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great<00:00:10.559><c> thanks</c><00:00:10.800><c> a</c><00:00:10.920><c> lot</c><00:00:11.120><c> to</c><00:00:11.280><c> everyone</c><00:00:11.960><c> who</c>

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great thanks a lot to everyone who
 

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great thanks a lot to everyone who
showed<00:00:12.679><c> up</c><00:00:12.920><c> here</c><00:00:13.799><c> um</c><00:00:14.000><c> to</c><00:00:14.200><c> quickly</c><00:00:14.480><c> introduce</c>

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showed up here um to quickly introduce
 

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showed up here um to quickly introduce
myself<00:00:15.280><c> my</c><00:00:15.400><c> name</c><00:00:15.559><c> is</c><00:00:15.679><c> Tony</c><00:00:16.320><c> I</c><00:00:16.800><c> do</c><00:00:17.080><c> I'm</c><00:00:17.199><c> doing</c>

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myself my name is Tony I do I'm doing
 

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myself my name is Tony I do I'm doing
research<00:00:17.800><c> at</c><00:00:17.920><c> the</c><00:00:18.039><c> affirm</c><00:00:18.359><c> foundation</c><00:00:19.199><c> and</c>

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research at the affirm foundation and
 

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research at the affirm foundation and
today<00:00:19.600><c> I</c><00:00:19.680><c> want</c><00:00:19.800><c> to</c><00:00:19.960><c> talk</c><00:00:20.240><c> about</c><00:00:20.760><c> a</c><00:00:21.160><c> topic</c><00:00:21.640><c> I</c>

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today I want to talk about a topic I
 

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today I want to talk about a topic I
perceive<00:00:22.359><c> as</c><00:00:22.560><c> very</c><00:00:22.800><c> very</c><00:00:23.359><c> important</c><00:00:24.359><c> um</c>

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perceive as very very important um
 

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perceive as very very important um
namely<00:00:25.080><c> decentralization</c><00:00:26.080><c> and</c><00:00:26.359><c> to</c><00:00:26.519><c> be</c><00:00:26.679><c> more</c>

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namely decentralization and to be more
 

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namely decentralization and to be more
specific<00:00:27.920><c> I</c><00:00:28.039><c> want</c><00:00:28.199><c> to</c><00:00:28.439><c> talk</c><00:00:28.760><c> about</c><00:00:29.119><c> the</c><00:00:29.320><c> topic</c>

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specific I want to talk about the topic
 

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specific I want to talk about the topic
of<00:00:30.240><c> correlation</c>

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of correlation
 

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of correlation
penalties<00:00:32.840><c> to</c><00:00:33.040><c> get</c><00:00:33.200><c> into</c><00:00:33.480><c> the</c><00:00:33.719><c> topic</c><00:00:34.079><c> let</c><00:00:34.239><c> me</c>

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penalties to get into the topic let me
 

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penalties to get into the topic let me
quickly<00:00:35.000><c> describe</c><00:00:35.600><c> the</c><00:00:35.840><c> problem</c><00:00:36.280><c> that</c><00:00:36.399><c> we</c>

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quickly describe the problem that we
 

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quickly describe the problem that we
have<00:00:37.200><c> today</c><00:00:38.200><c> on</c><00:00:38.399><c> this</c><00:00:38.600><c> chart</c><00:00:39.079><c> you</c><00:00:39.239><c> can</c><00:00:39.480><c> see</c><00:00:40.239><c> the</c>

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have today on this chart you can see the
 

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have today on this chart you can see the
missed<00:00:41.559><c> attestation</c><00:00:42.280><c> rate</c><00:00:43.120><c> um</c><00:00:43.280><c> of</c><00:00:43.480><c> different</c>

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missed attestation rate um of different
 

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missed attestation rate um of different
entities<00:00:44.879><c> going</c><00:00:45.160><c> from</c><00:00:45.440><c> K</c><00:00:45.960><c> EFI</c><00:00:46.640><c> Lio</c><00:00:47.160><c> the</c><00:00:47.320><c> very</c>

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entities going from K EFI Lio the very
 

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entities going from K EFI Lio the very
professional<00:00:48.120><c> entities</c><00:00:48.760><c> on</c><00:00:48.879><c> the</c><00:00:49.199><c> on</c><00:00:49.320><c> the</c><00:00:49.440><c> left</c>

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professional entities on the on the left
 

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professional entities on the on the left
hand<00:00:49.920><c> side</c><00:00:50.520><c> two</c><00:00:50.760><c> solo</c><00:00:51.280><c> stakers</c><00:00:52.280><c> kak</c><00:00:52.600><c> and</c>

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hand side two solo stakers kak and
 

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hand side two solo stakers kak and
rockol<00:00:54.199><c> um</c><00:00:54.320><c> on</c><00:00:54.440><c> the</c><00:00:54.559><c> right</c><00:00:54.800><c> hand</c><00:00:54.960><c> side</c><00:00:55.160><c> to</c><00:00:55.320><c> be</c>

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rockol um on the right hand side to be
 

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rockol um on the right hand side to be
fair<00:00:55.680><c> K</c><00:00:56.079><c> is</c><00:00:56.199><c> an</c><00:00:56.359><c> outlier</c><00:00:56.960><c> here</c><00:00:57.199><c> so</c><00:00:57.320><c> I</c><00:00:57.440><c> think</c>

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fair K is an outlier here so I think
 

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fair K is an outlier here so I think
when<00:00:57.760><c> I</c><00:00:57.920><c> did</c><00:00:58.120><c> this</c><00:00:58.359><c> chart</c><00:00:58.840><c> they</c><00:00:59.079><c> just</c><00:00:59.280><c> had</c><00:00:59.440><c> some</c>

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when I did this chart they just had some
 

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when I did this chart they just had some
strugg<00:01:00.399><c> but</c><00:01:00.600><c> in</c><00:01:00.760><c> the</c><00:01:00.879><c> end</c><00:01:01.280><c> the</c><00:01:01.399><c> picture</c><00:01:01.719><c> is</c>

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strugg but in the end the picture is
 

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strugg but in the end the picture is
quite<00:01:02.160><c> clear</c><00:01:03.039><c> solo</c><00:01:03.440><c> stakers</c><00:01:03.840><c> are</c><00:01:04.239><c> struggling</c>

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quite clear solo stakers are struggling
 

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quite clear solo stakers are struggling
with<00:01:05.640><c> um</c><00:01:06.080><c> what</c><00:01:06.200><c> the</c><00:01:06.400><c> network</c><00:01:06.920><c> demands</c><00:01:07.400><c> from</c>

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with um what the network demands from
 

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with um what the network demands from
them<00:01:09.280><c> and</c><00:01:09.680><c> what</c><00:01:09.880><c> this</c><00:01:10.040><c> chart</c><00:01:10.439><c> actually</c><00:01:10.720><c> shows</c>

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them and what this chart actually shows
 

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them and what this chart actually shows
is<00:01:11.920><c> the</c><00:01:12.159><c> Mist</c><00:01:12.799><c> attestation</c><00:01:13.479><c> rate</c><00:01:13.960><c> compared</c><00:01:14.600><c> to</c>

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is the Mist attestation rate compared to
 

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is the Mist attestation rate compared to
the<00:01:16.119><c> expected</c><00:01:16.640><c> missed</c><00:01:16.960><c> attestation</c><00:01:17.479><c> rate</c>

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the expected missed attestation rate
 

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the expected missed attestation rate
based<00:01:17.960><c> on</c><00:01:18.080><c> the</c><00:01:18.159><c> market</c><00:01:18.479><c> share</c><00:01:19.320><c> and</c><00:01:19.640><c> if</c><00:01:19.759><c> your</c>

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based on the market share and if your
 

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based on the market share and if your
bar<00:01:20.439><c> is</c><00:01:20.759><c> above</c><00:01:21.119><c> zero</c><00:01:21.640><c> this</c><00:01:21.799><c> means</c><00:01:22.119><c> you</c><00:01:22.320><c> miss</c>

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bar is above zero this means you miss
 

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bar is above zero this means you miss
more<00:01:22.960><c> attestations</c><00:01:23.880><c> than</c><00:01:24.920><c> expected</c><00:01:25.920><c> and</c><00:01:26.119><c> this</c>

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more attestations than expected and this
 

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more attestations than expected and this
is<00:01:26.360><c> of</c><00:01:26.479><c> course</c><00:01:26.880><c> problematic</c><00:01:27.880><c> because</c><00:01:28.119><c> solo</c>

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is of course problematic because solo
 

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is of course problematic because solo
stakers<00:01:29.400><c> um</c><00:01:29.520><c> we</c><00:01:29.640><c> might</c><00:01:29.960><c> all</c><00:01:30.079><c> agree</c><00:01:30.320><c> are</c><00:01:30.520><c> the</c>

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stakers um we might all agree are the
 

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stakers um we might all agree are the
most<00:01:30.880><c> important</c><00:01:31.400><c> entities</c><00:01:32.040><c> in</c><00:01:32.560><c> the</c><00:01:33.159><c> ecosystem</c>

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most important entities in the ecosystem
 

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most important entities in the ecosystem
they<00:01:33.880><c> are</c><00:01:34.040><c> super</c><00:01:34.320><c> important</c><00:01:34.680><c> for</c><00:01:34.960><c> various</c>

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they are super important for various
 

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they are super important for various
different<00:01:36.040><c> properties</c><00:01:37.040><c> and</c><00:01:37.479><c> we</c><00:01:37.600><c> should</c><00:01:37.920><c> make</c>

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different properties and we should make
 

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different properties and we should make
sure<00:01:38.320><c> that</c><00:01:38.479><c> solo</c><00:01:38.840><c> stakers</c><00:01:39.759><c> remain</c>

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sure that solo stakers remain
 

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sure that solo stakers remain
competitive<00:01:40.680><c> compared</c><00:01:41.040><c> to</c><00:01:41.479><c> all</c><00:01:41.680><c> the</c><00:01:41.799><c> large</c>

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pools<00:01:46.520><c> one</c><00:01:46.799><c> thing</c><00:01:47.159><c> that</c><00:01:47.280><c> is</c><00:01:47.520><c> also</c><00:01:48.119><c> very</c><00:01:48.759><c> evil</c>

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pools one thing that is also very evil
 

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pools one thing that is also very evil
and<00:01:49.399><c> dangerous</c><00:01:50.000><c> are</c><00:01:50.320><c> economies</c><00:01:50.719><c> of</c><00:01:50.920><c> scale</c><00:01:51.640><c> so</c>

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and dangerous are economies of scale so
 

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and dangerous are economies of scale so
what's<00:01:52.560><c> what</c><00:01:52.759><c> big</c><00:01:53.000><c> pools</c><00:01:53.360><c> can</c><00:01:53.520><c> do</c><00:01:54.040><c> they</c><00:01:54.200><c> can</c>

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what's what big pools can do they can
 

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what's what big pools can do they can
just<00:01:54.680><c> put</c><00:01:54.960><c> many</c><00:01:55.240><c> validators</c><00:01:55.960><c> for</c><00:01:56.119><c> example</c><00:01:56.439><c> on</c>

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just put many validators for example on
 

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just put many validators for example on
one<00:01:56.799><c> note</c><00:01:57.520><c> and</c><00:01:57.719><c> this</c><00:01:57.880><c> allows</c><00:01:58.280><c> them</c><00:01:58.479><c> to</c><00:01:58.640><c> lower</c>

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one note and this allows them to lower
 

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one note and this allows them to lower
their<00:01:59.240><c> costs</c><00:02:00.079><c> solo</c><00:02:00.399><c> stakers</c><00:02:00.799><c> cannot</c><00:02:01.079><c> do</c><00:02:01.280><c> that</c>

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their costs solo stakers cannot do that
 

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their costs solo stakers cannot do that
so<00:02:01.680><c> if</c><00:02:01.759><c> you</c><00:02:01.880><c> are</c><00:02:01.960><c> a</c><00:02:02.079><c> solo</c><00:02:02.360><c> Staker</c><00:02:02.759><c> you</c><00:02:02.840><c> might</c>

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so if you are a solo Staker you might
 

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so if you are a solo Staker you might
just<00:02:03.360><c> have</c><00:02:03.719><c> one</c><00:02:04.560><c> validator</c><00:02:05.560><c> and</c><00:02:05.719><c> therefore</c>

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just have one validator and therefore
 

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just have one validator and therefore
you<00:02:06.159><c> have</c><00:02:06.320><c> one</c><00:02:06.520><c> node</c><00:02:07.159><c> you</c><00:02:07.320><c> use</c><00:02:07.600><c> one</c><00:02:07.880><c> internet</c>

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you have one node you use one internet
 

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you have one node you use one internet
connection<00:02:09.280><c> and</c><00:02:09.479><c> you</c><00:02:09.640><c> have</c><00:02:09.759><c> to</c><00:02:09.920><c> manage</c><00:02:10.200><c> it</c>

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connection and you have to manage it
 

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connection and you have to manage it
yourself<00:02:10.800><c> on</c><00:02:10.879><c> the</c><00:02:11.000><c> other</c><00:02:11.200><c> hand</c><00:02:11.440><c> the</c><00:02:11.560><c> pools</c>

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yourself on the other hand the pools
 

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yourself on the other hand the pools
they<00:02:12.560><c> can</c><00:02:12.760><c> use</c><00:02:13.040><c> economies</c><00:02:13.480><c> of</c><00:02:13.640><c> scale</c><00:02:14.000><c> to</c><00:02:14.160><c> make</c>

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they can use economies of scale to make
 

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they can use economies of scale to make
their<00:02:14.560><c> operations</c><00:02:15.200><c> more</c><00:02:15.400><c> and</c><00:02:15.519><c> more</c><00:02:15.720><c> efficient</c>

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their operations more and more efficient
 

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their operations more and more efficient
right<00:02:16.920><c> they</c><00:02:17.080><c> can</c><00:02:17.239><c> use</c><00:02:17.519><c> one</c><00:02:17.720><c> cloud</c><00:02:18.040><c> provider</c>

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right they can use one cloud provider
 

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right they can use one cloud provider
use<00:02:19.080><c> one</c><00:02:19.440><c> internet</c><00:02:19.840><c> connection</c><00:02:20.280><c> and</c><00:02:20.400><c> so</c><00:02:20.560><c> on</c>

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use one internet connection and so on
 

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use one internet connection and so on
and<00:02:21.280><c> in</c><00:02:21.440><c> the</c><00:02:21.560><c> end</c><00:02:21.879><c> what</c><00:02:22.080><c> we</c><00:02:22.920><c> might</c><00:02:23.599><c> um</c><00:02:24.440><c> go</c>

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and in the end what we might um go
 

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and in the end what we might um go
towards<00:02:25.200><c> to</c><00:02:25.480><c> is</c><00:02:25.599><c> a</c><00:02:25.760><c> very</c><00:02:26.000><c> centralized</c>

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towards to is a very centralized
 

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towards to is a very centralized
validator<00:02:27.160><c> set</c><00:02:27.760><c> and</c><00:02:27.959><c> this</c><00:02:28.080><c> is</c><00:02:28.319><c> something</c><00:02:28.720><c> that</c>

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validator set and this is something that
 

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validator set and this is something that
is<00:02:29.000><c> very</c><00:02:29.200><c> bad</c><00:02:29.360><c> for</c><00:02:30.200><c> and</c><00:02:30.360><c> we</c><00:02:30.440><c> should</c><00:02:30.680><c> definitely</c>

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is very bad for and we should definitely
 

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is very bad for and we should definitely
try<00:02:31.840><c> everything</c><00:02:32.160><c> to</c><00:02:32.360><c> avoid</c>

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try everything to avoid
 

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try everything to avoid
that<00:02:34.480><c> the</c><00:02:34.599><c> cool</c><00:02:34.840><c> thing</c><00:02:35.120><c> is</c><00:02:35.440><c> so</c><00:02:35.720><c> now</c><00:02:36.120><c> getting</c>

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that the cool thing is so now getting
 

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that the cool thing is so now getting
into<00:02:36.640><c> some</c><00:02:36.879><c> positive</c><00:02:37.400><c> vibes</c><00:02:38.160><c> the</c><00:02:38.319><c> cool</c><00:02:38.519><c> thing</c>

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into some positive vibes the cool thing
 

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into some positive vibes the cool thing
on<00:02:38.800><c> the</c><00:02:38.959><c> right</c><00:02:39.200><c> hand</c><00:02:39.360><c> side</c><00:02:39.560><c> is</c><00:02:39.720><c> you</c><00:02:39.840><c> cannot</c>

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on the right hand side is you cannot
 

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on the right hand side is you cannot
really<00:02:40.599><c> leverage</c><00:02:41.120><c> economies</c><00:02:41.519><c> of</c><00:02:41.680><c> scale</c>

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really leverage economies of scale
 

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really leverage economies of scale
without<00:02:42.519><c> also</c><00:02:42.800><c> creating</c><00:02:43.280><c> correlations</c><00:02:44.280><c> for</c>

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without also creating correlations for
 

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without also creating correlations for
example<00:02:44.920><c> if</c><00:02:45.040><c> you</c><00:02:45.239><c> put</c><00:02:45.879><c> four</c><00:02:46.280><c> 4,000</c><00:02:46.879><c> 5,000</c><00:02:47.400><c> keys</c>

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example if you put four 4,000 5,000 keys
 

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example if you put four 4,000 5,000 keys
on<00:02:47.840><c> one</c><00:02:48.040><c> machine</c><00:02:48.959><c> there</c><00:02:49.080><c> is</c><00:02:49.200><c> a</c><00:02:49.360><c> correlation</c>

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on one machine there is a correlation
 

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on one machine there is a correlation
how<00:02:50.480><c> those</c><00:02:50.760><c> validators</c><00:02:51.400><c> behave</c><00:02:51.760><c> in</c><00:02:51.840><c> the</c><00:02:52.239><c> end</c>

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how those validators behave in the end
 

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how those validators behave in the end
if<00:02:53.400><c> your</c><00:02:53.599><c> note</c><00:02:53.959><c> goes</c><00:02:54.239><c> offline</c><00:02:54.840><c> then</c><00:02:55.080><c> all</c><00:02:55.280><c> of</c>

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if your note goes offline then all of
 

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if your note goes offline then all of
your<00:02:55.840><c> 5,000</c><00:02:56.400><c> validators</c><00:02:57.000><c> will</c><00:02:57.120><c> be</c><00:02:57.319><c> offline</c><00:02:58.120><c> if</c>

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your 5,000 validators will be offline if
 

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your 5,000 validators will be offline if
your<00:02:58.560><c> cloud</c><00:02:58.879><c> provider</c><00:02:59.280><c> has</c><00:02:59.400><c> a</c><00:02:59.519><c> problem</c><00:03:00.239><c> then</c>

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your cloud provider has a problem then
 

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your cloud provider has a problem then
all<00:03:00.640><c> of</c><00:03:00.760><c> your</c><00:03:00.959><c> keys</c><00:03:01.280><c> might</c><00:03:01.440><c> be</c><00:03:01.599><c> affected</c><00:03:02.519><c> and</c>

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all of your keys might be affected and
 

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all of your keys might be affected and
the<00:03:02.840><c> same</c><00:03:03.200><c> applies</c><00:03:03.599><c> to</c><00:03:03.920><c> all</c><00:03:04.159><c> the</c><00:03:04.319><c> other</c><00:03:05.159><c> things</c>

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the same applies to all the other things
 

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the same applies to all the other things
that<00:03:05.680><c> affect</c><00:03:06.040><c> economies</c><00:03:06.400><c> of</c><00:03:06.760><c> scale</c><00:03:07.760><c> so</c><00:03:08.360><c> what</c>

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that affect economies of scale so what
 

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that affect economies of scale so what
we<00:03:08.599><c> see</c><00:03:08.799><c> on</c><00:03:08.920><c> the</c><00:03:09.040><c> right</c><00:03:09.280><c> hand</c><00:03:09.480><c> side</c><00:03:10.360><c> I</c><00:03:10.440><c> would</c>

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we see on the right hand side I would
 

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we see on the right hand side I would
say<00:03:10.760><c> it's</c><00:03:10.920><c> a</c><00:03:11.400><c> um</c><00:03:11.560><c> correlations</c><00:03:12.280><c> and</c><00:03:12.440><c> economies</c>

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say it's a um correlations and economies
 

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say it's a um correlations and economies
of<00:03:13.000><c> scale</c><00:03:13.319><c> should</c><00:03:13.560><c> be</c><00:03:14.560><c> um</c><00:03:15.159><c> should</c><00:03:15.400><c> have</c><00:03:15.560><c> a</c><00:03:15.720><c> very</c>

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of scale should be um should have a very
 

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of scale should be um should have a very
linear<00:03:16.840><c> relation</c><00:03:17.840><c> and</c><00:03:18.200><c> now</c><00:03:18.920><c> how</c><00:03:19.239><c> can</c><00:03:19.440><c> we</c>

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linear relation and now how can we
 

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linear relation and now how can we
actually<00:03:20.480><c> leverage</c><00:03:21.480><c> this</c><00:03:21.720><c> knowledge</c>

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actually leverage this knowledge
 

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actually leverage this knowledge
leverage<00:03:22.680><c> the</c><00:03:22.840><c> knowledge</c><00:03:23.239><c> that</c><00:03:23.440><c> economies</c><00:03:23.840><c> of</c>

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leverage the knowledge that economies of
 

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leverage the knowledge that economies of
scale<00:03:24.480><c> might</c><00:03:24.680><c> scale</c><00:03:25.080><c> also</c><00:03:25.280><c> the</c><00:03:25.879><c> correlations</c>

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scale might scale also the correlations
 

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scale might scale also the correlations
um<00:03:27.120><c> to</c><00:03:27.239><c> the</c><00:03:27.360><c> good</c><00:03:27.560><c> for</c><00:03:28.080><c> etherum</c><00:03:29.080><c> and</c><00:03:29.200><c> this</c>

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um to the good for etherum and this
 

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um to the good for etherum and this
brings<00:03:29.599><c> me</c>

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brings me
 

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brings me
to<00:03:30.640><c> an</c><00:03:30.799><c> EAP</c><00:03:31.280><c> that</c><00:03:31.400><c> is</c><00:03:31.560><c> still</c><00:03:31.879><c> very</c><00:03:32.120><c> young</c><00:03:32.439><c> it's</c>

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to an EAP that is still very young it's
 

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to an EAP that is still very young it's
EAP<00:03:33.480><c> um</c>

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EAP um
 

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EAP um
7716<00:03:35.280><c> called</c><00:03:35.599><c> anti-correlation</c><00:03:36.439><c> attestation</c>

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7716 called anti-correlation attestation
 

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7716 called anti-correlation attestation
penalty<00:03:38.239><c> and</c><00:03:38.560><c> as</c><00:03:38.640><c> you</c><00:03:38.799><c> can</c><00:03:39.000><c> see</c><00:03:39.400><c> here</c><00:03:40.400><c> um</c><00:03:40.640><c> it's</c>

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penalty and as you can see here um it's
 

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penalty and as you can see here um it's
very<00:03:41.159><c> young</c><00:03:41.480><c> so</c><00:03:41.640><c> the</c><00:03:41.799><c> EAP</c><00:03:42.360><c> is</c><00:03:42.519><c> only</c><00:03:42.760><c> a</c><00:03:42.879><c> few</c>

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very young so the EAP is only a few
 

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very young so the EAP is only a few
months<00:03:43.400><c> old</c><00:03:43.959><c> um</c><00:03:44.159><c> the</c><00:03:44.400><c> original</c><00:03:44.840><c> idea</c><00:03:45.120><c> is</c><00:03:45.239><c> from</c>

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months old um the original idea is from
 

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months old um the original idea is from
vitalic<00:03:46.120><c> and</c><00:03:46.319><c> deine</c><00:03:46.760><c> and</c><00:03:46.879><c> me</c><00:03:47.120><c> hacked</c><00:03:47.560><c> on</c><00:03:47.840><c> the</c>

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vitalic and deine and me hacked on the
 

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vitalic and deine and me hacked on the
implementation<00:03:49.280><c> at</c><00:03:49.439><c> the</c><00:03:49.560><c> eve</c><00:03:49.799><c> Berlin</c><00:03:50.360><c> hecon</c>

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implementation at the eve Berlin hecon
 

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implementation at the eve Berlin hecon
and<00:03:51.560><c> now</c><00:03:51.760><c> we</c><00:03:51.879><c> are</c><00:03:52.120><c> getting</c><00:03:52.560><c> closer</c><00:03:53.040><c> to</c><00:03:53.439><c> final</c>

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and now we are getting closer to final
 

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and now we are getting closer to final
um<00:03:54.200><c> not</c><00:03:54.319><c> really</c><00:03:54.599><c> finalizing</c><00:03:55.280><c> but</c><00:03:55.439><c> getting</c>

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um not really finalizing but getting
 

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um not really finalizing but getting
closer<00:03:56.159><c> to</c><00:03:56.840><c> finding</c><00:03:57.720><c> ways</c><00:03:58.200><c> how</c><00:03:58.360><c> we</c><00:03:58.519><c> can</c><00:03:58.760><c> best</c>

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closer to finding ways how we can best
 

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closer to finding ways how we can best
introduce<00:04:00.040><c> anti-correlation</c><00:04:00.879><c> attestation</c>

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introduce anti-correlation attestation
 

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introduce anti-correlation attestation
penalties<00:04:02.480><c> the</c><00:04:02.640><c> high</c><00:04:02.840><c> level</c><00:04:03.120><c> idea</c><00:04:03.400><c> is</c><00:04:03.560><c> the</c>

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penalties the high level idea is the
 

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penalties the high level idea is the
following<00:04:05.159><c> if</c><00:04:05.400><c> many</c><00:04:05.680><c> validators</c><00:04:06.360><c> miss</c><00:04:06.599><c> their</c>

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following if many validators miss their
 

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following if many validators miss their
attestations<00:04:07.560><c> in</c><00:04:07.799><c> the</c><00:04:07.920><c> same</c><00:04:08.120><c> slot</c><00:04:08.760><c> we</c><00:04:08.920><c> just</c>

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attestations in the same slot we just
 

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attestations in the same slot we just
scale<00:04:09.519><c> the</c><00:04:09.680><c> penalties</c><00:04:10.200><c> up</c><00:04:10.760><c> and</c><00:04:10.959><c> vice</c><00:04:11.200><c> versa</c><00:04:12.120><c> if</c>

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scale the penalties up and vice versa if
 

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scale the penalties up and vice versa if
they<00:04:12.680><c> if</c><00:04:12.840><c> only</c><00:04:13.079><c> a</c><00:04:13.200><c> few</c><00:04:13.439><c> validators</c><00:04:14.000><c> miss</c><00:04:14.239><c> an</c>

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they if only a few validators miss an
 

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they if only a few validators miss an
attestation<00:04:15.200><c> we</c><00:04:15.319><c> can</c><00:04:15.439><c> lower</c><00:04:15.799><c> the</c><00:04:15.959><c> penalties</c>

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attestation we can lower the penalties
 

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attestation we can lower the penalties
so<00:04:17.239><c> basically</c><00:04:17.840><c> if</c><00:04:18.000><c> you're</c><00:04:18.560><c> running</c><00:04:19.560><c> um</c><00:04:19.759><c> all</c><00:04:19.959><c> of</c>

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so basically if you're running um all of
 

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so basically if you're running um all of
your<00:04:20.280><c> keys</c><00:04:20.600><c> on</c><00:04:20.799><c> one</c><00:04:21.199><c> machine</c><00:04:21.639><c> the</c><00:04:21.759><c> machine</c>

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your keys on one machine the machine
 

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your keys on one machine the machine
goes<00:04:22.320><c> offline</c><00:04:23.080><c> then</c><00:04:23.240><c> you</c><00:04:23.360><c> might</c><00:04:23.600><c> expect</c>

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goes offline then you might expect
 

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goes offline then you might expect
higher<00:04:24.280><c> penalties</c><00:04:25.199><c> and</c><00:04:25.320><c> a</c><00:04:25.440><c> solo</c><00:04:25.759><c> Staker</c><00:04:26.160><c> that</c>

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higher penalties and a solo Staker that
 

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higher penalties and a solo Staker that
goes<00:04:26.479><c> offline</c><00:04:27.199><c> should</c><00:04:27.560><c> receive</c><00:04:27.919><c> lower</c>

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goes offline should receive lower
 

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goes offline should receive lower
penalties<00:04:29.160><c> and</c><00:04:29.360><c> this</c><00:04:29.479><c> is</c><00:04:29.880><c> the</c><00:04:30.039><c> goal</c><00:04:30.280><c> of</c><00:04:30.479><c> this</c>

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penalties and this is the goal of this
 

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penalties and this is the goal of this
EAP<00:04:33.639><c> this</c><00:04:33.759><c> is</c><00:04:34.039><c> just</c><00:04:34.199><c> an</c><00:04:34.400><c> example</c><00:04:34.880><c> how</c><00:04:35.039><c> it</c><00:04:35.120><c> would</c>

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EAP this is just an example how it would
 

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EAP this is just an example how it would
look<00:04:35.600><c> like</c><00:04:36.039><c> you</c><00:04:36.199><c> would</c><00:04:36.400><c> have</c><00:04:36.639><c> many</c><00:04:37.160><c> validators</c>

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look like you would have many validators
 

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look like you would have many validators
on<00:04:37.960><c> one</c><00:04:38.160><c> machine</c><00:04:38.919><c> the</c><00:04:39.039><c> machine</c><00:04:39.400><c> goes</c><00:04:39.639><c> offline</c>

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on one machine the machine goes offline
 

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on one machine the machine goes offline
the<00:04:40.479><c> correlation</c><00:04:41.000><c> will</c><00:04:41.199><c> be</c><00:04:41.400><c> high</c><00:04:41.960><c> and</c><00:04:42.080><c> so</c><00:04:42.280><c> with</c>

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the correlation will be high and so with
 

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the correlation will be high and so with
the<00:04:42.600><c> pen</c><00:04:42.880><c> penalty</c><00:04:43.400><c> be</c><00:04:44.320><c> on</c><00:04:44.440><c> the</c><00:04:44.560><c> other</c><00:04:44.759><c> hand</c>

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the pen penalty be on the other hand
 

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the pen penalty be on the other hand
side<00:04:45.520><c> your</c><00:04:45.759><c> resol</c><00:04:46.199><c> sta</c><00:04:46.520><c> you</c><00:04:46.639><c> have</c><00:04:46.800><c> one</c><00:04:47.000><c> key</c><00:04:47.199><c> on</c>

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side your resol sta you have one key on
 

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side your resol sta you have one key on
one<00:04:47.520><c> machine</c><00:04:48.080><c> the</c><00:04:48.199><c> machine</c><00:04:48.520><c> goes</c><00:04:48.800><c> offline</c><00:04:50.039><c> and</c>

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one machine the machine goes offline and
 

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one machine the machine goes offline and
the<00:04:51.520><c> it</c><00:04:51.639><c> should</c><00:04:52.120><c> then</c><00:04:52.440><c> affect</c><00:04:52.880><c> your</c><00:04:53.039><c> penalties</c>

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the it should then affect your penalties
 

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the it should then affect your penalties
by<00:04:53.960><c> just</c><00:04:54.120><c> lowering</c>

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by just lowering
 

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by just lowering
them<00:04:57.000><c> finally</c><00:04:57.440><c> let</c><00:04:57.560><c> me</c><00:04:57.759><c> quickly</c><00:04:58.360><c> present</c><00:04:58.800><c> some</c>

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them finally let me quickly present some
 

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them finally let me quickly present some
initi<00:04:59.960><c> results</c><00:05:00.759><c> so</c><00:05:01.039><c> this</c><00:05:01.160><c> is</c><00:05:01.639><c> from</c><00:05:01.880><c> empirical</c>

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initi results so this is from empirical
 

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initi results so this is from empirical
data<00:05:02.840><c> it's</c><00:05:03.520><c> approximately</c><00:05:04.520><c> um</c><00:05:05.520><c> um</c><00:05:05.800><c> 6</c><00:05:06.039><c> months</c>

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data it's approximately um um 6 months
 

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data it's approximately um um 6 months
of<00:05:06.520><c> data</c><00:05:07.320><c> and</c><00:05:07.680><c> what</c><00:05:07.840><c> we</c><00:05:07.960><c> can</c><00:05:08.120><c> see</c><00:05:08.680><c> is</c><00:05:09.520><c> that</c><00:05:09.800><c> the</c>

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of data and what we can see is that the
 

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of data and what we can see is that the
comparison<00:05:10.720><c> between</c><00:05:11.160><c> the</c><00:05:11.520><c> pink</c><00:05:11.800><c> bar</c><00:05:12.160><c> and</c><00:05:12.280><c> the</c>

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comparison between the pink bar and the
 

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comparison between the pink bar and the
gray<00:05:12.680><c> bar</c><00:05:13.479><c> and</c><00:05:13.800><c> you</c><00:05:13.919><c> can</c><00:05:14.120><c> already</c><00:05:14.440><c> see</c><00:05:14.720><c> that</c>

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gray bar and you can already see that
 

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gray bar and you can already see that
only<00:05:15.240><c> the</c><00:05:15.360><c> small</c><00:05:15.800><c> siiz</c><00:05:16.039><c> clusters</c><00:05:16.600><c> and</c><00:05:16.720><c> the</c>

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only the small siiz clusters and the
 

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only the small siiz clusters and the
unidentified<00:05:18.080><c> cluster</c><00:05:19.080><c> um</c><00:05:19.319><c> which</c><00:05:19.560><c> both</c>

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unidentified cluster um which both
 

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unidentified cluster um which both
include<00:05:20.199><c> many</c><00:05:20.440><c> solar</c><00:05:20.800><c> stakers</c><00:05:21.319><c> they</c><00:05:21.440><c> would</c>

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include many solar stakers they would
 

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include many solar stakers they would
profit<00:05:22.039><c> from</c><00:05:22.199><c> the</c><00:05:22.360><c> whole</c><00:05:22.560><c> thing</c><00:05:23.000><c> so</c><00:05:23.160><c> we</c><00:05:23.280><c> can</c>

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profit from the whole thing so we can
 

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profit from the whole thing so we can
see<00:05:23.720><c> solo</c><00:05:24.080><c> stakers</c><00:05:24.880><c> would</c><00:05:25.080><c> have</c><00:05:25.240><c> been</c>

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see solo stakers would have been
 

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see solo stakers would have been
penalized<00:05:26.120><c> almost</c><00:05:26.600><c> half</c><00:05:26.880><c> what</c><00:05:27.039><c> they</c><00:05:27.160><c> were</c>

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penalized almost half what they were
 

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penalized almost half what they were
actually<00:05:27.800><c> penalized</c><00:05:28.800><c> whereas</c><00:05:29.199><c> the</c><00:05:29.360><c> big</c>

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actually penalized whereas the big
 

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actually penalized whereas the big
stakers<00:05:30.520><c> like</c><00:05:30.919><c> we</c><00:05:31.039><c> saw</c><00:05:31.360><c> earlier</c><00:05:31.880><c> Lio</c><00:05:32.440><c> ke</c><00:05:32.880><c> eavi</c>

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stakers like we saw earlier Lio ke eavi
 

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stakers like we saw earlier Lio ke eavi
and<00:05:33.720><c> so</c><00:05:33.880><c> on</c><00:05:34.520><c> they</c><00:05:34.639><c> would</c><00:05:34.960><c> receive</c><00:05:35.360><c> higher</c>

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and so on they would receive higher
 

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and so on they would receive higher
penalties<00:05:36.840><c> and</c><00:05:37.039><c> in</c><00:05:37.199><c> the</c><00:05:37.319><c> end</c><00:05:37.520><c> what</c><00:05:37.720><c> we</c><00:05:38.280><c> want</c><00:05:38.440><c> to</c>

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penalties and in the end what we want to
 

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penalties and in the end what we want to
do<00:05:38.960><c> is</c><00:05:39.360><c> just</c><00:05:40.039><c> create</c><00:05:40.400><c> a</c><00:05:40.560><c> leveling</c><00:05:40.960><c> playing</c>

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do is just create a leveling playing
 

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do is just create a leveling playing
field<00:05:41.639><c> for</c><00:05:42.000><c> all</c><00:05:42.199><c> these</c><00:05:42.440><c> entities</c><00:05:43.280><c> and</c><00:05:43.440><c> allow</c>

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field for all these entities and allow
 

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field for all these entities and allow
solo<00:05:44.120><c> stakers</c><00:05:44.600><c> to</c><00:05:44.880><c> finally</c><00:05:45.240><c> also</c><00:05:45.680><c> econ</c>

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solo stakers to finally also econ
 

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solo stakers to finally also econ
economically<00:05:47.199><c> compete</c><00:05:47.720><c> with</c><00:05:47.880><c> the</c><00:05:48.039><c> big</c>

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economically compete with the big
 

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economically compete with the big
guys<00:05:50.360><c> that's</c><00:05:50.560><c> all</c><00:05:50.720><c> I</c><00:05:50.880><c> have</c><00:05:51.000><c> for</c><00:05:51.240><c> this</c>

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guys that's all I have for this
 

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guys that's all I have for this
lightning<00:05:51.800><c> talk</c><00:05:52.360><c> um</c><00:05:52.639><c> thanks</c><00:05:52.880><c> a</c><00:05:53.000><c> lot</c><00:05:53.199><c> if</c><00:05:53.319><c> you</c>

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lightning talk um thanks a lot if you
 

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lightning talk um thanks a lot if you
have<00:05:53.560><c> any</c><00:05:53.840><c> questions</c><00:05:54.240><c> if</c><00:05:54.360><c> you</c><00:05:54.479><c> want</c><00:05:54.600><c> to</c><00:05:54.759><c> engage</c>

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have any questions if you want to engage
 

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have any questions if you want to engage
with<00:05:55.240><c> the</c><00:05:55.360><c> EIP</c><00:05:55.800><c> we</c><00:05:55.919><c> are</c><00:05:56.039><c> still</c><00:05:56.240><c> in</c><00:05:56.400><c> draft</c><00:05:56.800><c> stage</c>

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with the EIP we are still in draft stage
 

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with the EIP we are still in draft stage
so<00:05:57.960><c> happy</c><00:05:58.240><c> for</c><00:05:58.520><c> any</c><00:05:59.160><c> input</c><00:05:59.680><c> on</c><00:05:59.800><c> the</c><00:05:59.919><c> EAP</c><00:06:00.360><c> itself</c>

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so happy for any input on the EAP itself
 

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so happy for any input on the EAP itself
and<00:06:01.600><c> yeah</c><00:06:01.759><c> feel</c><00:06:02.000><c> free</c><00:06:02.240><c> to</c><00:06:02.440><c> reach</c><00:06:02.680><c> out</c><00:06:03.039><c> if</c><00:06:03.160><c> you</c>

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and yeah feel free to reach out if you
 

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and yeah feel free to reach out if you
have<00:06:03.440><c> any</c>

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questions<00:06:08.440><c> all</c><00:06:08.759><c> right</c><00:06:09.759><c> it's</c><00:06:10.080><c> very</c><00:06:10.319><c> unfair</c><00:06:10.639><c> to</c>

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questions all right it's very unfair to
 

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questions all right it's very unfair to
be<00:06:10.880><c> a</c><00:06:11.000><c> solo</c><00:06:11.280><c> Saker</c><00:06:11.840><c> right</c>

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so<00:06:18.639><c> uh</c><00:06:19.039><c> could</c><00:06:19.319><c> a</c><00:06:19.479><c> withdrawal</c><00:06:20.000><c> address</c><00:06:20.400><c> be</c>

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so uh could a withdrawal address be
 

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so uh could a withdrawal address be
considered<00:06:21.360><c> a</c><00:06:21.960><c> correlation</c><00:06:22.639><c> so</c><00:06:22.919><c> like</c><00:06:23.280><c> if</c><00:06:23.520><c> a</c>

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considered a correlation so like if a
 

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considered a correlation so like if a
staking<00:06:24.160><c> large</c><00:06:24.400><c> staking</c><00:06:24.720><c> pool</c><00:06:24.960><c> used</c><00:06:25.319><c> the</c><00:06:25.560><c> same</c>

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staking large staking pool used the same
 

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staking large staking pool used the same
with<00:06:26.319><c> contract</c><00:06:26.720><c> address</c><00:06:27.000><c> for</c><00:06:27.319><c> a</c><00:06:27.479><c> withdrawal</c>

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with contract address for a withdrawal
 

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with contract address for a withdrawal
address<00:06:28.280><c> could</c><00:06:28.400><c> that</c><00:06:28.560><c> be</c><00:06:28.680><c> considered</c><00:06:29.000><c> a</c>

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address could that be considered a
 

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address could that be considered a
correlation

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correlation
 

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correlation
um<00:06:31.080><c> that's</c><00:06:31.240><c> an</c><00:06:31.400><c> interesting</c><00:06:31.880><c> question</c><00:06:32.280><c> so</c><00:06:32.680><c> of</c>

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um that's an interesting question so of
 

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um that's an interesting question so of
course<00:06:33.039><c> we</c><00:06:33.199><c> always</c><00:06:33.479><c> have</c><00:06:33.599><c> to</c><00:06:34.160><c> check</c><00:06:34.680><c> what</c><00:06:34.919><c> can</c>

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course we always have to check what can
 

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course we always have to check what can
the<00:06:35.280><c> protocol</c><00:06:35.880><c> actually</c><00:06:36.199><c> see</c><00:06:37.000><c> right</c><00:06:37.120><c> the</c>

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the protocol actually see right the
 

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the protocol actually see right the
protocol<00:06:37.680><c> can</c><00:06:37.840><c> see</c><00:06:38.720><c> um</c><00:06:38.880><c> correlations</c><00:06:39.560><c> because</c>

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protocol can see um correlations because
 

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protocol can see um correlations because
of<00:06:39.919><c> Mis</c><00:06:40.400><c> dations</c><00:06:41.400><c> and</c><00:06:41.560><c> also</c><00:06:42.000><c> as</c><00:06:42.120><c> you</c><00:06:42.199><c> said</c><00:06:42.400><c> the</c>

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of Mis dations and also as you said the
 

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of Mis dations and also as you said the
protocol<00:06:42.919><c> might</c><00:06:43.080><c> also</c><00:06:43.240><c> be</c><00:06:43.360><c> able</c><00:06:43.560><c> to</c><00:06:43.720><c> see</c>

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protocol might also be able to see
 

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protocol might also be able to see
withdrawal<00:06:44.479><c> addresses</c><00:06:45.479><c> I</c><00:06:45.680><c> guess</c><00:06:45.880><c> this</c><00:06:46.000><c> is</c>

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withdrawal addresses I guess this is
 

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withdrawal addresses I guess this is
very<00:06:46.440><c> easy</c><00:06:46.720><c> to</c><00:06:46.880><c> circumvent</c><00:06:47.639><c> right</c><00:06:47.800><c> we</c><00:06:47.880><c> will</c>

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very easy to circumvent right we will
 

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very easy to circumvent right we will
basically<00:06:48.520><c> create</c><00:06:48.800><c> an</c><00:06:49.000><c> incentive</c><00:06:49.440><c> for</c><00:06:49.599><c> the</c>

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basically create an incentive for the
 

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basically create an incentive for the
big<00:06:49.960><c> guys</c><00:06:50.280><c> to</c><00:06:51.160><c> use</c><00:06:51.520><c> multiple</c><00:06:52.400><c> withdrawal</c>

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big guys to use multiple withdrawal
 

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big guys to use multiple withdrawal
addresses<00:06:53.639><c> so</c><00:06:53.840><c> this</c><00:06:53.919><c> is</c><00:06:54.120><c> very</c><00:06:54.319><c> easy</c><00:06:54.520><c> to</c>

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addresses so this is very easy to
 

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addresses so this is very easy to
circumvent<00:06:56.120><c> whereas</c><00:06:57.120><c> um</c><00:06:57.560><c> correlations</c><00:06:58.560><c> be</c>

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circumvent whereas um correlations be
 

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circumvent whereas um correlations be
that<00:06:59.160><c> arise</c><00:06:59.720><c> from</c><00:06:59.919><c> running</c><00:07:00.360><c> everything</c><00:07:00.759><c> from</c>

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that arise from running everything from
 

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that arise from running everything from
a<00:07:01.120><c> very</c><00:07:01.319><c> centralized</c><00:07:01.879><c> setup</c><00:07:02.240><c> cannot</c><00:07:02.599><c> really</c>

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a very centralized setup cannot really
 

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a very centralized setup cannot really
be

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circumvented<00:07:06.599><c> H</c><00:07:06.800><c> Tony</c><00:07:07.240><c> thank</c><00:07:07.400><c> you</c><00:07:07.599><c> so</c><00:07:07.800><c> much</c><00:07:08.360><c> um</c>

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circumvented H Tony thank you so much um
 

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circumvented H Tony thank you so much um
can<00:07:09.199><c> I</c><00:07:09.800><c> kind</c><00:07:09.960><c> of</c><00:07:10.240><c> reduce</c><00:07:10.680><c> my</c><00:07:10.879><c> correlation</c><00:07:11.440><c> by</c>

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can I kind of reduce my correlation by
 

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can I kind of reduce my correlation by
artificially<00:07:12.639><c> kind</c><00:07:12.759><c> of</c><00:07:12.960><c> taking</c><00:07:13.400><c> individual</c>

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artificially kind of taking individual
 

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artificially kind of taking individual
of<00:07:14.199><c> my</c><00:07:14.400><c> 10,000</c><00:07:15.000><c> validators</c><00:07:15.599><c> offline</c>

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of my 10,000 validators offline
 

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of my 10,000 validators offline
selectively<00:07:17.160><c> to</c><00:07:17.360><c> make</c><00:07:17.520><c> a</c><00:07:17.680><c> pattern</c><00:07:18.000><c> that</c><00:07:18.120><c> is</c>

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selectively to make a pattern that is
 

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selectively to make a pattern that is
not

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not
 

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not
correlated<00:07:20.280><c> yeah</c><00:07:20.560><c> you</c><00:07:20.720><c> can</c><00:07:21.120><c> and</c><00:07:21.319><c> that's</c>

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correlated yeah you can and that's
 

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correlated yeah you can and that's
actually<00:07:21.800><c> one</c><00:07:21.960><c> of</c><00:07:22.080><c> the</c><00:07:22.199><c> goals</c><00:07:22.479><c> of</c><00:07:22.599><c> the</c><00:07:22.720><c> EAP</c><00:07:23.360><c> so</c>

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actually one of the goals of the EAP so
 

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actually one of the goals of the EAP so
for<00:07:24.360><c> example</c><00:07:24.680><c> if</c><00:07:24.759><c> you're</c><00:07:25.080><c> a</c><00:07:25.400><c> big</c><00:07:25.560><c> staking</c><00:07:25.960><c> pool</c>

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for example if you're a big staking pool
 

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for example if you're a big staking pool
and<00:07:26.400><c> you</c><00:07:26.560><c> have</c><00:07:26.759><c> thousands</c><00:07:27.120><c> of</c><00:07:27.319><c> keys</c><00:07:27.639><c> running</c>

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and you have thousands of keys running
 

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and you have thousands of keys running
on<00:07:28.039><c> a</c><00:07:28.199><c> few</c><00:07:28.400><c> machines</c><00:07:29.080><c> what</c><00:07:29.199><c> you</c><00:07:29.319><c> can</c><00:07:29.560><c> can</c><00:07:29.720><c> do</c><00:07:29.919><c> is</c>

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on a few machines what you can can do is
 

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on a few machines what you can can do is
basically<00:07:30.520><c> split</c><00:07:31.000><c> those</c><00:07:31.479><c> keys</c><00:07:31.840><c> up</c><00:07:32.080><c> and</c><00:07:32.199><c> put</c>

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basically split those keys up and put
 

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basically split those keys up and put
them<00:07:32.479><c> on</c><00:07:32.639><c> many</c><00:07:32.879><c> different</c><00:07:33.160><c> machines</c><00:07:33.960><c> the</c><00:07:34.120><c> cool</c>

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them on many different machines the cool
 

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them on many different machines the cool
thing<00:07:34.520><c> is</c><00:07:34.639><c> you</c><00:07:34.800><c> lose</c><00:07:35.240><c> economies</c><00:07:35.680><c> of</c><00:07:35.879><c> scale</c><00:07:36.720><c> so</c>

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thing is you lose economies of scale so
 

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thing is you lose economies of scale so
it<00:07:37.280><c> cost</c><00:07:37.639><c> money</c><00:07:38.160><c> you</c><00:07:38.360><c> have</c><00:07:38.520><c> to</c><00:07:38.919><c> maybe</c><00:07:39.199><c> manage</c>

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it cost money you have to maybe manage
 

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it cost money you have to maybe manage
more<00:07:40.080><c> machines</c><00:07:40.960><c> you</c><00:07:41.160><c> have</c><00:07:41.280><c> to</c><00:07:41.520><c> diversify</c><00:07:42.080><c> your</c>

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more machines you have to diversify your
 

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more machines you have to diversify your
setup<00:07:42.919><c> and</c><00:07:43.080><c> in</c><00:07:43.240><c> the</c><00:07:43.360><c> end</c><00:07:43.599><c> you</c><00:07:43.840><c> basically</c><00:07:44.280><c> do</c>

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setup and in the end you basically do
 

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setup and in the end you basically do
exactly<00:07:45.080><c> what</c><00:07:45.240><c> we</c><00:07:45.520><c> want</c><00:07:45.759><c> you</c><00:07:45.879><c> to</c><00:07:46.080><c> do</c><00:07:46.560><c> you</c>

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exactly what we want you to do you
 

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exactly what we want you to do you
diversify<00:07:47.440><c> your</c><00:07:47.599><c> whole</c><00:07:47.800><c> setup</c><00:07:48.280><c> and</c><00:07:48.440><c> you</c><00:07:49.120><c> um</c>

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diversify your whole setup and you um
 

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diversify your whole setup and you um
increase<00:07:50.080><c> your</c><00:07:50.199><c> fall</c>

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tolerance<00:07:54.800><c> okay</c><00:07:55.800><c> yeah</c><00:07:56.000><c> I</c><00:07:56.080><c> mean</c><00:07:56.440><c> if</c><00:07:56.639><c> I'm</c><00:07:57.000><c> um</c><00:07:57.879><c> if</c>

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tolerance okay yeah I mean if I'm um if
 

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tolerance okay yeah I mean if I'm um if
I'm<00:07:58.240><c> a</c><00:07:58.440><c> non</c><00:07:58.840><c> Staker</c><00:07:59.560><c> but</c><00:07:59.720><c> I</c><00:07:59.840><c> want</c><00:08:00.080><c> to</c><00:08:00.599><c> put</c><00:08:00.840><c> Ethan</c>

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I'm a non Staker but I want to put Ethan
 

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I'm a non Staker but I want to put Ethan
to<00:08:01.520><c> a</c><00:08:02.240><c> staking</c><00:08:02.720><c> pool</c><00:08:03.720><c> you're</c><00:08:03.919><c> saying</c><00:08:04.280><c> that</c><00:08:04.520><c> I</c>

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to a staking pool you're saying that I
 

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to a staking pool you're saying that I
will<00:08:04.840><c> be</c><00:08:05.360><c> slashed</c><00:08:06.479><c> disproportionate</c><00:08:07.479><c> to</c><00:08:07.639><c> my</c><00:08:08.360><c> e</c>

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will be slashed disproportionate to my e
 

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will be slashed disproportionate to my e
so<00:08:09.840><c> you're</c><00:08:10.000><c> not</c><00:08:10.720><c> in</c><00:08:10.879><c> that</c><00:08:11.120><c> case</c><00:08:11.280><c> you're</c><00:08:11.440><c> not</c>

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so you're not in that case you're not
 

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so you're not in that case you're not
penalizing<00:08:13.440><c> you're</c><00:08:13.639><c> penalizing</c><00:08:14.159><c> people</c>

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penalizing you're penalizing people
 

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penalizing you're penalizing people
below<00:08:14.680><c> solo</c><00:08:15.319><c> stakers</c><00:08:16.319><c> right</c><00:08:16.520><c> people</c><00:08:16.720><c> that</c>

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below solo stakers right people that
 

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below solo stakers right people that
don't<00:08:17.240><c> that</c><00:08:17.400><c> can't</c><00:08:17.560><c> run</c><00:08:17.800><c> the</c><00:08:17.919><c> infra</c><00:08:18.440><c> and</c><00:08:18.680><c> I</c>

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don't that can't run the infra and I
 

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don't that can't run the infra and I
that's<00:08:19.520><c> a</c><00:08:19.879><c> that</c><00:08:19.960><c> seems</c><00:08:20.199><c> like</c><00:08:20.360><c> a</c><00:08:20.520><c> very</c><00:08:21.000><c> large</c>

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that's a that seems like a very large
 

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that's a that seems like a very large
weakness<00:08:21.840><c> here</c><00:08:22.080><c> of</c><00:08:22.479><c> uh</c><00:08:23.080><c> possibly</c><00:08:23.680><c> this</c>

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weakness here of uh possibly this
 

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weakness here of uh possibly this
proposal<00:08:25.039><c> yeah</c><00:08:25.199><c> I</c><00:08:25.280><c> see</c><00:08:25.479><c> your</c><00:08:25.680><c> point</c><00:08:26.199><c> um</c><00:08:26.759><c> I</c>

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proposal yeah I see your point um I
 

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proposal yeah I see your point um I
would<00:08:27.080><c> say</c><00:08:27.639><c> it's</c><00:08:27.800><c> the</c><00:08:27.919><c> following</c><00:08:28.800><c> so</c><00:08:29.759><c> why</c>

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would say it's the following so why
 

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would say it's the following so why
would<00:08:30.759><c> someone</c><00:08:31.199><c> stake</c><00:08:31.759><c> with</c><00:08:32.080><c> a</c><00:08:32.240><c> pool</c><00:08:32.919><c> because</c>

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would someone stake with a pool because
 

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would someone stake with a pool because
it's<00:08:33.919><c> because</c><00:08:34.240><c> they</c><00:08:34.440><c> offer</c><00:08:34.839><c> a</c><00:08:35.320><c> high</c><00:08:35.959><c> enough</c><00:08:36.959><c> um</c>

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it's because they offer a high enough um
 

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it's because they offer a high enough um
high<00:08:37.880><c> enough</c><00:08:38.399><c> profits</c><00:08:38.719><c> for</c><00:08:38.959><c> you</c><00:08:39.240><c> right</c><00:08:40.000><c> as</c>

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high enough profits for you right as
 

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high enough profits for you right as
soon<00:08:40.360><c> as</c><00:08:40.519><c> we</c><00:08:40.640><c> force</c><00:08:41.080><c> big</c><00:08:41.320><c> pools</c><00:08:41.919><c> as</c><00:08:42.200><c> as</c><00:08:42.279><c> soon</c><00:08:42.440><c> as</c>

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soon as we force big pools as as soon as
 

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soon as we force big pools as as soon as
we<00:08:42.719><c> lower</c><00:08:43.080><c> the</c><00:08:43.279><c> profits</c><00:08:43.599><c> for</c><00:08:43.839><c> big</c><00:08:44.000><c> pools</c>

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we lower the profits for big pools
 

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we lower the profits for big pools
either<00:08:44.760><c> by</c><00:08:45.160><c> increasing</c><00:08:45.720><c> the</c><00:08:45.880><c> penalties</c><00:08:46.640><c> or</c><00:08:46.920><c> by</c>

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either by increasing the penalties or by
 

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either by increasing the penalties or by
forcing<00:08:47.440><c> them</c><00:08:47.600><c> to</c><00:08:47.839><c> diversify</c><00:08:48.440><c> the</c><00:08:48.640><c> setup</c>

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forcing them to diversify the setup
 

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forcing them to diversify the setup
their<00:08:50.320><c> um</c><00:08:50.800><c> rates</c><00:08:51.200><c> that</c><00:08:51.360><c> they</c><00:08:51.480><c> can</c><00:08:51.640><c> offer</c><00:08:52.120><c> they</c>

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their um rates that they can offer they
 

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their um rates that they can offer they
would<00:08:52.440><c> also</c><00:08:53.080><c> be</c><00:08:53.240><c> reduced</c><00:08:54.000><c> right</c><00:08:54.560><c> so</c><00:08:55.040><c> I</c><00:08:55.120><c> would</c><00:08:55.600><c> I</c>

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would also be reduced right so I would I
 

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would also be reduced right so I would I
would<00:08:56.080><c> argue</c><00:08:56.519><c> that</c><00:08:56.760><c> this</c><00:08:56.880><c> would</c><00:08:57.120><c> create</c><00:08:57.360><c> an</c>

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would argue that this would create an
 

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would argue that this would create an
incentive<00:08:58.200><c> for</c><00:08:58.640><c> someone</c><00:08:59.000><c> who</c><00:08:59.160><c> thinks</c><00:08:59.440><c> thinks</c>

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incentive for someone who thinks thinks
 

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incentive for someone who thinks thinks
about<00:09:00.320><c> maybe</c><00:09:00.560><c> staking</c><00:09:00.959><c> with</c><00:09:01.079><c> a</c><00:09:01.200><c> pool</c><00:09:02.000><c> to</c><00:09:02.800><c> yeah</c>

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about maybe staking with a pool to yeah
 

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about maybe staking with a pool to yeah
consider<00:09:03.519><c> it</c><00:09:03.800><c> again</c><00:09:04.279><c> and</c><00:09:04.440><c> maybe</c><00:09:04.720><c> don't</c><00:09:04.920><c> stake</c>

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consider it again and maybe don't stake
 

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consider it again and maybe don't stake
with<00:09:05.399><c> a</c><00:09:05.560><c> pool</c><00:09:06.279><c> just</c><00:09:06.519><c> because</c><00:09:06.800><c> the</c><00:09:06.959><c> incentives</c>

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with a pool just because the incentives
 

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with a pool just because the incentives
are<00:09:07.959><c> not</c><00:09:08.440><c> high</c>

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enough<00:09:13.519><c> right</c><00:09:13.720><c> if</c><00:09:13.880><c> they</c><00:09:14.040><c> can't</c><00:09:14.240><c> stick</c><00:09:14.920><c> then</c>

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enough right if they can't stick then
 

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enough right if they can't stick then
for<00:09:15.320><c> example</c><00:09:15.680><c> what</c><00:09:15.800><c> you</c><00:09:15.920><c> could</c><00:09:16.120><c> do</c><00:09:16.360><c> is</c><00:09:16.600><c> look</c>

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for example what you could do is look
 

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for example what you could do is look
into<00:09:17.680><c> uh</c><00:09:17.959><c> one</c><00:09:18.120><c> of</c><00:09:18.279><c> the</c><00:09:18.480><c> entities</c><00:09:18.920><c> like</c><00:09:19.079><c> rockol</c>

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into uh one of the entities like rockol
 

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into uh one of the entities like rockol
that<00:09:19.880><c> offers</c><00:09:20.200><c> you</c><00:09:20.360><c> to</c><00:09:20.640><c> also</c><00:09:20.920><c> stake</c><00:09:21.320><c> with</c><00:09:21.519><c> less</c>

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that offers you to also stake with less
 

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that offers you to also stake with less
than<00:09:21.880><c> one</c><00:09:22.079><c> Eve</c><00:09:22.800><c> while</c><00:09:23.040><c> still</c><00:09:23.440><c> having</c><00:09:23.800><c> a</c><00:09:24.000><c> very</c>

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than one Eve while still having a very
 

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than one Eve while still having a very
anti-correlated<00:09:25.720><c> setup</c><00:09:26.720><c> okay</c><00:09:27.079><c> guys</c><00:09:27.440><c> time's</c>

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anti-correlated setup okay guys time's
 

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anti-correlated setup okay guys time's
up<00:09:28.279><c> if</c><00:09:28.440><c> you</c><00:09:28.560><c> want</c><00:09:28.680><c> to</c><00:09:28.959><c> continue</c><00:09:29.760><c> the</c><00:09:30.040><c> the</c><00:09:30.200><c> chat</c>

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up if you want to continue the the chat
 

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up if you want to continue the the chat
you<00:09:30.680><c> can</c><00:09:30.880><c> you</c><00:09:31.000><c> can</c><00:09:31.120><c> do</c><00:09:31.279><c> it</c><00:09:31.399><c> afterwards</c><00:09:32.160><c> thank</c>

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you can you can do it afterwards thank
 

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you can you can do it afterwards thank
you<00:09:32.440><c> very</c><00:09:32.600><c> much</c><00:09:32.800><c> Tony</c><00:09:33.320><c> thank</c><00:09:33.480><c> you</c>