WEBVTT Kind: captions Language: en 00:00:00.000 --> 00:00:04.350 align:start position:0% foreign 00:00:04.350 --> 00:00:04.360 align:start position:0% 00:00:04.360 --> 00:00:16.630 align:start position:0% [Music] 00:00:16.630 --> 00:00:16.640 align:start position:0% 00:00:16.640 --> 00:00:19.550 align:start position:0% so<00:00:17.640> looking<00:00:17.820> forward<00:00:18.000> to<00:00:18.119> the<00:00:18.359> next<00:00:18.539> talk<00:00:18.779> uh 00:00:19.550 --> 00:00:19.560 align:start position:0% so looking forward to the next talk uh 00:00:19.560 --> 00:00:22.070 align:start position:0% so looking forward to the next talk uh who<00:00:19.859> is<00:00:20.039> who<00:00:20.220> is<00:00:20.400> here<00:00:20.460> for<00:00:20.640> for<00:00:20.880> zkps 00:00:22.070 --> 00:00:22.080 align:start position:0% who is who is here for for zkps 00:00:22.080 --> 00:00:24.410 align:start position:0% who is who is here for for zkps who<00:00:22.439> thinks<00:00:23.039> who<00:00:23.400> thinks 00:00:24.410 --> 00:00:24.420 align:start position:0% who thinks who thinks 00:00:24.420 --> 00:00:26.810 align:start position:0% who thinks who thinks zkps<00:00:25.199> are<00:00:25.560> the<00:00:25.740> greatest<00:00:25.859> things<00:00:26.160> that 00:00:26.810 --> 00:00:26.820 align:start position:0% zkps are the greatest things that 00:00:26.820 --> 00:00:29.630 align:start position:0% zkps are the greatest things that blockchains<00:00:27.720> uh<00:00:28.380> ever<00:00:28.560> enabled<00:00:29.039> in<00:00:29.220> the<00:00:29.460> space 00:00:29.630 --> 00:00:29.640 align:start position:0% blockchains uh ever enabled in the space 00:00:29.640 --> 00:00:34.430 align:start position:0% blockchains uh ever enabled in the space in<00:00:30.180> terms<00:00:30.359> of<00:00:30.480> getting<00:00:30.960> it<00:00:31.140> funded 00:00:34.430 --> 00:00:34.440 align:start position:0% 00:00:34.440 --> 00:00:36.410 align:start position:0% all<00:00:34.980> right<00:00:35.040> all<00:00:35.280> right<00:00:35.460> that's<00:00:36.059> just<00:00:36.239> my 00:00:36.410 --> 00:00:36.420 align:start position:0% all right all right that's just my 00:00:36.420 --> 00:00:38.389 align:start position:0% all right all right that's just my personal<00:00:36.540> opinion<00:00:36.960> though<00:00:37.200> but<00:00:37.380> I<00:00:37.559> think<00:00:37.680> zkps 00:00:38.389 --> 00:00:38.399 align:start position:0% personal opinion though but I think zkps 00:00:38.399 --> 00:00:39.650 align:start position:0% personal opinion though but I think zkps are<00:00:38.640> actually<00:00:38.760> the<00:00:39.059> the<00:00:39.180> nice<00:00:39.360> thing<00:00:39.480> that 00:00:39.650 --> 00:00:39.660 align:start position:0% are actually the the nice thing that 00:00:39.660 --> 00:00:41.150 align:start position:0% are actually the the nice thing that nobody<00:00:39.960> expected<00:00:40.440> coming<00:00:40.920> from 00:00:41.150 --> 00:00:41.160 align:start position:0% nobody expected coming from 00:00:41.160 --> 00:00:43.430 align:start position:0% nobody expected coming from cryptocurrencies<00:00:41.879> but<00:00:42.120> they<00:00:42.239> still<00:00:42.420> happened 00:00:43.430 --> 00:00:43.440 align:start position:0% cryptocurrencies but they still happened 00:00:43.440 --> 00:00:46.430 align:start position:0% cryptocurrencies but they still happened uh<00:00:44.100> so<00:00:44.399> next<00:00:44.820> up<00:00:45.000> uh<00:00:45.480> we<00:00:45.719> have<00:00:45.840> Henry<00:00:46.260> de 00:00:46.430 --> 00:00:46.440 align:start position:0% uh so next up uh we have Henry de 00:00:46.440 --> 00:00:48.350 align:start position:0% uh so next up uh we have Henry de valence<00:00:46.739> uh<00:00:47.160> the<00:00:47.280> founder<00:00:47.520> of<00:00:47.640> penumbra<00:00:48.120> and 00:00:48.350 --> 00:00:48.360 align:start position:0% valence uh the founder of penumbra and 00:00:48.360 --> 00:00:51.229 align:start position:0% valence uh the founder of penumbra and he's<00:00:48.480> going<00:00:48.719> to<00:00:48.840> uh<00:00:49.200> to<00:00:49.500> be<00:00:49.620> talking<00:00:49.739> about 00:00:51.229 --> 00:00:51.239 align:start position:0% he's going to uh to be talking about 00:00:51.239 --> 00:00:54.049 align:start position:0% he's going to uh to be talking about um<00:00:51.300> their<00:00:51.600> experience<00:00:51.960> of<00:00:52.200> building<00:00:52.879> uh<00:00:53.879> a 00:00:54.049 --> 00:00:54.059 align:start position:0% um their experience of building uh a 00:00:54.059 --> 00:00:55.850 align:start position:0% um their experience of building uh a privacy<00:00:54.420> oh<00:00:54.660> they<00:00:54.960> just<00:00:55.079> disappeared<00:00:55.680> in 00:00:55.850 --> 00:00:55.860 align:start position:0% privacy oh they just disappeared in 00:00:55.860 --> 00:00:57.590 align:start position:0% privacy oh they just disappeared in front<00:00:55.980> of<00:00:56.100> my<00:00:56.280> eyes<00:00:56.399> because<00:00:56.760> the<00:00:57.239> talk<00:00:57.360> is 00:00:57.590 --> 00:00:57.600 align:start position:0% front of my eyes because the talk is 00:00:57.600 --> 00:01:01.130 align:start position:0% front of my eyes because the talk is starting<00:00:57.719> now<00:00:57.960> but<00:00:58.620> uh<00:00:59.360> Henry's<00:01:00.360> building<00:01:00.539> uh 00:01:01.130 --> 00:01:01.140 align:start position:0% starting now but uh Henry's building uh 00:01:01.140 --> 00:01:04.850 align:start position:0% starting now but uh Henry's building uh privacy<00:01:01.920> preserving<00:01:02.340> decks<00:01:02.760> uh<00:01:03.660> using<00:01:04.140> zkp<00:01:04.619> so 00:01:04.850 --> 00:01:04.860 align:start position:0% privacy preserving decks uh using zkp so 00:01:04.860 --> 00:01:06.890 align:start position:0% privacy preserving decks uh using zkp so please<00:01:04.979> put<00:01:05.159> chance<00:01:05.339> together<00:01:05.580> for<00:01:05.880> Henry<00:01:06.240> all 00:01:06.890 --> 00:01:06.900 align:start position:0% please put chance together for Henry all 00:01:06.900 --> 00:01:07.730 align:start position:0% please put chance together for Henry all right 00:01:07.730 --> 00:01:07.740 align:start position:0% right 00:01:07.740 --> 00:01:10.490 align:start position:0% right um<00:01:07.860> yeah<00:01:08.340> well<00:01:08.700> uh<00:01:09.060> great<00:01:09.299> to<00:01:09.420> see<00:01:09.479> everyone 00:01:10.490 --> 00:01:10.500 align:start position:0% um yeah well uh great to see everyone 00:01:10.500 --> 00:01:12.950 align:start position:0% um yeah well uh great to see everyone um<00:01:10.560> so<00:01:11.400> I'm<00:01:11.939> gonna<00:01:12.119> be<00:01:12.240> giving<00:01:12.360> a<00:01:12.540> talk<00:01:12.720> about 00:01:12.950 --> 00:01:12.960 align:start position:0% um so I'm gonna be giving a talk about 00:01:12.960 --> 00:01:15.230 align:start position:0% um so I'm gonna be giving a talk about how<00:01:13.439> to<00:01:13.500> build<00:01:13.680> a<00:01:13.860> private<00:01:14.100> decks<00:01:14.520> however 00:01:15.230 --> 00:01:15.240 align:start position:0% how to build a private decks however 00:01:15.240 --> 00:01:17.870 align:start position:0% how to build a private decks however just<00:01:15.600> as<00:01:15.780> a<00:01:15.960> kind<00:01:16.080> of<00:01:16.200> a<00:01:16.260> pre-warning 00:01:17.870 --> 00:01:17.880 align:start position:0% just as a kind of a pre-warning 00:01:17.880 --> 00:01:19.789 align:start position:0% just as a kind of a pre-warning um<00:01:17.939> if<00:01:18.360> you're<00:01:18.479> really<00:01:18.659> interested<00:01:19.080> in<00:01:19.380> all<00:01:19.740> of 00:01:19.789 --> 00:01:19.799 align:start position:0% um if you're really interested in all of 00:01:19.799 --> 00:01:22.910 align:start position:0% um if you're really interested in all of the<00:01:19.979> sort<00:01:20.159> of<00:01:20.280> details<00:01:20.820> of<00:01:21.299> ZK<00:01:21.900> proofs<00:01:22.380> that 00:01:22.910 --> 00:01:22.920 align:start position:0% the sort of details of ZK proofs that 00:01:22.920 --> 00:01:24.350 align:start position:0% the sort of details of ZK proofs that actually<00:01:23.100> won't<00:01:23.400> be<00:01:23.580> covered<00:01:23.880> in<00:01:24.000> the<00:01:24.180> talk 00:01:24.350 --> 00:01:24.360 align:start position:0% actually won't be covered in the talk 00:01:24.360 --> 00:01:27.710 align:start position:0% actually won't be covered in the talk and<00:01:25.320> the<00:01:25.860> reason<00:01:25.979> is<00:01:26.280> that<00:01:26.520> I<00:01:26.820> think<00:01:26.939> part<00:01:27.540> of 00:01:27.710 --> 00:01:27.720 align:start position:0% and the reason is that I think part of 00:01:27.720 --> 00:01:32.090 align:start position:0% and the reason is that I think part of the<00:01:28.020> problem<00:01:28.200> with<00:01:28.740> deploying<00:01:29.400> zkps<00:01:30.380> for<00:01:31.380> uh 00:01:32.090 --> 00:01:32.100 align:start position:0% the problem with deploying zkps for uh 00:01:32.100 --> 00:01:34.789 align:start position:0% the problem with deploying zkps for uh privacy<00:01:32.700> rather<00:01:33.540> than<00:01:33.720> just<00:01:33.960> for<00:01:34.200> scalability 00:01:34.789 --> 00:01:34.799 align:start position:0% privacy rather than just for scalability 00:01:34.799 --> 00:01:37.010 align:start position:0% privacy rather than just for scalability is<00:01:35.460> that<00:01:35.640> there's<00:01:35.880> some<00:01:36.119> interesting<00:01:36.659> and 00:01:37.010 --> 00:01:37.020 align:start position:0% is that there's some interesting and 00:01:37.020 --> 00:01:39.770 align:start position:0% is that there's some interesting and fundamental<00:01:37.740> challenges<00:01:38.360> in<00:01:39.360> the<00:01:39.540> state 00:01:39.770 --> 00:01:39.780 align:start position:0% fundamental challenges in the state 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align:start position:0% for context so I'm working on a project 00:01:49.500 --> 00:01:52.249 align:start position:0% for context so I'm working on a project called<00:01:49.860> penumbra<00:01:50.399> what<00:01:51.299> that<00:01:51.420> is<00:01:51.600> is<00:01:51.960> a 00:01:52.249 --> 00:01:52.259 align:start position:0% called penumbra what that is is a 00:01:52.259 --> 00:01:55.370 align:start position:0% called penumbra what that is is a private<00:01:52.680> proof<00:01:53.100> of<00:01:53.159> stake<00:01:53.460> L1<00:01:54.000> inside<00:01:54.960> of<00:01:55.259> that 00:01:55.370 --> 00:01:55.380 align:start position:0% private proof of stake L1 inside of that 00:01:55.380 --> 00:01:57.950 align:start position:0% private proof of stake L1 inside of that L1<00:01:55.740> we<00:01:56.280> have<00:01:56.460> an<00:01:56.820> interchange<00:01:57.240> shielded<00:01:57.780> pool 00:01:57.950 --> 00:01:57.960 align:start position:0% L1 we have an interchange shielded pool 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align:start position:0% Privacy boundary so as it moves in it's recorded<00:02:06.780> in<00:02:06.899> this<00:02:07.020> shielded<00:02:07.380> pool 00:02:08.270 --> 00:02:08.280 align:start position:0% recorded in this shielded pool 00:02:08.280 --> 00:02:10.910 align:start position:0% recorded in this shielded pool and<00:02:09.000> the<00:02:09.420> cool<00:02:09.539> feature<00:02:09.959> that<00:02:10.080> we<00:02:10.259> have<00:02:10.380> is 00:02:10.910 --> 00:02:10.920 align:start position:0% and the cool feature that we have is 00:02:10.920 --> 00:02:13.550 align:start position:0% and the cool feature that we have is this<00:02:11.580> private<00:02:12.120> Dax<00:02:12.420> that's<00:02:12.780> integrated<00:02:13.260> with 00:02:13.550 --> 00:02:13.560 align:start position:0% this private Dax that's integrated with 00:02:13.560 --> 00:02:15.729 align:start position:0% this private Dax that's integrated with that<00:02:13.739> shielded<00:02:14.099> pool<00:02:14.280> on<00:02:15.060> top<00:02:15.180> of<00:02:15.420> that 00:02:15.729 --> 00:02:15.739 align:start position:0% that shielded pool on top of that 00:02:15.739 --> 00:02:18.350 align:start position:0% that shielded pool on top of that privacy<00:02:16.739> preserving<00:02:17.220> base<00:02:17.459> layer 00:02:18.350 --> 00:02:18.360 align:start position:0% privacy preserving base layer 00:02:18.360 --> 00:02:20.030 align:start position:0% privacy preserving base layer however 00:02:20.030 --> 00:02:20.040 align:start position:0% however 00:02:20.040 --> 00:02:22.970 align:start position:0% however um I'm<00:02:20.700> not<00:02:20.940> sort<00:02:21.300> of<00:02:21.360> here<00:02:21.540> to<00:02:21.780> just<00:02:22.020> you<00:02:22.379> know 00:02:22.970 --> 00:02:22.980 align:start position:0% um I'm not sort of here to just you know 00:02:22.980 --> 00:02:25.190 align:start position:0% um I'm not sort of here to just you know chill<00:02:23.459> the<00:02:23.760> project<00:02:24.180> I'm<00:02:24.540> here<00:02:24.780> to<00:02:24.900> talk<00:02:25.020> about 00:02:25.190 --> 00:02:25.200 align:start position:0% chill the project I'm here to talk about 00:02:25.200 --> 00:02:26.869 align:start position:0% chill the project I'm here to talk about the<00:02:25.500> kind<00:02:25.680> of<00:02:25.739> technical<00:02:26.040> aspects<00:02:26.580> and 00:02:26.869 --> 00:02:26.879 align:start position:0% the kind of technical aspects and 00:02:26.879 --> 00:02:29.089 align:start position:0% the kind of technical aspects and specifically<00:02:27.360> what<00:02:28.020> are<00:02:28.200> the<00:02:28.319> challenges<00:02:28.739> to 00:02:29.089 --> 00:02:29.099 align:start position:0% specifically what are the challenges to 00:02:29.099 --> 00:02:31.070 align:start position:0% specifically what are the challenges to actually<00:02:29.340> building<00:02:29.700> this<00:02:30.060> system 00:02:31.070 --> 00:02:31.080 align:start position:0% actually building this system 00:02:31.080 --> 00:02:35.330 align:start position:0% actually building this system so<00:02:31.680> the<00:02:32.220> first<00:02:32.400> challenge<00:02:32.700> is<00:02:33.480> oh<00:02:33.840> sorry<00:02:34.260> uh<00:02:35.099> so 00:02:35.330 --> 00:02:35.340 align:start position:0% so the first challenge is oh sorry uh so 00:02:35.340 --> 00:02:37.729 align:start position:0% so the first challenge is oh sorry uh so just<00:02:35.819> as<00:02:36.000> as<00:02:36.300> a<00:02:36.599> bit<00:02:36.840> of<00:02:37.020> motivation<00:02:37.379> right 00:02:37.729 --> 00:02:37.739 align:start position:0% just as as a bit of motivation right 00:02:37.739 --> 00:02:39.710 align:start position:0% just as as a bit of motivation right like<00:02:38.220> why<00:02:38.580> do<00:02:38.760> we<00:02:38.879> actually<00:02:39.060> care<00:02:39.420> about 00:02:39.710 --> 00:02:39.720 align:start position:0% like why do we actually care about 00:02:39.720 --> 00:02:40.970 align:start position:0% like why do we actually care about having 00:02:40.970 --> 00:02:40.980 align:start position:0% having 00:02:40.980 --> 00:02:44.089 align:start position:0% having um a<00:02:41.580> private<00:02:41.879> decks<00:02:42.239> in<00:02:42.480> the<00:02:42.540> first<00:02:42.660> place 00:02:44.089 --> 00:02:44.099 align:start position:0% um a private decks in the first place 00:02:44.099 --> 00:02:46.430 align:start position:0% um a private decks in the first place um<00:02:44.160> the<00:02:44.519> the<00:02:44.700> thought<00:02:44.940> is<00:02:45.180> that<00:02:45.480> every<00:02:46.140> Market 00:02:46.430 --> 00:02:46.440 align:start position:0% um the the thought is that every Market 00:02:46.440 --> 00:02:49.250 align:start position:0% um the the thought is that every Market is<00:02:47.340> also<00:02:47.700> a<00:02:47.879> marketing<00:02:48.360> information<00:02:48.660> when<00:02:49.140> we 00:02:49.250 --> 00:02:49.260 align:start position:0% is also a marketing information when we 00:02:49.260 --> 00:02:50.869 align:start position:0% is also a marketing information when we talk<00:02:49.379> about<00:02:49.560> price<00:02:49.860> Discovery<00:02:50.459> for<00:02:50.640> instance 00:02:50.869 --> 00:02:50.879 align:start position:0% talk about price Discovery for instance 00:02:50.879 --> 00:02:52.790 align:start position:0% talk about price Discovery for instance you<00:02:51.420> can<00:02:51.480> think<00:02:51.660> of<00:02:51.780> that<00:02:51.959> as<00:02:52.140> being<00:02:52.319> a<00:02:52.560> kind<00:02:52.680> of 00:02:52.790 --> 00:02:52.800 align:start position:0% you can think of that as being a kind of 00:02:52.800 --> 00:02:55.910 align:start position:0% you can think of that as being a kind of decentralized<00:02:53.640> computational<00:02:54.599> process<00:02:55.080> that 00:02:55.910 --> 00:02:55.920 align:start position:0% decentralized computational process that 00:02:55.920 --> 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00:03:06.360 align:start position:0% are value leaks when people talk about 00:03:06.360 --> 00:03:08.690 align:start position:0% are value leaks when people talk about Mev<00:03:07.140> and<00:03:07.379> have<00:03:07.560> these<00:03:07.860> you<00:03:08.040> know<00:03:08.099> dashboards 00:03:08.690 --> 00:03:08.700 align:start position:0% Mev and have these you know dashboards 00:03:08.700 --> 00:03:10.729 align:start position:0% Mev and have these you know dashboards of<00:03:08.879> here's<00:03:09.239> how<00:03:09.420> much<00:03:09.540> value<00:03:09.780> is<00:03:10.080> extracted 00:03:10.729 --> 00:03:10.739 align:start position:0% of here's how much value is extracted 00:03:10.739 --> 00:03:12.410 align:start position:0% of here's how much value is extracted from<00:03:11.099> people<00:03:11.340> who<00:03:11.580> are<00:03:11.640> trying<00:03:11.819> to<00:03:11.940> do<00:03:12.060> trading 00:03:12.410 --> 00:03:12.420 align:start position:0% from people who are trying to do trading 00:03:12.420 --> 00:03:14.330 align:start position:0% from people who are trying to do trading really<00:03:13.080> that's<00:03:13.379> just<00:03:13.620> the<00:03:13.800> sort<00:03:13.980> of<00:03:14.099> first 00:03:14.330 --> 00:03:14.340 align:start position:0% really that's just the sort of first 00:03:14.340 --> 00:03:17.030 align:start position:0% really that's just the sort of first order<00:03:14.580> symptom<00:03:15.000> of<00:03:15.900> this<00:03:16.140> problem<00:03:16.379> it's<00:03:16.860> not 00:03:17.030 --> 00:03:17.040 align:start position:0% order symptom of this problem it's not 00:03:17.040 --> 00:03:20.750 align:start position:0% order symptom of this problem it's not even<00:03:17.459> if<00:03:17.700> you<00:03:17.940> fixed<00:03:18.599> Mev<00:03:19.140> in<00:03:19.440> some<00:03:19.560> way 00:03:20.750 --> 00:03:20.760 align:start position:0% even if you fixed Mev in some way 00:03:20.760 --> 00:03:21.589 align:start position:0% even if you fixed Mev in some way um 00:03:21.589 --> 00:03:21.599 align:start position:0% um 00:03:21.599 --> 00:03:24.530 align:start position:0% um you<00:03:22.260> still<00:03:22.500> have<00:03:22.680> the<00:03:22.860> problem<00:03:23.099> that<00:03:23.640> you're 00:03:24.530 --> 00:03:24.540 align:start position:0% you still have the problem that you're 00:03:24.540 --> 00:03:26.449 align:start position:0% you still have the problem that you're you're<00:03:24.780> leaking<00:03:25.140> information<00:03:25.440> about<00:03:26.040> what 00:03:26.449 --> 00:03:26.459 align:start position:0% you're leaking information about what 00:03:26.459 --> 00:03:28.490 align:start position:0% you're leaking information about what trades<00:03:26.819> are<00:03:26.940> doing<00:03:27.180> what<00:03:27.959> trades<00:03:28.319> your 00:03:28.490 --> 00:03:28.500 align:start position:0% trades are doing what trades your 00:03:28.500 --> 00:03:30.589 align:start position:0% trades are doing what trades your account<00:03:28.680> has<00:03:29.099> done<00:03:29.280> your<00:03:29.700> entire<00:03:29.940> history<00:03:30.239> of 00:03:30.589 --> 00:03:30.599 align:start position:0% account has done your entire history of 00:03:30.599 --> 00:03:32.809 align:start position:0% account has done your entire history of your<00:03:30.720> whole<00:03:30.840> trading<00:03:31.260> strategy<00:03:31.680> all<00:03:32.459> of<00:03:32.580> that 00:03:32.809 --> 00:03:32.819 align:start position:0% your whole trading strategy all of that 00:03:32.819 --> 00:03:34.910 align:start position:0% your whole trading strategy all of that information<00:03:33.000> is<00:03:33.540> valuable<00:03:33.900> too<00:03:34.200> it's<00:03:34.739> just 00:03:34.910 --> 00:03:34.920 align:start position:0% information is valuable too it's just 00:03:34.920 --> 00:03:36.770 align:start position:0% information is valuable too it's just harder<00:03:35.159> to<00:03:35.280> make<00:03:35.400> a<00:03:35.580> dashboard<00:03:35.879> of<00:03:36.120> it 00:03:36.770 --> 00:03:36.780 align:start position:0% harder to make a dashboard of it 00:03:36.780 --> 00:03:39.830 align:start position:0% harder to make a dashboard of it so<00:03:37.319> the<00:03:38.040> the<00:03:38.159> thought<00:03:38.459> here<00:03:38.700> is<00:03:38.879> that<00:03:39.180> privacy 00:03:39.830 --> 00:03:39.840 align:start position:0% so the the thought here is that privacy 00:03:39.840 --> 00:03:43.009 align:start position:0% so the the thought here is that privacy is<00:03:40.080> a<00:03:40.260> really<00:03:40.379> interesting<00:03:40.860> thing<00:03:41.280> for<00:03:42.239> uh 00:03:43.009 --> 00:03:43.019 align:start position:0% is a really interesting thing for uh 00:03:43.019 --> 00:03:45.830 align:start position:0% is a really interesting thing for uh trading<00:03:43.500> because<00:03:44.280> trading<00:03:45.239> is<00:03:45.420> a<00:03:45.540> context 00:03:45.830 --> 00:03:45.840 align:start position:0% trading because trading is a context 00:03:45.840 --> 00:03:47.570 align:start position:0% trading because trading is a context where<00:03:46.140> having<00:03:46.440> privacy<00:03:46.980> allows<00:03:47.340> you<00:03:47.400> to 00:03:47.570 --> 00:03:47.580 align:start position:0% where having privacy allows you to 00:03:47.580 --> 00:03:50.390 align:start position:0% where having privacy allows you to unlock<00:03:47.819> greater<00:03:48.540> Capital<00:03:48.720> efficiency<00:03:49.379> and<00:03:50.220> as 00:03:50.390 --> 00:03:50.400 align:start position:0% unlock greater Capital efficiency and as 00:03:50.400 --> 00:03:51.770 align:start position:0% unlock greater Capital efficiency and as somebody<00:03:50.580> who's<00:03:50.879> really<00:03:51.120> interested<00:03:51.480> in 00:03:51.770 --> 00:03:51.780 align:start position:0% somebody who's really interested in 00:03:51.780 --> 00:03:54.289 align:start position:0% somebody who's really interested in privacy<00:03:52.260> you<00:03:52.860> know<00:03:52.920> for<00:03:53.220> its<00:03:53.459> own<00:03:53.519> sake<00:03:53.760> as<00:03:54.120> a 00:03:54.289 --> 00:03:54.299 align:start position:0% privacy you know for its own sake as a 00:03:54.299 --> 00:03:56.690 align:start position:0% privacy you know for its own sake as a value<00:03:54.480> as<00:03:54.780> a<00:03:54.900> human<00:03:55.019> right<00:03:55.620> Etc 00:03:56.690 --> 00:03:56.700 align:start position:0% value as a human right Etc 00:03:56.700 --> 00:03:58.670 align:start position:0% value as a human right Etc um<00:03:57.060> this<00:03:57.599> is<00:03:57.780> a<00:03:57.900> really<00:03:58.019> interesting<00:03:58.440> and 00:03:58.670 --> 00:03:58.680 align:start position:0% um this is a really interesting and 00:03:58.680 --> 00:04:01.009 align:start position:0% um this is a really interesting and exciting<00:03:59.159> uh 00:04:01.009 --> 00:04:01.019 align:start position:0% exciting uh 00:04:01.019 --> 00:04:03.289 align:start position:0% exciting uh opportunity<00:04:01.920> because<00:04:02.519> it<00:04:02.819> means<00:04:03.120> that 00:04:03.289 --> 00:04:03.299 align:start position:0% opportunity because it means that 00:04:03.299 --> 00:04:05.390 align:start position:0% opportunity because it means that there's<00:04:03.659> the<00:04:03.900> potential<00:04:04.319> to<00:04:04.620> build<00:04:04.799> a<00:04:05.040> private 00:04:05.390 --> 00:04:05.400 align:start position:0% there's the potential to build a private 00:04:05.400 --> 00:04:07.369 align:start position:0% there's the potential to build a private product<00:04:05.580> that<00:04:06.120> can<00:04:06.299> actually<00:04:06.420> out<00:04:06.840> compete 00:04:07.369 --> 00:04:07.379 align:start position:0% product that can actually out compete 00:04:07.379 --> 00:04:10.190 align:start position:0% product that can actually out compete the<00:04:07.980> non-private<00:04:08.700> ones<00:04:09.060> because<00:04:09.840> it's 00:04:10.190 --> 00:04:10.200 align:start position:0% the non-private ones because it's 00:04:10.200 --> 00:04:12.170 align:start position:0% the non-private ones because it's private<00:04:10.620> so<00:04:10.799> we<00:04:10.980> we<00:04:11.099> get<00:04:11.340> out<00:04:11.459> of<00:04:11.640> this<00:04:11.760> mode<00:04:12.000> of 00:04:12.170 --> 00:04:12.180 align:start position:0% private so we we get out of this mode of 00:04:12.180 --> 00:04:14.390 align:start position:0% private so we we get out of this mode of like<00:04:12.360> oh<00:04:12.659> well<00:04:12.900> we'll<00:04:13.260> you<00:04:13.920> know<00:04:14.040> have<00:04:14.220> people 00:04:14.390 --> 00:04:14.400 align:start position:0% like oh well we'll you know have people 00:04:14.400 --> 00:04:16.129 align:start position:0% like oh well we'll you know have people accept<00:04:14.700> all<00:04:15.060> these<00:04:15.239> trade-offs<00:04:15.720> to<00:04:15.840> use<00:04:15.959> the 00:04:16.129 --> 00:04:16.139 align:start position:0% accept all these trade-offs to use the 00:04:16.139 --> 00:04:17.750 align:start position:0% accept all these trade-offs to use the private<00:04:16.440> thing<00:04:16.620> no<00:04:17.220> we're<00:04:17.400> going<00:04:17.519> to<00:04:17.579> build 00:04:17.750 --> 00:04:17.760 align:start position:0% private thing no we're going to build 00:04:17.760 --> 00:04:19.370 align:start position:0% private thing no we're going to build something<00:04:18.000> that's<00:04:18.299> that's<00:04:18.600> better<00:04:18.959> because 00:04:19.370 --> 00:04:19.380 align:start position:0% something that's that's better because 00:04:19.380 --> 00:04:22.550 align:start position:0% something that's that's better because it's<00:04:19.620> private<00:04:20.100> so<00:04:20.820> right<00:04:21.239> I<00:04:22.019> said<00:04:22.199> I<00:04:22.320> was<00:04:22.440> going 00:04:22.550 --> 00:04:22.560 align:start position:0% it's private so right I said I was going 00:04:22.560 --> 00:04:25.129 align:start position:0% it's private so right I said I was going to<00:04:22.620> talk<00:04:22.740> about<00:04:22.860> the<00:04:23.100> challenges<00:04:23.720> and<00:04:24.720> the 00:04:25.129 --> 00:04:25.139 align:start position:0% to talk about the challenges and the 00:04:25.139 --> 00:04:26.570 align:start position:0% to talk about the challenges and the first<00:04:25.320> challenge<00:04:25.620> which<00:04:26.040> is<00:04:26.220> the<00:04:26.460> most 00:04:26.570 --> 00:04:26.580 align:start position:0% first challenge which is the most 00:04:26.580 --> 00:04:28.930 align:start position:0% first challenge which is the most fundamental<00:04:27.240> is<00:04:27.780> actually<00:04:28.139> the<00:04:28.380> state<00:04:28.620> model 00:04:28.930 --> 00:04:28.940 align:start position:0% fundamental is actually the state model 00:04:28.940 --> 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like<00:04:37.800> one<00:04:38.160> big<00:04:38.340> ethereum<00:04:38.880> state<00:04:39.180> and<00:04:39.840> every 00:04:40.010 --> 00:04:40.020 align:start position:0% like one big ethereum state and every 00:04:40.020 --> 00:04:42.350 align:start position:0% like one big ethereum state and every transaction<00:04:40.560> is<00:04:40.860> applied<00:04:41.220> sequentially<00:04:41.820> and 00:04:42.350 --> 00:04:42.360 align:start position:0% transaction is applied sequentially and 00:04:42.360 --> 00:04:44.150 align:start position:0% transaction is applied sequentially and it<00:04:42.540> can<00:04:42.660> do<00:04:42.840> whatever<00:04:43.020> mutation<00:04:43.620> to<00:04:43.979> that 00:04:44.150 --> 00:04:44.160 align:start position:0% it can do whatever mutation to that 00:04:44.160 --> 00:04:46.310 align:start position:0% it can do whatever mutation to that state<00:04:44.400> and<00:04:45.120> as<00:04:45.300> it's<00:04:45.419> doing<00:04:45.660> that<00:04:45.900> mutation 00:04:46.310 --> 00:04:46.320 align:start position:0% state and as it's doing that mutation 00:04:46.320 --> 00:04:48.110 align:start position:0% state and as it's doing that mutation effectively<00:04:47.040> it's<00:04:47.220> taking<00:04:47.460> like<00:04:47.639> a<00:04:47.820> global 00:04:48.110 --> 00:04:48.120 align:start position:0% effectively it's taking like a global 00:04:48.120 --> 00:04:49.790 align:start position:0% effectively it's taking like a global lock<00:04:48.300> over<00:04:48.660> the<00:04:48.900> whole<00:04:49.020> state 00:04:49.790 --> 00:04:49.800 align:start position:0% lock over the whole state 00:04:49.800 --> 00:04:51.650 align:start position:0% lock over the whole state doing<00:04:50.340> some<00:04:50.580> changes<00:04:50.880> then<00:04:51.120> you<00:04:51.300> do<00:04:51.419> the<00:04:51.540> next 00:04:51.650 --> 00:04:51.660 align:start position:0% doing some changes then you do the next 00:04:51.660 --> 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change<00:05:01.380> the<00:05:01.919> state 00:05:02.090 --> 00:05:02.100 align:start position:0% information we have to change the state 00:05:02.100 --> 00:05:05.270 align:start position:0% information we have to change the state model<00:05:02.400> to<00:05:03.300> a<00:05:03.540> model<00:05:03.660> of<00:05:03.960> immutable<00:05:04.560> composable 00:05:05.270 --> 00:05:05.280 align:start position:0% model to a model of immutable composable 00:05:05.280 --> 00:05:06.830 align:start position:0% model to a model of immutable composable State<00:05:05.580> this<00:05:06.120> is<00:05:06.360> actually<00:05:06.479> kind<00:05:06.660> of<00:05:06.780> like 00:05:06.830 --> 00:05:06.840 align:start position:0% State this is actually kind of like 00:05:06.840 --> 00:05:08.629 align:start position:0% State this is actually kind of like historically<00:05:07.740> speaking<00:05:08.100> this<00:05:08.280> is<00:05:08.460> sort<00:05:08.580> of 00:05:08.629 --> 00:05:08.639 align:start position:0% historically speaking this is sort of 00:05:08.639 --> 00:05:11.450 align:start position:0% historically speaking this is sort of rewinding<00:05:09.180> to<00:05:09.419> a<00:05:09.680> Bitcoin<00:05:10.680> style<00:05:10.979> sort<00:05:11.340> of 00:05:11.450 --> 00:05:11.460 align:start position:0% rewinding to a Bitcoin style sort of 00:05:11.460 --> 00:05:15.409 align:start position:0% rewinding to a Bitcoin style sort of utxo<00:05:12.000> model<00:05:12.180> but<00:05:13.220> I<00:05:14.220> think<00:05:14.340> utxo<00:05:15.060> is<00:05:15.240> a<00:05:15.360> little 00:05:15.409 --> 00:05:15.419 align:start position:0% utxo model but I think utxo is a little 00:05:15.419 --> 00:05:18.409 align:start position:0% utxo model but I think utxo is a little bit<00:05:15.540> of<00:05:15.720> a<00:05:15.900> loaded<00:05:16.620> like<00:05:17.340> baggage<00:05:17.759> Laden<00:05:18.240> term 00:05:18.409 --> 00:05:18.419 align:start position:0% bit of a loaded like baggage Laden term 00:05:18.419 --> 00:05:20.629 align:start position:0% bit of a loaded like baggage Laden term so<00:05:18.780> I<00:05:18.900> prefer<00:05:19.259> just<00:05:19.500> having<00:05:19.740> this<00:05:19.979> idea<00:05:20.340> of<00:05:20.460> a 00:05:20.629 --> 00:05:20.639 align:start position:0% so I prefer just having this idea of a 00:05:20.639 --> 00:05:23.450 align:start position:0% so I prefer just having this idea of a state<00:05:20.820> fragment<00:05:21.300> and<00:05:22.199> instead<00:05:22.620> of<00:05:22.740> having<00:05:22.919> one 00:05:23.450 --> 00:05:23.460 align:start position:0% state fragment and instead of having one 00:05:23.460 --> 00:05:25.550 align:start position:0% state fragment and instead of having one big<00:05:23.699> Global<00:05:24.240> State<00:05:24.479> we're<00:05:24.960> going<00:05:25.139> to<00:05:25.199> have<00:05:25.320> a 00:05:25.550 --> 00:05:25.560 align:start position:0% big Global State we're going to have a 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new<00:05:32.759> ones<00:05:33.000> and<00:05:33.539> put<00:05:33.780> those<00:05:34.020> you<00:05:34.380> know 00:05:34.430 --> 00:05:34.440 align:start position:0% some new ones and put those you know 00:05:34.440 --> 00:05:36.529 align:start position:0% some new ones and put those you know append<00:05:34.860> those<00:05:35.039> into<00:05:35.280> this<00:05:35.580> tree 00:05:36.529 --> 00:05:36.539 align:start position:0% append those into this tree 00:05:36.539 --> 00:05:38.930 align:start position:0% append those into this tree the<00:05:37.080> reason<00:05:37.259> that<00:05:37.500> we<00:05:37.620> want<00:05:37.740> to<00:05:37.860> do<00:05:38.039> this<00:05:38.220> is 00:05:38.930 --> 00:05:38.940 align:start position:0% the reason that we want to do this is 00:05:38.940 --> 00:05:40.370 align:start position:0% the reason that we want to do this is that<00:05:39.060> that<00:05:39.240> way<00:05:39.419> we<00:05:39.660> can<00:05:39.780> make<00:05:39.960> the<00:05:40.199> state 00:05:40.370 --> 00:05:40.380 align:start position:0% that that way we can make the state 00:05:40.380 --> 00:05:42.469 align:start position:0% that that way we can make the state transitions<00:05:41.039> private<00:05:41.460> and<00:05:41.820> the<00:05:41.940> move<00:05:42.060> to<00:05:42.360> do 00:05:42.469 --> 00:05:42.479 align:start position:0% transitions private and the move to do 00:05:42.479 --> 00:05:44.870 align:start position:0% transitions private and the move to do that<00:05:42.660> is<00:05:43.080> you<00:05:43.680> replace<00:05:43.860> all<00:05:44.340> of<00:05:44.460> those<00:05:44.639> State 00:05:44.870 --> 00:05:44.880 align:start position:0% that is you replace all of those State 00:05:44.880 --> 00:05:47.629 align:start position:0% that is you replace all of those State fragments<00:05:45.479> with<00:05:45.979> cryptographic<00:05:46.979> commitments 00:05:47.629 --> 00:05:47.639 align:start position:0% fragments with cryptographic commitments 00:05:47.639 --> 00:05:50.890 align:start position:0% fragments with cryptographic commitments to<00:05:47.880> States<00:05:48.259> and<00:05:49.259> then<00:05:49.380> in<00:05:49.979> your<00:05:50.220> transaction 00:05:50.890 --> 00:05:50.900 align:start position:0% to States and then in your transaction 00:05:50.900 --> 00:05:53.810 align:start position:0% to States and then in your transaction rather<00:05:51.900> than<00:05:52.020> explicitly<00:05:52.800> declaring<00:05:53.400> the 00:05:53.810 --> 00:05:53.820 align:start position:0% rather than explicitly declaring the 00:05:53.820 --> 00:05:55.490 align:start position:0% rather than explicitly declaring the plaintext<00:05:54.360> values<00:05:54.900> of<00:05:55.080> those<00:05:55.259> State 00:05:55.490 --> 00:05:55.500 align:start position:0% plaintext values of those State 00:05:55.500 --> 00:05:58.730 align:start position:0% plaintext values of those State fragments<00:05:56.180> you<00:05:57.180> can<00:05:57.300> just<00:05:57.479> have<00:05:57.840> a<00:05:58.020> ZK<00:05:58.320> proof 00:05:58.730 --> 00:05:58.740 align:start position:0% fragments you can just have a ZK proof 00:05:58.740 --> 00:06:00.770 align:start position:0% fragments you can just have a ZK proof that<00:05:58.919> the<00:05:59.039> state<00:05:59.220> transition<00:05:59.580> was<00:05:59.880> valid<00:06:00.240> and 00:06:00.770 --> 00:06:00.780 align:start position:0% that the state transition was valid and 00:06:00.780 --> 00:06:02.029 align:start position:0% that the state transition was valid and here<00:06:00.900> are<00:06:01.080> the<00:06:01.199> commitments<00:06:01.620> to<00:06:01.740> the<00:06:01.919> new 00:06:02.029 --> 00:06:02.039 align:start position:0% here are the commitments to the new 00:06:02.039 --> 00:06:04.070 align:start position:0% here are the commitments to the new states<00:06:02.220> that<00:06:02.460> I<00:06:02.639> produced<00:06:03.000> okay<00:06:03.479> so<00:06:03.780> this<00:06:03.960> is 00:06:04.070 --> 00:06:04.080 align:start position:0% states that I produced okay so this is 00:06:04.080 --> 00:06:05.870 align:start position:0% states that I produced okay so this is all<00:06:04.199> cool<00:06:04.440> and<00:06:04.740> that's<00:06:04.860> why<00:06:05.160> everybody's<00:06:05.699> like 00:06:05.870 --> 00:06:05.880 align:start position:0% all cool and that's why everybody's like 00:06:05.880 --> 00:06:08.870 align:start position:0% all cool and that's why everybody's like using<00:06:06.360> like<00:06:06.840> private<00:06:07.800> blockchains<00:06:08.400> all<00:06:08.759> the 00:06:08.870 --> 00:06:08.880 align:start position:0% using like private blockchains all the 00:06:08.880 --> 00:06:12.110 align:start position:0% using like private blockchains all the time<00:06:09.060> no<00:06:09.840> why<00:06:10.440> is<00:06:10.620> that<00:06:10.800> because<00:06:11.340> that<00:06:11.639> diagram 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represents the state transition 00:06:20.220 --> 00:06:22.550 align:start position:0% pi that represents the state transition but<00:06:21.120> what<00:06:21.360> we've<00:06:21.600> actually<00:06:21.780> done<00:06:22.080> is<00:06:22.319> we've 00:06:22.550 --> 00:06:22.560 align:start position:0% but what we've actually done is we've 00:06:22.560 --> 00:06:24.230 align:start position:0% but what we've actually done is we've moved<00:06:22.860> all<00:06:23.039> of<00:06:23.160> the<00:06:23.280> execution<00:06:23.699> off<00:06:24.000> chain 00:06:24.230 --> 00:06:24.240 align:start position:0% moved all of the execution off chain 00:06:24.240 --> 00:06:26.390 align:start position:0% moved all of the execution off chain along<00:06:24.960> with<00:06:25.199> moving<00:06:25.500> all<00:06:25.680> the<00:06:25.800> user<00:06:26.100> data<00:06:26.340> off 00:06:26.390 --> 00:06:26.400 align:start position:0% along with moving all the user data off 00:06:26.400 --> 00:06:29.809 align:start position:0% along with moving all the user data off chain<00:06:26.699> right<00:06:27.120> but<00:06:28.080> now<00:06:28.860> we<00:06:29.280> don't<00:06:29.400> really<00:06:29.520> have 00:06:29.809 --> 00:06:29.819 align:start position:0% chain right but now we don't really have 00:06:29.819 --> 00:06:32.150 align:start position:0% chain right but now we don't really have any<00:06:30.000> way<00:06:30.300> to<00:06:30.600> access<00:06:30.840> any<00:06:31.500> shared<00:06:31.919> State 00:06:32.150 --> 00:06:32.160 align:start position:0% any way to access any shared State 00:06:32.160 --> 00:06:34.490 align:start position:0% any way to access any shared State because<00:06:32.759> when<00:06:33.060> somebody's<00:06:33.539> submitting<00:06:34.080> their 00:06:34.490 --> 00:06:34.500 align:start position:0% because when somebody's submitting their 00:06:34.500 --> 00:06:36.650 align:start position:0% because when somebody's submitting their transaction<00:06:35.100> effectively<00:06:35.940> every 00:06:36.650 --> 00:06:36.660 align:start position:0% transaction effectively every 00:06:36.660 --> 00:06:38.870 align:start position:0% transaction effectively every transaction<00:06:37.139> is<00:06:37.380> is<00:06:37.800> its<00:06:38.220> own<00:06:38.280> little<00:06:38.520> micro 00:06:38.870 --> 00:06:38.880 align:start position:0% transaction is is its own little micro 00:06:38.880 --> 00:06:40.210 align:start position:0% transaction is is its own little micro Roll-Up 00:06:40.210 --> 00:06:40.220 align:start position:0% Roll-Up 00:06:40.220 --> 00:06:42.770 align:start position:0% Roll-Up and<00:06:41.220> what<00:06:41.580> I<00:06:41.759> would<00:06:41.819> claim<00:06:42.120> is<00:06:42.300> that<00:06:42.479> the<00:06:42.600> key 00:06:42.770 --> 00:06:42.780 align:start position:0% and what I would claim is that the key 00:06:42.780 --> 00:06:44.629 align:start position:0% and what I would claim is that the key problem<00:06:43.020> here<00:06:43.380> is<00:06:43.560> is<00:06:43.740> one<00:06:44.039> of<00:06:44.160> early<00:06:44.340> versus 00:06:44.629 --> 00:06:44.639 align:start position:0% problem here is is one of early versus 00:06:44.639 --> 00:06:47.930 align:start position:0% problem here is is one of early versus late<00:06:45.000> binding<00:06:45.539> so<00:06:46.199> what<00:06:46.380> we<00:06:46.560> have<00:06:46.860> in<00:06:47.699> this 00:06:47.930 --> 00:06:47.940 align:start position:0% late binding so what we have in this 00:06:47.940 --> 00:06:51.950 align:start position:0% late binding so what we have in this sort<00:06:48.240> of<00:06:48.360> ZK<00:06:48.840> model<00:06:49.639> is<00:06:50.639> early<00:06:51.060> binding<00:06:51.600> every 00:06:51.950 --> 00:06:51.960 align:start position:0% sort of ZK model is early binding every 00:06:51.960 --> 00:06:54.469 align:start position:0% sort of ZK model is early binding every transaction<00:06:52.440> has<00:06:52.800> to<00:06:52.979> have<00:06:53.220> this<00:06:53.639> fully 00:06:54.469 --> 00:06:54.479 align:start position:0% transaction has to have this fully 00:06:54.479 --> 00:06:58.249 align:start position:0% transaction has to have this fully sealed<00:06:55.460> complete<00:06:56.460> State<00:06:56.819> transition<00:06:57.300> but 00:06:58.249 --> 00:06:58.259 align:start position:0% sealed complete State transition but 00:06:58.259 --> 00:06:59.930 align:start position:0% sealed complete State transition but that's<00:06:58.680> not<00:06:58.919> actually<00:06:59.160> what<00:06:59.460> we<00:06:59.639> generally 00:06:59.930 --> 00:06:59.940 align:start position:0% that's not actually what we generally 00:06:59.940 --> 00:07:02.150 align:start position:0% that's not actually what we generally want<00:07:00.180> right<00:07:00.539> if<00:07:00.900> you<00:07:01.020> make<00:07:01.380> a<00:07:01.560> trade<00:07:01.979> on 00:07:02.150 --> 00:07:02.160 align:start position:0% want right if you make a trade on 00:07:02.160 --> 00:07:04.189 align:start position:0% want right if you make a trade on uniswap<00:07:02.759> you're<00:07:03.240> not<00:07:03.419> going<00:07:03.600> to<00:07:03.660> sign<00:07:03.960> over 00:07:04.189 --> 00:07:04.199 align:start position:0% uniswap you're not going to sign over 00:07:04.199 --> 00:07:05.870 align:start position:0% uniswap you're not going to sign over here's<00:07:04.740> the<00:07:04.860> exact<00:07:05.160> State<00:07:05.460> of<00:07:05.639> the<00:07:05.759> Union 00:07:05.870 --> 00:07:05.880 align:start position:0% here's the exact State of the Union 00:07:05.880 --> 00:07:08.210 align:start position:0% here's the exact State of the Union reserves<00:07:06.479> of<00:07:06.720> this<00:07:06.900> contract<00:07:07.259> here's<00:07:08.039> the 00:07:08.210 --> 00:07:08.220 align:start position:0% reserves of this contract here's the 00:07:08.220 --> 00:07:10.670 align:start position:0% reserves of this contract here's the exact<00:07:08.460> outputs<00:07:09.000> that<00:07:09.120> I'll<00:07:09.300> get<00:07:09.479> because 00:07:10.670 --> 00:07:10.680 align:start position:0% exact outputs that I'll get because 00:07:10.680 --> 00:07:12.590 align:start position:0% exact outputs that I'll get because the<00:07:11.220> only<00:07:11.340> way<00:07:11.520> that<00:07:11.699> you<00:07:11.819> could<00:07:11.940> do<00:07:12.120> that<00:07:12.300> is 00:07:12.590 --> 00:07:12.600 align:start position:0% the only way that you could do that is 00:07:12.600 --> 00:07:15.050 align:start position:0% the only way that you could do that is by<00:07:12.960> sort<00:07:13.319> of<00:07:13.380> having<00:07:13.680> the<00:07:13.979> entire<00:07:14.280> world<00:07:14.580> stop 00:07:15.050 --> 00:07:15.060 align:start position:0% by sort of having the entire world stop 00:07:15.060 --> 00:07:16.730 align:start position:0% by sort of having the entire world stop while<00:07:15.539> you<00:07:15.840> you<00:07:16.080> know<00:07:16.199> submit<00:07:16.560> your 00:07:16.730 --> 00:07:16.740 align:start position:0% while you you know submit your 00:07:16.740 --> 00:07:19.370 align:start position:0% while you you know submit your transaction<00:07:17.160> right<00:07:18.000> what<00:07:18.600> we<00:07:18.780> want<00:07:18.960> is<00:07:19.139> the 00:07:19.370 --> 00:07:19.380 align:start position:0% transaction right what we want is the 00:07:19.380 --> 00:07:21.529 align:start position:0% transaction right what we want is the ability<00:07:19.620> to<00:07:20.039> have<00:07:20.280> a<00:07:20.759> partially<00:07:21.060> filled 00:07:21.529 --> 00:07:21.539 align:start position:0% ability to have a partially filled 00:07:21.539 --> 00:07:24.170 align:start position:0% ability to have a partially filled transaction<00:07:22.280> where<00:07:23.280> we<00:07:23.639> can<00:07:23.759> have<00:07:23.940> some 00:07:24.170 --> 00:07:24.180 align:start position:0% transaction where we can have some 00:07:24.180 --> 00:07:25.670 align:start position:0% transaction where we can have some placeholder<00:07:24.720> values<00:07:25.020> where<00:07:25.259> when<00:07:25.440> the 00:07:25.670 --> 00:07:25.680 align:start position:0% placeholder values where when the 00:07:25.680 --> 00:07:28.129 align:start position:0% placeholder values where when the transaction<00:07:25.979> is<00:07:26.220> executed<00:07:26.819> the<00:07:27.539> the<00:07:27.720> shared 00:07:28.129 --> 00:07:28.139 align:start position:0% transaction is executed the the shared 00:07:28.139 --> 00:07:30.409 align:start position:0% transaction is executed the the shared state<00:07:28.319> is<00:07:28.560> going<00:07:28.740> to<00:07:28.740> go<00:07:28.919> in<00:07:29.039> that<00:07:29.220> spot<00:07:29.819> and 00:07:30.409 --> 00:07:30.419 align:start position:0% state is going to go in that spot and 00:07:30.419 --> 00:07:33.170 align:start position:0% state is going to go in that spot and then<00:07:30.479> it'll<00:07:30.720> determine<00:07:31.139> some<00:07:31.380> outputs 00:07:33.170 --> 00:07:33.180 align:start position:0% then it'll determine some outputs 00:07:33.180 --> 00:07:34.610 align:start position:0% then it'll determine some outputs um<00:07:33.300> so 00:07:34.610 --> 00:07:34.620 align:start position:0% um so 00:07:34.620 --> 00:07:37.969 align:start position:0% um so in<00:07:35.160> order<00:07:35.220> to<00:07:35.520> make<00:07:35.699> this<00:07:35.940> work<00:07:36.240> with<00:07:36.960> the<00:07:37.680> sort 00:07:37.969 --> 00:07:37.979 align:start position:0% in order to make this work with the sort 00:07:37.979 --> 00:07:40.909 align:start position:0% in order to make this work with the sort of<00:07:38.099> ZK<00:07:38.520> model<00:07:39.120> where<00:07:39.660> we're<00:07:40.259> keeping<00:07:40.620> all<00:07:40.800> of 00:07:40.909 --> 00:07:40.919 align:start position:0% of ZK model where we're keeping all of 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right fundamentally the problem is that<00:07:49.080> if<00:07:49.740> you're<00:07:49.919> doing<00:07:50.160> this<00:07:50.520> off<00:07:50.819> chain 00:07:51.050 --> 00:07:51.060 align:start position:0% that if you're doing this off chain 00:07:51.060 --> 00:07:53.570 align:start position:0% that if you're doing this off chain execution<00:07:51.660> you<00:07:52.380> need<00:07:52.500> to<00:07:52.680> have<00:07:52.919> some<00:07:53.280> kind<00:07:53.460> of 00:07:53.570 --> 00:07:53.580 align:start position:0% execution you need to have some kind of 00:07:53.580 --> 00:07:56.089 align:start position:0% execution you need to have some kind of like<00:07:53.819> exclusive<00:07:54.419> control<00:07:54.720> over<00:07:55.139> the<00:07:55.440> the<00:07:55.620> data 00:07:56.089 --> 00:07:56.099 align:start position:0% like exclusive control over the the data 00:07:56.099 --> 00:07:59.029 align:start position:0% like exclusive control over the the data that<00:07:56.280> you're<00:07:56.400> executing<00:07:56.940> on<00:07:57.259> and<00:07:58.259> you<00:07:58.919> can 00:07:59.029 --> 00:07:59.039 align:start position:0% that you're executing on and you can 00:07:59.039 --> 00:08:01.430 align:start position:0% that you're executing on and you can start<00:07:59.400> with<00:07:59.819> the<00:08:00.120> kind<00:08:00.360> of<00:08:00.539> oh<00:08:01.020> well<00:08:01.199> we'll 00:08:01.430 --> 00:08:01.440 align:start position:0% start with the kind of oh well we'll 00:08:01.440 --> 00:08:03.409 align:start position:0% start with the kind of oh well we'll take<00:08:01.560> a<00:08:01.680> big<00:08:01.800> Global<00:08:02.160> lock<00:08:02.340> and<00:08:02.639> you<00:08:02.819> can<00:08:02.940> make 00:08:03.409 --> 00:08:03.419 align:start position:0% take a big Global lock and you can make 00:08:03.419 --> 00:08:06.350 align:start position:0% take a big Global lock and you can make the<00:08:03.660> locks<00:08:04.080> you<00:08:04.380> know<00:08:04.440> smaller<00:08:04.979> but 00:08:06.350 --> 00:08:06.360 align:start position:0% the locks you know smaller but 00:08:06.360 --> 00:08:09.050 align:start position:0% the locks you know smaller but the<00:08:07.020> the<00:08:07.259> more<00:08:07.740> interesting<00:08:08.099> idea<00:08:08.460> I<00:08:08.639> think<00:08:08.819> is 00:08:09.050 --> 00:08:09.060 align:start position:0% the the more interesting idea I think is 00:08:09.060 --> 00:08:11.629 align:start position:0% the the more interesting idea I think is what<00:08:09.300> if<00:08:09.479> we<00:08:09.599> try<00:08:09.780> to<00:08:09.900> model<00:08:10.139> concurrency<00:08:10.800> with 00:08:11.629 --> 00:08:11.639 align:start position:0% what if we try to model concurrency with 00:08:11.639 --> 00:08:14.390 align:start position:0% what if we try to model concurrency with message<00:08:12.000> passing<00:08:12.660> rather<00:08:13.440> than<00:08:13.560> locking<00:08:14.099> if 00:08:14.390 --> 00:08:14.400 align:start position:0% message passing rather than locking if 00:08:14.400 --> 00:08:16.010 align:start position:0% message passing rather than locking if you<00:08:14.520> look<00:08:14.699> outside<00:08:15.060> of<00:08:15.360> blockchains<00:08:15.840> that 00:08:16.010 --> 00:08:16.020 align:start position:0% you look outside of blockchains that 00:08:16.020 --> 00:08:18.050 align:start position:0% you look outside of blockchains that just<00:08:16.199> kind<00:08:16.319> of<00:08:16.380> like<00:08:16.560> normal<00:08:17.220> you<00:08:17.699> know<00:08:17.819> high 00:08:18.050 --> 00:08:18.060 align:start position:0% just kind of like normal you know high 00:08:18.060 --> 00:08:19.850 align:start position:0% just kind of like normal you know high performance<00:08:18.479> High<00:08:18.840> concurrency<00:08:19.319> software 00:08:19.850 --> 00:08:19.860 align:start position:0% performance High concurrency software 00:08:19.860 --> 00:08:21.110 align:start position:0% performance High concurrency software systems 00:08:21.110 --> 00:08:21.120 align:start position:0% systems 00:08:21.120 --> 00:08:22.430 align:start position:0% systems um 00:08:22.430 --> 00:08:22.440 align:start position:0% um 00:08:22.440 --> 00:08:24.469 align:start position:0% um you<00:08:22.919> can<00:08:22.979> do<00:08:23.160> better<00:08:23.400> by<00:08:23.759> having<00:08:23.940> finer 00:08:24.469 --> 00:08:24.479 align:start position:0% you can do better by having finer 00:08:24.479 --> 00:08:27.110 align:start position:0% you can do better by having finer locking<00:08:24.900> but<00:08:25.319> a<00:08:25.800> cleaner<00:08:26.400> and<00:08:26.520> more<00:08:26.759> scalable 00:08:27.110 --> 00:08:27.120 align:start position:0% locking but a cleaner and more scalable 00:08:27.120 --> 00:08:29.689 align:start position:0% locking but a cleaner and more scalable approach<00:08:27.599> is<00:08:27.960> to<00:08:28.259> have<00:08:28.500> different<00:08:29.099> parts<00:08:29.460> of 00:08:29.689 --> 00:08:29.699 align:start position:0% approach is to have different parts of 00:08:29.699 --> 00:08:32.209 align:start position:0% approach is to have different parts of the<00:08:29.940> system<00:08:30.199> executing<00:08:31.199> independently<00:08:31.860> with 00:08:32.209 --> 00:08:32.219 align:start position:0% the system executing independently with 00:08:32.219 --> 00:08:33.949 align:start position:0% the system executing independently with their<00:08:32.399> own<00:08:32.580> State<00:08:32.820> and<00:08:33.360> passing<00:08:33.719> messages 00:08:33.949 --> 00:08:33.959 align:start position:0% their own State and passing messages 00:08:33.959 --> 00:08:36.649 align:start position:0% their own State and passing messages back<00:08:34.440> and<00:08:34.560> forth<00:08:34.800> to<00:08:34.919> each<00:08:35.099> other<00:08:35.760> so<00:08:36.360> what 00:08:36.649 --> 00:08:36.659 align:start position:0% back and forth to each other so what 00:08:36.659 --> 00:08:38.870 align:start position:0% back and forth to each other so what would<00:08:36.839> that<00:08:36.959> look<00:08:37.200> like<00:08:37.380> in<00:08:38.159> the<00:08:38.279> context<00:08:38.580> of 00:08:38.870 --> 00:08:38.880 align:start position:0% would that look like in the context of 00:08:38.880 --> 00:08:40.790 align:start position:0% would that look like in the context of trying<00:08:39.060> to<00:08:39.240> build<00:08:39.479> a<00:08:39.779> privacy<00:08:40.320> preserving 00:08:40.790 --> 00:08:40.800 align:start position:0% trying to build a privacy preserving 00:08:40.800 --> 00:08:43.610 align:start position:0% trying to build a privacy preserving chain<00:08:41.039> well<00:08:42.000> we<00:08:42.599> could<00:08:42.719> try<00:08:42.899> to<00:08:43.020> think<00:08:43.200> of<00:08:43.380> this 00:08:43.610 --> 00:08:43.620 align:start position:0% chain well we could try to think of this 00:08:43.620 --> 00:08:46.670 align:start position:0% chain well we could try to think of this kind<00:08:43.740> of<00:08:43.860> actor<00:08:44.279> model<00:08:44.459> for<00:08:44.820> chains<00:08:45.300> where<00:08:46.140> a 00:08:46.670 --> 00:08:46.680 align:start position:0% kind of actor model for chains where a 00:08:46.680 --> 00:08:49.490 align:start position:0% kind of actor model for chains where a transaction<00:08:47.040> rather<00:08:47.820> than<00:08:48.500> synchronously 00:08:49.490 --> 00:08:49.500 align:start position:0% transaction rather than synchronously 00:08:49.500 --> 00:08:52.310 align:start position:0% transaction rather than synchronously doing<00:08:49.860> a<00:08:50.339> contract<00:08:51.000> call<00:08:51.360> where<00:08:51.720> it<00:08:51.899> locks 00:08:52.310 --> 00:08:52.320 align:start position:0% doing a contract call where it locks 00:08:52.320 --> 00:08:55.130 align:start position:0% doing a contract call where it locks some<00:08:52.560> state<00:08:52.800> does<00:08:53.700> some<00:08:53.940> execution<00:08:54.660> and<00:08:54.959> then 00:08:55.130 --> 00:08:55.140 align:start position:0% some state does some execution and then 00:08:55.140 --> 00:08:57.350 align:start position:0% some state does some execution and then finishes<00:08:55.620> and<00:08:55.800> releases<00:08:56.220> the<00:08:56.459> look<00:08:56.580> we<00:08:57.240> could 00:08:57.350 --> 00:08:57.360 align:start position:0% finishes and releases the look we could 00:08:57.360 --> 00:08:58.670 align:start position:0% finishes and releases the look we could say<00:08:57.480> that<00:08:57.660> the<00:08:57.839> transaction<00:08:58.200> is<00:08:58.380> going<00:08:58.620> to 00:08:58.670 --> 00:08:58.680 align:start position:0% say that the transaction is going to 00:08:58.680 --> 00:09:00.769 align:start position:0% say that the transaction is going to pass<00:08:58.920> a<00:08:59.160> message<00:08:59.339> to<00:08:59.700> a<00:08:59.880> contract 00:09:00.769 --> 00:09:00.779 align:start position:0% pass a message to a contract 00:09:00.779 --> 00:09:02.750 align:start position:0% pass a message to a contract and<00:09:01.440> now<00:09:01.680> we're<00:09:01.980> going<00:09:02.160> to<00:09:02.220> have<00:09:02.399> each 00:09:02.750 --> 00:09:02.760 align:start position:0% and now we're going to have each 00:09:02.760 --> 00:09:06.230 align:start position:0% and now we're going to have each contract<00:09:03.300> execute<00:09:04.140> once<00:09:04.740> per<00:09:04.860> block<00:09:05.100> but<00:09:05.940> as 00:09:06.230 --> 00:09:06.240 align:start position:0% contract execute once per block but as 00:09:06.240 --> 00:09:08.509 align:start position:0% contract execute once per block but as it<00:09:06.480> executes<00:09:07.019> it's<00:09:07.380> going<00:09:07.560> to<00:09:07.680> receive<00:09:08.100> the 00:09:08.509 --> 00:09:08.519 align:start position:0% it executes it's going to receive the 00:09:08.519 --> 00:09:10.370 align:start position:0% it executes it's going to receive the set<00:09:08.700> of<00:09:08.940> all<00:09:09.180> of<00:09:09.300> the<00:09:09.480> messages<00:09:09.600> that<00:09:10.200> any 00:09:10.370 --> 00:09:10.380 align:start position:0% set of all of the messages that any 00:09:10.380 --> 00:09:12.350 align:start position:0% set of all of the messages that any transaction<00:09:10.860> passed<00:09:11.399> to<00:09:11.459> it<00:09:11.640> and<00:09:12.120> it<00:09:12.240> can 00:09:12.350 --> 00:09:12.360 align:start position:0% transaction passed to it and it can 00:09:12.360 --> 00:09:14.090 align:start position:0% transaction passed to it and it can process<00:09:12.660> those<00:09:12.959> all<00:09:13.260> in<00:09:13.440> a<00:09:13.560> batch<00:09:13.740> and 00:09:14.090 --> 00:09:14.100 align:start position:0% process those all in a batch and 00:09:14.100 --> 00:09:16.430 align:start position:0% process those all in a batch and depending<00:09:14.459> on<00:09:14.700> you<00:09:15.240> know<00:09:15.300> the<00:09:15.600> specifics<00:09:16.200> of 00:09:16.430 --> 00:09:16.440 align:start position:0% depending on you know the specifics of 00:09:16.440 --> 00:09:19.490 align:start position:0% depending on you know the specifics of that<00:09:16.620> contract<00:09:17.040> logic<00:09:17.519> in<00:09:18.300> some<00:09:18.420> cases<00:09:18.779> you 00:09:19.490 --> 00:09:19.500 align:start position:0% that contract logic in some cases you 00:09:19.500 --> 00:09:20.930 align:start position:0% that contract logic in some cases you know<00:09:19.560> you<00:09:19.800> could<00:09:19.920> combine<00:09:20.459> all<00:09:20.700> of<00:09:20.820> those 00:09:20.930 --> 00:09:20.940 align:start position:0% know you could combine all of those 00:09:20.940 --> 00:09:22.790 align:start position:0% know you could combine all of those messages<00:09:21.180> into<00:09:21.720> one<00:09:22.080> right<00:09:22.380> like<00:09:22.560> you<00:09:22.740> could 00:09:22.790 --> 00:09:22.800 align:start position:0% messages into one right like you could 00:09:22.800 --> 00:09:25.070 align:start position:0% messages into one right like you could do<00:09:22.980> a<00:09:23.100> batch<00:09:23.220> swap<00:09:23.640> which<00:09:24.060> I'll<00:09:24.180> get<00:09:24.600> to<00:09:24.720> later 00:09:25.070 --> 00:09:25.080 align:start position:0% do a batch swap which I'll get to later 00:09:25.080 --> 00:09:27.470 align:start position:0% do a batch swap which I'll get to later on<00:09:25.260> in<00:09:25.440> the<00:09:25.560> talk<00:09:25.740> but<00:09:26.640> also<00:09:27.180> you<00:09:27.360> could 00:09:27.470 --> 00:09:27.480 align:start position:0% on in the talk but also you could 00:09:27.480 --> 00:09:29.030 align:start position:0% on in the talk but also you could imagine<00:09:27.660> say<00:09:28.019> like<00:09:28.200> an<00:09:28.380> auction<00:09:28.560> protocol 00:09:29.030 --> 00:09:29.040 align:start position:0% imagine say like an auction protocol 00:09:29.040 --> 00:09:31.190 align:start position:0% imagine say like an auction protocol that<00:09:29.459> orders<00:09:29.820> these<00:09:30.120> messages<00:09:30.300> by<00:09:30.839> the<00:09:31.019> the 00:09:31.190 --> 00:09:31.200 align:start position:0% that orders these messages by the the 00:09:31.200 --> 00:09:32.990 align:start position:0% that orders these messages by the the bid<00:09:31.500> amount 00:09:32.990 --> 00:09:33.000 align:start position:0% bid amount 00:09:33.000 --> 00:09:34.790 align:start position:0% bid amount um<00:09:33.060> and<00:09:33.360> the<00:09:33.480> key<00:09:33.839> thing<00:09:34.019> is<00:09:34.200> that<00:09:34.380> you're<00:09:34.620> not 00:09:34.790 --> 00:09:34.800 align:start position:0% um and the key thing is that you're not 00:09:34.800 --> 00:09:37.490 align:start position:0% um and the key thing is that you're not doing<00:09:35.040> any<00:09:35.399> execution<00:09:35.940> at<00:09:36.839> a<00:09:36.959> higher<00:09:37.260> time 00:09:37.490 --> 00:09:37.500 align:start position:0% doing any execution at a higher time 00:09:37.500 --> 00:09:41.090 align:start position:0% doing any execution at a higher time resolution<00:09:37.980> than<00:09:38.760> is<00:09:39.000> actually<00:09:39.240> provided<00:09:40.019> by 00:09:41.090 --> 00:09:41.100 align:start position:0% resolution than is actually provided by 00:09:41.100 --> 00:09:43.490 align:start position:0% resolution than is actually provided by the<00:09:41.760> underlying<00:09:42.300> consensus<00:09:42.899> right<00:09:43.260> when 00:09:43.490 --> 00:09:43.500 align:start position:0% the underlying consensus right when 00:09:43.500 --> 00:09:45.710 align:start position:0% the underlying consensus right when people<00:09:43.680> talk<00:09:43.920> about<00:09:44.100> transaction<00:09:44.580> ordering<00:09:45.120> a 00:09:45.710 --> 00:09:45.720 align:start position:0% people talk about transaction ordering a 00:09:45.720 --> 00:09:48.230 align:start position:0% people talk about transaction ordering a lot<00:09:45.839> of<00:09:45.959> the<00:09:46.260> problems<00:09:46.920> arise<00:09:47.519> from<00:09:47.880> this 00:09:48.230 --> 00:09:48.240 align:start position:0% lot of the problems arise from this 00:09:48.240 --> 00:09:50.690 align:start position:0% lot of the problems arise from this mismatch<00:09:48.660> between<00:09:49.080> the<00:09:49.800> economic<00:09:50.279> mechanism 00:09:50.690 --> 00:09:50.700 align:start position:0% mismatch between the economic mechanism 00:09:50.700 --> 00:09:52.730 align:start position:0% mismatch between the economic mechanism and<00:09:51.000> the<00:09:51.120> contract<00:09:51.540> which<00:09:52.200> is<00:09:52.320> trying<00:09:52.560> to 00:09:52.730 --> 00:09:52.740 align:start position:0% and the contract which is trying to 00:09:52.740 --> 00:09:54.829 align:start position:0% and the contract which is trying to execute<00:09:53.160> at<00:09:53.339> this<00:09:53.519> sort<00:09:53.700> of<00:09:53.880> faster<00:09:54.540> than 00:09:54.829 --> 00:09:54.839 align:start position:0% execute at this sort of faster than 00:09:54.839 --> 00:09:57.829 align:start position:0% execute at this sort of faster than consensus<00:09:55.500> speed<00:09:55.920> and<00:09:56.640> the<00:09:56.880> actual<00:09:57.240> you<00:09:57.779> know 00:09:57.829 --> 00:09:57.839 align:start position:0% consensus speed and the actual you know 00:09:57.839 --> 00:10:00.110 align:start position:0% consensus speed and the actual you know consensus<00:09:58.740> ordering<00:09:59.220> guarantees<00:09:59.700> that<00:10:00.000> are 00:10:00.110 --> 00:10:00.120 align:start position:0% consensus ordering guarantees that are 00:10:00.120 --> 00:10:02.449 align:start position:0% consensus ordering guarantees that are provided<00:10:00.600> by<00:10:01.019> the<00:10:01.200> blockchain<00:10:01.560> which<00:10:02.220> happen 00:10:02.449 --> 00:10:02.459 align:start position:0% provided by the blockchain which happen 00:10:02.459 --> 00:10:04.250 align:start position:0% provided by the blockchain which happen block<00:10:02.940> by<00:10:03.180> block<00:10:03.420> right<00:10:03.720> like<00:10:03.959> if<00:10:04.140> you're 00:10:04.250 --> 00:10:04.260 align:start position:0% block by block right like if you're 00:10:04.260 --> 00:10:07.130 align:start position:0% block by block right like if you're agreeing<00:10:04.740> on<00:10:05.060> transactions<00:10:06.060> in<00:10:06.300> in<00:10:06.600> batches 00:10:07.130 --> 00:10:07.140 align:start position:0% agreeing on transactions in in batches 00:10:07.140 --> 00:10:09.290 align:start position:0% agreeing on transactions in in batches like<00:10:07.620> maybe<00:10:07.860> you<00:10:08.040> should<00:10:08.220> also<00:10:08.459> be<00:10:08.640> executing 00:10:09.290 --> 00:10:09.300 align:start position:0% like maybe you should also be executing 00:10:09.300 --> 00:10:11.750 align:start position:0% like maybe you should also be executing them<00:10:09.660> in<00:10:09.839> batches 00:10:11.750 --> 00:10:11.760 align:start position:0% them in batches 00:10:11.760 --> 00:10:15.110 align:start position:0% them in batches um<00:10:11.820> and<00:10:12.660> on<00:10:13.320> the<00:10:13.440> other<00:10:13.500> hand<00:10:13.740> our<00:10:14.580> our<00:10:14.820> per 00:10:15.110 --> 00:10:15.120 align:start position:0% um and on the other hand our our per 00:10:15.120 --> 00:10:17.990 align:start position:0% um and on the other hand our our per user<00:10:15.480> State<00:10:15.740> we<00:10:16.740> can<00:10:16.860> still<00:10:17.100> have<00:10:17.339> this<00:10:17.700> sort 00:10:17.990 --> 00:10:18.000 align:start position:0% user State we can still have this sort 00:10:18.000 --> 00:10:21.889 align:start position:0% user State we can still have this sort of<00:10:18.120> off-chain<00:10:18.839> uh<00:10:19.680> execution<00:10:20.240> but<00:10:21.240> now<00:10:21.600> the 00:10:21.889 --> 00:10:21.899 align:start position:0% of off-chain uh execution but now the 00:10:21.899 --> 00:10:23.449 align:start position:0% of off-chain uh execution but now the execution<00:10:22.260> is<00:10:22.500> going<00:10:22.620> to<00:10:22.680> be<00:10:22.800> asynchronous 00:10:23.449 --> 00:10:23.459 align:start position:0% execution is going to be asynchronous 00:10:23.459 --> 00:10:26.810 align:start position:0% execution is going to be asynchronous right<00:10:23.700> when<00:10:24.420> I<00:10:24.660> consume<00:10:25.320> my<00:10:25.560> state<00:10:25.800> and<00:10:26.459> I<00:10:26.580> pass 00:10:26.810 --> 00:10:26.820 align:start position:0% right when I consume my state and I pass 00:10:26.820 --> 00:10:29.810 align:start position:0% right when I consume my state and I pass a<00:10:27.060> message<00:10:27.240> to<00:10:27.540> a<00:10:27.720> contract<00:10:28.100> I<00:10:29.100> can't<00:10:29.339> compute 00:10:29.810 --> 00:10:29.820 align:start position:0% a message to a contract I can't compute 00:10:29.820 --> 00:10:31.730 align:start position:0% a message to a contract I can't compute my<00:10:30.000> outputs<00:10:30.480> yet<00:10:30.600> because<00:10:30.899> I<00:10:31.140> haven't<00:10:31.260> got<00:10:31.560> a 00:10:31.730 --> 00:10:31.740 align:start position:0% my outputs yet because I haven't got a 00:10:31.740 --> 00:10:35.290 align:start position:0% my outputs yet because I haven't got a message<00:10:31.920> back<00:10:32.339> so<00:10:33.000> I<00:10:33.120> need<00:10:33.300> to<00:10:33.480> somehow<00:10:33.980> record 00:10:35.290 --> 00:10:35.300 align:start position:0% message back so I need to somehow record 00:10:35.300 --> 00:10:38.690 align:start position:0% message back so I need to somehow record this<00:10:36.300> sort<00:10:36.480> of<00:10:36.600> intermediate<00:10:37.320> future 00:10:38.690 --> 00:10:38.700 align:start position:0% this sort of intermediate future 00:10:38.700 --> 00:10:41.329 align:start position:0% this sort of intermediate future that<00:10:39.300> represents<00:10:39.839> the<00:10:40.260> eventual<00:10:40.740> result<00:10:41.040> of 00:10:41.329 --> 00:10:41.339 align:start position:0% that represents the eventual result of 00:10:41.339 --> 00:10:42.530 align:start position:0% that represents the eventual result of the<00:10:41.459> computation<00:10:41.880> that<00:10:42.120> I'm<00:10:42.240> going<00:10:42.360> to<00:10:42.420> be 00:10:42.530 --> 00:10:42.540 align:start position:0% the computation that I'm going to be 00:10:42.540 --> 00:10:46.190 align:start position:0% the computation that I'm going to be doing<00:10:43.080> but<00:10:43.740> I<00:10:43.980> can<00:10:44.100> do<00:10:44.220> all<00:10:44.459> of<00:10:44.579> the<00:10:44.880> uh<00:10:45.480> all<00:10:46.079> of 00:10:46.190 --> 00:10:46.200 align:start position:0% doing but I can do all of the uh all of 00:10:46.200 --> 00:10:49.130 align:start position:0% doing but I can do all of the uh all of the<00:10:46.380> computation<00:10:46.800> that<00:10:47.399> is<00:10:47.579> only<00:10:47.880> touching<00:10:48.720> a 00:10:49.130 --> 00:10:49.140 align:start position:0% the computation that is only touching a 00:10:49.140 --> 00:10:51.530 align:start position:0% the computation that is only touching a particular<00:10:49.440> user<00:10:49.920> State<00:10:50.160> can<00:10:50.880> happen<00:10:51.120> off 00:10:51.530 --> 00:10:51.540 align:start position:0% particular user State can happen off 00:10:51.540 --> 00:10:55.130 align:start position:0% particular user State can happen off chain<00:10:51.980> uh<00:10:52.980> privately<00:10:53.339> in<00:10:53.640> ZK<00:10:54.000> so<00:10:54.779> the<00:10:54.959> really 00:10:55.130 --> 00:10:55.140 align:start position:0% chain uh privately in ZK so the really 00:10:55.140 --> 00:10:56.870 align:start position:0% chain uh privately in ZK so the really interesting<00:10:55.500> thing<00:10:55.680> about<00:10:55.920> this<00:10:56.279> model<00:10:56.579> is 00:10:56.870 --> 00:10:56.880 align:start position:0% interesting thing about this model is 00:10:56.880 --> 00:10:59.630 align:start position:0% interesting thing about this model is that<00:10:57.180> it<00:10:57.839> actually<00:10:58.040> simultaneously<00:10:59.040> unlocks 00:10:59.630 --> 00:10:59.640 align:start position:0% that it actually simultaneously unlocks 00:10:59.640 --> 00:11:03.290 align:start position:0% that it actually simultaneously unlocks both<00:11:00.060> scalability<00:11:01.019> and<00:11:01.620> privacy<00:11:02.160> because<00:11:02.880> all 00:11:03.290 --> 00:11:03.300 align:start position:0% both scalability and privacy because all 00:11:03.300 --> 00:11:05.150 align:start position:0% both scalability and privacy because all of<00:11:03.420> the<00:11:03.600> data<00:11:03.959> that<00:11:04.260> doesn't<00:11:04.440> need<00:11:04.740> to<00:11:04.980> be 00:11:05.150 --> 00:11:05.160 align:start position:0% of the data that doesn't need to be 00:11:05.160 --> 00:11:08.090 align:start position:0% of the data that doesn't need to be having<00:11:05.760> any<00:11:06.000> shared<00:11:06.420> execution<00:11:06.839> is<00:11:07.680> happening 00:11:08.090 --> 00:11:08.100 align:start position:0% having any shared execution is happening 00:11:08.100 --> 00:11:10.790 align:start position:0% having any shared execution is happening that<00:11:08.820> execution<00:11:09.300> is<00:11:09.540> is<00:11:09.779> happening<00:11:10.260> on<00:11:10.500> each 00:11:10.790 --> 00:11:10.800 align:start position:0% that execution is is happening on each 00:11:10.800 --> 00:11:13.670 align:start position:0% that execution is is happening on each individual<00:11:11.220> user's<00:11:11.760> client 00:11:13.670 --> 00:11:13.680 align:start position:0% individual user's client 00:11:13.680 --> 00:11:17.389 align:start position:0% individual user's client and<00:11:14.579> the<00:11:15.060> on-chain<00:11:15.480> data<00:11:15.899> is<00:11:16.200> limited<00:11:16.620> to<00:11:16.980> the 00:11:17.389 --> 00:11:17.399 align:start position:0% and the on-chain data is limited to the 00:11:17.399 --> 00:11:20.630 align:start position:0% and the on-chain data is limited to the minimum<00:11:17.880> uh<00:11:18.720> shared<00:11:19.140> computation<00:11:19.680> and<00:11:20.519> it's 00:11:20.630 --> 00:11:20.640 align:start position:0% minimum uh shared computation and it's 00:11:20.640 --> 00:11:22.310 align:start position:0% minimum uh shared computation and it's executing<00:11:21.180> in<00:11:21.420> a<00:11:21.600> batch<00:11:21.720> so<00:11:22.079> you<00:11:22.200> can 00:11:22.310 --> 00:11:22.320 align:start position:0% executing in a batch so you can 00:11:22.320 --> 00:11:23.690 align:start position:0% executing in a batch so you can potentially<00:11:22.680> have<00:11:22.860> a<00:11:23.040> much<00:11:23.160> more<00:11:23.339> efficient 00:11:23.690 --> 00:11:23.700 align:start position:0% potentially have a much more efficient 00:11:23.700 --> 00:11:26.569 align:start position:0% potentially have a much more efficient implementation<00:11:24.240> so<00:11:25.200> to<00:11:25.680> see<00:11:25.800> kind<00:11:26.100> of<00:11:26.220> how 00:11:26.569 --> 00:11:26.579 align:start position:0% implementation so to see kind of how 00:11:26.579 --> 00:11:29.449 align:start position:0% implementation so to see kind of how this<00:11:26.760> works<00:11:27.060> in<00:11:27.240> a<00:11:27.360> in<00:11:27.540> a<00:11:27.720> diagram<00:11:28.160> uh<00:11:29.160> which<00:11:29.339> I 00:11:29.449 --> 00:11:29.459 align:start position:0% this works in a in a diagram uh which I 00:11:29.459 --> 00:11:30.829 align:start position:0% this works in a in a diagram uh which I think<00:11:29.640> it<00:11:29.880> might<00:11:30.060> be<00:11:30.180> a<00:11:30.300> little<00:11:30.360> bit<00:11:30.540> more 00:11:30.829 --> 00:11:30.839 align:start position:0% think it might be a little bit more 00:11:30.839 --> 00:11:34.009 align:start position:0% think it might be a little bit more clear<00:11:31.019> we're<00:11:31.860> going<00:11:32.040> to<00:11:32.100> start<00:11:32.279> off<00:11:32.459> with<00:11:33.019> our 00:11:34.009 --> 00:11:34.019 align:start position:0% clear we're going to start off with our 00:11:34.019 --> 00:11:37.370 align:start position:0% clear we're going to start off with our first<00:11:34.519> uh<00:11:35.519> you<00:11:36.060> know<00:11:36.180> somebody's<00:11:36.660> preparing<00:11:37.200> a 00:11:37.370 --> 00:11:37.380 align:start position:0% first uh you know somebody's preparing a 00:11:37.380 --> 00:11:40.009 align:start position:0% first uh you know somebody's preparing a transaction<00:11:37.800> they're<00:11:38.519> going<00:11:38.700> to<00:11:38.820> perform<00:11:39.120> a 00:11:40.009 --> 00:11:40.019 align:start position:0% transaction they're going to perform a 00:11:40.019 --> 00:11:43.370 align:start position:0% transaction they're going to perform a state<00:11:40.260> transition<00:11:41.060> and<00:11:42.060> produce<00:11:42.480> a<00:11:42.600> ZK<00:11:42.959> proof 00:11:43.370 --> 00:11:43.380 align:start position:0% state transition and produce a ZK proof 00:11:43.380 --> 00:11:45.650 align:start position:0% state transition and produce a ZK proof of<00:11:43.500> it<00:11:43.620> with<00:11:44.160> their<00:11:44.339> private<00:11:44.700> inputs 00:11:45.650 --> 00:11:45.660 align:start position:0% of it with their private inputs 00:11:45.660 --> 00:11:48.590 align:start position:0% of it with their private inputs and<00:11:46.500> that<00:11:47.220> transaction<00:11:47.640> is<00:11:47.880> going<00:11:48.060> to<00:11:48.120> send<00:11:48.360> a 00:11:48.590 --> 00:11:48.600 align:start position:0% and that transaction is going to send a 00:11:48.600 --> 00:11:52.130 align:start position:0% and that transaction is going to send a message<00:11:48.779> out<00:11:49.380> to<00:11:49.800> this<00:11:50.459> contract 00:11:52.130 --> 00:11:52.140 align:start position:0% message out to this contract 00:11:52.140 --> 00:11:54.949 align:start position:0% message out to this contract what<00:11:52.680> it's<00:11:52.800> going<00:11:53.040> to<00:11:53.220> record<00:11:53.640> as<00:11:54.240> the<00:11:54.540> output 00:11:54.949 --> 00:11:54.959 align:start position:0% what it's going to record as the output 00:11:54.959 --> 00:11:57.949 align:start position:0% what it's going to record as the output of<00:11:55.440> that<00:11:55.740> initial<00:11:56.339> transaction<00:11:56.820> is<00:11:57.720> actually 00:11:57.949 --> 00:11:57.959 align:start position:0% of that initial transaction is actually 00:11:57.959 --> 00:12:01.069 align:start position:0% of that initial transaction is actually a<00:11:58.560> privately<00:11:58.920> minted<00:11:59.459> state<00:11:59.940> nft 00:12:01.069 --> 00:12:01.079 align:start position:0% a privately minted state nft 00:12:01.079 --> 00:12:05.449 align:start position:0% a privately minted state nft which<00:12:01.680> commits<00:12:02.459> to<00:12:03.420> the<00:12:04.140> Future<00:12:04.440> that<00:12:05.100> this 00:12:05.449 --> 00:12:05.459 align:start position:0% which commits to the Future that this 00:12:05.459 --> 00:12:07.730 align:start position:0% which commits to the Future that this computation<00:12:06.060> is<00:12:06.360> supposed<00:12:06.540> to<00:12:06.720> be<00:12:06.959> uh 00:12:07.730 --> 00:12:07.740 align:start position:0% computation is supposed to be uh 00:12:07.740 --> 00:12:10.670 align:start position:0% computation is supposed to be uh representing<00:12:08.339> so<00:12:09.240> now<00:12:09.660> this<00:12:09.959> user<00:12:10.260> has<00:12:10.440> this 00:12:10.670 --> 00:12:10.680 align:start position:0% representing so now this user has this 00:12:10.680 --> 00:12:12.710 align:start position:0% representing so now this user has this in<00:12:11.220> this<00:12:11.399> diagram<00:12:11.700> this<00:12:12.000> is<00:12:12.120> the<00:12:12.300> the<00:12:12.480> Diamond 00:12:12.710 --> 00:12:12.720 align:start position:0% in this diagram this is the the Diamond 00:12:12.720 --> 00:12:15.470 align:start position:0% in this diagram this is the the Diamond is<00:12:13.079> this<00:12:13.380> nft<00:12:13.860> that<00:12:14.399> records<00:12:14.940> the<00:12:15.180> kind<00:12:15.360> of 00:12:15.470 --> 00:12:15.480 align:start position:0% is this nft that records the kind of 00:12:15.480 --> 00:12:17.750 align:start position:0% is this nft that records the kind of intermediate<00:12:16.079> state<00:12:16.320> of<00:12:16.620> their<00:12:16.980> per<00:12:17.399> user 00:12:17.750 --> 00:12:17.760 align:start position:0% intermediate state of their per user 00:12:17.760 --> 00:12:19.069 align:start position:0% intermediate state of their per user computation 00:12:19.069 --> 00:12:19.079 align:start position:0% computation 00:12:19.079 --> 00:12:21.110 align:start position:0% computation after<00:12:19.740> they<00:12:20.040> send<00:12:20.220> that<00:12:20.399> all<00:12:20.519> out<00:12:20.760> to<00:12:20.940> the 00:12:21.110 --> 00:12:21.120 align:start position:0% after they send that all out to the 00:12:21.120 --> 00:12:23.030 align:start position:0% after they send that all out to the chain<00:12:21.240> it's<00:12:21.540> included<00:12:21.959> in<00:12:22.140> a<00:12:22.260> block 00:12:23.030 --> 00:12:23.040 align:start position:0% chain it's included in a block 00:12:23.040 --> 00:12:24.829 align:start position:0% chain it's included in a block the<00:12:23.700> chain<00:12:23.940> is<00:12:24.180> going<00:12:24.300> to<00:12:24.360> send<00:12:24.480> a<00:12:24.660> message 00:12:24.829 --> 00:12:24.839 align:start position:0% the chain is going to send a message 00:12:24.839 --> 00:12:27.050 align:start position:0% the chain is going to send a message back<00:12:25.140> by<00:12:25.500> publishing<00:12:25.980> data<00:12:26.279> to<00:12:26.459> the<00:12:26.640> the<00:12:26.820> chain 00:12:27.050 --> 00:12:27.060 align:start position:0% back by publishing data to the the chain 00:12:27.060 --> 00:12:28.550 align:start position:0% back by publishing data to the the chain or<00:12:27.300> the<00:12:27.420> contract's<00:12:27.839> going<00:12:28.019> to<00:12:28.140> send<00:12:28.260> a 00:12:28.550 --> 00:12:28.560 align:start position:0% or the contract's going to send a 00:12:28.560 --> 00:12:30.230 align:start position:0% or the contract's going to send a message<00:12:28.680> back<00:12:28.980> by<00:12:29.339> publishing<00:12:29.700> the<00:12:29.820> data<00:12:30.120> to 00:12:30.230 --> 00:12:30.240 align:start position:0% message back by publishing the data to 00:12:30.240 --> 00:12:32.329 align:start position:0% message back by publishing the data to the<00:12:30.360> chain<00:12:30.540> and 00:12:32.329 --> 00:12:32.339 align:start position:0% the chain and 00:12:32.339 --> 00:12:34.190 align:start position:0% the chain and we<00:12:32.760> take<00:12:32.940> that<00:12:33.120> message<00:12:33.360> from<00:12:33.660> the<00:12:33.779> contract 00:12:34.190 --> 00:12:34.200 align:start position:0% we take that message from the contract 00:12:34.200 --> 00:12:36.410 align:start position:0% we take that message from the contract combine<00:12:35.040> it<00:12:35.220> with<00:12:35.519> our<00:12:35.760> intermediate 00:12:36.410 --> 00:12:36.420 align:start position:0% combine it with our intermediate 00:12:36.420 --> 00:12:39.050 align:start position:0% combine it with our intermediate execution<00:12:36.959> state<00:12:37.800> we're<00:12:38.160> going<00:12:38.279> to<00:12:38.399> burn<00:12:38.700> that 00:12:39.050 --> 00:12:39.060 align:start position:0% execution state we're going to burn that 00:12:39.060 --> 00:12:43.190 align:start position:0% execution state we're going to burn that state<00:12:39.800> and<00:12:40.800> inside<00:12:41.220> of<00:12:41.579> this<00:12:41.700> ZK<00:12:42.060> proof<00:12:42.480> we<00:12:43.079> can 00:12:43.190 --> 00:12:43.200 align:start position:0% state and inside of this ZK proof we can 00:12:43.200 --> 00:12:46.009 align:start position:0% state and inside of this ZK proof we can now<00:12:43.820> prove<00:12:44.820> that<00:12:45.060> we've<00:12:45.420> you<00:12:45.600> know<00:12:45.720> modeled 00:12:46.009 --> 00:12:46.019 align:start position:0% now prove that we've you know modeled 00:12:46.019 --> 00:12:48.949 align:start position:0% now prove that we've you know modeled the<00:12:46.260> correct<00:12:46.560> future<00:12:46.800> with<00:12:47.279> the<00:12:47.519> correct<00:12:47.820> uh 00:12:48.949 --> 00:12:48.959 align:start position:0% the correct future with the correct uh 00:12:48.959 --> 00:12:51.290 align:start position:0% the correct future with the correct uh you<00:12:49.500> know<00:12:49.620> same<00:12:49.920> input<00:12:50.339> values<00:12:50.760> that<00:12:51.000> we<00:12:51.180> had 00:12:51.290 --> 00:12:51.300 align:start position:0% you know same input values that we had 00:12:51.300 --> 00:12:52.970 align:start position:0% you know same input values that we had committed<00:12:51.660> to<00:12:51.839> in<00:12:52.260> the<00:12:52.380> first<00:12:52.500> transaction 00:12:52.970 --> 00:12:52.980 align:start position:0% committed to in the first transaction 00:12:52.980 --> 00:12:55.250 align:start position:0% committed to in the first transaction and<00:12:53.820> now<00:12:53.940> we<00:12:54.180> can<00:12:54.300> privately<00:12:54.600> mint<00:12:54.959> some 00:12:55.250 --> 00:12:55.260 align:start position:0% and now we can privately mint some 00:12:55.260 --> 00:12:56.389 align:start position:0% and now we can privately mint some outputs 00:12:56.389 --> 00:12:56.399 align:start position:0% outputs 00:12:56.399 --> 00:12:58.670 align:start position:0% outputs so<00:12:56.940> this<00:12:57.240> is<00:12:57.360> this<00:12:57.600> sort<00:12:57.839> of<00:12:57.959> big<00:12:58.440> picture 00:12:58.670 --> 00:12:58.680 align:start position:0% so this is this sort of big picture 00:12:58.680 --> 00:13:01.970 align:start position:0% so this is this sort of big picture diagram<00:12:59.519> of<00:12:59.820> how<00:13:00.480> this<00:13:00.660> sort<00:13:00.839> of<00:13:00.959> async<00:13:01.560> ZK 00:13:01.970 --> 00:13:01.980 align:start position:0% diagram of how this sort of async ZK 00:13:01.980 --> 00:13:04.430 align:start position:0% diagram of how this sort of async ZK execution<00:13:02.639> can<00:13:03.000> work 00:13:04.430 --> 00:13:04.440 align:start position:0% execution can work 00:13:04.440 --> 00:13:07.190 align:start position:0% execution can work um<00:13:04.560> in<00:13:05.220> principle 00:13:07.190 --> 00:13:07.200 align:start position:0% um in principle 00:13:07.200 --> 00:13:10.009 align:start position:0% um in principle um<00:13:07.260> and<00:13:08.160> we'll<00:13:08.399> get<00:13:08.579> to<00:13:08.760> a<00:13:09.000> concrete<00:13:09.660> example 00:13:10.009 --> 00:13:10.019 align:start position:0% um and we'll get to a concrete example 00:13:10.019 --> 00:13:11.870 align:start position:0% um and we'll get to a concrete example of<00:13:10.139> how<00:13:10.320> that<00:13:10.500> works<00:13:10.800> out<00:13:10.920> for<00:13:11.279> the<00:13:11.519> case<00:13:11.700> of 00:13:11.870 --> 00:13:11.880 align:start position:0% of how that works out for the case of 00:13:11.880 --> 00:13:15.170 align:start position:0% of how that works out for the case of doing<00:13:12.000> batch<00:13:12.300> swaps<00:13:12.959> but<00:13:13.800> before<00:13:14.100> that<00:13:14.459> I<00:13:15.060> just 00:13:15.170 --> 00:13:15.180 align:start position:0% doing batch swaps but before that I just 00:13:15.180 --> 00:13:16.970 align:start position:0% doing batch swaps but before that I just want<00:13:15.300> to<00:13:15.420> get<00:13:15.540> into<00:13:15.779> this<00:13:16.380> second<00:13:16.560> challenge 00:13:16.970 --> 00:13:16.980 align:start position:0% want to get into this second challenge 00:13:16.980 --> 00:13:19.009 align:start position:0% want to get into this second challenge which<00:13:17.700> is 00:13:19.009 --> 00:13:19.019 align:start position:0% which is 00:13:19.019 --> 00:13:21.949 align:start position:0% which is um once<00:13:19.800> you<00:13:19.920> have<00:13:20.160> an<00:13:20.639> idea<00:13:20.940> of<00:13:21.120> okay<00:13:21.600> we<00:13:21.839> have 00:13:21.949 --> 00:13:21.959 align:start position:0% um once you have an idea of okay we have 00:13:21.959 --> 00:13:23.870 align:start position:0% um once you have an idea of okay we have maybe<00:13:22.200> a<00:13:22.440> workable<00:13:22.680> State<00:13:22.920> model<00:13:23.160> but<00:13:23.459> what<00:13:23.700> is 00:13:23.870 --> 00:13:23.880 align:start position:0% maybe a workable State model but what is 00:13:23.880 --> 00:13:25.550 align:start position:0% maybe a workable State model but what is the<00:13:24.000> Privacy<00:13:24.360> model<00:13:24.600> right 00:13:25.550 --> 00:13:25.560 align:start position:0% the Privacy model right 00:13:25.560 --> 00:13:27.290 align:start position:0% the Privacy model right and 00:13:27.290 --> 00:13:27.300 align:start position:0% and 00:13:27.300 --> 00:13:29.449 align:start position:0% and the<00:13:27.839> the<00:13:27.839> claim<00:13:28.380> here<00:13:28.500> is<00:13:28.740> that<00:13:29.040> basically 00:13:29.449 --> 00:13:29.459 align:start position:0% the the claim here is that basically 00:13:29.459 --> 00:13:32.090 align:start position:0% the the claim here is that basically every<00:13:29.880> useful<00:13:30.360> blockchain<00:13:30.959> revolves<00:13:31.740> around 00:13:32.090 --> 00:13:32.100 align:start position:0% every useful blockchain revolves around 00:13:32.100 --> 00:13:35.389 align:start position:0% every useful blockchain revolves around public<00:13:32.820> shared<00:13:33.480> State<00:13:33.720> that's<00:13:34.680> why<00:13:35.040> you<00:13:35.339> know 00:13:35.389 --> 00:13:35.399 align:start position:0% public shared State that's why you know 00:13:35.399 --> 00:13:36.889 align:start position:0% public shared State that's why you know for<00:13:35.579> instance<00:13:35.760> ethereum<00:13:36.360> is<00:13:36.540> valuable 00:13:36.889 --> 00:13:36.899 align:start position:0% for instance ethereum is valuable 00:13:36.899 --> 00:13:38.810 align:start position:0% for instance ethereum is valuable because<00:13:37.200> it<00:13:37.500> has<00:13:37.680> everybody's<00:13:38.279> state<00:13:38.399> in<00:13:38.639> it 00:13:38.810 --> 00:13:38.820 align:start position:0% because it has everybody's state in it 00:13:38.820 --> 00:13:40.910 align:start position:0% because it has everybody's state in it and<00:13:39.000> it's<00:13:39.180> all<00:13:39.420> there 00:13:40.910 --> 00:13:40.920 align:start position:0% and it's all there 00:13:40.920 --> 00:13:42.829 align:start position:0% and it's all there um<00:13:41.040> so<00:13:41.459> the<00:13:41.700> idea<00:13:41.940> of<00:13:42.120> like<00:13:42.240> oh<00:13:42.420> well<00:13:42.600> we're 00:13:42.829 --> 00:13:42.839 align:start position:0% um so the idea of like oh well we're 00:13:42.839 --> 00:13:45.170 align:start position:0% um so the idea of like oh well we're gonna<00:13:42.959> just<00:13:43.320> like<00:13:43.560> make<00:13:43.920> everything<00:13:44.339> private 00:13:45.170 --> 00:13:45.180 align:start position:0% gonna just like make everything private 00:13:45.180 --> 00:13:47.269 align:start position:0% gonna just like make everything private and<00:13:45.660> like<00:13:45.899> everything<00:13:46.320> will<00:13:46.680> be<00:13:46.860> completely 00:13:47.269 --> 00:13:47.279 align:start position:0% and like everything will be completely 00:13:47.279 --> 00:13:49.550 align:start position:0% and like everything will be completely private<00:13:47.639> doesn't<00:13:47.880> actually<00:13:48.120> work<00:13:48.480> because<00:13:48.839> in 00:13:49.550 --> 00:13:49.560 align:start position:0% private doesn't actually work because in 00:13:49.560 --> 00:13:51.110 align:start position:0% private doesn't actually work because in fact<00:13:49.680> like<00:13:49.980> the<00:13:50.220> reason<00:13:50.339> that<00:13:50.700> we're<00:13:50.880> we're 00:13:51.110 --> 00:13:51.120 align:start position:0% fact like the reason that we're we're 00:13:51.120 --> 00:13:54.050 align:start position:0% fact like the reason that we're we're using<00:13:51.540> the<00:13:51.720> coordination<00:13:52.139> tool<00:13:53.040> is<00:13:53.700> so<00:13:53.940> that 00:13:54.050 --> 00:13:54.060 align:start position:0% using the coordination tool is so that 00:13:54.060 --> 00:13:55.850 align:start position:0% using the coordination tool is so that we<00:13:54.240> can<00:13:54.360> coordinate<00:13:54.779> nobody<00:13:55.200> wants<00:13:55.440> to<00:13:55.560> use<00:13:55.680> a 00:13:55.850 --> 00:13:55.860 align:start position:0% we can coordinate nobody wants to use a 00:13:55.860 --> 00:13:57.590 align:start position:0% we can coordinate nobody wants to use a market<00:13:56.040> where<00:13:56.399> they<00:13:56.700> have<00:13:56.820> no<00:13:57.000> idea<00:13:57.240> what<00:13:57.420> the 00:13:57.590 --> 00:13:57.600 align:start position:0% market where they have no idea what the 00:13:57.600 --> 00:14:00.290 align:start position:0% market where they have no idea what the liquidity<00:13:58.019> is<00:13:58.279> or<00:13:59.279> what<00:13:59.459> prices<00:13:59.700> they<00:14:00.120> might 00:14:00.290 --> 00:14:00.300 align:start position:0% liquidity is or what prices they might 00:14:00.300 --> 00:14:03.530 align:start position:0% liquidity is or what prices they might get<00:14:00.540> or<00:14:01.139> you<00:14:01.560> know<00:14:01.620> what<00:14:01.920> the<00:14:02.040> volume<00:14:02.279> is 00:14:03.530 --> 00:14:03.540 align:start position:0% get or you know what the volume is 00:14:03.540 --> 00:14:04.670 align:start position:0% get or you know what the volume is um 00:14:04.670 --> 00:14:04.680 align:start position:0% um 00:14:04.680 --> 00:14:07.069 align:start position:0% um and<00:14:05.639> all<00:14:06.120> of<00:14:06.240> the 00:14:07.069 --> 00:14:07.079 align:start position:0% and all of the 00:14:07.079 --> 00:14:10.790 align:start position:0% and all of the the<00:14:07.440> sort<00:14:07.800> of<00:14:07.920> big<00:14:08.100> breakout<00:14:08.639> successes<00:14:09.360> uh 00:14:10.790 --> 00:14:10.800 align:start position:0% the sort of big breakout successes uh 00:14:10.800 --> 00:14:13.490 align:start position:0% the sort of big breakout successes uh of<00:14:11.279> of<00:14:11.339> useful<00:14:12.060> contracts<00:14:12.600> have<00:14:12.899> the 00:14:13.490 --> 00:14:13.500 align:start position:0% of of useful contracts have the 00:14:13.500 --> 00:14:16.370 align:start position:0% of of useful contracts have the contracts<00:14:14.160> uh<00:14:15.000> public<00:14:15.180> shared<00:14:15.600> State<00:14:15.779> acting 00:14:16.370 --> 00:14:16.380 align:start position:0% contracts uh public shared State acting 00:14:16.380 --> 00:14:18.170 align:start position:0% contracts uh public shared State acting as<00:14:16.500> this<00:14:16.740> kind<00:14:16.920> of<00:14:16.980> universal<00:14:17.459> counterparty 00:14:18.170 --> 00:14:18.180 align:start position:0% as this kind of universal counterparty 00:14:18.180 --> 00:14:20.030 align:start position:0% as this kind of universal counterparty so<00:14:18.480> you<00:14:18.779> don't<00:14:18.899> need<00:14:19.019> to<00:14:19.139> go<00:14:19.320> and<00:14:19.440> find<00:14:19.740> some 00:14:20.030 --> 00:14:20.040 align:start position:0% so you don't need to go and find some 00:14:20.040 --> 00:14:21.650 align:start position:0% so you don't need to go and find some some<00:14:20.339> person<00:14:20.579> to<00:14:20.880> interact<00:14:21.120> with<00:14:21.300> you<00:14:21.540> can 00:14:21.650 --> 00:14:21.660 align:start position:0% some person to interact with you can 00:14:21.660 --> 00:14:23.569 align:start position:0% some person to interact with you can just<00:14:21.779> interact<00:14:22.200> with<00:14:22.380> the<00:14:22.560> chain<00:14:22.680> so<00:14:23.279> we<00:14:23.399> need 00:14:23.569 --> 00:14:23.579 align:start position:0% just interact with the chain so we need 00:14:23.579 --> 00:14:25.850 align:start position:0% just interact with the chain so we need to<00:14:23.700> have<00:14:23.820> public<00:14:24.060> shared<00:14:24.480> state<00:14:24.660> but<00:14:25.500> you<00:14:25.800> know 00:14:25.850 --> 00:14:25.860 align:start position:0% to have public shared state but you know 00:14:25.860 --> 00:14:27.949 align:start position:0% to have public shared state but you know maybe<00:14:26.040> we<00:14:26.279> want<00:14:26.399> it<00:14:26.519> to<00:14:26.639> be<00:14:26.760> private<00:14:27.120> so<00:14:27.540> what 00:14:27.949 --> 00:14:27.959 align:start position:0% maybe we want it to be private so what 00:14:27.959 --> 00:14:29.990 align:start position:0% maybe we want it to be private so what what<00:14:28.079> does<00:14:28.740> that<00:14:28.920> mean<00:14:29.100> exactly<00:14:29.459> right<00:14:29.700> this 00:14:29.990 --> 00:14:30.000 align:start position:0% what does that mean exactly right this 00:14:30.000 --> 00:14:31.850 align:start position:0% what does that mean exactly right this question<00:14:30.240> the<00:14:30.540> question<00:14:30.720> is<00:14:30.839> like<00:14:31.139> how<00:14:31.620> do<00:14:31.740> you 00:14:31.850 --> 00:14:31.860 align:start position:0% question the question is like how do you 00:14:31.860 --> 00:14:35.329 align:start position:0% question the question is like how do you allow<00:14:32.240> private<00:14:33.240> interaction<00:14:33.860> with<00:14:34.860> public 00:14:35.329 --> 00:14:35.339 align:start position:0% allow private interaction with public 00:14:35.339 --> 00:14:37.370 align:start position:0% allow private interaction with public shared<00:14:35.880> State 00:14:37.370 --> 00:14:37.380 align:start position:0% shared State 00:14:37.380 --> 00:14:40.550 align:start position:0% shared State um we<00:14:37.860> want<00:14:37.980> to<00:14:38.160> have<00:14:38.720> uh<00:14:39.720> some<00:14:40.260> kind<00:14:40.440> of 00:14:40.550 --> 00:14:40.560 align:start position:0% um we want to have uh some kind of 00:14:40.560 --> 00:14:43.730 align:start position:0% um we want to have uh some kind of notion<00:14:40.920> where<00:14:41.339> the<00:14:42.300> individual<00:14:43.260> users 00:14:43.730 --> 00:14:43.740 align:start position:0% notion where the individual users 00:14:43.740 --> 00:14:46.069 align:start position:0% notion where the individual users transactions<00:14:44.519> have<00:14:44.820> privacy<00:14:45.300> but<00:14:45.600> all<00:14:45.779> of<00:14:45.899> the 00:14:46.069 --> 00:14:46.079 align:start position:0% transactions have privacy but all of the 00:14:46.079 --> 00:14:48.170 align:start position:0% transactions have privacy but all of the aggregate<00:14:46.620> state<00:14:47.220> of<00:14:47.399> the<00:14:47.519> chain<00:14:47.639> like<00:14:47.880> you 00:14:48.170 --> 00:14:48.180 align:start position:0% aggregate state of the chain like you 00:14:48.180 --> 00:14:49.970 align:start position:0% aggregate state of the chain like you know<00:14:48.300> all<00:14:48.480> of<00:14:48.600> the<00:14:48.720> aggregate<00:14:49.139> Market<00:14:49.320> data<00:14:49.800> is 00:14:49.970 --> 00:14:49.980 align:start position:0% know all of the aggregate Market data is 00:14:49.980 --> 00:14:52.310 align:start position:0% know all of the aggregate Market data is public<00:14:50.279> but<00:14:51.000> the<00:14:51.180> individual<00:14:51.600> users<00:14:51.959> trades 00:14:52.310 --> 00:14:52.320 align:start position:0% public but the individual users trades 00:14:52.320 --> 00:14:54.650 align:start position:0% public but the individual users trades are<00:14:52.500> not<00:14:52.680> so<00:14:53.399> here's<00:14:53.699> two<00:14:53.880> basic<00:14:54.240> strategies 00:14:54.650 --> 00:14:54.660 align:start position:0% are not so here's two basic strategies 00:14:54.660 --> 00:14:56.870 align:start position:0% are not so here's two basic strategies of<00:14:54.839> how<00:14:55.019> you<00:14:55.139> could<00:14:55.320> have<00:14:55.560> a<00:14:56.399> private 00:14:56.870 --> 00:14:56.880 align:start position:0% of how you could have a private 00:14:56.880 --> 00:14:59.750 align:start position:0% of how you could have a private interaction<00:14:57.300> with<00:14:57.660> public<00:14:57.839> State<00:14:58.339> one<00:14:59.339> is 00:14:59.750 --> 00:14:59.760 align:start position:0% interaction with public State one is 00:14:59.760 --> 00:15:01.970 align:start position:0% interaction with public State one is splitting<00:15:00.480> flows<00:15:00.959> and<00:15:01.320> the<00:15:01.440> other<00:15:01.560> is 00:15:01.970 --> 00:15:01.980 align:start position:0% splitting flows and the other is 00:15:01.980 --> 00:15:05.509 align:start position:0% splitting flows and the other is batching<00:15:02.579> flows<00:15:03.000> when<00:15:03.600> I<00:15:03.779> say<00:15:03.899> flow<00:15:04.519> the 00:15:05.509 --> 00:15:05.519 align:start position:0% batching flows when I say flow the 00:15:05.519 --> 00:15:07.550 align:start position:0% batching flows when I say flow the reason<00:15:05.639> I<00:15:05.940> use<00:15:06.420> that<00:15:06.600> word<00:15:06.779> is<00:15:06.959> that<00:15:07.139> I<00:15:07.260> think 00:15:07.550 --> 00:15:07.560 align:start position:0% reason I use that word is that I think 00:15:07.560 --> 00:15:08.990 align:start position:0% reason I use that word is that I think of 00:15:08.990 --> 00:15:09.000 align:start position:0% of 00:15:09.000 --> 00:15:11.629 align:start position:0% of um<00:15:09.060> you<00:15:09.300> know<00:15:09.360> value<00:15:09.800> being<00:15:10.800> in<00:15:11.100> in<00:15:11.399> different 00:15:11.629 --> 00:15:11.639 align:start position:0% um you know value being in in different 00:15:11.639 --> 00:15:15.230 align:start position:0% um you know value being in in different sort<00:15:12.060> of<00:15:12.180> pieces<00:15:12.899> of<00:15:13.500> the<00:15:13.860> chain<00:15:14.100> State<00:15:14.459> and<00:15:15.120> as 00:15:15.230 --> 00:15:15.240 align:start position:0% sort of pieces of the chain State and as 00:15:15.240 --> 00:15:16.490 align:start position:0% sort of pieces of the chain State and as people<00:15:15.480> do<00:15:15.779> things<00:15:15.959> you're<00:15:16.139> going<00:15:16.320> to<00:15:16.380> have 00:15:16.490 --> 00:15:16.500 align:start position:0% people do things you're going to have 00:15:16.500 --> 00:15:18.889 align:start position:0% people do things you're going to have flows<00:15:16.980> of<00:15:17.160> value<00:15:17.459> between<00:15:18.360> different 00:15:18.889 --> 00:15:18.899 align:start position:0% flows of value between different 00:15:18.899 --> 00:15:21.290 align:start position:0% flows of value between different portions<00:15:19.560> of<00:15:19.800> the<00:15:19.920> chain<00:15:20.100> State<00:15:20.399> and<00:15:21.060> we<00:15:21.180> want 00:15:21.290 --> 00:15:21.300 align:start position:0% portions of the chain State and we want 00:15:21.300 --> 00:15:24.110 align:start position:0% portions of the chain State and we want to<00:15:21.420> have<00:15:21.540> some<00:15:21.839> kind<00:15:22.019> of<00:15:22.079> system<00:15:22.320> where<00:15:23.120> people 00:15:24.110 --> 00:15:24.120 align:start position:0% to have some kind of system where people 00:15:24.120 --> 00:15:26.689 align:start position:0% to have some kind of system where people can<00:15:25.019> have<00:15:25.560> privacy<00:15:26.040> about<00:15:26.220> what<00:15:26.579> their 00:15:26.689 --> 00:15:26.699 align:start position:0% can have privacy about what their 00:15:26.699 --> 00:15:29.150 align:start position:0% can have privacy about what their contribution<00:15:27.240> to<00:15:27.720> that<00:15:28.019> specific<00:15:28.380> flow<00:15:28.980> is 00:15:29.150 --> 00:15:29.160 align:start position:0% contribution to that specific flow is 00:15:29.160 --> 00:15:33.050 align:start position:0% contribution to that specific flow is but<00:15:29.820> still<00:15:30.060> have<00:15:30.300> a<00:15:30.540> sort<00:15:31.139> of<00:15:31.320> overall 00:15:33.050 --> 00:15:33.060 align:start position:0% but still have a sort of overall 00:15:33.060 --> 00:15:33.949 align:start position:0% but still have a sort of overall um 00:15:33.949 --> 00:15:33.959 align:start position:0% um 00:15:33.959 --> 00:15:36.350 align:start position:0% um a<00:15:34.440> transparent<00:15:35.040> aggregate 00:15:36.350 --> 00:15:36.360 align:start position:0% a transparent aggregate 00:15:36.360 --> 00:15:39.310 align:start position:0% a transparent aggregate so<00:15:36.839> looking<00:15:36.959> at<00:15:37.260> these<00:15:37.620> two<00:15:37.800> in<00:15:38.220> turn 00:15:39.310 --> 00:15:39.320 align:start position:0% so looking at these two in turn 00:15:39.320 --> 00:15:42.050 align:start position:0% so looking at these two in turn for<00:15:40.320> splitting<00:15:40.740> flows<00:15:41.040> the<00:15:41.339> idea<00:15:41.579> is<00:15:41.820> that 00:15:42.050 --> 00:15:42.060 align:start position:0% for splitting flows the idea is that 00:15:42.060 --> 00:15:44.030 align:start position:0% for splitting flows the idea is that we're<00:15:42.240> going<00:15:42.420> to<00:15:42.540> start<00:15:42.720> off<00:15:42.899> with<00:15:43.260> some<00:15:43.620> users 00:15:44.030 --> 00:15:44.040 align:start position:0% we're going to start off with some users 00:15:44.040 --> 00:15:46.310 align:start position:0% we're going to start off with some users value<00:15:45.000> that<00:15:45.360> you<00:15:45.540> know<00:15:45.600> this<00:15:45.720> maybe<00:15:45.959> this<00:15:46.139> is 00:15:46.310 --> 00:15:46.320 align:start position:0% value that you know this maybe this is 00:15:46.320 --> 00:15:48.170 align:start position:0% value that you know this maybe this is an<00:15:46.500> amount<00:15:46.800> that<00:15:46.980> they<00:15:47.100> want<00:15:47.279> to<00:15:47.399> trade<00:15:47.579> they 00:15:48.170 --> 00:15:48.180 align:start position:0% an amount that they want to trade they 00:15:48.180 --> 00:15:49.730 align:start position:0% an amount that they want to trade they can<00:15:48.300> split<00:15:48.600> that<00:15:48.779> into<00:15:48.959> randomized<00:15:49.560> sub 00:15:49.730 --> 00:15:49.740 align:start position:0% can split that into randomized sub 00:15:49.740 --> 00:15:52.970 align:start position:0% can split that into randomized sub amounts<00:15:50.279> and<00:15:51.060> then<00:15:51.240> reveal<00:15:51.959> each<00:15:52.620> of<00:15:52.740> those 00:15:52.970 --> 00:15:52.980 align:start position:0% amounts and then reveal each of those 00:15:52.980 --> 00:15:56.210 align:start position:0% amounts and then reveal each of those sub<00:15:53.160> amounts<00:15:53.699> in<00:15:54.060> distinct<00:15:54.480> transactions<00:15:55.260> and 00:15:56.210 --> 00:15:56.220 align:start position:0% sub amounts in distinct transactions and 00:15:56.220 --> 00:15:57.189 align:start position:0% sub amounts in distinct transactions and then 00:15:57.189 --> 00:15:57.199 align:start position:0% then 00:15:57.199 --> 00:16:01.310 align:start position:0% then reunify<00:15:58.199> them<00:15:58.500> later<00:15:59.220> so<00:16:00.120> this<00:16:00.480> method<00:16:00.839> only 00:16:01.310 --> 00:16:01.320 align:start position:0% reunify them later so this method only 00:16:01.320 --> 00:16:04.069 align:start position:0% reunify them later so this method only works<00:16:01.740> if<00:16:02.160> you<00:16:02.339> have<00:16:02.639> a<00:16:03.120> shielded<00:16:03.540> base<00:16:03.720> layer 00:16:04.069 --> 00:16:04.079 align:start position:0% works if you have a shielded base layer 00:16:04.079 --> 00:16:06.230 align:start position:0% works if you have a shielded base layer if<00:16:04.680> you<00:16:04.800> have<00:16:04.920> a<00:16:05.160> transparent<00:16:05.579> based<00:16:05.940> layer 00:16:06.230 --> 00:16:06.240 align:start position:0% if you have a transparent based layer 00:16:06.240 --> 00:16:08.449 align:start position:0% if you have a transparent based layer then<00:16:06.899> this<00:16:07.260> like<00:16:07.440> is<00:16:07.680> trivially<00:16:08.160> broken 00:16:08.449 --> 00:16:08.459 align:start position:0% then this like is trivially broken 00:16:08.459 --> 00:16:09.949 align:start position:0% then this like is trivially broken because<00:16:08.880> you<00:16:09.060> just<00:16:09.240> like<00:16:09.360> look<00:16:09.540> at<00:16:09.720> what<00:16:09.899> the 00:16:09.949 --> 00:16:09.959 align:start position:0% because you just like look at what the 00:16:09.959 --> 00:16:12.170 align:start position:0% because you just like look at what the account<00:16:10.079> was<00:16:10.380> and<00:16:10.620> then<00:16:10.740> you<00:16:10.980> can<00:16:11.100> see<00:16:11.339> what<00:16:12.000> it 00:16:12.170 --> 00:16:12.180 align:start position:0% account was and then you can see what it 00:16:12.180 --> 00:16:14.750 align:start position:0% account was and then you can see what it did<00:16:12.300> but<00:16:13.079> if<00:16:13.620> everything<00:16:13.860> else<00:16:14.100> is<00:16:14.339> private 00:16:14.750 --> 00:16:14.760 align:start position:0% did but if everything else is private 00:16:14.760 --> 00:16:16.910 align:start position:0% did but if everything else is private and<00:16:14.940> you're<00:16:15.120> only<00:16:15.300> revealing<00:16:15.839> like<00:16:16.139> here<00:16:16.500> is<00:16:16.680> a 00:16:16.910 --> 00:16:16.920 align:start position:0% and you're only revealing like here is a 00:16:16.920 --> 00:16:18.769 align:start position:0% and you're only revealing like here is a specific<00:16:17.160> amount<00:16:17.579> that<00:16:17.820> I'm<00:16:18.000> sending<00:16:18.360> to<00:16:18.600> this 00:16:18.769 --> 00:16:18.779 align:start position:0% specific amount that I'm sending to this 00:16:18.779 --> 00:16:21.110 align:start position:0% specific amount that I'm sending to this part<00:16:19.079> of<00:16:19.260> the<00:16:19.320> system<00:16:19.500> like<00:16:19.920> this<00:16:20.459> is<00:16:20.579> a<00:16:20.820> a 00:16:21.110 --> 00:16:21.120 align:start position:0% part of the system like this is a a 00:16:21.120 --> 00:16:22.910 align:start position:0% part of the system like this is a a public<00:16:21.660> delegation<00:16:22.199> amount<00:16:22.560> to<00:16:22.800> some 00:16:22.910 --> 00:16:22.920 align:start position:0% public delegation amount to some 00:16:22.920 --> 00:16:25.550 align:start position:0% public delegation amount to some validator<00:16:23.459> this<00:16:24.180> is<00:16:24.300> like<00:16:24.480> an<00:16:24.660> amount<00:16:24.959> in<00:16:25.260> in 00:16:25.550 --> 00:16:25.560 align:start position:0% validator this is like an amount in in 00:16:25.560 --> 00:16:29.150 align:start position:0% validator this is like an amount in in one<00:16:25.980> sort<00:16:26.279> of<00:16:26.399> randomized<00:16:27.060> sub<00:16:27.300> trade<00:16:28.160> this 00:16:29.150 --> 00:16:29.160 align:start position:0% one sort of randomized sub trade this 00:16:29.160 --> 00:16:32.689 align:start position:0% one sort of randomized sub trade this might<00:16:29.339> be<00:16:29.519> okay<00:16:29.959> and<00:16:30.959> it's<00:16:31.800> a<00:16:31.980> it's<00:16:32.220> a<00:16:32.339> fairly 00:16:32.689 --> 00:16:32.699 align:start position:0% might be okay and it's a it's a fairly 00:16:32.699 --> 00:16:35.030 align:start position:0% might be okay and it's a it's a fairly practical<00:16:33.300> and<00:16:33.660> simple<00:16:34.079> thing<00:16:34.380> however<00:16:34.860> it's 00:16:35.030 --> 00:16:35.040 align:start position:0% practical and simple thing however it's 00:16:35.040 --> 00:16:38.090 align:start position:0% practical and simple thing however it's it's<00:16:35.279> not<00:16:35.519> really<00:16:35.820> ideal<00:16:36.600> so<00:16:37.380> the<00:16:37.980> other 00:16:38.090 --> 00:16:38.100 align:start position:0% it's not really ideal so the other 00:16:38.100 --> 00:16:40.249 align:start position:0% it's not really ideal so the other strategy<00:16:38.639> which<00:16:39.000> is<00:16:39.180> more<00:16:39.540> interesting<00:16:39.899> and 00:16:40.249 --> 00:16:40.259 align:start position:0% strategy which is more interesting and 00:16:40.259 --> 00:16:42.949 align:start position:0% strategy which is more interesting and more<00:16:40.800> cool<00:16:40.980> is<00:16:41.279> this<00:16:41.459> idea<00:16:41.759> of<00:16:41.880> batching<00:16:42.540> flows 00:16:42.949 --> 00:16:42.959 align:start position:0% more cool is this idea of batching flows 00:16:42.959 --> 00:16:44.569 align:start position:0% more cool is this idea of batching flows so<00:16:43.380> if<00:16:43.500> we<00:16:43.620> know<00:16:43.740> that<00:16:43.920> we're<00:16:44.160> already<00:16:44.339> going 00:16:44.569 --> 00:16:44.579 align:start position:0% so if we know that we're already going 00:16:44.579 --> 00:16:47.389 align:start position:0% so if we know that we're already going to<00:16:44.639> be<00:16:44.699> processing<00:16:45.300> uh<00:16:46.500> uh<00:16:46.680> the<00:16:47.040> contract 00:16:47.389 --> 00:16:47.399 align:start position:0% to be processing uh uh the contract 00:16:47.399 --> 00:16:49.430 align:start position:0% to be processing uh uh the contract state<00:16:47.699> in<00:16:48.060> batches<00:16:48.540> it<00:16:48.839> would<00:16:48.899> be<00:16:49.079> nice<00:16:49.259> to 00:16:49.430 --> 00:16:49.440 align:start position:0% state in batches it would be nice to 00:16:49.440 --> 00:16:52.069 align:start position:0% state in batches it would be nice to have<00:16:49.560> a<00:16:49.740> way<00:16:49.860> to<00:16:50.160> batch<00:16:50.339> up<00:16:50.579> flows 00:16:52.069 --> 00:16:52.079 align:start position:0% have a way to batch up flows 00:16:52.079 --> 00:16:54.530 align:start position:0% have a way to batch up flows um<00:16:52.199> we<00:16:52.620> do<00:16:52.740> this<00:16:52.860> using<00:16:53.339> a<00:16:53.579> construction<00:16:54.060> that 00:16:54.530 --> 00:16:54.540 align:start position:0% um we do this using a construction that 00:16:54.540 --> 00:16:56.269 align:start position:0% um we do this using a construction that we<00:16:54.660> we're<00:16:54.839> calling<00:16:55.139> flow<00:16:55.560> encryption<00:16:55.980> which 00:16:56.269 --> 00:16:56.279 align:start position:0% we we're calling flow encryption which 00:16:56.279 --> 00:16:58.269 align:start position:0% we we're calling flow encryption which is<00:16:56.519> effectively 00:16:58.269 --> 00:16:58.279 align:start position:0% is effectively 00:16:58.279 --> 00:17:01.249 align:start position:0% is effectively additively<00:16:59.279> homomorphic<00:17:00.259> threshold 00:17:01.249 --> 00:17:01.259 align:start position:0% additively homomorphic threshold 00:17:01.259 --> 00:17:04.370 align:start position:0% additively homomorphic threshold encryption<00:17:01.940> uh<00:17:02.940> with<00:17:03.300> sort<00:17:03.720> of<00:17:03.839> end-to-end 00:17:04.370 --> 00:17:04.380 align:start position:0% encryption uh with sort of end-to-end 00:17:04.380 --> 00:17:07.069 align:start position:0% encryption uh with sort of end-to-end verifiability<00:17:05.220> once<00:17:06.000> you've<00:17:06.120> tacked<00:17:06.600> on<00:17:06.720> you 00:17:07.069 --> 00:17:07.079 align:start position:0% verifiability once you've tacked on you 00:17:07.079 --> 00:17:08.510 align:start position:0% verifiability once you've tacked on you know<00:17:07.140> six<00:17:07.439> different<00:17:07.679> properties<00:17:08.160> you<00:17:08.459> might 00:17:08.510 --> 00:17:08.520 align:start position:0% know six different properties you might 00:17:08.520 --> 00:17:10.390 align:start position:0% know six different properties you might as<00:17:08.640> well<00:17:08.760> give<00:17:08.939> it<00:17:09.059> a<00:17:09.240> distinct<00:17:09.540> name 00:17:10.390 --> 00:17:10.400 align:start position:0% as well give it a distinct name 00:17:10.400 --> 00:17:13.669 align:start position:0% as well give it a distinct name but<00:17:11.400> the<00:17:11.699> idea<00:17:11.939> is<00:17:12.179> that<00:17:12.540> each<00:17:13.199> individual 00:17:13.669 --> 00:17:13.679 align:start position:0% but the idea is that each individual 00:17:13.679 --> 00:17:16.490 align:start position:0% but the idea is that each individual user<00:17:14.160> with<00:17:14.520> their<00:17:15.000> you<00:17:15.959> know<00:17:16.079> distinct 00:17:16.490 --> 00:17:16.500 align:start position:0% user with their you know distinct 00:17:16.500 --> 00:17:19.730 align:start position:0% user with their you know distinct contribution<00:17:17.100> to<00:17:17.459> this<00:17:17.640> flow<00:17:17.939> can<00:17:18.720> encrypt<00:17:19.380> an 00:17:19.730 --> 00:17:19.740 align:start position:0% contribution to this flow can encrypt an 00:17:19.740 --> 00:17:21.189 align:start position:0% contribution to this flow can encrypt an integer<00:17:20.160> amount 00:17:21.189 --> 00:17:21.199 align:start position:0% integer amount 00:17:21.199 --> 00:17:24.590 align:start position:0% integer amount uh<00:17:22.199> include<00:17:22.860> that<00:17:23.040> in<00:17:23.339> their<00:17:23.459> transaction<00:17:23.880> and 00:17:24.590 --> 00:17:24.600 align:start position:0% uh include that in their transaction and 00:17:24.600 --> 00:17:27.169 align:start position:0% uh include that in their transaction and then<00:17:24.720> the<00:17:24.900> validators<00:17:25.380> can<00:17:25.740> sum<00:17:25.980> up<00:17:26.179> those 00:17:27.169 --> 00:17:27.179 align:start position:0% then the validators can sum up those 00:17:27.179 --> 00:17:29.750 align:start position:0% then the validators can sum up those encryptions<00:17:27.959> and<00:17:28.620> decrypt<00:17:29.100> only<00:17:29.340> a<00:17:29.580> batch 00:17:29.750 --> 00:17:29.760 align:start position:0% encryptions and decrypt only a batch 00:17:29.760 --> 00:17:31.370 align:start position:0% encryptions and decrypt only a batch total 00:17:31.370 --> 00:17:31.380 align:start position:0% total 00:17:31.380 --> 00:17:33.710 align:start position:0% total um<00:17:31.500> so<00:17:31.679> that<00:17:31.799> there's<00:17:31.980> the<00:17:32.220> batch<00:17:32.400> total<00:17:32.880> and 00:17:33.710 --> 00:17:33.720 align:start position:0% um so that there's the batch total and 00:17:33.720 --> 00:17:35.510 align:start position:0% um so that there's the batch total and the<00:17:33.960> idea<00:17:34.200> is<00:17:34.320> that<00:17:34.500> now<00:17:34.679> you<00:17:34.860> can<00:17:34.980> use<00:17:35.160> that<00:17:35.340> as 00:17:35.510 --> 00:17:35.520 align:start position:0% the idea is that now you can use that as 00:17:35.520 --> 00:17:37.370 align:start position:0% the idea is that now you can use that as the<00:17:35.760> input<00:17:36.000> to<00:17:36.240> some<00:17:36.480> public<00:17:36.780> on-chain 00:17:37.370 --> 00:17:37.380 align:start position:0% the input to some public on-chain 00:17:37.380 --> 00:17:39.710 align:start position:0% the input to some public on-chain computation<00:17:38.039> but<00:17:38.640> still<00:17:38.880> have<00:17:39.059> long-term 00:17:39.710 --> 00:17:39.720 align:start position:0% computation but still have long-term 00:17:39.720 --> 00:17:41.930 align:start position:0% computation but still have long-term privacy<00:17:40.080> for<00:17:40.440> individual<00:17:40.860> transactions<00:17:41.640> you 00:17:41.930 --> 00:17:41.940 align:start position:0% privacy for individual transactions you 00:17:41.940 --> 00:17:44.090 align:start position:0% privacy for individual transactions you know<00:17:42.059> as<00:17:42.419> long<00:17:42.539> as<00:17:42.660> the<00:17:42.900> the<00:17:43.080> batch<00:17:43.380> size<00:17:43.620> is<00:17:43.860> is 00:17:44.090 --> 00:17:44.100 align:start position:0% know as long as the the batch size is is 00:17:44.100 --> 00:17:46.370 align:start position:0% know as long as the the batch size is is big<00:17:44.340> enough<00:17:44.520> as<00:17:45.179> an<00:17:45.360> example<00:17:45.660> if<00:17:46.260> you're 00:17:46.370 --> 00:17:46.380 align:start position:0% big enough as an example if you're 00:17:46.380 --> 00:17:47.630 align:start position:0% big enough as an example if you're trying<00:17:46.559> to<00:17:46.740> have 00:17:47.630 --> 00:17:47.640 align:start position:0% trying to have 00:17:47.640 --> 00:17:50.570 align:start position:0% trying to have um<00:17:47.700> you<00:17:48.179> know<00:17:48.299> a<00:17:48.720> a<00:17:49.020> delegated<00:17:49.679> proof<00:17:50.220> of<00:17:50.280> stake 00:17:50.570 --> 00:17:50.580 align:start position:0% um you know a a delegated proof of stake 00:17:50.580 --> 00:17:52.970 align:start position:0% um you know a a delegated proof of stake system<00:17:50.760> you<00:17:51.539> could<00:17:51.660> make<00:17:51.840> it<00:17:52.020> so<00:17:52.260> that<00:17:52.440> oh<00:17:52.799> the 00:17:52.970 --> 00:17:52.980 align:start position:0% system you could make it so that oh the 00:17:52.980 --> 00:17:55.190 align:start position:0% system you could make it so that oh the validator<00:17:53.400> weights<00:17:54.000> will<00:17:54.419> change<00:17:54.660> you<00:17:55.140> know 00:17:55.190 --> 00:17:55.200 align:start position:0% validator weights will change you know 00:17:55.200 --> 00:17:58.010 align:start position:0% validator weights will change you know in<00:17:55.320> each<00:17:55.500> Epoch<00:17:56.160> and<00:17:56.520> we'll<00:17:56.640> just<00:17:56.820> sum<00:17:57.120> up<00:17:57.240> all 00:17:58.010 --> 00:17:58.020 align:start position:0% in each Epoch and we'll just sum up all 00:17:58.020 --> 00:18:00.169 align:start position:0% in each Epoch and we'll just sum up all of<00:17:58.200> the<00:17:58.440> the<00:17:58.620> delegations<00:17:59.220> or<00:17:59.520> undelegations 00:18:00.169 --> 00:18:00.179 align:start position:0% of the the delegations or undelegations 00:18:00.179 --> 00:18:02.570 align:start position:0% of the the delegations or undelegations in<00:18:00.480> each<00:18:00.660> Epoch<00:18:01.200> and<00:18:01.320> only<00:18:01.440> reveal<00:18:01.860> the<00:18:02.340> net 00:18:02.570 --> 00:18:02.580 align:start position:0% in each Epoch and only reveal the net 00:18:02.580 --> 00:18:05.210 align:start position:0% in each Epoch and only reveal the net change 00:18:05.210 --> 00:18:05.220 align:start position:0% change 00:18:05.220 --> 00:18:07.909 align:start position:0% change um so<00:18:05.700> these<00:18:06.299> are<00:18:06.419> sort<00:18:06.600> of<00:18:06.720> the<00:18:07.320> the<00:18:07.559> two 00:18:07.909 --> 00:18:07.919 align:start position:0% um so these are sort of the the two 00:18:07.919 --> 00:18:09.950 align:start position:0% um so these are sort of the the two pieces<00:18:08.460> let's<00:18:08.820> see<00:18:09.000> how<00:18:09.179> this<00:18:09.360> kind<00:18:09.600> of<00:18:09.660> works 00:18:09.950 --> 00:18:09.960 align:start position:0% pieces let's see how this kind of works 00:18:09.960 --> 00:18:14.150 align:start position:0% pieces let's see how this kind of works out<00:18:10.340> uh<00:18:11.340> as<00:18:11.640> a<00:18:11.760> as<00:18:11.940> a<00:18:12.179> concrete<00:18:12.539> worked<00:18:12.900> example 00:18:14.150 --> 00:18:14.160 align:start position:0% out uh as a as a concrete worked example 00:18:14.160 --> 00:18:16.430 align:start position:0% out uh as a as a concrete worked example um<00:18:14.280> which<00:18:14.580> is<00:18:14.700> doing<00:18:15.000> sealed<00:18:15.600> input<00:18:15.900> batch 00:18:16.430 --> 00:18:16.440 align:start position:0% um which is doing sealed input batch 00:18:16.440 --> 00:18:19.250 align:start position:0% um which is doing sealed input batch swaps<00:18:17.039> on<00:18:17.580> penumbra 00:18:19.250 --> 00:18:19.260 align:start position:0% swaps on penumbra 00:18:19.260 --> 00:18:21.529 align:start position:0% swaps on penumbra um<00:18:19.380> so<00:18:19.679> looking<00:18:20.039> first<00:18:20.400> at<00:18:20.700> the<00:18:20.940> private<00:18:21.360> State 00:18:21.529 --> 00:18:21.539 align:start position:0% um so looking first at the private State 00:18:21.539 --> 00:18:23.690 align:start position:0% um so looking first at the private State part<00:18:21.840> right<00:18:22.200> remember<00:18:22.679> that<00:18:22.980> we<00:18:23.160> have<00:18:23.520> this 00:18:23.690 --> 00:18:23.700 align:start position:0% part right remember that we have this 00:18:23.700 --> 00:18:25.850 align:start position:0% part right remember that we have this model<00:18:23.880> where<00:18:24.240> we<00:18:24.419> explicitly<00:18:25.020> segment<00:18:25.440> away 00:18:25.850 --> 00:18:25.860 align:start position:0% model where we explicitly segment away 00:18:25.860 --> 00:18:29.090 align:start position:0% model where we explicitly segment away the<00:18:26.700> per<00:18:26.880> user<00:18:27.360> private<00:18:27.840> state<00:18:28.080> from<00:18:28.799> the 00:18:29.090 --> 00:18:29.100 align:start position:0% the per user private state from the 00:18:29.100 --> 00:18:31.130 align:start position:0% the per user private state from the shared<00:18:29.580> public<00:18:29.880> state 00:18:31.130 --> 00:18:31.140 align:start position:0% shared public state 00:18:31.140 --> 00:18:32.630 align:start position:0% shared public state we're<00:18:31.620> going<00:18:31.740> to<00:18:31.860> start<00:18:32.039> off<00:18:32.220> with<00:18:32.460> okay 00:18:32.630 --> 00:18:32.640 align:start position:0% we're going to start off with okay 00:18:32.640 --> 00:18:35.570 align:start position:0% we're going to start off with okay here's<00:18:33.120> the<00:18:33.299> the<00:18:33.539> private<00:18:33.960> input<00:18:34.320> for<00:18:34.980> this 00:18:35.570 --> 00:18:35.580 align:start position:0% here's the the private input for this 00:18:35.580 --> 00:18:38.090 align:start position:0% here's the the private input for this trade<00:18:36.120> that<00:18:36.299> a<00:18:36.419> user<00:18:36.720> wants<00:18:36.960> to<00:18:37.080> make<00:18:37.200> they're 00:18:38.090 --> 00:18:38.100 align:start position:0% trade that a user wants to make they're 00:18:38.100 --> 00:18:41.150 align:start position:0% trade that a user wants to make they're going<00:18:38.340> to<00:18:38.840> encrypt<00:18:39.840> that<00:18:39.960> input<00:18:40.320> include<00:18:40.980> that 00:18:41.150 --> 00:18:41.160 align:start position:0% going to encrypt that input include that 00:18:41.160 --> 00:18:43.370 align:start position:0% going to encrypt that input include that in<00:18:41.460> their<00:18:41.640> transaction<00:18:42.120> the<00:18:42.960> rest<00:18:43.080> of<00:18:43.200> the 00:18:43.370 --> 00:18:43.380 align:start position:0% in their transaction the rest of the 00:18:43.380 --> 00:18:45.770 align:start position:0% in their transaction the rest of the transaction<00:18:43.740> right<00:18:44.160> is<00:18:44.520> is<00:18:44.820> totally<00:18:45.360> shielded 00:18:45.770 --> 00:18:45.780 align:start position:0% transaction right is is totally shielded 00:18:45.780 --> 00:18:48.169 align:start position:0% transaction right is is totally shielded because<00:18:46.080> we<00:18:46.380> have<00:18:46.559> this<00:18:46.919> shielded<00:18:47.580> base<00:18:47.760> layer 00:18:48.169 --> 00:18:48.179 align:start position:0% because we have this shielded base layer 00:18:48.179 --> 00:18:49.970 align:start position:0% because we have this shielded base layer so<00:18:48.360> there's<00:18:48.539> no<00:18:48.840> Public<00:18:49.200> Accounts<00:18:49.740> or<00:18:49.860> any 00:18:49.970 --> 00:18:49.980 align:start position:0% so there's no Public Accounts or any 00:18:49.980 --> 00:18:53.029 align:start position:0% so there's no Public Accounts or any other<00:18:50.160> metadata<00:18:50.880> in<00:18:51.539> the<00:18:51.720> the<00:18:51.900> transaction 00:18:53.029 --> 00:18:53.039 align:start position:0% other metadata in the the transaction 00:18:53.039 --> 00:18:56.870 align:start position:0% other metadata in the the transaction and<00:18:54.000> what<00:18:54.600> though<00:18:54.780> meant<00:18:55.140> in<00:18:55.679> that<00:18:55.919> swap 00:18:56.870 --> 00:18:56.880 align:start position:0% and what though meant in that swap 00:18:56.880 --> 00:19:02.029 align:start position:0% and what though meant in that swap transaction<00:18:57.559> is<00:18:58.640> a<00:18:59.640> swap<00:19:00.419> nft<00:19:00.840> where<00:19:01.620> the<00:19:01.799> the 00:19:02.029 --> 00:19:02.039 align:start position:0% transaction is a swap nft where the the 00:19:02.039 --> 00:19:05.690 align:start position:0% transaction is a swap nft where the the asset<00:19:02.400> ID<00:19:02.580> of<00:19:03.000> that<00:19:03.240> uh<00:19:03.900> nft<00:19:04.260> is<00:19:05.220> a<00:19:05.400> snark 00:19:05.690 --> 00:19:05.700 align:start position:0% asset ID of that uh nft is a snark 00:19:05.700 --> 00:19:08.390 align:start position:0% asset ID of that uh nft is a snark friendly<00:19:06.179> hash<00:19:06.600> of<00:19:07.020> their<00:19:07.620> input<00:19:07.980> trade 00:19:08.390 --> 00:19:08.400 align:start position:0% friendly hash of their input trade 00:19:08.400 --> 00:19:10.970 align:start position:0% friendly hash of their input trade amounts<00:19:08.820> the<00:19:09.059> trading<00:19:09.480> pair<00:19:09.840> their<00:19:10.559> you<00:19:10.860> know 00:19:10.970 --> 00:19:10.980 align:start position:0% amounts the trading pair their you know 00:19:10.980 --> 00:19:12.350 align:start position:0% amounts the trading pair their you know the<00:19:11.340> address<00:19:11.520> that<00:19:11.820> they're<00:19:11.940> going<00:19:12.059> to<00:19:12.120> Mint 00:19:12.350 --> 00:19:12.360 align:start position:0% the address that they're going to Mint 00:19:12.360 --> 00:19:18.169 align:start position:0% the address that they're going to Mint the<00:19:12.539> funds<00:19:12.840> to<00:19:13.340> some<00:19:14.340> prepaid<00:19:14.700> fees<00:19:15.799> uh<00:19:16.799> and<00:19:17.340> as 00:19:18.169 --> 00:19:18.179 align:start position:0% the funds to some prepaid fees uh and as 00:19:18.179 --> 00:19:20.390 align:start position:0% the funds to some prepaid fees uh and as this<00:19:18.600> transaction<00:19:19.200> that<00:19:19.500> they<00:19:19.679> submitted<00:19:20.100> is 00:19:20.390 --> 00:19:20.400 align:start position:0% this transaction that they submitted is 00:19:20.400 --> 00:19:22.730 align:start position:0% this transaction that they submitted is included<00:19:21.000> in<00:19:21.120> a<00:19:21.299> block<00:19:21.480> it<00:19:22.140> gets<00:19:22.380> batched 00:19:22.730 --> 00:19:22.740 align:start position:0% included in a block it gets batched 00:19:22.740 --> 00:19:25.370 align:start position:0% included in a block it gets batched together<00:19:22.860> with<00:19:23.820> the<00:19:24.240> others 00:19:25.370 --> 00:19:25.380 align:start position:0% together with the others 00:19:25.380 --> 00:19:29.990 align:start position:0% together with the others decrypted<00:19:26.660> you<00:19:27.660> send<00:19:28.200> that<00:19:28.440> into<00:19:28.740> the<00:19:29.280> Dex 00:19:29.990 --> 00:19:30.000 align:start position:0% decrypted you send that into the Dex 00:19:30.000 --> 00:19:32.390 align:start position:0% decrypted you send that into the Dex engine<00:19:30.240> which<00:19:30.840> resolves<00:19:31.440> all<00:19:31.740> of<00:19:31.860> the<00:19:32.100> trade 00:19:32.390 --> 00:19:32.400 align:start position:0% engine which resolves all of the trade 00:19:32.400 --> 00:19:34.610 align:start position:0% engine which resolves all of the trade intent<00:19:32.820> and<00:19:33.120> publishes<00:19:33.600> the<00:19:33.900> output<00:19:34.140> data 00:19:34.610 --> 00:19:34.620 align:start position:0% intent and publishes the output data 00:19:34.620 --> 00:19:37.789 align:start position:0% intent and publishes the output data into<00:19:35.160> the<00:19:35.400> chain<00:19:35.580> State<00:19:35.840> and<00:19:36.840> now<00:19:37.020> that<00:19:37.440> user 00:19:37.789 --> 00:19:37.799 align:start position:0% into the chain State and now that user 00:19:37.799 --> 00:19:40.549 align:start position:0% into the chain State and now that user can<00:19:38.160> consume<00:19:38.760> their<00:19:39.240> swap<00:19:39.720> nft<00:19:40.080> which 00:19:40.549 --> 00:19:40.559 align:start position:0% can consume their swap nft which 00:19:40.559 --> 00:19:43.330 align:start position:0% can consume their swap nft which remember<00:19:40.799> is<00:19:41.100> modeling<00:19:41.820> this<00:19:42.120> sort<00:19:42.360> of<00:19:42.480> future 00:19:43.330 --> 00:19:43.340 align:start position:0% remember is modeling this sort of future 00:19:43.340 --> 00:19:46.130 align:start position:0% remember is modeling this sort of future that<00:19:44.340> resolves<00:19:45.000> eventually<00:19:45.360> to<00:19:45.660> their<00:19:45.840> swap 00:19:46.130 --> 00:19:46.140 align:start position:0% that resolves eventually to their swap 00:19:46.140 --> 00:19:47.150 align:start position:0% that resolves eventually to their swap outputs 00:19:47.150 --> 00:19:47.160 align:start position:0% outputs 00:19:47.160 --> 00:19:50.690 align:start position:0% outputs and<00:19:47.820> produce<00:19:48.419> a<00:19:48.600> proof<00:19:48.960> that<00:19:49.260> uses<00:19:49.620> these<00:19:50.160> uh 00:19:50.690 --> 00:19:50.700 align:start position:0% and produce a proof that uses these uh 00:19:50.700 --> 00:19:54.289 align:start position:0% and produce a proof that uses these uh public<00:19:51.240> back<00:19:52.080> swap<00:19:52.500> data<00:19:52.860> as<00:19:53.100> a<00:19:53.280> public<00:19:53.820> input 00:19:54.289 --> 00:19:54.299 align:start position:0% public back swap data as a public input 00:19:54.299 --> 00:19:58.669 align:start position:0% public back swap data as a public input and<00:19:55.140> their<00:19:55.620> swap<00:19:56.280> nft<00:19:56.580> is<00:19:56.940> a<00:19:57.120> private<00:19:57.419> input<00:19:57.720> to 00:19:58.669 --> 00:19:58.679 align:start position:0% and their swap nft is a private input to 00:19:58.679 --> 00:20:01.490 align:start position:0% and their swap nft is a private input to privately<00:19:59.220> mint<00:19:59.640> their<00:20:00.120> correct<00:20:00.539> prorata 00:20:01.490 --> 00:20:01.500 align:start position:0% privately mint their correct prorata 00:20:01.500 --> 00:20:06.049 align:start position:0% privately mint their correct prorata share<00:20:01.860> of<00:20:02.640> the<00:20:02.880> batch<00:20:03.120> Swap<00:20:03.919> and<00:20:04.919> so 00:20:06.049 --> 00:20:06.059 align:start position:0% share of the batch Swap and so 00:20:06.059 --> 00:20:08.750 align:start position:0% share of the batch Swap and so that<00:20:06.720> that<00:20:06.960> means<00:20:07.320> that<00:20:07.620> that<00:20:08.220> individual 00:20:08.750 --> 00:20:08.760 align:start position:0% that that means that that individual 00:20:08.760 --> 00:20:11.570 align:start position:0% that that means that that individual user's<00:20:09.419> output<00:20:09.900> can<00:20:10.260> be<00:20:10.500> minted<00:20:11.160> completely 00:20:11.570 --> 00:20:11.580 align:start position:0% user's output can be minted completely 00:20:11.580 --> 00:20:13.310 align:start position:0% user's output can be minted completely privately<00:20:12.000> and<00:20:12.480> as<00:20:12.660> long<00:20:12.840> as<00:20:12.900> you<00:20:13.080> have 00:20:13.310 --> 00:20:13.320 align:start position:0% privately and as long as you have 00:20:13.320 --> 00:20:16.010 align:start position:0% privately and as long as you have sufficient<00:20:13.860> uh 00:20:16.010 --> 00:20:16.020 align:start position:0% sufficient uh 00:20:16.020 --> 00:20:18.950 align:start position:0% sufficient uh uh<00:20:16.260> sufficient<00:20:16.740> volume<00:20:17.039> in<00:20:17.400> in<00:20:17.520> the<00:20:17.760> batch 00:20:18.950 --> 00:20:18.960 align:start position:0% uh sufficient volume in in the batch 00:20:18.960 --> 00:20:21.409 align:start position:0% uh sufficient volume in in the batch um<00:20:19.020> you<00:20:19.679> can<00:20:19.799> get<00:20:19.980> long-term<00:20:20.520> privacy<00:20:20.940> for 00:20:21.409 --> 00:20:21.419 align:start position:0% um you can get long-term privacy for 00:20:21.419 --> 00:20:24.230 align:start position:0% um you can get long-term privacy for individual<00:20:22.080> users<00:20:22.440> trade<00:20:22.740> amounts<00:20:23.160> now<00:20:23.760> if 00:20:24.230 --> 00:20:24.240 align:start position:0% individual users trade amounts now if 00:20:24.240 --> 00:20:26.630 align:start position:0% individual users trade amounts now if you're<00:20:24.360> on<00:20:24.539> say<00:20:24.780> like<00:20:24.960> a<00:20:25.140> thinly<00:20:25.440> traded<00:20:25.860> uh 00:20:26.630 --> 00:20:26.640 align:start position:0% you're on say like a thinly traded uh 00:20:26.640 --> 00:20:28.909 align:start position:0% you're on say like a thinly traded uh pair<00:20:27.000> maybe<00:20:27.480> you<00:20:27.720> end<00:20:27.840> up<00:20:27.900> in<00:20:28.080> a<00:20:28.200> badge<00:20:28.500> size<00:20:28.679> of 00:20:28.909 --> 00:20:28.919 align:start position:0% pair maybe you end up in a badge size of 00:20:28.919 --> 00:20:31.970 align:start position:0% pair maybe you end up in a badge size of one<00:20:29.100> but<00:20:29.760> in<00:20:29.880> that<00:20:30.059> case<00:20:30.240> you<00:20:30.720> can<00:20:30.840> use<00:20:31.080> this<00:20:31.559> uh 00:20:31.970 --> 00:20:31.980 align:start position:0% one but in that case you can use this uh 00:20:31.980 --> 00:20:33.890 align:start position:0% one but in that case you can use this uh sort<00:20:32.160> of<00:20:32.280> randomized<00:20:32.940> splitting<00:20:33.480> technique 00:20:33.890 --> 00:20:33.900 align:start position:0% sort of randomized splitting technique 00:20:33.900 --> 00:20:35.870 align:start position:0% sort of randomized splitting technique that<00:20:34.320> I<00:20:34.440> mentioned<00:20:34.679> earlier<00:20:35.039> to<00:20:35.760> make 00:20:35.870 --> 00:20:35.880 align:start position:0% that I mentioned earlier to make 00:20:35.880 --> 00:20:37.789 align:start position:0% that I mentioned earlier to make effectively<00:20:36.539> a<00:20:36.720> kind<00:20:36.840> of<00:20:36.960> like<00:20:37.020> randomized 00:20:37.789 --> 00:20:37.799 align:start position:0% effectively a kind of like randomized 00:20:37.799 --> 00:20:41.090 align:start position:0% effectively a kind of like randomized t-wop<00:20:38.400> of<00:20:39.360> your<00:20:39.780> trade 00:20:41.090 --> 00:20:41.100 align:start position:0% t-wop of your trade 00:20:41.100 --> 00:20:44.270 align:start position:0% t-wop of your trade so<00:20:42.179> zooming<00:20:42.840> out<00:20:43.020> of<00:20:43.200> the<00:20:43.440> the<00:20:43.620> private<00:20:44.100> State 00:20:44.270 --> 00:20:44.280 align:start position:0% so zooming out of the the private State 00:20:44.280 --> 00:20:46.730 align:start position:0% so zooming out of the the private State part<00:20:44.700> to<00:20:45.299> how<00:20:45.660> this<00:20:45.840> works<00:20:46.080> on<00:20:46.260> the<00:20:46.440> public 00:20:46.730 --> 00:20:46.740 align:start position:0% part to how this works on the public 00:20:46.740 --> 00:20:48.650 align:start position:0% part to how this works on the public State<00:20:47.039> Side 00:20:48.650 --> 00:20:48.660 align:start position:0% State Side 00:20:48.660 --> 00:20:51.890 align:start position:0% State Side um<00:20:48.780> we<00:20:49.260> have<00:20:49.380> all<00:20:49.620> of<00:20:49.740> these<00:20:50.100> uh 00:20:51.890 --> 00:20:51.900 align:start position:0% um we have all of these uh 00:20:51.900 --> 00:20:54.289 align:start position:0% um we have all of these uh uh<00:20:51.960> all<00:20:52.559> of<00:20:52.740> these<00:20:52.980> swap<00:20:53.460> transactions<00:20:54.120> that 00:20:54.289 --> 00:20:54.299 align:start position:0% uh all of these swap transactions that 00:20:54.299 --> 00:20:56.690 align:start position:0% uh all of these swap transactions that have<00:20:54.419> been<00:20:54.600> included<00:20:55.020> in<00:20:55.260> the<00:20:55.380> the<00:20:55.500> block<00:20:55.740> we 00:20:56.690 --> 00:20:56.700 align:start position:0% have been included in the the block we 00:20:56.700 --> 00:20:58.909 align:start position:0% have been included in the the block we have<00:20:57.179> the<00:20:57.360> Dex<00:20:57.720> engine<00:20:57.960> group<00:20:58.440> all<00:20:58.679> of<00:20:58.799> those 00:20:58.909 --> 00:20:58.919 align:start position:0% have the Dex engine group all of those 00:20:58.919 --> 00:21:01.549 align:start position:0% have the Dex engine group all of those inputs<00:20:59.280> by<00:20:59.520> pair<00:20:59.760> we<00:21:00.600> do<00:21:00.780> this<00:21:00.900> batching<00:21:01.380> and 00:21:01.549 --> 00:21:01.559 align:start position:0% inputs by pair we do this batching and 00:21:01.559 --> 00:21:04.909 align:start position:0% inputs by pair we do this batching and decryption<00:21:02.039> but<00:21:02.880> now<00:21:03.419> at<00:21:03.600> this<00:21:03.780> point<00:21:04.020> we<00:21:04.620> we 00:21:04.909 --> 00:21:04.919 align:start position:0% decryption but now at this point we we 00:21:04.919 --> 00:21:08.510 align:start position:0% decryption but now at this point we we don't<00:21:05.160> just<00:21:05.400> have<00:21:05.760> you<00:21:06.179> know<00:21:06.240> a<00:21:06.720> single 00:21:08.510 --> 00:21:08.520 align:start position:0% don't just have you know a single 00:21:08.520 --> 00:21:11.090 align:start position:0% don't just have you know a single swap<00:21:09.240> we<00:21:09.720> don't<00:21:09.840> just<00:21:10.020> have<00:21:10.140> a<00:21:10.380> single<00:21:10.860> Swap 00:21:11.090 --> 00:21:11.100 align:start position:0% swap we don't just have a single Swap 00:21:11.100 --> 00:21:13.610 align:start position:0% swap we don't just have a single Swap transaction<00:21:11.520> on<00:21:11.820> a<00:21:12.000> single<00:21:12.240> pair<00:21:12.419> we<00:21:13.200> have<00:21:13.320> a 00:21:13.610 --> 00:21:13.620 align:start position:0% transaction on a single pair we have a 00:21:13.620 --> 00:21:15.890 align:start position:0% transaction on a single pair we have a complete<00:21:13.980> picture<00:21:14.220> of<00:21:14.700> here's<00:21:15.480> all<00:21:15.720> the 00:21:15.890 --> 00:21:15.900 align:start position:0% complete picture of here's all the 00:21:15.900 --> 00:21:17.210 align:start position:0% complete picture of here's all the trading<00:21:16.260> intent 00:21:17.210 --> 00:21:17.220 align:start position:0% trading intent 00:21:17.220 --> 00:21:21.169 align:start position:0% trading intent uh<00:21:18.120> for<00:21:18.419> the<00:21:18.600> entire<00:21:18.960> chain<00:21:19.320> in<00:21:20.220> this<00:21:20.400> block 00:21:21.169 --> 00:21:21.179 align:start position:0% uh for the entire chain in this block 00:21:21.179 --> 00:21:23.690 align:start position:0% uh for the entire chain in this block and<00:21:21.840> we<00:21:22.200> also<00:21:22.380> know<00:21:22.559> that<00:21:22.860> we<00:21:23.160> only<00:21:23.280> have<00:21:23.520> to 00:21:23.690 --> 00:21:23.700 align:start position:0% and we also know that we only have to 00:21:23.700 --> 00:21:26.350 align:start position:0% and we also know that we only have to run<00:21:23.940> the<00:21:24.240> Dex<00:21:24.539> engine<00:21:24.860> once<00:21:25.860> per<00:21:25.980> block 00:21:26.350 --> 00:21:26.360 align:start position:0% run the Dex engine once per block 00:21:26.360 --> 00:21:28.909 align:start position:0% run the Dex engine once per block because<00:21:27.360> we're<00:21:27.960> in<00:21:28.200> this<00:21:28.440> batched 00:21:28.909 --> 00:21:28.919 align:start position:0% because we're in this batched 00:21:28.919 --> 00:21:31.610 align:start position:0% because we're in this batched computation<00:21:29.460> model<00:21:29.760> so<00:21:30.659> that<00:21:31.020> means<00:21:31.260> that<00:21:31.380> we 00:21:31.610 --> 00:21:31.620 align:start position:0% computation model so that means that we 00:21:31.620 --> 00:21:33.649 align:start position:0% computation model so that means that we can<00:21:31.740> actually<00:21:31.919> be<00:21:32.400> you<00:21:33.000> know<00:21:33.000> considerably 00:21:33.649 --> 00:21:33.659 align:start position:0% can actually be you know considerably 00:21:33.659 --> 00:21:36.529 align:start position:0% can actually be you know considerably more<00:21:34.080> sophisticated<00:21:34.740> in<00:21:35.400> how<00:21:35.640> we<00:21:35.820> resolve 00:21:36.529 --> 00:21:36.539 align:start position:0% more sophisticated in how we resolve 00:21:36.539 --> 00:21:40.750 align:start position:0% more sophisticated in how we resolve these<00:21:37.440> trades<00:21:37.860> we<00:21:38.520> can<00:21:38.700> load<00:21:39.419> up<00:21:39.600> the<00:21:40.260> entire 00:21:40.750 --> 00:21:40.760 align:start position:0% these trades we can load up the entire 00:21:40.760 --> 00:21:43.549 align:start position:0% these trades we can load up the entire liquidity<00:21:41.760> graph<00:21:42.179> of<00:21:42.539> all<00:21:42.780> of<00:21:42.840> the<00:21:43.020> assets<00:21:43.320> on 00:21:43.549 --> 00:21:43.559 align:start position:0% liquidity graph of all of the assets on 00:21:43.559 --> 00:21:47.330 align:start position:0% liquidity graph of all of the assets on the<00:21:43.740> Chain<00:21:43.919> sort<00:21:44.820> of<00:21:44.940> put<00:21:45.240> the<00:21:45.980> trade<00:21:46.980> intent 00:21:47.330 --> 00:21:47.340 align:start position:0% the Chain sort of put the trade intent 00:21:47.340 --> 00:21:50.390 align:start position:0% the Chain sort of put the trade intent into<00:21:47.700> the<00:21:47.940> correct<00:21:48.299> spots<00:21:48.780> on<00:21:48.900> that<00:21:49.080> graph<00:21:49.440> and 00:21:50.390 --> 00:21:50.400 align:start position:0% into the correct spots on that graph and 00:21:50.400 --> 00:21:54.049 align:start position:0% into the correct spots on that graph and then<00:21:50.659> compute<00:21:51.740> uh<00:21:52.740> some<00:21:53.159> optimal<00:21:53.640> resolution 00:21:54.049 --> 00:21:54.059 align:start position:0% then compute uh some optimal resolution 00:21:54.059 --> 00:21:58.010 align:start position:0% then compute uh some optimal resolution of<00:21:54.600> all<00:21:54.840> of<00:21:55.020> these<00:21:55.320> trades<00:21:56.120> simultaneously<00:21:57.120> so 00:21:58.010 --> 00:21:58.020 align:start position:0% of all of these trades simultaneously so 00:21:58.020 --> 00:21:59.690 align:start position:0% of all of these trades simultaneously so you<00:21:58.440> can<00:21:58.500> do<00:21:58.740> some<00:21:58.980> kind<00:21:59.159> of<00:21:59.280> global 00:21:59.690 --> 00:21:59.700 align:start position:0% you can do some kind of global 00:21:59.700 --> 00:22:02.450 align:start position:0% you can do some kind of global resolution<00:22:00.120> of<00:22:00.960> the<00:22:01.200> trading<00:22:01.500> intent<00:22:01.919> do 00:22:02.450 --> 00:22:02.460 align:start position:0% resolution of the trading intent do 00:22:02.460 --> 00:22:05.450 align:start position:0% resolution of the trading intent do optimal<00:22:02.940> Arbitrage<00:22:03.559> and<00:22:04.559> this<00:22:05.280> is 00:22:05.450 --> 00:22:05.460 align:start position:0% optimal Arbitrage and this is 00:22:05.460 --> 00:22:07.909 align:start position:0% optimal Arbitrage and this is computationally<00:22:06.120> tractable<00:22:06.780> to<00:22:07.320> do<00:22:07.500> just 00:22:07.909 --> 00:22:07.919 align:start position:0% computationally tractable to do just 00:22:07.919 --> 00:22:10.789 align:start position:0% computationally tractable to do just like<00:22:08.100> in<00:22:08.460> consensus<00:22:09.059> because<00:22:09.900> you<00:22:10.500> know<00:22:10.620> that 00:22:10.789 --> 00:22:10.799 align:start position:0% like in consensus because you know that 00:22:10.799 --> 00:22:13.310 align:start position:0% like in consensus because you know that you're<00:22:10.980> only<00:22:11.159> doing<00:22:11.460> this<00:22:11.760> once<00:22:12.240> per<00:22:12.419> block<00:22:12.659> so 00:22:13.310 --> 00:22:13.320 align:start position:0% you're only doing this once per block so 00:22:13.320 --> 00:22:15.529 align:start position:0% you're only doing this once per block so you<00:22:13.440> you<00:22:13.620> end<00:22:13.799> up<00:22:13.919> in<00:22:14.159> a<00:22:14.280> model<00:22:14.460> where<00:22:14.880> rather 00:22:15.529 --> 00:22:15.539 align:start position:0% you you end up in a model where rather 00:22:15.539 --> 00:22:17.930 align:start position:0% you you end up in a model where rather than<00:22:15.780> sort<00:22:16.260> of<00:22:16.320> having<00:22:16.679> to<00:22:17.039> call<00:22:17.400> each 00:22:17.930 --> 00:22:17.940 align:start position:0% than sort of having to call each 00:22:17.940 --> 00:22:19.789 align:start position:0% than sort of having to call each contract<00:22:18.480> you<00:22:19.080> know<00:22:19.200> potentially<00:22:19.559> like 00:22:19.789 --> 00:22:19.799 align:start position:0% contract you know potentially like 00:22:19.799 --> 00:22:22.190 align:start position:0% contract you know potentially like thousands<00:22:20.340> of<00:22:20.400> times<00:22:20.520> a<00:22:20.760> block<00:22:21.240> you<00:22:21.780> just<00:22:21.960> know 00:22:22.190 --> 00:22:22.200 align:start position:0% thousands of times a block you just know 00:22:22.200 --> 00:22:24.710 align:start position:0% thousands of times a block you just know that<00:22:22.620> the<00:22:22.980> chain<00:22:23.159> is<00:22:23.400> going<00:22:23.520> to<00:22:23.700> step<00:22:23.940> in 00:22:24.710 --> 00:22:24.720 align:start position:0% that the chain is going to step in 00:22:24.720 --> 00:22:27.169 align:start position:0% that the chain is going to step in discrete<00:22:25.140> time<00:22:25.440> from<00:22:26.159> one<00:22:26.400> set<00:22:26.580> of<00:22:26.760> consistent 00:22:27.169 --> 00:22:27.179 align:start position:0% discrete time from one set of consistent 00:22:27.179 --> 00:22:29.570 align:start position:0% discrete time from one set of consistent prices<00:22:27.480> to<00:22:28.320> a<00:22:28.440> new<00:22:28.559> set<00:22:28.799> of<00:22:28.919> consistent<00:22:29.340> prices 00:22:29.570 --> 00:22:29.580 align:start position:0% prices to a new set of consistent prices 00:22:29.580 --> 00:22:32.990 align:start position:0% prices to a new set of consistent prices you<00:22:30.360> can<00:22:30.419> handle<00:22:30.720> all<00:22:31.020> of<00:22:31.200> the<00:22:31.559> uh<00:22:32.100> newly<00:22:32.520> added 00:22:32.990 --> 00:22:33.000 align:start position:0% you can handle all of the uh newly added 00:22:33.000 --> 00:22:35.570 align:start position:0% you can handle all of the uh newly added or<00:22:33.179> removed<00:22:33.600> liquidity<00:22:34.140> also<00:22:34.919> in<00:22:35.100> a<00:22:35.280> batched 00:22:35.570 --> 00:22:35.580 align:start position:0% or removed liquidity also in a batched 00:22:35.580 --> 00:22:38.029 align:start position:0% or removed liquidity also in a batched way<00:22:35.700> right<00:22:36.000> so<00:22:36.240> you<00:22:36.480> first<00:22:37.140> add<00:22:37.620> all<00:22:37.799> of<00:22:37.919> the 00:22:38.029 --> 00:22:38.039 align:start position:0% way right so you first add all of the 00:22:38.039 --> 00:22:40.430 align:start position:0% way right so you first add all of the newly<00:22:38.340> created<00:22:38.760> liquidity<00:22:39.360> then<00:22:39.840> you<00:22:40.020> resolve 00:22:40.430 --> 00:22:40.440 align:start position:0% newly created liquidity then you resolve 00:22:40.440 --> 00:22:42.710 align:start position:0% newly created liquidity then you resolve all<00:22:40.620> of<00:22:40.799> the<00:22:40.919> trading<00:22:41.400> tent<00:22:41.640> then<00:22:42.179> you<00:22:42.360> are<00:22:42.539> up 00:22:42.710 --> 00:22:42.720 align:start position:0% all of the trading tent then you are up 00:22:42.720 --> 00:22:44.570 align:start position:0% all of the trading tent then you are up all<00:22:42.960> the<00:22:43.080> prices<00:22:43.200> to<00:22:43.799> be<00:22:43.919> consistent<00:22:44.340> with 00:22:44.570 --> 00:22:44.580 align:start position:0% all the prices to be consistent with 00:22:44.580 --> 00:22:46.850 align:start position:0% all the prices to be consistent with each<00:22:44.760> other<00:22:44.880> then<00:22:45.600> you<00:22:45.780> close<00:22:46.020> all<00:22:46.440> the<00:22:46.559> you 00:22:46.850 --> 00:22:46.860 align:start position:0% each other then you close all the you 00:22:46.860 --> 00:22:49.190 align:start position:0% each other then you close all the you know<00:22:46.980> closed<00:22:47.400> positions<00:22:48.000> and<00:22:48.539> this<00:22:48.659> also<00:22:48.900> lets 00:22:49.190 --> 00:22:49.200 align:start position:0% know closed positions and this also lets 00:22:49.200 --> 00:22:50.870 align:start position:0% know closed positions and this also lets you<00:22:49.260> as<00:22:49.500> a<00:22:49.620> side<00:22:49.740> effect<00:22:49.919> have<00:22:50.280> like<00:22:50.520> single 00:22:50.870 --> 00:22:50.880 align:start position:0% you as a side effect have like single 00:22:50.880 --> 00:22:52.789 align:start position:0% you as a side effect have like single block<00:22:51.120> uh 00:22:52.789 --> 00:22:52.799 align:start position:0% block uh 00:22:52.799 --> 00:22:55.669 align:start position:0% block uh jit<00:22:53.400> liquidity<00:22:54.360> uh<00:22:54.960> with<00:22:55.200> the<00:22:55.320> kind<00:22:55.500> of<00:22:55.559> like 00:22:55.669 --> 00:22:55.679 align:start position:0% jit liquidity uh with the kind of like 00:22:55.679 --> 00:22:57.710 align:start position:0% jit liquidity uh with the kind of like batch<00:22:55.980> semantics<00:22:56.580> so<00:22:56.880> there's<00:22:57.360> a<00:22:57.480> lot<00:22:57.539> of 00:22:57.710 --> 00:22:57.720 align:start position:0% batch semantics so there's a lot of 00:22:57.720 --> 00:22:59.510 align:start position:0% batch semantics so there's a lot of really<00:22:57.840> interesting<00:22:58.260> pieces<00:22:59.220> of<00:22:59.340> Market 00:22:59.510 --> 00:22:59.520 align:start position:0% really interesting pieces of Market 00:22:59.520 --> 00:23:03.770 align:start position:0% really interesting pieces of Market design<00:22:59.880> that<00:23:00.600> get<00:23:00.720> unlocked<00:23:01.200> by<00:23:01.440> this<00:23:01.679> model 00:23:03.770 --> 00:23:03.780 align:start position:0% design that get unlocked by this model 00:23:03.780 --> 00:23:06.169 align:start position:0% design that get unlocked by this model um so<00:23:04.620> that's<00:23:04.980> basically<00:23:05.340> the<00:23:05.520> content<00:23:06.059> of 00:23:06.169 --> 00:23:06.179 align:start position:0% um so that's basically the content of 00:23:06.179 --> 00:23:08.230 align:start position:0% um so that's basically the content of the<00:23:06.360> talk<00:23:06.539> if<00:23:07.260> you<00:23:07.380> want<00:23:07.500> to<00:23:07.620> play<00:23:07.740> with<00:23:07.919> this 00:23:08.230 --> 00:23:08.240 align:start position:0% the talk if you want to play with this 00:23:08.240 --> 00:23:11.450 align:start position:0% the talk if you want to play with this we<00:23:09.240> have<00:23:09.419> some<00:23:10.080> weekly<00:23:10.500> test<00:23:10.679> Nets<00:23:11.100> that<00:23:11.280> you 00:23:11.450 --> 00:23:11.460 align:start position:0% we have some weekly test Nets that you 00:23:11.460 --> 00:23:13.730 align:start position:0% we have some weekly test Nets that you can<00:23:11.580> you<00:23:12.179> know<00:23:12.240> play<00:23:12.780> around<00:23:12.960> with<00:23:13.200> here's<00:23:13.679> a 00:23:13.730 --> 00:23:13.740 align:start position:0% can you know play around with here's a 00:23:13.740 --> 00:23:15.409 align:start position:0% can you know play around with here's a bunch<00:23:13.919> of<00:23:13.980> links 00:23:15.409 --> 00:23:15.419 align:start position:0% bunch of links 00:23:15.419 --> 00:23:16.070 align:start position:0% bunch of links um 00:23:16.070 --> 00:23:16.080 align:start position:0% um 00:23:16.080 --> 00:23:20.029 align:start position:0% um so<00:23:16.559> far<00:23:16.799> uh<00:23:17.580> the<00:23:17.820> the<00:23:18.059> big<00:23:18.659> last<00:23:18.900> sort<00:23:19.320> of<00:23:19.440> piece 00:23:20.029 --> 00:23:20.039 align:start position:0% so far uh the the big last sort of piece 00:23:20.039 --> 00:23:21.950 align:start position:0% so far uh the the big last sort of piece to<00:23:20.220> build<00:23:20.400> is<00:23:20.700> the<00:23:20.880> the<00:23:21.059> actual<00:23:21.360> Dex<00:23:21.780> engine 00:23:21.950 --> 00:23:21.960 align:start position:0% to build is the the actual Dex engine 00:23:21.960 --> 00:23:25.430 align:start position:0% to build is the the actual Dex engine but<00:23:22.500> we<00:23:22.740> have<00:23:22.860> a<00:23:23.100> toy<00:23:23.820> uh<00:23:24.419> amm<00:23:24.840> that<00:23:25.080> you<00:23:25.200> can<00:23:25.260> do 00:23:25.430 --> 00:23:25.440 align:start position:0% but we have a toy uh amm that you can do 00:23:25.440 --> 00:23:28.430 align:start position:0% but we have a toy uh amm that you can do these<00:23:25.860> shielded<00:23:26.580> swaps<00:23:27.000> against<00:23:27.120> uh<00:23:28.020> on<00:23:28.320> our 00:23:28.430 --> 00:23:28.440 align:start position:0% these shielded swaps against uh on our 00:23:28.440 --> 00:23:30.890 align:start position:0% these shielded swaps against uh on our test<00:23:28.620> net<00:23:28.860> so<00:23:29.640> that's<00:23:30.000> a<00:23:30.240> talk<00:23:30.299> if<00:23:30.480> anybody<00:23:30.780> has 00:23:30.890 --> 00:23:30.900 align:start position:0% test net so that's a talk if anybody has 00:23:30.900 --> 00:23:31.970 align:start position:0% test net so that's a talk if anybody has any<00:23:31.080> questions 00:23:31.970 --> 00:23:31.980 align:start position:0% any questions 00:23:31.980 --> 00:23:33.930 align:start position:0% any questions happy<00:23:32.400> to<00:23:32.640> get<00:23:32.760> into<00:23:32.880> it 00:23:33.930 --> 00:23:33.940 align:start position:0% happy to get into it 00:23:33.940 --> 00:23:42.710 align:start position:0% happy to get into it [Applause] 00:23:42.710 --> 00:23:42.720 align:start position:0% 00:23:42.720 --> 00:23:45.470 align:start position:0% uh<00:23:43.500> just<00:23:43.860> wait<00:23:44.159> for<00:23:44.340> the<00:23:44.460> mic<00:23:44.640> please<00:23:44.820> I'll<00:23:45.240> run 00:23:45.470 --> 00:23:45.480 align:start position:0% uh just wait for the mic please I'll run 00:23:45.480 --> 00:23:49.970 align:start position:0% uh just wait for the mic please I'll run to<00:23:45.720> you<00:23:45.840> with<00:23:46.020> the<00:23:46.200> mic 00:23:49.970 --> 00:23:49.980 align:start position:0% 00:23:49.980 --> 00:23:53.810 align:start position:0% thanks<00:23:50.880> for<00:23:51.120> the<00:23:51.299> talk<00:23:51.480> uh<00:23:52.140> just<00:23:52.559> curious<00:23:53.100> so 00:23:53.810 --> 00:23:53.820 align:start position:0% thanks for the talk uh just curious so 00:23:53.820 --> 00:23:56.029 align:start position:0% thanks for the talk uh just curious so have<00:23:54.000> you<00:23:54.179> found<00:23:54.419> a<00:23:54.659> tight<00:23:54.780> Bound<00:23:55.260> for<00:23:55.679> how 00:23:56.029 --> 00:23:56.039 align:start position:0% have you found a tight Bound for how 00:23:56.039 --> 00:23:57.770 align:start position:0% have you found a tight Bound for how much<00:23:56.159> of<00:23:56.340> a<00:23:56.460> loss<00:23:56.760> you<00:23:56.940> have<00:23:57.059> when<00:23:57.299> you<00:23:57.480> provide 00:23:57.770 --> 00:23:57.780 align:start position:0% much of a loss you have when you provide 00:23:57.780 --> 00:24:00.950 align:start position:0% much of a loss you have when you provide batching<00:23:58.320> because<00:23:58.980> if<00:23:59.760> it's<00:24:00.179> the<00:24:00.419> content 00:24:00.950 --> 00:24:00.960 align:start position:0% batching because if it's the content 00:24:00.960 --> 00:24:03.350 align:start position:0% batching because if it's the content function<00:24:01.200> Market<00:24:01.440> maker<00:24:01.919> there's<00:24:02.760> a<00:24:03.000> loss<00:24:03.179> in 00:24:03.350 --> 00:24:03.360 align:start position:0% function Market maker there's a loss in 00:24:03.360 --> 00:24:05.630 align:start position:0% function Market maker there's a loss in what<00:24:03.600> sense<00:24:03.840> uh<00:24:04.620> so<00:24:04.860> you're<00:24:05.100> going<00:24:05.280> to<00:24:05.340> get<00:24:05.460> an 00:24:05.630 --> 00:24:05.640 align:start position:0% what sense uh so you're going to get an 00:24:05.640 --> 00:24:07.430 align:start position:0% what sense uh so you're going to get an average<00:24:05.760> you're<00:24:06.120> smoothing<00:24:06.539> it<00:24:06.780> out<00:24:06.900> in<00:24:07.260> that 00:24:07.430 --> 00:24:07.440 align:start position:0% average you're smoothing it out in that 00:24:07.440 --> 00:24:09.110 align:start position:0% average you're smoothing it out in that sense<00:24:07.620> of<00:24:07.799> speaking<00:24:08.159> so<00:24:08.700> you<00:24:08.880> can<00:24:09.000> actually 00:24:09.110 --> 00:24:09.120 align:start position:0% sense of speaking so you can actually 00:24:09.120 --> 00:24:10.730 align:start position:0% sense of speaking so you can actually have<00:24:09.360> a<00:24:09.600> spike<00:24:09.840> in<00:24:10.020> a<00:24:10.200> block<00:24:10.320> you're<00:24:10.559> just 00:24:10.730 --> 00:24:10.740 align:start position:0% have a spike in a block you're just 00:24:10.740 --> 00:24:12.110 align:start position:0% have a spike in a block you're just averaging 00:24:12.110 --> 00:24:12.120 align:start position:0% averaging 00:24:12.120 --> 00:24:14.330 align:start position:0% averaging so<00:24:12.780> have<00:24:13.020> you<00:24:13.200> done<00:24:13.380> an<00:24:13.500> announcements<00:24:13.980> I<00:24:14.100> did 00:24:14.330 --> 00:24:14.340 align:start position:0% so have you done an announcements I did 00:24:14.340 --> 00:24:15.830 align:start position:0% so have you done an announcements I did some<00:24:14.460> analysis<00:24:14.880> so<00:24:15.000> I'm<00:24:15.179> curious<00:24:15.480> if<00:24:15.600> you<00:24:15.720> have 00:24:15.830 --> 00:24:15.840 align:start position:0% some analysis so I'm curious if you have 00:24:15.840 --> 00:24:18.770 align:start position:0% some analysis so I'm curious if you have done<00:24:15.960> that<00:24:16.140> so<00:24:16.919> I<00:24:17.159> guess<00:24:17.280> the<00:24:17.700> question<00:24:18.059> that<00:24:18.299> I 00:24:18.770 --> 00:24:18.780 align:start position:0% done that so I guess the question that I 00:24:18.780 --> 00:24:20.510 align:start position:0% done that so I guess the question that I have<00:24:18.840> is<00:24:19.020> like<00:24:19.200> a<00:24:19.320> loss<00:24:19.620> relative<00:24:19.980> to<00:24:20.280> what 00:24:20.510 --> 00:24:20.520 align:start position:0% have is like a loss relative to what 00:24:20.520 --> 00:24:23.570 align:start position:0% have is like a loss relative to what right<00:24:20.940> assuming<00:24:21.720> no<00:24:21.840> private<00:24:22.260> so<00:24:22.860> two<00:24:23.159> volts 00:24:23.570 --> 00:24:23.580 align:start position:0% right assuming no private so two volts 00:24:23.580 --> 00:24:26.930 align:start position:0% right assuming no private so two volts same<00:24:24.059> block<00:24:24.299> private<00:24:24.840> versus<00:24:24.960> non-private 00:24:26.930 --> 00:24:26.940 align:start position:0% same block private versus non-private 00:24:26.940 --> 00:24:29.029 align:start position:0% same block private versus non-private uh 00:24:29.029 --> 00:24:29.039 align:start position:0% uh 00:24:29.039 --> 00:24:37.010 align:start position:0% uh uh<00:24:29.100> I'm<00:24:30.080> no<00:24:31.080> okay 00:24:37.010 --> 00:24:37.020 align:start position:0% 00:24:37.020 --> 00:24:38.690 align:start position:0% do<00:24:37.320> we<00:24:37.440> have<00:24:37.559> more<00:24:37.740> questions<00:24:37.919> yeah<00:24:38.280> they're 00:24:38.690 --> 00:24:38.700 align:start position:0% do we have more questions yeah they're 00:24:38.700 --> 00:24:43.430 align:start position:0% do we have more questions yeah they're not<00:24:39.240> sure<00:24:39.360> who<00:24:39.539> was<00:24:39.720> first<00:24:39.960> sorry 00:24:43.430 --> 00:24:43.440 align:start position:0% 00:24:43.440 --> 00:24:44.990 align:start position:0% just<00:24:43.799> a<00:24:43.919> quick<00:24:44.100> one<00:24:44.280> thanks<00:24:44.460> very<00:24:44.640> much<00:24:44.820> for 00:24:44.990 --> 00:24:45.000 align:start position:0% just a quick one thanks very much for 00:24:45.000 --> 00:24:47.149 align:start position:0% just a quick one thanks very much for the<00:24:45.120> talk<00:24:45.299> this<00:24:45.659> is<00:24:45.780> fantastic<00:24:46.260> to<00:24:46.620> hear<00:24:46.860> and 00:24:47.149 --> 00:24:47.159 align:start position:0% the talk this is fantastic to hear and 00:24:47.159 --> 00:24:50.870 align:start position:0% the talk this is fantastic to hear and to<00:24:47.340> get<00:24:47.580> uh<00:24:48.299> this<00:24:48.600> content<00:24:49.020> and<00:24:49.320> this 00:24:50.870 --> 00:24:50.880 align:start position:0% to get uh this content and this 00:24:50.880 --> 00:24:53.029 align:start position:0% to get uh this content and this all<00:24:51.419> right<00:24:51.600> quick<00:24:51.780> question<00:24:52.020> on<00:24:52.380> reverts<00:24:52.980> the 00:24:53.029 --> 00:24:53.039 align:start position:0% all right quick question on reverts the 00:24:53.039 --> 00:24:55.130 align:start position:0% all right quick question on reverts the whole<00:24:53.159> batch<00:24:53.340> reverts<00:24:54.299> all<00:24:54.780> right<00:24:54.840> so<00:24:55.020> I 00:24:55.130 --> 00:24:55.140 align:start position:0% whole batch reverts all right so I 00:24:55.140 --> 00:24:57.350 align:start position:0% whole batch reverts all right so I missed<00:24:55.559> that<00:24:55.679> on<00:24:55.919> revert<00:24:56.520> the<00:24:56.940> whole<00:24:57.059> batch 00:24:57.350 --> 00:24:57.360 align:start position:0% missed that on revert the whole batch 00:24:57.360 --> 00:24:58.730 align:start position:0% missed that on revert the whole batch reverts 00:24:58.730 --> 00:24:58.740 align:start position:0% reverts 00:24:58.740 --> 00:25:01.490 align:start position:0% reverts if<00:24:59.159> a<00:24:59.400> transaction<00:24:59.760> reverts<00:25:00.419> oh<00:25:00.780> objection<00:25:01.200> is 00:25:01.490 --> 00:25:01.500 align:start position:0% if a transaction reverts oh objection is 00:25:01.500 --> 00:25:04.190 align:start position:0% if a transaction reverts oh objection is not<00:25:01.740> valid<00:25:02.159> yeah<00:25:03.000> so 00:25:04.190 --> 00:25:04.200 align:start position:0% not valid yeah so 00:25:04.200 --> 00:25:05.990 align:start position:0% not valid yeah so um<00:25:04.260> it's<00:25:04.980> possible<00:25:05.340> for<00:25:05.580> instance<00:25:05.820> that 00:25:05.990 --> 00:25:06.000 align:start position:0% um it's possible for instance that 00:25:06.000 --> 00:25:08.990 align:start position:0% um it's possible for instance that someone<00:25:06.240> could<00:25:06.659> submit<00:25:07.260> a<00:25:07.559> transaction<00:25:08.000> that 00:25:08.990 --> 00:25:09.000 align:start position:0% someone could submit a transaction that 00:25:09.000 --> 00:25:12.350 align:start position:0% someone could submit a transaction that say<00:25:09.840> you<00:25:10.320> know<00:25:10.380> they<00:25:10.740> submit<00:25:11.159> a<00:25:11.340> trade<00:25:11.880> for<00:25:12.179> a 00:25:12.350 --> 00:25:12.360 align:start position:0% say you know they submit a trade for a 00:25:12.360 --> 00:25:15.350 align:start position:0% say you know they submit a trade for a trading<00:25:12.659> pair<00:25:12.840> that<00:25:13.380> doesn't<00:25:13.679> have<00:25:13.919> any 00:25:15.350 --> 00:25:15.360 align:start position:0% trading pair that doesn't have any 00:25:15.360 --> 00:25:17.630 align:start position:0% trading pair that doesn't have any um<00:25:15.419> liquidity<00:25:15.900> on<00:25:16.080> it<00:25:16.200> right<00:25:16.500> so<00:25:17.039> one<00:25:17.400> of<00:25:17.520> the 00:25:17.630 --> 00:25:17.640 align:start position:0% um liquidity on it right so one of the 00:25:17.640 --> 00:25:20.149 align:start position:0% um liquidity on it right so one of the outcomes<00:25:18.120> of<00:25:18.419> the<00:25:18.659> the<00:25:18.960> batch<00:25:19.260> swap<00:25:19.679> is<00:25:19.919> that 00:25:20.149 --> 00:25:20.159 align:start position:0% outcomes of the the batch swap is that 00:25:20.159 --> 00:25:22.669 align:start position:0% outcomes of the the batch swap is that the<00:25:20.400> the<00:25:20.580> trade<00:25:20.940> can<00:25:21.179> fail<00:25:21.419> and<00:25:22.200> in<00:25:22.320> that<00:25:22.500> case 00:25:22.669 --> 00:25:22.679 align:start position:0% the the trade can fail and in that case 00:25:22.679 --> 00:25:24.649 align:start position:0% the the trade can fail and in that case rather<00:25:23.280> than<00:25:23.460> having<00:25:23.760> people<00:25:24.059> privately 00:25:24.649 --> 00:25:24.659 align:start position:0% rather than having people privately 00:25:24.659 --> 00:25:27.649 align:start position:0% rather than having people privately meant<00:25:25.200> their<00:25:26.159> Pro<00:25:26.400> rata<00:25:26.820> share<00:25:27.120> of<00:25:27.419> the 00:25:27.649 --> 00:25:27.659 align:start position:0% meant their Pro rata share of the 00:25:27.659 --> 00:25:29.990 align:start position:0% meant their Pro rata share of the outputs<00:25:28.140> they<00:25:28.919> privately<00:25:29.279> meant<00:25:29.640> their<00:25:29.820> Pro 00:25:29.990 --> 00:25:30.000 align:start position:0% outputs they privately meant their Pro 00:25:30.000 --> 00:25:31.909 align:start position:0% outputs they privately meant their Pro rata<00:25:30.360> share<00:25:30.539> of<00:25:30.659> the<00:25:30.840> inputs<00:25:31.260> they<00:25:31.440> get<00:25:31.620> their 00:25:31.909 --> 00:25:31.919 align:start position:0% rata share of the inputs they get their 00:25:31.919 --> 00:25:35.630 align:start position:0% rata share of the inputs they get their their<00:25:32.279> funds<00:25:32.760> back 00:25:35.630 --> 00:25:35.640 align:start position:0% 00:25:35.640 --> 00:25:38.149 align:start position:0% uh<00:25:36.360> yeah<00:25:36.539> so<00:25:36.779> the<00:25:36.960> whole<00:25:37.080> batch<00:25:37.260> goes<00:25:37.679> goes<00:25:38.100> at 00:25:38.149 --> 00:25:38.159 align:start position:0% uh yeah so the whole batch goes goes at 00:25:38.159 --> 00:25:41.269 align:start position:0% uh yeah so the whole batch goes goes at once<00:25:38.460> so<00:25:38.700> like<00:25:39.679> technically<00:25:40.679> I<00:25:40.919> guess<00:25:41.039> you 00:25:41.269 --> 00:25:41.279 align:start position:0% once so like technically I guess you 00:25:41.279 --> 00:25:42.649 align:start position:0% once so like technically I guess you could<00:25:41.400> have<00:25:41.520> some<00:25:41.820> kind<00:25:41.940> of<00:25:42.059> griefing<00:25:42.480> attack 00:25:42.649 --> 00:25:42.659 align:start position:0% could have some kind of griefing attack 00:25:42.659 --> 00:25:45.070 align:start position:0% could have some kind of griefing attack where<00:25:43.020> someone<00:25:43.260> is<00:25:43.500> like<00:25:43.740> continually 00:25:45.070 --> 00:25:45.080 align:start position:0% where someone is like continually 00:25:45.080 --> 00:25:48.649 align:start position:0% where someone is like continually locking<00:25:46.080> up<00:25:46.200> capital<00:25:46.580> in<00:25:47.580> trying<00:25:47.940> to<00:25:48.120> like<00:25:48.240> dot 00:25:48.649 --> 00:25:48.659 align:start position:0% locking up capital in trying to like dot 00:25:48.659 --> 00:25:50.630 align:start position:0% locking up capital in trying to like dot prevent<00:25:49.020> other<00:25:49.260> people<00:25:49.440> from<00:25:49.740> Trading<00:25:50.159> by 00:25:50.630 --> 00:25:50.640 align:start position:0% prevent other people from Trading by 00:25:50.640 --> 00:25:53.450 align:start position:0% prevent other people from Trading by submitting<00:25:51.600> a<00:25:51.960> giant<00:25:52.440> whale<00:25:52.740> trade<00:25:53.100> but<00:25:53.279> like 00:25:53.450 --> 00:25:53.460 align:start position:0% submitting a giant whale trade but like 00:25:53.460 --> 00:25:54.710 align:start position:0% submitting a giant whale trade but like they<00:25:53.640> can't<00:25:53.820> actually<00:25:54.000> do<00:25:54.299> that<00:25:54.419> without 00:25:54.710 --> 00:25:54.720 align:start position:0% they can't actually do that without 00:25:54.720 --> 00:25:57.169 align:start position:0% they can't actually do that without running<00:25:55.380> the<00:25:55.679> risk<00:25:55.980> that<00:25:56.159> like<00:25:56.460> someone<00:25:56.880> will 00:25:57.169 --> 00:25:57.179 align:start position:0% running the risk that like someone will 00:25:57.179 --> 00:25:59.390 align:start position:0% running the risk that like someone will provide<00:25:57.480> liquidity<00:25:58.020> at<00:25:58.200> a<00:25:58.320> bad<00:25:58.440> price<00:25:58.679> so<00:25:59.039> I 00:25:59.390 --> 00:25:59.400 align:start position:0% provide liquidity at a bad price so I 00:25:59.400 --> 00:26:03.169 align:start position:0% provide liquidity at a bad price so I think<00:25:59.700> it's<00:25:59.820> probably<00:26:00.059> not<00:26:00.240> a<00:26:00.360> big<00:26:00.480> deal 00:26:03.169 --> 00:26:03.179 align:start position:0% 00:26:03.179 --> 00:26:05.890 align:start position:0% right<00:26:03.720> the<00:26:04.020> time<00:26:04.200> is<00:26:04.320> off<00:26:04.500> well 00:26:05.890 --> 00:26:05.900 align:start position:0% right the time is off well 00:26:05.900 --> 00:26:08.029 align:start position:0% right the time is off well one<00:26:06.900> more<00:26:07.080> round<00:26:07.260> of<00:26:07.440> applause<00:26:07.679> forehand 00:26:08.029 --> 00:26:08.039 align:start position:0% one more round of applause forehand 00:26:08.039 --> 00:26:11.990 align:start position:0% one more round of applause forehand really<00:26:08.220> please 00:26:11.990 --> 00:26:12.000 align:start position:0% 00:26:12.000 --> 00:26:14.840 align:start position:0% thank<00:26:12.360> you<00:26:12.539> Henry