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 --> 00:00:24.550 align:start position:0% [Music] 00:00:24.550 --> 00:00:24.560 align:start position:0% 00:00:24.560 --> 00:00:27.410 align:start position:0% and<00:00:25.560> he's<00:00:25.740> gonna<00:00:25.920> tell<00:00:26.220> us<00:00:26.400> about<00:00:26.640> a<00:00:27.060> private 00:00:27.410 --> 00:00:27.420 align:start position:0% and he's gonna tell us about a private 00:00:27.420 --> 00:00:29.990 align:start position:0% and he's gonna tell us about a private exchange<00:00:27.840> application<00:00:28.500> that<00:00:29.400> was<00:00:29.519> built<00:00:29.880> on 00:00:29.990 --> 00:00:30.000 align:start position:0% exchange application that was built on 00:00:30.000 --> 00:00:34.990 align:start position:0% exchange application that was built on top<00:00:30.180> of<00:00:30.420> ZK<00:00:30.840> Opera<00:00:31.740> yeah 00:00:34.990 --> 00:00:35.000 align:start position:0% 00:00:35.000 --> 00:00:37.150 align:start position:0% thank<00:00:36.000> you<00:00:36.120> for<00:00:36.239> coming 00:00:37.150 --> 00:00:37.160 align:start position:0% thank you for coming 00:00:37.160 --> 00:00:41.030 align:start position:0% thank you for coming my<00:00:38.160> name<00:00:38.219> is<00:00:38.340> takamichi<00:00:39.120> today 00:00:41.030 --> 00:00:41.040 align:start position:0% my name is takamichi today 00:00:41.040 --> 00:00:43.010 align:start position:0% my name is takamichi today I'm<00:00:41.520> going<00:00:41.640> to<00:00:41.760> talk<00:00:42.000> about<00:00:42.180> the<00:00:42.719> Private 00:00:43.010 --> 00:00:43.020 align:start position:0% I'm going to talk about the Private 00:00:43.020 --> 00:00:44.750 align:start position:0% I'm going to talk about the Private Exchange 00:00:44.750 --> 00:00:44.760 align:start position:0% Exchange 00:00:44.760 --> 00:00:46.670 align:start position:0% Exchange yes 00:00:46.670 --> 00:00:46.680 align:start position:0% yes 00:00:46.680 --> 00:00:49.069 align:start position:0% yes I'm<00:00:47.040> software<00:00:47.399> engineer<00:00:47.700> at<00:00:47.940> the<00:00:48.120> privacy<00:00:48.899> and 00:00:49.069 --> 00:00:49.079 align:start position:0% I'm software engineer at the privacy and 00:00:49.079 --> 00:00:51.229 align:start position:0% I'm software engineer at the privacy and scaling<00:00:49.500> Explorations<00:00:50.039> team<00:00:50.399> at<00:00:50.760> EFM 00:00:51.229 --> 00:00:51.239 align:start position:0% scaling Explorations team at EFM 00:00:51.239 --> 00:00:52.490 align:start position:0% scaling Explorations team at EFM Foundation 00:00:52.490 --> 00:00:52.500 align:start position:0% Foundation 00:00:52.500 --> 00:00:55.430 align:start position:0% Foundation and 00:00:55.430 --> 00:00:55.440 align:start position:0% 00:00:55.440 --> 00:00:57.830 align:start position:0% yep<00:00:55.920> say 00:00:57.830 --> 00:00:57.840 align:start position:0% yep say 00:00:57.840 --> 00:01:00.549 align:start position:0% yep say I<00:00:58.199> want<00:00:58.320> to<00:00:58.440> explore<00:00:58.860> a<00:00:59.520> privacy<00:00:59.940> preserving 00:01:00.549 --> 00:01:00.559 align:start position:0% I want to explore a privacy preserving 00:01:00.559 --> 00:01:05.030 align:start position:0% I want to explore a privacy preserving decentralized<00:01:01.559> exchange<00:01:02.100> on<00:01:02.940> gko<00:01:03.600> proof 00:01:05.030 --> 00:01:05.040 align:start position:0% decentralized exchange on gko proof 00:01:05.040 --> 00:01:06.710 align:start position:0% decentralized exchange on gko proof for<00:01:05.580> this<00:01:05.760> project 00:01:06.710 --> 00:01:06.720 align:start position:0% for this project 00:01:06.720 --> 00:01:09.530 align:start position:0% for this project we<00:01:07.200> are<00:01:07.320> aiming<00:01:07.619> for<00:01:07.920> more<00:01:08.640> private 00:01:09.530 --> 00:01:09.540 align:start position:0% we are aiming for more private 00:01:09.540 --> 00:01:13.010 align:start position:0% we are aiming for more private peer-to-peer<00:01:10.500> exchange<00:01:11.159> system 00:01:13.010 --> 00:01:13.020 align:start position:0% peer-to-peer exchange system 00:01:13.020 --> 00:01:15.830 align:start position:0% peer-to-peer exchange system and<00:01:13.500> private<00:01:13.860> exchange<00:01:14.220> consists<00:01:14.939> of<00:01:15.000> three 00:01:15.830 --> 00:01:15.840 align:start position:0% and private exchange consists of three 00:01:15.840 --> 00:01:18.590 align:start position:0% and private exchange consists of three different<00:01:16.140> zero<00:01:16.979> knowledge<00:01:17.220> protocols<00:01:18.000> to 00:01:18.590 --> 00:01:18.600 align:start position:0% different zero knowledge protocols to 00:01:18.600 --> 00:01:20.990 align:start position:0% different zero knowledge protocols to protect<00:01:18.900> users<00:01:19.260> privacy 00:01:20.990 --> 00:01:21.000 align:start position:0% protect users privacy 00:01:21.000 --> 00:01:23.870 align:start position:0% protect users privacy and<00:01:21.479> I<00:01:21.600> in<00:01:22.200> this<00:01:22.320> talk<00:01:22.560> I'm<00:01:23.040> not<00:01:23.280> going<00:01:23.580> very 00:01:23.870 --> 00:01:23.880 align:start position:0% and I in this talk I'm not going very 00:01:23.880 --> 00:01:25.910 align:start position:0% and I in this talk I'm not going very deep<00:01:24.119> on<00:01:24.659> the<00:01:24.840> technical<00:01:25.200> details<00:01:25.619> of<00:01:25.799> the 00:01:25.910 --> 00:01:25.920 align:start position:0% deep on the technical details of the 00:01:25.920 --> 00:01:29.149 align:start position:0% deep on the technical details of the protocol<00:01:26.280> but<00:01:27.060> I<00:01:27.180> will<00:01:27.360> show<00:01:27.860> how<00:01:28.860> those 00:01:29.149 --> 00:01:29.159 align:start position:0% protocol but I will show how those 00:01:29.159 --> 00:01:31.789 align:start position:0% protocol but I will show how those protocols<00:01:29.759> works<00:01:30.180> and<00:01:30.720> how<00:01:31.020> the<00:01:31.200> protocols 00:01:31.789 --> 00:01:31.799 align:start position:0% protocols works and how the protocols 00:01:31.799 --> 00:01:37.130 align:start position:0% protocols works and how the protocols are<00:01:32.040> used<00:01:32.220> in<00:01:33.000> private<00:01:33.479> exchange 00:01:37.130 --> 00:01:37.140 align:start position:0% 00:01:37.140 --> 00:01:40.370 align:start position:0% all<00:01:37.680> right<00:01:37.860> before<00:01:38.460> diving<00:01:39.360> right<00:01:39.780> into<00:01:39.960> the 00:01:40.370 --> 00:01:40.380 align:start position:0% all right before diving right into the 00:01:40.380 --> 00:01:41.870 align:start position:0% all right before diving right into the private<00:01:40.860> exchange 00:01:41.870 --> 00:01:41.880 align:start position:0% private exchange 00:01:41.880 --> 00:01:45.350 align:start position:0% private exchange um<00:01:41.939> let<00:01:42.420> me<00:01:42.540> start<00:01:42.720> with<00:01:43.020> one<00:01:43.259> question 00:01:45.350 --> 00:01:45.360 align:start position:0% um let me start with one question 00:01:45.360 --> 00:01:50.450 align:start position:0% um let me start with one question so<00:01:46.020> why<00:01:46.619> do<00:01:46.860> we<00:01:47.040> need<00:01:47.220> privacy 00:01:50.450 --> 00:01:50.460 align:start position:0% 00:01:50.460 --> 00:01:53.210 align:start position:0% I<00:01:51.000> think<00:01:51.119> there<00:01:51.479> are<00:01:51.600> many<00:01:51.720> reasons<00:01:52.140> for<00:01:52.860> many 00:01:53.210 --> 00:01:53.220 align:start position:0% I think there are many reasons for many 00:01:53.220 --> 00:01:55.190 align:start position:0% I think there are many reasons for many different<00:01:53.759> people 00:01:55.190 --> 00:01:55.200 align:start position:0% different people 00:01:55.200 --> 00:01:57.710 align:start position:0% different people and<00:01:55.619> for<00:01:55.860> many<00:01:56.040> different<00:01:56.280> use<00:01:56.640> cases 00:01:57.710 --> 00:01:57.720 align:start position:0% and for many different use cases 00:01:57.720 --> 00:01:59.870 align:start position:0% and for many different use cases so<00:01:58.259> I'd<00:01:58.500> like<00:01:58.680> to<00:01:58.860> share<00:01:59.040> my<00:01:59.280> opinion<00:01:59.520> on<00:01:59.700> this 00:01:59.870 --> 00:01:59.880 align:start position:0% so I'd like to share my opinion on this 00:01:59.880 --> 00:02:04.130 align:start position:0% so I'd like to share my opinion on this today 00:02:04.130 --> 00:02:04.140 align:start position:0% 00:02:04.140 --> 00:02:07.609 align:start position:0% the<00:02:04.560> Privacy<00:02:04.860> is<00:02:05.040> important<00:02:05.640> because<00:02:06.500> it<00:02:07.500> can 00:02:07.609 --> 00:02:07.619 align:start position:0% the Privacy is important because it can 00:02:07.619 --> 00:02:10.249 align:start position:0% the Privacy is important because it can contribute<00:02:08.039> to<00:02:08.280> censorship<00:02:08.759> resistance 00:02:10.249 --> 00:02:10.259 align:start position:0% contribute to censorship resistance 00:02:10.259 --> 00:02:13.250 align:start position:0% contribute to censorship resistance like<00:02:10.860> own<00:02:11.039> public<00:02:11.280> blockchain<00:02:11.760> like<00:02:11.940> ethereum 00:02:13.250 --> 00:02:13.260 align:start position:0% like own public blockchain like ethereum 00:02:13.260 --> 00:02:15.949 align:start position:0% like own public blockchain like ethereum like<00:02:13.860> the<00:02:14.099> transactions<00:02:15.060> on<00:02:15.480> the<00:02:15.599> all<00:02:15.780> the 00:02:15.949 --> 00:02:15.959 align:start position:0% like the transactions on the all the 00:02:15.959 --> 00:02:18.650 align:start position:0% like the transactions on the all the transactions<00:02:16.560> on<00:02:17.400> the<00:02:17.580> blockchain<00:02:18.239> are<00:02:18.540> all 00:02:18.650 --> 00:02:18.660 align:start position:0% transactions on the blockchain are all 00:02:18.660 --> 00:02:20.270 align:start position:0% transactions on the blockchain are all visible<00:02:19.020> to<00:02:19.319> everyone 00:02:20.270 --> 00:02:20.280 align:start position:0% visible to everyone 00:02:20.280 --> 00:02:24.050 align:start position:0% visible to everyone so<00:02:20.879> it<00:02:21.360> can<00:02:21.480> be<00:02:21.660> censored<00:02:22.680> um 00:02:24.050 --> 00:02:24.060 align:start position:0% so it can be censored um 00:02:24.060 --> 00:02:28.490 align:start position:0% so it can be censored um mostly<00:02:24.780> like<00:02:25.739> in<00:02:26.160> a<00:02:26.280> smaller<00:02:26.580> Networks 00:02:28.490 --> 00:02:28.500 align:start position:0% mostly like in a smaller Networks 00:02:28.500 --> 00:02:30.890 align:start position:0% mostly like in a smaller Networks because<00:02:28.800> the<00:02:29.099> number<00:02:29.280> of<00:02:29.520> the<00:02:29.760> validators<00:02:30.540> and 00:02:30.890 --> 00:02:30.900 align:start position:0% because the number of the validators and 00:02:30.900 --> 00:02:32.750 align:start position:0% because the number of the validators and the<00:02:31.080> block<00:02:31.319> Builders<00:02:31.800> are<00:02:32.099> later<00:02:32.340> to<00:02:32.580> be 00:02:32.750 --> 00:02:32.760 align:start position:0% the block Builders are later to be 00:02:32.760 --> 00:02:35.210 align:start position:0% the block Builders are later to be relatively<00:02:33.420> small 00:02:35.210 --> 00:02:35.220 align:start position:0% relatively small 00:02:35.220 --> 00:02:37.610 align:start position:0% relatively small to<00:02:35.459> the<00:02:35.700> censorship<00:02:36.140> likely<00:02:37.140> to<00:02:37.260> be<00:02:37.440> happened 00:02:37.610 --> 00:02:37.620 align:start position:0% to the censorship likely to be happened 00:02:37.620 --> 00:02:40.610 align:start position:0% to the censorship likely to be happened more<00:02:38.280> often 00:02:40.610 --> 00:02:40.620 align:start position:0% more often 00:02:40.620 --> 00:02:42.650 align:start position:0% more often for<00:02:41.099> example 00:02:42.650 --> 00:02:42.660 align:start position:0% for example 00:02:42.660 --> 00:02:45.890 align:start position:0% for example um if<00:02:43.019> you<00:02:43.140> want<00:02:43.319> to<00:02:43.440> spin<00:02:43.739> up<00:02:44.120> minor<00:02:45.120> roll<00:02:45.660> up 00:02:45.890 --> 00:02:45.900 align:start position:0% um if you want to spin up minor roll up 00:02:45.900 --> 00:02:48.350 align:start position:0% um if you want to spin up minor roll up on<00:02:46.500> ethereum 00:02:48.350 --> 00:02:48.360 align:start position:0% on ethereum 00:02:48.360 --> 00:02:53.570 align:start position:0% on ethereum this<00:02:49.080> is<00:02:49.319> the<00:02:49.560> case 00:02:53.570 --> 00:02:53.580 align:start position:0% 00:02:53.580 --> 00:02:54.890 align:start position:0% and<00:02:53.940> for<00:02:54.060> second 00:02:54.890 --> 00:02:54.900 align:start position:0% and for second 00:02:54.900 --> 00:02:58.790 align:start position:0% and for second it<00:02:55.379> also<00:02:55.680> can<00:02:56.340> mitigate<00:02:56.819> the<00:02:57.300> Mev<00:02:57.780> or<00:02:58.560> front 00:02:58.790 --> 00:02:58.800 align:start position:0% it also can mitigate the Mev or front 00:02:58.800 --> 00:03:00.650 align:start position:0% it also can mitigate the Mev or front running 00:03:00.650 --> 00:03:00.660 align:start position:0% running 00:03:00.660 --> 00:03:04.070 align:start position:0% running if<00:03:01.080> the<00:03:01.620> privacy<00:03:02.220> of<00:03:02.459> the<00:03:02.640> transactions<00:03:03.300> can 00:03:04.070 --> 00:03:04.080 align:start position:0% if the privacy of the transactions can 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align:start position:0% it is a human rights the Privacy is a 00:03:17.940 --> 00:03:20.630 align:start position:0% it is a human rights the Privacy is a human<00:03:18.120> rights 00:03:20.630 --> 00:03:20.640 align:start position:0% 00:03:20.640 --> 00:03:23.089 align:start position:0% here<00:03:21.239> is<00:03:21.420> a<00:03:21.720> quote<00:03:21.840> from<00:03:22.260> the<00:03:22.680> universal 00:03:23.089 --> 00:03:23.099 align:start position:0% here is a quote from the universal 00:03:23.099 --> 00:03:26.089 align:start position:0% here is a quote from the universal Declaration<00:03:23.640> of<00:03:24.420> the<00:03:24.599> human<00:03:24.720> rights<00:03:25.680> and 00:03:26.089 --> 00:03:26.099 align:start position:0% Declaration of the human rights and 00:03:26.099 --> 00:03:28.430 align:start position:0% Declaration of the human rights and article<00:03:26.459> 12 00:03:28.430 --> 00:03:28.440 align:start position:0% article 12 00:03:28.440 --> 00:03:30.290 align:start position:0% article 12 so<00:03:28.800> my<00:03:28.980> opinion<00:03:29.280> is 00:03:30.290 --> 00:03:30.300 align:start position:0% so my opinion is 00:03:30.300 --> 00:03:32.809 align:start position:0% so my opinion is we<00:03:30.780> don't<00:03:30.959> need<00:03:31.260> any<00:03:31.620> reason 00:03:32.809 --> 00:03:32.819 align:start position:0% we don't need any reason 00:03:32.819 --> 00:03:34.910 align:start position:0% we don't need any reason to<00:03:33.300> work<00:03:33.420> uh 00:03:34.910 --> 00:03:34.920 align:start position:0% to work uh 00:03:34.920 --> 00:03:37.070 align:start position:0% to work uh um<00:03:34.980> protecting<00:03:35.580> privacy 00:03:37.070 --> 00:03:37.080 align:start position:0% um protecting privacy 00:03:37.080 --> 00:03:38.930 align:start position:0% um protecting privacy we<00:03:37.440> need<00:03:37.620> privacy<00:03:38.040> because<00:03:38.280> it's<00:03:38.760> human 00:03:38.930 --> 00:03:38.940 align:start position:0% we need privacy because it's human 00:03:38.940 --> 00:03:40.670 align:start position:0% we need privacy because it's human rights 00:03:40.670 --> 00:03:40.680 align:start position:0% rights 00:03:40.680 --> 00:03:43.190 align:start position:0% rights and<00:03:41.099> we<00:03:41.280> should<00:03:41.459> care<00:03:41.760> when<00:03:42.659> we're<00:03:42.959> building 00:03:43.190 --> 00:03:43.200 align:start position:0% and we should care when we're building 00:03:43.200 --> 00:03:46.369 align:start position:0% and we should care when we're building an<00:03:43.560> application 00:03:46.369 --> 00:03:46.379 align:start position:0% 00:03:46.379 --> 00:03:48.890 align:start position:0% and<00:03:46.980> today<00:03:47.159> in<00:03:47.519> this<00:03:47.640> talk<00:03:47.879> I<00:03:48.420> will<00:03:48.540> walk<00:03:48.720> you 00:03:48.890 --> 00:03:48.900 align:start position:0% and today in this talk I will walk you 00:03:48.900 --> 00:03:51.770 align:start position:0% and today in this talk I will walk you through<00:03:49.159> how<00:03:50.159> we<00:03:50.519> approach 00:03:51.770 --> 00:03:51.780 align:start position:0% through how we approach 00:03:51.780 --> 00:03:54.289 align:start position:0% through how we approach um<00:03:51.840> to<00:03:52.080> protect<00:03:52.319> privacy<00:03:52.920> when<00:03:53.220> building<00:03:53.879> a 00:03:54.289 --> 00:03:54.299 align:start position:0% um to protect privacy when building a 00:03:54.299 --> 00:03:56.449 align:start position:0% um to protect privacy when building a decentralized<00:03:54.840> application<00:03:55.379> like<00:03:55.980> private 00:03:56.449 --> 00:03:56.459 align:start position:0% decentralized application like private 00:03:56.459 --> 00:03:59.449 align:start position:0% decentralized application like private exchange 00:03:59.449 --> 00:03:59.459 align:start position:0% 00:03:59.459 --> 00:04:00.770 align:start position:0% all<00:03:59.940> right 00:04:00.770 --> 00:04:00.780 align:start position:0% all right 00:04:00.780 --> 00:04:04.009 align:start position:0% all right let's<00:04:01.440> get<00:04:01.680> into<00:04:01.920> the<00:04:02.159> interesting<00:04:02.580> part 00:04:04.009 --> 00:04:04.019 align:start position:0% let's get into the interesting part 00:04:04.019 --> 00:04:06.770 align:start position:0% let's get into the interesting part what<00:04:04.500> is<00:04:04.620> private<00:04:05.040> exchange<00:04:05.459> and<00:04:06.180> how<00:04:06.599> it 00:04:06.770 --> 00:04:06.780 align:start position:0% what is private exchange and how it 00:04:06.780 --> 00:04:10.009 align:start position:0% what is private exchange and how it works 00:04:10.009 --> 00:04:10.019 align:start position:0% 00:04:10.019 --> 00:04:12.589 align:start position:0% so<00:04:10.620> what<00:04:10.980> we<00:04:11.159> are<00:04:11.280> trying<00:04:11.459> to<00:04:11.580> achieve<00:04:12.000> with 00:04:12.589 --> 00:04:12.599 align:start position:0% so what we are trying to achieve with 00:04:12.599 --> 00:04:14.149 align:start position:0% so what we are trying to achieve with the<00:04:12.840> Private<00:04:13.200> Exchange 00:04:14.149 --> 00:04:14.159 align:start position:0% the Private Exchange 00:04:14.159 --> 00:04:18.830 align:start position:0% the Private Exchange is<00:04:14.580> to<00:04:14.819> make<00:04:15.000> exchange<00:04:15.540> process<00:04:16.019> more<00:04:16.979> private 00:04:18.830 --> 00:04:18.840 align:start position:0% is to make exchange process more private 00:04:18.840 --> 00:04:20.750 align:start position:0% is to make exchange process more private yes<00:04:19.500> very<00:04:19.919> simple 00:04:20.750 --> 00:04:20.760 align:start position:0% yes very simple 00:04:20.760 --> 00:04:23.510 align:start position:0% yes very simple and<00:04:21.299> don't<00:04:21.479> let<00:04:21.660> users<00:04:22.079> to<00:04:22.860> expose<00:04:23.220> their 00:04:23.510 --> 00:04:23.520 align:start position:0% and don't let users to expose their 00:04:23.520 --> 00:04:24.530 align:start position:0% and don't let users to expose their information 00:04:24.530 --> 00:04:24.540 align:start position:0% information 00:04:24.540 --> 00:04:27.650 align:start position:0% information or<00:04:25.020> intentions 00:04:27.650 --> 00:04:27.660 align:start position:0% 00:04:27.660 --> 00:04:32.570 align:start position:0% that's<00:04:28.380> our<00:04:28.860> goal<00:04:29.220> here 00:04:32.570 --> 00:04:32.580 align:start position:0% 00:04:32.580 --> 00:04:35.450 align:start position:0% so<00:04:33.180> what<00:04:33.780> exchanges<00:04:34.320> do 00:04:35.450 --> 00:04:35.460 align:start position:0% so what exchanges do 00:04:35.460 --> 00:04:42.530 align:start position:0% so what exchanges do exchange<00:04:36.180> let<00:04:37.020> users<00:04:37.639> exchange<00:04:38.639> their<00:04:39.000> tokens 00:04:42.530 --> 00:04:42.540 align:start position:0% 00:04:42.540 --> 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I'd<00:04:57.360> like<00:04:57.540> to<00:04:57.720> focus<00:04:58.080> this<00:04:58.919> one<00:04:59.160> function 00:05:00.170 --> 00:05:00.180 align:start position:0% but I'd like to focus this one function 00:05:00.180 --> 00:05:02.090 align:start position:0% but I'd like to focus this one function today 00:05:02.090 --> 00:05:02.100 align:start position:0% today 00:05:02.100 --> 00:05:04.670 align:start position:0% today and<00:05:02.580> there<00:05:02.759> are<00:05:02.940> two<00:05:03.300> popular<00:05:03.780> constructions 00:05:04.670 --> 00:05:04.680 align:start position:0% and there are two popular constructions 00:05:04.680 --> 00:05:06.010 align:start position:0% and there are two popular constructions in 00:05:06.010 --> 00:05:06.020 align:start position:0% in 00:05:06.020 --> 00:05:08.749 align:start position:0% in decentralized<00:05:07.020> exchanges<00:05:07.560> today 00:05:08.749 --> 00:05:08.759 align:start position:0% decentralized exchanges today 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a<00:05:20.580> counterparty 00:05:22.969 --> 00:05:22.979 align:start position:0% their tokens without a counterparty 00:05:22.979 --> 00:05:26.150 align:start position:0% their tokens without a counterparty this<00:05:23.460> means<00:05:23.759> that<00:05:23.940> at<00:05:24.780> least<00:05:24.960> just<00:05:25.560> interacts 00:05:26.150 --> 00:05:26.160 align:start position:0% this means that at least just interacts 00:05:26.160 --> 00:05:27.830 align:start position:0% this means that at least just interacts with<00:05:26.280> a<00:05:26.580> smart<00:05:26.759> contract 00:05:27.830 --> 00:05:27.840 align:start position:0% with a smart contract 00:05:27.840 --> 00:05:30.770 align:start position:0% with a smart contract and<00:05:28.380> doesn't<00:05:28.620> need<00:05:28.919> to<00:05:29.280> anyone<00:05:30.000> else 00:05:30.770 --> 00:05:30.780 align:start position:0% and doesn't need to anyone else 00:05:30.780 --> 00:05:35.930 align:start position:0% and doesn't need to anyone else doing<00:05:31.380> an<00:05:31.979> opposite<00:05:32.460> trade 00:05:35.930 --> 00:05:35.940 align:start position:0% 00:05:35.940 --> 00:05:38.930 align:start position:0% the<00:05:36.419> price<00:05:36.660> is<00:05:37.560> calculated<00:05:38.039> automatically<00:05:38.639> in 00:05:38.930 --> 00:05:38.940 align:start position:0% the price is calculated automatically in 00:05:38.940 --> 00:05:40.670 align:start position:0% the price is calculated automatically in the<00:05:39.060> smart<00:05:39.180> contract 00:05:40.670 --> 00:05:40.680 align:start position:0% the smart contract 00:05:40.680 --> 00:05:42.890 align:start position:0% the smart contract and<00:05:41.039> others<00:05:41.400> can<00:05:41.520> exchange<00:05:41.820> tokens<00:05:42.300> on<00:05:42.720> that 00:05:42.890 --> 00:05:42.900 align:start position:0% and others can exchange tokens on that 00:05:42.900 --> 00:05:46.490 align:start position:0% and others can exchange tokens on that price 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order<00:05:56.280> book 00:05:57.950 --> 00:05:57.960 align:start position:0% to order book 00:05:57.960 --> 00:06:00.170 align:start position:0% to order book and<00:05:58.380> the<00:05:58.560> order<00:05:58.680> contains<00:05:59.280> information<00:05:59.580> such 00:06:00.170 --> 00:06:00.180 align:start position:0% and the order contains information such 00:06:00.180 --> 00:06:03.110 align:start position:0% and the order contains information such as<00:06:00.380> token<00:06:01.380> pair<00:06:01.620> amount 00:06:03.110 --> 00:06:03.120 align:start position:0% as token pair amount 00:06:03.120 --> 00:06:05.029 align:start position:0% as token pair amount and<00:06:03.660> a<00:06:03.840> price 00:06:05.029 --> 00:06:05.039 align:start position:0% and a price 00:06:05.039 --> 00:06:08.150 align:start position:0% and a price in<00:06:05.580> this<00:06:05.699> example<00:06:06.000> I<00:06:06.840> just<00:06:07.020> wants<00:06:07.440> to<00:06:07.500> die<00:06:07.860> in 00:06:08.150 --> 00:06:08.160 align:start position:0% in this example I just wants to die in 00:06:08.160 --> 00:06:11.150 align:start position:0% in this example I just wants to die in exchange<00:06:08.460> of<00:06:08.580> eight<00:06:08.820> an<00:06:09.780> amount<00:06:10.080> she<00:06:10.320> wants<00:06:10.620> is 00:06:11.150 --> 00:06:11.160 align:start position:0% exchange of eight an amount she wants is 00:06:11.160 --> 00:06:14.629 align:start position:0% exchange of eight an amount she wants is one<00:06:12.060> thousand<00:06:12.419> five<00:06:12.660> five<00:06:13.320> hundred<00:06:13.680> die 00:06:14.629 --> 00:06:14.639 align:start position:0% one thousand five five hundred die 00:06:14.639 --> 00:06:17.689 align:start position:0% one thousand five five hundred die and<00:06:15.060> the<00:06:15.240> price<00:06:15.419> is<00:06:15.960> one<00:06:16.620> thousand<00:06:17.220> and<00:06:17.340> five 00:06:17.689 --> 00:06:17.699 align:start position:0% and the price is one thousand and five 00:06:17.699 --> 00:06:23.150 align:start position:0% and the price is one thousand and five hundred<00:06:17.940> die<00:06:18.240> per<00:06:18.780> it 00:06:23.150 --> 00:06:23.160 align:start position:0% 00:06:23.160 --> 00:06:25.909 align:start position:0% and<00:06:23.639> if<00:06:23.940> there<00:06:24.660> happens<00:06:24.900> to<00:06:25.139> be<00:06:25.259> some<00:06:25.560> other 00:06:25.909 --> 00:06:25.919 align:start position:0% and if there happens to be some other 00:06:25.919 --> 00:06:29.390 align:start position:0% and if there happens to be some other order<00:06:26.639> by<00:06:27.360> Bob 00:06:29.390 --> 00:06:29.400 align:start position:0% order by Bob 00:06:29.400 --> 00:06:32.330 align:start position:0% order by Bob who<00:06:29.880> wants<00:06:30.180> to<00:06:30.240> do<00:06:30.419> the<00:06:30.720> opposite<00:06:31.139> trade 00:06:32.330 --> 00:06:32.340 align:start position:0% who wants to do the opposite trade 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orders and<00:06:42.660> execute<00:06:43.139> the<00:06:43.560> swap<00:06:43.860> transaction<00:06:44.220> by 00:06:44.629 --> 00:06:44.639 align:start position:0% and execute the swap transaction by 00:06:44.639 --> 00:06:49.370 align:start position:0% and execute the swap transaction by sending<00:06:45.000> transaction<00:06:45.720> on<00:06:46.020> chain 00:06:49.370 --> 00:06:49.380 align:start position:0% 00:06:49.380 --> 00:06:52.550 align:start position:0% and<00:06:49.860> one<00:06:50.039> thing<00:06:50.280> to<00:06:50.580> note<00:06:50.880> is<00:06:51.240> that<00:06:52.199> order 00:06:52.550 --> 00:06:52.560 align:start position:0% and one thing to note is that order 00:06:52.560 --> 00:06:55.249 align:start position:0% and one thing to note is that order books<00:06:53.039> can<00:06:53.100> be<00:06:53.280> on<00:06:53.400> chain<00:06:53.699> or<00:06:54.180> of<00:06:54.360> chain 00:06:55.249 --> 00:06:55.259 align:start position:0% books can be on chain or of chain 00:06:55.259 --> 00:06:58.390 align:start position:0% books can be on chain or of chain if<00:06:55.680> the<00:06:55.800> order<00:06:55.979> book<00:06:56.280> is<00:06:56.819> on<00:06:57.120> chain 00:06:58.390 --> 00:06:58.400 align:start position:0% if the order book is on chain 00:06:58.400 --> 00:07:01.909 align:start position:0% if the order book is on chain Alice<00:06:59.400> Post<00:06:59.639> an<00:07:00.600> order<00:07:00.840> to<00:07:01.500> the<00:07:01.740> smart 00:07:01.909 --> 00:07:01.919 align:start position:0% Alice Post an order to the smart 00:07:01.919 --> 00:07:05.210 align:start position:0% Alice Post an order to the smart contract<00:07:02.400> order<00:07:02.880> book<00:07:03.240> then<00:07:04.020> Bob<00:07:04.319> finds<00:07:05.100> the 00:07:05.210 --> 00:07:05.220 align:start position:0% contract order book then Bob finds the 00:07:05.220 --> 00:07:07.490 align:start position:0% contract order book then Bob finds the order<00:07:05.340> on<00:07:05.639> the<00:07:05.759> smart<00:07:05.819> contract<00:07:06.300> and<00:07:06.660> takes<00:07:06.840> it 00:07:07.490 --> 00:07:07.500 align:start position:0% order on the smart contract and takes it 00:07:07.500 --> 00:07:10.370 align:start position:0% order on the smart contract and takes it by<00:07:07.800> sending<00:07:08.100> transactions 00:07:10.370 --> 00:07:10.380 align:start position:0% by sending transactions 00:07:10.380 --> 00:07:14.090 align:start position:0% by sending transactions and<00:07:11.039> if<00:07:11.280> the<00:07:11.759> order<00:07:11.880> book<00:07:12.180> is<00:07:12.600> of<00:07:12.960> Jane 00:07:14.090 --> 00:07:14.100 align:start position:0% and if the order book is of Jane 00:07:14.100 --> 00:07:16.029 align:start position:0% and if the order book is of Jane there<00:07:14.639> is<00:07:14.759> typically<00:07:15.000> some<00:07:15.300> intermediary 00:07:16.029 --> 00:07:16.039 align:start position:0% there is typically some intermediary 00:07:16.039 --> 00:07:18.529 align:start position:0% there is typically some intermediary order<00:07:17.039> book<00:07:17.280> provider 00:07:18.529 --> 00:07:18.539 align:start position:0% order book provider 00:07:18.539 --> 00:07:21.350 align:start position:0% order book provider that<00:07:19.020> collects<00:07:19.440> all<00:07:19.560> the<00:07:19.800> orders<00:07:20.160> and<00:07:20.940> trying 00:07:21.350 --> 00:07:21.360 align:start position:0% that collects all the orders and trying 00:07:21.360 --> 00:07:23.990 align:start position:0% that collects all the orders and trying to<00:07:21.539> match<00:07:21.780> the<00:07:22.139> orders 00:07:23.990 --> 00:07:24.000 align:start position:0% to match the orders 00:07:24.000 --> 00:07:25.850 align:start position:0% to match the orders but<00:07:24.419> in<00:07:24.660> either<00:07:24.840> way 00:07:25.850 --> 00:07:25.860 align:start position:0% but in either way 00:07:25.860 --> 00:07:29.689 align:start position:0% but in either way the<00:07:26.400> orders<00:07:26.759> bulb<00:07:27.720> and<00:07:27.840> Alice<00:07:28.199> sense<00:07:28.699> includes 00:07:29.689 --> 00:07:29.699 align:start position:0% the orders bulb and Alice sense includes 00:07:29.699 --> 00:07:32.270 align:start position:0% the orders bulb and Alice sense includes the<00:07:29.940> information<00:07:30.060> that<00:07:30.660> uh 00:07:32.270 --> 00:07:32.280 align:start position:0% the information that uh 00:07:32.280 --> 00:07:35.689 align:start position:0% the information that uh order<00:07:32.639> book<00:07:32.940> provider<00:07:33.539> or<00:07:34.500> smart<00:07:34.979> contracts 00:07:35.689 --> 00:07:35.699 align:start position:0% order book provider or smart contracts 00:07:35.699 --> 00:07:37.249 align:start position:0% order book provider or smart contracts can 00:07:37.249 --> 00:07:37.259 align:start position:0% can 00:07:37.259 --> 00:07:40.010 align:start position:0% can find<00:07:37.800> a<00:07:37.979> pair<00:07:38.160> okay 00:07:40.010 --> 00:07:40.020 align:start position:0% find a pair okay 00:07:40.020 --> 00:07:42.469 align:start position:0% find a pair okay now<00:07:40.560> it's<00:07:40.740> time<00:07:40.860> to<00:07:41.039> think<00:07:41.220> how<00:07:41.639> we<00:07:41.819> can 00:07:42.469 --> 00:07:42.479 align:start position:0% now it's time to think how we can 00:07:42.479 --> 00:07:46.670 align:start position:0% now it's time to think how we can execute<00:07:43.199> the<00:07:43.380> process<00:07:43.680> more<00:07:44.400> privately 00:07:46.670 --> 00:07:46.680 align:start position:0% execute the process more privately 00:07:46.680 --> 00:07:48.969 align:start position:0% execute the process more privately in<00:07:47.099> order<00:07:47.160> to<00:07:47.400> make<00:07:47.580> exchange<00:07:48.240> process 00:07:48.969 --> 00:07:48.979 align:start position:0% in order to make exchange process 00:07:48.979 --> 00:07:52.249 align:start position:0% in order to make exchange process private<00:07:49.979> we<00:07:50.699> come<00:07:50.880> up<00:07:51.060> with<00:07:51.479> a<00:07:51.840> relatively 00:07:52.249 --> 00:07:52.259 align:start position:0% private we come up with a relatively 00:07:52.259 --> 00:07:56.089 align:start position:0% private we come up with a relatively simple<00:07:52.940> peer-to-peer<00:07:53.940> exchange<00:07:54.479> system 00:07:56.089 --> 00:07:56.099 align:start position:0% simple peer-to-peer exchange system 00:07:56.099 --> 00:07:58.430 align:start position:0% simple peer-to-peer exchange system and<00:07:56.460> it<00:07:56.580> is<00:07:56.759> some<00:07:57.060> somewhat<00:07:57.479> similar<00:07:57.840> to<00:07:58.020> an 00:07:58.430 --> 00:07:58.440 align:start position:0% and it is some somewhat similar to an 00:07:58.440 --> 00:08:00.770 align:start position:0% and it is some somewhat similar to an order<00:07:58.620> book<00:07:58.919> construction<00:07:59.160> here<00:07:59.759> but<00:08:00.479> it 00:08:00.770 --> 00:08:00.780 align:start position:0% order book construction here but it 00:08:00.780 --> 00:08:03.890 align:start position:0% order book construction here but it tries<00:08:01.020> to<00:08:01.199> keep<00:08:01.740> information<00:08:02.220> private<00:08:03.419> as 00:08:03.890 --> 00:08:03.900 align:start position:0% tries to keep information private as 00:08:03.900 --> 00:08:07.490 align:start position:0% tries to keep information private as much<00:08:04.080> as<00:08:04.380> possible 00:08:07.490 --> 00:08:07.500 align:start position:0% 00:08:07.500 --> 00:08:09.350 align:start position:0% so<00:08:07.919> let's<00:08:08.099> look<00:08:08.400> at<00:08:08.520> the<00:08:08.699> Autobook<00:08:09.060> diagram 00:08:09.350 --> 00:08:09.360 align:start position:0% so let's look at the Autobook diagram 00:08:09.360 --> 00:08:10.550 align:start position:0% so let's look at the Autobook diagram again 00:08:10.550 --> 00:08:10.560 align:start position:0% again 00:08:10.560 --> 00:08:12.670 align:start position:0% again here<00:08:11.280> we<00:08:11.699> can<00:08:11.819> see 00:08:12.670 --> 00:08:12.680 align:start position:0% here we can see 00:08:12.680 --> 00:08:16.070 align:start position:0% here we can see the<00:08:13.680> parts<00:08:13.800> that<00:08:14.280> are<00:08:14.520> not<00:08:14.759> private<00:08:15.240> in<00:08:15.900> this 00:08:16.070 --> 00:08:16.080 align:start position:0% the parts that are not private in this 00:08:16.080 --> 00:08:18.710 align:start position:0% the parts that are not private in this diagram 00:08:18.710 --> 00:08:18.720 align:start position:0% 00:08:18.720 --> 00:08:21.230 align:start position:0% the<00:08:19.080> contents<00:08:19.500> of<00:08:19.740> the<00:08:19.919> orders<00:08:20.220> Alice<00:08:20.879> and<00:08:21.060> Bob 00:08:21.230 --> 00:08:21.240 align:start position:0% the contents of the orders Alice and Bob 00:08:21.240 --> 00:08:22.730 align:start position:0% the contents of the orders Alice and Bob sends<00:08:21.660> to<00:08:21.720> the<00:08:21.840> order<00:08:21.960> book 00:08:22.730 --> 00:08:22.740 align:start position:0% sends to the order book 00:08:22.740 --> 00:08:25.369 align:start position:0% sends to the order book are<00:08:23.099> not<00:08:23.280> private 00:08:25.369 --> 00:08:25.379 align:start position:0% are not private 00:08:25.379 --> 00:08:27.350 align:start position:0% are not private and<00:08:25.740> the<00:08:25.860> transaction<00:08:26.160> that<00:08:26.460> Autobook<00:08:26.940> sends 00:08:27.350 --> 00:08:27.360 align:start position:0% and the transaction that Autobook sends 00:08:27.360 --> 00:08:29.210 align:start position:0% and the transaction that Autobook sends to<00:08:27.539> the<00:08:27.660> blockchain 00:08:29.210 --> 00:08:29.220 align:start position:0% to the blockchain 00:08:29.220 --> 00:08:31.550 align:start position:0% to the blockchain is<00:08:29.520> not<00:08:29.759> private<00:08:30.120> so<00:08:30.720> how<00:08:30.840> do<00:08:30.960> we<00:08:31.080> make<00:08:31.259> this 00:08:31.550 --> 00:08:31.560 align:start position:0% is not private so how do we make this 00:08:31.560 --> 00:08:34.550 align:start position:0% is not private so how do we make this more<00:08:32.039> private<00:08:32.459> here<00:08:33.000> we<00:08:33.240> use<00:08:33.479> three<00:08:34.080> zero 00:08:34.550 --> 00:08:34.560 align:start position:0% more private here we use three zero 00:08:34.560 --> 00:08:37.430 align:start position:0% more private here we use three zero knowledge<00:08:34.800> protocols 00:08:37.430 --> 00:08:37.440 align:start position:0% 00:08:37.440 --> 00:08:40.250 align:start position:0% blind<00:08:37.979> fine<00:08:38.159> and<00:08:39.060> socialist<00:08:39.599> millionaire 00:08:40.250 --> 00:08:40.260 align:start position:0% blind fine and socialist millionaire 00:08:40.260 --> 00:08:44.630 align:start position:0% blind fine and socialist millionaire problem<00:08:40.500> and<00:08:41.459> zko<00:08:42.000> Brew 00:08:44.630 --> 00:08:44.640 align:start position:0% 00:08:44.640 --> 00:08:46.990 align:start position:0% foreign 00:08:46.990 --> 00:08:47.000 align:start position:0% 00:08:47.000 --> 00:08:50.990 align:start position:0% let<00:08:48.000> us<00:08:48.120> think<00:08:48.360> of<00:08:48.839> how<00:08:49.680> we<00:08:49.860> can<00:08:49.980> make<00:08:50.220> others 00:08:50.990 --> 00:08:51.000 align:start position:0% let us think of how we can make others 00:08:51.000 --> 00:08:54.170 align:start position:0% let us think of how we can make others more<00:08:51.779> private 00:08:54.170 --> 00:08:54.180 align:start position:0% more private 00:08:54.180 --> 00:08:56.150 align:start position:0% more private in<00:08:54.540> the<00:08:54.660> order<00:08:54.779> book<00:08:55.019> system 00:08:56.150 --> 00:08:56.160 align:start position:0% in the order book system 00:08:56.160 --> 00:08:59.150 align:start position:0% in the order book system order<00:08:56.519> book<00:08:56.880> is<00:08:57.360> the<00:08:58.140> one<00:08:58.320> who<00:08:58.560> collects<00:08:58.980> all 00:08:59.150 --> 00:08:59.160 align:start position:0% order book is the one who collects all 00:08:59.160 --> 00:09:01.250 align:start position:0% order book is the one who collects all the<00:08:59.339> orders<00:08:59.640> from<00:08:59.820> users 00:09:01.250 --> 00:09:01.260 align:start position:0% the orders from users 00:09:01.260 --> 00:09:04.009 align:start position:0% the orders from users and<00:09:01.620> make<00:09:01.800> matches 00:09:04.009 --> 00:09:04.019 align:start position:0% and make matches 00:09:04.019 --> 00:09:07.250 align:start position:0% and make matches so<00:09:04.440> Alice<00:09:04.860> and<00:09:05.220> Bob<00:09:05.399> needs<00:09:06.120> to<00:09:06.180> send<00:09:06.420> the<00:09:07.080> order 00:09:07.250 --> 00:09:07.260 align:start position:0% so Alice and Bob needs to send the order 00:09:07.260 --> 00:09:11.449 align:start position:0% so Alice and Bob needs to send the order data<00:09:07.680> to<00:09:07.800> the<00:09:07.980> Autobook<00:09:08.459> provider 00:09:11.449 --> 00:09:11.459 align:start position:0% data to the Autobook provider 00:09:11.459 --> 00:09:13.370 align:start position:0% data to the Autobook provider but 00:09:13.370 --> 00:09:13.380 align:start position:0% but 00:09:13.380 --> 00:09:15.530 align:start position:0% but if<00:09:13.860> they<00:09:13.980> can<00:09:14.100> compare<00:09:14.459> prices 00:09:15.530 --> 00:09:15.540 align:start position:0% if they can compare prices 00:09:15.540 --> 00:09:20.810 align:start position:0% if they can compare prices and<00:09:16.200> make<00:09:16.380> a<00:09:16.620> much<00:09:16.860> a<00:09:17.339> more<00:09:17.640> P2P<00:09:18.420> way 00:09:20.810 --> 00:09:20.820 align:start position:0% and make a much a more P2P way 00:09:20.820 --> 00:09:24.470 align:start position:0% and make a much a more P2P way by<00:09:21.420> directly<00:09:21.899> directly<00:09:23.060> sending<00:09:24.060> messages<00:09:24.240> to 00:09:24.470 --> 00:09:24.480 align:start position:0% by directly directly sending messages to 00:09:24.480 --> 00:09:25.490 align:start position:0% by directly directly sending messages to each<00:09:24.660> other 00:09:25.490 --> 00:09:25.500 align:start position:0% each other 00:09:25.500 --> 00:09:26.630 align:start position:0% each other then 00:09:26.630 --> 00:09:26.640 align:start position:0% then 00:09:26.640 --> 00:09:28.970 align:start position:0% then they<00:09:27.180> don't<00:09:27.420> need<00:09:27.600> to<00:09:27.720> reveal<00:09:28.080> the<00:09:28.440> data<00:09:28.740> to 00:09:28.970 --> 00:09:28.980 align:start position:0% they don't need to reveal the data to 00:09:28.980 --> 00:09:36.110 align:start position:0% they don't need to reveal the data to the<00:09:29.580> order<00:09:29.700> provider<00:09:30.420> at<00:09:30.540> all 00:09:36.110 --> 00:09:36.120 align:start position:0% 00:09:36.120 --> 00:09:39.350 align:start position:0% oh<00:09:36.420> wait 00:09:39.350 --> 00:09:39.360 align:start position:0% 00:09:39.360 --> 00:09:42.470 align:start position:0% how<00:09:39.779> does<00:09:39.959> Bob<00:09:40.339> Reach<00:09:41.339> Out<00:09:41.519> Alice<00:09:42.060> in 00:09:42.470 --> 00:09:42.480 align:start position:0% how does Bob Reach Out Alice in 00:09:42.480 --> 00:09:45.769 align:start position:0% how does Bob Reach Out Alice in peer-to-peer<00:09:43.200> Network 00:09:45.769 --> 00:09:45.779 align:start position:0% 00:09:45.779 --> 00:09:48.290 align:start position:0% we<00:09:46.320> use<00:09:46.500> land<00:09:47.040> find 00:09:48.290 --> 00:09:48.300 align:start position:0% we use land find 00:09:48.300 --> 00:09:50.389 align:start position:0% we use land find protocol<00:09:48.899> here 00:09:50.389 --> 00:09:50.399 align:start position:0% protocol here 00:09:50.399 --> 00:09:53.630 align:start position:0% protocol here land<00:09:50.880> find<00:09:51.180> is<00:09:52.080> a<00:09:52.320> network 00:09:53.630 --> 00:09:53.640 align:start position:0% land find is a network 00:09:53.640 --> 00:09:56.990 align:start position:0% land find is a network that<00:09:54.120> peers<00:09:54.480> have<00:09:54.779> neighborhood<00:09:55.500> lists 00:09:56.990 --> 00:09:57.000 align:start position:0% that peers have neighborhood lists 00:09:57.000 --> 00:09:59.150 align:start position:0% that peers have neighborhood lists and<00:09:57.660> Bob 00:09:59.150 --> 00:09:59.160 align:start position:0% and Bob 00:09:59.160 --> 00:10:02.930 align:start position:0% and Bob can<00:09:59.580> look<00:09:59.760> up<00:09:59.940> Alice 00:10:02.930 --> 00:10:02.940 align:start position:0% 00:10:02.940 --> 00:10:05.810 align:start position:0% and<00:10:03.360> prove<00:10:03.720> that<00:10:03.839> he<00:10:04.380> can<00:10:04.620> reach<00:10:05.100> to<00:10:05.279> Alice<00:10:05.640> in 00:10:05.810 --> 00:10:05.820 align:start position:0% and prove that he can reach to Alice in 00:10:05.820 --> 00:10:09.290 align:start position:0% and prove that he can reach to Alice in the<00:10:06.000> network 00:10:09.290 --> 00:10:09.300 align:start position:0% 00:10:09.300 --> 00:10:11.329 align:start position:0% but<00:10:09.660> importantly 00:10:11.329 --> 00:10:11.339 align:start position:0% but importantly 00:10:11.339 --> 00:10:13.850 align:start position:0% but importantly Bob<00:10:11.880> can<00:10:12.660> search<00:10:12.839> for<00:10:13.080> Alice<00:10:13.380> in<00:10:13.560> the<00:10:13.680> network 00:10:13.850 --> 00:10:13.860 align:start position:0% Bob can search for Alice in the network 00:10:13.860 --> 00:10:17.570 align:start position:0% Bob can search for Alice in the network but<00:10:14.459> without<00:10:14.760> revealing<00:10:15.540> that<00:10:16.380> Bob<00:10:17.040> is<00:10:17.399> the 00:10:17.570 --> 00:10:17.580 align:start position:0% but without revealing that Bob is the 00:10:17.580 --> 00:10:19.850 align:start position:0% but without revealing that Bob is the one<00:10:17.820> who<00:10:18.240> is<00:10:18.480> searching<00:10:18.720> for<00:10:18.839> Alice 00:10:19.850 --> 00:10:19.860 align:start position:0% one who is searching for Alice 00:10:19.860 --> 00:10:22.550 align:start position:0% one who is searching for Alice so<00:10:20.399> the<00:10:20.640> neighbors<00:10:21.000> that<00:10:21.240> receives<00:10:21.660> a<00:10:22.320> message 00:10:22.550 --> 00:10:22.560 align:start position:0% so the neighbors that receives a message 00:10:22.560 --> 00:10:25.910 align:start position:0% so the neighbors that receives a message from<00:10:22.920> Bob<00:10:23.160> will<00:10:23.880> never<00:10:24.180> learn<00:10:24.660> that<00:10:25.380> Bob<00:10:25.620> is 00:10:25.910 --> 00:10:25.920 align:start position:0% from Bob will never learn that Bob is 00:10:25.920 --> 00:10:27.230 align:start position:0% from Bob will never learn that Bob is the<00:10:26.100> one 00:10:27.230 --> 00:10:27.240 align:start position:0% the one 00:10:27.240 --> 00:10:33.650 align:start position:0% the one who<00:10:27.600> is<00:10:27.779> searching<00:10:28.140> for<00:10:28.260> Alice 00:10:33.650 --> 00:10:33.660 align:start position:0% 00:10:33.660 --> 00:10:37.250 align:start position:0% so<00:10:34.080> in<00:10:34.260> this<00:10:34.440> way<00:10:34.620> uh<00:10:35.519> Bob<00:10:36.180> have 00:10:37.250 --> 00:10:37.260 align:start position:0% so in this way uh Bob have 00:10:37.260 --> 00:10:40.370 align:start position:0% so in this way uh Bob have like<00:10:37.740> some<00:10:37.920> privacy<00:10:38.540> of<00:10:39.540> that 00:10:40.370 --> 00:10:40.380 align:start position:0% like some privacy of that 00:10:40.380 --> 00:10:41.690 align:start position:0% like some privacy of that key 00:10:41.690 --> 00:10:41.700 align:start position:0% key 00:10:41.700 --> 00:10:42.590 align:start position:0% key um 00:10:42.590 --> 00:10:42.600 align:start position:0% um 00:10:42.600 --> 00:10:46.190 align:start position:0% um have<00:10:42.959> some<00:10:43.200> intention<00:10:43.560> to<00:10:44.060> take<00:10:45.060> the<00:10:45.660> Alice's 00:10:46.190 --> 00:10:46.200 align:start position:0% have some intention to take the Alice's 00:10:46.200 --> 00:10:53.569 align:start position:0% have some intention to take the Alice's order<00:10:46.440> in<00:10:47.279> the<00:10:47.459> public<00:10:47.640> aboard 00:10:53.569 --> 00:10:53.579 align:start position:0% 00:10:53.579 --> 00:10:55.009 align:start position:0% now 00:10:55.009 --> 00:10:55.019 align:start position:0% now 00:10:55.019 --> 00:10:57.650 align:start position:0% now a<00:10:55.560> bob<00:10:55.680> can<00:10:55.920> reach<00:10:56.220> out<00:10:56.339> to<00:10:56.579> Alice<00:10:57.060> to<00:10:57.300> execute 00:10:57.650 --> 00:10:57.660 align:start position:0% a bob can reach out to Alice to execute 00:10:57.660 --> 00:11:01.550 align:start position:0% a bob can reach out to Alice to execute the<00:10:57.839> peer-to-peer<00:10:58.440> order<00:10:58.680> matching 00:11:01.550 --> 00:11:01.560 align:start position:0% 00:11:01.560 --> 00:11:03.590 align:start position:0% thanks<00:11:02.040> to<00:11:02.279> the<00:11:02.459> Socialist<00:11:02.820> millionaire 00:11:03.590 --> 00:11:03.600 align:start position:0% thanks to the Socialist millionaire 00:11:03.600 --> 00:11:04.790 align:start position:0% thanks to the Socialist millionaire problem<00:11:03.839> here 00:11:04.790 --> 00:11:04.800 align:start position:0% problem here 00:11:04.800 --> 00:11:07.370 align:start position:0% problem here we<00:11:05.279> can<00:11:05.339> do<00:11:05.519> the<00:11:05.700> private<00:11:06.140> peer-to-peer<00:11:07.140> order 00:11:07.370 --> 00:11:07.380 align:start position:0% we can do the private peer-to-peer order 00:11:07.380 --> 00:11:10.730 align:start position:0% we can do the private peer-to-peer order matching 00:11:10.730 --> 00:11:10.740 align:start position:0% 00:11:10.740 --> 00:11:12.949 align:start position:0% socialist<00:11:11.399> millionaire<00:11:12.000> protocol 00:11:12.949 --> 00:11:12.959 align:start position:0% socialist millionaire protocol 00:11:12.959 --> 00:11:15.829 align:start position:0% socialist millionaire protocol is<00:11:13.440> used<00:11:13.620> to<00:11:13.860> check<00:11:14.040> the<00:11:14.459> equality<00:11:14.940> of<00:11:15.660> two 00:11:15.829 --> 00:11:15.839 align:start position:0% is used to check the equality of two 00:11:15.839 --> 00:11:18.050 align:start position:0% is used to check the equality of two values 00:11:18.050 --> 00:11:18.060 align:start position:0% values 00:11:18.060 --> 00:11:25.430 align:start position:0% values but<00:11:18.540> without<00:11:18.720> revealing<00:11:19.500> the<00:11:19.860> actual<00:11:20.160> values 00:11:25.430 --> 00:11:25.440 align:start position:0% 00:11:25.440 --> 00:11:27.590 align:start position:0% so<00:11:26.160> the<00:11:26.519> idea<00:11:26.760> is 00:11:27.590 --> 00:11:27.600 align:start position:0% so the idea is 00:11:27.600 --> 00:11:30.949 align:start position:0% so the idea is that<00:11:28.380> they<00:11:28.680> have<00:11:28.860> some<00:11:29.160> numbers<00:11:29.640> in<00:11:29.940> mind 00:11:30.949 --> 00:11:30.959 align:start position:0% that they have some numbers in mind 00:11:30.959 --> 00:11:34.310 align:start position:0% that they have some numbers in mind let's<00:11:31.380> say<00:11:31.560> Bob<00:11:31.800> have<00:11:32.100> X<00:11:32.940> in<00:11:33.600> mind<00:11:33.779> and<00:11:34.019> Alice 00:11:34.310 --> 00:11:34.320 align:start position:0% let's say Bob have X in mind and Alice 00:11:34.320 --> 00:11:36.949 align:start position:0% let's say Bob have X in mind and Alice have<00:11:34.500> y<00:11:34.860> in<00:11:35.100> mind 00:11:36.949 --> 00:11:36.959 align:start position:0% have y in mind 00:11:36.959 --> 00:11:38.269 align:start position:0% have y in mind then<00:11:37.380> they 00:11:38.269 --> 00:11:38.279 align:start position:0% then they 00:11:38.279 --> 00:11:40.610 align:start position:0% then they don't<00:11:38.820> directly<00:11:39.779> um 00:11:40.610 --> 00:11:40.620 align:start position:0% don't directly um 00:11:40.620 --> 00:11:43.009 align:start position:0% don't directly um sending<00:11:41.220> the<00:11:41.519> original<00:11:41.820> values 00:11:43.009 --> 00:11:43.019 align:start position:0% sending the original values 00:11:43.019 --> 00:11:46.009 align:start position:0% sending the original values but<00:11:43.440> instead<00:11:43.740> they<00:11:44.100> derive<00:11:44.519> some<00:11:45.360> values<00:11:45.720> by 00:11:46.009 --> 00:11:46.019 align:start position:0% but instead they derive some values by 00:11:46.019 --> 00:11:47.930 align:start position:0% but instead they derive some values by by<00:11:46.320> calculating 00:11:47.930 --> 00:11:47.940 align:start position:0% by calculating 00:11:47.940 --> 00:11:48.889 align:start position:0% by calculating um 00:11:48.889 --> 00:11:48.899 align:start position:0% um 00:11:48.899 --> 00:11:51.769 align:start position:0% um some<00:11:49.260> mathematics<00:11:49.800> and<00:11:50.640> also<00:11:51.120> they<00:11:51.300> use<00:11:51.540> some 00:11:51.769 --> 00:11:51.779 align:start position:0% some mathematics and also they use some 00:11:51.779 --> 00:11:53.690 align:start position:0% some mathematics and also they use some random<00:11:52.380> values 00:11:53.690 --> 00:11:53.700 align:start position:0% random values 00:11:53.700 --> 00:11:57.889 align:start position:0% random values and<00:11:54.180> exchanging<00:11:54.779> messages 00:11:57.889 --> 00:11:57.899 align:start position:0% 00:11:57.899 --> 00:12:01.670 align:start position:0% then<00:11:58.320> after<00:11:58.560> the<00:11:58.920> exchange<00:11:59.820> uh<00:12:00.540> complete<00:12:01.019> they 00:12:01.670 --> 00:12:01.680 align:start position:0% then after the exchange uh complete they 00:12:01.680 --> 00:12:04.190 align:start position:0% then after the exchange uh complete they can<00:12:01.860> test<00:12:02.040> that<00:12:02.459> if<00:12:03.120> the<00:12:03.300> original<00:12:03.480> values 00:12:04.190 --> 00:12:04.200 align:start position:0% can test that if the original values 00:12:04.200 --> 00:12:07.130 align:start position:0% can test that if the original values that<00:12:04.800> Bob<00:12:04.980> has<00:12:05.339> in<00:12:05.519> mind<00:12:05.700> and<00:12:06.420> Alice<00:12:06.779> has<00:12:06.959> in 00:12:07.130 --> 00:12:07.140 align:start position:0% that Bob has in mind and Alice has in 00:12:07.140 --> 00:12:10.490 align:start position:0% that Bob has in mind and Alice has in mind<00:12:07.320> are<00:12:08.100> same<00:12:08.339> or<00:12:08.760> not 00:12:10.490 --> 00:12:10.500 align:start position:0% mind are same or not 00:12:10.500 --> 00:12:14.810 align:start position:0% mind are same or not but<00:12:10.800> here<00:12:11.160> Bob<00:12:11.519> cannot<00:12:12.060> calculate<00:12:13.019> back<00:12:13.820> using 00:12:14.810 --> 00:12:14.820 align:start position:0% but here Bob cannot calculate back using 00:12:14.820 --> 00:12:15.590 align:start position:0% but here Bob cannot calculate back using the 00:12:15.590 --> 00:12:15.600 align:start position:0% the 00:12:15.600 --> 00:12:18.530 align:start position:0% the received<00:12:16.380> value<00:12:16.560> to<00:12:17.459> y 00:12:18.530 --> 00:12:18.540 align:start position:0% received value to y 00:12:18.540 --> 00:12:20.810 align:start position:0% received value to y and<00:12:18.899> Alex<00:12:19.019> cannot<00:12:19.500> calculate<00:12:19.920> X<00:12:20.220> from<00:12:20.519> the 00:12:20.810 --> 00:12:20.820 align:start position:0% and Alex cannot calculate X from the 00:12:20.820 --> 00:12:25.850 align:start position:0% and Alex cannot calculate X from the derived<00:12:21.920> messaging<00:12:22.920> values 00:12:25.850 --> 00:12:25.860 align:start position:0% 00:12:25.860 --> 00:12:29.389 align:start position:0% foreign<00:12:27.000> and<00:12:27.480> we<00:12:27.660> use<00:12:27.839> this<00:12:28.140> protocol<00:12:28.920> to 00:12:29.389 --> 00:12:29.399 align:start position:0% foreign and we use this protocol to 00:12:29.399 --> 00:12:31.250 align:start position:0% foreign and we use this protocol to check<00:12:29.579> if<00:12:29.940> the<00:12:30.240> price<00:12:30.360> is 00:12:31.250 --> 00:12:31.260 align:start position:0% check if the price is 00:12:31.260 --> 00:12:33.889 align:start position:0% check if the price is that<00:12:31.560> Bob<00:12:31.980> wants<00:12:32.519> and<00:12:32.700> Alice<00:12:33.000> wants<00:12:33.420> much<00:12:33.660> or 00:12:33.889 --> 00:12:33.899 align:start position:0% that Bob wants and Alice wants much or 00:12:33.899 --> 00:12:38.269 align:start position:0% that Bob wants and Alice wants much or not 00:12:38.269 --> 00:12:38.279 align:start position:0% 00:12:38.279 --> 00:12:40.250 align:start position:0% and<00:12:38.700> here's<00:12:39.000> how<00:12:39.300> things<00:12:39.540> work<00:12:39.779> in<00:12:39.959> private 00:12:40.250 --> 00:12:40.260 align:start position:0% and here's how things work in private 00:12:40.260 --> 00:12:41.329 align:start position:0% and here's how things work in private exchange 00:12:41.329 --> 00:12:41.339 align:start position:0% exchange 00:12:41.339 --> 00:12:44.509 align:start position:0% exchange so<00:12:41.700> firstly<00:12:42.200> Alice<00:12:43.200> creates 00:12:44.509 --> 00:12:44.519 align:start position:0% so firstly Alice creates 00:12:44.519 --> 00:12:48.290 align:start position:0% so firstly Alice creates information<00:12:45.560> to<00:12:46.560> public<00:12:46.800> board<00:12:47.100> but<00:12:48.060> without 00:12:48.290 --> 00:12:48.300 align:start position:0% information to public board but without 00:12:48.300 --> 00:12:50.389 align:start position:0% information to public board but without a<00:12:48.899> price 00:12:50.389 --> 00:12:50.399 align:start position:0% a price 00:12:50.399 --> 00:12:53.090 align:start position:0% a price we<00:12:50.760> call<00:12:50.940> this<00:12:51.120> an<00:12:51.300> advertisement 00:12:53.090 --> 00:12:53.100 align:start position:0% we call this an advertisement 00:12:53.100 --> 00:12:55.190 align:start position:0% we call this an advertisement and<00:12:53.459> Bob<00:12:53.639> finds<00:12:54.180> the<00:12:54.420> advertisement<00:12:54.899> on 00:12:55.190 --> 00:12:55.200 align:start position:0% and Bob finds the advertisement on 00:12:55.200 --> 00:12:57.410 align:start position:0% and Bob finds the advertisement on public<00:12:55.440> board 00:12:57.410 --> 00:12:57.420 align:start position:0% public board 00:12:57.420 --> 00:12:59.810 align:start position:0% public board and<00:12:57.959> search<00:12:58.200> Alice<00:12:58.680> in<00:12:59.220> the<00:12:59.339> blind<00:12:59.579> fine 00:12:59.810 --> 00:12:59.820 align:start position:0% and search Alice in the blind fine 00:12:59.820 --> 00:13:02.629 align:start position:0% and search Alice in the blind fine Network 00:13:02.629 --> 00:13:02.639 align:start position:0% 00:13:02.639 --> 00:13:04.550 align:start position:0% the<00:13:02.940> price<00:13:03.180> matches 00:13:04.550 --> 00:13:04.560 align:start position:0% the price matches 00:13:04.560 --> 00:13:10.910 align:start position:0% the price matches they<00:13:05.040> proceed<00:13:05.339> to<00:13:05.459> create<00:13:05.700> transactions 00:13:10.910 --> 00:13:10.920 align:start position:0% 00:13:10.920 --> 00:13:13.490 align:start position:0% and<00:13:11.339> this<00:13:11.519> way 00:13:13.490 --> 00:13:13.500 align:start position:0% and this way 00:13:13.500 --> 00:13:16.430 align:start position:0% and this way we<00:13:13.980> could<00:13:14.100> omit<00:13:14.579> the<00:13:15.180> intermediary 00:13:16.430 --> 00:13:16.440 align:start position:0% we could omit the intermediary 00:13:16.440 --> 00:13:19.190 align:start position:0% we could omit the intermediary who<00:13:16.920> acts<00:13:17.279> as<00:13:17.660> comparing<00:13:18.660> the<00:13:18.779> price<00:13:18.959> and 00:13:19.190 --> 00:13:19.200 align:start position:0% who acts as comparing the price and 00:13:19.200 --> 00:13:20.990 align:start position:0% who acts as comparing the price and making<00:13:19.500> making<00:13:19.800> a<00:13:20.100> match 00:13:20.990 --> 00:13:21.000 align:start position:0% making making a match 00:13:21.000 --> 00:13:24.889 align:start position:0% making making a match and<00:13:21.420> preventing<00:13:21.899> posting<00:13:22.440> prices<00:13:23.279> they<00:13:23.940> want 00:13:24.889 --> 00:13:24.899 align:start position:0% and preventing posting prices they want 00:13:24.899 --> 00:13:32.629 align:start position:0% and preventing posting prices they want to<00:13:25.079> public 00:13:32.629 --> 00:13:32.639 align:start position:0% 00:13:32.639 --> 00:13:35.690 align:start position:0% now<00:13:33.480> the<00:13:33.899> order<00:13:34.019> is<00:13:34.740> partially<00:13:35.220> private 00:13:35.690 --> 00:13:35.700 align:start position:0% now the order is partially private 00:13:35.700 --> 00:13:38.090 align:start position:0% now the order is partially private because<00:13:36.480> they<00:13:36.839> can 00:13:38.090 --> 00:13:38.100 align:start position:0% because they can 00:13:38.100 --> 00:13:48.769 align:start position:0% because they can post<00:13:38.700> an<00:13:39.000> advertisement<00:13:39.600> without<00:13:39.959> a<00:13:40.500> price 00:13:48.769 --> 00:13:48.779 align:start position:0% 00:13:48.779 --> 00:13:51.290 align:start position:0% and<00:13:49.260> now<00:13:49.500> we<00:13:50.220> should<00:13:50.339> think<00:13:50.519> about 00:13:51.290 --> 00:13:51.300 align:start position:0% and now we should think about 00:13:51.300 --> 00:13:54.470 align:start position:0% and now we should think about how<00:13:51.720> we<00:13:51.839> can<00:13:52.019> make<00:13:52.260> these<00:13:53.040> transactions 00:13:54.470 --> 00:13:54.480 align:start position:0% how we can make these transactions 00:13:54.480 --> 00:14:00.889 align:start position:0% how we can make these transactions right<00:13:54.779> hand<00:13:55.019> part<00:13:55.320> private 00:14:00.889 --> 00:14:00.899 align:start position:0% 00:14:00.899 --> 00:14:04.430 align:start position:0% so<00:14:01.260> here<00:14:01.440> comes<00:14:01.740> TKO<00:14:02.399> prove 00:14:04.430 --> 00:14:04.440 align:start position:0% so here comes TKO prove 00:14:04.440 --> 00:14:07.970 align:start position:0% so here comes TKO prove DK<00:14:05.100> opru<00:14:05.700> is<00:14:06.180> an<00:14:06.420> abbreviation<00:14:06.959> of<00:14:07.620> zero 00:14:07.970 --> 00:14:07.980 align:start position:0% DK opru is an abbreviation of zero 00:14:07.980 --> 00:14:10.610 align:start position:0% DK opru is an abbreviation of zero knowledge<00:14:08.279> optimistic<00:14:09.060> roll<00:14:09.240> up 00:14:10.610 --> 00:14:10.620 align:start position:0% knowledge optimistic roll up 00:14:10.620 --> 00:14:13.310 align:start position:0% knowledge optimistic roll up we<00:14:11.160> use<00:14:11.279> ticket<00:14:11.579> proofs 00:14:13.310 --> 00:14:13.320 align:start position:0% we use ticket proofs 00:14:13.320 --> 00:14:15.889 align:start position:0% we use ticket proofs for<00:14:13.680> privacy<00:14:14.160> and<00:14:15.000> optimistic<00:14:15.540> roll-up 00:14:15.889 --> 00:14:15.899 align:start position:0% for privacy and optimistic roll-up 00:14:15.899 --> 00:14:18.170 align:start position:0% for privacy and optimistic roll-up technology<00:14:16.320> as<00:14:17.160> a<00:14:17.339> layer<00:14:17.639> to<00:14:17.820> technology 00:14:18.170 --> 00:14:18.180 align:start position:0% technology as a layer to technology 00:14:18.180 --> 00:14:19.910 align:start position:0% technology as a layer to technology protocol 00:14:19.910 --> 00:14:19.920 align:start position:0% protocol 00:14:19.920 --> 00:14:22.009 align:start position:0% protocol and<00:14:20.339> in<00:14:20.519> essence 00:14:22.009 --> 00:14:22.019 align:start position:0% and in essence 00:14:22.019 --> 00:14:24.350 align:start position:0% and in essence we<00:14:22.380> can<00:14:22.440> make<00:14:22.680> secret<00:14:22.920> transfers 00:14:24.350 --> 00:14:24.360 align:start position:0% we can make secret transfers 00:14:24.360 --> 00:14:29.269 align:start position:0% we can make secret transfers with<00:14:24.720> a<00:14:24.959> cheap<00:14:25.079> fees 00:14:29.269 --> 00:14:29.279 align:start position:0% 00:14:29.279 --> 00:14:30.889 align:start position:0% we<00:14:29.700> can<00:14:29.820> prove<00:14:30.180> that 00:14:30.889 --> 00:14:30.899 align:start position:0% we can prove that 00:14:30.899 --> 00:14:34.009 align:start position:0% we can prove that those<00:14:31.380> transfers<00:14:31.860> are<00:14:32.160> valid<00:14:33.000> using<00:14:33.540> ticket 00:14:34.009 --> 00:14:34.019 align:start position:0% those transfers are valid using ticket 00:14:34.019 --> 00:14:36.889 align:start position:0% those transfers are valid using ticket proofs<00:14:34.560> but<00:14:35.040> without<00:14:35.300> revealing<00:14:36.300> the 00:14:36.889 --> 00:14:36.899 align:start position:0% proofs but without revealing the 00:14:36.899 --> 00:14:41.930 align:start position:0% proofs but without revealing the contents<00:14:37.260> of<00:14:37.380> the<00:14:37.560> transfers 00:14:41.930 --> 00:14:41.940 align:start position:0% 00:14:41.940 --> 00:14:43.550 align:start position:0% but<00:14:42.600> there<00:14:42.779> is 00:14:43.550 --> 00:14:43.560 align:start position:0% but there is 00:14:43.560 --> 00:14:48.530 align:start position:0% but there is another<00:14:44.100> thing 00:14:48.530 --> 00:14:48.540 align:start position:0% 00:14:48.540 --> 00:14:53.689 align:start position:0% a<00:14:49.079> secret<00:14:49.199> Atomic<00:14:49.800> swap 00:14:53.689 --> 00:14:53.699 align:start position:0% 00:14:53.699 --> 00:14:56.329 align:start position:0% so<00:14:54.180> there<00:14:54.420> is<00:14:54.600> a<00:14:54.779> feature<00:14:55.079> called<00:14:55.260> Atomic<00:14:55.980> swap 00:14:56.329 --> 00:14:56.339 align:start position:0% so there is a feature called Atomic swap 00:14:56.339 --> 00:14:58.670 align:start position:0% so there is a feature called Atomic swap on<00:14:56.699> zko<00:14:57.180> Brew 00:14:58.670 --> 00:14:58.680 align:start position:0% on zko Brew 00:14:58.680 --> 00:15:02.030 align:start position:0% on zko Brew and<00:14:59.160> let's<00:14:59.339> say<00:14:59.579> that<00:15:00.120> Alice<00:15:00.600> and<00:15:00.899> Bob<00:15:01.139> agreed 00:15:02.030 --> 00:15:02.040 align:start position:0% and let's say that Alice and Bob agreed 00:15:02.040 --> 00:15:05.150 align:start position:0% and let's say that Alice and Bob agreed on<00:15:02.220> Sam<00:15:02.940> Price<00:15:03.300> using<00:15:04.260> socialist<00:15:04.740> million 00:15:05.150 --> 00:15:05.160 align:start position:0% on Sam Price using socialist million 00:15:05.160 --> 00:15:07.850 align:start position:0% on Sam Price using socialist million problem<00:15:05.459> and<00:15:06.420> they<00:15:06.540> can<00:15:06.720> create<00:15:06.959> they<00:15:07.560> want<00:15:07.740> to 00:15:07.850 --> 00:15:07.860 align:start position:0% problem and they can create they want to 00:15:07.860 --> 00:15:11.030 align:start position:0% problem and they can create they want to create<00:15:08.040> the<00:15:08.579> transactions 00:15:11.030 --> 00:15:11.040 align:start position:0% create the transactions 00:15:11.040 --> 00:15:15.829 align:start position:0% create the transactions called<00:15:11.820> Atomic<00:15:12.480> swap 00:15:15.829 --> 00:15:15.839 align:start position:0% 00:15:15.839 --> 00:15:18.889 align:start position:0% to<00:15:16.260> make<00:15:16.440> swap<00:15:16.800> transactions<00:15:17.279> or<00:15:18.120> a<00:15:18.360> pair<00:15:18.480> of 00:15:18.889 --> 00:15:18.899 align:start position:0% to make swap transactions or a pair of 00:15:18.899 --> 00:15:21.290 align:start position:0% to make swap transactions or a pair of transactions 00:15:21.290 --> 00:15:21.300 align:start position:0% transactions 00:15:21.300 --> 00:15:25.430 align:start position:0% transactions and<00:15:21.839> has<00:15:22.079> to<00:15:22.260> be<00:15:22.380> included<00:15:22.860> in<00:15:23.459> the<00:15:23.579> same<00:15:23.760> block 00:15:25.430 --> 00:15:25.440 align:start position:0% and has to be included in the same block 00:15:25.440 --> 00:15:27.769 align:start position:0% and has to be included in the same block so<00:15:25.920> in<00:15:26.160> this<00:15:26.459> uh 00:15:27.769 --> 00:15:27.779 align:start position:0% so in this uh 00:15:27.779 --> 00:15:31.329 align:start position:0% so in this uh case<00:15:28.399> Bob<00:15:29.399> send<00:15:29.820> Alice 00:15:31.329 --> 00:15:31.339 align:start position:0% case Bob send Alice 00:15:31.339 --> 00:15:34.430 align:start position:0% case Bob send Alice 1500<00:15:32.360> 500<00:15:33.360> die 00:15:34.430 --> 00:15:34.440 align:start position:0% 1500 500 die 00:15:34.440 --> 00:15:36.410 align:start position:0% 1500 500 die and<00:15:34.980> Alice<00:15:35.519> sends 00:15:36.410 --> 00:15:36.420 align:start position:0% and Alice sends 00:15:36.420 --> 00:15:39.889 align:start position:0% and Alice sends 1.0<00:15:37.260> is<00:15:37.500> to<00:15:37.800> Bob 00:15:39.889 --> 00:15:39.899 align:start position:0% 1.0 is to Bob 00:15:39.899 --> 00:15:42.769 align:start position:0% 1.0 is to Bob the<00:15:40.199> two<00:15:40.440> transactions<00:15:41.100> have<00:15:41.459> to<00:15:41.639> be<00:15:41.760> included 00:15:42.769 --> 00:15:42.779 align:start position:0% the two transactions have to be included 00:15:42.779 --> 00:15:45.769 align:start position:0% the two transactions have to be included in<00:15:43.260> the<00:15:43.440> same<00:15:43.560> block 00:15:45.769 --> 00:15:45.779 align:start position:0% 00:15:45.779 --> 00:15:48.650 align:start position:0% and<00:15:46.260> if<00:15:46.380> not<00:15:46.620> it's<00:15:47.279> not<00:15:47.579> valid<00:15:47.940> transactions 00:15:48.650 --> 00:15:48.660 align:start position:0% and if not it's not valid transactions 00:15:48.660 --> 00:15:51.530 align:start position:0% and if not it's not valid transactions anymore 00:15:51.530 --> 00:15:51.540 align:start position:0% 00:15:51.540 --> 00:15:54.050 align:start position:0% and<00:15:51.959> of<00:15:52.079> course<00:15:52.260> the<00:15:52.980> transactions<00:15:53.519> contents 00:15:54.050 --> 00:15:54.060 align:start position:0% and of course the transactions contents 00:15:54.060 --> 00:15:56.090 align:start position:0% and of course the transactions contents are<00:15:54.360> secret 00:15:56.090 --> 00:15:56.100 align:start position:0% are secret 00:15:56.100 --> 00:16:00.769 align:start position:0% are secret even<00:15:56.639> block<00:15:57.300> Builders<00:15:57.839> called<00:15:58.560> coordinators 00:16:00.769 --> 00:16:00.779 align:start position:0% even block Builders called coordinators 00:16:00.779 --> 00:16:02.329 align:start position:0% even block Builders called coordinators cannot<00:16:01.260> see<00:16:01.500> the<00:16:01.800> contents<00:16:02.160> of<00:16:02.220> the 00:16:02.329 --> 00:16:02.339 align:start position:0% cannot see the contents of the 00:16:02.339 --> 00:16:07.910 align:start position:0% cannot see the contents of the transactions 00:16:07.910 --> 00:16:07.920 align:start position:0% 00:16:07.920 --> 00:16:11.090 align:start position:0% so<00:16:08.339> using<00:16:08.639> the<00:16:08.820> secret<00:16:08.940> Atomic<00:16:09.540> swap 00:16:11.090 --> 00:16:11.100 align:start position:0% so using the secret Atomic swap 00:16:11.100 --> 00:16:12.650 align:start position:0% so using the secret Atomic swap the<00:16:11.399> transactions 00:16:12.650 --> 00:16:12.660 align:start position:0% the transactions 00:16:12.660 --> 00:16:15.710 align:start position:0% the transactions sent<00:16:13.199> on<00:16:14.040> the<00:16:14.220> blockchain 00:16:15.710 --> 00:16:15.720 align:start position:0% sent on the blockchain 00:16:15.720 --> 00:16:20.810 align:start position:0% sent on the blockchain is<00:16:16.320> private<00:16:16.740> now 00:16:20.810 --> 00:16:20.820 align:start position:0% 00:16:20.820 --> 00:16:24.290 align:start position:0% so<00:16:21.360> here<00:16:21.600> is<00:16:21.839> a<00:16:22.320> diagram<00:16:22.620> complete<00:16:23.279> diagram<00:16:23.519> of 00:16:24.290 --> 00:16:24.300 align:start position:0% so here is a diagram complete diagram of 00:16:24.300 --> 00:16:30.170 align:start position:0% so here is a diagram complete diagram of the<00:16:25.199> Private<00:16:25.740> Exchange 00:16:30.170 --> 00:16:30.180 align:start position:0% 00:16:30.180 --> 00:16:32.689 align:start position:0% all<00:16:31.019> right<00:16:31.139> so<00:16:31.500> let's<00:16:31.680> go<00:16:31.980> over<00:16:32.100> the<00:16:32.339> private 00:16:32.689 --> 00:16:32.699 align:start position:0% all right so let's go over the private 00:16:32.699 --> 00:16:34.850 align:start position:0% all right so let's go over the private exchange<00:16:33.000> flow<00:16:33.540> again 00:16:34.850 --> 00:16:34.860 align:start position:0% exchange flow again 00:16:34.860 --> 00:16:36.350 align:start position:0% exchange flow again so<00:16:35.339> firstly 00:16:36.350 --> 00:16:36.360 align:start position:0% so firstly 00:16:36.360 --> 00:16:39.170 align:start position:0% so firstly Alice<00:16:36.899> and<00:16:37.079> Bob<00:16:37.259> joins<00:16:38.100> the<00:16:38.699> network<00:16:38.880> called 00:16:39.170 --> 00:16:39.180 align:start position:0% Alice and Bob joins the network called 00:16:39.180 --> 00:16:40.490 align:start position:0% Alice and Bob joins the network called Blind<00:16:39.540> fine 00:16:40.490 --> 00:16:40.500 align:start position:0% Blind fine 00:16:40.500 --> 00:16:43.310 align:start position:0% Blind fine so<00:16:40.920> that<00:16:41.040> they<00:16:41.160> can<00:16:41.339> reach<00:16:41.699> to<00:16:42.300> each<00:16:42.540> other<00:16:42.720> but 00:16:43.310 --> 00:16:43.320 align:start position:0% so that they can reach to each other but 00:16:43.320 --> 00:16:46.129 align:start position:0% so that they can reach to each other but without<00:16:43.560> revealing<00:16:44.279> that<00:16:45.060> they<00:16:45.540> are<00:16:45.720> finding 00:16:46.129 --> 00:16:46.139 align:start position:0% without revealing that they are finding 00:16:46.139 --> 00:16:49.430 align:start position:0% without revealing that they are finding someone<00:16:46.320> in<00:16:46.740> the<00:16:46.920> network 00:16:49.430 --> 00:16:49.440 align:start position:0% 00:16:49.440 --> 00:16:53.329 align:start position:0% next<00:16:50.100> Alice<00:16:50.639> posed<00:16:51.120> an<00:16:51.300> advertisement<00:16:52.139> on<00:16:53.100> the 00:16:53.329 --> 00:16:53.339 align:start position:0% next Alice posed an advertisement on the 00:16:53.339 --> 00:16:55.249 align:start position:0% next Alice posed an advertisement on the board 00:16:55.249 --> 00:16:55.259 align:start position:0% board 00:16:55.259 --> 00:16:59.629 align:start position:0% board but<00:16:55.860> without<00:16:56.279> a<00:16:56.699> price 00:16:59.629 --> 00:16:59.639 align:start position:0% 00:16:59.639 --> 00:17:05.750 align:start position:0% and<00:17:00.060> next<00:17:00.300> Bob<00:17:01.019> finds<00:17:01.620> the<00:17:01.980> advertisement 00:17:05.750 --> 00:17:05.760 align:start position:0% 00:17:05.760 --> 00:17:07.669 align:start position:0% and<00:17:06.120> Bob<00:17:06.299> search<00:17:06.540> for<00:17:06.780> Alice 00:17:07.669 --> 00:17:07.679 align:start position:0% and Bob search for Alice 00:17:07.679 --> 00:17:11.990 align:start position:0% and Bob search for Alice and<00:17:07.980> a<00:17:08.160> blind<00:17:08.400> find 00:17:11.990 --> 00:17:12.000 align:start position:0% 00:17:12.000 --> 00:17:15.409 align:start position:0% if<00:17:12.540> they<00:17:12.720> successfully<00:17:13.500> Bob<00:17:13.799> finds<00:17:14.220> the<00:17:14.339> Alice 00:17:15.409 --> 00:17:15.419 align:start position:0% if they successfully Bob finds the Alice 00:17:15.419 --> 00:17:17.030 align:start position:0% if they successfully Bob finds the Alice he 00:17:17.030 --> 00:17:17.040 align:start position:0% he 00:17:17.040 --> 00:17:19.549 align:start position:0% he start<00:17:17.520> executing<00:17:18.179> socialist<00:17:18.900> media<00:17:19.319> on<00:17:19.439> a 00:17:19.549 --> 00:17:19.559 align:start position:0% start executing socialist media on a 00:17:19.559 --> 00:17:20.510 align:start position:0% start executing socialist media on a problem 00:17:20.510 --> 00:17:20.520 align:start position:0% problem 00:17:20.520 --> 00:17:24.230 align:start position:0% problem to<00:17:21.059> compare<00:17:21.419> the<00:17:21.600> price<00:17:21.839> that<00:17:22.319> they<00:17:22.500> want 00:17:24.230 --> 00:17:24.240 align:start position:0% to compare the price that they want 00:17:24.240 --> 00:17:28.490 align:start position:0% to compare the price that they want and<00:17:24.839> if<00:17:25.020> the<00:17:25.620> price<00:17:25.799> are<00:17:26.400> same 00:17:28.490 --> 00:17:28.500 align:start position:0% and if the price are same 00:17:28.500 --> 00:17:30.049 align:start position:0% and if the price are same they<00:17:28.919> can<00:17:29.100> create 00:17:30.049 --> 00:17:30.059 align:start position:0% they can create 00:17:30.059 --> 00:17:32.390 align:start position:0% they can create Atomic<00:17:30.960> sub<00:17:31.200> transaction 00:17:32.390 --> 00:17:32.400 align:start position:0% Atomic sub transaction 00:17:32.400 --> 00:17:37.850 align:start position:0% Atomic sub transaction and<00:17:32.820> send<00:17:33.000> it<00:17:33.240> to<00:17:33.600> ZK<00:17:33.960> Oprah 00:17:37.850 --> 00:17:37.860 align:start position:0% 00:17:37.860 --> 00:17:40.070 align:start position:0% in<00:17:38.280> this<00:17:38.400> process 00:17:40.070 --> 00:17:40.080 align:start position:0% in this process 00:17:40.080 --> 00:17:43.490 align:start position:0% in this process advertisement<00:17:40.919> is<00:17:41.580> partially<00:17:41.940> private 00:17:43.490 --> 00:17:43.500 align:start position:0% advertisement is partially private 00:17:43.500 --> 00:17:46.789 align:start position:0% advertisement is partially private and<00:17:43.799> price<00:17:43.980> matching<00:17:44.460> is<00:17:45.120> done<00:17:45.360> privately 00:17:46.789 --> 00:17:46.799 align:start position:0% and price matching is done privately 00:17:46.799 --> 00:17:48.529 align:start position:0% and price matching is done privately and<00:17:47.100> peer<00:17:47.400> finding 00:17:48.529 --> 00:17:48.539 align:start position:0% and peer finding 00:17:48.539 --> 00:17:50.450 align:start position:0% and peer finding is<00:17:48.900> done<00:17:49.140> privately 00:17:50.450 --> 00:17:50.460 align:start position:0% is done privately 00:17:50.460 --> 00:17:53.150 align:start position:0% is done privately and<00:17:50.820> transactions<00:17:51.419> contents<00:17:52.260> is<00:17:52.799> also 00:17:53.150 --> 00:17:53.160 align:start position:0% and transactions contents is also 00:17:53.160 --> 00:18:02.450 align:start position:0% and transactions contents is also private 00:18:02.450 --> 00:18:02.460 align:start position:0% 00:18:02.460 --> 00:18:03.970 align:start position:0% so 00:18:03.970 --> 00:18:03.980 align:start position:0% so 00:18:03.980 --> 00:18:06.470 align:start position:0% so what<00:18:04.980> I've<00:18:05.160> talked<00:18:05.520> today 00:18:06.470 --> 00:18:06.480 align:start position:0% what I've talked today 00:18:06.480 --> 00:18:09.110 align:start position:0% what I've talked today is<00:18:06.960> one<00:18:07.200> simple<00:18:07.380> example 00:18:09.110 --> 00:18:09.120 align:start position:0% is one simple example 00:18:09.120 --> 00:18:12.169 align:start position:0% is one simple example of<00:18:09.660> a<00:18:09.900> privacy<00:18:10.260> application 00:18:12.169 --> 00:18:12.179 align:start position:0% of a privacy application 00:18:12.179 --> 00:18:14.029 align:start position:0% of a privacy application and 00:18:14.029 --> 00:18:14.039 align:start position:0% and 00:18:14.039 --> 00:18:18.710 align:start position:0% and what<00:18:14.520> I<00:18:14.700> talked<00:18:15.179> was<00:18:15.480> firstly<00:18:16.320> I<00:18:17.100> started<00:18:17.460> with 00:18:18.710 --> 00:18:18.720 align:start position:0% what I talked was firstly I started with 00:18:18.720 --> 00:18:22.549 align:start position:0% what I talked was firstly I started with a<00:18:18.780> what<00:18:19.260> does<00:18:20.039> this<00:18:20.280> application<00:18:20.760> do 00:18:22.549 --> 00:18:22.559 align:start position:0% a what does this application do 00:18:22.559 --> 00:18:26.210 align:start position:0% a what does this application do so<00:18:22.860> in<00:18:23.100> our<00:18:23.280> case<00:18:23.520> it<00:18:24.360> is<00:18:24.720> an<00:18:24.840> exchange 00:18:26.210 --> 00:18:26.220 align:start position:0% so in our case it is an exchange 00:18:26.220 --> 00:18:29.330 align:start position:0% so in our case it is an exchange so<00:18:27.000> exchange<00:18:27.780> let<00:18:28.020> users<00:18:28.500> to<00:18:28.740> exchange<00:18:29.100> their 00:18:29.330 --> 00:18:29.340 align:start position:0% so exchange let users to exchange their 00:18:29.340 --> 00:18:32.450 align:start position:0% so exchange let users to exchange their tokens 00:18:32.450 --> 00:18:32.460 align:start position:0% 00:18:32.460 --> 00:18:36.710 align:start position:0% and<00:18:33.480> in<00:18:33.960> that<00:18:34.200> process<00:18:34.559> which<00:18:35.400> part<00:18:35.700> of<00:18:36.539> the 00:18:36.710 --> 00:18:36.720 align:start position:0% and in that process which part of the 00:18:36.720 --> 00:18:37.789 align:start position:0% and in that process which part of the exchange 00:18:37.789 --> 00:18:37.799 align:start position:0% exchange 00:18:37.799 --> 00:18:42.650 align:start position:0% exchange process<00:18:38.280> is<00:18:38.580> should<00:18:39.360> be<00:18:39.600> uh<00:18:39.960> private 00:18:42.650 --> 00:18:42.660 align:start position:0% 00:18:42.660 --> 00:18:46.430 align:start position:0% in<00:18:43.080> our<00:18:43.140> case<00:18:43.440> it<00:18:44.340> is<00:18:44.580> an<00:18:45.059> orders<00:18:45.539> and 00:18:46.430 --> 00:18:46.440 align:start position:0% in our case it is an orders and 00:18:46.440 --> 00:18:50.390 align:start position:0% in our case it is an orders and transactions<00:18:47.340> sent<00:18:47.640> on<00:18:47.940> chain 00:18:50.390 --> 00:18:50.400 align:start position:0% 00:18:50.400 --> 00:18:53.930 align:start position:0% and<00:18:50.820> lastly 00:18:53.930 --> 00:18:53.940 align:start position:0% 00:18:53.940 --> 00:18:56.750 align:start position:0% I<00:18:54.360> talked<00:18:54.600> about<00:18:54.660> how<00:18:55.320> to<00:18:55.500> make<00:18:55.799> those 00:18:56.750 --> 00:18:56.760 align:start position:0% I talked about how to make those 00:18:56.760 --> 00:18:58.310 align:start position:0% I talked about how to make those informations 00:18:58.310 --> 00:18:58.320 align:start position:0% informations 00:18:58.320 --> 00:19:01.850 align:start position:0% informations private 00:19:01.850 --> 00:19:01.860 align:start position:0% 00:19:01.860 --> 00:19:03.950 align:start position:0% we<00:19:02.460> use<00:19:02.580> three<00:19:02.820> general<00:19:03.120> knowledge<00:19:03.419> protocols 00:19:03.950 --> 00:19:03.960 align:start position:0% we use three general knowledge protocols 00:19:03.960 --> 00:19:06.770 align:start position:0% we use three general knowledge protocols line<00:19:04.559> find<00:19:04.919> and<00:19:05.760> socialist<00:19:06.179> millionaire 00:19:06.770 --> 00:19:06.780 align:start position:0% line find and socialist millionaire 00:19:06.780 --> 00:19:07.490 align:start position:0% line find and socialist millionaire problem 00:19:07.490 --> 00:19:07.500 align:start position:0% problem 00:19:07.500 --> 00:19:14.630 align:start position:0% problem and<00:19:08.100> decal<00:19:08.580> Brew 00:19:14.630 --> 00:19:14.640 align:start position:0% 00:19:14.640 --> 00:19:17.450 align:start position:0% and<00:19:15.000> as<00:19:15.120> a<00:19:15.299> result 00:19:17.450 --> 00:19:17.460 align:start position:0% and as a result 00:19:17.460 --> 00:19:19.430 align:start position:0% and as a result the private<00:19:18.000> exchange<00:19:18.360> does<00:19:18.960> not<00:19:19.080> reveal 00:19:19.430 --> 00:19:19.440 align:start position:0% the private exchange does not reveal 00:19:19.440 --> 00:19:21.409 align:start position:0% the private exchange does not reveal transactions<00:19:20.100> content 00:19:21.409 --> 00:19:21.419 align:start position:0% transactions content 00:19:21.419 --> 00:19:24.169 align:start position:0% transactions content and<00:19:21.780> it<00:19:21.900> does<00:19:22.020> not<00:19:22.200> reveal<00:19:22.740> price<00:19:23.220> of<00:19:24.059> the 00:19:24.169 --> 00:19:24.179 align:start position:0% and it does not reveal price of the 00:19:24.179 --> 00:19:25.250 align:start position:0% and it does not reveal price of the orders 00:19:25.250 --> 00:19:25.260 align:start position:0% orders 00:19:25.260 --> 00:19:27.049 align:start position:0% orders to<00:19:25.620> public 00:19:27.049 --> 00:19:27.059 align:start position:0% to public 00:19:27.059 --> 00:19:29.090 align:start position:0% to public and<00:19:27.419> it<00:19:27.600> also<00:19:27.840> does<00:19:28.080> not<00:19:28.260> reveal<00:19:28.740> the 00:19:29.090 --> 00:19:29.100 align:start position:0% and it also does not reveal the 00:19:29.100 --> 00:19:38.090 align:start position:0% and it also does not reveal the peer-to-peer<00:19:29.700> routing<00:19:30.059> in<00:19:30.900> the<00:19:31.140> network 00:19:38.090 --> 00:19:38.100 align:start position:0% 00:19:38.100 --> 00:19:40.250 align:start position:0% but<00:19:38.580> at<00:19:38.760> the<00:19:38.880> same<00:19:39.000> time 00:19:40.250 --> 00:19:40.260 align:start position:0% but at the same time 00:19:40.260 --> 00:19:42.710 align:start position:0% but at the same time there<00:19:40.919> are<00:19:41.039> challenges<00:19:41.520> in<00:19:42.480> this 00:19:42.710 --> 00:19:42.720 align:start position:0% there are challenges in this 00:19:42.720 --> 00:19:45.289 align:start position:0% there are challenges in this constructions 00:19:45.289 --> 00:19:45.299 align:start position:0% constructions 00:19:45.299 --> 00:19:46.669 align:start position:0% constructions firstly 00:19:46.669 --> 00:19:46.679 align:start position:0% firstly 00:19:46.679 --> 00:19:50.210 align:start position:0% firstly socialist<00:19:47.400> maybe<00:19:47.700> on<00:19:48.059> a<00:19:48.179> problem 00:19:50.210 --> 00:19:50.220 align:start position:0% socialist maybe on a problem 00:19:50.220 --> 00:19:55.490 align:start position:0% socialist maybe on a problem can<00:19:50.640> check<00:19:50.940> the<00:19:51.780> equality<00:19:52.260> of<00:19:52.620> the<00:19:52.740> values 00:19:55.490 --> 00:19:55.500 align:start position:0% 00:19:55.500 --> 00:19:59.570 align:start position:0% therefore<00:19:56.039> it's<00:19:56.760> not<00:19:57.059> easy<00:19:57.360> to<00:19:57.720> compare 00:19:59.570 --> 00:19:59.580 align:start position:0% therefore it's not easy to compare 00:19:59.580 --> 00:20:02.390 align:start position:0% therefore it's not easy to compare for<00:20:00.000> example<00:20:00.240> to<00:20:00.539> use<00:20:00.780> a<00:20:01.080> range 00:20:02.390 --> 00:20:02.400 align:start position:0% for example to use a range 00:20:02.400 --> 00:20:05.330 align:start position:0% for example to use a range to<00:20:03.000> create<00:20:03.120> a<00:20:03.360> match 00:20:05.330 --> 00:20:05.340 align:start position:0% to create a match 00:20:05.340 --> 00:20:08.570 align:start position:0% to create a match so<00:20:06.059> in<00:20:06.780> the<00:20:06.960> application<00:20:07.320> it's<00:20:08.039> harder<00:20:08.460> to 00:20:08.570 --> 00:20:08.580 align:start position:0% so in the application it's harder to 00:20:08.580 --> 00:20:10.610 align:start position:0% so in the application it's harder to find<00:20:08.700> the<00:20:08.880> counterparty<00:20:09.480> elect<00:20:09.600> Bob 00:20:10.610 --> 00:20:10.620 align:start position:0% find the counterparty elect Bob 00:20:10.620 --> 00:20:14.870 align:start position:0% find the counterparty elect Bob if<00:20:11.280> the<00:20:11.640> SMP<00:20:12.059> can<00:20:12.240> work<00:20:12.480> only<00:20:12.840> this<00:20:13.080> way 00:20:14.870 --> 00:20:14.880 align:start position:0% if the SMP can work only this way 00:20:14.880 --> 00:20:16.970 align:start position:0% if the SMP can work only this way secondly 00:20:16.970 --> 00:20:16.980 align:start position:0% secondly 00:20:16.980 --> 00:20:18.710 align:start position:0% secondly and<00:20:17.280> advertisers 00:20:18.710 --> 00:20:18.720 align:start position:0% and advertisers 00:20:18.720 --> 00:20:21.650 align:start position:0% and advertisers needs<00:20:19.260> to<00:20:19.320> stay<00:20:19.500> online<00:20:19.940> while<00:20:20.940> waiting 00:20:21.650 --> 00:20:21.660 align:start position:0% needs to stay online while waiting 00:20:21.660 --> 00:20:24.230 align:start position:0% needs to stay online while waiting incoming<00:20:22.140> social<00:20:22.500> estimate<00:20:23.100> on<00:20:23.280> a<00:20:23.460> problem 00:20:24.230 --> 00:20:24.240 align:start position:0% incoming social estimate on a problem 00:20:24.240 --> 00:20:26.210 align:start position:0% incoming social estimate on a problem messages 00:20:26.210 --> 00:20:26.220 align:start position:0% messages 00:20:26.220 --> 00:20:29.450 align:start position:0% messages so<00:20:26.520> Alice<00:20:26.940> after<00:20:27.480> sending<00:20:28.039> advertisement<00:20:29.039> on 00:20:29.450 --> 00:20:29.460 align:start position:0% so Alice after sending advertisement on 00:20:29.460 --> 00:20:30.710 align:start position:0% so Alice after sending advertisement on public<00:20:29.700> board 00:20:30.710 --> 00:20:30.720 align:start position:0% public board 00:20:30.720 --> 00:20:33.470 align:start position:0% public board she<00:20:31.080> has<00:20:31.260> to<00:20:31.380> stay<00:20:31.620> online<00:20:31.799> until<00:20:32.400> Bob<00:20:33.000> shows 00:20:33.470 --> 00:20:33.480 align:start position:0% she has to stay online until Bob shows 00:20:33.480 --> 00:20:36.350 align:start position:0% she has to stay online until Bob shows up 00:20:36.350 --> 00:20:36.360 align:start position:0% 00:20:36.360 --> 00:20:37.850 align:start position:0% and<00:20:36.960> finally 00:20:37.850 --> 00:20:37.860 align:start position:0% and finally 00:20:37.860 --> 00:20:40.850 align:start position:0% and finally users<00:20:38.520> need<00:20:38.760> to<00:20:38.940> join<00:20:39.299> line<00:20:39.720> find<00:20:40.140> network 00:20:40.850 --> 00:20:40.860 align:start position:0% users need to join line find network 00:20:40.860 --> 00:20:44.090 align:start position:0% users need to join line find network before<00:20:41.280> starting<00:20:41.580> the<00:20:41.880> process<00:20:42.200> and<00:20:43.200> also<00:20:43.500> run 00:20:44.090 --> 00:20:44.100 align:start position:0% before starting the process and also run 00:20:44.100 --> 00:20:47.450 align:start position:0% before starting the process and also run the<00:20:44.460> blind<00:20:44.940> find<00:20:45.240> process 00:20:47.450 --> 00:20:47.460 align:start position:0% the blind find process 00:20:47.460 --> 00:20:50.690 align:start position:0% the blind find process while<00:20:47.880> in<00:20:48.539> the<00:20:48.660> application 00:20:50.690 --> 00:20:50.700 align:start position:0% while in the application 00:20:50.700 --> 00:20:52.310 align:start position:0% while in the application so<00:20:51.120> these 00:20:52.310 --> 00:20:52.320 align:start position:0% so these 00:20:52.320 --> 00:20:53.890 align:start position:0% so these are the challenges 00:20:53.890 --> 00:20:53.900 align:start position:0% are the challenges 00:20:53.900 --> 00:20:57.409 align:start position:0% are the challenges and<00:20:54.900> it<00:20:55.200> directly<00:20:56.039> affects<00:20:56.520> you<00:20:56.940> the<00:20:57.120> user 00:20:57.409 --> 00:20:57.419 align:start position:0% and it directly affects you the user 00:20:57.419 --> 00:20:59.090 align:start position:0% and it directly affects you the user experience 00:20:59.090 --> 00:20:59.100 align:start position:0% experience 00:20:59.100 --> 00:21:03.289 align:start position:0% experience of<00:20:59.520> application 00:21:03.289 --> 00:21:03.299 align:start position:0% 00:21:03.299 --> 00:21:05.750 align:start position:0% but 00:21:05.750 --> 00:21:05.760 align:start position:0% but 00:21:05.760 --> 00:21:08.630 align:start position:0% but some<00:21:06.660> of<00:21:06.840> the<00:21:07.320> challenges<00:21:07.799> can<00:21:08.039> be<00:21:08.160> mitigated 00:21:08.630 --> 00:21:08.640 align:start position:0% some of the challenges can be mitigated 00:21:08.640 --> 00:21:12.169 align:start position:0% some of the challenges can be mitigated on<00:21:09.059> the<00:21:09.179> application<00:21:09.539> layers<00:21:10.380> but<00:21:11.039> some 00:21:12.169 --> 00:21:12.179 align:start position:0% on the application layers but some 00:21:12.179 --> 00:21:14.930 align:start position:0% on the application layers but some other<00:21:12.720> nice<00:21:13.320> Improvement<00:21:14.280> of<00:21:14.760> the 00:21:14.930 --> 00:21:14.940 align:start position:0% other nice Improvement of the 00:21:14.940 --> 00:21:23.390 align:start position:0% other nice Improvement of the cryptographic<00:21:16.140> protocol<00:21:16.620> layer 00:21:23.390 --> 00:21:23.400 align:start position:0% 00:21:23.400 --> 00:21:25.730 align:start position:0% so<00:21:23.880> in<00:21:24.179> privacy<00:21:24.600> and<00:21:24.780> scaling<00:21:25.200> exploration 00:21:25.730 --> 00:21:25.740 align:start position:0% so in privacy and scaling exploration 00:21:25.740 --> 00:21:28.730 align:start position:0% so in privacy and scaling exploration scheme<00:21:26.280> we<00:21:26.940> do<00:21:27.120> many<00:21:27.299> privacy<00:21:27.780> projects<00:21:28.200> like 00:21:28.730 --> 00:21:28.740 align:start position:0% scheme we do many privacy projects like 00:21:28.740 --> 00:21:31.610 align:start position:0% scheme we do many privacy projects like applications<00:21:29.340> and<00:21:30.299> also<00:21:30.780> cryptographic 00:21:31.610 --> 00:21:31.620 align:start position:0% applications and also cryptographic 00:21:31.620 --> 00:21:34.070 align:start position:0% applications and also cryptographic protocols<00:21:32.159> to<00:21:32.640> improve<00:21:33.120> privacy 00:21:34.070 --> 00:21:34.080 align:start position:0% protocols to improve privacy 00:21:34.080 --> 00:21:38.149 align:start position:0% protocols to improve privacy in<00:21:34.500> this<00:21:34.679> blockchain<00:21:35.100> space 00:21:38.149 --> 00:21:38.159 align:start position:0% 00:21:38.159 --> 00:21:40.250 align:start position:0% if<00:21:38.880> you're<00:21:39.059> interested<00:21:39.419> in<00:21:39.600> those<00:21:39.780> Projects 00:21:40.250 --> 00:21:40.260 align:start position:0% if you're interested in those Projects 00:21:40.260 --> 00:21:42.770 align:start position:0% if you're interested in those Projects please<00:21:41.039> take<00:21:41.280> a<00:21:41.400> look<00:21:41.520> at<00:21:41.760> our<00:21:42.000> home<00:21:42.179> page<00:21:42.419> and 00:21:42.770 --> 00:21:42.780 align:start position:0% please take a look at our home page and 00:21:42.780 --> 00:21:45.049 align:start position:0% please take a look at our home page and Discord 00:21:45.049 --> 00:21:45.059 align:start position:0% Discord 00:21:45.059 --> 00:21:48.350 align:start position:0% Discord and<00:21:45.659> I<00:21:45.900> want<00:21:46.020> to<00:21:46.200> give<00:21:46.440> a<00:21:46.919> shout<00:21:47.159> out<00:21:47.340> to<00:21:47.880> the<00:21:48.059> TK 00:21:48.350 --> 00:21:48.360 align:start position:0% and I want to give a shout out to the TK 00:21:48.360 --> 00:21:50.870 align:start position:0% and I want to give a shout out to the TK Opera<00:21:48.780> team<00:21:49.440> once<00:21:50.100> up 00:21:50.870 --> 00:21:50.880 align:start position:0% Opera team once up 00:21:50.880 --> 00:21:56.390 align:start position:0% Opera team once up Jane<00:21:51.539> Jimmy<00:21:52.320> Geo<00:21:52.919> chance<00:21:53.280> jelly<00:21:54.000> Rachel 00:21:56.390 --> 00:21:56.400 align:start position:0% 00:21:56.400 --> 00:21:58.630 align:start position:0% thank<00:21:56.880> you 00:21:58.630 --> 00:21:58.640 align:start position:0% thank you 00:21:58.640 --> 00:22:01.610 align:start position:0% thank you [Applause] 00:22:01.610 --> 00:22:01.620 align:start position:0% [Applause] 00:22:01.620 --> 00:22:09.830 align:start position:0% [Applause] um<00:22:01.679> questions<00:22:02.280> please 00:22:09.830 --> 00:22:09.840 align:start position:0% 00:22:09.840 --> 00:22:12.289 align:start position:0% um<00:22:09.900> first<00:22:10.140> quick<00:22:10.440> question<00:22:10.679> is<00:22:10.980> the<00:22:11.159> s<00:22:11.340> p<00:22:11.700> uh 00:22:12.289 --> 00:22:12.299 align:start position:0% um first quick question is the s p uh 00:22:12.299 --> 00:22:14.990 align:start position:0% um first quick question is the s p uh interactive<00:22:13.080> or<00:22:13.260> non-interactive<00:22:14.400> as 00:22:14.990 --> 00:22:15.000 align:start position:0% interactive or non-interactive as 00:22:15.000 --> 00:22:18.289 align:start position:0% interactive or non-interactive as interactive<00:22:16.140> so<00:22:16.919> you<00:22:17.640> so<00:22:17.940> you<00:22:18.059> have<00:22:18.179> to 00:22:18.289 --> 00:22:18.299 align:start position:0% interactive so you so you have to 00:22:18.299 --> 00:22:19.730 align:start position:0% interactive so you so you have to basically<00:22:18.600> so<00:22:18.900> like<00:22:19.020> if<00:22:19.200> there's<00:22:19.380> a<00:22:19.500> list<00:22:19.559> of 00:22:19.730 --> 00:22:19.740 align:start position:0% basically so like if there's a list of 00:22:19.740 --> 00:22:21.409 align:start position:0% basically so like if there's a list of advertisers<00:22:20.460> a<00:22:20.760> user<00:22:21.059> will<00:22:21.179> have<00:22:21.299> to 00:22:21.409 --> 00:22:21.419 align:start position:0% advertisers a user will have to 00:22:21.419 --> 00:22:23.029 align:start position:0% advertisers a user will have to communicate<00:22:21.780> with<00:22:21.900> every<00:22:22.140> Advertiser<00:22:22.860> right 00:22:23.029 --> 00:22:23.039 align:start position:0% communicate with every Advertiser right 00:22:23.039 --> 00:22:25.010 align:start position:0% communicate with every Advertiser right yes 00:22:25.010 --> 00:22:25.020 align:start position:0% yes 00:22:25.020 --> 00:22:27.470 align:start position:0% yes so<00:22:25.380> this<00:22:25.559> doesn't<00:22:25.799> really<00:22:26.039> scale<00:22:26.280> well<00:22:26.580> as<00:22:27.240> it 00:22:27.470 --> 00:22:27.480 align:start position:0% so this doesn't really scale well as it 00:22:27.480 --> 00:22:30.409 align:start position:0% so this doesn't really scale well as it increases<00:22:28.260> is<00:22:28.679> N<00:22:28.919> squared<00:22:29.280> like<00:22:29.580> complexity 00:22:30.409 --> 00:22:30.419 align:start position:0% increases is N squared like complexity 00:22:30.419 --> 00:22:34.190 align:start position:0% increases is N squared like complexity for<00:22:30.720> yes<00:22:31.679> okay<00:22:32.340> so<00:22:32.820> that's<00:22:33.000> that's<00:22:33.299> uh<00:22:33.900> yes 00:22:34.190 --> 00:22:34.200 align:start position:0% for yes okay so that's that's uh yes 00:22:34.200 --> 00:22:39.350 align:start position:0% for yes okay so that's that's uh yes that's<00:22:34.500> also<00:22:34.980> uh<00:22:35.280> our<00:22:35.520> ux<00:22:35.940> challenges<00:22:36.360> as<00:22:36.539> well 00:22:39.350 --> 00:22:39.360 align:start position:0% 00:22:39.360 --> 00:22:42.289 align:start position:0% yeah<00:22:40.320> sort<00:22:40.559> of<00:22:40.679> on<00:22:40.799> the<00:22:40.919> same<00:22:41.039> vein<00:22:41.820> um<00:22:41.940> one 00:22:42.289 --> 00:22:42.299 align:start position:0% yeah sort of on the same vein um one 00:22:42.299 --> 00:22:44.029 align:start position:0% yeah sort of on the same vein um one question<00:22:42.480> I<00:22:42.659> had<00:22:42.780> was 00:22:44.029 --> 00:22:44.039 align:start position:0% question I had was 00:22:44.039 --> 00:22:46.490 align:start position:0% question I had was um<00:22:44.100> because<00:22:44.520> you<00:22:45.120> know<00:22:45.240> you<00:22:46.020> still<00:22:46.200> have<00:22:46.320> to<00:22:46.440> do 00:22:46.490 --> 00:22:46.500 align:start position:0% um because you know you still have to do 00:22:46.500 --> 00:22:48.950 align:start position:0% um because you know you still have to do the<00:22:46.679> SMP<00:22:47.100> to<00:22:47.280> find<00:22:47.460> the<00:22:47.640> price 00:22:48.950 --> 00:22:48.960 align:start position:0% the SMP to find the price 00:22:48.960 --> 00:22:50.990 align:start position:0% the SMP to find the price um<00:22:49.020> you<00:22:49.380> sort<00:22:49.500> of<00:22:49.620> know<00:22:49.860> a<00:22:50.280> general<00:22:50.400> idea<00:22:50.820> of 00:22:50.990 --> 00:22:51.000 align:start position:0% um you sort of know a general idea of 00:22:51.000 --> 00:22:53.090 align:start position:0% um you sort of know a general idea of the<00:22:51.120> price<00:22:51.299> because<00:22:51.539> you<00:22:51.780> have<00:22:51.900> other<00:22:52.140> markets 00:22:53.090 --> 00:22:53.100 align:start position:0% the price because you have other markets 00:22:53.100 --> 00:22:55.190 align:start position:0% the price because you have other markets that<00:22:53.220> you<00:22:53.340> can<00:22:53.460> measure<00:22:53.880> the<00:22:54.059> price<00:22:54.240> from<00:22:54.480> and 00:22:55.190 --> 00:22:55.200 align:start position:0% that you can measure the price from and 00:22:55.200 --> 00:22:56.029 align:start position:0% that you can measure the price from and so 00:22:56.029 --> 00:22:56.039 align:start position:0% so 00:22:56.039 --> 00:22:57.950 align:start position:0% so um is<00:22:56.280> there<00:22:56.460> any<00:22:56.580> prevention<00:22:57.059> mechanism<00:22:57.600> for 00:22:57.950 --> 00:22:57.960 align:start position:0% um is there any prevention mechanism for 00:22:57.960 --> 00:23:01.070 align:start position:0% um is there any prevention mechanism for like<00:22:58.200> a<00:22:58.500> mass<00:22:58.980> de-anonymization<00:22:59.940> of<00:23:00.419> the<00:23:00.659> of 00:23:01.070 --> 00:23:01.080 align:start position:0% like a mass de-anonymization of the of 00:23:01.080 --> 00:23:03.529 align:start position:0% like a mass de-anonymization of the of the<00:23:01.380> price<00:23:01.620> the<00:23:01.980> ads<00:23:02.340> uh<00:23:03.059> in<00:23:03.179> a<00:23:03.299> way<00:23:03.360> that 00:23:03.529 --> 00:23:03.539 align:start position:0% the price the ads uh in a way that 00:23:03.539 --> 00:23:06.230 align:start position:0% the price the ads uh in a way that somebody<00:23:03.659> could<00:23:03.960> just<00:23:04.200> keep<00:23:04.559> trying<00:23:05.039> to<00:23:05.460> uh 00:23:06.230 --> 00:23:06.240 align:start position:0% somebody could just keep trying to uh 00:23:06.240 --> 00:23:08.330 align:start position:0% somebody could just keep trying to uh discover<00:23:06.480> the<00:23:06.840> price<00:23:07.020> and<00:23:07.440> build<00:23:07.799> up<00:23:07.919> an<00:23:08.159> order 00:23:08.330 --> 00:23:08.340 align:start position:0% discover the price and build up an order 00:23:08.340 --> 00:23:10.190 align:start position:0% discover the price and build up an order book<00:23:08.640> that<00:23:09.360> sort<00:23:09.539> of<00:23:09.659> matches<00:23:09.960> the 00:23:10.190 --> 00:23:10.200 align:start position:0% book that sort of matches the 00:23:10.200 --> 00:23:11.990 align:start position:0% book that sort of matches the expectation<00:23:10.679> of<00:23:10.860> the<00:23:10.980> ads<00:23:11.340> because<00:23:11.820> there's 00:23:11.990 --> 00:23:12.000 align:start position:0% expectation of the ads because there's 00:23:12.000 --> 00:23:14.630 align:start position:0% expectation of the ads because there's no<00:23:12.179> obligation<00:23:12.720> to<00:23:13.320> actually<00:23:13.860> trade<00:23:14.280> on<00:23:14.460> any 00:23:14.630 --> 00:23:14.640 align:start position:0% no obligation to actually trade on any 00:23:14.640 --> 00:23:17.210 align:start position:0% no obligation to actually trade on any of<00:23:14.760> these<00:23:14.940> ads<00:23:15.299> right<00:23:15.539> so<00:23:16.200> you<00:23:16.500> could<00:23:16.620> just<00:23:16.799> try 00:23:17.210 --> 00:23:17.220 align:start position:0% of these ads right so you could just try 00:23:17.220 --> 00:23:18.950 align:start position:0% of these ads right so you could just try to<00:23:17.340> Brute<00:23:17.700> Force 00:23:18.950 --> 00:23:18.960 align:start position:0% to Brute Force 00:23:18.960 --> 00:23:22.490 align:start position:0% to Brute Force um<00:23:19.020> figure<00:23:19.740> out<00:23:19.919> the<00:23:20.100> actual<00:23:20.340> order<00:23:20.520> uh<00:23:21.480> yeah 00:23:22.490 --> 00:23:22.500 align:start position:0% um figure out the actual order uh yeah 00:23:22.500 --> 00:23:24.110 align:start position:0% um figure out the actual order uh yeah yeah<00:23:23.100> yeah 00:23:24.110 --> 00:23:24.120 align:start position:0% yeah yeah 00:23:24.120 --> 00:23:26.330 align:start position:0% yeah yeah um<00:23:24.240> so 00:23:26.330 --> 00:23:26.340 align:start position:0% um so 00:23:26.340 --> 00:23:28.430 align:start position:0% um so uh<00:23:27.000> for<00:23:27.179> current<00:23:27.299> implementation<00:23:27.960> we<00:23:28.260> don't 00:23:28.430 --> 00:23:28.440 align:start position:0% uh for current implementation we don't 00:23:28.440 --> 00:23:32.770 align:start position:0% uh for current implementation we don't have<00:23:28.679> like<00:23:29.039> such<00:23:29.659> features<00:23:30.659> but<00:23:31.620> as<00:23:32.400> you<00:23:32.580> said 00:23:32.770 --> 00:23:32.780 align:start position:0% have like such features but as you said 00:23:32.780 --> 00:23:37.310 align:start position:0% have like such features but as you said it<00:23:33.780> needs<00:23:34.260> like<00:23:34.679> the<00:23:34.919> uh<00:23:35.520> many<00:23:36.000> times<00:23:36.240> of<00:23:36.600> SMP 00:23:37.310 --> 00:23:37.320 align:start position:0% it needs like the uh many times of SMP 00:23:37.320 --> 00:23:39.590 align:start position:0% it needs like the uh many times of SMP trial<00:23:37.620> to<00:23:37.799> find<00:23:38.039> a 00:23:39.590 --> 00:23:39.600 align:start position:0% trial to find a 00:23:39.600 --> 00:23:44.330 align:start position:0% trial to find a the<00:23:39.900> price<00:23:40.260> matches<00:23:40.919> and<00:23:41.640> also 00:23:44.330 --> 00:23:44.340 align:start position:0% 00:23:44.340 --> 00:23:46.970 align:start position:0% we<00:23:45.000> don't<00:23:45.179> have<00:23:45.480> like<00:23:45.840> the<00:23:45.960> prevent<00:23:46.320> it<00:23:46.500> to 00:23:46.970 --> 00:23:46.980 align:start position:0% we don't have like the prevent it to 00:23:46.980 --> 00:23:49.610 align:start position:0% we don't have like the prevent it to prevent<00:23:47.280> such<00:23:47.940> details<00:23:48.600> like<00:23:49.140> types<00:23:49.500> of 00:23:49.610 --> 00:23:49.620 align:start position:0% prevent such details like types of 00:23:49.620 --> 00:23:54.110 align:start position:0% prevent such details like types of attacks<00:23:50.280> right<00:23:50.700> now<00:23:50.880> so<00:23:52.320> yep<00:23:52.919> we<00:23:53.159> need<00:23:53.340> to<00:23:53.580> uh 00:23:54.110 --> 00:23:54.120 align:start position:0% attacks right now so yep we need to uh 00:23:54.120 --> 00:24:02.750 align:start position:0% attacks right now so yep we need to uh work<00:23:54.360> on<00:23:54.539> that<00:23:54.720> ux<00:23:55.700> Improvement<00:23:56.700> as<00:23:57.120> well 00:24:02.750 --> 00:24:02.760 align:start position:0% 00:24:02.760 --> 00:24:05.570 align:start position:0% thanks 00:24:05.570 --> 00:24:05.580 align:start position:0% 00:24:05.580 --> 00:24:06.930 align:start position:0% thank<00:24:06.480> you 00:24:06.930 --> 00:24:06.940 align:start position:0% thank you 00:24:06.940 --> 00:24:10.009 align:start position:0% thank you [Music]