WEBVTT Kind: captions Language: en 00:00:01.070 --> 00:00:11.940 align:start position:0% [Applause] 00:00:11.940 --> 00:00:11.950 align:start position:0% 00:00:11.950 --> 00:00:14.140 align:start position:0% anybody<00:00:12.950> ever<00:00:13.100> thought<00:00:13.280> to<00:00:13.639> call<00:00:13.849> a 00:00:14.140 --> 00:00:14.150 align:start position:0% anybody ever thought to call a 00:00:14.150 --> 00:00:16.390 align:start position:0% anybody ever thought to call a conservative<00:00:14.750> approach<00:00:14.920> towards<00:00:15.920> a<00:00:15.980> rival 00:00:16.390 --> 00:00:16.400 align:start position:0% conservative approach towards a rival 00:00:16.400 --> 00:00:19.089 align:start position:0% conservative approach towards a rival roadmap<00:00:17.259> kind<00:00:18.259> of<00:00:18.320> give<00:00:18.470> a<00:00:18.500> certain<00:00:18.800> something 00:00:19.089 --> 00:00:19.099 align:start position:0% roadmap kind of give a certain something 00:00:19.099 --> 00:00:22.450 align:start position:0% roadmap kind of give a certain something like<00:00:19.189> thoughts<00:00:19.460> about<00:00:19.849> people<00:00:20.150> know<00:00:20.890> as<00:00:21.890> well 00:00:22.450 --> 00:00:22.460 align:start position:0% like thoughts about people know as well 00:00:22.460 --> 00:00:25.839 align:start position:0% like thoughts about people know as well as<00:00:22.900> learnings<00:00:23.900> have<00:00:24.110> you<00:00:24.349> done<00:00:24.560> from<00:00:25.340> Kosmos 00:00:25.839 --> 00:00:25.849 align:start position:0% as learnings have you done from Kosmos 00:00:25.849 --> 00:00:27.730 align:start position:0% as learnings have you done from Kosmos and<00:00:26.060> how<00:00:26.150> I<00:00:26.180> think<00:00:26.390> but<00:00:26.779> you<00:00:26.810> know<00:00:27.019> things<00:00:27.470> that 00:00:27.730 --> 00:00:27.740 align:start position:0% and how I think but you know things that 00:00:27.740 --> 00:00:29.410 align:start position:0% and how I think but you know things that should<00:00:28.039> be<00:00:28.070> I<00:00:28.400> think<00:00:28.490> should<00:00:28.789> be<00:00:28.849> integrated 00:00:29.410 --> 00:00:29.420 align:start position:0% should be I think should be integrated 00:00:29.420 --> 00:00:31.509 align:start position:0% should be I think should be integrated in<00:00:29.599> you<00:00:29.929> if<00:00:30.500> you<00:00:30.740> point<00:00:30.949> out<00:00:31.039> that<00:00:31.189> could<00:00:31.310> help 00:00:31.509 --> 00:00:31.519 align:start position:0% in you if you point out that could help 00:00:31.519 --> 00:00:34.299 align:start position:0% in you if you point out that could help your<00:00:32.059> reason<00:00:32.390> 20<00:00:32.629> so<00:00:33.410> you<00:00:33.680> know<00:00:33.800> what<00:00:33.980> about<00:00:34.160> me 00:00:34.299 --> 00:00:34.309 align:start position:0% your reason 20 so you know what about me 00:00:34.309 --> 00:00:37.570 align:start position:0% your reason 20 so you know what about me I<00:00:34.610> work<00:00:35.089> mostly<00:00:35.449> on<00:00:35.540> cosmos<00:00:36.129> and<00:00:37.129> tender<00:00:37.430> man 00:00:37.570 --> 00:00:37.580 align:start position:0% I work mostly on cosmos and tender man 00:00:37.580 --> 00:00:39.790 align:start position:0% I work mostly on cosmos and tender man but<00:00:37.879> I<00:00:38.059> also<00:00:38.449> run<00:00:39.199> a<00:00:39.260> podcast<00:00:39.710> called 00:00:39.790 --> 00:00:39.800 align:start position:0% but I also run a podcast called 00:00:39.800 --> 00:00:41.469 align:start position:0% but I also run a podcast called epicenter<00:00:40.519> and<00:00:40.730> run<00:00:40.879> around<00:00:41.000> here<00:00:41.299> called 00:00:41.469 --> 00:00:41.479 align:start position:0% epicenter and run around here called 00:00:41.479 --> 00:00:43.860 align:start position:0% epicenter and run around here called Sitka<00:00:41.809> so<00:00:42.140> just<00:00:42.920> a<00:00:42.979> little<00:00:43.070> bit<00:00:43.250> of<00:00:43.339> background 00:00:43.860 --> 00:00:43.870 align:start position:0% Sitka so just a little bit of background 00:00:43.870 --> 00:00:46.270 align:start position:0% Sitka so just a little bit of background where<00:00:44.870> I'm<00:00:45.110> from 00:00:46.270 --> 00:00:46.280 align:start position:0% where I'm from 00:00:46.280 --> 00:00:49.719 align:start position:0% where I'm from so<00:00:47.210> yeah<00:00:47.659> there's<00:00:48.080> your<00:00:48.260> point<00:00:48.400> but<00:00:49.400> the 00:00:49.719 --> 00:00:49.729 align:start position:0% so yeah there's your point but the 00:00:49.729 --> 00:00:52.930 align:start position:0% so yeah there's your point but the basics<00:00:50.799> many<00:00:51.799> people<00:00:52.010> are<00:00:52.070> probably<00:00:52.280> somewhat 00:00:52.930 --> 00:00:52.940 align:start position:0% basics many people are probably somewhat 00:00:52.940 --> 00:00:55.660 align:start position:0% basics many people are probably somewhat familiar<00:00:52.970> but<00:00:53.570> just<00:00:54.110> for<00:00:54.920> a<00:00:54.949> bit<00:00:55.129> more<00:00:55.339> review 00:00:55.660 --> 00:00:55.670 align:start position:0% familiar but just for a bit more review 00:00:55.670 --> 00:00:58.149 align:start position:0% familiar but just for a bit more review what<00:00:56.629> we<00:00:56.720> have<00:00:56.750> is<00:00:57.049> we<00:00:57.199> have<00:00:57.229> this<00:00:57.589> multi<00:00:57.949> phase 00:00:58.149 --> 00:00:58.159 align:start position:0% what we have is we have this multi phase 00:00:58.159 --> 00:01:00.460 align:start position:0% what we have is we have this multi phase two<00:00:58.430> stuff<00:00:58.699> where<00:00:59.360> we<00:00:59.659> have<00:00:59.809> this<00:00:59.960> like<00:01:00.199> phase 00:01:00.460 --> 00:01:00.470 align:start position:0% two stuff where we have this like phase 00:01:00.470 --> 00:01:02.469 align:start position:0% two stuff where we have this like phase I<00:01:00.890> think<00:01:01.369> that<00:01:01.460> space<00:01:01.699> numbers<00:01:02.089> are<00:01:02.210> wrong<00:01:02.299> it 00:01:02.469 --> 00:01:02.479 align:start position:0% I think that space numbers are wrong it 00:01:02.479 --> 00:01:04.390 align:start position:0% I think that space numbers are wrong it actually<00:01:02.720> pays<00:01:02.869> zero<00:01:02.900> but<00:01:03.769> yeah<00:01:03.979> the<00:01:04.369> first 00:01:04.390 --> 00:01:04.400 align:start position:0% actually pays zero but yeah the first 00:01:04.400 --> 00:01:07.060 align:start position:0% actually pays zero but yeah the first phase<00:01:04.790> which<00:01:05.150> is<00:01:05.380> we<00:01:06.380> just<00:01:06.590> basically<00:01:06.740> have 00:01:07.060 --> 00:01:07.070 align:start position:0% phase which is we just basically have 00:01:07.070 --> 00:01:09.130 align:start position:0% phase which is we just basically have this<00:01:07.250> main<00:01:07.790> chain<00:01:08.060> but<00:01:08.360> so<00:01:08.510> the<00:01:08.600> current<00:01:08.960> crew 00:01:09.130 --> 00:01:09.140 align:start position:0% this main chain but so the current crew 00:01:09.140 --> 00:01:10.179 align:start position:0% this main chain but so the current crew for<00:01:09.290> working<00:01:09.560> through<00:01:09.680> everything<00:01:09.920> that<00:01:10.070> we 00:01:10.179 --> 00:01:10.189 align:start position:0% for working through everything that we 00:01:10.189 --> 00:01:12.250 align:start position:0% for working through everything that we have<00:01:10.340> today<00:01:10.490> and<00:01:10.880> then<00:01:11.450> we<00:01:11.630> start<00:01:11.930> building 00:01:12.250 --> 00:01:12.260 align:start position:0% have today and then we start building 00:01:12.260 --> 00:01:14.620 align:start position:0% have today and then we start building this<00:01:12.380> beacon<00:01:12.740> change<00:01:13.070> is<00:01:13.429> provide<00:01:14.270> to<00:01:14.509> this 00:01:14.620 --> 00:01:14.630 align:start position:0% this beacon change is provide to this 00:01:14.630 --> 00:01:20.020 align:start position:0% this beacon change is provide to this task<00:01:14.960> bar<00:01:15.259> FG<00:01:16.210> state<00:01:17.320> then<00:01:18.320> and<00:01:18.890> we<00:01:19.759> get<00:01:19.909> to 00:01:20.020 --> 00:01:20.030 align:start position:0% task bar FG state then and we get to 00:01:20.030 --> 00:01:23.859 align:start position:0% task bar FG state then and we get to phase<00:01:20.210> two<00:01:20.539> then<00:01:21.289> so<00:01:22.219> the<00:01:22.579> speed<00:01:22.850> is<00:01:22.880> zero 00:01:23.859 --> 00:01:23.869 align:start position:0% phase two then so the speed is zero 00:01:23.869 --> 00:01:26.200 align:start position:0% phase two then so the speed is zero thing<00:01:24.200> this<00:01:24.679> is<00:01:24.859> what's<00:01:25.039> happening<00:01:25.520> in<00:01:25.789> like<00:01:26.179> a 00:01:26.200 --> 00:01:26.210 align:start position:0% thing this is what's happening in like a 00:01:26.210 --> 00:01:28.749 align:start position:0% thing this is what's happening in like a couple<00:01:26.450> of<00:01:26.630> months<00:01:26.869> then<00:01:27.649> eventually<00:01:28.219> we'll 00:01:28.749 --> 00:01:28.759 align:start position:0% couple of months then eventually we'll 00:01:28.759 --> 00:01:30.760 align:start position:0% couple of months then eventually we'll get<00:01:28.880> to<00:01:28.939> this<00:01:29.090> point<00:01:29.390> where<00:01:29.960> we<00:01:29.990> start<00:01:30.560> to<00:01:30.679> do 00:01:30.760 --> 00:01:30.770 align:start position:0% get to this point where we start to do 00:01:30.770 --> 00:01:32.980 align:start position:0% get to this point where we start to do shards<00:01:31.249> and<00:01:32.119> we<00:01:32.179> can<00:01:32.329> write<00:01:32.479> data<00:01:32.749> to<00:01:32.840> the 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only thing that has<00:01:40.300> been<00:01:40.420> planned<00:01:40.780> up<00:01:41.080> close<00:01:41.290> now<00:01:41.500> is<00:01:42.010> up<00:01:42.190> to 00:01:42.300 --> 00:01:42.310 align:start position:0% has been planned up close now is up to 00:01:42.310 --> 00:01:45.540 align:start position:0% has been planned up close now is up to this<00:01:42.430> point<00:01:42.700> this<00:01:43.450> way<00:01:44.100> after<00:01:45.100> this<00:01:45.370> point 00:01:45.540 --> 00:01:45.550 align:start position:0% this point this way after this point 00:01:45.550 --> 00:01:47.910 align:start position:0% this point this way after this point right<00:01:45.960> the<00:01:46.960> Lotus<00:01:47.200> there's<00:01:47.560> not<00:01:47.650> much<00:01:47.800> you<00:01:47.830> can 00:01:47.910 --> 00:01:47.920 align:start position:0% right the Lotus there's not much you can 00:01:47.920 --> 00:01:50.580 align:start position:0% right the Lotus there's not much you can actually<00:01:48.130> do<00:01:48.580> with<00:01:48.610> these<00:01:49.000> shards<00:01:49.330> yet<00:01:49.690> then 00:01:50.580 --> 00:01:50.590 align:start position:0% actually do with these shards yet then 00:01:50.590 --> 00:01:53.040 align:start position:0% actually do with these shards yet then finally<00:01:51.430> in<00:01:51.490> the<00:01:51.580> next<00:01:51.700> phase<00:01:52.030> will<00:01:52.630> add<00:01:52.810> the 00:01:53.040 --> 00:01:53.050 align:start position:0% finally in the next phase will add the 00:01:53.050 --> 00:01:54.660 align:start position:0% finally in the next phase will add the execution<00:01:53.710> engine<00:01:53.980> where<00:01:54.160> we<00:01:54.310> can<00:01:54.460> actually 00:01:54.660 --> 00:01:54.670 align:start position:0% execution engine where we can actually 00:01:54.670 --> 00:01:58.200 align:start position:0% execution engine where we can actually run<00:01:55.570> it<00:01:55.720> um<00:01:56.230> or<00:01:56.650> webassembly<00:01:57.160> yeah<00:01:57.850> or 00:01:58.200 --> 00:01:58.210 align:start position:0% run it um or webassembly yeah or 00:01:58.210 --> 00:02:00.870 align:start position:0% run it um or webassembly yeah or something<00:01:58.600> like<00:01:58.690> that<00:01:58.750> and<00:01:59.290> then<00:01:59.800> finally<00:02:00.250> in 00:02:00.870 --> 00:02:00.880 align:start position:0% something like that and then finally in 00:02:00.880 --> 00:02:02.790 align:start position:0% something like that and then finally in phase<00:02:01.180> or<00:02:01.480> we're<00:02:02.050> gonna<00:02:02.140> start<00:02:02.410> working<00:02:02.560> on 00:02:02.790 --> 00:02:02.800 align:start position:0% phase or we're gonna start working on 00:02:02.800 --> 00:02:05.100 align:start position:0% phase or we're gonna start working on cross<00:02:03.040> card<00:02:03.280> transactions<00:02:03.910> and<00:02:04.090> this<00:02:04.510> despite 00:02:05.100 --> 00:02:05.110 align:start position:0% cross card transactions and this despite 00:02:05.110 --> 00:02:07.620 align:start position:0% cross card transactions and this despite this<00:02:05.320> babe<00:02:05.560> has<00:02:05.740> not<00:02:06.010> even<00:02:06.160> been<00:02:06.430> like<00:02:06.640> SPECT 00:02:07.620 --> 00:02:07.630 align:start position:0% this babe has not even been like SPECT 00:02:07.630 --> 00:02:12.690 align:start position:0% this babe has not even been like SPECT or<00:02:07.900> discussed<00:02:08.380> or<00:02:08.770> like<00:02:08.979> yeah<00:02:09.869> so<00:02:11.550> this<00:02:12.550> is 00:02:12.690 --> 00:02:12.700 align:start position:0% or discussed or like yeah so this is 00:02:12.700 --> 00:02:15.840 align:start position:0% or discussed or like yeah so this is heavily<00:02:13.030> you<00:02:13.330> know<00:02:13.450> my<00:02:14.200> main<00:02:14.770> issue<00:02:15.160> here<00:02:15.310> and 00:02:15.840 --> 00:02:15.850 align:start position:0% heavily you know my main issue here and 00:02:15.850 --> 00:02:17.460 align:start position:0% heavily you know my main issue here and I<00:02:16.000> think<00:02:16.060> this<00:02:16.450> is<00:02:16.630> going<00:02:16.900> about<00:02:17.110> it<00:02:17.260> in<00:02:17.320> the 00:02:17.460 --> 00:02:17.470 align:start position:0% I think this is going about it in the 00:02:17.470 --> 00:02:21.330 align:start position:0% I think this is going about it in the wrong<00:02:17.680> or<00:02:18.550> I<00:02:18.880> think<00:02:19.210> get<00:02:20.170> into<00:02:20.380> a<00:02:20.410> minute<00:02:20.710> but 00:02:21.330 --> 00:02:21.340 align:start position:0% wrong or I think get into a minute but 00:02:21.340 --> 00:02:23.940 align:start position:0% wrong or I think get into a minute but one<00:02:21.790> thing<00:02:22.330> that's<00:02:22.450> even<00:02:22.690> more<00:02:22.840> worrisome<00:02:23.800> to 00:02:23.940 --> 00:02:23.950 align:start position:0% one thing that's even more worrisome to 00:02:23.950 --> 00:02:27.270 align:start position:0% one thing that's even more worrisome to me<00:02:24.010> is<00:02:24.370> this<00:02:25.030> one<00:02:25.960> way<00:02:26.170> sneaking<00:02:26.710> horse<00:02:27.100> out 00:02:27.270 --> 00:02:27.280 align:start position:0% me is this one way sneaking horse out 00:02:27.280 --> 00:02:30.900 align:start position:0% me is this one way sneaking horse out you<00:02:27.790> know<00:02:28.770> in<00:02:29.770> this<00:02:29.980> phase<00:02:30.220> in<00:02:30.580> the<00:02:30.700> first 00:02:30.900 --> 00:02:30.910 align:start position:0% you know in this phase in the first 00:02:30.910 --> 00:02:33.510 align:start position:0% you know in this phase in the first phase<00:02:31.090> we<00:02:31.690> have<00:02:31.720> this<00:02:31.960> one<00:02:32.260> way<00:02:32.410> burn<00:02:32.710> I<00:02:33.190> have 00:02:33.510 --> 00:02:33.520 align:start position:0% phase we have this one way burn I have 00:02:33.520 --> 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color because you<00:02:47.860> know<00:02:47.950> it's<00:02:48.190> a<00:02:48.250> different<00:02:48.489> type<00:02:48.850> of<00:02:48.880> each 00:02:49.170 --> 00:02:49.180 align:start position:0% you know it's a different type of each 00:02:49.180 --> 00:02:51.420 align:start position:0% you know it's a different type of each like<00:02:49.390> if<00:02:49.510> you<00:02:49.959> can't<00:02:50.170> transfer<00:02:50.590> it<00:02:50.680> back<00:02:50.739> I 00:02:51.420 --> 00:02:51.430 align:start position:0% like if you can't transfer it back I 00:02:51.430 --> 00:02:53.040 align:start position:0% like if you can't transfer it back I think<00:02:51.760> that<00:02:52.060> these<00:02:52.540> things<00:02:52.690> are<00:02:52.810> gonna<00:02:52.959> have 00:02:53.040 --> 00:02:53.050 align:start position:0% think that these things are gonna have 00:02:53.050 --> 00:02:55.080 align:start position:0% think that these things are gonna have to<00:02:53.380> difference<00:02:53.680> change<00:02:53.920> values<00:02:54.400> will<00:02:55.060> be 00:02:55.080 --> 00:02:55.090 align:start position:0% to difference change values will be 00:02:55.090 --> 00:02:57.300 align:start position:0% to difference change values will be treated<00:02:55.540> very<00:02:55.570> differently<00:02:55.810> and<00:02:56.470> you<00:02:57.250> know 00:02:57.300 --> 00:02:57.310 align:start position:0% treated very differently and you know 00:02:57.310 --> 00:02:59.640 align:start position:0% treated very differently and you know when<00:02:57.640> you<00:02:57.700> try<00:02:57.880> to<00:02:57.940> move<00:02:58.090> I<00:02:58.300> can't<00:02:58.989> so<00:02:59.200> one<00:02:59.470> way 00:02:59.640 --> 00:02:59.650 align:start position:0% when you try to move I can't so one way 00:02:59.650 --> 00:03:04.130 align:start position:0% when you try to move I can't so one way worse<00:02:59.950> this<00:03:00.670> is<00:03:00.730> very<00:03:01.000> worrisome<00:03:01.600> to<00:03:01.870> me<00:03:02.340> so 00:03:04.130 --> 00:03:04.140 align:start position:0% worse this is very worrisome to me so 00:03:04.140 --> 00:03:07.199 align:start position:0% worse this is very worrisome to me so what<00:03:05.140> will<00:03:05.260> it<00:03:05.320> needs<00:03:05.500> wrong<00:03:05.680> here<00:03:05.890> so<00:03:06.790> you 00:03:07.199 --> 00:03:07.209 align:start position:0% what will it needs wrong here so you 00:03:07.209 --> 00:03:09.150 align:start position:0% what will it needs wrong here so you know<00:03:07.300> heads<00:03:07.600> up<00:03:07.780> love<00:03:08.290> from<00:03:08.620> the<00:03:08.739> state<00:03:08.980> you 00:03:09.150 --> 00:03:09.160 align:start position:0% know heads up love from the state you 00:03:09.160 --> 00:03:10.800 align:start position:0% know heads up love from the state you know<00:03:09.280> I<00:03:09.310> just<00:03:09.580> read<00:03:09.730> last<00:03:09.970> two<00:03:10.480> and<00:03:10.630> a<00:03:10.660> half 00:03:10.800 --> 00:03:10.810 align:start position:0% know I just read last two and a half 00:03:10.810 --> 00:03:12.090 align:start position:0% know I just read last two and a half years<00:03:11.020> of<00:03:11.080> my<00:03:11.170> life<00:03:11.230> working<00:03:11.590> on<00:03:11.800> for<00:03:12.010> the 00:03:12.090 --> 00:03:12.100 align:start position:0% years of my life working on for the 00:03:12.100 --> 00:03:17.100 align:start position:0% years of my life working on for the state<00:03:12.810> but<00:03:14.040> no<00:03:15.040> proof<00:03:15.640> stick<00:03:15.880> has<00:03:16.660> a<00:03:16.690> problems 00:03:17.100 --> 00:03:17.110 align:start position:0% state but no proof stick has a problems 00:03:17.110 --> 00:03:19.860 align:start position:0% state but no proof stick has a problems as<00:03:17.200> well<00:03:17.520> yo-yo<00:03:18.520> we<00:03:18.970> don't<00:03:19.150> know<00:03:19.300> exactly<00:03:19.480> how 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position:0% today where there are no I'm partially blamed<00:03:27.150> for<00:03:27.390> a<00:03:27.450> lot<00:03:27.510> of<00:03:27.690> it<00:03:27.750> but<00:03:27.840> you<00:03:27.960> know 00:03:28.040 --> 00:03:28.050 align:start position:0% blamed for a lot of it but you know 00:03:28.050 --> 00:03:29.960 align:start position:0% blamed for a lot of it but you know there<00:03:28.470> are<00:03:28.560> a<00:03:28.740> lot<00:03:28.770> like<00:03:29.130> centralization 00:03:29.960 --> 00:03:29.970 align:start position:0% there are a lot like centralization 00:03:29.970 --> 00:03:31.580 align:start position:0% there are a lot like centralization happening<00:03:30.330> in<00:03:30.420> the<00:03:30.480> balladeer<00:03:30.840> instead<00:03:31.170> we 00:03:31.580 --> 00:03:31.590 align:start position:0% happening in the balladeer instead we 00:03:31.590 --> 00:03:33.080 align:start position:0% happening in the balladeer instead we don't<00:03:31.770> know<00:03:31.890> how<00:03:32.100> resistant<00:03:32.820> it<00:03:32.970> is<00:03:33.030> to 00:03:33.080 --> 00:03:33.090 align:start position:0% don't know how resistant it is to 00:03:33.090 --> 00:03:35.450 align:start position:0% don't know how resistant it is to cartelization<00:03:33.720> we<00:03:34.200> don't<00:03:34.440> know<00:03:34.770> know 00:03:35.450 --> 00:03:35.460 align:start position:0% cartelization we don't know know 00:03:35.460 --> 00:03:38.180 align:start position:0% cartelization we don't know know especially<00:03:36.030> in<00:03:36.510> a<00:03:36.930> roofers<00:03:37.620> fake<00:03:37.800> system 00:03:38.180 --> 00:03:38.190 align:start position:0% especially in a roofers fake system 00:03:38.190 --> 00:03:40.520 align:start position:0% especially in a roofers fake system where<00:03:38.460> you<00:03:39.000> use<00:03:39.270> the<00:03:39.300> money<00:03:39.660> token<00:03:40.170> as<00:03:40.320> the 00:03:40.520 --> 00:03:40.530 align:start position:0% where you use the money token as the 00:03:40.530 --> 00:03:42.650 align:start position:0% where you use the money token as the state<00:03:40.830> how<00:03:41.460> does<00:03:41.640> that<00:03:41.730> affect<00:03:42.030> the<00:03:42.150> economics 00:03:42.650 --> 00:03:42.660 align:start position:0% state how does that affect the economics 00:03:42.660 --> 00:03:44.150 align:start position:0% state how does that affect the economics of<00:03:42.780> the<00:03:42.870> system 00:03:44.150 --> 00:03:44.160 align:start position:0% of the system 00:03:44.160 --> 00:03:46.010 align:start position:0% of the system what<00:03:44.790> kind<00:03:44.970> of<00:03:45.030> censorship<00:03:45.360> attacks<00:03:45.810> are 00:03:46.010 --> 00:03:46.020 align:start position:0% what kind of censorship attacks are 00:03:46.020 --> 00:03:48.680 align:start position:0% what kind of censorship attacks are possible<00:03:46.650> one<00:03:47.460> thing<00:03:47.640> I'm<00:03:47.760> personally<00:03:48.660> very 00:03:48.680 --> 00:03:48.690 align:start position:0% possible one thing I'm personally very 00:03:48.690 --> 00:03:50.300 align:start position:0% possible one thing I'm personally very worried<00:03:49.110> about<00:03:49.140> is<00:03:49.380> anything<00:03:49.650> probably<00:03:50.280> a 00:03:50.300 --> 00:03:50.310 align:start position:0% worried about is anything probably a 00:03:50.310 --> 00:03:54.070 align:start position:0% worried about is anything probably a group<00:03:50.550> of<00:03:50.670> state<00:03:50.990> can<00:03:51.990> get<00:03:52.080> into<00:03:52.320> later<00:03:53.030> yeah 00:03:54.070 --> 00:03:54.080 align:start position:0% group of state can get into later yeah 00:03:54.080 --> 00:03:56.960 align:start position:0% group of state can get into later yeah all<00:03:55.080> these<00:03:55.380> things<00:03:55.650> you<00:03:56.040> know<00:03:56.100> I'm<00:03:56.340> very<00:03:56.610> low 00:03:56.960 --> 00:03:56.970 align:start position:0% all these things you know I'm very low 00:03:56.970 --> 00:04:00.350 align:start position:0% all these things you know I'm very low it's<00:03:57.120> not<00:03:57.210> a<00:03:57.240> mistake<00:03:57.630> but<00:03:59.000> the<00:04:00.000> main 00:04:00.350 --> 00:04:00.360 align:start position:0% it's not a mistake but the main 00:04:00.360 --> 00:04:02.330 align:start position:0% it's not a mistake but the main fundamental<00:04:01.140> issues<00:04:01.440> of<00:04:01.710> state<00:04:01.920> is<00:04:02.160> it's 00:04:02.330 --> 00:04:02.340 align:start position:0% fundamental issues of state is it's 00:04:02.340 --> 00:04:05.150 align:start position:0% fundamental issues of state is it's highly<00:04:02.790> experimental<00:04:03.360> and<00:04:04.050> I<00:04:04.320> just<00:04:04.680> do<00:04:04.830> not 00:04:05.150 --> 00:04:05.160 align:start position:0% highly experimental and I just do not 00:04:05.160 --> 00:04:08.120 align:start position:0% highly experimental and I just do not feel<00:04:05.610> comfortable<00:04:06.320> shifting<00:04:07.320> a<00:04:07.530> thirty 00:04:08.120 --> 00:04:08.130 align:start position:0% feel comfortable shifting a thirty 00:04:08.130 --> 00:04:10.790 align:start position:0% feel comfortable shifting a thirty billion<00:04:08.640> dollar<00:04:09.060> network<00:04:09.540> to<00:04:10.050> this<00:04:10.170> one<00:04:10.500> sec 00:04:10.790 --> 00:04:10.800 align:start position:0% billion dollar network to this one sec 00:04:10.800 --> 00:04:13.430 align:start position:0% billion dollar network to this one sec untested<00:04:11.610> security<00:04:12.450> model<00:04:12.750> like<00:04:12.930> you<00:04:13.200> know<00:04:13.410> I 00:04:13.430 --> 00:04:13.440 align:start position:0% untested security model like you know I 00:04:13.440 --> 00:04:16.100 align:start position:0% untested security model like you know I think<00:04:13.860> that<00:04:14.250> those<00:04:14.610> people<00:04:14.640> eventually<00:04:15.210> we'll 00:04:16.100 --> 00:04:16.110 align:start position:0% think that those people eventually we'll 00:04:16.110 --> 00:04:17.630 align:start position:0% think that those people eventually we'll find<00:04:16.140> out<00:04:16.560> the<00:04:16.709> answers<00:04:17.100> to<00:04:17.310> these<00:04:17.430> questions 00:04:17.630 --> 00:04:17.640 align:start position:0% find out the answers to these questions 00:04:17.640 --> 00:04:19.370 align:start position:0% find out the answers to these questions but<00:04:18.209> it<00:04:18.660> will<00:04:18.720> take<00:04:18.900> time<00:04:18.930> and 00:04:19.370 --> 00:04:19.380 align:start position:0% but it will take time and 00:04:19.380 --> 00:04:21.620 align:start position:0% but it will take time and experimentation<00:04:19.950> and<00:04:20.670> I<00:04:20.760> don't<00:04:20.820> think<00:04:21.330> trying 00:04:21.620 --> 00:04:21.630 align:start position:0% experimentation and I don't think trying 00:04:21.630 --> 00:04:22.940 align:start position:0% experimentation and I don't think trying to<00:04:21.720> jump<00:04:22.170> headfirst 00:04:22.940 --> 00:04:22.950 align:start position:0% to jump headfirst 00:04:22.950 --> 00:04:26.240 align:start position:0% to jump headfirst because<00:04:24.200> sort<00:04:25.200> of<00:04:25.260> panic<00:04:25.560> moment<00:04:25.950> where<00:04:26.100> it's 00:04:26.240 --> 00:04:26.250 align:start position:0% because sort of panic moment where it's 00:04:26.250 --> 00:04:28.820 align:start position:0% because sort of panic moment where it's like<00:04:26.400> oh<00:04:26.580> we<00:04:26.970> feel<00:04:27.270> that<00:04:27.480> we're<00:04:27.720> behind<00:04:28.140> and<00:04:28.710> so 00:04:28.820 --> 00:04:28.830 align:start position:0% like oh we feel that we're behind and so 00:04:28.830 --> 00:04:30.740 align:start position:0% like oh we feel that we're behind and so we<00:04:28.980> do<00:04:29.100> like<00:04:29.310> just<00:04:30.120> jump<00:04:30.390> into<00:04:30.630> an 00:04:30.740 --> 00:04:30.750 align:start position:0% we do like just jump into an 00:04:30.750 --> 00:04:32.660 align:start position:0% we do like just jump into an ex-basketball<00:04:31.020> i<00:04:31.500> think<00:04:31.710> that's<00:04:31.890> making<00:04:32.370> some 00:04:32.660 --> 00:04:32.670 align:start position:0% ex-basketball i think that's making some 00:04:32.670 --> 00:04:35.240 align:start position:0% ex-basketball i think that's making some tasty<00:04:32.970> decisions<00:04:33.390> so<00:04:34.200> I<00:04:34.470> think<00:04:34.800> the<00:04:35.010> problem 00:04:35.240 --> 00:04:35.250 align:start position:0% tasty decisions so I think the problem 00:04:35.250 --> 00:04:37.730 align:start position:0% tasty decisions so I think the problem came<00:04:35.670> when<00:04:35.940> he<00:04:36.210> started<00:04:36.570> this<00:04:36.660> which<00:04:37.260> is<00:04:37.440> the 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align:start position:0% the last summer the Casper team research 00:04:47.610 --> 00:04:49.400 align:start position:0% the last summer the Casper team research team<00:04:47.850> was<00:04:48.030> distinct<00:04:48.600> from<00:04:48.630> this<00:04:48.870> German<00:04:49.230> team 00:04:49.400 --> 00:04:49.410 align:start position:0% team was distinct from this German team 00:04:49.410 --> 00:04:51.470 align:start position:0% team was distinct from this German team and<00:04:49.770> then<00:04:50.040> about<00:04:50.250> last<00:04:50.550> summer<00:04:50.790> or<00:04:51.030> the<00:04:51.150> exact 00:04:51.470 --> 00:04:51.480 align:start position:0% and then about last summer or the exact 00:04:51.480 --> 00:04:55.210 align:start position:0% and then about last summer or the exact emergencies<00:04:52.050> into<00:04:52.350> you<00:04:52.800> know<00:04:52.890> Jasper<00:04:54.050> 2.0 00:04:55.210 --> 00:04:55.220 align:start position:0% emergencies into you know Jasper 2.0 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that you know when we're waiting these two<00:05:03.210> things<00:05:03.450> I<00:05:03.570> think<00:05:03.660> starting<00:05:04.290> is<00:05:04.500> way<00:05:04.890> more 00:05:05.150 --> 00:05:05.160 align:start position:0% two things I think starting is way more 00:05:05.160 --> 00:05:07.160 align:start position:0% two things I think starting is way more important<00:05:05.700> than<00:05:05.880> a<00:05:06.210> mistake<00:05:06.630> like<00:05:06.990> you<00:05:07.020> know 00:05:07.160 --> 00:05:07.170 align:start position:0% important than a mistake like you know 00:05:07.170 --> 00:05:10.160 align:start position:0% important than a mistake like you know starting<00:05:07.890> there's<00:05:08.130> an<00:05:08.280> immediate<00:05:09.170> urgent 00:05:10.160 --> 00:05:10.170 align:start position:0% starting there's an immediate urgent 00:05:10.170 --> 00:05:11.780 align:start position:0% starting there's an immediate urgent demand<00:05:10.470> need<00:05:10.770> and<00:05:11.070> demand 00:05:11.780 --> 00:05:11.790 align:start position:0% demand need and demand 00:05:11.790 --> 00:05:13.910 align:start position:0% demand need and demand or<00:05:11.880> we<00:05:12.150> need<00:05:12.180> a<00:05:12.360> disability<00:05:13.080> really<00:05:13.290> fruit 00:05:13.910 --> 00:05:13.920 align:start position:0% or we need a disability really fruit 00:05:13.920 --> 00:05:17.000 align:start position:0% or we need a disability really fruit estate<00:05:14.310> you<00:05:14.580> know<00:05:14.700> it's<00:05:15.510> great<00:05:15.930> but<00:05:16.890> I<00:05:16.980> think 00:05:17.000 --> 00:05:17.010 align:start position:0% estate you know it's great but I think 00:05:17.010 --> 00:05:20.630 align:start position:0% estate you know it's great but I think it<00:05:17.430> can<00:05:17.550> come<00:05:17.790> in<00:05:18.360> time<00:05:18.720> and<00:05:19.650> so<00:05:19.860> here's<00:05:20.550> my 00:05:20.630 --> 00:05:20.640 align:start position:0% it can come in time and so here's my 00:05:20.640 --> 00:05:22.940 align:start position:0% it can come in time and so here's my proposal<00:05:21.300> of<00:05:21.570> what<00:05:22.380> I<00:05:22.440> think<00:05:22.680> is<00:05:22.740> a<00:05:22.770> more 00:05:22.940 --> 00:05:22.950 align:start position:0% proposal of what I think is a more 00:05:22.950 --> 00:05:27.230 align:start position:0% proposal of what I think is a more reasonable<00:05:23.570> way<00:05:24.570> of<00:05:24.600> approaching<00:05:25.610> okay<00:05:26.610> this 00:05:27.230 --> 00:05:27.240 align:start position:0% reasonable way of approaching okay this 00:05:27.240 --> 00:05:28.430 align:start position:0% reasonable way of approaching okay this is<00:05:27.330> what<00:05:27.420> we<00:05:27.510> have<00:05:27.600> today<00:05:27.750> you<00:05:28.110> currently 00:05:28.430 --> 00:05:28.440 align:start position:0% is what we have today you currently 00:05:28.440 --> 00:05:29.990 align:start position:0% is what we have today you currently through<00:05:28.650> him<00:05:28.770> maintain<00:05:29.400> we<00:05:29.850> got<00:05:29.970> a 00:05:29.990 --> 00:05:30.000 align:start position:0% through him maintain we got a 00:05:30.000 --> 00:05:32.800 align:start position:0% through him maintain we got a proof-of-work<00:05:30.390> and<00:05:31.230> we<00:05:31.410> have<00:05:31.530> an<00:05:31.620> EVM<00:05:31.980> here 00:05:32.800 --> 00:05:32.810 align:start position:0% proof-of-work and we have an EVM here 00:05:32.810 --> 00:05:35.450 align:start position:0% proof-of-work and we have an EVM here but<00:05:33.810> first<00:05:34.110> off<00:05:34.260> you<00:05:34.410> know<00:05:34.530> let's<00:05:34.710> focus<00:05:35.130> more 00:05:35.450 --> 00:05:35.460 align:start position:0% but first off you know let's focus more 00:05:35.460 --> 00:05:36.440 align:start position:0% but first off you know let's focus more on<00:05:35.490> side-chains 00:05:36.440 --> 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your either on the<00:05:43.800> ethereal<00:05:44.070> main<00:05:44.460> chain<00:05:44.760> and<00:05:45.060> then<00:05:45.540> you 00:05:45.680 --> 00:05:45.690 align:start position:0% the ethereal main chain and then you 00:05:45.690 --> 00:05:48.410 align:start position:0% the ethereal main chain and then you could<00:05:45.960> become<00:05:46.500> a<00:05:46.800> validator<00:05:47.580> on<00:05:47.880> the<00:05:48.210> side 00:05:48.410 --> 00:05:48.420 align:start position:0% could become a validator on the side 00:05:48.420 --> 00:05:52.520 align:start position:0% could become a validator on the side chains<00:05:48.690> and<00:05:48.810> so<00:05:49.020> nobody<00:05:50.840> then<00:05:51.840> move<00:05:52.170> your<00:05:52.320> eats 00:05:52.520 --> 00:05:52.530 align:start position:0% chains and so nobody then move your eats 00:05:52.530 --> 00:05:53.750 align:start position:0% chains and so nobody then move your eats back<00:05:52.800> and<00:05:52.980> forth<00:05:53.160> one<00:05:53.370> of<00:05:53.430> these<00:05:53.550> side<00:05:53.730> chains 00:05:53.750 --> 00:05:53.760 align:start position:0% back and forth one of these side chains 00:05:53.760 --> 00:05:56.090 align:start position:0% back and forth one of these side chains use<00:05:54.240> them<00:05:54.390> there<00:05:54.540> move<00:05:54.810> them<00:05:54.930> back<00:05:55.110> these 00:05:56.090 --> 00:05:56.100 align:start position:0% use them there move them back these 00:05:56.100 --> 00:05:58.970 align:start position:0% use them there move them back these sightings<00:05:56.520> that<00:05:56.580> have<00:05:56.760> the<00:05:56.880> EVM<00:05:57.300> on<00:05:57.540> them<00:05:57.980> we 00:05:58.970 --> 00:05:58.980 align:start position:0% sightings that have the EVM on them we 00:05:58.980 --> 00:06:00.140 align:start position:0% sightings that have the EVM on them we already<00:05:59.490> have<00:05:59.610> a<00:05:59.640> lot<00:05:59.850> of<00:05:59.940> people 00:06:00.140 --> 00:06:00.150 align:start position:0% already have a lot of people 00:06:00.150 --> 00:06:01.610 align:start position:0% already have a lot of people experimenting<00:06:00.600> on<00:06:00.840> things<00:06:01.080> like<00:06:01.230> this<00:06:01.350> day 00:06:01.610 --> 00:06:01.620 align:start position:0% experimenting on things like this day 00:06:01.620 --> 00:06:05.180 align:start position:0% experimenting on things like this day like<00:06:01.890> that<00:06:02.100> POA<00:06:03.320> Network<00:06:04.320> has<00:06:04.500> their<00:06:04.740> X<00:06:04.980> I 00:06:05.180 --> 00:06:05.190 align:start position:0% like that POA Network has their X I 00:06:05.190 --> 00:06:06.770 align:start position:0% like that POA Network has their X I chain<00:06:05.580> and<00:06:05.820> stuff<00:06:06.060> and<00:06:06.240> so<00:06:06.330> this<00:06:06.480> is<00:06:06.570> really 00:06:06.770 --> 00:06:06.780 align:start position:0% chain and stuff and so this is really 00:06:06.780 --> 00:06:08.270 align:start position:0% chain and stuff and so this is really good<00:06:06.960> but<00:06:07.320> they're<00:06:07.470> not<00:06:07.560> using<00:06:07.800> it<00:06:08.070> they're 00:06:08.270 --> 00:06:08.280 align:start position:0% good but they're not using it they're 00:06:08.280 --> 00:06:09.440 align:start position:0% good but they're not using it they're using<00:06:08.580> this<00:06:08.700> prefer<00:06:09.000> Authority<00:06:09.360> I<00:06:09.420> think 00:06:09.440 --> 00:06:09.450 align:start position:0% using this prefer Authority I think 00:06:09.450 --> 00:06:11.080 align:start position:0% using this prefer Authority I think always<00:06:09.840> you're<00:06:09.960> focused<00:06:10.350> on<00:06:10.440> is 00:06:11.080 --> 00:06:11.090 align:start position:0% always you're focused on is 00:06:11.090 --> 00:06:13.430 align:start position:0% always you're focused on is experimenting<00:06:12.090> with<00:06:12.150> sort<00:06:12.450> of<00:06:12.510> snake<00:06:12.750> on<00:06:13.020> side 00:06:13.430 --> 00:06:13.440 align:start position:0% experimenting with sort of snake on side 00:06:13.440 --> 00:06:18.650 align:start position:0% experimenting with sort of snake on side chains<00:06:13.740> first<00:06:14.780> also<00:06:15.780> you<00:06:16.410> know<00:06:16.500> a<00:06:17.570> little<00:06:18.570> bit 00:06:18.650 --> 00:06:18.660 align:start position:0% chains first also you know a little bit 00:06:18.660 --> 00:06:20.540 align:start position:0% chains first also you know a little bit of<00:06:18.720> a<00:06:18.750> plug<00:06:18.930> for<00:06:19.080> cosmo<00:06:19.440> stuff<00:06:19.680> you<00:06:20.220> know<00:06:20.310> if 00:06:20.540 --> 00:06:20.550 align:start position:0% of a plug for cosmo stuff you know if 00:06:20.550 --> 00:06:22.430 align:start position:0% of a plug for cosmo stuff you know if you<00:06:21.000> don't<00:06:21.210> want<00:06:21.330> to<00:06:21.390> use<00:06:21.480> the<00:06:21.600> EVM<00:06:21.960> qualities 00:06:22.430 --> 00:06:22.440 align:start position:0% you don't want to use the EVM qualities 00:06:22.440 --> 00:06:25.220 align:start position:0% you don't want to use the EVM qualities you<00:06:22.530> can<00:06:22.710> use<00:06:22.980> different<00:06:23.400> types<00:06:24.210> of<00:06:24.480> PM's<00:06:24.840> and 00:06:25.220 --> 00:06:25.230 align:start position:0% you can use different types of PM's and 00:06:25.230 --> 00:06:27.440 align:start position:0% you can use different types of PM's and systems<00:06:25.740> the<00:06:26.340> furthers<00:06:26.790> of<00:06:26.910> my<00:06:27.060> B's<00:06:27.210> news 00:06:27.440 --> 00:06:27.450 align:start position:0% systems the furthers of my B's news 00:06:27.450 --> 00:06:29.480 align:start position:0% systems the furthers of my B's news Christian<00:06:27.930> favorite<00:06:28.680> rates<00:06:28.920> talk<00:06:29.100> on<00:06:29.280> it<00:06:29.400> this 00:06:29.480 --> 00:06:29.490 align:start position:0% Christian favorite rates talk on it this 00:06:29.490 --> 00:06:31.610 align:start position:0% Christian favorite rates talk on it this morning<00:06:29.700> and<00:06:30.090> really<00:06:30.750> generalize<00:06:31.200> you<00:06:31.470> can 00:06:31.610 --> 00:06:31.620 align:start position:0% morning and really generalize you can 00:06:31.620 --> 00:06:34.040 align:start position:0% morning and really generalize you can allow<00:06:32.100> you<00:06:32.160> to<00:06:32.340> talk<00:06:32.580> with<00:06:32.640> me<00:06:33.000> many<00:06:33.690> different 00:06:34.040 --> 00:06:34.050 align:start position:0% allow you to talk with me many different 00:06:34.050 --> 00:06:36.320 align:start position:0% allow you to talk with me many different frameworks<00:06:34.470> you<00:06:34.650> could<00:06:34.800> talk<00:06:34.980> DBM<00:06:35.790> change<00:06:36.150> the 00:06:36.320 --> 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yeah so let's test proof of 00:06:45.270 --> 00:06:47.810 align:start position:0% the goal but yeah so let's test proof of State<00:06:45.480> on<00:06:45.720> side<00:06:46.080> chains<00:06:46.410> first<00:06:46.820> then 00:06:47.810 --> 00:06:47.820 align:start position:0% State on side chains first then 00:06:47.820 --> 00:06:51.350 align:start position:0% State on side chains first then eventually<00:06:48.480> don't<00:06:49.470> then<00:06:50.010> there's<00:06:50.730> already<00:06:50.970> so 00:06:51.350 --> 00:06:51.360 align:start position:0% eventually don't then there's already so 00:06:51.360 --> 00:06:53.330 align:start position:0% eventually don't then there's already so much<00:06:51.510> great<00:06:51.870> research<00:06:52.290> happening<00:06:52.770> in<00:06:53.190> the 00:06:53.330 --> 00:06:53.340 align:start position:0% much great research happening in the 00:06:53.340 --> 00:06:55.190 align:start position:0% much great research happening in the process<00:06:53.550> of<00:06:54.000> happen<00:06:54.390> you<00:06:54.570> know<00:06:54.660> I<00:06:54.690> think<00:06:55.020> then 00:06:55.190 --> 00:06:55.200 align:start position:0% process of happen you know I think then 00:06:55.200 --> 00:06:56.960 align:start position:0% process of happen you know I think then the 00:06:56.960 --> 00:06:56.970 align:start position:0% the 00:06:56.970 --> 00:06:59.120 align:start position:0% the the<00:06:57.600> think<00:06:57.840> working<00:06:58.020> side<00:06:58.350> chains<00:06:58.650> in<00:06:58.830> charge 00:06:59.120 --> 00:06:59.130 align:start position:0% the think working side chains in charge 00:06:59.130 --> 00:07:00.740 align:start position:0% the think working side chains in charge it's<00:06:59.520> a<00:06:59.580> little<00:06:59.760> bit<00:06:59.850> more<00:07:00.030> of<00:07:00.090> a<00:07:00.180> spectrum 00:07:00.740 --> 00:07:00.750 align:start position:0% it's a little bit more of a spectrum 00:07:00.750 --> 00:07:02.240 align:start position:0% it's a little bit more of a spectrum there's<00:07:01.020> like<00:07:01.170> you<00:07:01.530> know<00:07:01.560> there's<00:07:01.620> a<00:07:02.070> lot<00:07:02.220> of 00:07:02.240 --> 00:07:02.250 align:start position:0% there's like you know there's a lot of 00:07:02.250 --> 00:07:04.130 align:start position:0% there's like you know there's a lot of research<00:07:02.700> that's<00:07:02.730> already<00:07:03.000> been<00:07:03.300> going<00:07:03.480> into 00:07:04.130 --> 00:07:04.140 align:start position:0% research that's already been going into 00:07:04.140 --> 00:07:07.520 align:start position:0% research that's already been going into how<00:07:05.010> to<00:07:05.070> like<00:07:05.490> make<00:07:05.880> more<00:07:06.570> and<00:07:06.810> more<00:07:06.990> trustless 00:07:07.520 --> 00:07:07.530 align:start position:0% how to like make more and more trustless 00:07:07.530 --> 00:07:09.620 align:start position:0% how to like make more and more trustless side<00:07:07.770> chain<00:07:08.010> and<00:07:08.190> it<00:07:08.370> was<00:07:08.490> really<00:07:08.850> double<00:07:09.600> down 00:07:09.620 --> 00:07:09.630 align:start position:0% side chain and it was really double down 00:07:09.630 --> 00:07:10.260 align:start position:0% side chain and it was really double down on<00:07:09.780> those 00:07:10.260 --> 00:07:10.270 align:start position:0% on those 00:07:10.270 --> 00:07:12.180 align:start position:0% on those yes<00:07:10.750> I<00:07:10.870> know<00:07:11.200> I<00:07:11.230> think<00:07:11.350> the<00:07:11.590> scale<00:07:11.860> loves 00:07:12.180 --> 00:07:12.190 align:start position:0% yes I know I think the scale loves 00:07:12.190 --> 00:07:14.010 align:start position:0% yes I know I think the scale loves people<00:07:12.460> they've<00:07:12.820> been<00:07:12.850> do<00:07:13.120> a<00:07:13.150> really<00:07:13.570> cool<00:07:13.780> job 00:07:14.010 --> 00:07:14.020 align:start position:0% people they've been do a really cool job 00:07:14.020 --> 00:07:16.470 align:start position:0% people they've been do a really cool job one<00:07:14.290> come<00:07:14.740> on<00:07:14.860> put<00:07:15.220> some<00:07:15.250> great<00:07:15.640> and<00:07:16.270> here's 00:07:16.470 --> 00:07:16.480 align:start position:0% one come on put some great and here's 00:07:16.480 --> 00:07:20.100 align:start position:0% one come on put some great and here's their<00:07:17.340> you<00:07:18.340> know<00:07:18.430> I<00:07:18.460> don't<00:07:18.670> want<00:07:18.790> I<00:07:19.090> don't<00:07:19.960> want 00:07:20.100 --> 00:07:20.110 align:start position:0% their you know I don't want I don't want 00:07:20.110 --> 00:07:22.230 align:start position:0% their you know I don't want I don't want to<00:07:20.260> go<00:07:20.320> too<00:07:20.410> much<00:07:20.560> into<00:07:20.830> their<00:07:21.040> stuff<00:07:21.940> you<00:07:22.150> know 00:07:22.230 --> 00:07:22.240 align:start position:0% to go too much into their stuff you know 00:07:22.240 --> 00:07:23.640 align:start position:0% to go too much into their stuff you know you<00:07:22.270> should<00:07:22.510> take<00:07:22.750> a<00:07:22.810> look<00:07:22.960> at<00:07:23.080> how<00:07:23.200> they<00:07:23.350> do<00:07:23.530> it 00:07:23.640 --> 00:07:23.650 align:start position:0% you should take a look at how they do it 00:07:23.650 --> 00:07:25.590 align:start position:0% you should take a look at how they do it they<00:07:23.770> have<00:07:23.800> this<00:07:24.460> one<00:07:24.760> like<00:07:24.970> one<00:07:25.300> in<00:07:25.510> the 00:07:25.590 --> 00:07:25.600 align:start position:0% they have this one like one in the 00:07:25.600 --> 00:07:27.930 align:start position:0% they have this one like one in the speaking<00:07:26.050> manager<00:07:26.590> contract<00:07:27.160> that<00:07:27.580> basically 00:07:27.930 --> 00:07:27.940 align:start position:0% speaking manager contract that basically 00:07:27.940 --> 00:07:29.550 align:start position:0% speaking manager contract that basically assigns<00:07:28.480> pollinators<00:07:29.110> or<00:07:29.260> different 00:07:29.550 --> 00:07:29.560 align:start position:0% assigns pollinators or different 00:07:29.560 --> 00:07:31.440 align:start position:0% assigns pollinators or different starters<00:07:29.950> on<00:07:30.100> the<00:07:30.220> system<00:07:30.580> and<00:07:30.850> it's<00:07:31.180> running 00:07:31.440 --> 00:07:31.450 align:start position:0% starters on the system and it's running 00:07:31.450 --> 00:07:33.870 align:start position:0% starters on the system and it's running on<00:07:31.660> the<00:07:32.170> etherium<00:07:32.770> for<00:07:32.950> her<00:07:33.040> work<00:07:33.250> shape<00:07:33.490> in 00:07:33.870 --> 00:07:33.880 align:start position:0% on the etherium for her work shape in 00:07:33.880 --> 00:07:36.570 align:start position:0% on the etherium for her work shape in the<00:07:34.030> ABM<00:07:34.710> there's<00:07:35.710> also<00:07:35.860> a<00:07:35.980> lot<00:07:36.130> of<00:07:36.160> other<00:07:36.310> cool 00:07:36.570 --> 00:07:36.580 align:start position:0% the ABM there's also a lot of other cool 00:07:36.580 --> 00:07:38.430 align:start position:0% the ABM there's also a lot of other cool stuff<00:07:36.640> like<00:07:37.270> you<00:07:37.390> know<00:07:37.420> the<00:07:37.900> map<00:07:38.140> like 00:07:38.430 --> 00:07:38.440 align:start position:0% stuff like you know the map like 00:07:38.440 --> 00:07:40.260 align:start position:0% stuff like you know the map like everyone<00:07:38.860> is<00:07:38.980> working<00:07:39.130> on<00:07:39.310> CK<00:07:39.640> roll-up<00:07:40.000> I<00:07:40.120> just 00:07:40.260 --> 00:07:40.270 align:start position:0% everyone is working on CK roll-up I just 00:07:40.270 --> 00:07:41.820 align:start position:0% everyone is working on CK roll-up I just um<00:07:40.360> added<00:07:40.690> as<00:07:40.750> an<00:07:40.870> example<00:07:41.170> but<00:07:41.440> there's<00:07:41.620> a<00:07:41.650> lot 00:07:41.820 --> 00:07:41.830 align:start position:0% um added as an example but there's a lot 00:07:41.830 --> 00:07:43.920 align:start position:0% um added as an example but there's a lot of<00:07:41.980> cool<00:07:42.550> people<00:07:42.700> are<00:07:42.910> working<00:07:43.210> on<00:07:43.360> like<00:07:43.630> CK 00:07:43.920 --> 00:07:43.930 align:start position:0% of cool people are working on like CK 00:07:43.930 --> 00:07:46.440 align:start position:0% of cool people are working on like CK role<00:07:44.140> of<00:07:44.290> techniques<00:07:44.710> the<00:07:45.640> plasma<00:07:46.030> group<00:07:46.270> came 00:07:46.440 --> 00:07:46.450 align:start position:0% role of techniques the plasma group came 00:07:46.450 --> 00:07:50.250 align:start position:0% role of techniques the plasma group came up<00:07:46.510> with<00:07:46.750> this<00:07:46.900> OPM<00:07:47.760> system<00:07:48.760> with<00:07:49.150> and<00:07:49.480> some 00:07:50.250 --> 00:07:50.260 align:start position:0% up with this OPM system with and some 00:07:50.260 --> 00:07:52.230 align:start position:0% up with this OPM system with and some people<00:07:50.500> at<00:07:50.560> consensus<00:07:51.130> and<00:07:51.640> some<00:07:51.880> cool<00:07:52.060> stuff 00:07:52.230 --> 00:07:52.240 align:start position:0% people at consensus and some cool stuff 00:07:52.240 --> 00:07:54.750 align:start position:0% people at consensus and some cool stuff with<00:07:52.330> minimal<00:07:52.690> Viable<00:07:53.110> version<00:07:53.560> senses<00:07:53.920> this 00:07:54.750 --> 00:07:54.760 align:start position:0% with minimal Viable version senses this 00:07:54.760 --> 00:07:58.140 align:start position:0% with minimal Viable version senses this guy<00:07:54.940> know<00:07:55.330> but<00:07:56.050> you<00:07:56.110> know<00:07:56.350> having<00:07:56.560> be<00:07:57.000> high<00:07:58.000> low 00:07:58.140 --> 00:07:58.150 align:start position:0% guy know but you know having be high low 00:07:58.150 --> 00:07:59.370 align:start position:0% guy know but you know having be high low you've<00:07:58.330> been<00:07:58.480> kind<00:07:58.630> of<00:07:58.660> working<00:07:58.840> on<00:07:59.110> a<00:07:59.140> lot<00:07:59.350> of 00:07:59.370 --> 00:07:59.380 align:start position:0% you've been kind of working on a lot of 00:07:59.380 --> 00:08:02.010 align:start position:0% you've been kind of working on a lot of cool<00:07:59.740> ideas<00:08:00.430> and<00:08:01.060> here<00:08:01.270> yes<00:08:01.540> I<00:08:01.750> see<00:08:01.900> your 00:08:02.010 --> 00:08:02.020 align:start position:0% cool ideas and here yes I see your 00:08:02.020 --> 00:08:03.660 align:start position:0% cool ideas and here yes I see your projects<00:08:02.440> I<00:08:02.500> can't<00:08:02.740> go<00:08:02.860> too<00:08:03.040> much<00:08:03.160> into<00:08:03.340> it<00:08:03.430> but 00:08:03.660 --> 00:08:03.670 align:start position:0% projects I can't go too much into it but 00:08:03.670 --> 00:08:04.920 align:start position:0% projects I can't go too much into it but now<00:08:04.030> he's<00:08:04.180> working<00:08:04.330> on<00:08:04.480> some<00:08:04.600> cool<00:08:04.780> stuff 00:08:04.920 --> 00:08:04.930 align:start position:0% now he's working on some cool stuff 00:08:04.930 --> 00:08:05.760 align:start position:0% now he's working on some cool stuff along<00:08:05.110> the<00:08:05.260> splines 00:08:05.760 --> 00:08:05.770 align:start position:0% along the splines 00:08:05.770 --> 00:08:07.620 align:start position:0% along the splines job<00:08:06.490> I<00:08:06.610> think<00:08:06.760> we<00:08:06.820> should<00:08:06.970> really<00:08:07.090> be<00:08:07.180> focusing 00:08:07.620 --> 00:08:07.630 align:start position:0% job I think we should really be focusing 00:08:07.630 --> 00:08:10.260 align:start position:0% job I think we should really be focusing on<00:08:07.810> building<00:08:08.320> these<00:08:08.470> proof<00:08:08.680> of<00:08:08.800> stakes<00:08:09.270> sharp 00:08:10.260 --> 00:08:10.270 align:start position:0% on building these proof of stakes sharp 00:08:10.270 --> 00:08:12.210 align:start position:0% on building these proof of stakes sharp testing<00:08:11.020> who<00:08:11.110> stick<00:08:11.350> at<00:08:11.500> the<00:08:11.530> starters 00:08:12.210 --> 00:08:12.220 align:start position:0% testing who stick at the starters 00:08:12.220 --> 00:08:16.080 align:start position:0% testing who stick at the starters then<00:08:13.000> once<00:08:13.990> a<00:08:14.170> pine<00:08:14.410> past<00:08:14.710> then<00:08:15.670> what<00:08:15.850> we<00:08:15.940> can 00:08:16.080 --> 00:08:16.090 align:start position:0% then once a pine past then what we can 00:08:16.090 --> 00:08:19.230 align:start position:0% then once a pine past then what we can do<00:08:16.210> is<00:08:17.010> suddenly<00:08:18.010> take<00:08:18.550> off<00:08:18.670> they<00:08:18.880> like<00:08:19.060> you 00:08:19.230 --> 00:08:19.240 align:start position:0% do is suddenly take off they like you 00:08:19.240 --> 00:08:21.540 align:start position:0% do is suddenly take off they like you know<00:08:19.330> GBM<00:08:20.080> on<00:08:20.260> there<00:08:20.500> but<00:08:20.740> remove<00:08:21.100> the<00:08:21.310> like 00:08:21.540 --> 00:08:21.550 align:start position:0% know GBM on there but remove the like 00:08:21.550 --> 00:08:24.450 align:start position:0% know GBM on there but remove the like plugins<00:08:22.480> where<00:08:22.840> basically<00:08:23.290> stop<00:08:24.160> allowing 00:08:24.450 --> 00:08:24.460 align:start position:0% plugins where basically stop allowing 00:08:24.460 --> 00:08:27.510 align:start position:0% plugins where basically stop allowing people<00:08:24.730> to<00:08:24.910> deploy<00:08:25.270> new<00:08:25.660> contracts<00:08:26.440> at<00:08:26.590> the<00:08:27.280> on 00:08:27.510 --> 00:08:27.520 align:start position:0% people to deploy new contracts at the on 00:08:27.520 --> 00:08:29.040 align:start position:0% people to deploy new contracts at the on the<00:08:27.550> route<00:08:27.850> change<00:08:28.150> so<00:08:28.390> now<00:08:28.750> all<00:08:28.960> the 00:08:29.040 --> 00:08:29.050 align:start position:0% the route change so now all the 00:08:29.050 --> 00:08:30.690 align:start position:0% the route change so now all the contracts<00:08:29.440> that<00:08:29.500> are<00:08:29.620> still<00:08:29.830> there<00:08:29.860> still<00:08:30.430> are 00:08:30.690 --> 00:08:30.700 align:start position:0% contracts that are still there still are 00:08:30.700 --> 00:08:32.880 align:start position:0% contracts that are still there still are running<00:08:31.000> but<00:08:31.600> you<00:08:31.840> know<00:08:31.930> no<00:08:32.230> more<00:08:32.380> deployment 00:08:32.880 --> 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next after some more time of Douglass's 00:08:38.890 --> 00:08:41.520 align:start position:0% next after some more time of Douglass's then<00:08:39.520> we<00:08:40.030> can<00:08:40.180> start<00:08:40.450> to<00:08:40.630> allow<00:08:40.870> a<00:08:40.900> system<00:08:41.230> that 00:08:41.520 --> 00:08:41.530 align:start position:0% then we can start to allow a system that 00:08:41.530 --> 00:08:44.070 align:start position:0% then we can start to allow a system that allows<00:08:41.770> you<00:08:42.010> to<00:08:42.040> easily<00:08:42.160> migrate<00:08:42.850> some<00:08:43.840> of<00:08:43.990> the 00:08:44.070 --> 00:08:44.080 align:start position:0% allows you to easily migrate some of the 00:08:44.080 --> 00:08:47.550 align:start position:0% allows you to easily migrate some of the contracts<00:08:44.620> on<00:08:44.890> off<00:08:45.460> of<00:08:45.490> the<00:08:45.820> EVM<00:08:46.600> onto<00:08:47.410> other 00:08:47.550 --> 00:08:47.560 align:start position:0% contracts on off of the EVM onto other 00:08:47.560 --> 00:08:51.180 align:start position:0% contracts on off of the EVM onto other channels<00:08:48.070> and<00:08:48.190> then<00:08:49.230> finally<00:08:50.230> when<00:08:50.470> a<00:08:50.500> lot<00:08:50.800> of 00:08:51.180 --> 00:08:51.190 align:start position:0% channels and then finally when a lot of 00:08:51.190 --> 00:08:53.550 align:start position:0% channels and then finally when a lot of time<00:08:51.400> goes<00:08:51.760> by<00:08:51.790> like<00:08:52.780> you<00:08:52.930> know<00:08:53.050> maybe<00:08:53.230> five 00:08:53.550 --> 00:08:53.560 align:start position:0% time goes by like you know maybe five 00:08:53.560 --> 00:08:56.010 align:start position:0% time goes by like you know maybe five five<00:08:54.370> years<00:08:54.700> or<00:08:54.850> something<00:08:54.940> ten<00:08:55.300> years<00:08:55.540> your 00:08:56.010 --> 00:08:56.020 align:start position:0% five years or something ten years your 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position:0% that level of confidence and like 00:09:04.050 --> 00:09:06.139 align:start position:0% that level of confidence and like history<00:09:04.800> to<00:09:04.950> it<00:09:05.040> before<00:09:05.160> we<00:09:05.399> we<00:09:05.910> should<00:09:06.060> be 00:09:06.139 --> 00:09:06.149 align:start position:0% history to it before we we should be 00:09:06.149 --> 00:09:07.880 align:start position:0% history to it before we we should be ready<00:09:06.360> finally<00:09:06.720> we<00:09:07.110> can<00:09:07.230> go<00:09:07.380> ahead<00:09:07.470> and<00:09:07.710> change 00:09:07.880 --> 00:09:07.890 align:start position:0% ready finally we can go ahead and change 00:09:07.890 --> 00:09:09.889 align:start position:0% ready finally we can go ahead and change the<00:09:08.040> prefer<00:09:08.279> work<00:09:08.460> chain<00:09:08.730> to<00:09:09.360> reproduce<00:09:09.600> a 00:09:09.889 --> 00:09:09.899 align:start position:0% the prefer work chain to reproduce a 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which<00:09:24.570> I<00:09:24.660> think<00:09:24.899> that<00:09:25.050> something 00:09:25.430 --> 00:09:25.440 align:start position:0% charge which I think that something 00:09:25.440 --> 00:09:27.410 align:start position:0% charge which I think that something which<00:09:25.709> I<00:09:25.830> think<00:09:25.860> it's<00:09:26.730> great<00:09:26.820> that<00:09:27.029> I've<00:09:27.240> seen 00:09:27.410 --> 00:09:27.420 align:start position:0% which I think it's great that I've seen 00:09:27.420 --> 00:09:28.940 align:start position:0% which I think it's great that I've seen this<00:09:27.540> actually<00:09:27.839> happening<00:09:28.140> the<00:09:28.320> last<00:09:28.470> couple 00:09:28.940 --> 00:09:28.950 align:start position:0% this actually happening the last couple 00:09:28.950 --> 00:09:29.800 align:start position:0% this actually happening the last couple months<00:09:29.040> now 00:09:29.800 --> 00:09:29.810 align:start position:0% months now 00:09:29.810 --> 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bit<00:09:36.630> about<00:09:36.660> why<00:09:36.990> I<00:09:37.410> mean<00:09:37.920> it's<00:09:38.070> great 00:09:39.190 --> 00:09:39.200 align:start position:0% little bit about why I mean it's great 00:09:39.200 --> 00:09:41.810 align:start position:0% little bit about why I mean it's great so<00:09:40.200> you<00:09:40.290> know<00:09:40.410> I<00:09:40.649> think<00:09:40.800> smart<00:09:41.279> contracting 00:09:41.810 --> 00:09:41.820 align:start position:0% so you know I think smart contracting 00:09:41.820 --> 00:09:44.030 align:start position:0% so you know I think smart contracting systems<00:09:42.180> really<00:09:42.510> should<00:09:43.290> be<00:09:43.470> used<00:09:43.709> for 00:09:44.030 --> 00:09:44.040 align:start position:0% systems really should be used for 00:09:44.040 --> 00:09:47.360 align:start position:0% systems really should be used for contracting<00:09:44.820> not<00:09:45.209> for<00:09:45.800> applications<00:09:46.800> now 00:09:47.360 --> 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like<00:10:03.630> you<00:10:03.720> know<00:10:03.839> if 00:10:04.010 --> 00:10:04.020 align:start position:0% customizability but like you know if 00:10:04.020 --> 00:10:05.720 align:start position:0% customizability but like you know if you're<00:10:04.140> building<00:10:04.290> index<00:10:04.830> you're<00:10:05.220> building<00:10:05.580> a 00:10:05.720 --> 00:10:05.730 align:start position:0% you're building index you're building a 00:10:05.730 --> 00:10:08.090 align:start position:0% you're building index you're building a prediction<00:10:06.420> market<00:10:06.779> system<00:10:07.170> you<00:10:07.589> probably 00:10:08.090 --> 00:10:08.100 align:start position:0% prediction market system you probably 00:10:08.100 --> 00:10:13.790 align:start position:0% prediction market system you probably want<00:10:08.430> a<00:10:08.670> more<00:10:10.820> custom<00:10:11.820> build<00:10:12.089> efficient<00:10:12.930> state 00:10:13.790 --> 00:10:13.800 align:start position:0% want a more custom build efficient state 00:10:13.800 --> 00:10:15.530 align:start position:0% want a more custom build efficient state machine<00:10:14.160> for<00:10:14.339> this<00:10:14.550> you<00:10:15.029> get<00:10:15.120> a<00:10:15.180> lot<00:10:15.240> of 00:10:15.530 --> 00:10:15.540 align:start position:0% machine for this you get a lot of 00:10:15.540 --> 00:10:17.240 align:start position:0% machine for this you get a lot of benefits<00:10:16.110> when<00:10:16.260> you<00:10:16.320> do<00:10:16.440> this<00:10:16.560> you<00:10:16.770> produce<00:10:16.950> a 00:10:17.240 --> 00:10:17.250 align:start position:0% benefits when you do this you produce a 00:10:17.250 --> 00:10:19.579 align:start position:0% benefits when you do this you produce a lot<00:10:17.279> of<00:10:17.459> the<00:10:17.580> attack<00:10:17.850> surface<00:10:18.120> a<00:10:18.570> lot<00:10:19.170> of<00:10:19.380> the 00:10:19.579 --> 00:10:19.589 align:start position:0% lot of the attack surface a lot of the 00:10:19.589 --> 00:10:22.610 align:start position:0% lot of the attack surface a lot of the issues<00:10:20.220> with<00:10:20.550> a<00:10:21.300> lot<00:10:22.170> of<00:10:22.260> the<00:10:22.350> biggest 00:10:22.610 --> 00:10:22.620 align:start position:0% issues with a lot of the biggest 00:10:22.620 --> 00:10:24.380 align:start position:0% issues with a lot of the biggest contract<00:10:23.010> bucks<00:10:23.220> usually<00:10:23.640> have<00:10:23.760> come<00:10:24.029> from 00:10:24.380 --> 00:10:24.390 align:start position:0% contract bucks usually have come from 00:10:24.390 --> 00:10:28.040 align:start position:0% contract bucks usually have come from weird<00:10:25.320> vulnerability<00:10:26.070> is<00:10:26.250> that<00:10:26.459> like<00:10:27.050> nuances 00:10:28.040 --> 00:10:28.050 align:start position:0% weird vulnerability is that like nuances 00:10:28.050 --> 00:10:30.320 align:start position:0% weird vulnerability is that like nuances of<00:10:28.080> ppm<00:10:28.680> whether<00:10:28.980> the<00:10:29.310> doub<00:10:29.520> of<00:10:29.820> the<00:10:30.089> pair<00:10:30.270> of 00:10:30.320 --> 00:10:30.330 align:start position:0% of ppm whether the doub of the pair of 00:10:30.330 --> 00:10:32.780 align:start position:0% of ppm whether the doub of the pair of Evo's<00:10:30.630> or<00:10:31.040> most<00:10:32.040> of<00:10:32.100> the<00:10:32.190> bugs<00:10:32.339> usually<00:10:32.670> come 00:10:32.780 --> 00:10:32.790 align:start position:0% Evo's or most of the bugs usually come 00:10:32.790 --> 00:10:35.750 align:start position:0% Evo's or most of the bugs usually come from<00:10:32.820> weird<00:10:33.230> things<00:10:34.230> with<00:10:34.320> IBM<00:10:34.770> you<00:10:35.430> get<00:10:35.550> a<00:10:35.580> lot 00:10:35.750 --> 00:10:35.760 align:start position:0% from weird things with IBM you get a lot 00:10:35.760 --> 00:10:37.579 align:start position:0% from weird things with IBM you get a lot more<00:10:35.970> efficiency<00:10:36.750> games<00:10:36.990> because<00:10:37.320> you<00:10:37.350> have<00:10:37.560> a 00:10:37.579 --> 00:10:37.589 align:start position:0% more efficiency games because you have a 00:10:37.589 --> 00:10:40.040 align:start position:0% more efficiency games because you have a custom<00:10:38.100> build<00:10:38.450> state<00:10:39.450> machine<00:10:39.750> you're<00:10:39.870> not 00:10:40.040 --> 00:10:40.050 align:start position:0% custom build state machine you're not 00:10:40.050 --> 00:10:42.590 align:start position:0% custom build state machine you're not you<00:10:40.589> know<00:10:40.709> you're<00:10:41.160> not<00:10:41.220> this<00:10:42.209> is<00:10:42.270> like<00:10:42.510> you 00:10:42.590 --> 00:10:42.600 align:start position:0% you know you're not this is like you 00:10:42.600 --> 00:10:43.760 align:start position:0% you know you're not this is like you know<00:10:42.630> if<00:10:42.779> you<00:10:42.870> have<00:10:43.020> you<00:10:43.200> didn't<00:10:43.410> have<00:10:43.529> much 00:10:43.760 --> 00:10:43.770 align:start position:0% know if you have you didn't have much 00:10:43.770 --> 00:10:45.829 align:start position:0% know if you have you didn't have much sometimes<00:10:44.339> this<00:10:44.610> giant<00:10:44.970> opcode<00:10:45.329> system<00:10:45.690> and 00:10:45.829 --> 00:10:45.839 align:start position:0% sometimes this giant opcode system and 00:10:45.839 --> 00:10:47.750 align:start position:0% sometimes this giant opcode system and running<00:10:46.050> on<00:10:46.140> interpreted<00:10:46.709> code<00:10:46.980> you<00:10:47.579> know<00:10:47.700> you 00:10:47.750 --> 00:10:47.760 align:start position:0% running on interpreted code you know you 00:10:47.760 --> 00:10:51.050 align:start position:0% running on interpreted code you know you have<00:10:48.420> lots<00:10:48.930> more<00:10:49.279> simplistic<00:10:50.279> state<00:10:50.760> machines 00:10:51.050 --> 00:10:51.060 align:start position:0% have lots more simplistic state machines 00:10:51.060 --> 00:10:52.630 align:start position:0% have lots more simplistic state machines which<00:10:51.240> makes<00:10:51.600> it<00:10:51.750> much<00:10:51.839> more<00:10:51.990> efficient 00:10:52.630 --> 00:10:52.640 align:start position:0% which makes it much more efficient 00:10:52.640 --> 00:10:55.230 align:start position:0% which makes it much more efficient finally<00:10:53.640> you<00:10:53.730> can<00:10:53.850> find<00:10:54.089> you<00:10:54.270> to<00:10:54.510> optimize 00:10:55.230 --> 00:10:55.240 align:start position:0% finally you can find you to optimize 00:10:55.240 --> 00:10:58.230 align:start position:0% finally you can find you to optimize patient<00:10:55.660> so<00:10:56.110> you<00:10:56.170> know<00:10:56.379> right<00:10:57.040> now<00:10:57.209> you<00:10:58.209> can't 00:10:58.230 --> 00:10:58.240 align:start position:0% patient so you know right now you can't 00:10:58.240 --> 00:11:00.900 align:start position:0% patient so you know right now you can't really<00:10:58.540> implement<00:10:59.079> C<00:10:59.230> cash<00:10:59.439> like<00:11:00.069> privacy<00:11:00.639> in 00:11:00.900 --> 00:11:00.910 align:start position:0% really implement C cash like privacy in 00:11:00.910 --> 00:11:03.179 align:start position:0% really implement C cash like privacy in the<00:11:01.089> UVM<00:11:01.420> in<00:11:01.509> an<00:11:01.600> efficient<00:11:01.990> way<00:11:02.079> because<00:11:02.499> it's 00:11:03.179 --> 00:11:03.189 align:start position:0% the UVM in an efficient way because it's 00:11:03.189 --> 00:11:05.960 align:start position:0% the UVM in an efficient way because it's very<00:11:03.459> you<00:11:03.639> know<00:11:03.730> it's<00:11:03.939> not<00:11:04.089> fine<00:11:04.360> tune<00:11:04.689> or<00:11:05.319> a 00:11:05.960 --> 00:11:05.970 align:start position:0% very you know it's not fine tune or a 00:11:05.970 --> 00:11:08.639 align:start position:0% very you know it's not fine tune or a great<00:11:06.970> example<00:11:07.179> accident<00:11:07.779> and<00:11:08.019> so<00:11:08.319> it's 00:11:08.639 --> 00:11:08.649 align:start position:0% great example accident and so it's 00:11:08.649 --> 00:11:10.379 align:start position:0% great example accident and so it's missing<00:11:08.949> the<00:11:09.040> cryptography<00:11:09.639> that<00:11:09.790> you<00:11:09.910> need<00:11:10.119> a 00:11:10.379 --> 00:11:10.389 align:start position:0% missing the cryptography that you need a 00:11:10.389 --> 00:11:12.629 align:start position:0% missing the cryptography that you need a great<00:11:11.019> example<00:11:11.259> of<00:11:11.499> fine<00:11:11.920> tuning<00:11:12.279> for<00:11:12.490> your 00:11:12.629 --> 00:11:12.639 align:start position:0% great example of fine tuning for your 00:11:12.639 --> 00:11:13.980 align:start position:0% great example of fine tuning for your application<00:11:13.119> if<00:11:13.240> you<00:11:13.540> want<00:11:13.720> to<00:11:13.779> build<00:11:13.929> a 00:11:13.980 --> 00:11:13.990 align:start position:0% application if you want to build a 00:11:13.990 --> 00:11:16.799 align:start position:0% application if you want to build a payment<00:11:14.379> system<00:11:14.499> right<00:11:14.939> payment<00:11:15.939> there's<00:11:16.720> a 00:11:16.799 --> 00:11:16.809 align:start position:0% payment system right payment there's a 00:11:16.809 --> 00:11:18.749 align:start position:0% payment system right payment there's a reason<00:11:17.350> Bitcoin<00:11:17.740> was<00:11:17.769> built<00:11:18.160> as<00:11:18.279> a<00:11:18.309> beauty<00:11:18.670> M 00:11:18.749 --> 00:11:18.759 align:start position:0% reason Bitcoin was built as a beauty M 00:11:18.759 --> 00:11:21.269 align:start position:0% reason Bitcoin was built as a beauty M so<00:11:18.939> system<00:11:19.389> you<00:11:19.569> get<00:11:19.720> those<00:11:20.050> are<00:11:20.439> better<00:11:20.860> at 00:11:21.269 --> 00:11:21.279 align:start position:0% so system you get those are better at 00:11:21.279 --> 00:11:23.340 align:start position:0% so system you get those are better at payments<00:11:22.149> because<00:11:22.480> you<00:11:22.869> know<00:11:22.959> they<00:11:23.139> can<00:11:23.259> be 00:11:23.340 --> 00:11:23.350 align:start position:0% payments because you know they can be 00:11:23.350 --> 00:11:26.579 align:start position:0% payments because you know they can be parallelized<00:11:23.949> way<00:11:24.339> more<00:11:24.610> easily<00:11:24.929> but<00:11:25.929> no<00:11:26.379> the 00:11:26.579 --> 00:11:26.589 align:start position:0% parallelized way more easily but no the 00:11:26.589 --> 00:11:29.400 align:start position:0% parallelized way more easily but no the EBM<00:11:26.980> was<00:11:27.249> optimized<00:11:28.059> for<00:11:28.420> the<00:11:28.600> average<00:11:28.869> news 00:11:29.400 --> 00:11:29.410 align:start position:0% EBM was optimized for the average news 00:11:29.410 --> 00:11:32.759 align:start position:0% EBM was optimized for the average news it's<00:11:29.829> not<00:11:29.889> for<00:11:30.369> the<00:11:30.929> specific<00:11:31.929> uses<00:11:32.139> and<00:11:32.589> so 00:11:32.759 --> 00:11:32.769 align:start position:0% it's not for the specific uses and so 00:11:32.769 --> 00:11:34.559 align:start position:0% it's not for the specific uses and so for<00:11:32.920> the<00:11:33.009> averages<00:11:33.550> case<00:11:33.790> you<00:11:33.939> need<00:11:34.089> accounts 00:11:34.559 --> 00:11:34.569 align:start position:0% for the averages case you need accounts 00:11:34.569 --> 00:11:36.509 align:start position:0% for the averages case you need accounts the<00:11:34.660> kids<00:11:34.839> but<00:11:35.679> if<00:11:35.889> you<00:11:36.040> want<00:11:36.249> to<00:11:36.309> build<00:11:36.399> a 00:11:36.509 --> 00:11:36.519 align:start position:0% the kids but if you want to build a 00:11:36.519 --> 00:11:39.720 align:start position:0% the kids but if you want to build a payment<00:11:36.879> system<00:11:37.499> what<00:11:38.499> we<00:11:38.619> want<00:11:38.800> to<00:11:38.889> optimize 00:11:39.720 --> 00:11:39.730 align:start position:0% payment system what we want to optimize 00:11:39.730 --> 00:11:41.639 align:start position:0% payment system what we want to optimize your<00:11:39.970> application<00:11:40.240> choose<00:11:40.839> the<00:11:41.050> best<00:11:41.319> design 00:11:41.639 --> 00:11:41.649 align:start position:0% your application choose the best design 00:11:41.649 --> 00:11:43.439 align:start position:0% your application choose the best design patterns<00:11:42.160> that<00:11:42.429> are<00:11:42.699> very<00:11:42.970> on<00:11:43.059> the<00:11:43.149> patient 00:11:43.439 --> 00:11:43.449 align:start position:0% patterns that are very on the patient 00:11:43.449 --> 00:11:45.119 align:start position:0% patterns that are very on the patient and<00:11:43.509> so<00:11:43.689> this<00:11:43.839> is<00:11:43.959> why<00:11:44.079> you<00:11:44.139> think<00:11:44.470> you<00:11:44.980> really 00:11:45.119 --> 00:11:45.129 align:start position:0% and so this is why you think you really 00:11:45.129 --> 00:11:48.480 align:start position:0% and so this is why you think you really should<00:11:45.279> be<00:11:45.519> in<00:11:46.029> this<00:11:46.559> dream<00:11:47.559> charting<00:11:48.009> certain 00:11:48.480 --> 00:11:48.490 align:start position:0% should be in this dream charting certain 00:11:48.490 --> 00:11:50.519 align:start position:0% should be in this dream charting certain claim<00:11:48.790> to<00:11:48.970> not<00:11:49.540> be<00:11:49.689> focused<00:11:49.869> on<00:11:50.230> trying<00:11:50.439> to 00:11:50.519 --> 00:11:50.529 align:start position:0% claim to not be focused on trying to 00:11:50.529 --> 00:11:53.160 align:start position:0% claim to not be focused on trying to make<00:11:50.589> all<00:11:50.920> shards<00:11:51.660> equivalent<00:11:52.660> they<00:11:52.779> all<00:11:52.929> run 00:11:53.160 --> 00:11:53.170 align:start position:0% make all shards equivalent they all run 00:11:53.170 --> 00:11:54.869 align:start position:0% make all shards equivalent they all run the<00:11:53.199> same<00:11:53.319> Vienna<00:11:53.889> but<00:11:54.129> really<00:11:54.399> we<00:11:54.519> should<00:11:54.790> we 00:11:54.869 --> 00:11:54.879 align:start position:0% the same Vienna but really we should we 00:11:54.879 --> 00:11:57.329 align:start position:0% the same Vienna but really we should we focus<00:11:55.269> on<00:11:55.619> applications<00:11:56.619> was<00:11:56.740> a<00:11:56.769> bit<00:11:56.980> starved 00:11:57.329 --> 00:11:57.339 align:start position:0% focus on applications was a bit starved 00:11:57.339 --> 00:11:59.040 align:start position:0% focus on applications was a bit starved and<00:11:57.459> this<00:11:57.579> is<00:11:57.670> kind<00:11:57.879> of<00:11:57.939> look<00:11:58.119> like<00:11:58.149> polka<00:11:58.869> dot 00:11:59.040 --> 00:11:59.050 align:start position:0% and this is kind of look like polka dot 00:11:59.050 --> 00:12:00.449 align:start position:0% and this is kind of look like polka dot has<00:11:59.230> been<00:11:59.439> doing<00:11:59.619> for<00:11:59.769> a<00:11:59.949> while<00:11:59.980> that<00:12:00.339> it's 00:12:00.449 --> 00:12:00.459 align:start position:0% has been doing for a while that it's 00:12:00.459 --> 00:12:02.429 align:start position:0% has been doing for a while that it's actually<00:12:00.699> it's<00:12:01.299> great<00:12:01.509> because<00:12:01.629> I<00:12:01.749> think<00:12:01.779> the 00:12:02.429 --> 00:12:02.439 align:start position:0% actually it's great because I think the 00:12:02.439 --> 00:12:04.079 align:start position:0% actually it's great because I think the theorem<00:12:02.740> is<00:12:02.920> starting<00:12:03.339> to<00:12:03.429> realize<00:12:03.730> this<00:12:03.910> and 00:12:04.079 --> 00:12:04.089 align:start position:0% theorem is starting to realize this and 00:12:04.089 --> 00:12:06.210 align:start position:0% theorem is starting to realize this and is<00:12:04.360> shifting<00:12:04.749> towards<00:12:05.110> this<00:12:05.290> with<00:12:05.860> the<00:12:06.040> goal 00:12:06.210 --> 00:12:06.220 align:start position:0% is shifting towards this with the goal 00:12:06.220 --> 00:12:09.480 align:start position:0% is shifting towards this with the goal of<00:12:06.249> excuse<00:12:06.699> environment<00:12:07.209> system<00:12:08.339> the<00:12:09.339> other 00:12:09.480 --> 00:12:09.490 align:start position:0% of excuse environment system the other 00:12:09.490 --> 00:12:12.119 align:start position:0% of excuse environment system the other thing<00:12:09.790> is<00:12:10.600> what<00:12:11.230> I<00:12:11.259> like<00:12:11.470> to<00:12:11.499> call<00:12:11.559> the<00:12:11.889> maker 00:12:12.119 --> 00:12:12.129 align:start position:0% thing is what I like to call the maker 00:12:12.129 --> 00:12:15.660 align:start position:0% thing is what I like to call the maker dilemma<00:12:12.670> so<00:12:13.540> let's<00:12:13.720> explain<00:12:14.049> why<00:12:15.009> I<00:12:15.490> think 00:12:15.660 --> 00:12:15.670 align:start position:0% dilemma so let's explain why I think 00:12:15.670 --> 00:12:20.759 align:start position:0% dilemma so let's explain why I think maker<00:12:16.389> should<00:12:17.079> be<00:12:17.290> not<00:12:18.160> on<00:12:18.429> ethereal<00:12:18.999> I<00:12:19.769> think 00:12:20.759 --> 00:12:20.769 align:start position:0% maker should be not on ethereal I think 00:12:20.769 --> 00:12:22.559 align:start position:0% maker should be not on ethereal I think maker<00:12:21.100> be<00:12:21.249> on<00:12:21.369> etherium<00:12:21.850> is<00:12:21.970> a<00:12:21.999> parasitic 00:12:22.559 --> 00:12:22.569 align:start position:0% maker be on etherium is a parasitic 00:12:22.569 --> 00:12:25.470 align:start position:0% maker be on etherium is a parasitic relationship<00:12:22.809> in<00:12:23.529> both<00:12:24.249> directions<00:12:24.699> maker 00:12:25.470 --> 00:12:25.480 align:start position:0% relationship in both directions maker 00:12:25.480 --> 00:12:28.379 align:start position:0% relationship in both directions maker person<00:12:25.929> theorem<00:12:26.170> in<00:12:26.290> a<00:12:26.350> 300-acre<00:12:27.069> here's<00:12:27.879> why 00:12:28.379 --> 00:12:28.389 align:start position:0% person theorem in a 300-acre here's why 00:12:28.389 --> 00:12:33.389 align:start position:0% person theorem in a 300-acre here's why so<00:12:29.910> for<00:12:30.910> maker<00:12:31.149> as<00:12:31.480> a<00:12:31.509> die<00:12:31.839> older<00:12:32.290> you<00:12:33.279> are 00:12:33.389 --> 00:12:33.399 align:start position:0% so for maker as a die older you are 00:12:33.399 --> 00:12:36.809 align:start position:0% so for maker as a die older you are getting<00:12:34.149> the<00:12:34.600> security<00:12:35.230> of<00:12:35.259> the<00:12:35.559> MKR<00:12:36.069> token<00:12:36.519> at 00:12:36.809 --> 00:12:36.819 align:start position:0% getting the security of the MKR token at 00:12:36.819 --> 00:12:39.389 align:start position:0% getting the security of the MKR token at the<00:12:37.119> NPR<00:12:37.569> whole<00:12:37.779> is<00:12:37.959> wanted<00:12:38.319> to<00:12:38.350> they<00:12:39.189> could 00:12:39.389 --> 00:12:39.399 align:start position:0% the NPR whole is wanted to they could 00:12:39.399 --> 00:12:41.100 align:start position:0% the NPR whole is wanted to they could steal<00:12:39.730> all<00:12:40.119> of<00:12:40.299> the<00:12:40.389> collateral<00:12:40.660> from<00:12:40.959> the 00:12:41.100 --> 00:12:41.110 align:start position:0% steal all of the collateral from the 00:12:41.110 --> 00:12:44.910 align:start position:0% steal all of the collateral from the maker<00:12:41.290> system<00:12:42.749> so<00:12:43.749> you're<00:12:44.439> getting<00:12:44.799> the 00:12:44.910 --> 00:12:44.920 align:start position:0% maker system so you're getting the 00:12:44.920 --> 00:12:47.129 align:start position:0% maker system so you're getting the security<00:12:45.279> of<00:12:45.519> NPR<00:12:46.029> token<00:12:46.449> when<00:12:46.990> you're 00:12:47.129 --> 00:12:47.139 align:start position:0% security of NPR token when you're 00:12:47.139 --> 00:12:49.710 align:start position:0% security of NPR token when you're painting<00:12:47.589> for<00:12:47.949> the<00:12:48.040> security<00:12:48.519> of<00:12:48.639> beef<00:12:48.999> which 00:12:49.710 --> 00:12:49.720 align:start position:0% painting for the security of beef which 00:12:49.720 --> 00:12:52.379 align:start position:0% painting for the security of beef which doesn't<00:12:50.019> make<00:12:50.079> sense<00:12:50.139> you<00:12:50.439> know<00:12:51.389> what 00:12:52.379 --> 00:12:52.389 align:start position:0% doesn't make sense you know what 00:12:52.389 --> 00:12:54.059 align:start position:0% doesn't make sense you know what painting<00:12:53.110> your<00:12:53.259> terms<00:12:53.470> actually<00:12:53.769> these<00:12:53.920> that 00:12:54.059 --> 00:12:54.069 align:start position:0% painting your terms actually these that 00:12:54.069 --> 00:12:55.439 align:start position:0% painting your terms actually these that eat<00:12:54.279> and<00:12:54.549> like<00:12:54.850> you<00:12:55.149> know<00:12:55.240> you're<00:12:55.420> you're 00:12:55.439 --> 00:12:55.449 align:start position:0% eat and like you know you're you're 00:12:55.449 --> 00:12:59.280 align:start position:0% eat and like you know you're you're you're<00:12:56.019> the<00:12:56.829> gas<00:12:57.009> bees<00:12:57.339> are<00:12:57.610> like<00:12:58.290> changing 00:12:59.280 --> 00:12:59.290 align:start position:0% you're the gas bees are like changing 00:12:59.290 --> 00:13:00.840 align:start position:0% you're the gas bees are like changing relative<00:12:59.410> to<00:12:59.709> the<00:12:59.799> demands<00:13:00.160> etherium<00:13:00.610> rather 00:13:00.840 --> 00:13:00.850 align:start position:0% relative to the demands etherium rather 00:13:00.850 --> 00:13:01.330 align:start position:0% relative to the demands etherium rather than 00:13:01.330 --> 00:13:01.340 align:start position:0% than 00:13:01.340 --> 00:13:04.420 align:start position:0% than the<00:13:01.880> makers<00:13:02.240> of<00:13:02.270> stuff<00:13:02.600> and<00:13:02.990> so<00:13:03.430> you're 00:13:04.420 --> 00:13:04.430 align:start position:0% the makers of stuff and so you're 00:13:04.430 --> 00:13:07.240 align:start position:0% the makers of stuff and so you're overpaying<00:13:05.090> for<00:13:05.270> security<00:13:05.870> its<00:13:06.740> corporal<00:13:07.130> in 00:13:07.240 --> 00:13:07.250 align:start position:0% overpaying for security its corporal in 00:13:07.250 --> 00:13:09.510 align:start position:0% overpaying for security its corporal in the<00:13:07.280> other<00:13:07.550> direction<00:13:07.970> as<00:13:08.240> well<00:13:08.450> because 00:13:09.510 --> 00:13:09.520 align:start position:0% the other direction as well because 00:13:09.520 --> 00:13:12.190 align:start position:0% the other direction as well because let's<00:13:10.520> say<00:13:10.790> there's<00:13:11.330> a<00:13:11.390> contentious<00:13:11.990> hard 00:13:12.190 --> 00:13:12.200 align:start position:0% let's say there's a contentious hard 00:13:12.200 --> 00:13:14.980 align:start position:0% let's say there's a contentious hard fork<00:13:12.470> in<00:13:12.650> theory<00:13:13.580> on<00:13:13.760> tomorrow 00:13:14.980 --> 00:13:14.990 align:start position:0% fork in theory on tomorrow 00:13:14.990 --> 00:13:16.600 align:start position:0% fork in theory on tomorrow that's<00:13:15.230> another<00:13:15.680> pair<00:13:15.920> use<00:13:16.130> accident<00:13:16.520> that 00:13:16.600 --> 00:13:16.610 align:start position:0% that's another pair use accident that 00:13:16.610 --> 00:13:19.150 align:start position:0% that's another pair use accident that runs<00:13:16.820> back<00:13:17.030> or<00:13:17.420> maybe<00:13:17.930> it's<00:13:18.050> Prague<00:13:18.290> powers<00:13:18.890> or 00:13:19.150 --> 00:13:19.160 align:start position:0% runs back or maybe it's Prague powers or 00:13:19.160 --> 00:13:22.060 align:start position:0% runs back or maybe it's Prague powers or something<00:13:19.520> you<00:13:19.610> know<00:13:19.780> who<00:13:20.780> decides<00:13:21.740> which 00:13:22.060 --> 00:13:22.070 align:start position:0% something you know who decides which 00:13:22.070 --> 00:13:25.330 align:start position:0% something you know who decides which more<00:13:22.400> twins<00:13:23.470> historically<00:13:24.470> I<00:13:24.530> received<00:13:24.980> a<00:13:25.040> TN 00:13:25.330 --> 00:13:25.340 align:start position:0% more twins historically I received a TN 00:13:25.340 --> 00:13:26.470 align:start position:0% more twins historically I received a TN is<00:13:25.520> probably<00:13:25.760> one<00:13:25.910> of<00:13:25.940> the<00:13:26.030> strongest<00:13:26.390> voices 00:13:26.470 --> 00:13:26.480 align:start position:0% is probably one of the strongest voices 00:13:26.480 --> 00:13:28.840 align:start position:0% is probably one of the strongest voices upon<00:13:27.410> which<00:13:27.680> side<00:13:27.830> the<00:13:28.010> floor<00:13:28.190> plans<00:13:28.490> but<00:13:28.730> I 00:13:28.840 --> 00:13:28.850 align:start position:0% upon which side the floor plans but I 00:13:28.850 --> 00:13:31.780 align:start position:0% upon which side the floor plans but I say<00:13:29.060> today<00:13:29.420> I<00:13:30.040> think<00:13:31.040> he's<00:13:31.310> probably<00:13:31.460> through 00:13:31.780 --> 00:13:31.790 align:start position:0% say today I think he's probably through 00:13:31.790 --> 00:13:34.150 align:start position:0% say today I think he's probably through the<00:13:31.850> MKR<00:13:32.300> holders<00:13:32.660> because<00:13:33.230> the<00:13:33.770> impair 00:13:34.150 --> 00:13:34.160 align:start position:0% the MKR holders because the impair 00:13:34.160 --> 00:13:36.190 align:start position:0% the MKR holders because the impair holders<00:13:34.580> can't<00:13:34.790> decide<00:13:35.090> you<00:13:35.330> know<00:13:35.480> what<00:13:35.660> in 00:13:36.190 --> 00:13:36.200 align:start position:0% holders can't decide you know what in 00:13:36.200 --> 00:13:37.990 align:start position:0% holders can't decide you know what in this<00:13:36.440> contentious<00:13:36.890> pork<00:13:37.160> we're<00:13:37.670> just<00:13:37.850> going 00:13:37.990 --> 00:13:38.000 align:start position:0% this contentious pork we're just going 00:13:38.000 --> 00:13:39.940 align:start position:0% this contentious pork we're just going to<00:13:38.030> stop<00:13:38.420> running<00:13:38.660> the<00:13:38.840> Oracles<00:13:39.320> on<00:13:39.470> one<00:13:39.680> side 00:13:39.940 --> 00:13:39.950 align:start position:0% to stop running the Oracles on one side 00:13:39.950 --> 00:13:42.100 align:start position:0% to stop running the Oracles on one side of<00:13:39.980> the<00:13:40.190> chain<00:13:40.400> and<00:13:40.760> when<00:13:41.210> they<00:13:41.330> stop<00:13:41.540> circuit 00:13:42.100 --> 00:13:42.110 align:start position:0% of the chain and when they stop circuit 00:13:42.110 --> 00:13:44.200 align:start position:0% of the chain and when they stop circuit stop<00:13:42.470> running<00:13:42.710> the<00:13:42.740> Oracles<00:13:43.130> the<00:13:43.550> dial<00:13:43.880> enough 00:13:44.200 --> 00:13:44.210 align:start position:0% stop running the Oracles the dial enough 00:13:44.210 --> 00:13:45.910 align:start position:0% stop running the Oracles the dial enough time<00:13:44.390> that<00:13:44.510> just<00:13:44.630> changes<00:13:45.170> crashes<00:13:45.680> and 00:13:45.910 --> 00:13:45.920 align:start position:0% time that just changes crashes and 00:13:45.920 --> 00:13:48.340 align:start position:0% time that just changes crashes and that's<00:13:46.670> in<00:13:46.790> the<00:13:46.970> entire<00:13:47.210> defy<00:13:47.600> ecosystem<00:13:48.260> on 00:13:48.340 --> 00:13:48.350 align:start position:0% that's in the entire defy ecosystem on 00:13:48.350 --> 00:13:50.110 align:start position:0% that's in the entire defy ecosystem on that<00:13:48.470> side<00:13:48.620> of<00:13:48.680> the<00:13:48.740> chain<00:13:48.950> crashes<00:13:49.430> and<00:13:49.700> so 00:13:50.110 --> 00:13:50.120 align:start position:0% that side of the chain crashes and so 00:13:50.120 --> 00:13:52.240 align:start position:0% that side of the chain crashes and so this<00:13:50.270> is<00:13:50.360> kind<00:13:50.540> of<00:13:50.600> very<00:13:50.690> so<00:13:51.410> this<00:13:51.710> is<00:13:51.920> giving 00:13:52.240 --> 00:13:52.250 align:start position:0% this is kind of very so this is giving 00:13:52.250 --> 00:13:58.030 align:start position:0% this is kind of very so this is giving the<00:13:52.630> MKR<00:13:53.680> Dow<00:13:54.680> the<00:13:55.070> maker<00:13:55.280> down<00:13:55.690> way<00:13:57.040> undue 00:13:58.030 --> 00:13:58.040 align:start position:0% the MKR Dow the maker down way undue 00:13:58.040 --> 00:14:00.370 align:start position:0% the MKR Dow the maker down way undue amount<00:13:58.820> of<00:13:58.970> influence<00:13:59.360> over<00:13:59.660> a<00:14:00.080> theory<00:14:00.320> of 00:14:00.370 --> 00:14:00.380 align:start position:0% amount of influence over a theory of 00:14:00.380 --> 00:14:02.320 align:start position:0% amount of influence over a theory of governance<00:14:00.860> and<00:14:01.010> I<00:14:01.070> think<00:14:01.280> this<00:14:01.400> is<00:14:01.550> unhealthy 00:14:02.320 --> 00:14:02.330 align:start position:0% governance and I think this is unhealthy 00:14:02.330 --> 00:14:04.300 align:start position:0% governance and I think this is unhealthy for<00:14:02.660> aetherium<00:14:03.110> in<00:14:03.290> the<00:14:03.350> long<00:14:03.530> term<00:14:03.740> where<00:14:03.950> it 00:14:04.300 --> 00:14:04.310 align:start position:0% for aetherium in the long term where it 00:14:04.310 --> 00:14:07.630 align:start position:0% for aetherium in the long term where it gives<00:14:04.550> certain<00:14:05.590> projects<00:14:06.590> or<00:14:06.680> entities<00:14:07.040> such 00:14:07.630 --> 00:14:07.640 align:start position:0% gives certain projects or entities such 00:14:07.640 --> 00:14:09.400 align:start position:0% gives certain projects or entities such a<00:14:07.670> high<00:14:07.880> amount<00:14:07.940> of<00:14:08.210> influence<00:14:08.420> and<00:14:08.750> so<00:14:08.900> this 00:14:09.400 --> 00:14:09.410 align:start position:0% a high amount of influence and so this 00:14:09.410 --> 00:14:11.020 align:start position:0% a high amount of influence and so this is<00:14:09.500> why<00:14:09.590> I<00:14:09.620> think<00:14:09.860> by<00:14:09.980> putting<00:14:10.030> the 00:14:11.020 --> 00:14:11.030 align:start position:0% is why I think by putting the 00:14:11.030 --> 00:14:13.180 align:start position:0% is why I think by putting the applications<00:14:11.780> want<00:14:12.080> their<00:14:12.290> own<00:14:12.500> isolated 00:14:13.180 --> 00:14:13.190 align:start position:0% applications want their own isolated 00:14:13.190 --> 00:14:16.570 align:start position:0% applications want their own isolated charts<00:14:13.720> where<00:14:14.720> they<00:14:15.440> don't<00:14:15.770> have<00:14:15.920> that<00:14:16.340> much 00:14:16.570 --> 00:14:16.580 align:start position:0% charts where they don't have that much 00:14:16.580 --> 00:14:18.760 align:start position:0% charts where they don't have that much control<00:14:16.970> over<00:14:17.420> the<00:14:17.720> governance<00:14:18.560> of<00:14:18.650> the 00:14:18.760 --> 00:14:18.770 align:start position:0% control over the governance of the 00:14:18.770 --> 00:14:20.890 align:start position:0% control over the governance of the system<00:14:19.190> as<00:14:19.340> a<00:14:19.370> whole<00:14:19.490> I<00:14:19.970> think<00:14:20.480> that<00:14:20.600> can<00:14:20.750> help 00:14:20.890 --> 00:14:20.900 align:start position:0% system as a whole I think that can help 00:14:20.900 --> 00:14:23.320 align:start position:0% system as a whole I think that can help along<00:14:21.290> with<00:14:21.560> some<00:14:22.250> of<00:14:22.370> these<00:14:22.520> kind<00:14:23.300> of 00:14:23.320 --> 00:14:23.330 align:start position:0% along with some of these kind of 00:14:23.330 --> 00:14:25.840 align:start position:0% along with some of these kind of dilemmas<00:14:23.860> and<00:14:24.860> better<00:14:25.130> for<00:14:25.400> they<00:14:25.550> make<00:14:25.700> their 00:14:25.840 --> 00:14:25.850 align:start position:0% dilemmas and better for they make their 00:14:25.850 --> 00:14:32.590 align:start position:0% dilemmas and better for they make their system<00:14:26.320> diapers<00:14:27.320> as<00:14:27.470> well<00:14:28.540> okay<00:14:29.540> okay<00:14:30.850> so<00:14:31.850> the 00:14:32.590 --> 00:14:32.600 align:start position:0% system diapers as well okay okay so the 00:14:32.600 --> 00:14:33.700 align:start position:0% system diapers as well okay okay so the next<00:14:32.660> thing<00:14:32.870> I'd<00:14:32.960> like<00:14:32.990> to<00:14:33.080> talk<00:14:33.230> about<00:14:33.290> is 00:14:33.700 --> 00:14:33.710 align:start position:0% next thing I'd like to talk about is 00:14:33.710 --> 00:14:35.440 align:start position:0% next thing I'd like to talk about is television<00:14:34.310> and<00:14:34.670> protocol 00:14:35.440 --> 00:14:35.450 align:start position:0% television and protocol 00:14:35.450 --> 00:14:39.610 align:start position:0% television and protocol so<00:14:35.870> the<00:14:36.790> it's<00:14:37.790> a<00:14:37.970> theory<00:14:38.180> on<00:14:38.270> the<00:14:38.660> very<00:14:39.260> much 00:14:39.610 --> 00:14:39.620 align:start position:0% so the it's a theory on the very much 00:14:39.620 --> 00:14:42.490 align:start position:0% so the it's a theory on the very much don't<00:14:40.390> they<00:14:41.390> don't<00:14:41.540> they<00:14:41.630> don't<00:14:41.750> want<00:14:42.140> people 00:14:42.490 --> 00:14:42.500 align:start position:0% don't they don't they don't want people 00:14:42.500 --> 00:14:44.500 align:start position:0% don't they don't they don't want people to<00:14:42.680> not<00:14:43.250> to<00:14:43.400> basically<00:14:43.730> and<00:14:44.000> they<00:14:44.090> don't<00:14:44.330> have 00:14:44.500 --> 00:14:44.510 align:start position:0% to not to basically and they don't have 00:14:44.510 --> 00:14:45.160 align:start position:0% to not to basically and they don't have this<00:14:44.630> notion 00:14:45.160 --> 00:14:45.170 align:start position:0% this notion 00:14:45.170 --> 00:14:49.420 align:start position:0% this notion application<00:14:45.880> in<00:14:47.079> cosmos<00:14:48.079> what<00:14:48.320> we<00:14:48.410> do<00:14:48.589> is<00:14:48.829> you 00:14:49.420 --> 00:14:49.430 align:start position:0% application in cosmos what we do is you 00:14:49.430 --> 00:14:51.310 align:start position:0% application in cosmos what we do is you know<00:14:49.519> validators<00:14:50.209> and<00:14:50.450> delegator<00:14:50.870> in<00:14:51.200> the 00:14:51.310 --> 00:14:51.320 align:start position:0% know validators and delegator in the 00:14:51.320 --> 00:14:54.009 align:start position:0% know validators and delegator in the protocol<00:14:51.769> you<00:14:52.160> can<00:14:52.310> go<00:14:52.459> ahead<00:14:52.579> and<00:14:53.019> delegate 00:14:54.009 --> 00:14:54.019 align:start position:0% protocol you can go ahead and delegate 00:14:54.019 --> 00:14:56.170 align:start position:0% protocol you can go ahead and delegate your<00:14:54.200> atoms<00:14:54.560> to<00:14:54.769> a<00:14:54.800> valid<00:14:55.160> air<00:14:55.279> and<00:14:55.519> they<00:14:56.000> would 00:14:56.170 --> 00:14:56.180 align:start position:0% your atoms to a valid air and they would 00:14:56.180 --> 00:14:58.780 align:start position:0% your atoms to a valid air and they would basically<00:14:56.450> state<00:14:56.959> for<00:14:57.290> you<00:14:57.470> and<00:14:57.800> then<00:14:58.279> the 00:14:58.780 --> 00:14:58.790 align:start position:0% basically state for you and then the 00:14:58.790 --> 00:15:00.430 align:start position:0% basically state for you and then the protocol<00:14:59.209> would<00:14:59.329> keep<00:14:59.600> track<00:14:59.899> but<00:15:00.110> like<00:15:00.260> oh 00:15:00.430 --> 00:15:00.440 align:start position:0% protocol would keep track but like oh 00:15:00.440 --> 00:15:02.889 align:start position:0% protocol would keep track but like oh okay<00:15:00.889> these<00:15:01.790> many<00:15:02.060> of<00:15:02.209> my<00:15:02.329> atoms<00:15:02.600> came<00:15:02.720> from 00:15:02.889 --> 00:15:02.899 align:start position:0% okay these many of my atoms came from 00:15:02.899 --> 00:15:04.629 align:start position:0% okay these many of my atoms came from this<00:15:03.230> delegator<00:15:03.709> these<00:15:03.980> many<00:15:04.160> of<00:15:04.279> mine<00:15:04.430> came 00:15:04.629 --> 00:15:04.639 align:start position:0% this delegator these many of mine came 00:15:04.639 --> 00:15:06.850 align:start position:0% this delegator these many of mine came from<00:15:04.730> this<00:15:04.880> delegator<00:15:05.389> whatnot<00:15:05.870> and<00:15:06.139> if<00:15:06.709> this 00:15:06.850 --> 00:15:06.860 align:start position:0% from this delegator whatnot and if this 00:15:06.860 --> 00:15:10.150 align:start position:0% from this delegator whatnot and if this value<00:15:07.070> gets<00:15:07.459> slashed<00:15:07.760> and<00:15:08.329> all<00:15:08.720> the<00:15:09.709> delegator 00:15:10.150 --> 00:15:10.160 align:start position:0% value gets slashed and all the delegator 00:15:10.160 --> 00:15:14.110 align:start position:0% value gets slashed and all the delegator for<00:15:10.370> that<00:15:10.490> provided<00:15:10.940> or<00:15:11.060> go<00:15:11.209> down<00:15:11.980> now<00:15:12.980> what 00:15:14.110 --> 00:15:14.120 align:start position:0% for that provided or go down now what 00:15:14.120 --> 00:15:16.180 align:start position:0% for that provided or go down now what ethereal<00:15:14.630> things<00:15:15.380> that<00:15:15.649> you<00:15:15.800> know<00:15:15.889> we<00:15:16.040> could 00:15:16.180 --> 00:15:16.190 align:start position:0% ethereal things that you know we could 00:15:16.190 --> 00:15:18.340 align:start position:0% ethereal things that you know we could do<00:15:16.339> this<00:15:16.490> process<00:15:16.790> through<00:15:17.389> smart<00:15:17.870> contracts 00:15:18.340 --> 00:15:18.350 align:start position:0% do this process through smart contracts 00:15:18.350 --> 00:15:20.610 align:start position:0% do this process through smart contracts where<00:15:19.010> you<00:15:19.339> know<00:15:19.430> you<00:15:19.490> could<00:15:19.730> go<00:15:19.910> ahead<00:15:20.209> and 00:15:20.610 --> 00:15:20.620 align:start position:0% where you know you could go ahead and 00:15:20.620 --> 00:15:24.879 align:start position:0% where you know you could go ahead and you<00:15:21.620> know<00:15:21.680> as<00:15:22.070> a<00:15:22.130> palliative<00:15:23.740> company<00:15:24.740> called 00:15:24.879 --> 00:15:24.889 align:start position:0% you know as a palliative company called 00:15:24.889 --> 00:15:26.620 align:start position:0% you know as a palliative company called syndrome<00:15:25.250> I'm<00:15:25.430> going<00:15:26.149> to<00:15:26.209> deploy<00:15:26.570> a 00:15:26.620 --> 00:15:26.630 align:start position:0% syndrome I'm going to deploy a 00:15:26.630 --> 00:15:28.509 align:start position:0% syndrome I'm going to deploy a validation<00:15:27.110> contract<00:15:27.709> and<00:15:28.100> people<00:15:28.370> could 00:15:28.509 --> 00:15:28.519 align:start position:0% validation contract and people could 00:15:28.519 --> 00:15:30.970 align:start position:0% validation contract and people could give<00:15:28.760> each<00:15:29.019> two-month<00:15:30.019> to<00:15:30.709> me<00:15:30.800> in<00:15:30.889> the 00:15:30.970 --> 00:15:30.980 align:start position:0% give each two-month to me in the 00:15:30.980 --> 00:15:33.300 align:start position:0% give each two-month to me in the contract<00:15:31.399> and<00:15:31.550> I<00:15:31.910> validate<00:15:32.269> on<00:15:32.660> their<00:15:32.839> behalf 00:15:33.300 --> 00:15:33.310 align:start position:0% contract and I validate on their behalf 00:15:33.310 --> 00:15:38.199 align:start position:0% contract and I validate on their behalf this<00:15:34.310> is<00:15:35.350> suboptimal<00:15:36.550> there's<00:15:37.550> something<00:15:37.820> you 00:15:38.199 --> 00:15:38.209 align:start position:0% this is suboptimal there's something you 00:15:38.209 --> 00:15:40.540 align:start position:0% this is suboptimal there's something you see<00:15:38.420> reasons<00:15:38.779> why<00:15:38.870> it's<00:15:38.990> walkable<00:15:39.470> one<00:15:39.740> is<00:15:40.040> you 00:15:40.540 --> 00:15:40.550 align:start position:0% see reasons why it's walkable one is you 00:15:40.550 --> 00:15:43.090 align:start position:0% see reasons why it's walkable one is you know<00:15:40.670> I<00:15:40.970> don't<00:15:41.540> really<00:15:42.019> want<00:15:42.139> thousands<00:15:42.980> of 00:15:43.090 --> 00:15:43.100 align:start position:0% know I don't really want thousands of 00:15:43.100 --> 00:15:44.620 align:start position:0% know I don't really want thousands of validators<00:15:43.519> writing<00:15:43.820> their<00:15:43.910> own<00:15:43.940> contracts 00:15:44.620 --> 00:15:44.630 align:start position:0% validators writing their own contracts 00:15:44.630 --> 00:15:45.730 align:start position:0% validators writing their own contracts eventually<00:15:45.079> some<00:15:45.230> of<00:15:45.260> them<00:15:45.410> are<00:15:45.500> gonna<00:15:45.589> have 00:15:45.730 --> 00:15:45.740 align:start position:0% eventually some of them are gonna have 00:15:45.740 --> 00:15:47.650 align:start position:0% eventually some of them are gonna have bugs<00:15:46.040> I'd<00:15:46.519> rather<00:15:46.730> have<00:15:46.940> their<00:15:47.060> default<00:15:47.420> one 00:15:47.650 --> 00:15:47.660 align:start position:0% bugs I'd rather have their default one 00:15:47.660 --> 00:15:50.259 align:start position:0% bugs I'd rather have their default one into<00:15:48.139> the<00:15:48.260> protocol<00:15:49.100> but<00:15:49.579> more<00:15:49.790> importantly 00:15:50.259 --> 00:15:50.269 align:start position:0% into the protocol but more importantly 00:15:50.269 --> 00:15:52.600 align:start position:0% into the protocol but more importantly there's<00:15:50.959> a<00:15:51.019> feature<00:15:51.230> you<00:15:51.350> can<00:15:51.649> only<00:15:51.860> get<00:15:52.220> when 00:15:52.600 --> 00:15:52.610 align:start position:0% there's a feature you can only get when 00:15:52.610 --> 00:15:56.560 align:start position:0% there's a feature you can only get when you<00:15:52.730> put<00:15:54.279> dummies<00:15:55.279> in<00:15:55.579> the<00:15:55.640> protocol<00:15:56.089> natively 00:15:56.560 --> 00:15:56.570 align:start position:0% you put dummies in the protocol natively 00:15:56.570 --> 00:16:00.160 align:start position:0% you put dummies in the protocol natively so<00:15:57.410> let's<00:15:58.399> see<00:15:58.550> it<00:15:59.180> called<00:15:59.449> in<00:15:59.720> sentry 00:16:00.160 --> 00:16:00.170 align:start position:0% so let's see it called in sentry 00:16:00.170 --> 00:16:02.079 align:start position:0% so let's see it called in sentry delegation<00:16:00.680> so<00:16:00.860> this<00:16:01.130> is<00:16:01.250> how<00:16:01.339> the<00:16:01.640> delegation 00:16:02.079 --> 00:16:02.089 align:start position:0% delegation so this is how the delegation 00:16:02.089 --> 00:16:04.329 align:start position:0% delegation so this is how the delegation would<00:16:02.180> have<00:16:02.360> to<00:16:02.480> work<00:16:02.660> in<00:16:02.810> Nigeria<00:16:03.050> so<00:16:03.949> let's 00:16:04.329 --> 00:16:04.339 align:start position:0% would have to work in Nigeria so let's 00:16:04.339 --> 00:16:08.079 align:start position:0% would have to work in Nigeria so let's say<00:16:04.490> I<00:16:04.699> have<00:16:05.390> some<00:16:06.290> eat<00:16:07.250> delegated<00:16:08.000> to 00:16:08.079 --> 00:16:08.089 align:start position:0% say I have some eat delegated to 00:16:08.089 --> 00:16:10.240 align:start position:0% say I have some eat delegated to validate<00:16:08.390> okay<00:16:08.660> and<00:16:08.990> I<00:16:09.529> want<00:16:09.740> to<00:16:09.800> change<00:16:09.980> it<00:16:10.160> to 00:16:10.240 --> 00:16:10.250 align:start position:0% validate okay and I want to change it to 00:16:10.250 --> 00:16:12.730 align:start position:0% validate okay and I want to change it to validate<00:16:10.550> repeat<00:16:11.050> what<00:16:12.050> I<00:16:12.079> would<00:16:12.350> have<00:16:12.440> to<00:16:12.529> do 00:16:12.730 --> 00:16:12.740 align:start position:0% validate repeat what I would have to do 00:16:12.740 --> 00:16:14.860 align:start position:0% validate repeat what I would have to do is<00:16:13.010> I<00:16:13.339> would<00:16:13.459> have<00:16:13.699> to<00:16:13.760> uninvolved 00:16:14.860 --> 00:16:14.870 align:start position:0% is I would have to uninvolved 00:16:14.870 --> 00:16:18.400 align:start position:0% is I would have to uninvolved from<00:16:15.649> valid<00:16:16.010> or<00:16:16.100> a<00:16:16.300> wait<00:16:17.300> the<00:16:17.600> entire<00:16:17.690> landmark 00:16:18.400 --> 00:16:18.410 align:start position:0% from valid or a wait the entire landmark 00:16:18.410 --> 00:16:20.800 align:start position:0% from valid or a wait the entire landmark body<00:16:18.709> period<00:16:19.220> I<00:16:19.310> thought<00:16:19.490> the<00:16:19.790> recent<00:16:20.540> numbers 00:16:20.800 --> 00:16:20.810 align:start position:0% body period I thought the recent numbers 00:16:20.810 --> 00:16:22.090 align:start position:0% body period I thought the recent numbers are<00:16:20.930> if<00:16:21.079> it's<00:16:21.199> around<00:16:21.380> three<00:16:21.620> months<00:16:21.890> or<00:16:21.980> six 00:16:22.090 --> 00:16:22.100 align:start position:0% are if it's around three months or six 00:16:22.100 --> 00:16:24.490 align:start position:0% are if it's around three months or six months<00:16:22.220> so<00:16:22.880> I<00:16:22.940> could<00:16:23.180> wait<00:16:23.390> that<00:16:23.899> an<00:16:24.019> Ireland 00:16:24.490 --> 00:16:24.500 align:start position:0% months so I could wait that an Ireland 00:16:24.500 --> 00:16:26.769 align:start position:0% months so I could wait that an Ireland body<00:16:24.680> period<00:16:25.130> then<00:16:25.910> I<00:16:26.029> get<00:16:26.149> the<00:16:26.240> money<00:16:26.420> back<00:16:26.600> in 00:16:26.769 --> 00:16:26.779 align:start position:0% body period then I get the money back in 00:16:26.779 --> 00:16:29.800 align:start position:0% body period then I get the money back in my<00:16:26.810> account<00:16:27.260> and<00:16:27.529> then<00:16:28.100> I<00:16:28.130> can<00:16:28.370> delegate 00:16:29.800 --> 00:16:29.810 align:start position:0% my account and then I can delegate 00:16:29.810 --> 00:16:32.050 align:start position:0% my account and then I can delegate that<00:16:30.200> means<00:16:30.470> I<00:16:30.710> have<00:16:30.860> to<00:16:31.010> go<00:16:31.220> for<00:16:31.550> months 00:16:32.050 --> 00:16:32.060 align:start position:0% that means I have to go for months 00:16:32.060 --> 00:16:35.079 align:start position:0% that means I have to go for months without<00:16:32.810> rewards<00:16:33.620> just<00:16:34.279> in<00:16:34.430> order<00:16:34.520> to<00:16:34.670> change 00:16:35.079 --> 00:16:35.089 align:start position:0% without rewards just in order to change 00:16:35.089 --> 00:16:37.510 align:start position:0% without rewards just in order to change my<00:16:35.330> about<00:16:36.200> people<00:16:36.560> who<00:16:36.680> are<00:16:36.800> delegated<00:16:37.370> to 00:16:37.510 --> 00:16:37.520 align:start position:0% my about people who are delegated to 00:16:37.520 --> 00:16:39.610 align:start position:0% my about people who are delegated to this<00:16:38.089> makes<00:16:38.360> validates<00:16:38.930> delegation 00:16:39.610 --> 00:16:39.620 align:start position:0% this makes validates delegation 00:16:39.620 --> 00:16:40.720 align:start position:0% this makes validates delegation super-sticky 00:16:40.720 --> 00:16:40.730 align:start position:0% super-sticky 00:16:40.730 --> 00:16:45.070 align:start position:0% super-sticky if<00:16:41.570> your<00:16:42.460> delegation<00:16:43.460> in<00:16:43.790> protocol<00:16:44.180> what<00:16:44.960> you 00:16:45.070 --> 00:16:45.080 align:start position:0% if your delegation in protocol what you 00:16:45.080 --> 00:16:48.120 align:start position:0% if your delegation in protocol what you can<00:16:45.200> do<00:16:45.350> is<00:16:45.589> just<00:16:46.040> instantly<00:16:46.580> swap<00:16:47.020> dummies 00:16:48.120 --> 00:16:48.130 align:start position:0% can do is just instantly swap dummies 00:16:48.130 --> 00:16:51.250 align:start position:0% can do is just instantly swap dummies there<00:16:49.130> from<00:16:49.910> one<00:16:50.300> founder<00:16:50.690> eight<00:16:50.930> now<00:16:51.230> there 00:16:51.250 --> 00:16:51.260 align:start position:0% there from one founder eight now there 00:16:51.260 --> 00:16:54.640 align:start position:0% there from one founder eight now there be<00:16:52.450> instantaneously<00:16:53.450> and<00:16:53.779> what<00:16:53.990> we<00:16:54.230> can<00:16:54.350> do<00:16:54.500> is 00:16:54.640 --> 00:16:54.650 align:start position:0% be instantaneously and what we can do is 00:16:54.650 --> 00:16:56.910 align:start position:0% be instantaneously and what we can do is we<00:16:54.800> can<00:16:54.890> put<00:16:55.190> because<00:16:55.640> it's<00:16:55.910> all<00:16:56.089> in<00:16:56.360> the<00:16:56.510> same 00:16:56.910 --> 00:16:56.920 align:start position:0% we can put because it's all in the same 00:16:56.920 --> 00:16:59.170 align:start position:0% we can put because it's all in the same state<00:16:57.920> we<00:16:58.430> can<00:16:58.550> create<00:16:58.730> something<00:16:58.970> called 00:16:59.170 --> 00:16:59.180 align:start position:0% state we can create something called 00:16:59.180 --> 00:17:01.090 align:start position:0% state we can create something called pseudo<00:16:59.630> and<00:16:59.870> bonding<00:17:00.200> period<00:17:00.470> so<00:17:00.890> let's<00:17:01.010> see 00:17:01.090 --> 00:17:01.100 align:start position:0% pseudo and bonding period so let's see 00:17:01.100 --> 00:17:03.220 align:start position:0% pseudo and bonding period so let's see your<00:17:01.190> delegate<00:17:01.520> the<00:17:01.700> founder<00:17:02.000> a<00:17:02.240> you<00:17:02.960> go<00:17:03.080> ahead 00:17:03.220 --> 00:17:03.230 align:start position:0% your delegate the founder a you go ahead 00:17:03.230 --> 00:17:05.650 align:start position:0% your delegate the founder a you go ahead and<00:17:03.350> change<00:17:03.529> it<00:17:03.620> to<00:17:03.740> be<00:17:04.150> what<00:17:05.150> happens<00:17:05.480> is 00:17:05.650 --> 00:17:05.660 align:start position:0% and change it to be what happens is 00:17:05.660 --> 00:17:07.960 align:start position:0% and change it to be what happens is you're<00:17:06.140> put<00:17:06.380> into<00:17:06.530> a<00:17:06.650> pseudo<00:17:07.250> unwinding<00:17:07.819> peer 00:17:07.960 --> 00:17:07.970 align:start position:0% you're put into a pseudo unwinding peer 00:17:07.970 --> 00:17:10.360 align:start position:0% you're put into a pseudo unwinding peer evaluator<00:17:08.540> for<00:17:08.569> a<00:17:08.809> while<00:17:09.559> you<00:17:09.709> actually<00:17:09.949> go 00:17:10.360 --> 00:17:10.370 align:start position:0% evaluator for a while you actually go 00:17:10.370 --> 00:17:11.770 align:start position:0% evaluator for a while you actually go don't<00:17:10.760> get<00:17:10.939> into<00:17:11.059> being<00:17:11.209> your<00:17:11.390> any<00:17:11.600> the 00:17:11.770 --> 00:17:11.780 align:start position:0% don't get into being your any the 00:17:11.780 --> 00:17:16.090 align:start position:0% don't get into being your any the rewards<00:17:12.290> dollar<00:17:12.770> P<00:17:13.160> but<00:17:14.620> let's<00:17:15.620> say<00:17:15.800> some 00:17:16.090 --> 00:17:16.100 align:start position:0% rewards dollar P but let's say some 00:17:16.100 --> 00:17:18.280 align:start position:0% rewards dollar P but let's say some evidence<00:17:16.760> comes<00:17:17.059> that<00:17:17.390> you<00:17:17.540> double<00:17:17.870> sign<00:17:18.050> or 00:17:18.280 --> 00:17:18.290 align:start position:0% evidence comes that you double sign or 00:17:18.290 --> 00:17:21.100 align:start position:0% evidence comes that you double sign or something<00:17:18.410> we<00:17:19.160> can<00:17:19.339> slash<00:17:19.730> you<00:17:20.120> because<00:17:20.750> it's 00:17:21.100 --> 00:17:21.110 align:start position:0% something we can slash you because it's 00:17:21.110 --> 00:17:23.829 align:start position:0% something we can slash you because it's all<00:17:21.319> in<00:17:21.650> the<00:17:21.770> same<00:17:22.010> state<00:17:22.429> we<00:17:23.000> can<00:17:23.150> still<00:17:23.420> slash 00:17:23.829 --> 00:17:23.839 align:start position:0% all in the same state we can still slash 00:17:23.839 --> 00:17:26.079 align:start position:0% all in the same state we can still slash in<00:17:24.230> valgar<00:17:24.620> B<00:17:24.860> even<00:17:25.370> though<00:17:25.610> you're<00:17:25.880> in<00:17:25.910> this 00:17:26.079 --> 00:17:26.089 align:start position:0% in valgar B even though you're in this 00:17:26.089 --> 00:17:27.939 align:start position:0% in valgar B even though you're in this to<00:17:26.329> know<00:17:26.420> and<00:17:26.600> bonding<00:17:26.929> period<00:17:27.260> for<00:17:27.709> valid 00:17:27.939 --> 00:17:27.949 align:start position:0% to know and bonding period for valid 00:17:27.949 --> 00:17:30.940 align:start position:0% to know and bonding period for valid area<00:17:28.390> so<00:17:29.390> this<00:17:29.990> is<00:17:30.140> really<00:17:30.380> important<00:17:30.830> because 00:17:30.940 --> 00:17:30.950 align:start position:0% area so this is really important because 00:17:30.950 --> 00:17:34.140 align:start position:0% area so this is really important because I<00:17:31.160> think<00:17:31.190> it<00:17:31.520> will<00:17:31.610> reduce<00:17:32.090> the<00:17:32.480> stickiness<00:17:33.170> of 00:17:34.140 --> 00:17:34.150 align:start position:0% I think it will reduce the stickiness of 00:17:34.150 --> 00:17:36.520 align:start position:0% I think it will reduce the stickiness of delegation<00:17:35.150> you<00:17:35.900> know<00:17:35.990> proof<00:17:36.230> of<00:17:36.380> work 00:17:36.520 --> 00:17:36.530 align:start position:0% delegation you know proof of work 00:17:36.530 --> 00:17:40.270 align:start position:0% delegation you know proof of work centralization<00:17:37.309> isn't<00:17:37.760> great<00:17:38.179> but<00:17:39.140> it's<00:17:39.500> not 00:17:40.270 --> 00:17:40.280 align:start position:0% centralization isn't great but it's not 00:17:40.280 --> 00:17:43.780 align:start position:0% centralization isn't great but it's not those<00:17:40.520> it's<00:17:40.760> not<00:17:40.940> that<00:17:41.150> okay<00:17:41.900> because<00:17:42.890> miners 00:17:43.780 --> 00:17:43.790 align:start position:0% those it's not that okay because miners 00:17:43.790 --> 00:17:46.030 align:start position:0% those it's not that okay because miners are<00:17:44.000> able<00:17:44.270> to<00:17:44.300> jump<00:17:44.720> between<00:17:44.900> my<00:17:45.230> rules<00:17:45.590> as 00:17:46.030 --> 00:17:46.040 align:start position:0% are able to jump between my rules as 00:17:46.040 --> 00:17:47.770 align:start position:0% are able to jump between my rules as fast<00:17:46.400> as<00:17:46.580> you<00:17:46.760> that's<00:17:47.000> the<00:17:47.150> facile<00:17:47.450> they<00:17:47.540> want 00:17:47.770 --> 00:17:47.780 align:start position:0% fast as you that's the facile they want 00:17:47.780 --> 00:17:49.600 align:start position:0% fast as you that's the facile they want to<00:17:47.870> take<00:17:47.960> it<00:17:48.140> they<00:17:48.500> just<00:17:48.800> instantly<00:17:49.280> you<00:17:49.550> know 00:17:49.600 --> 00:17:49.610 align:start position:0% to take it they just instantly you know 00:17:49.610 --> 00:17:52.530 align:start position:0% to take it they just instantly you know let's<00:17:50.210> say<00:17:50.360> this<00:17:50.690> I'm<00:17:51.140> telling<00:17:51.710> it<00:17:51.830> into<00:17:52.130> a 00:17:52.530 --> 00:17:52.540 align:start position:0% let's say this I'm telling it into a 00:17:52.540 --> 00:17:55.480 align:start position:0% let's say this I'm telling it into a mining<00:17:53.540> with<00:17:53.750> a<00:17:53.990> pool<00:17:54.500> that<00:17:54.530> support<00:17:55.190> this<00:17:55.309> is 00:17:55.480 --> 00:17:55.490 align:start position:0% mining with a pool that support this is 00:17:55.490 --> 00:17:57.340 align:start position:0% mining with a pool that support this is supporting<00:17:55.910> a<00:17:55.940> bit<00:17:56.150> that<00:17:56.330> I<00:17:56.360> don't<00:17:56.570> like<00:17:56.750> I<00:17:56.990> can 00:17:57.340 --> 00:17:57.350 align:start position:0% supporting a bit that I don't like I can 00:17:57.350 --> 00:17:58.690 align:start position:0% supporting a bit that I don't like I can this<00:17:57.470> easily<00:17:57.860> switch<00:17:58.100> my<00:17:58.280> hash<00:17:58.460> for<00:17:58.640> a 00:17:58.690 --> 00:17:58.700 align:start position:0% this easily switch my hash for a 00:17:58.700 --> 00:18:00.610 align:start position:0% this easily switch my hash for a different<00:17:59.210> pool<00:17:59.360> and<00:17:59.929> we<00:18:00.080> need<00:18:00.260> to<00:18:00.320> make<00:18:00.500> it 00:18:00.610 --> 00:18:00.620 align:start position:0% different pool and we need to make it 00:18:00.620 --> 00:18:02.919 align:start position:0% different pool and we need to make it that<00:18:00.920> easy<00:18:01.220> to<00:18:01.550> do<00:18:01.700> or<00:18:02.210> delegation<00:18:02.630> as<00:18:02.900> well 00:18:02.919 --> 00:18:02.929 align:start position:0% that easy to do or delegation as well 00:18:02.929 --> 00:18:05.970 align:start position:0% that easy to do or delegation as well otherwise<00:18:03.740> we<00:18:04.460> can<00:18:04.820> occur<00:18:05.030> very<00:18:05.240> sticky 00:18:05.970 --> 00:18:05.980 align:start position:0% otherwise we can occur very sticky 00:18:05.980 --> 00:18:08.060 align:start position:0% otherwise we can occur very sticky validators<00:18:06.980> that<00:18:07.160> that's<00:18:07.370> not<00:18:07.610> going 00:18:08.060 --> 00:18:08.070 align:start position:0% validators that that's not going 00:18:08.070 --> 00:18:11.120 align:start position:0% validators that that's not going to<00:18:08.460> change<00:18:09.210> over<00:18:09.450> time 00:18:11.120 --> 00:18:11.130 align:start position:0% to change over time 00:18:11.130 --> 00:18:13.160 align:start position:0% to change over time finally<00:18:11.820> the<00:18:11.970> last<00:18:12.000> thing<00:18:12.240> I'd<00:18:12.840> like<00:18:12.960> to<00:18:13.020> talk 00:18:13.160 --> 00:18:13.170 align:start position:0% finally the last thing I'd like to talk 00:18:13.170 --> 00:18:15.040 align:start position:0% finally the last thing I'd like to talk about<00:18:13.290> is<00:18:13.500> proportional<00:18:14.010> smashing<00:18:14.430> so 00:18:15.040 --> 00:18:15.050 align:start position:0% about is proportional smashing so 00:18:15.050 --> 00:18:17.240 align:start position:0% about is proportional smashing so forceful<00:18:16.050> slashing<00:18:16.320> is<00:18:16.410> also<00:18:16.650> something<00:18:16.830> that 00:18:17.240 --> 00:18:17.250 align:start position:0% forceful slashing is also something that 00:18:17.250 --> 00:18:18.830 align:start position:0% forceful slashing is also something that you<00:18:17.460> know<00:18:17.520> I<00:18:17.580> think<00:18:17.670> it<00:18:17.850> hasn't<00:18:18.450> started<00:18:18.600> your 00:18:18.830 --> 00:18:18.840 align:start position:0% you know I think it hasn't started your 00:18:18.840 --> 00:18:21.170 align:start position:0% you know I think it hasn't started your dog<00:18:19.040> since<00:18:20.040> we<00:18:20.310> started<00:18:20.460> talking<00:18:20.850> about<00:18:20.880> it 00:18:21.170 --> 00:18:21.180 align:start position:0% dog since we started talking about it 00:18:21.180 --> 00:18:24.170 align:start position:0% dog since we started talking about it but<00:18:21.420> you<00:18:21.660> know<00:18:22.170> the<00:18:22.470> idea<00:18:22.500> is<00:18:23.150> you<00:18:24.150> know 00:18:24.170 --> 00:18:24.180 align:start position:0% but you know the idea is you know 00:18:24.180 --> 00:18:26.810 align:start position:0% but you know the idea is you know validator<00:18:24.750> one<00:18:24.990> that's<00:18:25.560> we<00:18:26.190> should<00:18:26.430> slash 00:18:26.810 --> 00:18:26.820 align:start position:0% validator one that's we should slash 00:18:26.820 --> 00:18:29.780 align:start position:0% validator one that's we should slash dollars<00:18:27.480> more<00:18:27.900> for<00:18:28.860> the<00:18:29.100> larger<00:18:29.610> the 00:18:29.780 --> 00:18:29.790 align:start position:0% dollars more for the larger the 00:18:29.790 --> 00:18:32.150 align:start position:0% dollars more for the larger the volunteer<00:18:30.210> is<00:18:30.360> so<00:18:30.480> let's<00:18:30.660> say<00:18:30.810> $1<00:18:31.590> I<00:18:31.830> got<00:18:31.980> this 00:18:32.150 --> 00:18:32.160 align:start position:0% volunteer is so let's say $1 I got this 00:18:32.160 --> 00:18:34.550 align:start position:0% volunteer is so let's say $1 I got this validator<00:18:32.520> has<00:18:32.640> 5000<00:18:33.270> feet<00:18:33.420> and<00:18:33.660> this<00:18:34.170> one<00:18:34.350> has 00:18:34.550 --> 00:18:34.560 align:start position:0% validator has 5000 feet and this one has 00:18:34.560 --> 00:18:37.670 align:start position:0% validator has 5000 feet and this one has 1000<00:18:35.160> and<00:18:35.460> they<00:18:36.000> both<00:18:36.180> get<00:18:36.330> slashed<00:18:36.660> this<00:18:37.440> once 00:18:37.670 --> 00:18:37.680 align:start position:0% 1000 and they both get slashed this once 00:18:37.680 --> 00:18:40.190 align:start position:0% 1000 and they both get slashed this once again<00:18:37.920> slashed<00:18:38.280> at<00:18:38.520> a<00:18:38.640> higher<00:18:38.910> percent<00:18:39.540> 5% 00:18:40.190 --> 00:18:40.200 align:start position:0% again slashed at a higher percent 5% 00:18:40.200 --> 00:18:43.070 align:start position:0% again slashed at a higher percent 5% rather<00:18:40.890> than<00:18:41.610> 1%<00:18:42.150> so<00:18:42.270> not<00:18:42.450> only<00:18:42.630> do<00:18:42.840> they<00:18:42.870> get 00:18:43.070 --> 00:18:43.080 align:start position:0% rather than 1% so not only do they get 00:18:43.080 --> 00:18:45.140 align:start position:0% rather than 1% so not only do they get more<00:18:43.410> coding<00:18:43.830> slash<00:18:44.160> because<00:18:44.700> they're<00:18:44.970> bigger 00:18:45.140 --> 00:18:45.150 align:start position:0% more coding slash because they're bigger 00:18:45.150 --> 00:18:46.820 align:start position:0% more coding slash because they're bigger but<00:18:45.360> they<00:18:45.420> also<00:18:45.570> get<00:18:45.720> a<00:18:45.750> higher<00:18:45.930> percentage<00:18:46.140> of 00:18:46.820 --> 00:18:46.830 align:start position:0% but they also get a higher percentage of 00:18:46.830 --> 00:18:49.340 align:start position:0% but they also get a higher percentage of token<00:18:47.130> splash<00:18:47.370> this<00:18:48.000> incentivizes<00:18:48.930> people<00:18:48.960> to 00:18:49.340 --> 00:18:49.350 align:start position:0% token splash this incentivizes people to 00:18:49.350 --> 00:18:51.830 align:start position:0% token splash this incentivizes people to not<00:18:49.620> delegate<00:18:50.220> towards<00:18:51.000> larger<00:18:51.360> dollars<00:18:51.720> it 00:18:51.830 --> 00:18:51.840 align:start position:0% not delegate towards larger dollars it 00:18:51.840 --> 00:18:53.360 align:start position:0% not delegate towards larger dollars it sends<00:18:52.170> by<00:18:52.290> to<00:18:52.350> go<00:18:52.770> towards<00:18:53.130> smaller 00:18:53.360 --> 00:18:53.370 align:start position:0% sends by to go towards smaller 00:18:53.370 --> 00:18:56.210 align:start position:0% sends by to go towards smaller validators<00:18:53.850> but<00:18:54.690> not<00:18:54.810> wait<00:18:54.990> what<00:18:55.380> what<00:18:55.950> why 00:18:56.210 --> 00:18:56.220 align:start position:0% validators but not wait what what why 00:18:56.220 --> 00:18:58.220 align:start position:0% validators but not wait what what why wouldn't<00:18:56.520> I<00:18:56.610> just<00:18:56.640> spend<00:18:57.240> just<00:18:57.420> similar<00:18:57.750> right 00:18:58.220 --> 00:18:58.230 align:start position:0% wouldn't I just spend just similar right 00:18:58.230 --> 00:19:00.980 align:start position:0% wouldn't I just spend just similar right like<00:18:59.030> instead<00:19:00.030> of<00:19:00.150> running<00:19:00.330> one<00:19:00.570> mile<00:19:00.810> later 00:19:00.980 --> 00:19:00.990 align:start position:0% like instead of running one mile later 00:19:00.990 --> 00:19:03.880 align:start position:0% like instead of running one mile later 5,000<00:19:01.680> miles<00:19:02.130> for<00:19:02.370> that<00:19:02.400> into<00:19:02.640> my<00:19:02.790> pocket<00:19:03.180> of 00:19:03.880 --> 00:19:03.890 align:start position:0% 5,000 miles for that into my pocket of 00:19:03.890 --> 00:19:07.580 align:start position:0% 5,000 miles for that into my pocket of 1018<00:19:05.330> so<00:19:06.330> what<00:19:06.660> we<00:19:06.750> can<00:19:06.840> do<00:19:06.990> here<00:19:07.200> to<00:19:07.380> solve 00:19:07.580 --> 00:19:07.590 align:start position:0% 1018 so what we can do here to solve 00:19:07.590 --> 00:19:10.130 align:start position:0% 1018 so what we can do here to solve this<00:19:07.800> is<00:19:08.280> we<00:19:08.520> also<00:19:08.760> punished<00:19:09.330> more<00:19:09.660> heavily 00:19:10.130 --> 00:19:10.140 align:start position:0% this is we also punished more heavily 00:19:10.140 --> 00:19:13.760 align:start position:0% this is we also punished more heavily the<00:19:10.950> more<00:19:11.400> number<00:19:12.030> of<00:19:12.060> validators<00:19:12.810> fault<00:19:13.200> at 00:19:13.760 --> 00:19:13.770 align:start position:0% the more number of validators fault at 00:19:13.770 --> 00:19:16.220 align:start position:0% the more number of validators fault at roughly<00:19:14.130> the<00:19:14.250> same<00:19:14.340> time<00:19:14.520> so<00:19:15.270> one<00:19:15.630> validator<00:19:16.200> a 00:19:16.220 --> 00:19:16.230 align:start position:0% roughly the same time so one validator a 00:19:16.230 --> 00:19:18.890 align:start position:0% roughly the same time so one validator a 5,000<00:19:16.890> is<00:19:17.070> double<00:19:17.700> signs<00:19:17.910> maybe<00:19:18.450> we<00:19:18.600> can<00:19:18.720> slash 00:19:18.890 --> 00:19:18.900 align:start position:0% 5,000 is double signs maybe we can slash 00:19:18.900 --> 00:19:21.950 align:start position:0% 5,000 is double signs maybe we can slash them<00:19:19.110> at<00:19:19.230> 5%<00:19:19.610> but<00:19:20.610> let's<00:19:20.880> say<00:19:21.000> $5<00:19:21.630> in<00:19:21.750> terms<00:19:21.870> of 00:19:21.950 --> 00:19:21.960 align:start position:0% them at 5% but let's say $5 in terms of 00:19:21.960 --> 00:19:22.960 align:start position:0% them at 5% but let's say $5 in terms of 1,000 00:19:22.960 --> 00:19:22.970 align:start position:0% 1,000 00:19:22.970 --> 00:19:25.790 align:start position:0% 1,000 sighs<00:19:23.970> we<00:19:24.450> should<00:19:24.600> slash<00:19:24.810> all<00:19:25.110> of<00:19:25.230> them<00:19:25.350> at<00:19:25.470> 20% 00:19:25.790 --> 00:19:25.800 align:start position:0% sighs we should slash all of them at 20% 00:19:25.800 --> 00:19:27.830 align:start position:0% sighs we should slash all of them at 20% so<00:19:26.190> we<00:19:26.340> kind<00:19:26.550> of<00:19:26.670> have<00:19:26.760> to<00:19:26.790> take<00:19:27.060> within<00:19:27.600> an 00:19:27.830 --> 00:19:27.840 align:start position:0% so we kind of have to take within an 00:19:27.840 --> 00:19:30.320 align:start position:0% so we kind of have to take within an epoch<00:19:28.320> we<00:19:28.920> can<00:19:29.070> say<00:19:29.250> if<00:19:29.460> multiple<00:19:29.910> collar<00:19:30.120> is 00:19:30.320 --> 00:19:30.330 align:start position:0% epoch we can say if multiple collar is 00:19:30.330 --> 00:19:32.330 align:start position:0% epoch we can say if multiple collar is double-sided<00:19:30.750> in<00:19:31.050> the<00:19:31.140> same<00:19:31.350> key<00:19:31.530> foglar<00:19:31.980> are 00:19:32.330 --> 00:19:32.340 align:start position:0% double-sided in the same key foglar are 00:19:32.340 --> 00:19:33.950 align:start position:0% double-sided in the same key foglar are unlike<00:19:32.850> doing<00:19:33.210> the<00:19:33.270> same<00:19:33.450> he<00:19:33.600> thought<00:19:33.780> we 00:19:33.950 --> 00:19:33.960 align:start position:0% unlike doing the same he thought we 00:19:33.960 --> 00:19:36.350 align:start position:0% unlike doing the same he thought we slashed<00:19:34.290> them<00:19:34.530> even<00:19:34.830> more<00:19:35.010> this<00:19:35.580> also<00:19:35.970> has<00:19:36.330> a 00:19:36.350 --> 00:19:36.360 align:start position:0% slashed them even more this also has a 00:19:36.360 --> 00:19:39.530 align:start position:0% slashed them even more this also has a very<00:19:36.780> nice<00:19:37.020> side<00:19:37.500> benefit<00:19:38.070> that<00:19:38.700> it 00:19:39.530 --> 00:19:39.540 align:start position:0% very nice side benefit that it 00:19:39.540 --> 00:19:42.620 align:start position:0% very nice side benefit that it incentivizes<00:19:40.020> you<00:19:40.830> to<00:19:41.280> D<00:19:41.580> correlate<00:19:42.150> yourself 00:19:42.620 --> 00:19:42.630 align:start position:0% incentivizes you to D correlate yourself 00:19:42.630 --> 00:19:44.480 align:start position:0% incentivizes you to D correlate yourself from<00:19:43.110> all<00:19:43.290> the<00:19:43.320> other<00:19:43.560> values<00:19:43.800> so<00:19:44.220> let's<00:19:44.400> say 00:19:44.480 --> 00:19:44.490 align:start position:0% from all the other values so let's say 00:19:44.490 --> 00:19:47.880 align:start position:0% from all the other values so let's say you<00:19:44.550> know<00:19:44.790> many<00:19:45.510> other<00:19:45.600> values<00:19:46.200> are 00:19:47.880 --> 00:19:47.890 align:start position:0% you know many other values are 00:19:47.890 --> 00:19:49.830 align:start position:0% you know many other values are you<00:19:48.280> want<00:19:48.550> to<00:19:48.640> not<00:19:48.970> run<00:19:49.210> on<00:19:49.330> Google<00:19:49.630> cloud 00:19:49.830 --> 00:19:49.840 align:start position:0% you want to not run on Google cloud 00:19:49.840 --> 00:19:51.780 align:start position:0% you want to not run on Google cloud because<00:19:50.290> you<00:19:50.740> know<00:19:50.920> that<00:19:51.100> if<00:19:51.250> Google<00:19:51.580> cloud 00:19:51.780 --> 00:19:51.790 align:start position:0% because you know that if Google cloud 00:19:51.790 --> 00:19:53.910 align:start position:0% because you know that if Google cloud has<00:19:52.030> some<00:19:52.240> issues<00:19:52.570> bill<00:19:53.230> they're<00:19:53.590> gonna<00:19:53.740> go 00:19:53.910 --> 00:19:53.920 align:start position:0% has some issues bill they're gonna go 00:19:53.920 --> 00:19:56.010 align:start position:0% has some issues bill they're gonna go offline<00:19:54.340> you<00:19:54.670> want<00:19:54.850> to<00:19:54.940> be<00:19:55.030> as<00:19:55.210> set<00:19:55.630> like<00:19:55.930> you 00:19:56.010 --> 00:19:56.020 align:start position:0% offline you want to be as set like you 00:19:56.020 --> 00:19:57.690 align:start position:0% offline you want to be as set like you know<00:19:56.140> separate<00:19:56.980> from<00:19:57.130> that<00:19:57.250> that's<00:19:57.490> walking 00:19:57.690 --> 00:19:57.700 align:start position:0% know separate from that that's walking 00:19:57.700 --> 00:19:59.460 align:start position:0% know separate from that that's walking so<00:19:57.940> you<00:19:58.030> don't<00:19:58.240> get<00:19:58.330> sloshed<00:19:58.690> higher<00:19:59.110> than 00:19:59.460 --> 00:19:59.470 align:start position:0% so you don't get sloshed higher than 00:19:59.470 --> 00:20:02.520 align:start position:0% so you don't get sloshed higher than great<00:19:59.830> and<00:20:00.640> so<00:20:01.600> you<00:20:01.930> know<00:20:02.020> this<00:20:02.230> is<00:20:02.410> the 00:20:02.520 --> 00:20:02.530 align:start position:0% great and so you know this is the 00:20:02.530 --> 00:20:04.290 align:start position:0% great and so you know this is the general<00:20:02.860> form<00:20:03.220> of<00:20:03.400> the<00:20:03.460> equation<00:20:03.580> that<00:20:04.060> I 00:20:04.290 --> 00:20:04.300 align:start position:0% general form of the equation that I 00:20:04.300 --> 00:20:05.880 align:start position:0% general form of the equation that I think<00:20:04.570> really<00:20:05.440> works 00:20:05.880 --> 00:20:05.890 align:start position:0% think really works 00:20:05.890 --> 00:20:08.700 align:start position:0% think really works it<00:20:06.010> specifies<00:20:06.310> the<00:20:06.760> square<00:20:07.090> of<00:20:07.290> sum<00:20:08.290> of<00:20:08.440> square 00:20:08.700 --> 00:20:08.710 align:start position:0% it specifies the square of sum of square 00:20:08.710 --> 00:20:13.650 align:start position:0% it specifies the square of sum of square of<00:20:08.890> roots<00:20:11.790> million<00:20:12.790> formulation<00:20:13.360> also 00:20:13.650 --> 00:20:13.660 align:start position:0% of roots million formulation also 00:20:13.660 --> 00:20:15.390 align:start position:0% of roots million formulation also similar<00:20:14.170> to<00:20:14.260> the<00:20:14.350> one<00:20:14.530> that's<00:20:14.680> gonna<00:20:14.920> be<00:20:15.100> like 00:20:15.390 --> 00:20:15.400 align:start position:0% similar to the one that's gonna be like 00:20:15.400 --> 00:20:17.940 align:start position:0% similar to the one that's gonna be like quadratic<00:20:16.180> the<00:20:16.780> raccoon<00:20:17.200> market<00:20:17.500> stuff<00:20:17.770> to 00:20:17.940 --> 00:20:17.950 align:start position:0% quadratic the raccoon market stuff to 00:20:17.950 --> 00:20:20.130 align:start position:0% quadratic the raccoon market stuff to quadratic<00:20:18.190> stuff<00:20:18.580> it's<00:20:19.360> very<00:20:19.390> useful<00:20:19.960> formula 00:20:20.130 --> 00:20:20.140 align:start position:0% quadratic stuff it's very useful formula 00:20:20.140 --> 00:20:21.870 align:start position:0% quadratic stuff it's very useful formula and<00:20:20.530> so<00:20:20.650> you<00:20:20.710> know<00:20:20.890> we<00:20:21.310> can<00:20:21.430> see<00:20:21.640> it<00:20:21.760> actually 00:20:21.870 --> 00:20:21.880 align:start position:0% and so you know we can see it actually 00:20:21.880 --> 00:20:25.320 align:start position:0% and so you know we can see it actually gives<00:20:22.420> you<00:20:22.660> a<00:20:22.690> lot<00:20:23.050> of<00:20:23.110> the<00:20:24.060> benefits<00:20:25.060> to<00:20:25.120> one 00:20:25.320 --> 00:20:25.330 align:start position:0% gives you a lot of the benefits to one 00:20:25.330 --> 00:20:27.330 align:start position:0% gives you a lot of the benefits to one where<00:20:25.600> like<00:20:25.810> you<00:20:26.200> know<00:20:26.320> the<00:20:26.500> more<00:20:26.770> validators 00:20:27.330 --> 00:20:27.340 align:start position:0% where like you know the more validators 00:20:27.340 --> 00:20:28.770 align:start position:0% where like you know the more validators are<00:20:27.490> /<00:20:27.700> you<00:20:27.910> know<00:20:28.000> if<00:20:28.150> these<00:20:28.300> are<00:20:28.480> about<00:20:28.600> that 00:20:28.770 --> 00:20:28.780 align:start position:0% are / you know if these are about that 00:20:28.780 --> 00:20:30.300 align:start position:0% are / you know if these are about that we<00:20:28.900> weren't<00:20:29.110> taking<00:20:29.260> into<00:20:29.590> account<00:20:29.620> you<00:20:30.220> know 00:20:30.300 --> 00:20:30.310 align:start position:0% we weren't taking into account you know 00:20:30.310 --> 00:20:33.030 align:start position:0% we weren't taking into account you know we<00:20:30.430> had<00:20:30.520> 1%<00:20:30.790> and<00:20:31.240> 5%<00:20:31.390> to<00:20:31.870> be<00:20:31.990> okay<00:20:32.770> there's<00:20:33.010> a 00:20:33.030 --> 00:20:33.040 align:start position:0% we had 1% and 5% to be okay there's a 00:20:33.040 --> 00:20:35.310 align:start position:0% we had 1% and 5% to be okay there's a 15%<00:20:33.700> spot<00:20:33.880> it<00:20:34.300> really<00:20:34.630> impressed<00:20:34.900> me<00:20:34.990> use<00:20:35.290> a 00:20:35.310 --> 00:20:35.320 align:start position:0% 15% spot it really impressed me use a 00:20:35.320 --> 00:20:37.500 align:start position:0% 15% spot it really impressed me use a formula<00:20:35.830> it<00:20:35.890> actually<00:20:36.040> baptized<00:20:36.730> the<00:20:36.910> /<00:20:37.150> board 00:20:37.500 --> 00:20:37.510 align:start position:0% formula it actually baptized the / board 00:20:37.510 --> 00:20:39.630 align:start position:0% formula it actually baptized the / board because<00:20:38.080> two<00:20:38.290> dollars<00:20:38.800> splash<00:20:39.130> at<00:20:39.340> the<00:20:39.430> same 00:20:39.630 --> 00:20:39.640 align:start position:0% because two dollars splash at the same 00:20:39.640 --> 00:20:43.350 align:start position:0% because two dollars splash at the same time<00:20:40.710> and<00:20:41.710> so<00:20:42.280> you<00:20:42.430> know<00:20:42.550> what<00:20:42.730> we<00:20:42.790> want<00:20:43.150> to<00:20:43.270> do 00:20:43.350 --> 00:20:43.360 align:start position:0% time and so you know what we want to do 00:20:43.360 --> 00:20:45.660 align:start position:0% time and so you know what we want to do is<00:20:43.480> add<00:20:43.660> some<00:20:43.690> constants<00:20:44.500> to<00:20:44.650> this<00:20:44.800> how<00:20:45.490> do<00:20:45.550> we 00:20:45.660 --> 00:20:45.670 align:start position:0% is add some constants to this how do we 00:20:45.670 --> 00:20:48.240 align:start position:0% is add some constants to this how do we choose<00:20:45.820> what<00:20:46.030> to<00:20:46.120> have<00:20:46.270> the<00:20:46.390> constants<00:20:47.250> one 00:20:48.240 --> 00:20:48.250 align:start position:0% choose what to have the constants one 00:20:48.250 --> 00:20:51.030 align:start position:0% choose what to have the constants one thing<00:20:48.460> that<00:20:48.610> I<00:20:48.640> think<00:20:48.790> we<00:20:49.060> should<00:20:49.090> do<00:20:49.360> is<00:20:50.040> let's 00:20:51.030 --> 00:20:51.040 align:start position:0% thing that I think we should do is let's 00:20:51.040 --> 00:20:53.820 align:start position:0% thing that I think we should do is let's say<00:20:51.250> you<00:20:51.790> are<00:20:51.820> a<00:20:51.970> relative<00:20:52.360> 10%<00:20:53.020> and<00:20:53.560> there's 00:20:53.820 --> 00:20:53.830 align:start position:0% say you are a relative 10% and there's 00:20:53.830 --> 00:20:55.710 align:start position:0% say you are a relative 10% and there's someone<00:20:54.070> else<00:20:54.190> who's<00:20:54.580> a<00:20:54.610> valued<00:20:54.970> at<00:20:55.060> 1%<00:20:55.360> and 00:20:55.710 --> 00:20:55.720 align:start position:0% someone else who's a valued at 1% and 00:20:55.720 --> 00:20:58.170 align:start position:0% someone else who's a valued at 1% and you<00:20:56.170> go<00:20:56.350> with<00:20:56.470> double<00:20:56.800> sign<00:20:56.980> together<00:20:57.310> you 00:20:58.170 --> 00:20:58.180 align:start position:0% you go with double sign together you 00:20:58.180 --> 00:21:00.330 align:start position:0% you go with double sign together you need<00:20:58.360> X<00:20:58.510> classic<00:20:58.960> 29<00:20:59.380> this<00:21:00.010> is<00:21:00.100> twenty<00:21:00.310> nine 00:21:00.330 --> 00:21:00.340 align:start position:0% need X classic 29 this is twenty nine 00:21:00.340 --> 00:21:03.570 align:start position:0% need X classic 29 this is twenty nine percent<00:21:00.610> /<00:21:01.140> but<00:21:02.140> what<00:21:02.920> if<00:21:03.040> the<00:21:03.130> other<00:21:03.280> person 00:21:03.570 --> 00:21:03.580 align:start position:0% percent / but what if the other person 00:21:03.580 --> 00:21:05.010 align:start position:0% percent / but what if the other person is<00:21:03.640> trying<00:21:03.700> to<00:21:03.880> grief<00:21:04.180> you<00:21:04.330> they're<00:21:04.600> willing 00:21:05.010 --> 00:21:05.020 align:start position:0% is trying to grief you they're willing 00:21:05.020 --> 00:21:08.940 align:start position:0% is trying to grief you they're willing to<00:21:05.050> lose<00:21:05.440> that<00:21:06.130> one<00:21:06.460> percent<00:21:07.350> but<00:21:08.350> in<00:21:08.650> order<00:21:08.920> to 00:21:08.940 --> 00:21:08.950 align:start position:0% to lose that one percent but in order to 00:21:08.950 --> 00:21:10.500 align:start position:0% to lose that one percent but in order to replenish<00:21:09.220> you<00:21:09.640> as<00:21:09.820> much<00:21:10.060> as<00:21:10.180> much<00:21:10.390> as 00:21:10.500 --> 00:21:10.510 align:start position:0% replenish you as much as much as 00:21:10.510 --> 00:21:12.240 align:start position:0% replenish you as much as much as possible<00:21:10.720> so<00:21:11.140> what<00:21:11.530> they<00:21:11.680> could<00:21:11.860> do<00:21:12.010> is<00:21:12.220> they 00:21:12.240 --> 00:21:12.250 align:start position:0% possible so what they could do is they 00:21:12.250 --> 00:21:13.890 align:start position:0% possible so what they could do is they could<00:21:12.430> actually<00:21:12.700> split<00:21:13.150> that<00:21:13.330> one<00:21:13.570> percent 00:21:13.890 --> 00:21:13.900 align:start position:0% could actually split that one percent 00:21:13.900 --> 00:21:16.110 align:start position:0% could actually split that one percent into<00:21:14.530> a<00:21:14.560> thousand<00:21:15.130> different<00:21:15.280> validators<00:21:15.970> and 00:21:16.110 --> 00:21:16.120 align:start position:0% into a thousand different validators and 00:21:16.120 --> 00:21:18.280 align:start position:0% into a thousand different validators and get<00:21:16.570> them<00:21:16.720> all<00:21:16.930> the<00:21:17.140> double<00:21:17.440> sign<00:21:17.650> at<00:21:17.950> the 00:21:18.280 --> 00:21:18.290 align:start position:0% get them all the double sign at the 00:21:18.290 --> 00:21:21.040 align:start position:0% get them all the double sign at the as<00:21:18.710> you<00:21:18.860> they<00:21:19.520> lost<00:21:19.880> the<00:21:20.060> same<00:21:20.270> amount<00:21:20.300> but 00:21:21.040 --> 00:21:21.050 align:start position:0% as you they lost the same amount but 00:21:21.050 --> 00:21:23.110 align:start position:0% as you they lost the same amount but they<00:21:21.140> suddenly<00:21:21.500> backed<00:21:22.010> up<00:21:22.220> by<00:21:22.400> it<00:21:22.460> and<00:21:22.790> these 00:21:23.110 --> 00:21:23.120 align:start position:0% they suddenly backed up by it and these 00:21:23.120 --> 00:21:26.320 align:start position:0% they suddenly backed up by it and these flash<00:21:23.480> to<00:21:23.920> thirteen<00:21:24.920> hundred<00:21:25.340> percent<00:21:25.730> which 00:21:26.320 --> 00:21:26.330 align:start position:0% flash to thirteen hundred percent which 00:21:26.330 --> 00:21:30.270 align:start position:0% flash to thirteen hundred percent which is<00:21:26.360> crazy<00:21:26.810> and<00:21:27.410> so<00:21:27.560> what<00:21:27.980> we<00:21:28.700> do<00:21:28.850> is<00:21:29.090> this<00:21:29.390> tape 00:21:30.270 --> 00:21:30.280 align:start position:0% is crazy and so what we do is this tape 00:21:30.280 --> 00:21:34.960 align:start position:0% is crazy and so what we do is this tape should<00:21:31.280> be<00:21:32.740> based<00:21:33.740> off<00:21:34.010> of<00:21:34.040> you<00:21:34.610> should<00:21:34.760> take 00:21:34.960 --> 00:21:34.970 align:start position:0% should be based off of you should take 00:21:34.970 --> 00:21:37.360 align:start position:0% should be based off of you should take into<00:21:35.270> the<00:21:35.540> account<00:21:35.900> the<00:21:36.470> inverse<00:21:37.010> Gini 00:21:37.360 --> 00:21:37.370 align:start position:0% into the account the inverse Gini 00:21:37.370 --> 00:21:40.660 align:start position:0% into the account the inverse Gini coefficient<00:21:38.000> so<00:21:38.420> be<00:21:38.570> more<00:21:39.160> the<00:21:40.160> more<00:21:40.370> unequal 00:21:40.660 --> 00:21:40.670 align:start position:0% coefficient so be more the more unequal 00:21:40.670 --> 00:21:43.660 align:start position:0% coefficient so be more the more unequal that<00:21:41.330> validators<00:21:41.930> the<00:21:42.710> number<00:21:43.370> about<00:21:43.490> is 00:21:43.660 --> 00:21:43.670 align:start position:0% that validators the number about is 00:21:43.670 --> 00:21:45.850 align:start position:0% that validators the number about is about<00:21:43.760> /<00:21:44.180> in<00:21:44.360> that<00:21:44.510> epoch<00:21:44.810> the<00:21:45.140> more<00:21:45.530> unequal 00:21:45.850 --> 00:21:45.860 align:start position:0% about / in that epoch the more unequal 00:21:45.860 --> 00:21:49.300 align:start position:0% about / in that epoch the more unequal their<00:21:46.640> stakes<00:21:46.970> are<00:21:47.270> the<00:21:47.810> lower<00:21:48.470> that<00:21:48.770> constant 00:21:49.300 --> 00:21:49.310 align:start position:0% their stakes are the lower that constant 00:21:49.310 --> 00:21:50.470 align:start position:0% their stakes are the lower that constant should<00:21:49.460> go<00:21:49.640> for<00:21:49.910> the<00:21:49.970> more<00:21:50.150> and<00:21:50.360> the<00:21:50.390> more 00:21:50.470 --> 00:21:50.480 align:start position:0% should go for the more and the more 00:21:50.480 --> 00:21:52.750 align:start position:0% should go for the more and the more equal<00:21:51.020> their<00:21:51.200> stakes<00:21:51.470> aren't<00:21:51.800> they<00:21:52.220> should<00:21:52.610> go 00:21:52.750 --> 00:21:52.760 align:start position:0% equal their stakes aren't they should go 00:21:52.760 --> 00:21:54.250 align:start position:0% equal their stakes aren't they should go higher<00:21:53.030> and<00:21:53.330> so<00:21:53.660> that<00:21:53.810> will<00:21:53.990> kind<00:21:54.170> of 00:21:54.250 --> 00:21:54.260 align:start position:0% higher and so that will kind of 00:21:54.260 --> 00:21:56.350 align:start position:0% higher and so that will kind of basically<00:21:54.740> help<00:21:55.310> the<00:21:55.430> fall<00:21:55.610> they<00:21:55.940> thought<00:21:56.210> of 00:21:56.350 --> 00:21:56.360 align:start position:0% basically help the fall they thought of 00:21:56.360 --> 00:22:00.850 align:start position:0% basically help the fall they thought of the<00:21:56.650> kind<00:21:57.650> of<00:21:57.710> wreaking<00:21:58.070> attacks<00:21:59.770> thank<00:22:00.770> you 00:22:00.850 --> 00:22:00.860 align:start position:0% the kind of wreaking attacks thank you 00:22:00.860 --> 00:22:04.410 align:start position:0% the kind of wreaking attacks thank you so<00:22:00.980> much 00:22:04.410 --> 00:22:04.420 align:start position:0% 00:22:04.420 --> 00:22:12.930 align:start position:0% [Applause] 00:22:12.930 --> 00:22:12.940 align:start position:0% 00:22:12.940 --> 00:22:15.000 align:start position:0% you