WEBVTT Kind: captions Language: en 00:00:00.000 --> 00:00:04.350 align:start position:0% foreign 00:00:04.350 --> 00:00:04.360 align:start position:0% 00:00:04.360 --> 00:00:12.190 align:start position:0% [Music] 00:00:12.190 --> 00:00:12.200 align:start position:0% 00:00:12.200 --> 00:00:14.450 align:start position:0% So<00:00:13.200> today<00:00:13.380> we're<00:00:13.679> going<00:00:13.799> to<00:00:13.920> be<00:00:13.980> talking<00:00:14.160> about 00:00:14.450 --> 00:00:14.460 align:start position:0% So today we're going to be talking about 00:00:14.460 --> 00:00:16.790 align:start position:0% So today we're going to be talking about the<00:00:15.059> sinking<00:00:15.480> economy<00:00:15.839> and<00:00:16.199> how<00:00:16.379> it's<00:00:16.500> moving 00:00:16.790 --> 00:00:16.800 align:start position:0% the sinking economy and how it's moving 00:00:16.800 --> 00:00:19.730 align:start position:0% the sinking economy and how it's moving from<00:00:17.100> monolithic<00:00:17.820> to<00:00:18.000> modularity<00:00:18.740> we're 00:00:19.730 --> 00:00:19.740 align:start position:0% from monolithic to modularity we're 00:00:19.740 --> 00:00:22.010 align:start position:0% from monolithic to modularity we're going<00:00:19.859> to<00:00:19.920> introduce<00:00:20.279> our<00:00:20.580> speakers<00:00:21.359> here<00:00:21.720> I'm 00:00:22.010 --> 00:00:22.020 align:start position:0% going to introduce our speakers here I'm 00:00:22.020 --> 00:00:24.090 align:start position:0% going to introduce our speakers here I'm the<00:00:22.140> host<00:00:22.260> Victor<00:00:22.500> Bunyan 00:00:24.090 --> 00:00:24.100 align:start position:0% the host Victor Bunyan 00:00:24.100 --> 00:00:29.170 align:start position:0% the host Victor Bunyan [Applause] 00:00:29.170 --> 00:00:29.180 align:start position:0% [Applause] 00:00:29.180 --> 00:00:31.429 align:start position:0% [Applause] [Music] 00:00:31.429 --> 00:00:31.439 align:start position:0% [Music] 00:00:31.439 --> 00:00:32.990 align:start position:0% [Music] ah 00:00:32.990 --> 00:00:33.000 align:start position:0% ah 00:00:33.000 --> 00:00:35.090 align:start position:0% ah the<00:00:33.480> big<00:00:33.600> supporters<00:00:34.020> over<00:00:34.200> there 00:00:35.090 --> 00:00:35.100 align:start position:0% the big supporters over there 00:00:35.100 --> 00:00:37.729 align:start position:0% the big supporters over there um<00:00:35.219> I<00:00:35.760> got<00:00:35.940> a<00:00:36.059> taste<00:00:36.239> for<00:00:36.360> Colombia 00:00:37.729 --> 00:00:37.739 align:start position:0% um I got a taste for Colombia 00:00:37.739 --> 00:00:43.250 align:start position:0% um I got a taste for Colombia and<00:00:38.340> anyway 00:00:43.250 --> 00:00:43.260 align:start position:0% 00:00:43.260 --> 00:00:44.510 align:start position:0% so 00:00:44.510 --> 00:00:44.520 align:start position:0% so 00:00:44.520 --> 00:00:47.510 align:start position:0% so um<00:00:44.579> we<00:00:44.940> have<00:00:45.120> an<00:00:45.600> amazing<00:00:46.020> panel<00:00:46.320> before<00:00:46.559> us 00:00:47.510 --> 00:00:47.520 align:start position:0% um we have an amazing panel before us 00:00:47.520 --> 00:00:48.889 align:start position:0% um we have an amazing panel before us um<00:00:47.640> introduce<00:00:48.239> myself<00:00:48.420> on<00:00:48.600> protocol 00:00:48.889 --> 00:00:48.899 align:start position:0% um introduce myself on protocol 00:00:48.899 --> 00:00:50.690 align:start position:0% um introduce myself on protocol specialist<00:00:49.260> at<00:00:49.559> coinbase<00:00:49.980> cloud<00:00:50.160> coinbase 00:00:50.690 --> 00:00:50.700 align:start position:0% specialist at coinbase cloud coinbase 00:00:50.700 --> 00:00:52.729 align:start position:0% specialist at coinbase cloud coinbase cloud<00:00:50.820> is<00:00:51.120> an<00:00:51.300> infrastructure<00:00:51.840> provider<00:00:52.200> uh 00:00:52.729 --> 00:00:52.739 align:start position:0% cloud is an infrastructure provider uh 00:00:52.739 --> 00:00:54.709 align:start position:0% cloud is an infrastructure provider uh we<00:00:52.860> run<00:00:53.039> validators<00:00:53.460> and<00:00:53.760> nodes<00:00:54.120> across<00:00:54.539> and 00:00:54.709 --> 00:00:54.719 align:start position:0% we run validators and nodes across and 00:00:54.719 --> 00:00:56.209 align:start position:0% we run validators and nodes across and like<00:00:54.960> 30<00:00:55.140> or<00:00:55.260> 40<00:00:55.379> different<00:00:55.559> blockchains<00:00:56.100> at 00:00:56.209 --> 00:00:56.219 align:start position:0% like 30 or 40 different blockchains at 00:00:56.219 --> 00:00:59.150 align:start position:0% like 30 or 40 different blockchains at this<00:00:56.340> point<00:00:56.460> uh<00:00:57.180> we<00:00:57.300> run<00:00:57.539> a<00:00:57.960> good<00:00:58.140> number<00:00:58.260> of<00:00:58.440> uh 00:00:59.150 --> 00:00:59.160 align:start position:0% this point uh we run a good number of uh 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attention to this<00:01:05.339> transition<00:01:05.700> from<00:01:06.180> the 00:01:07.130 --> 00:01:07.140 align:start position:0% this transition from the 00:01:07.140 --> 00:01:08.630 align:start position:0% this transition from the um<00:01:07.200> you<00:01:07.439> know<00:01:07.560> what<00:01:07.799> is<00:01:07.979> currently<00:01:08.340> a 00:01:08.630 --> 00:01:08.640 align:start position:0% um you know what is currently a 00:01:08.640 --> 00:01:11.390 align:start position:0% um you know what is currently a validator<00:01:09.060> which<00:01:09.360> is<00:01:09.479> a<00:01:09.900> you<00:01:10.320> know<00:01:10.439> it's<00:01:10.860> a<00:01:11.280> box 00:01:11.390 --> 00:01:11.400 align:start position:0% validator which is a you know it's a box 00:01:11.400 --> 00:01:12.950 align:start position:0% validator which is a you know it's a box somewhere<00:01:12.000> that<00:01:12.119> has<00:01:12.299> some<00:01:12.360> software<00:01:12.659> on<00:01:12.840> it 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--> 00:01:25.429 align:start position:0% now is that there's a whole host of essentially<00:01:23.520> middleware<00:01:23.939> solutions<00:01:24.600> that 00:01:25.429 --> 00:01:25.439 align:start position:0% essentially middleware solutions that 00:01:25.439 --> 00:01:28.249 align:start position:0% essentially middleware solutions that are<00:01:25.740> changing<00:01:26.280> uh<00:01:27.000> and<00:01:27.119> modularizing<00:01:28.020> the 00:01:28.249 --> 00:01:28.259 align:start position:0% are changing uh and modularizing the 00:01:28.259 --> 00:01:29.810 align:start position:0% are changing uh and modularizing the validator<00:01:28.680> experience<00:01:29.159> and<00:01:29.520> so<00:01:29.640> they're 00:01:29.810 --> 00:01:29.820 align:start position:0% validator experience and so they're 00:01:29.820 --> 00:01:30.890 align:start position:0% validator experience and so they're almost<00:01:29.939> kind<00:01:30.119> of<00:01:30.180> like<00:01:30.240> plugins<00:01:30.600> or 00:01:30.890 --> 00:01:30.900 align:start position:0% almost kind of like plugins or 00:01:30.900 --> 00:01:33.050 align:start position:0% almost kind of like plugins or extensions<00:01:31.560> you<00:01:31.740> can<00:01:31.799> think<00:01:31.979> of<00:01:32.040> it<00:01:32.159> as<00:01:32.340> it's<00:01:32.759> a 00:01:33.050 --> 00:01:33.060 align:start position:0% extensions you can think of it as it's a 00:01:33.060 --> 00:01:35.270 align:start position:0% extensions you can think of it as it's a very<00:01:33.119> crude<00:01:33.479> uh<00:01:33.900> example 00:01:35.270 --> 00:01:35.280 align:start position:0% very crude uh example 00:01:35.280 --> 00:01:38.510 align:start position:0% very crude uh example um<00:01:35.400> this<00:01:35.820> is<00:01:36.000> a<00:01:36.420> fairly<00:01:36.780> recent<00:01:37.140> phenomenon 00:01:38.510 --> 00:01:38.520 align:start position:0% um this is a fairly recent phenomenon 00:01:38.520 --> 00:01:40.609 align:start position:0% um this is a fairly recent phenomenon um<00:01:38.640> you<00:01:38.880> know<00:01:38.939> flashbots<00:01:39.600> and<00:01:39.720> Mev<00:01:40.140> boost<00:01:40.320> was 00:01:40.609 --> 00:01:40.619 align:start position:0% um you know flashbots and Mev boost was 00:01:40.619 --> 00:01:42.469 align:start position:0% um you know flashbots and Mev boost was you<00:01:40.920> know<00:01:40.979> the<00:01:41.280> first<00:01:41.460> and<00:01:41.640> primary<00:01:42.119> example 00:01:42.469 --> 00:01:42.479 align:start position:0% you know the first and primary example 00:01:42.479 --> 00:01:44.810 align:start position:0% you know the first and primary example of<00:01:42.600> it<00:01:42.780> you<00:01:42.960> know<00:01:43.140> reaching<00:01:44.040> an<00:01:44.460> enormous 00:01:44.810 --> 00:01:44.820 align:start position:0% of it you know reaching an enormous 00:01:44.820 --> 00:01:47.090 align:start position:0% of it you know reaching an enormous scale<00:01:45.060> within<00:01:45.360> the<00:01:45.479> ethereum<00:01:45.780> ecosystem<00:01:46.140> but 00:01:47.090 --> 00:01:47.100 align:start position:0% scale within the ethereum ecosystem but 00:01:47.100 --> 00:01:48.590 align:start position:0% scale within the ethereum ecosystem but with<00:01:47.280> the<00:01:47.460> advancements<00:01:47.939> coming<00:01:48.060> from<00:01:48.360> you 00:01:48.590 --> 00:01:48.600 align:start position:0% with the advancements coming from you 00:01:48.600 --> 00:01:50.389 align:start position:0% with the advancements coming from you know<00:01:48.659> the<00:01:48.720> teams<00:01:49.079> up<00:01:49.259> up<00:01:49.500> here<00:01:49.920> and<00:01:50.040> also<00:01:50.280> other 00:01:50.389 --> 00:01:50.399 align:start position:0% know the teams up up here and also other 00:01:50.399 --> 00:01:52.429 align:start position:0% know the teams up up here and also other teams<00:01:50.700> working<00:01:50.820> in<00:01:51.060> the<00:01:51.119> space<00:01:51.240> we<00:01:52.020> expect<00:01:52.200> for 00:01:52.429 --> 00:01:52.439 align:start position:0% teams working in the space we expect for 00:01:52.439 --> 00:01:55.490 align:start position:0% teams working in the space we expect for this<00:01:52.560> to<00:01:52.740> be<00:01:52.860> an<00:01:53.579> extremely<00:01:53.939> exciting<00:01:54.540> uh<00:01:55.320> and 00:01:55.490 --> 00:01:55.500 align:start position:0% this to be an extremely exciting uh and 00:01:55.500 --> 00:01:57.289 align:start position:0% this to be an extremely exciting uh and pivotal<00:01:56.100> moment<00:01:56.460> in<00:01:56.759> the<00:01:56.880> development<00:01:57.180> of 00:01:57.289 --> 00:01:57.299 align:start position:0% pivotal moment in the development of 00:01:57.299 --> 00:01:59.330 align:start position:0% pivotal moment in the development of blockchain<00:01:57.600> infrastructure<00:01:58.079> on<00:01:58.320> ethereum 00:01:59.330 --> 00:01:59.340 align:start position:0% blockchain infrastructure on ethereum 00:01:59.340 --> 00:02:01.789 align:start position:0% blockchain infrastructure on ethereum and<00:01:59.399> so<00:01:59.880> with<00:02:00.360> that<00:02:00.540> I'm<00:02:01.259> going<00:02:01.380> to<00:02:01.439> pass<00:02:01.619> it 00:02:01.789 --> 00:02:01.799 align:start position:0% and so with that I'm going to pass it 00:02:01.799 --> 00:02:03.649 align:start position:0% and so with that I'm going to pass it over<00:02:01.979> to<00:02:02.159> the<00:02:02.280> panelists<00:02:02.759> to<00:02:03.000> each<00:02:03.240> introduce 00:02:03.649 --> 00:02:03.659 align:start position:0% over to the panelists to each introduce 00:02:03.659 --> 00:02:05.870 align:start position:0% over to the panelists to each introduce themselves<00:02:04.020> and<00:02:04.439> their<00:02:04.619> projects<00:02:05.100> we're 00:02:05.870 --> 00:02:05.880 align:start position:0% themselves and their projects we're 00:02:05.880 --> 00:02:07.010 align:start position:0% themselves and their projects we're going<00:02:06.060> to<00:02:06.119> give<00:02:06.240> them<00:02:06.360> a<00:02:06.479> little<00:02:06.600> bit<00:02:06.719> of<00:02:06.840> time 00:02:07.010 --> 00:02:07.020 align:start position:0% going to give them a little bit of time 00:02:07.020 --> 00:02:09.529 align:start position:0% going to give them a little bit of time to<00:02:07.320> not<00:02:07.799> go<00:02:08.099> super<00:02:08.340> technical<00:02:08.759> but<00:02:09.000> like<00:02:09.239> it's 00:02:09.529 --> 00:02:09.539 align:start position:0% to not go super technical but like it's 00:02:09.539 --> 00:02:10.669 align:start position:0% to not go super technical but like it's important<00:02:09.780> to<00:02:09.899> understand<00:02:10.020> what<00:02:10.319> like<00:02:10.500> each 00:02:10.669 --> 00:02:10.679 align:start position:0% important to understand what like each 00:02:10.679 --> 00:02:12.229 align:start position:0% important to understand what like each project<00:02:10.920> is<00:02:11.280> because<00:02:11.459> it's<00:02:11.640> really<00:02:11.879> going<00:02:12.060> to 00:02:12.229 --> 00:02:12.239 align:start position:0% project is because it's really going to 00:02:12.239 --> 00:02:14.270 align:start position:0% project is because it's really going to inform<00:02:12.720> the<00:02:12.959> rest<00:02:13.080> of<00:02:13.260> the<00:02:13.319> conversation<00:02:13.739> and 00:02:14.270 --> 00:02:14.280 align:start position:0% inform the rest of the conversation and 00:02:14.280 --> 00:02:16.850 align:start position:0% inform the rest of the conversation and these<00:02:14.520> are<00:02:14.640> nuanced<00:02:15.300> uh<00:02:15.720> meaty<00:02:16.080> topics<00:02:16.440> and<00:02:16.620> so 00:02:16.850 --> 00:02:16.860 align:start position:0% these are nuanced uh meaty topics and so 00:02:16.860 --> 00:02:18.949 align:start position:0% these are nuanced uh meaty topics and so the<00:02:17.280> directive<00:02:17.580> we<00:02:17.700> gave<00:02:17.879> them<00:02:17.940> as<00:02:18.120> a<00:02:18.239> VC<00:02:18.660> pitch 00:02:18.949 --> 00:02:18.959 align:start position:0% the directive we gave them as a VC pitch 00:02:18.959 --> 00:02:20.510 align:start position:0% the directive we gave them as a VC pitch but<00:02:19.260> a<00:02:19.379> VC<00:02:19.560> that<00:02:19.739> knows<00:02:19.920> what's<00:02:19.980> going<00:02:20.160> on<00:02:20.280> you 00:02:20.510 --> 00:02:20.520 align:start position:0% but a VC that knows what's going on you 00:02:20.520 --> 00:02:21.589 align:start position:0% but a VC that knows what's going on you know 00:02:21.589 --> 00:02:21.599 align:start position:0% know 00:02:21.599 --> 00:02:22.560 align:start position:0% know that's<00:02:22.140> how 00:02:22.560 --> 00:02:22.570 align:start position:0% that's how 00:02:22.570 --> 00:02:24.550 align:start position:0% that's how [Music] 00:02:24.550 --> 00:02:24.560 align:start position:0% [Music] 00:02:24.560 --> 00:02:27.410 align:start position:0% [Music] that's<00:02:25.560> all<00:02:25.860> with<00:02:26.099> that<00:02:26.280> Stefan<00:02:26.879> please<00:02:27.239> go 00:02:27.410 --> 00:02:27.420 align:start position:0% that's all with that Stefan please go 00:02:27.420 --> 00:02:28.369 align:start position:0% that's all with that Stefan please go ahead 00:02:28.369 --> 00:02:28.379 align:start position:0% ahead 00:02:28.379 --> 00:02:30.350 align:start position:0% ahead all<00:02:28.800> right<00:02:28.980> hello<00:02:29.160> hello<00:02:29.459> all<00:02:29.879> right<00:02:30.060> this 00:02:30.350 --> 00:02:30.360 align:start position:0% all right hello hello all right this 00:02:30.360 --> 00:02:32.330 align:start position:0% all right hello hello all right this works<00:02:30.599> hey<00:02:30.780> everyone<00:02:30.900> I'm<00:02:31.140> Stefan<00:02:32.040> um<00:02:32.160> until 00:02:32.330 --> 00:02:32.340 align:start position:0% works hey everyone I'm Stefan um until 00:02:32.340 --> 00:02:34.790 align:start position:0% works hey everyone I'm Stefan um until recently<00:02:32.940> was<00:02:33.239> at<00:02:33.480> flashbots 00:02:34.790 --> 00:02:34.800 align:start position:0% recently was at flashbots 00:02:34.800 --> 00:02:35.630 align:start position:0% recently was at flashbots um one<00:02:34.920> of<00:02:35.040> the<00:02:35.099> big<00:02:35.220> things<00:02:35.340> I've<00:02:35.520> been 00:02:35.630 --> 00:02:35.640 align:start position:0% um one of the big things I've been 00:02:35.640 --> 00:02:37.070 align:start position:0% um one of the big things I've been working<00:02:35.760> on<00:02:35.940> there<00:02:36.060> over<00:02:36.239> the<00:02:36.420> last<00:02:36.540> year<00:02:36.720> has 00:02:37.070 --> 00:02:37.080 align:start position:0% working on there over the last year has 00:02:37.080 --> 00:02:39.250 align:start position:0% working on there over the last year has been<00:02:37.260> developing<00:02:37.860> and<00:02:38.220> shipping<00:02:38.700> my<00:02:38.879> Boost 00:02:39.250 --> 00:02:39.260 align:start position:0% been developing and shipping my Boost 00:02:39.260 --> 00:02:42.110 align:start position:0% been developing and shipping my Boost which<00:02:40.260> uh<00:02:40.800> is<00:02:41.160> often<00:02:41.580> talked<00:02:41.760> about<00:02:41.819> these 00:02:42.110 --> 00:02:42.120 align:start position:0% which uh is often talked about these 00:02:42.120 --> 00:02:45.290 align:start position:0% which uh is often talked about these days<00:02:42.239> so<00:02:42.900> I'm<00:02:43.140> happy<00:02:43.500> to<00:02:43.739> get<00:02:44.640> into<00:02:44.760> it<00:02:45.000> get 00:02:45.290 --> 00:02:45.300 align:start position:0% days so I'm happy to get into it get 00:02:45.300 --> 00:02:47.270 align:start position:0% days so I'm happy to get into it get into<00:02:45.480> like<00:02:45.959> discussing<00:02:46.440> what<00:02:46.680> it<00:02:46.800> means<00:02:47.040> to 00:02:47.270 --> 00:02:47.280 align:start position:0% into like discussing what it means to 00:02:47.280 --> 00:02:49.190 align:start position:0% into like discussing what it means to develop<00:02:47.640> this<00:02:47.940> kind<00:02:48.120> of<00:02:48.239> software<00:02:48.780> for 00:02:49.190 --> 00:02:49.200 align:start position:0% develop this kind of software for 00:02:49.200 --> 00:02:50.930 align:start position:0% develop this kind of software for validators 00:02:50.930 --> 00:02:50.940 align:start position:0% validators 00:02:50.940 --> 00:02:53.630 align:start position:0% validators um<00:02:51.060> you<00:02:51.420> know<00:02:51.480> Mev<00:02:51.959> boost<00:02:52.140> was<00:02:52.560> developed<00:02:53.099> to 00:02:53.630 --> 00:02:53.640 align:start position:0% um you know Mev boost was developed to 00:02:53.640 --> 00:02:55.430 align:start position:0% um you know Mev boost was developed to help<00:02:53.819> solve<00:02:54.239> two<00:02:54.480> very<00:02:54.599> specific<00:02:54.900> problems 00:02:55.430 --> 00:02:55.440 align:start position:0% help solve two very specific problems 00:02:55.440 --> 00:02:56.809 align:start position:0% help solve two very specific problems with<00:02:55.680> regards<00:02:56.040> to 00:02:56.809 --> 00:02:56.819 align:start position:0% with regards to 00:02:56.819 --> 00:02:59.509 align:start position:0% with regards to um<00:02:56.879> to<00:02:57.060> validator<00:02:57.540> deployments<00:02:58.080> and<00:02:58.200> Mev<00:02:58.739> one 00:02:59.509 --> 00:02:59.519 align:start position:0% um to validator deployments and Mev one 00:02:59.519 --> 00:03:02.690 align:start position:0% um to validator deployments and Mev one was<00:02:59.819> allowing<00:03:00.360> access<00:03:00.720> to<00:03:01.620> solo<00:03:02.280> validators 00:03:02.690 --> 00:03:02.700 align:start position:0% was allowing access to solo validators 00:03:02.700 --> 00:03:05.270 align:start position:0% was allowing access to solo validators to<00:03:02.940> participate<00:03:03.300> in<00:03:03.480> the<00:03:03.599> Mev<00:03:03.959> market<00:03:04.160> and<00:03:05.160> the 00:03:05.270 --> 00:03:05.280 align:start position:0% to participate in the Mev market and the 00:03:05.280 --> 00:03:06.410 align:start position:0% to participate in the Mev market and the other<00:03:05.400> one<00:03:05.519> was<00:03:05.760> to<00:03:05.879> protect<00:03:06.120> client 00:03:06.410 --> 00:03:06.420 align:start position:0% other one was to protect client 00:03:06.420 --> 00:03:07.910 align:start position:0% other one was to protect client diversity<00:03:06.840> and<00:03:07.080> sort<00:03:07.260> of<00:03:07.319> avoid<00:03:07.620> a<00:03:07.739> future 00:03:07.910 --> 00:03:07.920 align:start position:0% diversity and sort of avoid a future 00:03:07.920 --> 00:03:09.290 align:start position:0% diversity and sort of avoid a future where 00:03:09.290 --> 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technical debt in integrating new uh new upgrades<00:03:16.019> so<00:03:16.920> the<00:03:17.519> way<00:03:17.640> that<00:03:17.940> it's 00:03:18.170 --> 00:03:18.180 align:start position:0% upgrades so the way that it's 00:03:18.180 --> 00:03:19.430 align:start position:0% upgrades so the way that it's architected<00:03:18.720> and<00:03:18.840> the<00:03:18.959> way<00:03:19.019> that<00:03:19.080> it<00:03:19.260> works 00:03:19.430 --> 00:03:19.440 align:start position:0% architected and the way that it works 00:03:19.440 --> 00:03:21.710 align:start position:0% architected and the way that it works today<00:03:19.560> is<00:03:19.920> anyone<00:03:20.400> running<00:03:20.700> a<00:03:21.300> validator 00:03:21.710 --> 00:03:21.720 align:start position:0% today is anyone running a validator 00:03:21.720 --> 00:03:25.250 align:start position:0% today is anyone running a validator whether<00:03:22.080> it's<00:03:22.319> at<00:03:22.620> home<00:03:22.800> or<00:03:23.459> a<00:03:24.180> massive<00:03:24.599> node 00:03:25.250 --> 00:03:25.260 align:start position:0% whether it's at home or a massive node 00:03:25.260 --> 00:03:28.309 align:start position:0% whether it's at home or a massive node operator<00:03:25.680> like<00:03:25.980> coinbase<00:03:26.459> Cloud<00:03:26.700> can<00:03:27.599> can 00:03:28.309 --> 00:03:28.319 align:start position:0% operator like coinbase Cloud can can 00:03:28.319 --> 00:03:31.009 align:start position:0% operator like coinbase Cloud can can again<00:03:28.860> Mev<00:03:29.519> Booth<00:03:29.819> into<00:03:30.000> their<00:03:30.300> system<00:03:30.599> do 00:03:31.009 --> 00:03:31.019 align:start position:0% again Mev Booth into their system do 00:03:31.019 --> 00:03:33.170 align:start position:0% again Mev Booth into their system do some<00:03:31.319> minor<00:03:31.739> configuration<00:03:32.280> and<00:03:32.879> essentially 00:03:33.170 --> 00:03:33.180 align:start position:0% some minor configuration and essentially 00:03:33.180 --> 00:03:35.990 align:start position:0% some minor configuration and essentially run<00:03:33.300> out<00:03:33.540> of<00:03:33.659> the<00:03:33.780> box<00:03:33.840> and<00:03:34.200> and<00:03:34.440> get<00:03:34.860> uh<00:03:35.459> better 00:03:35.990 --> 00:03:36.000 align:start position:0% run out of the box and and get uh better 00:03:36.000 --> 00:03:37.430 align:start position:0% run out of the box and and get uh better rewards 00:03:37.430 --> 00:03:37.440 align:start position:0% rewards 00:03:37.440 --> 00:03:41.030 align:start position:0% rewards um<00:03:37.500> so<00:03:37.800> yeah<00:03:38.040> that's<00:03:38.400> that's<00:03:38.519> the<00:03:38.700> intro<00:03:39.000> there 00:03:41.030 --> 00:03:41.040 align:start position:0% um so yeah that's that's the intro there 00:03:41.040 --> 00:03:43.190 align:start position:0% um so yeah that's that's the intro there well<00:03:41.580> good<00:03:41.819> evening<00:03:42.000> everybody<00:03:42.239> I'm<00:03:42.599> sriram 00:03:43.190 --> 00:03:43.200 align:start position:0% well good evening everybody I'm sriram 00:03:43.200 --> 00:03:45.530 align:start position:0% well good evening everybody I'm sriram uh<00:03:43.799> I'm<00:03:44.159> founder<00:03:44.580> of<00:03:44.700> this<00:03:45.000> project<00:03:45.239> called 00:03:45.530 --> 00:03:45.540 align:start position:0% uh I'm founder of this project called 00:03:45.540 --> 00:03:47.990 align:start position:0% uh I'm founder of this project called eigenlayer<00:03:46.379> and<00:03:46.860> uh<00:03:47.220> also<00:03:47.580> run<00:03:47.819> the 00:03:47.990 --> 00:03:48.000 align:start position:0% eigenlayer and uh also run the 00:03:48.000 --> 00:03:49.309 align:start position:0% eigenlayer and uh also run the University<00:03:48.120> of<00:03:48.540> Washington<00:03:48.659> blockchain 00:03:49.309 --> 00:03:49.319 align:start position:0% University of Washington blockchain 00:03:49.319 --> 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ethereum<00:03:58.920> is<00:03:59.099> taking<00:03:59.299> to<00:04:00.299> anybody<00:04:00.720> who<00:04:01.019> wants 00:04:01.190 --> 00:04:01.200 align:start position:0% ethereum is taking to anybody who wants 00:04:01.200 --> 00:04:02.930 align:start position:0% ethereum is taking to anybody who wants to<00:04:01.319> build<00:04:01.440> a<00:04:01.620> new<00:04:01.739> system<00:04:01.980> on<00:04:02.220> top 00:04:02.930 --> 00:04:02.940 align:start position:0% to build a new system on top 00:04:02.940 --> 00:04:07.250 align:start position:0% to build a new system on top so<00:04:03.540> the<00:04:03.780> core<00:04:03.840> idea<00:04:04.260> here<00:04:04.560> is<00:04:05.159> staking<00:04:06.080> is<00:04:07.080> the 00:04:07.250 --> 00:04:07.260 align:start position:0% so the core idea here is staking is the 00:04:07.260 --> 00:04:09.350 align:start position:0% so the core idea here is staking is the root<00:04:07.440> of<00:04:07.560> trust<00:04:07.860> so<00:04:08.400> when<00:04:08.760> you're<00:04:08.940> you<00:04:09.239> know 00:04:09.350 --> 00:04:09.360 align:start position:0% root of trust so when you're you know 00:04:09.360 --> 00:04:10.850 align:start position:0% root of trust so when you're you know after<00:04:09.480> the<00:04:09.720> merge<00:04:10.080> you<00:04:10.319> know<00:04:10.439> we<00:04:10.560> are<00:04:10.680> in<00:04:10.739> a 00:04:10.850 --> 00:04:10.860 align:start position:0% after the merge you know we are in a 00:04:10.860 --> 00:04:14.330 align:start position:0% after the merge you know we are in a proof<00:04:11.040> of<00:04:11.099> stake<00:04:11.340> world<00:04:11.519> where<00:04:12.420> no<00:04:12.840> uh<00:04:13.439> use<00:04:13.739> the 00:04:14.330 --> 00:04:14.340 align:start position:0% proof of stake world where no uh use the 00:04:14.340 --> 00:04:16.490 align:start position:0% proof of stake world where no uh use the uh<00:04:14.640> stakers<00:04:15.120> basically<00:04:15.540> put<00:04:15.840> down<00:04:16.019> a<00:04:16.199> stake 00:04:16.490 --> 00:04:16.500 align:start position:0% uh stakers basically put down a stake 00:04:16.500 --> 00:04:19.310 align:start position:0% uh stakers basically put down a stake and<00:04:16.799> commit<00:04:17.160> to<00:04:17.400> Black<00:04:17.699> Block<00:04:18.120> validation 00:04:19.310 --> 00:04:19.320 align:start position:0% and commit to Black Block validation 00:04:19.320 --> 00:04:22.069 align:start position:0% and commit to Black Block validation and<00:04:19.979> if<00:04:20.400> they<00:04:20.579> make<00:04:20.820> a<00:04:21.060> error<00:04:21.540> or<00:04:21.840> if<00:04:21.959> they 00:04:22.069 --> 00:04:22.079 align:start position:0% and if they make a error or if they 00:04:22.079 --> 00:04:23.629 align:start position:0% and if they make a error or if they behave<00:04:22.380> maliciously<00:04:22.979> they<00:04:23.160> can<00:04:23.280> lose<00:04:23.400> the 00:04:23.629 --> 00:04:23.639 align:start position:0% behave maliciously they can lose the 00:04:23.639 --> 00:04:25.790 align:start position:0% behave maliciously they can lose the stick<00:04:23.820> so<00:04:24.300> this<00:04:24.540> underwrites<00:04:25.320> a<00:04:25.680> certain 00:04:25.790 --> 00:04:25.800 align:start position:0% stick so this underwrites a certain 00:04:25.800 --> 00:04:27.850 align:start position:0% stick so this underwrites a certain Economic<00:04:26.520> Security<00:04:26.820> into<00:04:27.240> the<00:04:27.479> blockchain 00:04:27.850 --> 00:04:27.860 align:start position:0% Economic Security into the blockchain 00:04:27.860 --> 00:04:31.670 align:start position:0% Economic Security into the blockchain what<00:04:28.860> we<00:04:28.979> are<00:04:29.160> doing<00:04:29.340> is<00:04:30.000> enabling<00:04:30.840> it<00:04:31.139> to<00:04:31.500> be 00:04:31.670 --> 00:04:31.680 align:start position:0% what we are doing is enabling it to be 00:04:31.680 --> 00:04:35.150 align:start position:0% what we are doing is enabling it to be flexibly<00:04:32.340> shared<00:04:33.419> so<00:04:33.960> for<00:04:34.199> example<00:04:34.500> you<00:04:34.979> put 00:04:35.150 --> 00:04:35.160 align:start position:0% flexibly shared so for example you put 00:04:35.160 --> 00:04:38.150 align:start position:0% flexibly shared so for example you put down<00:04:35.400> your<00:04:35.759> stake<00:04:36.060> and<00:04:36.720> re-stake<00:04:37.440> so<00:04:37.680> restake 00:04:38.150 --> 00:04:38.160 align:start position:0% down your stake and re-stake so restake 00:04:38.160 --> 00:04:40.909 align:start position:0% down your stake and re-stake so restake is<00:04:38.280> a<00:04:38.460> New<00:04:38.520> Concept<00:04:38.880> we<00:04:39.180> came<00:04:39.419> up<00:04:39.540> with<00:04:39.919> restake 00:04:40.909 --> 00:04:40.919 align:start position:0% is a New Concept we came up with restake 00:04:40.919 --> 00:04:43.670 align:start position:0% is a New Concept we came up with restake is<00:04:41.340> the<00:04:41.699> idea<00:04:42.000> that<00:04:42.360> you're<00:04:43.020> using<00:04:43.440> the<00:04:43.560> same 00:04:43.670 --> 00:04:43.680 align:start position:0% is the idea that you're using the same 00:04:43.680 --> 00:04:47.270 align:start position:0% is the idea that you're using the same stake<00:04:44.100> putting<00:04:44.940> it<00:04:45.120> at<00:04:45.419> additional<00:04:45.900> risk<00:04:46.380> and 00:04:47.270 --> 00:04:47.280 align:start position:0% stake putting it at additional risk and 00:04:47.280 --> 00:04:48.950 align:start position:0% stake putting it at additional risk and committing<00:04:47.759> to<00:04:47.880> doing<00:04:48.060> additional<00:04:48.660> things 00:04:48.950 --> 00:04:48.960 align:start position:0% committing to doing additional things 00:04:48.960 --> 00:04:51.770 align:start position:0% committing to doing additional things maybe<00:04:49.680> running<00:04:50.100> a<00:04:50.400> new<00:04:50.520> chain<00:04:50.759> running<00:04:51.300> a<00:04:51.600> new 00:04:51.770 --> 00:04:51.780 align:start position:0% maybe running a new chain running a new 00:04:51.780 --> 00:04:54.230 align:start position:0% maybe running a new chain running a new service<00:04:51.960> like<00:04:52.380> data<00:04:52.800> availability<00:04:53.240> running 00:04:54.230 --> 00:04:54.240 align:start position:0% service like data availability running 00:04:54.240 --> 00:04:57.230 align:start position:0% service like data availability running other<00:04:55.139> middlewares<00:04:55.979> on<00:04:56.460> top<00:04:56.580> of<00:04:56.820> this<00:04:57.000> common 00:04:57.230 --> 00:04:57.240 align:start position:0% other middlewares on top of this common 00:04:57.240 --> 00:05:01.070 align:start position:0% other middlewares on top of this common stake<00:04:58.199> so<00:04:58.919> the<00:04:59.820> exchange<00:05:00.120> here<00:05:00.419> is<00:05:00.600> stakers 00:05:01.070 --> 00:05:01.080 align:start position:0% stake so the exchange here is stakers 00:05:01.080 --> 00:05:02.629 align:start position:0% stake so the exchange here is stakers are<00:05:01.500> taking<00:05:01.680> on<00:05:02.040> additional 00:05:02.629 --> 00:05:02.639 align:start position:0% are taking on additional 00:05:02.639 --> 00:05:05.990 align:start position:0% are taking on additional responsibilities<00:05:03.419> and<00:05:04.020> additional<00:05:04.500> risk<00:05:05.340> and 00:05:05.990 --> 00:05:06.000 align:start position:0% responsibilities and additional risk and 00:05:06.000 --> 00:05:07.969 align:start position:0% responsibilities and additional risk and in<00:05:06.300> exchange<00:05:06.600> they<00:05:06.900> are<00:05:07.020> compensated<00:05:07.380> with 00:05:07.969 --> 00:05:07.979 align:start position:0% in exchange they are compensated with 00:05:07.979 --> 00:05:10.969 align:start position:0% in exchange they are compensated with some<00:05:08.340> fees<00:05:08.759> or<00:05:09.600> other<00:05:09.780> tokens<00:05:10.320> which<00:05:10.620> are<00:05:10.800> paid 00:05:10.969 --> 00:05:10.979 align:start position:0% some fees or other tokens which are paid 00:05:10.979 --> 00:05:13.490 align:start position:0% some fees or other tokens which are paid for<00:05:11.460> those<00:05:11.759> stickers<00:05:12.240> imagine<00:05:12.960> you<00:05:13.259> want<00:05:13.440> to 00:05:13.490 --> 00:05:13.500 align:start position:0% for those stickers imagine you want to 00:05:13.500 --> 00:05:15.409 align:start position:0% for those stickers imagine you want to build<00:05:13.620> a<00:05:13.740> new<00:05:13.860> distributed<00:05:14.280> system<00:05:14.580> you<00:05:15.300> have 00:05:15.409 --> 00:05:15.419 align:start position:0% build a new distributed system you have 00:05:15.419 --> 00:05:17.570 align:start position:0% build a new distributed system you have to<00:05:15.600> go<00:05:15.780> around<00:05:16.020> and<00:05:16.620> try<00:05:16.860> to<00:05:16.979> create<00:05:17.220> a<00:05:17.520> whole 00:05:17.570 --> 00:05:17.580 align:start position:0% to go around and try to create a whole 00:05:17.580 --> 00:05:19.010 align:start position:0% to go around and try to create a whole new<00:05:17.699> validation<00:05:18.180> Network<00:05:18.479> which<00:05:18.900> is 00:05:19.010 --> 00:05:19.020 align:start position:0% new validation Network which is 00:05:19.020 --> 00:05:21.770 align:start position:0% new validation Network which is decentralized<00:05:19.740> fund<00:05:20.699> Economic<00:05:21.180> Security<00:05:21.419> to 00:05:21.770 --> 00:05:21.780 align:start position:0% decentralized fund Economic Security to 00:05:21.780 --> 00:05:23.689 align:start position:0% decentralized fund Economic Security to it<00:05:21.960> which<00:05:22.259> is<00:05:22.440> actually<00:05:22.680> very<00:05:22.979> very<00:05:23.160> expensive 00:05:23.689 --> 00:05:23.699 align:start position:0% it which is actually very very expensive 00:05:23.699 --> 00:05:25.550 align:start position:0% it which is actually very very expensive for<00:05:24.419> example<00:05:24.660> just<00:05:24.900> to<00:05:25.080> get<00:05:25.199> a<00:05:25.320> sense<00:05:25.440> of 00:05:25.550 --> 00:05:25.560 align:start position:0% for example just to get a sense of 00:05:25.560 --> 00:05:27.830 align:start position:0% for example just to get a sense of numbers<00:05:25.740> here<00:05:26.160> ethereum<00:05:26.880> has<00:05:27.120> like<00:05:27.479> you<00:05:27.780> know 00:05:27.830 --> 00:05:27.840 align:start position:0% numbers here ethereum has like you know 00:05:27.840 --> 00:05:30.230 align:start position:0% numbers here ethereum has like you know 20<00:05:28.380> billion<00:05:28.800> dollar<00:05:28.919> worth<00:05:29.280> of<00:05:29.520> economic 00:05:30.230 --> 00:05:30.240 align:start position:0% 20 billion dollar worth of economic 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have<00:05:37.259> to<00:05:37.380> pay<00:05:37.500> the<00:05:37.680> stickers<00:05:38.039> an<00:05:38.340> annual<00:05:38.520> APR 00:05:39.050 --> 00:05:39.060 align:start position:0% have to pay the stickers an annual APR 00:05:39.060 --> 00:05:41.270 align:start position:0% have to pay the stickers an annual APR like<00:05:39.360> 10<00:05:39.539> right<00:05:40.259> that's<00:05:40.500> like<00:05:40.740> two<00:05:40.979> billion 00:05:41.270 --> 00:05:41.280 align:start position:0% like 10 right that's like two billion 00:05:41.280 --> 00:05:43.670 align:start position:0% like 10 right that's like two billion dollar<00:05:41.400> worth<00:05:41.699> of<00:05:41.880> fees<00:05:42.180> just<00:05:43.020> for<00:05:43.320> your<00:05:43.500> other 00:05:43.670 --> 00:05:43.680 align:start position:0% dollar worth of fees just for your other 00:05:43.680 --> 00:05:45.710 align:start position:0% dollar worth of fees just for your other system<00:05:43.919> to<00:05:44.280> be<00:05:44.340> as<00:05:44.520> secure<00:05:44.820> as<00:05:44.940> ethereum<00:05:45.360> it's 00:05:45.710 --> 00:05:45.720 align:start position:0% system to be as secure as ethereum it's 00:05:45.720 --> 00:05:48.170 align:start position:0% system to be as secure as ethereum it's virtually<00:05:46.139> impossible<00:05:47.100> so<00:05:47.580> what<00:05:47.820> you<00:05:47.940> can<00:05:48.060> do 00:05:48.170 --> 00:05:48.180 align:start position:0% virtually impossible so what you can do 00:05:48.180 --> 00:05:49.850 align:start position:0% virtually impossible so what you can do is<00:05:48.300> you<00:05:48.479> can<00:05:48.600> borrow<00:05:48.780> this<00:05:49.139> massive<00:05:49.440> Economic 00:05:49.850 --> 00:05:49.860 align:start position:0% is you can borrow this massive Economic 00:05:49.860 --> 00:05:51.890 align:start position:0% is you can borrow this massive Economic Security<00:05:50.039> because<00:05:50.820> you're<00:05:51.120> restaking<00:05:51.660> it 00:05:51.890 --> 00:05:51.900 align:start position:0% Security because you're restaking it 00:05:51.900 --> 00:05:53.650 align:start position:0% Security because you're restaking it you're<00:05:52.199> using<00:05:52.560> it<00:05:52.680> for<00:05:52.979> additional<00:05:53.340> Services 00:05:53.650 --> 00:05:53.660 align:start position:0% you're using it for additional Services 00:05:53.660 --> 00:05:55.730 align:start position:0% you're using it for additional Services anybody<00:05:54.660> can<00:05:54.840> come<00:05:54.960> and<00:05:55.080> build<00:05:55.259> new<00:05:55.500> services 00:05:55.730 --> 00:05:55.740 align:start position:0% anybody can come and build new services 00:05:55.740 --> 00:05:58.670 align:start position:0% anybody can come and build new services on<00:05:56.100> top<00:05:56.280> thus<00:05:56.880> augmenting<00:05:57.600> the<00:05:58.199> feature<00:05:58.560> set 00:05:58.670 --> 00:05:58.680 align:start position:0% on top thus augmenting the feature set 00:05:58.680 --> 00:06:01.010 align:start position:0% on top thus augmenting the feature set of<00:05:59.100> the<00:05:59.220> ethereum<00:05:59.580> ecosystem<00:06:00.000> we<00:06:00.660> think<00:06:00.840> of 00:06:01.010 --> 00:06:01.020 align:start position:0% of the ethereum ecosystem we think of 00:06:01.020 --> 00:06:04.490 align:start position:0% of the ethereum ecosystem we think of those<00:06:01.259> as<00:06:01.620> a<00:06:01.919> permissionless<00:06:02.580> way<00:06:03.419> to<00:06:04.080> do 00:06:04.490 --> 00:06:04.500 align:start position:0% those as a permissionless way to do 00:06:04.500 --> 00:06:06.529 align:start position:0% those as a permissionless way to do feature<00:06:04.919> addition<00:06:05.220> to<00:06:05.460> ethereum<00:06:05.820> so<00:06:06.120> in 00:06:06.529 --> 00:06:06.539 align:start position:0% feature addition to ethereum so in 00:06:06.539 --> 00:06:08.270 align:start position:0% feature addition to ethereum so in you're<00:06:06.840> borrowing<00:06:07.199> the<00:06:07.320> ethereum<00:06:07.680> trust<00:06:07.919> and 00:06:08.270 --> 00:06:08.280 align:start position:0% you're borrowing the ethereum trust and 00:06:08.280 --> 00:06:10.189 align:start position:0% you're borrowing the ethereum trust and now<00:06:08.520> running<00:06:08.759> new<00:06:09.120> services 00:06:10.189 --> 00:06:10.199 align:start position:0% now running new services 00:06:10.199 --> 00:06:12.469 align:start position:0% now running new services it<00:06:10.680> is<00:06:10.800> probably<00:06:11.100> opt-in<00:06:11.699> from<00:06:11.940> the<00:06:12.060> Staker 00:06:12.469 --> 00:06:12.479 align:start position:0% it is probably opt-in from the Staker 00:06:12.479 --> 00:06:15.350 align:start position:0% it is probably opt-in from the Staker side<00:06:12.600> it's<00:06:13.020> not<00:06:13.259> forced<00:06:13.680> on<00:06:13.800> anybody<00:06:14.160> but<00:06:15.060> the 00:06:15.350 --> 00:06:15.360 align:start position:0% side it's not forced on anybody but the 00:06:15.360 --> 00:06:17.629 align:start position:0% side it's not forced on anybody but the stakers<00:06:15.720> that<00:06:15.900> do<00:06:16.139> opt-in<00:06:16.500> are<00:06:16.979> actually<00:06:17.220> able 00:06:17.629 --> 00:06:17.639 align:start position:0% stakers that do opt-in are actually able 00:06:17.639 --> 00:06:19.610 align:start position:0% stakers that do opt-in are actually able to<00:06:17.880> earn<00:06:18.300> this<00:06:18.539> additional<00:06:18.960> risk<00:06:19.320> reward 00:06:19.610 --> 00:06:19.620 align:start position:0% to earn this additional risk reward 00:06:19.620 --> 00:06:21.830 align:start position:0% to earn this additional risk reward Dynamic<00:06:20.100> so<00:06:20.340> that's<00:06:20.940> what<00:06:21.120> we<00:06:21.240> do<00:06:21.360> at<00:06:21.479> eigen 00:06:21.830 --> 00:06:21.840 align:start position:0% Dynamic so that's what we do at eigen 00:06:21.840 --> 00:06:23.510 align:start position:0% Dynamic so that's what we do at eigen layer 00:06:23.510 --> 00:06:23.520 align:start position:0% layer 00:06:23.520 --> 00:06:26.150 align:start position:0% layer hey<00:06:24.000> everyone<00:06:24.180> uh<00:06:24.600> Colin<00:06:25.020> Myers<00:06:25.319> uh 00:06:26.150 --> 00:06:26.160 align:start position:0% hey everyone uh Colin Myers uh 00:06:26.160 --> 00:06:28.370 align:start position:0% hey everyone uh Colin Myers uh co-founder<00:06:26.699> of<00:06:26.819> opal<00:06:27.300> we<00:06:27.900> are<00:06:28.020> focused<00:06:28.259> on 00:06:28.370 --> 00:06:28.380 align:start position:0% co-founder of opal we are focused on 00:06:28.380 --> 00:06:29.809 align:start position:0% co-founder of opal we are focused on building<00:06:28.620> what's<00:06:29.039> called<00:06:29.280> distributed 00:06:29.809 --> 00:06:29.819 align:start position:0% building what's called distributed 00:06:29.819 --> 00:06:31.189 align:start position:0% building what's called distributed validators 00:06:31.189 --> 00:06:31.199 align:start position:0% validators 00:06:31.199 --> 00:06:32.990 align:start position:0% validators um easiest<00:06:32.160> way<00:06:32.280> to<00:06:32.460> describe<00:06:32.759> what<00:06:32.880> a 00:06:32.990 --> 00:06:33.000 align:start position:0% um easiest way to describe what a 00:06:33.000 --> 00:06:35.570 align:start position:0% um easiest way to describe what a distributed<00:06:33.360> validator<00:06:33.720> is<00:06:33.960> is<00:06:34.680> today<00:06:35.039> all 00:06:35.570 --> 00:06:35.580 align:start position:0% distributed validator is is today all 00:06:35.580 --> 00:06:38.210 align:start position:0% distributed validator is is today all validators<00:06:36.180> are<00:06:36.539> seen<00:06:36.900> as<00:06:37.020> one<00:06:37.259> key<00:06:37.440> one 00:06:38.210 --> 00:06:38.220 align:start position:0% validators are seen as one key one 00:06:38.220 --> 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Minds<00:06:46.020> that<00:06:46.139> validators<00:06:46.560> can<00:06:46.740> become 00:06:46.969 --> 00:06:46.979 align:start position:0% Minds that validators can become 00:06:46.979 --> 00:06:49.249 align:start position:0% Minds that validators can become communities<00:06:47.400> so<00:06:47.940> with<00:06:48.240> DBT<00:06:48.660> what<00:06:48.840> you<00:06:48.960> can<00:06:49.080> do 00:06:49.249 --> 00:06:49.259 align:start position:0% communities so with DBT what you can do 00:06:49.259 --> 00:06:51.770 align:start position:0% communities so with DBT what you can do you<00:06:50.160> can<00:06:50.280> take<00:06:50.340> a<00:06:50.580> regular<00:06:50.819> validator<00:06:51.300> you<00:06:51.720> can 00:06:51.770 --> 00:06:51.780 align:start position:0% you can take a regular validator you can 00:06:51.780 --> 00:06:53.870 align:start position:0% you can take a regular validator you can use<00:06:51.960> a<00:06:52.139> dkg<00:06:52.620> divide<00:06:53.160> up<00:06:53.280> its<00:06:53.520> key<00:06:53.639> into 00:06:53.870 --> 00:06:53.880 align:start position:0% use a dkg divide up its key into 00:06:53.880 --> 00:06:55.850 align:start position:0% use a dkg divide up its key into different<00:06:54.120> shares<00:06:54.600> and<00:06:55.259> the<00:06:55.380> four<00:06:55.560> of<00:06:55.680> us 00:06:55.850 --> 00:06:55.860 align:start position:0% different shares and the four of us 00:06:55.860 --> 00:06:58.430 align:start position:0% different shares and the four of us today<00:06:56.220> can<00:06:56.580> share<00:06:56.819> a<00:06:56.940> validator<00:06:57.300> together<00:06:57.600> and 00:06:58.430 --> 00:06:58.440 align:start position:0% today can share a validator together and 00:06:58.440 --> 00:07:00.290 align:start position:0% today can share a validator together and if<00:06:58.620> Victor's<00:06:59.039> house<00:06:59.160> burns<00:06:59.580> down<00:06:59.699> all<00:07:00.120> things 00:07:00.290 --> 00:07:00.300 align:start position:0% if Victor's house burns down all things 00:07:00.300 --> 00:07:01.550 align:start position:0% if Victor's house burns down all things are<00:07:00.479> fine<00:07:00.660> because<00:07:00.840> we<00:07:01.020> use<00:07:01.139> threshold 00:07:01.550 --> 00:07:01.560 align:start position:0% are fine because we use threshold 00:07:01.560 --> 00:07:04.309 align:start position:0% are fine because we use threshold signing<00:07:02.039> and<00:07:02.340> applied<00:07:02.699> photography<00:07:03.360> so<00:07:04.020> our 00:07:04.309 --> 00:07:04.319 align:start position:0% signing and applied photography so our 00:07:04.319 --> 00:07:05.689 align:start position:0% signing and applied photography so our node<00:07:04.500> will<00:07:04.740> keep<00:07:04.919> going<00:07:05.100> it'll<00:07:05.520> keep 00:07:05.689 --> 00:07:05.699 align:start position:0% node will keep going it'll keep 00:07:05.699 --> 00:07:08.390 align:start position:0% node will keep going it'll keep validating<00:07:06.180> the<00:07:06.660> network<00:07:06.780> will<00:07:07.080> not<00:07:07.259> halt 00:07:08.390 --> 00:07:08.400 align:start position:0% validating the network will not halt 00:07:08.400 --> 00:07:10.550 align:start position:0% validating the network will not halt um<00:07:08.520> and<00:07:09.120> yeah<00:07:09.539> that's<00:07:09.960> what<00:07:10.080> we're<00:07:10.259> focused<00:07:10.500> on 00:07:10.550 --> 00:07:10.560 align:start position:0% um and yeah that's what we're focused on 00:07:10.560 --> 00:07:13.490 align:start position:0% um and yeah that's what we're focused on it<00:07:10.800> takes<00:07:11.039> on<00:07:11.220> the<00:07:11.520> form<00:07:11.699> of<00:07:11.880> a<00:07:12.000> middleware<00:07:12.500> and 00:07:13.490 --> 00:07:13.500 align:start position:0% it takes on the form of a middleware and 00:07:13.500 --> 00:07:15.350 align:start position:0% it takes on the form of a middleware and it<00:07:13.620> sits<00:07:13.860> on<00:07:13.919> the<00:07:14.039> eth2<00:07:14.460> side 00:07:15.350 --> 00:07:15.360 align:start position:0% it sits on the eth2 side 00:07:15.360 --> 00:07:19.070 align:start position:0% it sits on the eth2 side awesome<00:07:16.100> and<00:07:17.100> uh<00:07:17.340> I<00:07:17.580> know<00:07:17.639> you<00:07:17.819> folks<00:07:18.360> are<00:07:18.900> all 00:07:19.070 --> 00:07:19.080 align:start position:0% awesome and uh I know you folks are all 00:07:19.080 --> 00:07:21.170 align:start position:0% awesome and uh I know you folks are all starting<00:07:19.319> out<00:07:19.560> on<00:07:20.039> ethereum<00:07:20.520> and<00:07:20.699> you<00:07:20.819> talk<00:07:21.000> a 00:07:21.170 --> 00:07:21.180 align:start position:0% starting out on ethereum and you talk a 00:07:21.180 --> 00:07:22.909 align:start position:0% starting out on ethereum and you talk a lot<00:07:21.240> about<00:07:21.419> ethereum<00:07:21.900> but<00:07:22.319> obviously<00:07:22.620> it's 00:07:22.909 --> 00:07:22.919 align:start position:0% lot about ethereum but obviously it's 00:07:22.919 --> 00:07:24.529 align:start position:0% lot about ethereum but obviously it's not<00:07:23.160> the<00:07:23.400> only<00:07:23.580> proof<00:07:24.060> of<00:07:24.120> stake<00:07:24.360> Network 00:07:24.529 --> 00:07:24.539 align:start position:0% not the only proof of stake Network 00:07:24.539 --> 00:07:25.969 align:start position:0% not the only proof of stake Network that's<00:07:24.780> out<00:07:24.960> there<00:07:25.560> um<00:07:25.620> there's<00:07:25.800> a 00:07:25.969 --> 00:07:25.979 align:start position:0% that's out there um there's a 00:07:25.979 --> 00:07:27.770 align:start position:0% that's out there um there's a proliferation<00:07:26.520> of<00:07:26.940> them<00:07:27.060> and<00:07:27.300> most<00:07:27.419> networks 00:07:27.770 --> 00:07:27.780 align:start position:0% proliferation of them and most networks 00:07:27.780 --> 00:07:29.510 align:start position:0% proliferation of them and most networks these<00:07:27.960> days<00:07:28.020> are<00:07:28.259> proof<00:07:28.500> of<00:07:28.500> mistake 00:07:29.510 --> 00:07:29.520 align:start position:0% these days are proof of mistake 00:07:29.520 --> 00:07:30.710 align:start position:0% these days are proof of mistake um<00:07:29.580> how<00:07:29.699> do<00:07:29.819> you<00:07:29.880> think<00:07:29.940> about<00:07:30.060> the<00:07:30.180> trade-offs 00:07:30.710 --> 00:07:30.720 align:start position:0% um how do you think about the trade-offs 00:07:30.720 --> 00:07:33.290 align:start position:0% um how do you think about the trade-offs of<00:07:31.139> sticking<00:07:31.560> to<00:07:31.620> ethereum<00:07:32.160> versus<00:07:32.580> also 00:07:33.290 --> 00:07:33.300 align:start position:0% of sticking to ethereum versus also 00:07:33.300 --> 00:07:35.089 align:start position:0% of sticking to ethereum versus also starting<00:07:33.419> to<00:07:33.660> work<00:07:33.780> on<00:07:33.960> other<00:07:34.199> layer<00:07:34.500> ones<00:07:34.740> or 00:07:35.089 --> 00:07:35.099 align:start position:0% starting to work on other layer ones or 00:07:35.099 --> 00:07:38.930 align:start position:0% starting to work on other layer ones or you<00:07:35.340> know<00:07:35.400> layer<00:07:35.699> twos<00:07:35.940> and<00:07:36.240> other<00:07:36.780> ecosystems 00:07:38.930 --> 00:07:38.940 align:start position:0% you know layer twos and other ecosystems 00:07:38.940 --> 00:07:40.490 align:start position:0% you know layer twos and other ecosystems I<00:07:39.360> think<00:07:39.419> right<00:07:39.599> now<00:07:39.780> there's<00:07:39.960> a<00:07:40.199> huge 00:07:40.490 --> 00:07:40.500 align:start position:0% I think right now there's a huge 00:07:40.500 --> 00:07:42.230 align:start position:0% I think right now there's a huge Narrative<00:07:40.800> of<00:07:41.160> like<00:07:41.280> the<00:07:41.520> bazaar<00:07:41.880> versus<00:07:42.000> the 00:07:42.230 --> 00:07:42.240 align:start position:0% Narrative of like the bazaar versus the 00:07:42.240 --> 00:07:44.390 align:start position:0% Narrative of like the bazaar versus the app<00:07:42.360> chain<00:07:42.599> uh<00:07:43.380> I<00:07:43.500> think<00:07:43.620> they<00:07:43.800> can<00:07:43.979> both<00:07:44.160> live 00:07:44.390 --> 00:07:44.400 align:start position:0% app chain uh I think they can both live 00:07:44.400 --> 00:07:46.490 align:start position:0% app chain uh I think they can both live and<00:07:44.580> survive<00:07:45.000> I'm<00:07:45.660> an<00:07:45.780> American<00:07:45.900> that<00:07:46.199> spends 00:07:46.490 --> 00:07:46.500 align:start position:0% and survive I'm an American that spends 00:07:46.500 --> 00:07:48.290 align:start position:0% and survive I'm an American that spends half<00:07:46.560> my<00:07:46.740> time<00:07:46.860> in<00:07:47.039> Europe<00:07:47.220> and<00:07:47.759> it's<00:07:48.120> actually 00:07:48.290 --> 00:07:48.300 align:start position:0% half my time in Europe and it's actually 00:07:48.300 --> 00:07:50.270 align:start position:0% half my time in Europe and it's actually almost<00:07:48.660> culturally<00:07:49.199> how<00:07:49.620> the<00:07:49.860> world<00:07:50.039> is 00:07:50.270 --> 00:07:50.280 align:start position:0% almost culturally how the world is 00:07:50.280 --> 00:07:52.610 align:start position:0% almost culturally how the world is divided<00:07:50.759> like<00:07:51.300> Europe<00:07:51.599> is<00:07:51.840> kind<00:07:52.020> of<00:07:52.080> a<00:07:52.199> bizarre 00:07:52.610 --> 00:07:52.620 align:start position:0% divided like Europe is kind of a bizarre 00:07:52.620 --> 00:07:54.290 align:start position:0% divided like Europe is kind of a bizarre uh<00:07:53.220> all<00:07:53.400> their<00:07:53.520> cities<00:07:53.759> are<00:07:53.940> meant<00:07:54.120> to<00:07:54.240> be 00:07:54.290 --> 00:07:54.300 align:start position:0% uh all their cities are meant to be 00:07:54.300 --> 00:07:55.670 align:start position:0% uh all their cities are meant to be lived<00:07:54.539> in<00:07:54.660> everything<00:07:54.960> is<00:07:55.199> close<00:07:55.380> to<00:07:55.560> each 00:07:55.670 --> 00:07:55.680 align:start position:0% lived in everything is close to each 00:07:55.680 --> 00:07:58.490 align:start position:0% lived in everything is close to each other<00:07:55.860> Americas<00:07:56.759> like<00:07:56.940> app<00:07:57.180> chains<00:07:57.660> suburbs 00:07:58.490 --> 00:07:58.500 align:start position:0% other Americas like app chains suburbs 00:07:58.500 --> 00:08:00.830 align:start position:0% other Americas like app chains suburbs houses<00:07:58.940> everything's<00:07:59.940> real<00:08:00.180> structured<00:08:00.720> and 00:08:00.830 --> 00:08:00.840 align:start position:0% houses everything's real structured and 00:08:00.840 --> 00:08:02.029 align:start position:0% houses everything's real structured and together 00:08:02.029 --> 00:08:02.039 align:start position:0% together 00:08:02.039 --> 00:08:03.469 align:start position:0% together um<00:08:02.099> so<00:08:02.280> the<00:08:02.400> way<00:08:02.520> that<00:08:02.639> we<00:08:02.819> look<00:08:02.940> at<00:08:03.060> that<00:08:03.240> is 00:08:03.469 --> 00:08:03.479 align:start position:0% um so the way that we look at that is 00:08:03.479 --> 00:08:06.050 align:start position:0% um so the way that we look at that is ethereum<00:08:04.259> is<00:08:04.380> the<00:08:04.560> bizarre<00:08:04.919> and<00:08:05.699> then<00:08:05.819> who's 00:08:06.050 --> 00:08:06.060 align:start position:0% ethereum is the bizarre and then who's 00:08:06.060 --> 00:08:08.570 align:start position:0% ethereum is the bizarre and then who's the<00:08:06.300> app<00:08:06.419> chain<00:08:06.740> so<00:08:07.740> for<00:08:07.860> us<00:08:07.979> as<00:08:08.160> we<00:08:08.280> look<00:08:08.400> at 00:08:08.570 --> 00:08:08.580 align:start position:0% the app chain so for us as we look at 00:08:08.580 --> 00:08:10.790 align:start position:0% the app chain so for us as we look at where<00:08:08.940> to<00:08:09.120> take<00:08:09.240> DVT<00:08:09.780> it<00:08:10.020> needs<00:08:10.380> to<00:08:10.500> fit 00:08:10.790 --> 00:08:10.800 align:start position:0% where to take DVT it needs to fit 00:08:10.800 --> 00:08:13.189 align:start position:0% where to take DVT it needs to fit technically<00:08:11.280> within<00:08:11.699> that<00:08:11.880> Network<00:08:12.199> and 00:08:13.189 --> 00:08:13.199 align:start position:0% technically within that Network and 00:08:13.199 --> 00:08:15.290 align:start position:0% technically within that Network and what's<00:08:13.380> favorable<00:08:13.740> for<00:08:14.039> us<00:08:14.160> are<00:08:14.639> not<00:08:14.880> too<00:08:15.060> fast 00:08:15.290 --> 00:08:15.300 align:start position:0% what's favorable for us are not too fast 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inside of a cluster 00:08:21.589 --> 00:08:21.599 align:start position:0% cluster 00:08:21.599 --> 00:08:24.110 align:start position:0% cluster um<00:08:21.660> so<00:08:22.080> for<00:08:22.379> us<00:08:22.440> Cosmos<00:08:23.099> is<00:08:23.639> like<00:08:23.879> another 00:08:24.110 --> 00:08:24.120 align:start position:0% um so for us Cosmos is like another 00:08:24.120 --> 00:08:26.330 align:start position:0% um so for us Cosmos is like another chain<00:08:24.479> that<00:08:24.840> where<00:08:25.080> that<00:08:25.319> could<00:08:25.500> work<00:08:25.740> and<00:08:25.979> is 00:08:26.330 --> 00:08:26.340 align:start position:0% chain that where that could work and is 00:08:26.340 --> 00:08:28.309 align:start position:0% chain that where that could work and is kind<00:08:26.520> of<00:08:26.580> the<00:08:26.699> app<00:08:26.819> train<00:08:27.060> model<00:08:27.360> they<00:08:28.139> have 00:08:28.309 --> 00:08:28.319 align:start position:0% kind of the app train model they have 00:08:28.319 --> 00:08:31.189 align:start position:0% kind of the app train model they have five<00:08:28.560> to<00:08:28.740> seven<00:08:28.979> second<00:08:29.220> block<00:08:29.520> times<00:08:30.020> for<00:08:31.020> us 00:08:31.189 --> 00:08:31.199 align:start position:0% five to seven second block times for us 00:08:31.199 --> 00:08:33.889 align:start position:0% five to seven second block times for us to<00:08:31.500> work<00:08:31.680> on<00:08:31.919> other<00:08:32.159> chains<00:08:32.640> DVT<00:08:33.180> works<00:08:33.719> best 00:08:33.889 --> 00:08:33.899 align:start position:0% to work on other chains DVT works best 00:08:33.899 --> 00:08:36.050 align:start position:0% to work on other chains DVT works best with<00:08:34.140> BLS<00:08:34.560> signatures 00:08:36.050 --> 00:08:36.060 align:start position:0% with BLS signatures 00:08:36.060 --> 00:08:37.370 align:start position:0% with BLS signatures um they're<00:08:36.300> homomorphically<00:08:36.959> additive 00:08:37.370 --> 00:08:37.380 align:start position:0% um they're homomorphically additive 00:08:37.380 --> 00:08:39.829 align:start position:0% um they're homomorphically additive which<00:08:38.099> enables<00:08:38.459> you<00:08:38.520> to<00:08:38.640> split<00:08:38.880> them<00:08:39.360> up<00:08:39.539> and 00:08:39.829 --> 00:08:39.839 align:start position:0% which enables you to split them up and 00:08:39.839 --> 00:08:41.810 align:start position:0% which enables you to split them up and then<00:08:39.959> re-aggregate<00:08:40.680> them<00:08:40.800> and<00:08:41.099> broadcast<00:08:41.279> in 00:08:41.810 --> 00:08:41.820 align:start position:0% then re-aggregate them and broadcast in 00:08:41.820 --> 00:08:44.329 align:start position:0% then re-aggregate them and broadcast in a<00:08:42.000> very<00:08:42.120> efficient<00:08:42.479> manner<00:08:42.979> Cosmos<00:08:43.979> does<00:08:44.159> not 00:08:44.329 --> 00:08:44.339 align:start position:0% a very efficient manner Cosmos does not 00:08:44.339 --> 00:08:47.090 align:start position:0% a very efficient manner Cosmos does not have<00:08:44.520> that<00:08:45.080> maybe<00:08:46.080> they<00:08:46.320> will<00:08:46.440> adopt<00:08:46.800> it<00:08:46.860> or 00:08:47.090 --> 00:08:47.100 align:start position:0% have that maybe they will adopt it or 00:08:47.100 --> 00:08:50.230 align:start position:0% have that maybe they will adopt it or maybe<00:08:47.220> DVT<00:08:47.760> can<00:08:48.000> be<00:08:48.180> fit<00:08:48.600> into<00:08:48.779> another<00:08:49.200> chain 00:08:50.230 --> 00:08:50.240 align:start position:0% maybe DVT can be fit into another chain 00:08:50.240 --> 00:08:52.910 align:start position:0% maybe DVT can be fit into another chain in<00:08:51.240> that<00:08:51.360> sense<00:08:51.600> but<00:08:52.019> today<00:08:52.320> we<00:08:52.620> are<00:08:52.800> most 00:08:52.910 --> 00:08:52.920 align:start position:0% in that sense but today we are most 00:08:52.920 --> 00:08:55.850 align:start position:0% in that sense but today we are most focused<00:08:53.160> on<00:08:53.279> ethereum<00:08:53.839> however<00:08:54.839> DBT<00:08:55.740> is 00:08:55.850 --> 00:08:55.860 align:start position:0% focused on ethereum however DBT is 00:08:55.860 --> 00:08:57.590 align:start position:0% focused on ethereum however DBT is something<00:08:56.040> that<00:08:56.399> all<00:08:56.760> public<00:08:57.000> blockchains 00:08:57.590 --> 00:08:57.600 align:start position:0% something that all public blockchains 00:08:57.600 --> 00:08:58.970 align:start position:0% something that all public blockchains should<00:08:57.720> use<00:08:57.899> in<00:08:58.080> my<00:08:58.200> opinion<00:08:58.440> to<00:08:58.680> add<00:08:58.800> like 00:08:58.970 --> 00:08:58.980 align:start position:0% should use in my opinion to add like 00:08:58.980 --> 00:09:00.769 align:start position:0% should use in my opinion to add like more<00:08:59.160> resiliency<00:08:59.640> and<00:09:00.000> add<00:09:00.180> fault<00:09:00.480> tolerance 00:09:00.769 --> 00:09:00.779 align:start position:0% more resiliency and add fault tolerance 00:09:00.779 --> 00:09:02.750 align:start position:0% more resiliency and add fault tolerance to<00:09:00.899> the<00:09:01.019> network<00:09:01.220> so<00:09:02.220> it<00:09:02.339> comes<00:09:02.580> down<00:09:02.640> to 00:09:02.750 --> 00:09:02.760 align:start position:0% to the network so it comes down to 00:09:02.760 --> 00:09:04.550 align:start position:0% to the network so it comes down to demand<00:09:03.120> it<00:09:03.360> comes<00:09:03.660> down<00:09:03.720> to<00:09:03.899> like<00:09:04.140> where<00:09:04.380> the 00:09:04.550 --> 00:09:04.560 align:start position:0% demand it comes down to like where the 00:09:04.560 --> 00:09:06.470 align:start position:0% demand it comes down to like where the economic<00:09:04.980> value<00:09:05.160> is<00:09:05.399> it<00:09:05.700> comes<00:09:05.940> down<00:09:06.060> to<00:09:06.240> like 00:09:06.470 --> 00:09:06.480 align:start position:0% economic value is it comes down to like 00:09:06.480 --> 00:09:09.110 align:start position:0% economic value is it comes down to like where<00:09:06.660> the<00:09:06.779> smartest<00:09:07.080> minds<00:09:07.440> are<00:09:07.880> and<00:09:08.880> I<00:09:09.060> do 00:09:09.110 --> 00:09:09.120 align:start position:0% where the smartest minds are and I do 00:09:09.120 --> 00:09:10.910 align:start position:0% where the smartest minds are and I do believe<00:09:09.300> that<00:09:09.779> outside<00:09:10.140> of<00:09:10.380> the<00:09:10.500> bazaar<00:09:10.800> the 00:09:10.910 --> 00:09:10.920 align:start position:0% believe that outside of the bazaar the 00:09:10.920 --> 00:09:12.889 align:start position:0% believe that outside of the bazaar the app<00:09:11.100> chain<00:09:11.279> model<00:09:11.580> is<00:09:12.300> probably<00:09:12.480> the<00:09:12.779> only 00:09:12.889 --> 00:09:12.899 align:start position:0% app chain model is probably the only 00:09:12.899 --> 00:09:14.449 align:start position:0% app chain model is probably the only other<00:09:13.080> layer<00:09:13.440> one<00:09:13.620> that<00:09:13.860> would<00:09:14.040> compete<00:09:14.399> with 00:09:14.449 --> 00:09:14.459 align:start position:0% other layer one that would compete with 00:09:14.459 --> 00:09:16.430 align:start position:0% other layer one that would compete with ethereum<00:09:15.000> and<00:09:15.240> that's<00:09:15.720> how<00:09:15.899> we<00:09:16.080> currently 00:09:16.430 --> 00:09:16.440 align:start position:0% ethereum and that's how we currently 00:09:16.440 --> 00:09:18.290 align:start position:0% ethereum and that's how we currently look<00:09:16.800> at<00:09:16.980> the<00:09:17.100> option<00:09:17.339> set 00:09:18.290 --> 00:09:18.300 align:start position:0% look at the option set 00:09:18.300 --> 00:09:20.449 align:start position:0% look at the option set very<00:09:18.779> cool 00:09:20.449 --> 00:09:20.459 align:start position:0% very cool 00:09:20.459 --> 00:09:24.230 align:start position:0% very cool um<00:09:20.600> we<00:09:21.600> are<00:09:22.040> primarily<00:09:23.040> ethereum<00:09:23.399> Centric<00:09:23.760> and 00:09:24.230 --> 00:09:24.240 align:start position:0% um we are primarily ethereum Centric and 00:09:24.240 --> 00:09:26.090 align:start position:0% um we are primarily ethereum Centric and the<00:09:24.420> reason<00:09:24.540> is 00:09:26.090 --> 00:09:26.100 align:start position:0% the reason is 00:09:26.100 --> 00:09:27.769 align:start position:0% the reason is when<00:09:26.459> you<00:09:26.640> want<00:09:26.760> to<00:09:26.820> build<00:09:26.940> a<00:09:27.120> layer<00:09:27.420> like<00:09:27.600> this 00:09:27.769 --> 00:09:27.779 align:start position:0% when you want to build a layer like this 00:09:27.779 --> 00:09:30.829 align:start position:0% when you want to build a layer like this you<00:09:28.320> are<00:09:28.500> basically<00:09:28.980> looking<00:09:29.880> for<00:09:30.300> where<00:09:30.600> is 00:09:30.829 --> 00:09:30.839 align:start position:0% you are basically looking for where is 00:09:30.839 --> 00:09:33.710 align:start position:0% you are basically looking for where is the<00:09:31.080> maximum<00:09:31.740> pool<00:09:31.980> of<00:09:32.220> decentralized<00:09:32.760> trust 00:09:33.710 --> 00:09:33.720 align:start position:0% the maximum pool of decentralized trust 00:09:33.720 --> 00:09:35.030 align:start position:0% the maximum pool of decentralized trust because<00:09:34.080> we<00:09:34.320> have<00:09:34.500> basically<00:09:34.860> a 00:09:35.030 --> 00:09:35.040 align:start position:0% because we have basically a 00:09:35.040 --> 00:09:37.550 align:start position:0% because we have basically a decentralized<00:09:35.459> trust<00:09:35.880> marketplace<00:09:36.440> where<00:09:37.440> do 00:09:37.550 --> 00:09:37.560 align:start position:0% decentralized trust marketplace where do 00:09:37.560 --> 00:09:39.290 align:start position:0% decentralized trust marketplace where do you<00:09:37.680> have<00:09:37.800> maximum<00:09:38.160> Economic<00:09:38.640> Security<00:09:38.820> where 00:09:39.290 --> 00:09:39.300 align:start position:0% you have maximum Economic Security where 00:09:39.300 --> 00:09:41.389 align:start position:0% you have maximum Economic Security where do<00:09:39.540> you<00:09:39.600> have<00:09:39.660> maximum<00:09:40.019> decentralization<00:09:40.620> how 00:09:41.389 --> 00:09:41.399 align:start position:0% do you have maximum decentralization how 00:09:41.399 --> 00:09:44.930 align:start position:0% do you have maximum decentralization how can<00:09:41.580> we<00:09:41.700> leverage<00:09:42.060> this<00:09:42.980> and<00:09:43.980> build<00:09:44.519> a<00:09:44.760> whole 00:09:44.930 --> 00:09:44.940 align:start position:0% can we leverage this and build a whole 00:09:44.940 --> 00:09:46.490 align:start position:0% can we leverage this and build a whole bunch<00:09:45.120> of<00:09:45.300> new<00:09:45.480> technologies<00:09:45.839> on<00:09:46.080> top<00:09:46.260> of<00:09:46.380> it 00:09:46.490 --> 00:09:46.500 align:start position:0% bunch of new technologies on top of it 00:09:46.500 --> 00:09:49.070 align:start position:0% bunch of new technologies on top of it so<00:09:46.740> our<00:09:46.980> attention<00:09:47.480> is<00:09:48.480> actually<00:09:48.779> an 00:09:49.070 --> 00:09:49.080 align:start position:0% so our attention is actually an 00:09:49.080 --> 00:09:50.990 align:start position:0% so our attention is actually an onboarding<00:09:49.500> newer<00:09:49.920> and<00:09:49.980> newer<00:09:50.279> modules<00:09:50.760> and 00:09:50.990 --> 00:09:51.000 align:start position:0% onboarding newer and newer modules and 00:09:51.000 --> 00:09:53.509 align:start position:0% onboarding newer and newer modules and Technologies<00:09:51.480> and<00:09:52.440> one<00:09:52.800> interesting<00:09:53.220> thing 00:09:53.509 --> 00:09:53.519 align:start position:0% Technologies and one interesting thing 00:09:53.519 --> 00:09:54.949 align:start position:0% Technologies and one interesting thing that<00:09:53.880> you<00:09:54.120> know<00:09:54.180> if<00:09:54.300> you<00:09:54.420> look<00:09:54.540> at<00:09:54.660> ethereum 00:09:54.949 --> 00:09:54.959 align:start position:0% that you know if you look at ethereum 00:09:54.959 --> 00:09:56.630 align:start position:0% that you know if you look at ethereum versus<00:09:55.140> the<00:09:55.500> other<00:09:55.620> blockchains<00:09:56.220> ethereum 00:09:56.630 --> 00:09:56.640 align:start position:0% versus the other blockchains ethereum 00:09:56.640 --> 00:09:58.490 align:start position:0% versus the other blockchains ethereum has<00:09:56.880> committed<00:09:57.300> itself<00:09:57.660> to<00:09:58.019> the<00:09:58.140> modular 00:09:58.490 --> 00:09:58.500 align:start position:0% has committed itself to the modular 00:09:58.500 --> 00:09:59.870 align:start position:0% has committed itself to the modular blockchain<00:09:59.040> world 00:09:59.870 --> 00:09:59.880 align:start position:0% blockchain world 00:09:59.880 --> 00:10:01.550 align:start position:0% blockchain world and<00:10:00.480> I<00:10:00.660> think<00:10:00.720> very<00:10:00.899> few<00:10:01.140> people<00:10:01.260> understand 00:10:01.550 --> 00:10:01.560 align:start position:0% and I think very few people understand 00:10:01.560 --> 00:10:03.889 align:start position:0% and I think very few people understand the<00:10:02.160> kind<00:10:02.399> of<00:10:02.519> scope<00:10:02.880> of<00:10:03.240> what<00:10:03.480> a<00:10:03.600> modular 00:10:03.889 --> 00:10:03.899 align:start position:0% the kind of scope of what a modular 00:10:03.899 --> 00:10:05.690 align:start position:0% the kind of scope of what a modular blockchain<00:10:04.320> world<00:10:04.620> is 00:10:05.690 --> 00:10:05.700 align:start position:0% blockchain world is 00:10:05.700 --> 00:10:07.490 align:start position:0% blockchain world is uh<00:10:06.240> the<00:10:06.420> way<00:10:06.540> to<00:10:06.660> think<00:10:06.779> about<00:10:06.899> it<00:10:07.080> is<00:10:07.260> one 00:10:07.490 --> 00:10:07.500 align:start position:0% uh the way to think about it is one 00:10:07.500 --> 00:10:09.050 align:start position:0% uh the way to think about it is one thing<00:10:07.680> we<00:10:07.860> all<00:10:07.980> love<00:10:08.160> you<00:10:08.459> know<00:10:08.519> across<00:10:08.880> all 00:10:09.050 --> 00:10:09.060 align:start position:0% thing we all love you know across all 00:10:09.060 --> 00:10:10.910 align:start position:0% thing we all love you know across all these<00:10:09.240> ecosystems<00:10:09.839> about<00:10:09.959> blockchain<00:10:10.500> is 00:10:10.910 --> 00:10:10.920 align:start position:0% these ecosystems about blockchain is 00:10:10.920 --> 00:10:13.610 align:start position:0% these ecosystems about blockchain is permissionless<00:10:11.580> composibility<00:10:12.300> right<00:10:12.899> you 00:10:13.610 --> 00:10:13.620 align:start position:0% permissionless composibility right you 00:10:13.620 --> 00:10:14.870 align:start position:0% permissionless composibility right you can<00:10:13.680> build<00:10:13.860> an<00:10:14.040> app<00:10:14.220> and<00:10:14.459> I<00:10:14.580> can<00:10:14.700> build 00:10:14.870 --> 00:10:14.880 align:start position:0% can build an app and I can build 00:10:14.880 --> 00:10:16.370 align:start position:0% can build an app and I can build something<00:10:15.060> on<00:10:15.360> top<00:10:15.480> of<00:10:15.600> it<00:10:15.720> and<00:10:16.019> somebody<00:10:16.200> else 00:10:16.370 --> 00:10:16.380 align:start position:0% something on top of it and somebody else 00:10:16.380 --> 00:10:17.570 align:start position:0% something on top of it and somebody else can<00:10:16.620> build<00:10:16.800> something<00:10:16.980> on<00:10:17.220> top<00:10:17.339> of<00:10:17.459> it 00:10:17.570 --> 00:10:17.580 align:start position:0% can build something on top of it 00:10:17.580 --> 00:10:19.490 align:start position:0% can build something on top of it together<00:10:17.820> they<00:10:18.360> stand<00:10:18.600> much<00:10:18.899> stronger<00:10:19.260> than 00:10:19.490 --> 00:10:19.500 align:start position:0% together they stand much stronger than 00:10:19.500 --> 00:10:22.070 align:start position:0% together they stand much stronger than any<00:10:19.680> one<00:10:19.920> person<00:10:20.100> could<00:10:20.399> have<00:10:20.580> ever<00:10:20.700> built<00:10:21.540> and 00:10:22.070 --> 00:10:22.080 align:start position:0% any one person could have ever built and 00:10:22.080 --> 00:10:24.889 align:start position:0% any one person could have ever built and permissionless<00:10:22.800> composability<00:10:23.580> is<00:10:24.420> at<00:10:24.779> the 00:10:24.889 --> 00:10:24.899 align:start position:0% permissionless composability is at the 00:10:24.899 --> 00:10:26.509 align:start position:0% permissionless composability is at the app<00:10:25.080> layer<00:10:25.440> and<00:10:25.740> that's<00:10:25.920> how<00:10:26.100> all<00:10:26.279> smart 00:10:26.509 --> 00:10:26.519 align:start position:0% app layer and that's how all smart 00:10:26.519 --> 00:10:28.850 align:start position:0% app layer and that's how all smart contract<00:10:26.880> systems<00:10:27.300> work<00:10:27.480> but<00:10:28.080> we<00:10:28.500> want<00:10:28.680> to 00:10:28.850 --> 00:10:28.860 align:start position:0% contract systems work but we want to 00:10:28.860 --> 00:10:30.710 align:start position:0% contract systems work but we want to bring<00:10:28.980> permissionless<00:10:29.640> composability<00:10:30.300> at 00:10:30.710 --> 00:10:30.720 align:start position:0% bring permissionless composability at 00:10:30.720 --> 00:10:33.050 align:start position:0% bring permissionless composability at the<00:10:30.899> distributed<00:10:31.380> system<00:10:31.560> level<00:10:31.860> you<00:10:32.700> build<00:10:32.880> a 00:10:33.050 --> 00:10:33.060 align:start position:0% the distributed system level you build a 00:10:33.060 --> 00:10:34.790 align:start position:0% the distributed system level you build a new<00:10:33.180> system<00:10:33.420> I<00:10:33.959> build<00:10:34.200> a<00:10:34.380> data<00:10:34.560> availability 00:10:34.790 --> 00:10:34.800 align:start position:0% new system I build a data availability 00:10:34.800 --> 00:10:36.350 align:start position:0% new system I build a data availability layer<00:10:35.160> you<00:10:35.399> build<00:10:35.580> a<00:10:35.700> broadcast<00:10:35.880> layer 00:10:36.350 --> 00:10:36.360 align:start position:0% layer you build a broadcast layer 00:10:36.360 --> 00:10:38.449 align:start position:0% layer you build a broadcast layer somebody<00:10:36.779> else<00:10:37.080> builds<00:10:37.620> uh<00:10:37.860> some<00:10:38.100> other<00:10:38.220> thing 00:10:38.449 --> 00:10:38.459 align:start position:0% somebody else builds uh some other thing 00:10:38.459 --> 00:10:40.009 align:start position:0% somebody else builds uh some other thing on<00:10:38.640> top<00:10:38.760> you<00:10:39.060> know<00:10:39.120> an<00:10:39.300> authentication<00:10:39.720> layer 00:10:40.009 --> 00:10:40.019 align:start position:0% on top you know an authentication layer 00:10:40.019 --> 00:10:41.990 align:start position:0% on top you know an authentication layer you<00:10:40.200> just<00:10:40.380> pack<00:10:40.620> all<00:10:40.860> of<00:10:40.980> these<00:10:41.160> together<00:10:41.399> and 00:10:41.990 --> 00:10:42.000 align:start position:0% you just pack all of these together and 00:10:42.000 --> 00:10:44.329 align:start position:0% you just pack all of these together and then<00:10:42.120> create<00:10:42.300> a<00:10:42.540> new<00:10:42.660> service<00:10:42.899> so<00:10:43.860> ethereum 00:10:44.329 --> 00:10:44.339 align:start position:0% then create a new service so ethereum 00:10:44.339 --> 00:10:45.910 align:start position:0% then create a new service so ethereum having<00:10:44.640> committed<00:10:45.120> to<00:10:45.300> this<00:10:45.480> modular 00:10:45.910 --> 00:10:45.920 align:start position:0% having committed to this modular 00:10:45.920 --> 00:10:48.170 align:start position:0% having committed to this modular Paradigm<00:10:46.920> where<00:10:47.279> you<00:10:47.579> know<00:10:47.640> there<00:10:47.880> is<00:10:48.060> going 00:10:48.170 --> 00:10:48.180 align:start position:0% Paradigm where you know there is going 00:10:48.180 --> 00:10:49.610 align:start position:0% Paradigm where you know there is going to<00:10:48.300> be<00:10:48.420> different<00:10:48.660> things<00:10:49.019> done<00:10:49.200> at<00:10:49.380> different 00:10:49.610 --> 00:10:49.620 align:start position:0% to be different things done at different 00:10:49.620 --> 00:10:51.889 align:start position:0% to be different things done at different modules<00:10:50.100> rather<00:10:50.820> than<00:10:51.000> all<00:10:51.240> bundled<00:10:51.720> together 00:10:51.889 --> 00:10:51.899 align:start position:0% modules rather than all bundled together 00:10:51.899 --> 00:10:55.130 align:start position:0% modules rather than all bundled together we're<00:10:52.560> all<00:10:52.800> about<00:10:52.980> unbundling<00:10:53.760> trust<00:10:54.240> right 00:10:55.130 --> 00:10:55.140 align:start position:0% we're all about unbundling trust right 00:10:55.140 --> 00:10:56.509 align:start position:0% we're all about unbundling trust right so<00:10:55.440> we<00:10:55.620> are<00:10:55.740> actually<00:10:55.860> taking<00:10:56.100> the<00:10:56.279> trust 00:10:56.509 --> 00:10:56.519 align:start position:0% so we are actually taking the trust 00:10:56.519 --> 00:10:58.670 align:start position:0% so we are actually taking the trust Network<00:10:56.760> and<00:10:57.120> letting<00:10:57.600> people<00:10:57.839> innovate<00:10:58.500> on 00:10:58.670 --> 00:10:58.680 align:start position:0% Network and letting people innovate on 00:10:58.680 --> 00:11:01.850 align:start position:0% Network and letting people innovate on the<00:10:58.800> different<00:10:58.920> modules<00:10:59.399> so<00:11:00.360> for<00:11:01.019> us<00:11:01.200> it<00:11:01.560> is<00:11:01.680> a 00:11:01.850 --> 00:11:01.860 align:start position:0% the different modules so for us it is a 00:11:01.860 --> 00:11:03.769 align:start position:0% the different modules so for us it is a natural<00:11:02.040> fit<00:11:02.519> that<00:11:02.880> ethereum<00:11:03.360> is<00:11:03.480> the<00:11:03.660> right 00:11:03.769 --> 00:11:03.779 align:start position:0% natural fit that ethereum is the right 00:11:03.779 --> 00:11:08.030 align:start position:0% natural fit that ethereum is the right place<00:11:03.959> to<00:11:04.200> build<00:11:04.320> something<00:11:04.560> like<00:11:04.740> this 00:11:08.030 --> 00:11:08.040 align:start position:0% 00:11:08.040 --> 00:11:10.009 align:start position:0% for<00:11:08.579> Mev<00:11:09.060> okay 00:11:10.009 --> 00:11:10.019 align:start position:0% for Mev okay 00:11:10.019 --> 00:11:10.970 align:start position:0% for Mev okay um 00:11:10.970 --> 00:11:10.980 align:start position:0% um 00:11:10.980 --> 00:11:13.069 align:start position:0% um deciding<00:11:11.760> where<00:11:12.000> to<00:11:12.120> build<00:11:12.240> Mev<00:11:12.720> Solutions 00:11:13.069 --> 00:11:13.079 align:start position:0% deciding where to build Mev Solutions 00:11:13.079 --> 00:11:15.410 align:start position:0% deciding where to build Mev Solutions sort<00:11:13.500> of<00:11:13.620> comes<00:11:13.860> from<00:11:14.160> the<00:11:14.579> starting<00:11:14.940> point<00:11:15.240> of 00:11:15.410 --> 00:11:15.420 align:start position:0% sort of comes from the starting point of 00:11:15.420 --> 00:11:17.210 align:start position:0% sort of comes from the starting point of where<00:11:15.600> is<00:11:15.779> the<00:11:15.899> biggest<00:11:16.019> problem<00:11:16.380> and<00:11:17.100> the 00:11:17.210 --> 00:11:17.220 align:start position:0% where is the biggest problem and the 00:11:17.220 --> 00:11:19.130 align:start position:0% where is the biggest problem and the biggest<00:11:17.339> problem<00:11:17.700> is<00:11:18.120> where<00:11:18.600> you<00:11:18.959> know<00:11:19.019> the 00:11:19.130 --> 00:11:19.140 align:start position:0% biggest problem is where you know the 00:11:19.140 --> 00:11:21.350 align:start position:0% biggest problem is where you know the most<00:11:19.260> usage<00:11:19.620> is<00:11:19.800> so<00:11:20.579> it<00:11:20.880> sort<00:11:21.000> of<00:11:21.120> makes<00:11:21.180> sense 00:11:21.350 --> 00:11:21.360 align:start position:0% most usage is so it sort of makes sense 00:11:21.360 --> 00:11:22.910 align:start position:0% most usage is so it sort of makes sense to<00:11:21.480> start<00:11:21.660> from<00:11:21.899> that<00:11:22.079> perspective<00:11:22.500> with 00:11:22.910 --> 00:11:22.920 align:start position:0% to start from that perspective with 00:11:22.920 --> 00:11:24.530 align:start position:0% to start from that perspective with ethereum 00:11:24.530 --> 00:11:24.540 align:start position:0% ethereum 00:11:24.540 --> 00:11:26.750 align:start position:0% ethereum um<00:11:24.660> and<00:11:24.899> it<00:11:25.079> turns<00:11:25.380> out<00:11:25.500> that<00:11:25.800> building<00:11:26.040> Mev 00:11:26.750 --> 00:11:26.760 align:start position:0% um and it turns out that building Mev 00:11:26.760 --> 00:11:29.810 align:start position:0% um and it turns out that building Mev Solutions<00:11:27.180> is<00:11:27.420> kind<00:11:27.660> of<00:11:27.779> hard<00:11:27.899> so<00:11:28.800> you<00:11:29.220> kind<00:11:29.700> of 00:11:29.810 --> 00:11:29.820 align:start position:0% Solutions is kind of hard so you kind of 00:11:29.820 --> 00:11:31.850 align:start position:0% Solutions is kind of hard so you kind of solve<00:11:30.120> it<00:11:30.180> you<00:11:30.360> build<00:11:31.200> something<00:11:31.380> on<00:11:31.620> one 00:11:31.850 --> 00:11:31.860 align:start position:0% solve it you build something on one 00:11:31.860 --> 00:11:34.490 align:start position:0% solve it you build something on one layer<00:11:32.160> and<00:11:32.459> then<00:11:32.640> you<00:11:33.060> say<00:11:33.300> well<00:11:34.019> it<00:11:34.200> would<00:11:34.320> be 00:11:34.490 --> 00:11:34.500 align:start position:0% layer and then you say well it would be 00:11:34.500 --> 00:11:35.930 align:start position:0% layer and then you say well it would be nice<00:11:34.620> to<00:11:34.800> go<00:11:34.920> build<00:11:35.100> it<00:11:35.279> on<00:11:35.399> everywhere<00:11:35.760> else 00:11:35.930 --> 00:11:35.940 align:start position:0% nice to go build it on everywhere else 00:11:35.940 --> 00:11:37.430 align:start position:0% nice to go build it on everywhere else but 00:11:37.430 --> 00:11:37.440 align:start position:0% but 00:11:37.440 --> 00:11:40.670 align:start position:0% but there's<00:11:37.980> only<00:11:38.160> so<00:11:38.459> much<00:11:38.640> time<00:11:39.060> in<00:11:39.959> uh<00:11:40.440> and 00:11:40.670 --> 00:11:40.680 align:start position:0% there's only so much time in uh and 00:11:40.680 --> 00:11:43.910 align:start position:0% there's only so much time in uh and resources<00:11:41.160> to<00:11:41.459> be<00:11:41.579> able<00:11:41.640> to<00:11:41.820> do<00:11:41.940> it<00:11:42.060> so<00:11:43.019> the 00:11:43.910 --> 00:11:43.920 align:start position:0% resources to be able to do it so the 00:11:43.920 --> 00:11:45.850 align:start position:0% resources to be able to do it so the other<00:11:44.040> thing<00:11:44.279> is<00:11:44.459> it's<00:11:45.240> not<00:11:45.540> a 00:11:45.850 --> 00:11:45.860 align:start position:0% other thing is it's not a 00:11:45.860 --> 00:11:48.110 align:start position:0% other thing is it's not a one-size-fits-all<00:11:46.860> solution<00:11:47.100> so<00:11:47.940> I<00:11:48.000> think 00:11:48.110 --> 00:11:48.120 align:start position:0% one-size-fits-all solution so I think 00:11:48.120 --> 00:11:49.430 align:start position:0% one-size-fits-all solution so I think there's<00:11:48.300> some<00:11:48.540> principles<00:11:48.959> there's<00:11:49.200> some 00:11:49.430 --> 00:11:49.440 align:start position:0% there's some principles there's some 00:11:49.440 --> 00:11:51.470 align:start position:0% there's some principles there's some abstractions<00:11:50.100> there's<00:11:50.399> some<00:11:50.640> research<00:11:51.180> some 00:11:51.470 --> 00:11:51.480 align:start position:0% abstractions there's some research some 00:11:51.480 --> 00:11:53.389 align:start position:0% abstractions there's some research some ideas<00:11:51.720> that<00:11:52.200> can<00:11:52.320> be<00:11:52.380> reused<00:11:52.800> across<00:11:53.100> multiple 00:11:53.389 --> 00:11:53.399 align:start position:0% ideas that can be reused across multiple 00:11:53.399 --> 00:11:56.090 align:start position:0% ideas that can be reused across multiple different<00:11:53.640> places<00:11:54.200> but<00:11:55.200> you<00:11:55.860> can't<00:11:55.980> just 00:11:56.090 --> 00:11:56.100 align:start position:0% different places but you can't just 00:11:56.100 --> 00:11:58.670 align:start position:0% different places but you can't just reuse<00:11:56.399> the<00:11:56.579> model<00:11:56.700> that<00:11:56.940> you<00:11:57.060> deploy<00:11:57.300> for<00:11:57.480> a<00:11:57.680> a 00:11:58.670 --> 00:11:58.680 align:start position:0% reuse the model that you deploy for a a 00:11:58.680 --> 00:11:59.870 align:start position:0% reuse the model that you deploy for a a certain 00:11:59.870 --> 00:11:59.880 align:start position:0% certain 00:11:59.880 --> 00:12:02.090 align:start position:0% certain um<00:12:00.000> a<00:12:00.300> certain<00:12:00.540> node<00:12:00.899> architecture<00:12:01.560> for<00:12:01.860> a 00:12:02.090 --> 00:12:02.100 align:start position:0% um a certain node architecture for a 00:12:02.100 --> 00:12:04.370 align:start position:0% um a certain node architecture for a certain<00:12:02.220> client<00:12:02.640> architecture<00:12:03.180> and<00:12:04.019> copy 00:12:04.370 --> 00:12:04.380 align:start position:0% certain client architecture and copy 00:12:04.380 --> 00:12:06.470 align:start position:0% certain client architecture and copy paste<00:12:04.620> it<00:12:04.740> into<00:12:04.860> other<00:12:05.100> Chains<00:12:05.459> It's<00:12:06.300> been 00:12:06.470 --> 00:12:06.480 align:start position:0% paste it into other Chains It's been 00:12:06.480 --> 00:12:08.810 align:start position:0% paste it into other Chains It's been really<00:12:06.600> cool<00:12:06.720> to<00:12:06.899> see<00:12:07.140> other<00:12:07.440> teams<00:12:07.980> emerge<00:12:08.700> in 00:12:08.810 --> 00:12:08.820 align:start position:0% really cool to see other teams emerge in 00:12:08.820 --> 00:12:10.970 align:start position:0% really cool to see other teams emerge in other<00:12:09.060> ecosystems<00:12:09.839> that<00:12:10.140> try<00:12:10.440> to<00:12:10.620> solve 00:12:10.970 --> 00:12:10.980 align:start position:0% other ecosystems that try to solve 00:12:10.980 --> 00:12:14.210 align:start position:0% other ecosystems that try to solve similar<00:12:11.459> Med<00:12:12.240> problems<00:12:13.019> at<00:12:13.560> the<00:12:13.860> middleware 00:12:14.210 --> 00:12:14.220 align:start position:0% similar Med problems at the middleware 00:12:14.220 --> 00:12:17.630 align:start position:0% similar Med problems at the middleware layer<00:12:14.700> at<00:12:15.120> the<00:12:15.240> node<00:12:15.600> customization<00:12:16.200> layer<00:12:16.640> I 00:12:17.630 --> 00:12:17.640 align:start position:0% layer at the node customization layer I 00:12:17.640 --> 00:12:19.670 align:start position:0% layer at the node customization layer I know<00:12:17.760> on<00:12:18.060> the<00:12:18.180> Solana<00:12:18.540> side<00:12:18.779> right<00:12:19.140> the<00:12:19.320> GTO 00:12:19.670 --> 00:12:19.680 align:start position:0% know on the Solana side right the GTO 00:12:19.680 --> 00:12:21.230 align:start position:0% know on the Solana side right the GTO team<00:12:19.920> has<00:12:20.100> been<00:12:20.220> working<00:12:20.339> on<00:12:20.519> it<00:12:20.640> for<00:12:20.820> for<00:12:21.060> a 00:12:21.230 --> 00:12:21.240 align:start position:0% team has been working on it for for a 00:12:21.240 --> 00:12:23.269 align:start position:0% team has been working on it for for a little<00:12:21.360> while<00:12:21.540> and<00:12:22.140> it's<00:12:22.260> fascinating<00:12:22.680> to<00:12:23.040> see 00:12:23.269 --> 00:12:23.279 align:start position:0% little while and it's fascinating to see 00:12:23.279 --> 00:12:25.190 align:start position:0% little while and it's fascinating to see how<00:12:23.700> different<00:12:23.880> the<00:12:24.240> solution<00:12:24.540> space<00:12:24.779> is 00:12:25.190 --> 00:12:25.200 align:start position:0% how different the solution space is 00:12:25.200 --> 00:12:28.310 align:start position:0% how different the solution space is right<00:12:25.980> so<00:12:26.459> sort<00:12:27.000> of<00:12:27.120> the<00:12:27.300> solution<00:12:27.779> that<00:12:28.140> they 00:12:28.310 --> 00:12:28.320 align:start position:0% right so sort of the solution that they 00:12:28.320 --> 00:12:29.810 align:start position:0% right so sort of the solution that they are<00:12:28.440> coming<00:12:28.620> up<00:12:28.800> with<00:12:28.980> to<00:12:29.279> be<00:12:29.399> able<00:12:29.519> to 00:12:29.810 --> 00:12:29.820 align:start position:0% are coming up with to be able to 00:12:29.820 --> 00:12:32.630 align:start position:0% are coming up with to be able to Outsource<00:12:30.420> the<00:12:31.440> um<00:12:31.500> the<00:12:31.680> Mev<00:12:32.040> extraction<00:12:32.399> is 00:12:32.630 --> 00:12:32.640 align:start position:0% Outsource the um the Mev extraction is 00:12:32.640 --> 00:12:35.690 align:start position:0% Outsource the um the Mev extraction is actually<00:12:32.880> to<00:12:33.180> slow<00:12:33.839> down<00:12:34.079> block<00:12:34.440> times<00:12:34.740> so 00:12:35.690 --> 00:12:35.700 align:start position:0% actually to slow down block times so 00:12:35.700 --> 00:12:38.449 align:start position:0% actually to slow down block times so because<00:12:36.660> Solana<00:12:37.380> has<00:12:37.800> this<00:12:38.040> main<00:12:38.220> difference 00:12:38.449 --> 00:12:38.459 align:start position:0% because Solana has this main difference 00:12:38.459 --> 00:12:40.430 align:start position:0% because Solana has this main difference of<00:12:38.940> being<00:12:39.180> so<00:12:39.420> much<00:12:39.540> faster<00:12:39.899> at<00:12:40.200> block 00:12:40.430 --> 00:12:40.440 align:start position:0% of being so much faster at block 00:12:40.440 --> 00:12:44.269 align:start position:0% of being so much faster at block production<00:12:40.860> than<00:12:41.420> than<00:12:42.420> ethereum<00:12:43.139> to<00:12:43.800> do<00:12:44.040> any 00:12:44.269 --> 00:12:44.279 align:start position:0% production than than ethereum to do any 00:12:44.279 --> 00:12:46.490 align:start position:0% production than than ethereum to do any meaningful<00:12:44.700> Outsourcing<00:12:45.300> you<00:12:45.720> need<00:12:45.839> to<00:12:46.139> have 00:12:46.490 --> 00:12:46.500 align:start position:0% meaningful Outsourcing you need to have 00:12:46.500 --> 00:12:49.009 align:start position:0% meaningful Outsourcing you need to have slower<00:12:47.459> time<00:12:47.760> block<00:12:48.120> time<00:12:48.360> so<00:12:48.660> that<00:12:48.779> you<00:12:48.899> can 00:12:49.009 --> 00:12:49.019 align:start position:0% slower time block time so that you can 00:12:49.019 --> 00:12:50.949 align:start position:0% slower time block time so that you can add<00:12:49.260> the<00:12:49.440> network<00:12:49.620> latency<00:12:50.160> that's<00:12:50.459> required 00:12:50.949 --> 00:12:50.959 align:start position:0% add the network latency that's required 00:12:50.959 --> 00:12:54.050 align:start position:0% add the network latency that's required and<00:12:51.959> so<00:12:52.139> it<00:12:52.500> sort<00:12:52.740> of<00:12:52.860> highlights<00:12:53.519> that<00:12:53.820> even 00:12:54.050 --> 00:12:54.060 align:start position:0% and so it sort of highlights that even 00:12:54.060 --> 00:12:55.670 align:start position:0% and so it sort of highlights that even though<00:12:54.240> the<00:12:54.480> principle<00:12:54.839> is<00:12:54.959> the<00:12:55.139> same<00:12:55.320> the 00:12:55.670 --> 00:12:55.680 align:start position:0% though the principle is the same the 00:12:55.680 --> 00:12:58.490 align:start position:0% though the principle is the same the idea<00:12:55.920> of<00:12:56.100> being<00:12:56.339> able<00:12:56.579> to<00:12:57.000> Outsource<00:12:57.959> Mev 00:12:58.490 --> 00:12:58.500 align:start position:0% idea of being able to Outsource Mev 00:12:58.500 --> 00:13:00.949 align:start position:0% idea of being able to Outsource Mev extraction<00:12:58.920> from<00:12:59.339> the<00:12:59.459> validator<00:12:59.940> level<00:13:00.240> the 00:13:00.949 --> 00:13:00.959 align:start position:0% extraction from the validator level the 00:13:00.959 --> 00:13:02.210 align:start position:0% extraction from the validator level the implementation<00:13:01.500> ends<00:13:01.920> up<00:13:01.980> looking 00:13:02.210 --> 00:13:02.220 align:start position:0% implementation ends up looking 00:13:02.220 --> 00:13:04.310 align:start position:0% implementation ends up looking completely<00:13:02.700> different 00:13:04.310 --> 00:13:04.320 align:start position:0% completely different 00:13:04.320 --> 00:13:05.389 align:start position:0% completely different um<00:13:04.440> you<00:13:04.620> know<00:13:04.740> the<00:13:04.860> other<00:13:04.980> thing<00:13:05.160> that<00:13:05.279> I'll 00:13:05.389 --> 00:13:05.399 align:start position:0% um you know the other thing that I'll 00:13:05.399 --> 00:13:06.710 align:start position:0% um you know the other thing that I'll note<00:13:05.760> is<00:13:05.940> like 00:13:06.710 --> 00:13:06.720 align:start position:0% note is like 00:13:06.720 --> 00:13:09.410 align:start position:0% note is like boost<00:13:07.440> is<00:13:07.740> surprisingly<00:13:08.220> simple<00:13:08.399> software 00:13:09.410 --> 00:13:09.420 align:start position:0% boost is surprisingly simple software 00:13:09.420 --> 00:13:12.230 align:start position:0% boost is surprisingly simple software you<00:13:10.079> know<00:13:10.139> like<00:13:10.560> running<00:13:10.920> a<00:13:11.279> consensus<00:13:11.760> client 00:13:12.230 --> 00:13:12.240 align:start position:0% you know like running a consensus client 00:13:12.240 --> 00:13:14.930 align:start position:0% you know like running a consensus client uh<00:13:13.139> doing<00:13:13.440> all<00:13:13.920> the<00:13:14.100> peering<00:13:14.579> and<00:13:14.760> the 00:13:14.930 --> 00:13:14.940 align:start position:0% uh doing all the peering and the 00:13:14.940 --> 00:13:17.810 align:start position:0% uh doing all the peering and the networking<00:13:15.480> is<00:13:15.779> really<00:13:16.079> difficult<00:13:16.519> my<00:13:17.519> Boost 00:13:17.810 --> 00:13:17.820 align:start position:0% networking is really difficult my Boost 00:13:17.820 --> 00:13:20.210 align:start position:0% networking is really difficult my Boost is<00:13:18.120> just<00:13:18.300> like<00:13:18.480> a<00:13:18.660> plug-in<00:13:18.959> that 00:13:20.210 --> 00:13:20.220 align:start position:0% is just like a plug-in that 00:13:20.220 --> 00:13:22.069 align:start position:0% is just like a plug-in that is<00:13:20.579> a<00:13:20.880> sidecar<00:13:21.240> through<00:13:21.480> the<00:13:21.600> system<00:13:21.779> and 00:13:22.069 --> 00:13:22.079 align:start position:0% is a sidecar through the system and 00:13:22.079 --> 00:13:24.430 align:start position:0% is a sidecar through the system and allows<00:13:22.440> it<00:13:22.620> to<00:13:22.800> connect<00:13:22.920> to<00:13:23.279> a<00:13:23.579> bunch<00:13:23.820> of<00:13:23.940> other 00:13:24.430 --> 00:13:24.440 align:start position:0% allows it to connect to a bunch of other 00:13:24.440 --> 00:13:28.850 align:start position:0% allows it to connect to a bunch of other uh<00:13:25.440> resources<00:13:26.399> for<00:13:27.300> receiving<00:13:27.660> blocks 00:13:28.850 --> 00:13:28.860 align:start position:0% uh resources for receiving blocks 00:13:28.860 --> 00:13:30.769 align:start position:0% uh resources for receiving blocks um<00:13:28.920> it's<00:13:29.160> just<00:13:29.279> a<00:13:29.459> multiplexer<00:13:30.060> of<00:13:30.420> like<00:13:30.600> an 00:13:30.769 --> 00:13:30.779 align:start position:0% um it's just a multiplexer of like an 00:13:30.779 --> 00:13:32.389 align:start position:0% um it's just a multiplexer of like an RPC<00:13:31.200> call 00:13:32.389 --> 00:13:32.399 align:start position:0% RPC call 00:13:32.399 --> 00:13:33.050 align:start position:0% RPC call um 00:13:33.050 --> 00:13:33.060 align:start position:0% um 00:13:33.060 --> 00:13:36.290 align:start position:0% um yeah<00:13:33.660> it's<00:13:33.839> so<00:13:34.620> hard<00:13:34.800> to<00:13:35.040> get<00:13:35.160> adopted<00:13:35.700> right 00:13:36.290 --> 00:13:36.300 align:start position:0% yeah it's so hard to get adopted right 00:13:36.300 --> 00:13:38.449 align:start position:0% yeah it's so hard to get adopted right like<00:13:36.660> such<00:13:36.959> a<00:13:37.079> finite<00:13:37.440> such<00:13:37.800> a<00:13:37.920> small<00:13:38.100> change 00:13:38.449 --> 00:13:38.459 align:start position:0% like such a finite such a small change 00:13:38.459 --> 00:13:40.730 align:start position:0% like such a finite such a small change which<00:13:38.820> you'd<00:13:39.060> say<00:13:39.180> like<00:13:39.360> okay<00:13:39.720> like<00:13:40.320> anyone 00:13:40.730 --> 00:13:40.740 align:start position:0% which you'd say like okay like anyone 00:13:40.740 --> 00:13:42.290 align:start position:0% which you'd say like okay like anyone could<00:13:40.920> implement<00:13:41.220> this<00:13:41.399> in<00:13:41.579> like<00:13:41.760> a<00:13:41.940> day<00:13:42.060> and 00:13:42.290 --> 00:13:42.300 align:start position:0% could implement this in like a day and 00:13:42.300 --> 00:13:43.610 align:start position:0% could implement this in like a day and ship<00:13:42.720> it 00:13:43.610 --> 00:13:43.620 align:start position:0% ship it 00:13:43.620 --> 00:13:45.650 align:start position:0% ship it is<00:13:44.160> not<00:13:44.459> that<00:13:44.639> trivial<00:13:44.940> when<00:13:45.180> you're<00:13:45.360> like 00:13:45.650 --> 00:13:45.660 align:start position:0% is not that trivial when you're like 00:13:45.660 --> 00:13:47.930 align:start position:0% is not that trivial when you're like deploying<00:13:46.079> it<00:13:46.200> to<00:13:46.440> a<00:13:46.620> network<00:13:46.740> with<00:13:47.160> four<00:13:47.579> you 00:13:47.930 --> 00:13:47.940 align:start position:0% deploying it to a network with four you 00:13:47.940 --> 00:13:51.230 align:start position:0% deploying it to a network with four you know<00:13:48.000> 430<00:13:49.019> 000<00:13:49.200> or<00:13:49.440> so<00:13:49.680> nodes<00:13:50.279> there's<00:13:50.940> so<00:13:51.120> many 00:13:51.230 --> 00:13:51.240 align:start position:0% know 430 000 or so nodes there's so many 00:13:51.240 --> 00:13:52.970 align:start position:0% know 430 000 or so nodes there's so many different<00:13:51.420> stakeholders<00:13:52.019> involved<00:13:52.560> so<00:13:52.800> many 00:13:52.970 --> 00:13:52.980 align:start position:0% different stakeholders involved so many 00:13:52.980 --> 00:13:55.670 align:start position:0% different stakeholders involved so many different<00:13:53.279> interests<00:13:54.120> and<00:13:54.959> the<00:13:55.200> hardest<00:13:55.500> part 00:13:55.670 --> 00:13:55.680 align:start position:0% different interests and the hardest part 00:13:55.680 --> 00:13:57.170 align:start position:0% different interests and the hardest part of<00:13:55.800> developing<00:13:56.100> this<00:13:56.279> kind<00:13:56.459> of<00:13:56.519> software<00:13:56.820> is 00:13:57.170 --> 00:13:57.180 align:start position:0% of developing this kind of software is 00:13:57.180 --> 00:13:59.509 align:start position:0% of developing this kind of software is not<00:13:57.300> the<00:13:57.480> technology<00:13:57.839> itself<00:13:58.260> it's<00:13:59.040> also 00:13:59.509 --> 00:13:59.519 align:start position:0% not the technology itself it's also 00:13:59.519 --> 00:14:01.430 align:start position:0% not the technology itself it's also being<00:14:00.120> embedded<00:14:00.540> into<00:14:00.660> the<00:14:00.899> ecosystem 00:14:01.430 --> 00:14:01.440 align:start position:0% being embedded into the ecosystem 00:14:01.440 --> 00:14:03.710 align:start position:0% being embedded into the ecosystem understanding<00:14:02.399> what<00:14:02.700> are<00:14:02.820> the<00:14:02.940> goals<00:14:03.300> that 00:14:03.710 --> 00:14:03.720 align:start position:0% understanding what are the goals that 00:14:03.720 --> 00:14:05.509 align:start position:0% understanding what are the goals that are<00:14:03.899> being<00:14:04.079> achieved<00:14:04.500> by<00:14:04.740> the<00:14:04.920> development<00:14:05.279> of 00:14:05.509 --> 00:14:05.519 align:start position:0% are being achieved by the development of 00:14:05.519 --> 00:14:07.970 align:start position:0% are being achieved by the development of this<00:14:05.700> software<00:14:06.120> what<00:14:06.899> are<00:14:07.139> both<00:14:07.440> a<00:14:07.680> technical 00:14:07.970 --> 00:14:07.980 align:start position:0% this software what are both a technical 00:14:07.980 --> 00:14:09.949 align:start position:0% this software what are both a technical but<00:14:08.279> social<00:14:08.519> goals<00:14:09.060> as<00:14:09.180> well<00:14:09.360> as<00:14:09.660> well<00:14:09.839> as 00:14:09.949 --> 00:14:09.959 align:start position:0% but social goals as well as well as 00:14:09.959 --> 00:14:11.509 align:start position:0% but social goals as well as well as economic<00:14:10.380> interests<00:14:10.740> of<00:14:10.920> all<00:14:11.100> the<00:14:11.220> parties 00:14:11.509 --> 00:14:11.519 align:start position:0% economic interests of all the parties 00:14:11.519 --> 00:14:14.389 align:start position:0% economic interests of all the parties involved<00:14:12.240> and<00:14:12.720> that's<00:14:12.839> where<00:14:13.019> you<00:14:13.380> know<00:14:13.440> 90<00:14:13.680> of 00:14:14.389 --> 00:14:14.399 align:start position:0% involved and that's where you know 90 of 00:14:14.399 --> 00:14:17.210 align:start position:0% involved and that's where you know 90 of the<00:14:14.700> work<00:14:14.820> of<00:14:15.120> developing<00:14:15.540> these<00:14:16.019> kinds<00:14:16.260> of<00:14:16.320> uh 00:14:17.210 --> 00:14:17.220 align:start position:0% the work of developing these kinds of uh 00:14:17.220 --> 00:14:19.190 align:start position:0% the work of developing these kinds of uh Solutions<00:14:17.639> lies<00:14:18.060> it's<00:14:18.300> not<00:14:18.720> necessarily<00:14:19.079> just 00:14:19.190 --> 00:14:19.200 align:start position:0% Solutions lies it's not necessarily just 00:14:19.200 --> 00:14:21.410 align:start position:0% Solutions lies it's not necessarily just the<00:14:19.380> technical<00:14:19.620> side<00:14:19.920> yeah<00:14:20.579> I<00:14:20.880> think<00:14:21.180> I<00:14:21.360> think 00:14:21.410 --> 00:14:21.420 align:start position:0% the technical side yeah I think I think 00:14:21.420 --> 00:14:22.970 align:start position:0% the technical side yeah I think I think it's<00:14:21.540> such<00:14:21.660> a<00:14:21.839> good<00:14:21.899> point<00:14:22.079> and 00:14:22.970 --> 00:14:22.980 align:start position:0% it's such a good point and 00:14:22.980 --> 00:14:24.110 align:start position:0% it's such a good point and um<00:14:23.040> I<00:14:23.220> think<00:14:23.279> that's<00:14:23.399> something<00:14:23.579> that<00:14:23.760> unless 00:14:24.110 --> 00:14:24.120 align:start position:0% um I think that's something that unless 00:14:24.120 --> 00:14:26.389 align:start position:0% um I think that's something that unless you<00:14:24.420> spend<00:14:24.959> time<00:14:25.200> in<00:14:25.440> multiple<00:14:25.740> ecosystems 00:14:26.389 --> 00:14:26.399 align:start position:0% you spend time in multiple ecosystems 00:14:26.399 --> 00:14:28.129 align:start position:0% you spend time in multiple ecosystems it's<00:14:26.519> very<00:14:26.760> easy<00:14:27.060> to<00:14:27.300> take<00:14:27.420> it<00:14:27.600> for<00:14:27.720> granted 00:14:28.129 --> 00:14:28.139 align:start position:0% it's very easy to take it for granted 00:14:28.139 --> 00:14:30.050 align:start position:0% it's very easy to take it for granted that<00:14:28.380> people<00:14:28.560> you<00:14:29.220> know<00:14:29.339> outside<00:14:29.700> of<00:14:29.940> your 00:14:30.050 --> 00:14:30.060 align:start position:0% that people you know outside of your 00:14:30.060 --> 00:14:31.790 align:start position:0% that people you know outside of your ecosystem<00:14:30.480> have<00:14:30.720> the<00:14:30.899> same<00:14:31.019> worldview<00:14:31.500> about 00:14:31.790 --> 00:14:31.800 align:start position:0% ecosystem have the same worldview about 00:14:31.800 --> 00:14:33.590 align:start position:0% ecosystem have the same worldview about what's<00:14:32.459> fair<00:14:32.760> and<00:14:32.940> like<00:14:33.060> what<00:14:33.240> should<00:14:33.420> happen 00:14:33.590 --> 00:14:33.600 align:start position:0% what's fair and like what should happen 00:14:33.600 --> 00:14:35.210 align:start position:0% what's fair and like what should happen and<00:14:33.839> who<00:14:34.019> should<00:14:34.260> benefit<00:14:34.440> or<00:14:34.800> not<00:14:35.040> benefit 00:14:35.210 --> 00:14:35.220 align:start position:0% and who should benefit or not benefit 00:14:35.220 --> 00:14:37.310 align:start position:0% and who should benefit or not benefit from<00:14:35.579> certain<00:14:35.760> activities<00:14:36.180> and<00:14:36.899> what<00:14:37.019> we<00:14:37.200> find 00:14:37.310 --> 00:14:37.320 align:start position:0% from certain activities and what we find 00:14:37.320 --> 00:14:39.650 align:start position:0% from certain activities and what we find is<00:14:37.560> that<00:14:37.860> you<00:14:38.700> know<00:14:38.760> you<00:14:38.940> can't<00:14:39.060> copy<00:14:39.360> paste 00:14:39.650 --> 00:14:39.660 align:start position:0% is that you know you can't copy paste 00:14:39.660 --> 00:14:42.230 align:start position:0% is that you know you can't copy paste boost<00:14:40.260> because<00:14:40.620> you<00:14:41.339> know<00:14:41.399> other<00:14:41.579> ecosystems 00:14:42.230 --> 00:14:42.240 align:start position:0% boost because you know other ecosystems 00:14:42.240 --> 00:14:43.550 align:start position:0% boost because you know other ecosystems don't<00:14:42.420> want<00:14:42.720> necessarily<00:14:43.320> these<00:14:43.440> kind 00:14:43.550 --> 00:14:43.560 align:start position:0% don't want necessarily these kind 00:14:43.560 --> 00:14:45.530 align:start position:0% don't want necessarily these kind characteristics<00:14:44.459> right<00:14:44.880> and<00:14:45.120> so<00:14:45.240> software 00:14:45.530 --> 00:14:45.540 align:start position:0% characteristics right and so software 00:14:45.540 --> 00:14:48.290 align:start position:0% characteristics right and so software just<00:14:45.720> doesn't<00:14:45.959> make<00:14:46.139> sense<00:14:46.320> as<00:14:46.560> it<00:14:46.920> is 00:14:48.290 --> 00:14:48.300 align:start position:0% just doesn't make sense as it is 00:14:48.300 --> 00:14:51.290 align:start position:0% just doesn't make sense as it is um<00:14:48.720> but<00:14:49.380> there<00:14:49.920> you<00:14:50.399> know<00:14:50.519> I<00:14:50.639> think<00:14:50.760> sure<00:14:51.060> I'm 00:14:51.290 --> 00:14:51.300 align:start position:0% um but there you know I think sure I'm 00:14:51.300 --> 00:14:52.610 align:start position:0% um but there you know I think sure I'm especially<00:14:51.660> you<00:14:51.839> know<00:14:51.959> talked<00:14:52.199> about<00:14:52.260> some<00:14:52.500> of 00:14:52.610 --> 00:14:52.620 align:start position:0% especially you know talked about some of 00:14:52.620 --> 00:14:54.170 align:start position:0% especially you know talked about some of the<00:14:52.680> some<00:14:52.920> of<00:14:53.040> the<00:14:53.100> use<00:14:53.279> cases<00:14:53.579> kind<00:14:54.000> of<00:14:54.120> like 00:14:54.170 --> 00:14:54.180 align:start position:0% the some of the use cases kind of like 00:14:54.180 --> 00:14:56.329 align:start position:0% the some of the use cases kind of like off<00:14:54.360> the<00:14:54.540> cuff<00:14:54.720> but 00:14:56.329 --> 00:14:56.339 align:start position:0% off the cuff but 00:14:56.339 --> 00:14:57.949 align:start position:0% off the cuff but um<00:14:56.399> something<00:14:56.699> that<00:14:57.060> I<00:14:57.300> would<00:14:57.540> like<00:14:57.660> to<00:14:57.779> do<00:14:57.839> is 00:14:57.949 --> 00:14:57.959 align:start position:0% um something that I would like to do is 00:14:57.959 --> 00:14:59.449 align:start position:0% um something that I would like to do is just<00:14:58.079> make<00:14:58.260> this<00:14:58.380> a<00:14:58.500> little<00:14:58.620> bit<00:14:58.740> more<00:14:58.860> real<00:14:59.220> of 00:14:59.449 --> 00:14:59.459 align:start position:0% just make this a little bit more real of 00:14:59.459 --> 00:15:00.889 align:start position:0% just make this a little bit more real of like<00:14:59.639> what<00:14:59.820> can<00:15:00.060> all<00:15:00.240> of<00:15:00.360> this<00:15:00.480> look<00:15:00.779> like 00:15:00.889 --> 00:15:00.899 align:start position:0% like what can all of this look like 00:15:00.899 --> 00:15:04.310 align:start position:0% like what can all of this look like longer<00:15:01.680> term<00:15:01.800> and<00:15:02.699> so<00:15:02.880> what<00:15:03.240> I'd<00:15:03.420> love<00:15:03.600> it<00:15:03.779> is 00:15:04.310 --> 00:15:04.320 align:start position:0% longer term and so what I'd love it is 00:15:04.320 --> 00:15:05.750 align:start position:0% longer term and so what I'd love it is if<00:15:04.620> you<00:15:04.740> could<00:15:04.860> if<00:15:05.220> you<00:15:05.279> guys<00:15:05.399> could<00:15:05.519> like<00:15:05.639> talk 00:15:05.750 --> 00:15:05.760 align:start position:0% if you could if you guys could like talk 00:15:05.760 --> 00:15:06.889 align:start position:0% if you could if you guys could like talk about<00:15:05.880> like<00:15:06.060> what<00:15:06.180> are<00:15:06.300> the<00:15:06.360> most<00:15:06.480> ambitious 00:15:06.889 --> 00:15:06.899 align:start position:0% about like what are the most ambitious 00:15:06.899 --> 00:15:09.110 align:start position:0% about like what are the most ambitious use<00:15:07.139> cases<00:15:07.440> that<00:15:07.680> you're<00:15:07.800> thinking<00:15:08.100> about 00:15:09.110 --> 00:15:09.120 align:start position:0% use cases that you're thinking about 00:15:09.120 --> 00:15:10.370 align:start position:0% use cases that you're thinking about um that<00:15:09.300> you<00:15:09.420> could<00:15:09.540> potentially<00:15:09.839> solve<00:15:10.260> or 00:15:10.370 --> 00:15:10.380 align:start position:0% um that you could potentially solve or 00:15:10.380 --> 00:15:13.790 align:start position:0% um that you could potentially solve or or<00:15:10.560> address<00:15:10.860> like<00:15:11.100> what<00:15:11.279> does<00:15:11.399> that<00:15:11.519> look<00:15:11.639> like 00:15:13.790 --> 00:15:13.800 align:start position:0% 00:15:13.800 --> 00:15:16.490 align:start position:0% um<00:15:13.920> so<00:15:14.220> on<00:15:14.399> our<00:15:14.579> side<00:15:14.760> any<00:15:15.600> type<00:15:15.899> of<00:15:16.019> validator 00:15:16.490 --> 00:15:16.500 align:start position:0% um so on our side any type of validator 00:15:16.500 --> 00:15:19.129 align:start position:0% um so on our side any type of validator can<00:15:16.800> use<00:15:16.980> DVT<00:15:18.060> um<00:15:18.120> you<00:15:18.300> can<00:15:18.420> be<00:15:18.540> big<00:15:18.660> you<00:15:18.839> can<00:15:19.019> be 00:15:19.129 --> 00:15:19.139 align:start position:0% can use DVT um you can be big you can be 00:15:19.139 --> 00:15:20.389 align:start position:0% can use DVT um you can be big you can be small<00:15:19.320> you<00:15:19.740> know<00:15:19.800> whatever<00:15:19.980> it<00:15:20.279> doesn't 00:15:20.389 --> 00:15:20.399 align:start position:0% small you know whatever it doesn't 00:15:20.399 --> 00:15:21.769 align:start position:0% small you know whatever it doesn't matter 00:15:21.769 --> 00:15:21.779 align:start position:0% matter 00:15:21.779 --> 00:15:23.689 align:start position:0% matter um what<00:15:22.199> we<00:15:22.320> find<00:15:22.500> most<00:15:22.740> interesting<00:15:23.100> is<00:15:23.399> that 00:15:23.689 --> 00:15:23.699 align:start position:0% um what we find most interesting is that 00:15:23.699 --> 00:15:25.790 align:start position:0% um what we find most interesting is that using<00:15:24.120> its<00:15:24.360> cryptographic<00:15:24.899> properties<00:15:25.320> to 00:15:25.790 --> 00:15:25.800 align:start position:0% using its cryptographic properties to 00:15:25.800 --> 00:15:27.170 align:start position:0% using its cryptographic properties to partner<00:15:26.160> professionals<00:15:26.820> with 00:15:27.170 --> 00:15:27.180 align:start position:0% partner professionals with 00:15:27.180 --> 00:15:29.329 align:start position:0% partner professionals with non-professionals<00:15:27.959> so<00:15:28.860> when<00:15:28.980> it<00:15:29.100> comes<00:15:29.220> to 00:15:29.329 --> 00:15:29.339 align:start position:0% non-professionals so when it comes to 00:15:29.339 --> 00:15:30.889 align:start position:0% non-professionals so when it comes to like<00:15:29.519> how<00:15:29.760> do<00:15:29.880> you<00:15:30.000> decentralize<00:15:30.480> a<00:15:30.720> liquid 00:15:30.889 --> 00:15:30.899 align:start position:0% like how do you decentralize a liquid 00:15:30.899 --> 00:15:33.949 align:start position:0% like how do you decentralize a liquid staking<00:15:31.199> pool<00:15:31.459> today<00:15:32.459> most<00:15:32.760> of<00:15:32.880> the<00:15:33.000> pools<00:15:33.360> are 00:15:33.949 --> 00:15:33.959 align:start position:0% staking pool today most of the pools are 00:15:33.959 --> 00:15:37.129 align:start position:0% staking pool today most of the pools are run<00:15:34.680> by<00:15:35.100> professional<00:15:35.519> validators<00:15:36.120> or<00:15:36.839> they 00:15:37.129 --> 00:15:37.139 align:start position:0% run by professional validators or they 00:15:37.139 --> 00:15:40.370 align:start position:0% run by professional validators or they are<00:15:37.320> run<00:15:37.860> by<00:15:38.100> the<00:15:38.399> pool<00:15:38.519> themselves<00:15:39.260> and<00:15:40.260> over 00:15:40.370 --> 00:15:40.380 align:start position:0% are run by the pool themselves and over 00:15:40.380 --> 00:15:43.069 align:start position:0% are run by the pool themselves and over time<00:15:40.620> what<00:15:40.920> you<00:15:41.040> must<00:15:41.220> do<00:15:41.459> is<00:15:41.760> uh<00:15:42.660> include 00:15:43.069 --> 00:15:43.079 align:start position:0% time what you must do is uh include 00:15:43.079 --> 00:15:45.769 align:start position:0% time what you must do is uh include other<00:15:43.380> people<00:15:43.560> into<00:15:43.860> that<00:15:44.040> validator<00:15:44.519> set<00:15:44.779> and 00:15:45.769 --> 00:15:45.779 align:start position:0% other people into that validator set and 00:15:45.779 --> 00:15:47.509 align:start position:0% other people into that validator set and with<00:15:46.139> DBT 00:15:47.509 --> 00:15:47.519 align:start position:0% with DBT 00:15:47.519 --> 00:15:50.090 align:start position:0% with DBT um<00:15:47.639> you<00:15:48.240> can<00:15:48.360> get<00:15:48.660> the<00:15:49.260> consistent<00:15:49.680> uptime 00:15:50.090 --> 00:15:50.100 align:start position:0% um you can get the consistent uptime 00:15:50.100 --> 00:15:52.970 align:start position:0% um you can get the consistent uptime rewards<00:15:50.579> and<00:15:50.760> performance<00:15:51.620> by<00:15:52.620> pairing 00:15:52.970 --> 00:15:52.980 align:start position:0% rewards and performance by pairing 00:15:52.980 --> 00:15:55.009 align:start position:0% rewards and performance by pairing someone<00:15:53.160> up<00:15:53.459> with<00:15:53.820> a<00:15:54.000> professional<00:15:54.420> in<00:15:54.899> that 00:15:55.009 --> 00:15:55.019 align:start position:0% someone up with a professional in that 00:15:55.019 --> 00:15:57.769 align:start position:0% someone up with a professional in that capacity<00:15:55.500> so<00:15:56.000> today<00:15:57.000> like<00:15:57.300> let's<00:15:57.480> say<00:15:57.660> there's 00:15:57.769 --> 00:15:57.779 align:start position:0% capacity so today like let's say there's 00:15:57.779 --> 00:16:00.170 align:start position:0% capacity so today like let's say there's a<00:15:58.019> four<00:15:58.079> node<00:15:58.320> cluster<00:15:58.740> it<00:15:59.339> can<00:15:59.459> be<00:15:59.579> a<00:15:59.820> figment 00:16:00.170 --> 00:16:00.180 align:start position:0% a four node cluster it can be a figment 00:16:00.180 --> 00:16:02.329 align:start position:0% a four node cluster it can be a figment it<00:16:00.480> can<00:16:00.660> be<00:16:00.839> a<00:16:01.079> coinbase<00:16:01.500> cloud<00:16:01.680> and<00:16:02.040> it<00:16:02.160> could 00:16:02.329 --> 00:16:02.339 align:start position:0% it can be a coinbase cloud and it could 00:16:02.339 --> 00:16:05.210 align:start position:0% it can be a coinbase cloud and it could be<00:16:02.519> two<00:16:02.880> at-home<00:16:03.240> validators<00:16:03.800> and<00:16:04.800> if<00:16:04.920> applied 00:16:05.210 --> 00:16:05.220 align:start position:0% be two at-home validators and if applied 00:16:05.220 --> 00:16:06.530 align:start position:0% be two at-home validators and if applied cryptography<00:16:05.820> works<00:16:06.060> the<00:16:06.180> way<00:16:06.300> that<00:16:06.360> it 00:16:06.530 --> 00:16:06.540 align:start position:0% cryptography works the way that it 00:16:06.540 --> 00:16:08.750 align:start position:0% cryptography works the way that it should<00:16:06.740> that<00:16:07.740> validator<00:16:08.100> should<00:16:08.399> have<00:16:08.579> just 00:16:08.750 --> 00:16:08.760 align:start position:0% should that validator should have just 00:16:08.760 --> 00:16:11.569 align:start position:0% should that validator should have just as<00:16:08.880> much<00:16:09.060> performance<00:16:09.480> and<00:16:10.440> it<00:16:10.560> enables<00:16:11.160> the 00:16:11.569 --> 00:16:11.579 align:start position:0% as much performance and it enables the 00:16:11.579 --> 00:16:12.710 align:start position:0% as much performance and it enables the small<00:16:11.760> person<00:16:12.000> to<00:16:12.240> come<00:16:12.360> in<00:16:12.420> with<00:16:12.540> the<00:16:12.660> big 00:16:12.710 --> 00:16:12.720 align:start position:0% small person to come in with the big 00:16:12.720 --> 00:16:14.269 align:start position:0% small person to come in with the big person<00:16:12.839> and<00:16:13.260> then<00:16:13.500> maybe<00:16:13.680> become<00:16:14.040> the<00:16:14.100> big 00:16:14.269 --> 00:16:14.279 align:start position:0% person and then maybe become the big 00:16:14.279 --> 00:16:17.329 align:start position:0% person and then maybe become the big person<00:16:14.459> eventually<00:16:15.019> so<00:16:16.019> taking<00:16:16.199> a<00:16:16.500> node<00:16:16.740> and 00:16:17.329 --> 00:16:17.339 align:start position:0% person eventually so taking a node and 00:16:17.339 --> 00:16:19.069 align:start position:0% person eventually so taking a node and mixing<00:16:17.940> its<00:16:18.240> constituents<00:16:18.779> between 00:16:19.069 --> 00:16:19.079 align:start position:0% mixing its constituents between 00:16:19.079 --> 00:16:22.490 align:start position:0% mixing its constituents between professional<00:16:19.740> and<00:16:20.100> at<00:16:20.339> home<00:16:20.540> is<00:16:21.540> kind<00:16:21.839> of<00:16:21.959> the 00:16:22.490 --> 00:16:22.500 align:start position:0% professional and at home is kind of the 00:16:22.500 --> 00:16:24.410 align:start position:0% professional and at home is kind of the not<00:16:22.920> the<00:16:23.100> tail<00:16:23.279> end<00:16:23.459> of<00:16:23.639> what<00:16:23.820> we're<00:16:23.940> going<00:16:24.120> for 00:16:24.410 --> 00:16:24.420 align:start position:0% not the tail end of what we're going for 00:16:24.420 --> 00:16:26.569 align:start position:0% not the tail end of what we're going for but<00:16:25.320> right<00:16:25.620> now<00:16:25.740> it<00:16:25.860> sits<00:16:26.220> at<00:16:26.279> the<00:16:26.459> most 00:16:26.569 --> 00:16:26.579 align:start position:0% but right now it sits at the most 00:16:26.579 --> 00:16:28.790 align:start position:0% but right now it sits at the most Innovative<00:16:27.120> spectrum<00:16:27.779> of<00:16:28.079> how<00:16:28.320> we're<00:16:28.440> testing 00:16:28.790 --> 00:16:28.800 align:start position:0% Innovative spectrum of how we're testing 00:16:28.800 --> 00:16:30.290 align:start position:0% Innovative spectrum of how we're testing with<00:16:28.920> people<00:16:29.160> and<00:16:29.639> how<00:16:29.820> we're<00:16:29.940> looking<00:16:30.120> to 00:16:30.290 --> 00:16:30.300 align:start position:0% with people and how we're looking to 00:16:30.300 --> 00:16:33.769 align:start position:0% with people and how we're looking to push<00:16:30.480> it<00:16:30.600> forward 00:16:33.769 --> 00:16:33.779 align:start position:0% 00:16:33.779 --> 00:16:36.710 align:start position:0% um<00:16:33.899> from<00:16:34.320> our<00:16:34.500> end<00:16:34.740> uh<00:16:35.459> the<00:16:35.760> the<00:16:36.060> main<00:16:36.300> thing<00:16:36.420> we 00:16:36.710 --> 00:16:36.720 align:start position:0% um from our end uh the the main thing we 00:16:36.720 --> 00:16:38.990 align:start position:0% um from our end uh the the main thing we are<00:16:37.040> quite<00:16:38.040> uh 00:16:38.990 --> 00:16:39.000 align:start position:0% are quite uh 00:16:39.000 --> 00:16:41.930 align:start position:0% are quite uh fascinated<00:16:39.660> about<00:16:39.839> is<00:16:40.199> the<00:16:40.440> ability<00:16:40.800> for<00:16:41.459> the 00:16:41.930 --> 00:16:41.940 align:start position:0% fascinated about is the ability for the 00:16:41.940 --> 00:16:45.470 align:start position:0% fascinated about is the ability for the ethereum<00:16:42.720> ecosystem<00:16:43.199> to<00:16:43.860> become<00:16:44.100> much<00:16:44.399> richer 00:16:45.470 --> 00:16:45.480 align:start position:0% ethereum ecosystem to become much richer 00:16:45.480 --> 00:16:48.110 align:start position:0% ethereum ecosystem to become much richer we<00:16:45.959> can<00:16:46.199> start<00:16:46.320> listing<00:16:46.800> out<00:16:46.980> like<00:16:47.459> the<00:16:47.880> top 00:16:48.110 --> 00:16:48.120 align:start position:0% we can start listing out like the top 00:16:48.120 --> 00:16:50.749 align:start position:0% we can start listing out like the top five<00:16:48.360> problems<00:16:48.959> in<00:16:49.259> the<00:16:49.380> ethereum<00:16:49.860> ecosystem 00:16:50.749 --> 00:16:50.759 align:start position:0% five problems in the ethereum ecosystem 00:16:50.759 --> 00:16:52.670 align:start position:0% five problems in the ethereum ecosystem and<00:16:51.120> then<00:16:51.240> like<00:16:51.480> start<00:16:51.720> ticking<00:16:52.139> off<00:16:52.259> how<00:16:52.560> we 00:16:52.670 --> 00:16:52.680 align:start position:0% and then like start ticking off how we 00:16:52.680 --> 00:16:54.290 align:start position:0% and then like start ticking off how we can<00:16:52.800> solve<00:16:53.100> all<00:16:53.160> of<00:16:53.339> them<00:16:53.459> just<00:16:53.820> by<00:16:54.000> using 00:16:54.290 --> 00:16:54.300 align:start position:0% can solve all of them just by using 00:16:54.300 --> 00:16:56.509 align:start position:0% can solve all of them just by using Michael<00:16:54.420> layer<00:16:54.839> I'll<00:16:55.079> give<00:16:55.259> some<00:16:55.440> examples 00:16:56.509 --> 00:16:56.519 align:start position:0% Michael layer I'll give some examples 00:16:56.519 --> 00:16:58.370 align:start position:0% Michael layer I'll give some examples number<00:16:56.940> one<00:16:57.180> the<00:16:57.839> data<00:16:58.139> availability 00:16:58.370 --> 00:16:58.380 align:start position:0% number one the data availability 00:16:58.380 --> 00:17:00.410 align:start position:0% number one the data availability bandwidth<00:16:59.040> on<00:16:59.339> ethereum<00:16:59.759> so<00:16:59.940> in<00:17:00.060> the<00:17:00.180> role<00:17:00.300> of 00:17:00.410 --> 00:17:00.420 align:start position:0% bandwidth on ethereum so in the role of 00:17:00.420 --> 00:17:02.689 align:start position:0% bandwidth on ethereum so in the role of centric<00:17:00.779> roadmap<00:17:01.320> computation<00:17:01.980> is<00:17:02.160> offloaded 00:17:02.689 --> 00:17:02.699 align:start position:0% centric roadmap computation is offloaded 00:17:02.699 --> 00:17:05.210 align:start position:0% centric roadmap computation is offloaded but<00:17:03.120> data<00:17:03.600> availability<00:17:03.899> still<00:17:04.500> happens<00:17:04.799> on 00:17:05.210 --> 00:17:05.220 align:start position:0% but data availability still happens on 00:17:05.220 --> 00:17:06.230 align:start position:0% but data availability still happens on ethereum 00:17:06.230 --> 00:17:06.240 align:start position:0% ethereum 00:17:06.240 --> 00:17:08.030 align:start position:0% ethereum so<00:17:06.780> the<00:17:07.020> data<00:17:07.199> availability<00:17:07.439> bandwidth<00:17:07.980> of 00:17:08.030 --> 00:17:08.040 align:start position:0% so the data availability bandwidth of 00:17:08.040 --> 00:17:09.829 align:start position:0% so the data availability bandwidth of ethereum<00:17:08.459> even<00:17:08.640> with<00:17:08.939> upcoming<00:17:09.360> upgrades 00:17:09.829 --> 00:17:09.839 align:start position:0% ethereum even with upcoming upgrades 00:17:09.839 --> 00:17:12.949 align:start position:0% ethereum even with upcoming upgrades will<00:17:10.079> be<00:17:10.260> in<00:17:10.679> say<00:17:11.459> 80<00:17:11.819> 90<00:17:12.179> kilobytes<00:17:12.780> per 00:17:12.949 --> 00:17:12.959 align:start position:0% will be in say 80 90 kilobytes per 00:17:12.959 --> 00:17:13.789 align:start position:0% will be in say 80 90 kilobytes per second 00:17:13.789 --> 00:17:13.799 align:start position:0% second 00:17:13.799 --> 00:17:15.770 align:start position:0% second so<00:17:14.339> when<00:17:14.579> you<00:17:14.760> have<00:17:14.880> a<00:17:15.059> bandwidth<00:17:15.540> like<00:17:15.660> this 00:17:15.770 --> 00:17:15.780 align:start position:0% so when you have a bandwidth like this 00:17:15.780 --> 00:17:17.030 align:start position:0% so when you have a bandwidth like this the<00:17:15.959> Roll-Ups<00:17:16.319> are<00:17:16.319> of<00:17:16.439> course<00:17:16.559> extremely 00:17:17.030 --> 00:17:17.040 align:start position:0% the Roll-Ups are of course extremely 00:17:17.040 --> 00:17:18.650 align:start position:0% the Roll-Ups are of course extremely optimized<00:17:17.520> to<00:17:17.579> actually<00:17:17.760> take<00:17:18.059> advantage<00:17:18.480> of 00:17:18.650 --> 00:17:18.660 align:start position:0% optimized to actually take advantage of 00:17:18.660 --> 00:17:20.630 align:start position:0% optimized to actually take advantage of this<00:17:18.780> and<00:17:19.079> still<00:17:19.319> pump<00:17:19.620> in<00:17:19.860> like<00:17:20.160> tens<00:17:20.459> of 00:17:20.630 --> 00:17:20.640 align:start position:0% this and still pump in like tens of 00:17:20.640 --> 00:17:22.010 align:start position:0% this and still pump in like tens of thousands<00:17:20.880> of<00:17:21.000> transactions<00:17:21.419> per<00:17:21.600> second<00:17:21.780> so 00:17:22.010 --> 00:17:22.020 align:start position:0% thousands of transactions per second so 00:17:22.020 --> 00:17:24.110 align:start position:0% thousands of transactions per second so that<00:17:22.140> is<00:17:22.319> awesome<00:17:22.500> but 00:17:24.110 --> 00:17:24.120 align:start position:0% that is awesome but 00:17:24.120 --> 00:17:26.329 align:start position:0% that is awesome but in<00:17:24.720> a<00:17:24.839> world<00:17:24.959> where<00:17:25.199> we<00:17:25.380> are<00:17:25.559> imagining<00:17:25.919> a<00:17:26.220> lot 00:17:26.329 --> 00:17:26.339 align:start position:0% in a world where we are imagining a lot 00:17:26.339 --> 00:17:28.370 align:start position:0% in a world where we are imagining a lot of<00:17:26.520> the<00:17:27.059> uh<00:17:27.299> digital<00:17:27.720> intermediation 00:17:28.370 --> 00:17:28.380 align:start position:0% of the uh digital intermediation 00:17:28.380 --> 00:17:29.750 align:start position:0% of the uh digital intermediation fundamentally<00:17:28.980> happens<00:17:29.160> through<00:17:29.520> things 00:17:29.750 --> 00:17:29.760 align:start position:0% fundamentally happens through things 00:17:29.760 --> 00:17:31.909 align:start position:0% fundamentally happens through things like<00:17:29.940> blockchains<00:17:30.600> we<00:17:31.200> want<00:17:31.380> to<00:17:31.559> make<00:17:31.740> sure 00:17:31.909 --> 00:17:31.919 align:start position:0% like blockchains we want to make sure 00:17:31.919 --> 00:17:33.890 align:start position:0% like blockchains we want to make sure that<00:17:32.220> there<00:17:32.460> is<00:17:32.580> abundant<00:17:33.059> bandwidth<00:17:33.540> you 00:17:33.890 --> 00:17:33.900 align:start position:0% that there is abundant bandwidth you 00:17:33.900 --> 00:17:35.570 align:start position:0% that there is abundant bandwidth you know<00:17:34.020> 80<00:17:34.260> kilobytes<00:17:34.860> per<00:17:34.980> second<00:17:35.160> is<00:17:35.400> not 00:17:35.570 --> 00:17:35.580 align:start position:0% know 80 kilobytes per second is not 00:17:35.580 --> 00:17:37.730 align:start position:0% know 80 kilobytes per second is not enough<00:17:36.179> ethereum<00:17:36.780> itself<00:17:37.140> has<00:17:37.260> a<00:17:37.380> road<00:17:37.500> map 00:17:37.730 --> 00:17:37.740 align:start position:0% enough ethereum itself has a road map 00:17:37.740 --> 00:17:39.590 align:start position:0% enough ethereum itself has a road map for<00:17:37.980> with<00:17:38.340> some<00:17:38.760> really<00:17:39.000> interesting<00:17:39.419> ideas 00:17:39.590 --> 00:17:39.600 align:start position:0% for with some really interesting ideas 00:17:39.600 --> 00:17:41.210 align:start position:0% for with some really interesting ideas called<00:17:39.900> dunk<00:17:40.200> sharding<00:17:40.620> where<00:17:40.799> you<00:17:41.100> can 00:17:41.210 --> 00:17:41.220 align:start position:0% called dunk sharding where you can 00:17:41.220 --> 00:17:43.669 align:start position:0% called dunk sharding where you can increase<00:17:41.880> this<00:17:42.179> up<00:17:42.419> to<00:17:42.539> like<00:17:42.720> 1.3<00:17:43.200> megabytes 00:17:43.669 --> 00:17:43.679 align:start position:0% increase this up to like 1.3 megabytes 00:17:43.679 --> 00:17:45.890 align:start position:0% increase this up to like 1.3 megabytes per<00:17:43.860> second<00:17:44.520> but<00:17:44.880> even<00:17:45.059> that<00:17:45.299> we<00:17:45.480> feel<00:17:45.660> and 00:17:45.890 --> 00:17:45.900 align:start position:0% per second but even that we feel and 00:17:45.900 --> 00:17:47.930 align:start position:0% per second but even that we feel and that's<00:17:46.140> a<00:17:46.440> few<00:17:46.559> years<00:17:46.740> out<00:17:46.980> and<00:17:47.280> we<00:17:47.520> feel<00:17:47.700> this 00:17:47.930 --> 00:17:47.940 align:start position:0% that's a few years out and we feel this 00:17:47.940 --> 00:17:49.370 align:start position:0% that's a few years out and we feel this is<00:17:48.059> not<00:17:48.179> enough<00:17:48.360> there<00:17:48.900> are<00:17:49.020> applications 00:17:49.370 --> 00:17:49.380 align:start position:0% is not enough there are applications 00:17:49.380 --> 00:17:51.890 align:start position:0% is not enough there are applications which<00:17:49.620> will<00:17:49.799> need<00:17:49.980> much<00:17:50.160> much<00:17:50.340> more<00:17:50.600> and<00:17:51.600> we 00:17:51.890 --> 00:17:51.900 align:start position:0% which will need much much more and we 00:17:51.900 --> 00:17:53.690 align:start position:0% which will need much much more and we are<00:17:52.080> provisioning<00:17:52.559> uh<00:17:53.100> the<00:17:53.340> first<00:17:53.520> service 00:17:53.690 --> 00:17:53.700 align:start position:0% are provisioning uh the first service 00:17:53.700 --> 00:17:55.310 align:start position:0% are provisioning uh the first service we're<00:17:53.940> building<00:17:54.120> on<00:17:54.360> top<00:17:54.539> is<00:17:54.840> a<00:17:55.020> data 00:17:55.310 --> 00:17:55.320 align:start position:0% we're building on top is a data 00:17:55.320 --> 00:17:56.990 align:start position:0% we're building on top is a data availability<00:17:55.620> Solution<00:17:56.160> on<00:17:56.340> top<00:17:56.520> of<00:17:56.640> eigen 00:17:56.990 --> 00:17:57.000 align:start position:0% availability Solution on top of eigen 00:17:57.000 --> 00:17:58.850 align:start position:0% availability Solution on top of eigen layer<00:17:57.240> which<00:17:57.900> can<00:17:58.140> actually<00:17:58.320> scale<00:17:58.679> the 00:17:58.850 --> 00:17:58.860 align:start position:0% layer which can actually scale the 00:17:58.860 --> 00:18:00.350 align:start position:0% layer which can actually scale the throughput<00:17:59.160> of<00:17:59.340> data<00:17:59.580> availability<00:17:59.880> quite 00:18:00.350 --> 00:18:00.360 align:start position:0% throughput of data availability quite 00:18:00.360 --> 00:18:02.210 align:start position:0% throughput of data availability quite significantly<00:18:00.900> we<00:18:01.260> are<00:18:01.500> in<00:18:01.679> our<00:18:01.860> internal 00:18:02.210 --> 00:18:02.220 align:start position:0% significantly we are in our internal 00:18:02.220 --> 00:18:04.130 align:start position:0% significantly we are in our internal devnet<00:18:02.760> at<00:18:03.000> 15<00:18:03.179> megabytes<00:18:03.780> per<00:18:03.960> second 00:18:04.130 --> 00:18:04.140 align:start position:0% devnet at 15 megabytes per second 00:18:04.140 --> 00:18:06.110 align:start position:0% devnet at 15 megabytes per second already<00:18:04.380> and<00:18:04.919> I<00:18:05.160> think<00:18:05.280> we<00:18:05.460> can<00:18:05.640> scale<00:18:05.880> this 00:18:06.110 --> 00:18:06.120 align:start position:0% already and I think we can scale this 00:18:06.120 --> 00:18:09.289 align:start position:0% already and I think we can scale this another<00:18:06.360> 100x<00:18:07.020> in<00:18:07.320> the<00:18:07.440> coming<00:18:07.559> years<00:18:08.220> this<00:18:09.120> is 00:18:09.289 --> 00:18:09.299 align:start position:0% another 100x in the coming years this is 00:18:09.299 --> 00:18:11.570 align:start position:0% another 100x in the coming years this is one<00:18:09.480> example<00:18:09.780> of<00:18:10.140> taking<00:18:10.440> one<00:18:10.860> pain<00:18:11.100> point<00:18:11.340> in 00:18:11.570 --> 00:18:11.580 align:start position:0% one example of taking one pain point in 00:18:11.580 --> 00:18:14.090 align:start position:0% one example of taking one pain point in ethereum<00:18:12.000> and<00:18:12.299> then<00:18:12.419> figuring<00:18:12.900> out<00:18:13.080> how<00:18:13.620> new 00:18:14.090 --> 00:18:14.100 align:start position:0% ethereum and then figuring out how new 00:18:14.100 --> 00:18:15.890 align:start position:0% ethereum and then figuring out how new distributed<00:18:14.640> systems<00:18:15.059> methods<00:18:15.480> can<00:18:15.720> actually 00:18:15.890 --> 00:18:15.900 align:start position:0% distributed systems methods can actually 00:18:15.900 --> 00:18:17.930 align:start position:0% distributed systems methods can actually come<00:18:16.140> in<00:18:16.320> and<00:18:16.500> solve<00:18:16.799> these<00:18:16.980> things<00:18:17.100> we<00:18:17.760> build 00:18:17.930 --> 00:18:17.940 align:start position:0% come in and solve these things we build 00:18:17.940 --> 00:18:19.310 align:start position:0% come in and solve these things we build we<00:18:18.240> stand<00:18:18.360> on<00:18:18.480> the<00:18:18.600> shoulder<00:18:18.840> of<00:18:18.900> giants<00:18:19.140> we 00:18:19.310 --> 00:18:19.320 align:start position:0% we stand on the shoulder of giants we 00:18:19.320 --> 00:18:20.990 align:start position:0% we stand on the shoulder of giants we build<00:18:19.500> on<00:18:19.679> top<00:18:19.799> of<00:18:19.980> dark<00:18:20.100> shadowing<00:18:20.640> some<00:18:20.880> of 00:18:20.990 --> 00:18:21.000 align:start position:0% build on top of dark shadowing some of 00:18:21.000 --> 00:18:23.150 align:start position:0% build on top of dark shadowing some of the<00:18:21.120> best<00:18:21.240> ideas<00:18:21.480> out<00:18:21.840> there<00:18:21.960> just<00:18:22.799> good 00:18:23.150 --> 00:18:23.160 align:start position:0% the best ideas out there just good 00:18:23.160 --> 00:18:25.070 align:start position:0% the best ideas out there just good engineering<00:18:23.700> and<00:18:24.059> open<00:18:24.299> permissionless 00:18:25.070 --> 00:18:25.080 align:start position:0% engineering and open permissionless 00:18:25.080 --> 00:18:26.750 align:start position:0% engineering and open permissionless competition<00:18:25.559> this<00:18:26.039> has<00:18:26.160> done<00:18:26.340> a<00:18:26.460> lot<00:18:26.520> of<00:18:26.640> good 00:18:26.750 --> 00:18:26.760 align:start position:0% competition this has done a lot of good 00:18:26.760 --> 00:18:28.909 align:start position:0% competition this has done a lot of good to<00:18:26.940> the<00:18:27.120> layer<00:18:27.360> 2<00:18:27.539> world<00:18:27.780> you<00:18:28.440> know<00:18:28.500> compared 00:18:28.909 --> 00:18:28.919 align:start position:0% to the layer 2 world you know compared 00:18:28.919 --> 00:18:31.070 align:start position:0% to the layer 2 world you know compared to<00:18:29.039> what<00:18:29.340> sharding<00:18:29.760> was<00:18:29.940> where<00:18:30.360> one<00:18:30.720> solution 00:18:31.070 --> 00:18:31.080 align:start position:0% to what sharding was where one solution 00:18:31.080 --> 00:18:33.049 align:start position:0% to what sharding was where one solution has<00:18:31.320> to<00:18:31.440> be<00:18:31.500> enshrined<00:18:32.100> and<00:18:32.460> there's<00:18:32.640> a<00:18:32.820> lot<00:18:32.940> of 00:18:33.049 --> 00:18:33.059 align:start position:0% has to be enshrined and there's a lot of 00:18:33.059 --> 00:18:34.909 align:start position:0% has to be enshrined and there's a lot of internal<00:18:33.419> contesting<00:18:34.080> on<00:18:34.380> which<00:18:34.559> is<00:18:34.740> the 00:18:34.909 --> 00:18:34.919 align:start position:0% internal contesting on which is the 00:18:34.919 --> 00:18:37.370 align:start position:0% internal contesting on which is the right<00:18:35.039> solution<00:18:35.539> whereas<00:18:36.539> a<00:18:36.900> permissionless 00:18:37.370 --> 00:18:37.380 align:start position:0% right solution whereas a permissionless 00:18:37.380 --> 00:18:38.930 align:start position:0% right solution whereas a permissionless competition<00:18:37.799> for<00:18:38.100> each<00:18:38.280> of<00:18:38.460> these<00:18:38.760> different 00:18:38.930 --> 00:18:38.940 align:start position:0% competition for each of these different 00:18:38.940 --> 00:18:41.090 align:start position:0% competition for each of these different features<00:18:39.480> actually<00:18:39.960> leads<00:18:40.380> to<00:18:40.500> a<00:18:40.679> very<00:18:40.919> very 00:18:41.090 --> 00:18:41.100 align:start position:0% features actually leads to a very very 00:18:41.100 --> 00:18:44.630 align:start position:0% features actually leads to a very very powerful<00:18:41.520> world<00:18:42.120> so<00:18:42.780> another<00:18:43.080> example 00:18:44.630 --> 00:18:44.640 align:start position:0% powerful world so another example 00:18:44.640 --> 00:18:46.730 align:start position:0% powerful world so another example um<00:18:44.700> people<00:18:45.660> think<00:18:46.080> a<00:18:46.260> lot<00:18:46.320> about<00:18:46.500> whether 00:18:46.730 --> 00:18:46.740 align:start position:0% um people think a lot about whether 00:18:46.740 --> 00:18:48.470 align:start position:0% um people think a lot about whether we'll<00:18:47.039> be<00:18:47.220> in<00:18:47.340> a<00:18:47.460> single<00:18:47.700> chain<00:18:47.880> world<00:18:48.179> or<00:18:48.360> a 00:18:48.470 --> 00:18:48.480 align:start position:0% we'll be in a single chain world or a 00:18:48.480 --> 00:18:50.690 align:start position:0% we'll be in a single chain world or a multi-chain<00:18:48.900> world<00:18:49.140> and<00:18:49.919> I<00:18:50.100> think<00:18:50.280> this<00:18:50.520> is 00:18:50.690 --> 00:18:50.700 align:start position:0% multi-chain world and I think this is 00:18:50.700 --> 00:18:52.669 align:start position:0% multi-chain world and I think this is not<00:18:50.940> a<00:18:51.120> very<00:18:51.240> relevant<00:18:51.600> discussion<00:18:52.080> for<00:18:52.380> what 00:18:52.669 --> 00:18:52.679 align:start position:0% not a very relevant discussion for what 00:18:52.679 --> 00:18:55.190 align:start position:0% not a very relevant discussion for what we<00:18:52.799> are<00:18:52.919> doing<00:18:53.039> why<00:18:53.760> because 00:18:55.190 --> 00:18:55.200 align:start position:0% we are doing why because 00:18:55.200 --> 00:18:57.289 align:start position:0% we are doing why because even<00:18:55.919> in<00:18:56.220> a<00:18:56.280> multi-chain<00:18:56.640> world<00:18:56.880> it's<00:18:57.120> very 00:18:57.289 --> 00:18:57.299 align:start position:0% even in a multi-chain world it's very 00:18:57.299 --> 00:18:59.090 align:start position:0% even in a multi-chain world it's very clear<00:18:57.539> to<00:18:57.780> us<00:18:57.900> that<00:18:58.140> ethereum<00:18:58.559> will<00:18:58.740> be<00:18:58.860> at<00:18:58.980> the 00:18:59.090 --> 00:18:59.100 align:start position:0% clear to us that ethereum will be at the 00:18:59.100 --> 00:19:01.010 align:start position:0% clear to us that ethereum will be at the center<00:18:59.220> of<00:18:59.460> this<00:18:59.640> multi-chain<00:19:00.120> world<00:19:00.360> and<00:19:00.840> why 00:19:01.010 --> 00:19:01.020 align:start position:0% center of this multi-chain world and why 00:19:01.020 --> 00:19:02.750 align:start position:0% center of this multi-chain world and why is<00:19:01.140> that<00:19:01.320> what<00:19:02.039> is<00:19:02.220> the<00:19:02.340> center<00:19:02.460> of<00:19:02.640> a 00:19:02.750 --> 00:19:02.760 align:start position:0% is that what is the center of a 00:19:02.760 --> 00:19:05.750 align:start position:0% is that what is the center of a multi-chain<00:19:03.179> world<00:19:03.419> is<00:19:04.140> a<00:19:04.559> no<00:19:04.799> the<00:19:05.280> if<00:19:05.640> you 00:19:05.750 --> 00:19:05.760 align:start position:0% multi-chain world is a no the if you 00:19:05.760 --> 00:19:07.430 align:start position:0% multi-chain world is a no the if you think<00:19:05.880> of<00:19:06.059> each<00:19:06.299> blockchain<00:19:06.780> as<00:19:06.960> like<00:19:07.140> a<00:19:07.260> node 00:19:07.430 --> 00:19:07.440 align:start position:0% think of each blockchain as like a node 00:19:07.440 --> 00:19:10.010 align:start position:0% think of each blockchain as like a node and<00:19:07.559> it's<00:19:07.740> like<00:19:07.919> a<00:19:08.100> graph<00:19:08.340> you<00:19:09.120> see<00:19:09.299> that<00:19:09.600> the 00:19:10.010 --> 00:19:10.020 align:start position:0% and it's like a graph you see that the 00:19:10.020 --> 00:19:12.470 align:start position:0% and it's like a graph you see that the Hub<00:19:10.200> mode<00:19:10.500> of<00:19:10.980> this<00:19:11.220> network<00:19:11.400> is<00:19:11.820> ethereum<00:19:12.240> it 00:19:12.470 --> 00:19:12.480 align:start position:0% Hub mode of this network is ethereum it 00:19:12.480 --> 00:19:14.390 align:start position:0% Hub mode of this network is ethereum it is<00:19:12.600> the<00:19:12.720> most<00:19:12.840> connected<00:19:13.260> it<00:19:13.980> is<00:19:14.160> the<00:19:14.280> most 00:19:14.390 --> 00:19:14.400 align:start position:0% is the most connected it is the most 00:19:14.400 --> 00:19:16.789 align:start position:0% is the most connected it is the most liquid<00:19:14.820> and<00:19:15.360> the<00:19:15.539> most<00:19:15.660> secure<00:19:16.080> these<00:19:16.620> are<00:19:16.679> the 00:19:16.789 --> 00:19:16.799 align:start position:0% liquid and the most secure these are the 00:19:16.799 --> 00:19:18.890 align:start position:0% liquid and the most secure these are the three<00:19:16.980> properties<00:19:17.340> you<00:19:17.640> need<00:19:17.820> for<00:19:18.299> a<00:19:18.419> hub<00:19:18.539> node 00:19:18.890 --> 00:19:18.900 align:start position:0% three properties you need for a hub node 00:19:18.900 --> 00:19:21.470 align:start position:0% three properties you need for a hub node of<00:19:19.200> a<00:19:19.380> multi-chain<00:19:19.860> world<00:19:20.059> and<00:19:21.059> we<00:19:21.299> feel 00:19:21.470 --> 00:19:21.480 align:start position:0% of a multi-chain world and we feel 00:19:21.480 --> 00:19:24.110 align:start position:0% of a multi-chain world and we feel ethereums<00:19:22.020> is<00:19:22.320> the<00:19:22.440> right<00:19:22.620> hub<00:19:22.799> node<00:19:23.160> and<00:19:23.880> so 00:19:24.110 --> 00:19:24.120 align:start position:0% ethereums is the right hub node and so 00:19:24.120 --> 00:19:26.930 align:start position:0% ethereums is the right hub node and so in<00:19:24.840> in<00:19:25.020> this<00:19:25.320> Paradigm<00:19:25.860> there<00:19:26.520> are<00:19:26.640> some 00:19:26.930 --> 00:19:26.940 align:start position:0% in in this Paradigm there are some 00:19:26.940 --> 00:19:28.909 align:start position:0% in in this Paradigm there are some lacking<00:19:27.539> things<00:19:27.900> you<00:19:28.200> know<00:19:28.320> they<00:19:28.559> see<00:19:28.740> a<00:19:28.860> lot 00:19:28.909 --> 00:19:28.919 align:start position:0% lacking things you know they see a lot 00:19:28.919 --> 00:19:31.549 align:start position:0% lacking things you know they see a lot of<00:19:28.980> bridge<00:19:29.100> hacks<00:19:29.520> for<00:19:29.700> example<00:19:30.080> and<00:19:31.080> can<00:19:31.380> we 00:19:31.549 --> 00:19:31.559 align:start position:0% of bridge hacks for example and can we 00:19:31.559 --> 00:19:33.770 align:start position:0% of bridge hacks for example and can we think<00:19:31.740> about<00:19:31.980> how<00:19:32.700> we<00:19:32.820> can<00:19:33.000> build<00:19:33.240> like<00:19:33.539> very 00:19:33.770 --> 00:19:33.780 align:start position:0% think about how we can build like very 00:19:33.780 --> 00:19:36.169 align:start position:0% think about how we can build like very powerful<00:19:34.200> bridges<00:19:34.679> on<00:19:35.460> top<00:19:35.580> of<00:19:35.640> the<00:19:35.760> ethereum 00:19:36.169 --> 00:19:36.179 align:start position:0% powerful bridges on top of the ethereum 00:19:36.179 --> 00:19:38.390 align:start position:0% powerful bridges on top of the ethereum landscape<00:19:36.900> so<00:19:37.559> that's<00:19:37.799> another<00:19:37.980> thing<00:19:38.280> you 00:19:38.390 --> 00:19:38.400 align:start position:0% landscape so that's another thing you 00:19:38.400 --> 00:19:40.430 align:start position:0% landscape so that's another thing you can<00:19:38.520> do<00:19:38.700> is<00:19:39.059> you<00:19:39.360> once<00:19:39.600> you<00:19:39.660> restrake<00:19:40.140> you<00:19:40.320> can 00:19:40.430 --> 00:19:40.440 align:start position:0% can do is you once you restrake you can 00:19:40.440 --> 00:19:43.549 align:start position:0% can do is you once you restrake you can opt<00:19:40.559> in<00:19:40.740> and<00:19:41.100> start<00:19:41.340> running<00:19:41.900> uh<00:19:42.900> like<00:19:43.140> client 00:19:43.549 --> 00:19:43.559 align:start position:0% opt in and start running uh like client 00:19:43.559 --> 00:19:45.830 align:start position:0% opt in and start running uh like client bridges<00:19:44.100> for<00:19:44.580> all<00:19:44.820> other<00:19:44.940> chains<00:19:45.419> and<00:19:45.600> start 00:19:45.830 --> 00:19:45.840 align:start position:0% bridges for all other chains and start 00:19:45.840 --> 00:19:48.529 align:start position:0% bridges for all other chains and start bringing<00:19:46.260> in<00:19:46.440> very<00:19:46.740> powerful<00:19:47.160> uh<00:19:47.760> inputs<00:19:48.299> into 00:19:48.529 --> 00:19:48.539 align:start position:0% bringing in very powerful uh inputs into 00:19:48.539 --> 00:19:51.049 align:start position:0% bringing in very powerful uh inputs into ethereum<00:19:49.020> another<00:19:49.679> example<00:19:50.160> you<00:19:50.820> can<00:19:50.940> think 00:19:51.049 --> 00:19:51.059 align:start position:0% ethereum another example you can think 00:19:51.059 --> 00:19:52.730 align:start position:0% ethereum another example you can think of<00:19:51.299> other<00:19:51.600> things<00:19:51.780> like<00:19:52.020> Mev<00:19:52.500> management 00:19:52.730 --> 00:19:52.740 align:start position:0% of other things like Mev management 00:19:52.740 --> 00:19:55.070 align:start position:0% of other things like Mev management right<00:19:53.340> like<00:19:53.700> you<00:19:54.000> you<00:19:54.299> want<00:19:54.480> to<00:19:54.600> do<00:19:54.660> Mev 00:19:55.070 --> 00:19:55.080 align:start position:0% right like you you want to do Mev 00:19:55.080 --> 00:19:57.230 align:start position:0% right like you you want to do Mev management<00:19:55.260> when<00:19:55.799> you're<00:19:55.980> uh<00:19:56.460> when<00:19:56.700> uh<00:19:56.880> when<00:19:57.120> a 00:19:57.230 --> 00:19:57.240 align:start position:0% management when you're uh when uh when a 00:19:57.240 --> 00:19:59.270 align:start position:0% management when you're uh when uh when a block<00:19:57.360> proposal<00:19:57.900> is<00:19:57.960> making<00:19:58.140> a<00:19:58.440> claim<00:19:58.740> that 00:19:59.270 --> 00:19:59.280 align:start position:0% block proposal is making a claim that 00:19:59.280 --> 00:20:01.130 align:start position:0% block proposal is making a claim that I'm<00:19:59.460> going<00:19:59.700> to<00:19:59.820> follow<00:20:00.000> this<00:20:00.360> ordering<00:20:00.840> rule 00:20:01.130 --> 00:20:01.140 align:start position:0% I'm going to follow this ordering rule 00:20:01.140 --> 00:20:04.250 align:start position:0% I'm going to follow this ordering rule what<00:20:01.740> makes<00:20:01.980> them<00:20:02.280> hold<00:20:02.640> to<00:20:03.000> that<00:20:03.179> rule<00:20:03.539> if 00:20:04.250 --> 00:20:04.260 align:start position:0% what makes them hold to that rule if 00:20:04.260 --> 00:20:05.690 align:start position:0% what makes them hold to that rule if they<00:20:04.380> can<00:20:04.500> rest<00:20:04.679> take<00:20:04.860> on<00:20:05.039> eigen<00:20:05.340> layer<00:20:05.580> and 00:20:05.690 --> 00:20:05.700 align:start position:0% they can rest take on eigen layer and 00:20:05.700 --> 00:20:08.150 align:start position:0% they can rest take on eigen layer and then<00:20:05.880> opt-in<00:20:06.480> to<00:20:07.020> new<00:20:07.200> slashing<00:20:07.620> conditions 00:20:08.150 --> 00:20:08.160 align:start position:0% then opt-in to new slashing conditions 00:20:08.160 --> 00:20:10.370 align:start position:0% then opt-in to new slashing conditions for<00:20:08.640> what<00:20:09.299> they<00:20:09.539> have<00:20:09.720> particularly<00:20:09.960> agreed 00:20:10.370 --> 00:20:10.380 align:start position:0% for what they have particularly agreed 00:20:10.380 --> 00:20:12.470 align:start position:0% for what they have particularly agreed into<00:20:10.559> like<00:20:11.160> I'm<00:20:11.520> following<00:20:11.940> this<00:20:12.120> threshold 00:20:12.470 --> 00:20:12.480 align:start position:0% into like I'm following this threshold 00:20:12.480 --> 00:20:14.210 align:start position:0% into like I'm following this threshold encryption<00:20:12.960> I'm<00:20:13.440> following<00:20:13.860> this<00:20:13.980> auction 00:20:14.210 --> 00:20:14.220 align:start position:0% encryption I'm following this auction 00:20:14.220 --> 00:20:16.190 align:start position:0% encryption I'm following this auction model<00:20:14.580> whatever<00:20:15.240> the<00:20:15.539> new<00:20:15.660> rules<00:20:15.900> are<00:20:16.020> that 00:20:16.190 --> 00:20:16.200 align:start position:0% model whatever the new rules are that 00:20:16.200 --> 00:20:18.650 align:start position:0% model whatever the new rules are that you<00:20:16.320> opt<00:20:16.440> into<00:20:16.620> you<00:20:17.039> can<00:20:17.220> hold<00:20:17.700> by<00:20:18.000> it<00:20:18.240> because 00:20:18.650 --> 00:20:18.660 align:start position:0% you opt into you can hold by it because 00:20:18.660 --> 00:20:20.210 align:start position:0% you opt into you can hold by it because you<00:20:18.900> can<00:20:19.020> make<00:20:19.140> credible<00:20:19.500> commitments<00:20:20.100> on 00:20:20.210 --> 00:20:20.220 align:start position:0% you can make credible commitments on 00:20:20.220 --> 00:20:22.669 align:start position:0% you can make credible commitments on eigen<00:20:20.580> layer<00:20:21.299> some<00:20:21.840> examples<00:20:22.200> of<00:20:22.260> what<00:20:22.500> I 00:20:22.669 --> 00:20:22.679 align:start position:0% eigen layer some examples of what I 00:20:22.679 --> 00:20:25.130 align:start position:0% eigen layer some examples of what I think<00:20:22.799> we<00:20:22.919> can<00:20:23.100> yeah<00:20:23.640> I<00:20:24.000> also<00:20:24.419> think<00:20:24.539> we<00:20:25.020> can 00:20:25.130 --> 00:20:25.140 align:start position:0% think we can yeah I also think we can 00:20:25.140 --> 00:20:27.789 align:start position:0% think we can yeah I also think we can just<00:20:25.320> cancel<00:20:25.500> the<00:20:25.740> rest<00:20:25.860> of<00:20:25.980> Defcon<00:20:26.340> he<00:20:26.760> got<00:20:26.940> it 00:20:27.789 --> 00:20:27.799 align:start position:0% just cancel the rest of Defcon he got it 00:20:27.799 --> 00:20:31.150 align:start position:0% just cancel the rest of Defcon he got it I<00:20:28.799> can<00:20:28.919> later<00:20:29.039> resolve<00:20:29.460> everything 00:20:31.150 --> 00:20:31.160 align:start position:0% I can later resolve everything 00:20:31.160 --> 00:20:34.070 align:start position:0% I can later resolve everything I<00:20:32.160> have<00:20:32.280> a<00:20:32.460> question<00:20:32.520> about<00:20:32.760> eigenlayer 00:20:34.070 --> 00:20:34.080 align:start position:0% I have a question about eigenlayer 00:20:34.080 --> 00:20:35.409 align:start position:0% I have a question about eigenlayer um 00:20:35.409 --> 00:20:35.419 align:start position:0% um 00:20:35.419 --> 00:20:37.789 align:start position:0% um how<00:20:36.419> should<00:20:36.720> like<00:20:36.960> validators<00:20:37.440> think<00:20:37.679> about 00:20:37.789 --> 00:20:37.799 align:start position:0% how should like validators think about 00:20:37.799 --> 00:20:39.950 align:start position:0% how should like validators think about the<00:20:37.980> risks<00:20:38.340> so<00:20:38.640> like<00:20:39.120> intuitively<00:20:39.660> to<00:20:39.840> me 00:20:39.950 --> 00:20:39.960 align:start position:0% the risks so like intuitively to me 00:20:39.960 --> 00:20:41.990 align:start position:0% the risks so like intuitively to me there's<00:20:40.080> like<00:20:40.260> okay<00:20:40.440> I<00:20:41.039> have<00:20:41.220> my<00:20:41.340> steak<00:20:41.520> are 00:20:41.990 --> 00:20:42.000 align:start position:0% there's like okay I have my steak are 00:20:42.000 --> 00:20:43.630 align:start position:0% there's like okay I have my steak are we're<00:20:42.419> gonna<00:20:42.660> get<00:20:42.840> to<00:20:42.960> that 00:20:43.630 --> 00:20:43.640 align:start position:0% we're gonna get to that 00:20:43.640 --> 00:20:45.950 align:start position:0% we're gonna get to that I'm<00:20:44.640> saving<00:20:44.940> the<00:20:45.000> spiciest<00:20:45.360> ones<00:20:45.600> for<00:20:45.780> the<00:20:45.840> end 00:20:45.950 --> 00:20:45.960 align:start position:0% I'm saving the spiciest ones for the end 00:20:45.960 --> 00:20:47.409 align:start position:0% I'm saving the spiciest ones for the end you<00:20:46.380> want<00:20:46.500> to<00:20:46.620> know<00:20:46.679> you<00:20:46.799> want<00:20:46.919> to<00:20:46.980> do<00:20:47.039> it<00:20:47.160> now 00:20:47.409 --> 00:20:47.419 align:start position:0% you want to know you want to do it now 00:20:47.419 --> 00:20:50.270 align:start position:0% you want to know you want to do it now all<00:20:48.419> right<00:20:48.480> I'll<00:20:48.720> do<00:20:48.900> spicy<00:20:49.260> ones<00:20:49.440> now<00:20:49.559> we<00:20:50.100> can 00:20:50.270 --> 00:20:50.280 align:start position:0% all right I'll do spicy ones now we can 00:20:50.280 --> 00:20:52.490 align:start position:0% all right I'll do spicy ones now we can do<00:20:50.340> spicy<00:20:50.640> ones<00:20:50.820> now<00:20:50.940> yeah<00:20:51.179> let's<00:20:51.419> do<00:20:51.660> it<00:20:51.780> but 00:20:52.490 --> 00:20:52.500 align:start position:0% do spicy ones now yeah let's do it but 00:20:52.500 --> 00:20:54.169 align:start position:0% do spicy ones now yeah let's do it but but<00:20:52.860> but<00:20:52.919> but<00:20:53.100> here's<00:20:53.700> a<00:20:53.820> here's<00:20:54.120> the 00:20:54.169 --> 00:20:54.179 align:start position:0% but but but here's a here's the 00:20:54.179 --> 00:20:56.330 align:start position:0% but but but here's a here's the condition<00:20:54.320> the<00:20:55.320> spiciness<00:20:55.799> actually<00:20:55.980> applies 00:20:56.330 --> 00:20:56.340 align:start position:0% condition the spiciness actually applies 00:20:56.340 --> 00:20:59.210 align:start position:0% condition the spiciness actually applies to<00:20:56.580> each<00:20:56.880> of<00:20:57.059> you<00:20:57.179> not<00:20:57.900> just<00:20:58.080> eigen<00:20:58.500> layer<00:20:58.740> and 00:20:59.210 --> 00:20:59.220 align:start position:0% to each of you not just eigen layer and 00:20:59.220 --> 00:21:00.529 align:start position:0% to each of you not just eigen layer and I<00:20:59.280> want<00:20:59.400> to<00:20:59.520> hear<00:20:59.640> about<00:20:59.820> the<00:21:00.059> risks 00:21:00.529 --> 00:21:00.539 align:start position:0% I want to hear about the risks 00:21:00.539 --> 00:21:02.510 align:start position:0% I want to hear about the risks associated<00:21:01.080> with<00:21:01.620> each<00:21:01.799> project<00:21:02.039> and<00:21:02.340> the 00:21:02.510 --> 00:21:02.520 align:start position:0% associated with each project and the 00:21:02.520 --> 00:21:05.450 align:start position:0% associated with each project and the failure<00:21:02.820> cases<00:21:03.120> that<00:21:03.240> are<00:21:03.419> possible 00:21:05.450 --> 00:21:05.460 align:start position:0% failure cases that are possible 00:21:05.460 --> 00:21:11.570 align:start position:0% failure cases that are possible have<00:21:05.880> you<00:21:06.000> changed<00:21:06.240> your<00:21:06.299> mind 00:21:11.570 --> 00:21:11.580 align:start position:0% 00:21:11.580 --> 00:21:14.870 align:start position:0% where<00:21:12.059> do<00:21:12.179> we<00:21:12.299> start 00:21:14.870 --> 00:21:14.880 align:start position:0% 00:21:14.880 --> 00:21:16.370 align:start position:0% well<00:21:15.360> I<00:21:15.539> think 00:21:16.370 --> 00:21:16.380 align:start position:0% well I think 00:21:16.380 --> 00:21:18.529 align:start position:0% well I think um<00:21:16.440> you<00:21:17.220> know<00:21:17.280> maybe<00:21:17.400> I'll<00:21:17.700> I'll<00:21:17.880> give<00:21:18.240> like<00:21:18.419> a 00:21:18.529 --> 00:21:18.539 align:start position:0% um you know maybe I'll I'll give like a 00:21:18.539 --> 00:21:20.810 align:start position:0% um you know maybe I'll I'll give like a little<00:21:18.660> bit<00:21:18.780> of<00:21:18.900> background<00:21:19.140> in<00:21:19.799> that<00:21:19.980> you 00:21:20.810 --> 00:21:20.820 align:start position:0% little bit of background in that you 00:21:20.820 --> 00:21:22.250 align:start position:0% little bit of background in that you know<00:21:20.940> when<00:21:21.059> you<00:21:21.179> think<00:21:21.360> about<00:21:21.480> a<00:21:21.960> middleware 00:21:22.250 --> 00:21:22.260 align:start position:0% know when you think about a middleware 00:21:22.260 --> 00:21:23.690 align:start position:0% know when you think about a middleware solution<00:21:22.679> that<00:21:22.919> does<00:21:23.100> one<00:21:23.280> thing<00:21:23.400> right<00:21:23.580> so 00:21:23.690 --> 00:21:23.700 align:start position:0% solution that does one thing right so 00:21:23.700 --> 00:21:25.190 align:start position:0% solution that does one thing right so today<00:21:23.940> a<00:21:24.179> lot<00:21:24.240> of<00:21:24.299> people<00:21:24.419> run<00:21:24.600> flashbots 00:21:25.190 --> 00:21:25.200 align:start position:0% today a lot of people run flashbots 00:21:25.200 --> 00:21:26.870 align:start position:0% today a lot of people run flashbots right<00:21:25.320> they<00:21:25.559> run<00:21:25.679> meth<00:21:25.980> boost 00:21:26.870 --> 00:21:26.880 align:start position:0% right they run meth boost 00:21:26.880 --> 00:21:28.370 align:start position:0% right they run meth boost um<00:21:26.940> as<00:21:27.179> part<00:21:27.360> of<00:21:27.480> their<00:21:27.660> validators<00:21:28.140> and 00:21:28.370 --> 00:21:28.380 align:start position:0% um as part of their validators and 00:21:28.380 --> 00:21:29.390 align:start position:0% um as part of their validators and they're<00:21:28.500> able<00:21:28.799> to<00:21:28.860> participate<00:21:29.220> in<00:21:29.280> the 00:21:29.390 --> 00:21:29.400 align:start position:0% they're able to participate in the 00:21:29.400 --> 00:21:31.610 align:start position:0% they're able to participate in the flashbots<00:21:30.299> um<00:21:30.419> software<00:21:30.720> and<00:21:30.900> ecosystem<00:21:31.320> and 00:21:31.610 --> 00:21:31.620 align:start position:0% flashbots um software and ecosystem and 00:21:31.620 --> 00:21:34.250 align:start position:0% flashbots um software and ecosystem and and<00:21:31.980> all<00:21:32.280> that<00:21:32.700> and<00:21:33.419> the<00:21:33.600> nice<00:21:33.720> thing<00:21:33.900> is<00:21:34.020> that 00:21:34.250 --> 00:21:34.260 align:start position:0% and all that and the nice thing is that 00:21:34.260 --> 00:21:36.289 align:start position:0% and all that and the nice thing is that because<00:21:34.980> it's<00:21:35.280> like<00:21:35.580> relatively<00:21:36.000> simple 00:21:36.289 --> 00:21:36.299 align:start position:0% because it's like relatively simple 00:21:36.299 --> 00:21:37.789 align:start position:0% because it's like relatively simple software<00:21:36.960> that<00:21:37.140> doesn't<00:21:37.320> make<00:21:37.559> like 00:21:37.789 --> 00:21:37.799 align:start position:0% software that doesn't make like 00:21:37.799 --> 00:21:39.710 align:start position:0% software that doesn't make like tremendous<00:21:38.400> changes<00:21:38.880> from<00:21:39.240> otherwise 00:21:39.710 --> 00:21:39.720 align:start position:0% tremendous changes from otherwise 00:21:39.720 --> 00:21:42.409 align:start position:0% tremendous changes from otherwise expected<00:21:40.200> death<00:21:40.500> Behavior<00:21:41.159> it's<00:21:41.820> fairly<00:21:42.179> well 00:21:42.409 --> 00:21:42.419 align:start position:0% expected death Behavior it's fairly well 00:21:42.419 --> 00:21:43.669 align:start position:0% expected death Behavior it's fairly well understood<00:21:42.780> and<00:21:43.020> we<00:21:43.140> understand<00:21:43.200> the<00:21:43.440> risk 00:21:43.669 --> 00:21:43.679 align:start position:0% understood and we understand the risk 00:21:43.679 --> 00:21:44.690 align:start position:0% understood and we understand the risk parameters<00:21:43.980> we<00:21:44.159> understand<00:21:44.280> how<00:21:44.520> it 00:21:44.690 --> 00:21:44.700 align:start position:0% parameters we understand how it 00:21:44.700 --> 00:21:46.070 align:start position:0% parameters we understand how it interacts<00:21:45.059> with<00:21:45.120> relays<00:21:45.600> and<00:21:45.720> the<00:21:45.840> failure 00:21:46.070 --> 00:21:46.080 align:start position:0% interacts with relays and the failure 00:21:46.080 --> 00:21:48.470 align:start position:0% interacts with relays and the failure cases<00:21:46.320> there<00:21:46.559> uh<00:21:47.400> but<00:21:47.580> you<00:21:47.640> know<00:21:47.760> we<00:21:47.940> don't 00:21:48.470 --> 00:21:48.480 align:start position:0% cases there uh but you know we don't 00:21:48.480 --> 00:21:50.210 align:start position:0% cases there uh but you know we don't understand<00:21:48.659> it's<00:21:49.380> like<00:21:49.620> if<00:21:49.919> you're<00:21:50.039> running 00:21:50.210 --> 00:21:50.220 align:start position:0% understand it's like if you're running 00:21:50.220 --> 00:21:52.490 align:start position:0% understand it's like if you're running flashbots<00:21:51.120> and<00:21:51.419> you're<00:21:51.600> running<00:21:51.780> eigen<00:21:52.260> layer 00:21:52.490 --> 00:21:52.500 align:start position:0% flashbots and you're running eigen layer 00:21:52.500 --> 00:21:53.930 align:start position:0% flashbots and you're running eigen layer and<00:21:52.559> you're<00:21:52.679> staking<00:21:52.919> there<00:21:53.159> and<00:21:53.460> also<00:21:53.760> you're 00:21:53.930 --> 00:21:53.940 align:start position:0% and you're staking there and also you're 00:21:53.940 --> 00:21:55.490 align:start position:0% and you're staking there and also you're part<00:21:54.120> of<00:21:54.299> opal<00:21:54.659> right<00:21:54.840> and<00:21:54.960> so<00:21:55.080> your<00:21:55.200> validator 00:21:55.490 --> 00:21:55.500 align:start position:0% part of opal right and so your validator 00:21:55.500 --> 00:21:57.830 align:start position:0% part of opal right and so your validator key<00:21:55.740> split<00:21:56.100> into<00:21:56.159> four<00:21:56.460> for<00:21:56.700> example<00:21:57.000> and<00:21:57.659> so 00:21:57.830 --> 00:21:57.840 align:start position:0% key split into four for example and so 00:21:57.840 --> 00:22:00.310 align:start position:0% key split into four for example and so that<00:21:58.020> that<00:21:58.320> actually<00:21:58.820> creates<00:21:59.820> a<00:22:00.179> very 00:22:00.310 --> 00:22:00.320 align:start position:0% that that actually creates a very 00:22:00.320 --> 00:22:02.390 align:start position:0% that that actually creates a very powerful<00:22:01.320> situation<00:22:01.799> where<00:22:02.100> you<00:22:02.220> can<00:22:02.280> have 00:22:02.390 --> 00:22:02.400 align:start position:0% powerful situation where you can have 00:22:02.400 --> 00:22:04.909 align:start position:0% powerful situation where you can have these<00:22:02.700> like<00:22:02.880> incredibly<00:22:03.720> robust<00:22:04.440> and 00:22:04.909 --> 00:22:04.919 align:start position:0% these like incredibly robust and 00:22:04.919 --> 00:22:07.250 align:start position:0% these like incredibly robust and performant<00:22:05.520> and<00:22:05.880> like<00:22:06.120> do<00:22:06.600> everything<00:22:06.840> type 00:22:07.250 --> 00:22:07.260 align:start position:0% performant and like do everything type 00:22:07.260 --> 00:22:09.230 align:start position:0% performant and like do everything type validators<00:22:07.860> but<00:22:08.460> at<00:22:08.580> the<00:22:08.700> same<00:22:08.820> time<00:22:08.940> it's 00:22:09.230 --> 00:22:09.240 align:start position:0% validators but at the same time it's 00:22:09.240 --> 00:22:11.450 align:start position:0% validators but at the same time it's also<00:22:09.480> a<00:22:09.600> very<00:22:09.720> scary<00:22:10.020> situation<00:22:10.559> because<00:22:11.280> of 00:22:11.450 --> 00:22:11.460 align:start position:0% also a very scary situation because of 00:22:11.460 --> 00:22:13.430 align:start position:0% also a very scary situation because of the<00:22:11.640> risks<00:22:11.940> involved<00:22:12.360> of<00:22:12.539> like<00:22:12.720> okay<00:22:12.900> now<00:22:13.200> you 00:22:13.430 --> 00:22:13.440 align:start position:0% the risks involved of like okay now you 00:22:13.440 --> 00:22:15.529 align:start position:0% the risks involved of like okay now you have<00:22:13.620> you<00:22:14.159> know<00:22:14.280> nine<00:22:14.580> client<00:22:14.820> and<00:22:15.179> teams<00:22:15.480> that 00:22:15.529 --> 00:22:15.539 align:start position:0% have you know nine client and teams that 00:22:15.539 --> 00:22:16.490 align:start position:0% have you know nine client and teams that are<00:22:15.659> doing<00:22:15.780> different<00:22:15.960> things<00:22:16.140> you<00:22:16.380> have 00:22:16.490 --> 00:22:16.500 align:start position:0% are doing different things you have 00:22:16.500 --> 00:22:17.930 align:start position:0% are doing different things you have three<00:22:16.620> middleware<00:22:17.100> solutions<00:22:17.520> and<00:22:17.700> you<00:22:17.880> have 00:22:17.930 --> 00:22:17.940 align:start position:0% three middleware solutions and you have 00:22:17.940 --> 00:22:19.610 align:start position:0% three middleware solutions and you have upgrades<00:22:18.480> across<00:22:18.780> all<00:22:19.020> of<00:22:19.080> them<00:22:19.260> happening 00:22:19.610 --> 00:22:19.620 align:start position:0% upgrades across all of them happening 00:22:19.620 --> 00:22:22.070 align:start position:0% upgrades across all of them happening all<00:22:19.799> the<00:22:19.919> time<00:22:20.419> and<00:22:21.419> so<00:22:21.480> the<00:22:21.659> risk<00:22:21.960> there 00:22:22.070 --> 00:22:22.080 align:start position:0% all the time and so the risk there 00:22:22.080 --> 00:22:24.289 align:start position:0% all the time and so the risk there starts<00:22:22.559> to<00:22:22.620> compound<00:22:23.039> and<00:22:23.880> so<00:22:23.940> that's<00:22:24.120> from 00:22:24.289 --> 00:22:24.299 align:start position:0% starts to compound and so that's from 00:22:24.299 --> 00:22:25.549 align:start position:0% starts to compound and so that's from the<00:22:24.419> background<00:22:24.720> that<00:22:24.900> we're<00:22:25.200> thinking<00:22:25.440> about 00:22:25.549 --> 00:22:25.559 align:start position:0% the background that we're thinking about 00:22:25.559 --> 00:22:27.350 align:start position:0% the background that we're thinking about and<00:22:26.159> so<00:22:26.280> maybe<00:22:26.460> there's<00:22:27.000> going<00:22:27.120> to<00:22:27.179> be<00:22:27.240> two 00:22:27.350 --> 00:22:27.360 align:start position:0% and so maybe there's going to be two 00:22:27.360 --> 00:22:29.029 align:start position:0% and so maybe there's going to be two questions<00:22:27.539> here<00:22:27.900> one<00:22:28.200> I'd<00:22:28.559> love<00:22:28.740> to<00:22:28.860> hear 00:22:29.029 --> 00:22:29.039 align:start position:0% questions here one I'd love to hear 00:22:29.039 --> 00:22:30.409 align:start position:0% questions here one I'd love to hear about<00:22:29.220> you<00:22:29.520> know<00:22:29.580> what<00:22:29.760> are<00:22:29.940> the<00:22:30.000> risks<00:22:30.299> and 00:22:30.409 --> 00:22:30.419 align:start position:0% about you know what are the risks and 00:22:30.419 --> 00:22:32.450 align:start position:0% about you know what are the risks and failure<00:22:30.720> cases<00:22:31.020> associated<00:22:31.500> with<00:22:32.159> what<00:22:32.340> you 00:22:32.450 --> 00:22:32.460 align:start position:0% failure cases associated with what you 00:22:32.460 --> 00:22:33.890 align:start position:0% failure cases associated with what you guys<00:22:32.580> are<00:22:32.700> building<00:22:32.880> like<00:22:33.240> what's<00:22:33.419> the<00:22:33.659> you 00:22:33.890 --> 00:22:33.900 align:start position:0% guys are building like what's the you 00:22:33.900 --> 00:22:35.270 align:start position:0% guys are building like what's the you know<00:22:34.020> worst<00:22:34.320> case<00:22:34.380> scenarios<00:22:34.799> that<00:22:34.980> could 00:22:35.270 --> 00:22:35.280 align:start position:0% know worst case scenarios that could 00:22:35.280 --> 00:22:36.529 align:start position:0% know worst case scenarios that could happen<00:22:35.400> and<00:22:35.520> how<00:22:35.700> are<00:22:35.820> you<00:22:35.940> trying<00:22:36.059> to<00:22:36.240> prevent 00:22:36.529 --> 00:22:36.539 align:start position:0% happen and how are you trying to prevent 00:22:36.539 --> 00:22:38.390 align:start position:0% happen and how are you trying to prevent it<00:22:36.720> and<00:22:37.380> then<00:22:37.500> second<00:22:37.679> thing<00:22:37.860> I'd<00:22:38.039> love<00:22:38.159> for<00:22:38.340> us 00:22:38.390 --> 00:22:38.400 align:start position:0% it and then second thing I'd love for us 00:22:38.400 --> 00:22:39.649 align:start position:0% it and then second thing I'd love for us to<00:22:38.520> talk<00:22:38.640> about<00:22:38.700> as<00:22:38.940> a<00:22:39.059> group<00:22:39.179> is<00:22:39.360> like<00:22:39.480> okay 00:22:39.649 --> 00:22:39.659 align:start position:0% to talk about as a group is like okay 00:22:39.659 --> 00:22:42.710 align:start position:0% to talk about as a group is like okay you<00:22:40.500> know<00:22:40.620> we<00:22:41.460> are 00:22:42.710 --> 00:22:42.720 align:start position:0% you know we are 00:22:42.720 --> 00:22:44.210 align:start position:0% you know we are um<00:22:42.780> you<00:22:43.020> know<00:22:43.080> all<00:22:43.200> marching<00:22:43.620> and<00:22:43.799> all<00:22:43.919> kind<00:22:44.159> of 00:22:44.210 --> 00:22:44.220 align:start position:0% um you know all marching and all kind of 00:22:44.220 --> 00:22:45.590 align:start position:0% um you know all marching and all kind of like<00:22:44.280> making<00:22:44.460> upgrades<00:22:44.940> and<00:22:45.059> doing<00:22:45.299> all<00:22:45.480> the 00:22:45.590 --> 00:22:45.600 align:start position:0% like making upgrades and doing all the 00:22:45.600 --> 00:22:47.510 align:start position:0% like making upgrades and doing all the things<00:22:45.720> if<00:22:46.260> I'm<00:22:46.440> a<00:22:46.620> validator<00:22:46.980> that<00:22:47.220> is<00:22:47.340> going 00:22:47.510 --> 00:22:47.520 align:start position:0% things if I'm a validator that is going 00:22:47.520 --> 00:22:49.310 align:start position:0% things if I'm a validator that is going to<00:22:47.580> be<00:22:47.640> using<00:22:48.000> all<00:22:48.480> of<00:22:48.539> your<00:22:48.659> softwares<00:22:49.140> right 00:22:49.310 --> 00:22:49.320 align:start position:0% to be using all of your softwares right 00:22:49.320 --> 00:22:51.890 align:start position:0% to be using all of your softwares right and<00:22:49.740> also<00:22:50.039> something<00:22:50.400> else<00:22:50.700> right<00:22:51.299> how<00:22:51.720> do<00:22:51.780> we 00:22:51.890 --> 00:22:51.900 align:start position:0% and also something else right how do we 00:22:51.900 --> 00:22:53.090 align:start position:0% and also something else right how do we make<00:22:52.020> sure<00:22:52.080> I<00:22:52.200> don't<00:22:52.320> get<00:22:52.440> slash<00:22:52.740> how<00:22:52.919> do<00:22:53.039> we 00:22:53.090 --> 00:22:53.100 align:start position:0% make sure I don't get slash how do we 00:22:53.100 --> 00:22:54.289 align:start position:0% make sure I don't get slash how do we make<00:22:53.220> sure<00:22:53.280> that<00:22:53.520> the<00:22:53.700> ethereum<00:22:54.120> network 00:22:54.289 --> 00:22:54.299 align:start position:0% make sure that the ethereum network 00:22:54.299 --> 00:22:55.549 align:start position:0% make sure that the ethereum network remains<00:22:54.720> performed<00:22:55.020> and<00:22:55.140> how<00:22:55.260> do<00:22:55.380> we<00:22:55.440> make 00:22:55.549 --> 00:22:55.559 align:start position:0% remains performed and how do we make 00:22:55.559 --> 00:22:57.529 align:start position:0% remains performed and how do we make sure<00:22:55.740> that<00:22:56.100> your<00:22:56.460> development<00:22:56.820> processes<00:22:57.299> or 00:22:57.529 --> 00:22:57.539 align:start position:0% sure that your development processes or 00:22:57.539 --> 00:23:00.230 align:start position:0% sure that your development processes or testing<00:22:57.960> or<00:22:58.140> whatnot<00:22:58.679> are<00:22:59.220> you<00:22:59.520> know<00:22:59.640> in<00:22:59.820> sync 00:23:00.230 --> 00:23:00.240 align:start position:0% testing or whatnot are you know in sync 00:23:00.240 --> 00:23:02.210 align:start position:0% testing or whatnot are you know in sync between<00:23:00.720> all<00:23:01.020> of<00:23:01.140> you<00:23:01.260> and<00:23:01.500> also<00:23:01.740> the<00:23:02.100> other 00:23:02.210 --> 00:23:02.220 align:start position:0% between all of you and also the other 00:23:02.220 --> 00:23:03.950 align:start position:0% between all of you and also the other clients<00:23:02.640> are<00:23:02.820> using<00:23:03.059> such<00:23:03.299> as<00:23:03.419> the<00:23:03.600> execution 00:23:03.950 --> 00:23:03.960 align:start position:0% clients are using such as the execution 00:23:03.960 --> 00:23:06.590 align:start position:0% clients are using such as the execution or<00:23:04.320> consensus<00:23:04.919> clients<00:23:05.280> so<00:23:05.880> it's<00:23:06.000> a<00:23:06.120> big<00:23:06.240> meaty 00:23:06.590 --> 00:23:06.600 align:start position:0% or consensus clients so it's a big meaty 00:23:06.600 --> 00:23:07.730 align:start position:0% or consensus clients so it's a big meaty topic 00:23:07.730 --> 00:23:07.740 align:start position:0% topic 00:23:07.740 --> 00:23:10.250 align:start position:0% topic who<00:23:08.280> wants<00:23:08.640> to<00:23:08.700> go<00:23:08.820> first 00:23:10.250 --> 00:23:10.260 align:start position:0% who wants to go first 00:23:10.260 --> 00:23:12.529 align:start position:0% who wants to go first um<00:23:10.380> I'll<00:23:10.679> start<00:23:10.860> with<00:23:11.220> uh<00:23:11.760> block<00:23:12.000> times<00:23:12.240> we 00:23:12.529 --> 00:23:12.539 align:start position:0% um I'll start with uh block times we 00:23:12.539 --> 00:23:14.270 align:start position:0% um I'll start with uh block times we talked<00:23:12.720> about<00:23:12.780> this<00:23:12.960> earlier<00:23:13.260> so<00:23:13.980> first<00:23:14.159> and 00:23:14.270 --> 00:23:14.280 align:start position:0% talked about this earlier so first and 00:23:14.280 --> 00:23:15.710 align:start position:0% talked about this earlier so first and foremost<00:23:14.580> like<00:23:14.820> long<00:23:15.059> block<00:23:15.299> times<00:23:15.539> in 00:23:15.710 --> 00:23:15.720 align:start position:0% foremost like long block times in 00:23:15.720 --> 00:23:17.390 align:start position:0% foremost like long block times in ethereum<00:23:16.140> are<00:23:16.260> super<00:23:16.500> important<00:23:16.919> for<00:23:17.220> all 00:23:17.390 --> 00:23:17.400 align:start position:0% ethereum are super important for all 00:23:17.400 --> 00:23:19.190 align:start position:0% ethereum are super important for all this<00:23:17.580> entire<00:23:17.880> middleware<00:23:18.299> Renaissance<00:23:18.900> is 00:23:19.190 --> 00:23:19.200 align:start position:0% this entire middleware Renaissance is 00:23:19.200 --> 00:23:21.110 align:start position:0% this entire middleware Renaissance is what<00:23:19.380> we're<00:23:19.500> calling<00:23:19.740> it<00:23:19.860> internally<00:23:20.280> you 00:23:21.110 --> 00:23:21.120 align:start position:0% what we're calling it internally you 00:23:21.120 --> 00:23:22.250 align:start position:0% what we're calling it internally you have<00:23:21.299> these<00:23:21.419> core<00:23:21.539> client<00:23:21.840> teams<00:23:22.080> they've 00:23:22.250 --> 00:23:22.260 align:start position:0% have these core client teams they've 00:23:22.260 --> 00:23:23.810 align:start position:0% have these core client teams they've been<00:23:22.380> built<00:23:22.500> up<00:23:22.559> over<00:23:22.740> time 00:23:23.810 --> 00:23:23.820 align:start position:0% been built up over time 00:23:23.820 --> 00:23:25.490 align:start position:0% been built up over time um<00:23:23.940> they're<00:23:24.120> funded<00:23:24.480> by<00:23:24.600> the<00:23:24.720> EF<00:23:25.020> it's<00:23:25.260> free 00:23:25.490 --> 00:23:25.500 align:start position:0% um they're funded by the EF it's free 00:23:25.500 --> 00:23:27.710 align:start position:0% um they're funded by the EF it's free software<00:23:25.860> it's<00:23:26.100> the<00:23:26.400> MVP<00:23:26.820> viable<00:23:27.299> way<00:23:27.539> that 00:23:27.710 --> 00:23:27.720 align:start position:0% software it's the MVP viable way that 00:23:27.720 --> 00:23:29.510 align:start position:0% software it's the MVP viable way that you<00:23:27.840> access<00:23:28.020> the<00:23:28.320> network<00:23:28.440> and<00:23:29.100> now<00:23:29.220> it's<00:23:29.340> time 00:23:29.510 --> 00:23:29.520 align:start position:0% you access the network and now it's time 00:23:29.520 --> 00:23:31.669 align:start position:0% you access the network and now it's time to<00:23:29.700> like<00:23:29.820> build<00:23:30.120> enhanced<00:23:30.720> functionality<00:23:31.200> on 00:23:31.669 --> 00:23:31.679 align:start position:0% to like build enhanced functionality on 00:23:31.679 --> 00:23:34.490 align:start position:0% to like build enhanced functionality on top<00:23:31.799> of<00:23:32.039> that<00:23:32.299> those<00:23:33.299> middlewares<00:23:33.960> must<00:23:34.320> be 00:23:34.490 --> 00:23:34.500 align:start position:0% top of that those middlewares must be 00:23:34.500 --> 00:23:36.409 align:start position:0% top of that those middlewares must be designed<00:23:35.100> and<00:23:35.460> a<00:23:35.580> credibly<00:23:35.880> neutral<00:23:36.179> manner 00:23:36.409 --> 00:23:36.419 align:start position:0% designed and a credibly neutral manner 00:23:36.419 --> 00:23:38.510 align:start position:0% designed and a credibly neutral manner they<00:23:36.659> must<00:23:36.780> be<00:23:36.900> designed<00:23:37.380> with<00:23:37.799> like<00:23:38.100> simple 00:23:38.510 --> 00:23:38.520 align:start position:0% they must be designed with like simple 00:23:38.520 --> 00:23:40.909 align:start position:0% they must be designed with like simple modes<00:23:38.940> of<00:23:39.059> failure<00:23:39.419> for<00:23:40.200> us<00:23:40.320> on<00:23:40.500> our<00:23:40.620> side<00:23:40.799> of 00:23:40.909 --> 00:23:40.919 align:start position:0% modes of failure for us on our side of 00:23:40.919 --> 00:23:42.230 align:start position:0% modes of failure for us on our side of the<00:23:40.980> equation<00:23:41.280> you<00:23:41.700> know<00:23:41.760> the<00:23:41.880> biggest<00:23:42.000> mode 00:23:42.230 --> 00:23:42.240 align:start position:0% the equation you know the biggest mode 00:23:42.240 --> 00:23:44.270 align:start position:0% the equation you know the biggest mode of<00:23:42.480> failure<00:23:42.780> well<00:23:43.500> first<00:23:43.679> of<00:23:43.799> all<00:23:43.860> like<00:23:44.039> what 00:23:44.270 --> 00:23:44.280 align:start position:0% of failure well first of all like what 00:23:44.280 --> 00:23:45.770 align:start position:0% of failure well first of all like what is<00:23:44.460> the<00:23:44.640> number<00:23:44.940> one<00:23:45.059> reason<00:23:45.240> why<00:23:45.419> everyone's 00:23:45.770 --> 00:23:45.780 align:start position:0% is the number one reason why everyone's 00:23:45.780 --> 00:23:47.510 align:start position:0% is the number one reason why everyone's been<00:23:45.900> slashed<00:23:46.200> to<00:23:46.320> date<00:23:46.440> in<00:23:46.620> the<00:23:46.740> network<00:23:46.860> uh 00:23:47.510 --> 00:23:47.520 align:start position:0% been slashed to date in the network uh 00:23:47.520 --> 00:23:48.830 align:start position:0% been slashed to date in the network uh it's<00:23:47.760> because<00:23:47.880> everyone's<00:23:48.299> been<00:23:48.419> running<00:23:48.600> a 00:23:48.830 --> 00:23:48.840 align:start position:0% it's because everyone's been running a 00:23:48.840 --> 00:23:50.270 align:start position:0% it's because everyone's been running a configuration<00:23:49.320> called<00:23:49.559> active<00:23:49.980> passive 00:23:50.270 --> 00:23:50.280 align:start position:0% configuration called active passive 00:23:50.280 --> 00:23:52.970 align:start position:0% configuration called active passive redundancy<00:23:50.880> it<00:23:51.600> means<00:23:51.960> to<00:23:52.260> get<00:23:52.799> more 00:23:52.970 --> 00:23:52.980 align:start position:0% redundancy it means to get more 00:23:52.980 --> 00:23:55.669 align:start position:0% redundancy it means to get more Effectiveness<00:23:53.460> or<00:23:53.640> more<00:23:53.820> uptime<00:23:54.179> you<00:23:55.140> run<00:23:55.320> the 00:23:55.669 --> 00:23:55.679 align:start position:0% Effectiveness or more uptime you run the 00:23:55.679 --> 00:23:57.890 align:start position:0% Effectiveness or more uptime you run the same<00:23:55.799> key<00:23:56.100> in<00:23:56.400> two<00:23:56.580> places<00:23:56.820> one<00:23:57.240> is<00:23:57.419> online<00:23:57.600> one 00:23:57.890 --> 00:23:57.900 align:start position:0% same key in two places one is online one 00:23:57.900 --> 00:23:59.810 align:start position:0% same key in two places one is online one is<00:23:58.020> offline<00:23:58.320> this<00:23:58.679> can<00:23:58.919> result<00:23:59.100> in<00:23:59.340> like<00:23:59.520> lots 00:23:59.810 --> 00:23:59.820 align:start position:0% is offline this can result in like lots 00:23:59.820 --> 00:24:02.750 align:start position:0% is offline this can result in like lots of<00:23:59.880> false<00:24:00.120> positives<00:24:00.980> so<00:24:01.980> you<00:24:02.220> can't<00:24:02.340> have<00:24:02.520> a 00:24:02.750 --> 00:24:02.760 align:start position:0% of false positives so you can't have a 00:24:02.760 --> 00:24:04.850 align:start position:0% of false positives so you can't have a highly<00:24:03.000> available<00:24:03.179> validator<00:24:03.900> without<00:24:04.320> DDT 00:24:04.850 --> 00:24:04.860 align:start position:0% highly available validator without DDT 00:24:04.860 --> 00:24:07.430 align:start position:0% highly available validator without DDT basically<00:24:05.360> so<00:24:06.360> first<00:24:06.539> and<00:24:06.720> foremost<00:24:06.960> DBT 00:24:07.430 --> 00:24:07.440 align:start position:0% basically so first and foremost DBT 00:24:07.440 --> 00:24:08.990 align:start position:0% basically so first and foremost DBT addresses<00:24:07.799> the<00:24:08.039> number<00:24:08.159> one<00:24:08.280> slashable<00:24:08.700> event 00:24:08.990 --> 00:24:09.000 align:start position:0% addresses the number one slashable event 00:24:09.000 --> 00:24:11.690 align:start position:0% addresses the number one slashable event in<00:24:09.179> the<00:24:09.240> network<00:24:09.419> to<00:24:09.840> date<00:24:10.100> by<00:24:11.100> being<00:24:11.340> able<00:24:11.580> to 00:24:11.690 --> 00:24:11.700 align:start position:0% in the network to date by being able to 00:24:11.700 --> 00:24:13.789 align:start position:0% in the network to date by being able to give<00:24:11.880> you<00:24:12.000> more<00:24:12.539> availability 00:24:13.789 --> 00:24:13.799 align:start position:0% give you more availability 00:24:13.799 --> 00:24:16.190 align:start position:0% give you more availability so<00:24:14.220> when<00:24:14.460> designing<00:24:14.820> the<00:24:14.940> middleware<00:24:15.360> modes 00:24:16.190 --> 00:24:16.200 align:start position:0% so when designing the middleware modes 00:24:16.200 --> 00:24:18.529 align:start position:0% so when designing the middleware modes of<00:24:16.320> failure<00:24:16.620> for<00:24:16.740> us<00:24:16.860> today<00:24:17.039> are<00:24:17.580> missing<00:24:18.059> you 00:24:18.529 --> 00:24:18.539 align:start position:0% of failure for us today are missing you 00:24:18.539 --> 00:24:20.990 align:start position:0% of failure for us today are missing you know<00:24:18.659> just<00:24:19.020> miss<00:24:19.200> your<00:24:19.440> duties<00:24:19.799> and<00:24:20.700> then<00:24:20.820> you 00:24:20.990 --> 00:24:21.000 align:start position:0% know just miss your duties and then you 00:24:21.000 --> 00:24:22.190 align:start position:0% know just miss your duties and then you take<00:24:21.120> your<00:24:21.360> time<00:24:21.480> and<00:24:21.780> you<00:24:21.900> bring<00:24:22.020> your 00:24:22.190 --> 00:24:22.200 align:start position:0% take your time and you bring your 00:24:22.200 --> 00:24:24.409 align:start position:0% take your time and you bring your machine<00:24:22.380> back<00:24:22.679> online<00:24:22.919> and<00:24:23.820> that<00:24:24.000> really<00:24:24.179> only 00:24:24.409 --> 00:24:24.419 align:start position:0% machine back online and that really only 00:24:24.419 --> 00:24:26.810 align:start position:0% machine back online and that really only happens<00:24:24.659> if<00:24:25.080> if<00:24:25.260> you<00:24:25.440> leave<00:24:25.620> if<00:24:25.980> you<00:24:26.100> lose<00:24:26.280> more 00:24:26.810 --> 00:24:26.820 align:start position:0% happens if if you leave if you lose more 00:24:26.820 --> 00:24:29.390 align:start position:0% happens if if you leave if you lose more than<00:24:27.059> 33<00:24:27.600> of<00:24:28.380> the<00:24:28.500> nodes<00:24:28.740> in<00:24:28.919> your<00:24:29.039> cluster 00:24:29.390 --> 00:24:29.400 align:start position:0% than 33 of the nodes in your cluster 00:24:29.400 --> 00:24:31.490 align:start position:0% than 33 of the nodes in your cluster right<00:24:29.580> so<00:24:30.120> we're<00:24:30.360> talking<00:24:30.539> seven<00:24:30.900> of<00:24:31.140> ten 00:24:31.490 --> 00:24:31.500 align:start position:0% right so we're talking seven of ten 00:24:31.500 --> 00:24:34.010 align:start position:0% right so we're talking seven of ten we're<00:24:32.340> talking<00:24:32.520> three<00:24:32.820> of<00:24:33.059> four<00:24:33.240> uh<00:24:33.900> in 00:24:34.010 --> 00:24:34.020 align:start position:0% we're talking three of four uh in 00:24:34.020 --> 00:24:36.470 align:start position:0% we're talking three of four uh in different<00:24:34.200> combinations<00:24:34.679> like<00:24:34.980> this 00:24:36.470 --> 00:24:36.480 align:start position:0% different combinations like this 00:24:36.480 --> 00:24:37.669 align:start position:0% different combinations like this um<00:24:36.600> we'll<00:24:36.780> be<00:24:37.020> getting<00:24:37.080> a<00:24:37.260> talk<00:24:37.380> tomorrow 00:24:37.669 --> 00:24:37.679 align:start position:0% um we'll be getting a talk tomorrow 00:24:37.679 --> 00:24:39.350 align:start position:0% um we'll be getting a talk tomorrow ocean<00:24:38.100> and<00:24:38.520> I 00:24:39.350 --> 00:24:39.360 align:start position:0% ocean and I 00:24:39.360 --> 00:24:42.230 align:start position:0% ocean and I um<00:24:39.480> around<00:24:39.960> how<00:24:40.500> to<00:24:40.620> design<00:24:40.860> DVT<00:24:41.580> at<00:24:41.880> scale 00:24:42.230 --> 00:24:42.240 align:start position:0% um around how to design DVT at scale 00:24:42.240 --> 00:24:44.510 align:start position:0% um around how to design DVT at scale while<00:24:42.600> not<00:24:42.780> increasing<00:24:43.200> correlation<00:24:43.679> so 00:24:44.510 --> 00:24:44.520 align:start position:0% while not increasing correlation so 00:24:44.520 --> 00:24:46.310 align:start position:0% while not increasing correlation so today<00:24:44.700> now<00:24:44.940> where<00:24:45.179> we're<00:24:45.299> at<00:24:45.360> with<00:24:45.539> DVT<00:24:46.020> is 00:24:46.310 --> 00:24:46.320 align:start position:0% today now where we're at with DVT is 00:24:46.320 --> 00:24:48.350 align:start position:0% today now where we're at with DVT is like<00:24:46.620> correlated<00:24:47.460> slashing<00:24:47.940> is<00:24:48.059> one<00:24:48.240> of<00:24:48.299> the 00:24:48.350 --> 00:24:48.360 align:start position:0% like correlated slashing is one of the 00:24:48.360 --> 00:24:49.310 align:start position:0% like correlated slashing is one of the worst<00:24:48.480> things<00:24:48.659> that<00:24:48.780> can<00:24:48.900> happen<00:24:49.020> in<00:24:49.200> the 00:24:49.310 --> 00:24:49.320 align:start position:0% worst things that can happen in the 00:24:49.320 --> 00:24:51.230 align:start position:0% worst things that can happen in the network<00:24:49.440> we<00:24:49.799> try<00:24:49.919> to<00:24:50.039> like<00:24:50.159> avoid<00:24:50.520> that<00:24:50.880> at<00:24:51.059> all 00:24:51.230 --> 00:24:51.240 align:start position:0% network we try to like avoid that at all 00:24:51.240 --> 00:24:54.890 align:start position:0% network we try to like avoid that at all costs<00:24:52.039> we<00:24:53.039> believe<00:24:53.220> that 00:24:54.890 --> 00:24:54.900 align:start position:0% costs we believe that 00:24:54.900 --> 00:24:57.409 align:start position:0% costs we believe that um<00:24:54.960> liquid<00:24:55.740> staking<00:24:56.039> pools<00:24:56.460> in<00:24:56.520> DVT<00:24:56.940> will<00:24:57.240> like 00:24:57.409 --> 00:24:57.419 align:start position:0% um liquid staking pools in DVT will like 00:24:57.419 --> 00:25:01.130 align:start position:0% um liquid staking pools in DVT will like rain<00:24:57.919> predominant<00:24:58.919> inside<00:24:59.640> of<00:24:59.940> these<00:25:00.179> so<00:25:00.720> it's 00:25:01.130 --> 00:25:01.140 align:start position:0% rain predominant inside of these so it's 00:25:01.140 --> 00:25:02.870 align:start position:0% rain predominant inside of these so it's our<00:25:01.380> duty<00:25:01.740> and<00:25:01.860> responsibility<00:25:02.340> to<00:25:02.640> make<00:25:02.760> sure 00:25:02.870 --> 00:25:02.880 align:start position:0% our duty and responsibility to make sure 00:25:02.880 --> 00:25:04.190 align:start position:0% our duty and responsibility to make sure that<00:25:03.059> it's<00:25:03.240> designed<00:25:03.539> in<00:25:03.659> a<00:25:03.840> manner<00:25:04.020> that 00:25:04.190 --> 00:25:04.200 align:start position:0% that it's designed in a manner that 00:25:04.200 --> 00:25:06.289 align:start position:0% that it's designed in a manner that doesn't<00:25:04.320> increase<00:25:04.740> correlation<00:25:05.400> because<00:25:06.000> the 00:25:06.289 --> 00:25:06.299 align:start position:0% doesn't increase correlation because the 00:25:06.299 --> 00:25:08.029 align:start position:0% doesn't increase correlation because the worst<00:25:06.480> thing<00:25:06.600> that<00:25:06.720> can<00:25:06.900> happen<00:25:07.080> is<00:25:07.500> a 00:25:08.029 --> 00:25:08.039 align:start position:0% worst thing that can happen is a 00:25:08.039 --> 00:25:09.649 align:start position:0% worst thing that can happen is a correlated<00:25:08.520> slashing<00:25:08.940> event<00:25:09.059> takes<00:25:09.480> place 00:25:09.649 --> 00:25:09.659 align:start position:0% correlated slashing event takes place 00:25:09.659 --> 00:25:11.990 align:start position:0% correlated slashing event takes place across<00:25:10.320> 80<00:25:10.980> of<00:25:11.340> the<00:25:11.400> network<00:25:11.580> who's<00:25:11.760> running 00:25:11.990 --> 00:25:12.000 align:start position:0% across 80 of the network who's running 00:25:12.000 --> 00:25:13.570 align:start position:0% across 80 of the network who's running the<00:25:12.240> same<00:25:12.360> middleware 00:25:13.570 --> 00:25:13.580 align:start position:0% the same middleware 00:25:13.580 --> 00:25:16.730 align:start position:0% the same middleware Obel<00:25:14.580> is<00:25:14.820> a<00:25:15.179> security<00:25:15.360> middleware<00:25:16.020> right<00:25:16.380> it's 00:25:16.730 --> 00:25:16.740 align:start position:0% Obel is a security middleware right it's 00:25:16.740 --> 00:25:18.770 align:start position:0% Obel is a security middleware right it's it's<00:25:17.039> different<00:25:17.340> than<00:25:17.640> Med<00:25:17.880> boost<00:25:18.299> where<00:25:18.600> you 00:25:18.770 --> 00:25:18.780 align:start position:0% it's different than Med boost where you 00:25:18.780 --> 00:25:21.710 align:start position:0% it's different than Med boost where you use<00:25:18.900> Mev<00:25:19.320> boost<00:25:19.500> to<00:25:19.740> get<00:25:19.860> more<00:25:20.100> with<00:25:21.000> obelo<00:25:21.539> you 00:25:21.710 --> 00:25:21.720 align:start position:0% use Mev boost to get more with obelo you 00:25:21.720 --> 00:25:24.950 align:start position:0% use Mev boost to get more with obelo you use<00:25:21.900> it<00:25:22.260> to<00:25:22.559> protect<00:25:22.919> yourself<00:25:23.659> which<00:25:24.659> in 00:25:24.950 --> 00:25:24.960 align:start position:0% use it to protect yourself which in 00:25:24.960 --> 00:25:27.289 align:start position:0% use it to protect yourself which in theory<00:25:25.380> will<00:25:25.679> probably<00:25:25.860> earn<00:25:26.340> you<00:25:26.460> more<00:25:26.640> as 00:25:27.289 --> 00:25:27.299 align:start position:0% theory will probably earn you more as 00:25:27.299 --> 00:25:28.730 align:start position:0% theory will probably earn you more as well 00:25:28.730 --> 00:25:28.740 align:start position:0% well 00:25:28.740 --> 00:25:30.289 align:start position:0% well um<00:25:28.799> so<00:25:29.159> today<00:25:29.400> when<00:25:29.640> it<00:25:29.760> comes<00:25:29.880> to<00:25:29.940> correlation 00:25:30.289 --> 00:25:30.299 align:start position:0% um so today when it comes to correlation 00:25:30.299 --> 00:25:32.210 align:start position:0% um so today when it comes to correlation that's<00:25:30.539> our<00:25:30.720> biggest<00:25:30.840> focus<00:25:31.200> on<00:25:31.440> testing<00:25:31.740> we 00:25:32.210 --> 00:25:32.220 align:start position:0% that's our biggest focus on testing we 00:25:32.220 --> 00:25:34.430 align:start position:0% that's our biggest focus on testing we think<00:25:32.400> it's<00:25:32.520> probably<00:25:32.700> the<00:25:33.000> biggest<00:25:33.320> risk<00:25:34.320> of 00:25:34.430 --> 00:25:34.440 align:start position:0% think it's probably the biggest risk of 00:25:34.440 --> 00:25:35.930 align:start position:0% think it's probably the biggest risk of the<00:25:34.620> whole<00:25:34.799> future<00:25:34.980> of<00:25:35.279> staking<00:25:35.520> is<00:25:35.760> making 00:25:35.930 --> 00:25:35.940 align:start position:0% the whole future of staking is making 00:25:35.940 --> 00:25:37.310 align:start position:0% the whole future of staking is making sure<00:25:36.059> that<00:25:36.240> correlated<00:25:36.659> slashing<00:25:37.080> events 00:25:37.310 --> 00:25:37.320 align:start position:0% sure that correlated slashing events 00:25:37.320 --> 00:25:38.930 align:start position:0% sure that correlated slashing events don't<00:25:37.440> take<00:25:37.679> place 00:25:38.930 --> 00:25:38.940 align:start position:0% don't take place 00:25:38.940 --> 00:25:40.250 align:start position:0% don't take place um<00:25:39.000> and<00:25:39.179> yeah<00:25:39.299> that's<00:25:39.480> where<00:25:39.659> we're<00:25:39.779> at 00:25:40.250 --> 00:25:40.260 align:start position:0% um and yeah that's where we're at 00:25:40.260 --> 00:25:42.769 align:start position:0% um and yeah that's where we're at awesome 00:25:42.769 --> 00:25:42.779 align:start position:0% 00:25:42.779 --> 00:25:44.690 align:start position:0% what's<00:25:43.200> the<00:25:43.500> biggest<00:25:43.620> risk<00:25:44.039> of<00:25:44.159> using<00:25:44.400> eigen 00:25:44.690 --> 00:25:44.700 align:start position:0% what's the biggest risk of using eigen 00:25:44.700 --> 00:25:47.110 align:start position:0% what's the biggest risk of using eigen layer<00:25:45.000> there<00:25:45.659> are<00:25:45.840> many<00:25:45.960> risks 00:25:47.110 --> 00:25:47.120 align:start position:0% layer there are many risks 00:25:47.120 --> 00:25:51.370 align:start position:0% layer there are many risks but<00:25:48.120> as<00:25:48.539> many<00:25:48.659> as<00:25:48.840> things<00:25:49.200> it<00:25:49.380> fixes<00:25:49.679> there 00:25:51.370 --> 00:25:51.380 align:start position:0% but as many as things it fixes there 00:25:51.380 --> 00:25:53.210 align:start position:0% but as many as things it fixes there we've<00:25:52.380> tried 00:25:53.210 --> 00:25:53.220 align:start position:0% we've tried 00:25:53.220 --> 00:25:53.990 align:start position:0% we've tried um 00:25:53.990 --> 00:25:54.000 align:start position:0% um 00:25:54.000 --> 00:25:55.190 align:start position:0% um so 00:25:55.190 --> 00:25:55.200 align:start position:0% so 00:25:55.200 --> 00:25:57.470 align:start position:0% so there<00:25:55.860> are<00:25:55.919> really<00:25:56.039> two<00:25:56.279> kinds<00:25:56.640> of<00:25:56.760> uh<00:25:57.240> major 00:25:57.470 --> 00:25:57.480 align:start position:0% there are really two kinds of uh major 00:25:57.480 --> 00:26:00.769 align:start position:0% there are really two kinds of uh major failure<00:25:57.960> modes<00:25:58.679> one<00:25:59.400> is<00:25:59.640> you<00:26:00.120> know<00:26:00.179> you<00:26:00.480> get<00:26:00.600> a 00:26:00.769 --> 00:26:00.779 align:start position:0% failure modes one is you know you get a 00:26:00.779 --> 00:26:03.590 align:start position:0% failure modes one is you know you get a whole<00:26:00.900> bunch<00:26:01.140> of<00:26:01.640> stakers<00:26:02.640> collude 00:26:03.590 --> 00:26:03.600 align:start position:0% whole bunch of stakers collude 00:26:03.600 --> 00:26:05.810 align:start position:0% whole bunch of stakers collude and<00:26:04.260> they're<00:26:04.500> not<00:26:04.740> only<00:26:04.919> attacking<00:26:05.520> the<00:26:05.700> core 00:26:05.810 --> 00:26:05.820 align:start position:0% and they're not only attacking the core 00:26:05.820 --> 00:26:07.850 align:start position:0% and they're not only attacking the core protocol<00:26:06.240> but<00:26:06.600> also<00:26:06.900> attacking<00:26:07.320> all<00:26:07.559> these 00:26:07.850 --> 00:26:07.860 align:start position:0% protocol but also attacking all these 00:26:07.860 --> 00:26:10.789 align:start position:0% protocol but also attacking all these other<00:26:08.039> services<00:26:08.480> so<00:26:09.480> the<00:26:09.840> potential<00:26:10.320> profit 00:26:10.789 --> 00:26:10.799 align:start position:0% other services so the potential profit 00:26:10.799 --> 00:26:12.649 align:start position:0% other services so the potential profit from<00:26:11.100> actually<00:26:11.340> your<00:26:11.640> attack<00:26:11.880> has<00:26:12.240> increased 00:26:12.649 --> 00:26:12.659 align:start position:0% from actually your attack has increased 00:26:12.659 --> 00:26:15.110 align:start position:0% from actually your attack has increased because<00:26:12.900> you<00:26:13.320> have<00:26:13.500> a<00:26:13.919> much<00:26:14.159> higher<00:26:14.520> exposure 00:26:15.110 --> 00:26:15.120 align:start position:0% because you have a much higher exposure 00:26:15.120 --> 00:26:16.669 align:start position:0% because you have a much higher exposure that's<00:26:15.659> number<00:26:15.960> one 00:26:16.669 --> 00:26:16.679 align:start position:0% that's number one 00:26:16.679 --> 00:26:19.909 align:start position:0% that's number one I<00:26:17.159> think<00:26:17.340> this<00:26:17.820> is<00:26:18.539> uh<00:26:19.140> even<00:26:19.320> though<00:26:19.500> this<00:26:19.799> is 00:26:19.909 --> 00:26:19.919 align:start position:0% I think this is uh even though this is 00:26:19.919 --> 00:26:22.130 align:start position:0% I think this is uh even though this is somewhat<00:26:20.580> significant<00:26:21.059> I<00:26:21.480> think<00:26:21.600> it<00:26:21.840> can<00:26:21.960> be 00:26:22.130 --> 00:26:22.140 align:start position:0% somewhat significant I think it can be 00:26:22.140 --> 00:26:26.390 align:start position:0% somewhat significant I think it can be addressed<00:26:22.679> uh<00:26:23.159> quite<00:26:23.700> uh<00:26:24.419> quite<00:26:25.320> well<00:26:25.440> and<00:26:26.159> the 00:26:26.390 --> 00:26:26.400 align:start position:0% addressed uh quite uh quite well and the 00:26:26.400 --> 00:26:28.669 align:start position:0% addressed uh quite uh quite well and the basic<00:26:26.840> Paradigm<00:26:27.840> for<00:26:27.960> why<00:26:28.140> this<00:26:28.380> can<00:26:28.559> be 00:26:28.669 --> 00:26:28.679 align:start position:0% basic Paradigm for why this can be 00:26:28.679 --> 00:26:31.250 align:start position:0% basic Paradigm for why this can be addressed<00:26:28.919> well<00:26:29.279> is<00:26:29.820> we<00:26:30.539> have<00:26:30.720> to<00:26:30.840> compare 00:26:31.250 --> 00:26:31.260 align:start position:0% addressed well is we have to compare 00:26:31.260 --> 00:26:33.710 align:start position:0% addressed well is we have to compare existing<00:26:31.980> systems<00:26:32.520> to<00:26:32.940> this<00:26:33.179> new<00:26:33.419> upgrade 00:26:33.710 --> 00:26:33.720 align:start position:0% existing systems to this new upgrade 00:26:33.720 --> 00:26:36.049 align:start position:0% existing systems to this new upgrade using<00:26:34.080> eigen<00:26:34.500> layer<00:26:34.679> imagine<00:26:35.340> you're<00:26:35.760> running 00:26:36.049 --> 00:26:36.059 align:start position:0% using eigen layer imagine you're running 00:26:36.059 --> 00:26:37.010 align:start position:0% using eigen layer imagine you're running a 00:26:37.010 --> 00:26:37.020 align:start position:0% a 00:26:37.020 --> 00:26:39.890 align:start position:0% a uh<00:26:37.799> a<00:26:38.220> whole<00:26:38.520> bunch<00:26:38.880> of<00:26:38.940> dabs<00:26:39.360> and<00:26:39.539> all<00:26:39.659> of<00:26:39.779> them 00:26:39.890 --> 00:26:39.900 align:start position:0% uh a whole bunch of dabs and all of them 00:26:39.900 --> 00:26:42.230 align:start position:0% uh a whole bunch of dabs and all of them depend<00:26:40.320> not<00:26:40.559> only<00:26:40.679> on<00:26:40.919> ethereum<00:26:41.400> for<00:26:41.880> service 00:26:42.230 --> 00:26:42.240 align:start position:0% depend not only on ethereum for service 00:26:42.240 --> 00:26:45.169 align:start position:0% depend not only on ethereum for service but<00:26:42.659> also<00:26:42.900> they<00:26:43.020> depend<00:26:43.320> on<00:26:43.500> some<00:26:43.799> Oracle<00:26:44.340> uh 00:26:45.169 --> 00:26:45.179 align:start position:0% but also they depend on some Oracle uh 00:26:45.179 --> 00:26:46.970 align:start position:0% but also they depend on some Oracle uh bridging<00:26:45.600> service<00:26:45.779> and<00:26:46.320> a<00:26:46.440> few<00:26:46.559> other<00:26:46.740> things 00:26:46.970 --> 00:26:46.980 align:start position:0% bridging service and a few other things 00:26:46.980 --> 00:26:48.529 align:start position:0% bridging service and a few other things that's<00:26:47.279> exactly<00:26:47.580> how<00:26:47.760> the<00:26:47.880> ecosystem<00:26:48.299> is 00:26:48.529 --> 00:26:48.539 align:start position:0% that's exactly how the ecosystem is 00:26:48.539 --> 00:26:50.990 align:start position:0% that's exactly how the ecosystem is today<00:26:48.740> and<00:26:49.740> even<00:26:50.039> though<00:26:50.220> ethereum<00:26:50.700> is<00:26:50.880> giving 00:26:50.990 --> 00:26:51.000 align:start position:0% today and even though ethereum is giving 00:26:51.000 --> 00:26:53.210 align:start position:0% today and even though ethereum is giving you<00:26:51.240> very<00:26:51.480> strong<00:26:51.720> security<00:26:52.020> guarantees<00:26:52.799> in 00:26:53.210 --> 00:26:53.220 align:start position:0% you very strong security guarantees in 00:26:53.220 --> 00:26:55.970 align:start position:0% you very strong security guarantees in terms<00:26:53.460> of<00:26:53.700> the<00:26:54.240> economic<00:26:54.659> security<00:26:54.860> you<00:26:55.860> have 00:26:55.970 --> 00:26:55.980 align:start position:0% terms of the economic security you have 00:26:55.980 --> 00:26:57.710 align:start position:0% terms of the economic security you have all<00:26:56.279> these<00:26:56.520> other<00:26:56.640> dependencies<00:26:57.240> which<00:26:57.480> do 00:26:57.710 --> 00:26:57.720 align:start position:0% all these other dependencies which do 00:26:57.720 --> 00:27:00.350 align:start position:0% all these other dependencies which do not<00:26:57.900> have<00:26:58.200> uh<00:26:58.620> you<00:26:58.860> know<00:26:58.980> the<00:26:59.520> same<00:26:59.760> same<00:27:00.059> level 00:27:00.350 --> 00:27:00.360 align:start position:0% not have uh you know the same same level 00:27:00.360 --> 00:27:02.090 align:start position:0% not have uh you know the same same level of<00:27:00.600> Economic<00:27:01.020> Security<00:27:01.200> or<00:27:01.500> decentralization 00:27:02.090 --> 00:27:02.100 align:start position:0% of Economic Security or decentralization 00:27:02.100 --> 00:27:04.970 align:start position:0% of Economic Security or decentralization built<00:27:02.580> in<00:27:02.640> and<00:27:03.480> you're<00:27:03.720> only<00:27:04.020> as<00:27:04.380> safe<00:27:04.620> the 00:27:04.970 --> 00:27:04.980 align:start position:0% built in and you're only as safe the 00:27:04.980 --> 00:27:06.950 align:start position:0% built in and you're only as safe the daps<00:27:05.400> are<00:27:05.460> only<00:27:05.580> as<00:27:05.880> safe<00:27:06.059> as<00:27:06.360> the<00:27:06.600> weakest 00:27:06.950 --> 00:27:06.960 align:start position:0% daps are only as safe as the weakest 00:27:06.960 --> 00:27:07.730 align:start position:0% daps are only as safe as the weakest link 00:27:07.730 --> 00:27:07.740 align:start position:0% link 00:27:07.740 --> 00:27:11.810 align:start position:0% link and<00:27:08.640> by<00:27:09.360> restaking<00:27:10.260> the<00:27:10.679> yeast<00:27:10.980> takers<00:27:11.400> for 00:27:11.810 --> 00:27:11.820 align:start position:0% and by restaking the yeast takers for 00:27:11.820 --> 00:27:13.010 align:start position:0% and by restaking the yeast takers for example<00:27:12.000> if<00:27:12.179> you<00:27:12.419> know<00:27:12.480> just<00:27:12.600> to<00:27:12.720> give<00:27:12.900> some 00:27:13.010 --> 00:27:13.020 align:start position:0% example if you know just to give some 00:27:13.020 --> 00:27:14.750 align:start position:0% example if you know just to give some numbers<00:27:13.260> if<00:27:13.559> there's<00:27:13.740> 20<00:27:13.980> billion<00:27:14.340> at<00:27:14.520> stake 00:27:14.750 --> 00:27:14.760 align:start position:0% numbers if there's 20 billion at stake 00:27:14.760 --> 00:27:16.370 align:start position:0% numbers if there's 20 billion at stake in<00:27:14.880> eat<00:27:15.120> but<00:27:15.419> like<00:27:15.600> there's<00:27:15.779> no<00:27:16.020> there<00:27:16.260> are 00:27:16.370 --> 00:27:16.380 align:start position:0% in eat but like there's no there are 00:27:16.380 --> 00:27:17.930 align:start position:0% in eat but like there's no there are three<00:27:16.440> middle<00:27:16.620> byes<00:27:17.039> each<00:27:17.100> of<00:27:17.220> them<00:27:17.340> have<00:27:17.640> like 00:27:17.930 --> 00:27:17.940 align:start position:0% three middle byes each of them have like 00:27:17.940 --> 00:27:20.630 align:start position:0% three middle byes each of them have like one<00:27:18.360> billion<00:27:18.659> at<00:27:18.900> stake<00:27:19.200> you<00:27:19.740> just<00:27:19.919> attack<00:27:20.340> the 00:27:20.630 --> 00:27:20.640 align:start position:0% one billion at stake you just attack the 00:27:20.640 --> 00:27:21.830 align:start position:0% one billion at stake you just attack the weakest<00:27:20.940> pool<00:27:21.179> and<00:27:21.419> you<00:27:21.600> can<00:27:21.720> actually 00:27:21.830 --> 00:27:21.840 align:start position:0% weakest pool and you can actually 00:27:21.840 --> 00:27:23.510 align:start position:0% weakest pool and you can actually potentially<00:27:22.320> completely<00:27:22.679> corrupt<00:27:23.159> all<00:27:23.400> the 00:27:23.510 --> 00:27:23.520 align:start position:0% potentially completely corrupt all the 00:27:23.520 --> 00:27:25.669 align:start position:0% potentially completely corrupt all the inputs<00:27:24.360> and 00:27:25.669 --> 00:27:25.679 align:start position:0% inputs and 00:27:25.679 --> 00:27:28.730 align:start position:0% inputs and the<00:27:26.340> alternative<00:27:26.940> universe<00:27:27.539> is<00:27:27.779> where<00:27:28.260> uh 00:27:28.730 --> 00:27:28.740 align:start position:0% the alternative universe is where uh 00:27:28.740 --> 00:27:31.370 align:start position:0% the alternative universe is where uh each<00:27:28.980> takers<00:27:29.520> all<00:27:30.000> opt-in<00:27:30.480> to<00:27:30.720> provide<00:27:31.080> these 00:27:31.370 --> 00:27:31.380 align:start position:0% each takers all opt-in to provide these 00:27:31.380 --> 00:27:32.990 align:start position:0% each takers all opt-in to provide these Services<00:27:31.559> especially<00:27:32.460> if<00:27:32.640> these<00:27:32.820> services 00:27:32.990 --> 00:27:33.000 align:start position:0% Services especially if these services 00:27:33.000 --> 00:27:35.450 align:start position:0% Services especially if these services are<00:27:33.419> lightweight<00:27:33.960> or<00:27:34.200> scaled<00:27:34.799> horizontally 00:27:35.450 --> 00:27:35.460 align:start position:0% are lightweight or scaled horizontally 00:27:35.460 --> 00:27:37.370 align:start position:0% are lightweight or scaled horizontally then<00:27:36.179> it's<00:27:36.419> possible<00:27:36.720> that<00:27:37.020> a<00:27:37.140> lot<00:27:37.200> of<00:27:37.260> heat 00:27:37.370 --> 00:27:37.380 align:start position:0% then it's possible that a lot of heat 00:27:37.380 --> 00:27:39.350 align:start position:0% then it's possible that a lot of heat sakers<00:27:37.860> will<00:27:37.980> opt<00:27:38.159> in<00:27:38.400> and<00:27:38.820> when<00:27:39.000> you<00:27:39.120> have<00:27:39.240> a 00:27:39.350 --> 00:27:39.360 align:start position:0% sakers will opt in and when you have a 00:27:39.360 --> 00:27:41.149 align:start position:0% sakers will opt in and when you have a lot<00:27:39.419> of<00:27:39.419> each<00:27:39.600> takers<00:27:40.020> opting<00:27:40.260> in<00:27:40.500> you<00:27:40.919> are 00:27:41.149 --> 00:27:41.159 align:start position:0% lot of each takers opting in you are 00:27:41.159 --> 00:27:43.370 align:start position:0% lot of each takers opting in you are essentially<00:27:41.580> to<00:27:42.059> corrupt<00:27:42.539> any<00:27:42.840> one<00:27:43.080> service 00:27:43.370 --> 00:27:43.380 align:start position:0% essentially to corrupt any one service 00:27:43.380 --> 00:27:45.769 align:start position:0% essentially to corrupt any one service to<00:27:43.980> corrupt<00:27:44.340> any<00:27:44.580> one<00:27:44.760> dab<00:27:45.179> you<00:27:45.600> have<00:27:45.659> to 00:27:45.769 --> 00:27:45.779 align:start position:0% to corrupt any one dab you have to 00:27:45.779 --> 00:27:47.450 align:start position:0% to corrupt any one dab you have to corrupt<00:27:46.140> a<00:27:46.260> majority<00:27:46.620> of<00:27:46.679> the<00:27:46.860> each<00:27:46.980> stickers 00:27:47.450 --> 00:27:47.460 align:start position:0% corrupt a majority of the each stickers 00:27:47.460 --> 00:27:49.370 align:start position:0% corrupt a majority of the each stickers and<00:27:48.360> they<00:27:48.600> are<00:27:48.720> putting<00:27:48.960> themselves<00:27:49.260> at 00:27:49.370 --> 00:27:49.380 align:start position:0% and they are putting themselves at 00:27:49.380 --> 00:27:52.130 align:start position:0% and they are putting themselves at slashing<00:27:49.799> risk<00:27:50.159> at<00:27:51.000> some<00:27:51.120> point<00:27:51.360> this<00:27:51.779> becomes 00:27:52.130 --> 00:27:52.140 align:start position:0% slashing risk at some point this becomes 00:27:52.140 --> 00:27:53.810 align:start position:0% slashing risk at some point this becomes infeasible<00:27:52.799> there<00:27:53.039> is<00:27:53.159> a<00:27:53.279> hardening<00:27:53.700> of 00:27:53.810 --> 00:27:53.820 align:start position:0% infeasible there is a hardening of 00:27:53.820 --> 00:27:56.330 align:start position:0% infeasible there is a hardening of security<00:27:54.059> you<00:27:54.900> want<00:27:55.020> to<00:27:55.140> take<00:27:55.260> 20<00:27:55.500> billion<00:27:55.860> of 00:27:56.330 --> 00:27:56.340 align:start position:0% security you want to take 20 billion of 00:27:56.340 --> 00:27:59.210 align:start position:0% security you want to take 20 billion of a<00:27:56.520> flash<00:27:56.640> loan<00:27:57.000> and<00:27:57.240> go<00:27:57.480> and<00:27:57.659> you<00:27:58.020> know<00:27:58.220> stake 00:27:59.210 --> 00:27:59.220 align:start position:0% a flash loan and go and you know stake 00:27:59.220 --> 00:28:02.570 align:start position:0% a flash loan and go and you know stake and<00:27:59.880> get<00:28:00.299> burnt<00:28:00.720> for<00:28:00.960> 10<00:28:01.140> billion<00:28:01.500> dollars<00:28:01.860> and 00:28:02.570 --> 00:28:02.580 align:start position:0% and get burnt for 10 billion dollars and 00:28:02.580 --> 00:28:04.970 align:start position:0% and get burnt for 10 billion dollars and going<00:28:03.000> to<00:28:03.179> extract<00:28:03.539> more<00:28:03.840> than<00:28:03.960> that<00:28:04.200> it's 00:28:04.970 --> 00:28:04.980 align:start position:0% going to extract more than that it's 00:28:04.980 --> 00:28:06.950 align:start position:0% going to extract more than that it's very<00:28:05.220> difficult<00:28:05.580> so 00:28:06.950 --> 00:28:06.960 align:start position:0% very difficult so 00:28:06.960 --> 00:28:08.750 align:start position:0% very difficult so then<00:28:07.559> you<00:28:07.799> have<00:28:07.919> a<00:28:08.100> lot<00:28:08.220> of<00:28:08.340> restaking 00:28:08.750 --> 00:28:08.760 align:start position:0% then you have a lot of restaking 00:28:08.760 --> 00:28:11.090 align:start position:0% then you have a lot of restaking happening<00:28:09.240> actually<00:28:09.720> your<00:28:10.140> systems<00:28:10.799> net 00:28:11.090 --> 00:28:11.100 align:start position:0% happening actually your systems net 00:28:11.100 --> 00:28:13.370 align:start position:0% happening actually your systems net security<00:28:11.400> increases<00:28:12.299> significantly<00:28:12.960> related 00:28:13.370 --> 00:28:13.380 align:start position:0% security increases significantly related 00:28:13.380 --> 00:28:15.169 align:start position:0% security increases significantly related to<00:28:13.620> that<00:28:13.740> where<00:28:14.039> we<00:28:14.220> are<00:28:14.340> today 00:28:15.169 --> 00:28:15.179 align:start position:0% to that where we are today 00:28:15.179 --> 00:28:18.169 align:start position:0% to that where we are today okay<00:28:15.600> the<00:28:16.140> counterpart<00:28:16.620> to<00:28:16.799> this<00:28:16.980> is<00:28:17.820> the 00:28:18.169 --> 00:28:18.179 align:start position:0% okay the counterpart to this is the 00:28:18.179 --> 00:28:20.870 align:start position:0% okay the counterpart to this is the other<00:28:18.360> kind<00:28:18.659> of<00:28:18.779> risk<00:28:19.200> which<00:28:19.559> is<00:28:19.799> what<00:28:20.640> happens 00:28:20.870 --> 00:28:20.880 align:start position:0% other kind of risk which is what happens 00:28:20.880 --> 00:28:23.570 align:start position:0% other kind of risk which is what happens if<00:28:21.480> there<00:28:21.659> are<00:28:21.840> programming<00:28:22.380> errors 00:28:23.570 --> 00:28:23.580 align:start position:0% if there are programming errors 00:28:23.580 --> 00:28:24.590 align:start position:0% if there are programming errors okay 00:28:24.590 --> 00:28:24.600 align:start position:0% okay 00:28:24.600 --> 00:28:26.810 align:start position:0% okay you<00:28:24.840> have<00:28:25.020> a<00:28:25.140> bunch<00:28:25.320> of<00:28:25.440> these<00:28:26.039> services<00:28:26.400> that 00:28:26.810 --> 00:28:26.820 align:start position:0% you have a bunch of these services that 00:28:26.820 --> 00:28:28.850 align:start position:0% you have a bunch of these services that are<00:28:26.940> running<00:28:27.059> one<00:28:27.659> of<00:28:27.779> these<00:28:27.960> servers<00:28:28.320> has 00:28:28.850 --> 00:28:28.860 align:start position:0% are running one of these servers has 00:28:28.860 --> 00:28:31.610 align:start position:0% are running one of these servers has like<00:28:29.279> a<00:28:30.120> bug<00:28:30.240> or<00:28:31.080> even<00:28:31.200> words<00:28:31.380> it's 00:28:31.610 --> 00:28:31.620 align:start position:0% like a bug or even words it's 00:28:31.620 --> 00:28:33.950 align:start position:0% like a bug or even words it's maliciously<00:28:32.279> designed<00:28:32.760> to<00:28:33.120> break<00:28:33.419> the<00:28:33.720> entire 00:28:33.950 --> 00:28:33.960 align:start position:0% maliciously designed to break the entire 00:28:33.960 --> 00:28:34.850 align:start position:0% maliciously designed to break the entire network 00:28:34.850 --> 00:28:34.860 align:start position:0% network 00:28:34.860 --> 00:28:37.430 align:start position:0% network you<00:28:35.460> know<00:28:35.520> somebody's<00:28:36.120> offering<00:28:36.419> a<00:28:36.600> 20<00:28:36.720> yield 00:28:37.430 --> 00:28:37.440 align:start position:0% you know somebody's offering a 20 yield 00:28:37.440 --> 00:28:39.529 align:start position:0% you know somebody's offering a 20 yield things<00:28:37.919> we<00:28:38.159> have<00:28:38.279> seen<00:28:38.460> before 00:28:39.529 --> 00:28:39.539 align:start position:0% things we have seen before 00:28:39.539 --> 00:28:42.350 align:start position:0% things we have seen before and<00:28:40.200> everybody<00:28:40.500> opts<00:28:41.100> in<00:28:41.159> and<00:28:41.760> at<00:28:42.059> the<00:28:42.179> end<00:28:42.240> of 00:28:42.350 --> 00:28:42.360 align:start position:0% and everybody opts in and at the end of 00:28:42.360 --> 00:28:44.450 align:start position:0% and everybody opts in and at the end of the<00:28:42.480> day<00:28:42.600> there<00:28:42.960> is<00:28:43.140> some<00:28:43.500> you<00:28:43.919> know<00:28:43.980> massive 00:28:44.450 --> 00:28:44.460 align:start position:0% the day there is some you know massive 00:28:44.460 --> 00:28:46.310 align:start position:0% the day there is some you know massive slashing<00:28:44.880> event<00:28:45.000> at<00:28:45.480> the<00:28:45.600> end<00:28:45.720> of<00:28:45.900> this<00:28:46.080> thing 00:28:46.310 --> 00:28:46.320 align:start position:0% slashing event at the end of this thing 00:28:46.320 --> 00:28:48.649 align:start position:0% slashing event at the end of this thing all<00:28:47.039> lead<00:28:47.220> stakers<00:28:47.700> are<00:28:47.820> slashed<00:28:48.299> and<00:28:48.480> there 00:28:48.649 --> 00:28:48.659 align:start position:0% all lead stakers are slashed and there 00:28:48.659 --> 00:28:51.710 align:start position:0% all lead stakers are slashed and there is<00:28:48.779> Mayhem<00:28:49.200> this<00:28:49.860> is<00:28:49.980> our<00:28:50.100> worst<00:28:50.460> nightmare 00:28:51.710 --> 00:28:51.720 align:start position:0% is Mayhem this is our worst nightmare 00:28:51.720 --> 00:28:54.470 align:start position:0% is Mayhem this is our worst nightmare okay<00:28:52.140> how<00:28:52.380> do<00:28:52.500> we<00:28:52.620> solve<00:28:52.919> this 00:28:54.470 --> 00:28:54.480 align:start position:0% okay how do we solve this 00:28:54.480 --> 00:28:55.130 align:start position:0% okay how do we solve this um 00:28:55.130 --> 00:28:55.140 align:start position:0% um 00:28:55.140 --> 00:28:57.950 align:start position:0% um I<00:28:55.559> think<00:28:55.740> this<00:28:56.100> is<00:28:56.279> uh<00:28:56.580> this<00:28:57.059> is<00:28:57.179> you<00:28:57.539> know<00:28:57.659> to 00:28:57.950 --> 00:28:57.960 align:start position:0% I think this is uh this is you know to 00:28:57.960 --> 00:28:59.870 align:start position:0% I think this is uh this is you know to to<00:28:58.200> get<00:28:58.500> a<00:28:58.679> good<00:28:58.740> analogy<00:28:59.220> at<00:28:59.460> least<00:28:59.580> you<00:28:59.820> know 00:28:59.870 --> 00:28:59.880 align:start position:0% to get a good analogy at least you know 00:28:59.880 --> 00:29:01.370 align:start position:0% to get a good analogy at least you know in<00:29:00.059> the<00:29:00.179> ethereum<00:29:00.480> ecosystem<00:29:00.840> there<00:29:01.140> has<00:29:01.260> been 00:29:01.370 --> 00:29:01.380 align:start position:0% in the ethereum ecosystem there has been 00:29:01.380 --> 00:29:03.769 align:start position:0% in the ethereum ecosystem there has been a<00:29:01.500> lot<00:29:01.620> of<00:29:01.740> thought<00:29:01.919> in<00:29:02.400> how<00:29:03.240> to<00:29:03.419> create 00:29:03.769 --> 00:29:03.779 align:start position:0% a lot of thought in how to create 00:29:03.779 --> 00:29:05.890 align:start position:0% a lot of thought in how to create systems<00:29:04.500> that<00:29:04.740> are<00:29:04.860> immutable<00:29:05.279> and<00:29:05.520> ossified 00:29:05.890 --> 00:29:05.900 align:start position:0% systems that are immutable and ossified 00:29:05.900 --> 00:29:08.810 align:start position:0% systems that are immutable and ossified and<00:29:06.900> the<00:29:07.140> the<00:29:07.320> right<00:29:07.559> approach<00:29:07.919> to<00:29:08.100> this<00:29:08.279> is<00:29:08.580> to 00:29:08.810 --> 00:29:08.820 align:start position:0% and the the right approach to this is to 00:29:08.820 --> 00:29:10.789 align:start position:0% and the the right approach to this is to start<00:29:08.940> with<00:29:09.240> training<00:29:09.600> wheels<00:29:09.960> like<00:29:10.380> Layer 00:29:10.789 --> 00:29:10.799 align:start position:0% start with training wheels like Layer 00:29:10.799 --> 00:29:13.070 align:start position:0% start with training wheels like Layer Two<00:29:10.919> Solutions<00:29:11.279> today<00:29:11.539> and<00:29:12.539> you<00:29:12.779> have<00:29:12.900> these 00:29:13.070 --> 00:29:13.080 align:start position:0% Two Solutions today and you have these 00:29:13.080 --> 00:29:14.269 align:start position:0% Two Solutions today and you have these training<00:29:13.440> wheels<00:29:13.740> where<00:29:13.919> you<00:29:14.159> have 00:29:14.269 --> 00:29:14.279 align:start position:0% training wheels where you have 00:29:14.279 --> 00:29:16.310 align:start position:0% training wheels where you have governance<00:29:14.820> mechanisms<00:29:15.360> which<00:29:15.539> can<00:29:15.779> backstop 00:29:16.310 --> 00:29:16.320 align:start position:0% governance mechanisms which can backstop 00:29:16.320 --> 00:29:19.850 align:start position:0% governance mechanisms which can backstop risks<00:29:17.340> and<00:29:18.240> and<00:29:19.020> that's<00:29:19.380> the<00:29:19.620> same<00:29:19.740> thing 00:29:19.850 --> 00:29:19.860 align:start position:0% risks and and that's the same thing 00:29:19.860 --> 00:29:21.889 align:start position:0% risks and and that's the same thing we'll<00:29:20.039> do<00:29:20.279> so<00:29:20.580> essentially<00:29:20.940> there<00:29:21.659> are<00:29:21.779> two 00:29:21.889 --> 00:29:21.899 align:start position:0% we'll do so essentially there are two 00:29:21.899 --> 00:29:23.570 align:start position:0% we'll do so essentially there are two grades<00:29:22.140> of<00:29:22.260> services<00:29:22.380> on<00:29:22.740> eigen<00:29:23.039> layer<00:29:23.279> one 00:29:23.570 --> 00:29:23.580 align:start position:0% grades of services on eigen layer one 00:29:23.580 --> 00:29:25.730 align:start position:0% grades of services on eigen layer one grade<00:29:23.760> of<00:29:23.940> service<00:29:24.120> in<00:29:24.840> which<00:29:24.960> there<00:29:25.320> is<00:29:25.500> what 00:29:25.730 --> 00:29:25.740 align:start position:0% grade of service in which there is what 00:29:25.740 --> 00:29:27.830 align:start position:0% grade of service in which there is what we<00:29:25.860> call<00:29:25.980> a<00:29:26.220> slashing<00:29:26.640> veto 00:29:27.830 --> 00:29:27.840 align:start position:0% we call a slashing veto 00:29:27.840 --> 00:29:29.930 align:start position:0% we call a slashing veto there<00:29:28.260> is<00:29:28.380> a<00:29:28.500> committee<00:29:28.860> of<00:29:29.399> ethereum 00:29:29.930 --> 00:29:29.940 align:start position:0% there is a committee of ethereum 00:29:29.940 --> 00:29:31.789 align:start position:0% there is a committee of ethereum community<00:29:30.179> members<00:29:30.720> this<00:29:31.080> is<00:29:31.140> not<00:29:31.320> a<00:29:31.500> token 00:29:31.789 --> 00:29:31.799 align:start position:0% community members this is not a token 00:29:31.799 --> 00:29:34.070 align:start position:0% community members this is not a token Dao<00:29:32.100> which<00:29:32.460> you<00:29:32.640> can<00:29:32.760> buy<00:29:32.940> out<00:29:33.179> this<00:29:33.899> is 00:29:34.070 --> 00:29:34.080 align:start position:0% Dao which you can buy out this is 00:29:34.080 --> 00:29:35.570 align:start position:0% Dao which you can buy out this is reputed<00:29:34.559> ethereum<00:29:34.919> community<00:29:35.100> members 00:29:35.570 --> 00:29:35.580 align:start position:0% reputed ethereum community members 00:29:35.580 --> 00:29:37.850 align:start position:0% reputed ethereum community members including<00:29:36.120> people<00:29:36.299> building<00:29:36.600> on<00:29:36.899> top<00:29:37.080> in<00:29:37.740> this 00:29:37.850 --> 00:29:37.860 align:start position:0% including people building on top in this 00:29:37.860 --> 00:29:39.950 align:start position:0% including people building on top in this committee<00:29:38.220> they<00:29:38.460> can<00:29:38.640> veto<00:29:39.059> slashing<00:29:39.600> events 00:29:39.950 --> 00:29:39.960 align:start position:0% committee they can veto slashing events 00:29:39.960 --> 00:29:41.510 align:start position:0% committee they can veto slashing events which<00:29:40.200> happened 00:29:41.510 --> 00:29:41.520 align:start position:0% which happened 00:29:41.520 --> 00:29:44.570 align:start position:0% which happened illegitimately<00:29:42.480> right<00:29:43.140> so<00:29:43.860> slashing<00:29:44.399> happens 00:29:44.570 --> 00:29:44.580 align:start position:0% illegitimately right so slashing happens 00:29:44.580 --> 00:29:46.789 align:start position:0% illegitimately right so slashing happens it<00:29:45.179> doesn't<00:29:45.299> get<00:29:45.600> actuated<00:29:46.140> there's<00:29:46.440> a<00:29:46.620> gap 00:29:46.789 --> 00:29:46.799 align:start position:0% it doesn't get actuated there's a gap 00:29:46.799 --> 00:29:49.430 align:start position:0% it doesn't get actuated there's a gap and<00:29:47.100> in<00:29:47.279> this<00:29:47.399> Gap<00:29:47.580> and<00:29:48.480> I'll<00:29:48.779> clarify<00:29:49.200> there 00:29:49.430 --> 00:29:49.440 align:start position:0% and in this Gap and I'll clarify there 00:29:49.440 --> 00:29:51.529 align:start position:0% and in this Gap and I'll clarify there because<00:29:49.799> one<00:29:50.520> thing<00:29:50.700> that<00:29:50.820> I<00:29:51.059> can<00:29:51.179> you<00:29:51.480> know 00:29:51.529 --> 00:29:51.539 align:start position:0% because one thing that I can you know 00:29:51.539 --> 00:29:52.789 align:start position:0% because one thing that I can you know when<00:29:51.600> we<00:29:51.720> say<00:29:51.899> slashing<00:29:52.320> it's<00:29:52.620> not 00:29:52.789 --> 00:29:52.799 align:start position:0% when we say slashing it's not 00:29:52.799 --> 00:29:54.470 align:start position:0% when we say slashing it's not necessarily<00:29:53.159> slashing<00:29:53.640> on<00:29:53.940> the<00:29:54.120> ethereum 00:29:54.470 --> 00:29:54.480 align:start position:0% necessarily slashing on the ethereum 00:29:54.480 --> 00:29:57.409 align:start position:0% necessarily slashing on the ethereum blockchain<00:29:54.899> itself<00:29:55.320> it's<00:29:55.980> slashing<00:29:56.520> via<00:29:57.240> the 00:29:57.409 --> 00:29:57.419 align:start position:0% blockchain itself it's slashing via the 00:29:57.419 --> 00:29:59.630 align:start position:0% blockchain itself it's slashing via the eigenlayer<00:29:58.080> protocol<00:29:58.380> and<00:29:59.100> so<00:29:59.220> what<00:29:59.399> it<00:29:59.520> does 00:29:59.630 --> 00:29:59.640 align:start position:0% eigenlayer protocol and so what it does 00:29:59.640 --> 00:30:02.570 align:start position:0% eigenlayer protocol and so what it does is<00:29:59.880> that<00:30:00.240> your<00:30:00.600> ether<00:30:01.080> you<00:30:01.380> have<00:30:01.500> staked<00:30:02.100> it 00:30:02.570 --> 00:30:02.580 align:start position:0% is that your ether you have staked it 00:30:02.580 --> 00:30:04.250 align:start position:0% is that your ether you have staked it essentially<00:30:02.880> gets<00:30:03.120> withdrawn<00:30:03.539> to<00:30:04.020> an 00:30:04.250 --> 00:30:04.260 align:start position:0% essentially gets withdrawn to an 00:30:04.260 --> 00:30:06.110 align:start position:0% essentially gets withdrawn to an eigenlayer<00:30:04.919> smart<00:30:05.100> contract<00:30:05.520> and<00:30:06.000> the 00:30:06.110 --> 00:30:06.120 align:start position:0% eigenlayer smart contract and the 00:30:06.120 --> 00:30:07.970 align:start position:0% eigenlayer smart contract and the eigenlayer<00:30:06.600> smart<00:30:06.720> contract<00:30:07.140> confiscates 00:30:07.970 --> 00:30:07.980 align:start position:0% eigenlayer smart contract confiscates 00:30:07.980 --> 00:30:09.710 align:start position:0% eigenlayer smart contract confiscates some<00:30:08.340> or<00:30:08.580> all<00:30:08.760> of<00:30:08.880> that<00:30:09.000> each<00:30:09.240> depending<00:30:09.659> on 00:30:09.710 --> 00:30:09.720 align:start position:0% some or all of that each depending on 00:30:09.720 --> 00:30:10.669 align:start position:0% some or all of that each depending on the<00:30:09.899> slashing<00:30:10.200> condition<00:30:10.320> that<00:30:10.559> you 00:30:10.669 --> 00:30:10.679 align:start position:0% the slashing condition that you 00:30:10.679 --> 00:30:12.529 align:start position:0% the slashing condition that you triggered<00:30:10.980> as<00:30:11.100> part<00:30:11.279> of<00:30:11.399> eigen<00:30:11.760> layer<00:30:12.059> so<00:30:12.419> it's 00:30:12.529 --> 00:30:12.539 align:start position:0% triggered as part of eigen layer so it's 00:30:12.539 --> 00:30:13.909 align:start position:0% triggered as part of eigen layer so it's like<00:30:12.659> slashing<00:30:13.020> conditions<00:30:13.440> on<00:30:13.679> top<00:30:13.799> of 00:30:13.909 --> 00:30:13.919 align:start position:0% like slashing conditions on top of 00:30:13.919 --> 00:30:15.289 align:start position:0% like slashing conditions on top of flashing<00:30:14.340> editions<00:30:14.700> depending<00:30:15.059> on<00:30:15.179> like 00:30:15.289 --> 00:30:15.299 align:start position:0% flashing editions depending on like 00:30:15.299 --> 00:30:16.610 align:start position:0% flashing editions depending on like which<00:30:15.539> rules<00:30:15.840> of<00:30:15.899> the<00:30:16.020> protocol<00:30:16.200> you<00:30:16.440> break 00:30:16.610 --> 00:30:16.620 align:start position:0% which rules of the protocol you break 00:30:16.620 --> 00:30:18.409 align:start position:0% which rules of the protocol you break and<00:30:17.220> so<00:30:17.399> that's<00:30:17.520> that's<00:30:17.700> what<00:30:17.880> he's<00:30:18.000> referring 00:30:18.409 --> 00:30:18.419 align:start position:0% and so that's that's what he's referring 00:30:18.419 --> 00:30:20.750 align:start position:0% and so that's that's what he's referring to<00:30:18.480> absolutely 00:30:20.750 --> 00:30:20.760 align:start position:0% to absolutely 00:30:20.760 --> 00:30:21.710 align:start position:0% to absolutely um so 00:30:21.710 --> 00:30:21.720 align:start position:0% um so 00:30:21.720 --> 00:30:24.350 align:start position:0% um so the<00:30:22.380> governance<00:30:23.100> committee<00:30:23.520> can<00:30:23.820> veto 00:30:24.350 --> 00:30:24.360 align:start position:0% the governance committee can veto 00:30:24.360 --> 00:30:27.049 align:start position:0% the governance committee can veto slashing<00:30:25.020> on<00:30:25.320> Tower<00:30:25.440> eigen<00:30:25.919> layer<00:30:26.159> and<00:30:26.880> this 00:30:27.049 --> 00:30:27.059 align:start position:0% slashing on Tower eigen layer and this 00:30:27.059 --> 00:30:28.730 align:start position:0% slashing on Tower eigen layer and this prevents<00:30:27.659> things<00:30:27.840> like<00:30:28.080> these<00:30:28.380> risk 00:30:28.730 --> 00:30:28.740 align:start position:0% prevents things like these risk 00:30:28.740 --> 00:30:32.090 align:start position:0% prevents things like these risk contagions<00:30:29.240> but<00:30:30.240> as<00:30:30.600> these<00:30:31.020> protocols<00:30:31.500> evolve 00:30:32.090 --> 00:30:32.100 align:start position:0% contagions but as these protocols evolve 00:30:32.100 --> 00:30:34.250 align:start position:0% contagions but as these protocols evolve and<00:30:32.520> they<00:30:32.760> have<00:30:32.940> been<00:30:33.059> well<00:30:33.299> tested<00:30:33.779> in<00:30:34.140> the 00:30:34.250 --> 00:30:34.260 align:start position:0% and they have been well tested in the 00:30:34.260 --> 00:30:36.590 align:start position:0% and they have been well tested in the wild<00:30:34.500> they<00:30:35.340> can<00:30:35.520> ossify<00:30:36.059> themselves<00:30:36.419> to 00:30:36.590 --> 00:30:36.600 align:start position:0% wild they can ossify themselves to 00:30:36.600 --> 00:30:38.870 align:start position:0% wild they can ossify themselves to another<00:30:36.720> grade<00:30:37.200> which<00:30:37.799> is<00:30:38.220> not<00:30:38.399> subject<00:30:38.700> to 00:30:38.870 --> 00:30:38.880 align:start position:0% another grade which is not subject to 00:30:38.880 --> 00:30:40.310 align:start position:0% another grade which is not subject to any<00:30:39.000> slashing<00:30:39.419> veto 00:30:40.310 --> 00:30:40.320 align:start position:0% any slashing veto 00:30:40.320 --> 00:30:42.049 align:start position:0% any slashing veto so<00:30:40.740> the<00:30:40.919> the<00:30:41.100> only<00:30:41.399> thing<00:30:41.760> that<00:30:41.940> the 00:30:42.049 --> 00:30:42.059 align:start position:0% so the the only thing that the 00:30:42.059 --> 00:30:45.049 align:start position:0% so the the only thing that the governance<00:30:42.419> committee<00:30:42.779> can<00:30:42.960> do<00:30:43.140> is<00:30:43.679> to<00:30:44.520> veto 00:30:45.049 --> 00:30:45.059 align:start position:0% governance committee can do is to veto 00:30:45.059 --> 00:30:46.970 align:start position:0% governance committee can do is to veto slashing<00:30:45.480> they<00:30:45.600> cannot<00:30:45.899> add<00:30:46.140> on<00:30:46.320> new<00:30:46.500> slashing 00:30:46.970 --> 00:30:46.980 align:start position:0% slashing they cannot add on new slashing 00:30:46.980 --> 00:30:48.470 align:start position:0% slashing they cannot add on new slashing so<00:30:47.159> the<00:30:47.220> stakers<00:30:47.580> are<00:30:47.760> not<00:30:47.880> taking<00:30:48.000> additional 00:30:48.470 --> 00:30:48.480 align:start position:0% so the stakers are not taking additional 00:30:48.480 --> 00:30:50.389 align:start position:0% so the stakers are not taking additional risks<00:30:48.899> but<00:30:49.320> people<00:30:49.559> building<00:30:49.919> on<00:30:50.279> this 00:30:50.389 --> 00:30:50.399 align:start position:0% risks but people building on this 00:30:50.399 --> 00:30:52.490 align:start position:0% risks but people building on this middleware<00:30:50.820> are<00:30:51.179> taking<00:30:51.360> a<00:30:51.600> governance<00:30:52.020> risks 00:30:52.490 --> 00:30:52.500 align:start position:0% middleware are taking a governance risks 00:30:52.500 --> 00:30:54.769 align:start position:0% middleware are taking a governance risks because<00:30:52.980> whatever<00:30:53.640> legitimate<00:30:54.299> slashing 00:30:54.769 --> 00:30:54.779 align:start position:0% because whatever legitimate slashing 00:30:54.779 --> 00:30:58.070 align:start position:0% because whatever legitimate slashing gets<00:30:55.140> illegitimately<00:30:55.860> vetoed<00:30:56.520> and<00:30:57.299> so<00:30:57.539> as<00:30:57.899> you 00:30:58.070 --> 00:30:58.080 align:start position:0% gets illegitimately vetoed and so as you 00:30:58.080 --> 00:31:00.289 align:start position:0% gets illegitimately vetoed and so as you grow<00:30:58.380> in<00:30:58.620> trust<00:30:58.980> when<00:30:59.520> you<00:30:59.700> build<00:30:59.820> these<00:31:00.120> new 00:31:00.289 --> 00:31:00.299 align:start position:0% grow in trust when you build these new 00:31:00.299 --> 00:31:02.510 align:start position:0% grow in trust when you build these new Services<00:31:00.539> you've<00:31:01.260> been<00:31:01.440> tested<00:31:01.980> in<00:31:02.279> the<00:31:02.399> wild 00:31:02.510 --> 00:31:02.520 align:start position:0% Services you've been tested in the wild 00:31:02.520 --> 00:31:05.149 align:start position:0% Services you've been tested in the wild you<00:31:03.419> can<00:31:03.539> ossify<00:31:04.080> yourself<00:31:04.260> to<00:31:04.620> another<00:31:04.740> grade 00:31:05.149 --> 00:31:05.159 align:start position:0% you can ossify yourself to another grade 00:31:05.159 --> 00:31:06.710 align:start position:0% you can ossify yourself to another grade where<00:31:05.460> you're<00:31:05.640> not<00:31:05.760> subject<00:31:06.059> to<00:31:06.240> the<00:31:06.360> slashing 00:31:06.710 --> 00:31:06.720 align:start position:0% where you're not subject to the slashing 00:31:06.720 --> 00:31:10.070 align:start position:0% where you're not subject to the slashing veto<00:31:07.140> and<00:31:08.039> so<00:31:08.460> at<00:31:08.880> that<00:31:09.120> point<00:31:09.299> the<00:31:09.659> stakers 00:31:10.070 --> 00:31:10.080 align:start position:0% veto and so at that point the stakers 00:31:10.080 --> 00:31:12.230 align:start position:0% veto and so at that point the stakers have<00:31:10.320> to<00:31:10.440> opt<00:31:10.620> in<00:31:10.799> you<00:31:11.220> have<00:31:11.399> to<00:31:11.520> convince<00:31:11.940> them 00:31:12.230 --> 00:31:12.240 align:start position:0% have to opt in you have to convince them 00:31:12.240 --> 00:31:15.289 align:start position:0% have to opt in you have to convince them to<00:31:12.539> opt<00:31:12.720> in<00:31:12.960> because<00:31:13.580> they<00:31:14.580> they<00:31:14.880> are<00:31:15.059> losing 00:31:15.289 --> 00:31:15.299 align:start position:0% to opt in because they they are losing 00:31:15.299 --> 00:31:17.690 align:start position:0% to opt in because they they are losing one<00:31:15.480> of<00:31:15.600> their<00:31:15.720> core<00:31:15.899> protections<00:31:16.559> either<00:31:17.279> by 00:31:17.690 --> 00:31:17.700 align:start position:0% one of their core protections either by 00:31:17.700 --> 00:31:20.090 align:start position:0% one of their core protections either by establishing<00:31:18.480> reputation<00:31:19.020> and<00:31:19.740> you<00:31:20.039> know 00:31:20.090 --> 00:31:20.100 align:start position:0% establishing reputation and you know 00:31:20.100 --> 00:31:22.130 align:start position:0% establishing reputation and you know testing<00:31:20.880> yourself<00:31:21.000> in<00:31:21.299> the<00:31:21.419> wild<00:31:21.539> so<00:31:21.960> that's 00:31:22.130 --> 00:31:22.140 align:start position:0% testing yourself in the wild so that's 00:31:22.140 --> 00:31:24.889 align:start position:0% testing yourself in the wild so that's how<00:31:22.559> we<00:31:22.740> mitigate<00:31:23.220> some<00:31:23.460> of<00:31:23.580> these<00:31:23.760> risks<00:31:24.120> it 00:31:24.889 --> 00:31:24.899 align:start position:0% how we mitigate some of these risks it 00:31:24.899 --> 00:31:27.110 align:start position:0% how we mitigate some of these risks it necessarily<00:31:25.559> requires<00:31:26.340> exerting 00:31:27.110 --> 00:31:27.120 align:start position:0% necessarily requires exerting 00:31:27.120 --> 00:31:29.330 align:start position:0% necessarily requires exerting subjectivity<00:31:27.779> and<00:31:28.559> I<00:31:28.740> think<00:31:28.860> this<00:31:28.980> is<00:31:29.100> one 00:31:29.330 --> 00:31:29.340 align:start position:0% subjectivity and I think this is one 00:31:29.340 --> 00:31:31.190 align:start position:0% subjectivity and I think this is one thing<00:31:29.520> that<00:31:29.760> you<00:31:30.000> know<00:31:30.059> the<00:31:30.659> whole<00:31:30.779> blockchain 00:31:31.190 --> 00:31:31.200 align:start position:0% thing that you know the whole blockchain 00:31:31.200 --> 00:31:33.710 align:start position:0% thing that you know the whole blockchain space<00:31:31.559> should<00:31:31.860> take<00:31:32.039> more<00:31:32.340> seriously<00:31:32.820> is<00:31:33.419> how 00:31:33.710 --> 00:31:33.720 align:start position:0% space should take more seriously is how 00:31:33.720 --> 00:31:35.690 align:start position:0% space should take more seriously is how do<00:31:33.779> we<00:31:33.899> combine<00:31:34.320> subjective<00:31:34.919> mechanisms<00:31:35.460> with 00:31:35.690 --> 00:31:35.700 align:start position:0% do we combine subjective mechanisms with 00:31:35.700 --> 00:31:38.389 align:start position:0% do we combine subjective mechanisms with credibly<00:31:36.120> neutral<00:31:36.600> mechanisms<00:31:37.200> so<00:31:37.980> that<00:31:38.159> we 00:31:38.389 --> 00:31:38.399 align:start position:0% credibly neutral mechanisms so that we 00:31:38.399 --> 00:31:41.510 align:start position:0% credibly neutral mechanisms so that we can<00:31:38.580> get<00:31:39.000> the<00:31:39.120> best<00:31:39.240> of<00:31:39.480> both<00:31:39.600> worlds 00:31:41.510 --> 00:31:41.520 align:start position:0% can get the best of both worlds 00:31:41.520 --> 00:31:43.970 align:start position:0% can get the best of both worlds very<00:31:42.000> good 00:31:43.970 --> 00:31:43.980 align:start position:0% very good 00:31:43.980 --> 00:31:45.529 align:start position:0% very good all<00:31:44.580> right 00:31:45.529 --> 00:31:45.539 align:start position:0% all right 00:31:45.539 --> 00:31:46.149 align:start position:0% all right um 00:31:46.149 --> 00:31:46.159 align:start position:0% um 00:31:46.159 --> 00:31:48.289 align:start position:0% um back<00:31:47.159> in<00:31:47.220> the<00:31:47.340> house<00:31:47.460> did<00:31:47.640> you<00:31:47.760> go<00:31:47.880> yeah<00:31:48.240> yeah 00:31:48.289 --> 00:31:48.299 align:start position:0% back in the house did you go yeah yeah 00:31:48.299 --> 00:31:49.909 align:start position:0% back in the house did you go yeah yeah before<00:31:48.840> I<00:31:49.080> started<00:31:49.260> answering<00:31:49.559> actually<00:31:49.679> I 00:31:49.909 --> 00:31:49.919 align:start position:0% before I started answering actually I 00:31:49.919 --> 00:31:51.529 align:start position:0% before I started answering actually I want<00:31:50.220> to<00:31:50.399> get<00:31:50.580> a<00:31:50.700> sense<00:31:50.820> of<00:31:51.000> what<00:31:51.179> the<00:31:51.299> room<00:31:51.419> is 00:31:51.529 --> 00:31:51.539 align:start position:0% want to get a sense of what the room is 00:31:51.539 --> 00:31:53.930 align:start position:0% want to get a sense of what the room is composed<00:31:51.960> of<00:31:52.020> so<00:31:52.860> um<00:31:52.919> I<00:31:53.100> will<00:31:53.220> ask<00:31:53.399> for<00:31:53.580> show<00:31:53.760> of 00:31:53.930 --> 00:31:53.940 align:start position:0% composed of so um I will ask for show of 00:31:53.940 --> 00:31:57.230 align:start position:0% composed of so um I will ask for show of hands<00:31:54.299> and<00:31:54.539> and<00:31:54.899> uh<00:31:55.440> and<00:31:55.740> please<00:31:55.799> participate 00:31:57.230 --> 00:31:57.240 align:start position:0% hands and and uh and please participate 00:31:57.240 --> 00:31:59.210 align:start position:0% hands and and uh and please participate um<00:31:57.299> anyone<00:31:57.720> who's<00:31:57.899> running<00:31:58.200> solo<00:31:58.799> validator 00:31:59.210 --> 00:31:59.220 align:start position:0% um anyone who's running solo validator 00:31:59.220 --> 00:32:02.630 align:start position:0% um anyone who's running solo validator at<00:31:59.460> home<00:31:59.640> can<00:31:59.880> you<00:32:00.000> put<00:32:00.120> your<00:32:00.240> hand<00:32:00.360> up 00:32:02.630 --> 00:32:02.640 align:start position:0% 00:32:02.640 --> 00:32:05.289 align:start position:0% okay<00:32:03.000> anyone<00:32:03.779> who<00:32:04.020> works<00:32:04.380> for<00:32:04.559> some 00:32:05.289 --> 00:32:05.299 align:start position:0% okay anyone who works for some 00:32:05.299 --> 00:32:07.850 align:start position:0% okay anyone who works for some professional<00:32:06.299> node<00:32:06.779> operator<00:32:07.140> validator 00:32:07.850 --> 00:32:07.860 align:start position:0% professional node operator validator 00:32:07.860 --> 00:32:10.430 align:start position:0% professional node operator validator company<00:32:08.340> put<00:32:08.640> your<00:32:08.820> hand<00:32:08.940> up 00:32:10.430 --> 00:32:10.440 align:start position:0% company put your hand up 00:32:10.440 --> 00:32:12.169 align:start position:0% company put your hand up all<00:32:10.980> right<00:32:11.100> all<00:32:11.340> right<00:32:11.460> a<00:32:11.580> good<00:32:11.700> chunk<00:32:11.880> of<00:32:12.059> you 00:32:12.169 --> 00:32:12.179 align:start position:0% all right all right a good chunk of you 00:32:12.179 --> 00:32:14.570 align:start position:0% all right all right a good chunk of you anyone<00:32:13.080> who's<00:32:13.440> building<00:32:13.740> like<00:32:14.100> validator 00:32:14.570 --> 00:32:14.580 align:start position:0% anyone who's building like validator 00:32:14.580 --> 00:32:16.010 align:start position:0% anyone who's building like validator middleware<00:32:15.179> sort<00:32:15.480> of<00:32:15.600> what<00:32:15.720> we're<00:32:15.840> talking 00:32:16.010 --> 00:32:16.020 align:start position:0% middleware sort of what we're talking 00:32:16.020 --> 00:32:19.310 align:start position:0% middleware sort of what we're talking about<00:32:16.260> here<00:32:16.799> you<00:32:17.100> can<00:32:17.220> put<00:32:17.279> your<00:32:17.399> hand<00:32:17.580> up 00:32:19.310 --> 00:32:19.320 align:start position:0% about here you can put your hand up 00:32:19.320 --> 00:32:21.850 align:start position:0% about here you can put your hand up Okay<00:32:20.159> small<00:32:20.760> group 00:32:21.850 --> 00:32:21.860 align:start position:0% Okay small group 00:32:21.860 --> 00:32:23.990 align:start position:0% Okay small group this<00:32:22.860> is<00:32:22.919> the<00:32:23.159> oboe<00:32:23.520> Crew<00:32:23.700> That's<00:32:23.760> the<00:32:23.880> whole 00:32:23.990 --> 00:32:24.000 align:start position:0% this is the oboe Crew That's the whole 00:32:24.000 --> 00:32:26.169 align:start position:0% this is the oboe Crew That's the whole Mobile<00:32:24.120> TV 00:32:26.169 --> 00:32:26.179 align:start position:0% Mobile TV 00:32:26.179 --> 00:32:30.350 align:start position:0% Mobile TV amazing<00:32:27.179> that's<00:32:27.659> a<00:32:27.899> fan<00:32:27.960> over<00:32:28.260> there 00:32:30.350 --> 00:32:30.360 align:start position:0% amazing that's a fan over there 00:32:30.360 --> 00:32:32.269 align:start position:0% amazing that's a fan over there um<00:32:30.419> anyone<00:32:30.779> who's<00:32:31.200> validating<00:32:31.740> or<00:32:31.919> staying<00:32:32.220> on 00:32:32.269 --> 00:32:32.279 align:start position:0% um anyone who's validating or staying on 00:32:32.279 --> 00:32:35.389 align:start position:0% um anyone who's validating or staying on other<00:32:32.520> networks<00:32:33.080> uh<00:32:34.080> put<00:32:34.320> your<00:32:34.500> head<00:32:34.620> up 00:32:35.389 --> 00:32:35.399 align:start position:0% other networks uh put your head up 00:32:35.399 --> 00:32:37.430 align:start position:0% other networks uh put your head up okay<00:32:35.880> cool 00:32:37.430 --> 00:32:37.440 align:start position:0% okay cool 00:32:37.440 --> 00:32:38.990 align:start position:0% okay cool um<00:32:37.500> all<00:32:37.679> right<00:32:37.799> mostly<00:32:38.279> mostly<00:32:38.760> action 00:32:38.990 --> 00:32:39.000 align:start position:0% um all right mostly mostly action 00:32:39.000 --> 00:32:41.090 align:start position:0% um all right mostly mostly action professional<00:32:39.480> validators<00:32:40.260> which<00:32:40.740> is<00:32:40.860> which 00:32:41.090 --> 00:32:41.100 align:start position:0% professional validators which is which 00:32:41.100 --> 00:32:43.549 align:start position:0% professional validators which is which is<00:32:41.279> interesting<00:32:41.640> okay<00:32:41.940> so<00:32:42.480> risks 00:32:43.549 --> 00:32:43.559 align:start position:0% is interesting okay so risks 00:32:43.559 --> 00:32:46.490 align:start position:0% is interesting okay so risks um Mev<00:32:44.220> risk<00:32:44.700> boost<00:32:45.240> risks 00:32:46.490 --> 00:32:46.500 align:start position:0% um Mev risk boost risks 00:32:46.500 --> 00:32:49.250 align:start position:0% um Mev risk boost risks um<00:32:46.620> and<00:32:46.980> facts<00:32:47.399> I<00:32:47.640> mean<00:32:47.820> at<00:32:48.179> some<00:32:48.299> point<00:32:48.419> risks 00:32:49.250 --> 00:32:49.260 align:start position:0% um and facts I mean at some point risks 00:32:49.260 --> 00:32:52.370 align:start position:0% um and facts I mean at some point risks no<00:32:49.380> longer<00:32:49.620> rests<00:32:49.919> and<00:32:50.039> they<00:32:50.220> become<00:32:50.520> actual 00:32:52.370 --> 00:32:52.380 align:start position:0% no longer rests and they become actual 00:32:52.380 --> 00:32:54.710 align:start position:0% no longer rests and they become actual um<00:32:52.440> so<00:32:52.860> in<00:32:53.159> developing<00:32:53.580> nav<00:32:53.940> moves<00:32:54.419> I<00:32:54.600> think 00:32:54.710 --> 00:32:54.720 align:start position:0% um so in developing nav moves I think 00:32:54.720 --> 00:32:57.830 align:start position:0% um so in developing nav moves I think and<00:32:55.620> maybe<00:32:55.799> any<00:32:56.159> software<00:32:56.640> really<00:32:57.000> it's<00:32:57.600> easy 00:32:57.830 --> 00:32:57.840 align:start position:0% and maybe any software really it's easy 00:32:57.840 --> 00:32:59.810 align:start position:0% and maybe any software really it's easy to<00:32:58.080> think<00:32:58.200> about<00:32:58.440> the<00:32:58.740> first<00:32:58.919> order<00:32:59.159> risks 00:32:59.810 --> 00:32:59.820 align:start position:0% to think about the first order risks 00:32:59.820 --> 00:33:02.149 align:start position:0% to think about the first order risks right<00:33:00.240> like<00:33:00.419> what<00:33:00.659> are<00:33:00.840> the<00:33:00.960> first<00:33:01.140> order<00:33:01.500> you 00:33:02.149 --> 00:33:02.159 align:start position:0% right like what are the first order you 00:33:02.159 --> 00:33:04.430 align:start position:0% right like what are the first order you know<00:33:02.220> possible<00:33:02.640> failure<00:33:03.059> modes 00:33:04.430 --> 00:33:04.440 align:start position:0% know possible failure modes 00:33:04.440 --> 00:33:07.310 align:start position:0% know possible failure modes um<00:33:04.500> and<00:33:05.159> uh<00:33:05.940> and<00:33:06.360> you<00:33:06.480> can<00:33:06.600> sort<00:33:06.779> of<00:33:06.899> create<00:33:07.140> a 00:33:07.310 --> 00:33:07.320 align:start position:0% um and uh and you can sort of create a 00:33:07.320 --> 00:33:09.049 align:start position:0% um and uh and you can sort of create a security<00:33:07.440> model<00:33:07.799> that<00:33:08.159> says<00:33:08.399> okay<00:33:08.580> here<00:33:08.880> are 00:33:09.049 --> 00:33:09.059 align:start position:0% security model that says okay here are 00:33:09.059 --> 00:33:10.070 align:start position:0% security model that says okay here are all<00:33:09.120> the<00:33:09.240> different<00:33:09.360> ways<00:33:09.659> in<00:33:09.779> which<00:33:09.960> the 00:33:10.070 --> 00:33:10.080 align:start position:0% all the different ways in which the 00:33:10.080 --> 00:33:12.049 align:start position:0% all the different ways in which the software<00:33:10.380> could<00:33:10.620> go<00:33:10.860> wrong<00:33:11.039> or<00:33:11.340> good<00:33:11.520> abuse 00:33:12.049 --> 00:33:12.059 align:start position:0% software could go wrong or good abuse 00:33:12.059 --> 00:33:15.169 align:start position:0% software could go wrong or good abuse etc<00:33:12.200> for<00:33:13.200> my<00:33:13.440> Boost<00:33:13.860> this<00:33:14.399> was<00:33:14.580> threefold 00:33:15.169 --> 00:33:15.179 align:start position:0% etc for my Boost this was threefold 00:33:15.179 --> 00:33:16.970 align:start position:0% etc for my Boost this was threefold right<00:33:15.600> so<00:33:15.840> from<00:33:15.960> the<00:33:16.140> validator<00:33:16.500> perspective 00:33:16.970 --> 00:33:16.980 align:start position:0% right so from the validator perspective 00:33:16.980 --> 00:33:19.070 align:start position:0% right so from the validator perspective you<00:33:17.640> are<00:33:17.820> Outsourcing<00:33:18.360> part<00:33:18.659> of<00:33:18.779> your<00:33:18.840> power 00:33:19.070 --> 00:33:19.080 align:start position:0% you are Outsourcing part of your power 00:33:19.080 --> 00:33:20.870 align:start position:0% you are Outsourcing part of your power to<00:33:19.559> these<00:33:19.860> third<00:33:20.100> parties<00:33:20.460> are<00:33:20.640> called 00:33:20.870 --> 00:33:20.880 align:start position:0% to these third parties are called 00:33:20.880 --> 00:33:22.370 align:start position:0% to these third parties are called relayers 00:33:22.370 --> 00:33:22.380 align:start position:0% relayers 00:33:22.380 --> 00:33:24.230 align:start position:0% relayers um and<00:33:22.860> there's<00:33:23.159> three<00:33:23.460> ways<00:33:23.700> in<00:33:23.820> which<00:33:24.000> these 00:33:24.230 --> 00:33:24.240 align:start position:0% um and there's three ways in which these 00:33:24.240 --> 00:33:26.450 align:start position:0% um and there's three ways in which these wheelers<00:33:24.600> could<00:33:24.840> start<00:33:24.960> to<00:33:25.140> misbehave<00:33:25.620> one<00:33:26.340> of 00:33:26.450 --> 00:33:26.460 align:start position:0% wheelers could start to misbehave one of 00:33:26.460 --> 00:33:28.970 align:start position:0% wheelers could start to misbehave one of them<00:33:26.580> is<00:33:26.940> they<00:33:27.240> produce<00:33:27.659> a<00:33:28.140> block<00:33:28.320> that's<00:33:28.620> just 00:33:28.970 --> 00:33:28.980 align:start position:0% them is they produce a block that's just 00:33:28.980 --> 00:33:31.370 align:start position:0% them is they produce a block that's just simply<00:33:29.279> invalid<00:33:29.760> right<00:33:30.480> so<00:33:30.960> you<00:33:31.140> believe 00:33:31.370 --> 00:33:31.380 align:start position:0% simply invalid right so you believe 00:33:31.380 --> 00:33:32.810 align:start position:0% simply invalid right so you believe they're<00:33:31.679> proposing<00:33:32.100> a<00:33:32.159> valid<00:33:32.399> block<00:33:32.519> to<00:33:32.700> the 00:33:32.810 --> 00:33:32.820 align:start position:0% they're proposing a valid block to the 00:33:32.820 --> 00:33:34.669 align:start position:0% they're proposing a valid block to the network<00:33:32.880> but<00:33:33.120> the<00:33:33.240> block<00:33:33.360> is<00:33:33.539> invalid<00:33:34.019> the 00:33:34.669 --> 00:33:34.679 align:start position:0% network but the block is invalid the 00:33:34.679 --> 00:33:36.110 align:start position:0% network but the block is invalid the second<00:33:34.799> one<00:33:34.980> is<00:33:35.100> that<00:33:35.159> they<00:33:35.340> can<00:33:35.760> lie<00:33:36.000> about 00:33:36.110 --> 00:33:36.120 align:start position:0% second one is that they can lie about 00:33:36.120 --> 00:33:37.850 align:start position:0% second one is that they can lie about the<00:33:36.360> value<00:33:36.480> of<00:33:36.659> the<00:33:36.779> block<00:33:36.899> so<00:33:37.440> they'll<00:33:37.679> say 00:33:37.850 --> 00:33:37.860 align:start position:0% the value of the block so they'll say 00:33:37.860 --> 00:33:39.529 align:start position:0% the value of the block so they'll say hey<00:33:38.039> this<00:33:38.220> block<00:33:38.460> is<00:33:38.640> worth<00:33:38.760> 10<00:33:38.940> each<00:33:39.179> but<00:33:39.419> in 00:33:39.529 --> 00:33:39.539 align:start position:0% hey this block is worth 10 each but in 00:33:39.539 --> 00:33:41.210 align:start position:0% hey this block is worth 10 each but in fact<00:33:39.659> it's<00:33:39.779> only<00:33:39.960> worth<00:33:40.140> one<00:33:40.380> eat 00:33:41.210 --> 00:33:41.220 align:start position:0% fact it's only worth one eat 00:33:41.220 --> 00:33:43.130 align:start position:0% fact it's only worth one eat second<00:33:41.640> way<00:33:41.940> that<00:33:42.059> they<00:33:42.179> can<00:33:42.360> misbehave<00:33:42.840> and 00:33:43.130 --> 00:33:43.140 align:start position:0% second way that they can misbehave and 00:33:43.140 --> 00:33:44.750 align:start position:0% second way that they can misbehave and the<00:33:43.260> third<00:33:43.440> way<00:33:43.679> is<00:33:44.340> that<00:33:44.519> they<00:33:44.640> could 00:33:44.750 --> 00:33:44.760 align:start position:0% the third way is that they could 00:33:44.760 --> 00:33:47.090 align:start position:0% the third way is that they could withhold<00:33:45.179> the<00:33:45.659> the<00:33:45.899> block<00:33:46.140> so<00:33:46.740> they<00:33:46.860> give<00:33:47.039> you 00:33:47.090 --> 00:33:47.100 align:start position:0% withhold the the block so they give you 00:33:47.100 --> 00:33:48.470 align:start position:0% withhold the the block so they give you a<00:33:47.220> block<00:33:47.340> you<00:33:47.519> sign<00:33:47.700> it<00:33:47.820> you<00:33:47.940> return<00:33:48.059> it<00:33:48.299> and 00:33:48.470 --> 00:33:48.480 align:start position:0% a block you sign it you return it and 00:33:48.480 --> 00:33:49.850 align:start position:0% a block you sign it you return it and then<00:33:48.539> the<00:33:48.659> relay<00:33:48.899> just<00:33:49.140> never<00:33:49.260> reveals<00:33:49.620> it<00:33:49.740> to 00:33:49.850 --> 00:33:49.860 align:start position:0% then the relay just never reveals it to 00:33:49.860 --> 00:33:51.529 align:start position:0% then the relay just never reveals it to the<00:33:49.980> network<00:33:50.159> and<00:33:50.580> so<00:33:50.700> it<00:33:50.880> causes<00:33:51.120> you<00:33:51.240> to<00:33:51.360> miss 00:33:51.529 --> 00:33:51.539 align:start position:0% the network and so it causes you to miss 00:33:51.539 --> 00:33:53.269 align:start position:0% the network and so it causes you to miss the<00:33:52.080> slot 00:33:53.269 --> 00:33:53.279 align:start position:0% the slot 00:33:53.279 --> 00:33:54.649 align:start position:0% the slot um<00:33:53.399> so<00:33:53.580> okay<00:33:53.700> you<00:33:53.940> think<00:33:54.059> about<00:33:54.120> okay<00:33:54.419> these 00:33:54.649 --> 00:33:54.659 align:start position:0% um so okay you think about okay these 00:33:54.659 --> 00:33:55.909 align:start position:0% um so okay you think about okay these are<00:33:54.779> three<00:33:54.960> different<00:33:55.140> things<00:33:55.380> that<00:33:55.740> the 00:33:55.909 --> 00:33:55.919 align:start position:0% are three different things that the 00:33:55.919 --> 00:33:58.310 align:start position:0% are three different things that the counterparty<00:33:56.519> is<00:33:56.820> trusting 00:33:58.310 --> 00:33:58.320 align:start position:0% counterparty is trusting 00:33:58.320 --> 00:34:01.130 align:start position:0% counterparty is trusting um<00:33:58.440> is<00:33:58.980> is<00:33:59.159> trusting<00:33:59.820> what<00:34:00.480> are<00:34:00.659> the<00:34:00.779> impact<00:34:00.960> of 00:34:01.130 --> 00:34:01.140 align:start position:0% um is is trusting what are the impact of 00:34:01.140 --> 00:34:02.450 align:start position:0% um is is trusting what are the impact of that<00:34:01.320> and<00:34:01.440> then<00:34:01.620> how<00:34:01.799> do<00:34:01.860> you<00:34:01.919> like<00:34:02.100> start<00:34:02.279> to 00:34:02.450 --> 00:34:02.460 align:start position:0% that and then how do you like start to 00:34:02.460 --> 00:34:05.029 align:start position:0% that and then how do you like start to mitigate<00:34:02.820> them<00:34:03.000> well<00:34:03.779> the<00:34:04.200> validity<00:34:04.740> one 00:34:05.029 --> 00:34:05.039 align:start position:0% mitigate them well the validity one 00:34:05.039 --> 00:34:07.310 align:start position:0% mitigate them well the validity one right<00:34:05.460> is<00:34:05.880> if 00:34:07.310 --> 00:34:07.320 align:start position:0% right is if 00:34:07.320 --> 00:34:10.070 align:start position:0% right is if um<00:34:07.440> if<00:34:07.980> a<00:34:08.460> relay<00:34:08.879> continues<00:34:09.599> to<00:34:09.780> produce 00:34:10.070 --> 00:34:10.080 align:start position:0% um if a relay continues to produce 00:34:10.080 --> 00:34:12.530 align:start position:0% um if a relay continues to produce invalid<00:34:10.619> blocks<00:34:10.919> over<00:34:11.159> time<00:34:11.460> that's<00:34:12.179> publicly 00:34:12.530 --> 00:34:12.540 align:start position:0% invalid blocks over time that's publicly 00:34:12.540 --> 00:34:15.349 align:start position:0% invalid blocks over time that's publicly known<00:34:12.780> and<00:34:13.320> so<00:34:13.440> you<00:34:13.619> can<00:34:13.800> see<00:34:14.220> like<00:34:14.700> this<00:34:15.119> block 00:34:15.349 --> 00:34:15.359 align:start position:0% known and so you can see like this block 00:34:15.359 --> 00:34:18.349 align:start position:0% known and so you can see like this block this<00:34:15.839> this<00:34:16.440> relayer<00:34:17.399> is<00:34:17.520> not<00:34:17.700> behaving<00:34:18.119> as 00:34:18.349 --> 00:34:18.359 align:start position:0% this this relayer is not behaving as 00:34:18.359 --> 00:34:20.210 align:start position:0% this this relayer is not behaving as it's<00:34:18.540> expected<00:34:18.899> to<00:34:19.080> I<00:34:19.619> can<00:34:19.740> simply<00:34:20.040> disconnect 00:34:20.210 --> 00:34:20.220 align:start position:0% it's expected to I can simply disconnect 00:34:20.220 --> 00:34:21.589 align:start position:0% it's expected to I can simply disconnect from<00:34:20.639> this 00:34:21.589 --> 00:34:21.599 align:start position:0% from this 00:34:21.599 --> 00:34:23.750 align:start position:0% from this um and<00:34:21.839> so<00:34:22.080> the<00:34:22.679> validator<00:34:23.159> in<00:34:23.280> this<00:34:23.399> case<00:34:23.520> has 00:34:23.750 --> 00:34:23.760 align:start position:0% um and so the validator in this case has 00:34:23.760 --> 00:34:25.250 align:start position:0% um and so the validator in this case has a<00:34:23.879> power<00:34:24.000> to<00:34:24.300> be<00:34:24.359> able<00:34:24.480> to<00:34:24.599> protect<00:34:24.899> themselves 00:34:25.250 --> 00:34:25.260 align:start position:0% a power to be able to protect themselves 00:34:25.260 --> 00:34:28.909 align:start position:0% a power to be able to protect themselves from<00:34:25.859> being<00:34:26.159> uh<00:34:27.119> sort<00:34:27.419> of<00:34:27.480> attacked<00:34:28.440> and<00:34:28.740> they 00:34:28.909 --> 00:34:28.919 align:start position:0% from being uh sort of attacked and they 00:34:28.919 --> 00:34:31.070 align:start position:0% from being uh sort of attacked and they can<00:34:29.040> also<00:34:29.339> critically<00:34:29.879> notice<00:34:30.419> if<00:34:30.839> this 00:34:31.070 --> 00:34:31.080 align:start position:0% can also critically notice if this 00:34:31.080 --> 00:34:33.169 align:start position:0% can also critically notice if this happens<00:34:31.260> to<00:34:31.619> other<00:34:31.800> parties 00:34:33.169 --> 00:34:33.179 align:start position:0% happens to other parties 00:34:33.179 --> 00:34:35.510 align:start position:0% happens to other parties so<00:34:33.659> this<00:34:33.839> is<00:34:33.960> sort<00:34:34.080> of<00:34:34.139> a<00:34:34.260> key<00:34:34.560> part<00:34:34.800> of<00:34:35.099> the<00:34:35.220> of 00:34:35.510 --> 00:34:35.520 align:start position:0% so this is sort of a key part of the of 00:34:35.520 --> 00:34:37.669 align:start position:0% so this is sort of a key part of the of the<00:34:35.820> of<00:34:36.119> the<00:34:36.300> security<00:34:36.480> model<00:34:36.839> you<00:34:37.500> don't<00:34:37.560> want 00:34:37.669 --> 00:34:37.679 align:start position:0% the of the security model you don't want 00:34:37.679 --> 00:34:39.230 align:start position:0% the of the security model you don't want a<00:34:37.859> validator<00:34:38.280> who<00:34:38.639> is<00:34:38.820> maybe<00:34:38.940> going<00:34:39.119> to 00:34:39.230 --> 00:34:39.240 align:start position:0% a validator who is maybe going to 00:34:39.240 --> 00:34:40.790 align:start position:0% a validator who is maybe going to propose<00:34:39.419> like<00:34:39.720> three<00:34:39.899> blocks<00:34:40.260> a<00:34:40.379> year<00:34:40.560> or 00:34:40.790 --> 00:34:40.800 align:start position:0% propose like three blocks a year or 00:34:40.800 --> 00:34:43.790 align:start position:0% propose like three blocks a year or something<00:34:40.980> right<00:34:41.760> to<00:34:42.419> have<00:34:43.080> to<00:34:43.260> wait<00:34:43.440> until 00:34:43.790 --> 00:34:43.800 align:start position:0% something right to have to wait until 00:34:43.800 --> 00:34:45.770 align:start position:0% something right to have to wait until the<00:34:44.159> next<00:34:44.280> block<00:34:44.460> proposal<00:34:45.000> to<00:34:45.240> know<00:34:45.419> that<00:34:45.599> the 00:34:45.770 --> 00:34:45.780 align:start position:0% the next block proposal to know that the 00:34:45.780 --> 00:34:47.030 align:start position:0% the next block proposal to know that the counterparty<00:34:46.320> that<00:34:46.440> they're<00:34:46.560> interfacing 00:34:47.030 --> 00:34:47.040 align:start position:0% counterparty that they're interfacing 00:34:47.040 --> 00:34:49.310 align:start position:0% counterparty that they're interfacing with<00:34:47.220> is<00:34:47.460> is<00:34:47.879> uh<00:34:48.359> is<00:34:48.540> malicious<00:34:48.899> as<00:34:49.020> the<00:34:49.200> subway 00:34:49.310 --> 00:34:49.320 align:start position:0% with is is uh is malicious as the subway 00:34:49.320 --> 00:34:51.349 align:start position:0% with is is uh is malicious as the subway in<00:34:50.099> some<00:34:50.159> way<00:34:50.339> you<00:34:50.580> need<00:34:50.700> to<00:34:50.820> be<00:34:50.940> able<00:34:51.060> to<00:34:51.179> see 00:34:51.349 --> 00:34:51.359 align:start position:0% in some way you need to be able to see 00:34:51.359 --> 00:34:53.869 align:start position:0% in some way you need to be able to see it<00:34:51.480> from<00:34:51.659> the<00:34:51.780> state<00:34:51.960> of<00:34:52.139> the<00:34:52.200> entire<00:34:52.440> network 00:34:53.869 --> 00:34:53.879 align:start position:0% it from the state of the entire network 00:34:53.879 --> 00:34:55.310 align:start position:0% it from the state of the entire network for<00:34:54.359> the<00:34:54.599> third<00:34:54.720> one<00:34:54.899> in<00:34:55.080> the<00:34:55.260> block 00:34:55.310 --> 00:34:55.320 align:start position:0% for the third one in the block 00:34:55.320 --> 00:34:57.050 align:start position:0% for the third one in the block withholding<00:34:55.919> one<00:34:56.040> is<00:34:56.399> the<00:34:56.580> most<00:34:56.639> difficult 00:34:57.050 --> 00:34:57.060 align:start position:0% withholding one is the most difficult 00:34:57.060 --> 00:34:58.849 align:start position:0% withholding one is the most difficult because<00:34:57.480> there's<00:34:58.080> this<00:34:58.260> problem<00:34:58.500> of 00:34:58.849 --> 00:34:58.859 align:start position:0% because there's this problem of 00:34:58.859 --> 00:35:01.849 align:start position:0% because there's this problem of attribution<00:34:59.460> like<00:35:00.119> you<00:35:00.300> don't<00:35:00.480> know<00:35:00.720> if<00:35:01.200> the 00:35:01.849 --> 00:35:01.859 align:start position:0% attribution like you don't know if the 00:35:01.859 --> 00:35:04.370 align:start position:0% attribution like you don't know if the relayer<00:35:02.400> just<00:35:02.700> revealed<00:35:03.060> too<00:35:03.180> slowly<00:35:03.660> if<00:35:04.260> it's 00:35:04.370 --> 00:35:04.380 align:start position:0% relayer just revealed too slowly if it's 00:35:04.380 --> 00:35:06.230 align:start position:0% relayer just revealed too slowly if it's because<00:35:04.619> the<00:35:04.980> validator<00:35:05.400> never<00:35:05.820> like 00:35:06.230 --> 00:35:06.240 align:start position:0% because the validator never like 00:35:06.240 --> 00:35:08.150 align:start position:0% because the validator never like submitted<00:35:06.720> their<00:35:06.900> block<00:35:07.140> to<00:35:07.380> the<00:35:07.560> relayer<00:35:07.980> and 00:35:08.150 --> 00:35:08.160 align:start position:0% submitted their block to the relayer and 00:35:08.160 --> 00:35:09.829 align:start position:0% submitted their block to the relayer and they<00:35:08.280> only<00:35:08.400> submit<00:35:08.820> it<00:35:08.940> to<00:35:09.119> the<00:35:09.300> you<00:35:09.599> know<00:35:09.720> to 00:35:09.829 --> 00:35:09.839 align:start position:0% they only submit it to the you know to 00:35:09.839 --> 00:35:11.990 align:start position:0% they only submit it to the you know to the<00:35:10.079> rest<00:35:10.140> of<00:35:10.320> the<00:35:10.380> network<00:35:10.579> there's<00:35:11.579> a<00:35:11.880> lack 00:35:11.990 --> 00:35:12.000 align:start position:0% the rest of the network there's a lack 00:35:12.000 --> 00:35:13.970 align:start position:0% the rest of the network there's a lack of<00:35:12.180> attribution<00:35:12.660> as<00:35:13.140> to<00:35:13.380> where<00:35:13.560> the<00:35:13.740> fault 00:35:13.970 --> 00:35:13.980 align:start position:0% of attribution as to where the fault 00:35:13.980 --> 00:35:16.609 align:start position:0% of attribution as to where the fault lies<00:35:14.400> and<00:35:15.000> these<00:35:15.480> kinds<00:35:15.660> of<00:35:15.720> issues<00:35:16.200> are<00:35:16.440> the 00:35:16.609 --> 00:35:16.619 align:start position:0% lies and these kinds of issues are the 00:35:16.619 --> 00:35:18.410 align:start position:0% lies and these kinds of issues are the most<00:35:16.800> difficult<00:35:17.460> to<00:35:17.820> solve<00:35:18.060> when<00:35:18.300> you're 00:35:18.410 --> 00:35:18.420 align:start position:0% most difficult to solve when you're 00:35:18.420 --> 00:35:20.569 align:start position:0% most difficult to solve when you're building<00:35:18.660> software<00:35:19.140> for<00:35:19.380> validators<00:35:19.859> if<00:35:20.460> you 00:35:20.569 --> 00:35:20.579 align:start position:0% building software for validators if you 00:35:20.579 --> 00:35:22.310 align:start position:0% building software for validators if you don't<00:35:20.760> know<00:35:21.000> which<00:35:21.359> actor<00:35:21.780> in<00:35:21.960> the<00:35:22.140> system 00:35:22.310 --> 00:35:22.320 align:start position:0% don't know which actor in the system 00:35:22.320 --> 00:35:25.430 align:start position:0% don't know which actor in the system default<00:35:23.180> originates<00:35:24.180> from<00:35:24.420> you<00:35:25.320> can't 00:35:25.430 --> 00:35:25.440 align:start position:0% default originates from you can't 00:35:25.440 --> 00:35:27.710 align:start position:0% default originates from you can't mitigate<00:35:26.160> it<00:35:26.280> as<00:35:26.579> effectively<00:35:27.180> and<00:35:27.480> you<00:35:27.599> have 00:35:27.710 --> 00:35:27.720 align:start position:0% mitigate it as effectively and you have 00:35:27.720 --> 00:35:30.050 align:start position:0% mitigate it as effectively and you have to<00:35:27.780> look<00:35:27.960> at<00:35:28.079> these<00:35:28.380> like<00:35:28.680> wider<00:35:29.460> Health 00:35:30.050 --> 00:35:30.060 align:start position:0% to look at these like wider Health 00:35:30.060 --> 00:35:32.870 align:start position:0% to look at these like wider Health metrics<00:35:30.599> for<00:35:30.780> the<00:35:30.900> system<00:35:31.280> the<00:35:32.280> the<00:35:32.460> solution 00:35:32.870 --> 00:35:32.880 align:start position:0% metrics for the system the the solution 00:35:32.880 --> 00:35:35.930 align:start position:0% metrics for the system the the solution for<00:35:33.119> that<00:35:33.240> specific<00:35:33.660> risk<00:35:34.020> is<00:35:34.260> looking<00:35:34.500> at 00:35:35.930 --> 00:35:35.940 align:start position:0% for that specific risk is looking at 00:35:35.940 --> 00:35:38.270 align:start position:0% for that specific risk is looking at um<00:35:36.000> is<00:35:36.780> the<00:35:37.079> blockchain<00:35:37.500> continuing<00:35:38.099> to 00:35:38.270 --> 00:35:38.280 align:start position:0% um is the blockchain continuing to 00:35:38.280 --> 00:35:40.250 align:start position:0% um is the blockchain continuing to propose<00:35:38.640> blocks 00:35:40.250 --> 00:35:40.260 align:start position:0% propose blocks 00:35:40.260 --> 00:35:41.690 align:start position:0% propose blocks um<00:35:40.320> and<00:35:40.619> so<00:35:40.740> you<00:35:40.920> can<00:35:41.040> have<00:35:41.160> this<00:35:41.460> health 00:35:41.690 --> 00:35:41.700 align:start position:0% um and so you can have this health 00:35:41.700 --> 00:35:44.150 align:start position:0% um and so you can have this health factor<00:35:42.300> for<00:35:42.599> the<00:35:42.720> blockchain<00:35:43.020> as<00:35:43.260> a<00:35:43.380> whole<00:35:43.500> if 00:35:44.150 --> 00:35:44.160 align:start position:0% factor for the blockchain as a whole if 00:35:44.160 --> 00:35:46.430 align:start position:0% factor for the blockchain as a whole if there<00:35:44.460> is<00:35:44.579> X<00:35:44.760> percentage<00:35:45.240> of<00:35:45.599> the<00:35:45.780> last<00:35:45.960> you 00:35:46.430 --> 00:35:46.440 align:start position:0% there is X percentage of the last you 00:35:46.440 --> 00:35:48.290 align:start position:0% there is X percentage of the last you know<00:35:46.560> 100<00:35:46.680> slots<00:35:47.280> that<00:35:47.579> had<00:35:47.760> a<00:35:47.940> valid<00:35:48.180> block 00:35:48.290 --> 00:35:48.300 align:start position:0% know 100 slots that had a valid block 00:35:48.300 --> 00:35:50.089 align:start position:0% know 100 slots that had a valid block proposal<00:35:48.839> that<00:35:49.200> you<00:35:49.380> can<00:35:49.440> consider<00:35:49.680> it<00:35:49.859> to<00:35:49.980> be 00:35:50.089 --> 00:35:50.099 align:start position:0% proposal that you can consider it to be 00:35:50.099 --> 00:35:52.609 align:start position:0% proposal that you can consider it to be good<00:35:50.220> enough<00:35:50.339> if<00:35:51.180> for<00:35:51.660> whatever<00:35:51.839> reason<00:35:52.200> the 00:35:52.609 --> 00:35:52.619 align:start position:0% good enough if for whatever reason the 00:35:52.619 --> 00:35:54.170 align:start position:0% good enough if for whatever reason the health<00:35:52.740> Factor<00:35:53.160> Falls<00:35:53.400> below<00:35:53.700> some<00:35:53.820> threshold 00:35:54.170 --> 00:35:54.180 align:start position:0% health Factor Falls below some threshold 00:35:54.180 --> 00:35:55.970 align:start position:0% health Factor Falls below some threshold you<00:35:54.660> have<00:35:54.839> a<00:35:54.960> circuit<00:35:55.260> breaker<00:35:55.560> in<00:35:55.680> which<00:35:55.859> it 00:35:55.970 --> 00:35:55.980 align:start position:0% you have a circuit breaker in which it 00:35:55.980 --> 00:35:57.410 align:start position:0% you have a circuit breaker in which it says<00:35:56.220> it<00:35:56.520> disconnects<00:35:56.940> from<00:35:57.060> all<00:35:57.300> the 00:35:57.410 --> 00:35:57.420 align:start position:0% says it disconnects from all the 00:35:57.420 --> 00:35:59.089 align:start position:0% says it disconnects from all the middleware<00:35:57.839> that<00:35:58.440> could<00:35:58.560> possibly<00:35:58.920> be 00:35:59.089 --> 00:35:59.099 align:start position:0% middleware that could possibly be 00:35:59.099 --> 00:36:00.770 align:start position:0% middleware that could possibly be causing<00:35:59.460> these<00:35:59.700> kinds<00:35:59.940> of<00:35:59.940> faults<00:36:00.359> and<00:36:00.660> you 00:36:00.770 --> 00:36:00.780 align:start position:0% causing these kinds of faults and you 00:36:00.780 --> 00:36:03.170 align:start position:0% causing these kinds of faults and you fall<00:36:00.960> back<00:36:01.200> to<00:36:01.440> sort<00:36:01.800> of<00:36:01.859> a<00:36:01.980> tried<00:36:02.280> and<00:36:02.460> trusted 00:36:03.170 --> 00:36:03.180 align:start position:0% fall back to sort of a tried and trusted 00:36:03.180 --> 00:36:06.290 align:start position:0% fall back to sort of a tried and trusted uh<00:36:03.780> operation<00:36:04.200> of<00:36:04.500> the<00:36:05.040> system 00:36:06.290 --> 00:36:06.300 align:start position:0% uh operation of the system 00:36:06.300 --> 00:36:10.010 align:start position:0% uh operation of the system okay<00:36:06.780> these<00:36:07.320> are<00:36:07.440> the<00:36:07.560> first<00:36:07.800> order<00:36:08.040> risks 00:36:10.010 --> 00:36:10.020 align:start position:0% okay these are the first order risks 00:36:10.020 --> 00:36:11.930 align:start position:0% okay these are the first order risks everyone's<00:36:10.859> the<00:36:10.920> following<00:36:11.220> but<00:36:11.760> wait 00:36:11.930 --> 00:36:11.940 align:start position:0% everyone's the following but wait 00:36:11.940 --> 00:36:14.569 align:start position:0% everyone's the following but wait there's<00:36:12.240> more<00:36:12.420> this<00:36:13.020> way<00:36:13.380> this<00:36:14.220> is<00:36:14.339> making 00:36:14.569 --> 00:36:14.579 align:start position:0% there's more this way this is making 00:36:14.579 --> 00:36:16.250 align:start position:0% there's more this way this is making what<00:36:14.820> we<00:36:14.940> do<00:36:15.060> look<00:36:15.240> a<00:36:15.420> lot<00:36:15.480> more<00:36:15.599> simple<00:36:15.839> this 00:36:16.250 --> 00:36:16.260 align:start position:0% what we do look a lot more simple this 00:36:16.260 --> 00:36:18.470 align:start position:0% what we do look a lot more simple this is<00:36:16.440> great<00:36:16.619> for<00:36:17.400> the<00:36:17.579> most<00:36:17.700> complex<00:36:17.940> thing<00:36:18.180> on<00:36:18.359> a 00:36:18.470 --> 00:36:18.480 align:start position:0% is great for the most complex thing on a 00:36:18.480 --> 00:36:20.870 align:start position:0% is great for the most complex thing on a panel<00:36:18.720> but<00:36:18.900> this<00:36:19.079> is<00:36:19.200> this<00:36:19.440> is<00:36:19.560> awesome<00:36:19.880> all 00:36:20.870 --> 00:36:20.880 align:start position:0% panel but this is this is awesome all 00:36:20.880 --> 00:36:22.910 align:start position:0% panel but this is this is awesome all right<00:36:21.060> second<00:36:21.480> order<00:36:21.839> risk<00:36:22.200> so<00:36:22.380> this<00:36:22.619> is<00:36:22.740> like 00:36:22.910 --> 00:36:22.920 align:start position:0% right second order risk so this is like 00:36:22.920 --> 00:36:24.770 align:start position:0% right second order risk so this is like the<00:36:23.099> risks<00:36:23.400> that<00:36:23.579> aren't<00:36:23.820> just<00:36:24.060> directly<00:36:24.540> from 00:36:24.770 --> 00:36:24.780 align:start position:0% the risks that aren't just directly from 00:36:24.780 --> 00:36:27.589 align:start position:0% the risks that aren't just directly from the<00:36:24.960> behavior<00:36:25.380> of<00:36:25.619> a<00:36:25.800> single<00:36:26.160> node<00:36:26.760> right<00:36:27.300> but 00:36:27.589 --> 00:36:27.599 align:start position:0% the behavior of a single node right but 00:36:27.599 --> 00:36:29.569 align:start position:0% the behavior of a single node right but more<00:36:27.780> risks<00:36:28.260> are<00:36:28.380> emergent<00:36:28.859> from<00:36:29.160> when<00:36:29.460> you 00:36:29.569 --> 00:36:29.579 align:start position:0% more risks are emergent from when you 00:36:29.579 --> 00:36:32.630 align:start position:0% more risks are emergent from when you look<00:36:29.760> at<00:36:29.940> what<00:36:30.480> if<00:36:30.720> the<00:36:30.960> entire<00:36:31.440> blockchain<00:36:32.220> is 00:36:32.630 --> 00:36:32.640 align:start position:0% look at what if the entire blockchain is 00:36:32.640 --> 00:36:35.569 align:start position:0% look at what if the entire blockchain is operating<00:36:33.119> the<00:36:33.780> same<00:36:33.960> software<00:36:34.440> right<00:36:35.040> what 00:36:35.569 --> 00:36:35.579 align:start position:0% operating the same software right what 00:36:35.579 --> 00:36:37.550 align:start position:0% operating the same software right what are<00:36:35.760> the<00:36:35.880> economics<00:36:36.300> incentives<00:36:36.900> what<00:36:37.320> what 00:36:37.550 --> 00:36:37.560 align:start position:0% are the economics incentives what what 00:36:37.560 --> 00:36:38.930 align:start position:0% are the economics incentives what what are<00:36:37.800> like<00:36:37.920> the<00:36:38.040> marketplaces<00:36:38.640> that<00:36:38.820> get 00:36:38.930 --> 00:36:38.940 align:start position:0% are like the marketplaces that get 00:36:38.940 --> 00:36:40.670 align:start position:0% are like the marketplaces that get developed<00:36:39.359> on<00:36:39.660> top<00:36:39.780> of<00:36:39.900> this<00:36:40.079> and<00:36:40.380> how<00:36:40.560> does 00:36:40.670 --> 00:36:40.680 align:start position:0% developed on top of this and how does 00:36:40.680 --> 00:36:42.410 align:start position:0% developed on top of this and how does that<00:36:40.800> impact<00:36:41.160> the<00:36:41.400> expected<00:36:41.760> behavior<00:36:42.119> of<00:36:42.300> the 00:36:42.410 --> 00:36:42.420 align:start position:0% that impact the expected behavior of the 00:36:42.420 --> 00:36:43.849 align:start position:0% that impact the expected behavior of the software<00:36:42.720> I<00:36:43.260> think<00:36:43.380> this<00:36:43.500> is<00:36:43.680> where 00:36:43.849 --> 00:36:43.859 align:start position:0% software I think this is where 00:36:43.859 --> 00:36:46.130 align:start position:0% software I think this is where censorship<00:36:44.520> is<00:36:45.180> sort<00:36:45.480> of<00:36:45.540> comes<00:36:45.780> into<00:36:45.839> play 00:36:46.130 --> 00:36:46.140 align:start position:0% censorship is sort of comes into play 00:36:46.140 --> 00:36:49.250 align:start position:0% censorship is sort of comes into play right<00:36:46.619> so<00:36:47.040> you<00:36:47.460> can<00:36:47.579> solve<00:36:48.060> all<00:36:48.359> of<00:36:48.540> the<00:36:48.839> micro 00:36:49.250 --> 00:36:49.260 align:start position:0% right so you can solve all of the micro 00:36:49.260 --> 00:36:51.770 align:start position:0% right so you can solve all of the micro sort<00:36:49.800> of<00:36:49.920> risk<00:36:50.160> at<00:36:50.339> the<00:36:50.520> individual<00:36:50.940> layer 00:36:51.770 --> 00:36:51.780 align:start position:0% sort of risk at the individual layer 00:36:51.780 --> 00:36:54.290 align:start position:0% sort of risk at the individual layer while<00:36:52.440> still<00:36:52.740> having<00:36:53.280> some<00:36:53.640> bigger<00:36:53.940> broader 00:36:54.290 --> 00:36:54.300 align:start position:0% while still having some bigger broader 00:36:54.300 --> 00:36:55.790 align:start position:0% while still having some bigger broader risks<00:36:54.540> that<00:36:54.660> are<00:36:54.839> more<00:36:54.960> emergent<00:36:55.320> out<00:36:55.560> of<00:36:55.680> the 00:36:55.790 --> 00:36:55.800 align:start position:0% risks that are more emergent out of the 00:36:55.800 --> 00:36:57.770 align:start position:0% risks that are more emergent out of the use<00:36:55.920> of<00:36:56.099> the<00:36:56.220> entire<00:36:56.460> system<00:36:56.760> that<00:36:57.480> can't<00:36:57.599> be 00:36:57.770 --> 00:36:57.780 align:start position:0% use of the entire system that can't be 00:36:57.780 --> 00:36:59.329 align:start position:0% use of the entire system that can't be necessarily<00:36:58.260> solved<00:36:58.619> just<00:36:58.740> through<00:36:58.920> the<00:36:59.160> the 00:36:59.329 --> 00:36:59.339 align:start position:0% necessarily solved just through the the 00:36:59.339 --> 00:37:01.250 align:start position:0% necessarily solved just through the the initial<00:37:00.060> design<00:37:00.300> they<00:37:00.720> sort<00:37:00.960> of<00:37:01.079> become 00:37:01.250 --> 00:37:01.260 align:start position:0% initial design they sort of become 00:37:01.260 --> 00:37:03.170 align:start position:0% initial design they sort of become second<00:37:01.440> order<00:37:01.740> effects 00:37:03.170 --> 00:37:03.180 align:start position:0% second order effects 00:37:03.180 --> 00:37:05.450 align:start position:0% second order effects um<00:37:03.240> and<00:37:03.780> some<00:37:04.680> of<00:37:04.800> them<00:37:04.920> are<00:37:05.099> easier<00:37:05.339> to 00:37:05.450 --> 00:37:05.460 align:start position:0% um and some of them are easier to 00:37:05.460 --> 00:37:07.010 align:start position:0% um and some of them are easier to predict<00:37:05.700> than<00:37:05.880> others 00:37:07.010 --> 00:37:07.020 align:start position:0% predict than others 00:37:07.020 --> 00:37:08.630 align:start position:0% predict than others um<00:37:07.140> and<00:37:07.560> it's<00:37:07.920> sort<00:37:08.099> of<00:37:08.160> a<00:37:08.280> question<00:37:08.400> of 00:37:08.630 --> 00:37:08.640 align:start position:0% um and it's sort of a question of 00:37:08.640 --> 00:37:11.030 align:start position:0% um and it's sort of a question of iterating<00:37:09.000> on<00:37:09.300> on<00:37:09.599> the<00:37:10.020> ecosystem<00:37:10.440> of<00:37:10.859> the 00:37:11.030 --> 00:37:11.040 align:start position:0% iterating on on the ecosystem of the 00:37:11.040 --> 00:37:12.890 align:start position:0% iterating on on the ecosystem of the solution<00:37:11.339> both<00:37:11.700> at<00:37:11.880> the<00:37:12.060> technical<00:37:12.300> layer<00:37:12.660> but 00:37:12.890 --> 00:37:12.900 align:start position:0% solution both at the technical layer but 00:37:12.900 --> 00:37:15.230 align:start position:0% solution both at the technical layer but also<00:37:13.140> at<00:37:13.260> the<00:37:13.440> industry<00:37:13.740> level<00:37:13.920> uh<00:37:14.700> to<00:37:14.820> try<00:37:15.119> to 00:37:15.230 --> 00:37:15.240 align:start position:0% also at the industry level uh to try to 00:37:15.240 --> 00:37:18.530 align:start position:0% also at the industry level uh to try to make<00:37:15.359> these<00:37:16.200> yeah<00:37:16.800> and<00:37:17.220> and<00:37:17.400> I<00:37:17.579> think<00:37:17.700> that<00:37:17.940> you 00:37:18.530 --> 00:37:18.540 align:start position:0% make these yeah and and I think that you 00:37:18.540 --> 00:37:20.810 align:start position:0% make these yeah and and I think that you know<00:37:18.599> censorship<00:37:18.960> is<00:37:19.200> a<00:37:19.320> prime<00:37:19.800> concern<00:37:20.280> for 00:37:20.810 --> 00:37:20.820 align:start position:0% know censorship is a prime concern for 00:37:20.820 --> 00:37:23.270 align:start position:0% know censorship is a prime concern for uh<00:37:21.540> you<00:37:21.780> know<00:37:21.900> the<00:37:22.320> whole<00:37:22.440> ecosystem<00:37:22.980> right 00:37:23.270 --> 00:37:23.280 align:start position:0% uh you know the whole ecosystem right 00:37:23.280 --> 00:37:25.130 align:start position:0% uh you know the whole ecosystem right now<00:37:23.880> um<00:37:23.880> and<00:37:24.060> it's<00:37:24.180> been<00:37:24.300> a<00:37:24.420> prime<00:37:24.480> you<00:37:25.020> know 00:37:25.130 --> 00:37:25.140 align:start position:0% now um and it's been a prime you know 00:37:25.140 --> 00:37:26.690 align:start position:0% now um and it's been a prime you know topic<00:37:25.380> of<00:37:25.440> conversation<00:37:25.859> throughout<00:37:26.400> other 00:37:26.690 --> 00:37:26.700 align:start position:0% topic of conversation throughout other 00:37:26.700 --> 00:37:29.270 align:start position:0% topic of conversation throughout other panels<00:37:27.300> and<00:37:27.420> talks<00:37:27.720> at<00:37:27.839> depcon 00:37:29.270 --> 00:37:29.280 align:start position:0% panels and talks at depcon 00:37:29.280 --> 00:37:31.790 align:start position:0% panels and talks at depcon um so<00:37:29.760> yeah<00:37:29.940> we're<00:37:30.180> all<00:37:30.300> working<00:37:30.839> on<00:37:31.320> fixing 00:37:31.790 --> 00:37:31.800 align:start position:0% um so yeah we're all working on fixing 00:37:31.800 --> 00:37:32.870 align:start position:0% um so yeah we're all working on fixing it<00:37:31.920> together<00:37:31.980> that's<00:37:32.400> actually<00:37:32.579> one<00:37:32.760> of<00:37:32.880> the 00:37:32.870 --> 00:37:32.880 align:start position:0% it together that's actually one of the 00:37:32.880 --> 00:37:34.670 align:start position:0% it together that's actually one of the things<00:37:32.940> that<00:37:33.140> eigenlayer<00:37:34.140> is<00:37:34.320> often 00:37:34.670 --> 00:37:34.680 align:start position:0% things that eigenlayer is often 00:37:34.680 --> 00:37:36.589 align:start position:0% things that eigenlayer is often mentioned<00:37:35.040> in<00:37:35.579> uh<00:37:35.700> each<00:37:35.880> research<00:37:36.240> posts 00:37:36.589 --> 00:37:36.599 align:start position:0% mentioned in uh each research posts 00:37:36.599 --> 00:37:38.390 align:start position:0% mentioned in uh each research posts about<00:37:36.720> like<00:37:36.960> how<00:37:37.140> it<00:37:37.260> can<00:37:37.440> support<00:37:37.619> uh 00:37:38.390 --> 00:37:38.400 align:start position:0% about like how it can support uh 00:37:38.400 --> 00:37:40.190 align:start position:0% about like how it can support uh potentially<00:37:38.700> solving<00:37:39.000> that<00:37:39.119> problem<00:37:39.720> and<00:37:40.020> so 00:37:40.190 --> 00:37:40.200 align:start position:0% potentially solving that problem and so 00:37:40.200 --> 00:37:41.870 align:start position:0% potentially solving that problem and so you<00:37:40.320> guys<00:37:40.619> talked<00:37:41.040> about<00:37:41.099> the<00:37:41.400> individual 00:37:41.870 --> 00:37:41.880 align:start position:0% you guys talked about the individual 00:37:41.880 --> 00:37:44.690 align:start position:0% you guys talked about the individual risks<00:37:42.540> uh<00:37:43.020> associated<00:37:43.560> with<00:37:44.280> each<00:37:44.520> project 00:37:44.690 --> 00:37:44.700 align:start position:0% risks uh associated with each project 00:37:44.700 --> 00:37:45.770 align:start position:0% risks uh associated with each project but<00:37:44.940> then<00:37:45.060> I<00:37:45.240> want<00:37:45.359> to<00:37:45.420> go<00:37:45.480> to<00:37:45.599> the<00:37:45.660> next 00:37:45.770 --> 00:37:45.780 align:start position:0% but then I want to go to the next 00:37:45.780 --> 00:37:47.870 align:start position:0% but then I want to go to the next question<00:37:45.900> which<00:37:46.200> is<00:37:46.320> that<00:37:46.500> how<00:37:47.160> do<00:37:47.280> we<00:37:47.460> deal 00:37:47.870 --> 00:37:47.880 align:start position:0% question which is that how do we deal 00:37:47.880 --> 00:37:51.890 align:start position:0% question which is that how do we deal with<00:37:48.240> The<00:37:48.540> Amalgamated<00:37:49.500> risk<00:37:50.400> profile<00:37:50.900> that 00:37:51.890 --> 00:37:51.900 align:start position:0% with The Amalgamated risk profile that 00:37:51.900 --> 00:37:54.170 align:start position:0% with The Amalgamated risk profile that results<00:37:52.260> from<00:37:52.680> using<00:37:53.099> multiple<00:37:53.579> middleware 00:37:54.170 --> 00:37:54.180 align:start position:0% results from using multiple middleware 00:37:54.180 --> 00:37:57.410 align:start position:0% results from using multiple middleware Solutions<00:37:55.020> why<00:37:55.920> why<00:37:56.099> is<00:37:56.280> that<00:37:56.339> funny 00:37:57.410 --> 00:37:57.420 align:start position:0% Solutions why why is that funny 00:37:57.420 --> 00:37:59.329 align:start position:0% Solutions why why is that funny Amalgamated<00:37:58.320> that's<00:37:58.500> not<00:37:58.680> his<00:37:58.800> word<00:37:58.980> I<00:37:59.220> don't 00:37:59.329 --> 00:37:59.339 align:start position:0% Amalgamated that's not his word I don't 00:37:59.339 --> 00:38:01.200 align:start position:0% Amalgamated that's not his word I don't know<00:37:59.400> if<00:37:59.460> it's<00:37:59.579> right<00:37:59.700> but<00:37:59.880> it's<00:38:00.000> good<00:38:00.180> yeah 00:38:01.200 --> 00:38:01.210 align:start position:0% know if it's right but it's good yeah 00:38:01.210 --> 00:38:02.510 align:start position:0% know if it's right but it's good yeah [Music] 00:38:02.510 --> 00:38:02.520 align:start position:0% [Music] 00:38:02.520 --> 00:38:08.870 align:start position:0% [Music] this<00:38:03.060> is<00:38:03.180> like<00:38:03.599> a<00:38:03.660> I'm 00:38:08.870 --> 00:38:08.880 align:start position:0% 00:38:08.880 --> 00:38:10.550 align:start position:0% like<00:38:09.180> all<00:38:09.300> English<00:38:09.480> words<00:38:09.780> are<00:38:09.960> nice<00:38:10.140> I<00:38:10.380> like 00:38:10.550 --> 00:38:10.560 align:start position:0% like all English words are nice I like 00:38:10.560 --> 00:38:11.870 align:start position:0% like all English words are nice I like them 00:38:11.870 --> 00:38:11.880 align:start position:0% them 00:38:11.880 --> 00:38:13.609 align:start position:0% them um<00:38:12.000> so<00:38:12.300> where<00:38:12.420> we're<00:38:12.599> at<00:38:12.720> here<00:38:12.900> like<00:38:13.200> fact<00:38:13.440> of 00:38:13.609 --> 00:38:13.619 align:start position:0% um so where we're at here like fact of 00:38:13.619 --> 00:38:14.690 align:start position:0% um so where we're at here like fact of the<00:38:13.680> matter<00:38:13.800> is<00:38:13.980> there's<00:38:14.160> really<00:38:14.339> only<00:38:14.460> one 00:38:14.690 --> 00:38:14.700 align:start position:0% the matter is there's really only one 00:38:14.700 --> 00:38:16.250 align:start position:0% the matter is there's really only one for<00:38:14.880> dominantly<00:38:15.300> used<00:38:15.480> middleware<00:38:15.960> and<00:38:16.140> it's 00:38:16.250 --> 00:38:16.260 align:start position:0% for dominantly used middleware and it's 00:38:16.260 --> 00:38:17.990 align:start position:0% for dominantly used middleware and it's a<00:38:16.380> Navy<00:38:16.500> boost 00:38:17.990 --> 00:38:18.000 align:start position:0% a Navy boost 00:38:18.000 --> 00:38:19.970 align:start position:0% a Navy boost um<00:38:18.060> so<00:38:18.420> there<00:38:18.720> will<00:38:18.839> be<00:38:18.960> many<00:38:19.200> more<00:38:19.440> and<00:38:19.680> we 00:38:19.970 --> 00:38:19.980 align:start position:0% um so there will be many more and we 00:38:19.980 --> 00:38:22.490 align:start position:0% um so there will be many more and we made<00:38:20.160> it<00:38:20.339> we<00:38:20.579> made<00:38:20.820> it<00:38:21.000> we<00:38:21.720> like<00:38:21.960> paved<00:38:22.320> the<00:38:22.380> way 00:38:22.490 --> 00:38:22.500 align:start position:0% made it we made it we like paved the way 00:38:22.500 --> 00:38:23.810 align:start position:0% made it we made it we like paved the way for<00:38:22.680> all<00:38:22.859> of<00:38:22.980> us<00:38:23.040> to<00:38:23.220> see<00:38:23.339> that<00:38:23.460> it's<00:38:23.700> actually 00:38:23.810 --> 00:38:23.820 align:start position:0% for all of us to see that it's actually 00:38:23.820 --> 00:38:25.310 align:start position:0% for all of us to see that it's actually you<00:38:24.060> know<00:38:24.180> doable 00:38:25.310 --> 00:38:25.320 align:start position:0% you know doable 00:38:25.320 --> 00:38:26.690 align:start position:0% you know doable um<00:38:25.380> so<00:38:25.680> like<00:38:25.920> today<00:38:26.099> there<00:38:26.520> aren't 00:38:26.690 --> 00:38:26.700 align:start position:0% um so like today there aren't 00:38:26.700 --> 00:38:28.849 align:start position:0% um so like today there aren't combinations<00:38:27.180> of<00:38:27.420> middle<00:38:27.540> Wars<00:38:27.960> happening<00:38:28.260> we 00:38:28.849 --> 00:38:28.859 align:start position:0% combinations of middle Wars happening we 00:38:28.859 --> 00:38:30.950 align:start position:0% combinations of middle Wars happening we actually<00:38:28.980> recently<00:38:29.460> integrated<00:38:30.060> Caron<00:38:30.720> which 00:38:30.950 --> 00:38:30.960 align:start position:0% actually recently integrated Caron which 00:38:30.960 --> 00:38:33.349 align:start position:0% actually recently integrated Caron which is<00:38:31.079> our<00:38:31.320> client<00:38:31.560> into<00:38:31.859> immunity<00:38:32.339> boost<00:38:32.640> uh<00:38:33.240> and 00:38:33.349 --> 00:38:33.359 align:start position:0% is our client into immunity boost uh and 00:38:33.359 --> 00:38:35.329 align:start position:0% is our client into immunity boost uh and now<00:38:33.480> a<00:38:33.660> distributed<00:38:34.079> validator<00:38:34.440> can<00:38:34.920> propose 00:38:35.329 --> 00:38:35.339 align:start position:0% now a distributed validator can propose 00:38:35.339 --> 00:38:37.910 align:start position:0% now a distributed validator can propose blinded<00:38:35.760> Beacon<00:38:36.060> blocks<00:38:36.359> which<00:38:36.839> is<00:38:36.960> cool 00:38:37.910 --> 00:38:37.920 align:start position:0% blinded Beacon blocks which is cool 00:38:37.920 --> 00:38:39.410 align:start position:0% blinded Beacon blocks which is cool um<00:38:37.980> so<00:38:38.220> actually<00:38:38.400> that<00:38:38.760> kind<00:38:38.940> of<00:38:39.060> opens<00:38:39.359> up 00:38:39.410 --> 00:38:39.420 align:start position:0% um so actually that kind of opens up 00:38:39.420 --> 00:38:42.290 align:start position:0% um so actually that kind of opens up this<00:38:39.780> new<00:38:39.960> entire<00:38:40.380> landscape<00:38:40.920> where<00:38:41.160> like 00:38:42.290 --> 00:38:42.300 align:start position:0% this new entire landscape where like 00:38:42.300 --> 00:38:44.329 align:start position:0% this new entire landscape where like um<00:38:42.359> a<00:38:42.660> validator<00:38:42.960> looking<00:38:43.260> at<00:38:43.500> the<00:38:43.619> mempool<00:38:44.040> if 00:38:44.329 --> 00:38:44.339 align:start position:0% um a validator looking at the mempool if 00:38:44.339 --> 00:38:46.130 align:start position:0% um a validator looking at the mempool if there's<00:38:44.460> 10<00:38:44.700> people<00:38:44.880> in<00:38:45.119> a<00:38:45.240> validator<00:38:45.599> all<00:38:45.960> 10 00:38:46.130 --> 00:38:46.140 align:start position:0% there's 10 people in a validator all 10 00:38:46.140 --> 00:38:48.290 align:start position:0% there's 10 people in a validator all 10 of<00:38:46.260> them<00:38:46.380> have<00:38:46.560> a<00:38:46.740> view<00:38:46.859> on<00:38:47.040> the<00:38:47.160> mempool<00:38:47.460> uh 00:38:48.290 --> 00:38:48.300 align:start position:0% of them have a view on the mempool uh 00:38:48.300 --> 00:38:49.609 align:start position:0% of them have a view on the mempool uh and<00:38:48.480> then<00:38:48.540> that<00:38:48.720> has<00:38:48.900> like<00:38:49.140> and<00:38:49.320> since<00:38:49.500> there's 00:38:49.609 --> 00:38:49.619 align:start position:0% and then that has like and since there's 00:38:49.619 --> 00:38:51.349 align:start position:0% and then that has like and since there's a<00:38:49.800> consensus<00:38:50.099> mechanism<00:38:50.520> built<00:38:50.880> inside<00:38:51.000> of<00:38:51.240> it 00:38:51.349 --> 00:38:51.359 align:start position:0% a consensus mechanism built inside of it 00:38:51.359 --> 00:38:53.750 align:start position:0% a consensus mechanism built inside of it that<00:38:52.020> opens<00:38:52.320> up<00:38:52.440> like<00:38:52.560> a<00:38:52.800> whole<00:38:52.920> new<00:38:53.099> paradigm 00:38:53.750 --> 00:38:53.760 align:start position:0% that opens up like a whole new paradigm 00:38:53.760 --> 00:38:55.490 align:start position:0% that opens up like a whole new paradigm of<00:38:53.880> not<00:38:54.060> only<00:38:54.180> what<00:38:54.359> Mev<00:38:54.720> looks<00:38:55.020> like<00:38:55.079> but<00:38:55.260> also 00:38:55.490 --> 00:38:55.500 align:start position:0% of not only what Mev looks like but also 00:38:55.500 --> 00:38:57.770 align:start position:0% of not only what Mev looks like but also like<00:38:55.619> what<00:38:55.800> security<00:38:55.980> looks<00:38:56.460> like<00:38:56.579> so<00:38:57.540> we<00:38:57.720> have 00:38:57.770 --> 00:38:57.780 align:start position:0% like what security looks like so we have 00:38:57.780 --> 00:38:59.930 align:start position:0% like what security looks like so we have validators<00:38:58.380> uh<00:38:58.980> combined<00:38:59.280> with<00:38:59.400> me<00:38:59.579> boost 00:38:59.930 --> 00:38:59.940 align:start position:0% validators uh combined with me boost 00:38:59.940 --> 00:39:02.030 align:start position:0% validators uh combined with me boost running<00:39:00.180> on<00:39:00.300> testnet<00:39:00.780> today 00:39:02.030 --> 00:39:02.040 align:start position:0% running on testnet today 00:39:02.040 --> 00:39:03.530 align:start position:0% running on testnet today um we<00:39:02.339> don't<00:39:02.520> get<00:39:02.640> to<00:39:02.760> propose<00:39:03.000> very<00:39:03.180> often 00:39:03.530 --> 00:39:03.540 align:start position:0% um we don't get to propose very often 00:39:03.540 --> 00:39:05.990 align:start position:0% um we don't get to propose very often but<00:39:04.440> going<00:39:05.040> through<00:39:05.220> that<00:39:05.400> process<00:39:05.700> of 00:39:05.990 --> 00:39:06.000 align:start position:0% but going through that process of 00:39:06.000 --> 00:39:08.810 align:start position:0% but going through that process of testing<00:39:06.359> it<00:39:06.480> and<00:39:06.720> figuring<00:39:07.140> it<00:39:07.260> out<00:39:07.760> fortunate 00:39:08.810 --> 00:39:08.820 align:start position:0% testing it and figuring it out fortunate 00:39:08.820 --> 00:39:11.089 align:start position:0% testing it and figuring it out fortunate for<00:39:09.300> us<00:39:09.420> they<00:39:09.660> came<00:39:09.839> first<00:39:10.020> I<00:39:10.680> like<00:39:10.859> really 00:39:11.089 --> 00:39:11.099 align:start position:0% for us they came first I like really 00:39:11.099 --> 00:39:12.470 align:start position:0% for us they came first I like really don't<00:39:11.280> think<00:39:11.460> it<00:39:11.579> would<00:39:11.700> have<00:39:11.820> been<00:39:11.940> smooth<00:39:12.180> if 00:39:12.470 --> 00:39:12.480 align:start position:0% don't think it would have been smooth if 00:39:12.480 --> 00:39:14.810 align:start position:0% don't think it would have been smooth if like<00:39:12.720> DVT<00:39:13.320> and<00:39:13.500> Mev<00:39:13.920> boost<00:39:14.099> launched<00:39:14.520> at<00:39:14.640> the 00:39:14.810 --> 00:39:14.820 align:start position:0% like DVT and Mev boost launched at the 00:39:14.820 --> 00:39:16.609 align:start position:0% like DVT and Mev boost launched at the same<00:39:14.940> time<00:39:15.180> and<00:39:15.720> it<00:39:15.900> was<00:39:16.020> kind<00:39:16.140> of<00:39:16.260> the<00:39:16.380> natural 00:39:16.609 --> 00:39:16.619 align:start position:0% same time and it was kind of the natural 00:39:16.619 --> 00:39:19.130 align:start position:0% same time and it was kind of the natural of<00:39:17.099> getting<00:39:17.220> to<00:39:17.460> the<00:39:17.640> merge<00:39:18.060> let's<00:39:18.660> get<00:39:18.900> any 00:39:19.130 --> 00:39:19.140 align:start position:0% of getting to the merge let's get any 00:39:19.140 --> 00:39:21.050 align:start position:0% of getting to the merge let's get any view<00:39:19.380> Boost<00:39:19.560> near<00:39:19.800> mainnet<00:39:20.339> let's<00:39:20.579> change<00:39:20.880> it 00:39:21.050 --> 00:39:21.060 align:start position:0% view Boost near mainnet let's change it 00:39:21.060 --> 00:39:23.569 align:start position:0% view Boost near mainnet let's change it from<00:39:21.300> like<00:39:21.480> a<00:39:21.660> client<00:39:21.900> into<00:39:22.260> a<00:39:22.500> middleware<00:39:22.859> uh 00:39:23.569 --> 00:39:23.579 align:start position:0% from like a client into a middleware uh 00:39:23.579 --> 00:39:25.250 align:start position:0% from like a client into a middleware uh it<00:39:23.760> let's<00:39:23.880> merge<00:39:24.300> and<00:39:24.540> then<00:39:24.660> after<00:39:24.839> that<00:39:25.020> now 00:39:25.250 --> 00:39:25.260 align:start position:0% it let's merge and then after that now 00:39:25.260 --> 00:39:26.990 align:start position:0% it let's merge and then after that now we<00:39:25.440> take<00:39:25.560> on<00:39:25.740> the<00:39:25.920> next<00:39:26.040> middleware<00:39:26.460> which<00:39:26.880> is 00:39:26.990 --> 00:39:27.000 align:start position:0% we take on the next middleware which is 00:39:27.000 --> 00:39:29.990 align:start position:0% we take on the next middleware which is like<00:39:27.180> DVT<00:39:27.720> or<00:39:28.079> others<00:39:28.560> so<00:39:29.400> I<00:39:29.579> think<00:39:29.640> doing<00:39:29.820> them 00:39:29.990 --> 00:39:30.000 align:start position:0% like DVT or others so I think doing them 00:39:30.000 --> 00:39:32.030 align:start position:0% like DVT or others so I think doing them in<00:39:30.180> phases<00:39:30.480> as<00:39:30.720> a<00:39:30.900> community<00:39:31.020> is<00:39:31.619> like<00:39:31.859> super 00:39:32.030 --> 00:39:32.040 align:start position:0% in phases as a community is like super 00:39:32.040 --> 00:39:34.849 align:start position:0% in phases as a community is like super important<00:39:32.460> I<00:39:32.700> think<00:39:32.880> the<00:39:33.060> EF<00:39:33.359> kind<00:39:34.079> of 00:39:34.849 --> 00:39:34.859 align:start position:0% important I think the EF kind of 00:39:34.859 --> 00:39:36.710 align:start position:0% important I think the EF kind of um<00:39:34.920> unknowingly<00:39:35.520> designed<00:39:35.820> it<00:39:35.940> that<00:39:36.119> way<00:39:36.240> and 00:39:36.710 --> 00:39:36.720 align:start position:0% um unknowingly designed it that way and 00:39:36.720 --> 00:39:38.329 align:start position:0% um unknowingly designed it that way and that's<00:39:36.900> kind<00:39:37.079> of<00:39:37.200> how<00:39:37.380> we<00:39:37.800> interact<00:39:38.040> with<00:39:38.220> the 00:39:38.329 --> 00:39:38.339 align:start position:0% that's kind of how we interact with the 00:39:38.339 --> 00:39:40.190 align:start position:0% that's kind of how we interact with the client<00:39:38.520> teams<00:39:38.820> for<00:39:39.000> example<00:39:39.240> it's<00:39:39.900> kind<00:39:40.079> of 00:39:40.190 --> 00:39:40.200 align:start position:0% client teams for example it's kind of 00:39:40.200 --> 00:39:41.810 align:start position:0% client teams for example it's kind of like<00:39:40.260> wait<00:39:40.440> in<00:39:40.619> line<00:39:40.800> you<00:39:41.160> know<00:39:41.280> and<00:39:41.400> your<00:39:41.579> turn 00:39:41.810 --> 00:39:41.820 align:start position:0% like wait in line you know and your turn 00:39:41.820 --> 00:39:43.970 align:start position:0% like wait in line you know and your turn will<00:39:42.000> come<00:39:42.180> up<00:39:42.440> so<00:39:43.440> now<00:39:43.560> that<00:39:43.680> we're<00:39:43.800> seeing 00:39:43.970 --> 00:39:43.980 align:start position:0% will come up so now that we're seeing 00:39:43.980 --> 00:39:45.410 align:start position:0% will come up so now that we're seeing more<00:39:44.099> middlewares<00:39:44.640> come<00:39:44.760> out<00:39:44.880> and<00:39:45.300> they're 00:39:45.410 --> 00:39:45.420 align:start position:0% more middlewares come out and they're 00:39:45.420 --> 00:39:47.210 align:start position:0% more middlewares come out and they're getting<00:39:45.660> more<00:39:45.900> use<00:39:46.079> yeah<00:39:46.619> what<00:39:46.859> happens<00:39:46.980> when 00:39:47.210 --> 00:39:47.220 align:start position:0% getting more use yeah what happens when 00:39:47.220 --> 00:39:49.030 align:start position:0% getting more use yeah what happens when they<00:39:47.339> sit<00:39:47.460> on<00:39:47.640> top<00:39:47.820> of<00:39:47.940> each<00:39:48.060> other 00:39:49.030 --> 00:39:49.040 align:start position:0% they sit on top of each other 00:39:49.040 --> 00:39:51.230 align:start position:0% they sit on top of each other we've<00:39:50.040> been<00:39:50.220> looking<00:39:50.400> at<00:39:50.579> it<00:39:50.700> less<00:39:50.880> from<00:39:51.119> the 00:39:51.230 --> 00:39:51.240 align:start position:0% we've been looking at it less from the 00:39:51.240 --> 00:39:52.550 align:start position:0% we've been looking at it less from the risk<00:39:51.540> perspective<00:39:51.839> and<00:39:52.079> more<00:39:52.260> from<00:39:52.440> the 00:39:52.550 --> 00:39:52.560 align:start position:0% risk perspective and more from the 00:39:52.560 --> 00:39:54.770 align:start position:0% risk perspective and more from the opportunity<00:39:52.920> perspective<00:39:53.420> but<00:39:54.420> through<00:39:54.599> that 00:39:54.770 --> 00:39:54.780 align:start position:0% opportunity perspective but through that 00:39:54.780 --> 00:39:56.270 align:start position:0% opportunity perspective but through that finding<00:39:55.140> we'll<00:39:55.320> probably<00:39:55.560> find<00:39:55.800> what<00:39:56.099> what 00:39:56.270 --> 00:39:56.280 align:start position:0% finding we'll probably find what what 00:39:56.280 --> 00:39:58.490 align:start position:0% finding we'll probably find what what the<00:39:56.460> risks<00:39:56.820> are<00:39:56.880> yeah<00:39:57.540> and<00:39:57.900> I'm<00:39:58.140> glad<00:39:58.320> you 00:39:58.490 --> 00:39:58.500 align:start position:0% the risks are yeah and I'm glad you 00:39:58.500 --> 00:39:59.810 align:start position:0% the risks are yeah and I'm glad you mentioned<00:39:58.740> the<00:39:58.859> client<00:39:59.280> Team<00:39:59.460> Angle<00:39:59.760> that's 00:39:59.810 --> 00:39:59.820 align:start position:0% mentioned the client Team Angle that's 00:39:59.820 --> 00:40:00.770 align:start position:0% mentioned the client Team Angle that's actually<00:40:00.000> the<00:40:00.180> next<00:40:00.300> thing<00:40:00.420> I<00:40:00.480> want<00:40:00.599> to<00:40:00.720> talk 00:40:00.770 --> 00:40:00.780 align:start position:0% actually the next thing I want to talk 00:40:00.780 --> 00:40:01.550 align:start position:0% actually the next thing I want to talk about<00:40:00.900> because<00:40:01.079> I<00:40:01.200> think<00:40:01.320> it's<00:40:01.380> super 00:40:01.550 --> 00:40:01.560 align:start position:0% about because I think it's super 00:40:01.560 --> 00:40:03.530 align:start position:0% about because I think it's super important 00:40:03.530 --> 00:40:03.540 align:start position:0% important 00:40:03.540 --> 00:40:05.569 align:start position:0% important any<00:40:04.020> any<00:40:04.260> other<00:40:04.380> takers<00:40:04.740> on<00:40:04.920> The<00:40:05.040> Amalgamated 00:40:05.569 --> 00:40:05.579 align:start position:0% any any other takers on The Amalgamated 00:40:05.579 --> 00:40:08.390 align:start position:0% any any other takers on The Amalgamated risk<00:40:06.420> um<00:40:06.540> on<00:40:06.960> The<00:40:07.260> Amalgamated<00:40:07.859> opportunities 00:40:08.390 --> 00:40:08.400 align:start position:0% risk um on The Amalgamated opportunities 00:40:08.400 --> 00:40:10.450 align:start position:0% risk um on The Amalgamated opportunities yes 00:40:10.450 --> 00:40:10.460 align:start position:0% yes 00:40:10.460 --> 00:40:13.250 align:start position:0% yes I<00:40:11.460> already<00:40:11.579> mentioned<00:40:12.000> for<00:40:12.300> example<00:40:12.540> that<00:40:12.960> you 00:40:13.250 --> 00:40:13.260 align:start position:0% I already mentioned for example that you 00:40:13.260 --> 00:40:16.190 align:start position:0% I already mentioned for example that you know<00:40:13.320> uh<00:40:13.619> you<00:40:13.859> can<00:40:13.920> do<00:40:14.099> Mev<00:40:14.760> type<00:40:15.420> things<00:40:15.839> on 00:40:16.190 --> 00:40:16.200 align:start position:0% know uh you can do Mev type things on 00:40:16.200 --> 00:40:19.069 align:start position:0% know uh you can do Mev type things on top<00:40:16.380> of<00:40:16.680> uh<00:40:17.099> eigenlayer<00:40:17.760> you<00:40:18.000> know<00:40:18.060> that's<00:40:18.780> one 00:40:19.069 --> 00:40:19.079 align:start position:0% top of uh eigenlayer you know that's one 00:40:19.079 --> 00:40:21.410 align:start position:0% top of uh eigenlayer you know that's one one<00:40:19.320> set<00:40:19.560> of<00:40:19.740> opportunities<00:40:20.160> another<00:40:20.940> set<00:40:21.240> of 00:40:21.410 --> 00:40:21.420 align:start position:0% one set of opportunities another set of 00:40:21.420 --> 00:40:22.790 align:start position:0% one set of opportunities another set of opportunities<00:40:21.839> is<00:40:22.200> can<00:40:22.500> you<00:40:22.619> build 00:40:22.790 --> 00:40:22.800 align:start position:0% opportunities is can you build 00:40:22.800 --> 00:40:24.829 align:start position:0% opportunities is can you build distributed<00:40:23.400> validation<00:40:23.880> for<00:40:24.240> some<00:40:24.480> of<00:40:24.599> these 00:40:24.829 --> 00:40:24.839 align:start position:0% distributed validation for some of these 00:40:24.839 --> 00:40:26.450 align:start position:0% distributed validation for some of these other<00:40:25.020> services<00:40:25.320> built<00:40:25.800> on<00:40:25.859> top<00:40:25.980> of<00:40:26.099> Icon 00:40:26.450 --> 00:40:26.460 align:start position:0% other services built on top of Icon 00:40:26.460 --> 00:40:28.910 align:start position:0% other services built on top of Icon layer<00:40:27.119> because<00:40:27.540> again<00:40:28.020> the<00:40:28.440> same<00:40:28.560> set<00:40:28.740> of 00:40:28.910 --> 00:40:28.920 align:start position:0% layer because again the same set of 00:40:28.920 --> 00:40:31.310 align:start position:0% layer because again the same set of reasons<00:40:29.460> why<00:40:29.760> you<00:40:29.940> would<00:40:30.060> need<00:40:30.240> DVT<00:40:30.720> on<00:40:31.020> top<00:40:31.200> of 00:40:31.310 --> 00:40:31.320 align:start position:0% reasons why you would need DVT on top of 00:40:31.320 --> 00:40:33.109 align:start position:0% reasons why you would need DVT on top of a<00:40:31.440> code<00:40:31.560> layer<00:40:31.920> also<00:40:32.280> applies<00:40:32.579> to<00:40:32.880> Services 00:40:33.109 --> 00:40:33.119 align:start position:0% a code layer also applies to Services 00:40:33.119 --> 00:40:35.990 align:start position:0% a code layer also applies to Services built<00:40:33.599> on<00:40:33.660> eigenridge<00:40:34.200> so<00:40:34.500> that's<00:40:35.220> these<00:40:35.880> are 00:40:35.990 --> 00:40:36.000 align:start position:0% built on eigenridge so that's these are 00:40:36.000 --> 00:40:37.910 align:start position:0% built on eigenridge so that's these are some<00:40:36.300> of<00:40:36.420> the<00:40:36.599> touch<00:40:36.839> points<00:40:37.260> and<00:40:37.320> interfaces 00:40:37.910 --> 00:40:37.920 align:start position:0% some of the touch points and interfaces 00:40:37.920 --> 00:40:40.250 align:start position:0% some of the touch points and interfaces I<00:40:38.339> think<00:40:38.460> one<00:40:38.700> nice<00:40:38.880> thing<00:40:39.119> is<00:40:39.359> the<00:40:39.599> core<00:40:39.720> eigen 00:40:40.250 --> 00:40:40.260 align:start position:0% I think one nice thing is the core eigen 00:40:40.260 --> 00:40:42.109 align:start position:0% I think one nice thing is the core eigen layer<00:40:40.500> design<00:40:40.680> is<00:40:41.040> kind<00:40:41.280> of<00:40:41.339> as<00:40:41.520> a<00:40:41.700> sidecar 00:40:42.109 --> 00:40:42.119 align:start position:0% layer design is kind of as a sidecar 00:40:42.119 --> 00:40:44.690 align:start position:0% layer design is kind of as a sidecar it's<00:40:42.540> not<00:40:42.780> directly<00:40:43.260> uh<00:40:43.800> touching<00:40:44.220> the<00:40:44.400> client 00:40:44.690 --> 00:40:44.700 align:start position:0% it's not directly uh touching the client 00:40:44.700 --> 00:40:47.990 align:start position:0% it's not directly uh touching the client so<00:40:45.000> we<00:40:45.240> are<00:40:45.420> basically<00:40:46.040> add-on<00:40:47.040> right<00:40:47.579> so 00:40:47.990 --> 00:40:48.000 align:start position:0% so we are basically add-on right so 00:40:48.000 --> 00:40:51.170 align:start position:0% so we are basically add-on right so opt-in<00:40:48.660> add-on<00:40:49.260> that's<00:40:49.560> the<00:40:49.920> two<00:40:50.160> two<00:40:50.640> aspects 00:40:51.170 --> 00:40:51.180 align:start position:0% opt-in add-on that's the two two aspects 00:40:51.180 --> 00:40:52.970 align:start position:0% opt-in add-on that's the two two aspects but<00:40:51.480> there<00:40:51.660> are<00:40:51.839> some<00:40:52.020> touch<00:40:52.200> points<00:40:52.680> between 00:40:52.970 --> 00:40:52.980 align:start position:0% but there are some touch points between 00:40:52.980 --> 00:40:55.310 align:start position:0% but there are some touch points between these<00:40:53.460> different<00:40:53.700> uh 00:40:55.310 --> 00:40:55.320 align:start position:0% these different uh 00:40:55.320 --> 00:40:56.870 align:start position:0% these different uh one<00:40:55.800> of<00:40:55.920> the<00:40:55.980> other<00:40:56.099> interesting<00:40:56.460> things<00:40:56.640> to 00:40:56.870 --> 00:40:56.880 align:start position:0% one of the other interesting things to 00:40:56.880 --> 00:40:59.630 align:start position:0% one of the other interesting things to mention<00:40:57.060> about<00:40:57.300> eigenlayer<00:40:58.079> and<00:40:58.200> opal<00:40:58.680> is<00:40:58.920> for 00:40:59.630 --> 00:40:59.640 align:start position:0% mention about eigenlayer and opal is for 00:40:59.640 --> 00:41:02.030 align:start position:0% mention about eigenlayer and opal is for like<00:40:59.940> the<00:41:00.300> long-term<00:41:00.900> goal<00:41:01.680> of<00:41:01.800> this 00:41:02.030 --> 00:41:02.040 align:start position:0% like the long-term goal of this 00:41:02.040 --> 00:41:03.950 align:start position:0% like the long-term goal of this cryptography<00:41:02.640> project<00:41:02.880> is<00:41:03.420> to<00:41:03.660> deal<00:41:03.780> with 00:41:03.950 --> 00:41:03.960 align:start position:0% cryptography project is to deal with 00:41:03.960 --> 00:41:05.510 align:start position:0% cryptography project is to deal with what's<00:41:04.140> called<00:41:04.320> The<00:41:04.500> Lazy<00:41:04.800> validator<00:41:05.220> problem 00:41:05.510 --> 00:41:05.520 align:start position:0% what's called The Lazy validator problem 00:41:05.520 --> 00:41:08.390 align:start position:0% what's called The Lazy validator problem so<00:41:06.300> today<00:41:06.480> it's<00:41:06.900> not<00:41:07.200> like<00:41:07.619> cryptographically 00:41:08.390 --> 00:41:08.400 align:start position:0% so today it's not like cryptographically 00:41:08.400 --> 00:41:11.270 align:start position:0% so today it's not like cryptographically possible<00:41:08.880> to<00:41:09.180> like<00:41:09.560> objectively<00:41:10.560> prove<00:41:10.980> who 00:41:11.270 --> 00:41:11.280 align:start position:0% possible to like objectively prove who 00:41:11.280 --> 00:41:12.770 align:start position:0% possible to like objectively prove who in<00:41:11.460> a<00:41:11.579> threshold<00:41:11.820> signing<00:41:12.180> scheme<00:41:12.480> was<00:41:12.599> not 00:41:12.770 --> 00:41:12.780 align:start position:0% in a threshold signing scheme was not 00:41:12.780 --> 00:41:14.450 align:start position:0% in a threshold signing scheme was not doing<00:41:13.020> their<00:41:13.260> job 00:41:14.450 --> 00:41:14.460 align:start position:0% doing their job 00:41:14.460 --> 00:41:16.190 align:start position:0% doing their job um<00:41:14.520> so<00:41:14.760> I<00:41:15.060> can<00:41:15.180> layer<00:41:15.420> can't<00:41:15.599> fix<00:41:15.780> that<00:41:15.960> that's 00:41:16.190 --> 00:41:16.200 align:start position:0% um so I can layer can't fix that that's 00:41:16.200 --> 00:41:17.750 align:start position:0% um so I can layer can't fix that that's more<00:41:16.440> like<00:41:16.619> Moon<00:41:16.859> math<00:41:17.099> they<00:41:17.339> can<00:41:17.460> fix<00:41:17.579> that 00:41:17.750 --> 00:41:17.760 align:start position:0% more like Moon math they can fix that 00:41:17.760 --> 00:41:19.310 align:start position:0% more like Moon math they can fix that but<00:41:18.000> then<00:41:18.119> it<00:41:18.359> comes<00:41:18.599> down<00:41:18.660> to<00:41:18.839> how<00:41:19.079> do<00:41:19.200> you 00:41:19.310 --> 00:41:19.320 align:start position:0% but then it comes down to how do you 00:41:19.320 --> 00:41:21.890 align:start position:0% but then it comes down to how do you solve<00:41:19.619> that<00:41:19.740> once<00:41:20.160> you<00:41:20.220> can<00:41:20.400> identify<00:41:20.880> it<00:41:21.119> and 00:41:21.890 --> 00:41:21.900 align:start position:0% solve that once you can identify it and 00:41:21.900 --> 00:41:24.650 align:start position:0% solve that once you can identify it and that<00:41:22.140> lazy<00:41:22.500> person<00:41:22.680> in<00:41:23.040> that<00:41:23.220> DBT<00:41:23.640> cluster<00:41:24.119> you 00:41:24.650 --> 00:41:24.660 align:start position:0% that lazy person in that DBT cluster you 00:41:24.660 --> 00:41:26.510 align:start position:0% that lazy person in that DBT cluster you can<00:41:24.780> disincentivize<00:41:25.500> you<00:41:25.800> can<00:41:25.920> punish<00:41:26.220> you 00:41:26.510 --> 00:41:26.520 align:start position:0% can disincentivize you can punish you 00:41:26.520 --> 00:41:27.589 align:start position:0% can disincentivize you can punish you can<00:41:26.579> do<00:41:26.700> a<00:41:26.880> variety<00:41:27.119> of<00:41:27.240> different<00:41:27.359> things 00:41:27.589 --> 00:41:27.599 align:start position:0% can do a variety of different things 00:41:27.599 --> 00:41:30.829 align:start position:0% can do a variety of different things today<00:41:28.500> the<00:41:28.980> only<00:41:29.099> way<00:41:29.339> that<00:41:29.760> the<00:41:30.180> industry<00:41:30.540> has 00:41:30.829 --> 00:41:30.839 align:start position:0% today the only way that the industry has 00:41:30.839 --> 00:41:32.990 align:start position:0% today the only way that the industry has thought<00:41:31.020> about<00:41:31.260> punishing<00:41:32.160> that<00:41:32.520> actor<00:41:32.880> in 00:41:32.990 --> 00:41:33.000 align:start position:0% thought about punishing that actor in 00:41:33.000 --> 00:41:34.910 align:start position:0% thought about punishing that actor in our<00:41:33.240> sense<00:41:33.420> would<00:41:33.720> be<00:41:33.839> to<00:41:34.079> like<00:41:34.320> create<00:41:34.680> a 00:41:34.910 --> 00:41:34.920 align:start position:0% our sense would be to like create a 00:41:34.920 --> 00:41:37.609 align:start position:0% our sense would be to like create a token<00:41:35.280> make<00:41:35.880> everyone<00:41:36.119> Bond<00:41:36.720> oval<00:41:37.200> token<00:41:37.500> to 00:41:37.609 --> 00:41:37.619 align:start position:0% token make everyone Bond oval token to 00:41:37.619 --> 00:41:40.490 align:start position:0% token make everyone Bond oval token to the<00:41:37.800> node<00:41:38.420> disincentivize<00:41:39.420> slash<00:41:39.839> that<00:41:40.079> token 00:41:40.490 --> 00:41:40.500 align:start position:0% the node disincentivize slash that token 00:41:40.500 --> 00:41:41.990 align:start position:0% the node disincentivize slash that token and<00:41:40.800> to<00:41:40.920> your<00:41:41.040> point<00:41:41.220> we<00:41:41.460> would<00:41:41.820> have<00:41:41.940> to 00:41:41.990 --> 00:41:42.000 align:start position:0% and to your point we would have to 00:41:42.000 --> 00:41:44.329 align:start position:0% and to your point we would have to create<00:41:42.119> our<00:41:42.359> own<00:41:42.420> trust<00:41:42.720> Network<00:41:42.980> so<00:41:43.980> at<00:41:44.280> the 00:41:44.329 --> 00:41:44.339 align:start position:0% create our own trust Network so at the 00:41:44.339 --> 00:41:46.130 align:start position:0% create our own trust Network so at the later<00:41:44.460> tale<00:41:44.820> of<00:41:44.940> DVT<00:41:45.359> and<00:41:45.540> it's<00:41:45.660> more<00:41:45.780> mature 00:41:46.130 --> 00:41:46.140 align:start position:0% later tale of DVT and it's more mature 00:41:46.140 --> 00:41:47.870 align:start position:0% later tale of DVT and it's more mature State<00:41:46.320> the<00:41:46.619> goal<00:41:46.859> is<00:41:46.980> to<00:41:47.280> be<00:41:47.460> able<00:41:47.579> to<00:41:47.760> use 00:41:47.870 --> 00:41:47.880 align:start position:0% State the goal is to be able to use 00:41:47.880 --> 00:41:49.550 align:start position:0% State the goal is to be able to use cryptography<00:41:48.599> so<00:41:48.780> that<00:41:48.960> a<00:41:49.200> group<00:41:49.260> of<00:41:49.380> people 00:41:49.550 --> 00:41:49.560 align:start position:0% cryptography so that a group of people 00:41:49.560 --> 00:41:51.050 align:start position:0% cryptography so that a group of people can<00:41:49.740> run<00:41:49.920> a<00:41:50.040> validator<00:41:50.339> together<00:41:50.640> and<00:41:50.880> not 00:41:51.050 --> 00:41:51.060 align:start position:0% can run a validator together and not 00:41:51.060 --> 00:41:52.550 align:start position:0% can run a validator together and not know<00:41:51.300> each<00:41:51.480> other<00:41:51.660> they<00:41:51.960> don't<00:41:52.079> have<00:41:52.260> to<00:41:52.380> know 00:41:52.550 --> 00:41:52.560 align:start position:0% know each other they don't have to know 00:41:52.560 --> 00:41:53.810 align:start position:0% know each other they don't have to know each<00:41:52.680> other<00:41:52.800> they<00:41:52.980> don't<00:41:53.099> have<00:41:53.220> to<00:41:53.339> trust<00:41:53.640> each 00:41:53.810 --> 00:41:53.820 align:start position:0% each other they don't have to trust each 00:41:53.820 --> 00:41:55.730 align:start position:0% each other they don't have to trust each other<00:41:53.940> but<00:41:54.720> to<00:41:54.900> get<00:41:55.020> there<00:41:55.140> you<00:41:55.260> you<00:41:55.560> have<00:41:55.680> to 00:41:55.730 --> 00:41:55.740 align:start position:0% other but to get there you you have to 00:41:55.740 --> 00:41:57.950 align:start position:0% other but to get there you you have to deal<00:41:55.859> with<00:41:55.980> the<00:41:56.040> lazy<00:41:56.220> validator<00:41:56.640> problem<00:41:56.960> and 00:41:57.950 --> 00:41:57.960 align:start position:0% deal with the lazy validator problem and 00:41:57.960 --> 00:41:59.450 align:start position:0% deal with the lazy validator problem and today<00:41:58.140> the<00:41:58.440> best<00:41:58.500> way<00:41:58.680> to<00:41:58.800> do<00:41:58.920> that<00:41:59.099> is<00:41:59.280> to 00:41:59.450 --> 00:41:59.460 align:start position:0% today the best way to do that is to 00:41:59.460 --> 00:42:01.069 align:start position:0% today the best way to do that is to create<00:41:59.579> a<00:41:59.760> new<00:41:59.820> trust<00:42:00.119> Network<00:42:00.300> which<00:42:00.720> is<00:42:00.839> just 00:42:01.069 --> 00:42:01.079 align:start position:0% create a new trust Network which is just 00:42:01.079 --> 00:42:03.890 align:start position:0% create a new trust Network which is just you<00:42:01.320> know<00:42:01.700> 2017-18<00:42:02.700> all<00:42:02.940> over<00:42:03.060> again<00:42:03.300> so 00:42:03.890 --> 00:42:03.900 align:start position:0% you know 2017-18 all over again so 00:42:03.900 --> 00:42:05.210 align:start position:0% you know 2017-18 all over again so there's<00:42:04.020> like<00:42:04.260> things<00:42:04.440> that<00:42:04.740> we<00:42:04.859> would<00:42:05.040> need 00:42:05.210 --> 00:42:05.220 align:start position:0% there's like things that we would need 00:42:05.220 --> 00:42:06.829 align:start position:0% there's like things that we would need for<00:42:05.520> the<00:42:05.640> later<00:42:05.760> tale<00:42:06.119> of<00:42:06.359> what<00:42:06.480> we're<00:42:06.660> doing 00:42:06.829 --> 00:42:06.839 align:start position:0% for the later tale of what we're doing 00:42:06.839 --> 00:42:12.650 align:start position:0% for the later tale of what we're doing that<00:42:07.680> eigenlayer<00:42:08.220> is<00:42:08.280> trying<00:42:08.400> to<00:42:08.520> build 00:42:12.650 --> 00:42:12.660 align:start position:0% 00:42:12.660 --> 00:42:16.190 align:start position:0% I<00:42:13.200> have<00:42:13.320> a<00:42:13.500> question<00:42:13.680> yeah<00:42:14.460> please 00:42:16.190 --> 00:42:16.200 align:start position:0% I have a question yeah please 00:42:16.200 --> 00:42:18.109 align:start position:0% I have a question yeah please is<00:42:16.619> it<00:42:16.800> better<00:42:16.980> if<00:42:17.280> we<00:42:17.400> like<00:42:17.579> have<00:42:17.760> a<00:42:17.940> world 00:42:18.109 --> 00:42:18.119 align:start position:0% is it better if we like have a world 00:42:18.119 --> 00:42:20.750 align:start position:0% is it better if we like have a world where<00:42:18.660> all<00:42:19.619> the<00:42:19.740> middleware<00:42:20.040> solutions<00:42:20.460> can 00:42:20.750 --> 00:42:20.760 align:start position:0% where all the middleware solutions can 00:42:20.760 --> 00:42:22.609 align:start position:0% where all the middleware solutions can sort<00:42:20.940> of<00:42:21.000> innovate<00:42:21.359> right<00:42:21.720> and<00:42:22.020> like<00:42:22.260> throw 00:42:22.609 --> 00:42:22.619 align:start position:0% sort of innovate right and like throw 00:42:22.619 --> 00:42:24.470 align:start position:0% sort of innovate right and like throw new<00:42:22.920> ideas<00:42:23.099> at<00:42:23.460> the<00:42:23.579> wall<00:42:23.700> figure<00:42:24.060> out<00:42:24.240> what 00:42:24.470 --> 00:42:24.480 align:start position:0% new ideas at the wall figure out what 00:42:24.480 --> 00:42:26.990 align:start position:0% new ideas at the wall figure out what happens<00:42:24.720> and<00:42:25.440> you<00:42:25.980> know<00:42:26.099> what<00:42:26.220> sticks<00:42:26.700> if<00:42:26.880> it 00:42:26.990 --> 00:42:27.000 align:start position:0% happens and you know what sticks if it 00:42:27.000 --> 00:42:29.810 align:start position:0% happens and you know what sticks if it gets<00:42:27.240> adopted<00:42:27.660> then<00:42:28.079> you<00:42:28.440> know<00:42:28.560> it's<00:42:29.040> just<00:42:29.280> all 00:42:29.810 --> 00:42:29.820 align:start position:0% gets adopted then you know it's just all 00:42:29.820 --> 00:42:31.790 align:start position:0% gets adopted then you know it's just all chordev's<00:42:30.480> problem<00:42:30.599> now<00:42:30.900> and<00:42:31.200> they<00:42:31.440> like<00:42:31.560> have 00:42:31.790 --> 00:42:31.800 align:start position:0% chordev's problem now and they like have 00:42:31.800 --> 00:42:35.030 align:start position:0% chordev's problem now and they like have to<00:42:31.920> deal<00:42:32.040> with<00:42:32.220> it<00:42:32.339> or<00:42:33.300> should<00:42:33.540> it<00:42:33.660> be<00:42:33.839> that 00:42:35.030 --> 00:42:35.040 align:start position:0% to deal with it or should it be that 00:42:35.040 --> 00:42:36.170 align:start position:0% to deal with it or should it be that um<00:42:35.099> each<00:42:35.400> of<00:42:35.520> these<00:42:35.640> new<00:42:35.820> middleware 00:42:36.170 --> 00:42:36.180 align:start position:0% um each of these new middleware 00:42:36.180 --> 00:42:37.790 align:start position:0% um each of these new middleware Solutions<00:42:36.599> have<00:42:36.900> to<00:42:37.079> figure<00:42:37.200> out<00:42:37.380> sort<00:42:37.619> of 00:42:37.790 --> 00:42:37.800 align:start position:0% Solutions have to figure out sort of 00:42:37.800 --> 00:42:39.650 align:start position:0% Solutions have to figure out sort of their<00:42:37.920> own<00:42:38.040> governance<00:42:38.579> mechanism<00:42:39.000> over<00:42:39.300> how 00:42:39.650 --> 00:42:39.660 align:start position:0% their own governance mechanism over how 00:42:39.660 --> 00:42:42.170 align:start position:0% their own governance mechanism over how to<00:42:39.780> continue<00:42:40.740> maintaining<00:42:41.640> these<00:42:42.060> and 00:42:42.170 --> 00:42:42.180 align:start position:0% to continue maintaining these and 00:42:42.180 --> 00:42:44.030 align:start position:0% to continue maintaining these and shipping<00:42:42.599> new<00:42:42.780> features<00:42:43.260> and<00:42:43.560> how<00:42:43.740> does<00:42:43.859> it 00:42:44.030 --> 00:42:44.040 align:start position:0% shipping new features and how does it 00:42:44.040 --> 00:42:46.190 align:start position:0% shipping new features and how does it fit<00:42:44.280> with<00:42:44.520> integrating<00:42:45.300> into<00:42:45.599> the<00:42:45.900> principles 00:42:46.190 --> 00:42:46.200 align:start position:0% fit with integrating into the principles 00:42:46.200 --> 00:42:48.829 align:start position:0% fit with integrating into the principles of<00:42:46.380> ethereum<00:42:46.859> and<00:42:47.160> to<00:42:47.280> all<00:42:47.460> the<00:42:47.640> other<00:42:47.839> uh 00:42:48.829 --> 00:42:48.839 align:start position:0% of ethereum and to all the other uh 00:42:48.839 --> 00:42:50.690 align:start position:0% of ethereum and to all the other uh middleware<00:42:49.200> solutions<00:42:49.560> that<00:42:49.740> get<00:42:49.920> built<00:42:50.220> is 00:42:50.690 --> 00:42:50.700 align:start position:0% middleware solutions that get built is 00:42:50.700 --> 00:42:52.130 align:start position:0% middleware solutions that get built is there<00:42:50.880> like<00:42:51.060> one<00:42:51.359> path<00:42:51.540> that's<00:42:51.780> better<00:42:51.960> than 00:42:52.130 --> 00:42:52.140 align:start position:0% there like one path that's better than 00:42:52.140 --> 00:42:53.030 align:start position:0% there like one path that's better than the<00:42:52.320> other 00:42:53.030 --> 00:42:53.040 align:start position:0% the other 00:42:53.040 --> 00:42:55.250 align:start position:0% the other by<00:42:53.520> the<00:42:53.640> way<00:42:53.700> I<00:42:53.940> I<00:42:54.180> really<00:42:54.359> regret<00:42:54.839> showing 00:42:55.250 --> 00:42:55.260 align:start position:0% by the way I I really regret showing 00:42:55.260 --> 00:42:57.190 align:start position:0% by the way I I really regret showing Stefan<00:42:55.619> the<00:42:55.800> questions<00:42:55.920> ahead<00:42:56.280> of<00:42:56.400> time 00:42:57.190 --> 00:42:57.200 align:start position:0% Stefan the questions ahead of time 00:42:57.200 --> 00:42:59.089 align:start position:0% Stefan the questions ahead of time [Laughter] 00:42:59.089 --> 00:42:59.099 align:start position:0% [Laughter] 00:42:59.099 --> 00:43:06.930 align:start position:0% [Laughter] so<00:43:00.119> um<00:43:00.119> in<00:43:00.960> our<00:43:01.319> case 00:43:06.930 --> 00:43:06.940 align:start position:0% 00:43:06.940 --> 00:43:08.900 align:start position:0% [Applause] 00:43:08.900 --> 00:43:08.910 align:start position:0% [Applause] 00:43:08.910 --> 00:43:11.349 align:start position:0% [Applause] [Music] 00:43:11.349 --> 00:43:11.359 align:start position:0% [Music] 00:43:11.359 --> 00:43:15.109 align:start position:0% [Music] uh<00:43:12.359> so<00:43:12.480> what<00:43:12.660> was<00:43:12.780> the<00:43:12.960> question 00:43:15.109 --> 00:43:15.119 align:start position:0% 00:43:15.119 --> 00:43:18.250 align:start position:0% how<00:43:15.960> do<00:43:16.020> you<00:43:16.079> feel<00:43:16.200> about<00:43:16.260> front<00:43:16.560> earning 00:43:18.250 --> 00:43:18.260 align:start position:0% how do you feel about front earning 00:43:18.260 --> 00:43:20.450 align:start position:0% how do you feel about front earning his<00:43:19.260> question<00:43:19.500> was<00:43:19.680> like<00:43:19.859> you<00:43:20.099> know<00:43:20.220> you<00:43:20.339> guys 00:43:20.450 --> 00:43:20.460 align:start position:0% his question was like you know you guys 00:43:20.460 --> 00:43:22.490 align:start position:0% his question was like you know you guys are<00:43:20.520> all<00:43:20.640> building<00:43:20.880> really<00:43:21.240> cool<00:43:21.420> stuff 00:43:22.490 --> 00:43:22.500 align:start position:0% are all building really cool stuff 00:43:22.500 --> 00:43:24.170 align:start position:0% are all building really cool stuff um<00:43:22.619> but<00:43:22.800> it's<00:43:22.980> you<00:43:23.160> know<00:43:23.280> it's<00:43:23.400> sidecars<00:43:24.000> it's 00:43:24.170 --> 00:43:24.180 align:start position:0% um but it's you know it's sidecars it's 00:43:24.180 --> 00:43:26.990 align:start position:0% um but it's you know it's sidecars it's like<00:43:24.420> you<00:43:24.720> know<00:43:24.900> different<00:43:25.440> clients<00:43:26.099> uh<00:43:26.940> and 00:43:26.990 --> 00:43:27.000 align:start position:0% like you know different clients uh and 00:43:27.000 --> 00:43:28.130 align:start position:0% like you know different clients uh and so<00:43:27.180> like<00:43:27.359> as<00:43:27.420> we<00:43:27.599> mentioned<00:43:27.720> earlier<00:43:27.839> there's 00:43:28.130 --> 00:43:28.140 align:start position:0% so like as we mentioned earlier there's 00:43:28.140 --> 00:43:29.690 align:start position:0% so like as we mentioned earlier there's nine<00:43:28.319> different<00:43:28.560> clients<00:43:28.980> that<00:43:29.220> are<00:43:29.400> you<00:43:29.640> know 00:43:29.690 --> 00:43:29.700 align:start position:0% nine different clients that are you know 00:43:29.700 --> 00:43:31.309 align:start position:0% nine different clients that are you know either<00:43:29.880> execution<00:43:30.359> or<00:43:30.540> consensus<00:43:30.960> that<00:43:31.200> are 00:43:31.309 --> 00:43:31.319 align:start position:0% either execution or consensus that are 00:43:31.319 --> 00:43:32.870 align:start position:0% either execution or consensus that are currently<00:43:31.619> on<00:43:31.740> the<00:43:31.859> ethereum<00:43:32.160> blockchain<00:43:32.520> and 00:43:32.870 --> 00:43:32.880 align:start position:0% currently on the ethereum blockchain and 00:43:32.880 --> 00:43:34.130 align:start position:0% currently on the ethereum blockchain and now<00:43:33.060> you<00:43:33.180> have<00:43:33.300> this<00:43:33.420> slew<00:43:33.720> of<00:43:33.839> middleware 00:43:34.130 --> 00:43:34.140 align:start position:0% now you have this slew of middleware 00:43:34.140 --> 00:43:36.170 align:start position:0% now you have this slew of middleware solutions<00:43:34.619> that<00:43:35.040> aren't<00:43:35.520> part<00:43:35.700> of<00:43:35.880> the 00:43:36.170 --> 00:43:36.180 align:start position:0% solutions that aren't part of the 00:43:36.180 --> 00:43:38.030 align:start position:0% solutions that aren't part of the all-core<00:43:36.540> devs<00:43:36.960> aren't<00:43:37.260> part<00:43:37.500> of<00:43:37.619> the<00:43:37.740> EIP 00:43:38.030 --> 00:43:38.040 align:start position:0% all-core devs aren't part of the EIP 00:43:38.040 --> 00:43:39.230 align:start position:0% all-core devs aren't part of the EIP process<00:43:38.460> they're<00:43:38.700> not<00:43:38.819> part<00:43:38.940> of<00:43:39.060> any 00:43:39.230 --> 00:43:39.240 align:start position:0% process they're not part of any 00:43:39.240 --> 00:43:42.050 align:start position:0% process they're not part of any established<00:43:39.839> rails<00:43:40.260> by<00:43:40.859> which<00:43:41.040> the<00:43:41.460> ethereum 00:43:42.050 --> 00:43:42.060 align:start position:0% established rails by which the ethereum 00:43:42.060 --> 00:43:43.609 align:start position:0% established rails by which the ethereum community<00:43:42.300> you<00:43:42.960> know<00:43:43.020> releases 00:43:43.609 --> 00:43:43.619 align:start position:0% community you know releases 00:43:43.619 --> 00:43:46.309 align:start position:0% community you know releases infrastructure<00:43:44.520> software<00:43:45.000> and<00:43:45.180> upgrades<00:43:45.780> and 00:43:46.309 --> 00:43:46.319 align:start position:0% infrastructure software and upgrades and 00:43:46.319 --> 00:43:48.349 align:start position:0% infrastructure software and upgrades and so<00:43:46.500> the<00:43:46.619> question<00:43:46.740> is<00:43:46.920> like<00:43:47.579> how<00:43:48.060> do<00:43:48.180> you<00:43:48.240> deal 00:43:48.349 --> 00:43:48.359 align:start position:0% so the question is like how do you deal 00:43:48.359 --> 00:43:50.030 align:start position:0% so the question is like how do you deal with<00:43:48.540> that<00:43:48.720> right<00:43:49.319> and<00:43:49.500> like<00:43:49.619> do<00:43:49.740> you<00:43:49.859> try<00:43:49.980> to 00:43:50.030 --> 00:43:50.040 align:start position:0% with that right and like do you try to 00:43:50.040 --> 00:43:51.109 align:start position:0% with that right and like do you try to you<00:43:50.160> know<00:43:50.280> do<00:43:50.339> you<00:43:50.460> just<00:43:50.640> ship<00:43:50.819> whatever<00:43:50.940> you 00:43:51.109 --> 00:43:51.119 align:start position:0% you know do you just ship whatever you 00:43:51.119 --> 00:43:52.730 align:start position:0% you know do you just ship whatever you want<00:43:51.240> and<00:43:51.359> then<00:43:51.480> just<00:43:51.660> like<00:43:51.780> throw<00:43:52.260> it<00:43:52.440> at<00:43:52.619> the 00:43:52.730 --> 00:43:52.740 align:start position:0% want and then just like throw it at the 00:43:52.740 --> 00:43:54.109 align:start position:0% want and then just like throw it at the at<00:43:52.920> the<00:43:53.099> core<00:43:53.280> devs<00:43:53.640> and<00:43:53.700> be<00:43:53.819> like<00:43:53.880> it's<00:43:54.000> your 00:43:54.109 --> 00:43:54.119 align:start position:0% at the core devs and be like it's your 00:43:54.119 --> 00:43:56.630 align:start position:0% at the core devs and be like it's your problem<00:43:54.300> now<00:43:54.540> so<00:43:55.619> um<00:43:55.619> ours<00:43:56.040> was<00:43:56.160> a<00:43:56.280> reverse 00:43:56.630 --> 00:43:56.640 align:start position:0% problem now so um ours was a reverse 00:43:56.640 --> 00:43:58.490 align:start position:0% problem now so um ours was a reverse problem<00:43:56.819> actually 00:43:58.490 --> 00:43:58.500 align:start position:0% problem actually 00:43:58.500 --> 00:44:00.230 align:start position:0% problem actually um<00:43:58.560> I<00:43:59.160> was<00:43:59.220> part<00:43:59.400> of<00:43:59.460> a<00:43:59.579> group<00:43:59.700> of<00:43:59.819> people<00:44:00.000> who 00:44:00.230 --> 00:44:00.240 align:start position:0% um I was part of a group of people who 00:44:00.240 --> 00:44:02.329 align:start position:0% um I was part of a group of people who were<00:44:00.359> focused<00:44:00.660> on<00:44:00.780> pre-genesis<00:44:01.500> for<00:44:01.680> eth2<00:44:02.099> we 00:44:02.329 --> 00:44:02.339 align:start position:0% were focused on pre-genesis for eth2 we 00:44:02.339 --> 00:44:03.890 align:start position:0% were focused on pre-genesis for eth2 we spent<00:44:02.579> a<00:44:02.700> lot<00:44:02.760> of<00:44:02.880> time<00:44:02.940> on<00:44:03.180> like<00:44:03.359> enablement 00:44:03.890 --> 00:44:03.900 align:start position:0% spent a lot of time on like enablement 00:44:03.900 --> 00:44:07.010 align:start position:0% spent a lot of time on like enablement uh<00:44:04.740> onboarding<00:44:05.280> education<00:44:05.819> uh<00:44:06.480> then<00:44:06.660> we<00:44:06.780> began 00:44:07.010 --> 00:44:07.020 align:start position:0% uh onboarding education uh then we began 00:44:07.020 --> 00:44:09.290 align:start position:0% uh onboarding education uh then we began to<00:44:07.260> focus<00:44:07.500> on<00:44:07.740> like<00:44:08.040> uh<00:44:08.460> post-genesis 00:44:09.290 --> 00:44:09.300 align:start position:0% to focus on like uh post-genesis 00:44:09.300 --> 00:44:11.150 align:start position:0% to focus on like uh post-genesis problems<00:44:10.200> um<00:44:10.319> and<00:44:10.500> one<00:44:10.619> of<00:44:10.740> the<00:44:10.800> first<00:44:10.920> ones 00:44:11.150 --> 00:44:11.160 align:start position:0% problems um and one of the first ones 00:44:11.160 --> 00:44:13.730 align:start position:0% problems um and one of the first ones was<00:44:11.280> take<00:44:11.520> centralization<00:44:12.180> and<00:44:12.900> DVT<00:44:13.319> started 00:44:13.730 --> 00:44:13.740 align:start position:0% was take centralization and DVT started 00:44:13.740 --> 00:44:16.130 align:start position:0% was take centralization and DVT started off<00:44:13.859> as<00:44:14.099> a<00:44:14.280> research<00:44:14.520> project<00:44:14.700> at<00:44:14.940> the<00:44:15.119> EF<00:44:15.420> and 00:44:16.130 --> 00:44:16.140 align:start position:0% off as a research project at the EF and 00:44:16.140 --> 00:44:17.809 align:start position:0% off as a research project at the EF and then<00:44:16.200> we<00:44:16.380> worked<00:44:16.619> with<00:44:16.740> them<00:44:16.920> to<00:44:17.220> like<00:44:17.339> build<00:44:17.640> a 00:44:17.809 --> 00:44:17.819 align:start position:0% then we worked with them to like build a 00:44:17.819 --> 00:44:20.150 align:start position:0% then we worked with them to like build a reference<00:44:18.119> implementation<00:44:18.660> out<00:44:18.960> of<00:44:19.079> it<00:44:19.200> and 00:44:20.150 --> 00:44:20.160 align:start position:0% reference implementation out of it and 00:44:20.160 --> 00:44:21.829 align:start position:0% reference implementation out of it and then<00:44:20.280> we<00:44:20.520> took<00:44:20.760> it<00:44:20.880> on<00:44:21.119> and<00:44:21.420> now<00:44:21.599> it's 00:44:21.829 --> 00:44:21.839 align:start position:0% then we took it on and now it's 00:44:21.839 --> 00:44:24.050 align:start position:0% then we took it on and now it's basically<00:44:22.260> our<00:44:22.500> responsibility<00:44:23.099> as<00:44:23.880> a 00:44:24.050 --> 00:44:24.060 align:start position:0% basically our responsibility as a 00:44:24.060 --> 00:44:25.609 align:start position:0% basically our responsibility as a project<00:44:24.240> to<00:44:24.599> like<00:44:24.720> take<00:44:24.900> that<00:44:25.079> and<00:44:25.260> push<00:44:25.500> it 00:44:25.609 --> 00:44:25.619 align:start position:0% project to like take that and push it 00:44:25.619 --> 00:44:27.650 align:start position:0% project to like take that and push it forward<00:44:25.859> that's<00:44:26.520> more<00:44:26.819> in<00:44:27.180> my<00:44:27.300> opinion<00:44:27.480> how 00:44:27.650 --> 00:44:27.660 align:start position:0% forward that's more in my opinion how 00:44:27.660 --> 00:44:29.510 align:start position:0% forward that's more in my opinion how the<00:44:27.780> EF<00:44:28.079> is<00:44:28.260> being<00:44:28.380> designed<00:44:28.800> today<00:44:28.980> is<00:44:29.220> like 00:44:29.510 --> 00:44:29.520 align:start position:0% the EF is being designed today is like 00:44:29.520 --> 00:44:31.010 align:start position:0% the EF is being designed today is like uh<00:44:30.060> if<00:44:30.300> you<00:44:30.359> want<00:44:30.480> to<00:44:30.599> be<00:44:30.720> a<00:44:30.960> real 00:44:31.010 --> 00:44:31.020 align:start position:0% uh if you want to be a real 00:44:31.020 --> 00:44:32.510 align:start position:0% uh if you want to be a real decentralized<00:44:31.619> Foundation<00:44:32.040> you<00:44:32.400> probably 00:44:32.510 --> 00:44:32.520 align:start position:0% decentralized Foundation you probably 00:44:32.520 --> 00:44:34.609 align:start position:0% decentralized Foundation you probably can't<00:44:32.760> ship<00:44:33.000> too<00:44:33.180> much<00:44:33.359> code<00:44:33.540> when<00:44:34.380> you<00:44:34.440> get 00:44:34.609 --> 00:44:34.619 align:start position:0% can't ship too much code when you get 00:44:34.619 --> 00:44:36.650 align:start position:0% can't ship too much code when you get more<00:44:34.740> mature<00:44:35.160> so<00:44:35.400> like<00:44:35.640> their<00:44:35.880> job<00:44:36.060> are<00:44:36.300> to<00:44:36.540> be 00:44:36.650 --> 00:44:36.660 align:start position:0% more mature so like their job are to be 00:44:36.660 --> 00:44:39.349 align:start position:0% more mature so like their job are to be like<00:44:36.839> Educators<00:44:37.440> and<00:44:37.800> business<00:44:37.980> people<00:44:38.359> uh 00:44:39.349 --> 00:44:39.359 align:start position:0% like Educators and business people uh 00:44:39.359 --> 00:44:41.630 align:start position:0% like Educators and business people uh and<00:44:39.839> reference<00:44:40.560> Implement<00:44:40.859> like<00:44:41.220> you<00:44:41.400> know<00:44:41.460> do 00:44:41.630 --> 00:44:41.640 align:start position:0% and reference Implement like you know do 00:44:41.640 --> 00:44:43.130 align:start position:0% and reference Implement like you know do all<00:44:41.760> the<00:44:41.880> research<00:44:42.180> do<00:44:42.420> the<00:44:42.540> legal<00:44:42.839> work<00:44:42.900> do 00:44:43.130 --> 00:44:43.140 align:start position:0% all the research do the legal work do 00:44:43.140 --> 00:44:45.650 align:start position:0% all the research do the legal work do the<00:44:43.319> business<00:44:43.440> work<00:44:43.680> enable<00:44:44.099> a<00:44:44.339> community<00:44:44.660> and 00:44:45.650 --> 00:44:45.660 align:start position:0% the business work enable a community and 00:44:45.660 --> 00:44:47.030 align:start position:0% the business work enable a community and push<00:44:45.839> out<00:44:46.020> technology<00:44:46.440> that<00:44:46.740> other<00:44:46.920> people 00:44:47.030 --> 00:44:47.040 align:start position:0% push out technology that other people 00:44:47.040 --> 00:44:50.329 align:start position:0% push out technology that other people can<00:44:47.280> take<00:44:47.520> can<00:44:48.060> run<00:44:48.300> with<00:44:48.740> it<00:44:49.740> also<00:44:49.980> ties<00:44:50.160> to 00:44:50.329 --> 00:44:50.339 align:start position:0% can take can run with it also ties to 00:44:50.339 --> 00:44:51.770 align:start position:0% can take can run with it also ties to the<00:44:50.460> economic<00:44:50.880> scheme<00:44:51.119> of<00:44:51.240> how<00:44:51.420> things<00:44:51.540> work 00:44:51.770 --> 00:44:51.780 align:start position:0% the economic scheme of how things work 00:44:51.780 --> 00:44:53.270 align:start position:0% the economic scheme of how things work right<00:44:52.079> the<00:44:52.260> fact<00:44:52.380> of<00:44:52.500> the<00:44:52.619> matter<00:44:52.740> is<00:44:52.920> is<00:44:53.099> that 00:44:53.270 --> 00:44:53.280 align:start position:0% right the fact of the matter is is that 00:44:53.280 --> 00:44:55.790 align:start position:0% right the fact of the matter is is that the<00:44:53.520> client<00:44:53.700> teams<00:44:54.119> are<00:44:54.359> funded<00:44:54.780> by<00:44:55.680> the 00:44:55.790 --> 00:44:55.800 align:start position:0% the client teams are funded by the 00:44:55.800 --> 00:44:57.650 align:start position:0% the client teams are funded by the ethereum<00:44:56.220> foundation<00:44:56.579> and<00:44:56.880> or<00:44:57.060> in<00:44:57.300> some<00:44:57.480> cases 00:44:57.650 --> 00:44:57.660 align:start position:0% ethereum foundation and or in some cases 00:44:57.660 --> 00:45:01.970 align:start position:0% ethereum foundation and or in some cases Joe<00:44:58.220> and<00:44:59.220> now<00:44:59.339> you<00:44:59.940> know<00:45:00.000> middlewares 00:45:01.970 --> 00:45:01.980 align:start position:0% Joe and now you know middlewares 00:45:01.980 --> 00:45:04.430 align:start position:0% Joe and now you know middlewares um<00:45:02.040> are<00:45:02.460> not<00:45:02.640> anymore<00:45:03.060> right<00:45:03.599> we<00:45:03.960> have<00:45:04.079> our<00:45:04.260> own 00:45:04.430 --> 00:45:04.440 align:start position:0% um are not anymore right we have our own 00:45:04.440 --> 00:45:06.589 align:start position:0% um are not anymore right we have our own private<00:45:04.800> funding<00:45:05.640> um<00:45:05.700> we're<00:45:05.940> not<00:45:06.119> relying<00:45:06.480> on 00:45:06.589 --> 00:45:06.599 align:start position:0% private funding um we're not relying on 00:45:06.599 --> 00:45:08.690 align:start position:0% private funding um we're not relying on the<00:45:06.780> EF<00:45:07.079> our<00:45:07.380> software<00:45:07.740> doesn't<00:45:08.040> need<00:45:08.339> to<00:45:08.460> be 00:45:08.690 --> 00:45:08.700 align:start position:0% the EF our software doesn't need to be 00:45:08.700 --> 00:45:10.490 align:start position:0% the EF our software doesn't need to be it<00:45:09.180> has<00:45:09.300> to<00:45:09.420> be<00:45:09.540> open<00:45:09.660> source<00:45:10.020> obviously<00:45:10.319> but 00:45:10.490 --> 00:45:10.500 align:start position:0% it has to be open source obviously but 00:45:10.500 --> 00:45:13.309 align:start position:0% it has to be open source obviously but it<00:45:10.619> doesn't<00:45:10.740> need<00:45:10.980> to<00:45:11.099> be<00:45:11.280> free<00:45:11.839> so<00:45:12.839> that<00:45:13.140> fact 00:45:13.309 --> 00:45:13.319 align:start position:0% it doesn't need to be free so that fact 00:45:13.319 --> 00:45:15.170 align:start position:0% it doesn't need to be free so that fact then<00:45:13.619> creates<00:45:13.980> a<00:45:14.160> whole<00:45:14.280> new<00:45:14.400> world<00:45:14.640> of<00:45:14.940> like 00:45:15.170 --> 00:45:15.180 align:start position:0% then creates a whole new world of like 00:45:15.180 --> 00:45:17.390 align:start position:0% then creates a whole new world of like yeah<00:45:15.480> the<00:45:15.780> economic<00:45:16.200> schemes<00:45:16.560> of<00:45:16.740> how<00:45:17.040> it 00:45:17.390 --> 00:45:17.400 align:start position:0% yeah the economic schemes of how it 00:45:17.400 --> 00:45:19.670 align:start position:0% yeah the economic schemes of how it works<00:45:17.700> because<00:45:18.020> economics<00:45:19.020> incentives<00:45:19.500> and 00:45:19.670 --> 00:45:19.680 align:start position:0% works because economics incentives and 00:45:19.680 --> 00:45:22.690 align:start position:0% works because economics incentives and coordination<00:45:20.040> will<00:45:20.700> deem<00:45:21.119> all<00:45:21.660> relationships 00:45:22.690 --> 00:45:22.700 align:start position:0% coordination will deem all relationships 00:45:22.700 --> 00:45:25.130 align:start position:0% coordination will deem all relationships and<00:45:23.700> at<00:45:23.880> the<00:45:23.940> base<00:45:24.060> layer<00:45:24.359> the<00:45:24.540> like<00:45:24.960> the 00:45:25.130 --> 00:45:25.140 align:start position:0% and at the base layer the like the 00:45:25.140 --> 00:45:26.450 align:start position:0% and at the base layer the like the relationships<00:45:25.680> and<00:45:25.800> the<00:45:25.920> client<00:45:26.099> layer<00:45:26.400> are 00:45:26.450 --> 00:45:26.460 align:start position:0% relationships and the client layer are 00:45:26.460 --> 00:45:29.630 align:start position:0% relationships and the client layer are straightforward<00:45:27.000> it's<00:45:27.240> like<00:45:27.540> virally<00:45:28.200> left 00:45:29.630 --> 00:45:29.640 align:start position:0% straightforward it's like virally left 00:45:29.640 --> 00:45:31.910 align:start position:0% straightforward it's like virally left um<00:45:29.700> everyone<00:45:30.240> can<00:45:30.480> use<00:45:30.660> it<00:45:30.839> it<00:45:31.200> will<00:45:31.560> be 00:45:31.910 --> 00:45:31.920 align:start position:0% um everyone can use it it will be 00:45:31.920 --> 00:45:34.069 align:start position:0% um everyone can use it it will be forever<00:45:32.339> free<00:45:32.640> the<00:45:33.119> EF<00:45:33.359> has<00:45:33.540> given<00:45:33.780> them<00:45:33.900> good 00:45:34.069 --> 00:45:34.079 align:start position:0% forever free the EF has given them good 00:45:34.079 --> 00:45:35.930 align:start position:0% forever free the EF has given them good chunks<00:45:34.440> of<00:45:34.500> money<00:45:34.619> to<00:45:34.859> do<00:45:34.980> so<00:45:35.099> and<00:45:35.400> now<00:45:35.640> we're 00:45:35.930 --> 00:45:35.940 align:start position:0% chunks of money to do so and now we're 00:45:35.940 --> 00:45:37.550 align:start position:0% chunks of money to do so and now we're at<00:45:36.060> a<00:45:36.119> new<00:45:36.240> layer<00:45:36.480> and<00:45:36.599> we<00:45:36.839> get<00:45:36.960> to<00:45:37.079> create<00:45:37.260> it 00:45:37.550 --> 00:45:37.560 align:start position:0% at a new layer and we get to create it 00:45:37.560 --> 00:45:41.690 align:start position:0% at a new layer and we get to create it uh<00:45:37.980> economically<00:45:38.460> the<00:45:38.700> way<00:45:38.819> that<00:45:38.940> we<00:45:39.060> want<00:45:39.180> to 00:45:41.690 --> 00:45:41.700 align:start position:0% 00:45:41.700 --> 00:45:44.150 align:start position:0% um yeah<00:45:42.300> from<00:45:42.660> our<00:45:42.839> end<00:45:43.020> I<00:45:43.440> think<00:45:43.500> one<00:45:43.980> of<00:45:44.040> the 00:45:44.150 --> 00:45:44.160 align:start position:0% um yeah from our end I think one of the 00:45:44.160 --> 00:45:45.770 align:start position:0% um yeah from our end I think one of the things<00:45:44.339> that<00:45:44.579> has<00:45:44.760> been<00:45:44.880> lacking<00:45:45.359> I<00:45:45.599> think 00:45:45.770 --> 00:45:45.780 align:start position:0% things that has been lacking I think 00:45:45.780 --> 00:45:48.410 align:start position:0% things that has been lacking I think already<00:45:46.079> Colin<00:45:46.619> alluded<00:45:47.040> to<00:45:47.160> is<00:45:47.579> economic 00:45:48.410 --> 00:45:48.420 align:start position:0% already Colin alluded to is economic 00:45:48.420 --> 00:45:50.870 align:start position:0% already Colin alluded to is economic models<00:45:48.960> for<00:45:49.380> people<00:45:49.680> to<00:45:50.099> build<00:45:50.280> these<00:45:50.700> new 00:45:50.870 --> 00:45:50.880 align:start position:0% models for people to build these new 00:45:50.880 --> 00:45:54.349 align:start position:0% models for people to build these new services<00:45:51.380> and<00:45:52.380> that's<00:45:52.560> something<00:45:52.740> we<00:45:53.040> and<00:45:53.520> the 00:45:54.349 --> 00:45:54.359 align:start position:0% services and that's something we and the 00:45:54.359 --> 00:45:56.210 align:start position:0% services and that's something we and the other<00:45:54.480> issue<00:45:54.839> that<00:45:55.200> uh 00:45:56.210 --> 00:45:56.220 align:start position:0% other issue that uh 00:45:56.220 --> 00:45:59.089 align:start position:0% other issue that uh Victor<00:45:56.640> raised<00:45:57.240> is<00:45:57.480> the<00:45:57.900> question<00:45:58.200> of 00:45:59.089 --> 00:45:59.099 align:start position:0% Victor raised is the question of 00:45:59.099 --> 00:46:01.190 align:start position:0% Victor raised is the question of whether<00:45:59.700> these<00:46:00.060> should<00:46:00.240> be<00:46:00.420> governance 00:46:01.190 --> 00:46:01.200 align:start position:0% whether these should be governance 00:46:01.200 --> 00:46:03.470 align:start position:0% whether these should be governance processes<00:46:01.800> which<00:46:02.099> bring<00:46:02.339> on<00:46:02.520> new<00:46:02.819> things<00:46:03.060> or 00:46:03.470 --> 00:46:03.480 align:start position:0% processes which bring on new things or 00:46:03.480 --> 00:46:05.150 align:start position:0% processes which bring on new things or should<00:46:03.780> we<00:46:03.960> let<00:46:04.200> permissionless<00:46:04.920> open 00:46:05.150 --> 00:46:05.160 align:start position:0% should we let permissionless open 00:46:05.160 --> 00:46:06.710 align:start position:0% should we let permissionless open competition 00:46:06.710 --> 00:46:06.720 align:start position:0% competition 00:46:06.720 --> 00:46:08.990 align:start position:0% competition I'm<00:46:07.380> very<00:46:07.680> much<00:46:07.800> on<00:46:08.040> the<00:46:08.160> side<00:46:08.280> of<00:46:08.520> like<00:46:08.760> open 00:46:08.990 --> 00:46:09.000 align:start position:0% I'm very much on the side of like open 00:46:09.000 --> 00:46:11.809 align:start position:0% I'm very much on the side of like open Innovation<00:46:09.599> we<00:46:10.260> I<00:46:10.560> think<00:46:10.740> if<00:46:11.099> you<00:46:11.160> look<00:46:11.339> at<00:46:11.520> the 00:46:11.809 --> 00:46:11.819 align:start position:0% Innovation we I think if you look at the 00:46:11.819 --> 00:46:13.370 align:start position:0% Innovation we I think if you look at the the<00:46:12.119> rate<00:46:12.300> of<00:46:12.480> innovation<00:46:12.780> on<00:46:13.020> the<00:46:13.140> various 00:46:13.370 --> 00:46:13.380 align:start position:0% the rate of innovation on the various 00:46:13.380 --> 00:46:14.990 align:start position:0% the rate of innovation on the various layers<00:46:13.680> of<00:46:13.859> the<00:46:13.980> blockchain<00:46:14.280> stack<00:46:14.700> you<00:46:14.880> would 00:46:14.990 --> 00:46:15.000 align:start position:0% layers of the blockchain stack you would 00:46:15.000 --> 00:46:16.430 align:start position:0% layers of the blockchain stack you would see<00:46:15.180> that<00:46:15.300> the<00:46:15.480> rate<00:46:15.599> of<00:46:15.720> innovation<00:46:16.079> we<00:46:16.319> saw 00:46:16.430 --> 00:46:16.440 align:start position:0% see that the rate of innovation we saw 00:46:16.440 --> 00:46:19.010 align:start position:0% see that the rate of innovation we saw in<00:46:16.619> the<00:46:16.800> tap<00:46:16.980> layer<00:46:17.280> is<00:46:17.460> simply<00:46:17.819> amazing<00:46:18.720> you 00:46:19.010 --> 00:46:19.020 align:start position:0% in the tap layer is simply amazing you 00:46:19.020 --> 00:46:20.329 align:start position:0% in the tap layer is simply amazing you know<00:46:19.079> you<00:46:19.260> can<00:46:19.380> take<00:46:19.500> anybody<00:46:19.859> else's<00:46:20.099> ideas 00:46:20.329 --> 00:46:20.339 align:start position:0% know you can take anybody else's ideas 00:46:20.339 --> 00:46:22.370 align:start position:0% know you can take anybody else's ideas compost<00:46:21.000> things<00:46:21.240> on<00:46:21.480> top<00:46:21.660> and<00:46:21.960> build<00:46:22.140> new 00:46:22.370 --> 00:46:22.380 align:start position:0% compost things on top and build new 00:46:22.380 --> 00:46:24.950 align:start position:0% compost things on top and build new things<00:46:22.640> whereas<00:46:23.640> if<00:46:23.940> you<00:46:24.060> are<00:46:24.180> a<00:46:24.359> protocol<00:46:24.599> Dev 00:46:24.950 --> 00:46:24.960 align:start position:0% things whereas if you are a protocol Dev 00:46:24.960 --> 00:46:26.930 align:start position:0% things whereas if you are a protocol Dev there<00:46:25.680> were<00:46:25.859> very<00:46:26.099> minimal<00:46:26.460> opportunities 00:46:26.930 --> 00:46:26.940 align:start position:0% there were very minimal opportunities 00:46:26.940 --> 00:46:29.450 align:start position:0% there were very minimal opportunities for<00:46:27.240> you<00:46:27.359> to<00:46:27.540> express<00:46:27.839> your<00:46:28.440> like<00:46:28.740> engineering 00:46:29.450 --> 00:46:29.460 align:start position:0% for you to express your like engineering 00:46:29.460 --> 00:46:31.670 align:start position:0% for you to express your like engineering and<00:46:29.940> building<00:46:30.180> skills<00:46:30.720> because<00:46:31.020> the<00:46:31.319> only<00:46:31.440> way 00:46:31.670 --> 00:46:31.680 align:start position:0% and building skills because the only way 00:46:31.680 --> 00:46:33.230 align:start position:0% and building skills because the only way you<00:46:31.859> could<00:46:31.980> do<00:46:32.099> it<00:46:32.220> is<00:46:32.400> to<00:46:32.520> go<00:46:32.700> and<00:46:32.819> start<00:46:33.060> a 00:46:33.230 --> 00:46:33.240 align:start position:0% you could do it is to go and start a 00:46:33.240 --> 00:46:34.490 align:start position:0% you could do it is to go and start a whole<00:46:33.359> new<00:46:33.540> network 00:46:34.490 --> 00:46:34.500 align:start position:0% whole new network 00:46:34.500 --> 00:46:37.250 align:start position:0% whole new network and<00:46:35.160> what<00:46:35.460> we<00:46:35.579> need<00:46:35.760> is<00:46:35.940> mechanisms<00:46:36.599> by<00:46:36.960> which 00:46:37.250 --> 00:46:37.260 align:start position:0% and what we need is mechanisms by which 00:46:37.260 --> 00:46:40.130 align:start position:0% and what we need is mechanisms by which we<00:46:38.099> can<00:46:38.280> actually<00:46:38.520> massively<00:46:39.480> accelerate<00:46:39.960> the 00:46:40.130 --> 00:46:40.140 align:start position:0% we can actually massively accelerate the 00:46:40.140 --> 00:46:41.750 align:start position:0% we can actually massively accelerate the rate<00:46:40.260> of<00:46:40.440> innovation<00:46:40.800> at<00:46:41.160> the<00:46:41.280> core<00:46:41.400> protocol 00:46:41.750 --> 00:46:41.760 align:start position:0% rate of innovation at the core protocol 00:46:41.760 --> 00:46:44.569 align:start position:0% rate of innovation at the core protocol is<00:46:42.060> because<00:46:42.359> it's<00:46:42.839> entirely<00:46:43.619> log<00:46:43.859> jamming<00:46:44.400> the 00:46:44.569 --> 00:46:44.579 align:start position:0% is because it's entirely log jamming the 00:46:44.579 --> 00:46:45.890 align:start position:0% is because it's entirely log jamming the rest<00:46:44.760> of<00:46:44.940> the<00:46:45.060> applications<00:46:45.420> that<00:46:45.660> can<00:46:45.839> be 00:46:45.890 --> 00:46:45.900 align:start position:0% rest of the applications that can be 00:46:45.900 --> 00:46:49.190 align:start position:0% rest of the applications that can be built<00:46:46.200> on<00:46:46.319> top<00:46:47.040> so<00:46:47.520> we<00:46:47.760> feel<00:46:48.000> like<00:46:48.359> as<00:46:48.839> long<00:46:49.079> as 00:46:49.190 --> 00:46:49.200 align:start position:0% built on top so we feel like as long as 00:46:49.200 --> 00:46:52.790 align:start position:0% built on top so we feel like as long as there<00:46:49.619> is<00:46:49.800> an<00:46:50.040> attendant<00:46:50.640> economic<00:46:51.359> model<00:46:51.800> to 00:46:52.790 --> 00:46:52.800 align:start position:0% there is an attendant economic model to 00:46:52.800 --> 00:46:54.890 align:start position:0% there is an attendant economic model to each<00:46:53.400> of<00:46:53.520> these<00:46:53.700> middleware<00:46:54.180> being<00:46:54.420> built<00:46:54.780> or 00:46:54.890 --> 00:46:54.900 align:start position:0% each of these middleware being built or 00:46:54.900 --> 00:46:56.569 align:start position:0% each of these middleware being built or for<00:46:55.140> example<00:46:55.319> on<00:46:55.560> top<00:46:55.680> of<00:46:55.800> eigen<00:46:56.160> layer<00:46:56.400> that 00:46:56.569 --> 00:46:56.579 align:start position:0% for example on top of eigen layer that 00:46:56.579 --> 00:46:58.550 align:start position:0% for example on top of eigen layer that would<00:46:56.700> be<00:46:56.940> collect<00:46:57.660> a<00:46:57.780> fraction<00:46:58.020> of<00:46:58.200> the<00:46:58.319> fees 00:46:58.550 --> 00:46:58.560 align:start position:0% would be collect a fraction of the fees 00:46:58.560 --> 00:47:00.109 align:start position:0% would be collect a fraction of the fees and<00:46:58.859> only<00:46:58.980> the<00:46:59.339> remaining<00:46:59.640> fraction<00:46:59.880> of<00:47:00.000> the 00:47:00.109 --> 00:47:00.119 align:start position:0% and only the remaining fraction of the 00:47:00.119 --> 00:47:02.510 align:start position:0% and only the remaining fraction of the fees<00:47:00.359> goes<00:47:00.599> to<00:47:00.720> the<00:47:00.780> stakers<00:47:01.200> it<00:47:01.859> could<00:47:02.040> be<00:47:02.220> hey 00:47:02.510 --> 00:47:02.520 align:start position:0% fees goes to the stakers it could be hey 00:47:02.520 --> 00:47:04.130 align:start position:0% fees goes to the stakers it could be hey you<00:47:02.760> have<00:47:02.880> a<00:47:03.000> new<00:47:03.119> token<00:47:03.480> and<00:47:03.660> you<00:47:03.780> have<00:47:03.900> dual 00:47:04.130 --> 00:47:04.140 align:start position:0% you have a new token and you have dual 00:47:04.140 --> 00:47:06.530 align:start position:0% you have a new token and you have dual staking<00:47:04.560> you<00:47:04.980> you<00:47:05.160> stake<00:47:05.760> your<00:47:05.880> own<00:47:05.940> token<00:47:06.300> as 00:47:06.530 --> 00:47:06.540 align:start position:0% staking you you stake your own token as 00:47:06.540 --> 00:47:08.510 align:start position:0% staking you you stake your own token as well<00:47:06.660> as<00:47:06.780> you<00:47:06.960> have<00:47:07.079> each<00:47:07.380> state<00:47:07.619> so<00:47:08.339> there 00:47:08.510 --> 00:47:08.520 align:start position:0% well as you have each state so there 00:47:08.520 --> 00:47:10.010 align:start position:0% well as you have each state so there could<00:47:08.640> be<00:47:08.760> a<00:47:08.880> variety<00:47:09.119> of<00:47:09.240> different<00:47:09.480> models 00:47:10.010 --> 00:47:10.020 align:start position:0% could be a variety of different models 00:47:10.020 --> 00:47:12.950 align:start position:0% could be a variety of different models in<00:47:10.440> which<00:47:10.940> these<00:47:11.940> middle<00:47:12.060> wires<00:47:12.599> can<00:47:12.660> become 00:47:12.950 --> 00:47:12.960 align:start position:0% in which these middle wires can become 00:47:12.960 --> 00:47:14.450 align:start position:0% in which these middle wires can become self-sustaining 00:47:14.450 --> 00:47:14.460 align:start position:0% self-sustaining 00:47:14.460 --> 00:47:17.390 align:start position:0% self-sustaining um<00:47:14.520> but<00:47:15.060> I<00:47:15.420> but<00:47:16.020> I<00:47:16.200> do<00:47:16.319> understand<00:47:16.500> that<00:47:17.099> there 00:47:17.390 --> 00:47:17.400 align:start position:0% um but I but I do understand that there 00:47:17.400 --> 00:47:20.270 align:start position:0% um but I but I do understand that there are<00:47:17.900> some<00:47:18.900> some<00:47:19.140> examples<00:47:19.740> for<00:47:20.040> example 00:47:20.270 --> 00:47:20.280 align:start position:0% are some some examples for example 00:47:20.280 --> 00:47:21.890 align:start position:0% are some some examples for example flashboss<00:47:20.940> has<00:47:21.060> done<00:47:21.300> a<00:47:21.480> great<00:47:21.540> job<00:47:21.720> in 00:47:21.890 --> 00:47:21.900 align:start position:0% flashboss has done a great job in 00:47:21.900 --> 00:47:24.829 align:start position:0% flashboss has done a great job in stewarding<00:47:22.380> Mev<00:47:22.800> towards<00:47:23.240> uh<00:47:24.240> away<00:47:24.540> from 00:47:24.829 --> 00:47:24.839 align:start position:0% stewarding Mev towards uh away from 00:47:24.839 --> 00:47:27.230 align:start position:0% stewarding Mev towards uh away from things<00:47:25.140> like<00:47:25.380> multi-block<00:47:25.980> Mev<00:47:26.520> where<00:47:26.819> things 00:47:27.230 --> 00:47:27.240 align:start position:0% things like multi-block Mev where things 00:47:27.240 --> 00:47:29.030 align:start position:0% things like multi-block Mev where things and<00:47:27.480> reorgs<00:47:28.079> where<00:47:28.200> things<00:47:28.440> can<00:47:28.619> get<00:47:28.800> quite 00:47:29.030 --> 00:47:29.040 align:start position:0% and reorgs where things can get quite 00:47:29.040 --> 00:47:31.970 align:start position:0% and reorgs where things can get quite hairy<00:47:29.520> and<00:47:30.359> I<00:47:30.660> think<00:47:30.780> these<00:47:31.140> should<00:47:31.380> the<00:47:31.859> the 00:47:31.970 --> 00:47:31.980 align:start position:0% hairy and I think these should the the 00:47:31.980 --> 00:47:33.650 align:start position:0% hairy and I think these should the the pressure<00:47:32.339> on<00:47:32.880> these<00:47:33.180> things<00:47:33.300> should<00:47:33.540> be 00:47:33.650 --> 00:47:33.660 align:start position:0% pressure on these things should be 00:47:33.660 --> 00:47:36.050 align:start position:0% pressure on these things should be exerted<00:47:34.140> socially<00:47:34.560> rather<00:47:35.040> than<00:47:35.220> in<00:47:35.700> terms<00:47:35.880> of 00:47:36.050 --> 00:47:36.060 align:start position:0% exerted socially rather than in terms of 00:47:36.060 --> 00:47:39.410 align:start position:0% exerted socially rather than in terms of any<00:47:36.359> kind<00:47:36.540> of<00:47:36.720> governance<00:47:37.200> process 00:47:39.410 --> 00:47:39.420 align:start position:0% any kind of governance process 00:47:39.420 --> 00:47:40.910 align:start position:0% any kind of governance process what<00:47:39.839> about<00:47:40.020> you 00:47:40.910 --> 00:47:40.920 align:start position:0% what about you 00:47:40.920 --> 00:47:44.390 align:start position:0% what about you yeah<00:47:41.220> I<00:47:42.119> I<00:47:42.300> fall<00:47:43.079> on<00:47:43.619> on<00:47:43.680> that<00:47:43.980> side<00:47:44.160> of<00:47:44.339> the 00:47:44.390 --> 00:47:44.400 align:start position:0% yeah I I fall on on that side of the 00:47:44.400 --> 00:47:46.250 align:start position:0% yeah I I fall on on that side of the camp<00:47:44.520> I<00:47:44.819> think<00:47:45.000> it's<00:47:45.540> really<00:47:45.780> tricky<00:47:46.140> to 00:47:46.250 --> 00:47:46.260 align:start position:0% camp I think it's really tricky to 00:47:46.260 --> 00:47:49.190 align:start position:0% camp I think it's really tricky to design<00:47:46.500> good<00:47:47.000> uh<00:47:48.000> standards<00:47:48.420> body<00:47:48.599> governance 00:47:49.190 --> 00:47:49.200 align:start position:0% design good uh standards body governance 00:47:49.200 --> 00:47:52.490 align:start position:0% design good uh standards body governance bodies<00:47:49.619> over<00:47:50.040> you<00:47:50.880> know<00:47:50.940> anything<00:47:51.480> but<00:47:52.079> open 00:47:52.490 --> 00:47:52.500 align:start position:0% bodies over you know anything but open 00:47:52.500 --> 00:47:54.530 align:start position:0% bodies over you know anything but open source<00:47:52.920> technology<00:47:53.220> in<00:47:53.460> particular 00:47:54.530 --> 00:47:54.540 align:start position:0% source technology in particular 00:47:54.540 --> 00:47:55.309 align:start position:0% source technology in particular um 00:47:55.309 --> 00:47:55.319 align:start position:0% um 00:47:55.319 --> 00:47:57.170 align:start position:0% um I<00:47:55.740> think<00:47:55.800> we're<00:47:55.980> very<00:47:56.160> lucky<00:47:56.400> that<00:47:56.760> we<00:47:56.940> have 00:47:57.170 --> 00:47:57.180 align:start position:0% I think we're very lucky that we have 00:47:57.180 --> 00:47:59.510 align:start position:0% I think we're very lucky that we have sort<00:47:57.839> of<00:47:57.960> an<00:47:58.140> ethereum<00:47:58.800> core<00:47:58.980> development 00:47:59.510 --> 00:47:59.520 align:start position:0% sort of an ethereum core development 00:47:59.520 --> 00:48:01.970 align:start position:0% sort of an ethereum core development ecosystem<00:48:00.300> that's<00:48:00.780> so<00:48:01.020> committed<00:48:01.440> to 00:48:01.970 --> 00:48:01.980 align:start position:0% ecosystem that's so committed to 00:48:01.980 --> 00:48:04.750 align:start position:0% ecosystem that's so committed to transparency<00:48:02.700> and<00:48:03.660> openness 00:48:04.750 --> 00:48:04.760 align:start position:0% transparency and openness 00:48:04.760 --> 00:48:07.849 align:start position:0% transparency and openness and<00:48:05.760> it<00:48:06.000> has<00:48:06.240> allowed<00:48:06.660> for<00:48:07.079> a<00:48:07.319> lot<00:48:07.380> of<00:48:07.500> these 00:48:07.849 --> 00:48:07.859 align:start position:0% and it has allowed for a lot of these 00:48:07.859 --> 00:48:09.710 align:start position:0% and it has allowed for a lot of these social<00:48:08.040> consensus<00:48:08.700> things<00:48:08.940> to<00:48:09.119> get<00:48:09.300> expressed 00:48:09.710 --> 00:48:09.720 align:start position:0% social consensus things to get expressed 00:48:09.720 --> 00:48:12.170 align:start position:0% social consensus things to get expressed directly<00:48:10.020> into<00:48:10.440> how<00:48:10.920> the<00:48:11.520> protocol<00:48:11.760> gets 00:48:12.170 --> 00:48:12.180 align:start position:0% directly into how the protocol gets 00:48:12.180 --> 00:48:13.550 align:start position:0% directly into how the protocol gets designed 00:48:13.550 --> 00:48:13.560 align:start position:0% designed 00:48:13.560 --> 00:48:15.530 align:start position:0% designed um<00:48:13.619> you<00:48:14.040> know<00:48:14.099> all<00:48:14.220> these<00:48:14.520> wars<00:48:14.940> and<00:48:15.240> these 00:48:15.530 --> 00:48:15.540 align:start position:0% um you know all these wars and these 00:48:15.540 --> 00:48:18.230 align:start position:0% um you know all these wars and these arguments<00:48:16.140> are<00:48:16.380> having<00:48:16.800> being<00:48:17.700> had<00:48:17.880> in<00:48:18.060> the 00:48:18.230 --> 00:48:18.240 align:start position:0% arguments are having being had in the 00:48:18.240 --> 00:48:21.410 align:start position:0% arguments are having being had in the public<00:48:18.560> can<00:48:19.560> go<00:48:19.980> away<00:48:20.160> if<00:48:20.700> there's<00:48:20.940> this<00:48:21.240> like 00:48:21.410 --> 00:48:21.420 align:start position:0% public can go away if there's this like 00:48:21.420 --> 00:48:24.470 align:start position:0% public can go away if there's this like formal<00:48:22.040> process<00:48:23.040> by<00:48:23.760> which<00:48:23.940> things<00:48:24.240> get 00:48:24.470 --> 00:48:24.480 align:start position:0% formal process by which things get 00:48:24.480 --> 00:48:26.450 align:start position:0% formal process by which things get approved<00:48:24.900> then<00:48:25.319> the<00:48:25.560> question<00:48:25.680> is<00:48:25.859> like<00:48:26.220> you 00:48:26.450 --> 00:48:26.460 align:start position:0% approved then the question is like you 00:48:26.460 --> 00:48:28.069 align:start position:0% approved then the question is like you know<00:48:26.579> what's<00:48:26.940> acting<00:48:27.359> and<00:48:27.540> getting<00:48:27.780> these 00:48:28.069 --> 00:48:28.079 align:start position:0% know what's acting and getting these 00:48:28.079 --> 00:48:30.589 align:start position:0% know what's acting and getting these things<00:48:28.260> approved<00:48:28.740> and<00:48:29.040> like<00:48:29.460> how<00:48:29.819> it's<00:48:30.119> it's<00:48:30.240> a 00:48:30.589 --> 00:48:30.599 align:start position:0% things approved and like how it's it's a 00:48:30.599 --> 00:48:32.210 align:start position:0% things approved and like how it's it's a completely<00:48:30.839> different<00:48:31.020> game<00:48:31.380> that<00:48:31.980> isn't 00:48:32.210 --> 00:48:32.220 align:start position:0% completely different game that isn't 00:48:32.220 --> 00:48:33.890 align:start position:0% completely different game that isn't necessarily<00:48:32.640> about<00:48:32.880> public<00:48:33.240> dialogue<00:48:33.720> and 00:48:33.890 --> 00:48:33.900 align:start position:0% necessarily about public dialogue and 00:48:33.900 --> 00:48:35.150 align:start position:0% necessarily about public dialogue and discourse<00:48:34.440> and 00:48:35.150 --> 00:48:35.160 align:start position:0% discourse and 00:48:35.160 --> 00:48:36.829 align:start position:0% discourse and um<00:48:35.280> and<00:48:35.460> that's<00:48:35.579> a<00:48:35.760> big<00:48:35.880> part<00:48:36.000> of<00:48:36.119> it 00:48:36.829 --> 00:48:36.839 align:start position:0% um and that's a big part of it 00:48:36.839 --> 00:48:38.809 align:start position:0% um and that's a big part of it um<00:48:36.900> I<00:48:37.079> mean<00:48:37.200> you<00:48:37.440> know<00:48:37.560> Victor<00:48:37.740> you<00:48:38.099> you<00:48:38.339> helped 00:48:38.809 --> 00:48:38.819 align:start position:0% um I mean you know Victor you you helped 00:48:38.819 --> 00:48:41.870 align:start position:0% um I mean you know Victor you you helped out<00:48:38.940> a<00:48:39.240> lot<00:48:39.359> in<00:48:39.960> the<00:48:40.140> development<00:48:40.560> of 00:48:41.870 --> 00:48:41.880 align:start position:0% out a lot in the development of 00:48:41.880 --> 00:48:43.790 align:start position:0% out a lot in the development of um<00:48:41.940> of<00:48:42.240> an<00:48:42.300> Mev<00:48:42.720> solution<00:48:43.020> right<00:48:43.260> like<00:48:43.560> the 00:48:43.790 --> 00:48:43.800 align:start position:0% um of an Mev solution right like the 00:48:43.800 --> 00:48:46.309 align:start position:0% um of an Mev solution right like the there<00:48:44.280> was<00:48:44.520> this<00:48:45.119> um<00:48:45.119> eth2<00:48:45.660> working<00:48:45.960> group 00:48:46.309 --> 00:48:46.319 align:start position:0% there was this um eth2 working group 00:48:46.319 --> 00:48:49.130 align:start position:0% there was this um eth2 working group that<00:48:46.800> essentially<00:48:47.520> got<00:48:47.700> started 00:48:49.130 --> 00:48:49.140 align:start position:0% that essentially got started 00:48:49.140 --> 00:48:51.950 align:start position:0% that essentially got started um<00:48:49.200> maybe<00:48:49.440> this<00:48:49.680> time<00:48:49.859> last<00:48:50.099> year<00:48:50.599> to<00:48:51.599> develop 00:48:51.950 --> 00:48:51.960 align:start position:0% um maybe this time last year to develop 00:48:51.960 --> 00:48:54.290 align:start position:0% um maybe this time last year to develop uh<00:48:52.619> the<00:48:52.800> the<00:48:52.920> Meb<00:48:53.400> boost<00:48:53.579> solution<00:48:53.940> and<00:48:54.119> bring 00:48:54.290 --> 00:48:54.300 align:start position:0% uh the the Meb boost solution and bring 00:48:54.300 --> 00:48:57.109 align:start position:0% uh the the Meb boost solution and bring all<00:48:54.480> the<00:48:54.660> the<00:48:54.900> stakeholders<00:48:55.579> in-house<00:48:56.579> like 00:48:57.109 --> 00:48:57.119 align:start position:0% all the the stakeholders in-house like 00:48:57.119 --> 00:48:58.550 align:start position:0% all the the stakeholders in-house like what<00:48:57.420> do<00:48:57.540> you<00:48:57.599> think<00:48:57.720> is<00:48:57.900> the<00:48:58.079> role<00:48:58.319> of<00:48:58.440> all 00:48:58.550 --> 00:48:58.560 align:start position:0% what do you think is the role of all 00:48:58.560 --> 00:49:00.050 align:start position:0% what do you think is the role of all these<00:48:58.740> different<00:48:58.859> stakeholders<00:48:59.460> continuing 00:49:00.050 --> 00:49:00.060 align:start position:0% these different stakeholders continuing 00:49:00.060 --> 00:49:02.150 align:start position:0% these different stakeholders continuing for<00:49:00.300> it<00:49:00.420> is<00:49:00.660> it<00:49:00.839> like<00:49:01.020> you<00:49:01.560> know<00:49:01.619> you<00:49:01.740> vote<00:49:01.980> with 00:49:02.150 --> 00:49:02.160 align:start position:0% for it is it like you know you vote with 00:49:02.160 --> 00:49:03.829 align:start position:0% for it is it like you know you vote with your<00:49:02.280> feet<00:49:02.460> you<00:49:02.640> decide<00:49:02.940> which<00:49:03.300> technology 00:49:03.829 --> 00:49:03.839 align:start position:0% your feet you decide which technology 00:49:03.839 --> 00:49:05.870 align:start position:0% your feet you decide which technology that<00:49:04.200> you<00:49:04.319> operate<00:49:04.619> as<00:49:04.859> a<00:49:05.040> node<00:49:05.520> operator 00:49:05.870 --> 00:49:05.880 align:start position:0% that you operate as a node operator 00:49:05.880 --> 00:49:07.849 align:start position:0% that you operate as a node operator which<00:49:06.119> technology<00:49:06.480> that<00:49:06.780> you<00:49:06.900> use<00:49:07.079> or<00:49:07.680> should 00:49:07.849 --> 00:49:07.859 align:start position:0% which technology that you use or should 00:49:07.859 --> 00:49:09.770 align:start position:0% which technology that you use or should there<00:49:08.040> be<00:49:08.220> some<00:49:08.520> more<00:49:08.700> active<00:49:09.060> process<00:49:09.480> for 00:49:09.770 --> 00:49:09.780 align:start position:0% there be some more active process for 00:49:09.780 --> 00:49:11.390 align:start position:0% there be some more active process for involving<00:49:10.319> you<00:49:10.680> know<00:49:10.740> those<00:49:10.980> views<00:49:11.280> and 00:49:11.390 --> 00:49:11.400 align:start position:0% involving you know those views and 00:49:11.400 --> 00:49:13.130 align:start position:0% involving you know those views and opinions 00:49:13.130 --> 00:49:13.140 align:start position:0% opinions 00:49:13.140 --> 00:49:15.109 align:start position:0% opinions yeah<00:49:13.200> that's<00:49:13.560> a<00:49:13.859> great<00:49:13.980> question 00:49:15.109 --> 00:49:15.119 align:start position:0% yeah that's a great question 00:49:15.119 --> 00:49:15.950 align:start position:0% yeah that's a great question um 00:49:15.950 --> 00:49:15.960 align:start position:0% um 00:49:15.960 --> 00:49:18.950 align:start position:0% um it's<00:49:16.500> it's<00:49:16.560> hard<00:49:17.160> to<00:49:17.280> know<00:49:17.520> but<00:49:18.180> I<00:49:18.540> think<00:49:18.660> that 00:49:18.950 --> 00:49:18.960 align:start position:0% it's it's hard to know but I think that 00:49:18.960 --> 00:49:21.230 align:start position:0% it's it's hard to know but I think that as<00:49:19.319> infrastructure<00:49:19.920> providers<00:49:20.400> what<00:49:21.000> do<00:49:21.180> we 00:49:21.230 --> 00:49:21.240 align:start position:0% as infrastructure providers what do we 00:49:21.240 --> 00:49:24.770 align:start position:0% as infrastructure providers what do we want<00:49:21.480> is<00:49:22.079> by<00:49:22.440> large<00:49:22.680> to<00:49:23.040> be<00:49:23.160> unopinionated<00:49:23.880> and 00:49:24.770 --> 00:49:24.780 align:start position:0% want is by large to be unopinionated and 00:49:24.780 --> 00:49:26.690 align:start position:0% want is by large to be unopinionated and that<00:49:24.960> we<00:49:25.380> want<00:49:25.500> to<00:49:25.680> take<00:49:25.920> open<00:49:26.280> source 00:49:26.690 --> 00:49:26.700 align:start position:0% that we want to take open source 00:49:26.700 --> 00:49:28.670 align:start position:0% that we want to take open source software<00:49:26.940> if<00:49:27.119> we<00:49:27.240> want<00:49:27.359> to<00:49:27.480> run<00:49:27.599> it<00:49:27.780> in<00:49:28.380> the 00:49:28.670 --> 00:49:28.680 align:start position:0% software if we want to run it in the 00:49:28.680 --> 00:49:31.010 align:start position:0% software if we want to run it in the vanilla<00:49:29.099> way<00:49:29.280> in<00:49:29.520> which<00:49:29.700> it<00:49:29.819> is<00:49:30.000> designed<00:49:30.300> and 00:49:31.010 --> 00:49:31.020 align:start position:0% vanilla way in which it is designed and 00:49:31.020 --> 00:49:32.870 align:start position:0% vanilla way in which it is designed and we<00:49:31.319> don't<00:49:31.440> want<00:49:31.619> to<00:49:31.740> ever<00:49:31.859> express<00:49:32.160> opinions 00:49:32.870 --> 00:49:32.880 align:start position:0% we don't want to ever express opinions 00:49:32.880 --> 00:49:34.970 align:start position:0% we don't want to ever express opinions over<00:49:33.480> the<00:49:33.839> state<00:49:34.020> of<00:49:34.200> the<00:49:34.260> network<00:49:34.440> and<00:49:34.859> like 00:49:34.970 --> 00:49:34.980 align:start position:0% over the state of the network and like 00:49:34.980 --> 00:49:36.710 align:start position:0% over the state of the network and like what<00:49:35.220> is<00:49:35.400> allowed<00:49:35.760> or<00:49:35.880> not<00:49:36.000> allowed<00:49:36.240> or<00:49:36.420> is<00:49:36.540> on 00:49:36.710 --> 00:49:36.720 align:start position:0% what is allowed or not allowed or is on 00:49:36.720 --> 00:49:38.870 align:start position:0% what is allowed or not allowed or is on the<00:49:36.780> Strip<00:49:36.900> or<00:49:37.079> any<00:49:37.440> other<00:49:37.619> properties<00:49:38.040> and<00:49:38.700> so 00:49:38.870 --> 00:49:38.880 align:start position:0% the Strip or any other properties and so 00:49:38.880 --> 00:49:40.790 align:start position:0% the Strip or any other properties and so when<00:49:39.000> we<00:49:39.119> think<00:49:39.300> about<00:49:39.420> the<00:49:39.780> designs<00:49:40.200> of<00:49:40.500> these 00:49:40.790 --> 00:49:40.800 align:start position:0% when we think about the designs of these 00:49:40.800 --> 00:49:42.829 align:start position:0% when we think about the designs of these various<00:49:41.099> softwares<00:49:41.579> something<00:49:42.300> that<00:49:42.599> we 00:49:42.829 --> 00:49:42.839 align:start position:0% various softwares something that we 00:49:42.839 --> 00:49:44.329 align:start position:0% various softwares something that we think<00:49:43.079> about<00:49:43.200> is<00:49:43.560> you<00:49:43.920> know<00:49:43.980> as<00:49:44.099> interest 00:49:44.329 --> 00:49:44.339 align:start position:0% think about is you know as interest 00:49:44.339 --> 00:49:45.349 align:start position:0% think about is you know as interest providers<00:49:44.760> if<00:49:44.940> we<00:49:45.000> know<00:49:45.119> how<00:49:45.180> to<00:49:45.300> run 00:49:45.349 --> 00:49:45.359 align:start position:0% providers if we know how to run 00:49:45.359 --> 00:49:47.329 align:start position:0% providers if we know how to run infrastructure<00:49:45.780> really<00:49:46.079> well<00:49:46.319> and<00:49:46.920> so<00:49:47.040> the 00:49:47.329 --> 00:49:47.339 align:start position:0% infrastructure really well and so the 00:49:47.339 --> 00:49:49.010 align:start position:0% infrastructure really well and so the things<00:49:47.400> that<00:49:47.579> we<00:49:47.700> focus<00:49:47.940> on<00:49:48.119> are<00:49:48.599> you<00:49:48.900> know 00:49:49.010 --> 00:49:49.020 align:start position:0% things that we focus on are you know 00:49:49.020 --> 00:49:51.950 align:start position:0% things that we focus on are you know performance<00:49:49.680> our<00:49:50.220> security<00:49:50.579> are<00:49:51.240> like<00:49:51.420> all 00:49:51.950 --> 00:49:51.960 align:start position:0% performance our security are like all 00:49:51.960 --> 00:49:53.390 align:start position:0% performance our security are like all these<00:49:52.140> components<00:49:52.500> that<00:49:52.619> enable<00:49:52.859> us<00:49:53.040> to<00:49:53.220> run 00:49:53.390 --> 00:49:53.400 align:start position:0% these components that enable us to run 00:49:53.400 --> 00:49:55.370 align:start position:0% these components that enable us to run great<00:49:53.819> infrastructure<00:49:54.420> but<00:49:54.900> when<00:49:55.079> it<00:49:55.200> comes 00:49:55.370 --> 00:49:55.380 align:start position:0% great infrastructure but when it comes 00:49:55.380 --> 00:49:57.950 align:start position:0% great infrastructure but when it comes to<00:49:55.500> the<00:49:55.880> characteristics<00:49:56.880> of<00:49:57.480> the<00:49:57.599> designer 00:49:57.950 --> 00:49:57.960 align:start position:0% to the characteristics of the designer 00:49:57.960 --> 00:49:59.510 align:start position:0% to the characteristics of the designer the<00:49:58.079> trade-offs 00:49:59.510 --> 00:49:59.520 align:start position:0% the trade-offs 00:49:59.520 --> 00:50:01.970 align:start position:0% the trade-offs um<00:49:59.640> that<00:49:59.940> the<00:50:00.119> that<00:50:00.359> the<00:50:00.540> design<00:50:00.660> makes<00:50:01.020> I 00:50:01.970 --> 00:50:01.980 align:start position:0% um that the that the design makes I 00:50:01.980 --> 00:50:03.650 align:start position:0% um that the that the design makes I think<00:50:02.099> over<00:50:02.280> there<00:50:02.460> it<00:50:02.579> becomes<00:50:03.000> much<00:50:03.240> more<00:50:03.480> of 00:50:03.650 --> 00:50:03.660 align:start position:0% think over there it becomes much more of 00:50:03.660 --> 00:50:05.690 align:start position:0% think over there it becomes much more of a<00:50:03.900> of<00:50:04.079> a<00:50:04.380> conversation<00:50:04.800> and<00:50:05.040> a<00:50:05.220> vote<00:50:05.339> with<00:50:05.520> your 00:50:05.690 --> 00:50:05.700 align:start position:0% a of a conversation and a vote with your 00:50:05.700 --> 00:50:07.430 align:start position:0% a of a conversation and a vote with your feed<00:50:05.880> kind<00:50:06.420> of<00:50:06.540> thing 00:50:07.430 --> 00:50:07.440 align:start position:0% feed kind of thing 00:50:07.440 --> 00:50:09.050 align:start position:0% feed kind of thing um and<00:50:07.619> we<00:50:07.680> actually<00:50:07.800> we<00:50:08.040> did<00:50:08.339> have<00:50:08.520> a<00:50:08.760> a 00:50:09.050 --> 00:50:09.060 align:start position:0% um and we actually we did have a a 00:50:09.060 --> 00:50:11.089 align:start position:0% um and we actually we did have a a different<00:50:09.420> map<00:50:09.900> solution<00:50:10.319> come<00:50:10.619> and<00:50:10.740> come<00:50:10.980> and 00:50:11.089 --> 00:50:11.099 align:start position:0% different map solution come and come and 00:50:11.099 --> 00:50:13.010 align:start position:0% different map solution come and come and talk<00:50:11.220> to<00:50:11.339> us<00:50:11.460> and<00:50:11.640> they<00:50:11.819> they<00:50:12.240> came<00:50:12.420> to<00:50:12.540> us<00:50:12.720> and 00:50:13.010 --> 00:50:13.020 align:start position:0% talk to us and they they came to us and 00:50:13.020 --> 00:50:14.630 align:start position:0% talk to us and they they came to us and they<00:50:13.260> uh<00:50:13.619> you<00:50:13.740> know<00:50:13.859> explain<00:50:13.980> their<00:50:14.280> their 00:50:14.630 --> 00:50:14.640 align:start position:0% they uh you know explain their their 00:50:14.640 --> 00:50:16.190 align:start position:0% they uh you know explain their their design<00:50:14.819> to<00:50:15.060> me<00:50:15.180> and<00:50:15.240> I<00:50:15.359> was<00:50:15.480> like<00:50:15.540> that<00:50:15.660> is 00:50:16.190 --> 00:50:16.200 align:start position:0% design to me and I was like that is 00:50:16.200 --> 00:50:18.410 align:start position:0% design to me and I was like that is completely<00:50:16.740> uninteresting<00:50:17.339> to<00:50:17.579> me<00:50:17.700> and 00:50:18.410 --> 00:50:18.420 align:start position:0% completely uninteresting to me and 00:50:18.420 --> 00:50:19.550 align:start position:0% completely uninteresting to me and that's<00:50:18.660> that's<00:50:18.839> something<00:50:19.079> because<00:50:19.380> they 00:50:19.550 --> 00:50:19.560 align:start position:0% that's that's something because they 00:50:19.560 --> 00:50:21.230 align:start position:0% that's that's something because they were<00:50:19.680> like<00:50:19.800> well<00:50:19.920> I<00:50:20.099> had<00:50:20.220> 100<00:50:20.400> hit<00:50:20.819> rate<00:50:21.000> before 00:50:21.230 --> 00:50:21.240 align:start position:0% were like well I had 100 hit rate before 00:50:21.240 --> 00:50:22.250 align:start position:0% were like well I had 100 hit rate before I<00:50:21.420> talked<00:50:21.599> to<00:50:21.660> you<00:50:21.720> and<00:50:21.839> I'm<00:50:21.960> like<00:50:22.020> yeah<00:50:22.140> well 00:50:22.250 --> 00:50:22.260 align:start position:0% I talked to you and I'm like yeah well 00:50:22.260 --> 00:50:23.569 align:start position:0% I talked to you and I'm like yeah well here's<00:50:22.500> why<00:50:22.560> your<00:50:22.680> idea<00:50:22.920> is<00:50:22.980> dumb<00:50:23.220> and<00:50:23.339> I'm<00:50:23.460> not 00:50:23.569 --> 00:50:23.579 align:start position:0% here's why your idea is dumb and I'm not 00:50:23.579 --> 00:50:25.910 align:start position:0% here's why your idea is dumb and I'm not gonna<00:50:23.700> do<00:50:23.880> it<00:50:24.020> this<00:50:25.020> is<00:50:25.140> why<00:50:25.260> Victor<00:50:25.440> makes<00:50:25.740> the 00:50:25.910 --> 00:50:25.920 align:start position:0% gonna do it this is why Victor makes the 00:50:25.920 --> 00:50:27.890 align:start position:0% gonna do it this is why Victor makes the big<00:50:26.040> bucks 00:50:27.890 --> 00:50:27.900 align:start position:0% big bucks 00:50:27.900 --> 00:50:30.829 align:start position:0% big bucks brutally<00:50:28.800> honest<00:50:29.220> yeah<00:50:29.760> I'm<00:50:30.180> loving<00:50:30.660> but 00:50:30.829 --> 00:50:30.839 align:start position:0% brutally honest yeah I'm loving but 00:50:30.839 --> 00:50:31.970 align:start position:0% brutally honest yeah I'm loving but direct 00:50:31.970 --> 00:50:31.980 align:start position:0% direct 00:50:31.980 --> 00:50:33.829 align:start position:0% direct um<00:50:32.040> and<00:50:32.579> so<00:50:32.880> you<00:50:33.119> know<00:50:33.240> I<00:50:33.300> think<00:50:33.420> that<00:50:33.540> we<00:50:33.660> we 00:50:33.829 --> 00:50:33.839 align:start position:0% um and so you know I think that we we 00:50:33.839 --> 00:50:36.589 align:start position:0% um and so you know I think that we we try<00:50:34.079> to<00:50:34.260> we<00:50:34.740> try<00:50:34.859> to<00:50:34.980> influence<00:50:35.460> as<00:50:35.940> much<00:50:36.300> as<00:50:36.420> we 00:50:36.589 --> 00:50:36.599 align:start position:0% try to we try to influence as much as we 00:50:36.599 --> 00:50:38.450 align:start position:0% try to we try to influence as much as we can<00:50:36.720> in<00:50:37.020> a<00:50:37.140> way<00:50:37.200> that<00:50:37.380> still<00:50:37.560> allows<00:50:37.859> us<00:50:37.980> to<00:50:38.160> you 00:50:38.450 --> 00:50:38.460 align:start position:0% can in a way that still allows us to you 00:50:38.460 --> 00:50:39.470 align:start position:0% can in a way that still allows us to you know<00:50:38.579> remain<00:50:38.819> incredibly<00:50:39.119> neutral<00:50:39.359> as 00:50:39.470 --> 00:50:39.480 align:start position:0% know remain incredibly neutral as 00:50:39.480 --> 00:50:41.329 align:start position:0% know remain incredibly neutral as infrastructure<00:50:39.839> providers<00:50:40.260> but<00:50:40.740> at<00:50:41.160> the<00:50:41.280> end 00:50:41.329 --> 00:50:41.339 align:start position:0% infrastructure providers but at the end 00:50:41.339 --> 00:50:42.589 align:start position:0% infrastructure providers but at the end of<00:50:41.400> the<00:50:41.520> day<00:50:41.579> we<00:50:41.700> have<00:50:41.819> to<00:50:41.940> make<00:50:42.060> decisions<00:50:42.359> and 00:50:42.589 --> 00:50:42.599 align:start position:0% of the day we have to make decisions and 00:50:42.599 --> 00:50:44.210 align:start position:0% of the day we have to make decisions and I<00:50:42.720> think<00:50:42.839> that<00:50:43.020> the<00:50:43.319> decision<00:50:43.560> that<00:50:43.920> we<00:50:44.040> make 00:50:44.210 --> 00:50:44.220 align:start position:0% I think that the decision that we make 00:50:44.220 --> 00:50:45.950 align:start position:0% I think that the decision that we make as<00:50:44.339> infrastructure<00:50:44.819> providers<00:50:45.180> always<00:50:45.780> have 00:50:45.950 --> 00:50:45.960 align:start position:0% as infrastructure providers always have 00:50:45.960 --> 00:50:47.870 align:start position:0% as infrastructure providers always have to<00:50:46.140> be<00:50:46.200> aligned<00:50:46.560> with<00:50:46.800> the<00:50:46.980> long-term<00:50:47.460> goals 00:50:47.870 --> 00:50:47.880 align:start position:0% to be aligned with the long-term goals 00:50:47.880 --> 00:50:50.030 align:start position:0% to be aligned with the long-term goals and<00:50:48.000> health<00:50:48.180> of<00:50:48.480> the<00:50:48.660> network<00:50:48.839> and<00:50:49.619> if<00:50:49.920> we're 00:50:50.030 --> 00:50:50.040 align:start position:0% and health of the network and if we're 00:50:50.040 --> 00:50:51.650 align:start position:0% and health of the network and if we're not<00:50:50.460> doing<00:50:50.640> that<00:50:50.760> then<00:50:51.000> our<00:50:51.180> business<00:50:51.300> is<00:50:51.480> dead 00:50:51.650 --> 00:50:51.660 align:start position:0% not doing that then our business is dead 00:50:51.660 --> 00:50:53.510 align:start position:0% not doing that then our business is dead and<00:50:51.780> nothing<00:50:51.960> matters<00:50:52.380> so 00:50:53.510 --> 00:50:53.520 align:start position:0% and nothing matters so 00:50:53.520 --> 00:50:56.210 align:start position:0% and nothing matters so okay<00:50:54.059> we're<00:50:54.540> we're<00:50:54.599> very<00:50:54.960> much<00:50:55.079> a<00:50:55.319> Time<00:50:55.559> thank 00:50:56.210 --> 00:50:56.220 align:start position:0% okay we're we're very much a Time thank 00:50:56.220 --> 00:50:58.370 align:start position:0% okay we're we're very much a Time thank you<00:50:56.339> so<00:50:56.520> much<00:50:56.640> uh<00:50:57.540> and<00:50:57.839> thank<00:50:58.020> you<00:50:58.079> so<00:50:58.200> much<00:50:58.260> for 00:50:58.370 --> 00:50:58.380 align:start position:0% you so much uh and thank you so much for 00:50:58.380 --> 00:50:59.569 align:start position:0% you so much uh and thank you so much for the<00:50:58.500> speakers<00:50:58.680> really<00:50:58.980> appreciate<00:50:59.339> you<00:50:59.400> thank 00:50:59.569 --> 00:50:59.579 align:start position:0% the speakers really appreciate you thank 00:50:59.579 --> 00:51:04.670 align:start position:0% the speakers really appreciate you thank you 00:51:04.670 --> 00:51:04.680 align:start position:0% 00:51:04.680 --> 00:51:06.890 align:start position:0% all<00:51:04.980> right<00:51:05.579> uh<00:51:06.119> we'll<00:51:06.240> be<00:51:06.420> here<00:51:06.540> if<00:51:06.599> anybody 00:51:06.890 --> 00:51:06.900 align:start position:0% all right uh we'll be here if anybody 00:51:06.900 --> 00:51:08.750 align:start position:0% all right uh we'll be here if anybody wants<00:51:07.140> to<00:51:07.260> talk<00:51:07.380> uh<00:51:07.980> and<00:51:08.099> if<00:51:08.220> not<00:51:08.400> we'll<00:51:08.640> be 00:51:08.750 --> 00:51:08.760 align:start position:0% wants to talk uh and if not we'll be 00:51:08.760 --> 00:51:10.250 align:start position:0% wants to talk uh and if not we'll be outside<00:51:08.819> and<00:51:09.180> if<00:51:09.300> not<00:51:09.480> you<00:51:09.720> can<00:51:09.780> find<00:51:09.960> us<00:51:10.079> on 00:51:10.250 --> 00:51:10.260 align:start position:0% outside and if not you can find us on 00:51:10.260 --> 00:51:11.990 align:start position:0% outside and if not you can find us on Twitter<00:51:10.440> and<00:51:10.740> Telegram<00:51:11.099> and<00:51:11.280> all<00:51:11.460> the<00:51:11.819> things 00:51:11.990 --> 00:51:12.000 align:start position:0% Twitter and Telegram and all the things 00:51:12.000 --> 00:51:15.920 align:start position:0% Twitter and Telegram and all the things thank<00:51:12.900> you<00:51:13.079> guys<00:51:13.200> thanks<00:51:13.740> everyone