WEBVTT Kind: captions Language: en 00:00:00.000 --> 00:00:04.350 align:start position:0% foreign 00:00:04.350 --> 00:00:04.360 align:start position:0% 00:00:04.360 --> 00:00:14.030 align:start position:0% [Music] 00:00:14.030 --> 00:00:14.040 align:start position:0% 00:00:14.040 --> 00:00:15.110 align:start position:0% great 00:00:15.110 --> 00:00:15.120 align:start position:0% great 00:00:15.120 --> 00:00:18.230 align:start position:0% great uh<00:00:15.780> hey<00:00:15.900> everyone<00:00:16.020> good<00:00:16.619> afternoon<00:00:17.119> uh<00:00:18.119> I'm 00:00:18.230 --> 00:00:18.240 align:start position:0% uh hey everyone good afternoon uh I'm 00:00:18.240 --> 00:00:20.210 align:start position:0% uh hey everyone good afternoon uh I'm Alex<00:00:18.420> Stokes<00:00:18.960> a<00:00:19.260> researcher<00:00:19.619> at<00:00:19.800> the<00:00:19.859> ethereum 00:00:20.210 --> 00:00:20.220 align:start position:0% Alex Stokes a researcher at the ethereum 00:00:20.220 --> 00:00:21.250 align:start position:0% Alex Stokes a researcher at the ethereum foundation 00:00:21.250 --> 00:00:21.260 align:start position:0% foundation 00:00:21.260 --> 00:00:24.050 align:start position:0% foundation and<00:00:22.260> yeah<00:00:22.800> you<00:00:23.039> know<00:00:23.160> the<00:00:23.279> title<00:00:23.580> here<00:00:23.699> says 00:00:24.050 --> 00:00:24.060 align:start position:0% and yeah you know the title here says 00:00:24.060 --> 00:00:26.269 align:start position:0% and yeah you know the title here says block<00:00:24.240> building<00:00:24.480> up<00:00:24.779> for<00:00:24.960> the<00:00:25.080> merge<00:00:25.500> there's 00:00:26.269 --> 00:00:26.279 align:start position:0% block building up for the merge there's 00:00:26.279 --> 00:00:29.089 align:start position:0% block building up for the merge there's like<00:00:26.519> a<00:00:26.699> subtitle<00:00:27.180> which<00:00:27.480> is<00:00:27.599> Mev<00:00:28.380> mov<00:00:28.920> moving 00:00:29.089 --> 00:00:29.099 align:start position:0% like a subtitle which is Mev mov moving 00:00:29.099 --> 00:00:30.230 align:start position:0% like a subtitle which is Mev mov moving forward 00:00:30.230 --> 00:00:30.240 align:start position:0% forward 00:00:30.240 --> 00:00:32.089 align:start position:0% forward uh<00:00:30.960> you'll<00:00:31.199> see<00:00:31.320> in<00:00:31.439> a<00:00:31.560> bit<00:00:31.619> I<00:00:31.740> have<00:00:31.920> another 00:00:32.089 --> 00:00:32.099 align:start position:0% uh you'll see in a bit I have another 00:00:32.099 --> 00:00:34.130 align:start position:0% uh you'll see in a bit I have another kind<00:00:32.640> of<00:00:32.759> variant<00:00:33.059> of<00:00:33.239> this<00:00:33.420> talk<00:00:33.540> that<00:00:33.899> looks 00:00:34.130 --> 00:00:34.140 align:start position:0% kind of variant of this talk that looks 00:00:34.140 --> 00:00:35.450 align:start position:0% kind of variant of this talk that looks at<00:00:34.200> more<00:00:34.380> I'd<00:00:34.559> say<00:00:34.680> like<00:00:34.860> the<00:00:34.980> technical<00:00:35.219> side 00:00:35.450 --> 00:00:35.460 align:start position:0% at more I'd say like the technical side 00:00:35.460 --> 00:00:37.490 align:start position:0% at more I'd say like the technical side of<00:00:35.640> things<00:00:35.760> and<00:00:36.540> I<00:00:36.660> hope<00:00:36.780> today<00:00:37.020> to<00:00:37.320> kind<00:00:37.440> of 00:00:37.490 --> 00:00:37.500 align:start position:0% of things and I hope today to kind of 00:00:37.500 --> 00:00:39.410 align:start position:0% of things and I hope today to kind of communicate<00:00:37.980> uh 00:00:39.410 --> 00:00:39.420 align:start position:0% communicate uh 00:00:39.420 --> 00:00:42.110 align:start position:0% communicate uh like<00:00:40.020> a<00:00:40.440> sense<00:00:40.620> of<00:00:40.800> the<00:00:41.040> landscape<00:00:41.460> around 00:00:42.110 --> 00:00:42.120 align:start position:0% like a sense of the landscape around 00:00:42.120 --> 00:00:44.750 align:start position:0% like a sense of the landscape around this<00:00:42.660> topic<00:00:43.020> and<00:00:43.260> like<00:00:43.500> Mev<00:00:44.340> is<00:00:44.520> like<00:00:44.640> the 00:00:44.750 --> 00:00:44.760 align:start position:0% this topic and like Mev is like the 00:00:44.760 --> 00:00:48.830 align:start position:0% this topic and like Mev is like the obvious<00:00:45.120> uh<00:00:45.600> you<00:00:45.780> know<00:00:45.980> uh<00:00:46.980> Buzz<00:00:47.280> phrase<00:00:47.520> here 00:00:48.830 --> 00:00:48.840 align:start position:0% obvious uh you know uh Buzz phrase here 00:00:48.840 --> 00:00:51.290 align:start position:0% obvious uh you know uh Buzz phrase here um<00:00:48.960> but<00:00:49.320> yeah<00:00:49.440> so<00:00:49.920> let's<00:00:50.280> let's<00:00:50.520> dig<00:00:50.820> into<00:00:51.000> what 00:00:51.290 --> 00:00:51.300 align:start position:0% um but yeah so let's let's dig into what 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the landscape and uh what some of the concerns<00:00:57.420> might<00:00:57.600> be<00:00:57.719> moving<00:00:58.079> forward<00:00:58.280> so<00:00:59.280> I've 00:00:59.450 --> 00:00:59.460 align:start position:0% concerns might be moving forward so I've 00:00:59.460 --> 00:01:01.189 align:start position:0% concerns might be moving forward so I've kind<00:00:59.640> of<00:00:59.760> always<00:00:59.820> said<00:01:00.180> that<00:01:00.480> putting 00:01:01.189 --> 00:01:01.199 align:start position:0% kind of always said that putting 00:01:01.199 --> 00:01:03.590 align:start position:0% kind of always said that putting currency<00:01:01.559> into<00:01:02.039> crypto<00:01:02.520> like<00:01:02.940> cryptocurrency 00:01:03.590 --> 00:01:03.600 align:start position:0% currency into crypto like cryptocurrency 00:01:03.600 --> 00:01:06.109 align:start position:0% currency into crypto like cryptocurrency is<00:01:04.320> like<00:01:04.619> this<00:01:04.739> double-edged<00:01:05.220> sword<00:01:05.460> because 00:01:06.109 --> 00:01:06.119 align:start position:0% is like this double-edged sword because 00:01:06.119 --> 00:01:09.649 align:start position:0% is like this double-edged sword because like<00:01:06.960> yes<00:01:07.260> you<00:01:08.159> know<00:01:08.280> there's<00:01:08.760> like<00:01:09.060> uh<00:01:09.420> this 00:01:09.649 --> 00:01:09.659 align:start position:0% like yes you know there's like uh this 00:01:09.659 --> 00:01:11.870 align:start position:0% like yes you know there's like uh this like<00:01:09.840> speculative<00:01:10.260> aspect<00:01:10.979> that<00:01:11.400> draws<00:01:11.700> a<00:01:11.820> lot 00:01:11.870 --> 00:01:11.880 align:start position:0% like speculative aspect that draws a lot 00:01:11.880 --> 00:01:14.510 align:start position:0% like speculative aspect that draws a lot of<00:01:12.000> attention<00:01:12.299> a<00:01:13.080> lot<00:01:13.260> of<00:01:13.380> talent<00:01:13.740> a<00:01:14.220> lot<00:01:14.400> of 00:01:14.510 --> 00:01:14.520 align:start position:0% of attention a lot of talent a lot of 00:01:14.520 --> 00:01:17.510 align:start position:0% of attention a lot of talent a lot of capital<00:01:14.640> to<00:01:14.939> the<00:01:15.060> space<00:01:15.240> and<00:01:16.080> that's<00:01:16.200> great<00:01:16.520> uh 00:01:17.510 --> 00:01:17.520 align:start position:0% capital to the space and that's great uh 00:01:17.520 --> 00:01:19.250 align:start position:0% capital to the space and that's great uh but<00:01:17.820> in<00:01:18.000> the<00:01:18.180> same<00:01:18.360> you<00:01:18.659> know<00:01:18.720> sort<00:01:18.900> of<00:01:19.080> in<00:01:19.140> the 00:01:19.250 --> 00:01:19.260 align:start position:0% but in the same you know sort of in the 00:01:19.260 --> 00:01:20.570 align:start position:0% but in the same you know sort of in the same<00:01:19.380> breath<00:01:19.619> that<00:01:19.799> also<00:01:20.040> means<00:01:20.280> that<00:01:20.400> we're 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align:start position:0% you know playing with these different crypto<00:01:28.320> economic<00:01:28.799> games<00:01:28.979> and<00:01:29.880> uh<00:01:30.299> I<00:01:30.479> guess 00:01:30.649 --> 00:01:30.659 align:start position:0% crypto economic games and uh I guess 00:01:30.659 --> 00:01:32.690 align:start position:0% crypto economic games and uh I guess hopefully<00:01:31.380> you'll<00:01:31.619> see<00:01:31.799> as<00:01:32.159> we<00:01:32.340> move<00:01:32.460> forward 00:01:32.690 --> 00:01:32.700 align:start position:0% hopefully you'll see as we move forward 00:01:32.700 --> 00:01:35.270 align:start position:0% hopefully you'll see as we move forward that<00:01:33.299> uh<00:01:33.720> you<00:01:34.320> know<00:01:34.439> this<00:01:34.860> could<00:01:35.040> perhaps 00:01:35.270 --> 00:01:35.280 align:start position:0% that uh you know this could perhaps 00:01:35.280 --> 00:01:36.770 align:start position:0% that uh you know this could perhaps backfire<00:01:35.700> it<00:01:35.880> could<00:01:36.000> be<00:01:36.119> the<00:01:36.240> case<00:01:36.420> that 00:01:36.770 --> 00:01:36.780 align:start position:0% backfire it could be the case that 00:01:36.780 --> 00:01:39.050 align:start position:0% backfire it could be the case that short-term<00:01:37.500> incentives<00:01:37.920> that<00:01:38.340> are<00:01:38.700> supported 00:01:39.050 --> 00:01:39.060 align:start position:0% short-term incentives that are supported 00:01:39.060 --> 00:01:41.630 align:start position:0% short-term incentives that are supported by<00:01:39.479> protocols<00:01:40.079> like<00:01:40.200> ethereum<00:01:40.680> are<00:01:41.040> perhaps 00:01:41.630 --> 00:01:41.640 align:start position:0% by protocols like ethereum are perhaps 00:01:41.640 --> 00:01:43.850 align:start position:0% by protocols like ethereum are perhaps too<00:01:41.820> great<00:01:42.000> for<00:01:42.299> us<00:01:42.479> to<00:01:42.840> uh<00:01:43.079> sort<00:01:43.320> of<00:01:43.500> resist 00:01:43.850 --> 00:01:43.860 align:start position:0% too great for us to uh sort of resist 00:01:43.860 --> 00:01:46.850 align:start position:0% too great for us to uh sort of resist and<00:01:44.759> in<00:01:44.880> the<00:01:45.060> context<00:01:45.299> here<00:01:45.600> uh<00:01:46.380> this<00:01:46.560> is<00:01:46.680> an 00:01:46.850 --> 00:01:46.860 align:start position:0% and in the context here uh this is an 00:01:46.860 --> 00:01:49.429 align:start position:0% and in the context here uh this is an important<00:01:47.159> point<00:01:47.400> I<00:01:48.360> say<00:01:48.540> secure<00:01:48.960> block<00:01:49.200> space 00:01:49.429 --> 00:01:49.439 align:start position:0% important point I say secure block space 00:01:49.439 --> 00:01:51.170 align:start position:0% important point I say secure block space will<00:01:49.799> be<00:01:49.920> a<00:01:50.040> premier<00:01:50.280> commodity<00:01:50.700> of<00:01:51.000> this 00:01:51.170 --> 00:01:51.180 align:start position:0% will be a premier commodity of this 00:01:51.180 --> 00:01:52.190 align:start position:0% will be a premier commodity of this century 00:01:52.190 --> 00:01:52.200 align:start position:0% century 00:01:52.200 --> 00:01:54.590 align:start position:0% century so<00:01:52.920> maybe<00:01:53.220> that's<00:01:53.520> like<00:01:53.759> a<00:01:54.180> bit<00:01:54.360> of<00:01:54.479> a 00:01:54.590 --> 00:01:54.600 align:start position:0% so maybe that's like a bit of a 00:01:54.600 --> 00:01:56.569 align:start position:0% so maybe that's like a bit of a forward-looking<00:01:55.079> projection<00:01:55.380> and<00:01:56.040> maybe<00:01:56.460> you 00:01:56.569 --> 00:01:56.579 align:start position:0% forward-looking projection and maybe you 00:01:56.579 --> 00:01:58.310 align:start position:0% forward-looking projection and maybe you don't<00:01:56.700> quite<00:01:56.880> buy<00:01:57.060> it<00:01:57.180> that<00:01:57.479> seems<00:01:57.840> to<00:01:57.960> be<00:01:58.079> to 00:01:58.310 --> 00:01:58.320 align:start position:0% don't quite buy it that seems to be to 00:01:58.320 --> 00:02:00.289 align:start position:0% don't quite buy it that seems to be to me<00:01:58.500> the<00:01:58.740> direction<00:01:58.860> things<00:01:59.220> are<00:01:59.399> going 00:02:00.289 --> 00:02:00.299 align:start position:0% me the direction things are going 00:02:00.299 --> 00:02:02.810 align:start position:0% me the direction things are going I<00:02:00.780> called<00:02:00.960> secure<00:02:01.380> here<00:02:01.560> out<00:02:01.799> in<00:02:02.280> italics 00:02:02.810 --> 00:02:02.820 align:start position:0% I called secure here out in italics 00:02:02.820 --> 00:02:05.209 align:start position:0% I called secure here out in italics because<00:02:03.180> some<00:02:03.899> people<00:02:04.079> say<00:02:04.380> oh<00:02:04.680> you<00:02:04.979> know<00:02:05.040> you 00:02:05.209 --> 00:02:05.219 align:start position:0% because some people say oh you know you 00:02:05.219 --> 00:02:06.889 align:start position:0% because some people say oh you know you could<00:02:05.340> just<00:02:05.460> make<00:02:05.579> a<00:02:05.700> new<00:02:05.820> L1<00:02:06.240> there's<00:02:06.540> like<00:02:06.719> as 00:02:06.889 --> 00:02:06.899 align:start position:0% could just make a new L1 there's like as 00:02:06.899 --> 00:02:09.949 align:start position:0% could just make a new L1 there's like as much<00:02:07.020> block<00:02:07.259> space<00:02:07.500> as<00:02:07.740> you<00:02:07.920> need<00:02:08.099> but<00:02:08.940> I<00:02:09.780> will 00:02:09.949 --> 00:02:09.959 align:start position:0% much block space as you need but I will 00:02:09.959 --> 00:02:11.330 align:start position:0% much block space as you need but I will claim<00:02:10.380> that<00:02:10.739> you<00:02:10.920> know<00:02:10.979> there's<00:02:11.160> different 00:02:11.330 --> 00:02:11.340 align:start position:0% claim that you know there's different 00:02:11.340 --> 00:02:13.369 align:start position:0% claim that you know there's different qualities<00:02:11.760> of<00:02:11.940> block<00:02:12.060> space<00:02:12.300> some<00:02:12.959> is<00:02:13.200> much 00:02:13.369 --> 00:02:13.379 align:start position:0% qualities of block space some is much 00:02:13.379 --> 00:02:16.130 align:start position:0% qualities of block space some is much more<00:02:13.500> secure<00:02:13.739> than<00:02:13.920> others<00:02:14.220> so<00:02:15.060> we<00:02:15.780> have<00:02:15.900> this 00:02:16.130 --> 00:02:16.140 align:start position:0% more secure than others so we have this 00:02:16.140 --> 00:02:18.229 align:start position:0% more secure than others so we have this thing<00:02:16.319> and<00:02:17.160> if<00:02:17.580> there's<00:02:17.760> this<00:02:17.940> thing<00:02:18.120> called 00:02:18.229 --> 00:02:18.239 align:start position:0% thing and if there's this thing called 00:02:18.239 --> 00:02:20.089 align:start position:0% thing and if there's this thing called block<00:02:18.480> space<00:02:18.780> and<00:02:19.440> it<00:02:19.560> is<00:02:19.680> actually<00:02:19.860> so 00:02:20.089 --> 00:02:20.099 align:start position:0% block space and it is actually so 00:02:20.099 --> 00:02:21.589 align:start position:0% block space and it is actually so important<00:02:20.459> it's<00:02:20.700> going<00:02:20.879> to<00:02:20.940> be<00:02:21.060> very<00:02:21.180> valuable 00:02:21.589 --> 00:02:21.599 align:start position:0% important it's going to be very valuable 00:02:21.599 --> 00:02:23.630 align:start position:0% important it's going to be very valuable and<00:02:22.379> because<00:02:22.560> it's<00:02:22.739> so<00:02:22.920> valuable<00:02:23.220> we<00:02:23.520> should 00:02:23.630 --> 00:02:23.640 align:start position:0% and because it's so valuable we should 00:02:23.640 --> 00:02:25.309 align:start position:0% and because it's so valuable we should expect<00:02:23.760> battles<00:02:24.420> for<00:02:24.540> control<00:02:24.720> over<00:02:25.020> block 00:02:25.309 --> 00:02:25.319 align:start position:0% expect battles for control over block 00:02:25.319 --> 00:02:26.690 align:start position:0% expect battles for control over block space 00:02:26.690 --> 00:02:26.700 align:start position:0% space 00:02:26.700 --> 00:02:29.869 align:start position:0% space so<00:02:27.540> uh<00:02:28.500> this<00:02:28.739> is<00:02:28.860> like<00:02:29.040> if<00:02:29.400> anything<00:02:29.580> the 00:02:29.869 --> 00:02:29.879 align:start position:0% so uh this is like if anything the 00:02:29.879 --> 00:02:31.430 align:start position:0% so uh this is like if anything the takeaway<00:02:30.180> points<00:02:30.660> I'll<00:02:30.840> just<00:02:30.959> get<00:02:31.140> it<00:02:31.260> out<00:02:31.319> of 00:02:31.430 --> 00:02:31.440 align:start position:0% takeaway points I'll just get it out of 00:02:31.440 --> 00:02:33.470 align:start position:0% takeaway points I'll just get it out of the<00:02:31.500> way 00:02:33.470 --> 00:02:33.480 align:start position:0% the way 00:02:33.480 --> 00:02:35.630 align:start position:0% the way um<00:02:33.599> and<00:02:34.500> when<00:02:34.739> I<00:02:34.860> say<00:02:34.980> this<00:02:35.099> I<00:02:35.340> want<00:02:35.400> you<00:02:35.520> to 00:02:35.630 --> 00:02:35.640 align:start position:0% um and when I say this I want you to 00:02:35.640 --> 00:02:37.130 align:start position:0% um and when I say this I want you to think<00:02:35.760> about<00:02:35.940> like<00:02:36.239> you<00:02:36.480> know<00:02:36.540> influences 00:02:37.130 --> 00:02:37.140 align:start position:0% think about like you know influences 00:02:37.140 --> 00:02:38.690 align:start position:0% think about like you know influences both<00:02:37.440> inside<00:02:37.800> the<00:02:38.099> community<00:02:38.280> and<00:02:38.520> outside 00:02:38.690 --> 00:02:38.700 align:start position:0% both inside the community and outside 00:02:38.700 --> 00:02:40.250 align:start position:0% both inside the community and outside the<00:02:38.940> community<00:02:39.120> there's<00:02:39.720> going<00:02:39.959> to<00:02:40.080> be<00:02:40.140> all 00:02:40.250 --> 00:02:40.260 align:start position:0% the community there's going to be all 00:02:40.260 --> 00:02:41.690 align:start position:0% the community there's going to be all sorts<00:02:40.500> of<00:02:40.560> people<00:02:40.680> who<00:02:40.980> are<00:02:41.099> going<00:02:41.160> to<00:02:41.340> want<00:02:41.519> to 00:02:41.690 --> 00:02:41.700 align:start position:0% sorts of people who are going to want to 00:02:41.700 --> 00:02:44.930 align:start position:0% sorts of people who are going to want to like<00:02:41.879> try<00:02:42.360> to<00:02:42.540> attempt<00:02:42.780> to<00:02:42.959> co-opt<00:02:43.319> ethereum 00:02:44.930 --> 00:02:44.940 align:start position:0% like try to attempt to co-opt ethereum 00:02:44.940 --> 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this 00:02:51.120 --> 00:02:52.850 align:start position:0% sort of uh subtle ways so just keep this in<00:02:51.239> mind<00:02:51.420> I<00:02:51.900> think<00:02:51.959> when<00:02:52.140> we<00:02:52.319> think<00:02:52.500> about<00:02:52.620> any 00:02:52.850 --> 00:02:52.860 align:start position:0% in mind I think when we think about any 00:02:52.860 --> 00:02:54.890 align:start position:0% in mind I think when we think about any of<00:02:52.980> this<00:02:53.099> stuff<00:02:53.280> around<00:02:54.060> the<00:02:54.239> protocol<00:02:54.540> what 00:02:54.890 --> 00:02:54.900 align:start position:0% of this stuff around the protocol what 00:02:54.900 --> 00:02:56.869 align:start position:0% of this stuff around the protocol what it<00:02:55.080> looks<00:02:55.319> like<00:02:55.440> how<00:02:55.980> the<00:02:56.099> protocol<00:02:56.340> changes 00:02:56.869 --> 00:02:56.879 align:start position:0% it looks like how the protocol changes 00:02:56.879 --> 00:03:00.170 align:start position:0% it looks like how the protocol changes things<00:02:57.780> around<00:02:57.959> the<00:02:58.200> protocol<00:02:58.440> like<00:02:58.739> Mev<00:02:59.340> and 00:03:00.170 --> 00:03:00.180 align:start position:0% things around the protocol like Mev and 00:03:00.180 --> 00:03:01.550 align:start position:0% things around the protocol like Mev and like<00:03:00.360> a<00:03:00.599> whole<00:03:00.720> separate<00:03:01.019> talk<00:03:01.140> in<00:03:01.260> this<00:03:01.379> event 00:03:01.550 --> 00:03:01.560 align:start position:0% like a whole separate talk in this event 00:03:01.560 --> 00:03:03.530 align:start position:0% like a whole separate talk in this event is<00:03:01.800> like<00:03:01.920> staking<00:03:02.160> pools<00:03:02.519> but<00:03:03.180> when<00:03:03.300> you<00:03:03.420> think 00:03:03.530 --> 00:03:03.540 align:start position:0% is like staking pools but when you think 00:03:03.540 --> 00:03:05.330 align:start position:0% is like staking pools but when you think about<00:03:03.660> this<00:03:03.840> stuff<00:03:04.080> just<00:03:04.620> uh<00:03:04.920> have<00:03:05.160> an 00:03:05.330 --> 00:03:05.340 align:start position:0% about this stuff just uh have an 00:03:05.340 --> 00:03:08.330 align:start position:0% about this stuff just uh have an adversarial<00:03:05.819> mindset<00:03:06.239> and<00:03:06.660> just<00:03:07.560> yeah<00:03:07.860> be<00:03:08.160> be 00:03:08.330 --> 00:03:08.340 align:start position:0% adversarial mindset and just yeah be be 00:03:08.340 --> 00:03:10.190 align:start position:0% adversarial mindset and just yeah be be careful<00:03:08.640> out<00:03:08.819> there<00:03:08.940> okay<00:03:09.660> so<00:03:09.900> I<00:03:10.019> use<00:03:10.140> this 00:03:10.190 --> 00:03:10.200 align:start position:0% careful out there okay so I use this 00:03:10.200 --> 00:03:11.750 align:start position:0% careful out there okay so I use this word<00:03:10.379> block<00:03:10.560> space<00:03:10.800> maybe<00:03:11.220> some<00:03:11.459> of<00:03:11.580> you<00:03:11.640> have 00:03:11.750 --> 00:03:11.760 align:start position:0% word block space maybe some of you have 00:03:11.760 --> 00:03:13.670 align:start position:0% word block space maybe some of you have never<00:03:11.879> heard<00:03:12.060> of<00:03:12.180> it<00:03:12.300> so<00:03:13.080> what<00:03:13.260> I<00:03:13.379> really<00:03:13.500> mean 00:03:13.670 --> 00:03:13.680 align:start position:0% never heard of it so what I really mean 00:03:13.680 --> 00:03:14.930 align:start position:0% never heard of it so what I really mean is<00:03:13.800> just<00:03:13.920> the<00:03:14.099> stuff<00:03:14.220> that<00:03:14.400> goes<00:03:14.640> into<00:03:14.760> the 00:03:14.930 --> 00:03:14.940 align:start position:0% is just the stuff that goes into the 00:03:14.940 --> 00:03:16.790 align:start position:0% is just the stuff that goes into the blockchain<00:03:15.300> so<00:03:16.200> today<00:03:16.319> that's<00:03:16.620> like 00:03:16.790 --> 00:03:16.800 align:start position:0% blockchain so today that's like 00:03:16.800 --> 00:03:19.070 align:start position:0% blockchain so today that's like transactions<00:03:17.519> if<00:03:18.180> you<00:03:18.300> ever<00:03:18.420> used<00:03:18.599> ethereum 00:03:19.070 --> 00:03:19.080 align:start position:0% transactions if you ever used ethereum 00:03:19.080 --> 00:03:21.050 align:start position:0% transactions if you ever used ethereum or<00:03:19.319> like<00:03:19.440> metamask<00:03:19.920> you've<00:03:20.459> done<00:03:20.580> this<00:03:20.760> you 00:03:21.050 --> 00:03:21.060 align:start position:0% or like metamask you've done this you 00:03:21.060 --> 00:03:24.229 align:start position:0% or like metamask you've done this you like<00:03:21.300> have<00:03:21.959> this<00:03:22.200> transaction<00:03:22.560> and<00:03:23.519> uh<00:03:24.000> maybe 00:03:24.229 --> 00:03:24.239 align:start position:0% like have this transaction and uh maybe 00:03:24.239 --> 00:03:25.910 align:start position:0% like have this transaction and uh maybe you<00:03:24.420> sign<00:03:24.659> it<00:03:24.840> maybe<00:03:25.080> there's<00:03:25.260> some<00:03:25.500> error 00:03:25.910 --> 00:03:25.920 align:start position:0% you sign it maybe there's some error 00:03:25.920 --> 00:03:27.710 align:start position:0% you sign it maybe there's some error maybe<00:03:26.400> there's<00:03:26.640> not<00:03:26.819> enough<00:03:26.940> gas<00:03:27.239> maybe<00:03:27.540> you 00:03:27.710 --> 00:03:27.720 align:start position:0% maybe there's not enough gas maybe you 00:03:27.720 --> 00:03:29.630 align:start position:0% maybe there's not enough gas maybe you didn't<00:03:27.840> pay<00:03:28.019> enough<00:03:28.140> for<00:03:28.440> the<00:03:28.560> gas<00:03:28.739> like<00:03:28.980> a<00:03:29.459> lot 00:03:29.630 --> 00:03:29.640 align:start position:0% didn't pay enough for the gas like a lot 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sort<00:03:35.340> of 00:03:36.110 --> 00:03:36.120 align:start position:0% know in the very sort of 00:03:36.120 --> 00:03:37.729 align:start position:0% know in the very sort of naive<00:03:36.659> model<00:03:36.900> we<00:03:37.319> have<00:03:37.379> a<00:03:37.500> bunch<00:03:37.620> of 00:03:37.729 --> 00:03:37.739 align:start position:0% naive model we have a bunch of 00:03:37.739 --> 00:03:39.170 align:start position:0% naive model we have a bunch of transactions<00:03:38.159> that<00:03:38.280> get<00:03:38.400> packed<00:03:38.700> into<00:03:38.760> blocks 00:03:39.170 --> 00:03:39.180 align:start position:0% transactions that get packed into blocks 00:03:39.180 --> 00:03:41.449 align:start position:0% transactions that get packed into blocks and<00:03:39.780> these<00:03:40.019> blocks<00:03:40.319> go<00:03:40.440> on<00:03:40.620> chain<00:03:40.799> so<00:03:41.099> to<00:03:41.280> speak 00:03:41.449 --> 00:03:41.459 align:start position:0% and these blocks go on chain so to speak 00:03:41.459 --> 00:03:43.130 align:start position:0% and these blocks go on chain so to speak which<00:03:42.000> means<00:03:42.239> they're<00:03:42.360> like<00:03:42.540> accepted<00:03:42.959> as 00:03:43.130 --> 00:03:43.140 align:start position:0% which means they're like accepted as 00:03:43.140 --> 00:03:44.690 align:start position:0% which means they're like accepted as canonical<00:03:43.680> or<00:03:43.980> you<00:03:44.220> know<00:03:44.340> part<00:03:44.459> of<00:03:44.580> the 00:03:44.690 --> 00:03:44.700 align:start position:0% canonical or you know part of the 00:03:44.700 --> 00:03:46.789 align:start position:0% canonical or you know part of the consensus<00:03:45.120> and<00:03:45.480> then<00:03:45.599> somehow<00:03:46.319> this<00:03:46.620> like 00:03:46.789 --> 00:03:46.799 align:start position:0% consensus and then somehow this like 00:03:46.799 --> 00:03:49.009 align:start position:0% consensus and then somehow this like moves<00:03:47.099> the<00:03:47.220> state<00:03:47.340> of<00:03:47.519> things<00:03:47.640> forward<00:03:47.879> I<00:03:48.840> uh 00:03:49.009 --> 00:03:49.019 align:start position:0% moves the state of things forward I uh 00:03:49.019 --> 00:03:50.509 align:start position:0% moves the state of things forward I uh have<00:03:49.260> this<00:03:49.379> like<00:03:49.560> sort<00:03:49.739> of<00:03:49.860> elusive<00:03:50.280> comment 00:03:50.509 --> 00:03:50.519 align:start position:0% have this like sort of elusive comment 00:03:50.519 --> 00:03:53.270 align:start position:0% have this like sort of elusive comment to<00:03:50.760> say<00:03:50.940> tomorrow<00:03:51.239> you'll<00:03:52.140> see<00:03:52.260> in<00:03:52.440> a<00:03:52.560> bit<00:03:52.680> that 00:03:53.270 --> 00:03:53.280 align:start position:0% to say tomorrow you'll see in a bit that 00:03:53.280 --> 00:03:54.770 align:start position:0% to say tomorrow you'll see in a bit that this<00:03:53.700> notion<00:03:53.940> of<00:03:54.060> Builders<00:03:54.360> I'm<00:03:54.540> going<00:03:54.659> to 00:03:54.770 --> 00:03:54.780 align:start position:0% this notion of Builders I'm going to 00:03:54.780 --> 00:03:57.289 align:start position:0% this notion of Builders I'm going to sort<00:03:55.019> of<00:03:55.080> present<00:03:55.379> today<00:03:55.819> unlocks<00:03:56.819> a<00:03:57.000> lot<00:03:57.120> of 00:03:57.289 --> 00:03:57.299 align:start position:0% sort of present today unlocks a lot of 00:03:57.299 --> 00:03:58.729 align:start position:0% sort of present today unlocks a lot of sort<00:03:57.599> of<00:03:57.720> abstraction<00:03:58.080> and<00:03:58.319> flexibility 00:03:58.729 --> 00:03:58.739 align:start position:0% sort of abstraction and flexibility 00:03:58.739 --> 00:04:00.589 align:start position:0% sort of abstraction and flexibility around<00:03:59.159> how<00:03:59.519> we<00:03:59.640> use<00:03:59.819> the<00:03:59.940> protocol<00:04:00.239> and<00:04:00.480> how 00:04:00.589 --> 00:04:00.599 align:start position:0% around how we use the protocol and how 00:04:00.599 --> 00:04:02.390 align:start position:0% around how we use the protocol and how we<00:04:00.720> like<00:04:00.900> access<00:04:01.080> his<00:04:01.379> resources 00:04:02.390 --> 00:04:02.400 align:start position:0% we like access his resources 00:04:02.400 --> 00:04:04.430 align:start position:0% we like access his resources and<00:04:03.120> uh<00:04:03.360> yeah<00:04:03.540> so<00:04:03.720> maybe<00:04:03.900> in<00:04:04.019> the<00:04:04.140> future<00:04:04.200> it 00:04:04.430 --> 00:04:04.440 align:start position:0% and uh yeah so maybe in the future it 00:04:04.440 --> 00:04:05.750 align:start position:0% and uh yeah so maybe in the future it looks<00:04:04.680> a<00:04:04.739> lot<00:04:04.799> more<00:04:04.920> General<00:04:05.040> than<00:04:05.400> just<00:04:05.580> like 00:04:05.750 --> 00:04:05.760 align:start position:0% looks a lot more General than just like 00:04:05.760 --> 00:04:08.089 align:start position:0% looks a lot more General than just like the<00:04:06.180> transaction<00:04:06.480> you<00:04:06.720> get<00:04:06.840> the<00:04:06.959> metamask<00:04:07.379> but 00:04:08.089 --> 00:04:08.099 align:start position:0% the transaction you get the metamask but 00:04:08.099 --> 00:04:11.570 align:start position:0% the transaction you get the metamask but so<00:04:08.220> concretely<00:04:08.700> like<00:04:09.620> transactions<00:04:10.620> are<00:04:11.099> you 00:04:11.570 --> 00:04:11.580 align:start position:0% so concretely like transactions are you 00:04:11.580 --> 00:04:12.770 align:start position:0% so concretely like transactions are you know<00:04:11.700> like<00:04:11.879> the<00:04:12.000> takeaway<00:04:12.299> here<00:04:12.480> is<00:04:12.599> that 00:04:12.770 --> 00:04:12.780 align:start position:0% know like the takeaway here is that 00:04:12.780 --> 00:04:14.149 align:start position:0% know like the takeaway here is that transactions<00:04:13.260> are<00:04:13.379> a<00:04:13.500> way<00:04:13.560> to<00:04:13.680> interface<00:04:13.980> with 00:04:14.149 --> 00:04:14.159 align:start position:0% transactions are a way to interface with 00:04:14.159 --> 00:04:16.610 align:start position:0% transactions are a way to interface with the<00:04:14.280> protocol's<00:04:14.760> resources<00:04:15.360> and<00:04:16.260> like<00:04:16.380> what 00:04:16.610 --> 00:04:16.620 align:start position:0% the protocol's resources and like what 00:04:16.620 --> 00:04:17.689 align:start position:0% the protocol's resources and like what we<00:04:16.739> really<00:04:16.859> mean<00:04:16.979> when<00:04:17.100> you<00:04:17.280> say<00:04:17.340> that<00:04:17.459> is<00:04:17.579> like 00:04:17.689 --> 00:04:17.699 align:start position:0% we really mean when you say that is like 00:04:17.699 --> 00:04:19.969 align:start position:0% we really mean when you say that is like the<00:04:17.880> state<00:04:18.060> like<00:04:18.540> the<00:04:19.139> fact<00:04:19.260> that<00:04:19.440> ethereum<00:04:19.859> is 00:04:19.969 --> 00:04:19.979 align:start position:0% the state like the fact that ethereum is 00:04:19.979 --> 00:04:21.650 align:start position:0% the state like the fact that ethereum is organized<00:04:20.340> as<00:04:20.459> a<00:04:20.579> blockchain<00:04:20.880> today<00:04:21.120> is<00:04:21.359> like 00:04:21.650 --> 00:04:21.660 align:start position:0% organized as a blockchain today is like 00:04:21.660 --> 00:04:23.270 align:start position:0% organized as a blockchain today is like kind<00:04:22.079> of<00:04:22.199> a<00:04:22.380> detail<00:04:22.680> it's<00:04:22.919> like<00:04:23.160> an 00:04:23.270 --> 00:04:23.280 align:start position:0% kind of a detail it's like an 00:04:23.280 --> 00:04:24.770 align:start position:0% kind of a detail it's like an engineering<00:04:23.580> detail<00:04:23.820> almost<00:04:23.940> like<00:04:24.360> the 00:04:24.770 --> 00:04:24.780 align:start position:0% engineering detail almost like the 00:04:24.780 --> 00:04:25.730 align:start position:0% engineering detail almost like the important<00:04:25.020> thing<00:04:25.139> that<00:04:25.259> we<00:04:25.380> all<00:04:25.500> care<00:04:25.620> about 00:04:25.730 --> 00:04:25.740 align:start position:0% important thing that we all care about 00:04:25.740 --> 00:04:26.930 align:start position:0% important thing that we all care about is<00:04:26.040> the<00:04:26.220> fact<00:04:26.340> that<00:04:26.460> there's<00:04:26.639> this<00:04:26.820> like 00:04:26.930 --> 00:04:26.940 align:start position:0% is the fact that there's this like 00:04:26.940 --> 00:04:29.090 align:start position:0% is the fact that there's this like shared<00:04:27.180> Global<00:04:27.540> state 00:04:29.090 --> 00:04:29.100 align:start position:0% shared Global state 00:04:29.100 --> 00:04:31.129 align:start position:0% shared Global state um<00:04:29.220> for<00:04:29.400> example<00:04:29.699> the<00:04:30.300> account<00:04:30.540> balance<00:04:31.020> is 00:04:31.129 --> 00:04:31.139 align:start position:0% um for example the account balance is 00:04:31.139 --> 00:04:33.590 align:start position:0% um for example the account balance is everyone<00:04:31.380> in<00:04:31.919> the<00:04:32.100> protocol<00:04:32.340> the<00:04:33.240> state<00:04:33.419> of 00:04:33.590 --> 00:04:33.600 align:start position:0% everyone in the protocol the state of 00:04:33.600 --> 00:04:36.530 align:start position:0% everyone in the protocol the state of smart<00:04:33.780> contracts<00:04:34.380> of<00:04:34.680> uniswap<00:04:35.280> of<00:04:35.520> Ave<00:04:35.820> maker 00:04:36.530 --> 00:04:36.540 align:start position:0% smart contracts of uniswap of Ave maker 00:04:36.540 --> 00:04:38.510 align:start position:0% smart contracts of uniswap of Ave maker and<00:04:37.320> you<00:04:37.500> know<00:04:37.620> everything<00:04:37.860> else<00:04:38.160> there's 00:04:38.510 --> 00:04:38.520 align:start position:0% and you know everything else there's 00:04:38.520 --> 00:04:40.370 align:start position:0% and you know everything else there's there's<00:04:38.699> a<00:04:38.940> lot<00:04:39.000> these<00:04:39.240> days<00:04:39.300> and<00:04:40.080> the<00:04:40.259> state 00:04:40.370 --> 00:04:40.380 align:start position:0% there's a lot these days and the state 00:04:40.380 --> 00:04:42.650 align:start position:0% there's a lot these days and the state is<00:04:40.620> like<00:04:40.800> the<00:04:40.979> the<00:04:41.100> thing<00:04:41.400> that<00:04:41.699> you<00:04:42.000> know<00:04:42.120> is 00:04:42.650 --> 00:04:42.660 align:start position:0% is like the the thing that you know is 00:04:42.660 --> 00:04:44.570 align:start position:0% is like the the thing that you know is sort<00:04:42.960> of<00:04:43.080> the<00:04:43.139> actual<00:04:43.440> valuable<00:04:43.800> thing<00:04:43.979> any 00:04:44.570 --> 00:04:44.580 align:start position:0% sort of the actual valuable thing any 00:04:44.580 --> 00:04:47.210 align:start position:0% sort of the actual valuable thing any block<00:04:44.940> space<00:04:45.120> to<00:04:45.419> access<00:04:45.540> the<00:04:45.900> state<00:04:46.139> and<00:04:47.040> this 00:04:47.210 --> 00:04:47.220 align:start position:0% block space to access the state and this 00:04:47.220 --> 00:04:48.890 align:start position:0% block space to access the state and this is<00:04:47.340> what<00:04:47.520> everyone<00:04:47.699> you<00:04:48.120> know<00:04:48.240> I<00:04:48.419> claim<00:04:48.720> will 00:04:48.890 --> 00:04:48.900 align:start position:0% is what everyone you know I claim will 00:04:48.900 --> 00:04:50.770 align:start position:0% is what everyone you know I claim will be<00:04:49.080> uh<00:04:49.380> will<00:04:49.680> be<00:04:49.800> battling<00:04:50.040> for<00:04:50.220> control<00:04:50.460> over 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valuable you know it supports this 00:04:58.500 --> 00:05:00.530 align:start position:0% valuable you know it supports this ability<00:04:58.800> to<00:04:59.160> specialize 00:05:00.530 --> 00:05:00.540 align:start position:0% ability to specialize 00:05:00.540 --> 00:05:03.290 align:start position:0% ability to specialize so<00:05:01.440> what<00:05:02.040> I<00:05:02.160> mean<00:05:02.280> when<00:05:02.400> I<00:05:02.520> say<00:05:02.639> specialize<00:05:03.060> is 00:05:03.290 --> 00:05:03.300 align:start position:0% so what I mean when I say specialize is 00:05:03.300 --> 00:05:05.689 align:start position:0% so what I mean when I say specialize is that<00:05:03.600> we're<00:05:04.440> seeing<00:05:04.620> the<00:05:04.860> emergence<00:05:05.220> of<00:05:05.460> this 00:05:05.689 --> 00:05:05.699 align:start position:0% that we're seeing the emergence of this 00:05:05.699 --> 00:05:07.370 align:start position:0% that we're seeing the emergence of this this<00:05:05.880> role<00:05:06.180> within<00:05:06.419> the<00:05:06.540> protocol 00:05:07.370 --> 00:05:07.380 align:start position:0% this role within the protocol 00:05:07.380 --> 00:05:09.170 align:start position:0% this role within the protocol uh<00:05:07.860> called<00:05:08.040> a<00:05:08.220> builder 00:05:09.170 --> 00:05:09.180 align:start position:0% uh called a builder 00:05:09.180 --> 00:05:12.110 align:start position:0% uh called a builder and 00:05:12.110 --> 00:05:12.120 align:start position:0% 00:05:12.120 --> 00:05:14.390 align:start position:0% um<00:05:12.240> yeah<00:05:12.600> it's<00:05:12.900> just<00:05:13.199> this<00:05:13.380> entity<00:05:13.680> that<00:05:14.100> says 00:05:14.390 --> 00:05:14.400 align:start position:0% um yeah it's just this entity that says 00:05:14.400 --> 00:05:16.490 align:start position:0% um yeah it's just this entity that says okay<00:05:14.580> like<00:05:15.000> rather<00:05:15.600> than<00:05:15.840> just<00:05:16.020> like<00:05:16.199> run<00:05:16.320> a 00:05:16.490 --> 00:05:16.500 align:start position:0% okay like rather than just like run a 00:05:16.500 --> 00:05:18.230 align:start position:0% okay like rather than just like run a very<00:05:16.620> naive<00:05:16.860> algorithm<00:05:17.280> for<00:05:17.580> like<00:05:17.820> getting 00:05:18.230 --> 00:05:18.240 align:start position:0% very naive algorithm for like getting 00:05:18.240 --> 00:05:19.790 align:start position:0% very naive algorithm for like getting these<00:05:18.479> transactions<00:05:18.960> into<00:05:19.139> the<00:05:19.320> book<00:05:19.500> which 00:05:19.790 --> 00:05:19.800 align:start position:0% these transactions into the book which 00:05:19.800 --> 00:05:21.650 align:start position:0% these transactions into the book which then<00:05:20.040> goes<00:05:20.280> on<00:05:20.340> chain<00:05:20.520> you<00:05:21.060> can<00:05:21.240> do<00:05:21.300> like<00:05:21.479> far 00:05:21.650 --> 00:05:21.660 align:start position:0% then goes on chain you can do like far 00:05:21.660 --> 00:05:23.210 align:start position:0% then goes on chain you can do like far more<00:05:21.840> sophisticated<00:05:22.440> things<00:05:22.680> and<00:05:22.979> if<00:05:23.100> you're 00:05:23.210 --> 00:05:23.220 align:start position:0% more sophisticated things and if you're 00:05:23.220 --> 00:05:24.710 align:start position:0% more sophisticated things and if you're familiar<00:05:23.460> with<00:05:23.580> any<00:05:23.699> of<00:05:23.820> this<00:05:23.940> Mev<00:05:24.300> stuff<00:05:24.479> this 00:05:24.710 --> 00:05:24.720 align:start position:0% familiar with any of this Mev stuff this 00:05:24.720 --> 00:05:26.689 align:start position:0% familiar with any of this Mev stuff this is<00:05:24.840> like<00:05:25.080> one<00:05:25.440> example 00:05:26.689 --> 00:05:26.699 align:start position:0% is like one example 00:05:26.699 --> 00:05:28.670 align:start position:0% is like one example um<00:05:26.820> and<00:05:27.120> yeah<00:05:27.240> it's<00:05:27.479> like<00:05:27.720> I<00:05:28.199> really<00:05:28.320> do<00:05:28.500> think 00:05:28.670 --> 00:05:28.680 align:start position:0% um and yeah it's like I really do think 00:05:28.680 --> 00:05:29.990 align:start position:0% um and yeah it's like I really do think kind<00:05:28.860> of<00:05:28.919> this<00:05:29.039> guy<00:05:29.220> is<00:05:29.400> the<00:05:29.460> limit<00:05:29.580> in<00:05:29.820> terms 00:05:29.990 --> 00:05:30.000 align:start position:0% kind of this guy is the limit in terms 00:05:30.000 --> 00:05:32.390 align:start position:0% kind of this guy is the limit in terms of<00:05:30.120> like<00:05:30.360> the<00:05:31.259> Ingenuity<00:05:31.979> people<00:05:32.160> are 00:05:32.390 --> 00:05:32.400 align:start position:0% of like the Ingenuity people are 00:05:32.400 --> 00:05:35.090 align:start position:0% of like the Ingenuity people are bringing<00:05:32.699> to<00:05:32.880> to<00:05:33.180> doing<00:05:33.479> this<00:05:33.720> task 00:05:35.090 --> 00:05:35.100 align:start position:0% bringing to to doing this task 00:05:35.100 --> 00:05:38.210 align:start position:0% bringing to to doing this task and<00:05:36.000> the<00:05:36.780> takeaway<00:05:37.199> here<00:05:37.500> is<00:05:37.740> that<00:05:37.919> you<00:05:38.100> know 00:05:38.210 --> 00:05:38.220 align:start position:0% and the takeaway here is that you know 00:05:38.220 --> 00:05:40.189 align:start position:0% and the takeaway here is that you know Builders<00:05:38.699> specialize<00:05:39.479> in<00:05:39.600> refining<00:05:40.080> block 00:05:40.189 --> 00:05:40.199 align:start position:0% Builders specialize in refining block 00:05:40.199 --> 00:05:42.529 align:start position:0% Builders specialize in refining block space<00:05:40.440> so<00:05:41.400> a<00:05:41.520> hopeful<00:05:41.759> analogy<00:05:42.180> that<00:05:42.419> I've 00:05:42.529 --> 00:05:42.539 align:start position:0% space so a hopeful analogy that I've 00:05:42.539 --> 00:05:44.749 align:start position:0% space so a hopeful analogy that I've come<00:05:42.720> across<00:05:43.020> is<00:05:43.199> like<00:05:43.440> thinking<00:05:43.800> of<00:05:44.039> you<00:05:44.639> know 00:05:44.749 --> 00:05:44.759 align:start position:0% come across is like thinking of you know 00:05:44.759 --> 00:05:46.850 align:start position:0% come across is like thinking of you know we<00:05:44.940> have<00:05:45.120> like<00:05:45.479> uh<00:05:45.840> actually<00:05:46.080> I<00:05:46.380> think<00:05:46.500> this 00:05:46.850 --> 00:05:46.860 align:start position:0% we have like uh actually I think this 00:05:46.860 --> 00:05:49.790 align:start position:0% we have like uh actually I think this yeah<00:05:47.100> so<00:05:47.400> Alpha<00:05:48.060> and<00:05:48.180> algae<00:05:48.360> here<00:05:48.539> is<00:05:48.720> like<00:05:49.380> and 00:05:49.790 --> 00:05:49.800 align:start position:0% yeah so Alpha and algae here is like and 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ore you can like dig it out of the<00:05:55.860> ground<00:05:55.919> you<00:05:56.220> just<00:05:56.340> have<00:05:56.520> this<00:05:56.699> like<00:05:56.820> thing 00:05:57.050 --> 00:05:57.060 align:start position:0% the ground you just have this like thing 00:05:57.060 --> 00:05:58.909 align:start position:0% the ground you just have this like thing you<00:05:57.300> have<00:05:57.479> to<00:05:57.600> like<00:05:57.720> get<00:05:58.139> the<00:05:58.320> Copper<00:05:58.620> from<00:05:58.800> The 00:05:58.909 --> 00:05:58.919 align:start position:0% you have to like get the Copper from The 00:05:58.919 --> 00:06:01.189 align:start position:0% you have to like get the Copper from The Rock<00:05:59.100> and<00:05:59.460> this<00:06:00.000> whole<00:06:00.180> process<00:06:00.479> of 00:06:01.189 --> 00:06:01.199 align:start position:0% Rock and this whole process of 00:06:01.199 --> 00:06:03.710 align:start position:0% Rock and this whole process of extraction<00:06:01.680> to<00:06:02.039> get<00:06:02.220> to<00:06:02.400> say<00:06:02.639> like<00:06:02.940> refined 00:06:03.710 --> 00:06:03.720 align:start position:0% extraction to get to say like refined 00:06:03.720 --> 00:06:05.510 align:start position:0% extraction to get to say like refined copper<00:06:04.080> this<00:06:04.680> copper<00:06:04.979> bar<00:06:05.160> in<00:06:05.340> the<00:06:05.460> middle 00:06:05.510 --> 00:06:05.520 align:start position:0% copper this copper bar in the middle 00:06:05.520 --> 00:06:06.350 align:start position:0% copper this copper bar in the middle here 00:06:06.350 --> 00:06:06.360 align:start position:0% here 00:06:06.360 --> 00:06:08.810 align:start position:0% here and<00:06:06.780> then<00:06:06.900> that<00:06:07.020> can<00:06:07.139> be<00:06:07.259> further<00:06:07.500> refined<00:06:07.979> and 00:06:08.810 --> 00:06:08.820 align:start position:0% and then that can be further refined and 00:06:08.820 --> 00:06:11.150 align:start position:0% and then that can be further refined and to<00:06:09.000> uh<00:06:09.300> you<00:06:09.479> know<00:06:09.539> say<00:06:09.720> copper<00:06:10.199> coins<00:06:10.500> or<00:06:10.919> pick 00:06:11.150 --> 00:06:11.160 align:start position:0% to uh you know say copper coins or pick 00:06:11.160 --> 00:06:13.129 align:start position:0% to uh you know say copper coins or pick your<00:06:11.400> thing<00:06:12.120> so<00:06:12.419> this<00:06:12.539> is<00:06:12.660> just<00:06:12.780> like<00:06:12.960> a 00:06:13.129 --> 00:06:13.139 align:start position:0% your thing so this is just like a 00:06:13.139 --> 00:06:15.290 align:start position:0% your thing so this is just like a generic<00:06:13.560> notion<00:06:14.220> of<00:06:14.460> like<00:06:14.580> taking<00:06:14.759> some<00:06:15.060> raw 00:06:15.290 --> 00:06:15.300 align:start position:0% generic notion of like taking some raw 00:06:15.300 --> 00:06:17.689 align:start position:0% generic notion of like taking some raw asset<00:06:15.660> some<00:06:16.139> raw<00:06:16.440> commodity<00:06:16.860> and<00:06:17.220> refining<00:06:17.639> it 00:06:17.689 --> 00:06:17.699 align:start position:0% asset some raw commodity and refining it 00:06:17.699 --> 00:06:19.730 align:start position:0% asset some raw commodity and refining it through<00:06:17.820> like<00:06:18.000> a<00:06:18.120> series<00:06:18.300> of<00:06:18.600> of<00:06:19.080> phases<00:06:19.500> and 00:06:19.730 --> 00:06:19.740 align:start position:0% through like a series of of phases and 00:06:19.740 --> 00:06:21.409 align:start position:0% through like a series of of phases and each<00:06:20.039> phase<00:06:20.340> it's<00:06:20.699> sort<00:06:20.880> of<00:06:20.940> like<00:06:21.060> is<00:06:21.240> more 00:06:21.409 --> 00:06:21.419 align:start position:0% each phase it's sort of like is more 00:06:21.419 --> 00:06:23.390 align:start position:0% each phase it's sort of like is more valuable<00:06:21.660> in<00:06:21.840> the<00:06:21.960> face<00:06:22.080> before<00:06:22.319> it's<00:06:23.160> like 00:06:23.390 --> 00:06:23.400 align:start position:0% valuable in the face before it's like 00:06:23.400 --> 00:06:24.770 align:start position:0% valuable in the face before it's like for<00:06:23.580> example<00:06:23.759> if<00:06:23.940> I<00:06:24.120> just<00:06:24.240> like<00:06:24.360> walked<00:06:24.600> up<00:06:24.660> to 00:06:24.770 --> 00:06:24.780 align:start position:0% for example if I just like walked up to 00:06:24.780 --> 00:06:26.570 align:start position:0% for example if I just like walked up to you<00:06:24.900> and<00:06:25.020> gave<00:06:25.080> you<00:06:25.259> like<00:06:25.380> a<00:06:25.740> hunk<00:06:26.280> of<00:06:26.340> copper 00:06:26.570 --> 00:06:26.580 align:start position:0% you and gave you like a hunk of copper 00:06:26.580 --> 00:06:29.330 align:start position:0% you and gave you like a hunk of copper ore<00:06:27.000> you'd<00:06:27.300> be<00:06:27.419> like<00:06:27.600> okay<00:06:27.900> cool<00:06:28.740> but<00:06:29.039> I<00:06:29.220> don't 00:06:29.330 --> 00:06:29.340 align:start position:0% ore you'd be like okay cool but I don't 00:06:29.340 --> 00:06:31.790 align:start position:0% ore you'd be like okay cool but I don't really<00:06:29.400> care<00:06:29.840> whereas<00:06:30.840> like<00:06:31.020> if<00:06:31.139> I<00:06:31.319> walked<00:06:31.740> up 00:06:31.790 --> 00:06:31.800 align:start position:0% really care whereas like if I walked up 00:06:31.800 --> 00:06:33.710 align:start position:0% really care whereas like if I walked up and<00:06:32.039> you<00:06:32.160> know<00:06:32.280> hit<00:06:32.400> a<00:06:32.520> bunch<00:06:32.699> of<00:06:32.819> coins<00:06:33.060> you 00:06:33.710 --> 00:06:33.720 align:start position:0% and you know hit a bunch of coins you 00:06:33.720 --> 00:06:35.390 align:start position:0% and you know hit a bunch of coins you might<00:06:33.900> care<00:06:34.139> a<00:06:34.259> lot<00:06:34.319> more<00:06:34.440> so<00:06:35.039> this<00:06:35.160> is<00:06:35.220> what<00:06:35.280> I 00:06:35.390 --> 00:06:35.400 align:start position:0% might care a lot more so this is what I 00:06:35.400 --> 00:06:38.029 align:start position:0% might care a lot more so this is what I mean<00:06:35.520> when<00:06:35.699> I<00:06:35.880> say<00:06:36.000> that<00:06:36.380> uh<00:06:37.380> you<00:06:37.620> know<00:06:37.740> there's 00:06:38.029 --> 00:06:38.039 align:start position:0% mean when I say that uh you know there's 00:06:38.039 --> 00:06:40.070 align:start position:0% mean when I say that uh you know there's this<00:06:38.280> sort<00:06:38.460> of<00:06:38.520> raw<00:06:38.940> asset<00:06:39.419> or<00:06:39.660> this<00:06:39.840> raw 00:06:40.070 --> 00:06:40.080 align:start position:0% this sort of raw asset or this raw 00:06:40.080 --> 00:06:42.290 align:start position:0% this sort of raw asset or this raw commodity<00:06:40.560> is<00:06:41.220> probably<00:06:41.400> the<00:06:41.580> right<00:06:41.699> term<00:06:41.880> uh 00:06:42.290 --> 00:06:42.300 align:start position:0% commodity is probably the right term uh 00:06:42.300 --> 00:06:44.629 align:start position:0% commodity is probably the right term uh block<00:06:42.660> space<00:06:42.900> and<00:06:43.800> again<00:06:44.100> what<00:06:44.340> we're<00:06:44.520> seeing 00:06:44.629 --> 00:06:44.639 align:start position:0% block space and again what we're seeing 00:06:44.639 --> 00:06:46.790 align:start position:0% block space and again what we're seeing is<00:06:44.940> is<00:06:45.180> this<00:06:45.479> this<00:06:45.720> notion<00:06:46.020> of<00:06:46.139> a<00:06:46.259> builder<00:06:46.620> in 00:06:46.790 --> 00:06:46.800 align:start position:0% is is this this notion of a builder in 00:06:46.800 --> 00:06:48.170 align:start position:0% is is this this notion of a builder in the<00:06:46.919> protocol<00:06:47.160> or<00:06:47.520> at<00:06:47.639> least<00:06:47.699> you<00:06:47.880> know<00:06:48.000> around 00:06:48.170 --> 00:06:48.180 align:start position:0% the protocol or at least you know around 00:06:48.180 --> 00:06:50.629 align:start position:0% the protocol or at least you know around the<00:06:48.419> protocol<00:06:48.660> that<00:06:49.500> takes<00:06:49.740> block<00:06:50.039> space<00:06:50.340> and 00:06:50.629 --> 00:06:50.639 align:start position:0% the protocol that takes block space and 00:06:50.639 --> 00:06:52.550 align:start position:0% the protocol that takes block space and sort<00:06:51.240> of<00:06:51.360> provides<00:06:51.660> these<00:06:51.900> like<00:06:52.020> value-added 00:06:52.550 --> 00:06:52.560 align:start position:0% sort of provides these like value-added 00:06:52.560 --> 00:06:54.770 align:start position:0% sort of provides these like value-added services<00:06:52.740> or<00:06:53.580> almost<00:06:54.000> Goods<00:06:54.419> you<00:06:54.539> can<00:06:54.660> think 00:06:54.770 --> 00:06:54.780 align:start position:0% services or almost Goods you can think 00:06:54.780 --> 00:06:56.870 align:start position:0% services or almost Goods you can think of<00:06:54.900> them<00:06:55.080> as<00:06:55.259> to<00:06:55.860> go<00:06:55.979> from<00:06:56.220> a<00:06:56.400> less<00:06:56.520> viable 00:06:56.870 --> 00:06:56.880 align:start position:0% of them as to go from a less viable 00:06:56.880 --> 00:06:58.670 align:start position:0% of them as to go from a less viable thing<00:06:57.000> to<00:06:57.180> like<00:06:57.360> a<00:06:57.479> more<00:06:57.600> valuable<00:06:57.960> thing<00:06:58.199> and 00:06:58.670 --> 00:06:58.680 align:start position:0% thing to like a more valuable thing and 00:06:58.680 --> 00:07:00.650 align:start position:0% thing to like a more valuable thing and that's<00:06:58.800> the<00:06:58.919> job<00:06:59.100> of<00:06:59.160> the<00:06:59.280> Builder<00:06:59.580> so 00:07:00.650 --> 00:07:00.660 align:start position:0% that's the job of the Builder so 00:07:00.660 --> 00:07:03.469 align:start position:0% that's the job of the Builder so now<00:07:01.139> the<00:07:01.319> question<00:07:01.500> is<00:07:01.800> well<00:07:02.699> okay<00:07:03.060> yeah<00:07:03.240> what 00:07:03.469 --> 00:07:03.479 align:start position:0% now the question is well okay yeah what 00:07:03.479 --> 00:07:05.450 align:start position:0% now the question is well okay yeah what are<00:07:03.600> some<00:07:03.720> examples<00:07:04.080> of<00:07:04.199> things<00:07:04.440> they<00:07:04.620> can<00:07:04.800> do 00:07:05.450 --> 00:07:05.460 align:start position:0% are some examples of things they can do 00:07:05.460 --> 00:07:08.990 align:start position:0% are some examples of things they can do and<00:07:06.120> there's<00:07:06.360> actually<00:07:06.539> a<00:07:06.780> lot<00:07:06.900> so<00:07:07.860> uh<00:07:08.699> here's 00:07:08.990 --> 00:07:09.000 align:start position:0% and there's actually a lot so uh here's 00:07:09.000 --> 00:07:10.430 align:start position:0% and there's actually a lot so uh here's like<00:07:09.060> a<00:07:09.240> list<00:07:09.360> of<00:07:09.539> things<00:07:09.660> there's<00:07:10.139> a<00:07:10.319> long 00:07:10.430 --> 00:07:10.440 align:start position:0% like a list of things there's a long 00:07:10.440 --> 00:07:12.770 align:start position:0% like a list of things there's a long list<00:07:10.620> of<00:07:10.800> things<00:07:11.180> again<00:07:12.180> this<00:07:12.479> is<00:07:12.539> where<00:07:12.720> I 00:07:12.770 --> 00:07:12.780 align:start position:0% list of things again this is where I 00:07:12.780 --> 00:07:14.090 align:start position:0% list of things again this is where I think<00:07:12.900> all<00:07:13.080> the<00:07:13.199> Ingenuity<00:07:13.560> and<00:07:13.740> creativity 00:07:14.090 --> 00:07:14.100 align:start position:0% think all the Ingenuity and creativity 00:07:14.100 --> 00:07:15.110 align:start position:0% think all the Ingenuity and creativity will<00:07:14.340> come<00:07:14.460> in<00:07:14.580> that<00:07:14.699> I<00:07:14.819> think<00:07:14.880> is<00:07:15.000> really 00:07:15.110 --> 00:07:15.120 align:start position:0% will come in that I think is really 00:07:15.120 --> 00:07:17.450 align:start position:0% will come in that I think is really exciting<00:07:15.539> around<00:07:16.139> this<00:07:16.380> space 00:07:17.450 --> 00:07:17.460 align:start position:0% exciting around this space 00:07:17.460 --> 00:07:19.189 align:start position:0% exciting around this space and<00:07:18.120> I'll<00:07:18.360> just<00:07:18.539> run<00:07:18.600> through<00:07:18.780> some<00:07:19.020> of<00:07:19.139> these 00:07:19.189 --> 00:07:19.199 align:start position:0% and I'll just run through some of these 00:07:19.199 --> 00:07:20.570 align:start position:0% and I'll just run through some of these examples<00:07:19.440> here<00:07:19.680> right<00:07:19.860> so<00:07:20.039> like<00:07:20.220> one<00:07:20.400> of<00:07:20.520> them 00:07:20.570 --> 00:07:20.580 align:start position:0% examples here right so like one of them 00:07:20.580 --> 00:07:22.550 align:start position:0% examples here right so like one of them is<00:07:20.759> like<00:07:20.940> sponsored<00:07:21.360> transactions<00:07:21.900> this<00:07:22.440> is 00:07:22.550 --> 00:07:22.560 align:start position:0% is like sponsored transactions this is 00:07:22.560 --> 00:07:23.870 align:start position:0% is like sponsored transactions this is something<00:07:22.680> people<00:07:22.860> have<00:07:23.039> wanted<00:07:23.220> for<00:07:23.580> like<00:07:23.699> a 00:07:23.870 --> 00:07:23.880 align:start position:0% something people have wanted for like a 00:07:23.880 --> 00:07:25.730 align:start position:0% something people have wanted for like a very<00:07:24.000> very<00:07:24.180> long<00:07:24.360> time<00:07:24.599> and<00:07:25.139> the<00:07:25.259> idea<00:07:25.440> is<00:07:25.500> that 00:07:25.730 --> 00:07:25.740 align:start position:0% very very long time and the idea is that 00:07:25.740 --> 00:07:26.930 align:start position:0% very very long time and the idea is that basically<00:07:25.979> you<00:07:26.160> have<00:07:26.280> this<00:07:26.400> Builder<00:07:26.699> and<00:07:26.819> they 00:07:26.930 --> 00:07:26.940 align:start position:0% basically you have this Builder and they 00:07:26.940 --> 00:07:29.510 align:start position:0% basically you have this Builder and they pay<00:07:27.060> for<00:07:27.180> the<00:07:27.300> gas<00:07:27.479> so<00:07:28.199> kind<00:07:29.099> of<00:07:29.220> concretely 00:07:29.510 --> 00:07:29.520 align:start position:0% pay for the gas so kind of concretely 00:07:29.520 --> 00:07:30.950 align:start position:0% pay for the gas so kind of concretely what<00:07:29.699> that<00:07:29.759> looks<00:07:30.000> like<00:07:30.060> is<00:07:30.360> you<00:07:30.660> know<00:07:30.720> I<00:07:30.840> have 00:07:30.950 --> 00:07:30.960 align:start position:0% what that looks like is you know I have 00:07:30.960 --> 00:07:32.689 align:start position:0% what that looks like is you know I have my<00:07:31.080> transaction<00:07:31.500> rather<00:07:32.160> than<00:07:32.220> making<00:07:32.400> like<00:07:32.580> a 00:07:32.689 --> 00:07:32.699 align:start position:0% my transaction rather than making like a 00:07:32.699 --> 00:07:35.170 align:start position:0% my transaction rather than making like a direct<00:07:32.819> ethereum<00:07:33.240> transaction<00:07:33.660> I<00:07:34.440> make<00:07:34.680> some 00:07:35.170 --> 00:07:35.180 align:start position:0% direct ethereum transaction I make some 00:07:35.180 --> 00:07:37.550 align:start position:0% direct ethereum transaction I make some intent<00:07:36.180> some<00:07:36.479> message<00:07:36.660> something<00:07:37.319> the 00:07:37.550 --> 00:07:37.560 align:start position:0% intent some message something the 00:07:37.560 --> 00:07:39.230 align:start position:0% intent some message something the Builder<00:07:37.800> knows<00:07:38.039> how<00:07:38.160> to<00:07:38.280> like<00:07:38.400> interpret<00:07:38.880> in 00:07:39.230 --> 00:07:39.240 align:start position:0% Builder knows how to like interpret in 00:07:39.240 --> 00:07:40.249 align:start position:0% Builder knows how to like interpret in their<00:07:39.300> own<00:07:39.419> way<00:07:39.539> they<00:07:39.720> still<00:07:39.840> have<00:07:40.020> the<00:07:40.080> same 00:07:40.249 --> 00:07:40.259 align:start position:0% their own way they still have the same 00:07:40.259 --> 00:07:43.249 align:start position:0% their own way they still have the same effect<00:07:40.440> on<00:07:40.860> chain<00:07:41.180> but<00:07:42.180> then<00:07:42.360> they<00:07:42.780> can<00:07:43.020> be 00:07:43.249 --> 00:07:43.259 align:start position:0% effect on chain but then they can be 00:07:43.259 --> 00:07:44.809 align:start position:0% effect on chain but then they can be responsible<00:07:43.620> for<00:07:43.800> paying<00:07:44.039> the<00:07:44.099> gas<00:07:44.280> and<00:07:44.520> like 00:07:44.809 --> 00:07:44.819 align:start position:0% responsible for paying the gas and like 00:07:44.819 --> 00:07:46.730 align:start position:0% responsible for paying the gas and like end<00:07:45.000> protocol<00:07:45.360> another<00:07:46.080> thing<00:07:46.380> they<00:07:46.440> could<00:07:46.620> do 00:07:46.730 --> 00:07:46.740 align:start position:0% end protocol another thing they could do 00:07:46.740 --> 00:07:48.890 align:start position:0% end protocol another thing they could do instant<00:07:47.099> confirmations<00:07:47.580> so<00:07:48.419> this<00:07:48.599> is<00:07:48.720> again 00:07:48.890 --> 00:07:48.900 align:start position:0% instant confirmations so this is again 00:07:48.900 --> 00:07:50.450 align:start position:0% instant confirmations so this is again something<00:07:49.199> if<00:07:49.500> you've<00:07:49.740> like<00:07:49.979> you<00:07:50.220> know<00:07:50.340> going 00:07:50.450 --> 00:07:50.460 align:start position:0% something if you've like you know going 00:07:50.460 --> 00:07:51.830 align:start position:0% something if you've like you know going back<00:07:50.639> to<00:07:50.759> our<00:07:50.880> metamask<00:07:51.240> example<00:07:51.539> you<00:07:51.660> might 00:07:51.830 --> 00:07:51.840 align:start position:0% back to our metamask example you might 00:07:51.840 --> 00:07:53.450 align:start position:0% back to our metamask example you might have<00:07:51.960> seen<00:07:52.139> where<00:07:52.380> you<00:07:52.740> send<00:07:52.979> a<00:07:53.160> transaction 00:07:53.450 --> 00:07:53.460 align:start position:0% have seen where you send a transaction 00:07:53.460 --> 00:07:55.850 align:start position:0% have seen where you send a transaction and<00:07:54.060> or<00:07:54.720> you<00:07:54.960> have<00:07:55.020> to<00:07:55.139> sit<00:07:55.259> and<00:07:55.380> wait<00:07:55.560> and<00:07:55.740> it's 00:07:55.850 --> 00:07:55.860 align:start position:0% and or you have to sit and wait and it's 00:07:55.860 --> 00:07:57.050 align:start position:0% and or you have to sit and wait and it's like<00:07:55.979> is<00:07:56.099> it<00:07:56.220> on<00:07:56.340> chain<00:07:56.460> yeah<00:07:56.699> like<00:07:56.940> what's 00:07:57.050 --> 00:07:57.060 align:start position:0% like is it on chain yeah like what's 00:07:57.060 --> 00:07:59.450 align:start position:0% like is it on chain yeah like what's going<00:07:57.240> on<00:07:57.360> like<00:07:57.740> sometimes<00:07:58.740> especially<00:07:59.280> when 00:07:59.450 --> 00:07:59.460 align:start position:0% going on like sometimes especially when 00:07:59.460 --> 00:08:00.890 align:start position:0% going on like sometimes especially when there's<00:07:59.639> like<00:07:59.759> volatility<00:08:00.180> and<00:08:00.479> like<00:08:00.660> the<00:08:00.780> gas 00:08:00.890 --> 00:08:00.900 align:start position:0% there's like volatility and like the gas 00:08:00.900 --> 00:08:03.170 align:start position:0% there's like volatility and like the gas market<00:08:01.199> and<00:08:01.500> things<00:08:01.620> like<00:08:01.919> it's<00:08:02.759> it<00:08:02.940> can<00:08:03.120> be 00:08:03.170 --> 00:08:03.180 align:start position:0% market and things like it's it can be 00:08:03.180 --> 00:08:04.670 align:start position:0% market and things like it's it can be very<00:08:03.360> unclear<00:08:03.720> what's<00:08:03.960> happening<00:08:04.319> you<00:08:04.620> can 00:08:04.670 --> 00:08:04.680 align:start position:0% very unclear what's happening you can 00:08:04.680 --> 00:08:06.950 align:start position:0% very unclear what's happening you can like<00:08:04.740> end<00:08:04.919> up<00:08:05.039> waiting<00:08:05.340> a<00:08:05.400> very<00:08:05.520> long<00:08:05.699> time<00:08:05.960> and 00:08:06.950 --> 00:08:06.960 align:start position:0% like end up waiting a very long time and 00:08:06.960 --> 00:08:09.350 align:start position:0% like end up waiting a very long time and that's<00:08:07.139> not<00:08:07.380> fun<00:08:07.620> but<00:08:08.160> uh<00:08:08.940> there's<00:08:09.180> this 00:08:09.350 --> 00:08:09.360 align:start position:0% that's not fun but uh there's this 00:08:09.360 --> 00:08:10.909 align:start position:0% that's not fun but uh there's this almost<00:08:09.539> service<00:08:09.900> or<00:08:10.139> abstraction<00:08:10.440> a<00:08:10.680> builder 00:08:10.909 --> 00:08:10.919 align:start position:0% almost service or abstraction a builder 00:08:10.919 --> 00:08:13.850 align:start position:0% almost service or abstraction a builder can<00:08:11.039> provide<00:08:11.280> which<00:08:11.940> is<00:08:12.060> just<00:08:12.240> to<00:08:12.419> say<00:08:12.599> okay 00:08:13.850 --> 00:08:13.860 align:start position:0% can provide which is just to say okay 00:08:13.860 --> 00:08:17.150 align:start position:0% can provide which is just to say okay um<00:08:14.300> you<00:08:15.300> want<00:08:15.660> this<00:08:15.960> Con<00:08:16.139> this<00:08:16.440> transaction<00:08:16.800> to 00:08:17.150 --> 00:08:17.160 align:start position:0% um you want this Con this transaction to 00:08:17.160 --> 00:08:19.010 align:start position:0% um you want this Con this transaction to be<00:08:17.280> in<00:08:17.400> in<00:08:17.759> this<00:08:17.880> block<00:08:18.120> and<00:08:18.599> I<00:08:18.720> can<00:08:18.840> basically 00:08:19.010 --> 00:08:19.020 align:start position:0% be in in this block and I can basically 00:08:19.020 --> 00:08:20.990 align:start position:0% be in in this block and I can basically as<00:08:19.139> a<00:08:19.319> builder<00:08:19.560> say<00:08:19.740> I<00:08:20.280> promise<00:08:20.580> you<00:08:20.699> this<00:08:20.879> will 00:08:20.990 --> 00:08:21.000 align:start position:0% as a builder say I promise you this will 00:08:21.000 --> 00:08:21.790 align:start position:0% as a builder say I promise you this will happen 00:08:21.790 --> 00:08:21.800 align:start position:0% happen 00:08:21.800 --> 00:08:23.809 align:start position:0% happen trust<00:08:22.800> me<00:08:22.919> and<00:08:23.220> there's<00:08:23.400> a<00:08:23.580> whole<00:08:23.639> design 00:08:23.809 --> 00:08:23.819 align:start position:0% trust me and there's a whole design 00:08:23.819 --> 00:08:26.150 align:start position:0% trust me and there's a whole design space<00:08:24.180> around<00:08:24.479> you<00:08:25.259> know<00:08:25.319> changing<00:08:25.860> what 00:08:26.150 --> 00:08:26.160 align:start position:0% space around you know changing what 00:08:26.160 --> 00:08:28.249 align:start position:0% space around you know changing what trust<00:08:26.400> me<00:08:26.580> means<00:08:26.879> but<00:08:27.240> basically<00:08:27.660> I<00:08:27.900> can<00:08:27.960> I<00:08:28.139> can 00:08:28.249 --> 00:08:28.259 align:start position:0% trust me means but basically I can I can 00:08:28.259 --> 00:08:29.809 align:start position:0% trust me means but basically I can I can give<00:08:28.319> you<00:08:28.440> those<00:08:28.560> promises<00:08:28.979> a<00:08:29.160> builder<00:08:29.400> to<00:08:29.699> get 00:08:29.809 --> 00:08:29.819 align:start position:0% give you those promises a builder to get 00:08:29.819 --> 00:08:31.070 align:start position:0% give you those promises a builder to get into<00:08:29.940> that<00:08:30.120> block 00:08:31.070 --> 00:08:31.080 align:start position:0% into that block 00:08:31.080 --> 00:08:32.870 align:start position:0% into that block and<00:08:31.440> in<00:08:31.560> that<00:08:31.740> sense<00:08:31.919> then<00:08:32.159> I<00:08:32.520> can<00:08:32.640> turn<00:08:32.760> around 00:08:32.870 --> 00:08:32.880 align:start position:0% and in that sense then I can turn around 00:08:32.880 --> 00:08:34.969 align:start position:0% and in that sense then I can turn around immediately<00:08:33.300> say<00:08:33.539> yes<00:08:33.899> you're<00:08:34.080> in<00:08:34.260> the<00:08:34.380> block 00:08:34.969 --> 00:08:34.979 align:start position:0% immediately say yes you're in the block 00:08:34.979 --> 00:08:37.389 align:start position:0% immediately say yes you're in the block uh<00:08:35.520> related<00:08:35.760> thing<00:08:36.000> cancellations<00:08:36.599> retries 00:08:37.389 --> 00:08:37.399 align:start position:0% uh related thing cancellations retries 00:08:37.399 --> 00:08:40.909 align:start position:0% uh related thing cancellations retries so<00:08:38.399> the<00:08:38.700> notion<00:08:38.940> here<00:08:39.060> is<00:08:39.240> just<00:08:39.419> saying<00:08:39.719> like 00:08:40.909 --> 00:08:40.919 align:start position:0% so the notion here is just saying like 00:08:40.919 --> 00:08:42.649 align:start position:0% so the notion here is just saying like um<00:08:41.039> yeah<00:08:41.640> let's<00:08:41.820> say<00:08:41.940> I<00:08:42.060> make<00:08:42.240> a<00:08:42.360> transaction 00:08:42.649 --> 00:08:42.659 align:start position:0% um yeah let's say I make a transaction 00:08:42.659 --> 00:08:44.570 align:start position:0% um yeah let's say I make a transaction and<00:08:43.320> I'm<00:08:43.500> like<00:08:43.620> oh<00:08:43.800> wait<00:08:44.039> like<00:08:44.279> the<00:08:44.459> market 00:08:44.570 --> 00:08:44.580 align:start position:0% and I'm like oh wait like the market 00:08:44.580 --> 00:08:46.130 align:start position:0% and I'm like oh wait like the market just<00:08:44.880> moved<00:08:45.120> against<00:08:45.180> my<00:08:45.420> unit<00:08:45.540> swap<00:08:45.839> trade 00:08:46.130 --> 00:08:46.140 align:start position:0% just moved against my unit swap trade 00:08:46.140 --> 00:08:48.590 align:start position:0% just moved against my unit swap trade I'd<00:08:46.620> rather<00:08:46.800> just<00:08:47.040> take<00:08:47.100> it<00:08:47.279> back<00:08:47.480> if<00:08:48.480> you're 00:08:48.590 --> 00:08:48.600 align:start position:0% I'd rather just take it back if you're 00:08:48.600 --> 00:08:51.050 align:start position:0% I'd rather just take it back if you're just<00:08:48.839> sort<00:08:49.500> of<00:08:49.620> sending<00:08:50.040> raw<00:08:50.700> ethereum 00:08:51.050 --> 00:08:51.060 align:start position:0% just sort of sending raw ethereum 00:08:51.060 --> 00:08:52.310 align:start position:0% just sort of sending raw ethereum transactions<00:08:51.480> today<00:08:51.600> that's<00:08:51.899> really<00:08:52.080> hard<00:08:52.200> to 00:08:52.310 --> 00:08:52.320 align:start position:0% transactions today that's really hard to 00:08:52.320 --> 00:08:53.509 align:start position:0% transactions today that's really hard to do<00:08:52.440> because<00:08:52.620> you<00:08:52.740> like<00:08:52.860> gossip<00:08:53.220> them<00:08:53.339> through 00:08:53.509 --> 00:08:53.519 align:start position:0% do because you like gossip them through 00:08:53.519 --> 00:08:55.310 align:start position:0% do because you like gossip them through this<00:08:53.580> Global<00:08:53.880> event<00:08:54.000> pool<00:08:54.300> and<00:08:54.839> you'd<00:08:55.080> have<00:08:55.200> to 00:08:55.310 --> 00:08:55.320 align:start position:0% this Global event pool and you'd have to 00:08:55.320 --> 00:08:58.210 align:start position:0% this Global event pool and you'd have to like<00:08:55.440> Yeah<00:08:56.160> It's<00:08:56.339> Tricky 00:08:58.210 --> 00:08:58.220 align:start position:0% like Yeah It's Tricky 00:08:58.220 --> 00:09:01.130 align:start position:0% like Yeah It's Tricky one<00:08:59.220> way<00:08:59.399> people<00:08:59.580> kind<00:08:59.940> of<00:09:00.060> game<00:09:00.660> this<00:09:00.899> today 00:09:01.130 --> 00:09:01.140 align:start position:0% one way people kind of game this today 00:09:01.140 --> 00:09:03.050 align:start position:0% one way people kind of game this today is<00:09:01.440> they<00:09:01.680> will<00:09:01.860> send<00:09:02.100> a<00:09:02.459> duplicate 00:09:03.050 --> 00:09:03.060 align:start position:0% is they will send a duplicate 00:09:03.060 --> 00:09:04.310 align:start position:0% is they will send a duplicate transaction<00:09:03.420> or<00:09:03.660> one<00:09:03.779> that<00:09:03.899> will<00:09:04.019> override 00:09:04.310 --> 00:09:04.320 align:start position:0% transaction or one that will override 00:09:04.320 --> 00:09:05.329 align:start position:0% transaction or one that will override the<00:09:04.500> previous<00:09:04.620> one<00:09:04.860> that<00:09:05.040> has<00:09:05.220> different 00:09:05.329 --> 00:09:05.339 align:start position:0% the previous one that has different 00:09:05.339 --> 00:09:06.710 align:start position:0% the previous one that has different effects<00:09:05.820> but<00:09:06.060> again<00:09:06.300> that's<00:09:06.540> like 00:09:06.710 --> 00:09:06.720 align:start position:0% effects but again that's like 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bucket<00:09:12.420> there's<00:09:12.540> like 00:09:12.650 --> 00:09:12.660 align:start position:0% and like in the same bucket there's like 00:09:12.660 --> 00:09:14.389 align:start position:0% and like in the same bucket there's like retries<00:09:13.140> so<00:09:13.380> like<00:09:13.560> let's<00:09:13.740> say<00:09:13.860> I<00:09:14.040> want<00:09:14.160> to<00:09:14.279> like 00:09:14.389 --> 00:09:14.399 align:start position:0% retries so like let's say I want to like 00:09:14.399 --> 00:09:17.269 align:start position:0% retries so like let's say I want to like I<00:09:14.760> don't<00:09:14.880> know<00:09:14.880> do<00:09:15.060> a<00:09:15.240> token<00:09:15.540> transfer<00:09:15.920> and<00:09:16.920> for 00:09:17.269 --> 00:09:17.279 align:start position:0% I don't know do a token transfer and for 00:09:17.279 --> 00:09:18.829 align:start position:0% I don't know do a token transfer and for some<00:09:17.399> reason<00:09:17.580> it<00:09:17.820> fails<00:09:18.180> just<00:09:18.420> because<00:09:18.600> of 00:09:18.829 --> 00:09:18.839 align:start position:0% some reason it fails just because of 00:09:18.839 --> 00:09:21.050 align:start position:0% some reason it fails just because of like<00:09:19.019> conditions<00:09:19.440> on<00:09:19.620> chain<00:09:19.860> so<00:09:20.580> then<00:09:20.760> I<00:09:20.940> want 00:09:21.050 --> 00:09:21.060 align:start position:0% like conditions on chain so then I want 00:09:21.060 --> 00:09:22.610 align:start position:0% like conditions on chain so then I want to<00:09:21.180> keep<00:09:21.480> doing<00:09:21.600> this<00:09:21.899> you<00:09:22.140> know<00:09:22.200> until<00:09:22.380> it 00:09:22.610 --> 00:09:22.620 align:start position:0% to keep doing this you know until it 00:09:22.620 --> 00:09:24.650 align:start position:0% to keep doing this you know until it goes<00:09:22.860> through<00:09:22.980> and<00:09:23.820> rather<00:09:24.060> than<00:09:24.240> me<00:09:24.360> have<00:09:24.540> to 00:09:24.650 --> 00:09:24.660 align:start position:0% goes through and rather than me have to 00:09:24.660 --> 00:09:25.790 align:start position:0% goes through and rather than me have to sit<00:09:24.720> and<00:09:24.839> do<00:09:24.959> this<00:09:25.080> like<00:09:25.200> a<00:09:25.320> builder<00:09:25.560> could<00:09:25.680> do 00:09:25.790 --> 00:09:25.800 align:start position:0% sit and do this like a builder could do 00:09:25.800 --> 00:09:26.810 align:start position:0% sit and do this like a builder could do it<00:09:25.920> for<00:09:26.040> me 00:09:26.810 --> 00:09:26.820 align:start position:0% it for me 00:09:26.820 --> 00:09:30.070 align:start position:0% it for me next<00:09:27.300> one<00:09:27.420> gas<00:09:27.899> Futures<00:09:28.500> so 00:09:30.070 --> 00:09:30.080 align:start position:0% next one gas Futures so 00:09:30.080 --> 00:09:33.290 align:start position:0% next one gas Futures so here<00:09:31.080> the<00:09:31.620> way<00:09:31.740> to<00:09:31.860> think<00:09:31.980> about<00:09:32.100> it<00:09:32.279> is<00:09:32.459> that<00:09:32.760> a 00:09:33.290 --> 00:09:33.300 align:start position:0% here the way to think about it is that a 00:09:33.300 --> 00:09:34.790 align:start position:0% here the way to think about it is that a rather<00:09:33.720> than<00:09:33.899> someone<00:09:34.140> you<00:09:34.380> sort<00:09:34.560> of<00:09:34.680> like 00:09:34.790 --> 00:09:34.800 align:start position:0% rather than someone you sort of like 00:09:34.800 --> 00:09:36.590 align:start position:0% rather than someone you sort of like block<00:09:35.220> space<00:09:35.519> right<00:09:35.760> now<00:09:35.880> as<00:09:36.120> a<00:09:36.240> builder<00:09:36.480> I 00:09:36.590 --> 00:09:36.600 align:start position:0% block space right now as a builder I 00:09:36.600 --> 00:09:37.910 align:start position:0% block space right now as a builder I could<00:09:36.720> sell<00:09:36.839> you<00:09:36.899> block<00:09:37.080> space<00:09:37.320> in<00:09:37.620> the<00:09:37.740> future 00:09:37.910 --> 00:09:37.920 align:start position:0% could sell you block space in the future 00:09:37.920 --> 00:09:40.970 align:start position:0% could sell you block space in the future it's<00:09:38.820> a<00:09:39.000> pretty<00:09:39.060> cool<00:09:39.180> idea<00:09:39.540> and<00:09:40.320> one<00:09:40.560> you<00:09:40.920> know 00:09:40.970 --> 00:09:40.980 align:start position:0% it's a pretty cool idea and one you know 00:09:40.980 --> 00:09:42.050 align:start position:0% it's a pretty cool idea and one you know one<00:09:41.160> reason<00:09:41.279> you<00:09:41.399> might<00:09:41.519> want<00:09:41.640> to<00:09:41.700> do<00:09:41.820> this<00:09:41.940> is 00:09:42.050 --> 00:09:42.060 align:start position:0% one reason you might want to do this is 00:09:42.060 --> 00:09:43.850 align:start position:0% one reason you might want to do this is because<00:09:42.300> you<00:09:42.779> know<00:09:42.899> as<00:09:43.140> part<00:09:43.380> of<00:09:43.500> this<00:09:43.680> like 00:09:43.850 --> 00:09:43.860 align:start position:0% because you know as part of this like 00:09:43.860 --> 00:09:45.410 align:start position:0% because you know as part of this like contract<00:09:44.279> that<00:09:44.459> we<00:09:44.580> enter<00:09:44.700> into<00:09:44.880> you're<00:09:45.180> also 00:09:45.410 --> 00:09:45.420 align:start position:0% contract that we enter into you're also 00:09:45.420 --> 00:09:47.449 align:start position:0% contract that we enter into you're also selling<00:09:45.660> me<00:09:45.779> at<00:09:45.899> a<00:09:46.019> certain<00:09:46.140> price<00:09:46.380> so<00:09:47.100> even<00:09:47.220> if 00:09:47.449 --> 00:09:47.459 align:start position:0% selling me at a certain price so even if 00:09:47.459 --> 00:09:49.190 align:start position:0% selling me at a certain price so even if like<00:09:47.700> the<00:09:48.000> the<00:09:48.120> gas<00:09:48.360> marker<00:09:48.660> moves<00:09:48.839> against<00:09:49.019> me 00:09:49.190 --> 00:09:49.200 align:start position:0% like the the gas marker moves against me 00:09:49.200 --> 00:09:51.290 align:start position:0% like the the gas marker moves against me I<00:09:49.800> still<00:09:49.920> locked<00:09:50.220> in<00:09:50.279> a<00:09:50.459> price<00:09:50.640> that's<00:09:50.880> nice<00:09:51.120> to 00:09:51.290 --> 00:09:51.300 align:start position:0% I still locked in a price that's nice to 00:09:51.300 --> 00:09:52.009 align:start position:0% I still locked in a price that's nice to me 00:09:52.009 --> 00:09:52.019 align:start position:0% me 00:09:52.019 --> 00:09:53.570 align:start position:0% me and<00:09:52.380> Builders<00:09:52.800> could<00:09:52.980> do<00:09:53.100> this<00:09:53.220> I<00:09:53.459> mean 00:09:53.570 --> 00:09:53.580 align:start position:0% and Builders could do this I mean 00:09:53.580 --> 00:09:54.530 align:start position:0% and Builders could do this I mean there's<00:09:53.640> other<00:09:53.820> ways<00:09:54.000> to<00:09:54.060> do<00:09:54.180> this<00:09:54.240> on<00:09:54.420> chain 00:09:54.530 --> 00:09:54.540 align:start position:0% there's other ways to do this on chain 00:09:54.540 --> 00:09:56.329 align:start position:0% there's other ways to do this on chain with<00:09:54.839> like<00:09:55.019> looking<00:09:55.500> at<00:09:55.680> the<00:09:55.800> base<00:09:55.920> fee<00:09:56.220> and 00:09:56.329 --> 00:09:56.339 align:start position:0% with like looking at the base fee and 00:09:56.339 --> 00:09:57.170 align:start position:0% with like looking at the base fee and stuff 00:09:57.170 --> 00:09:57.180 align:start position:0% stuff 00:09:57.180 --> 00:09:59.630 align:start position:0% stuff but<00:09:57.720> yeah<00:09:57.959> so<00:09:58.440> just<00:09:58.920> to<00:09:59.040> give<00:09:59.160> you<00:09:59.279> a<00:09:59.399> flavor 00:09:59.630 --> 00:09:59.640 align:start position:0% but yeah so just to give you a flavor 00:09:59.640 --> 00:10:02.269 align:start position:0% but yeah so just to give you a flavor again<00:10:00.000> of<00:10:00.240> what<00:10:00.540> Builders<00:10:00.839> could<00:10:01.019> do<00:10:01.200> uh<00:10:02.100> sell 00:10:02.269 --> 00:10:02.279 align:start position:0% again of what Builders could do uh sell 00:10:02.279 --> 00:10:03.829 align:start position:0% again of what Builders could do uh sell Futures<00:10:02.640> around<00:10:02.760> block<00:10:03.000> space 00:10:03.829 --> 00:10:03.839 align:start position:0% Futures around block space 00:10:03.839 --> 00:10:05.690 align:start position:0% Futures around block space uh<00:10:04.320> this<00:10:04.500> was<00:10:04.560> an<00:10:04.680> idea<00:10:04.920> I<00:10:05.040> heard<00:10:05.160> from<00:10:05.279> hasu 00:10:05.690 --> 00:10:05.700 align:start position:0% uh this was an idea I heard from hasu 00:10:05.700 --> 00:10:07.009 align:start position:0% uh this was an idea I heard from hasu you<00:10:05.880> could<00:10:05.940> basically<00:10:06.240> also<00:10:06.540> sell<00:10:06.720> block 00:10:07.009 --> 00:10:07.019 align:start position:0% you could basically also sell block 00:10:07.019 --> 00:10:10.130 align:start position:0% you could basically also sell block space<00:10:07.260> in<00:10:07.500> the<00:10:07.620> past<00:10:08.120> and<00:10:09.120> uh<00:10:09.540> I<00:10:09.779> won't<00:10:09.899> go<00:10:10.019> into 00:10:10.130 --> 00:10:10.140 align:start position:0% space in the past and uh I won't go into 00:10:10.140 --> 00:10:11.329 align:start position:0% space in the past and uh I won't go into too<00:10:10.320> much<00:10:10.440> detail<00:10:10.680> here<00:10:10.800> because<00:10:10.980> basically 00:10:11.329 --> 00:10:11.339 align:start position:0% too much detail here because basically 00:10:11.339 --> 00:10:13.310 align:start position:0% too much detail here because basically what<00:10:11.459> this<00:10:11.580> means<00:10:11.820> is<00:10:11.940> like<00:10:12.180> selling<00:10:12.779> reworks 00:10:13.310 --> 00:10:13.320 align:start position:0% what this means is like selling reworks 00:10:13.320 --> 00:10:15.290 align:start position:0% what this means is like selling reworks which<00:10:13.620> is<00:10:13.800> uh<00:10:14.279> probably<00:10:14.820> something<00:10:15.060> we 00:10:15.290 --> 00:10:15.300 align:start position:0% which is uh probably something we 00:10:15.300 --> 00:10:16.910 align:start position:0% which is uh probably something we shouldn't<00:10:15.540> dig<00:10:15.720> into<00:10:15.839> too<00:10:16.140> much 00:10:16.910 --> 00:10:16.920 align:start position:0% shouldn't dig into too much 00:10:16.920 --> 00:10:19.250 align:start position:0% shouldn't dig into too much uh<00:10:17.519> there's<00:10:17.700> like<00:10:18.000> some<00:10:18.540> I'd<00:10:18.779> say<00:10:19.019> moral 00:10:19.250 --> 00:10:19.260 align:start position:0% uh there's like some I'd say moral 00:10:19.260 --> 00:10:20.690 align:start position:0% uh there's like some I'd say moral hazards<00:10:19.560> around<00:10:19.620> it<00:10:19.800> but<00:10:20.100> the<00:10:20.339> Symmetry 00:10:20.690 --> 00:10:20.700 align:start position:0% hazards around it but the Symmetry 00:10:20.700 --> 00:10:22.490 align:start position:0% hazards around it but the Symmetry between<00:10:20.940> selling<00:10:21.480> block<00:10:21.720> space<00:10:21.959> and<00:10:22.260> the 00:10:22.490 --> 00:10:22.500 align:start position:0% between selling block space and the 00:10:22.500 --> 00:10:24.829 align:start position:0% between selling block space and the future<00:10:22.860> in<00:10:23.160> the<00:10:23.339> past<00:10:23.519> is<00:10:23.760> like<00:10:24.060> I<00:10:24.540> think<00:10:24.720> too 00:10:24.829 --> 00:10:24.839 align:start position:0% future in the past is like I think too 00:10:24.839 --> 00:10:27.290 align:start position:0% future in the past is like I think too nice<00:10:25.080> to<00:10:25.320> pass<00:10:25.680> up<00:10:25.860> another<00:10:26.580> one<00:10:26.820> is<00:10:27.000> just<00:10:27.120> like 00:10:27.290 --> 00:10:27.300 align:start position:0% nice to pass up another one is just like 00:10:27.300 --> 00:10:28.550 align:start position:0% nice to pass up another one is just like this<00:10:27.420> whole<00:10:27.540> bucket<00:10:27.839> of<00:10:27.959> account<00:10:28.080> abstraction 00:10:28.550 --> 00:10:28.560 align:start position:0% this whole bucket of account abstraction 00:10:28.560 --> 00:10:31.190 align:start position:0% this whole bucket of account abstraction you<00:10:28.800> might<00:10:28.920> have<00:10:29.040> heard<00:10:29.160> of<00:10:29.480> vip4337<00:10:30.480> and 00:10:31.190 --> 00:10:31.200 align:start position:0% you might have heard of vip4337 and 00:10:31.200 --> 00:10:32.870 align:start position:0% you might have heard of vip4337 and basically<00:10:31.680> again<00:10:31.920> it's<00:10:32.160> just<00:10:32.339> this<00:10:32.519> way<00:10:32.700> to 00:10:32.870 --> 00:10:32.880 align:start position:0% basically again it's just this way to 00:10:32.880 --> 00:10:34.490 align:start position:0% basically again it's just this way to like<00:10:33.120> add<00:10:33.480> more<00:10:33.660> flexibility<00:10:34.080> around<00:10:34.320> the 00:10:34.490 --> 00:10:34.500 align:start position:0% like add more flexibility around the 00:10:34.500 --> 00:10:36.949 align:start position:0% like add more flexibility around the core<00:10:34.620> protocol<00:10:34.980> so<00:10:35.820> that<00:10:36.120> uh<00:10:36.480> people<00:10:36.720> have 00:10:36.949 --> 00:10:36.959 align:start position:0% core protocol so that uh people have 00:10:36.959 --> 00:10:38.930 align:start position:0% core protocol so that uh people have more<00:10:37.140> again<00:10:37.440> flexibility<00:10:37.980> and<00:10:38.339> and<00:10:38.519> how<00:10:38.820> they 00:10:38.930 --> 00:10:38.940 align:start position:0% more again flexibility and and how they 00:10:38.940 --> 00:10:41.630 align:start position:0% more again flexibility and and how they used<00:10:39.120> it<00:10:39.300> how<00:10:39.660> they<00:10:39.779> use<00:10:39.899> it 00:10:41.630 --> 00:10:41.640 align:start position:0% used it how they use it 00:10:41.640 --> 00:10:43.130 align:start position:0% used it how they use it um a<00:10:42.060> simple<00:10:42.180> thing<00:10:42.360> would<00:10:42.540> just<00:10:42.720> be<00:10:42.839> like<00:10:42.959> a 00:10:43.130 --> 00:10:43.140 align:start position:0% um a simple thing would just be like a 00:10:43.140 --> 00:10:44.690 align:start position:0% um a simple thing would just be like a different<00:10:43.260> signature<00:10:43.680> scheme<00:10:43.920> than<00:10:43.980> ecdsa 00:10:44.690 --> 00:10:44.700 align:start position:0% different signature scheme than ecdsa 00:10:44.700 --> 00:10:47.090 align:start position:0% different signature scheme than ecdsa and<00:10:45.300> then<00:10:45.420> this<00:10:45.540> last<00:10:45.720> bucket<00:10:46.019> Mev<00:10:46.620> I'm<00:10:46.920> sure 00:10:47.090 --> 00:10:47.100 align:start position:0% and then this last bucket Mev I'm sure 00:10:47.100 --> 00:10:48.170 align:start position:0% and then this last bucket Mev I'm sure you<00:10:47.160> guys<00:10:47.279> have<00:10:47.399> heard<00:10:47.459> about<00:10:47.579> this<00:10:47.700> a<00:10:47.820> ton 00:10:48.170 --> 00:10:48.180 align:start position:0% you guys have heard about this a ton 00:10:48.180 --> 00:10:50.449 align:start position:0% you guys have heard about this a ton this<00:10:48.300> week<00:10:48.740> and<00:10:49.740> you<00:10:50.040> know<00:10:50.100> if<00:10:50.220> you<00:10:50.339> think 00:10:50.449 --> 00:10:50.459 align:start position:0% this week and you know if you think 00:10:50.459 --> 00:10:52.250 align:start position:0% this week and you know if you think about<00:10:50.579> extraction<00:10:51.120> as<00:10:51.420> like<00:10:51.660> the<00:10:51.839> service<00:10:52.019> a 00:10:52.250 --> 00:10:52.260 align:start position:0% about extraction as like the service a 00:10:52.260 --> 00:10:54.650 align:start position:0% about extraction as like the service a builder<00:10:52.560> could<00:10:52.680> add<00:10:52.860> or<00:10:53.640> well<00:10:54.300> there's<00:10:54.540> a 00:10:54.650 --> 00:10:54.660 align:start position:0% builder could add or well there's a 00:10:54.660 --> 00:10:55.790 align:start position:0% builder could add or well there's a couple<00:10:54.779> different<00:10:54.959> things<00:10:55.140> but<00:10:55.380> if<00:10:55.560> you<00:10:55.680> think 00:10:55.790 --> 00:10:55.800 align:start position:0% couple different things but if you think 00:10:55.800 --> 00:10:56.870 align:start position:0% couple different things but if you think of<00:10:55.920> extraction<00:10:56.220> then<00:10:56.459> there's<00:10:56.579> like<00:10:56.760> this 00:10:56.870 --> 00:10:56.880 align:start position:0% of extraction then there's like this 00:10:56.880 --> 00:10:58.730 align:start position:0% of extraction then there's like this whole<00:10:57.000> bucket<00:10:57.300> of<00:10:57.540> you<00:10:58.200> know<00:10:58.260> we<00:10:58.380> can<00:10:58.500> kind<00:10:58.680> of 00:10:58.730 --> 00:10:58.740 align:start position:0% whole bucket of you know we can kind of 00:10:58.740 --> 00:11:00.590 align:start position:0% whole bucket of you know we can kind of just<00:10:58.860> shove<00:10:59.160> Mev<00:10:59.640> into<00:10:59.820> this<00:11:00.000> whole<00:11:00.120> notion<00:11:00.480> of 00:11:00.590 --> 00:11:00.600 align:start position:0% just shove Mev into this whole notion of 00:11:00.600 --> 00:11:02.810 align:start position:0% just shove Mev into this whole notion of like<00:11:00.779> a<00:11:00.899> builder<00:11:01.260> uh<00:11:02.160> providing<00:11:02.519> the<00:11:02.640> service 00:11:02.810 --> 00:11:02.820 align:start position:0% like a builder uh providing the service 00:11:02.820 --> 00:11:04.910 align:start position:0% like a builder uh providing the service to<00:11:03.420> to<00:11:03.660> users<00:11:03.959> whether<00:11:04.200> it's<00:11:04.380> Searchers<00:11:04.740> or 00:11:04.910 --> 00:11:04.920 align:start position:0% to to users whether it's Searchers or 00:11:04.920 --> 00:11:06.590 align:start position:0% to to users whether it's Searchers or someone<00:11:05.100> else<00:11:05.279> and<00:11:05.880> so<00:11:06.000> then<00:11:06.180> I<00:11:06.300> have<00:11:06.420> a<00:11:06.480> few 00:11:06.590 --> 00:11:06.600 align:start position:0% someone else and so then I have a few 00:11:06.600 --> 00:11:08.030 align:start position:0% someone else and so then I have a few examples<00:11:06.899> within<00:11:07.320> you<00:11:07.560> know<00:11:07.620> sort<00:11:07.800> of<00:11:07.920> that 00:11:08.030 --> 00:11:08.040 align:start position:0% examples within you know sort of that 00:11:08.040 --> 00:11:10.730 align:start position:0% examples within you know sort of that Subspace<00:11:08.459> uh<00:11:09.300> maybe<00:11:09.480> extraction<00:11:10.079> which<00:11:10.680> is 00:11:10.730 --> 00:11:10.740 align:start position:0% Subspace uh maybe extraction which is 00:11:10.740 --> 00:11:12.110 align:start position:0% Subspace uh maybe extraction which is what<00:11:10.920> you<00:11:11.040> usually<00:11:11.220> think<00:11:11.339> of<00:11:11.519> when<00:11:11.820> like<00:11:12.000> a 00:11:12.110 --> 00:11:12.120 align:start position:0% what you usually think of when like a 00:11:12.120 --> 00:11:13.910 align:start position:0% what you usually think of when like a search<00:11:12.240> is<00:11:12.420> joining<00:11:12.720> some<00:11:12.779> ARB<00:11:13.079> it<00:11:13.680> may<00:11:13.800> be 00:11:13.910 --> 00:11:13.920 align:start position:0% search is joining some ARB it may be 00:11:13.920 --> 00:11:15.769 align:start position:0% search is joining some ARB it may be smoothing<00:11:14.279> the<00:11:14.700> notion<00:11:15.000> here<00:11:15.240> is<00:11:15.420> basically 00:11:15.769 --> 00:11:15.779 align:start position:0% smoothing the notion here is basically 00:11:15.779 --> 00:11:17.870 align:start position:0% smoothing the notion here is basically you<00:11:16.440> know<00:11:16.560> media<00:11:16.920> is<00:11:16.980> very<00:11:17.160> spiky<00:11:17.579> and<00:11:17.760> so 00:11:17.870 --> 00:11:17.880 align:start position:0% you know media is very spiky and so 00:11:17.880 --> 00:11:19.970 align:start position:0% you know media is very spiky and so instead<00:11:18.180> what<00:11:18.360> we<00:11:18.480> could<00:11:18.600> imagine<00:11:18.720> is<00:11:19.200> somehow 00:11:19.970 --> 00:11:19.980 align:start position:0% instead what we could imagine is somehow 00:11:19.980 --> 00:11:21.590 align:start position:0% instead what we could imagine is somehow capturing<00:11:20.519> it<00:11:20.640> within<00:11:21.000> the<00:11:21.120> protocol<00:11:21.360> and 00:11:21.590 --> 00:11:21.600 align:start position:0% capturing it within the protocol and 00:11:21.600 --> 00:11:23.030 align:start position:0% capturing it within the protocol and smoothing<00:11:21.839> it<00:11:22.019> out<00:11:22.079> over<00:11:22.260> time<00:11:22.500> then<00:11:22.860> it's 00:11:23.030 --> 00:11:23.040 align:start position:0% smoothing it out over time then it's 00:11:23.040 --> 00:11:25.490 align:start position:0% smoothing it out over time then it's paid<00:11:23.220> out<00:11:23.480> uh<00:11:24.480> to<00:11:24.660> builders<00:11:24.959> to<00:11:25.140> proposers 00:11:25.490 --> 00:11:25.500 align:start position:0% paid out uh to builders to proposers 00:11:25.500 --> 00:11:27.230 align:start position:0% paid out uh to builders to proposers however<00:11:25.800> that<00:11:25.920> looks 00:11:27.230 --> 00:11:27.240 align:start position:0% however that looks 00:11:27.240 --> 00:11:28.430 align:start position:0% however that looks um that'd<00:11:27.540> be<00:11:27.600> pretty<00:11:27.779> cool<00:11:27.899> and<00:11:28.140> you<00:11:28.320> know 00:11:28.430 --> 00:11:28.440 align:start position:0% um that'd be pretty cool and you know 00:11:28.440 --> 00:11:29.329 align:start position:0% um that'd be pretty cool and you know you<00:11:28.500> could<00:11:28.620> imagine<00:11:28.740> off-chain 00:11:29.329 --> 00:11:29.339 align:start position:0% you could imagine off-chain 00:11:29.339 --> 00:11:30.710 align:start position:0% you could imagine off-chain constructions<00:11:29.820> that<00:11:29.940> do<00:11:30.120> this<00:11:30.180> that<00:11:30.360> Builders 00:11:30.710 --> 00:11:30.720 align:start position:0% constructions that do this that Builders 00:11:30.720 --> 00:11:32.329 align:start position:0% constructions that do this that Builders offer<00:11:31.019> the<00:11:31.500> last<00:11:31.680> one<00:11:31.800> is<00:11:31.980> like<00:11:32.160> maybe 00:11:32.329 --> 00:11:32.339 align:start position:0% offer the last one is like maybe 00:11:32.339 --> 00:11:34.610 align:start position:0% offer the last one is like maybe protection<00:11:32.820> or<00:11:33.060> rebates<00:11:33.480> and<00:11:34.200> the<00:11:34.380> notion 00:11:34.610 --> 00:11:34.620 align:start position:0% protection or rebates and the notion 00:11:34.620 --> 00:11:35.990 align:start position:0% protection or rebates and the notion here<00:11:34.800> is<00:11:34.980> like 00:11:35.990 --> 00:11:36.000 align:start position:0% here is like 00:11:36.000 --> 00:11:37.910 align:start position:0% here is like um<00:11:36.060> Builders<00:11:36.839> kind<00:11:37.140> of<00:11:37.260> would<00:11:37.620> have<00:11:37.800> this 00:11:37.910 --> 00:11:37.920 align:start position:0% um Builders kind of would have this 00:11:37.920 --> 00:11:39.590 align:start position:0% um Builders kind of would have this direct<00:11:38.100> pipeline<00:11:38.519> to<00:11:38.700> the<00:11:38.820> protocol<00:11:39.120> and<00:11:39.480> they 00:11:39.590 --> 00:11:39.600 align:start position:0% direct pipeline to the protocol and they 00:11:39.600 --> 00:11:41.210 align:start position:0% direct pipeline to the protocol and they could<00:11:39.720> say<00:11:39.899> hey<00:11:40.140> I<00:11:40.680> promise<00:11:40.920> to<00:11:41.040> keep<00:11:41.160> your 00:11:41.210 --> 00:11:41.220 align:start position:0% could say hey I promise to keep your 00:11:41.220 --> 00:11:42.829 align:start position:0% could say hey I promise to keep your transaction<00:11:41.519> private<00:11:41.940> so<00:11:42.120> it<00:11:42.240> can<00:11:42.420> be<00:11:42.600> for 00:11:42.829 --> 00:11:42.839 align:start position:0% transaction private so it can be for 00:11:42.839 --> 00:11:44.329 align:start position:0% transaction private so it can be for example<00:11:43.140> front<00:11:43.440> run 00:11:44.329 --> 00:11:44.339 align:start position:0% example front run 00:11:44.339 --> 00:11:46.069 align:start position:0% example front run so<00:11:44.640> there's<00:11:44.760> a<00:11:44.880> lot<00:11:44.940> they<00:11:45.120> can<00:11:45.240> do<00:11:45.360> is<00:11:45.660> is<00:11:45.779> the 00:11:46.069 --> 00:11:46.079 align:start position:0% so there's a lot they can do is is the 00:11:46.079 --> 00:11:47.329 align:start position:0% so there's a lot they can do is is the point<00:11:46.200> and<00:11:46.500> again<00:11:46.620> there's<00:11:46.860> there's<00:11:47.040> a<00:11:47.279> bunch 00:11:47.329 --> 00:11:47.339 align:start position:0% point and again there's there's a bunch 00:11:47.339 --> 00:11:49.430 align:start position:0% point and again there's there's a bunch more<00:11:47.519> uh<00:11:48.240> there's<00:11:48.540> okay<00:11:48.779> and<00:11:49.019> then<00:11:49.140> like<00:11:49.260> even 00:11:49.430 --> 00:11:49.440 align:start position:0% more uh there's okay and then like even 00:11:49.440 --> 00:11:51.050 align:start position:0% more uh there's okay and then like even looking<00:11:49.680> at<00:11:49.860> a<00:11:49.980> little<00:11:50.160> a<00:11:50.579> little<00:11:50.820> further 00:11:51.050 --> 00:11:51.060 align:start position:0% looking at a little a little further 00:11:51.060 --> 00:11:54.410 align:start position:0% looking at a little a little further forward<00:11:51.240> I'll<00:11:52.200> just<00:11:52.320> touch<00:11:52.500> on<00:11:52.620> this<00:11:52.800> so<00:11:53.519> these 00:11:54.410 --> 00:11:54.420 align:start position:0% forward I'll just touch on this so these 00:11:54.420 --> 00:11:56.569 align:start position:0% forward I'll just touch on this so these are<00:11:54.540> like<00:11:54.660> you<00:11:54.899> know<00:11:55.019> this<00:11:55.320> this<00:11:55.920> list<00:11:56.160> here<00:11:56.399> I 00:11:56.569 --> 00:11:56.579 align:start position:0% are like you know this this list here I 00:11:56.579 --> 00:11:57.769 align:start position:0% are like you know this this list here I think<00:11:56.700> is<00:11:56.820> like<00:11:56.940> pretty<00:11:57.120> concrete<00:11:57.480> things<00:11:57.660> you 00:11:57.769 --> 00:11:57.779 align:start position:0% think is like pretty concrete things you 00:11:57.779 --> 00:11:58.790 align:start position:0% think is like pretty concrete things you could<00:11:57.899> do<00:11:58.019> today 00:11:58.790 --> 00:11:58.800 align:start position:0% could do today 00:11:58.800 --> 00:12:00.590 align:start position:0% could do today and<00:11:59.399> I<00:11:59.579> do<00:11:59.700> think<00:11:59.820> this<00:12:00.000> is<00:12:00.120> painting<00:12:00.420> a 00:12:00.590 --> 00:12:00.600 align:start position:0% and I do think this is painting a 00:12:00.600 --> 00:12:02.090 align:start position:0% and I do think this is painting a picture<00:12:00.720> of<00:12:01.200> this<00:12:01.320> Builder<00:12:01.680> as<00:12:01.800> this<00:12:01.920> like 00:12:02.090 --> 00:12:02.100 align:start position:0% picture of this Builder as this like 00:12:02.100 --> 00:12:03.470 align:start position:0% picture of this Builder as this like generalization<00:12:02.579> that<00:12:03.000> we'll<00:12:03.120> continue<00:12:03.300> to 00:12:03.470 --> 00:12:03.480 align:start position:0% generalization that we'll continue to 00:12:03.480 --> 00:12:05.930 align:start position:0% generalization that we'll continue to see<00:12:03.720> in<00:12:04.260> the<00:12:04.380> protocol 00:12:05.930 --> 00:12:05.940 align:start position:0% see in the protocol 00:12:05.940 --> 00:12:07.970 align:start position:0% see in the protocol um for<00:12:06.360> example<00:12:06.600> you<00:12:07.500> could<00:12:07.560> have<00:12:07.740> rather 00:12:07.970 --> 00:12:07.980 align:start position:0% um for example you could have rather 00:12:07.980 --> 00:12:09.829 align:start position:0% um for example you could have rather than<00:12:08.160> transaction<00:12:08.519> level<00:12:08.760> 1559<00:12:09.480> you<00:12:09.660> could<00:12:09.720> do 00:12:09.829 --> 00:12:09.839 align:start position:0% than transaction level 1559 you could do 00:12:09.839 --> 00:12:11.030 align:start position:0% than transaction level 1559 you could do the<00:12:09.959> Block<00:12:10.079> Level 00:12:11.030 --> 00:12:11.040 align:start position:0% the Block Level 00:12:11.040 --> 00:12:13.069 align:start position:0% the Block Level so<00:12:11.760> today<00:12:12.240> when<00:12:12.540> you<00:12:12.660> like<00:12:12.779> send<00:12:12.959> a 00:12:13.069 --> 00:12:13.079 align:start position:0% so today when you like send a 00:12:13.079 --> 00:12:14.569 align:start position:0% so today when you like send a transaction<00:12:13.380> you<00:12:13.800> basically<00:12:14.160> have<00:12:14.339> to<00:12:14.459> like 00:12:14.569 --> 00:12:14.579 align:start position:0% transaction you basically have to like 00:12:14.579 --> 00:12:16.370 align:start position:0% transaction you basically have to like have<00:12:14.700> some<00:12:14.880> amount<00:12:15.000> of<00:12:15.120> heat<00:12:15.180> that<00:12:15.420> you<00:12:15.540> burn 00:12:16.370 --> 00:12:16.380 align:start position:0% have some amount of heat that you burn 00:12:16.380 --> 00:12:18.230 align:start position:0% have some amount of heat that you burn but<00:12:16.620> if<00:12:16.800> you<00:12:16.920> think<00:12:17.040> about<00:12:17.160> it<00:12:17.339> the<00:12:17.820> economics 00:12:18.230 --> 00:12:18.240 align:start position:0% but if you think about it the economics 00:12:18.240 --> 00:12:20.710 align:start position:0% but if you think about it the economics are<00:12:18.360> the<00:12:18.480> same<00:12:18.600> if<00:12:19.019> the<00:12:19.380> builder<00:12:19.920> of<00:12:20.040> the<00:12:20.100> buck 00:12:20.710 --> 00:12:20.720 align:start position:0% are the same if the builder of the buck 00:12:20.720 --> 00:12:22.730 align:start position:0% are the same if the builder of the buck burns<00:12:21.720> the<00:12:21.839> same<00:12:21.899> amount<00:12:22.079> of<00:12:22.200> beef<00:12:22.260> across<00:12:22.680> all 00:12:22.730 --> 00:12:22.740 align:start position:0% burns the same amount of beef across all 00:12:22.740 --> 00:12:24.470 align:start position:0% burns the same amount of beef across all transactions<00:12:23.220> at<00:12:23.459> the<00:12:23.579> end<00:12:23.700> and<00:12:24.240> the<00:12:24.360> reason 00:12:24.470 --> 00:12:24.480 align:start position:0% transactions at the end and the reason 00:12:24.480 --> 00:12:25.610 align:start position:0% transactions at the end and the reason you<00:12:24.600> want<00:12:24.839> this<00:12:24.959> is<00:12:25.079> because<00:12:25.200> again<00:12:25.440> there's 00:12:25.610 --> 00:12:25.620 align:start position:0% you want this is because again there's 00:12:25.620 --> 00:12:27.769 align:start position:0% you want this is because again there's like<00:12:25.920> better<00:12:26.459> ux<00:12:26.880> for<00:12:27.060> users<00:12:27.360> they<00:12:27.600> don't 00:12:27.769 --> 00:12:27.779 align:start position:0% like better ux for users they don't 00:12:27.779 --> 00:12:30.230 align:start position:0% like better ux for users they don't necessarily<00:12:28.260> need<00:12:28.440> to<00:12:28.560> have<00:12:28.620> Youth<00:12:28.980> and<00:12:30.240> um 00:12:30.230 --> 00:12:30.240 align:start position:0% necessarily need to have Youth and um 00:12:30.240 --> 00:12:32.030 align:start position:0% necessarily need to have Youth and um yeah<00:12:30.540> again<00:12:30.779> this<00:12:31.019> is<00:12:31.140> the<00:12:31.320> generalization<00:12:31.800> of 00:12:32.030 --> 00:12:32.040 align:start position:0% yeah again this is the generalization of 00:12:32.040 --> 00:12:33.829 align:start position:0% yeah again this is the generalization of like<00:12:32.279> the<00:12:32.700> protocol<00:12:32.940> providing<00:12:33.480> resources 00:12:33.829 --> 00:12:33.839 align:start position:0% like the protocol providing resources 00:12:33.839 --> 00:12:36.290 align:start position:0% like the protocol providing resources and<00:12:34.200> then<00:12:34.320> the<00:12:34.620> user<00:12:34.800> consuming<00:12:35.279> them 00:12:36.290 --> 00:12:36.300 align:start position:0% and then the user consuming them 00:12:36.300 --> 00:12:38.690 align:start position:0% and then the user consuming them and<00:12:36.720> then<00:12:36.839> a<00:12:36.959> similar<00:12:37.200> thing<00:12:37.440> is<00:12:38.160> Roll-Ups 00:12:38.690 --> 00:12:38.700 align:start position:0% and then a similar thing is Roll-Ups 00:12:38.700 --> 00:12:40.850 align:start position:0% and then a similar thing is Roll-Ups consuming<00:12:39.000> Bobs<00:12:39.360> and<00:12:39.480> 4844 00:12:40.850 --> 00:12:40.860 align:start position:0% consuming Bobs and 4844 00:12:40.860 --> 00:12:43.129 align:start position:0% consuming Bobs and 4844 so<00:12:41.579> you<00:12:41.820> might<00:12:41.940> not<00:12:42.060> know<00:12:42.180> about<00:12:42.360> the<00:12:42.480> CIP<00:12:42.779> but 00:12:43.129 --> 00:12:43.139 align:start position:0% so you might not know about the CIP but 00:12:43.139 --> 00:12:44.870 align:start position:0% so you might not know about the CIP but basically<00:12:43.380> the<00:12:43.500> idea<00:12:43.680> is<00:12:43.860> we're<00:12:44.519> going<00:12:44.639> to<00:12:44.760> add 00:12:44.870 --> 00:12:44.880 align:start position:0% basically the idea is we're going to add 00:12:44.880 --> 00:12:46.250 align:start position:0% basically the idea is we're going to add a<00:12:45.060> bunch<00:12:45.180> of<00:12:45.300> like<00:12:45.420> data<00:12:45.779> space<00:12:45.899> to<00:12:46.139> the 00:12:46.250 --> 00:12:46.260 align:start position:0% a bunch of like data space to the 00:12:46.260 --> 00:12:49.190 align:start position:0% a bunch of like data space to the protocol<00:12:46.980> for<00:12:47.459> users<00:12:47.760> like<00:12:47.880> Roll-Ups<00:12:48.480> and 00:12:49.190 --> 00:12:49.200 align:start position:0% protocol for users like Roll-Ups and 00:12:49.200 --> 00:12:50.389 align:start position:0% protocol for users like Roll-Ups and again<00:12:49.320> it's<00:12:49.500> like<00:12:49.680> we<00:12:49.800> don't<00:12:49.920> want<00:12:50.040> roll<00:12:50.220> up 00:12:50.389 --> 00:12:50.399 align:start position:0% again it's like we don't want roll up 00:12:50.399 --> 00:12:51.829 align:start position:0% again it's like we don't want roll up stuff<00:12:50.579> to<00:12:50.700> necessarily<00:12:51.000> like<00:12:51.120> sit<00:12:51.300> and<00:12:51.600> like 00:12:51.829 --> 00:12:51.839 align:start position:0% stuff to necessarily like sit and like 00:12:51.839 --> 00:12:53.810 align:start position:0% stuff to necessarily like sit and like manage<00:12:52.740> Bobs<00:12:53.160> and<00:12:53.279> figure<00:12:53.339> out<00:12:53.459> when<00:12:53.579> they<00:12:53.700> get 00:12:53.810 --> 00:12:53.820 align:start position:0% manage Bobs and figure out when they get 00:12:53.820 --> 00:12:56.569 align:start position:0% manage Bobs and figure out when they get on<00:12:53.940> chain<00:12:54.120> and<00:12:54.360> things<00:12:54.779> like<00:12:54.959> this 00:12:56.569 --> 00:12:56.579 align:start position:0% on chain and things like this 00:12:56.579 --> 00:12:57.949 align:start position:0% on chain and things like this um and<00:12:57.060> so<00:12:57.180> you<00:12:57.300> can<00:12:57.420> imagine<00:12:57.540> there's<00:12:57.839> a 00:12:57.949 --> 00:12:57.959 align:start position:0% um and so you can imagine there's a 00:12:57.959 --> 00:12:59.629 align:start position:0% um and so you can imagine there's a builder<00:12:58.320> some<00:12:58.560> sort<00:12:58.740> of<00:12:58.800> abstraction<00:12:59.160> like<00:12:59.459> a 00:12:59.629 --> 00:12:59.639 align:start position:0% builder some sort of abstraction like a 00:12:59.639 --> 00:13:01.670 align:start position:0% builder some sort of abstraction like a builder<00:13:00.000> that<00:13:00.480> manages<00:13:00.779> getting<00:13:01.079> blobs<00:13:01.500> from 00:13:01.670 --> 00:13:01.680 align:start position:0% builder that manages getting blobs from 00:13:01.680 --> 00:13:02.930 align:start position:0% builder that manages getting blobs from blow<00:13:01.860> ups<00:13:02.100> or<00:13:02.160> from<00:13:02.220> sequencers<00:13:02.579> of<00:13:02.760> these 00:13:02.930 --> 00:13:02.940 align:start position:0% blow ups or from sequencers of these 00:13:02.940 --> 00:13:04.790 align:start position:0% blow ups or from sequencers of these Roll-Ups<00:13:03.300> onto<00:13:03.660> the<00:13:03.720> chain<00:13:03.839> uh<00:13:04.560> here's 00:13:04.790 --> 00:13:04.800 align:start position:0% Roll-Ups onto the chain uh here's 00:13:04.800 --> 00:13:06.470 align:start position:0% Roll-Ups onto the chain uh here's another<00:13:04.860> talk<00:13:05.220> I'll<00:13:05.639> just<00:13:05.760> quickly<00:13:06.060> point<00:13:06.240> out 00:13:06.470 --> 00:13:06.480 align:start position:0% another talk I'll just quickly point out 00:13:06.480 --> 00:13:08.690 align:start position:0% another talk I'll just quickly point out where<00:13:07.019> uh<00:13:07.560> the<00:13:07.800> one<00:13:07.860> I<00:13:07.980> mentioned<00:13:08.279> previously 00:13:08.690 --> 00:13:08.700 align:start position:0% where uh the one I mentioned previously 00:13:08.700 --> 00:13:10.250 align:start position:0% where uh the one I mentioned previously where<00:13:08.880> I<00:13:09.000> went<00:13:09.120> into<00:13:09.240> a<00:13:09.779> lot<00:13:09.899> more<00:13:10.079> of<00:13:10.139> these 00:13:10.250 --> 00:13:10.260 align:start position:0% where I went into a lot more of these 00:13:10.260 --> 00:13:11.870 align:start position:0% where I went into a lot more of these use<00:13:10.320> cases<00:13:10.500> in<00:13:10.740> depth<00:13:11.040> you<00:13:11.339> could<00:13:11.459> welcome<00:13:11.579> to 00:13:11.870 --> 00:13:11.880 align:start position:0% use cases in depth you could welcome to 00:13:11.880 --> 00:13:14.269 align:start position:0% use cases in depth you could welcome to check<00:13:12.000> it<00:13:12.120> out<00:13:12.600> so<00:13:13.139> this<00:13:13.380> sounds<00:13:13.560> cool<00:13:13.800> you 00:13:14.269 --> 00:13:14.279 align:start position:0% check it out so this sounds cool you 00:13:14.279 --> 00:13:15.590 align:start position:0% check it out so this sounds cool you know<00:13:14.399> I<00:13:14.579> am<00:13:14.760> claiming<00:13:15.060> there's<00:13:15.180> this<00:13:15.300> Builder 00:13:15.590 --> 00:13:15.600 align:start position:0% know I am claiming there's this Builder 00:13:15.600 --> 00:13:16.370 align:start position:0% know I am claiming there's this Builder thing<00:13:15.720> and<00:13:15.839> it<00:13:15.959> gives<00:13:16.019> you<00:13:16.139> all<00:13:16.260> this 00:13:16.370 --> 00:13:16.380 align:start position:0% thing and it gives you all this 00:13:16.380 --> 00:13:18.590 align:start position:0% thing and it gives you all this functionality<00:13:16.800> and<00:13:17.040> that's<00:13:17.220> great<00:13:17.459> uh<00:13:18.420> but 00:13:18.590 --> 00:13:18.600 align:start position:0% functionality and that's great uh but 00:13:18.600 --> 00:13:19.730 align:start position:0% functionality and that's great uh but what's<00:13:18.720> the<00:13:18.959> catch<00:13:19.200> I<00:13:19.320> mean<00:13:19.440> there's<00:13:19.560> probably 00:13:19.730 --> 00:13:19.740 align:start position:0% what's the catch I mean there's probably 00:13:19.740 --> 00:13:21.530 align:start position:0% what's the catch I mean there's probably a<00:13:19.860> catch<00:13:20.160> and<00:13:20.760> the<00:13:20.880> catch<00:13:21.180> is<00:13:21.240> that<00:13:21.420> the 00:13:21.530 --> 00:13:21.540 align:start position:0% a catch and the catch is that the 00:13:21.540 --> 00:13:22.910 align:start position:0% a catch and the catch is that the specialization<00:13:22.139> actually<00:13:22.560> implies 00:13:22.910 --> 00:13:22.920 align:start position:0% specialization actually implies 00:13:22.920 --> 00:13:25.430 align:start position:0% specialization actually implies validator<00:13:23.399> centralization<00:13:24.060> and<00:13:25.019> this<00:13:25.139> is<00:13:25.260> bad 00:13:25.430 --> 00:13:25.440 align:start position:0% validator centralization and this is bad 00:13:25.440 --> 00:13:27.410 align:start position:0% validator centralization and this is bad because<00:13:25.740> it<00:13:26.399> kind<00:13:26.579> of<00:13:26.639> harms<00:13:27.000> like<00:13:27.180> the<00:13:27.360> whole 00:13:27.410 --> 00:13:27.420 align:start position:0% because it kind of harms like the whole 00:13:27.420 --> 00:13:29.150 align:start position:0% because it kind of harms like the whole health<00:13:27.600> of<00:13:27.779> ethereum<00:13:28.200> like<00:13:28.500> the<00:13:28.740> reason<00:13:28.920> we 00:13:29.150 --> 00:13:29.160 align:start position:0% health of ethereum like the reason we 00:13:29.160 --> 00:13:31.009 align:start position:0% health of ethereum like the reason we care<00:13:29.279> about<00:13:29.399> ethereum<00:13:29.880> is<00:13:30.060> because<00:13:30.300> of<00:13:30.899> this 00:13:31.009 --> 00:13:31.019 align:start position:0% care about ethereum is because of this 00:13:31.019 --> 00:13:32.990 align:start position:0% care about ethereum is because of this decentralization<00:13:31.680> of<00:13:32.160> of<00:13:32.339> the<00:13:32.519> consensus 00:13:32.990 --> 00:13:33.000 align:start position:0% decentralization of of the consensus 00:13:33.000 --> 00:13:35.870 align:start position:0% decentralization of of the consensus right<00:13:33.180> of<00:13:33.420> the<00:13:33.540> protocol<00:13:33.779> and<00:13:34.740> uh<00:13:35.220> Builder 00:13:35.870 --> 00:13:35.880 align:start position:0% right of the protocol and uh Builder 00:13:35.880 --> 00:13:37.670 align:start position:0% right of the protocol and uh Builder specialization<00:13:36.300> harms<00:13:36.720> this<00:13:36.839> directly<00:13:37.200> so 00:13:37.670 --> 00:13:37.680 align:start position:0% specialization harms this directly so 00:13:37.680 --> 00:13:39.829 align:start position:0% specialization harms this directly so let's<00:13:37.860> look<00:13:37.980> at<00:13:38.100> why<00:13:38.279> and<00:13:39.000> why<00:13:39.240> is<00:13:39.420> that<00:13:39.600> you 00:13:39.829 --> 00:13:39.839 align:start position:0% let's look at why and why is that you 00:13:39.839 --> 00:13:41.329 align:start position:0% let's look at why and why is that you know<00:13:39.899> this<00:13:40.139> this<00:13:40.260> process<00:13:40.560> has<00:13:40.800> economies<00:13:41.160> of 00:13:41.329 --> 00:13:41.339 align:start position:0% know this this process has economies of 00:13:41.339 --> 00:13:42.530 align:start position:0% know this this process has economies of scale<00:13:41.519> so 00:13:42.530 --> 00:13:42.540 align:start position:0% scale so 00:13:42.540 --> 00:13:44.930 align:start position:0% scale so right<00:13:43.079> now<00:13:43.200> the<00:13:43.380> like<00:13:43.560> Builder<00:13:43.920> protocol<00:13:44.160> or 00:13:44.930 --> 00:13:44.940 align:start position:0% right now the like Builder protocol or 00:13:44.940 --> 00:13:46.190 align:start position:0% right now the like Builder protocol or sorry<00:13:45.120> the<00:13:45.240> Builder<00:13:45.600> role<00:13:45.779> in<00:13:45.899> the<00:13:46.019> protocol 00:13:46.190 --> 00:13:46.200 align:start position:0% sorry the Builder role in the protocol 00:13:46.200 --> 00:13:48.829 align:start position:0% sorry the Builder role in the protocol is<00:13:46.920> tied<00:13:47.160> to<00:13:47.399> the<00:13:47.519> valiator<00:13:47.880> role 00:13:48.829 --> 00:13:48.839 align:start position:0% is tied to the valiator role 00:13:48.839 --> 00:13:51.949 align:start position:0% is tied to the valiator role and<00:13:49.800> because<00:13:50.399> of<00:13:50.639> that<00:13:50.880> you<00:13:51.779> could<00:13:51.839> have 00:13:51.949 --> 00:13:51.959 align:start position:0% and because of that you could have 00:13:51.959 --> 00:13:53.569 align:start position:0% and because of that you could have builders<00:13:52.320> that<00:13:52.500> do<00:13:52.620> their<00:13:52.800> things<00:13:52.980> you'll 00:13:53.569 --> 00:13:53.579 align:start position:0% builders that do their things you'll 00:13:53.579 --> 00:13:55.250 align:start position:0% builders that do their things you'll have<00:13:53.700> entities<00:13:54.000> that<00:13:54.300> sort<00:13:54.540> of<00:13:54.660> have 00:13:55.250 --> 00:13:55.260 align:start position:0% have entities that sort of have 00:13:55.260 --> 00:13:56.870 align:start position:0% have entities that sort of have validators<00:13:55.740> they<00:13:55.920> partner<00:13:56.220> with<00:13:56.339> to<00:13:56.579> do<00:13:56.760> their 00:13:56.870 --> 00:13:56.880 align:start position:0% validators they partner with to do their 00:13:56.880 --> 00:13:58.730 align:start position:0% validators they partner with to do their thing<00:13:57.060> as<00:13:57.180> Builders<00:13:57.600> and<00:13:58.139> what<00:13:58.320> happens<00:13:58.440> then 00:13:58.730 --> 00:13:58.740 align:start position:0% thing as Builders and what happens then 00:13:58.740 --> 00:13:59.930 align:start position:0% thing as Builders and what happens then is<00:13:58.920> like<00:13:59.040> better<00:13:59.160> Builders<00:13:59.579> have<00:13:59.760> better 00:13:59.930 --> 00:13:59.940 align:start position:0% is like better Builders have better 00:13:59.940 --> 00:14:02.210 align:start position:0% is like better Builders have better profits<00:14:00.420> and<00:14:00.959> this<00:14:01.079> makes<00:14:01.200> us<00:14:01.380> flywheel<00:14:01.860> where 00:14:02.210 --> 00:14:02.220 align:start position:0% profits and this makes us flywheel where 00:14:02.220 --> 00:14:03.470 align:start position:0% profits and this makes us flywheel where they<00:14:02.459> have<00:14:02.579> better<00:14:02.700> profits<00:14:03.120> they<00:14:03.300> can<00:14:03.360> get 00:14:03.470 --> 00:14:03.480 align:start position:0% they have better profits they can get 00:14:03.480 --> 00:14:05.269 align:start position:0% they have better profits they can get better<00:14:03.660> building<00:14:04.019> they<00:14:04.680> can<00:14:04.860> scale<00:14:05.040> up<00:14:05.220> their 00:14:05.269 --> 00:14:05.279 align:start position:0% better building they can scale up their 00:14:05.279 --> 00:14:07.250 align:start position:0% better building they can scale up their validation<00:14:05.639> operation<00:14:06.120> and<00:14:06.779> you<00:14:06.899> just<00:14:07.139> get 00:14:07.250 --> 00:14:07.260 align:start position:0% validation operation and you just get 00:14:07.260 --> 00:14:08.870 align:start position:0% validation operation and you just get this<00:14:07.440> like<00:14:07.620> again<00:14:07.800> flywheel<00:14:08.279> that<00:14:08.519> goes<00:14:08.700> until 00:14:08.870 --> 00:14:08.880 align:start position:0% this like again flywheel that goes until 00:14:08.880 --> 00:14:10.670 align:start position:0% this like again flywheel that goes until suddenly<00:14:09.420> like<00:14:09.720> you<00:14:10.019> have<00:14:10.200> these<00:14:10.440> like<00:14:10.500> really 00:14:10.670 --> 00:14:10.680 align:start position:0% suddenly like you have these like really 00:14:10.680 --> 00:14:12.949 align:start position:0% suddenly like you have these like really huge<00:14:10.980> actors<00:14:11.339> in<00:14:11.760> The<00:14:11.940> protocol 00:14:12.949 --> 00:14:12.959 align:start position:0% huge actors in The protocol 00:14:12.959 --> 00:14:14.810 align:start position:0% huge actors in The protocol so<00:14:13.320> again<00:14:13.440> if<00:14:13.680> you're<00:14:13.800> like<00:14:13.980> the<00:14:14.279> best<00:14:14.399> builder 00:14:14.810 --> 00:14:14.820 align:start position:0% so again if you're like the best builder 00:14:14.820 --> 00:14:16.190 align:start position:0% so again if you're like the best builder that's<00:14:15.120> great<00:14:15.300> for<00:14:15.480> you 00:14:16.190 --> 00:14:16.200 align:start position:0% that's great for you 00:14:16.200 --> 00:14:18.590 align:start position:0% that's great for you uh<00:14:17.100> but<00:14:17.339> if<00:14:17.459> this<00:14:17.639> you<00:14:17.820> know<00:14:17.880> goes<00:14:18.180> unchecked 00:14:18.590 --> 00:14:18.600 align:start position:0% uh but if this you know goes unchecked 00:14:18.600 --> 00:14:19.670 align:start position:0% uh but if this you know goes unchecked then<00:14:18.720> it's<00:14:18.899> actually<00:14:19.079> really<00:14:19.200> bad<00:14:19.440> for<00:14:19.560> the 00:14:19.670 --> 00:14:19.680 align:start position:0% then it's actually really bad for the 00:14:19.680 --> 00:14:21.170 align:start position:0% then it's actually really bad for the protocol<00:14:19.920> in<00:14:20.100> the<00:14:20.160> long<00:14:20.279> run<00:14:20.399> because<00:14:20.820> now<00:14:21.000> you 00:14:21.170 --> 00:14:21.180 align:start position:0% protocol in the long run because now you 00:14:21.180 --> 00:14:23.150 align:start position:0% protocol in the long run because now you have<00:14:21.300> this<00:14:21.480> like<00:14:21.660> very<00:14:21.899> fragilizing<00:14:22.740> thing<00:14:22.920> of 00:14:23.150 --> 00:14:23.160 align:start position:0% have this like very fragilizing thing of 00:14:23.160 --> 00:14:24.590 align:start position:0% have this like very fragilizing thing of this<00:14:23.279> like<00:14:23.399> one<00:14:23.579> huge<00:14:23.880> actor<00:14:24.120> that's<00:14:24.360> like 00:14:24.590 --> 00:14:24.600 align:start position:0% this like one huge actor that's like 00:14:24.600 --> 00:14:26.990 align:start position:0% this like one huge actor that's like easier<00:14:25.260> to<00:14:25.500> say<00:14:25.680> attack<00:14:25.920> and<00:14:26.279> all<00:14:26.700> sorts<00:14:26.940> of 00:14:26.990 --> 00:14:27.000 align:start position:0% easier to say attack and all sorts of 00:14:27.000 --> 00:14:29.569 align:start position:0% easier to say attack and all sorts of things<00:14:27.120> so<00:14:27.600> just<00:14:27.720> like<00:14:27.899> a<00:14:28.079> note<00:14:28.200> you<00:14:28.920> know<00:14:28.980> Mev 00:14:29.569 --> 00:14:29.579 align:start position:0% things so just like a note you know Mev 00:14:29.579 --> 00:14:31.310 align:start position:0% things so just like a note you know Mev kind<00:14:29.760> of<00:14:29.880> directly<00:14:30.240> accelerates<00:14:31.139> this 00:14:31.310 --> 00:14:31.320 align:start position:0% kind of directly accelerates this 00:14:31.320 --> 00:14:33.110 align:start position:0% kind of directly accelerates this problem<00:14:31.500> uh<00:14:32.399> which<00:14:32.579> is<00:14:32.700> probably<00:14:32.820> why<00:14:33.000> we've 00:14:33.110 --> 00:14:33.120 align:start position:0% problem uh which is probably why we've 00:14:33.120 --> 00:14:34.850 align:start position:0% problem uh which is probably why we've been<00:14:33.240> hearing<00:14:33.420> so<00:14:33.540> much<00:14:33.660> about<00:14:33.720> it<00:14:33.899> this<00:14:34.079> week 00:14:34.850 --> 00:14:34.860 align:start position:0% been hearing so much about it this week 00:14:34.860 --> 00:14:38.150 align:start position:0% been hearing so much about it this week so<00:14:35.459> okay<00:14:35.639> what<00:14:35.820> can<00:14:36.000> we<00:14:36.120> do 00:14:38.150 --> 00:14:38.160 align:start position:0% so okay what can we do 00:14:38.160 --> 00:14:39.530 align:start position:0% so okay what can we do um there's<00:14:38.339> a<00:14:38.519> couple<00:14:38.579> things<00:14:38.820> one<00:14:39.300> of<00:14:39.420> them 00:14:39.530 --> 00:14:39.540 align:start position:0% um there's a couple things one of them 00:14:39.540 --> 00:14:41.750 align:start position:0% um there's a couple things one of them proposer<00:14:40.199> Builder<00:14:40.500> separation<00:14:40.860> uh<00:14:41.220> Barnaby 00:14:41.750 --> 00:14:41.760 align:start position:0% proposer Builder separation uh Barnaby 00:14:41.760 --> 00:14:43.430 align:start position:0% proposer Builder separation uh Barnaby gave<00:14:41.880> a<00:14:42.060> talk<00:14:42.180> about<00:14:42.300> this<00:14:42.540> yesterday<00:14:43.079> I 00:14:43.430 --> 00:14:43.440 align:start position:0% gave a talk about this yesterday I 00:14:43.440 --> 00:14:46.069 align:start position:0% gave a talk about this yesterday I believe<00:14:43.880> and<00:14:44.880> I<00:14:45.360> mean<00:14:45.480> the<00:14:45.540> idea<00:14:45.720> that<00:14:45.839> I<00:14:45.959> think 00:14:46.069 --> 00:14:46.079 align:start position:0% believe and I mean the idea that I think 00:14:46.079 --> 00:14:47.090 align:start position:0% believe and I mean the idea that I think is<00:14:46.139> pretty<00:14:46.320> straightforward<00:14:46.680> just<00:14:46.860> from<00:14:46.980> the 00:14:47.090 --> 00:14:47.100 align:start position:0% is pretty straightforward just from the 00:14:47.100 --> 00:14:49.129 align:start position:0% is pretty straightforward just from the name<00:14:47.279> you<00:14:48.000> I<00:14:48.240> mentioned<00:14:48.540> that<00:14:48.660> this<00:14:48.779> Builder 00:14:49.129 --> 00:14:49.139 align:start position:0% name you I mentioned that this Builder 00:14:49.139 --> 00:14:50.810 align:start position:0% name you I mentioned that this Builder role<00:14:49.380> and<00:14:49.620> sort<00:14:49.860> of<00:14:49.920> the<00:14:50.040> proposer<00:14:50.339> about<00:14:50.519> air 00:14:50.810 --> 00:14:50.820 align:start position:0% role and sort of the proposer about air 00:14:50.820 --> 00:14:52.069 align:start position:0% role and sort of the proposer about air roll<00:14:51.000> the<00:14:51.240> thing<00:14:51.360> that<00:14:51.420> actually<00:14:51.600> is<00:14:51.839> like 00:14:52.069 --> 00:14:52.079 align:start position:0% roll the thing that actually is like 00:14:52.079 --> 00:14:54.590 align:start position:0% roll the thing that actually is like minting<00:14:52.860> the<00:14:53.160> block<00:14:53.339> on<00:14:53.639> chain 00:14:54.590 --> 00:14:54.600 align:start position:0% minting the block on chain 00:14:54.600 --> 00:14:56.569 align:start position:0% minting the block on chain this<00:14:55.139> thing<00:14:55.199> these<00:14:55.500> are<00:14:55.620> tied<00:14:55.740> together<00:14:55.920> so 00:14:56.569 --> 00:14:56.579 align:start position:0% this thing these are tied together so 00:14:56.579 --> 00:14:59.629 align:start position:0% this thing these are tied together so instead<00:14:56.699> we<00:14:57.000> can<00:14:57.120> just<00:14:57.180> separate<00:14:57.480> them<00:14:58.199> and<00:14:59.040> uh 00:14:59.629 --> 00:14:59.639 align:start position:0% instead we can just separate them and uh 00:14:59.639 --> 00:15:01.790 align:start position:0% instead we can just separate them and uh this<00:14:59.820> sounds<00:15:00.000> great<00:15:00.300> the<00:15:01.260> question<00:15:01.500> though<00:15:01.680> is 00:15:01.790 --> 00:15:01.800 align:start position:0% this sounds great the question though is 00:15:01.800 --> 00:15:03.470 align:start position:0% this sounds great the question though is like<00:15:01.920> how<00:15:02.100> exactly<00:15:02.399> you<00:15:02.639> do<00:15:02.760> it<00:15:02.880> and<00:15:03.120> once<00:15:03.420> you 00:15:03.470 --> 00:15:03.480 align:start position:0% like how exactly you do it and once you 00:15:03.480 --> 00:15:04.670 align:start position:0% like how exactly you do it and once you start<00:15:03.600> looking<00:15:03.779> into<00:15:03.959> this<00:15:04.139> in<00:15:04.260> some<00:15:04.440> depth 00:15:04.670 --> 00:15:04.680 align:start position:0% start looking into this in some depth 00:15:04.680 --> 00:15:06.710 align:start position:0% start looking into this in some depth there's<00:15:04.860> a<00:15:04.980> bunch<00:15:05.100> of<00:15:05.279> like<00:15:05.480> subtleties<00:15:06.480> and 00:15:06.710 --> 00:15:06.720 align:start position:0% there's a bunch of like subtleties and 00:15:06.720 --> 00:15:08.990 align:start position:0% there's a bunch of like subtleties and like<00:15:06.839> open<00:15:07.019> questions<00:15:07.440> that<00:15:07.980> have<00:15:08.699> a<00:15:08.820> lot<00:15:08.940> of 00:15:08.990 --> 00:15:09.000 align:start position:0% like open questions that have a lot of 00:15:09.000 --> 00:15:10.610 align:start position:0% like open questions that have a lot of nuance<00:15:09.300> that<00:15:09.660> like<00:15:09.779> still<00:15:10.019> need<00:15:10.199> to<00:15:10.260> be<00:15:10.380> worked 00:15:10.610 --> 00:15:10.620 align:start position:0% nuance that like still need to be worked 00:15:10.620 --> 00:15:11.509 align:start position:0% nuance that like still need to be worked through 00:15:11.509 --> 00:15:11.519 align:start position:0% through 00:15:11.519 --> 00:15:13.910 align:start position:0% through so<00:15:12.000> for<00:15:12.480> example 00:15:13.910 --> 00:15:13.920 align:start position:0% so for example 00:15:13.920 --> 00:15:15.470 align:start position:0% so for example um<00:15:13.980> I<00:15:14.279> think<00:15:14.339> like<00:15:14.579> the<00:15:14.760> leading<00:15:15.060> designer<00:15:15.300> now 00:15:15.470 --> 00:15:15.480 align:start position:0% um I think like the leading designer now 00:15:15.480 --> 00:15:17.329 align:start position:0% um I think like the leading designer now is<00:15:15.660> from<00:15:15.779> vitalik<00:15:16.199> where<00:15:16.560> basically<00:15:17.040> we<00:15:17.220> have 00:15:17.329 --> 00:15:17.339 align:start position:0% is from vitalik where basically we have 00:15:17.339 --> 00:15:18.769 align:start position:0% is from vitalik where basically we have two<00:15:17.519> slots<00:15:17.760> alternating<00:15:18.240> proposer<00:15:18.720> and 00:15:18.769 --> 00:15:18.779 align:start position:0% two slots alternating proposer and 00:15:18.779 --> 00:15:21.050 align:start position:0% two slots alternating proposer and Builder<00:15:19.500> and<00:15:19.980> the<00:15:20.220> point<00:15:20.339> here<00:15:20.459> is<00:15:20.639> that<00:15:20.880> you 00:15:21.050 --> 00:15:21.060 align:start position:0% Builder and the point here is that you 00:15:21.060 --> 00:15:23.449 align:start position:0% Builder and the point here is that you want<00:15:21.240> to<00:15:21.420> have<00:15:21.899> the<00:15:22.079> proposal<00:15:22.440> to<00:15:22.560> do<00:15:22.620> a<00:15:22.800> thing 00:15:23.449 --> 00:15:23.459 align:start position:0% want to have the proposal to do a thing 00:15:23.459 --> 00:15:25.189 align:start position:0% want to have the proposal to do a thing in<00:15:23.940> a<00:15:24.060> different<00:15:24.240> context<00:15:24.600> have<00:15:24.839> the<00:15:24.899> Builder 00:15:25.189 --> 00:15:25.199 align:start position:0% in a different context have the Builder 00:15:25.199 --> 00:15:27.050 align:start position:0% in a different context have the Builder do<00:15:25.320> their<00:15:25.500> thing<00:15:25.680> and<00:15:26.100> it<00:15:26.220> sort<00:15:26.339> of<00:15:26.459> firewalls 00:15:27.050 --> 00:15:27.060 align:start position:0% do their thing and it sort of firewalls 00:15:27.060 --> 00:15:28.610 align:start position:0% do their thing and it sort of firewalls you<00:15:27.360> know<00:15:27.420> these<00:15:27.660> two<00:15:27.779> these<00:15:28.199> two<00:15:28.320> entities 00:15:28.610 --> 00:15:28.620 align:start position:0% you know these two these two entities 00:15:28.620 --> 00:15:29.750 align:start position:0% you know these two these two entities from<00:15:28.860> each<00:15:29.040> other 00:15:29.750 --> 00:15:29.760 align:start position:0% from each other 00:15:29.760 --> 00:15:31.069 align:start position:0% from each other and<00:15:30.060> that's<00:15:30.180> great<00:15:30.420> but<00:15:30.660> then<00:15:30.720> you<00:15:30.839> have<00:15:30.959> to 00:15:31.069 --> 00:15:31.079 align:start position:0% and that's great but then you have to 00:15:31.079 --> 00:15:32.389 align:start position:0% and that's great but then you have to make<00:15:31.199> sure<00:15:31.320> that<00:15:31.620> it's<00:15:31.920> in<00:15:32.100> significant 00:15:32.389 --> 00:15:32.399 align:start position:0% make sure that it's in significant 00:15:32.399 --> 00:15:34.430 align:start position:0% make sure that it's in significant capacity<00:15:32.760> incentive<00:15:33.360> compatible<00:15:33.720> like<00:15:34.320> you 00:15:34.430 --> 00:15:34.440 align:start position:0% capacity incentive compatible like you 00:15:34.440 --> 00:15:36.590 align:start position:0% capacity incentive compatible like you don't<00:15:34.620> want<00:15:34.980> a<00:15:35.459> proposer<00:15:36.120> to<00:15:36.240> like<00:15:36.360> release 00:15:36.590 --> 00:15:36.600 align:start position:0% don't want a proposer to like release 00:15:36.600 --> 00:15:38.509 align:start position:0% don't want a proposer to like release their<00:15:36.959> block<00:15:37.139> too<00:15:37.440> late<00:15:37.620> after<00:15:38.279> they've 00:15:38.509 --> 00:15:38.519 align:start position:0% their block too late after they've 00:15:38.519 --> 00:15:39.710 align:start position:0% their block too late after they've accepted<00:15:38.820> a<00:15:38.940> builder's<00:15:39.300> bid<00:15:39.480> and<00:15:39.660> then 00:15:39.710 --> 00:15:39.720 align:start position:0% accepted a builder's bid and then 00:15:39.720 --> 00:15:40.850 align:start position:0% accepted a builder's bid and then because<00:15:39.899> of<00:15:40.019> that<00:15:40.139> the<00:15:40.320> Builder<00:15:40.560> doesn't<00:15:40.680> have 00:15:40.850 --> 00:15:40.860 align:start position:0% because of that the Builder doesn't have 00:15:40.860 --> 00:15:42.829 align:start position:0% because of that the Builder doesn't have time<00:15:41.040> to<00:15:41.220> like<00:15:41.399> uh<00:15:42.180> you<00:15:42.360> know<00:15:42.420> reveal<00:15:42.720> their 00:15:42.829 --> 00:15:42.839 align:start position:0% time to like uh you know reveal their 00:15:42.839 --> 00:15:46.189 align:start position:0% time to like uh you know reveal their block<00:15:43.079> and<00:15:43.440> it<00:15:43.980> quickly<00:15:44.220> gets<00:15:44.519> to<00:15:44.579> a<00:15:44.639> lot<00:15:44.760> of<00:15:44.880> uh 00:15:46.189 --> 00:15:46.199 align:start position:0% block and it quickly gets to a lot of uh 00:15:46.199 --> 00:15:49.009 align:start position:0% block and it quickly gets to a lot of uh tricky<00:15:46.860> situations<00:15:47.220> like<00:15:47.399> that 00:15:49.009 --> 00:15:49.019 align:start position:0% tricky situations like that 00:15:49.019 --> 00:15:50.810 align:start position:0% tricky situations like that another<00:15:49.440> one<00:15:49.740> is<00:15:49.860> like<00:15:50.040> actually<00:15:50.220> deciding 00:15:50.810 --> 00:15:50.820 align:start position:0% another one is like actually deciding 00:15:50.820 --> 00:15:53.269 align:start position:0% another one is like actually deciding the<00:15:51.300> mechanism<00:15:51.720> the<00:15:51.839> mechanism<00:15:52.260> of<00:15:52.620> sort<00:15:53.220> of 00:15:53.269 --> 00:15:53.279 align:start position:0% the mechanism the mechanism of sort of 00:15:53.279 --> 00:15:55.250 align:start position:0% the mechanism the mechanism of sort of selling<00:15:53.639> the<00:15:53.699> block<00:15:53.820> space<00:15:54.120> that<00:15:54.779> a<00:15:54.959> validator 00:15:55.250 --> 00:15:55.260 align:start position:0% selling the block space that a validator 00:15:55.260 --> 00:15:57.949 align:start position:0% selling the block space that a validator may<00:15:55.440> wish<00:15:55.560> to<00:15:55.680> do<00:15:56.279> uh<00:15:57.120> the<00:15:57.420> default<00:15:57.720> thing<00:15:57.839> we 00:15:57.949 --> 00:15:57.959 align:start position:0% may wish to do uh the default thing we 00:15:57.959 --> 00:16:00.410 align:start position:0% may wish to do uh the default thing we do<00:15:58.139> is<00:15:58.320> like<00:15:58.500> just<00:15:58.620> enshrine<00:15:59.040> an<00:15:59.220> auction 00:16:00.410 --> 00:16:00.420 align:start position:0% do is like just enshrine an auction 00:16:00.420 --> 00:16:01.970 align:start position:0% do is like just enshrine an auction um<00:16:00.540> but<00:16:00.899> then<00:16:01.019> the<00:16:01.199> question<00:16:01.320> is<00:16:01.440> like<00:16:01.620> okay<00:16:01.740> is 00:16:01.970 --> 00:16:01.980 align:start position:0% um but then the question is like okay is 00:16:01.980 --> 00:16:03.949 align:start position:0% um but then the question is like okay is that<00:16:02.100> is<00:16:02.279> that<00:16:02.459> what<00:16:02.579> we<00:16:02.699> want<00:16:02.820> do<00:16:03.660> we<00:16:03.779> want 00:16:03.949 --> 00:16:03.959 align:start position:0% that is that what we want do we want 00:16:03.959 --> 00:16:05.269 align:start position:0% that is that what we want do we want this<00:16:04.260> thing<00:16:04.380> where<00:16:04.560> it's<00:16:04.680> like<00:16:04.860> I'm<00:16:04.980> going<00:16:05.160> to 00:16:05.269 --> 00:16:05.279 align:start position:0% this thing where it's like I'm going to 00:16:05.279 --> 00:16:06.710 align:start position:0% this thing where it's like I'm going to auction<00:16:05.639> Off<00:16:05.880> My<00:16:06.060> Block<00:16:06.180> space<00:16:06.360> to<00:16:06.600> the 00:16:06.710 --> 00:16:06.720 align:start position:0% auction Off My Block space to the 00:16:06.720 --> 00:16:08.389 align:start position:0% auction Off My Block space to the highest<00:16:06.899> bidder<00:16:07.260> there's<00:16:07.920> like<00:16:08.100> a<00:16:08.220> bunch<00:16:08.279> of 00:16:08.389 --> 00:16:08.399 align:start position:0% highest bidder there's like a bunch of 00:16:08.399 --> 00:16:09.769 align:start position:0% highest bidder there's like a bunch of different<00:16:08.459> ways<00:16:08.639> to<00:16:08.760> think<00:16:08.880> about<00:16:09.000> this<00:16:09.240> I 00:16:09.769 --> 00:16:09.779 align:start position:0% different ways to think about this I 00:16:09.779 --> 00:16:12.110 align:start position:0% different ways to think about this I will<00:16:09.959> call<00:16:10.079> out<00:16:10.320> again<00:16:10.620> Barnabas<00:16:11.160> very<00:16:11.940> recent 00:16:12.110 --> 00:16:12.120 align:start position:0% will call out again Barnabas very recent 00:16:12.120 --> 00:16:15.230 align:start position:0% will call out again Barnabas very recent post<00:16:12.300> on<00:16:12.480> each<00:16:12.660> research<00:16:13.019> on<00:16:13.680> Boeing<00:16:14.040> PBS<00:16:14.519> and 00:16:15.230 --> 00:16:15.240 align:start position:0% post on each research on Boeing PBS and 00:16:15.240 --> 00:16:17.629 align:start position:0% post on each research on Boeing PBS and he<00:16:15.360> talks<00:16:15.660> about<00:16:15.720> kind<00:16:16.079> of<00:16:16.199> uh<00:16:16.680> maybe<00:16:17.279> pulling 00:16:17.629 --> 00:16:17.639 align:start position:0% he talks about kind of uh maybe pulling 00:16:17.639 --> 00:16:18.889 align:start position:0% he talks about kind of uh maybe pulling the<00:16:17.699> auction<00:16:17.820> bit<00:16:18.060> out<00:16:18.240> and<00:16:18.360> just<00:16:18.480> having<00:16:18.600> sort 00:16:18.889 --> 00:16:18.899 align:start position:0% the auction bit out and just having sort 00:16:18.899 --> 00:16:19.970 align:start position:0% the auction bit out and just having sort of<00:16:18.959> this<00:16:19.079> notion<00:16:19.380> of<00:16:19.500> like<00:16:19.620> a<00:16:19.740> commitment 00:16:19.970 --> 00:16:19.980 align:start position:0% of this notion of like a commitment 00:16:19.980 --> 00:16:21.710 align:start position:0% of this notion of like a commitment Market<00:16:20.220> where<00:16:20.880> the<00:16:21.060> commitment<00:16:21.300> then<00:16:21.480> is<00:16:21.600> like 00:16:21.710 --> 00:16:21.720 align:start position:0% Market where the commitment then is like 00:16:21.720 --> 00:16:23.990 align:start position:0% Market where the commitment then is like quite<00:16:21.959> General<00:16:22.139> another<00:16:23.100> point<00:16:23.459> then<00:16:23.639> is<00:16:23.820> like 00:16:23.990 --> 00:16:24.000 align:start position:0% quite General another point then is like 00:16:24.000 --> 00:16:25.310 align:start position:0% quite General another point then is like yeah<00:16:24.180> just<00:16:24.420> the<00:16:24.540> Integrity<00:16:24.899> of<00:16:25.019> this<00:16:25.139> thing 00:16:25.310 --> 00:16:25.320 align:start position:0% yeah just the Integrity of this thing 00:16:25.320 --> 00:16:26.269 align:start position:0% yeah just the Integrity of this thing because 00:16:26.269 --> 00:16:26.279 align:start position:0% because 00:16:26.279 --> 00:16:27.650 align:start position:0% because kind<00:16:26.699> of<00:16:26.820> like<00:16:26.880> I<00:16:27.000> alluded<00:16:27.300> to<00:16:27.420> there's 00:16:27.650 --> 00:16:27.660 align:start position:0% kind of like I alluded to there's 00:16:27.660 --> 00:16:29.030 align:start position:0% kind of like I alluded to there's there's<00:16:27.899> many<00:16:28.139> actors<00:16:28.440> now<00:16:28.680> and<00:16:28.800> they<00:16:28.920> all 00:16:29.030 --> 00:16:29.040 align:start position:0% there's many actors now and they all 00:16:29.040 --> 00:16:30.110 align:start position:0% there's many actors now and they all have<00:16:29.160> different<00:16:29.339> incentives<00:16:29.760> and<00:16:29.880> you<00:16:30.000> need 00:16:30.110 --> 00:16:30.120 align:start position:0% have different incentives and you need 00:16:30.120 --> 00:16:32.509 align:start position:0% have different incentives and you need to like<00:16:30.300> line<00:16:30.420> them<00:16:30.600> in<00:16:30.720> the<00:16:30.839> right<00:16:30.899> way<00:16:31.220> uh<00:16:32.220> if 00:16:32.509 --> 00:16:32.519 align:start position:0% to like line them in the right way uh if 00:16:32.519 --> 00:16:34.550 align:start position:0% to like line them in the right way uh if you<00:16:32.639> don't<00:16:32.699> do<00:16:32.880> this<00:16:33.060> properly<00:16:33.420> then<00:16:33.839> well 00:16:34.550 --> 00:16:34.560 align:start position:0% you don't do this properly then well 00:16:34.560 --> 00:16:35.810 align:start position:0% you don't do this properly then well yeah<00:16:34.800> if<00:16:34.920> you<00:16:35.040> don't<00:16:35.100> do<00:16:35.220> this<00:16:35.339> properly<00:16:35.579> then 00:16:35.810 --> 00:16:35.820 align:start position:0% yeah if you don't do this properly then 00:16:35.820 --> 00:16:36.949 align:start position:0% yeah if you don't do this properly then you<00:16:35.940> can<00:16:36.000> imagine<00:16:36.180> like<00:16:36.480> people<00:16:36.600> just<00:16:36.779> not 00:16:36.949 --> 00:16:36.959 align:start position:0% you can imagine like people just not 00:16:36.959 --> 00:16:39.230 align:start position:0% you can imagine like people just not using<00:16:37.199> it<00:16:37.320> so<00:16:38.040> one<00:16:38.579> way<00:16:38.699> you<00:16:38.880> could<00:16:38.940> fix<00:16:39.060> that 00:16:39.230 --> 00:16:39.240 align:start position:0% using it so one way you could fix that 00:16:39.240 --> 00:16:41.930 align:start position:0% using it so one way you could fix that is<00:16:39.360> you<00:16:39.480> have<00:16:39.600> a<00:16:39.720> testers<00:16:40.019> go<00:16:40.339> and<00:16:41.339> also<00:16:41.699> test 00:16:41.930 --> 00:16:41.940 align:start position:0% is you have a testers go and also test 00:16:41.940 --> 00:16:43.370 align:start position:0% is you have a testers go and also test the<00:16:42.180> chain<00:16:42.360> you<00:16:42.779> know<00:16:42.839> if<00:16:42.959> there's<00:16:43.019> this<00:16:43.199> two 00:16:43.370 --> 00:16:43.380 align:start position:0% the chain you know if there's this two 00:16:43.380 --> 00:16:44.689 align:start position:0% the chain you know if there's this two slot<00:16:43.680> process<00:16:43.860> alternating<00:16:44.339> you<00:16:44.519> can<00:16:44.579> have 00:16:44.689 --> 00:16:44.699 align:start position:0% slot process alternating you can have 00:16:44.699 --> 00:16:46.490 align:start position:0% slot process alternating you can have the<00:16:44.820> testers<00:16:45.120> to<00:16:45.240> test<00:16:45.420> what<00:16:45.600> they<00:16:45.779> see<00:16:45.959> and<00:16:46.380> in 00:16:46.490 --> 00:16:46.500 align:start position:0% the testers to test what they see and in 00:16:46.500 --> 00:16:47.930 align:start position:0% the testers to test what they see and in that<00:16:46.620> way<00:16:46.740> they<00:16:46.920> strengthen<00:16:47.339> again<00:16:47.759> the 00:16:47.930 --> 00:16:47.940 align:start position:0% that way they strengthen again the 00:16:47.940 --> 00:16:49.069 align:start position:0% that way they strengthen again the mechanism 00:16:49.069 --> 00:16:49.079 align:start position:0% mechanism 00:16:49.079 --> 00:16:51.230 align:start position:0% mechanism but<00:16:49.560> then<00:16:49.740> it's<00:16:49.860> like<00:16:50.040> okay<00:16:50.220> maybe<00:16:50.820> they<00:16:51.060> could 00:16:51.230 --> 00:16:51.240 align:start position:0% but then it's like okay maybe they could 00:16:51.240 --> 00:16:54.170 align:start position:0% but then it's like okay maybe they could be<00:16:51.300> bribed<00:16:51.779> like<00:16:51.899> who<00:16:52.199> knows<00:16:52.920> so<00:16:53.759> point<00:16:54.000> being 00:16:54.170 --> 00:16:54.180 align:start position:0% be bribed like who knows so point being 00:16:54.180 --> 00:16:55.490 align:start position:0% be bribed like who knows so point being there's<00:16:54.420> a<00:16:54.540> lot<00:16:54.600> of<00:16:54.660> open<00:16:54.720> research<00:16:55.079> questions 00:16:55.490 --> 00:16:55.500 align:start position:0% there's a lot of open research questions 00:16:55.500 --> 00:16:57.769 align:start position:0% there's a lot of open research questions there<00:16:55.800> oh<00:16:56.579> no<00:16:56.759> my<00:16:56.940> emoji<00:16:57.300> didn't<00:16:57.420> show<00:16:57.600> up 00:16:57.769 --> 00:16:57.779 align:start position:0% there oh no my emoji didn't show up 00:16:57.779 --> 00:16:59.569 align:start position:0% there oh no my emoji didn't show up anyway 00:16:59.569 --> 00:16:59.579 align:start position:0% anyway 00:16:59.579 --> 00:17:01.249 align:start position:0% anyway um<00:16:59.639> it<00:17:00.240> turns<00:17:00.480> out<00:17:00.540> that<00:17:00.660> that's<00:17:00.839> not<00:17:01.019> the<00:17:01.139> only 00:17:01.249 --> 00:17:01.259 align:start position:0% um it turns out that that's not the only 00:17:01.259 --> 00:17:03.170 align:start position:0% um it turns out that that's not the only problem<00:17:01.440> so<00:17:01.680> even<00:17:01.860> if<00:17:02.040> we<00:17:02.160> had<00:17:02.279> a<00:17:02.459> great<00:17:02.699> PBS 00:17:03.170 --> 00:17:03.180 align:start position:0% problem so even if we had a great PBS 00:17:03.180 --> 00:17:05.390 align:start position:0% problem so even if we had a great PBS solution<00:17:03.480> I<00:17:04.260> think<00:17:04.439> like<00:17:04.740> I<00:17:04.860> think<00:17:05.040> the<00:17:05.100> way<00:17:05.280> to 00:17:05.390 --> 00:17:05.400 align:start position:0% solution I think like I think the way to 00:17:05.400 --> 00:17:06.829 align:start position:0% solution I think like I think the way to think<00:17:05.520> about<00:17:05.640> it<00:17:05.760> is<00:17:05.880> like<00:17:06.059> you<00:17:06.179> firewall<00:17:06.540> off 00:17:06.829 --> 00:17:06.839 align:start position:0% think about it is like you firewall off 00:17:06.839 --> 00:17:09.470 align:start position:0% think about it is like you firewall off all<00:17:07.439> this<00:17:07.559> Mev<00:17:07.980> all<00:17:08.220> this<00:17:08.339> builder<00:17:08.699> stuff<00:17:08.880> from 00:17:09.470 --> 00:17:09.480 align:start position:0% all this Mev all this builder stuff from 00:17:09.480 --> 00:17:11.870 align:start position:0% all this Mev all this builder stuff from the<00:17:09.660> batter<00:17:09.900> set<00:17:10.260> so<00:17:11.220> they<00:17:11.400> don't<00:17:11.579> have<00:17:11.760> these 00:17:11.870 --> 00:17:11.880 align:start position:0% the batter set so they don't have these 00:17:11.880 --> 00:17:14.030 align:start position:0% the batter set so they don't have these pressures<00:17:12.120> to<00:17:12.299> centralize<00:17:12.780> that's<00:17:13.559> great<00:17:13.740> but 00:17:14.030 --> 00:17:14.040 align:start position:0% pressures to centralize that's great but 00:17:14.040 --> 00:17:15.169 align:start position:0% pressures to centralize that's great but then<00:17:14.160> you<00:17:14.280> kind<00:17:14.400> of<00:17:14.459> Kick<00:17:14.520> the<00:17:14.699> cane<00:17:15.000> down<00:17:15.059> the 00:17:15.169 --> 00:17:15.179 align:start position:0% then you kind of Kick the cane down the 00:17:15.179 --> 00:17:17.870 align:start position:0% then you kind of Kick the cane down the road<00:17:15.299> and<00:17:16.020> there's<00:17:16.140> another<00:17:16.319> problem<00:17:16.620> where 00:17:17.870 --> 00:17:17.880 align:start position:0% road and there's another problem where 00:17:17.880 --> 00:17:19.970 align:start position:0% road and there's another problem where again<00:17:18.419> you<00:17:18.780> I<00:17:19.319> mean<00:17:19.439> yeah<00:17:19.559> you<00:17:19.740> really<00:17:19.860> just 00:17:19.970 --> 00:17:19.980 align:start position:0% again you I mean yeah you really just 00:17:19.980 --> 00:17:21.289 align:start position:0% again you I mean yeah you really just get<00:17:20.100> the<00:17:20.220> kid<00:17:20.339> down<00:17:20.459> the<00:17:20.579> road<00:17:20.699> uh<00:17:21.059> to<00:17:21.179> the 00:17:21.289 --> 00:17:21.299 align:start position:0% get the kid down the road uh to the 00:17:21.299 --> 00:17:22.730 align:start position:0% get the kid down the road uh to the builders<00:17:21.660> because<00:17:22.140> now<00:17:22.380> the<00:17:22.500> builders 00:17:22.730 --> 00:17:22.740 align:start position:0% builders because now the builders 00:17:22.740 --> 00:17:24.350 align:start position:0% builders because now the builders themselves<00:17:23.040> could<00:17:23.160> centralize 00:17:24.350 --> 00:17:24.360 align:start position:0% themselves could centralize 00:17:24.360 --> 00:17:25.909 align:start position:0% themselves could centralize so<00:17:24.660> we<00:17:24.780> don't<00:17:24.900> want<00:17:25.020> to<00:17:25.079> get<00:17:25.199> to<00:17:25.319> a<00:17:25.439> world<00:17:25.559> where 00:17:25.909 --> 00:17:25.919 align:start position:0% so we don't want to get to a world where 00:17:25.919 --> 00:17:27.890 align:start position:0% so we don't want to get to a world where you<00:17:26.579> know<00:17:26.699> there's<00:17:26.939> like 00:17:27.890 --> 00:17:27.900 align:start position:0% you know there's like 00:17:27.900 --> 00:17:31.130 align:start position:0% you know there's like a<00:17:28.260> few<00:17:28.500> actors<00:17:28.940> uh<00:17:29.940> let's<00:17:30.120> say<00:17:30.360> like<00:17:30.660> very 00:17:31.130 --> 00:17:31.140 align:start position:0% a few actors uh let's say like very 00:17:31.140 --> 00:17:34.549 align:start position:0% a few actors uh let's say like very sophisticated<00:17:31.799> actors<00:17:32.340> from<00:17:32.460> tradfy<00:17:33.000> who 00:17:34.549 --> 00:17:34.559 align:start position:0% sophisticated actors from tradfy who 00:17:34.559 --> 00:17:36.590 align:start position:0% sophisticated actors from tradfy who are<00:17:34.980> here<00:17:35.220> and<00:17:35.820> uh<00:17:36.059> you<00:17:36.240> know<00:17:36.360> sort<00:17:36.539> of 00:17:36.590 --> 00:17:36.600 align:start position:0% are here and uh you know sort of 00:17:36.600 --> 00:17:37.909 align:start position:0% are here and uh you know sort of gatekeeping<00:17:37.020> access<00:17:37.200> to<00:17:37.380> the<00:17:37.440> protocol<00:17:37.679> like 00:17:37.909 --> 00:17:37.919 align:start position:0% gatekeeping access to the protocol like 00:17:37.919 --> 00:17:40.250 align:start position:0% gatekeeping access to the protocol like again<00:17:38.160> it'll<00:17:38.460> be<00:17:38.580> a<00:17:38.640> way<00:17:38.760> for<00:17:38.880> them<00:17:39.000> to<00:17:39.780> uh 00:17:40.250 --> 00:17:40.260 align:start position:0% again it'll be a way for them to uh 00:17:40.260 --> 00:17:43.130 align:start position:0% again it'll be a way for them to uh again<00:17:40.620> violate<00:17:41.039> ethereum's<00:17:41.520> values<00:17:42.360> and<00:17:42.960> that 00:17:43.130 --> 00:17:43.140 align:start position:0% again violate ethereum's values and that 00:17:43.140 --> 00:17:44.810 align:start position:0% again violate ethereum's values and that would<00:17:43.260> be<00:17:43.380> very<00:17:43.500> bad<00:17:43.740> so<00:17:44.220> I<00:17:44.460> think<00:17:44.520> it's<00:17:44.640> even 00:17:44.810 --> 00:17:44.820 align:start position:0% would be very bad so I think it's even 00:17:44.820 --> 00:17:46.610 align:start position:0% would be very bad so I think it's even less<00:17:45.000> clear<00:17:45.179> how<00:17:45.360> to<00:17:45.480> handle<00:17:45.720> this<00:17:45.900> just 00:17:46.610 --> 00:17:46.620 align:start position:0% less clear how to handle this just 00:17:46.620 --> 00:17:48.169 align:start position:0% less clear how to handle this just because<00:17:46.799> like<00:17:47.160> the<00:17:47.400> scope<00:17:47.580> of<00:17:47.760> the<00:17:47.880> problem<00:17:48.000> is 00:17:48.169 --> 00:17:48.179 align:start position:0% because like the scope of the problem is 00:17:48.179 --> 00:17:49.909 align:start position:0% because like the scope of the problem is so<00:17:48.419> big<00:17:48.600> if<00:17:49.380> you<00:17:49.440> thought<00:17:49.620> there's<00:17:49.740> like 00:17:49.909 --> 00:17:49.919 align:start position:0% so big if you thought there's like 00:17:49.919 --> 00:17:51.350 align:start position:0% so big if you thought there's like incentive<00:17:50.280> issues<00:17:50.520> with<00:17:50.700> the<00:17:50.820> previous<00:17:50.940> sort 00:17:51.350 --> 00:17:51.360 align:start position:0% incentive issues with the previous sort 00:17:51.360 --> 00:17:52.909 align:start position:0% incentive issues with the previous sort of<00:17:51.419> like<00:17:51.539> proposal<00:17:52.140> or<00:17:52.260> Builder<00:17:52.559> citing 00:17:52.909 --> 00:17:52.919 align:start position:0% of like proposal or Builder citing 00:17:52.919 --> 00:17:54.830 align:start position:0% of like proposal or Builder citing there's<00:17:53.460> now<00:17:53.700> like<00:17:53.940> it's<00:17:54.240> I<00:17:54.419> would<00:17:54.600> say<00:17:54.720> even 00:17:54.830 --> 00:17:54.840 align:start position:0% there's now like it's I would say even 00:17:54.840 --> 00:17:56.330 align:start position:0% there's now like it's I would say even like<00:17:55.140> less<00:17:55.260> constrained 00:17:56.330 --> 00:17:56.340 align:start position:0% like less constrained 00:17:56.340 --> 00:17:59.690 align:start position:0% like less constrained so<00:17:57.059> that's<00:17:57.299> fun<00:17:57.559> and<00:17:58.559> okay<00:17:58.740> let's<00:17:59.100> let's<00:17:59.340> think 00:17:59.690 --> 00:17:59.700 align:start position:0% so that's fun and okay let's let's think 00:17:59.700 --> 00:18:00.950 align:start position:0% so that's fun and okay let's let's think about<00:17:59.820> this<00:18:00.000> for<00:18:00.120> a<00:18:00.179> second<00:18:00.299> like<00:18:00.539> how<00:18:00.720> do<00:18:00.840> we 00:18:00.950 --> 00:18:00.960 align:start position:0% about this for a second like how do we 00:18:00.960 --> 00:18:02.450 align:start position:0% about this for a second like how do we how<00:18:01.200> do<00:18:01.320> we<00:18:01.380> fix<00:18:01.559> this 00:18:02.450 --> 00:18:02.460 align:start position:0% how do we fix this 00:18:02.460 --> 00:18:04.549 align:start position:0% how do we fix this um one<00:18:03.120> option<00:18:03.360> is<00:18:03.539> just<00:18:03.720> to<00:18:03.840> say<00:18:03.960> okay<00:18:04.140> we 00:18:04.549 --> 00:18:04.559 align:start position:0% um one option is just to say okay we 00:18:04.559 --> 00:18:06.110 align:start position:0% um one option is just to say okay we will<00:18:04.679> have<00:18:04.860> like<00:18:05.039> very<00:18:05.280> centralized<00:18:05.700> Builders 00:18:06.110 --> 00:18:06.120 align:start position:0% will have like very centralized Builders 00:18:06.120 --> 00:18:07.549 align:start position:0% will have like very centralized Builders but<00:18:06.660> we<00:18:06.780> just<00:18:06.900> want<00:18:07.020> to<00:18:07.140> make<00:18:07.200> sure<00:18:07.320> they<00:18:07.440> can 00:18:07.549 --> 00:18:07.559 align:start position:0% but we just want to make sure they can 00:18:07.559 --> 00:18:08.990 align:start position:0% but we just want to make sure they can compete<00:18:07.919> and<00:18:08.100> the<00:18:08.220> idea<00:18:08.400> is<00:18:08.460> that<00:18:08.700> if<00:18:08.820> there's 00:18:08.990 --> 00:18:09.000 align:start position:0% compete and the idea is that if there's 00:18:09.000 --> 00:18:10.850 align:start position:0% compete and the idea is that if there's like<00:18:09.179> very<00:18:09.299> healthy<00:18:09.600> competition<00:18:10.020> then<00:18:10.679> there 00:18:10.850 --> 00:18:10.860 align:start position:0% like very healthy competition then there 00:18:10.860 --> 00:18:12.770 align:start position:0% like very healthy competition then there won't<00:18:10.980> be<00:18:11.100> one<00:18:11.340> internship<00:18:11.820> player<00:18:12.120> and<00:18:12.600> that 00:18:12.770 --> 00:18:12.780 align:start position:0% won't be one internship player and that 00:18:12.780 --> 00:18:14.450 align:start position:0% won't be one internship player and that avoids<00:18:13.260> the<00:18:13.440> situation<00:18:13.799> where<00:18:14.039> there's<00:18:14.220> like 00:18:14.450 --> 00:18:14.460 align:start position:0% avoids the situation where there's like 00:18:14.460 --> 00:18:16.130 align:start position:0% avoids the situation where there's like there's<00:18:14.940> very<00:18:15.120> direct<00:18:15.299> gatekeeping<00:18:15.840> where<00:18:16.020> I 00:18:16.130 --> 00:18:16.140 align:start position:0% there's very direct gatekeeping where I 00:18:16.140 --> 00:18:17.029 align:start position:0% there's very direct gatekeeping where I have<00:18:16.200> to<00:18:16.320> go<00:18:16.380> through<00:18:16.559> like<00:18:16.679> one<00:18:16.799> or<00:18:16.919> two 00:18:17.029 --> 00:18:17.039 align:start position:0% have to go through like one or two 00:18:17.039 --> 00:18:19.310 align:start position:0% have to go through like one or two entities<00:18:17.280> to<00:18:17.460> get<00:18:17.580> on<00:18:17.700> chain 00:18:19.310 --> 00:18:19.320 align:start position:0% entities to get on chain 00:18:19.320 --> 00:18:21.289 align:start position:0% entities to get on chain so<00:18:19.679> to<00:18:19.799> do<00:18:19.919> that<00:18:20.100> we<00:18:20.700> want<00:18:20.940> to<00:18:21.059> keep<00:18:21.120> the 00:18:21.289 --> 00:18:21.299 align:start position:0% so to do that we want to keep the 00:18:21.299 --> 00:18:24.470 align:start position:0% so to do that we want to keep the barriers<00:18:21.660> to<00:18:21.900> entry<00:18:22.200> of<00:18:22.320> building<00:18:22.440> very<00:18:22.740> low 00:18:24.470 --> 00:18:24.480 align:start position:0% barriers to entry of building very low 00:18:24.480 --> 00:18:26.630 align:start position:0% barriers to entry of building very low um<00:18:24.660> and<00:18:25.320> yeah<00:18:25.559> maybe<00:18:25.860> that's<00:18:26.039> enough<00:18:26.280> we'll 00:18:26.630 --> 00:18:26.640 align:start position:0% um and yeah maybe that's enough we'll 00:18:26.640 --> 00:18:30.409 align:start position:0% um and yeah maybe that's enough we'll find<00:18:26.820> out<00:18:27.440> but<00:18:28.440> still<00:18:29.039> you<00:18:29.400> know<00:18:29.520> I<00:18:30.120> think<00:18:30.179> if 00:18:30.409 --> 00:18:30.419 align:start position:0% find out but still you know I think if 00:18:30.419 --> 00:18:31.490 align:start position:0% find out but still you know I think if you<00:18:30.539> look<00:18:30.660> around<00:18:30.840> the<00:18:31.020> world<00:18:31.140> you<00:18:31.320> see 00:18:31.490 --> 00:18:31.500 align:start position:0% you look around the world you see 00:18:31.500 --> 00:18:33.169 align:start position:0% you look around the world you see there's<00:18:31.679> like<00:18:31.860> power<00:18:31.980> laws<00:18:32.400> everywhere 00:18:33.169 --> 00:18:33.179 align:start position:0% there's like power laws everywhere 00:18:33.179 --> 00:18:36.169 align:start position:0% there's like power laws everywhere and<00:18:33.960> so<00:18:34.320> I<00:18:35.160> think<00:18:35.280> we'll<00:18:35.460> still<00:18:35.640> be<00:18:35.880> you<00:18:36.120> know 00:18:36.169 --> 00:18:36.179 align:start position:0% and so I think we'll still be you know 00:18:36.179 --> 00:18:37.549 align:start position:0% and so I think we'll still be you know even<00:18:36.299> if<00:18:36.539> we<00:18:36.600> do<00:18:36.720> have<00:18:36.840> a<00:18:36.960> healthy<00:18:37.260> ecosystem 00:18:37.549 --> 00:18:37.559 align:start position:0% even if we do have a healthy ecosystem 00:18:37.559 --> 00:18:38.810 align:start position:0% even if we do have a healthy ecosystem it<00:18:37.799> could<00:18:37.919> be<00:18:38.039> the<00:18:38.100> case<00:18:38.280> that<00:18:38.460> there's<00:18:38.700> like 00:18:38.810 --> 00:18:38.820 align:start position:0% it could be the case that there's like 00:18:38.820 --> 00:18:40.669 align:start position:0% it could be the case that there's like not<00:18:39.000> a<00:18:39.120> great<00:18:39.240> distribution 00:18:40.669 --> 00:18:40.679 align:start position:0% not a great distribution 00:18:40.679 --> 00:18:43.010 align:start position:0% not a great distribution so<00:18:41.039> we<00:18:41.220> can<00:18:41.340> ask<00:18:41.460> well<00:18:41.640> what<00:18:41.880> next<00:18:42.059> well<00:18:42.480> pretty 00:18:43.010 --> 00:18:43.020 align:start position:0% so we can ask well what next well pretty 00:18:43.020 --> 00:18:44.090 align:start position:0% so we can ask well what next well pretty much<00:18:43.140> most<00:18:43.320> of<00:18:43.440> us<00:18:43.559> here<00:18:43.679> we<00:18:43.919> can<00:18:43.980> call 00:18:44.090 --> 00:18:44.100 align:start position:0% much most of us here we can call 00:18:44.100 --> 00:18:45.950 align:start position:0% much most of us here we can call ourselves<00:18:44.400> crypto<00:18:44.760> economists<00:18:45.299> so<00:18:45.780> we'll 00:18:45.950 --> 00:18:45.960 align:start position:0% ourselves crypto economists so we'll 00:18:45.960 --> 00:18:47.690 align:start position:0% ourselves crypto economists so we'll design<00:18:46.140> a<00:18:46.320> mechanism<00:18:46.679> and<00:18:47.340> what<00:18:47.460> does<00:18:47.580> that 00:18:47.690 --> 00:18:47.700 align:start position:0% design a mechanism and what does that 00:18:47.700 --> 00:18:49.549 align:start position:0% design a mechanism and what does that mean<00:18:47.880> well<00:18:48.360> we'll<00:18:48.660> just<00:18:48.840> read<00:18:48.960> off<00:18:49.140> this<00:18:49.320> quote 00:18:49.549 --> 00:18:49.559 align:start position:0% mean well we'll just read off this quote 00:18:49.559 --> 00:18:51.590 align:start position:0% mean well we'll just read off this quote that<00:18:49.980> I<00:18:50.100> made<00:18:50.280> up<00:18:50.460> what<00:18:51.120> does<00:18:51.299> it<00:18:51.419> mean<00:18:51.480> to 00:18:51.590 --> 00:18:51.600 align:start position:0% that I made up what does it mean to 00:18:51.600 --> 00:18:53.210 align:start position:0% that I made up what does it mean to design<00:18:51.780> a<00:18:52.020> mechanism<00:18:52.320> here<00:18:52.500> well<00:18:52.740> we<00:18:52.980> want<00:18:53.160> a 00:18:53.210 --> 00:18:53.220 align:start position:0% design a mechanism here well we want a 00:18:53.220 --> 00:18:54.409 align:start position:0% design a mechanism here well we want a peer-to-peer<00:18:53.700> network<00:18:53.820> with<00:18:54.059> proper 00:18:54.409 --> 00:18:54.419 align:start position:0% peer-to-peer network with proper 00:18:54.419 --> 00:18:55.610 align:start position:0% peer-to-peer network with proper incentive<00:18:54.720> alignment<00:18:54.960> to<00:18:55.140> ensure<00:18:55.380> safety 00:18:55.610 --> 00:18:55.620 align:start position:0% incentive alignment to ensure safety 00:18:55.620 --> 00:18:57.590 align:start position:0% incentive alignment to ensure safety aliveness<00:18:56.039> of<00:18:56.100> the<00:18:56.220> protocol<00:18:56.460> and<00:18:57.360> now<00:18:57.480> what 00:18:57.590 --> 00:18:57.600 align:start position:0% aliveness of the protocol and now what 00:18:57.600 --> 00:18:59.510 align:start position:0% aliveness of the protocol and now what does<00:18:57.720> the<00:18:57.840> protocol<00:18:58.020> do<00:18:58.380> well<00:18:58.860> it<00:18:59.039> facilitates 00:18:59.510 --> 00:18:59.520 align:start position:0% does the protocol do well it facilitates 00:18:59.520 --> 00:19:01.010 align:start position:0% does the protocol do well it facilitates the<00:18:59.760> refinement<00:19:00.179> of<00:19:00.299> block<00:19:00.480> space<00:19:00.660> and<00:19:00.900> this 00:19:01.010 --> 00:19:01.020 align:start position:0% the refinement of block space and this 00:19:01.020 --> 00:19:03.169 align:start position:0% the refinement of block space and this way<00:19:01.140> I<00:19:01.260> was<00:19:01.380> describing 00:19:03.169 --> 00:19:03.179 align:start position:0% way I was describing 00:19:03.179 --> 00:19:04.789 align:start position:0% way I was describing um<00:19:03.240> so<00:19:03.480> that's<00:19:03.600> great<00:19:03.900> but<00:19:04.260> there's<00:19:04.500> some<00:19:04.679> like 00:19:04.789 --> 00:19:04.799 align:start position:0% um so that's great but there's some like 00:19:04.799 --> 00:19:08.210 align:start position:0% um so that's great but there's some like huge<00:19:05.039> caveats<00:19:05.580> the<00:19:06.299> huge<00:19:06.480> caveats<00:19:07.080> are<00:19:07.260> we 00:19:08.210 --> 00:19:08.220 align:start position:0% huge caveats the huge caveats are we 00:19:08.220 --> 00:19:10.250 align:start position:0% huge caveats the huge caveats are we want<00:19:08.520> to<00:19:08.640> make<00:19:08.940> sure<00:19:09.179> that 00:19:10.250 --> 00:19:10.260 align:start position:0% want to make sure that 00:19:10.260 --> 00:19:11.870 align:start position:0% want to make sure that I<00:19:10.620> think<00:19:10.860> there's<00:19:10.980> many<00:19:11.160> but<00:19:11.400> like<00:19:11.520> two<00:19:11.640> ones 00:19:11.870 --> 00:19:11.880 align:start position:0% I think there's many but like two ones 00:19:11.880 --> 00:19:13.669 align:start position:0% I think there's many but like two ones to<00:19:12.000> call<00:19:12.059> out<00:19:12.240> right<00:19:12.360> are<00:19:13.080> that<00:19:13.320> the<00:19:13.559> people 00:19:13.669 --> 00:19:13.679 align:start position:0% to call out right are that the people 00:19:13.679 --> 00:19:15.529 align:start position:0% to call out right are that the people who<00:19:13.919> are<00:19:14.039> using<00:19:14.340> this<00:19:14.460> thing<00:19:14.640> like<00:19:15.240> let's<00:19:15.360> say 00:19:15.529 --> 00:19:15.539 align:start position:0% who are using this thing like let's say 00:19:15.539 --> 00:19:16.850 align:start position:0% who are using this thing like let's say users<00:19:15.900> who<00:19:16.080> want<00:19:16.260> to<00:19:16.320> like<00:19:16.440> make<00:19:16.559> some<00:19:16.679> trade 00:19:16.850 --> 00:19:16.860 align:start position:0% users who want to like make some trade 00:19:16.860 --> 00:19:19.250 align:start position:0% users who want to like make some trade on<00:19:17.039> uniswap<00:19:17.940> we<00:19:18.299> want<00:19:18.360> to<00:19:18.419> make<00:19:18.539> sure<00:19:18.720> that<00:19:18.900> you 00:19:19.250 --> 00:19:19.260 align:start position:0% on uniswap we want to make sure that you 00:19:19.260 --> 00:19:21.110 align:start position:0% on uniswap we want to make sure that you know<00:19:19.320> when<00:19:19.799> I<00:19:19.919> make<00:19:20.100> a<00:19:20.220> transaction<00:19:20.580> and<00:19:20.940> for 00:19:21.110 --> 00:19:21.120 align:start position:0% know when I make a transaction and for 00:19:21.120 --> 00:19:22.730 align:start position:0% know when I make a transaction and for example<00:19:21.299> it<00:19:21.480> has<00:19:21.600> some<00:19:21.780> mov<00:19:21.960> then<00:19:22.440> like<00:19:22.559> I've 00:19:22.730 --> 00:19:22.740 align:start position:0% example it has some mov then like I've 00:19:22.740 --> 00:19:23.870 align:start position:0% example it has some mov then like I've actually<00:19:22.919> generated<00:19:23.220> value<00:19:23.460> that<00:19:23.700> wasn't 00:19:23.870 --> 00:19:23.880 align:start position:0% actually generated value that wasn't 00:19:23.880 --> 00:19:26.150 align:start position:0% actually generated value that wasn't there<00:19:24.120> before<00:19:24.299> and<00:19:25.140> it<00:19:25.260> seems<00:19:25.679> you<00:19:25.980> know<00:19:26.039> I 00:19:26.150 --> 00:19:26.160 align:start position:0% there before and it seems you know I 00:19:26.160 --> 00:19:27.409 align:start position:0% there before and it seems you know I think<00:19:26.280> we'd<00:19:26.520> all<00:19:26.640> kind<00:19:26.820> of<00:19:26.880> agree<00:19:27.059> it<00:19:27.240> makes 00:19:27.409 --> 00:19:27.419 align:start position:0% think we'd all kind of agree it makes 00:19:27.419 --> 00:19:29.150 align:start position:0% think we'd all kind of agree it makes sense<00:19:27.600> that<00:19:27.900> the<00:19:28.380> generator<00:19:28.679> of<00:19:28.860> that<00:19:28.980> value 00:19:29.150 --> 00:19:29.160 align:start position:0% sense that the generator of that value 00:19:29.160 --> 00:19:31.070 align:start position:0% sense that the generator of that value should<00:19:29.400> capture<00:19:29.640> most<00:19:29.880> of<00:19:30.000> the<00:19:30.120> value 00:19:31.070 --> 00:19:31.080 align:start position:0% should capture most of the value 00:19:31.080 --> 00:19:33.110 align:start position:0% should capture most of the value so<00:19:31.620> that's<00:19:31.860> like<00:19:32.280> a<00:19:32.460> pretty<00:19:32.580> big<00:19:32.760> constraint 00:19:33.110 --> 00:19:33.120 align:start position:0% so that's like a pretty big constraint 00:19:33.120 --> 00:19:35.090 align:start position:0% so that's like a pretty big constraint on<00:19:33.360> how<00:19:33.539> something<00:19:33.780> like<00:19:34.140> this 00:19:35.090 --> 00:19:35.100 align:start position:0% on how something like this 00:19:35.100 --> 00:19:37.010 align:start position:0% on how something like this block<00:19:35.640> space<00:19:35.880> refinement<00:19:36.419> decentralized 00:19:37.010 --> 00:19:37.020 align:start position:0% block space refinement decentralized 00:19:37.020 --> 00:19:39.169 align:start position:0% block space refinement decentralized protocol<00:19:37.320> would<00:19:37.500> look<00:19:37.679> like<00:19:38.280> another<00:19:38.700> big<00:19:39.059> one 00:19:39.169 --> 00:19:39.179 align:start position:0% protocol would look like another big one 00:19:39.179 --> 00:19:40.909 align:start position:0% protocol would look like another big one censorship<00:19:39.660> resistance<00:19:40.140> if<00:19:40.679> you've<00:19:40.860> been 00:19:40.909 --> 00:19:40.919 align:start position:0% censorship resistance if you've been 00:19:40.919 --> 00:19:42.169 align:start position:0% censorship resistance if you've been following<00:19:41.280> any<00:19:41.400> of<00:19:41.460> them<00:19:41.580> at<00:19:41.700> Boost<00:19:41.940> stuff 00:19:42.169 --> 00:19:42.179 align:start position:0% following any of them at Boost stuff 00:19:42.179 --> 00:19:44.029 align:start position:0% following any of them at Boost stuff which<00:19:42.299> I'll<00:19:42.480> touch<00:19:42.600> on<00:19:42.780> in<00:19:42.900> just<00:19:43.020> a<00:19:43.140> second<00:19:43.320> uh 00:19:44.029 --> 00:19:44.039 align:start position:0% which I'll touch on in just a second uh 00:19:44.039 --> 00:19:45.890 align:start position:0% which I'll touch on in just a second uh you<00:19:44.220> see<00:19:44.340> that<00:19:44.700> this<00:19:45.419> is<00:19:45.539> like<00:19:45.660> a<00:19:45.840> very 00:19:45.890 --> 00:19:45.900 align:start position:0% you see that this is like a very 00:19:45.900 --> 00:19:48.049 align:start position:0% you see that this is like a very critical<00:19:46.200> question<00:19:46.440> because<00:19:46.799> again<00:19:47.100> when<00:19:47.880> you 00:19:48.049 --> 00:19:48.059 align:start position:0% critical question because again when you 00:19:48.059 --> 00:19:49.610 align:start position:0% critical question because again when you have<00:19:48.120> just<00:19:48.360> a<00:19:48.480> few<00:19:48.600> sort<00:19:48.900> of 00:19:49.610 --> 00:19:49.620 align:start position:0% have just a few sort of 00:19:49.620 --> 00:19:51.890 align:start position:0% have just a few sort of I<00:19:50.039> mean<00:19:50.220> yeah<00:19:50.340> centralized<00:19:50.940> pipelines<00:19:51.600> in<00:19:51.780> the 00:19:51.890 --> 00:19:51.900 align:start position:0% I mean yeah centralized pipelines in the 00:19:51.900 --> 00:19:53.570 align:start position:0% I mean yeah centralized pipelines in the protocol<00:19:52.140> uh<00:19:52.500> it<00:19:52.620> becomes<00:19:52.799> much<00:19:52.980> easier<00:19:53.220> first 00:19:53.570 --> 00:19:53.580 align:start position:0% protocol uh it becomes much easier first 00:19:53.580 --> 00:19:55.789 align:start position:0% protocol uh it becomes much easier first internship<00:19:53.880> to<00:19:54.299> censorship<00:19:55.140> resistance<00:19:55.620> to 00:19:55.789 --> 00:19:55.799 align:start position:0% internship to censorship resistance to 00:19:55.799 --> 00:19:58.310 align:start position:0% internship to censorship resistance to Fall<00:19:55.980> by<00:19:56.160> the<00:19:56.280> wayside<00:19:56.720> so<00:19:57.720> I'm<00:19:58.020> just<00:19:58.140> going<00:19:58.260> to 00:19:58.310 --> 00:19:58.320 align:start position:0% Fall by the wayside so I'm just going to 00:19:58.320 --> 00:19:59.930 align:start position:0% Fall by the wayside so I'm just going to keep<00:19:58.380> going<00:19:58.559> down<00:19:58.799> I<00:19:59.340> kind<00:19:59.460> of<00:19:59.580> want<00:19:59.700> to<00:19:59.820> just 00:19:59.930 --> 00:19:59.940 align:start position:0% keep going down I kind of want to just 00:19:59.940 --> 00:20:02.150 align:start position:0% keep going down I kind of want to just like<00:20:00.240> sketch 00:20:02.150 --> 00:20:02.160 align:start position:0% like sketch 00:20:02.160 --> 00:20:04.610 align:start position:0% like sketch this<00:20:02.580> path<00:20:02.760> for<00:20:02.940> you<00:20:03.120> hopefully<00:20:03.900> to<00:20:04.080> jog<00:20:04.380> some 00:20:04.610 --> 00:20:04.620 align:start position:0% this path for you hopefully to jog some 00:20:04.620 --> 00:20:06.289 align:start position:0% this path for you hopefully to jog some of<00:20:04.799> your<00:20:04.919> maybe<00:20:05.340> like<00:20:05.580> capture<00:20:05.940> some<00:20:06.059> of<00:20:06.179> your 00:20:06.289 --> 00:20:06.299 align:start position:0% of your maybe like capture some of your 00:20:06.299 --> 00:20:08.990 align:start position:0% of your maybe like capture some of your interests<00:20:06.660> or<00:20:06.960> uh<00:20:07.260> you<00:20:07.559> know<00:20:07.700> jagu<00:20:08.700> creative 00:20:08.990 --> 00:20:09.000 align:start position:0% interests or uh you know jagu creative 00:20:09.000 --> 00:20:11.630 align:start position:0% interests or uh you know jagu creative juices<00:20:09.240> but<00:20:09.780> essentially<00:20:10.620> what<00:20:11.160> would<00:20:11.520> the 00:20:11.630 --> 00:20:11.640 align:start position:0% juices but essentially what would the 00:20:11.640 --> 00:20:13.430 align:start position:0% juices but essentially what would the centralized<00:20:12.000> Building<00:20:12.179> look<00:20:12.480> like 00:20:13.430 --> 00:20:13.440 align:start position:0% centralized Building look like 00:20:13.440 --> 00:20:15.350 align:start position:0% centralized Building look like um<00:20:13.860> I<00:20:14.280> mentioned<00:20:14.520> this<00:20:14.640> FPC<00:20:15.059> conference 00:20:15.350 --> 00:20:15.360 align:start position:0% um I mentioned this FPC conference 00:20:15.360 --> 00:20:17.630 align:start position:0% um I mentioned this FPC conference vitalik<00:20:15.900> you<00:20:16.080> have<00:20:16.200> a<00:20:16.320> talk<00:20:16.440> uh<00:20:17.039> on<00:20:17.220> this<00:20:17.340> a<00:20:17.520> bit 00:20:17.630 --> 00:20:17.640 align:start position:0% vitalik you have a talk uh on this a bit 00:20:17.640 --> 00:20:19.789 align:start position:0% vitalik you have a talk uh on this a bit so<00:20:18.179> I'd<00:20:18.299> also<00:20:18.600> recommend<00:20:18.780> that<00:20:18.960> one 00:20:19.789 --> 00:20:19.799 align:start position:0% so I'd also recommend that one 00:20:19.799 --> 00:20:22.789 align:start position:0% so I'd also recommend that one so<00:20:20.820> um<00:20:20.880> but<00:20:21.120> yeah<00:20:21.299> so 00:20:22.789 --> 00:20:22.799 align:start position:0% so um but yeah so 00:20:22.799 --> 00:20:25.370 align:start position:0% so um but yeah so for<00:20:23.160> today<00:20:23.600> the<00:20:24.600> you<00:20:24.840> know<00:20:24.960> the<00:20:25.080> ways<00:20:25.320> I've 00:20:25.370 --> 00:20:25.380 align:start position:0% for today the you know the ways I've 00:20:25.380 --> 00:20:27.230 align:start position:0% for today the you know the ways I've kind<00:20:25.559> of<00:20:25.620> been<00:20:25.679> thinking<00:20:25.799> about<00:20:25.919> lately<00:20:26.340> are 00:20:27.230 --> 00:20:27.240 align:start position:0% kind of been thinking about lately are 00:20:27.240 --> 00:20:30.110 align:start position:0% kind of been thinking about lately are you<00:20:28.080> have<00:20:28.320> a<00:20:28.559> builder<00:20:28.919> and<00:20:29.460> you<00:20:29.640> want<00:20:29.760> them<00:20:29.880> to 00:20:30.110 --> 00:20:30.120 align:start position:0% you have a builder and you want them to 00:20:30.120 --> 00:20:31.549 align:start position:0% you have a builder and you want them to basically 00:20:31.549 --> 00:20:31.559 align:start position:0% basically 00:20:31.559 --> 00:20:33.950 align:start position:0% basically well<00:20:31.980> yeah<00:20:32.160> so<00:20:32.580> there's<00:20:33.360> different<00:20:33.539> contexts 00:20:33.950 --> 00:20:33.960 align:start position:0% well yeah so there's different contexts 00:20:33.960 --> 00:20:35.450 align:start position:0% well yeah so there's different contexts the<00:20:34.140> first<00:20:34.260> context<00:20:34.559> would<00:20:34.740> be<00:20:34.860> in<00:20:35.039> a<00:20:35.160> single 00:20:35.450 --> 00:20:35.460 align:start position:0% the first context would be in a single 00:20:35.460 --> 00:20:37.010 align:start position:0% the first context would be in a single domain<00:20:35.760> and<00:20:36.299> I'll<00:20:36.419> kind<00:20:36.539> of<00:20:36.660> make<00:20:36.780> that<00:20:36.900> clear 00:20:37.010 --> 00:20:37.020 align:start position:0% domain and I'll kind of make that clear 00:20:37.020 --> 00:20:38.390 align:start position:0% domain and I'll kind of make that clear in<00:20:37.200> a<00:20:37.320> second<00:20:37.380> but<00:20:37.740> essentially<00:20:38.039> you<00:20:38.160> have<00:20:38.280> a 00:20:38.390 --> 00:20:38.400 align:start position:0% in a second but essentially you have a 00:20:38.400 --> 00:20:40.130 align:start position:0% in a second but essentially you have a builder<00:20:38.760> just<00:20:39.240> imagine<00:20:39.360> a<00:20:39.660> builder<00:20:39.900> on<00:20:40.020> one 00:20:40.130 --> 00:20:40.140 align:start position:0% builder just imagine a builder on one 00:20:40.140 --> 00:20:40.909 align:start position:0% builder just imagine a builder on one chain 00:20:40.909 --> 00:20:40.919 align:start position:0% chain 00:20:40.919 --> 00:20:42.650 align:start position:0% chain and<00:20:41.280> rather<00:20:41.520> than<00:20:41.700> this<00:20:41.820> Builder<00:20:42.120> being<00:20:42.360> like 00:20:42.650 --> 00:20:42.660 align:start position:0% and rather than this Builder being like 00:20:42.660 --> 00:20:45.350 align:start position:0% and rather than this Builder being like one<00:20:43.559> server<00:20:43.919> somewhere<00:20:44.340> you<00:20:44.820> can<00:20:44.940> imagine<00:20:45.059> it 00:20:45.350 --> 00:20:45.360 align:start position:0% one server somewhere you can imagine it 00:20:45.360 --> 00:20:47.810 align:start position:0% one server somewhere you can imagine it being<00:20:45.480> split<00:20:45.900> across<00:20:46.260> many<00:20:46.799> servers<00:20:47.280> sort<00:20:47.760> of 00:20:47.810 --> 00:20:47.820 align:start position:0% being split across many servers sort of 00:20:47.820 --> 00:20:49.730 align:start position:0% being split across many servers sort of implementation<00:20:48.360> wise 00:20:49.730 --> 00:20:49.740 align:start position:0% implementation wise 00:20:49.740 --> 00:20:51.230 align:start position:0% implementation wise um<00:20:49.799> but<00:20:50.100> anyway<00:20:50.220> so<00:20:50.520> that's<00:20:50.760> actually<00:20:51.059> not 00:20:51.230 --> 00:20:51.240 align:start position:0% um but anyway so that's actually not 00:20:51.240 --> 00:20:52.370 align:start position:0% um but anyway so that's actually not what<00:20:51.480> we<00:20:51.600> really<00:20:51.720> care<00:20:51.840> about<00:20:51.900> like<00:20:52.140> we<00:20:52.260> care 00:20:52.370 --> 00:20:52.380 align:start position:0% what we really care about like we care 00:20:52.380 --> 00:20:55.610 align:start position:0% what we really care about like we care about<00:20:52.500> higher<00:20:52.799> level<00:20:52.860> properties<00:20:53.340> like<00:20:54.780> um 00:20:55.610 --> 00:20:55.620 align:start position:0% about higher level properties like um 00:20:55.620 --> 00:20:57.650 align:start position:0% about higher level properties like um we<00:20:56.039> want<00:20:56.280> this<00:20:56.400> builder<00:20:56.700> then<00:20:56.820> to<00:20:57.000> be<00:20:57.120> able<00:20:57.299> to 00:20:57.650 --> 00:20:57.660 align:start position:0% we want this builder then to be able to 00:20:57.660 --> 00:21:00.409 align:start position:0% we want this builder then to be able to again<00:20:58.320> be<00:20:58.620> like<00:20:58.799> multiple<00:20:59.340> maybe<00:20:59.880> competing 00:21:00.409 --> 00:21:00.419 align:start position:0% again be like multiple maybe competing 00:21:00.419 --> 00:21:01.850 align:start position:0% again be like multiple maybe competing entities<00:21:00.720> and<00:21:01.140> so<00:21:01.260> what<00:21:01.440> that<00:21:01.559> could<00:21:01.740> look 00:21:01.850 --> 00:21:01.860 align:start position:0% entities and so what that could look 00:21:01.860 --> 00:21:03.890 align:start position:0% entities and so what that could look like<00:21:02.039> is<00:21:02.700> you<00:21:02.820> have<00:21:03.000> agents<00:21:03.419> who<00:21:03.600> are<00:21:03.720> doing 00:21:03.890 --> 00:21:03.900 align:start position:0% like is you have agents who are doing 00:21:03.900 --> 00:21:05.990 align:start position:0% like is you have agents who are doing the<00:21:04.200> building<00:21:04.320> and<00:21:05.220> they're<00:21:05.400> now<00:21:05.640> competing 00:21:05.990 --> 00:21:06.000 align:start position:0% the building and they're now competing 00:21:06.000 --> 00:21:08.029 align:start position:0% the building and they're now competing for<00:21:06.120> like<00:21:06.299> order<00:21:06.480> flow<00:21:06.720> for<00:21:07.020> example<00:21:07.260> so<00:21:07.679> if 00:21:08.029 --> 00:21:08.039 align:start position:0% for like order flow for example so if 00:21:08.039 --> 00:21:09.650 align:start position:0% for like order flow for example so if this<00:21:08.220> is<00:21:08.280> like<00:21:08.460> an<00:21:08.520> Mev<00:21:08.940> context<00:21:09.240> you<00:21:09.480> have 00:21:09.650 --> 00:21:09.660 align:start position:0% this is like an Mev context you have 00:21:09.660 --> 00:21:11.570 align:start position:0% this is like an Mev context you have people<00:21:09.780> who<00:21:09.960> are<00:21:09.960> making<00:21:10.140> trades<00:21:10.559> and<00:21:11.220> I'm<00:21:11.400> now 00:21:11.570 --> 00:21:11.580 align:start position:0% people who are making trades and I'm now 00:21:11.580 --> 00:21:13.909 align:start position:0% people who are making trades and I'm now like<00:21:11.880> working<00:21:12.419> or<00:21:12.840> perhaps<00:21:13.200> competing<00:21:13.620> with 00:21:13.909 --> 00:21:13.919 align:start position:0% like working or perhaps competing with 00:21:13.919 --> 00:21:16.310 align:start position:0% like working or perhaps competing with other<00:21:14.580> Searchers<00:21:15.059> let's<00:21:15.360> say<00:21:15.539> to<00:21:15.900> to<00:21:16.080> build 00:21:16.310 --> 00:21:16.320 align:start position:0% other Searchers let's say to to build 00:21:16.320 --> 00:21:18.710 align:start position:0% other Searchers let's say to to build the<00:21:16.440> best<00:21:16.620> block<00:21:17.000> but<00:21:18.000> we're<00:21:18.179> doing<00:21:18.299> in<00:21:18.480> a<00:21:18.600> way 00:21:18.710 --> 00:21:18.720 align:start position:0% the best block but we're doing in a way 00:21:18.720 --> 00:21:20.150 align:start position:0% the best block but we're doing in a way that<00:21:18.900> again<00:21:19.140> we<00:21:19.380> sort<00:21:19.620> of<00:21:19.679> enforce<00:21:19.980> this 00:21:20.150 --> 00:21:20.160 align:start position:0% that again we sort of enforce this 00:21:20.160 --> 00:21:21.590 align:start position:0% that again we sort of enforce this competition 00:21:21.590 --> 00:21:21.600 align:start position:0% competition 00:21:21.600 --> 00:21:23.150 align:start position:0% competition there<00:21:22.380> I<00:21:22.500> think<00:21:22.620> the<00:21:22.679> more<00:21:22.799> you<00:21:22.919> think<00:21:23.100> about 00:21:23.150 --> 00:21:23.160 align:start position:0% there I think the more you think about 00:21:23.160 --> 00:21:24.950 align:start position:0% there I think the more you think about this<00:21:23.400> there's<00:21:23.580> like<00:21:23.760> a<00:21:23.940> trade-off<00:21:24.240> between 00:21:24.950 --> 00:21:24.960 align:start position:0% this there's like a trade-off between 00:21:24.960 --> 00:21:27.049 align:start position:0% this there's like a trade-off between privacy<00:21:25.500> and<00:21:25.620> execution<00:21:25.980> because<00:21:26.340> you<00:21:27.000> know 00:21:27.049 --> 00:21:27.059 align:start position:0% privacy and execution because you know 00:21:27.059 --> 00:21:29.149 align:start position:0% privacy and execution because you know one<00:21:27.240> thing<00:21:27.360> we<00:21:27.480> could<00:21:27.600> say<00:21:27.780> is<00:21:28.080> as<00:21:28.679> a<00:21:28.860> user 00:21:29.149 --> 00:21:29.159 align:start position:0% one thing we could say is as a user 00:21:29.159 --> 00:21:31.370 align:start position:0% one thing we could say is as a user again<00:21:29.400> of<00:21:29.640> my<00:21:29.760> Dex<00:21:30.059> trade<00:21:30.299> for<00:21:30.480> example<00:21:30.720> uh<00:21:31.260> you 00:21:31.370 --> 00:21:31.380 align:start position:0% again of my Dex trade for example uh you 00:21:31.380 --> 00:21:34.310 align:start position:0% again of my Dex trade for example uh you know<00:21:31.559> nothing<00:21:32.059> and<00:21:33.059> then<00:21:33.179> it's<00:21:33.360> just<00:21:33.539> like<00:21:33.780> uh 00:21:34.310 --> 00:21:34.320 align:start position:0% know nothing and then it's just like uh 00:21:34.320 --> 00:21:36.169 align:start position:0% know nothing and then it's just like uh grabbing<00:21:34.980> random<00:21:35.280> batches<00:21:35.580> of<00:21:35.760> transactions 00:21:36.169 --> 00:21:36.179 align:start position:0% grabbing random batches of transactions 00:21:36.179 --> 00:21:38.510 align:start position:0% grabbing random batches of transactions and<00:21:36.360> like<00:21:36.480> putting<00:21:36.720> them<00:21:36.840> into<00:21:36.960> a<00:21:37.140> box<00:21:37.740> instead 00:21:38.510 --> 00:21:38.520 align:start position:0% and like putting them into a box instead 00:21:38.520 --> 00:21:39.830 align:start position:0% and like putting them into a box instead you<00:21:38.760> could<00:21:38.880> like<00:21:39.059> kind<00:21:39.240> of<00:21:39.360> be<00:21:39.419> in<00:21:39.539> the<00:21:39.600> setting 00:21:39.830 --> 00:21:39.840 align:start position:0% you could like kind of be in the setting 00:21:39.840 --> 00:21:41.270 align:start position:0% you could like kind of be in the setting today<00:21:40.020> where<00:21:40.320> you<00:21:40.440> see<00:21:40.559> everything<00:21:40.740> and<00:21:41.159> then 00:21:41.270 --> 00:21:41.280 align:start position:0% today where you see everything and then 00:21:41.280 --> 00:21:43.549 align:start position:0% today where you see everything and then you<00:21:41.460> have<00:21:41.640> sort<00:21:42.000> of<00:21:42.120> full<00:21:42.360> uh<00:21:43.140> full 00:21:43.549 --> 00:21:43.559 align:start position:0% you have sort of full uh full 00:21:43.559 --> 00:21:45.529 align:start position:0% you have sort of full uh full information<00:21:43.799> to<00:21:44.520> even<00:21:44.700> leverage<00:21:45.059> against<00:21:45.299> me 00:21:45.529 --> 00:21:45.539 align:start position:0% information to even leverage against me 00:21:45.539 --> 00:21:46.669 align:start position:0% information to even leverage against me and<00:21:45.780> when<00:21:46.080> people<00:21:46.200> are<00:21:46.380> front<00:21:46.559> running 00:21:46.669 --> 00:21:46.679 align:start position:0% and when people are front running 00:21:46.679 --> 00:21:48.289 align:start position:0% and when people are front running they're<00:21:46.919> upset<00:21:47.159> about<00:21:47.280> that<00:21:47.460> this<00:21:47.760> is<00:21:47.880> this<00:21:48.179> is 00:21:48.289 --> 00:21:48.299 align:start position:0% they're upset about that this is this is 00:21:48.299 --> 00:21:49.250 align:start position:0% they're upset about that this is this is exactly<00:21:48.539> the<00:21:48.780> tension<00:21:49.020> they're<00:21:49.140> getting 00:21:49.250 --> 00:21:49.260 align:start position:0% exactly the tension they're getting 00:21:49.260 --> 00:21:50.690 align:start position:0% exactly the tension they're getting towards 00:21:50.690 --> 00:21:50.700 align:start position:0% towards 00:21:50.700 --> 00:21:52.250 align:start position:0% towards um<00:21:50.760> if<00:21:50.820> you're<00:21:50.940> familiar<00:21:51.120> with<00:21:51.240> Cal<00:21:51.419> swap<00:21:51.780> so 00:21:52.250 --> 00:21:52.260 align:start position:0% um if you're familiar with Cal swap so 00:21:52.260 --> 00:21:54.230 align:start position:0% um if you're familiar with Cal swap so like<00:21:52.440> one<00:21:52.559> idea<00:21:52.919> here<00:21:53.039> is<00:21:53.220> like<00:21:53.520> the<00:21:54.120> the 00:21:54.230 --> 00:21:54.240 align:start position:0% like one idea here is like the the 00:21:54.240 --> 00:21:55.789 align:start position:0% like one idea here is like the the Builder<00:21:54.600> on<00:21:54.720> a<00:21:54.840> single<00:21:54.960> domain<00:21:55.200> context<00:21:55.500> is 00:21:55.789 --> 00:21:55.799 align:start position:0% Builder on a single domain context is 00:21:55.799 --> 00:21:58.190 align:start position:0% Builder on a single domain context is you<00:21:55.980> have<00:21:56.220> you<00:21:57.000> know<00:21:57.059> imagine<00:21:57.240> doing<00:21:57.600> your<00:21:57.840> dap 00:21:58.190 --> 00:21:58.200 align:start position:0% you have you know imagine doing your dap 00:21:58.200 --> 00:22:00.409 align:start position:0% you have you know imagine doing your dap your<00:21:58.559> your<00:21:58.620> D5<00:21:59.159> app<00:21:59.340> but<00:21:59.580> inside<00:21:59.700> some<00:21:59.940> APC 00:22:00.409 --> 00:22:00.419 align:start position:0% your your D5 app but inside some APC 00:22:00.419 --> 00:22:01.549 align:start position:0% your your D5 app but inside some APC circuit 00:22:01.549 --> 00:22:01.559 align:start position:0% circuit 00:22:01.559 --> 00:22:03.169 align:start position:0% circuit um<00:22:01.679> Cal<00:22:01.919> swap<00:22:02.220> has<00:22:02.340> this<00:22:02.520> thing<00:22:02.640> for<00:22:02.820> basically 00:22:03.169 --> 00:22:03.179 align:start position:0% um Cal swap has this thing for basically 00:22:03.179 --> 00:22:05.090 align:start position:0% um Cal swap has this thing for basically settling<00:22:03.840> trades<00:22:04.200> off<00:22:04.320> chain<00:22:04.500> before<00:22:04.799> they 00:22:05.090 --> 00:22:05.100 align:start position:0% settling trades off chain before they 00:22:05.100 --> 00:22:08.029 align:start position:0% settling trades off chain before they land<00:22:05.520> on<00:22:05.820> Chain<00:22:06.360> by<00:22:06.720> just<00:22:06.840> doing<00:22:07.080> uh<00:22:07.740> just<00:22:07.919> the 00:22:08.029 --> 00:22:08.039 align:start position:0% land on Chain by just doing uh just the 00:22:08.039 --> 00:22:11.149 align:start position:0% land on Chain by just doing uh just the diffs<00:22:08.400> or<00:22:08.640> just<00:22:08.820> like<00:22:09.059> the<00:22:09.419> remainder 00:22:11.149 --> 00:22:11.159 align:start position:0% diffs or just like the remainder 00:22:11.159 --> 00:22:13.250 align:start position:0% diffs or just like the remainder so<00:22:12.000> this<00:22:12.539> could<00:22:12.720> be<00:22:12.840> a<00:22:12.900> cool<00:22:13.020> research 00:22:13.250 --> 00:22:13.260 align:start position:0% so this could be a cool research 00:22:13.260 --> 00:22:14.149 align:start position:0% so this could be a cool research Direction 00:22:14.149 --> 00:22:14.159 align:start position:0% Direction 00:22:14.159 --> 00:22:16.610 align:start position:0% Direction another<00:22:14.760> one<00:22:15.000> there's<00:22:15.299> this<00:22:15.539> uh 00:22:16.610 --> 00:22:16.620 align:start position:0% another one there's this uh 00:22:16.620 --> 00:22:19.549 align:start position:0% another one there's this uh dap<00:22:17.100> I<00:22:17.280> guess<00:22:17.400> maybe<00:22:18.240> application<00:22:18.840> sorry 00:22:19.549 --> 00:22:19.559 align:start position:0% dap I guess maybe application sorry 00:22:19.559 --> 00:22:20.930 align:start position:0% dap I guess maybe application sorry maybe<00:22:19.799> protocol<00:22:20.220> but<00:22:20.520> either<00:22:20.700> way<00:22:20.880> it's 00:22:20.930 --> 00:22:20.940 align:start position:0% maybe protocol but either way it's 00:22:20.940 --> 00:22:21.950 align:start position:0% maybe protocol but either way it's called<00:22:21.059> Rook 00:22:21.950 --> 00:22:21.960 align:start position:0% called Rook 00:22:21.960 --> 00:22:24.049 align:start position:0% called Rook used<00:22:22.320> to<00:22:22.440> be<00:22:22.559> called<00:22:22.679> uh<00:22:23.280> keeper<00:22:23.640> die<00:22:23.760> I<00:22:23.940> think 00:22:24.049 --> 00:22:24.059 align:start position:0% used to be called uh keeper die I think 00:22:24.059 --> 00:22:26.690 align:start position:0% used to be called uh keeper die I think and<00:22:24.720> either<00:22:24.900> way<00:22:25.140> uh<00:22:26.039> at<00:22:26.280> a<00:22:26.400> very<00:22:26.460> high<00:22:26.580> level 00:22:26.690 --> 00:22:26.700 align:start position:0% and either way uh at a very high level 00:22:26.700 --> 00:22:28.370 align:start position:0% and either way uh at a very high level how<00:22:27.000> that<00:22:27.179> works<00:22:27.419> is<00:22:27.539> that<00:22:27.780> they<00:22:27.960> have<00:22:28.080> like<00:22:28.200> a 00:22:28.370 --> 00:22:28.380 align:start position:0% how that works is that they have like a 00:22:28.380 --> 00:22:30.830 align:start position:0% how that works is that they have like a trusted<00:22:28.740> set<00:22:28.860> of<00:22:28.980> Searchers<00:22:29.360> who<00:22:30.360> have<00:22:30.659> access 00:22:30.830 --> 00:22:30.840 align:start position:0% trusted set of Searchers who have access 00:22:30.840 --> 00:22:32.690 align:start position:0% trusted set of Searchers who have access to<00:22:31.080> a<00:22:31.200> private<00:22:31.440> pool<00:22:31.799> and<00:22:32.280> because<00:22:32.460> they're 00:22:32.690 --> 00:22:32.700 align:start position:0% to a private pool and because they're 00:22:32.700 --> 00:22:35.390 align:start position:0% to a private pool and because they're trusted<00:22:33.179> you<00:22:33.900> know<00:22:34.020> we<00:22:34.260> trust<00:22:34.620> them<00:22:34.740> to<00:22:35.100> then 00:22:35.390 --> 00:22:35.400 align:start position:0% trusted you know we trust them to then 00:22:35.400 --> 00:22:36.470 align:start position:0% trusted you know we trust them to then uh 00:22:36.470 --> 00:22:36.480 align:start position:0% uh 00:22:36.480 --> 00:22:39.289 align:start position:0% uh search<00:22:37.380> and<00:22:38.159> extracted<00:22:38.580> maybe<00:22:38.700> but<00:22:39.000> do<00:22:39.120> it<00:22:39.240> in 00:22:39.289 --> 00:22:39.299 align:start position:0% search and extracted maybe but do it in 00:22:39.299 --> 00:22:41.090 align:start position:0% search and extracted maybe but do it in a<00:22:39.419> way<00:22:39.419> that<00:22:39.720> for<00:22:40.140> the<00:22:40.260> value<00:22:40.380> extracted<00:22:40.919> most 00:22:41.090 --> 00:22:41.100 align:start position:0% a way that for the value extracted most 00:22:41.100 --> 00:22:42.950 align:start position:0% a way that for the value extracted most of<00:22:41.220> it<00:22:41.340> flows<00:22:41.580> back<00:22:41.700> to<00:22:41.760> the<00:22:41.880> users<00:22:42.059> of<00:22:42.240> Rook<00:22:42.539> so 00:22:42.950 --> 00:22:42.960 align:start position:0% of it flows back to the users of Rook so 00:22:42.960 --> 00:22:44.450 align:start position:0% of it flows back to the users of Rook so what<00:22:43.080> this<00:22:43.260> looks<00:22:43.500> like<00:22:43.559> is<00:22:43.679> you<00:22:43.860> have<00:22:44.039> trades 00:22:44.450 --> 00:22:44.460 align:start position:0% what this looks like is you have trades 00:22:44.460 --> 00:22:47.090 align:start position:0% what this looks like is you have trades where<00:22:44.640> you're<00:22:44.760> paid<00:22:45.000> to<00:22:45.120> make<00:22:45.240> the<00:22:45.419> trade 00:22:47.090 --> 00:22:47.100 align:start position:0% where you're paid to make the trade 00:22:47.100 --> 00:22:48.409 align:start position:0% where you're paid to make the trade um<00:22:47.159> you<00:22:47.460> can<00:22:47.580> do<00:22:47.700> something<00:22:47.820> like<00:22:48.000> this<00:22:48.179> and 00:22:48.409 --> 00:22:48.419 align:start position:0% um you can do something like this and 00:22:48.419 --> 00:22:49.970 align:start position:0% um you can do something like this and the<00:22:48.539> question<00:22:48.780> then<00:22:48.960> is<00:22:49.080> like<00:22:49.260> how<00:22:49.679> can<00:22:49.860> we 00:22:49.970 --> 00:22:49.980 align:start position:0% the question then is like how can we 00:22:49.980 --> 00:22:52.190 align:start position:0% the question then is like how can we tune<00:22:50.159> this<00:22:50.340> like<00:22:50.460> trust<00:22:50.760> Spectrum<00:22:51.179> uh<00:22:51.960> so<00:22:52.080> that 00:22:52.190 --> 00:22:52.200 align:start position:0% tune this like trust Spectrum uh so that 00:22:52.200 --> 00:22:53.810 align:start position:0% tune this like trust Spectrum uh so that we<00:22:52.320> minimize<00:22:52.679> trust<00:22:53.039> while<00:22:53.220> giving<00:22:53.460> us<00:22:53.700> all 00:22:53.810 --> 00:22:53.820 align:start position:0% we minimize trust while giving us all 00:22:53.820 --> 00:22:55.370 align:start position:0% we minimize trust while giving us all the<00:22:53.940> nice<00:22:54.059> properties<00:22:54.360> we<00:22:54.539> want<00:22:54.659> another<00:22:55.080> cool 00:22:55.370 --> 00:22:55.380 align:start position:0% the nice properties we want another cool 00:22:55.380 --> 00:22:57.590 align:start position:0% the nice properties we want another cool thing<00:22:55.559> now<00:22:55.740> is<00:22:55.980> like<00:22:56.340> you<00:22:57.179> know<00:22:57.240> there's<00:22:57.480> not 00:22:57.590 --> 00:22:57.600 align:start position:0% thing now is like you know there's not 00:22:57.600 --> 00:22:58.850 align:start position:0% thing now is like you know there's not just<00:22:57.720> ethereum<00:22:58.200> there<00:22:58.679> are<00:22:58.799> other 00:22:58.850 --> 00:22:58.860 align:start position:0% just ethereum there are other 00:22:58.860 --> 00:23:00.289 align:start position:0% just ethereum there are other blockchains<00:22:59.520> and<00:22:59.700> so<00:22:59.820> now<00:22:59.940> we<00:23:00.059> can<00:23:00.179> think 00:23:00.289 --> 00:23:00.299 align:start position:0% blockchains and so now we can think 00:23:00.299 --> 00:23:01.490 align:start position:0% blockchains and so now we can think about<00:23:00.360> me<00:23:00.539> being<00:23:00.780> like<00:23:00.960> across<00:23:01.200> domain 00:23:01.490 --> 00:23:01.500 align:start position:0% about me being like across domain 00:23:01.500 --> 00:23:02.570 align:start position:0% about me being like across domain context 00:23:02.570 --> 00:23:02.580 align:start position:0% context 00:23:02.580 --> 00:23:04.610 align:start position:0% context and<00:23:03.179> this<00:23:03.539> one<00:23:03.659> quickly<00:23:03.960> gets<00:23:04.200> pretty<00:23:04.320> hairy 00:23:04.610 --> 00:23:04.620 align:start position:0% and this one quickly gets pretty hairy 00:23:04.620 --> 00:23:06.590 align:start position:0% and this one quickly gets pretty hairy because<00:23:04.740> like<00:23:05.100> when<00:23:05.820> you<00:23:05.940> think<00:23:06.059> about<00:23:06.179> it<00:23:06.419> you 00:23:06.590 --> 00:23:06.600 align:start position:0% because like when you think about it you 00:23:06.600 --> 00:23:07.669 align:start position:0% because like when you think about it you kind<00:23:06.780> of<00:23:06.900> now 00:23:07.669 --> 00:23:07.679 align:start position:0% kind of now 00:23:07.679 --> 00:23:08.630 align:start position:0% kind of now like<00:23:07.919> if<00:23:08.100> we're<00:23:08.220> going<00:23:08.400> to<00:23:08.460> do<00:23:08.580> this 00:23:08.630 --> 00:23:08.640 align:start position:0% like if we're going to do this 00:23:08.640 --> 00:23:10.070 align:start position:0% like if we're going to do this decentralized<00:23:09.059> building<00:23:09.299> thing<00:23:09.539> across 00:23:10.070 --> 00:23:10.080 align:start position:0% decentralized building thing across 00:23:10.080 --> 00:23:12.230 align:start position:0% decentralized building thing across chains<00:23:10.620> then<00:23:10.740> you<00:23:10.919> now<00:23:11.100> need<00:23:11.280> to<00:23:11.400> like 00:23:12.230 --> 00:23:12.240 align:start position:0% chains then you now need to like 00:23:12.240 --> 00:23:13.549 align:start position:0% chains then you now need to like I<00:23:12.659> mean<00:23:12.720> yeah<00:23:12.840> it's<00:23:13.020> not<00:23:13.140> even<00:23:13.260> really<00:23:13.380> clear 00:23:13.549 --> 00:23:13.559 align:start position:0% I mean yeah it's not even really clear 00:23:13.559 --> 00:23:14.510 align:start position:0% I mean yeah it's not even really clear how<00:23:13.679> you<00:23:13.799> do<00:23:13.919> it<00:23:13.980> like<00:23:14.100> you<00:23:14.280> could<00:23:14.340> imagine 00:23:14.510 --> 00:23:14.520 align:start position:0% how you do it like you could imagine 00:23:14.520 --> 00:23:17.990 align:start position:0% how you do it like you could imagine like<00:23:15.120> uh<00:23:16.559> some<00:23:16.980> crypto<00:23:17.340> economic<00:23:17.760> layer 00:23:17.990 --> 00:23:18.000 align:start position:0% like uh some crypto economic layer 00:23:18.000 --> 00:23:19.850 align:start position:0% like uh some crypto economic layer whatever<00:23:18.179> that<00:23:18.419> looks<00:23:18.720> like<00:23:18.780> maybe<00:23:19.380> like<00:23:19.679> a 00:23:19.850 --> 00:23:19.860 align:start position:0% whatever that looks like maybe like a 00:23:19.860 --> 00:23:22.250 align:start position:0% whatever that looks like maybe like a network<00:23:20.039> of<00:23:20.280> State<00:23:20.460> channels<00:23:20.960> uh<00:23:21.960> maybe<00:23:22.080> it 00:23:22.250 --> 00:23:22.260 align:start position:0% network of State channels uh maybe it 00:23:22.260 --> 00:23:23.390 align:start position:0% network of State channels uh maybe it could<00:23:22.440> look<00:23:22.620> like 00:23:23.390 --> 00:23:23.400 align:start position:0% could look like 00:23:23.400 --> 00:23:24.470 align:start position:0% could look like um 00:23:24.470 --> 00:23:24.480 align:start position:0% um 00:23:24.480 --> 00:23:26.330 align:start position:0% um yeah<00:23:24.960> I<00:23:25.260> don't<00:23:25.320> know<00:23:25.440> again<00:23:25.740> this<00:23:26.039> is<00:23:26.159> where 00:23:26.330 --> 00:23:26.340 align:start position:0% yeah I don't know again this is where 00:23:26.340 --> 00:23:28.190 align:start position:0% yeah I don't know again this is where it's<00:23:26.400> an<00:23:26.580> open<00:23:26.700> question<00:23:27.000> but<00:23:27.480> there<00:23:27.960> there's 00:23:28.190 --> 00:23:28.200 align:start position:0% it's an open question but there there's 00:23:28.200 --> 00:23:29.750 align:start position:0% it's an open question but there there's a<00:23:28.380> lot<00:23:28.500> of<00:23:28.559> things<00:23:28.679> you<00:23:28.799> could<00:23:28.919> do 00:23:29.750 --> 00:23:29.760 align:start position:0% a lot of things you could do 00:23:29.760 --> 00:23:31.130 align:start position:0% a lot of things you could do um<00:23:29.820> and<00:23:30.059> yeah<00:23:30.179> so<00:23:30.480> I<00:23:30.659> think<00:23:30.720> we'll<00:23:30.900> see<00:23:31.020> a<00:23:31.080> lot 00:23:31.130 --> 00:23:31.140 align:start position:0% um and yeah so I think we'll see a lot 00:23:31.140 --> 00:23:32.270 align:start position:0% um and yeah so I think we'll see a lot of<00:23:31.260> exciting<00:23:31.500> research<00:23:31.799> come<00:23:31.919> out<00:23:32.039> of<00:23:32.159> this 00:23:32.270 --> 00:23:32.280 align:start position:0% of exciting research come out of this 00:23:32.280 --> 00:23:34.669 align:start position:0% of exciting research come out of this area<00:23:32.940> uh<00:23:33.480> in<00:23:33.539> the<00:23:33.720> future 00:23:34.669 --> 00:23:34.679 align:start position:0% area uh in the future 00:23:34.679 --> 00:23:36.230 align:start position:0% area uh in the future so<00:23:35.100> yeah<00:23:35.280> I<00:23:35.520> think<00:23:35.640> I've<00:23:35.760> just<00:23:35.940> tried<00:23:36.059> to<00:23:36.120> like 00:23:36.230 --> 00:23:36.240 align:start position:0% so yeah I think I've just tried to like 00:23:36.240 --> 00:23:37.909 align:start position:0% so yeah I think I've just tried to like lay<00:23:36.419> on<00:23:36.600> a<00:23:36.720> lot<00:23:36.780> of<00:23:36.900> problems<00:23:37.200> and<00:23:37.620> maybe<00:23:37.740> this 00:23:37.909 --> 00:23:37.919 align:start position:0% lay on a lot of problems and maybe this 00:23:37.919 --> 00:23:40.610 align:start position:0% lay on a lot of problems and maybe this seems<00:23:38.220> like<00:23:38.340> pretty<00:23:38.520> hectic<00:23:38.880> that's<00:23:39.179> not<00:23:39.419> good 00:23:40.610 --> 00:23:40.620 align:start position:0% seems like pretty hectic that's not good 00:23:40.620 --> 00:23:42.049 align:start position:0% seems like pretty hectic that's not good um<00:23:40.679> but<00:23:40.860> yeah<00:23:40.980> like<00:23:41.159> I<00:23:41.340> do<00:23:41.460> think<00:23:41.640> this<00:23:41.880> this 00:23:42.049 --> 00:23:42.059 align:start position:0% um but yeah like I do think this this 00:23:42.059 --> 00:23:44.090 align:start position:0% um but yeah like I do think this this these<00:23:42.539> questions<00:23:42.659> around<00:23:43.020> like<00:23:43.320> the<00:23:43.740> Builder 00:23:44.090 --> 00:23:44.100 align:start position:0% these questions around like the Builder 00:23:44.100 --> 00:23:45.830 align:start position:0% these questions around like the Builder and<00:23:44.220> like<00:23:44.340> how<00:23:44.460> the<00:23:44.700> protocol<00:23:44.880> is<00:23:45.120> used<00:23:45.299> moving 00:23:45.830 --> 00:23:45.840 align:start position:0% and like how the protocol is used moving 00:23:45.840 --> 00:23:47.270 align:start position:0% and like how the protocol is used moving forward<00:23:45.960> or<00:23:46.320> like<00:23:46.440> some<00:23:46.620> of<00:23:46.740> the<00:23:46.799> biggest<00:23:46.980> that 00:23:47.270 --> 00:23:47.280 align:start position:0% forward or like some of the biggest that 00:23:47.280 --> 00:23:49.370 align:start position:0% forward or like some of the biggest that we<00:23:47.400> face<00:23:47.580> as<00:23:47.760> a<00:23:47.940> community<00:23:48.000> so<00:23:48.659> I<00:23:49.020> do<00:23:49.140> want<00:23:49.260> to 00:23:49.370 --> 00:23:49.380 align:start position:0% we face as a community so I do want to 00:23:49.380 --> 00:23:51.950 align:start position:0% we face as a community so I do want to call<00:23:49.500> them<00:23:49.620> out<00:23:49.799> and<00:23:50.640> um<00:23:50.640> yeah<00:23:51.299> just<00:23:51.539> just<00:23:51.720> be 00:23:51.950 --> 00:23:51.960 align:start position:0% call them out and um yeah just just be 00:23:51.960 --> 00:23:54.230 align:start position:0% call them out and um yeah just just be aware<00:23:52.200> that<00:23:52.500> uh<00:23:53.159> there's<00:23:53.700> a<00:23:53.880> lot<00:23:53.940> for<00:23:54.120> any 00:23:54.230 --> 00:23:54.240 align:start position:0% aware that uh there's a lot for any 00:23:54.240 --> 00:23:56.750 align:start position:0% aware that uh there's a lot for any issues<00:23:54.539> here<00:23:54.659> so<00:23:55.020> hopefully<00:23:55.799> you<00:23:56.039> uh<00:23:56.460> are 00:23:56.750 --> 00:23:56.760 align:start position:0% issues here so hopefully you uh are 00:23:56.760 --> 00:23:59.690 align:start position:0% issues here so hopefully you uh are motivated<00:23:57.240> to<00:23:57.600> work<00:23:58.020> on<00:23:58.260> fixing<00:23:58.860> them 00:23:59.690 --> 00:23:59.700 align:start position:0% motivated to work on fixing them 00:23:59.700 --> 00:24:01.909 align:start position:0% motivated to work on fixing them and<00:24:00.299> yeah<00:24:00.480> like<00:24:00.780> I'd<00:24:00.960> like<00:24:01.080> to<00:24:01.200> like<00:24:01.620> and<00:24:01.740> done 00:24:01.909 --> 00:24:01.919 align:start position:0% and yeah like I'd like to like and done 00:24:01.919 --> 00:24:03.350 align:start position:0% and yeah like I'd like to like and done a<00:24:02.039> good<00:24:02.159> note<00:24:02.280> like<00:24:02.460> we<00:24:02.520> did<00:24:02.640> the<00:24:02.760> merge<00:24:03.059> you 00:24:03.350 --> 00:24:03.360 align:start position:0% a good note like we did the merge you 00:24:03.360 --> 00:24:05.390 align:start position:0% a good note like we did the merge you might<00:24:03.480> have<00:24:03.600> heard<00:24:03.720> of<00:24:03.840> that<00:24:03.960> one<00:24:04.080> and<00:24:04.919> you 00:24:05.390 --> 00:24:05.400 align:start position:0% might have heard of that one and you 00:24:05.400 --> 00:24:06.409 align:start position:0% might have heard of that one and you know<00:24:05.460> there's<00:24:05.700> really<00:24:05.880> this<00:24:06.059> is<00:24:06.179> like<00:24:06.299> an 00:24:06.409 --> 00:24:06.419 align:start position:0% know there's really this is like an 00:24:06.419 --> 00:24:07.909 align:start position:0% know there's really this is like an existence<00:24:06.720> proof<00:24:07.020> that<00:24:07.200> like<00:24:07.380> progress<00:24:07.740> is 00:24:07.909 --> 00:24:07.919 align:start position:0% existence proof that like progress is 00:24:07.919 --> 00:24:10.730 align:start position:0% existence proof that like progress is possible<00:24:08.220> like<00:24:08.700> uh<00:24:09.240> I'll<00:24:09.720> steal<00:24:09.960> a<00:24:10.140> quote<00:24:10.320> from 00:24:10.730 --> 00:24:10.740 align:start position:0% possible like uh I'll steal a quote from 00:24:10.740 --> 00:24:13.490 align:start position:0% possible like uh I'll steal a quote from uh<00:24:11.220> Danny<00:24:11.880> Ryan<00:24:12.059> according<00:24:12.960> to<00:24:13.020> Albert<00:24:13.260> knee 00:24:13.490 --> 00:24:13.500 align:start position:0% uh Danny Ryan according to Albert knee 00:24:13.500 --> 00:24:14.630 align:start position:0% uh Danny Ryan according to Albert knee who<00:24:13.679> said<00:24:13.860> that<00:24:13.980> ethereum's<00:24:14.460> like<00:24:14.580> an 00:24:14.630 --> 00:24:14.640 align:start position:0% who said that ethereum's like an 00:24:14.640 --> 00:24:16.850 align:start position:0% who said that ethereum's like an intellectual<00:24:14.940> gravity<00:24:15.360> well<00:24:15.960> and<00:24:16.500> yeah<00:24:16.679> I 00:24:16.850 --> 00:24:16.860 align:start position:0% intellectual gravity well and yeah I 00:24:16.860 --> 00:24:18.110 align:start position:0% intellectual gravity well and yeah I mean<00:24:16.980> I<00:24:17.100> think<00:24:17.220> that's<00:24:17.400> the<00:24:17.580> case<00:24:17.760> like 00:24:18.110 --> 00:24:18.120 align:start position:0% mean I think that's the case like 00:24:18.120 --> 00:24:20.210 align:start position:0% mean I think that's the case like ethereum<00:24:18.900> is<00:24:19.140> like<00:24:19.320> a<00:24:19.559> really<00:24:19.679> outstanding 00:24:20.210 --> 00:24:20.220 align:start position:0% ethereum is like a really outstanding 00:24:20.220 --> 00:24:21.950 align:start position:0% ethereum is like a really outstanding community<00:24:20.400> and<00:24:20.760> I<00:24:20.880> think<00:24:21.000> that<00:24:21.240> we're<00:24:21.419> able<00:24:21.780> to 00:24:21.950 --> 00:24:21.960 align:start position:0% community and I think that we're able to 00:24:21.960 --> 00:24:23.690 align:start position:0% community and I think that we're able to sort<00:24:22.380> of<00:24:22.500> uh<00:24:22.679> adapt<00:24:22.980> to<00:24:23.100> whatever<00:24:23.280> comes<00:24:23.640> our 00:24:23.690 --> 00:24:23.700 align:start position:0% sort of uh adapt to whatever comes our 00:24:23.700 --> 00:24:26.149 align:start position:0% sort of uh adapt to whatever comes our way<00:24:23.880> so<00:24:24.240> I<00:24:24.780> think<00:24:24.840> I<00:24:25.140> think<00:24:25.260> uh<00:24:25.799> good<00:24:25.980> things 00:24:26.149 --> 00:24:26.159 align:start position:0% way so I think I think uh good things 00:24:26.159 --> 00:24:27.350 align:start position:0% way so I think I think uh good things are<00:24:26.340> possible 00:24:27.350 --> 00:24:27.360 align:start position:0% are possible 00:24:27.360 --> 00:24:29.029 align:start position:0% are possible I'm<00:24:27.780> running<00:24:28.020> a<00:24:28.200> little<00:24:28.260> short<00:24:28.440> on<00:24:28.620> time<00:24:28.799> so 00:24:29.029 --> 00:24:29.039 align:start position:0% I'm running a little short on time so 00:24:29.039 --> 00:24:30.830 align:start position:0% I'm running a little short on time so let<00:24:29.220> me<00:24:29.400> see 00:24:30.830 --> 00:24:30.840 align:start position:0% let me see 00:24:30.840 --> 00:24:35.029 align:start position:0% let me see I<00:24:31.260> think<00:24:31.380> I<00:24:31.500> just<00:24:31.620> had<00:24:31.740> a<00:24:31.860> few<00:24:31.980> slides<00:24:32.820> so<00:24:33.900> yeah 00:24:35.029 --> 00:24:35.039 align:start position:0% I think I just had a few slides so yeah 00:24:35.039 --> 00:24:38.210 align:start position:0% I think I just had a few slides so yeah thank<00:24:35.520> you<00:24:35.640> okay<00:24:36.240> my<00:24:36.960> problem 00:24:38.210 --> 00:24:38.220 align:start position:0% thank you okay my problem 00:24:38.220 --> 00:24:41.870 align:start position:0% thank you okay my problem um<00:24:38.760> right<00:24:39.240> so<00:24:39.720> just<00:24:39.960> a<00:24:40.080> few<00:24:40.140> more<00:24:40.320> slides<00:24:40.880> and 00:24:41.870 --> 00:24:41.880 align:start position:0% um right so just a few more slides and 00:24:41.880 --> 00:24:43.610 align:start position:0% um right so just a few more slides and uh<00:24:42.360> the<00:24:42.539> first<00:24:42.659> one<00:24:42.780> is<00:24:42.960> I<00:24:43.140> just<00:24:43.260> want<00:24:43.380> to<00:24:43.500> again 00:24:43.610 --> 00:24:43.620 align:start position:0% uh the first one is I just want to again 00:24:43.620 --> 00:24:45.830 align:start position:0% uh the first one is I just want to again call<00:24:43.799> your<00:24:43.980> attention<00:24:44.220> to<00:24:44.460> like<00:24:44.700> yeah<00:24:45.240> how<00:24:45.480> can 00:24:45.830 --> 00:24:45.840 align:start position:0% call your attention to like yeah how can 00:24:45.840 --> 00:24:47.690 align:start position:0% call your attention to like yeah how can we<00:24:45.960> actually<00:24:46.140> start<00:24:46.380> to<00:24:46.620> to<00:24:46.919> work<00:24:47.340> on<00:24:47.520> these 00:24:47.690 --> 00:24:47.700 align:start position:0% we actually start to to work on these 00:24:47.700 --> 00:24:49.010 align:start position:0% we actually start to to work on these issues 00:24:49.010 --> 00:24:49.020 align:start position:0% issues 00:24:49.020 --> 00:24:50.450 align:start position:0% issues um<00:24:49.140> with<00:24:49.380> this<00:24:49.559> problem<00:24:49.740> of<00:24:50.039> validator 00:24:50.450 --> 00:24:50.460 align:start position:0% um with this problem of validator 00:24:50.460 --> 00:24:52.010 align:start position:0% um with this problem of validator centralization<00:24:51.059> like<00:24:51.480> yeah<00:24:51.720> it's<00:24:51.900> just 00:24:52.010 --> 00:24:52.020 align:start position:0% centralization like yeah it's just 00:24:52.020 --> 00:24:54.830 align:start position:0% centralization like yeah it's just supporting<00:24:52.380> r<00:24:52.500> d<00:24:52.679> towards<00:24:53.100> PBS<00:24:53.640> I<00:24:54.480> think<00:24:54.659> there 00:24:54.830 --> 00:24:54.840 align:start position:0% supporting r d towards PBS I think there 00:24:54.840 --> 00:24:56.690 align:start position:0% supporting r d towards PBS I think there is<00:24:54.960> some<00:24:55.080> like<00:24:55.200> nice<00:24:55.380> PBS<00:24:55.860> solution<00:24:56.159> that<00:24:56.520> we 00:24:56.690 --> 00:24:56.700 align:start position:0% is some like nice PBS solution that we 00:24:56.700 --> 00:24:59.029 align:start position:0% is some like nice PBS solution that we could<00:24:56.820> get<00:24:57.000> to<00:24:57.179> and<00:24:58.020> we<00:24:58.200> may<00:24:58.380> realize<00:24:58.860> that 00:24:59.029 --> 00:24:59.039 align:start position:0% could get to and we may realize that 00:24:59.039 --> 00:25:00.230 align:start position:0% could get to and we may realize that there<00:24:59.159> isn't<00:24:59.400> one<00:24:59.460> and<00:24:59.700> that's<00:24:59.820> also<00:25:00.059> great 00:25:00.230 --> 00:25:00.240 align:start position:0% there isn't one and that's also great 00:25:00.240 --> 00:25:01.850 align:start position:0% there isn't one and that's also great but<00:25:00.539> uh<00:25:00.720> the<00:25:00.900> work<00:25:01.080> the<00:25:01.320> work<00:25:01.500> needs<00:25:01.740> to<00:25:01.799> be 00:25:01.850 --> 00:25:01.860 align:start position:0% but uh the work the work needs to be 00:25:01.860 --> 00:25:03.649 align:start position:0% but uh the work the work needs to be done<00:25:01.980> and<00:25:02.220> we'll<00:25:02.340> see<00:25:02.520> what<00:25:02.640> happens 00:25:03.649 --> 00:25:03.659 align:start position:0% done and we'll see what happens 00:25:03.659 --> 00:25:05.390 align:start position:0% done and we'll see what happens in<00:25:04.140> the<00:25:04.260> meantime<00:25:04.559> we<00:25:05.039> have<00:25:05.159> this<00:25:05.280> thing 00:25:05.390 --> 00:25:05.400 align:start position:0% in the meantime we have this thing 00:25:05.400 --> 00:25:06.770 align:start position:0% in the meantime we have this thing called<00:25:05.520> map<00:25:05.700> boost<00:25:05.940> so<00:25:06.299> there's<00:25:06.419> like<00:25:06.600> an<00:25:06.659> off 00:25:06.770 --> 00:25:06.780 align:start position:0% called map boost so there's like an off 00:25:06.780 --> 00:25:09.409 align:start position:0% called map boost so there's like an off chain<00:25:06.960> implementation<00:25:07.500> of<00:25:08.100> PBS<00:25:08.640> uh<00:25:09.059> started 00:25:09.409 --> 00:25:09.419 align:start position:0% chain implementation of PBS uh started 00:25:09.419 --> 00:25:12.049 align:start position:0% chain implementation of PBS uh started by<00:25:09.600> flashbots<00:25:10.080> and<00:25:10.679> uh<00:25:11.100> many<00:25:11.580> others<00:25:11.940> now 00:25:12.049 --> 00:25:12.059 align:start position:0% by flashbots and uh many others now 00:25:12.059 --> 00:25:13.850 align:start position:0% by flashbots and uh many others now they've<00:25:12.840> recently<00:25:13.140> made<00:25:13.260> a<00:25:13.440> call<00:25:13.559> for<00:25:13.740> like 00:25:13.850 --> 00:25:13.860 align:start position:0% they've recently made a call for like 00:25:13.860 --> 00:25:16.190 align:start position:0% they've recently made a call for like open<00:25:14.039> stewardship<00:25:14.640> of<00:25:15.059> the<00:25:15.179> project<00:25:15.360> so 00:25:16.190 --> 00:25:16.200 align:start position:0% open stewardship of the project so 00:25:16.200 --> 00:25:17.990 align:start position:0% open stewardship of the project so that's<00:25:16.380> a<00:25:16.500> great<00:25:16.620> way<00:25:16.679> to<00:25:16.799> get<00:25:16.860> involved 00:25:17.990 --> 00:25:18.000 align:start position:0% that's a great way to get involved 00:25:18.000 --> 00:25:20.750 align:start position:0% that's a great way to get involved I've<00:25:18.419> called<00:25:18.720> out<00:25:18.900> the<00:25:19.740> GitHub<00:25:20.100> repo<00:25:20.400> format 00:25:20.750 --> 00:25:20.760 align:start position:0% I've called out the GitHub repo format 00:25:20.760 --> 00:25:24.230 align:start position:0% I've called out the GitHub repo format boost<00:25:21.140> there's<00:25:22.140> also<00:25:22.380> some<00:25:22.559> stuff<00:25:22.799> around<00:25:23.240> how 00:25:24.230 --> 00:25:24.240 align:start position:0% boost there's also some stuff around how 00:25:24.240 --> 00:25:26.330 align:start position:0% boost there's also some stuff around how this<00:25:24.480> interface<00:25:24.840> between<00:25:25.140> the<00:25:25.799> core<00:25:25.919> ethereum 00:25:26.330 --> 00:25:26.340 align:start position:0% this interface between the core ethereum 00:25:26.340 --> 00:25:27.830 align:start position:0% this interface between the core ethereum software<00:25:26.640> and<00:25:26.760> this<00:25:26.880> Builder<00:25:27.240> network<00:25:27.360> works 00:25:27.830 --> 00:25:27.840 align:start position:0% software and this Builder network works 00:25:27.840 --> 00:25:29.450 align:start position:0% software and this Builder network works and<00:25:28.200> those<00:25:28.380> specs<00:25:28.740> are<00:25:28.799> under<00:25:28.919> this<00:25:29.159> Builder 00:25:29.450 --> 00:25:29.460 align:start position:0% and those specs are under this Builder 00:25:29.460 --> 00:25:32.269 align:start position:0% and those specs are under this Builder specs<00:25:29.700> repo<00:25:30.140> uh<00:25:31.140> some<00:25:31.440> things<00:25:31.679> that<00:25:31.980> you<00:25:32.220> know 00:25:32.269 --> 00:25:32.279 align:start position:0% specs repo uh some things that you know 00:25:32.279 --> 00:25:34.070 align:start position:0% specs repo uh some things that you know that<00:25:32.460> Community<00:25:32.580> will<00:25:32.880> be<00:25:33.000> looking<00:25:33.120> at<00:25:33.299> very 00:25:34.070 --> 00:25:34.080 align:start position:0% that Community will be looking at very 00:25:34.080 --> 00:25:35.390 align:start position:0% that Community will be looking at very soon<00:25:34.260> is<00:25:34.500> like<00:25:34.679> address<00:25:34.860> addressing 00:25:35.390 --> 00:25:35.400 align:start position:0% soon is like address addressing 00:25:35.400 --> 00:25:37.789 align:start position:0% soon is like address addressing sensitive<00:25:35.820> resistance<00:25:36.240> I'm<00:25:37.140> also<00:25:37.440> working<00:25:37.559> on 00:25:37.789 --> 00:25:37.799 align:start position:0% sensitive resistance I'm also working on 00:25:37.799 --> 00:25:39.409 align:start position:0% sensitive resistance I'm also working on this<00:25:37.919> notion<00:25:38.340> of<00:25:38.400> a<00:25:38.520> really<00:25:38.640> monitor<00:25:39.120> there's 00:25:39.409 --> 00:25:39.419 align:start position:0% this notion of a really monitor there's 00:25:39.419 --> 00:25:40.789 align:start position:0% this notion of a really monitor there's this<00:25:39.600> like<00:25:39.779> very<00:25:39.900> trusted<00:25:40.260> actor<00:25:40.500> in<00:25:40.679> red 00:25:40.789 --> 00:25:40.799 align:start position:0% this like very trusted actor in red 00:25:40.799 --> 00:25:42.890 align:start position:0% this like very trusted actor in red boost<00:25:40.980> right<00:25:41.159> now<00:25:41.279> called<00:25:41.400> a<00:25:41.580> relay<00:25:41.820> and<00:25:42.659> they 00:25:42.890 --> 00:25:42.900 align:start position:0% boost right now called a relay and they 00:25:42.900 --> 00:25:45.049 align:start position:0% boost right now called a relay and they can<00:25:43.140> kind<00:25:43.500> of<00:25:43.620> do<00:25:43.740> some<00:25:43.860> bad<00:25:44.039> things<00:25:44.220> and<00:25:44.940> the 00:25:45.049 --> 00:25:45.059 align:start position:0% can kind of do some bad things and the 00:25:45.059 --> 00:25:46.490 align:start position:0% can kind of do some bad things and the idea<00:25:45.299> of<00:25:45.360> the<00:25:45.480> really<00:25:45.600> monitor<00:25:46.020> is<00:25:46.200> to<00:25:46.380> add 00:25:46.490 --> 00:25:46.500 align:start position:0% idea of the really monitor is to add 00:25:46.500 --> 00:25:49.490 align:start position:0% idea of the really monitor is to add some<00:25:46.679> like<00:25:46.860> automated<00:25:47.480> monitoring<00:25:48.480> uh<00:25:49.260> to 00:25:49.490 --> 00:25:49.500 align:start position:0% some like automated monitoring uh to 00:25:49.500 --> 00:25:50.450 align:start position:0% some like automated monitoring uh to figure<00:25:49.559> out<00:25:49.679> when<00:25:49.860> they're<00:25:49.980> doing<00:25:50.159> things<00:25:50.340> we 00:25:50.450 --> 00:25:50.460 align:start position:0% figure out when they're doing things we 00:25:50.460 --> 00:25:52.430 align:start position:0% figure out when they're doing things we don't<00:25:50.580> like<00:25:50.760> and<00:25:51.419> that<00:25:51.840> then<00:25:52.020> we'll<00:25:52.200> feed<00:25:52.320> back 00:25:52.430 --> 00:25:52.440 align:start position:0% don't like and that then we'll feed back 00:25:52.440 --> 00:25:55.669 align:start position:0% don't like and that then we'll feed back into<00:25:52.559> med<00:25:52.860> boost<00:25:53.100> to<00:25:53.880> hopefully<00:25:54.240> uh<00:25:55.020> make<00:25:55.500> the 00:25:55.669 --> 00:25:55.679 align:start position:0% into med boost to hopefully uh make the 00:25:55.679 --> 00:25:57.350 align:start position:0% into med boost to hopefully uh make the situation<00:25:55.919> a<00:25:56.039> bit<00:25:56.100> better<00:25:56.279> than<00:25:56.400> it<00:25:56.520> is<00:25:56.640> today 00:25:57.350 --> 00:25:57.360 align:start position:0% situation a bit better than it is today 00:25:57.360 --> 00:25:59.570 align:start position:0% situation a bit better than it is today if<00:25:57.779> you're<00:25:57.900> interested<00:25:58.140> to<00:25:58.320> help<00:25:58.440> there's<00:25:59.220> a 00:25:59.570 --> 00:25:59.580 align:start position:0% if you're interested to help there's a 00:25:59.580 --> 00:26:02.390 align:start position:0% if you're interested to help there's a repo<00:26:00.059> there<00:26:00.299> that<00:26:00.419> I<00:26:00.600> have<00:26:00.720> and<00:26:01.679> please<00:26:02.100> I 00:26:02.390 --> 00:26:02.400 align:start position:0% repo there that I have and please I 00:26:02.400 --> 00:26:04.010 align:start position:0% repo there that I have and please I would<00:26:02.520> love<00:26:02.640> contributions 00:26:04.010 --> 00:26:04.020 align:start position:0% would love contributions 00:26:04.020 --> 00:26:05.870 align:start position:0% would love contributions and<00:26:04.380> then<00:26:04.500> yeah<00:26:04.620> I<00:26:04.980> mean<00:26:05.220> you<00:26:05.580> probably<00:26:05.700> get 00:26:05.870 --> 00:26:05.880 align:start position:0% and then yeah I mean you probably get 00:26:05.880 --> 00:26:07.190 align:start position:0% and then yeah I mean you probably get the<00:26:06.000> sense<00:26:06.120> that<00:26:06.360> this<00:26:06.539> this<00:26:06.720> like<00:26:06.900> Builder 00:26:07.190 --> 00:26:07.200 align:start position:0% the sense that this this like Builder 00:26:07.200 --> 00:26:09.049 align:start position:0% the sense that this this like Builder centralization<00:26:07.679> problem<00:26:07.980> is<00:26:08.400> maybe<00:26:08.880> even 00:26:09.049 --> 00:26:09.059 align:start position:0% centralization problem is maybe even 00:26:09.059 --> 00:26:10.610 align:start position:0% centralization problem is maybe even poorly<00:26:09.480> defined<00:26:09.900> like<00:26:10.080> I<00:26:10.260> think<00:26:10.380> that's<00:26:10.500> the 00:26:10.610 --> 00:26:10.620 align:start position:0% poorly defined like I think that's the 00:26:10.620 --> 00:26:12.049 align:start position:0% poorly defined like I think that's the first<00:26:10.740> place<00:26:10.919> to<00:26:11.039> start<00:26:11.159> there<00:26:11.400> is<00:26:11.580> just<00:26:11.820> like 00:26:12.049 --> 00:26:12.059 align:start position:0% first place to start there is just like 00:26:12.059 --> 00:26:14.090 align:start position:0% first place to start there is just like defining<00:26:12.720> exactly<00:26:13.080> what<00:26:13.200> we<00:26:13.380> mean<00:26:13.500> because<00:26:13.860> I 00:26:14.090 --> 00:26:14.100 align:start position:0% defining exactly what we mean because I 00:26:14.100 --> 00:26:16.130 align:start position:0% defining exactly what we mean because I think<00:26:14.220> it's<00:26:14.400> like<00:26:14.700> a<00:26:15.360> big<00:26:15.600> umbrella<00:26:15.900> for<00:26:16.020> many 00:26:16.130 --> 00:26:16.140 align:start position:0% think it's like a big umbrella for many 00:26:16.140 --> 00:26:17.269 align:start position:0% think it's like a big umbrella for many things<00:26:16.320> you<00:26:16.500> could<00:26:16.620> start<00:26:16.740> pulling<00:26:17.039> a<00:26:17.159> bunch 00:26:17.269 --> 00:26:17.279 align:start position:0% things you could start pulling a bunch 00:26:17.279 --> 00:26:18.890 align:start position:0% things you could start pulling a bunch out<00:26:17.400> of<00:26:17.520> it<00:26:17.640> maybe<00:26:18.240> if<00:26:18.419> we<00:26:18.480> can<00:26:18.600> like<00:26:18.720> Define 00:26:18.890 --> 00:26:18.900 align:start position:0% out of it maybe if we can like Define 00:26:18.900 --> 00:26:20.390 align:start position:0% out of it maybe if we can like Define the<00:26:19.140> problem<00:26:19.320> we<00:26:19.679> can<00:26:19.799> start<00:26:19.980> cutting<00:26:20.279> into 00:26:20.390 --> 00:26:20.400 align:start position:0% the problem we can start cutting into 00:26:20.400 --> 00:26:22.370 align:start position:0% the problem we can start cutting into smaller<00:26:20.700> pieces<00:26:20.940> that<00:26:21.240> are<00:26:21.419> you<00:26:22.020> know<00:26:22.140> easier 00:26:22.370 --> 00:26:22.380 align:start position:0% smaller pieces that are you know easier 00:26:22.380 --> 00:26:24.169 align:start position:0% smaller pieces that are you know easier to<00:26:22.500> make<00:26:22.620> progress<00:26:22.980> on 00:26:24.169 --> 00:26:24.179 align:start position:0% to make progress on 00:26:24.179 --> 00:26:25.789 align:start position:0% to make progress on um<00:26:24.240> you<00:26:24.779> know<00:26:24.900> for<00:26:25.020> example<00:26:25.200> if<00:26:25.440> we<00:26:25.559> do<00:26:25.620> some 00:26:25.789 --> 00:26:25.799 align:start position:0% um you know for example if we do some 00:26:25.799 --> 00:26:27.590 align:start position:0% um you know for example if we do some sort<00:26:25.919> of<00:26:26.039> like<00:26:26.100> NPC<00:26:26.580> or<00:26:26.880> like<00:26:27.120> some<00:26:27.480> crazy 00:26:27.590 --> 00:26:27.600 align:start position:0% sort of like NPC or like some crazy 00:26:27.600 --> 00:26:29.690 align:start position:0% sort of like NPC or like some crazy State<00:26:27.900> Channel<00:26:28.140> thing<00:26:28.380> then<00:26:28.679> how<00:26:29.220> far<00:26:29.460> can<00:26:29.580> we 00:26:29.690 --> 00:26:29.700 align:start position:0% State Channel thing then how far can we 00:26:29.700 --> 00:26:30.890 align:start position:0% State Channel thing then how far can we push<00:26:29.820> the<00:26:29.940> cryptography<00:26:30.419> to<00:26:30.539> like<00:26:30.720> actually 00:26:30.890 --> 00:26:30.900 align:start position:0% push the cryptography to like actually 00:26:30.900 --> 00:26:32.450 align:start position:0% push the cryptography to like actually get<00:26:31.140> the<00:26:31.260> properties<00:26:31.500> we<00:26:31.740> want 00:26:32.450 --> 00:26:32.460 align:start position:0% get the properties we want 00:26:32.460 --> 00:26:34.490 align:start position:0% get the properties we want uh<00:26:33.120> how<00:26:33.299> could<00:26:33.419> we<00:26:33.600> like<00:26:33.779> now<00:26:33.960> in<00:26:34.140> this<00:26:34.320> like 00:26:34.490 --> 00:26:34.500 align:start position:0% uh how could we like now in this like 00:26:34.500 --> 00:26:36.409 align:start position:0% uh how could we like now in this like very<00:26:34.679> complex<00:26:34.919> system<00:26:35.159> address<00:26:35.460> uh<00:26:36.120> or 00:26:36.409 --> 00:26:36.419 align:start position:0% very complex system address uh or 00:26:36.419 --> 00:26:37.730 align:start position:0% very complex system address uh or analyze<00:26:36.779> all<00:26:36.900> the<00:26:37.020> incentives<00:26:37.320> to<00:26:37.500> figure<00:26:37.620> out 00:26:37.730 --> 00:26:37.740 align:start position:0% analyze all the incentives to figure out 00:26:37.740 --> 00:26:39.289 align:start position:0% analyze all the incentives to figure out like<00:26:37.919> okay<00:26:38.100> this<00:26:38.340> this<00:26:38.520> mechanism<00:26:39.120> actually 00:26:39.289 --> 00:26:39.299 align:start position:0% like okay this this mechanism actually 00:26:39.299 --> 00:26:40.430 align:start position:0% like okay this this mechanism actually work 00:26:40.430 --> 00:26:40.440 align:start position:0% work 00:26:40.440 --> 00:26:42.710 align:start position:0% work and<00:26:40.980> I<00:26:41.159> think<00:26:41.220> so<00:26:41.400> far<00:26:41.520> flashbots<00:26:42.059> has<00:26:42.240> done<00:26:42.419> a 00:26:42.710 --> 00:26:42.720 align:start position:0% and I think so far flashbots has done a 00:26:42.720 --> 00:26:43.610 align:start position:0% and I think so far flashbots has done a lot<00:26:42.840> of<00:26:42.900> the<00:26:43.020> thinking<00:26:43.200> here<00:26:43.320> so<00:26:43.440> I<00:26:43.559> just 00:26:43.610 --> 00:26:43.620 align:start position:0% lot of the thinking here so I just 00:26:43.620 --> 00:26:46.130 align:start position:0% lot of the thinking here so I just wanted<00:26:43.740> to<00:26:43.860> call<00:26:43.980> out<00:26:44.159> them<00:26:45.000> uh<00:26:45.720> they<00:26:45.900> have<00:26:46.020> a 00:26:46.130 --> 00:26:46.140 align:start position:0% wanted to call out them uh they have a 00:26:46.140 --> 00:26:48.649 align:start position:0% wanted to call out them uh they have a form<00:26:46.260> at<00:26:46.700> collective.net<00:26:47.700> and<00:26:48.419> if<00:26:48.539> you're 00:26:48.649 --> 00:26:48.659 align:start position:0% form at collective.net and if you're 00:26:48.659 --> 00:26:49.789 align:start position:0% form at collective.net and if you're interested<00:26:49.020> in<00:26:49.200> thinking<00:26:49.500> about<00:26:49.620> this 00:26:49.789 --> 00:26:49.799 align:start position:0% interested in thinking about this 00:26:49.799 --> 00:26:52.250 align:start position:0% interested in thinking about this reading<00:26:50.220> about<00:26:50.340> this<00:26:50.580> research<00:26:51.299> and<00:26:52.080> things 00:26:52.250 --> 00:26:52.260 align:start position:0% reading about this research and things 00:26:52.260 --> 00:26:54.409 align:start position:0% reading about this research and things like<00:26:52.500> that<00:26:52.679> uh<00:26:53.100> check<00:26:53.340> that<00:26:53.520> out<00:26:53.700> and<00:26:54.299> that's 00:26:54.409 --> 00:26:54.419 align:start position:0% like that uh check that out and that's 00:26:54.419 --> 00:26:56.090 align:start position:0% like that uh check that out and that's it<00:26:54.600> yeah<00:26:54.900> thanks 00:26:56.090 --> 00:26:56.100 align:start position:0% it yeah thanks 00:26:56.100 --> 00:26:57.590 align:start position:0% it yeah thanks um<00:26:56.159> there<00:26:56.400> might<00:26:56.520> be<00:26:56.640> just<00:26:56.820> a<00:26:57.000> few<00:26:57.179> minutes<00:26:57.360> for 00:26:57.590 --> 00:26:57.600 align:start position:0% um there might be just a few minutes for 00:26:57.600 --> 00:27:00.289 align:start position:0% um there might be just a few minutes for questions<00:26:57.919> and<00:26:58.919> uh<00:26:59.279> yeah<00:26:59.460> if<00:26:59.640> you<00:26:59.760> want<00:27:00.059> to<00:27:00.179> get 00:27:00.289 --> 00:27:00.299 align:start position:0% questions and uh yeah if you want to get 00:27:00.299 --> 00:27:02.149 align:start position:0% questions and uh yeah if you want to get involved<00:27:00.600> just<00:27:00.840> uh<00:27:00.960> here's<00:27:01.320> my<00:27:01.500> Twitter<00:27:01.679> and<00:27:01.980> I 00:27:02.149 --> 00:27:02.159 align:start position:0% involved just uh here's my Twitter and I 00:27:02.159 --> 00:27:03.409 align:start position:0% involved just uh here's my Twitter and I can<00:27:02.220> I'll<00:27:02.520> answer<00:27:02.640> any<00:27:02.880> more<00:27:03.000> questions<00:27:03.179> you 00:27:03.409 --> 00:27:03.419 align:start position:0% can I'll answer any more questions you 00:27:03.419 --> 00:27:05.630 align:start position:0% can I'll answer any more questions you have<00:27:03.659> direct<00:27:04.140> you<00:27:04.440> to<00:27:04.620> the<00:27:04.860> next<00:27:04.980> step<00:27:05.159> all 00:27:05.630 --> 00:27:05.640 align:start position:0% have direct you to the next step all 00:27:05.640 --> 00:27:06.350 align:start position:0% have direct you to the next step all that 00:27:06.350 --> 00:27:06.360 align:start position:0% that 00:27:06.360 --> 00:27:09.289 align:start position:0% that awesome<00:27:06.900> we<00:27:07.440> can<00:27:07.620> ask<00:27:07.860> one<00:27:08.580> or<00:27:08.820> two<00:27:09.059> questions 00:27:09.289 --> 00:27:09.299 align:start position:0% awesome we can ask one or two questions 00:27:09.299 --> 00:27:10.549 align:start position:0% awesome we can ask one or two questions if<00:27:09.600> there's<00:27:09.720> any<00:27:09.840> questions<00:27:10.020> just<00:27:10.260> raise<00:27:10.380> your 00:27:10.549 --> 00:27:10.559 align:start position:0% if there's any questions just raise your 00:27:10.559 --> 00:27:12.350 align:start position:0% if there's any questions just raise your hand<00:27:10.679> quickly<00:27:11.039> make<00:27:11.580> sure<00:27:11.700> it's<00:27:11.880> a<00:27:12.000> short<00:27:12.179> one 00:27:12.350 --> 00:27:12.360 align:start position:0% hand quickly make sure it's a short one 00:27:12.360 --> 00:27:14.510 align:start position:0% hand quickly make sure it's a short one we'll<00:27:12.900> pass<00:27:13.140> that<00:27:13.320> mic<00:27:13.440> over<00:27:13.679> there<00:27:13.860> to<00:27:14.039> you<00:27:14.220> in 00:27:14.510 --> 00:27:14.520 align:start position:0% we'll pass that mic over there to you in 00:27:14.520 --> 00:27:15.590 align:start position:0% we'll pass that mic over there to you in a<00:27:14.640> second 00:27:15.590 --> 00:27:15.600 align:start position:0% a second 00:27:15.600 --> 00:27:17.450 align:start position:0% a second uh<00:27:16.080> just<00:27:16.200> over<00:27:16.380> there 00:27:17.450 --> 00:27:17.460 align:start position:0% uh just over there 00:27:17.460 --> 00:27:18.470 align:start position:0% uh just over there hey 00:27:18.470 --> 00:27:18.480 align:start position:0% hey 00:27:18.480 --> 00:27:20.990 align:start position:0% hey um<00:27:18.539> my<00:27:19.140> name<00:27:19.260> is<00:27:19.260> Marat<00:27:19.679> I'm<00:27:20.039> part<00:27:20.520> of<00:27:20.700> block 00:27:20.990 --> 00:27:21.000 align:start position:0% um my name is Marat I'm part of block 00:27:21.000 --> 00:27:23.570 align:start position:0% um my name is Marat I'm part of block native<00:27:21.360> we<00:27:22.080> build<00:27:22.260> a<00:27:22.440> lot<00:27:22.559> of<00:27:22.679> blocks 00:27:23.570 --> 00:27:23.580 align:start position:0% native we build a lot of blocks 00:27:23.580 --> 00:27:25.549 align:start position:0% native we build a lot of blocks um<00:27:23.700> flashbots<00:27:24.299> has<00:27:24.480> a<00:27:24.720> great<00:27:25.020> Searcher 00:27:25.549 --> 00:27:25.559 align:start position:0% um flashbots has a great Searcher 00:27:25.559 --> 00:27:27.590 align:start position:0% um flashbots has a great Searcher reputation<00:27:26.039> system<00:27:26.340> I<00:27:27.000> mean<00:27:27.179> we<00:27:27.360> can<00:27:27.480> talk 00:27:27.590 --> 00:27:27.600 align:start position:0% reputation system I mean we can talk 00:27:27.600 --> 00:27:29.210 align:start position:0% reputation system I mean we can talk about<00:27:27.720> how<00:27:28.080> great<00:27:28.200> it<00:27:28.380> is<00:27:28.500> and<00:27:28.620> whatnot<00:27:28.919> but 00:27:29.210 --> 00:27:29.220 align:start position:0% about how great it is and whatnot but 00:27:29.220 --> 00:27:31.250 align:start position:0% about how great it is and whatnot but I'm<00:27:29.640> wondering<00:27:29.880> if<00:27:30.059> there's<00:27:30.360> a<00:27:30.720> reputation 00:27:31.250 --> 00:27:31.260 align:start position:0% I'm wondering if there's a reputation 00:27:31.260 --> 00:27:32.630 align:start position:0% I'm wondering if there's a reputation system<00:27:31.500> that<00:27:31.740> we<00:27:31.860> can<00:27:31.980> come<00:27:32.100> up<00:27:32.159> with<00:27:32.279> within 00:27:32.630 --> 00:27:32.640 align:start position:0% system that we can come up with within 00:27:32.640 --> 00:27:34.370 align:start position:0% system that we can come up with within the<00:27:32.760> protocol<00:27:33.000> for<00:27:33.419> Block<00:27:33.659> builders<00:27:34.080> in<00:27:34.260> the 00:27:34.370 --> 00:27:34.380 align:start position:0% the protocol for Block builders in the 00:27:34.380 --> 00:27:36.230 align:start position:0% the protocol for Block builders in the future<00:27:34.440> as<00:27:34.679> well 00:27:36.230 --> 00:27:36.240 align:start position:0% future as well 00:27:36.240 --> 00:27:39.590 align:start position:0% future as well right<00:27:37.020> so<00:27:37.559> I<00:27:38.279> would<00:27:38.640> push<00:27:38.940> back<00:27:39.179> immediately 00:27:39.590 --> 00:27:39.600 align:start position:0% right so I would push back immediately 00:27:39.600 --> 00:27:41.029 align:start position:0% right so I would push back immediately and<00:27:39.840> ask<00:27:39.960> how<00:27:40.140> much<00:27:40.260> we<00:27:40.500> want<00:27:40.620> actually<00:27:40.799> in<00:27:40.980> the 00:27:41.029 --> 00:27:41.039 align:start position:0% and ask how much we want actually in the 00:27:41.039 --> 00:27:42.769 align:start position:0% and ask how much we want actually in the protocol<00:27:41.279> because<00:27:42.000> like<00:27:42.240> once<00:27:42.480> it's<00:27:42.600> there 00:27:42.769 --> 00:27:42.779 align:start position:0% protocol because like once it's there 00:27:42.779 --> 00:27:44.210 align:start position:0% protocol because like once it's there it's<00:27:42.840> like<00:27:43.020> very<00:27:43.140> fixed 00:27:44.210 --> 00:27:44.220 align:start position:0% it's like very fixed 00:27:44.220 --> 00:27:45.649 align:start position:0% it's like very fixed um<00:27:44.279> but<00:27:44.460> yeah<00:27:44.580> I<00:27:44.760> mean<00:27:44.880> again<00:27:45.000> like<00:27:45.299> a<00:27:45.480> lot<00:27:45.539> of 00:27:45.649 --> 00:27:45.659 align:start position:0% um but yeah I mean again like a lot of 00:27:45.659 --> 00:27:47.690 align:start position:0% um but yeah I mean again like a lot of these<00:27:45.840> I<00:27:46.020> think<00:27:46.200> more<00:27:46.559> like<00:27:46.860> research<00:27:47.340> or<00:27:47.460> like 00:27:47.690 --> 00:27:47.700 align:start position:0% these I think more like research or like 00:27:47.700 --> 00:27:49.850 align:start position:0% these I think more like research or like even<00:27:47.940> you<00:27:48.360> know<00:27:48.600> even<00:27:48.659> even 00:27:49.850 --> 00:27:49.860 align:start position:0% even you know even even 00:27:49.860 --> 00:27:52.669 align:start position:0% even you know even even less<00:27:50.460> formed<00:27:50.880> ideas<00:27:51.059> around<00:27:51.679> distributed 00:27:52.669 --> 00:27:52.679 align:start position:0% less formed ideas around distributed 00:27:52.679 --> 00:27:54.710 align:start position:0% less formed ideas around distributed building<00:27:52.919> need<00:27:53.760> to<00:27:54.000> take<00:27:54.120> things<00:27:54.419> like<00:27:54.539> that 00:27:54.710 --> 00:27:54.720 align:start position:0% building need to take things like that 00:27:54.720 --> 00:27:55.970 align:start position:0% building need to take things like that into<00:27:54.840> account<00:27:55.080> like<00:27:55.440> you're<00:27:55.620> going<00:27:55.799> to<00:27:55.860> have 00:27:55.970 --> 00:27:55.980 align:start position:0% into account like you're going to have 00:27:55.980 --> 00:27:57.470 align:start position:0% into account like you're going to have some<00:27:56.159> actors<00:27:56.520> who<00:27:56.760> are<00:27:56.880> like<00:27:57.059> helping<00:27:57.360> the 00:27:57.470 --> 00:27:57.480 align:start position:0% some actors who are like helping the 00:27:57.480 --> 00:27:58.730 align:start position:0% some actors who are like helping the Builder<00:27:57.779> do<00:27:57.900> their<00:27:58.080> job<00:27:58.200> or<00:27:58.440> you<00:27:58.559> can<00:27:58.620> even 00:27:58.730 --> 00:27:58.740 align:start position:0% Builder do their job or you can even 00:27:58.740 --> 00:28:00.049 align:start position:0% Builder do their job or you can even think<00:27:58.980> like<00:27:59.220> the<00:27:59.460> Searchers<00:27:59.820> are<00:27:59.940> the 00:28:00.049 --> 00:28:00.059 align:start position:0% think like the Searchers are the 00:28:00.059 --> 00:28:01.789 align:start position:0% think like the Searchers are the builders<00:28:00.299> in<00:28:00.419> this<00:28:00.539> context<00:28:00.779> and<00:28:01.500> yeah<00:28:01.620> like 00:28:01.789 --> 00:28:01.799 align:start position:0% builders in this context and yeah like 00:28:01.799 --> 00:28:03.289 align:start position:0% builders in this context and yeah like that's<00:28:01.980> one<00:28:02.100> way<00:28:02.340> is<00:28:02.460> like 00:28:03.289 --> 00:28:03.299 align:start position:0% that's one way is like 00:28:03.299 --> 00:28:05.269 align:start position:0% that's one way is like ideally<00:28:03.900> we<00:28:04.260> could<00:28:04.380> have<00:28:04.500> some<00:28:04.620> cryptographic 00:28:05.269 --> 00:28:05.279 align:start position:0% ideally we could have some cryptographic 00:28:05.279 --> 00:28:07.010 align:start position:0% ideally we could have some cryptographic mechanism<00:28:05.580> where<00:28:05.880> like<00:28:06.120> everyone<00:28:06.419> does<00:28:06.840> like 00:28:07.010 --> 00:28:07.020 align:start position:0% mechanism where like everyone does like 00:28:07.020 --> 00:28:08.870 align:start position:0% mechanism where like everyone does like perfect<00:28:07.260> searching<00:28:07.799> and<00:28:07.980> valid<00:28:08.400> like<00:28:08.580> users 00:28:08.870 --> 00:28:08.880 align:start position:0% perfect searching and valid like users 00:28:08.880 --> 00:28:10.310 align:start position:0% perfect searching and valid like users get<00:28:09.120> all<00:28:09.299> the<00:28:09.419> value<00:28:09.539> that<00:28:09.779> is<00:28:09.900> allotted<00:28:10.200> to 00:28:10.310 --> 00:28:10.320 align:start position:0% get all the value that is allotted to 00:28:10.320 --> 00:28:11.930 align:start position:0% get all the value that is allotted to them<00:28:10.440> and<00:28:10.559> that's<00:28:10.679> great<00:28:10.919> I<00:28:11.580> don't<00:28:11.640> think<00:28:11.760> the 00:28:11.930 --> 00:28:11.940 align:start position:0% them and that's great I don't think the 00:28:11.940 --> 00:28:14.210 align:start position:0% them and that's great I don't think the cryptography<00:28:12.480> is<00:28:12.659> there<00:28:13.320> uh<00:28:13.919> and<00:28:14.039> then 00:28:14.210 --> 00:28:14.220 align:start position:0% cryptography is there uh and then 00:28:14.220 --> 00:28:15.830 align:start position:0% cryptography is there uh and then perhaps<00:28:14.700> it<00:28:14.820> will<00:28:14.940> be<00:28:15.059> one<00:28:15.299> day<00:28:15.419> but<00:28:15.600> not<00:28:15.720> today 00:28:15.830 --> 00:28:15.840 align:start position:0% perhaps it will be one day but not today 00:28:15.840 --> 00:28:17.570 align:start position:0% perhaps it will be one day but not today so<00:28:16.140> then<00:28:16.320> yeah<00:28:16.440> we'll<00:28:16.740> then<00:28:16.980> rely<00:28:17.340> on<00:28:17.460> like 00:28:17.570 --> 00:28:17.580 align:start position:0% so then yeah we'll then rely on like 00:28:17.580 --> 00:28:19.490 align:start position:0% so then yeah we'll then rely on like trust<00:28:17.940> reputation<00:28:18.480> things<00:28:18.960> like<00:28:19.080> this<00:28:19.200> in<00:28:19.380> the 00:28:19.490 --> 00:28:19.500 align:start position:0% trust reputation things like this in the 00:28:19.500 --> 00:28:20.870 align:start position:0% trust reputation things like this in the short<00:28:19.620> term 00:28:20.870 --> 00:28:20.880 align:start position:0% short term 00:28:20.880 --> 00:28:22.970 align:start position:0% short term um<00:28:20.940> so<00:28:21.120> yeah<00:28:21.240> I<00:28:21.419> mean<00:28:21.600> it's<00:28:21.779> definitely<00:28:22.500> a<00:28:22.679> very 00:28:22.970 --> 00:28:22.980 align:start position:0% um so yeah I mean it's definitely a very 00:28:22.980 --> 00:28:24.590 align:start position:0% um so yeah I mean it's definitely a very interesting<00:28:23.279> place<00:28:23.460> to<00:28:23.820> uh<00:28:24.000> to<00:28:24.299> look<00:28:24.419> at 00:28:24.590 --> 00:28:24.600 align:start position:0% interesting place to uh to look at 00:28:24.600 --> 00:28:26.269 align:start position:0% interesting place to uh to look at amazing<00:28:25.260> that's<00:28:25.500> the<00:28:25.679> time<00:28:25.799> all<00:28:25.919> the<00:28:26.100> time<00:28:26.159> you 00:28:26.269 --> 00:28:26.279 align:start position:0% amazing that's the time all the time you 00:28:26.279 --> 00:28:28.549 align:start position:0% amazing that's the time all the time you have<00:28:26.400> for<00:28:26.520> questions<00:28:26.779> and<00:28:27.779> uh<00:28:27.960> we're<00:28:28.260> ready 00:28:28.549 --> 00:28:28.559 align:start position:0% have for questions and uh we're ready 00:28:28.559 --> 00:28:30.110 align:start position:0% have for questions and uh we're ready for<00:28:28.740> our<00:28:28.860> next<00:28:28.980> talk<00:28:29.100> so<00:28:29.340> please<00:28:29.520> give<00:28:29.700> Alex<00:28:29.880> a 00:28:30.110 --> 00:28:30.120 align:start position:0% for our next talk so please give Alex a 00:28:30.120 --> 00:28:31.200 align:start position:0% for our next talk so please give Alex a big<00:28:30.240> round<00:28:30.360> of<00:28:30.539> applause 00:28:31.200 --> 00:28:31.210 align:start position:0% big round of applause 00:28:31.210 --> 00:28:34.339 align:start position:0% big round of applause [Applause]