WEBVTT Kind: captions Language: en 00:00:01.160 --> 00:00:06.690 align:start position:0% [Music] 00:00:06.690 --> 00:00:06.700 align:start position:0% 00:00:06.700 --> 00:00:15.350 align:start position:0% [Music] 00:00:15.350 --> 00:00:15.360 align:start position:0% 00:00:15.360 --> 00:00:18.349 align:start position:0% hi<00:00:15.559> everyone<00:00:16.440> um<00:00:17.439> so<00:00:17.600> we're<00:00:17.800> here<00:00:17.920> to<00:00:18.080> talk<00:00:18.240> to 00:00:18.349 --> 00:00:18.359 align:start position:0% hi everyone um so we're here to talk to 00:00:18.359 --> 00:00:21.910 align:start position:0% hi everyone um so we're here to talk to you<00:00:18.520> today<00:00:19.160> about<00:00:19.720> the<00:00:20.080> computable<00:00:20.920> economy 00:00:21.910 --> 00:00:21.920 align:start position:0% you today about the computable economy 00:00:21.920 --> 00:00:24.429 align:start position:0% you today about the computable economy and<00:00:22.080> real<00:00:22.359> world<00:00:22.680> assets<00:00:23.320> and<00:00:23.680> um<00:00:24.080> how<00:00:24.279> this 00:00:24.429 --> 00:00:24.439 align:start position:0% and real world assets and um how this 00:00:24.439 --> 00:00:28.749 align:start position:0% and real world assets and um how this can<00:00:25.039> unlock<00:00:26.320> um<00:00:27.320> exponential 00:00:28.749 --> 00:00:28.759 align:start position:0% can unlock um exponential 00:00:28.759 --> 00:00:32.870 align:start position:0% can unlock um exponential wealth<00:00:29.759> okay 00:00:32.870 --> 00:00:32.880 align:start position:0% 00:00:32.880 --> 00:00:36.389 align:start position:0% um<00:00:33.040> so<00:00:33.239> my<00:00:33.440> name<00:00:33.879> is<00:00:34.399> Justin<00:00:34.800> Bannon<00:00:35.559> and<00:00:36.079> uh 00:00:36.389 --> 00:00:36.399 align:start position:0% um so my name is Justin Bannon and uh 00:00:36.399 --> 00:00:39.229 align:start position:0% um so my name is Justin Bannon and uh I'm<00:00:36.640> a<00:00:37.040> founder<00:00:37.559> of<00:00:38.320> uh<00:00:38.440> a<00:00:38.559> couple<00:00:38.800> of<00:00:39.000> real 00:00:39.229 --> 00:00:39.239 align:start position:0% I'm a founder of uh a couple of real 00:00:39.239 --> 00:00:42.590 align:start position:0% I'm a founder of uh a couple of real world<00:00:39.520> asset<00:00:40.039> protocols<00:00:40.960> boson<00:00:41.520> protocol<00:00:42.440> and 00:00:42.590 --> 00:00:42.600 align:start position:0% world asset protocols boson protocol and 00:00:42.600 --> 00:00:45.510 align:start position:0% world asset protocols boson protocol and also<00:00:43.000> feron 00:00:45.510 --> 00:00:45.520 align:start position:0% also feron 00:00:45.520 --> 00:00:48.189 align:start position:0% also feron protocol<00:00:46.520> yeah<00:00:46.680> hi<00:00:46.840> everyone<00:00:47.120> I'm<00:00:47.239> Jason<00:00:47.600> pots 00:00:48.189 --> 00:00:48.199 align:start position:0% protocol yeah hi everyone I'm Jason pots 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00:00:55.760 align:start position:0% Economist so the talk we're going to 00:00:55.760 --> 00:00:59.029 align:start position:0% Economist so the talk we're going to give<00:00:55.920> today<00:00:56.640> is<00:00:57.039> based<00:00:57.399> on<00:00:58.000> uh<00:00:58.239> academic<00:00:58.719> paper 00:00:59.029 --> 00:00:59.039 align:start position:0% give today is based on uh academic paper 00:00:59.039 --> 00:01:01.549 align:start position:0% give today is based on uh academic paper that<00:00:59.160> we<00:00:59.280> wrote<00:00:59.600> ear<00:00:59.960> ear<00:01:00.359> this<00:01:00.600> year<00:01:00.960> on<00:01:01.280> the 00:01:01.549 --> 00:01:01.559 align:start position:0% that we wrote ear ear this year on the 00:01:01.559 --> 00:01:03.549 align:start position:0% that we wrote ear ear this year on the computable 00:01:03.549 --> 00:01:03.559 align:start position:0% computable 00:01:03.559 --> 00:01:08.149 align:start position:0% computable economy<00:01:04.559> so<00:01:05.479> to<00:01:05.680> start<00:01:06.119> if<00:01:06.240> we<00:01:06.479> look<00:01:07.119> at<00:01:07.680> the 00:01:08.149 --> 00:01:08.159 align:start position:0% economy so to start if we look at the 00:01:08.159 --> 00:01:12.190 align:start position:0% economy so to start if we look at the history<00:01:08.840> of<00:01:09.640> uh<00:01:09.759> the<00:01:10.320> economy<00:01:11.320> um<00:01:11.759> and<00:01:11.880> we<00:01:12.000> go 00:01:12.190 --> 00:01:12.200 align:start position:0% history of uh the economy um and we go 00:01:12.200 --> 00:01:15.950 align:start position:0% history of uh the economy um and we go back<00:01:12.400> say<00:01:12.680> to<00:01:12.799> the<00:01:12.920> Stone<00:01:13.280> Age<00:01:14.080> we<00:01:14.240> see<00:01:14.640> this<00:01:15.240> um 00:01:15.950 --> 00:01:15.960 align:start position:0% back say to the Stone Age we see this um 00:01:15.960 --> 00:01:19.070 align:start position:0% back say to the Stone Age we see this um pretty<00:01:16.280> significant<00:01:17.280> um<00:01:17.720> growth<00:01:18.360> in<00:01:18.680> human 00:01:19.070 --> 00:01:19.080 align:start position:0% pretty significant um growth in human 00:01:19.080 --> 00:01:22.429 align:start position:0% pretty significant um growth in human wealth<00:01:19.880> and<00:01:20.000> if<00:01:20.159> we<00:01:20.400> if<00:01:20.479> we<00:01:20.680> zoom<00:01:21.000> in<00:01:21.840> a<00:01:22.000> bit<00:01:22.200> on 00:01:22.429 --> 00:01:22.439 align:start position:0% wealth and if we if we zoom in a bit on 00:01:22.439 --> 00:01:24.230 align:start position:0% wealth and if we if we zoom in a bit on that<00:01:23.040> uh 00:01:24.230 --> 00:01:24.240 align:start position:0% that uh 00:01:24.240 --> 00:01:27.310 align:start position:0% that uh optick<00:01:25.240> what<00:01:25.400> you<00:01:25.520> see<00:01:25.840> is<00:01:26.200> in<00:01:26.360> the<00:01:26.560> last<00:01:26.960> 3<00:01:27.159> or 00:01:27.310 --> 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what's caused that<00:01:37.799> yeah<00:01:38.040> so<00:01:38.479> um<00:01:39.079> what<00:01:39.200> we<00:01:39.280> want<00:01:39.399> to<00:01:39.520> do<00:01:39.680> is<00:01:39.799> to 00:01:39.910 --> 00:01:39.920 align:start position:0% that yeah so um what we want to do is to 00:01:39.920 --> 00:01:41.990 align:start position:0% that yeah so um what we want to do is to tell<00:01:40.119> a<00:01:40.320> story<00:01:40.600> of<00:01:40.799> how<00:01:41.320> economies<00:01:41.759> have 00:01:41.990 --> 00:01:42.000 align:start position:0% tell a story of how economies have 00:01:42.000 --> 00:01:44.870 align:start position:0% tell a story of how economies have evolved<00:01:42.759> and<00:01:43.479> what<00:01:43.680> this<00:01:43.799> means<00:01:44.159> for<00:01:44.399> you<00:01:44.520> know 00:01:44.870 --> 00:01:44.880 align:start position:0% evolved and what this means for you know 00:01:44.880 --> 00:01:46.749 align:start position:0% evolved and what this means for you know what<00:01:45.040> crypto<00:01:45.399> is<00:01:45.479> bringing<00:01:45.880> into<00:01:46.079> this<00:01:46.280> story 00:01:46.749 --> 00:01:46.759 align:start position:0% what crypto is bringing into this story 00:01:46.759 --> 00:01:49.270 align:start position:0% what crypto is bringing into this story and<00:01:47.040> we've<00:01:47.200> got<00:01:47.320> a<00:01:47.560> we've<00:01:47.719> got<00:01:47.799> a<00:01:48.280> narrative 00:01:49.270 --> 00:01:49.280 align:start position:0% and we've got a we've got a narrative 00:01:49.280 --> 00:01:51.469 align:start position:0% and we've got a we've got a narrative that<00:01:49.640> argues<00:01:50.079> that<00:01:50.320> we<00:01:50.399> are<00:01:50.560> going<00:01:50.799> through<00:01:51.320> a 00:01:51.469 --> 00:01:51.479 align:start position:0% that argues that we are going through a 00:01:51.479 --> 00:01:53.149 align:start position:0% that argues that we are going through a revolution<00:01:52.040> at<00:01:52.159> the<00:01:52.280> moment<00:01:52.640> of<00:01:52.799> a<00:01:52.920> very 00:01:53.149 --> 00:01:53.159 align:start position:0% revolution at the moment of a very 00:01:53.159 --> 00:01:57.149 align:start position:0% revolution at the moment of a very particular<00:01:53.600> sort<00:01:54.159> so<00:01:55.079> um<00:01:55.600> origin<00:01:55.960> of<00:01:56.159> wealth 00:01:57.149 --> 00:01:57.159 align:start position:0% particular sort so um origin of wealth 00:01:57.159 --> 00:01:58.630 align:start position:0% particular sort so um origin of wealth um<00:01:57.360> the<00:01:57.520> standard<00:01:57.840> story<00:01:58.119> we<00:01:58.200> know<00:01:58.360> about<00:01:58.520> this 00:01:58.630 --> 00:01:58.640 align:start position:0% um the standard story we know about this 00:01:58.640 --> 00:02:01.590 align:start position:0% um the standard story we know about this is<00:01:58.960> new<00:01:59.240> technologies<00:01:59.960> so<00:02:00.719> you<00:02:00.880> know<00:02:01.360> once 00:02:01.590 --> 00:02:01.600 align:start position:0% is new technologies so you know once 00:02:01.600 --> 00:02:03.389 align:start position:0% is new technologies so you know once upon<00:02:01.799> a<00:02:01.960> time<00:02:02.200> this<00:02:02.320> was<00:02:02.520> fire<00:02:02.960> and<00:02:03.119> then<00:02:03.280> you 00:02:03.389 --> 00:02:03.399 align:start position:0% upon a time this was fire and then you 00:02:03.399 --> 00:02:05.910 align:start position:0% upon a time this was fire and then you know<00:02:03.560> steel<00:02:03.920> and<00:02:04.240> steam<00:02:04.799> and<00:02:05.119> and<00:02:05.360> and<00:02:05.799> you 00:02:05.910 --> 00:02:05.920 align:start position:0% know steel and steam and and and you 00:02:05.920 --> 00:02:07.350 align:start position:0% know steel and steam and and and you know<00:02:06.119> we<00:02:06.280> gradually<00:02:06.680> worked<00:02:07.000> their<00:02:07.200> way 00:02:07.350 --> 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there's<00:02:22.480> a<00:02:22.720> second<00:02:23.040> sort<00:02:23.239> of<00:02:23.879> technology 00:02:24.869 --> 00:02:24.879 align:start position:0% but there's a second sort of technology 00:02:24.879 --> 00:02:27.270 align:start position:0% but there's a second sort of technology that<00:02:25.319> is<00:02:25.519> often<00:02:25.840> overlooked<00:02:26.440> and<00:02:26.599> it's<00:02:26.840> it's 00:02:27.270 --> 00:02:27.280 align:start position:0% that is often overlooked and it's it's 00:02:27.280 --> 00:02:28.470 align:start position:0% that is often overlooked and it's it's this<00:02:27.360> is<00:02:27.519> the<00:02:27.599> one<00:02:27.760> that<00:02:27.879> we<00:02:27.959> want<00:02:28.120> to<00:02:28.239> sort<00:02:28.360> of 00:02:28.470 --> 00:02:28.480 align:start position:0% this is the one that we want to sort of 00:02:28.480 --> 00:02:30.309 align:start position:0% this is the one that we want to sort of try<00:02:28.640> and<00:02:29.000> um<00:02:29.160> help<00:02:29.280> you<00:02:29.480> to<00:02:29.760> understand<00:02:29.959> stand 00:02:30.309 --> 00:02:30.319 align:start position:0% try and um help you to understand stand 00:02:30.319 --> 00:02:34.190 align:start position:0% try and um help you to understand stand here<00:02:31.160> and<00:02:31.440> this<00:02:31.560> is<00:02:31.720> the<00:02:31.959> technology<00:02:32.879> of 00:02:34.190 --> 00:02:34.200 align:start position:0% here and this is the technology of 00:02:34.200 --> 00:02:36.270 align:start position:0% here and this is the technology of Institutions<00:02:35.200> um<00:02:35.400> institutions<00:02:35.959> are<00:02:36.120> a 00:02:36.270 --> 00:02:36.280 align:start position:0% Institutions um institutions are a 00:02:36.280 --> 00:02:38.710 align:start position:0% Institutions um institutions are a coordination<00:02:37.160> technology<00:02:38.160> um<00:02:38.319> the<00:02:38.440> very 00:02:38.710 --> 00:02:38.720 align:start position:0% coordination technology um the very 00:02:38.720 --> 00:02:40.710 align:start position:0% coordination technology um the very first<00:02:39.000> one<00:02:39.239> that<00:02:39.440> fundamentally<00:02:40.080> gave<00:02:40.319> us 00:02:40.710 --> 00:02:40.720 align:start position:0% first one that fundamentally gave us 00:02:40.720 --> 00:02:43.990 align:start position:0% first one that fundamentally gave us modern<00:02:41.120> economies<00:02:41.840> um<00:02:42.000> 7,000<00:02:42.840> years<00:02:43.040> ago<00:02:43.720> was 00:02:43.990 --> 00:02:44.000 align:start position:0% modern economies um 7,000 years ago was 00:02:44.000 --> 00:02:47.309 align:start position:0% modern economies um 7,000 years ago was writing<00:02:45.000> writing<00:02:45.640> enables<00:02:46.640> people<00:02:46.920> who<00:02:47.080> don't 00:02:47.309 --> 00:02:47.319 align:start position:0% writing writing enables people who don't 00:02:47.319 --> 00:02:49.229 align:start position:0% writing writing enables people who don't know<00:02:47.560> each<00:02:47.720> other<00:02:48.000> to<00:02:48.239> coordinate<00:02:48.800> in<00:02:48.959> space 00:02:49.229 --> 00:02:49.239 align:start position:0% know each other to coordinate in space 00:02:49.239 --> 00:02:51.670 align:start position:0% know each other to coordinate in space and<00:02:49.480> time<00:02:49.800> by<00:02:50.480> you<00:02:50.560> know<00:02:50.720> recording<00:02:51.319> facts 00:02:51.670 --> 00:02:51.680 align:start position:0% and time by you know recording facts 00:02:51.680 --> 00:02:53.750 align:start position:0% and time by you know recording facts about<00:02:51.920> who<00:02:52.080> owns<00:02:52.480> what<00:02:52.680> or<00:02:52.840> whose<00:02:53.080> cow<00:02:53.400> is<00:02:53.560> that 00:02:53.750 --> 00:02:53.760 align:start position:0% about who owns what or whose cow is that 00:02:53.760 --> 00:02:56.670 align:start position:0% about who owns what or whose cow is that or<00:02:54.040> who<00:02:54.360> who's<00:02:54.599> who<00:02:54.760> owes<00:02:54.959> me<00:02:55.120> some<00:02:55.280> honey<00:02:56.200> and 00:02:56.670 --> 00:02:56.680 align:start position:0% or who who's who owes me some honey and 00:02:56.680 --> 00:02:59.910 align:start position:0% or who who's who owes me some honey and that<00:02:56.920> sort<00:02:57.080> of<00:02:57.239> beginning<00:02:58.040> of<00:02:58.560> writing<00:02:59.560> um<00:02:59.840> you 00:02:59.910 --> 00:02:59.920 align:start position:0% that sort of beginning of writing um you 00:02:59.920 --> 00:03:01.750 align:start position:0% that sort of beginning of writing um you know<00:03:00.080> 7,000<00:03:00.680> years<00:03:00.840> ago<00:03:01.080> as<00:03:01.200> the<00:03:01.319> beginning<00:03:01.599> of 00:03:01.750 --> 00:03:01.760 align:start position:0% know 7,000 years ago as the beginning of 00:03:01.760 --> 00:03:04.990 align:start position:0% know 7,000 years ago as the beginning of history<00:03:02.319> and<00:03:02.480> modern<00:03:03.040> economies<00:03:04.040> um<00:03:04.640> First 00:03:04.990 --> 00:03:05.000 align:start position:0% history and modern economies um First 00:03:05.000 --> 00:03:06.750 align:start position:0% history and modern economies um First Institutional<00:03:05.760> technology<00:03:06.400> was<00:03:06.519> a 00:03:06.750 --> 00:03:06.760 align:start position:0% Institutional technology was a 00:03:06.760 --> 00:03:10.030 align:start position:0% Institutional technology was a revolution<00:03:07.360> in<00:03:07.480> terms<00:03:07.840> of<00:03:08.040> human<00:03:08.799> human 00:03:10.030 --> 00:03:10.040 align:start position:0% revolution in terms of human human 00:03:10.040 --> 00:03:13.430 align:start position:0% revolution in terms of human human welfare<00:03:11.040> um<00:03:12.000> what<00:03:12.159> other<00:03:12.480> big<00:03:12.720> institutional 00:03:13.430 --> 00:03:13.440 align:start position:0% welfare um what other big institutional 00:03:13.440 --> 00:03:15.550 align:start position:0% welfare um what other big institutional Technologies<00:03:13.959> we've<00:03:14.200> had<00:03:14.720> um<00:03:14.920> joint<00:03:15.239> stock 00:03:15.550 --> 00:03:15.560 align:start position:0% Technologies we've had um joint stock 00:03:15.560 --> 00:03:18.670 align:start position:0% Technologies we've had um joint stock company<00:03:16.120> 14th<00:03:16.599> century<00:03:16.959> 15th<00:03:17.440> century<00:03:18.440> um 00:03:18.670 --> 00:03:18.680 align:start position:0% company 14th century 15th century um 00:03:18.680 --> 00:03:20.509 align:start position:0% company 14th century 15th century um created<00:03:19.040> the<00:03:19.159> idea<00:03:19.400> of<00:03:19.519> sort<00:03:19.640> of<00:03:19.760> organization 00:03:20.509 --> 00:03:20.519 align:start position:0% created the idea of sort of organization 00:03:20.519 --> 00:03:22.830 align:start position:0% created the idea of sort of organization of<00:03:20.799> of<00:03:21.159> of<00:03:21.480> the<00:03:21.640> corporate<00:03:22.040> form<00:03:22.319> to<00:03:22.519> gather 00:03:22.830 --> 00:03:22.840 align:start position:0% of of of the corporate form to gather 00:03:22.840 --> 00:03:25.270 align:start position:0% of of of the corporate form to gather resources<00:03:23.599> together<00:03:24.599> um<00:03:24.799> we've<00:03:25.000> heard 00:03:25.270 --> 00:03:25.280 align:start position:0% resources together um we've heard 00:03:25.280 --> 00:03:27.430 align:start position:0% resources together um we've heard institutions<00:03:25.959> in<00:03:26.280> timekeeping<00:03:27.000> and<00:03:27.120> so<00:03:27.280> on 00:03:27.430 --> 00:03:27.440 align:start position:0% institutions in timekeeping and so on 00:03:27.440 --> 00:03:30.149 align:start position:0% institutions in timekeeping and so on with<00:03:27.599> universal<00:03:28.200> clocks<00:03:29.200> um<00:03:29.799> working<00:03:30.000> their 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position:0% recordkeeping of of of ownership and identity<00:03:38.640> and<00:03:38.799> other<00:03:38.959> sorts<00:03:39.200> of<00:03:39.360> fundamental 00:03:39.949 --> 00:03:39.959 align:start position:0% identity and other sorts of fundamental 00:03:39.959 --> 00:03:43.110 align:start position:0% identity and other sorts of fundamental protocols<00:03:40.959> but<00:03:41.720> this<00:03:42.280> the<00:03:42.400> story<00:03:42.720> that<00:03:42.840> we 00:03:43.110 --> 00:03:43.120 align:start position:0% protocols but this the story that we 00:03:43.120 --> 00:03:45.429 align:start position:0% protocols but this the story that we have<00:03:44.120> is 00:03:45.429 --> 00:03:45.439 align:start position:0% have is 00:03:45.439 --> 00:03:47.830 align:start position:0% have is that<00:03:46.439> Industrial<00:03:47.080> Technologies<00:03:47.640> or 00:03:47.830 --> 00:03:47.840 align:start position:0% that Industrial Technologies or 00:03:47.840 --> 00:03:49.750 align:start position:0% that Industrial Technologies or technological<00:03:48.480> change<00:03:48.879> you<00:03:49.120> fundamentally 00:03:49.750 --> 00:03:49.760 align:start position:0% technological change you fundamentally 00:03:49.760 --> 00:03:51.390 align:start position:0% technological change you fundamentally driven<00:03:50.400> driven<00:03:50.720> by<00:03:50.879> research<00:03:51.239> and 00:03:51.390 --> 00:03:51.400 align:start position:0% driven driven by research and 00:03:51.400 --> 00:03:53.429 align:start position:0% driven driven by research and development<00:03:52.280> um<00:03:52.640> is<00:03:52.840> is<00:03:52.959> the<00:03:53.120> main 00:03:53.429 --> 00:03:53.439 align:start position:0% development um is is the main 00:03:53.439 --> 00:03:55.229 align:start position:0% development um is is the main explanation<00:03:53.959> for<00:03:54.159> that<00:03:54.319> that<00:03:54.439> hockey<00:03:54.799> stick 00:03:55.229 --> 00:03:55.239 align:start position:0% explanation for that that hockey stick 00:03:55.239 --> 00:03:57.630 align:start position:0% explanation for that that hockey stick rise<00:03:56.079> but<00:03:56.280> the<00:03:56.439> reason<00:03:56.680> it<00:03:56.879> keeps<00:03:57.159> going<00:03:57.400> up 00:03:57.630 --> 00:03:57.640 align:start position:0% rise but the reason it keeps going up 00:03:57.640 --> 00:03:59.390 align:start position:0% rise but the reason it keeps going up the<00:03:57.760> reason<00:03:58.040> we<00:03:58.239> keep<00:03:58.640> getting<00:03:58.959> new<00:03:59.120> and<00:03:59.239> new 00:03:59.390 --> 00:03:59.400 align:start position:0% the reason we keep getting new and new 00:03:59.400 --> 00:04:04.309 align:start position:0% the reason we keep getting new and new levels<00:03:59.920> of<00:04:00.159> of<00:04:00.360> of<00:04:00.560> of<00:04:00.799> of<00:04:01.120> growth<00:04:02.120> is 00:04:04.309 --> 00:04:04.319 align:start position:0% levels of of of of of growth is 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generations<00:04:12.720> of<00:04:12.959> coordination 00:04:13.750 --> 00:04:13.760 align:start position:0% create new generations of coordination 00:04:13.760 --> 00:04:16.030 align:start position:0% create new generations of coordination technology<00:04:14.760> and<00:04:14.959> what<00:04:15.079> we<00:04:15.239> are<00:04:15.480> going<00:04:15.799> through 00:04:16.030 --> 00:04:16.040 align:start position:0% technology and what we are going through 00:04:16.040 --> 00:04:18.030 align:start position:0% technology and what we are going through now<00:04:16.320> the<00:04:16.479> sort<00:04:16.639> of<00:04:17.120> the<00:04:17.400> the<00:04:17.519> crypto 00:04:18.030 --> 00:04:18.040 align:start position:0% now the sort of the the crypto 00:04:18.040 --> 00:04:20.150 align:start position:0% now the sort of the the crypto Revolution<00:04:18.639> that's<00:04:18.840> being<00:04:19.199> powered<00:04:19.519> up<00:04:19.680> by<00:04:19.840> Ai 00:04:20.150 --> 00:04:20.160 align:start position:0% Revolution that's being powered up by Ai 00:04:20.160 --> 00:04:21.469 align:start position:0% Revolution that's being powered up by Ai and<00:04:20.280> all<00:04:20.400> of<00:04:20.519> these<00:04:20.639> other<00:04:20.880> digital 00:04:21.469 --> 00:04:21.479 align:start position:0% and all of these other digital 00:04:21.479 --> 00:04:23.950 align:start position:0% and all of these other digital Technologies<00:04:22.479> is<00:04:22.600> a<00:04:22.800> fundamental<00:04:23.400> new<00:04:23.759> type 00:04:23.950 --> 00:04:23.960 align:start position:0% Technologies is a fundamental new type 00:04:23.960 --> 00:04:26.550 align:start position:0% Technologies is a fundamental new type of<00:04:24.320> economy<00:04:25.320> um<00:04:25.919> we've<00:04:26.080> called<00:04:26.280> it<00:04:26.400> a 00:04:26.550 --> 00:04:26.560 align:start position:0% of economy um we've called it a 00:04:26.560 --> 00:04:29.029 align:start position:0% of economy um we've called it a computable<00:04:27.280> economy<00:04:28.280> um<00:04:28.400> we<00:04:28.560> distinguish 00:04:29.029 --> 00:04:29.039 align:start position:0% computable economy um we distinguish 00:04:29.039 --> 00:04:30.749 align:start position:0% computable economy um we distinguish this<00:04:29.160> from<00:04:29.280> an<00:04:29.400> industri<00:04:29.720> industrial<00:04:30.080> economy 00:04:30.749 --> 00:04:30.759 align:start position:0% this from an industri industrial economy 00:04:30.759 --> 00:04:32.670 align:start position:0% this from an industri industrial economy where<00:04:31.080> all<00:04:31.400> the<00:04:31.520> fundamental<00:04:32.120> institutions 00:04:32.670 --> 00:04:32.680 align:start position:0% where all the fundamental institutions 00:04:32.680 --> 00:04:34.350 align:start position:0% where all the fundamental institutions of<00:04:32.840> an<00:04:32.960> industrial<00:04:33.479> economy<00:04:33.800> were<00:04:33.960> done<00:04:34.160> by 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Registries and the money and so on um so 00:04:42.320 --> 00:04:44.590 align:start position:0% Registries and the money and so on um so this<00:04:42.560> idea<00:04:42.919> of<00:04:43.240> this<00:04:43.360> is<00:04:43.520> where're<00:04:43.960> up<00:04:44.120> to<00:04:44.360> now 00:04:44.590 --> 00:04:44.600 align:start position:0% this idea of this is where're up to now 00:04:44.600 --> 00:04:47.310 align:start position:0% this idea of this is where're up to now in<00:04:44.720> terms<00:04:44.960> of<00:04:45.080> a<00:04:45.240> new<00:04:46.080> um<00:04:46.440> institutional 00:04:47.310 --> 00:04:47.320 align:start position:0% in terms of a new um institutional 00:04:47.320 --> 00:04:49.670 align:start position:0% in terms of a new um institutional technological<00:04:48.039> Revolution<00:04:48.919> to<00:04:49.080> create<00:04:49.320> a<00:04:49.440> new 00:04:49.670 --> 00:04:49.680 align:start position:0% technological Revolution to create a new 00:04:49.680 --> 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for<00:04:57.039> hundreds<00:04:57.400> of<00:04:57.600> years<00:04:58.160> um<00:04:58.560> that's 00:04:58.749 --> 00:04:58.759 align:start position:0% this for for hundreds of years um that's 00:04:58.759 --> 00:05:00.310 align:start position:0% this for for hundreds of years um that's the<00:04:58.880> nature<00:04:59.120> of<00:04:59.240> thech<00:04:59.680> techological<00:05:00.080> change 00:05:00.310 --> 00:05:00.320 align:start position:0% the nature of thech techological change 00:05:00.320 --> 00:05:03.310 align:start position:0% the nature of thech techological change we're<00:05:00.440> seeing<00:05:00.720> now<00:05:01.479> the<00:05:01.759> the<00:05:01.880> sort<00:05:02.120> of<00:05:03.120> the<00:05:03.199> way 00:05:03.310 --> 00:05:03.320 align:start position:0% we're seeing now the the sort of the way 00:05:03.320 --> 00:05:07.430 align:start position:0% we're seeing now the the sort of the way we<00:05:03.440> want<00:05:03.560> to<00:05:03.680> frame<00:05:04.280> this<00:05:05.280> is<00:05:05.919> this<00:05:06.120> sort<00:05:06.440> of 00:05:07.430 --> 00:05:07.440 align:start position:0% we want to frame this is this sort of 00:05:07.440 --> 00:05:09.390 align:start position:0% we want to frame this is this sort of computable<00:05:08.080> economy<00:05:08.600> Revolution<00:05:09.160> which<00:05:09.280> is 00:05:09.390 --> 00:05:09.400 align:start position:0% computable economy Revolution which is 00:05:09.400 --> 00:05:11.430 align:start position:0% computable economy Revolution which is an<00:05:09.639> Institutional<00:05:10.400> technology<00:05:10.960> Revolution 00:05:11.430 --> 00:05:11.440 align:start position:0% an Institutional technology Revolution 00:05:11.440 --> 00:05:13.110 align:start position:0% an Institutional technology Revolution made<00:05:11.840> possible<00:05:12.240> by<00:05:12.400> a<00:05:12.479> series<00:05:12.759> of<00:05:12.880> other 00:05:13.110 --> 00:05:13.120 align:start position:0% made possible by a series of other 00:05:13.120 --> 00:05:15.189 align:start position:0% made possible by a series of other Technologies<00:05:13.759> you<00:05:13.840> know<00:05:14.000> computers<00:05:14.919> and<00:05:15.039> so 00:05:15.189 --> 00:05:15.199 align:start position:0% Technologies you know computers and so 00:05:15.199 --> 00:05:18.749 align:start position:0% Technologies you know computers and so on<00:05:16.039> um<00:05:16.560> what<00:05:16.720> is<00:05:16.880> going<00:05:17.160> on<00:05:17.919> is<00:05:18.240> this<00:05:18.360> is<00:05:18.520> a 00:05:18.749 --> 00:05:18.759 align:start position:0% on um what is going on is this is a 00:05:18.759 --> 00:05:21.629 align:start position:0% on um what is going on is this is a continuation<00:05:19.759> of<00:05:19.960> the<00:05:20.199> evolution<00:05:20.880> of<00:05:21.160> compute 00:05:21.629 --> 00:05:21.639 align:start position:0% continuation of the evolution of compute 00:05:21.639 --> 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through<00:05:31.120> to<00:05:31.319> to<00:05:31.479> the<00:05:31.639> present<00:05:32.280> as<00:05:32.479> a<00:05:32.639> series<00:05:32.880> of 00:05:33.070 --> 00:05:33.080 align:start position:0% through to to the present as a series of 00:05:33.080 --> 00:05:36.550 align:start position:0% through to to the present as a series of Step<00:05:33.360> changes<00:05:34.240> as<00:05:34.400> we<00:05:35.120> moved<00:05:35.479> up<00:05:35.720> the<00:05:35.880> in<00:05:36.440> the 00:05:36.550 --> 00:05:36.560 align:start position:0% Step changes as we moved up the in the 00:05:36.560 --> 00:05:38.150 align:start position:0% Step changes as we moved up the in the institutional<00:05:37.240> technology<00:05:37.720> stack<00:05:38.039> from 00:05:38.150 --> 00:05:38.160 align:start position:0% institutional technology stack from 00:05:38.160 --> 00:05:40.150 align:start position:0% institutional technology stack from written<00:05:38.479> language<00:05:38.919> through<00:05:39.199> to<00:05:39.759> to<00:05:40.039> to 00:05:40.150 --> 00:05:40.160 align:start position:0% written language through to to to 00:05:40.160 --> 00:05:41.909 align:start position:0% written language through to to to coordination<00:05:40.680> so<00:05:40.800> on<00:05:40.919> all<00:05:41.000> the<00:05:41.080> way<00:05:41.199> through 00:05:41.909 --> 00:05:41.919 align:start position:0% coordination so on all the way through 00:05:41.919 --> 00:05:43.469 align:start position:0% coordination so on all the way through that<00:05:42.199> process<00:05:42.600> has<00:05:42.720> been<00:05:42.960> going<00:05:43.160> on<00:05:43.319> for 00:05:43.469 --> 00:05:43.479 align:start position:0% that process has been going on for 00:05:43.479 --> 00:05:45.749 align:start position:0% that process has been going on for millions<00:05:43.840> and<00:05:43.960> billions<00:05:44.319> of<00:05:44.479> years<00:05:45.199> and<00:05:45.520> the 00:05:45.749 --> 00:05:45.759 align:start position:0% millions and billions of years and the 00:05:45.759 --> 00:05:48.309 align:start position:0% millions and billions of years and the the<00:05:45.880> way<00:05:46.000> to<00:05:46.319> think<00:05:46.560> about<00:05:46.919> this<00:05:47.560> is<00:05:47.759> that 00:05:48.309 --> 00:05:48.319 align:start position:0% the way to think about this is that 00:05:48.319 --> 00:05:50.710 align:start position:0% the way to think about this is that every<00:05:48.600> so<00:05:48.919> often<00:05:49.840> on<00:05:49.960> The<00:05:50.120> evolutionary 00:05:50.710 --> 00:05:50.720 align:start position:0% every so often on The evolutionary 00:05:50.720 --> 00:05:52.029 align:start position:0% every so often on The evolutionary trajectory<00:05:51.199> we<00:05:51.319> get<00:05:51.479> these<00:05:51.680> huge 00:05:52.029 --> 00:05:52.039 align:start position:0% trajectory we get these huge 00:05:52.039 --> 00:05:54.230 align:start position:0% trajectory we get these huge breakthroughs<00:05:52.680> these<00:05:52.880> fundamental<00:05:53.440> shifts 00:05:54.230 --> 00:05:54.240 align:start position:0% breakthroughs these fundamental shifts 00:05:54.240 --> 00:05:55.790 align:start position:0% breakthroughs these fundamental shifts in<00:05:54.400> terms<00:05:54.639> of<00:05:54.840> the<00:05:54.960> underlying<00:05:55.440> sort<00:05:55.600> of 00:05:55.790 --> 00:05:55.800 align:start position:0% in terms of the underlying sort of 00:05:55.800 --> 00:06:00.590 align:start position:0% in terms of the underlying sort of language<00:05:56.800> um<00:05:57.400> of<00:05:57.960> of<00:05:58.720> of<00:05:58.919> evolution<00:05:59.960> um 00:06:00.590 --> 00:06:00.600 align:start position:0% language um of of of evolution um 00:06:00.600 --> 00:06:03.230 align:start position:0% language um of of of evolution um evolutionary<00:06:01.600> um<00:06:02.240> biologists<00:06:02.800> call<00:06:03.000> these 00:06:03.230 --> 00:06:03.240 align:start position:0% evolutionary um biologists call these 00:06:03.240 --> 00:06:05.790 align:start position:0% evolutionary um biologists call these meta<00:06:03.560> you<00:06:03.639> know<00:06:03.840> meta<00:06:04.199> system<00:06:04.800> Transitions 00:06:05.790 --> 00:06:05.800 align:start position:0% meta you know meta system Transitions 00:06:05.800 --> 00:06:07.230 align:start position:0% meta you know meta system Transitions and<00:06:05.919> the<00:06:06.039> idea<00:06:06.360> is<00:06:06.479> is<00:06:06.599> that<00:06:06.720> a<00:06:06.880> digital 00:06:07.230 --> 00:06:07.240 align:start position:0% and the idea is is that a digital 00:06:07.240 --> 00:06:10.309 align:start position:0% and the idea is is that a digital economy<00:06:07.960> is<00:06:08.120> the<00:06:08.560> latest<00:06:09.199> phase<00:06:09.560> of<00:06:09.680> a<00:06:09.840> meta<00:06:10.240> of 00:06:10.309 --> 00:06:10.319 align:start position:0% economy is the latest phase of a meta of 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of<00:06:28.319> evolutionary<00:06:29.680> um<00:06:29.800> in<00:06:29.880> terms 00:06:30.070 --> 00:06:30.080 align:start position:0% now in terms of evolutionary um in terms 00:06:30.080 --> 00:06:31.550 align:start position:0% now in terms of evolutionary um in terms of<00:06:30.319> the<00:06:30.440> evolution<00:06:30.800> of<00:06:30.960> economies<00:06:31.319> in<00:06:31.400> terms 00:06:31.550 --> 00:06:31.560 align:start position:0% of the evolution of economies in terms 00:06:31.560 --> 00:06:34.189 align:start position:0% of the evolution of economies in terms of<00:06:31.680> institutional<00:06:32.280> evolution<00:06:33.199> is<00:06:33.360> at<00:06:33.599> this 00:06:34.189 --> 00:06:34.199 align:start position:0% of institutional evolution is at this 00:06:34.199 --> 00:06:36.950 align:start position:0% of institutional evolution is at this this<00:06:35.199> a<00:06:35.319> new<00:06:35.599> transition<00:06:36.479> in<00:06:36.599> terms<00:06:36.840> of 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value<00:06:53.960> markets<00:06:54.800> do<00:06:55.120> that 00:06:55.629 --> 00:06:55.639 align:start position:0% to create economic value markets do that 00:06:55.639 --> 00:06:58.390 align:start position:0% to create economic value markets do that um<00:06:55.840> organizations<00:06:56.720> do<00:06:56.960> that<00:06:57.680> protocols<00:06:58.199> and 00:06:58.390 --> 00:06:58.400 align:start position:0% um organizations do that protocols and 00:06:58.400 --> 00:07:00.230 align:start position:0% um organizations do that protocols and platforms<00:06:58.879> do<00:06:59.080> that<00:06:59.240> as<00:06:59.360> well 00:07:00.230 --> 00:07:00.240 align:start position:0% platforms do that as well 00:07:00.240 --> 00:07:02.150 align:start position:0% platforms do that as well and<00:07:00.639> the<00:07:00.759> sort<00:07:00.919> of<00:07:01.039> the<00:07:01.199> next<00:07:01.479> step<00:07:01.800> in<00:07:01.919> terms 00:07:02.150 --> 00:07:02.160 align:start position:0% and the sort of the next step in terms 00:07:02.160 --> 00:07:03.629 align:start position:0% and the sort of the next step in terms of<00:07:02.319> how<00:07:02.639> economies<00:07:03.039> are<00:07:03.120> going<00:07:03.240> to<00:07:03.360> develop 00:07:03.629 --> 00:07:03.639 align:start position:0% of how economies are going to develop 00:07:03.639 --> 00:07:05.430 align:start position:0% of how economies are going to develop and<00:07:03.840> evolve<00:07:04.440> is<00:07:04.560> to<00:07:04.720> really<00:07:04.879> sort<00:07:05.039> of<00:07:05.199> push 00:07:05.430 --> 00:07:05.440 align:start position:0% and evolve is to really sort of push 00:07:05.440 --> 00:07:06.950 align:start position:0% and evolve is to really sort of push what<00:07:05.560> we<00:07:05.680> can<00:07:05.840> do<00:07:06.080> with<00:07:06.280> that<00:07:06.639> with<00:07:06.800> that 00:07:06.950 --> 00:07:06.960 align:start position:0% what we can do with that with that 00:07:06.960 --> 00:07:09.830 align:start position:0% what we can do with that with that compute<00:07:07.319> level 00:07:09.830 --> 00:07:09.840 align:start position:0% compute level 00:07:09.840 --> 00:07:13.230 align:start position:0% compute level Justin<00:07:10.840> so<00:07:11.039> if<00:07:11.160> we<00:07:11.440> if<00:07:11.560> we<00:07:11.720> unpack<00:07:12.639> um<00:07:13.120> the 00:07:13.230 --> 00:07:13.240 align:start position:0% Justin so if we if we unpack um the 00:07:13.240 --> 00:07:15.830 align:start position:0% Justin so if we if we unpack um the nature<00:07:13.639> of<00:07:13.840> this<00:07:14.039> computable<00:07:14.639> economy<00:07:15.560> let's 00:07:15.830 --> 00:07:15.840 align:start position:0% nature of this computable economy let's 00:07:15.840 --> 00:07:17.790 align:start position:0% nature of this computable economy let's first<00:07:16.160> look<00:07:16.639> at 00:07:17.790 --> 00:07:17.800 align:start position:0% first look at 00:07:17.800 --> 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run<00:07:29.039> programs<00:07:29.720> so<00:07:29.879> if<00:07:30.000> you<00:07:30.160> if<00:07:30.240> you 00:07:30.350 --> 00:07:30.360 align:start position:0% will also run programs so if you if you 00:07:30.360 --> 00:07:33.070 align:start position:0% will also run programs so if you if you run<00:07:30.720> the<00:07:30.960> the<00:07:31.120> program<00:07:31.560> 1+<00:07:32.160> one<00:07:32.759> it<00:07:32.879> will 00:07:33.070 --> 00:07:33.080 align:start position:0% run the the program 1+ one it will 00:07:33.080 --> 00:07:35.430 align:start position:0% run the the program 1+ one it will always<00:07:33.479> equal<00:07:33.840> two<00:07:34.639> and<00:07:34.840> because<00:07:35.080> of<00:07:35.280> this 00:07:35.430 --> 00:07:35.440 align:start position:0% always equal two and because of this 00:07:35.440 --> 00:07:38.270 align:start position:0% always equal two and because of this sort<00:07:35.639> of<00:07:36.400> reliability<00:07:37.400> and<00:07:37.879> the<00:07:38.160> the 00:07:38.270 --> 00:07:38.280 align:start position:0% sort of reliability and the the 00:07:38.280 --> 00:07:41.029 align:start position:0% sort of reliability and the the determinism<00:07:39.080> of<00:07:39.319> computers<00:07:40.199> you<00:07:40.360> can<00:07:40.560> build 00:07:41.029 --> 00:07:41.039 align:start position:0% determinism of computers you can build 00:07:41.039 --> 00:07:43.230 align:start position:0% determinism of computers you can build highly<00:07:41.479> complex<00:07:42.039> applications<00:07:42.720> on<00:07:42.919> top<00:07:43.080> of 00:07:43.230 --> 00:07:43.240 align:start position:0% highly complex applications on top of 00:07:43.240 --> 00:07:44.710 align:start position:0% highly complex applications on top of them<00:07:43.520> and<00:07:43.759> if<00:07:43.840> you<00:07:43.960> look<00:07:44.120> at<00:07:44.280> this<00:07:44.479> you<00:07:44.560> know 00:07:44.710 --> 00:07:44.720 align:start position:0% them and if you look at this you know 00:07:44.720 --> 00:07:48.029 align:start position:0% them and if you look at this you know our<00:07:44.879> modern<00:07:45.520> sort<00:07:45.720> of<00:07:46.680> uh<00:07:47.080> internet<00:07:47.879> and 00:07:48.029 --> 00:07:48.039 align:start position:0% our modern sort of uh internet and 00:07:48.039 --> 00:07:49.670 align:start position:0% our modern sort of uh internet and digital<00:07:48.520> economy<00:07:49.039> that's<00:07:49.240> that<00:07:49.400> sort<00:07:49.560> of 00:07:49.670 --> 00:07:49.680 align:start position:0% digital economy that's that sort of 00:07:49.680 --> 00:07:53.550 align:start position:0% digital economy that's that sort of evidence<00:07:50.039> of<00:07:50.520> that<00:07:51.520> however<00:07:52.400> if<00:07:52.560> we<00:07:52.759> look<00:07:53.240> at 00:07:53.550 --> 00:07:53.560 align:start position:0% evidence of that however if we look at 00:07:53.560 --> 00:07:57.749 align:start position:0% evidence of that however if we look at at<00:07:53.720> sort<00:07:53.919> of<00:07:54.479> today's<00:07:55.360> economy<00:07:56.360> um<00:07:57.360> what<00:07:57.560> we 00:07:57.749 --> 00:07:57.759 align:start position:0% at sort of today's economy um what we 00:07:57.759 --> 00:08:01.070 align:start position:0% at sort of today's economy um what we find<00:07:58.159> is<00:07:58.400> that<00:07:59.560> if<00:07:59.720> we<00:07:59.879> want<00:08:00.120> to<00:08:00.560> sort<00:08:00.759> of 00:08:01.070 --> 00:08:01.080 align:start position:0% find is that if we want to sort of 00:08:01.080 --> 00:08:04.390 align:start position:0% find is that if we want to sort of transmit<00:08:01.759> value<00:08:02.759> um<00:08:03.280> often<00:08:03.800> what<00:08:03.960> we<00:08:04.120> have<00:08:04.240> to 00:08:04.390 --> 00:08:04.400 align:start position:0% transmit value um often what we have to 00:08:04.400 --> 00:08:06.710 align:start position:0% transmit value um often what we have to do<00:08:04.639> is<00:08:04.879> transmit<00:08:05.360> via<00:08:05.680> intermediaries<00:08:06.520> like 00:08:06.710 --> 00:08:06.720 align:start position:0% do is transmit via intermediaries like 00:08:06.720 --> 00:08:09.270 align:start position:0% do is transmit via intermediaries like banks<00:08:07.080> for<00:08:07.319> example<00:08:08.319> and<00:08:08.599> the<00:08:09.039> these 00:08:09.270 --> 00:08:09.280 align:start position:0% banks for example and the these 00:08:09.280 --> 00:08:12.830 align:start position:0% banks for example and the these intermediaries<00:08:10.280> introduce<00:08:11.159> um<00:08:11.840> sort 00:08:12.830 --> 00:08:12.840 align:start position:0% intermediaries introduce um sort 00:08:12.840 --> 00:08:16.070 align:start position:0% intermediaries introduce um sort of<00:08:13.840> risk<00:08:14.120> of<00:08:14.319> default<00:08:14.919> they<00:08:15.080> introduce<00:08:15.560> fees 00:08:16.070 --> 00:08:16.080 align:start position:0% of risk of default they introduce fees 00:08:16.080 --> 00:08:19.510 align:start position:0% of risk of default they introduce fees they're<00:08:16.479> slow<00:08:17.479> um<00:08:18.120> and<00:08:18.280> also<00:08:19.080> you<00:08:19.159> know<00:08:19.319> if<00:08:19.400> you 00:08:19.510 --> 00:08:19.520 align:start position:0% they're slow um and also you know if you 00:08:19.520 --> 00:08:21.950 align:start position:0% they're slow um and also you know if you want<00:08:19.599> to<00:08:19.759> sort<00:08:19.960> of<00:08:20.039> store<00:08:20.360> and<00:08:20.520> retrieve<00:08:21.400> value 00:08:21.950 --> 00:08:21.960 align:start position:0% want to sort of store and retrieve value 00:08:21.960 --> 00:08:23.990 align:start position:0% want to sort of store and retrieve value we<00:08:22.120> have<00:08:22.280> the<00:08:22.520> have<00:08:22.639> the<00:08:22.759> similar<00:08:23.199> problems 00:08:23.990 --> 00:08:24.000 align:start position:0% we have the have the similar problems 00:08:24.000 --> 00:08:26.990 align:start position:0% we have the have the similar problems and<00:08:24.599> so<00:08:25.599> also<00:08:25.840> when<00:08:25.960> you<00:08:26.080> want<00:08:26.159> to<00:08:26.319> run 00:08:26.990 --> 00:08:27.000 align:start position:0% and so also when you want to run 00:08:27.000 --> 00:08:30.070 align:start position:0% and so also when you want to run economic<00:08:27.599> Pro<00:08:27.960> uh<00:08:28.159> programs<00:08:28.680> on<00:08:29.000> on<00:08:29.720> uh<00:08:29.919> the 00:08:30.070 --> 00:08:30.080 align:start position:0% economic Pro uh programs on on uh the 00:08:30.080 --> 00:08:32.790 align:start position:0% economic Pro uh programs on on uh the the<00:08:30.199> current<00:08:30.560> economy<00:08:31.560> we<00:08:31.720> do<00:08:32.039> this<00:08:32.279> by<00:08:32.560> having 00:08:32.790 --> 00:08:32.800 align:start position:0% the current economy we do this by having 00:08:32.800 --> 00:08:34.990 align:start position:0% the current economy we do this by having a<00:08:33.080> contract<00:08:33.640> so<00:08:33.880> let's<00:08:34.120> say<00:08:34.399> you<00:08:34.519> know<00:08:34.680> you<00:08:34.880> you 00:08:34.990 --> 00:08:35.000 align:start position:0% a contract so let's say you know you you 00:08:35.000 --> 00:08:36.630 align:start position:0% a contract so let's say you know you you have<00:08:35.080> a<00:08:35.240> contract<00:08:35.640> with<00:08:35.800> someone<00:08:36.159> to<00:08:36.360> provide 00:08:36.630 --> 00:08:36.640 align:start position:0% have a contract with someone to provide 00:08:36.640 --> 00:08:38.430 align:start position:0% have a contract with someone to provide a<00:08:36.839> service<00:08:37.200> and<00:08:37.399> they<00:08:37.519> don't<00:08:37.800> provide<00:08:38.200> that 00:08:38.430 --> 00:08:38.440 align:start position:0% a service and they don't provide that 00:08:38.440 --> 00:08:40.550 align:start position:0% a service and they don't provide that service<00:08:39.320> what<00:08:39.440> do<00:08:39.560> you<00:08:39.719> do<00:08:40.000> well<00:08:40.159> you<00:08:40.320> have<00:08:40.440> to 00:08:40.550 --> 00:08:40.560 align:start position:0% service what do you do well you have to 00:08:40.560 --> 00:08:43.389 align:start position:0% service what do you do well you have to take<00:08:40.719> them<00:08:40.880> to<00:08:41.039> court<00:08:41.839> this<00:08:41.959> is<00:08:42.200> slow<00:08:43.080> it's 00:08:43.389 --> 00:08:43.399 align:start position:0% take them to court this is slow it's 00:08:43.399 --> 00:08:46.790 align:start position:0% take them to court this is slow it's expensive<00:08:44.159> and<00:08:44.279> it's<00:08:44.440> fuzzy<00:08:45.360> so<00:08:46.360> instead<00:08:46.640> of 00:08:46.790 --> 00:08:46.800 align:start position:0% expensive and it's fuzzy so instead of 00:08:46.800 --> 00:08:48.870 align:start position:0% expensive and it's fuzzy so instead of having<00:08:47.000> this<00:08:47.240> sort<00:08:47.399> of<00:08:47.720> deterministic<00:08:48.680> and 00:08:48.870 --> 00:08:48.880 align:start position:0% having this sort of deterministic and 00:08:48.880 --> 00:08:51.150 align:start position:0% having this sort of deterministic and reliable<00:08:49.680> substrate<00:08:50.320> we<00:08:50.480> have<00:08:50.600> a<00:08:50.760> sort<00:08:50.920> of<00:08:51.040> a 00:08:51.150 --> 00:08:51.160 align:start position:0% reliable substrate we have a sort of a 00:08:51.160 --> 00:08:53.470 align:start position:0% reliable substrate we have a sort of a fuzzy<00:08:51.640> unreliable<00:08:52.360> substrate<00:08:53.120> and<00:08:53.240> that 00:08:53.470 --> 00:08:53.480 align:start position:0% fuzzy unreliable substrate and that 00:08:53.480 --> 00:08:55.269 align:start position:0% fuzzy unreliable substrate and that really<00:08:53.760> limits<00:08:54.200> the<00:08:54.399> complexity<00:08:55.040> of 00:08:55.269 --> 00:08:55.279 align:start position:0% really limits the complexity of 00:08:55.279 --> 00:08:58.350 align:start position:0% really limits the complexity of applications<00:08:55.920> that<00:08:56.080> you<00:08:56.200> can<00:08:56.360> build<00:08:56.640> on<00:08:57.360> top 00:08:58.350 --> 00:08:58.360 align:start position:0% applications that you can build on top 00:08:58.360 --> 00:09:00.150 align:start position:0% applications that you can build on top um<00:08:58.880> and 00:09:00.150 --> 00:09:00.160 align:start position:0% um and 00:09:00.160 --> 00:09:02.069 align:start position:0% um and our<00:09:00.360> claim<00:09:00.680> is<00:09:00.880> that<00:09:01.079> with<00:09:01.240> a<00:09:01.399> with<00:09:01.519> a<00:09:01.959> a 00:09:02.069 --> 00:09:02.079 align:start position:0% our claim is that with a with a a 00:09:02.079 --> 00:09:03.790 align:start position:0% our claim is that with a with a a computable<00:09:02.680> economy<00:09:03.120> when<00:09:03.240> we're<00:09:03.440> building 00:09:03.790 --> 00:09:03.800 align:start position:0% computable economy when we're building 00:09:03.800 --> 00:09:06.630 align:start position:0% computable economy when we're building an<00:09:04.160> economy<00:09:04.680> on<00:09:05.000> this<00:09:05.399> fundamentally<00:09:06.399> more 00:09:06.630 --> 00:09:06.640 align:start position:0% an economy on this fundamentally more 00:09:06.640 --> 00:09:09.430 align:start position:0% an economy on this fundamentally more reliable<00:09:07.200> substrate<00:09:07.880> of<00:09:08.079> of<00:09:08.240> blockchains<00:09:09.240> you 00:09:09.430 --> 00:09:09.440 align:start position:0% reliable substrate of of blockchains you 00:09:09.440 --> 00:09:12.829 align:start position:0% reliable substrate of of blockchains you get<00:09:10.079> some<00:09:10.480> properties<00:09:11.000> that<00:09:11.160> are<00:09:12.160> much<00:09:12.440> closer 00:09:12.829 --> 00:09:12.839 align:start position:0% get some properties that are much closer 00:09:12.839 --> 00:09:15.710 align:start position:0% get some properties that are much closer to<00:09:13.040> a<00:09:13.279> computer<00:09:13.800> than<00:09:13.959> today's<00:09:14.440> economy<00:09:15.399> so 00:09:15.710 --> 00:09:15.720 align:start position:0% to a computer than today's economy so 00:09:15.720 --> 00:09:17.870 align:start position:0% to a computer than today's economy so you<00:09:15.800> know<00:09:16.040> smart<00:09:16.360> contracts<00:09:16.839> can<00:09:17.079> enable<00:09:17.480> the 00:09:17.870 --> 00:09:17.880 align:start position:0% you know smart contracts can enable the 00:09:17.880 --> 00:09:19.949 align:start position:0% you know smart contracts can enable the transmission<00:09:18.399> of<00:09:18.640> value<00:09:19.079> in<00:09:19.200> a<00:09:19.440> in<00:09:19.519> a<00:09:19.760> very 00:09:19.949 --> 00:09:19.959 align:start position:0% transmission of value in a in a very 00:09:19.959 --> 00:09:23.110 align:start position:0% transmission of value in a in a very reliable<00:09:20.640> way<00:09:21.560> um<00:09:22.440> when<00:09:22.560> we<00:09:22.680> want<00:09:22.760> to<00:09:22.880> store 00:09:23.110 --> 00:09:23.120 align:start position:0% reliable way um when we want to store 00:09:23.120 --> 00:09:25.949 align:start position:0% reliable way um when we want to store and<00:09:23.320> receive<00:09:23.800> value<00:09:24.720> it's<00:09:25.079> possible<00:09:25.519> to<00:09:25.720> do 00:09:25.949 --> 00:09:25.959 align:start position:0% and receive value it's possible to do 00:09:25.959 --> 00:09:28.949 align:start position:0% and receive value it's possible to do this<00:09:26.120> in<00:09:26.240> a<00:09:26.440> way<00:09:27.320> that<00:09:27.560> is<00:09:27.800> reliable<00:09:28.560> but<00:09:28.760> that 00:09:28.949 --> 00:09:28.959 align:start position:0% this in a way that is reliable but that 00:09:28.959 --> 00:09:31.509 align:start position:0% this in a way that is reliable but that requires<00:09:29.360> re<00:09:29.480> Ires<00:09:29.720> a<00:09:29.959> particular<00:09:30.560> type<00:09:30.800> of<00:09:31.279> of 00:09:31.509 --> 00:09:31.519 align:start position:0% requires re Ires a particular type of of 00:09:31.519 --> 00:09:34.550 align:start position:0% requires re Ires a particular type of of of<00:09:31.959> uh<00:09:32.480> uh<00:09:32.720> procedure<00:09:33.160> for<00:09:33.399> tokenizing<00:09:34.399> uh 00:09:34.550 --> 00:09:34.560 align:start position:0% of uh uh procedure for tokenizing uh 00:09:34.560 --> 00:09:36.110 align:start position:0% of uh uh procedure for tokenizing uh these<00:09:34.760> assets<00:09:35.120> and<00:09:35.279> we'll<00:09:35.600> we'll<00:09:35.760> get<00:09:35.880> into 00:09:36.110 --> 00:09:36.120 align:start position:0% these assets and we'll we'll get into 00:09:36.120 --> 00:09:38.550 align:start position:0% these assets and we'll we'll get into that<00:09:36.240> in<00:09:36.360> a<00:09:36.519> second<00:09:37.120> but<00:09:37.279> it<00:09:37.440> is<00:09:37.680> possible<00:09:38.399> to 00:09:38.550 --> 00:09:38.560 align:start position:0% that in a second but it is possible to 00:09:38.560 --> 00:09:41.910 align:start position:0% that in a second but it is possible to do<00:09:38.839> that<00:09:39.279> and<00:09:39.560> so<00:09:40.560> um<00:09:41.079> with<00:09:41.360> with<00:09:41.480> this<00:09:41.640> kind<00:09:41.760> of 00:09:41.910 --> 00:09:41.920 align:start position:0% do that and so um with with this kind of 00:09:41.920 --> 00:09:44.030 align:start position:0% do that and so um with with this kind of combination<00:09:42.360> of<00:09:42.560> properties<00:09:43.360> it's<00:09:43.640> possible 00:09:44.030 --> 00:09:44.040 align:start position:0% combination of properties it's possible 00:09:44.040 --> 00:09:47.470 align:start position:0% combination of properties it's possible to<00:09:44.279> run<00:09:44.880> economic<00:09:45.839> programs<00:09:46.519> on<00:09:46.680> a<00:09:46.920> blockchain 00:09:47.470 --> 00:09:47.480 align:start position:0% to run economic programs on a blockchain 00:09:47.480 --> 00:09:49.350 align:start position:0% to run economic programs on a blockchain substrate<00:09:48.360> that<00:09:48.560> give<00:09:48.839> this<00:09:49.040> kind<00:09:49.200> of 00:09:49.350 --> 00:09:49.360 align:start position:0% substrate that give this kind of 00:09:49.360 --> 00:09:51.750 align:start position:0% substrate that give this kind of reliability<00:09:50.079> and<00:09:50.240> determinism<00:09:51.079> that<00:09:51.600> that 00:09:51.750 --> 00:09:51.760 align:start position:0% reliability and determinism that that 00:09:51.760 --> 00:09:53.910 align:start position:0% reliability and determinism that that you<00:09:52.200> that<00:09:52.320> you<00:09:52.480> don't<00:09:52.800> get<00:09:53.120> within<00:09:53.480> today's 00:09:53.910 --> 00:09:53.920 align:start position:0% you that you don't get within today's 00:09:53.920 --> 00:09:56.470 align:start position:0% you that you don't get within today's economy<00:09:54.760> and<00:09:55.000> the<00:09:55.399> result<00:09:55.760> of<00:09:55.959> that<00:09:56.200> is 00:09:56.470 --> 00:09:56.480 align:start position:0% economy and the result of that is 00:09:56.480 --> 00:09:58.870 align:start position:0% economy and the result of that is enabling<00:09:57.240> much<00:09:57.480> greater<00:09:57.920> complexity<00:09:58.640> to<00:09:58.760> be 00:09:58.870 --> 00:09:58.880 align:start position:0% enabling much greater complexity to be 00:09:58.880 --> 00:10:00.670 align:start position:0% enabling much greater complexity to be built<00:09:59.399> on<00:09:59.640> this<00:09:59.920> this 00:10:00.670 --> 00:10:00.680 align:start position:0% built on this this 00:10:00.680 --> 00:10:04.150 align:start position:0% built on this this substrate<00:10:01.880> um<00:10:02.880> so<00:10:03.120> here's<00:10:03.320> our<00:10:03.560> claim<00:10:03.880> is<00:10:04.040> that 00:10:04.150 --> 00:10:04.160 align:start position:0% substrate um so here's our claim is that 00:10:04.160 --> 00:10:05.829 align:start position:0% substrate um so here's our claim is that you<00:10:04.279> know<00:10:04.399> blockchain<00:10:04.839> technology<00:10:05.279> enables<00:10:05.680> a 00:10:05.829 --> 00:10:05.839 align:start position:0% you know blockchain technology enables a 00:10:05.839 --> 00:10:08.630 align:start position:0% you know blockchain technology enables a new<00:10:06.120> computable<00:10:06.720> economy<00:10:07.560> and<00:10:07.839> unlocks 00:10:08.630 --> 00:10:08.640 align:start position:0% new computable economy and unlocks 00:10:08.640 --> 00:10:10.630 align:start position:0% new computable economy and unlocks exponential<00:10:09.279> wealth<00:10:09.680> through<00:10:09.920> increased 00:10:10.630 --> 00:10:10.640 align:start position:0% exponential wealth through increased 00:10:10.640 --> 00:10:12.829 align:start position:0% exponential wealth through increased complexity<00:10:11.640> but<00:10:11.800> the<00:10:12.120> condition<00:10:12.440> is<00:10:12.680> that 00:10:12.829 --> 00:10:12.839 align:start position:0% complexity but the condition is that 00:10:12.839 --> 00:10:14.990 align:start position:0% complexity but the condition is that we've<00:10:13.079> got<00:10:13.279> to<00:10:13.600> tokenize<00:10:14.240> all<00:10:14.440> forms<00:10:14.760> of 00:10:14.990 --> 00:10:15.000 align:start position:0% we've got to tokenize all forms of 00:10:15.000 --> 00:10:17.829 align:start position:0% we've got to tokenize all forms of capital<00:10:15.519> all<00:10:15.839> assets<00:10:16.440> with<00:10:16.800> with<00:10:16.959> the<00:10:17.160> same 00:10:17.829 --> 00:10:17.839 align:start position:0% capital all assets with with the same 00:10:17.839 --> 00:10:20.870 align:start position:0% capital all assets with with the same strong<00:10:18.480> commitments<00:10:19.480> um<00:10:20.320> and<00:10:20.399> so<00:10:20.600> what<00:10:20.760> we 00:10:20.870 --> 00:10:20.880 align:start position:0% strong commitments um and so what we 00:10:20.880 --> 00:10:24.230 align:start position:0% strong commitments um and so what we mean<00:10:21.680> by<00:10:22.440> strong<00:10:22.760> commitments<00:10:23.600> are<00:10:23.839> that<00:10:24.120> you 00:10:24.230 --> 00:10:24.240 align:start position:0% mean by strong commitments are that you 00:10:24.240 --> 00:10:26.710 align:start position:0% mean by strong commitments are that you know<00:10:25.160> all<00:10:25.360> the<00:10:25.519> assets<00:10:25.839> that<00:10:25.959> we<00:10:26.079> tokenize<00:10:26.600> and 00:10:26.710 --> 00:10:26.720 align:start position:0% know all the assets that we tokenize and 00:10:26.720 --> 00:10:28.910 align:start position:0% know all the assets that we tokenize and bring<00:10:26.920> on<00:10:27.120> train<00:10:27.519> on<00:10:27.680> chain<00:10:28.040> need<00:10:28.200> to<00:10:28.320> be<00:10:28.800> uh 00:10:28.910 --> 00:10:28.920 align:start position:0% bring on train on chain need to be uh 00:10:28.920 --> 00:10:32.069 align:start position:0% bring on train on chain need to be uh Trust<00:10:29.399> minimized<00:10:30.399> secure<00:10:30.800> and<00:10:31.079> verifiable 00:10:32.069 --> 00:10:32.079 align:start position:0% Trust minimized secure and verifiable 00:10:32.079 --> 00:10:34.590 align:start position:0% Trust minimized secure and verifiable ownership<00:10:32.959> and<00:10:33.160> enforced<00:10:33.720> by 00:10:34.590 --> 00:10:34.600 align:start position:0% ownership and enforced by 00:10:34.600 --> 00:10:38.350 align:start position:0% ownership and enforced by cryptography<00:10:35.600> um<00:10:36.279> and<00:10:36.440> so<00:10:37.000> you<00:10:37.120> know<00:10:37.959> most 00:10:38.350 --> 00:10:38.360 align:start position:0% cryptography um and so you know most 00:10:38.360 --> 00:10:41.389 align:start position:0% cryptography um and so you know most assets<00:10:39.079> the<00:10:39.560> the<00:10:39.800> current<00:10:40.120> onchain<00:10:40.720> assets 00:10:41.389 --> 00:10:41.399 align:start position:0% assets the the current onchain assets 00:10:41.399 --> 00:10:43.629 align:start position:0% assets the the current onchain assets have<00:10:41.639> these<00:10:41.880> properties<00:10:42.519> inherently<00:10:43.519> and 00:10:43.629 --> 00:10:43.639 align:start position:0% have these properties inherently and 00:10:43.639 --> 00:10:45.990 align:start position:0% have these properties inherently and there<00:10:43.760> are<00:10:43.959> many<00:10:44.240> many<00:10:44.560> assets<00:10:45.040> from<00:10:45.800> things 00:10:45.990 --> 00:10:46.000 align:start position:0% there are many many assets from things 00:10:46.000 --> 00:10:48.829 align:start position:0% there are many many assets from things like<00:10:46.240> debt<00:10:46.680> Equity<00:10:47.600> that<00:10:47.800> where<00:10:48.320> they<00:10:48.480> can<00:10:48.639> be 00:10:48.829 --> 00:10:48.839 align:start position:0% like debt Equity that where they can be 00:10:48.839 --> 00:10:51.829 align:start position:0% like debt Equity that where they can be transferred<00:10:49.639> entirely<00:10:50.120> on<00:10:50.360> chain<00:10:51.079> and<00:10:51.639> will 00:10:51.829 --> 00:10:51.839 align:start position:0% transferred entirely on chain and will 00:10:51.839 --> 00:10:53.509 align:start position:0% transferred entirely on chain and will will<00:10:52.040> then<00:10:52.320> have<00:10:52.600> these<00:10:52.920> these<00:10:53.079> kind<00:10:53.279> of 00:10:53.509 --> 00:10:53.519 align:start position:0% will then have these these kind of 00:10:53.519 --> 00:10:56.230 align:start position:0% will then have these these kind of properties<00:10:53.920> of<00:10:54.240> strong<00:10:54.600> commitments<00:10:55.600> but 00:10:56.230 --> 00:10:56.240 align:start position:0% properties of strong commitments but 00:10:56.240 --> 00:10:58.829 align:start position:0% properties of strong commitments but there<00:10:56.360> are<00:10:56.639> always<00:10:57.639> a<00:10:57.800> class<00:10:58.040> of<00:10:58.279> assets<00:10:58.720> that 00:10:58.829 --> 00:10:58.839 align:start position:0% there are always a class of assets that 00:10:58.839 --> 00:11:01.310 align:start position:0% there are always a class of assets that will<00:10:59.040> have<00:10:59.360> a<00:10:59.519> physical<00:10:59.880> residue<00:11:00.880> physical 00:11:01.310 --> 00:11:01.320 align:start position:0% will have a physical residue physical 00:11:01.320 --> 00:11:04.389 align:start position:0% will have a physical residue physical assets<00:11:02.000> and<00:11:02.160> these<00:11:02.399> can't<00:11:02.760> entirely<00:11:03.399> be<00:11:03.880> um 00:11:04.389 --> 00:11:04.399 align:start position:0% assets and these can't entirely be um 00:11:04.399 --> 00:11:06.310 align:start position:0% assets and these can't entirely be um represented<00:11:04.959> on 00:11:06.310 --> 00:11:06.320 align:start position:0% represented on 00:11:06.320 --> 00:11:08.710 align:start position:0% represented on chain<00:11:07.320> so<00:11:07.680> there's<00:11:07.839> a<00:11:07.959> couple<00:11:08.120> of<00:11:08.279> problems 00:11:08.710 --> 00:11:08.720 align:start position:0% chain so there's a couple of problems 00:11:08.720 --> 00:11:10.629 align:start position:0% chain so there's a couple of problems with<00:11:08.920> physical<00:11:09.360> assets<00:11:09.880> one<00:11:10.079> is<00:11:10.399> this 00:11:10.629 --> 00:11:10.639 align:start position:0% with physical assets one is this 00:11:10.639 --> 00:11:12.629 align:start position:0% with physical assets one is this physical<00:11:11.040> asset<00:11:11.320> Oracle<00:11:11.839> problem<00:11:12.200> so<00:11:12.399> if<00:11:12.519> I 00:11:12.629 --> 00:11:12.639 align:start position:0% physical asset Oracle problem so if I 00:11:12.639 --> 00:11:15.790 align:start position:0% physical asset Oracle problem so if I tokenize<00:11:13.240> my<00:11:13.480> car<00:11:14.279> and<00:11:14.399> you<00:11:14.560> buy<00:11:14.800> the<00:11:14.920> token 00:11:15.790 --> 00:11:15.800 align:start position:0% tokenize my car and you buy the token 00:11:15.800 --> 00:11:17.509 align:start position:0% tokenize my car and you buy the token how<00:11:15.920> can<00:11:16.079> you<00:11:16.279> be<00:11:16.440> sure<00:11:16.880> that<00:11:17.000> you'll<00:11:17.279> actually 00:11:17.509 --> 00:11:17.519 align:start position:0% how can you be sure that you'll actually 00:11:17.519 --> 00:11:19.750 align:start position:0% how can you be sure that you'll actually get<00:11:17.760> the<00:11:17.920> car<00:11:18.800> and<00:11:18.920> then<00:11:19.040> this<00:11:19.240> kind<00:11:19.360> of<00:11:19.440> fair 00:11:19.750 --> 00:11:19.760 align:start position:0% get the car and then this kind of fair 00:11:19.760 --> 00:11:22.269 align:start position:0% get the car and then this kind of fair exchange<00:11:20.320> problem<00:11:20.639> of<00:11:20.920> how<00:11:21.200> how<00:11:21.360> do<00:11:21.519> we<00:11:21.720> ensure 00:11:22.269 --> 00:11:22.279 align:start position:0% exchange problem of how how do we ensure 00:11:22.279 --> 00:11:24.470 align:start position:0% exchange problem of how how do we ensure that<00:11:22.440> the<00:11:22.600> exchange<00:11:23.040> that's<00:11:23.320> happened<00:11:24.079> is<00:11:24.320> is 00:11:24.470 --> 00:11:24.480 align:start position:0% that the exchange that's happened is is 00:11:24.480 --> 00:11:29.949 align:start position:0% that the exchange that's happened is is fair<00:11:24.839> until<00:11:25.120> the<00:11:25.240> quality<00:11:25.600> and<00:11:25.800> terms<00:11:26.399> agreed 00:11:29.949 --> 00:11:29.959 align:start position:0% 00:11:29.959 --> 00:11:31.550 align:start position:0% um<00:11:30.200> and<00:11:30.360> so<00:11:30.600> you'll<00:11:30.760> find<00:11:31.040> there<00:11:31.120> are<00:11:31.240> a<00:11:31.360> number 00:11:31.550 --> 00:11:31.560 align:start position:0% um and so you'll find there are a number 00:11:31.560 --> 00:11:34.069 align:start position:0% um and so you'll find there are a number of<00:11:31.720> generic<00:11:32.440> um<00:11:32.639> solutions<00:11:33.120> for<00:11:33.320> tokenizing 00:11:34.069 --> 00:11:34.079 align:start position:0% of generic um solutions for tokenizing 00:11:34.079 --> 00:11:36.949 align:start position:0% of generic um solutions for tokenizing physical<00:11:34.480> assets<00:11:34.839> so<00:11:35.440> the<00:11:35.600> first<00:11:35.880> one<00:11:36.200> is<00:11:36.720> this 00:11:36.949 --> 00:11:36.959 align:start position:0% physical assets so the first one is this 00:11:36.959 --> 00:11:38.990 align:start position:0% physical assets so the first one is this kind<00:11:37.079> of<00:11:37.279> centralized<00:11:38.000> model<00:11:38.480> where<00:11:38.680> you<00:11:38.800> will 00:11:38.990 --> 00:11:39.000 align:start position:0% kind of centralized model where you will 00:11:39.000 --> 00:11:42.110 align:start position:0% kind of centralized model where you will have<00:11:39.120> a<00:11:39.440> trusted<00:11:40.040> entity<00:11:41.040> um<00:11:41.240> that<00:11:41.399> will<00:11:42.040> that 00:11:42.110 --> 00:11:42.120 align:start position:0% have a trusted entity um that will that 00:11:42.120 --> 00:11:45.110 align:start position:0% have a trusted entity um that will that will<00:11:42.320> hold<00:11:42.600> the<00:11:42.839> assets<00:11:43.839> um<00:11:44.440> and<00:11:44.680> issue<00:11:44.959> a 00:11:45.110 --> 00:11:45.120 align:start position:0% will hold the assets um and issue a 00:11:45.120 --> 00:11:47.310 align:start position:0% will hold the assets um and issue a token<00:11:46.000> the<00:11:46.200> problem<00:11:46.440> with<00:11:46.600> this<00:11:46.760> is<00:11:46.880> it<00:11:47.079> has 00:11:47.310 --> 00:11:47.320 align:start position:0% token the problem with this is it has 00:11:47.320 --> 00:11:50.910 align:start position:0% token the problem with this is it has exactly<00:11:47.800> the<00:11:47.920> same<00:11:48.279> problems<00:11:49.079> as<00:11:49.600> the<00:11:50.399> as<00:11:50.600> the 00:11:50.910 --> 00:11:50.920 align:start position:0% exactly the same problems as the as the 00:11:50.920 --> 00:11:52.629 align:start position:0% exactly the same problems as the as the today's<00:11:51.360> economy<00:11:51.880> where<00:11:52.000> we're<00:11:52.200> trusting 00:11:52.629 --> 00:11:52.639 align:start position:0% today's economy where we're trusting 00:11:52.639 --> 00:11:55.190 align:start position:0% today's economy where we're trusting centralized<00:11:53.399> entities<00:11:54.320> and<00:11:54.600> that<00:11:54.760> doesn't 00:11:55.190 --> 00:11:55.200 align:start position:0% centralized entities and that doesn't 00:11:55.200 --> 00:11:58.350 align:start position:0% centralized entities and that doesn't have<00:11:55.800> sufficient<00:11:56.680> reliability<00:11:57.680> for<00:11:58.000> for<00:11:58.200> us 00:11:58.350 --> 00:11:58.360 align:start position:0% have sufficient reliability for for us 00:11:58.360 --> 00:11:59.949 align:start position:0% have sufficient reliability for for us to<00:11:58.560> kind<00:11:58.720> of<00:11:59.000> have<00:11:59.360> have<00:11:59.519> this<00:11:59.680> kind<00:11:59.800> of 00:11:59.949 --> 00:11:59.959 align:start position:0% to kind of have have this kind of 00:11:59.959 --> 00:12:02.230 align:start position:0% to kind of have have this kind of computable<00:12:00.639> economy<00:12:01.639> and<00:12:01.760> then<00:12:01.920> there<00:12:02.040> are 00:12:02.230 --> 00:12:02.240 align:start position:0% computable economy and then there are 00:12:02.240 --> 00:12:04.509 align:start position:0% computable economy and then there are there<00:12:02.360> are<00:12:02.480> two<00:12:02.680> other<00:12:02.920> methods<00:12:03.399> so<00:12:04.200> one<00:12:04.399> is 00:12:04.509 --> 00:12:04.519 align:start position:0% there are two other methods so one is 00:12:04.519 --> 00:12:07.310 align:start position:0% there are two other methods so one is where<00:12:04.680> you<00:12:04.800> lock<00:12:05.040> up<00:12:05.240> funds<00:12:06.160> um<00:12:06.600> and<00:12:06.839> and<00:12:06.959> for 00:12:07.310 --> 00:12:07.320 align:start position:0% where you lock up funds um and and for 00:12:07.320 --> 00:12:10.629 align:start position:0% where you lock up funds um and and for for<00:12:07.560> this<00:12:08.120> uh<00:12:08.320> method<00:12:09.079> it's<00:12:09.360> very<00:12:09.959> transaction 00:12:10.629 --> 00:12:10.639 align:start position:0% for this uh method it's very transaction 00:12:10.639 --> 00:12:12.350 align:start position:0% for this uh method it's very transaction cost<00:12:10.959> efficient<00:12:11.440> because<00:12:11.560> a<00:12:11.720> protocol<00:12:12.200> can 00:12:12.350 --> 00:12:12.360 align:start position:0% cost efficient because a protocol can 00:12:12.360 --> 00:12:14.389 align:start position:0% cost efficient because a protocol can just<00:12:12.480> lock<00:12:12.680> up<00:12:12.839> the<00:12:12.959> funds<00:12:13.240> at<00:12:13.440> very<00:12:13.680> very<00:12:14.040> low 00:12:14.389 --> 00:12:14.399 align:start position:0% just lock up the funds at very very low 00:12:14.399 --> 00:12:17.310 align:start position:0% just lock up the funds at very very low cost<00:12:15.199> but<00:12:15.320> it's<00:12:15.560> Capital<00:12:16.079> inefficient<00:12:17.079> um<00:12:17.199> and 00:12:17.310 --> 00:12:17.320 align:start position:0% cost but it's Capital inefficient um and 00:12:17.320 --> 00:12:20.189 align:start position:0% cost but it's Capital inefficient um and so<00:12:17.560> this<00:12:17.720> tends<00:12:18.040> to<00:12:18.240> work<00:12:18.600> for<00:12:19.440> sort<00:12:19.600> of<00:12:19.720> low<00:12:20.000> to 00:12:20.189 --> 00:12:20.199 align:start position:0% so this tends to work for sort of low to 00:12:20.199 --> 00:12:21.750 align:start position:0% so this tends to work for sort of low to medium<00:12:20.600> value<00:12:21.000> items<00:12:21.320> that<00:12:21.480> you<00:12:21.560> would 00:12:21.750 --> 00:12:21.760 align:start position:0% medium value items that you would 00:12:21.760 --> 00:12:24.310 align:start position:0% medium value items that you would usually<00:12:22.519> use<00:12:22.839> someone<00:12:23.160> like<00:12:23.360> Amazon<00:12:23.720> or<00:12:23.920> Ebay 00:12:24.310 --> 00:12:24.320 align:start position:0% usually use someone like Amazon or Ebay 00:12:24.320 --> 00:12:27.790 align:start position:0% usually use someone like Amazon or Ebay for<00:12:25.320> um<00:12:25.880> but<00:12:26.639> it<00:12:26.800> wouldn't<00:12:27.120> work<00:12:27.320> for<00:12:27.560> very 00:12:27.790 --> 00:12:27.800 align:start position:0% for um but it wouldn't work for very 00:12:27.800 --> 00:12:29.870 align:start position:0% for um but it wouldn't work for very high<00:12:28.040> value<00:12:28.440> items 00:12:29.870 --> 00:12:29.880 align:start position:0% high value items 00:12:29.880 --> 00:12:33.069 align:start position:0% high value items um<00:12:30.399> and<00:12:30.600> then<00:12:31.279> secondly<00:12:32.279> the<00:12:32.399> other<00:12:32.639> method<00:12:32.959> is 00:12:33.069 --> 00:12:33.079 align:start position:0% um and then secondly the other method is 00:12:33.079 --> 00:12:35.750 align:start position:0% um and then secondly the other method is to<00:12:33.360> lock<00:12:33.639> up<00:12:33.839> the<00:12:33.959> actual<00:12:34.240> physical<00:12:34.680> asset<00:12:35.519> and 00:12:35.750 --> 00:12:35.760 align:start position:0% to lock up the actual physical asset and 00:12:35.760 --> 00:12:37.790 align:start position:0% to lock up the actual physical asset and here<00:12:35.959> we<00:12:36.199> have<00:12:36.839> I<00:12:36.920> mean<00:12:37.199> it<00:12:37.399> that's<00:12:37.560> more 00:12:37.790 --> 00:12:37.800 align:start position:0% here we have I mean it that's more 00:12:37.800 --> 00:12:39.629 align:start position:0% here we have I mean it that's more costly<00:12:38.240> because<00:12:38.440> you're<00:12:38.560> going<00:12:38.680> to<00:12:38.800> be<00:12:38.959> using 00:12:39.629 --> 00:12:39.639 align:start position:0% costly because you're going to be using 00:12:39.639 --> 00:12:42.790 align:start position:0% costly because you're going to be using um<00:12:39.920> physical<00:12:40.360> entities<00:12:40.880> to<00:12:41.240> to<00:12:41.399> do<00:12:41.639> this<00:12:42.399> but 00:12:42.790 --> 00:12:42.800 align:start position:0% um physical entities to to do this but 00:12:42.800 --> 00:12:44.629 align:start position:0% um physical entities to to do this but the<00:12:43.040> capital<00:12:43.440> efficiency<00:12:43.880> is<00:12:44.040> much<00:12:44.279> greater 00:12:44.629 --> 00:12:44.639 align:start position:0% the capital efficiency is much greater 00:12:44.639 --> 00:12:45.790 align:start position:0% the capital efficiency is much greater because<00:12:44.760> you<00:12:44.839> can<00:12:44.959> release<00:12:45.360> the<00:12:45.440> funds 00:12:45.790 --> 00:12:45.800 align:start position:0% because you can release the funds 00:12:45.800 --> 00:12:48.509 align:start position:0% because you can release the funds immediately<00:12:46.279> upon 00:12:48.509 --> 00:12:48.519 align:start position:0% immediately upon 00:12:48.519 --> 00:12:53.470 align:start position:0% immediately upon wome<00:12:49.880> okay<00:12:50.880> thank<00:12:51.040> you<00:12:51.240> all<00:12:51.360> right<00:12:52.199> um<00:12:53.199> why<00:12:53.360> is 00:12:53.470 --> 00:12:53.480 align:start position:0% wome okay thank you all right um why is 00:12:53.480 --> 00:12:55.310 align:start position:0% wome okay thank you all right um why is this<00:12:53.600> a<00:12:53.760> good<00:12:54.000> thing<00:12:54.680> why<00:12:54.800> are<00:12:54.920> we<00:12:55.040> sort<00:12:55.160> of 00:12:55.310 --> 00:12:55.320 align:start position:0% this a good thing why are we sort of 00:12:55.320 --> 00:12:56.710 align:start position:0% this a good thing why are we sort of excited<00:12:55.639> about<00:12:55.839> this<00:12:56.000> idea<00:12:56.240> of<00:12:56.360> a<00:12:56.440> sort<00:12:56.600> of 00:12:56.710 --> 00:12:56.720 align:start position:0% excited about this idea of a sort of 00:12:56.720 --> 00:12:59.470 align:start position:0% excited about this idea of a sort of Step<00:12:56.920> change<00:12:57.199> in<00:12:57.440> economic<00:12:57.920> Evolution<00:12:58.760> and 00:12:59.470 --> 00:12:59.480 align:start position:0% Step change in economic Evolution and 00:12:59.480 --> 00:13:00.670 align:start position:0% Step change in economic Evolution and the<00:12:59.600> question<00:12:59.839> we<00:12:59.920> sort<00:13:00.040> of<00:13:00.120> want<00:13:00.199> to<00:13:00.320> address 00:13:00.670 --> 00:13:00.680 align:start position:0% the question we sort of want to address 00:13:00.680 --> 00:13:03.310 align:start position:0% the question we sort of want to address here<00:13:01.040> is<00:13:02.040> what<00:13:02.160> is<00:13:02.320> the<00:13:02.480> argument<00:13:02.880> for<00:13:03.079> why<00:13:03.199> we 00:13:03.310 --> 00:13:03.320 align:start position:0% here is what is the argument for why we 00:13:03.320 --> 00:13:05.069 align:start position:0% here is what is the argument for why we might<00:13:03.560> expect<00:13:03.880> that<00:13:04.120> hockey<00:13:04.480> stick<00:13:04.760> just<00:13:04.880> to 00:13:05.069 --> 00:13:05.079 align:start position:0% might expect that hockey stick just to 00:13:05.079 --> 00:13:07.750 align:start position:0% might expect that hockey stick just to keep<00:13:05.279> going<00:13:05.560> up<00:13:05.839> like<00:13:06.040> what<00:13:06.160> is<00:13:06.440> the<00:13:07.440> what<00:13:07.680> what 00:13:07.750 --> 00:13:07.760 align:start position:0% keep going up like what is the what what 00:13:07.760 --> 00:13:09.670 align:start position:0% keep going up like what is the what what is<00:13:07.880> the<00:13:08.000> argument<00:13:08.399> for<00:13:08.600> why<00:13:09.079> we'<00:13:09.399> expect<00:13:09.600> to 00:13:09.670 --> 00:13:09.680 align:start position:0% is the argument for why we' expect to 00:13:09.680 --> 00:13:11.949 align:start position:0% is the argument for why we' expect to see<00:13:09.880> further<00:13:10.160> and<00:13:10.279> further<00:13:10.639> growth<00:13:11.639> and<00:13:11.839> you 00:13:11.949 --> 00:13:11.959 align:start position:0% see further and further growth and you 00:13:11.959 --> 00:13:14.110 align:start position:0% see further and further growth and you know<00:13:12.240> the<00:13:12.839> the<00:13:13.000> counterargument<00:13:13.839> here<00:13:13.959> is 00:13:14.110 --> 00:13:14.120 align:start position:0% know the the counterargument here is 00:13:14.120 --> 00:13:15.470 align:start position:0% know the the counterargument here is well<00:13:14.240> you<00:13:14.320> know<00:13:14.440> limited<00:13:14.800> resources<00:13:15.320> and 00:13:15.470 --> 00:13:15.480 align:start position:0% well you know limited resources and 00:13:15.480 --> 00:13:17.509 align:start position:0% well you know limited resources and finite<00:13:15.880> planet<00:13:16.279> and<00:13:16.519> you<00:13:16.639> know<00:13:17.199> post 00:13:17.509 --> 00:13:17.519 align:start position:0% finite planet and you know post 00:13:17.519 --> 00:13:19.150 align:start position:0% finite planet and you know post capitalism<00:13:18.079> and<00:13:18.160> you<00:13:18.279> know<00:13:18.639> it<00:13:18.760> can't<00:13:19.000> keep 00:13:19.150 --> 00:13:19.160 align:start position:0% capitalism and you know it can't keep 00:13:19.160 --> 00:13:23.430 align:start position:0% capitalism and you know it can't keep growing<00:13:19.800> forever<00:13:21.120> but<00:13:22.120> the<00:13:22.240> claim<00:13:22.519> here<00:13:22.680> is<00:13:23.240> it 00:13:23.430 --> 00:13:23.440 align:start position:0% growing forever but the claim here is it 00:13:23.440 --> 00:13:26.310 align:start position:0% growing forever but the claim here is it could<00:13:24.240> and<00:13:24.959> not<00:13:25.120> in<00:13:25.240> the<00:13:25.399> sense<00:13:25.600> of<00:13:25.920> you<00:13:26.040> know 00:13:26.310 --> 00:13:26.320 align:start position:0% could and not in the sense of you know 00:13:26.320 --> 00:13:28.189 align:start position:0% could and not in the sense of you know more<00:13:26.480> and<00:13:26.600> more<00:13:26.800> resource<00:13:27.240> intensity<00:13:27.839> type<00:13:28.000> of 00:13:28.189 --> 00:13:28.199 align:start position:0% more and more resource intensity type of 00:13:28.199 --> 00:13:29.790 align:start position:0% more and more resource intensity type of growth<00:13:28.760> what<00:13:28.839> we're<00:13:29.000> just<00:13:29.199> describing<00:13:29.519> is<00:13:29.639> not 00:13:29.790 --> 00:13:29.800 align:start position:0% growth what we're just describing is not 00:13:29.800 --> 00:13:31.629 align:start position:0% growth what we're just describing is not economic<00:13:30.199> growth<00:13:30.519> what<00:13:30.639> we're<00:13:30.800> describing<00:13:31.240> is 00:13:31.629 --> 00:13:31.639 align:start position:0% economic growth what we're describing is 00:13:31.639 --> 00:13:33.949 align:start position:0% economic growth what we're describing is economic<00:13:32.160> evolution<00:13:33.079> in<00:13:33.199> the<00:13:33.320> sense<00:13:33.600> that<00:13:33.760> the 00:13:33.949 --> 00:13:33.959 align:start position:0% economic evolution in the sense that the 00:13:33.959 --> 00:13:36.509 align:start position:0% economic evolution in the sense that the fundamental<00:13:34.959> coordinating<00:13:35.880> mechanisms<00:13:36.399> of 00:13:36.509 --> 00:13:36.519 align:start position:0% fundamental coordinating mechanisms of 00:13:36.519 --> 00:13:38.670 align:start position:0% fundamental coordinating mechanisms of an<00:13:36.680> economy<00:13:37.399> just<00:13:37.600> get<00:13:37.839> better<00:13:38.120> and<00:13:38.279> better<00:13:38.560> in 00:13:38.670 --> 00:13:38.680 align:start position:0% an economy just get better and better in 00:13:38.680 --> 00:13:40.629 align:start position:0% an economy just get better and better in terms<00:13:38.880> of<00:13:39.120> processing<00:13:39.880> distributed 00:13:40.629 --> 00:13:40.639 align:start position:0% terms of processing distributed 00:13:40.639 --> 00:13:42.829 align:start position:0% terms of processing distributed information<00:13:41.639> and<00:13:41.839> this<00:13:41.959> is<00:13:42.079> a<00:13:42.279> sort<00:13:42.440> of 00:13:42.829 --> 00:13:42.839 align:start position:0% information and this is a sort of 00:13:42.839 --> 00:13:45.629 align:start position:0% information and this is a sort of crucial<00:13:43.279> Insight<00:13:43.760> is<00:13:43.959> that<00:13:44.360> you<00:13:44.560> ask<00:13:45.079> what<00:13:45.199> are 00:13:45.629 --> 00:13:45.639 align:start position:0% crucial Insight is that you ask what are 00:13:45.639 --> 00:13:48.350 align:start position:0% crucial Insight is that you ask what are what<00:13:45.800> is<00:13:45.959> an<00:13:46.360> economy<00:13:47.360> um<00:13:47.519> an<00:13:47.680> economy<00:13:48.079> is<00:13:48.199> a 00:13:48.350 --> 00:13:48.360 align:start position:0% what is an economy um an economy is a 00:13:48.360 --> 00:13:50.310 align:start position:0% what is an economy um an economy is a way<00:13:48.600> that<00:13:48.839> a<00:13:48.959> bunch<00:13:49.120> of<00:13:49.279> humans<00:13:49.639> come<00:13:50.000> together 00:13:50.310 --> 00:13:50.320 align:start position:0% way that a bunch of humans come together 00:13:50.320 --> 00:13:53.150 align:start position:0% way that a bunch of humans come together and<00:13:50.800> create<00:13:51.199> resources<00:13:51.880> and<00:13:52.199> and<00:13:52.440> and<00:13:52.720> and<00:13:52.959> and 00:13:53.150 --> 00:13:53.160 align:start position:0% and create resources and and and and and 00:13:53.160 --> 00:13:55.269 align:start position:0% and create resources and and and and and provision<00:13:53.600> each<00:13:53.759> other<00:13:54.480> um<00:13:54.639> you<00:13:54.720> know<00:13:55.000> we<00:13:55.120> use 00:13:55.269 --> 00:13:55.279 align:start position:0% provision each other um you know we use 00:13:55.279 --> 00:13:58.350 align:start position:0% provision each other um you know we use it<00:13:55.440> for<00:13:56.000> making<00:13:56.399> stuff<00:13:56.639> and<00:13:56.759> doing<00:13:57.160> stuff<00:13:58.120> but 00:13:58.350 --> 00:13:58.360 align:start position:0% it for making stuff and doing stuff but 00:13:58.360 --> 00:14:00.629 align:start position:0% it for making stuff and doing stuff but we<00:13:58.480> also<00:13:58.720> use<00:13:59.199> economies<00:13:59.600> to<00:13:59.920> organizing<00:14:00.480> and 00:14:00.629 --> 00:14:00.639 align:start position:0% we also use economies to organizing and 00:14:00.639 --> 00:14:03.030 align:start position:0% we also use economies to organizing and growing<00:14:01.000> knowledge<00:14:01.800> um<00:14:02.199> economies<00:14:02.680> are<00:14:02.839> the 00:14:03.030 --> 00:14:03.040 align:start position:0% growing knowledge um economies are the 00:14:03.040 --> 00:14:05.749 align:start position:0% growing knowledge um economies are the basic<00:14:03.399> mechanism<00:14:04.040> by<00:14:04.199> which<00:14:04.360> we<00:14:04.519> organize<00:14:05.480> our 00:14:05.749 --> 00:14:05.759 align:start position:0% basic mechanism by which we organize our 00:14:05.759 --> 00:14:07.430 align:start position:0% basic mechanism by which we organize our resources<00:14:06.279> for<00:14:06.480> Innovation<00:14:07.079> and<00:14:07.199> our 00:14:07.430 --> 00:14:07.440 align:start position:0% resources for Innovation and our 00:14:07.440 --> 00:14:10.350 align:start position:0% resources for Innovation and our resources<00:14:08.000> for<00:14:08.720> um<00:14:08.839> you<00:14:08.959> know<00:14:09.320> protection<00:14:10.160> of 00:14:10.350 --> 00:14:10.360 align:start position:0% resources for um you know protection of 00:14:10.360 --> 00:14:12.110 align:start position:0% resources for um you know protection of environment<00:14:10.880> and<00:14:11.199> just<00:14:11.440> all<00:14:11.600> of<00:14:11.759> the<00:14:11.920> things 00:14:12.110 --> 00:14:12.120 align:start position:0% environment and just all of the things 00:14:12.120 --> 00:14:14.310 align:start position:0% environment and just all of the things that<00:14:12.240> we<00:14:12.360> want<00:14:12.519> to<00:14:12.639> do<00:14:13.000> collectively<00:14:14.000> and<00:14:14.160> that 00:14:14.310 --> 00:14:14.320 align:start position:0% that we want to do collectively and that 00:14:14.320 --> 00:14:16.389 align:start position:0% that we want to do collectively and that notion<00:14:14.600> of<00:14:14.800> economies<00:14:15.320> as<00:14:15.600> coordination 00:14:16.389 --> 00:14:16.399 align:start position:0% notion of economies as coordination 00:14:16.399 --> 00:14:18.069 align:start position:0% notion of economies as coordination mechanisms<00:14:17.160> is<00:14:17.279> the<00:14:17.440> key<00:14:17.600> thing<00:14:17.720> we<00:14:17.839> want<00:14:17.959> to 00:14:18.069 --> 00:14:18.079 align:start position:0% mechanisms is the key thing we want to 00:14:18.079 --> 00:14:20.550 align:start position:0% mechanisms is the key thing we want to sort<00:14:18.199> of<00:14:18.360> emphasize<00:14:18.920> here<00:14:19.639> that<00:14:20.160> what<00:14:20.320> just 00:14:20.550 --> 00:14:20.560 align:start position:0% sort of emphasize here that what just 00:14:20.560 --> 00:14:22.910 align:start position:0% sort of emphasize here that what just happened<00:14:21.000> with<00:14:21.360> the<00:14:21.519> sort<00:14:21.720> of<00:14:21.920> digital<00:14:22.399> crypto 00:14:22.910 --> 00:14:22.920 align:start position:0% happened with the sort of digital crypto 00:14:22.920 --> 00:14:26.310 align:start position:0% happened with the sort of digital crypto distributed<00:14:23.920> computable<00:14:24.759> economy<00:14:25.759> is<00:14:26.199> that 00:14:26.310 --> 00:14:26.320 align:start position:0% distributed computable economy is that 00:14:26.320 --> 00:14:28.189 align:start position:0% distributed computable economy is that we've<00:14:26.480> got<00:14:26.600> a<00:14:26.759> step<00:14:27.000> change<00:14:27.320> in<00:14:27.440> our<00:14:27.800> ability 00:14:28.189 --> 00:14:28.199 align:start position:0% we've got a step change in our ability 00:14:28.199 --> 00:14:29.629 align:start position:0% we've got a step change in our ability to<00:14:28.440> coordinate 00:14:29.629 --> 00:14:29.639 align:start position:0% to coordinate 00:14:29.639 --> 00:14:32.069 align:start position:0% to coordinate our<00:14:30.000> you<00:14:30.120> know<00:14:30.600> our<00:14:31.120> Collective<00:14:31.560> actions 00:14:32.069 --> 00:14:32.079 align:start position:0% our you know our Collective actions 00:14:32.079 --> 00:14:35.069 align:start position:0% our you know our Collective actions together<00:14:33.000> and<00:14:33.920> that<00:14:34.240> that<00:14:34.399> shift<00:14:34.800> what<00:14:34.880> does 00:14:35.069 --> 00:14:35.079 align:start position:0% together and that that shift what does 00:14:35.079 --> 00:14:37.150 align:start position:0% together and that that shift what does that<00:14:35.240> mean<00:14:35.880> it<00:14:36.040> means<00:14:36.360> that<00:14:36.480> we<00:14:36.600> can<00:14:36.759> start 00:14:37.150 --> 00:14:37.160 align:start position:0% that mean it means that we can start 00:14:37.160 --> 00:14:40.749 align:start position:0% that mean it means that we can start solving<00:14:37.680> much<00:14:37.959> harder<00:14:38.480> problems<00:14:39.759> so 00:14:40.749 --> 00:14:40.759 align:start position:0% solving much harder problems so 00:14:40.759 --> 00:14:43.470 align:start position:0% solving much harder problems so industrial<00:14:41.360> capitalism<00:14:41.920> what<00:14:42.000> did<00:14:42.160> it<00:14:42.360> do<00:14:43.360> um 00:14:43.470 --> 00:14:43.480 align:start position:0% industrial capitalism what did it do um 00:14:43.480 --> 00:14:45.269 align:start position:0% industrial capitalism what did it do um you<00:14:43.600> know<00:14:43.880> many<00:14:44.199> things<00:14:44.519> but<00:14:44.639> one<00:14:44.759> of<00:14:44.880> the<00:14:45.000> main 00:14:45.269 --> 00:14:45.279 align:start position:0% you know many things but one of the main 00:14:45.279 --> 00:14:47.310 align:start position:0% you know many things but one of the main things<00:14:45.440> that<00:14:45.560> it<00:14:45.680> sort<00:14:45.839> of<00:14:45.959> did<00:14:46.199> was<00:14:46.320> it<00:14:46.480> lifted 00:14:47.310 --> 00:14:47.320 align:start position:0% things that it sort of did was it lifted 00:14:47.320 --> 00:14:49.749 align:start position:0% things that it sort of did was it lifted a<00:14:47.440> sort<00:14:47.600> of<00:14:47.720> medieval<00:14:48.440> Society<00:14:49.440> you<00:14:49.560> know 00:14:49.749 --> 00:14:49.759 align:start position:0% a sort of medieval Society you know 00:14:49.759 --> 00:14:51.030 align:start position:0% a sort of medieval Society you know particularly<00:14:50.199> in<00:14:50.279> one<00:14:50.480> part<00:14:50.639> of<00:14:50.759> the<00:14:50.839> world 00:14:51.030 --> 00:14:51.040 align:start position:0% particularly in one part of the world 00:14:51.040 --> 00:14:52.189 align:start position:0% particularly in one part of the world and<00:14:51.160> then<00:14:51.279> gradually<00:14:51.600> spread<00:14:51.880> around<00:14:52.120> the 00:14:52.189 --> 00:14:52.199 align:start position:0% and then gradually spread around the 00:14:52.199 --> 00:14:54.710 align:start position:0% and then gradually spread around the world<00:14:52.480> out<00:14:52.639> of<00:14:52.880> poverty<00:14:53.519> it<00:14:53.639> was<00:14:53.759> a<00:14:54.279> poverty 00:14:54.710 --> 00:14:54.720 align:start position:0% world out of poverty it was a poverty 00:14:54.720 --> 00:14:57.030 align:start position:0% world out of poverty it was a poverty alleviation<00:14:55.560> mechanism<00:14:56.360> that<00:14:56.680> it's<00:14:56.839> not 00:14:57.030 --> 00:14:57.040 align:start position:0% alleviation mechanism that it's not 00:14:57.040 --> 00:14:59.030 align:start position:0% alleviation mechanism that it's not complete<00:14:57.440> it's<00:14:57.600> got<00:14:57.720> a<00:14:57.800> long<00:14:57.959> way<00:14:58.079> to<00:14:58.199> go<00:14:58.440> yet 00:14:59.030 --> 00:14:59.040 align:start position:0% complete it's got a long way to go yet 00:14:59.040 --> 00:15:01.030 align:start position:0% complete it's got a long way to go yet um<00:14:59.160> it's<00:14:59.279> caused<00:14:59.600> some<00:14:59.759> new<00:15:00.000> problems<00:15:00.680> um<00:15:00.839> in 00:15:01.030 --> 00:15:01.040 align:start position:0% um it's caused some new problems um in 00:15:01.040 --> 00:15:02.990 align:start position:0% um it's caused some new problems um in in<00:15:01.160> that<00:15:01.399> process<00:15:01.800> around<00:15:02.600> um<00:15:02.720> you<00:15:02.839> know 00:15:02.990 --> 00:15:03.000 align:start position:0% in that process around um you know 00:15:03.000 --> 00:15:05.790 align:start position:0% in that process around um you know ecological<00:15:03.959> sustainability<00:15:04.959> but<00:15:05.360> it<00:15:05.480> was<00:15:05.600> a 00:15:05.790 --> 00:15:05.800 align:start position:0% ecological sustainability but it was a 00:15:05.800 --> 00:15:08.230 align:start position:0% ecological sustainability but it was a mechanism<00:15:06.399> that<00:15:06.600> enabled<00:15:07.199> you<00:15:07.320> know<00:15:07.920> a<00:15:08.040> group 00:15:08.230 --> 00:15:08.240 align:start position:0% mechanism that enabled you know a group 00:15:08.240 --> 00:15:09.670 align:start position:0% mechanism that enabled you know a group of<00:15:08.399> humans<00:15:08.720> that<00:15:08.839> got<00:15:09.000> bigger<00:15:09.240> and<00:15:09.320> bigger<00:15:09.560> and 00:15:09.670 --> 00:15:09.680 align:start position:0% of humans that got bigger and bigger and 00:15:09.680 --> 00:15:11.509 align:start position:0% of humans that got bigger and bigger and bigger<00:15:10.120> to<00:15:10.279> solve<00:15:10.560> some<00:15:10.839> fundamental 00:15:11.509 --> 00:15:11.519 align:start position:0% bigger to solve some fundamental 00:15:11.519 --> 00:15:15.470 align:start position:0% bigger to solve some fundamental problems<00:15:12.480> economies<00:15:13.199> are<00:15:13.720> knowledge<00:15:14.560> solving 00:15:15.470 --> 00:15:15.480 align:start position:0% problems economies are knowledge solving 00:15:15.480 --> 00:15:18.590 align:start position:0% problems economies are knowledge solving mechanisms<00:15:16.480> um<00:15:17.440> what<00:15:17.600> we<00:15:17.720> can<00:15:17.920> start<00:15:18.160> to<00:15:18.320> do 00:15:18.590 --> 00:15:18.600 align:start position:0% mechanisms um what we can start to do 00:15:18.600 --> 00:15:21.590 align:start position:0% mechanisms um what we can start to do now<00:15:18.880> if<00:15:19.079> if<00:15:19.199> we<00:15:19.320> can<00:15:19.639> if<00:15:19.800> we<00:15:20.279> can<00:15:21.279> if<00:15:21.399> we<00:15:21.480> can 00:15:21.590 --> 00:15:21.600 align:start position:0% now if if we can if we can if we can 00:15:21.600 --> 00:15:23.189 align:start position:0% now if if we can if we can if we can sort<00:15:21.759> of<00:15:21.920> digitally<00:15:22.360> connect<00:15:22.720> all<00:15:22.880> of<00:15:23.040> the 00:15:23.189 --> 00:15:23.199 align:start position:0% sort of digitally connect all of the 00:15:23.199 --> 00:15:25.990 align:start position:0% sort of digitally connect all of the things<00:15:23.440> in<00:15:23.600> the<00:15:23.759> world<00:15:24.320> bring<00:15:24.600> them<00:15:24.839> online<00:15:25.680> um 00:15:25.990 --> 00:15:26.000 align:start position:0% things in the world bring them online um 00:15:26.000 --> 00:15:28.230 align:start position:0% things in the world bring them online um enable<00:15:26.320> them<00:15:26.440> to<00:15:26.600> become<00:15:26.920> visible<00:15:27.360> to<00:15:27.800> to<00:15:28.120> a 00:15:28.230 --> 00:15:28.240 align:start position:0% enable them to become visible to to a 00:15:28.240 --> 00:15:30.350 align:start position:0% enable them to become visible to to a mechanism<00:15:29.000> we<00:15:29.120> can<00:15:29.279> start<00:15:29.519> to<00:15:29.680> solve<00:15:30.000> a<00:15:30.120> lot 00:15:30.350 --> 00:15:30.360 align:start position:0% mechanism we can start to solve a lot 00:15:30.360 --> 00:15:33.749 align:start position:0% mechanism we can start to solve a lot harder<00:15:30.880> problems<00:15:31.720> so<00:15:32.279> challenges<00:15:32.839> around<00:15:33.600> um 00:15:33.749 --> 00:15:33.759 align:start position:0% harder problems so challenges around um 00:15:33.759 --> 00:15:35.389 align:start position:0% harder problems so challenges around um dealing<00:15:34.079> with<00:15:34.279> externalities<00:15:34.920> a<00:15:35.040> sort<00:15:35.199> of<00:15:35.279> the 00:15:35.389 --> 00:15:35.399 align:start position:0% dealing with externalities a sort of the 00:15:35.399 --> 00:15:36.550 align:start position:0% dealing with externalities a sort of the climate<00:15:35.720> change<00:15:36.040> problem<00:15:36.279> a<00:15:36.360> lot<00:15:36.480> of 00:15:36.550 --> 00:15:36.560 align:start position:0% climate change problem a lot of 00:15:36.560 --> 00:15:38.550 align:start position:0% climate change problem a lot of ecological<00:15:37.240> problems<00:15:37.920> you<00:15:38.040> know<00:15:38.199> a<00:15:38.279> lot<00:15:38.399> of 00:15:38.550 --> 00:15:38.560 align:start position:0% ecological problems you know a lot of 00:15:38.560 --> 00:15:39.829 align:start position:0% ecological problems you know a lot of just<00:15:38.759> fundamental<00:15:39.279> things<00:15:39.519> that<00:15:39.639> we're 00:15:39.829 --> 00:15:39.839 align:start position:0% just fundamental things that we're 00:15:39.839 --> 00:15:41.949 align:start position:0% just fundamental things that we're currently<00:15:40.240> relying<00:15:40.600> on<00:15:40.800> governments<00:15:41.240> to<00:15:41.440> do 00:15:41.949 --> 00:15:41.959 align:start position:0% currently relying on governments to do 00:15:41.959 --> 00:15:44.069 align:start position:0% currently relying on governments to do or<00:15:42.240> trying<00:15:42.480> to<00:15:42.600> sort<00:15:42.720> of<00:15:42.839> re-engineer<00:15:43.519> human 00:15:44.069 --> 00:15:44.079 align:start position:0% or trying to sort of re-engineer human 00:15:44.079 --> 00:15:46.350 align:start position:0% or trying to sort of re-engineer human belief<00:15:44.440> systems<00:15:44.880> and<00:15:45.040> so<00:15:45.199> on<00:15:45.920> we're<00:15:46.079> using 00:15:46.350 --> 00:15:46.360 align:start position:0% belief systems and so on we're using 00:15:46.360 --> 00:15:47.829 align:start position:0% belief systems and so on we're using cultural<00:15:46.800> mechanisms<00:15:47.279> or<00:15:47.440> political 00:15:47.829 --> 00:15:47.839 align:start position:0% cultural mechanisms or political 00:15:47.839 --> 00:15:49.749 align:start position:0% cultural mechanisms or political mechanisms<00:15:48.319> to<00:15:48.519> solve<00:15:48.959> which<00:15:49.120> you<00:15:49.240> know<00:15:49.560> we're 00:15:49.749 --> 00:15:49.759 align:start position:0% mechanisms to solve which you know we're 00:15:49.759 --> 00:15:51.509 align:start position:0% mechanisms to solve which you know we're making<00:15:50.120> some<00:15:50.440> progress<00:15:50.839> with<00:15:51.040> that<00:15:51.240> but<00:15:51.360> it's 00:15:51.509 --> 00:15:51.519 align:start position:0% making some progress with that but it's 00:15:51.519 --> 00:15:54.389 align:start position:0% making some progress with that but it's not<00:15:52.319> um<00:15:52.680> it's<00:15:52.959> nothing<00:15:53.319> compared<00:15:53.720> to<00:15:53.959> the<00:15:54.199> to 00:15:54.389 --> 00:15:54.399 align:start position:0% not um it's nothing compared to the to 00:15:54.399 --> 00:15:56.230 align:start position:0% not um it's nothing compared to the to the<00:15:54.720> power<00:15:54.959> of<00:15:55.079> sort<00:15:55.279> of<00:15:55.639> being<00:15:55.880> able<00:15:56.079> to 00:15:56.230 --> 00:15:56.240 align:start position:0% the power of sort of being able to 00:15:56.240 --> 00:15:58.110 align:start position:0% the power of sort of being able to harness<00:15:56.680> economic<00:15:57.160> mechanisms<00:15:57.680> to<00:15:57.800> solve 00:15:58.110 --> 00:15:58.120 align:start position:0% harness economic mechanisms to solve 00:15:58.120 --> 00:15:59.829 align:start position:0% harness economic mechanisms to solve that<00:15:58.360> so<00:15:59.000> one<00:15:59.079> of<00:15:59.160> the<00:15:59.240> sort<00:15:59.399> of<00:15:59.519> you<00:15:59.600> know<00:15:59.720> the 00:15:59.829 --> 00:15:59.839 align:start position:0% that so one of the sort of you know the 00:15:59.839 --> 00:16:01.509 align:start position:0% that so one of the sort of you know the reason<00:16:00.120> that<00:16:00.240> we<00:16:00.360> see<00:16:00.680> this<00:16:01.040> this<00:16:01.199> sort<00:16:01.360> of 00:16:01.509 --> 00:16:01.519 align:start position:0% reason that we see this this sort of 00:16:01.519 --> 00:16:03.230 align:start position:0% reason that we see this this sort of optimistic<00:16:02.120> sort<00:16:02.240> of<00:16:02.360> argument<00:16:02.759> about<00:16:03.040> why 00:16:03.230 --> 00:16:03.240 align:start position:0% optimistic sort of argument about why 00:16:03.240 --> 00:16:05.470 align:start position:0% optimistic sort of argument about why this<00:16:03.399> Curve<00:16:03.639> will<00:16:03.880> continue<00:16:04.240> to<00:16:04.440> rise<00:16:05.199> not 00:16:05.470 --> 00:16:05.480 align:start position:0% this Curve will continue to rise not 00:16:05.480 --> 00:16:06.949 align:start position:0% this Curve will continue to rise not because<00:16:05.720> of<00:16:05.920> you<00:16:06.000> know<00:16:06.160> economies<00:16:06.600> keep 00:16:06.949 --> 00:16:06.959 align:start position:0% because of you know economies keep 00:16:06.959 --> 00:16:09.309 align:start position:0% because of you know economies keep growing<00:16:07.240> forever<00:16:08.000> but<00:16:08.240> economies<00:16:08.759> evolve<00:16:09.160> to 00:16:09.309 --> 00:16:09.319 align:start position:0% growing forever but economies evolve to 00:16:09.319 --> 00:16:11.550 align:start position:0% growing forever but economies evolve to take<00:16:09.560> on<00:16:10.079> and<00:16:10.199> start<00:16:10.480> to<00:16:10.600> solve<00:16:11.000> much<00:16:11.319> much 00:16:11.550 --> 00:16:11.560 align:start position:0% take on and start to solve much much 00:16:11.560 --> 00:16:14.509 align:start position:0% take on and start to solve much much harder<00:16:12.079> and<00:16:12.360> and<00:16:12.480> deeper<00:16:12.839> problems<00:16:13.279> so<00:16:14.199> um 00:16:14.509 --> 00:16:14.519 align:start position:0% harder and and deeper problems so um 00:16:14.519 --> 00:16:17.189 align:start position:0% harder and and deeper problems so um problems<00:16:15.120> around<00:16:16.120> um<00:16:16.279> internalizing 00:16:17.189 --> 00:16:17.199 align:start position:0% problems around um internalizing 00:16:17.199 --> 00:16:20.269 align:start position:0% problems around um internalizing externalities<00:16:18.199> um<00:16:18.800> classic<00:16:19.399> eological<00:16:19.720> type 00:16:20.269 --> 00:16:20.279 align:start position:0% externalities um classic eological type 00:16:20.279 --> 00:16:23.110 align:start position:0% externalities um classic eological type problems<00:16:21.279> um<00:16:21.680> Step<00:16:22.000> changes<00:16:22.680> in<00:16:22.959> in 00:16:23.110 --> 00:16:23.120 align:start position:0% problems um Step changes in in 00:16:23.120 --> 00:16:25.269 align:start position:0% problems um Step changes in in Innovation<00:16:24.000> um<00:16:24.240> particularly<00:16:24.800> around<00:16:25.120> sort 00:16:25.269 --> 00:16:25.279 align:start position:0% Innovation um particularly around sort 00:16:25.279 --> 00:16:28.189 align:start position:0% Innovation um particularly around sort of<00:16:25.399> a<00:16:25.480> lot<00:16:25.600> of<00:16:25.920> biomedical<00:16:26.680> type<00:16:26.959> problems<00:16:27.880> um 00:16:28.189 --> 00:16:28.199 align:start position:0% of a lot of biomedical type problems um 00:16:28.199 --> 00:16:30.150 align:start position:0% of a lot of biomedical type problems um and<00:16:28.360> opportunities<00:16:28.959> is<00:16:29.319> just<00:16:29.560> that<00:16:29.800> ability 00:16:30.150 --> 00:16:30.160 align:start position:0% and opportunities is just that ability 00:16:30.160 --> 00:16:31.790 align:start position:0% and opportunities is just that ability to<00:16:30.319> bring<00:16:30.600> more<00:16:30.759> and<00:16:30.920> more<00:16:31.160> resources<00:16:31.600> to 00:16:31.790 --> 00:16:31.800 align:start position:0% to bring more and more resources to 00:16:31.800 --> 00:16:33.590 align:start position:0% to bring more and more resources to connect<00:16:32.079> sort<00:16:32.279> of<00:16:32.399> capital<00:16:32.759> around<00:16:33.000> the<00:16:33.079> world 00:16:33.590 --> 00:16:33.600 align:start position:0% connect sort of capital around the world 00:16:33.600 --> 00:16:35.110 align:start position:0% connect sort of capital around the world into<00:16:33.839> sort<00:16:33.959> of<00:16:34.120> taking<00:16:34.480> these<00:16:34.759> these<00:16:34.920> things 00:16:35.110 --> 00:16:35.120 align:start position:0% into sort of taking these these things 00:16:35.120 --> 00:16:37.350 align:start position:0% into sort of taking these these things on<00:16:35.720> where<00:16:35.839> at<00:16:35.959> the<00:16:36.079> moment<00:16:36.800> the<00:16:37.079> only 00:16:37.350 --> 00:16:37.360 align:start position:0% on where at the moment the only 00:16:37.360 --> 00:16:39.110 align:start position:0% on where at the moment the only mechanism<00:16:37.839> we<00:16:38.000> really<00:16:38.199> have<00:16:38.360> for<00:16:38.519> doing<00:16:38.839> that 00:16:39.110 --> 00:16:39.120 align:start position:0% mechanism we really have for doing that 00:16:39.120 --> 00:16:41.150 align:start position:0% mechanism we really have for doing that are<00:16:39.360> either<00:16:39.600> large<00:16:39.959> corporations<00:16:40.800> or<00:16:40.959> or 00:16:41.150 --> 00:16:41.160 align:start position:0% are either large corporations or or 00:16:41.160 --> 00:16:42.910 align:start position:0% are either large corporations or or governments<00:16:41.880> or<00:16:42.440> various<00:16:42.680> sort<00:16:42.800> of 00:16:42.910 --> 00:16:42.920 align:start position:0% governments or various sort of 00:16:42.920 --> 00:16:45.309 align:start position:0% governments or various sort of coalitions<00:16:43.360> on<00:16:43.519> that<00:16:43.839> again<00:16:44.440> it's<00:16:44.880> kind<00:16:45.000> of<00:16:45.120> an 00:16:45.309 --> 00:16:45.319 align:start position:0% coalitions on that again it's kind of an 00:16:45.319 --> 00:16:48.030 align:start position:0% coalitions on that again it's kind of an okay<00:16:45.639> solution<00:16:46.079> it<00:16:46.240> sort<00:16:46.440> of<00:16:46.600> works<00:16:47.199> sometimes 00:16:48.030 --> 00:16:48.040 align:start position:0% okay solution it sort of works sometimes 00:16:48.040 --> 00:16:49.949 align:start position:0% okay solution it sort of works sometimes but<00:16:48.319> it's<00:16:48.519> nowhere<00:16:48.920> near<00:16:49.160> as<00:16:49.319> powerful<00:16:49.720> as<00:16:49.839> it 00:16:49.949 --> 00:16:49.959 align:start position:0% but it's nowhere near as powerful as it 00:16:49.959 --> 00:16:52.550 align:start position:0% but it's nowhere near as powerful as it could<00:16:50.160> be<00:16:50.600> and<00:16:51.040> it's<00:16:51.240> this<00:16:51.560> it's<00:16:51.759> this<00:16:52.240> sort<00:16:52.399> of 00:16:52.550 --> 00:16:52.560 align:start position:0% could be and it's this it's this sort of 00:16:52.560 --> 00:16:54.670 align:start position:0% could be and it's this it's this sort of argument<00:16:53.120> that<00:16:53.519> the<00:16:53.639> more<00:16:53.880> we<00:16:54.000> can<00:16:54.199> do<00:16:54.440> this 00:16:54.670 --> 00:16:54.680 align:start position:0% argument that the more we can do this 00:16:54.680 --> 00:16:56.269 align:start position:0% argument that the more we can do this the<00:16:54.759> more<00:16:54.959> we<00:16:55.040> can<00:16:55.199> sort<00:16:55.360> of<00:16:55.480> drive<00:16:55.720> real<00:16:55.959> world 00:16:56.269 --> 00:16:56.279 align:start position:0% the more we can sort of drive real world 00:16:56.279 --> 00:16:59.430 align:start position:0% the more we can sort of drive real world assets<00:16:56.959> on<00:16:57.279> chain<00:16:58.279> um<00:16:58.480> the<00:16:58.560> more<00:16:58.920> sort<00:16:59.079> of<00:16:59.279> we 00:16:59.430 --> 00:16:59.440 align:start position:0% assets on chain um the more sort of we 00:16:59.440 --> 00:17:01.670 align:start position:0% assets on chain um the more sort of we can<00:16:59.800> we<00:16:59.920> can<00:17:00.079> start<00:17:00.319> to<00:17:00.519> bring<00:17:01.240> just 00:17:01.670 --> 00:17:01.680 align:start position:0% can we can start to bring just 00:17:01.680 --> 00:17:04.470 align:start position:0% can we can start to bring just information<00:17:02.240> from<00:17:02.480> all<00:17:02.920> you<00:17:03.000> know<00:17:03.440> from<00:17:04.319> a 00:17:04.470 --> 00:17:04.480 align:start position:0% information from all you know from a 00:17:04.480 --> 00:17:06.909 align:start position:0% information from all you know from a full<00:17:04.720> stack<00:17:05.000> of<00:17:05.240> information<00:17:06.240> onto<00:17:06.600> sort<00:17:06.760> of 00:17:06.909 --> 00:17:06.919 align:start position:0% full stack of information onto sort of 00:17:06.919 --> 00:17:08.270 align:start position:0% full stack of information onto sort of trying<00:17:07.120> to<00:17:07.240> sort<00:17:07.360> of<00:17:07.480> solve<00:17:07.760> these<00:17:07.919> types<00:17:08.120> of 00:17:08.270 --> 00:17:08.280 align:start position:0% trying to sort of solve these types of 00:17:08.280 --> 00:17:10.549 align:start position:0% trying to sort of solve these types of problems<00:17:08.640> so<00:17:09.120> that's<00:17:09.319> the<00:17:09.480> argument<00:17:09.919> for<00:17:10.319> for 00:17:10.549 --> 00:17:10.559 align:start position:0% problems so that's the argument for for 00:17:10.559 --> 00:17:13.750 align:start position:0% problems so that's the argument for for why<00:17:11.120> a<00:17:11.280> computable<00:17:11.880> economy<00:17:12.400> is<00:17:12.559> is<00:17:12.760> good<00:17:13.400> um 00:17:13.750 --> 00:17:13.760 align:start position:0% why a computable economy is is good um 00:17:13.760 --> 00:17:14.789 align:start position:0% why a computable economy is is good um why<00:17:13.959> this<00:17:14.079> is<00:17:14.240> something<00:17:14.520> sort<00:17:14.679> of 00:17:14.789 --> 00:17:14.799 align:start position:0% why this is something sort of 00:17:14.799 --> 00:17:16.189 align:start position:0% why this is something sort of aspirational<00:17:15.360> that<00:17:15.480> we<00:17:15.559> want<00:17:15.679> to<00:17:15.799> work 00:17:16.189 --> 00:17:16.199 align:start position:0% aspirational that we want to work 00:17:16.199 --> 00:17:18.949 align:start position:0% aspirational that we want to work towards<00:17:17.199> um<00:17:17.640> why<00:17:17.839> the<00:17:17.959> sort<00:17:18.120> of<00:17:18.280> next<00:17:18.520> sort<00:17:18.720> of 00:17:18.949 --> 00:17:18.959 align:start position:0% towards um why the sort of next sort of 00:17:18.959 --> 00:17:20.909 align:start position:0% towards um why the sort of next sort of continuation<00:17:19.559> of<00:17:19.679> that<00:17:19.799> hockey<00:17:20.120> stick<00:17:20.400> isn't 00:17:20.909 --> 00:17:20.919 align:start position:0% continuation of that hockey stick isn't 00:17:20.919 --> 00:17:23.390 align:start position:0% continuation of that hockey stick isn't isn't<00:17:21.199> more<00:17:21.400> and<00:17:21.559> more<00:17:21.799> industrial<00:17:22.439> growth<00:17:23.199> or 00:17:23.390 --> 00:17:23.400 align:start position:0% isn't more and more industrial growth or 00:17:23.400 --> 00:17:26.429 align:start position:0% isn't more and more industrial growth or or<00:17:23.919> post<00:17:24.240> capitalist<00:17:24.720> growth<00:17:25.319> it's<00:17:25.559> using 00:17:26.429 --> 00:17:26.439 align:start position:0% or post capitalist growth it's using 00:17:26.439 --> 00:17:28.510 align:start position:0% or post capitalist growth it's using global<00:17:26.880> economic<00:17:27.319> systems<00:17:27.720> to<00:17:27.880> solve<00:17:28.280> even 00:17:28.510 --> 00:17:28.520 align:start position:0% global economic systems to solve even 00:17:28.520 --> 00:17:29.549 align:start position:0% global economic systems to solve even hard 00:17:29.549 --> 00:17:29.559 align:start position:0% hard 00:17:29.559 --> 00:17:31.549 align:start position:0% hard and<00:17:29.679> more<00:17:29.840> General<00:17:30.160> sort<00:17:30.320> of<00:17:30.520> problem<00:17:30.919> so 00:17:31.549 --> 00:17:31.559 align:start position:0% and more General sort of problem so 00:17:31.559 --> 00:17:33.590 align:start position:0% and more General sort of problem so that's<00:17:32.000> that's<00:17:32.160> where<00:17:32.280> we<00:17:32.440> find<00:17:32.640> ourselves<00:17:33.360> um 00:17:33.590 --> 00:17:33.600 align:start position:0% that's that's where we find ourselves um 00:17:33.600 --> 00:17:34.950 align:start position:0% that's that's where we find ourselves um that's<00:17:33.760> why<00:17:33.880> we're<00:17:34.000> sort<00:17:34.160> of<00:17:34.280> excited<00:17:34.679> about 00:17:34.950 --> 00:17:34.960 align:start position:0% that's why we're sort of excited about 00:17:34.960 --> 00:17:37.590 align:start position:0% that's why we're sort of excited about this<00:17:35.320> this<00:17:35.720> this<00:17:35.919> direction<00:17:36.360> of<00:17:36.559> of<00:17:36.760> what<00:17:37.400> what 00:17:37.590 --> 00:17:37.600 align:start position:0% this this this direction of of what what 00:17:37.600 --> 00:17:39.590 align:start position:0% this this this direction of of what what this<00:17:37.760> type<00:17:37.919> of<00:17:38.120> institutional<00:17:39.080> Revolution 00:17:39.590 --> 00:17:39.600 align:start position:0% this type of institutional Revolution 00:17:39.600 --> 00:17:42.510 align:start position:0% this type of institutional Revolution toward<00:17:40.600> um<00:17:40.840> computable<00:17:41.400> economies<00:17:41.880> can<00:17:42.039> bring 00:17:42.510 --> 00:17:42.520 align:start position:0% toward um computable economies can bring 00:17:42.520 --> 00:17:45.870 align:start position:0% toward um computable economies can bring thank<00:17:42.960> you<00:17:43.960> all<00:17:44.280> right<00:17:44.880> that's<00:17:45.160> awesome<00:17:45.679> let's 00:17:45.870 --> 00:17:45.880 align:start position:0% thank you all right that's awesome let's 00:17:45.880 --> 00:17:48.950 align:start position:0% thank you all right that's awesome let's go<00:17:46.000> to<00:17:46.160> the<00:17:46.320> Q&A<00:17:46.840> session<00:17:47.320> guys<00:17:47.960> so<00:17:48.480> please 00:17:48.950 --> 00:17:48.960 align:start position:0% go to the Q&A session guys so please 00:17:48.960 --> 00:17:51.430 align:start position:0% go to the Q&A session guys so please scan<00:17:49.360> the<00:17:49.480> QR<00:17:49.840> code<00:17:50.120> here<00:17:50.640> and<00:17:51.039> ask<00:17:51.240> the 00:17:51.430 --> 00:17:51.440 align:start position:0% scan the QR code here and ask the 00:17:51.440 --> 00:17:54.630 align:start position:0% scan the QR code here and ask the question<00:17:51.760> it's<00:17:51.880> going<00:17:52.000> to<00:17:52.200> pop<00:17:52.400> up<00:17:52.520> on<00:17:52.720> the 00:17:54.630 --> 00:17:54.640 align:start position:0% question it's going to pop up on the 00:17:54.640 --> 00:17:57.470 align:start position:0% question it's going to pop up on the screen<00:17:55.640> and<00:17:55.799> you<00:17:56.039> guys<00:17:56.480> here<00:17:56.640> we<00:17:56.880> go<00:17:57.159> let's 00:17:57.470 --> 00:17:57.480 align:start position:0% screen and you guys here we go let's 00:17:57.480 --> 00:17:58.630 align:start position:0% screen and you guys here we go let's fast<00:17:57.640> let's<00:17:57.799> go<00:17:57.919> to<00:17:58.080> first<00:17:58.240> let's<00:17:58.360> go<00:17:58.440> for<00:17:58.559> the 00:17:58.630 --> 00:17:58.640 align:start position:0% fast let's go to first let's go for the 00:17:58.640 --> 00:18:02.350 align:start position:0% fast let's go to first let's go for the first 00:18:02.350 --> 00:18:02.360 align:start position:0% 00:18:02.360 --> 00:18:05.110 align:start position:0% one<00:18:03.360> Wonder<00:18:03.679> answer<00:18:04.000> I'll<00:18:04.159> take<00:18:04.360> that<00:18:04.520> one 00:18:05.110 --> 00:18:05.120 align:start position:0% one Wonder answer I'll take that one 00:18:05.120 --> 00:18:08.909 align:start position:0% one Wonder answer I'll take that one thank<00:18:05.320> you<00:18:06.200> um<00:18:07.200> so<00:18:07.919> the<00:18:08.039> sort<00:18:08.240> of<00:18:08.400> Economics 00:18:08.909 --> 00:18:08.919 align:start position:0% thank you um so the sort of Economics 00:18:08.919 --> 00:18:10.909 align:start position:0% thank you um so the sort of Economics that<00:18:09.000> we're<00:18:09.159> dealing<00:18:09.520> with<00:18:09.799> here<00:18:10.240> um<00:18:10.440> is<00:18:10.600> not 00:18:10.909 --> 00:18:10.919 align:start position:0% that we're dealing with here um is not 00:18:10.919 --> 00:18:12.310 align:start position:0% that we're dealing with here um is not traditional<00:18:11.320> sort<00:18:11.480> of<00:18:11.600> neoclassical 00:18:12.310 --> 00:18:12.320 align:start position:0% traditional sort of neoclassical 00:18:12.320 --> 00:18:16.029 align:start position:0% traditional sort of neoclassical economics<00:18:13.120> um<00:18:13.600> the<00:18:13.919> the<00:18:14.280> the<00:18:14.400> reason<00:18:14.799> for<00:18:15.080> that 00:18:16.029 --> 00:18:16.039 align:start position:0% economics um the the the reason for that 00:18:16.039 --> 00:18:18.149 align:start position:0% economics um the the the reason for that is<00:18:16.280> that<00:18:16.559> what<00:18:16.679> we're<00:18:16.840> sort<00:18:17.000> of<00:18:17.120> driving<00:18:17.520> to<00:18:17.840> is 00:18:18.149 --> 00:18:18.159 align:start position:0% is that what we're sort of driving to is 00:18:18.159 --> 00:18:21.070 align:start position:0% is that what we're sort of driving to is is<00:18:18.600> is<00:18:19.039> far<00:18:19.320> more<00:18:19.919> um<00:18:20.360> institutional 00:18:21.070 --> 00:18:21.080 align:start position:0% is is far more um institutional 00:18:21.080 --> 00:18:23.510 align:start position:0% is is far more um institutional economics<00:18:21.600> information<00:18:22.280> economics<00:18:23.280> um 00:18:23.510 --> 00:18:23.520 align:start position:0% economics information economics um 00:18:23.520 --> 00:18:26.990 align:start position:0% economics information economics um mechanism<00:18:24.400> design<00:18:25.400> and<00:18:25.840> trying<00:18:26.080> to<00:18:26.240> sort 00:18:26.990 --> 00:18:27.000 align:start position:0% mechanism design and trying to sort 00:18:27.000 --> 00:18:29.430 align:start position:0% mechanism design and trying to sort of<00:18:28.000> understand<00:18:28.240> what<00:18:28.360> we<00:18:28.480> can<00:18:28.600> do<00:18:28.960> with<00:18:29.159> that 00:18:29.430 --> 00:18:29.440 align:start position:0% of understand what we can do with that 00:18:29.440 --> 00:18:33.149 align:start position:0% of understand what we can do with that as<00:18:29.600> a<00:18:30.320> um<00:18:30.760> to<00:18:31.080> design<00:18:31.400> sort<00:18:31.600> of<00:18:32.159> global 00:18:33.149 --> 00:18:33.159 align:start position:0% as a um to design sort of global 00:18:33.159 --> 00:18:35.950 align:start position:0% as a um to design sort of global internet-based<00:18:34.000> digital<00:18:34.880> economic<00:18:35.400> systems 00:18:35.950 --> 00:18:35.960 align:start position:0% internet-based digital economic systems 00:18:35.960 --> 00:18:37.830 align:start position:0% internet-based digital economic systems where<00:18:36.559> what<00:18:36.760> we're<00:18:36.880> fundamentally<00:18:37.440> engaged 00:18:37.830 --> 00:18:37.840 align:start position:0% where what we're fundamentally engaged 00:18:37.840 --> 00:18:40.270 align:start position:0% where what we're fundamentally engaged in<00:18:38.080> right<00:18:38.240> now<00:18:38.679> is<00:18:38.840> this<00:18:39.000> new<00:18:39.200> opportunity<00:18:39.679> to 00:18:40.270 --> 00:18:40.280 align:start position:0% in right now is this new opportunity to 00:18:40.280 --> 00:18:42.149 align:start position:0% in right now is this new opportunity to essentially<00:18:40.679> design<00:18:41.120> Economic<00:18:41.559> Institutions 00:18:42.149 --> 00:18:42.159 align:start position:0% essentially design Economic Institutions 00:18:42.159 --> 00:18:44.390 align:start position:0% essentially design Economic Institutions from<00:18:42.559> scratch<00:18:43.559> um<00:18:43.840> these<00:18:44.000> need<00:18:44.120> to<00:18:44.240> be 00:18:44.390 --> 00:18:44.400 align:start position:0% from scratch um these need to be 00:18:44.400 --> 00:18:45.990 align:start position:0% from scratch um these need to be integrated<00:18:45.000> with<00:18:45.280> economies<00:18:45.720> as<00:18:45.840> they 00:18:45.990 --> 00:18:46.000 align:start position:0% integrated with economies as they 00:18:46.000 --> 00:18:47.630 align:start position:0% integrated with economies as they currently<00:18:46.400> exist<00:18:46.720> we'll<00:18:46.880> use<00:18:47.039> a<00:18:47.159> lot<00:18:47.280> of 00:18:47.630 --> 00:18:47.640 align:start position:0% currently exist we'll use a lot of 00:18:47.640 --> 00:18:49.870 align:start position:0% currently exist we'll use a lot of Institutions<00:18:48.640> that<00:18:49.039> that<00:18:49.400> we've<00:18:49.559> had<00:18:49.760> from 00:18:49.870 --> 00:18:49.880 align:start position:0% Institutions that that we've had from 00:18:49.880 --> 00:18:51.549 align:start position:0% Institutions that that we've had from industrial<00:18:50.320> economies<00:18:50.720> to<00:18:50.840> carry<00:18:51.080> over<00:18:51.320> for 00:18:51.549 --> 00:18:51.559 align:start position:0% industrial economies to carry over for 00:18:51.559 --> 00:18:54.549 align:start position:0% industrial economies to carry over for that<00:18:52.360> but<00:18:52.880> there's<00:18:53.080> an<00:18:53.360> enormous<00:18:53.919> opportunity 00:18:54.549 --> 00:18:54.559 align:start position:0% that but there's an enormous opportunity 00:18:54.559 --> 00:18:56.750 align:start position:0% that but there's an enormous opportunity here<00:18:54.760> to<00:18:55.000> to<00:18:55.200> just<00:18:55.559> massively<00:18:56.039> increase<00:18:56.559> this 00:18:56.750 --> 00:18:56.760 align:start position:0% here to to just massively increase this 00:18:56.760 --> 00:18:59.310 align:start position:0% here to to just massively increase this the<00:18:56.919> scale<00:18:57.320> and<00:18:57.520> scope<00:18:58.159> of<00:18:58.400> things<00:18:58.960> that<00:18:59.080> are 00:18:59.310 --> 00:18:59.320 align:start position:0% the scale and scope of things that are 00:18:59.320 --> 00:19:02.590 align:start position:0% the scale and scope of things that are in<00:18:59.520> the<00:19:00.080> economy<00:19:01.080> and<00:19:01.799> the<00:19:01.960> first<00:19:02.200> step<00:19:02.400> to 00:19:02.590 --> 00:19:02.600 align:start position:0% in the economy and the first step to 00:19:02.600 --> 00:19:05.510 align:start position:0% in the economy and the first step to that<00:19:02.760> is<00:19:03.120> basically<00:19:04.120> um<00:19:04.520> identification 00:19:05.510 --> 00:19:05.520 align:start position:0% that is basically um identification 00:19:05.520 --> 00:19:07.470 align:start position:0% that is basically um identification attaching<00:19:06.000> data<00:19:06.240> to<00:19:06.440> these<00:19:06.600> things<00:19:07.000> enabling 00:19:07.470 --> 00:19:07.480 align:start position:0% attaching data to these things enabling 00:19:07.480 --> 00:19:09.870 align:start position:0% attaching data to these things enabling to<00:19:07.600> be<00:19:07.720> bought<00:19:08.000> online<00:19:08.960> that<00:19:09.280> process<00:19:09.679> of 00:19:09.870 --> 00:19:09.880 align:start position:0% to be bought online that process of 00:19:09.880 --> 00:19:12.430 align:start position:0% to be bought online that process of bringing<00:19:10.799> um<00:19:11.120> much<00:19:11.320> more<00:19:11.559> of<00:19:11.720> the<00:19:11.960> stuff<00:19:12.320> in 00:19:12.430 --> 00:19:12.440 align:start position:0% bringing um much more of the stuff in 00:19:12.440 --> 00:19:13.990 align:start position:0% bringing um much more of the stuff in the<00:19:12.600> world<00:19:12.919> the<00:19:13.039> stuff<00:19:13.280> that<00:19:13.400> we<00:19:13.559> care<00:19:13.760> about 00:19:13.990 --> 00:19:14.000 align:start position:0% the world the stuff that we care about 00:19:14.000 --> 00:19:16.029 align:start position:0% the world the stuff that we care about and<00:19:14.159> want<00:19:14.320> to<00:19:14.480> organize<00:19:15.000> and<00:19:15.159> try<00:19:15.320> and<00:19:15.480> sort<00:19:15.679> of 00:19:16.029 --> 00:19:16.039 align:start position:0% and want to organize and try and sort of 00:19:16.039 --> 00:19:18.430 align:start position:0% and want to organize and try and sort of Shepherd<00:19:16.720> and<00:19:16.840> so<00:19:17.000> on<00:19:17.640> um<00:19:17.880> in<00:19:18.039> into<00:19:18.280> the 00:19:18.430 --> 00:19:18.440 align:start position:0% Shepherd and so on um in into the 00:19:18.440 --> 00:19:20.830 align:start position:0% Shepherd and so on um in into the economy<00:19:19.200> so<00:19:19.559> industrial<00:19:20.080> economies<00:19:20.480> did<00:19:20.720> that 00:19:20.830 --> 00:19:20.840 align:start position:0% economy so industrial economies did that 00:19:20.840 --> 00:19:23.029 align:start position:0% economy so industrial economies did that in<00:19:20.919> a<00:19:21.080> big<00:19:21.240> way<00:19:21.480> from<00:19:21.799> from<00:19:21.960> feudalism<00:19:22.559> to<00:19:22.880> sort 00:19:23.029 --> 00:19:23.039 align:start position:0% in a big way from from feudalism to sort 00:19:23.039 --> 00:19:25.630 align:start position:0% in a big way from from feudalism to sort of<00:19:23.240> modern<00:19:23.679> capitalism<00:19:24.480> that<00:19:24.559> was<00:19:24.679> a<00:19:24.919> 600<00:19:25.440> year 00:19:25.630 --> 00:19:25.640 align:start position:0% of modern capitalism that was a 600 year 00:19:25.640 --> 00:19:28.149 align:start position:0% of modern capitalism that was a 600 year old<00:19:26.200> process<00:19:26.520> of<00:19:26.679> bringing<00:19:27.320> a<00:19:27.480> bunch<00:19:27.720> of<00:19:27.919> stuff 00:19:28.149 --> 00:19:28.159 align:start position:0% old process of bringing a bunch of stuff 00:19:28.159 --> 00:19:30.710 align:start position:0% old process of bringing a bunch of stuff into<00:19:28.720> into<00:19:28.919> the<00:19:29.039> economies<00:19:30.000> um<00:19:30.240> turning<00:19:30.600> it 00:19:30.710 --> 00:19:30.720 align:start position:0% into into the economies um turning it 00:19:30.720 --> 00:19:32.789 align:start position:0% into into the economies um turning it into<00:19:30.960> Capital<00:19:31.880> but<00:19:32.000> a<00:19:32.120> bunch<00:19:32.280> of<00:19:32.400> stuff<00:19:32.600> got 00:19:32.789 --> 00:19:32.799 align:start position:0% into Capital but a bunch of stuff got 00:19:32.799 --> 00:19:35.630 align:start position:0% into Capital but a bunch of stuff got left<00:19:33.039> out<00:19:33.240> of<00:19:33.480> that<00:19:34.000> um<00:19:34.200> and<00:19:34.400> critically<00:19:35.120> envir 00:19:35.630 --> 00:19:35.640 align:start position:0% left out of that um and critically envir 00:19:35.640 --> 00:19:38.110 align:start position:0% left out of that um and critically envir a<00:19:35.760> lot<00:19:35.919> of<00:19:36.200> resources<00:19:36.799> a<00:19:36.919> lot<00:19:37.039> of<00:19:37.159> sort<00:19:37.320> of<00:19:37.960> um 00:19:38.110 --> 00:19:38.120 align:start position:0% a lot of resources a lot of sort of um 00:19:38.120 --> 00:19:40.350 align:start position:0% a lot of resources a lot of sort of um problems<00:19:38.440> that<00:19:38.640> we<00:19:39.080> we<00:19:39.720> a<00:19:39.799> lot<00:19:39.919> of<00:19:40.000> sort<00:19:40.159> of 00:19:40.350 --> 00:19:40.360 align:start position:0% problems that we we a lot of sort of 00:19:40.360 --> 00:19:42.149 align:start position:0% problems that we we a lot of sort of factors<00:19:40.720> of<00:19:40.919> production<00:19:41.640> weren't<00:19:41.919> sort<00:19:42.039> of 00:19:42.149 --> 00:19:42.159 align:start position:0% factors of production weren't sort of 00:19:42.159 --> 00:19:43.789 align:start position:0% factors of production weren't sort of part<00:19:42.280> of<00:19:42.440> that<00:19:42.679> so<00:19:43.200> I<00:19:43.320> think<00:19:43.440> you<00:19:43.559> know<00:19:43.679> there's 00:19:43.789 --> 00:19:43.799 align:start position:0% part of that so I think you know there's 00:19:43.799 --> 00:19:45.350 align:start position:0% part of that so I think you know there's a<00:19:44.039> there's<00:19:44.159> a<00:19:44.280> new<00:19:44.480> opportunity<00:19:44.960> here<00:19:45.080> to 00:19:45.350 --> 00:19:45.360 align:start position:0% a there's a new opportunity here to 00:19:45.360 --> 00:19:47.430 align:start position:0% a there's a new opportunity here to create<00:19:45.600> a<00:19:45.720> new<00:19:46.000> type<00:19:46.200> of<00:19:46.400> Economics<00:19:47.159> so<00:19:47.360> you 00:19:47.430 --> 00:19:47.440 align:start position:0% create a new type of Economics so you 00:19:47.440 --> 00:19:48.549 align:start position:0% create a new type of Economics so you know<00:19:47.559> we've<00:19:47.720> called<00:19:47.880> it<00:19:48.039> computable 00:19:48.549 --> 00:19:48.559 align:start position:0% know we've called it computable 00:19:48.559 --> 00:19:51.430 align:start position:0% know we've called it computable economics<00:19:49.320> for<00:19:49.480> a<00:19:49.640> computable<00:19:50.200> economy<00:19:51.200> um 00:19:51.430 --> 00:19:51.440 align:start position:0% economics for a computable economy um 00:19:51.440 --> 00:19:53.110 align:start position:0% economics for a computable economy um but<00:19:51.640> that's<00:19:52.000> the<00:19:52.600> that's<00:19:52.799> the<00:19:52.880> sort<00:19:53.039> of 00:19:53.110 --> 00:19:53.120 align:start position:0% but that's the that's the sort of 00:19:53.120 --> 00:19:54.549 align:start position:0% but that's the that's the sort of challenge<00:19:53.440> that<00:19:53.559> we're<00:19:53.679> trying<00:19:53.880> to<00:19:54.400> we're 00:19:54.549 --> 00:19:54.559 align:start position:0% challenge that we're trying to we're 00:19:54.559 --> 00:19:57.390 align:start position:0% challenge that we're trying to we're trying<00:19:54.720> to<00:19:54.840> meet<00:19:55.400> here<00:19:56.400> all<00:19:56.559> right<00:19:56.919> we<00:19:57.159> have 00:19:57.390 --> 00:19:57.400 align:start position:0% trying to meet here all right we have 00:19:57.400 --> 00:19:59.070 align:start position:0% trying to meet here all right we have like<00:19:57.600> one<00:19:57.799> extra<00:19:58.159> minute<00:19:58.360> for<00:19:58.440> your<00:19:58.520> guys<00:19:58.880> to 00:19:59.070 --> 00:19:59.080 align:start position:0% like one extra minute for your guys to 00:19:59.080 --> 00:20:00.630 align:start position:0% like one extra minute for your guys to answer<00:19:59.400> the<00:19:59.559> question<00:19:59.880> so<00:20:00.159> don't<00:20:00.360> don't<00:20:00.480> be 00:20:00.630 --> 00:20:00.640 align:start position:0% answer the question so don't don't be 00:20:00.640 --> 00:20:02.390 align:start position:0% answer the question so don't don't be too<00:20:00.799> rushed<00:20:01.200> we<00:20:01.360> have<00:20:01.600> time<00:20:02.000> all<00:20:02.080> right<00:20:02.200> let's 00:20:02.390 --> 00:20:02.400 align:start position:0% too rushed we have time all right let's 00:20:02.400 --> 00:20:03.669 align:start position:0% too rushed we have time all right let's go<00:20:02.480> to<00:20:02.600> the<00:20:02.720> second<00:20:03.039> question<00:20:03.320> which<00:20:03.440> one<00:20:03.600> you 00:20:03.669 --> 00:20:03.679 align:start position:0% go to the second question which one you 00:20:03.679 --> 00:20:06.950 align:start position:0% go to the second question which one you want<00:20:03.760> to<00:20:03.880> answer<00:20:04.280> first<00:20:05.280> um<00:20:05.799> yeah<00:20:06.200> I<00:20:06.320> can 00:20:06.950 --> 00:20:06.960 align:start position:0% want to answer first um yeah I can 00:20:06.960 --> 00:20:09.669 align:start position:0% want to answer first um yeah I can definitely<00:20:07.360> put<00:20:07.640> the<00:20:08.280> the<00:20:08.520> presentation<00:20:09.520> uh 00:20:09.669 --> 00:20:09.679 align:start position:0% definitely put the the presentation uh 00:20:09.679 --> 00:20:11.990 align:start position:0% definitely put the the presentation uh online<00:20:10.200> I'll<00:20:10.760> uh<00:20:10.919> put<00:20:11.039> it<00:20:11.159> on<00:20:11.280> the<00:20:11.440> boson 00:20:11.990 --> 00:20:12.000 align:start position:0% online I'll uh put it on the boson 00:20:12.000 --> 00:20:14.750 align:start position:0% online I'll uh put it on the boson protocol<00:20:12.880> website<00:20:13.360> so<00:20:13.640> boson 00:20:14.750 --> 00:20:14.760 align:start position:0% protocol website so boson 00:20:14.760 --> 00:20:16.750 align:start position:0% protocol website so boson protocol.<00:20:15.760> um<00:20:15.880> we'll<00:20:16.080> have<00:20:16.200> that<00:20:16.320> up<00:20:16.520> later 00:20:16.750 --> 00:20:16.760 align:start position:0% protocol. um we'll have that up later 00:20:16.760 --> 00:20:20.070 align:start position:0% protocol. um we'll have that up later today<00:20:17.640> yeah<00:20:18.640> all<00:20:18.840> right<00:20:19.520> uh<00:20:19.679> is<00:20:19.799> the 00:20:20.070 --> 00:20:20.080 align:start position:0% today yeah all right uh is the 00:20:20.080 --> 00:20:22.190 align:start position:0% today yeah all right uh is the presentation<00:20:20.720> is<00:20:21.000> publicly<00:20:21.480> available<00:20:21.919> for 00:20:22.190 --> 00:20:22.200 align:start position:0% presentation is publicly available for 00:20:22.200 --> 00:20:25.430 align:start position:0% presentation is publicly available for people<00:20:23.120> yes<00:20:23.559> all<00:20:23.679> right<00:20:24.000> cool<00:20:24.760> let<00:20:24.880> me<00:20:25.080> Mark 00:20:25.430 --> 00:20:25.440 align:start position:0% people yes all right cool let me Mark 00:20:25.440 --> 00:20:28.230 align:start position:0% people yes all right cool let me Mark that<00:20:25.640> up<00:20:25.960> let's<00:20:26.240> go<00:20:26.440> to<00:20:26.760> the<00:20:27.440> uh<00:20:27.760> the<00:20:27.919> third 00:20:28.230 --> 00:20:28.240 align:start position:0% that up let's go to the uh the third 00:20:28.240 --> 00:20:30.909 align:start position:0% that up let's go to the uh the third yeah<00:20:28.360> the<00:20:28.679> can<00:20:28.760> you<00:20:28.840> elaborate 00:20:30.909 --> 00:20:30.919 align:start position:0% yeah the can you elaborate 00:20:30.919 --> 00:20:34.669 align:start position:0% yeah the can you elaborate that 00:20:34.669 --> 00:20:34.679 align:start position:0% 00:20:34.679 --> 00:20:38.070 align:start position:0% more<00:20:35.679> there<00:20:35.799> was<00:20:36.000> one<00:20:36.200> just<00:20:36.440> up<00:20:36.760> here<00:20:36.960> as<00:20:37.159> well 00:20:38.070 --> 00:20:38.080 align:start position:0% more there was one just up here as well 00:20:38.080 --> 00:20:39.669 align:start position:0% more there was one just up here as well was<00:20:38.200> that<00:20:38.480> yeah<00:20:39.159> which<00:20:39.280> one<00:20:39.360> you<00:20:39.440> want<00:20:39.559> to 00:20:39.669 --> 00:20:39.679 align:start position:0% was that yeah which one you want to 00:20:39.679 --> 00:20:42.470 align:start position:0% was that yeah which one you want to answer<00:20:40.000> you<00:20:40.120> can<00:20:40.320> you<00:20:40.440> can<00:20:40.600> pick<00:20:40.799> any 00:20:42.470 --> 00:20:42.480 align:start position:0% answer you can you can pick any 00:20:42.480 --> 00:20:45.029 align:start position:0% answer you can you can pick any yeah<00:20:43.480> what<00:20:43.640> was<00:20:43.760> the<00:20:43.840> one<00:20:44.080> pre<00:20:44.480> yeah<00:20:44.640> this<00:20:44.799> one 00:20:45.029 --> 00:20:45.039 align:start position:0% yeah what was the one pre yeah this one 00:20:45.039 --> 00:20:46.830 align:start position:0% yeah what was the one pre yeah this one can<00:20:45.159> we<00:20:45.280> ask<00:20:45.520> that<00:20:45.640> one<00:20:45.840> can<00:20:45.919> you<00:20:46.400> uh<00:20:46.520> scroll 00:20:46.830 --> 00:20:46.840 align:start position:0% can we ask that one can you uh scroll 00:20:46.840 --> 00:20:49.710 align:start position:0% can we ask that one can you uh scroll down<00:20:47.039> a<00:20:47.120> little<00:20:47.320> bit<00:20:47.840> that<00:20:48.799> oh<00:20:49.039> just<00:20:49.400> the<00:20:49.520> one 00:20:49.710 --> 00:20:49.720 align:start position:0% down a little bit that oh just the one 00:20:49.720 --> 00:20:53.470 align:start position:0% down a little bit that oh just the one above<00:20:50.000> the<00:20:50.120> presentation<00:20:50.880> one 00:20:53.470 --> 00:20:53.480 align:start position:0% 00:20:53.480 --> 00:20:58.750 align:start position:0% yeah<00:20:54.480> um<00:20:55.400> Okay<00:20:55.640> so 00:20:58.750 --> 00:20:58.760 align:start position:0% 00:20:58.760 --> 00:21:01.590 align:start position:0% so<00:20:59.000> this<00:20:59.320> yeah<00:20:59.440> I<00:20:59.520> mean<00:20:59.720> this<00:20:59.880> is<00:21:00.480> um<00:21:01.320> one<00:21:01.480> of 00:21:01.590 --> 00:21:01.600 align:start position:0% so this yeah I mean this is um one of 00:21:01.600 --> 00:21:04.470 align:start position:0% so this yeah I mean this is um one of the<00:21:01.720> core<00:21:01.960> challenges<00:21:02.440> of<00:21:02.840> tokenizing<00:21:03.840> a 00:21:04.470 --> 00:21:04.480 align:start position:0% the core challenges of tokenizing a 00:21:04.480 --> 00:21:08.750 align:start position:0% the core challenges of tokenizing a physical<00:21:05.240> asset<00:21:05.720> and<00:21:06.120> um<00:21:07.240> so<00:21:08.240> it's<00:21:08.400> this<00:21:08.640> kind 00:21:08.750 --> 00:21:08.760 align:start position:0% physical asset and um so it's this kind 00:21:08.760 --> 00:21:11.789 align:start position:0% physical asset and um so it's this kind of<00:21:08.880> physical<00:21:09.280> asset<00:21:09.559> Oracle<00:21:10.080> problem<00:21:10.799> so<00:21:11.360> that 00:21:11.789 --> 00:21:11.799 align:start position:0% of physical asset Oracle problem so that 00:21:11.799 --> 00:21:13.710 align:start position:0% of physical asset Oracle problem so that as<00:21:11.919> I<00:21:12.039> mentioned<00:21:12.400> in<00:21:12.600> the<00:21:13.000> presentation<00:21:13.600> there 00:21:13.710 --> 00:21:13.720 align:start position:0% as I mentioned in the presentation there 00:21:13.720 --> 00:21:16.789 align:start position:0% as I mentioned in the presentation there are<00:21:13.919> kind<00:21:14.039> of<00:21:14.240> three<00:21:14.600> ways<00:21:15.320> three<00:21:15.559> main<00:21:15.919> ways 00:21:16.789 --> 00:21:16.799 align:start position:0% are kind of three ways three main ways 00:21:16.799 --> 00:21:20.390 align:start position:0% are kind of three ways three main ways of<00:21:17.039> ensuring<00:21:17.799> that<00:21:18.720> you<00:21:18.840> know<00:21:19.000> you<00:21:19.240> can<00:21:20.240> have 00:21:20.390 --> 00:21:20.400 align:start position:0% of ensuring that you know you can have 00:21:20.400 --> 00:21:22.950 align:start position:0% of ensuring that you know you can have some<00:21:20.720> control<00:21:21.120> over<00:21:21.320> a<00:21:21.480> physical<00:21:21.880> asset<00:21:22.799> one 00:21:22.950 --> 00:21:22.960 align:start position:0% some control over a physical asset one 00:21:22.960 --> 00:21:25.310 align:start position:0% some control over a physical asset one of<00:21:23.120> them<00:21:23.360> is<00:21:23.919> to<00:21:24.120> use<00:21:24.400> a 00:21:25.310 --> 00:21:25.320 align:start position:0% of them is to use a 00:21:25.320 --> 00:21:28.789 align:start position:0% of them is to use a centralized<00:21:26.320> um<00:21:26.760> sort<00:21:26.960> of<00:21:27.799> system<00:21:28.120> and<00:21:28.279> Trust 00:21:28.789 --> 00:21:28.799 align:start position:0% centralized um sort of system and Trust 00:21:28.799 --> 00:21:31.350 align:start position:0% centralized um sort of system and Trust that<00:21:29.000> that<00:21:29.480> centralized<00:21:30.480> um<00:21:30.679> intermediary 00:21:31.350 --> 00:21:31.360 align:start position:0% that that centralized um intermediary 00:21:31.360 --> 00:21:33.430 align:start position:0% that that centralized um intermediary but<00:21:31.480> that<00:21:31.720> kind<00:21:31.919> of<00:21:32.400> um<00:21:32.960> well<00:21:33.120> it<00:21:33.240> does<00:21:33.360> it 00:21:33.430 --> 00:21:33.440 align:start position:0% but that kind of um well it does it 00:21:33.440 --> 00:21:36.149 align:start position:0% but that kind of um well it does it doesn't<00:21:33.679> unlock<00:21:34.559> computable<00:21:35.200> economies<00:21:35.760> and 00:21:36.149 --> 00:21:36.159 align:start position:0% doesn't unlock computable economies and 00:21:36.159 --> 00:21:38.149 align:start position:0% doesn't unlock computable economies and um<00:21:36.400> is<00:21:36.640> is<00:21:36.799> is<00:21:36.960> very<00:21:37.159> much<00:21:37.480> just<00:21:37.880> you<00:21:38.000> know 00:21:38.149 --> 00:21:38.159 align:start position:0% um is is is very much just you know 00:21:38.159 --> 00:21:41.470 align:start position:0% um is is is very much just you know using<00:21:38.600> the<00:21:39.400> the<00:21:39.520> current<00:21:39.880> methods<00:21:40.760> so<00:21:41.159> aside 00:21:41.470 --> 00:21:41.480 align:start position:0% using the the current methods so aside 00:21:41.480 --> 00:21:44.350 align:start position:0% using the the current methods so aside from<00:21:41.720> that<00:21:41.919> you<00:21:42.080> have<00:21:42.440> you<00:21:42.600> have<00:21:42.799> two<00:21:43.559> um<00:21:44.120> two 00:21:44.350 --> 00:21:44.360 align:start position:0% from that you have you have two um two 00:21:44.360 --> 00:21:46.789 align:start position:0% from that you have you have two um two ways<00:21:44.679> of<00:21:44.840> doing<00:21:45.120> it<00:21:45.679> one<00:21:45.919> is<00:21:46.039> you<00:21:46.159> can<00:21:46.360> lock<00:21:46.600> up 00:21:46.789 --> 00:21:46.799 align:start position:0% ways of doing it one is you can lock up 00:21:46.799 --> 00:21:50.669 align:start position:0% ways of doing it one is you can lock up the<00:21:46.919> funds<00:21:47.840> um<00:21:48.240> you<00:21:48.360> know<00:21:49.200> within<00:21:49.440> a<00:21:49.679> protocol 00:21:50.669 --> 00:21:50.679 align:start position:0% the funds um you know within a protocol 00:21:50.679 --> 00:21:54.070 align:start position:0% the funds um you know within a protocol and<00:21:50.840> the<00:21:51.000> second<00:21:51.440> is<00:21:51.640> that<00:21:51.799> you<00:21:51.919> can<00:21:52.159> use<00:21:52.880> a<00:21:53.720> a 00:21:54.070 --> 00:21:54.080 align:start position:0% and the second is that you can use a a 00:21:54.080 --> 00:21:55.590 align:start position:0% and the second is that you can use a a trusted 00:21:55.590 --> 00:21:55.600 align:start position:0% trusted 00:21:55.600 --> 00:21:59.549 align:start position:0% trusted um<00:21:56.600> verifier<00:21:57.240> and<00:21:57.520> custodian<00:21:58.679> uh<00:21:58.799> to<00:21:59.159> to<00:21:59.320> lock 00:21:59.549 --> 00:21:59.559 align:start position:0% um verifier and custodian uh to to lock 00:21:59.559 --> 00:22:02.190 align:start position:0% um verifier and custodian uh to to lock up<00:21:59.760> the<00:21:59.919> actual<00:22:00.279> physical<00:22:00.720> asset<00:22:01.640> um<00:22:01.919> and<00:22:02.080> and 00:22:02.190 --> 00:22:02.200 align:start position:0% up the actual physical asset um and and 00:22:02.200 --> 00:22:04.630 align:start position:0% up the actual physical asset um and and in<00:22:02.400> that<00:22:02.640> case<00:22:03.520> um<00:22:03.760> you<00:22:03.880> know<00:22:04.000> the<00:22:04.159> protocol 00:22:04.630 --> 00:22:04.640 align:start position:0% in that case um you know the protocol 00:22:04.640 --> 00:22:07.029 align:start position:0% in that case um you know the protocol would<00:22:04.799> still<00:22:05.159> control<00:22:06.039> who<00:22:06.320> the<00:22:06.559> custodian 00:22:07.029 --> 00:22:07.039 align:start position:0% would still control who the custodian 00:22:07.039 --> 00:22:09.830 align:start position:0% would still control who the custodian releases<00:22:07.559> the<00:22:07.720> asset<00:22:08.080> too<00:22:09.080> um<00:22:09.400> and<00:22:09.559> and<00:22:09.679> so 00:22:09.830 --> 00:22:09.840 align:start position:0% releases the asset too um and and so 00:22:09.840 --> 00:22:12.909 align:start position:0% releases the asset too um and and so those<00:22:09.960> are<00:22:10.120> the<00:22:10.240> two<00:22:10.760> main<00:22:11.080> ways<00:22:11.440> of<00:22:11.760> of<00:22:11.960> of<00:22:12.320> um 00:22:12.909 --> 00:22:12.919 align:start position:0% those are the two main ways of of of um 00:22:12.919 --> 00:22:14.950 align:start position:0% those are the two main ways of of of um enabling<00:22:13.440> this<00:22:13.559> for<00:22:13.760> physical<00:22:14.120> assets<00:22:14.720> yeah 00:22:14.950 --> 00:22:14.960 align:start position:0% enabling this for physical assets yeah 00:22:14.960 --> 00:22:16.350 align:start position:0% enabling this for physical assets yeah let<00:22:15.080> let's<00:22:15.200> do<00:22:15.400> the<00:22:15.559> last<00:22:15.760> question<00:22:16.080> here 00:22:16.350 --> 00:22:16.360 align:start position:0% let let's do the last question here 00:22:16.360 --> 00:22:18.269 align:start position:0% let let's do the last question here which<00:22:16.480> one<00:22:16.600> you<00:22:16.720> want<00:22:16.799> to 00:22:18.269 --> 00:22:18.279 align:start position:0% which one you want to 00:22:18.279 --> 00:22:21.190 align:start position:0% which one you want to answer<00:22:19.279> um<00:22:20.039> the<00:22:20.240> financialization<00:22:21.039> of 00:22:21.190 --> 00:22:21.200 align:start position:0% answer um the financialization of 00:22:21.200 --> 00:22:22.870 align:start position:0% answer um the financialization of everything<00:22:21.720> that's<00:22:21.840> an<00:22:22.000> interesting<00:22:22.440> point 00:22:22.870 --> 00:22:22.880 align:start position:0% everything that's an interesting point 00:22:22.880 --> 00:22:25.510 align:start position:0% everything that's an interesting point so<00:22:23.880> I<00:22:24.000> don't<00:22:24.200> see<00:22:24.440> this<00:22:24.559> at<00:22:24.679> all<00:22:24.880> as 00:22:25.510 --> 00:22:25.520 align:start position:0% so I don't see this at all as 00:22:25.520 --> 00:22:28.070 align:start position:0% so I don't see this at all as financialization<00:22:26.520> of<00:22:26.960> of<00:22:27.159> of<00:22:27.320> the<00:22:27.440> world<00:22:27.960> what 00:22:28.070 --> 00:22:28.080 align:start position:0% financialization of of of the world what 00:22:28.080 --> 00:22:32.350 align:start position:0% financialization of of of the world what I<00:22:28.159> see<00:22:28.279> it<00:22:28.400> as<00:22:28.679> is<00:22:29.200> the<00:22:29.960> um<00:22:30.919> computition<00:22:31.880> of<00:22:32.240> of 00:22:32.350 --> 00:22:32.360 align:start position:0% I see it as is the um computition of of 00:22:32.360 --> 00:22:34.390 align:start position:0% I see it as is the um computition of of the<00:22:32.440> world<00:22:32.720> what<00:22:32.840> we're<00:22:32.960> trying<00:22:33.200> to<00:22:33.360> do<00:22:34.000> is<00:22:34.159> to 00:22:34.390 --> 00:22:34.400 align:start position:0% the world what we're trying to do is to 00:22:34.400 --> 00:22:37.070 align:start position:0% the world what we're trying to do is to bring<00:22:35.320> all<00:22:35.520> of<00:22:35.679> the<00:22:36.159> you<00:22:36.279> know<00:22:36.559> anything<00:22:36.919> that 00:22:37.070 --> 00:22:37.080 align:start position:0% bring all of the you know anything that 00:22:37.080 --> 00:22:39.230 align:start position:0% bring all of the you know anything that we<00:22:37.240> want<00:22:37.520> to<00:22:37.679> be<00:22:37.919> part<00:22:38.120> of<00:22:38.440> of<00:22:38.559> of<00:22:38.679> an<00:22:38.799> economy 00:22:39.230 --> 00:22:39.240 align:start position:0% we want to be part of of of an economy 00:22:39.240 --> 00:22:40.430 align:start position:0% we want to be part of of of an economy which<00:22:39.400> means<00:22:39.720> things<00:22:39.919> that<00:22:40.039> we<00:22:40.159> want<00:22:40.279> to 00:22:40.430 --> 00:22:40.440 align:start position:0% which means things that we want to 00:22:40.440 --> 00:22:42.470 align:start position:0% which means things that we want to organize<00:22:40.919> and<00:22:41.120> coordinate<00:22:41.960> things<00:22:42.159> that<00:22:42.320> we 00:22:42.470 --> 00:22:42.480 align:start position:0% organize and coordinate things that we 00:22:42.480 --> 00:22:44.070 align:start position:0% organize and coordinate things that we value<00:22:43.080> and<00:22:43.200> want<00:22:43.360> to<00:22:43.520> organize<00:22:43.919> and 00:22:44.070 --> 00:22:44.080 align:start position:0% value and want to organize and 00:22:44.080 --> 00:22:45.909 align:start position:0% value and want to organize and coordinate<00:22:44.840> we<00:22:45.039> to<00:22:45.159> bring<00:22:45.320> them<00:22:45.480> into<00:22:45.720> an 00:22:45.909 --> 00:22:45.919 align:start position:0% coordinate we to bring them into an 00:22:45.919 --> 00:22:47.950 align:start position:0% coordinate we to bring them into an economy<00:22:46.720> the<00:22:46.840> standard<00:22:47.240> way<00:22:47.400> you<00:22:47.520> do<00:22:47.679> that<00:22:47.840> is 00:22:47.950 --> 00:22:47.960 align:start position:0% economy the standard way you do that is 00:22:47.960 --> 00:22:49.470 align:start position:0% economy the standard way you do that is with<00:22:48.120> property<00:22:48.480> rights<00:22:48.799> or<00:22:49.039> just<00:22:49.279> you<00:22:49.360> know 00:22:49.470 --> 00:22:49.480 align:start position:0% with property rights or just you know 00:22:49.480 --> 00:22:51.430 align:start position:0% with property rights or just you know attaching<00:22:49.840> ownership<00:22:50.279> and<00:22:50.480> identity<00:22:51.080> and 00:22:51.430 --> 00:22:51.440 align:start position:0% attaching ownership and identity and 00:22:51.440 --> 00:22:54.070 align:start position:0% attaching ownership and identity and prices<00:22:51.760> and<00:22:51.919> so<00:22:52.039> on<00:22:52.360> into<00:22:52.640> something<00:22:53.640> one<00:22:53.799> of 00:22:54.070 --> 00:22:54.080 align:start position:0% prices and so on into something one of 00:22:54.080 --> 00:22:55.950 align:start position:0% prices and so on into something one of the<00:22:54.480> things<00:22:54.799> that<00:22:54.960> can<00:22:55.159> go<00:22:55.360> wrong<00:22:55.640> with<00:22:55.799> that 00:22:55.950 --> 00:22:55.960 align:start position:0% the things that can go wrong with that 00:22:55.960 --> 00:22:57.830 align:start position:0% the things that can go wrong with that is<00:22:56.080> it<00:22:56.279> becomes<00:22:56.640> financialized<00:22:57.360> and<00:22:57.559> becomes 00:22:57.830 --> 00:22:57.840 align:start position:0% is it becomes financialized and becomes 00:22:57.840 --> 00:23:00.789 align:start position:0% is it becomes financialized and becomes a<00:22:57.960> speculative<00:22:58.840> object<00:22:59.840> but<00:23:00.240> the<00:23:00.360> reason<00:23:00.679> that 00:23:00.789 --> 00:23:00.799 align:start position:0% a speculative object but the reason that 00:23:00.799 --> 00:23:02.310 align:start position:0% a speculative object but the reason that you're<00:23:00.919> wanting<00:23:01.200> to<00:23:01.360> do<00:23:01.559> that<00:23:01.720> in<00:23:01.799> the<00:23:02.000> first 00:23:02.310 --> 00:23:02.320 align:start position:0% you're wanting to do that in the first 00:23:02.320 --> 00:23:05.310 align:start position:0% you're wanting to do that in the first place<00:23:03.200> is<00:23:03.880> because<00:23:04.240> you<00:23:04.520> you<00:23:04.760> care<00:23:05.000> about 00:23:05.310 --> 00:23:05.320 align:start position:0% place is because you you care about 00:23:05.320 --> 00:23:06.630 align:start position:0% place is because you you care about something<00:23:05.679> and<00:23:05.919> and<00:23:06.039> you<00:23:06.159> want<00:23:06.400> that 00:23:06.630 --> 00:23:06.640 align:start position:0% something and and you want that 00:23:06.640 --> 00:23:08.830 align:start position:0% something and and you want that information<00:23:07.520> in<00:23:07.640> a<00:23:07.840> in<00:23:07.919> a<00:23:08.120> system<00:23:08.400> to 00:23:08.830 --> 00:23:08.840 align:start position:0% information in a in a system to 00:23:08.840 --> 00:23:11.590 align:start position:0% information in a in a system to coordinate<00:23:09.840> um<00:23:10.360> the<00:23:10.720> the<00:23:10.799> flip<00:23:11.200> side<00:23:11.320> of 00:23:11.590 --> 00:23:11.600 align:start position:0% coordinate um the the flip side of 00:23:11.600 --> 00:23:13.909 align:start position:0% coordinate um the the flip side of financialization<00:23:12.600> is<00:23:12.799> basically 00:23:13.909 --> 00:23:13.919 align:start position:0% financialization is basically 00:23:13.919 --> 00:23:16.870 align:start position:0% financialization is basically politicization<00:23:14.919> um<00:23:15.120> if<00:23:15.880> if<00:23:16.400> when<00:23:16.520> there<00:23:16.640> are 00:23:16.870 --> 00:23:16.880 align:start position:0% politicization um if if when there are 00:23:16.880 --> 00:23:19.710 align:start position:0% politicization um if if when there are things<00:23:17.080> in<00:23:17.360> parts<00:23:17.679> of<00:23:18.159> of<00:23:18.320> a<00:23:18.799> of<00:23:18.919> an<00:23:19.080> ecosystem 00:23:19.710 --> 00:23:19.720 align:start position:0% things in parts of of a of an ecosystem 00:23:19.720 --> 00:23:22.230 align:start position:0% things in parts of of a of an ecosystem and<00:23:20.240> global<00:23:20.679> economy<00:23:21.080> and<00:23:21.159> so<00:23:21.320> on<00:23:21.720> that<00:23:21.880> aren't 00:23:22.230 --> 00:23:22.240 align:start position:0% and global economy and so on that aren't 00:23:22.240 --> 00:23:25.110 align:start position:0% and global economy and so on that aren't part<00:23:22.480> of<00:23:22.679> the<00:23:22.840> economy<00:23:23.960> externalities<00:23:24.960> what 00:23:25.110 --> 00:23:25.120 align:start position:0% part of the economy externalities what 00:23:25.120 --> 00:23:26.390 align:start position:0% part of the economy externalities what happens<00:23:25.400> is<00:23:25.559> that<00:23:25.679> we<00:23:25.840> have<00:23:25.919> to<00:23:26.039> use<00:23:26.200> a 00:23:26.390 --> 00:23:26.400 align:start position:0% happens is that we have to use a 00:23:26.400 --> 00:23:29.070 align:start position:0% happens is that we have to use a different<00:23:26.720> mechanism<00:23:27.360> for<00:23:27.760> coordinating 00:23:29.070 --> 00:23:29.080 align:start position:0% different mechanism for coordinating 00:23:29.080 --> 00:23:31.870 align:start position:0% different mechanism for coordinating that<00:23:29.279> mechanism<00:23:29.720> is<00:23:29.880> usually<00:23:30.400> politics<00:23:31.400> um 00:23:31.870 --> 00:23:31.880 align:start position:0% that mechanism is usually politics um 00:23:31.880 --> 00:23:33.430 align:start position:0% that mechanism is usually politics um sometimes<00:23:32.120> that<00:23:32.279> works<00:23:32.600> great<00:23:32.840> if<00:23:33.000> we<00:23:33.200> have 00:23:33.430 --> 00:23:33.440 align:start position:0% sometimes that works great if we have 00:23:33.440 --> 00:23:35.029 align:start position:0% sometimes that works great if we have you<00:23:33.559> know<00:23:33.720> high<00:23:33.919> quality<00:23:34.360> politicians<00:23:34.880> and 00:23:35.029 --> 00:23:35.039 align:start position:0% you know high quality politicians and 00:23:35.039 --> 00:23:36.990 align:start position:0% you know high quality politicians and everyone<00:23:35.400> votes<00:23:35.799> rationally<00:23:36.640> and<00:23:36.840> you<00:23:36.919> know 00:23:36.990 --> 00:23:37.000 align:start position:0% everyone votes rationally and you know 00:23:37.000 --> 00:23:39.350 align:start position:0% everyone votes rationally and you know we<00:23:37.120> have<00:23:37.240> a<00:23:37.440> we<00:23:37.559> have<00:23:37.679> a<00:23:37.840> you<00:23:37.919> know<00:23:38.559> a 00:23:39.350 --> 00:23:39.360 align:start position:0% we have a we have a you know a 00:23:39.360 --> 00:23:41.390 align:start position:0% we have a we have a you know a legitimate<00:23:39.880> institutional<00:23:40.559> process<00:23:41.039> that<00:23:41.159> to 00:23:41.390 --> 00:23:41.400 align:start position:0% legitimate institutional process that to 00:23:41.400 --> 00:23:43.310 align:start position:0% legitimate institutional process that to produce<00:23:41.760> only<00:23:42.039> good<00:23:42.200> political<00:23:42.600> outcomes 00:23:43.310 --> 00:23:43.320 align:start position:0% produce only good political outcomes 00:23:43.320 --> 00:23:46.190 align:start position:0% produce only good political outcomes that<00:23:43.760> system<00:23:44.080> really<00:23:44.320> can<00:23:44.600> work<00:23:45.480> um<00:23:45.919> it's<00:23:46.080> just 00:23:46.190 --> 00:23:46.200 align:start position:0% that system really can work um it's just 00:23:46.200 --> 00:23:48.710 align:start position:0% that system really can work um it's just it<00:23:46.360> doesn't<00:23:46.679> always<00:23:47.000> work<00:23:47.320> like<00:23:47.559> that<00:23:48.039> and<00:23:48.520> not 00:23:48.710 --> 00:23:48.720 align:start position:0% it doesn't always work like that and not 00:23:48.720 --> 00:23:50.789 align:start position:0% it doesn't always work like that and not all<00:23:48.960> countries<00:23:49.480> have<00:23:49.919> have<00:23:50.240> have<00:23:50.520> have<00:23:50.679> that 00:23:50.789 --> 00:23:50.799 align:start position:0% all countries have have have have that 00:23:50.799 --> 00:23:53.750 align:start position:0% all countries have have have have that sort<00:23:50.960> of<00:23:51.320> State<00:23:52.320> um<00:23:52.559> so<00:23:52.960> this<00:23:53.159> idea<00:23:53.440> of<00:23:53.520> sort<00:23:53.679> of 00:23:53.750 --> 00:23:53.760 align:start position:0% sort of State um so this idea of sort of 00:23:53.760 --> 00:23:56.789 align:start position:0% sort of State um so this idea of sort of trying<00:23:53.960> to<00:23:54.159> bring<00:23:54.799> in<00:23:55.799> um<00:23:56.240> things<00:23:56.600> that 00:23:56.789 --> 00:23:56.799 align:start position:0% trying to bring in um things that 00:23:56.799 --> 00:23:57.990 align:start position:0% trying to bring in um things that currently<00:23:57.120> sort<00:23:57.279> of<00:23:57.360> aren't<00:23:57.640> part<00:23:57.799> of<00:23:57.919> the 00:23:57.990 --> 00:23:58.000 align:start position:0% currently sort of aren't part of the 00:23:58.000 --> 00:23:59.590 align:start position:0% currently sort of aren't part of the economy<00:23:58.440> to<00:23:58.559> turn<00:23:58.720> them<00:23:58.880> into<00:23:59.159> part<00:23:59.320> of<00:23:59.440> the 00:23:59.590 --> 00:23:59.600 align:start position:0% economy to turn them into part of the 00:23:59.600 --> 00:24:02.070 align:start position:0% economy to turn them into part of the economy<00:23:59.960> through<00:24:00.080> a<00:24:00.279> process<00:24:00.679> of<00:24:00.919> of<00:24:01.000> you<00:24:01.120> know 00:24:02.070 --> 00:24:02.080 align:start position:0% economy through a process of of you know 00:24:02.080 --> 00:24:04.269 align:start position:0% economy through a process of of you know attaching<00:24:03.080> of<00:24:03.159> sort<00:24:03.320> of<00:24:03.520> capitalizing<00:24:04.120> them 00:24:04.269 --> 00:24:04.279 align:start position:0% attaching of sort of capitalizing them 00:24:04.279 --> 00:24:06.830 align:start position:0% attaching of sort of capitalizing them or<00:24:04.720> attaching<00:24:05.159> asset<00:24:05.679> or<00:24:06.080> attaching<00:24:06.440> identity 00:24:06.830 --> 00:24:06.840 align:start position:0% or attaching asset or attaching identity 00:24:06.840 --> 00:24:09.430 align:start position:0% or attaching asset or attaching identity to<00:24:07.039> them<00:24:07.679> enables<00:24:08.120> them<00:24:08.240> to<00:24:08.360> be<00:24:08.640> computed<00:24:09.279> by 00:24:09.430 --> 00:24:09.440 align:start position:0% to them enables them to be computed by 00:24:09.440 --> 00:24:10.830 align:start position:0% to them enables them to be computed by the<00:24:09.600> economy<00:24:10.039> it<00:24:10.159> enables<00:24:10.480> them<00:24:10.600> to<00:24:10.720> be 00:24:10.830 --> 00:24:10.840 align:start position:0% the economy it enables them to be 00:24:10.840 --> 00:24:13.630 align:start position:0% the economy it enables them to be efficiently<00:24:11.679> rationally<00:24:12.400> allocated<00:24:13.400> um<00:24:13.480> to 00:24:13.630 --> 00:24:13.640 align:start position:0% efficiently rationally allocated um to 00:24:13.640 --> 00:24:16.549 align:start position:0% efficiently rationally allocated um to find<00:24:13.960> sort<00:24:14.159> of<00:24:14.279> the<00:24:14.440> best<00:24:15.080> re<00:24:15.600> uses<00:24:16.000> for<00:24:16.240> them 00:24:16.549 --> 00:24:16.559 align:start position:0% find sort of the best re uses for them 00:24:16.559 --> 00:24:18.990 align:start position:0% find sort of the best re uses for them so<00:24:17.400> um<00:24:17.520> you<00:24:17.640> know<00:24:17.840> now<00:24:18.000> financialization<00:24:18.760> is<00:24:18.880> a 00:24:18.990 --> 00:24:19.000 align:start position:0% so um you know now financialization is a 00:24:19.000 --> 00:24:20.950 align:start position:0% so um you know now financialization is a risk<00:24:19.240> of<00:24:19.440> that<00:24:19.720> but<00:24:19.919> politicization<00:24:20.720> is<00:24:20.840> the 00:24:20.950 --> 00:24:20.960 align:start position:0% risk of that but politicization is the 00:24:20.960 --> 00:24:23.520 align:start position:0% risk of that but politicization is the sort<00:24:21.120> of<00:24:21.200> counter