<00:56:06.119><c> because</c><00:56:06.240><c> they</c><00:56:06.319><c> are</c><00:56:06.440><c> kind</c><00:56:06.559><c> of</c>

00:56:06.670 --> 00:56:06.680 align:start position:0%
themselves because they are kind of
 

00:56:06.680 --> 00:56:08.829 align:start position:0%
themselves because they are kind of
separate<00:56:07.039><c> task</c><00:56:07.640><c> where</c><00:56:07.839><c> a</c><00:56:07.960><c> builder</c><00:56:08.440><c> might</c><00:56:08.640><c> have</c>

00:56:08.829 --> 00:56:08.839 align:start position:0%
separate task where a builder might have
 

00:56:08.839 --> 00:56:11.029 align:start position:0%
separate task where a builder might have
like<00:56:08.920><c> a</c><00:56:09.079><c> bunch</c><00:56:09.280><c> of</c><00:56:10.240><c> uh</c><00:56:10.359><c> usually</c><00:56:10.640><c> like</c><00:56:10.760><c> bundles</c>

00:56:11.029 --> 00:56:11.039 align:start position:0%
like a bunch of uh usually like bundles
 

00:56:11.039 --> 00:56:13.029 align:start position:0%
like a bunch of uh usually like bundles
of<00:56:11.200><c> transactions</c><00:56:11.680><c> from</c><00:56:11.920><c> Searchers</c><00:56:12.920><c> they</c>

00:56:13.029 --> 00:56:13.039 align:start position:0%
of transactions from Searchers they
 

00:56:13.039 --> 00:56:14.829 align:start position:0%
of transactions from Searchers they
would<00:56:13.319><c> then</c><00:56:13.799><c> uh</c><00:56:13.920><c> put</c><00:56:14.079><c> them</c><00:56:14.200><c> all</c><00:56:14.359><c> into</c><00:56:14.559><c> like</c><00:56:14.680><c> a</c>

00:56:14.829 --> 00:56:14.839 align:start position:0%
would then uh put them all into like a
 

00:56:14.839 --> 00:56:16.470 align:start position:0%
would then uh put them all into like a
block<00:56:15.200><c> that's</c><00:56:15.599><c> valid</c><00:56:15.920><c> with</c><00:56:16.079><c> respect</c><00:56:16.280><c> to</c><00:56:16.359><c> the</c>

00:56:16.470 --> 00:56:16.480 align:start position:0%
block that's valid with respect to the
 

00:56:16.480 --> 00:56:18.549 align:start position:0%
block that's valid with respect to the
protocol<00:56:17.240><c> and</c><00:56:17.400><c> then</c><00:56:17.720><c> the</c><00:56:17.880><c> builder</c><00:56:18.240><c> then</c><00:56:18.400><c> would</c>

00:56:18.549 --> 00:56:18.559 align:start position:0%
protocol and then the builder then would
 

00:56:18.559 --> 00:56:20.950 align:start position:0%
protocol and then the builder then would
work<00:56:18.720><c> with</c><00:56:18.880><c> proposers</c><00:56:19.400><c> via</c>

00:56:20.950 --> 00:56:20.960 align:start position:0%
work with proposers via
 

00:56:20.960 --> 00:56:24.710 align:start position:0%
work with proposers via
PBS<00:56:21.960><c> okay</c><00:56:22.640><c> so</c><00:56:23.520><c> that</c><00:56:23.640><c> was</c><00:56:23.760><c> longwinded</c><00:56:24.400><c> but</c>

00:56:24.710 --> 00:56:24.720 align:start position:0%
PBS okay so that was longwinded but
 

00:56:24.720 --> 00:56:28.069 align:start position:0%
PBS okay so that was longwinded but
ultimately<00:56:25.720><c> uh</c><00:56:25.839><c> there's</c><00:56:26.359><c> notion</c><00:56:26.559><c> of</c><00:56:27.079><c> Searcher</c>

00:56:28.069 --> 00:56:28.079 align:start position:0%
ultimately uh there's notion of Searcher
 

00:56:28.079 --> 00:56:29.390 align:start position:0%
ultimately uh there's notion of Searcher
and<00:56:28.400><c> if</c>

00:56:29.390 --> 00:56:29.400 align:start position:0%
and if
 

00:56:29.400 --> 00:56:31.710 align:start position:0%
and if
anything<00:56:30.400><c> what</c><00:56:30.599><c> we've</c><00:56:30.880><c> probably</c><00:56:31.079><c> seen</c><00:56:31.400><c> evolve</c>

00:56:31.710 --> 00:56:31.720 align:start position:0%
anything what we've probably seen evolve
 

00:56:31.720 --> 00:56:33.630 align:start position:0%
anything what we've probably seen evolve
over<00:56:31.920><c> the</c><00:56:32.039><c> years</c><00:56:32.440><c> that</c><00:56:32.559><c> is</c><00:56:32.720><c> not</c><00:56:33.000><c> good</c><00:56:33.359><c> but</c>

00:56:33.630 --> 00:56:33.640 align:start position:0%
over the years that is not good but
 

00:56:33.640 --> 00:56:34.910 align:start position:0%
over the years that is not good but
we've<00:56:33.839><c> essentially</c><00:56:34.200><c> seen</c><00:56:34.440><c> like</c><00:56:34.559><c> vertical</c>

00:56:34.910 --> 00:56:34.920 align:start position:0%
we've essentially seen like vertical
 

00:56:34.920 --> 00:56:36.390 align:start position:0%
we've essentially seen like vertical
integration<00:56:35.440><c> and</c><00:56:35.559><c> kind</c><00:56:35.680><c> of</c><00:56:35.799><c> the</c><00:56:35.880><c> dissolution</c>

00:56:36.390 --> 00:56:36.400 align:start position:0%
integration and kind of the dissolution
 

00:56:36.400 --> 00:56:39.549 align:start position:0%
integration and kind of the dissolution
of<00:56:36.520><c> these</c><00:56:36.680><c> different</c><00:56:37.400><c> roles</c><00:56:38.400><c> um</c><00:56:39.160><c> you</c><00:56:39.280><c> know</c><00:56:39.400><c> in</c>

00:56:39.549 --> 00:56:39.559 align:start position:0%
of these different roles um you know in
 

00:56:39.559 --> 00:56:40.910 align:start position:0%
of these different roles um you know in
the<00:56:39.680><c> limit</c><00:56:40.079><c> like</c><00:56:40.200><c> we're</c><00:56:40.359><c> talking</c><00:56:40.640><c> so</c><00:56:40.760><c> much</c>

00:56:40.910 --> 00:56:40.920 align:start position:0%
the limit like we're talking so much
 

00:56:40.920 --> 00:56:42.549 align:start position:0%
the limit like we're talking so much
about<00:56:41.119><c> why</c><00:56:41.280><c> latency</c><00:56:41.680><c> is</c><00:56:41.799><c> so</c><00:56:42.039><c> bad</c><00:56:42.359><c> like</c><00:56:42.480><c> you</c>

00:56:42.549 --> 00:56:42.559 align:start position:0%
about why latency is so bad like you
 

00:56:42.559 --> 00:56:44.150 align:start position:0%
about why latency is so bad like you
could<00:56:42.760><c> imagine</c><00:56:43.160><c> they're</c><00:56:43.400><c> like</c><00:56:43.640><c> okay</c><00:56:43.799><c> well</c><00:56:43.960><c> why</c>

00:56:44.150 --> 00:56:44.160 align:start position:0%
could imagine they're like okay well why
 

00:56:44.160 --> 00:56:45.950 align:start position:0%
could imagine they're like okay well why
even<00:56:44.880><c> why</c><00:56:45.039><c> even</c><00:56:45.200><c> have</c><00:56:45.280><c> a</c><00:56:45.400><c> builder</c><00:56:45.680><c> separate</c>

00:56:45.950 --> 00:56:45.960 align:start position:0%
even why even have a builder separate
 

00:56:45.960 --> 00:56:47.270 align:start position:0%
even why even have a builder separate
from<00:56:46.079><c> a</c><00:56:46.200><c> relay</c><00:56:46.680><c> right</c><00:56:46.839><c> like</c><00:56:46.960><c> they</c><00:56:47.079><c> could</c><00:56:47.200><c> just</c>

00:56:47.270 --> 00:56:47.280 align:start position:0%
from a relay right like they could just
 

00:56:47.280 --> 00:56:49.430 align:start position:0%
from a relay right like they could just
be<00:56:47.480><c> the</c><00:56:47.599><c> same</c><00:56:47.839><c> thing</c><00:56:48.599><c> and</c><00:56:48.720><c> if</c><00:56:48.880><c> anything</c><00:56:49.280><c> that</c>

00:56:49.430 --> 00:56:49.440 align:start position:0%
be the same thing and if anything that
 

00:56:49.440 --> 00:56:50.789 align:start position:0%
be the same thing and if anything that
also<00:56:49.599><c> gets</c><00:56:49.799><c> to</c><00:56:49.920><c> like</c><00:56:50.039><c> this</c><00:56:50.160><c> col</c><00:56:50.400><c> location</c>

00:56:50.789 --> 00:56:50.799 align:start position:0%
also gets to like this col location
 

00:56:50.799 --> 00:56:52.390 align:start position:0%
also gets to like this col location
question<00:56:51.160><c> like</c><00:56:51.319><c> this</c><00:56:51.440><c> is</c><00:56:51.599><c> exactly</c><00:56:51.960><c> what</c>

00:56:52.390 --> 00:56:52.400 align:start position:0%
question like this is exactly what
 

00:56:52.400 --> 00:56:55.109 align:start position:0%
question like this is exactly what
happens<00:56:53.400><c> so</c><00:56:54.039><c> I</c><00:56:54.119><c> think</c><00:56:54.280><c> similarly</c><00:56:54.720><c> you</c><00:56:54.839><c> see</c>

00:56:55.109 --> 00:56:55.119 align:start position:0%
happens so I think similarly you see
 

00:56:55.119 --> 00:56:56.670 align:start position:0%
happens so I think similarly you see
various<00:56:55.440><c> arrangements</c><00:56:55.839><c> with</c><00:56:55.960><c> search</c><00:56:56.400><c> and</c>

00:56:56.670 --> 00:56:56.680 align:start position:0%
various arrangements with search and
 

00:56:56.680 --> 00:56:59.069 align:start position:0%
various arrangements with search and
Builders<00:56:57.680><c> uh</c><00:56:58.079><c> there</c><00:56:58.160><c> is</c><00:56:58.319><c> a</c><00:56:58.400><c> lot</c><00:56:58.520><c> of</c><00:56:58.640><c> research</c><00:56:59.000><c> I</c>

00:56:59.069 --> 00:56:59.079 align:start position:0%
Builders uh there is a lot of research I
 

00:56:59.079 --> 00:57:01.029 align:start position:0%
Builders uh there is a lot of research I
know<00:56:59.240><c> that</c><00:56:59.400><c> has</c><00:56:59.520><c> gone</c><00:56:59.680><c> into</c><00:56:59.880><c> this</c><00:57:00.039><c> question</c><00:57:00.920><c> if</c>

00:57:01.029 --> 00:57:01.039 align:start position:0%
know that has gone into this question if
 

00:57:01.039 --> 00:57:03.029 align:start position:0%
know that has gone into this question if
you<00:57:01.160><c> just</c><00:57:01.280><c> search</c><00:57:01.720><c> like</c><00:57:02.039><c> probably</c><00:57:02.359><c> like</c><00:57:02.799><c> yeah</c>

00:57:03.029 --> 00:57:03.039 align:start position:0%
you just search like probably like yeah
 

00:57:03.039 --> 00:57:04.829 align:start position:0%
you just search like probably like yeah
Builder<00:57:03.359><c> Searcher</c><00:57:03.720><c> vertical</c><00:57:04.039><c> integration</c><00:57:04.480><c> or</c>

00:57:04.829 --> 00:57:04.839 align:start position:0%
Builder Searcher vertical integration or
 

00:57:04.839 --> 00:57:06.829 align:start position:0%
Builder Searcher vertical integration or
something<00:57:05.839><c> uh</c><00:57:05.960><c> you'll</c><00:57:06.200><c> find</c><00:57:06.480><c> plenty</c><00:57:06.720><c> of</c>

00:57:06.829 --> 00:57:06.839 align:start position:0%
something uh you'll find plenty of
 

00:57:06.839 --> 00:57:10.750 align:start position:0%
something uh you'll find plenty of
research<00:57:07.280><c> there</c><00:57:08.039><c> but</c><00:57:08.200><c> ultimately</c><00:57:08.799><c> yeah</c><00:57:09.640><c> um</c><00:57:10.640><c> in</c>

00:57:10.750 --> 00:57:10.760 align:start position:0%
research there but ultimately yeah um in
 

00:57:10.760 --> 00:57:13.230 align:start position:0%
research there but ultimately yeah um in
an<00:57:10.920><c> ideal</c><00:57:11.280><c> world</c><00:57:12.200><c> you</c><00:57:12.280><c> could</c><00:57:12.480><c> imagine</c><00:57:13.039><c> that</c><00:57:13.160><c> it</c>

00:57:13.230 --> 00:57:13.240 align:start position:0%
an ideal world you could imagine that it
 

00:57:13.240 --> 00:57:14.270 align:start position:0%
an ideal world you could imagine that it
would<00:57:13.400><c> make</c><00:57:13.559><c> sense</c><00:57:13.720><c> to</c><00:57:13.839><c> have</c><00:57:13.960><c> them</c><00:57:14.079><c> be</c>

00:57:14.270 --> 00:57:14.280 align:start position:0%
would make sense to have them be
 

00:57:14.280 --> 00:57:15.710 align:start position:0%
would make sense to have them be
separate<00:57:14.559><c> entities</c><00:57:14.920><c> at</c><00:57:15.079><c> separate</c><00:57:15.359><c> parts</c><00:57:15.559><c> of</c>

00:57:15.710 --> 00:57:15.720 align:start position:0%
separate entities at separate parts of
 

00:57:15.720 --> 00:57:18.309 align:start position:0%
separate entities at separate parts of
this<00:57:16.039><c> transaction</c><00:57:16.559><c> supply</c><00:57:16.839><c> chain</c><00:57:17.839><c> and</c><00:57:18.119><c> they</c>

00:57:18.309 --> 00:57:18.319 align:start position:0%
this transaction supply chain and they
 

00:57:18.319 --> 00:57:20.710 align:start position:0%
this transaction supply chain and they
might<00:57:18.480><c> be</c><00:57:18.640><c> mutually</c><00:57:19.119><c> distrustful</c><00:57:20.119><c> um</c><00:57:20.440><c> and</c><00:57:20.559><c> in</c>

00:57:20.710 --> 00:57:20.720 align:start position:0%
might be mutually distrustful um and in
 

00:57:20.720 --> 00:57:21.950 align:start position:0%
might be mutually distrustful um and in
that<00:57:20.880><c> case</c><00:57:21.160><c> yeah</c><00:57:21.319><c> then</c><00:57:21.440><c> you</c><00:57:21.520><c> need</c><00:57:21.640><c> to</c><00:57:21.760><c> think</c>

00:57:21.950 --> 00:57:21.960 align:start position:0%
that case yeah then you need to think
 

00:57:21.960 --> 00:57:24.630 align:start position:0%
that case yeah then you need to think
about<00:57:22.280><c> like</c><00:57:23.039><c> okay</c><00:57:23.240><c> how</c><00:57:23.359><c> do</c><00:57:23.480><c> I</c><00:57:23.640><c> make</c><00:57:23.839><c> sure</c><00:57:24.200><c> that</c>

00:57:24.630 --> 00:57:24.640 align:start position:0%
about like okay how do I make sure that
 

00:57:24.640 --> 00:57:25.910 align:start position:0%
about like okay how do I make sure that
it's<00:57:24.760><c> really</c><00:57:24.960><c> the</c><00:57:25.079><c> same</c><00:57:25.200><c> set</c><00:57:25.400><c> of</c><00:57:25.559><c> problems</c>

00:57:25.910 --> 00:57:25.920 align:start position:0%
it's really the same set of problems
 

00:57:25.920 --> 00:57:27.470 align:start position:0%
it's really the same set of problems
again<00:57:26.240><c> just</c><00:57:26.400><c> between</c><00:57:26.599><c> Builder</c><00:57:26.839><c> and</c><00:57:26.960><c> Searcher</c>

00:57:27.470 --> 00:57:27.480 align:start position:0%
again just between Builder and Searcher
 

00:57:27.480 --> 00:57:29.029 align:start position:0%
again just between Builder and Searcher
like<00:57:27.960><c> how</c><00:57:28.039><c> do</c><00:57:28.160><c> I</c><00:57:28.280><c> make</c><00:57:28.400><c> sure</c><00:57:28.599><c> that</c><00:57:28.680><c> the</c><00:57:28.799><c> Builder</c>

00:57:29.029 --> 00:57:29.039 align:start position:0%
like how do I make sure that the Builder
 

00:57:29.039 --> 00:57:31.150 align:start position:0%
like how do I make sure that the Builder
is<00:57:29.200><c> not</c><00:57:29.359><c> going</c><00:57:29.480><c> to</c><00:57:29.720><c> like</c><00:57:30.400><c> either</c><00:57:30.640><c> search</c>

00:57:31.150 --> 00:57:31.160 align:start position:0%
is not going to like either search
 

00:57:31.160 --> 00:57:33.150 align:start position:0%
is not going to like either search
themselves<00:57:31.520><c> against</c><00:57:31.760><c> my</c><00:57:31.920><c> orderflow</c><00:57:32.920><c> they're</c>

00:57:33.150 --> 00:57:33.160 align:start position:0%
themselves against my orderflow they're
 

00:57:33.160 --> 00:57:34.870 align:start position:0%
themselves against my orderflow they're
going<00:57:33.359><c> to</c><00:57:33.680><c> like</c><00:57:33.920><c> you</c><00:57:34.000><c> know</c><00:57:34.280><c> if</c><00:57:34.480><c> I</c><00:57:34.640><c> have</c><00:57:34.760><c> a</c>

00:57:34.870 --> 00:57:34.880 align:start position:0%
going to like you know if I have a
 

00:57:34.880 --> 00:57:36.430 align:start position:0%
going to like you know if I have a
bundle<00:57:35.119><c> of</c><00:57:35.240><c> transactions</c><00:57:35.799><c> that</c><00:57:35.920><c> pays</c><00:57:36.119><c> me</c><00:57:36.240><c> as</c><00:57:36.319><c> a</c>

00:57:36.430 --> 00:57:36.440 align:start position:0%
bundle of transactions that pays me as a
 

00:57:36.440 --> 00:57:37.710 align:start position:0%
bundle of transactions that pays me as a
Searcher<00:57:36.760><c> some</c><00:57:37.000><c> amount</c><00:57:37.240><c> I</c><00:57:37.280><c> want</c><00:57:37.400><c> to</c><00:57:37.480><c> make</c><00:57:37.599><c> sure</c>

00:57:37.710 --> 00:57:37.720 align:start position:0%
Searcher some amount I want to make sure
 

00:57:37.720 --> 00:57:40.150 align:start position:0%
Searcher some amount I want to make sure
the<00:57:37.839><c> Builder</c><00:57:38.160><c> doesn't</c><00:57:38.559><c> like</c><00:57:39.520><c> um</c><00:57:39.799><c> mess</c><00:57:40.039><c> with</c>

00:57:40.150 --> 00:57:40.160 align:start position:0%
the Builder doesn't like um mess with
 

00:57:40.160 --> 00:57:42.750 align:start position:0%
the Builder doesn't like um mess with
that<00:57:40.280><c> in</c><00:57:40.400><c> any</c><00:57:40.559><c> way</c><00:57:40.760><c> and</c><00:57:40.960><c> like</c><00:57:41.400><c> respects</c><00:57:42.400><c> the</c>

00:57:42.750 --> 00:57:42.760 align:start position:0%
that in any way and like respects the
 

00:57:42.760 --> 00:57:44.789 align:start position:0%
that in any way and like respects the
you<00:57:42.960><c> know</c><00:57:43.960><c> one</c><00:57:44.119><c> way</c><00:57:44.200><c> to</c><00:57:44.280><c> think</c><00:57:44.440><c> about</c><00:57:44.599><c> this</c><00:57:44.720><c> is</c>

00:57:44.789 --> 00:57:44.799 align:start position:0%
you know one way to think about this is
 

00:57:44.799 --> 00:57:46.349 align:start position:0%
you know one way to think about this is
it<00:57:44.920><c> is</c><00:57:45.079><c> like</c><00:57:45.240><c> sensitive</c><00:57:45.680><c> data</c><00:57:46.039><c> in</c><00:57:46.200><c> this</c>

00:57:46.349 --> 00:57:46.359 align:start position:0%
it is like sensitive data in this
 

00:57:46.359 --> 00:57:47.990 align:start position:0%
it is like sensitive data in this
context<00:57:46.839><c> and</c><00:57:46.960><c> so</c><00:57:47.240><c> like</c><00:57:47.400><c> you</c><00:57:47.520><c> just</c><00:57:47.640><c> have</c><00:57:47.760><c> to</c><00:57:47.880><c> be</c>

00:57:47.990 --> 00:57:48.000 align:start position:0%
context and so like you just have to be
 

00:57:48.000 --> 00:57:50.190 align:start position:0%
context and so like you just have to be
careful<00:57:48.359><c> who</c><00:57:48.680><c> who</c><00:57:48.799><c> you</c><00:57:48.880><c> share</c><00:57:49.160><c> things</c>

00:57:50.190 --> 00:57:50.200 align:start position:0%
careful who who you share things
 

00:57:50.200 --> 00:57:51.789 align:start position:0%
careful who who you share things
with

00:57:51.789 --> 00:57:51.799 align:start position:0%
with
 

00:57:51.799 --> 00:57:54.470 align:start position:0%
with
and<00:57:52.799><c> yeah</c><00:57:53.000><c> point</c><00:57:53.200><c> being</c><00:57:53.520><c> is</c><00:57:54.079><c> I</c><00:57:54.160><c> think</c><00:57:54.280><c> in</c>

00:57:54.470 --> 00:57:54.480 align:start position:0%
and yeah point being is I think in
 

00:57:54.480 --> 00:57:56.589 align:start position:0%
and yeah point being is I think in
practice<00:57:54.760><c> you</c><00:57:54.880><c> see</c><00:57:55.240><c> like</c><00:57:55.640><c> all</c><00:57:55.799><c> sorts</c><00:57:56.200><c> of</c><00:57:56.359><c> trust</c>

00:57:56.589 --> 00:57:56.599 align:start position:0%
practice you see like all sorts of trust
 

00:57:56.599 --> 00:57:58.630 align:start position:0%
practice you see like all sorts of trust
assumptions<00:57:57.119><c> all</c><00:57:57.240><c> the</c><00:57:57.359><c> way</c><00:57:57.520><c> from</c><00:57:57.799><c> like</c><00:57:58.359><c> I'm</c><00:57:58.480><c> a</c>

00:57:58.630 --> 00:57:58.640 align:start position:0%
assumptions all the way from like I'm a
 

00:57:58.640 --> 00:58:00.630 align:start position:0%
assumptions all the way from like I'm a
builder<00:57:59.000><c> and</c><00:57:59.119><c> you</c><00:57:59.200><c> can</c><00:57:59.319><c> just</c><00:57:59.400><c> send</c><00:57:59.599><c> me</c><00:57:59.720><c> flow</c>

00:58:00.630 --> 00:58:00.640 align:start position:0%
builder and you can just send me flow
 

00:58:00.640 --> 00:58:03.710 align:start position:0%
builder and you can just send me flow
and<00:58:01.160><c> you</c><00:58:01.640><c> know</c><00:58:02.640><c> ultimately</c><00:58:03.119><c> it's</c><00:58:03.240><c> sort</c><00:58:03.400><c> of</c><00:58:03.559><c> a</c>

00:58:03.710 --> 00:58:03.720 align:start position:0%
and you know ultimately it's sort of a
 

00:58:03.720 --> 00:58:05.910 align:start position:0%
and you know ultimately it's sort of a
just<00:58:03.839><c> trust</c><00:58:04.079><c> me</c><00:58:04.280><c> bro</c><00:58:04.640><c> Arrangement</c><00:58:05.640><c> and</c><00:58:05.799><c> if</c>

00:58:05.910 --> 00:58:05.920 align:start position:0%
just trust me bro Arrangement and if
 

00:58:05.920 --> 00:58:07.069 align:start position:0%
just trust me bro Arrangement and if
anything<00:58:06.200><c> that</c><00:58:06.319><c> means</c><00:58:06.599><c> then</c><00:58:06.799><c> that</c><00:58:06.960><c> like</c>

00:58:07.069 --> 00:58:07.079 align:start position:0%
anything that means then that like
 

00:58:07.079 --> 00:58:08.510 align:start position:0%
anything that means then that like
you're<00:58:07.280><c> relying</c><00:58:07.640><c> on</c><00:58:07.880><c> reputation</c><00:58:08.280><c> of</c><00:58:08.400><c> the</c>

00:58:08.510 --> 00:58:08.520 align:start position:0%
you're relying on reputation of the
 

00:58:08.520 --> 00:58:10.789 align:start position:0%
you're relying on reputation of the
Builder<00:58:09.440><c> uh</c><00:58:09.920><c> because</c><00:58:10.160><c> you</c><00:58:10.280><c> know</c><00:58:10.440><c> where</c><00:58:10.599><c> does</c>

00:58:10.789 --> 00:58:10.799 align:start position:0%
Builder uh because you know where does
 

00:58:10.799 --> 00:58:11.789 align:start position:0%
Builder uh because you know where does
get

00:58:11.789 --> 00:58:11.799 align:start position:0%
get
 

00:58:11.799 --> 00:58:13.870 align:start position:0%
get
around<00:58:12.799><c> uh</c><00:58:12.960><c> otherwise</c><00:58:13.440><c> yeah</c><00:58:13.559><c> I</c><00:58:13.640><c> think</c><00:58:13.760><c> you</c>

00:58:13.870 --> 00:58:13.880 align:start position:0%
around uh otherwise yeah I think you
 

00:58:13.880 --> 00:58:15.390 align:start position:0%
around uh otherwise yeah I think you
even<00:58:14.039><c> see</c><00:58:14.319><c> things</c><00:58:14.760><c> on</c><00:58:14.880><c> the</c><00:58:14.960><c> other</c><00:58:15.079><c> end</c><00:58:15.200><c> of</c><00:58:15.280><c> the</c>

00:58:15.390 --> 00:58:15.400 align:start position:0%
even see things on the other end of the
 

00:58:15.400 --> 00:58:17.309 align:start position:0%
even see things on the other end of the
spectrum<00:58:15.839><c> where</c><00:58:16.079><c> like</c><00:58:16.440><c> Builders</c><00:58:17.000><c> basically</c>

00:58:17.309 --> 00:58:17.319 align:start position:0%
spectrum where like Builders basically
 

00:58:17.319 --> 00:58:19.109 align:start position:0%
spectrum where like Builders basically
are<00:58:17.440><c> searching</c><00:58:18.039><c> themselves</c><00:58:18.680><c> uh</c><00:58:18.760><c> and</c><00:58:18.880><c> being</c>

00:58:19.109 --> 00:58:19.119 align:start position:0%
are searching themselves uh and being
 

00:58:19.119 --> 00:58:21.109 align:start position:0%
are searching themselves uh and being
like<00:58:19.240><c> very</c><00:58:19.440><c> active</c><00:58:19.720><c> players</c><00:58:20.559><c> uh</c><00:58:20.680><c> Beyond</c><00:58:21.000><c> just</c>

00:58:21.109 --> 00:58:21.119 align:start position:0%
like very active players uh Beyond just
 

00:58:21.119 --> 00:58:22.390 align:start position:0%
like very active players uh Beyond just
like<00:58:21.280><c> constructing</c>

00:58:22.390 --> 00:58:22.400 align:start position:0%
like constructing
 

00:58:22.400 --> 00:58:26.990 align:start position:0%
like constructing
blocks<00:58:23.400><c> so</c><00:58:23.799><c> yeah</c><00:58:24.319><c> there's</c><00:58:25.319><c> so</c><00:58:25.599><c> it's</c><00:58:25.799><c> a</c>

00:58:26.990 --> 00:58:27.000 align:start position:0%
blocks so yeah there's so it's a
 

00:58:27.000 --> 00:58:29.710 align:start position:0%
blocks so yeah there's so it's a
it's<00:58:27.119><c> a</c><00:58:27.240><c> rabbit</c><00:58:27.520><c> hole</c><00:58:27.680><c> in</c>

00:58:29.710 --> 00:58:29.720 align:start position:0%
it's a rabbit hole in
 

00:58:29.720 --> 00:58:33.190 align:start position:0%
it's a rabbit hole in
itself<00:58:30.760><c> um</c><00:58:31.760><c> let's</c><00:58:31.960><c> see</c><00:58:32.160><c> are</c><00:58:32.319><c> there</c><00:58:32.480><c> any</c><00:58:32.680><c> other</c>

00:58:33.190 --> 00:58:33.200 align:start position:0%
itself um let's see are there any other
 

00:58:33.200 --> 00:58:35.349 align:start position:0%
itself um let's see are there any other
questions<00:58:34.119><c> I</c><00:58:34.280><c> think</c><00:58:34.720><c> okay</c><00:58:34.880><c> we</c><00:58:35.079><c> still</c><00:58:35.200><c> have</c>

00:58:35.349 --> 00:58:35.359 align:start position:0%
questions I think okay we still have
 

00:58:35.359 --> 00:58:38.390 align:start position:0%
questions I think okay we still have
some<00:58:36.000><c> time</c><00:58:37.000><c> um</c><00:58:37.319><c> there's</c><00:58:37.520><c> one</c><00:58:37.839><c> here</c><00:58:38.119><c> so</c><00:58:38.319><c> what</c>

00:58:38.390 --> 00:58:38.400 align:start position:0%
some time um there's one here so what
 

00:58:38.400 --> 00:58:40.349 align:start position:0%
some time um there's one here so what
are<00:58:38.480><c> your</c><00:58:38.640><c> thoughts</c><00:58:38.799><c> on</c><00:58:39.039><c> 7732</c><00:58:40.039><c> do</c><00:58:40.119><c> you</c><00:58:40.240><c> think</c>

00:58:40.349 --> 00:58:40.359 align:start position:0%
are your thoughts on 7732 do you think
 

00:58:40.359 --> 00:58:41.309 align:start position:0%
are your thoughts on 7732 do you think
it<00:58:40.440><c> will</c><00:58:40.559><c> be</c>

00:58:41.309 --> 00:58:41.319 align:start position:0%
it will be
 

00:58:41.319 --> 00:58:44.349 align:start position:0%
it will be
implemented<00:58:42.319><c> okay</c><00:58:42.440><c> so</c><00:58:42.599><c> 7732</c><00:58:43.440><c> is</c><00:58:43.559><c> the</c><00:58:43.720><c> CIP</c><00:58:44.280><c> I</c>

00:58:44.349 --> 00:58:44.359 align:start position:0%
implemented okay so 7732 is the CIP I
 

00:58:44.359 --> 00:58:45.670 align:start position:0%
implemented okay so 7732 is the CIP I
was<00:58:44.480><c> talking</c><00:58:44.680><c> about</c><00:58:44.839><c> earlier</c><00:58:45.240><c> that's</c><00:58:45.400><c> like</c><00:58:45.520><c> a</c>

00:58:45.670 --> 00:58:45.680 align:start position:0%
was talking about earlier that's like a
 

00:58:45.680 --> 00:58:48.829 align:start position:0%
was talking about earlier that's like a
particular<00:58:46.280><c> construction</c><00:58:47.079><c> of</c><00:58:47.280><c> a</c><00:58:47.400><c> flavor</c><00:58:47.760><c> of</c>

00:58:48.829 --> 00:58:48.839 align:start position:0%
particular construction of a flavor of
 

00:58:48.839 --> 00:58:51.670 align:start position:0%
particular construction of a flavor of
epbs<00:58:49.839><c> uh</c><00:58:50.079><c> there</c><00:58:50.200><c> are</c><00:58:50.520><c> other</c><00:58:50.960><c> types</c><00:58:51.200><c> of</c><00:58:51.319><c> flavors</c>

00:58:51.670 --> 00:58:51.680 align:start position:0%
epbs uh there are other types of flavors
 

00:58:51.680 --> 00:58:54.589 align:start position:0%
epbs uh there are other types of flavors
of<00:58:51.839><c> vpbs</c><00:58:52.680><c> you</c><00:58:52.760><c> might</c><00:58:52.880><c> have</c><00:58:53.000><c> heard</c><00:58:53.200><c> of</c><00:58:53.400><c> like</c><00:58:53.599><c> APS</c>

00:58:54.589 --> 00:58:54.599 align:start position:0%
of vpbs you might have heard of like APS
 

00:58:54.599 --> 00:58:56.430 align:start position:0%
of vpbs you might have heard of like APS
which<00:58:54.720><c> is</c><00:58:54.880><c> like</c><00:58:55.039><c> a</c><00:58:55.400><c> a</c><00:58:55.559><c> tester</c><00:58:56.079><c> proposer</c>

00:58:56.430 --> 00:58:56.440 align:start position:0%
which is like a a tester proposer
 

00:58:56.440 --> 00:58:57.829 align:start position:0%
which is like a a tester proposer
separation<00:58:57.039><c> and</c><00:58:57.240><c> you</c><00:58:57.319><c> know</c><00:58:57.440><c> I</c><00:58:57.520><c> think</c><00:58:57.640><c> there's</c>

00:58:57.829 --> 00:58:57.839 align:start position:0%
separation and you know I think there's
 

00:58:57.839 --> 00:58:59.990 align:start position:0%
separation and you know I think there's
been<00:58:58.000><c> more</c><00:58:58.319><c> thoughts</c><00:58:58.559><c> since</c><00:58:58.760><c> even</c><00:58:59.160><c> like</c><00:58:59.839><c> the</c>

00:58:59.990 --> 00:59:00.000 align:start position:0%
been more thoughts since even like the
 

00:59:00.000 --> 00:59:02.270 align:start position:0%
been more thoughts since even like the
earlier<00:59:00.680><c> PBS</c><00:59:01.200><c> days</c><00:59:01.520><c> around</c><00:59:01.839><c> like</c><00:59:02.000><c> how</c><00:59:02.160><c> we</c>

00:59:02.270 --> 00:59:02.280 align:start position:0%
earlier PBS days around like how we
 

00:59:02.280 --> 00:59:04.309 align:start position:0%
earlier PBS days around like how we
might<00:59:02.440><c> want</c><00:59:02.599><c> this</c><00:59:02.680><c> to</c><00:59:02.839><c> actually</c><00:59:03.000><c> look</c><00:59:03.119><c> in</c><00:59:03.240><c> the</c>

00:59:04.309 --> 00:59:04.319 align:start position:0%
might want this to actually look in the
 

00:59:04.319 --> 00:59:07.549 align:start position:0%
might want this to actually look in the
protocol<00:59:05.319><c> and</c><00:59:05.720><c> because</c><00:59:05.960><c> of</c><00:59:06.240><c> that</c><00:59:07.079><c> uh</c><00:59:07.359><c> well</c>

00:59:07.549 --> 00:59:07.559 align:start position:0%
protocol and because of that uh well
 

00:59:07.559 --> 00:59:08.910 align:start position:0%
protocol and because of that uh well
yeah<00:59:07.760><c> basically</c><00:59:08.160><c> because</c><00:59:08.359><c> of</c><00:59:08.480><c> that</c><00:59:08.599><c> there</c><00:59:08.720><c> are</c>

00:59:08.910 --> 00:59:08.920 align:start position:0%
yeah basically because of that there are
 

00:59:08.920 --> 00:59:12.789 align:start position:0%
yeah basically because of that there are
different<00:59:09.440><c> ideas</c><00:59:10.920><c> um</c><00:59:11.920><c> and</c><00:59:12.240><c> yeah</c><00:59:12.440><c> so</c><00:59:12.559><c> I</c><00:59:12.640><c> don't</c>

00:59:12.789 --> 00:59:12.799 align:start position:0%
different ideas um and yeah so I don't
 

00:59:12.799 --> 00:59:14.390 align:start position:0%
different ideas um and yeah so I don't
think<00:59:12.960><c> it's</c><00:59:13.160><c> like</c><00:59:13.319><c> super</c><00:59:13.599><c> settled</c><00:59:14.079><c> that</c><00:59:14.240><c> like</c>

00:59:14.390 --> 00:59:14.400 align:start position:0%
think it's like super settled that like
 

00:59:14.400 --> 00:59:16.789 align:start position:0%
think it's like super settled that like
this<00:59:14.520><c> is</c><00:59:14.880><c> the</c><00:59:15.119><c> right</c><00:59:16.119><c> uh</c><00:59:16.240><c> or</c><00:59:16.400><c> like</c><00:59:16.520><c> the</c><00:59:16.599><c> only</c>

00:59:16.789 --> 00:59:16.799 align:start position:0%
this is the right uh or like the only
 

00:59:16.799 --> 00:59:19.549 align:start position:0%
this is the right uh or like the only
direction<00:59:17.079><c> to</c><00:59:17.240><c> go</c><00:59:17.359><c> in</c><00:59:18.200><c> that</c><00:59:18.359><c> being</c><00:59:18.640><c> said</c><00:59:19.359><c> uh</c>

00:59:19.549 --> 00:59:19.559 align:start position:0%
direction to go in that being said uh
 

00:59:19.559 --> 00:59:22.470 align:start position:0%
direction to go in that being said uh
there<00:59:19.799><c> is</c><00:59:20.680><c> in</c><00:59:20.880><c> this</c><00:59:21.160><c> in</c><00:59:21.319><c> this</c><00:59:21.440><c> sort</c><00:59:21.640><c> of</c><00:59:22.160><c> bucket</c>

00:59:22.470 --> 00:59:22.480 align:start position:0%
there is in this in this sort of bucket
 

00:59:22.480 --> 00:59:24.910 align:start position:0%
there is in this in this sort of bucket
of<00:59:22.680><c> things</c><00:59:22.880><c> of</c><00:59:23.119><c> having</c><00:59:23.400><c> this</c><00:59:23.599><c> like</c><00:59:24.000><c> PTC</c><00:59:24.680><c> the</c>

00:59:24.910 --> 00:59:24.920 align:start position:0%
of things of having this like PTC the
 

00:59:24.920 --> 00:59:27.230 align:start position:0%
of things of having this like PTC the
payload<00:59:25.200><c> tness</c><00:59:25.599><c> committee</c><00:59:25.880><c> that</c><00:59:26.240><c> called</c><00:59:26.440><c> out</c>

00:59:27.230 --> 00:59:27.240 align:start position:0%
payload tness committee that called out
 

00:59:27.240 --> 00:59:29.390 align:start position:0%
payload tness committee that called out
way<00:59:27.400><c> at</c><00:59:27.480><c> the</c><00:59:27.559><c> beginning</c><00:59:27.839><c> of</c><00:59:27.960><c> my</c><00:59:28.119><c> slides</c><00:59:29.119><c> uh</c>

00:59:29.390 --> 00:59:29.400 align:start position:0%
way at the beginning of my slides uh
 

00:59:29.400 --> 00:59:31.230 align:start position:0%
way at the beginning of my slides uh
there<00:59:29.559><c> has</c><00:59:29.760><c> I</c><00:59:29.839><c> think</c><00:59:30.000><c> been</c><00:59:30.160><c> the</c><00:59:30.319><c> most</c><00:59:30.720><c> work</c><00:59:31.000><c> on</c>

00:59:31.230 --> 00:59:31.240 align:start position:0%
there has I think been the most work on
 

00:59:31.240 --> 00:59:34.230 align:start position:0%
there has I think been the most work on
like<00:59:31.359><c> formally</c><00:59:32.319><c> specifying</c><00:59:33.319><c> uh</c><00:59:33.480><c> this</c><00:59:33.680><c> design</c>

00:59:34.230 --> 00:59:34.240 align:start position:0%
like formally specifying uh this design
 

00:59:34.240 --> 00:59:36.670 align:start position:0%
like formally specifying uh this design
and<00:59:34.520><c> it</c><00:59:34.760><c> has</c><00:59:35.119><c> gotten</c><00:59:35.400><c> to</c><00:59:35.599><c> us</c><00:59:36.160><c> gotten</c><00:59:36.359><c> us</c><00:59:36.480><c> to</c><00:59:36.599><c> the</c>

00:59:36.670 --> 00:59:36.680 align:start position:0%
and it has gotten to us gotten us to the
 

00:59:36.680 --> 00:59:38.870 align:start position:0%
and it has gotten to us gotten us to the
place<00:59:36.839><c> of</c><00:59:36.960><c> an</c><00:59:37.079><c> EIP</c>

00:59:38.870 --> 00:59:38.880 align:start position:0%
place of an EIP
 

00:59:38.880 --> 00:59:41.549 align:start position:0%
place of an EIP
7732<00:59:39.880><c> and</c><00:59:40.400><c> yeah</c><00:59:40.680><c> so</c><00:59:40.920><c> do</c><00:59:41.039><c> I</c><00:59:41.160><c> think</c><00:59:41.280><c> it</c><00:59:41.359><c> will</c><00:59:41.480><c> be</c>

00:59:41.549 --> 00:59:41.559 align:start position:0%
7732 and yeah so do I think it will be
 

00:59:41.559 --> 00:59:43.589 align:start position:0%
7732 and yeah so do I think it will be
implemented<00:59:42.160><c> well</c><00:59:42.400><c> it</c><00:59:42.520><c> already</c><00:59:42.760><c> has</c><00:59:42.920><c> been</c><00:59:43.440><c> uh</c>

00:59:43.589 --> 00:59:43.599 align:start position:0%
implemented well it already has been uh
 

00:59:43.599 --> 00:59:44.950 align:start position:0%
implemented well it already has been uh
pus<00:59:43.920><c> is</c><00:59:44.079><c> back</c><00:59:44.240><c> there</c><00:59:44.359><c> and</c><00:59:44.480><c> has</c><00:59:44.599><c> been</c><00:59:44.720><c> working</c>

00:59:44.950 --> 00:59:44.960 align:start position:0%
pus is back there and has been working
 

00:59:44.960 --> 00:59:48.230 align:start position:0%
pus is back there and has been working
on<00:59:45.079><c> it</c><00:59:45.280><c> quite</c><00:59:45.400><c> a</c><00:59:45.960><c> bit</c><00:59:46.960><c> so</c><00:59:47.480><c> maybe</c><00:59:47.760><c> talk</c><00:59:47.920><c> to</c><00:59:48.079><c> him</c>

00:59:48.230 --> 00:59:48.240 align:start position:0%
on it quite a bit so maybe talk to him
 

00:59:48.240 --> 00:59:49.870 align:start position:0%
on it quite a bit so maybe talk to him
after<00:59:48.839><c> uh</c><00:59:48.960><c> if</c><00:59:49.079><c> you</c><00:59:49.280><c> if</c><00:59:49.359><c> you</c><00:59:49.440><c> want</c><00:59:49.520><c> to</c><00:59:49.640><c> hear</c><00:59:49.760><c> more</c>

00:59:49.870 --> 00:59:49.880 align:start position:0%
after uh if you if you want to hear more
 

00:59:49.880 --> 00:59:52.270 align:start position:0%
after uh if you if you want to hear more
about<00:59:50.200><c> that</c><00:59:51.200><c> um</c><00:59:51.319><c> but</c><00:59:51.440><c> ultimately</c><00:59:51.920><c> yeah</c><00:59:52.119><c> so</c>

00:59:52.270 --> 00:59:52.280 align:start position:0%
about that um but ultimately yeah so
 

00:59:52.280 --> 00:59:54.029 align:start position:0%
about that um but ultimately yeah so
like<00:59:52.400><c> there</c><00:59:52.480><c> is</c><00:59:52.599><c> an</c><00:59:52.720><c> EIP</c><00:59:53.240><c> which</c><00:59:53.359><c> is</c><00:59:53.599><c> you</c><00:59:53.720><c> know</c><00:59:53.920><c> a</c>

00:59:54.029 --> 00:59:54.039 align:start position:0%
like there is an EIP which is you know a
 

00:59:54.039 --> 00:59:56.630 align:start position:0%
like there is an EIP which is you know a
very<00:59:54.200><c> big</c><00:59:54.400><c> step</c><00:59:54.799><c> very</c><00:59:54.960><c> exciting</c><00:59:55.280><c> to</c><00:59:55.400><c> see</c>

00:59:56.630 --> 00:59:56.640 align:start position:0%
very big step very exciting to see
 

00:59:56.640 --> 00:59:57.950 align:start position:0%
very big step very exciting to see
and<00:59:57.079><c> yeah</c><00:59:57.200><c> I</c><00:59:57.240><c> mean</c><00:59:57.400><c> there's</c><00:59:57.520><c> a</c><00:59:57.599><c> number</c><00:59:57.799><c> of</c>

00:59:57.950 --> 00:59:57.960 align:start position:0%
and yeah I mean there's a number of
 

00:59:57.960 --> 01:00:01.510 align:start position:0%
and yeah I mean there's a number of
things<00:59:58.119><c> in</c><00:59:58.680><c> there</c><00:59:59.760><c> um</c><01:00:00.760><c> maybe</c><01:00:01.000><c> the</c><01:00:01.119><c> question</c><01:00:01.359><c> is</c>

01:00:01.510 --> 01:00:01.520 align:start position:0%
things in there um maybe the question is
 

01:00:01.520 --> 01:00:03.990 align:start position:0%
things in there um maybe the question is
asking<01:00:01.880><c> like</c><01:00:02.039><c> if</c><01:00:02.119><c> I</c><01:00:02.240><c> think</c><01:00:02.400><c> it'll</c><01:00:02.680><c> be</c><01:00:03.520><c> you</c><01:00:03.680><c> know</c>

01:00:03.990 --> 01:00:04.000 align:start position:0%
asking like if I think it'll be you know
 

01:00:04.000 --> 01:00:06.870 align:start position:0%
asking like if I think it'll be you know
implemented<01:00:04.480><c> or</c><01:00:04.640><c> included</c><01:00:04.960><c> on</c><01:00:05.119><c> Main</c><01:00:05.480><c> net</c><01:00:06.480><c> and</c>

01:00:06.870 --> 01:00:06.880 align:start position:0%
implemented or included on Main net and
 

01:00:06.880 --> 01:00:08.990 align:start position:0%
implemented or included on Main net and
yeah<01:00:07.160><c> I</c><01:00:07.240><c> mean</c><01:00:07.359><c> with</c><01:00:07.480><c> 7732</c><01:00:08.240><c> in</c><01:00:08.359><c> particular</c><01:00:08.839><c> like</c>

01:00:08.990 --> 01:00:09.000 align:start position:0%
yeah I mean with 7732 in particular like
 

01:00:09.000 --> 01:00:10.910 align:start position:0%
yeah I mean with 7732 in particular like
I<01:00:09.119><c> think</c><01:00:09.280><c> it</c><01:00:09.480><c> does</c><01:00:09.720><c> start</c><01:00:10.000><c> to</c><01:00:10.280><c> like</c><01:00:10.760><c> if</c>

01:00:10.910 --> 01:00:10.920 align:start position:0%
I think it does start to like if
 

01:00:10.920 --> 01:00:12.589 align:start position:0%
I think it does start to like if
anything<01:00:11.200><c> it</c><01:00:11.319><c> iterates</c><01:00:11.680><c> us</c><01:00:12.000><c> towards</c><01:00:12.359><c> these</c>

01:00:12.589 --> 01:00:12.599 align:start position:0%
anything it iterates us towards these
 

01:00:12.599 --> 01:00:14.549 align:start position:0%
anything it iterates us towards these
like<01:00:12.799><c> maybe</c><01:00:13.079><c> more</c><01:00:13.920><c> even</c><01:00:14.400><c> more</c>

01:00:14.549 --> 01:00:14.559 align:start position:0%
like maybe more even more
 

01:00:14.559 --> 01:00:16.789 align:start position:0%
like maybe more even more
forward-looking<01:00:15.079><c> designs</c><01:00:15.559><c> around</c><01:00:15.880><c> like</c><01:00:16.039><c> APS</c>

01:00:16.789 --> 01:00:16.799 align:start position:0%
forward-looking designs around like APS
 

01:00:16.799 --> 01:00:18.510 align:start position:0%
forward-looking designs around like APS
you<01:00:16.920><c> might</c><01:00:17.039><c> have</c><01:00:17.160><c> heard</c><01:00:17.319><c> of</c><01:00:17.440><c> like</c><01:00:17.599><c> execution</c>

01:00:18.510 --> 01:00:18.520 align:start position:0%
you might have heard of like execution
 

01:00:18.520 --> 01:00:20.829 align:start position:0%
you might have heard of like execution
auctions<01:00:18.880><c> or</c><01:00:19.039><c> execution</c><01:00:19.640><c> tickets</c><01:00:20.640><c> again</c>

01:00:20.829 --> 01:00:20.839 align:start position:0%
auctions or execution tickets again
 

01:00:20.839 --> 01:00:22.549 align:start position:0%
auctions or execution tickets again
there's<01:00:21.000><c> like</c><01:00:21.119><c> a</c><01:00:21.280><c> whole</c><01:00:21.760><c> research</c><01:00:22.160><c> zoo</c><01:00:22.440><c> of</c>

01:00:22.549 --> 01:00:22.559 align:start position:0%
there's like a whole research zoo of
 

01:00:22.559 --> 01:00:25.549 align:start position:0%
there's like a whole research zoo of
things<01:00:22.880><c> there</c><01:00:23.839><c> but</c><01:00:24.000><c> ultimately</c><01:00:24.960><c> um</c><01:00:25.280><c> yeah</c><01:00:25.400><c> so</c>

01:00:25.549 --> 01:00:25.559 align:start position:0%
things there but ultimately um yeah so
 

01:00:25.559 --> 01:00:27.549 align:start position:0%
things there but ultimately um yeah so
that's<01:00:25.680><c> something</c><01:00:26.119><c> nice</c><01:00:26.280><c> about</c><01:00:26.440><c> it</c><01:00:26.559><c> is</c><01:00:26.799><c> that</c>

01:00:27.549 --> 01:00:27.559 align:start position:0%
that's something nice about it is that
 

01:00:27.559 --> 01:00:29.750 align:start position:0%
that's something nice about it is that
it<01:00:27.680><c> sort</c><01:00:27.839><c> of</c><01:00:27.960><c> sets</c><01:00:28.240><c> us</c><01:00:28.440><c> up</c><01:00:28.799><c> to</c><01:00:29.079><c> start</c><01:00:29.319><c> moving</c><01:00:29.599><c> in</c>

01:00:29.750 --> 01:00:29.760 align:start position:0%
it sort of sets us up to start moving in
 

01:00:29.760 --> 01:00:31.789 align:start position:0%
it sort of sets us up to start moving in
that<01:00:29.920><c> direction</c><01:00:30.400><c> with</c><01:00:30.559><c> respect</c><01:00:30.799><c> to</c><01:00:30.880><c> the</c>

01:00:31.789 --> 01:00:31.799 align:start position:0%
that direction with respect to the
 

01:00:31.799 --> 01:00:34.190 align:start position:0%
that direction with respect to the
protocol<01:00:32.799><c> um</c><01:00:33.200><c> another</c><01:00:33.520><c> nice</c><01:00:33.720><c> thing</c><01:00:33.960><c> that</c><01:00:34.079><c> I</c>

01:00:34.190 --> 01:00:34.200 align:start position:0%
protocol um another nice thing that I
 

01:00:34.200 --> 01:00:36.150 align:start position:0%
protocol um another nice thing that I
like<01:00:34.599><c> this</c><01:00:34.720><c> is</c><01:00:34.920><c> like</c><01:00:35.119><c> kind</c><01:00:35.240><c> of</c><01:00:35.559><c> zooming</c><01:00:35.920><c> in</c>

01:00:36.150 --> 01:00:36.160 align:start position:0%
like this is like kind of zooming in
 

01:00:36.160 --> 01:00:38.270 align:start position:0%
like this is like kind of zooming in
just<01:00:36.319><c> one</c><01:00:36.559><c> part</c><01:00:36.720><c> of</c><01:00:36.839><c> it</c><01:00:37.200><c> but</c><01:00:37.760><c> it</c><01:00:37.920><c> essentially</c>

01:00:38.270 --> 01:00:38.280 align:start position:0%
just one part of it but it essentially
 

01:00:38.280 --> 01:00:39.829 align:start position:0%
just one part of it but it essentially
adds<01:00:38.520><c> this</c><01:00:38.680><c> notion</c><01:00:38.920><c> of</c><01:00:39.039><c> like</c><01:00:39.200><c> pipelining</c><01:00:39.720><c> to</c>

01:00:39.829 --> 01:00:39.839 align:start position:0%
adds this notion of like pipelining to
 

01:00:39.839 --> 01:00:42.190 align:start position:0%
adds this notion of like pipelining to
the<01:00:40.000><c> protocol</c><01:00:40.799><c> that</c><01:00:41.440><c> uh</c><01:00:41.599><c> actually</c><01:00:41.799><c> makes</c><01:00:42.079><c> a</c>

01:00:42.190 --> 01:00:42.200 align:start position:0%
the protocol that uh actually makes a
 

01:00:42.200 --> 01:00:45.230 align:start position:0%
the protocol that uh actually makes a
lot<01:00:42.319><c> of</c><01:00:42.440><c> things</c><01:00:43.000><c> more</c><01:00:43.839><c> resilient</c><01:00:44.839><c> um</c><01:00:45.039><c> right</c>

01:00:45.230 --> 01:00:45.240 align:start position:0%
lot of things more resilient um right
 

01:00:45.240 --> 01:00:47.309 align:start position:0%
lot of things more resilient um right
now<01:00:45.599><c> sort</c><01:00:45.760><c> of</c><01:00:45.920><c> the</c><01:00:46.039><c> execution</c><01:00:46.760><c> layer</c><01:00:47.079><c> and</c><01:00:47.200><c> the</c>

01:00:47.309 --> 01:00:47.319 align:start position:0%
now sort of the execution layer and the
 

01:00:47.319 --> 01:00:49.710 align:start position:0%
now sort of the execution layer and the
consist<01:00:47.680><c> layer</c><01:00:47.839><c> are</c><01:00:47.960><c> coupled</c><01:00:48.520><c> together</c><01:00:49.520><c> uh</c><01:00:49.640><c> in</c>

01:00:49.710 --> 01:00:49.720 align:start position:0%
consist layer are coupled together uh in
 

01:00:49.720 --> 01:00:52.430 align:start position:0%
consist layer are coupled together uh in
a<01:00:49.839><c> way</c><01:00:50.640><c> and</c><01:00:51.599><c> uh</c><01:00:51.720><c> what</c><01:00:51.799><c> this</c><01:00:51.920><c> means</c><01:00:52.160><c> is</c><01:00:52.280><c> for</c>

01:00:52.430 --> 01:00:52.440 align:start position:0%
a way and uh what this means is for
 

01:00:52.440 --> 01:00:54.750 align:start position:0%
a way and uh what this means is for
example<01:00:52.720><c> if</c><01:00:52.839><c> relays</c><01:00:53.200><c> go</c><01:00:53.440><c> offline</c><01:00:54.440><c> uh</c><01:00:54.599><c> they</c>

01:00:54.750 --> 01:00:54.760 align:start position:0%
example if relays go offline uh they
 

01:00:54.760 --> 01:00:56.710 align:start position:0%
example if relays go offline uh they
can't<01:00:55.319><c> essentially</c><01:00:56.000><c> complete</c><01:00:56.280><c> the</c><01:00:56.359><c> auction</c>

01:00:56.710 --> 01:00:56.720 align:start position:0%
can't essentially complete the auction
 

01:00:56.720 --> 01:00:58.630 align:start position:0%
can't essentially complete the auction
exchange<01:00:57.400><c> and</c><01:00:57.559><c> then</c><01:00:57.720><c> there's</c><01:00:58.000><c> no</c><01:00:58.319><c> there's</c><01:00:58.480><c> no</c>

01:00:58.630 --> 01:00:58.640 align:start position:0%
exchange and then there's no there's no
 

01:00:58.640 --> 01:01:01.190 align:start position:0%
exchange and then there's no there's no
block<01:00:58.880><c> for</c><01:00:59.000><c> that</c><01:00:59.160><c> slot</c><01:00:59.559><c> this</c><01:00:59.640><c> is</c><01:00:59.880><c> bad</c><01:01:00.799><c> and</c><01:01:01.000><c> one</c>

01:01:01.190 --> 01:01:01.200 align:start position:0%
block for that slot this is bad and one
 

01:01:01.200 --> 01:01:03.029 align:start position:0%
block for that slot this is bad and one
nice<01:01:01.359><c> thing</c><01:01:01.480><c> with</c><01:01:01.599><c> 7732</c><01:01:02.359><c> is</c><01:01:02.440><c> it</c><01:01:02.559><c> does</c><01:01:02.760><c> add</c><01:01:02.920><c> this</c>

01:01:03.029 --> 01:01:03.039 align:start position:0%
nice thing with 7732 is it does add this
 

01:01:03.039 --> 01:01:04.750 align:start position:0%
nice thing with 7732 is it does add this
like<01:01:03.240><c> pipelining</c><01:01:03.799><c> which</c><01:01:04.000><c> uncouples</c><01:01:04.640><c> the</c>

01:01:04.750 --> 01:01:04.760 align:start position:0%
like pipelining which uncouples the
 

01:01:04.760 --> 01:01:07.470 align:start position:0%
like pipelining which uncouples the
execution<01:01:05.119><c> in</c><01:01:05.240><c> the</c><01:01:05.359><c> consensus</c><01:01:05.799><c> layer</c><01:01:06.480><c> blocks</c>

01:01:07.470 --> 01:01:07.480 align:start position:0%
execution in the consensus layer blocks
 

01:01:07.480 --> 01:01:08.950 align:start position:0%
execution in the consensus layer blocks
uh<01:01:07.599><c> so</c><01:01:07.760><c> you'd</c><01:01:08.000><c> at</c><01:01:08.119><c> least</c><01:01:08.280><c> be</c><01:01:08.480><c> like</c><01:01:08.640><c> somewhat</c>

01:01:08.950 --> 01:01:08.960 align:start position:0%
uh so you'd at least be like somewhat
 

01:01:08.960 --> 01:01:10.630 align:start position:0%
uh so you'd at least be like somewhat
tolerant<01:01:09.400><c> to</c><01:01:09.599><c> this</c><01:01:09.720><c> fault</c><01:01:09.960><c> with</c><01:01:10.079><c> relays</c><01:01:10.520><c> which</c>

01:01:10.630 --> 01:01:10.640 align:start position:0%
tolerant to this fault with relays which
 

01:01:10.640 --> 01:01:11.789 align:start position:0%
tolerant to this fault with relays which
would<01:01:10.760><c> be</c>

01:01:11.789 --> 01:01:11.799 align:start position:0%
would be
 

01:01:11.799 --> 01:01:15.910 align:start position:0%
would be
nice<01:01:12.880><c> um</c><01:01:13.880><c> what</c><01:01:14.000><c> else</c><01:01:14.240><c> about</c>

01:01:15.910 --> 01:01:15.920 align:start position:0%
nice um what else about
 

01:01:15.920 --> 01:01:19.349 align:start position:0%
nice um what else about
7732<01:01:16.920><c> yeah</c><01:01:17.400><c> I</c><01:01:17.480><c> mean</c><01:01:17.960><c> again</c><01:01:18.160><c> I</c><01:01:18.280><c> think</c><01:01:18.799><c> pus</c><01:01:19.119><c> and</c><01:01:19.240><c> I</c>

01:01:19.349 --> 01:01:19.359 align:start position:0%
7732 yeah I mean again I think pus and I
 

01:01:19.359 --> 01:01:20.990 align:start position:0%
7732 yeah I mean again I think pus and I
could<01:01:19.520><c> have</c><01:01:19.799><c> a</c><01:01:19.960><c> bit</c><01:01:20.079><c> of</c><01:01:20.160><c> a</c><01:01:20.240><c> conversation</c><01:01:20.720><c> about</c>

01:01:20.990 --> 01:01:21.000 align:start position:0%
could have a bit of a conversation about
 

01:01:21.000 --> 01:01:23.670 align:start position:0%
could have a bit of a conversation about
this<01:01:21.400><c> but</c><01:01:22.119><c> I'm</c><01:01:22.280><c> not</c><01:01:22.480><c> as</c><01:01:22.640><c> convinced</c><01:01:23.359><c> that</c><01:01:23.559><c> it</c>

01:01:23.670 --> 01:01:23.680 align:start position:0%
this but I'm not as convinced that it
 

01:01:23.680 --> 01:01:25.109 align:start position:0%
this but I'm not as convinced that it
will<01:01:23.880><c> necessarily</c><01:01:24.319><c> get</c><01:01:24.440><c> rid</c><01:01:24.559><c> of</c><01:01:24.680><c> the</c><01:01:24.760><c> relays</c>

01:01:25.109 --> 01:01:25.119 align:start position:0%
will necessarily get rid of the relays
 

01:01:25.119 --> 01:01:26.349 align:start position:0%
will necessarily get rid of the relays
today<01:01:25.520><c> I</c><01:01:25.640><c> do</c><01:01:25.760><c> think</c><01:01:25.960><c> think</c><01:01:26.039><c> it</c><01:01:26.119><c> will</c><01:01:26.280><c> like</c>

01:01:26.349 --> 01:01:26.359 align:start position:0%
today I do think think it will like
 

01:01:26.359 --> 01:01:27.990 align:start position:0%
today I do think think it will like
lower<01:01:26.640><c> barriers</c><01:01:27.079><c> entry</c><01:01:27.400><c> and</c><01:01:27.559><c> we</c><01:01:27.680><c> might</c><01:01:27.839><c> see</c>

01:01:27.990 --> 01:01:28.000 align:start position:0%
lower barriers entry and we might see
 

01:01:28.000 --> 01:01:30.230 align:start position:0%
lower barriers entry and we might see
new<01:01:28.160><c> actors</c><01:01:28.440><c> enter</c><01:01:28.760><c> the</c><01:01:28.880><c> market</c><01:01:29.799><c> uh</c><01:01:29.920><c> which</c><01:01:30.039><c> is</c>

01:01:30.230 --> 01:01:30.240 align:start position:0%
new actors enter the market uh which is
 

01:01:30.240 --> 01:01:32.589 align:start position:0%
new actors enter the market uh which is
very<01:01:30.480><c> good</c><01:01:31.280><c> but</c><01:01:31.680><c> yeah</c><01:01:31.839><c> I</c><01:01:31.960><c> think</c><01:01:32.200><c> given</c><01:01:32.440><c> all</c>

01:01:32.589 --> 01:01:32.599 align:start position:0%
very good but yeah I think given all
 

01:01:32.599 --> 01:01:34.029 align:start position:0%
very good but yeah I think given all
these<01:01:32.720><c> like</c><01:01:32.839><c> latency</c><01:01:33.280><c> concerns</c><01:01:33.720><c> and</c><01:01:33.920><c> just</c>

01:01:34.029 --> 01:01:34.039 align:start position:0%
these like latency concerns and just
 

01:01:34.039 --> 01:01:35.710 align:start position:0%
these like latency concerns and just
like<01:01:34.200><c> entrench</c><01:01:34.599><c> info</c><01:01:34.920><c> that</c><01:01:35.000><c> we</c><01:01:35.119><c> have</c><01:01:35.280><c> today</c>

01:01:35.710 --> 01:01:35.720 align:start position:0%
like entrench info that we have today
 

01:01:35.720 --> 01:01:37.950 align:start position:0%
like entrench info that we have today
it's<01:01:35.960><c> like</c><01:01:36.480><c> not</c><01:01:36.720><c> as</c><01:01:36.920><c> clear</c><01:01:37.400><c> that</c><01:01:37.559><c> even</c><01:01:37.720><c> if</c><01:01:37.839><c> we</c>

01:01:37.950 --> 01:01:37.960 align:start position:0%
it's like not as clear that even if we
 

01:01:37.960 --> 01:01:39.109 align:start position:0%
it's like not as clear that even if we
have<01:01:38.079><c> something</c><01:01:38.319><c> in</c><01:01:38.440><c> the</c><01:01:38.559><c> protocol</c><01:01:38.960><c> it's</c>

01:01:39.109 --> 01:01:39.119 align:start position:0%
have something in the protocol it's
 

01:01:39.119 --> 01:01:41.710 align:start position:0%
have something in the protocol it's
going<01:01:39.240><c> to</c><01:01:39.480><c> necessarily</c><01:01:40.319><c> uh</c><01:01:40.960><c> you</c><01:01:41.079><c> know</c><01:01:41.319><c> get</c><01:01:41.480><c> rid</c>

01:01:41.710 --> 01:01:41.720 align:start position:0%
going to necessarily uh you know get rid
 

01:01:41.720 --> 01:01:43.349 align:start position:0%
going to necessarily uh you know get rid
of<01:01:42.160><c> or</c><01:01:42.319><c> move</c><01:01:42.559><c> people</c><01:01:42.760><c> away</c><01:01:42.880><c> from</c><01:01:43.000><c> using</c><01:01:43.240><c> the</c>

01:01:43.349 --> 01:01:43.359 align:start position:0%
of or move people away from using the
 

01:01:43.359 --> 01:01:44.710 align:start position:0%
of or move people away from using the
relays<01:01:43.680><c> they're</c><01:01:43.839><c> using</c>

01:01:44.710 --> 01:01:44.720 align:start position:0%
relays they're using
 

01:01:44.720 --> 01:01:46.390 align:start position:0%
relays they're using
today

01:01:46.390 --> 01:01:46.400 align:start position:0%
today
 

01:01:46.400 --> 01:01:48.990 align:start position:0%
today
question<01:01:47.400><c> sure</c><01:01:48.000><c> um</c><01:01:48.440><c> yeah</c><01:01:48.559><c> I'm</c><01:01:48.680><c> just</c><01:01:48.760><c> wondering</c>

01:01:48.990 --> 01:01:49.000 align:start position:0%
question sure um yeah I'm just wondering
 

01:01:49.000 --> 01:01:51.510 align:start position:0%
question sure um yeah I'm just wondering
if<01:01:49.079><c> you</c><01:01:49.200><c> have</c><01:01:49.280><c> any</c><01:01:49.480><c> insight</c><01:01:49.880><c> on</c><01:01:50.079><c> to</c><01:01:50.440><c> like</c><01:01:51.279><c> uh</c><01:01:51.400><c> if</c>

01:01:51.510 --> 01:01:51.520 align:start position:0%
if you have any insight on to like uh if
 

01:01:51.520 --> 01:01:53.870 align:start position:0%
if you have any insight on to like uh if
there's<01:01:51.680><c> been</c><01:01:51.880><c> any</c><01:01:52.839><c> changes</c><01:01:53.200><c> on</c><01:01:53.400><c> like</c><01:01:53.599><c> how</c>

01:01:53.870 --> 01:01:53.880 align:start position:0%
there's been any changes on like how
 

01:01:53.880 --> 01:01:57.789 align:start position:0%
there's been any changes on like how
daps<01:01:54.720><c> or</c><01:01:55.520><c> uh</c><01:01:56.079><c> let's</c><01:01:56.200><c> say</c><01:01:56.400><c> intent</c><01:01:56.760><c> networks</c><01:01:57.520><c> or</c>

01:01:57.789 --> 01:01:57.799 align:start position:0%
daps or uh let's say intent networks or
 

01:01:57.799 --> 01:01:59.710 align:start position:0%
daps or uh let's say intent networks or
other<01:01:58.000><c> application</c><01:01:58.559><c> applications</c><01:01:58.960><c> are</c><01:01:59.119><c> like</c>

01:01:59.710 --> 01:01:59.720 align:start position:0%
other application applications are like
 

01:01:59.720 --> 01:02:01.829 align:start position:0%
other application applications are like
sending<01:02:00.200><c> their</c><01:02:00.400><c> transactions</c><01:02:01.160><c> to</c><01:02:01.440><c> builders</c>

01:02:01.829 --> 01:02:01.839 align:start position:0%
sending their transactions to builders
 

01:02:01.839 --> 01:02:03.230 align:start position:0%
sending their transactions to builders
and<01:02:02.000><c> like</c><01:02:02.160><c> having</c><01:02:02.359><c> their</c><01:02:02.480><c> transactions</c><01:02:03.000><c> show</c>

01:02:03.230 --> 01:02:03.240 align:start position:0%
and like having their transactions show
 

01:02:03.240 --> 01:02:05.789 align:start position:0%
and like having their transactions show
up<01:02:03.319><c> on</c><01:02:03.440><c> chain</c><01:02:03.720><c> like</c><01:02:03.880><c> are</c><01:02:04.520><c> are</c><01:02:05.240><c> uh</c><01:02:05.480><c> you</c><01:02:05.599><c> know</c>

01:02:05.789 --> 01:02:05.799 align:start position:0%
up on chain like are are uh you know
 

01:02:05.799 --> 01:02:07.710 align:start position:0%
up on chain like are are uh you know
exchanges<01:02:06.319><c> just</c><01:02:06.480><c> still</c><01:02:06.720><c> sending</c><01:02:07.400><c> all</c><01:02:07.559><c> of</c>

01:02:07.710 --> 01:02:07.720 align:start position:0%
exchanges just still sending all of
 

01:02:07.720 --> 01:02:10.670 align:start position:0%
exchanges just still sending all of
their<01:02:07.960><c> transactions</c><01:02:08.640><c> to</c><01:02:09.559><c> like</c><01:02:09.880><c> the</c><01:02:10.000><c> men</c><01:02:10.279><c> pool</c>

01:02:10.670 --> 01:02:10.680 align:start position:0%
their transactions to like the men pool
 

01:02:10.680 --> 01:02:12.710 align:start position:0%
their transactions to like the men pool
or<01:02:10.920><c> do</c><01:02:11.079><c> they</c><01:02:11.240><c> do</c><01:02:11.599><c> orderful</c><01:02:12.079><c> auctions</c><01:02:12.359><c> or</c><01:02:12.559><c> there</c>

01:02:12.710 --> 01:02:12.720 align:start position:0%
or do they do orderful auctions or there
 

01:02:12.720 --> 01:02:15.349 align:start position:0%
or do they do orderful auctions or there
like<01:02:12.920><c> other</c><01:02:13.880><c> um</c><01:02:14.200><c> ways</c><01:02:14.480><c> that</c><01:02:14.640><c> like</c><01:02:14.799><c> daps</c><01:02:15.079><c> are</c>

01:02:15.349 --> 01:02:15.359 align:start position:0%
like other um ways that like daps are
 

01:02:15.359 --> 01:02:16.789 align:start position:0%
like other um ways that like daps are
evolving<01:02:15.760><c> and</c><01:02:15.920><c> like</c><01:02:16.000><c> sending</c><01:02:16.319><c> transactions</c>

01:02:16.789 --> 01:02:16.799 align:start position:0%
evolving and like sending transactions
 

01:02:16.799 --> 01:02:18.390 align:start position:0%
evolving and like sending transactions
to

01:02:18.390 --> 01:02:18.400 align:start position:0%
to
 

01:02:18.400 --> 01:02:20.470 align:start position:0%
to
builders<01:02:19.400><c> yeah</c><01:02:19.720><c> I</c><01:02:19.799><c> mean</c><01:02:19.920><c> I</c><01:02:20.000><c> think</c><01:02:20.119><c> it's</c><01:02:20.240><c> all</c>

01:02:20.470 --> 01:02:20.480 align:start position:0%
builders yeah I mean I think it's all
 

01:02:20.480 --> 01:02:22.230 align:start position:0%
builders yeah I mean I think it's all
the<01:02:20.599><c> above</c><01:02:21.000><c> and</c><01:02:21.119><c> it's</c><01:02:21.279><c> like</c><01:02:21.400><c> hard</c><01:02:21.599><c> to</c><01:02:21.760><c> say</c><01:02:22.039><c> just</c>

01:02:22.230 --> 01:02:22.240 align:start position:0%
the above and it's like hard to say just
 

01:02:22.240 --> 01:02:24.029 align:start position:0%
the above and it's like hard to say just
because<01:02:22.559><c> again</c><01:02:22.799><c> there's</c><01:02:23.039><c> like</c><01:02:23.359><c> new</c><01:02:23.680><c> ideas</c>

01:02:24.029 --> 01:02:24.039 align:start position:0%
because again there's like new ideas
 

01:02:24.039 --> 01:02:25.630 align:start position:0%
because again there's like new ideas
people<01:02:24.240><c> come</c><01:02:24.400><c> up</c><01:02:24.559><c> with</c><01:02:24.799><c> every</c><01:02:25.039><c> day</c><01:02:25.359><c> so</c><01:02:25.559><c> like</c>

01:02:25.630 --> 01:02:25.640 align:start position:0%
people come up with every day so like
 

01:02:25.640 --> 01:02:27.789 align:start position:0%
people come up with every day so like
it's<01:02:25.880><c> hard</c><01:02:26.039><c> to</c><01:02:26.119><c> keep</c><01:02:26.240><c> track</c><01:02:26.400><c> of</c><01:02:26.520><c> it</c><01:02:26.640><c> all</c><01:02:27.319><c> um</c><01:02:27.720><c> you</c>

01:02:27.789 --> 01:02:27.799 align:start position:0%
it's hard to keep track of it all um you
 

01:02:27.799 --> 01:02:29.190 align:start position:0%
it's hard to keep track of it all um you
know<01:02:27.960><c> even</c><01:02:28.240><c> one</c><01:02:28.440><c> thing</c><01:02:28.640><c> recently</c><01:02:28.960><c> has</c><01:02:29.079><c> been</c>

01:02:29.190 --> 01:02:29.200 align:start position:0%
know even one thing recently has been
 

01:02:29.200 --> 01:02:30.829 align:start position:0%
know even one thing recently has been
like<01:02:29.279><c> 4337</c><01:02:30.079><c> and</c><01:02:30.240><c> this</c><01:02:30.359><c> notion</c><01:02:30.599><c> of</c><01:02:30.720><c> like</c>

01:02:30.829 --> 01:02:30.839 align:start position:0%
like 4337 and this notion of like
 

01:02:30.839 --> 01:02:32.950 align:start position:0%
like 4337 and this notion of like
bundlers<01:02:31.400><c> and</c><01:02:31.520><c> so</c><01:02:31.760><c> now</c><01:02:31.920><c> there's</c><01:02:32.240><c> like</c><01:02:32.839><c> you</c>

01:02:32.950 --> 01:02:32.960 align:start position:0%
bundlers and so now there's like you
 

01:02:32.960 --> 01:02:34.510 align:start position:0%
bundlers and so now there's like you
know<01:02:33.079><c> you</c><01:02:33.160><c> can</c><01:02:33.319><c> imagine</c><01:02:33.640><c> this</c><01:02:33.880><c> whole</c><01:02:34.160><c> sort</c><01:02:34.359><c> of</c>

01:02:34.510 --> 01:02:34.520 align:start position:0%
know you can imagine this whole sort of
 

01:02:34.520 --> 01:02:36.109 align:start position:0%
know you can imagine this whole sort of
pipeline<01:02:34.960><c> is</c><01:02:35.160><c> now</c><01:02:35.640><c> not</c><01:02:35.799><c> just</c><01:02:35.920><c> for</c>

01:02:36.109 --> 01:02:36.119 align:start position:0%
pipeline is now not just for
 

01:02:36.119 --> 01:02:37.950 align:start position:0%
pipeline is now not just for
transactions<01:02:36.680><c> but</c><01:02:36.799><c> also</c><01:02:37.000><c> for</c><01:02:37.160><c> like</c><01:02:37.279><c> user</c><01:02:37.559><c> Ops</c>

01:02:37.950 --> 01:02:37.960 align:start position:0%
transactions but also for like user Ops
 

01:02:37.960 --> 01:02:40.630 align:start position:0%
transactions but also for like user Ops
and<01:02:38.079><c> it</c><01:02:38.200><c> just</c><01:02:38.400><c> kind</c><01:02:38.520><c> of</c><01:02:39.119><c> like</c><01:02:40.119><c> broadens</c><01:02:40.559><c> the</c>

01:02:40.630 --> 01:02:40.640 align:start position:0%
and it just kind of like broadens the
 

01:02:40.640 --> 01:02:43.190 align:start position:0%
and it just kind of like broadens the
scope<01:02:40.920><c> of</c><01:02:41.079><c> everything</c><01:02:41.920><c> um</c><01:02:42.200><c> then</c><01:02:42.440><c> yeah</c><01:02:42.839><c> lately</c>

01:02:43.190 --> 01:02:43.200 align:start position:0%
scope of everything um then yeah lately
 

01:02:43.200 --> 01:02:44.470 align:start position:0%
scope of everything um then yeah lately
then<01:02:43.359><c> we've</c><01:02:43.520><c> seen</c><01:02:43.760><c> like</c><01:02:43.880><c> the</c><01:02:44.000><c> rise</c><01:02:44.200><c> of</c><01:02:44.359><c> like</c>

01:02:44.470 --> 01:02:44.480 align:start position:0%
then we've seen like the rise of like
 

01:02:44.480 --> 01:02:46.789 align:start position:0%
then we've seen like the rise of like
intense<01:02:44.839><c> and</c><01:02:45.000><c> solvers</c><01:02:45.680><c> and</c><01:02:45.880><c> like</c><01:02:46.279><c> again</c><01:02:46.559><c> just</c>

01:02:46.789 --> 01:02:46.799 align:start position:0%
intense and solvers and like again just
 

01:02:46.799 --> 01:02:48.829 align:start position:0%
intense and solvers and like again just
like<01:02:47.520><c> either</c><01:02:47.720><c> a</c><01:02:47.880><c> prefix</c><01:02:48.319><c> or</c><01:02:48.480><c> even</c><01:02:48.680><c> like</c>

01:02:48.829 --> 01:02:48.839 align:start position:0%
like either a prefix or even like
 

01:02:48.839 --> 01:02:50.269 align:start position:0%
like either a prefix or even like
another<01:02:49.079><c> way</c><01:02:49.200><c> to</c><01:02:49.359><c> think</c><01:02:49.520><c> about</c><01:02:49.760><c> like</c><01:02:50.000><c> getting</c>

01:02:50.269 --> 01:02:50.279 align:start position:0%
another way to think about like getting
 

01:02:50.279 --> 01:02:51.870 align:start position:0%
another way to think about like getting
into<01:02:50.520><c> actual</c><01:02:50.760><c> like</c><01:02:50.880><c> State</c><01:02:51.119><c> transitions</c><01:02:51.520><c> on</c>

01:02:51.870 --> 01:02:51.880 align:start position:0%
into actual like State transitions on
 

01:02:51.880 --> 01:02:54.150 align:start position:0%
into actual like State transitions on
chain<01:02:52.880><c> uh</c><01:02:53.000><c> which</c><01:02:53.119><c> is</c><01:02:53.279><c> like</c><01:02:53.440><c> quite</c>

01:02:54.150 --> 01:02:54.160 align:start position:0%
chain uh which is like quite
 

01:02:54.160 --> 01:02:56.950 align:start position:0%
chain uh which is like quite
interesting<01:02:55.160><c> and</c><01:02:56.079><c> yeah</c><01:02:56.240><c> I</c><01:02:56.319><c> think</c><01:02:56.520><c> maybe</c><01:02:56.760><c> you</c>

01:02:56.950 --> 01:02:56.960 align:start position:0%
interesting and yeah I think maybe you
 

01:02:56.960 --> 01:02:58.870 align:start position:0%
interesting and yeah I think maybe you
touched<01:02:57.279><c> a</c><01:02:57.400><c> bit</c><01:02:57.680><c> or</c><01:02:57.880><c> like</c><01:02:58.039><c> we're</c><01:02:58.200><c> pointing</c><01:02:58.599><c> at</c>

01:02:58.870 --> 01:02:58.880 align:start position:0%
touched a bit or like we're pointing at
 

01:02:58.880 --> 01:03:00.470 align:start position:0%
touched a bit or like we're pointing at
this<01:02:59.039><c> notion</c><01:02:59.279><c> of</c><01:02:59.440><c> like</c><01:02:59.599><c> private</c><01:02:59.839><c> order</c><01:03:00.079><c> flow</c>

01:03:00.470 --> 01:03:00.480 align:start position:0%
this notion of like private order flow
 

01:03:00.480 --> 01:03:01.670 align:start position:0%
this notion of like private order flow
so<01:03:00.640><c> like</c><01:03:00.760><c> this</c><01:03:00.880><c> is</c><01:03:01.000><c> something</c><01:03:01.279><c> I</c><01:03:01.359><c> think</c><01:03:01.480><c> we've</c>

01:03:01.670 --> 01:03:01.680 align:start position:0%
so like this is something I think we've
 

01:03:01.680 --> 01:03:05.430 align:start position:0%
so like this is something I think we've
seen<01:03:02.240><c> like</c><01:03:02.359><c> a</c><01:03:02.520><c> pretty</c><01:03:02.880><c> huge</c><01:03:03.160><c> growth</c><01:03:03.559><c> of</c><01:03:04.559><c> um</c><01:03:05.359><c> I</c>

01:03:05.430 --> 01:03:05.440 align:start position:0%
seen like a pretty huge growth of um I
 

01:03:05.440 --> 01:03:06.710 align:start position:0%
seen like a pretty huge growth of um I
should<01:03:05.640><c> have</c><01:03:05.799><c> numbers</c><01:03:06.119><c> I</c><01:03:06.200><c> don't</c><01:03:06.319><c> have</c><01:03:06.480><c> exact</c>

01:03:06.710 --> 01:03:06.720 align:start position:0%
should have numbers I don't have exact
 

01:03:06.720 --> 01:03:08.589 align:start position:0%
should have numbers I don't have exact
numbers<01:03:07.119><c> on</c><01:03:07.240><c> the</c><01:03:07.359><c> latest</c><01:03:07.680><c> data</c><01:03:08.000><c> but</c><01:03:08.160><c> basically</c>

01:03:08.589 --> 01:03:08.599 align:start position:0%
numbers on the latest data but basically
 

01:03:08.599 --> 01:03:09.910 align:start position:0%
numbers on the latest data but basically
yeah<01:03:08.760><c> there's</c><01:03:08.960><c> been</c><01:03:09.200><c> like</c><01:03:09.319><c> very</c><01:03:09.440><c> much</c><01:03:09.599><c> a</c><01:03:09.720><c> rise</c>

01:03:09.910 --> 01:03:09.920 align:start position:0%
yeah there's been like very much a rise
 

01:03:09.920 --> 01:03:11.390 align:start position:0%
yeah there's been like very much a rise
in<01:03:10.079><c> private</c><01:03:10.279><c> order</c><01:03:10.520><c> flow</c><01:03:10.880><c> meaning</c><01:03:11.240><c> like</c>

01:03:11.390 --> 01:03:11.400 align:start position:0%
in private order flow meaning like
 

01:03:11.400 --> 01:03:13.150 align:start position:0%
in private order flow meaning like
transactions<01:03:11.960><c> that</c><01:03:12.079><c> never</c><01:03:12.279><c> touch</c><01:03:12.559><c> the</c><01:03:12.640><c> public</c>

01:03:13.150 --> 01:03:13.160 align:start position:0%
transactions that never touch the public
 

01:03:13.160 --> 01:03:16.230 align:start position:0%
transactions that never touch the public
pole<01:03:14.160><c> um</c><01:03:14.559><c> and</c><01:03:14.839><c> you</c><01:03:14.960><c> know</c><01:03:15.760><c> if</c><01:03:15.839><c> you</c><01:03:15.920><c> play</c><01:03:16.119><c> this</c>

01:03:16.230 --> 01:03:16.240 align:start position:0%
pole um and you know if you play this
 

01:03:16.240 --> 01:03:17.549 align:start position:0%
pole um and you know if you play this
out<01:03:16.559><c> one</c><01:03:16.680><c> way</c><01:03:16.760><c> you</c><01:03:16.839><c> could</c><01:03:17.000><c> think</c><01:03:17.160><c> about</c><01:03:17.319><c> it</c><01:03:17.440><c> is</c>

01:03:17.549 --> 01:03:17.559 align:start position:0%
out one way you could think about it is
 

01:03:17.559 --> 01:03:18.910 align:start position:0%
out one way you could think about it is
that<01:03:17.720><c> we</c><01:03:17.880><c> actually</c><01:03:18.039><c> get</c><01:03:18.160><c> to</c><01:03:18.319><c> a</c><01:03:18.480><c> place</c><01:03:18.720><c> where</c>

01:03:18.910 --> 01:03:18.920 align:start position:0%
that we actually get to a place where
 

01:03:18.920 --> 01:03:20.069 align:start position:0%
that we actually get to a place where
like<01:03:19.119><c> there</c><01:03:19.279><c> is</c>

01:03:20.069 --> 01:03:20.079 align:start position:0%
like there is
 

01:03:20.079 --> 01:03:22.950 align:start position:0%
like there is
no<01:03:21.079><c> use</c><01:03:21.559><c> for</c><01:03:21.799><c> like</c><01:03:21.920><c> the</c><01:03:22.039><c> public</c><01:03:22.279><c> men</c><01:03:22.520><c> pool</c>

01:03:22.950 --> 01:03:22.960 align:start position:0%
no use for like the public men pool
 

01:03:22.960 --> 01:03:24.910 align:start position:0%
no use for like the public men pool
which<01:03:23.079><c> is</c><01:03:23.279><c> like</c><01:03:23.599><c> very</c><01:03:23.839><c> bad</c><01:03:24.000><c> for</c><01:03:24.160><c> like</c><01:03:24.279><c> CR</c><01:03:24.680><c> type</c>

01:03:24.910 --> 01:03:24.920 align:start position:0%
which is like very bad for like CR type
 

01:03:24.920 --> 01:03:27.549 align:start position:0%
which is like very bad for like CR type
things<01:03:25.799><c> sship</c><01:03:26.200><c> resistance</c><01:03:27.079><c> but</c><01:03:27.200><c> it</c><01:03:27.279><c> could</c><01:03:27.400><c> be</c>

01:03:27.549 --> 01:03:27.559 align:start position:0%
things sship resistance but it could be
 

01:03:27.559 --> 01:03:29.269 align:start position:0%
things sship resistance but it could be
the<01:03:27.680><c> case</c><01:03:28.039><c> that</c><01:03:28.559><c> and</c><01:03:28.799><c> yeah</c><01:03:28.920><c> so</c><01:03:29.039><c> I</c><01:03:29.079><c> don't</c><01:03:29.200><c> think</c>

01:03:29.269 --> 01:03:29.279 align:start position:0%
the case that and yeah so I don't think
 

01:03:29.279 --> 01:03:30.309 align:start position:0%
the case that and yeah so I don't think
we'll<01:03:29.440><c> get</c><01:03:29.559><c> to</c><01:03:29.640><c> a</c><01:03:29.760><c> place</c><01:03:29.880><c> where</c><01:03:30.000><c> there's</c><01:03:30.200><c> like</c>

01:03:30.309 --> 01:03:30.319 align:start position:0%
we'll get to a place where there's like
 

01:03:30.319 --> 01:03:31.549 align:start position:0%
we'll get to a place where there's like
no<01:03:30.400><c> one</c><01:03:30.520><c> using</c><01:03:30.760><c> the</c><01:03:30.839><c> M</c><01:03:31.039><c> Pool</c><01:03:31.240><c> but</c><01:03:31.319><c> you</c><01:03:31.400><c> could</c>

01:03:31.549 --> 01:03:31.559 align:start position:0%
no one using the M Pool but you could
 

01:03:31.559 --> 01:03:33.829 align:start position:0%
no one using the M Pool but you could
get<01:03:31.680><c> to</c><01:03:31.799><c> a</c><01:03:31.960><c> case</c><01:03:32.200><c> where</c><01:03:32.440><c> like</c><01:03:33.119><c> 90%</c><01:03:33.640><c> of</c>

01:03:33.829 --> 01:03:33.839 align:start position:0%
get to a case where like 90% of
 

01:03:33.839 --> 01:03:35.510 align:start position:0%
get to a case where like 90% of
transactions<01:03:34.400><c> just</c><01:03:34.640><c> basically</c><01:03:34.960><c> use</c><01:03:35.240><c> other</c>

01:03:35.510 --> 01:03:35.520 align:start position:0%
transactions just basically use other
 

01:03:35.520 --> 01:03:37.670 align:start position:0%
transactions just basically use other
methods<01:03:36.279><c> um</c><01:03:36.400><c> and</c><01:03:36.520><c> if</c><01:03:36.680><c> anything</c><01:03:37.079><c> the</c><01:03:37.200><c> the</c><01:03:37.279><c> mol</c>

01:03:37.670 --> 01:03:37.680 align:start position:0%
methods um and if anything the the mol
 

01:03:37.680 --> 01:03:40.630 align:start position:0%
methods um and if anything the the mol
serves<01:03:37.960><c> as</c><01:03:38.119><c> like</c><01:03:38.279><c> a</c><01:03:39.279><c> sort</c><01:03:39.480><c> of</c><01:03:39.720><c> inclusion</c>

01:03:40.630 --> 01:03:40.640 align:start position:0%
serves as like a sort of inclusion
 

01:03:40.640 --> 01:03:42.750 align:start position:0%
serves as like a sort of inclusion
pathway<01:03:40.960><c> of</c><01:03:41.079><c> Last</c><01:03:41.319><c> Resort</c><01:03:42.119><c> say</c><01:03:42.400><c> for</c><01:03:42.599><c> like</c>

01:03:42.750 --> 01:03:42.760 align:start position:0%
pathway of Last Resort say for like
 

01:03:42.760 --> 01:03:43.750 align:start position:0%
pathway of Last Resort say for like
censorship

01:03:43.750 --> 01:03:43.760 align:start position:0%
censorship
 

01:03:43.760 --> 01:03:46.470 align:start position:0%
censorship
resistance<01:03:44.760><c> um</c><01:03:45.079><c> and</c><01:03:45.319><c> a</c><01:03:45.440><c> little</c><01:03:45.599><c> followup</c><01:03:46.279><c> uh</c>

01:03:46.470 --> 01:03:46.480 align:start position:0%
resistance um and a little followup uh
 

01:03:46.480 --> 01:03:49.430 align:start position:0%
resistance um and a little followup uh
I'm<01:03:46.680><c> just</c><01:03:46.839><c> kind</c><01:03:46.920><c> of</c><01:03:47.079><c> curious</c><01:03:47.440><c> like</c><01:03:47.760><c> how</c><01:03:48.319><c> do</c><01:03:49.319><c> uh</c>

01:03:49.430 --> 01:03:49.440 align:start position:0%
I'm just kind of curious like how do uh
 

01:03:49.440 --> 01:03:51.430 align:start position:0%
I'm just kind of curious like how do uh
solvers<01:03:50.039><c> on</c><01:03:50.200><c> like</c><01:03:50.319><c> in</c><01:03:50.480><c> temp</c><01:03:50.720><c> net</c><01:03:50.880><c> works</c><01:03:51.119><c> like</c>

01:03:51.430 --> 01:03:51.440 align:start position:0%
solvers on like in temp net works like
 

01:03:51.440 --> 01:03:54.789 align:start position:0%
solvers on like in temp net works like
cow<01:03:51.680><c> swap</c><01:03:52.039><c> or</c><01:03:52.200><c> socket</c><01:03:52.559><c> or</c><01:03:52.680><c> whatever</c><01:03:53.559><c> um</c><01:03:53.960><c> like</c>

01:03:54.789 --> 01:03:54.799 align:start position:0%
cow swap or socket or whatever um like
 

01:03:54.799 --> 01:03:56.630 align:start position:0%
cow swap or socket or whatever um like
do<01:03:55.079><c> they</c><01:03:55.359><c> when</c><01:03:55.480><c> they're</c><01:03:56.000><c> like</c><01:03:56.160><c> creating</c>

01:03:56.630 --> 01:03:56.640 align:start position:0%
do they when they're like creating
 

01:03:56.640 --> 01:03:58.549 align:start position:0%
do they when they're like creating
blocks<01:03:56.920><c> or</c><01:03:57.119><c> partial</c><01:03:57.440><c> blocks</c><01:03:57.960><c> like</c><01:03:58.319><c> are</c><01:03:58.440><c> they</c>

01:03:58.549 --> 01:03:58.559 align:start position:0%
blocks or partial blocks like are they
 

01:03:58.559 --> 01:04:00.069 align:start position:0%
blocks or partial blocks like are they
sending<01:03:58.799><c> them</c><01:03:58.960><c> directly</c><01:03:59.240><c> to</c><01:03:59.359><c> builders</c><01:03:59.920><c> or</c>

01:04:00.069 --> 01:04:00.079 align:start position:0%
sending them directly to builders or
 

01:04:00.079 --> 01:04:01.390 align:start position:0%
sending them directly to builders or
they<01:04:00.200><c> send</c><01:04:00.400><c> them</c><01:04:00.480><c> to</c><01:04:00.599><c> Searchers</c><01:04:00.960><c> or</c><01:04:01.119><c> like</c>

01:04:01.390 --> 01:04:01.400 align:start position:0%
they send them to Searchers or like
 

01:04:01.400 --> 01:04:03.390 align:start position:0%
they send them to Searchers or like
where<01:04:01.680><c> like</c><01:04:02.160><c> where</c><01:04:02.400><c> where</c><01:04:02.640><c> do</c><01:04:02.839><c> those</c><01:04:03.000><c> intents</c>

01:04:03.390 --> 01:04:03.400 align:start position:0%
where like where where do those intents
 

01:04:03.400 --> 01:04:06.870 align:start position:0%
where like where where do those intents
go<01:04:03.640><c> like</c><01:04:04.039><c> from</c><01:04:05.039><c> uh</c><01:04:05.319><c> like</c><01:04:05.640><c> in</c><01:04:05.880><c> various</c><01:04:06.160><c> intent</c>

01:04:06.870 --> 01:04:06.880 align:start position:0%
go like from uh like in various intent
 

01:04:06.880 --> 01:04:09.829 align:start position:0%
go like from uh like in various intent
networks<01:04:07.880><c> yeah</c><01:04:08.039><c> I</c><01:04:08.119><c> think</c><01:04:08.240><c> it</c><01:04:08.680><c> depends</c><01:04:09.680><c> and</c>

01:04:09.829 --> 01:04:09.839 align:start position:0%
networks yeah I think it depends and
 

01:04:09.839 --> 01:04:11.470 align:start position:0%
networks yeah I think it depends and
like<01:04:10.000><c> even</c><01:04:10.240><c> when</c><01:04:10.359><c> we</c><01:04:10.440><c> say</c><01:04:10.640><c> intent</c><01:04:10.960><c> networks</c><01:04:11.400><c> I</c>

01:04:11.470 --> 01:04:11.480 align:start position:0%
like even when we say intent networks I
 

01:04:11.480 --> 01:04:12.910 align:start position:0%
like even when we say intent networks I
think<01:04:11.599><c> there's</c><01:04:11.839><c> ideas</c><01:04:12.119><c> around</c><01:04:12.440><c> like</c><01:04:12.640><c> even</c>

01:04:12.910 --> 01:04:12.920 align:start position:0%
think there's ideas around like even
 

01:04:12.920 --> 01:04:14.549 align:start position:0%
think there's ideas around like even
having<01:04:13.240><c> things</c><01:04:13.440><c> that</c><01:04:13.599><c> look</c><01:04:13.760><c> like</c><01:04:13.920><c> rollups</c><01:04:14.400><c> or</c>

01:04:14.549 --> 01:04:14.559 align:start position:0%
having things that look like rollups or
 

01:04:14.559 --> 01:04:16.430 align:start position:0%
having things that look like rollups or
like<01:04:14.680><c> other</c><01:04:14.880><c> blockchains</c><01:04:15.440><c> that</c><01:04:15.520><c> are</c><01:04:15.799><c> like</c>

01:04:16.430 --> 01:04:16.440 align:start position:0%
like other blockchains that are like
 

01:04:16.440 --> 01:04:19.069 align:start position:0%
like other blockchains that are like
providing<01:04:16.920><c> some</c><01:04:17.279><c> like</c><01:04:18.240><c> infrastructure</c><01:04:18.839><c> for</c>

01:04:19.069 --> 01:04:19.079 align:start position:0%
providing some like infrastructure for
 

01:04:19.079 --> 01:04:21.029 align:start position:0%
providing some like infrastructure for
intense<01:04:19.960><c> uh</c><01:04:20.079><c> but</c><01:04:20.200><c> even</c><01:04:20.440><c> without</c><01:04:20.720><c> thinking</c>

01:04:21.029 --> 01:04:21.039 align:start position:0%
intense uh but even without thinking
 

01:04:21.039 --> 01:04:22.630 align:start position:0%
intense uh but even without thinking
about<01:04:21.279><c> like</c><01:04:21.440><c> something</c><01:04:21.760><c> like</c><01:04:21.920><c> that</c><01:04:22.400><c> uh</c><01:04:22.559><c> you</c>

01:04:22.630 --> 01:04:22.640 align:start position:0%
about like something like that uh you
 

01:04:22.640 --> 01:04:24.269 align:start position:0%
about like something like that uh you
could<01:04:22.839><c> just</c><01:04:23.039><c> have</c><01:04:23.319><c> like</c><01:04:23.599><c> you</c><01:04:23.720><c> know</c><01:04:23.839><c> a</c><01:04:23.960><c> bunch</c><01:04:24.119><c> of</c>

01:04:24.269 --> 01:04:24.279 align:start position:0%
could just have like you know a bunch of
 

01:04:24.279 --> 01:04:26.750 align:start position:0%
could just have like you know a bunch of
s<01:04:24.680><c> solvers</c><01:04:25.119><c> who</c><01:04:25.240><c> are</c><01:04:25.440><c> like</c><01:04:25.880><c> say</c><01:04:26.079><c> like</c><01:04:26.200><c> coww</c><01:04:26.640><c> for</c>

01:04:26.750 --> 01:04:26.760 align:start position:0%
s solvers who are like say like coww for
 

01:04:26.760 --> 01:04:28.510 align:start position:0%
s solvers who are like say like coww for
example<01:04:27.000><c> is</c><01:04:27.079><c> a</c><01:04:27.200><c> good</c><01:04:27.319><c> idea</c><01:04:27.559><c> or</c><01:04:27.680><c> a</c><01:04:27.799><c> good</c><01:04:27.960><c> example</c>

01:04:28.510 --> 01:04:28.520 align:start position:0%
example is a good idea or a good example
 

01:04:28.520 --> 01:04:30.829 align:start position:0%
example is a good idea or a good example
where<01:04:29.520><c> uh</c><01:04:29.880><c> they're</c><01:04:30.079><c> taking</c><01:04:30.359><c> in</c><01:04:30.520><c> things</c><01:04:30.680><c> that</c>

01:04:30.829 --> 01:04:30.839 align:start position:0%
where uh they're taking in things that
 

01:04:30.839 --> 01:04:32.510 align:start position:0%
where uh they're taking in things that
look<01:04:30.960><c> like</c><01:04:31.119><c> intense</c><01:04:31.680><c> they</c><01:04:31.799><c> do</c><01:04:31.960><c> some</c><01:04:32.160><c> work</c><01:04:32.359><c> to</c>

01:04:32.510 --> 01:04:32.520 align:start position:0%
look like intense they do some work to
 

01:04:32.520 --> 01:04:34.470 align:start position:0%
look like intense they do some work to
figure<01:04:32.760><c> out</c><01:04:33.079><c> how</c><01:04:33.160><c> to</c><01:04:33.440><c> like</c><01:04:33.720><c> make</c><01:04:33.880><c> the</c><01:04:34.039><c> best</c>

01:04:34.470 --> 01:04:34.480 align:start position:0%
figure out how to like make the best
 

01:04:34.480 --> 01:04:37.829 align:start position:0%
figure out how to like make the best
blocks<01:04:35.480><c> uh</c><01:04:35.640><c> and</c><01:04:35.799><c> then</c><01:04:36.119><c> yeah</c>

01:04:37.829 --> 01:04:37.839 align:start position:0%
blocks uh and then yeah
 

01:04:37.839 --> 01:04:39.910 align:start position:0%
blocks uh and then yeah
like<01:04:38.839><c> yeah</c><01:04:39.039><c> I</c><01:04:39.119><c> mean</c><01:04:39.520><c> they</c><01:04:39.640><c> would</c><01:04:39.799><c> all</c>

01:04:39.910 --> 01:04:39.920 align:start position:0%
like yeah I mean they would all
 

01:04:39.920 --> 01:04:42.069 align:start position:0%
like yeah I mean they would all
literally<01:04:40.200><c> go</c><01:04:40.319><c> to</c><01:04:40.440><c> builders</c><01:04:40.799><c> today</c><01:04:41.240><c> I</c>

01:04:42.069 --> 01:04:42.079 align:start position:0%
literally go to builders today I
 

01:04:42.079 --> 01:04:45.029 align:start position:0%
literally go to builders today I
mean<01:04:43.079><c> yeah</c><01:04:44.000><c> they</c><01:04:44.079><c> don't</c><01:04:44.319><c> have</c><01:04:44.480><c> to</c><01:04:44.839><c> but</c><01:04:44.960><c> it</c>

01:04:45.029 --> 01:04:45.039 align:start position:0%
mean yeah they don't have to but it
 

01:04:45.039 --> 01:04:50.109 align:start position:0%
mean yeah they don't have to but it
would<01:04:45.240><c> be</c><01:04:45.720><c> a</c><01:04:45.920><c> huge</c><01:04:46.200><c> lift</c><01:04:46.920><c> for</c><01:04:48.359><c> uh</c><01:04:49.359><c> well</c><01:04:49.880><c> no</c><01:04:50.039><c> I</c>

01:04:50.109 --> 01:04:50.119 align:start position:0%
would be a huge lift for uh well no I
 

01:04:50.119 --> 01:04:51.269 align:start position:0%
would be a huge lift for uh well no I
mean<01:04:50.240><c> they</c><01:04:50.359><c> really</c><01:04:50.520><c> do</c><01:04:50.680><c> have</c><01:04:50.839><c> to</c><01:04:51.119><c> because</c>

01:04:51.269 --> 01:04:51.279 align:start position:0%
mean they really do have to because
 

01:04:51.279 --> 01:04:52.549 align:start position:0%
mean they really do have to because
otherwise<01:04:51.599><c> you</c><01:04:51.680><c> would</c><01:04:51.839><c> just</c><01:04:52.000><c> gossip</c><01:04:52.440><c> like</c>

01:04:52.549 --> 01:04:52.559 align:start position:0%
otherwise you would just gossip like
 

01:04:52.559 --> 01:04:54.150 align:start position:0%
otherwise you would just gossip like
let's<01:04:52.720><c> say</c><01:04:52.920><c> you</c><01:04:53.119><c> have</c><01:04:53.319><c> let's</c><01:04:53.559><c> like</c><01:04:53.720><c> take</c><01:04:53.880><c> C</c>

01:04:54.150 --> 01:04:54.160 align:start position:0%
let's say you have let's like take C
 

01:04:54.160 --> 01:04:56.190 align:start position:0%
let's say you have let's like take C
swap<01:04:54.359><c> as</c><01:04:54.440><c> an</c><01:04:54.559><c> example</c><01:04:55.000><c> and</c><01:04:55.119><c> you</c><01:04:55.319><c> like</c>

01:04:56.190 --> 01:04:56.200 align:start position:0%
swap as an example and you like
 

01:04:56.200 --> 01:04:58.230 align:start position:0%
swap as an example and you like
uh<01:04:56.359><c> have</c><01:04:56.599><c> this</c><01:04:56.799><c> nice</c><01:04:57.079><c> like</c><01:04:57.279><c> C</c><01:04:57.640><c> swap</c><01:04:57.880><c> partial</c>

01:04:58.230 --> 01:04:58.240 align:start position:0%
uh have this nice like C swap partial
 

01:04:58.240 --> 01:04:59.990 align:start position:0%
uh have this nice like C swap partial
block<01:04:58.680><c> or</c><01:04:58.920><c> like</c><01:04:59.119><c> you</c><01:04:59.200><c> know</c><01:04:59.400><c> say</c><01:04:59.559><c> it</c><01:04:59.680><c> becomes</c><01:04:59.880><c> a</c>

01:04:59.990 --> 01:05:00.000 align:start position:0%
block or like you know say it becomes a
 

01:05:00.000 --> 01:05:01.750 align:start position:0%
block or like you know say it becomes a
full<01:05:00.240><c> block</c><01:05:00.960><c> you</c><01:05:01.119><c> can't</c><01:05:01.319><c> put</c><01:05:01.480><c> this</c><01:05:01.559><c> in</c><01:05:01.640><c> the</c>

01:05:01.750 --> 01:05:01.760 align:start position:0%
full block you can't put this in the
 

01:05:01.760 --> 01:05:03.349 align:start position:0%
full block you can't put this in the
public<01:05:01.960><c> men</c><01:05:02.200><c> pole</c><01:05:02.520><c> because</c><01:05:02.799><c> then</c><01:05:03.079><c> like</c>

01:05:03.349 --> 01:05:03.359 align:start position:0%
public men pole because then like
 

01:05:03.359 --> 01:05:06.269 align:start position:0%
public men pole because then like
someone<01:05:03.680><c> could</c><01:05:03.839><c> just</c><01:05:04.160><c> steal</c><01:05:04.480><c> it</c><01:05:04.839><c> right</c><01:05:05.760><c> um</c><01:05:06.119><c> so</c>

01:05:06.269 --> 01:05:06.279 align:start position:0%
someone could just steal it right um so
 

01:05:06.279 --> 01:05:07.510 align:start position:0%
someone could just steal it right um so
yeah<01:05:06.400><c> they</c><01:05:06.520><c> really</c><01:05:06.640><c> do</c><01:05:06.799><c> rely</c><01:05:07.039><c> on</c><01:05:07.200><c> these</c><01:05:07.359><c> like</c>

01:05:07.510 --> 01:05:07.520 align:start position:0%
yeah they really do rely on these like
 

01:05:07.520 --> 01:05:08.950 align:start position:0%
yeah they really do rely on these like
PBS

01:05:08.950 --> 01:05:08.960 align:start position:0%
PBS
 

01:05:08.960 --> 01:05:11.390 align:start position:0%
PBS
Pathways<01:05:09.960><c> um</c>

01:05:11.390 --> 01:05:11.400 align:start position:0%
Pathways um
 

01:05:11.400 --> 01:05:17.630 align:start position:0%
Pathways um
yeah<01:05:12.400><c> thank</c><01:05:12.559><c> you</c><01:05:12.839><c> that's</c><01:05:13.400><c> really</c>

01:05:17.630 --> 01:05:17.640 align:start position:0%
 
 

01:05:17.640 --> 01:05:21.470 align:start position:0%
 
helpful<01:05:19.119><c> okay</c><01:05:20.119><c> I</c><01:05:20.200><c> don't</c><01:05:20.400><c> see</c><01:05:20.839><c> any</c><01:05:21.119><c> other</c>

01:05:21.470 --> 01:05:21.480 align:start position:0%
helpful okay I don't see any other
 

01:05:21.480 --> 01:05:23.549 align:start position:0%
helpful okay I don't see any other
questions<01:05:22.400><c> and</c><01:05:22.559><c> I've</c><01:05:22.720><c> been</c><01:05:22.960><c> talking</c><01:05:23.279><c> for</c><01:05:23.440><c> a</c>

01:05:23.549 --> 01:05:23.559 align:start position:0%
questions and I've been talking for a
 

01:05:23.559 --> 01:05:26.910 align:start position:0%
questions and I've been talking for a
while<01:05:24.359><c> okay</c><01:05:24.559><c> pus</c><01:05:24.880><c> has</c><01:05:25.000><c> a</c><01:05:25.160><c> question</c>

01:05:26.910 --> 01:05:26.920 align:start position:0%
while okay pus has a question
 

01:05:26.920 --> 01:05:28.390 align:start position:0%
while okay pus has a question
yeah<01:05:27.079><c> I'm</c><01:05:27.240><c> curious</c><01:05:27.599><c> what</c><01:05:27.720><c> are</c><01:05:27.880><c> your</c><01:05:28.119><c> thoughts</c>

01:05:28.390 --> 01:05:28.400 align:start position:0%
yeah I'm curious what are your thoughts
 

01:05:28.400 --> 01:05:31.549 align:start position:0%
yeah I'm curious what are your thoughts
on<01:05:29.319><c> uh</c><01:05:29.559><c> things</c><01:05:29.760><c> that</c><01:05:29.920><c> are</c><01:05:30.400><c> off</c><01:05:30.760><c> protocol</c><01:05:31.240><c> today</c>

01:05:31.549 --> 01:05:31.559 align:start position:0%
on uh things that are off protocol today
 

01:05:31.559 --> 01:05:34.430 align:start position:0%
on uh things that are off protocol today
and<01:05:31.839><c> that</c><01:05:32.240><c> they're</c><01:05:32.599><c> not</c><01:05:33.480><c> uh</c><01:05:33.720><c> Envision</c><01:05:34.200><c> to</c><01:05:34.319><c> be</c>

01:05:34.430 --> 01:05:34.440 align:start position:0%
and that they're not uh Envision to be
 

01:05:34.440 --> 01:05:36.870 align:start position:0%
and that they're not uh Envision to be
on<01:05:34.640><c> protocol</c><01:05:35.480><c> like</c><01:05:35.720><c> uh</c><01:05:35.880><c> prec</c><01:05:36.079><c> confirmations</c>

01:05:36.870 --> 01:05:36.880 align:start position:0%
on protocol like uh prec confirmations
 

01:05:36.880 --> 01:05:39.150 align:start position:0%
on protocol like uh prec confirmations
and<01:05:37.319><c> and</c><01:05:37.839><c> prec</c><01:05:38.039><c> confirmation</c><01:05:38.440><c> for</c><01:05:38.559><c> L1</c><01:05:39.000><c> prec</c>

01:05:39.150 --> 01:05:39.160 align:start position:0%
and and prec confirmation for L1 prec
 

01:05:39.160 --> 01:05:41.870 align:start position:0%
and and prec confirmation for L1 prec
confirmation<01:05:39.520><c> for</c><01:05:39.640><c> L2</c><01:05:40.160><c> and</c><01:05:40.400><c> that</c><01:05:40.760><c> we</c><01:05:41.440><c> the</c><01:05:41.760><c> the</c>

01:05:41.870 --> 01:05:41.880 align:start position:0%
confirmation for L2 and that we the the
 

01:05:41.880 --> 01:05:44.349 align:start position:0%
confirmation for L2 and that we the the
whole<01:05:42.079><c> Builder</c><01:05:42.480><c> system</c><01:05:42.799><c> is</c><01:05:43.079><c> like</c><01:05:43.680><c> building</c>

01:05:44.349 --> 01:05:44.359 align:start position:0%
whole Builder system is like building
 

01:05:44.359 --> 01:05:47.029 align:start position:0%
whole Builder system is like building
towards<01:05:44.839><c> that</c><01:05:45.440><c> and</c><01:05:45.599><c> I</c><01:05:45.720><c> wonder</c><01:05:46.079><c> if</c><01:05:46.640><c> uh</c><01:05:46.760><c> if</c><01:05:46.880><c> we</c>

01:05:47.029 --> 01:05:47.039 align:start position:0%
towards that and I wonder if uh if we
 

01:05:47.039 --> 01:05:49.710 align:start position:0%
towards that and I wonder if uh if we
act<01:05:47.359><c> late</c><01:05:48.000><c> we</c><01:05:48.200><c> might</c><01:05:48.640><c> lose</c><01:05:49.079><c> the</c><01:05:49.240><c> chance</c><01:05:49.520><c> of</c>

01:05:49.710 --> 01:05:49.720 align:start position:0%
act late we might lose the chance of
 

01:05:49.720 --> 01:05:52.470 align:start position:0%
act late we might lose the chance of
implementing<01:05:50.279><c> the</c><01:05:50.440><c> endgame</c><01:05:51.200><c> auction</c><01:05:52.200><c> either</c>

01:05:52.470 --> 01:05:52.480 align:start position:0%
implementing the endgame auction either
 

01:05:52.480 --> 01:05:54.029 align:start position:0%
implementing the endgame auction either
execution<01:05:52.880><c> tickets</c><01:05:53.160><c> or</c><01:05:53.319><c> execution</c><01:05:53.680><c> auctions</c>

01:05:54.029 --> 01:05:54.039 align:start position:0%
execution tickets or execution auctions
 

01:05:54.039 --> 01:05:57.990 align:start position:0%
execution tickets or execution auctions
or<01:05:54.200><c> whatever</c><01:05:55.200><c> research</c><01:05:55.760><c> come</c><01:05:56.039><c> comes</c><01:05:56.279><c> up</c><01:05:56.599><c> if</c><01:05:56.760><c> we</c>

01:05:57.990 --> 01:05:58.000 align:start position:0%
or whatever research come comes up if we
 

01:05:58.000 --> 01:06:01.230 align:start position:0%
or whatever research come comes up if we
late<01:05:59.000><c> yeah</c><01:05:59.720><c> I</c><01:05:59.839><c> don't</c><01:06:00.079><c> think</c><01:06:00.319><c> it'll</c><01:06:00.599><c> ever</c><01:06:00.839><c> be</c>

01:06:01.230 --> 01:06:01.240 align:start position:0%
late yeah I don't think it'll ever be
 

01:06:01.240 --> 01:06:03.470 align:start position:0%
late yeah I don't think it'll ever be
too<01:06:01.839><c> late</c><01:06:02.520><c> like</c><01:06:02.640><c> I</c><01:06:02.720><c> don't</c><01:06:02.839><c> know</c><01:06:02.960><c> if</c><01:06:03.039><c> it</c><01:06:03.160><c> is</c><01:06:03.279><c> too</c>

01:06:03.470 --> 01:06:03.480 align:start position:0%
too late like I don't know if it is too
 

01:06:03.480 --> 01:06:05.029 align:start position:0%
too late like I don't know if it is too
late<01:06:03.720><c> then</c><01:06:03.839><c> I</c><01:06:03.920><c> would</c><01:06:04.079><c> say</c><01:06:04.240><c> it's</c><01:06:04.400><c> also</c><01:06:04.599><c> too</c><01:06:04.839><c> late</c>

01:06:05.029 --> 01:06:05.039 align:start position:0%
late then I would say it's also too late
 

01:06:05.039 --> 01:06:07.710 align:start position:0%
late then I would say it's also too late
even<01:06:05.279><c> with</c><01:06:05.520><c> like</c><01:06:05.920><c> PBS</c><01:06:06.359><c> today</c><01:06:06.599><c> and</c><01:06:06.720><c> 7732</c><01:06:07.559><c> for</c>

01:06:07.710 --> 01:06:07.720 align:start position:0%
even with like PBS today and 7732 for
 

01:06:07.720 --> 01:06:10.549 align:start position:0%
even with like PBS today and 7732 for
example<01:06:08.520><c> and</c><01:06:08.760><c> like</c><01:06:09.000><c> I</c><01:06:09.240><c> just</c><01:06:09.400><c> don't</c><01:06:09.640><c> really</c>

01:06:10.549 --> 01:06:10.559 align:start position:0%
example and like I just don't really
 

01:06:10.559 --> 01:06:12.510 align:start position:0%
example and like I just don't really
believe<01:06:11.559><c> at</c><01:06:11.680><c> least</c><01:06:11.880><c> I</c><01:06:11.960><c> don't</c><01:06:12.079><c> know</c><01:06:12.279><c> I</c><01:06:12.359><c> would</c>

01:06:12.510 --> 01:06:12.520 align:start position:0%
believe at least I don't know I would
 

01:06:12.520 --> 01:06:16.029 align:start position:0%
believe at least I don't know I would
hope<01:06:12.760><c> that</c><01:06:12.880><c> that's</c><01:06:13.039><c> not</c><01:06:13.200><c> the</c><01:06:13.640><c> case</c><01:06:14.880><c> um</c><01:06:15.880><c> but</c>

01:06:16.029 --> 01:06:16.039 align:start position:0%
hope that that's not the case um but
 

01:06:16.039 --> 01:06:17.269 align:start position:0%
hope that that's not the case um but
it's<01:06:16.160><c> a</c><01:06:16.279><c> good</c><01:06:16.440><c> point</c><01:06:16.720><c> yeah</c><01:06:16.839><c> it</c><01:06:16.920><c> could</c><01:06:17.039><c> be</c><01:06:17.160><c> the</c>

01:06:17.269 --> 01:06:17.279 align:start position:0%
it's a good point yeah it could be the
 

01:06:17.279 --> 01:06:18.750 align:start position:0%
it's a good point yeah it could be the
case<01:06:17.480><c> that</c><01:06:17.559><c> we</c><01:06:17.680><c> do</c><01:06:17.799><c> have</c><01:06:17.920><c> offchain</c><01:06:18.359><c> systems</c>

01:06:18.750 --> 01:06:18.760 align:start position:0%
case that we do have offchain systems
 

01:06:18.760 --> 01:06:20.349 align:start position:0%
case that we do have offchain systems
that<01:06:18.920><c> basically</c><01:06:19.240><c> get</c><01:06:19.400><c> so</c><01:06:19.640><c> entrenched</c><01:06:20.200><c> it's</c>

01:06:20.349 --> 01:06:20.359 align:start position:0%
that basically get so entrenched it's
 

01:06:20.359 --> 01:06:22.269 align:start position:0%
that basically get so entrenched it's
like<01:06:20.520><c> very</c><01:06:20.720><c> hard</c><01:06:20.880><c> to</c><01:06:21.039><c> even</c><01:06:21.440><c> you</c><01:06:21.559><c> know</c><01:06:21.960><c> yes</c><01:06:22.160><c> we</c>

01:06:22.269 --> 01:06:22.279 align:start position:0%
like very hard to even you know yes we
 

01:06:22.279 --> 01:06:23.990 align:start position:0%
like very hard to even you know yes we
can<01:06:22.480><c> change</c><01:06:22.720><c> the</c><01:06:22.839><c> protocol</c><01:06:23.319><c> or</c><01:06:23.480><c> like</c><01:06:23.640><c> we</c><01:06:23.760><c> can</c>

01:06:23.990 --> 01:06:24.000 align:start position:0%
can change the protocol or like we can
 

01:06:24.000 --> 01:06:25.109 align:start position:0%
can change the protocol or like we can
you<01:06:24.079><c> know</c><01:06:24.200><c> as</c><01:06:24.319><c> a</c><01:06:24.440><c> community</c><01:06:24.799><c> change</c><01:06:25.000><c> the</c>

01:06:25.109 --> 01:06:25.119 align:start position:0%
you know as a community change the
 

01:06:25.119 --> 01:06:27.470 align:start position:0%
you know as a community change the
protocol<01:06:25.599><c> but</c><01:06:25.720><c> then</c><01:06:25.839><c> the</c><01:06:25.960><c> question</c><01:06:26.200><c> is</c><01:06:26.480><c> like</c>

01:06:27.470 --> 01:06:27.480 align:start position:0%
protocol but then the question is like
 

01:06:27.480 --> 01:06:29.750 align:start position:0%
protocol but then the question is like
uh<01:06:27.720><c> would</c><01:06:27.839><c> it</c><01:06:28.039><c> matter</c><01:06:28.520><c> right</c><01:06:28.720><c> and</c><01:06:29.359><c> it's</c><01:06:29.480><c> just</c>

01:06:29.750 --> 01:06:29.760 align:start position:0%
uh would it matter right and it's just
 

01:06:29.760 --> 01:06:31.109 align:start position:0%
uh would it matter right and it's just
like<01:06:29.880><c> being</c><01:06:30.079><c> sensitive</c><01:06:30.440><c> to</c><01:06:30.559><c> the</c><01:06:30.720><c> fact</c><01:06:30.920><c> that</c>

01:06:31.109 --> 01:06:31.119 align:start position:0%
like being sensitive to the fact that
 

01:06:31.119 --> 01:06:33.750 align:start position:0%
like being sensitive to the fact that
like<01:06:31.319><c> you</c><01:06:31.440><c> know</c><01:06:32.240><c> history</c><01:06:32.559><c> is</c><01:06:32.720><c> real</c><01:06:33.119><c> we</c><01:06:33.359><c> we</c><01:06:33.480><c> live</c>

01:06:33.750 --> 01:06:33.760 align:start position:0%
like you know history is real we we live
 

01:06:33.760 --> 01:06:36.950 align:start position:0%
like you know history is real we we live
in<01:06:34.000><c> a</c><01:06:34.599><c> world</c><01:06:35.599><c> and</c><01:06:36.079><c> uh</c><01:06:36.480><c> yeah</c><01:06:36.720><c> this</c><01:06:36.799><c> is</c>

01:06:36.950 --> 01:06:36.960 align:start position:0%
in a world and uh yeah this is
 

01:06:36.960 --> 01:06:38.109 align:start position:0%
in a world and uh yeah this is
definitely<01:06:37.279><c> part</c><01:06:37.440><c> of</c><01:06:37.480><c> the</c><01:06:37.640><c> consideration</c>

01:06:38.109 --> 01:06:38.119 align:start position:0%
definitely part of the consideration
 

01:06:38.119 --> 01:06:39.510 align:start position:0%
definitely part of the consideration
when<01:06:38.319><c> thinking</c><01:06:38.559><c> about</c><01:06:38.799><c> different</c><01:06:39.039><c> priorities</c>

01:06:39.510 --> 01:06:39.520 align:start position:0%
when thinking about different priorities
 

01:06:39.520 --> 01:06:40.870 align:start position:0%
when thinking about different priorities
around<01:06:39.839><c> like</c><01:06:40.000><c> Research</c><01:06:40.319><c> into</c><01:06:40.599><c> different</c>

01:06:40.870 --> 01:06:40.880 align:start position:0%
around like Research into different
 

01:06:40.880 --> 01:06:43.309 align:start position:0%
around like Research into different
topics<01:06:41.480><c> uh</c><01:06:41.599><c> and</c><01:06:41.760><c> things</c><01:06:41.960><c> like</c><01:06:42.160><c> this</c><01:06:43.079><c> so</c><01:06:43.240><c> you</c>

01:06:43.309 --> 01:06:43.319 align:start position:0%
topics uh and things like this so you
 

01:06:43.319 --> 01:06:45.549 align:start position:0%
topics uh and things like this so you
mentioned<01:06:43.599><c> pre-</c><01:06:44.000><c> confirmations</c><01:06:45.000><c> uh</c><01:06:45.319><c> this</c><01:06:45.440><c> is</c>

01:06:45.549 --> 01:06:45.559 align:start position:0%
mentioned pre- confirmations uh this is
 

01:06:45.559 --> 01:06:48.990 align:start position:0%
mentioned pre- confirmations uh this is
a<01:06:45.720><c> very</c><01:06:45.920><c> interesting</c><01:06:46.359><c> one</c><01:06:47.559><c> um</c><01:06:48.559><c> yeah</c><01:06:48.760><c> maybe</c>

01:06:48.990 --> 01:06:49.000 align:start position:0%
a very interesting one um yeah maybe
 

01:06:49.000 --> 01:06:50.870 align:start position:0%
a very interesting one um yeah maybe
just<01:06:49.119><c> like</c><01:06:49.240><c> a</c><01:06:49.319><c> quick</c><01:06:49.559><c> tear</c><01:06:50.039><c> for</c><01:06:50.240><c> the</c><01:06:50.440><c> crowd</c><01:06:50.799><c> if</c>

01:06:50.870 --> 01:06:50.880 align:start position:0%
just like a quick tear for the crowd if
 

01:06:50.880 --> 01:06:52.349 align:start position:0%
just like a quick tear for the crowd if
you<01:06:51.000><c> don't</c><01:06:51.119><c> know</c><01:06:51.279><c> what</c><01:06:51.440><c> this</c><01:06:51.599><c> is</c><01:06:51.839><c> the</c><01:06:51.960><c> idea</c><01:06:52.240><c> is</c>

01:06:52.349 --> 01:06:52.359 align:start position:0%
you don't know what this is the idea is
 

01:06:52.359 --> 01:06:53.950 align:start position:0%
you don't know what this is the idea is
that<01:06:52.599><c> basically</c><01:06:53.279><c> um</c><01:06:53.400><c> like</c><01:06:53.520><c> if</c><01:06:53.559><c> you</c><01:06:53.640><c> go</c><01:06:53.760><c> to</c><01:06:53.839><c> use</c>

01:06:53.950 --> 01:06:53.960 align:start position:0%
that basically um like if you go to use
 

01:06:53.960 --> 01:06:56.230 align:start position:0%
that basically um like if you go to use
a<01:06:54.240><c> L2</c><01:06:54.640><c> today</c><01:06:55.279><c> you</c><01:06:55.599><c> basically</c><01:06:55.839><c> are</c><01:06:55.960><c> working</c>

01:06:56.230 --> 01:06:56.240 align:start position:0%
a L2 today you basically are working
 

01:06:56.240 --> 01:06:57.349 align:start position:0%
a L2 today you basically are working
directly<01:06:56.559><c> with</c><01:06:56.680><c> like</c><01:06:56.799><c> a</c><01:06:56.920><c> centralized</c>

01:06:57.349 --> 01:06:57.359 align:start position:0%
directly with like a centralized
 

01:06:57.359 --> 01:06:59.309 align:start position:0%
directly with like a centralized
sequencer<01:06:58.000><c> and</c><01:06:58.160><c> so</c><01:06:58.680><c> you</c><01:06:58.799><c> know</c><01:06:58.960><c> you're</c><01:06:59.160><c> like</c>

01:06:59.309 --> 01:06:59.319 align:start position:0%
sequencer and so you know you're like
 

01:06:59.319 --> 01:07:00.630 align:start position:0%
sequencer and so you know you're like
hey<01:06:59.480><c> I</c><01:06:59.520><c> want</c><01:06:59.599><c> to</c><01:06:59.720><c> make</c><01:06:59.839><c> this</c><01:06:59.960><c> trade</c><01:07:00.240><c> on</c><01:07:00.520><c> you</c>

01:07:00.630 --> 01:07:00.640 align:start position:0%
hey I want to make this trade on you
 

01:07:00.640 --> 01:07:03.109 align:start position:0%
hey I want to make this trade on you
know<01:07:00.760><c> this</c><01:07:00.880><c> Unis</c><01:07:01.200><c> swap</c><01:07:01.400><c> pool</c><01:07:01.799><c> on</c><01:07:02.000><c> whatever</c><01:07:02.240><c> L2</c>

01:07:03.109 --> 01:07:03.119 align:start position:0%
know this Unis swap pool on whatever L2
 

01:07:03.119 --> 01:07:05.390 align:start position:0%
know this Unis swap pool on whatever L2
they<01:07:03.279><c> can</c><01:07:03.400><c> basically</c><01:07:03.680><c> immediately</c><01:07:04.200><c> say</c><01:07:04.880><c> yes</c>

01:07:05.390 --> 01:07:05.400 align:start position:0%
they can basically immediately say yes
 

01:07:05.400 --> 01:07:06.829 align:start position:0%
they can basically immediately say yes
uh<01:07:05.520><c> you're</c><01:07:05.640><c> good</c><01:07:05.799><c> to</c><01:07:05.960><c> go</c><01:07:06.240><c> you're</c><01:07:06.400><c> at</c><01:07:06.559><c> this</c><01:07:06.680><c> part</c>

01:07:06.829 --> 01:07:06.839 align:start position:0%
uh you're good to go you're at this part
 

01:07:06.839 --> 01:07:08.230 align:start position:0%
uh you're good to go you're at this part
in<01:07:06.960><c> the</c><01:07:07.039><c> block</c><01:07:07.599><c> and</c><01:07:07.799><c> tell</c><01:07:07.960><c> you</c><01:07:08.079><c> that</c>

01:07:08.230 --> 01:07:08.240 align:start position:0%
in the block and tell you that
 

01:07:08.240 --> 01:07:10.069 align:start position:0%
in the block and tell you that
immediately<01:07:09.240><c> rather</c><01:07:09.440><c> than</c><01:07:09.599><c> waiting</c><01:07:09.799><c> for</c><01:07:09.960><c> the</c>

01:07:10.069 --> 01:07:10.079 align:start position:0%
immediately rather than waiting for the
 

01:07:10.079 --> 01:07:11.870 align:start position:0%
immediately rather than waiting for the
entire<01:07:10.319><c> L2</c><01:07:10.680><c> block</c><01:07:10.960><c> to</c><01:07:11.079><c> be</c><01:07:11.279><c> ready</c><01:07:11.559><c> to</c><01:07:11.680><c> be</c>

01:07:11.870 --> 01:07:11.880 align:start position:0%
entire L2 block to be ready to be
 

01:07:11.880 --> 01:07:13.109 align:start position:0%
entire L2 block to be ready to be
produced<01:07:12.440><c> and</c><01:07:12.559><c> that's</c><01:07:12.680><c> more</c><01:07:12.839><c> like</c><01:07:12.960><c> what</c><01:07:13.039><c> it</c>

01:07:13.109 --> 01:07:13.119 align:start position:0%
produced and that's more like what it
 

01:07:13.119 --> 01:07:15.710 align:start position:0%
produced and that's more like what it
looks<01:07:13.279><c> like</c><01:07:13.400><c> on</c><01:07:13.520><c> L1</c><01:07:14.440><c> so</c><01:07:14.680><c> pre-com</c><01:07:15.240><c> here</c>

01:07:15.710 --> 01:07:15.720 align:start position:0%
looks like on L1 so pre-com here
 

01:07:15.720 --> 01:07:17.950 align:start position:0%
looks like on L1 so pre-com here
basically<01:07:16.119><c> are</c><01:07:16.520><c> a</c><01:07:16.680><c> way</c><01:07:17.039><c> to</c><01:07:17.200><c> think</c><01:07:17.400><c> about</c><01:07:17.720><c> this</c>

01:07:17.950 --> 01:07:17.960 align:start position:0%
basically are a way to think about this
 

01:07:17.960 --> 01:07:20.990 align:start position:0%
basically are a way to think about this
like<01:07:18.200><c> ux</c><01:07:18.640><c> or</c><01:07:18.839><c> this</c><01:07:18.960><c> set</c><01:07:19.119><c> of</c><01:07:19.200><c> features</c><01:07:19.599><c> at</c><01:07:19.920><c> L1</c><01:07:20.920><c> um</c>

01:07:20.990 --> 01:07:21.000 align:start position:0%
like ux or this set of features at L1 um
 

01:07:21.000 --> 01:07:22.470 align:start position:0%
like ux or this set of features at L1 um
and<01:07:21.119><c> there's</c><01:07:21.319><c> been</c><01:07:21.480><c> some</c><01:07:21.720><c> designs</c><01:07:22.279><c> there's</c>

01:07:22.470 --> 01:07:22.480 align:start position:0%
and there's been some designs there's
 

01:07:22.480 --> 01:07:23.630 align:start position:0%
and there's been some designs there's
like<01:07:22.599><c> a</c><01:07:22.680><c> number</c><01:07:22.880><c> of</c><01:07:23.039><c> like</c><01:07:23.200><c> pre-confirmation</c>

01:07:23.630 --> 01:07:23.640 align:start position:0%
like a number of like pre-confirmation
 

01:07:23.640 --> 01:07:25.230 align:start position:0%
like a number of like pre-confirmation
teams<01:07:24.119><c> that</c><01:07:24.240><c> are</c><01:07:24.359><c> working</c><01:07:24.559><c> on</c><01:07:24.760><c> this</c><01:07:24.920><c> to</c><01:07:25.079><c> like</c>

01:07:25.230 --> 01:07:25.240 align:start position:0%
teams that are working on this to like
 

01:07:25.240 --> 01:07:27.150 align:start position:0%
teams that are working on this to like
add<01:07:25.359><c> this</c><01:07:25.520><c> this</c><01:07:25.640><c> D</c>

01:07:27.150 --> 01:07:27.160 align:start position:0%
add this this D
 

01:07:27.160 --> 01:07:30.029 align:start position:0%
add this this D
one<01:07:28.160><c> to</c><01:07:28.319><c> be</c><01:07:28.559><c> honest</c><01:07:29.160><c> like</c><01:07:29.480><c> yeah</c><01:07:29.680><c> I</c><01:07:29.799><c> guess</c><01:07:29.960><c> I</c>

01:07:30.029 --> 01:07:30.039 align:start position:0%
one to be honest like yeah I guess I
 

01:07:30.039 --> 01:07:32.910 align:start position:0%
one to be honest like yeah I guess I
have<01:07:30.200><c> mixed</c><01:07:30.480><c> feelings</c><01:07:31.520><c> because</c><01:07:32.520><c> like</c><01:07:32.680><c> most</c><01:07:32.799><c> of</c>

01:07:32.910 --> 01:07:32.920 align:start position:0%
have mixed feelings because like most of
 

01:07:32.920 --> 01:07:34.990 align:start position:0%
have mixed feelings because like most of
the<01:07:33.039><c> designs</c><01:07:33.480><c> I've</c><01:07:33.599><c> seen</c><01:07:34.000><c> are</c><01:07:34.319><c> basically</c><01:07:34.799><c> just</c>

01:07:34.990 --> 01:07:35.000 align:start position:0%
the designs I've seen are basically just
 

01:07:35.000 --> 01:07:37.990 align:start position:0%
the designs I've seen are basically just
copying<01:07:35.520><c> a</c><01:07:35.640><c> lot</c><01:07:35.799><c> of</c><01:07:36.000><c> this</c><01:07:36.279><c> like</c><01:07:37.279><c> uh</c><01:07:37.720><c> they</c><01:07:37.839><c> have</c>

01:07:37.990 --> 01:07:38.000 align:start position:0%
copying a lot of this like uh they have
 

01:07:38.000 --> 01:07:39.950 align:start position:0%
copying a lot of this like uh they have
different<01:07:38.319><c> labels</c><01:07:38.920><c> but</c><01:07:39.359><c> one</c><01:07:39.520><c> way</c><01:07:39.640><c> to</c><01:07:39.799><c> think</c>

01:07:39.950 --> 01:07:39.960 align:start position:0%
different labels but one way to think
 

01:07:39.960 --> 01:07:41.670 align:start position:0%
different labels but one way to think
about<01:07:40.160><c> this</c><01:07:40.279><c> is</c><01:07:40.480><c> having</c><01:07:40.839><c> like</c><01:07:41.279><c> uh</c><01:07:41.559><c> this</c>

01:07:41.670 --> 01:07:41.680 align:start position:0%
about this is having like uh this
 

01:07:41.680 --> 01:07:44.190 align:start position:0%
about this is having like uh this
Builder<01:07:42.079><c> relay</c><01:07:42.839><c> proposer</c><01:07:43.319><c> architecture</c><01:07:44.000><c> but</c>

01:07:44.190 --> 01:07:44.200 align:start position:0%
Builder relay proposer architecture but
 

01:07:44.200 --> 01:07:45.510 align:start position:0%
Builder relay proposer architecture but
then<01:07:44.680><c> there's</c><01:07:44.920><c> just</c><01:07:45.079><c> like</c><01:07:45.240><c> different</c>

01:07:45.510 --> 01:07:45.520 align:start position:0%
then there's just like different
 

01:07:45.520 --> 01:07:47.309 align:start position:0%
then there's just like different
functions<01:07:45.880><c> they</c><01:07:46.039><c> perform</c><01:07:46.319><c> in</c><01:07:46.400><c> the</c><01:07:46.520><c> pre-com</c>

01:07:47.309 --> 01:07:47.319 align:start position:0%
functions they perform in the pre-com
 

01:07:47.319 --> 01:07:49.470 align:start position:0%
functions they perform in the pre-com
context<01:07:48.319><c> the</c><01:07:48.559><c> problem</c><01:07:48.839><c> here</c><01:07:48.960><c> is</c><01:07:49.039><c> that</c><01:07:49.200><c> this</c><01:07:49.279><c> is</c>

01:07:49.470 --> 01:07:49.480 align:start position:0%
context the problem here is that this is
 

01:07:49.480 --> 01:07:51.269 align:start position:0%
context the problem here is that this is
all<01:07:49.799><c> very</c><01:07:50.079><c> like</c><01:07:50.240><c> very</c><01:07:50.400><c> much</c><01:07:50.559><c> centralized</c>

01:07:51.269 --> 01:07:51.279 align:start position:0%
all very like very much centralized
 

01:07:51.279 --> 01:07:54.309 align:start position:0%
all very like very much centralized
right<01:07:51.520><c> like</c><01:07:52.359><c> um</c><01:07:53.039><c> you</c><01:07:53.160><c> would</c><01:07:53.520><c> hope</c><01:07:53.760><c> to</c><01:07:54.039><c> have</c>

01:07:54.309 --> 01:07:54.319 align:start position:0%
right like um you would hope to have
 

01:07:54.319 --> 01:07:55.990 align:start position:0%
right like um you would hope to have
like<01:07:54.640><c> a</c>

01:07:55.990 --> 01:07:56.000 align:start position:0%
like a
 

01:07:56.000 --> 01:07:57.750 align:start position:0%
like a
yeah<01:07:56.920><c> if</c><01:07:57.079><c> anything</c><01:07:57.359><c> you</c><01:07:57.440><c> start</c><01:07:57.599><c> to</c>

01:07:57.750 --> 01:07:57.760 align:start position:0%
yeah if anything you start to
 

01:07:57.760 --> 01:07:59.069 align:start position:0%
yeah if anything you start to
decentralize<01:07:58.359><c> like</c><01:07:58.480><c> the</c><01:07:58.559><c> relay</c><01:07:58.880><c> or</c><01:07:59.000><c> the</c>

01:07:59.069 --> 01:07:59.079 align:start position:0%
decentralize like the relay or the
 

01:07:59.079 --> 01:08:00.950 align:start position:0%
decentralize like the relay or the
Builder<01:07:59.319><c> in</c><01:07:59.440><c> this</c><01:07:59.640><c> context</c><01:08:00.079><c> and</c><01:08:00.520><c> with</c><01:08:00.680><c> pre-</c>

01:08:00.950 --> 01:08:00.960 align:start position:0%
Builder in this context and with pre-
 

01:08:00.960 --> 01:08:02.510 align:start position:0%
Builder in this context and with pre-
comps<01:08:01.200><c> they</c><01:08:01.319><c> call</c><01:08:01.480><c> this</c><01:08:01.640><c> like</c><01:08:01.760><c> a</c><01:08:01.880><c> Gateway</c><01:08:02.400><c> that</c>

01:08:02.510 --> 01:08:02.520 align:start position:0%
comps they call this like a Gateway that
 

01:08:02.520 --> 01:08:05.549 align:start position:0%
comps they call this like a Gateway that
you<01:08:02.599><c> can</c><01:08:02.760><c> think</c><01:08:02.880><c> of</c><01:08:03.039><c> as</c><01:08:03.160><c> like</c><01:08:03.279><c> a</c><01:08:03.359><c> relay</c><01:08:04.400><c> um</c><01:08:05.400><c> yeah</c>

01:08:05.549 --> 01:08:05.559 align:start position:0%
you can think of as like a relay um yeah
 

01:08:05.559 --> 01:08:09.069 align:start position:0%
you can think of as like a relay um yeah
I<01:08:05.680><c> don't</c><01:08:05.960><c> I</c><01:08:06.000><c> don't</c><01:08:06.200><c> love</c><01:08:06.880><c> it</c><01:08:07.880><c> uh</c><01:08:08.760><c> people</c><01:08:08.960><c> are</c>

01:08:09.069 --> 01:08:09.079 align:start position:0%
I don't I don't love it uh people are
 

01:08:09.079 --> 01:08:10.589 align:start position:0%
I don't I don't love it uh people are
building<01:08:09.359><c> it</c><01:08:09.559><c> ethereum</c><01:08:09.880><c> is</c><01:08:09.960><c> a</c><01:08:10.039><c> permissionless</c>

01:08:10.589 --> 01:08:10.599 align:start position:0%
building it ethereum is a permissionless
 

01:08:10.599 --> 01:08:13.589 align:start position:0%
building it ethereum is a permissionless
system<01:08:10.880><c> so</c><01:08:11.039><c> it</c><01:08:11.119><c> is</c><01:08:11.240><c> what</c><01:08:11.359><c> it</c><01:08:11.520><c> is</c><01:08:12.400><c> the</c><01:08:12.920><c> claim</c><01:08:13.480><c> is</c>

01:08:13.589 --> 01:08:13.599 align:start position:0%
system so it is what it is the claim is
 

01:08:13.599 --> 01:08:15.109 align:start position:0%
system so it is what it is the claim is
that<01:08:13.760><c> we</c><01:08:13.880><c> will</c><01:08:14.079><c> eventually</c><01:08:14.440><c> sort</c><01:08:14.640><c> of</c><01:08:14.760><c> do</c><01:08:14.960><c> this</c>

01:08:15.109 --> 01:08:15.119 align:start position:0%
that we will eventually sort of do this
 

01:08:15.119 --> 01:08:16.749 align:start position:0%
that we will eventually sort of do this
like<01:08:15.279><c> Progressive</c><01:08:15.720><c> decentralization</c><01:08:16.480><c> over</c>

01:08:16.749 --> 01:08:16.759 align:start position:0%
like Progressive decentralization over
 

01:08:16.759 --> 01:08:18.550 align:start position:0%
like Progressive decentralization over
time<01:08:17.080><c> so</c><01:08:17.239><c> it's</c><01:08:17.400><c> not</c><01:08:17.600><c> that</c><01:08:17.719><c> it's</c><01:08:18.000><c> like</c><01:08:18.239><c> you</c><01:08:18.359><c> know</c>

01:08:18.550 --> 01:08:18.560 align:start position:0%
time so it's not that it's like you know
 

01:08:18.560 --> 01:08:19.950 align:start position:0%
time so it's not that it's like you know
this<01:08:18.719><c> terrible</c><01:08:19.080><c> thing</c><01:08:19.239><c> that's</c><01:08:19.480><c> just</c><01:08:19.560><c> going</c><01:08:19.679><c> to</c>

01:08:19.950 --> 01:08:19.960 align:start position:0%
this terrible thing that's just going to
 

01:08:19.960 --> 01:08:21.789 align:start position:0%
this terrible thing that's just going to
happen<01:08:20.960><c> uh</c><01:08:21.080><c> but</c><01:08:21.239><c> definitely</c><01:08:21.520><c> I</c><01:08:21.600><c> think</c><01:08:21.719><c> it's</c>

01:08:21.789 --> 01:08:21.799 align:start position:0%
happen uh but definitely I think it's
 

01:08:21.799 --> 01:08:23.829 align:start position:0%
happen uh but definitely I think it's
something<01:08:22.000><c> to</c><01:08:22.080><c> keep</c><01:08:22.239><c> an</c><01:08:22.359><c> eye</c><01:08:22.480><c> on</c><01:08:22.920><c> and</c><01:08:23.040><c> be</c><01:08:23.319><c> very</c>

01:08:23.829 --> 01:08:23.839 align:start position:0%
something to keep an eye on and be very
 

01:08:23.839 --> 01:08:32.829 align:start position:0%
something to keep an eye on and be very
uh<01:08:24.159><c> yeah</c><01:08:24.279><c> just</c><01:08:24.400><c> be</c><01:08:24.560><c> very</c><01:08:24.719><c> mindful</c><01:08:25.080><c> of</c>

01:08:32.829 --> 01:08:32.839 align:start position:0%
 
 

01:08:32.839 --> 01:08:35.870 align:start position:0%
 
hi<01:08:33.319><c> uh</c><01:08:33.520><c> thank</c><01:08:33.679><c> you</c><01:08:33.759><c> for</c><01:08:33.920><c> doing</c><01:08:34.199><c> this</c><01:08:34.960><c> um</c><01:08:35.600><c> maybe</c>

01:08:35.870 --> 01:08:35.880 align:start position:0%
hi uh thank you for doing this um maybe
 

01:08:35.880 --> 01:08:38.950 align:start position:0%
hi uh thank you for doing this um maybe
a<01:08:36.040><c> more</c><01:08:36.359><c> specific</c><01:08:36.880><c> question</c><01:08:37.759><c> so</c><01:08:38.359><c> looking</c><01:08:38.719><c> back</c>

01:08:38.950 --> 01:08:38.960 align:start position:0%
a more specific question so looking back
 

01:08:38.960 --> 01:08:41.110 align:start position:0%
a more specific question so looking back
like<01:08:39.199><c> one</c><01:08:39.440><c> year</c><01:08:39.759><c> and</c><01:08:40.040><c> how</c><01:08:40.480><c> uh</c><01:08:40.640><c> blocks</c><01:08:40.960><c> have</c>

01:08:41.110 --> 01:08:41.120 align:start position:0%
like one year and how uh blocks have
 

01:08:41.120 --> 01:08:43.349 align:start position:0%
like one year and how uh blocks have
been<01:08:41.480><c> constructed</c><01:08:42.040><c> back</c><01:08:42.279><c> then</c><01:08:43.080><c> uh</c><01:08:43.159><c> the</c>

01:08:43.349 --> 01:08:43.359 align:start position:0%
been constructed back then uh the
 

01:08:43.359 --> 01:08:45.510 align:start position:0%
been constructed back then uh the
proposal<01:08:43.960><c> payment</c><01:08:44.400><c> was</c><01:08:44.600><c> usually</c><01:08:44.960><c> the</c><01:08:45.159><c> last</c>

01:08:45.510 --> 01:08:45.520 align:start position:0%
proposal payment was usually the last
 

01:08:45.520 --> 01:08:47.870 align:start position:0%
proposal payment was usually the last
transaction<01:08:46.040><c> in</c><01:08:46.159><c> the</c><01:08:46.319><c> block</c><01:08:47.159><c> and</c><01:08:47.319><c> now</c><01:08:47.600><c> looking</c>

01:08:47.870 --> 01:08:47.880 align:start position:0%
transaction in the block and now looking
 

01:08:47.880 --> 01:08:50.590 align:start position:0%
transaction in the block and now looking
over<01:08:48.120><c> the</c><01:08:48.319><c> last</c><01:08:48.679><c> year</c><01:08:49.560><c> especially</c><01:08:50.000><c> with</c><01:08:50.239><c> Titan</c>

01:08:50.590 --> 01:08:50.600 align:start position:0%
over the last year especially with Titan
 

01:08:50.600 --> 01:08:53.189 align:start position:0%
over the last year especially with Titan
Builder<01:08:51.239><c> growing</c><01:08:52.239><c> uh</c><01:08:52.319><c> we</c><01:08:52.440><c> saw</c><01:08:52.640><c> a</c><01:08:52.759><c> change</c><01:08:52.960><c> in</c>

01:08:53.189 --> 01:08:53.199 align:start position:0%
Builder growing uh we saw a change in
 

01:08:53.199 --> 01:08:55.550 align:start position:0%
Builder growing uh we saw a change in
pattern<01:08:53.600><c> there</c><01:08:53.839><c> where</c><01:08:54.040><c> now</c><01:08:54.359><c> they</c><01:08:54.600><c> like</c><01:08:55.080><c> send</c>

01:08:55.550 --> 01:08:55.560 align:start position:0%
pattern there where now they like send
 

01:08:55.560 --> 01:08:58.149 align:start position:0%
pattern there where now they like send
in<01:08:55.920><c> like</c><01:08:56.359><c> a</c><01:08:56.600><c> bunch</c><01:08:56.960><c> of</c><01:08:57.440><c> uh</c><01:08:57.560><c> internal</c>

01:08:58.149 --> 01:08:58.159 align:start position:0%
in like a bunch of uh internal
 

01:08:58.159 --> 01:09:02.349 align:start position:0%
in like a bunch of uh internal
transactions<01:08:58.960><c> to</c><01:08:59.640><c> combine</c><01:09:00.080><c> this</c><01:09:00.719><c> payment</c><01:09:01.719><c> um</c>

01:09:02.349 --> 01:09:02.359 align:start position:0%
transactions to combine this payment um
 

01:09:02.359 --> 01:09:04.630 align:start position:0%
transactions to combine this payment um
do<01:09:02.480><c> you</c><01:09:02.600><c> have</c><01:09:02.799><c> any</c><01:09:03.000><c> idea</c><01:09:03.480><c> why</c><01:09:03.719><c> they</c><01:09:03.920><c> do</c><01:09:04.279><c> this</c>

01:09:04.630 --> 01:09:04.640 align:start position:0%
do you have any idea why they do this
 

01:09:04.640 --> 01:09:06.470 align:start position:0%
do you have any idea why they do this
and<01:09:04.839><c> is</c><01:09:05.000><c> this</c><01:09:05.199><c> something</c><01:09:05.640><c> why</c><01:09:05.799><c> they're</c><01:09:06.040><c> so</c>

01:09:06.470 --> 01:09:06.480 align:start position:0%
and is this something why they're so
 

01:09:06.480 --> 01:09:09.030 align:start position:0%
and is this something why they're so
successful<01:09:07.480><c> and</c><01:09:07.719><c> the</c><01:09:07.880><c> second</c><01:09:08.239><c> part</c><01:09:08.480><c> is</c><01:09:08.679><c> do</c><01:09:08.839><c> we</c>

01:09:09.030 --> 01:09:09.040 align:start position:0%
successful and the second part is do we
 

01:09:09.040 --> 01:09:13.630 align:start position:0%
successful and the second part is do we
actually<01:09:09.400><c> have</c><01:09:09.679><c> like</c><01:09:10.040><c> a</c><01:09:10.319><c> spec</c><01:09:11.319><c> of</c><01:09:12.319><c> what's</c><01:09:13.319><c> what</c>

01:09:13.630 --> 01:09:13.640 align:start position:0%
actually have like a spec of what's what
 

01:09:13.640 --> 01:09:15.590 align:start position:0%
actually have like a spec of what's what
what<01:09:13.799><c> kind</c><01:09:14.000><c> of</c><01:09:14.159><c> things</c><01:09:14.480><c> can</c><01:09:14.640><c> be</c><01:09:14.799><c> included</c><01:09:15.400><c> to</c>

01:09:15.590 --> 01:09:15.600 align:start position:0%
what kind of things can be included to
 

01:09:15.600 --> 01:09:17.669 align:start position:0%
what kind of things can be included to
pay<01:09:15.839><c> the</c><01:09:16.040><c> proposer</c><01:09:16.719><c> could</c><01:09:16.880><c> it</c><01:09:17.000><c> be</c><01:09:17.159><c> in</c><01:09:17.239><c> the</c><01:09:17.400><c> next</c>

01:09:17.669 --> 01:09:17.679 align:start position:0%
pay the proposer could it be in the next
 

01:09:17.679 --> 01:09:20.870 align:start position:0%
pay the proposer could it be in the next
block<01:09:18.080><c> or</c><01:09:18.400><c> whatever</c><01:09:19.000><c> like</c><01:09:19.960><c> uh</c><01:09:20.080><c> do</c><01:09:20.199><c> we</c><01:09:20.359><c> have</c>

01:09:20.870 --> 01:09:20.880 align:start position:0%
block or whatever like uh do we have
 

01:09:20.880 --> 01:09:24.430 align:start position:0%
block or whatever like uh do we have
that<01:09:21.880><c> uh</c><01:09:22.120><c> yeah</c><01:09:22.319><c> these</c><01:09:22.440><c> are</c><01:09:22.600><c> good</c><01:09:23.159><c> questions</c><01:09:24.159><c> um</c>

01:09:24.430 --> 01:09:24.440 align:start position:0%
that uh yeah these are good questions um
 

01:09:24.440 --> 01:09:26.789 align:start position:0%
that uh yeah these are good questions um
so<01:09:24.679><c> the</c><01:09:24.839><c> first</c><01:09:25.080><c> question</c><01:09:25.640><c> is</c><01:09:25.960><c> yeah</c><01:09:26.319><c> like</c><01:09:26.600><c> the</c>

01:09:26.789 --> 01:09:26.799 align:start position:0%
so the first question is yeah like the
 

01:09:26.799 --> 01:09:29.829 align:start position:0%
so the first question is yeah like the
way<01:09:27.319><c> that</c><01:09:28.239><c> uh</c><01:09:28.759><c> at</c><01:09:28.880><c> least</c><01:09:29.040><c> the</c><01:09:29.159><c> implementation</c>

01:09:29.829 --> 01:09:29.839 align:start position:0%
way that uh at least the implementation
 

01:09:29.839 --> 01:09:31.669 align:start position:0%
way that uh at least the implementation
started<01:09:30.279><c> with</c><01:09:30.440><c> this</c><01:09:30.600><c> whole</c><01:09:30.799><c> thing</c><01:09:31.120><c> was</c><01:09:31.359><c> that</c>

01:09:31.669 --> 01:09:31.679 align:start position:0%
started with this whole thing was that
 

01:09:31.679 --> 01:09:33.349 align:start position:0%
started with this whole thing was that
they<01:09:31.880><c> expect</c><01:09:32.440><c> they</c><01:09:32.640><c> they</c><01:09:32.719><c> were</c><01:09:32.920><c> basically</c>

01:09:33.349 --> 01:09:33.359 align:start position:0%
they expect they they were basically
 

01:09:33.359 --> 01:09:34.709 align:start position:0%
they expect they they were basically
expecting<01:09:33.759><c> the</c><01:09:33.880><c> last</c><01:09:34.080><c> transaction</c><01:09:34.520><c> in</c><01:09:34.600><c> the</c>

01:09:34.709 --> 01:09:34.719 align:start position:0%
expecting the last transaction in the
 

01:09:34.719 --> 01:09:36.110 align:start position:0%
expecting the last transaction in the
block<01:09:34.960><c> to</c><01:09:35.120><c> pay</c><01:09:35.279><c> the</c>

01:09:36.110 --> 01:09:36.120 align:start position:0%
block to pay the
 

01:09:36.120 --> 01:09:39.430 align:start position:0%
block to pay the
proposer<01:09:37.120><c> and</c><01:09:38.120><c> uh</c><01:09:38.359><c> yeah</c><01:09:38.799><c> but</c><01:09:39.000><c> there</c><01:09:39.080><c> are</c><01:09:39.239><c> other</c>

01:09:39.430 --> 01:09:39.440 align:start position:0%
proposer and uh yeah but there are other
 

01:09:39.440 --> 01:09:41.070 align:start position:0%
proposer and uh yeah but there are other
ways<01:09:39.719><c> you</c><01:09:39.839><c> can</c><01:09:39.960><c> think</c><01:09:40.159><c> about</c><01:09:40.679><c> paying</c><01:09:40.960><c> the</c>

01:09:41.070 --> 01:09:41.080 align:start position:0%
ways you can think about paying the
 

01:09:41.080 --> 01:09:42.950 align:start position:0%
ways you can think about paying the
proposer<01:09:41.560><c> as</c><01:09:41.640><c> a</c><01:09:41.759><c> builder</c><01:09:42.359><c> uh</c><01:09:42.440><c> and</c><01:09:42.560><c> we've</c><01:09:42.759><c> seen</c>

01:09:42.950 --> 01:09:42.960 align:start position:0%
proposer as a builder uh and we've seen
 

01:09:42.960 --> 01:09:45.550 align:start position:0%
proposer as a builder uh and we've seen
some<01:09:43.080><c> of</c><01:09:43.199><c> them</c><01:09:43.319><c> crop</c><01:09:43.560><c> up</c><01:09:43.719><c> over</c><01:09:44.000><c> time</c><01:09:44.920><c> so</c><01:09:45.440><c> you</c>

01:09:45.550 --> 01:09:45.560 align:start position:0%
some of them crop up over time so you
 

01:09:45.560 --> 01:09:47.390 align:start position:0%
some of them crop up over time so you
know<01:09:45.880><c> one</c><01:09:46.239><c> way</c><01:09:46.440><c> that</c><01:09:46.520><c> I</c><01:09:46.640><c> know</c><01:09:46.759><c> people</c><01:09:47.000><c> like</c><01:09:47.199><c> is</c>

01:09:47.390 --> 01:09:47.400 align:start position:0%
know one way that I know people like is
 

01:09:47.400 --> 01:09:49.430 align:start position:0%
know one way that I know people like is
actually<01:09:47.679><c> just</c><01:09:48.080><c> uh</c><01:09:48.279><c> having</c><01:09:48.520><c> the</c><01:09:48.759><c> proposer</c><01:09:49.239><c> be</c>

01:09:49.430 --> 01:09:49.440 align:start position:0%
actually just uh having the proposer be
 

01:09:49.440 --> 01:09:51.189 align:start position:0%
actually just uh having the proposer be
the<01:09:49.520><c> fee</c><01:09:49.759><c> recipient</c><01:09:50.159><c> in</c><01:09:50.319><c> the</c><01:09:50.400><c> block</c><01:09:51.000><c> because</c>

01:09:51.189 --> 01:09:51.199 align:start position:0%
the fee recipient in the block because
 

01:09:51.199 --> 01:09:52.669 align:start position:0%
the fee recipient in the block because
you<01:09:51.279><c> can</c><01:09:51.400><c> just</c><01:09:51.480><c> call</c><01:09:51.679><c> the</c><01:09:51.799><c> coinbase</c><01:09:52.159><c> off</c><01:09:52.440><c> code</c>

01:09:52.669 --> 01:09:52.679 align:start position:0%
you can just call the coinbase off code
 

01:09:52.679 --> 01:09:53.709 align:start position:0%
you can just call the coinbase off code
and<01:09:52.799><c> then</c><01:09:52.960><c> pay</c>

01:09:53.709 --> 01:09:53.719 align:start position:0%
and then pay
 

01:09:53.719 --> 01:09:55.950 align:start position:0%
and then pay
coinbase<01:09:54.719><c> and</c><01:09:55.120><c> yeah</c><01:09:55.440><c> there's</c><01:09:55.600><c> a</c><01:09:55.679><c> number</c><01:09:55.840><c> of</c>

01:09:55.950 --> 01:09:55.960 align:start position:0%
coinbase and yeah there's a number of
 

01:09:55.960 --> 01:09:57.350 align:start position:0%
coinbase and yeah there's a number of
reasons<01:09:56.159><c> to</c><01:09:56.280><c> do</c><01:09:56.480><c> this</c><01:09:56.679><c> one</c><01:09:56.800><c> of</c><01:09:56.920><c> them</c><01:09:57.040><c> is</c><01:09:57.159><c> it's</c>

01:09:57.350 --> 01:09:57.360 align:start position:0%
reasons to do this one of them is it's
 

01:09:57.360 --> 01:09:59.030 align:start position:0%
reasons to do this one of them is it's
actually<01:09:57.600><c> just</c><01:09:57.760><c> cheaper</c><01:09:58.400><c> like</c><01:09:58.560><c> the</c><01:09:58.679><c> coinbase</c>

01:09:59.030 --> 01:09:59.040 align:start position:0%
actually just cheaper like the coinbase
 

01:09:59.040 --> 01:10:01.590 align:start position:0%
actually just cheaper like the coinbase
off<01:09:59.239><c> code</c><01:09:59.400><c> to</c><01:09:59.560><c> load</c><01:09:59.760><c> and</c><01:09:59.880><c> then</c><01:10:00.199><c> pay</c><01:10:01.199><c> and</c><01:10:01.320><c> then</c>

01:10:01.590 --> 01:10:01.600 align:start position:0%
off code to load and then pay and then
 

01:10:01.600 --> 01:10:02.590 align:start position:0%
off code to load and then pay and then
yeah<01:10:01.719><c> I</c><01:10:01.800><c> mean</c><01:10:01.960><c> I</c><01:10:02.040><c> guess</c><01:10:02.159><c> we</c><01:10:02.239><c> should</c><01:10:02.360><c> double</c>

01:10:02.590 --> 01:10:02.600 align:start position:0%
yeah I mean I guess we should double
 

01:10:02.600 --> 01:10:04.310 align:start position:0%
yeah I mean I guess we should double
check<01:10:02.840><c> this</c><01:10:03.000><c> but</c><01:10:03.199><c> I</c><01:10:03.480><c> I</c><01:10:03.560><c> would</c><01:10:03.719><c> imagine</c><01:10:04.120><c> that</c>

01:10:04.310 --> 01:10:04.320 align:start position:0%
check this but I I would imagine that
 

01:10:04.320 --> 01:10:06.510 align:start position:0%
check this but I I would imagine that
like<01:10:04.880><c> you</c><01:10:04.960><c> know</c><01:10:05.199><c> coinbase</c><01:10:05.640><c> in</c><01:10:05.760><c> the</c><01:10:05.840><c> evm</c><01:10:06.280><c> call</c>

01:10:06.510 --> 01:10:06.520 align:start position:0%
like you know coinbase in the evm call
 

01:10:06.520 --> 01:10:08.350 align:start position:0%
like you know coinbase in the evm call
in<01:10:06.600><c> the</c><01:10:06.679><c> evm</c><01:10:07.000><c> is</c><01:10:07.080><c> going</c><01:10:07.199><c> to</c><01:10:07.280><c> be</c><01:10:07.400><c> cheaper</c><01:10:07.840><c> than</c>

01:10:08.350 --> 01:10:08.360 align:start position:0%
in the evm is going to be cheaper than
 

01:10:08.360 --> 01:10:10.070 align:start position:0%
in the evm is going to be cheaper than
this<01:10:08.640><c> like</c><01:10:09.040><c> uh</c><01:10:09.199><c> having</c><01:10:09.440><c> a</c><01:10:09.600><c> whole</c><01:10:09.760><c> other</c>

01:10:10.070 --> 01:10:10.080 align:start position:0%
this like uh having a whole other
 

01:10:10.080 --> 01:10:11.990 align:start position:0%
this like uh having a whole other
transaction<01:10:11.080><c> so</c><01:10:11.280><c> it's</c><01:10:11.440><c> basically</c><01:10:11.679><c> a</c><01:10:11.760><c> way</c><01:10:11.880><c> to</c>

01:10:11.990 --> 01:10:12.000 align:start position:0%
transaction so it's basically a way to
 

01:10:12.000 --> 01:10:14.390 align:start position:0%
transaction so it's basically a way to
just<01:10:12.159><c> have</c><01:10:12.400><c> like</c><01:10:12.840><c> uh</c><01:10:13.199><c> yeah</c><01:10:13.520><c> more</c><01:10:13.760><c> efficient</c>

01:10:14.390 --> 01:10:14.400 align:start position:0%
just have like uh yeah more efficient
 

01:10:14.400 --> 01:10:16.550 align:start position:0%
just have like uh yeah more efficient
payments<01:10:15.400><c> um</c><01:10:15.560><c> you</c><01:10:15.679><c> could</c><01:10:15.840><c> also</c><01:10:16.040><c> then</c><01:10:16.239><c> imagine</c>

01:10:16.550 --> 01:10:16.560 align:start position:0%
payments um you could also then imagine
 

01:10:16.560 --> 01:10:18.470 align:start position:0%
payments um you could also then imagine
you<01:10:16.719><c> have</c><01:10:16.960><c> other</c><01:10:17.199><c> arrangements</c><01:10:18.120><c> maybe</c><01:10:18.320><c> with</c>

01:10:18.470 --> 01:10:18.480 align:start position:0%
you have other arrangements maybe with
 

01:10:18.480 --> 01:10:20.870 align:start position:0%
you have other arrangements maybe with
Searchers<01:10:19.440><c> or</c><01:10:19.719><c> different</c><01:10:20.000><c> things</c><01:10:20.480><c> where</c><01:10:20.719><c> you</c>

01:10:20.870 --> 01:10:20.880 align:start position:0%
Searchers or different things where you
 

01:10:20.880 --> 01:10:22.310 align:start position:0%
Searchers or different things where you
might<01:10:21.040><c> want</c><01:10:21.199><c> a</c><01:10:21.320><c> little</c><01:10:21.480><c> more</c><01:10:21.640><c> flexibility</c>

01:10:22.310 --> 01:10:22.320 align:start position:0%
might want a little more flexibility
 

01:10:22.320 --> 01:10:23.709 align:start position:0%
might want a little more flexibility
than<01:10:22.560><c> just</c><01:10:22.719><c> this</c><01:10:22.920><c> like</c><01:10:23.080><c> one</c><01:10:23.400><c> fixed</c>

01:10:23.709 --> 01:10:23.719 align:start position:0%
than just this like one fixed
 

01:10:23.719 --> 01:10:25.590 align:start position:0%
than just this like one fixed
transaction

01:10:25.590 --> 01:10:25.600 align:start position:0%
transaction
 

01:10:25.600 --> 01:10:26.950 align:start position:0%
transaction
um<01:10:25.880><c> so</c><01:10:26.080><c> yeah</c><01:10:26.239><c> there's</c><01:10:26.360><c> a</c><01:10:26.440><c> lot</c><01:10:26.560><c> of</c><01:10:26.640><c> reasons</c><01:10:26.840><c> to</c>

01:10:26.950 --> 01:10:26.960 align:start position:0%
um so yeah there's a lot of reasons to
 

01:10:26.960 --> 01:10:29.189 align:start position:0%
um so yeah there's a lot of reasons to
do<01:10:27.120><c> it</c><01:10:27.679><c> and</c><01:10:28.239><c> yeah</c><01:10:28.400><c> there's</c><01:10:28.679><c> a</c><01:10:28.760><c> number</c><01:10:28.960><c> of</c><01:10:29.040><c> ways</c>

01:10:29.189 --> 01:10:29.199 align:start position:0%
do it and yeah there's a number of ways
 

01:10:29.199 --> 01:10:32.630 align:start position:0%
do it and yeah there's a number of ways
to<01:10:29.320><c> structure</c><01:10:29.679><c> it</c><01:10:30.560><c> in</c><01:10:30.719><c> terms</c><01:10:30.960><c> of</c><01:10:31.120><c> like</c><01:10:31.239><c> a</c><01:10:31.640><c> spec</c>

01:10:32.630 --> 01:10:32.640 align:start position:0%
to structure it in terms of like a spec
 

01:10:32.640 --> 01:10:35.950 align:start position:0%
to structure it in terms of like a spec
uh<01:10:33.040><c> there</c><01:10:33.239><c> is</c><01:10:33.400><c> one</c><01:10:33.880><c> actually</c><01:10:34.880><c> uh</c><01:10:35.480><c> I</c><01:10:35.600><c> believe</c>

01:10:35.950 --> 01:10:35.960 align:start position:0%
uh there is one actually uh I believe
 

01:10:35.960 --> 01:10:36.990 align:start position:0%
uh there is one actually uh I believe
let's<01:10:36.120><c> see</c><01:10:36.280><c> I</c><01:10:36.360><c> think</c><01:10:36.480><c> it</c><01:10:36.560><c> was</c><01:10:36.679><c> just</c><01:10:36.800><c> like</c><01:10:36.880><c> the</c>

01:10:36.990 --> 01:10:37.000 align:start position:0%
let's see I think it was just like the
 

01:10:37.000 --> 01:10:39.870 align:start position:0%
let's see I think it was just like the
last<01:10:37.199><c> hard</c><01:10:37.520><c> Fork</c><01:10:38.520><c> uh</c><01:10:38.640><c> this</c><01:10:39.080><c> question</c><01:10:39.440><c> came</c><01:10:39.640><c> up</c>

01:10:39.870 --> 01:10:39.880 align:start position:0%
last hard Fork uh this question came up
 

01:10:39.880 --> 01:10:41.630 align:start position:0%
last hard Fork uh this question came up
in<01:10:40.000><c> the</c><01:10:40.120><c> context</c><01:10:40.440><c> of</c><01:10:40.560><c> withdrawals</c><01:10:41.360><c> you</c><01:10:41.480><c> can</c>

01:10:41.630 --> 01:10:41.640 align:start position:0%
in the context of withdrawals you can
 

01:10:41.640 --> 01:10:44.229 align:start position:0%
in the context of withdrawals you can
imagine<01:10:42.040><c> then</c><01:10:42.280><c> that</c><01:10:42.440><c> if</c><01:10:42.600><c> I'm</c><01:10:42.719><c> a</c><01:10:43.000><c> proposer</c><01:10:44.000><c> so</c>

01:10:44.229 --> 01:10:44.239 align:start position:0%
imagine then that if I'm a proposer so
 

01:10:44.239 --> 01:10:46.070 align:start position:0%
imagine then that if I'm a proposer so
part<01:10:44.400><c> of</c><01:10:44.679><c> the</c><01:10:44.880><c> the</c><01:10:45.000><c> relay</c><01:10:45.320><c> working</c><01:10:45.679><c> here</c><01:10:45.840><c> is</c>

01:10:46.070 --> 01:10:46.080 align:start position:0%
part of the the relay working here is
 

01:10:46.080 --> 01:10:47.870 align:start position:0%
part of the the relay working here is
that<01:10:46.400><c> they</c><01:10:46.520><c> get</c><01:10:46.719><c> blocks</c><01:10:47.000><c> from</c><01:10:47.159><c> Builders</c><01:10:47.760><c> they</c>

01:10:47.870 --> 01:10:47.880 align:start position:0%
that they get blocks from Builders they
 

01:10:47.880 --> 01:10:50.270 align:start position:0%
that they get blocks from Builders they
work<01:10:48.120><c> with</c><01:10:48.280><c> the</c><01:10:48.480><c> one</c><01:10:48.760><c> proposer</c><01:10:49.520><c> to</c><01:10:49.920><c> sort</c><01:10:50.080><c> of</c>

01:10:50.270 --> 01:10:50.280 align:start position:0%
work with the one proposer to sort of
 

01:10:50.280 --> 01:10:52.990 align:start position:0%
work with the one proposer to sort of
have<01:10:50.440><c> this</c><01:10:50.560><c> auction</c><01:10:51.280><c> happen</c><01:10:52.280><c> uh</c><01:10:52.600><c> part</c><01:10:52.760><c> of</c><01:10:52.880><c> this</c>

01:10:52.990 --> 01:10:53.000 align:start position:0%
have this auction happen uh part of this
 

01:10:53.000 --> 01:10:55.310 align:start position:0%
have this auction happen uh part of this
R<01:10:53.320><c> is</c><01:10:53.440><c> like</c><01:10:53.600><c> verifying</c><01:10:54.199><c> the</c><01:10:54.360><c> payment</c><01:10:54.800><c> is</c><01:10:54.920><c> made</c>

01:10:55.310 --> 01:10:55.320 align:start position:0%
R is like verifying the payment is made
 

01:10:55.320 --> 01:10:57.470 align:start position:0%
R is like verifying the payment is made
correctly<01:10:55.600><c> to</c><01:10:55.719><c> the</c><01:10:56.120><c> proposer</c><01:10:57.120><c> there's</c><01:10:57.320><c> an</c>

01:10:57.470 --> 01:10:57.480 align:start position:0%
correctly to the proposer there's an
 

01:10:57.480 --> 01:10:59.310 align:start position:0%
correctly to the proposer there's an
issue<01:10:57.800><c> though</c><01:10:58.080><c> because</c><01:10:58.719><c> now</c><01:10:58.920><c> we</c><01:10:59.040><c> have</c><01:10:59.199><c> this</c>

01:10:59.310 --> 01:10:59.320 align:start position:0%
issue though because now we have this
 

01:10:59.320 --> 01:11:00.310 align:start position:0%
issue though because now we have this
notion<01:10:59.600><c> of</c>

01:11:00.310 --> 01:11:00.320 align:start position:0%
notion of
 

01:11:00.320 --> 01:11:02.950 align:start position:0%
notion of
withdrawals<01:11:01.320><c> uh</c><01:11:01.640><c> you</c><01:11:01.800><c> know</c><01:11:02.239><c> out</c><01:11:02.360><c> of</c><01:11:02.480><c> the</c><01:11:02.640><c> cons</c>

01:11:02.950 --> 01:11:02.960 align:start position:0%
withdrawals uh you know out of the cons
 

01:11:02.960 --> 01:11:05.350 align:start position:0%
withdrawals uh you know out of the cons
layer<01:11:03.120><c> into</c><01:11:03.280><c> the</c><01:11:03.360><c> execution</c><01:11:03.760><c> layer</c><01:11:04.760><c> and</c><01:11:05.239><c> that</c>

01:11:05.350 --> 01:11:05.360 align:start position:0%
layer into the execution layer and that
 

01:11:05.360 --> 01:11:06.350 align:start position:0%
layer into the execution layer and that
was<01:11:05.520><c> causing</c><01:11:05.840><c> some</c><01:11:06.040><c> problems</c><01:11:06.239><c> with</c>

01:11:06.350 --> 01:11:06.360 align:start position:0%
was causing some problems with
 

01:11:06.360 --> 01:11:08.149 align:start position:0%
was causing some problems with
implementations<01:11:07.280><c> because</c><01:11:07.640><c> they</c><01:11:07.840><c> just</c><01:11:07.960><c> didn't</c>

01:11:08.149 --> 01:11:08.159 align:start position:0%
implementations because they just didn't
 

01:11:08.159 --> 01:11:09.350 align:start position:0%
implementations because they just didn't
really<01:11:08.320><c> have</c><01:11:08.480><c> logic</c><01:11:08.760><c> to</c><01:11:08.960><c> account</c><01:11:09.199><c> for</c>

01:11:09.350 --> 01:11:09.360 align:start position:0%
really have logic to account for
 

01:11:09.360 --> 01:11:10.510 align:start position:0%
really have logic to account for
withdraws<01:11:09.800><c> and</c><01:11:09.920><c> it</c><01:11:10.000><c> would</c><01:11:10.120><c> lead</c><01:11:10.280><c> to</c><01:11:10.400><c> like</c>

01:11:10.510 --> 01:11:10.520 align:start position:0%
withdraws and it would lead to like
 

01:11:10.520 --> 01:11:11.830 align:start position:0%
withdraws and it would lead to like
weird<01:11:10.760><c> reporting</c><01:11:11.280><c> there's</c><01:11:11.440><c> like</c><01:11:11.560><c> Twitter</c>

01:11:11.830 --> 01:11:11.840 align:start position:0%
weird reporting there's like Twitter
 

01:11:11.840 --> 01:11:13.310 align:start position:0%
weird reporting there's like Twitter
Bots<01:11:12.080><c> and</c><01:11:12.239><c> things</c><01:11:12.520><c> that</c><01:11:12.640><c> would</c><01:11:12.840><c> like</c><01:11:12.960><c> flag</c>

01:11:13.310 --> 01:11:13.320 align:start position:0%
Bots and things that would like flag
 

01:11:13.320 --> 01:11:15.790 align:start position:0%
Bots and things that would like flag
High<01:11:13.920><c> m</c><01:11:14.400><c> blocks</c><01:11:14.800><c> and</c><01:11:14.920><c> it</c><01:11:15.000><c> would</c><01:11:15.159><c> lead</c><01:11:15.320><c> to</c><01:11:15.520><c> like</c>

01:11:15.790 --> 01:11:15.800 align:start position:0%
High m blocks and it would lead to like
 

01:11:15.800 --> 01:11:16.790 align:start position:0%
High m blocks and it would lead to like
weird

01:11:16.790 --> 01:11:16.800 align:start position:0%
weird
 

01:11:16.800 --> 01:11:21.630 align:start position:0%
weird
things<01:11:17.800><c> um</c><01:11:18.239><c> so</c><01:11:18.480><c> in</c><01:11:18.640><c> any</c><01:11:19.280><c> case</c><01:11:20.280><c> uh</c><01:11:20.760><c> yeah</c><01:11:21.360><c> uh</c><01:11:21.520><c> I</c>

01:11:21.630 --> 01:11:21.640 align:start position:0%
things um so in any case uh yeah uh I
 

01:11:21.640 --> 01:11:23.110 align:start position:0%
things um so in any case uh yeah uh I
worked<01:11:21.920><c> with</c><01:11:22.120><c> people</c><01:11:22.280><c> on</c><01:11:22.440><c> like</c><01:11:22.560><c> a</c><01:11:22.679><c> spec</c><01:11:22.960><c> for</c>

01:11:23.110 --> 01:11:23.120 align:start position:0%
worked with people on like a spec for
 

01:11:23.120 --> 01:11:25.830 align:start position:0%
worked with people on like a spec for
exactly<01:11:23.600><c> this</c><01:11:24.199><c> uh</c><01:11:24.360><c> I</c><01:11:24.480><c> think</c><01:11:25.040><c> well</c><01:11:25.480><c> okay</c><01:11:25.760><c> I</c>

01:11:25.830 --> 01:11:25.840 align:start position:0%
exactly this uh I think well okay I
 

01:11:25.840 --> 01:11:28.669 align:start position:0%
exactly this uh I think well okay I
might<01:11:26.000><c> have</c><01:11:26.560><c> lost</c><01:11:27.560><c> slide</c>

01:11:28.669 --> 01:11:28.679 align:start position:0%
might have lost slide
 

01:11:28.679 --> 01:11:32.550 align:start position:0%
might have lost slide
ability<01:11:29.679><c> which</c><01:11:29.840><c> is</c><01:11:30.120><c> okay</c><01:11:30.719><c> but</c><01:11:30.960><c> anyway</c><01:11:31.800><c> um</c><01:11:32.400><c> in</c>

01:11:32.550 --> 01:11:32.560 align:start position:0%
ability which is okay but anyway um in
 

01:11:32.560 --> 01:11:35.590 align:start position:0%
ability which is okay but anyway um in
any<01:11:32.920><c> case</c><01:11:33.920><c> uh</c><01:11:34.080><c> there's</c><01:11:34.320><c> like</c><01:11:34.480><c> a</c><01:11:34.760><c> GitHub</c><01:11:35.120><c> repo</c>

01:11:35.590 --> 01:11:35.600 align:start position:0%
any case uh there's like a GitHub repo
 

01:11:35.600 --> 01:11:37.750 align:start position:0%
any case uh there's like a GitHub repo
so<01:11:35.800><c> GitHub</c><01:11:36.239><c> ethereum</c><01:11:36.719><c> Builder</c><01:11:37.080><c> specs</c><01:11:37.639><c> like</c>

01:11:37.750 --> 01:11:37.760 align:start position:0%
so GitHub ethereum Builder specs like
 

01:11:37.760 --> 01:11:39.870 align:start position:0%
so GitHub ethereum Builder specs like
Builder<01:11:38.120><c> Das</c><01:11:38.400><c> specs</c><01:11:39.400><c> and</c><01:11:39.639><c> there's</c>

01:11:39.870 --> 01:11:39.880 align:start position:0%
Builder Das specs and there's
 

01:11:39.880 --> 01:11:41.470 align:start position:0%
Builder Das specs and there's
essentially<01:11:40.320><c> like</c><01:11:40.480><c> payment</c><01:11:40.800><c> schemes</c>

01:11:41.470 --> 01:11:41.480 align:start position:0%
essentially like payment schemes
 

01:11:41.480 --> 01:11:43.990 align:start position:0%
essentially like payment schemes
specified<01:11:42.080><c> there</c><01:11:42.480><c> so</c><01:11:43.239><c> right</c><01:11:43.440><c> now</c><01:11:43.679><c> I</c><01:11:43.800><c> believe</c>

01:11:43.990 --> 01:11:44.000 align:start position:0%
specified there so right now I believe
 

01:11:44.000 --> 01:11:45.709 align:start position:0%
specified there so right now I believe
it's<01:11:44.199><c> just</c><01:11:44.320><c> the</c><01:11:44.520><c> like</c><01:11:44.719><c> last</c><01:11:45.000><c> transaction</c><01:11:45.600><c> and</c>

01:11:45.709 --> 01:11:45.719 align:start position:0%
it's just the like last transaction and
 

01:11:45.719 --> 01:11:47.669 align:start position:0%
it's just the like last transaction and
then<01:11:45.840><c> the</c><01:11:45.920><c> coinbase</c><01:11:46.360><c> route</c><01:11:47.360><c> if</c><01:11:47.480><c> there's</c>

01:11:47.669 --> 01:11:47.679 align:start position:0%
then the coinbase route if there's
 

01:11:47.679 --> 01:11:50.669 align:start position:0%
then the coinbase route if there's
others<01:11:47.920><c> that</c><01:11:48.080><c> should</c><01:11:48.239><c> be</c><01:11:48.639><c> there</c><01:11:49.639><c> uh</c><01:11:49.800><c> let</c><01:11:49.920><c> me</c>

01:11:50.669 --> 01:11:50.679 align:start position:0%
others that should be there uh let me
 

01:11:50.679 --> 01:11:53.030 align:start position:0%
others that should be there uh let me
know<01:11:51.679><c> um</c><01:11:51.880><c> if</c><01:11:52.000><c> anything</c><01:11:52.360><c> the</c><01:11:52.480><c> idea</c><01:11:52.719><c> is</c><01:11:52.880><c> like</c>

01:11:53.030 --> 01:11:53.040 align:start position:0%
know um if anything the idea is like
 

01:11:53.040 --> 01:11:54.669 align:start position:0%
know um if anything the idea is like
this<01:11:53.199><c> specifies</c><01:11:53.639><c> like</c><01:11:53.760><c> honest</c><01:11:54.080><c> behavior</c><01:11:54.560><c> and</c>

01:11:54.669 --> 01:11:54.679 align:start position:0%
this specifies like honest behavior and
 

01:11:54.679 --> 01:11:56.229 align:start position:0%
this specifies like honest behavior and
so<01:11:55.040><c> like</c>

01:11:56.229 --> 01:11:56.239 align:start position:0%
so like
 

01:11:56.239 --> 01:11:58.470 align:start position:0%
so like
uh<01:11:56.840><c> one</c><01:11:57.159><c> like</c><01:11:57.320><c> very</c><01:11:57.600><c> popular</c><01:11:58.000><c> and</c><01:11:58.120><c> sort</c><01:11:58.280><c> of</c>

01:11:58.470 --> 01:11:58.480 align:start position:0%
uh one like very popular and sort of
 

01:11:58.480 --> 01:11:59.870 align:start position:0%
uh one like very popular and sort of
like<01:11:58.600><c> foundational</c><01:11:59.080><c> implementation</c><01:11:59.639><c> of</c><01:11:59.760><c> the</c>

01:11:59.870 --> 01:11:59.880 align:start position:0%
like foundational implementation of the
 

01:11:59.880 --> 01:12:01.830 align:start position:0%
like foundational implementation of the
relay<01:12:00.280><c> right</c><01:12:00.400><c> now</c><01:12:00.639><c> is</c><01:12:00.800><c> like</c><01:12:00.960><c> under</c><01:12:01.480><c> the</c><01:12:01.560><c> flash</c>

01:12:01.830 --> 01:12:01.840 align:start position:0%
relay right now is like under the flash
 

01:12:01.840 --> 01:12:05.149 align:start position:0%
relay right now is like under the flash
Bots<01:12:02.080><c> org</c><01:12:02.679><c> and</c><01:12:02.840><c> so</c><01:12:03.800><c> uh</c><01:12:04.199><c> yeah</c><01:12:04.440><c> like</c><01:12:04.600><c> their</c><01:12:04.800><c> relay</c>

01:12:05.149 --> 01:12:05.159 align:start position:0%
Bots org and so uh yeah like their relay
 

01:12:05.159 --> 01:12:07.750 align:start position:0%
Bots org and so uh yeah like their relay
follows<01:12:05.480><c> the</c><01:12:05.920><c> spec</c><01:12:06.920><c> and</c><01:12:07.199><c> you</c><01:12:07.320><c> know</c><01:12:07.480><c> we</c><01:12:07.600><c> could</c>

01:12:07.750 --> 01:12:07.760 align:start position:0%
follows the spec and you know we could
 

01:12:07.760 --> 01:12:10.870 align:start position:0%
follows the spec and you know we could
add<01:12:08.000><c> things</c><01:12:08.600><c> but</c><01:12:09.600><c> it's</c><01:12:10.120><c> should</c><01:12:10.360><c> be</c><01:12:10.480><c> a</c><01:12:10.560><c> bit</c><01:12:10.679><c> of</c><01:12:10.760><c> a</c>

01:12:10.870 --> 01:12:10.880 align:start position:0%
add things but it's should be a bit of a
 

01:12:10.880 --> 01:12:12.990 align:start position:0%
add things but it's should be a bit of a
conversation<01:12:11.520><c> before</c><01:12:11.880><c> just</c><01:12:12.120><c> like</c><01:12:12.639><c> adding</c><01:12:12.880><c> a</c>

01:12:12.990 --> 01:12:13.000 align:start position:0%
conversation before just like adding a
 

01:12:13.000 --> 01:12:14.470 align:start position:0%
conversation before just like adding a
bunch<01:12:13.159><c> of</c><01:12:13.280><c> wild</c>

01:12:14.470 --> 01:12:14.480 align:start position:0%
bunch of wild
 

01:12:14.480 --> 01:12:16.669 align:start position:0%
bunch of wild
stuff<01:12:15.480><c> um</c><01:12:15.840><c> does</c><01:12:16.000><c> that</c><01:12:16.159><c> I</c><01:12:16.199><c> think</c><01:12:16.320><c> that</c><01:12:16.440><c> answered</c>

01:12:16.669 --> 01:12:16.679 align:start position:0%
stuff um does that I think that answered
 

01:12:16.679 --> 01:12:23.430 align:start position:0%
stuff um does that I think that answered
your<01:12:16.840><c> questions</c><01:12:17.639><c> yeah</c>

01:12:23.430 --> 01:12:23.440 align:start position:0%
 
 

01:12:23.440 --> 01:12:26.470 align:start position:0%
 
cool<01:12:24.440><c> okay</c><01:12:24.679><c> I</c><01:12:24.760><c> think</c><01:12:24.920><c> we</c><01:12:25.040><c> have</c><01:12:25.280><c> have</c><01:12:25.560><c> few</c><01:12:25.760><c> more</c>

01:12:26.470 --> 01:12:26.480 align:start position:0%
cool okay I think we have have few more
 

01:12:26.480 --> 01:12:31.239 align:start position:0%
cool okay I think we have have few more
minutes<01:12:27.480><c> but</c><01:12:27.840><c> if</c><01:12:28.000><c> there</c><01:12:28.080><c> are</c><01:12:28.280><c> no</c><01:12:28.480><c> questions</c>