WEBVTT Kind: captions Language: en 00:00:00.000 --> 00:00:04.350 align:start position:0% foreign 00:00:04.350 --> 00:00:04.360 align:start position:0% 00:00:04.360 --> 00:00:14.169 align:start position:0% [Music] 00:00:14.169 --> 00:00:14.179 align:start position:0% 00:00:14.179 --> 00:00:16.970 align:start position:0% my<00:00:15.179> name<00:00:15.299> is<00:00:15.420> Steve<00:00:15.599> Berryman<00:00:16.139> and<00:00:16.560> I'm<00:00:16.800> from 00:00:16.970 --> 00:00:16.980 align:start position:0% my name is Steve Berryman and I'm from 00:00:16.980 --> 00:00:20.269 align:start position:0% my name is Steve Berryman and I'm from attestant<00:00:17.600> attestant<00:00:18.600> is<00:00:18.900> a<00:00:19.260> an<00:00:19.740> ethereum 00:00:20.269 --> 00:00:20.279 align:start position:0% attestant attestant is a an ethereum 00:00:20.279 --> 00:00:22.790 align:start position:0% attestant attestant is a an ethereum only<00:00:20.580> staking<00:00:21.000> company<00:00:21.420> and<00:00:22.380> what<00:00:22.680> we're 00:00:22.790 --> 00:00:22.800 align:start position:0% only staking company and what we're 00:00:22.800 --> 00:00:25.490 align:start position:0% only staking company and what we're going<00:00:22.920> to<00:00:23.039> look<00:00:23.100> at<00:00:23.279> today<00:00:23.520> is<00:00:24.359> an<00:00:25.080> alternative 00:00:25.490 --> 00:00:25.500 align:start position:0% going to look at today is an alternative 00:00:25.500 --> 00:00:28.250 align:start position:0% going to look at today is an alternative to<00:00:25.859> liquid<00:00:26.220> staking<00:00:26.580> liquid<00:00:27.539> staking<00:00:27.900> has 00:00:28.250 --> 00:00:28.260 align:start position:0% to liquid staking liquid staking has 00:00:28.260 --> 00:00:30.109 align:start position:0% to liquid staking liquid staking has been<00:00:28.519> phenomenally<00:00:29.519> successful 00:00:30.109 --> 00:00:30.119 align:start position:0% been phenomenally successful 00:00:30.119 --> 00:00:32.510 align:start position:0% been phenomenally successful phenomenally<00:00:30.900> successful<00:00:31.380> and<00:00:32.099> as<00:00:32.279> with 00:00:32.510 --> 00:00:32.520 align:start position:0% phenomenally successful and as with 00:00:32.520 --> 00:00:34.490 align:start position:0% phenomenally successful and as with anything<00:00:32.759> in<00:00:33.120> the<00:00:33.300> ethereum<00:00:33.899> ecosystem 00:00:34.490 --> 00:00:34.500 align:start position:0% anything in the ethereum ecosystem 00:00:34.500 --> 00:00:36.590 align:start position:0% anything in the ethereum ecosystem something<00:00:35.399> that<00:00:35.579> becomes<00:00:35.940> that<00:00:36.120> successful 00:00:36.590 --> 00:00:36.600 align:start position:0% something that becomes that successful 00:00:36.600 --> 00:00:38.630 align:start position:0% something that becomes that successful becomes<00:00:37.140> centralized<00:00:37.680> and<00:00:38.040> then<00:00:38.100> becomes<00:00:38.460> an 00:00:38.630 --> 00:00:38.640 align:start position:0% becomes centralized and then becomes an 00:00:38.640 --> 00:00:42.350 align:start position:0% becomes centralized and then becomes an issue<00:00:38.940> so<00:00:39.500> we<00:00:40.500> we<00:00:41.280> at<00:00:41.460> a<00:00:41.640> testing<00:00:41.879> and<00:00:42.059> been 00:00:42.350 --> 00:00:42.360 align:start position:0% issue so we we at a testing and been 00:00:42.360 --> 00:00:44.690 align:start position:0% issue so we we at a testing and been talking<00:00:42.540> to<00:00:42.840> some<00:00:43.559> other<00:00:43.680> staking<00:00:44.100> companies 00:00:44.690 --> 00:00:44.700 align:start position:0% talking to some other staking companies 00:00:44.700 --> 00:00:47.270 align:start position:0% talking to some other staking companies uh<00:00:45.660> try<00:00:45.840> to<00:00:46.020> come<00:00:46.079> up<00:00:46.200> some<00:00:46.440> other<00:00:46.620> ideas 00:00:47.270 --> 00:00:47.280 align:start position:0% uh try to come up some other ideas 00:00:47.280 --> 00:00:52.430 align:start position:0% uh try to come up some other ideas around<00:00:47.940> how<00:00:48.360> to<00:00:48.539> transfer<00:00:49.520> validators<00:00:50.520> from 00:00:52.430 --> 00:00:52.440 align:start position:0% around how to transfer validators from 00:00:52.440 --> 00:00:54.470 align:start position:0% around how to transfer validators from um<00:00:52.500> from<00:00:53.160> one<00:00:53.340> owner<00:00:53.760> to<00:00:53.879> another<00:00:54.000> without 00:00:54.470 --> 00:00:54.480 align:start position:0% um from one owner to another without 00:00:54.480 --> 00:00:56.689 align:start position:0% um from one owner to another without going<00:00:54.840> through<00:00:55.020> the<00:00:55.260> exit<00:00:55.620> queue<00:00:55.980> so<00:00:56.579> really 00:00:56.689 --> 00:00:56.699 align:start position:0% going through the exit queue so really 00:00:56.699 --> 00:00:58.369 align:start position:0% going through the exit queue so really this<00:00:57.120> is<00:00:57.300> one<00:00:57.660> idea<00:00:57.960> that<00:00:58.140> we've<00:00:58.320> been 00:00:58.369 --> 00:00:58.379 align:start position:0% this is one idea that we've been 00:00:58.379 --> 00:01:00.709 align:start position:0% this is one idea that we've been floating<00:00:58.739> around<00:00:59.039> and<00:00:59.940> we<00:01:00.180> are<00:01:00.300> looking<00:01:00.480> for 00:01:00.709 --> 00:01:00.719 align:start position:0% floating around and we are looking for 00:01:00.719 --> 00:01:02.810 align:start position:0% floating around and we are looking for you<00:01:01.079> know<00:01:01.199> other<00:01:01.379> staking<00:01:01.800> companies<00:01:02.280> to<00:01:02.520> to 00:01:02.810 --> 00:01:02.820 align:start position:0% you know other staking companies to to 00:01:02.820 --> 00:01:04.390 align:start position:0% you know other staking companies to to to<00:01:03.420> to<00:01:03.660> to 00:01:04.390 --> 00:01:04.400 align:start position:0% to to to 00:01:04.400 --> 00:01:07.130 align:start position:0% to to to be<00:01:05.400> part<00:01:05.640> of<00:01:05.760> this<00:01:05.939> building<00:01:06.180> this<00:01:06.479> out<00:01:06.659> if<00:01:06.960> if 00:01:07.130 --> 00:01:07.140 align:start position:0% be part of this building this out if if 00:01:07.140 --> 00:01:10.070 align:start position:0% be part of this building this out if if we<00:01:07.680> think<00:01:07.860> it's<00:01:08.040> a<00:01:08.280> successful<00:01:08.820> Direction<00:01:09.119> so 00:01:10.070 --> 00:01:10.080 align:start position:0% we think it's a successful Direction so 00:01:10.080 --> 00:01:12.469 align:start position:0% we think it's a successful Direction so I've<00:01:10.260> kept<00:01:10.560> is<00:01:11.100> quite<00:01:11.340> light 00:01:12.469 --> 00:01:12.479 align:start position:0% I've kept is quite light 00:01:12.479 --> 00:01:15.950 align:start position:0% I've kept is quite light in<00:01:13.080> the<00:01:13.439> way<00:01:13.500> I<00:01:13.619> want<00:01:13.740> to<00:01:13.860> go<00:01:13.920> with<00:01:14.100> this<00:01:14.280> is<00:01:14.580> is 00:01:15.950 --> 00:01:15.960 align:start position:0% in the way I want to go with this is is 00:01:15.960 --> 00:01:17.390 align:start position:0% in the way I want to go with this is is um<00:01:16.020> is<00:01:16.380> to<00:01:16.439> really<00:01:16.560> give<00:01:16.740> the<00:01:16.920> justification 00:01:17.390 --> 00:01:17.400 align:start position:0% um is to really give the justification 00:01:17.400 --> 00:01:19.250 align:start position:0% um is to really give the justification for<00:01:17.640> what<00:01:17.820> we're<00:01:17.939> trying<00:01:18.119> to<00:01:18.360> do<00:01:18.479> and<00:01:19.020> the 00:01:19.250 --> 00:01:19.260 align:start position:0% for what we're trying to do and the 00:01:19.260 --> 00:01:21.230 align:start position:0% for what we're trying to do and the detail<00:01:19.500> on<00:01:19.619> getting<00:01:19.860> into<00:01:19.979> the<00:01:20.220> weeds<00:01:20.640> really 00:01:21.230 --> 00:01:21.240 align:start position:0% detail on getting into the weeds really 00:01:21.240 --> 00:01:23.030 align:start position:0% detail on getting into the weeds really I<00:01:21.600> think<00:01:21.720> if<00:01:22.140> you're<00:01:22.259> interested<00:01:22.619> come<00:01:22.920> and 00:01:23.030 --> 00:01:23.040 align:start position:0% I think if you're interested come and 00:01:23.040 --> 00:01:25.789 align:start position:0% I think if you're interested come and speak<00:01:23.220> to<00:01:23.400> us<00:01:23.580> and<00:01:23.759> and<00:01:24.360> we<00:01:24.900> can<00:01:25.020> sort<00:01:25.380> of<00:01:25.500> talk 00:01:25.789 --> 00:01:25.799 align:start position:0% speak to us and and we can sort of talk 00:01:25.799 --> 00:01:27.350 align:start position:0% speak to us and and we can sort of talk through<00:01:25.979> some<00:01:26.159> of<00:01:26.400> the<00:01:26.460> detail<00:01:26.759> but<00:01:27.240> it's 00:01:27.350 --> 00:01:27.360 align:start position:0% through some of the detail but it's 00:01:27.360 --> 00:01:28.910 align:start position:0% through some of the detail but it's really<00:01:27.540> the<00:01:27.780> rationale<00:01:28.259> why<00:01:28.560> we're<00:01:28.740> doing 00:01:28.910 --> 00:01:28.920 align:start position:0% really the rationale why we're doing 00:01:28.920 --> 00:01:29.690 align:start position:0% really the rationale why we're doing this 00:01:29.690 --> 00:01:29.700 align:start position:0% this 00:01:29.700 --> 00:01:30.950 align:start position:0% this so 00:01:30.950 --> 00:01:30.960 align:start position:0% so 00:01:30.960 --> 00:01:33.350 align:start position:0% so let's<00:01:31.560> have<00:01:31.920> some<00:01:32.100> context<00:01:32.460> around<00:01:32.700> what<00:01:33.060> what 00:01:33.350 --> 00:01:33.360 align:start position:0% let's have some context around what what 00:01:33.360 --> 00:01:35.090 align:start position:0% let's have some context around what what is<00:01:33.600> staking<00:01:33.900> in<00:01:34.320> the<00:01:34.380> first<00:01:34.500> place<00:01:34.680> what<00:01:34.979> is 00:01:35.090 --> 00:01:35.100 align:start position:0% is staking in the first place what is 00:01:35.100 --> 00:01:38.569 align:start position:0% is staking in the first place what is staking<00:01:35.400> in<00:01:35.579> ethereum<00:01:36.659> so<00:01:37.500> this<00:01:38.100> is<00:01:38.280> a<00:01:38.460> very 00:01:38.569 --> 00:01:38.579 align:start position:0% staking in ethereum so this is a very 00:01:38.579 --> 00:01:40.069 align:start position:0% staking in ethereum so this is a very high<00:01:38.820> level<00:01:39.000> clearly<00:01:39.540> there's<00:01:39.720> a<00:01:39.900> lot<00:01:40.020> of 00:01:40.069 --> 00:01:40.079 align:start position:0% high level clearly there's a lot of 00:01:40.079 --> 00:01:42.050 align:start position:0% high level clearly there's a lot of complication<00:01:40.500> goes<00:01:40.920> under<00:01:41.100> underneath<00:01:41.820> the 00:01:42.050 --> 00:01:42.060 align:start position:0% complication goes under underneath the 00:01:42.060 --> 00:01:44.870 align:start position:0% complication goes under underneath the hood<00:01:42.180> of<00:01:42.420> this<00:01:42.540> for<00:01:42.780> ethereum<00:01:43.200> staking<00:01:43.619> but<00:01:44.340> in 00:01:44.870 --> 00:01:44.880 align:start position:0% hood of this for ethereum staking but in 00:01:44.880 --> 00:01:47.330 align:start position:0% hood of this for ethereum staking but in from<00:01:45.420> a<00:01:45.659> very<00:01:45.840> high<00:01:46.079> level<00:01:46.320> in<00:01:46.680> in<00:01:46.860> how<00:01:47.100> we<00:01:47.220> want 00:01:47.330 --> 00:01:47.340 align:start position:0% from a very high level in in how we want 00:01:47.340 --> 00:01:50.030 align:start position:0% from a very high level in in how we want to<00:01:47.520> view<00:01:47.640> this<00:01:47.880> is<00:01:48.540> uh<00:01:49.380> we're<00:01:49.560> locking<00:01:49.920> up 00:01:50.030 --> 00:01:50.040 align:start position:0% to view this is uh we're locking up 00:01:50.040 --> 00:01:53.630 align:start position:0% to view this is uh we're locking up funds<00:01:50.579> uh<00:01:51.299> 32<00:01:51.720> each<00:01:52.079> you<00:01:52.320> send<00:01:52.500> 32<00:01:52.860> each<00:01:53.159> to<00:01:53.520> the 00:01:53.630 --> 00:01:53.640 align:start position:0% funds uh 32 each you send 32 each to the 00:01:53.640 --> 00:01:56.030 align:start position:0% funds uh 32 each you send 32 each to the deposit<00:01:54.360> contract<00:01:54.720> this<00:01:55.320> was<00:01:55.439> that<00:01:55.740> this 00:01:56.030 --> 00:01:56.040 align:start position:0% deposit contract this was that this 00:01:56.040 --> 00:01:59.030 align:start position:0% deposit contract this was that this started<00:01:56.340> in<00:01:56.460> December<00:01:56.880> 2020<00:01:57.740> uh<00:01:58.740> you<00:01:58.920> sent 00:01:59.030 --> 00:01:59.040 align:start position:0% started in December 2020 uh you sent 00:01:59.040 --> 00:02:01.249 align:start position:0% started in December 2020 uh you sent your<00:01:59.280> 30<00:01:59.460> to<00:01:59.820> 8th 00:02:01.249 --> 00:02:01.259 align:start position:0% your 30 to 8th 00:02:01.259 --> 00:02:04.249 align:start position:0% your 30 to 8th um to<00:02:01.740> the<00:02:01.799> contract<00:02:02.420> and<00:02:03.420> that<00:02:03.960> basically 00:02:04.249 --> 00:02:04.259 align:start position:0% um to the contract and that basically 00:02:04.259 --> 00:02:06.230 align:start position:0% um to the contract and that basically gave<00:02:04.439> you<00:02:04.560> a<00:02:04.799> ticket<00:02:04.920> onto<00:02:05.520> the<00:02:05.640> beacon<00:02:06.000> chain 00:02:06.230 --> 00:02:06.240 align:start position:0% gave you a ticket onto the beacon chain 00:02:06.240 --> 00:02:08.870 align:start position:0% gave you a ticket onto the beacon chain and<00:02:06.719> that<00:02:07.079> that<00:02:07.560> ticket<00:02:07.860> enables<00:02:08.580> you<00:02:08.700> to 00:02:08.870 --> 00:02:08.880 align:start position:0% and that that ticket enables you to 00:02:08.880 --> 00:02:10.850 align:start position:0% and that that ticket enables you to build<00:02:09.060> a<00:02:09.300> validator<00:02:09.780> and<00:02:10.319> go<00:02:10.440> through<00:02:10.619> a 00:02:10.850 --> 00:02:10.860 align:start position:0% build a validator and go through a 00:02:10.860 --> 00:02:13.130 align:start position:0% build a validator and go through a certain<00:02:10.979> number<00:02:11.160> of<00:02:11.340> steps<00:02:11.760> and<00:02:12.420> duties<00:02:12.840> and 00:02:13.130 --> 00:02:13.140 align:start position:0% certain number of steps and duties and 00:02:13.140 --> 00:02:14.570 align:start position:0% certain number of steps and duties and if<00:02:13.260> you<00:02:13.379> carried<00:02:13.739> out<00:02:13.800> them<00:02:13.980> duties<00:02:14.400> you 00:02:14.570 --> 00:02:14.580 align:start position:0% if you carried out them duties you 00:02:14.580 --> 00:02:17.330 align:start position:0% if you carried out them duties you receive<00:02:14.879> the<00:02:15.060> worlds<00:02:15.900> so<00:02:16.620> some<00:02:16.980> of<00:02:17.099> the<00:02:17.220> things 00:02:17.330 --> 00:02:17.340 align:start position:0% receive the worlds so some of the things 00:02:17.340 --> 00:02:19.790 align:start position:0% receive the worlds so some of the things you<00:02:17.580> see<00:02:17.760> receive<00:02:18.360> rewards<00:02:18.780> for<00:02:18.959> are<00:02:19.319> testing 00:02:19.790 --> 00:02:19.800 align:start position:0% you see receive rewards for are testing 00:02:19.800 --> 00:02:22.550 align:start position:0% you see receive rewards for are testing that's<00:02:20.520> the<00:02:20.940> uh<00:02:21.780> you're<00:02:22.020> doing<00:02:22.200> that<00:02:22.379> every 00:02:22.550 --> 00:02:22.560 align:start position:0% that's the uh you're doing that every 00:02:22.560 --> 00:02:24.410 align:start position:0% that's the uh you're doing that every six<00:02:22.800> minutes<00:02:23.040> it's<00:02:23.340> the<00:02:23.580> bulk<00:02:23.879> of<00:02:23.940> the<00:02:24.060> rules 00:02:24.410 --> 00:02:24.420 align:start position:0% six minutes it's the bulk of the rules 00:02:24.420 --> 00:02:26.449 align:start position:0% six minutes it's the bulk of the rules you<00:02:24.660> receive<00:02:24.959> and<00:02:25.560> if<00:02:25.739> you're<00:02:25.920> online<00:02:26.099> and 00:02:26.449 --> 00:02:26.459 align:start position:0% you receive and if you're online and 00:02:26.459 --> 00:02:28.850 align:start position:0% you receive and if you're online and you're<00:02:26.640> testing<00:02:27.000> you<00:02:27.180> get<00:02:27.360> a<00:02:27.480> very<00:02:27.660> small<00:02:27.860> uh 00:02:28.850 --> 00:02:28.860 align:start position:0% you're testing you get a very small uh 00:02:28.860 --> 00:02:30.710 align:start position:0% you're testing you get a very small uh small<00:02:29.220> amount<00:02:29.459> anybody<00:02:29.940> that's<00:02:30.060> used<00:02:30.360> the 00:02:30.710 --> 00:02:30.720 align:start position:0% small amount anybody that's used the 00:02:30.720 --> 00:02:33.589 align:start position:0% small amount anybody that's used the blockchain<00:02:31.580> uh<00:02:32.580> website<00:02:33.120> has<00:02:33.360> got<00:02:33.480> a 00:02:33.589 --> 00:02:33.599 align:start position:0% blockchain uh website has got a 00:02:33.599 --> 00:02:35.750 align:start position:0% blockchain uh website has got a validating<00:02:34.020> you'll<00:02:34.379> see<00:02:34.500> their<00:02:35.160> walls<00:02:35.459> the 00:02:35.750 --> 00:02:35.760 align:start position:0% validating you'll see their walls the 00:02:35.760 --> 00:02:37.729 align:start position:0% validating you'll see their walls the rules<00:02:35.940> keep<00:02:36.180> chipping<00:02:36.540> in 00:02:37.729 --> 00:02:37.739 align:start position:0% rules keep chipping in 00:02:37.739 --> 00:02:39.589 align:start position:0% rules keep chipping in um<00:02:37.860> and<00:02:38.099> proposing<00:02:38.580> a<00:02:38.760> block<00:02:38.940> doesn't<00:02:39.300> happen 00:02:39.589 --> 00:02:39.599 align:start position:0% um and proposing a block doesn't happen 00:02:39.599 --> 00:02:42.229 align:start position:0% um and proposing a block doesn't happen very<00:02:39.900> often<00:02:40.200> now<00:02:40.440> there's<00:02:40.739> 7<00:02:41.040> 200<00:02:41.700> blocks<00:02:42.060> a 00:02:42.229 --> 00:02:42.239 align:start position:0% very often now there's 7 200 blocks a 00:02:42.239 --> 00:02:46.130 align:start position:0% very often now there's 7 200 blocks a day<00:02:42.440> there<00:02:43.440> are<00:02:43.620> 44<00:02:44.700> 000<00:02:44.900> validators<00:02:45.900> out 00:02:46.130 --> 00:02:46.140 align:start position:0% day there are 44 000 validators out 00:02:46.140 --> 00:02:48.410 align:start position:0% day there are 44 000 validators out there<00:02:46.319> so<00:02:46.620> roughly<00:02:47.099> every<00:02:47.280> 62<00:02:47.879> days<00:02:48.060> you'll 00:02:48.410 --> 00:02:48.420 align:start position:0% there so roughly every 62 days you'll 00:02:48.420 --> 00:02:50.930 align:start position:0% there so roughly every 62 days you'll get<00:02:48.540> a<00:02:48.660> block<00:02:49.260> but<00:02:49.920> they<00:02:50.099> were<00:02:50.280> the<00:02:50.459> only<00:02:50.580> two 00:02:50.930 --> 00:02:50.940 align:start position:0% get a block but they were the only two 00:02:50.940 --> 00:02:53.449 align:start position:0% get a block but they were the only two uh<00:02:51.599> places<00:02:51.959> to<00:02:52.260> get<00:02:52.440> rewards<00:02:52.980> back<00:02:53.340> in 00:02:53.449 --> 00:02:53.459 align:start position:0% uh places to get rewards back in 00:02:53.459 --> 00:02:57.710 align:start position:0% uh places to get rewards back in December<00:02:53.879> 2020.<00:02:55.140> then<00:02:55.739> we<00:02:55.980> had<00:02:56.160> the<00:02:56.519> uh<00:02:57.239> our 00:02:57.710 --> 00:02:57.720 align:start position:0% December 2020. then we had the uh our 00:02:57.720 --> 00:03:01.070 align:start position:0% December 2020. then we had the uh our fork<00:02:58.440> and<00:02:59.220> that<00:02:59.819> introduced<00:03:00.300> sync<00:03:00.660> committees 00:03:01.070 --> 00:03:01.080 align:start position:0% fork and that introduced sync committees 00:03:01.080 --> 00:03:03.410 align:start position:0% fork and that introduced sync committees sink<00:03:01.739> committees<00:03:02.220> are<00:03:02.580> even<00:03:02.760> there<00:03:03.060> than 00:03:03.410 --> 00:03:03.420 align:start position:0% sink committees are even there than 00:03:03.420 --> 00:03:06.350 align:start position:0% sink committees are even there than blocks<00:03:04.040> block<00:03:05.040> proposals<00:03:05.700> you'll<00:03:05.940> get<00:03:06.060> one<00:03:06.239> of 00:03:06.350 --> 00:03:06.360 align:start position:0% blocks block proposals you'll get one of 00:03:06.360 --> 00:03:08.210 align:start position:0% blocks block proposals you'll get one of these<00:03:06.599> I<00:03:06.780> think<00:03:06.900> maybe<00:03:07.140> now<00:03:07.440> once<00:03:07.860> every<00:03:07.980> three 00:03:08.210 --> 00:03:08.220 align:start position:0% these I think maybe now once every three 00:03:08.220 --> 00:03:10.670 align:start position:0% these I think maybe now once every three years<00:03:08.459> but<00:03:09.239> when<00:03:09.480> you<00:03:09.660> do<00:03:09.840> when<00:03:10.140> they<00:03:10.260> do<00:03:10.440> turn 00:03:10.670 --> 00:03:10.680 align:start position:0% years but when you do when they do turn 00:03:10.680 --> 00:03:12.470 align:start position:0% years but when you do when they do turn up<00:03:10.860> you<00:03:11.159> make<00:03:11.340> a<00:03:11.459> lot<00:03:11.580> of<00:03:11.700> money<00:03:11.819> during<00:03:12.239> that 00:03:12.470 --> 00:03:12.480 align:start position:0% up you make a lot of money during that 00:03:12.480 --> 00:03:14.449 align:start position:0% up you make a lot of money during that period<00:03:12.840> it's<00:03:13.200> only<00:03:13.440> for<00:03:13.680> two<00:03:13.860> days<00:03:14.040> so<00:03:14.340> if 00:03:14.449 --> 00:03:14.459 align:start position:0% period it's only for two days so if 00:03:14.459 --> 00:03:16.850 align:start position:0% period it's only for two days so if you're<00:03:14.580> offline<00:03:14.879> then<00:03:15.120> two<00:03:15.360> days<00:03:15.599> it's<00:03:16.500> uh 00:03:16.850 --> 00:03:16.860 align:start position:0% you're offline then two days it's uh 00:03:16.860 --> 00:03:18.290 align:start position:0% you're offline then two days it's uh unfortunate 00:03:18.290 --> 00:03:18.300 align:start position:0% unfortunate 00:03:18.300 --> 00:03:20.449 align:start position:0% unfortunate and<00:03:18.840> then<00:03:19.019> of<00:03:19.260> course<00:03:19.379> what<00:03:19.920> we've<00:03:20.159> seen<00:03:20.280> with 00:03:20.449 --> 00:03:20.459 align:start position:0% and then of course what we've seen with 00:03:20.459 --> 00:03:23.030 align:start position:0% and then of course what we've seen with the<00:03:20.640> merge<00:03:21.360> the<00:03:21.959> merge<00:03:22.379> and<00:03:22.620> this<00:03:22.800> is<00:03:22.920> really 00:03:23.030 --> 00:03:23.040 align:start position:0% the merge the merge and this is really 00:03:23.040 --> 00:03:25.309 align:start position:0% the merge the merge and this is really everyone's<00:03:23.640> excited<00:03:24.060> because<00:03:24.360> now<00:03:24.659> we<00:03:24.900> can<00:03:25.080> we 00:03:25.309 --> 00:03:25.319 align:start position:0% everyone's excited because now we can we 00:03:25.319 --> 00:03:27.170 align:start position:0% everyone's excited because now we can we we're<00:03:25.739> not<00:03:25.920> only<00:03:26.040> getting<00:03:26.220> transaction<00:03:26.700> fees 00:03:27.170 --> 00:03:27.180 align:start position:0% we're not only getting transaction fees 00:03:27.180 --> 00:03:29.210 align:start position:0% we're not only getting transaction fees which<00:03:27.300> used<00:03:27.540> to<00:03:27.659> go<00:03:27.780> to<00:03:27.900> the<00:03:28.019> miners<00:03:28.500> but<00:03:29.099> now 00:03:29.210 --> 00:03:29.220 align:start position:0% which used to go to the miners but now 00:03:29.220 --> 00:03:30.710 align:start position:0% which used to go to the miners but now we<00:03:29.400> can<00:03:29.580> spend<00:03:29.760> it<00:03:29.940> and<00:03:30.180> we<00:03:30.300> couldn't<00:03:30.480> spend 00:03:30.710 --> 00:03:30.720 align:start position:0% we can spend it and we couldn't spend 00:03:30.720 --> 00:03:32.750 align:start position:0% we can spend it and we couldn't spend before<00:03:30.959> so<00:03:31.319> this<00:03:31.500> you<00:03:31.920> know<00:03:32.040> it's<00:03:32.220> exciting 00:03:32.750 --> 00:03:32.760 align:start position:0% before so this you know it's exciting 00:03:32.760 --> 00:03:34.729 align:start position:0% before so this you know it's exciting for<00:03:32.940> the<00:03:33.120> first<00:03:33.239> time<00:03:33.480> after<00:03:33.780> almost<00:03:34.379> two 00:03:34.729 --> 00:03:34.739 align:start position:0% for the first time after almost two 00:03:34.739 --> 00:03:36.530 align:start position:0% for the first time after almost two years<00:03:34.980> of<00:03:35.220> having<00:03:35.400> money<00:03:35.640> locked<00:03:36.120> up<00:03:36.180> finally 00:03:36.530 --> 00:03:36.540 align:start position:0% years of having money locked up finally 00:03:36.540 --> 00:03:39.530 align:start position:0% years of having money locked up finally we've<00:03:36.780> got<00:03:36.900> some<00:03:37.080> we<00:03:37.319> can<00:03:37.440> spend<00:03:38.060> and<00:03:39.060> of 00:03:39.530 --> 00:03:39.540 align:start position:0% we've got some we can spend and of 00:03:39.540 --> 00:03:41.390 align:start position:0% we've got some we can spend and of course<00:03:39.659> move<00:03:39.959> comes<00:03:40.379> in<00:03:40.440> here<00:03:40.620> as<00:03:40.799> well<00:03:40.980> you 00:03:41.390 --> 00:03:41.400 align:start position:0% course move comes in here as well you 00:03:41.400 --> 00:03:44.570 align:start position:0% course move comes in here as well you know<00:03:41.519> so<00:03:41.940> that<00:03:42.780> that's<00:03:43.140> that's<00:03:43.500> staking<00:03:44.040> in<00:03:44.459> a 00:03:44.570 --> 00:03:44.580 align:start position:0% know so that that's that's staking in a 00:03:44.580 --> 00:03:46.309 align:start position:0% know so that that's that's staking in a nutshell<00:03:45.180> or<00:03:45.360> ethereum 00:03:46.309 --> 00:03:46.319 align:start position:0% nutshell or ethereum 00:03:46.319 --> 00:03:49.130 align:start position:0% nutshell or ethereum okay<00:03:46.920> liquid<00:03:47.459> staking<00:03:47.819> so<00:03:48.480> briefly<00:03:49.019> what 00:03:49.130 --> 00:03:49.140 align:start position:0% okay liquid staking so briefly what 00:03:49.140 --> 00:03:50.690 align:start position:0% okay liquid staking so briefly what liquid<00:03:49.500> staking<00:03:49.860> is 00:03:50.690 --> 00:03:50.700 align:start position:0% liquid staking is 00:03:50.700 --> 00:03:54.229 align:start position:0% liquid staking is and<00:03:51.180> it's<00:03:51.299> hard<00:03:51.620> really<00:03:52.620> not<00:03:52.980> to 00:03:54.229 --> 00:03:54.239 align:start position:0% and it's hard really not to 00:03:54.239 --> 00:03:56.030 align:start position:0% and it's hard really not to um really<00:03:55.080> not<00:03:55.319> mention<00:03:55.500> live<00:03:55.799> though 00:03:56.030 --> 00:03:56.040 align:start position:0% um really not mention live though 00:03:56.040 --> 00:03:57.649 align:start position:0% um really not mention live though because<00:03:56.159> live<00:03:56.400> is<00:03:56.640> the<00:03:56.760> biggest<00:03:56.879> player<00:03:57.299> and 00:03:57.649 --> 00:03:57.659 align:start position:0% because live is the biggest player and 00:03:57.659 --> 00:03:58.610 align:start position:0% because live is the biggest player and there's<00:03:57.780> going<00:03:58.019> to<00:03:58.080> be<00:03:58.140> trying<00:03:58.260> to<00:03:58.379> be<00:03:58.500> other 00:03:58.610 --> 00:03:58.620 align:start position:0% there's going to be trying to be other 00:03:58.620 --> 00:03:59.690 align:start position:0% there's going to be trying to be other players<00:03:58.980> but<00:03:59.159> again<00:03:59.280> it's<00:03:59.519> another 00:03:59.690 --> 00:03:59.700 align:start position:0% players but again it's another 00:03:59.700 --> 00:04:02.390 align:start position:0% players but again it's another centralizing<00:04:00.540> Force<00:04:00.959> so<00:04:01.500> what<00:04:01.799> is<00:04:01.980> liquid 00:04:02.390 --> 00:04:02.400 align:start position:0% centralizing Force so what is liquid 00:04:02.400 --> 00:04:04.490 align:start position:0% centralizing Force so what is liquid staking<00:04:02.760> and<00:04:03.060> why<00:04:03.480> do<00:04:03.659> people<00:04:03.840> go<00:04:04.080> for<00:04:04.319> this 00:04:04.490 --> 00:04:04.500 align:start position:0% staking and why do people go for this 00:04:04.500 --> 00:04:08.030 align:start position:0% staking and why do people go for this this<00:04:04.860> approach<00:04:05.360> well<00:04:06.360> currently<00:04:06.959> over<00:04:07.260> 30<00:04:07.560> of 00:04:08.030 --> 00:04:08.040 align:start position:0% this approach well currently over 30 of 00:04:08.040 --> 00:04:10.130 align:start position:0% this approach well currently over 30 of the<00:04:08.159> staking<00:04:08.459> rewards<00:04:08.879> go<00:04:09.060> to<00:04:09.239> library<00:04:09.480> and 00:04:10.130 --> 00:04:10.140 align:start position:0% the staking rewards go to library and 00:04:10.140 --> 00:04:12.170 align:start position:0% the staking rewards go to library and that's<00:04:10.379> not<00:04:10.620> great<00:04:10.799> but<00:04:11.280> then<00:04:11.459> again<00:04:11.580> liveo 00:04:12.170 --> 00:04:12.180 align:start position:0% that's not great but then again liveo 00:04:12.180 --> 00:04:13.789 align:start position:0% that's not great but then again liveo runs<00:04:12.480> under<00:04:12.599> different<00:04:12.840> node<00:04:13.200> operators<00:04:13.620> so 00:04:13.789 --> 00:04:13.799 align:start position:0% runs under different node operators so 00:04:13.799 --> 00:04:15.470 align:start position:0% runs under different node operators so it's<00:04:13.980> not<00:04:14.159> quite<00:04:14.340> as<00:04:14.519> centralized<00:04:15.120> as<00:04:15.180> you<00:04:15.299> may 00:04:15.470 --> 00:04:15.480 align:start position:0% it's not quite as centralized as you may 00:04:15.480 --> 00:04:18.710 align:start position:0% it's not quite as centralized as you may feel<00:04:15.659> but<00:04:16.440> still<00:04:16.739> you<00:04:17.519> know<00:04:17.639> it's<00:04:18.060> an 00:04:18.710 --> 00:04:18.720 align:start position:0% feel but still you know it's an 00:04:18.720 --> 00:04:20.270 align:start position:0% feel but still you know it's an ecosystem<00:04:19.199> we<00:04:19.500> want<00:04:19.620> lots<00:04:19.919> of<00:04:19.979> various 00:04:20.270 --> 00:04:20.280 align:start position:0% ecosystem we want lots of various 00:04:20.280 --> 00:04:22.250 align:start position:0% ecosystem we want lots of various different<00:04:20.459> options<00:04:20.880> but<00:04:21.720> why<00:04:21.900> has<00:04:22.079> this 00:04:22.250 --> 00:04:22.260 align:start position:0% different options but why has this 00:04:22.260 --> 00:04:24.409 align:start position:0% different options but why has this become<00:04:22.560> so<00:04:22.800> popular<00:04:23.040> well 00:04:24.409 --> 00:04:24.419 align:start position:0% become so popular well 00:04:24.419 --> 00:04:27.469 align:start position:0% become so popular well however<00:04:25.199> easy<00:04:25.500> you<00:04:26.340> know<00:04:26.400> some<00:04:26.699> of<00:04:26.880> us<00:04:27.060> techies 00:04:27.469 --> 00:04:27.479 align:start position:0% however easy you know some of us techies 00:04:27.479 --> 00:04:29.270 align:start position:0% however easy you know some of us techies think<00:04:27.660> it<00:04:27.780> is<00:04:27.900> to<00:04:28.020> run<00:04:28.139> a<00:04:28.320> node<00:04:28.560> is<00:04:28.919> just<00:04:29.100> not 00:04:29.270 --> 00:04:29.280 align:start position:0% think it is to run a node is just not 00:04:29.280 --> 00:04:31.550 align:start position:0% think it is to run a node is just not easy<00:04:29.460> and<00:04:30.300> there<00:04:30.600> are<00:04:30.720> lots<00:04:30.960> of<00:04:31.020> complications 00:04:31.550 --> 00:04:31.560 align:start position:0% easy and there are lots of complications 00:04:31.560 --> 00:04:33.530 align:start position:0% easy and there are lots of complications and<00:04:32.280> you<00:04:32.400> have<00:04:32.520> to<00:04:32.639> keep<00:04:32.759> the<00:04:32.940> thing<00:04:33.060> updated 00:04:33.530 --> 00:04:33.540 align:start position:0% and you have to keep the thing updated 00:04:33.540 --> 00:04:35.629 align:start position:0% and you have to keep the thing updated and<00:04:34.020> you<00:04:34.199> know<00:04:34.320> number<00:04:34.800> of<00:04:34.979> people<00:04:35.100> I<00:04:35.340> speak<00:04:35.520> to 00:04:35.629 --> 00:04:35.639 align:start position:0% and you know number of people I speak to 00:04:35.639 --> 00:04:37.550 align:start position:0% and you know number of people I speak to go<00:04:35.940> oh<00:04:36.180> it<00:04:36.419> stopped<00:04:36.660> working<00:04:36.780> well<00:04:37.199> you<00:04:37.500> know 00:04:37.550 --> 00:04:37.560 align:start position:0% go oh it stopped working well you know 00:04:37.560 --> 00:04:39.409 align:start position:0% go oh it stopped working well you know you've<00:04:38.100> just<00:04:38.280> not<00:04:38.460> committed<00:04:39.000> enough<00:04:39.180> in 00:04:39.409 --> 00:04:39.419 align:start position:0% you've just not committed enough in 00:04:39.419 --> 00:04:40.790 align:start position:0% you've just not committed enough in what's<00:04:39.600> going<00:04:39.780> on<00:04:39.900> in<00:04:40.020> the<00:04:40.139> community<00:04:40.259> so<00:04:40.620> it's 00:04:40.790 --> 00:04:40.800 align:start position:0% what's going on in the community so it's 00:04:40.800 --> 00:04:43.010 align:start position:0% what's going on in the community so it's difficult<00:04:41.160> it's<00:04:41.820> difficult<00:04:42.180> to<00:04:42.419> stay<00:04:42.600> on<00:04:42.840> top 00:04:43.010 --> 00:04:43.020 align:start position:0% difficult it's difficult to stay on top 00:04:43.020 --> 00:04:44.510 align:start position:0% difficult it's difficult to stay on top of<00:04:43.199> things 00:04:44.510 --> 00:04:44.520 align:start position:0% of things 00:04:44.520 --> 00:04:46.510 align:start position:0% of things um<00:04:45.060> and<00:04:45.540> so 00:04:46.510 --> 00:04:46.520 align:start position:0% um and so 00:04:46.520 --> 00:04:49.430 align:start position:0% um and so and<00:04:47.520> so<00:04:47.820> with<00:04:48.360> that<00:04:48.540> people<00:04:48.960> are<00:04:49.139> going<00:04:49.320> to 00:04:49.430 --> 00:04:49.440 align:start position:0% and so with that people are going to 00:04:49.440 --> 00:04:50.990 align:start position:0% and so with that people are going to want<00:04:49.560> an<00:04:49.740> easier<00:04:50.040> solution<00:04:50.340> to<00:04:50.520> pick<00:04:50.639> up<00:04:50.820> some 00:04:50.990 --> 00:04:51.000 align:start position:0% want an easier solution to pick up some 00:04:51.000 --> 00:04:52.670 align:start position:0% want an easier solution to pick up some rewards<00:04:51.419> and<00:04:51.900> of<00:04:52.020> course<00:04:52.139> you've<00:04:52.259> got<00:04:52.380> slash 00:04:52.670 --> 00:04:52.680 align:start position:0% rewards and of course you've got slash 00:04:52.680 --> 00:04:54.110 align:start position:0% rewards and of course you've got slash in<00:04:52.860> I<00:04:53.040> mean<00:04:53.160> you<00:04:53.340> mentioned<00:04:53.699> slash<00:04:54.000> into 00:04:54.110 --> 00:04:54.120 align:start position:0% in I mean you mentioned slash into 00:04:54.120 --> 00:04:55.310 align:start position:0% in I mean you mentioned slash into somebody<00:04:54.360> and<00:04:54.600> they're<00:04:54.660> going<00:04:54.780> that's<00:04:54.960> it<00:04:55.080> I'm 00:04:55.310 --> 00:04:55.320 align:start position:0% somebody and they're going that's it I'm 00:04:55.320 --> 00:04:56.450 align:start position:0% somebody and they're going that's it I'm not<00:04:55.440> even<00:04:55.560> going<00:04:55.740> to<00:04:55.919> touch<00:04:56.100> touch 00:04:56.450 --> 00:04:56.460 align:start position:0% not even going to touch touch 00:04:56.460 --> 00:04:59.090 align:start position:0% not even going to touch touch homestaking<00:04:57.180> but<00:04:58.139> being<00:04:58.500> in<00:04:58.740> the<00:04:58.860> staking 00:04:59.090 --> 00:04:59.100 align:start position:0% homestaking but being in the staking 00:04:59.100 --> 00:05:02.390 align:start position:0% homestaking but being in the staking company<00:04:59.400> we<00:05:00.120> always<00:05:00.360> try<00:05:00.660> to<00:05:00.900> get<00:05:01.620> people<00:05:01.919> to 00:05:02.390 --> 00:05:02.400 align:start position:0% company we always try to get people to 00:05:02.400 --> 00:05:05.570 align:start position:0% company we always try to get people to stake<00:05:02.880> at<00:05:03.000> home<00:05:03.180> but<00:05:03.479> I<00:05:03.720> mean<00:05:03.960> you<00:05:04.740> know<00:05:04.800> the 00:05:05.570 --> 00:05:05.580 align:start position:0% stake at home but I mean you know the 00:05:05.580 --> 00:05:07.070 align:start position:0% stake at home but I mean you know the Technologies<00:05:06.000> for<00:05:06.360> most<00:05:06.479> people<00:05:06.600> is<00:05:06.840> probably 00:05:07.070 --> 00:05:07.080 align:start position:0% Technologies for most people is probably 00:05:07.080 --> 00:05:08.390 align:start position:0% Technologies for most people is probably out<00:05:07.259> of<00:05:07.440> the<00:05:07.500> reach<00:05:07.680> and<00:05:07.800> they've<00:05:08.100> got<00:05:08.220> to<00:05:08.340> be 00:05:08.390 --> 00:05:08.400 align:start position:0% out of the reach and they've got to be 00:05:08.400 --> 00:05:10.969 align:start position:0% out of the reach and they've got to be want<00:05:08.639> to<00:05:08.820> do<00:05:09.000> it<00:05:09.120> so<00:05:09.600> when<00:05:09.840> you<00:05:10.199> know<00:05:10.320> Lido<00:05:10.800> came 00:05:10.969 --> 00:05:10.979 align:start position:0% want to do it so when you know Lido came 00:05:10.979 --> 00:05:12.590 align:start position:0% want to do it so when you know Lido came along<00:05:11.160> it's<00:05:11.699> just<00:05:11.880> a<00:05:12.060> perfect<00:05:12.240> it's 00:05:12.590 --> 00:05:12.600 align:start position:0% along it's just a perfect it's 00:05:12.600 --> 00:05:14.810 align:start position:0% along it's just a perfect it's convenient<00:05:13.080> it's<00:05:13.440> so<00:05:13.680> simple<00:05:13.919> you<00:05:14.520> just<00:05:14.639> go 00:05:14.810 --> 00:05:14.820 align:start position:0% convenient it's so simple you just go 00:05:14.820 --> 00:05:17.390 align:start position:0% convenient it's so simple you just go and<00:05:14.940> buy<00:05:15.120> their<00:05:15.360> token<00:05:15.780> you<00:05:16.500> go<00:05:16.620> and<00:05:16.800> take<00:05:17.100> your 00:05:17.390 --> 00:05:17.400 align:start position:0% and buy their token you go and take your 00:05:17.400 --> 00:05:19.909 align:start position:0% and buy their token you go and take your you<00:05:17.699> know<00:05:17.880> you're<00:05:18.060> easy<00:05:18.240> go<00:05:18.600> and<00:05:18.720> buy<00:05:18.900> some<00:05:19.139> uh 00:05:19.909 --> 00:05:19.919 align:start position:0% you know you're easy go and buy some uh 00:05:19.919 --> 00:05:21.710 align:start position:0% you know you're easy go and buy some uh token<00:05:20.280> you've<00:05:20.580> got<00:05:20.699> two<00:05:20.880> choices<00:05:21.240> you<00:05:21.479> can<00:05:21.600> go 00:05:21.710 --> 00:05:21.720 align:start position:0% token you've got two choices you can go 00:05:21.720 --> 00:05:23.689 align:start position:0% token you've got two choices you can go and<00:05:21.900> mint<00:05:22.139> it<00:05:22.380> directly<00:05:22.919> or<00:05:23.220> you<00:05:23.340> can<00:05:23.460> go<00:05:23.580> and 00:05:23.689 --> 00:05:23.699 align:start position:0% and mint it directly or you can go and 00:05:23.699 --> 00:05:25.969 align:start position:0% and mint it directly or you can go and buy<00:05:23.940> that<00:05:24.539> buy<00:05:24.780> them<00:05:24.960> for<00:05:25.139> on<00:05:25.380> the<00:05:25.560> exchange 00:05:25.969 --> 00:05:25.979 align:start position:0% buy that buy them for on the exchange 00:05:25.979 --> 00:05:30.110 align:start position:0% buy that buy them for on the exchange uni<00:05:26.820> Swap<00:05:27.180> and<00:05:28.139> and<00:05:28.680> basically<00:05:29.220> you're<00:05:29.940> there 00:05:30.110 --> 00:05:30.120 align:start position:0% uni Swap and and basically you're there 00:05:30.120 --> 00:05:31.670 align:start position:0% uni Swap and and basically you're there that's<00:05:30.419> it<00:05:30.539> you<00:05:30.720> stick<00:05:30.900> it<00:05:31.080> into<00:05:31.199> Cold<00:05:31.440> Storage 00:05:31.670 --> 00:05:31.680 align:start position:0% that's it you stick it into Cold Storage 00:05:31.680 --> 00:05:34.310 align:start position:0% that's it you stick it into Cold Storage you<00:05:32.039> forget<00:05:32.220> about<00:05:32.460> it<00:05:32.699> Lido<00:05:33.479> uses<00:05:33.720> a<00:05:33.900> rebase 00:05:34.310 --> 00:05:34.320 align:start position:0% you forget about it Lido uses a rebase 00:05:34.320 --> 00:05:36.469 align:start position:0% you forget about it Lido uses a rebase token<00:05:34.800> so<00:05:35.160> your<00:05:35.580> rewards<00:05:35.940> go<00:05:36.120> straight<00:05:36.300> to 00:05:36.469 --> 00:05:36.479 align:start position:0% token so your rewards go straight to 00:05:36.479 --> 00:05:38.150 align:start position:0% token so your rewards go straight to your<00:05:36.600> wallet<00:05:36.840> there's<00:05:37.139> there's<00:05:37.440> no<00:05:37.800> missing 00:05:38.150 --> 00:05:38.160 align:start position:0% your wallet there's there's no missing 00:05:38.160 --> 00:05:40.249 align:start position:0% your wallet there's there's no missing about<00:05:38.340> cost<00:05:39.060> you<00:05:39.240> 10<00:05:39.479> percent 00:05:40.249 --> 00:05:40.259 align:start position:0% about cost you 10 percent 00:05:40.259 --> 00:05:41.870 align:start position:0% about cost you 10 percent but<00:05:40.680> you<00:05:40.800> haven't<00:05:40.919> got<00:05:41.039> to<00:05:41.160> set<00:05:41.220> up<00:05:41.400> a<00:05:41.520> box<00:05:41.639> and 00:05:41.870 --> 00:05:41.880 align:start position:0% but you haven't got to set up a box and 00:05:41.880 --> 00:05:43.850 align:start position:0% but you haven't got to set up a box and you<00:05:41.940> haven't<00:05:42.060> got<00:05:42.240> to<00:05:42.360> worry<00:05:42.539> about<00:05:42.720> it 00:05:43.850 --> 00:05:43.860 align:start position:0% you haven't got to worry about it 00:05:43.860 --> 00:05:44.749 align:start position:0% you haven't got to worry about it um 00:05:44.749 --> 00:05:44.759 align:start position:0% um 00:05:44.759 --> 00:05:46.909 align:start position:0% um so<00:05:45.300> so<00:05:45.360> and<00:05:45.840> it's<00:05:46.080> been<00:05:46.259> you<00:05:46.560> know<00:05:46.680> a 00:05:46.909 --> 00:05:46.919 align:start position:0% so so and it's been you know a 00:05:46.919 --> 00:05:48.830 align:start position:0% so so and it's been you know a phenomenal<00:05:47.340> big<00:05:47.580> success 00:05:48.830 --> 00:05:48.840 align:start position:0% phenomenal big success 00:05:48.840 --> 00:05:51.830 align:start position:0% phenomenal big success what's<00:05:49.500> the<00:05:49.680> downside<00:05:49.979> to<00:05:50.280> it<00:05:50.460> well<00:05:51.360> one<00:05:51.720> of 00:05:51.830 --> 00:05:51.840 align:start position:0% what's the downside to it well one of 00:05:51.840 --> 00:05:53.450 align:start position:0% what's the downside to it well one of the<00:05:51.960> downsides<00:05:52.500> is<00:05:52.620> you<00:05:52.740> lose<00:05:52.919> control<00:05:53.160> of 00:05:53.450 --> 00:05:53.460 align:start position:0% the downsides is you lose control of 00:05:53.460 --> 00:05:56.810 align:start position:0% the downsides is you lose control of your<00:05:53.580> ether<00:05:53.880> uh<00:05:54.660> however<00:05:55.139> good<00:05:55.620> Lido<00:05:56.160> are<00:05:56.400> you 00:05:56.810 --> 00:05:56.820 align:start position:0% your ether uh however good Lido are you 00:05:56.820 --> 00:05:58.370 align:start position:0% your ether uh however good Lido are you are<00:05:56.940> handing<00:05:57.360> it<00:05:57.479> over<00:05:57.600> you're<00:05:57.900> handing<00:05:58.199> over 00:05:58.370 --> 00:05:58.380 align:start position:0% are handing it over you're handing over 00:05:58.380 --> 00:06:01.490 align:start position:0% are handing it over you're handing over your<00:05:58.560> ether<00:05:58.919> to<00:05:59.699> a<00:06:00.000> pool<00:06:00.180> of<00:06:00.539> ether 00:06:01.490 --> 00:06:01.500 align:start position:0% your ether to a pool of ether 00:06:01.500 --> 00:06:05.090 align:start position:0% your ether to a pool of ether and<00:06:02.340> you're<00:06:03.060> getting<00:06:03.300> effectively<00:06:03.900> an<00:06:04.020> IOU 00:06:05.090 --> 00:06:05.100 align:start position:0% and you're getting effectively an IOU 00:06:05.100 --> 00:06:08.390 align:start position:0% and you're getting effectively an IOU now<00:06:05.639> for<00:06:06.419> individual<00:06:06.960> small<00:06:07.199> investors<00:06:07.740> less 00:06:08.390 --> 00:06:08.400 align:start position:0% now for individual small investors less 00:06:08.400 --> 00:06:11.090 align:start position:0% now for individual small investors less of<00:06:08.580> an<00:06:08.699> issue<00:06:08.940> for<00:06:09.240> large<00:06:09.479> institutions<00:06:10.139> this 00:06:11.090 --> 00:06:11.100 align:start position:0% of an issue for large institutions this 00:06:11.100 --> 00:06:12.830 align:start position:0% of an issue for large institutions this is<00:06:11.220> a<00:06:11.340> No-No<00:06:11.759> it<00:06:12.060> won't<00:06:12.180> get<00:06:12.360> past<00:06:12.600> the 00:06:12.830 --> 00:06:12.840 align:start position:0% is a No-No it won't get past the 00:06:12.840 --> 00:06:14.270 align:start position:0% is a No-No it won't get past the compliance<00:06:13.320> Department 00:06:14.270 --> 00:06:14.280 align:start position:0% compliance Department 00:06:14.280 --> 00:06:16.430 align:start position:0% compliance Department there's<00:06:14.820> also<00:06:15.120> some<00:06:15.300> other<00:06:15.479> issues<00:06:15.900> which<00:06:16.259> are 00:06:16.430 --> 00:06:16.440 align:start position:0% there's also some other issues which are 00:06:16.440 --> 00:06:19.129 align:start position:0% there's also some other issues which are very<00:06:16.620> interesting<00:06:17.100> regulatory<00:06:17.880> issues 00:06:19.129 --> 00:06:19.139 align:start position:0% very interesting regulatory issues 00:06:19.139 --> 00:06:21.230 align:start position:0% very interesting regulatory issues um<00:06:19.199> you're<00:06:19.800> in<00:06:20.039> the<00:06:20.160> pool<00:06:20.340> the<00:06:20.820> pool<00:06:21.000> gets 00:06:21.230 --> 00:06:21.240 align:start position:0% um you're in the pool the pool gets 00:06:21.240 --> 00:06:23.210 align:start position:0% um you're in the pool the pool gets tainted<00:06:21.539> with<00:06:21.600> tornado<00:06:22.020> cash 00:06:23.210 --> 00:06:23.220 align:start position:0% tainted with tornado cash 00:06:23.220 --> 00:06:26.870 align:start position:0% tainted with tornado cash it<00:06:23.940> comes<00:06:24.300> tricky<00:06:25.039> so<00:06:26.039> people<00:06:26.280> don't<00:06:26.580> want<00:06:26.759> to 00:06:26.870 --> 00:06:26.880 align:start position:0% it comes tricky so people don't want to 00:06:26.880 --> 00:06:28.490 align:start position:0% it comes tricky so people don't want to necessarily<00:06:27.479> large<00:06:27.720> institutions<00:06:28.199> don't 00:06:28.490 --> 00:06:28.500 align:start position:0% necessarily large institutions don't 00:06:28.500 --> 00:06:30.710 align:start position:0% necessarily large institutions don't want<00:06:28.620> to<00:06:28.680> be<00:06:28.740> involved<00:06:29.039> in<00:06:29.160> in<00:06:29.400> a<00:06:29.580> pool<00:06:29.699> system 00:06:30.710 --> 00:06:30.720 align:start position:0% want to be involved in in a pool system 00:06:30.720 --> 00:06:32.749 align:start position:0% want to be involved in in a pool system and<00:06:31.139> of<00:06:31.199> course<00:06:31.319> there<00:06:31.560> is<00:06:31.680> a<00:06:31.860> tax<00:06:31.979> thing<00:06:32.280> in 00:06:32.749 --> 00:06:32.759 align:start position:0% and of course there is a tax thing in 00:06:32.759 --> 00:06:35.510 align:start position:0% and of course there is a tax thing in some<00:06:32.880> jurisdictions<00:06:33.539> going<00:06:34.440> from<00:06:34.800> one<00:06:35.100> token 00:06:35.510 --> 00:06:35.520 align:start position:0% some jurisdictions going from one token 00:06:35.520 --> 00:06:39.350 align:start position:0% some jurisdictions going from one token to<00:06:35.639> another<00:06:35.880> can<00:06:36.720> be<00:06:36.960> seen<00:06:37.199> as<00:06:37.620> a<00:06:38.120> disposal<00:06:39.120> and 00:06:39.350 --> 00:06:39.360 align:start position:0% to another can be seen as a disposal and 00:06:39.360 --> 00:06:40.809 align:start position:0% to another can be seen as a disposal and a<00:06:39.479> taxable<00:06:39.840> event 00:06:40.809 --> 00:06:40.819 align:start position:0% a taxable event 00:06:40.819 --> 00:06:43.610 align:start position:0% a taxable event so<00:06:41.819> that<00:06:42.240> is<00:06:42.360> something<00:06:42.479> I<00:06:43.020> think<00:06:43.139> probably<00:06:43.440> a 00:06:43.610 --> 00:06:43.620 align:start position:0% so that is something I think probably a 00:06:43.620 --> 00:06:45.529 align:start position:0% so that is something I think probably a lot<00:06:43.740> of<00:06:43.800> Lido<00:06:44.220> users<00:06:44.580> probably<00:06:44.819> don't<00:06:45.060> realize 00:06:45.529 --> 00:06:45.539 align:start position:0% lot of Lido users probably don't realize 00:06:45.539 --> 00:06:48.650 align:start position:0% lot of Lido users probably don't realize that<00:06:46.080> many<00:06:46.259> jurisdictions<00:06:46.800> put<00:06:47.100> that<00:06:47.280> as<00:06:47.460> a<00:06:48.120> as 00:06:48.650 --> 00:06:48.660 align:start position:0% that many jurisdictions put that as a as 00:06:48.660 --> 00:06:50.930 align:start position:0% that many jurisdictions put that as a as a<00:06:48.840> taxable<00:06:49.199> Within 00:06:50.930 --> 00:06:50.940 align:start position:0% a taxable Within 00:06:50.940 --> 00:06:52.909 align:start position:0% a taxable Within Okay<00:06:51.600> so 00:06:52.909 --> 00:06:52.919 align:start position:0% Okay so 00:06:52.919 --> 00:06:56.210 align:start position:0% Okay so so<00:06:53.419> what<00:06:54.419> is<00:06:54.600> an<00:06:54.780> uh<00:06:55.020> an<00:06:55.259> alternative<00:06:55.680> approach 00:06:56.210 --> 00:06:56.220 align:start position:0% so what is an uh an alternative approach 00:06:56.220 --> 00:06:58.430 align:start position:0% so what is an uh an alternative approach we've<00:06:56.880> been<00:06:57.000> throwing<00:06:57.360> this<00:06:57.539> idea<00:06:57.840> around<00:06:58.080> for 00:06:58.430 --> 00:06:58.440 align:start position:0% we've been throwing this idea around for 00:06:58.440 --> 00:07:01.309 align:start position:0% we've been throwing this idea around for for<00:06:58.740> a<00:06:59.039> while<00:06:59.220> but<00:07:00.120> the<00:07:00.300> thing<00:07:00.419> is<00:07:00.600> is<00:07:00.900> you<00:07:01.259> know 00:07:01.309 --> 00:07:01.319 align:start position:0% for a while but the thing is is you know 00:07:01.319 --> 00:07:02.570 align:start position:0% for a while but the thing is is you know there<00:07:01.500> was<00:07:01.620> this<00:07:01.740> little<00:07:01.919> thing<00:07:02.100> called<00:07:02.340> the 00:07:02.570 --> 00:07:02.580 align:start position:0% there was this little thing called the 00:07:02.580 --> 00:07:04.309 align:start position:0% there was this little thing called the merge<00:07:02.940> that<00:07:03.060> sort<00:07:03.240> of<00:07:03.360> kept<00:07:03.660> us<00:07:03.720> busy<00:07:04.020> for<00:07:04.259> a 00:07:04.309 --> 00:07:04.319 align:start position:0% merge that sort of kept us busy for a 00:07:04.319 --> 00:07:06.290 align:start position:0% merge that sort of kept us busy for a while<00:07:04.440> but<00:07:05.100> now<00:07:05.280> that<00:07:05.520> we're<00:07:05.819> sort<00:07:06.060> of<00:07:06.180> over 00:07:06.290 --> 00:07:06.300 align:start position:0% while but now that we're sort of over 00:07:06.300 --> 00:07:09.350 align:start position:0% while but now that we're sort of over that<00:07:06.600> and<00:07:06.960> you<00:07:07.319> know<00:07:07.800> it<00:07:08.400> is<00:07:08.460> I<00:07:08.819> think<00:07:08.940> Danny 00:07:09.350 --> 00:07:09.360 align:start position:0% that and you know it is I think Danny 00:07:09.360 --> 00:07:11.210 align:start position:0% that and you know it is I think Danny said<00:07:09.479> you<00:07:09.720> know<00:07:09.840> it<00:07:10.020> was<00:07:10.139> uneventful<00:07:10.919> which 00:07:11.210 --> 00:07:11.220 align:start position:0% said you know it was uneventful which 00:07:11.220 --> 00:07:13.189 align:start position:0% said you know it was uneventful which was<00:07:11.400> for<00:07:12.000> a<00:07:12.180> staking<00:07:12.419> company<00:07:12.720> that's<00:07:13.020> what 00:07:13.189 --> 00:07:13.199 align:start position:0% was for a staking company that's what 00:07:13.199 --> 00:07:15.590 align:start position:0% was for a staking company that's what you<00:07:13.319> want<00:07:13.500> uneventful<00:07:14.160> so<00:07:14.880> now<00:07:15.060> some<00:07:15.300> of<00:07:15.419> these 00:07:15.590 --> 00:07:15.600 align:start position:0% you want uneventful so now some of these 00:07:15.600 --> 00:07:17.689 align:start position:0% you want uneventful so now some of these things<00:07:15.720> come<00:07:15.960> back<00:07:16.139> on<00:07:16.319> the<00:07:16.500> radar<00:07:16.860> and<00:07:17.460> also 00:07:17.689 --> 00:07:17.699 align:start position:0% things come back on the radar and also 00:07:17.699 --> 00:07:20.390 align:start position:0% things come back on the radar and also they<00:07:17.940> do<00:07:18.060> require<00:07:18.419> some<00:07:19.259> extra<00:07:19.680> changes<00:07:20.160> to 00:07:20.390 --> 00:07:20.400 align:start position:0% they do require some extra changes to 00:07:20.400 --> 00:07:22.010 align:start position:0% they do require some extra changes to the<00:07:20.520> evm<00:07:21.000> in<00:07:21.240> order<00:07:21.360> for<00:07:21.539> some<00:07:21.660> of<00:07:21.780> this<00:07:21.840> stuff 00:07:22.010 --> 00:07:22.020 align:start position:0% the evm in order for some of this stuff 00:07:22.020 --> 00:07:25.189 align:start position:0% the evm in order for some of this stuff to<00:07:22.259> work<00:07:22.440> but<00:07:23.400> our<00:07:23.580> idea<00:07:24.060> is<00:07:24.539> that<00:07:24.840> we<00:07:25.020> make 00:07:25.189 --> 00:07:25.199 align:start position:0% to work but our idea is that we make 00:07:25.199 --> 00:07:28.490 align:start position:0% to work but our idea is that we make validators<00:07:25.979> transferable<00:07:26.940> so<00:07:27.539> that<00:07:27.780> they<00:07:28.319> can 00:07:28.490 --> 00:07:28.500 align:start position:0% validators transferable so that they can 00:07:28.500 --> 00:07:31.249 align:start position:0% validators transferable so that they can change<00:07:28.919> ownership<00:07:29.460> now<00:07:30.360> when<00:07:30.840> I<00:07:31.080> say 00:07:31.249 --> 00:07:31.259 align:start position:0% change ownership now when I say 00:07:31.259 --> 00:07:33.170 align:start position:0% change ownership now when I say transferable<00:07:31.800> I'm<00:07:32.099> not<00:07:32.280> talking<00:07:32.520> changing 00:07:33.170 --> 00:07:33.180 align:start position:0% transferable I'm not talking changing 00:07:33.180 --> 00:07:35.809 align:start position:0% transferable I'm not talking changing staking<00:07:33.599> company<00:07:33.900> the<00:07:34.440> the<00:07:34.680> validator<00:07:35.580> will 00:07:35.809 --> 00:07:35.819 align:start position:0% staking company the the validator will 00:07:35.819 --> 00:07:38.270 align:start position:0% staking company the the validator will stay<00:07:36.000> with<00:07:36.180> the<00:07:36.360> same<00:07:36.479> staking<00:07:36.900> company<00:07:37.280> but 00:07:38.270 --> 00:07:38.280 align:start position:0% stay with the same staking company but 00:07:38.280 --> 00:07:40.730 align:start position:0% stay with the same staking company but you<00:07:38.520> can<00:07:38.699> transfer<00:07:39.180> the<00:07:39.479> ownership<00:07:39.840> to 00:07:40.730 --> 00:07:40.740 align:start position:0% you can transfer the ownership to 00:07:40.740 --> 00:07:43.790 align:start position:0% you can transfer the ownership to somebody<00:07:41.280> else<00:07:41.759> and 00:07:43.790 --> 00:07:43.800 align:start position:0% somebody else and 00:07:43.800 --> 00:07:45.589 align:start position:0% somebody else and um at<00:07:44.039> the<00:07:44.099> moment<00:07:44.280> the<00:07:44.520> way<00:07:44.639> validators<00:07:45.240> work 00:07:45.589 --> 00:07:45.599 align:start position:0% um at the moment the way validators work 00:07:45.599 --> 00:07:47.570 align:start position:0% um at the moment the way validators work you<00:07:45.840> have<00:07:45.960> a<00:07:46.080> validator<00:07:46.560> key<00:07:46.919> and<00:07:47.280> that's<00:07:47.400> the 00:07:47.570 --> 00:07:47.580 align:start position:0% you have a validator key and that's the 00:07:47.580 --> 00:07:48.950 align:start position:0% you have a validator key and that's the thing<00:07:47.699> you<00:07:47.819> have<00:07:47.940> online<00:07:48.120> to<00:07:48.539> create<00:07:48.720> your 00:07:48.950 --> 00:07:48.960 align:start position:0% thing you have online to create your 00:07:48.960 --> 00:07:50.870 align:start position:0% thing you have online to create your rewards<00:07:49.440> and<00:07:49.800> you<00:07:49.919> have<00:07:50.039> a<00:07:50.160> withdrawal<00:07:50.639> key 00:07:50.870 --> 00:07:50.880 align:start position:0% rewards and you have a withdrawal key 00:07:50.880 --> 00:07:54.890 align:start position:0% rewards and you have a withdrawal key the<00:07:51.660> withdrawal<00:07:52.199> key<00:07:52.460> is<00:07:53.460> just<00:07:54.360> a<00:07:54.599> regular 00:07:54.890 --> 00:07:54.900 align:start position:0% the withdrawal key is just a regular 00:07:54.900 --> 00:07:57.050 align:start position:0% the withdrawal key is just a regular ethereum<00:07:55.500> in<00:07:55.919> fact<00:07:56.039> it<00:07:56.160> can<00:07:56.340> be<00:07:56.400> ethereum<00:07:56.819> one 00:07:57.050 --> 00:07:57.060 align:start position:0% ethereum in fact it can be ethereum one 00:07:57.060 --> 00:07:59.570 align:start position:0% ethereum in fact it can be ethereum one address<00:07:57.240> or<00:07:57.479> it<00:07:57.599> can<00:07:57.720> be<00:07:57.780> a<00:07:57.900> BLS<00:07:58.380> address<00:07:58.580> but 00:07:59.570 --> 00:07:59.580 align:start position:0% address or it can be a BLS address but 00:07:59.580 --> 00:08:01.850 align:start position:0% address or it can be a BLS address but when<00:07:59.819> submerged<00:08:00.419> once<00:08:00.780> the<00:08:01.199> um 00:08:01.850 --> 00:08:01.860 align:start position:0% when submerged once the um 00:08:01.860 --> 00:08:04.850 align:start position:0% when submerged once the um once<00:08:02.639> you<00:08:02.759> get<00:08:02.880> past<00:08:03.060> to<00:08:03.419> the<00:08:03.599> withdrawals<00:08:04.199> so 00:08:04.850 --> 00:08:04.860 align:start position:0% once you get past to the withdrawals so 00:08:04.860 --> 00:08:06.890 align:start position:0% once you get past to the withdrawals so let<00:08:05.160> me<00:08:05.340> just<00:08:05.520> go 00:08:06.890 --> 00:08:06.900 align:start position:0% let me just go 00:08:06.900 --> 00:08:08.930 align:start position:0% let me just go Um it<00:08:07.440> gets<00:08:07.680> to<00:08:07.740> withdrawals<00:08:08.340> this<00:08:08.759> thing 00:08:08.930 --> 00:08:08.940 align:start position:0% Um it gets to withdrawals this thing 00:08:08.940 --> 00:08:11.210 align:start position:0% Um it gets to withdrawals this thing doesn't<00:08:09.539> have<00:08:09.840> to<00:08:09.960> be<00:08:10.139> just<00:08:10.380> a<00:08:10.500> withdrawal<00:08:11.039> key 00:08:11.210 --> 00:08:11.220 align:start position:0% doesn't have to be just a withdrawal key 00:08:11.220 --> 00:08:13.670 align:start position:0% doesn't have to be just a withdrawal key it<00:08:11.639> can<00:08:11.819> actually<00:08:12.000> be<00:08:12.240> a<00:08:12.419> smart<00:08:12.539> contract 00:08:13.670 --> 00:08:13.680 align:start position:0% it can actually be a smart contract 00:08:13.680 --> 00:08:15.950 align:start position:0% it can actually be a smart contract and<00:08:14.220> we've<00:08:14.520> already<00:08:14.699> got<00:08:15.060> a<00:08:15.180> smart<00:08:15.479> contract 00:08:15.950 --> 00:08:15.960 align:start position:0% and we've already got a smart contract 00:08:15.960 --> 00:08:17.749 align:start position:0% and we've already got a smart contract that<00:08:16.259> handles<00:08:16.860> this<00:08:17.099> sort<00:08:17.220> of<00:08:17.340> thing<00:08:17.460> very 00:08:17.749 --> 00:08:17.759 align:start position:0% that handles this sort of thing very 00:08:17.759 --> 00:08:19.670 align:start position:0% that handles this sort of thing very well<00:08:18.060> nfts 00:08:19.670 --> 00:08:19.680 align:start position:0% well nfts 00:08:19.680 --> 00:08:23.570 align:start position:0% well nfts so<00:08:20.220> we<00:08:20.879> could<00:08:21.060> use<00:08:21.300> an<00:08:21.660> nft<00:08:22.020> smart<00:08:22.919> contract 00:08:23.570 --> 00:08:23.580 align:start position:0% so we could use an nft smart contract 00:08:23.580 --> 00:08:27.589 align:start position:0% so we could use an nft smart contract which<00:08:24.120> issues<00:08:24.599> a<00:08:24.840> receipt<00:08:25.400> to<00:08:26.400> the<00:08:26.819> to<00:08:27.300> the 00:08:27.589 --> 00:08:27.599 align:start position:0% which issues a receipt to the to the 00:08:27.599 --> 00:08:30.290 align:start position:0% which issues a receipt to the to the validator<00:08:28.099> and<00:08:29.099> now<00:08:29.280> the<00:08:29.580> validator<00:08:30.060> is 00:08:30.290 --> 00:08:30.300 align:start position:0% validator and now the validator is 00:08:30.300 --> 00:08:32.630 align:start position:0% validator and now the validator is transferable<00:08:30.780> it<00:08:31.199> can<00:08:31.319> be<00:08:31.440> moved<00:08:31.800> around 00:08:32.630 --> 00:08:32.640 align:start position:0% transferable it can be moved around 00:08:32.640 --> 00:08:34.670 align:start position:0% transferable it can be moved around and<00:08:33.300> it's<00:08:33.479> also<00:08:33.719> an<00:08:33.839> energy<00:08:34.020> that's<00:08:34.380> actually 00:08:34.670 --> 00:08:34.680 align:start position:0% and it's also an energy that's actually 00:08:34.680 --> 00:08:37.250 align:start position:0% and it's also an energy that's actually valued<00:08:35.219> something<00:08:35.399> it's<00:08:35.820> not<00:08:36.539> you<00:08:37.020> know<00:08:37.080> it's 00:08:37.250 --> 00:08:37.260 align:start position:0% valued something it's not you know it's 00:08:37.260 --> 00:08:38.870 align:start position:0% valued something it's not you know it's not<00:08:37.440> a<00:08:37.560> jpeg<00:08:37.979> underneath<00:08:38.339> it<00:08:38.520> has<00:08:38.700> actually 00:08:38.870 --> 00:08:38.880 align:start position:0% not a jpeg underneath it has actually 00:08:38.880 --> 00:08:42.469 align:start position:0% not a jpeg underneath it has actually got<00:08:39.180> 32<00:08:39.539> East<00:08:39.779> under<00:08:40.080> it<00:08:40.320> so<00:08:40.860> so<00:08:41.099> this<00:08:41.459> idea 00:08:42.469 --> 00:08:42.479 align:start position:0% got 32 East under it so so this idea 00:08:42.479 --> 00:08:44.029 align:start position:0% got 32 East under it so so this idea um 00:08:44.029 --> 00:08:44.039 align:start position:0% um 00:08:44.039 --> 00:08:45.829 align:start position:0% um once<00:08:44.580> you've<00:08:44.880> got<00:08:45.000> once<00:08:45.360> we<00:08:45.480> create<00:08:45.600> this 00:08:45.829 --> 00:08:45.839 align:start position:0% once you've got once we create this 00:08:45.839 --> 00:08:47.870 align:start position:0% once you've got once we create this smart<00:08:46.080> contract<00:08:46.560> then<00:08:46.980> we've<00:08:47.399> got<00:08:47.519> a<00:08:47.640> lot<00:08:47.760> more 00:08:47.870 --> 00:08:47.880 align:start position:0% smart contract then we've got a lot more 00:08:47.880 --> 00:08:50.329 align:start position:0% smart contract then we've got a lot more flexibility<00:08:48.540> and 00:08:50.329 --> 00:08:50.339 align:start position:0% flexibility and 00:08:50.339 --> 00:08:52.370 align:start position:0% flexibility and it's<00:08:50.760> in<00:08:51.300> one<00:08:51.480> way<00:08:51.600> it's<00:08:51.720> not<00:08:51.899> up<00:08:52.019> to<00:08:52.140> us<00:08:52.260> to 00:08:52.370 --> 00:08:52.380 align:start position:0% it's in one way it's not up to us to 00:08:52.380 --> 00:08:53.690 align:start position:0% it's in one way it's not up to us to decide<00:08:52.560> what<00:08:52.740> the<00:08:52.920> market<00:08:53.100> does<00:08:53.339> with<00:08:53.519> this 00:08:53.690 --> 00:08:53.700 align:start position:0% decide what the market does with this 00:08:53.700 --> 00:08:55.670 align:start position:0% decide what the market does with this it's<00:08:53.880> just<00:08:54.120> quite<00:08:54.300> interesting<00:08:54.720> to<00:08:55.019> put<00:08:55.140> the 00:08:55.670 --> 00:08:55.680 align:start position:0% it's just quite interesting to put the 00:08:55.680 --> 00:08:57.230 align:start position:0% it's just quite interesting to put the great<00:08:55.800> thing<00:08:55.980> with<00:08:56.100> D5<00:08:56.459> you<00:08:56.760> put<00:08:56.880> stuff<00:08:57.060> out 00:08:57.230 --> 00:08:57.240 align:start position:0% great thing with D5 you put stuff out 00:08:57.240 --> 00:08:59.090 align:start position:0% great thing with D5 you put stuff out there<00:08:57.420> and<00:08:57.540> see<00:08:57.720> what<00:08:57.899> happens<00:08:58.080> but<00:08:58.500> you<00:08:59.040> know 00:08:59.090 --> 00:08:59.100 align:start position:0% there and see what happens but you know 00:08:59.100 --> 00:09:00.889 align:start position:0% there and see what happens but you know I've<00:08:59.279> got<00:08:59.459> a<00:08:59.580> couple<00:08:59.880> of<00:09:00.060> my<00:09:00.240> own<00:09:00.360> use<00:09:00.600> cases 00:09:00.889 --> 00:09:00.899 align:start position:0% I've got a couple of my own use cases 00:09:00.899 --> 00:09:02.269 align:start position:0% I've got a couple of my own use cases where<00:09:01.080> I<00:09:01.260> think<00:09:01.380> this<00:09:01.500> would<00:09:01.680> be<00:09:01.800> particularly 00:09:02.269 --> 00:09:02.279 align:start position:0% where I think this would be particularly 00:09:02.279 --> 00:09:05.090 align:start position:0% where I think this would be particularly useful<00:09:02.700> for<00:09:03.540> example<00:09:03.839> you've<00:09:04.260> got<00:09:04.380> a<00:09:04.800> large 00:09:05.090 --> 00:09:05.100 align:start position:0% useful for example you've got a large 00:09:05.100 --> 00:09:07.009 align:start position:0% useful for example you've got a large institution<00:09:05.760> wants<00:09:06.360> to<00:09:06.420> buy<00:09:06.600> a<00:09:06.779> thousand 00:09:07.009 --> 00:09:07.019 align:start position:0% institution wants to buy a thousand 00:09:07.019 --> 00:09:09.590 align:start position:0% institution wants to buy a thousand validators<00:09:07.680> and<00:09:08.580> somebody<00:09:08.820> wants<00:09:09.180> to<00:09:09.240> sell<00:09:09.420> a 00:09:09.590 --> 00:09:09.600 align:start position:0% validators and somebody wants to sell a 00:09:09.600 --> 00:09:11.570 align:start position:0% validators and somebody wants to sell a thousand<00:09:09.839> validators<00:09:10.380> now<00:09:10.800> you<00:09:11.519> can 00:09:11.570 --> 00:09:11.580 align:start position:0% thousand validators now you can 00:09:11.580 --> 00:09:15.290 align:start position:0% thousand validators now you can off-board<00:09:12.060> it<00:09:12.420> it<00:09:13.140> takes<00:09:13.440> at<00:09:13.800> least<00:09:13.980> 15<00:09:14.820> to<00:09:15.120> 24 00:09:15.290 --> 00:09:15.300 align:start position:0% off-board it it takes at least 15 to 24 00:09:15.300 --> 00:09:17.870 align:start position:0% off-board it it takes at least 15 to 24 hours<00:09:15.660> if<00:09:15.959> there's<00:09:16.140> no<00:09:16.320> queue<00:09:16.740> or<00:09:17.399> and<00:09:17.640> then 00:09:17.870 --> 00:09:17.880 align:start position:0% hours if there's no queue or and then 00:09:17.880 --> 00:09:20.329 align:start position:0% hours if there's no queue or and then somebody<00:09:18.240> else<00:09:18.480> on<00:09:18.779> boards<00:09:19.260> it's<00:09:19.800> quite<00:09:19.980> heavy 00:09:20.329 --> 00:09:20.339 align:start position:0% somebody else on boards it's quite heavy 00:09:20.339 --> 00:09:22.250 align:start position:0% somebody else on boards it's quite heavy on<00:09:20.519> the<00:09:20.640> network<00:09:20.760> as<00:09:21.120> well<00:09:21.240> for<00:09:21.480> ethereum<00:09:21.959> to 00:09:22.250 --> 00:09:22.260 align:start position:0% on the network as well for ethereum to 00:09:22.260 --> 00:09:25.009 align:start position:0% on the network as well for ethereum to do<00:09:22.380> that<00:09:22.620> and<00:09:23.399> also<00:09:23.640> both<00:09:24.000> sides<00:09:24.480> are<00:09:24.720> losing 00:09:25.009 --> 00:09:25.019 align:start position:0% do that and also both sides are losing 00:09:25.019 --> 00:09:26.750 align:start position:0% do that and also both sides are losing accrued<00:09:25.440> interest<00:09:25.620> so<00:09:26.040> if<00:09:26.160> you<00:09:26.279> think<00:09:26.399> if<00:09:26.519> this 00:09:26.750 --> 00:09:26.760 align:start position:0% accrued interest so if you think if this 00:09:26.760 --> 00:09:29.110 align:start position:0% accrued interest so if you think if this is<00:09:26.880> a<00:09:27.060> bond<00:09:27.240> you<00:09:28.140> know<00:09:28.200> you're<00:09:28.380> losing<00:09:28.860> money 00:09:29.110 --> 00:09:29.120 align:start position:0% is a bond you know you're losing money 00:09:29.120 --> 00:09:31.910 align:start position:0% is a bond you know you're losing money for<00:09:30.120> for<00:09:30.420> the<00:09:30.660> 24<00:09:30.839> hours<00:09:31.200> and<00:09:31.500> if<00:09:31.620> there's<00:09:31.740> a 00:09:31.910 --> 00:09:31.920 align:start position:0% for for the 24 hours and if there's a 00:09:31.920 --> 00:09:34.430 align:start position:0% for for the 24 hours and if there's a cue<00:09:32.100> it<00:09:32.279> could<00:09:32.459> be<00:09:32.580> a<00:09:32.700> lot<00:09:32.820> longer<00:09:33.180> so<00:09:34.140> wouldn't 00:09:34.430 --> 00:09:34.440 align:start position:0% cue it could be a lot longer so wouldn't 00:09:34.440 --> 00:09:36.470 align:start position:0% cue it could be a lot longer so wouldn't it<00:09:34.740> be<00:09:34.980> more<00:09:35.459> convenient<00:09:35.820> if<00:09:36.120> there<00:09:36.240> was<00:09:36.360> a 00:09:36.470 --> 00:09:36.480 align:start position:0% it be more convenient if there was a 00:09:36.480 --> 00:09:39.530 align:start position:0% it be more convenient if there was a marketplace<00:09:36.959> where<00:09:37.500> two<00:09:37.980> people<00:09:38.220> just<00:09:38.820> bought 00:09:39.530 --> 00:09:39.540 align:start position:0% marketplace where two people just bought 00:09:39.540 --> 00:09:41.389 align:start position:0% marketplace where two people just bought the<00:09:39.720> validators<00:09:40.200> off<00:09:40.440> each<00:09:40.620> other<00:09:40.800> this 00:09:41.389 --> 00:09:41.399 align:start position:0% the validators off each other this 00:09:41.399 --> 00:09:42.710 align:start position:0% the validators off each other this instant<00:09:41.760> settlement 00:09:42.710 --> 00:09:42.720 align:start position:0% instant settlement 00:09:42.720 --> 00:09:44.990 align:start position:0% instant settlement uh<00:09:43.320> the<00:09:43.560> ethereum<00:09:43.980> network<00:09:44.160> handles<00:09:44.640> it 00:09:44.990 --> 00:09:45.000 align:start position:0% uh the ethereum network handles it 00:09:45.000 --> 00:09:47.449 align:start position:0% uh the ethereum network handles it extremely<00:09:45.420> well<00:09:45.600> it's<00:09:45.839> just<00:09:46.080> a<00:09:46.260> transfer 00:09:47.449 --> 00:09:47.459 align:start position:0% extremely well it's just a transfer 00:09:47.459 --> 00:09:48.889 align:start position:0% extremely well it's just a transfer um<00:09:47.519> we've<00:09:47.760> still<00:09:47.880> got<00:09:48.000> the<00:09:48.180> same<00:09:48.300> validators 00:09:48.889 --> 00:09:48.899 align:start position:0% um we've still got the same validators 00:09:48.899 --> 00:09:49.790 align:start position:0% um we've still got the same validators running 00:09:49.790 --> 00:09:49.800 align:start position:0% running 00:09:49.800 --> 00:09:52.970 align:start position:0% running and 00:09:52.970 --> 00:09:52.980 align:start position:0% 00:09:52.980 --> 00:09:56.090 align:start position:0% you<00:09:53.459> know<00:09:53.519> it<00:09:54.300> just<00:09:54.420> becomes<00:09:54.839> a<00:09:55.140> much<00:09:55.680> easier 00:09:56.090 --> 00:09:56.100 align:start position:0% you know it just becomes a much easier 00:09:56.100 --> 00:09:58.670 align:start position:0% you know it just becomes a much easier way<00:09:56.399> of<00:09:56.880> large<00:09:57.480> institutions<00:09:58.080> to<00:09:58.380> be<00:09:58.500> able<00:09:58.560> to 00:09:58.670 --> 00:09:58.680 align:start position:0% way of large institutions to be able to 00:09:58.680 --> 00:10:00.470 align:start position:0% way of large institutions to be able to buy<00:09:58.860> and<00:09:59.040> sell<00:09:59.279> I<00:09:59.880> mean<00:10:00.060> clearly<00:10:00.360> the 00:10:00.470 --> 00:10:00.480 align:start position:0% buy and sell I mean clearly the 00:10:00.480 --> 00:10:02.030 align:start position:0% buy and sell I mean clearly the marketplace<00:10:00.839> has<00:10:01.019> got<00:10:01.140> to<00:10:01.200> have<00:10:01.320> liquidity<00:10:01.800> to 00:10:02.030 --> 00:10:02.040 align:start position:0% marketplace has got to have liquidity to 00:10:02.040 --> 00:10:04.550 align:start position:0% marketplace has got to have liquidity to do<00:10:02.160> this<00:10:02.399> but<00:10:03.180> you<00:10:03.420> could<00:10:03.480> imagine 00:10:04.550 --> 00:10:04.560 align:start position:0% do this but you could imagine 00:10:04.560 --> 00:10:06.170 align:start position:0% do this but you could imagine you're<00:10:05.100> just<00:10:05.279> about<00:10:05.399> to<00:10:05.640> get<00:10:05.760> rid<00:10:05.940> of<00:10:06.060> a 00:10:06.170 --> 00:10:06.180 align:start position:0% you're just about to get rid of a 00:10:06.180 --> 00:10:07.850 align:start position:0% you're just about to get rid of a thousand<00:10:06.420> validators<00:10:07.019> you<00:10:07.320> would<00:10:07.440> go<00:10:07.560> to<00:10:07.680> the 00:10:07.850 --> 00:10:07.860 align:start position:0% thousand validators you would go to the 00:10:07.860 --> 00:10:09.530 align:start position:0% thousand validators you would go to the marketplace<00:10:08.279> first<00:10:08.580> if<00:10:08.820> there's<00:10:09.000> a<00:10:09.120> liquidity 00:10:09.530 --> 00:10:09.540 align:start position:0% marketplace first if there's a liquidity 00:10:09.540 --> 00:10:10.970 align:start position:0% marketplace first if there's a liquidity you're<00:10:09.839> going<00:10:10.019> to<00:10:10.140> get<00:10:10.260> a<00:10:10.380> better<00:10:10.500> price<00:10:10.740> or 00:10:10.970 --> 00:10:10.980 align:start position:0% you're going to get a better price or 00:10:10.980 --> 00:10:12.710 align:start position:0% you're going to get a better price or you're<00:10:11.100> likely<00:10:11.459> to<00:10:11.580> get<00:10:11.700> a<00:10:11.760> better<00:10:11.940> price<00:10:12.180> than 00:10:12.710 --> 00:10:12.720 align:start position:0% you're likely to get a better price than 00:10:12.720 --> 00:10:14.030 align:start position:0% you're likely to get a better price than just<00:10:12.959> unwinding<00:10:13.500> it<00:10:13.680> because<00:10:13.740> you're<00:10:13.920> going 00:10:14.030 --> 00:10:14.040 align:start position:0% just unwinding it because you're going 00:10:14.040 --> 00:10:16.610 align:start position:0% just unwinding it because you're going to<00:10:14.160> lose<00:10:14.339> a<00:10:14.880> day's<00:10:15.120> worth<00:10:15.240> of<00:10:15.420> interest<00:10:15.660> and 00:10:16.610 --> 00:10:16.620 align:start position:0% to lose a day's worth of interest and 00:10:16.620 --> 00:10:18.470 align:start position:0% to lose a day's worth of interest and Rewards 00:10:18.470 --> 00:10:18.480 align:start position:0% Rewards 00:10:18.480 --> 00:10:19.190 align:start position:0% Rewards um 00:10:19.190 --> 00:10:19.200 align:start position:0% um 00:10:19.200 --> 00:10:21.110 align:start position:0% um some<00:10:19.860> other<00:10:19.980> stuff<00:10:20.220> you<00:10:20.399> could<00:10:20.519> do<00:10:20.700> with<00:10:21.000> a 00:10:21.110 --> 00:10:21.120 align:start position:0% some other stuff you could do with a 00:10:21.120 --> 00:10:22.009 align:start position:0% some other stuff you could do with a receipt 00:10:22.009 --> 00:10:22.019 align:start position:0% receipt 00:10:22.019 --> 00:10:24.350 align:start position:0% receipt and<00:10:22.800> I<00:10:23.339> don't<00:10:23.459> know<00:10:23.519> if<00:10:23.580> this<00:10:23.760> is<00:10:23.880> an<00:10:24.000> advantage 00:10:24.350 --> 00:10:24.360 align:start position:0% and I don't know if this is an advantage 00:10:24.360 --> 00:10:26.570 align:start position:0% and I don't know if this is an advantage or<00:10:24.540> disadvantage<00:10:25.019> I'll<00:10:25.320> let<00:10:25.740> you<00:10:25.920> decide<00:10:26.339> but 00:10:26.570 --> 00:10:26.580 align:start position:0% or disadvantage I'll let you decide but 00:10:26.580 --> 00:10:29.030 align:start position:0% or disadvantage I'll let you decide but it<00:10:27.300> could<00:10:27.420> be<00:10:27.540> used<00:10:27.660> as<00:10:27.839> collateral<00:10:28.260> in<00:10:28.560> defy 00:10:29.030 --> 00:10:29.040 align:start position:0% it could be used as collateral in defy 00:10:29.040 --> 00:10:31.790 align:start position:0% it could be used as collateral in defy so<00:10:29.580> all<00:10:30.000> them<00:10:30.180> wonderful<00:10:30.600> things<00:10:30.899> and<00:10:31.620> the 00:10:31.790 --> 00:10:31.800 align:start position:0% so all them wonderful things and the 00:10:31.800 --> 00:10:33.769 align:start position:0% so all them wonderful things and the great<00:10:31.920> thing<00:10:32.160> with<00:10:32.580> this<00:10:33.000> it<00:10:33.180> comes<00:10:33.480> with<00:10:33.600> a 00:10:33.769 --> 00:10:33.779 align:start position:0% great thing with this it comes with a 00:10:33.779 --> 00:10:35.870 align:start position:0% great thing with this it comes with a revenue<00:10:34.080> Stream<00:10:34.380> So<00:10:34.860> anybody's<00:10:35.760> into 00:10:35.870 --> 00:10:35.880 align:start position:0% revenue Stream So anybody's into 00:10:35.880 --> 00:10:37.550 align:start position:0% revenue Stream So anybody's into Financial<00:10:36.180> engineering<00:10:36.899> could<00:10:37.140> come<00:10:37.320> up<00:10:37.440> with 00:10:37.550 --> 00:10:37.560 align:start position:0% Financial engineering could come up with 00:10:37.560 --> 00:10:40.250 align:start position:0% Financial engineering could come up with many<00:10:37.920> different<00:10:38.339> views<00:10:39.300> of<00:10:39.480> ways<00:10:39.899> that<00:10:40.019> this 00:10:40.250 --> 00:10:40.260 align:start position:0% many different views of ways that this 00:10:40.260 --> 00:10:42.470 align:start position:0% many different views of ways that this could<00:10:40.440> be<00:10:40.560> used<00:10:40.860> and<00:10:41.820> it<00:10:41.940> could<00:10:42.120> be<00:10:42.300> very 00:10:42.470 --> 00:10:42.480 align:start position:0% could be used and it could be very 00:10:42.480 --> 00:10:44.509 align:start position:0% could be used and it could be very interesting 00:10:44.509 --> 00:10:44.519 align:start position:0% interesting 00:10:44.519 --> 00:10:45.230 align:start position:0% interesting um 00:10:45.230 --> 00:10:45.240 align:start position:0% um 00:10:45.240 --> 00:10:47.990 align:start position:0% um and<00:10:45.779> I<00:10:45.959> think<00:10:46.140> a<00:10:46.620> marketplace<00:10:47.100> where<00:10:47.640> buyers 00:10:47.990 --> 00:10:48.000 align:start position:0% and I think a marketplace where buyers 00:10:48.000 --> 00:10:49.490 align:start position:0% and I think a marketplace where buyers and<00:10:48.180> sellers<00:10:48.480> can<00:10:48.660> come<00:10:48.779> together<00:10:48.959> I<00:10:49.380> think 00:10:49.490 --> 00:10:49.500 align:start position:0% and sellers can come together I think 00:10:49.500 --> 00:10:51.110 align:start position:0% and sellers can come together I think would<00:10:49.620> be<00:10:49.800> very<00:10:50.040> interesting 00:10:51.110 --> 00:10:51.120 align:start position:0% would be very interesting 00:10:51.120 --> 00:10:54.050 align:start position:0% would be very interesting um<00:10:51.180> and<00:10:51.600> as<00:10:51.839> I<00:10:52.019> say<00:10:52.200> it's<00:10:53.160> for<00:10:53.459> the<00:10:53.579> network<00:10:53.760> for 00:10:54.050 --> 00:10:54.060 align:start position:0% um and as I say it's for the network for 00:10:54.060 --> 00:10:55.730 align:start position:0% um and as I say it's for the network for the<00:10:54.180> ethereum<00:10:54.540> network<00:10:54.779> it's<00:10:55.140> also<00:10:55.500> better 00:10:55.730 --> 00:10:55.740 align:start position:0% the ethereum network it's also better 00:10:55.740 --> 00:10:58.550 align:start position:0% the ethereum network it's also better not<00:10:56.339> having<00:10:56.519> these<00:10:57.000> ether<00:10:57.660> huge<00:10:58.260> amounts<00:10:58.500> of 00:10:58.550 --> 00:10:58.560 align:start position:0% not having these ether huge amounts of 00:10:58.560 --> 00:10:59.870 align:start position:0% not having these ether huge amounts of ether<00:10:58.740> coming<00:10:58.920> in<00:10:59.100> and<00:10:59.279> out<00:10:59.399> of<00:10:59.579> the<00:10:59.640> system 00:10:59.870 --> 00:10:59.880 align:start position:0% ether coming in and out of the system 00:10:59.880 --> 00:11:02.449 align:start position:0% ether coming in and out of the system and<00:11:00.660> and<00:11:00.899> you<00:11:01.380> know<00:11:01.440> why<00:11:01.800> wouldn't<00:11:01.980> this<00:11:02.160> why 00:11:02.449 --> 00:11:02.459 align:start position:0% and and you know why wouldn't this why 00:11:02.459 --> 00:11:03.769 align:start position:0% and and you know why wouldn't this why wouldn't<00:11:02.640> this<00:11:02.760> be<00:11:02.880> the<00:11:03.060> better<00:11:03.360> way<00:11:03.600> of 00:11:03.769 --> 00:11:03.779 align:start position:0% wouldn't this be the better way of 00:11:03.779 --> 00:11:05.930 align:start position:0% wouldn't this be the better way of transferring<00:11:04.320> and<00:11:04.800> providing<00:11:05.160> liquidity<00:11:05.640> to 00:11:05.930 --> 00:11:05.940 align:start position:0% transferring and providing liquidity to 00:11:05.940 --> 00:11:08.090 align:start position:0% transferring and providing liquidity to staking<00:11:06.240> assets<00:11:06.660> without<00:11:07.019> you<00:11:07.800> know<00:11:07.920> without 00:11:08.090 --> 00:11:08.100 align:start position:0% staking assets without you know without 00:11:08.100 --> 00:11:11.449 align:start position:0% staking assets without you know without going<00:11:08.459> through<00:11:08.760> the<00:11:09.120> uh<00:11:09.420> the<00:11:10.019> the<00:11:10.260> on<00:11:11.220> and<00:11:11.339> off 00:11:11.449 --> 00:11:11.459 align:start position:0% going through the uh the the on and off 00:11:11.459 --> 00:11:13.190 align:start position:0% going through the uh the the on and off boarding 00:11:13.190 --> 00:11:13.200 align:start position:0% boarding 00:11:13.200 --> 00:11:17.269 align:start position:0% boarding Okay<00:11:13.920> so<00:11:15.060> what<00:11:15.540> are<00:11:15.720> the<00:11:15.779> benefits<00:11:16.260> I<00:11:16.980> mean<00:11:17.100> the 00:11:17.269 --> 00:11:17.279 align:start position:0% Okay so what are the benefits I mean the 00:11:17.279 --> 00:11:19.009 align:start position:0% Okay so what are the benefits I mean the biggest<00:11:17.399> one<00:11:17.700> is<00:11:18.060> you<00:11:18.240> still<00:11:18.360> own<00:11:18.540> the<00:11:18.720> ether 00:11:19.009 --> 00:11:19.019 align:start position:0% biggest one is you still own the ether 00:11:19.019 --> 00:11:21.470 align:start position:0% biggest one is you still own the ether it<00:11:19.560> is<00:11:19.980> a<00:11:20.220> receipt<00:11:20.519> you<00:11:20.880> still<00:11:21.000> own<00:11:21.180> it<00:11:21.360> it's 00:11:21.470 --> 00:11:21.480 align:start position:0% it is a receipt you still own it it's 00:11:21.480 --> 00:11:25.069 align:start position:0% it is a receipt you still own it it's yours<00:11:21.839> it's<00:11:22.140> not<00:11:22.500> pulled<00:11:22.920> okay<00:11:23.579> so<00:11:24.000> it<00:11:24.779> means 00:11:25.069 --> 00:11:25.079 align:start position:0% yours it's not pulled okay so it means 00:11:25.079 --> 00:11:27.590 align:start position:0% yours it's not pulled okay so it means decentralization<00:11:25.860> because<00:11:26.339> you<00:11:27.240> know<00:11:27.300> we 00:11:27.590 --> 00:11:27.600 align:start position:0% decentralization because you know we 00:11:27.600 --> 00:11:28.790 align:start position:0% decentralization because you know we we're 00:11:28.790 --> 00:11:28.800 align:start position:0% we're 00:11:28.800 --> 00:11:31.310 align:start position:0% we're you<00:11:29.100> know<00:11:29.279> people<00:11:29.579> are<00:11:30.180> not<00:11:30.660> pulling<00:11:31.079> this 00:11:31.310 --> 00:11:31.320 align:start position:0% you know people are not pulling this 00:11:31.320 --> 00:11:32.930 align:start position:0% you know people are not pulling this thing<00:11:31.440> into<00:11:31.680> library<00:11:31.980> or<00:11:32.459> into<00:11:32.579> another 00:11:32.930 --> 00:11:32.940 align:start position:0% thing into library or into another 00:11:32.940 --> 00:11:35.090 align:start position:0% thing into library or into another pooling<00:11:33.600> system<00:11:33.839> so 00:11:35.090 --> 00:11:35.100 align:start position:0% pooling system so 00:11:35.100 --> 00:11:37.490 align:start position:0% pooling system so um<00:11:35.220> and<00:11:35.700> the<00:11:35.940> other<00:11:36.060> thing<00:11:36.300> with<00:11:36.480> this<00:11:36.660> is 00:11:37.490 --> 00:11:37.500 align:start position:0% um and the other thing with this is 00:11:37.500 --> 00:11:39.410 align:start position:0% um and the other thing with this is something<00:11:38.040> as<00:11:38.279> a<00:11:38.459> staking<00:11:38.640> company<00:11:38.940> we<00:11:39.240> think 00:11:39.410 --> 00:11:39.420 align:start position:0% something as a staking company we think 00:11:39.420 --> 00:11:41.569 align:start position:0% something as a staking company we think about<00:11:39.600> if<00:11:40.260> you're<00:11:40.440> a<00:11:40.680> good<00:11:40.920> staking<00:11:41.279> company 00:11:41.569 --> 00:11:41.579 align:start position:0% about if you're a good staking company 00:11:41.579 --> 00:11:44.090 align:start position:0% about if you're a good staking company in<00:11:42.240> Lido<00:11:42.720> or<00:11:42.899> you're<00:11:43.019> a<00:11:43.200> bad<00:11:43.380> staking<00:11:43.860> company 00:11:44.090 --> 00:11:44.100 align:start position:0% in Lido or you're a bad staking company 00:11:44.100 --> 00:11:47.030 align:start position:0% in Lido or you're a bad staking company nobody<00:11:44.519> cares<00:11:45.000> because<00:11:45.300> all<00:11:45.600> the<00:11:45.779> rewards<00:11:46.320> are 00:11:47.030 --> 00:11:47.040 align:start position:0% nobody cares because all the rewards are 00:11:47.040 --> 00:11:48.230 align:start position:0% nobody cares because all the rewards are just<00:11:47.220> mixed 00:11:48.230 --> 00:11:48.240 align:start position:0% just mixed 00:11:48.240 --> 00:11:51.710 align:start position:0% just mixed with<00:11:48.959> this<00:11:49.680> we<00:11:50.220> start<00:11:50.399> to<00:11:50.579> find<00:11:50.820> out<00:11:51.060> who<00:11:51.600> are 00:11:51.710 --> 00:11:51.720 align:start position:0% with this we start to find out who are 00:11:51.720 --> 00:11:53.269 align:start position:0% with this we start to find out who are the<00:11:51.839> better<00:11:52.019> ones<00:11:52.380> because<00:11:52.620> the<00:11:52.860> marketplace 00:11:53.269 --> 00:11:53.279 align:start position:0% the better ones because the marketplace 00:11:53.279 --> 00:11:55.730 align:start position:0% the better ones because the marketplace can<00:11:53.579> monitor<00:11:53.880> it<00:11:54.000> the<00:11:54.180> marketplace<00:11:54.600> can<00:11:55.019> can 00:11:55.730 --> 00:11:55.740 align:start position:0% can monitor it the marketplace can can 00:11:55.740 --> 00:11:58.190 align:start position:0% can monitor it the marketplace can can do<00:11:56.040> uh<00:11:56.640> can<00:11:56.880> look<00:11:57.120> at<00:11:57.240> all<00:11:57.480> the<00:11:57.600> stats<00:11:57.899> for<00:11:58.019> all 00:11:58.190 --> 00:11:58.200 align:start position:0% do uh can look at all the stats for all 00:11:58.200 --> 00:12:00.949 align:start position:0% do uh can look at all the stats for all the<00:11:58.380> different<00:11:58.500> uh<00:11:59.160> validators<00:11:59.820> and<00:12:00.660> clearly 00:12:00.949 --> 00:12:00.959 align:start position:0% the different uh validators and clearly 00:12:00.959 --> 00:12:03.949 align:start position:0% the different uh validators and clearly we<00:12:01.260> think<00:12:01.380> that's<00:12:01.560> a<00:12:01.740> good<00:12:01.860> idea<00:12:02.160> and<00:12:02.880> uh<00:12:03.779> it's 00:12:03.949 --> 00:12:03.959 align:start position:0% we think that's a good idea and uh it's 00:12:03.959 --> 00:12:05.690 align:start position:0% we think that's a good idea and uh it's something<00:12:04.140> that<00:12:04.500> also<00:12:04.920> if<00:12:05.279> you<00:12:05.399> think<00:12:05.519> of 00:12:05.690 --> 00:12:05.700 align:start position:0% something that also if you think of 00:12:05.700 --> 00:12:06.949 align:start position:0% something that also if you think of these<00:12:05.880> things<00:12:06.000> are<00:12:06.240> starting<00:12:06.420> to<00:12:06.600> look<00:12:06.779> very 00:12:06.949 --> 00:12:06.959 align:start position:0% these things are starting to look very 00:12:06.959 --> 00:12:08.449 align:start position:0% these things are starting to look very much<00:12:07.140> like<00:12:07.380> bonds 00:12:08.449 --> 00:12:08.459 align:start position:0% much like bonds 00:12:08.459 --> 00:12:10.670 align:start position:0% much like bonds credit<00:12:09.000> spread<00:12:09.480> could<00:12:09.720> actually<00:12:09.899> be<00:12:10.140> these 00:12:10.670 --> 00:12:10.680 align:start position:0% credit spread could actually be these 00:12:10.680 --> 00:12:12.350 align:start position:0% credit spread could actually be these are<00:12:10.740> like<00:12:10.860> credit<00:12:11.100> spreads<00:12:11.579> so<00:12:11.760> the<00:12:12.000> the 00:12:12.350 --> 00:12:12.360 align:start position:0% are like credit spreads so the the 00:12:12.360 --> 00:12:14.930 align:start position:0% are like credit spreads so the the staking<00:12:12.839> uh<00:12:13.800> the<00:12:14.040> staking<00:12:14.279> companies<00:12:14.640> become 00:12:14.930 --> 00:12:14.940 align:start position:0% staking uh the staking companies become 00:12:14.940 --> 00:12:16.430 align:start position:0% staking uh the staking companies become credit<00:12:15.120> spreads<00:12:15.540> and<00:12:15.660> I<00:12:15.779> think<00:12:15.899> that<00:12:16.019> would<00:12:16.200> be 00:12:16.430 --> 00:12:16.440 align:start position:0% credit spreads and I think that would be 00:12:16.440 --> 00:12:19.250 align:start position:0% credit spreads and I think that would be quite<00:12:17.040> an<00:12:17.279> interesting<00:12:17.700> Marketplace 00:12:19.250 --> 00:12:19.260 align:start position:0% quite an interesting Marketplace 00:12:19.260 --> 00:12:21.889 align:start position:0% quite an interesting Marketplace I<00:12:19.800> think<00:12:19.980> this<00:12:20.399> is<00:12:20.519> also<00:12:20.820> the<00:12:21.060> vanilla<00:12:21.540> Vision 00:12:21.889 --> 00:12:21.899 align:start position:0% I think this is also the vanilla Vision 00:12:21.899 --> 00:12:23.690 align:start position:0% I think this is also the vanilla Vision we've<00:12:22.260> got<00:12:22.380> but<00:12:22.620> I<00:12:22.740> could<00:12:22.920> imagine<00:12:23.100> we<00:12:23.579> could 00:12:23.690 --> 00:12:23.700 align:start position:0% we've got but I could imagine we could 00:12:23.700 --> 00:12:25.310 align:start position:0% we've got but I could imagine we could take<00:12:23.880> a<00:12:24.060> step<00:12:24.420> further<00:12:24.720> on<00:12:24.899> a<00:12:25.019> lot<00:12:25.079> of<00:12:25.200> this 00:12:25.310 --> 00:12:25.320 align:start position:0% take a step further on a lot of this 00:12:25.320 --> 00:12:27.170 align:start position:0% take a step further on a lot of this stuff<00:12:25.560> and<00:12:25.980> we<00:12:26.100> could<00:12:26.160> build<00:12:26.399> insurance<00:12:26.700> we 00:12:27.170 --> 00:12:27.180 align:start position:0% stuff and we could build insurance we 00:12:27.180 --> 00:12:28.790 align:start position:0% stuff and we could build insurance we could<00:12:27.300> build<00:12:27.480> fees<00:12:27.899> we<00:12:28.079> could<00:12:28.200> be<00:12:28.320> a<00:12:28.440> lot<00:12:28.680> more 00:12:28.790 --> 00:12:28.800 align:start position:0% could build fees we could be a lot more 00:12:28.800 --> 00:12:30.230 align:start position:0% could build fees we could be a lot more because<00:12:28.980> now<00:12:29.160> it's<00:12:29.279> a<00:12:29.459> smart<00:12:29.579> contract<00:12:30.000> so 00:12:30.230 --> 00:12:30.240 align:start position:0% because now it's a smart contract so 00:12:30.240 --> 00:12:32.810 align:start position:0% because now it's a smart contract so everything's<00:12:31.019> up<00:12:31.200> for<00:12:31.320> grabs<00:12:31.680> really<00:12:31.920> so<00:12:32.640> why 00:12:32.810 --> 00:12:32.820 align:start position:0% everything's up for grabs really so why 00:12:32.820 --> 00:12:34.370 align:start position:0% everything's up for grabs really so why hasn't<00:12:33.120> this<00:12:33.240> already<00:12:33.480> been<00:12:33.660> done 00:12:34.370 --> 00:12:34.380 align:start position:0% hasn't this already been done 00:12:34.380 --> 00:12:36.470 align:start position:0% hasn't this already been done the<00:12:34.800> obvious<00:12:35.040> question 00:12:36.470 --> 00:12:36.480 align:start position:0% the obvious question 00:12:36.480 --> 00:12:39.170 align:start position:0% the obvious question can't<00:12:36.839> do<00:12:37.079> it<00:12:37.200> or<00:12:37.560> we<00:12:37.740> can't<00:12:37.860> do<00:12:38.040> it<00:12:38.220> easily<00:12:38.640> we 00:12:39.170 --> 00:12:39.180 align:start position:0% can't do it or we can't do it easily we 00:12:39.180 --> 00:12:40.790 align:start position:0% can't do it or we can't do it easily we can't<00:12:39.300> do<00:12:39.540> it<00:12:39.660> easily 00:12:40.790 --> 00:12:40.800 align:start position:0% can't do it easily 00:12:40.800 --> 00:12:42.889 align:start position:0% can't do it easily the<00:12:41.279> biggest<00:12:41.399> problem<00:12:41.760> is<00:12:42.300> we've<00:12:42.540> had<00:12:42.779> the 00:12:42.889 --> 00:12:42.899 align:start position:0% the biggest problem is we've had the 00:12:42.899 --> 00:12:44.329 align:start position:0% the biggest problem is we've had the merge<00:12:43.320> and 00:12:44.329 --> 00:12:44.339 align:start position:0% merge and 00:12:44.339 --> 00:12:45.889 align:start position:0% merge and so<00:12:44.880> what's<00:12:45.120> the<00:12:45.300> problem<00:12:45.420> with<00:12:45.540> these<00:12:45.779> two 00:12:45.889 --> 00:12:45.899 align:start position:0% so what's the problem with these two 00:12:45.899 --> 00:12:47.090 align:start position:0% so what's the problem with these two things<00:12:46.019> and<00:12:46.260> now<00:12:46.380> talk<00:12:46.560> to<00:12:46.680> each<00:12:46.800> other<00:12:46.920> but 00:12:47.090 --> 00:12:47.100 align:start position:0% things and now talk to each other but 00:12:47.100 --> 00:12:48.769 align:start position:0% things and now talk to each other but they<00:12:47.279> don't<00:12:47.459> they<00:12:47.760> don't<00:12:47.940> we<00:12:48.180> we<00:12:48.420> did<00:12:48.600> the 00:12:48.769 --> 00:12:48.779 align:start position:0% they don't they don't we we did the 00:12:48.779 --> 00:12:50.329 align:start position:0% they don't they don't we we did the minimum<00:12:49.079> to<00:12:49.260> get<00:12:49.380> the<00:12:49.500> merge<00:12:49.800> over<00:12:49.920> the<00:12:50.160> line 00:12:50.329 --> 00:12:50.339 align:start position:0% minimum to get the merge over the line 00:12:50.339 --> 00:12:54.110 align:start position:0% minimum to get the merge over the line and<00:12:51.000> so<00:12:51.180> at<00:12:51.360> the<00:12:51.480> moment<00:12:51.740> the<00:12:52.740> evm 00:12:54.110 --> 00:12:54.120 align:start position:0% and so at the moment the evm 00:12:54.120 --> 00:12:56.389 align:start position:0% and so at the moment the evm can't<00:12:54.779> talk<00:12:55.019> to<00:12:55.200> the<00:12:55.320> beacon<00:12:55.620> chain 00:12:56.389 --> 00:12:56.399 align:start position:0% can't talk to the beacon chain 00:12:56.399 --> 00:12:58.850 align:start position:0% can't talk to the beacon chain so<00:12:56.820> we've<00:12:57.000> got<00:12:57.180> no<00:12:57.540> way<00:12:57.779> of<00:12:58.380> being<00:12:58.560> able<00:12:58.740> to 00:12:58.850 --> 00:12:58.860 align:start position:0% so we've got no way of being able to 00:12:58.860 --> 00:13:00.769 align:start position:0% so we've got no way of being able to test<00:12:59.100> the<00:12:59.339> state<00:12:59.519> and<00:12:59.940> test<00:13:00.120> you<00:13:00.360> actually<00:13:00.540> own 00:13:00.769 --> 00:13:00.779 align:start position:0% test the state and test you actually own 00:13:00.779 --> 00:13:03.230 align:start position:0% test the state and test you actually own that<00:13:00.959> validator<00:13:01.920> so<00:13:02.399> there<00:13:02.639> is<00:13:02.820> actually<00:13:02.940> an 00:13:03.230 --> 00:13:03.240 align:start position:0% that validator so there is actually an 00:13:03.240 --> 00:13:05.329 align:start position:0% that validator so there is actually an EIP<00:13:03.540> which<00:13:04.019> is<00:13:04.139> is<00:13:04.440> aiming<00:13:04.860> for<00:13:04.980> Shanghai 00:13:05.329 --> 00:13:05.339 align:start position:0% EIP which is is aiming for Shanghai 00:13:05.339 --> 00:13:08.509 align:start position:0% EIP which is is aiming for Shanghai which<00:13:05.700> is<00:13:05.820> the<00:13:06.000> 4788<00:13:06.899> and<00:13:07.740> what<00:13:07.980> this<00:13:08.160> does<00:13:08.339> is 00:13:08.509 --> 00:13:08.519 align:start position:0% which is the 4788 and what this does is 00:13:08.519 --> 00:13:10.730 align:start position:0% which is the 4788 and what this does is produces<00:13:09.060> an<00:13:09.240> OP<00:13:09.360> code<00:13:09.660> for<00:13:09.899> the<00:13:10.079> evm<00:13:10.500> which 00:13:10.730 --> 00:13:10.740 align:start position:0% produces an OP code for the evm which 00:13:10.740 --> 00:13:12.470 align:start position:0% produces an OP code for the evm which allows<00:13:11.100> you<00:13:11.160> to<00:13:11.339> see<00:13:11.459> the<00:13:11.700> beacon<00:13:12.000> route<00:13:12.180> the 00:13:12.470 --> 00:13:12.480 align:start position:0% allows you to see the beacon route the 00:13:12.480 --> 00:13:14.690 align:start position:0% allows you to see the beacon route the state<00:13:12.660> route<00:13:12.959> and<00:13:13.800> what<00:13:13.980> does<00:13:14.160> this<00:13:14.339> able<00:13:14.639> to 00:13:14.690 --> 00:13:14.700 align:start position:0% state route and what does this able to 00:13:14.700 --> 00:13:16.370 align:start position:0% state route and what does this able to do<00:13:14.820> you<00:13:15.120> can<00:13:15.180> build<00:13:15.300> a<00:13:15.480> miracle<00:13:15.839> proof<00:13:16.139> and<00:13:16.260> you 00:13:16.370 --> 00:13:16.380 align:start position:0% do you can build a miracle proof and you 00:13:16.380 --> 00:13:18.170 align:start position:0% do you can build a miracle proof and you can<00:13:16.440> prove<00:13:16.680> the<00:13:16.800> validate<00:13:17.279> is<00:13:17.399> yours<00:13:17.760> and<00:13:18.060> then 00:13:18.170 --> 00:13:18.180 align:start position:0% can prove the validate is yours and then 00:13:18.180 --> 00:13:20.810 align:start position:0% can prove the validate is yours and then you<00:13:18.300> build<00:13:18.480> the<00:13:18.660> nft<00:13:18.959> so<00:13:19.920> it<00:13:20.220> just<00:13:20.399> needs<00:13:20.639> this 00:13:20.810 --> 00:13:20.820 align:start position:0% you build the nft so it just needs this 00:13:20.820 --> 00:13:22.730 align:start position:0% you build the nft so it just needs this little<00:13:20.940> bit<00:13:21.120> of<00:13:21.240> glue<00:13:21.600> and<00:13:22.200> then<00:13:22.320> we're<00:13:22.500> away 00:13:22.730 --> 00:13:22.740 align:start position:0% little bit of glue and then we're away 00:13:22.740 --> 00:13:24.949 align:start position:0% little bit of glue and then we're away and<00:13:23.639> hopefully<00:13:23.880> this<00:13:24.180> will<00:13:24.300> get<00:13:24.540> included 00:13:24.949 --> 00:13:24.959 align:start position:0% and hopefully this will get included 00:13:24.959 --> 00:13:27.710 align:start position:0% and hopefully this will get included into<00:13:25.260> that<00:13:25.620> uh<00:13:26.399> Shanghai<00:13:26.820> and<00:13:27.120> we<00:13:27.300> will<00:13:27.480> be 00:13:27.710 --> 00:13:27.720 align:start position:0% into that uh Shanghai and we will be 00:13:27.720 --> 00:13:30.769 align:start position:0% into that uh Shanghai and we will be testing<00:13:28.440> some<00:13:28.620> ideas<00:13:28.860> around<00:13:29.220> this<00:13:29.579> yeah<00:13:30.420> so 00:13:30.769 --> 00:13:30.779 align:start position:0% testing some ideas around this yeah so 00:13:30.779 --> 00:13:32.690 align:start position:0% testing some ideas around this yeah so so<00:13:31.079> really<00:13:31.380> that's<00:13:31.680> the<00:13:31.920> main<00:13:32.220> thing<00:13:32.399> of<00:13:32.579> this 00:13:32.690 --> 00:13:32.700 align:start position:0% so really that's the main thing of this 00:13:32.700 --> 00:13:35.269 align:start position:0% so really that's the main thing of this not<00:13:32.880> being<00:13:33.120> done<00:13:33.360> is<00:13:33.959> just<00:13:34.139> we're<00:13:34.560> waiting<00:13:35.160> for 00:13:35.269 --> 00:13:35.279 align:start position:0% not being done is just we're waiting for 00:13:35.279 --> 00:13:38.210 align:start position:0% not being done is just we're waiting for the<00:13:35.459> next<00:13:35.639> the<00:13:36.180> next<00:13:36.600> thing<00:13:36.720> for<00:13:36.899> the<00:13:37.320> you<00:13:38.100> know 00:13:38.210 --> 00:13:38.220 align:start position:0% the next the next thing for the you know 00:13:38.220 --> 00:13:40.790 align:start position:0% the next the next thing for the you know this<00:13:38.399> this<00:13:38.639> EIP<00:13:39.000> to<00:13:39.420> come<00:13:39.600> through<00:13:39.800> hopefully 00:13:40.790 --> 00:13:40.800 align:start position:0% this this EIP to come through hopefully 00:13:40.800 --> 00:13:41.870 align:start position:0% this this EIP to come through hopefully in<00:13:41.040> the<00:13:41.160> next 00:13:41.870 --> 00:13:41.880 align:start position:0% in the next 00:13:41.880 --> 00:13:43.389 align:start position:0% in the next uh 00:13:43.389 --> 00:13:43.399 align:start position:0% uh 00:13:43.399 --> 00:13:45.530 align:start position:0% uh hopefully<00:13:44.399> in<00:13:44.639> in<00:13:44.820> the<00:13:45.000> next<00:13:45.120> round<00:13:45.300> of 00:13:45.530 --> 00:13:45.540 align:start position:0% hopefully in in the next round of 00:13:45.540 --> 00:13:46.730 align:start position:0% hopefully in in the next round of updates 00:13:46.730 --> 00:13:46.740 align:start position:0% updates 00:13:46.740 --> 00:13:48.710 align:start position:0% updates right<00:13:47.220> potential<00:13:47.820> issues<00:13:48.180> there's<00:13:48.540> always 00:13:48.710 --> 00:13:48.720 align:start position:0% right potential issues there's always 00:13:48.720 --> 00:13:50.090 align:start position:0% right potential issues there's always going<00:13:48.899> to<00:13:49.019> be<00:13:49.079> some 00:13:50.090 --> 00:13:50.100 align:start position:0% going to be some 00:13:50.100 --> 00:13:51.050 align:start position:0% going to be some um 00:13:51.050 --> 00:13:51.060 align:start position:0% um 00:13:51.060 --> 00:13:52.310 align:start position:0% um you<00:13:51.540> know 00:13:52.310 --> 00:13:52.320 align:start position:0% you know 00:13:52.320 --> 00:13:53.930 align:start position:0% you know it's<00:13:52.380> the<00:13:52.620> same<00:13:52.800> thing<00:13:52.920> as<00:13:53.040> the<00:13:53.220> advantages<00:13:53.579> it 00:13:53.930 --> 00:13:53.940 align:start position:0% it's the same thing as the advantages it 00:13:53.940 --> 00:13:56.269 align:start position:0% it's the same thing as the advantages it can<00:13:54.120> be<00:13:54.180> used<00:13:54.300> in<00:13:54.480> defy<00:13:55.019> you<00:13:55.500> know<00:13:55.560> and<00:13:56.040> you 00:13:56.269 --> 00:13:56.279 align:start position:0% can be used in defy you know and you 00:13:56.279 --> 00:13:58.190 align:start position:0% can be used in defy you know and you know<00:13:56.459> we<00:13:56.760> we<00:13:57.060> see<00:13:57.240> we've<00:13:57.600> seen<00:13:57.720> the<00:13:57.899> good<00:13:58.019> and 00:13:58.190 --> 00:13:58.200 align:start position:0% know we we see we've seen the good and 00:13:58.200 --> 00:13:59.569 align:start position:0% know we we see we've seen the good and bad<00:13:58.380> of<00:13:58.560> that<00:13:58.740> so 00:13:59.569 --> 00:13:59.579 align:start position:0% bad of that so 00:13:59.579 --> 00:14:01.610 align:start position:0% bad of that so let's<00:13:59.940> just<00:14:00.060> be<00:14:00.300> wary<00:14:00.660> of<00:14:00.839> it 00:14:01.610 --> 00:14:01.620 align:start position:0% let's just be wary of it 00:14:01.620 --> 00:14:02.509 align:start position:0% let's just be wary of it um 00:14:02.509 --> 00:14:02.519 align:start position:0% um 00:14:02.519 --> 00:14:04.069 align:start position:0% um and<00:14:02.760> we<00:14:02.940> could<00:14:03.060> have<00:14:03.180> bugs<00:14:03.540> it's<00:14:03.779> a<00:14:03.959> smart 00:14:04.069 --> 00:14:04.079 align:start position:0% and we could have bugs it's a smart 00:14:04.079 --> 00:14:05.329 align:start position:0% and we could have bugs it's a smart contract 00:14:05.329 --> 00:14:05.339 align:start position:0% contract 00:14:05.339 --> 00:14:07.550 align:start position:0% contract you<00:14:05.820> know<00:14:06.360> I've<00:14:06.480> seen<00:14:06.839> a<00:14:06.959> few<00:14:07.079> of<00:14:07.200> them<00:14:07.260> as<00:14:07.440> well 00:14:07.550 --> 00:14:07.560 align:start position:0% you know I've seen a few of them as well 00:14:07.560 --> 00:14:10.069 align:start position:0% you know I've seen a few of them as well in<00:14:07.800> the<00:14:07.980> last<00:14:08.399> few<00:14:08.639> years<00:14:08.820> I<00:14:09.660> think<00:14:09.720> with<00:14:09.899> the 00:14:10.069 --> 00:14:10.079 align:start position:0% in the last few years I think with the 00:14:10.079 --> 00:14:12.350 align:start position:0% in the last few years I think with the bugs<00:14:10.380> thing<00:14:10.560> though<00:14:10.800> this<00:14:11.760> stuff<00:14:11.880> is<00:14:12.060> used<00:14:12.240> in 00:14:12.350 --> 00:14:12.360 align:start position:0% bugs thing though this stuff is used in 00:14:12.360 --> 00:14:14.389 align:start position:0% bugs thing though this stuff is used in the<00:14:12.540> standard<00:14:12.839> technology<00:14:13.200> we're<00:14:13.560> using<00:14:13.980> an 00:14:14.389 --> 00:14:14.399 align:start position:0% the standard technology we're using an 00:14:14.399 --> 00:14:16.190 align:start position:0% the standard technology we're using an nft<00:14:14.700> contract<00:14:15.240> we're<00:14:15.480> not<00:14:15.600> doing<00:14:15.779> it<00:14:15.959> we're 00:14:16.190 --> 00:14:16.200 align:start position:0% nft contract we're not doing it we're 00:14:16.200 --> 00:14:18.530 align:start position:0% nft contract we're not doing it we're not<00:14:16.320> putting<00:14:16.620> any<00:14:16.800> innovation<00:14:17.700> in<00:14:18.000> new<00:14:18.240> stuff 00:14:18.530 --> 00:14:18.540 align:start position:0% not putting any innovation in new stuff 00:14:18.540 --> 00:14:21.290 align:start position:0% not putting any innovation in new stuff we<00:14:19.200> are<00:14:19.380> gluing<00:14:19.800> it<00:14:19.980> together<00:14:20.160> differently<00:14:20.820> so 00:14:21.290 --> 00:14:21.300 align:start position:0% we are gluing it together differently so 00:14:21.300 --> 00:14:24.170 align:start position:0% we are gluing it together differently so clearly<00:14:21.899> lots<00:14:22.740> of<00:14:22.800> audio<00:14:23.040> around<00:14:23.700> that<00:14:23.880> but 00:14:24.170 --> 00:14:24.180 align:start position:0% clearly lots of audio around that but 00:14:24.180 --> 00:14:25.670 align:start position:0% clearly lots of audio around that but we're<00:14:24.300> not<00:14:24.480> going<00:14:24.660> out<00:14:24.899> and<00:14:25.079> building<00:14:25.260> some 00:14:25.670 --> 00:14:25.680 align:start position:0% we're not going out and building some 00:14:25.680 --> 00:14:27.769 align:start position:0% we're not going out and building some new<00:14:25.920> smart<00:14:26.160> contract<00:14:26.639> we<00:14:26.940> we're<00:14:27.420> using 00:14:27.769 --> 00:14:27.779 align:start position:0% new smart contract we we're using 00:14:27.779 --> 00:14:29.690 align:start position:0% new smart contract we we're using technology<00:14:28.200> that<00:14:28.620> we've<00:14:28.920> all<00:14:29.040> been<00:14:29.160> using<00:14:29.459> for 00:14:29.690 --> 00:14:29.700 align:start position:0% technology that we've all been using for 00:14:29.700 --> 00:14:33.530 align:start position:0% technology that we've all been using for the<00:14:29.880> two<00:14:30.480> or<00:14:30.600> three<00:14:30.779> years<00:14:31.040> right<00:14:32.040> and<00:14:32.700> that<00:14:33.420> is 00:14:33.530 --> 00:14:33.540 align:start position:0% the two or three years right and that is 00:14:33.540 --> 00:14:35.389 align:start position:0% the two or three years right and that is the<00:14:33.720> end<00:14:33.839> of<00:14:34.019> my<00:14:34.200> talk<00:14:34.440> as<00:14:34.680> I<00:14:34.860> say<00:14:34.920> it<00:14:35.160> was<00:14:35.279> quite 00:14:35.389 --> 00:14:35.399 align:start position:0% the end of my talk as I say it was quite 00:14:35.399 --> 00:14:37.310 align:start position:0% the end of my talk as I say it was quite lightweight<00:14:35.880> to<00:14:36.120> give<00:14:36.240> you<00:14:36.360> a<00:14:36.480> rationale<00:14:37.139> of 00:14:37.310 --> 00:14:37.320 align:start position:0% lightweight to give you a rationale of 00:14:37.320 --> 00:14:40.670 align:start position:0% lightweight to give you a rationale of why<00:14:37.560> we<00:14:37.920> of<00:14:38.459> why<00:14:38.760> we're<00:14:38.940> looking<00:14:39.120> into<00:14:39.420> this 00:14:40.670 --> 00:14:40.680 align:start position:0% why we of why we're looking into this 00:14:40.680 --> 00:14:42.410 align:start position:0% why we of why we're looking into this um if<00:14:41.160> people<00:14:41.279> want<00:14:41.519> to<00:14:41.639> get<00:14:41.699> into<00:14:41.820> the<00:14:42.060> weeds 00:14:42.410 --> 00:14:42.420 align:start position:0% um if people want to get into the weeds 00:14:42.420 --> 00:14:45.290 align:start position:0% um if people want to get into the weeds please<00:14:42.959> come<00:14:43.139> and<00:14:43.320> contact<00:14:43.560> me<00:14:43.920> we<00:14:44.760> um<00:14:44.820> you 00:14:45.290 --> 00:14:45.300 align:start position:0% please come and contact me we um you 00:14:45.300 --> 00:14:46.790 align:start position:0% please come and contact me we um you know<00:14:45.360> we're<00:14:45.540> looking<00:14:46.019> for<00:14:46.320> getting<00:14:46.560> more 00:14:46.790 --> 00:14:46.800 align:start position:0% know we're looking for getting more 00:14:46.800 --> 00:14:48.350 align:start position:0% know we're looking for getting more staking<00:14:47.160> companies<00:14:47.519> involved<00:14:47.880> this<00:14:48.240> thing 00:14:48.350 --> 00:14:48.360 align:start position:0% staking companies involved this thing 00:14:48.360 --> 00:14:50.389 align:start position:0% staking companies involved this thing only<00:14:48.600> really<00:14:48.899> works<00:14:49.380> if<00:14:49.800> other<00:14:49.980> staking 00:14:50.389 --> 00:14:50.399 align:start position:0% only really works if other staking 00:14:50.399 --> 00:14:52.430 align:start position:0% only really works if other staking companies<00:14:50.760> it's<00:14:50.940> a<00:14:51.120> network<00:14:51.240> effect<00:14:51.600> you<00:14:52.320> know 00:14:52.430 --> 00:14:52.440 align:start position:0% companies it's a network effect you know 00:14:52.440 --> 00:14:54.290 align:start position:0% companies it's a network effect you know it's<00:14:52.680> if<00:14:53.100> it's<00:14:53.339> just<00:14:53.459> a<00:14:53.639> test<00:14:53.820> and<00:14:53.940> it's<00:14:54.120> not 00:14:54.290 --> 00:14:54.300 align:start position:0% it's if it's just a test and it's not 00:14:54.300 --> 00:14:56.389 align:start position:0% it's if it's just a test and it's not going<00:14:54.420> to<00:14:54.540> work<00:14:54.660> so<00:14:55.139> so<00:14:55.560> clearly<00:14:55.980> we<00:14:56.220> need 00:14:56.389 --> 00:14:56.399 align:start position:0% going to work so so clearly we need 00:14:56.399 --> 00:14:58.790 align:start position:0% going to work so so clearly we need other<00:14:57.060> people<00:14:57.300> involved<00:14:57.839> to<00:14:58.139> build<00:14:58.260> the<00:14:58.500> tools 00:14:58.790 --> 00:14:58.800 align:start position:0% other people involved to build the tools 00:14:58.800 --> 00:15:01.850 align:start position:0% other people involved to build the tools out<00:14:59.040> to<00:14:59.399> to<00:14:59.699> make<00:15:00.000> this<00:15:00.240> you<00:15:00.600> know<00:15:00.660> if<00:15:00.959> if<00:15:01.199> the 00:15:01.850 --> 00:15:01.860 align:start position:0% out to to make this you know if if the 00:15:01.860 --> 00:15:04.310 align:start position:0% out to to make this you know if if the community<00:15:01.980> thinks<00:15:02.760> something<00:15:02.880> like<00:15:03.120> this<00:15:03.360> is 00:15:04.310 --> 00:15:04.320 align:start position:0% community thinks something like this is 00:15:04.320 --> 00:15:07.610 align:start position:0% community thinks something like this is is<00:15:04.980> an<00:15:05.519> alternative<00:15:05.820> and<00:15:06.300> even<00:15:06.899> if<00:15:07.079> it<00:15:07.260> takes<00:15:07.380> a 00:15:07.610 --> 00:15:07.620 align:start position:0% is an alternative and even if it takes a 00:15:07.620 --> 00:15:09.710 align:start position:0% is an alternative and even if it takes a small<00:15:07.740> percentage<00:15:08.220> from<00:15:08.519> people<00:15:08.760> using<00:15:09.180> Lido 00:15:09.710 --> 00:15:09.720 align:start position:0% small percentage from people using Lido 00:15:09.720 --> 00:15:10.850 align:start position:0% small percentage from people using Lido that's<00:15:10.019> going<00:15:10.320> to<00:15:10.440> help<00:15:10.560> the 00:15:10.850 --> 00:15:10.860 align:start position:0% that's going to help the 00:15:10.860 --> 00:15:13.430 align:start position:0% that's going to help the decentralization 00:15:13.430 --> 00:15:13.440 align:start position:0% decentralization 00:15:13.440 --> 00:15:17.030 align:start position:0% decentralization and<00:15:13.980> I<00:15:14.160> think<00:15:14.279> I've 00:15:17.030 --> 00:15:17.040 align:start position:0% 00:15:17.040 --> 00:15:18.590 align:start position:0% thank<00:15:17.639> you<00:15:17.760> Steve 00:15:18.590 --> 00:15:18.600 align:start position:0% thank you Steve 00:15:18.600 --> 00:15:21.769 align:start position:0% thank you Steve we<00:15:19.139> have<00:15:19.320> four<00:15:19.920> or<00:15:20.160> five<00:15:20.399> minutes<00:15:21.180> more<00:15:21.480> so 00:15:21.769 --> 00:15:21.779 align:start position:0% we have four or five minutes more so 00:15:21.779 --> 00:15:25.730 align:start position:0% we have four or five minutes more so maybe<00:15:22.260> a<00:15:22.560> question<00:15:22.740> from<00:15:23.040> sure<00:15:23.279> yeah<00:15:23.699> so<00:15:24.300> here 00:15:25.730 --> 00:15:25.740 align:start position:0% maybe a question from sure yeah so here 00:15:25.740 --> 00:15:27.350 align:start position:0% maybe a question from sure yeah so here um<00:15:25.800> thanks<00:15:26.040> for<00:15:26.160> the<00:15:26.339> presentation<00:15:26.699> so<00:15:27.120> you 00:15:27.350 --> 00:15:27.360 align:start position:0% um thanks for the presentation so you 00:15:27.360 --> 00:15:29.810 align:start position:0% um thanks for the presentation so you mentioned<00:15:27.720> that<00:15:28.139> uh<00:15:28.740> just<00:15:29.040> taking<00:15:29.339> a<00:15:29.579> liquid 00:15:29.810 --> 00:15:29.820 align:start position:0% mentioned that uh just taking a liquid 00:15:29.820 --> 00:15:31.970 align:start position:0% mentioned that uh just taking a liquid stacking<00:15:30.180> tokens<00:15:30.540> are<00:15:30.899> subject<00:15:31.260> to<00:15:31.500> attacks 00:15:31.970 --> 00:15:31.980 align:start position:0% stacking tokens are subject to attacks 00:15:31.980 --> 00:15:34.550 align:start position:0% stacking tokens are subject to attacks here<00:15:32.760> we<00:15:33.120> are<00:15:33.300> also<00:15:33.480> like<00:15:33.660> receiving<00:15:34.139> a 00:15:34.550 --> 00:15:34.560 align:start position:0% here we are also like receiving a 00:15:34.560 --> 00:15:37.670 align:start position:0% here we are also like receiving a receipt<00:15:35.040> that<00:15:35.820> receipt<00:15:36.360> will<00:15:37.079> include<00:15:37.440> some 00:15:37.670 --> 00:15:37.680 align:start position:0% receipt that receipt will include some 00:15:37.680 --> 00:15:40.250 align:start position:0% receipt that receipt will include some yield<00:15:37.920> right<00:15:38.279> for<00:15:38.760> staking<00:15:39.300> rewards<00:15:39.779> so<00:15:39.959> yeah 00:15:40.250 --> 00:15:40.260 align:start position:0% yield right for staking rewards so yeah 00:15:40.260 --> 00:15:41.689 align:start position:0% yield right for staking rewards so yeah I<00:15:40.500> think<00:15:40.620> it's<00:15:40.740> the<00:15:40.920> same<00:15:41.040> disadvantage<00:15:41.519> here 00:15:41.689 --> 00:15:41.699 align:start position:0% I think it's the same disadvantage here 00:15:41.699 --> 00:15:43.790 align:start position:0% I think it's the same disadvantage here correct<00:15:42.060> you<00:15:42.720> mean<00:15:42.899> from<00:15:43.079> the<00:15:43.199> tax<00:15:43.320> point<00:15:43.620> of 00:15:43.790 --> 00:15:43.800 align:start position:0% correct you mean from the tax point of 00:15:43.800 --> 00:15:47.389 align:start position:0% correct you mean from the tax point of view<00:15:43.920> right<00:15:44.220> so<00:15:44.699> it<00:15:45.120> could<00:15:45.360> be<00:15:45.540> I<00:15:46.019> mean<00:15:46.220> it<00:15:47.220> does 00:15:47.389 --> 00:15:47.399 align:start position:0% view right so it could be I mean it does 00:15:47.399 --> 00:15:50.090 align:start position:0% view right so it could be I mean it does depend<00:15:47.699> on<00:15:47.820> jurisdiction<00:15:48.420> because<00:15:49.079> you<00:15:49.980> could 00:15:50.090 --> 00:15:50.100 align:start position:0% depend on jurisdiction because you could 00:15:50.100 --> 00:15:52.670 align:start position:0% depend on jurisdiction because you could argue<00:15:50.639> and<00:15:51.420> you<00:15:51.720> know<00:15:51.779> we're 00:15:52.670 --> 00:15:52.680 align:start position:0% argue and you know we're 00:15:52.680 --> 00:15:54.949 align:start position:0% argue and you know we're I'm<00:15:53.279> not<00:15:53.459> know<00:15:53.940> much<00:15:54.120> about<00:15:54.300> tax<00:15:54.540> but<00:15:54.779> you 00:15:54.949 --> 00:15:54.959 align:start position:0% I'm not know much about tax but you 00:15:54.959 --> 00:15:56.870 align:start position:0% I'm not know much about tax but you could<00:15:55.079> argue<00:15:55.440> that<00:15:55.980> a<00:15:56.100> receipt<00:15:56.459> is<00:15:56.699> different 00:15:56.870 --> 00:15:56.880 align:start position:0% could argue that a receipt is different 00:15:56.880 --> 00:15:59.810 align:start position:0% could argue that a receipt is different from<00:15:57.180> a<00:15:57.300> token<00:15:57.660> transfer<00:15:58.079> you<00:15:58.860> know<00:15:58.920> it's<00:15:59.160> all 00:15:59.810 --> 00:15:59.820 align:start position:0% from a token transfer you know it's all 00:15:59.820 --> 00:16:01.610 align:start position:0% from a token transfer you know it's all you're<00:16:00.000> doing<00:16:00.240> it<00:16:00.660> is<00:16:00.839> like<00:16:01.019> a<00:16:01.199> receipt<00:16:01.440> for 00:16:01.610 --> 00:16:01.620 align:start position:0% you're doing it is like a receipt for 00:16:01.620 --> 00:16:03.949 align:start position:0% you're doing it is like a receipt for goods<00:16:01.980> I<00:16:02.519> know<00:16:02.760> the<00:16:03.000> UK<00:16:03.240> government<00:16:03.480> doesn't 00:16:03.949 --> 00:16:03.959 align:start position:0% goods I know the UK government doesn't 00:16:03.959 --> 00:16:05.750 align:start position:0% goods I know the UK government doesn't do<00:16:04.199> that<00:16:04.380> so<00:16:04.680> I<00:16:04.800> know<00:16:04.980> you're<00:16:05.100> right<00:16:05.339> in<00:16:05.579> that 00:16:05.750 --> 00:16:05.760 align:start position:0% do that so I know you're right in that 00:16:05.760 --> 00:16:07.610 align:start position:0% do that so I know you're right in that fact<00:16:05.880> but<00:16:06.480> there<00:16:06.660> is<00:16:06.779> a<00:16:06.899> lot<00:16:06.959> of<00:16:07.079> debate<00:16:07.380> going 00:16:07.610 --> 00:16:07.620 align:start position:0% fact but there is a lot of debate going 00:16:07.620 --> 00:16:09.949 align:start position:0% fact but there is a lot of debate going on<00:16:07.740> about<00:16:07.980> it<00:16:08.279> but<00:16:08.820> really<00:16:09.000> there<00:16:09.540> has<00:16:09.720> not 00:16:09.949 --> 00:16:09.959 align:start position:0% on about it but really there has not 00:16:09.959 --> 00:16:12.050 align:start position:0% on about it but really there has not been<00:16:10.079> a<00:16:10.260> transfer<00:16:10.680> of<00:16:10.860> assets<00:16:11.220> so<00:16:11.699> that<00:16:11.880> would 00:16:12.050 --> 00:16:12.060 align:start position:0% been a transfer of assets so that would 00:16:12.060 --> 00:16:13.250 align:start position:0% been a transfer of assets so that would be<00:16:12.180> the<00:16:12.360> thing<00:16:12.420> I<00:16:12.600> would<00:16:12.779> like<00:16:12.959> tax 00:16:13.250 --> 00:16:13.260 align:start position:0% be the thing I would like tax 00:16:13.260 --> 00:16:15.829 align:start position:0% be the thing I would like tax authorities<00:16:13.800> to<00:16:14.040> look<00:16:14.160> at<00:16:14.279> to<00:16:14.459> go<00:16:14.639> look<00:16:15.300> you've 00:16:15.829 --> 00:16:15.839 align:start position:0% authorities to look at to go look you've 00:16:15.839 --> 00:16:17.750 align:start position:0% authorities to look at to go look you've just<00:16:15.899> got<00:16:16.079> a<00:16:16.260> receipt<00:16:16.620> you<00:16:17.040> still<00:16:17.279> own<00:16:17.459> these 00:16:17.750 --> 00:16:17.760 align:start position:0% just got a receipt you still own these 00:16:17.760 --> 00:16:20.689 align:start position:0% just got a receipt you still own these assets<00:16:18.120> right<00:16:18.600> but<00:16:19.199> you're<00:16:20.040> right<00:16:20.220> in<00:16:20.519> that 00:16:20.689 --> 00:16:20.699 align:start position:0% assets right but you're right in that 00:16:20.699 --> 00:16:23.150 align:start position:0% assets right but you're right in that it's<00:16:21.120> uh<00:16:21.480> it's<00:16:21.899> messy<00:16:22.260> it's<00:16:22.380> a<00:16:22.620> messy<00:16:22.860> it's<00:16:22.980> a 00:16:23.150 --> 00:16:23.160 align:start position:0% it's uh it's messy it's a messy it's a 00:16:23.160 --> 00:16:24.710 align:start position:0% it's uh it's messy it's a messy it's a messy<00:16:23.519> field<00:16:23.639> and<00:16:24.120> that's<00:16:24.300> for<00:16:24.540> the 00:16:24.710 --> 00:16:24.720 align:start position:0% messy field and that's for the 00:16:24.720 --> 00:16:27.110 align:start position:0% messy field and that's for the collateral<00:16:25.320> I<00:16:26.160> mean<00:16:26.279> that<00:16:26.579> sounds<00:16:26.699> messy 00:16:27.110 --> 00:16:27.120 align:start position:0% collateral I mean that sounds messy 00:16:27.120 --> 00:16:28.990 align:start position:0% collateral I mean that sounds messy right<00:16:27.300> because<00:16:27.540> well<00:16:27.899> because 00:16:28.990 --> 00:16:29.000 align:start position:0% right because well because 00:16:29.000 --> 00:16:31.730 align:start position:0% right because well because collateralizing<00:16:30.000> nfts<00:16:30.720> I<00:16:31.079> mean<00:16:31.199> nfts<00:16:31.680> are 00:16:31.730 --> 00:16:31.740 align:start position:0% collateralizing nfts I mean nfts are 00:16:31.740 --> 00:16:35.750 align:start position:0% collateralizing nfts I mean nfts are unpangible<00:16:32.220> by<00:16:32.519> definition<00:16:32.699> yeah<00:16:33.600> so<00:16:34.500> uh<00:16:35.160> yeah 00:16:35.750 --> 00:16:35.760 align:start position:0% unpangible by definition yeah so uh yeah 00:16:35.760 --> 00:16:36.850 align:start position:0% unpangible by definition yeah so uh yeah I<00:16:36.000> mean 00:16:36.850 --> 00:16:36.860 align:start position:0% I mean 00:16:36.860 --> 00:16:40.670 align:start position:0% I mean I<00:16:37.860> mean<00:16:37.980> NFD<00:16:38.459> as<00:16:38.639> a<00:16:38.759> collateral<00:16:39.120> for<00:16:39.360> a<00:16:39.600> defy<00:16:40.019> I 00:16:40.670 --> 00:16:40.680 align:start position:0% I mean NFD as a collateral for a defy I 00:16:40.680 --> 00:16:42.949 align:start position:0% I mean NFD as a collateral for a defy I mean<00:16:40.800> it<00:16:40.980> is<00:16:41.100> already<00:16:41.279> done<00:16:41.639> so<00:16:42.180> and<00:16:42.540> I'm<00:16:42.720> not 00:16:42.949 --> 00:16:42.959 align:start position:0% mean it is already done so and I'm not 00:16:42.959 --> 00:16:45.530 align:start position:0% mean it is already done so and I'm not suggesting<00:16:43.500> this<00:16:43.980> is<00:16:44.100> a<00:16:44.279> good<00:16:44.399> idea<00:16:44.759> it's 00:16:45.530 --> 00:16:45.540 align:start position:0% suggesting this is a good idea it's 00:16:45.540 --> 00:16:47.090 align:start position:0% suggesting this is a good idea it's already<00:16:45.720> done<00:16:46.079> we've<00:16:46.440> seen<00:16:46.620> there<00:16:46.800> are<00:16:46.980> many 00:16:47.090 --> 00:16:47.100 align:start position:0% already done we've seen there are many 00:16:47.100 --> 00:16:49.069 align:start position:0% already done we've seen there are many platforms<00:16:47.639> already<00:16:47.820> doing<00:16:48.120> this<00:16:48.360> and<00:16:48.660> you 00:16:49.069 --> 00:16:49.079 align:start position:0% platforms already doing this and you 00:16:49.079 --> 00:16:50.870 align:start position:0% platforms already doing this and you know<00:16:49.139> it's<00:16:49.440> not<00:16:49.680> it's<00:16:49.980> not<00:16:50.220> for<00:16:50.339> us<00:16:50.459> to<00:16:50.639> try<00:16:50.759> and 00:16:50.870 --> 00:16:50.880 align:start position:0% know it's not it's not for us to try and 00:16:50.880 --> 00:16:52.430 align:start position:0% know it's not it's not for us to try and decide<00:16:51.180> where<00:16:51.420> the<00:16:51.540> market<00:16:51.660> takes<00:16:52.019> this<00:16:52.259> stuff 00:16:52.430 --> 00:16:52.440 align:start position:0% decide where the market takes this stuff 00:16:52.440 --> 00:16:54.410 align:start position:0% decide where the market takes this stuff it's<00:16:52.680> it's<00:16:53.160> just<00:16:53.339> a<00:16:53.519> point<00:16:53.639> that<00:16:53.880> you<00:16:54.120> can<00:16:54.240> use 00:16:54.410 --> 00:16:54.420 align:start position:0% it's it's just a point that you can use 00:16:54.420 --> 00:16:56.449 align:start position:0% it's it's just a point that you can use it<00:16:54.600> for<00:16:54.720> collateral<00:16:55.139> and<00:16:55.920> I'm<00:16:56.040> sure<00:16:56.220> somebody 00:16:56.449 --> 00:16:56.459 align:start position:0% it for collateral and I'm sure somebody 00:16:56.459 --> 00:17:01.850 align:start position:0% it for collateral and I'm sure somebody will<00:16:56.820> do<00:16:57.000> that<00:16:57.240> so<00:16:57.660> right<00:16:58.259> thanks<00:16:58.680> yeah<00:16:59.040> hi 00:17:01.850 --> 00:17:01.860 align:start position:0% 00:17:01.860 --> 00:17:04.610 align:start position:0% sorry 00:17:04.610 --> 00:17:04.620 align:start position:0% sorry 00:17:04.620 --> 00:17:07.970 align:start position:0% sorry question<00:17:05.339> but<00:17:06.360> um<00:17:06.900> I'm<00:17:07.380> gonna<00:17:07.500> take<00:17:07.799> the 00:17:07.970 --> 00:17:07.980 align:start position:0% question but um I'm gonna take the 00:17:07.980 --> 00:17:10.010 align:start position:0% question but um I'm gonna take the chance<00:17:08.160> to<00:17:08.339> embarrass<00:17:08.640> myself<00:17:08.760> so<00:17:09.419> validators 00:17:10.010 --> 00:17:10.020 align:start position:0% chance to embarrass myself so validators 00:17:10.020 --> 00:17:12.530 align:start position:0% chance to embarrass myself so validators don't<00:17:10.260> they<00:17:10.500> run<00:17:10.740> with<00:17:10.980> Hardware 00:17:12.530 --> 00:17:12.540 align:start position:0% don't they run with Hardware 00:17:12.540 --> 00:17:15.049 align:start position:0% don't they run with Hardware um<00:17:12.600> is<00:17:12.900> that<00:17:13.079> a<00:17:13.260> thing<00:17:13.380> so<00:17:14.040> how<00:17:14.400> how<00:17:14.699> are<00:17:14.939> you 00:17:15.049 --> 00:17:15.059 align:start position:0% um is that a thing so how how are you 00:17:15.059 --> 00:17:17.449 align:start position:0% um is that a thing so how how are you then<00:17:15.299> going<00:17:15.660> to<00:17:15.900> kind<00:17:16.500> of<00:17:16.620> transfer<00:17:17.220> the 00:17:17.449 --> 00:17:17.459 align:start position:0% then going to kind of transfer the 00:17:17.459 --> 00:17:20.809 align:start position:0% then going to kind of transfer the hardware<00:17:18.260> right<00:17:19.260> so<00:17:19.679> I<00:17:19.980> didn't<00:17:20.100> go<00:17:20.400> too<00:17:20.640> much 00:17:20.809 --> 00:17:20.819 align:start position:0% hardware right so I didn't go too much 00:17:20.819 --> 00:17:22.549 align:start position:0% hardware right so I didn't go too much into<00:17:21.059> that<00:17:21.299> but<00:17:21.600> it<00:17:21.720> is<00:17:21.839> a<00:17:22.319> good<00:17:22.439> question 00:17:22.549 --> 00:17:22.559 align:start position:0% into that but it is a good question 00:17:22.559 --> 00:17:24.230 align:start position:0% into that but it is a good question because<00:17:22.799> there's<00:17:23.520> a<00:17:23.640> certain<00:17:23.760> assumption 00:17:24.230 --> 00:17:24.240 align:start position:0% because there's a certain assumption 00:17:24.240 --> 00:17:27.590 align:start position:0% because there's a certain assumption I've<00:17:24.900> made<00:17:25.199> in<00:17:25.559> in<00:17:25.740> the<00:17:25.919> presentation<00:17:26.600> this 00:17:27.590 --> 00:17:27.600 align:start position:0% I've made in in the presentation this 00:17:27.600 --> 00:17:30.049 align:start position:0% I've made in in the presentation this would<00:17:27.839> be<00:17:27.959> done<00:17:28.199> by<00:17:28.439> staking<00:17:28.860> companies<00:17:29.460> okay 00:17:30.049 --> 00:17:30.059 align:start position:0% would be done by staking companies okay 00:17:30.059 --> 00:17:32.870 align:start position:0% would be done by staking companies okay so<00:17:30.480> we<00:17:30.900> as<00:17:31.200> intestine<00:17:31.799> we<00:17:32.340> would<00:17:32.460> still<00:17:32.700> be 00:17:32.870 --> 00:17:32.880 align:start position:0% so we as intestine we would still be 00:17:32.880 --> 00:17:35.270 align:start position:0% so we as intestine we would still be running<00:17:33.120> it<00:17:33.419> so<00:17:33.780> it's<00:17:34.020> not<00:17:34.260> transferring<00:17:34.980> from 00:17:35.270 --> 00:17:35.280 align:start position:0% running it so it's not transferring from 00:17:35.280 --> 00:17:37.549 align:start position:0% running it so it's not transferring from the<00:17:35.400> point<00:17:35.520> of<00:17:35.760> a<00:17:36.000> staking<00:17:36.240> company<00:17:36.600> so<00:17:37.260> if 00:17:37.549 --> 00:17:37.559 align:start position:0% the point of a staking company so if 00:17:37.559 --> 00:17:39.350 align:start position:0% the point of a staking company so if you're<00:17:37.679> if<00:17:37.919> you've<00:17:38.160> got<00:17:38.280> a<00:17:38.400> validator<00:17:38.880> you're 00:17:39.350 --> 00:17:39.360 align:start position:0% you're if you've got a validator you're 00:17:39.360 --> 00:17:40.909 align:start position:0% you're if you've got a validator you're still<00:17:39.539> and<00:17:39.720> it's<00:17:39.900> with<00:17:40.200> us<00:17:40.320> you're<00:17:40.620> staking 00:17:40.909 --> 00:17:40.919 align:start position:0% still and it's with us you're staking 00:17:40.919 --> 00:17:42.710 align:start position:0% still and it's with us you're staking with<00:17:41.100> the<00:17:41.280> test<00:17:41.460> and<00:17:41.640> you're<00:17:42.240> just<00:17:42.360> selling<00:17:42.660> it 00:17:42.710 --> 00:17:42.720 align:start position:0% with the test and you're just selling it 00:17:42.720 --> 00:17:45.350 align:start position:0% with the test and you're just selling it to<00:17:42.900> somebody<00:17:43.080> else<00:17:43.440> so<00:17:44.340> an<00:17:44.640> attestant<00:17:45.120> is 00:17:45.350 --> 00:17:45.360 align:start position:0% to somebody else so an attestant is 00:17:45.360 --> 00:17:47.210 align:start position:0% to somebody else so an attestant is still<00:17:45.600> doing<00:17:45.780> its<00:17:46.140> job<00:17:46.200> so<00:17:46.500> the<00:17:46.679> the<00:17:46.919> hardware 00:17:47.210 --> 00:17:47.220 align:start position:0% still doing its job so the the hardware 00:17:47.220 --> 00:17:49.370 align:start position:0% still doing its job so the the hardware and<00:17:47.520> all<00:17:47.700> that<00:17:47.880> stuff<00:17:48.000> doesn't<00:17:48.299> stay<00:17:48.660> I<00:17:49.140> mean<00:17:49.200> a 00:17:49.370 --> 00:17:49.380 align:start position:0% and all that stuff doesn't stay I mean a 00:17:49.380 --> 00:17:50.870 align:start position:0% and all that stuff doesn't stay I mean a validator<00:17:49.799> is<00:17:50.039> basically<00:17:50.280> made<00:17:50.460> up<00:17:50.580> of<00:17:50.760> two 00:17:50.870 --> 00:17:50.880 align:start position:0% validator is basically made up of two 00:17:50.880 --> 00:17:53.029 align:start position:0% validator is basically made up of two keys<00:17:51.240> a<00:17:51.480> validator<00:17:51.900> key<00:17:52.260> which<00:17:52.620> is<00:17:52.679> what<00:17:52.919> a 00:17:53.029 --> 00:17:53.039 align:start position:0% keys a validator key which is what a 00:17:53.039 --> 00:17:55.789 align:start position:0% keys a validator key which is what a testing<00:17:53.520> hold<00:17:54.419> and<00:17:54.900> then<00:17:54.960> the<00:17:55.200> withdrawal<00:17:55.679> key 00:17:55.789 --> 00:17:55.799 align:start position:0% testing hold and then the withdrawal key 00:17:55.799 --> 00:17:58.610 align:start position:0% testing hold and then the withdrawal key which<00:17:56.100> the<00:17:56.340> client<00:17:56.640> holds<00:17:57.059> so<00:17:57.720> you<00:17:58.260> know<00:17:58.320> all 00:17:58.610 --> 00:17:58.620 align:start position:0% which the client holds so you know all 00:17:58.620 --> 00:18:00.830 align:start position:0% which the client holds so you know all you're<00:17:58.799> really<00:17:59.039> doing<00:17:59.580> is<00:17:59.880> is<00:18:00.179> changing<00:18:00.660> the 00:18:00.830 --> 00:18:00.840 align:start position:0% you're really doing is is changing the 00:18:00.840 --> 00:18:02.810 align:start position:0% you're really doing is is changing the ownership<00:18:01.140> but<00:18:01.500> what<00:18:01.740> we're<00:18:01.919> not<00:18:02.160> doing<00:18:02.400> is 00:18:02.810 --> 00:18:02.820 align:start position:0% ownership but what we're not doing is 00:18:02.820 --> 00:18:04.549 align:start position:0% ownership but what we're not doing is changing<00:18:03.299> the<00:18:03.660> people<00:18:03.900> that<00:18:04.140> are<00:18:04.260> doing<00:18:04.380> the 00:18:04.549 --> 00:18:04.559 align:start position:0% changing the people that are doing the 00:18:04.559 --> 00:18:05.870 align:start position:0% changing the people that are doing the validating 00:18:05.870 --> 00:18:05.880 align:start position:0% validating 00:18:05.880 --> 00:18:07.549 align:start position:0% validating have<00:18:06.539> you<00:18:06.720> all<00:18:06.900> thought<00:18:07.080> about<00:18:07.200> what<00:18:07.380> this 00:18:07.549 --> 00:18:07.559 align:start position:0% have you all thought about what this 00:18:07.559 --> 00:18:10.010 align:start position:0% have you all thought about what this looks<00:18:07.860> like<00:18:07.919> with<00:18:08.340> shared<00:18:08.880> operators<00:18:09.360> inside 00:18:10.010 --> 00:18:10.020 align:start position:0% looks like with shared operators inside 00:18:10.020 --> 00:18:11.990 align:start position:0% looks like with shared operators inside of<00:18:10.320> the<00:18:10.380> nft<00:18:10.620> so<00:18:11.039> it's<00:18:11.280> not<00:18:11.400> just<00:18:11.520> one<00:18:11.700> staking 00:18:11.990 --> 00:18:12.000 align:start position:0% of the nft so it's not just one staking 00:18:12.000 --> 00:18:13.970 align:start position:0% of the nft so it's not just one staking company<00:18:12.299> but<00:18:12.539> it's<00:18:12.660> a<00:18:12.780> collection<00:18:13.080> of<00:18:13.799> people 00:18:13.970 --> 00:18:13.980 align:start position:0% company but it's a collection of people 00:18:13.980 --> 00:18:16.070 align:start position:0% company but it's a collection of people running<00:18:14.220> together 00:18:16.070 --> 00:18:16.080 align:start position:0% running together 00:18:16.080 --> 00:18:18.110 align:start position:0% running together um<00:18:16.200> I've<00:18:16.559> not<00:18:16.799> really<00:18:16.980> I've<00:18:17.460> I<00:18:17.700> personally<00:18:18.059> not 00:18:18.110 --> 00:18:18.120 align:start position:0% um I've not really I've I personally not 00:18:18.120 --> 00:18:19.909 align:start position:0% um I've not really I've I personally not really<00:18:18.360> thought<00:18:18.600> about<00:18:18.780> that<00:18:19.200> we've<00:18:19.500> kept<00:18:19.740> it 00:18:19.909 --> 00:18:19.919 align:start position:0% really thought about that we've kept it 00:18:19.919 --> 00:18:22.549 align:start position:0% really thought about that we've kept it very<00:18:20.120> very<00:18:21.120> simple<00:18:21.419> in<00:18:21.720> a<00:18:21.900> way<00:18:22.020> of<00:18:22.200> you<00:18:22.500> know 00:18:22.549 --> 00:18:22.559 align:start position:0% very very simple in a way of you know 00:18:22.559 --> 00:18:25.610 align:start position:0% very very simple in a way of you know providing<00:18:23.100> some<00:18:23.280> liquidity<00:18:23.960> to<00:18:24.960> clients<00:18:25.380> who 00:18:25.610 --> 00:18:25.620 align:start position:0% providing some liquidity to clients who 00:18:25.620 --> 00:18:27.110 align:start position:0% providing some liquidity to clients who would<00:18:25.740> need<00:18:25.919> it<00:18:26.039> this<00:18:26.280> where<00:18:26.520> this<00:18:26.760> has<00:18:26.880> really 00:18:27.110 --> 00:18:27.120 align:start position:0% would need it this where this has really 00:18:27.120 --> 00:18:29.510 align:start position:0% would need it this where this has really come<00:18:27.360> from<00:18:27.660> and<00:18:28.140> you<00:18:28.559> know<00:18:28.679> it's<00:18:28.980> just<00:18:29.220> a<00:18:29.400> way 00:18:29.510 --> 00:18:29.520 align:start position:0% come from and you know it's just a way 00:18:29.520 --> 00:18:30.890 align:start position:0% come from and you know it's just a way of<00:18:29.700> taking<00:18:29.940> the<00:18:30.179> pressure<00:18:30.299> off<00:18:30.539> the<00:18:30.720> network 00:18:30.890 --> 00:18:30.900 align:start position:0% of taking the pressure off the network 00:18:30.900 --> 00:18:34.010 align:start position:0% of taking the pressure off the network that<00:18:31.380> you<00:18:31.860> know<00:18:31.980> it<00:18:32.700> seems<00:18:33.179> silly<00:18:33.480> to<00:18:33.600> me<00:18:33.720> we've 00:18:34.010 --> 00:18:34.020 align:start position:0% that you know it seems silly to me we've 00:18:34.020 --> 00:18:35.630 align:start position:0% that you know it seems silly to me we've got<00:18:34.140> a<00:18:34.380> lot<00:18:34.440> of<00:18:34.500> validators<00:18:35.039> coming<00:18:35.220> in<00:18:35.400> a<00:18:35.580> lot 00:18:35.630 --> 00:18:35.640 align:start position:0% got a lot of validators coming in a lot 00:18:35.640 --> 00:18:38.750 align:start position:0% got a lot of validators coming in a lot of<00:18:35.700> validators<00:18:36.179> leaving<00:18:36.559> and<00:18:37.559> really<00:18:38.400> it's 00:18:38.750 --> 00:18:38.760 align:start position:0% of validators leaving and really it's 00:18:38.760 --> 00:18:41.090 align:start position:0% of validators leaving and really it's one<00:18:39.059> big<00:18:39.240> organization<00:18:39.840> once<00:18:40.440> wants<00:18:40.860> to<00:18:40.919> buy 00:18:41.090 --> 00:18:41.100 align:start position:0% one big organization once wants to buy 00:18:41.100 --> 00:18:42.590 align:start position:0% one big organization once wants to buy it<00:18:41.220> and<00:18:41.340> another<00:18:41.520> big<00:18:41.760> organization<00:18:42.240> wants<00:18:42.600> to 00:18:42.590 --> 00:18:42.600 align:start position:0% it and another big organization wants to 00:18:42.600 --> 00:18:45.110 align:start position:0% it and another big organization wants to buy<00:18:42.780> so<00:18:43.080> it<00:18:43.440> seems<00:18:43.740> a<00:18:44.039> natural<00:18:44.220> way<00:18:44.580> to<00:18:44.760> do<00:18:44.880> this 00:18:45.110 --> 00:18:45.120 align:start position:0% buy so it seems a natural way to do this 00:18:45.120 --> 00:18:47.150 align:start position:0% buy so it seems a natural way to do this I<00:18:45.660> mean<00:18:45.780> there<00:18:46.140> are<00:18:46.260> also<00:18:46.440> some<00:18:46.740> other<00:18:46.919> things 00:18:47.150 --> 00:18:47.160 align:start position:0% I mean there are also some other things 00:18:47.160 --> 00:18:50.150 align:start position:0% I mean there are also some other things that<00:18:47.460> like<00:18:47.760> you<00:18:48.539> may<00:18:49.020> you<00:18:49.740> know<00:18:49.860> one 00:18:50.150 --> 00:18:50.160 align:start position:0% that like you may you know one 00:18:50.160 --> 00:18:51.830 align:start position:0% that like you may you know one institution<00:18:50.640> may<00:18:51.000> have<00:18:51.179> all<00:18:51.360> their<00:18:51.480> staking 00:18:51.830 --> 00:18:51.840 align:start position:0% institution may have all their staking 00:18:51.840 --> 00:18:53.870 align:start position:0% institution may have all their staking with<00:18:52.260> one<00:18:52.500> company<00:18:52.740> and<00:18:53.100> another<00:18:53.280> institution 00:18:53.870 --> 00:18:53.880 align:start position:0% with one company and another institution 00:18:53.880 --> 00:18:55.130 align:start position:0% with one company and another institution has<00:18:54.120> all<00:18:54.360> their<00:18:54.480> staking<00:18:54.720> with<00:18:54.960> another 00:18:55.130 --> 00:18:55.140 align:start position:0% has all their staking with another 00:18:55.140 --> 00:18:57.169 align:start position:0% has all their staking with another company<00:18:55.500> and<00:18:56.039> I<00:18:56.160> can<00:18:56.340> imagine<00:18:56.460> for<00:18:56.820> risk 00:18:57.169 --> 00:18:57.179 align:start position:0% company and I can imagine for risk 00:18:57.179 --> 00:18:59.150 align:start position:0% company and I can imagine for risk management<00:18:57.299> they<00:18:58.140> may<00:18:58.260> actually<00:18:58.440> swap<00:18:58.860> some 00:18:59.150 --> 00:18:59.160 align:start position:0% management they may actually swap some 00:18:59.160 --> 00:19:00.950 align:start position:0% management they may actually swap some of<00:18:59.280> their<00:18:59.400> validators<00:19:00.000> over<00:19:00.240> to<00:19:00.480> split<00:19:00.840> the 00:19:00.950 --> 00:19:00.960 align:start position:0% of their validators over to split the 00:19:00.960 --> 00:19:03.470 align:start position:0% of their validators over to split the risk<00:19:01.260> so<00:19:01.799> you<00:19:02.220> know<00:19:02.280> I'm<00:19:02.760> sort<00:19:02.940> of<00:19:03.059> making<00:19:03.179> up 00:19:03.470 --> 00:19:03.480 align:start position:0% risk so you know I'm sort of making up 00:19:03.480 --> 00:19:05.330 align:start position:0% risk so you know I'm sort of making up use<00:19:03.660> cases<00:19:04.020> but<00:19:04.380> this<00:19:04.740> is<00:19:04.919> the<00:19:04.980> sort<00:19:05.100> of<00:19:05.220> thing 00:19:05.330 --> 00:19:05.340 align:start position:0% use cases but this is the sort of thing 00:19:05.340 --> 00:19:06.950 align:start position:0% use cases but this is the sort of thing that<00:19:05.580> once<00:19:05.820> you've<00:19:05.940> got<00:19:06.059> a<00:19:06.179> Marketplace<00:19:06.660> then 00:19:06.950 --> 00:19:06.960 align:start position:0% that once you've got a Marketplace then 00:19:06.960 --> 00:19:08.630 align:start position:0% that once you've got a Marketplace then then<00:19:07.260> and<00:19:07.559> it's<00:19:07.740> liquid<00:19:08.100> enough<00:19:08.280> I<00:19:08.520> think 00:19:08.630 --> 00:19:08.640 align:start position:0% then and it's liquid enough I think 00:19:08.640 --> 00:19:10.610 align:start position:0% then and it's liquid enough I think people<00:19:08.880> would<00:19:09.539> probably<00:19:09.720> use<00:19:10.020> that<00:19:10.320> sort<00:19:10.500> of 00:19:10.610 --> 00:19:10.620 align:start position:0% people would probably use that sort of 00:19:10.620 --> 00:19:11.990 align:start position:0% people would probably use that sort of facility 00:19:11.990 --> 00:19:12.000 align:start position:0% facility 00:19:12.000 --> 00:19:14.090 align:start position:0% facility uh<00:19:12.720> so<00:19:12.900> you<00:19:13.020> mentioned<00:19:13.260> Lido<00:19:13.620> I'm<00:19:13.799> curious<00:19:13.980> if 00:19:14.090 --> 00:19:14.100 align:start position:0% uh so you mentioned Lido I'm curious if 00:19:14.100 --> 00:19:16.010 align:start position:0% uh so you mentioned Lido I'm curious if you<00:19:14.220> think<00:19:14.400> there<00:19:14.520> are<00:19:14.640> ways<00:19:14.940> to<00:19:15.299> synergize 00:19:16.010 --> 00:19:16.020 align:start position:0% you think there are ways to synergize 00:19:16.020 --> 00:19:18.049 align:start position:0% you think there are ways to synergize with<00:19:16.260> existing<00:19:16.679> like<00:19:16.919> pulled<00:19:17.280> staking<00:19:17.580> uh 00:19:18.049 --> 00:19:18.059 align:start position:0% with existing like pulled staking uh 00:19:18.059 --> 00:19:20.090 align:start position:0% with existing like pulled staking uh derivative<00:19:18.419> projects 00:19:20.090 --> 00:19:20.100 align:start position:0% derivative projects 00:19:20.100 --> 00:19:22.130 align:start position:0% derivative projects um<00:19:20.220> or<00:19:20.580> if<00:19:20.760> like<00:19:21.000> if<00:19:21.419> you<00:19:21.480> have<00:19:21.660> any<00:19:21.840> thoughts 00:19:22.130 --> 00:19:22.140 align:start position:0% um or if like if you have any thoughts 00:19:22.140 --> 00:19:23.570 align:start position:0% um or if like if you have any thoughts in<00:19:22.200> that<00:19:22.320> direction<00:19:22.440> I<00:19:23.039> mean<00:19:23.160> definitely<00:19:23.400> we 00:19:23.570 --> 00:19:23.580 align:start position:0% in that direction I mean definitely we 00:19:23.580 --> 00:19:26.210 align:start position:0% in that direction I mean definitely we talk<00:19:24.059> a<00:19:24.240> lot<00:19:24.360> with<00:19:24.480> light<00:19:24.720> out<00:19:24.960> I<00:19:25.200> mean<00:19:25.559> um<00:19:25.559> we 00:19:26.210 --> 00:19:26.220 align:start position:0% talk a lot with light out I mean um we 00:19:26.220 --> 00:19:29.450 align:start position:0% talk a lot with light out I mean um we we<00:19:26.400> write<00:19:26.700> a<00:19:27.419> a<00:19:27.660> software<00:19:28.440> stack<00:19:28.799> called<00:19:29.039> vouch 00:19:29.450 --> 00:19:29.460 align:start position:0% we write a a software stack called vouch 00:19:29.460 --> 00:19:31.070 align:start position:0% we write a a software stack called vouch if<00:19:29.760> any<00:19:29.940> of<00:19:30.120> you<00:19:30.240> are<00:19:30.299> familiar<00:19:30.600> with<00:19:30.780> but 00:19:31.070 --> 00:19:31.080 align:start position:0% if any of you are familiar with but 00:19:31.080 --> 00:19:34.730 align:start position:0% if any of you are familiar with but vouch<00:19:31.860> 22<00:19:32.520> of<00:19:33.059> the<00:19:33.179> Lido<00:19:33.660> operators<00:19:34.140> use<00:19:34.380> vouch 00:19:34.730 --> 00:19:34.740 align:start position:0% vouch 22 of the Lido operators use vouch 00:19:34.740 --> 00:19:37.250 align:start position:0% vouch 22 of the Lido operators use vouch so<00:19:35.520> that<00:19:35.940> we<00:19:36.059> there<00:19:36.360> is<00:19:36.539> constant 00:19:37.250 --> 00:19:37.260 align:start position:0% so that we there is constant 00:19:37.260 --> 00:19:39.950 align:start position:0% so that we there is constant communication<00:19:37.860> and<00:19:38.340> with<00:19:38.880> these<00:19:39.179> guys 00:19:39.950 --> 00:19:39.960 align:start position:0% communication and with these guys 00:19:39.960 --> 00:19:41.570 align:start position:0% communication and with these guys um whether<00:19:40.679> they<00:19:40.919> will<00:19:41.039> get<00:19:41.160> involved<00:19:41.460> in 00:19:41.570 --> 00:19:41.580 align:start position:0% um whether they will get involved in 00:19:41.580 --> 00:19:43.010 align:start position:0% um whether they will get involved in certain<00:19:41.760> things<00:19:41.940> but<00:19:42.120> certainly<00:19:42.419> lied<00:19:42.900> I 00:19:43.010 --> 00:19:43.020 align:start position:0% certain things but certainly lied I 00:19:43.020 --> 00:19:45.230 align:start position:0% certain things but certainly lied I don't<00:19:43.140> want<00:19:43.380> to<00:19:43.500> be<00:19:43.679> 40<00:19:43.919> of<00:19:44.460> the<00:19:44.520> network<00:19:44.760> I<00:19:45.120> can 00:19:45.230 --> 00:19:45.240 align:start position:0% don't want to be 40 of the network I can 00:19:45.240 --> 00:19:47.210 align:start position:0% don't want to be 40 of the network I can tell<00:19:45.360> you<00:19:45.480> that<00:19:45.660> so<00:19:45.960> it's<00:19:46.559> in<00:19:46.740> their<00:19:46.919> interest 00:19:47.210 --> 00:19:47.220 align:start position:0% tell you that so it's in their interest 00:19:47.220 --> 00:19:49.669 align:start position:0% tell you that so it's in their interest to<00:19:47.880> have 00:19:49.669 --> 00:19:49.679 align:start position:0% to have 00:19:49.679 --> 00:19:51.830 align:start position:0% to have um you<00:19:50.280> know<00:19:50.400> options<00:19:50.760> that<00:19:51.059> work<00:19:51.299> to<00:19:51.660> to 00:19:51.830 --> 00:19:51.840 align:start position:0% um you know options that work to to 00:19:51.840 --> 00:19:54.350 align:start position:0% um you know options that work to to spread<00:19:52.440> the<00:19:52.620> load<00:19:52.860> so<00:19:53.220> you<00:19:53.640> know<00:19:53.760> we<00:19:54.000> talk<00:19:54.179> to 00:19:54.350 --> 00:19:54.360 align:start position:0% spread the load so you know we talk to 00:19:54.360 --> 00:19:55.850 align:start position:0% spread the load so you know we talk to them<00:19:54.480> about<00:19:54.780> various<00:19:55.200> different<00:19:55.380> things<00:19:55.620> so 00:19:55.850 --> 00:19:55.860 align:start position:0% them about various different things so 00:19:55.860 --> 00:19:56.810 align:start position:0% them about various different things so they<00:19:55.980> will<00:19:56.160> certainly<00:19:56.400> be<00:19:56.520> in<00:19:56.700> the 00:19:56.810 --> 00:19:56.820 align:start position:0% they will certainly be in the 00:19:56.820 --> 00:19:58.610 align:start position:0% they will certainly be in the conversation 00:19:58.610 --> 00:19:58.620 align:start position:0% conversation 00:19:58.620 --> 00:19:59.690 align:start position:0% conversation uh 00:19:59.690 --> 00:19:59.700 align:start position:0% uh 00:19:59.700 --> 00:20:01.669 align:start position:0% uh could<00:20:00.059> do<00:20:00.299> again<00:20:00.539> I<00:20:00.960> think<00:20:01.080> let<00:20:01.380> the<00:20:01.559> market 00:20:01.669 --> 00:20:01.679 align:start position:0% could do again I think let the market 00:20:01.679 --> 00:20:03.650 align:start position:0% could do again I think let the market decide<00:20:02.280> all<00:20:02.580> right<00:20:02.760> because<00:20:02.880> you<00:20:03.360> know<00:20:03.419> you 00:20:03.650 --> 00:20:03.660 align:start position:0% decide all right because you know you 00:20:03.660 --> 00:20:05.450 align:start position:0% decide all right because you know you could<00:20:03.780> would<00:20:04.260> it<00:20:04.440> make<00:20:04.620> sense<00:20:04.799> to<00:20:05.100> do<00:20:05.220> many 00:20:05.450 --> 00:20:05.460 align:start position:0% could would it make sense to do many 00:20:05.460 --> 00:20:07.130 align:start position:0% could would it make sense to do many things<00:20:05.640> with<00:20:05.880> this<00:20:06.000> stuff<00:20:06.179> I<00:20:06.419> think<00:20:06.660> I<00:20:07.080> think 00:20:07.130 --> 00:20:07.140 align:start position:0% things with this stuff I think I think 00:20:07.140 --> 00:20:08.930 align:start position:0% things with this stuff I think I think being<00:20:07.320> able<00:20:07.559> to<00:20:07.620> transfer<00:20:08.039> ownership<00:20:08.400> is<00:20:08.760> the 00:20:08.930 --> 00:20:08.940 align:start position:0% being able to transfer ownership is the 00:20:08.940 --> 00:20:12.110 align:start position:0% being able to transfer ownership is the big<00:20:09.059> use<00:20:09.299> case<00:20:09.600> for<00:20:10.559> for<00:20:10.860> my<00:20:11.160> thinking<00:20:11.640> but<00:20:11.880> you 00:20:12.110 --> 00:20:12.120 align:start position:0% big use case for for my thinking but you 00:20:12.120 --> 00:20:13.850 align:start position:0% big use case for for my thinking but you know<00:20:12.179> there<00:20:12.480> I<00:20:12.960> can<00:20:13.020> imagine<00:20:13.140> there'd<00:20:13.559> be<00:20:13.620> lots 00:20:13.850 --> 00:20:13.860 align:start position:0% know there I can imagine there'd be lots 00:20:13.860 --> 00:20:15.770 align:start position:0% know there I can imagine there'd be lots of<00:20:13.919> funky<00:20:14.280> projects<00:20:14.700> a<00:20:15.000> product<00:20:15.179> built<00:20:15.660> off 00:20:15.770 --> 00:20:15.780 align:start position:0% of funky projects a product built off 00:20:15.780 --> 00:20:18.049 align:start position:0% of funky projects a product built off the<00:20:15.900> back<00:20:16.020> of<00:20:16.200> it<00:20:16.380> so<00:20:16.799> yeah<00:20:17.460> I<00:20:17.940> was<00:20:18.000> somebody 00:20:18.049 --> 00:20:18.059 align:start position:0% the back of it so yeah I was somebody 00:20:18.059 --> 00:20:21.529 align:start position:0% the back of it so yeah I was somebody involved<00:20:18.539> as<00:20:18.660> a<00:20:19.440> thank<00:20:20.039> you<00:20:20.299> thank<00:20:21.299> you<00:20:21.360> so 00:20:21.529 --> 00:20:21.539 align:start position:0% involved as a thank you thank you so 00:20:21.539 --> 00:20:23.720 align:start position:0% involved as a thank you thank you so much