WEBVTT Kind: captions Language: en 00:00:00.199 --> 00:00:01.790 align:start position:0% today<00:00:00.440> I'll<00:00:00.599> be<00:00:00.760> presenting<00:00:01.240> the<00:00:01.360> tension 00:00:01.790 --> 00:00:01.800 align:start position:0% today I'll be presenting the tension 00:00:01.800 --> 00:00:04.870 align:start position:0% today I'll be presenting the tension between<00:00:02.200> meev<00:00:02.760> and<00:00:02.879> sensitive<00:00:03.560> resistance<00:00:04.560> so 00:00:04.870 --> 00:00:04.880 align:start position:0% between meev and sensitive resistance so 00:00:04.880 --> 00:00:06.550 align:start position:0% between meev and sensitive resistance so as<00:00:05.040> was<00:00:05.240> mentioned<00:00:05.720> it's<00:00:06.120> slightly 00:00:06.550 --> 00:00:06.560 align:start position:0% as was mentioned it's slightly 00:00:06.560 --> 00:00:08.110 align:start position:0% as was mentioned it's slightly speculative<00:00:07.160> more<00:00:07.359> speculative<00:00:07.799> than<00:00:07.960> I'm 00:00:08.110 --> 00:00:08.120 align:start position:0% speculative more speculative than I'm 00:00:08.120 --> 00:00:10.190 align:start position:0% speculative more speculative than I'm used<00:00:08.320> to<00:00:09.040> this<00:00:09.160> is<00:00:09.280> an<00:00:09.480> idea<00:00:09.760> that<00:00:09.880> we've<00:00:10.080> been 00:00:10.190 --> 00:00:10.200 align:start position:0% used to this is an idea that we've been 00:00:10.200 --> 00:00:12.350 align:start position:0% used to this is an idea that we've been trying<00:00:10.440> to<00:00:10.759> formalize<00:00:11.280> a<00:00:11.440> little<00:00:12.040> uh<00:00:12.120> but<00:00:12.240> it's 00:00:12.350 --> 00:00:12.360 align:start position:0% trying to formalize a little uh but it's 00:00:12.360 --> 00:00:13.990 align:start position:0% trying to formalize a little uh but it's turned<00:00:12.559> out<00:00:12.679> to<00:00:12.759> be<00:00:12.920> quite<00:00:13.320> difficult<00:00:13.759> so<00:00:13.920> let 00:00:13.990 --> 00:00:14.000 align:start position:0% turned out to be quite difficult so let 00:00:14.000 --> 00:00:15.509 align:start position:0% turned out to be quite difficult so let me<00:00:14.160> take<00:00:14.280> you<00:00:14.480> through<00:00:14.639> an<00:00:14.799> introduction<00:00:15.400> and 00:00:15.509 --> 00:00:15.519 align:start position:0% me take you through an introduction and 00:00:15.519 --> 00:00:18.670 align:start position:0% me take you through an introduction and see<00:00:16.279> uh<00:00:16.400> what<00:00:16.480> your<00:00:16.680> thoughts<00:00:16.920> are<00:00:17.119> at<00:00:17.240> the<00:00:17.680> end 00:00:18.670 --> 00:00:18.680 align:start position:0% see uh what your thoughts are at the end 00:00:18.680 --> 00:00:21.670 align:start position:0% see uh what your thoughts are at the end so<00:00:19.199> for<00:00:19.480> this<00:00:20.359> um<00:00:20.560> session<00:00:20.920> I'd<00:00:21.080> like<00:00:21.199> to<00:00:21.320> frame 00:00:21.670 --> 00:00:21.680 align:start position:0% so for this um session I'd like to frame 00:00:21.680 --> 00:00:25.269 align:start position:0% so for this um session I'd like to frame meev<00:00:22.359> as<00:00:22.920> an<00:00:23.080> aligning<00:00:23.480> values<00:00:23.880> problem<00:00:24.720> m<00:00:25.199> is 00:00:25.269 --> 00:00:25.279 align:start position:0% meev as an aligning values problem m is 00:00:25.279 --> 00:00:27.189 align:start position:0% meev as an aligning values problem m is the<00:00:25.439> maximum<00:00:25.880> value<00:00:26.240> that<00:00:26.400> some<00:00:26.640> extractor 00:00:27.189 --> 00:00:27.199 align:start position:0% the maximum value that some extractor 00:00:27.199 --> 00:00:29.470 align:start position:0% the maximum value that some extractor can<00:00:27.400> extract<00:00:28.000> from<00:00:28.199> building<00:00:28.519> the<00:00:28.640> block<00:00:29.400> uh 00:00:29.470 --> 00:00:29.480 align:start position:0% can extract from building the block uh 00:00:29.480 --> 00:00:30.950 align:start position:0% can extract from building the block uh and<00:00:29.599> this<00:00:29.720> is<00:00:30.000> some<00:00:30.160> private<00:00:30.400> benefits<00:00:30.800> for 00:00:30.950 --> 00:00:30.960 align:start position:0% and this is some private benefits for 00:00:30.960 --> 00:00:33.430 align:start position:0% and this is some private benefits for this<00:00:31.560> uh<00:00:31.720> actor<00:00:32.480> and<00:00:32.599> the<00:00:32.680> ethereum<00:00:33.040> protol 00:00:33.430 --> 00:00:33.440 align:start position:0% this uh actor and the ethereum protol 00:00:33.440 --> 00:00:36.549 align:start position:0% this uh actor and the ethereum protol has<00:00:33.640> some<00:00:34.160> other<00:00:35.160> um<00:00:35.559> benefit<00:00:36.000> function<00:00:36.399> which 00:00:36.549 --> 00:00:36.559 align:start position:0% has some other um benefit function which 00:00:36.559 --> 00:00:38.590 align:start position:0% has some other um benefit function which we<00:00:36.719> call<00:00:36.960> the<00:00:37.160> Social<00:00:37.480> benefits<00:00:38.280> and<00:00:38.399> in 00:00:38.590 --> 00:00:38.600 align:start position:0% we call the Social benefits and in 00:00:38.600 --> 00:00:40.190 align:start position:0% we call the Social benefits and in principle<00:00:39.000> The<00:00:39.120> Ether<00:00:39.440> protocol<00:00:39.840> aims<00:00:40.039> to 00:00:40.190 --> 00:00:40.200 align:start position:0% principle The Ether protocol aims to 00:00:40.200 --> 00:00:42.350 align:start position:0% principle The Ether protocol aims to maximize<00:00:40.760> this<00:00:40.960> social<00:00:41.280> benefits<00:00:42.039> but<00:00:42.160> it's 00:00:42.350 --> 00:00:42.360 align:start position:0% maximize this social benefits but it's 00:00:42.360 --> 00:00:44.069 align:start position:0% maximize this social benefits but it's very<00:00:42.559> unaware<00:00:43.000> of<00:00:43.200> anything<00:00:43.559> that<00:00:43.719> happens 00:00:44.069 --> 00:00:44.079 align:start position:0% very unaware of anything that happens 00:00:44.079 --> 00:00:45.630 align:start position:0% very unaware of anything that happens outside<00:00:44.520> of<00:00:44.640> it<00:00:44.840> so<00:00:44.960> it<00:00:45.079> doesn't<00:00:45.320> know<00:00:45.520> the 00:00:45.630 --> 00:00:45.640 align:start position:0% outside of it so it doesn't know the 00:00:45.640 --> 00:00:47.549 align:start position:0% outside of it so it doesn't know the external<00:00:46.039> state<00:00:46.239> of<00:00:46.360> the<00:00:46.480> world<00:00:47.039> and<00:00:47.160> it<00:00:47.320> fully 00:00:47.549 --> 00:00:47.559 align:start position:0% external state of the world and it fully 00:00:47.559 --> 00:00:49.790 align:start position:0% external state of the world and it fully relies<00:00:48.000> upon<00:00:48.239> this<00:00:48.399> actor<00:00:49.000> the<00:00:49.239> extractor<00:00:49.680> is 00:00:49.790 --> 00:00:49.800 align:start position:0% relies upon this actor the extractor is 00:00:49.800 --> 00:00:51.670 align:start position:0% relies upon this actor the extractor is an<00:00:49.960> agent<00:00:50.680> uh<00:00:50.800> of<00:00:50.960> the 00:00:51.670 --> 00:00:51.680 align:start position:0% an agent uh of the 00:00:51.680 --> 00:00:53.950 align:start position:0% an agent uh of the protocol<00:00:52.680> sensorship<00:00:53.199> resistance<00:00:53.600> is<00:00:53.719> one<00:00:53.840> of 00:00:53.950 --> 00:00:53.960 align:start position:0% protocol sensorship resistance is one of 00:00:53.960 --> 00:00:55.830 align:start position:0% protocol sensorship resistance is one of the<00:00:54.079> core<00:00:54.399> values<00:00:54.840> of<00:00:54.960> the<00:00:55.079> social<00:00:55.399> benefit 00:00:55.830 --> 00:00:55.840 align:start position:0% the core values of the social benefit 00:00:55.840 --> 00:00:58.270 align:start position:0% the core values of the social benefit that<00:00:56.239> that<00:00:56.440> ethereum<00:00:57.000> has<00:00:57.600> you<00:00:57.719> can<00:00:57.840> see<00:00:58.039> it 00:00:58.270 --> 00:00:58.280 align:start position:0% that that ethereum has you can see it 00:00:58.280 --> 00:01:01.349 align:start position:0% that that ethereum has you can see it has<00:00:58.640> either<00:00:59.320> an<00:01:00.120> um<00:01:00.280> a<00:01:00.359> means<00:01:00.600> to<00:01:00.760> an<00:01:00.879> end<00:01:01.199> so 00:01:01.349 --> 00:01:01.359 align:start position:0% has either an um a means to an end so 00:01:01.359 --> 00:01:02.990 align:start position:0% has either an um a means to an end so maybe<00:01:01.559> you<00:01:01.680> want<00:01:01.800> to<00:01:01.920> have<00:01:02.039> cens<00:01:02.519> resistance 00:01:02.990 --> 00:01:03.000 align:start position:0% maybe you want to have cens resistance 00:01:03.000 --> 00:01:05.390 align:start position:0% maybe you want to have cens resistance to<00:01:03.199> obtain<00:01:03.559> some<00:01:03.800> other<00:01:04.159> properties<00:01:05.159> uh<00:01:05.239> for 00:01:05.390 --> 00:01:05.400 align:start position:0% to obtain some other properties uh for 00:01:05.400 --> 00:01:07.550 align:start position:0% to obtain some other properties uh for example<00:01:05.760> being<00:01:06.000> able<00:01:06.240> to<00:01:06.640> have<00:01:07.000> applications 00:01:07.550 --> 00:01:07.560 align:start position:0% example being able to have applications 00:01:07.560 --> 00:01:09.109 align:start position:0% example being able to have applications that<00:01:07.680> rely<00:01:08.040> on<00:01:08.200> this<00:01:08.320> sensorship<00:01:08.720> resistance 00:01:09.109 --> 00:01:09.119 align:start position:0% that rely on this sensorship resistance 00:01:09.119 --> 00:01:11.310 align:start position:0% that rely on this sensorship resistance within<00:01:09.360> real<00:01:09.600> time<00:01:10.400> or<00:01:10.560> you<00:01:10.640> could<00:01:10.799> see<00:01:11.000> it<00:01:11.200> as 00:01:11.310 --> 00:01:11.320 align:start position:0% within real time or you could see it as 00:01:11.320 --> 00:01:12.789 align:start position:0% within real time or you could see it as the<00:01:11.439> end<00:01:11.640> goal<00:01:11.960> so<00:01:12.200> have<00:01:12.320> sensorship 00:01:12.789 --> 00:01:12.799 align:start position:0% the end goal so have sensorship 00:01:12.799 --> 00:01:14.270 align:start position:0% the end goal so have sensorship resistance<00:01:13.159> for<00:01:13.280> the<00:01:13.400> sake<00:01:13.560> of<00:01:13.680> sensorship 00:01:14.270 --> 00:01:14.280 align:start position:0% resistance for the sake of sensorship 00:01:14.280 --> 00:01:16.350 align:start position:0% resistance for the sake of sensorship resistance<00:01:15.280> whatever<00:01:15.600> way<00:01:15.720> you<00:01:15.799> see<00:01:16.040> it<00:01:16.240> the 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align:start position:0% extractor can extract with the social benefits<00:01:22.079> which<00:01:22.200> is<00:01:22.400> what<00:01:23.000> we<00:01:23.200> as<00:01:23.320> an<00:01:23.439> ethereum 00:01:23.870 --> 00:01:23.880 align:start position:0% benefits which is what we as an ethereum 00:01:23.880 --> 00:01:27.149 align:start position:0% benefits which is what we as an ethereum ecosystem<00:01:24.560> want<00:01:24.840> the<00:01:24.920> eer<00:01:25.560> tool<00:01:25.759> to 00:01:27.149 --> 00:01:27.159 align:start position:0% ecosystem want the eer tool to 00:01:27.159 --> 00:01:29.550 align:start position:0% ecosystem want the eer tool to do<00:01:28.159> so<00:01:28.400> here<00:01:28.520> are<00:01:28.680> some<00:01:28.960> observations<00:01:29.439> on 00:01:29.550 --> 00:01:29.560 align:start position:0% do so here are some observations on 00:01:29.560 --> 00:01:31.950 align:start position:0% do so here are some observations on sensor<00:01:30.079> ship<00:01:30.680> uh<00:01:30.840> without<00:01:31.119> any<00:01:31.320> normative 00:01:31.950 --> 00:01:31.960 align:start position:0% sensor ship uh without any normative 00:01:31.960 --> 00:01:34.350 align:start position:0% sensor ship uh without any normative statements<00:01:32.439> I'd<00:01:32.680> say<00:01:33.600> um<00:01:33.759> so<00:01:33.960> there<00:01:34.040> are<00:01:34.200> three 00:01:34.350 --> 00:01:34.360 align:start position:0% statements I'd say um so there are three 00:01:34.360 --> 00:01:36.190 align:start position:0% statements I'd say um so there are three sorts<00:01:34.600> of<00:01:34.680> sensorship<00:01:35.159> that<00:01:35.240> we<00:01:35.360> see<00:01:36.000> uh 00:01:36.190 --> 00:01:36.200 align:start position:0% sorts of sensorship that we see uh 00:01:36.200 --> 00:01:38.030 align:start position:0% sorts of sensorship that we see uh happening<00:01:36.680> possibly<00:01:37.399> is<00:01:37.560> economic 00:01:38.030 --> 00:01:38.040 align:start position:0% happening possibly is economic 00:01:38.040 --> 00:01:41.109 align:start position:0% happening possibly is economic censorship<00:01:38.680> so<00:01:39.000> maybe<00:01:40.000> some<00:01:40.479> attractor<00:01:40.960> wants 00:01:41.109 --> 00:01:41.119 align:start position:0% censorship so maybe some attractor wants 00:01:41.119 --> 00:01:42.590 align:start position:0% censorship so maybe some attractor wants to<00:01:41.280> censor<00:01:41.560> a<00:01:41.720> transaction<00:01:42.159> because<00:01:42.360> it<00:01:42.439> can 00:01:42.590 --> 00:01:42.600 align:start position:0% to censor a transaction because it can 00:01:42.600 --> 00:01:46.069 align:start position:0% to censor a transaction because it can get<00:01:42.759> more<00:01:43.119> value<00:01:44.079> uh<00:01:44.320> by<00:01:44.600> by<00:01:44.759> doing<00:01:45.040> so<00:01:45.759> uh<00:01:45.920> an 00:01:46.069 --> 00:01:46.079 align:start position:0% get more value uh by by doing so uh an 00:01:46.079 --> 00:01:47.830 align:start position:0% get more value uh by by doing so uh an example<00:01:46.360> is<00:01:46.479> multi<00:01:47.000> M<00:01:47.399> that<00:01:47.479> we've<00:01:47.640> seen 00:01:47.830 --> 00:01:47.840 align:start position:0% example is multi M that we've seen 00:01:47.840 --> 00:01:50.469 align:start position:0% example is multi M that we've seen earlier<00:01:48.200> today<00:01:49.079> uh<00:01:49.200> or<00:01:49.680> the<00:01:49.840> leading<00:01:50.200> example 00:01:50.469 --> 00:01:50.479 align:start position:0% earlier today uh or the leading example 00:01:50.479 --> 00:01:53.069 align:start position:0% earlier today uh or the leading example that<00:01:50.600> I<00:01:50.680> wanted<00:01:50.920> to<00:01:51.079> use<00:01:51.399> here<00:01:51.759> is<00:01:52.439> if<00:01:52.680> someone 00:01:53.069 --> 00:01:53.079 align:start position:0% that I wanted to use here is if someone 00:01:53.079 --> 00:01:56.749 align:start position:0% that I wanted to use here is if someone has<00:01:53.320> some<00:01:53.560> loan<00:01:54.240> for<00:01:54.399> example<00:01:54.719> on<00:01:54.920> a<00:01:55.719> and<00:01:55.920> it's 00:01:56.749 --> 00:01:56.759 align:start position:0% has some loan for example on a and it's 00:01:56.759 --> 00:01:59.230 align:start position:0% has some loan for example on a and it's um<00:01:57.159> it's<00:01:57.560> it<00:01:57.680> might<00:01:57.880> get<00:01:58.039> liquidated<00:01:58.640> soon 00:01:59.230 --> 00:01:59.240 align:start position:0% um it's it might get liquidated soon 00:01:59.240 --> 00:02:00.990 align:start position:0% um it's it might get liquidated soon they<00:01:59.399> want<00:01:59.560> to<00:01:59.960> send<00:02:00.119> a<00:02:00.200> transaction<00:02:00.680> in<00:02:00.759> order 00:02:00.990 --> 00:02:01.000 align:start position:0% they want to send a transaction in order 00:02:01.000 --> 00:02:03.350 align:start position:0% they want to send a transaction in order to<00:02:01.240> heal<00:02:01.479> their<00:02:01.680> loan<00:02:02.520> uh<00:02:02.640> but<00:02:02.759> the<00:02:02.920> extractor 00:02:03.350 --> 00:02:03.360 align:start position:0% to heal their loan uh but the extractor 00:02:03.360 --> 00:02:04.789 align:start position:0% to heal their loan uh but the extractor sensors<00:02:03.840> this<00:02:04.000> transaction<00:02:04.479> because<00:02:04.600> it 00:02:04.789 --> 00:02:04.799 align:start position:0% sensors this transaction because it 00:02:04.799 --> 00:02:06.910 align:start position:0% sensors this transaction because it wants<00:02:05.079> the<00:02:05.159> loan<00:02:05.399> to<00:02:05.560> go<00:02:05.799> bad<00:02:06.360> in<00:02:06.479> order<00:02:06.719> so 00:02:06.910 --> 00:02:06.920 align:start position:0% wants the loan to go bad in order so 00:02:06.920 --> 00:02:09.869 align:start position:0% wants the loan to go bad in order so that<00:02:07.079> it<00:02:07.200> can<00:02:07.399> extract<00:02:07.719> some<00:02:07.880> M<00:02:08.280> from<00:02:08.759> it<00:02:09.759> then 00:02:09.869 --> 00:02:09.879 align:start position:0% that it can extract some M from it then 00:02:09.879 --> 00:02:11.430 align:start position:0% that it can extract some M from it then there's<00:02:10.160> accidental<00:02:10.640> censorship<00:02:11.200> and<00:02:11.319> this 00:02:11.430 --> 00:02:11.440 align:start position:0% there's accidental censorship and this 00:02:11.440 --> 00:02:13.150 align:start position:0% there's accidental censorship and this may<00:02:11.560> seem<00:02:11.800> very<00:02:12.000> weird<00:02:12.319> how<00:02:12.440> is<00:02:12.560> a<00:02:12.680> transaction 00:02:13.150 --> 00:02:13.160 align:start position:0% may seem very weird how is a transaction 00:02:13.160 --> 00:02:15.190 align:start position:0% may seem very weird how is a transaction ever<00:02:13.480> accidentally<00:02:13.959> censored<00:02:14.720> but<00:02:14.840> it<00:02:14.959> turns 00:02:15.190 --> 00:02:15.200 align:start position:0% ever accidentally censored but it turns 00:02:15.200 --> 00:02:16.470 align:start position:0% ever accidentally censored but it turns out<00:02:15.440> that<00:02:15.560> this<00:02:15.640> is<00:02:15.840> actually<00:02:16.080> something<00:02:16.360> that 00:02:16.470 --> 00:02:16.480 align:start position:0% out that this is actually something that 00:02:16.480 --> 00:02:18.949 align:start position:0% out that this is actually something that we<00:02:16.640> observe<00:02:17.400> uh<00:02:17.599> right<00:02:17.760> now<00:02:18.280> so<00:02:18.519> there<00:02:18.599> are 00:02:18.949 --> 00:02:18.959 align:start position:0% we observe uh right now so there are 00:02:18.959 --> 00:02:20.550 align:start position:0% we observe uh right now so there are many<00:02:19.239> many<00:02:19.440> messages<00:02:19.840> floating<00:02:20.200> around<00:02:20.360> in<00:02:20.480> a 00:02:20.550 --> 00:02:20.560 align:start position:0% many many messages floating around in a 00:02:20.560 --> 00:02:21.949 align:start position:0% many many messages floating around in a mempool<00:02:20.959> and<00:02:21.200> sometimes<00:02:21.400> Builders<00:02:21.800> just 00:02:21.949 --> 00:02:21.959 align:start position:0% mempool and sometimes Builders just 00:02:21.959 --> 00:02:23.589 align:start position:0% mempool and sometimes Builders just simply<00:02:22.239> Miss<00:02:22.519> transactions<00:02:23.120> for<00:02:23.319> whatever 00:02:23.589 --> 00:02:23.599 align:start position:0% simply Miss transactions for whatever 00:02:23.599 --> 00:02:26.070 align:start position:0% simply Miss transactions for whatever reason<00:02:24.000> that<00:02:24.160> is<00:02:25.040> uh<00:02:25.239> and<00:02:25.440> if<00:02:25.519> we<00:02:25.680> take<00:02:25.800> it<00:02:25.920> to 00:02:26.070 --> 00:02:26.080 align:start position:0% reason that is uh and if we take it to 00:02:26.080 --> 00:02:28.509 align:start position:0% reason that is uh and if we take it to the<00:02:26.239> limit<00:02:27.120> uh<00:02:27.239> builders<00:02:27.640> in<00:02:27.840> principle<00:02:28.360> want 00:02:28.509 --> 00:02:28.519 align:start position:0% the limit uh builders in principle want 00:02:28.519 --> 00:02:30.390 align:start position:0% the limit uh builders in principle want to<00:02:28.720> keep<00:02:28.920> their<00:02:29.080> block<00:02:29.440> as<00:02:29.640> light<00:02:30.000> weight<00:02:30.239> as 00:02:30.390 --> 00:02:30.400 align:start position:0% to keep their block as light weight as 00:02:30.400 --> 00:02:32.150 align:start position:0% to keep their block as light weight as possible<00:02:30.840> so<00:02:31.040> any<00:02:31.200> transaction<00:02:31.720> takes<00:02:31.959> up 00:02:32.150 --> 00:02:32.160 align:start position:0% possible so any transaction takes up 00:02:32.160 --> 00:02:33.350 align:start position:0% possible so any transaction takes up bandwidth<00:02:32.599> and<00:02:32.760> especially<00:02:33.160> some 00:02:33.350 --> 00:02:33.360 align:start position:0% bandwidth and especially some 00:02:33.360 --> 00:02:36.390 align:start position:0% bandwidth and especially some transactions<00:02:33.920> that<00:02:34.040> are<00:02:34.360> very<00:02:35.360> um<00:02:35.800> very<00:02:36.000> heavy 00:02:36.390 --> 00:02:36.400 align:start position:0% transactions that are very um very heavy 00:02:36.400 --> 00:02:37.990 align:start position:0% transactions that are very um very heavy for<00:02:36.519> example<00:02:37.000> blobes<00:02:37.319> take<00:02:37.480> up<00:02:37.599> but<00:02:37.680> lots<00:02:37.840> of 00:02:37.990 --> 00:02:38.000 align:start position:0% for example blobes take up but lots of 00:02:38.000 --> 00:02:40.030 align:start position:0% for example blobes take up but lots of bandwidth<00:02:38.879> if<00:02:38.959> you<00:02:39.080> take<00:02:39.280> it<00:02:39.400> more<00:02:39.599> bandwidth 00:02:40.030 --> 00:02:40.040 align:start position:0% bandwidth if you take it more bandwidth 00:02:40.040 --> 00:02:42.070 align:start position:0% bandwidth if you take it more bandwidth it<00:02:40.120> means<00:02:40.319> that<00:02:40.519> your<00:02:40.959> your<00:02:41.159> block<00:02:41.480> takes<00:02:41.800> more 00:02:42.070 --> 00:02:42.080 align:start position:0% it means that your your block takes more 00:02:42.080 --> 00:02:44.110 align:start position:0% it means that your your block takes more time<00:02:42.360> to<00:02:42.599> send<00:02:43.040> to<00:02:43.200> the<00:02:43.360> other<00:02:43.800> uh<00:02:43.879> to<00:02:44.040> the 00:02:44.110 --> 00:02:44.120 align:start position:0% time to send to the other uh to the 00:02:44.120 --> 00:02:45.670 align:start position:0% time to send to the other uh to the other<00:02:44.319> nodes<00:02:44.959> meaning<00:02:45.239> that<00:02:45.360> you<00:02:45.480> have<00:02:45.560> to 00:02:45.670 --> 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play optimal 00:02:51.560 --> 00:02:53.949 align:start position:0% you could if you were to play optimal timing<00:02:51.879> games<00:02:52.599> so<00:02:52.840> potentially<00:02:53.239> a<00:02:53.400> builder<00:02:53.720> is 00:02:53.949 --> 00:02:53.959 align:start position:0% timing games so potentially a builder is 00:02:53.959 --> 00:02:55.430 align:start position:0% timing games so potentially a builder is is<00:02:54.080> sensoring<00:02:54.519> transactions<00:02:55.120> because<00:02:55.319> it 00:02:55.430 --> 00:02:55.440 align:start position:0% is sensoring transactions because it 00:02:55.440 --> 00:02:57.550 align:start position:0% is sensoring transactions because it thinks<00:02:55.800> that<00:02:56.280> it<00:02:56.400> may<00:02:56.599> get<00:02:56.800> more<00:02:57.040> value<00:02:57.360> if<00:02:57.440> it 00:02:57.550 --> 00:02:57.560 align:start position:0% thinks that it may get more value if it 00:02:57.560 --> 00:02:59.350 align:start position:0% thinks that it may get more value if it doesn't<00:02:57.800> include<00:02:58.120> this<00:02:58.319> transaction<00:02:58.920> but<00:02:59.200> but 00:02:59.350 --> 00:02:59.360 align:start position:0% doesn't include this transaction but but 00:02:59.360 --> 00:03:01.110 align:start position:0% doesn't include this transaction but but includes<00:02:59.959> transaction<00:03:00.360> in<00:03:00.480> the<00:03:00.599> future<00:03:01.040> and 00:03:01.110 --> 00:03:01.120 align:start position:0% includes transaction in the future and 00:03:01.120 --> 00:03:02.949 align:start position:0% includes transaction in the future and this<00:03:01.239> is<00:03:01.400> timing<00:03:01.760> games<00:03:02.319> taking<00:03:02.560> it<00:03:02.680> to<00:03:02.800> the 00:03:02.949 --> 00:03:02.959 align:start position:0% this is timing games taking it to the 00:03:02.959 --> 00:03:05.070 align:start position:0% this is timing games taking it to the limit<00:03:03.720> uh<00:03:03.799> a<00:03:03.879> builder<00:03:04.200> may<00:03:04.360> actually<00:03:04.599> miss<00:03:04.840> its 00:03:05.070 --> 00:03:05.080 align:start position:0% limit uh a builder may actually miss its 00:03:05.080 --> 00:03:07.070 align:start position:0% limit uh a builder may actually miss its slot<00:03:05.720> uh<00:03:05.840> which<00:03:05.959> means<00:03:06.159> that<00:03:06.280> no<00:03:06.519> transactions 00:03:07.070 --> 00:03:07.080 align:start position:0% slot uh which means that no transactions 00:03:07.080 --> 00:03:09.190 align:start position:0% slot uh which means that no transactions in<00:03:07.239> the<00:03:07.440> slots<00:03:07.799> end<00:03:07.959> up<00:03:08.120> on<00:03:08.280> chain<00:03:08.799> and<00:03:08.959> this<00:03:09.040> is 00:03:09.190 --> 00:03:09.200 align:start position:0% in the slots end up on chain and this is 00:03:09.200 --> 00:03:11.309 align:start position:0% in the slots end up on chain and this is obviously<00:03:09.840> censorship<00:03:10.840> and<00:03:10.959> then<00:03:11.080> there's 00:03:11.309 --> 00:03:11.319 align:start position:0% obviously censorship and then there's 00:03:11.319 --> 00:03:13.110 align:start position:0% obviously censorship and then there's regulatory<00:03:11.840> censorship<00:03:12.400> which<00:03:12.480> is<00:03:12.680> what<00:03:12.920> most 00:03:13.110 --> 00:03:13.120 align:start position:0% regulatory censorship which is what most 00:03:13.120 --> 00:03:14.910 align:start position:0% regulatory censorship which is what most people<00:03:13.280> are<00:03:13.440> probably<00:03:13.720> familiar<00:03:14.159> with<00:03:14.720> is 00:03:14.910 --> 00:03:14.920 align:start position:0% people are probably familiar with is 00:03:14.920 --> 00:03:16.309 align:start position:0% people are probably familiar with is there's<00:03:15.120> some<00:03:15.319> government<00:03:15.720> that<00:03:15.879> says<00:03:16.159> these 00:03:16.309 --> 00:03:16.319 align:start position:0% there's some government that says these 00:03:16.319 --> 00:03:18.190 align:start position:0% there's some government that says these sorts<00:03:16.599> of<00:03:16.760> transactions<00:03:17.280> cannot<00:03:17.560> be<00:03:17.680> included 00:03:18.190 --> 00:03:18.200 align:start position:0% sorts of transactions cannot be included 00:03:18.200 --> 00:03:20.390 align:start position:0% sorts of transactions cannot be included by<00:03:18.560> this<00:03:18.799> actor<00:03:19.480> and<00:03:19.599> where<00:03:19.760> the<00:03:19.879> actor<00:03:20.120> is<00:03:20.239> the 00:03:20.390 --> 00:03:20.400 align:start position:0% by this actor and where the actor is the 00:03:20.400 --> 00:03:22.030 align:start position:0% by this actor and where the actor is the extractor<00:03:20.879> who<00:03:21.000> is<00:03:21.080> an<00:03:21.200> agent<00:03:21.480> of<00:03:21.599> the<00:03:21.720> Adan 00:03:22.030 --> 00:03:22.040 align:start position:0% extractor who is an agent of the Adan 00:03:22.040 --> 00:03:23.830 align:start position:0% extractor who is an agent of the Adan protocol<00:03:22.480> but<00:03:22.680> apparently<00:03:23.080> also<00:03:23.319> has<00:03:23.519> other 00:03:23.830 --> 00:03:23.840 align:start position:0% protocol but apparently also has other 00:03:23.840 --> 00:03:26.390 align:start position:0% protocol but apparently also has other constraints<00:03:24.720> uh<00:03:24.920> enforced 00:03:26.390 --> 00:03:26.400 align:start position:0% constraints uh enforced 00:03:26.400 --> 00:03:30.030 align:start position:0% constraints uh enforced opponents<00:03:27.400> so<00:03:28.239> um<00:03:29.000> given<00:03:29.239> that<00:03:29.360> we<00:03:29.480> observe 00:03:30.030 --> 00:03:30.040 align:start position:0% opponents so um given that we observe 00:03:30.040 --> 00:03:31.470 align:start position:0% opponents so um given that we observe these<00:03:30.120> sorts<00:03:30.319> of<00:03:30.439> censorship<00:03:30.959> or<00:03:31.120> at<00:03:31.239> least 00:03:31.470 --> 00:03:31.480 align:start position:0% these sorts of censorship or at least 00:03:31.480 --> 00:03:32.910 align:start position:0% these sorts of censorship or at least that<00:03:31.599> we<00:03:31.720> know<00:03:31.920> that<00:03:32.040> these<00:03:32.239> theoretically 00:03:32.910 --> 00:03:32.920 align:start position:0% that we know that these theoretically 00:03:32.920 --> 00:03:34.830 align:start position:0% that we know that these theoretically exist<00:03:33.680> the<00:03:33.840> conclusion<00:03:34.280> should<00:03:34.439> be<00:03:34.640> that<00:03:34.760> the 00:03:34.830 --> 00:03:34.840 align:start position:0% exist the conclusion should be that the 00:03:34.840 --> 00:03:36.869 align:start position:0% exist the conclusion should be that the values<00:03:35.080> are<00:03:35.200> currently<00:03:35.560> not<00:03:35.879> aligned 00:03:36.869 --> 00:03:36.879 align:start position:0% values are currently not aligned 00:03:36.879 --> 00:03:39.470 align:start position:0% values are currently not aligned aligning<00:03:37.439> private<00:03:37.840> and<00:03:38.040> social<00:03:38.799> uh<00:03:39.000> values<00:03:39.319> is 00:03:39.470 --> 00:03:39.480 align:start position:0% aligning private and social uh values is 00:03:39.480 --> 00:03:40.990 align:start position:0% aligning private and social uh values is something<00:03:39.720> that<00:03:39.879> economists<00:03:40.360> have<00:03:40.519> do<00:03:40.799> been 00:03:40.990 --> 00:03:41.000 align:start position:0% something that economists have do been 00:03:41.000 --> 00:03:42.750 align:start position:0% something that economists have do been doing<00:03:41.200> for<00:03:41.439> ages<00:03:42.040> uh<00:03:42.120> so<00:03:42.280> there's<00:03:42.400> a<00:03:42.519> lot<00:03:42.680> that 00:03:42.750 --> 00:03:42.760 align:start position:0% doing for ages uh so there's a lot that 00:03:42.760 --> 00:03:44.789 align:start position:0% doing for ages uh so there's a lot that we<00:03:42.879> know<00:03:43.040> about<00:03:43.360> this<00:03:43.840> but<00:03:44.000> within<00:03:44.239> ethereum 00:03:44.789 --> 00:03:44.799 align:start position:0% we know about this but within ethereum 00:03:44.799 --> 00:03:46.990 align:start position:0% we know about this but within ethereum we<00:03:44.920> are<00:03:45.280> relatively<00:03:46.080> constrained<00:03:46.599> in<00:03:46.760> what<00:03:46.879> we 00:03:46.990 --> 00:03:47.000 align:start position:0% we are relatively constrained in what we 00:03:47.000 --> 00:03:50.149 align:start position:0% we are relatively constrained in what we can<00:03:47.120> do<00:03:47.640> for<00:03:47.799> example<00:03:48.200> giving<00:03:49.200> um<00:03:49.560> rewards<00:03:49.959> for 00:03:50.149 --> 00:03:50.159 align:start position:0% can do for example giving um rewards for 00:03:50.159 --> 00:03:51.470 align:start position:0% can do for example giving um rewards for it<00:03:50.319> is<00:03:50.640> difficult<00:03:50.840> because<00:03:51.000> it<00:03:51.080> means<00:03:51.239> that<00:03:51.400> we 00:03:51.470 --> 00:03:51.480 align:start position:0% it is difficult because it means that we 00:03:51.480 --> 00:03:53.509 align:start position:0% it is difficult because it means that we have<00:03:51.599> to<00:03:51.799> issue<00:03:52.159> tokens<00:03:52.920> and<00:03:53.040> if<00:03:53.120> you<00:03:53.280> issue 00:03:53.509 --> 00:03:53.519 align:start position:0% have to issue tokens and if you issue 00:03:53.519 --> 00:03:55.110 align:start position:0% have to issue tokens and if you issue tokens<00:03:53.920> it<00:03:54.040> means<00:03:54.239> that<00:03:54.439> possibly<00:03:54.799> there<00:03:54.920> is 00:03:55.110 --> 00:03:55.120 align:start position:0% tokens it means that possibly there is 00:03:55.120 --> 00:03:57.949 align:start position:0% tokens it means that possibly there is some<00:03:55.799> delusion<00:03:56.799> uh<00:03:57.000> that<00:03:57.120> could<00:03:57.319> benefit<00:03:57.720> from 00:03:57.949 --> 00:03:57.959 align:start position:0% some delusion uh that could benefit from 00:03:57.959 --> 00:03:59.830 align:start position:0% some delusion uh that could benefit from this<00:03:58.439> so<00:03:58.599> the<00:03:58.720> way<00:03:58.840> that<00:03:59.000> we've<00:03:59.159> been<00:03:59.239> doing<00:03:59.439> it 00:03:59.830 --> 00:03:59.840 align:start position:0% this so the way that we've been doing it 00:03:59.840 --> 00:04:03.509 align:start position:0% this so the way that we've been doing it is<00:04:00.360> analogous<00:04:00.920> to<00:04:01.280> regulation<00:04:02.280> kind<00:04:02.439> of<00:04:03.319> uh 00:04:03.509 --> 00:04:03.519 align:start position:0% is analogous to regulation kind of uh 00:04:03.519 --> 00:04:05.390 align:start position:0% is analogous to regulation kind of uh and<00:04:03.680> this<00:04:03.799> is<00:04:03.920> our<00:04:04.239> value<00:04:04.599> aligning<00:04:05.040> design 00:04:05.390 --> 00:04:05.400 align:start position:0% and this is our value aligning design 00:04:05.400 --> 00:04:07.670 align:start position:0% and this is our value aligning design philosophy<00:04:06.200> we<00:04:06.319> do<00:04:06.480> so<00:04:06.720> by<00:04:06.879> creating<00:04:07.280> rules 00:04:07.670 --> 00:04:07.680 align:start position:0% philosophy we do so by creating rules 00:04:07.680 --> 00:04:10.190 align:start position:0% philosophy we do so by creating rules that<00:04:07.879> constrain<00:04:08.439> how<00:04:08.599> the<00:04:08.720> AER<00:04:09.319> can<00:04:09.680> act 00:04:10.190 --> 00:04:10.200 align:start position:0% that constrain how the AER can act 00:04:10.200 --> 00:04:12.630 align:start position:0% that constrain how the AER can act within<00:04:10.760> a<00:04:11.280> a<00:04:11.400> certain 00:04:12.630 --> 00:04:12.640 align:start position:0% within a a certain 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NV is attracted so GMA is<00:04:20.079> a<00:04:20.199> state<00:04:20.440> transition<00:04:20.959> function<00:04:21.359> it's 00:04:21.550 --> 00:04:21.560 align:start position:0% is a state transition function it's 00:04:21.560 --> 00:04:23.510 align:start position:0% is a state transition function it's publicly<00:04:21.919> known<00:04:22.240> the<00:04:22.360> extractor<00:04:22.759> can<00:04:23.160> alter 00:04:23.510 --> 00:04:23.520 align:start position:0% publicly known the extractor can alter 00:04:23.520 --> 00:04:26.310 align:start position:0% publicly known the extractor can alter it<00:04:24.440> um<00:04:24.600> and<00:04:24.759> what<00:04:24.840> it<00:04:25.000> says<00:04:25.360> is<00:04:26.120> which 00:04:26.310 --> 00:04:26.320 align:start position:0% it um and what it says is which 00:04:26.320 --> 00:04:27.749 align:start position:0% it um and what it says is which transaction<00:04:27.120> sorry<00:04:27.400> which<00:04:27.520> state 00:04:27.749 --> 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align:start position:0% transaction in a state transition function<00:04:32.840> and<00:04:33.000> obtain<00:04:33.320> a<00:04:33.520> valid<00:04:33.800> State 00:04:34.350 --> 00:04:34.360 align:start position:0% function and obtain a valid State 00:04:34.360 --> 00:04:36.830 align:start position:0% function and obtain a valid State transition<00:04:35.360> s<00:04:35.680> here<00:04:35.840> is<00:04:35.960> the<00:04:36.120> state<00:04:36.440> of<00:04:36.639> the 00:04:36.830 --> 00:04:36.840 align:start position:0% transition s here is the state of the 00:04:36.840 --> 00:04:38.510 align:start position:0% transition s here is the state of the previous<00:04:37.199> block<00:04:37.680> which<00:04:37.800> is<00:04:37.919> also<00:04:38.160> publicly 00:04:38.510 --> 00:04:38.520 align:start position:0% previous block which is also publicly 00:04:38.520 --> 00:04:41.070 align:start position:0% previous block which is also publicly known<00:04:39.440> and<00:04:39.639> T<00:04:40.160> is<00:04:40.280> an<00:04:40.440> ordered<00:04:40.800> list<00:04:40.960> of 00:04:41.070 --> 00:04:41.080 align:start position:0% known and T is an ordered list of 00:04:41.080 --> 00:04:42.990 align:start position:0% known and T is an ordered list of transactions<00:04:41.639> that<00:04:41.759> the<00:04:41.880> extractor<00:04:42.400> inserts 00:04:42.990 --> 00:04:43.000 align:start position:0% transactions that the extractor inserts 00:04:43.000 --> 00:04:45.230 align:start position:0% transactions that the extractor inserts into<00:04:43.479> the<00:04:43.600> state<00:04:43.840> transition<00:04:44.320> function<00:04:45.000> to 00:04:45.230 --> 00:04:45.240 align:start position:0% into the state transition function to 00:04:45.240 --> 00:04:46.950 align:start position:0% into the state transition function to obtain<00:04:45.680> some<00:04:45.880> S<00:04:46.120> Prime<00:04:46.400> which<00:04:46.520> is<00:04:46.600> the<00:04:46.720> new 00:04:46.950 --> 00:04:46.960 align:start position:0% obtain some S Prime which is the new 00:04:46.960 --> 00:04:49.150 align:start position:0% obtain some S Prime which is the new state<00:04:47.800> the<00:04:47.960> extractor<00:04:48.400> in<00:04:48.560> principle<00:04:48.960> has 00:04:49.150 --> 00:04:49.160 align:start position:0% state the extractor in principle has 00:04:49.160 --> 00:04:51.430 align:start position:0% state the extractor in principle has full<00:04:49.400> control<00:04:49.800> over<00:04:50.039> this<00:04:50.240> T<00:04:50.880> and<00:04:51.039> this<00:04:51.160> is<00:04:51.280> the 00:04:51.430 --> 00:04:51.440 align:start position:0% full control over this T and this is the 00:04:51.440 --> 00:04:54.230 align:start position:0% full control over this T and this is the key<00:04:51.639> part<00:04:51.880> where<00:04:52.080> we'll<00:04:52.280> try<00:04:52.479> to<00:04:53.440> align<00:04:53.840> values 00:04:54.230 --> 00:04:54.240 align:start position:0% key part where we'll try to align values 00:04:54.240 --> 00:04:56.430 align:start position:0% key part where we'll try to align values by<00:04:54.400> getting<00:04:54.680> more<00:04:54.919> information<00:04:55.400> about<00:04:55.600> T<00:04:56.240> and 00:04:56.430 --> 00:04:56.440 align:start position:0% by getting more information about T and 00:04:56.440 --> 00:04:58.469 align:start position:0% by getting more information about T and then<00:04:56.960> making<00:04:57.360> an<00:04:57.520> opinionated<00:04:58.080> choice<00:04:58.320> on 00:04:58.469 --> 00:04:58.479 align:start position:0% then making an opinionated choice on 00:04:58.479 --> 00:05:01.270 align:start position:0% then making an opinionated choice on what<00:04:58.639> T<00:04:58.840> should<00:04:59.039> be 00:05:01.270 --> 00:05:01.280 align:start position:0% what T should be 00:05:01.280 --> 00:05:04.270 align:start position:0% what T should be so<00:05:01.680> if<00:05:01.840> we<00:05:02.039> map<00:05:02.800> uh<00:05:02.960> the<00:05:03.120> states<00:05:03.720> that<00:05:04.039> that<00:05:04.160> you 00:05:04.270 --> 00:05:04.280 align:start position:0% so if we map uh the states that that you 00:05:04.280 --> 00:05:06.550 align:start position:0% so if we map uh the states that that you could<00:05:04.479> enter<00:05:04.919> into<00:05:05.680> uh<00:05:05.919> which<00:05:06.039> is<00:05:06.199> very<00:05:06.400> high 00:05:06.550 --> 00:05:06.560 align:start position:0% could enter into uh which is very high 00:05:06.560 --> 00:05:07.830 align:start position:0% could enter into uh which is very high dimensional<00:05:07.039> it<00:05:07.160> contains<00:05:07.479> all<00:05:07.600> of<00:05:07.720> the 00:05:07.830 --> 00:05:07.840 align:start position:0% dimensional it contains all of the 00:05:07.840 --> 00:05:09.590 align:start position:0% dimensional it contains all of the account<00:05:08.080> and<00:05:08.199> all<00:05:08.320> of<00:05:08.400> the<00:05:08.520> balances<00:05:09.240> into<00:05:09.479> a 00:05:09.590 --> 00:05:09.600 align:start position:0% account and all of the balances into a 00:05:09.600 --> 00:05:11.230 align:start position:0% account and all of the balances into a two-dimensional<00:05:10.199> plane<00:05:10.520> with<00:05:10.720> just<00:05:10.919> private 00:05:11.230 --> 00:05:11.240 align:start position:0% two-dimensional plane with just private 00:05:11.240 --> 00:05:13.550 align:start position:0% two-dimensional plane with just private benefits<00:05:11.560> and<00:05:11.759> social<00:05:12.080> benefits<00:05:12.960> you<00:05:13.080> may<00:05:13.280> see 00:05:13.550 --> 00:05:13.560 align:start position:0% benefits and social benefits you may see 00:05:13.560 --> 00:05:15.390 align:start position:0% benefits and social benefits you may see that<00:05:13.800> SAR<00:05:14.560> which<00:05:14.680> would<00:05:14.840> be<00:05:14.960> the<00:05:15.080> optimal 00:05:15.390 --> 00:05:15.400 align:start position:0% that SAR which would be the optimal 00:05:15.400 --> 00:05:19.029 align:start position:0% that SAR which would be the optimal solution<00:05:16.199> that<00:05:16.360> some<00:05:16.720> extractor<00:05:17.720> uh<00:05:18.039> employs 00:05:19.029 --> 00:05:19.039 align:start position:0% solution that some extractor uh employs 00:05:19.039 --> 00:05:20.510 align:start position:0% solution that some extractor uh employs uh<00:05:19.199> should<00:05:19.440> rank<00:05:19.759> very<00:05:19.960> high<00:05:20.080> on<00:05:20.240> private 00:05:20.510 --> 00:05:20.520 align:start position:0% uh should rank very high on private 00:05:20.520 --> 00:05:23.029 align:start position:0% uh should rank very high on private benefits<00:05:21.000> this<00:05:21.120> is<00:05:21.280> clear<00:05:21.720> because<00:05:22.680> um<00:05:22.919> this 00:05:23.029 --> 00:05:23.039 align:start position:0% benefits this is clear because um this 00:05:23.039 --> 00:05:24.309 align:start position:0% benefits this is clear because um this is<00:05:23.160> the<00:05:23.319> objective<00:05:23.759> function<00:05:24.039> of<00:05:24.160> the 00:05:24.309 --> 00:05:24.319 align:start position:0% is the objective function of the 00:05:24.319 --> 00:05:25.710 align:start position:0% is the objective function of the extractor<00:05:24.800> there's<00:05:25.000> no<00:05:25.160> objective<00:05:25.520> to 00:05:25.710 --> 00:05:25.720 align:start position:0% extractor there's no objective to 00:05:25.720 --> 00:05:27.629 align:start position:0% extractor there's no objective to maximize<00:05:26.160> social<00:05:26.440> benefits<00:05:26.800> in<00:05:26.960> principle 00:05:27.629 --> 00:05:27.639 align:start position:0% maximize social benefits in principle 00:05:27.639 --> 00:05:29.390 align:start position:0% maximize social benefits in principle but<00:05:27.800> perhaps<00:05:28.120> there<00:05:28.240> is<00:05:28.400> some<00:05:28.639> social<00:05:28.919> benefit 00:05:29.390 --> 00:05:29.400 align:start position:0% but perhaps there is some social benefit 00:05:29.400 --> 00:05:31.710 align:start position:0% but perhaps there is some social benefit here<00:05:29.759> is<00:05:29.919> relatively<00:05:30.759> low<00:05:31.080> but<00:05:31.199> it<00:05:31.319> could<00:05:31.520> be 00:05:31.710 --> 00:05:31.720 align:start position:0% here is relatively low but it could be 00:05:31.720 --> 00:05:33.670 align:start position:0% here is relatively low but it could be higher<00:05:32.600> uh<00:05:32.840> the<00:05:33.039> the<00:05:33.160> values<00:05:33.440> don't 00:05:33.670 --> 00:05:33.680 align:start position:0% higher uh the the values don't 00:05:33.680 --> 00:05:35.430 align:start position:0% higher uh the the values don't necessarily<00:05:34.199> have<00:05:34.319> to<00:05:34.440> be 00:05:35.430 --> 00:05:35.440 align:start position:0% necessarily have to be 00:05:35.440 --> 00:05:37.590 align:start position:0% necessarily have to be underlined<00:05:36.440> the<00:05:36.639> key<00:05:36.880> problem<00:05:37.199> here<00:05:37.400> though 00:05:37.590 --> 00:05:37.600 align:start position:0% underlined the key problem here though 00:05:37.600 --> 00:05:39.430 align:start position:0% underlined the key problem here though is<00:05:37.720> that<00:05:37.880> ethereum<00:05:38.280> doesn't<00:05:38.639> know<00:05:39.199> what<00:05:39.319> the 00:05:39.430 --> 00:05:39.440 align:start position:0% is that ethereum doesn't know what the 00:05:39.440 --> 00:05:41.390 align:start position:0% is that ethereum doesn't know what the social<00:05:39.720> benefit<00:05:40.240> is<00:05:40.560> and<00:05:40.800> what<00:05:40.960> Which<00:05:41.120> social 00:05:41.390 --> 00:05:41.400 align:start position:0% social benefit is and what Which social 00:05:41.400 --> 00:05:43.230 align:start position:0% social benefit is and what Which social benefits<00:05:41.720> are<00:05:41.880> possible<00:05:42.720> this<00:05:42.800> is<00:05:43.000> because 00:05:43.230 --> 00:05:43.240 align:start position:0% benefits are possible this is because 00:05:43.240 --> 00:05:45.070 align:start position:0% benefits are possible this is because ethereum<00:05:43.680> has<00:05:43.880> no<00:05:44.120> knowledge<00:05:44.479> about<00:05:44.720> the 00:05:45.070 --> 00:05:45.080 align:start position:0% ethereum has no knowledge about the 00:05:45.080 --> 00:05:46.790 align:start position:0% ethereum has no knowledge about the external<00:05:45.400> states<00:05:45.680> of<00:05:45.800> the<00:05:45.919> world<00:05:46.319> except<00:05:46.600> for 00:05:46.790 --> 00:05:46.800 align:start position:0% external states of the world except for 00:05:46.800 --> 00:05:49.469 align:start position:0% external states of the world except for the<00:05:46.960> T<00:05:47.360> that<00:05:47.479> was<00:05:47.639> inputed<00:05:48.160> by<00:05:48.360> this<00:05:48.560> extractor 00:05:49.469 --> 00:05:49.479 align:start position:0% the T that was inputed by this extractor 00:05:49.479 --> 00:05:50.749 align:start position:0% the T that was inputed by this extractor and<00:05:49.600> since<00:05:49.840> this<00:05:50.000> extractor<00:05:50.400> doesn't<00:05:50.639> have 00:05:50.749 --> 00:05:50.759 align:start position:0% and since this extractor doesn't have 00:05:50.759 --> 00:05:52.990 align:start position:0% and since this extractor doesn't have the<00:05:50.880> same<00:05:51.120> values<00:05:52.039> um<00:05:52.199> it<00:05:52.319> can't<00:05:52.600> really<00:05:52.759> know 00:05:52.990 --> 00:05:53.000 align:start position:0% the same values um it can't really know 00:05:53.000 --> 00:05:55.469 align:start position:0% the same values um it can't really know what<00:05:53.120> the<00:05:53.280> social<00:05:53.560> benefits<00:05:54.000> are<00:05:54.800> so<00:05:55.199> on<00:05:55.319> a 00:05:55.469 --> 00:05:55.479 align:start position:0% what the social benefits are so on a 00:05:55.479 --> 00:05:57.990 align:start position:0% what the social benefits are so on a high<00:05:55.680> level<00:05:56.000> the<00:05:56.160> idea<00:05:56.680> of<00:05:57.160> the<00:05:57.319> current<00:05:57.639> ways 00:05:57.990 --> 00:05:58.000 align:start position:0% high level the idea of the current ways 00:05:58.000 --> 00:06:00.670 align:start position:0% high level the idea of the current ways to<00:05:58.400> to<00:05:58.880> increase<00:05:59.240> C<00:05:59.680> resistance<00:06:00.120> is<00:06:00.280> by<00:06:00.520> first 00:06:00.670 --> 00:06:00.680 align:start position:0% to to increase C resistance is by first 00:06:00.680 --> 00:06:02.590 align:start position:0% to to increase C resistance is by first of<00:06:00.759> all<00:06:00.919> making<00:06:01.160> this<00:06:01.319> more<00:06:01.479> legible<00:06:02.360> so<00:06:02.520> you 00:06:02.590 --> 00:06:02.600 align:start position:0% of all making this more legible so you 00:06:02.600 --> 00:06:04.070 align:start position:0% of all making this more legible so you could<00:06:02.840> think<00:06:03.039> of<00:06:03.240> for<00:06:03.400> example<00:06:03.800> having 00:06:04.070 --> 00:06:04.080 align:start position:0% could think of for example having 00:06:04.080 --> 00:06:07.029 align:start position:0% could think of for example having multiple<00:06:04.600> inputs<00:06:05.400> into<00:06:05.680> t<00:06:06.639> uh<00:06:06.759> and<00:06:06.880> not 00:06:07.029 --> 00:06:07.039 align:start position:0% multiple inputs into t uh and not 00:06:07.039 --> 00:06:08.909 align:start position:0% multiple inputs into t uh and not necessarily<00:06:07.440> acting<00:06:07.759> up<00:06:07.919> on<00:06:08.120> it<00:06:08.639> uh<00:06:08.759> just 00:06:08.909 --> 00:06:08.919 align:start position:0% necessarily acting up on it uh just 00:06:08.919 --> 00:06:10.469 align:start position:0% necessarily acting up on it uh just making<00:06:09.160> it<00:06:09.319> more<00:06:09.479> legible<00:06:09.960> in<00:06:10.080> the<00:06:10.199> first 00:06:10.469 --> 00:06:10.479 align:start position:0% making it more legible in the first 00:06:10.479 --> 00:06:13.029 align:start position:0% making it more legible in the first place<00:06:10.960> so<00:06:11.160> the<00:06:11.319> red<00:06:11.599> part<00:06:11.919> here<00:06:12.319> is<00:06:12.560> some<00:06:12.720> State 00:06:13.029 --> 00:06:13.039 align:start position:0% place so the red part here is some State 00:06:13.039 --> 00:06:14.790 align:start position:0% place so the red part here is some State transitions<00:06:13.520> that<00:06:13.599> are<00:06:13.840> very<00:06:14.080> undesirable 00:06:14.790 --> 00:06:14.800 align:start position:0% transitions that are very undesirable 00:06:14.800 --> 00:06:17.029 align:start position:0% transitions that are very undesirable from<00:06:14.960> the<00:06:15.080> social<00:06:15.400> benefit<00:06:16.120> uh<00:06:16.240> point<00:06:16.440> of<00:06:16.599> view 00:06:17.029 --> 00:06:17.039 align:start position:0% from the social benefit uh point of view 00:06:17.039 --> 00:06:18.790 align:start position:0% from the social benefit uh point of view the<00:06:17.160> orange<00:06:17.479> part<00:06:17.680> is<00:06:17.800> maybe<00:06:18.080> more<00:06:18.280> desirable 00:06:18.790 --> 00:06:18.800 align:start position:0% the orange part is maybe more desirable 00:06:18.800 --> 00:06:20.830 align:start position:0% the orange part is maybe more desirable the<00:06:18.880> green<00:06:19.160> part<00:06:19.400> is<00:06:19.800> good<00:06:20.400> and<00:06:20.520> the<00:06:20.639> dark 00:06:20.830 --> 00:06:20.840 align:start position:0% the green part is good and the dark 00:06:20.840 --> 00:06:23.350 align:start position:0% the green part is good and the dark green<00:06:21.080> part<00:06:21.280> is<00:06:21.360> with<00:06:21.560> ethereum<00:06:21.919> views<00:06:22.160> as<00:06:22.360> the 00:06:23.350 --> 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that it's perfect you can see that 00:06:30.039 --> 00:06:32.350 align:start position:0% mean that it's perfect you can see that the<00:06:30.120> dark<00:06:30.360> green<00:06:30.639> parts<00:06:30.880> for<00:06:31.039> example<00:06:32.039> has<00:06:32.199> the 00:06:32.350 --> 00:06:32.360 align:start position:0% the dark green parts for example has the 00:06:32.360 --> 00:06:34.270 align:start position:0% the dark green parts for example has the same<00:06:32.520> social<00:06:32.919> benefit<00:06:33.280> as<00:06:33.440> some<00:06:33.639> parts<00:06:33.919> above 00:06:34.270 --> 00:06:34.280 align:start position:0% same social benefit as some parts above 00:06:34.280 --> 00:06:36.270 align:start position:0% same social benefit as some parts above and<00:06:34.440> under<00:06:34.720> it<00:06:35.400> uh<00:06:35.479> yet<00:06:35.720> ethereum<00:06:36.120> the 00:06:36.270 --> 00:06:36.280 align:start position:0% and under it uh yet ethereum the 00:06:36.280 --> 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--> 00:06:52.070 align:start position:0% some constraints so you could think as ethereum<00:06:50.319> saying<00:06:50.759> okay<00:06:50.919> we've<00:06:51.120> seen<00:06:51.599> now<00:06:51.880> some 00:06:52.070 --> 00:06:52.080 align:start position:0% ethereum saying okay we've seen now some 00:06:52.080 --> 00:06:54.469 align:start position:0% ethereum saying okay we've seen now some of<00:06:52.319> these<00:06:53.120> um<00:06:53.360> these<00:06:53.599> possible<00:06:53.919> states<00:06:54.240> of<00:06:54.360> the 00:06:54.469 --> 00:06:54.479 align:start position:0% of these um these possible states of the 00:06:54.479 --> 00:06:56.869 align:start position:0% of these um these possible states of the world<00:06:55.240> uh<00:06:55.360> and<00:06:55.560> we<00:06:55.800> for<00:06:55.960> sure<00:06:56.240> do<00:06:56.400> not<00:06:56.560> want<00:06:56.720> you 00:06:56.869 --> 00:06:56.879 align:start position:0% world uh and we for sure do not want you 00:06:56.879 --> 00:06:59.749 align:start position:0% world uh and we for sure do not want you to<00:06:57.039> go<00:06:57.280> into<00:06:57.520> this<00:06:57.720> red<00:06:58.039> and<00:06:58.280> this<00:06:58.479> Orange<00:06:58.840> area 00:06:59.749 --> 00:06:59.759 align:start position:0% to go into this red and this Orange area 00:06:59.759 --> 00:07:01.830 align:start position:0% to go into this red and this Orange area and<00:07:00.160> maybe<00:07:00.520> we<00:07:00.840> we're<00:07:00.960> not<00:07:01.080> so<00:07:01.280> careful<00:07:01.599> and<00:07:01.720> we 00:07:01.830 --> 00:07:01.840 align:start position:0% and maybe we we're not so careful and we 00:07:01.840 --> 00:07:03.589 align:start position:0% and maybe we we're not so careful and we cut<00:07:02.080> off<00:07:02.240> some<00:07:02.360> of<00:07:02.479> the<00:07:02.560> green<00:07:02.840> area<00:07:03.160> as<00:07:03.280> well 00:07:03.589 --> 00:07:03.599 align:start position:0% cut off some of the green area as well 00:07:03.599 --> 00:07:05.110 align:start position:0% cut off some of the green area as well it's<00:07:03.759> very<00:07:03.919> hard<00:07:04.120> to<00:07:04.240> make<00:07:04.440> constraints<00:07:05.000> that 00:07:05.110 --> 00:07:05.120 align:start position:0% it's very hard to make constraints that 00:07:05.120 --> 00:07:07.550 align:start position:0% it's very hard to make constraints that are<00:07:05.919> uh<00:07:06.039> binding<00:07:06.440> at<00:07:06.720> the<00:07:06.879> exact<00:07:07.160> points<00:07:07.400> that 00:07:07.550 --> 00:07:07.560 align:start position:0% are uh binding at the exact points that 00:07:07.560 --> 00:07:09.909 align:start position:0% are uh binding at the exact points that we<00:07:07.720> want<00:07:08.440> uh<00:07:08.560> and<00:07:08.720> achieve<00:07:09.039> the<00:07:09.199> right<00:07:09.400> goals 00:07:09.909 --> 00:07:09.919 align:start position:0% we want uh and achieve the right goals 00:07:09.919 --> 00:07:11.430 align:start position:0% we want uh and achieve the right goals and<00:07:10.039> you<00:07:10.120> can<00:07:10.280> see<00:07:10.479> as<00:07:10.599> well<00:07:10.800> that's<00:07:11.039> in<00:07:11.199> this 00:07:11.430 --> 00:07:11.440 align:start position:0% and you can see as well that's in this 00:07:11.440 --> 00:07:13.869 align:start position:0% and you can see as well that's in this in<00:07:11.560> this<00:07:11.800> very<00:07:12.400> stylized<00:07:12.879> example<00:07:13.160> I<00:07:13.240> must<00:07:13.479> say 00:07:13.869 --> 00:07:13.879 align:start position:0% in this very stylized example I must say 00:07:13.879 --> 00:07:15.629 align:start position:0% in this very stylized example I must say there's<00:07:14.039> a<00:07:14.360> straight<00:07:14.720> line<00:07:15.080> it's<00:07:15.440> difficult 00:07:15.629 --> 00:07:15.639 align:start position:0% there's a straight line it's difficult 00:07:15.639 --> 00:07:17.430 align:start position:0% there's a straight line it's difficult to<00:07:15.800> make<00:07:16.319> uh<00:07:16.479> constraints<00:07:16.960> that<00:07:17.080> are<00:07:17.240> more 00:07:17.430 --> 00:07:17.440 align:start position:0% to make uh constraints that are more 00:07:17.440 --> 00:07:20.589 align:start position:0% to make uh constraints that are more bounded<00:07:17.879> around<00:07:18.160> for<00:07:18.319> example<00:07:18.639> circles<00:07:19.280> or<00:07:20.280> um 00:07:20.589 --> 00:07:20.599 align:start position:0% bounded around for example circles or um 00:07:20.599 --> 00:07:23.150 align:start position:0% bounded around for example circles or um that<00:07:20.800> have<00:07:21.000> more<00:07:21.720> nuances<00:07:22.720> uh<00:07:22.800> because<00:07:23.000> if 00:07:23.150 --> 00:07:23.160 align:start position:0% that have more nuances uh because if 00:07:23.160 --> 00:07:26.270 align:start position:0% that have more nuances uh because if theorum<00:07:23.479> has<00:07:23.639> to<00:07:23.919> remain<00:07:24.120> very<00:07:24.319> neutral<00:07:25.000> so<00:07:26.000> um 00:07:26.270 --> 00:07:26.280 align:start position:0% theorum has to remain very neutral so um 00:07:26.280 --> 00:07:28.629 align:start position:0% theorum has to remain very neutral so um it<00:07:26.440> it<00:07:26.560> cannot<00:07:26.960> it<00:07:27.039> can<00:07:27.160> only<00:07:27.400> cut<00:07:27.639> off<00:07:28.440> um 00:07:28.629 --> 00:07:28.639 align:start position:0% it it cannot it can only cut off um 00:07:28.639 --> 00:07:30.430 align:start position:0% it it cannot it can only cut off um parts<00:07:28.919> of<00:07:29.080> the<00:07:29.280> p<00:07:29.520> mble<00:07:29.800> states<00:07:30.120> that<00:07:30.240> are 00:07:30.430 --> 00:07:30.440 align:start position:0% parts of the p mble states that are 00:07:30.440 --> 00:07:32.589 align:start position:0% parts of the p mble states that are obviously<00:07:30.960> bad<00:07:31.520> and<00:07:31.639> cutting<00:07:32.000> us<00:07:32.280> parts<00:07:32.520> of 00:07:32.589 --> 00:07:32.599 align:start position:0% obviously bad and cutting us parts of 00:07:32.599 --> 00:07:34.469 align:start position:0% obviously bad and cutting us parts of the<00:07:32.759> state<00:07:33.000> that<00:07:33.120> are<00:07:33.680> potentially<00:07:34.160> good<00:07:34.360> in 00:07:34.469 --> 00:07:34.479 align:start position:0% the state that are potentially good in 00:07:34.479 --> 00:07:37.510 align:start position:0% the state that are potentially good in some<00:07:34.759> future<00:07:35.160> would<00:07:35.319> be<00:07:35.840> uh<00:07:36.039> bad<00:07:36.319> for 00:07:37.510 --> 00:07:37.520 align:start position:0% some future would be uh bad for 00:07:37.520 --> 00:07:39.749 align:start position:0% some future would be uh bad for neutrality<00:07:38.520> so<00:07:38.720> now<00:07:38.840> I'll<00:07:39.039> go<00:07:39.240> through<00:07:39.440> some 00:07:39.749 --> 00:07:39.759 align:start position:0% neutrality so now I'll go through some 00:07:39.759 --> 00:07:41.550 align:start position:0% neutrality so now I'll go through some case<00:07:40.000> studies<00:07:40.520> the<00:07:40.599> first<00:07:40.800> one<00:07:40.919> is<00:07:41.080> inclusion 00:07:41.550 --> 00:07:41.560 align:start position:0% case studies the first one is inclusion 00:07:41.560 --> 00:07:44.469 align:start position:0% case studies the first one is inclusion lists<00:07:42.240> we<00:07:42.400> have<00:07:42.599> an<00:07:42.879> Erp<00:07:43.360> out<00:07:43.639> for<00:07:43.879> fossil 00:07:44.469 --> 00:07:44.479 align:start position:0% lists we have an Erp out for fossil 00:07:44.479 --> 00:07:47.390 align:start position:0% lists we have an Erp out for fossil which<00:07:44.599> is<00:07:44.720> Erp<00:07:45.560> 7805<00:07:46.560> which<00:07:46.680> is<00:07:46.800> our<00:07:46.960> inclusion 00:07:47.390 --> 00:07:47.400 align:start position:0% which is Erp 7805 which is our inclusion 00:07:47.400 --> 00:07:50.749 align:start position:0% which is Erp 7805 which is our inclusion list<00:07:47.919> design<00:07:48.919> the<00:07:49.159> high<00:07:50.120> uh<00:07:50.240> the<00:07:50.400> high<00:07:50.560> level 00:07:50.749 --> 00:07:50.759 align:start position:0% list design the high uh the high level 00:07:50.759 --> 00:07:52.309 align:start position:0% list design the high uh the high level design<00:07:51.039> philosophy<00:07:51.479> behind<00:07:51.720> inclusion<00:07:52.120> list 00:07:52.309 --> 00:07:52.319 align:start position:0% design philosophy behind inclusion list 00:07:52.319 --> 00:07:53.909 align:start position:0% design philosophy behind inclusion list is<00:07:52.400> that<00:07:52.520> we<00:07:52.680> allow<00:07:53.440> uh<00:07:53.639> the<00:07:53.720> most 00:07:53.909 --> 00:07:53.919 align:start position:0% is that we allow uh the most 00:07:53.919 --> 00:07:55.550 align:start position:0% is that we allow uh the most decentralized<00:07:54.599> sets<00:07:54.759> of<00:07:54.960> participants<00:07:55.440> that 00:07:55.550 --> 00:07:55.560 align:start position:0% decentralized sets of participants that 00:07:55.560 --> 00:07:57.350 align:start position:0% decentralized sets of participants that has<00:07:55.720> some<00:07:55.960> input<00:07:56.280> into<00:07:56.520> centralized<00:07:56.960> block 00:07:57.350 --> 00:07:57.360 align:start position:0% has some input into centralized block 00:07:57.360 --> 00:07:59.189 align:start position:0% has some input into centralized block construction<00:07:58.360> uh<00:07:58.479> and<00:07:58.599> the<00:07:58.680> idea<00:07:58.919> is<00:07:59.000> that<00:07:59.120> the 00:07:59.189 --> 00:07:59.199 align:start position:0% construction uh and the idea is that the 00:07:59.199 --> 00:08:01.390 align:start position:0% construction uh and the idea is that the include<00:07:59.800> shouldn't<00:08:00.159> be<00:08:00.319> able<00:08:00.479> to<00:08:00.639> attract<00:08:01.039> any 00:08:01.390 --> 00:08:01.400 align:start position:0% include shouldn't be able to attract any 00:08:01.400 --> 00:08:04.270 align:start position:0% include shouldn't be able to attract any any<00:08:01.599> me<00:08:02.520> so<00:08:03.080> uh<00:08:03.199> we<00:08:03.319> do<00:08:03.520> this<00:08:03.720> because<00:08:03.919> it<00:08:04.120> kind 00:08:04.270 --> 00:08:04.280 align:start position:0% any me so uh we do this because it kind 00:08:04.280 --> 00:08:06.469 align:start position:0% any me so uh we do this because it kind of<00:08:04.440> aligns<00:08:04.879> the<00:08:05.080> private<00:08:05.840> benefits<00:08:06.280> and<00:08:06.360> the 00:08:06.469 --> 00:08:06.479 align:start position:0% of aligns the private benefits and the 00:08:06.479 --> 00:08:07.909 align:start position:0% of aligns the private benefits and the social<00:08:06.759> benefits<00:08:07.120> of<00:08:07.240> the<00:08:07.360> inclusionist 00:08:07.909 --> 00:08:07.919 align:start position:0% social benefits of the inclusionist 00:08:07.919 --> 00:08:10.110 align:start position:0% social benefits of the inclusionist Creator<00:08:08.400> and<00:08:08.520> of<00:08:08.639> the<00:08:08.759> interian<00:08:09.159> protocol<00:08:10.000> if 00:08:10.110 --> 00:08:10.120 align:start position:0% Creator and of the interian protocol if 00:08:10.120 --> 00:08:11.670 align:start position:0% Creator and of the interian protocol if the<00:08:10.240> inclusionist<00:08:10.720> Creator<00:08:11.080> were<00:08:11.280> able<00:08:11.479> to 00:08:11.670 --> 00:08:11.680 align:start position:0% the inclusionist Creator were able to 00:08:11.680 --> 00:08:14.110 align:start position:0% the inclusionist Creator were able to exract<00:08:12.039> me<00:08:12.440> then<00:08:12.560> it<00:08:12.639> would<00:08:12.840> probably<00:08:13.159> do<00:08:13.360> so 00:08:14.110 --> 00:08:14.120 align:start position:0% exract me then it would probably do so 00:08:14.120 --> 00:08:16.589 align:start position:0% exract me then it would probably do so and<00:08:14.360> we<00:08:14.720> observe<00:08:15.159> that<00:08:15.360> M<00:08:15.800> leads<00:08:16.039> to<00:08:16.199> some 00:08:16.589 --> 00:08:16.599 align:start position:0% and we observe that M leads to some 00:08:16.599 --> 00:08:18.510 align:start position:0% and we observe that M leads to some centralization<00:08:17.599> uh<00:08:17.680> and<00:08:17.800> makes<00:08:17.960> it<00:08:18.360> difficult 00:08:18.510 --> 00:08:18.520 align:start position:0% centralization uh and makes it difficult 00:08:18.520 --> 00:08:20.309 align:start position:0% centralization uh and makes it difficult to<00:08:18.680> ensure<00:08:19.000> that<00:08:19.159> we<00:08:19.319> don't<00:08:19.599> have<00:08:19.800> these<00:08:20.039> sorts 00:08:20.309 --> 00:08:20.319 align:start position:0% to ensure that we don't have these sorts 00:08:20.319 --> 00:08:22.350 align:start position:0% to ensure that we don't have these sorts of<00:08:20.520> economic<00:08:21.080> accidental<00:08:21.639> or<00:08:21.840> regulatory 00:08:22.350 --> 00:08:22.360 align:start position:0% of economic accidental or regulatory 00:08:22.360 --> 00:08:24.390 align:start position:0% of economic accidental or regulatory censorship<00:08:23.280> so<00:08:23.479> the<00:08:23.599> goal<00:08:23.720> of<00:08:23.800> inclusion<00:08:24.159> list 00:08:24.390 --> 00:08:24.400 align:start position:0% censorship so the goal of inclusion list 00:08:24.400 --> 00:08:26.390 align:start position:0% censorship so the goal of inclusion list is<00:08:24.520> to<00:08:24.680> increase<00:08:25.000> the<00:08:25.120> chain<00:08:25.360> neutrality<00:08:26.280> and 00:08:26.390 --> 00:08:26.400 align:start position:0% is to increase the chain neutrality and 00:08:26.400 --> 00:08:27.790 align:start position:0% is to increase the chain neutrality and we<00:08:26.479> do<00:08:26.639> this<00:08:26.800> by<00:08:26.960> having<00:08:27.199> some<00:08:27.400> list<00:08:27.639> of 00:08:27.790 --> 00:08:27.800 align:start position:0% we do this by having some list of 00:08:27.800 --> 00:08:29.589 align:start position:0% we do this by having some list of transaction<00:08:28.319> that<00:08:28.520> constrains<00:08:29.080> how<00:08:29.240> the 00:08:29.589 --> 00:08:29.599 align:start position:0% transaction that constrains how the 00:08:29.599 --> 00:08:31.829 align:start position:0% transaction that constrains how the execution<00:08:30.080> payload<00:08:30.479> is 00:08:31.829 --> 00:08:31.839 align:start position:0% execution payload is 00:08:31.839 --> 00:08:34.190 align:start position:0% execution payload is created<00:08:32.839> and<00:08:33.200> this<00:08:33.360> gets<00:08:33.560> us<00:08:33.719> at<00:08:33.839> the<00:08:33.959> notion 00:08:34.190 --> 00:08:34.200 align:start position:0% created and this gets us at the notion 00:08:34.200 --> 00:08:36.070 align:start position:0% created and this gets us at the notion of<00:08:34.360> unability<00:08:35.000> which<00:08:35.399> is<00:08:35.560> one<00:08:35.680> of<00:08:35.800> the<00:08:35.880> main 00:08:36.070 --> 00:08:36.080 align:start position:0% of unability which is one of the main 00:08:36.080 --> 00:08:39.469 align:start position:0% of unability which is one of the main points<00:08:36.320> of<00:08:36.479> the<00:08:36.599> talk<00:08:37.360> unability<00:08:38.039> is<00:08:39.039> um<00:08:39.360> is 00:08:39.469 --> 00:08:39.479 align:start position:0% points of the talk unability is um is 00:08:39.479 --> 00:08:40.790 align:start position:0% points of the talk unability is um is something<00:08:39.760> that<00:08:39.880> we're<00:08:40.039> trying<00:08:40.240> to<00:08:40.399> explore 00:08:40.790 --> 00:08:40.800 align:start position:0% something that we're trying to explore 00:08:40.800 --> 00:08:42.870 align:start position:0% something that we're trying to explore more<00:08:41.519> uh<00:08:41.640> and<00:08:41.719> it<00:08:41.919> informal<00:08:42.360> definition<00:08:42.760> would 00:08:42.870 --> 00:08:42.880 align:start position:0% more uh and it informal definition would 00:08:42.880 --> 00:08:44.430 align:start position:0% more uh and it informal definition would be<00:08:43.039> that<00:08:43.200> the<00:08:43.279> inclusion<00:08:43.680> list<00:08:43.839> creates<00:08:44.200> more 00:08:44.430 --> 00:08:44.440 align:start position:0% be that the inclusion list creates more 00:08:44.440 --> 00:08:46.110 align:start position:0% be that the inclusion list creates more value<00:08:44.680> for<00:08:44.839> the<00:08:44.920> inclusion<00:08:45.279> list<00:08:45.480> Creator<00:08:45.959> if 00:08:46.110 --> 00:08:46.120 align:start position:0% value for the inclusion list Creator if 00:08:46.120 --> 00:08:48.829 align:start position:0% value for the inclusion list Creator if used<00:08:46.440> as<00:08:46.600> intended<00:08:47.600> it's<00:08:48.120> very<00:08:48.320> related<00:08:48.680> to 00:08:48.829 --> 00:08:48.839 align:start position:0% used as intended it's very related to 00:08:48.839 --> 00:08:50.750 align:start position:0% used as intended it's very related to incen<00:08:49.160> of<00:08:49.360> compatibility<00:08:50.120> but<00:08:50.320> incen<00:08:50.600> of 00:08:50.750 --> 00:08:50.760 align:start position:0% incen of compatibility but incen of 00:08:50.760 --> 00:08:52.350 align:start position:0% incen of compatibility but incen of compatibility<00:08:51.399> assumes<00:08:51.760> that<00:08:51.920> you<00:08:52.040> know 00:08:52.350 --> 00:08:52.360 align:start position:0% compatibility assumes that you know 00:08:52.360 --> 00:08:53.630 align:start position:0% compatibility assumes that you know exactly<00:08:52.760> what<00:08:52.880> point<00:08:53.080> you<00:08:53.160> want<00:08:53.279> to<00:08:53.480> go 00:08:53.630 --> 00:08:53.640 align:start position:0% exactly what point you want to go 00:08:53.640 --> 00:08:55.949 align:start position:0% exactly what point you want to go through<00:08:54.320> and<00:08:54.480> ether<00:08:54.959> protol<00:08:55.440> again<00:08:55.600> has<00:08:55.800> very 00:08:55.949 --> 00:08:55.959 align:start position:0% through and ether protol again has very 00:08:55.959 --> 00:08:57.430 align:start position:0% through and ether protol again has very limited<00:08:56.360> knowledge<00:08:56.680> of<00:08:56.800> the<00:08:56.920> world<00:08:57.240> and<00:08:57.320> it 00:08:57.430 --> 00:08:57.440 align:start position:0% limited knowledge of the world and it 00:08:57.440 --> 00:08:59.509 align:start position:0% limited knowledge of the world and it wants<00:08:57.600> to<00:08:57.720> be<00:08:57.880> very<00:08:58.079> neutral<00:08:58.519> so<00:08:58.720> it<00:08:58.959> may<00:08:59.440> it 00:08:59.509 --> 00:08:59.519 align:start position:0% wants to be very neutral so it may it 00:08:59.519 --> 00:09:01.310 align:start position:0% wants to be very neutral so it may it may<00:08:59.680> prefer<00:08:59.959> to<00:09:00.079> be<00:09:00.200> neutral<00:09:00.720> over<00:09:01.040> getting 00:09:01.310 --> 00:09:01.320 align:start position:0% may prefer to be neutral over getting 00:09:01.320 --> 00:09:03.230 align:start position:0% may prefer to be neutral over getting perfect<00:09:01.640> in<00:09:01.760> sense<00:09:01.959> of<00:09:02.120> compatibility<00:09:03.120> it 00:09:03.230 --> 00:09:03.240 align:start position:0% perfect in sense of compatibility it 00:09:03.240 --> 00:09:04.910 align:start position:0% perfect in sense of compatibility it just<00:09:03.399> doesn't<00:09:03.680> want<00:09:03.920> some<00:09:04.200> very<00:09:04.440> obviously 00:09:04.910 --> 00:09:04.920 align:start position:0% just doesn't want some very obviously 00:09:04.920 --> 00:09:07.470 align:start position:0% just doesn't want some very obviously dominated<00:09:05.519> things<00:09:05.760> to<00:09:05.959> happen<00:09:06.519> for<00:09:06.720> example 00:09:07.470 --> 00:09:07.480 align:start position:0% dominated things to happen for example 00:09:07.480 --> 00:09:09.069 align:start position:0% dominated things to happen for example using<00:09:07.800> the<00:09:07.920> inclusion<00:09:08.320> list<00:09:08.480> for<00:09:08.640> me 00:09:09.069 --> 00:09:09.079 align:start position:0% using the inclusion list for me 00:09:09.079 --> 00:09:11.710 align:start position:0% using the inclusion list for me extraction<00:09:09.720> and<00:09:09.880> maybe<00:09:10.120> less<00:09:10.760> obviously<00:09:11.279> so 00:09:11.710 --> 00:09:11.720 align:start position:0% extraction and maybe less obviously so 00:09:11.720 --> 00:09:13.990 align:start position:0% extraction and maybe less obviously so using<00:09:12.000> it<00:09:12.120> for<00:09:12.279> pre-<00:09:12.560> confirmations<00:09:13.360> which<00:09:13.519> is 00:09:13.990 --> 00:09:14.000 align:start position:0% using it for pre- confirmations which is 00:09:14.000 --> 00:09:15.550 align:start position:0% using it for pre- confirmations which is that<00:09:14.120> the<00:09:14.200> inclusion<00:09:14.600> list<00:09:14.760> Creator<00:09:15.160> tells 00:09:15.550 --> 00:09:15.560 align:start position:0% that the inclusion list Creator tells 00:09:15.560 --> 00:09:17.150 align:start position:0% that the inclusion list Creator tells someone<00:09:16.079> okay<00:09:16.240> if<00:09:16.320> you're<00:09:16.440> in<00:09:16.560> my<00:09:16.720> inclusion 00:09:17.150 --> 00:09:17.160 align:start position:0% someone okay if you're in my inclusion 00:09:17.160 --> 00:09:18.350 align:start position:0% someone okay if you're in my inclusion list<00:09:17.360> you're<00:09:17.560> guaranteed<00:09:17.959> to<00:09:18.079> be<00:09:18.200> in<00:09:18.279> the 00:09:18.350 --> 00:09:18.360 align:start position:0% list you're guaranteed to be in the 00:09:18.360 --> 00:09:20.870 align:start position:0% list you're guaranteed to be in the block<00:09:19.160> uh<00:09:19.320> and<00:09:19.839> you<00:09:19.920> should<00:09:20.160> pay<00:09:20.320> me<00:09:20.440> some<00:09:20.680> fee 00:09:20.870 --> 00:09:20.880 align:start position:0% block uh and you should pay me some fee 00:09:20.880 --> 00:09:23.310 align:start position:0% block uh and you should pay me some fee for<00:09:21.200> this<00:09:22.200> we<00:09:22.320> don't<00:09:22.519> want<00:09:22.720> this<00:09:22.839> to<00:09:23.000> happen 00:09:23.310 --> 00:09:23.320 align:start position:0% for this we don't want this to happen 00:09:23.320 --> 00:09:25.230 align:start position:0% for this we don't want this to happen because<00:09:23.600> we<00:09:23.720> believe<00:09:24.120> that<00:09:24.640> if<00:09:24.839> these<00:09:25.000> sorts 00:09:25.230 --> 00:09:25.240 align:start position:0% because we believe that if these sorts 00:09:25.240 --> 00:09:27.550 align:start position:0% because we believe that if these sorts of<00:09:25.399> markets<00:09:25.839> pop<00:09:26.120> up<00:09:26.440> then<00:09:26.600> we<00:09:26.800> might<00:09:27.120> go<00:09:27.320> into 00:09:27.550 --> 00:09:27.560 align:start position:0% of markets pop up then we might go into 00:09:27.560 --> 00:09:29.389 align:start position:0% of markets pop up then we might go into a<00:09:27.720> similar<00:09:28.120> setting<00:09:28.440> as<00:09:28.600> the<00:09:28.720> MEF<00:09:28.880> boo<00:09:29.120> light 00:09:29.389 --> 00:09:29.399 align:start position:0% a similar setting as the MEF boo light 00:09:29.399 --> 00:09:31.590 align:start position:0% a similar setting as the MEF boo light markets<00:09:29.720> that<00:09:29.800> we<00:09:29.920> see<00:09:30.120> for<00:09:30.240> blood<00:09:30.600> production 00:09:31.590 --> 00:09:31.600 align:start position:0% markets that we see for blood production 00:09:31.600 --> 00:09:32.949 align:start position:0% markets that we see for blood production uh<00:09:31.720> which<00:09:31.839> would<00:09:31.959> lead<00:09:32.120> to<00:09:32.240> centralization 00:09:32.949 --> 00:09:32.959 align:start position:0% uh which would lead to centralization 00:09:32.959 --> 00:09:34.310 align:start position:0% uh which would lead to centralization and<00:09:33.079> defeat<00:09:33.399> the<00:09:33.519> goals<00:09:33.720> of<00:09:33.839> censorship 00:09:34.310 --> 00:09:34.320 align:start position:0% and defeat the goals of censorship 00:09:34.320 --> 00:09:36.030 align:start position:0% and defeat the goals of censorship resistance<00:09:35.320> so<00:09:35.480> the<00:09:35.600> idea<00:09:35.839> is<00:09:35.920> that 00:09:36.030 --> 00:09:36.040 align:start position:0% resistance so the idea is that 00:09:36.040 --> 00:09:37.910 align:start position:0% resistance so the idea is that inclusionist<00:09:36.640> must<00:09:36.760> be<00:09:36.920> minimally<00:09:37.440> invasive 00:09:37.910 --> 00:09:37.920 align:start position:0% inclusionist must be minimally invasive 00:09:37.920 --> 00:09:39.750 align:start position:0% inclusionist must be minimally invasive such<00:09:38.160> that<00:09:38.320> the<00:09:38.399> intended<00:09:38.839> constraints<00:09:39.320> are 00:09:39.750 --> 00:09:39.760 align:start position:0% such that the intended constraints are 00:09:39.760 --> 00:09:41.870 align:start position:0% such that the intended constraints are achieved<00:09:40.760> uh<00:09:40.920> otherwise<00:09:41.399> the<00:09:41.560> private 00:09:41.870 --> 00:09:41.880 align:start position:0% achieved uh otherwise the private 00:09:41.880 --> 00:09:44.550 align:start position:0% achieved uh otherwise the private benefits<00:09:42.240> of<00:09:42.399> inclusion<00:09:42.800> list<00:09:43.279> May<00:09:44.120> uh<00:09:44.279> differ 00:09:44.550 --> 00:09:44.560 align:start position:0% benefits of inclusion list May uh differ 00:09:44.560 --> 00:09:46.310 align:start position:0% benefits of inclusion list May uh differ from<00:09:44.680> the<00:09:44.800> social<00:09:45.079> benefits<00:09:45.760> and<00:09:46.040> if<00:09:46.160> the 00:09:46.310 --> 00:09:46.320 align:start position:0% from the social benefits and if the 00:09:46.320 --> 00:09:47.470 align:start position:0% from the social benefits and if the private<00:09:46.640> benefits<00:09:47.040> of<00:09:47.200> different 00:09:47.470 --> 00:09:47.480 align:start position:0% private benefits of different 00:09:47.480 --> 00:09:49.750 align:start position:0% private benefits of different inclusionist<00:09:48.040> creators<00:09:48.519> differ<00:09:48.800> a<00:09:48.920> lot<00:09:49.640> uh 00:09:49.750 --> 00:09:49.760 align:start position:0% inclusionist creators differ a lot uh 00:09:49.760 --> 00:09:51.030 align:start position:0% inclusionist creators differ a lot uh then<00:09:49.880> it<00:09:49.959> will<00:09:50.079> lead<00:09:50.240> to<00:09:50.360> centralization<00:09:50.920> with 00:09:51.030 --> 00:09:51.040 align:start position:0% then it will lead to centralization with 00:09:51.040 --> 00:09:52.829 align:start position:0% then it will lead to centralization with the<00:09:51.160> Meb<00:09:51.600> like 00:09:52.829 --> 00:09:52.839 align:start position:0% the Meb like 00:09:52.839 --> 00:09:55.470 align:start position:0% the Meb like market<00:09:53.839> and<00:09:54.120> a<00:09:54.279> nice<00:09:54.560> example<00:09:55.000> here<00:09:55.160> in<00:09:55.320> my 00:09:55.470 --> 00:09:55.480 align:start position:0% market and a nice example here in my 00:09:55.480 --> 00:09:57.310 align:start position:0% market and a nice example here in my mind<00:09:55.720> is<00:09:55.920> unconditional<00:09:56.480> versus<00:09:57.040> conditional 00:09:57.310 --> 00:09:57.320 align:start position:0% mind is unconditional versus conditional 00:09:57.320 --> 00:09:59.509 align:start position:0% mind is unconditional versus conditional inclusionist<00:09:58.320> unconditional<00:09:58.880> inclusionist 00:09:59.509 --> 00:09:59.519 align:start position:0% inclusionist unconditional inclusionist 00:09:59.519 --> 00:10:02.509 align:start position:0% inclusionist unconditional inclusionist states<00:09:59.880> that<00:10:00.519> if<00:10:01.360> uh<00:10:01.680> all<00:10:01.920> transactions<00:10:02.360> from 00:10:02.509 --> 00:10:02.519 align:start position:0% states that if uh all transactions from 00:10:02.519 --> 00:10:04.150 align:start position:0% states that if uh all transactions from the<00:10:02.600> inclusion<00:10:03.000> list<00:10:03.240> must<00:10:03.440> be<00:10:03.680> included<00:10:04.040> in 00:10:04.150 --> 00:10:04.160 align:start position:0% the inclusion list must be included in 00:10:04.160 --> 00:10:05.389 align:start position:0% the inclusion list must be included in the<00:10:04.240> block<00:10:04.600> regardless<00:10:05.040> of<00:10:05.160> whether<00:10:05.320> the 00:10:05.389 --> 00:10:05.399 align:start position:0% the block regardless of whether the 00:10:05.399 --> 00:10:07.389 align:start position:0% the block regardless of whether the block<00:10:05.640> is<00:10:05.760> full<00:10:06.279> and<00:10:06.720> conditional<00:10:07.000> inclusion 00:10:07.389 --> 00:10:07.399 align:start position:0% block is full and conditional inclusion 00:10:07.399 --> 00:10:09.230 align:start position:0% block is full and conditional inclusion list<00:10:07.600> states<00:10:07.959> that<00:10:08.440> all<00:10:08.680> transactions<00:10:09.120> must 00:10:09.230 --> 00:10:09.240 align:start position:0% list states that all transactions must 00:10:09.240 --> 00:10:11.269 align:start position:0% list states that all transactions must be<00:10:09.360> included<00:10:09.760> unless<00:10:10.040> the<00:10:10.160> block<00:10:10.360> is<00:10:10.480> full<00:10:11.120> you 00:10:11.269 --> 00:10:11.279 align:start position:0% be included unless the block is full you 00:10:11.279 --> 00:10:13.030 align:start position:0% be included unless the block is full you may<00:10:11.640> intuitively<00:10:12.240> think<00:10:12.399> that<00:10:12.560> unconditional 00:10:13.030 --> 00:10:13.040 align:start position:0% may intuitively think that unconditional 00:10:13.040 --> 00:10:14.030 align:start position:0% may intuitively think that unconditional inclusion<00:10:13.399> list<00:10:13.560> gives<00:10:13.720> you<00:10:13.839> better 00:10:14.030 --> 00:10:14.040 align:start position:0% inclusion list gives you better 00:10:14.040 --> 00:10:15.710 align:start position:0% inclusion list gives you better inclusion<00:10:14.480> guarantees<00:10:14.920> because<00:10:15.160> any<00:10:15.440> trans 00:10:15.710 --> 00:10:15.720 align:start position:0% inclusion guarantees because any trans 00:10:15.720 --> 00:10:17.269 align:start position:0% inclusion guarantees because any trans transaction<00:10:16.200> in<00:10:16.320> the<00:10:16.440> inclusion<00:10:16.880> list<00:10:17.120> must 00:10:17.269 --> 00:10:17.279 align:start position:0% transaction in the inclusion list must 00:10:17.279 --> 00:10:19.110 align:start position:0% transaction in the inclusion list must be<00:10:17.440> included<00:10:17.839> within<00:10:18.040> the<00:10:18.120> blook<00:10:18.959> but 00:10:19.110 --> 00:10:19.120 align:start position:0% be included within the blook but 00:10:19.120 --> 00:10:21.230 align:start position:0% be included within the blook but actually<00:10:19.440> unability<00:10:20.000> gets<00:10:20.320> at<00:10:20.640> an<00:10:20.800> earlier 00:10:21.230 --> 00:10:21.240 align:start position:0% actually unability gets at an earlier 00:10:21.240 --> 00:10:23.190 align:start position:0% actually unability gets at an earlier notion<00:10:21.760> of<00:10:21.959> what<00:10:22.200> goes<00:10:22.399> into<00:10:22.680> the<00:10:22.800> inclusion 00:10:23.190 --> 00:10:23.200 align:start position:0% notion of what goes into the inclusion 00:10:23.200 --> 00:10:26.470 align:start position:0% notion of what goes into the inclusion list<00:10:24.079> so<00:10:24.360> if<00:10:25.079> you<00:10:25.200> make<00:10:25.480> inclusionist<00:10:26.360> uh 00:10:26.470 --> 00:10:26.480 align:start position:0% list so if you make inclusionist uh 00:10:26.480 --> 00:10:27.949 align:start position:0% list so if you make inclusionist uh unconditional<00:10:27.200> meaning<00:10:27.440> that<00:10:27.600> they<00:10:27.760> have 00:10:27.949 --> 00:10:27.959 align:start position:0% unconditional meaning that they have 00:10:27.959 --> 00:10:29.710 align:start position:0% unconditional meaning that they have better<00:10:28.320> inclusion<00:10:28.760> guarantees<00:10:29.360> and<00:10:29.480> for 00:10:29.710 --> 00:10:29.720 align:start position:0% better inclusion guarantees and for 00:10:29.720 --> 00:10:32.190 align:start position:0% better inclusion guarantees and for example<00:10:30.720> uh<00:10:30.880> to<00:10:31.040> take<00:10:31.200> the<00:10:31.279> most<00:10:31.440> exch<00:10:31.839> example 00:10:32.190 --> 00:10:32.200 align:start position:0% example uh to take the most exch example 00:10:32.200 --> 00:10:33.710 align:start position:0% example uh to take the most exch example you<00:10:32.320> could<00:10:32.519> say<00:10:32.760> that<00:10:32.920> this<00:10:33.079> inclusion<00:10:33.480> list 00:10:33.710 --> 00:10:33.720 align:start position:0% you could say that this inclusion list 00:10:33.720 --> 00:10:35.190 align:start position:0% you could say that this inclusion list must<00:10:33.880> be<00:10:34.000> included<00:10:34.360> at<00:10:34.480> the<00:10:34.640> top<00:10:34.800> of<00:10:34.880> the<00:10:34.959> next 00:10:35.190 --> 00:10:35.200 align:start position:0% must be included at the top of the next 00:10:35.200 --> 00:10:36.790 align:start position:0% must be included at the top of the next block<00:10:35.880> because<00:10:36.079> these<00:10:36.279> transactions<00:10:36.680> were 00:10:36.790 --> 00:10:36.800 align:start position:0% block because these transactions were 00:10:36.800 --> 00:10:38.430 align:start position:0% block because these transactions were seen<00:10:37.000> earlier<00:10:37.480> perhaps<00:10:37.800> this<00:10:37.920> is<00:10:38.040> some<00:10:38.200> notion 00:10:38.430 --> 00:10:38.440 align:start position:0% seen earlier perhaps this is some notion 00:10:38.440 --> 00:10:41.110 align:start position:0% seen earlier perhaps this is some notion of<00:10:38.600> fairness<00:10:39.480> whatever<00:10:39.880> way<00:10:40.639> um<00:10:40.800> you<00:10:40.920> could 00:10:41.110 --> 00:10:41.120 align:start position:0% of fairness whatever way um you could 00:10:41.120 --> 00:10:42.990 align:start position:0% of fairness whatever way um you could make<00:10:41.320> this<00:10:41.440> argument<00:10:41.920> that<00:10:42.480> inclusionist 00:10:42.990 --> 00:10:43.000 align:start position:0% make this argument that inclusionist 00:10:43.000 --> 00:10:44.150 align:start position:0% make this argument that inclusionist transaction<00:10:43.360> should<00:10:43.480> be<00:10:43.600> included<00:10:43.920> at<00:10:44.040> the 00:10:44.150 --> 00:10:44.160 align:start position:0% transaction should be included at the 00:10:44.160 --> 00:10:45.949 align:start position:0% transaction should be included at the top<00:10:44.320> of<00:10:44.399> the<00:10:44.560> block<00:10:45.279> and<00:10:45.399> this<00:10:45.519> would<00:10:45.680> mean 00:10:45.949 --> 00:10:45.959 align:start position:0% top of the block and this would mean 00:10:45.959 --> 00:10:47.629 align:start position:0% top of the block and this would mean that<00:10:46.360> creating<00:10:46.760> the<00:10:46.880> inclusionist<00:10:47.480> now 00:10:47.629 --> 00:10:47.639 align:start position:0% that creating the inclusionist now 00:10:47.639 --> 00:10:49.670 align:start position:0% that creating the inclusionist now becomes<00:10:47.920> very<00:10:48.160> valuable<00:10:49.000> and<00:10:49.160> now<00:10:49.440> there<00:10:49.519> will 00:10:49.670 --> 00:10:49.680 align:start position:0% becomes very valuable and now there will 00:10:49.680 --> 00:10:52.030 align:start position:0% becomes very valuable and now there will be<00:10:49.800> a<00:10:50.000> market<00:10:50.399> for<00:10:50.600> outsourcing<00:10:51.399> this<00:10:51.880> uh 00:10:52.030 --> 00:10:52.040 align:start position:0% be a market for outsourcing this uh 00:10:52.040 --> 00:10:53.550 align:start position:0% be a market for outsourcing this uh inclusionist<00:10:52.600> creation<00:10:52.959> which<00:10:53.240> perhaps 00:10:53.550 --> 00:10:53.560 align:start position:0% inclusionist creation which perhaps 00:10:53.560 --> 00:10:55.310 align:start position:0% inclusionist creation which perhaps going<00:10:53.839> to<00:10:54.079> exactly<00:10:54.440> the<00:10:54.519> same<00:10:54.760> person<00:10:55.079> as<00:10:55.240> the 00:10:55.310 --> 00:10:55.320 align:start position:0% going to exactly the same person as the 00:10:55.320 --> 00:10:58.030 align:start position:0% going to exactly the same person as the one<00:10:55.480> that<00:10:55.639> constructed<00:10:56.079> the<00:10:56.600> blood<00:10:57.600> and<00:10:57.680> so<00:10:57.880> we 00:10:58.030 --> 00:10:58.040 align:start position:0% one that constructed the blood and so we 00:10:58.040 --> 00:11:00.350 align:start position:0% one that constructed the blood and so we explicitly<00:10:58.560> want<00:10:58.680> to<00:10:58.880> prevent<00:10:59.440> this<00:11:00.040> uh<00:11:00.160> by 00:11:00.350 --> 00:11:00.360 align:start position:0% explicitly want to prevent this uh by 00:11:00.360 --> 00:11:02.990 align:start position:0% explicitly want to prevent this uh by making<00:11:00.680> the<00:11:00.800> inclusionist<00:11:01.519> conditional<00:11:02.440> so<00:11:02.760> I 00:11:02.990 --> 00:11:03.000 align:start position:0% making the inclusionist conditional so I 00:11:03.000 --> 00:11:05.310 align:start position:0% making the inclusionist conditional so I I<00:11:03.079> would<00:11:03.240> say<00:11:03.480> that<00:11:03.680> the<00:11:03.920> constraint<00:11:04.639> is<00:11:04.839> maybe 00:11:05.310 --> 00:11:05.320 align:start position:0% I would say that the constraint is maybe 00:11:05.320 --> 00:11:07.389 align:start position:0% I would say that the constraint is maybe more<00:11:05.560> relaxed<00:11:05.920> within<00:11:06.399> conditional<00:11:07.040> but<00:11:07.279> the 00:11:07.389 --> 00:11:07.399 align:start position:0% more relaxed within conditional but the 00:11:07.399 --> 00:11:10.069 align:start position:0% more relaxed within conditional but the way<00:11:07.639> that<00:11:07.800> the<00:11:07.920> constraint<00:11:08.360> is<00:11:08.560> created<00:11:09.560> uh<00:11:09.760> is 00:11:10.069 --> 00:11:10.079 align:start position:0% way that the constraint is created uh is 00:11:10.079 --> 00:11:12.590 align:start position:0% way that the constraint is created uh is is<00:11:10.680> uh<00:11:10.800> is<00:11:10.959> more<00:11:11.200> likely<00:11:11.480> to<00:11:11.680> gain<00:11:12.279> what<00:11:12.399> we 00:11:12.590 --> 00:11:12.600 align:start position:0% is uh is more likely to gain what we 00:11:12.600 --> 00:11:14.509 align:start position:0% is uh is more likely to gain what we intended<00:11:13.120> as<00:11:13.240> a<00:11:13.399> protocol<00:11:13.839> to 00:11:14.509 --> 00:11:14.519 align:start position:0% intended as a protocol to 00:11:14.519 --> 00:11:17.629 align:start position:0% intended as a protocol to achieve<00:11:15.519> if<00:11:15.680> that<00:11:15.839> makes<00:11:16.160> sense<00:11:17.160> and<00:11:17.279> then<00:11:17.480> the 00:11:17.629 --> 00:11:17.639 align:start position:0% achieve if that makes sense and then the 00:11:17.639 --> 00:11:19.389 align:start position:0% achieve if that makes sense and then the second<00:11:18.240> case<00:11:18.440> study<00:11:18.720> would<00:11:18.839> be<00:11:18.959> multiple 00:11:19.389 --> 00:11:19.399 align:start position:0% second case study would be multiple 00:11:19.399 --> 00:11:21.230 align:start position:0% second case study would be multiple coner<00:11:19.800> block<00:11:20.000> producers<00:11:20.560> which<00:11:20.639> is<00:11:20.760> a<00:11:21.000> whole 00:11:21.230 --> 00:11:21.240 align:start position:0% coner block producers which is a whole 00:11:21.240 --> 00:11:23.910 align:start position:0% coner block producers which is a whole topic<00:11:21.639> these<00:11:21.880> days<00:11:22.880> uh<00:11:23.000> the<00:11:23.160> basic<00:11:23.560> idea<00:11:23.800> is 00:11:23.910 --> 00:11:23.920 align:start position:0% topic these days uh the basic idea is 00:11:23.920 --> 00:11:25.509 align:start position:0% topic these days uh the basic idea is that<00:11:24.040> there<00:11:24.120> are<00:11:24.320> multiple<00:11:24.720> block<00:11:25.000> producers 00:11:25.509 --> 00:11:25.519 align:start position:0% that there are multiple block producers 00:11:25.519 --> 00:11:27.710 align:start position:0% that there are multiple block producers producing<00:11:26.079> subblocks<00:11:26.800> simultaneously 00:11:27.710 --> 00:11:27.720 align:start position:0% producing subblocks simultaneously 00:11:27.720 --> 00:11:29.509 align:start position:0% producing subblocks simultaneously instead<00:11:28.000> of<00:11:28.120> inclusion<00:11:28.519> list<00:11:28.880> where<00:11:29.399> the 00:11:29.509 --> 00:11:29.519 align:start position:0% instead of inclusion list where the 00:11:29.519 --> 00:11:32.069 align:start position:0% instead of inclusion list where the inclusionist<00:11:30.040> has<00:11:30.200> created<00:11:30.560> sometime<00:11:31.120> before 00:11:32.069 --> 00:11:32.079 align:start position:0% inclusionist has created sometime before 00:11:32.079 --> 00:11:33.269 align:start position:0% inclusionist has created sometime before and<00:11:32.240> I<00:11:32.360> would<00:11:32.519> actually<00:11:32.720> argue<00:11:33.000> that<00:11:33.120> this 00:11:33.269 --> 00:11:33.279 align:start position:0% and I would actually argue that this 00:11:33.279 --> 00:11:35.269 align:start position:0% and I would actually argue that this sometime<00:11:33.760> before<00:11:34.160> is<00:11:34.320> a<00:11:34.560> is<00:11:34.639> a<00:11:34.760> feature<00:11:35.160> and 00:11:35.269 --> 00:11:35.279 align:start position:0% sometime before is a is a feature and 00:11:35.279 --> 00:11:38.230 align:start position:0% sometime before is a is a feature and not<00:11:35.399> a<00:11:35.519> bud<00:11:36.200> because<00:11:36.959> precisely<00:11:37.959> uh<00:11:38.120> the 00:11:38.230 --> 00:11:38.240 align:start position:0% not a bud because precisely uh the 00:11:38.240 --> 00:11:40.030 align:start position:0% not a bud because precisely uh the arguments<00:11:38.560> that<00:11:38.680> I'll<00:11:38.800> show<00:11:39.120> here<00:11:39.279> is<00:11:39.480> that<00:11:39.920> uh 00:11:40.030 --> 00:11:40.040 align:start position:0% arguments that I'll show here is that uh 00:11:40.040 --> 00:11:41.910 align:start position:0% arguments that I'll show here is that uh multiple<00:11:40.399> tutor<00:11:40.760> blood<00:11:40.959> producers<00:11:41.360> relies 00:11:41.910 --> 00:11:41.920 align:start position:0% multiple tutor blood producers relies 00:11:41.920 --> 00:11:43.550 align:start position:0% multiple tutor blood producers relies upon<00:11:42.120> some<00:11:42.320> sophisticated<00:11:42.880> parties<00:11:43.320> whereas 00:11:43.550 --> 00:11:43.560 align:start position:0% upon some sophisticated parties whereas 00:11:43.560 --> 00:11:45.389 align:start position:0% upon some sophisticated parties whereas inclusionist<00:11:44.120> does<00:11:44.240> not<00:11:44.360> Foster<00:11:44.720> the<00:11:44.880> same 00:11:45.389 --> 00:11:45.399 align:start position:0% inclusionist does not Foster the same 00:11:45.399 --> 00:11:47.430 align:start position:0% inclusionist does not Foster the same environment<00:11:46.360> so<00:11:46.519> the<00:11:46.680> goal<00:11:46.880> of<00:11:47.040> multiple 00:11:47.430 --> 00:11:47.440 align:start position:0% environment so the goal of multiple 00:11:47.440 --> 00:11:48.750 align:start position:0% environment so the goal of multiple concurrent<00:11:47.800> block<00:11:47.959> producers<00:11:48.320> would<00:11:48.480> be<00:11:48.600> to 00:11:48.750 --> 00:11:48.760 align:start position:0% concurrent block producers would be to 00:11:48.760 --> 00:11:50.629 align:start position:0% concurrent block producers would be to prevent<00:11:49.079> economic<00:11:49.519> censorship<00:11:50.079> the<00:11:50.200> idea<00:11:50.480> is 00:11:50.629 --> 00:11:50.639 align:start position:0% prevent economic censorship the idea is 00:11:50.639 --> 00:11:53.430 align:start position:0% prevent economic censorship the idea is that<00:11:51.200> if<00:11:51.360> we<00:11:51.639> prevent<00:11:52.600> uh<00:11:52.760> transactions<00:11:53.320> that 00:11:53.430 --> 00:11:53.440 align:start position:0% that if we prevent uh transactions that 00:11:53.440 --> 00:11:55.190 align:start position:0% that if we prevent uh transactions that are<00:11:53.560> sensored<00:11:53.959> for<00:11:54.120> some<00:11:54.399> adverse<00:11:54.760> selection 00:11:55.190 --> 00:11:55.200 align:start position:0% are sensored for some adverse selection 00:11:55.200 --> 00:11:57.670 align:start position:0% are sensored for some adverse selection reason<00:11:55.560> so<00:11:56.040> transactions<00:11:57.040> uh<00:11:57.200> that<00:11:57.360> need<00:11:57.519> to 00:11:57.670 --> 00:11:57.680 align:start position:0% reason so transactions uh that need to 00:11:57.680 --> 00:11:59.870 align:start position:0% reason so transactions uh that need to be<00:11:57.920> very<00:11:58.240> timely<00:11:59.000> uh<00:11:59.279> where<00:11:59.399> there's<00:11:59.760> for 00:11:59.870 --> 00:11:59.880 align:start position:0% be very timely uh where there's for 00:11:59.880 --> 00:12:02.069 align:start position:0% be very timely uh where there's for example<00:12:00.440> like<00:12:00.600> high<00:12:00.760> frequency<00:12:01.160> trading 00:12:02.069 --> 00:12:02.079 align:start position:0% example like high frequency trading 00:12:02.079 --> 00:12:04.310 align:start position:0% example like high frequency trading types<00:12:02.279> of<00:12:02.440> ideas<00:12:03.160> then<00:12:03.320> we<00:12:03.440> can<00:12:03.639> achieve<00:12:03.959> a<00:12:04.079> new 00:12:04.310 --> 00:12:04.320 align:start position:0% types of ideas then we can achieve a new 00:12:04.320 --> 00:12:06.030 align:start position:0% types of ideas then we can achieve a new set<00:12:04.519> of<00:12:04.800> applications<00:12:05.440> that<00:12:05.560> we<00:12:05.680> haven't<00:12:05.920> been 00:12:06.030 --> 00:12:06.040 align:start position:0% set of applications that we haven't been 00:12:06.040 --> 00:12:09.670 align:start position:0% set of applications that we haven't been able<00:12:06.240> to<00:12:06.360> realize<00:12:07.200> today<00:12:08.200> an<00:12:08.399> example<00:12:09.000> of<00:12:09.279> M 00:12:09.670 --> 00:12:09.680 align:start position:0% able to realize today an example of M 00:12:09.680 --> 00:12:11.550 align:start position:0% able to realize today an example of M mulp<00:12:10.360> Block<00:12:10.560> producers<00:12:10.959> is<00:12:11.120> mackenstein 00:12:11.550 --> 00:12:11.560 align:start position:0% mulp Block producers is mackenstein 00:12:11.560 --> 00:12:14.030 align:start position:0% mulp Block producers is mackenstein which<00:12:12.000> is<00:12:12.120> the<00:12:12.360> proposal<00:12:12.839> from<00:12:13.399> barnab<00:12:13.880> and 00:12:14.030 --> 00:12:14.040 align:start position:0% which is the proposal from barnab and 00:12:14.040 --> 00:12:15.949 align:start position:0% which is the proposal from barnab and Mike<00:12:14.639> which<00:12:14.760> means<00:12:15.000> that<00:12:15.199> one<00:12:15.399> person<00:12:15.680> creates 00:12:15.949 --> 00:12:15.959 align:start position:0% Mike which means that one person creates 00:12:15.959 --> 00:12:17.750 align:start position:0% Mike which means that one person creates a<00:12:16.079> top<00:12:16.279> of<00:12:16.399> block<00:12:17.120> and<00:12:17.240> the<00:12:17.320> other<00:12:17.519> person 00:12:17.750 --> 00:12:17.760 align:start position:0% a top of block and the other person 00:12:17.760 --> 00:12:19.350 align:start position:0% a top of block and the other person creates<00:12:18.000> the<00:12:18.120> rest<00:12:18.279> of<00:12:18.440> block<00:12:18.880> and<00:12:19.079> another 00:12:19.350 --> 00:12:19.360 align:start position:0% creates the rest of block and another 00:12:19.360 --> 00:12:20.990 align:start position:0% creates the rest of block and another example<00:12:19.680> is<00:12:19.880> braid<00:12:20.279> which<00:12:20.360> is<00:12:20.560> proposed<00:12:20.880> by 00:12:20.990 --> 00:12:21.000 align:start position:0% example is braid which is proposed by 00:12:21.000 --> 00:12:23.629 align:start position:0% example is braid which is proposed by matnik<00:12:21.600> enco<00:12:22.600> which<00:12:22.680> is<00:12:22.800> a<00:12:22.920> deterministic 00:12:23.629 --> 00:12:23.639 align:start position:0% matnik enco which is a deterministic 00:12:23.639 --> 00:12:26.509 align:start position:0% matnik enco which is a deterministic merger<00:12:24.079> of<00:12:24.279> K<00:12:24.519> chains<00:12:25.519> where<00:12:25.720> each<00:12:25.959> payload<00:12:26.360> is 00:12:26.509 --> 00:12:26.519 align:start position:0% merger of K chains where each payload is 00:12:26.519 --> 00:12:28.509 align:start position:0% merger of K chains where each payload is merged<00:12:27.079> deterministically<00:12:28.000> According<00:12:28.320> to 00:12:28.509 --> 00:12:28.519 align:start position:0% merged deterministically According to 00:12:28.519 --> 00:12:29.790 align:start position:0% merged deterministically According to some<00:12:28.720> pred 00:12:29.790 --> 00:12:29.800 align:start position:0% some pred 00:12:29.800 --> 00:12:31.670 align:start position:0% some pred ordering 00:12:31.670 --> 00:12:31.680 align:start position:0% ordering 00:12:31.680 --> 00:12:34.550 align:start position:0% ordering rule<00:12:32.680> how<00:12:33.000> this<00:12:33.160> scores<00:12:33.760> on<00:12:33.880> the<00:12:34.000> unability 00:12:34.550 --> 00:12:34.560 align:start position:0% rule how this scores on the unability 00:12:34.560 --> 00:12:37.550 align:start position:0% rule how this scores on the unability table<00:12:35.320> is<00:12:35.480> is<00:12:35.880> very<00:12:36.079> speculative<00:12:36.639> I<00:12:36.760> say<00:12:37.000> CU<00:12:37.399> we 00:12:37.550 --> 00:12:37.560 align:start position:0% table is is very speculative I say CU we 00:12:37.560 --> 00:12:39.230 align:start position:0% table is is very speculative I say CU we don't<00:12:37.760> know<00:12:37.959> that<00:12:38.079> much<00:12:38.240> about<00:12:38.399> MP<00:12:39.079> blood 00:12:39.230 --> 00:12:39.240 align:start position:0% don't know that much about MP blood 00:12:39.240 --> 00:12:41.750 align:start position:0% don't know that much about MP blood producers<00:12:39.680> yet<00:12:40.360> but<00:12:40.600> to<00:12:40.720> me<00:12:40.880> it<00:12:40.959> sounds<00:12:41.320> clear 00:12:41.750 --> 00:12:41.760 align:start position:0% producers yet but to me it sounds clear 00:12:41.760 --> 00:12:44.629 align:start position:0% producers yet but to me it sounds clear that<00:12:42.399> mcbp<00:12:43.120> since<00:12:43.320> it's<00:12:43.920> specifically<00:12:44.480> there 00:12:44.629 --> 00:12:44.639 align:start position:0% that mcbp since it's specifically there 00:12:44.639 --> 00:12:46.310 align:start position:0% that mcbp since it's specifically there for<00:12:44.800> the<00:12:44.920> gain<00:12:45.279> censal<00:12:45.680> resistance<00:12:46.079> for 00:12:46.310 --> 00:12:46.320 align:start position:0% for the gain censal resistance for 00:12:46.320 --> 00:12:47.910 align:start position:0% for the gain censal resistance for transactions<00:12:46.839> that<00:12:46.959> are<00:12:47.160> very<00:12:47.440> meev 00:12:47.910 --> 00:12:47.920 align:start position:0% transactions that are very meev 00:12:47.920 --> 00:12:49.030 align:start position:0% transactions that are very meev sensitive<00:12:48.399> so<00:12:48.560> these<00:12:48.680> are<00:12:48.760> the<00:12:48.839> high 00:12:49.030 --> 00:12:49.040 align:start position:0% sensitive so these are the high 00:12:49.040 --> 00:12:51.350 align:start position:0% sensitive so these are the high frequency<00:12:49.440> trading<00:12:49.880> transactions<00:12:50.600> that<00:12:51.120> may 00:12:51.350 --> 00:12:51.360 align:start position:0% frequency trading transactions that may 00:12:51.360 --> 00:12:53.269 align:start position:0% frequency trading transactions that may suffer<00:12:51.720> adverse<00:12:52.040> selection<00:12:52.600> if<00:12:52.800> they<00:12:53.000> were 00:12:53.269 --> 00:12:53.279 align:start position:0% suffer adverse selection if they were 00:12:53.279 --> 00:12:54.670 align:start position:0% suffer adverse selection if they were put<00:12:53.519> into<00:12:53.720> the<00:12:53.839> inclusion<00:12:54.240> list<00:12:54.480> where<00:12:54.600> it 00:12:54.670 --> 00:12:54.680 align:start position:0% put into the inclusion list where it 00:12:54.680 --> 00:12:55.949 align:start position:0% put into the inclusion list where it takes<00:12:54.880> a<00:12:55.000> little<00:12:55.160> bit<00:12:55.279> of<00:12:55.399> time<00:12:55.560> for<00:12:55.720> them<00:12:55.839> to 00:12:55.949 --> 00:12:55.959 align:start position:0% takes a little bit of time for them to 00:12:55.959 --> 00:12:58.069 align:start position:0% takes a little bit of time for them to get<00:12:56.120> included<00:12:57.040> it<00:12:57.120> would<00:12:57.320> allow<00:12:57.639> any<00:12:57.800> blood 00:12:58.069 --> 00:12:58.079 align:start position:0% get included it would allow any blood 00:12:58.079 --> 00:13:00.350 align:start position:0% get included it would allow any blood producer<00:12:58.440> to<00:12:58.600> attract<00:12:59.440> equally<00:12:59.800> well<00:13:00.120> this<00:13:00.199> is 00:13:00.350 --> 00:13:00.360 align:start position:0% producer to attract equally well this is 00:13:00.360 --> 00:13:02.189 align:start position:0% producer to attract equally well this is basically<00:13:00.760> one<00:13:00.880> of<00:13:01.000> the<00:13:01.120> designed<00:13:01.519> goals<00:13:01.880> of 00:13:02.189 --> 00:13:02.199 align:start position:0% basically one of the designed goals of 00:13:02.199 --> 00:13:04.509 align:start position:0% basically one of the designed goals of multiple<00:13:02.920> block<00:13:03.120> producers<00:13:04.040> this<00:13:04.160> means<00:13:04.399> that 00:13:04.509 --> 00:13:04.519 align:start position:0% multiple block producers this means that 00:13:04.519 --> 00:13:06.269 align:start position:0% multiple block producers this means that these<00:13:04.680> partial<00:13:05.079> blocks<00:13:05.399> are<00:13:05.519> a<00:13:05.720> vehicle<00:13:06.120> for 00:13:06.269 --> 00:13:06.279 align:start position:0% these partial blocks are a vehicle for 00:13:06.279 --> 00:13:09.670 align:start position:0% these partial blocks are a vehicle for me<00:13:07.079> and<00:13:07.240> you<00:13:07.360> can't<00:13:07.680> expect<00:13:08.320> uh<00:13:08.519> a<00:13:08.720> large<00:13:09.519> uh 00:13:09.670 --> 00:13:09.680 align:start position:0% me and you can't expect uh a large uh 00:13:09.680 --> 00:13:11.350 align:start position:0% me and you can't expect uh a large uh unsophisticated<00:13:10.680> and<00:13:10.800> geographically 00:13:11.350 --> 00:13:11.360 align:start position:0% unsophisticated and geographically 00:13:11.360 --> 00:13:12.829 align:start position:0% unsophisticated and geographically decentralized<00:13:11.959> set<00:13:12.079> of<00:13:12.240> participants<00:13:12.720> to 00:13:12.829 --> 00:13:12.839 align:start position:0% decentralized set of participants to 00:13:12.839 --> 00:13:15.470 align:start position:0% decentralized set of participants to have<00:13:13.040> competitive<00:13:13.600> private<00:13:13.880> valuations<00:13:14.600> for 00:13:15.470 --> 00:13:15.480 align:start position:0% have competitive private valuations for 00:13:15.480 --> 00:13:17.030 align:start position:0% have competitive private valuations for these<00:13:15.680> property<00:13:16.079> rights<00:13:16.360> of<00:13:16.519> making<00:13:16.839> these 00:13:17.030 --> 00:13:17.040 align:start position:0% these property rights of making these 00:13:17.040 --> 00:13:19.389 align:start position:0% these property rights of making these partial<00:13:17.360> blocks<00:13:17.600> that<00:13:17.760> carry<00:13:18.000> me<00:13:18.880> similar<00:13:19.240> to 00:13:19.389 --> 00:13:19.399 align:start position:0% partial blocks that carry me similar to 00:13:19.399 --> 00:13:21.189 align:start position:0% partial blocks that carry me similar to how<00:13:19.560> we<00:13:19.680> see<00:13:19.959> now<00:13:20.279> in<00:13:20.440> Mev<00:13:20.680> boost<00:13:20.959> that<00:13:21.079> there 00:13:21.189 --> 00:13:21.199 align:start position:0% how we see now in Mev boost that there 00:13:21.199 --> 00:13:22.750 align:start position:0% how we see now in Mev boost that there are<00:13:21.320> only<00:13:21.560> two<00:13:21.720> Builders<00:13:22.120> who<00:13:22.240> are<00:13:22.399> very<00:13:22.600> good 00:13:22.750 --> 00:13:22.760 align:start position:0% are only two Builders who are very good 00:13:22.760 --> 00:13:25.189 align:start position:0% are only two Builders who are very good at<00:13:22.959> this<00:13:23.519> there<00:13:23.680> are<00:13:23.959> returns<00:13:24.199> to<00:13:24.399> skill<00:13:25.040> of 00:13:25.189 --> 00:13:25.199 align:start position:0% at this there are returns to skill of 00:13:25.199 --> 00:13:28.670 align:start position:0% at this there are returns to skill of being<00:13:25.920> um<00:13:26.360> a<00:13:26.760> blood<00:13:27.079> producer<00:13:27.399> in<00:13:27.560> mcbp<00:13:28.519> which 00:13:28.670 --> 00:13:28.680 align:start position:0% being um a blood producer in mcbp which 00:13:28.680 --> 00:13:30.470 align:start position:0% being um a blood producer in mcbp which means<00:13:28.920> that<00:13:29.360> my<00:13:29.519> marginal<00:13:29.959> benefits<00:13:30.320> of 00:13:30.470 --> 00:13:30.480 align:start position:0% means that my marginal benefits of 00:13:30.480 --> 00:13:32.949 align:start position:0% means that my marginal benefits of gaining<00:13:30.839> an<00:13:31.040> extra<00:13:31.399> seat<00:13:31.760> in<00:13:31.880> these<00:13:32.120> K<00:13:32.360> consec 00:13:32.949 --> 00:13:32.959 align:start position:0% gaining an extra seat in these K consec 00:13:32.959 --> 00:13:35.389 align:start position:0% gaining an extra seat in these K consec in<00:13:33.079> these<00:13:33.240> K<00:13:33.480> parallel<00:13:33.880> chains<00:13:34.720> increases 00:13:35.389 --> 00:13:35.399 align:start position:0% in these K parallel chains increases 00:13:35.399 --> 00:13:36.790 align:start position:0% in these K parallel chains increases with<00:13:35.519> the<00:13:35.639> amount<00:13:35.880> of<00:13:36.000> seats<00:13:36.279> that<00:13:36.399> I<00:13:36.519> already 00:13:36.790 --> 00:13:36.800 align:start position:0% with the amount of seats that I already 00:13:36.800 --> 00:13:39.470 align:start position:0% with the amount of seats that I already have<00:13:37.760> and<00:13:37.920> there<00:13:38.279> returns<00:13:38.480> to<00:13:38.720> sophistication 00:13:39.470 --> 00:13:39.480 align:start position:0% have and there returns to sophistication 00:13:39.480 --> 00:13:41.550 align:start position:0% have and there returns to sophistication so<00:13:39.639> it's<00:13:39.760> not<00:13:39.959> easy<00:13:40.199> to<00:13:40.360> build<00:13:40.600> these<00:13:40.720> Bloods 00:13:41.550 --> 00:13:41.560 align:start position:0% so it's not easy to build these Bloods 00:13:41.560 --> 00:13:43.310 align:start position:0% so it's not easy to build these Bloods even<00:13:41.920> when<00:13:42.120> blood<00:13:42.399> building<00:13:42.680> is<00:13:42.839> constrained 00:13:43.310 --> 00:13:43.320 align:start position:0% even when blood building is constrained 00:13:43.320 --> 00:13:44.710 align:start position:0% even when blood building is constrained it<00:13:43.440> doesn't<00:13:43.680> mean<00:13:43.920> that<00:13:44.079> blood<00:13:44.320> building<00:13:44.600> is 00:13:44.710 --> 00:13:44.720 align:start position:0% it doesn't mean that blood building is 00:13:44.720 --> 00:13:46.269 align:start position:0% it doesn't mean that blood building is simple<00:13:45.079> they<00:13:45.240> definitely<00:13:45.519> still<00:13:45.839> returns<00:13:46.040> to 00:13:46.269 --> 00:13:46.279 align:start position:0% simple they definitely still returns to 00:13:46.279 --> 00:13:48.269 align:start position:0% simple they definitely still returns to sophistication<00:13:47.279> and<00:13:47.480> there<00:13:47.560> are<00:13:47.760> barriers<00:13:48.079> to 00:13:48.269 --> 00:13:48.279 align:start position:0% sophistication and there are barriers to 00:13:48.279 --> 00:13:50.269 align:start position:0% sophistication and there are barriers to entry<00:13:48.680> which<00:13:48.839> we<00:13:49.000> now<00:13:49.199> currently<00:13:49.560> know<00:13:49.880> mainly 00:13:50.269 --> 00:13:50.279 align:start position:0% entry which we now currently know mainly 00:13:50.279 --> 00:13:52.550 align:start position:0% entry which we now currently know mainly in<00:13:50.360> the<00:13:50.480> form<00:13:50.680> of<00:13:50.839> private<00:13:51.079> order 00:13:52.550 --> 00:13:52.560 align:start position:0% in the form of private order 00:13:52.560 --> 00:13:55.870 align:start position:0% in the form of private order flow<00:13:53.560> so<00:13:54.000> that's<00:13:54.240> why<00:13:54.839> uh<00:13:54.920> most<00:13:55.199> po<00:13:55.680> block 00:13:55.870 --> 00:13:55.880 align:start position:0% flow so that's why uh most po block 00:13:55.880 --> 00:13:57.949 align:start position:0% flow so that's why uh most po block producers<00:13:56.240> in<00:13:56.399> my<00:13:56.600> mind<00:13:56.920> depends<00:13:57.399> on<00:13:57.639> a<00:13:57.759> test 00:13:57.949 --> 00:13:57.959 align:start position:0% producers in my mind depends on a test 00:13:57.959 --> 00:13:59.749 align:start position:0% producers in my mind depends on a test of<00:13:58.120> proposer<00:13:58.519> separation 00:13:59.749 --> 00:13:59.759 align:start position:0% of proposer separation 00:13:59.759 --> 00:14:01.590 align:start position:0% of proposer separation and<00:13:59.959> multiple<00:14:00.680> blood<00:14:00.880> producers<00:14:01.240> is<00:14:01.399> very 00:14:01.590 --> 00:14:01.600 align:start position:0% and multiple blood producers is very 00:14:01.600 --> 00:14:03.710 align:start position:0% and multiple blood producers is very crowd<00:14:02.120> so<00:14:02.240> you<00:14:02.399> can't<00:14:02.680> expect<00:14:03.440> uh 00:14:03.710 --> 00:14:03.720 align:start position:0% crowd so you can't expect uh 00:14:03.720 --> 00:14:05.710 align:start position:0% crowd so you can't expect uh decentralized<00:14:04.399> sets<00:14:04.560> of<00:14:04.720> participants<00:14:05.560> who 00:14:05.710 --> 00:14:05.720 align:start position:0% decentralized sets of participants who 00:14:05.720 --> 00:14:08.269 align:start position:0% decentralized sets of participants who are<00:14:05.920> unsophisticated<00:14:06.920> and<00:14:07.120> willing<00:14:07.440> to<00:14:08.160> uh 00:14:08.269 --> 00:14:08.279 align:start position:0% are unsophisticated and willing to uh 00:14:08.279 --> 00:14:10.110 align:start position:0% are unsophisticated and willing to uh willing<00:14:08.560> en<00:14:08.639> able<00:14:08.920> I<00:14:09.079> guess<00:14:09.279> to<00:14:09.639> contribute<00:14:10.000> to 00:14:10.110 --> 00:14:10.120 align:start position:0% willing en able I guess to contribute to 00:14:10.120 --> 00:14:12.030 align:start position:0% willing en able I guess to contribute to Central<00:14:10.519> resistance<00:14:11.000> to<00:14:11.360> build<00:14:11.720> partial 00:14:12.030 --> 00:14:12.040 align:start position:0% Central resistance to build partial 00:14:12.040 --> 00:14:13.949 align:start position:0% Central resistance to build partial blocks<00:14:12.759> so<00:14:12.880> we<00:14:13.000> need<00:14:13.120> to<00:14:13.279> ensure<00:14:13.600> that<00:14:13.759> its 00:14:13.949 --> 00:14:13.959 align:start position:0% blocks so we need to ensure that its 00:14:13.959 --> 00:14:15.629 align:start position:0% blocks so we need to ensure that its creators<00:14:14.399> are<00:14:14.560> not<00:14:14.720> also<00:14:14.959> the<00:14:15.199> testers 00:14:15.629 --> 00:14:15.639 align:start position:0% creators are not also the testers 00:14:15.639 --> 00:14:16.990 align:start position:0% creators are not also the testers because<00:14:15.880> that<00:14:16.000> would<00:14:16.160> then<00:14:16.320> centralize<00:14:16.800> the 00:14:16.990 --> 00:14:17.000 align:start position:0% because that would then centralize the 00:14:17.000 --> 00:14:19.310 align:start position:0% because that would then centralize the tester<00:14:17.399> set<00:14:18.120> if<00:14:18.240> you<00:14:18.440> put<00:14:18.600> some<00:14:18.759> centralizing 00:14:19.310 --> 00:14:19.320 align:start position:0% tester set if you put some centralizing 00:14:19.320 --> 00:14:21.629 align:start position:0% tester set if you put some centralizing force<00:14:19.680> on<00:14:19.959> a<00:14:20.079> decentralized<00:14:20.720> set<00:14:20.880> of 00:14:21.629 --> 00:14:21.639 align:start position:0% force on a decentralized set of 00:14:21.639 --> 00:14:23.990 align:start position:0% force on a decentralized set of participants<00:14:22.639> um<00:14:23.079> then<00:14:23.199> the<00:14:23.279> decentralized 00:14:23.990 --> 00:14:24.000 align:start position:0% participants um then the decentralized 00:14:24.000 --> 00:14:25.110 align:start position:0% participants um then the decentralized set<00:14:24.160> of<00:14:24.320> participants<00:14:24.759> will<00:14:24.920> become 00:14:25.110 --> 00:14:25.120 align:start position:0% set of participants will become 00:14:25.120 --> 00:14:26.949 align:start position:0% set of participants will become centralized<00:14:25.639> and<00:14:25.720> it's<00:14:25.839> not<00:14:26.000> that<00:14:26.160> magically 00:14:26.949 --> 00:14:26.959 align:start position:0% centralized and it's not that magically 00:14:26.959 --> 00:14:29.710 align:start position:0% centralized and it's not that magically the<00:14:27.199> centralized<00:14:28.040> uh<00:14:28.160> property<00:14:28.680> becomes 00:14:29.710 --> 00:14:29.720 align:start position:0% the centralized uh property becomes 00:14:29.720 --> 00:14:33.069 align:start position:0% the centralized uh property becomes uh<00:14:30.519> get<00:14:30.720> some<00:14:30.920> decentralization<00:14:32.079> properties 00:14:33.069 --> 00:14:33.079 align:start position:0% uh get some decentralization properties 00:14:33.079 --> 00:14:34.990 align:start position:0% uh get some decentralization properties so<00:14:33.519> that's<00:14:33.680> why<00:14:33.839> a<00:14:33.959> tested<00:14:34.279> proposer<00:14:34.600> unlocked 00:14:34.990 --> 00:14:35.000 align:start position:0% so that's why a tested proposer unlocked 00:14:35.000 --> 00:14:36.350 align:start position:0% so that's why a tested proposer unlocked some<00:14:35.160> new<00:14:35.320> block<00:14:35.560> construction<00:14:36.000> pipelines 00:14:36.350 --> 00:14:36.360 align:start position:0% some new block construction pipelines 00:14:36.360 --> 00:14:37.910 align:start position:0% some new block construction pipelines that<00:14:36.440> are<00:14:36.560> currently<00:14:36.839> not<00:14:37.079> possible<00:14:37.759> you 00:14:37.910 --> 00:14:37.920 align:start position:0% that are currently not possible you 00:14:37.920 --> 00:14:39.670 align:start position:0% that are currently not possible you could<00:14:38.120> for<00:14:38.240> example<00:14:38.600> allocate<00:14:39.040> the<00:14:39.199> attesting 00:14:39.670 --> 00:14:39.680 align:start position:0% could for example allocate the attesting 00:14:39.680 --> 00:14:41.990 align:start position:0% could for example allocate the attesting rights<00:14:39.959> to<00:14:40.120> a<00:14:40.279> set<00:14:40.440> of<00:14:40.600> ATT<00:14:40.720> testers<00:14:41.720> uh<00:14:41.839> and 00:14:41.990 --> 00:14:42.000 align:start position:0% rights to a set of ATT testers uh and 00:14:42.000 --> 00:14:43.590 align:start position:0% rights to a set of ATT testers uh and allocate<00:14:42.399> building<00:14:42.800> rights<00:14:43.040> to<00:14:43.160> a<00:14:43.320> set<00:14:43.480> of 00:14:43.590 --> 00:14:43.600 align:start position:0% allocate building rights to a set of 00:14:43.600 --> 00:14:45.470 align:start position:0% allocate building rights to a set of Builders 00:14:45.470 --> 00:14:45.480 align:start position:0% Builders 00:14:45.480 --> 00:14:47.310 align:start position:0% Builders separately<00:14:46.480> so<00:14:46.639> what<00:14:46.720> are<00:14:46.880> some<00:14:47.000> of<00:14:47.160> the 00:14:47.310 --> 00:14:47.320 align:start position:0% separately so what are some of the 00:14:47.320 --> 00:14:49.910 align:start position:0% separately so what are some of the consequences<00:14:47.920> of<00:14:48.120> this<00:14:48.320> unability<00:14:48.920> notion 00:14:49.910 --> 00:14:49.920 align:start position:0% consequences of this unability notion 00:14:49.920 --> 00:14:52.430 align:start position:0% consequences of this unability notion well<00:14:50.199> this<00:14:50.279> is<00:14:50.519> I<00:14:50.639> think<00:14:51.199> uh<00:14:51.320> a<00:14:51.480> very<00:14:51.680> fun<00:14:52.240> part 00:14:52.430 --> 00:14:52.440 align:start position:0% well this is I think uh a very fun part 00:14:52.440 --> 00:14:54.110 align:start position:0% well this is I think uh a very fun part to<00:14:52.639> explore<00:14:53.199> and<00:14:53.399> one<00:14:53.519> thing<00:14:53.680> that<00:14:53.800> I've<00:14:53.959> been 00:14:54.110 --> 00:14:54.120 align:start position:0% to explore and one thing that I've been 00:14:54.120 --> 00:14:55.629 align:start position:0% to explore and one thing that I've been thinking<00:14:54.360> about<00:14:54.560> a<00:14:54.720> bit<00:14:54.880> is<00:14:55.040> applications 00:14:55.629 --> 00:14:55.639 align:start position:0% thinking about a bit is applications 00:14:55.639 --> 00:14:58.269 align:start position:0% thinking about a bit is applications consuming<00:14:56.199> consensus<00:14:56.839> information<00:14:57.839> so<00:14:58.000> now 00:14:58.269 --> 00:14:58.279 align:start position:0% consuming consensus information so now 00:14:58.279 --> 00:14:59.829 align:start position:0% consuming consensus information so now assume<00:14:58.600> that<00:14:58.720> we<00:14:58.839> have<00:14:59.160> this<00:14:59.320> uncodable 00:14:59.829 --> 00:14:59.839 align:start position:0% assume that we have this uncodable 00:14:59.839 --> 00:15:01.870 align:start position:0% assume that we have this uncodable inclusion<00:15:00.279> list<00:15:00.880> meaning<00:15:01.279> that<00:15:01.519> it's<00:15:01.720> very 00:15:01.870 --> 00:15:01.880 align:start position:0% inclusion list meaning that it's very 00:15:01.880 --> 00:15:04.110 align:start position:0% inclusion list meaning that it's very unlikely<00:15:02.320> that<00:15:02.440> it<00:15:02.519> will<00:15:02.759> contain<00:15:03.680> me 00:15:04.110 --> 00:15:04.120 align:start position:0% unlikely that it will contain me 00:15:04.120 --> 00:15:05.670 align:start position:0% unlikely that it will contain me transaction<00:15:04.720> since<00:15:04.920> it's<00:15:05.199> specifically 00:15:05.670 --> 00:15:05.680 align:start position:0% transaction since it's specifically 00:15:05.680 --> 00:15:07.990 align:start position:0% transaction since it's specifically designed<00:15:06.000> to<00:15:06.240> not<00:15:06.399> be<00:15:06.560> a<00:15:06.720> vehicle<00:15:07.040> over<00:15:07.199> meev 00:15:07.990 --> 00:15:08.000 align:start position:0% designed to not be a vehicle over meev 00:15:08.000 --> 00:15:09.949 align:start position:0% designed to not be a vehicle over meev it's<00:15:08.160> very<00:15:08.320> unlikely<00:15:08.800> to<00:15:09.000> include<00:15:09.360> Arbitrage 00:15:09.949 --> 00:15:09.959 align:start position:0% it's very unlikely to include Arbitrage 00:15:09.959 --> 00:15:13.110 align:start position:0% it's very unlikely to include Arbitrage transactions<00:15:10.759> therefore<00:15:11.759> so<00:15:12.079> an<00:15:12.279> application 00:15:13.110 --> 00:15:13.120 align:start position:0% transactions therefore so an application 00:15:13.120 --> 00:15:15.030 align:start position:0% transactions therefore so an application who<00:15:13.399> may<00:15:13.560> see<00:15:13.880> this<00:15:14.040> may<00:15:14.199> treat<00:15:14.480> transactions 00:15:15.030 --> 00:15:15.040 align:start position:0% who may see this may treat transactions 00:15:15.040 --> 00:15:16.470 align:start position:0% who may see this may treat transactions that<00:15:15.240> came<00:15:15.480> via<00:15:15.720> the<00:15:15.839> inclusion<00:15:16.240> list 00:15:16.470 --> 00:15:16.480 align:start position:0% that came via the inclusion list 00:15:16.480 --> 00:15:17.870 align:start position:0% that came via the inclusion list differently<00:15:16.880> from<00:15:17.079> transactions<00:15:17.560> that<00:15:17.720> came 00:15:17.870 --> 00:15:17.880 align:start position:0% differently from transactions that came 00:15:17.880 --> 00:15:19.949 align:start position:0% differently from transactions that came in<00:15:18.040> via<00:15:18.240> the<00:15:18.360> main<00:15:18.560> block<00:15:19.240> it<00:15:19.360> may<00:15:19.560> do<00:15:19.720> so 00:15:19.949 --> 00:15:19.959 align:start position:0% in via the main block it may do so 00:15:19.959 --> 00:15:21.509 align:start position:0% in via the main block it may do so because<00:15:20.240> it's<00:15:20.600> it's<00:15:20.759> more<00:15:21.000> confident<00:15:21.360> that 00:15:21.509 --> 00:15:21.519 align:start position:0% because it's it's more confident that 00:15:21.519 --> 00:15:23.150 align:start position:0% because it's it's more confident that transactions<00:15:22.000> from<00:15:22.120> the<00:15:22.240> inclusion<00:15:22.639> list<00:15:22.920> are 00:15:23.150 --> 00:15:23.160 align:start position:0% transactions from the inclusion list are 00:15:23.160 --> 00:15:25.710 align:start position:0% transactions from the inclusion list are uninformed<00:15:23.880> and<00:15:24.240> won't<00:15:25.160> uh<00:15:25.279> take<00:15:25.480> their 00:15:25.710 --> 00:15:25.720 align:start position:0% uninformed and won't uh take their 00:15:25.720 --> 00:15:28.069 align:start position:0% uninformed and won't uh take their liquidity<00:15:26.720> in<00:15:26.880> general<00:15:27.480> if<00:15:27.800> if<00:15:27.880> you're 00:15:28.069 --> 00:15:28.079 align:start position:0% liquidity in general if if you're 00:15:28.079 --> 00:15:29.389 align:start position:0% liquidity in general if if you're designing<00:15:28.399> a<00:15:28.480> trading<00:15:28.720> mechan<00:15:29.240> it's 00:15:29.389 --> 00:15:29.399 align:start position:0% designing a trading mechan it's 00:15:29.399 --> 00:15:30.870 align:start position:0% designing a trading mechan it's important<00:15:29.720> to<00:15:29.880> distinguish<00:15:30.399> between<00:15:30.720> those 00:15:30.870 --> 00:15:30.880 align:start position:0% important to distinguish between those 00:15:30.880 --> 00:15:32.710 align:start position:0% important to distinguish between those who<00:15:31.000> are<00:15:31.199> very<00:15:31.360> well<00:15:31.560> informed<00:15:32.040> arbitrageur 00:15:32.710 --> 00:15:32.720 align:start position:0% who are very well informed arbitrageur 00:15:32.720 --> 00:15:35.110 align:start position:0% who are very well informed arbitrageur and<00:15:32.839> those<00:15:32.959> who<00:15:33.079> are<00:15:33.240> not<00:15:33.920> because<00:15:34.160> trading 00:15:35.110 --> 00:15:35.120 align:start position:0% and those who are not because trading 00:15:35.120 --> 00:15:37.069 align:start position:0% and those who are not because trading between<00:15:35.399> two<00:15:35.600> parties<00:15:36.120> is<00:15:36.440> is<00:15:36.600> in<00:15:36.720> general 00:15:37.069 --> 00:15:37.079 align:start position:0% between two parties is is in general 00:15:37.079 --> 00:15:39.509 align:start position:0% between two parties is is in general zero<00:15:37.360> some<00:15:37.600> especially<00:15:37.959> if<00:15:38.079> it's<00:15:38.680> Arbitrage 00:15:39.509 --> 00:15:39.519 align:start position:0% zero some especially if it's Arbitrage 00:15:39.519 --> 00:15:41.269 align:start position:0% zero some especially if it's Arbitrage so<00:15:39.720> if<00:15:39.839> an<00:15:39.959> arbitrager<00:15:40.480> is<00:15:40.600> making<00:15:40.839> money<00:15:41.120> it's 00:15:41.269 --> 00:15:41.279 align:start position:0% so if an arbitrager is making money it's 00:15:41.279 --> 00:15:43.030 align:start position:0% so if an arbitrager is making money it's at<00:15:41.399> the<00:15:41.560> cost<00:15:41.800> of<00:15:41.959> some<00:15:42.199> other<00:15:42.440> person<00:15:42.720> in<00:15:42.839> the 00:15:43.030 --> 00:15:43.040 align:start position:0% at the cost of some other person in the 00:15:43.040 --> 00:15:44.350 align:start position:0% at the cost of some other person in the static<00:15:43.519> World 00:15:44.350 --> 00:15:44.360 align:start position:0% static World 00:15:44.360 --> 00:15:46.949 align:start position:0% static World Vision<00:15:45.360> so<00:15:45.639> what<00:15:46.199> what<00:15:46.319> you<00:15:46.440> could<00:15:46.639> possibly 00:15:46.949 --> 00:15:46.959 align:start position:0% Vision so what what you could possibly 00:15:46.959 --> 00:15:48.710 align:start position:0% Vision so what what you could possibly do<00:15:47.120> is<00:15:47.240> you<00:15:47.360> could<00:15:47.519> use<00:15:47.720> an<00:15:47.920> asymmetric<00:15:48.440> speed 00:15:48.710 --> 00:15:48.720 align:start position:0% do is you could use an asymmetric speed 00:15:48.720 --> 00:15:50.030 align:start position:0% do is you could use an asymmetric speed bump<00:15:49.079> which<00:15:49.199> is<00:15:49.319> something<00:15:49.680> that's<00:15:49.880> been 00:15:50.030 --> 00:15:50.040 align:start position:0% bump which is something that's been 00:15:50.040 --> 00:15:52.389 align:start position:0% bump which is something that's been developed<00:15:50.519> within<00:15:50.759> traditional<00:15:51.279> Finance<00:15:52.279> uh 00:15:52.389 --> 00:15:52.399 align:start position:0% developed within traditional Finance uh 00:15:52.399 --> 00:15:54.189 align:start position:0% developed within traditional Finance uh and<00:15:52.519> what<00:15:52.600> it<00:15:52.720> does<00:15:53.079> is<00:15:53.399> it<00:15:53.560> speed<00:15:53.880> bumps 00:15:54.189 --> 00:15:54.199 align:start position:0% and what it does is it speed bumps 00:15:54.199 --> 00:15:55.509 align:start position:0% and what it does is it speed bumps certain<00:15:54.560> transactions<00:15:55.079> and<00:15:55.199> it<00:15:55.279> doesn't 00:15:55.509 --> 00:15:55.519 align:start position:0% certain transactions and it doesn't 00:15:55.519 --> 00:15:58.230 align:start position:0% certain transactions and it doesn't speed<00:15:55.759> bump<00:15:56.120> others<00:15:57.120> um<00:15:57.279> so<00:15:57.480> the<00:15:57.600> inclusionist 00:15:58.230 --> 00:15:58.240 align:start position:0% speed bump others um so the inclusionist 00:15:58.240 --> 00:16:00.269 align:start position:0% speed bump others um so the inclusionist has<00:15:58.519> a<00:15:58.600> natural<00:15:59.079> speed<00:15:59.279> bump<00:15:59.880> and<00:16:00.040> again<00:16:00.199> I 00:16:00.269 --> 00:16:00.279 align:start position:0% has a natural speed bump and again I 00:16:00.279 --> 00:16:02.269 align:start position:0% has a natural speed bump and again I think<00:16:00.440> this<00:16:00.519> is<00:16:00.639> a<00:16:00.759> feature<00:16:01.160> not<00:16:01.480> bud<00:16:02.000> so<00:16:02.160> what 00:16:02.269 --> 00:16:02.279 align:start position:0% think this is a feature not bud so what 00:16:02.279 --> 00:16:03.550 align:start position:0% think this is a feature not bud so what you<00:16:02.360> may<00:16:02.519> say<00:16:02.720> is<00:16:02.839> the<00:16:02.959> inclusionist 00:16:03.550 --> 00:16:03.560 align:start position:0% you may say is the inclusionist 00:16:03.560 --> 00:16:05.470 align:start position:0% you may say is the inclusionist transactions<00:16:04.279> they<00:16:04.519> are<00:16:04.720> able<00:16:05.000> to<00:16:05.240> take 00:16:05.470 --> 00:16:05.480 align:start position:0% transactions they are able to take 00:16:05.480 --> 00:16:07.230 align:start position:0% transactions they are able to take liquidity<00:16:06.240> whereas<00:16:06.480> the<00:16:06.639> transactions<00:16:07.079> From 00:16:07.230 --> 00:16:07.240 align:start position:0% liquidity whereas the transactions From 00:16:07.240 --> 00:16:08.790 align:start position:0% liquidity whereas the transactions From the<00:16:07.360> Block<00:16:07.639> they're<00:16:07.839> able<00:16:08.079> to<00:16:08.279> provide 00:16:08.790 --> 00:16:08.800 align:start position:0% the Block they're able to provide 00:16:08.800 --> 00:16:10.910 align:start position:0% the Block they're able to provide liquidity<00:16:09.800> taking<00:16:10.160> liquidity<00:16:10.639> is<00:16:10.759> the 00:16:10.910 --> 00:16:10.920 align:start position:0% liquidity taking liquidity is the 00:16:10.920 --> 00:16:13.550 align:start position:0% liquidity taking liquidity is the Arbitrage<00:16:11.600> path<00:16:12.000> where<00:16:12.680> um<00:16:13.120> providing 00:16:13.550 --> 00:16:13.560 align:start position:0% Arbitrage path where um providing 00:16:13.560 --> 00:16:15.550 align:start position:0% Arbitrage path where um providing liquidity<00:16:14.160> is<00:16:14.360> is<00:16:14.480> not<00:16:14.639> the<00:16:14.720> Arbitrage<00:16:15.279> path 00:16:15.550 --> 00:16:15.560 align:start position:0% liquidity is is not the Arbitrage path 00:16:15.560 --> 00:16:17.110 align:start position:0% liquidity is is not the Arbitrage path unless<00:16:15.800> you<00:16:15.920> look<00:16:16.079> at<00:16:16.360> for<00:16:16.480> example<00:16:16.800> just<00:16:17.000> in 00:16:17.110 --> 00:16:17.120 align:start position:0% unless you look at for example just in 00:16:17.120 --> 00:16:19.550 align:start position:0% unless you look at for example just in time<00:16:17.639> liquidity<00:16:18.639> uh<00:16:18.800> but<00:16:18.920> you<00:16:19.040> could<00:16:19.240> set<00:16:19.399> up 00:16:19.550 --> 00:16:19.560 align:start position:0% time liquidity uh but you could set up 00:16:19.560 --> 00:16:21.670 align:start position:0% time liquidity uh but you could set up the<00:16:19.680> trading<00:16:19.959> rules<00:16:20.240> so<00:16:20.399> that<00:16:20.519> you<00:16:21.120> uh<00:16:21.319> aim 00:16:21.670 --> 00:16:21.680 align:start position:0% the trading rules so that you uh aim 00:16:21.680 --> 00:16:23.430 align:start position:0% the trading rules so that you uh aim specifically<00:16:22.160> for<00:16:22.399> this<00:16:23.000> meaning<00:16:23.279> that 00:16:23.430 --> 00:16:23.440 align:start position:0% specifically for this meaning that 00:16:23.440 --> 00:16:26.110 align:start position:0% specifically for this meaning that liquidity<00:16:23.839> providers<00:16:24.199> would<00:16:24.440> face<00:16:24.880> less<00:16:25.880> um 00:16:26.110 --> 00:16:26.120 align:start position:0% liquidity providers would face less um 00:16:26.120 --> 00:16:27.309 align:start position:0% liquidity providers would face less um adverse<00:16:26.480> selection<00:16:26.839> meaning<00:16:27.079> that<00:16:27.199> there 00:16:27.309 --> 00:16:27.319 align:start position:0% adverse selection meaning that there 00:16:27.319 --> 00:16:29.069 align:start position:0% adverse selection meaning that there would<00:16:27.440> be<00:16:27.600> more<00:16:27.839> liquidity<00:16:28.600> low<00:16:28.920> lower 00:16:29.069 --> 00:16:29.079 align:start position:0% would be more liquidity low lower 00:16:29.079 --> 00:16:30.710 align:start position:0% would be more liquidity low lower trading<00:16:29.399> cost<00:16:29.680> for 00:16:30.710 --> 00:16:30.720 align:start position:0% trading cost for 00:16:30.720 --> 00:16:33.350 align:start position:0% trading cost for users<00:16:31.720> seemingly<00:16:32.319> though<00:16:32.720> it<00:16:32.800> seems<00:16:33.000> to<00:16:33.120> be<00:16:33.240> a 00:16:33.350 --> 00:16:33.360 align:start position:0% users seemingly though it seems to be a 00:16:33.360 --> 00:16:36.030 align:start position:0% users seemingly though it seems to be a bit<00:16:33.480> of<00:16:33.560> a<00:16:33.720> paradox<00:16:34.319> it's<00:16:34.639> um<00:16:35.120> if<00:16:35.319> the<00:16:35.519> exchange 00:16:36.030 --> 00:16:36.040 align:start position:0% bit of a paradox it's um if the exchange 00:16:36.040 --> 00:16:37.509 align:start position:0% bit of a paradox it's um if the exchange believes<00:16:36.560> that<00:16:36.680> the<00:16:36.800> inclusion<00:16:37.240> list<00:16:37.399> is 00:16:37.509 --> 00:16:37.519 align:start position:0% believes that the inclusion list is 00:16:37.519 --> 00:16:39.670 align:start position:0% believes that the inclusion list is uncodable<00:16:38.480> then<00:16:38.639> it's<00:16:39.040> suddenly<00:16:39.480> very 00:16:39.670 --> 00:16:39.680 align:start position:0% uncodable then it's suddenly very 00:16:39.680 --> 00:16:41.110 align:start position:0% uncodable then it's suddenly very valuable<00:16:40.079> to<00:16:40.199> make<00:16:40.360> the<00:16:40.480> inclusion<00:16:40.920> list 00:16:41.110 --> 00:16:41.120 align:start position:0% valuable to make the inclusion list 00:16:41.120 --> 00:16:42.230 align:start position:0% valuable to make the inclusion list because<00:16:41.360> now<00:16:41.519> your<00:16:41.680> transactions<00:16:42.120> are 00:16:42.230 --> 00:16:42.240 align:start position:0% because now your transactions are 00:16:42.240 --> 00:16:44.430 align:start position:0% because now your transactions are treated<00:16:42.600> differently<00:16:43.600> uh<00:16:43.720> so<00:16:43.959> then<00:16:44.160> maybe 00:16:44.430 --> 00:16:44.440 align:start position:0% treated differently uh so then maybe 00:16:44.440 --> 00:16:46.749 align:start position:0% treated differently uh so then maybe inclusion<00:16:44.800> list<00:16:45.000> becomes<00:16:45.600> Crow<00:16:46.240> again<00:16:46.639> but 00:16:46.749 --> 00:16:46.759 align:start position:0% inclusion list becomes Crow again but 00:16:46.759 --> 00:16:48.230 align:start position:0% inclusion list becomes Crow again but then<00:16:46.880> if<00:16:46.959> the<00:16:47.079> inclusionist<00:16:47.560> is<00:16:47.680> Crow<00:16:48.120> The 00:16:48.230 --> 00:16:48.240 align:start position:0% then if the inclusionist is Crow The 00:16:48.240 --> 00:16:49.749 align:start position:0% then if the inclusionist is Crow The Exchange<00:16:48.639> thinks<00:16:49.000> okay<00:16:49.199> well<00:16:49.279> this<00:16:49.399> is<00:16:49.480> not<00:16:49.600> so 00:16:49.749 --> 00:16:49.759 align:start position:0% Exchange thinks okay well this is not so 00:16:49.759 --> 00:16:51.430 align:start position:0% Exchange thinks okay well this is not so valuable<00:16:50.120> anymore<00:16:50.399> I<00:16:50.519> won't<00:16:50.800> act<00:16:51.000> upon<00:16:51.160> it<00:16:51.319> so 00:16:51.430 --> 00:16:51.440 align:start position:0% valuable anymore I won't act upon it so 00:16:51.440 --> 00:16:53.069 align:start position:0% valuable anymore I won't act upon it so it<00:16:51.519> seems<00:16:51.680> to<00:16:51.800> be<00:16:51.959> kind<00:16:52.079> of<00:16:52.199> like<00:16:52.399> the<00:16:52.560> the<00:16:52.720> SP 00:16:53.069 --> 00:16:53.079 align:start position:0% it seems to be kind of like the the SP 00:16:53.079 --> 00:16:54.309 align:start position:0% it seems to be kind of like the the SP man<00:16:53.240> name<00:16:53.440> you<00:16:53.560> know<00:16:53.720> where<00:16:53.839> you're<00:16:54.000> pointing 00:16:54.309 --> 00:16:54.319 align:start position:0% man name you know where you're pointing 00:16:54.319 --> 00:16:55.990 align:start position:0% man name you know where you're pointing towards<00:16:54.639> each<00:16:54.800> other<00:16:55.240> and<00:16:55.480> expecting<00:16:55.880> the 00:16:55.990 --> 00:16:56.000 align:start position:0% towards each other and expecting the 00:16:56.000 --> 00:16:59.430 align:start position:0% towards each other and expecting the other<00:16:56.480> person<00:16:57.480> um<00:16:57.839> to<00:16:58.040> do<00:16:58.279> something<00:16:58.959> or<00:16:59.120> to 00:16:59.430 --> 00:16:59.440 align:start position:0% other person um to do something or to 00:16:59.440 --> 00:17:01.910 align:start position:0% other person um to do something or to remain<00:16:59.880> static<00:17:00.880> I<00:17:00.959> would<00:17:01.160> say<00:17:01.399> though<00:17:01.639> that 00:17:01.910 --> 00:17:01.920 align:start position:0% remain static I would say though that 00:17:01.920 --> 00:17:04.789 align:start position:0% remain static I would say though that this<00:17:02.040> is<00:17:02.199> not<00:17:02.680> a<00:17:02.839> paradox<00:17:03.839> uh<00:17:04.039> because<00:17:04.319> the 00:17:04.789 --> 00:17:04.799 align:start position:0% this is not a paradox uh because the 00:17:04.799 --> 00:17:07.110 align:start position:0% this is not a paradox uh because the application<00:17:05.799> plays<00:17:06.079> a<00:17:06.240> sequential<00:17:06.760> game<00:17:07.000> and 00:17:07.110 --> 00:17:07.120 align:start position:0% application plays a sequential game and 00:17:07.120 --> 00:17:09.270 align:start position:0% application plays a sequential game and also<00:17:07.400> simultaneous<00:17:08.039> game<00:17:08.600> the<00:17:08.760> application 00:17:09.270 --> 00:17:09.280 align:start position:0% also simultaneous game the application 00:17:09.280 --> 00:17:11.590 align:start position:0% also simultaneous game the application must<00:17:09.559> commit<00:17:09.959> without<00:17:10.280> regret<00:17:11.120> uh<00:17:11.199> to<00:17:11.400> its 00:17:11.590 --> 00:17:11.600 align:start position:0% must commit without regret uh to its 00:17:11.600 --> 00:17:14.669 align:start position:0% must commit without regret uh to its strategy<00:17:12.160> of<00:17:12.839> um<00:17:13.039> of<00:17:13.199> handling<00:17:13.679> transactions 00:17:14.669 --> 00:17:14.679 align:start position:0% strategy of um of handling transactions 00:17:14.679 --> 00:17:16.949 align:start position:0% strategy of um of handling transactions you<00:17:14.880> can't<00:17:15.160> imagine<00:17:15.760> an<00:17:15.919> exchange<00:17:16.360> saying 00:17:16.949 --> 00:17:16.959 align:start position:0% you can't imagine an exchange saying 00:17:16.959 --> 00:17:18.549 align:start position:0% you can't imagine an exchange saying okay<00:17:17.079> if<00:17:17.160> you<00:17:17.240> send<00:17:17.439> me<00:17:17.720> your<00:17:17.919> transaction<00:17:18.439> I 00:17:18.549 --> 00:17:18.559 align:start position:0% okay if you send me your transaction I 00:17:18.559 --> 00:17:19.909 align:start position:0% okay if you send me your transaction I have<00:17:18.679> no<00:17:18.799> clue<00:17:19.000> what<00:17:19.120> I'll<00:17:19.319> do<00:17:19.439> with<00:17:19.559> it<00:17:19.720> maybe 00:17:19.909 --> 00:17:19.919 align:start position:0% have no clue what I'll do with it maybe 00:17:19.919 --> 00:17:21.189 align:start position:0% have no clue what I'll do with it maybe I'll<00:17:20.079> do<00:17:20.240> this<00:17:20.360> maybe<00:17:20.559> I'll<00:17:20.720> do<00:17:20.880> that<00:17:21.000> so<00:17:21.079> you 00:17:21.189 --> 00:17:21.199 align:start position:0% I'll do this maybe I'll do that so you 00:17:21.199 --> 00:17:22.590 align:start position:0% I'll do this maybe I'll do that so you need<00:17:21.439> some<00:17:21.640> commitments<00:17:22.079> of<00:17:22.319> how<00:17:22.439> the 00:17:22.590 --> 00:17:22.600 align:start position:0% need some commitments of how the 00:17:22.600 --> 00:17:26.069 align:start position:0% need some commitments of how the exchange<00:17:23.039> rules<00:17:23.360> are<00:17:23.559> set<00:17:24.160> up<00:17:25.160> and<00:17:25.280> so<00:17:25.559> the<00:17:25.959> The 00:17:26.069 --> 00:17:26.079 align:start position:0% exchange rules are set up and so the The 00:17:26.079 --> 00:17:28.950 align:start position:0% exchange rules are set up and so the The Exchange<00:17:26.439> will<00:17:26.600> only<00:17:26.799> commit<00:17:27.319> to<00:17:28.319> um<00:17:28.480> using 00:17:28.950 --> 00:17:28.960 align:start position:0% Exchange will only commit to um using 00:17:28.960 --> 00:17:30.750 align:start position:0% Exchange will only commit to um using such<00:17:29.080> an<00:17:29.200> asymmetric<00:17:29.679> speed<00:17:29.919> bump<00:17:30.480> if<00:17:30.600> it 00:17:30.750 --> 00:17:30.760 align:start position:0% such an asymmetric speed bump if it 00:17:30.760 --> 00:17:32.270 align:start position:0% such an asymmetric speed bump if it believes<00:17:31.160> that<00:17:31.320> the<00:17:31.520> inclusionist<00:17:32.120> would 00:17:32.270 --> 00:17:32.280 align:start position:0% believes that the inclusionist would 00:17:32.280 --> 00:17:34.549 align:start position:0% believes that the inclusionist would still<00:17:32.440> be<00:17:32.559> uncodable<00:17:33.320> after<00:17:33.640> its<00:17:33.880> commitment 00:17:34.549 --> 00:17:34.559 align:start position:0% still be uncodable after its commitment 00:17:34.559 --> 00:17:36.590 align:start position:0% still be uncodable after its commitment so<00:17:34.720> it<00:17:34.840> must<00:17:35.000> commit<00:17:35.280> Without<00:17:35.559> Regrets<00:17:36.400> so 00:17:36.590 --> 00:17:36.600 align:start position:0% so it must commit Without Regrets so 00:17:36.600 --> 00:17:38.549 align:start position:0% so it must commit Without Regrets so they<00:17:36.720> shouldn't<00:17:37.000> be<00:17:37.120> a<00:17:37.280> paradox<00:17:37.919> even<00:17:38.240> when 00:17:38.549 --> 00:17:38.559 align:start position:0% they shouldn't be a paradox even when 00:17:38.559 --> 00:17:40.470 align:start position:0% they shouldn't be a paradox even when applications<00:17:39.160> specifically<00:17:39.640> use<00:17:39.919> uncodable 00:17:40.470 --> 00:17:40.480 align:start position:0% applications specifically use uncodable 00:17:40.480 --> 00:17:42.390 align:start position:0% applications specifically use uncodable inclusion<00:17:40.880> lists<00:17:41.480> we<00:17:41.600> can<00:17:41.760> still<00:17:42.120> have 00:17:42.390 --> 00:17:42.400 align:start position:0% inclusion lists we can still have 00:17:42.400 --> 00:17:44.070 align:start position:0% inclusion lists we can still have uncodable<00:17:42.960> inclusion 00:17:44.070 --> 00:17:44.080 align:start position:0% uncodable inclusion 00:17:44.080 --> 00:17:48.549 align:start position:0% uncodable inclusion lists<00:17:45.080> so<00:17:45.280> some<00:17:45.440> of<00:17:46.000> the<00:17:47.039> um<00:17:48.039> statements<00:17:48.440> that 00:17:48.549 --> 00:17:48.559 align:start position:0% lists so some of the um statements that 00:17:48.559 --> 00:17:50.630 align:start position:0% lists so some of the um statements that I'd<00:17:48.760> like<00:17:48.880> to<00:17:48.960> leave<00:17:49.160> off<00:17:49.400> with<00:17:49.679> is<00:17:49.880> that<00:17:50.400> if 00:17:50.630 --> 00:17:50.640 align:start position:0% I'd like to leave off with is that if 00:17:50.640 --> 00:17:53.150 align:start position:0% I'd like to leave off with is that if cenal<00:17:51.039> resistance<00:17:51.440> gadgets<00:17:51.760> are<00:17:52.160> incredible 00:17:53.150 --> 00:17:53.160 align:start position:0% cenal resistance gadgets are incredible 00:17:53.160 --> 00:17:55.590 align:start position:0% cenal resistance gadgets are incredible then<00:17:53.600> its<00:17:53.799> creators<00:17:54.280> can<00:17:54.400> be<00:17:54.600> decentralized 00:17:55.590 --> 00:17:55.600 align:start position:0% then its creators can be decentralized 00:17:55.600 --> 00:17:59.070 align:start position:0% then its creators can be decentralized so<00:17:55.960> if<00:17:56.440> there's<00:17:56.799> no<00:17:57.120> other<00:17:58.120> um<00:17:58.440> use<00:17:58.880> case 00:17:59.070 --> 00:17:59.080 align:start position:0% so if there's no other um use case 00:17:59.080 --> 00:18:02.350 align:start position:0% so if there's no other um use case that's<00:17:59.320> better<00:17:59.760> than<00:18:00.280> uh<00:18:00.440> using<00:18:01.440> um<00:18:01.640> the<00:18:02.240> uh 00:18:02.350 --> 00:18:02.360 align:start position:0% that's better than uh using um the uh 00:18:02.360 --> 00:18:03.870 align:start position:0% that's better than uh using um the uh censal<00:18:02.720> resistance<00:18:03.080> Gadget<00:18:03.400> specifically 00:18:03.870 --> 00:18:03.880 align:start position:0% censal resistance Gadget specifically 00:18:03.880 --> 00:18:06.230 align:start position:0% censal resistance Gadget specifically what<00:18:04.120> what<00:18:04.240> it's<00:18:04.520> designed<00:18:05.280> then<00:18:05.440> you<00:18:05.559> may<00:18:05.880> ask 00:18:06.230 --> 00:18:06.240 align:start position:0% what what it's designed then you may ask 00:18:06.240 --> 00:18:08.110 align:start position:0% what what it's designed then you may ask some<00:18:06.440> of<00:18:06.600> the<00:18:06.840> decentralized<00:18:07.520> participants 00:18:08.110 --> 00:18:08.120 align:start position:0% some of the decentralized participants 00:18:08.120 --> 00:18:09.710 align:start position:0% some of the decentralized participants to<00:18:08.559> create<00:18:08.960> this<00:18:09.240> because<00:18:09.400> it<00:18:09.520> won't 00:18:09.710 --> 00:18:09.720 align:start position:0% to create this because it won't 00:18:09.720 --> 00:18:11.110 align:start position:0% to create this because it won't centralize<00:18:10.200> the<00:18:10.320> set 00:18:11.110 --> 00:18:11.120 align:start position:0% centralize the set 00:18:11.120 --> 00:18:13.470 align:start position:0% centralize the set further<00:18:12.120> if<00:18:12.240> the<00:18:12.360> censor<00:18:12.799> resistance<00:18:13.159> Gadget 00:18:13.470 --> 00:18:13.480 align:start position:0% further if the censor resistance Gadget 00:18:13.480 --> 00:18:15.029 align:start position:0% further if the censor resistance Gadget is<00:18:13.640> cable<00:18:14.159> then<00:18:14.280> its<00:18:14.440> creators<00:18:14.799> will<00:18:14.919> be 00:18:15.029 --> 00:18:15.039 align:start position:0% is cable then its creators will be 00:18:15.039 --> 00:18:17.470 align:start position:0% is cable then its creators will be centralized<00:18:15.760> this<00:18:15.880> is<00:18:16.039> not<00:18:16.320> a<00:18:16.840> centralization 00:18:17.470 --> 00:18:17.480 align:start position:0% centralized this is not a centralization 00:18:17.480 --> 00:18:19.149 align:start position:0% centralized this is not a centralization is<00:18:17.600> not<00:18:17.760> a<00:18:17.840> feature<00:18:18.120> of<00:18:18.280> Market<00:18:18.640> mechanism 00:18:19.149 --> 00:18:19.159 align:start position:0% is not a feature of Market mechanism 00:18:19.159 --> 00:18:20.789 align:start position:0% is not a feature of Market mechanism although<00:18:19.400> Market<00:18:19.720> mechanisms<00:18:20.159> can<00:18:20.320> change<00:18:20.600> it 00:18:20.789 --> 00:18:20.799 align:start position:0% although Market mechanisms can change it 00:18:20.799 --> 00:18:23.390 align:start position:0% although Market mechanisms can change it a<00:18:20.919> little<00:18:21.600> it's<00:18:21.760> mostly<00:18:22.080> a<00:18:22.200> feature<00:18:22.520> of<00:18:22.720> the 00:18:23.390 --> 00:18:23.400 align:start position:0% a little it's mostly a feature of the 00:18:23.400 --> 00:18:25.350 align:start position:0% a little it's mostly a feature of the intrinsic<00:18:23.880> property<00:18:24.360> rights<00:18:24.960> it<00:18:25.080> doesn't 00:18:25.350 --> 00:18:25.360 align:start position:0% intrinsic property rights it doesn't 00:18:25.360 --> 00:18:26.950 align:start position:0% intrinsic property rights it doesn't matter<00:18:25.720> how<00:18:25.880> you<00:18:26.080> allocate<00:18:26.520> for<00:18:26.679> example 00:18:26.950 --> 00:18:26.960 align:start position:0% matter how you allocate for example 00:18:26.960 --> 00:18:29.149 align:start position:0% matter how you allocate for example building<00:18:27.360> rights<00:18:28.159> uh<00:18:28.400> especially<00:18:28.840> within<00:18:29.080> the 00:18:29.149 --> 00:18:29.159 align:start position:0% building rights uh especially within the 00:18:29.159 --> 00:18:30.590 align:start position:0% building rights uh especially within the ether<00:18:29.520> protocol<00:18:30.000> because<00:18:30.200> there<00:18:30.280> can<00:18:30.440> be 00:18:30.590 --> 00:18:30.600 align:start position:0% ether protocol because there can be 00:18:30.600 --> 00:18:32.909 align:start position:0% ether protocol because there can be secondary<00:18:31.120> markets<00:18:32.120> um<00:18:32.320> it's<00:18:32.440> the<00:18:32.600> fact<00:18:32.760> that 00:18:32.909 --> 00:18:32.919 align:start position:0% secondary markets um it's the fact that 00:18:32.919 --> 00:18:34.470 align:start position:0% secondary markets um it's the fact that building<00:18:33.320> rights<00:18:33.720> are<00:18:33.919> inherently 00:18:34.470 --> 00:18:34.480 align:start position:0% building rights are inherently 00:18:34.480 --> 00:18:36.270 align:start position:0% building rights are inherently sophisticated<00:18:35.280> and<00:18:35.400> there<00:18:35.520> are<00:18:35.679> inherently 00:18:36.270 --> 00:18:36.280 align:start position:0% sophisticated and there are inherently 00:18:36.280 --> 00:18:38.029 align:start position:0% sophisticated and there are inherently barriers<00:18:36.640> to<00:18:36.840> entry<00:18:37.400> so<00:18:37.559> it's<00:18:37.679> not<00:18:37.840> about 00:18:38.029 --> 00:18:38.039 align:start position:0% barriers to entry so it's not about 00:18:38.039 --> 00:18:39.630 align:start position:0% barriers to entry so it's not about proposer<00:18:38.400> Builder<00:18:38.720> separation<00:18:39.320> it's<00:18:39.480> about 00:18:39.630 --> 00:18:39.640 align:start position:0% proposer Builder separation it's about 00:18:39.640 --> 00:18:40.750 align:start position:0% proposer Builder separation it's about the<00:18:39.760> building 00:18:40.750 --> 00:18:40.760 align:start position:0% the building 00:18:40.760 --> 00:18:43.390 align:start position:0% the building rights<00:18:41.760> and<00:18:41.919> finally<00:18:42.360> uncodable<00:18:42.919> sensorship 00:18:43.390 --> 00:18:43.400 align:start position:0% rights and finally uncodable sensorship 00:18:43.400 --> 00:18:45.590 align:start position:0% rights and finally uncodable sensorship resistance<00:18:43.840> gadgets<00:18:44.240> seem<00:18:44.520> stable<00:18:45.320> uh<00:18:45.400> so 00:18:45.590 --> 00:18:45.600 align:start position:0% resistance gadgets seem stable uh so 00:18:45.600 --> 00:18:47.270 align:start position:0% resistance gadgets seem stable uh so potentially<00:18:46.000> there's<00:18:46.200> a<00:18:46.360> whole<00:18:46.559> new<00:18:46.919> set<00:18:47.080> of 00:18:47.270 --> 00:18:47.280 align:start position:0% potentially there's a whole new set of 00:18:47.280 --> 00:18:49.270 align:start position:0% potentially there's a whole new set of applications<00:18:47.799> that<00:18:47.919> we<00:18:48.039> can<00:18:48.159> unlock<00:18:49.039> if 00:18:49.270 --> 00:18:49.280 align:start position:0% applications that we can unlock if 00:18:49.280 --> 00:18:51.990 align:start position:0% applications that we can unlock if applications<00:18:49.880> can<00:18:50.120> consume<00:18:50.520> consensus<00:18:50.960> layer 00:18:51.990 --> 00:18:52.000 align:start position:0% applications can consume consensus layer 00:18:52.000 --> 00:18:54.789 align:start position:0% applications can consume consensus layer information<00:18:53.000> so<00:18:53.200> that<00:18:53.280> was<00:18:53.480> it<00:18:54.280> uh<00:18:54.400> I<00:18:54.520> hope<00:18:54.640> you 00:18:54.789 --> 00:18:54.799 align:start position:0% information so that was it uh I hope you 00:18:54.799 --> 00:18:56.710 align:start position:0% information so that was it uh I hope you enjoyed<00:18:55.159> and<00:18:55.280> it's<00:18:55.400> part<00:18:55.600> some<00:18:55.799> conversation 00:18:56.710 --> 00:18:56.720 align:start position:0% enjoyed and it's part some conversation 00:18:56.720 --> 00:18:57.990 align:start position:0% enjoyed and it's part some conversation uh<00:18:56.880> and<00:18:57.039> I'd<00:18:57.200> be<00:18:57.360> happy<00:18:57.559> to<00:18:57.640> take<00:18:57.799> any 00:18:57.990 --> 00:18:58.000 align:start position:0% uh and I'd be happy to take any 00:18:58.000 --> 00:19:00.000 align:start position:0% uh and I'd be happy to take any questions 00:19:00.000 --> 00:19:00.010 align:start position:0% questions 00:19:00.010 --> 00:19:05.310 align:start position:0% questions [Applause] 00:19:05.310 --> 00:19:05.320 align:start position:0% [Applause] 00:19:05.320 --> 00:19:07.270 align:start position:0% [Applause] so<00:19:05.520> does<00:19:05.760> inclusionist<00:19:06.400> with<00:19:06.559> an 00:19:07.270 --> 00:19:07.280 align:start position:0% so does inclusionist with an 00:19:07.280 --> 00:19:08.909 align:start position:0% so does inclusionist with an inclusionist<00:19:07.799> committee<00:19:08.120> members<00:19:08.440> making 00:19:08.909 --> 00:19:08.919 align:start position:0% inclusionist committee members making 00:19:08.919 --> 00:19:10.590 align:start position:0% inclusionist committee members making economic<00:19:09.280> sensorship<00:19:09.720> end<00:19:09.919> times<00:19:10.240> more 00:19:10.590 --> 00:19:10.600 align:start position:0% economic sensorship end times more 00:19:10.600 --> 00:19:12.870 align:start position:0% economic sensorship end times more expensive<00:19:11.600> uh<00:19:11.720> this<00:19:11.799> is<00:19:11.919> a<00:19:12.240> property<00:19:12.640> that's 00:19:12.870 --> 00:19:12.880 align:start position:0% expensive uh this is a property that's 00:19:12.880 --> 00:19:15.270 align:start position:0% expensive uh this is a property that's not<00:19:13.080> currently<00:19:13.520> in<00:19:13.720> fossil<00:19:14.240> fossil<00:19:14.799> relies<00:19:15.120> on 00:19:15.270 --> 00:19:15.280 align:start position:0% not currently in fossil fossil relies on 00:19:15.280 --> 00:19:17.390 align:start position:0% not currently in fossil fossil relies on boosting<00:19:15.720> the<00:19:15.840> signal<00:19:16.240> of<00:19:16.360> solo<00:19:16.720> stakers 00:19:17.390 --> 00:19:17.400 align:start position:0% boosting the signal of solo stakers 00:19:17.400 --> 00:19:20.549 align:start position:0% boosting the signal of solo stakers fossils<00:19:17.880> are<00:19:18.360> uh<00:19:18.480> Erp<00:19:19.120> so<00:19:19.799> we<00:19:20.039> made<00:19:20.360> this 00:19:20.549 --> 00:19:20.559 align:start position:0% fossils are uh Erp so we made this 00:19:20.559 --> 00:19:24.190 align:start position:0% fossils are uh Erp so we made this decision<00:19:21.200> because<00:19:22.200> um<00:19:22.919> putting<00:19:23.400> this<00:19:24.000> uh 00:19:24.190 --> 00:19:24.200 align:start position:0% decision because um putting this uh 00:19:24.200 --> 00:19:26.230 align:start position:0% decision because um putting this uh property<00:19:24.679> that<00:19:24.799> you<00:19:24.919> get<00:19:25.440> an<00:19:25.640> inclusionist 00:19:26.230 --> 00:19:26.240 align:start position:0% property that you get an inclusionist 00:19:26.240 --> 00:19:27.590 align:start position:0% property that you get an inclusionist committee<00:19:26.600> makes<00:19:26.760> it<00:19:26.880> n<00:19:27.080> times<00:19:27.320> more 00:19:27.590 --> 00:19:27.600 align:start position:0% committee makes it n times more 00:19:27.600 --> 00:19:30.830 align:start position:0% committee makes it n times more expensive<00:19:28.600> uh<00:19:28.880> um<00:19:29.320> as<00:19:29.559> protocol<00:19:30.039> complexity 00:19:30.830 --> 00:19:30.840 align:start position:0% expensive uh um as protocol complexity 00:19:30.840 --> 00:19:32.230 align:start position:0% expensive uh um as protocol complexity we<00:19:30.960> don't<00:19:31.120> think<00:19:31.320> it's<00:19:31.480> warranted<00:19:31.960> at<00:19:32.120> this 00:19:32.230 --> 00:19:32.240 align:start position:0% we don't think it's warranted at this 00:19:32.240 --> 00:19:33.430 align:start position:0% we don't think it's warranted at this point<00:19:32.520> because<00:19:32.679> we<00:19:32.760> see<00:19:32.919> a<00:19:33.039> revealed 00:19:33.430 --> 00:19:33.440 align:start position:0% point because we see a revealed 00:19:33.440 --> 00:19:35.149 align:start position:0% point because we see a revealed preference<00:19:33.799> of<00:19:34.000> people<00:19:34.280> willing<00:19:34.520> and<00:19:34.720> able<00:19:34.960> to 00:19:35.149 --> 00:19:35.159 align:start position:0% preference of people willing and able to 00:19:35.159 --> 00:19:37.430 align:start position:0% preference of people willing and able to make<00:19:35.919> uh<00:19:36.039> to<00:19:36.200> even<00:19:36.360> take<00:19:36.520> an<00:19:36.679> economic<00:19:37.039> penalty 00:19:37.430 --> 00:19:37.440 align:start position:0% make uh to even take an economic penalty 00:19:37.440 --> 00:19:39.270 align:start position:0% make uh to even take an economic penalty to<00:19:37.559> provide<00:19:37.799> sensorship<00:19:38.280> resistance<00:19:39.000> getting 00:19:39.270 --> 00:19:39.280 align:start position:0% to provide sensorship resistance getting 00:19:39.280 --> 00:19:40.710 align:start position:0% to provide sensorship resistance getting this<00:19:39.480> property<00:19:39.880> though<00:19:40.039> is<00:19:40.200> an<00:19:40.400> easy 00:19:40.710 --> 00:19:40.720 align:start position:0% this property though is an easy 00:19:40.720 --> 00:19:43.310 align:start position:0% this property though is an easy extension<00:19:41.080> to<00:19:41.280> Fossil<00:19:42.200> um<00:19:42.799> so<00:19:43.039> if<00:19:43.159> it's 00:19:43.310 --> 00:19:43.320 align:start position:0% extension to Fossil um so if it's 00:19:43.320 --> 00:19:52.990 align:start position:0% extension to Fossil um so if it's necessary<00:19:43.720> we<00:19:43.799> could<00:19:44.159> implement<00:19:44.480> it 00:19:52.990 --> 00:19:53.000 align:start position:0% 00:19:53.000 --> 00:19:56.270 align:start position:0% easily<00:19:54.000> um<00:19:54.280> yeah<00:19:54.559> just<00:19:55.039> scan<00:19:55.400> the<00:19:55.520> QR<00:19:55.880> code<00:19:56.080> for 00:19:56.270 --> 00:19:56.280 align:start position:0% easily um yeah just scan the QR code for 00:19:56.280 --> 00:19:57.990 align:start position:0% easily um yeah just scan the QR code for anyone<00:19:56.600> who<00:19:56.720> wants<00:19:56.919> to<00:19:57.120> ask<00:19:57.320> any<00:19:57.559> questions 00:19:57.990 --> 00:19:58.000 align:start position:0% anyone who wants to ask any questions 00:19:58.000 --> 00:20:00.149 align:start position:0% anyone who wants to ask any questions and<00:19:58.280> it'll<00:19:58.679> show<00:19:58.880> up<00:19:59.559> uh<00:19:59.679> yeah<00:19:59.799> we<00:19:59.919> have<00:20:00.000> a 00:20:00.149 --> 00:20:00.159 align:start position:0% and it'll show up uh yeah we have a 00:20:00.159 --> 00:20:01.549 align:start position:0% and it'll show up uh yeah we have a second<00:20:00.480> question<00:20:01.000> uh<00:20:01.080> which<00:20:01.240> I'm<00:20:01.320> going<00:20:01.440> to 00:20:01.549 --> 00:20:01.559 align:start position:0% second question uh which I'm going to 00:20:01.559 --> 00:20:04.270 align:start position:0% second question uh which I'm going to read<00:20:01.760> out<00:20:02.000> for<00:20:02.799> the<00:20:02.960> audience<00:20:03.360> joining<00:20:03.720> online 00:20:04.270 --> 00:20:04.280 align:start position:0% read out for the audience joining online 00:20:04.280 --> 00:20:07.070 align:start position:0% read out for the audience joining online how<00:20:04.400> do<00:20:04.480> you<00:20:04.640> achieve<00:20:05.000> unability<00:20:05.720> of<00:20:06.159> ilil<00:20:06.960> is 00:20:07.070 --> 00:20:07.080 align:start position:0% how do you achieve unability of ilil is 00:20:07.080 --> 00:20:08.950 align:start position:0% how do you achieve unability of ilil is that<00:20:07.240> a<00:20:07.400> property<00:20:07.760> enforced<00:20:08.240> by<00:20:08.400> the<00:20:08.520> spec<00:20:08.799> or 00:20:08.950 --> 00:20:08.960 align:start position:0% that a property enforced by the spec or 00:20:08.960 --> 00:20:10.710 align:start position:0% that a property enforced by the spec or achieved<00:20:09.320> through<00:20:09.480> the<00:20:09.640> selection<00:20:10.080> of<00:20:10.320> ilel 00:20:10.710 --> 00:20:10.720 align:start position:0% achieved through the selection of ilel 00:20:10.720 --> 00:20:13.909 align:start position:0% achieved through the selection of ilel creators<00:20:11.640> how<00:20:11.760> to<00:20:11.960> select<00:20:12.280> who<00:20:12.480> creates<00:20:12.880> the<00:20:13.039> I 00:20:13.909 --> 00:20:13.919 align:start position:0% creators how to select who creates the I 00:20:13.919 --> 00:20:16.070 align:start position:0% creators how to select who creates the I yeah<00:20:14.240> so<00:20:14.880> uh<00:20:15.039> the<00:20:15.159> design<00:20:15.480> philosophy<00:20:15.880> behind 00:20:16.070 --> 00:20:16.080 align:start position:0% yeah so uh the design philosophy behind 00:20:16.080 --> 00:20:17.630 align:start position:0% yeah so uh the design philosophy behind inclusion<00:20:16.480> list<00:20:16.679> is<00:20:16.760> that<00:20:16.919> you<00:20:17.200> select<00:20:17.520> the 00:20:17.630 --> 00:20:17.640 align:start position:0% inclusion list is that you select the 00:20:17.640 --> 00:20:19.830 align:start position:0% inclusion list is that you select the most<00:20:17.799> decentralized<00:20:18.480> sets<00:20:18.640> of<00:20:18.840> participants 00:20:19.830 --> 00:20:19.840 align:start position:0% most decentralized sets of participants 00:20:19.840 --> 00:20:21.549 align:start position:0% most decentralized sets of participants to<00:20:20.080> have<00:20:20.360> input<00:20:20.679> into<00:20:20.919> centralized<00:20:21.360> block 00:20:21.549 --> 00:20:21.559 align:start position:0% to have input into centralized block 00:20:21.559 --> 00:20:23.830 align:start position:0% to have input into centralized block construction<00:20:22.520> so<00:20:22.919> unability<00:20:23.480> is<00:20:23.679> not 00:20:23.830 --> 00:20:23.840 align:start position:0% construction so unability is not 00:20:23.840 --> 00:20:27.590 align:start position:0% construction so unability is not achieved<00:20:24.159> by<00:20:24.280> the<00:20:24.480> selection<00:20:25.480> um<00:20:26.120> because<00:20:27.120> um 00:20:27.590 --> 00:20:27.600 align:start position:0% achieved by the selection um because um 00:20:27.600 --> 00:20:29.270 align:start position:0% achieved by the selection um because um this<00:20:27.720> is<00:20:27.919> again<00:20:28.200> it's<00:20:28.440> it's<00:20:28.760> achieved<00:20:29.039> not<00:20:29.159> by 00:20:29.270 --> 00:20:29.280 align:start position:0% this is again it's it's achieved not by 00:20:29.280 --> 00:20:30.830 align:start position:0% this is again it's it's achieved not by the<00:20:29.360> market<00:20:29.679> mechanism<00:20:30.120> but<00:20:30.240> it's<00:20:30.520> achieved 00:20:30.830 --> 00:20:30.840 align:start position:0% the market mechanism but it's achieved 00:20:30.840 --> 00:20:32.350 align:start position:0% the market mechanism but it's achieved by<00:20:30.960> the<00:20:31.039> inherent<00:20:31.480> property<00:20:31.919> rights<00:20:32.200> of 00:20:32.350 --> 00:20:32.360 align:start position:0% by the inherent property rights of 00:20:32.360 --> 00:20:34.430 align:start position:0% by the inherent property rights of creating<00:20:32.799> this<00:20:32.960> inclusion<00:20:33.440> list<00:20:34.039> and<00:20:34.159> so<00:20:34.320> what 00:20:34.430 --> 00:20:34.440 align:start position:0% creating this inclusion list and so what 00:20:34.440 --> 00:20:37.070 align:start position:0% creating this inclusion list and so what we<00:20:34.559> do<00:20:34.799> is<00:20:34.960> we<00:20:35.080> make<00:20:35.280> the<00:20:35.400> minimally<00:20:36.080> invasive 00:20:37.070 --> 00:20:37.080 align:start position:0% we do is we make the minimally invasive 00:20:37.080 --> 00:20:38.430 align:start position:0% we do is we make the minimally invasive uh<00:20:37.240> way<00:20:37.440> that<00:20:37.640> inclusion<00:20:37.960> list<00:20:38.200> could<00:20:38.320> be 00:20:38.430 --> 00:20:38.440 align:start position:0% uh way that inclusion list could be 00:20:38.440 --> 00:20:40.270 align:start position:0% uh way that inclusion list could be structured<00:20:38.880> in<00:20:39.000> order<00:20:39.200> to<00:20:39.360> still<00:20:39.679> attain<00:20:40.120> the 00:20:40.270 --> 00:20:40.280 align:start position:0% structured in order to still attain the 00:20:40.280 --> 00:20:41.750 align:start position:0% structured in order to still attain the Cent<00:20:40.679> resistance<00:20:41.080> properties<00:20:41.480> that<00:20:41.559> we're 00:20:41.750 --> 00:20:41.760 align:start position:0% Cent resistance properties that we're 00:20:41.760 --> 00:20:45.669 align:start position:0% Cent resistance properties that we're looking<00:20:42.000> at<00:20:42.799> so<00:20:43.559> specifically<00:20:44.159> in<00:20:44.320> our<00:20:44.559> Erp<00:20:45.559> uh 00:20:45.669 --> 00:20:45.679 align:start position:0% looking at so specifically in our Erp uh 00:20:45.679 --> 00:20:47.149 align:start position:0% looking at so specifically in our Erp uh there<00:20:45.760> are<00:20:45.960> three<00:20:46.159> seconds<00:20:46.640> between<00:20:46.919> that<00:20:47.039> the 00:20:47.149 --> 00:20:47.159 align:start position:0% there are three seconds between that the 00:20:47.159 --> 00:20:50.029 align:start position:0% there are three seconds between that the inclusionist<00:20:47.880> last<00:20:48.480> can<00:20:48.640> be<00:20:48.840> committed<00:20:49.240> to 00:20:50.029 --> 00:20:50.039 align:start position:0% inclusionist last can be committed to 00:20:50.039 --> 00:20:52.710 align:start position:0% inclusionist last can be committed to and<00:20:50.919> um<00:20:51.159> the<00:20:51.280> block<00:20:51.679> produced<00:20:52.159> so<00:20:52.320> it's 00:20:52.710 --> 00:20:52.720 align:start position:0% and um the block produced so it's 00:20:52.720 --> 00:20:54.390 align:start position:0% and um the block produced so it's difficult<00:20:52.840> to<00:20:53.000> include<00:20:53.360> any<00:20:53.640> transactions 00:20:54.390 --> 00:20:54.400 align:start position:0% difficult to include any transactions 00:20:54.400 --> 00:20:56.630 align:start position:0% difficult to include any transactions like<00:20:54.679> Arbitrage<00:20:55.679> uh<00:20:55.840> because<00:20:56.120> these<00:20:56.280> would<00:20:56.480> be 00:20:56.630 --> 00:20:56.640 align:start position:0% like Arbitrage uh because these would be 00:20:56.640 --> 00:20:59.110 align:start position:0% like Arbitrage uh because these would be relevant<00:20:57.039> within<00:20:57.400> the<00:20:57.640> the<00:20:57.760> 3<00:20:58.000> seconds<00:20:58.320> a<00:20:58.640> May 00:20:59.110 --> 00:20:59.120 align:start position:0% relevant within the the 3 seconds a May 00:20:59.120 --> 00:21:01.390 align:start position:0% relevant within the the 3 seconds a May face<00:20:59.440> adverse<00:20:59.760> selection<00:21:00.200> if<00:21:00.320> you<00:21:00.440> were<00:21:00.640> to<00:21:00.840> do 00:21:01.390 --> 00:21:01.400 align:start position:0% face adverse selection if you were to do 00:21:01.400 --> 00:21:03.470 align:start position:0% face adverse selection if you were to do so<00:21:02.400> secondly<00:21:02.799> there<00:21:02.880> are<00:21:03.080> multiple 00:21:03.470 --> 00:21:03.480 align:start position:0% so secondly there are multiple 00:21:03.480 --> 00:21:05.110 align:start position:0% so secondly there are multiple inclusionist<00:21:04.039> proposers<00:21:04.520> so<00:21:04.720> there's<00:21:04.919> not 00:21:05.110 --> 00:21:05.120 align:start position:0% inclusionist proposers so there's not 00:21:05.120 --> 00:21:06.990 align:start position:0% inclusionist proposers so there's not one<00:21:05.320> inclusionist<00:21:05.919> proposer<00:21:06.280> who<00:21:06.440> has 00:21:06.990 --> 00:21:07.000 align:start position:0% one inclusionist proposer who has 00:21:07.000 --> 00:21:10.070 align:start position:0% one inclusionist proposer who has unilateral<00:21:07.720> power<00:21:08.039> over<00:21:08.320> inclusion<00:21:08.760> or<00:21:09.320> or 00:21:10.070 --> 00:21:10.080 align:start position:0% unilateral power over inclusion or or 00:21:10.080 --> 00:21:11.350 align:start position:0% unilateral power over inclusion or or exclusion<00:21:10.640> which<00:21:10.720> is<00:21:10.840> the<00:21:11.000> general 00:21:11.350 --> 00:21:11.360 align:start position:0% exclusion which is the general 00:21:11.360 --> 00:21:13.870 align:start position:0% exclusion which is the general definition<00:21:12.000> of<00:21:12.200> me<00:21:13.200> there's<00:21:13.400> no<00:21:13.600> private 00:21:13.870 --> 00:21:13.880 align:start position:0% definition of me there's no private 00:21:13.880 --> 00:21:15.190 align:start position:0% definition of me there's no private order<00:21:14.080> flow<00:21:14.360> possible<00:21:14.919> because 00:21:15.190 --> 00:21:15.200 align:start position:0% order flow possible because 00:21:15.200 --> 00:21:17.870 align:start position:0% order flow possible because inclusionists<00:21:15.880> are<00:21:16.000> broadcasted<00:21:16.880> publicly 00:21:17.870 --> 00:21:17.880 align:start position:0% inclusionists are broadcasted publicly 00:21:17.880 --> 00:21:19.590 align:start position:0% inclusionists are broadcasted publicly uh<00:21:18.080> and<00:21:18.240> they<00:21:18.360> are<00:21:18.520> only<00:21:18.880> enforced<00:21:19.400> if<00:21:19.520> they 00:21:19.590 --> 00:21:19.600 align:start position:0% uh and they are only enforced if they 00:21:19.600 --> 00:21:22.430 align:start position:0% uh and they are only enforced if they are<00:21:19.760> broadcasted<00:21:20.400> publicly<00:21:21.400> um<00:21:21.520> so<00:21:21.679> you<00:21:21.880> can't 00:21:22.430 --> 00:21:22.440 align:start position:0% are broadcasted publicly um so you can't 00:21:22.440 --> 00:21:24.230 align:start position:0% are broadcasted publicly um so you can't get<00:21:22.679> any<00:21:23.000> private<00:21:23.320> transactions<00:21:23.919> into<00:21:24.120> the 00:21:24.230 --> 00:21:24.240 align:start position:0% get any private transactions into the 00:21:24.240 --> 00:21:26.470 align:start position:0% get any private transactions into the block<00:21:24.960> and<00:21:25.240> most<00:21:25.440> importantly<00:21:25.919> inclusionists 00:21:26.470 --> 00:21:26.480 align:start position:0% block and most importantly inclusionists 00:21:26.480 --> 00:21:28.149 align:start position:0% block and most importantly inclusionists don't<00:21:26.679> have<00:21:26.840> any<00:21:27.000> ordering<00:21:27.440> rights<00:21:27.919> so<00:21:28.039> an 00:21:28.149 --> 00:21:28.159 align:start position:0% don't have any ordering rights so an 00:21:28.159 --> 00:21:29.549 align:start position:0% don't have any ordering rights so an inclusion<00:21:28.679> this<00:21:28.799> is<00:21:28.960> just<00:21:29.080> a<00:21:29.200> set<00:21:29.400> of 00:21:29.549 --> 00:21:29.559 align:start position:0% inclusion this is just a set of 00:21:29.559 --> 00:21:31.950 align:start position:0% inclusion this is just a set of transactions<00:21:30.200> inclusion<00:21:30.640> sets<00:21:30.960> I<00:21:31.120> guess<00:21:31.840> uh 00:21:31.950 --> 00:21:31.960 align:start position:0% transactions inclusion sets I guess uh 00:21:31.960 --> 00:21:33.430 align:start position:0% transactions inclusion sets I guess uh and<00:21:32.039> it<00:21:32.159> doesn't<00:21:32.440> say<00:21:32.640> anything<00:21:33.000> about<00:21:33.320> the 00:21:33.430 --> 00:21:33.440 align:start position:0% and it doesn't say anything about the 00:21:33.440 --> 00:21:35.870 align:start position:0% and it doesn't say anything about the ordering<00:21:33.960> in<00:21:34.120> the<00:21:34.200> block<00:21:34.480> meaning<00:21:34.840> that<00:21:35.640> uh 00:21:35.870 --> 00:21:35.880 align:start position:0% ordering in the block meaning that uh 00:21:35.880 --> 00:21:37.590 align:start position:0% ordering in the block meaning that uh there<00:21:36.240> there's<00:21:36.559> there's<00:21:36.799> no<00:21:36.919> me<00:21:37.320> to<00:21:37.440> be 00:21:37.590 --> 00:21:37.600 align:start position:0% there there's there's no me to be 00:21:37.600 --> 00:21:39.549 align:start position:0% there there's there's no me to be extracted<00:21:38.320> it's<00:21:38.480> the<00:21:38.600> minimally<00:21:39.080> invasive 00:21:39.549 --> 00:21:39.559 align:start position:0% extracted it's the minimally invasive 00:21:39.559 --> 00:21:41.430 align:start position:0% extracted it's the minimally invasive inclusion<00:21:39.960> is 00:21:41.430 --> 00:21:41.440 align:start position:0% inclusion is 00:21:41.440 --> 00:21:44.909 align:start position:0% inclusion is possible<00:21:42.440> um<00:21:42.760> the<00:21:42.919> next<00:21:43.200> question<00:21:43.559> is<00:21:44.559> do<00:21:44.720> you 00:21:44.909 --> 00:21:44.919 align:start position:0% possible um the next question is do you 00:21:44.919 --> 00:21:47.590 align:start position:0% possible um the next question is do you think<00:21:45.120> that<00:21:45.240> if<00:21:45.360> we<00:21:45.520> don't<00:21:46.159> uh<00:21:46.400> incentive<00:21:47.120> ILS 00:21:47.590 --> 00:21:47.600 align:start position:0% think that if we don't uh incentive ILS 00:21:47.600 --> 00:21:49.470 align:start position:0% think that if we don't uh incentive ILS with<00:21:47.760> some<00:21:48.000> part<00:21:48.159> of<00:21:48.279> the<00:21:48.400> fees<00:21:48.919> it<00:21:49.080> might<00:21:49.240> lead 00:21:49.470 --> 00:21:49.480 align:start position:0% with some part of the fees it might lead 00:21:49.480 --> 00:21:51.190 align:start position:0% with some part of the fees it might lead to<00:21:49.600> a<00:21:49.679> scenario<00:21:50.120> where<00:21:50.279> everyone<00:21:50.799> creates 00:21:51.190 --> 00:21:51.200 align:start position:0% to a scenario where everyone creates 00:21:51.200 --> 00:21:54.990 align:start position:0% to a scenario where everyone creates empty<00:21:52.120> ILS<00:21:53.120> so<00:21:53.960> um<00:21:54.240> I<00:21:54.320> don't<00:21:54.480> think<00:21:54.679> this<00:21:54.799> is 00:21:54.990 --> 00:21:55.000 align:start position:0% empty ILS so um I don't think this is 00:21:55.000 --> 00:21:57.029 align:start position:0% empty ILS so um I don't think this is likely<00:21:56.000> uh<00:21:56.200> why<00:21:56.320> I<00:21:56.440> don't<00:21:56.600> think<00:21:56.760> this<00:21:56.880> is 00:21:57.029 --> 00:21:57.039 align:start position:0% likely uh why I don't think this is 00:21:57.039 --> 00:21:59.710 align:start position:0% likely uh why I don't think this is likely<00:21:57.440> is<00:21:57.919> uh<00:21:58.000> in<00:21:58.159> for<00:21:58.640> we<00:21:58.760> select<00:21:59.080> 16 00:21:59.710 --> 00:21:59.720 align:start position:0% likely is uh in for we select 16 00:21:59.720 --> 00:22:02.710 align:start position:0% likely is uh in for we select 16 validators<00:22:00.720> so<00:22:01.000> if<00:22:01.159> there's<00:22:01.880> we<00:22:02.120> we<00:22:02.279> run<00:22:02.559> some 00:22:02.710 --> 00:22:02.720 align:start position:0% validators so if there's we we run some 00:22:02.720 --> 00:22:04.029 align:start position:0% validators so if there's we we run some numbers<00:22:02.960> and<00:22:03.120> conservative<00:22:03.600> estimate<00:22:03.960> of 00:22:04.029 --> 00:22:04.039 align:start position:0% numbers and conservative estimate of 00:22:04.039 --> 00:22:06.750 align:start position:0% numbers and conservative estimate of solo<00:22:04.320> stakers<00:22:04.679> is<00:22:05.120> 6%<00:22:06.120> uh<00:22:06.200> which<00:22:06.360> means<00:22:06.600> that 00:22:06.750 --> 00:22:06.760 align:start position:0% solo stakers is 6% uh which means that 00:22:06.760 --> 00:22:09.110 align:start position:0% solo stakers is 6% uh which means that in<00:22:06.880> 63%<00:22:07.679> of<00:22:07.799> SLS<00:22:08.159> there's<00:22:08.320> at<00:22:08.440> least<00:22:08.600> one<00:22:08.799> solo 00:22:09.110 --> 00:22:09.120 align:start position:0% in 63% of SLS there's at least one solo 00:22:09.120 --> 00:22:11.430 align:start position:0% in 63% of SLS there's at least one solo Staker<00:22:09.840> we<00:22:10.000> currently<00:22:10.440> see<00:22:10.919> that<00:22:11.080> solo 00:22:11.430 --> 00:22:11.440 align:start position:0% Staker we currently see that solo 00:22:11.440 --> 00:22:14.350 align:start position:0% Staker we currently see that solo stakers<00:22:11.960> and<00:22:12.159> others<00:22:12.480> are<00:22:12.760> are<00:22:12.919> willing<00:22:13.360> to<00:22:14.240> uh 00:22:14.350 --> 00:22:14.360 align:start position:0% stakers and others are are willing to uh 00:22:14.360 --> 00:22:16.190 align:start position:0% stakers and others are are willing to uh take<00:22:14.679> some<00:22:14.880> economic<00:22:15.279> penalty<00:22:15.679> to<00:22:15.840> contribute 00:22:16.190 --> 00:22:16.200 align:start position:0% take some economic penalty to contribute 00:22:16.200 --> 00:22:18.350 align:start position:0% take some economic penalty to contribute to<00:22:16.320> censorship<00:22:16.760> resistance<00:22:17.360> we<00:22:17.480> see<00:22:17.720> people 00:22:18.350 --> 00:22:18.360 align:start position:0% to censorship resistance we see people 00:22:18.360 --> 00:22:20.070 align:start position:0% to censorship resistance we see people locally<00:22:18.720> building<00:22:19.000> blocks<00:22:19.640> and<00:22:19.760> we<00:22:19.840> see 00:22:20.070 --> 00:22:20.080 align:start position:0% locally building blocks and we see 00:22:20.080 --> 00:22:21.750 align:start position:0% locally building blocks and we see people<00:22:20.320> setting<00:22:20.600> a<00:22:20.760> Min<00:22:21.000> bid<00:22:21.240> within<00:22:21.520> meth 00:22:21.750 --> 00:22:21.760 align:start position:0% people setting a Min bid within meth 00:22:21.760 --> 00:22:23.510 align:start position:0% people setting a Min bid within meth boost<00:22:22.080> meaning<00:22:22.360> that<00:22:22.679> if<00:22:22.799> the<00:22:22.960> MEF<00:22:23.200> Bo's 00:22:23.510 --> 00:22:23.520 align:start position:0% boost meaning that if the MEF Bo's 00:22:23.520 --> 00:22:26.149 align:start position:0% boost meaning that if the MEF Bo's revenue<00:22:23.919> is<00:22:24.440> lower<00:22:24.880> than<00:22:25.080> some<00:22:25.360> threshold 00:22:26.149 --> 00:22:26.159 align:start position:0% revenue is lower than some threshold 00:22:26.159 --> 00:22:28.310 align:start position:0% revenue is lower than some threshold I'll<00:22:26.320> just<00:22:26.480> build<00:22:26.720> my<00:22:26.840> block<00:22:27.520> myself<00:22:28.039> so<00:22:28.200> you 00:22:28.310 --> 00:22:28.320 align:start position:0% I'll just build my block myself so you 00:22:28.320 --> 00:22:30.390 align:start position:0% I'll just build my block myself so you see<00:22:28.720> here<00:22:29.320> an<00:22:29.480> economic<00:22:29.880> penalty 00:22:30.390 --> 00:22:30.400 align:start position:0% see here an economic penalty 00:22:30.400 --> 00:22:32.149 align:start position:0% see here an economic penalty inclusionists<00:22:31.039> don't<00:22:31.240> impose<00:22:31.600> any<00:22:31.799> economic 00:22:32.149 --> 00:22:32.159 align:start position:0% inclusionists don't impose any economic 00:22:32.159 --> 00:22:33.909 align:start position:0% inclusionists don't impose any economic penalty<00:22:32.880> but<00:22:33.039> they<00:22:33.159> also<00:22:33.360> don't<00:22:33.559> gain<00:22:33.760> you 00:22:33.909 --> 00:22:33.919 align:start position:0% penalty but they also don't gain you 00:22:33.919 --> 00:22:35.590 align:start position:0% penalty but they also don't gain you anything<00:22:34.640> given<00:22:34.919> that<00:22:35.080> people<00:22:35.240> are<00:22:35.360> willing 00:22:35.590 --> 00:22:35.600 align:start position:0% anything given that people are willing 00:22:35.600 --> 00:22:36.870 align:start position:0% anything given that people are willing to<00:22:35.720> take<00:22:35.840> an<00:22:36.000> economic<00:22:36.320> penalty<00:22:36.760> and 00:22:36.870 --> 00:22:36.880 align:start position:0% to take an economic penalty and 00:22:36.880 --> 00:22:38.830 align:start position:0% to take an economic penalty and inclusionist<00:22:37.440> basically<00:22:37.679> give<00:22:37.840> you<00:22:38.000> zero<00:22:38.640> we 00:22:38.830 --> 00:22:38.840 align:start position:0% inclusionist basically give you zero we 00:22:38.840 --> 00:22:40.430 align:start position:0% inclusionist basically give you zero we expect<00:22:39.159> at<00:22:39.279> least<00:22:39.480> some<00:22:39.720> people<00:22:39.960> willing<00:22:40.200> to 00:22:40.430 --> 00:22:40.440 align:start position:0% expect at least some people willing to 00:22:40.440 --> 00:22:42.710 align:start position:0% expect at least some people willing to participate<00:22:41.400> if<00:22:41.520> only<00:22:41.760> one<00:22:41.960> of<00:22:42.080> the<00:22:42.200> 16<00:22:42.600> is 00:22:42.710 --> 00:22:42.720 align:start position:0% participate if only one of the 16 is 00:22:42.720 --> 00:22:44.190 align:start position:0% participate if only one of the 16 is willing<00:22:42.960> to<00:22:43.120> participate<00:22:43.640> we<00:22:43.760> already<00:22:44.039> get 00:22:44.190 --> 00:22:44.200 align:start position:0% willing to participate we already get 00:22:44.200 --> 00:22:45.669 align:start position:0% willing to participate we already get the<00:22:44.320> sensal<00:22:44.760> resistance<00:22:45.159> properties<00:22:45.559> that 00:22:45.669 --> 00:22:45.679 align:start position:0% the sensal resistance properties that 00:22:45.679 --> 00:22:47.070 align:start position:0% the sensal resistance properties that we're<00:22:45.840> looking 00:22:47.070 --> 00:22:47.080 align:start position:0% we're looking 00:22:47.080 --> 00:22:50.549 align:start position:0% we're looking at<00:22:48.080> um<00:22:48.480> how<00:22:48.640> can<00:22:48.919> IL<00:22:49.320> be<00:22:49.520> unconditional<00:22:50.279> in<00:22:50.400> the 00:22:50.549 --> 00:22:50.559 align:start position:0% at um how can IL be unconditional in the 00:22:50.559 --> 00:22:53.430 align:start position:0% at um how can IL be unconditional in the presence<00:22:50.960> of<00:22:51.120> the<00:22:51.240> block<00:22:51.600> gas<00:22:51.880> limit<00:22:52.880> yeah<00:22:53.080> so 00:22:53.430 --> 00:22:53.440 align:start position:0% presence of the block gas limit yeah so 00:22:53.440 --> 00:22:55.350 align:start position:0% presence of the block gas limit yeah so this<00:22:53.520> is<00:22:53.799> I<00:22:53.919> think<00:22:54.240> just<00:22:54.440> a<00:22:54.679> a<00:22:54.799> semantics 00:22:55.350 --> 00:22:55.360 align:start position:0% this is I think just a a semantics 00:22:55.360 --> 00:22:58.830 align:start position:0% this is I think just a a semantics question<00:22:56.400> unconditional<00:22:57.400> um<00:22:57.600> could<00:22:57.960> I 00:22:58.830 --> 00:22:58.840 align:start position:0% question unconditional um could I 00:22:58.840 --> 00:23:00.909 align:start position:0% question unconditional um could I basically<00:22:59.200> means<00:22:59.559> that<00:23:00.200> the<00:23:00.360> transactions 00:23:00.909 --> 00:23:00.919 align:start position:0% basically means that the transactions 00:23:00.919 --> 00:23:03.149 align:start position:0% basically means that the transactions have<00:23:01.039> to<00:23:01.159> be<00:23:01.320> included<00:23:01.880> regardless<00:23:02.400> of<00:23:03.000> uh 00:23:03.149 --> 00:23:03.159 align:start position:0% have to be included regardless of uh 00:23:03.159 --> 00:23:04.789 align:start position:0% have to be included regardless of uh whether<00:23:03.360> the<00:23:03.480> block<00:23:03.679> is<00:23:03.760> for<00:23:04.000> or<00:23:04.120> not<00:23:04.679> you 00:23:04.789 --> 00:23:04.799 align:start position:0% whether the block is for or not you 00:23:04.799 --> 00:23:07.710 align:start position:0% whether the block is for or not you could<00:23:05.039> make<00:23:05.279> some<00:23:05.840> separated<00:23:06.840> uh<00:23:07.000> gas<00:23:07.240> for<00:23:07.480> it 00:23:07.710 --> 00:23:07.720 align:start position:0% could make some separated uh gas for it 00:23:07.720 --> 00:23:10.549 align:start position:0% could make some separated uh gas for it which<00:23:07.840> was<00:23:08.039> proposed<00:23:08.400> in<00:23:08.559> the<00:23:08.840> ER<00:23:09.440> 7547<00:23:10.440> which 00:23:10.549 --> 00:23:10.559 align:start position:0% which was proposed in the ER 7547 which 00:23:10.559 --> 00:23:12.990 align:start position:0% which was proposed in the ER 7547 which is<00:23:10.840> M<00:23:11.159> inclusionist<00:23:11.640> CP<00:23:12.440> where<00:23:12.600> there's<00:23:12.840> just 00:23:12.990 --> 00:23:13.000 align:start position:0% is M inclusionist CP where there's just 00:23:13.000 --> 00:23:14.909 align:start position:0% is M inclusionist CP where there's just a<00:23:13.400> dedicated<00:23:13.919> amount<00:23:14.120> of<00:23:14.279> gas<00:23:14.600> for<00:23:14.799> the 00:23:14.909 --> 00:23:14.919 align:start position:0% a dedicated amount of gas for the 00:23:14.919 --> 00:23:16.990 align:start position:0% a dedicated amount of gas for the inclusion<00:23:15.400> list<00:23:16.039> and<00:23:16.200> this<00:23:16.360> usually<00:23:16.679> comes 00:23:16.990 --> 00:23:17.000 align:start position:0% inclusion list and this usually comes 00:23:17.000 --> 00:23:20.470 align:start position:0% inclusion list and this usually comes with<00:23:17.360> u<00:23:18.360> a<00:23:18.760> somewhere<00:23:19.120> in<00:23:19.279> Block<00:23:19.600> property<00:23:20.400> uh 00:23:20.470 --> 00:23:20.480 align:start position:0% with u a somewhere in Block property uh 00:23:20.480 --> 00:23:21.710 align:start position:0% with u a somewhere in Block property uh so<00:23:20.679> potentially<00:23:21.039> you<00:23:21.120> could<00:23:21.279> put<00:23:21.400> it<00:23:21.520> at<00:23:21.600> the 00:23:21.710 --> 00:23:21.720 align:start position:0% so potentially you could put it at the 00:23:21.720 --> 00:23:23.590 align:start position:0% so potentially you could put it at the bottom<00:23:21.960> of<00:23:22.080> the<00:23:22.159> block<00:23:22.919> uh<00:23:23.000> you<00:23:23.159> could<00:23:23.360> also 00:23:23.590 --> 00:23:23.600 align:start position:0% bottom of the block uh you could also 00:23:23.600 --> 00:23:25.269 align:start position:0% bottom of the block uh you could also say<00:23:24.120> which<00:23:24.240> is<00:23:24.360> more<00:23:24.559> complicated<00:23:25.039> for<00:23:25.159> the 00:23:25.269 --> 00:23:25.279 align:start position:0% say which is more complicated for the 00:23:25.279 --> 00:23:26.590 align:start position:0% say which is more complicated for the Builder<00:23:25.520> but<00:23:25.640> the<00:23:25.760> transaction<00:23:26.200> just<00:23:26.400> have<00:23:26.520> to 00:23:26.590 --> 00:23:26.600 align:start position:0% Builder but the transaction just have to 00:23:26.600 --> 00:23:27.950 align:start position:0% Builder but the transaction just have to be<00:23:26.720> in<00:23:26.799> the<00:23:26.919> block<00:23:27.159> I<00:23:27.240> don't<00:23:27.400> care<00:23:27.600> where<00:23:27.840> they 00:23:27.950 --> 00:23:27.960 align:start position:0% be in the block I don't care where they 00:23:27.960 --> 00:23:29.909 align:start position:0% be in the block I don't care where they must<00:23:28.159> be<00:23:28.279> in<00:23:28.640> there<00:23:29.200> uh<00:23:29.360> this<00:23:29.440> would<00:23:29.600> force<00:23:29.840> the 00:23:29.909 --> 00:23:29.919 align:start position:0% must be in there uh this would force the 00:23:29.919 --> 00:23:31.350 align:start position:0% must be in there uh this would force the Builder<00:23:30.200> to<00:23:30.400> reconstruct<00:23:30.880> the<00:23:30.960> block<00:23:31.159> more 00:23:31.350 --> 00:23:31.360 align:start position:0% Builder to reconstruct the block more 00:23:31.360 --> 00:23:32.630 align:start position:0% Builder to reconstruct the block more often<00:23:31.679> and<00:23:31.760> it<00:23:31.840> would<00:23:32.000> be<00:23:32.080> slightly<00:23:32.400> more 00:23:32.630 --> 00:23:32.640 align:start position:0% often and it would be slightly more 00:23:32.640 --> 00:23:35.230 align:start position:0% often and it would be slightly more complicated<00:23:33.640> in<00:23:33.840> principle<00:23:34.480> ILS<00:23:35.080> with 00:23:35.230 --> 00:23:35.240 align:start position:0% complicated in principle ILS with 00:23:35.240 --> 00:23:37.230 align:start position:0% complicated in principle ILS with unconditional<00:23:35.880> and<00:23:36.000> block<00:23:36.240> ass<00:23:36.480> limits<00:23:37.080> are 00:23:37.230 --> 00:23:37.240 align:start position:0% unconditional and block ass limits are 00:23:37.240 --> 00:23:38.870 align:start position:0% unconditional and block ass limits are not<00:23:37.360> mutually<00:23:37.799> exclusive<00:23:38.320> because<00:23:38.520> you<00:23:38.679> up 00:23:38.870 --> 00:23:38.880 align:start position:0% not mutually exclusive because you up 00:23:38.880 --> 00:23:41.070 align:start position:0% not mutually exclusive because you up the<00:23:39.000> block<00:23:39.240> a<00:23:39.440> limit<00:23:39.760> to<00:23:40.360> accompany<00:23:40.880> the 00:23:41.070 --> 00:23:41.080 align:start position:0% the block a limit to accompany the 00:23:41.080 --> 00:23:43.110 align:start position:0% the block a limit to accompany the unconditional 00:23:43.110 --> 00:23:43.120 align:start position:0% unconditional 00:23:43.120 --> 00:23:46.990 align:start position:0% unconditional I<00:23:44.120> um<00:23:44.480> if<00:23:44.679> I<00:23:45.000> selection<00:23:45.480> does<00:23:45.679> not<00:23:45.880> take<00:23:46.480> fance 00:23:46.990 --> 00:23:47.000 align:start position:0% I um if I selection does not take fance 00:23:47.000 --> 00:23:49.870 align:start position:0% I um if I selection does not take fance into<00:23:47.360> account<00:23:48.080> could<00:23:48.320> fil<00:23:48.880> make<00:23:49.080> the<00:23:49.240> max<00:23:49.520> EB 00:23:49.870 --> 00:23:49.880 align:start position:0% into account could fil make the max EB 00:23:49.880 --> 00:23:52.710 align:start position:0% into account could fil make the max EB increase<00:23:50.400> less<00:23:50.880> effective<00:23:51.880> so<00:23:52.200> actually<00:23:52.600> this 00:23:52.710 --> 00:23:52.720 align:start position:0% increase less effective so actually this 00:23:52.720 --> 00:23:54.269 align:start position:0% increase less effective so actually this makes<00:23:52.880> it<00:23:53.039> more<00:23:53.320> effective<00:23:53.880> if<00:23:53.960> you<00:23:54.080> don't 00:23:54.269 --> 00:23:54.279 align:start position:0% makes it more effective if you don't 00:23:54.279 --> 00:23:55.830 align:start position:0% makes it more effective if you don't take<00:23:54.400> the<00:23:54.559> balance<00:23:54.840> into<00:23:55.039> your<00:23:55.200> account<00:23:55.600> you 00:23:55.830 --> 00:23:55.840 align:start position:0% take the balance into your account you 00:23:55.840 --> 00:23:57.830 align:start position:0% take the balance into your account you you<00:23:56.120> select<00:23:56.480> more<00:23:56.720> people<00:23:57.000> who<00:23:57.279> have<00:23:57.480> lower 00:23:57.830 --> 00:23:57.840 align:start position:0% you select more people who have lower 00:23:57.840 --> 00:24:00.029 align:start position:0% you select more people who have lower balance<00:23:58.679> you<00:23:58.919> probably<00:23:59.159> want<00:23:59.320> to<00:23:59.480> select<00:23:59.840> more 00:24:00.029 --> 00:24:00.039 align:start position:0% balance you probably want to select more 00:24:00.039 --> 00:24:01.310 align:start position:0% balance you probably want to select more people<00:24:00.240> who<00:24:00.360> have<00:24:00.480> lower<00:24:00.799> balance<00:24:01.120> for 00:24:01.310 --> 00:24:01.320 align:start position:0% people who have lower balance for 00:24:01.320 --> 00:24:02.870 align:start position:0% people who have lower balance for censorship<00:24:01.840> resistance<00:24:02.400> because<00:24:02.559> they<00:24:02.640> are 00:24:02.870 --> 00:24:02.880 align:start position:0% censorship resistance because they are 00:24:02.880 --> 00:24:04.830 align:start position:0% censorship resistance because they are more<00:24:03.120> likely<00:24:03.360> to<00:24:03.480> be<00:24:03.640> unsophisticated<00:24:04.559> maybe 00:24:04.830 --> 00:24:04.840 align:start position:0% more likely to be unsophisticated maybe 00:24:04.840 --> 00:24:07.070 align:start position:0% more likely to be unsophisticated maybe geographically<00:24:05.440> diverse<00:24:06.279> you<00:24:06.679> you<00:24:06.880> probably 00:24:07.070 --> 00:24:07.080 align:start position:0% geographically diverse you you probably 00:24:07.080 --> 00:24:08.470 align:start position:0% geographically diverse you you probably don't<00:24:07.240> want<00:24:07.360> to<00:24:07.480> select<00:24:07.760> coinbase<00:24:08.320> even 00:24:08.470 --> 00:24:08.480 align:start position:0% don't want to select coinbase even 00:24:08.480 --> 00:24:09.909 align:start position:0% don't want to select coinbase even though<00:24:08.679> they<00:24:08.880> might<00:24:09.080> contribute<00:24:09.520> to<00:24:09.760> the 00:24:09.909 --> 00:24:09.919 align:start position:0% though they might contribute to the 00:24:09.919 --> 00:24:11.510 align:start position:0% though they might contribute to the economic<00:24:10.679> uh<00:24:10.760> and<00:24:10.919> The<00:24:11.080> Accidental 00:24:11.510 --> 00:24:11.520 align:start position:0% economic uh and The Accidental 00:24:11.520 --> 00:24:13.830 align:start position:0% economic uh and The Accidental censorship<00:24:12.520> uh<00:24:12.640> so<00:24:12.840> in<00:24:12.960> my<00:24:13.159> mind<00:24:13.559> uh<00:24:13.679> not 00:24:13.830 --> 00:24:13.840 align:start position:0% censorship uh so in my mind uh not 00:24:13.840 --> 00:24:15.590 align:start position:0% censorship uh so in my mind uh not taking<00:24:14.039> balance<00:24:14.400> into<00:24:14.600> account<00:24:14.840> makes<00:24:15.159> fos<00:24:15.520> a 00:24:15.590 --> 00:24:15.600 align:start position:0% taking balance into account makes fos a 00:24:15.600 --> 00:24:19.029 align:start position:0% taking balance into account makes fos a lot<00:24:15.760> more<00:24:16.000> effective 00:24:19.029 --> 00:24:19.039 align:start position:0% 00:24:19.039 --> 00:24:21.510 align:start position:0% actually<00:24:20.039> wow<00:24:20.279> that<00:24:20.400> was<00:24:20.600> really<00:24:20.880> good<00:24:21.159> talk 00:24:21.510 --> 00:24:21.520 align:start position:0% actually wow that was really good talk 00:24:21.520 --> 00:24:24.190 align:start position:0% actually wow that was really good talk and<00:24:22.000> really<00:24:22.400> detailed 00:24:24.190 --> 00:24:24.200 align:start position:0% and really detailed 00:24:24.200 --> 00:24:28.000 align:start position:0% and really detailed um<00:24:25.200> give