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all<00:00:09.679><c> right</c><00:00:09.880><c> thank</c><00:00:10.080><c> you</c><00:00:10.320><c> thanks</c><00:00:10.519><c> for</c><00:00:10.719><c> having</c><00:00:10.960><c> me</c>

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all right thank you thanks for having me
 

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all right thank you thanks for having me
so<00:00:11.920><c> I'm</c><00:00:12.040><c> going</c><00:00:12.160><c> to</c><00:00:12.960><c> give</c><00:00:13.120><c> you</c><00:00:13.599><c> uh</c><00:00:13.799><c> five</c><00:00:14.000><c> minutes</c>

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so I'm going to give you uh five minutes
 

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so I'm going to give you uh five minutes
five<00:00:14.599><c> minutes</c><00:00:14.839><c> to</c><00:00:15.000><c> explain</c><00:00:15.280><c> the</c><00:00:15.400><c> whole</c>

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five minutes to explain the whole
 

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five minutes to explain the whole
history<00:00:15.879><c> of</c><00:00:16.119><c> blockchain</c><00:00:17.160><c> architecture</c><00:00:18.160><c> uh</c>

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history of blockchain architecture uh
 

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history of blockchain architecture uh
it's<00:00:18.400><c> going</c><00:00:18.480><c> to</c><00:00:18.560><c> be</c><00:00:18.640><c> a</c><00:00:18.720><c> lightning</c><00:00:19.039><c> thing</c><00:00:19.320><c> it's</c>

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it's going to be a lightning thing it's
 

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it's going to be a lightning thing it's
not<00:00:19.560><c> going</c><00:00:19.680><c> to</c><00:00:19.760><c> be</c><00:00:20.160><c> difficult</c><00:00:20.400><c> it's</c><00:00:20.519><c> going</c><00:00:20.640><c> to</c>

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not going to be difficult it's going to
 

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not going to be difficult it's going to
be<00:00:21.039><c> diagrams</c><00:00:22.039><c> uh</c><00:00:22.240><c> and</c><00:00:22.400><c> let's</c><00:00:22.600><c> walk</c><00:00:22.840><c> it</c>

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be diagrams uh and let's walk it
 

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be diagrams uh and let's walk it
through<00:00:25.279><c> okay</c><00:00:25.439><c> a</c><00:00:25.519><c> little</c><00:00:25.680><c> bit</c><00:00:25.880><c> history</c><00:00:26.160><c> lesson</c>

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through okay a little bit history lesson
 

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through okay a little bit history lesson
so<00:00:26.800><c> Bitcoin</c><00:00:27.199><c> was</c><00:00:27.320><c> the</c><00:00:27.400><c> first</c><00:00:27.640><c> ever</c>

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so Bitcoin was the first ever
 

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so Bitcoin was the first ever
implementation<00:00:28.599><c> of</c><00:00:29.240><c> of</c><00:00:29.480><c> the</c><00:00:29.599><c> blockchain</c>

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implementation of of the blockchain
 

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implementation of of the blockchain
now<00:00:31.000><c> he</c><00:00:31.119><c> didn't</c><00:00:31.359><c> really</c><00:00:31.640><c> say</c><00:00:31.840><c> it</c><00:00:32.079><c> but</c><00:00:32.279><c> there</c>

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now he didn't really say it but there
 

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now he didn't really say it but there
are<00:00:32.680><c> three</c><00:00:33.120><c> key</c><00:00:33.360><c> things</c><00:00:33.640><c> that</c><00:00:33.840><c> everyone</c><00:00:34.600><c> who</c>

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are three key things that everyone who
 

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are three key things that everyone who
jumps<00:00:35.239><c> into</c><00:00:35.480><c> blockchain</c><00:00:35.920><c> needs</c><00:00:36.120><c> to</c><00:00:36.360><c> think</c>

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jumps into blockchain needs to think
 

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jumps into blockchain needs to think
about<00:00:37.000><c> in</c><00:00:37.079><c> terms</c><00:00:37.360><c> of</c><00:00:37.960><c> how</c><00:00:38.320><c> architecture</c><00:00:38.920><c> is</c>

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about in terms of how architecture is
 

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about in terms of how architecture is
designed<00:00:39.800><c> so</c><00:00:40.000><c> firstly</c><00:00:40.399><c> you</c><00:00:40.559><c> have</c><00:00:40.760><c> state</c><00:00:41.160><c> so</c>

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designed so firstly you have state so
 

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designed so firstly you have state so
state<00:00:41.680><c> is</c><00:00:41.840><c> like</c><00:00:42.120><c> how</c><00:00:42.239><c> much</c><00:00:42.399><c> money</c><00:00:42.640><c> do</c><00:00:42.800><c> you</c><00:00:43.000><c> have</c>

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state is like how much money do you have
 

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state is like how much money do you have
what<00:00:43.920><c> has</c><00:00:44.120><c> happened</c><00:00:45.000><c> is</c><00:00:45.079><c> it</c><00:00:45.280><c> a</c><00:00:45.440><c> yes</c><00:00:45.680><c> or</c><00:00:45.800><c> is</c><00:00:45.960><c> it</c><00:00:46.079><c> a</c>

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what has happened is it a yes or is it a
 

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what has happened is it a yes or is it a
no<00:00:46.640><c> for</c><00:00:46.800><c> a</c><00:00:46.960><c> contract</c><00:00:47.600><c> or</c><00:00:47.760><c> stuff</c><00:00:48.000><c> like</c><00:00:48.120><c> this</c><00:00:48.640><c> you</c>

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no for a contract or stuff like this you
 

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no for a contract or stuff like this you
have<00:00:49.719><c> uh</c><00:00:49.840><c> block</c><00:00:50.199><c> space</c><00:00:50.520><c> and</c><00:00:50.760><c> processing</c><00:00:51.399><c> so</c>

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have uh block space and processing so
 

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have uh block space and processing so
what<00:00:51.719><c> that</c><00:00:51.840><c> means</c><00:00:52.160><c> is</c><00:00:53.079><c> uh</c><00:00:53.359><c> you</c><00:00:53.520><c> have</c><00:00:53.719><c> state</c><00:00:54.160><c> but</c>

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what that means is uh you have state but
 

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what that means is uh you have state but
this<00:00:54.440><c> state</c><00:00:54.640><c> needs</c><00:00:54.840><c> to</c><00:00:55.000><c> change</c><00:00:55.440><c> and</c><00:00:55.520><c> you</c>

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this state needs to change and you
 

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this state needs to change and you
collect<00:00:56.160><c> transactions</c><00:00:57.160><c> uh</c><00:00:57.280><c> and</c><00:00:57.440><c> these</c>

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collect transactions uh and these
 

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collect transactions uh and these
transactions<00:00:58.199><c> then</c><00:00:58.359><c> need</c><00:00:58.519><c> to</c><00:00:58.680><c> walk</c><00:00:58.960><c> through</c>

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transactions then need to walk through
 

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transactions then need to walk through
its<00:00:59.719><c> part</c><00:01:00.039><c> half</c><00:01:00.559><c> uh</c><00:01:00.640><c> towards</c><00:01:00.960><c> a</c><00:01:01.120><c> new</c><00:01:01.359><c> State</c><00:01:02.079><c> uh</c>

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its part half uh towards a new State uh
 

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its part half uh towards a new State uh
so<00:01:02.359><c> you</c><00:01:02.480><c> do</c><00:01:02.719><c> need</c><00:01:03.079><c> some</c><00:01:03.280><c> kind</c><00:01:03.440><c> of</c><00:01:03.640><c> a</c><00:01:03.960><c> place</c><00:01:04.239><c> to</c>

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so you do need some kind of a place to
 

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so you do need some kind of a place to
put<00:01:04.760><c> these</c><00:01:04.960><c> transactions</c><00:01:05.920><c> and</c><00:01:06.040><c> you</c><00:01:06.119><c> need</c><00:01:06.320><c> a</c>

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put these transactions and you need a
 

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put these transactions and you need a
place<00:01:06.960><c> to</c><00:01:07.200><c> put</c><00:01:07.439><c> these</c><00:01:07.600><c> transactions</c><00:01:08.400><c> on</c><00:01:08.520><c> the</c>

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place to put these transactions on the
 

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place to put these transactions on the
Chain<00:01:09.000><c> so</c><00:01:09.159><c> that</c><00:01:09.400><c> everyone</c><00:01:09.759><c> can</c><00:01:09.920><c> see</c><00:01:10.759><c> uh</c><00:01:10.920><c> in</c>

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Chain so that everyone can see uh in
 

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Chain so that everyone can see uh in
Bitcoin<00:01:11.600><c> it</c><00:01:11.680><c> was</c><00:01:11.880><c> always</c><00:01:12.280><c> that</c><00:01:12.520><c> same</c><00:01:12.799><c> one</c>

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Bitcoin it was always that same one
 

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Bitcoin it was always that same one
known<00:01:13.520><c> at</c><00:01:13.640><c> a</c><00:01:13.759><c> P2P</c><00:01:14.240><c> level</c><00:01:15.040><c> uh</c><00:01:15.200><c> that</c><00:01:15.360><c> same</c>

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known at a P2P level uh that same
 

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known at a P2P level uh that same
architecture<00:01:16.119><c> that's</c><00:01:16.240><c> shared</c><00:01:16.600><c> across</c><00:01:16.960><c> many</c>

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architecture that's shared across many
 

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architecture that's shared across many
many<00:01:17.439><c> many</c><00:01:17.640><c> nodes</c><00:01:18.640><c> uh</c><00:01:18.759><c> and</c><00:01:18.960><c> essentially</c><00:01:19.840><c> the</c>

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many many nodes uh and essentially the
 

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many many nodes uh and essentially the
third<00:01:20.520><c> part</c><00:01:20.799><c> is</c><00:01:21.240><c> okay</c><00:01:22.040><c> uh</c><00:01:22.200><c> we</c><00:01:22.400><c> have</c><00:01:22.799><c> a</c><00:01:23.000><c> state</c>

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third part is okay uh we have a state
 

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third part is okay uh we have a state
this<00:01:23.799><c> state</c><00:01:24.040><c> is</c><00:01:24.159><c> moving</c><00:01:24.479><c> over</c><00:01:24.720><c> time</c><00:01:24.960><c> we</c><00:01:25.079><c> call</c>

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this state is moving over time we call
 

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this state is moving over time we call
that<00:01:25.439><c> blockchain</c><00:01:26.159><c> and</c><00:01:26.280><c> then</c><00:01:26.439><c> the</c><00:01:26.600><c> third</c><00:01:26.840><c> thing</c>

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that blockchain and then the third thing
 

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that blockchain and then the third thing
is<00:01:27.799><c> uh</c><00:01:28.280><c> which</c><00:01:29.240><c> uh</c><00:01:29.360><c> chain</c><00:01:30.079><c> which</c><00:01:30.320><c> chain</c><00:01:31.040><c> uh</c>

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is uh which uh chain which chain uh
 

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is uh which uh chain which chain uh
which<00:01:31.439><c> what</c><00:01:31.520><c> we</c><00:01:31.680><c> call</c><00:01:31.880><c> f</c><00:01:32.360><c> f</c><00:01:32.680><c> rule</c><00:01:33.119><c> which</c><00:01:33.320><c> chain</c>

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which what we call f f rule which chain
 

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which what we call f f rule which chain
is<00:01:33.960><c> the</c><00:01:34.240><c> the</c><00:01:34.399><c> the</c><00:01:34.560><c> truth</c><00:01:35.240><c> of</c><00:01:35.399><c> the</c><00:01:35.600><c> data</c><00:01:36.439><c> uh</c><00:01:36.560><c> and</c>

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is the the the truth of the data uh and
 

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is the the the truth of the data uh and
we<00:01:36.840><c> call</c><00:01:37.040><c> it</c><00:01:37.560><c> uh</c><00:01:37.920><c> consensus</c><00:01:38.920><c> you</c><00:01:39.040><c> can</c><00:01:39.200><c> think</c><00:01:39.360><c> of</c>

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we call it uh consensus you can think of
 

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we call it uh consensus you can think of
it<00:01:39.680><c> this</c><00:01:39.799><c> way</c><00:01:40.079><c> there</c><00:01:40.159><c> are</c><00:01:40.759><c> true</c><00:01:41.200><c> finite</c><00:01:42.040><c> uh</c>

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it this way there are true finite uh
 

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it this way there are true finite uh
Concepts<00:01:42.759><c> in</c><00:01:42.960><c> life</c><00:01:43.520><c> there's</c><00:01:44.280><c> Capital</c><00:01:44.840><c> that's</c>

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Concepts in life there's Capital that's
 

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Concepts in life there's Capital that's
finite<00:01:45.520><c> there's</c><00:01:45.719><c> machines</c><00:01:46.280><c> that's</c><00:01:46.479><c> finite</c><00:01:47.040><c> so</c>

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finite there's machines that's finite so
 

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finite there's machines that's finite so
one<00:01:47.439><c> way</c><00:01:47.600><c> or</c><00:01:47.719><c> another</c><00:01:48.200><c> with</c><00:01:48.759><c> finite</c><00:01:49.280><c> machines</c>

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one way or another with finite machines
 

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one way or another with finite machines
or<00:01:49.960><c> Capital</c><00:01:50.320><c> that's</c><00:01:50.560><c> going</c><00:01:50.759><c> to</c><00:01:51.000><c> vote</c><00:01:51.479><c> on</c><00:01:52.079><c> which</c>

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or Capital that's going to vote on which
 

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or Capital that's going to vote on which
is<00:01:52.399><c> the</c><00:01:52.799><c> true</c><00:01:53.159><c> state</c><00:01:53.479><c> of</c><00:01:53.640><c> things</c><00:01:54.479><c> uh</c><00:01:54.759><c> that's</c>

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is the true state of things uh that's
 

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is the true state of things uh that's
that's<00:01:55.320><c> the</c><00:01:55.479><c> way</c><00:01:55.600><c> forward</c><00:01:55.960><c> and</c><00:01:56.079><c> you</c><00:01:56.159><c> can</c><00:01:56.280><c> see</c>

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that's the way forward and you can see
 

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that's the way forward and you can see
that<00:01:56.840><c> large</c><00:01:57.200><c> area</c><00:01:57.560><c> is</c><00:01:57.719><c> kind</c><00:01:57.840><c> of</c><00:01:57.960><c> like</c><00:01:58.159><c> how</c><00:01:58.399><c> much</c>

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that large area is kind of like how much
 

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that large area is kind of like how much
that<00:01:58.960><c> capital</c><00:02:00.240><c> e</c><00:02:00.399><c> economic</c><00:02:00.759><c> sity</c><00:02:01.399><c> is</c><00:02:01.880><c> so</c><00:02:02.079><c> over</c>

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that capital e economic sity is so over
 

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that capital e economic sity is so over
time<00:02:02.600><c> like</c><00:02:02.759><c> people</c><00:02:03.000><c> were</c><00:02:03.240><c> like</c><00:02:03.520><c> okay</c><00:02:03.719><c> let's</c>

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time like people were like okay let's
 

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time like people were like okay let's
let's<00:02:04.159><c> find</c><00:02:04.560><c> more</c><00:02:04.719><c> use</c><00:02:05.039><c> cases</c><00:02:05.680><c> so</c><00:02:06.360><c> and</c><00:02:06.479><c> when</c>

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let's find more use cases so and when
 

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let's find more use cases so and when
they<00:02:06.799><c> did</c><00:02:07.039><c> that</c><00:02:07.240><c> you</c><00:02:07.360><c> know</c><00:02:07.680><c> they</c><00:02:07.880><c> they</c><00:02:08.080><c> just</c>

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they did that you know they they just
 

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they did that you know they they just
like<00:02:08.840><c> initially</c><00:02:09.239><c> it</c><00:02:09.360><c> wasn't</c><00:02:09.599><c> too</c><00:02:09.840><c> interesting</c>

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like initially it wasn't too interesting
 

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like initially it wasn't too interesting
so<00:02:10.560><c> things</c><00:02:10.759><c> were</c><00:02:11.080><c> like</c><00:02:11.239><c> you</c><00:02:11.360><c> know</c><00:02:11.520><c> just</c><00:02:11.680><c> for</c>

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so things were like you know just for
 

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so things were like you know just for
for<00:02:12.480><c> Bitcoin</c><00:02:13.280><c> uh</c><00:02:13.400><c> Implement</c><00:02:14.280><c> similar</c><00:02:14.760><c> ideas</c>

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for Bitcoin uh Implement similar ideas
 

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for Bitcoin uh Implement similar ideas
around<00:02:15.599><c> State</c><00:02:15.959><c> transitions</c><00:02:16.879><c> block</c><00:02:17.200><c> based</c>

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around State transitions block based
 

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around State transitions block based
processes<00:02:18.560><c> and</c><00:02:18.920><c> cryptoeconomic</c><00:02:20.280><c> security</c>

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processes and cryptoeconomic security
 

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processes and cryptoeconomic security
now<00:02:21.440><c> that's</c><00:02:21.599><c> where</c><00:02:21.760><c> ethereum</c><00:02:22.200><c> comes</c><00:02:22.400><c> in</c><00:02:22.680><c> right</c>

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now that's where ethereum comes in right
 

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now that's where ethereum comes in right
so<00:02:23.400><c> that's</c><00:02:23.599><c> where</c><00:02:23.840><c> crypto</c><00:02:24.160><c> economic</c><00:02:24.560><c> security</c>

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so that's where crypto economic security
 

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so that's where crypto economic security
has<00:02:25.280><c> a</c><00:02:25.480><c> very</c><00:02:25.720><c> new</c><00:02:26.280><c> lens</c><00:02:26.920><c> right</c><00:02:27.040><c> so</c>

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has a very new lens right so
 

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has a very new lens right so
cryptoeconomic<00:02:27.959><c> security</c><00:02:28.319><c> is</c><00:02:28.440><c> not</c><00:02:28.720><c> just</c>

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cryptoeconomic security is not just
 

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cryptoeconomic security is not just
about<00:02:30.080><c> uh</c><00:02:30.239><c> the</c><00:02:30.440><c> stake</c><00:02:31.040><c> that's</c><00:02:31.319><c> been</c><00:02:31.800><c> done</c><00:02:32.000><c> by</c>

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about uh the stake that's been done by
 

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about uh the stake that's been done by
validators<00:02:33.319><c> um</c><00:02:33.680><c> Now</c><00:02:34.120><c> with</c><00:02:34.480><c> uh</c><00:02:34.680><c> applications</c>

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validators um Now with uh applications
 

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validators um Now with uh applications
that<00:02:35.440><c> live</c><00:02:35.920><c> on</c><00:02:36.200><c> the</c><00:02:36.360><c> chain</c><00:02:36.959><c> that</c><00:02:37.160><c> state</c>

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that live on the chain that state
 

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that live on the chain that state
actually<00:02:38.040><c> on</c><00:02:38.160><c> the</c><00:02:38.319><c> application</c><00:02:38.760><c> Level</c><00:02:39.159><c> with</c>

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actually on the application Level with
 

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actually on the application Level with
ERC<00:02:39.760><c> 20s</c><00:02:40.280><c> and</c><00:02:40.800><c> all</c><00:02:40.959><c> sorts</c><00:02:41.200><c> of</c><00:02:41.360><c> different</c>

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ERC 20s and all sorts of different
 

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ERC 20s and all sorts of different
assets<00:02:42.319><c> uh</c><00:02:42.440><c> funable</c><00:02:42.959><c> assets</c><00:02:43.280><c> non-fungible</c>

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assets uh funable assets non-fungible
 

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assets uh funable assets non-fungible
assets<00:02:44.519><c> they</c><00:02:44.680><c> become</c><00:02:45.000><c> like</c><00:02:45.200><c> new</c><00:02:45.480><c> areas</c><00:02:45.920><c> of</c>

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assets they become like new areas of
 

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assets they become like new areas of
cryptoeconomic<00:02:47.400><c> uh</c><00:02:47.599><c> Capital</c><00:02:48.040><c> that</c><00:02:48.200><c> has</c><00:02:48.360><c> to</c><00:02:48.480><c> be</c>

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cryptoeconomic uh Capital that has to be
 

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cryptoeconomic uh Capital that has to be
secured<00:02:49.440><c> by</c><00:02:49.840><c> the</c><00:02:50.000><c> fundamental</c><00:02:50.519><c> layer</c><00:02:51.519><c> uh</c>

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secured by the fundamental layer uh
 

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secured by the fundamental layer uh
that's<00:02:51.920><c> where</c><00:02:52.360><c> we</c><00:02:52.560><c> talk</c><00:02:52.840><c> about</c><00:02:53.200><c> rollups</c><00:02:54.200><c> right</c>

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that's where we talk about rollups right
 

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that's where we talk about rollups right
so<00:02:54.560><c> rollups</c><00:02:55.120><c> is</c><00:02:55.319><c> where</c><00:02:55.959><c> that</c><00:02:56.680><c> uh</c><00:02:56.920><c> fundamental</c>

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so rollups is where that uh fundamental
 

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so rollups is where that uh fundamental
Capital<00:02:58.000><c> that</c><00:02:58.200><c> sits</c><00:02:58.560><c> on</c><00:02:59.319><c> on</c><00:02:59.640><c> their</c><00:03:00.159><c> on</c><00:03:00.319><c> the</c><00:03:00.440><c> L1</c>

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Capital that sits on on their on the L1
 

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Capital that sits on on their on the L1
then<00:03:01.599><c> gets</c><00:03:01.959><c> into</c><00:03:02.360><c> a</c><00:03:02.599><c> position</c><00:03:03.040><c> where</c><00:03:03.319><c> okay</c>

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then gets into a position where okay
 

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then gets into a position where okay
it's<00:03:03.959><c> kind</c><00:03:04.080><c> of</c><00:03:04.280><c> like</c><00:03:04.680><c> being</c><00:03:04.959><c> used</c><00:03:05.280><c> to</c><00:03:05.599><c> choose</c>

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it's kind of like being used to choose
 

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it's kind of like being used to choose
uh<00:03:07.000><c> Fork</c><00:03:07.360><c> fullness</c><00:03:07.879><c> of</c><00:03:08.080><c> the</c><00:03:08.319><c> layer</c><00:03:08.640><c> two</c><00:03:08.840><c> rollup</c>

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uh Fork fullness of the layer two rollup
 

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uh Fork fullness of the layer two rollup
so<00:03:09.519><c> you</c><00:03:09.680><c> would</c><00:03:09.879><c> think</c><00:03:10.080><c> that</c><00:03:10.200><c> the</c><00:03:10.319><c> layer</c><00:03:10.560><c> two</c>

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so you would think that the layer two
 

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so you would think that the layer two
itself<00:03:11.400><c> there's</c><00:03:11.720><c> also</c><00:03:12.000><c> a</c><00:03:12.680><c> block</c><00:03:13.000><c> space</c><00:03:13.280><c> and</c>

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itself there's also a block space and
 

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itself there's also a block space and
co-processor<00:03:14.159><c> there's</c><00:03:14.440><c> also</c><00:03:14.680><c> a</c><00:03:14.879><c> state</c><00:03:15.599><c> and</c>

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co-processor there's also a state and
 

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co-processor there's also a state and
that<00:03:16.080><c> state</c><00:03:16.599><c> requires</c><00:03:17.120><c> some</c><00:03:17.360><c> transaction</c>

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that state requires some transaction
 

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that state requires some transaction
function<00:03:18.680><c> across</c><00:03:19.200><c> a</c><00:03:19.440><c> set</c><00:03:19.599><c> of</c><00:03:19.760><c> blocks</c><00:03:20.720><c> uh</c><00:03:21.120><c> yeah</c>

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function across a set of blocks uh yeah
 

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function across a set of blocks uh yeah
and<00:03:21.480><c> initially</c><00:03:21.920><c> this</c><00:03:22.040><c> was</c><00:03:22.239><c> really</c><00:03:22.480><c> expensive</c>

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and initially this was really expensive
 

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and initially this was really expensive
because<00:03:23.560><c> we</c><00:03:23.840><c> put</c><00:03:24.120><c> all</c><00:03:24.480><c> data</c><00:03:25.040><c> or</c><00:03:25.319><c> into</c><00:03:25.640><c> what</c><00:03:25.760><c> we</c>

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because we put all data or into what we
 

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because we put all data or into what we
call<00:03:26.040><c> call</c><00:03:26.319><c> data</c><00:03:26.920><c> and</c><00:03:27.120><c> that's</c><00:03:27.360><c> on</c><00:03:27.959><c> uh</c><00:03:28.080><c> a</c><00:03:28.319><c> place</c>

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call call data and that's on uh a place
 

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call call data and that's on uh a place
right<00:03:29.239><c> directly</c><00:03:29.879><c> onto</c><00:03:30.400><c> ethereum</c>

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right directly onto ethereum
 

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right directly onto ethereum
subsequently<00:03:32.000><c> we</c><00:03:32.239><c> develop</c><00:03:33.239><c> um</c><00:03:33.760><c> this</c><00:03:33.920><c> thing</c>

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subsequently we develop um this thing
 

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subsequently we develop um this thing
called<00:03:34.280><c> blobs</c><00:03:34.640><c> which</c><00:03:34.799><c> kind</c><00:03:34.920><c> of</c><00:03:35.040><c> like</c><00:03:35.159><c> a</c><00:03:35.360><c> data</c>

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called blobs which kind of like a data
 

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called blobs which kind of like a data
layer<00:03:36.599><c> that's</c><00:03:37.000><c> uh</c><00:03:37.159><c> a</c><00:03:37.280><c> first</c><00:03:37.519><c> class</c><00:03:37.840><c> citizen</c><00:03:38.840><c> uh</c>

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layer that's uh a first class citizen uh
 

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layer that's uh a first class citizen uh
where<00:03:39.319><c> it's</c><00:03:39.439><c> s</c><00:03:39.760><c> like</c><00:03:39.879><c> a</c><00:03:40.040><c> separate</c><00:03:40.360><c> fee</c><00:03:40.640><c> Market</c>

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where it's s like a separate fee Market
 

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where it's s like a separate fee Market
from<00:03:41.400><c> General</c><00:03:41.760><c> transactions</c><00:03:42.720><c> and</c><00:03:42.840><c> it</c><00:03:42.959><c> only</c>

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from General transactions and it only
 

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from General transactions and it only
lasts<00:03:43.560><c> for</c><00:03:43.799><c> like</c><00:03:44.080><c> a</c><00:03:44.200><c> short</c><00:03:44.439><c> period</c><00:03:44.680><c> of</c><00:03:44.799><c> time</c>

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lasts for like a short period of time
 

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lasts for like a short period of time
bunch<00:03:45.439><c> of</c><00:03:45.599><c> weeks</c><00:03:46.159><c> before</c><00:03:46.439><c> it's</c><00:03:46.760><c> destroyed</c><00:03:47.519><c> so</c>

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bunch of weeks before it's destroyed so
 

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bunch of weeks before it's destroyed so
that<00:03:47.879><c> way</c><00:03:48.040><c> you</c><00:03:48.200><c> can</c><00:03:48.439><c> prove</c><00:03:48.799><c> things</c><00:03:49.159><c> with</c><00:03:49.360><c> these</c>

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that way you can prove things with these
 

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that way you can prove things with these
blobs<00:03:50.840><c> uh</c><00:03:51.000><c> to</c><00:03:51.200><c> move</c><00:03:51.480><c> the</c><00:03:51.599><c> chain</c><00:03:51.879><c> forward</c><00:03:52.360><c> but</c>

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blobs uh to move the chain forward but
 

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blobs uh to move the chain forward but
you<00:03:52.560><c> don't</c><00:03:52.720><c> need</c><00:03:52.840><c> to</c><00:03:53.000><c> keep</c><00:03:53.239><c> all</c><00:03:53.400><c> the</c><00:03:53.560><c> data</c><00:03:54.120><c> on</c>

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you don't need to keep all the data on
 

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you don't need to keep all the data on
chain<00:03:55.280><c> uh</c><00:03:55.560><c> that's</c><00:03:55.799><c> when</c><00:03:56.040><c> we</c><00:03:56.239><c> actually</c><00:03:56.560><c> have</c>

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chain uh that's when we actually have
 

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chain uh that's when we actually have
new<00:03:57.040><c> kinds</c><00:03:57.239><c> of</c><00:03:57.640><c> data</c><00:03:57.920><c> availability</c><00:03:58.560><c> as</c><00:03:58.720><c> well</c>

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new kinds of data availability as well
 

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new kinds of data availability as well
there<00:03:59.000><c> are</c><00:03:59.120><c> new</c><00:03:59.319><c> L1</c><00:03:59.959><c> created</c><00:04:00.239><c> like</c><00:04:00.400><c> Celestia</c>

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there are new L1 created like Celestia
 

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there are new L1 created like Celestia
which<00:04:01.439><c> have</c><00:04:01.599><c> their</c><00:04:01.799><c> own</c><00:04:02.000><c> State</c><00:04:02.280><c> transitions</c>

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which have their own State transitions
 

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which have their own State transitions
but<00:04:03.360><c> their</c><00:04:03.599><c> goal</c><00:04:03.959><c> is</c><00:04:04.079><c> to</c><00:04:04.319><c> keep</c><00:04:04.599><c> data</c><00:04:05.159><c> temporary</c>

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but their goal is to keep data temporary
 

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but their goal is to keep data temporary
um<00:04:06.439><c> that</c><00:04:06.599><c> is</c><00:04:06.760><c> s</c><00:04:07.120><c> like</c><00:04:07.439><c> uh</c><00:04:07.519><c> you</c><00:04:07.599><c> know</c><00:04:07.879><c> and</c><00:04:08.079><c> yet</c>

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um that is s like uh you know and yet
 

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um that is s like uh you know and yet
again<00:04:08.560><c> looks</c><00:04:08.799><c> like</c><00:04:08.920><c> a</c><00:04:09.120><c> fork</c><00:04:10.120><c> uh</c><00:04:10.280><c> and</c><00:04:10.400><c> then</c>

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again looks like a fork uh and then
 

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again looks like a fork uh and then
subsequently<00:04:11.360><c> we</c><00:04:11.519><c> have</c><00:04:11.720><c> like</c><00:04:11.920><c> Igan</c><00:04:12.280><c> layer</c><00:04:13.040><c> and</c>

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subsequently we have like Igan layer and
 

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subsequently we have like Igan layer and
uh<00:04:13.560><c> symbiotic</c><00:04:14.079><c> and</c><00:04:14.239><c> karak</c><00:04:14.840><c> which</c><00:04:15.040><c> then</c><00:04:15.239><c> talk</c>

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uh symbiotic and karak which then talk
 

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uh symbiotic and karak which then talk
about<00:04:15.799><c> reate</c><00:04:16.400><c> Capital</c><00:04:17.120><c> where</c><00:04:17.320><c> then</c><00:04:17.479><c> they</c><00:04:17.639><c> use</c>

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about reate Capital where then they use
 

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about reate Capital where then they use
reate<00:04:18.440><c> Capital</c><00:04:18.880><c> as</c><00:04:18.959><c> a</c><00:04:19.199><c> way</c><00:04:19.479><c> to</c><00:04:19.720><c> then</c><00:04:20.040><c> create</c>

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reate Capital as a way to then create
 

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reate Capital as a way to then create
new<00:04:21.280><c> protocols</c><00:04:22.280><c> uh</c><00:04:22.560><c> and</c><00:04:23.320><c> that</c><00:04:23.479><c> creates</c><00:04:23.840><c> things</c>

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new protocols uh and that creates things
 

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new protocols uh and that creates things
like<00:04:24.199><c> a</c><00:04:24.360><c> data</c><00:04:24.600><c> of</c><00:04:24.759><c> variability</c><00:04:25.600><c> on</c><00:04:25.800><c> like</c><00:04:26.360><c> I</c><00:04:27.360><c> now</c>

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like a data of variability on like I now
 

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like a data of variability on like I now
all<00:04:28.000><c> this</c><00:04:28.199><c> being</c><00:04:28.400><c> said</c><00:04:28.680><c> me</c><00:04:29.039><c> fees</c><00:04:29.440><c> really</c><00:04:29.840><c> cheap</c>

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all this being said me fees really cheap
 

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all this being said me fees really cheap
so<00:04:30.280><c> the</c><00:04:30.479><c> issue</c><00:04:31.199><c> is</c><00:04:31.400><c> that</c><00:04:31.960><c> all</c><00:04:32.160><c> the</c><00:04:32.280><c> l2s</c><00:04:32.800><c> have</c>

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so the issue is that all the l2s have
 

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so the issue is that all the l2s have
really<00:04:33.280><c> cheap</c><00:04:33.800><c> but</c><00:04:34.080><c> what</c><00:04:34.240><c> about</c><00:04:34.440><c> the</c><00:04:34.520><c> fees</c><00:04:34.759><c> on</c>

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really cheap but what about the fees on
 

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really cheap but what about the fees on
the<00:04:35.000><c> L1</c><00:04:35.479><c> so</c><00:04:35.800><c> new</c><00:04:36.080><c> types</c><00:04:36.280><c> of</c><00:04:36.479><c> designs</c><00:04:36.919><c> like</c><00:04:37.080><c> Bas</c>

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the L1 so new types of designs like Bas
 

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the L1 so new types of designs like Bas
roll<00:04:37.520><c> up</c><00:04:37.680><c> architecture</c><00:04:38.479><c> help</c><00:04:38.800><c> sequencing</c><00:04:39.280><c> on</c>

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roll up architecture help sequencing on
 

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roll up architecture help sequencing on
the<00:04:39.560><c> L1</c><00:04:40.160><c> so</c><00:04:40.360><c> to</c><00:04:40.560><c> collect</c><00:04:40.840><c> more</c><00:04:41.080><c> fees</c><00:04:41.320><c> and</c><00:04:41.479><c> me</c><00:04:42.400><c> uh</c>

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the L1 so to collect more fees and me uh
 

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the L1 so to collect more fees and me uh
and<00:04:42.720><c> these</c><00:04:42.919><c> things</c><00:04:43.199><c> are</c><00:04:43.479><c> like</c><00:04:43.639><c> still</c><00:04:43.919><c> in</c><00:04:44.160><c> in</c>

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and these things are like still in in
 

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and these things are like still in in
progress<00:04:45.000><c> the</c><00:04:45.120><c> question</c><00:04:45.400><c> is</c><00:04:45.680><c> profitability</c>

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progress the question is profitability
 

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progress the question is profitability
of<00:04:46.600><c> Base</c><00:04:46.880><c> rollups</c><00:04:47.720><c> uh</c><00:04:47.840><c> whether</c><00:04:48.120><c> this</c><00:04:48.240><c> will</c><00:04:48.360><c> be</c>

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of Base rollups uh whether this will be
 

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of Base rollups uh whether this will be
something<00:04:48.759><c> sustainable</c><00:04:49.280><c> over</c><00:04:49.520><c> time</c><00:04:50.440><c> yeah</c><00:04:50.919><c> uh</c>

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something sustainable over time yeah uh
 

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something sustainable over time yeah uh
but<00:04:51.360><c> with</c><00:04:51.600><c> that</c><00:04:51.840><c> it</c><00:04:51.960><c> creates</c><00:04:52.360><c> new</c><00:04:52.560><c> ways</c><00:04:52.759><c> to</c><00:04:52.880><c> use</c>

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but with that it creates new ways to use
 

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but with that it creates new ways to use
the<00:04:53.160><c> restate</c><00:04:53.600><c> capital</c><00:04:53.960><c> I</c><00:04:54.080><c> talked</c><00:04:54.360><c> about</c><00:04:54.880><c> so</c>

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the restate capital I talked about so
 

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the restate capital I talked about so
you<00:04:55.520><c> can</c><00:04:55.680><c> imagine</c><00:04:56.199><c> ethereum</c><00:04:56.680><c> is</c><00:04:56.880><c> a</c><00:04:57.080><c> 12C</c><00:04:57.759><c> block</c>

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you can imagine ethereum is a 12C block
 

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you can imagine ethereum is a 12C block
time<00:04:58.600><c> but</c><00:04:58.720><c> you</c><00:04:58.840><c> want</c><00:04:58.960><c> a</c><00:04:59.160><c> pre-con</c><00:05:00.080><c> something</c>

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time but you want a pre-con something
 

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time but you want a pre-con something
that's<00:05:00.560><c> really</c><00:05:00.800><c> fast</c><00:05:01.160><c> just</c><00:05:01.360><c> like</c><00:05:01.800><c> the</c><00:05:01.960><c> 2</c><00:05:02.320><c> 3</c>

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that's really fast just like the 2 3
 

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that's really fast just like the 2 3
second<00:05:02.919><c> you</c><00:05:03.039><c> find</c><00:05:03.360><c> on</c><00:05:03.800><c> mantal</c><00:05:04.199><c> network</c><00:05:05.160><c> um</c><00:05:05.360><c> and</c>

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second you find on mantal network um and
 

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second you find on mantal network um and
so<00:05:05.639><c> the</c><00:05:05.759><c> way</c><00:05:05.880><c> to</c><00:05:06.000><c> do</c><00:05:06.160><c> it</c><00:05:06.240><c> is</c><00:05:06.400><c> like</c><00:05:06.639><c> restate</c>

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so the way to do it is like restate
 

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so the way to do it is like restate
capital<00:05:07.479><c> from</c><00:05:07.759><c> igon</c><00:05:08.039><c> layer</c><00:05:08.360><c> and</c><00:05:08.520><c> symbiotic</c>

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capital from igon layer and symbiotic
 

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capital from igon layer and symbiotic
that<00:05:09.479><c> can</c><00:05:09.720><c> then</c><00:05:10.039><c> be</c><00:05:10.320><c> included</c><00:05:10.880><c> in</c><00:05:11.080><c> some</c><00:05:11.320><c> kind</c>

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that can then be included in some kind
 

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that can then be included in some kind
of<00:05:11.720><c> inclusion</c><00:05:12.199><c> list</c><00:05:12.919><c> yeah</c><00:05:13.160><c> with</c><00:05:13.400><c> that</c><00:05:13.919><c> that's</c>

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of inclusion list yeah with that that's
 

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of inclusion list yeah with that that's
where<00:05:14.520><c> we</c><00:05:14.680><c> are</c><00:05:15.199><c> inclusion</c><00:05:15.759><c> list</c><00:05:16.039><c> based</c>

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where we are inclusion list based
 

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where we are inclusion list based
rollups<00:05:16.800><c> question</c><00:05:17.080><c> mark</c><00:05:17.800><c> uh</c><00:05:17.960><c> standard</c>

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rollups question mark uh standard
 

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rollups question mark uh standard
rollups<00:05:18.720><c> l2s</c><00:05:19.680><c> optimums</c><00:05:20.680><c> and</c><00:05:20.960><c> uh</c><00:05:21.080><c> validium</c><00:05:21.639><c> are</c>

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rollups l2s optimums and uh validium are
 

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rollups l2s optimums and uh validium are
different<00:05:22.000><c> kinds</c><00:05:22.199><c> of</c><00:05:22.319><c> ways</c><00:05:22.520><c> for</c><00:05:22.680><c> offchain</c>

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different kinds of ways for offchain
 

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different kinds of ways for offchain
data<00:05:24.039><c> and</c><00:05:24.720><c> we</c><00:05:24.880><c> are</c><00:05:25.240><c> truly</c><00:05:25.639><c> an</c><00:05:26.039><c> infinite</c><00:05:27.039><c> uh</c>

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data and we are truly an infinite uh
 

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data and we are truly an infinite uh
Garden<00:05:27.960><c> where</c><00:05:28.199><c> there's</c><00:05:28.440><c> so</c><00:05:28.600><c> many</c>

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Garden where there's so many
 

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Garden where there's so many
architectures<00:05:29.520><c> this</c><00:05:29.800><c> ecosystem</c><00:05:30.280><c> is</c><00:05:30.479><c> so</c><00:05:30.639><c> many</c>

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architectures this ecosystem is so many
 

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architectures this ecosystem is so many
and<00:05:31.560><c> we</c><00:05:31.680><c> will</c><00:05:31.960><c> continue</c><00:05:32.319><c> to</c><00:05:32.639><c> push</c><00:05:33.360><c> the</c><00:05:33.520><c> best</c>

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and we will continue to push the best
 

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and we will continue to push the best
architecture<00:05:34.240><c> for</c><00:05:34.440><c> this</c><00:05:34.600><c> ecosystem</c><00:05:35.440><c> thank</c>

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architecture for this ecosystem thank
 

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architecture for this ecosystem thank
you<00:05:37.960><c> wow</c><00:05:38.240><c> that</c><00:05:38.400><c> was</c><00:05:38.919><c> on</c><00:05:39.120><c> the</c><00:05:39.319><c> spot</c><00:05:40.319><c> um</c><00:05:40.919><c> we</c><00:05:41.080><c> are</c>

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you wow that was on the spot um we are
 

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you wow that was on the spot um we are
going<00:05:41.360><c> to</c><00:05:41.520><c> take</c><00:05:41.680><c> a</c><00:05:41.800><c> couple</c><00:05:42.039><c> of</c><00:05:42.160><c> questions</c><00:05:42.400><c> for</c>

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going to take a couple of questions for
 

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going to take a couple of questions for
this<00:05:42.759><c> session</c><00:05:43.160><c> so</c><00:05:43.720><c> uh</c><00:05:43.880><c> you</c><00:05:43.960><c> can</c><00:05:44.199><c> ask</c><00:05:44.479><c> ask</c><00:05:44.680><c> them</c>

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this session so uh you can ask ask them
 

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this session so uh you can ask ask them
through<00:05:45.080><c> the</c><00:05:45.360><c> application</c><00:05:46.039><c> or</c><00:05:46.520><c> just</c><00:05:46.720><c> raise</c>

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through the application or just raise
 

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through the application or just raise
your<00:05:47.160><c> hand</c><00:05:47.400><c> and</c><00:05:47.600><c> ask</c><00:05:47.800><c> and</c><00:05:47.960><c> I'll</c><00:05:48.160><c> repeat</c><00:05:48.479><c> into</c>

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your hand and ask and I'll repeat into
 

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your hand and ask and I'll repeat into
microphone<00:05:49.960><c> so</c><00:05:50.720><c> is</c><00:05:50.960><c> anybody</c><00:05:51.400><c> here</c><00:05:52.360><c> have</c><00:05:52.520><c> a</c>

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microphone so is anybody here have a
 

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microphone so is anybody here have a
question<00:05:55.600><c> okay</c><00:05:56.080><c> if</c><00:05:56.360><c> not</c><00:05:57.160><c> they</c><00:05:57.280><c> can</c><00:05:57.440><c> find</c><00:05:57.680><c> you</c>

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question okay if not they can find you
 

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question okay if not they can find you
later<00:05:58.440><c> and</c><00:05:58.759><c> ask</c><00:05:58.960><c> you</c><00:05:59.199><c> anything</c><00:05:59.759><c> thank</c><00:05:59.880><c> you</c>

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later and ask you anything thank you
 

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later and ask you anything thank you
thank<00:06:00.120><c> you</c><00:06:00.199><c> a</c><00:06:00.319><c> lot</c>