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 --> 00:00:13.190 align:start position:0% [Music] 00:00:13.190 --> 00:00:13.200 align:start position:0% 00:00:13.200 --> 00:00:14.690 align:start position:0% I<00:00:13.679> want<00:00:13.740> to<00:00:13.860> introduce<00:00:14.160> our<00:00:14.340> moderator 00:00:14.690 --> 00:00:14.700 align:start position:0% I want to introduce our moderator 00:00:14.700 --> 00:00:18.230 align:start position:0% I want to introduce our moderator because<00:00:15.540> it's<00:00:15.780> not<00:00:16.020> tarun<00:00:16.440> chitra<00:00:16.920> uh 00:00:18.230 --> 00:00:18.240 align:start position:0% because it's not tarun chitra uh 00:00:18.240 --> 00:00:20.390 align:start position:0% because it's not tarun chitra uh uh<00:00:18.779> this<00:00:19.020> was<00:00:19.199> supposed<00:00:19.440> to<00:00:19.619> be<00:00:19.800> our<00:00:19.980> moderator 00:00:20.390 --> 00:00:20.400 align:start position:0% uh this was supposed to be our moderator 00:00:20.400 --> 00:00:22.970 align:start position:0% uh this was supposed to be our moderator but<00:00:21.180> we<00:00:21.600> canceled<00:00:21.960> him<00:00:22.199> because<00:00:22.500> he<00:00:22.680> had<00:00:22.800> to 00:00:22.970 --> 00:00:22.980 align:start position:0% but we canceled him because he had to 00:00:22.980 --> 00:00:25.250 align:start position:0% but we canceled him because he had to leave<00:00:23.100> a<00:00:23.340> little<00:00:23.460> early<00:00:23.699> and<00:00:24.420> instead<00:00:24.840> we<00:00:25.140> have 00:00:25.250 --> 00:00:25.260 align:start position:0% leave a little early and instead we have 00:00:25.260 --> 00:00:28.189 align:start position:0% leave a little early and instead we have his<00:00:25.500> alt<00:00:26.039> and<00:00:26.279> even<00:00:26.519> bigger<00:00:26.880> brain<00:00:27.240> uh 00:00:28.189 --> 00:00:28.199 align:start position:0% his alt and even bigger brain uh 00:00:28.199 --> 00:00:30.769 align:start position:0% his alt and even bigger brain uh moderator<00:00:28.619> wait<00:00:28.980> where<00:00:29.279> are<00:00:29.400> we<00:00:29.519> Guillermo 00:00:30.769 --> 00:00:30.779 align:start position:0% moderator wait where are we Guillermo 00:00:30.779 --> 00:00:32.389 align:start position:0% moderator wait where are we Guillermo um Guillermo<00:00:31.439> is<00:00:31.740> I<00:00:31.920> want<00:00:32.040> to<00:00:32.160> introduce 00:00:32.389 --> 00:00:32.399 align:start position:0% um Guillermo is I want to introduce 00:00:32.399 --> 00:00:34.190 align:start position:0% um Guillermo is I want to introduce Guillermo<00:00:32.820> he<00:00:33.059> is<00:00:33.180> the<00:00:33.360> head<00:00:33.480> of<00:00:33.600> research<00:00:33.899> at 00:00:34.190 --> 00:00:34.200 align:start position:0% Guillermo he is the head of research at 00:00:34.200 --> 00:00:39.470 align:start position:0% Guillermo he is the head of research at bank<00:00:34.440> Capital<00:00:35.040> crypto<00:00:35.960> uh<00:00:36.960> and<00:00:37.440> he<00:00:37.860> also<00:00:38.399> uh<00:00:39.180> is 00:00:39.470 --> 00:00:39.480 align:start position:0% bank Capital crypto uh and he also uh is 00:00:39.480 --> 00:00:42.049 align:start position:0% bank Capital crypto uh and he also uh is a<00:00:39.840> PhD<00:00:40.500> from<00:00:40.860> Stanford<00:00:41.219> like<00:00:41.520> all<00:00:41.760> these<00:00:41.940> other 00:00:42.049 --> 00:00:42.059 align:start position:0% a PhD from Stanford like all these other 00:00:42.059 --> 00:00:43.970 align:start position:0% a PhD from Stanford like all these other smart<00:00:42.300> people<00:00:42.600> writes<00:00:43.379> a<00:00:43.440> bunch<00:00:43.620> of<00:00:43.739> research 00:00:43.970 --> 00:00:43.980 align:start position:0% smart people writes a bunch of research 00:00:43.980 --> 00:00:46.130 align:start position:0% smart people writes a bunch of research papers<00:00:44.340> and<00:00:44.579> is<00:00:44.700> going<00:00:44.879> to<00:00:45.059> ask<00:00:45.180> us<00:00:45.420> insightful 00:00:46.130 --> 00:00:46.140 align:start position:0% papers and is going to ask us insightful 00:00:46.140 --> 00:00:47.810 align:start position:0% papers and is going to ask us insightful and<00:00:46.379> probing<00:00:46.739> questions 00:00:47.810 --> 00:00:47.820 align:start position:0% and probing questions 00:00:47.820 --> 00:00:49.970 align:start position:0% and probing questions to<00:00:48.360> get<00:00:48.480> to<00:00:48.600> the<00:00:48.780> heart<00:00:48.899> of<00:00:49.140> the<00:00:49.320> trade-offs<00:00:49.800> of 00:00:49.970 --> 00:00:49.980 align:start position:0% to get to the heart of the trade-offs of 00:00:49.980 --> 00:00:51.830 align:start position:0% to get to the heart of the trade-offs of bridge<00:00:50.219> design<00:00:50.579> and<00:00:51.180> the<00:00:51.360> future<00:00:51.480> of 00:00:51.830 --> 00:00:51.840 align:start position:0% bridge design and the future of 00:00:51.840 --> 00:00:53.930 align:start position:0% bridge design and the future of cross-chain<00:00:52.379> communication 00:00:53.930 --> 00:00:53.940 align:start position:0% cross-chain communication 00:00:53.940 --> 00:00:55.490 align:start position:0% cross-chain communication um so<00:00:54.180> thank<00:00:54.360> you<00:00:54.539> Guillermo<00:00:55.020> for<00:00:55.199> moderating 00:00:55.490 --> 00:00:55.500 align:start position:0% um so thank you Guillermo for moderating 00:00:55.500 --> 00:00:57.410 align:start position:0% um so thank you Guillermo for moderating this<00:00:55.739> well<00:00:56.219> thank<00:00:56.579> you<00:00:56.640> for<00:00:56.820> the<00:00:56.879> far<00:00:57.059> too<00:00:57.239> kind 00:00:57.410 --> 00:00:57.420 align:start position:0% this well thank you for the far too kind 00:00:57.420 --> 00:00:59.209 align:start position:0% this well thank you for the far too kind intro<00:00:57.780> and<00:00:57.899> in<00:00:58.079> fact<00:00:58.199> because<00:00:58.620> you've<00:00:58.920> said<00:00:59.039> so 00:00:59.209 --> 00:00:59.219 align:start position:0% intro and in fact because you've said so 00:00:59.219 --> 00:01:00.229 align:start position:0% intro and in fact because you've said so many<00:00:59.280> nice<00:00:59.460> things<00:00:59.579> about<00:00:59.699> me<00:00:59.879> that's<00:01:00.000> how<00:01:00.120> I 00:01:00.229 --> 00:01:00.239 align:start position:0% many nice things about me that's how I 00:01:00.239 --> 00:01:02.510 align:start position:0% many nice things about me that's how I know<00:01:00.300> you're<00:01:00.420> full<00:01:00.539> of<00:01:00.840> but<00:01:01.379> it's<00:01:01.620> fine 00:01:02.510 --> 00:01:02.520 align:start position:0% know you're full of but it's fine 00:01:02.520 --> 00:01:05.570 align:start position:0% know you're full of but it's fine um<00:01:02.699> anyway<00:01:03.000> so<00:01:03.480> yeah<00:01:04.080> so<00:01:04.379> I<00:01:04.559> guess<00:01:04.680> as<00:01:05.100> a<00:01:05.339> first 00:01:05.570 --> 00:01:05.580 align:start position:0% um anyway so yeah so I guess as a first 00:01:05.580 --> 00:01:08.030 align:start position:0% um anyway so yeah so I guess as a first you<00:01:05.939> know<00:01:06.000> let's<00:01:06.240> start<00:01:06.420> with<00:01:06.720> all<00:01:07.560> the<00:01:07.680> big 00:01:08.030 --> 00:01:08.040 align:start position:0% you know let's start with all the big 00:01:08.040 --> 00:01:10.910 align:start position:0% you know let's start with all the big intros<00:01:08.580> is<00:01:08.880> you<00:01:09.600> know<00:01:09.659> we<00:01:09.900> have<00:01:10.020> you<00:01:10.140> three<00:01:10.439> I 00:01:10.910 --> 00:01:10.920 align:start position:0% intros is you know we have you three I 00:01:10.920 --> 00:01:11.750 align:start position:0% intros is you know we have you three I know 00:01:11.750 --> 00:01:11.760 align:start position:0% know 00:01:11.760 --> 00:01:13.490 align:start position:0% know two<00:01:12.119> of<00:01:12.240> you<00:01:12.360> quite<00:01:12.659> well<00:01:12.960> Chris 00:01:13.490 --> 00:01:13.500 align:start position:0% two of you quite well Chris 00:01:13.500 --> 00:01:15.469 align:start position:0% two of you quite well Chris unfortunately<00:01:13.979> I<00:01:14.220> don't<00:01:14.340> quite<00:01:14.640> know<00:01:14.760> you<00:01:15.000> so 00:01:15.469 --> 00:01:15.479 align:start position:0% unfortunately I don't quite know you so 00:01:15.479 --> 00:01:16.969 align:start position:0% unfortunately I don't quite know you so that<00:01:15.720> means<00:01:15.840> I'm<00:01:15.960> going<00:01:16.080> to<00:01:16.140> pick<00:01:16.260> on<00:01:16.439> you<00:01:16.560> to 00:01:16.969 --> 00:01:16.979 align:start position:0% that means I'm going to pick on you to 00:01:16.979 --> 00:01:19.370 align:start position:0% that means I'm going to pick on you to start<00:01:17.220> uh<00:01:17.820> give<00:01:18.060> me<00:01:18.119> a<00:01:18.240> 30-second<00:01:18.900> intro<00:01:19.140> of 00:01:19.370 --> 00:01:19.380 align:start position:0% start uh give me a 30-second intro of 00:01:19.380 --> 00:01:21.410 align:start position:0% start uh give me a 30-second intro of who<00:01:19.799> are<00:01:19.920> you<00:01:20.100> what<00:01:20.460> do<00:01:20.580> you<00:01:20.700> do<00:01:20.820> what<00:01:21.180> have<00:01:21.299> you 00:01:21.410 --> 00:01:21.420 align:start position:0% who are you what do you do what have you 00:01:21.420 --> 00:01:22.550 align:start position:0% who are you what do you do what have you done<00:01:21.540> to<00:01:21.600> deserve<00:01:21.960> this<00:01:22.020> and<00:01:22.200> what<00:01:22.320> have<00:01:22.439> you 00:01:22.550 --> 00:01:22.560 align:start position:0% done to deserve this and what have you 00:01:22.560 --> 00:01:27.370 align:start position:0% done to deserve this and what have you done<00:01:22.680> to<00:01:22.740> be<00:01:22.860> up<00:01:23.040> here 00:01:27.370 --> 00:01:27.380 align:start position:0% 00:01:27.380 --> 00:01:31.010 align:start position:0% what<00:01:28.380> so<00:01:29.100> I'm<00:01:29.520> Chris<00:01:29.700> Winfrey<00:01:30.360> I'm<00:01:30.540> one<00:01:30.840> of<00:01:30.960> the 00:01:31.010 --> 00:01:31.020 align:start position:0% what so I'm Chris Winfrey I'm one of the 00:01:31.020 --> 00:01:33.289 align:start position:0% what so I'm Chris Winfrey I'm one of the co-founders<00:01:31.619> of<00:01:31.920> hot<00:01:32.159> protocol 00:01:33.289 --> 00:01:33.299 align:start position:0% co-founders of hot protocol 00:01:33.299 --> 00:01:35.749 align:start position:0% co-founders of hot protocol um<00:01:33.420> so<00:01:33.659> hop<00:01:34.020> is<00:01:34.560> one<00:01:34.860> of<00:01:34.979> the<00:01:35.220> only<00:01:35.280> bridges 00:01:35.749 --> 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um<00:01:43.979> before<00:01:44.159> I<00:01:44.340> was<00:01:44.400> doing<00:01:44.520> hop<00:01:44.759> I<00:01:45.240> was<00:01:45.420> a 00:01:45.770 --> 00:01:45.780 align:start position:0% um before I was doing hop I was a 00:01:45.780 --> 00:01:47.210 align:start position:0% um before I was doing hop I was a security<00:01:46.020> auditor 00:01:47.210 --> 00:01:47.220 align:start position:0% security auditor 00:01:47.220 --> 00:01:49.010 align:start position:0% security auditor um<00:01:47.280> covered<00:01:47.759> projects<00:01:48.180> like<00:01:48.299> opens<00:01:48.720> up<00:01:48.840> one 00:01:49.010 --> 00:01:49.020 align:start position:0% um covered projects like opens up one 00:01:49.020 --> 00:01:52.370 align:start position:0% um covered projects like opens up one framework<00:01:49.500> auger<00:01:50.399> dydx<00:01:51.119> uh<00:01:51.720> to<00:01:51.960> Central<00:01:52.079> and 00:01:52.370 --> 00:01:52.380 align:start position:0% framework auger dydx uh to Central and 00:01:52.380 --> 00:01:54.350 align:start position:0% framework auger dydx uh to Central and and<00:01:52.619> a<00:01:52.860> lot<00:01:52.920> more<00:01:53.040> is<00:01:53.640> that<00:01:53.759> correlated<00:01:54.180> with 00:01:54.350 --> 00:01:54.360 align:start position:0% and a lot more is that correlated with 00:01:54.360 --> 00:01:56.330 align:start position:0% and a lot more is that correlated with the<00:01:54.479> bridge<00:01:54.600> not<00:01:54.840> being<00:01:55.020> hacked<00:01:55.380> yet<00:01:55.439> or<00:01:55.860> I 00:01:56.330 --> 00:01:56.340 align:start position:0% the bridge not being hacked yet or I 00:01:56.340 --> 00:01:58.850 align:start position:0% the bridge not being hacked yet or I think<00:01:56.460> so<00:01:56.640> so 00:01:58.850 --> 00:01:58.860 align:start position:0% think so so 00:01:58.860 --> 00:02:00.710 align:start position:0% think so so all<00:01:59.340> right<00:01:59.520> I<00:01:59.759> think<00:01:59.880> Hearts<00:02:00.299> unfortunately 00:02:00.710 --> 00:02:00.720 align:start position:0% all right I think Hearts unfortunately 00:02:00.720 --> 00:02:02.510 align:start position:0% all right I think Hearts unfortunately you<00:02:00.960> are<00:02:01.140> next<00:02:01.259> sure<00:02:01.740> guys<00:02:01.920> uh<00:02:02.220> I'm<00:02:02.399> heart 00:02:02.510 --> 00:02:02.520 align:start position:0% you are next sure guys uh I'm heart 00:02:02.520 --> 00:02:04.130 align:start position:0% you are next sure guys uh I'm heart Lambert<00:02:03.060> I<00:02:03.360> am<00:02:03.479> the<00:02:03.600> co-founder<00:02:03.960> of<00:02:04.020> a 00:02:04.130 --> 00:02:04.140 align:start position:0% Lambert I am the co-founder of a 00:02:04.140 --> 00:02:06.230 align:start position:0% Lambert I am the co-founder of a protocol<00:02:04.380> called<00:02:04.680> across<00:02:05.340> which<00:02:05.820> is<00:02:05.939> a<00:02:06.119> cross 00:02:06.230 --> 00:02:06.240 align:start position:0% protocol called across which is a cross 00:02:06.240 --> 00:02:08.389 align:start position:0% protocol called across which is a cross Chain<00:02:06.479> Bridge<00:02:06.840> we'll<00:02:07.200> talk<00:02:07.439> about<00:02:07.619> the<00:02:08.220> design 00:02:08.389 --> 00:02:08.399 align:start position:0% Chain Bridge we'll talk about the design 00:02:08.399 --> 00:02:10.190 align:start position:0% Chain Bridge we'll talk about the design and<00:02:08.819> how<00:02:08.940> it<00:02:09.000> compares<00:02:09.300> to<00:02:09.420> hop<00:02:09.599> and<00:02:09.899> other 00:02:10.190 --> 00:02:10.200 align:start position:0% and how it compares to hop and other 00:02:10.200 --> 00:02:12.170 align:start position:0% and how it compares to hop and other things<00:02:10.380> shortly<00:02:10.860> run<00:02:11.280> me<00:02:11.459> like<00:02:11.580> this<00:02:11.760> yeah 00:02:12.170 --> 00:02:12.180 align:start position:0% things shortly run me like this yeah 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align:start position:0% um not this human correlation no 00:02:20.700 --> 00:02:22.309 align:start position:0% um not this human correlation no relation 00:02:22.309 --> 00:02:22.319 align:start position:0% relation 00:02:22.319 --> 00:02:23.809 align:start position:0% relation um although<00:02:22.860> there<00:02:23.040> is<00:02:23.160> a<00:02:23.280> funny<00:02:23.340> story<00:02:23.580> about 00:02:23.809 --> 00:02:23.819 align:start position:0% um although there is a funny story about 00:02:23.819 --> 00:02:26.630 align:start position:0% um although there is a funny story about how<00:02:24.360> Uma<00:02:24.599> heard<00:02:24.840> about<00:02:25.379> Uma<00:02:25.680> early<00:02:25.920> on<00:02:26.160> but<00:02:26.459> we 00:02:26.630 --> 00:02:26.640 align:start position:0% how Uma heard about Uma early on but we 00:02:26.640 --> 00:02:29.630 align:start position:0% how Uma heard about Uma early on but we won't<00:02:26.819> go<00:02:27.000> there<00:02:27.180> uh<00:02:27.900> uh<00:02:28.500> but 00:02:29.630 --> 00:02:29.640 align:start position:0% won't go there uh uh but 00:02:29.640 --> 00:02:31.790 align:start position:0% won't go there uh uh but um<00:02:29.700> we<00:02:30.180> are<00:02:30.300> an<00:02:30.420> optimistic<00:02:30.900> Oracle<00:02:31.440> Uma<00:02:31.620> is<00:02:31.739> an 00:02:31.790 --> 00:02:31.800 align:start position:0% um we are an optimistic Oracle Uma is an 00:02:31.800 --> 00:02:33.650 align:start position:0% um we are an optimistic Oracle Uma is an optimist<00:02:32.099> Oracle<00:02:32.459> and<00:02:32.700> we<00:02:32.940> use<00:02:33.180> this<00:02:33.360> option 00:02:33.650 --> 00:02:33.660 align:start position:0% optimist Oracle and we use this option 00:02:33.660 --> 00:02:35.570 align:start position:0% optimist Oracle and we use this option to<00:02:33.840> coraco<00:02:34.140> as<00:02:34.500> a<00:02:34.620> security<00:02:34.800> model<00:02:35.160> for<00:02:35.400> a 00:02:35.570 --> 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far<00:02:46.860> at 00:02:47.089 --> 00:02:47.099 align:start position:0% congratulations I think yes uh so far at 00:02:47.099 --> 00:02:49.309 align:start position:0% congratulations I think yes uh so far at least<00:02:47.220> so<00:02:47.580> far<00:02:48.239> um<00:02:48.360> but<00:02:48.599> we'll<00:02:48.840> we'll<00:02:49.080> talk 00:02:49.309 --> 00:02:49.319 align:start position:0% least so far um but we'll we'll talk 00:02:49.319 --> 00:02:51.290 align:start position:0% least so far um but we'll we'll talk more<00:02:49.500> about<00:02:49.680> that<00:02:50.040> design<00:02:50.160> pattern<00:02:50.700> or<00:02:51.180> the 00:02:51.290 --> 00:02:51.300 align:start position:0% more about that design pattern or the 00:02:51.300 --> 00:02:53.990 align:start position:0% more about that design pattern or the design<00:02:51.480> trade-offs<00:02:52.140> going<00:02:52.560> forward 00:02:53.990 --> 00:02:54.000 align:start position:0% design trade-offs going forward 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and<00:03:02.459> we're<00:03:02.580> working<00:03:02.760> on<00:03:03.000> a 00:03:03.170 --> 00:03:03.180 align:start position:0% summer and we're working on a 00:03:03.180 --> 00:03:05.270 align:start position:0% summer and we're working on a proof-based<00:03:03.780> bridge<00:03:03.900> so<00:03:04.500> also<00:03:04.860> we<00:03:04.980> can<00:03:05.160> talk 00:03:05.270 --> 00:03:05.280 align:start position:0% proof-based bridge so also we can talk 00:03:05.280 --> 00:03:07.130 align:start position:0% proof-based bridge so also we can talk about<00:03:05.459> the<00:03:05.819> design<00:03:05.940> uh<00:03:06.540> people<00:03:06.720> also<00:03:07.019> call 00:03:07.130 --> 00:03:07.140 align:start position:0% about the design uh people also call 00:03:07.140 --> 00:03:09.229 align:start position:0% about the design uh people also call this<00:03:07.319> a<00:03:07.440> ZK<00:03:07.860> Bridge<00:03:08.099> there's<00:03:08.640> nothing<00:03:08.879> like 00:03:09.229 --> 00:03:09.239 align:start position:0% this a ZK Bridge there's nothing like 00:03:09.239 --> 00:03:10.850 align:start position:0% this a ZK Bridge there's nothing like zero<00:03:09.599> knowledge<00:03:09.900> about<00:03:10.019> it<00:03:10.200> so<00:03:10.440> I<00:03:10.560> like<00:03:10.739> to 00:03:10.850 --> 00:03:10.860 align:start position:0% zero knowledge about it so I like to 00:03:10.860 --> 00:03:13.070 align:start position:0% zero knowledge about it so I like to call<00:03:11.040> it<00:03:11.159> a<00:03:11.280> proof-based<00:03:11.879> bridge<00:03:12.000> and<00:03:12.780> yeah<00:03:12.900> we 00:03:13.070 --> 00:03:13.080 align:start position:0% call it a proof-based bridge and yeah we 00:03:13.080 --> 00:03:14.990 align:start position:0% call it a proof-based bridge and yeah we can<00:03:13.200> just<00:03:13.319> talk<00:03:13.500> about<00:03:13.739> how<00:03:14.280> all<00:03:14.459> the<00:03:14.640> snarks 00:03:14.990 --> 00:03:15.000 align:start position:0% can just talk about how all the snarks 00:03:15.000 --> 00:03:17.390 align:start position:0% can just talk about how all the snarks work<00:03:15.120> and<00:03:15.540> how<00:03:16.500> um<00:03:16.500> yeah<00:03:16.739> our<00:03:16.920> bridge<00:03:17.099> is<00:03:17.280> going 00:03:17.390 --> 00:03:17.400 align:start position:0% work and how um yeah our bridge is going 00:03:17.400 --> 00:03:18.170 align:start position:0% work and how um yeah our bridge is going to<00:03:17.519> work 00:03:18.170 --> 00:03:18.180 align:start position:0% to work 00:03:18.180 --> 00:03:21.710 align:start position:0% to work cool<00:03:18.840> so<00:03:19.620> um<00:03:19.620> I<00:03:19.800> guess<00:03:19.920> to<00:03:20.159> start<00:03:20.480> bridges<00:03:21.480> are 00:03:21.710 --> 00:03:21.720 align:start position:0% cool so um I guess to start bridges are 00:03:21.720 --> 00:03:24.229 align:start position:0% cool so um I guess to start bridges are kind<00:03:22.080> of<00:03:22.260> a<00:03:22.680> fraught<00:03:23.099> area<00:03:23.519> in<00:03:23.760> a<00:03:23.940> lot<00:03:24.000> of<00:03:24.060> ways 00:03:24.229 --> 00:03:24.239 align:start position:0% kind of a fraught area in a lot of ways 00:03:24.239 --> 00:03:25.550 align:start position:0% kind of a fraught area in a lot of ways not<00:03:24.360> just<00:03:24.540> because<00:03:24.720> of<00:03:24.900> the<00:03:24.959> hacks<00:03:25.200> but<00:03:25.319> I<00:03:25.440> mean 00:03:25.550 --> 00:03:25.560 align:start position:0% not just because of the hacks but I mean 00:03:25.560 --> 00:03:27.830 align:start position:0% not just because of the hacks but I mean like<00:03:25.920> you<00:03:26.220> know<00:03:26.280> even<00:03:26.700> definitionally<00:03:27.239> people 00:03:27.830 --> 00:03:27.840 align:start position:0% like you know even definitionally people 00:03:27.840 --> 00:03:29.149 align:start position:0% like you know even definitionally people are<00:03:28.019> like<00:03:28.140> oh<00:03:28.260> like<00:03:28.500> that's<00:03:28.620> a<00:03:28.739> bridge<00:03:28.860> or 00:03:29.149 --> 00:03:29.159 align:start position:0% are like oh like that's a bridge or 00:03:29.159 --> 00:03:30.890 align:start position:0% are like oh like that's a bridge or that's<00:03:29.340> not<00:03:29.519> a<00:03:29.640> bridge<00:03:29.760> or<00:03:30.000> whatever 00:03:30.890 --> 00:03:30.900 align:start position:0% that's not a bridge or whatever 00:03:30.900 --> 00:03:32.509 align:start position:0% that's not a bridge or whatever um and<00:03:31.080> there's<00:03:31.200> a<00:03:31.379> bunch<00:03:31.500> of<00:03:31.680> categories<00:03:32.220> of 00:03:32.509 --> 00:03:32.519 align:start position:0% um and there's a bunch of categories of 00:03:32.519 --> 00:03:34.850 align:start position:0% um and there's a bunch of categories of bridges<00:03:33.000> right<00:03:33.540> so 00:03:34.850 --> 00:03:34.860 align:start position:0% bridges right so 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position:0% at least spicy depending on your day uh describe<00:03:41.640> to<00:03:41.760> me<00:03:41.879> like<00:03:42.060> what<00:03:42.239> are<00:03:42.420> the 00:03:42.470 --> 00:03:42.480 align:start position:0% describe to me like what are the 00:03:42.480 --> 00:03:44.509 align:start position:0% describe to me like what are the categories<00:03:42.840> for<00:03:42.959> like<00:03:43.319> what<00:03:43.680> what<00:03:44.220> like 00:03:44.509 --> 00:03:44.519 align:start position:0% categories for like what what like 00:03:44.519 --> 00:03:45.890 align:start position:0% categories for like what what like there's<00:03:44.640> like<00:03:44.819> an<00:03:45.000> ecosystem<00:03:45.420> of<00:03:45.720> different 00:03:45.890 --> 00:03:45.900 align:start position:0% there's like an ecosystem of different 00:03:45.900 --> 00:03:47.750 align:start position:0% there's like an ecosystem of different types<00:03:46.200> of<00:03:46.260> bridges<00:03:46.620> you<00:03:46.799> know<00:03:46.860> there's<00:03:47.099> like 00:03:47.750 --> 00:03:47.760 align:start position:0% types of bridges you know there's like 00:03:47.760 --> 00:03:50.030 align:start position:0% types of bridges you know there's like succinct<00:03:48.299> bridges<00:03:48.780> that<00:03:48.959> use<00:03:49.140> like<00:03:49.319> ZK<00:03:49.739> the 00:03:50.030 --> 00:03:50.040 align:start position:0% succinct bridges that use like ZK the 00:03:50.040 --> 00:03:53.030 align:start position:0% succinct bridges that use like ZK the power<00:03:50.159> of<00:03:50.340> ZK<00:03:50.700> trademark<00:03:51.299> uh<00:03:52.260> there<00:03:52.620> are<00:03:52.799> like 00:03:53.030 --> 00:03:53.040 align:start position:0% power of ZK trademark uh there are like 00:03:53.040 --> 00:03:54.289 align:start position:0% power of ZK trademark uh there are like kind<00:03:53.340> of<00:03:53.459> you<00:03:53.640> know<00:03:53.700> a<00:03:53.940> bunch<00:03:54.060> of<00:03:54.180> other 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00:04:02.690 align:start position:0% definitions first can anyone give me like<00:04:01.019> how<00:04:01.379> these<00:04:01.680> Bridges<00:04:02.040> separate<00:04:02.459> into 00:04:02.690 --> 00:04:02.700 align:start position:0% like how these Bridges separate into 00:04:02.700 --> 00:04:04.610 align:start position:0% like how these Bridges separate into like<00:04:02.940> their<00:04:03.239> respective<00:04:03.780> categories<00:04:04.260> so<00:04:04.500> to 00:04:04.610 --> 00:04:04.620 align:start position:0% like their respective categories so to 00:04:04.620 --> 00:04:07.250 align:start position:0% like their respective categories so to speak<00:04:05.159> I<00:04:05.640> mean<00:04:05.760> I'll<00:04:06.000> shoot<00:04:06.420> and<00:04:06.659> go<00:04:06.959> and<00:04:07.080> say 00:04:07.250 --> 00:04:07.260 align:start position:0% speak I mean I'll shoot and go and say 00:04:07.260 --> 00:04:09.050 align:start position:0% speak I mean I'll shoot and go and say it<00:04:07.440> and<00:04:07.560> I<00:04:07.739> think<00:04:07.860> you<00:04:08.040> can<00:04:08.220> broadly<00:04:08.700> create 00:04:09.050 --> 00:04:09.060 align:start position:0% it and I think you can broadly create 00:04:09.060 --> 00:04:11.630 align:start position:0% it and I think you can broadly create like<00:04:09.480> talk<00:04:09.720> about<00:04:09.840> asset<00:04:10.799> Bridges<00:04:11.159> bridges 00:04:11.630 --> 00:04:11.640 align:start position:0% like talk about asset Bridges bridges 00:04:11.640 --> 00:04:13.369 align:start position:0% like talk about asset Bridges bridges for<00:04:11.819> bringing<00:04:12.120> bridging<00:04:12.720> assets<00:04:13.080> between 00:04:13.369 --> 00:04:13.379 align:start position:0% for bringing bridging assets between 00:04:13.379 --> 00:04:15.649 align:start position:0% for bringing bridging assets between blockchains<00:04:14.099> and<00:04:14.700> let's<00:04:14.939> call<00:04:15.120> it<00:04:15.239> data 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--> 00:04:26.409 align:start position:0% data okay our do data Bridges contain acid<00:04:23.580> Bridges<00:04:23.940> as<00:04:24.120> a<00:04:24.240> subcategory<00:04:24.780> or<00:04:25.080> not 00:04:26.409 --> 00:04:26.419 align:start position:0% acid Bridges as a subcategory or not 00:04:26.419 --> 00:04:30.230 align:start position:0% acid Bridges as a subcategory or not I<00:04:27.419> think<00:04:28.139> there's<00:04:28.860> I<00:04:29.400> don't<00:04:29.520> I<00:04:29.880> think<00:04:30.000> we<00:04:30.120> could 00:04:30.230 --> 00:04:30.240 align:start position:0% I think there's I don't I think we could 00:04:30.240 --> 00:04:31.730 align:start position:0% I think there's I don't I think we could probe<00:04:30.600> that<00:04:30.720> I'm<00:04:30.900> not<00:04:31.080> sure<00:04:31.259> I<00:04:31.560> think<00:04:31.680> it 00:04:31.730 --> 00:04:31.740 align:start position:0% probe that I'm not sure I think it 00:04:31.740 --> 00:04:34.310 align:start position:0% probe that I'm not sure I think it depends<00:04:32.040> on<00:04:32.160> design<00:04:32.340> I'd<00:04:32.820> argue<00:04:33.240> every<00:04:33.840> asset 00:04:34.310 --> 00:04:34.320 align:start position:0% depends on design I'd argue every asset 00:04:34.320 --> 00:04:36.890 align:start position:0% depends on design I'd argue every asset Bridge<00:04:34.500> Is<00:04:34.979> underpinned<00:04:35.940> by<00:04:36.180> a<00:04:36.419> data<00:04:36.720> Bridge 00:04:36.890 --> 00:04:36.900 align:start position:0% Bridge Is underpinned by a data Bridge 00:04:36.900 --> 00:04:39.530 align:start position:0% Bridge Is underpinned by a data Bridge okay<00:04:37.860> I<00:04:38.340> would<00:04:38.460> generally<00:04:38.759> argue<00:04:39.120> but<00:04:39.360> there's 00:04:39.530 --> 00:04:39.540 align:start position:0% okay I would generally argue but there's 00:04:39.540 --> 00:04:42.050 align:start position:0% okay I would generally argue but there's sort<00:04:39.780> of<00:04:39.900> some<00:04:40.139> nuances<00:04:40.860> because<00:04:41.280> for<00:04:41.759> example 00:04:42.050 --> 00:04:42.060 align:start position:0% sort of some nuances because for example 00:04:42.060 --> 00:04:44.450 align:start position:0% sort of some nuances because for example a<00:04:42.360> cross<00:04:42.540> uses<00:04:42.960> some<00:04:43.199> of<00:04:43.320> the<00:04:43.500> canonical<00:04:43.979> data 00:04:44.450 --> 00:04:44.460 align:start position:0% a cross uses some of the canonical data 00:04:44.460 --> 00:04:45.650 align:start position:0% a cross uses some of the canonical data bridges<00:04:44.759> too 00:04:45.650 --> 00:04:45.660 align:start position:0% bridges too 00:04:45.660 --> 00:04:48.189 align:start position:0% bridges too um<00:04:45.720> to<00:04:46.020> bridge<00:04:46.139> assets 00:04:48.189 --> 00:04:48.199 align:start position:0% um to bridge assets 00:04:48.199 --> 00:04:50.270 align:start position:0% um to bridge assets okay<00:04:49.199> so<00:04:49.320> fine<00:04:49.500> so<00:04:49.680> we've<00:04:49.919> been<00:04:49.979> listening<00:04:50.220> to 00:04:50.270 --> 00:04:50.280 align:start position:0% okay so fine so we've been listening to 00:04:50.280 --> 00:04:52.730 align:start position:0% okay so fine so we've been listening to Bridges<00:04:50.639> and<00:04:51.060> then<00:04:51.120> acid<00:04:51.600> Bridges<00:04:52.080> and<00:04:52.440> you're 00:04:52.730 --> 00:04:52.740 align:start position:0% Bridges and then acid Bridges and you're 00:04:52.740 --> 00:04:54.290 align:start position:0% Bridges and then acid Bridges and you're right<00:04:52.979> I<00:04:53.220> think<00:04:53.340> you<00:04:53.520> could<00:04:53.639> maybe<00:04:53.880> do<00:04:54.180> a 00:04:54.290 --> 00:04:54.300 align:start position:0% right I think you could maybe do a 00:04:54.300 --> 00:04:55.790 align:start position:0% right I think you could maybe do a subset<00:04:54.660> thing<00:04:54.840> here<00:04:55.020> too<00:04:55.199> with<00:04:55.500> like<00:04:55.680> some 00:04:55.790 --> 00:04:55.800 align:start position:0% subset thing here too with like some 00:04:55.800 --> 00:04:58.010 align:start position:0% subset thing here too with like some caveats<00:04:56.400> or<00:04:56.460> asterix's<00:04:57.060> sure<00:04:57.479> and<00:04:57.720> then<00:04:57.780> on 00:04:58.010 --> 00:04:58.020 align:start position:0% caveats or asterix's sure and then on 00:04:58.020 --> 00:05:00.469 align:start position:0% caveats or asterix's sure and then on the<00:04:58.139> acid<00:04:58.440> Bridges<00:04:58.800> I<00:04:59.040> think<00:04:59.160> one<00:04:59.460> important 00:05:00.469 --> 00:05:00.479 align:start position:0% the acid Bridges I think one important 00:05:00.479 --> 00:05:01.909 align:start position:0% the acid Bridges I think one important um<00:05:00.540> thing<00:05:00.960> to 00:05:01.909 --> 00:05:01.919 align:start position:0% um thing to 00:05:01.919 --> 00:05:05.270 align:start position:0% um thing to discuss<00:05:02.880> and<00:05:03.419> potentially<00:05:03.840> agree<00:05:04.259> on<00:05:04.440> is 00:05:05.270 --> 00:05:05.280 align:start position:0% discuss and potentially agree on is 00:05:05.280 --> 00:05:07.670 align:start position:0% discuss and potentially agree on is dividing<00:05:05.759> them<00:05:05.880> into<00:05:06.300> wrapped<00:05:07.020> asset<00:05:07.320> Bridges 00:05:07.670 --> 00:05:07.680 align:start position:0% dividing them into wrapped asset Bridges 00:05:07.680 --> 00:05:09.350 align:start position:0% dividing them into wrapped asset Bridges or<00:05:07.860> what<00:05:07.979> I<00:05:08.160> sometimes<00:05:08.520> call<00:05:08.639> like<00:05:08.880> lock<00:05:09.120> and 00:05:09.350 --> 00:05:09.360 align:start position:0% or what I sometimes call like lock and 00:05:09.360 --> 00:05:11.930 align:start position:0% or what I sometimes call like lock and mint<00:05:09.540> Bridges<00:05:09.960> where<00:05:10.560> you<00:05:10.740> take<00:05:10.919> an<00:05:11.100> asset<00:05:11.460> you 00:05:11.930 --> 00:05:11.940 align:start position:0% mint Bridges where you take an asset you 00:05:11.940 --> 00:05:14.570 align:start position:0% mint Bridges where you take an asset you lock<00:05:12.120> it<00:05:12.360> on<00:05:12.660> its<00:05:13.020> uh<00:05:13.199> home<00:05:13.440> blockchain<00:05:13.979> and 00:05:14.570 --> 00:05:14.580 align:start position:0% lock it on its uh home blockchain and 00:05:14.580 --> 00:05:17.030 align:start position:0% lock it on its uh home blockchain and you<00:05:14.759> mint<00:05:14.880> a<00:05:15.180> representation<00:05:15.660> of<00:05:15.960> it<00:05:16.080> on<00:05:16.740> a 00:05:17.030 --> 00:05:17.040 align:start position:0% you mint a representation of it on a 00:05:17.040 --> 00:05:19.550 align:start position:0% you mint a representation of it on a destination<00:05:17.639> Chain<00:05:17.940> versus<00:05:18.840> what<00:05:19.320> I<00:05:19.440> will 00:05:19.550 --> 00:05:19.560 align:start position:0% destination Chain versus what I will 00:05:19.560 --> 00:05:21.110 align:start position:0% destination Chain versus what I will call<00:05:19.800> like 00:05:21.110 --> 00:05:21.120 align:start position:0% call like 00:05:21.120 --> 00:05:23.210 align:start position:0% call like um liquidity<00:05:21.780> Bridges<00:05:22.259> where<00:05:22.800> there<00:05:23.100> are 00:05:23.210 --> 00:05:23.220 align:start position:0% um liquidity Bridges where there are 00:05:23.220 --> 00:05:25.189 align:start position:0% um liquidity Bridges where there are canonical<00:05:23.699> versions<00:05:24.060> of<00:05:24.240> the<00:05:24.419> asset<00:05:24.660> on<00:05:25.020> both 00:05:25.189 --> 00:05:25.199 align:start position:0% canonical versions of the asset on both 00:05:25.199 --> 00:05:27.950 align:start position:0% canonical versions of the asset on both the<00:05:25.440> source<00:05:25.740> and<00:05:25.860> destination<00:05:26.220> chain<00:05:26.720> and<00:05:27.720> the 00:05:27.950 --> 00:05:27.960 align:start position:0% the source and destination chain and the 00:05:27.960 --> 00:05:30.409 align:start position:0% the source and destination chain and the the<00:05:28.139> bridge<00:05:28.380> here<00:05:28.680> functions<00:05:29.220> almost<00:05:29.880> as<00:05:30.180> a 00:05:30.409 --> 00:05:30.419 align:start position:0% the bridge here functions almost as a 00:05:30.419 --> 00:05:32.570 align:start position:0% the bridge here functions almost as a convenience<00:05:30.780> metric<00:05:31.199> or<00:05:31.620> a<00:05:31.800> convenience<00:05:32.160> tool 00:05:32.570 --> 00:05:32.580 align:start position:0% convenience metric or a convenience tool 00:05:32.580 --> 00:05:35.870 align:start position:0% convenience metric or a convenience tool to<00:05:33.300> easily<00:05:34.020> move<00:05:34.199> that<00:05:34.560> asset<00:05:34.919> from<00:05:35.340> one<00:05:35.699> chain 00:05:35.870 --> 00:05:35.880 align:start position:0% to easily move that asset from one chain 00:05:35.880 --> 00:05:38.150 align:start position:0% to easily move that asset from one chain to<00:05:36.120> another<00:05:36.360> and<00:05:37.259> Chris<00:05:37.500> I<00:05:37.740> want<00:05:37.860> to<00:05:37.979> see<00:05:38.039> if 00:05:38.150 --> 00:05:38.160 align:start position:0% to another and Chris I want to see if 00:05:38.160 --> 00:05:39.469 align:start position:0% to another and Chris I want to see if you<00:05:38.340> in<00:05:38.460> particular<00:05:38.759> agree<00:05:39.120> with<00:05:39.240> this 00:05:39.469 --> 00:05:39.479 align:start position:0% you in particular agree with this 00:05:39.479 --> 00:05:41.270 align:start position:0% you in particular agree with this because<00:05:39.900> I<00:05:40.139> think<00:05:40.259> we<00:05:40.440> are<00:05:40.620> both<00:05:40.800> in<00:05:41.100> the 00:05:41.270 --> 00:05:41.280 align:start position:0% because I think we are both in the 00:05:41.280 --> 00:05:44.689 align:start position:0% because I think we are both in the category<00:05:41.699> of<00:05:42.240> like<00:05:42.720> liquidity<00:05:43.440> Bridges<00:05:44.039> uh 00:05:44.689 --> 00:05:44.699 align:start position:0% category of like liquidity Bridges uh 00:05:44.699 --> 00:05:46.490 align:start position:0% category of like liquidity Bridges uh yeah<00:05:45.060> completely<00:05:45.479> agree<00:05:45.780> I<00:05:46.080> think<00:05:46.139> we're<00:05:46.320> both 00:05:46.490 --> 00:05:46.500 align:start position:0% yeah completely agree I think we're both 00:05:46.500 --> 00:05:48.110 align:start position:0% yeah completely agree I think we're both liquidity<00:05:47.039> Bridges<00:05:47.460> and<00:05:47.639> then<00:05:47.759> I<00:05:47.880> think<00:05:48.000> you 00:05:48.110 --> 00:05:48.120 align:start position:0% liquidity Bridges and then I think you 00:05:48.120 --> 00:05:49.850 align:start position:0% liquidity Bridges and then I think you could<00:05:48.300> even<00:05:48.479> break<00:05:48.900> up<00:05:49.259> each<00:05:49.560> of<00:05:49.680> these 00:05:49.850 --> 00:05:49.860 align:start position:0% could even break up each of these 00:05:49.860 --> 00:05:51.409 align:start position:0% could even break up each of these categories<00:05:50.400> into<00:05:50.820> a<00:05:51.000> bunch<00:05:51.180> of<00:05:51.300> sub 00:05:51.409 --> 00:05:51.419 align:start position:0% categories into a bunch of sub 00:05:51.419 --> 00:05:53.090 align:start position:0% categories into a bunch of sub categories<00:05:51.960> because<00:05:52.259> there's<00:05:52.500> you<00:05:52.740> know<00:05:52.860> tons 00:05:53.090 --> 00:05:53.100 align:start position:0% categories because there's you know tons 00:05:53.100 --> 00:05:55.930 align:start position:0% categories because there's you know tons of<00:05:53.220> different<00:05:53.340> uh<00:05:54.300> approaches<00:05:54.900> like<00:05:55.199> snarks 00:05:55.930 --> 00:05:55.940 align:start position:0% of different uh approaches like snarks 00:05:55.940 --> 00:06:00.290 align:start position:0% of different uh approaches like snarks the<00:05:56.940> Hub<00:05:57.060> and<00:05:57.240> spoke<00:05:57.539> model<00:05:58.160> and<00:05:59.160> you<00:05:59.520> know<00:05:59.580> the 00:06:00.290 --> 00:06:00.300 align:start position:0% the Hub and spoke model and you know the 00:06:00.300 --> 00:06:02.870 align:start position:0% the Hub and spoke model and you know the the<00:06:00.419> one<00:06:00.960> that's<00:06:01.199> been<00:06:01.380> kind<00:06:01.620> of<00:06:01.919> the<00:06:02.520> worst<00:06:02.699> in 00:06:02.870 --> 00:06:02.880 align:start position:0% the one that's been kind of the worst in 00:06:02.880 --> 00:06:04.730 align:start position:0% the one that's been kind of the worst in terms<00:06:03.120> of<00:06:03.180> security<00:06:03.360> which<00:06:03.780> is<00:06:03.960> uh<00:06:04.139> multi-sick 00:06:04.730 --> 00:06:04.740 align:start position:0% terms of security which is uh multi-sick 00:06:04.740 --> 00:06:05.530 align:start position:0% terms of security which is uh multi-sick Bridges 00:06:05.530 --> 00:06:05.540 align:start position:0% Bridges 00:06:05.540 --> 00:06:06.950 align:start position:0% Bridges [Music] 00:06:06.950 --> 00:06:06.960 align:start position:0% [Music] 00:06:06.960 --> 00:06:11.029 align:start position:0% [Music] okay<00:06:07.860> so<00:06:08.340> fine<00:06:08.580> so<00:06:09.060> you<00:06:09.660> both<00:06:09.840> chose<00:06:10.199> to<00:06:10.380> be<00:06:10.620> uh 00:06:11.029 --> 00:06:11.039 align:start position:0% okay so fine so you both chose to be uh 00:06:11.039 --> 00:06:13.010 align:start position:0% okay so fine so you both chose to be uh what<00:06:11.160> do<00:06:11.280> we<00:06:11.340> call<00:06:11.460> it<00:06:11.580> liquidity<00:06:12.120> based 00:06:13.010 --> 00:06:13.020 align:start position:0% what do we call it liquidity based 00:06:13.020 --> 00:06:14.390 align:start position:0% what do we call it liquidity based Bridge<00:06:13.080> the<00:06:13.320> liquidity<00:06:13.919> Bridge<00:06:14.100> all<00:06:14.340> right 00:06:14.390 --> 00:06:14.400 align:start position:0% Bridge the liquidity Bridge all right 00:06:14.400 --> 00:06:17.749 align:start position:0% Bridge the liquidity Bridge all right fine<00:06:14.759> uh<00:06:15.600> why<00:06:16.199> not<00:06:16.440> for<00:06:16.979> example<00:06:17.160> a<00:06:17.460> wrapped 00:06:17.749 --> 00:06:17.759 align:start position:0% fine uh why not for example a wrapped 00:06:17.759 --> 00:06:19.790 align:start position:0% fine uh why not for example a wrapped acid<00:06:18.120> Bridge<00:06:18.240> like<00:06:18.600> does<00:06:18.960> it<00:06:19.139> matter<00:06:19.380> do<00:06:19.680> you 00:06:19.790 --> 00:06:19.800 align:start position:0% acid Bridge like does it matter do you 00:06:19.800 --> 00:06:22.850 align:start position:0% acid Bridge like does it matter do you care<00:06:19.979> is<00:06:20.160> it<00:06:20.340> an<00:06:20.460> interesting<00:06:20.820> thing<00:06:21.060> so 00:06:22.850 --> 00:06:22.860 align:start position:0% care is it an interesting thing so 00:06:22.860 --> 00:06:25.550 align:start position:0% care is it an interesting thing so um<00:06:22.979> you<00:06:23.400> know<00:06:23.520> we<00:06:24.120> actually<00:06:24.660> rely<00:06:25.139> on<00:06:25.319> these 00:06:25.550 --> 00:06:25.560 align:start position:0% um you know we actually rely on these 00:06:25.560 --> 00:06:27.710 align:start position:0% um you know we actually rely on these wrapped<00:06:25.919> asset<00:06:26.160> Bridges<00:06:26.580> to<00:06:26.880> exist<00:06:27.240> so<00:06:27.479> every 00:06:27.710 --> 00:06:27.720 align:start position:0% wrapped asset Bridges to exist so every 00:06:27.720 --> 00:06:29.330 align:start position:0% wrapped asset Bridges to exist so every single<00:06:28.080> roll-up<00:06:28.380> has<00:06:28.620> a<00:06:28.740> wrapped<00:06:29.039> asset 00:06:29.330 --> 00:06:29.340 align:start position:0% single roll-up has a wrapped asset 00:06:29.340 --> 00:06:31.189 align:start position:0% single roll-up has a wrapped asset bridge<00:06:29.520> and<00:06:29.880> and<00:06:30.060> you<00:06:30.300> you<00:06:30.419> know<00:06:30.600> you<00:06:30.720> deposit 00:06:31.189 --> 00:06:31.199 align:start position:0% bridge and and you you know you deposit 00:06:31.199 --> 00:06:33.710 align:start position:0% bridge and and you you know you deposit into<00:06:31.319> the<00:06:31.500> layer<00:06:31.740> one<00:06:31.860> contract<00:06:32.300> and<00:06:33.300> a 00:06:33.710 --> 00:06:33.720 align:start position:0% into the layer one contract and a 00:06:33.720 --> 00:06:36.170 align:start position:0% into the layer one contract and a representation<00:06:34.319> of<00:06:34.800> that<00:06:34.979> deposit<00:06:35.460> is<00:06:35.699> minted 00:06:36.170 --> 00:06:36.180 align:start position:0% representation of that deposit is minted 00:06:36.180 --> 00:06:38.870 align:start position:0% representation of that deposit is minted on<00:06:36.660> uh<00:06:37.020> Layer<00:06:37.319> Two<00:06:37.500> so<00:06:37.979> with<00:06:38.220> Roll-Ups<00:06:38.759> you're 00:06:38.870 --> 00:06:38.880 align:start position:0% on uh Layer Two so with Roll-Ups you're 00:06:38.880 --> 00:06:41.270 align:start position:0% on uh Layer Two so with Roll-Ups you're able<00:06:39.180> to<00:06:39.300> kind<00:06:39.600> of<00:06:39.720> secure<00:06:40.020> the<00:06:40.319> whole<00:06:40.620> wrapped 00:06:41.270 --> 00:06:41.280 align:start position:0% able to kind of secure the whole wrapped 00:06:41.280 --> 00:06:43.969 align:start position:0% able to kind of secure the whole wrapped asset<00:06:41.580> Bridge<00:06:41.699> with<00:06:42.360> a<00:06:42.419> smart<00:06:42.600> contract<00:06:43.080> but 00:06:43.969 --> 00:06:43.979 align:start position:0% asset Bridge with a smart contract but 00:06:43.979 --> 00:06:45.590 align:start position:0% asset Bridge with a smart contract but where<00:06:44.160> we've<00:06:44.400> seen<00:06:44.580> things<00:06:44.819> go<00:06:45.000> wrong<00:06:45.180> is<00:06:45.419> when 00:06:45.590 --> 00:06:45.600 align:start position:0% where we've seen things go wrong is when 00:06:45.600 --> 00:06:47.749 align:start position:0% where we've seen things go wrong is when you<00:06:45.720> have<00:06:45.840> a<00:06:46.020> racked<00:06:46.319> asset<00:06:46.620> bridge<00:06:46.800> that<00:06:47.280> is<00:06:47.520> a 00:06:47.749 --> 00:06:47.759 align:start position:0% you have a racked asset bridge that is a 00:06:47.759 --> 00:06:49.969 align:start position:0% you have a racked asset bridge that is a multi-sig<00:06:48.300> because<00:06:48.720> racked<00:06:49.440> acid<00:06:49.680> Bridges 00:06:49.969 --> 00:06:49.979 align:start position:0% multi-sig because racked acid Bridges 00:06:49.979 --> 00:06:51.830 align:start position:0% multi-sig because racked acid Bridges need<00:06:50.160> to<00:06:50.280> hold<00:06:50.460> a<00:06:50.940> lot<00:06:51.000> more<00:06:51.180> tvl<00:06:51.660> than 00:06:51.830 --> 00:06:51.840 align:start position:0% need to hold a lot more tvl than 00:06:51.840 --> 00:06:53.930 align:start position:0% need to hold a lot more tvl than liquidity<00:06:52.319> Bridges<00:06:52.800> because<00:06:53.100> they're<00:06:53.759> not 00:06:53.930 --> 00:06:53.940 align:start position:0% liquidity Bridges because they're not 00:06:53.940 --> 00:06:56.330 align:start position:0% liquidity Bridges because they're not just<00:06:54.180> holding<00:06:54.600> enough<00:06:54.960> liquidity<00:06:55.560> to<00:06:56.100> kind<00:06:56.220> of 00:06:56.330 --> 00:06:56.340 align:start position:0% just holding enough liquidity to kind of 00:06:56.340 --> 00:06:58.309 align:start position:0% just holding enough liquidity to kind of facilitate<00:06:56.880> cross<00:06:57.060> training<00:06:57.479> transfers 00:06:58.309 --> 00:06:58.319 align:start position:0% facilitate cross training transfers 00:06:58.319 --> 00:07:01.070 align:start position:0% facilitate cross training transfers they're<00:06:59.039> actually<00:06:59.280> uh<00:07:00.060> holding<00:07:00.479> all<00:07:00.780> of<00:07:00.900> the 00:07:01.070 --> 00:07:01.080 align:start position:0% they're actually uh holding all of the 00:07:01.080 --> 00:07:04.610 align:start position:0% they're actually uh holding all of the liquidity<00:07:01.560> uh<00:07:02.340> of<00:07:02.639> that<00:07:03.060> cross-chain<00:07:04.020> asset 00:07:04.610 --> 00:07:04.620 align:start position:0% liquidity uh of that cross-chain asset 00:07:04.620 --> 00:07:07.550 align:start position:0% liquidity uh of that cross-chain asset and<00:07:05.400> so<00:07:05.580> what<00:07:05.880> liquidity<00:07:06.419> Bridges<00:07:06.720> do<00:07:06.900> is<00:07:07.380> we 00:07:07.550 --> 00:07:07.560 align:start position:0% and so what liquidity Bridges do is we 00:07:07.560 --> 00:07:10.610 align:start position:0% and so what liquidity Bridges do is we basically<00:07:07.860> bridge<00:07:08.280> between<00:07:09.199> assets<00:07:10.199> that<00:07:10.440> are 00:07:10.610 --> 00:07:10.620 align:start position:0% basically bridge between assets that are 00:07:10.620 --> 00:07:13.370 align:start position:0% basically bridge between assets that are produced<00:07:11.039> by<00:07:11.460> wrapped<00:07:12.419> acid<00:07:12.660> Bridges<00:07:13.020> I'll 00:07:13.370 --> 00:07:13.380 align:start position:0% produced by wrapped acid Bridges I'll 00:07:13.380 --> 00:07:15.230 align:start position:0% produced by wrapped acid Bridges I'll say<00:07:13.560> vertical<00:07:13.860> correctly<00:07:14.160> I<00:07:14.340> think<00:07:14.580> Uma<00:07:14.759> has<00:07:15.000> a 00:07:15.230 --> 00:07:15.240 align:start position:0% say vertical correctly I think Uma has a 00:07:15.240 --> 00:07:17.150 align:start position:0% say vertical correctly I think Uma has a spicy<00:07:15.660> take<00:07:15.780> on<00:07:16.020> this<00:07:16.139> well<00:07:16.440> I<00:07:16.740> want<00:07:17.039> to 00:07:17.150 --> 00:07:17.160 align:start position:0% spicy take on this well I want to 00:07:17.160 --> 00:07:19.249 align:start position:0% spicy take on this well I want to interrupt<00:07:17.460> and<00:07:17.580> put<00:07:17.940> a<00:07:18.060> bit<00:07:18.240> little<00:07:18.600> Nuance<00:07:19.020> in 00:07:19.249 --> 00:07:19.259 align:start position:0% interrupt and put a bit little Nuance in 00:07:19.259 --> 00:07:21.469 align:start position:0% interrupt and put a bit little Nuance in this<00:07:19.440> too<00:07:19.620> because<00:07:19.919> I<00:07:20.340> I<00:07:20.520> want<00:07:20.759> to<00:07:21.000> further 00:07:21.469 --> 00:07:21.479 align:start position:0% this too because I I want to further 00:07:21.479 --> 00:07:24.350 align:start position:0% this too because I I want to further differentiate<00:07:22.080> between<00:07:22.440> maybe<00:07:23.360> nuanced 00:07:24.350 --> 00:07:24.360 align:start position:0% differentiate between maybe nuanced 00:07:24.360 --> 00:07:26.089 align:start position:0% differentiate between maybe nuanced types<00:07:24.599> of<00:07:24.660> wrapped<00:07:24.900> asset<00:07:25.259> Bridges<00:07:25.620> so 00:07:26.089 --> 00:07:26.099 align:start position:0% types of wrapped asset Bridges so 00:07:26.099 --> 00:07:29.150 align:start position:0% types of wrapped asset Bridges so Roll-Ups<00:07:26.819> like<00:07:27.300> Chris's<00:07:27.900> right<00:07:28.319> that<00:07:28.800> when<00:07:28.979> I 00:07:29.150 --> 00:07:29.160 align:start position:0% Roll-Ups like Chris's right that when I 00:07:29.160 --> 00:07:31.070 align:start position:0% Roll-Ups like Chris's right that when I want<00:07:29.280> to<00:07:29.400> create<00:07:29.639> uh<00:07:30.120> like<00:07:30.360> a<00:07:30.539> version<00:07:30.720> of 00:07:31.070 --> 00:07:31.080 align:start position:0% want to create uh like a version of 00:07:31.080 --> 00:07:33.710 align:start position:0% want to create uh like a version of ethereum<00:07:31.680> on<00:07:31.979> a<00:07:32.099> roll<00:07:32.220> up<00:07:32.520> I'm<00:07:32.880> like<00:07:33.060> locking 00:07:33.710 --> 00:07:33.720 align:start position:0% ethereum on a roll up I'm like locking 00:07:33.720 --> 00:07:36.589 align:start position:0% ethereum on a roll up I'm like locking ethereum<00:07:34.259> on<00:07:34.680> a<00:07:34.860> I'm<00:07:35.580> locking<00:07:35.819> ethon<00:07:36.240> ethereum 00:07:36.589 --> 00:07:36.599 align:start position:0% ethereum on a I'm locking ethon ethereum 00:07:36.599 --> 00:07:38.390 align:start position:0% ethereum on a I'm locking ethon ethereum and<00:07:37.020> producing<00:07:37.440> that<00:07:37.620> version<00:07:37.740> of<00:07:37.979> it<00:07:38.099> on<00:07:38.280> the 00:07:38.390 --> 00:07:38.400 align:start position:0% and producing that version of it on the 00:07:38.400 --> 00:07:40.730 align:start position:0% and producing that version of it on the roll<00:07:38.520> up<00:07:38.759> but<00:07:39.599> I<00:07:39.780> would<00:07:39.900> argue<00:07:40.199> that's<00:07:40.440> not 00:07:40.730 --> 00:07:40.740 align:start position:0% roll up but I would argue that's not 00:07:40.740 --> 00:07:43.189 align:start position:0% roll up but I would argue that's not exactly<00:07:41.160> the<00:07:41.460> same<00:07:41.639> type<00:07:41.819> of<00:07:42.199> it's<00:07:43.199> it's 00:07:43.189 --> 00:07:43.199 align:start position:0% exactly the same type of it's it's 00:07:43.199 --> 00:07:45.290 align:start position:0% exactly the same type of it's it's different<00:07:43.800> because<00:07:44.099> it's<00:07:44.280> adopting<00:07:44.759> the<00:07:45.000> same 00:07:45.290 --> 00:07:45.300 align:start position:0% different because it's adopting the same 00:07:45.300 --> 00:07:47.990 align:start position:0% different because it's adopting the same security<00:07:45.900> parameters<00:07:46.620> as<00:07:47.160> the<00:07:47.639> roll-up 00:07:47.990 --> 00:07:48.000 align:start position:0% security parameters as the roll-up 00:07:48.000 --> 00:07:50.210 align:start position:0% security parameters as the roll-up itself<00:07:48.419> and<00:07:49.139> so<00:07:49.259> if<00:07:49.380> you<00:07:49.560> trust<00:07:49.680> the<00:07:49.860> roll<00:07:49.979> up 00:07:50.210 --> 00:07:50.220 align:start position:0% itself and so if you trust the roll up 00:07:50.220 --> 00:07:52.070 align:start position:0% itself and so if you trust the roll up you're<00:07:50.520> fundamentally<00:07:50.940> trusting<00:07:51.479> this 00:07:52.070 --> 00:07:52.080 align:start position:0% you're fundamentally trusting this 00:07:52.080 --> 00:07:55.249 align:start position:0% you're fundamentally trusting this supposed<00:07:52.740> wrapped<00:07:53.400> asset<00:07:53.759> so<00:07:54.419> I<00:07:54.720> almost<00:07:54.900> refer 00:07:55.249 --> 00:07:55.259 align:start position:0% supposed wrapped asset so I almost refer 00:07:55.259 --> 00:07:56.990 align:start position:0% supposed wrapped asset so I almost refer to<00:07:55.380> that<00:07:55.500> as<00:07:55.680> like<00:07:55.860> the<00:07:56.099> native<00:07:56.400> version<00:07:56.699> of 00:07:56.990 --> 00:07:57.000 align:start position:0% to that as like the native version of 00:07:57.000 --> 00:07:59.450 align:start position:0% to that as like the native version of that<00:07:57.180> asset<00:07:57.479> on<00:07:57.720> the<00:07:57.840> roll<00:07:57.960> up<00:07:58.560> the<00:07:59.160> type<00:07:59.340> of 00:07:59.450 --> 00:07:59.460 align:start position:0% that asset on the roll up the type of 00:07:59.460 --> 00:08:00.950 align:start position:0% that asset on the roll up the type of wrapped<00:07:59.819> asset<00:08:00.060> bridge<00:08:00.240> that<00:08:00.479> I<00:08:00.660> think<00:08:00.720> Chris 00:08:00.950 --> 00:08:00.960 align:start position:0% wrapped asset bridge that I think Chris 00:08:00.960 --> 00:08:04.129 align:start position:0% wrapped asset bridge that I think Chris is<00:08:01.800> on<00:08:01.919> and<00:08:02.220> I<00:08:02.580> totally<00:08:02.880> agree 00:08:04.129 --> 00:08:04.139 align:start position:0% is on and I totally agree 00:08:04.139 --> 00:08:06.469 align:start position:0% is on and I totally agree um<00:08:04.199> is<00:08:04.860> the<00:08:05.160> one<00:08:05.280> where<00:08:05.699> you<00:08:06.000> literally<00:08:06.240> do 00:08:06.469 --> 00:08:06.479 align:start position:0% um is the one where you literally do 00:08:06.479 --> 00:08:08.510 align:start position:0% um is the one where you literally do just<00:08:06.840> like<00:08:07.020> take<00:08:07.380> the<00:08:07.560> wrapped<00:08:07.860> asset<00:08:08.099> lock<00:08:08.280> an 00:08:08.510 --> 00:08:08.520 align:start position:0% just like take the wrapped asset lock an 00:08:08.520 --> 00:08:10.189 align:start position:0% just like take the wrapped asset lock an ethereum<00:08:08.880> and<00:08:09.120> then<00:08:09.180> there's<00:08:09.360> like<00:08:09.539> an<00:08:09.720> oracle 00:08:10.189 --> 00:08:10.199 align:start position:0% ethereum and then there's like an oracle 00:08:10.199 --> 00:08:11.749 align:start position:0% ethereum and then there's like an oracle or<00:08:10.380> like<00:08:10.500> a<00:08:10.740> different<00:08:10.919> security<00:08:11.220> method 00:08:11.749 --> 00:08:11.759 align:start position:0% or like a different security method 00:08:11.759 --> 00:08:13.730 align:start position:0% or like a different security method that's<00:08:12.000> potentially<00:08:12.419> super<00:08:12.660> insecure<00:08:13.259> that's 00:08:13.730 --> 00:08:13.740 align:start position:0% that's potentially super insecure that's 00:08:13.740 --> 00:08:15.230 align:start position:0% that's potentially super insecure that's minting<00:08:14.160> your<00:08:14.280> representation<00:08:14.699> that<00:08:14.880> on<00:08:15.120> your 00:08:15.230 --> 00:08:15.240 align:start position:0% minting your representation that on your 00:08:15.240 --> 00:08:17.629 align:start position:0% minting your representation that on your destination<00:08:15.660> chain<00:08:15.960> and<00:08:16.740> then<00:08:16.860> for<00:08:17.099> the<00:08:17.280> user 00:08:17.629 --> 00:08:17.639 align:start position:0% destination chain and then for the user 00:08:17.639 --> 00:08:19.730 align:start position:0% destination chain and then for the user of<00:08:17.940> that<00:08:18.120> asset<00:08:18.539> on<00:08:18.840> that<00:08:19.020> destination<00:08:19.379> chain 00:08:19.730 --> 00:08:19.740 align:start position:0% of that asset on that destination chain 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user that just<00:08:28.199> thought<00:08:28.560> they<00:08:28.740> held<00:08:29.160> this<00:08:29.340> valid<00:08:29.759> asset 00:08:30.110 --> 00:08:30.120 align:start position:0% just thought they held this valid asset 00:08:30.120 --> 00:08:32.449 align:start position:0% just thought they held this valid asset and<00:08:30.720> left<00:08:31.020> with<00:08:31.199> a<00:08:31.319> donut<00:08:31.440> and<00:08:32.099> those<00:08:32.219> are<00:08:32.339> the 00:08:32.449 --> 00:08:32.459 align:start position:0% and left with a donut and those are the 00:08:32.459 --> 00:08:33.409 align:start position:0% and left with a donut and those are the designs<00:08:32.820> that<00:08:32.940> I<00:08:33.060> think<00:08:33.120> are<00:08:33.300> really 00:08:33.409 --> 00:08:33.419 align:start position:0% designs that I think are really 00:08:33.419 --> 00:08:35.870 align:start position:0% designs that I think are really dangerous<00:08:33.779> and<00:08:33.959> not<00:08:34.140> cool<00:08:34.320> so<00:08:34.979> sorry 00:08:35.870 --> 00:08:35.880 align:start position:0% dangerous and not cool so sorry 00:08:35.880 --> 00:08:39.649 align:start position:0% dangerous and not cool so sorry yeah<00:08:36.479> I<00:08:36.719> think<00:08:36.959> your<00:08:37.800> point<00:08:38.099> of<00:08:38.520> these<00:08:39.240> minting 00:08:39.649 --> 00:08:39.659 align:start position:0% yeah I think your point of these minting 00:08:39.659 --> 00:08:42.170 align:start position:0% yeah I think your point of these minting Bridges<00:08:40.200> having<00:08:40.620> more<00:08:41.159> value<00:08:41.459> locked<00:08:41.880> up<00:08:41.940> in 00:08:42.170 --> 00:08:42.180 align:start position:0% Bridges having more value locked up in 00:08:42.180 --> 00:08:43.909 align:start position:0% Bridges having more value locked up in them<00:08:42.300> uh<00:08:42.959> I<00:08:43.140> like<00:08:43.200> to<00:08:43.380> think<00:08:43.500> of<00:08:43.620> it<00:08:43.800> as 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you<00:08:54.240> only<00:08:54.300> need<00:08:54.540> what's<00:08:54.779> going<00:08:55.019> to<00:08:55.140> be<00:08:55.320> in 00:08:55.550 --> 00:08:55.560 align:start position:0% time you only need what's going to be in 00:08:55.560 --> 00:08:57.050 align:start position:0% time you only need what's going to be in flight<00:08:55.800> and<00:08:56.160> so<00:08:56.339> I<00:08:56.459> think<00:08:56.519> it's<00:08:56.640> actually<00:08:56.820> like 00:08:57.050 --> 00:08:57.060 align:start position:0% flight and so I think it's actually like 00:08:57.060 --> 00:08:59.509 align:start position:0% flight and so I think it's actually like a<00:08:57.240> much<00:08:57.360> more<00:08:57.480> elegant<00:08:57.959> solution<00:08:58.320> uh<00:08:59.160> to<00:08:59.339> to 00:08:59.509 --> 00:08:59.519 align:start position:0% a much more elegant solution uh to to 00:08:59.519 --> 00:09:00.949 align:start position:0% a much more elegant solution uh to to the<00:08:59.760> problem<00:08:59.880> because<00:09:00.180> you<00:09:00.300> don't<00:09:00.540> have<00:09:00.720> this 00:09:00.949 --> 00:09:00.959 align:start position:0% the problem because you don't have this 00:09:00.959 --> 00:09:02.570 align:start position:0% the problem because you don't have this huge<00:09:01.200> honey<00:09:01.320> pot<00:09:01.620> sitting<00:09:02.100> there<00:09:02.220> that's<00:09:02.399> like 00:09:02.570 --> 00:09:02.580 align:start position:0% huge honey pot sitting there that's like 00:09:02.580 --> 00:09:04.490 align:start position:0% huge honey pot sitting there that's like waiting<00:09:02.880> to<00:09:02.940> be<00:09:03.060> attacked<00:09:03.480> and<00:09:03.720> even<00:09:04.080> if<00:09:04.260> it<00:09:04.380> is 00:09:04.490 --> 00:09:04.500 align:start position:0% waiting to be attacked and even if it is 00:09:04.500 --> 00:09:06.530 align:start position:0% waiting to be attacked and even if it is attacked<00:09:04.800> in<00:09:04.920> liquidity<00:09:05.339> Bridge<00:09:05.640> that's<00:09:06.240> bad 00:09:06.530 --> 00:09:06.540 align:start position:0% attacked in liquidity Bridge that's bad 00:09:06.540 --> 00:09:08.090 align:start position:0% attacked in liquidity Bridge that's bad but<00:09:06.839> it's<00:09:07.019> not<00:09:07.140> as<00:09:07.320> bad<00:09:07.560> because<00:09:07.740> you<00:09:07.920> just 00:09:08.090 --> 00:09:08.100 align:start position:0% but it's not as bad because you just 00:09:08.100 --> 00:09:09.769 align:start position:0% but it's not as bad because you just have<00:09:08.279> the<00:09:08.459> instantaneous<00:09:09.060> liquidity<00:09:09.540> you 00:09:09.769 --> 00:09:09.779 align:start position:0% have the instantaneous liquidity you 00:09:09.779 --> 00:09:13.730 align:start position:0% have the instantaneous liquidity you need<00:09:10.440> cool<00:09:11.040> okay<00:09:11.700> so<00:09:12.300> I<00:09:13.140> don't<00:09:13.200> have<00:09:13.380> I<00:09:13.620> don't 00:09:13.730 --> 00:09:13.740 align:start position:0% need cool okay so I don't have I don't 00:09:13.740 --> 00:09:14.810 align:start position:0% need cool okay so I don't have I don't think<00:09:13.860> I<00:09:13.980> have<00:09:14.100> any<00:09:14.220> additional<00:09:14.700> questions 00:09:14.810 --> 00:09:14.820 align:start position:0% think I have any additional questions 00:09:14.820 --> 00:09:16.670 align:start position:0% think I have any additional questions about<00:09:15.120> the<00:09:15.360> specifics<00:09:15.720> of<00:09:15.839> liquidity<00:09:16.260> Bridges 00:09:16.670 --> 00:09:16.680 align:start position:0% about the specifics of liquidity Bridges 00:09:16.680 --> 00:09:18.530 align:start position:0% about the specifics of liquidity Bridges I<00:09:17.100> will<00:09:17.220> have<00:09:17.339> additional<00:09:17.640> questions<00:09:17.880> which 00:09:18.530 --> 00:09:18.540 align:start position:0% I will have additional questions which 00:09:18.540 --> 00:09:20.810 align:start position:0% I will have additional questions which we'll<00:09:18.839> start<00:09:19.140> right<00:09:19.380> now<00:09:19.560> about 00:09:20.810 --> 00:09:20.820 align:start position:0% we'll start right now about 00:09:20.820 --> 00:09:22.910 align:start position:0% we'll start right now about um what<00:09:21.300> is<00:09:21.540> your<00:09:21.899> liquidity<00:09:22.380> Bridge<00:09:22.560> like 00:09:22.910 --> 00:09:22.920 align:start position:0% um what is your liquidity Bridge like 00:09:22.920 --> 00:09:24.110 align:start position:0% um what is your liquidity Bridge like how<00:09:23.100> do<00:09:23.220> you<00:09:23.279> describe<00:09:23.580> it<00:09:23.640> what<00:09:23.880> is<00:09:24.000> the 00:09:24.110 --> 00:09:24.120 align:start position:0% how do you describe it what is the 00:09:24.120 --> 00:09:25.970 align:start position:0% how do you describe it what is the architecture<00:09:24.540> how<00:09:25.200> does<00:09:25.320> one<00:09:25.440> construct<00:09:25.800> it 00:09:25.970 --> 00:09:25.980 align:start position:0% architecture how does one construct it 00:09:25.980 --> 00:09:28.730 align:start position:0% architecture how does one construct it like<00:09:26.279> what<00:09:26.459> is<00:09:26.640> this<00:09:26.760> thing<00:09:27.000> sure<00:09:27.660> so<00:09:28.080> with<00:09:28.320> hop 00:09:28.730 --> 00:09:28.740 align:start position:0% like what is this thing sure so with hop 00:09:28.740 --> 00:09:31.009 align:start position:0% like what is this thing sure so with hop we<00:09:29.160> we've<00:09:29.580> kind<00:09:29.700> of<00:09:29.820> come<00:09:30.000> up<00:09:30.120> with<00:09:30.480> this<00:09:30.779> like 00:09:31.009 --> 00:09:31.019 align:start position:0% we we've kind of come up with this like 00:09:31.019 --> 00:09:33.290 align:start position:0% we we've kind of come up with this like Hub<00:09:31.200> and<00:09:31.380> spoke<00:09:31.620> model<00:09:31.920> where<00:09:32.339> uh<00:09:32.880> we<00:09:33.180> use 00:09:33.290 --> 00:09:33.300 align:start position:0% Hub and spoke model where uh we use 00:09:33.300 --> 00:09:36.170 align:start position:0% Hub and spoke model where uh we use ethereum<00:09:33.899> to<00:09:34.320> pass<00:09:34.620> messages<00:09:34.980> between 00:09:36.170 --> 00:09:36.180 align:start position:0% ethereum to pass messages between 00:09:36.180 --> 00:09:38.030 align:start position:0% ethereum to pass messages between um different<00:09:36.420> networks<00:09:36.839> so<00:09:37.080> these<00:09:37.620> are<00:09:37.680> layer 00:09:38.030 --> 00:09:38.040 align:start position:0% um different networks so these are layer 00:09:38.040 --> 00:09:40.670 align:start position:0% um different networks so these are layer twos<00:09:38.339> or<00:09:39.240> side<00:09:39.480> chains<00:09:39.839> like<00:09:39.959> polygon<00:09:40.440> or 00:09:40.670 --> 00:09:40.680 align:start position:0% twos or side chains like polygon or 00:09:40.680 --> 00:09:43.130 align:start position:0% twos or side chains like polygon or gnosis<00:09:41.160> chain<00:09:41.399> and<00:09:41.940> so<00:09:42.060> we<00:09:42.240> leverage<00:09:42.600> each<00:09:43.019> of 00:09:43.130 --> 00:09:43.140 align:start position:0% gnosis chain and so we leverage each of 00:09:43.140 --> 00:09:44.990 align:start position:0% gnosis chain and so we leverage each of the<00:09:43.440> Native<00:09:43.740> message<00:09:44.040> Bridges<00:09:44.519> so<00:09:44.640> each<00:09:44.880> of 00:09:44.990 --> 00:09:45.000 align:start position:0% the Native message Bridges so each of 00:09:45.000 --> 00:09:47.090 align:start position:0% the Native message Bridges so each of these<00:09:45.240> kind<00:09:45.480> of<00:09:45.540> Layer<00:09:45.839> Two<00:09:45.959> networks<00:09:46.500> or<00:09:46.680> side 00:09:47.090 --> 00:09:47.100 align:start position:0% these kind of Layer Two networks or side 00:09:47.100 --> 00:09:48.829 align:start position:0% these kind of Layer Two networks or side chains<00:09:47.519> has<00:09:47.640> a<00:09:47.820> message<00:09:47.940> Bridge<00:09:48.240> with 00:09:48.829 --> 00:09:48.839 align:start position:0% chains has a message Bridge with 00:09:48.839 --> 00:09:51.410 align:start position:0% chains has a message Bridge with ethereum<00:09:49.320> where<00:09:49.620> we<00:09:49.800> can<00:09:49.920> send<00:09:50.100> messages<00:09:50.420> and 00:09:51.410 --> 00:09:51.420 align:start position:0% ethereum where we can send messages and 00:09:51.420 --> 00:09:53.210 align:start position:0% ethereum where we can send messages and what<00:09:51.600> we<00:09:51.720> do<00:09:51.899> is<00:09:52.019> we<00:09:52.200> actually<00:09:52.380> bundle<00:09:52.980> many 00:09:53.210 --> 00:09:53.220 align:start position:0% what we do is we actually bundle many 00:09:53.220 --> 00:09:55.490 align:start position:0% what we do is we actually bundle many messages<00:09:53.459> at<00:09:53.940> the<00:09:54.060> source<00:09:54.360> chain<00:09:54.480> and<00:09:55.320> then 00:09:55.490 --> 00:09:55.500 align:start position:0% messages at the source chain and then 00:09:55.500 --> 00:09:57.230 align:start position:0% messages at the source chain and then we'll<00:09:55.680> miraculize<00:09:56.220> those<00:09:56.339> on<00:09:56.580> chain<00:09:56.820> after 00:09:57.230 --> 00:09:57.240 align:start position:0% we'll miraculize those on chain after 00:09:57.240 --> 00:09:59.509 align:start position:0% we'll miraculize those on chain after you<00:09:57.660> know<00:09:57.720> many<00:09:57.959> messages<00:09:58.200> have<00:09:58.620> been<00:09:58.800> sent<00:09:59.040> we 00:09:59.509 --> 00:09:59.519 align:start position:0% you know many messages have been sent we 00:09:59.519 --> 00:10:01.610 align:start position:0% you know many messages have been sent we can<00:09:59.640> propagate<00:10:00.120> this<00:10:00.420> message<00:10:00.660> or<00:10:01.260> this 00:10:01.610 --> 00:10:01.620 align:start position:0% can propagate this message or this 00:10:01.620 --> 00:10:03.889 align:start position:0% can propagate this message or this Merkle<00:10:02.040> root<00:10:02.339> through<00:10:02.580> layer<00:10:02.940> 1<00:10:03.060> ethereum<00:10:03.600> to 00:10:03.889 --> 00:10:03.899 align:start position:0% Merkle root through layer 1 ethereum to 00:10:03.899 --> 00:10:06.170 align:start position:0% Merkle root through layer 1 ethereum to the<00:10:04.080> destination<00:10:04.560> and<00:10:05.279> this<00:10:05.399> is<00:10:05.519> how<00:10:05.760> we<00:10:06.000> can 00:10:06.170 --> 00:10:06.180 align:start position:0% the destination and this is how we can 00:10:06.180 --> 00:10:09.590 align:start position:0% the destination and this is how we can do<00:10:06.959> scalable<00:10:07.500> but<00:10:07.800> but<00:10:07.980> very<00:10:08.339> slow<00:10:08.580> messaging 00:10:09.590 --> 00:10:09.600 align:start position:0% do scalable but but very slow messaging 00:10:09.600 --> 00:10:11.810 align:start position:0% do scalable but but very slow messaging and<00:10:10.140> then<00:10:10.260> we<00:10:10.560> add<00:10:10.680> a<00:10:10.860> liquidity<00:10:11.220> layer<00:10:11.519> on<00:10:11.640> top 00:10:11.810 --> 00:10:11.820 align:start position:0% and then we add a liquidity layer on top 00:10:11.820 --> 00:10:13.790 align:start position:0% and then we add a liquidity layer on top of<00:10:11.940> that<00:10:12.060> where<00:10:12.600> we<00:10:12.959> have<00:10:13.080> liquidity 00:10:13.790 --> 00:10:13.800 align:start position:0% of that where we have liquidity 00:10:13.800 --> 00:10:15.650 align:start position:0% of that where we have liquidity providers<00:10:14.220> that<00:10:14.519> you<00:10:14.700> know<00:10:14.760> kind<00:10:14.940> of<00:10:15.060> front<00:10:15.300> uh 00:10:15.650 --> 00:10:15.660 align:start position:0% providers that you know kind of front uh 00:10:15.660 --> 00:10:17.509 align:start position:0% providers that you know kind of front uh liquidity<00:10:16.140> when<00:10:16.440> a<00:10:16.620> user<00:10:16.920> makes<00:10:17.160> a<00:10:17.339> bridge 00:10:17.509 --> 00:10:17.519 align:start position:0% liquidity when a user makes a bridge 00:10:17.519 --> 00:10:21.110 align:start position:0% liquidity when a user makes a bridge transfer<00:10:18.000> and<00:10:18.660> then<00:10:18.899> as<00:10:19.680> those<00:10:20.339> uh<00:10:20.700> transfers 00:10:21.110 --> 00:10:21.120 align:start position:0% transfer and then as those uh transfers 00:10:21.120 --> 00:10:23.630 align:start position:0% transfer and then as those uh transfers happen<00:10:21.360> many<00:10:22.080> of<00:10:22.260> them<00:10:22.380> get<00:10:22.620> bundled<00:10:23.040> up<00:10:23.220> the 00:10:23.630 --> 00:10:23.640 align:start position:0% happen many of them get bundled up the 00:10:23.640 --> 00:10:25.670 align:start position:0% happen many of them get bundled up the Mercury<00:10:24.000> gets<00:10:24.480> to<00:10:24.540> the<00:10:24.660> destination<00:10:25.080> and<00:10:25.560> then 00:10:25.670 --> 00:10:25.680 align:start position:0% Mercury gets to the destination and then 00:10:25.680 --> 00:10:27.829 align:start position:0% Mercury gets to the destination and then everything<00:10:25.980> is<00:10:26.399> settled<00:10:26.820> and<00:10:27.360> so<00:10:27.480> that's<00:10:27.600> how 00:10:27.829 --> 00:10:27.839 align:start position:0% everything is settled and so that's how 00:10:27.839 --> 00:10:29.630 align:start position:0% everything is settled and so that's how we're<00:10:28.019> able<00:10:28.320> to<00:10:28.620> bridge<00:10:28.920> across<00:10:29.459> different 00:10:29.630 --> 00:10:29.640 align:start position:0% we're able to bridge across different 00:10:29.640 --> 00:10:32.509 align:start position:0% we're able to bridge across different layer<00:10:30.060> twos<00:10:30.360> in<00:10:31.200> a<00:10:31.320> way<00:10:31.560> that<00:10:31.860> that<00:10:32.040> you<00:10:32.459> know 00:10:32.509 --> 00:10:32.519 align:start position:0% layer twos in a way that that you know 00:10:32.519 --> 00:10:34.250 align:start position:0% layer twos in a way that that you know does<00:10:32.760> have<00:10:33.000> the<00:10:33.240> full<00:10:33.360> security<00:10:33.600> of<00:10:33.899> ethereum 00:10:34.250 --> 00:10:34.260 align:start position:0% does have the full security of ethereum 00:10:34.260 --> 00:10:36.250 align:start position:0% does have the full security of ethereum if<00:10:34.500> you're<00:10:34.560> using<00:10:34.800> optimism<00:10:35.220> and<00:10:35.399> arbitrum 00:10:36.250 --> 00:10:36.260 align:start position:0% if you're using optimism and arbitrum 00:10:36.260 --> 00:10:39.050 align:start position:0% if you're using optimism and arbitrum and<00:10:37.260> then<00:10:37.380> we're<00:10:37.860> able<00:10:38.160> to<00:10:38.279> actually<00:10:38.700> put 00:10:39.050 --> 00:10:39.060 align:start position:0% and then we're able to actually put 00:10:39.060 --> 00:10:40.790 align:start position:0% and then we're able to actually put these<00:10:39.300> stock<00:10:39.480> gaps<00:10:39.899> between<00:10:40.200> each<00:10:40.560> Network 00:10:40.790 --> 00:10:40.800 align:start position:0% these stock gaps between each Network 00:10:40.800 --> 00:10:42.710 align:start position:0% these stock gaps between each Network because<00:10:41.279> we<00:10:41.580> have<00:10:41.700> this<00:10:41.880> Hub<00:10:42.060> ethereum 00:10:42.710 --> 00:10:42.720 align:start position:0% because we have this Hub ethereum 00:10:42.720 --> 00:10:45.829 align:start position:0% because we have this Hub ethereum contract<00:10:43.200> and<00:10:44.040> this<00:10:44.279> lets<00:10:44.700> us<00:10:44.760> support<00:10:45.360> kind 00:10:45.829 --> 00:10:45.839 align:start position:0% contract and this lets us support kind 00:10:45.839 --> 00:10:48.110 align:start position:0% contract and this lets us support kind of<00:10:45.959> you<00:10:46.500> know<00:10:46.620> side<00:10:47.040> chains<00:10:47.519> that<00:10:47.640> don't<00:10:47.880> have 00:10:48.110 --> 00:10:48.120 align:start position:0% of you know side chains that don't have 00:10:48.120 --> 00:10:50.210 align:start position:0% of you know side chains that don't have the<00:10:48.360> full<00:10:48.480> security<00:10:48.779> of<00:10:49.079> ethereum<00:10:49.560> without 00:10:50.210 --> 00:10:50.220 align:start position:0% the full security of ethereum without 00:10:50.220 --> 00:10:53.150 align:start position:0% the full security of ethereum without exposing<00:10:51.120> uh<00:10:51.899> users<00:10:52.260> to<00:10:52.500> the<00:10:52.680> risk<00:10:52.860> of<00:10:53.040> those 00:10:53.150 --> 00:10:53.160 align:start position:0% exposing uh users to the risk of those 00:10:53.160 --> 00:10:56.030 align:start position:0% exposing uh users to the risk of those side<00:10:53.339> chains<00:10:53.760> if<00:10:54.000> they're<00:10:54.240> on<00:10:54.540> a<00:10:55.200> you<00:10:55.800> know<00:10:55.860> a 00:10:56.030 --> 00:10:56.040 align:start position:0% side chains if they're on a you know a 00:10:56.040 --> 00:10:57.110 align:start position:0% side chains if they're on a you know a true<00:10:56.160> roll-up 00:10:57.110 --> 00:10:57.120 align:start position:0% true roll-up 00:10:57.120 --> 00:10:59.329 align:start position:0% true roll-up so<00:10:57.540> essentially<00:10:57.959> but<00:10:58.200> hop<00:10:58.500> only<00:10:58.860> allows<00:10:59.220> you 00:10:59.329 --> 00:10:59.339 align:start position:0% so essentially but hop only allows you 00:10:59.339 --> 00:11:01.550 align:start position:0% so essentially but hop only allows you to<00:10:59.519> do<00:10:59.640> layer<00:11:00.180> two<00:11:00.300> two<00:11:00.540> layer<00:11:00.899> two<00:11:01.019> transfers 00:11:01.550 --> 00:11:01.560 align:start position:0% to do layer two two layer two transfers 00:11:01.560 --> 00:11:04.009 align:start position:0% to do layer two two layer two transfers or<00:11:01.920> like<00:11:02.220> anything<00:11:02.760> with<00:11:03.180> where<00:11:03.420> you<00:11:03.600> have<00:11:03.779> a 00:11:04.009 --> 00:11:04.019 align:start position:0% or like anything with where you have a 00:11:04.019 --> 00:11:06.110 align:start position:0% or like anything with where you have a you<00:11:04.380> know<00:11:04.500> one<00:11:04.980> kind<00:11:05.399> of 00:11:06.110 --> 00:11:06.120 align:start position:0% you know one kind of 00:11:06.120 --> 00:11:08.030 align:start position:0% you know one kind of consensus<00:11:06.779> layer<00:11:07.079> a<00:11:07.200> truth<00:11:07.440> layer<00:11:07.740> so<00:11:07.860> to 00:11:08.030 --> 00:11:08.040 align:start position:0% consensus layer a truth layer so to 00:11:08.040 --> 00:11:10.490 align:start position:0% consensus layer a truth layer so to speak<00:11:08.160> that's<00:11:08.459> kind<00:11:08.640> of<00:11:08.760> below<00:11:09.120> it<00:11:09.240> so<00:11:09.899> hop<00:11:10.200> can 00:11:10.490 --> 00:11:10.500 align:start position:0% speak that's kind of below it so hop can 00:11:10.500 --> 00:11:12.350 align:start position:0% speak that's kind of below it so hop can support<00:11:10.680> any<00:11:10.920> Network<00:11:11.160> that<00:11:11.519> has<00:11:11.760> a<00:11:12.120> message 00:11:12.350 --> 00:11:12.360 align:start position:0% support any Network that has a message 00:11:12.360 --> 00:11:15.170 align:start position:0% support any Network that has a message Bridge<00:11:12.660> with<00:11:12.899> ethereum<00:11:13.380> okay<00:11:13.620> yeah 00:11:15.170 --> 00:11:15.180 align:start position:0% Bridge with ethereum okay yeah 00:11:15.180 --> 00:11:15.710 align:start position:0% Bridge with ethereum okay yeah okay 00:11:15.710 --> 00:11:15.720 align:start position:0% okay 00:11:15.720 --> 00:11:18.889 align:start position:0% okay um<00:11:16.140> heart<00:11:16.500> tell<00:11:17.279> us<00:11:17.399> about<00:11:17.579> so<00:11:18.300> yeah<00:11:18.420> there's 00:11:18.889 --> 00:11:18.899 align:start position:0% um heart tell us about so yeah there's 00:11:18.899 --> 00:11:21.470 align:start position:0% um heart tell us about so yeah there's there's<00:11:19.380> a<00:11:19.800> lot<00:11:19.980> of<00:11:20.220> similarities<00:11:20.940> and<00:11:21.360> then 00:11:21.470 --> 00:11:21.480 align:start position:0% there's a lot of similarities and then 00:11:21.480 --> 00:11:23.930 align:start position:0% there's a lot of similarities and then some<00:11:21.720> important<00:11:22.079> differences<00:11:22.500> so<00:11:22.980> across 00:11:23.930 --> 00:11:23.940 align:start position:0% some important differences so across 00:11:23.940 --> 00:11:27.230 align:start position:0% some important differences so across actually<00:11:24.660> only<00:11:25.079> supports<00:11:25.860> uh<00:11:26.459> chains<00:11:27.000> that 00:11:27.230 --> 00:11:27.240 align:start position:0% actually only supports uh chains that 00:11:27.240 --> 00:11:30.710 align:start position:0% actually only supports uh chains that have<00:11:27.540> a<00:11:28.019> native<00:11:28.740> asset<00:11:29.279> Bridge<00:11:29.459> with<00:11:29.820> ethereum 00:11:30.710 --> 00:11:30.720 align:start position:0% have a native asset Bridge with ethereum 00:11:30.720 --> 00:11:33.889 align:start position:0% have a native asset Bridge with ethereum so<00:11:31.560> what<00:11:32.339> a<00:11:32.820> cross<00:11:33.000> does<00:11:33.240> is<00:11:33.420> we<00:11:33.600> actually<00:11:33.720> only 00:11:33.889 --> 00:11:33.899 align:start position:0% so what a cross does is we actually only 00:11:33.899 --> 00:11:35.449 align:start position:0% so what a cross does is we actually only have<00:11:34.200> a<00:11:34.440> single<00:11:34.680> liquidity<00:11:35.040> pool<00:11:35.160> of<00:11:35.339> the 00:11:35.449 --> 00:11:35.459 align:start position:0% have a single liquidity pool of the 00:11:35.459 --> 00:11:36.829 align:start position:0% have a single liquidity pool of the protocol<00:11:35.640> the<00:11:36.180> way<00:11:36.300> to<00:11:36.420> think<00:11:36.540> about<00:11:36.660> it<00:11:36.779> is 00:11:36.829 --> 00:11:36.839 align:start position:0% protocol the way to think about it is 00:11:36.839 --> 00:11:37.790 align:start position:0% protocol the way to think about it is the<00:11:37.019> protocol<00:11:37.200> is<00:11:37.320> effectively<00:11:37.680> the 00:11:37.790 --> 00:11:37.800 align:start position:0% the protocol is effectively the 00:11:37.800 --> 00:11:38.930 align:start position:0% the protocol is effectively the settlement<00:11:38.100> layer<00:11:38.339> so<00:11:38.459> you<00:11:38.579> have<00:11:38.640> a<00:11:38.760> single 00:11:38.930 --> 00:11:38.940 align:start position:0% settlement layer so you have a single 00:11:38.940 --> 00:11:40.190 align:start position:0% settlement layer so you have a single liquidity<00:11:39.240> pool 00:11:40.190 --> 00:11:40.200 align:start position:0% liquidity pool 00:11:40.200 --> 00:11:43.610 align:start position:0% liquidity pool and<00:11:40.800> the<00:11:41.160> protocol<00:11:41.519> will<00:11:42.240> send<00:11:42.839> assets<00:11:43.380> from 00:11:43.610 --> 00:11:43.620 align:start position:0% and the protocol will send assets from 00:11:43.620 --> 00:11:47.090 align:start position:0% and the protocol will send assets from that<00:11:43.740> liquidity<00:11:44.160> pool<00:11:44.339> to<00:11:44.940> various<00:11:45.320> spoke<00:11:46.320> uh 00:11:47.090 --> 00:11:47.100 align:start position:0% that liquidity pool to various spoke uh 00:11:47.100 --> 00:11:49.069 align:start position:0% that liquidity pool to various spoke uh destinations 00:11:49.069 --> 00:11:49.079 align:start position:0% destinations 00:11:49.079 --> 00:11:50.930 align:start position:0% destinations um that<00:11:49.560> can<00:11:49.680> be<00:11:49.800> slow<00:11:49.980> that<00:11:50.399> can<00:11:50.519> be<00:11:50.640> painful 00:11:50.930 --> 00:11:50.940 align:start position:0% um that can be slow that can be painful 00:11:50.940 --> 00:11:53.329 align:start position:0% um that can be slow that can be painful that<00:11:51.300> can<00:11:51.420> actually<00:11:51.540> be<00:11:51.660> quite<00:11:51.839> costly<00:11:52.800> so 00:11:53.329 --> 00:11:53.339 align:start position:0% that can actually be quite costly so 00:11:53.339 --> 00:11:55.329 align:start position:0% that can actually be quite costly so what<00:11:53.579> across<00:11:54.000> does<00:11:54.120> is<00:11:54.360> we<00:11:54.540> have<00:11:54.660> a<00:11:54.899> a 00:11:55.329 --> 00:11:55.339 align:start position:0% what across does is we have a a 00:11:55.339 --> 00:11:58.310 align:start position:0% what across does is we have a a third-party<00:11:56.339> actor<00:11:56.640> we<00:11:56.880> call<00:11:57.000> a<00:11:57.180> relayer<00:11:57.720> and 00:11:58.310 --> 00:11:58.320 align:start position:0% third-party actor we call a relayer and 00:11:58.320 --> 00:12:01.670 align:start position:0% third-party actor we call a relayer and so<00:11:58.500> if<00:11:58.980> Uma<00:11:59.519> wants<00:11:59.820> to<00:11:59.880> move<00:12:00.120> assets<00:12:00.600> from<00:12:01.140> one 00:12:01.670 --> 00:12:01.680 align:start position:0% so if Uma wants to move assets from one 00:12:01.680 --> 00:12:03.530 align:start position:0% so if Uma wants to move assets from one chain<00:12:01.860> to<00:12:02.100> another<00:12:02.279> this<00:12:03.000> relay<00:12:03.240> will 00:12:03.530 --> 00:12:03.540 align:start position:0% chain to another this relay will 00:12:03.540 --> 00:12:05.569 align:start position:0% chain to another this relay will effectively<00:12:04.019> front<00:12:04.200> them<00:12:04.440> Capital<00:12:04.740> they'll 00:12:05.569 --> 00:12:05.579 align:start position:0% effectively front them Capital they'll 00:12:05.579 --> 00:12:08.150 align:start position:0% effectively front them Capital they'll they'll<00:12:05.940> front<00:12:06.060> they'll<00:12:06.480> send<00:12:06.959> the<00:12:07.140> assets<00:12:07.500> uh 00:12:08.150 --> 00:12:08.160 align:start position:0% they'll front they'll send the assets uh 00:12:08.160 --> 00:12:10.430 align:start position:0% they'll front they'll send the assets uh immediately<00:12:08.640> so<00:12:09.000> very<00:12:09.240> quickly<00:12:09.540> to<00:12:10.019> them<00:12:10.260> on 00:12:10.430 --> 00:12:10.440 align:start position:0% immediately so very quickly to them on 00:12:10.440 --> 00:12:12.110 align:start position:0% immediately so very quickly to them on the<00:12:10.560> destination<00:12:10.860> chain<00:12:11.160> and<00:12:11.760> then<00:12:11.880> it'll 00:12:12.110 --> 00:12:12.120 align:start position:0% the destination chain and then it'll 00:12:12.120 --> 00:12:15.050 align:start position:0% the destination chain and then it'll request<00:12:12.420> to<00:12:12.720> be<00:12:12.839> repaid<00:12:13.260> optimistically<00:12:14.220> from 00:12:15.050 --> 00:12:15.060 align:start position:0% request to be repaid optimistically from 00:12:15.060 --> 00:12:17.090 align:start position:0% request to be repaid optimistically from the<00:12:15.480> liquidity<00:12:16.019> Network<00:12:16.260> in<00:12:16.680> the<00:12:16.800> protocol 00:12:17.090 --> 00:12:17.100 align:start position:0% the liquidity Network in the protocol 00:12:17.100 --> 00:12:19.490 align:start position:0% the liquidity Network in the protocol and<00:12:17.940> so<00:12:18.180> the<00:12:18.300> advantages<00:12:18.660> of<00:12:18.899> this<00:12:19.019> is<00:12:19.260> we 00:12:19.490 --> 00:12:19.500 align:start position:0% and so the advantages of this is we 00:12:19.500 --> 00:12:20.810 align:start position:0% and so the advantages of this is we since<00:12:19.800> the<00:12:20.040> protocol<00:12:20.279> is<00:12:20.519> kind<00:12:20.700> of 00:12:20.810 --> 00:12:20.820 align:start position:0% since the protocol is kind of 00:12:20.820 --> 00:12:23.030 align:start position:0% since the protocol is kind of continuously<00:12:21.300> rebalancing<00:12:22.079> its<00:12:22.680> liquidity 00:12:23.030 --> 00:12:23.040 align:start position:0% continuously rebalancing its liquidity 00:12:23.040 --> 00:12:25.310 align:start position:0% continuously rebalancing its liquidity between<00:12:23.399> its<00:12:23.700> hubs<00:12:23.940> and<00:12:24.060> spokes<00:12:24.360> we<00:12:25.079> like<00:12:25.200> to 00:12:25.310 --> 00:12:25.320 align:start position:0% between its hubs and spokes we like to 00:12:25.320 --> 00:12:26.329 align:start position:0% between its hubs and spokes we like to think<00:12:25.500> of<00:12:25.560> this<00:12:25.740> as<00:12:25.860> a<00:12:26.040> very<00:12:26.160> Capital 00:12:26.329 --> 00:12:26.339 align:start position:0% think of this as a very Capital 00:12:26.339 --> 00:12:28.250 align:start position:0% think of this as a very Capital efficient<00:12:26.880> design<00:12:27.120> where<00:12:27.779> we're<00:12:27.959> trying<00:12:28.140> to 00:12:28.250 --> 00:12:28.260 align:start position:0% efficient design where we're trying to 00:12:28.260 --> 00:12:30.829 align:start position:0% efficient design where we're trying to use<00:12:28.380> as<00:12:28.680> little<00:12:28.920> Capital<00:12:29.160> as<00:12:29.579> possible<00:12:29.940> to<00:12:30.600> do 00:12:30.829 --> 00:12:30.839 align:start position:0% use as little Capital as possible to do 00:12:30.839 --> 00:12:34.130 align:start position:0% use as little Capital as possible to do as<00:12:31.440> much<00:12:31.560> volume<00:12:31.860> as<00:12:32.220> we<00:12:32.459> can<00:12:32.579> and<00:12:33.300> kanada 00:12:34.130 --> 00:12:34.140 align:start position:0% as much volume as we can and kanada 00:12:34.140 --> 00:12:36.769 align:start position:0% as much volume as we can and kanada uma's<00:12:34.440> earlier<00:12:34.740> point<00:12:34.980> the<00:12:35.880> sort<00:12:36.120> of<00:12:36.300> thesis 00:12:36.769 --> 00:12:36.779 align:start position:0% uma's earlier point the sort of thesis 00:12:36.779 --> 00:12:41.030 align:start position:0% uma's earlier point the sort of thesis here<00:12:37.019> is<00:12:37.980> less<00:12:38.820> tvl<00:12:39.420> better<00:12:39.899> per<00:12:40.560> unit<00:12:40.800> of 00:12:41.030 --> 00:12:41.040 align:start position:0% here is less tvl better per unit of 00:12:41.040 --> 00:12:42.949 align:start position:0% here is less tvl better per unit of volume<00:12:41.279> so<00:12:41.820> the<00:12:41.940> more<00:12:42.120> Capital<00:12:42.300> efficient<00:12:42.779> you 00:12:42.949 --> 00:12:42.959 align:start position:0% volume so the more Capital efficient you 00:12:42.959 --> 00:12:45.949 align:start position:0% volume so the more Capital efficient you can<00:12:43.079> have<00:12:43.200> not<00:12:43.800> only<00:12:43.920> are<00:12:44.100> like<00:12:44.339> fees<00:12:44.880> lower 00:12:45.949 --> 00:12:45.959 align:start position:0% can have not only are like fees lower 00:12:45.959 --> 00:12:47.990 align:start position:0% can have not only are like fees lower um<00:12:46.019> you<00:12:46.260> know<00:12:46.320> tvl<00:12:47.040> has<00:12:47.279> a<00:12:47.459> cost<00:12:47.639> of<00:12:47.820> capital 00:12:47.990 --> 00:12:48.000 align:start position:0% um you know tvl has a cost of capital 00:12:48.000 --> 00:12:49.790 align:start position:0% um you know tvl has a cost of capital cost<00:12:48.779> of<00:12:48.959> capital 00:12:49.790 --> 00:12:49.800 align:start position:0% cost of capital 00:12:49.800 --> 00:12:51.590 align:start position:0% cost of capital you<00:12:50.160> gotta<00:12:50.399> pay<00:12:50.519> for<00:12:50.700> so<00:12:51.120> if<00:12:51.300> you<00:12:51.420> have<00:12:51.480> less 00:12:51.590 --> 00:12:51.600 align:start position:0% you gotta pay for so if you have less 00:12:51.600 --> 00:12:53.569 align:start position:0% you gotta pay for so if you have less TVO<00:12:52.079> you<00:12:52.200> have<00:12:52.380> lower<00:12:52.500> fees 00:12:53.569 --> 00:12:53.579 align:start position:0% TVO you have lower fees 00:12:53.579 --> 00:12:55.490 align:start position:0% TVO you have lower fees um but<00:12:53.880> also<00:12:54.240> you<00:12:54.540> have<00:12:54.660> less<00:12:54.779> security<00:12:55.019> risk 00:12:55.490 --> 00:12:55.500 align:start position:0% um but also you have less security risk 00:12:55.500 --> 00:12:57.530 align:start position:0% um but also you have less security risk there's<00:12:55.680> just<00:12:55.800> less<00:12:55.980> of<00:12:56.100> a<00:12:56.160> Honeypot<00:12:57.000> so 00:12:57.530 --> 00:12:57.540 align:start position:0% there's just less of a Honeypot so 00:12:57.540 --> 00:13:00.170 align:start position:0% there's just less of a Honeypot so essentially<00:12:58.079> in<00:12:58.980> your<00:12:59.160> case<00:12:59.399> the<00:12:59.820> protocol 00:13:00.170 --> 00:13:00.180 align:start position:0% essentially in your case the protocol 00:13:00.180 --> 00:13:02.389 align:start position:0% essentially in your case the protocol and<00:13:00.779> the<00:13:01.019> relayers<00:13:01.440> themselves<00:13:01.740> kind<00:13:02.160> of<00:13:02.279> act 00:13:02.389 --> 00:13:02.399 align:start position:0% and the relayers themselves kind of act 00:13:02.399 --> 00:13:04.730 align:start position:0% and the relayers themselves kind of act as<00:13:02.579> like<00:13:02.820> market<00:13:03.060> makers<00:13:03.660> right<00:13:03.959> you<00:13:04.560> know 00:13:04.730 --> 00:13:04.740 align:start position:0% as like market makers right you know 00:13:04.740 --> 00:13:07.430 align:start position:0% as like market makers right you know they<00:13:04.860> are<00:13:05.160> taking<00:13:05.399> on<00:13:05.820> some<00:13:06.240> like<00:13:06.480> Risk<00:13:06.959> in 00:13:07.430 --> 00:13:07.440 align:start position:0% they are taking on some like Risk in 00:13:07.440 --> 00:13:09.530 align:start position:0% they are taking on some like Risk in like<00:13:07.800> kind<00:13:07.980> of<00:13:08.100> doing<00:13:08.220> this<00:13:08.459> optimistic<00:13:09.120> like 00:13:09.530 --> 00:13:09.540 align:start position:0% like kind of doing this optimistic like 00:13:09.540 --> 00:13:12.769 align:start position:0% like kind of doing this optimistic like fronting<00:13:10.279> there's<00:13:11.279> no<00:13:11.519> like<00:13:12.060> so<00:13:12.420> the<00:13:12.600> the 00:13:12.769 --> 00:13:12.779 align:start position:0% fronting there's no like so the the 00:13:12.779 --> 00:13:14.389 align:start position:0% fronting there's no like so the the relayers<00:13:13.320> are<00:13:13.440> effectively<00:13:13.860> making<00:13:14.040> like 00:13:14.389 --> 00:13:14.399 align:start position:0% relayers are effectively making like 00:13:14.399 --> 00:13:17.329 align:start position:0% relayers are effectively making like two-hour<00:13:14.820> loans<00:13:15.360> right<00:13:16.380> um<00:13:16.380> but<00:13:16.680> that<00:13:16.800> is<00:13:17.040> risk 00:13:17.329 --> 00:13:17.339 align:start position:0% two-hour loans right um but that is risk 00:13:17.339 --> 00:13:19.430 align:start position:0% two-hour loans right um but that is risk right<00:13:17.579> there's<00:13:18.000> risk<00:13:18.600> like<00:13:19.079> there's 00:13:19.430 --> 00:13:19.440 align:start position:0% right there's risk like there's 00:13:19.440 --> 00:13:21.050 align:start position:0% right there's risk like there's different<00:13:19.860> it's<00:13:20.220> not<00:13:20.459> really<00:13:20.639> like<00:13:20.820> Market 00:13:21.050 --> 00:13:21.060 align:start position:0% different it's not really like Market 00:13:21.060 --> 00:13:22.550 align:start position:0% different it's not really like Market risk<00:13:21.540> they<00:13:21.660> don't<00:13:21.779> have<00:13:21.899> risk<00:13:22.200> to<00:13:22.320> like<00:13:22.440> the 00:13:22.550 --> 00:13:22.560 align:start position:0% risk they don't have risk to like the 00:13:22.560 --> 00:13:24.050 align:start position:0% risk they don't have risk to like the price<00:13:22.680> of<00:13:22.860> ethereum<00:13:23.220> going<00:13:23.399> up<00:13:23.519> or<00:13:23.639> down<00:13:23.760> type 00:13:24.050 --> 00:13:24.060 align:start position:0% price of ethereum going up or down type 00:13:24.060 --> 00:13:25.190 align:start position:0% price of ethereum going up or down type thing 00:13:25.190 --> 00:13:25.200 align:start position:0% thing 00:13:25.200 --> 00:13:28.009 align:start position:0% thing um<00:13:25.320> uh<00:13:26.100> if<00:13:26.519> they're<00:13:26.760> sorry<00:13:27.060> I<00:13:27.360> should<00:13:27.540> be<00:13:27.720> clear 00:13:28.009 --> 00:13:28.019 align:start position:0% um uh if they're sorry I should be clear 00:13:28.019 --> 00:13:29.690 align:start position:0% um uh if they're sorry I should be clear if<00:13:28.260> you're<00:13:28.440> denominating<00:13:28.920> your<00:13:29.279> if<00:13:29.519> you're 00:13:29.690 --> 00:13:29.700 align:start position:0% if you're denominating your if you're 00:13:29.700 --> 00:13:30.949 align:start position:0% if you're denominating your if you're holding<00:13:30.000> that<00:13:30.120> ethereum<00:13:30.540> and<00:13:30.720> you're<00:13:30.779> not 00:13:30.949 --> 00:13:30.959 align:start position:0% holding that ethereum and you're not 00:13:30.959 --> 00:13:32.210 align:start position:0% holding that ethereum and you're not planning<00:13:31.200> on<00:13:31.320> selling<00:13:31.620> it<00:13:31.680> if<00:13:31.860> you<00:13:31.980> think<00:13:32.040> of 00:13:32.210 --> 00:13:32.220 align:start position:0% planning on selling it if you think of 00:13:32.220 --> 00:13:34.370 align:start position:0% planning on selling it if you think of it<00:13:32.339> as<00:13:32.459> like<00:13:32.639> stuff<00:13:33.000> you<00:13:33.240> own<00:13:33.420> you're<00:13:34.200> not 00:13:34.370 --> 00:13:34.380 align:start position:0% it as like stuff you own you're not 00:13:34.380 --> 00:13:36.829 align:start position:0% it as like stuff you own you're not taking<00:13:34.860> risk<00:13:35.339> you're<00:13:35.519> making<00:13:35.820> a<00:13:36.060> loan<00:13:36.360> in<00:13:36.720> this 00:13:36.829 --> 00:13:36.839 align:start position:0% taking risk you're making a loan in this 00:13:36.839 --> 00:13:39.410 align:start position:0% taking risk you're making a loan in this in<00:13:37.139> this<00:13:37.260> asset<00:13:37.620> sure<00:13:37.860> right<00:13:38.399> and<00:13:39.240> like 00:13:39.410 --> 00:13:39.420 align:start position:0% in this asset sure right and like 00:13:39.420 --> 00:13:41.930 align:start position:0% in this asset sure right and like roughly<00:13:39.959> speaking<00:13:40.320> but<00:13:40.980> it's<00:13:41.339> I<00:13:41.579> still<00:13:41.760> should 00:13:41.930 --> 00:13:41.940 align:start position:0% roughly speaking but it's I still should 00:13:41.940 --> 00:13:43.490 align:start position:0% roughly speaking but it's I still should be<00:13:42.120> compensated<00:13:42.600> right<00:13:42.839> like<00:13:42.959> in<00:13:43.200> some<00:13:43.320> sense 00:13:43.490 --> 00:13:43.500 align:start position:0% be compensated right like in some sense 00:13:43.500 --> 00:13:45.769 align:start position:0% be compensated right like in some sense it's<00:13:43.620> ethereum<00:13:44.339> that<00:13:44.459> I<00:13:44.579> don't<00:13:44.700> have<00:13:44.940> that<00:13:45.540> I 00:13:45.769 --> 00:13:45.779 align:start position:0% it's ethereum that I don't have that I 00:13:45.779 --> 00:13:47.329 align:start position:0% it's ethereum that I don't have that I could<00:13:45.839> just<00:13:46.079> like<00:13:46.320> sell<00:13:46.740> or<00:13:47.040> do<00:13:47.220> something 00:13:47.329 --> 00:13:47.339 align:start position:0% could just like sell or do something 00:13:47.339 --> 00:13:49.310 align:start position:0% could just like sell or do something with<00:13:47.639> how<00:13:48.180> am<00:13:48.300> I<00:13:48.420> being<00:13:48.540> compensated<00:13:49.019> for 00:13:49.310 --> 00:13:49.320 align:start position:0% with how am I being compensated for 00:13:49.320 --> 00:13:50.930 align:start position:0% with how am I being compensated for doing<00:13:49.500> that<00:13:49.680> yes<00:13:50.040> you<00:13:50.279> charge<00:13:50.459> a<00:13:50.579> small<00:13:50.700> fee 00:13:50.930 --> 00:13:50.940 align:start position:0% doing that yes you charge a small fee 00:13:50.940 --> 00:13:53.030 align:start position:0% doing that yes you charge a small fee okay<00:13:51.240> so<00:13:51.660> it's<00:13:51.899> basically<00:13:52.260> like<00:13:52.440> you<00:13:52.800> charge 00:13:53.030 --> 00:13:53.040 align:start position:0% okay so it's basically like you charge 00:13:53.040 --> 00:13:56.269 align:start position:0% okay so it's basically like you charge like<00:13:53.279> a<00:13:53.519> two-bit<00:13:54.000> fee<00:13:54.420> on<00:13:55.079> this<00:13:55.440> uh<00:13:55.620> this<00:13:55.980> loan 00:13:56.269 --> 00:13:56.279 align:start position:0% like a two-bit fee on this uh this loan 00:13:56.279 --> 00:13:58.910 align:start position:0% like a two-bit fee on this uh this loan two<00:13:56.639> bips<00:13:56.940> over<00:13:57.420> two<00:13:57.660> hours<00:13:57.839> annualizes<00:13:58.620> to<00:13:58.800> a 00:13:58.910 --> 00:13:58.920 align:start position:0% two bips over two hours annualizes to a 00:13:58.920 --> 00:14:00.610 align:start position:0% two bips over two hours annualizes to a very<00:13:59.040> healthy<00:13:59.279> return 00:14:00.610 --> 00:14:00.620 align:start position:0% very healthy return 00:14:00.620 --> 00:14:02.629 align:start position:0% very healthy return and<00:14:01.620> again<00:14:01.680> there's<00:14:01.980> ways<00:14:02.279> where<00:14:02.399> this<00:14:02.519> could 00:14:02.629 --> 00:14:02.639 align:start position:0% and again there's ways where this could 00:14:02.639 --> 00:14:03.650 align:start position:0% and again there's ways where this could be<00:14:02.760> a<00:14:02.880> more<00:14:03.000> competitive<00:14:03.300> it<00:14:03.480> could<00:14:03.600> be 00:14:03.650 --> 00:14:03.660 align:start position:0% be a more competitive it could be 00:14:03.660 --> 00:14:05.389 align:start position:0% be a more competitive it could be auctions<00:14:04.019> or<00:14:04.139> whatever<00:14:04.260> else<00:14:04.500> the<00:14:05.279> other 00:14:05.389 --> 00:14:05.399 align:start position:0% auctions or whatever else the other 00:14:05.399 --> 00:14:06.290 align:start position:0% auctions or whatever else the other thing<00:14:05.519> that's<00:14:05.639> kind<00:14:05.820> of<00:14:05.880> interesting<00:14:06.120> about 00:14:06.290 --> 00:14:06.300 align:start position:0% thing that's kind of interesting about 00:14:06.300 --> 00:14:09.230 align:start position:0% thing that's kind of interesting about our<00:14:06.540> relayer<00:14:06.959> design<00:14:07.139> is<00:14:07.800> the<00:14:08.040> relayers 00:14:09.230 --> 00:14:09.240 align:start position:0% our relayer design is the relayers 00:14:09.240 --> 00:14:10.910 align:start position:0% our relayer design is the relayers um they<00:14:09.779> get<00:14:09.899> to<00:14:10.079> choose<00:14:10.380> where<00:14:10.620> they<00:14:10.740> get 00:14:10.910 --> 00:14:10.920 align:start position:0% um they get to choose where they get 00:14:10.920 --> 00:14:14.509 align:start position:0% um they get to choose where they get paid<00:14:11.160> back<00:14:11.420> so<00:14:12.420> for<00:14:12.720> example<00:14:13.079> a<00:14:13.680> relayer<00:14:14.100> if 00:14:14.509 --> 00:14:14.519 align:start position:0% paid back so for example a relayer if 00:14:14.519 --> 00:14:15.949 align:start position:0% paid back so for example a relayer if Uma<00:14:14.700> was<00:14:14.880> moving<00:14:15.060> assets<00:14:15.360> from<00:14:15.600> arbitrary 00:14:15.949 --> 00:14:15.959 align:start position:0% Uma was moving assets from arbitrary 00:14:15.959 --> 00:14:17.810 align:start position:0% Uma was moving assets from arbitrary optimism<00:14:16.440> the<00:14:16.860> realer<00:14:17.220> could<00:14:17.399> ask<00:14:17.459> it<00:14:17.700> paid 00:14:17.810 --> 00:14:17.820 align:start position:0% optimism the realer could ask it paid 00:14:17.820 --> 00:14:20.210 align:start position:0% optimism the realer could ask it paid back<00:14:18.000> on<00:14:18.120> polygon<00:14:18.660> so<00:14:19.380> a<00:14:19.560> kind<00:14:19.740> of<00:14:19.800> interesting 00:14:20.210 --> 00:14:20.220 align:start position:0% back on polygon so a kind of interesting 00:14:20.220 --> 00:14:22.129 align:start position:0% back on polygon so a kind of interesting feature<00:14:20.579> of<00:14:20.639> the<00:14:20.760> design<00:14:21.000> is<00:14:21.420> if<00:14:21.600> the<00:14:21.720> relayer 00:14:22.129 --> 00:14:22.139 align:start position:0% feature of the design is if the relayer 00:14:22.139 --> 00:14:23.810 align:start position:0% feature of the design is if the relayer is<00:14:22.200> like<00:14:22.320> a<00:14:22.440> market<00:14:22.620> maker<00:14:23.100> or<00:14:23.459> kind<00:14:23.639> of<00:14:23.700> the 00:14:23.810 --> 00:14:23.820 align:start position:0% is like a market maker or kind of the 00:14:23.820 --> 00:14:25.750 align:start position:0% is like a market maker or kind of the person<00:14:24.060> that's<00:14:24.420> generally<00:14:24.899> doing 00:14:25.750 --> 00:14:25.760 align:start position:0% person that's generally doing 00:14:25.760 --> 00:14:27.829 align:start position:0% person that's generally doing arbitrage-like<00:14:26.760> things<00:14:27.000> they<00:14:27.720> could 00:14:27.829 --> 00:14:27.839 align:start position:0% arbitrage-like things they could 00:14:27.839 --> 00:14:29.629 align:start position:0% arbitrage-like things they could actually<00:14:28.019> get<00:14:28.320> paid<00:14:28.620> to<00:14:28.860> move<00:14:28.980> their<00:14:29.279> assets 00:14:29.629 --> 00:14:29.639 align:start position:0% actually get paid to move their assets 00:14:29.639 --> 00:14:31.370 align:start position:0% actually get paid to move their assets potentially<00:14:30.360> to<00:14:30.600> a<00:14:30.720> chain<00:14:30.839> where<00:14:31.079> they<00:14:31.200> wanted 00:14:31.370 --> 00:14:31.380 align:start position:0% potentially to a chain where they wanted 00:14:31.380 --> 00:14:32.990 align:start position:0% potentially to a chain where they wanted them<00:14:32.220> just<00:14:32.579> kind<00:14:32.760> of<00:14:32.820> interesting 00:14:32.990 --> 00:14:33.000 align:start position:0% them just kind of interesting 00:14:33.000 --> 00:14:35.269 align:start position:0% them just kind of interesting interesting<00:14:33.600> okay<00:14:33.959> okay<00:14:34.139> and<00:14:34.740> then<00:14:34.860> I<00:14:35.160> guess 00:14:35.269 --> 00:14:35.279 align:start position:0% interesting okay okay and then I guess 00:14:35.279 --> 00:14:37.069 align:start position:0% interesting okay okay and then I guess we<00:14:35.459> have<00:14:35.639> a<00:14:35.760> bit<00:14:35.880> of<00:14:36.000> a<00:14:36.120> less<00:14:36.240> economic<00:14:36.839> current 00:14:37.069 --> 00:14:37.079 align:start position:0% we have a bit of a less economic current 00:14:37.079 --> 00:14:40.310 align:start position:0% we have a bit of a less economic current Focus<00:14:38.100> Uma<00:14:38.399> but<00:14:38.639> a<00:14:39.120> very<00:14:39.300> interesting<00:14:39.779> you 00:14:40.310 --> 00:14:40.320 align:start position:0% Focus Uma but a very interesting you 00:14:40.320 --> 00:14:42.650 align:start position:0% Focus Uma but a very interesting you know<00:14:40.440> bridge<00:14:40.680> design<00:14:40.920> yeah<00:14:41.820> I<00:14:42.000> think<00:14:42.180> our 00:14:42.650 --> 00:14:42.660 align:start position:0% know bridge design yeah I think our 00:14:42.660 --> 00:14:43.490 align:start position:0% know bridge design yeah I think our Bridge 00:14:43.490 --> 00:14:43.500 align:start position:0% Bridge 00:14:43.500 --> 00:14:45.650 align:start position:0% Bridge um<00:14:43.560> or<00:14:43.800> what's<00:14:43.980> the<00:14:44.100> Sanctus<00:14:44.519> building<00:14:44.760> is<00:14:45.360> not 00:14:45.650 --> 00:14:45.660 align:start position:0% um or what's the Sanctus building is not 00:14:45.660 --> 00:14:47.449 align:start position:0% um or what's the Sanctus building is not a<00:14:45.899> liquidity<00:14:46.320> layer<00:14:46.620> it's<00:14:47.040> not<00:14:47.279> even 00:14:47.449 --> 00:14:47.459 align:start position:0% a liquidity layer it's not even 00:14:47.459 --> 00:14:49.310 align:start position:0% a liquidity layer it's not even necessarily<00:14:48.060> like<00:14:48.240> a<00:14:48.420> token<00:14:48.720> or<00:14:48.839> asset<00:14:49.139> bridge 00:14:49.310 --> 00:14:49.320 align:start position:0% necessarily like a token or asset bridge 00:14:49.320 --> 00:14:51.410 align:start position:0% necessarily like a token or asset bridge I<00:14:49.740> think<00:14:49.860> uh<00:14:50.459> we're<00:14:50.639> starting<00:14:50.760> off<00:14:51.000> by<00:14:51.180> really 00:14:51.410 --> 00:14:51.420 align:start position:0% I think uh we're starting off by really 00:14:51.420 --> 00:14:52.970 align:start position:0% I think uh we're starting off by really focusing<00:14:51.839> on<00:14:52.079> the<00:14:52.199> arbitrary<00:14:52.680> message 00:14:52.970 --> 00:14:52.980 align:start position:0% focusing on the arbitrary message 00:14:52.980 --> 00:14:55.069 align:start position:0% focusing on the arbitrary message passing<00:14:53.519> part<00:14:53.760> so<00:14:54.360> I<00:14:54.480> think<00:14:54.600> that's<00:14:54.720> like<00:14:54.899> a 00:14:55.069 --> 00:14:55.079 align:start position:0% passing part so I think that's like a 00:14:55.079 --> 00:14:57.470 align:start position:0% passing part so I think that's like a big<00:14:55.199> difference<00:14:55.519> uh<00:14:56.519> the<00:14:56.820> high<00:14:56.940> level<00:14:57.120> design 00:14:57.470 --> 00:14:57.480 align:start position:0% big difference uh the high level design 00:14:57.480 --> 00:15:00.350 align:start position:0% big difference uh the high level design is<00:14:57.899> basically<00:14:58.320> similar<00:14:58.920> to<00:14:59.100> IBC<00:14:59.579> how<00:14:59.940> you<00:15:00.120> have 00:15:00.350 --> 00:15:00.360 align:start position:0% is basically similar to IBC how you have 00:15:00.360 --> 00:15:02.629 align:start position:0% is basically similar to IBC how you have like<00:15:00.839> a<00:15:01.019> light<00:15:01.139> client<00:15:01.560> running<00:15:02.279> in<00:15:02.459> the 00:15:02.629 --> 00:15:02.639 align:start position:0% like a light client running in the 00:15:02.639 --> 00:15:05.150 align:start position:0% like a light client running in the execution<00:15:03.000> layer<00:15:03.360> of<00:15:03.480> a<00:15:03.839> Target<00:15:04.260> chain<00:15:04.620> for<00:15:05.040> a 00:15:05.150 --> 00:15:05.160 align:start position:0% execution layer of a Target chain for a 00:15:05.160 --> 00:15:06.650 align:start position:0% execution layer of a Target chain for a source<00:15:05.459> chain<00:15:05.639> once<00:15:06.180> you<00:15:06.300> have<00:15:06.360> that<00:15:06.540> light 00:15:06.650 --> 00:15:06.660 align:start position:0% source chain once you have that light 00:15:06.660 --> 00:15:08.569 align:start position:0% source chain once you have that light client<00:15:07.139> for<00:15:07.620> a<00:15:07.800> source<00:15:07.980> chain<00:15:08.100> running<00:15:08.279> in<00:15:08.459> the 00:15:08.569 --> 00:15:08.579 align:start position:0% client for a source chain running in the 00:15:08.579 --> 00:15:10.009 align:start position:0% client for a source chain running in the execution<00:15:08.820> layer<00:15:09.060> of<00:15:09.120> the<00:15:09.240> target<00:15:09.360> chain<00:15:09.600> then 00:15:10.009 --> 00:15:10.019 align:start position:0% execution layer of the target chain then 00:15:10.019 --> 00:15:11.930 align:start position:0% execution layer of the target chain then you<00:15:10.199> have<00:15:10.320> access<00:15:10.560> to<00:15:11.220> the<00:15:11.519> source<00:15:11.820> chain 00:15:11.930 --> 00:15:11.940 align:start position:0% you have access to the source chain 00:15:11.940 --> 00:15:14.090 align:start position:0% you have access to the source chain State<00:15:12.360> similar<00:15:12.899> to<00:15:13.019> how<00:15:13.260> you<00:15:13.500> guys<00:15:13.680> I<00:15:13.980> guess 00:15:14.090 --> 00:15:14.100 align:start position:0% State similar to how you guys I guess 00:15:14.100 --> 00:15:16.189 align:start position:0% State similar to how you guys I guess use<00:15:14.399> like<00:15:14.699> your<00:15:14.940> the<00:15:15.420> you<00:15:15.600> propagate<00:15:16.079> the 00:15:16.189 --> 00:15:16.199 align:start position:0% use like your the you propagate the 00:15:16.199 --> 00:15:18.050 align:start position:0% use like your the you propagate the Merkel<00:15:16.500> route<00:15:16.680> to<00:15:16.920> send<00:15:17.040> a<00:15:17.220> message 00:15:18.050 --> 00:15:18.060 align:start position:0% Merkel route to send a message 00:15:18.060 --> 00:15:20.389 align:start position:0% Merkel route to send a message here<00:15:18.540> if<00:15:18.779> you<00:15:18.899> have<00:15:19.019> like<00:15:19.139> ethereum's<00:15:19.740> state 00:15:20.389 --> 00:15:20.399 align:start position:0% here if you have like ethereum's state 00:15:20.399 --> 00:15:22.250 align:start position:0% here if you have like ethereum's state route<00:15:20.639> on<00:15:20.820> gnosis<00:15:21.240> chain<00:15:21.420> then<00:15:21.660> you<00:15:21.779> can<00:15:21.899> prove 00:15:22.250 --> 00:15:22.260 align:start position:0% route on gnosis chain then you can prove 00:15:22.260 --> 00:15:23.990 align:start position:0% route on gnosis chain then you can prove things<00:15:22.440> about<00:15:22.800> like<00:15:23.100> oh<00:15:23.339> stuff<00:15:23.579> happened<00:15:23.820> on 00:15:23.990 --> 00:15:24.000 align:start position:0% things about like oh stuff happened on 00:15:24.000 --> 00:15:25.790 align:start position:0% things about like oh stuff happened on ethereum<00:15:24.420> so<00:15:24.600> you<00:15:24.720> could<00:15:24.839> have<00:15:25.019> a<00:15:25.320> arbitrary 00:15:25.790 --> 00:15:25.800 align:start position:0% ethereum so you could have a arbitrary 00:15:25.800 --> 00:15:27.590 align:start position:0% ethereum so you could have a arbitrary message<00:15:26.040> Bridge<00:15:26.339> contract<00:15:26.760> on<00:15:26.940> ethereum<00:15:27.420> that 00:15:27.590 --> 00:15:27.600 align:start position:0% message Bridge contract on ethereum that 00:15:27.600 --> 00:15:30.530 align:start position:0% message Bridge contract on ethereum that users<00:15:27.959> send<00:15:28.260> contract<00:15:28.800> calls<00:15:29.160> to<00:15:29.279> and<00:15:30.060> then<00:15:30.240> a 00:15:30.530 --> 00:15:30.540 align:start position:0% users send contract calls to and then a 00:15:30.540 --> 00:15:33.410 align:start position:0% users send contract calls to and then a relayer<00:15:30.959> would<00:15:31.139> send<00:15:31.380> a<00:15:31.740> proof<00:15:32.040> uh<00:15:32.699> on<00:15:32.940> notices 00:15:33.410 --> 00:15:33.420 align:start position:0% relayer would send a proof uh on notices 00:15:33.420 --> 00:15:36.050 align:start position:0% relayer would send a proof uh on notices chain<00:15:33.720> for<00:15:34.019> example<00:15:34.260> that<00:15:35.160> like<00:15:35.399> oh<00:15:35.639> this 00:15:36.050 --> 00:15:36.060 align:start position:0% chain for example that like oh this 00:15:36.060 --> 00:15:38.569 align:start position:0% chain for example that like oh this message<00:15:36.300> was<00:15:36.660> sent<00:15:36.839> on<00:15:37.019> ethereum<00:15:37.500> and<00:15:38.040> now<00:15:38.279> you 00:15:38.569 --> 00:15:38.579 align:start position:0% message was sent on ethereum and now you 00:15:38.579 --> 00:15:40.490 align:start position:0% message was sent on ethereum and now you should<00:15:38.760> like<00:15:39.120> execute<00:15:39.779> this<00:15:40.019> corresponding 00:15:40.490 --> 00:15:40.500 align:start position:0% should like execute this corresponding 00:15:40.500 --> 00:15:43.069 align:start position:0% should like execute this corresponding message<00:15:40.740> on<00:15:41.279> gnosis<00:15:41.699> and<00:15:42.360> so<00:15:42.540> when<00:15:42.779> you<00:15:42.959> have 00:15:43.069 --> 00:15:43.079 align:start position:0% message on gnosis and so when you have 00:15:43.079 --> 00:15:44.870 align:start position:0% message on gnosis and so when you have arbitrary<00:15:43.500> message<00:15:43.800> passing<00:15:44.339> or<00:15:44.519> arbitrary 00:15:44.870 --> 00:15:44.880 align:start position:0% arbitrary message passing or arbitrary 00:15:44.880 --> 00:15:46.430 align:start position:0% arbitrary message passing or arbitrary data<00:15:45.240> passing<00:15:45.600> of<00:15:45.779> course<00:15:45.899> on<00:15:46.079> top<00:15:46.260> of<00:15:46.320> that 00:15:46.430 --> 00:15:46.440 align:start position:0% data passing of course on top of that 00:15:46.440 --> 00:15:47.870 align:start position:0% data passing of course on top of that you<00:15:46.620> can<00:15:46.740> build<00:15:46.860> a<00:15:47.100> token<00:15:47.399> Bridge<00:15:47.519> you<00:15:47.760> can 00:15:47.870 --> 00:15:47.880 align:start position:0% you can build a token Bridge you can 00:15:47.880 --> 00:15:49.310 align:start position:0% you can build a token Bridge you can build<00:15:48.060> a<00:15:48.360> liquidity<00:15:48.779> layer<00:15:49.019> you<00:15:49.139> can<00:15:49.199> build 00:15:49.310 --> 00:15:49.320 align:start position:0% build a liquidity layer you can build 00:15:49.320 --> 00:15:51.110 align:start position:0% build a liquidity layer you can build all<00:15:49.500> this<00:15:49.620> stuff<00:15:49.800> but<00:15:50.459> yeah<00:15:50.579> I<00:15:50.699> think<00:15:50.820> our<00:15:50.940> main 00:15:51.110 --> 00:15:51.120 align:start position:0% all this stuff but yeah I think our main 00:15:51.120 --> 00:15:53.030 align:start position:0% all this stuff but yeah I think our main focus<00:15:51.480> is<00:15:51.899> basically<00:15:52.139> on<00:15:52.380> making<00:15:52.560> this<00:15:52.860> like 00:15:53.030 --> 00:15:53.040 align:start position:0% focus is basically on making this like 00:15:53.040 --> 00:15:55.310 align:start position:0% focus is basically on making this like trust<00:15:53.459> minimized<00:15:54.320> cross-chain 00:15:55.310 --> 00:15:55.320 align:start position:0% trust minimized cross-chain 00:15:55.320 --> 00:15:56.930 align:start position:0% trust minimized cross-chain communication<00:15:55.860> layer 00:15:56.930 --> 00:15:56.940 align:start position:0% communication layer 00:15:56.940 --> 00:15:59.569 align:start position:0% communication layer to<00:15:57.480> start<00:15:57.660> on<00:15:58.380> the<00:15:58.500> topic<00:15:58.860> of<00:15:59.160> trust 00:15:59.569 --> 00:15:59.579 align:start position:0% to start on the topic of trust 00:15:59.579 --> 00:16:02.629 align:start position:0% to start on the topic of trust minimization<00:16:00.320> which<00:16:01.320> I<00:16:01.500> suspect<00:16:01.740> you<00:16:01.920> have<00:16:02.160> at 00:16:02.629 --> 00:16:02.639 align:start position:0% minimization which I suspect you have at 00:16:02.639 --> 00:16:04.550 align:start position:0% minimization which I suspect you have at least<00:16:02.760> some<00:16:02.940> opinions<00:16:03.360> of 00:16:04.550 --> 00:16:04.560 align:start position:0% least some opinions of 00:16:04.560 --> 00:16:06.710 align:start position:0% least some opinions of um<00:16:04.680> maybe<00:16:05.040> unclear 00:16:06.710 --> 00:16:06.720 align:start position:0% um maybe unclear 00:16:06.720 --> 00:16:09.590 align:start position:0% um maybe unclear um<00:16:06.779> so<00:16:07.399> first<00:16:08.399> things<00:16:08.519> first<00:16:08.760> how<00:16:09.180> does<00:16:09.300> trust 00:16:09.590 --> 00:16:09.600 align:start position:0% um so first things first how does trust 00:16:09.600 --> 00:16:11.750 align:start position:0% um so first things first how does trust affect<00:16:09.899> kind<00:16:10.139> of<00:16:10.199> the<00:16:10.380> safety<00:16:10.740> of<00:16:10.800> a<00:16:10.920> bridge<00:16:11.100> A 00:16:11.750 --> 00:16:11.760 align:start position:0% affect kind of the safety of a bridge A 00:16:11.760 --> 00:16:14.269 align:start position:0% affect kind of the safety of a bridge A and<00:16:12.060> B<00:16:12.300> uh<00:16:13.019> you<00:16:13.139> know<00:16:13.260> kind<00:16:13.380> of<00:16:13.500> the<00:16:13.620> maybe<00:16:13.860> like 00:16:14.269 --> 00:16:14.279 align:start position:0% and B uh you know kind of the maybe like 00:16:14.279 --> 00:16:17.269 align:start position:0% and B uh you know kind of the maybe like higher<00:16:14.699> maybe<00:16:15.180> mid-width<00:16:15.839> question<00:16:15.959> is<00:16:16.440> uh 00:16:17.269 --> 00:16:17.279 align:start position:0% higher maybe mid-width question is uh 00:16:17.279 --> 00:16:19.129 align:start position:0% higher maybe mid-width question is uh can<00:16:17.699> you<00:16:17.880> make<00:16:18.000> a<00:16:18.180> safe<00:16:18.300> Bridge<00:16:18.600> right<00:16:18.899> like 00:16:19.129 --> 00:16:19.139 align:start position:0% can you make a safe Bridge right like 00:16:19.139 --> 00:16:21.170 align:start position:0% can you make a safe Bridge right like can<00:16:19.320> you<00:16:19.560> like<00:16:19.860> let's<00:16:20.220> Bridges<00:16:20.639> seem<00:16:20.880> fairly 00:16:21.170 --> 00:16:21.180 align:start position:0% can you like let's Bridges seem fairly 00:16:21.180 --> 00:16:23.090 align:start position:0% can you like let's Bridges seem fairly complicated<00:16:21.720> in<00:16:21.959> some<00:16:22.079> way<00:16:22.199> or<00:16:22.320> another<00:16:22.440> you 00:16:23.090 --> 00:16:23.100 align:start position:0% complicated in some way or another you 00:16:23.100 --> 00:16:24.290 align:start position:0% complicated in some way or another you know<00:16:23.160> it's<00:16:23.339> like<00:16:23.519> a<00:16:23.699> lot<00:16:23.760> of<00:16:23.880> moving<00:16:24.120> Parts 00:16:24.290 --> 00:16:24.300 align:start position:0% know it's like a lot of moving Parts 00:16:24.300 --> 00:16:25.550 align:start position:0% know it's like a lot of moving Parts potentially<00:16:24.779> you're<00:16:25.019> dealing<00:16:25.320> with<00:16:25.440> like 00:16:25.550 --> 00:16:25.560 align:start position:0% potentially you're dealing with like 00:16:25.560 --> 00:16:27.410 align:start position:0% potentially you're dealing with like many<00:16:25.680> distributed<00:16:26.160> systems 00:16:27.410 --> 00:16:27.420 align:start position:0% many distributed systems 00:16:27.420 --> 00:16:29.329 align:start position:0% many distributed systems um<00:16:27.540> Can<00:16:28.079> is<00:16:28.320> it<00:16:28.440> possible<00:16:28.680> to<00:16:28.860> make<00:16:28.980> a<00:16:29.160> safe 00:16:29.329 --> 00:16:29.339 align:start position:0% um Can is it possible to make a safe 00:16:29.339 --> 00:16:31.129 align:start position:0% um Can is it possible to make a safe Bridge<00:16:29.639> or<00:16:30.120> are<00:16:30.240> you<00:16:30.420> just<00:16:30.540> are<00:16:30.660> we<00:16:30.779> all<00:16:30.899> just 00:16:31.129 --> 00:16:31.139 align:start position:0% Bridge or are you just are we all just 00:16:31.139 --> 00:16:32.389 align:start position:0% Bridge or are you just are we all just like<00:16:31.199> kind<00:16:31.380> of<00:16:31.440> screwed<00:16:31.740> like<00:16:31.920> is<00:16:32.100> it<00:16:32.279> just 00:16:32.389 --> 00:16:32.399 align:start position:0% like kind of screwed like is it just 00:16:32.399 --> 00:16:34.730 align:start position:0% like kind of screwed like is it just like<00:16:32.579> this<00:16:32.820> like<00:16:33.060> you<00:16:33.600> know<00:16:33.660> sofian<00:16:34.260> task<00:16:34.560> of 00:16:34.730 --> 00:16:34.740 align:start position:0% like this like you know sofian task of 00:16:34.740 --> 00:16:36.170 align:start position:0% like this like you know sofian task of pushing<00:16:35.040> a<00:16:35.160> boulder<00:16:35.399> up<00:16:35.519> a<00:16:35.639> hill<00:16:35.760> repeatedly 00:16:36.170 --> 00:16:36.180 align:start position:0% pushing a boulder up a hill repeatedly 00:16:36.180 --> 00:16:38.210 align:start position:0% pushing a boulder up a hill repeatedly just<00:16:36.300> to<00:16:36.420> have<00:16:36.600> it<00:16:36.720> hacked<00:16:37.019> or<00:16:37.199> something<00:16:37.380> yeah 00:16:38.210 --> 00:16:38.220 align:start position:0% just to have it hacked or something yeah 00:16:38.220 --> 00:16:40.189 align:start position:0% just to have it hacked or something yeah I<00:16:38.759> think<00:16:38.820> the<00:16:39.000> trust<00:16:39.300> assumptions<00:16:39.720> are<00:16:40.019> really 00:16:40.189 --> 00:16:40.199 align:start position:0% I think the trust assumptions are really 00:16:40.199 --> 00:16:43.129 align:start position:0% I think the trust assumptions are really important<00:16:40.680> so<00:16:41.100> currently<00:16:41.579> most<00:16:42.000> bridges<00:16:42.540> have 00:16:43.129 --> 00:16:43.139 align:start position:0% important so currently most bridges have 00:16:43.139 --> 00:16:45.650 align:start position:0% important so currently most bridges have basically<00:16:43.800> like<00:16:44.160> a<00:16:44.399> multi-sig<00:16:45.060> or<00:16:45.480> a 00:16:45.650 --> 00:16:45.660 align:start position:0% basically like a multi-sig or a 00:16:45.660 --> 00:16:48.290 align:start position:0% basically like a multi-sig or a multi-sig<00:16:46.139> in<00:16:46.320> some<00:16:46.500> form<00:16:46.860> trust<00:16:47.820> assumption 00:16:48.290 --> 00:16:48.300 align:start position:0% multi-sig in some form trust assumption 00:16:48.300 --> 00:16:50.210 align:start position:0% multi-sig in some form trust assumption and<00:16:48.779> so<00:16:48.959> that's<00:16:49.079> really<00:16:49.320> bad<00:16:49.560> because<00:16:49.860> of 00:16:50.210 --> 00:16:50.220 align:start position:0% and so that's really bad because of 00:16:50.220 --> 00:16:51.650 align:start position:0% and so that's really bad because of course<00:16:50.339> for<00:16:50.579> something<00:16:50.820> like<00:16:50.940> ethereum<00:16:51.480> where 00:16:51.650 --> 00:16:51.660 align:start position:0% course for something like ethereum where 00:16:51.660 --> 00:16:53.389 align:start position:0% course for something like ethereum where you<00:16:51.779> have<00:16:51.899> many<00:16:52.079> many<00:16:52.199> validators<00:16:52.800> and<00:16:53.100> a<00:16:53.220> ton 00:16:53.389 --> 00:16:53.399 align:start position:0% you have many many validators and a ton 00:16:53.399 --> 00:16:55.790 align:start position:0% you have many many validators and a ton of<00:16:53.519> Economic<00:16:54.180> Security<00:16:54.360> your<00:16:55.079> multi-sig<00:16:55.620> is 00:16:55.790 --> 00:16:55.800 align:start position:0% of Economic Security your multi-sig is 00:16:55.800 --> 00:16:57.230 align:start position:0% of Economic Security your multi-sig is never<00:16:55.920> going<00:16:56.160> to<00:16:56.279> have<00:16:56.399> the<00:16:56.519> same<00:16:56.639> amount<00:16:56.880> of 00:16:57.230 --> 00:16:57.240 align:start position:0% never going to have the same amount of 00:16:57.240 --> 00:16:58.850 align:start position:0% never going to have the same amount of security<00:16:57.480> so<00:16:58.259> I<00:16:58.320> think<00:16:58.440> the<00:16:58.620> trust 00:16:58.850 --> 00:16:58.860 align:start position:0% security so I think the trust 00:16:58.860 --> 00:17:00.230 align:start position:0% security so I think the trust assumptions<00:16:59.279> are<00:16:59.399> really<00:16:59.579> important<00:16:59.880> and<00:17:00.060> if 00:17:00.230 --> 00:17:00.240 align:start position:0% assumptions are really important and if 00:17:00.240 --> 00:17:01.670 align:start position:0% assumptions are really important and if we<00:17:00.360> can<00:17:00.540> basically<00:17:00.839> have<00:17:01.079> a<00:17:01.199> bridge<00:17:01.320> out<00:17:01.560> of 00:17:01.670 --> 00:17:01.680 align:start position:0% we can basically have a bridge out of 00:17:01.680 --> 00:17:04.189 align:start position:0% we can basically have a bridge out of ethereum<00:17:02.160> that<00:17:02.579> has<00:17:02.820> ethereum's<00:17:03.600> level<00:17:03.779> of 00:17:04.189 --> 00:17:04.199 align:start position:0% ethereum that has ethereum's level of 00:17:04.199 --> 00:17:06.230 align:start position:0% ethereum that has ethereum's level of security<00:17:04.520> securing<00:17:05.520> it<00:17:05.579> which<00:17:05.819> in<00:17:06.000> a<00:17:06.120> light 00:17:06.230 --> 00:17:06.240 align:start position:0% security securing it which in a light 00:17:06.240 --> 00:17:08.510 align:start position:0% security securing it which in a light client<00:17:06.540> you<00:17:06.720> can<00:17:06.900> have<00:17:07.140> if<00:17:07.559> you're<00:17:07.799> verifying 00:17:08.510 --> 00:17:08.520 align:start position:0% client you can have if you're verifying 00:17:08.520 --> 00:17:10.669 align:start position:0% client you can have if you're verifying ethereum's<00:17:09.120> consensus<00:17:09.720> in<00:17:10.199> the<00:17:10.319> execution 00:17:10.669 --> 00:17:10.679 align:start position:0% ethereum's consensus in the execution 00:17:10.679 --> 00:17:13.189 align:start position:0% ethereum's consensus in the execution layer<00:17:10.980> of<00:17:11.040> another<00:17:11.220> chain<00:17:11.520> you<00:17:11.939> can<00:17:12.059> okay<00:17:12.959> so 00:17:13.189 --> 00:17:13.199 align:start position:0% layer of another chain you can okay so 00:17:13.199 --> 00:17:14.750 align:start position:0% layer of another chain you can okay so it's<00:17:13.439> actually<00:17:13.860> a<00:17:14.040> little<00:17:14.160> more<00:17:14.339> nuanced 00:17:14.750 --> 00:17:14.760 align:start position:0% it's actually a little more nuanced 00:17:14.760 --> 00:17:16.250 align:start position:0% it's actually a little more nuanced you're<00:17:14.939> not<00:17:15.120> getting<00:17:15.299> all<00:17:15.540> the<00:17:15.660> way<00:17:15.720> there<00:17:15.959> but 00:17:16.250 --> 00:17:16.260 align:start position:0% you're not getting all the way there but 00:17:16.260 --> 00:17:18.350 align:start position:0% you're not getting all the way there but you're<00:17:16.500> getting<00:17:16.819> significantly<00:17:17.819> more<00:17:18.120> there 00:17:18.350 --> 00:17:18.360 align:start position:0% you're getting significantly more there 00:17:18.360 --> 00:17:20.390 align:start position:0% you're getting significantly more there than<00:17:18.600> having<00:17:18.780> a<00:17:19.020> multi-sig<00:17:19.559> I<00:17:19.980> think<00:17:20.100> that's<00:17:20.220> a 00:17:20.390 --> 00:17:20.400 align:start position:0% than having a multi-sig I think that's a 00:17:20.400 --> 00:17:22.370 align:start position:0% than having a multi-sig I think that's a huge<00:17:20.640> Improvement<00:17:21.000> in<00:17:21.299> terms<00:17:21.540> of<00:17:21.720> the<00:17:22.079> trust 00:17:22.370 --> 00:17:22.380 align:start position:0% huge Improvement in terms of the trust 00:17:22.380 --> 00:17:23.689 align:start position:0% huge Improvement in terms of the trust model<00:17:22.559> of<00:17:22.799> a<00:17:22.919> bridge<00:17:23.040> and<00:17:23.280> I<00:17:23.459> think<00:17:23.579> that's 00:17:23.689 --> 00:17:23.699 align:start position:0% model of a bridge and I think that's 00:17:23.699 --> 00:17:26.510 align:start position:0% model of a bridge and I think that's really<00:17:23.939> important<00:17:24.839> I<00:17:25.500> think<00:17:25.620> of<00:17:26.100> course<00:17:26.220> with 00:17:26.510 --> 00:17:26.520 align:start position:0% really important I think of course with 00:17:26.520 --> 00:17:27.829 align:start position:0% really important I think of course with a<00:17:26.699> lot<00:17:26.760> of<00:17:26.880> bridge<00:17:27.000> hacks<00:17:27.480> there's<00:17:27.660> some 00:17:27.829 --> 00:17:27.839 align:start position:0% a lot of bridge hacks there's some 00:17:27.839 --> 00:17:29.150 align:start position:0% a lot of bridge hacks there's some Bridge<00:17:28.020> hacks<00:17:28.380> that<00:17:28.439> have<00:17:28.559> been<00:17:28.620> based<00:17:28.919> on<00:17:28.980> the 00:17:29.150 --> 00:17:29.160 align:start position:0% Bridge hacks that have been based on the 00:17:29.160 --> 00:17:30.830 align:start position:0% Bridge hacks that have been based on the trust<00:17:29.400> model<00:17:29.580> so<00:17:30.000> like<00:17:30.179> there's<00:17:30.540> been<00:17:30.720> some 00:17:30.830 --> 00:17:30.840 align:start position:0% trust model so like there's been some 00:17:30.840 --> 00:17:32.570 align:start position:0% trust model so like there's been some Bridge<00:17:31.080> hacks<00:17:31.440> with<00:17:31.559> a<00:17:31.679> multi-sig<00:17:32.100> where<00:17:32.400> they 00:17:32.570 --> 00:17:32.580 align:start position:0% Bridge hacks with a multi-sig where they 00:17:32.580 --> 00:17:34.130 align:start position:0% Bridge hacks with a multi-sig where they actually<00:17:32.820> compromise<00:17:33.299> like<00:17:33.540> the<00:17:33.720> multi-stick 00:17:34.130 --> 00:17:34.140 align:start position:0% actually compromise like the multi-stick 00:17:34.140 --> 00:17:35.810 align:start position:0% actually compromise like the multi-stick signer<00:17:34.559> keys<00:17:34.919> and<00:17:35.280> so<00:17:35.400> that's<00:17:35.580> an 00:17:35.810 --> 00:17:35.820 align:start position:0% signer keys and so that's an 00:17:35.820 --> 00:17:37.730 align:start position:0% signer keys and so that's an illustration<00:17:36.240> of<00:17:36.480> oh<00:17:36.660> the<00:17:36.900> multi-sig<00:17:37.320> is<00:17:37.559> very 00:17:37.730 --> 00:17:37.740 align:start position:0% illustration of oh the multi-sig is very 00:17:37.740 --> 00:17:39.590 align:start position:0% illustration of oh the multi-sig is very insecure<00:17:38.160> there's<00:17:38.820> a<00:17:39.059> lot<00:17:39.120> of<00:17:39.240> other<00:17:39.360> Bridge 00:17:39.590 --> 00:17:39.600 align:start position:0% insecure there's a lot of other Bridge 00:17:39.600 --> 00:17:41.090 align:start position:0% insecure there's a lot of other Bridge hacks<00:17:40.020> which<00:17:40.140> are<00:17:40.260> just<00:17:40.440> smart<00:17:40.679> contract 00:17:41.090 --> 00:17:41.100 align:start position:0% hacks which are just smart contract 00:17:41.100 --> 00:17:43.610 align:start position:0% hacks which are just smart contract hacks<00:17:41.520> or<00:17:41.640> like<00:17:41.820> smart<00:17:42.000> contract<00:17:42.419> bugs<00:17:42.900> those 00:17:43.610 --> 00:17:43.620 align:start position:0% hacks or like smart contract bugs those 00:17:43.620 --> 00:17:45.169 align:start position:0% hacks or like smart contract bugs those of<00:17:43.860> course<00:17:43.980> it<00:17:44.280> doesn't<00:17:44.460> matter<00:17:44.700> what<00:17:45.059> the 00:17:45.169 --> 00:17:45.179 align:start position:0% of course it doesn't matter what the 00:17:45.179 --> 00:17:47.210 align:start position:0% of course it doesn't matter what the trust<00:17:45.419> model<00:17:45.600> was<00:17:45.900> like<00:17:46.260> you<00:17:46.860> know<00:17:46.919> for 00:17:47.210 --> 00:17:47.220 align:start position:0% trust model was like you know for 00:17:47.220 --> 00:17:50.150 align:start position:0% trust model was like you know for example<00:17:47.520> uh<00:17:47.940> the<00:17:48.360> most<00:17:48.539> best<00:17:49.260> snark<00:17:49.740> based 00:17:50.150 --> 00:17:50.160 align:start position:0% example uh the most best snark based 00:17:50.160 --> 00:17:51.710 align:start position:0% example uh the most best snark based approach<00:17:50.340> could<00:17:50.580> also<00:17:50.880> have<00:17:51.059> Smart<00:17:51.299> contract 00:17:51.710 --> 00:17:51.720 align:start position:0% approach could also have Smart contract 00:17:51.720 --> 00:17:52.789 align:start position:0% approach could also have Smart contract risk 00:17:52.789 --> 00:17:52.799 align:start position:0% risk 00:17:52.799 --> 00:17:54.169 align:start position:0% risk um<00:17:52.860> and<00:17:53.039> so<00:17:53.160> I<00:17:53.280> think<00:17:53.400> it's<00:17:53.520> really<00:17:53.760> important 00:17:54.169 --> 00:17:54.179 align:start position:0% um and so I think it's really important 00:17:54.179 --> 00:17:56.330 align:start position:0% um and so I think it's really important to<00:17:54.600> like<00:17:54.780> be<00:17:55.020> intellectually<00:17:55.500> honest<00:17:55.919> that 00:17:56.330 --> 00:17:56.340 align:start position:0% to like be intellectually honest that 00:17:56.340 --> 00:17:58.430 align:start position:0% to like be intellectually honest that there's<00:17:56.760> risk<00:17:57.240> in<00:17:57.600> both<00:17:57.780> dimensions<00:17:58.200> like 00:17:58.430 --> 00:17:58.440 align:start position:0% there's risk in both dimensions like 00:17:58.440 --> 00:17:59.750 align:start position:0% there's risk in both dimensions like there's<00:17:58.559> risk<00:17:58.919> in<00:17:59.039> the<00:17:59.160> trust<00:17:59.340> model<00:17:59.460> there's 00:17:59.750 --> 00:17:59.760 align:start position:0% there's risk in the trust model there's 00:17:59.760 --> 00:18:02.150 align:start position:0% there's risk in the trust model there's also<00:18:00.000> smart<00:18:00.179> contract<00:18:00.480> implementation<00:18:01.080> risk 00:18:02.150 --> 00:18:02.160 align:start position:0% also smart contract implementation risk 00:18:02.160 --> 00:18:04.070 align:start position:0% also smart contract implementation risk how<00:18:02.580> do<00:18:02.700> we<00:18:02.760> reduce<00:18:02.940> smart<00:18:03.179> culture<00:18:03.480> good<00:18:03.720> like 00:18:04.070 --> 00:18:04.080 align:start position:0% how do we reduce smart culture good like 00:18:04.080 --> 00:18:05.990 align:start position:0% how do we reduce smart culture good like implementation<00:18:04.620> risk<00:18:04.980> like<00:18:05.220> do<00:18:05.460> we<00:18:05.640> what<00:18:05.880> do 00:18:05.990 --> 00:18:06.000 align:start position:0% implementation risk like do we what do 00:18:06.000 --> 00:18:07.669 align:start position:0% implementation risk like do we what do we<00:18:06.059> do<00:18:06.179> formally<00:18:06.539> verify<00:18:06.960> everything<00:18:07.140> do<00:18:07.500> we 00:18:07.669 --> 00:18:07.679 align:start position:0% we do formally verify everything do we 00:18:07.679 --> 00:18:09.650 align:start position:0% we do formally verify everything do we just<00:18:07.860> go<00:18:08.100> and<00:18:08.400> like<00:18:08.640> add<00:18:08.940> in<00:18:09.059> a<00:18:09.240> bunch<00:18:09.360> of<00:18:09.480> stuff 00:18:09.650 --> 00:18:09.660 align:start position:0% just go and like add in a bunch of stuff 00:18:09.660 --> 00:18:11.330 align:start position:0% just go and like add in a bunch of stuff and<00:18:09.840> say<00:18:10.020> like<00:18:10.140> solidity<00:18:10.620> sucks<00:18:10.799> and<00:18:11.039> we<00:18:11.160> go 00:18:11.330 --> 00:18:11.340 align:start position:0% and say like solidity sucks and we go 00:18:11.340 --> 00:18:13.010 align:start position:0% and say like solidity sucks and we go and<00:18:11.520> like<00:18:11.700> write<00:18:11.940> a<00:18:12.179> new<00:18:12.299> language<00:18:12.480> that<00:18:12.840> is 00:18:13.010 --> 00:18:13.020 align:start position:0% and like write a new language that is 00:18:13.020 --> 00:18:14.930 align:start position:0% and like write a new language that is like<00:18:13.200> rust<00:18:13.559> or<00:18:13.740> whatever<00:18:13.860> I<00:18:14.400> mean<00:18:14.580> Guillermo 00:18:14.930 --> 00:18:14.940 align:start position:0% like rust or whatever I mean Guillermo 00:18:14.940 --> 00:18:16.909 align:start position:0% like rust or whatever I mean Guillermo you're<00:18:15.120> the<00:18:15.299> crypto<00:18:15.539> researcher<00:18:16.020> I<00:18:16.320> mean<00:18:16.500> I<00:18:16.679> I 00:18:16.909 --> 00:18:16.919 align:start position:0% you're the crypto researcher I mean I I 00:18:16.919 --> 00:18:18.650 align:start position:0% you're the crypto researcher I mean I I don't<00:18:17.160> I'm<00:18:17.580> like<00:18:17.820> a<00:18:17.940> fake<00:18:18.120> researcher<00:18:18.480> I 00:18:18.650 --> 00:18:18.660 align:start position:0% don't I'm like a fake researcher I 00:18:18.660 --> 00:18:20.630 align:start position:0% don't I'm like a fake researcher I mostly<00:18:18.960> do<00:18:19.080> like<00:18:19.320> a<00:18:19.559> bunch<00:18:19.740> of<00:18:19.860> weird<00:18:20.039> math<00:18:20.340> but 00:18:20.630 --> 00:18:20.640 align:start position:0% mostly do like a bunch of weird math but 00:18:20.640 --> 00:18:24.110 align:start position:0% mostly do like a bunch of weird math but I<00:18:20.880> can<00:18:21.000> pretend<00:18:21.740> no<00:18:22.740> I<00:18:22.919> mean<00:18:23.039> I<00:18:23.220> think<00:18:23.340> look<00:18:23.820> I 00:18:24.110 --> 00:18:24.120 align:start position:0% I can pretend no I mean I think look I 00:18:24.120 --> 00:18:26.570 align:start position:0% I can pretend no I mean I think look I think<00:18:24.240> that's<00:18:24.539> a<00:18:24.780> whole<00:18:24.960> other<00:18:25.200> uh<00:18:25.980> panel<00:18:26.400> or 00:18:26.570 --> 00:18:26.580 align:start position:0% think that's a whole other uh panel or 00:18:26.580 --> 00:18:28.789 align:start position:0% think that's a whole other uh panel or conference<00:18:27.059> wide<00:18:27.480> topic<00:18:27.840> of<00:18:28.140> like<00:18:28.320> how<00:18:28.559> do<00:18:28.679> you 00:18:28.789 --> 00:18:28.799 align:start position:0% conference wide topic of like how do you 00:18:28.799 --> 00:18:30.350 align:start position:0% conference wide topic of like how do you write<00:18:28.980> but<00:18:29.580> I'm<00:18:29.760> gonna<00:18:29.880> make<00:18:30.000> you<00:18:30.120> give<00:18:30.299> me 00:18:30.350 --> 00:18:30.360 align:start position:0% write but I'm gonna make you give me 00:18:30.360 --> 00:18:33.529 align:start position:0% write but I'm gonna make you give me your<00:18:30.600> two<00:18:30.780> minute<00:18:31.020> uh<00:18:31.860> sorry<00:18:32.820> what<00:18:33.179> do<00:18:33.299> you<00:18:33.360> do 00:18:33.529 --> 00:18:33.539 align:start position:0% your two minute uh sorry what do you do 00:18:33.539 --> 00:18:35.090 align:start position:0% your two minute uh sorry what do you do you<00:18:33.720> write<00:18:33.960> down<00:18:34.200> the<00:18:34.380> moderator<00:18:34.620> so<00:18:34.860> I<00:18:34.980> can 00:18:35.090 --> 00:18:35.100 align:start position:0% you write down the moderator so I can 00:18:35.100 --> 00:18:37.010 align:start position:0% you write down the moderator so I can make<00:18:35.220> it<00:18:35.340> yeah<00:18:35.940> I<00:18:36.179> think<00:18:36.480> you<00:18:36.600> do<00:18:36.720> all<00:18:36.900> the 00:18:37.010 --> 00:18:37.020 align:start position:0% make it yeah I think you do all the 00:18:37.020 --> 00:18:39.169 align:start position:0% make it yeah I think you do all the things<00:18:37.200> right<00:18:37.620> you<00:18:38.340> um<00:18:38.340> you<00:18:38.760> have<00:18:38.820> really<00:18:38.940> good 00:18:39.169 --> 00:18:39.179 align:start position:0% things right you um you have really good 00:18:39.179 --> 00:18:40.370 align:start position:0% things right you um you have really good Engineers<00:18:39.480> that<00:18:39.660> are<00:18:39.780> smart<00:18:39.960> and<00:18:40.080> thoughtful 00:18:40.370 --> 00:18:40.380 align:start position:0% Engineers that are smart and thoughtful 00:18:40.380 --> 00:18:42.529 align:start position:0% Engineers that are smart and thoughtful okay<00:18:40.679> step<00:18:40.980> one<00:18:41.160> you<00:18:41.760> audit<00:18:42.120> your<00:18:42.240> code<00:18:42.360> from 00:18:42.529 --> 00:18:42.539 align:start position:0% okay step one you audit your code from 00:18:42.539 --> 00:18:44.930 align:start position:0% okay step one you audit your code from credible<00:18:42.840> Auditors<00:18:43.320> or<00:18:44.160> you<00:18:44.340> are<00:18:44.520> an<00:18:44.580> auditor 00:18:44.930 --> 00:18:44.940 align:start position:0% credible Auditors or you are an auditor 00:18:44.940 --> 00:18:47.330 align:start position:0% credible Auditors or you are an auditor and<00:18:45.240> you<00:18:45.360> still<00:18:45.539> hire<00:18:46.140> Auditors<00:18:46.620> so<00:18:47.039> it<00:18:47.220> feels 00:18:47.330 --> 00:18:47.340 align:start position:0% and you still hire Auditors so it feels 00:18:47.340 --> 00:18:48.590 align:start position:0% and you still hire Auditors so it feels like<00:18:47.460> an<00:18:47.580> unfair<00:18:47.760> Advantage<00:18:48.000> right<00:18:48.179> that's 00:18:48.590 --> 00:18:48.600 align:start position:0% like an unfair Advantage right that's 00:18:48.600 --> 00:18:50.570 align:start position:0% like an unfair Advantage right that's fine<00:18:48.900> all<00:18:49.140> right<00:18:49.200> but<00:18:49.799> uh<00:18:50.039> you<00:18:50.160> audit<00:18:50.460> your 00:18:50.570 --> 00:18:50.580 align:start position:0% fine all right but uh you audit your 00:18:50.580 --> 00:18:52.430 align:start position:0% fine all right but uh you audit your code<00:18:50.700> uh<00:18:51.480> formally<00:18:51.720> verifying<00:18:52.260> your<00:18:52.320> code 00:18:52.430 --> 00:18:52.440 align:start position:0% code uh formally verifying your code 00:18:52.440 --> 00:18:54.049 align:start position:0% code uh formally verifying your code that<00:18:52.679> seems<00:18:52.860> like<00:18:52.980> a<00:18:53.100> great<00:18:53.220> idea<00:18:53.460> right<00:18:53.820> but 00:18:54.049 --> 00:18:54.059 align:start position:0% that seems like a great idea right but 00:18:54.059 --> 00:18:55.909 align:start position:0% that seems like a great idea right but formal<00:18:54.480> verification<00:18:54.840> it<00:18:55.320> has<00:18:55.500> its<00:18:55.799> own 00:18:55.909 --> 00:18:55.919 align:start position:0% formal verification it has its own 00:18:55.919 --> 00:18:58.010 align:start position:0% formal verification it has its own trade-offs<00:18:56.580> I<00:18:56.760> think<00:18:56.940> of<00:18:57.179> understanding<00:18:57.840> that 00:18:58.010 --> 00:18:58.020 align:start position:0% trade-offs I think of understanding that 00:18:58.020 --> 00:18:59.510 align:start position:0% trade-offs I think of understanding that and<00:18:58.200> writing<00:18:58.500> the<00:18:58.559> rule<00:18:58.740> set<00:18:58.919> actually<00:18:59.220> Chris 00:18:59.510 --> 00:18:59.520 align:start position:0% and writing the rule set actually Chris 00:18:59.520 --> 00:19:01.669 align:start position:0% and writing the rule set actually Chris might<00:18:59.700> have<00:18:59.880> opinions<00:19:00.120> on<00:19:00.299> that<00:19:00.419> too<00:19:00.679> then 00:19:01.669 --> 00:19:01.679 align:start position:0% might have opinions on that too then 00:19:01.679 --> 00:19:04.850 align:start position:0% might have opinions on that too then bugging<00:19:02.100> money<00:19:02.400> program<00:19:02.760> right<00:19:03.480> and<00:19:04.200> then<00:19:04.380> you 00:19:04.850 --> 00:19:04.860 align:start position:0% bugging money program right and then you 00:19:04.860 --> 00:19:07.730 align:start position:0% bugging money program right and then you also<00:19:05.340> just<00:19:05.880> like 00:19:07.730 --> 00:19:07.740 align:start position:0% also just like 00:19:07.740 --> 00:19:08.870 align:start position:0% also just like you 00:19:08.870 --> 00:19:08.880 align:start position:0% you 00:19:08.880 --> 00:19:10.970 align:start position:0% you you last<00:19:09.480> like<00:19:09.900> part<00:19:10.080> of<00:19:10.200> the<00:19:10.260> reason<00:19:10.380> why<00:19:10.679> you 00:19:10.970 --> 00:19:10.980 align:start position:0% you last like part of the reason why you 00:19:10.980 --> 00:19:13.730 align:start position:0% you last like part of the reason why you gotta<00:19:11.220> like<00:19:11.520> time<00:19:12.000> the<00:19:12.299> the<00:19:12.419> more<00:19:12.900> surf<00:19:13.260> the 00:19:13.730 --> 00:19:13.740 align:start position:0% gotta like time the the more surf the 00:19:13.740 --> 00:19:16.370 align:start position:0% gotta like time the the more surf the longer<00:19:14.039> you<00:19:14.280> survive<00:19:14.700> I<00:19:15.480> truly<00:19:15.780> believe<00:19:16.020> the 00:19:16.370 --> 00:19:16.380 align:start position:0% longer you survive I truly believe the 00:19:16.380 --> 00:19:18.289 align:start position:0% longer you survive I truly believe the more<00:19:16.500> credible<00:19:16.860> your<00:19:17.100> product<00:19:17.280> is 00:19:18.289 --> 00:19:18.299 align:start position:0% more credible your product is 00:19:18.299 --> 00:19:21.430 align:start position:0% more credible your product is um<00:19:18.360> because<00:19:18.720> it<00:19:19.140> is<00:19:19.380> very<00:19:20.100> antagonistic 00:19:21.430 --> 00:19:21.440 align:start position:0% um because it is very antagonistic 00:19:21.440 --> 00:19:24.110 align:start position:0% um because it is very antagonistic environment<00:19:22.440> out<00:19:22.679> there<00:19:22.799> and<00:19:23.580> so<00:19:23.820> just 00:19:24.110 --> 00:19:24.120 align:start position:0% environment out there and so just 00:19:24.120 --> 00:19:26.470 align:start position:0% environment out there and so just surviving<00:19:24.600> I<00:19:24.960> think<00:19:25.080> is<00:19:25.380> uh<00:19:25.620> is<00:19:25.980> is 00:19:26.470 --> 00:19:26.480 align:start position:0% surviving I think is uh is is 00:19:26.480 --> 00:19:29.990 align:start position:0% surviving I think is uh is is increasingly<00:19:27.679> uh<00:19:28.679> it<00:19:29.340> just<00:19:29.580> means<00:19:29.880> you're 00:19:29.990 --> 00:19:30.000 align:start position:0% increasingly uh it just means you're 00:19:30.000 --> 00:19:31.549 align:start position:0% increasingly uh it just means you're you're<00:19:30.179> more<00:19:30.480> the<00:19:30.720> longer<00:19:31.080> you<00:19:31.140> survive<00:19:31.380> the 00:19:31.549 --> 00:19:31.559 align:start position:0% you're more the longer you survive the 00:19:31.559 --> 00:19:33.110 align:start position:0% you're more the longer you survive the more<00:19:31.740> likely<00:19:31.980> you<00:19:32.100> are<00:19:32.280> to<00:19:32.340> survive<00:19:32.760> in<00:19:32.940> my 00:19:33.110 --> 00:19:33.120 align:start position:0% more likely you are to survive in my 00:19:33.120 --> 00:19:33.950 align:start position:0% more likely you are to survive in my opinion 00:19:33.950 --> 00:19:33.960 align:start position:0% opinion 00:19:33.960 --> 00:19:35.870 align:start position:0% opinion yeah<00:19:34.500> I<00:19:34.740> think<00:19:34.860> there<00:19:35.220> are<00:19:35.340> other<00:19:35.520> smart 00:19:35.870 --> 00:19:35.880 align:start position:0% yeah I think there are other smart 00:19:35.880 --> 00:19:37.789 align:start position:0% yeah I think there are other smart contracts<00:19:36.360> out<00:19:36.480> there<00:19:36.600> on<00:19:36.780> ethereum<00:19:37.260> that<00:19:37.679> are 00:19:37.789 --> 00:19:37.799 align:start position:0% contracts out there on ethereum that are 00:19:37.799 --> 00:19:39.650 align:start position:0% contracts out there on ethereum that are much<00:19:38.100> much<00:19:38.220> much<00:19:38.280> more<00:19:38.700> complicated<00:19:39.240> than<00:19:39.539> a 00:19:39.650 --> 00:19:39.660 align:start position:0% much much much more complicated than a 00:19:39.660 --> 00:19:41.090 align:start position:0% much much much more complicated than a bridge<00:19:39.780> for<00:19:40.140> example<00:19:40.380> I<00:19:40.559> think<00:19:40.679> if<00:19:40.860> you<00:19:40.980> look 00:19:41.090 --> 00:19:41.100 align:start position:0% bridge for example I think if you look 00:19:41.100 --> 00:19:42.650 align:start position:0% bridge for example I think if you look at<00:19:41.280> the<00:19:41.340> maker<00:19:41.640> smart<00:19:41.880> contracts<00:19:42.360> or<00:19:42.480> the 00:19:42.650 --> 00:19:42.660 align:start position:0% at the maker smart contracts or the 00:19:42.660 --> 00:19:44.630 align:start position:0% at the maker smart contracts or the compound<00:19:42.900> smart<00:19:43.140> contracts<00:19:43.740> compared<00:19:44.400> to<00:19:44.520> a 00:19:44.630 --> 00:19:44.640 align:start position:0% compound smart contracts compared to a 00:19:44.640 --> 00:19:46.190 align:start position:0% compound smart contracts compared to a bridge<00:19:44.760> smart<00:19:45.059> contract<00:19:45.480> it's<00:19:45.840> much<00:19:46.020> more 00:19:46.190 --> 00:19:46.200 align:start position:0% bridge smart contract it's much more 00:19:46.200 --> 00:19:47.510 align:start position:0% bridge smart contract it's much more complicated<00:19:46.559> there's<00:19:46.799> much<00:19:47.039> more<00:19:47.160> moving 00:19:47.510 --> 00:19:47.520 align:start position:0% complicated there's much more moving 00:19:47.520 --> 00:19:49.789 align:start position:0% complicated there's much more moving pieces<00:19:47.940> and<00:19:48.600> people<00:19:48.840> have<00:19:49.080> seemed<00:19:49.559> you<00:19:49.679> know 00:19:49.789 --> 00:19:49.799 align:start position:0% pieces and people have seemed you know 00:19:49.799 --> 00:19:51.950 align:start position:0% pieces and people have seemed you know of<00:19:50.340> course<00:19:50.460> those<00:19:50.760> things<00:19:50.940> have<00:19:51.179> bugs<00:19:51.539> too<00:19:51.660> but 00:19:51.950 --> 00:19:51.960 align:start position:0% of course those things have bugs too but 00:19:51.960 --> 00:19:53.150 align:start position:0% of course those things have bugs too but like<00:19:52.140> people<00:19:52.320> have<00:19:52.500> seemed<00:19:52.860> to<00:19:52.919> figure<00:19:53.039> out 00:19:53.150 --> 00:19:53.160 align:start position:0% like people have seemed to figure out 00:19:53.160 --> 00:19:54.890 align:start position:0% like people have seemed to figure out ways<00:19:53.520> to<00:19:53.700> make<00:19:53.820> these<00:19:54.059> smart<00:19:54.179> contracts<00:19:54.720> in 00:19:54.890 --> 00:19:54.900 align:start position:0% ways to make these smart contracts in 00:19:54.900 --> 00:19:57.590 align:start position:0% ways to make these smart contracts in ways<00:19:55.260> that<00:19:55.799> are<00:19:55.980> you<00:19:56.220> know<00:19:56.340> bug<00:19:56.700> minimized<00:19:57.419> or 00:19:57.590 --> 00:19:57.600 align:start position:0% ways that are you know bug minimized or 00:19:57.600 --> 00:20:00.049 align:start position:0% ways that are you know bug minimized or like<00:19:57.840> not<00:19:58.020> catastrophic<00:19:58.799> and<00:19:59.160> so 00:20:00.049 --> 00:20:00.059 align:start position:0% like not catastrophic and so 00:20:00.059 --> 00:20:01.850 align:start position:0% like not catastrophic and so I<00:20:00.660> don't<00:20:00.720> think<00:20:00.960> they're<00:20:01.260> theoretically 00:20:01.850 --> 00:20:01.860 align:start position:0% I don't think they're theoretically 00:20:01.860 --> 00:20:03.890 align:start position:0% I don't think they're theoretically seems<00:20:02.340> like<00:20:02.460> oh<00:20:02.700> it<00:20:02.940> should<00:20:03.120> be<00:20:03.240> impossible<00:20:03.660> to 00:20:03.890 --> 00:20:03.900 align:start position:0% seems like oh it should be impossible to 00:20:03.900 --> 00:20:05.750 align:start position:0% seems like oh it should be impossible to make<00:20:04.020> a<00:20:04.200> secure<00:20:04.500> bridge<00:20:04.740> I<00:20:05.160> actually<00:20:05.520> it's 00:20:05.750 --> 00:20:05.760 align:start position:0% make a secure bridge I actually it's 00:20:05.760 --> 00:20:07.490 align:start position:0% make a secure bridge I actually it's maybe<00:20:05.940> even<00:20:06.179> a<00:20:06.419> good<00:20:06.480> question<00:20:06.660> why<00:20:07.080> hasn't<00:20:07.380> it 00:20:07.490 --> 00:20:07.500 align:start position:0% maybe even a good question why hasn't it 00:20:07.500 --> 00:20:09.169 align:start position:0% maybe even a good question why hasn't it been<00:20:07.620> done<00:20:07.799> until<00:20:07.980> now<00:20:08.280> because<00:20:08.520> in<00:20:09.059> my 00:20:09.169 --> 00:20:09.179 align:start position:0% been done until now because in my 00:20:09.179 --> 00:20:10.970 align:start position:0% been done until now because in my opinion<00:20:09.480> it's<00:20:09.840> not<00:20:09.960> even<00:20:10.200> the<00:20:10.500> most<00:20:10.620> complex 00:20:10.970 --> 00:20:10.980 align:start position:0% opinion it's not even the most complex 00:20:10.980 --> 00:20:12.350 align:start position:0% opinion it's not even the most complex smart<00:20:11.220> contracts<00:20:11.700> out<00:20:11.820> there<00:20:11.940> you<00:20:12.179> probably 00:20:12.350 --> 00:20:12.360 align:start position:0% smart contracts out there you probably 00:20:12.360 --> 00:20:13.970 align:start position:0% smart contracts out there you probably have<00:20:12.539> opinions<00:20:12.900> on<00:20:13.020> this<00:20:13.200> Chris<00:20:13.380> I<00:20:13.799> I 00:20:13.970 --> 00:20:13.980 align:start position:0% have opinions on this Chris I I 00:20:13.980 --> 00:20:16.190 align:start position:0% have opinions on this Chris I I completely<00:20:14.340> agree<00:20:14.640> I<00:20:14.820> I<00:20:15.000> think<00:20:15.299> those<00:20:15.480> are<00:20:15.720> you 00:20:16.190 --> 00:20:16.200 align:start position:0% completely agree I I think those are you 00:20:16.200 --> 00:20:17.690 align:start position:0% completely agree I I think those are you know<00:20:16.320> both<00:20:16.440> great<00:20:16.620> answers<00:20:16.980> like<00:20:17.280> we<00:20:17.460> need<00:20:17.580> to 00:20:17.690 --> 00:20:17.700 align:start position:0% know both great answers like we need to 00:20:17.700 --> 00:20:20.870 align:start position:0% know both great answers like we need to build<00:20:17.880> up<00:20:18.059> our<00:20:18.360> lindiness<00:20:19.080> uh<00:20:19.799> to<00:20:19.980> you<00:20:20.520> know<00:20:20.580> as 00:20:20.870 --> 00:20:20.880 align:start position:0% build up our lindiness uh to you know as 00:20:20.880 --> 00:20:23.029 align:start position:0% build up our lindiness uh to you know as as<00:20:21.059> Bridges<00:20:21.600> exist<00:20:21.900> for<00:20:22.140> longer<00:20:22.500> and<00:20:22.679> longer 00:20:23.029 --> 00:20:23.039 align:start position:0% as Bridges exist for longer and longer 00:20:23.039 --> 00:20:24.890 align:start position:0% as Bridges exist for longer and longer without<00:20:23.280> being<00:20:23.580> hacked<00:20:23.940> the<00:20:24.240> you<00:20:24.539> know<00:20:24.600> the 00:20:24.890 --> 00:20:24.900 align:start position:0% without being hacked the you know the 00:20:24.900 --> 00:20:26.750 align:start position:0% without being hacked the you know the more<00:20:25.020> uh<00:20:25.559> we<00:20:25.740> can<00:20:25.860> trust<00:20:26.100> them<00:20:26.220> to<00:20:26.460> not<00:20:26.580> be 00:20:26.750 --> 00:20:26.760 align:start position:0% more uh we can trust them to not be 00:20:26.760 --> 00:20:28.310 align:start position:0% more uh we can trust them to not be hacked<00:20:27.059> in<00:20:27.120> the<00:20:27.299> future 00:20:28.310 --> 00:20:28.320 align:start position:0% hacked in the future 00:20:28.320 --> 00:20:29.930 align:start position:0% hacked in the future um<00:20:28.380> but<00:20:28.620> you<00:20:28.980> know<00:20:29.039> one<00:20:29.220> thing<00:20:29.340> I<00:20:29.520> wanted<00:20:29.700> to 00:20:29.930 --> 00:20:29.940 align:start position:0% um but you know one thing I wanted to 00:20:29.940 --> 00:20:32.350 align:start position:0% um but you know one thing I wanted to really<00:20:30.120> hammer<00:20:30.660> on<00:20:30.840> which<00:20:31.500> you<00:20:31.679> touched<00:20:32.100> on 00:20:32.350 --> 00:20:32.360 align:start position:0% really hammer on which you touched on 00:20:32.360 --> 00:20:36.110 align:start position:0% really hammer on which you touched on it's<00:20:33.360> if<00:20:33.900> you're<00:20:34.140> using<00:20:34.740> a<00:20:35.400> trusted<00:20:35.880> Bridge 00:20:36.110 --> 00:20:36.120 align:start position:0% it's if you're using a trusted Bridge 00:20:36.120 --> 00:20:38.330 align:start position:0% it's if you're using a trusted Bridge you're<00:20:36.600> not<00:20:36.780> just<00:20:37.020> trusting<00:20:37.559> whoever<00:20:38.039> these 00:20:38.330 --> 00:20:38.340 align:start position:0% you're not just trusting whoever these 00:20:38.340 --> 00:20:40.250 align:start position:0% you're not just trusting whoever these parties<00:20:38.640> are<00:20:38.820> you<00:20:39.059> know<00:20:39.179> it<00:20:39.360> might<00:20:39.539> be<00:20:39.720> you 00:20:40.250 --> 00:20:40.260 align:start position:0% parties are you know it might be you 00:20:40.260 --> 00:20:42.529 align:start position:0% parties are you know it might be you know<00:20:40.320> sequoia<00:20:40.860> or<00:20:41.039> a16z<00:20:41.760> that's<00:20:42.059> holding<00:20:42.360> this 00:20:42.529 --> 00:20:42.539 align:start position:0% know sequoia or a16z that's holding this 00:20:42.539 --> 00:20:45.049 align:start position:0% know sequoia or a16z that's holding this key<00:20:42.780> but<00:20:43.679> you<00:20:43.980> know<00:20:44.100> what<00:20:44.400> we've<00:20:44.580> seen<00:20:44.760> is<00:20:44.880> that 00:20:45.049 --> 00:20:45.059 align:start position:0% key but you know what we've seen is that 00:20:45.059 --> 00:20:46.789 align:start position:0% key but you know what we've seen is that over<00:20:45.240> a<00:20:45.419> billion<00:20:45.720> dollars<00:20:46.020> has<00:20:46.260> been<00:20:46.380> hacked 00:20:46.789 --> 00:20:46.799 align:start position:0% over a billion dollars has been hacked 00:20:46.799 --> 00:20:48.830 align:start position:0% over a billion dollars has been hacked from<00:20:47.039> multi-sig<00:20:47.580> Bridges<00:20:48.000> and<00:20:48.360> it's<00:20:48.480> not<00:20:48.660> that 00:20:48.830 --> 00:20:48.840 align:start position:0% from multi-sig Bridges and it's not that 00:20:48.840 --> 00:20:50.570 align:start position:0% from multi-sig Bridges and it's not that these<00:20:49.080> parties<00:20:49.380> are<00:20:49.559> just<00:20:50.039> like<00:20:50.160> turning 00:20:50.570 --> 00:20:50.580 align:start position:0% these parties are just like turning 00:20:50.580 --> 00:20:51.890 align:start position:0% these parties are just like turning malicious<00:20:50.940> and<00:20:51.120> running<00:20:51.299> away<00:20:51.539> with<00:20:51.720> the 00:20:51.890 --> 00:20:51.900 align:start position:0% malicious and running away with the 00:20:51.900 --> 00:20:53.630 align:start position:0% malicious and running away with the money<00:20:52.020> you're<00:20:52.679> trusting<00:20:53.039> these<00:20:53.220> people<00:20:53.340> to 00:20:53.630 --> 00:20:53.640 align:start position:0% money you're trusting these people to 00:20:53.640 --> 00:20:55.909 align:start position:0% money you're trusting these people to have<00:20:53.820> world-class<00:20:54.660> security<00:20:54.960> this<00:20:55.679> is<00:20:55.740> not 00:20:55.909 --> 00:20:55.919 align:start position:0% have world-class security this is not 00:20:55.919 --> 00:20:57.710 align:start position:0% have world-class security this is not just<00:20:56.100> you<00:20:56.340> know<00:20:56.400> average<00:20:56.640> everyday<00:20:57.059> hackers 00:20:57.710 --> 00:20:57.720 align:start position:0% just you know average everyday hackers 00:20:57.720 --> 00:20:59.210 align:start position:0% just you know average everyday hackers that<00:20:57.900> are<00:20:58.080> that<00:20:58.320> are<00:20:58.500> going<00:20:58.679> after<00:20:58.919> these 00:20:59.210 --> 00:20:59.220 align:start position:0% that are that are going after these 00:20:59.220 --> 00:21:01.310 align:start position:0% that are that are going after these Bridges<00:20:59.580> this<00:20:59.700> is<00:20:59.820> you<00:20:59.880> know<00:21:00.000> so<00:21:00.419> it's<00:21:00.840> nation 00:21:01.310 --> 00:21:01.320 align:start position:0% Bridges this is you know so it's nation 00:21:01.320 --> 00:21:03.169 align:start position:0% Bridges this is you know so it's nation state<00:21:01.559> level<00:21:01.740> actors<00:21:02.280> you<00:21:02.640> know<00:21:02.700> like<00:21:02.940> North 00:21:03.169 --> 00:21:03.179 align:start position:0% state level actors you know like North 00:21:03.179 --> 00:21:06.350 align:start position:0% state level actors you know like North Korea's<00:21:03.660> Lazarus<00:21:04.620> group<00:21:04.799> they<00:21:05.520> are<00:21:05.820> trying<00:21:06.179> to 00:21:06.350 --> 00:21:06.360 align:start position:0% Korea's Lazarus group they are trying to 00:21:06.360 --> 00:21:09.049 align:start position:0% Korea's Lazarus group they are trying to insert<00:21:06.780> employees<00:21:07.260> into<00:21:07.500> your<00:21:07.740> company<00:21:08.059> they 00:21:09.049 --> 00:21:09.059 align:start position:0% insert employees into your company they 00:21:09.059 --> 00:21:11.750 align:start position:0% insert employees into your company they are<00:21:09.360> you<00:21:09.780> know<00:21:09.900> uh<00:21:10.740> doing<00:21:11.039> supply<00:21:11.520> chain 00:21:11.750 --> 00:21:11.760 align:start position:0% are you know uh doing supply chain 00:21:11.760 --> 00:21:14.510 align:start position:0% are you know uh doing supply chain attacks<00:21:12.299> where<00:21:12.480> you<00:21:13.020> know<00:21:13.140> introducing<00:21:13.740> uh 00:21:14.510 --> 00:21:14.520 align:start position:0% attacks where you know introducing uh 00:21:14.520 --> 00:21:16.549 align:start position:0% attacks where you know introducing uh vulnerabilities<00:21:15.059> like<00:21:15.419> deep<00:21:15.720> down<00:21:15.960> into<00:21:16.260> your 00:21:16.549 --> 00:21:16.559 align:start position:0% vulnerabilities like deep down into your 00:21:16.559 --> 00:21:19.789 align:start position:0% vulnerabilities like deep down into your software<00:21:16.980> uh<00:21:17.460> stack<00:21:17.820> so<00:21:18.480> you<00:21:18.900> know<00:21:18.960> in<00:21:19.620> terms 00:21:19.789 --> 00:21:19.799 align:start position:0% software uh stack so you know in terms 00:21:19.799 --> 00:21:22.310 align:start position:0% software uh stack so you know in terms of<00:21:19.860> trust<00:21:20.160> model<00:21:20.340> it's<00:21:21.299> just<00:21:21.419> you<00:21:21.840> really<00:21:21.960> want 00:21:22.310 --> 00:21:22.320 align:start position:0% of trust model it's just you really want 00:21:22.320 --> 00:21:24.190 align:start position:0% of trust model it's just you really want to<00:21:22.620> rely<00:21:23.039> on<00:21:23.220> the<00:21:23.340> smart<00:21:23.460> contracts 00:21:24.190 --> 00:21:24.200 align:start position:0% to rely on the smart contracts 00:21:24.200 --> 00:21:27.110 align:start position:0% to rely on the smart contracts themselves<00:21:25.200> for<00:21:25.620> your<00:21:26.100> security 00:21:27.110 --> 00:21:27.120 align:start position:0% themselves for your security 00:21:27.120 --> 00:21:29.510 align:start position:0% themselves for your security yeah<00:21:27.720> like<00:21:28.020> I<00:21:28.200> mean<00:21:28.500> again<00:21:28.620> let's<00:21:28.919> emphasize 00:21:29.510 --> 00:21:29.520 align:start position:0% yeah like I mean again let's emphasize 00:21:29.520 --> 00:21:31.669 align:start position:0% yeah like I mean again let's emphasize the<00:21:29.880> trustlessness<00:21:30.480> and<00:21:30.900> permissionlessness 00:21:31.669 --> 00:21:31.679 align:start position:0% the trustlessness and permissionlessness 00:21:31.679 --> 00:21:34.789 align:start position:0% the trustlessness and permissionlessness are<00:21:32.640> like<00:21:32.940> they're<00:21:33.659> not<00:21:34.020> really<00:21:34.260> features 00:21:34.789 --> 00:21:34.799 align:start position:0% are like they're not really features 00:21:34.799 --> 00:21:37.010 align:start position:0% are like they're not really features they're<00:21:35.039> requirements<00:21:35.820> ultimately<00:21:36.360> and 00:21:37.010 --> 00:21:37.020 align:start position:0% they're requirements ultimately and 00:21:37.020 --> 00:21:38.750 align:start position:0% they're requirements ultimately and again<00:21:37.200> if<00:21:37.559> if<00:21:38.100> you<00:21:38.280> just<00:21:38.340> want<00:21:38.460> to<00:21:38.580> trust 00:21:38.750 --> 00:21:38.760 align:start position:0% again if if you just want to trust 00:21:38.760 --> 00:21:40.250 align:start position:0% again if if you just want to trust somebody<00:21:38.880> then<00:21:39.120> like<00:21:39.360> you<00:21:39.720> don't<00:21:39.840> need<00:21:40.080> a 00:21:40.250 --> 00:21:40.260 align:start position:0% somebody then like you don't need a 00:21:40.260 --> 00:21:41.870 align:start position:0% somebody then like you don't need a bridge<00:21:40.380> you<00:21:40.620> just<00:21:40.860> use<00:21:40.980> binance<00:21:41.520> as<00:21:41.700> your 00:21:41.870 --> 00:21:41.880 align:start position:0% bridge you just use binance as your 00:21:41.880 --> 00:21:44.570 align:start position:0% bridge you just use binance as your Bridge<00:21:42.000> right<00:21:42.419> and<00:21:42.840> like<00:21:43.200> fine<00:21:43.919> my<00:21:44.460> favorite 00:21:44.570 --> 00:21:44.580 align:start position:0% Bridge right and like fine my favorite 00:21:44.580 --> 00:21:47.630 align:start position:0% Bridge right and like fine my favorite bridges<00:21:45.000> coinbase<00:21:45.419> yeah<00:21:45.799> it<00:21:46.799> look<00:21:47.159> works 00:21:47.630 --> 00:21:47.640 align:start position:0% bridges coinbase yeah it look works 00:21:47.640 --> 00:21:49.130 align:start position:0% bridges coinbase yeah it look works right<00:21:47.760> if<00:21:47.940> that's<00:21:48.059> what<00:21:48.240> you<00:21:48.299> want<00:21:48.480> right<00:21:48.720> and 00:21:49.130 --> 00:21:49.140 align:start position:0% right if that's what you want right and 00:21:49.140 --> 00:21:51.590 align:start position:0% right if that's what you want right and I<00:21:49.799> think<00:21:49.919> the<00:21:50.100> the<00:21:50.280> other<00:21:50.520> angle<00:21:51.179> to<00:21:51.299> look<00:21:51.480> at 00:21:51.590 --> 00:21:51.600 align:start position:0% I think the the other angle to look at 00:21:51.600 --> 00:21:53.990 align:start position:0% I think the the other angle to look at this<00:21:51.720> too<00:21:51.900> from<00:21:52.200> the<00:21:52.380> multi-sig<00:21:52.919> angle<00:21:53.340> is 00:21:53.990 --> 00:21:54.000 align:start position:0% this too from the multi-sig angle is 00:21:54.000 --> 00:21:55.549 align:start position:0% this too from the multi-sig angle is also<00:21:54.360> censorship 00:21:55.549 --> 00:21:55.559 align:start position:0% also censorship 00:21:55.559 --> 00:21:58.070 align:start position:0% also censorship um<00:21:55.679> and<00:21:56.039> Regulatory<00:21:56.820> issues<00:21:57.240> and<00:21:57.539> like<00:21:57.720> wait 00:21:58.070 --> 00:21:58.080 align:start position:0% um and Regulatory issues and like wait 00:21:58.080 --> 00:21:59.750 align:start position:0% um and Regulatory issues and like wait can<00:21:58.440> that<00:21:58.679> bridge<00:21:58.860> even<00:21:59.159> get<00:21:59.340> shut<00:21:59.520> down 00:21:59.750 --> 00:21:59.760 align:start position:0% can that bridge even get shut down 00:21:59.760 --> 00:22:02.330 align:start position:0% can that bridge even get shut down because<00:22:00.240> someone<00:22:01.080> says<00:22:01.440> Hey<00:22:01.679> a<00:22:02.159> government 00:22:02.330 --> 00:22:02.340 align:start position:0% because someone says Hey a government 00:22:02.340 --> 00:22:04.490 align:start position:0% because someone says Hey a government says<00:22:02.640> hey<00:22:02.760> don't<00:22:02.940> do<00:22:03.059> this<00:22:03.179> anymore<00:22:03.360> you<00:22:04.200> know 00:22:04.490 --> 00:22:04.500 align:start position:0% says hey don't do this anymore you know 00:22:04.500 --> 00:22:06.950 align:start position:0% says hey don't do this anymore you know yeah<00:22:05.039> I<00:22:05.220> think<00:22:05.340> as<00:22:05.640> the<00:22:05.940> regulatory<00:22:06.419> landscape 00:22:06.950 --> 00:22:06.960 align:start position:0% yeah I think as the regulatory landscape 00:22:06.960 --> 00:22:10.430 align:start position:0% yeah I think as the regulatory landscape gets<00:22:07.740> more<00:22:08.100> and<00:22:08.220> more<00:22:08.520> like<00:22:09.120> strict<00:22:09.780> having 00:22:10.430 --> 00:22:10.440 align:start position:0% gets more and more like strict having 00:22:10.440 --> 00:22:12.649 align:start position:0% gets more and more like strict having the<00:22:10.679> multi-sig<00:22:11.220> is<00:22:11.460> going<00:22:11.760> to<00:22:11.940> really<00:22:12.360> be 00:22:12.649 --> 00:22:12.659 align:start position:0% the multi-sig is going to really be 00:22:12.659 --> 00:22:14.270 align:start position:0% the multi-sig is going to really be tough<00:22:12.960> just<00:22:13.380> from<00:22:13.559> like<00:22:13.679> a<00:22:13.860> regulatory 00:22:14.270 --> 00:22:14.280 align:start position:0% tough just from like a regulatory 00:22:14.280 --> 00:22:16.250 align:start position:0% tough just from like a regulatory perspective<00:22:14.700> and<00:22:14.940> I<00:22:15.120> think<00:22:15.240> that's<00:22:15.780> why<00:22:16.020> like 00:22:16.250 --> 00:22:16.260 align:start position:0% perspective and I think that's why like 00:22:16.260 --> 00:22:18.649 align:start position:0% perspective and I think that's why like the<00:22:16.500> snark<00:22:16.799> approach<00:22:17.280> or<00:22:17.760> this<00:22:18.000> proof-based 00:22:18.649 --> 00:22:18.659 align:start position:0% the snark approach or this proof-based 00:22:18.659 --> 00:22:20.450 align:start position:0% the snark approach or this proof-based approach<00:22:18.900> where<00:22:19.140> it's<00:22:19.320> like<00:22:19.559> for<00:22:20.039> these<00:22:20.340> like 00:22:20.450 --> 00:22:20.460 align:start position:0% approach where it's like for these like 00:22:20.460 --> 00:22:22.010 align:start position:0% approach where it's like for these like clients<00:22:20.820> you<00:22:21.059> know<00:22:21.120> theoretically<00:22:21.539> anyone 00:22:22.010 --> 00:22:22.020 align:start position:0% clients you know theoretically anyone 00:22:22.020 --> 00:22:23.810 align:start position:0% clients you know theoretically anyone can<00:22:22.200> generate<00:22:22.500> the<00:22:22.679> proof<00:22:22.980> anyone<00:22:23.400> can<00:22:23.580> send 00:22:23.810 --> 00:22:23.820 align:start position:0% can generate the proof anyone can send 00:22:23.820 --> 00:22:25.370 align:start position:0% can generate the proof anyone can send the<00:22:24.000> proof<00:22:24.299> to<00:22:24.419> the<00:22:24.539> smart<00:22:24.720> contract<00:22:25.080> on<00:22:25.260> the 00:22:25.370 --> 00:22:25.380 align:start position:0% the proof to the smart contract on the 00:22:25.380 --> 00:22:27.470 align:start position:0% the proof to the smart contract on the other<00:22:25.620> side<00:22:25.860> anyone<00:22:26.640> can<00:22:26.760> relay<00:22:27.059> a<00:22:27.299> message 00:22:27.470 --> 00:22:27.480 align:start position:0% other side anyone can relay a message 00:22:27.480 --> 00:22:29.270 align:start position:0% other side anyone can relay a message and<00:22:27.840> it's<00:22:27.960> like<00:22:28.140> truly<00:22:28.440> uncensorable<00:22:29.039> it's 00:22:29.270 --> 00:22:29.280 align:start position:0% and it's like truly uncensorable it's 00:22:29.280 --> 00:22:30.590 align:start position:0% and it's like truly uncensorable it's like<00:22:29.460> we're<00:22:29.640> going<00:22:29.940> to<00:22:30.059> be<00:22:30.240> very<00:22:30.419> very 00:22:30.590 --> 00:22:30.600 align:start position:0% like we're going to be very very 00:22:30.600 --> 00:22:33.110 align:start position:0% like we're going to be very very important<00:22:31.080> remember<00:22:31.679> one<00:22:32.460> thing<00:22:32.640> one<00:22:33.000> thing 00:22:33.110 --> 00:22:33.120 align:start position:0% important remember one thing one thing 00:22:33.120 --> 00:22:34.610 align:start position:0% important remember one thing one thing you<00:22:33.299> said<00:22:33.419> earlier<00:22:33.720> was<00:22:33.960> that<00:22:34.140> your<00:22:34.380> approach 00:22:34.610 --> 00:22:34.620 align:start position:0% you said earlier was that your approach 00:22:34.620 --> 00:22:36.289 align:start position:0% you said earlier was that your approach is<00:22:34.740> trust<00:22:35.039> minimized<00:22:35.580> but<00:22:35.940> I'm<00:22:36.120> kind<00:22:36.240> of 00:22:36.289 --> 00:22:36.299 align:start position:0% is trust minimized but I'm kind of 00:22:36.299 --> 00:22:37.430 align:start position:0% is trust minimized but I'm kind of curious<00:22:36.480> why<00:22:36.659> you<00:22:36.780> said<00:22:36.900> that<00:22:37.080> and<00:22:37.200> not 00:22:37.430 --> 00:22:37.440 align:start position:0% curious why you said that and not 00:22:37.440 --> 00:22:39.289 align:start position:0% curious why you said that and not trustless<00:22:37.860> because<00:22:38.340> it<00:22:38.640> does<00:22:38.820> seem 00:22:39.289 --> 00:22:39.299 align:start position:0% trustless because it does seem 00:22:39.299 --> 00:22:42.350 align:start position:0% trustless because it does seem conceptually<00:22:39.840> trustless<00:22:40.799> to<00:22:41.159> me<00:22:41.340> yeah<00:22:42.179> I 00:22:42.350 --> 00:22:42.360 align:start position:0% conceptually trustless to me yeah I 00:22:42.360 --> 00:22:44.570 align:start position:0% conceptually trustless to me yeah I think<00:22:42.539> trustless<00:22:43.080> is<00:22:43.500> like<00:22:43.679> a<00:22:43.919> really<00:22:44.100> strong 00:22:44.570 --> 00:22:44.580 align:start position:0% think trustless is like a really strong 00:22:44.580 --> 00:22:46.370 align:start position:0% think trustless is like a really strong term<00:22:45.000> and<00:22:45.360> a<00:22:45.480> lot<00:22:45.600> of<00:22:45.720> people<00:22:45.780> have<00:22:45.960> a<00:22:46.140> lot<00:22:46.260> of 00:22:46.370 --> 00:22:46.380 align:start position:0% term and a lot of people have a lot of 00:22:46.380 --> 00:22:49.070 align:start position:0% term and a lot of people have a lot of feelings<00:22:46.679> about<00:22:46.980> it<00:22:47.220> uh<00:22:47.700> so<00:22:47.940> yeah<00:22:48.539> we<00:22:48.840> try<00:22:48.960> to 00:22:49.070 --> 00:22:49.080 align:start position:0% feelings about it uh so yeah we try to 00:22:49.080 --> 00:22:51.169 align:start position:0% feelings about it uh so yeah we try to be<00:22:49.200> aware<00:22:49.440> of<00:22:49.620> that<00:22:49.799> I<00:22:50.400> think<00:22:50.520> it's<00:22:50.880> trust 00:22:51.169 --> 00:22:51.179 align:start position:0% be aware of that I think it's trust 00:22:51.179 --> 00:22:52.909 align:start position:0% be aware of that I think it's trust minimized<00:22:51.720> because<00:22:51.900> ultimately<00:22:52.500> you're 00:22:52.909 --> 00:22:52.919 align:start position:0% minimized because ultimately you're 00:22:52.919 --> 00:22:54.770 align:start position:0% minimized because ultimately you're still<00:22:53.159> trusting<00:22:53.700> the<00:22:54.000> consensus<00:22:54.480> of<00:22:54.659> the 00:22:54.770 --> 00:22:54.780 align:start position:0% still trusting the consensus of the 00:22:54.780 --> 00:22:56.930 align:start position:0% still trusting the consensus of the other<00:22:54.960> chains<00:22:55.440> so<00:22:55.620> for<00:22:55.740> example<00:22:56.039> if<00:22:56.640> you<00:22:56.820> know 00:22:56.930 --> 00:22:56.940 align:start position:0% other chains so for example if you know 00:22:56.940 --> 00:22:58.909 align:start position:0% other chains so for example if you know okay<00:22:57.059> ethereum<00:22:57.659> has<00:22:58.080> really<00:22:58.320> good<00:22:58.620> security 00:22:58.909 --> 00:22:58.919 align:start position:0% okay ethereum has really good security 00:22:58.919 --> 00:23:00.830 align:start position:0% okay ethereum has really good security Economic<00:22:59.640> Security<00:22:59.820> but<00:23:00.179> say<00:23:00.360> I'm<00:23:00.480> bridging 00:23:00.830 --> 00:23:00.840 align:start position:0% Economic Security but say I'm bridging 00:23:00.840 --> 00:23:02.450 align:start position:0% Economic Security but say I'm bridging from<00:23:01.080> another<00:23:01.260> chain<00:23:01.500> back<00:23:01.799> into<00:23:01.980> ethereum 00:23:02.450 --> 00:23:02.460 align:start position:0% from another chain back into ethereum 00:23:02.460 --> 00:23:04.190 align:start position:0% from another chain back into ethereum and<00:23:02.760> say<00:23:02.940> that<00:23:03.059> chain<00:23:03.240> only<00:23:03.480> has<00:23:03.780> you<00:23:04.020> know<00:23:04.080> 10 00:23:04.190 --> 00:23:04.200 align:start position:0% and say that chain only has you know 10 00:23:04.200 --> 00:23:06.830 align:start position:0% and say that chain only has you know 10 million<00:23:04.440> dollars<00:23:04.980> of<00:23:05.100> Economic<00:23:05.460> Security<00:23:05.840> uh 00:23:06.830 --> 00:23:06.840 align:start position:0% million dollars of Economic Security uh 00:23:06.840 --> 00:23:09.110 align:start position:0% million dollars of Economic Security uh I<00:23:07.020> think<00:23:07.260> it's<00:23:07.740> you<00:23:08.039> know<00:23:08.220> it's<00:23:08.460> not<00:23:08.640> trustless 00:23:09.110 --> 00:23:09.120 align:start position:0% I think it's you know it's not trustless 00:23:09.120 --> 00:23:10.549 align:start position:0% I think it's you know it's not trustless you're<00:23:09.419> still<00:23:09.600> trusting<00:23:09.900> the<00:23:10.020> other<00:23:10.200> chains 00:23:10.549 --> 00:23:10.559 align:start position:0% you're still trusting the other chains 00:23:10.559 --> 00:23:13.250 align:start position:0% you're still trusting the other chains of<00:23:10.679> validators<00:23:11.580> um 00:23:13.250 --> 00:23:13.260 align:start position:0% of validators um 00:23:13.260 --> 00:23:15.110 align:start position:0% of validators um fair<00:23:13.620> enough<00:23:13.799> so<00:23:14.039> essentially<00:23:14.400> kind<00:23:14.580> of<00:23:14.700> the 00:23:15.110 --> 00:23:15.120 align:start position:0% fair enough so essentially kind of the 00:23:15.120 --> 00:23:17.330 align:start position:0% fair enough so essentially kind of the way<00:23:15.299> I<00:23:15.480> can<00:23:15.659> summarize<00:23:16.200> this<00:23:16.559> latter<00:23:16.860> part<00:23:17.100> of 00:23:17.330 --> 00:23:17.340 align:start position:0% way I can summarize this latter part of 00:23:17.340 --> 00:23:19.310 align:start position:0% way I can summarize this latter part of the<00:23:17.460> panel<00:23:17.760> is<00:23:18.059> that<00:23:18.299> like<00:23:18.780> smart<00:23:18.960> contract 00:23:19.310 --> 00:23:19.320 align:start position:0% the panel is that like smart contract 00:23:19.320 --> 00:23:20.810 align:start position:0% the panel is that like smart contract security<00:23:19.559> anything<00:23:19.860> that's<00:23:20.159> unsafe<00:23:20.460> is<00:23:20.580> just 00:23:20.810 --> 00:23:20.820 align:start position:0% security anything that's unsafe is just 00:23:20.820 --> 00:23:23.210 align:start position:0% security anything that's unsafe is just cope<00:23:21.059> right<00:23:21.780> like<00:23:22.320> you<00:23:22.559> are<00:23:22.679> like<00:23:22.860> if<00:23:23.039> you're 00:23:23.210 --> 00:23:23.220 align:start position:0% cope right like you are like if you're 00:23:23.220 --> 00:23:24.169 align:start position:0% cope right like you are like if you're just<00:23:23.340> you're<00:23:23.520> just<00:23:23.640> not<00:23:23.760> you're<00:23:23.940> just<00:23:24.059> doing 00:23:24.169 --> 00:23:24.179 align:start position:0% just you're just not you're just doing 00:23:24.179 --> 00:23:26.450 align:start position:0% just you're just not you're just doing it<00:23:24.360> wrong<00:23:24.539> if<00:23:24.960> you<00:23:25.140> just<00:23:25.380> like<00:23:25.559> have<00:23:25.860> I<00:23:26.340> mean 00:23:26.450 --> 00:23:26.460 align:start position:0% it wrong if you just like have I mean 00:23:26.460 --> 00:23:28.130 align:start position:0% it wrong if you just like have I mean right<00:23:27.059> like<00:23:27.360> you<00:23:27.539> were<00:23:27.659> mentioning<00:23:27.960> right 00:23:28.130 --> 00:23:28.140 align:start position:0% right like you were mentioning right 00:23:28.140 --> 00:23:30.049 align:start position:0% right like you were mentioning right maker<00:23:28.500> Dao<00:23:28.799> is<00:23:28.919> like<00:23:29.159> this<00:23:29.400> massive<00:23:29.700> set<00:23:29.880> of 00:23:30.049 --> 00:23:30.059 align:start position:0% maker Dao is like this massive set of 00:23:30.059 --> 00:23:31.909 align:start position:0% maker Dao is like this massive set of contracts<00:23:30.600> and<00:23:30.840> like<00:23:31.020> I<00:23:31.260> don't<00:23:31.320> know<00:23:31.440> has<00:23:31.799> it 00:23:31.909 --> 00:23:31.919 align:start position:0% contracts and like I don't know has it 00:23:31.919 --> 00:23:34.250 align:start position:0% contracts and like I don't know has it been<00:23:32.039> hacked<00:23:32.340> as<00:23:32.400> far<00:23:32.520> as<00:23:32.640> I<00:23:32.760> know<00:23:32.880> no<00:23:33.000> like<00:23:33.419> so 00:23:34.250 --> 00:23:34.260 align:start position:0% been hacked as far as I know no like so 00:23:34.260 --> 00:23:36.470 align:start position:0% been hacked as far as I know no like so I<00:23:34.919> mean<00:23:35.039> what<00:23:35.520> is<00:23:35.820> your<00:23:35.940> perspective<00:23:36.240> on<00:23:36.360> this 00:23:36.470 --> 00:23:36.480 align:start position:0% I mean what is your perspective on this 00:23:36.480 --> 00:23:37.850 align:start position:0% I mean what is your perspective on this like<00:23:36.600> how<00:23:36.780> do<00:23:37.020> you<00:23:37.140> make<00:23:37.260> smart<00:23:37.440> contracts 00:23:37.850 --> 00:23:37.860 align:start position:0% like how do you make smart contracts 00:23:37.860 --> 00:23:40.010 align:start position:0% like how do you make smart contracts secure<00:23:38.159> more<00:23:38.400> generally<00:23:38.700> I<00:23:39.240> asked<00:23:39.600> this 00:23:40.010 --> 00:23:40.020 align:start position:0% secure more generally I asked this 00:23:40.020 --> 00:23:40.909 align:start position:0% secure more generally I asked this question<00:23:40.140> so<00:23:40.260> I'm<00:23:40.380> going<00:23:40.500> to<00:23:40.559> put<00:23:40.620> you<00:23:40.740> under 00:23:40.909 --> 00:23:40.919 align:start position:0% question so I'm going to put you under 00:23:40.919 --> 00:23:41.990 align:start position:0% question so I'm going to put you under that 00:23:41.990 --> 00:23:42.000 align:start position:0% that 00:23:42.000 --> 00:23:44.450 align:start position:0% that um<00:23:42.120> but<00:23:42.360> sorry<00:23:42.539> it's<00:23:42.840> just<00:23:43.020> happening<00:23:43.380> sure<00:23:43.799> no 00:23:44.450 --> 00:23:44.460 align:start position:0% um but sorry it's just happening sure no 00:23:44.460 --> 00:23:46.970 align:start position:0% um but sorry it's just happening sure no um so<00:23:44.880> actually<00:23:45.000> so<00:23:45.419> the<00:23:45.600> most<00:23:46.200> num<00:23:46.559> in<00:23:46.860> terms 00:23:46.970 --> 00:23:46.980 align:start position:0% um so actually so the most num in terms 00:23:46.980 --> 00:23:49.130 align:start position:0% um so actually so the most num in terms of<00:23:47.100> number<00:23:47.340> of<00:23:47.580> bridge<00:23:47.700> hacks<00:23:48.179> has<00:23:48.360> uh<00:23:48.960> been 00:23:49.130 --> 00:23:49.140 align:start position:0% of number of bridge hacks has uh been 00:23:49.140 --> 00:23:50.450 align:start position:0% of number of bridge hacks has uh been just<00:23:49.440> regular<00:23:49.740> smart<00:23:50.039> contract 00:23:50.450 --> 00:23:50.460 align:start position:0% just regular smart contract 00:23:50.460 --> 00:23:52.610 align:start position:0% just regular smart contract vulnerabilities<00:23:51.059> and<00:23:51.600> yeah<00:23:51.960> there<00:23:52.260> is<00:23:52.380> no 00:23:52.610 --> 00:23:52.620 align:start position:0% vulnerabilities and yeah there is no 00:23:52.620 --> 00:23:55.190 align:start position:0% vulnerabilities and yeah there is no reason<00:23:52.860> for<00:23:53.280> these<00:23:53.580> vulnerabilities<00:23:54.179> to<00:23:54.780> be 00:23:55.190 --> 00:23:55.200 align:start position:0% reason for these vulnerabilities to be 00:23:55.200 --> 00:23:56.930 align:start position:0% reason for these vulnerabilities to be Bridge<00:23:55.440> specific<00:23:55.919> you<00:23:56.400> know<00:23:56.460> a<00:23:56.580> lot<00:23:56.700> of<00:23:56.820> them 00:23:56.930 --> 00:23:56.940 align:start position:0% Bridge specific you know a lot of them 00:23:56.940 --> 00:23:59.750 align:start position:0% Bridge specific you know a lot of them are<00:23:57.299> signature<00:23:58.260> based<00:23:58.980> um<00:23:59.100> or<00:23:59.400> some<00:23:59.520> of<00:23:59.640> them 00:23:59.750 --> 00:23:59.760 align:start position:0% are signature based um or some of them 00:23:59.760 --> 00:24:01.610 align:start position:0% are signature based um or some of them are<00:24:00.000> just<00:24:00.179> you<00:24:00.480> know<00:24:00.539> regular<00:24:00.900> smart<00:24:01.200> contract 00:24:01.610 --> 00:24:01.620 align:start position:0% are just you know regular smart contract 00:24:01.620 --> 00:24:04.130 align:start position:0% are just you know regular smart contract bugs<00:24:01.980> and<00:24:02.700> so<00:24:02.880> when<00:24:03.059> when<00:24:03.240> we<00:24:03.539> design<00:24:03.720> smart 00:24:04.130 --> 00:24:04.140 align:start position:0% bugs and so when when we design smart 00:24:04.140 --> 00:24:06.350 align:start position:0% bugs and so when when we design smart contracts<00:24:04.620> we<00:24:04.860> design<00:24:04.980> them<00:24:05.280> in<00:24:05.520> a<00:24:05.640> way<00:24:05.760> that 00:24:06.350 --> 00:24:06.360 align:start position:0% contracts we design them in a way that 00:24:06.360 --> 00:24:09.529 align:start position:0% contracts we design them in a way that makes<00:24:06.659> it<00:24:06.840> easier<00:24:07.200> easy<00:24:07.799> for<00:24:08.340> an<00:24:08.520> auditor<00:24:09.120> to 00:24:09.529 --> 00:24:09.539 align:start position:0% makes it easier easy for an auditor to 00:24:09.539 --> 00:24:12.770 align:start position:0% makes it easier easy for an auditor to look<00:24:10.020> at<00:24:10.200> the<00:24:10.380> code<00:24:10.500> and<00:24:11.220> uh<00:24:11.880> verify<00:24:12.419> our 00:24:12.770 --> 00:24:12.780 align:start position:0% look at the code and uh verify our 00:24:12.780 --> 00:24:14.930 align:start position:0% look at the code and uh verify our security<00:24:13.200> variants<00:24:13.860> so<00:24:14.159> you<00:24:14.460> know<00:24:14.520> these 00:24:14.930 --> 00:24:14.940 align:start position:0% security variants so you know these 00:24:14.940 --> 00:24:17.390 align:start position:0% security variants so you know these security<00:24:15.179> and<00:24:15.539> variants<00:24:15.840> are<00:24:16.200> you<00:24:16.620> know<00:24:16.740> if<00:24:17.159> if 00:24:17.390 --> 00:24:17.400 align:start position:0% security and variants are you know if if 00:24:17.400 --> 00:24:19.909 align:start position:0% security and variants are you know if if a<00:24:17.640> token<00:24:18.600> um<00:24:18.720> kind<00:24:19.020> of<00:24:19.080> like<00:24:19.320> starts<00:24:19.799> a 00:24:19.909 --> 00:24:19.919 align:start position:0% a token um kind of like starts a 00:24:19.919 --> 00:24:21.890 align:start position:0% a token um kind of like starts a transfer<00:24:20.340> here<00:24:20.520> is<00:24:21.179> it<00:24:21.299> going<00:24:21.539> to<00:24:21.659> be 00:24:21.890 --> 00:24:21.900 align:start position:0% transfer here is it going to be 00:24:21.900 --> 00:24:23.810 align:start position:0% transfer here is it going to be completed<00:24:22.260> here<00:24:22.500> can<00:24:22.919> you<00:24:23.340> know<00:24:23.400> multiple 00:24:23.810 --> 00:24:23.820 align:start position:0% completed here can you know multiple 00:24:23.820 --> 00:24:26.330 align:start position:0% completed here can you know multiple completions<00:24:24.299> happen<00:24:24.600> at<00:24:24.900> the<00:24:25.080> destination<00:24:25.559> uh 00:24:26.330 --> 00:24:26.340 align:start position:0% completions happen at the destination uh 00:24:26.340 --> 00:24:28.190 align:start position:0% completions happen at the destination uh is<00:24:26.520> there<00:24:26.700> some<00:24:26.880> other<00:24:27.059> way<00:24:27.299> for<00:24:27.659> for<00:24:27.960> someone 00:24:28.190 --> 00:24:28.200 align:start position:0% is there some other way for for someone 00:24:28.200 --> 00:24:30.710 align:start position:0% is there some other way for for someone to<00:24:28.559> kind<00:24:28.679> of<00:24:28.799> like<00:24:29.100> extract<00:24:29.880> value<00:24:30.179> from<00:24:30.600> the 00:24:30.710 --> 00:24:30.720 align:start position:0% to kind of like extract value from the 00:24:30.720 --> 00:24:31.610 align:start position:0% to kind of like extract value from the bridge 00:24:31.610 --> 00:24:31.620 align:start position:0% bridge 00:24:31.620 --> 00:24:33.850 align:start position:0% bridge um<00:24:31.679> and<00:24:31.980> so<00:24:32.100> if<00:24:32.280> we<00:24:32.640> can<00:24:32.820> you<00:24:33.059> know<00:24:33.179> basically 00:24:33.850 --> 00:24:33.860 align:start position:0% um and so if we can you know basically 00:24:33.860 --> 00:24:36.950 align:start position:0% um and so if we can you know basically uh<00:24:34.860> make<00:24:35.340> it<00:24:35.460> as<00:24:35.640> simple<00:24:35.820> as<00:24:36.059> possible<00:24:36.360> to<00:24:36.720> to 00:24:36.950 --> 00:24:36.960 align:start position:0% uh make it as simple as possible to to 00:24:36.960 --> 00:24:39.409 align:start position:0% uh make it as simple as possible to to uh<00:24:37.559> verify<00:24:38.039> those<00:24:38.280> things<00:24:38.400> the<00:24:38.820> the<00:24:38.940> easier<00:24:39.299> it 00:24:39.409 --> 00:24:39.419 align:start position:0% uh verify those things the the easier it 00:24:39.419 --> 00:24:41.270 align:start position:0% uh verify those things the the easier it is<00:24:39.539> for<00:24:39.780> Auditors<00:24:40.260> to<00:24:40.620> kind<00:24:40.799> of<00:24:40.860> catch<00:24:41.159> any 00:24:41.270 --> 00:24:41.280 align:start position:0% is for Auditors to kind of catch any 00:24:41.280 --> 00:24:43.850 align:start position:0% is for Auditors to kind of catch any bugs<00:24:41.700> that<00:24:41.880> might<00:24:42.299> show<00:24:42.539> up<00:24:42.720> essentially<00:24:43.620> like 00:24:43.850 --> 00:24:43.860 align:start position:0% bugs that might show up essentially like 00:24:43.860 --> 00:24:45.830 align:start position:0% bugs that might show up essentially like what<00:24:44.159> you're<00:24:44.280> proposing<00:24:44.700> is 00:24:45.830 --> 00:24:45.840 align:start position:0% what you're proposing is 00:24:45.840 --> 00:24:47.810 align:start position:0% what you're proposing is well<00:24:46.320> simplification<00:24:46.919> for<00:24:47.220> sure<00:24:47.340> but<00:24:47.640> also 00:24:47.810 --> 00:24:47.820 align:start position:0% well simplification for sure but also 00:24:47.820 --> 00:24:50.510 align:start position:0% well simplification for sure but also some<00:24:48.000> notion<00:24:48.299> of<00:24:48.419> formal<00:24:48.659> verification<00:24:49.340> or<00:24:50.340> is 00:24:50.510 --> 00:24:50.520 align:start position:0% some notion of formal verification or is 00:24:50.520 --> 00:24:52.610 align:start position:0% some notion of formal verification or is that<00:24:50.700> not<00:24:50.880> actually<00:24:51.240> it<00:24:51.539> I<00:24:52.080> think<00:24:52.440> there's 00:24:52.610 --> 00:24:52.620 align:start position:0% that not actually it I think there's 00:24:52.620 --> 00:24:55.430 align:start position:0% that not actually it I think there's cheaper<00:24:53.039> ways<00:24:53.460> or<00:24:54.120> more<00:24:54.539> cost<00:24:54.720> effective<00:24:55.140> ways 00:24:55.430 --> 00:24:55.440 align:start position:0% cheaper ways or more cost effective ways 00:24:55.440 --> 00:24:57.289 align:start position:0% cheaper ways or more cost effective ways to<00:24:55.620> to<00:24:55.799> get<00:24:55.980> security<00:24:56.159> than<00:24:56.580> than<00:24:56.700> formal 00:24:57.289 --> 00:24:57.299 align:start position:0% to to get security than than formal 00:24:57.299 --> 00:24:58.850 align:start position:0% to to get security than than formal verification<00:24:57.780> okay<00:24:58.140> and<00:24:58.320> I<00:24:58.440> guess<00:24:58.559> as<00:24:58.679> a 00:24:58.850 --> 00:24:58.860 align:start position:0% verification okay and I guess as a 00:24:58.860 --> 00:25:00.049 align:start position:0% verification okay and I guess as a follow-up<00:24:59.100> question<00:24:59.340> what<00:24:59.640> does<00:24:59.760> it<00:24:59.940> feel 00:25:00.049 --> 00:25:00.059 align:start position:0% follow-up question what does it feel 00:25:00.059 --> 00:25:01.730 align:start position:0% follow-up question what does it feel like<00:25:00.240> every<00:25:00.659> bridge<00:25:00.960> has<00:25:01.200> been<00:25:01.320> hacked<00:25:01.620> and 00:25:01.730 --> 00:25:01.740 align:start position:0% like every bridge has been hacked and 00:25:01.740 --> 00:25:03.289 align:start position:0% like every bridge has been hacked and not<00:25:01.919> like<00:25:02.100> every<00:25:02.280> smart<00:25:02.460> D5<00:25:02.820> contract<00:25:03.179> has 00:25:03.289 --> 00:25:03.299 align:start position:0% not like every smart D5 contract has 00:25:03.299 --> 00:25:05.149 align:start position:0% not like every smart D5 contract has been<00:25:03.480> hacked<00:25:04.260> is<00:25:04.620> it<00:25:04.740> just<00:25:04.860> like<00:25:04.980> a<00:25:05.039> bridge 00:25:05.149 --> 00:25:05.159 align:start position:0% been hacked is it just like a bridge 00:25:05.159 --> 00:25:06.409 align:start position:0% been hacked is it just like a bridge specific<00:25:05.520> thing<00:25:05.700> is<00:25:05.820> it<00:25:05.940> just<00:25:06.059> like<00:25:06.179> everyone 00:25:06.409 --> 00:25:06.419 align:start position:0% specific thing is it just like everyone 00:25:06.419 --> 00:25:08.029 align:start position:0% specific thing is it just like everyone decides<00:25:07.080> to<00:25:07.200> hop<00:25:07.320> on<00:25:07.500> a<00:25:07.620> bridge<00:25:07.740> and<00:25:07.860> be<00:25:07.980> like 00:25:08.029 --> 00:25:08.039 align:start position:0% decides to hop on a bridge and be like 00:25:08.039 --> 00:25:09.110 align:start position:0% decides to hop on a bridge and be like oh<00:25:08.159> this<00:25:08.340> is<00:25:08.400> cool<00:25:08.580> like<00:25:08.820> we're<00:25:08.940> just<00:25:09.059> gonna 00:25:09.110 --> 00:25:09.120 align:start position:0% oh this is cool like we're just gonna 00:25:09.120 --> 00:25:10.549 align:start position:0% oh this is cool like we're just gonna like<00:25:09.299> put<00:25:09.539> a<00:25:09.720> lot<00:25:09.780> of<00:25:09.840> money<00:25:10.020> in<00:25:10.200> here<00:25:10.320> like 00:25:10.549 --> 00:25:10.559 align:start position:0% like put a lot of money in here like 00:25:10.559 --> 00:25:12.289 align:start position:0% like put a lot of money in here like what<00:25:10.740> what<00:25:10.860> is<00:25:11.100> it<00:25:11.220> like<00:25:11.400> it<00:25:11.700> feels<00:25:12.120> that<00:25:12.240> way 00:25:12.289 --> 00:25:12.299 align:start position:0% what what is it like it feels that way 00:25:12.299 --> 00:25:14.090 align:start position:0% what what is it like it feels that way because<00:25:12.480> it's<00:25:12.659> kind<00:25:12.900> of<00:25:13.020> true 00:25:14.090 --> 00:25:14.100 align:start position:0% because it's kind of true 00:25:14.100 --> 00:25:15.890 align:start position:0% because it's kind of true um<00:25:14.159> and<00:25:14.760> honestly<00:25:15.299> I<00:25:15.419> think<00:25:15.600> it's<00:25:15.720> because 00:25:15.890 --> 00:25:15.900 align:start position:0% um and honestly I think it's because 00:25:15.900 --> 00:25:19.789 align:start position:0% um and honestly I think it's because it's<00:25:16.140> a<00:25:16.320> new<00:25:16.440> market<00:25:16.679> and<00:25:17.400> it's<00:25:17.700> a<00:25:17.880> it's<00:25:18.299> a<00:25:19.260> you 00:25:19.789 --> 00:25:19.799 align:start position:0% it's a new market and it's a it's a you 00:25:19.799 --> 00:25:22.310 align:start position:0% it's a new market and it's a it's a you know<00:25:19.980> there's<00:25:20.280> a<00:25:20.460> big<00:25:20.580> opportunity<00:25:21.120> and<00:25:22.020> so<00:25:22.200> a 00:25:22.310 --> 00:25:22.320 align:start position:0% know there's a big opportunity and so a 00:25:22.320 --> 00:25:23.870 align:start position:0% know there's a big opportunity and so a lot<00:25:22.440> of<00:25:22.559> people<00:25:22.679> are<00:25:22.980> kind<00:25:23.159> of<00:25:23.280> just<00:25:23.460> jumping 00:25:23.870 --> 00:25:23.880 align:start position:0% lot of people are kind of just jumping 00:25:23.880 --> 00:25:26.690 align:start position:0% lot of people are kind of just jumping in<00:25:24.000> a<00:25:24.299> little<00:25:24.419> too<00:25:24.600> fast<00:25:24.860> Auditors<00:25:25.860> were<00:25:26.400> very 00:25:26.690 --> 00:25:26.700 align:start position:0% in a little too fast Auditors were very 00:25:26.700 --> 00:25:28.130 align:start position:0% in a little too fast Auditors were very very<00:25:26.880> constrained<00:25:27.419> during<00:25:27.539> the<00:25:27.720> bull<00:25:27.900> market 00:25:28.130 --> 00:25:28.140 align:start position:0% very constrained during the bull market 00:25:28.140 --> 00:25:30.350 align:start position:0% very constrained during the bull market so<00:25:28.500> it<00:25:28.679> was<00:25:28.679> like<00:25:29.039> really<00:25:29.460> hard<00:25:29.700> and<00:25:30.120> really 00:25:30.350 --> 00:25:30.360 align:start position:0% so it was like really hard and really 00:25:30.360 --> 00:25:33.409 align:start position:0% so it was like really hard and really expensive<00:25:30.779> to<00:25:31.140> book<00:25:31.559> a<00:25:31.740> good<00:25:31.919> auditor<00:25:32.400> and<00:25:33.120> but 00:25:33.409 --> 00:25:33.419 align:start position:0% expensive to book a good auditor and but 00:25:33.419 --> 00:25:35.570 align:start position:0% expensive to book a good auditor and but people<00:25:33.659> still<00:25:34.080> wanted<00:25:34.320> to<00:25:34.620> be<00:25:34.860> you<00:25:35.279> know<00:25:35.340> in 00:25:35.570 --> 00:25:35.580 align:start position:0% people still wanted to be you know in 00:25:35.580 --> 00:25:38.330 align:start position:0% people still wanted to be you know in that<00:25:35.760> market<00:25:35.940> early<00:25:36.480> and<00:25:36.960> and<00:25:37.140> so<00:25:37.559> we<00:25:38.039> saw<00:25:38.159> a 00:25:38.330 --> 00:25:38.340 align:start position:0% that market early and and so we saw a 00:25:38.340 --> 00:25:40.909 align:start position:0% that market early and and so we saw a lot<00:25:38.460> of<00:25:38.880> them<00:25:39.179> get<00:25:39.419> hacked 00:25:40.909 --> 00:25:40.919 align:start position:0% lot of them get hacked 00:25:40.919 --> 00:25:43.130 align:start position:0% lot of them get hacked yeah<00:25:41.039> I<00:25:41.460> guess<00:25:41.580> I'd<00:25:41.820> say<00:25:42.000> like<00:25:42.179> Chris<00:25:42.720> Kirkman 00:25:43.130 --> 00:25:43.140 align:start position:0% yeah I guess I'd say like Chris Kirkman 00:25:43.140 --> 00:25:44.510 align:start position:0% yeah I guess I'd say like Chris Kirkman if<00:25:43.260> I'm<00:25:43.380> wrong<00:25:43.500> but<00:25:43.679> I<00:25:43.799> think<00:25:43.919> all<00:25:44.100> the<00:25:44.220> hacks 00:25:44.510 --> 00:25:44.520 align:start position:0% if I'm wrong but I think all the hacks 00:25:44.520 --> 00:25:46.490 align:start position:0% if I'm wrong but I think all the hacks are<00:25:44.700> actually<00:25:44.880> smart<00:25:45.299> contract<00:25:45.779> tax<00:25:46.140> right 00:25:46.490 --> 00:25:46.500 align:start position:0% are actually smart contract tax right 00:25:46.500 --> 00:25:48.169 align:start position:0% are actually smart contract tax right like<00:25:46.799> all<00:25:46.980> of<00:25:47.100> them<00:25:47.220> none<00:25:47.640> of<00:25:47.700> them<00:25:47.820> have<00:25:48.000> been 00:25:48.169 --> 00:25:48.179 align:start position:0% like all of them none of them have been 00:25:48.179 --> 00:25:50.750 align:start position:0% like all of them none of them have been no<00:25:48.480> I<00:25:48.659> think<00:25:48.779> some<00:25:49.020> one<00:25:49.440> of<00:25:49.620> them<00:25:49.740> the<00:25:50.279> oxy 00:25:50.750 --> 00:25:50.760 align:start position:0% no I think some one of them the oxy 00:25:50.760 --> 00:25:52.850 align:start position:0% no I think some one of them the oxy Bridge<00:25:51.000> was<00:25:51.480> a<00:25:51.720> multi<00:25:51.960> like<00:25:52.260> they<00:25:52.380> compromised 00:25:52.850 --> 00:25:52.860 align:start position:0% Bridge was a multi like they compromised 00:25:52.860 --> 00:25:55.130 align:start position:0% Bridge was a multi like they compromised the<00:25:52.919> keys<00:25:53.159> sure<00:25:53.700> so<00:25:54.120> I<00:25:54.299> I<00:25:54.539> should<00:25:54.779> say<00:25:54.960> that 00:25:55.130 --> 00:25:55.140 align:start position:0% the keys sure so I I should say that 00:25:55.140 --> 00:25:57.289 align:start position:0% the keys sure so I I should say that yeah<00:25:55.380> okay<00:25:55.620> fine<00:25:55.919> multi-say<00:25:56.700> compromise<00:25:57.120> the 00:25:57.289 --> 00:25:57.299 align:start position:0% yeah okay fine multi-say compromise the 00:25:57.299 --> 00:25:59.450 align:start position:0% yeah okay fine multi-say compromise the keys<00:25:57.539> but<00:25:57.659> in<00:25:57.840> terms<00:25:58.260> of<00:25:58.320> like 00:25:59.450 --> 00:25:59.460 align:start position:0% keys but in terms of like 00:25:59.460 --> 00:26:01.430 align:start position:0% keys but in terms of like um like<00:25:59.760> your<00:26:00.000> trust<00:26:00.299> model<00:26:00.539> our<00:26:00.960> trust<00:26:01.260> model 00:26:01.430 --> 00:26:01.440 align:start position:0% um like your trust model our trust model 00:26:01.440 --> 00:26:03.649 align:start position:0% um like your trust model our trust model this<00:26:01.679> optimistic<00:26:02.220> trust<00:26:02.520> model<00:26:02.700> that<00:26:03.240> hasn't 00:26:03.649 --> 00:26:03.659 align:start position:0% this optimistic trust model that hasn't 00:26:03.659 --> 00:26:06.350 align:start position:0% this optimistic trust model that hasn't been<00:26:03.900> the<00:26:04.200> source<00:26:04.559> of<00:26:04.740> those<00:26:04.919> hacks<00:26:05.400> yet<00:26:05.760> right 00:26:06.350 --> 00:26:06.360 align:start position:0% been the source of those hacks yet right 00:26:06.360 --> 00:26:09.049 align:start position:0% been the source of those hacks yet right yeah<00:26:06.600> so<00:26:07.080> the<00:26:07.260> the<00:26:07.500> uh<00:26:08.159> in<00:26:08.340> terms<00:26:08.580> of<00:26:08.760> value 00:26:09.049 --> 00:26:09.059 align:start position:0% yeah so the the uh in terms of value 00:26:09.059 --> 00:26:10.130 align:start position:0% yeah so the the uh in terms of value lost 00:26:10.130 --> 00:26:10.140 align:start position:0% lost 00:26:10.140 --> 00:26:12.649 align:start position:0% lost um<00:26:10.200> it's<00:26:10.500> been<00:26:10.740> key<00:26:11.460> compromises<00:26:12.120> and<00:26:12.299> then<00:26:12.419> in 00:26:12.649 --> 00:26:12.659 align:start position:0% um it's been key compromises and then in 00:26:12.659 --> 00:26:14.390 align:start position:0% um it's been key compromises and then in terms<00:26:12.840> of<00:26:12.960> number<00:26:13.200> of<00:26:13.440> hacks<00:26:13.799> it's<00:26:13.919> been<00:26:14.159> smart 00:26:14.390 --> 00:26:14.400 align:start position:0% terms of number of hacks it's been smart 00:26:14.400 --> 00:26:16.669 align:start position:0% terms of number of hacks it's been smart contract<00:26:14.760> vulnerabilities 00:26:16.669 --> 00:26:16.679 align:start position:0% contract vulnerabilities 00:26:16.679 --> 00:26:20.090 align:start position:0% contract vulnerabilities interesting<00:26:17.460> okay<00:26:17.820> and<00:26:18.419> so<00:26:19.260> with<00:26:19.620> that<00:26:19.860> you 00:26:20.090 --> 00:26:20.100 align:start position:0% interesting okay and so with that you 00:26:20.100 --> 00:26:22.370 align:start position:0% interesting okay and so with that you know<00:26:20.220> it<00:26:20.940> kind<00:26:21.480> of<00:26:21.600> like<00:26:21.840> we're<00:26:22.020> taking<00:26:22.200> a 00:26:22.370 --> 00:26:22.380 align:start position:0% know it kind of like we're taking a 00:26:22.380 --> 00:26:24.289 align:start position:0% know it kind of like we're taking a little<00:26:22.500> bit<00:26:22.620> of<00:26:22.740> a<00:26:22.860> digression<00:26:23.340> here<00:26:23.520> but<00:26:23.760> I'm 00:26:24.289 --> 00:26:24.299 align:start position:0% little bit of a digression here but I'm 00:26:24.299 --> 00:26:26.810 align:start position:0% little bit of a digression here but I'm curious<00:26:24.659> so<00:26:25.559> do<00:26:25.740> you<00:26:25.919> think<00:26:26.100> the<00:26:26.400> bridge<00:26:26.520> space 00:26:26.810 --> 00:26:26.820 align:start position:0% curious so do you think the bridge space 00:26:26.820 --> 00:26:28.610 align:start position:0% curious so do you think the bridge space is<00:26:27.179> like<00:26:27.360> fundamentally<00:26:27.960> a<00:26:28.200> Cooperative 00:26:28.610 --> 00:26:28.620 align:start position:0% is like fundamentally a Cooperative 00:26:28.620 --> 00:26:29.930 align:start position:0% is like fundamentally a Cooperative space<00:26:28.860> or<00:26:29.039> do<00:26:29.220> you<00:26:29.279> think<00:26:29.400> it's<00:26:29.520> very<00:26:29.640> much<00:26:29.820> a 00:26:29.930 --> 00:26:29.940 align:start position:0% space or do you think it's very much a 00:26:29.940 --> 00:26:32.029 align:start position:0% space or do you think it's very much a winner<00:26:30.059> takes<00:26:30.360> all<00:26:30.539> space<00:26:30.779> in<00:26:31.020> your<00:26:31.140> case<00:26:31.320> and 00:26:32.029 --> 00:26:32.039 align:start position:0% winner takes all space in your case and 00:26:32.039 --> 00:26:33.649 align:start position:0% winner takes all space in your case and what<00:26:32.400> would<00:26:32.580> the<00:26:32.760> winner<00:26:32.880> look<00:26:33.240> like<00:26:33.299> I<00:26:33.480> mean<00:26:33.600> I 00:26:33.649 --> 00:26:33.659 align:start position:0% what would the winner look like I mean I 00:26:33.659 --> 00:26:34.909 align:start position:0% what would the winner look like I mean I guess<00:26:33.779> if<00:26:33.840> you<00:26:33.960> knew<00:26:34.080> you<00:26:34.200> would<00:26:34.440> already<00:26:34.679> be 00:26:34.909 --> 00:26:34.919 align:start position:0% guess if you knew you would already be 00:26:34.919 --> 00:26:36.470 align:start position:0% guess if you knew you would already be building<00:26:35.220> it<00:26:35.520> but<00:26:35.760> or<00:26:35.940> maybe<00:26:36.120> you<00:26:36.360> are 00:26:36.470 --> 00:26:36.480 align:start position:0% building it but or maybe you are 00:26:36.480 --> 00:26:39.049 align:start position:0% building it but or maybe you are building<00:26:36.659> it<00:26:36.960> but<00:26:37.799> like<00:26:38.400> fundamentally<00:26:38.820> it 00:26:39.049 --> 00:26:39.059 align:start position:0% building it but like fundamentally it 00:26:39.059 --> 00:26:41.269 align:start position:0% building it but like fundamentally it feels<00:26:39.299> like<00:26:39.419> to<00:26:39.720> me<00:26:39.900> but<00:26:40.679> you<00:26:40.919> know<00:26:40.980> a<00:26:41.039> bunch<00:26:41.159> of 00:26:41.269 --> 00:26:41.279 align:start position:0% feels like to me but you know a bunch of 00:26:41.279 --> 00:26:42.409 align:start position:0% feels like to me but you know a bunch of people<00:26:41.340> are<00:26:41.520> building<00:26:41.700> bridges<00:26:42.120> right<00:26:42.299> now 00:26:42.409 --> 00:26:42.419 align:start position:0% people are building bridges right now 00:26:42.419 --> 00:26:45.529 align:start position:0% people are building bridges right now but<00:26:43.140> really<00:26:43.620> like<00:26:44.159> kind<00:26:44.700> of<00:26:44.820> you<00:26:45.240> know<00:26:45.299> if<00:26:45.419> you 00:26:45.529 --> 00:26:45.539 align:start position:0% but really like kind of you know if you 00:26:45.539 --> 00:26:46.610 align:start position:0% but really like kind of you know if you build<00:26:45.659> a<00:26:45.779> good<00:26:45.900> Bridge<00:26:46.080> there's<00:26:46.320> the<00:26:46.559> best 00:26:46.610 --> 00:26:46.620 align:start position:0% build a good Bridge there's the best 00:26:46.620 --> 00:26:47.990 align:start position:0% build a good Bridge there's the best bridge<00:26:46.799> and<00:26:47.039> that's<00:26:47.220> kind<00:26:47.400> of<00:26:47.520> it<00:26:47.640> like<00:26:47.880> it 00:26:47.990 --> 00:26:48.000 align:start position:0% bridge and that's kind of it like it 00:26:48.000 --> 00:26:49.610 align:start position:0% bridge and that's kind of it like it feels<00:26:48.240> like<00:26:48.360> there's<00:26:48.659> like<00:26:48.960> a<00:26:49.140> metric<00:26:49.440> by 00:26:49.610 --> 00:26:49.620 align:start position:0% feels like there's like a metric by 00:26:49.620 --> 00:26:51.289 align:start position:0% feels like there's like a metric by which<00:26:49.740> we<00:26:49.860> can<00:26:49.980> measure<00:26:50.279> Bridges<00:26:50.880> and<00:26:51.000> be<00:26:51.179> like 00:26:51.289 --> 00:26:51.299 align:start position:0% which we can measure Bridges and be like 00:26:51.299 --> 00:26:52.789 align:start position:0% which we can measure Bridges and be like this<00:26:51.720> is<00:26:51.779> the<00:26:51.960> best<00:26:52.080> damn<00:26:52.200> thing<00:26:52.500> possible 00:26:52.789 --> 00:26:52.799 align:start position:0% this is the best damn thing possible 00:26:52.799 --> 00:26:55.010 align:start position:0% this is the best damn thing possible anything<00:26:53.460> else<00:26:53.700> sucks<00:26:53.940> we're<00:26:54.659> just<00:26:54.900> going<00:26:55.020> to 00:26:55.010 --> 00:26:55.020 align:start position:0% anything else sucks we're just going to 00:26:55.020 --> 00:26:56.210 align:start position:0% anything else sucks we're just going to use<00:26:55.200> that 00:26:56.210 --> 00:26:56.220 align:start position:0% use that 00:26:56.220 --> 00:26:58.070 align:start position:0% use that wait<00:26:56.820> you<00:26:57.059> I<00:26:57.240> don't<00:26:57.419> know<00:26:57.480> that<00:26:57.659> there<00:26:57.840> is<00:26:57.960> a 00:26:58.070 --> 00:26:58.080 align:start position:0% wait you I don't know that there is a 00:26:58.080 --> 00:26:59.570 align:start position:0% wait you I don't know that there is a single<00:26:58.380> metric<00:26:58.620> you<00:26:58.799> can<00:26:58.860> look<00:26:58.980> at<00:26:59.100> bridges<00:26:59.400> on 00:26:59.570 --> 00:26:59.580 align:start position:0% single metric you can look at bridges on 00:26:59.580 --> 00:27:01.310 align:start position:0% single metric you can look at bridges on like<00:26:59.760> let's<00:26:59.940> talk<00:27:00.179> about<00:27:00.299> acid<00:27:00.720> bridges<00:27:01.020> for<00:27:01.260> a 00:27:01.310 --> 00:27:01.320 align:start position:0% like let's talk about acid bridges for a 00:27:01.320 --> 00:27:03.230 align:start position:0% like let's talk about acid bridges for a second<00:27:01.440> here<00:27:01.799> where<00:27:02.100> you<00:27:02.400> want<00:27:02.580> like<00:27:03.059> there 00:27:03.230 --> 00:27:03.240 align:start position:0% second here where you want like there 00:27:03.240 --> 00:27:04.549 align:start position:0% second here where you want like there you<00:27:03.419> want<00:27:03.539> three<00:27:03.779> things<00:27:03.960> you<00:27:04.200> want<00:27:04.320> to<00:27:04.440> be 00:27:04.549 --> 00:27:04.559 align:start position:0% you want three things you want to be 00:27:04.559 --> 00:27:06.830 align:start position:0% you want three things you want to be fast<00:27:04.799> you<00:27:05.640> want<00:27:05.760> it<00:27:05.880> to<00:27:06.000> be<00:27:06.059> cheap<00:27:06.299> and<00:27:06.779> you 00:27:06.830 --> 00:27:06.840 align:start position:0% fast you want it to be cheap and you 00:27:06.840 --> 00:27:08.210 align:start position:0% fast you want it to be cheap and you want<00:27:06.960> it<00:27:07.080> to<00:27:07.140> be<00:27:07.260> secure 00:27:08.210 --> 00:27:08.220 align:start position:0% want it to be secure 00:27:08.220 --> 00:27:10.730 align:start position:0% want it to be secure and<00:27:08.940> so<00:27:09.299> I<00:27:09.600> want<00:27:09.720> those<00:27:09.900> three<00:27:10.080> things<00:27:10.260> give<00:27:10.620> me 00:27:10.730 --> 00:27:10.740 align:start position:0% and so I want those three things give me 00:27:10.740 --> 00:27:13.070 align:start position:0% and so I want those three things give me Max<00:27:10.980> of<00:27:11.220> all<00:27:11.460> of<00:27:11.580> those<00:27:11.820> right<00:27:12.299> sure 00:27:13.070 --> 00:27:13.080 align:start position:0% Max of all of those right sure 00:27:13.080 --> 00:27:16.669 align:start position:0% Max of all of those right sure um<00:27:13.200> and<00:27:13.860> so<00:27:14.100> I<00:27:14.640> I<00:27:14.820> think<00:27:15.720> that<00:27:16.020> it's<00:27:16.380> not 00:27:16.669 --> 00:27:16.679 align:start position:0% um and so I I think that it's not 00:27:16.679 --> 00:27:18.470 align:start position:0% um and so I I think that it's not necessarily<00:27:17.400> clear<00:27:17.700> that<00:27:17.940> that's<00:27:18.120> going<00:27:18.360> to 00:27:18.470 --> 00:27:18.480 align:start position:0% necessarily clear that that's going to 00:27:18.480 --> 00:27:19.970 align:start position:0% necessarily clear that that's going to and<00:27:18.720> maybe<00:27:18.840> you<00:27:19.140> want<00:27:19.260> permissionlessness 00:27:19.970 --> 00:27:19.980 align:start position:0% and maybe you want permissionlessness 00:27:19.980 --> 00:27:21.529 align:start position:0% and maybe you want permissionlessness too<00:27:20.279> I'd<00:27:20.700> add<00:27:20.880> that<00:27:21.059> in<00:27:21.179> there<00:27:21.299> maybe<00:27:21.360> that's 00:27:21.529 --> 00:27:21.539 align:start position:0% too I'd add that in there maybe that's 00:27:21.539 --> 00:27:24.409 align:start position:0% too I'd add that in there maybe that's in<00:27:21.720> security<00:27:22.100> so<00:27:23.100> like<00:27:23.340> look<00:27:23.520> I<00:27:23.880> think<00:27:24.000> on<00:27:24.240> the 00:27:24.409 --> 00:27:24.419 align:start position:0% in security so like look I think on the 00:27:24.419 --> 00:27:27.590 align:start position:0% in security so like look I think on the asset<00:27:24.779> bridging<00:27:25.279> uh<00:27:26.279> it's<00:27:26.760> going<00:27:27.000> to<00:27:27.179> be<00:27:27.299> very 00:27:27.590 --> 00:27:27.600 align:start position:0% asset bridging uh it's going to be very 00:27:27.600 --> 00:27:29.870 align:start position:0% asset bridging uh it's going to be very price<00:27:27.900> competitive<00:27:28.380> asset<00:27:28.919> Bridging<00:27:29.340> the<00:27:29.640> the 00:27:29.870 --> 00:27:29.880 align:start position:0% price competitive asset Bridging the the 00:27:29.880 --> 00:27:32.090 align:start position:0% price competitive asset Bridging the the kind<00:27:30.240> of<00:27:30.360> the<00:27:30.480> model<00:27:30.720> here<00:27:31.020> is<00:27:31.200> fees<00:27:31.860> how<00:27:31.980> much 00:27:32.090 --> 00:27:32.100 align:start position:0% kind of the model here is fees how much 00:27:32.100 --> 00:27:35.330 align:start position:0% kind of the model here is fees how much fees<00:27:32.400> are<00:27:32.520> you<00:27:32.640> taking<00:27:33.080> well<00:27:34.080> maintaining<00:27:34.799> a 00:27:35.330 --> 00:27:35.340 align:start position:0% fees are you taking well maintaining a 00:27:35.340 --> 00:27:37.430 align:start position:0% fees are you taking well maintaining a minimum<00:27:35.700> level<00:27:35.880> of<00:27:36.360> security<00:27:36.600> and<00:27:37.320> that 00:27:37.430 --> 00:27:37.440 align:start position:0% minimum level of security and that 00:27:37.440 --> 00:27:38.930 align:start position:0% minimum level of security and that minimum<00:27:37.740> level<00:27:37.860> of<00:27:38.100> security<00:27:38.279> should<00:27:38.640> be<00:27:38.760> like 00:27:38.930 --> 00:27:38.940 align:start position:0% minimum level of security should be like 00:27:38.940 --> 00:27:40.250 align:start position:0% minimum level of security should be like really<00:27:39.600> high<00:27:39.720> because<00:27:39.960> you<00:27:40.200> find 00:27:40.250 --> 00:27:40.260 align:start position:0% really high because you find 00:27:40.260 --> 00:27:41.330 align:start position:0% really high because you find language 00:27:41.330 --> 00:27:41.340 align:start position:0% language 00:27:41.340 --> 00:27:42.529 align:start position:0% language um 00:27:42.529 --> 00:27:42.539 align:start position:0% um 00:27:42.539 --> 00:27:44.630 align:start position:0% um um<00:27:42.659> I<00:27:43.020> think<00:27:43.140> it's<00:27:43.260> okay<00:27:43.440> yeah<00:27:43.919> trustless<00:27:44.400> and 00:27:44.630 --> 00:27:44.640 align:start position:0% um I think it's okay yeah trustless and 00:27:44.640 --> 00:27:46.250 align:start position:0% um I think it's okay yeah trustless and all<00:27:44.760> that<00:27:44.820> yeah<00:27:45.120> thanks<00:27:45.360> we're<00:27:45.840> all<00:27:45.900> adults 00:27:46.250 --> 00:27:46.260 align:start position:0% all that yeah thanks we're all adults 00:27:46.260 --> 00:27:50.269 align:start position:0% all that yeah thanks we're all adults here<00:27:46.320> but<00:27:47.100> um<00:27:47.299> uh<00:27:48.299> so<00:27:48.779> I<00:27:49.080> I<00:27:49.260> think<00:27:49.799> that's 00:27:50.269 --> 00:27:50.279 align:start position:0% here but um uh so I I think that's 00:27:50.279 --> 00:27:51.590 align:start position:0% here but um uh so I I think that's that's<00:27:50.460> kind<00:27:50.760> of<00:27:50.880> interesting<00:27:51.120> like<00:27:51.299> and<00:27:51.419> I 00:27:51.590 --> 00:27:51.600 align:start position:0% that's kind of interesting like and I 00:27:51.600 --> 00:27:52.970 align:start position:0% that's kind of interesting like and I think<00:27:51.659> Chris<00:27:51.779> we<00:27:52.080> can<00:27:52.200> talk<00:27:52.380> about<00:27:52.500> this<00:27:52.740> like 00:27:52.970 --> 00:27:52.980 align:start position:0% think Chris we can talk about this like 00:27:52.980 --> 00:27:54.590 align:start position:0% think Chris we can talk about this like acid<00:27:53.340> Bridges<00:27:53.760> it<00:27:53.940> is<00:27:54.120> going<00:27:54.299> to<00:27:54.360> be<00:27:54.480> very 00:27:54.590 --> 00:27:54.600 align:start position:0% acid Bridges it is going to be very 00:27:54.600 --> 00:27:56.810 align:start position:0% acid Bridges it is going to be very competitive<00:27:55.559> it's<00:27:56.039> great<00:27:56.220> for<00:27:56.400> the<00:27:56.520> consumer 00:27:56.810 --> 00:27:56.820 align:start position:0% competitive it's great for the consumer 00:27:56.820 --> 00:27:58.190 align:start position:0% competitive it's great for the consumer by<00:27:57.120> the<00:27:57.240> way<00:27:57.299> right 00:27:58.190 --> 00:27:58.200 align:start position:0% by the way right 00:27:58.200 --> 00:27:59.990 align:start position:0% by the way right um but<00:27:58.980> then<00:27:59.100> I<00:27:59.279> think<00:27:59.400> the<00:27:59.580> other<00:27:59.700> thing<00:27:59.880> we 00:27:59.990 --> 00:28:00.000 align:start position:0% um but then I think the other thing we 00:28:00.000 --> 00:28:02.450 align:start position:0% um but then I think the other thing we can<00:28:00.120> go<00:28:00.299> into<00:28:00.419> is<00:28:01.080> talking<00:28:01.320> about<00:28:01.559> like<00:28:01.980> data 00:28:02.450 --> 00:28:02.460 align:start position:0% can go into is talking about like data 00:28:02.460 --> 00:28:04.970 align:start position:0% can go into is talking about like data Bridges<00:28:02.880> I<00:28:03.659> find<00:28:03.779> it<00:28:03.960> really<00:28:04.140> interesting<00:28:04.500> how 00:28:04.970 --> 00:28:04.980 align:start position:0% Bridges I find it really interesting how 00:28:04.980 --> 00:28:07.430 align:start position:0% Bridges I find it really interesting how you<00:28:05.220> even<00:28:05.400> charge<00:28:06.000> for<00:28:06.480> that<00:28:06.600> or<00:28:06.960> like<00:28:07.140> what 00:28:07.430 --> 00:28:07.440 align:start position:0% you even charge for that or like what 00:28:07.440 --> 00:28:09.769 align:start position:0% you even charge for that or like what the<00:28:07.620> fee<00:28:07.860> model<00:28:07.980> should<00:28:08.340> be<00:28:08.880> and<00:28:09.360> I<00:28:09.480> also<00:28:09.659> don't 00:28:09.769 --> 00:28:09.779 align:start position:0% the fee model should be and I also don't 00:28:09.779 --> 00:28:11.930 align:start position:0% the fee model should be and I also don't think<00:28:09.960> that's<00:28:10.140> at<00:28:10.320> all<00:28:10.500> figured<00:28:10.860> out<00:28:10.980> yet 00:28:11.930 --> 00:28:11.940 align:start position:0% think that's at all figured out yet 00:28:11.940 --> 00:28:16.130 align:start position:0% think that's at all figured out yet um<00:28:12.000> either<00:28:12.440> but<00:28:13.440> maybe<00:28:13.860> go 00:28:16.130 --> 00:28:16.140 align:start position:0% um either but maybe go 00:28:16.140 --> 00:28:18.950 align:start position:0% um either but maybe go yeah<00:28:16.620> I<00:28:16.860> agree<00:28:17.700> um<00:28:17.820> you<00:28:18.000> know<00:28:18.120> for<00:28:18.240> an<00:28:18.419> end<00:28:18.539> user 00:28:18.950 --> 00:28:18.960 align:start position:0% yeah I agree um you know for an end user 00:28:18.960 --> 00:28:20.930 align:start position:0% yeah I agree um you know for an end user the<00:28:19.320> the<00:28:19.500> risk<00:28:19.860> for<00:28:19.919> a<00:28:20.100> bridge<00:28:20.220> is<00:28:20.460> act<00:28:20.640> at 00:28:20.930 --> 00:28:20.940 align:start position:0% the the risk for a bridge is act at 00:28:20.940 --> 00:28:22.549 align:start position:0% the the risk for a bridge is act at least<00:28:21.059> for<00:28:21.179> a<00:28:21.360> liquidity<00:28:21.720> Bridge<00:28:21.900> the<00:28:22.200> risk<00:28:22.440> is 00:28:22.549 --> 00:28:22.559 align:start position:0% least for a liquidity Bridge the risk is 00:28:22.559 --> 00:28:24.409 align:start position:0% least for a liquidity Bridge the risk is actually<00:28:22.799> really<00:28:23.159> really<00:28:23.400> low 00:28:24.409 --> 00:28:24.419 align:start position:0% actually really really low 00:28:24.419 --> 00:28:26.330 align:start position:0% actually really really low um<00:28:24.539> you're<00:28:24.779> only<00:28:24.960> exposed<00:28:25.500> to<00:28:25.620> a<00:28:25.799> bridge<00:28:25.980> for 00:28:26.330 --> 00:28:26.340 align:start position:0% um you're only exposed to a bridge for 00:28:26.340 --> 00:28:27.710 align:start position:0% um you're only exposed to a bridge for for<00:28:26.580> the<00:28:26.820> brief<00:28:27.059> period<00:28:27.360> that<00:28:27.600> you're 00:28:27.710 --> 00:28:27.720 align:start position:0% for the brief period that you're 00:28:27.720 --> 00:28:29.750 align:start position:0% for the brief period that you're crossing<00:28:28.080> the<00:28:28.200> bridge<00:28:28.320> and<00:28:29.039> then<00:28:29.220> you're 00:28:29.750 --> 00:28:29.760 align:start position:0% crossing the bridge and then you're 00:28:29.760 --> 00:28:32.510 align:start position:0% crossing the bridge and then you're you're<00:28:30.000> out<00:28:30.419> and<00:28:31.080> so<00:28:31.440> you<00:28:31.980> know<00:28:32.039> in<00:28:32.159> terms<00:28:32.460> of 00:28:32.510 --> 00:28:32.520 align:start position:0% you're out and so you know in terms of 00:28:32.520 --> 00:28:34.549 align:start position:0% you're out and so you know in terms of security<00:28:32.700> it's<00:28:33.299> really 00:28:34.549 --> 00:28:34.559 align:start position:0% security it's really 00:28:34.559 --> 00:28:38.330 align:start position:0% security it's really um<00:28:34.620> or<00:28:35.220> in<00:28:35.580> terms<00:28:35.820> of<00:28:35.880> cost<00:28:36.059> you<00:28:36.720> know<00:28:36.919> it<00:28:37.919> it 00:28:38.330 --> 00:28:38.340 align:start position:0% um or in terms of cost you know it it 00:28:38.340 --> 00:28:41.149 align:start position:0% um or in terms of cost you know it it comes<00:28:38.760> down<00:28:38.880> to<00:28:39.179> like<00:28:39.539> uh<00:28:40.320> how<00:28:40.500> secure<00:28:40.799> you<00:28:41.039> are 00:28:41.149 --> 00:28:41.159 align:start position:0% comes down to like uh how secure you are 00:28:41.159 --> 00:28:42.649 align:start position:0% comes down to like uh how secure you are and<00:28:41.340> how<00:28:41.580> much<00:28:41.640> you're<00:28:41.820> going<00:28:42.000> to<00:28:42.120> have<00:28:42.240> to<00:28:42.360> pay 00:28:42.649 --> 00:28:42.659 align:start position:0% and how much you're going to have to pay 00:28:42.659 --> 00:28:44.930 align:start position:0% and how much you're going to have to pay for<00:28:43.380> liquidity<00:28:43.860> and<00:28:44.159> the<00:28:44.279> more<00:28:44.400> secure<00:28:44.760> you 00:28:44.930 --> 00:28:44.940 align:start position:0% for liquidity and the more secure you 00:28:44.940 --> 00:28:47.210 align:start position:0% for liquidity and the more secure you are<00:28:45.179> the<00:28:45.779> less<00:28:45.900> you'll<00:28:46.200> have<00:28:46.320> to<00:28:46.440> pay 00:28:47.210 --> 00:28:47.220 align:start position:0% are the less you'll have to pay 00:28:47.220 --> 00:28:48.890 align:start position:0% are the less you'll have to pay um<00:28:47.279> for<00:28:47.580> your<00:28:47.760> security<00:28:47.940> and<00:28:48.360> the<00:28:48.480> cheaper<00:28:48.779> it 00:28:48.890 --> 00:28:48.900 align:start position:0% um for your security and the cheaper it 00:28:48.900 --> 00:28:50.750 align:start position:0% um for your security and the cheaper it is<00:28:49.020> going<00:28:49.200> to<00:28:49.320> be<00:28:49.380> for<00:28:49.620> end<00:28:49.799> users<00:28:50.159> but<00:28:50.580> end 00:28:50.750 --> 00:28:50.760 align:start position:0% is going to be for end users but end 00:28:50.760 --> 00:28:52.789 align:start position:0% is going to be for end users but end users<00:28:51.059> don't<00:28:51.240> need<00:28:51.419> to<00:28:51.539> think<00:28:51.779> uh<00:28:52.320> too<00:28:52.620> much 00:28:52.789 --> 00:28:52.799 align:start position:0% users don't need to think uh too much 00:28:52.799 --> 00:28:54.890 align:start position:0% users don't need to think uh too much about<00:28:53.159> the<00:28:53.820> security<00:28:53.940> of<00:28:54.240> the<00:28:54.360> bridge<00:28:54.480> because 00:28:54.890 --> 00:28:54.900 align:start position:0% about the security of the bridge because 00:28:54.900 --> 00:28:58.610 align:start position:0% about the security of the bridge because they<00:28:55.320> have<00:28:55.440> such<00:28:55.799> limited<00:28:56.340> uh<00:28:56.880> exposure<00:28:57.360> yeah 00:28:58.610 --> 00:28:58.620 align:start position:0% they have such limited uh exposure yeah 00:28:58.620 --> 00:29:02.149 align:start position:0% they have such limited uh exposure yeah yeah<00:28:59.159> yeah<00:28:59.760> I<00:29:00.059> think<00:29:00.240> for<00:29:01.200> users<00:29:01.679> like<00:29:01.919> end 00:29:02.149 --> 00:29:02.159 align:start position:0% yeah yeah I think for users like end 00:29:02.159 --> 00:29:04.010 align:start position:0% yeah yeah I think for users like end user<00:29:02.520> token<00:29:02.880> Bridges<00:29:03.240> have<00:29:03.600> slightly 00:29:04.010 --> 00:29:04.020 align:start position:0% user token Bridges have slightly 00:29:04.020 --> 00:29:06.169 align:start position:0% user token Bridges have slightly different<00:29:04.320> desired<00:29:05.039> properties<00:29:05.460> than<00:29:05.880> for 00:29:06.169 --> 00:29:06.179 align:start position:0% different desired properties than for 00:29:06.179 --> 00:29:07.490 align:start position:0% different desired properties than for example<00:29:06.419> a<00:29:06.600> data<00:29:06.900> Bridge<00:29:07.020> that's<00:29:07.320> maybe 00:29:07.490 --> 00:29:07.500 align:start position:0% example a data Bridge that's maybe 00:29:07.500 --> 00:29:10.070 align:start position:0% example a data Bridge that's maybe transmitting<00:29:08.159> like<00:29:08.460> governance<00:29:09.299> results<00:29:09.600> or 00:29:10.070 --> 00:29:10.080 align:start position:0% transmitting like governance results or 00:29:10.080 --> 00:29:12.409 align:start position:0% transmitting like governance results or like<00:29:10.260> other<00:29:10.559> actions<00:29:11.159> on<00:29:11.400> you<00:29:11.820> know<00:29:11.880> ethereum 00:29:12.409 --> 00:29:12.419 align:start position:0% like other actions on you know ethereum 00:29:12.419 --> 00:29:14.690 align:start position:0% like other actions on you know ethereum broadcasts<00:29:13.020> out<00:29:13.080> or<00:29:13.260> vice<00:29:13.559> versa<00:29:13.980> so<00:29:14.580> I 00:29:14.690 --> 00:29:14.700 align:start position:0% broadcasts out or vice versa so I 00:29:14.700 --> 00:29:17.510 align:start position:0% broadcasts out or vice versa so I actually<00:29:14.880> don't<00:29:15.480> think<00:29:15.720> it<00:29:16.200> is<00:29:16.440> like<00:29:16.799> one 00:29:17.510 --> 00:29:17.520 align:start position:0% actually don't think it is like one 00:29:17.520 --> 00:29:19.490 align:start position:0% actually don't think it is like one number<00:29:17.820> to<00:29:18.240> optimize<00:29:18.659> that<00:29:18.899> function<00:29:19.200> that 00:29:19.490 --> 00:29:19.500 align:start position:0% number to optimize that function that 00:29:19.500 --> 00:29:21.590 align:start position:0% number to optimize that function that depends<00:29:19.980> on<00:29:20.100> like<00:29:20.220> who<00:29:20.399> your<00:29:20.580> user<00:29:20.880> is<00:29:21.059> like<00:29:21.299> if 00:29:21.590 --> 00:29:21.600 align:start position:0% depends on like who your user is like if 00:29:21.600 --> 00:29:22.970 align:start position:0% depends on like who your user is like if your<00:29:21.779> user<00:29:22.020> is<00:29:22.140> a<00:29:22.260> consumer<00:29:22.559> they're<00:29:22.740> going<00:29:22.860> to 00:29:22.970 --> 00:29:22.980 align:start position:0% your user is a consumer they're going to 00:29:22.980 --> 00:29:24.470 align:start position:0% your user is a consumer they're going to care<00:29:23.039> about<00:29:23.159> different<00:29:23.460> things<00:29:23.700> versus<00:29:24.059> like 00:29:24.470 --> 00:29:24.480 align:start position:0% care about different things versus like 00:29:24.480 --> 00:29:26.750 align:start position:0% care about different things versus like a<00:29:24.960> dow<00:29:25.200> versus<00:29:25.559> you<00:29:26.039> know<00:29:26.100> whoever<00:29:26.399> else<00:29:26.520> it's 00:29:26.750 --> 00:29:26.760 align:start position:0% a dow versus you know whoever else it's 00:29:26.760 --> 00:29:29.029 align:start position:0% a dow versus you know whoever else it's going<00:29:26.880> to<00:29:26.940> be<00:29:27.240> so<00:29:27.779> I<00:29:27.960> guess<00:29:28.080> well<00:29:28.679> I<00:29:28.919> just 00:29:29.029 --> 00:29:29.039 align:start position:0% going to be so I guess well I just 00:29:29.039 --> 00:29:30.230 align:start position:0% going to be so I guess well I just wouldn't<00:29:29.159> add<00:29:29.399> one<00:29:29.520> other<00:29:29.700> thing<00:29:29.940> around<00:29:30.059> this 00:29:30.230 --> 00:29:30.240 align:start position:0% wouldn't add one other thing around this 00:29:30.240 --> 00:29:32.029 align:start position:0% wouldn't add one other thing around this so<00:29:30.419> like<00:29:30.720> your<00:29:31.080> question<00:29:31.260> was<00:29:31.500> is<00:29:31.679> there<00:29:31.860> like 00:29:32.029 --> 00:29:32.039 align:start position:0% so like your question was is there like 00:29:32.039 --> 00:29:35.750 align:start position:0% so like your question was is there like a<00:29:32.159> winner<00:29:32.340> takes<00:29:32.580> all<00:29:32.880> Market<00:29:33.360> here<00:29:33.779> and<00:29:34.740> on 00:29:35.750 --> 00:29:35.760 align:start position:0% a winner takes all Market here and on 00:29:35.760 --> 00:29:37.310 align:start position:0% a winner takes all Market here and on the<00:29:36.299> one<00:29:36.600> other 00:29:37.310 --> 00:29:37.320 align:start position:0% the one other 00:29:37.320 --> 00:29:39.710 align:start position:0% the one other concept<00:29:38.100> that<00:29:38.460> I<00:29:38.640> think<00:29:38.760> is<00:29:39.059> worth<00:29:39.360> floating 00:29:39.710 --> 00:29:39.720 align:start position:0% concept that I think is worth floating 00:29:39.720 --> 00:29:42.350 align:start position:0% concept that I think is worth floating here<00:29:40.020> is<00:29:40.440> this<00:29:40.919> idea<00:29:41.220> of<00:29:41.399> it<00:29:41.640> around<00:29:42.059> Capital 00:29:42.350 --> 00:29:42.360 align:start position:0% here is this idea of it around Capital 00:29:42.360 --> 00:29:45.169 align:start position:0% here is this idea of it around Capital efficiency<00:29:42.960> where<00:29:43.500> if<00:29:43.980> say<00:29:44.220> for<00:29:44.460> example<00:29:44.760> your 00:29:45.169 --> 00:29:45.179 align:start position:0% efficiency where if say for example your 00:29:45.179 --> 00:29:47.029 align:start position:0% efficiency where if say for example your Bridge<00:29:45.360> had<00:29:45.659> required<00:29:46.260> 20<00:29:46.500> million<00:29:46.860> dollars 00:29:47.029 --> 00:29:47.039 align:start position:0% Bridge had required 20 million dollars 00:29:47.039 --> 00:29:49.370 align:start position:0% Bridge had required 20 million dollars of<00:29:47.220> tvl<00:29:47.700> but<00:29:48.179> could<00:29:48.360> do<00:29:48.539> like<00:29:48.720> a<00:29:49.080> billion 00:29:49.370 --> 00:29:49.380 align:start position:0% of tvl but could do like a billion 00:29:49.380 --> 00:29:51.529 align:start position:0% of tvl but could do like a billion dollars<00:29:49.620> of<00:29:49.799> volume<00:29:49.980> a<00:29:50.279> day<00:29:50.460> and<00:29:51.240> you<00:29:51.419> were 00:29:51.529 --> 00:29:51.539 align:start position:0% dollars of volume a day and you were 00:29:51.539 --> 00:29:54.110 align:start position:0% dollars of volume a day and you were able<00:29:51.779> to<00:29:51.960> charge<00:29:52.140> like<00:29:52.679> a<00:29:53.220> basis<00:29:53.580> point<00:29:53.760> on 00:29:54.110 --> 00:29:54.120 align:start position:0% able to charge like a basis point on 00:29:54.120 --> 00:29:54.769 align:start position:0% able to charge like a basis point on that 00:29:54.769 --> 00:29:54.779 align:start position:0% that 00:29:54.779 --> 00:29:57.470 align:start position:0% that even<00:29:55.260> if<00:29:55.799> that<00:29:56.340> 20<00:29:56.520> million<00:29:56.880> dollars<00:29:57.120> gets 00:29:57.470 --> 00:29:57.480 align:start position:0% even if that 20 million dollars gets 00:29:57.480 --> 00:29:58.789 align:start position:0% even if that 20 million dollars gets hacked<00:29:57.779> or<00:29:57.899> whatever<00:29:58.020> there's<00:29:58.620> probably 00:29:58.789 --> 00:29:58.799 align:start position:0% hacked or whatever there's probably 00:29:58.799 --> 00:30:00.110 align:start position:0% hacked or whatever there's probably still<00:29:58.980> a<00:29:59.159> reasonable<00:29:59.460> model<00:29:59.640> in<00:29:59.880> there<00:29:59.940> like 00:30:00.110 --> 00:30:00.120 align:start position:0% still a reasonable model in there like 00:30:00.120 --> 00:30:02.750 align:start position:0% still a reasonable model in there like business<00:30:00.360> model<00:30:00.659> where<00:30:01.080> the<00:30:01.320> the<00:30:01.559> the<00:30:01.760> profit 00:30:02.750 --> 00:30:02.760 align:start position:0% business model where the the the profit 00:30:02.760 --> 00:30:05.450 align:start position:0% business model where the the the profit of<00:30:03.000> the<00:30:03.179> bridge<00:30:03.419> it<00:30:04.260> was<00:30:04.440> worth<00:30:04.679> the<00:30:04.919> risk<00:30:05.220> of 00:30:05.450 --> 00:30:05.460 align:start position:0% of the bridge it was worth the risk of 00:30:05.460 --> 00:30:07.850 align:start position:0% of the bridge it was worth the risk of that<00:30:05.700> capital<00:30:05.940> and<00:30:06.899> so<00:30:07.080> again<00:30:07.260> I<00:30:07.500> think<00:30:07.679> the 00:30:07.850 --> 00:30:07.860 align:start position:0% that capital and so again I think the 00:30:07.860 --> 00:30:09.169 align:start position:0% that capital and so again I think the space<00:30:08.039> here<00:30:08.279> where<00:30:08.520> I<00:30:08.880> think<00:30:09.000> the<00:30:09.120> bridge 00:30:09.169 --> 00:30:09.179 align:start position:0% space here where I think the bridge 00:30:09.179 --> 00:30:10.669 align:start position:0% space here where I think the bridge space<00:30:09.419> has<00:30:09.779> kind<00:30:09.960> of<00:30:10.020> gone<00:30:10.200> in<00:30:10.440> the<00:30:10.559> wrong 00:30:10.669 --> 00:30:10.679 align:start position:0% space has kind of gone in the wrong 00:30:10.679 --> 00:30:13.370 align:start position:0% space has kind of gone in the wrong direction<00:30:10.980> is<00:30:11.820> like<00:30:12.120> locking<00:30:12.779> up<00:30:12.899> lots<00:30:13.320> and 00:30:13.370 --> 00:30:13.380 align:start position:0% direction is like locking up lots and 00:30:13.380 --> 00:30:16.549 align:start position:0% direction is like locking up lots and lots<00:30:13.679> of<00:30:13.799> dollars<00:30:14.220> which<00:30:15.000> is<00:30:15.179> for<00:30:16.080> for<00:30:16.260> well 00:30:16.549 --> 00:30:16.559 align:start position:0% lots of dollars which is for for well 00:30:16.559 --> 00:30:19.010 align:start position:0% lots of dollars which is for for well also<00:30:16.919> not<00:30:17.100> making<00:30:17.279> that<00:30:17.580> much<00:30:17.700> revenue<00:30:18.059> and 00:30:19.010 --> 00:30:19.020 align:start position:0% also not making that much revenue and 00:30:19.020 --> 00:30:20.990 align:start position:0% also not making that much revenue and like<00:30:19.260> that's<00:30:19.620> us<00:30:19.860> that's<00:30:20.340> you<00:30:20.460> got<00:30:20.580> the<00:30:20.700> ratio 00:30:20.990 --> 00:30:21.000 align:start position:0% like that's us that's you got the ratio 00:30:21.000 --> 00:30:23.750 align:start position:0% like that's us that's you got the ratio the<00:30:21.240> wrong<00:30:21.360> way<00:30:21.480> around<00:30:21.600> right<00:30:22.320> and<00:30:23.159> so<00:30:23.399> a 00:30:23.750 --> 00:30:23.760 align:start position:0% the wrong way around right and so a 00:30:23.760 --> 00:30:25.909 align:start position:0% the wrong way around right and so a winner<00:30:23.880> tick<00:30:24.240> all<00:30:24.419> thing<00:30:24.779> I<00:30:25.320> don't<00:30:25.500> actually 00:30:25.909 --> 00:30:25.919 align:start position:0% winner tick all thing I don't actually 00:30:25.919 --> 00:30:27.590 align:start position:0% winner tick all thing I don't actually think<00:30:26.279> this<00:30:26.520> is<00:30:26.580> a<00:30:26.760> winner<00:30:26.880> takes<00:30:27.120> all<00:30:27.360> Market 00:30:27.590 --> 00:30:27.600 align:start position:0% think this is a winner takes all Market 00:30:27.600 --> 00:30:31.130 align:start position:0% think this is a winner takes all Market on<00:30:28.440> the<00:30:28.620> asset<00:30:28.980> side<00:30:29.220> I<00:30:29.880> think<00:30:30.000> that 00:30:31.130 --> 00:30:31.140 align:start position:0% on the asset side I think that 00:30:31.140 --> 00:30:34.190 align:start position:0% on the asset side I think that um<00:30:31.200> being<00:30:31.559> able<00:30:31.799> to<00:30:32.220> do<00:30:33.059> a<00:30:33.360> low<00:30:33.539> volume<00:30:33.779> thing 00:30:34.190 --> 00:30:34.200 align:start position:0% um being able to do a low volume thing 00:30:34.200 --> 00:30:35.870 align:start position:0% um being able to do a low volume thing with<00:30:34.500> minimal<00:30:34.860> tvl<00:30:35.279> like<00:30:35.460> lots<00:30:35.700> of<00:30:35.760> capital 00:30:35.870 --> 00:30:35.880 align:start position:0% with minimal tvl like lots of capital 00:30:35.880 --> 00:30:37.610 align:start position:0% with minimal tvl like lots of capital efficiency<00:30:36.419> I<00:30:36.899> feel<00:30:37.020> like<00:30:37.140> that<00:30:37.320> will<00:30:37.500> be 00:30:37.610 --> 00:30:37.620 align:start position:0% efficiency I feel like that will be 00:30:37.620 --> 00:30:39.649 align:start position:0% efficiency I feel like that will be competitive<00:30:38.100> maybe<00:30:38.640> not<00:30:38.880> again<00:30:39.059> Winner<00:30:39.419> Takes 00:30:39.649 --> 00:30:39.659 align:start position:0% competitive maybe not again Winner Takes 00:30:39.659 --> 00:30:40.789 align:start position:0% competitive maybe not again Winner Takes all 00:30:40.789 --> 00:30:40.799 align:start position:0% all 00:30:40.799 --> 00:30:44.029 align:start position:0% all um<00:30:40.860> and<00:30:41.159> then<00:30:41.279> on<00:30:41.820> the<00:30:42.120> data<00:30:42.659> side<00:30:42.779> again<00:30:43.380> I<00:30:43.679> I 00:30:44.029 --> 00:30:44.039 align:start position:0% um and then on the data side again I I 00:30:44.039 --> 00:30:46.610 align:start position:0% um and then on the data side again I I think<00:30:44.760> some<00:30:45.000> of<00:30:45.120> the<00:30:45.179> ZK<00:30:45.600> stuff<00:30:45.840> that<00:30:46.200> Emma's 00:30:46.610 --> 00:30:46.620 align:start position:0% think some of the ZK stuff that Emma's 00:30:46.620 --> 00:30:48.350 align:start position:0% think some of the ZK stuff that Emma's working<00:30:46.740> on<00:30:46.919> gets<00:30:47.520> more<00:30:47.640> and<00:30:47.760> more<00:30:47.940> compelling 00:30:48.350 --> 00:30:48.360 align:start position:0% working on gets more and more compelling 00:30:48.360 --> 00:30:50.450 align:start position:0% working on gets more and more compelling and<00:30:48.600> interesting<00:30:49.140> but<00:30:49.559> I'm<00:30:49.799> also<00:30:50.100> I<00:30:50.340> don't 00:30:50.450 --> 00:30:50.460 align:start position:0% and interesting but I'm also I don't 00:30:50.460 --> 00:30:51.289 align:start position:0% and interesting but I'm also I don't know<00:30:50.520> do<00:30:50.700> you<00:30:50.760> think<00:30:50.820> there's<00:30:50.940> been<00:30:51.120> a<00:30:51.179> winner 00:30:51.289 --> 00:30:51.299 align:start position:0% know do you think there's been a winner 00:30:51.299 --> 00:30:52.970 align:start position:0% know do you think there's been a winner take<00:30:51.480> all<00:30:51.659> on<00:30:51.779> the<00:30:51.899> data<00:30:52.080> side 00:30:52.970 --> 00:30:52.980 align:start position:0% take all on the data side 00:30:52.980 --> 00:30:55.789 align:start position:0% take all on the data side well<00:30:53.640> I<00:30:53.880> think<00:30:54.059> of<00:30:54.299> course<00:30:54.419> I'm<00:30:54.779> a<00:30:54.960> snark<00:30:55.200> Maxi 00:30:55.789 --> 00:30:55.799 align:start position:0% well I think of course I'm a snark Maxi 00:30:55.799 --> 00:30:58.370 align:start position:0% well I think of course I'm a snark Maxi and<00:30:56.039> I<00:30:56.220> want<00:30:56.460> us<00:30:56.640> to<00:30:57.000> I<00:30:57.539> want<00:30:57.659> all<00:30:57.899> day<00:30:58.140> to 00:30:58.370 --> 00:30:58.380 align:start position:0% and I want us to I want all day to 00:30:58.380 --> 00:30:59.990 align:start position:0% and I want us to I want all day to transfer<00:30:58.740> to<00:30:58.919> go<00:30:59.159> through<00:30:59.279> you<00:30:59.520> know<00:30:59.640> the 00:30:59.990 --> 00:31:00.000 align:start position:0% transfer to go through you know the 00:31:00.000 --> 00:31:02.870 align:start position:0% transfer to go through you know the succinct<00:31:00.539> like<00:31:01.140> clients<00:31:01.679> the<00:31:01.980> succinct<00:31:02.520> you 00:31:02.870 --> 00:31:02.880 align:start position:0% succinct like clients the succinct you 00:31:02.880 --> 00:31:04.610 align:start position:0% succinct like clients the succinct you know<00:31:02.940> message<00:31:03.240> Bridge 00:31:04.610 --> 00:31:04.620 align:start position:0% know message Bridge 00:31:04.620 --> 00:31:06.409 align:start position:0% know message Bridge um<00:31:04.679> you<00:31:04.980> know<00:31:05.039> whether<00:31:05.220> that'll<00:31:05.640> happen<00:31:05.880> I<00:31:06.240> I 00:31:06.409 --> 00:31:06.419 align:start position:0% um you know whether that'll happen I I 00:31:06.419 --> 00:31:08.389 align:start position:0% um you know whether that'll happen I I think<00:31:06.840> it's<00:31:06.960> hard<00:31:07.140> to<00:31:07.260> reason<00:31:07.440> about<00:31:07.679> I<00:31:08.279> do 00:31:08.389 --> 00:31:08.399 align:start position:0% think it's hard to reason about I do 00:31:08.399 --> 00:31:10.310 align:start position:0% think it's hard to reason about I do think<00:31:08.640> uh<00:31:09.059> one<00:31:09.299> thing<00:31:09.419> I<00:31:09.539> will<00:31:09.659> say<00:31:09.840> is<00:31:09.960> I<00:31:10.140> think 00:31:10.310 --> 00:31:10.320 align:start position:0% think uh one thing I will say is I think 00:31:10.320 --> 00:31:12.649 align:start position:0% think uh one thing I will say is I think this<00:31:10.620> like<00:31:10.860> snark<00:31:11.399> based<00:31:12.059> approach<00:31:12.360> for 00:31:12.649 --> 00:31:12.659 align:start position:0% this like snark based approach for 00:31:12.659 --> 00:31:14.450 align:start position:0% this like snark based approach for assisting<00:31:13.140> to<00:31:13.260> like<00:31:13.440> clients<00:31:13.860> and<00:31:14.039> proof<00:31:14.340> of 00:31:14.450 --> 00:31:14.460 align:start position:0% assisting to like clients and proof of 00:31:14.460 --> 00:31:17.510 align:start position:0% assisting to like clients and proof of consensus<00:31:15.059> is<00:31:15.840> kind<00:31:16.140> of<00:31:16.260> going<00:31:16.440> to<00:31:16.620> be<00:31:16.860> the<00:31:17.340> end 00:31:17.510 --> 00:31:17.520 align:start position:0% consensus is kind of going to be the end 00:31:17.520 --> 00:31:20.630 align:start position:0% consensus is kind of going to be the end design<00:31:17.940> of<00:31:18.840> like<00:31:19.020> a<00:31:19.200> data<00:31:19.559> Bridge<00:31:19.640> especially 00:31:20.630 --> 00:31:20.640 align:start position:0% design of like a data Bridge especially 00:31:20.640 --> 00:31:22.190 align:start position:0% design of like a data Bridge especially where<00:31:20.760> if<00:31:21.000> you<00:31:21.179> for<00:31:21.480> example<00:31:21.720> if<00:31:21.899> you<00:31:22.020> like 00:31:22.190 --> 00:31:22.200 align:start position:0% where if you for example if you like 00:31:22.200 --> 00:31:23.450 align:start position:0% where if you for example if you like don't<00:31:22.380> necessarily<00:31:22.860> care<00:31:23.039> a<00:31:23.220> ton<00:31:23.340> about 00:31:23.450 --> 00:31:23.460 align:start position:0% don't necessarily care a ton about 00:31:23.460 --> 00:31:25.430 align:start position:0% don't necessarily care a ton about latency<00:31:23.880> like<00:31:24.179> I<00:31:24.419> don't<00:31:24.539> you<00:31:25.020> know<00:31:25.080> and<00:31:25.260> maybe 00:31:25.430 --> 00:31:25.440 align:start position:0% latency like I don't you know and maybe 00:31:25.440 --> 00:31:27.350 align:start position:0% latency like I don't you know and maybe you<00:31:25.679> can<00:31:25.740> layer<00:31:26.279> a<00:31:26.399> liquidity<00:31:26.760> Network<00:31:27.000> on<00:31:27.240> top 00:31:27.350 --> 00:31:27.360 align:start position:0% you can layer a liquidity Network on top 00:31:27.360 --> 00:31:29.330 align:start position:0% you can layer a liquidity Network on top of<00:31:27.480> it<00:31:27.600> eventually<00:31:27.899> but<00:31:28.320> I<00:31:28.799> think<00:31:28.919> the<00:31:29.039> snark 00:31:29.330 --> 00:31:29.340 align:start position:0% of it eventually but I think the snark 00:31:29.340 --> 00:31:31.450 align:start position:0% of it eventually but I think the snark based<00:31:29.700> approach<00:31:30.000> is<00:31:30.419> technically<00:31:30.899> feasible 00:31:31.450 --> 00:31:31.460 align:start position:0% based approach is technically feasible 00:31:31.460 --> 00:31:34.010 align:start position:0% based approach is technically feasible like<00:31:32.460> it<00:31:32.760> works<00:31:33.000> today<00:31:33.120> we<00:31:33.480> just<00:31:33.600> need<00:31:33.779> to<00:31:33.899> do 00:31:34.010 --> 00:31:34.020 align:start position:0% like it works today we just need to do 00:31:34.020 --> 00:31:35.690 align:start position:0% like it works today we just need to do some<00:31:34.200> more<00:31:34.380> engineering<00:31:34.799> and<00:31:35.039> do<00:31:35.340> Implement 00:31:35.690 --> 00:31:35.700 align:start position:0% some more engineering and do Implement 00:31:35.700 --> 00:31:37.549 align:start position:0% some more engineering and do Implement proof<00:31:36.059> of<00:31:36.120> consensus<00:31:36.600> for<00:31:36.840> all<00:31:37.020> the<00:31:37.140> chains 00:31:37.549 --> 00:31:37.559 align:start position:0% proof of consensus for all the chains 00:31:37.559 --> 00:31:39.470 align:start position:0% proof of consensus for all the chains and<00:31:38.039> just<00:31:38.220> implement<00:31:38.580> it<00:31:38.760> but<00:31:38.940> it<00:31:39.059> works<00:31:39.299> today 00:31:39.470 --> 00:31:39.480 align:start position:0% and just implement it but it works today 00:31:39.480 --> 00:31:42.049 align:start position:0% and just implement it but it works today and<00:31:40.080> it's<00:31:40.320> you<00:31:40.740> know<00:31:40.860> I<00:31:41.399> think<00:31:41.520> it<00:31:41.640> is<00:31:41.760> like<00:31:41.880> the 00:31:42.049 --> 00:31:42.059 align:start position:0% and it's you know I think it is like the 00:31:42.059 --> 00:31:43.430 align:start position:0% and it's you know I think it is like the end<00:31:42.179> design<00:31:42.419> like<00:31:42.720> I<00:31:42.840> don't<00:31:42.960> necessarily 00:31:43.430 --> 00:31:43.440 align:start position:0% end design like I don't necessarily 00:31:43.440 --> 00:31:44.930 align:start position:0% end design like I don't necessarily think<00:31:43.620> you<00:31:43.799> can<00:31:43.919> do<00:31:44.039> much<00:31:44.279> better<00:31:44.399> in<00:31:44.700> terms<00:31:44.880> of 00:31:44.930 --> 00:31:44.940 align:start position:0% think you can do much better in terms of 00:31:44.940 --> 00:31:46.310 align:start position:0% think you can do much better in terms of a<00:31:45.059> trust<00:31:45.360> model 00:31:46.310 --> 00:31:46.320 align:start position:0% a trust model 00:31:46.320 --> 00:31:48.649 align:start position:0% a trust model yeah<00:31:46.860> I<00:31:47.039> think<00:31:47.340> we'll<00:31:47.580> probably<00:31:47.880> see<00:31:48.179> a<00:31:48.539> power 00:31:48.649 --> 00:31:48.659 align:start position:0% yeah I think we'll probably see a power 00:31:48.659 --> 00:31:50.750 align:start position:0% yeah I think we'll probably see a power law<00:31:48.960> distribution<00:31:49.679> like<00:31:50.100> a<00:31:50.279> lot<00:31:50.399> of<00:31:50.520> other 00:31:50.750 --> 00:31:50.760 align:start position:0% law distribution like a lot of other 00:31:50.760 --> 00:31:52.430 align:start position:0% law distribution like a lot of other markets<00:31:51.720> um<00:31:51.720> and<00:31:51.960> the<00:31:52.080> other<00:31:52.140> thing<00:31:52.320> we 00:31:52.430 --> 00:31:52.440 align:start position:0% markets um and the other thing we 00:31:52.440 --> 00:31:54.110 align:start position:0% markets um and the other thing we haven't<00:31:52.559> talked<00:31:52.919> about<00:31:52.980> is<00:31:53.340> you<00:31:53.640> know<00:31:53.700> there's 00:31:54.110 --> 00:31:54.120 align:start position:0% haven't talked about is you know there's 00:31:54.120 --> 00:31:55.730 align:start position:0% haven't talked about is you know there's a<00:31:54.240> lot<00:31:54.299> of<00:31:54.419> assets<00:31:54.720> out<00:31:54.960> there<00:31:55.080> and<00:31:55.320> it's<00:31:55.500> hard 00:31:55.730 --> 00:31:55.740 align:start position:0% a lot of assets out there and it's hard 00:31:55.740 --> 00:31:58.010 align:start position:0% a lot of assets out there and it's hard for<00:31:56.220> liquidity<00:31:56.760> Bridges<00:31:57.179> to<00:31:57.480> support<00:31:57.659> long 00:31:58.010 --> 00:31:58.020 align:start position:0% for liquidity Bridges to support long 00:31:58.020 --> 00:32:00.529 align:start position:0% for liquidity Bridges to support long tail<00:31:58.320> assets<00:31:58.740> because<00:31:59.100> you<00:31:59.940> don't<00:32:00.240> want<00:32:00.360> to 00:32:00.529 --> 00:32:00.539 align:start position:0% tail assets because you don't want to 00:32:00.539 --> 00:32:02.810 align:start position:0% tail assets because you don't want to just<00:32:00.659> like<00:32:00.960> maintain<00:32:01.679> the<00:32:01.860> liquidity<00:32:02.340> for<00:32:02.580> for 00:32:02.810 --> 00:32:02.820 align:start position:0% just like maintain the liquidity for for 00:32:02.820 --> 00:32:04.669 align:start position:0% just like maintain the liquidity for for an<00:32:03.000> asset<00:32:03.299> that<00:32:03.480> no<00:32:03.600> one's<00:32:03.779> using<00:32:04.080> to<00:32:04.440> bridge 00:32:04.669 --> 00:32:04.679 align:start position:0% an asset that no one's using to bridge 00:32:04.679 --> 00:32:06.289 align:start position:0% an asset that no one's using to bridge right<00:32:04.980> and<00:32:05.460> then<00:32:05.520> there's<00:32:05.700> also<00:32:06.000> going<00:32:06.059> to<00:32:06.240> be 00:32:06.289 --> 00:32:06.299 align:start position:0% right and then there's also going to be 00:32:06.299 --> 00:32:09.350 align:start position:0% right and then there's also going to be longer<00:32:06.840> tail<00:32:07.440> networks<00:32:08.340> in<00:32:08.520> terms<00:32:08.760> of<00:32:08.880> uh 00:32:09.350 --> 00:32:09.360 align:start position:0% longer tail networks in terms of uh 00:32:09.360 --> 00:32:10.789 align:start position:0% longer tail networks in terms of uh what's<00:32:09.600> supported<00:32:10.020> so<00:32:10.320> you<00:32:10.559> know<00:32:10.620> we'll 00:32:10.789 --> 00:32:10.799 align:start position:0% what's supported so you know we'll 00:32:10.799 --> 00:32:12.230 align:start position:0% what's supported so you know we'll probably<00:32:11.039> see 00:32:12.230 --> 00:32:12.240 align:start position:0% probably see 00:32:12.240 --> 00:32:14.090 align:start position:0% probably see um<00:32:12.299> you<00:32:12.600> know 00:32:14.090 --> 00:32:14.100 align:start position:0% um you know 00:32:14.100 --> 00:32:15.710 align:start position:0% um you know bridges<00:32:14.760> that<00:32:14.880> are<00:32:15.059> kind<00:32:15.179> of<00:32:15.240> further<00:32:15.539> down 00:32:15.710 --> 00:32:15.720 align:start position:0% bridges that are kind of further down 00:32:15.720 --> 00:32:17.389 align:start position:0% bridges that are kind of further down that<00:32:16.020> power<00:32:16.140> lot<00:32:16.440> that<00:32:16.860> they'll<00:32:17.159> probably 00:32:17.389 --> 00:32:17.399 align:start position:0% that power lot that they'll probably 00:32:17.399 --> 00:32:19.370 align:start position:0% that power lot that they'll probably attack<00:32:17.760> the<00:32:18.059> longer<00:32:18.360> tail<00:32:18.539> assets<00:32:18.840> the<00:32:19.080> longer 00:32:19.370 --> 00:32:19.380 align:start position:0% attack the longer tail assets the longer 00:32:19.380 --> 00:32:21.769 align:start position:0% attack the longer tail assets the longer tail<00:32:19.559> networks<00:32:20.039> where<00:32:20.820> they<00:32:21.059> can<00:32:21.179> gain<00:32:21.480> market 00:32:21.769 --> 00:32:21.779 align:start position:0% tail networks where they can gain market 00:32:21.779 --> 00:32:24.169 align:start position:0% tail networks where they can gain market share<00:32:22.080> and<00:32:22.440> and<00:32:22.679> the<00:32:22.980> the<00:32:23.220> bridges<00:32:23.940> that<00:32:24.059> are 00:32:24.169 --> 00:32:24.179 align:start position:0% share and and the the bridges that are 00:32:24.179 --> 00:32:26.389 align:start position:0% share and and the the bridges that are kind<00:32:24.299> of<00:32:24.419> at<00:32:24.539> the<00:32:24.659> top<00:32:24.840> uh<00:32:25.799> they're<00:32:26.039> going<00:32:26.279> to 00:32:26.389 --> 00:32:26.399 align:start position:0% kind of at the top uh they're going to 00:32:26.399 --> 00:32:29.090 align:start position:0% kind of at the top uh they're going to be<00:32:26.520> focused<00:32:26.820> more<00:32:27.000> on<00:32:27.120> security<00:32:27.360> and<00:32:28.020> and<00:32:28.260> uh 00:32:29.090 --> 00:32:29.100 align:start position:0% be focused more on security and and uh 00:32:29.100 --> 00:32:31.130 align:start position:0% be focused more on security and and uh making<00:32:29.399> sure<00:32:29.580> that<00:32:29.820> their<00:32:29.940> LPS<00:32:30.299> don't<00:32:30.600> need<00:32:30.899> to 00:32:31.130 --> 00:32:31.140 align:start position:0% making sure that their LPS don't need to 00:32:31.140 --> 00:32:35.149 align:start position:0% making sure that their LPS don't need to uh<00:32:31.679> be<00:32:31.980> paid<00:32:32.159> a<00:32:32.460> ton<00:32:32.640> so<00:32:33.600> um<00:32:33.620> I'll<00:32:34.620> bring<00:32:35.039> it 00:32:35.149 --> 00:32:35.159 align:start position:0% uh be paid a ton so um I'll bring it 00:32:35.159 --> 00:32:36.049 align:start position:0% uh be paid a ton so um I'll bring it back<00:32:35.279> really<00:32:35.399> quickly<00:32:35.700> to<00:32:35.880> the<00:32:36.000> original 00:32:36.049 --> 00:32:36.059 align:start position:0% back really quickly to the original 00:32:36.059 --> 00:32:38.090 align:start position:0% back really quickly to the original question<00:32:36.360> the<00:32:36.539> reason<00:32:36.659> I<00:32:36.840> asked<00:32:37.080> this<00:32:37.200> is<00:32:37.380> you 00:32:38.090 --> 00:32:38.100 align:start position:0% question the reason I asked this is you 00:32:38.100 --> 00:32:39.889 align:start position:0% question the reason I asked this is you know<00:32:38.220> in<00:32:38.820> a<00:32:38.880> lot<00:32:38.940> of<00:32:39.059> ways<00:32:39.360> what<00:32:39.659> are<00:32:39.779> you 00:32:39.889 --> 00:32:39.899 align:start position:0% know in a lot of ways what are you 00:32:39.899 --> 00:32:41.990 align:start position:0% know in a lot of ways what are you paying<00:32:40.200> for<00:32:40.260> when<00:32:40.559> you<00:32:40.679> are<00:32:40.799> like<00:32:41.399> you<00:32:41.880> know 00:32:41.990 --> 00:32:42.000 align:start position:0% paying for when you are like you know 00:32:42.000 --> 00:32:43.789 align:start position:0% paying for when you are like you know giving<00:32:42.179> a<00:32:42.480> fee<00:32:42.720> to<00:32:42.899> somebody<00:32:43.020> is<00:32:43.440> you're 00:32:43.789 --> 00:32:43.799 align:start position:0% giving a fee to somebody is you're 00:32:43.799 --> 00:32:45.289 align:start position:0% giving a fee to somebody is you're paying<00:32:44.100> partially<00:32:44.399> for<00:32:44.640> the<00:32:44.760> fact<00:32:44.940> that<00:32:45.120> like 00:32:45.289 --> 00:32:45.299 align:start position:0% paying partially for the fact that like 00:32:45.299 --> 00:32:48.230 align:start position:0% paying partially for the fact that like that<00:32:45.600> thing<00:32:45.720> incurs<00:32:46.200> a<00:32:46.320> risk<00:32:46.559> right<00:32:47.279> so<00:32:47.820> in 00:32:48.230 --> 00:32:48.240 align:start position:0% that thing incurs a risk right so in 00:32:48.240 --> 00:32:50.029 align:start position:0% that thing incurs a risk right so in some<00:32:48.360> sense<00:32:48.539> like<00:32:49.020> security<00:32:49.320> and<00:32:49.679> economic 00:32:50.029 --> 00:32:50.039 align:start position:0% some sense like security and economic 00:32:50.039 --> 00:32:51.889 align:start position:0% some sense like security and economic efficiency<00:32:50.399> are<00:32:50.700> like<00:32:50.880> highly<00:32:51.240> correlated<00:32:51.720> so 00:32:51.889 --> 00:32:51.899 align:start position:0% efficiency are like highly correlated so 00:32:51.899 --> 00:32:53.870 align:start position:0% efficiency are like highly correlated so you<00:32:52.020> can<00:32:52.140> think<00:32:52.200> of<00:32:52.320> them<00:32:52.500> almost<00:32:52.860> as<00:32:53.220> like<00:32:53.520> one 00:32:53.870 --> 00:32:53.880 align:start position:0% you can think of them almost as like one 00:32:53.880 --> 00:32:55.730 align:start position:0% you can think of them almost as like one single<00:32:54.240> number<00:32:54.360> right<00:32:55.080> like<00:32:55.320> I<00:32:55.559> don't<00:32:55.620> think 00:32:55.730 --> 00:32:55.740 align:start position:0% single number right like I don't think 00:32:55.740 --> 00:32:57.110 align:start position:0% single number right like I don't think you<00:32:55.919> actually<00:32:56.039> do<00:32:56.279> better<00:32:56.460> by<00:32:56.760> being<00:32:56.940> less 00:32:57.110 --> 00:32:57.120 align:start position:0% you actually do better by being less 00:32:57.120 --> 00:32:58.610 align:start position:0% you actually do better by being less secure<00:32:57.480> and<00:32:57.659> economic<00:32:58.080> in<00:32:58.200> terms<00:32:58.320> of<00:32:58.320> economic 00:32:58.610 --> 00:32:58.620 align:start position:0% secure and economic in terms of economic 00:32:58.620 --> 00:33:00.529 align:start position:0% secure and economic in terms of economic efficiency<00:32:59.039> or<00:32:59.580> at<00:32:59.820> least<00:32:59.940> not<00:33:00.120> a<00:33:00.299> lot<00:33:00.360> better 00:33:00.529 --> 00:33:00.539 align:start position:0% efficiency or at least not a lot better 00:33:00.539 --> 00:33:01.909 align:start position:0% efficiency or at least not a lot better right 00:33:01.909 --> 00:33:01.919 align:start position:0% right 00:33:01.919 --> 00:33:03.590 align:start position:0% right um<00:33:01.980> so<00:33:02.159> this<00:33:02.279> is<00:33:02.399> this<00:33:02.640> is<00:33:02.760> where<00:33:03.059> this<00:33:03.539> is 00:33:03.590 --> 00:33:03.600 align:start position:0% um so this is this is where this is 00:33:03.600 --> 00:33:05.389 align:start position:0% um so this is this is where this is where<00:33:03.720> the<00:33:03.840> question<00:33:03.960> comes<00:33:04.320> in<00:33:04.380> which<00:33:04.620> is<00:33:04.799> you 00:33:05.389 --> 00:33:05.399 align:start position:0% where the question comes in which is you 00:33:05.399 --> 00:33:06.769 align:start position:0% where the question comes in which is you know<00:33:05.460> in<00:33:05.760> some<00:33:05.880> sense<00:33:06.059> right<00:33:06.299> if<00:33:06.539> you<00:33:06.659> have 00:33:06.769 --> 00:33:06.779 align:start position:0% know in some sense right if you have 00:33:06.779 --> 00:33:08.450 align:start position:0% know in some sense right if you have like<00:33:06.960> the<00:33:07.140> maximally<00:33:07.559> secure<00:33:07.980> Bridge<00:33:08.159> like 00:33:08.450 --> 00:33:08.460 align:start position:0% like the maximally secure Bridge like 00:33:08.460 --> 00:33:10.310 align:start position:0% like the maximally secure Bridge like it's<00:33:08.640> very<00:33:08.820> likely<00:33:09.179> that<00:33:09.480> it's<00:33:09.659> also<00:33:09.899> the<00:33:10.140> most 00:33:10.310 --> 00:33:10.320 align:start position:0% it's very likely that it's also the most 00:33:10.320 --> 00:33:12.529 align:start position:0% it's very likely that it's also the most economically<00:33:10.860> efficient<00:33:11.279> Bridge<00:33:11.460> uh<00:33:12.240> and<00:33:12.419> if 00:33:12.529 --> 00:33:12.539 align:start position:0% economically efficient Bridge uh and if 00:33:12.539 --> 00:33:15.049 align:start position:0% economically efficient Bridge uh and if not<00:33:12.659> I<00:33:12.840> mean<00:33:12.960> like<00:33:13.200> maybe<00:33:13.620> not<00:33:13.860> is<00:33:14.159> it<00:33:14.399> is<00:33:14.940> that 00:33:15.049 --> 00:33:15.059 align:start position:0% not I mean like maybe not is it is that 00:33:15.059 --> 00:33:16.430 align:start position:0% not I mean like maybe not is it is that the<00:33:15.240> case<00:33:15.360> like<00:33:15.659> do<00:33:15.779> you<00:33:15.960> think<00:33:16.080> that<00:33:16.260> there 00:33:16.430 --> 00:33:16.440 align:start position:0% the case like do you think that there 00:33:16.440 --> 00:33:17.750 align:start position:0% the case like do you think that there could<00:33:16.620> be<00:33:16.740> like<00:33:16.919> you<00:33:17.159> could<00:33:17.279> like<00:33:17.460> somehow 00:33:17.750 --> 00:33:17.760 align:start position:0% could be like you could like somehow 00:33:17.760 --> 00:33:20.090 align:start position:0% could be like you could like somehow lose<00:33:18.000> security<00:33:18.299> but<00:33:19.140> still<00:33:19.380> have<00:33:19.559> people<00:33:19.799> not 00:33:20.090 --> 00:33:20.100 align:start position:0% lose security but still have people not 00:33:20.100 --> 00:33:22.310 align:start position:0% lose security but still have people not pay<00:33:20.340> very<00:33:20.519> much<00:33:20.820> for<00:33:21.240> like<00:33:21.539> the<00:33:21.779> privilege<00:33:22.140> of 00:33:22.310 --> 00:33:22.320 align:start position:0% pay very much for like the privilege of 00:33:22.320 --> 00:33:25.009 align:start position:0% pay very much for like the privilege of like<00:33:22.559> you<00:33:23.039> know<00:33:23.100> bridging<00:33:23.580> their<00:33:23.700> assets<00:33:24.059> yes 00:33:25.009 --> 00:33:25.019 align:start position:0% like you know bridging their assets yes 00:33:25.019 --> 00:33:26.690 align:start position:0% like you know bridging their assets yes I<00:33:25.380> I<00:33:25.559> think<00:33:25.740> there's<00:33:25.860> actually<00:33:26.100> three<00:33:26.340> costs 00:33:26.690 --> 00:33:26.700 align:start position:0% I I think there's actually three costs 00:33:26.700 --> 00:33:28.850 align:start position:0% I I think there's actually three costs so<00:33:26.820> that<00:33:27.000> there's<00:33:27.480> gas<00:33:27.779> costs<00:33:28.559> um<00:33:28.679> there's 00:33:28.850 --> 00:33:28.860 align:start position:0% so that there's gas costs um there's 00:33:28.860 --> 00:33:30.470 align:start position:0% so that there's gas costs um there's time<00:33:29.039> value<00:33:29.220> money<00:33:29.519> and<00:33:29.760> then<00:33:29.940> there's<00:33:30.120> the 00:33:30.470 --> 00:33:30.480 align:start position:0% time value money and then there's the 00:33:30.480 --> 00:33:32.389 align:start position:0% time value money and then there's the risk<00:33:30.720> that<00:33:30.960> that<00:33:31.200> that 00:33:32.389 --> 00:33:32.399 align:start position:0% risk that that that 00:33:32.399 --> 00:33:35.570 align:start position:0% risk that that that um money<00:33:33.179> is<00:33:33.419> taking<00:33:33.600> Beyond<00:33:34.140> just<00:33:34.500> uh<00:33:35.100> you 00:33:35.570 --> 00:33:35.580 align:start position:0% um money is taking Beyond just uh you 00:33:35.580 --> 00:33:37.789 align:start position:0% um money is taking Beyond just uh you know<00:33:35.640> a<00:33:35.820> riskless<00:33:36.240> uh<00:33:36.840> feat<00:33:37.200> yeah<00:33:37.500> so<00:33:37.620> I'm 00:33:37.789 --> 00:33:37.799 align:start position:0% know a riskless uh feat yeah so I'm 00:33:37.799 --> 00:33:38.930 align:start position:0% know a riskless uh feat yeah so I'm gonna<00:33:37.980> I'm<00:33:38.220> gonna<00:33:38.340> make<00:33:38.460> the<00:33:38.580> simplifying 00:33:38.930 --> 00:33:38.940 align:start position:0% gonna I'm gonna make the simplifying 00:33:38.940 --> 00:33:40.610 align:start position:0% gonna I'm gonna make the simplifying assumption<00:33:39.240> here<00:33:39.360> that<00:33:39.539> gas<00:33:39.720> costs<00:33:40.200> are<00:33:40.260> are 00:33:40.610 --> 00:33:40.620 align:start position:0% assumption here that gas costs are are 00:33:40.620 --> 00:33:42.230 align:start position:0% assumption here that gas costs are are you<00:33:40.799> know<00:33:40.919> with<00:33:40.980> magical<00:33:41.340> scaling<00:33:42.120> results 00:33:42.230 --> 00:33:42.240 align:start position:0% you know with magical scaling results 00:33:42.240 --> 00:33:44.330 align:start position:0% you know with magical scaling results going<00:33:42.659> to<00:33:42.840> zero<00:33:43.140> so<00:33:43.260> let's<00:33:43.440> pretend<00:33:43.860> on<00:33:44.159> our 00:33:44.330 --> 00:33:44.340 align:start position:0% going to zero so let's pretend on our 00:33:44.340 --> 00:33:46.370 align:start position:0% going to zero so let's pretend on our magical<00:33:44.640> fairy<00:33:45.000> world<00:33:45.120> at<00:33:45.419> scaling<00:33:45.840> as<00:33:46.080> we've 00:33:46.370 --> 00:33:46.380 align:start position:0% magical fairy world at scaling as we've 00:33:46.380 --> 00:33:48.350 align:start position:0% magical fairy world at scaling as we've seen<00:33:46.500> like<00:33:46.679> 70<00:33:46.799> talks<00:33:47.279> on<00:33:47.340> are<00:33:47.940> all<00:33:48.120> perfect 00:33:48.350 --> 00:33:48.360 align:start position:0% seen like 70 talks on are all perfect 00:33:48.360 --> 00:33:49.610 align:start position:0% seen like 70 talks on are all perfect and<00:33:48.539> beautiful<00:33:48.720> and<00:33:49.019> we<00:33:49.200> get<00:33:49.320> like 00:33:49.610 --> 00:33:49.620 align:start position:0% and beautiful and we get like 00:33:49.620 --> 00:33:51.830 align:start position:0% and beautiful and we get like approximately<00:33:50.340> zero<00:33:50.760> or<00:33:50.940> negligible<00:33:51.480> costs 00:33:51.830 --> 00:33:51.840 align:start position:0% approximately zero or negligible costs 00:33:51.840 --> 00:33:53.389 align:start position:0% approximately zero or negligible costs that<00:33:52.080> would<00:33:52.200> be<00:33:52.260> great<00:33:52.380> for<00:33:52.559> the<00:33:52.620> snark-based 00:33:53.389 --> 00:33:53.399 align:start position:0% that would be great for the snark-based 00:33:53.399 --> 00:33:54.830 align:start position:0% that would be great for the snark-based bridge<00:33:53.519> that<00:33:53.880> would<00:33:54.000> be<00:33:54.120> great<00:33:54.240> in<00:33:54.539> a<00:33:54.659> lot<00:33:54.720> of 00:33:54.830 --> 00:33:54.840 align:start position:0% bridge that would be great in a lot of 00:33:54.840 --> 00:33:56.269 align:start position:0% bridge that would be great in a lot of ways 00:33:56.269 --> 00:33:56.279 align:start position:0% ways 00:33:56.279 --> 00:33:58.190 align:start position:0% ways we're<00:33:56.580> waiting<00:33:57.059> for<00:33:57.120> that<00:33:57.240> future<00:33:57.419> yeah<00:33:58.200> yeah 00:33:58.190 --> 00:33:58.200 align:start position:0% we're waiting for that future yeah yeah 00:33:58.200 --> 00:34:00.350 align:start position:0% we're waiting for that future yeah yeah and<00:33:58.440> so<00:33:58.679> it<00:33:58.860> actually<00:33:59.340> becomes<00:34:00.000> a<00:34:00.179> really 00:34:00.350 --> 00:34:00.360 align:start position:0% and so it actually becomes a really 00:34:00.360 --> 00:34:02.330 align:start position:0% and so it actually becomes a really complicated<00:34:00.899> question<00:34:01.559> like<00:34:01.919> I<00:34:02.100> don't<00:34:02.159> think 00:34:02.330 --> 00:34:02.340 align:start position:0% complicated question like I don't think 00:34:02.340 --> 00:34:05.389 align:start position:0% complicated question like I don't think we<00:34:02.640> could<00:34:02.760> uh<00:34:03.360> you<00:34:03.659> know<00:34:03.720> get<00:34:04.260> all<00:34:04.740> the<00:34:04.980> way<00:34:05.039> to 00:34:05.389 --> 00:34:05.399 align:start position:0% we could uh you know get all the way to 00:34:05.399 --> 00:34:07.490 align:start position:0% we could uh you know get all the way to the<00:34:05.580> bottom<00:34:05.820> of<00:34:06.120> capital<00:34:06.360> efficiency<00:34:06.960> here<00:34:07.320> on 00:34:07.490 --> 00:34:07.500 align:start position:0% the bottom of capital efficiency here on 00:34:07.500 --> 00:34:08.750 align:start position:0% the bottom of capital efficiency here on stage 00:34:08.750 --> 00:34:08.760 align:start position:0% stage 00:34:08.760 --> 00:34:11.510 align:start position:0% stage um<00:34:08.879> really<00:34:09.179> there's<00:34:09.659> because<00:34:10.440> uh<00:34:11.220> you<00:34:11.399> know 00:34:11.510 --> 00:34:11.520 align:start position:0% um really there's because uh you know 00:34:11.520 --> 00:34:14.089 align:start position:0% um really there's because uh you know both<00:34:11.700> both<00:34:12.119> across<00:34:12.960> and<00:34:13.139> hop<00:34:13.500> have<00:34:13.800> both 00:34:14.089 --> 00:34:14.099 align:start position:0% both both across and hop have both 00:34:14.099 --> 00:34:16.129 align:start position:0% both both across and hop have both active<00:34:14.460> liquidity<00:34:14.940> and<00:34:15.240> passive<00:34:15.599> liquidity 00:34:16.129 --> 00:34:16.139 align:start position:0% active liquidity and passive liquidity 00:34:16.139 --> 00:34:18.169 align:start position:0% active liquidity and passive liquidity uh<00:34:16.859> there's<00:34:17.040> different<00:34:17.280> challenge<00:34:17.580> periods 00:34:18.169 --> 00:34:18.179 align:start position:0% uh there's different challenge periods 00:34:18.179 --> 00:34:19.849 align:start position:0% uh there's different challenge periods so<00:34:18.839> that<00:34:19.020> gives<00:34:19.260> you<00:34:19.560> know<00:34:19.679> different 00:34:19.849 --> 00:34:19.859 align:start position:0% so that gives you know different 00:34:19.859 --> 00:34:21.770 align:start position:0% so that gives you know different trade-offs<00:34:20.460> between 00:34:21.770 --> 00:34:21.780 align:start position:0% trade-offs between 00:34:21.780 --> 00:34:23.329 align:start position:0% trade-offs between um you<00:34:22.080> know<00:34:22.139> what<00:34:22.980> these<00:34:23.280> different 00:34:23.329 --> 00:34:23.339 align:start position:0% um you know what these different 00:34:23.339 --> 00:34:25.730 align:start position:0% um you know what these different liquidity<00:34:23.940> providers<00:34:24.419> are<00:34:24.839> are 00:34:25.730 --> 00:34:25.740 align:start position:0% liquidity providers are are 00:34:25.740 --> 00:34:27.829 align:start position:0% liquidity providers are are um<00:34:25.859> kind<00:34:26.099> of<00:34:26.220> taking<00:34:26.460> on 00:34:27.829 --> 00:34:27.839 align:start position:0% um kind of taking on 00:34:27.839 --> 00:34:31.550 align:start position:0% um kind of taking on um<00:34:28.440> and<00:34:29.040> then<00:34:29.220> yeah<00:34:29.460> there's<00:34:29.879> also<00:34:30.659> uh<00:34:31.320> you 00:34:31.550 --> 00:34:31.560 align:start position:0% um and then yeah there's also uh you 00:34:31.560 --> 00:34:33.230 align:start position:0% um and then yeah there's also uh you know<00:34:31.619> different<00:34:31.919> just<00:34:32.339> different<00:34:32.520> models<00:34:33.060> in 00:34:33.230 --> 00:34:33.240 align:start position:0% know different just different models in 00:34:33.240 --> 00:34:35.270 align:start position:0% know different just different models in terms<00:34:33.419> of<00:34:33.540> you<00:34:33.839> know<00:34:33.899> how<00:34:34.320> things<00:34:34.679> are<00:34:34.919> bridged 00:34:35.270 --> 00:34:35.280 align:start position:0% terms of you know how things are bridged 00:34:35.280 --> 00:34:37.909 align:start position:0% terms of you know how things are bridged so<00:34:35.639> you<00:34:36.000> know<00:34:36.119> with<00:34:36.899> hop<00:34:37.139> you<00:34:37.560> know<00:34:37.619> you<00:34:37.800> can 00:34:37.909 --> 00:34:37.919 align:start position:0% so you know with hop you know you can 00:34:37.919 --> 00:34:39.950 align:start position:0% so you know with hop you know you can kind<00:34:38.099> of<00:34:38.159> think<00:34:38.460> uh<00:34:39.060> we<00:34:39.240> kind<00:34:39.540> of<00:34:39.659> think<00:34:39.780> of 00:34:39.950 --> 00:34:39.960 align:start position:0% kind of think uh we kind of think of 00:34:39.960 --> 00:34:42.770 align:start position:0% kind of think uh we kind of think of capital<00:34:40.139> efficiency<00:34:40.679> in<00:34:41.040> like<00:34:41.460> three<00:34:41.580> buckets 00:34:42.770 --> 00:34:42.780 align:start position:0% capital efficiency in like three buckets 00:34:42.780 --> 00:34:44.329 align:start position:0% capital efficiency in like three buckets um<00:34:42.899> so<00:34:43.080> we<00:34:43.260> we<00:34:43.500> have<00:34:43.740> like<00:34:43.980> the<00:34:44.040> active 00:34:44.329 --> 00:34:44.339 align:start position:0% um so we we have like the active 00:34:44.339 --> 00:34:46.190 align:start position:0% um so we we have like the active liquidity<00:34:44.820> provider 00:34:46.190 --> 00:34:46.200 align:start position:0% liquidity provider 00:34:46.200 --> 00:34:48.889 align:start position:0% liquidity provider um<00:34:46.320> that<00:34:46.800> uh<00:34:46.980> Cycles<00:34:47.339> every<00:34:47.580> 24<00:34:47.820> hours<00:34:48.119> we<00:34:48.480> keep 00:34:48.889 --> 00:34:48.899 align:start position:0% um that uh Cycles every 24 hours we keep 00:34:48.899 --> 00:34:50.930 align:start position:0% um that uh Cycles every 24 hours we keep very<00:34:49.320> long<00:34:49.500> challenge<00:34:49.859> periods<00:34:50.339> because<00:34:50.580> we 00:34:50.930 --> 00:34:50.940 align:start position:0% very long challenge periods because we 00:34:50.940 --> 00:34:52.970 align:start position:0% very long challenge periods because we think<00:34:51.060> it's<00:34:51.300> important<00:34:51.659> to<00:34:51.899> have<00:34:52.080> like<00:34:52.679> a 00:34:52.970 --> 00:34:52.980 align:start position:0% think it's important to have like a 00:34:52.980 --> 00:34:54.950 align:start position:0% think it's important to have like a human<00:34:53.159> response<00:34:53.760> if<00:34:53.940> if<00:34:54.240> things<00:34:54.599> go<00:34:54.839> wrong 00:34:54.950 --> 00:34:54.960 align:start position:0% human response if if things go wrong 00:34:54.960 --> 00:34:56.570 align:start position:0% human response if if things go wrong like<00:34:55.260> you<00:34:55.500> that<00:34:55.859> your<00:34:56.040> team<00:34:56.159> needs<00:34:56.460> to<00:34:56.460> be 00:34:56.570 --> 00:34:56.580 align:start position:0% like you that your team needs to be 00:34:56.580 --> 00:34:58.250 align:start position:0% like you that your team needs to be notified<00:34:56.879> you<00:34:57.359> need<00:34:57.480> boots<00:34:57.720> on<00:34:58.020> the<00:34:58.140> ground 00:34:58.250 --> 00:34:58.260 align:start position:0% notified you need boots on the ground 00:34:58.260 --> 00:35:01.070 align:start position:0% notified you need boots on the ground and<00:34:58.680> and<00:34:58.859> you<00:34:59.280> know<00:34:59.400> be<00:34:59.520> able<00:34:59.700> to<00:34:59.880> know<00:35:00.720> that<00:35:00.900> if 00:35:01.070 --> 00:35:01.080 align:start position:0% and and you know be able to know that if 00:35:01.080 --> 00:35:02.510 align:start position:0% and and you know be able to know that if your<00:35:01.200> infrastructure<00:35:01.619> is<00:35:01.800> down<00:35:01.980> you<00:35:02.280> can<00:35:02.339> have 00:35:02.510 --> 00:35:02.520 align:start position:0% your infrastructure is down you can have 00:35:02.520 --> 00:35:04.430 align:start position:0% your infrastructure is down you can have your<00:35:02.700> engineers<00:35:03.119> get<00:35:03.480> it<00:35:03.599> back<00:35:03.780> up<00:35:03.960> and<00:35:04.260> and 00:35:04.430 --> 00:35:04.440 align:start position:0% your engineers get it back up and and 00:35:04.440 --> 00:35:06.349 align:start position:0% your engineers get it back up and and protect<00:35:04.920> your<00:35:05.040> Bridge 00:35:06.349 --> 00:35:06.359 align:start position:0% protect your Bridge 00:35:06.359 --> 00:35:07.670 align:start position:0% protect your Bridge um<00:35:06.420> and<00:35:06.599> then<00:35:06.720> there's<00:35:06.900> the<00:35:07.080> the<00:35:07.260> passive 00:35:07.670 --> 00:35:07.680 align:start position:0% um and then there's the the passive 00:35:07.680 --> 00:35:10.430 align:start position:0% um and then there's the the passive liquidity<00:35:08.160> providers<00:35:08.640> and<00:35:09.000> so<00:35:09.240> hop<00:35:09.720> uses<00:35:10.200> this 00:35:10.430 --> 00:35:10.440 align:start position:0% liquidity providers and so hop uses this 00:35:10.440 --> 00:35:12.170 align:start position:0% liquidity providers and so hop uses this amm<00:35:10.980> model<00:35:11.220> that<00:35:11.520> we<00:35:11.640> haven't<00:35:11.760> talked<00:35:12.119> about 00:35:12.170 --> 00:35:12.180 align:start position:0% amm model that we haven't talked about 00:35:12.180 --> 00:35:14.450 align:start position:0% amm model that we haven't talked about yet<00:35:12.599> and<00:35:12.960> so<00:35:13.260> we<00:35:13.740> we<00:35:13.800> have<00:35:14.160> this<00:35:14.339> like 00:35:14.450 --> 00:35:14.460 align:start position:0% yet and so we we have this like 00:35:14.460 --> 00:35:16.849 align:start position:0% yet and so we we have this like intermediary<00:35:15.119> accounting<00:35:15.780> asset<00:35:16.140> and<00:35:16.619> we're 00:35:16.849 --> 00:35:16.859 align:start position:0% intermediary accounting asset and we're 00:35:16.859 --> 00:35:19.190 align:start position:0% intermediary accounting asset and we're able<00:35:17.280> to<00:35:17.460> kind<00:35:17.940> of<00:35:18.060> shorten<00:35:18.780> the<00:35:18.900> challenge 00:35:19.190 --> 00:35:19.200 align:start position:0% able to kind of shorten the challenge 00:35:19.200 --> 00:35:21.290 align:start position:0% able to kind of shorten the challenge period<00:35:19.680> from<00:35:19.980> an<00:35:20.160> optimistic<00:35:20.640> roll<00:35:20.820> up<00:35:21.000> from 00:35:21.290 --> 00:35:21.300 align:start position:0% period from an optimistic roll up from 00:35:21.300 --> 00:35:23.750 align:start position:0% period from an optimistic roll up from seven<00:35:21.420> days<00:35:21.720> to<00:35:22.320> one<00:35:22.800> day<00:35:22.980> and<00:35:23.280> so<00:35:23.460> that<00:35:23.579> that's 00:35:23.750 --> 00:35:23.760 align:start position:0% seven days to one day and so that that's 00:35:23.760 --> 00:35:26.450 align:start position:0% seven days to one day and so that that's our<00:35:24.000> 24<00:35:24.119> hour<00:35:24.480> challenge<00:35:24.839> period<00:35:25.260> And<00:35:26.040> so<00:35:26.220> you 00:35:26.450 --> 00:35:26.460 align:start position:0% our 24 hour challenge period And so you 00:35:26.460 --> 00:35:28.370 align:start position:0% our 24 hour challenge period And so you can<00:35:26.520> kind<00:35:26.700> of<00:35:26.820> think<00:35:27.060> of<00:35:27.599> the<00:35:27.900> amm<00:35:28.260> look 00:35:28.370 --> 00:35:28.380 align:start position:0% can kind of think of the amm look 00:35:28.380 --> 00:35:32.510 align:start position:0% can kind of think of the amm look liquidity<00:35:29.160> as<00:35:29.579> as<00:35:29.960> just<00:35:30.960> taking<00:35:31.260> on<00:35:31.680> the<00:35:32.339> seven 00:35:32.510 --> 00:35:32.520 align:start position:0% liquidity as as just taking on the seven 00:35:32.520 --> 00:35:36.589 align:start position:0% liquidity as as just taking on the seven day<00:35:32.760> uh<00:35:33.599> Capital<00:35:34.560> lockup<00:35:35.160> only<00:35:35.820> for<00:35:36.180> the<00:35:36.420> net 00:35:36.589 --> 00:35:36.599 align:start position:0% day uh Capital lockup only for the net 00:35:36.599 --> 00:35:39.410 align:start position:0% day uh Capital lockup only for the net flow<00:35:37.020> not<00:35:37.500> the<00:35:37.680> total<00:35:37.920> flow<00:35:38.220> right<00:35:38.579> this<00:35:39.300> is 00:35:39.410 --> 00:35:39.420 align:start position:0% flow not the total flow right this is 00:35:39.420 --> 00:35:41.210 align:start position:0% flow not the total flow right this is what<00:35:39.599> Uma<00:35:39.780> was<00:35:39.900> mentioning<00:35:40.140> as<00:35:40.380> well<00:35:40.500> right<00:35:41.040> in 00:35:41.210 --> 00:35:41.220 align:start position:0% what Uma was mentioning as well right in 00:35:41.220 --> 00:35:42.410 align:start position:0% what Uma was mentioning as well right in some<00:35:41.339> sense<00:35:41.520> you<00:35:41.700> can<00:35:41.820> think<00:35:41.940> about<00:35:42.060> it<00:35:42.180> as<00:35:42.300> the 00:35:42.410 --> 00:35:42.420 align:start position:0% some sense you can think about it as the 00:35:42.420 --> 00:35:44.150 align:start position:0% some sense you can think about it as the derivative<00:35:42.780> of<00:35:43.140> the<00:35:43.320> flow<00:35:43.560> as<00:35:43.800> opposed<00:35:44.160> to 00:35:44.150 --> 00:35:44.160 align:start position:0% derivative of the flow as opposed to 00:35:44.160 --> 00:35:46.310 align:start position:0% derivative of the flow as opposed to like<00:35:44.880> you<00:35:45.300> know<00:35:45.359> the<00:35:45.599> integral<00:35:45.900> over<00:35:46.020> all<00:35:46.260> of 00:35:46.310 --> 00:35:46.320 align:start position:0% like you know the integral over all of 00:35:46.320 --> 00:35:48.890 align:start position:0% like you know the integral over all of it<00:35:46.440> but<00:35:46.560> sorry<00:35:46.680> okay<00:35:46.920> yeah<00:35:47.339> and<00:35:47.700> and<00:35:47.880> so<00:35:48.240> and<00:35:48.599> so 00:35:48.890 --> 00:35:48.900 align:start position:0% it but sorry okay yeah and and so and so 00:35:48.900 --> 00:35:50.630 align:start position:0% it but sorry okay yeah and and so and so that's<00:35:49.140> partially<00:35:49.560> the<00:35:49.740> amms<00:35:50.220> but<00:35:50.339> also 00:35:50.630 --> 00:35:50.640 align:start position:0% that's partially the amms but also 00:35:50.640 --> 00:35:52.849 align:start position:0% that's partially the amms but also partially<00:35:50.940> you<00:35:51.300> know<00:35:51.359> arbitragers<00:35:52.020> and<00:35:52.260> AMS 00:35:52.849 --> 00:35:52.859 align:start position:0% partially you know arbitragers and AMS 00:35:52.859 --> 00:35:55.490 align:start position:0% partially you know arbitragers and AMS are<00:35:52.980> really<00:35:53.460> that's<00:35:54.060> where<00:35:54.480> they're<00:35:55.260> taking 00:35:55.490 --> 00:35:55.500 align:start position:0% are really that's where they're taking 00:35:55.500 --> 00:35:58.010 align:start position:0% are really that's where they're taking on<00:35:55.740> the<00:35:55.920> seven<00:35:56.040> day<00:35:56.280> of<00:35:56.640> the<00:35:57.000> net<00:35:57.180> flow<00:35:57.540> and 00:35:58.010 --> 00:35:58.020 align:start position:0% on the seven day of the net flow and 00:35:58.020 --> 00:36:00.530 align:start position:0% on the seven day of the net flow and then<00:35:58.140> the<00:35:58.260> amms<00:35:58.800> themselves<00:35:59.220> uh<00:35:59.880> that<00:36:00.240> kind<00:36:00.420> of 00:36:00.530 --> 00:36:00.540 align:start position:0% then the amms themselves uh that kind of 00:36:00.540 --> 00:36:03.710 align:start position:0% then the amms themselves uh that kind of scales<00:36:01.020> to<00:36:01.500> transfer<00:36:02.280> size<00:36:02.579> but<00:36:03.000> not<00:36:03.180> transfer 00:36:03.710 --> 00:36:03.720 align:start position:0% scales to transfer size but not transfer 00:36:03.720 --> 00:36:06.410 align:start position:0% scales to transfer size but not transfer volume<00:36:04.220> so<00:36:05.220> you<00:36:05.579> know<00:36:05.640> we<00:36:05.880> could<00:36:06.000> have<00:36:06.180> a 00:36:06.410 --> 00:36:06.420 align:start position:0% volume so you know we could have a 00:36:06.420 --> 00:36:09.349 align:start position:0% volume so you know we could have a bridge<00:36:06.599> that<00:36:07.079> that<00:36:07.320> has<00:36:07.800> uh<00:36:08.460> two<00:36:08.640> amms<00:36:09.240> that 00:36:09.349 --> 00:36:09.359 align:start position:0% bridge that that has uh two amms that 00:36:09.359 --> 00:36:12.470 align:start position:0% bridge that that has uh two amms that have<00:36:09.540> 10<00:36:09.660> million<00:36:10.079> uh<00:36:10.560> tvl<00:36:11.099> each<00:36:11.339> and<00:36:12.119> you<00:36:12.359> know 00:36:12.470 --> 00:36:12.480 align:start position:0% have 10 million uh tvl each and you know 00:36:12.480 --> 00:36:13.490 align:start position:0% have 10 million uh tvl each and you know that's<00:36:12.599> going<00:36:12.839> to<00:36:12.960> be<00:36:13.020> able<00:36:13.200> to<00:36:13.320> support 00:36:13.490 --> 00:36:13.500 align:start position:0% that's going to be able to support 00:36:13.500 --> 00:36:15.410 align:start position:0% that's going to be able to support pretty<00:36:13.859> large<00:36:14.040> transfers<00:36:14.520> very<00:36:14.820> efficiently 00:36:15.410 --> 00:36:15.420 align:start position:0% pretty large transfers very efficiently 00:36:15.420 --> 00:36:17.329 align:start position:0% pretty large transfers very efficiently but<00:36:16.020> that<00:36:16.200> can<00:36:16.320> scale<00:36:16.560> up<00:36:16.740> to<00:36:16.920> you<00:36:17.280> know 00:36:17.329 --> 00:36:17.339 align:start position:0% but that can scale up to you know 00:36:17.339 --> 00:36:19.550 align:start position:0% but that can scale up to you know virtually<00:36:17.700> any<00:36:18.000> volume<00:36:18.300> uh<00:36:18.960> as<00:36:19.140> long<00:36:19.260> as<00:36:19.380> the 00:36:19.550 --> 00:36:19.560 align:start position:0% virtually any volume uh as long as the 00:36:19.560 --> 00:36:21.829 align:start position:0% virtually any volume uh as long as the transfer<00:36:19.920> sizes<00:36:20.280> are<00:36:20.640> are<00:36:21.000> you<00:36:21.359> know<00:36:21.420> below 00:36:21.829 --> 00:36:21.839 align:start position:0% transfer sizes are are you know below 00:36:21.839 --> 00:36:23.630 align:start position:0% transfer sizes are are you know below what<00:36:22.140> a<00:36:22.320> 10<00:36:22.560> million<00:36:22.920> dollar<00:36:23.040> pool<00:36:23.339> could 00:36:23.630 --> 00:36:23.640 align:start position:0% what a 10 million dollar pool could 00:36:23.640 --> 00:36:26.089 align:start position:0% what a 10 million dollar pool could handle<00:36:24.119> so<00:36:24.420> I<00:36:24.780> guess<00:36:24.839> for<00:36:25.200> just<00:36:25.680> for<00:36:25.859> a<00:36:25.980> little 00:36:26.089 --> 00:36:26.099 align:start position:0% handle so I guess for just for a little 00:36:26.099 --> 00:36:27.470 align:start position:0% handle so I guess for just for a little bit<00:36:26.220> more<00:36:26.339> context<00:36:26.760> so<00:36:26.880> here<00:36:27.060> the<00:36:27.180> automated 00:36:27.470 --> 00:36:27.480 align:start position:0% bit more context so here the automated 00:36:27.480 --> 00:36:30.109 align:start position:0% bit more context so here the automated Market<00:36:27.720> maker<00:36:28.020> is<00:36:28.320> acting<00:36:28.740> as<00:36:29.099> a<00:36:29.280> way<00:36:29.400> of<00:36:29.640> so<00:36:29.940> if 00:36:30.109 --> 00:36:30.119 align:start position:0% Market maker is acting as a way of so if 00:36:30.119 --> 00:36:32.329 align:start position:0% Market maker is acting as a way of so if I<00:36:30.300> let's<00:36:30.480> say<00:36:30.660> I<00:36:30.960> I<00:36:31.440> don't<00:36:31.619> know<00:36:31.680> I<00:36:31.800> have<00:36:31.920> eth 00:36:32.329 --> 00:36:32.339 align:start position:0% I let's say I I don't know I have eth 00:36:32.339 --> 00:36:34.310 align:start position:0% I let's say I I don't know I have eth and<00:36:32.520> I<00:36:32.640> want<00:36:32.760> to<00:36:32.880> get<00:36:32.940> like<00:36:33.119> whatever<00:36:33.300> wbtc<00:36:34.140> on 00:36:34.310 --> 00:36:34.320 align:start position:0% and I want to get like whatever wbtc on 00:36:34.320 --> 00:36:36.490 align:start position:0% and I want to get like whatever wbtc on some<00:36:34.500> Layer<00:36:34.740> Two<00:36:34.920> I<00:36:35.280> can<00:36:35.400> instead<00:36:35.820> of<00:36:35.940> kind<00:36:36.240> of 00:36:36.490 --> 00:36:36.500 align:start position:0% some Layer Two I can instead of kind of 00:36:36.500 --> 00:36:40.130 align:start position:0% some Layer Two I can instead of kind of bridging<00:36:37.500> eth<00:36:37.920> and<00:36:38.640> then<00:36:38.820> swapping<00:36:39.720> it<00:36:39.839> I<00:36:40.020> can 00:36:40.130 --> 00:36:40.140 align:start position:0% bridging eth and then swapping it I can 00:36:40.140 --> 00:36:42.069 align:start position:0% bridging eth and then swapping it I can just<00:36:40.260> directly<00:36:40.680> kind<00:36:41.160> of<00:36:41.220> like<00:36:41.400> Bridge<00:36:41.640> swap 00:36:42.069 --> 00:36:42.079 align:start position:0% just directly kind of like Bridge swap 00:36:42.079 --> 00:36:45.109 align:start position:0% just directly kind of like Bridge swap uh<00:36:43.079> in<00:36:43.440> is<00:36:43.680> that<00:36:43.859> correct<00:36:44.160> or 00:36:45.109 --> 00:36:45.119 align:start position:0% uh in is that correct or 00:36:45.119 --> 00:36:47.210 align:start position:0% uh in is that correct or yeah<00:36:45.720> okay 00:36:47.210 --> 00:36:47.220 align:start position:0% yeah okay 00:36:47.220 --> 00:36:49.910 align:start position:0% yeah okay so<00:36:47.640> because<00:36:47.760> I'm<00:36:48.300> still<00:36:48.720> on<00:36:48.839> unclear<00:36:49.260> also<00:36:49.920> um 00:36:49.910 --> 00:36:49.920 align:start position:0% so because I'm still on unclear also um 00:36:49.920 --> 00:36:51.470 align:start position:0% so because I'm still on unclear also um I<00:36:50.040> guess<00:36:50.160> before<00:36:50.460> we<00:36:50.700> kind<00:36:50.940> of<00:36:51.060> get<00:36:51.180> to<00:36:51.300> that 00:36:51.470 --> 00:36:51.480 align:start position:0% I guess before we kind of get to that 00:36:51.480 --> 00:36:53.030 align:start position:0% I guess before we kind of get to that for<00:36:52.020> context<00:36:52.320> we're<00:36:52.560> talking<00:36:52.680> about<00:36:52.800> so 00:36:53.030 --> 00:36:53.040 align:start position:0% for context we're talking about so 00:36:53.040 --> 00:36:54.589 align:start position:0% for context we're talking about so there's<00:36:53.400> two<00:36:53.640> layers<00:36:54.000> here<00:36:54.180> that<00:36:54.359> we<00:36:54.480> have 00:36:54.589 --> 00:36:54.599 align:start position:0% there's two layers here that we have 00:36:54.599 --> 00:36:56.569 align:start position:0% there's two layers here that we have right<00:36:54.839> one<00:36:55.260> of<00:36:55.380> them<00:36:55.440> is<00:36:55.560> like<00:36:55.800> the<00:36:55.920> data<00:36:56.280> layer 00:36:56.569 --> 00:36:56.579 align:start position:0% right one of them is like the data layer 00:36:56.579 --> 00:36:57.950 align:start position:0% right one of them is like the data layer which<00:36:57.119> is<00:36:57.240> kind<00:36:57.420> of<00:36:57.480> what<00:36:57.599> we<00:36:57.660> were<00:36:57.839> talking 00:36:57.950 --> 00:36:57.960 align:start position:0% which is kind of what we were talking 00:36:57.960 --> 00:36:59.150 align:start position:0% which is kind of what we were talking about<00:36:58.079> previously<00:36:58.560> and<00:36:58.740> what<00:36:58.980> security 00:36:59.150 --> 00:36:59.160 align:start position:0% about previously and what security 00:36:59.160 --> 00:37:00.770 align:start position:0% about previously and what security models<00:36:59.640> we<00:36:59.760> have<00:36:59.880> and<00:37:00.060> there's<00:37:00.359> kind<00:37:00.599> of<00:37:00.660> like 00:37:00.770 --> 00:37:00.780 align:start position:0% models we have and there's kind of like 00:37:00.780 --> 00:37:02.210 align:start position:0% models we have and there's kind of like the<00:37:01.020> economic<00:37:01.440> layer<00:37:01.740> where<00:37:01.920> we're<00:37:02.040> talking 00:37:02.210 --> 00:37:02.220 align:start position:0% the economic layer where we're talking 00:37:02.220 --> 00:37:03.410 align:start position:0% the economic layer where we're talking about<00:37:02.339> economic<00:37:02.700> efficiency<00:37:03.060> that<00:37:03.180> kind<00:37:03.359> of 00:37:03.410 --> 00:37:03.420 align:start position:0% about economic efficiency that kind of 00:37:03.420 --> 00:37:06.290 align:start position:0% about economic efficiency that kind of is<00:37:03.480> built<00:37:03.839> on<00:37:04.440> top<00:37:04.560> of<00:37:04.740> like<00:37:05.400> a<00:37:05.880> messaging 00:37:06.290 --> 00:37:06.300 align:start position:0% is built on top of like a messaging 00:37:06.300 --> 00:37:08.390 align:start position:0% is built on top of like a messaging layer<00:37:06.599> that<00:37:06.780> you<00:37:06.960> can<00:37:07.020> trust<00:37:07.320> right<00:37:07.980> and<00:37:08.220> I 00:37:08.390 --> 00:37:08.400 align:start position:0% layer that you can trust right and I 00:37:08.400 --> 00:37:09.710 align:start position:0% layer that you can trust right and I want<00:37:08.579> to<00:37:08.700> make<00:37:09.060> keep<00:37:09.240> these<00:37:09.420> two<00:37:09.540> things 00:37:09.710 --> 00:37:09.720 align:start position:0% want to make keep these two things 00:37:09.720 --> 00:37:11.030 align:start position:0% want to make keep these two things separate<00:37:09.960> so<00:37:10.140> now<00:37:10.320> we're<00:37:10.500> right<00:37:10.740> now<00:37:10.859> we're 00:37:11.030 --> 00:37:11.040 align:start position:0% separate so now we're right now we're 00:37:11.040 --> 00:37:12.890 align:start position:0% separate so now we're right now we're talking<00:37:11.220> about<00:37:11.400> like<00:37:11.700> the<00:37:12.060> thing<00:37:12.240> built<00:37:12.660> on 00:37:12.890 --> 00:37:12.900 align:start position:0% talking about like the thing built on 00:37:12.900 --> 00:37:14.690 align:start position:0% talking about like the thing built on top<00:37:13.020> of<00:37:13.320> like<00:37:13.500> how<00:37:13.740> do<00:37:13.859> you<00:37:14.040> transfer<00:37:14.400> assets 00:37:14.690 --> 00:37:14.700 align:start position:0% top of like how do you transfer assets 00:37:14.700 --> 00:37:16.010 align:start position:0% top of like how do you transfer assets correctly<00:37:15.180> and<00:37:15.300> how<00:37:15.480> do<00:37:15.540> you<00:37:15.660> like<00:37:15.720> ensure 00:37:16.010 --> 00:37:16.020 align:start position:0% correctly and how do you like ensure 00:37:16.020 --> 00:37:17.569 align:start position:0% correctly and how do you like ensure that<00:37:16.260> you<00:37:16.380> can<00:37:16.500> verify<00:37:16.859> that<00:37:17.040> these<00:37:17.460> houses 00:37:17.569 --> 00:37:17.579 align:start position:0% that you can verify that these houses 00:37:17.579 --> 00:37:19.010 align:start position:0% that you can verify that these houses have<00:37:17.760> been<00:37:17.880> put<00:37:18.000> into<00:37:18.119> one's<00:37:18.599> applied<00:37:18.900> and 00:37:19.010 --> 00:37:19.020 align:start position:0% have been put into one's applied and 00:37:19.020 --> 00:37:20.089 align:start position:0% have been put into one's applied and whatever 00:37:20.089 --> 00:37:20.099 align:start position:0% whatever 00:37:20.099 --> 00:37:22.250 align:start position:0% whatever um<00:37:20.160> so<00:37:20.520> let's<00:37:20.940> while<00:37:21.359> we're<00:37:21.599> on<00:37:21.780> that<00:37:21.960> specific 00:37:22.250 --> 00:37:22.260 align:start position:0% um so let's while we're on that specific 00:37:22.260 --> 00:37:23.870 align:start position:0% um so let's while we're on that specific topic<00:37:22.619> afterwards<00:37:23.099> we'll<00:37:23.280> get<00:37:23.460> to<00:37:23.579> the 00:37:23.870 --> 00:37:23.880 align:start position:0% topic afterwards we'll get to the 00:37:23.880 --> 00:37:25.849 align:start position:0% topic afterwards we'll get to the messaging<00:37:24.180> part<00:37:24.359> which<00:37:24.540> I<00:37:24.720> think<00:37:25.020> Uma<00:37:25.260> is<00:37:25.440> uh 00:37:25.849 --> 00:37:25.859 align:start position:0% messaging part which I think Uma is uh 00:37:25.859 --> 00:37:28.250 align:start position:0% messaging part which I think Uma is uh has<00:37:26.099> some<00:37:26.400> other<00:37:26.520> spicy<00:37:26.880> takes<00:37:27.180> on<00:37:27.359> but 00:37:28.250 --> 00:37:28.260 align:start position:0% has some other spicy takes on but 00:37:28.260 --> 00:37:30.230 align:start position:0% has some other spicy takes on but um<00:37:28.320> okay<00:37:28.680> so<00:37:29.040> but<00:37:29.220> anyway<00:37:29.339> so<00:37:29.579> sorry<00:37:29.760> describe 00:37:30.230 --> 00:37:30.240 align:start position:0% um okay so but anyway so sorry describe 00:37:30.240 --> 00:37:32.510 align:start position:0% um okay so but anyway so sorry describe this<00:37:30.420> amm<00:37:31.020> design<00:37:31.320> or<00:37:31.740> like<00:37:31.859> what<00:37:32.040> what<00:37:32.220> is<00:37:32.400> the 00:37:32.510 --> 00:37:32.520 align:start position:0% this amm design or like what what is the 00:37:32.520 --> 00:37:34.069 align:start position:0% this amm design or like what what is the point<00:37:32.640> of<00:37:32.760> this<00:37:32.940> automated<00:37:33.300> Market<00:37:33.540> maker<00:37:33.960> I 00:37:34.069 --> 00:37:34.079 align:start position:0% point of this automated Market maker I 00:37:34.079 --> 00:37:35.810 align:start position:0% point of this automated Market maker I guess<00:37:34.140> at<00:37:34.320> the<00:37:34.380> end<00:37:34.500> of<00:37:34.560> the<00:37:34.619> day<00:37:34.740> sure<00:37:35.280> so<00:37:35.520> so 00:37:35.810 --> 00:37:35.820 align:start position:0% guess at the end of the day sure so so 00:37:35.820 --> 00:37:38.569 align:start position:0% guess at the end of the day sure so so uh<00:37:36.720> the<00:37:36.900> the<00:37:37.020> main<00:37:37.260> purpose<00:37:37.560> is<00:37:37.740> actually<00:37:38.040> to 00:37:38.569 --> 00:37:38.579 align:start position:0% uh the the main purpose is actually to 00:37:38.579 --> 00:37:40.910 align:start position:0% uh the the main purpose is actually to one<00:37:38.940> kind<00:37:39.180> of<00:37:39.300> uh<00:37:39.660> price<00:37:39.900> liquidity<00:37:40.440> flows 00:37:40.910 --> 00:37:40.920 align:start position:0% one kind of uh price liquidity flows 00:37:40.920 --> 00:37:42.829 align:start position:0% one kind of uh price liquidity flows between<00:37:41.220> different<00:37:41.579> networks 00:37:42.829 --> 00:37:42.839 align:start position:0% between different networks 00:37:42.839 --> 00:37:44.990 align:start position:0% between different networks um and<00:37:43.079> then<00:37:43.200> it<00:37:43.440> also<00:37:43.740> you<00:37:44.220> know<00:37:44.280> there's<00:37:44.700> no 00:37:44.990 --> 00:37:45.000 align:start position:0% um and then it also you know there's no 00:37:45.000 --> 00:37:46.609 align:start position:0% um and then it also you know there's no way<00:37:45.180> if<00:37:45.480> you're<00:37:45.599> just<00:37:45.780> using<00:37:46.079> the<00:37:46.200> canonical 00:37:46.609 --> 00:37:46.619 align:start position:0% way if you're just using the canonical 00:37:46.619 --> 00:37:49.970 align:start position:0% way if you're just using the canonical assets<00:37:46.920> to<00:37:47.099> to<00:37:47.880> not<00:37:48.599> take<00:37:48.780> on<00:37:49.020> that<00:37:49.260> that<00:37:49.560> full 00:37:49.970 --> 00:37:49.980 align:start position:0% assets to to not take on that that full 00:37:49.980 --> 00:37:53.930 align:start position:0% assets to to not take on that that full seven<00:37:50.339> day<00:37:50.660> uh<00:37:51.660> lock<00:37:51.900> up<00:37:52.079> for<00:37:52.680> the<00:37:53.099> the<00:37:53.400> total 00:37:53.930 --> 00:37:53.940 align:start position:0% seven day uh lock up for the the total 00:37:53.940 --> 00:37:56.450 align:start position:0% seven day uh lock up for the the total flow<00:37:54.300> of<00:37:54.900> of<00:37:55.200> assets 00:37:56.450 --> 00:37:56.460 align:start position:0% flow of of assets 00:37:56.460 --> 00:37:58.670 align:start position:0% flow of of assets and<00:37:57.060> so<00:37:57.240> because<00:37:57.480> we<00:37:57.960> have 00:37:58.670 --> 00:37:58.680 align:start position:0% and so because we have 00:37:58.680 --> 00:38:00.349 align:start position:0% and so because we have um<00:37:58.740> we<00:37:58.980> basically<00:37:59.460> have<00:37:59.700> this<00:37:59.940> uh 00:38:00.349 --> 00:38:00.359 align:start position:0% um we basically have this uh 00:38:00.359 --> 00:38:02.569 align:start position:0% um we basically have this uh intermediary<00:38:01.079> accounting<00:38:01.859> assets<00:38:02.280> so<00:38:02.460> it's 00:38:02.569 --> 00:38:02.579 align:start position:0% intermediary accounting assets so it's 00:38:02.579 --> 00:38:04.910 align:start position:0% intermediary accounting assets so it's like<00:38:02.760> a<00:38:02.940> h<00:38:03.240> token<00:38:03.660> got<00:38:04.020> it<00:38:04.200> got<00:38:04.320> it<00:38:04.380> so<00:38:04.500> you<00:38:04.619> can 00:38:04.910 --> 00:38:04.920 align:start position:0% like a h token got it got it so you can 00:38:04.920 --> 00:38:07.130 align:start position:0% like a h token got it got it so you can essentially<00:38:05.280> pay<00:38:05.520> to<00:38:05.820> reduce<00:38:05.940> the<00:38:06.359> risk<00:38:06.720> so 00:38:07.130 --> 00:38:07.140 align:start position:0% essentially pay to reduce the risk so 00:38:07.140 --> 00:38:08.750 align:start position:0% essentially pay to reduce the risk so like<00:38:07.320> let's<00:38:07.440> say<00:38:07.560> you're<00:38:07.740> waiting<00:38:08.160> 24<00:38:08.280> hours<00:38:08.520> I 00:38:08.750 --> 00:38:08.760 align:start position:0% like let's say you're waiting 24 hours I 00:38:08.760 --> 00:38:10.910 align:start position:0% like let's say you're waiting 24 hours I can<00:38:08.880> be<00:38:09.240> like<00:38:09.359> I'm<00:38:09.420> gonna<00:38:09.599> Swap<00:38:09.960> this<00:38:10.200> on<00:38:10.680> some 00:38:10.910 --> 00:38:10.920 align:start position:0% can be like I'm gonna Swap this on some 00:38:10.920 --> 00:38:12.950 align:start position:0% can be like I'm gonna Swap this on some exchange<00:38:11.400> right<00:38:12.180> which<00:38:12.480> lets<00:38:12.720> me<00:38:12.780> actually 00:38:12.950 --> 00:38:12.960 align:start position:0% exchange right which lets me actually 00:38:12.960 --> 00:38:14.329 align:start position:0% exchange right which lets me actually have<00:38:13.200> the<00:38:13.320> native<00:38:13.560> acid<00:38:13.859> and<00:38:14.040> someone<00:38:14.160> else 00:38:14.329 --> 00:38:14.339 align:start position:0% have the native acid and someone else 00:38:14.339 --> 00:38:16.790 align:start position:0% have the native acid and someone else can<00:38:14.460> take<00:38:14.640> on<00:38:14.760> the<00:38:14.940> risk<00:38:15.320> basically<00:38:16.320> we<00:38:16.619> can 00:38:16.790 --> 00:38:16.800 align:start position:0% can take on the risk basically we can 00:38:16.800 --> 00:38:19.130 align:start position:0% can take on the risk basically we can exit<00:38:17.160> our<00:38:17.520> these<00:38:17.880> H<00:38:18.000> tokens<00:38:18.480> in<00:38:18.720> 24<00:38:18.839> hours 00:38:19.130 --> 00:38:19.140 align:start position:0% exit our these H tokens in 24 hours 00:38:19.140 --> 00:38:21.410 align:start position:0% exit our these H tokens in 24 hours versus<00:38:19.500> the<00:38:19.740> canonical<00:38:20.099> assets<00:38:21.000> um<00:38:21.060> that<00:38:21.300> are 00:38:21.410 --> 00:38:21.420 align:start position:0% versus the canonical assets um that are 00:38:21.420 --> 00:38:24.770 align:start position:0% versus the canonical assets um that are exited<00:38:21.839> in<00:38:22.079> in<00:38:22.440> uh<00:38:22.980> seven<00:38:23.280> days<00:38:23.520> and<00:38:24.420> you<00:38:24.720> know 00:38:24.770 --> 00:38:24.780 align:start position:0% exited in in uh seven days and you know 00:38:24.780 --> 00:38:26.770 align:start position:0% exited in in uh seven days and you know so<00:38:24.900> it's<00:38:25.079> like<00:38:25.260> eight<00:38:25.440> Chief<00:38:25.800> eth<00:38:26.220> is<00:38:26.400> the<00:38:26.579> pair 00:38:26.770 --> 00:38:26.780 align:start position:0% so it's like eight Chief eth is the pair 00:38:26.780 --> 00:38:29.930 align:start position:0% so it's like eight Chief eth is the pair and<00:38:27.780> it's<00:38:28.200> basically<00:38:28.560> a<00:38:28.740> market<00:38:28.920> between<00:38:29.339> the 00:38:29.930 --> 00:38:29.940 align:start position:0% and it's basically a market between the 00:38:29.940 --> 00:38:32.510 align:start position:0% and it's basically a market between the the<00:38:30.119> uh<00:38:30.780> 24-hour<00:38:31.320> exit<00:38:31.859> time<00:38:32.040> in<00:38:32.280> the<00:38:32.460> seven 00:38:32.510 --> 00:38:32.520 align:start position:0% the uh 24-hour exit time in the seven 00:38:32.520 --> 00:38:34.190 align:start position:0% the uh 24-hour exit time in the seven days<00:38:32.700> got<00:38:33.000> it<00:38:33.119> got<00:38:33.240> it<00:38:33.359> got<00:38:33.480> it<00:38:33.599> so<00:38:33.720> essentially 00:38:34.190 --> 00:38:34.200 align:start position:0% days got it got it got it so essentially 00:38:34.200 --> 00:38:36.470 align:start position:0% days got it got it got it so essentially prices<00:38:34.560> the<00:38:35.099> risk<00:38:35.460> that<00:38:35.700> you<00:38:35.820> are<00:38:36.000> taking<00:38:36.119> on 00:38:36.470 --> 00:38:36.480 align:start position:0% prices the risk that you are taking on 00:38:36.480 --> 00:38:38.150 align:start position:0% prices the risk that you are taking on by<00:38:36.720> waiting<00:38:37.140> whatever<00:38:37.320> seven<00:38:37.680> days<00:38:37.859> to 00:38:38.150 --> 00:38:38.160 align:start position:0% by waiting whatever seven days to 00:38:38.160 --> 00:38:39.890 align:start position:0% by waiting whatever seven days to interrupt<00:38:38.640> your<00:38:38.700> asset<00:38:39.000> versus<00:38:39.180> 24<00:38:39.599> hours 00:38:39.890 --> 00:38:39.900 align:start position:0% interrupt your asset versus 24 hours 00:38:39.900 --> 00:38:43.010 align:start position:0% interrupt your asset versus 24 hours like<00:38:40.500> yeah<00:38:40.859> as<00:38:41.400> well<00:38:41.579> as<00:38:41.760> uh<00:38:42.420> demand<00:38:42.720> flows 00:38:43.010 --> 00:38:43.020 align:start position:0% like yeah as well as uh demand flows 00:38:43.020 --> 00:38:43.970 align:start position:0% like yeah as well as uh demand flows between<00:38:43.140> that's<00:38:43.440> right<00:38:43.560> that's<00:38:43.740> right<00:38:43.859> that's 00:38:43.970 --> 00:38:43.980 align:start position:0% between that's right that's right that's 00:38:43.980 --> 00:38:45.829 align:start position:0% between that's right that's right that's right<00:38:44.099> yeah<00:38:44.579> the<00:38:45.300> thing<00:38:45.420> I'm<00:38:45.540> just<00:38:45.720> going<00:38:45.780> to 00:38:45.829 --> 00:38:45.839 align:start position:0% right yeah the thing I'm just going to 00:38:45.839 --> 00:38:48.290 align:start position:0% right yeah the thing I'm just going to add<00:38:46.020> just<00:38:46.260> maybe<00:38:46.740> zoom<00:38:47.040> out<00:38:47.160> a<00:38:47.339> little<00:38:47.460> bit 00:38:48.290 --> 00:38:48.300 align:start position:0% add just maybe zoom out a little bit 00:38:48.300 --> 00:38:50.510 align:start position:0% add just maybe zoom out a little bit um<00:38:48.359> like<00:38:48.660> our<00:38:49.260> take<00:38:49.500> across<00:38:49.920> this<00:38:49.980> take<00:38:50.220> is 00:38:50.510 --> 00:38:50.520 align:start position:0% um like our take across this take is 00:38:50.520 --> 00:38:51.589 align:start position:0% um like our take across this take is that<00:38:50.640> there<00:38:50.820> is<00:38:50.940> this<00:38:51.180> is<00:38:51.300> a<00:38:51.480> financial 00:38:51.589 --> 00:38:51.599 align:start position:0% that there is this is a financial 00:38:51.599 --> 00:38:53.630 align:start position:0% that there is this is a financial engineering<00:38:52.140> problem<00:38:52.320> like<00:38:52.800> if<00:38:53.040> you<00:38:53.160> solve 00:38:53.630 --> 00:38:53.640 align:start position:0% engineering problem like if you solve 00:38:53.640 --> 00:38:56.390 align:start position:0% engineering problem like if you solve the<00:38:53.760> data<00:38:54.180> uh<00:38:54.960> and<00:38:55.560> solve<00:38:55.920> the<00:38:55.980> data<00:38:56.160> message 00:38:56.390 --> 00:38:56.400 align:start position:0% the data uh and solve the data message 00:38:56.400 --> 00:38:58.250 align:start position:0% the data uh and solve the data message you<00:38:57.300> have<00:38:57.420> a<00:38:57.480> financial<00:38:57.599> engineering<00:38:58.079> problem 00:38:58.250 --> 00:38:58.260 align:start position:0% you have a financial engineering problem 00:38:58.260 --> 00:39:00.589 align:start position:0% you have a financial engineering problem and<00:38:58.680> I<00:38:58.800> think<00:38:58.980> the<00:38:59.760> more<00:38:59.880> Innovative<00:39:00.240> you<00:39:00.480> can 00:39:00.589 --> 00:39:00.599 align:start position:0% and I think the more Innovative you can 00:39:00.599 --> 00:39:02.349 align:start position:0% and I think the more Innovative you can be<00:39:00.720> with<00:39:00.900> your<00:39:01.079> financial<00:39:01.200> engineering 00:39:02.349 --> 00:39:02.359 align:start position:0% be with your financial engineering 00:39:02.359 --> 00:39:05.150 align:start position:0% be with your financial engineering the<00:39:03.359> more<00:39:03.839> Capital<00:39:04.079> efficient<00:39:04.560> you<00:39:04.800> can<00:39:04.920> be 00:39:05.150 --> 00:39:05.160 align:start position:0% the more Capital efficient you can be 00:39:05.160 --> 00:39:07.310 align:start position:0% the more Capital efficient you can be right 00:39:07.310 --> 00:39:07.320 align:start position:0% right 00:39:07.320 --> 00:39:10.130 align:start position:0% right um<00:39:07.440> and<00:39:07.800> so<00:39:08.040> you<00:39:08.400> know<00:39:08.520> again<00:39:08.640> hopping<00:39:09.480> across 00:39:10.130 --> 00:39:10.140 align:start position:0% um and so you know again hopping across 00:39:10.140 --> 00:39:13.130 align:start position:0% um and so you know again hopping across share<00:39:10.800> a<00:39:10.980> lot<00:39:11.040> of<00:39:11.220> philosophies<00:39:11.820> the<00:39:12.599> the<00:39:12.839> one 00:39:13.130 --> 00:39:13.140 align:start position:0% share a lot of philosophies the the one 00:39:13.140 --> 00:39:14.569 align:start position:0% share a lot of philosophies the the one thing<00:39:13.320> that<00:39:13.500> we've<00:39:13.680> done<00:39:13.859> that<00:39:14.099> is<00:39:14.280> quite 00:39:14.569 --> 00:39:14.579 align:start position:0% thing that we've done that is quite 00:39:14.579 --> 00:39:17.270 align:start position:0% thing that we've done that is quite different<00:39:14.820> is<00:39:15.540> we<00:39:15.780> don't<00:39:15.900> have<00:39:16.140> these<00:39:16.380> amms<00:39:16.980> at 00:39:17.270 --> 00:39:17.280 align:start position:0% different is we don't have these amms at 00:39:17.280 --> 00:39:19.609 align:start position:0% different is we don't have these amms at all<00:39:17.420> instead<00:39:18.420> we<00:39:18.720> are<00:39:18.900> actually<00:39:19.200> just<00:39:19.440> having 00:39:19.609 --> 00:39:19.619 align:start position:0% all instead we are actually just having 00:39:19.619 --> 00:39:21.829 align:start position:0% all instead we are actually just having this<00:39:19.920> single<00:39:20.160> unified<00:39:20.460> liquidity<00:39:21.000> pool<00:39:21.240> and 00:39:21.829 --> 00:39:21.839 align:start position:0% this single unified liquidity pool and 00:39:21.839 --> 00:39:23.450 align:start position:0% this single unified liquidity pool and we're<00:39:22.020> using<00:39:22.320> the<00:39:22.500> native<00:39:22.680> Bridges<00:39:23.160> to<00:39:23.400> kind 00:39:23.450 --> 00:39:23.460 align:start position:0% we're using the native Bridges to kind 00:39:23.460 --> 00:39:25.370 align:start position:0% we're using the native Bridges to kind of<00:39:23.579> rebalance<00:39:24.060> assets<00:39:24.480> between<00:39:24.780> this<00:39:25.020> Hub<00:39:25.200> and 00:39:25.370 --> 00:39:25.380 align:start position:0% of rebalance assets between this Hub and 00:39:25.380 --> 00:39:26.290 align:start position:0% of rebalance assets between this Hub and spoke 00:39:26.290 --> 00:39:26.300 align:start position:0% spoke 00:39:26.300 --> 00:39:29.630 align:start position:0% spoke model<00:39:27.300> and<00:39:28.020> if<00:39:28.200> I'm<00:39:28.320> going<00:39:28.500> to<00:39:28.680> like<00:39:28.859> shill<00:39:29.520> our 00:39:29.630 --> 00:39:29.640 align:start position:0% model and if I'm going to like shill our 00:39:29.640 --> 00:39:32.329 align:start position:0% model and if I'm going to like shill our product<00:39:29.820> a<00:39:30.240> little<00:39:30.359> bit<00:39:30.540> the<00:39:31.260> one<00:39:31.500> the<00:39:32.099> one 00:39:32.329 --> 00:39:32.339 align:start position:0% product a little bit the one the one 00:39:32.339 --> 00:39:33.829 align:start position:0% product a little bit the one the one thing<00:39:32.460> that<00:39:32.700> I<00:39:32.880> kind<00:39:32.940> of<00:39:33.060> like<00:39:33.180> about<00:39:33.359> this<00:39:33.599> is 00:39:33.829 --> 00:39:33.839 align:start position:0% thing that I kind of like about this is 00:39:33.839 --> 00:39:36.230 align:start position:0% thing that I kind of like about this is I<00:39:34.079> think<00:39:34.200> that<00:39:34.440> that<00:39:34.619> liquidity<00:39:35.099> model<00:39:35.400> allows 00:39:36.230 --> 00:39:36.240 align:start position:0% I think that that liquidity model allows 00:39:36.240 --> 00:39:37.849 align:start position:0% I think that that liquidity model allows us<00:39:36.359> to<00:39:36.599> be<00:39:36.720> a<00:39:36.839> bit<00:39:36.960> more<00:39:37.140> Capital<00:39:37.320> efficient 00:39:37.849 --> 00:39:37.859 align:start position:0% us to be a bit more Capital efficient 00:39:37.859 --> 00:39:39.770 align:start position:0% us to be a bit more Capital efficient than<00:39:38.220> having<00:39:38.400> amm<00:39:39.000> pools<00:39:39.359> that<00:39:39.480> have<00:39:39.599> to<00:39:39.720> be 00:39:39.770 --> 00:39:39.780 align:start position:0% than having amm pools that have to be 00:39:39.780 --> 00:39:42.470 align:start position:0% than having amm pools that have to be kind<00:39:39.900> of<00:39:40.020> rebalanced<00:39:40.619> off<00:39:41.280> chain 00:39:42.470 --> 00:39:42.480 align:start position:0% kind of rebalanced off chain 00:39:42.480 --> 00:39:46.490 align:start position:0% kind of rebalanced off chain um yeah<00:39:43.260> so<00:39:43.680> so<00:39:43.680> like<00:39:44.339> I<00:39:44.460> said<00:39:44.579> the<00:39:45.000> the<00:39:45.240> amms 00:39:46.490 --> 00:39:46.500 align:start position:0% um yeah so so like I said the the amms 00:39:46.500 --> 00:39:49.130 align:start position:0% um yeah so so like I said the the amms um it's<00:39:47.099> only<00:39:47.280> based<00:39:47.820> on<00:39:48.119> uh<00:39:48.540> transfer<00:39:48.960> size 00:39:49.130 --> 00:39:49.140 align:start position:0% um it's only based on uh transfer size 00:39:49.140 --> 00:39:50.750 align:start position:0% um it's only based on uh transfer size they<00:39:49.560> just<00:39:49.740> need<00:39:49.920> to<00:39:50.040> scale<00:39:50.220> the<00:39:50.400> transfer 00:39:50.750 --> 00:39:50.760 align:start position:0% they just need to scale the transfer 00:39:50.760 --> 00:39:53.810 align:start position:0% they just need to scale the transfer size<00:39:50.940> not<00:39:51.300> transfer<00:39:51.780> volume<00:39:52.020> so<00:39:52.980> even<00:39:53.339> you 00:39:53.810 --> 00:39:53.820 align:start position:0% size not transfer volume so even you 00:39:53.820 --> 00:39:55.970 align:start position:0% size not transfer volume so even you know<00:39:53.880> if<00:39:54.300> if<00:39:54.420> we<00:39:54.720> were<00:39:54.900> to<00:39:55.020> have<00:39:55.320> just<00:39:55.740> like<00:39:55.859> 2 00:39:55.970 --> 00:39:55.980 align:start position:0% know if if we were to have just like 2 00:39:55.980 --> 00:39:58.310 align:start position:0% know if if we were to have just like 2 million<00:39:56.339> dollars<00:39:56.880> in<00:39:56.940> each<00:39:57.119> amm<00:39:57.599> you<00:39:58.020> know<00:39:58.079> we 00:39:58.310 --> 00:39:58.320 align:start position:0% million dollars in each amm you know we 00:39:58.320 --> 00:40:00.530 align:start position:0% million dollars in each amm you know we could<00:39:58.440> support<00:39:58.680> you<00:39:59.339> know<00:39:59.460> unlimited<00:40:00.300> volume 00:40:00.530 --> 00:40:00.540 align:start position:0% could support you know unlimited volume 00:40:00.540 --> 00:40:02.450 align:start position:0% could support you know unlimited volume if<00:40:01.140> as<00:40:01.380> long<00:40:01.500> as<00:40:01.619> you<00:40:01.859> know<00:40:01.980> the<00:40:02.099> transfer 00:40:02.450 --> 00:40:02.460 align:start position:0% if as long as you know the transfer 00:40:02.460 --> 00:40:04.250 align:start position:0% if as long as you know the transfer sizes<00:40:02.880> are<00:40:03.060> below<00:40:03.540> that<00:40:03.660> threshold<00:40:04.020> then 00:40:04.250 --> 00:40:04.260 align:start position:0% sizes are below that threshold then 00:40:04.260 --> 00:40:06.589 align:start position:0% sizes are below that threshold then arbitrages<00:40:04.800> are<00:40:05.220> coming<00:40:05.520> in<00:40:05.760> and<00:40:06.000> and<00:40:06.240> are 00:40:06.589 --> 00:40:06.599 align:start position:0% arbitrages are coming in and and are 00:40:06.599 --> 00:40:08.630 align:start position:0% arbitrages are coming in and and are being<00:40:06.720> that<00:40:06.960> out<00:40:07.079> and<00:40:07.560> balanced<00:40:08.160> you<00:40:08.520> need 00:40:08.630 --> 00:40:08.640 align:start position:0% being that out and balanced you need 00:40:08.640 --> 00:40:10.550 align:start position:0% being that out and balanced you need like<00:40:08.820> yeah<00:40:09.060> I'm<00:40:09.660> gonna<00:40:09.780> push<00:40:10.260> back<00:40:10.440> a<00:40:10.560> little 00:40:10.550 --> 00:40:10.560 align:start position:0% like yeah I'm gonna push back a little 00:40:10.560 --> 00:40:12.109 align:start position:0% like yeah I'm gonna push back a little bit<00:40:10.680> because<00:40:10.740> you<00:40:10.920> need<00:40:11.040> the<00:40:11.280> flows<00:40:11.640> to<00:40:11.880> go 00:40:12.109 --> 00:40:12.119 align:start position:0% bit because you need the flows to go 00:40:12.119 --> 00:40:14.270 align:start position:0% bit because you need the flows to go both<00:40:12.540> directions<00:40:12.960> right<00:40:13.500> if<00:40:13.800> I<00:40:14.040> keep<00:40:14.160> on 00:40:14.270 --> 00:40:14.280 align:start position:0% both directions right if I keep on 00:40:14.280 --> 00:40:16.430 align:start position:0% both directions right if I keep on pushing<00:40:14.700> right<00:40:15.480> in<00:40:15.720> the<00:40:15.900> direction<00:40:16.020> you're 00:40:16.430 --> 00:40:16.440 align:start position:0% pushing right in the direction you're 00:40:16.440 --> 00:40:17.810 align:start position:0% pushing right in the direction you're going<00:40:16.560> to<00:40:16.619> run<00:40:16.740> out<00:40:16.859> of<00:40:16.980> liquidity<00:40:17.339> or<00:40:17.460> make<00:40:17.700> it 00:40:17.810 --> 00:40:17.820 align:start position:0% going to run out of liquidity or make it 00:40:17.820 --> 00:40:19.910 align:start position:0% going to run out of liquidity or make it an<00:40:17.880> ordinary<00:40:18.180> expensive<00:40:18.660> and<00:40:19.320> that's<00:40:19.619> why<00:40:19.800> I 00:40:19.910 --> 00:40:19.920 align:start position:0% an ordinary expensive and that's why I 00:40:19.920 --> 00:40:22.370 align:start position:0% an ordinary expensive and that's why I say<00:40:20.099> that<00:40:20.339> that<00:40:21.180> um<00:40:21.180> you<00:40:21.420> know<00:40:21.480> hops<00:40:21.900> Casa 00:40:22.370 --> 00:40:22.380 align:start position:0% say that that um you know hops Casa 00:40:22.380 --> 00:40:24.470 align:start position:0% say that that um you know hops Casa capital<00:40:22.560> is<00:40:23.099> you<00:40:23.460> know<00:40:23.579> for<00:40:23.700> the<00:40:23.880> arbitragers 00:40:24.470 --> 00:40:24.480 align:start position:0% capital is you know for the arbitragers 00:40:24.480 --> 00:40:26.210 align:start position:0% capital is you know for the arbitragers it's<00:40:24.720> it's<00:40:24.960> just<00:40:25.260> seven<00:40:25.440> days<00:40:25.680> of<00:40:25.920> the<00:40:26.040> net 00:40:26.210 --> 00:40:26.220 align:start position:0% it's it's just seven days of the net 00:40:26.220 --> 00:40:29.150 align:start position:0% it's it's just seven days of the net flow<00:40:26.579> so<00:40:27.420> if<00:40:27.720> you<00:40:28.260> know<00:40:28.320> there's<00:40:28.680> a<00:40:28.859> perfectly 00:40:29.150 --> 00:40:29.160 align:start position:0% flow so if you know there's a perfectly 00:40:29.160 --> 00:40:31.010 align:start position:0% flow so if you know there's a perfectly balanced<00:40:29.579> flow<00:40:29.880> between<00:40:30.180> arbitrim<00:40:30.839> and 00:40:31.010 --> 00:40:31.020 align:start position:0% balanced flow between arbitrim and 00:40:31.020 --> 00:40:32.329 align:start position:0% balanced flow between arbitrim and optimism 00:40:32.329 --> 00:40:32.339 align:start position:0% optimism 00:40:32.339 --> 00:40:35.030 align:start position:0% optimism um<00:40:32.760> we<00:40:33.240> don't<00:40:33.359> need<00:40:33.420> arbitragers<00:40:34.079> at<00:40:34.260> all<00:40:34.440> okay 00:40:35.030 --> 00:40:35.040 align:start position:0% um we don't need arbitragers at all okay 00:40:35.040 --> 00:40:36.890 align:start position:0% um we don't need arbitragers at all okay yeah<00:40:35.579> and<00:40:35.820> it's<00:40:36.000> like<00:40:36.180> this<00:40:36.420> Concepts<00:40:36.720> again 00:40:36.890 --> 00:40:36.900 align:start position:0% yeah and it's like this Concepts again 00:40:36.900 --> 00:40:39.530 align:start position:0% yeah and it's like this Concepts again like<00:40:37.260> call<00:40:37.560> it<00:40:37.740> like<00:40:38.040> basic<00:40:38.640> basic<00:40:39.359> Financial 00:40:39.530 --> 00:40:39.540 align:start position:0% like call it like basic basic Financial 00:40:39.540 --> 00:40:40.970 align:start position:0% like call it like basic basic Financial engineering<00:40:40.140> Concepts<00:40:40.500> or<00:40:40.680> like<00:40:40.859> Market 00:40:40.970 --> 00:40:40.980 align:start position:0% engineering Concepts or like Market 00:40:40.980 --> 00:40:43.849 align:start position:0% engineering Concepts or like Market making<00:40:41.220> Concepts<00:40:41.820> is<00:40:42.240> if<00:40:42.420> you<00:40:42.599> can<00:40:42.780> cross<00:40:43.380> flow 00:40:43.849 --> 00:40:43.859 align:start position:0% making Concepts is if you can cross flow 00:40:43.859 --> 00:40:45.230 align:start position:0% making Concepts is if you can cross flow like<00:40:44.160> if<00:40:44.280> you<00:40:44.460> got<00:40:44.579> a<00:40:44.700> million<00:40:44.940> dollars<00:40:45.060> going 00:40:45.230 --> 00:40:45.240 align:start position:0% like if you got a million dollars going 00:40:45.240 --> 00:40:46.370 align:start position:0% like if you got a million dollars going this<00:40:45.420> way<00:40:45.540> and<00:40:45.599> you<00:40:45.660> had<00:40:45.839> a<00:40:45.900> million<00:40:46.020> going<00:40:46.140> so 00:40:46.370 --> 00:40:46.380 align:start position:0% this way and you had a million going so 00:40:46.380 --> 00:40:48.069 align:start position:0% this way and you had a million going so I<00:40:46.500> was<00:40:46.619> going<00:40:46.740> the<00:40:46.859> other<00:40:46.980> way<00:40:47.099> it's<00:40:47.400> beautiful 00:40:48.069 --> 00:40:48.079 align:start position:0% I was going the other way it's beautiful 00:40:48.079 --> 00:40:50.510 align:start position:0% I was going the other way it's beautiful and<00:40:49.079> not<00:40:49.260> only<00:40:49.380> that<00:40:49.619> but<00:40:49.920> it<00:40:50.040> means<00:40:50.280> you<00:40:50.400> have 00:40:50.510 --> 00:40:50.520 align:start position:0% and not only that but it means you have 00:40:50.520 --> 00:40:52.370 align:start position:0% and not only that but it means you have like<00:40:50.700> really<00:40:50.940> low<00:40:51.240> costs<00:40:51.720> you<00:40:52.020> don't<00:40:52.140> have<00:40:52.260> to 00:40:52.370 --> 00:40:52.380 align:start position:0% like really low costs you don't have to 00:40:52.380 --> 00:40:54.770 align:start position:0% like really low costs you don't have to rebalance<00:40:52.920> things<00:40:53.400> just<00:40:53.820> did<00:40:54.060> it<00:40:54.180> all<00:40:54.540> works 00:40:54.770 --> 00:40:54.780 align:start position:0% rebalance things just did it all works 00:40:54.780 --> 00:40:56.810 align:start position:0% rebalance things just did it all works out<00:40:54.900> beautifully<00:40:55.320> and<00:40:55.980> so<00:40:56.160> again<00:40:56.280> I<00:40:56.520> think<00:40:56.640> a 00:40:56.810 --> 00:40:56.820 align:start position:0% out beautifully and so again I think a 00:40:56.820 --> 00:40:58.490 align:start position:0% out beautifully and so again I think a lot<00:40:56.880> of<00:40:57.000> the<00:40:57.060> financial<00:40:57.180> engineering<00:40:57.780> is<00:40:58.020> how 00:40:58.490 --> 00:40:58.500 align:start position:0% lot of the financial engineering is how 00:40:58.500 --> 00:41:00.470 align:start position:0% lot of the financial engineering is how can<00:40:58.680> you<00:40:58.859> get<00:40:59.160> how<00:40:59.700> can<00:40:59.820> you<00:40:59.940> incentivize 00:41:00.470 --> 00:41:00.480 align:start position:0% can you get how can you incentivize 00:41:00.480 --> 00:41:03.710 align:start position:0% can you get how can you incentivize netflows<00:41:01.140> and<00:41:01.920> or<00:41:02.220> have<00:41:02.820> a<00:41:03.060> low<00:41:03.180> cost<00:41:03.359> when 00:41:03.710 --> 00:41:03.720 align:start position:0% netflows and or have a low cost when 00:41:03.720 --> 00:41:05.810 align:start position:0% netflows and or have a low cost when there<00:41:03.960> are<00:41:04.140> imbalance<00:41:04.740> flows<00:41:05.099> have<00:41:05.579> the 00:41:05.810 --> 00:41:05.820 align:start position:0% there are imbalance flows have the 00:41:05.820 --> 00:41:07.910 align:start position:0% there are imbalance flows have the lowest<00:41:06.060> cost<00:41:06.180> of<00:41:06.300> capital<00:41:06.480> and<00:41:06.900> uh<00:41:07.440> there's 00:41:07.910 --> 00:41:07.920 align:start position:0% lowest cost of capital and uh there's 00:41:07.920 --> 00:41:09.710 align:start position:0% lowest cost of capital and uh there's lots<00:41:08.220> of<00:41:08.280> like<00:41:08.460> fun<00:41:08.880> Financial<00:41:09.119> engineering 00:41:09.710 --> 00:41:09.720 align:start position:0% lots of like fun Financial engineering 00:41:09.720 --> 00:41:12.109 align:start position:0% lots of like fun Financial engineering tricks<00:41:10.079> in<00:41:10.380> that<00:41:10.560> I<00:41:10.800> think<00:41:10.980> but<00:41:11.760> let's<00:41:11.880> maybe 00:41:12.109 --> 00:41:12.119 align:start position:0% tricks in that I think but let's maybe 00:41:12.119 --> 00:41:15.349 align:start position:0% tricks in that I think but let's maybe go<00:41:12.359> to<00:41:12.480> it<00:41:12.660> so<00:41:13.320> so<00:41:13.440> next<00:41:13.740> up<00:41:13.859> is<00:41:14.220> you<00:41:14.579> know<00:41:14.700> fine 00:41:15.349 --> 00:41:15.359 align:start position:0% go to it so so next up is you know fine 00:41:15.359 --> 00:41:18.829 align:start position:0% go to it so so next up is you know fine so<00:41:16.200> let's<00:41:16.920> go<00:41:17.160> back<00:41:17.400> so<00:41:17.700> when<00:41:18.119> let's<00:41:18.420> we've 00:41:18.829 --> 00:41:18.839 align:start position:0% so let's go back so when let's we've 00:41:18.839 --> 00:41:21.589 align:start position:0% so let's go back so when let's we've taken<00:41:19.440> this<00:41:19.680> first<00:41:19.920> part<00:41:20.400> right<00:41:20.880> let's<00:41:21.240> like 00:41:21.589 --> 00:41:21.599 align:start position:0% taken this first part right let's like 00:41:21.599 --> 00:41:23.690 align:start position:0% taken this first part right let's like zoom<00:41:22.440> out<00:41:22.560> and<00:41:22.740> go<00:41:22.859> to<00:41:22.980> the<00:41:23.160> second<00:41:23.280> part<00:41:23.460> which 00:41:23.690 --> 00:41:23.700 align:start position:0% zoom out and go to the second part which 00:41:23.700 --> 00:41:26.089 align:start position:0% zoom out and go to the second part which is<00:41:23.880> uh<00:41:24.540> honestly<00:41:24.900> what<00:41:25.140> underpins<00:41:25.560> the<00:41:25.800> entire 00:41:26.089 --> 00:41:26.099 align:start position:0% is uh honestly what underpins the entire 00:41:26.099 --> 00:41:27.650 align:start position:0% is uh honestly what underpins the entire Financial<00:41:26.579> infrastructure<00:41:27.240> you<00:41:27.420> guys<00:41:27.540> are 00:41:27.650 --> 00:41:27.660 align:start position:0% Financial infrastructure you guys are 00:41:27.660 --> 00:41:30.530 align:start position:0% Financial infrastructure you guys are talking<00:41:27.780> about<00:41:27.960> uh<00:41:28.859> and<00:41:29.099> it<00:41:29.220> is<00:41:29.400> okay<00:41:29.820> so<00:41:30.180> now<00:41:30.359> I 00:41:30.530 --> 00:41:30.540 align:start position:0% talking about uh and it is okay so now I 00:41:30.540 --> 00:41:32.690 align:start position:0% talking about uh and it is okay so now I ask<00:41:30.900> you<00:41:31.079> the<00:41:31.320> question<00:41:31.500> of<00:41:32.040> do<00:41:32.339> you<00:41:32.460> think 00:41:32.690 --> 00:41:32.700 align:start position:0% ask you the question of do you think 00:41:32.700 --> 00:41:35.990 align:start position:0% ask you the question of do you think that<00:41:33.619> data<00:41:34.619> Bridges<00:41:34.920> will<00:41:35.220> themselves<00:41:35.700> all 00:41:35.990 --> 00:41:36.000 align:start position:0% that data Bridges will themselves all 00:41:36.000 --> 00:41:38.210 align:start position:0% that data Bridges will themselves all kind<00:41:36.180> of<00:41:36.300> monopol<00:41:36.660> go<00:41:37.020> into<00:41:37.140> like<00:41:37.440> one<00:41:37.800> single 00:41:38.210 --> 00:41:38.220 align:start position:0% kind of monopol go into like one single 00:41:38.220 --> 00:41:40.849 align:start position:0% kind of monopol go into like one single data<00:41:38.520> Bridge<00:41:38.579> right<00:41:38.820> like<00:41:39.300> why<00:41:39.540> not<00:41:39.780> you<00:41:40.740> know 00:41:40.849 --> 00:41:40.859 align:start position:0% data Bridge right like why not you know 00:41:40.859 --> 00:41:43.250 align:start position:0% data Bridge right like why not you know kind<00:41:41.579> of<00:41:41.640> why<00:41:42.119> doesn't<00:41:42.240> this<00:41:42.540> become<00:41:42.839> finite 00:41:43.250 --> 00:41:43.260 align:start position:0% kind of why doesn't this become finite 00:41:43.260 --> 00:41:44.750 align:start position:0% kind of why doesn't this become finite like<00:41:43.500> just<00:41:43.619> like<00:41:43.740> standard<00:41:44.099> infrastructure 00:41:44.750 --> 00:41:44.760 align:start position:0% like just like standard infrastructure 00:41:44.760 --> 00:41:46.310 align:start position:0% like just like standard infrastructure that's<00:41:45.000> open<00:41:45.240> source<00:41:45.720> that's<00:41:46.020> just<00:41:46.200> like 00:41:46.310 --> 00:41:46.320 align:start position:0% that's open source that's just like 00:41:46.320 --> 00:41:48.410 align:start position:0% that's open source that's just like classic<00:41:46.560> normal<00:41:46.980> everyone<00:41:47.280> uses<00:41:47.700> it<00:41:47.880> how<00:41:48.240> does 00:41:48.410 --> 00:41:48.420 align:start position:0% classic normal everyone uses it how does 00:41:48.420 --> 00:41:50.990 align:start position:0% classic normal everyone uses it how does one<00:41:48.540> even<00:41:48.720> monetize<00:41:49.380> this<00:41:49.800> thing 00:41:50.990 --> 00:41:51.000 align:start position:0% one even monetize this thing 00:41:51.000 --> 00:41:53.030 align:start position:0% one even monetize this thing um<00:41:51.060> you<00:41:51.359> know<00:41:51.480> for<00:41:51.780> example<00:41:51.960> IBC<00:41:52.380> works<00:41:52.740> pretty 00:41:53.030 --> 00:41:53.040 align:start position:0% um you know for example IBC works pretty 00:41:53.040 --> 00:41:54.950 align:start position:0% um you know for example IBC works pretty damn<00:41:53.220> great<00:41:53.460> right<00:41:53.760> and<00:41:53.940> like<00:41:54.180> the<00:41:54.540> idea<00:41:54.720> would 00:41:54.950 --> 00:41:54.960 align:start position:0% damn great right and like the idea would 00:41:54.960 --> 00:41:57.770 align:start position:0% damn great right and like the idea would be<00:41:55.020> IBC<00:41:55.560> for<00:41:55.859> like<00:41:56.160> ethereum<00:41:56.640> at<00:41:56.940> L<00:41:57.180> would<00:41:57.660> be 00:41:57.770 --> 00:41:57.780 align:start position:0% be IBC for like ethereum at L would be 00:41:57.780 --> 00:41:59.510 align:start position:0% be IBC for like ethereum at L would be very<00:41:57.960> cool<00:41:58.200> and<00:41:58.680> obviously<00:41:58.980> that's<00:41:59.160> kind<00:41:59.400> of 00:41:59.510 --> 00:41:59.520 align:start position:0% very cool and obviously that's kind of 00:41:59.520 --> 00:42:01.010 align:start position:0% very cool and obviously that's kind of what<00:41:59.640> you're<00:41:59.760> working<00:42:00.000> on<00:42:00.180> but<00:42:00.599> how<00:42:00.720> does<00:42:00.839> one 00:42:01.010 --> 00:42:01.020 align:start position:0% what you're working on but how does one 00:42:01.020 --> 00:42:02.930 align:start position:0% what you're working on but how does one monetize<00:42:01.440> that<00:42:01.619> I<00:42:01.740> mean<00:42:01.800> IBC<00:42:02.160> is<00:42:02.339> just<00:42:02.520> I<00:42:02.820> just 00:42:02.930 --> 00:42:02.940 align:start position:0% monetize that I mean IBC is just I just 00:42:02.940 --> 00:42:04.970 align:start position:0% monetize that I mean IBC is just I just implement<00:42:03.240> the<00:42:03.480> Ping<00:42:03.780> and<00:42:04.320> then<00:42:04.440> that's<00:42:04.619> the 00:42:04.970 --> 00:42:04.980 align:start position:0% implement the Ping and then that's the 00:42:04.980 --> 00:42:07.130 align:start position:0% implement the Ping and then that's the standard<00:42:05.280> yeah<00:42:05.760> I<00:42:05.940> think<00:42:06.119> what<00:42:06.960> we're 00:42:07.130 --> 00:42:07.140 align:start position:0% standard yeah I think what we're 00:42:07.140 --> 00:42:09.589 align:start position:0% standard yeah I think what we're building<00:42:07.380> at<00:42:07.680> succinct<00:42:08.220> is<00:42:08.820> going<00:42:09.000> to<00:42:09.180> be<00:42:09.359> like 00:42:09.589 --> 00:42:09.599 align:start position:0% building at succinct is going to be like 00:42:09.599 --> 00:42:11.990 align:start position:0% building at succinct is going to be like open<00:42:09.839> source<00:42:10.440> and<00:42:10.859> we<00:42:11.099> view<00:42:11.280> it<00:42:11.520> as<00:42:11.700> like<00:42:11.880> a 00:42:11.990 --> 00:42:12.000 align:start position:0% open source and we view it as like a 00:42:12.000 --> 00:42:13.490 align:start position:0% open source and we view it as like a public<00:42:12.119> good<00:42:12.420> because<00:42:12.720> it<00:42:12.960> is<00:42:13.079> like<00:42:13.260> a<00:42:13.380> public 00:42:13.490 --> 00:42:13.500 align:start position:0% public good because it is like a public 00:42:13.500 --> 00:42:15.530 align:start position:0% public good because it is like a public good<00:42:13.740> for<00:42:13.920> all<00:42:14.099> these<00:42:14.280> ecosystems<00:42:14.940> to<00:42:15.420> have 00:42:15.530 --> 00:42:15.540 align:start position:0% good for all these ecosystems to have 00:42:15.540 --> 00:42:17.210 align:start position:0% good for all these ecosystems to have these<00:42:15.780> succinct<00:42:16.200> like<00:42:16.440> clients<00:42:16.800> and<00:42:17.040> have 00:42:17.210 --> 00:42:17.220 align:start position:0% these succinct like clients and have 00:42:17.220 --> 00:42:20.089 align:start position:0% these succinct like clients and have this<00:42:17.520> like<00:42:17.700> snark<00:42:18.240> proof<00:42:18.660> of<00:42:18.839> consensus 00:42:20.089 --> 00:42:20.099 align:start position:0% this like snark proof of consensus 00:42:20.099 --> 00:42:21.950 align:start position:0% this like snark proof of consensus um<00:42:20.160> for<00:42:20.579> the<00:42:20.760> consensus<00:42:21.119> algorithms<00:42:21.660> and 00:42:21.950 --> 00:42:21.960 align:start position:0% um for the consensus algorithms and 00:42:21.960 --> 00:42:23.750 align:start position:0% um for the consensus algorithms and honestly<00:42:22.440> it<00:42:22.560> goes<00:42:22.800> beyond<00:42:23.040> just<00:42:23.280> having<00:42:23.520> a 00:42:23.750 --> 00:42:23.760 align:start position:0% honestly it goes beyond just having a 00:42:23.760 --> 00:42:24.950 align:start position:0% honestly it goes beyond just having a bridge<00:42:23.880> like<00:42:24.180> you<00:42:24.359> can<00:42:24.480> imagine<00:42:24.599> this 00:42:24.950 --> 00:42:24.960 align:start position:0% bridge like you can imagine this 00:42:24.960 --> 00:42:26.329 align:start position:0% bridge like you can imagine this actually<00:42:25.140> being<00:42:25.320> really<00:42:25.560> useful<00:42:25.859> for<00:42:26.160> like 00:42:26.329 --> 00:42:26.339 align:start position:0% actually being really useful for like 00:42:26.339 --> 00:42:28.190 align:start position:0% actually being really useful for like like<00:42:26.640> clients<00:42:27.180> and<00:42:27.300> wallets<00:42:27.660> so<00:42:27.839> that<00:42:28.020> you 00:42:28.190 --> 00:42:28.200 align:start position:0% like clients and wallets so that you 00:42:28.200 --> 00:42:29.569 align:start position:0% like clients and wallets so that you don't<00:42:28.320> have<00:42:28.440> to<00:42:28.619> connect<00:42:28.740> to<00:42:29.040> a<00:42:29.160> centralized 00:42:29.569 --> 00:42:29.579 align:start position:0% don't have to connect to a centralized 00:42:29.579 --> 00:42:31.069 align:start position:0% don't have to connect to a centralized RPC<00:42:30.000> and<00:42:30.240> you<00:42:30.359> can<00:42:30.420> like<00:42:30.599> do<00:42:30.960> something 00:42:31.069 --> 00:42:31.079 align:start position:0% RPC and you can like do something 00:42:31.079 --> 00:42:32.630 align:start position:0% RPC and you can like do something peer-to-peer<00:42:31.859> you<00:42:32.160> know<00:42:32.220> something<00:42:32.280> further 00:42:32.630 --> 00:42:32.640 align:start position:0% peer-to-peer you know something further 00:42:32.640 --> 00:42:35.270 align:start position:0% peer-to-peer you know something further down<00:42:33.060> the<00:42:33.300> line<00:42:33.420> in<00:42:34.320> my<00:42:34.380> opinion<00:42:34.619> wallets<00:42:35.040> have 00:42:35.270 --> 00:42:35.280 align:start position:0% down the line in my opinion wallets have 00:42:35.280 --> 00:42:36.530 align:start position:0% down the line in my opinion wallets have a<00:42:35.400> lot<00:42:35.460> of<00:42:35.579> other<00:42:35.700> things<00:42:35.940> they<00:42:36.180> need<00:42:36.359> to<00:42:36.420> do 00:42:36.530 --> 00:42:36.540 align:start position:0% a lot of other things they need to do 00:42:36.540 --> 00:42:38.630 align:start position:0% a lot of other things they need to do before<00:42:36.780> that<00:42:37.140> issue<00:42:37.440> but<00:42:37.740> yeah<00:42:37.920> down<00:42:38.220> the<00:42:38.520> line 00:42:38.630 --> 00:42:38.640 align:start position:0% before that issue but yeah down the line 00:42:38.640 --> 00:42:40.069 align:start position:0% before that issue but yeah down the line I<00:42:38.760> think<00:42:38.880> the<00:42:39.180> assisting<00:42:39.540> light<00:42:39.720> clients<00:42:40.020> are 00:42:40.069 --> 00:42:40.079 align:start position:0% I think the assisting light clients are 00:42:40.079 --> 00:42:42.890 align:start position:0% I think the assisting light clients are important<00:42:40.380> for<00:42:40.619> things<00:42:40.859> even<00:42:41.099> Beyond<00:42:41.400> Bridges 00:42:42.890 --> 00:42:42.900 align:start position:0% important for things even Beyond Bridges 00:42:42.900 --> 00:42:44.930 align:start position:0% important for things even Beyond Bridges um I<00:42:43.380> think<00:42:43.560> yeah<00:42:44.099> that<00:42:44.339> being<00:42:44.460> said<00:42:44.640> so<00:42:44.820> I 00:42:44.930 --> 00:42:44.940 align:start position:0% um I think yeah that being said so I 00:42:44.940 --> 00:42:46.190 align:start position:0% um I think yeah that being said so I think<00:42:45.060> we<00:42:45.180> want<00:42:45.300> to<00:42:45.420> build<00:42:45.540> this<00:42:45.720> in<00:42:45.900> a<00:42:46.079> very 00:42:46.190 --> 00:42:46.200 align:start position:0% think we want to build this in a very 00:42:46.200 --> 00:42:48.050 align:start position:0% think we want to build this in a very public<00:42:46.380> goods<00:42:46.740> oriented<00:42:47.220> way<00:42:47.400> but<00:42:47.760> I<00:42:47.880> think 00:42:48.050 --> 00:42:48.060 align:start position:0% public goods oriented way but I think 00:42:48.060 --> 00:42:49.670 align:start position:0% public goods oriented way but I think you<00:42:48.480> know<00:42:48.599> just<00:42:48.900> because<00:42:49.079> something's<00:42:49.560> a 00:42:49.670 --> 00:42:49.680 align:start position:0% you know just because something's a 00:42:49.680 --> 00:42:52.190 align:start position:0% you know just because something's a public<00:42:49.859> good<00:42:50.160> doesn't<00:42:50.579> mean<00:42:50.940> that<00:42:51.300> oh<00:42:51.780> it<00:42:52.079> has 00:42:52.190 --> 00:42:52.200 align:start position:0% public good doesn't mean that oh it has 00:42:52.200 --> 00:42:53.810 align:start position:0% public good doesn't mean that oh it has to<00:42:52.380> make<00:42:52.500> no<00:42:52.740> money<00:42:52.980> like<00:42:53.339> for<00:42:53.520> example 00:42:53.810 --> 00:42:53.820 align:start position:0% to make no money like for example 00:42:53.820 --> 00:42:56.210 align:start position:0% to make no money like for example operating<00:42:54.420> these<00:42:54.720> succinct<00:42:55.140> like<00:42:55.320> clients<00:42:55.800> is 00:42:56.210 --> 00:42:56.220 align:start position:0% operating these succinct like clients is 00:42:56.220 --> 00:42:58.970 align:start position:0% operating these succinct like clients is really<00:42:56.880> hard<00:42:57.180> so<00:42:57.900> you<00:42:58.200> know<00:42:58.319> and<00:42:58.560> believe<00:42:58.800> me 00:42:58.970 --> 00:42:58.980 align:start position:0% really hard so you know and believe me 00:42:58.980 --> 00:43:00.230 align:start position:0% really hard so you know and believe me like<00:42:59.220> I've<00:42:59.640> had<00:42:59.819> to<00:42:59.940> write<00:43:00.060> the 00:43:00.230 --> 00:43:00.240 align:start position:0% like I've had to write the 00:43:00.240 --> 00:43:02.450 align:start position:0% like I've had to write the infrastructure<00:43:00.780> to<00:43:01.260> you<00:43:01.800> know<00:43:01.859> watch<00:43:02.099> one 00:43:02.450 --> 00:43:02.460 align:start position:0% infrastructure to you know watch one 00:43:02.460 --> 00:43:04.910 align:start position:0% infrastructure to you know watch one chain<00:43:02.780> generate<00:43:03.780> the<00:43:03.900> ZK<00:43:04.200> proofs<00:43:04.619> and<00:43:04.800> then 00:43:04.910 --> 00:43:04.920 align:start position:0% chain generate the ZK proofs and then 00:43:04.920 --> 00:43:06.290 align:start position:0% chain generate the ZK proofs and then set<00:43:05.040> up<00:43:05.160> the<00:43:05.280> infrastructure<00:43:05.760> to<00:43:05.880> Ping<00:43:06.180> a 00:43:06.290 --> 00:43:06.300 align:start position:0% set up the infrastructure to Ping a 00:43:06.300 --> 00:43:07.430 align:start position:0% set up the infrastructure to Ping a bunch<00:43:06.420> of<00:43:06.480> different<00:43:06.599> like<00:43:06.839> clients<00:43:07.200> on<00:43:07.319> a 00:43:07.430 --> 00:43:07.440 align:start position:0% bunch of different like clients on a 00:43:07.440 --> 00:43:09.109 align:start position:0% bunch of different like clients on a bunch<00:43:07.560> of<00:43:07.680> different<00:43:07.800> chains<00:43:08.339> and<00:43:08.880> this<00:43:09.060> is 00:43:09.109 --> 00:43:09.119 align:start position:0% bunch of different chains and this is 00:43:09.119 --> 00:43:11.450 align:start position:0% bunch of different chains and this is not<00:43:09.300> infrastructure<00:43:09.960> that<00:43:10.200> you<00:43:10.440> know<00:43:10.560> it<00:43:10.980> in<00:43:11.339> a 00:43:11.450 --> 00:43:11.460 align:start position:0% not infrastructure that you know it in a 00:43:11.460 --> 00:43:13.250 align:start position:0% not infrastructure that you know it in a timely<00:43:11.700> manner<00:43:12.119> that<00:43:12.420> you<00:43:12.720> know<00:43:12.780> people<00:43:13.020> are 00:43:13.250 --> 00:43:13.260 align:start position:0% timely manner that you know people are 00:43:13.260 --> 00:43:14.750 align:start position:0% timely manner that you know people are going<00:43:13.380> to<00:43:13.500> want<00:43:13.680> to<00:43:13.859> run<00:43:13.980> themselves<00:43:14.400> like 00:43:14.750 --> 00:43:14.760 align:start position:0% going to want to run themselves like 00:43:14.760 --> 00:43:16.190 align:start position:0% going to want to run themselves like probably<00:43:14.940> there's<00:43:15.240> going<00:43:15.480> to<00:43:15.540> be<00:43:15.660> an<00:43:15.900> operator 00:43:16.190 --> 00:43:16.200 align:start position:0% probably there's going to be an operator 00:43:16.200 --> 00:43:18.470 align:start position:0% probably there's going to be an operator I<00:43:16.560> mean<00:43:16.740> currently<00:43:17.040> us<00:43:17.280> that<00:43:17.940> does<00:43:18.180> this<00:43:18.300> and 00:43:18.470 --> 00:43:18.480 align:start position:0% I mean currently us that does this and 00:43:18.480 --> 00:43:20.569 align:start position:0% I mean currently us that does this and then<00:43:18.660> has<00:43:18.839> guarantees<00:43:19.440> around<00:43:19.619> it<00:43:19.920> like<00:43:20.099> okay 00:43:20.569 --> 00:43:20.579 align:start position:0% then has guarantees around it like okay 00:43:20.579 --> 00:43:22.130 align:start position:0% then has guarantees around it like okay if<00:43:20.819> you're<00:43:20.940> gonna<00:43:21.119> rely<00:43:21.480> on<00:43:21.599> our<00:43:21.720> like<00:43:21.900> client 00:43:22.130 --> 00:43:22.140 align:start position:0% if you're gonna rely on our like client 00:43:22.140 --> 00:43:24.109 align:start position:0% if you're gonna rely on our like client you<00:43:22.380> probably<00:43:22.560> want<00:43:22.920> to<00:43:23.099> you<00:43:23.579> know<00:43:23.700> know<00:43:23.880> that 00:43:24.109 --> 00:43:24.119 align:start position:0% you probably want to you know know that 00:43:24.119 --> 00:43:27.349 align:start position:0% you probably want to you know know that it's<00:43:24.240> going<00:43:24.480> to<00:43:24.540> have<00:43:24.839> like<00:43:25.079> a<00:43:25.280> 99.999<00:43:26.359> uptime 00:43:27.349 --> 00:43:27.359 align:start position:0% it's going to have like a 99.999 uptime 00:43:27.359 --> 00:43:29.510 align:start position:0% it's going to have like a 99.999 uptime and<00:43:27.900> so<00:43:28.020> I<00:43:28.200> think<00:43:28.319> I<00:43:28.680> really<00:43:28.859> view<00:43:29.099> this<00:43:29.339> as 00:43:29.510 --> 00:43:29.520 align:start position:0% and so I think I really view this as 00:43:29.520 --> 00:43:30.950 align:start position:0% and so I think I really view this as like<00:43:29.760> where<00:43:30.060> what<00:43:30.300> we're<00:43:30.359> building<00:43:30.540> is<00:43:30.780> a 00:43:30.950 --> 00:43:30.960 align:start position:0% like where what we're building is a 00:43:30.960 --> 00:43:32.150 align:start position:0% like where what we're building is a public<00:43:31.079> good<00:43:31.319> of<00:43:31.560> course<00:43:31.680> it's<00:43:31.859> going<00:43:31.980> to<00:43:32.099> be 00:43:32.150 --> 00:43:32.160 align:start position:0% public good of course it's going to be 00:43:32.160 --> 00:43:33.650 align:start position:0% public good of course it's going to be open<00:43:32.280> source<00:43:32.579> of<00:43:33.000> course<00:43:33.119> it's<00:43:33.300> going<00:43:33.480> to<00:43:33.480> be 00:43:33.650 --> 00:43:33.660 align:start position:0% open source of course it's going to be 00:43:33.660 --> 00:43:35.270 align:start position:0% open source of course it's going to be audited<00:43:34.079> the<00:43:34.560> more<00:43:34.680> people<00:43:34.920> that<00:43:35.160> can 00:43:35.270 --> 00:43:35.280 align:start position:0% audited the more people that can 00:43:35.280 --> 00:43:36.770 align:start position:0% audited the more people that can contribute<00:43:35.700> to<00:43:35.880> it<00:43:36.000> and<00:43:36.180> like<00:43:36.359> we<00:43:36.540> can<00:43:36.660> all 00:43:36.770 --> 00:43:36.780 align:start position:0% contribute to it and like we can all 00:43:36.780 --> 00:43:38.030 align:start position:0% contribute to it and like we can all make<00:43:36.960> sure<00:43:37.079> it's<00:43:37.260> like<00:43:37.440> canonical 00:43:38.030 --> 00:43:38.040 align:start position:0% make sure it's like canonical 00:43:38.040 --> 00:43:39.530 align:start position:0% make sure it's like canonical infrastructure<00:43:38.579> that's<00:43:38.819> really<00:43:39.060> secure<00:43:39.420> and 00:43:39.530 --> 00:43:39.540 align:start position:0% infrastructure that's really secure and 00:43:39.540 --> 00:43:41.150 align:start position:0% infrastructure that's really secure and everyone<00:43:39.720> feels<00:43:40.079> really<00:43:40.260> good<00:43:40.380> about<00:43:40.560> but 00:43:41.150 --> 00:43:41.160 align:start position:0% everyone feels really good about but 00:43:41.160 --> 00:43:42.890 align:start position:0% everyone feels really good about but then<00:43:41.339> operationally<00:43:41.940> it's<00:43:42.300> kind<00:43:42.480> of<00:43:42.599> similar 00:43:42.890 --> 00:43:42.900 align:start position:0% then operationally it's kind of similar 00:43:42.900 --> 00:43:44.690 align:start position:0% then operationally it's kind of similar to<00:43:43.020> like<00:43:43.200> an<00:43:43.380> open<00:43:43.500> Core<00:43:43.740> Company<00:43:44.040> where<00:43:44.460> if 00:43:44.690 --> 00:43:44.700 align:start position:0% to like an open Core Company where if 00:43:44.700 --> 00:43:45.950 align:start position:0% to like an open Core Company where if you<00:43:44.940> have<00:43:45.060> something<00:43:45.240> I<00:43:45.540> don't<00:43:45.599> know<00:43:45.720> like<00:43:45.839> in 00:43:45.950 --> 00:43:45.960 align:start position:0% you have something I don't know like in 00:43:45.960 --> 00:43:47.990 align:start position:0% you have something I don't know like in the<00:43:46.140> web<00:43:46.200> 2<00:43:46.380> world<00:43:46.619> like<00:43:46.920> mongodb<00:43:47.700> where 00:43:47.990 --> 00:43:48.000 align:start position:0% the web 2 world like mongodb where 00:43:48.000 --> 00:43:49.849 align:start position:0% the web 2 world like mongodb where mongodb<00:43:48.540> is<00:43:48.720> open<00:43:48.900> source<00:43:49.319> but<00:43:49.560> you<00:43:49.740> know 00:43:49.849 --> 00:43:49.859 align:start position:0% mongodb is open source but you know 00:43:49.859 --> 00:43:52.190 align:start position:0% mongodb is open source but you know the<00:43:50.640> company<00:43:50.819> runs<00:43:51.480> the<00:43:51.660> open<00:43:51.780> source 00:43:52.190 --> 00:43:52.200 align:start position:0% the company runs the open source 00:43:52.200 --> 00:43:54.050 align:start position:0% the company runs the open source infrastructure<00:43:52.680> and<00:43:52.859> so<00:43:53.040> I<00:43:53.160> think<00:43:53.339> a<00:43:53.760> similar 00:43:54.050 --> 00:43:54.060 align:start position:0% infrastructure and so I think a similar 00:43:54.060 --> 00:43:55.370 align:start position:0% infrastructure and so I think a similar business<00:43:54.180> model<00:43:54.480> like<00:43:54.720> could<00:43:54.900> make<00:43:55.020> a<00:43:55.140> lot<00:43:55.260> of 00:43:55.370 --> 00:43:55.380 align:start position:0% business model like could make a lot of 00:43:55.380 --> 00:43:56.930 align:start position:0% business model like could make a lot of sense<00:43:55.500> here<00:43:55.740> where<00:43:56.040> you're<00:43:56.400> basically<00:43:56.700> paying 00:43:56.930 --> 00:43:56.940 align:start position:0% sense here where you're basically paying 00:43:56.940 --> 00:43:58.550 align:start position:0% sense here where you're basically paying for<00:43:57.119> the<00:43:57.240> convenience<00:43:57.660> and<00:43:57.900> like<00:43:58.079> the<00:43:58.260> Peace 00:43:58.550 --> 00:43:58.560 align:start position:0% for the convenience and like the Peace 00:43:58.560 --> 00:43:59.990 align:start position:0% for the convenience and like the Peace of<00:43:58.680> Mind<00:43:58.800> of<00:43:59.220> like<00:43:59.460> you<00:43:59.760> know<00:43:59.819> this 00:43:59.990 --> 00:44:00.000 align:start position:0% of Mind of like you know this 00:44:00.000 --> 00:44:01.309 align:start position:0% of Mind of like you know this infrastructure<00:44:00.540> is<00:44:00.660> actually<00:44:00.839> going<00:44:01.020> to<00:44:01.200> work 00:44:01.309 --> 00:44:01.319 align:start position:0% infrastructure is actually going to work 00:44:01.319 --> 00:44:02.510 align:start position:0% infrastructure is actually going to work and<00:44:01.500> it's<00:44:01.680> actually<00:44:01.800> going<00:44:01.980> to<00:44:02.099> be<00:44:02.160> uptime 00:44:02.510 --> 00:44:02.520 align:start position:0% and it's actually going to be uptime 00:44:02.520 --> 00:44:04.430 align:start position:0% and it's actually going to be uptime that<00:44:03.180> being<00:44:03.359> said<00:44:03.540> we're<00:44:03.900> not<00:44:04.079> going<00:44:04.260> to 00:44:04.430 --> 00:44:04.440 align:start position:0% that being said we're not going to 00:44:04.440 --> 00:44:06.530 align:start position:0% that being said we're not going to always<00:44:04.680> be<00:44:04.920> like<00:44:05.160> our<00:44:05.339> own<00:44:05.520> operator<00:44:05.940> like<00:44:06.359> we 00:44:06.530 --> 00:44:06.540 align:start position:0% always be like our own operator like we 00:44:06.540 --> 00:44:07.849 align:start position:0% always be like our own operator like we don't<00:44:06.660> want<00:44:06.780> to<00:44:06.900> be<00:44:07.020> the<00:44:07.079> only<00:44:07.200> operator<00:44:07.560> for 00:44:07.849 --> 00:44:07.859 align:start position:0% don't want to be the only operator for 00:44:07.859 --> 00:44:09.950 align:start position:0% don't want to be the only operator for like<00:44:07.980> censorship<00:44:08.460> resistance 00:44:09.950 --> 00:44:09.960 align:start position:0% like censorship resistance 00:44:09.960 --> 00:44:12.170 align:start position:0% like censorship resistance um<00:44:10.079> and<00:44:10.440> so<00:44:10.619> it's<00:44:11.160> important<00:44:11.460> that<00:44:11.700> anyone<00:44:12.000> can 00:44:12.170 --> 00:44:12.180 align:start position:0% um and so it's important that anyone can 00:44:12.180 --> 00:44:14.750 align:start position:0% um and so it's important that anyone can actually<00:44:12.300> run<00:44:12.540> the<00:44:12.720> operator<00:44:13.020> themselves 00:44:14.750 --> 00:44:14.760 align:start position:0% actually run the operator themselves 00:44:14.760 --> 00:44:16.309 align:start position:0% actually run the operator themselves um<00:44:14.819> and<00:44:15.060> yeah<00:44:15.300> I<00:44:15.420> think<00:44:15.599> there's<00:44:15.780> like<00:44:16.020> some 00:44:16.309 --> 00:44:16.319 align:start position:0% um and yeah I think there's like some 00:44:16.319 --> 00:44:17.690 align:start position:0% um and yeah I think there's like some interesting<00:44:16.920> things<00:44:17.099> you<00:44:17.339> can<00:44:17.460> like<00:44:17.579> do 00:44:17.690 --> 00:44:17.700 align:start position:0% interesting things you can like do 00:44:17.700 --> 00:44:20.150 align:start position:0% interesting things you can like do around<00:44:17.880> that<00:44:18.180> in<00:44:18.300> the<00:44:18.480> future<00:44:18.599> is<00:44:19.500> it<00:44:19.740> possible 00:44:20.150 --> 00:44:20.160 align:start position:0% around that in the future is it possible 00:44:20.160 --> 00:44:21.950 align:start position:0% around that in the future is it possible to<00:44:20.339> tell<00:44:20.460> us<00:44:20.579> but<00:44:20.760> how<00:44:21.119> does<00:44:21.240> one<00:44:21.420> decentralize 00:44:21.950 --> 00:44:21.960 align:start position:0% to tell us but how does one decentralize 00:44:21.960 --> 00:44:23.450 align:start position:0% to tell us but how does one decentralize this<00:44:22.140> I<00:44:22.319> mean<00:44:22.440> it<00:44:22.500> feels<00:44:22.859> hard<00:44:22.980> right<00:44:23.220> like 00:44:23.450 --> 00:44:23.460 align:start position:0% this I mean it feels hard right like 00:44:23.460 --> 00:44:24.770 align:start position:0% this I mean it feels hard right like you're<00:44:23.640> kind<00:44:23.819> of<00:44:23.880> relying<00:44:24.180> on<00:44:24.359> someone<00:44:24.540> to 00:44:24.770 --> 00:44:24.780 align:start position:0% you're kind of relying on someone to 00:44:24.780 --> 00:44:27.230 align:start position:0% you're kind of relying on someone to reward<00:44:25.740> these<00:44:25.980> things<00:44:26.040> I<00:44:26.280> mean<00:44:26.400> just<00:44:26.640> tell<00:44:27.119> me 00:44:27.230 --> 00:44:27.240 align:start position:0% reward these things I mean just tell me 00:44:27.240 --> 00:44:29.030 align:start position:0% reward these things I mean just tell me if<00:44:27.300> I'm<00:44:27.420> wrong<00:44:27.540> but<00:44:27.839> anyone<00:44:28.260> could<00:44:28.560> do<00:44:28.859> this 00:44:29.030 --> 00:44:29.040 align:start position:0% if I'm wrong but anyone could do this 00:44:29.040 --> 00:44:31.010 align:start position:0% if I'm wrong but anyone could do this yeah<00:44:29.339> it's<00:44:29.579> just<00:44:29.760> the<00:44:29.880> sense<00:44:30.119> that<00:44:30.359> like<00:44:30.720> this 00:44:31.010 --> 00:44:31.020 align:start position:0% yeah it's just the sense that like this 00:44:31.020 --> 00:44:33.890 align:start position:0% yeah it's just the sense that like this is<00:44:31.140> where<00:44:31.380> no<00:44:31.740> one's<00:44:32.040> going<00:44:32.220> to<00:44:32.880> right<00:44:33.359> other 00:44:33.890 --> 00:44:33.900 align:start position:0% is where no one's going to right other 00:44:33.900 --> 00:44:35.390 align:start position:0% is where no one's going to right other than<00:44:34.020> if<00:44:34.200> you<00:44:34.319> are<00:44:34.440> in<00:44:34.560> some<00:44:34.680> yeah<00:44:35.099> it's<00:44:35.220> like 00:44:35.390 --> 00:44:35.400 align:start position:0% than if you are in some yeah it's like 00:44:35.400 --> 00:44:37.670 align:start position:0% than if you are in some yeah it's like we're<00:44:35.640> going<00:44:36.000> to<00:44:36.319> coordinate<00:44:37.319> all<00:44:37.500> this 00:44:37.670 --> 00:44:37.680 align:start position:0% we're going to coordinate all this 00:44:37.680 --> 00:44:40.430 align:start position:0% we're going to coordinate all this infrastructure<00:44:38.400> and<00:44:39.300> then<00:44:39.420> you<00:44:39.900> know<00:44:39.960> and 00:44:40.430 --> 00:44:40.440 align:start position:0% infrastructure and then you know and 00:44:40.440 --> 00:44:41.630 align:start position:0% infrastructure and then you know and we're<00:44:40.619> going<00:44:40.740> to<00:44:40.859> do<00:44:40.980> it<00:44:41.099> the<00:44:41.220> best<00:44:41.339> so<00:44:41.520> you 00:44:41.630 --> 00:44:41.640 align:start position:0% we're going to do it the best so you 00:44:41.640 --> 00:44:42.829 align:start position:0% we're going to do it the best so you have<00:44:41.760> like<00:44:41.880> the<00:44:41.940> like<00:44:42.060> client<00:44:42.420> that<00:44:42.540> updates 00:44:42.829 --> 00:44:42.839 align:start position:0% have like the like client that updates 00:44:42.839 --> 00:44:44.630 align:start position:0% have like the like client that updates the<00:44:43.140> fastest<00:44:43.560> and<00:44:43.740> like<00:44:43.920> you<00:44:44.099> can<00:44:44.220> have<00:44:44.339> like<00:44:44.520> a 00:44:44.630 --> 00:44:44.640 align:start position:0% the fastest and like you can have like a 00:44:44.640 --> 00:44:46.130 align:start position:0% the fastest and like you can have like a nice<00:44:44.760> dashboard<00:44:45.180> that's<00:44:45.420> like<00:44:45.599> yes<00:44:45.780> my<00:44:45.960> like 00:44:46.130 --> 00:44:46.140 align:start position:0% nice dashboard that's like yes my like 00:44:46.140 --> 00:44:48.109 align:start position:0% nice dashboard that's like yes my like client<00:44:46.440> got<00:44:46.500> updated<00:44:46.800> things<00:44:47.099> like<00:44:47.280> that<00:44:47.460> and 00:44:48.109 --> 00:44:48.119 align:start position:0% client got updated things like that and 00:44:48.119 --> 00:44:49.490 align:start position:0% client got updated things like that and then<00:44:48.240> in<00:44:48.420> the<00:44:48.540> future<00:44:48.599> I<00:44:48.900> think<00:44:49.020> a<00:44:49.200> lot<00:44:49.319> of<00:44:49.380> the 00:44:49.490 --> 00:44:49.500 align:start position:0% then in the future I think a lot of the 00:44:49.500 --> 00:44:51.170 align:start position:0% then in the future I think a lot of the ZK<00:44:49.800> EVMS<00:44:50.339> have<00:44:50.460> been<00:44:50.579> thinking<00:44:50.819> about<00:44:50.880> really 00:44:51.170 --> 00:44:51.180 align:start position:0% ZK EVMS have been thinking about really 00:44:51.180 --> 00:44:52.790 align:start position:0% ZK EVMS have been thinking about really similar<00:44:51.540> problems<00:44:51.960> where<00:44:52.140> they<00:44:52.380> really<00:44:52.500> need 00:44:52.790 --> 00:44:52.800 align:start position:0% similar problems where they really need 00:44:52.800 --> 00:44:54.470 align:start position:0% similar problems where they really need proofs<00:44:53.280> to<00:44:53.460> be<00:44:53.579> generated<00:44:53.940> but<00:44:54.240> they<00:44:54.359> don't 00:44:54.470 --> 00:44:54.480 align:start position:0% proofs to be generated but they don't 00:44:54.480 --> 00:44:56.569 align:start position:0% proofs to be generated but they don't want<00:44:54.660> a<00:44:54.839> centralized<00:44:55.260> prover<00:44:55.740> and<00:44:56.280> so<00:44:56.400> they're 00:44:56.569 --> 00:44:56.579 align:start position:0% want a centralized prover and so they're 00:44:56.579 --> 00:44:57.890 align:start position:0% want a centralized prover and so they're going<00:44:56.760> to<00:44:56.819> have<00:44:56.940> like<00:44:57.119> a<00:44:57.300> decentralized 00:44:57.890 --> 00:44:57.900 align:start position:0% going to have like a decentralized 00:44:57.900 --> 00:44:59.750 align:start position:0% going to have like a decentralized prover<00:44:58.200> Network<00:44:58.560> like<00:44:59.040> that's<00:44:59.280> separate<00:44:59.579> from 00:44:59.750 --> 00:44:59.760 align:start position:0% prover Network like that's separate from 00:44:59.760 --> 00:45:01.309 align:start position:0% prover Network like that's separate from their<00:44:59.880> sequencer<00:45:00.420> and<00:45:00.540> I<00:45:00.720> think<00:45:00.839> a<00:45:01.020> really 00:45:01.309 --> 00:45:01.319 align:start position:0% their sequencer and I think a really 00:45:01.319 --> 00:45:02.809 align:start position:0% their sequencer and I think a really similar<00:45:01.619> thing<00:45:01.800> could<00:45:02.040> also<00:45:02.280> apply<00:45:02.579> here 00:45:02.809 --> 00:45:02.819 align:start position:0% similar thing could also apply here 00:45:02.819 --> 00:45:04.250 align:start position:0% similar thing could also apply here where<00:45:03.359> you're<00:45:03.480> going<00:45:03.660> to<00:45:03.720> have<00:45:03.839> like<00:45:03.960> a<00:45:04.140> bunch 00:45:04.250 --> 00:45:04.260 align:start position:0% where you're going to have like a bunch 00:45:04.260 --> 00:45:06.890 align:start position:0% where you're going to have like a bunch of<00:45:04.380> provers<00:45:04.980> that<00:45:05.339> you<00:45:05.640> know<00:45:05.700> basically<00:45:06.540> I 00:45:06.890 --> 00:45:06.900 align:start position:0% of provers that you know basically I 00:45:06.900 --> 00:45:08.089 align:start position:0% of provers that you know basically I kind<00:45:07.079> of<00:45:07.140> think<00:45:07.260> of<00:45:07.440> it<00:45:07.560> as<00:45:07.740> there's<00:45:07.920> this 00:45:08.089 --> 00:45:08.099 align:start position:0% kind of think of it as there's this 00:45:08.099 --> 00:45:09.950 align:start position:0% kind of think of it as there's this economic<00:45:08.640> exchange<00:45:09.000> going<00:45:09.300> on<00:45:09.480> where<00:45:09.720> there's 00:45:09.950 --> 00:45:09.960 align:start position:0% economic exchange going on where there's 00:45:09.960 --> 00:45:11.270 align:start position:0% economic exchange going on where there's people<00:45:10.260> who<00:45:10.619> are<00:45:10.680> relying<00:45:11.040> on<00:45:11.160> those 00:45:11.270 --> 00:45:11.280 align:start position:0% people who are relying on those 00:45:11.280 --> 00:45:13.190 align:start position:0% people who are relying on those listening<00:45:11.819> to<00:45:11.880> like<00:45:12.060> clients<00:45:12.480> who<00:45:13.020> want 00:45:13.190 --> 00:45:13.200 align:start position:0% listening to like clients who want 00:45:13.200 --> 00:45:15.109 align:start position:0% listening to like clients who want proofs<00:45:13.740> and<00:45:14.160> then<00:45:14.220> there's<00:45:14.400> people<00:45:14.700> who<00:45:15.000> are 00:45:15.109 --> 00:45:15.119 align:start position:0% proofs and then there's people who are 00:45:15.119 --> 00:45:16.790 align:start position:0% proofs and then there's people who are able<00:45:15.420> to<00:45:15.480> provide<00:45:15.780> proofs<00:45:16.200> and<00:45:16.440> there's<00:45:16.619> like 00:45:16.790 --> 00:45:16.800 align:start position:0% able to provide proofs and there's like 00:45:16.800 --> 00:45:18.650 align:start position:0% able to provide proofs and there's like some<00:45:17.099> exchange<00:45:17.520> of<00:45:17.700> value<00:45:17.940> and<00:45:18.240> then<00:45:18.420> maybe 00:45:18.650 --> 00:45:18.660 align:start position:0% some exchange of value and then maybe 00:45:18.660 --> 00:45:20.089 align:start position:0% some exchange of value and then maybe you<00:45:18.839> have<00:45:18.960> like<00:45:19.140> a<00:45:19.200> Marketplace<00:45:19.560> and<00:45:19.800> you<00:45:19.980> like 00:45:20.089 --> 00:45:20.099 align:start position:0% you have like a Marketplace and you like 00:45:20.099 --> 00:45:22.550 align:start position:0% you have like a Marketplace and you like take<00:45:20.220> some<00:45:20.400> cut<00:45:20.579> of<00:45:20.819> that<00:45:20.940> or<00:45:21.240> something<00:45:21.420> so<00:45:22.319> I 00:45:22.550 --> 00:45:22.560 align:start position:0% take some cut of that or something so I 00:45:22.560 --> 00:45:24.710 align:start position:0% take some cut of that or something so I guess<00:45:22.819> you<00:45:23.819> know<00:45:23.940> kind<00:45:24.060> of<00:45:24.180> more<00:45:24.359> generally 00:45:24.710 --> 00:45:24.720 align:start position:0% guess you know kind of more generally 00:45:24.720 --> 00:45:26.569 align:start position:0% guess you know kind of more generally like<00:45:25.079> let's<00:45:25.560> say<00:45:25.740> I<00:45:25.920> want<00:45:26.099> to<00:45:26.160> prove<00:45:26.400> something 00:45:26.569 --> 00:45:26.579 align:start position:0% like let's say I want to prove something 00:45:26.579 --> 00:45:28.190 align:start position:0% like let's say I want to prove something that<00:45:26.760> happens<00:45:26.940> only<00:45:27.240> once<00:45:27.599> every<00:45:27.720> once<00:45:28.020> in<00:45:28.079> a 00:45:28.190 --> 00:45:28.200 align:start position:0% that happens only once every once in a 00:45:28.200 --> 00:45:30.470 align:start position:0% that happens only once every once in a while<00:45:28.260> right<00:45:28.740> like<00:45:29.040> what<00:45:29.579> incentivizes<00:45:30.359> me 00:45:30.470 --> 00:45:30.480 align:start position:0% while right like what incentivizes me 00:45:30.480 --> 00:45:32.030 align:start position:0% while right like what incentivizes me from<00:45:30.660> like<00:45:30.780> paying<00:45:31.200> you<00:45:31.440> know<00:45:31.500> this<00:45:31.680> like<00:45:31.859> big 00:45:32.030 --> 00:45:32.040 align:start position:0% from like paying you know this like big 00:45:32.040 --> 00:45:33.829 align:start position:0% from like paying you know this like big pool<00:45:32.280> let's<00:45:32.640> feel<00:45:32.819> feels<00:45:33.240> like<00:45:33.359> what<00:45:33.540> a<00:45:33.720> lot<00:45:33.780> of 00:45:33.829 --> 00:45:33.839 align:start position:0% pool let's feel feels like what a lot of 00:45:33.839 --> 00:45:35.210 align:start position:0% pool let's feel feels like what a lot of things<00:45:33.960> like<00:45:34.319> how<00:45:34.440> a<00:45:34.560> lot<00:45:34.680> of<00:45:34.800> things<00:45:34.920> work 00:45:35.210 --> 00:45:35.220 align:start position:0% things like how a lot of things work 00:45:35.220 --> 00:45:37.550 align:start position:0% things like how a lot of things work right<00:45:35.880> like<00:45:36.119> we<00:45:36.540> you<00:45:36.900> know<00:45:37.020> kind<00:45:37.200> of<00:45:37.319> only 00:45:37.550 --> 00:45:37.560 align:start position:0% right like we you know kind of only 00:45:37.560 --> 00:45:39.950 align:start position:0% right like we you know kind of only Bridge<00:45:38.040> or<00:45:38.400> only<00:45:38.579> like<00:45:38.819> send<00:45:39.060> data<00:45:39.420> across 00:45:39.950 --> 00:45:39.960 align:start position:0% Bridge or only like send data across 00:45:39.960 --> 00:45:42.349 align:start position:0% Bridge or only like send data across kind<00:45:40.500> of<00:45:40.560> chains<00:45:41.040> like<00:45:41.760> very<00:45:41.940> fairly 00:45:42.349 --> 00:45:42.359 align:start position:0% kind of chains like very fairly 00:45:42.359 --> 00:45:44.210 align:start position:0% kind of chains like very fairly infrequently<00:45:42.960> right<00:45:43.260> so<00:45:43.680> is<00:45:43.800> the<00:45:43.980> assumption 00:45:44.210 --> 00:45:44.220 align:start position:0% infrequently right so is the assumption 00:45:44.220 --> 00:45:46.010 align:start position:0% infrequently right so is the assumption that<00:45:44.280> there's<00:45:44.460> going<00:45:44.640> to<00:45:44.700> be<00:45:44.819> like<00:45:45.060> a<00:45:45.780> large 00:45:46.010 --> 00:45:46.020 align:start position:0% that there's going to be like a large 00:45:46.020 --> 00:45:48.770 align:start position:0% that there's going to be like a large enough<00:45:46.260> volume<00:45:46.619> that<00:45:47.040> like<00:45:47.280> people<00:45:47.880> are<00:45:48.359> you 00:45:48.770 --> 00:45:48.780 align:start position:0% enough volume that like people are you 00:45:48.780 --> 00:45:50.150 align:start position:0% enough volume that like people are you know<00:45:48.839> kind<00:45:48.960> of<00:45:49.079> incentivized<00:45:49.619> to<00:45:49.680> always<00:45:49.859> run 00:45:50.150 --> 00:45:50.160 align:start position:0% know kind of incentivized to always run 00:45:50.160 --> 00:45:52.430 align:start position:0% know kind of incentivized to always run these<00:45:50.520> things<00:45:50.640> or<00:45:51.240> do<00:45:51.780> we<00:45:51.960> kind<00:45:52.140> of<00:45:52.260> expect 00:45:52.430 --> 00:45:52.440 align:start position:0% these things or do we kind of expect 00:45:52.440 --> 00:45:54.650 align:start position:0% these things or do we kind of expect every<00:45:53.040> individual<00:45:53.460> user<00:45:53.880> to<00:45:54.359> just<00:45:54.480> like 00:45:54.650 --> 00:45:54.660 align:start position:0% every individual user to just like 00:45:54.660 --> 00:45:56.870 align:start position:0% every individual user to just like provide<00:45:55.020> their<00:45:55.200> own<00:45:55.319> proofs<00:45:55.740> as<00:45:56.160> needed<00:45:56.520> I 00:45:56.870 --> 00:45:56.880 align:start position:0% provide their own proofs as needed I 00:45:56.880 --> 00:45:57.829 align:start position:0% provide their own proofs as needed I don't<00:45:57.060> know<00:45:57.119> how<00:45:57.180> large<00:45:57.359> these<00:45:57.540> proofs<00:45:57.720> even 00:45:57.829 --> 00:45:57.839 align:start position:0% don't know how large these proofs even 00:45:57.839 --> 00:45:59.329 align:start position:0% don't know how large these proofs even are<00:45:58.020> I<00:45:58.200> mean<00:45:58.260> how<00:45:58.380> long<00:45:58.500> does<00:45:58.619> it<00:45:58.800> take<00:45:58.920> like 00:45:59.329 --> 00:45:59.339 align:start position:0% are I mean how long does it take like 00:45:59.339 --> 00:46:01.670 align:start position:0% are I mean how long does it take like yeah<00:45:59.520> I<00:45:59.880> think<00:46:00.060> expecting<00:46:00.900> individual<00:46:01.319> users 00:46:01.670 --> 00:46:01.680 align:start position:0% yeah I think expecting individual users 00:46:01.680 --> 00:46:03.410 align:start position:0% yeah I think expecting individual users to<00:46:01.859> generate<00:46:02.220> these<00:46:02.520> proofs<00:46:02.880> is<00:46:03.060> totally 00:46:03.410 --> 00:46:03.420 align:start position:0% to generate these proofs is totally 00:46:03.420 --> 00:46:06.050 align:start position:0% to generate these proofs is totally infeasible<00:46:04.020> like<00:46:04.319> I<00:46:04.859> think<00:46:04.980> to<00:46:05.339> make<00:46:05.460> it<00:46:05.700> you 00:46:06.050 --> 00:46:06.060 align:start position:0% infeasible like I think to make it you 00:46:06.060 --> 00:46:07.849 align:start position:0% infeasible like I think to make it you know<00:46:06.119> timely<00:46:06.780> uh<00:46:07.260> you<00:46:07.380> need<00:46:07.500> like<00:46:07.680> custom 00:46:07.849 --> 00:46:07.859 align:start position:0% know timely uh you need like custom 00:46:07.859 --> 00:46:10.250 align:start position:0% know timely uh you need like custom Hardware<00:46:08.099> probably<00:46:08.460> and<00:46:08.819> like<00:46:09.060> the<00:46:09.240> limit<00:46:09.359> uh 00:46:10.250 --> 00:46:10.260 align:start position:0% Hardware probably and like the limit uh 00:46:10.260 --> 00:46:13.250 align:start position:0% Hardware probably and like the limit uh generating<00:46:10.619> the<00:46:10.800> proof<00:46:11.160> takes<00:46:11.579> takes<00:46:11.940> a<00:46:12.119> while 00:46:13.250 --> 00:46:13.260 align:start position:0% generating the proof takes takes a while 00:46:13.260 --> 00:46:15.790 align:start position:0% generating the proof takes takes a while um<00:46:13.319> how<00:46:13.560> long<00:46:13.859> and<00:46:14.040> then<00:46:14.160> what<00:46:14.339> machine<00:46:14.520> sorry 00:46:15.790 --> 00:46:15.800 align:start position:0% um how long and then what machine sorry 00:46:15.800 --> 00:46:18.410 align:start position:0% um how long and then what machine sorry So<00:46:16.800> currently<00:46:17.160> for<00:46:17.400> ethereum<00:46:17.819> our<00:46:18.060> proof<00:46:18.359> of 00:46:18.410 --> 00:46:18.420 align:start position:0% So currently for ethereum our proof of 00:46:18.420 --> 00:46:20.329 align:start position:0% So currently for ethereum our proof of consensus<00:46:18.839> for<00:46:19.079> ethereum<00:46:19.560> takes<00:46:19.920> like<00:46:20.099> four 00:46:20.329 --> 00:46:20.339 align:start position:0% consensus for ethereum takes like four 00:46:20.339 --> 00:46:22.309 align:start position:0% consensus for ethereum takes like four minutes<00:46:20.520> to<00:46:20.819> generate<00:46:21.119> on<00:46:21.359> like<00:46:21.540> a<00:46:22.079> pretty 00:46:22.309 --> 00:46:22.319 align:start position:0% minutes to generate on like a pretty 00:46:22.319 --> 00:46:25.309 align:start position:0% minutes to generate on like a pretty beefy<00:46:22.859> AWS<00:46:23.400> machine<00:46:23.700> I<00:46:24.300> think<00:46:24.420> that<00:46:24.660> time<00:46:24.900> over 00:46:25.309 --> 00:46:25.319 align:start position:0% beefy AWS machine I think that time over 00:46:25.319 --> 00:46:27.710 align:start position:0% beefy AWS machine I think that time over time<00:46:25.619> that<00:46:26.160> time<00:46:26.880> it<00:46:27.119> takes<00:46:27.180> to<00:46:27.359> generate<00:46:27.599> the 00:46:27.710 --> 00:46:27.720 align:start position:0% time that time it takes to generate the 00:46:27.720 --> 00:46:29.390 align:start position:0% time that time it takes to generate the proof<00:46:28.020> will<00:46:28.140> definitely<00:46:28.440> Trend<00:46:28.920> um<00:46:28.920> hopefully 00:46:29.390 --> 00:46:29.400 align:start position:0% proof will definitely Trend um hopefully 00:46:29.400 --> 00:46:31.010 align:start position:0% proof will definitely Trend um hopefully closer<00:46:29.700> to<00:46:29.880> zero 00:46:31.010 --> 00:46:31.020 align:start position:0% closer to zero 00:46:31.020 --> 00:46:33.470 align:start position:0% closer to zero um<00:46:31.079> but<00:46:31.440> you<00:46:31.859> need<00:46:32.040> like<00:46:32.160> GPU<00:46:32.579> or<00:46:32.760> there's<00:46:33.300> a 00:46:33.470 --> 00:46:33.480 align:start position:0% um but you need like GPU or there's a 00:46:33.480 --> 00:46:36.290 align:start position:0% um but you need like GPU or there's a you<00:46:33.660> know<00:46:33.780> a<00:46:33.960> million<00:46:34.380> ZK<00:46:34.920> Hardware<00:46:35.640> companies 00:46:36.290 --> 00:46:36.300 align:start position:0% you know a million ZK Hardware companies 00:46:36.300 --> 00:46:38.569 align:start position:0% you know a million ZK Hardware companies that<00:46:36.599> I'm<00:46:36.720> sure<00:46:36.900> will<00:46:37.140> use<00:46:37.500> that's<00:46:38.339> going<00:46:38.460> to 00:46:38.569 --> 00:46:38.579 align:start position:0% that I'm sure will use that's going to 00:46:38.579 --> 00:46:40.010 align:start position:0% that I'm sure will use that's going to make<00:46:38.640> it<00:46:38.760> better<00:46:38.880> but<00:46:39.119> again<00:46:39.240> yeah<00:46:39.480> a<00:46:39.660> user<00:46:39.960> is 00:46:40.010 --> 00:46:40.020 align:start position:0% make it better but again yeah a user is 00:46:40.020 --> 00:46:42.230 align:start position:0% make it better but again yeah a user is not<00:46:40.200> going<00:46:40.260> to<00:46:40.380> run<00:46:40.500> a<00:46:40.680> ZK<00:46:40.980> fpga<00:46:41.520> in<00:46:42.000> their 00:46:42.230 --> 00:46:42.240 align:start position:0% not going to run a ZK fpga in their 00:46:42.240 --> 00:46:43.970 align:start position:0% not going to run a ZK fpga in their house<00:46:42.540> like<00:46:42.780> that<00:46:42.960> doesn't<00:46:43.140> make<00:46:43.500> sense 00:46:43.970 --> 00:46:43.980 align:start position:0% house like that doesn't make sense 00:46:43.980 --> 00:46:47.870 align:start position:0% house like that doesn't make sense Jeremy<00:46:44.880> will<00:46:45.000> yeah<00:46:45.839> yeah<00:46:46.400> gotta<00:46:47.400> minimize 00:46:47.870 --> 00:46:47.880 align:start position:0% Jeremy will yeah yeah gotta minimize 00:46:47.880 --> 00:46:49.910 align:start position:0% Jeremy will yeah yeah gotta minimize that<00:46:48.119> trust<00:46:48.420> you<00:46:48.720> know<00:46:48.839> truly<00:46:49.319> minimize<00:46:49.740> it 00:46:49.910 --> 00:46:49.920 align:start position:0% that trust you know truly minimize it 00:46:49.920 --> 00:46:53.990 align:start position:0% that trust you know truly minimize it but<00:46:50.160> yeah<00:46:50.339> the<00:46:50.460> beauty 00:46:53.990 --> 00:46:54.000 align:start position:0% 00:46:54.000 --> 00:46:55.730 align:start position:0% but<00:46:54.240> trusting<00:46:54.599> me<00:46:54.780> I'm<00:46:55.020> just<00:46:55.200> generating<00:46:55.560> the 00:46:55.730 --> 00:46:55.740 align:start position:0% but trusting me I'm just generating the 00:46:55.740 --> 00:46:57.410 align:start position:0% but trusting me I'm just generating the proof<00:46:56.040> for<00:46:56.160> you<00:46:56.280> but<00:46:56.460> the<00:46:56.579> chain<00:46:56.760> is<00:46:57.000> verifying 00:46:57.410 --> 00:46:57.420 align:start position:0% proof for you but the chain is verifying 00:46:57.420 --> 00:46:58.910 align:start position:0% proof for you but the chain is verifying the<00:46:57.480> proof<00:46:57.720> so<00:46:57.839> there's<00:46:58.020> no<00:46:58.200> trust<00:46:58.560> assumption 00:46:58.910 --> 00:46:58.920 align:start position:0% the proof so there's no trust assumption 00:46:58.920 --> 00:47:00.470 align:start position:0% the proof so there's no trust assumption if<00:46:59.099> someone<00:46:59.280> else<00:46:59.460> is<00:46:59.579> generating<00:46:59.940> the<00:47:00.119> proof 00:47:00.470 --> 00:47:00.480 align:start position:0% if someone else is generating the proof 00:47:00.480 --> 00:47:02.150 align:start position:0% if someone else is generating the proof it's<00:47:00.900> just<00:47:01.020> a<00:47:01.200> sense<00:47:01.380> and<00:47:01.740> the<00:47:01.859> important 00:47:02.150 --> 00:47:02.160 align:start position:0% it's just a sense and the important 00:47:02.160 --> 00:47:03.950 align:start position:0% it's just a sense and the important thing<00:47:02.280> for<00:47:02.460> censorship<00:47:02.940> resistance<00:47:03.420> is<00:47:03.720> that 00:47:03.950 --> 00:47:03.960 align:start position:0% thing for censorship resistance is that 00:47:03.960 --> 00:47:07.250 align:start position:0% thing for censorship resistance is that you<00:47:04.740> could<00:47:05.040> generate<00:47:05.520> the<00:47:05.700> proof<00:47:06.060> like<00:47:06.540> you 00:47:07.250 --> 00:47:07.260 align:start position:0% you could generate the proof like you 00:47:07.260 --> 00:47:09.349 align:start position:0% you could generate the proof like you could<00:47:07.500> spend<00:47:07.980> 20<00:47:08.280> minutes<00:47:08.579> and<00:47:08.880> spin<00:47:09.119> up<00:47:09.240> an 00:47:09.349 --> 00:47:09.359 align:start position:0% could spend 20 minutes and spin up an 00:47:09.359 --> 00:47:11.150 align:start position:0% could spend 20 minutes and spin up an AWS<00:47:09.720> machine<00:47:09.960> and<00:47:10.319> generate<00:47:10.740> the<00:47:10.859> proof<00:47:11.099> of 00:47:11.150 --> 00:47:11.160 align:start position:0% AWS machine and generate the proof of 00:47:11.160 --> 00:47:12.589 align:start position:0% AWS machine and generate the proof of yourself<00:47:11.280> and<00:47:11.640> send<00:47:11.880> it<00:47:12.000> to<00:47:12.060> the<00:47:12.180> light<00:47:12.300> client 00:47:12.589 --> 00:47:12.599 align:start position:0% yourself and send it to the light client 00:47:12.599 --> 00:47:13.790 align:start position:0% yourself and send it to the light client you're<00:47:13.020> generally<00:47:13.260> not<00:47:13.380> going<00:47:13.560> to<00:47:13.619> do<00:47:13.740> that 00:47:13.790 --> 00:47:13.800 align:start position:0% you're generally not going to do that 00:47:13.800 --> 00:47:15.050 align:start position:0% you're generally not going to do that and<00:47:13.980> you're<00:47:14.160> probably<00:47:14.339> willing<00:47:14.579> to<00:47:14.700> pay<00:47:14.819> for 00:47:15.050 --> 00:47:15.060 align:start position:0% and you're probably willing to pay for 00:47:15.060 --> 00:47:17.270 align:start position:0% and you're probably willing to pay for the<00:47:15.180> convenience<00:47:15.599> of<00:47:15.780> someone<00:47:15.960> else<00:47:16.140> doing<00:47:16.440> it 00:47:17.270 --> 00:47:17.280 align:start position:0% the convenience of someone else doing it 00:47:17.280 --> 00:47:18.410 align:start position:0% the convenience of someone else doing it cool 00:47:18.410 --> 00:47:18.420 align:start position:0% cool 00:47:18.420 --> 00:47:20.930 align:start position:0% cool um<00:47:18.480> I<00:47:18.660> guess<00:47:18.839> we<00:47:19.380> are<00:47:19.560> like<00:47:19.859> almost<00:47:20.280> getting 00:47:20.930 --> 00:47:20.940 align:start position:0% um I guess we are like almost getting 00:47:20.940 --> 00:47:23.390 align:start position:0% um I guess we are like almost getting down<00:47:21.300> to<00:47:21.540> time<00:47:21.780> uh<00:47:22.440> unless<00:47:22.740> there<00:47:23.099> are<00:47:23.220> any 00:47:23.390 --> 00:47:23.400 align:start position:0% down to time uh unless there are any 00:47:23.400 --> 00:47:26.329 align:start position:0% down to time uh unless there are any last<00:47:23.839> burning<00:47:24.839> thoughts<00:47:25.560> I<00:47:25.920> think<00:47:26.099> I<00:47:26.220> will 00:47:26.329 --> 00:47:26.339 align:start position:0% last burning thoughts I think I will 00:47:26.339 --> 00:47:28.069 align:start position:0% last burning thoughts I think I will turn<00:47:26.520> it<00:47:26.640> over<00:47:26.760> to<00:47:27.000> the<00:47:27.180> audience<00:47:27.480> to<00:47:27.720> see<00:47:27.900> if 00:47:28.069 --> 00:47:28.079 align:start position:0% turn it over to the audience to see if 00:47:28.079 --> 00:47:30.770 align:start position:0% turn it over to the audience to see if there<00:47:28.319> are<00:47:28.500> any<00:47:28.800> questions<00:47:29.579> are<00:47:30.540> there<00:47:30.660> any 00:47:30.770 --> 00:47:30.780 align:start position:0% there are any questions are there any 00:47:30.780 --> 00:47:32.569 align:start position:0% there are any questions are there any last<00:47:31.020> burning<00:47:31.440> thoughts<00:47:31.740> ideas<00:47:31.980> Notions 00:47:32.569 --> 00:47:32.579 align:start position:0% last burning thoughts ideas Notions 00:47:32.579 --> 00:47:34.130 align:start position:0% last burning thoughts ideas Notions constructions<00:47:33.300> let's<00:47:33.599> get<00:47:33.839> some<00:47:34.020> questions 00:47:34.130 --> 00:47:34.140 align:start position:0% constructions let's get some questions 00:47:34.140 --> 00:47:37.790 align:start position:0% constructions let's get some questions all<00:47:34.800> right<00:47:34.980> let's<00:47:35.160> open<00:47:35.339> up<00:47:35.579> some<00:47:35.760> questions 00:47:37.790 --> 00:47:37.800 align:start position:0% all right let's open up some questions 00:47:37.800 --> 00:47:42.770 align:start position:0% all right let's open up some questions do<00:47:38.099> you<00:47:38.160> need<00:47:38.339> a<00:47:38.760> uh<00:47:39.800> you<00:47:40.800> first<00:47:41.040> but 00:47:42.770 --> 00:47:42.780 align:start position:0% do you need a uh you first but 00:47:42.780 --> 00:47:45.609 align:start position:0% do you need a uh you first but uh 00:47:45.609 --> 00:47:45.619 align:start position:0% 00:47:45.619 --> 00:47:48.050 align:start position:0% or<00:47:46.619> you<00:47:46.859> can<00:47:46.980> shout<00:47:47.160> and<00:47:47.460> we'll<00:47:47.640> repeat<00:47:47.819> them 00:47:48.050 --> 00:47:48.060 align:start position:0% or you can shout and we'll repeat them 00:47:48.060 --> 00:47:50.329 align:start position:0% or you can shout and we'll repeat them too 00:47:50.329 --> 00:47:50.339 align:start position:0% 00:47:50.339 --> 00:47:55.130 align:start position:0% hey<00:47:51.500> yes<00:47:52.500> I<00:47:52.800> have<00:47:53.099> a<00:47:53.220> question<00:47:53.400> for<00:47:53.819> Uma<00:47:54.140> uh 00:47:55.130 --> 00:47:55.140 align:start position:0% hey yes I have a question for Uma uh 00:47:55.140 --> 00:47:57.829 align:start position:0% hey yes I have a question for Uma uh first<00:47:55.500> one<00:47:55.740> is<00:47:55.920> like<00:47:56.220> what<00:47:56.819> is<00:47:57.000> the<00:47:57.240> time<00:47:57.480> gap 00:47:57.829 --> 00:47:57.839 align:start position:0% first one is like what is the time gap 00:47:57.839 --> 00:48:00.050 align:start position:0% first one is like what is the time gap for<00:47:58.380> you<00:47:58.500> like<00:47:58.680> to<00:47:58.920> propagate<00:47:59.400> the<00:47:59.640> blocks 00:48:00.050 --> 00:48:00.060 align:start position:0% for you like to propagate the blocks 00:48:00.060 --> 00:48:01.849 align:start position:0% for you like to propagate the blocks like<00:48:00.240> like<00:48:00.599> from<00:48:00.900> my<00:48:01.079> understanding<00:48:01.380> like 00:48:01.849 --> 00:48:01.859 align:start position:0% like like from my understanding like 00:48:01.859 --> 00:48:03.530 align:start position:0% like like from my understanding like it's<00:48:02.160> working<00:48:02.520> similar<00:48:03.060> to<00:48:03.240> like<00:48:03.359> Rainbow 00:48:03.530 --> 00:48:03.540 align:start position:0% it's working similar to like Rainbow 00:48:03.540 --> 00:48:04.609 align:start position:0% it's working similar to like Rainbow Bridge 00:48:04.609 --> 00:48:04.619 align:start position:0% Bridge 00:48:04.619 --> 00:48:06.589 align:start position:0% Bridge but<00:48:04.980> like<00:48:05.099> with<00:48:05.280> the<00:48:05.579> case 00:48:06.589 --> 00:48:06.599 align:start position:0% but like with the case 00:48:06.599 --> 00:48:08.630 align:start position:0% but like with the case so<00:48:06.960> like<00:48:07.200> you<00:48:07.500> should<00:48:07.740> have<00:48:07.920> like<00:48:08.220> some<00:48:08.460> like 00:48:08.630 --> 00:48:08.640 align:start position:0% so like you should have like some like 00:48:08.640 --> 00:48:10.250 align:start position:0% so like you should have like some like gaps<00:48:09.060> like<00:48:09.180> you<00:48:09.300> cannot<00:48:09.720> propagate<00:48:10.079> like 00:48:10.250 --> 00:48:10.260 align:start position:0% gaps like you cannot propagate like 00:48:10.260 --> 00:48:12.710 align:start position:0% gaps like you cannot propagate like every<00:48:10.440> hypnosis<00:48:10.980> chain<00:48:11.400> block<00:48:11.760> to<00:48:12.180> ethereum 00:48:12.710 --> 00:48:12.720 align:start position:0% every hypnosis chain block to ethereum 00:48:12.720 --> 00:48:15.410 align:start position:0% every hypnosis chain block to ethereum and<00:48:13.619> like<00:48:13.859> basically<00:48:14.460> like<00:48:14.579> it<00:48:14.880> to<00:48:15.000> any<00:48:15.180> chain 00:48:15.410 --> 00:48:15.420 align:start position:0% and like basically like it to any chain 00:48:15.420 --> 00:48:17.510 align:start position:0% and like basically like it to any chain to<00:48:15.720> if<00:48:15.900> you're<00:48:16.079> you<00:48:16.619> cannot<00:48:16.920> propagate<00:48:17.339> like 00:48:17.510 --> 00:48:17.520 align:start position:0% to if you're you cannot propagate like 00:48:17.520 --> 00:48:19.670 align:start position:0% to if you're you cannot propagate like every<00:48:17.700> block<00:48:17.940> and<00:48:18.839> like<00:48:19.079> the<00:48:19.260> second<00:48:19.380> question 00:48:19.670 --> 00:48:19.680 align:start position:0% every block and like the second question 00:48:19.680 --> 00:48:23.450 align:start position:0% every block and like the second question like<00:48:20.220> how<00:48:21.119> much<00:48:21.240> does<00:48:21.420> it<00:48:21.599> cost<00:48:21.780> to<00:48:22.380> like<00:48:22.740> uh 00:48:23.450 --> 00:48:23.460 align:start position:0% like how much does it cost to like uh 00:48:23.460 --> 00:48:27.109 align:start position:0% like how much does it cost to like uh well<00:48:24.000> it<00:48:24.240> maintain<00:48:25.079> the<00:48:25.380> like<00:48:25.800> uh<00:48:26.280> relayer 00:48:27.109 --> 00:48:27.119 align:start position:0% well it maintain the like uh relayer 00:48:27.119 --> 00:48:29.150 align:start position:0% well it maintain the like uh relayer like<00:48:27.359> or<00:48:27.480> like<00:48:27.660> validator 00:48:29.150 --> 00:48:29.160 align:start position:0% like or like validator 00:48:29.160 --> 00:48:31.790 align:start position:0% like or like validator yeah<00:48:29.819> so<00:48:30.300> the<00:48:30.780> question<00:48:30.900> kind<00:48:31.260> of<00:48:31.380> was<00:48:31.500> how 00:48:31.790 --> 00:48:31.800 align:start position:0% yeah so the question kind of was how 00:48:31.800 --> 00:48:33.349 align:start position:0% yeah so the question kind of was how long<00:48:31.920> does<00:48:32.099> it<00:48:32.280> take<00:48:32.400> to<00:48:32.579> propagate<00:48:33.060> a<00:48:33.240> block 00:48:33.349 --> 00:48:33.359 align:start position:0% long does it take to propagate a block 00:48:33.359 --> 00:48:35.150 align:start position:0% long does it take to propagate a block and<00:48:33.900> presumably<00:48:34.319> you're<00:48:34.619> not<00:48:34.800> propagating 00:48:35.150 --> 00:48:35.160 align:start position:0% and presumably you're not propagating 00:48:35.160 --> 00:48:37.849 align:start position:0% and presumably you're not propagating every<00:48:35.339> block<00:48:35.640> yeah<00:48:35.819> that's<00:48:36.000> right<00:48:36.240> so<00:48:36.660> uh<00:48:37.560> for 00:48:37.849 --> 00:48:37.859 align:start position:0% every block yeah that's right so uh for 00:48:37.859 --> 00:48:39.829 align:start position:0% every block yeah that's right so uh for us<00:48:37.980> like<00:48:38.400> the<00:48:38.640> block<00:48:38.819> propagation<00:48:39.359> time<00:48:39.660> is 00:48:39.829 --> 00:48:39.839 align:start position:0% us like the block propagation time is 00:48:39.839 --> 00:48:41.690 align:start position:0% us like the block propagation time is first<00:48:40.079> we<00:48:40.319> need<00:48:40.500> to<00:48:40.680> wait<00:48:40.800> for<00:48:40.980> ethereum<00:48:41.400> to 00:48:41.690 --> 00:48:41.700 align:start position:0% first we need to wait for ethereum to 00:48:41.700 --> 00:48:44.210 align:start position:0% first we need to wait for ethereum to finalize<00:48:42.180> uh<00:48:43.020> so<00:48:43.200> that<00:48:43.440> generally<00:48:43.680> takes<00:48:43.980> an 00:48:44.210 --> 00:48:44.220 align:start position:0% finalize uh so that generally takes an 00:48:44.220 --> 00:48:46.010 align:start position:0% finalize uh so that generally takes an expectation<00:48:44.700> around<00:48:44.940> two<00:48:45.240> epochs<00:48:45.839> which<00:48:45.900> is 00:48:46.010 --> 00:48:46.020 align:start position:0% expectation around two epochs which is 00:48:46.020 --> 00:48:48.109 align:start position:0% expectation around two epochs which is like<00:48:46.140> around<00:48:46.319> 12<00:48:46.560> minutes<00:48:46.859> and<00:48:47.640> then<00:48:47.760> on<00:48:48.060> top 00:48:48.109 --> 00:48:48.119 align:start position:0% like around 12 minutes and then on top 00:48:48.119 --> 00:48:49.370 align:start position:0% like around 12 minutes and then on top of<00:48:48.240> that<00:48:48.359> we<00:48:48.540> have<00:48:48.660> our<00:48:48.720> proof<00:48:49.020> generation 00:48:49.370 --> 00:48:49.380 align:start position:0% of that we have our proof generation 00:48:49.380 --> 00:48:52.010 align:start position:0% of that we have our proof generation time<00:48:49.680> for<00:48:50.040> the<00:48:50.280> particular<00:48:50.640> block<00:48:50.940> uh<00:48:51.660> so<00:48:51.839> that 00:48:52.010 --> 00:48:52.020 align:start position:0% time for the particular block uh so that 00:48:52.020 --> 00:48:53.990 align:start position:0% time for the particular block uh so that takes<00:48:52.260> you<00:48:52.500> know<00:48:52.560> another<00:48:52.920> four-ish<00:48:53.760> minutes 00:48:53.990 --> 00:48:54.000 align:start position:0% takes you know another four-ish minutes 00:48:54.000 --> 00:48:55.670 align:start position:0% takes you know another four-ish minutes right<00:48:54.300> now<00:48:54.420> but<00:48:54.660> I<00:48:54.839> think<00:48:54.960> that<00:48:55.260> can<00:48:55.380> go<00:48:55.500> down 00:48:55.670 --> 00:48:55.680 align:start position:0% right now but I think that can go down 00:48:55.680 --> 00:48:57.890 align:start position:0% right now but I think that can go down quite<00:48:56.040> significantly<00:48:56.579> to<00:48:56.940> hopefully<00:48:57.420> someday 00:48:57.890 --> 00:48:57.900 align:start position:0% quite significantly to hopefully someday 00:48:57.900 --> 00:48:59.690 align:start position:0% quite significantly to hopefully someday on<00:48:58.020> the<00:48:58.140> order<00:48:58.260> of<00:48:58.500> seconds 00:48:59.690 --> 00:48:59.700 align:start position:0% on the order of seconds 00:48:59.700 --> 00:49:01.190 align:start position:0% on the order of seconds um<00:48:59.760> so<00:48:59.940> hopefully<00:49:00.300> that<00:49:00.420> should<00:49:00.599> be<00:49:00.660> no<00:49:00.839> issue 00:49:01.190 --> 00:49:01.200 align:start position:0% um so hopefully that should be no issue 00:49:01.200 --> 00:49:03.050 align:start position:0% um so hopefully that should be no issue and<00:49:01.619> you<00:49:01.740> can<00:49:01.859> probably<00:49:02.040> do<00:49:02.339> things<00:49:02.700> around 00:49:03.050 --> 00:49:03.060 align:start position:0% and you can probably do things around 00:49:03.060 --> 00:49:05.630 align:start position:0% and you can probably do things around not<00:49:03.540> having<00:49:03.720> to<00:49:03.900> wait<00:49:04.020> for<00:49:04.260> a<00:49:04.380> finality 00:49:05.630 --> 00:49:05.640 align:start position:0% not having to wait for a finality 00:49:05.640 --> 00:49:07.190 align:start position:0% not having to wait for a finality um<00:49:05.700> that<00:49:05.940> I<00:49:06.119> won't<00:49:06.180> go<00:49:06.420> into<00:49:06.480> now<00:49:06.720> but<00:49:06.900> I<00:49:07.079> think 00:49:07.190 --> 00:49:07.200 align:start position:0% um that I won't go into now but I think 00:49:07.200 --> 00:49:09.770 align:start position:0% um that I won't go into now but I think in<00:49:07.380> the<00:49:07.500> future<00:49:07.560> that's<00:49:07.859> also<00:49:08.160> possible 00:49:09.770 --> 00:49:09.780 align:start position:0% in the future that's also possible 00:49:09.780 --> 00:49:12.109 align:start position:0% in the future that's also possible um<00:49:09.839> with<00:49:10.800> proof<00:49:11.160> of<00:49:11.280> stake<00:49:11.520> you<00:49:11.760> don't<00:49:11.819> need<00:49:11.940> to 00:49:12.109 --> 00:49:12.119 align:start position:0% um with proof of stake you don't need to 00:49:12.119 --> 00:49:13.670 align:start position:0% um with proof of stake you don't need to propagate<00:49:12.540> every<00:49:12.720> block<00:49:12.960> so<00:49:13.200> in<00:49:13.380> proof<00:49:13.619> of 00:49:13.670 --> 00:49:13.680 align:start position:0% propagate every block so in proof of 00:49:13.680 --> 00:49:15.470 align:start position:0% propagate every block so in proof of work<00:49:13.859> you<00:49:14.160> actually<00:49:14.280> do<00:49:14.579> because<00:49:14.880> the<00:49:15.180> longest 00:49:15.470 --> 00:49:15.480 align:start position:0% work you actually do because the longest 00:49:15.480 --> 00:49:17.089 align:start position:0% work you actually do because the longest chain<00:49:15.720> is<00:49:15.960> this<00:49:16.200> like<00:49:16.319> sequential<00:49:16.740> thing<00:49:16.980> so 00:49:17.089 --> 00:49:17.099 align:start position:0% chain is this like sequential thing so 00:49:17.099 --> 00:49:18.650 align:start position:0% chain is this like sequential thing so you<00:49:17.220> need<00:49:17.339> to<00:49:17.460> verify<00:49:17.819> every<00:49:18.000> single<00:49:18.240> block<00:49:18.359> to 00:49:18.650 --> 00:49:18.660 align:start position:0% you need to verify every single block to 00:49:18.660 --> 00:49:20.750 align:start position:0% you need to verify every single block to verify<00:49:18.960> the<00:49:19.140> chain<00:49:19.319> is<00:49:19.500> the<00:49:19.680> longest<00:49:19.920> but<00:49:20.579> for 00:49:20.750 --> 00:49:20.760 align:start position:0% verify the chain is the longest but for 00:49:20.760 --> 00:49:22.670 align:start position:0% verify the chain is the longest but for proof<00:49:21.180> of<00:49:21.240> stake<00:49:21.540> as<00:49:21.780> long<00:49:21.900> as<00:49:22.020> the<00:49:22.200> validator 00:49:22.670 --> 00:49:22.680 align:start position:0% proof of stake as long as the validator 00:49:22.680 --> 00:49:25.970 align:start position:0% proof of stake as long as the validator set<00:49:22.980> stays<00:49:23.579> the<00:49:23.760> same<00:49:23.940> you<00:49:24.660> can<00:49:24.780> just<00:49:25.079> send<00:49:25.619> an 00:49:25.970 --> 00:49:25.980 align:start position:0% set stays the same you can just send an 00:49:25.980 --> 00:49:27.770 align:start position:0% set stays the same you can just send an arbitrary<00:49:26.339> block<00:49:26.640> as<00:49:27.060> long<00:49:27.240> as<00:49:27.300> you<00:49:27.480> have<00:49:27.599> the 00:49:27.770 --> 00:49:27.780 align:start position:0% arbitrary block as long as you have the 00:49:27.780 --> 00:49:30.530 align:start position:0% arbitrary block as long as you have the same<00:49:27.900> validator<00:49:28.319> set<00:49:28.680> and<00:49:29.460> so<00:49:29.640> for<00:49:29.819> us<00:49:30.000> we<00:49:30.359> like 00:49:30.530 --> 00:49:30.540 align:start position:0% same validator set and so for us we like 00:49:30.540 --> 00:49:32.990 align:start position:0% same validator set and so for us we like send<00:49:30.780> a<00:49:31.020> block<00:49:31.200> you<00:49:31.740> know<00:49:31.859> currently<00:49:32.579> we<00:49:32.760> do<00:49:32.880> it 00:49:32.990 --> 00:49:33.000 align:start position:0% send a block you know currently we do it 00:49:33.000 --> 00:49:35.690 align:start position:0% send a block you know currently we do it every<00:49:33.180> 10<00:49:33.420> minutes<00:49:33.599> or<00:49:33.960> something<00:49:34.140> like<00:49:34.440> that 00:49:35.690 --> 00:49:35.700 align:start position:0% every 10 minutes or something like that 00:49:35.700 --> 00:49:37.730 align:start position:0% every 10 minutes or something like that um<00:49:35.760> just<00:49:36.300> you<00:49:37.020> know<00:49:37.079> and<00:49:37.200> so<00:49:37.319> there's<00:49:37.440> like<00:49:37.619> an 00:49:37.730 --> 00:49:37.740 align:start position:0% um just you know and so there's like an 00:49:37.740 --> 00:49:39.290 align:start position:0% um just you know and so there's like an extra<00:49:37.920> 10<00:49:38.220> minute<00:49:38.400> delay<00:49:38.819> on<00:49:39.000> your<00:49:39.119> Bridge 00:49:39.290 --> 00:49:39.300 align:start position:0% extra 10 minute delay on your Bridge 00:49:39.300 --> 00:49:41.270 align:start position:0% extra 10 minute delay on your Bridge basically<00:49:40.380> um<00:49:40.440> and<00:49:40.619> so<00:49:40.740> there's<00:49:40.920> like<00:49:41.099> a 00:49:41.270 --> 00:49:41.280 align:start position:0% basically um and so there's like a 00:49:41.280 --> 00:49:42.530 align:start position:0% basically um and so there's like a trade-off<00:49:41.520> between<00:49:41.700> how<00:49:41.940> often<00:49:42.240> you<00:49:42.300> want<00:49:42.420> to 00:49:42.530 --> 00:49:42.540 align:start position:0% trade-off between how often you want to 00:49:42.540 --> 00:49:43.910 align:start position:0% trade-off between how often you want to propagate<00:49:42.839> blocks<00:49:43.200> and<00:49:43.319> the<00:49:43.500> gas<00:49:43.619> costs 00:49:43.910 --> 00:49:43.920 align:start position:0% propagate blocks and the gas costs 00:49:43.920 --> 00:49:45.109 align:start position:0% propagate blocks and the gas costs you're<00:49:44.040> willing<00:49:44.280> to<00:49:44.339> tolerate<00:49:44.700> but<00:49:44.880> if<00:49:45.000> you 00:49:45.109 --> 00:49:45.119 align:start position:0% you're willing to tolerate but if you 00:49:45.119 --> 00:49:47.030 align:start position:0% you're willing to tolerate but if you have<00:49:45.240> like<00:49:45.420> a<00:49:45.720> huge<00:49:46.200> transfer<00:49:46.560> for<00:49:46.800> example 00:49:47.030 --> 00:49:47.040 align:start position:0% have like a huge transfer for example 00:49:47.040 --> 00:49:48.650 align:start position:0% have like a huge transfer for example that<00:49:47.220> you<00:49:47.339> want<00:49:47.460> to<00:49:47.579> do<00:49:47.700> right<00:49:48.060> now<00:49:48.240> you<00:49:48.599> could 00:49:48.650 --> 00:49:48.660 align:start position:0% that you want to do right now you could 00:49:48.660 --> 00:49:52.069 align:start position:0% that you want to do right now you could like<00:49:48.900> send<00:49:49.200> the<00:49:49.380> block<00:49:49.560> right<00:49:49.920> now 00:49:52.069 --> 00:49:52.079 align:start position:0% 00:49:52.079 --> 00:49:53.569 align:start position:0% yeah<00:49:52.560> I<00:49:52.740> still<00:49:52.920> miss<00:49:53.160> some<00:49:53.280> of<00:49:53.400> this<00:49:53.460> stuff 00:49:53.569 --> 00:49:53.579 align:start position:0% yeah I still miss some of this stuff 00:49:53.579 --> 00:49:55.309 align:start position:0% yeah I still miss some of this stuff earlier<00:49:53.940> offline<00:49:54.359> but<00:49:54.599> basically<00:49:54.900> it's<00:49:55.079> like 00:49:55.309 --> 00:49:55.319 align:start position:0% earlier offline but basically it's like 00:49:55.319 --> 00:49:59.390 align:start position:0% earlier offline but basically it's like 12<00:49:56.040> to<00:49:56.400> 16<00:49:57.000> minutes<00:49:57.420> you<00:49:58.140> can<00:49:58.319> send<00:49:58.500> blocks<00:49:58.980> and 00:49:59.390 --> 00:49:59.400 align:start position:0% 12 to 16 minutes you can send blocks and 00:49:59.400 --> 00:50:01.010 align:start position:0% 12 to 16 minutes you can send blocks and it<00:49:59.520> costs<00:49:59.760> you<00:49:59.819> like<00:50:00.000> 180k<00:50:00.599> on<00:50:00.900> the 00:50:01.010 --> 00:50:01.020 align:start position:0% it costs you like 180k on the 00:50:01.020 --> 00:50:02.930 align:start position:0% it costs you like 180k on the destination<00:50:01.319> yeah<00:50:02.220> yeah<00:50:02.220> verifying<00:50:02.880> our 00:50:02.930 --> 00:50:02.940 align:start position:0% destination yeah yeah verifying our 00:50:02.940 --> 00:50:05.150 align:start position:0% destination yeah yeah verifying our proof<00:50:03.359> uh<00:50:03.900> so<00:50:04.140> verifying<00:50:04.619> approved<00:50:04.980> there's 00:50:05.150 --> 00:50:05.160 align:start position:0% proof uh so verifying approved there's 00:50:05.160 --> 00:50:07.190 align:start position:0% proof uh so verifying approved there's like<00:50:05.339> pre-compiles<00:50:05.940> for<00:50:06.060> pairings<00:50:06.480> and<00:50:07.079> so 00:50:07.190 --> 00:50:07.200 align:start position:0% like pre-compiles for pairings and so 00:50:07.200 --> 00:50:10.130 align:start position:0% like pre-compiles for pairings and so verifying<00:50:07.680> approved<00:50:08.099> takes<00:50:08.339> like<00:50:08.720> 200k<00:50:09.720> ish 00:50:10.130 --> 00:50:10.140 align:start position:0% verifying approved takes like 200k ish 00:50:10.140 --> 00:50:11.930 align:start position:0% verifying approved takes like 200k ish gas<00:50:10.260> so<00:50:10.560> you<00:50:10.680> have<00:50:10.800> like<00:50:10.920> 200kh<00:50:11.460> Scouts<00:50:11.819> to 00:50:11.930 --> 00:50:11.940 align:start position:0% gas so you have like 200kh Scouts to 00:50:11.940 --> 00:50:14.450 align:start position:0% gas so you have like 200kh Scouts to verify<00:50:12.240> a<00:50:12.420> proof<00:50:12.660> and<00:50:13.260> then<00:50:13.380> you<00:50:13.680> have 00:50:14.450 --> 00:50:14.460 align:start position:0% verify a proof and then you have 00:50:14.460 --> 00:50:16.490 align:start position:0% verify a proof and then you have um<00:50:14.579> like<00:50:15.180> whatever<00:50:15.359> smart<00:50:15.780> contract<00:50:16.140> logic 00:50:16.490 --> 00:50:16.500 align:start position:0% um like whatever smart contract logic 00:50:16.500 --> 00:50:17.990 align:start position:0% um like whatever smart contract logic that's<00:50:16.859> should<00:50:17.160> be<00:50:17.280> quite<00:50:17.460> minimal<00:50:17.880> because 00:50:17.990 --> 00:50:18.000 align:start position:0% that's should be quite minimal because 00:50:18.000 --> 00:50:19.790 align:start position:0% that's should be quite minimal because you<00:50:18.240> generally<00:50:18.480> try<00:50:18.660> to<00:50:18.839> stuff<00:50:19.079> it<00:50:19.260> in<00:50:19.619> the 00:50:19.790 --> 00:50:19.800 align:start position:0% you generally try to stuff it in the 00:50:19.800 --> 00:50:20.750 align:start position:0% you generally try to stuff it in the snark 00:50:20.750 --> 00:50:20.760 align:start position:0% snark 00:50:20.760 --> 00:50:22.490 align:start position:0% snark um<00:50:20.880> to<00:50:21.240> you<00:50:21.540> know<00:50:21.599> keep<00:50:21.720> the<00:50:21.900> like<00:50:22.020> client<00:50:22.319> up 00:50:22.490 --> 00:50:22.500 align:start position:0% um to you know keep the like client up 00:50:22.500 --> 00:50:24.050 align:start position:0% um to you know keep the like client up to<00:50:22.619> date<00:50:22.800> and<00:50:23.339> then<00:50:23.460> there's<00:50:23.640> some<00:50:23.880> really 00:50:24.050 --> 00:50:24.060 align:start position:0% to date and then there's some really 00:50:24.060 --> 00:50:25.370 align:start position:0% to date and then there's some really really<00:50:24.180> fun<00:50:24.480> things<00:50:24.720> you<00:50:24.839> can<00:50:24.960> do<00:50:25.079> with<00:50:25.260> the 00:50:25.370 --> 00:50:25.380 align:start position:0% really fun things you can do with the 00:50:25.380 --> 00:50:27.349 align:start position:0% really fun things you can do with the recursive<00:50:25.800> snarks<00:50:26.280> so<00:50:26.460> say<00:50:26.700> I'm<00:50:26.880> bridging 00:50:27.349 --> 00:50:27.359 align:start position:0% recursive snarks so say I'm bridging 00:50:27.359 --> 00:50:30.170 align:start position:0% recursive snarks so say I'm bridging from<00:50:27.720> gnosis<00:50:28.560> chain<00:50:28.859> polygon<00:50:29.520> and<00:50:29.760> you<00:50:30.119> know 00:50:30.170 --> 00:50:30.180 align:start position:0% from gnosis chain polygon and you know 00:50:30.180 --> 00:50:32.750 align:start position:0% from gnosis chain polygon and you know whatever<00:50:30.300> other<00:50:30.660> chain<00:50:31.099> and<00:50:32.099> I<00:50:32.339> have<00:50:32.460> proofs 00:50:32.750 --> 00:50:32.760 align:start position:0% whatever other chain and I have proofs 00:50:32.760 --> 00:50:34.790 align:start position:0% whatever other chain and I have proofs of<00:50:32.880> consensus<00:50:33.359> for<00:50:33.540> all<00:50:33.660> of<00:50:33.780> them<00:50:33.960> what<00:50:34.500> I<00:50:34.680> can 00:50:34.790 --> 00:50:34.800 align:start position:0% of consensus for all of them what I can 00:50:34.800 --> 00:50:36.349 align:start position:0% of consensus for all of them what I can do<00:50:34.920> we<00:50:35.160> don't<00:50:35.339> do<00:50:35.460> this<00:50:35.579> right<00:50:35.760> now<00:50:35.940> but<00:50:36.180> what 00:50:36.349 --> 00:50:36.359 align:start position:0% do we don't do this right now but what 00:50:36.359 --> 00:50:38.329 align:start position:0% do we don't do this right now but what we're<00:50:36.540> working<00:50:36.720> on<00:50:37.020> is<00:50:37.500> if<00:50:37.680> you've<00:50:37.859> approved<00:50:38.220> a 00:50:38.329 --> 00:50:38.339 align:start position:0% we're working on is if you've approved a 00:50:38.339 --> 00:50:40.190 align:start position:0% we're working on is if you've approved a consensus<00:50:38.640> for<00:50:38.819> three<00:50:39.060> different<00:50:39.240> chains<00:50:39.780> you 00:50:40.190 --> 00:50:40.200 align:start position:0% consensus for three different chains you 00:50:40.200 --> 00:50:42.170 align:start position:0% consensus for three different chains you can<00:50:40.260> actually<00:50:40.440> recursively<00:50:41.099> prove<00:50:41.520> them<00:50:41.700> in 00:50:42.170 --> 00:50:42.180 align:start position:0% can actually recursively prove them in 00:50:42.180 --> 00:50:44.329 align:start position:0% can actually recursively prove them in one<00:50:42.359> snark<00:50:42.660> and<00:50:43.319> so<00:50:43.500> what<00:50:43.800> happens<00:50:43.980> is<00:50:44.220> you're 00:50:44.329 --> 00:50:44.339 align:start position:0% one snark and so what happens is you're 00:50:44.339 --> 00:50:46.550 align:start position:0% one snark and so what happens is you're amortizing<00:50:44.940> the<00:50:45.060> gas<00:50:45.240> costs<00:50:45.599> across<00:50:46.020> all<00:50:46.380> your 00:50:46.550 --> 00:50:46.560 align:start position:0% amortizing the gas costs across all your 00:50:46.560 --> 00:50:48.290 align:start position:0% amortizing the gas costs across all your partners<00:50:46.920> that<00:50:47.160> you're<00:50:47.280> bridging<00:50:47.700> across<00:50:48.000> and 00:50:48.290 --> 00:50:48.300 align:start position:0% partners that you're bridging across and 00:50:48.300 --> 00:50:50.150 align:start position:0% partners that you're bridging across and so<00:50:48.599> that's<00:50:49.319> really<00:50:49.559> nice<00:50:49.740> because<00:50:49.920> with 00:50:50.150 --> 00:50:50.160 align:start position:0% so that's really nice because with 00:50:50.160 --> 00:50:51.829 align:start position:0% so that's really nice because with recursive<00:50:50.640> snarks<00:50:51.059> you<00:50:51.119> can<00:50:51.300> stuff<00:50:51.480> basically 00:50:51.829 --> 00:50:51.839 align:start position:0% recursive snarks you can stuff basically 00:50:51.839 --> 00:50:53.690 align:start position:0% recursive snarks you can stuff basically and<00:50:52.020> unbalted<00:50:52.680> amount<00:50:52.920> of<00:50:53.040> computation<00:50:53.400> into 00:50:53.690 --> 00:50:53.700 align:start position:0% and unbalted amount of computation into 00:50:53.700 --> 00:50:56.089 align:start position:0% and unbalted amount of computation into 180k<00:50:54.480> gas<00:50:54.720> and<00:50:55.319> so<00:50:55.440> I<00:50:55.559> think<00:50:55.680> in<00:50:55.920> the<00:50:55.980> future 00:50:56.089 --> 00:50:56.099 align:start position:0% 180k gas and so I think in the future 00:50:56.099 --> 00:50:58.549 align:start position:0% 180k gas and so I think in the future when<00:50:56.760> everyone<00:50:57.000> starts<00:50:57.420> using<00:50:57.720> this<00:50:57.960> then 00:50:58.549 --> 00:50:58.559 align:start position:0% when everyone starts using this then 00:50:58.559 --> 00:51:00.829 align:start position:0% when everyone starts using this then actually<00:50:58.800> it<00:50:58.980> becomes<00:50:59.280> gas<00:50:59.460> efficient<00:50:59.880> enough 00:51:00.829 --> 00:51:00.839 align:start position:0% actually it becomes gas efficient enough 00:51:00.839 --> 00:51:02.990 align:start position:0% actually it becomes gas efficient enough you're<00:51:01.440> talking<00:51:01.619> about<00:51:01.800> the<00:51:02.160> proofs<00:51:02.579> proof 00:51:02.990 --> 00:51:03.000 align:start position:0% you're talking about the proofs proof 00:51:03.000 --> 00:51:05.150 align:start position:0% you're talking about the proofs proof generalizer<00:51:03.540> for<00:51:03.780> example<00:51:04.140> for<00:51:04.380> ethereum<00:51:04.800> to 00:51:05.150 --> 00:51:05.160 align:start position:0% generalizer for example for ethereum to 00:51:05.160 --> 00:51:08.030 align:start position:0% generalizer for example for ethereum to uh<00:51:05.940> to<00:51:06.180> another<00:51:06.300> but<00:51:06.900> it's<00:51:07.079> I<00:51:07.500> mean<00:51:07.680> it's<00:51:07.740> quite 00:51:08.030 --> 00:51:08.040 align:start position:0% uh to another but it's I mean it's quite 00:51:08.040 --> 00:51:10.069 align:start position:0% uh to another but it's I mean it's quite complicated<00:51:08.579> task<00:51:08.880> right<00:51:09.119> to<00:51:09.420> generate<00:51:09.839> State 00:51:10.069 --> 00:51:10.079 align:start position:0% complicated task right to generate State 00:51:10.079 --> 00:51:13.910 align:start position:0% complicated task right to generate State profiling<00:51:10.980> and<00:51:11.540> verify<00:51:12.540> this<00:51:12.839> proof<00:51:13.260> do<00:51:13.740> you 00:51:13.910 --> 00:51:13.920 align:start position:0% profiling and verify this proof do you 00:51:13.920 --> 00:51:16.549 align:start position:0% profiling and verify this proof do you have<00:51:14.040> some<00:51:14.280> results<00:51:14.460> in<00:51:14.880> terms<00:51:15.180> of<00:51:15.240> I<00:51:16.079> mean<00:51:16.200> CPU 00:51:16.549 --> 00:51:16.559 align:start position:0% have some results in terms of I mean CPU 00:51:16.559 --> 00:51:19.549 align:start position:0% have some results in terms of I mean CPU cost<00:51:16.800> or<00:51:17.099> gas<00:51:17.220> cost<00:51:17.520> uh<00:51:18.300> for<00:51:18.960> your<00:51:19.140> for<00:51:19.319> your 00:51:19.549 --> 00:51:19.559 align:start position:0% cost or gas cost uh for your for your 00:51:19.559 --> 00:51:21.349 align:start position:0% cost or gas cost uh for your for your Bridge<00:51:19.800> because<00:51:20.339> I<00:51:20.700> know<00:51:20.940> it's<00:51:21.119> really 00:51:21.349 --> 00:51:21.359 align:start position:0% Bridge because I know it's really 00:51:21.359 --> 00:51:22.670 align:start position:0% Bridge because I know it's really complicated 00:51:22.670 --> 00:51:22.680 align:start position:0% complicated 00:51:22.680 --> 00:51:30.109 align:start position:0% complicated and<00:51:23.400> it<00:51:23.700> takes<00:51:24.000> a<00:51:24.300> really<00:51:24.420> long<00:51:24.660> long<00:51:24.900> time 00:51:30.109 --> 00:51:30.119 align:start position:0% 00:51:30.119 --> 00:51:32.809 align:start position:0% permission<00:51:30.540> currently<00:51:30.900> takes<00:51:31.260> four<00:51:31.559> minutes 00:51:32.809 --> 00:51:32.819 align:start position:0% permission currently takes four minutes 00:51:32.819 --> 00:51:36.530 align:start position:0% permission currently takes four minutes um<00:51:32.940> so<00:51:33.180> it's<00:51:33.359> like<00:51:33.780> on<00:51:33.960> a<00:51:34.140> pretty<00:51:34.260> beefy<00:51:34.740> CPU 00:51:36.530 --> 00:51:36.540 align:start position:0% um so it's like on a pretty beefy CPU 00:51:36.540 --> 00:51:38.150 align:start position:0% um so it's like on a pretty beefy CPU um<00:51:36.660> and<00:51:36.900> then<00:51:36.960> the<00:51:37.140> gas<00:51:37.319> cost<00:51:37.559> to<00:51:37.800> verify<00:51:38.040> the 00:51:38.150 --> 00:51:38.160 align:start position:0% um and then the gas cost to verify the 00:51:38.160 --> 00:51:40.309 align:start position:0% um and then the gas cost to verify the proof<00:51:38.460> like<00:51:38.700> because<00:51:39.119> it's<00:51:39.359> a<00:51:39.540> succinct<00:51:39.960> proof 00:51:40.309 --> 00:51:40.319 align:start position:0% proof like because it's a succinct proof 00:51:40.319 --> 00:51:41.870 align:start position:0% proof like because it's a succinct proof no<00:51:40.559> matter<00:51:40.680> how<00:51:40.980> much<00:51:41.040> computation<00:51:41.460> you<00:51:41.700> stuff 00:51:41.870 --> 00:51:41.880 align:start position:0% no matter how much computation you stuff 00:51:41.880 --> 00:51:43.549 align:start position:0% no matter how much computation you stuff in<00:51:42.059> there<00:51:42.240> it's<00:51:42.420> always<00:51:42.660> going<00:51:42.960> to<00:51:43.140> be<00:51:43.260> like 00:51:43.549 --> 00:51:43.559 align:start position:0% in there it's always going to be like 00:51:43.559 --> 00:51:46.849 align:start position:0% in there it's always going to be like around<00:51:43.980> 200k<00:51:44.579> gas<00:51:45.300> Brian 00:51:46.849 --> 00:51:46.859 align:start position:0% around 200k gas Brian 00:51:46.859 --> 00:51:48.650 align:start position:0% around 200k gas Brian um<00:51:46.980> three<00:51:47.220> quick<00:51:47.400> Rings<00:51:47.760> jeremont<00:51:48.420> like 00:51:48.650 --> 00:51:48.660 align:start position:0% um three quick Rings jeremont like 00:51:48.660 --> 00:51:50.630 align:start position:0% um three quick Rings jeremont like pretty<00:51:48.960> timely<00:51:49.380> comments<00:51:49.800> on<00:51:49.920> IBC<00:51:50.280> you<00:51:50.460> should 00:51:50.630 --> 00:51:50.640 align:start position:0% pretty timely comments on IBC you should 00:51:50.640 --> 00:51:52.069 align:start position:0% pretty timely comments on IBC you should check<00:51:50.819> Twitter<00:51:51.000> after<00:51:51.300> this<00:51:51.540> it's<00:51:51.720> like<00:51:51.900> a 00:51:52.069 --> 00:51:52.079 align:start position:0% check Twitter after this it's like a 00:51:52.079 --> 00:51:54.710 align:start position:0% check Twitter after this it's like a Grim<00:51:52.260> Day<00:51:52.619> for<00:51:52.740> IBC<00:51:53.160> right<00:51:53.400> now<00:51:54.000> um<00:51:54.119> but<00:51:54.420> two 00:51:54.710 --> 00:51:54.720 align:start position:0% Grim Day for IBC right now um but two 00:51:54.720 --> 00:51:56.150 align:start position:0% Grim Day for IBC right now um but two other<00:51:54.900> questions 00:51:56.150 --> 00:51:56.160 align:start position:0% other questions 00:51:56.160 --> 00:51:58.250 align:start position:0% other questions um<00:51:56.220> one<00:51:56.700> first 00:51:58.250 --> 00:51:58.260 align:start position:0% um one first 00:51:58.260 --> 00:52:00.230 align:start position:0% um one first there's<00:51:58.740> a<00:51:58.920> lot<00:51:59.040> of<00:51:59.160> new 00:52:00.230 --> 00:52:00.240 align:start position:0% there's a lot of new 00:52:00.240 --> 00:52:01.849 align:start position:0% there's a lot of new um<00:52:00.300> you<00:52:00.720> know<00:52:00.839> everybody<00:52:00.960> has<00:52:01.380> some<00:52:01.740> new 00:52:01.849 --> 00:52:01.859 align:start position:0% um you know everybody has some new 00:52:01.859 --> 00:52:03.349 align:start position:0% um you know everybody has some new validation<00:52:02.280> method<00:52:02.579> that<00:52:02.760> seems<00:52:03.000> awesome<00:52:03.119> and 00:52:03.349 --> 00:52:03.359 align:start position:0% validation method that seems awesome and 00:52:03.359 --> 00:52:04.490 align:start position:0% validation method that seems awesome and like<00:52:03.540> there's<00:52:03.660> a<00:52:03.780> bunch<00:52:03.839> of<00:52:03.900> abstract<00:52:04.200> stuff 00:52:04.490 --> 00:52:04.500 align:start position:0% like there's a bunch of abstract stuff 00:52:04.500 --> 00:52:05.809 align:start position:0% like there's a bunch of abstract stuff happening<00:52:04.740> here<00:52:04.920> it's<00:52:05.099> new<00:52:05.280> it's<00:52:05.460> better<00:52:05.640> it's 00:52:05.809 --> 00:52:05.819 align:start position:0% happening here it's new it's better it's 00:52:05.819 --> 00:52:07.970 align:start position:0% happening here it's new it's better it's great<00:52:06.059> but<00:52:06.599> the<00:52:06.720> majority<00:52:07.079> of<00:52:07.200> almost<00:52:07.559> every 00:52:07.970 --> 00:52:07.980 align:start position:0% great but the majority of almost every 00:52:07.980 --> 00:52:09.950 align:start position:0% great but the majority of almost every system<00:52:08.220> that<00:52:08.460> exists<00:52:08.760> right<00:52:08.940> now<00:52:09.119> still<00:52:09.660> has 00:52:09.950 --> 00:52:09.960 align:start position:0% system that exists right now still has 00:52:09.960 --> 00:52:11.630 align:start position:0% system that exists right now still has upgradable<00:52:10.559> contracts<00:52:11.160> where<00:52:11.400> the 00:52:11.630 --> 00:52:11.640 align:start position:0% upgradable contracts where the 00:52:11.640 --> 00:52:13.309 align:start position:0% upgradable contracts where the mutability<00:52:12.059> for<00:52:12.300> that<00:52:12.420> contract<00:52:12.780> basically 00:52:13.309 --> 00:52:13.319 align:start position:0% mutability for that contract basically 00:52:13.319 --> 00:52:15.170 align:start position:0% mutability for that contract basically underlies<00:52:13.859> the<00:52:14.099> security<00:52:14.280> of<00:52:14.579> the<00:52:14.760> system<00:52:14.880> so 00:52:15.170 --> 00:52:15.180 align:start position:0% underlies the security of the system so 00:52:15.180 --> 00:52:17.870 align:start position:0% underlies the security of the system so do<00:52:15.420> you<00:52:15.599> all<00:52:15.780> agree<00:52:16.079> that<00:52:16.500> most<00:52:17.460> of<00:52:17.640> that 00:52:17.870 --> 00:52:17.880 align:start position:0% do you all agree that most of that 00:52:17.880 --> 00:52:20.589 align:start position:0% do you all agree that most of that reduces<00:52:18.480> down<00:52:18.780> to<00:52:19.020> like<00:52:19.319> the<00:52:20.160> trust 00:52:20.589 --> 00:52:20.599 align:start position:0% reduces down to like the trust 00:52:20.599 --> 00:52:22.910 align:start position:0% reduces down to like the trust Assumption<00:52:21.599> of<00:52:21.960> the<00:52:22.200> multi-sig<00:52:22.680> that's 00:52:22.910 --> 00:52:22.920 align:start position:0% Assumption of the multi-sig that's 00:52:22.920 --> 00:52:24.770 align:start position:0% Assumption of the multi-sig that's controlling<00:52:23.339> the<00:52:23.400> upgradable<00:52:23.880> contract<00:52:24.300> and 00:52:24.770 --> 00:52:24.780 align:start position:0% controlling the upgradable contract and 00:52:24.780 --> 00:52:27.109 align:start position:0% controlling the upgradable contract and the<00:52:24.900> second<00:52:25.140> question<00:52:25.380> was<00:52:25.619> for<00:52:25.980> Uma 00:52:27.109 --> 00:52:27.119 align:start position:0% the second question was for Uma 00:52:27.119 --> 00:52:29.630 align:start position:0% the second question was for Uma um<00:52:27.180> in<00:52:27.839> a<00:52:27.960> world<00:52:28.079> where<00:52:28.440> like<00:52:28.680> all<00:52:28.980> of<00:52:29.160> the<00:52:29.400> hard 00:52:29.630 --> 00:52:29.640 align:start position:0% um in a world where like all of the hard 00:52:29.640 --> 00:52:31.609 align:start position:0% um in a world where like all of the hard Technical<00:52:30.300> Services<00:52:30.599> recursive<00:52:31.440> State 00:52:31.609 --> 00:52:31.619 align:start position:0% Technical Services recursive State 00:52:31.619 --> 00:52:33.170 align:start position:0% Technical Services recursive State Journey<00:52:31.980> you<00:52:32.099> know<00:52:32.160> all<00:52:32.280> of<00:52:32.400> this<00:52:32.579> is<00:52:32.819> perfect 00:52:33.170 --> 00:52:33.180 align:start position:0% Journey you know all of this is perfect 00:52:33.180 --> 00:52:35.390 align:start position:0% Journey you know all of this is perfect and<00:52:33.540> fine<00:52:33.780> is<00:52:34.440> there<00:52:34.619> still<00:52:34.859> this<00:52:35.040> issue<00:52:35.280> of 00:52:35.390 --> 00:52:35.400 align:start position:0% and fine is there still this issue of 00:52:35.400 --> 00:52:37.549 align:start position:0% and fine is there still this issue of like<00:52:35.700> especially<00:52:36.599> when<00:52:36.780> you're<00:52:36.900> expanding<00:52:37.380> to 00:52:37.549 --> 00:52:37.559 align:start position:0% like especially when you're expanding to 00:52:37.559 --> 00:52:39.470 align:start position:0% like especially when you're expanding to like<00:52:37.800> very<00:52:38.160> long<00:52:38.400> tail<00:52:38.640> stuff<00:52:38.880> that<00:52:39.059> validator 00:52:39.470 --> 00:52:39.480 align:start position:0% like very long tail stuff that validator 00:52:39.480 --> 00:52:41.450 align:start position:0% like very long tail stuff that validator sets<00:52:39.900> actually<00:52:40.079> have<00:52:40.440> clear<00:52:40.800> incentives<00:52:41.280> to 00:52:41.450 --> 00:52:41.460 align:start position:0% sets actually have clear incentives to 00:52:41.460 --> 00:52:42.829 align:start position:0% sets actually have clear incentives to be<00:52:41.579> adversarial<00:52:42.119> to<00:52:42.300> each<00:52:42.420> other<00:52:42.540> like 00:52:42.829 --> 00:52:42.839 align:start position:0% be adversarial to each other like 00:52:42.839 --> 00:52:44.510 align:start position:0% be adversarial to each other like there's<00:52:43.020> no<00:52:43.200> reason<00:52:43.380> that<00:52:43.740> validator<00:52:44.220> set 00:52:44.510 --> 00:52:44.520 align:start position:0% there's no reason that validator set 00:52:44.520 --> 00:52:46.370 align:start position:0% there's no reason that validator set shouldn't<00:52:45.300> sign<00:52:45.480> or<00:52:45.720> generate<00:52:45.960> a<00:52:46.079> forged 00:52:46.370 --> 00:52:46.380 align:start position:0% shouldn't sign or generate a forged 00:52:46.380 --> 00:52:48.049 align:start position:0% shouldn't sign or generate a forged block<00:52:46.619> uh<00:52:47.339> because<00:52:47.520> like<00:52:47.819> imagine 00:52:48.049 --> 00:52:48.059 align:start position:0% block uh because like imagine 00:52:48.059 --> 00:52:49.430 align:start position:0% block uh because like imagine competitors 00:52:49.430 --> 00:52:49.440 align:start position:0% competitors 00:52:49.440 --> 00:52:51.710 align:start position:0% competitors um<00:52:49.500> arbitment<00:52:49.980> optimism<00:52:50.400> BNB<00:52:51.000> and<00:52:51.180> polygon<00:52:51.540> or 00:52:51.710 --> 00:52:51.720 align:start position:0% um arbitment optimism BNB and polygon or 00:52:51.720 --> 00:52:53.750 align:start position:0% um arbitment optimism BNB and polygon or whatever<00:52:51.900> we're<00:52:52.140> like<00:52:52.380> it's<00:52:52.619> actually<00:52:52.859> very 00:52:53.750 --> 00:52:53.760 align:start position:0% whatever we're like it's actually very 00:52:53.760 --> 00:52:55.609 align:start position:0% whatever we're like it's actually very strongly<00:52:54.180> in<00:52:54.480> their<00:52:54.599> interest<00:52:54.780> to<00:52:55.140> hurt<00:52:55.380> the 00:52:55.609 --> 00:52:55.619 align:start position:0% strongly in their interest to hurt the 00:52:55.619 --> 00:52:57.230 align:start position:0% strongly in their interest to hurt the other<00:52:55.680> chain<00:52:55.920> yet<00:52:56.280> they<00:52:56.400> have<00:52:56.520> no<00:52:56.700> economic 00:52:57.230 --> 00:52:57.240 align:start position:0% other chain yet they have no economic 00:52:57.240 --> 00:53:00.530 align:start position:0% other chain yet they have no economic incentive<00:52:57.900> tied<00:52:58.260> to<00:52:58.980> let's<00:52:59.700> say<00:52:59.819> a<00:53:00.000> block<00:53:00.180> of<00:53:00.420> a 00:53:00.530 --> 00:53:00.540 align:start position:0% incentive tied to let's say a block of a 00:53:00.540 --> 00:53:01.970 align:start position:0% incentive tied to let's say a block of a forked<00:53:00.839> chain<00:53:01.020> that<00:53:01.319> they're<00:53:01.440> presenting<00:53:01.800> is 00:53:01.970 --> 00:53:01.980 align:start position:0% forked chain that they're presenting is 00:53:01.980 --> 00:53:03.349 align:start position:0% forked chain that they're presenting is a<00:53:02.160> valid<00:53:02.400> proof 00:53:03.349 --> 00:53:03.359 align:start position:0% a valid proof 00:53:03.359 --> 00:53:05.150 align:start position:0% a valid proof um<00:53:03.420> yeah<00:53:03.599> those<00:53:03.900> are<00:53:04.079> my<00:53:04.200> questions<00:53:04.380> let's<00:53:04.740> do 00:53:05.150 --> 00:53:05.160 align:start position:0% um yeah those are my questions let's do 00:53:05.160 --> 00:53:08.150 align:start position:0% um yeah those are my questions let's do the<00:53:05.280> first<00:53:05.400> one<00:53:05.579> first<00:53:05.880> so<00:53:06.359> I<00:53:06.780> I<00:53:07.020> Brian<00:53:07.859> I<00:53:08.040> think 00:53:08.150 --> 00:53:08.160 align:start position:0% the first one first so I I Brian I think 00:53:08.160 --> 00:53:10.010 align:start position:0% the first one first so I I Brian I think we're<00:53:08.579> philosophically<00:53:09.420> aligned<00:53:09.839> like 00:53:10.010 --> 00:53:10.020 align:start position:0% we're philosophically aligned like 00:53:10.020 --> 00:53:13.069 align:start position:0% we're philosophically aligned like upgradable<00:53:10.500> contracts<00:53:11.160> bad<00:53:11.520> right 00:53:13.069 --> 00:53:13.079 align:start position:0% upgradable contracts bad right 00:53:13.079 --> 00:53:15.890 align:start position:0% upgradable contracts bad right um<00:53:13.200> and<00:53:13.680> they're<00:53:14.280> they're<00:53:14.760> I<00:53:15.480> think<00:53:15.540> there<00:53:15.780> are 00:53:15.890 --> 00:53:15.900 align:start position:0% um and they're they're I think there are 00:53:15.900 --> 00:53:17.450 align:start position:0% um and they're they're I think there are things<00:53:16.200> you<00:53:16.380> can<00:53:16.500> do<00:53:16.619> where<00:53:16.920> maybe<00:53:17.099> there's 00:53:17.450 --> 00:53:17.460 align:start position:0% things you can do where maybe there's 00:53:17.460 --> 00:53:20.270 align:start position:0% things you can do where maybe there's like<00:53:17.760> an<00:53:18.180> upgrade<00:53:18.540> path<00:53:18.960> maybe<00:53:19.440> kind<00:53:19.859> of<00:53:20.040> but 00:53:20.270 --> 00:53:20.280 align:start position:0% like an upgrade path maybe kind of but 00:53:20.280 --> 00:53:22.130 align:start position:0% like an upgrade path maybe kind of but generally<00:53:20.579> speaking<00:53:20.940> no<00:53:21.059> no<00:53:21.180> no<00:53:21.240> like<00:53:21.839> make 00:53:22.130 --> 00:53:22.140 align:start position:0% generally speaking no no no like make 00:53:22.140 --> 00:53:24.650 align:start position:0% generally speaking no no no like make immutable<00:53:22.680> things<00:53:22.940> and<00:53:23.940> that<00:53:24.059> does<00:53:24.240> make<00:53:24.480> your 00:53:24.650 --> 00:53:24.660 align:start position:0% immutable things and that does make your 00:53:24.660 --> 00:53:27.890 align:start position:0% immutable things and that does make your upgrade<00:53:25.020> path<00:53:25.319> very<00:53:25.680> painful<00:53:26.160> right<00:53:26.940> across 00:53:27.890 --> 00:53:27.900 align:start position:0% upgrade path very painful right across 00:53:27.900 --> 00:53:30.349 align:start position:0% upgrade path very painful right across that<00:53:28.020> V1<00:53:28.440> and<00:53:28.619> V2<00:53:28.980> and<00:53:29.280> it<00:53:29.460> sucked<00:53:29.819> it<00:53:30.240> really 00:53:30.349 --> 00:53:30.359 align:start position:0% that V1 and V2 and it sucked it really 00:53:30.359 --> 00:53:32.990 align:start position:0% that V1 and V2 and it sucked it really sucked<00:53:30.839> uh<00:53:31.380> going<00:53:31.500> from<00:53:31.680> V1<00:53:32.040> to<00:53:32.160> V2<00:53:32.460> but<00:53:32.700> like 00:53:32.990 --> 00:53:33.000 align:start position:0% sucked uh going from V1 to V2 but like 00:53:33.000 --> 00:53:34.910 align:start position:0% sucked uh going from V1 to V2 but like you<00:53:33.180> did<00:53:33.359> it<00:53:33.480> and<00:53:33.599> works 00:53:34.910 --> 00:53:34.920 align:start position:0% you did it and works 00:53:34.920 --> 00:53:38.329 align:start position:0% you did it and works um<00:53:35.040> and<00:53:35.940> but<00:53:36.420> like<00:53:36.660> again 00:53:38.329 --> 00:53:38.339 align:start position:0% um and but like again 00:53:38.339 --> 00:53:40.549 align:start position:0% um and but like again like<00:53:39.240> okay<00:53:39.540> I<00:53:39.780> don't<00:53:39.839> want<00:53:39.960> to<00:53:40.079> shoot<00:53:40.260> on<00:53:40.440> chain 00:53:40.549 --> 00:53:40.559 align:start position:0% like okay I don't want to shoot on chain 00:53:40.559 --> 00:53:42.530 align:start position:0% like okay I don't want to shoot on chain link<00:53:40.800> because<00:53:41.099> that<00:53:41.400> gets<00:53:41.819> me<00:53:41.940> in<00:53:42.059> trouble<00:53:42.180> but 00:53:42.530 --> 00:53:42.540 align:start position:0% link because that gets me in trouble but 00:53:42.540 --> 00:53:44.030 align:start position:0% link because that gets me in trouble but like<00:53:42.720> there's<00:53:42.960> still<00:53:43.140> a<00:53:43.260> multi-sig<00:53:43.680> behind 00:53:44.030 --> 00:53:44.040 align:start position:0% like there's still a multi-sig behind 00:53:44.040 --> 00:53:46.670 align:start position:0% like there's still a multi-sig behind all<00:53:44.160> this<00:53:44.339> stuff<00:53:44.640> too<00:53:44.880> right<00:53:45.240> and<00:53:45.780> so<00:53:46.140> there 00:53:46.670 --> 00:53:46.680 align:start position:0% all this stuff too right and so there 00:53:46.680 --> 00:53:49.069 align:start position:0% all this stuff too right and so there are<00:53:46.859> the<00:53:47.160> thing<00:53:47.280> we<00:53:47.520> also<00:53:47.760> have<00:53:47.819> to<00:53:47.940> realize<00:53:48.300> is 00:53:49.069 --> 00:53:49.079 align:start position:0% are the thing we also have to realize is 00:53:49.079 --> 00:53:51.770 align:start position:0% are the thing we also have to realize is like<00:53:49.260> indefine<00:53:50.040> in<00:53:50.280> crypto<00:53:50.579> there<00:53:51.240> are<00:53:51.420> these 00:53:51.770 --> 00:53:51.780 align:start position:0% like indefine in crypto there are these 00:53:51.780 --> 00:53:53.390 align:start position:0% like indefine in crypto there are these very<00:53:51.960> scary<00:53:52.200> multi-six<00:53:52.800> that<00:53:53.099> are<00:53:53.160> sitting 00:53:53.390 --> 00:53:53.400 align:start position:0% very scary multi-six that are sitting 00:53:53.400 --> 00:53:56.089 align:start position:0% very scary multi-six that are sitting around<00:53:53.460> that<00:53:53.819> could<00:53:53.940> do<00:53:54.119> very<00:53:54.240> bad<00:53:54.480> things<00:53:54.780> and 00:53:56.089 --> 00:53:56.099 align:start position:0% around that could do very bad things and 00:53:56.099 --> 00:53:58.849 align:start position:0% around that could do very bad things and um<00:53:56.160> we<00:53:56.579> I<00:53:57.300> think<00:53:57.420> like<00:53:58.020> Uma<00:53:58.260> spicy<00:53:58.559> take<00:53:58.680> his 00:53:58.849 --> 00:53:58.859 align:start position:0% um we I think like Uma spicy take his 00:53:58.859 --> 00:54:01.190 align:start position:0% um we I think like Uma spicy take his multi-swicks<00:53:59.400> are<00:53:59.460> bad<00:53:59.579> Chris<00:54:00.119> same<00:54:00.540> like 00:54:01.190 --> 00:54:01.200 align:start position:0% multi-swicks are bad Chris same like 00:54:01.200 --> 00:54:03.530 align:start position:0% multi-swicks are bad Chris same like just<00:54:01.500> those<00:54:01.740> are<00:54:01.980> bad<00:54:02.099> like<00:54:02.520> delete<00:54:02.819> multi-6 00:54:03.530 --> 00:54:03.540 align:start position:0% just those are bad like delete multi-6 00:54:03.540 --> 00:54:06.530 align:start position:0% just those are bad like delete multi-6 uh<00:54:04.020> should<00:54:04.200> be<00:54:04.319> the<00:54:04.440> mo 00:54:06.530 --> 00:54:06.540 align:start position:0% uh should be the mo 00:54:06.540 --> 00:54:08.630 align:start position:0% uh should be the mo yeah<00:54:07.020> I<00:54:07.079> agree<00:54:07.619> um<00:54:07.619> hop<00:54:07.920> is<00:54:08.160> also<00:54:08.400> not 00:54:08.630 --> 00:54:08.640 align:start position:0% yeah I agree um hop is also not 00:54:08.640 --> 00:54:10.910 align:start position:0% yeah I agree um hop is also not upgradable<00:54:09.119> uh<00:54:09.599> we<00:54:09.780> take<00:54:10.020> the<00:54:10.260> the<00:54:10.500> kind<00:54:10.800> of 00:54:10.910 --> 00:54:10.920 align:start position:0% upgradable uh we take the the kind of 00:54:10.920 --> 00:54:12.710 align:start position:0% upgradable uh we take the the kind of uniswap<00:54:11.460> approach<00:54:11.760> of<00:54:12.059> launching<00:54:12.480> a<00:54:12.599> new 00:54:12.710 --> 00:54:12.720 align:start position:0% uniswap approach of launching a new 00:54:12.720 --> 00:54:14.329 align:start position:0% uniswap approach of launching a new version<00:54:12.900> and<00:54:13.380> everyone<00:54:13.559> can<00:54:13.859> still<00:54:14.040> use<00:54:14.220> the 00:54:14.329 --> 00:54:14.339 align:start position:0% version and everyone can still use the 00:54:14.339 --> 00:54:16.010 align:start position:0% version and everyone can still use the old<00:54:14.520> version<00:54:14.700> it's<00:54:15.059> going<00:54:15.359> to<00:54:15.480> exist<00:54:15.720> forever 00:54:16.010 --> 00:54:16.020 align:start position:0% old version it's going to exist forever 00:54:16.020 --> 00:54:18.170 align:start position:0% old version it's going to exist forever and<00:54:16.680> yeah 00:54:18.170 --> 00:54:18.180 align:start position:0% and yeah 00:54:18.180 --> 00:54:19.970 align:start position:0% and yeah and<00:54:18.780> then<00:54:18.839> yeah<00:54:19.020> Emma<00:54:19.440> you<00:54:19.559> want<00:54:19.680> to<00:54:19.740> go<00:54:19.859> on 00:54:19.970 --> 00:54:19.980 align:start position:0% and then yeah Emma you want to go on 00:54:19.980 --> 00:54:22.010 align:start position:0% and then yeah Emma you want to go on well<00:54:20.339> you<00:54:20.760> can<00:54:20.880> you<00:54:21.059> can<00:54:21.119> insult<00:54:21.420> multi-six 00:54:22.010 --> 00:54:22.020 align:start position:0% well you can you can insult multi-six 00:54:22.020 --> 00:54:23.750 align:start position:0% well you can you can insult multi-six too<00:54:22.200> that's<00:54:22.440> okay<00:54:22.619> yeah<00:54:23.220> I<00:54:23.339> also<00:54:23.579> think 00:54:23.750 --> 00:54:23.760 align:start position:0% too that's okay yeah I also think 00:54:23.760 --> 00:54:26.089 align:start position:0% too that's okay yeah I also think multisigs<00:54:24.420> are<00:54:24.480> bad<00:54:24.660> uh<00:54:25.140> yeah<00:54:25.260> huge<00:54:25.680> props<00:54:25.980> to 00:54:26.089 --> 00:54:26.099 align:start position:0% multisigs are bad uh yeah huge props to 00:54:26.099 --> 00:54:28.069 align:start position:0% multisigs are bad uh yeah huge props to hop<00:54:26.339> in<00:54:26.520> across<00:54:26.940> for<00:54:27.059> not<00:54:27.300> having<00:54:27.420> a<00:54:27.720> group<00:54:27.960> of 00:54:28.069 --> 00:54:28.079 align:start position:0% hop in across for not having a group of 00:54:28.079 --> 00:54:29.990 align:start position:0% hop in across for not having a group of great<00:54:28.200> a<00:54:28.319> couple<00:54:28.380> contracts<00:54:28.920> that's<00:54:29.099> huge<00:54:29.460> uh 00:54:29.990 --> 00:54:30.000 align:start position:0% great a couple contracts that's huge uh 00:54:30.000 --> 00:54:32.030 align:start position:0% great a couple contracts that's huge uh I<00:54:30.180> think<00:54:30.240> for<00:54:30.359> the<00:54:30.540> ZK<00:54:30.839> stuff<00:54:31.200> since<00:54:31.500> it's<00:54:31.859> all 00:54:32.030 --> 00:54:32.040 align:start position:0% I think for the ZK stuff since it's all 00:54:32.040 --> 00:54:34.490 align:start position:0% I think for the ZK stuff since it's all like<00:54:32.220> very<00:54:32.400> neat<00:54:32.700> technology<00:54:33.200> honestly<00:54:34.200> for<00:54:34.380> a 00:54:34.490 --> 00:54:34.500 align:start position:0% like very neat technology honestly for a 00:54:34.500 --> 00:54:35.809 align:start position:0% like very neat technology honestly for a while<00:54:34.619> there<00:54:34.980> are<00:54:35.160> going<00:54:35.339> to<00:54:35.460> have<00:54:35.579> to<00:54:35.700> be 00:54:35.809 --> 00:54:35.819 align:start position:0% while there are going to have to be 00:54:35.819 --> 00:54:37.730 align:start position:0% while there are going to have to be appropriate<00:54:36.359> guard<00:54:36.660> rails 00:54:37.730 --> 00:54:37.740 align:start position:0% appropriate guard rails 00:54:37.740 --> 00:54:39.410 align:start position:0% appropriate guard rails um<00:54:37.800> and<00:54:37.920> I<00:54:38.040> think<00:54:38.099> like<00:54:38.280> a<00:54:38.460> lot<00:54:38.520> of<00:54:38.579> the<00:54:38.700> ZK<00:54:38.940> evm 00:54:39.410 --> 00:54:39.420 align:start position:0% um and I think like a lot of the ZK evm 00:54:39.420 --> 00:54:40.849 align:start position:0% um and I think like a lot of the ZK evm teams<00:54:39.660> are<00:54:39.780> thinking<00:54:40.079> through<00:54:40.260> a<00:54:40.440> lot<00:54:40.559> of<00:54:40.680> the 00:54:40.849 --> 00:54:40.859 align:start position:0% teams are thinking through a lot of the 00:54:40.859 --> 00:54:42.829 align:start position:0% teams are thinking through a lot of the problems<00:54:41.339> or<00:54:41.640> like<00:54:41.819> solution<00:54:42.180> potential 00:54:42.829 --> 00:54:42.839 align:start position:0% problems or like solution potential 00:54:42.839 --> 00:54:45.470 align:start position:0% problems or like solution potential Solutions<00:54:43.440> including<00:54:44.040> time<00:54:44.640> lock<00:54:44.880> upgrade 00:54:45.470 --> 00:54:45.480 align:start position:0% Solutions including time lock upgrade 00:54:45.480 --> 00:54:46.790 align:start position:0% Solutions including time lock upgrade where<00:54:45.720> you<00:54:45.900> know<00:54:45.960> you<00:54:46.140> can<00:54:46.260> with<00:54:46.440> emergency 00:54:46.790 --> 00:54:46.800 align:start position:0% where you know you can with emergency 00:54:46.800 --> 00:54:48.950 align:start position:0% where you know you can with emergency withdraw<00:54:47.520> and<00:54:47.760> things<00:54:47.940> like<00:54:48.119> that 00:54:48.950 --> 00:54:48.960 align:start position:0% withdraw and things like that 00:54:48.960 --> 00:54:50.809 align:start position:0% withdraw and things like that um so<00:54:49.140> I<00:54:49.200> do<00:54:49.319> think<00:54:49.559> it<00:54:49.980> is<00:54:50.099> important<00:54:50.460> to<00:54:50.640> have 00:54:50.809 --> 00:54:50.819 align:start position:0% um so I do think it is important to have 00:54:50.819 --> 00:54:53.630 align:start position:0% um so I do think it is important to have a<00:54:50.940> balance<00:54:51.300> of<00:54:51.660> like<00:54:52.160> non-upgradable<00:54:53.160> is<00:54:53.460> the 00:54:53.630 --> 00:54:53.640 align:start position:0% a balance of like non-upgradable is the 00:54:53.640 --> 00:54:54.890 align:start position:0% a balance of like non-upgradable is the goal<00:54:53.940> but<00:54:54.059> when<00:54:54.180> you're<00:54:54.240> working<00:54:54.420> with<00:54:54.660> really 00:54:54.890 --> 00:54:54.900 align:start position:0% goal but when you're working with really 00:54:54.900 --> 00:54:56.809 align:start position:0% goal but when you're working with really new<00:54:55.079> technology<00:54:55.559> like<00:54:55.980> you<00:54:56.400> definitely<00:54:56.579> do 00:54:56.809 --> 00:54:56.819 align:start position:0% new technology like you definitely do 00:54:56.819 --> 00:54:59.210 align:start position:0% new technology like you definitely do have<00:54:57.059> to<00:54:57.240> keep<00:54:57.540> the<00:54:58.079> guardrails<00:54:58.559> in<00:54:58.680> mind<00:54:58.859> uh 00:54:59.210 --> 00:54:59.220 align:start position:0% have to keep the guardrails in mind uh 00:54:59.220 --> 00:55:01.130 align:start position:0% have to keep the guardrails in mind uh so<00:54:59.400> I<00:54:59.520> think<00:54:59.579> that's<00:54:59.700> pretty<00:54:59.880> important<00:55:00.240> I 00:55:01.130 --> 00:55:01.140 align:start position:0% so I think that's pretty important I 00:55:01.140 --> 00:55:02.210 align:start position:0% so I think that's pretty important I think 00:55:02.210 --> 00:55:02.220 align:start position:0% think 00:55:02.220 --> 00:55:04.010 align:start position:0% think it's<00:55:02.760> definitely<00:55:03.000> a<00:55:03.119> trade-off<00:55:03.420> yeah<00:55:03.839> yeah 00:55:04.010 --> 00:55:04.020 align:start position:0% it's definitely a trade-off yeah yeah 00:55:04.020 --> 00:55:05.630 align:start position:0% it's definitely a trade-off yeah yeah well<00:55:04.260> and<00:55:04.500> be<00:55:04.740> like<00:55:04.980> it<00:55:05.160> could<00:55:05.339> be<00:55:05.520> a<00:55:05.579> little 00:55:05.630 --> 00:55:05.640 align:start position:0% well and be like it could be a little 00:55:05.640 --> 00:55:07.069 align:start position:0% well and be like it could be a little bit<00:55:05.760> more<00:55:05.819> nuanced<00:55:06.240> than<00:55:06.359> that<00:55:06.480> too<00:55:06.599> like<00:55:06.960> a 00:55:07.069 --> 00:55:07.079 align:start position:0% bit more nuanced than that too like a 00:55:07.079 --> 00:55:08.930 align:start position:0% bit more nuanced than that too like a guard<00:55:07.260> there's<00:55:07.859> there's<00:55:08.160> designs<00:55:08.700> I<00:55:08.819> think 00:55:08.930 --> 00:55:08.940 align:start position:0% guard there's there's designs I think 00:55:08.940 --> 00:55:10.849 align:start position:0% guard there's there's designs I think that<00:55:09.180> exist<00:55:09.420> where<00:55:09.780> like<00:55:10.200> it's<00:55:10.740> not 00:55:10.849 --> 00:55:10.859 align:start position:0% that exist where like it's not 00:55:10.859 --> 00:55:13.490 align:start position:0% that exist where like it's not upgradable<00:55:11.339> but<00:55:11.880> there<00:55:12.059> can<00:55:12.240> be<00:55:12.420> like<00:55:12.839> a<00:55:13.319> way 00:55:13.490 --> 00:55:13.500 align:start position:0% upgradable but there can be like a way 00:55:13.500 --> 00:55:15.530 align:start position:0% upgradable but there can be like a way to<00:55:13.680> like<00:55:13.920> a<00:55:14.160> stop<00:55:14.220> button<00:55:14.520> like<00:55:15.000> yeah<00:55:15.180> like<00:55:15.420> an 00:55:15.530 --> 00:55:15.540 align:start position:0% to like a stop button like yeah like an 00:55:15.540 --> 00:55:17.569 align:start position:0% to like a stop button like yeah like an emergency<00:55:15.660> shut<00:55:16.200> off<00:55:16.380> type<00:55:16.680> thing<00:55:16.859> and<00:55:17.400> I 00:55:17.569 --> 00:55:17.579 align:start position:0% emergency shut off type thing and I 00:55:17.579 --> 00:55:19.130 align:start position:0% emergency shut off type thing and I think<00:55:17.700> patterns<00:55:18.240> like<00:55:18.359> that<00:55:18.540> are<00:55:18.720> not<00:55:18.900> crazy 00:55:19.130 --> 00:55:19.140 align:start position:0% think patterns like that are not crazy 00:55:19.140 --> 00:55:21.530 align:start position:0% think patterns like that are not crazy yeah<00:55:19.980> yeah<00:55:20.280> totally 00:55:21.530 --> 00:55:21.540 align:start position:0% yeah yeah totally 00:55:21.540 --> 00:55:23.270 align:start position:0% yeah yeah totally um<00:55:21.660> and<00:55:21.900> then<00:55:22.020> yeah<00:55:22.380> in<00:55:22.500> terms<00:55:22.740> of<00:55:22.800> like<00:55:22.980> the 00:55:23.270 --> 00:55:23.280 align:start position:0% um and then yeah in terms of like the 00:55:23.280 --> 00:55:25.730 align:start position:0% um and then yeah in terms of like the long<00:55:23.460> tail<00:55:23.760> of<00:55:24.480> this<00:55:24.960> stuff<00:55:25.140> okay<00:55:25.380> I<00:55:25.619> think 00:55:25.730 --> 00:55:25.740 align:start position:0% long tail of this stuff okay I think 00:55:25.740 --> 00:55:26.809 align:start position:0% long tail of this stuff okay I think yeah<00:55:25.920> that's<00:55:26.160> a<00:55:26.339> really<00:55:26.460> interesting 00:55:26.809 --> 00:55:26.819 align:start position:0% yeah that's a really interesting 00:55:26.819 --> 00:55:29.930 align:start position:0% yeah that's a really interesting question<00:55:27.119> so<00:55:27.720> in<00:55:28.380> the<00:55:28.500> long<00:55:28.619> long<00:55:28.859> term<00:55:29.099> if<00:55:29.760> you 00:55:29.930 --> 00:55:29.940 align:start position:0% question so in the long long term if you 00:55:29.940 --> 00:55:32.329 align:start position:0% question so in the long long term if you have<00:55:30.119> a<00:55:30.420> ZK<00:55:30.780> validity<00:55:31.500> proof<00:55:31.859> so<00:55:32.040> right<00:55:32.220> now 00:55:32.329 --> 00:55:32.339 align:start position:0% have a ZK validity proof so right now 00:55:32.339 --> 00:55:34.010 align:start position:0% have a ZK validity proof so right now proof<00:55:32.700> of<00:55:32.760> consensus<00:55:33.240> only<00:55:33.480> proves<00:55:33.839> like 00:55:34.010 --> 00:55:34.020 align:start position:0% proof of consensus only proves like 00:55:34.020 --> 00:55:36.829 align:start position:0% proof of consensus only proves like header<00:55:34.380> validity<00:55:34.859> but<00:55:35.579> you<00:55:35.819> know<00:55:35.880> with<00:55:36.000> zkevm 00:55:36.829 --> 00:55:36.839 align:start position:0% header validity but you know with zkevm 00:55:36.839 --> 00:55:37.670 align:start position:0% header validity but you know with zkevm you<00:55:37.020> could<00:55:37.079> even<00:55:37.200> have<00:55:37.380> state 00:55:37.670 --> 00:55:37.680 align:start position:0% you could even have state 00:55:37.680 --> 00:55:39.170 align:start position:0% you could even have state transitionability<00:55:38.400> and<00:55:38.760> then<00:55:38.880> it<00:55:39.000> doesn't 00:55:39.170 --> 00:55:39.180 align:start position:0% transitionability and then it doesn't 00:55:39.180 --> 00:55:40.730 align:start position:0% transitionability and then it doesn't matter<00:55:39.540> if<00:55:39.780> the<00:55:39.900> validator's<00:55:40.559> set 00:55:40.730 --> 00:55:40.740 align:start position:0% matter if the validator's set 00:55:40.740 --> 00:55:43.609 align:start position:0% matter if the validator's set necessarily<00:55:41.339> goes<00:55:41.760> Rogue<00:55:42.420> because<00:55:42.720> well<00:55:43.140> the 00:55:43.609 --> 00:55:43.619 align:start position:0% necessarily goes Rogue because well the 00:55:43.619 --> 00:55:45.290 align:start position:0% necessarily goes Rogue because well the validator<00:55:44.040> set<00:55:44.280> can<00:55:44.460> go<00:55:44.579> Rogue<00:55:44.940> and<00:55:45.000> sign<00:55:45.119> a 00:55:45.290 --> 00:55:45.300 align:start position:0% validator set can go Rogue and sign a 00:55:45.300 --> 00:55:47.150 align:start position:0% validator set can go Rogue and sign a totally<00:55:45.540> invalid<00:55:45.900> block<00:55:46.079> but<00:55:46.440> then<00:55:46.559> if<00:55:46.920> you 00:55:47.150 --> 00:55:47.160 align:start position:0% totally invalid block but then if you 00:55:47.160 --> 00:55:49.069 align:start position:0% totally invalid block but then if you verify<00:55:47.880> validity<00:55:48.359> proof<00:55:48.720> of<00:55:48.839> the<00:55:48.960> state 00:55:49.069 --> 00:55:49.079 align:start position:0% verify validity proof of the state 00:55:49.079 --> 00:55:50.270 align:start position:0% verify validity proof of the state transition<00:55:49.440> then<00:55:49.680> you're<00:55:49.859> not<00:55:50.040> going<00:55:50.160> to 00:55:50.270 --> 00:55:50.280 align:start position:0% transition then you're not going to 00:55:50.280 --> 00:55:52.490 align:start position:0% transition then you're not going to accept<00:55:50.460> it<00:55:50.760> I<00:55:51.180> mean<00:55:51.240> that's<00:55:51.599> very<00:55:51.960> far<00:55:52.200> off<00:55:52.380> in 00:55:52.490 --> 00:55:52.500 align:start position:0% accept it I mean that's very far off in 00:55:52.500 --> 00:55:53.990 align:start position:0% accept it I mean that's very far off in the<00:55:52.680> future 00:55:53.990 --> 00:55:54.000 align:start position:0% the future 00:55:54.000 --> 00:55:55.549 align:start position:0% the future um<00:55:54.059> and<00:55:54.480> then<00:55:54.599> it<00:55:54.839> you<00:55:55.020> know<00:55:55.140> if<00:55:55.319> they<00:55:55.440> have 00:55:55.549 --> 00:55:55.559 align:start position:0% um and then it you know if they have 00:55:55.559 --> 00:55:56.870 align:start position:0% um and then it you know if they have like<00:55:55.619> slashing<00:55:56.040> conditions<00:55:56.460> on<00:55:56.640> their<00:55:56.760> own 00:55:56.870 --> 00:55:56.880 align:start position:0% like slashing conditions on their own 00:55:56.880 --> 00:55:58.309 align:start position:0% like slashing conditions on their own chain<00:55:57.059> then<00:55:57.359> you<00:55:57.660> know<00:55:57.720> they<00:55:57.960> also<00:55:58.200> are 00:55:58.309 --> 00:55:58.319 align:start position:0% chain then you know they also are 00:55:58.319 --> 00:56:01.130 align:start position:0% chain then you know they also are subject<00:55:58.680> to<00:55:58.859> that<00:55:59.099> I<00:56:00.000> think<00:56:00.180> if<00:56:00.960> you're 00:56:01.130 --> 00:56:01.140 align:start position:0% subject to that I think if you're 00:56:01.140 --> 00:56:03.170 align:start position:0% subject to that I think if you're trusting<00:56:01.619> if<00:56:01.920> you're<00:56:02.160> using<00:56:02.700> a<00:56:02.819> long<00:56:02.940> tail 00:56:03.170 --> 00:56:03.180 align:start position:0% trusting if you're using a long tail 00:56:03.180 --> 00:56:04.490 align:start position:0% trusting if you're using a long tail chain<00:56:03.480> and<00:56:03.780> you're<00:56:03.900> trusting<00:56:04.319> their 00:56:04.490 --> 00:56:04.500 align:start position:0% chain and you're trusting their 00:56:04.500 --> 00:56:06.650 align:start position:0% chain and you're trusting their validator<00:56:04.859> set<00:56:05.160> to<00:56:05.400> not<00:56:05.579> do<00:56:05.819> malicious<00:56:06.359> things 00:56:06.650 --> 00:56:06.660 align:start position:0% validator set to not do malicious things 00:56:06.660 --> 00:56:08.990 align:start position:0% validator set to not do malicious things like<00:56:07.200> I<00:56:07.319> think<00:56:07.440> if<00:56:07.619> the<00:56:07.859> validator<00:56:08.220> set<00:56:08.460> signs 00:56:08.990 --> 00:56:09.000 align:start position:0% like I think if the validator set signs 00:56:09.000 --> 00:56:10.790 align:start position:0% like I think if the validator set signs off<00:56:09.119> on<00:56:09.420> some<00:56:09.660> totally<00:56:09.900> incorrect<00:56:10.319> header<00:56:10.680> for 00:56:10.790 --> 00:56:10.800 align:start position:0% off on some totally incorrect header for 00:56:10.800 --> 00:56:12.829 align:start position:0% off on some totally incorrect header for their<00:56:10.980> bridge<00:56:11.280> to<00:56:11.819> hurt<00:56:11.940> her<00:56:12.180> competitor<00:56:12.599> I 00:56:12.829 --> 00:56:12.839 align:start position:0% their bridge to hurt her competitor I 00:56:12.839 --> 00:56:13.849 align:start position:0% their bridge to hurt her competitor I think<00:56:12.960> ultimately<00:56:13.380> they're<00:56:13.680> actually 00:56:13.849 --> 00:56:13.859 align:start position:0% think ultimately they're actually 00:56:13.859 --> 00:56:16.309 align:start position:0% think ultimately they're actually hurting<00:56:14.220> their<00:56:14.460> users<00:56:14.819> a<00:56:15.059> lot<00:56:15.180> more<00:56:15.300> and<00:56:16.020> so<00:56:16.140> to 00:56:16.309 --> 00:56:16.319 align:start position:0% hurting their users a lot more and so to 00:56:16.319 --> 00:56:19.309 align:start position:0% hurting their users a lot more and so to me<00:56:16.440> it<00:56:16.619> seems<00:56:16.980> like<00:56:17.220> just<00:56:17.700> a<00:56:18.000> bad<00:56:18.240> strategy<00:56:19.079> for 00:56:19.309 --> 00:56:19.319 align:start position:0% me it seems like just a bad strategy for 00:56:19.319 --> 00:56:21.109 align:start position:0% me it seems like just a bad strategy for them<00:56:19.440> to<00:56:19.740> do<00:56:19.859> that<00:56:20.040> like<00:56:20.280> I<00:56:20.520> don't<00:56:20.640> necessarily 00:56:21.109 --> 00:56:21.119 align:start position:0% them to do that like I don't necessarily 00:56:21.119 --> 00:56:22.490 align:start position:0% them to do that like I don't necessarily know<00:56:21.240> if<00:56:21.359> they're<00:56:21.480> super<00:56:21.660> incentivized<00:56:22.260> to<00:56:22.319> do 00:56:22.490 --> 00:56:22.500 align:start position:0% know if they're super incentivized to do 00:56:22.500 --> 00:56:24.589 align:start position:0% know if they're super incentivized to do that<00:56:22.619> but<00:56:23.520> I<00:56:23.640> do<00:56:23.700> think<00:56:23.880> it's<00:56:24.000> important<00:56:24.420> like 00:56:24.589 --> 00:56:24.599 align:start position:0% that but I do think it's important like 00:56:24.599 --> 00:56:26.450 align:start position:0% that but I do think it's important like I<00:56:24.780> think<00:56:24.900> for<00:56:25.260> us<00:56:25.380> like<00:56:25.619> that's<00:56:25.740> why<00:56:25.980> we<00:56:26.280> are 00:56:26.450 --> 00:56:26.460 align:start position:0% I think for us like that's why we are 00:56:26.460 --> 00:56:28.370 align:start position:0% I think for us like that's why we are focusing<00:56:26.880> our<00:56:27.300> initial<00:56:27.660> thing<00:56:27.900> we<00:56:28.079> built<00:56:28.319> is 00:56:28.370 --> 00:56:28.380 align:start position:0% focusing our initial thing we built is 00:56:28.380 --> 00:56:29.870 align:start position:0% focusing our initial thing we built is like<00:56:28.559> for<00:56:28.680> ethereum<00:56:29.099> where<00:56:29.280> you<00:56:29.520> know<00:56:29.579> it<00:56:29.760> is 00:56:29.870 --> 00:56:29.880 align:start position:0% like for ethereum where you know it is 00:56:29.880 --> 00:56:31.250 align:start position:0% like for ethereum where you know it is actually<00:56:30.000> extremely<00:56:30.420> decentralized<00:56:31.020> they 00:56:31.250 --> 00:56:31.260 align:start position:0% actually extremely decentralized they 00:56:31.260 --> 00:56:32.930 align:start position:0% actually extremely decentralized they have<00:56:31.440> a<00:56:31.619> ton<00:56:31.740> of<00:56:31.859> Economic<00:56:32.339> Security<00:56:32.520> if<00:56:32.819> you 00:56:32.930 --> 00:56:32.940 align:start position:0% have a ton of Economic Security if you 00:56:32.940 --> 00:56:34.970 align:start position:0% have a ton of Economic Security if you validate<00:56:33.420> ethereum's<00:56:34.319> validators<00:56:34.740> they're 00:56:34.970 --> 00:56:34.980 align:start position:0% validate ethereum's validators they're 00:56:34.980 --> 00:56:37.250 align:start position:0% validate ethereum's validators they're not<00:56:35.220> going<00:56:35.339> to<00:56:35.460> go<00:56:35.700> Rogue<00:56:36.180> in<00:56:36.359> this<00:56:36.540> way<00:56:36.780> so<00:56:37.140> I 00:56:37.250 --> 00:56:37.260 align:start position:0% not going to go Rogue in this way so I 00:56:37.260 --> 00:56:38.630 align:start position:0% not going to go Rogue in this way so I think<00:56:37.380> like<00:56:37.559> that's<00:56:37.859> kind<00:56:38.099> of<00:56:38.160> our<00:56:38.339> initial 00:56:38.630 --> 00:56:38.640 align:start position:0% think like that's kind of our initial 00:56:38.640 --> 00:56:40.490 align:start position:0% think like that's kind of our initial starting<00:56:38.819> point<00:56:39.119> of<00:56:39.300> focus<00:56:39.540> and<00:56:40.140> again<00:56:40.260> for 00:56:40.490 --> 00:56:40.500 align:start position:0% starting point of focus and again for 00:56:40.500 --> 00:56:42.109 align:start position:0% starting point of focus and again for users<00:56:40.800> of<00:56:40.980> bridges<00:56:41.400> It's<00:56:41.579> always<00:56:41.760> important 00:56:42.109 --> 00:56:42.119 align:start position:0% users of bridges It's always important 00:56:42.119 --> 00:56:43.849 align:start position:0% users of bridges It's always important to<00:56:42.359> remember<00:56:42.480> like<00:56:43.200> if<00:56:43.380> you're<00:56:43.440> bridging 00:56:43.849 --> 00:56:43.859 align:start position:0% to remember like if you're bridging 00:56:43.859 --> 00:56:45.650 align:start position:0% to remember like if you're bridging between<00:56:44.040> chain<00:56:44.339> a<00:56:44.520> and<00:56:44.700> chain<00:56:44.880> B<00:56:45.119> your 00:56:45.650 --> 00:56:45.660 align:start position:0% between chain a and chain B your 00:56:45.660 --> 00:56:47.630 align:start position:0% between chain a and chain B your securities<00:56:46.020> the<00:56:46.619> minimum<00:56:46.920> of<00:56:47.160> the<00:56:47.280> chains 00:56:47.630 --> 00:56:47.640 align:start position:0% securities the minimum of the chains 00:56:47.640 --> 00:56:49.250 align:start position:0% securities the minimum of the chains you're<00:56:47.700> bridging<00:56:48.119> between<00:56:48.300> and<00:56:48.839> like<00:56:49.020> you 00:56:49.250 --> 00:56:49.260 align:start position:0% you're bridging between and like you 00:56:49.260 --> 00:56:50.750 align:start position:0% you're bridging between and like you can't<00:56:49.380> get<00:56:49.619> around<00:56:49.800> that<00:56:50.040> no<00:56:50.220> matter<00:56:50.400> how 00:56:50.750 --> 00:56:50.760 align:start position:0% can't get around that no matter how 00:56:50.760 --> 00:56:52.730 align:start position:0% can't get around that no matter how secure<00:56:51.059> your<00:56:51.240> bridge<00:56:51.480> is<00:56:51.720> like<00:56:52.200> if<00:56:52.380> you<00:56:52.559> even 00:56:52.730 --> 00:56:52.740 align:start position:0% secure your bridge is like if you even 00:56:52.740 --> 00:56:54.410 align:start position:0% secure your bridge is like if you even have<00:56:52.980> proof<00:56:53.280> of<00:56:53.339> consensus<00:56:53.819> and<00:56:54.000> validity 00:56:54.410 --> 00:56:54.420 align:start position:0% have proof of consensus and validity 00:56:54.420 --> 00:56:55.430 align:start position:0% have proof of consensus and validity approved 00:56:55.430 --> 00:56:55.440 align:start position:0% approved 00:56:55.440 --> 00:56:56.450 align:start position:0% approved um<00:56:55.500> so<00:56:55.680> yeah<00:56:55.920> I<00:56:56.040> think<00:56:56.160> that's<00:56:56.280> always 00:56:56.450 --> 00:56:56.460 align:start position:0% um so yeah I think that's always 00:56:56.460 --> 00:56:57.829 align:start position:0% um so yeah I think that's always important<00:56:56.819> to<00:56:57.000> remember 00:56:57.829 --> 00:56:57.839 align:start position:0% important to remember 00:56:57.839 --> 00:57:00.470 align:start position:0% important to remember my<00:56:58.440> question<00:56:58.559> is<00:56:58.859> do<00:56:59.400> you<00:56:59.579> think<00:56:59.760> the<00:57:00.000> user<00:57:00.359> is 00:57:00.470 --> 00:57:00.480 align:start position:0% my question is do you think the user is 00:57:00.480 --> 00:57:02.390 align:start position:0% my question is do you think the user is special<00:57:00.599> for<00:57:00.900> the<00:57:01.020> liquidity<00:57:01.500> Bridge<00:57:01.740> are 00:57:02.390 --> 00:57:02.400 align:start position:0% special for the liquidity Bridge are 00:57:02.400 --> 00:57:04.370 align:start position:0% special for the liquidity Bridge are pricing<00:57:02.819> correctly<00:57:03.359> the<00:57:03.660> risk<00:57:04.020> that<00:57:04.200> the 00:57:04.370 --> 00:57:04.380 align:start position:0% pricing correctly the risk that the 00:57:04.380 --> 00:57:07.910 align:start position:0% pricing correctly the risk that the bridge<00:57:04.500> has<00:57:04.859> and<00:57:05.579> if<00:57:05.700> no<00:57:06.000> like<00:57:06.839> what<00:57:07.140> can<00:57:07.500> we<00:57:07.680> do 00:57:07.910 --> 00:57:07.920 align:start position:0% bridge has and if no like what can we do 00:57:07.920 --> 00:57:09.710 align:start position:0% bridge has and if no like what can we do to<00:57:08.160> better<00:57:08.339> educate<00:57:08.819> them 00:57:09.710 --> 00:57:09.720 align:start position:0% to better educate them 00:57:09.720 --> 00:57:12.170 align:start position:0% to better educate them I<00:57:10.140> I<00:57:10.200> think<00:57:10.500> if<00:57:10.800> you're<00:57:10.980> a<00:57:11.160> liquidity<00:57:11.640> provider 00:57:12.170 --> 00:57:12.180 align:start position:0% I I think if you're a liquidity provider 00:57:12.180 --> 00:57:15.230 align:start position:0% I I think if you're a liquidity provider and<00:57:12.780> you're<00:57:13.200> taking<00:57:13.380> on<00:57:13.800> the<00:57:14.040> risk<00:57:14.400> of<00:57:14.760> every 00:57:15.230 --> 00:57:15.240 align:start position:0% and you're taking on the risk of every 00:57:15.240 --> 00:57:17.270 align:start position:0% and you're taking on the risk of every single<00:57:15.599> bridge<00:57:15.960> that<00:57:16.440> that 00:57:17.270 --> 00:57:17.280 align:start position:0% single bridge that that 00:57:17.280 --> 00:57:18.950 align:start position:0% single bridge that that um<00:57:17.339> or<00:57:17.579> sorry<00:57:17.819> every<00:57:18.119> single<00:57:18.359> Network<00:57:18.540> that 00:57:18.950 --> 00:57:18.960 align:start position:0% um or sorry every single Network that 00:57:18.960 --> 00:57:20.329 align:start position:0% um or sorry every single Network that that<00:57:19.079> bridge<00:57:19.260> supports 00:57:20.329 --> 00:57:20.339 align:start position:0% that bridge supports 00:57:20.339 --> 00:57:24.849 align:start position:0% that bridge supports you<00:57:21.119> are<00:57:21.359> an<00:57:21.720> incredibly<00:57:22.260> altruistic<00:57:23.040> person 00:57:24.849 --> 00:57:24.859 align:start position:0% you are an incredibly altruistic person 00:57:24.859 --> 00:57:27.410 align:start position:0% you are an incredibly altruistic person but<00:57:25.859> to<00:57:26.099> your<00:57:26.280> question<00:57:26.460> like<00:57:26.700> I<00:57:26.940> think<00:57:27.059> the 00:57:27.410 --> 00:57:27.420 align:start position:0% but to your question like I think the 00:57:27.420 --> 00:57:29.990 align:start position:0% but to your question like I think the users<00:57:27.780> here<00:57:28.200> again<00:57:29.099> to<00:57:29.400> Chris's<00:57:29.760> earlier 00:57:29.990 --> 00:57:30.000 align:start position:0% users here again to Chris's earlier 00:57:30.000 --> 00:57:31.370 align:start position:0% users here again to Chris's earlier point<00:57:30.180> the<00:57:30.359> users<00:57:30.660> here<00:57:30.839> are<00:57:30.960> not<00:57:31.140> the<00:57:31.260> ones 00:57:31.370 --> 00:57:31.380 align:start position:0% point the users here are not the ones 00:57:31.380 --> 00:57:32.809 align:start position:0% point the users here are not the ones with<00:57:31.619> at<00:57:31.859> risk 00:57:32.809 --> 00:57:32.819 align:start position:0% with at risk 00:57:32.819 --> 00:57:35.450 align:start position:0% with at risk um<00:57:33.420> say<00:57:33.900> what 00:57:35.450 --> 00:57:35.460 align:start position:0% um say what 00:57:35.460 --> 00:57:38.030 align:start position:0% um say what the<00:57:35.640> liquidity<00:57:36.359> providers<00:57:36.780> do<00:57:37.260> have<00:57:37.500> risk<00:57:37.859> and 00:57:38.030 --> 00:57:38.040 align:start position:0% the liquidity providers do have risk and 00:57:38.040 --> 00:57:39.710 align:start position:0% the liquidity providers do have risk and pricing<00:57:38.400> that<00:57:38.579> I<00:57:38.760> think<00:57:38.880> is<00:57:39.059> something<00:57:39.300> that 00:57:39.710 --> 00:57:39.720 align:start position:0% pricing that I think is something that 00:57:39.720 --> 00:57:41.990 align:start position:0% pricing that I think is something that is<00:57:39.900> like<00:57:40.319> hard 00:57:41.990 --> 00:57:42.000 align:start position:0% is like hard 00:57:42.000 --> 00:57:44.750 align:start position:0% is like hard um<00:57:42.059> you<00:57:42.420> know<00:57:42.480> again<00:57:43.440> the<00:57:43.800> lindiness<00:57:44.339> is<00:57:44.520> I 00:57:44.750 --> 00:57:44.760 align:start position:0% um you know again the lindiness is I 00:57:44.760 --> 00:57:46.490 align:start position:0% um you know again the lindiness is I think<00:57:44.880> important<00:57:45.300> here<00:57:45.480> too 00:57:46.490 --> 00:57:46.500 align:start position:0% think important here too 00:57:46.500 --> 00:57:49.490 align:start position:0% think important here too um<00:57:46.559> but<00:57:46.859> you<00:57:47.400> yeah<00:57:47.760> it's<00:57:47.940> hard<00:57:48.300> and<00:57:48.900> again<00:57:49.140> you 00:57:49.490 --> 00:57:49.500 align:start position:0% um but you yeah it's hard and again you 00:57:49.500 --> 00:57:51.770 align:start position:0% um but you yeah it's hard and again you go<00:57:49.740> back<00:57:49.920> and<00:57:50.220> even<00:57:50.819> when<00:57:51.000> Chris<00:57:51.180> says<00:57:51.540> like 00:57:51.770 --> 00:57:51.780 align:start position:0% go back and even when Chris says like 00:57:51.780 --> 00:57:53.569 align:start position:0% go back and even when Chris says like okay<00:57:52.260> some<00:57:52.619> of<00:57:52.740> these<00:57:52.859> Roll-Ups<00:57:53.280> are<00:57:53.400> pretty 00:57:53.569 --> 00:57:53.579 align:start position:0% okay some of these Roll-Ups are pretty 00:57:53.579 --> 00:57:55.549 align:start position:0% okay some of these Roll-Ups are pretty new<00:57:53.760> technologies<00:57:54.240> right 00:57:55.549 --> 00:57:55.559 align:start position:0% new technologies right 00:57:55.559 --> 00:57:58.790 align:start position:0% new technologies right um even<00:57:56.520> using<00:57:57.059> the<00:57:57.300> roll-up<00:57:57.720> not<00:57:58.079> even<00:57:58.319> not 00:57:58.790 --> 00:57:58.800 align:start position:0% um even using the roll-up not even not 00:57:58.800 --> 00:58:03.109 align:start position:0% um even using the roll-up not even not even<00:57:58.920> being<00:57:59.220> an<00:57:59.460> LP<00:57:59.839> has<00:58:00.839> some<00:58:01.200> not<00:58:01.920> zero<00:58:02.640> and 00:58:03.109 --> 00:58:03.119 align:start position:0% even being an LP has some not zero and 00:58:03.119 --> 00:58:04.910 align:start position:0% even being an LP has some not zero and potentially<00:58:03.480> relatively<00:58:04.079> significant<00:58:04.559> risk 00:58:04.910 --> 00:58:04.920 align:start position:0% potentially relatively significant risk 00:58:04.920 --> 00:58:07.609 align:start position:0% potentially relatively significant risk so<00:58:05.400> like<00:58:05.640> what<00:58:06.119> does<00:58:06.240> it<00:58:06.359> mean<00:58:06.540> to<00:58:06.839> put<00:58:07.079> you 00:58:07.609 --> 00:58:07.619 align:start position:0% so like what does it mean to put you 00:58:07.619 --> 00:58:09.530 align:start position:0% so like what does it mean to put you know<00:58:07.680> 10<00:58:08.099> million<00:58:08.400> bucks<00:58:08.520> of<00:58:08.700> eth<00:58:09.000> onto<00:58:09.359> a 00:58:09.530 --> 00:58:09.540 align:start position:0% know 10 million bucks of eth onto a 00:58:09.540 --> 00:58:11.870 align:start position:0% know 10 million bucks of eth onto a roll-up<00:58:09.900> that<00:58:10.319> still<00:58:10.980> might<00:58:11.160> not<00:58:11.339> fully<00:58:11.700> have 00:58:11.870 --> 00:58:11.880 align:start position:0% roll-up that still might not fully have 00:58:11.880 --> 00:58:13.609 align:start position:0% roll-up that still might not fully have fraud<00:58:12.420> proofs<00:58:12.720> implemented<00:58:13.260> and<00:58:13.380> all<00:58:13.500> that 00:58:13.609 --> 00:58:13.619 align:start position:0% fraud proofs implemented and all that 00:58:13.619 --> 00:58:16.670 align:start position:0% fraud proofs implemented and all that kind<00:58:13.740> of<00:58:13.800> stuff<00:58:13.920> like<00:58:14.280> there<00:58:14.960> we<00:58:15.960> are<00:58:16.140> and 00:58:16.670 --> 00:58:16.680 align:start position:0% kind of stuff like there we are and 00:58:16.680 --> 00:58:18.650 align:start position:0% kind of stuff like there we are and that's<00:58:16.980> not<00:58:17.160> an<00:58:17.280> insult<00:58:17.579> I'm<00:58:17.819> just<00:58:17.940> I'm<00:58:18.540> just 00:58:18.650 --> 00:58:18.660 align:start position:0% that's not an insult I'm just I'm just 00:58:18.660 --> 00:58:22.250 align:start position:0% that's not an insult I'm just I'm just saying<00:58:19.020> that<00:58:19.680> um<00:58:19.740> we're<00:58:20.280> we're<00:58:20.780> there<00:58:21.780> these 00:58:22.250 --> 00:58:22.260 align:start position:0% saying that um we're we're there these 00:58:22.260 --> 00:58:24.950 align:start position:0% saying that um we're we're there these are<00:58:22.440> still<00:58:23.040> cutting<00:58:23.460> edge<00:58:23.579> Technologies<00:58:24.180> yeah 00:58:24.950 --> 00:58:24.960 align:start position:0% are still cutting edge Technologies yeah 00:58:24.960 --> 00:58:27.829 align:start position:0% are still cutting edge Technologies yeah also<00:58:25.260> under<00:58:25.640> discussed<00:58:26.640> Roll-Ups<00:58:27.359> also<00:58:27.660> have 00:58:27.829 --> 00:58:27.839 align:start position:0% also under discussed Roll-Ups also have 00:58:27.839 --> 00:58:30.230 align:start position:0% also under discussed Roll-Ups also have Smart<00:58:28.079> contract<00:58:28.559> Risk<00:58:29.040> by<00:58:29.339> the<00:58:29.520> way<00:58:29.640> like 00:58:30.230 --> 00:58:30.240 align:start position:0% Smart contract Risk by the way like 00:58:30.240 --> 00:58:32.270 align:start position:0% Smart contract Risk by the way like people<00:58:30.839> you<00:58:31.260> know<00:58:31.319> say<00:58:31.500> bridges<00:58:31.980> are<00:58:32.099> so 00:58:32.270 --> 00:58:32.280 align:start position:0% people you know say bridges are so 00:58:32.280 --> 00:58:33.829 align:start position:0% people you know say bridges are so terrible<00:58:32.640> they've<00:58:33.000> gotten<00:58:33.240> all<00:58:33.359> these<00:58:33.540> hacks 00:58:33.829 --> 00:58:33.839 align:start position:0% terrible they've gotten all these hacks 00:58:33.839 --> 00:58:35.030 align:start position:0% terrible they've gotten all these hacks all<00:58:34.140> there's<00:58:34.380> been<00:58:34.619> all<00:58:34.800> these<00:58:34.920> smart 00:58:35.030 --> 00:58:35.040 align:start position:0% all there's been all these smart 00:58:35.040 --> 00:58:37.010 align:start position:0% all there's been all these smart contract<00:58:35.400> hacks<00:58:35.819> and<00:58:36.119> Roll-Ups<00:58:36.780> have<00:58:36.839> the 00:58:37.010 --> 00:58:37.020 align:start position:0% contract hacks and Roll-Ups have the 00:58:37.020 --> 00:58:38.150 align:start position:0% contract hacks and Roll-Ups have the exact<00:58:37.200> same<00:58:37.260> problems<00:58:37.559> like<00:58:37.740> the<00:58:37.859> recent 00:58:38.150 --> 00:58:38.160 align:start position:0% exact same problems like the recent 00:58:38.160 --> 00:58:40.910 align:start position:0% exact same problems like the recent binance<00:58:38.640> hack<00:58:38.940> which<00:58:39.480> was<00:58:39.599> like<00:58:39.839> a<00:58:39.960> Merkel<00:58:40.440> I 00:58:40.910 --> 00:58:40.920 align:start position:0% binance hack which was like a Merkel I 00:58:40.920 --> 00:58:42.289 align:start position:0% binance hack which was like a Merkel I actually<00:58:41.220> don't<00:58:41.400> know<00:58:41.579> all<00:58:41.880> the<00:58:42.000> technical 00:58:42.289 --> 00:58:42.299 align:start position:0% actually don't know all the technical 00:58:42.299 --> 00:58:43.670 align:start position:0% actually don't know all the technical details<00:58:42.660> but<00:58:42.839> from<00:58:43.020> my<00:58:43.140> understanding<00:58:43.500> it's 00:58:43.670 --> 00:58:43.680 align:start position:0% details but from my understanding it's 00:58:43.680 --> 00:58:45.650 align:start position:0% details but from my understanding it's the<00:58:43.799> Merkle<00:58:44.099> inclusion<00:58:44.460> proof<00:58:44.819> hack<00:58:45.000> like<00:58:45.480> you 00:58:45.650 --> 00:58:45.660 align:start position:0% the Merkle inclusion proof hack like you 00:58:45.660 --> 00:58:46.970 align:start position:0% the Merkle inclusion proof hack like you could<00:58:45.780> have<00:58:45.900> the<00:58:46.079> same<00:58:46.260> thing<00:58:46.380> in<00:58:46.559> a<00:58:46.680> roll-up 00:58:46.970 --> 00:58:46.980 align:start position:0% could have the same thing in a roll-up 00:58:46.980 --> 00:58:49.010 align:start position:0% could have the same thing in a roll-up native<00:58:47.280> bridge<00:58:47.579> too<00:58:47.880> and<00:58:48.119> so<00:58:48.299> that's<00:58:48.480> not<00:58:48.839> to 00:58:49.010 --> 00:58:49.020 align:start position:0% native bridge too and so that's not to 00:58:49.020 --> 00:58:52.370 align:start position:0% native bridge too and so that's not to be<00:58:49.200> under<00:58:49.740> under<00:58:50.180> counted<00:58:51.180> absolutely<00:58:52.020> and 00:58:52.370 --> 00:58:52.380 align:start position:0% be under under counted absolutely and 00:58:52.380 --> 00:58:55.069 align:start position:0% be under under counted absolutely and there<00:58:52.559> have<00:58:52.799> been<00:58:53.040> uh<00:58:53.700> things<00:58:54.000> reported<00:58:54.780> not 00:58:55.069 --> 00:58:55.079 align:start position:0% there have been uh things reported not 00:58:55.079 --> 00:58:57.950 align:start position:0% there have been uh things reported not exploited<00:58:55.680> hey<00:58:56.520> that<00:58:56.760> was<00:58:56.940> awesome<00:58:57.119> and<00:58:57.599> uh<00:58:57.780> I 00:58:57.950 --> 00:58:57.960 align:start position:0% exploited hey that was awesome and uh I 00:58:57.960 --> 00:58:59.390 align:start position:0% exploited hey that was awesome and uh I hope<00:58:58.079> this<00:58:58.200> is<00:58:58.319> not<00:58:58.440> too<00:58:58.619> open-ended<00:58:59.160> of<00:58:59.280> a 00:58:59.390 --> 00:58:59.400 align:start position:0% hope this is not too open-ended of a 00:58:59.400 --> 00:59:01.010 align:start position:0% hope this is not too open-ended of a question<00:58:59.520> but<00:58:59.880> do<00:59:00.059> you<00:59:00.180> have<00:59:00.240> any<00:59:00.359> comments<00:59:00.780> on 00:59:01.010 --> 00:59:01.020 align:start position:0% question but do you have any comments on 00:59:01.020 --> 00:59:04.069 align:start position:0% question but do you have any comments on shared<00:59:01.680> validator<00:59:02.099> sets<00:59:02.640> like<00:59:03.359> are<00:59:03.720> kind<00:59:04.020> of 00:59:04.069 --> 00:59:04.079 align:start position:0% shared validator sets like are kind of 00:59:04.079 --> 00:59:05.750 align:start position:0% shared validator sets like are kind of being<00:59:04.200> introduced<00:59:04.559> to<00:59:04.680> Cosmos<00:59:05.099> and<00:59:05.339> are<00:59:05.579> in 00:59:05.750 --> 00:59:05.760 align:start position:0% being introduced to Cosmos and are in 00:59:05.760 --> 00:59:09.589 align:start position:0% being introduced to Cosmos and are in polka<00:59:06.059> dot<00:59:06.240> and<00:59:06.780> how<00:59:06.960> that<00:59:07.319> might<00:59:07.619> affect<00:59:08.599> the 00:59:09.589 --> 00:59:09.599 align:start position:0% polka dot and how that might affect the 00:59:09.599 --> 00:59:12.230 align:start position:0% polka dot and how that might affect the architecture<00:59:10.380> of<00:59:11.220> like<00:59:11.460> the<00:59:11.700> proofs<00:59:12.000> that 00:59:12.230 --> 00:59:12.240 align:start position:0% architecture of like the proofs that 00:59:12.240 --> 00:59:17.270 align:start position:0% architecture of like the proofs that might<00:59:12.359> need<00:59:12.599> to<00:59:12.720> be<00:59:12.839> generated<00:59:13.260> for<00:59:13.680> a<00:59:13.920> bridge 00:59:17.270 --> 00:59:17.280 align:start position:0% 00:59:17.280 --> 00:59:19.849 align:start position:0% I<00:59:17.880> yeah<00:59:18.119> I'm<00:59:18.420> not<00:59:18.599> super<00:59:18.960> familiar<00:59:19.440> with<00:59:19.619> this 00:59:19.849 --> 00:59:19.859 align:start position:0% I yeah I'm not super familiar with this 00:59:19.859 --> 00:59:22.069 align:start position:0% I yeah I'm not super familiar with this like<00:59:19.980> shared<00:59:20.280> validator<00:59:20.700> set<00:59:21.180> thing<00:59:21.480> I'd<00:59:21.900> like 00:59:22.069 --> 00:59:22.079 align:start position:0% like shared validator set thing I'd like 00:59:22.079 --> 00:59:23.809 align:start position:0% like shared validator set thing I'd like heard<00:59:22.260> a<00:59:22.380> little<00:59:22.440> bit<00:59:22.559> a<00:59:23.040> bit<00:59:23.280> about<00:59:23.460> it<00:59:23.640> I 00:59:23.809 --> 00:59:23.819 align:start position:0% heard a little bit a bit about it I 00:59:23.819 --> 00:59:25.670 align:start position:0% heard a little bit a bit about it I should<00:59:24.000> probably<00:59:24.119> read<00:59:24.359> more<00:59:24.599> I<00:59:25.319> think<00:59:25.440> as 00:59:25.670 --> 00:59:25.680 align:start position:0% should probably read more I think as 00:59:25.680 --> 00:59:27.049 align:start position:0% should probably read more I think as long<00:59:25.920> as<00:59:26.040> you<00:59:26.339> know 00:59:27.049 --> 00:59:27.059 align:start position:0% long as you know 00:59:27.059 --> 00:59:29.329 align:start position:0% long as you know I<00:59:27.480> think<00:59:27.540> at<00:59:27.720> the<00:59:27.960> highest<00:59:28.319> level<00:59:28.559> basically 00:59:29.329 --> 00:59:29.339 align:start position:0% I think at the highest level basically 00:59:29.339 --> 00:59:31.849 align:start position:0% I think at the highest level basically you<00:59:29.700> can<00:59:29.819> think<00:59:30.000> of<00:59:30.240> like<00:59:30.480> how<00:59:31.020> would<00:59:31.200> a<00:59:31.619> node 00:59:31.849 --> 00:59:31.859 align:start position:0% you can think of like how would a node 00:59:31.859 --> 00:59:34.309 align:start position:0% you can think of like how would a node validate<00:59:32.520> that<00:59:32.940> you<00:59:33.180> know<00:59:33.299> a<00:59:33.960> particular 00:59:34.309 --> 00:59:34.319 align:start position:0% validate that you know a particular 00:59:34.319 --> 00:59:35.930 align:start position:0% validate that you know a particular chain<00:59:34.559> has<00:59:34.740> come<00:59:34.859> to<00:59:34.980> consensus<00:59:35.460> even<00:59:35.640> if<00:59:35.819> they 00:59:35.930 --> 00:59:35.940 align:start position:0% chain has come to consensus even if they 00:59:35.940 --> 00:59:37.730 align:start position:0% chain has come to consensus even if they have<00:59:36.059> a<00:59:36.240> shared<00:59:36.480> validator<00:59:36.839> set<00:59:37.140> and<00:59:37.619> then 00:59:37.730 --> 00:59:37.740 align:start position:0% have a shared validator set and then 00:59:37.740 --> 00:59:38.930 align:start position:0% have a shared validator set and then ultimately<00:59:38.099> you're<00:59:38.400> taking<00:59:38.579> whatever 00:59:38.930 --> 00:59:38.940 align:start position:0% ultimately you're taking whatever 00:59:38.940 --> 00:59:41.089 align:start position:0% ultimately you're taking whatever computation<00:59:39.599> like<00:59:39.900> a<00:59:40.079> node<00:59:40.260> would<00:59:40.500> do<00:59:40.680> and 00:59:41.089 --> 00:59:41.099 align:start position:0% computation like a node would do and 00:59:41.099 --> 00:59:42.650 align:start position:0% computation like a node would do and then<00:59:41.280> you're<00:59:41.400> putting<00:59:41.760> that<00:59:41.880> in<00:59:42.059> a<00:59:42.180> snark<00:59:42.420> so 00:59:42.650 --> 00:59:42.660 align:start position:0% then you're putting that in a snark so 00:59:42.660 --> 00:59:45.710 align:start position:0% then you're putting that in a snark so there's<00:59:42.900> no<00:59:43.140> like<00:59:43.440> fundamental 00:59:45.710 --> 00:59:45.720 align:start position:0% there's no like fundamental 00:59:45.720 --> 00:59:48.349 align:start position:0% there's no like fundamental inability<00:59:46.559> to<00:59:46.799> do<00:59:46.920> this<00:59:47.040> even<00:59:47.280> in<00:59:47.640> the<00:59:47.760> even<00:59:48.119> if 00:59:48.349 --> 00:59:48.359 align:start position:0% inability to do this even in the even if 00:59:48.359 --> 00:59:49.730 align:start position:0% inability to do this even in the even if you<00:59:48.420> have<00:59:48.540> a<00:59:48.660> shared<00:59:48.839> validator<00:59:49.200> set<00:59:49.380> like<00:59:49.619> you 00:59:49.730 --> 00:59:49.740 align:start position:0% you have a shared validator set like you 00:59:49.740 --> 00:59:51.170 align:start position:0% you have a shared validator set like you can<00:59:49.859> always<00:59:49.980> do<00:59:50.220> this<00:59:50.400> I<00:59:50.579> mean<00:59:50.700> okay<00:59:50.819> it<00:59:51.059> might 00:59:51.170 --> 00:59:51.180 align:start position:0% can always do this I mean okay it might 00:59:51.180 --> 00:59:52.609 align:start position:0% can always do this I mean okay it might be<00:59:51.299> a<00:59:51.420> little<00:59:51.480> harder<00:59:51.839> to<00:59:52.020> keep<00:59:52.140> track<00:59:52.319> of<00:59:52.500> the 00:59:52.609 --> 00:59:52.619 align:start position:0% be a little harder to keep track of the 00:59:52.619 --> 00:59:54.470 align:start position:0% be a little harder to keep track of the validator<00:59:52.980> set<00:59:53.220> if<00:59:53.400> it's<00:59:53.520> like<00:59:53.760> rotating 00:59:54.470 --> 00:59:54.480 align:start position:0% validator set if it's like rotating 00:59:54.480 --> 00:59:56.870 align:start position:0% validator set if it's like rotating across<00:59:55.200> like<00:59:55.619> three<00:59:56.040> different<00:59:56.280> chains<00:59:56.760> or 00:59:56.870 --> 00:59:56.880 align:start position:0% across like three different chains or 00:59:56.880 --> 00:59:58.190 align:start position:0% across like three different chains or something<00:59:57.000> like<00:59:57.299> that<00:59:57.420> so<00:59:57.720> I'd<00:59:57.839> have<00:59:58.020> to<00:59:58.079> like 00:59:58.190 --> 00:59:58.200 align:start position:0% something like that so I'd have to like 00:59:58.200 --> 00:59:59.630 align:start position:0% something like that so I'd have to like look<00:59:58.319> more<00:59:58.500> into<00:59:58.619> the<00:59:58.859> details<00:59:59.220> and<00:59:59.460> actually 00:59:59.630 --> 00:59:59.640 align:start position:0% look more into the details and actually 00:59:59.640 --> 01:00:01.849 align:start position:0% look more into the details and actually honestly<01:00:00.180> the<01:00:00.359> details<01:00:00.780> here<01:00:00.900> are<01:00:01.079> often<01:00:01.440> what 01:00:01.849 --> 01:00:01.859 align:start position:0% honestly the details here are often what 01:00:01.859 --> 01:00:03.230 align:start position:0% honestly the details here are often what really<01:00:02.099> get<01:00:02.339> you 01:00:03.230 --> 01:00:03.240 align:start position:0% really get you 01:00:03.240 --> 01:00:04.549 align:start position:0% really get you um<01:00:03.299> but<01:00:03.540> theoretically<01:00:04.079> I<01:00:04.200> don't<01:00:04.319> think<01:00:04.440> there 01:00:04.549 --> 01:00:04.559 align:start position:0% um but theoretically I don't think there 01:00:04.559 --> 01:00:06.589 align:start position:0% um but theoretically I don't think there should<01:00:04.740> be<01:00:04.799> any<01:00:04.980> like<01:00:05.339> trouble<01:00:05.579> with<01:00:05.819> it 01:00:06.589 --> 01:00:06.599 align:start position:0% should be any like trouble with it 01:00:06.599 --> 01:00:08.750 align:start position:0% should be any like trouble with it yeah<01:00:06.720> I<01:00:07.260> think<01:00:07.440> just<01:00:07.740> the<01:00:08.160> way<01:00:08.280> I<01:00:08.400> would<01:00:08.579> reason 01:00:08.750 --> 01:00:08.760 align:start position:0% yeah I think just the way I would reason 01:00:08.760 --> 01:00:10.970 align:start position:0% yeah I think just the way I would reason about<01:00:09.059> this<01:00:09.420> and<01:00:09.720> again<01:00:09.900> it's<01:00:10.319> not<01:00:10.559> there's<01:00:10.859> a 01:00:10.970 --> 01:00:10.980 align:start position:0% about this and again it's not there's a 01:00:10.980 --> 01:00:12.170 align:start position:0% about this and again it's not there's a lot<01:00:11.040> of<01:00:11.160> new<01:00:11.280> stuff<01:00:11.400> here<01:00:11.579> and<01:00:11.700> a<01:00:11.819> lot<01:00:11.880> to<01:00:12.000> wrap 01:00:12.170 --> 01:00:12.180 align:start position:0% lot of new stuff here and a lot to wrap 01:00:12.180 --> 01:00:13.490 align:start position:0% lot of new stuff here and a lot to wrap your<01:00:12.299> head<01:00:12.420> around<01:00:12.540> but<01:00:12.960> the<01:00:13.079> way<01:00:13.200> I'd<01:00:13.380> reason 01:00:13.490 --> 01:00:13.500 align:start position:0% your head around but the way I'd reason 01:00:13.500 --> 01:00:15.710 align:start position:0% your head around but the way I'd reason about<01:00:13.740> this<01:00:13.920> is<01:00:14.220> like<01:00:14.460> I<01:00:14.700> figured<01:00:15.180> with<01:00:15.299> Zuma 01:00:15.710 --> 01:00:15.720 align:start position:0% about this is like I figured with Zuma 01:00:15.720 --> 01:00:17.930 align:start position:0% about this is like I figured with Zuma or<01:00:15.900> Guillermo's<01:00:16.500> earlier<01:00:16.859> Point 01:00:17.930 --> 01:00:17.940 align:start position:0% or Guillermo's earlier Point 01:00:17.940 --> 01:00:20.210 align:start position:0% or Guillermo's earlier Point um<01:00:18.000> it's<01:00:18.359> the<01:00:18.599> minimal<01:00:19.020> like<01:00:19.440> what's<01:00:20.040> the 01:00:20.210 --> 01:00:20.220 align:start position:0% um it's the minimal like what's the 01:00:20.220 --> 01:00:21.230 align:start position:0% um it's the minimal like what's the lowest<01:00:20.400> common<01:00:20.520> denominator<01:00:20.940> of<01:00:21.059> security 01:00:21.230 --> 01:00:21.240 align:start position:0% lowest common denominator of security 01:00:21.240 --> 01:00:23.270 align:start position:0% lowest common denominator of security you<01:00:21.540> have<01:00:21.660> here<01:00:21.900> and<01:00:22.500> so<01:00:22.680> you<01:00:22.859> know<01:00:22.920> in<01:00:23.160> our 01:00:23.270 --> 01:00:23.280 align:start position:0% you have here and so you know in our 01:00:23.280 --> 01:00:24.890 align:start position:0% you have here and so you know in our like<01:00:23.460> optimistic<01:00:24.000> design<01:00:24.180> all<01:00:24.599> you're<01:00:24.720> doing 01:00:24.890 --> 01:00:24.900 align:start position:0% like optimistic design all you're doing 01:00:24.900 --> 01:00:26.990 align:start position:0% like optimistic design all you're doing is<01:00:25.079> saying<01:00:25.440> hey<01:00:25.740> this<01:00:26.099> happened<01:00:26.280> on<01:00:26.760> this 01:00:26.990 --> 01:00:27.000 align:start position:0% is saying hey this happened on this 01:00:27.000 --> 01:00:29.809 align:start position:0% is saying hey this happened on this other<01:00:27.180> thing<01:00:27.540> you<01:00:28.140> have<01:00:28.260> to<01:00:28.500> trust<01:00:28.980> the 01:00:29.809 --> 01:00:29.819 align:start position:0% other thing you have to trust the 01:00:29.819 --> 01:00:32.089 align:start position:0% other thing you have to trust the initial<01:00:30.240> source<01:00:30.720> and<01:00:31.380> if<01:00:31.559> your<01:00:31.740> shared 01:00:32.089 --> 01:00:32.099 align:start position:0% initial source and if your shared 01:00:32.099 --> 01:00:33.349 align:start position:0% initial source and if your shared validator<01:00:32.520> said 01:00:33.349 --> 01:00:33.359 align:start position:0% validator said 01:00:33.359 --> 01:00:36.410 align:start position:0% validator said is<01:00:34.020> better<01:00:34.319> great<01:00:34.740> if<01:00:35.040> it's<01:00:35.220> worse<01:00:35.640> great<01:00:36.059> like 01:00:36.410 --> 01:00:36.420 align:start position:0% is better great if it's worse great like 01:00:36.420 --> 01:00:40.010 align:start position:0% is better great if it's worse great like you<01:00:36.839> kind<01:00:37.079> of<01:00:37.220> just<01:00:38.220> kind<01:00:38.579> of<01:00:38.760> be<01:00:39.420> sort<01:00:39.660> of<01:00:39.780> dumb 01:00:40.010 --> 01:00:40.020 align:start position:0% you kind of just kind of be sort of dumb 01:00:40.020 --> 01:00:42.109 align:start position:0% you kind of just kind of be sort of dumb about<01:00:40.140> it<01:00:40.380> and<01:00:40.680> be<01:00:40.859> like<01:00:41.040> are<01:00:41.460> you<01:00:41.640> trusting 01:00:42.109 --> 01:00:42.119 align:start position:0% about it and be like are you trusting 01:00:42.119 --> 01:00:44.930 align:start position:0% about it and be like are you trusting the<01:00:42.359> consensus<01:00:42.900> that<01:00:43.140> this<01:00:43.260> thing<01:00:43.380> is<01:00:43.559> reached 01:00:44.930 --> 01:00:44.940 align:start position:0% the consensus that this thing is reached 01:00:44.940 --> 01:00:46.849 align:start position:0% the consensus that this thing is reached I<01:00:45.359> don't<01:00:45.480> think<01:00:45.540> I<01:00:45.660> know<01:00:45.839> enough<01:00:46.020> about<01:00:46.260> shared 01:00:46.849 --> 01:00:46.859 align:start position:0% I don't think I know enough about shared 01:00:46.859 --> 01:00:49.430 align:start position:0% I don't think I know enough about shared validator<01:00:47.220> sets<01:00:47.579> to<01:00:47.700> give<01:00:47.760> a<01:00:47.880> good<01:00:48.000> answer 01:00:49.430 --> 01:00:49.440 align:start position:0% validator sets to give a good answer 01:00:49.440 --> 01:00:51.049 align:start position:0% validator sets to give a good answer all<01:00:49.859> right<01:00:49.980> well<01:00:50.160> with<01:00:50.339> that<01:00:50.520> last<01:00:50.819> question 01:00:51.049 --> 01:00:51.059 align:start position:0% all right well with that last question 01:00:51.059 --> 01:00:53.510 align:start position:0% all right well with that last question thank<01:00:51.540> you<01:00:51.720> panelists<01:00:52.500> everyone<01:00:52.680> please<01:00:53.040> give 01:00:53.510 --> 01:00:53.520 align:start position:0% thank you panelists everyone please give 01:00:53.520 --> 01:00:56.480 align:start position:0% thank you panelists everyone please give a<01:00:53.640> big<01:00:53.760> round<01:00:53.940> of<01:00:54.059> applause