WEBVTT Kind: captions Language: en 00:00:01.010 --> 00:00:05.349 align:start position:0% [Music] 00:00:05.349 --> 00:00:05.359 align:start position:0% 00:00:05.359 --> 00:00:08.870 align:start position:0% yeah<00:00:05.520> all<00:00:05.720> right<00:00:06.359> so<00:00:07.359> I<00:00:07.439> will 00:00:08.870 --> 00:00:08.880 align:start position:0% yeah all right so I will 00:00:08.880 --> 00:00:13.749 align:start position:0% yeah all right so I will um<00:00:09.880> give<00:00:10.400> the<00:00:11.000> graph-based<00:00:11.519> uh<00:00:12.480> approach<00:00:13.480> um 00:00:13.749 --> 00:00:13.759 align:start position:0% um give the graph-based uh approach um 00:00:13.759 --> 00:00:18.349 align:start position:0% um give the graph-based uh approach um to<00:00:14.440> to<00:00:14.799> Identity<00:00:15.719> but<00:00:16.080> actually<00:00:17.080> uh<00:00:17.359> circles 00:00:18.349 --> 00:00:18.359 align:start position:0% to to Identity but actually uh circles 00:00:18.359 --> 00:00:22.109 align:start position:0% to to Identity but actually uh circles um<00:00:18.920> didn't<00:00:19.840> um<00:00:20.199> yeah<00:00:20.359> didn't<00:00:20.600> start<00:00:21.080> as<00:00:21.199> a<00:00:21.800> as<00:00:21.920> a 00:00:22.109 --> 00:00:22.119 align:start position:0% um didn't um yeah didn't start as a as a 00:00:22.119 --> 00:00:24.470 align:start position:0% um didn't um yeah didn't start as a as a identity<00:00:23.039> uh<00:00:23.240> project<00:00:23.640> with<00:00:23.800> a<00:00:24.000> goal<00:00:24.240> to 00:00:24.470 --> 00:00:24.480 align:start position:0% identity uh project with a goal to 00:00:24.480 --> 00:00:26.710 align:start position:0% identity uh project with a goal to create<00:00:24.760> an<00:00:24.920> identity<00:00:25.320> standard<00:00:25.720> but<00:00:25.880> instead 00:00:26.710 --> 00:00:26.720 align:start position:0% create an identity standard but instead 00:00:26.720 --> 00:00:28.750 align:start position:0% create an identity standard but instead it<00:00:26.880> started<00:00:27.480> or<00:00:27.640> it<00:00:27.800> is<00:00:28.039> a<00:00:28.199> project<00:00:28.560> about 00:00:28.750 --> 00:00:28.760 align:start position:0% it started or it is a project about 00:00:28.760 --> 00:00:31.470 align:start position:0% it started or it is a project about money<00:00:29.519> uh<00:00:29.599> and<00:00:29.759> about<00:00:30.160> creating<00:00:30.640> a<00:00:30.800> fair<00:00:31.199> and 00:00:31.470 --> 00:00:31.480 align:start position:0% money uh and about creating a fair and 00:00:31.480 --> 00:00:33.470 align:start position:0% money uh and about creating a fair and resilient<00:00:32.000> form<00:00:32.200> of<00:00:32.360> money<00:00:32.840> and<00:00:33.000> essentially 00:00:33.470 --> 00:00:33.480 align:start position:0% resilient form of money and essentially 00:00:33.480 --> 00:00:35.990 align:start position:0% resilient form of money and essentially it<00:00:33.680> creates<00:00:34.440> this<00:00:34.680> identity<00:00:35.239> graph-based 00:00:35.990 --> 00:00:36.000 align:start position:0% it creates this identity graph-based 00:00:36.000 --> 00:00:39.510 align:start position:0% it creates this identity graph-based identity<00:00:37.000> as<00:00:37.399> yeah<00:00:37.559> almost<00:00:37.800> a<00:00:38.280> byproduct<00:00:39.280> um 00:00:39.510 --> 00:00:39.520 align:start position:0% identity as yeah almost a byproduct um 00:00:39.520 --> 00:00:42.270 align:start position:0% identity as yeah almost a byproduct um so<00:00:39.800> therefore<00:00:40.160> I<00:00:40.239> will<00:00:40.879> quickly<00:00:41.719> do<00:00:41.879> the<00:00:42.000> money 00:00:42.270 --> 00:00:42.280 align:start position:0% so therefore I will quickly do the money 00:00:42.280 --> 00:00:44.990 align:start position:0% so therefore I will quickly do the money part<00:00:42.520> and<00:00:42.719> then<00:00:43.320> uh<00:00:43.440> connect<00:00:43.760> it<00:00:44.200> to<00:00:44.440> the<00:00:44.840> um 00:00:44.990 --> 00:00:45.000 align:start position:0% part and then uh connect it to the um 00:00:45.000 --> 00:00:47.110 align:start position:0% part and then uh connect it to the um decentralized<00:00:45.640> identity<00:00:46.120> part<00:00:46.360> and<00:00:46.559> here 00:00:47.110 --> 00:00:47.120 align:start position:0% decentralized identity part and here 00:00:47.120 --> 00:00:50.630 align:start position:0% decentralized identity part and here kind<00:00:47.239> of<00:00:47.440> just<00:00:47.680> this<00:00:48.719> quote<00:00:49.719> uh<00:00:49.840> from<00:00:50.520> yeah 00:00:50.630 --> 00:00:50.640 align:start position:0% kind of just this quote uh from yeah 00:00:50.640 --> 00:00:52.670 align:start position:0% kind of just this quote uh from yeah Professor<00:00:51.160> Lear<00:00:51.680> kind<00:00:51.760> of<00:00:51.920> just<00:00:52.320> thinking 00:00:52.670 --> 00:00:52.680 align:start position:0% Professor Lear kind of just thinking 00:00:52.680 --> 00:00:54.510 align:start position:0% Professor Lear kind of just thinking about<00:00:53.000> what<00:00:53.120> money<00:00:53.480> actually<00:00:53.800> is<00:00:54.320> and 00:00:54.510 --> 00:00:54.520 align:start position:0% about what money actually is and 00:00:54.520 --> 00:00:57.990 align:start position:0% about what money actually is and realizing<00:00:55.440> it<00:00:55.640> is<00:00:56.239> um<00:00:56.520> a<00:00:56.680> social<00:00:57.079> construct 00:00:57.990 --> 00:00:58.000 align:start position:0% realizing it is um a social construct 00:00:58.000 --> 00:01:00.389 align:start position:0% realizing it is um a social construct and<00:00:58.239> therefore<00:00:59.239> uh<00:00:59.359> it<00:00:59.440> is<00:00:59.559> a<00:00:59.680> choice<00:01:00.120> and<00:01:00.239> it's 00:01:00.389 --> 00:01:00.399 align:start position:0% and therefore uh it is a choice and it's 00:01:00.399 --> 00:01:02.470 align:start position:0% and therefore uh it is a choice and it's not<00:01:00.519> a<00:01:00.640> god-given<00:01:00.960> thing<00:01:01.879> uh<00:01:02.000> and<00:01:02.160> it<00:01:02.280> is 00:01:02.470 --> 00:01:02.480 align:start position:0% not a god-given thing uh and it is 00:01:02.480 --> 00:01:06.109 align:start position:0% not a god-given thing uh and it is absolutely<00:01:03.000> something<00:01:03.920> that<00:01:04.559> well<00:01:04.879> we<00:01:05.159> can 00:01:06.109 --> 00:01:06.119 align:start position:0% absolutely something that well we can 00:01:06.119 --> 00:01:08.030 align:start position:0% absolutely something that well we can modify<00:01:06.520> and<00:01:06.680> we<00:01:06.840> can<00:01:07.159> essentially<00:01:07.560> modify<00:01:07.880> it 00:01:08.030 --> 00:01:08.040 align:start position:0% modify and we can essentially modify it 00:01:08.040 --> 00:01:11.310 align:start position:0% modify and we can essentially modify it any<00:01:08.240> way<00:01:08.400> we<00:01:08.560> want<00:01:09.119> and<00:01:09.240> we<00:01:09.360> can<00:01:09.479> have<00:01:09.720> other<00:01:10.280> um 00:01:11.310 --> 00:01:11.320 align:start position:0% any way we want and we can have other um 00:01:11.320 --> 00:01:13.590 align:start position:0% any way we want and we can have other um choices<00:01:12.320> so<00:01:12.720> let's<00:01:12.920> quickly<00:01:13.200> do<00:01:13.360> this 00:01:13.590 --> 00:01:13.600 align:start position:0% choices so let's quickly do this 00:01:13.600 --> 00:01:16.429 align:start position:0% choices so let's quickly do this exercise<00:01:14.400> and<00:01:14.560> just<00:01:14.840> pretend<00:01:15.799> uh<00:01:15.960> we<00:01:16.119> want<00:01:16.280> to 00:01:16.429 --> 00:01:16.439 align:start position:0% exercise and just pretend uh we want to 00:01:16.439 --> 00:01:19.550 align:start position:0% exercise and just pretend uh we want to design<00:01:16.759> money<00:01:17.080> right<00:01:17.240> now<00:01:18.200> um 00:01:19.550 --> 00:01:19.560 align:start position:0% design money right now um 00:01:19.560 --> 00:01:22.950 align:start position:0% design money right now um and<00:01:20.560> reasons<00:01:20.920> for<00:01:21.159> that<00:01:21.560> I<00:01:21.640> mean<00:01:22.360> uh<00:01:22.759> in<00:01:22.880> the 00:01:22.950 --> 00:01:22.960 align:start position:0% and reasons for that I mean uh in the 00:01:22.960 --> 00:01:24.310 align:start position:0% and reasons for that I mean uh in the crypto<00:01:23.240> world<00:01:23.479> it's<00:01:23.680> I<00:01:23.759> think<00:01:23.960> it's<00:01:24.079> not 00:01:24.310 --> 00:01:24.320 align:start position:0% crypto world it's I think it's not 00:01:24.320 --> 00:01:28.190 align:start position:0% crypto world it's I think it's not unheard<00:01:24.720> of<00:01:25.360> that<00:01:25.840> the<00:01:26.040> dollar<00:01:26.680> or<00:01:27.280> existing 00:01:28.190 --> 00:01:28.200 align:start position:0% unheard of that the dollar or existing 00:01:28.200 --> 00:01:30.390 align:start position:0% unheard of that the dollar or existing currencies<00:01:28.799> might<00:01:28.960> fail<00:01:29.320> so<00:01:29.920> just<00:01:30.040> from<00:01:30.200> a 00:01:30.390 --> 00:01:30.400 align:start position:0% currencies might fail so just from a 00:01:30.400 --> 00:01:32.429 align:start position:0% currencies might fail so just from a resilience<00:01:30.880> perspective<00:01:31.280> it<00:01:31.400> might<00:01:31.560> be<00:01:31.759> good 00:01:32.429 --> 00:01:32.439 align:start position:0% resilience perspective it might be good 00:01:32.439 --> 00:01:34.910 align:start position:0% resilience perspective it might be good uh<00:01:32.520> to<00:01:32.720> have<00:01:32.880> an<00:01:33.439> alternative<00:01:34.119> but<00:01:34.439> but<00:01:34.600> just 00:01:34.910 --> 00:01:34.920 align:start position:0% uh to have an alternative but but just 00:01:34.920 --> 00:01:37.469 align:start position:0% uh to have an alternative but but just again<00:01:35.200> let's<00:01:35.520> let's<00:01:35.799> just<00:01:36.119> pretend<00:01:36.880> okay<00:01:37.320> we 00:01:37.469 --> 00:01:37.479 align:start position:0% again let's let's just pretend okay we 00:01:37.479 --> 00:01:40.710 align:start position:0% again let's let's just pretend okay we are<00:01:37.640> on<00:01:37.799> an<00:01:38.000> island<00:01:38.399> now<00:01:39.040> we<00:01:39.159> are<00:01:39.399> 100<00:01:39.720> people 00:01:40.710 --> 00:01:40.720 align:start position:0% are on an island now we are 100 people 00:01:40.720 --> 00:01:43.389 align:start position:0% are on an island now we are 100 people uh<00:01:41.000> we<00:01:41.240> somehow<00:01:41.560> stranded<00:01:42.119> there<00:01:43.079> we<00:01:43.200> don't 00:01:43.389 --> 00:01:43.399 align:start position:0% uh we somehow stranded there we don't 00:01:43.399 --> 00:01:45.429 align:start position:0% uh we somehow stranded there we don't have<00:01:43.560> money<00:01:43.840> and<00:01:44.200> kind<00:01:44.320> of<00:01:44.560> we<00:01:44.799> we<00:01:44.920> think<00:01:45.280> well 00:01:45.429 --> 00:01:45.439 align:start position:0% have money and kind of we we think well 00:01:45.439 --> 00:01:46.709 align:start position:0% have money and kind of we we think well would<00:01:45.600> be<00:01:45.759> good<00:01:45.920> idea<00:01:46.119> to<00:01:46.200> have<00:01:46.320> money<00:01:46.600> how 00:01:46.709 --> 00:01:46.719 align:start position:0% would be good idea to have money how 00:01:46.719 --> 00:01:49.550 align:start position:0% would be good idea to have money how would<00:01:46.920> we<00:01:47.560> uh<00:01:47.680> do<00:01:47.840> it<00:01:48.479> so<00:01:48.880> the<00:01:49.040> very<00:01:49.240> first 00:01:49.550 --> 00:01:49.560 align:start position:0% would we uh do it so the very first 00:01:49.560 --> 00:01:51.670 align:start position:0% would we uh do it so the very first approach<00:01:50.200> could<00:01:50.360> be<00:01:50.479> to<00:01:50.640> say<00:01:50.960> okay<00:01:51.159> let's<00:01:51.439> just 00:01:51.670 --> 00:01:51.680 align:start position:0% approach could be to say okay let's just 00:01:51.680 --> 00:01:54.990 align:start position:0% approach could be to say okay let's just give<00:01:51.960> everyone<00:01:52.960> um<00:01:53.439> thousand 00:01:54.990 --> 00:01:55.000 align:start position:0% give everyone um thousand 00:01:55.000 --> 00:01:59.310 align:start position:0% give everyone um thousand units<00:01:56.000> um<00:01:56.520> but<00:01:56.759> then<00:01:57.600> uh<00:01:58.119> after<00:01:58.799> a<00:01:58.920> couple<00:01:59.159> of 00:01:59.310 --> 00:01:59.320 align:start position:0% units um but then uh after a couple of 00:01:59.320 --> 00:02:02.630 align:start position:0% units um but then uh after a couple of days<00:02:00.159> a<00:02:00.280> group<00:02:00.719> of<00:02:01.000> other<00:02:01.240> people<00:02:01.600> come<00:02:02.280> uh 00:02:02.630 --> 00:02:02.640 align:start position:0% days a group of other people come uh 00:02:02.640 --> 00:02:05.910 align:start position:0% days a group of other people come uh comes<00:02:03.640> they<00:02:03.759> also<00:02:04.000> get<00:02:04.119> a<00:02:04.240> th<00:02:04.600> unit<00:02:05.280> but<00:02:05.479> then 00:02:05.910 --> 00:02:05.920 align:start position:0% comes they also get a th unit but then 00:02:05.920 --> 00:02:08.389 align:start position:0% comes they also get a th unit but then they<00:02:06.039> spend<00:02:06.439> that<00:02:07.000> and<00:02:07.200> the<00:02:07.360> next<00:02:07.600> day<00:02:08.080> or<00:02:08.239> the 00:02:08.389 --> 00:02:08.399 align:start position:0% they spend that and the next day or the 00:02:08.399 --> 00:02:11.869 align:start position:0% they spend that and the next day or the day<00:02:08.599> after<00:02:09.360> that<00:02:09.599> group<00:02:10.319> uh<00:02:10.440> left<00:02:10.959> so<00:02:11.239> they 00:02:11.869 --> 00:02:11.879 align:start position:0% day after that group uh left so they 00:02:11.879 --> 00:02:14.070 align:start position:0% day after that group uh left so they kind<00:02:12.000> of<00:02:12.120> just<00:02:12.239> got<00:02:12.400> the<00:02:12.520> money<00:02:12.840> spend<00:02:13.120> it<00:02:13.280> all 00:02:14.070 --> 00:02:14.080 align:start position:0% kind of just got the money spend it all 00:02:14.080 --> 00:02:17.309 align:start position:0% kind of just got the money spend it all H<00:02:14.239> and<00:02:14.400> left<00:02:14.760> so<00:02:15.440> was<00:02:15.680> that<00:02:15.879> really<00:02:16.080> a<00:02:16.239> good<00:02:17.040> um 00:02:17.309 --> 00:02:17.319 align:start position:0% H and left so was that really a good um 00:02:17.319 --> 00:02:22.150 align:start position:0% H and left so was that really a good um approach<00:02:18.080> so<00:02:18.319> maybe<00:02:19.280> idea<00:02:19.599> two<00:02:20.640> Let's<00:02:21.640> uh 00:02:22.150 --> 00:02:22.160 align:start position:0% approach so maybe idea two Let's uh 00:02:22.160 --> 00:02:26.070 align:start position:0% approach so maybe idea two Let's uh let's<00:02:22.480> distribute<00:02:23.400> the<00:02:23.519> money<00:02:24.760> instead<00:02:25.760> um 00:02:26.070 --> 00:02:26.080 align:start position:0% let's distribute the money instead um 00:02:26.080 --> 00:02:29.949 align:start position:0% let's distribute the money instead um over<00:02:26.480> time<00:02:27.480> um<00:02:27.879> meaning 00:02:29.949 --> 00:02:29.959 align:start position:0% over time um meaning 00:02:29.959 --> 00:02:34.350 align:start position:0% over time um meaning per<00:02:30.200> person<00:02:31.040> you<00:02:31.280> get<00:02:31.840> one<00:02:32.440> unit<00:02:33.440> uh<00:02:33.720> one<00:02:33.959> unit 00:02:34.350 --> 00:02:34.360 align:start position:0% per person you get one unit uh one unit 00:02:34.360 --> 00:02:37.430 align:start position:0% per person you get one unit uh one unit of<00:02:34.560> money<00:02:35.519> um<00:02:36.040> over<00:02:36.360> time<00:02:36.720> so<00:02:36.920> let's<00:02:37.120> quickly 00:02:37.430 --> 00:02:37.440 align:start position:0% of money um over time so let's quickly 00:02:37.440 --> 00:02:43.670 align:start position:0% of money um over time so let's quickly look<00:02:37.560> at<00:02:37.720> that<00:02:38.720> uh<00:02:38.920> so<00:02:39.840> here<00:02:40.440> we<00:02:40.599> see<00:02:41.440> the<00:02:42.680> um 00:02:43.670 --> 00:02:43.680 align:start position:0% look at that uh so here we see the um 00:02:43.680 --> 00:02:48.390 align:start position:0% look at that uh so here we see the um the<00:02:44.280> uh<00:02:45.040> uh<00:02:45.159> money<00:02:46.120> growing<00:02:47.120> um<00:02:47.599> growing 00:02:48.390 --> 00:02:48.400 align:start position:0% the uh uh money growing um growing 00:02:48.400 --> 00:02:51.390 align:start position:0% the uh uh money growing um growing linearly<00:02:49.400> um<00:02:49.800> and<00:02:49.959> now<00:02:50.480> let's<00:02:50.840> let's<00:02:51.040> say 00:02:51.390 --> 00:02:51.400 align:start position:0% linearly um and now let's let's say 00:02:51.400 --> 00:02:53.309 align:start position:0% linearly um and now let's let's say after<00:02:51.760> after<00:02:51.959> some<00:02:52.319> years<00:02:52.800> we<00:02:52.920> are<00:02:53.040> on<00:02:53.159> this 00:02:53.309 --> 00:02:53.319 align:start position:0% after after some years we are on this 00:02:53.319 --> 00:02:56.470 align:start position:0% after after some years we are on this island<00:02:53.640> money<00:02:53.920> grows<00:02:54.159> linearly<00:02:54.959> storm<00:02:55.480> hits 00:02:56.470 --> 00:02:56.480 align:start position:0% island money grows linearly storm hits 00:02:56.480 --> 00:02:58.830 align:start position:0% island money grows linearly storm hits uh<00:02:56.959> and 00:02:58.830 --> 00:02:58.840 align:start position:0% uh and 00:02:58.840 --> 00:03:01.589 align:start position:0% uh and unfortunately<00:02:59.840> 80%<00:03:00.280> of<00:03:00.400> the<00:03:00.480> people<00:03:00.760> die<00:03:01.280> so 00:03:01.589 --> 00:03:01.599 align:start position:0% unfortunately 80% of the people die so 00:03:01.599 --> 00:03:03.789 align:start position:0% unfortunately 80% of the people die so therefore<00:03:02.560> uh<00:03:02.720> kind<00:03:02.879> of<00:03:03.040> now<00:03:03.200> you<00:03:03.360> have<00:03:03.599> much 00:03:03.789 --> 00:03:03.799 align:start position:0% therefore uh kind of now you have much 00:03:03.799 --> 00:03:07.350 align:start position:0% therefore uh kind of now you have much more<00:03:04.080> money<00:03:04.519> per<00:03:04.959> person<00:03:05.959> um<00:03:06.599> in<00:03:06.720> the<00:03:06.920> system 00:03:07.350 --> 00:03:07.360 align:start position:0% more money per person um in the system 00:03:07.360 --> 00:03:09.309 align:start position:0% more money per person um in the system and<00:03:07.480> it<00:03:07.599> goes<00:03:07.840> on<00:03:08.000> and<00:03:08.519> goes<00:03:08.680> on<00:03:08.879> and<00:03:09.000> the<00:03:09.080> money 00:03:09.309 --> 00:03:09.319 align:start position:0% and it goes on and goes on and the money 00:03:09.319 --> 00:03:12.149 align:start position:0% and it goes on and goes on and the money per<00:03:09.560> person<00:03:10.239> in<00:03:10.360> the<00:03:10.560> system<00:03:10.920> grows<00:03:11.280> and<00:03:11.440> grows 00:03:12.149 --> 00:03:12.159 align:start position:0% per person in the system grows and grows 00:03:12.159 --> 00:03:17.229 align:start position:0% per person in the system grows and grows so<00:03:12.519> then<00:03:13.159> uh<00:03:13.280> in<00:03:13.920> consequence<00:03:14.959> um<00:03:15.959> the<00:03:16.640> amount 00:03:17.229 --> 00:03:17.239 align:start position:0% so then uh in consequence um the amount 00:03:17.239 --> 00:03:20.350 align:start position:0% so then uh in consequence um the amount that<00:03:17.360> is<00:03:17.560> newly<00:03:18.040> issued<00:03:18.959> per<00:03:19.280> person 00:03:20.350 --> 00:03:20.360 align:start position:0% that is newly issued per person 00:03:20.360 --> 00:03:23.509 align:start position:0% that is newly issued per person essentially<00:03:21.360> um<00:03:22.040> uh<00:03:22.200> goes<00:03:22.560> towards<00:03:22.959> zero<00:03:23.319> and 00:03:23.509 --> 00:03:23.519 align:start position:0% essentially um uh goes towards zero and 00:03:23.519 --> 00:03:27.390 align:start position:0% essentially um uh goes towards zero and then<00:03:24.280> after<00:03:24.560> some<00:03:24.840> time<00:03:25.319> new<00:03:25.560> people<00:03:26.120> arrive 00:03:27.390 --> 00:03:27.400 align:start position:0% then after some time new people arrive 00:03:27.400 --> 00:03:30.429 align:start position:0% then after some time new people arrive and<00:03:28.400> they<00:03:28.560> are<00:03:28.680> offered<00:03:28.959> to<00:03:29.080> join<00:03:29.319> the<00:03:29.480> system 00:03:30.429 --> 00:03:30.439 align:start position:0% and they are offered to join the system 00:03:30.439 --> 00:03:33.429 align:start position:0% and they are offered to join the system but<00:03:31.159> they<00:03:32.080> there<00:03:32.159> are<00:03:32.319> already<00:03:32.640> millions<00:03:33.159> of 00:03:33.429 --> 00:03:33.439 align:start position:0% but they there are already millions of 00:03:33.439 --> 00:03:37.470 align:start position:0% but they there are already millions of of<00:03:33.680> of<00:03:33.879> of<00:03:34.000> units<00:03:34.560> of<00:03:34.760> money<00:03:35.519> in<00:03:35.680> the<00:03:36.040> system<00:03:37.040> um 00:03:37.470 --> 00:03:37.480 align:start position:0% of of of units of money in the system um 00:03:37.480 --> 00:03:40.190 align:start position:0% of of of units of money in the system um and<00:03:38.080> now<00:03:38.439> we<00:03:38.599> offer<00:03:38.920> them<00:03:39.040> to<00:03:39.239> join<00:03:39.680> our<00:03:39.920> system 00:03:40.190 --> 00:03:40.200 align:start position:0% and now we offer them to join our system 00:03:40.200 --> 00:03:42.429 align:start position:0% and now we offer them to join our system and<00:03:40.360> say<00:03:40.599> yeah<00:03:40.799> you<00:03:40.920> also<00:03:41.120> get<00:03:41.319> one<00:03:41.519> unit<00:03:42.280> uh 00:03:42.429 --> 00:03:42.439 align:start position:0% and say yeah you also get one unit uh 00:03:42.439 --> 00:03:45.429 align:start position:0% and say yeah you also get one unit uh per<00:03:42.599> hour<00:03:43.439> but<00:03:43.720> essentially<00:03:44.720> in<00:03:44.920> relation<00:03:45.280> to 00:03:45.429 --> 00:03:45.439 align:start position:0% per hour but essentially in relation to 00:03:45.439 --> 00:03:47.509 align:start position:0% per hour but essentially in relation to the<00:03:45.560> existing<00:03:45.959> money<00:03:46.680> it's<00:03:47.080> it's<00:03:47.360> it's 00:03:47.509 --> 00:03:47.519 align:start position:0% the existing money it's it's it's 00:03:47.519 --> 00:03:49.509 align:start position:0% the existing money it's it's it's essentially<00:03:48.000> nothing 00:03:49.509 --> 00:03:49.519 align:start position:0% essentially nothing 00:03:49.519 --> 00:03:52.670 align:start position:0% essentially nothing so<00:03:50.519> the<00:03:50.680> conclusion<00:03:51.120> might<00:03:51.280> be<00:03:51.760> old<00:03:52.079> money 00:03:52.670 --> 00:03:52.680 align:start position:0% so the conclusion might be old money 00:03:52.680 --> 00:03:55.710 align:start position:0% so the conclusion might be old money must<00:03:53.159> somehow<00:03:54.159> uh<00:03:54.360> disappear<00:03:54.920> over<00:03:55.239> time<00:03:55.519> and 00:03:55.710 --> 00:03:55.720 align:start position:0% must somehow uh disappear over time and 00:03:55.720 --> 00:03:58.149 align:start position:0% must somehow uh disappear over time and that's<00:03:56.200> how<00:03:56.360> we<00:03:56.560> come<00:03:56.760> up<00:03:57.280> with<00:03:57.799> with<00:03:57.959> the 00:03:58.149 --> 00:03:58.159 align:start position:0% that's how we come up with with the 00:03:58.159 --> 00:04:01.110 align:start position:0% that's how we come up with with the third<00:03:58.840> uh<00:03:59.159> uh<00:03:59.280> idea<00:03:59.920> to<00:04:00.079> say<00:04:00.439> okay<00:04:00.680> there<00:04:00.799> is 00:04:01.110 --> 00:04:01.120 align:start position:0% third uh uh idea to say okay there is 00:04:01.120 --> 00:04:03.110 align:start position:0% third uh uh idea to say okay there is constant<00:04:01.560> issuance<00:04:02.319> but<00:04:02.480> there's<00:04:02.760> also 00:04:03.110 --> 00:04:03.120 align:start position:0% constant issuance but there's also 00:04:03.120 --> 00:04:05.949 align:start position:0% constant issuance but there's also constant<00:04:03.879> reduction<00:04:04.720> what<00:04:04.840> we<00:04:05.000> call<00:04:05.760> um 00:04:05.949 --> 00:04:05.959 align:start position:0% constant reduction what we call um 00:04:05.959 --> 00:04:08.710 align:start position:0% constant reduction what we call um demage<00:04:06.519> and<00:04:06.760> there<00:04:06.879> you<00:04:07.040> get<00:04:07.840> not<00:04:08.000> going<00:04:08.200> into 00:04:08.710 --> 00:04:08.720 align:start position:0% demage and there you get not going into 00:04:08.720 --> 00:04:10.509 align:start position:0% demage and there you get not going into details<00:04:09.159> but<00:04:09.319> essentially<00:04:09.720> you<00:04:09.879> get<00:04:10.319> a 00:04:10.509 --> 00:04:10.519 align:start position:0% details but essentially you get a 00:04:10.519 --> 00:04:12.789 align:start position:0% details but essentially you get a constant<00:04:11.000> or<00:04:11.159> you<00:04:11.319> always<00:04:12.000> stabilize<00:04:12.560> the 00:04:12.789 --> 00:04:12.799 align:start position:0% constant or you always stabilize the 00:04:12.799 --> 00:04:16.150 align:start position:0% constant or you always stabilize the ratio<00:04:13.640> between<00:04:14.319> new<00:04:14.599> Supply<00:04:15.079> and<00:04:15.239> old<00:04:15.439> Supply 00:04:16.150 --> 00:04:16.160 align:start position:0% ratio between new Supply and old Supply 00:04:16.160 --> 00:04:19.189 align:start position:0% ratio between new Supply and old Supply that<00:04:16.320> will<00:04:16.519> always<00:04:17.000> converge<00:04:17.680> towards<00:04:18.120> 7%<00:04:19.120> uh 00:04:19.189 --> 00:04:19.199 align:start position:0% that will always converge towards 7% uh 00:04:19.199 --> 00:04:20.469 align:start position:0% that will always converge towards 7% uh in<00:04:19.320> this<00:04:19.519> approach<00:04:19.799> and<00:04:19.959> this<00:04:20.040> is<00:04:20.160> kind<00:04:20.280> of 00:04:20.469 --> 00:04:20.479 align:start position:0% in this approach and this is kind of 00:04:20.479 --> 00:04:23.070 align:start position:0% in this approach and this is kind of just<00:04:21.160> the<00:04:21.280> balance<00:04:21.840> if<00:04:21.959> you<00:04:22.079> look<00:04:22.240> at<00:04:22.680> one 00:04:23.070 --> 00:04:23.080 align:start position:0% just the balance if you look at one 00:04:23.080 --> 00:04:25.790 align:start position:0% just the balance if you look at one individual<00:04:24.080> U<00:04:24.199> so<00:04:24.400> it<00:04:24.840> goes<00:04:25.199> constant<00:04:25.600> to 00:04:25.790 --> 00:04:25.800 align:start position:0% individual U so it goes constant to 00:04:25.800 --> 00:04:28.230 align:start position:0% individual U so it goes constant to those<00:04:26.560> it<00:04:26.720> approaches<00:04:27.120> those<00:04:27.280> 120,000 00:04:28.230 --> 00:04:28.240 align:start position:0% those it approaches those 120,000 00:04:28.240 --> 00:04:30.909 align:start position:0% those it approaches those 120,000 roughly<00:04:29.199> um<00:04:29.440> and<00:04:29.880> here<00:04:30.199> theoretically<00:04:30.720> if 00:04:30.909 --> 00:04:30.919 align:start position:0% roughly um and here theoretically if 00:04:30.919 --> 00:04:33.270 align:start position:0% roughly um and here theoretically if after<00:04:31.160> 80<00:04:31.520> years<00:04:31.840> they<00:04:32.240> die<00:04:32.440> or<00:04:32.639> stop<00:04:32.840> issuing 00:04:33.270 --> 00:04:33.280 align:start position:0% after 80 years they die or stop issuing 00:04:33.280 --> 00:04:35.670 align:start position:0% after 80 years they die or stop issuing then<00:04:33.479> that<00:04:33.639> would<00:04:33.800> disappear<00:04:34.280> that<00:04:34.440> money<00:04:35.000> so 00:04:35.670 --> 00:04:35.680 align:start position:0% then that would disappear that money so 00:04:35.680 --> 00:04:38.710 align:start position:0% then that would disappear that money so conclusion<00:04:36.680> uh<00:04:37.199> supply<00:04:37.560> of<00:04:37.720> circles<00:04:38.199> is 00:04:38.710 --> 00:04:38.720 align:start position:0% conclusion uh supply of circles is 00:04:38.720 --> 00:04:41.550 align:start position:0% conclusion uh supply of circles is converges<00:04:39.199> to 00:04:41.550 --> 00:04:41.560 align:start position:0% 00:04:41.560 --> 00:04:43.909 align:start position:0% 120,000<00:04:42.560> okay<00:04:42.720> and<00:04:42.880> one<00:04:43.080> one<00:04:43.320> last<00:04:43.560> thing<00:04:43.759> and 00:04:43.909 --> 00:04:43.919 align:start position:0% 120,000 okay and one one last thing and 00:04:43.919 --> 00:04:46.510 align:start position:0% 120,000 okay and one one last thing and then<00:04:44.080> we<00:04:44.199> finally<00:04:44.479> go<00:04:44.639> to<00:04:44.840> the<00:04:45.240> identity<00:04:45.759> part 00:04:46.510 --> 00:04:46.520 align:start position:0% then we finally go to the identity part 00:04:46.520 --> 00:04:49.150 align:start position:0% then we finally go to the identity part uh<00:04:46.720> so<00:04:47.320> one<00:04:47.560> one<00:04:47.720> way<00:04:47.840> to<00:04:47.960> look<00:04:48.120> at<00:04:48.240> it<00:04:48.479> is<00:04:48.919> also 00:04:49.150 --> 00:04:49.160 align:start position:0% uh so one one way to look at it is also 00:04:49.160 --> 00:04:53.189 align:start position:0% uh so one one way to look at it is also to<00:04:49.360> say<00:04:50.080> there's<00:04:50.479> kind<00:04:50.600> of<00:04:50.720> a<00:04:50.919> tax<00:04:51.240> on<00:04:51.919> money<00:04:52.919> um 00:04:53.189 --> 00:04:53.199 align:start position:0% to say there's kind of a tax on money um 00:04:53.199 --> 00:04:55.510 align:start position:0% to say there's kind of a tax on money um and<00:04:53.360> if<00:04:53.479> you<00:04:53.680> hold<00:04:53.880> this<00:04:54.039> magic<00:04:54.320> number<00:04:54.560> of<00:04:54.720> 20 00:04:55.510 --> 00:04:55.520 align:start position:0% and if you hold this magic number of 20 00:04:55.520 --> 00:04:57.870 align:start position:0% and if you hold this magic number of 20 20,000<00:04:56.479> then<00:04:56.639> your<00:04:56.800> marginal<00:04:57.240> tax<00:04:57.520> rate<00:04:57.720> is 00:04:57.870 --> 00:04:57.880 align:start position:0% 20,000 then your marginal tax rate is 00:04:57.880 --> 00:05:01.029 align:start position:0% 20,000 then your marginal tax rate is exactly<00:04:58.320> zero<00:04:58.759> because<00:04:59.160> the<00:04:59.320> new<00:05:00.039> issuance 00:05:01.029 --> 00:05:01.039 align:start position:0% exactly zero because the new issuance 00:05:01.039 --> 00:05:03.749 align:start position:0% exactly zero because the new issuance exactly<00:05:01.440> equals<00:05:01.800> out<00:05:02.039> the<00:05:02.199> 7%<00:05:02.759> demage<00:05:03.520> if<00:05:03.639> you 00:05:03.749 --> 00:05:03.759 align:start position:0% exactly equals out the 7% demage if you 00:05:03.759 --> 00:05:05.550 align:start position:0% exactly equals out the 7% demage if you have<00:05:03.960> less<00:05:04.199> than<00:05:04.440> that<00:05:04.759> you<00:05:04.960> have<00:05:05.199> negative 00:05:05.550 --> 00:05:05.560 align:start position:0% have less than that you have negative 00:05:05.560 --> 00:05:07.310 align:start position:0% have less than that you have negative tax<00:05:05.840> so<00:05:06.000> you<00:05:06.240> kind<00:05:06.360> of<00:05:06.520> get<00:05:06.720> more<00:05:07.000> from<00:05:07.160> the 00:05:07.310 --> 00:05:07.320 align:start position:0% tax so you kind of get more from the 00:05:07.320 --> 00:05:10.510 align:start position:0% tax so you kind of get more from the system<00:05:07.720> then<00:05:07.919> you<00:05:08.600> pay<00:05:08.800> into<00:05:09.199> and<00:05:09.800> if<00:05:10.080> your 00:05:10.510 --> 00:05:10.520 align:start position:0% system then you pay into and if your 00:05:10.520 --> 00:05:13.310 align:start position:0% system then you pay into and if your wealth<00:05:11.000> approaches<00:05:11.639> Infinity<00:05:12.600> then<00:05:12.840> at<00:05:12.960> least 00:05:13.310 --> 00:05:13.320 align:start position:0% wealth approaches Infinity then at least 00:05:13.320 --> 00:05:16.310 align:start position:0% wealth approaches Infinity then at least the<00:05:13.560> the<00:05:13.720> tax<00:05:14.000> on<00:05:14.199> money<00:05:15.199> uh<00:05:15.520> uh<00:05:15.680> converges 00:05:16.310 --> 00:05:16.320 align:start position:0% the the tax on money uh uh converges 00:05:16.320 --> 00:05:18.749 align:start position:0% the the tax on money uh uh converges against<00:05:16.720> those<00:05:17.440> uh<00:05:17.520> 7%<00:05:18.160> because<00:05:18.360> then<00:05:18.520> the<00:05:18.600> new 00:05:18.749 --> 00:05:18.759 align:start position:0% against those uh 7% because then the new 00:05:18.759 --> 00:05:20.350 align:start position:0% against those uh 7% because then the new issuance<00:05:19.199> doesn't<00:05:19.400> matter<00:05:19.720> the<00:05:19.840> issuance<00:05:20.199> per 00:05:20.350 --> 00:05:20.360 align:start position:0% issuance doesn't matter the issuance per 00:05:20.360 --> 00:05:23.749 align:start position:0% issuance doesn't matter the issuance per person<00:05:20.600> doesn't<00:05:20.800> matter<00:05:21.080> just<00:05:21.360> the<00:05:22.039> um<00:05:22.240> the<00:05:22.759> 7% 00:05:23.749 --> 00:05:23.759 align:start position:0% person doesn't matter just the um the 7% 00:05:23.759 --> 00:05:27.510 align:start position:0% person doesn't matter just the um the 7% now<00:05:24.039> finally<00:05:24.479> the<00:05:24.639> identity<00:05:25.160> part<00:05:26.080> um<00:05:27.080> who<00:05:27.280> can 00:05:27.510 --> 00:05:27.520 align:start position:0% now finally the identity part um who can 00:05:27.520 --> 00:05:31.350 align:start position:0% now finally the identity part um who can create<00:05:27.840> money<00:05:28.120> in<00:05:28.240> this<00:05:28.479> system<00:05:29.479> um<00:05:30.120> and<00:05:31.080> yeah 00:05:31.350 --> 00:05:31.360 align:start position:0% create money in this system um and yeah 00:05:31.360 --> 00:05:33.790 align:start position:0% create money in this system um and yeah who<00:05:31.639> who<00:05:32.160> can<00:05:32.360> be<00:05:32.520> let<00:05:32.759> in<00:05:33.000> and<00:05:33.120> in<00:05:33.240> circles<00:05:33.680> the 00:05:33.790 --> 00:05:33.800 align:start position:0% who who can be let in and in circles the 00:05:33.800 --> 00:05:36.790 align:start position:0% who who can be let in and in circles the radical<00:05:34.639> answer<00:05:35.120> is<00:05:35.520> everyone<00:05:36.280> and<00:05:36.400> that<00:05:36.560> also 00:05:36.790 --> 00:05:36.800 align:start position:0% radical answer is everyone and that also 00:05:36.800 --> 00:05:40.309 align:start position:0% radical answer is everyone and that also means<00:05:37.560> fake<00:05:37.880> accounts<00:05:38.440> so<00:05:38.639> you<00:05:38.800> can<00:05:39.199> create<00:05:40.199> uh 00:05:40.309 --> 00:05:40.319 align:start position:0% means fake accounts so you can create uh 00:05:40.319 --> 00:05:42.350 align:start position:0% means fake accounts so you can create uh fake<00:05:40.639> accounts<00:05:41.080> and<00:05:41.600> or<00:05:41.800> basically<00:05:42.160> just 00:05:42.350 --> 00:05:42.360 align:start position:0% fake accounts and or basically just 00:05:42.360 --> 00:05:44.590 align:start position:0% fake accounts and or basically just anyone<00:05:42.680> can<00:05:42.880> create<00:05:43.319> immediately<00:05:43.800> an<00:05:43.960> account 00:05:44.590 --> 00:05:44.600 align:start position:0% anyone can create immediately an account 00:05:44.600 --> 00:05:48.070 align:start position:0% anyone can create immediately an account that<00:05:44.800> can<00:05:45.240> issue<00:05:46.000> circles<00:05:46.759> but<00:05:47.440> they<00:05:47.560> are 00:05:48.070 --> 00:05:48.080 align:start position:0% that can issue circles but they are 00:05:48.080 --> 00:05:51.350 align:start position:0% that can issue circles but they are distinct<00:05:48.840> so<00:05:49.160> of<00:05:49.319> course<00:05:49.759> you<00:05:49.960> could<00:05:50.199> not<00:05:50.759> say 00:05:51.350 --> 00:05:51.360 align:start position:0% distinct so of course you could not say 00:05:51.360 --> 00:05:53.430 align:start position:0% distinct so of course you could not say they<00:05:51.560> issue<00:05:52.160> they<00:05:52.360> I<00:05:52.440> mean<00:05:52.639> if<00:05:53.080> they<00:05:53.160> could<00:05:53.319> all 00:05:53.430 --> 00:05:53.440 align:start position:0% they issue they I mean if they could all 00:05:53.440 --> 00:05:55.550 align:start position:0% they issue they I mean if they could all issue<00:05:53.800> the<00:05:53.919> same<00:05:54.160> circuit<00:05:54.600> then<00:05:54.759> of<00:05:54.880> course 00:05:55.550 --> 00:05:55.560 align:start position:0% issue the same circuit then of course 00:05:55.560 --> 00:05:57.150 align:start position:0% issue the same circuit then of course that<00:05:55.800> currency<00:05:56.440> would<00:05:56.600> be<00:05:56.759> completely 00:05:57.150 --> 00:05:57.160 align:start position:0% that currency would be completely 00:05:57.160 --> 00:05:58.870 align:start position:0% that currency would be completely destroyed<00:05:57.639> because<00:05:57.919> just<00:05:58.319> anyone<00:05:58.680> could 00:05:58.870 --> 00:05:58.880 align:start position:0% destroyed because just anyone could 00:05:58.880 --> 00:06:01.469 align:start position:0% destroyed because just anyone could create<00:05:59.400> but<00:05:59.720> of<00:05:59.840> fake<00:06:00.039> accounts<00:06:00.520> and<00:06:01.039> so 00:06:01.469 --> 00:06:01.479 align:start position:0% create but of fake accounts and so 00:06:01.479 --> 00:06:03.110 align:start position:0% create but of fake accounts and so everyone<00:06:01.919> creates<00:06:02.360> their 00:06:03.110 --> 00:06:03.120 align:start position:0% everyone creates their 00:06:03.120 --> 00:06:06.110 align:start position:0% everyone creates their own<00:06:04.120> distinct<00:06:04.960> version<00:06:05.360> of 00:06:06.110 --> 00:06:06.120 align:start position:0% own distinct version of 00:06:06.120 --> 00:06:10.070 align:start position:0% own distinct version of circles<00:06:07.120> and<00:06:07.319> now<00:06:08.319> um<00:06:08.560> we<00:06:08.759> form<00:06:09.160> this<00:06:09.599> web<00:06:09.880> of 00:06:10.070 --> 00:06:10.080 align:start position:0% circles and now um we form this web of 00:06:10.080 --> 00:06:14.029 align:start position:0% circles and now um we form this web of trust<00:06:10.560> so<00:06:10.880> here<00:06:11.479> person<00:06:11.840> a<00:06:12.400> has<00:06:12.720> 300<00:06:13.280> a<00:06:13.520> circles 00:06:14.029 --> 00:06:14.039 align:start position:0% trust so here person a has 300 a circles 00:06:14.039 --> 00:06:16.270 align:start position:0% trust so here person a has 300 a circles and<00:06:14.280> kind<00:06:14.400> of<00:06:14.560> they<00:06:14.639> are<00:06:14.840> issuing<00:06:15.720> circles<00:06:16.160> at 00:06:16.270 --> 00:06:16.280 align:start position:0% and kind of they are issuing circles at 00:06:16.280 --> 00:06:18.790 align:start position:0% and kind of they are issuing circles at this<00:06:16.479> rate<00:06:16.639> of<00:06:16.759> one<00:06:16.960> per<00:06:17.120> hour<00:06:17.560> circles<00:06:18.479> person 00:06:18.790 --> 00:06:18.800 align:start position:0% this rate of one per hour circles person 00:06:18.800 --> 00:06:21.790 align:start position:0% this rate of one per hour circles person B<00:06:19.400> issues<00:06:19.840> B<00:06:20.080> circles<00:06:21.000> and<00:06:21.199> now<00:06:21.440> they<00:06:21.560> can 00:06:21.790 --> 00:06:21.800 align:start position:0% B issues B circles and now they can 00:06:21.800 --> 00:06:24.390 align:start position:0% B issues B circles and now they can trust<00:06:22.240> each<00:06:22.440> other<00:06:23.160> and<00:06:23.360> trusting<00:06:23.919> each<00:06:24.080> other 00:06:24.390 --> 00:06:24.400 align:start position:0% trust each other and trusting each other 00:06:24.400 --> 00:06:27.430 align:start position:0% trust each other and trusting each other means<00:06:25.120> they<00:06:25.240> are<00:06:25.440> willing<00:06:25.840> to<00:06:26.120> exchange<00:06:27.080> their 00:06:27.430 --> 00:06:27.440 align:start position:0% means they are willing to exchange their 00:06:27.440 --> 00:06:33.150 align:start position:0% means they are willing to exchange their circles<00:06:28.440> um<00:06:29.360> one<00:06:29.680> to<00:06:29.840> one<00:06:30.639> uh<00:06:30.919> meaning<00:06:31.919> B<00:06:32.280> is<00:06:32.639> is 00:06:33.150 --> 00:06:33.160 align:start position:0% circles um one to one uh meaning B is is 00:06:33.160 --> 00:06:35.230 align:start position:0% circles um one to one uh meaning B is is accepting<00:06:33.800> a<00:06:34.039> circles<00:06:34.479> and<00:06:34.599> is<00:06:34.720> willing<00:06:34.960> to 00:06:35.230 --> 00:06:35.240 align:start position:0% accepting a circles and is willing to 00:06:35.240 --> 00:06:37.830 align:start position:0% accepting a circles and is willing to exchange<00:06:36.240> either<00:06:36.520> accept<00:06:36.840> them<00:06:37.039> or<00:06:37.360> exchange 00:06:37.830 --> 00:06:37.840 align:start position:0% exchange either accept them or exchange 00:06:37.840 --> 00:06:39.670 align:start position:0% exchange either accept them or exchange them<00:06:38.039> against<00:06:38.440> any<00:06:38.639> other<00:06:38.880> Circle<00:06:39.280> they<00:06:39.400> hold 00:06:39.670 --> 00:06:39.680 align:start position:0% them against any other Circle they hold 00:06:39.680 --> 00:06:43.270 align:start position:0% them against any other Circle they hold in<00:06:39.840> this<00:06:40.039> case<00:06:40.840> um<00:06:41.120> also<00:06:41.360> B<00:06:41.599> circles<00:06:42.440> so<00:06:42.759> here 00:06:43.270 --> 00:06:43.280 align:start position:0% in this case um also B circles so here 00:06:43.280 --> 00:06:46.029 align:start position:0% in this case um also B circles so here let's<00:06:43.479> say<00:06:43.800> a<00:06:44.039> wants<00:06:44.280> to<00:06:44.440> do<00:06:44.639> a<00:06:45.160> a<00:06:45.280> transfer<00:06:45.880> to 00:06:46.029 --> 00:06:46.039 align:start position:0% let's say a wants to do a a transfer to 00:06:46.039 --> 00:06:48.749 align:start position:0% let's say a wants to do a a transfer to C<00:06:46.680> and<00:06:46.800> the<00:06:46.960> important<00:06:47.360> part<00:06:47.560> is<00:06:47.919> C<00:06:48.400> doesn't 00:06:48.749 --> 00:06:48.759 align:start position:0% C and the important part is C doesn't 00:06:48.759 --> 00:06:52.189 align:start position:0% C and the important part is C doesn't need<00:06:48.960> to<00:06:49.160> know<00:06:49.639> a<00:06:50.039> or<00:06:50.360> trust<00:06:50.800> a<00:06:51.400> but<00:06:51.599> as<00:06:51.759> long<00:06:52.000> as 00:06:52.189 --> 00:06:52.199 align:start position:0% need to know a or trust a but as long as 00:06:52.199 --> 00:06:55.430 align:start position:0% need to know a or trust a but as long as there's<00:06:52.400> a<00:06:52.599> pass<00:06:52.960> between<00:06:53.280> the<00:06:53.440> two<00:06:54.319> then<00:06:55.039> a 00:06:55.430 --> 00:06:55.440 align:start position:0% there's a pass between the two then a 00:06:55.440 --> 00:07:01.029 align:start position:0% there's a pass between the two then a can<00:06:55.759> send<00:06:56.759> 100<00:06:57.720> a<00:06:58.080> circles<00:06:58.599> to<00:06:58.840> B<00:06:59.960> and<00:07:00.520> B 00:07:01.029 --> 00:07:01.039 align:start position:0% can send 100 a circles to B and B 00:07:01.039 --> 00:07:04.029 align:start position:0% can send 100 a circles to B and B because<00:07:01.440> they<00:07:01.560> are<00:07:01.800> willing<00:07:02.199> to<00:07:02.840> um<00:07:03.840> yeah 00:07:04.029 --> 00:07:04.039 align:start position:0% because they are willing to um yeah 00:07:04.039 --> 00:07:06.110 align:start position:0% because they are willing to um yeah exchange<00:07:04.400> a<00:07:04.599> circles<00:07:04.879> for<00:07:05.039> B<00:07:05.199> circles<00:07:05.560> can 00:07:06.110 --> 00:07:06.120 align:start position:0% exchange a circles for B circles can 00:07:06.120 --> 00:07:09.070 align:start position:0% exchange a circles for B circles can forward<00:07:07.120> uh<00:07:07.360> 100<00:07:07.800> B<00:07:08.120> circles<00:07:08.520> and<00:07:08.680> that's<00:07:08.879> very 00:07:09.070 --> 00:07:09.080 align:start position:0% forward uh 100 B circles and that's very 00:07:09.080 --> 00:07:11.550 align:start position:0% forward uh 100 B circles and that's very important<00:07:09.520> that<00:07:09.680> they<00:07:09.840> forward<00:07:10.280> B<00:07:10.560> circles<00:07:11.479> uh 00:07:11.550 --> 00:07:11.560 align:start position:0% important that they forward B circles uh 00:07:11.560 --> 00:07:15.230 align:start position:0% important that they forward B circles uh to<00:07:11.759> C<00:07:12.440> so<00:07:12.759> C<00:07:13.440> is<00:07:13.879> person<00:07:14.120> C<00:07:14.360> is<00:07:14.520> just<00:07:14.960> receiving 00:07:15.230 --> 00:07:15.240 align:start position:0% to C so C is person C is just receiving 00:07:15.240 --> 00:07:17.950 align:start position:0% to C so C is person C is just receiving B<00:07:15.560> circles<00:07:16.039> so<00:07:16.560> circles<00:07:17.000> from<00:07:17.199> a<00:07:17.400> person<00:07:17.759> they 00:07:17.950 --> 00:07:17.960 align:start position:0% B circles so circles from a person they 00:07:17.960 --> 00:07:21.790 align:start position:0% B circles so circles from a person they trust<00:07:18.759> so<00:07:19.440> whether<00:07:19.759> a<00:07:20.160> exists<00:07:20.680> or<00:07:20.919> not<00:07:21.360> is<00:07:21.560> not 00:07:21.790 --> 00:07:21.800 align:start position:0% trust so whether a exists or not is not 00:07:21.800 --> 00:07:24.189 align:start position:0% trust so whether a exists or not is not relevant<00:07:22.319> to<00:07:22.520> C<00:07:22.960> because<00:07:23.759> from<00:07:23.960> their 00:07:24.189 --> 00:07:24.199 align:start position:0% relevant to C because from their 00:07:24.199 --> 00:07:26.309 align:start position:0% relevant to C because from their perspective<00:07:24.720> they<00:07:24.879> just<00:07:25.080> got<00:07:25.319> paid<00:07:25.759> circles 00:07:26.309 --> 00:07:26.319 align:start position:0% perspective they just got paid circles 00:07:26.319 --> 00:07:29.350 align:start position:0% perspective they just got paid circles from<00:07:26.520> a<00:07:26.720> person<00:07:27.160> they<00:07:27.360> trust<00:07:28.240> so<00:07:28.840> whether<00:07:29.080> a<00:07:29.240> is 00:07:29.350 --> 00:07:29.360 align:start position:0% from a person they trust so whether a is 00:07:29.360 --> 00:07:31.790 align:start position:0% from a person they trust so whether a is the<00:07:29.879> is<00:07:30.000> a<00:07:30.120> fake<00:07:30.360> account<00:07:30.639> or<00:07:30.800> not<00:07:31.120> is<00:07:31.360> is<00:07:31.599> is 00:07:31.790 --> 00:07:31.800 align:start position:0% the is a fake account or not is is is 00:07:31.800 --> 00:07:36.029 align:start position:0% the is a fake account or not is is is not<00:07:32.720> um<00:07:33.720> um<00:07:34.120> affecting<00:07:34.919> C<00:07:35.280> and<00:07:35.400> we<00:07:35.520> will<00:07:35.720> see 00:07:36.029 --> 00:07:36.039 align:start position:0% not um um affecting C and we will see 00:07:36.039 --> 00:07:38.270 align:start position:0% not um um affecting C and we will see those<00:07:36.440> those<00:07:36.720> those<00:07:36.919> things<00:07:37.720> uh<00:07:37.840> even<00:07:38.039> in<00:07:38.160> a 00:07:38.270 --> 00:07:38.280 align:start position:0% those those those things uh even in a 00:07:38.280 --> 00:07:41.390 align:start position:0% those those those things uh even in a larger<00:07:38.759> graph<00:07:39.759> summary<00:07:40.240> three<00:07:40.599> real<00:07:41.160> three 00:07:41.390 --> 00:07:41.400 align:start position:0% larger graph summary three real three 00:07:41.400 --> 00:07:43.110 align:start position:0% larger graph summary three real three rules<00:07:41.639> of<00:07:41.759> circles<00:07:42.160> that's<00:07:42.319> all<00:07:42.520> what<00:07:42.639> circles 00:07:43.110 --> 00:07:43.120 align:start position:0% rules of circles that's all what circles 00:07:43.120 --> 00:07:46.029 align:start position:0% rules of circles that's all what circles defines<00:07:43.680> issuance<00:07:44.159> one<00:07:44.319> per<00:07:44.479> hour<00:07:44.720> 7%<00:07:45.240> demage 00:07:46.029 --> 00:07:46.039 align:start position:0% defines issuance one per hour 7% demage 00:07:46.039 --> 00:07:48.950 align:start position:0% defines issuance one per hour 7% demage and<00:07:46.280> this<00:07:46.680> um<00:07:47.280> trust<00:07:47.639> system<00:07:48.000> that<00:07:48.120> I<00:07:48.360> just 00:07:48.950 --> 00:07:48.960 align:start position:0% and this um trust system that I just 00:07:48.960 --> 00:07:51.869 align:start position:0% and this um trust system that I just described<00:07:49.960> now<00:07:50.599> um<00:07:50.720> circles<00:07:51.159> is<00:07:51.280> a<00:07:51.440> system 00:07:51.869 --> 00:07:51.879 align:start position:0% described now um circles is a system 00:07:51.879 --> 00:07:56.189 align:start position:0% described now um circles is a system that<00:07:52.120> was<00:07:52.280> launched<00:07:52.840> in<00:07:53.280> October<00:07:54.280> uh<00:07:54.720> um<00:07:55.280> 2020 00:07:56.189 --> 00:07:56.199 align:start position:0% that was launched in October uh um 2020 00:07:56.199 --> 00:07:59.830 align:start position:0% that was launched in October uh um 2020 and<00:07:56.560> here<00:07:56.759> is<00:07:57.319> how<00:07:57.479> it<00:07:57.599> looked<00:07:57.879> like<00:07:58.639> after<00:07:59.680> uh 00:07:59.830 --> 00:07:59.840 align:start position:0% and here is how it looked like after uh 00:07:59.840 --> 00:08:01.990 align:start position:0% and here is how it looked like after uh a<00:07:59.960> couple<00:08:00.199> of<00:08:00.360> hours<00:08:01.039> so<00:08:01.319> this<00:08:01.440> is<00:08:01.639> how<00:08:01.800> the 00:08:01.990 --> 00:08:02.000 align:start position:0% a couple of hours so this is how the 00:08:02.000 --> 00:08:05.110 align:start position:0% a couple of hours so this is how the trust<00:08:02.360> graph<00:08:02.639> formed<00:08:03.120> after<00:08:03.759> some<00:08:04.000> hours<00:08:04.919> that 00:08:05.110 --> 00:08:05.120 align:start position:0% trust graph formed after some hours that 00:08:05.120 --> 00:08:09.270 align:start position:0% trust graph formed after some hours that was<00:08:05.680> after<00:08:06.680> um<00:08:07.159> a<00:08:07.319> day<00:08:08.039> and<00:08:08.240> that<00:08:08.440> was<00:08:09.039> that's 00:08:09.270 --> 00:08:09.280 align:start position:0% was after um a day and that was that's 00:08:09.280 --> 00:08:13.110 align:start position:0% was after um a day and that was that's how<00:08:09.440> the<00:08:09.560> trust<00:08:09.919> graph<00:08:10.599> looked<00:08:11.039> after<00:08:11.960> um<00:08:12.840> uh<00:08:13.000> a 00:08:13.110 --> 00:08:13.120 align:start position:0% how the trust graph looked after um uh a 00:08:13.120 --> 00:08:14.270 align:start position:0% how the trust graph looked after um uh a couple<00:08:13.360> of 00:08:14.270 --> 00:08:14.280 align:start position:0% couple of 00:08:14.280 --> 00:08:17.189 align:start position:0% couple of weeks<00:08:15.280> so<00:08:15.560> we<00:08:15.680> have<00:08:15.879> that<00:08:16.159> amazing<00:08:16.919> trust 00:08:17.189 --> 00:08:17.199 align:start position:0% weeks so we have that amazing trust 00:08:17.199 --> 00:08:20.990 align:start position:0% weeks so we have that amazing trust graph<00:08:17.520> already<00:08:17.840> with<00:08:18.319> um<00:08:18.919> over<00:08:19.599> 100,000<00:08:20.599> um 00:08:20.990 --> 00:08:21.000 align:start position:0% graph already with um over 100,000 um 00:08:21.000 --> 00:08:24.830 align:start position:0% graph already with um over 100,000 um well<00:08:21.280> hopefully<00:08:21.680> mostly<00:08:22.199> people<00:08:23.440> um<00:08:24.440> and<00:08:24.639> here 00:08:24.830 --> 00:08:24.840 align:start position:0% well hopefully mostly people um and here 00:08:24.840 --> 00:08:27.189 align:start position:0% well hopefully mostly people um and here just<00:08:25.120> just<00:08:25.240> a<00:08:25.360> real<00:08:25.560> world<00:08:25.840> example<00:08:26.240> so<00:08:26.520> then 00:08:27.189 --> 00:08:27.199 align:start position:0% just just a real world example so then 00:08:27.199 --> 00:08:28.950 align:start position:0% just just a real world example so then circles<00:08:27.560> went<00:08:27.759> into<00:08:27.960> a<00:08:28.080> period<00:08:28.440> of<00:08:28.680> of<00:08:28.840> of 00:08:28.950 --> 00:08:28.960 align:start position:0% circles went into a period of of of 00:08:28.960 --> 00:08:31.230 align:start position:0% circles went into a period of of of trying<00:08:29.240> to<00:08:29.680> to<00:08:29.800> make<00:08:30.039> that<00:08:30.240> form<00:08:30.479> of<00:08:30.919> money 00:08:31.230 --> 00:08:31.240 align:start position:0% trying to to make that form of money 00:08:31.240 --> 00:08:34.630 align:start position:0% trying to to make that form of money work<00:08:31.759> here<00:08:31.960> is<00:08:32.240> the<00:08:33.240> a<00:08:33.719> basket<00:08:34.159> on<00:08:34.279> a<00:08:34.440> on<00:08:34.519> a 00:08:34.630 --> 00:08:34.640 align:start position:0% work here is the a basket on a on a 00:08:34.640 --> 00:08:37.870 align:start position:0% work here is the a basket on a on a farmers<00:08:35.080> market<00:08:35.479> that<00:08:35.640> sold<00:08:36.000> for<00:08:36.719> 450<00:08:37.719> um 00:08:37.870 --> 00:08:37.880 align:start position:0% farmers market that sold for 450 um 00:08:37.880 --> 00:08:39.909 align:start position:0% farmers market that sold for 450 um circles<00:08:38.719> and<00:08:38.959> here<00:08:39.080> is<00:08:39.360> an<00:08:39.560> actual 00:08:39.909 --> 00:08:39.919 align:start position:0% circles and here is an actual 00:08:39.919 --> 00:08:43.110 align:start position:0% circles and here is an actual transaction<00:08:40.519> of<00:08:40.800> on<00:08:40.919> the<00:08:41.080> left<00:08:41.320> side<00:08:41.640> me<00:08:42.640> um 00:08:43.110 --> 00:08:43.120 align:start position:0% transaction of on the left side me um 00:08:43.120 --> 00:08:46.750 align:start position:0% transaction of on the left side me um transacting<00:08:43.880> to<00:08:44.240> that<00:08:44.959> um<00:08:45.279> yeah<00:08:45.480> Power<00:08:45.800> direct 00:08:46.750 --> 00:08:46.760 align:start position:0% transacting to that um yeah Power direct 00:08:46.760 --> 00:08:49.829 align:start position:0% transacting to that um yeah Power direct this<00:08:46.920> is<00:08:47.160> Farmers<00:08:47.600> Market<00:08:48.360> and<00:08:48.680> because<00:08:49.200> they 00:08:49.829 --> 00:08:49.839 align:start position:0% this is Farmers Market and because they 00:08:49.839 --> 00:08:51.710 align:start position:0% this is Farmers Market and because they didn't<00:08:50.080> know<00:08:50.279> me<00:08:50.480> they<00:08:50.600> didn't<00:08:50.839> trust<00:08:51.120> me<00:08:51.519> but 00:08:51.710 --> 00:08:51.720 align:start position:0% didn't know me they didn't trust me but 00:08:51.720 --> 00:08:54.269 align:start position:0% didn't know me they didn't trust me but they<00:08:51.920> trusted<00:08:52.480> those<00:08:53.160> uh<00:08:53.279> entities<00:08:53.959> and<00:08:54.120> there 00:08:54.269 --> 00:08:54.279 align:start position:0% they trusted those uh entities and there 00:08:54.279 --> 00:08:56.509 align:start position:0% they trusted those uh entities and there is<00:08:54.440> essentially<00:08:54.880> this<00:08:55.080> trust<00:08:55.480> pass<00:08:56.040> so<00:08:56.279> that 00:08:56.509 --> 00:08:56.519 align:start position:0% is essentially this trust pass so that 00:08:56.519 --> 00:08:58.389 align:start position:0% is essentially this trust pass so that that<00:08:56.680> that's<00:08:56.920> how<00:08:57.240> how<00:08:57.360> a<00:08:57.480> trust<00:08:57.800> pass<00:08:58.040> or 00:08:58.389 --> 00:08:58.399 align:start position:0% that that's how how a trust pass or 00:08:58.399 --> 00:09:02.069 align:start position:0% that that's how how a trust pass or concretely<00:08:58.800> a<00:08:58.880> circle<00:08:59.440> section<00:09:00.040> looked<00:09:00.839> um<00:09:01.839> uh 00:09:02.069 --> 00:09:02.079 align:start position:0% concretely a circle section looked um uh 00:09:02.079 --> 00:09:04.150 align:start position:0% concretely a circle section looked um uh in<00:09:02.720> in<00:09:03.079> in<00:09:03.240> in 00:09:04.150 --> 00:09:04.160 align:start position:0% in in in in 00:09:04.160 --> 00:09:07.910 align:start position:0% in in in in practice<00:09:05.160> so<00:09:05.440> now 00:09:07.910 --> 00:09:07.920 align:start position:0% practice so now 00:09:07.920 --> 00:09:12.150 align:start position:0% practice so now um<00:09:09.120> yeah<00:09:10.120> essentially<00:09:10.640> circles<00:09:11.360> creates<00:09:11.800> as<00:09:11.920> a 00:09:12.150 --> 00:09:12.160 align:start position:0% um yeah essentially circles creates as a 00:09:12.160 --> 00:09:15.150 align:start position:0% um yeah essentially circles creates as a byproduct<00:09:13.160> uh<00:09:13.320> a<00:09:13.440> digital<00:09:13.839> identity<00:09:14.440> system 00:09:15.150 --> 00:09:15.160 align:start position:0% byproduct uh a digital identity system 00:09:15.160 --> 00:09:17.670 align:start position:0% byproduct uh a digital identity system and<00:09:15.440> we<00:09:15.560> would<00:09:15.800> argue<00:09:16.560> that<00:09:16.680> it<00:09:16.839> does<00:09:17.440> that 00:09:17.670 --> 00:09:17.680 align:start position:0% and we would argue that it does that 00:09:17.680 --> 00:09:19.389 align:start position:0% and we would argue that it does that well<00:09:18.000> because<00:09:18.240> it's<00:09:18.440> not<00:09:18.600> the<00:09:18.839> primary 00:09:19.389 --> 00:09:19.399 align:start position:0% well because it's not the primary 00:09:19.399 --> 00:09:22.430 align:start position:0% well because it's not the primary objective<00:09:19.959> or<00:09:20.279> more<00:09:21.079> so<00:09:21.360> speaking<00:09:21.959> so<00:09:22.120> we<00:09:22.240> are 00:09:22.430 --> 00:09:22.440 align:start position:0% objective or more so speaking so we are 00:09:22.440 --> 00:09:25.230 align:start position:0% objective or more so speaking so we are creating<00:09:22.920> this<00:09:23.279> um<00:09:23.760> web<00:09:24.000> of<00:09:24.160> trust<00:09:24.880> but<00:09:25.040> in 00:09:25.230 --> 00:09:25.240 align:start position:0% creating this um web of trust but in 00:09:25.240 --> 00:09:27.790 align:start position:0% creating this um web of trust but in previous<00:09:25.640> approaches<00:09:26.160> let's<00:09:26.320> say<00:09:26.560> pgp<00:09:27.560> um 00:09:27.790 --> 00:09:27.800 align:start position:0% previous approaches let's say pgp um 00:09:27.800 --> 00:09:29.829 align:start position:0% previous approaches let's say pgp um trusting<00:09:28.320> someone<00:09:28.760> didn't<00:09:29.079> NE<00:09:29.360> necessarily 00:09:29.829 --> 00:09:29.839 align:start position:0% trusting someone didn't NE necessarily 00:09:29.839 --> 00:09:31.949 align:start position:0% trusting someone didn't NE necessarily had<00:09:29.959> an<00:09:30.160> economic<00:09:30.600> meaning<00:09:31.200> in<00:09:31.360> circles<00:09:31.800> it 00:09:31.949 --> 00:09:31.959 align:start position:0% had an economic meaning in circles it 00:09:31.959 --> 00:09:33.790 align:start position:0% had an economic meaning in circles it does<00:09:32.240> have<00:09:32.360> an<00:09:32.519> economic<00:09:32.959> meaning<00:09:33.399> because<00:09:33.640> it 00:09:33.790 --> 00:09:33.800 align:start position:0% does have an economic meaning because it 00:09:33.800 --> 00:09:37.269 align:start position:0% does have an economic meaning because it says<00:09:34.240> yeah<00:09:34.560> I'm<00:09:35.120> I'm<00:09:35.320> willing<00:09:35.640> to<00:09:36.040> exchange<00:09:37.040> um 00:09:37.269 --> 00:09:37.279 align:start position:0% says yeah I'm I'm willing to exchange um 00:09:37.279 --> 00:09:39.829 align:start position:0% says yeah I'm I'm willing to exchange um I'm<00:09:37.480> willing<00:09:37.800> to<00:09:38.480> uh<00:09:38.680> accept<00:09:39.320> the<00:09:39.399> circles 00:09:39.829 --> 00:09:39.839 align:start position:0% I'm willing to uh accept the circles 00:09:39.839 --> 00:09:41.350 align:start position:0% I'm willing to uh accept the circles from<00:09:40.120> that<00:09:40.279> person<00:09:40.600> that<00:09:40.800> that<00:09:40.959> person's 00:09:41.350 --> 00:09:41.360 align:start position:0% from that person that that person's 00:09:41.360 --> 00:09:43.389 align:start position:0% from that person that that person's issues<00:09:42.120> and<00:09:42.440> I'm<00:09:42.560> willing<00:09:42.760> to<00:09:42.920> exchange<00:09:43.200> it 00:09:43.389 --> 00:09:43.399 align:start position:0% issues and I'm willing to exchange it 00:09:43.399 --> 00:09:45.509 align:start position:0% issues and I'm willing to exchange it against<00:09:43.720> any<00:09:43.880> Circle<00:09:44.240> I<00:09:44.360> hold<00:09:44.880> and<00:09:45.000> if<00:09:45.120> I<00:09:45.240> do 00:09:45.509 --> 00:09:45.519 align:start position:0% against any Circle I hold and if I do 00:09:45.519 --> 00:09:48.030 align:start position:0% against any Circle I hold and if I do that<00:09:45.640> too<00:09:45.880> Loosely<00:09:46.440> so<00:09:46.640> let's<00:09:46.839> say<00:09:47.480> a<00:09:47.680> random 00:09:48.030 --> 00:09:48.040 align:start position:0% that too Loosely so let's say a random 00:09:48.040 --> 00:09:50.590 align:start position:0% that too Loosely so let's say a random telegram<00:09:48.959> uh<00:09:49.120> Channel<00:09:49.839> someone<00:09:50.120> says<00:09:50.440> yeah 00:09:50.590 --> 00:09:50.600 align:start position:0% telegram uh Channel someone says yeah 00:09:50.600 --> 00:09:52.230 align:start position:0% telegram uh Channel someone says yeah can<00:09:50.720> you<00:09:50.880> please<00:09:51.079> trust<00:09:51.320> me<00:09:51.440> and<00:09:51.560> I<00:09:51.720> if<00:09:51.839> I<00:09:52.079> then 00:09:52.230 --> 00:09:52.240 align:start position:0% can you please trust me and I if I then 00:09:52.240 --> 00:09:54.470 align:start position:0% can you please trust me and I if I then do<00:09:52.519> that<00:09:53.200> essentially<00:09:53.760> what<00:09:53.880> it<00:09:54.040> will<00:09:54.360> what 00:09:54.470 --> 00:09:54.480 align:start position:0% do that essentially what it will what 00:09:54.480 --> 00:09:55.990 align:start position:0% do that essentially what it will what will<00:09:54.680> happen<00:09:54.920> is<00:09:55.120> that<00:09:55.279> I<00:09:55.360> will<00:09:55.519> lose<00:09:55.760> all<00:09:55.880> my 00:09:55.990 --> 00:09:56.000 align:start position:0% will happen is that I will lose all my 00:09:56.000 --> 00:09:58.389 align:start position:0% will happen is that I will lose all my circles<00:09:56.640> because<00:09:57.200> sooner<00:09:57.519> or<00:09:57.680> later<00:09:58.040> Bots 00:09:58.389 --> 00:09:58.399 align:start position:0% circles because sooner or later Bots 00:09:58.399 --> 00:10:01.310 align:start position:0% circles because sooner or later Bots will<00:09:58.720> come<00:09:58.959> and<00:09:59.440> and<00:09:59.800> um<00:10:00.440> and<00:10:00.880> um<00:10:01.160> yeah 00:10:01.310 --> 00:10:01.320 align:start position:0% will come and and um and um yeah 00:10:01.320 --> 00:10:03.710 align:start position:0% will come and and um and um yeah generate<00:10:01.760> circles<00:10:02.279> if<00:10:02.399> I<00:10:02.519> trust<00:10:02.880> them<00:10:03.399> then<00:10:03.560> I 00:10:03.710 --> 00:10:03.720 align:start position:0% generate circles if I trust them then I 00:10:03.720 --> 00:10:05.670 align:start position:0% generate circles if I trust them then I end<00:10:03.959> up<00:10:04.200> with<00:10:04.399> their<00:10:04.600> circles<00:10:05.079> that<00:10:05.279> no<00:10:05.440> one 00:10:05.670 --> 00:10:05.680 align:start position:0% end up with their circles that no one 00:10:05.680 --> 00:10:10.190 align:start position:0% end up with their circles that no one else<00:10:06.560> uh<00:10:06.640> in<00:10:06.760> the<00:10:07.240> network<00:10:08.240> um<00:10:09.079> uh<00:10:09.320> once<00:10:10.000> so 00:10:10.190 --> 00:10:10.200 align:start position:0% else uh in the network um uh once so 00:10:10.200 --> 00:10:13.069 align:start position:0% else uh in the network um uh once so essentially<00:10:10.640> I<00:10:10.800> end<00:10:11.000> up<00:10:11.160> with<00:10:11.320> unspin<00:10:12.079> circles 00:10:13.069 --> 00:10:13.079 align:start position:0% essentially I end up with unspin circles 00:10:13.079 --> 00:10:14.949 align:start position:0% essentially I end up with unspin circles which<00:10:13.200> is<00:10:13.399> equivalent<00:10:13.839> to<00:10:14.160> I<00:10:14.320> I<00:10:14.399> lose<00:10:14.680> all<00:10:14.839> my 00:10:14.949 --> 00:10:14.959 align:start position:0% which is equivalent to I I lose all my 00:10:14.959 --> 00:10:18.430 align:start position:0% which is equivalent to I I lose all my circles<00:10:15.839> so<00:10:16.160> long<00:10:16.320> story<00:10:16.600> short<00:10:17.240> um<00:10:17.640> trust<00:10:18.120> has 00:10:18.430 --> 00:10:18.440 align:start position:0% circles so long story short um trust has 00:10:18.440 --> 00:10:21.550 align:start position:0% circles so long story short um trust has economic<00:10:19.079> meaning<00:10:19.440> in<00:10:19.760> circles 00:10:21.550 --> 00:10:21.560 align:start position:0% economic meaning in circles 00:10:21.560 --> 00:10:24.310 align:start position:0% economic meaning in circles um<00:10:22.560> but<00:10:22.880> yeah<00:10:23.040> of<00:10:23.160> course<00:10:23.360> the<00:10:23.519> important<00:10:23.959> part 00:10:24.310 --> 00:10:24.320 align:start position:0% um but yeah of course the important part 00:10:24.320 --> 00:10:27.350 align:start position:0% um but yeah of course the important part is<00:10:25.000> uh<00:10:25.079> circus<00:10:25.519> doesn't<00:10:26.440> create<00:10:26.720> an<00:10:26.920> absolute 00:10:27.350 --> 00:10:27.360 align:start position:0% is uh circus doesn't create an absolute 00:10:27.360 --> 00:10:29.550 align:start position:0% is uh circus doesn't create an absolute identity<00:10:27.839> it<00:10:28.040> always<00:10:28.360> creates<00:10:28.720> a<00:10:28.920> relative 00:10:29.550 --> 00:10:29.560 align:start position:0% identity it always creates a relative 00:10:29.560 --> 00:10:32.069 align:start position:0% identity it always creates a relative identity<00:10:30.040> so<00:10:30.600> relative<00:10:31.040> to<00:10:31.279> that<00:10:31.519> group<00:10:31.880> that 00:10:32.069 --> 00:10:32.079 align:start position:0% identity so relative to that group that 00:10:32.079 --> 00:10:34.829 align:start position:0% identity so relative to that group that initial<00:10:32.480> set<00:10:33.000> you<00:10:33.160> can<00:10:33.360> say<00:10:33.720> those<00:10:34.360> accounts 00:10:34.829 --> 00:10:34.839 align:start position:0% initial set you can say those accounts 00:10:34.839 --> 00:10:37.230 align:start position:0% initial set you can say those accounts are<00:10:35.040> likely<00:10:35.360> human<00:10:36.200> are<00:10:36.320> likely<00:10:36.600> human<00:10:36.880> but<00:10:37.040> my 00:10:37.230 --> 00:10:37.240 align:start position:0% are likely human are likely human but my 00:10:37.240 --> 00:10:39.190 align:start position:0% are likely human are likely human but my take<00:10:37.519> would<00:10:37.720> be<00:10:38.399> that<00:10:38.639> I<00:10:38.720> think<00:10:38.880> there<00:10:38.959> are 00:10:39.190 --> 00:10:39.200 align:start position:0% take would be that I think there are 00:10:39.200 --> 00:10:41.750 align:start position:0% take would be that I think there are very<00:10:39.480> very<00:10:39.720> few<00:10:40.320> uh<00:10:40.440> use<00:10:40.760> cases<00:10:41.000> for<00:10:41.320> absolute 00:10:41.750 --> 00:10:41.760 align:start position:0% very very few uh use cases for absolute 00:10:41.760 --> 00:10:43.509 align:start position:0% very very few uh use cases for absolute identity<00:10:42.160> and<00:10:42.320> in<00:10:42.480> absolutely<00:10:42.959> most<00:10:43.240> cases 00:10:43.509 --> 00:10:43.519 align:start position:0% identity and in absolutely most cases 00:10:43.519 --> 00:10:45.430 align:start position:0% identity and in absolutely most cases you<00:10:43.639> want<00:10:43.880> relative<00:10:44.279> identity<00:10:44.720> but<00:10:45.079> probably 00:10:45.430 --> 00:10:45.440 align:start position:0% you want relative identity but probably 00:10:45.440 --> 00:10:47.470 align:start position:0% you want relative identity but probably we<00:10:45.560> can<00:10:45.760> discuss<00:10:46.279> that<00:10:46.680> uh<00:10:46.760> also<00:10:47.000> more<00:10:47.200> on<00:10:47.320> the 00:10:47.470 --> 00:10:47.480 align:start position:0% we can discuss that uh also more on the 00:10:47.480 --> 00:10:51.190 align:start position:0% we can discuss that uh also more on the panel<00:10:48.079> later<00:10:49.000> last<00:10:49.360> part<00:10:50.079> uh<00:10:50.240> we<00:10:50.360> are<00:10:51.079> um 00:10:51.190 --> 00:10:51.200 align:start position:0% panel later last part uh we are um 00:10:51.200 --> 00:10:53.550 align:start position:0% panel later last part uh we are um upgrading<00:10:51.680> circles<00:10:52.120> slightly<00:10:52.480> to<00:10:52.639> circles<00:10:53.440> uh 00:10:53.550 --> 00:10:53.560 align:start position:0% upgrading circles slightly to circles uh 00:10:53.560 --> 00:10:55.829 align:start position:0% upgrading circles slightly to circles uh 2.0<00:10:54.160> and<00:10:54.360> adding<00:10:54.720> another<00:10:55.200> layer<00:10:55.600> what<00:10:55.720> we 00:10:55.829 --> 00:10:55.839 align:start position:0% 2.0 and adding another layer what we 00:10:55.839 --> 00:10:57.829 align:start position:0% 2.0 and adding another layer what we call<00:10:56.120> groups<00:10:56.800> and<00:10:56.920> from<00:10:57.120> an<00:10:57.320> identity 00:10:57.829 --> 00:10:57.839 align:start position:0% call groups and from an identity 00:10:57.839 --> 00:10:59.750 align:start position:0% call groups and from an identity perspective<00:10:58.320> that<00:10:58.480> would<00:10:58.839> probably 00:10:59.750 --> 00:10:59.760 align:start position:0% perspective that would probably 00:10:59.760 --> 00:11:03.670 align:start position:0% perspective that would probably be<00:11:00.440> attestations<00:11:01.440> uh<00:11:01.639> here<00:11:01.920> just<00:11:02.120> one<00:11:02.320> more<00:11:02.839> so 00:11:03.670 --> 00:11:03.680 align:start position:0% be attestations uh here just one more so 00:11:03.680 --> 00:11:06.790 align:start position:0% be attestations uh here just one more so circles<00:11:04.680> is<00:11:05.079> or<00:11:05.279> there<00:11:05.399> is<00:11:05.880> this<00:11:06.399> tradeoff 00:11:06.790 --> 00:11:06.800 align:start position:0% circles is or there is this tradeoff 00:11:06.800 --> 00:11:09.190 align:start position:0% circles is or there is this tradeoff between<00:11:07.200> resilience<00:11:08.200> and<00:11:08.440> efficiency<00:11:08.959> and<00:11:09.120> I 00:11:09.190 --> 00:11:09.200 align:start position:0% between resilience and efficiency and I 00:11:09.200 --> 00:11:11.350 align:start position:0% between resilience and efficiency and I think<00:11:09.480> circuit<00:11:09.880> in<00:11:10.000> its<00:11:10.160> core<00:11:10.480> version<00:11:11.000> goes 00:11:11.350 --> 00:11:11.360 align:start position:0% think circuit in its core version goes 00:11:11.360 --> 00:11:13.710 align:start position:0% think circuit in its core version goes maximal<00:11:12.040> resilience<00:11:12.639> so<00:11:12.800> you<00:11:12.959> have<00:11:13.200> all<00:11:13.440> those 00:11:13.710 --> 00:11:13.720 align:start position:0% maximal resilience so you have all those 00:11:13.720 --> 00:11:16.350 align:start position:0% maximal resilience so you have all those different<00:11:14.560> currencies<00:11:15.079> and<00:11:15.680> the<00:11:15.839> idea<00:11:16.079> is 00:11:16.350 --> 00:11:16.360 align:start position:0% different currencies and the idea is 00:11:16.360 --> 00:11:18.550 align:start position:0% different currencies and the idea is okay<00:11:16.760> if<00:11:17.000> just<00:11:17.200> we<00:11:17.399> three<00:11:17.800> trust<00:11:18.160> each<00:11:18.320> other 00:11:18.550 --> 00:11:18.560 align:start position:0% okay if just we three trust each other 00:11:18.560 --> 00:11:20.949 align:start position:0% okay if just we three trust each other and<00:11:18.720> we<00:11:19.000> we<00:11:19.120> are<00:11:19.240> just<00:11:19.560> connected<00:11:20.560> uh<00:11:20.720> kind<00:11:20.839> of 00:11:20.949 --> 00:11:20.959 align:start position:0% and we we are just connected uh kind of 00:11:20.959 --> 00:11:23.750 align:start position:0% and we we are just connected uh kind of the<00:11:21.079> rest<00:11:21.240> of<00:11:21.360> the<00:11:21.480> world<00:11:22.160> uh<00:11:22.320> cannot<00:11:22.639> harm<00:11:23.120> us 00:11:23.750 --> 00:11:23.760 align:start position:0% the rest of the world uh cannot harm us 00:11:23.760 --> 00:11:25.389 align:start position:0% the rest of the world uh cannot harm us and<00:11:23.959> regardless<00:11:24.399> what<00:11:24.519> the<00:11:25.040> rest<00:11:25.200> of<00:11:25.279> the 00:11:25.389 --> 00:11:25.399 align:start position:0% and regardless what the rest of the 00:11:25.399 --> 00:11:26.790 align:start position:0% and regardless what the rest of the world<00:11:25.639> does<00:11:25.839> we<00:11:25.920> are<00:11:26.040> not<00:11:26.200> affected<00:11:26.600> that's 00:11:26.790 --> 00:11:26.800 align:start position:0% world does we are not affected that's 00:11:26.800 --> 00:11:29.509 align:start position:0% world does we are not affected that's maximum<00:11:27.279> resilient<00:11:27.839> but<00:11:28.480> not<00:11:28.760> very<00:11:29.000> efficient 00:11:29.509 --> 00:11:29.519 align:start position:0% maximum resilient but not very efficient 00:11:29.519 --> 00:11:31.590 align:start position:0% maximum resilient but not very efficient to<00:11:29.680> have<00:11:29.839> all<00:11:30.040> those<00:11:30.600> uh<00:11:31.120> so<00:11:31.320> we<00:11:31.440> are 00:11:31.590 --> 00:11:31.600 align:start position:0% to have all those uh so we are 00:11:31.600 --> 00:11:34.550 align:start position:0% to have all those uh so we are introducing<00:11:32.320> groups<00:11:33.160> which<00:11:33.720> allows<00:11:34.120> you<00:11:34.320> to 00:11:34.550 --> 00:11:34.560 align:start position:0% introducing groups which allows you to 00:11:34.560 --> 00:11:37.870 align:start position:0% introducing groups which allows you to pick<00:11:34.920> any<00:11:35.680> um<00:11:36.200> any<00:11:36.720> uh<00:11:36.920> sweet<00:11:37.279> spot<00:11:37.560> you<00:11:37.680> want 00:11:37.870 --> 00:11:37.880 align:start position:0% pick any um any uh sweet spot you want 00:11:37.880 --> 00:11:40.230 align:start position:0% pick any um any uh sweet spot you want on<00:11:38.040> this<00:11:38.480> resiliency<00:11:39.480> um<00:11:39.720> efficiency 00:11:40.230 --> 00:11:40.240 align:start position:0% on this resiliency um efficiency 00:11:40.240 --> 00:11:42.150 align:start position:0% on this resiliency um efficiency trade-off<00:11:40.959> so<00:11:41.160> groups<00:11:41.560> essentially<00:11:41.959> just 00:11:42.150 --> 00:11:42.160 align:start position:0% trade-off so groups essentially just 00:11:42.160 --> 00:11:43.990 align:start position:0% trade-off so groups essentially just allow<00:11:42.480> you<00:11:42.720> to<00:11:42.959> say<00:11:43.320> okay<00:11:43.480> you<00:11:43.600> give<00:11:43.800> some 00:11:43.990 --> 00:11:44.000 align:start position:0% allow you to say okay you give some 00:11:44.000 --> 00:11:45.910 align:start position:0% allow you to say okay you give some attestations<00:11:44.639> to<00:11:44.839> some<00:11:45.040> of<00:11:45.279> those<00:11:45.519> personal 00:11:45.910 --> 00:11:45.920 align:start position:0% attestations to some of those personal 00:11:45.920 --> 00:11:48.790 align:start position:0% attestations to some of those personal circles<00:11:46.760> and<00:11:47.040> kind<00:11:47.160> of<00:11:47.360> bch<00:11:47.720> them<00:11:48.079> together 00:11:48.790 --> 00:11:48.800 align:start position:0% circles and kind of bch them together 00:11:48.800 --> 00:11:52.829 align:start position:0% circles and kind of bch them together and<00:11:49.120> create<00:11:49.600> a<00:11:49.880> fungible<00:11:50.880> um<00:11:51.079> circles<00:11:52.079> uh<00:11:52.399> um 00:11:52.829 --> 00:11:52.839 align:start position:0% and create a fungible um circles uh um 00:11:52.839 --> 00:11:55.190 align:start position:0% and create a fungible um circles uh um for<00:11:53.120> that<00:11:53.360> group<00:11:53.800> so<00:11:54.279> you<00:11:54.480> can<00:11:54.720> have<00:11:54.920> here<00:11:55.079> on 00:11:55.190 --> 00:11:55.200 align:start position:0% for that group so you can have here on 00:11:55.200 --> 00:11:56.790 align:start position:0% for that group so you can have here on the<00:11:55.519> lowest<00:11:55.800> layer<00:11:56.120> those<00:11:56.320> individual 00:11:56.790 --> 00:11:56.800 align:start position:0% the lowest layer those individual 00:11:56.800 --> 00:11:59.030 align:start position:0% the lowest layer those individual circles<00:11:57.560> and<00:11:57.680> then<00:11:57.839> you<00:11:58.000> can<00:11:58.200> try<00:11:58.440> to<00:11:58.560> say<00:11:58.839> okay 00:11:59.030 --> 00:11:59.040 align:start position:0% circles and then you can try to say okay 00:11:59.040 --> 00:12:02.350 align:start position:0% circles and then you can try to say okay it's<00:11:59.399> let's<00:11:59.560> do<00:11:59.880> some<00:12:00.160> city<00:12:01.040> city<00:12:01.360> cir<00:12:01.720> or<00:12:02.079> some 00:12:02.350 --> 00:12:02.360 align:start position:0% it's let's do some city city cir or some 00:12:02.360 --> 00:12:05.069 align:start position:0% it's let's do some city city cir or some some<00:12:02.519> Regional<00:12:02.920> circles<00:12:03.680> you<00:12:03.880> can<00:12:04.120> go<00:12:04.360> higher 00:12:05.069 --> 00:12:05.079 align:start position:0% some Regional circles you can go higher 00:12:05.079 --> 00:12:07.030 align:start position:0% some Regional circles you can go higher Europe<00:12:05.639> and<00:12:05.760> you<00:12:05.880> could<00:12:06.120> go<00:12:06.279> all<00:12:06.440> the<00:12:06.560> way<00:12:06.839> up 00:12:07.030 --> 00:12:07.040 align:start position:0% Europe and you could go all the way up 00:12:07.040 --> 00:12:08.750 align:start position:0% Europe and you could go all the way up here<00:12:07.519> and<00:12:07.639> that<00:12:07.760> could<00:12:07.920> be<00:12:08.079> let's<00:12:08.279> say<00:12:08.560> even 00:12:08.750 --> 00:12:08.760 align:start position:0% here and that could be let's say even 00:12:08.760 --> 00:12:10.870 align:start position:0% here and that could be let's say even World<00:12:09.079> coin<00:12:09.279> or<00:12:09.399> World<00:12:09.639> ID<00:12:10.160> so<00:12:10.360> where<00:12:10.480> you<00:12:10.639> try 00:12:10.870 --> 00:12:10.880 align:start position:0% World coin or World ID so where you try 00:12:10.880 --> 00:12:13.230 align:start position:0% World coin or World ID so where you try to<00:12:11.200> have<00:12:11.440> this<00:12:11.920> this<00:12:12.200> this<00:12:12.440> largest<00:12:12.920> group 00:12:13.230 --> 00:12:13.240 align:start position:0% to have this this this largest group 00:12:13.240 --> 00:12:15.670 align:start position:0% to have this this this largest group which<00:12:13.360> would<00:12:13.560> be<00:12:13.800> most<00:12:14.680> um<00:12:14.959> which<00:12:15.399> would<00:12:15.519> be 00:12:15.670 --> 00:12:15.680 align:start position:0% which would be most um which would be 00:12:15.680 --> 00:12:17.590 align:start position:0% which would be most um which would be most<00:12:15.920> efficient<00:12:16.279> to<00:12:16.440> just<00:12:16.600> have<00:12:16.760> one<00:12:17.000> group 00:12:17.590 --> 00:12:17.600 align:start position:0% most efficient to just have one group 00:12:17.600 --> 00:12:20.430 align:start position:0% most efficient to just have one group but<00:12:18.040> I<00:12:18.120> would<00:12:18.320> argue<00:12:18.639> also<00:12:18.880> least 00:12:20.430 --> 00:12:20.440 align:start position:0% but I would argue also least 00:12:20.440 --> 00:12:24.150 align:start position:0% but I would argue also least resilient<00:12:21.440> uh<00:12:21.680> so<00:12:22.120> yeah<00:12:22.399> just<00:12:22.639> here<00:12:23.160> uh<00:12:23.399> if<00:12:23.560> you 00:12:24.150 --> 00:12:24.160 align:start position:0% resilient uh so yeah just here uh if you 00:12:24.160 --> 00:12:26.350 align:start position:0% resilient uh so yeah just here uh if you if<00:12:24.240> you<00:12:24.560> trusted<00:12:24.959> by<00:12:25.079> a<00:12:25.160> group<00:12:25.440> you<00:12:25.560> can<00:12:26.079> turn 00:12:26.350 --> 00:12:26.360 align:start position:0% if you trusted by a group you can turn 00:12:26.360 --> 00:12:28.430 align:start position:0% if you trusted by a group you can turn your<00:12:26.600> personal<00:12:27.000> circles<00:12:27.560> into<00:12:27.880> a<00:12:28.160> kind<00:12:28.279> of 00:12:28.430 --> 00:12:28.440 align:start position:0% your personal circles into a kind of 00:12:28.440 --> 00:12:30.310 align:start position:0% your personal circles into a kind of Vault<00:12:28.800> contract<00:12:29.240> and<00:12:29.399> issue<00:12:29.680> the<00:12:29.839> equivalent 00:12:30.310 --> 00:12:30.320 align:start position:0% Vault contract and issue the equivalent 00:12:30.320 --> 00:12:32.750 align:start position:0% Vault contract and issue the equivalent amount<00:12:31.120> um<00:12:31.519> of<00:12:31.680> group<00:12:31.920> circles<00:12:32.360> and<00:12:32.440> you<00:12:32.560> can 00:12:32.750 --> 00:12:32.760 align:start position:0% amount um of group circles and you can 00:12:32.760 --> 00:12:34.910 align:start position:0% amount um of group circles and you can even<00:12:33.000> do<00:12:33.240> that<00:12:33.600> so<00:12:33.839> here<00:12:34.120> person<00:12:34.399> B<00:12:34.600> is<00:12:34.720> not 00:12:34.910 --> 00:12:34.920 align:start position:0% even do that so here person B is not 00:12:34.920 --> 00:12:36.389 align:start position:0% even do that so here person B is not trusted<00:12:35.360> but<00:12:35.480> they 00:12:36.389 --> 00:12:36.399 align:start position:0% trusted but they 00:12:36.399 --> 00:12:39.430 align:start position:0% trusted but they hold<00:12:37.399> Circles<00:12:37.760> of<00:12:37.920> person<00:12:38.160> a<00:12:38.880> uh<00:12:39.000> and<00:12:39.160> as<00:12:39.279> long 00:12:39.430 --> 00:12:39.440 align:start position:0% hold Circles of person a uh and as long 00:12:39.440 --> 00:12:40.949 align:start position:0% hold Circles of person a uh and as long as<00:12:39.600> a<00:12:39.760> is<00:12:39.920> member<00:12:40.120> of<00:12:40.240> this<00:12:40.440> group<00:12:40.680> they<00:12:40.800> can 00:12:40.949 --> 00:12:40.959 align:start position:0% as a is member of this group they can 00:12:40.959 --> 00:12:43.949 align:start position:0% as a is member of this group they can still<00:12:41.199> use<00:12:41.440> that<00:12:41.639> to<00:12:41.800> Mint<00:12:42.639> um<00:12:43.079> that<00:12:43.240> group 00:12:43.949 --> 00:12:43.959 align:start position:0% still use that to Mint um that group 00:12:43.959 --> 00:12:48.150 align:start position:0% still use that to Mint um that group currency<00:12:44.959> uh<00:12:45.160> here<00:12:45.399> just<00:12:45.880> um<00:12:46.279> yeah<00:12:46.519> we<00:12:46.760> will<00:12:47.480> uh 00:12:48.150 --> 00:12:48.160 align:start position:0% currency uh here just um yeah we will uh 00:12:48.160 --> 00:12:50.310 align:start position:0% currency uh here just um yeah we will uh expect<00:12:48.480> to<00:12:48.639> have<00:12:48.800> all<00:12:49.040> kind<00:12:49.279> of<00:12:49.440> groups<00:12:49.800> so 00:12:50.310 --> 00:12:50.320 align:start position:0% expect to have all kind of groups so 00:12:50.320 --> 00:12:51.750 align:start position:0% expect to have all kind of groups so just<00:12:50.480> to<00:12:50.680> mention<00:12:50.920> a<00:12:51.000> few<00:12:51.199> things<00:12:51.360> that<00:12:51.519> are 00:12:51.750 --> 00:12:51.760 align:start position:0% just to mention a few things that are 00:12:51.760 --> 00:12:53.670 align:start position:0% just to mention a few things that are here<00:12:51.959> so<00:12:52.160> we<00:12:52.279> could<00:12:52.480> have<00:12:52.639> a<00:12:53.079> group<00:12:53.320> based<00:12:53.560> on 00:12:53.670 --> 00:12:53.680 align:start position:0% here so we could have a group based on 00:12:53.680 --> 00:12:56.350 align:start position:0% here so we could have a group based on Zupas<00:12:54.160> and<00:12:54.440> World<00:12:54.720> ID<00:12:55.000> on<00:12:55.160> poops<00:12:55.600> on<00:12:56.000> local 00:12:56.350 --> 00:12:56.360 align:start position:0% Zupas and World ID on poops on local 00:12:56.360 --> 00:12:58.829 align:start position:0% Zupas and World ID on poops on local groups<00:12:56.680> manual<00:12:57.079> groups<00:12:57.959> um<00:12:58.279> those<00:12:58.560> those<00:12:58.720> kind 00:12:58.829 --> 00:12:58.839 align:start position:0% groups manual groups um those those kind 00:12:58.839 --> 00:12:59.949 align:start position:0% groups manual groups um those those kind of<00:12:58.959> things 00:12:59.949 --> 00:12:59.959 align:start position:0% of things 00:12:59.959 --> 00:13:03.069 align:start position:0% of things so<00:13:00.279> last<00:13:00.560> thing<00:13:01.360> uh<00:13:01.600> here<00:13:02.040> looking<00:13:02.399> at<00:13:02.880> uh 00:13:03.069 --> 00:13:03.079 align:start position:0% so last thing uh here looking at uh 00:13:03.079 --> 00:13:05.590 align:start position:0% so last thing uh here looking at uh where<00:13:03.279> is<00:13:03.480> circle<00:13:04.000> so<00:13:04.480> again<00:13:04.880> showed<00:13:05.199> you<00:13:05.399> some 00:13:05.590 --> 00:13:05.600 align:start position:0% where is circle so again showed you some 00:13:05.600 --> 00:13:08.230 align:start position:0% where is circle so again showed you some pictures<00:13:05.959> from<00:13:06.160> the<00:13:06.399> October<00:13:06.760> 2020<00:13:07.360> launch 00:13:08.230 --> 00:13:08.240 align:start position:0% pictures from the October 2020 launch 00:13:08.240 --> 00:13:09.910 align:start position:0% pictures from the October 2020 launch then<00:13:08.360> we<00:13:08.480> did<00:13:08.680> a<00:13:08.760> bunch<00:13:08.959> of<00:13:09.120> experiments<00:13:09.800> a 00:13:09.910 --> 00:13:09.920 align:start position:0% then we did a bunch of experiments a 00:13:09.920 --> 00:13:11.829 align:start position:0% then we did a bunch of experiments a small<00:13:10.240> scale<00:13:10.680> trying<00:13:10.920> to<00:13:11.079> make<00:13:11.240> circles<00:13:11.639> work 00:13:11.829 --> 00:13:11.839 align:start position:0% small scale trying to make circles work 00:13:11.839 --> 00:13:14.509 align:start position:0% small scale trying to make circles work and<00:13:11.959> balloon<00:13:12.320> and<00:13:12.480> barley<00:13:13.360> um<00:13:13.600> but<00:13:13.760> recently 00:13:14.509 --> 00:13:14.519 align:start position:0% and balloon and barley um but recently 00:13:14.519 --> 00:13:16.310 align:start position:0% and balloon and barley um but recently yeah<00:13:14.639> a<00:13:14.760> couple<00:13:14.959> of<00:13:15.240> weeks<00:13:15.519> ago<00:13:15.760> we<00:13:15.920> released 00:13:16.310 --> 00:13:16.320 align:start position:0% yeah a couple of weeks ago we released 00:13:16.320 --> 00:13:18.069 align:start position:0% yeah a couple of weeks ago we released circuit<00:13:16.720> 2.0<00:13:17.240> at<00:13:17.320> least<00:13:17.519> the<00:13:17.639> developer 00:13:18.069 --> 00:13:18.079 align:start position:0% circuit 2.0 at least the developer 00:13:18.079 --> 00:13:22.430 align:start position:0% circuit 2.0 at least the developer release<00:13:18.920> and<00:13:19.120> for<00:13:19.639> early<00:13:20.639> um<00:13:21.440> yeah<00:13:21.639> 2020<00:13:22.320> we 00:13:22.430 --> 00:13:22.440 align:start position:0% release and for early um yeah 2020 we 00:13:22.440 --> 00:13:25.470 align:start position:0% release and for early um yeah 2020 we are<00:13:23.279> uh<00:13:23.360> sorry<00:13:23.680> 20<00:13:24.279> next<00:13:24.519> year<00:13:25.160> uh<00:13:25.240> we<00:13:25.360> are 00:13:25.470 --> 00:13:25.480 align:start position:0% are uh sorry 20 next year uh we are 00:13:25.480 --> 00:13:29.470 align:start position:0% are uh sorry 20 next year uh we are planning<00:13:25.920> the<00:13:26.199> um<00:13:26.720> circuit<00:13:27.040> St<00:13:27.320> o<00:13:27.880> launch<00:13:28.880> and 00:13:29.470 --> 00:13:29.480 align:start position:0% planning the um circuit St o launch and 00:13:29.480 --> 00:13:31.150 align:start position:0% planning the um circuit St o launch and yeah<00:13:29.680> we<00:13:29.800> are<00:13:29.959> looking<00:13:30.199> for<00:13:30.680> people<00:13:30.920> that<00:13:31.040> are 00:13:31.150 --> 00:13:31.160 align:start position:0% yeah we are looking for people that are 00:13:31.160 --> 00:13:34.430 align:start position:0% yeah we are looking for people that are crazy<00:13:31.519> enough<00:13:31.760> to<00:13:32.360> try<00:13:32.680> to<00:13:33.160> uh<00:13:33.279> use<00:13:33.600> this<00:13:34.040> uh 00:13:34.430 --> 00:13:34.440 align:start position:0% crazy enough to try to uh use this uh 00:13:34.440 --> 00:13:38.389 align:start position:0% crazy enough to try to uh use this uh new<00:13:34.720> form<00:13:35.639> um<00:13:36.560> uh<00:13:36.639> of<00:13:36.800> money<00:13:37.160> and<00:13:37.320> if<00:13:37.399> you<00:13:37.519> want 00:13:38.389 --> 00:13:38.399 align:start position:0% new form um uh of money and if you want 00:13:38.399 --> 00:13:42.389 align:start position:0% new form um uh of money and if you want uh<00:13:38.480> to<00:13:38.639> join<00:13:38.920> us<00:13:39.560> um<00:13:39.760> there<00:13:39.880> is<00:13:40.040> a<00:13:40.959> um<00:13:41.680> yeah 00:13:42.389 --> 00:13:42.399 align:start position:0% uh to join us um there is a um yeah 00:13:42.399 --> 00:13:43.670 align:start position:0% uh to join us um there is a um yeah there<00:13:42.920> there<00:13:43.040> is 00:13:43.670 --> 00:13:43.680 align:start position:0% there there is 00:13:43.680 --> 00:13:47.069 align:start position:0% there there is a<00:13:44.680> sign<00:13:44.880> up<00:13:45.120> list<00:13:45.760> behind<00:13:45.959> this<00:13:46.120> QR<00:13:46.440> code<00:13:46.920> well 00:13:47.069 --> 00:13:47.079 align:start position:0% a sign up list behind this QR code well 00:13:47.079 --> 00:13:51.959 align:start position:0% a sign up list behind this QR code well thank<00:13:47.320> you<00:13:48.320> thank<00:13:48.560> you<00:13:48.959> Martin