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yes<00:00:14.839><c> hello</c><00:00:15.850><c> can</c><00:00:16.850><c> you</c><00:00:16.880><c> hear</c><00:00:17.030><c> me</c><00:00:17.650><c> hello</c><00:00:18.650><c> okay</c>

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yes hello can you hear me hello okay
 

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yes hello can you hear me hello okay
microphone<00:00:20.600><c> is</c><00:00:20.720><c> on</c><00:00:20.950><c> hello</c><00:00:21.950><c> my</c><00:00:22.250><c> name</c><00:00:22.400><c> is</c>

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microphone is on hello my name is
 

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microphone is on hello my name is
Christophe<00:00:22.850><c> muizenberg</c><00:00:23.300><c> I'm</c><00:00:23.720><c> from</c><00:00:24.200><c> either</c>

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Christophe muizenberg I'm from either
 

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Christophe muizenberg I'm from either
risk<00:00:24.650><c> and</c><00:00:24.950><c> I</c><00:00:25.250><c> want</c><00:00:25.460><c> to</c><00:00:25.550><c> talk</c><00:00:25.730><c> to</c><00:00:25.910><c> you</c><00:00:26.030><c> on</c>

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risk and I want to talk to you on
 

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risk and I want to talk to you on
standardized<00:00:27.530><c> protocols</c><00:00:28.250><c> for</c><00:00:28.400><c> the</c>

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standardized protocols for the
 

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standardized protocols for the
centralized<00:00:29.000><c> insurance</c><00:00:29.540><c> as</c><00:00:29.990><c> you</c><00:00:30.200><c> know</c><00:00:30.350><c> is</c><00:00:30.590><c> a</c>

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centralized insurance as you know is a
 

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centralized insurance as you know is a
risk<00:00:30.860><c> is</c><00:00:31.039><c> building</c><00:00:31.430><c> decentralized</c><00:00:32.180><c> insurance</c>

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risk is building decentralized insurance
 

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risk is building decentralized insurance
and<00:00:33.020><c> decentralized</c><00:00:33.920><c> insurance</c><00:00:34.510><c> of</c><00:00:35.510><c> course</c>

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and decentralized insurance of course
 

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and decentralized insurance of course
has<00:00:36.110><c> many</c><00:00:36.470><c> participants</c><00:00:36.920><c> which</c><00:00:37.820><c> has</c><00:00:38.300><c> to</c>

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has many participants which has to
 

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has many participants which has to
interact<00:00:39.140><c> with</c><00:00:39.440><c> each</c><00:00:39.560><c> other</c><00:00:39.860><c> and</c><00:00:40.280><c> this</c><00:00:41.120><c> has</c><00:00:41.390><c> to</c>

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interact with each other and this has to
 

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interact with each other and this has to
be<00:00:41.750><c> organized</c><00:00:42.350><c> in</c><00:00:42.500><c> some</c><00:00:42.650><c> way</c><00:00:42.800><c> and</c><00:00:43.130><c> that's</c>

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be organized in some way and that's
 

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be organized in some way and that's
where<00:00:44.180><c> we</c><00:00:44.300><c> use</c><00:00:44.870><c> protocols</c><00:00:45.620><c> for</c><00:00:46.090><c> why</c><00:00:47.090><c> protocol</c>

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where we use protocols for why protocol
 

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where we use protocols for why protocol
a<00:00:47.870><c> protocol</c><00:00:48.410><c> is</c><00:00:48.910><c> basically</c><00:00:50.620><c> standard</c><00:00:51.620><c> which</c>

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a protocol is basically standard which
 

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a protocol is basically standard which
enables<00:00:52.340><c> people</c><00:00:52.520><c> to</c><00:00:52.730><c> communicate</c><00:00:53.360><c> you</c><00:00:53.840><c> see</c>

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enables people to communicate you see
 

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enables people to communicate you see
Angela<00:00:54.470><c> Merkel</c><00:00:54.829><c> and</c><00:00:55.010><c> the</c><00:00:55.100><c> Queen</c><00:00:55.430><c> and</c><00:00:55.460><c> they</c><00:00:55.850><c> are</c>

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Angela Merkel and the Queen and they are
 

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Angela Merkel and the Queen and they are
coming<00:00:56.270><c> from</c><00:00:56.360><c> very</c><00:00:56.630><c> different</c><00:00:56.720><c> cultural</c>

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coming from very different cultural
 

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coming from very different cultural
backgrounds<00:00:58.250><c> and</c><00:00:58.489><c> so</c><00:00:59.120><c> it's</c><00:00:59.300><c> not</c><00:00:59.420><c> very</c><00:00:59.870><c> easy</c><00:00:59.930><c> to</c>

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backgrounds and so it's not very easy to
 

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backgrounds and so it's not very easy to
communicate<00:01:01.070><c> but</c><00:01:01.790><c> there</c><00:01:02.000><c> is</c><00:01:02.120><c> a</c><00:01:02.149><c> protocol</c><00:01:02.660><c> and</c>

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communicate but there is a protocol and
 

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communicate but there is a protocol and
this<00:01:03.050><c> helps</c><00:01:03.380><c> them</c><00:01:03.530><c> to</c><00:01:03.640><c> find</c><00:01:04.640><c> the</c><00:01:04.850><c> right</c><00:01:05.030><c> way</c>

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this helps them to find the right way
 

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this helps them to find the right way
and<00:01:06.830><c> another</c><00:01:07.729><c> thing</c><00:01:08.510><c> is</c><00:01:10.030><c> protocols</c><00:01:11.030><c> and</c><00:01:11.210><c> able</c>

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and another thing is protocols and able
 

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and another thing is protocols and able
communication<00:01:12.350><c> the</c><00:01:12.500><c> other</c><00:01:12.650><c> thing</c><00:01:12.890><c> is</c><00:01:13.150><c> also</c><00:01:14.150><c> we</c>

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communication the other thing is also we
 

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communication the other thing is also we
have<00:01:14.900><c> protocols</c><00:01:15.560><c> which</c><00:01:16.340><c> are</c><00:01:16.580><c> very</c><00:01:16.790><c> important</c>

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have protocols which are very important
 

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have protocols which are very important
for<00:01:17.630><c> security</c><00:01:18.040><c> look</c><00:01:19.040><c> at</c><00:01:19.159><c> this</c><00:01:19.310><c> example</c><00:01:19.670><c> you</c>

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for security look at this example you
 

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for security look at this example you
know<00:01:20.180><c> all</c><00:01:20.450><c> these</c><00:01:20.690><c> famous</c><00:01:21.350><c> flight</c><00:01:21.619><c> from</c>

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know all these famous flight from
 

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know all these famous flight from
captain<00:01:23.240><c> Sullenberger</c>

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captain Sullenberger
 

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captain Sullenberger
who<00:01:24.409><c> managed</c><00:01:24.890><c> to</c><00:01:24.920><c> land</c><00:01:25.540><c> Boeing</c><00:01:26.830><c> and</c><00:01:27.830><c> why</c><00:01:28.820><c> was</c>

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who managed to land Boeing and why was
 

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who managed to land Boeing and why was
this<00:01:29.180><c> possible</c><00:01:29.659><c> they</c><00:01:30.650><c> had</c><00:01:30.830><c> birds</c><00:01:31.430><c> in</c><00:01:31.729><c> their</c>

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this possible they had birds in their
 

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this possible they had birds in their
engine<00:01:32.390><c> and</c><00:01:32.600><c> all</c><00:01:32.780><c> engine</c><00:01:33.200><c> at</c><00:01:33.470><c> once</c><00:01:33.710><c> stopped</c>

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engine and all engine at once stopped
 

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engine and all engine at once stopped
and<00:01:34.400><c> this</c><00:01:35.090><c> wasn't</c><00:01:35.299><c> clear</c><00:01:35.990><c> in</c><00:01:36.140><c> an</c><00:01:36.350><c> emergency</c>

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and this wasn't clear in an emergency
 

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and this wasn't clear in an emergency
situation<00:01:37.100><c> and</c><00:01:38.470><c> there</c><00:01:39.470><c> were</c><00:01:39.560><c> hundreds</c><00:01:40.100><c> of</c>

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situation and there were hundreds of
 

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situation and there were hundreds of
people<00:01:40.250><c> on</c><00:01:40.790><c> this</c><00:01:40.970><c> plane</c><00:01:41.240><c> and</c><00:01:41.540><c> such</c><00:01:42.170><c> a</c>

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people on this plane and such a
 

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people on this plane and such a
situation<00:01:43.070><c> creates</c><00:01:43.490><c> much</c><00:01:43.820><c> pressure</c><00:01:44.210><c> and</c><00:01:45.250><c> the</c>

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situation creates much pressure and the
 

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situation creates much pressure and the
only<00:01:46.369><c> way</c><00:01:47.000><c> to</c><00:01:47.170><c> manage</c><00:01:48.170><c> such</c><00:01:48.740><c> a</c><00:01:48.770><c> situation</c><00:01:49.670><c> is</c>

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only way to manage such a situation is
 

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only way to manage such a situation is
that<00:01:50.119><c> they</c><00:01:50.540><c> use</c><00:01:50.930><c> protocols</c><00:01:51.560><c> in</c><00:01:51.799><c> their</c><00:01:52.070><c> cockpit</c>

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that they use protocols in their cockpit
 

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that they use protocols in their cockpit
communication<00:01:53.270><c> so</c><00:01:53.780><c> every</c><00:01:54.259><c> single</c><00:01:54.799><c> step</c><00:01:55.009><c> in</c>

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communication so every single step in
 

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communication so every single step in
the<00:01:55.430><c> communication</c><00:01:56.119><c> is</c><00:01:56.360><c> according</c><00:01:57.229><c> to</c><00:01:57.380><c> a</c>

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the communication is according to a
 

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the communication is according to a
predefined<00:01:58.130><c> pattern</c><00:01:58.490><c> which</c><00:01:58.670><c> had</c><00:01:58.850><c> been</c>

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predefined pattern which had been
 

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predefined pattern which had been
trained<00:01:59.390><c> times</c><00:02:00.229><c> and</c><00:02:00.500><c> times</c><00:02:00.680><c> and</c><00:02:00.890><c> times</c><00:02:01.070><c> again</c>

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trained times and times and times again
 

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trained times and times and times again
and<00:02:01.579><c> so</c><00:02:02.000><c> it</c><00:02:02.509><c> went</c><00:02:02.869><c> basically</c><00:02:03.590><c> automatically</c>

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and so it went basically automatically
 

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and so it went basically automatically
and<00:02:04.820><c> this</c><00:02:05.000><c> was</c><00:02:05.180><c> the</c><00:02:05.360><c> reason</c><00:02:05.509><c> why</c><00:02:05.780><c> he</c><00:02:06.079><c> could</c>

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and this was the reason why he could
 

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and this was the reason why he could
manage<00:02:07.310><c> such</c><00:02:07.700><c> an</c><00:02:07.939><c> emergency</c><00:02:08.720><c> situation</c><00:02:08.899><c> so</c>

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manage such an emergency situation so
 

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manage such an emergency situation so
protocols<00:02:10.250><c> and</c><00:02:10.459><c> sure</c><00:02:10.670><c> communication</c><00:02:11.420><c> and</c>

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protocols and sure communication and
 

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protocols and sure communication and
of<00:02:12.280><c> course</c><00:02:12.579><c> in</c><00:02:12.790><c> insurance</c><00:02:13.390><c> which</c><00:02:13.599><c> is</c><00:02:13.629><c> very</c>

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of course in insurance which is very
 

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of course in insurance which is very
critical<00:02:14.859><c> business</c><00:02:15.730><c> we</c><00:02:16.540><c> need</c><00:02:16.689><c> protocols</c><00:02:17.349><c> to</c>

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critical business we need protocols to
 

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critical business we need protocols to
ensure<00:02:18.280><c> the</c><00:02:18.879><c> communication</c><00:02:19.480><c> between</c>

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ensure the communication between
 

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ensure the communication between
participants<00:02:20.969><c> now</c><00:02:21.969><c> what</c><00:02:22.329><c> our</c><00:02:22.540><c> requirements</c>

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participants now what our requirements
 

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participants now what our requirements
are<00:02:23.560><c> good</c><00:02:23.859><c> protocols</c><00:02:24.370><c> we</c><00:02:25.120><c> want</c><00:02:25.359><c> to</c><00:02:25.569><c> build</c><00:02:25.780><c> a</c>

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are good protocols we want to build a
 

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are good protocols we want to build a
standard<00:02:26.560><c> for</c><00:02:26.799><c> protocols</c><00:02:27.340><c> for</c><00:02:27.609><c> interaction</c>

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standard for protocols for interaction
 

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standard for protocols for interaction
between<00:02:28.719><c> participants</c><00:02:29.650><c> and</c><00:02:29.920><c> an</c><00:02:30.010><c> insurance</c>

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between participants and an insurance
 

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between participants and an insurance
Network<00:02:30.849><c> these</c><00:02:31.540><c> participants</c><00:02:31.930><c> can</c><00:02:32.590><c> be</c>

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Network these participants can be
 

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Network these participants can be
customers<00:02:33.489><c> this</c><00:02:33.730><c> can</c><00:02:33.969><c> be</c><00:02:34.150><c> service</c><00:02:34.659><c> providers</c>

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customers this can be service providers
 

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customers this can be service providers
like<00:02:35.349><c> Oracle's</c><00:02:36.189><c> data</c><00:02:37.090><c> providers</c><00:02:38.669><c> at</c>

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like Oracle's data providers at
 

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like Oracle's data providers at
actuaries<00:02:41.079><c> this</c><00:02:41.709><c> can</c><00:02:41.950><c> be</c><00:02:42.159><c> Claims</c><00:02:42.909><c> Manager</c>

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actuaries this can be Claims Manager
 

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actuaries this can be Claims Manager
sales<00:02:43.900><c> people</c><00:02:44.349><c> so</c><00:02:45.099><c> many</c><00:02:45.250><c> people</c><00:02:46.000><c> act</c><00:02:46.780><c> together</c>

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sales people so many people act together
 

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sales people so many people act together
and<00:02:47.969><c> to</c><00:02:48.969><c> make</c><00:02:49.239><c> the</c><00:02:49.480><c> communication</c><00:02:49.930><c> fluent</c><00:02:50.469><c> a</c>

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and to make the communication fluent a
 

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and to make the communication fluent a
good<00:02:50.919><c> protocol</c><00:02:51.400><c> should</c><00:02:51.430><c> be</c><00:02:51.879><c> fulfill</c><00:02:52.480><c> some</c>

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good protocol should be fulfill some
 

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good protocol should be fulfill some
core<00:02:53.680><c> aspects</c><00:02:54.370><c> and</c><00:02:54.579><c> I</c><00:02:54.879><c> have</c><00:02:55.560><c> written</c><00:02:56.560><c> down</c>

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core aspects and I have written down
 

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core aspects and I have written down
five<00:02:57.489><c> of</c><00:02:57.519><c> them</c><00:02:57.969><c> a</c><00:02:58.239><c> good</c><00:02:58.780><c> protocol</c><00:02:59.319><c> should</c><00:02:59.349><c> be</c>

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five of them a good protocol should be
 

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five of them a good protocol should be
minimal<00:03:00.370><c> it</c><00:03:00.609><c> should</c><00:03:00.790><c> not</c><00:03:00.969><c> have</c><00:03:01.209><c> any</c><00:03:01.419><c> overhead</c>

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minimal it should not have any overhead
 

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minimal it should not have any overhead
at<00:03:03.099><c> the</c><00:03:03.280><c> same</c><00:03:03.489><c> time</c><00:03:03.790><c> which</c><00:03:04.090><c> is</c><00:03:04.120><c> nearly</c>

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at the same time which is nearly
 

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at the same time which is nearly
contradictory<00:03:05.439><c> it</c><00:03:05.709><c> should</c><00:03:05.889><c> be</c><00:03:06.010><c> complete</c><00:03:06.459><c> so</c>

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contradictory it should be complete so
 

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contradictory it should be complete so
it<00:03:06.849><c> should</c><00:03:07.150><c> cover</c><00:03:07.419><c> mostly</c><00:03:08.199><c> the</c><00:03:08.590><c> main</c><00:03:08.889><c> cases</c>

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it should cover mostly the main cases
 

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it should cover mostly the main cases
which<00:03:09.879><c> can</c><00:03:10.090><c> occur</c><00:03:10.359><c> and</c><00:03:11.109><c> it</c><00:03:11.230><c> should</c><00:03:11.379><c> not</c><00:03:11.500><c> be</c>

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which can occur and it should not be
 

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which can occur and it should not be
left<00:03:11.980><c> open</c><00:03:12.219><c> any</c><00:03:12.609><c> space</c><00:03:13.000><c> for</c><00:03:14.370><c> friction</c><00:03:15.479><c> it</c>

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left open any space for friction it
 

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left open any space for friction it
should<00:03:16.720><c> be</c><00:03:16.870><c> robust</c><00:03:17.229><c> so</c><00:03:18.009><c> if</c><00:03:18.489><c> there</c><00:03:18.729><c> are</c><00:03:18.849><c> any</c>

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should be robust so if there are any
 

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should be robust so if there are any
errors<00:03:19.269><c> or</c><00:03:19.689><c> some</c><00:03:20.040><c> participant</c><00:03:21.040><c> it's</c><00:03:21.189><c> not</c>

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errors or some participant it's not
 

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errors or some participant it's not
behaving<00:03:21.669><c> exactly</c><00:03:22.599><c> according</c><00:03:23.079><c> to</c><00:03:23.290><c> the</c>

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behaving exactly according to the
 

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behaving exactly according to the
protocol<00:03:23.919><c> this</c><00:03:24.220><c> should</c><00:03:24.459><c> not</c><00:03:24.870><c> stop</c><00:03:25.870><c> the</c><00:03:26.049><c> whole</c>

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protocol this should not stop the whole
 

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protocol this should not stop the whole
process<00:03:26.709><c> so</c><00:03:26.979><c> the</c><00:03:27.609><c> protocol</c><00:03:28.150><c> should</c><00:03:28.209><c> be</c><00:03:28.540><c> robust</c>

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process so the protocol should be robust
 

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process so the protocol should be robust
it<00:03:29.439><c> should</c><00:03:29.590><c> be</c><00:03:29.709><c> layered</c><00:03:30.069><c> so</c><00:03:30.370><c> it</c><00:03:30.759><c> should</c><00:03:31.120><c> be</c>

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it should be layered so it should be
 

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it should be layered so it should be
from<00:03:31.599><c> a</c><00:03:31.750><c> simple</c><00:03:32.280><c> generic</c><00:03:33.419><c> layer</c><00:03:34.419><c> to</c><00:03:34.930><c> more</c>

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from a simple generic layer to more
 

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from a simple generic layer to more
complicated<00:03:36.009><c> and</c><00:03:36.220><c> connected</c><00:03:36.790><c> layers</c><00:03:37.000><c> and</c><00:03:37.479><c> it</c>

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complicated and connected layers and it
 

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complicated and connected layers and it
should<00:03:37.930><c> be</c><00:03:38.049><c> accepted</c><00:03:38.560><c> protocol</c><00:03:39.189><c> makes</c><00:03:39.370><c> the</c>

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should be accepted protocol makes the
 

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should be accepted protocol makes the
only<00:03:39.699><c> sense</c><00:03:39.939><c> if</c><00:03:40.120><c> everybody</c><00:03:40.659><c> agrees</c><00:03:41.019><c> on</c><00:03:41.229><c> it</c><00:03:41.349><c> and</c>

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only sense if everybody agrees on it and
 

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only sense if everybody agrees on it and
yeah<00:03:42.669><c> we</c><00:03:42.849><c> have</c><00:03:42.879><c> a</c><00:03:43.000><c> perfect</c><00:03:43.689><c> example</c><00:03:43.780><c> the</c><00:03:44.470><c> RAC</c>

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yeah we have a perfect example the RAC
 

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yeah we have a perfect example the RAC
20<00:03:45.280><c> token</c><00:03:45.609><c> standard</c><00:03:46.030><c> is</c><00:03:46.269><c> such</c><00:03:46.599><c> a</c><00:03:46.629><c> protocol</c><00:03:47.259><c> it</c>

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20 token standard is such a protocol it
 

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20 token standard is such a protocol it
is<00:03:48.129><c> minimal</c><00:03:48.579><c> because</c><00:03:48.759><c> it</c><00:03:49.120><c> only</c><00:03:49.359><c> contains</c><00:03:49.810><c> I</c>

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is minimal because it only contains I
 

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is minimal because it only contains I
think<00:03:51.299><c> six</c><00:03:52.299><c> functions</c><00:03:52.870><c> and</c><00:03:53.259><c> two</c><00:03:53.439><c> events</c><00:03:53.919><c> and</c>

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think six functions and two events and
 

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think six functions and two events and
that's<00:03:54.430><c> all</c><00:03:54.669><c> and</c><00:03:54.969><c> you</c><00:03:55.329><c> know</c><00:03:55.479><c> you</c><00:03:55.569><c> can</c><00:03:55.840><c> build</c><00:03:56.049><c> a</c>

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that's all and you know you can build a
 

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that's all and you know you can build a
whole<00:03:56.409><c> economy</c><00:03:57.040><c> on</c><00:03:57.250><c> such</c><00:03:57.759><c> a</c><00:03:57.790><c> simple</c><00:03:58.239><c> protocol</c>

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whole economy on such a simple protocol
 

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whole economy on such a simple protocol
it's<00:03:59.199><c> complete</c><00:03:59.650><c> because</c><00:04:00.099><c> everything</c><00:04:00.909><c> you</c>

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it's complete because everything you
 

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it's complete because everything you
need<00:04:01.209><c> to</c><00:04:01.359><c> manage</c><00:04:01.870><c> your</c><00:04:01.900><c> token</c><00:04:02.439><c> is</c><00:04:02.739><c> in</c><00:04:03.219><c> it</c><00:04:03.370><c> and</c>

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need to manage your token is in it and
 

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need to manage your token is in it and
basically<00:04:03.969><c> it</c><00:04:04.359><c> is</c><00:04:04.509><c> only</c><00:04:04.780><c> one</c><00:04:05.049><c> function</c><00:04:05.439><c> the</c>

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basically it is only one function the
 

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basically it is only one function the
transfer<00:04:06.250><c> function</c><00:04:06.639><c> which</c><00:04:06.790><c> makes</c><00:04:07.569><c> it</c><00:04:07.750><c> running</c>

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transfer function which makes it running
 

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transfer function which makes it running
all<00:04:08.469><c> the</c><00:04:08.769><c> other</c><00:04:08.889><c> functions</c><00:04:09.430><c> are</c><00:04:10.199><c> more</c>

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all the other functions are more
 

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all the other functions are more
to<00:04:11.930><c> get</c><00:04:12.770><c> it</c><00:04:12.920><c> we</c><00:04:13.490><c> need</c><00:04:13.520><c> to</c><00:04:13.670><c> initiate</c><00:04:14.180><c> it</c><00:04:14.210><c> or</c><00:04:14.630><c> to</c>

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to get it we need to initiate it or to
 

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to get it we need to initiate it or to
get<00:04:14.960><c> information</c><00:04:15.230><c> but</c><00:04:15.860><c> the</c><00:04:16.250><c> transfer</c>

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get information but the transfer
 

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get information but the transfer
function<00:04:16.910><c> is</c><00:04:17.410><c> most</c><00:04:18.410><c> important</c><00:04:18.920><c> so</c><00:04:19.130><c> you</c><00:04:19.610><c> have</c><00:04:19.850><c> a</c>

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function is most important so you have a
 

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function is most important so you have a
very<00:04:20.150><c> minimal</c><00:04:20.360><c> set</c><00:04:20.840><c> its</c><00:04:21.500><c> robust</c><00:04:21.920><c> because</c><00:04:22.720><c> you</c>

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very minimal set its robust because you
 

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very minimal set its robust because you
have<00:04:23.870><c> very</c><00:04:23.900><c> few</c><00:04:24.830><c> input</c><00:04:25.310><c> parameters</c><00:04:25.880><c> and</c><00:04:26.150><c> so</c><00:04:27.050><c> it</c>

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have very few input parameters and so it
 

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have very few input parameters and so it
is<00:04:28.300><c> mainly</c><00:04:29.300><c> impossible</c><00:04:29.990><c> to</c><00:04:30.580><c> to</c><00:04:31.840><c> go</c><00:04:33.250><c> against</c>

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is mainly impossible to to go against
 

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is mainly impossible to to go against
the<00:04:34.550><c> rules</c><00:04:34.580><c> of</c><00:04:34.970><c> the</c><00:04:35.090><c> protocol</c><00:04:35.570><c> and</c><00:04:36.430><c> it's</c>

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the rules of the protocol and it's
 

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the rules of the protocol and it's
secure<00:04:37.820><c> because</c><00:04:38.560><c> it's</c><00:04:39.560><c> not</c><00:04:39.740><c> possible</c><00:04:40.220><c> to</c>

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secure because it's not possible to
 

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secure because it's not possible to
manipulate<00:04:40.910><c> the</c><00:04:41.450><c> balance</c><00:04:41.780><c> of</c><00:04:41.870><c> a</c><00:04:42.080><c> token</c><00:04:42.470><c> if</c>

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manipulate the balance of a token if
 

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manipulate the balance of a token if
it's<00:04:42.740><c> done</c><00:04:42.950><c> correctly</c><00:04:43.160><c> it's</c><00:04:44.150><c> very</c><00:04:44.420><c> secure</c>

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it's done correctly it's very secure
 

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it's done correctly it's very secure
it's<00:04:45.590><c> layered</c><00:04:45.920><c> also</c><00:04:46.310><c> because</c><00:04:46.640><c> on</c><00:04:46.880><c> top</c><00:04:47.150><c> of</c><00:04:47.330><c> the</c>

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it's layered also because on top of the
 

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it's layered also because on top of the
RSC<00:04:47.930><c> 20</c><00:04:48.260><c> token</c><00:04:48.530><c> you</c><00:04:48.590><c> can</c><00:04:48.770><c> now</c><00:04:48.980><c> build</c><00:04:49.190><c> for</c>

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RSC 20 token you can now build for
 

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RSC 20 token you can now build for
example<00:04:50.170><c> 0x</c><00:04:51.170><c> exchange</c><00:04:51.950><c> on</c><00:04:52.640><c> top</c><00:04:52.820><c> of</c><00:04:52.940><c> this</c><00:04:53.090><c> again</c>

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example 0x exchange on top of this again
 

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example 0x exchange on top of this again
other<00:04:54.680><c> exchange</c><00:04:55.250><c> protocols</c><00:04:55.820><c> so</c><00:04:56.450><c> the</c><00:04:57.230><c> RSC</c><00:04:57.710><c> 20</c>

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other exchange protocols so the RSC 20
 

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other exchange protocols so the RSC 20
token<00:04:58.310><c> is</c><00:04:58.460><c> I</c><00:04:58.850><c> think</c><00:04:59.120><c> in</c><00:04:59.360><c> the</c><00:04:59.450><c> middle</c><00:04:59.660><c> below</c>

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token is I think in the middle below
 

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token is I think in the middle below
there<00:05:00.770><c> is</c><00:05:00.800><c> solidity</c><00:05:01.310><c> there</c><00:05:01.760><c> are</c><00:05:02.470><c> standouts</c>

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there is solidity there are standouts
 

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there is solidity there are standouts
like<00:05:03.710><c> self</c><00:05:04.040><c> as</c><00:05:04.220><c> variable</c><00:05:04.610><c> ceases</c><00:05:04.970><c> in</c><00:05:05.090><c> another</c>

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like self as variable ceases in another
 

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like self as variable ceases in another
example<00:05:06.080><c> and</c><00:05:06.200><c> it's</c><00:05:06.350><c> accepted</c><00:05:06.710><c> everybody</c><00:05:07.280><c> uses</c>

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example and it's accepted everybody uses
 

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example and it's accepted everybody uses
this<00:05:07.730><c> of</c><00:05:08.000><c> course</c><00:05:08.170><c> and</c><00:05:09.170><c> we</c><00:05:09.260><c> want</c><00:05:09.440><c> to</c><00:05:09.530><c> do</c><00:05:09.920><c> the</c>

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this of course and we want to do the
 

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this of course and we want to do the
same<00:05:10.280><c> for</c><00:05:10.610><c> insurance</c><00:05:11.390><c> insurance</c><00:05:11.990><c> is</c><00:05:12.110><c> a</c><00:05:12.140><c> bit</c>

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same for insurance insurance is a bit
 

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same for insurance insurance is a bit
more<00:05:12.470><c> complicated</c><00:05:12.770><c> than</c><00:05:13.100><c> a</c><00:05:13.250><c> simple</c><00:05:13.850><c> token</c><00:05:14.060><c> but</c>

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more complicated than a simple token but
 

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more complicated than a simple token but
the<00:05:15.530><c> idea</c><00:05:15.800><c> is</c><00:05:15.980><c> basically</c><00:05:16.550><c> the</c><00:05:16.910><c> same</c><00:05:17.090><c> we</c><00:05:17.300><c> have</c><00:05:17.330><c> a</c>

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the idea is basically the same we have a
 

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the idea is basically the same we have a
very<00:05:18.830><c> low</c><00:05:19.130><c> technical</c><00:05:19.970><c> layer</c><00:05:20.330><c> which</c><00:05:20.720><c> is</c>

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very low technical layer which is
 

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very low technical layer which is
Darkrai<00:05:21.500><c> it's</c><00:05:22.130><c> a</c><00:05:22.280><c> Syrian</c><00:05:22.730><c> client</c>

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Darkrai it's a Syrian client
 

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Darkrai it's a Syrian client
implementation<00:05:23.780><c> with</c><00:05:23.930><c> parity</c><00:05:24.350><c> and</c><00:05:24.500><c> gas</c><00:05:24.760><c> or</c>

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implementation with parity and gas or
 

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implementation with parity and gas or
other<00:05:25.820><c> clients</c><00:05:27.130><c> then</c><00:05:28.130><c> on</c><00:05:28.430><c> top</c><00:05:28.610><c> of</c><00:05:28.669><c> this</c><00:05:28.910><c> we</c>

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other clients then on top of this we
 

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other clients then on top of this we
have<00:05:29.240><c> the</c><00:05:29.390><c> EVM</c><00:05:29.780><c> which</c><00:05:30.260><c> is</c><00:05:30.470><c> in</c><00:05:31.340><c> between</c><00:05:31.640><c> we</c><00:05:32.060><c> have</c>

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have the EVM which is in between we have
 

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have the EVM which is in between we have
a<00:05:32.240><c> formalized</c><00:05:32.750><c> semantics</c><00:05:33.410><c> of</c><00:05:33.590><c> the</c><00:05:33.740><c> EVM</c><00:05:34.100><c> I</c>

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a formalized semantics of the EVM I
 

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a formalized semantics of the EVM I
think<00:05:35.419><c> there</c><00:05:36.020><c> was</c><00:05:36.110><c> one</c><00:05:36.140><c> talk</c><00:05:36.560><c> about</c><00:05:36.860><c> this</c>

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think there was one talk about this
 

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think there was one talk about this
which<00:05:37.640><c> is</c><00:05:37.760><c> great</c><00:05:38.000><c> you</c><00:05:38.030><c> can</c><00:05:38.360><c> now</c><00:05:38.570><c> formally</c>

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which is great you can now formally
 

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which is great you can now formally
prove<00:05:39.260><c> properties</c><00:05:40.130><c> of</c><00:05:40.340><c> the</c><00:05:40.490><c> EVM</c><00:05:40.820><c> and</c><00:05:41.500><c> then</c><00:05:42.500><c> on</c>

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prove properties of the EVM and then on
 

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prove properties of the EVM and then on
top<00:05:42.800><c> of</c><00:05:42.919><c> the</c><00:05:43.070><c> ABM</c><00:05:43.400><c> we</c><00:05:43.550><c> have</c><00:05:43.730><c> higher</c><00:05:43.910><c> order</c>

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top of the ABM we have higher order
 

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top of the ABM we have higher order
languages<00:05:44.750><c> solidity</c><00:05:45.140><c> by</c><00:05:45.530><c> Pascal</c><00:05:46.220><c> whatever</c>

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languages solidity by Pascal whatever
 

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languages solidity by Pascal whatever
and<00:05:47.800><c> there</c><00:05:48.800><c> is</c><00:05:48.919><c> a</c><00:05:49.280><c> small</c><00:05:49.730><c> gap</c><00:05:50.600><c> between</c><00:05:50.900><c> this</c>

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and there is a small gap between this
 

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and there is a small gap between this
because<00:05:52.130><c> the</c><00:05:52.880><c> lower</c><00:05:53.150><c> two</c><00:05:53.480><c> layers</c><00:05:53.840><c> are</c><00:05:54.169><c> very</c>

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because the lower two layers are very
 

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because the lower two layers are very
closely<00:05:55.100><c> connected</c><00:05:55.460><c> and</c><00:05:55.910><c> basically</c><00:05:56.240><c> you</c><00:05:56.390><c> can</c>

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closely connected and basically you can
 

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closely connected and basically you can
separate<00:05:57.110><c> them</c><00:05:57.290><c> but</c><00:05:58.070><c> then</c><00:05:58.700><c> the</c><00:05:59.060><c> higher</c><00:05:59.270><c> order</c>

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separate them but then the higher order
 

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separate them but then the higher order
languages<00:06:00.110><c> are</c><00:06:00.320><c> already</c><00:06:00.979><c> choice</c><00:06:01.370><c> you</c><00:06:01.760><c> can</c>

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languages are already choice you can
 

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languages are already choice you can
choose<00:06:02.450><c> solidity</c><00:06:03.200><c> huge</c><00:06:03.470><c> can</c><00:06:03.770><c> choose</c><00:06:04.010><c> by</c><00:06:04.310><c> it's</c>

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choose solidity huge can choose by it's
 

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choose solidity huge can choose by it's
mostly<00:06:06.650><c> used</c><00:06:06.919><c> solidity</c><00:06:07.550><c> but</c><00:06:07.910><c> of</c><00:06:08.180><c> course</c><00:06:08.479><c> you</c>

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mostly used solidity but of course you
 

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mostly used solidity but of course you
can<00:06:08.810><c> do</c><00:06:08.990><c> other</c><00:06:09.560><c> languages</c><00:06:10.280><c> as</c><00:06:10.580><c> well</c><00:06:10.790><c> so</c><00:06:11.210><c> this</c>

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can do other languages as well so this
 

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can do other languages as well so this
is<00:06:11.720><c> not</c><00:06:11.930><c> hardly</c><00:06:12.710><c> connected</c><00:06:13.280><c> but</c><00:06:13.460><c> only</c><00:06:13.729><c> the</c>

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is not hardly connected but only the
 

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is not hardly connected but only the
weak<00:06:14.600><c> connection</c><00:06:14.900><c> and</c><00:06:15.680><c> on</c><00:06:15.770><c> top</c><00:06:15.950><c> of</c><00:06:16.070><c> the</c><00:06:16.250><c> higher</c>

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weak connection and on top of the higher
 

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weak connection and on top of the higher
or<00:06:16.700><c> languages</c><00:06:17.210><c> and</c><00:06:17.390><c> we</c><00:06:17.540><c> have</c><00:06:17.630><c> a</c><00:06:17.840><c> coding</c>

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or languages and we have a coding
 

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or languages and we have a coding
practices<00:06:18.770><c> security</c><00:06:19.400><c> standards</c><00:06:19.910><c> libraries</c>

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practices security standards libraries
 

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practices security standards libraries
and<00:06:21.140><c> of</c><00:06:21.260><c> course</c><00:06:21.500><c> we</c><00:06:22.160><c> have</c><00:06:22.310><c> the</c><00:06:22.460><c> first</c><00:06:22.789><c> business</c>

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and of course we have the first business
 

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and of course we have the first business
standards<00:06:23.780><c> like</c>

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standards like
 

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standards like
re-see<00:06:24.490><c> 20</c><00:06:24.820><c> token</c><00:06:25.150><c> which</c><00:06:25.270><c> I</c><00:06:25.480><c> would</c><00:06:25.660><c> count</c><00:06:25.900><c> as</c><00:06:26.110><c> a</c>

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re-see 20 token which I would count as a
 

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re-see 20 token which I would count as a
technical<00:06:26.740><c> layer</c><00:06:27.000><c> but</c><00:06:28.000><c> also</c><00:06:28.240><c> has</c><00:06:28.540><c> some</c>

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technical layer but also has some
 

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technical layer but also has some
connection<00:06:29.170><c> to</c><00:06:29.260><c> the</c><00:06:29.320><c> business</c><00:06:29.650><c> layer</c><00:06:29.800><c> and</c>

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connection to the business layer and
 

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connection to the business layer and
then<00:06:30.340><c> again</c><00:06:31.000><c> a</c><00:06:31.300><c> gap</c><00:06:31.690><c> and</c><00:06:32.170><c> then</c><00:06:32.830><c> the</c><00:06:32.950><c> green</c>

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then again a gap and then the green
 

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then again a gap and then the green
layers<00:06:34.150><c> are</c><00:06:34.630><c> already</c><00:06:34.900><c> the</c><00:06:34.990><c> business</c><00:06:35.350><c> layers</c>

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layers are already the business layers
 

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layers are already the business layers
in<00:06:36.460><c> our</c><00:06:37.350><c> architecture</c><00:06:38.350><c> we</c><00:06:38.950><c> have</c><00:06:38.980><c> first</c><00:06:39.700><c> layer</c>

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in our architecture we have first layer
 

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in our architecture we have first layer
which<00:06:40.780><c> is</c><00:06:40.960><c> still</c><00:06:41.170><c> very</c><00:06:41.350><c> generic</c><00:06:41.950><c> and</c><00:06:42.100><c> does</c><00:06:42.340><c> not</c>

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which is still very generic and does not
 

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which is still very generic and does not
know<00:06:42.760><c> business</c><00:06:43.300><c> verticals</c><00:06:43.770><c> it's</c><00:06:44.770><c> a</c><00:06:44.890><c> business</c>

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know business verticals it's a business
 

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know business verticals it's a business
process<00:06:45.430><c> engine</c><00:06:46.030><c> which</c><00:06:46.750><c> follows</c><00:06:47.620><c> maybe</c><00:06:48.430><c> some</c>

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process engine which follows maybe some
 

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process engine which follows maybe some
standard<00:06:49.210><c> ppm</c><00:06:49.600><c> n2</c><00:06:49.960><c> is</c><00:06:50.200><c> already</c><00:06:50.590><c> very</c><00:06:51.250><c> widely</c>

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standard ppm n2 is already very widely
 

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standard ppm n2 is already very widely
accepted<00:06:52.360><c> standard</c><00:06:52.390><c> it</c><00:06:53.380><c> also</c><00:06:53.680><c> has</c><00:06:54.250><c> a</c><00:06:54.280><c> clear</c>

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accepted standard it also has a clear
 

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accepted standard it also has a clear
semantics<00:06:55.300><c> and</c><00:06:55.570><c> so</c><00:06:56.080><c> you</c><00:06:56.200><c> can</c><00:06:56.470><c> prove</c>

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semantics and so you can prove
 

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semantics and so you can prove
properties<00:06:58.180><c> of</c><00:06:58.510><c> such</c><00:06:58.750><c> business</c><00:06:59.500><c> processes</c><00:07:00.130><c> in</c>

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properties of such business processes in
 

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properties of such business processes in
such<00:07:00.940><c> an</c><00:07:01.120><c> engine</c><00:07:01.980><c> and</c><00:07:02.980><c> then</c><00:07:03.220><c> on</c><00:07:03.370><c> top</c><00:07:03.550><c> of</c><00:07:03.670><c> the</c>

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such an engine and then on top of the
 

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such an engine and then on top of the
business<00:07:04.090><c> process</c><00:07:04.240><c> engine</c><00:07:04.810><c> which</c><00:07:04.960><c> is</c><00:07:05.500><c> still</c>

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business process engine which is still
 

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business process engine which is still
generic<00:07:06.550><c> then</c><00:07:06.730><c> there</c><00:07:06.940><c> come</c><00:07:07.420><c> the</c><00:07:07.780><c> first</c>

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generic then there come the first
 

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generic then there come the first
financial<00:07:10.420><c> processes</c><00:07:11.140><c> for</c><00:07:11.380><c> example</c><00:07:11.410><c> payments</c>

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financial processes for example payments
 

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financial processes for example payments
assets<00:07:12.730><c> data</c><00:07:13.030><c> identity</c><00:07:13.810><c> kyc</c><00:07:14.380><c> procedures</c><00:07:14.980><c> and</c>

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assets data identity kyc procedures and
 

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assets data identity kyc procedures and
governance<00:07:16.540><c> procedures</c><00:07:16.780><c> which</c><00:07:17.680><c> are</c><00:07:17.890><c> needed</c>

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governance procedures which are needed
 

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governance procedures which are needed
by<00:07:18.400><c> mainly</c><00:07:18.820><c> all</c><00:07:19.150><c> financial</c><00:07:20.010><c> processes</c><00:07:21.010><c> on</c>

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by mainly all financial processes on
 

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by mainly all financial processes on
between<00:07:21.910><c> now</c><00:07:22.060><c> and</c><00:07:22.320><c> then</c><00:07:23.320><c> we</c><00:07:23.620><c> have</c><00:07:24.370><c> the</c>

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between now and then we have the
 

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between now and then we have the
verticals<00:07:25.360><c> insurance</c><00:07:25.840><c> banking</c><00:07:26.290><c> and</c><00:07:26.650><c> others</c>

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verticals insurance banking and others
 

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verticals insurance banking and others
and<00:07:27.870><c> nowadays</c><00:07:28.870><c> these</c><00:07:29.140><c> can</c><00:07:29.470><c> already</c><00:07:29.740><c> interact</c>

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and nowadays these can already interact
 

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and nowadays these can already interact
by<00:07:30.490><c> using</c><00:07:30.700><c> these</c><00:07:31.170><c> atonic</c><00:07:32.170><c> processes</c><00:07:32.680><c> and</c>

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by using these atonic processes and
 

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by using these atonic processes and
standards<00:07:33.180><c> because</c><00:07:34.180><c> every</c><00:07:34.510><c> insurance</c><00:07:34.870><c> needs</c>

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standards because every insurance needs
 

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standards because every insurance needs
a<00:07:35.320><c> bank</c><00:07:35.500><c> account</c><00:07:35.830><c> it</c><00:07:36.430><c> has</c><00:07:36.670><c> funds</c><00:07:37.210><c> to</c><00:07:37.540><c> manage</c><00:07:38.050><c> it</c>

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a bank account it has funds to manage it
 

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a bank account it has funds to manage it
needs<00:07:38.620><c> an</c><00:07:38.770><c> asset</c><00:07:39.040><c> management</c><00:07:39.370><c> and</c><00:07:40.210><c> of</c><00:07:40.330><c> course</c>

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needs an asset management and of course
 

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needs an asset management and of course
kyc<00:07:41.200><c> for</c><00:07:41.380><c> example</c><00:07:41.800><c> is</c><00:07:41.920><c> very</c><00:07:41.980><c> widely</c><00:07:42.370><c> needed</c>

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kyc for example is very widely needed
 

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kyc for example is very widely needed
for<00:07:43.420><c> everybody</c><00:07:43.900><c> and</c><00:07:44.460><c> one</c><00:07:45.460><c> of</c><00:07:45.580><c> the</c><00:07:45.700><c> big</c>

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for everybody and one of the big
 

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for everybody and one of the big
advantages<00:07:46.120><c> would</c><00:07:47.080><c> be</c><00:07:47.320><c> that</c><00:07:47.880><c> you</c><00:07:48.880><c> could</c><00:07:48.910><c> use</c>

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advantages would be that you could use
 

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advantages would be that you could use
customer<00:07:50.860><c> which</c><00:07:50.980><c> is</c><00:07:51.450><c> identify</c><00:07:52.450><c> once</c><00:07:52.750><c> in</c><00:07:53.080><c> every</c>

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customer which is identify once in every
 

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customer which is identify once in every
other<00:07:53.860><c> business</c><00:07:54.520><c> because</c><00:07:55.420><c> we</c><00:07:55.600><c> just</c><00:07:56.340><c> reuse</c><00:07:57.340><c> his</c>

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other business because we just reuse his
 

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other business because we just reuse his
identification<00:07:58.780><c> and</c><00:07:59.380><c> his</c><00:07:59.910><c> certification</c><00:08:00.910><c> of</c>

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identification and his certification of
 

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identification and his certification of
his<00:08:01.690><c> identity</c><00:08:02.200><c> so</c><00:08:02.950><c> we</c><00:08:02.980><c> have</c><00:08:03.310><c> these</c><00:08:03.750><c> verticals</c>

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his identity so we have these verticals
 

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his identity so we have these verticals
now<00:08:04.870><c> and</c><00:08:05.140><c> then</c><00:08:05.320><c> of</c><00:08:05.680><c> course</c><00:08:05.740><c> every</c><00:08:06.160><c> company</c><00:08:06.670><c> can</c>

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now and then of course every company can
 

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now and then of course every company can
build<00:08:07.350><c> proprietary</c><00:08:08.350><c> extensions</c><00:08:09.100><c> on</c><00:08:09.250><c> top</c><00:08:09.430><c> of</c>

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build proprietary extensions on top of
 

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build proprietary extensions on top of
it<00:08:09.670><c> for</c><00:08:09.880><c> example</c><00:08:09.970><c> risk</c><00:08:10.480><c> models</c><00:08:10.900><c> or</c><00:08:12.300><c> these</c><00:08:14.580><c> the</c>

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it for example risk models or these the
 

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it for example risk models or these the
car<00:08:16.170><c> insurance</c><00:08:17.170><c> products</c><00:08:17.650><c> which</c><00:08:17.830><c> are</c>

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car insurance products which are
 

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car insurance products which are
different<00:08:18.430><c> from</c><00:08:18.580><c> each</c><00:08:19.030><c> company</c><00:08:20.250><c> but</c><00:08:21.250><c> they</c><00:08:21.880><c> are</c>

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different from each company but they are
 

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different from each company but they are
still<00:08:22.420><c> on</c><00:08:22.690><c> a</c><00:08:22.720><c> very</c><00:08:22.990><c> generic</c><00:08:23.380><c> framework</c><00:08:24.010><c> and</c>

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still on a very generic framework and
 

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still on a very generic framework and
our<00:08:25.390><c> goal</c><00:08:25.690><c> is</c><00:08:25.930><c> to</c><00:08:26.200><c> develop</c><00:08:26.980><c> this</c><00:08:27.130><c> framework</c><00:08:27.430><c> we</c>

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our goal is to develop this framework we
 

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our goal is to develop this framework we
have<00:08:28.000><c> already</c><00:08:28.360><c> an</c><00:08:29.080><c> example</c><00:08:29.680><c> for</c><00:08:29.830><c> this</c><00:08:30.010><c> and</c><00:08:30.310><c> we</c>

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have already an example for this and we
 

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have already an example for this and we
want<00:08:30.670><c> to</c><00:08:30.940><c> generalize</c><00:08:31.870><c> it</c><00:08:32.110><c> we</c><00:08:32.290><c> want</c><00:08:32.500><c> to</c><00:08:32.530><c> extend</c>

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want to generalize it we want to extend
 

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want to generalize it we want to extend
it<00:08:33.070><c> and</c><00:08:33.280><c> we</c><00:08:33.400><c> want</c><00:08:33.580><c> to</c><00:08:33.729><c> divide</c><00:08:34.030><c> all</c><00:08:34.390><c> of</c><00:08:34.540><c> you</c><00:08:34.690><c> to</c>

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it and we want to divide all of you to
 

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it and we want to divide all of you to
work<00:08:35.440><c> on</c><00:08:35.589><c> this</c>

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work on this
 

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work on this
to<00:08:36.159><c> make</c><00:08:36.940><c> your</c><00:08:37.120><c> own</c><00:08:37.300><c> extensions</c><00:08:37.990><c> and</c><00:08:39.750><c> 2x2</c>

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to make your own extensions and 2x2
 

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to make your own extensions and 2x2
makes<00:08:41.259><c> this</c><00:08:41.440><c> a</c><00:08:41.500><c> very</c><00:08:41.680><c> generally</c><00:08:42.519><c> accepted</c>

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makes this a very generally accepted
 

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makes this a very generally accepted
standard<00:08:43.360><c> so</c><00:08:43.810><c> this</c><00:08:44.019><c> is</c><00:08:44.169><c> our</c><00:08:44.320><c> strategy</c><00:08:44.889><c> we</c><00:08:45.040><c> want</c>

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standard so this is our strategy we want
 

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standard so this is our strategy we want
to<00:08:45.250><c> open-source</c><00:08:45.639><c> the</c><00:08:46.089><c> whole</c><00:08:46.269><c> protocol</c><00:08:47.050><c> it</c>

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to open-source the whole protocol it
 

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to open-source the whole protocol it
should<00:08:47.560><c> not</c><00:08:47.709><c> be</c><00:08:47.860><c> a</c><00:08:47.889><c> propriety</c><00:08:48.430><c> protocol</c><00:08:49.029><c> but</c>

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should not be a propriety protocol but
 

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should not be a propriety protocol but
it<00:08:49.570><c> should</c><00:08:49.720><c> be</c><00:08:49.750><c> open</c><00:08:50.110><c> sourced</c><00:08:50.529><c> and</c><00:08:50.709><c> it</c><00:08:50.829><c> should</c>

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it should be open sourced and it should
 

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it should be open sourced and it should
evolve<00:08:51.670><c> as</c><00:08:52.029><c> a</c><00:08:52.839><c> work</c><00:08:53.139><c> of</c><00:08:53.350><c> many</c><00:08:53.680><c> in</c><00:08:54.069><c> a</c><00:08:54.100><c> community</c>

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evolve as a work of many in a community
 

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evolve as a work of many in a community
the<00:08:55.779><c> first</c><00:08:55.930><c> example</c><00:08:56.500><c> is</c><00:08:56.649><c> our</c><00:08:56.949><c> flight</c><00:08:57.430><c> delay</c>

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the first example is our flight delay
 

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the first example is our flight delay
maybe<00:08:58.540><c> you've</c><00:08:58.720><c> heard</c><00:08:58.870><c> about</c><00:08:59.019><c> it</c><00:08:59.319><c> we</c><00:08:59.470><c> have</c><00:09:00.310><c> the</c>

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maybe you've heard about it we have the
 

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maybe you've heard about it we have the
first<00:09:00.660><c> license</c><00:09:01.660><c> insurance</c><00:09:01.899><c> on</c><00:09:02.319><c> a</c><00:09:02.350><c> blockchain</c>

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first license insurance on a blockchain
 

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first license insurance on a blockchain
which<00:09:03.759><c> is</c><00:09:04.149><c> working</c><00:09:04.480><c> completely</c><00:09:04.930><c> on</c><00:09:05.050><c> a</c>

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which is working completely on a
 

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which is working completely on a
blockchain

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blockchain
 

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blockchain
I<00:09:05.769><c> must</c><00:09:06.750><c> specify</c><00:09:07.750><c> this</c><00:09:08.110><c> because</c><00:09:08.620><c> others</c><00:09:09.130><c> have</c>

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I must specify this because others have
 

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I must specify this because others have
already<00:09:09.690><c> made</c><00:09:10.690><c> some</c><00:09:12.360><c> project</c><00:09:13.360><c> protocols</c><00:09:14.290><c> and</c>

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already made some project protocols and
 

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already made some project protocols and
products<00:09:15.220><c> for</c><00:09:15.880><c> insurance</c><00:09:16.240><c> on</c><00:09:16.480><c> blockchain</c><00:09:16.720><c> but</c>

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products for insurance on blockchain but
 

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products for insurance on blockchain but
they<00:09:17.620><c> are</c><00:09:17.740><c> not</c><00:09:17.920><c> processing</c><00:09:18.459><c> the</c><00:09:18.610><c> whole</c><00:09:18.759><c> thing</c>

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they are not processing the whole thing
 

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they are not processing the whole thing
on<00:09:19.149><c> blockchain</c><00:09:19.480><c> we</c><00:09:20.079><c> do</c><00:09:20.290><c> we</c><00:09:20.980><c> have</c><00:09:21.130><c> the</c><00:09:21.250><c> complete</c>

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on blockchain we do we have the complete
 

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on blockchain we do we have the complete
process<00:09:22.060><c> on</c><00:09:22.209><c> blockchain</c><00:09:22.449><c> and</c><00:09:23.079><c> you</c><00:09:23.500><c> can</c><00:09:24.370><c> now</c>

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process on blockchain and you can now
 

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process on blockchain and you can now
see<00:09:25.000><c> the</c><00:09:25.410><c> layers</c><00:09:26.410><c> you</c><00:09:26.649><c> have</c><00:09:26.680><c> a</c><00:09:27.130><c> very</c><00:09:27.639><c> low</c><00:09:27.880><c> level</c>

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see the layers you have a very low level
 

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see the layers you have a very low level
level<00:09:28.690><c> the</c><00:09:29.110><c> controller</c><00:09:29.560><c> registry</c><00:09:30.490><c> which</c><00:09:30.699><c> is</c>

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level the controller registry which is
 

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level the controller registry which is
still<00:09:31.750><c> on</c><00:09:31.899><c> a</c><00:09:31.930><c> technical</c><00:09:32.410><c> layer</c><00:09:32.560><c> it</c><00:09:33.370><c> is</c><00:09:33.610><c> a</c>

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still on a technical layer it is a
 

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still on a technical layer it is a
contract<00:09:34.209><c> where</c><00:09:34.480><c> you</c><00:09:34.569><c> can</c><00:09:34.750><c> register</c><00:09:34.959><c> other</c>

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contract where you can register other
 

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contract where you can register other
contracts<00:09:36.190><c> and</c><00:09:36.370><c> you</c><00:09:36.579><c> can</c><00:09:36.930><c> store</c><00:09:37.930><c> the</c>

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contracts and you can store the
 

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contracts and you can store the
addresses<00:09:38.589><c> and</c><00:09:38.920><c> the</c><00:09:39.100><c> interfaces</c><00:09:39.579><c> of</c><00:09:39.940><c> these</c>

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addresses and the interfaces of these
 

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addresses and the interfaces of these
contracts<00:09:40.860><c> so</c><00:09:41.860><c> by</c><00:09:42.190><c> looking</c><00:09:43.120><c> in</c><00:09:43.449><c> the</c><00:09:43.600><c> registry</c>

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contracts so by looking in the registry
 

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contracts so by looking in the registry
everybody<00:09:44.680><c> can</c><00:09:44.920><c> see</c><00:09:45.190><c> how</c><00:09:45.699><c> to</c><00:09:45.760><c> interact</c><00:09:46.209><c> we</c><00:09:46.540><c> see</c>

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everybody can see how to interact we see
 

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everybody can see how to interact we see
upper<00:09:47.470><c> layers</c><00:09:47.740><c> so</c><00:09:48.370><c> next</c><00:09:48.610><c> layer</c><00:09:48.819><c> is</c><00:09:49.060><c> still</c><00:09:49.180><c> also</c>

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upper layers so next layer is still also
 

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upper layers so next layer is still also
generic

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generic
 

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generic
it<00:09:50.980><c> is</c><00:09:51.310><c> an</c><00:09:51.550><c> Access</c><00:09:52.000><c> Controller</c><00:09:52.449><c> database</c><00:09:52.870><c> and</c>

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it is an Access Controller database and
 

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it is an Access Controller database and
the<00:09:53.110><c> ledger</c><00:09:53.290><c> we</c><00:09:53.680><c> separate</c><00:09:54.430><c> these</c><00:09:54.699><c> three</c>

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the ledger we separate these three
 

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the ledger we separate these three
components<00:09:55.990><c> because</c><00:09:56.319><c> it's</c><00:09:57.040><c> good</c><00:09:57.310><c> for</c><00:09:57.579><c> example</c>

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components because it's good for example
 

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components because it's good for example
-<00:09:58.269><c> it's</c><00:09:58.540><c> good</c><00:09:58.750><c> to</c><00:09:59.019><c> have</c><00:09:59.139><c> all</c><00:09:59.500><c> the</c><00:09:59.740><c> funds</c><00:09:59.980><c> in</c><00:10:00.310><c> one</c>

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- it's good to have all the funds in one
 

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- it's good to have all the funds in one
very<00:10:01.060><c> small</c><00:10:01.449><c> contract</c><00:10:02.019><c> because</c><00:10:02.800><c> it</c><00:10:03.120><c> reduces</c>

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very small contract because it reduces
 

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very small contract because it reduces
the<00:10:04.269><c> attack</c><00:10:04.329><c> vector</c><00:10:05.910><c> it's</c><00:10:06.910><c> a</c><00:10:07.029><c> good</c><00:10:07.209><c> thing</c><00:10:07.449><c> to</c>

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the attack vector it's a good thing to
 

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the attack vector it's a good thing to
have<00:10:07.750><c> all</c><00:10:07.959><c> data</c><00:10:08.199><c> in</c><00:10:08.649><c> one</c><00:10:08.889><c> contract</c><00:10:09.459><c> so</c><00:10:09.940><c> every</c>

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have all data in one contract so every
 

00:10:10.630 --> 00:10:13.590 align:start position:0%
have all data in one contract so every
other<00:10:11.110><c> contract</c><00:10:11.829><c> is</c><00:10:11.980><c> nearly</c><00:10:12.279><c> stateless</c><00:10:12.910><c> if</c>

00:10:13.590 --> 00:10:13.600 align:start position:0%
other contract is nearly stateless if
 

00:10:13.600 --> 00:10:16.470 align:start position:0%
other contract is nearly stateless if
you<00:10:13.990><c> have</c><00:10:14.829><c> the</c><00:10:15.220><c> need</c><00:10:15.399><c> to</c><00:10:15.699><c> exchange</c><00:10:15.940><c> one</c>

00:10:16.470 --> 00:10:16.480 align:start position:0%
you have the need to exchange one
 

00:10:16.480 --> 00:10:18.509 align:start position:0%
you have the need to exchange one
component<00:10:17.290><c> on</c><00:10:17.380><c> the</c><00:10:17.500><c> upper</c><00:10:17.709><c> level</c><00:10:18.010><c> then</c><00:10:18.459><c> you</c>

00:10:18.509 --> 00:10:18.519 align:start position:0%
component on the upper level then you
 

00:10:18.519 --> 00:10:20.540 align:start position:0%
component on the upper level then you
can<00:10:18.730><c> do</c><00:10:18.910><c> this</c><00:10:19.089><c> without</c><00:10:19.209><c> exchanging</c><00:10:19.990><c> all</c><00:10:20.199><c> the</c>

00:10:20.540 --> 00:10:20.550 align:start position:0%
can do this without exchanging all the
 

00:10:20.550 --> 00:10:23.759 align:start position:0%
can do this without exchanging all the
data<00:10:21.550><c> so</c><00:10:22.300><c> it</c><00:10:22.660><c> for</c><00:10:22.959><c> example</c><00:10:23.410><c> you</c><00:10:23.500><c> need</c><00:10:23.740><c> a</c>

00:10:23.759 --> 00:10:23.769 align:start position:0%
data so it for example you need a
 

00:10:23.769 --> 00:10:26.040 align:start position:0%
data so it for example you need a
different<00:10:24.310><c> product</c><00:10:24.819><c> specification</c><00:10:25.689><c> and</c><00:10:25.839><c> you</c>

00:10:26.040 --> 00:10:26.050 align:start position:0%
different product specification and you
 

00:10:26.050 --> 00:10:29.689 align:start position:0%
different product specification and you
can<00:10:26.290><c> exchange</c><00:10:27.069><c> it</c><00:10:27.459><c> on</c><00:10:27.910><c> the</c><00:10:28.089><c> upper</c><00:10:28.329><c> level</c><00:10:28.660><c> and</c>

00:10:29.689 --> 00:10:29.699 align:start position:0%
can exchange it on the upper level and
 

00:10:29.699 --> 00:10:32.189 align:start position:0%
can exchange it on the upper level and
still<00:10:30.699><c> all</c><00:10:30.970><c> your</c><00:10:31.120><c> policies</c><00:10:31.689><c> are</c><00:10:31.720><c> in</c><00:10:32.079><c> the</c>

00:10:32.189 --> 00:10:32.199 align:start position:0%
still all your policies are in the
 

00:10:32.199 --> 00:10:33.780 align:start position:0%
still all your policies are in the
database<00:10:32.680><c> and</c><00:10:32.889><c> you</c><00:10:33.040><c> don't</c><00:10:33.279><c> have</c><00:10:33.430><c> to</c><00:10:33.610><c> migrate</c>

00:10:33.780 --> 00:10:33.790 align:start position:0%
database and you don't have to migrate
 

00:10:33.790 --> 00:10:37.129 align:start position:0%
database and you don't have to migrate
all<00:10:34.180><c> the</c><00:10:34.300><c> policies</c><00:10:34.779><c> to</c><00:10:34.990><c> a</c><00:10:35.019><c> new</c><00:10:35.230><c> level</c><00:10:35.860><c> of</c><00:10:36.189><c> the</c>

00:10:37.129 --> 00:10:37.139 align:start position:0%
all the policies to a new level of the
 

00:10:37.139 --> 00:10:40.679 align:start position:0%
all the policies to a new level of the
processing<00:10:38.139><c> contracts</c><00:10:39.209><c> then</c><00:10:40.209><c> we</c><00:10:40.360><c> have</c><00:10:40.540><c> of</c>

00:10:40.679 --> 00:10:40.689 align:start position:0%
processing contracts then we have of
 

00:10:40.689 --> 00:10:43.889 align:start position:0%
processing contracts then we have of
course<00:10:40.720><c> other</c><00:10:41.579><c> partners</c><00:10:42.579><c> on</c><00:10:42.790><c> the</c><00:10:43.000><c> which</c><00:10:43.779><c> we</c>

00:10:43.889 --> 00:10:43.899 align:start position:0%
course other partners on the which we
 

00:10:43.899 --> 00:10:46.000 align:start position:0%
course other partners on the which we
interact<00:10:44.290><c> with</c><00:10:44.470><c> for</c><00:10:44.620><c> example</c><00:10:44.740><c> in</c><00:10:45.069><c> our</c><00:10:45.189><c> we</c><00:10:45.519><c> have</c>

00:10:46.000 --> 00:10:46.010 align:start position:0%
interact with for example in our we have
 

00:10:46.010 --> 00:10:48.759 align:start position:0%
interact with for example in our we have
or<00:10:46.279><c> class</c><00:10:46.610><c> here</c><00:10:47.029><c> which</c><00:10:47.630><c> connects</c><00:10:48.260><c> us</c><00:10:48.380><c> to</c><00:10:48.560><c> data</c>

00:10:48.759 --> 00:10:48.769 align:start position:0%
or class here which connects us to data
 

00:10:48.769 --> 00:10:50.980 align:start position:0%
or class here which connects us to data
sources<00:10:49.250><c> which</c><00:10:49.940><c> we</c><00:10:50.089><c> need</c><00:10:50.269><c> to</c><00:10:50.450><c> process</c><00:10:50.660><c> our</c>

00:10:50.980 --> 00:10:50.990 align:start position:0%
sources which we need to process our
 

00:10:50.990 --> 00:10:53.410 align:start position:0%
sources which we need to process our
contracts<00:10:51.649><c> and</c><00:10:52.160><c> these</c><00:10:52.550><c> can</c><00:10:52.760><c> interact</c><00:10:53.209><c> with</c>

00:10:53.410 --> 00:10:53.420 align:start position:0%
contracts and these can interact with
 

00:10:53.420 --> 00:10:57.940 align:start position:0%
contracts and these can interact with
all<00:10:54.290><c> these</c><00:10:54.560><c> contracts</c><00:10:55.389><c> and</c><00:10:56.389><c> so</c><00:10:57.139><c> we</c><00:10:57.769><c> have</c><00:10:57.920><c> a</c>

00:10:57.940 --> 00:10:57.950 align:start position:0%
all these contracts and so we have a
 

00:10:57.950 --> 00:11:01.780 align:start position:0%
all these contracts and so we have a
very<00:10:58.339><c> flexible</c><00:10:58.750><c> model</c><00:10:59.750><c> here</c><00:11:00.790><c> interesting</c>

00:11:01.780 --> 00:11:01.790 align:start position:0%
very flexible model here interesting
 

00:11:01.790 --> 00:11:04.259 align:start position:0%
very flexible model here interesting
thing<00:11:02.000><c> and</c><00:11:02.180><c> again</c><00:11:02.540><c> is</c><00:11:02.959><c> that</c><00:11:03.290><c> we</c><00:11:03.440><c> only</c><00:11:03.470><c> have</c><00:11:03.829><c> one</c>

00:11:04.259 --> 00:11:04.269 align:start position:0%
thing and again is that we only have one
 

00:11:04.269 --> 00:11:06.670 align:start position:0%
thing and again is that we only have one
single<00:11:05.269><c> point</c><00:11:05.540><c> of</c><00:11:05.690><c> contact</c><00:11:05.899><c> to</c><00:11:06.350><c> the</c><00:11:06.500><c> outer</c>

00:11:06.670 --> 00:11:06.680 align:start position:0%
single point of contact to the outer
 

00:11:06.680 --> 00:11:09.790 align:start position:0%
single point of contact to the outer
world<00:11:06.920><c> to</c><00:11:07.490><c> the</c><00:11:07.670><c> front</c><00:11:07.970><c> ends</c><00:11:08.269><c> which</c><00:11:08.420><c> is</c><00:11:09.380><c> a</c><00:11:09.560><c> is</c>

00:11:09.790 --> 00:11:09.800 align:start position:0%
world to the front ends which is a is
 

00:11:09.800 --> 00:11:12.639 align:start position:0%
world to the front ends which is a is
the<00:11:10.220><c> connection</c><00:11:10.699><c> to</c><00:11:10.790><c> our</c><00:11:10.910><c> customers</c><00:11:11.449><c> so</c><00:11:12.440><c> also</c>

00:11:12.639 --> 00:11:12.649 align:start position:0%
the connection to our customers so also
 

00:11:12.649 --> 00:11:15.850 align:start position:0%
the connection to our customers so also
a<00:11:12.800><c> very</c><00:11:13.040><c> small</c><00:11:13.399><c> attack</c><00:11:14.060><c> vector</c><00:11:14.620><c> the</c><00:11:15.620><c> front</c>

00:11:15.850 --> 00:11:15.860 align:start position:0%
a very small attack vector the front
 

00:11:15.860 --> 00:11:18.220 align:start position:0%
a very small attack vector the front
ends<00:11:16.160><c> are</c><00:11:16.339><c> very</c><00:11:16.370><c> exchangeable</c><00:11:17.240><c> we</c><00:11:17.389><c> have</c><00:11:17.570><c> our</c>

00:11:18.220 --> 00:11:18.230 align:start position:0%
ends are very exchangeable we have our
 

00:11:18.230 --> 00:11:21.720 align:start position:0%
ends are very exchangeable we have our
own<00:11:18.589><c> web</c><00:11:18.949><c> front-end</c><00:11:19.519><c> but</c><00:11:20.320><c> already</c><00:11:21.320><c> other</c>

00:11:21.720 --> 00:11:21.730 align:start position:0%
own web front-end but already other
 

00:11:21.730 --> 00:11:24.300 align:start position:0%
own web front-end but already other
people<00:11:22.730><c> other</c><00:11:23.180><c> teams</c><00:11:23.570><c> have</c><00:11:23.870><c> built</c>

00:11:24.300 --> 00:11:24.310 align:start position:0%
people other teams have built
 

00:11:24.310 --> 00:11:26.980 align:start position:0%
people other teams have built
applications<00:11:25.310><c> which</c><00:11:25.579><c> communicate</c><00:11:26.570><c> with</c><00:11:26.779><c> our</c>

00:11:26.980 --> 00:11:26.990 align:start position:0%
applications which communicate with our
 

00:11:26.990 --> 00:11:29.139 align:start position:0%
applications which communicate with our
insurance<00:11:27.680><c> contract</c><00:11:28.370><c> for</c><00:11:28.490><c> example</c><00:11:28.880><c> we</c><00:11:29.000><c> have</c>

00:11:29.139 --> 00:11:29.149 align:start position:0%
insurance contract for example we have
 

00:11:29.149 --> 00:11:31.990 align:start position:0%
insurance contract for example we have
an<00:11:29.420><c> integration</c><00:11:30.079><c> in</c><00:11:30.410><c> status</c><00:11:30.889><c> it's</c><00:11:31.639><c> not</c><00:11:31.760><c> on</c><00:11:31.880><c> the</c>

00:11:31.990 --> 00:11:32.000 align:start position:0%
an integration in status it's not on the
 

00:11:32.000 --> 00:11:34.420 align:start position:0%
an integration in status it's not on the
live<00:11:32.180><c> net</c><00:11:32.420><c> yet</c><00:11:32.720><c> but</c><00:11:33.050><c> we</c><00:11:33.380><c> hope</c><00:11:33.529><c> to</c><00:11:33.589><c> do</c><00:11:34.040><c> this</c><00:11:34.220><c> soon</c>

00:11:34.420 --> 00:11:34.430 align:start position:0%
live net yet but we hope to do this soon
 

00:11:34.430 --> 00:11:39.189 align:start position:0%
live net yet but we hope to do this soon
and<00:11:35.139><c> this</c><00:11:36.139><c> status</c><00:11:37.100><c> integration</c><00:11:37.610><c> is</c><00:11:38.199><c> basically</c>

00:11:39.189 --> 00:11:39.199 align:start position:0%
and this status integration is basically
 

00:11:39.199 --> 00:11:41.590 align:start position:0%
and this status integration is basically
an<00:11:39.290><c> app</c><00:11:39.500><c> in</c><00:11:39.829><c> the</c><00:11:40.010><c> status</c><00:11:40.459><c> client</c><00:11:41.029><c> where</c><00:11:41.510><c> you</c>

00:11:41.590 --> 00:11:41.600 align:start position:0%
an app in the status client where you
 

00:11:41.600 --> 00:11:44.319 align:start position:0%
an app in the status client where you
can<00:11:41.779><c> interact</c><00:11:42.050><c> with</c><00:11:42.470><c> our</c><00:11:42.860><c> insurance</c><00:11:43.610><c> solution</c>

00:11:44.319 --> 00:11:44.329 align:start position:0%
can interact with our insurance solution
 

00:11:44.329 --> 00:11:49.420 align:start position:0%
can interact with our insurance solution
and<00:11:44.630><c> this</c><00:11:45.399><c> this</c><00:11:46.399><c> chat</c><00:11:47.329><c> bot</c><00:11:47.600><c> is</c><00:11:48.199><c> a</c><00:11:48.680><c> work</c><00:11:49.070><c> of</c><00:11:49.279><c> a</c>

00:11:49.420 --> 00:11:49.430 align:start position:0%
and this this chat bot is a work of a
 

00:11:49.430 --> 00:11:51.069 align:start position:0%
and this this chat bot is a work of a
separate<00:11:49.850><c> team</c><00:11:50.029><c> which</c><00:11:50.209><c> has</c><00:11:50.360><c> nothing</c><00:11:50.690><c> to</c><00:11:50.870><c> do</c>

00:11:51.069 --> 00:11:51.079 align:start position:0%
separate team which has nothing to do
 

00:11:51.079 --> 00:11:53.050 align:start position:0%
separate team which has nothing to do
with<00:11:51.110><c> is</c><00:11:51.769><c> there</c><00:11:51.920><c> is</c><00:11:52.040><c> another</c><00:11:52.399><c> than</c><00:11:52.760><c> we</c><00:11:52.910><c> are</c>

00:11:53.050 --> 00:11:53.060 align:start position:0%
with is there is another than we are
 

00:11:53.060 --> 00:11:55.420 align:start position:0%
with is there is another than we are
friends<00:11:53.390><c> but</c><00:11:54.230><c> they</c><00:11:54.410><c> do</c><00:11:54.560><c> it</c><00:11:54.649><c> on</c><00:11:54.800><c> their</c><00:11:55.250><c> own</c><00:11:55.279><c> and</c>

00:11:55.420 --> 00:11:55.430 align:start position:0%
friends but they do it on their own and
 

00:11:55.430 --> 00:11:59.880 align:start position:0%
friends but they do it on their own and
they<00:11:55.820><c> can</c><00:11:56.089><c> so</c><00:11:57.130><c> make</c><00:11:58.130><c> their</c><00:11:58.459><c> own</c><00:11:58.610><c> sales</c>

00:11:59.880 --> 00:11:59.890 align:start position:0%
they can so make their own sales
 

00:11:59.890 --> 00:12:02.800 align:start position:0%
they can so make their own sales
infrastructure<00:12:00.890><c> and</c><00:12:01.070><c> on</c><00:12:01.760><c> money</c><00:12:02.029><c> by</c><00:12:02.300><c> selling</c>

00:12:02.800 --> 00:12:02.810 align:start position:0%
infrastructure and on money by selling
 

00:12:02.810 --> 00:12:06.280 align:start position:0%
infrastructure and on money by selling
flight<00:12:03.170><c> insurance</c><00:12:04.180><c> the</c><00:12:05.180><c> risk</c><00:12:05.360><c> model</c><00:12:05.540><c> is</c><00:12:05.870><c> a</c>

00:12:06.280 --> 00:12:06.290 align:start position:0%
flight insurance the risk model is a
 

00:12:06.290 --> 00:12:12.340 align:start position:0%
flight insurance the risk model is a
very<00:12:07.329><c> closed</c><00:12:08.860><c> module</c><00:12:09.860><c> and</c><00:12:10.190><c> the</c><00:12:10.970><c> other</c><00:12:11.350><c> modules</c>

00:12:12.340 --> 00:12:12.350 align:start position:0%
very closed module and the other modules
 

00:12:12.350 --> 00:12:15.040 align:start position:0%
very closed module and the other modules
here<00:12:12.500><c> the</c><00:12:12.649><c> yellow</c><00:12:12.920><c> ones</c><00:12:13.130><c> are</c><00:12:13.519><c> very</c><00:12:13.880><c> generic</c><00:12:14.510><c> so</c>

00:12:15.040 --> 00:12:15.050 align:start position:0%
here the yellow ones are very generic so
 

00:12:15.050 --> 00:12:17.740 align:start position:0%
here the yellow ones are very generic so
you<00:12:15.140><c> can</c><00:12:15.470><c> plug</c><00:12:15.769><c> in</c><00:12:15.980><c> other</c><00:12:16.370><c> risk</c><00:12:17.089><c> models</c><00:12:17.540><c> other</c>

00:12:17.740 --> 00:12:17.750 align:start position:0%
you can plug in other risk models other
 

00:12:17.750 --> 00:12:20.710 align:start position:0%
you can plug in other risk models other
products<00:12:18.380><c> and</c><00:12:19.070><c> use</c><00:12:19.370><c> the</c><00:12:19.579><c> same</c><00:12:19.790><c> generic</c>

00:12:20.710 --> 00:12:20.720 align:start position:0%
products and use the same generic
 

00:12:20.720 --> 00:12:23.189 align:start position:0%
products and use the same generic
framework<00:12:20.959><c> and</c><00:12:21.440><c> next</c><00:12:22.399><c> step</c><00:12:22.579><c> would</c><00:12:22.699><c> be</c><00:12:22.760><c> to</c>

00:12:23.189 --> 00:12:23.199 align:start position:0%
framework and next step would be to
 

00:12:23.199 --> 00:12:26.579 align:start position:0%
framework and next step would be to
isolate<00:12:24.199><c> all</c><00:12:24.470><c> these</c><00:12:24.709><c> generic</c><00:12:25.699><c> features</c><00:12:26.209><c> and</c>

00:12:26.579 --> 00:12:26.589 align:start position:0%
isolate all these generic features and
 

00:12:26.589 --> 00:12:29.380 align:start position:0%
isolate all these generic features and
publish<00:12:27.589><c> them</c><00:12:27.829><c> as</c><00:12:28.100><c> an</c><00:12:28.370><c> open</c><00:12:28.640><c> source</c><00:12:28.790><c> protocol</c>

00:12:29.380 --> 00:12:29.390 align:start position:0%
publish them as an open source protocol
 

00:12:29.390 --> 00:12:32.889 align:start position:0%
publish them as an open source protocol
and<00:12:30.100><c> invite</c><00:12:31.100><c> others</c><00:12:31.490><c> to</c><00:12:31.690><c> extend</c><00:12:32.690><c> this</c>

00:12:32.889 --> 00:12:32.899 align:start position:0%
and invite others to extend this
 

00:12:32.899 --> 00:12:36.009 align:start position:0%
and invite others to extend this
protocol<00:12:33.350><c> work</c><00:12:33.800><c> on</c><00:12:33.949><c> it</c><00:12:34.130><c> and</c><00:12:34.750><c> so</c><00:12:35.750><c> that</c><00:12:35.779><c> it</c>

00:12:36.009 --> 00:12:36.019 align:start position:0%
protocol work on it and so that it
 

00:12:36.019 --> 00:12:39.939 align:start position:0%
protocol work on it and so that it
becomes<00:12:36.560><c> better</c><00:12:36.800><c> and</c><00:12:37.010><c> better</c><00:12:38.140><c> yeah</c><00:12:39.140><c> if</c><00:12:39.769><c> you</c>

00:12:39.939 --> 00:12:39.949 align:start position:0%
becomes better and better yeah if you
 

00:12:39.949 --> 00:12:41.550 align:start position:0%
becomes better and better yeah if you
can

00:12:41.550 --> 00:12:41.560 align:start position:0%
can
 

00:12:41.560 --> 00:12:44.040 align:start position:0%
can
if<00:12:42.010><c> you</c><00:12:42.160><c> have</c><00:12:42.280><c> this</c><00:12:42.780><c> organization</c><00:12:43.780><c> then</c><00:12:43.930><c> you</c>

00:12:44.040 --> 00:12:44.050 align:start position:0%
if you have this organization then you
 

00:12:44.050 --> 00:12:46.500 align:start position:0%
if you have this organization then you
can<00:12:44.290><c> of</c><00:12:44.500><c> course</c><00:12:44.530><c> exchange</c><00:12:45.400><c> a</c><00:12:45.700><c> single</c><00:12:46.120><c> contract</c>

00:12:46.500 --> 00:12:46.510 align:start position:0%
can of course exchange a single contract
 

00:12:46.510 --> 00:12:50.340 align:start position:0%
can of course exchange a single contract
here<00:12:46.810><c> without</c><00:12:46.990><c> changing</c><00:12:47.590><c> the</c><00:12:47.710><c> database</c><00:12:49.350><c> some</c>

00:12:50.340 --> 00:12:50.350 align:start position:0%
here without changing the database some
 

00:12:50.350 --> 00:12:53.190 align:start position:0%
here without changing the database some
of<00:12:50.500><c> you</c><00:12:50.710><c> will</c><00:12:50.980><c> maybe</c><00:12:51.630><c> argue</c><00:12:52.630><c> that</c><00:12:52.960><c> it's</c>

00:12:53.190 --> 00:12:53.200 align:start position:0%
of you will maybe argue that it's
 

00:12:53.200 --> 00:12:56.190 align:start position:0%
of you will maybe argue that it's
against<00:12:54.010><c> the</c><00:12:54.160><c> immutability</c><00:12:55.030><c> paradigm</c><00:12:55.960><c> of</c>

00:12:56.190 --> 00:12:56.200 align:start position:0%
against the immutability paradigm of
 

00:12:56.200 --> 00:12:56.970 align:start position:0%
against the immutability paradigm of
blockchain

00:12:56.970 --> 00:12:56.980 align:start position:0%
blockchain
 

00:12:56.980 --> 00:12:59.640 align:start position:0%
blockchain
but<00:12:57.670><c> the</c><00:12:58.150><c> mutability</c><00:12:58.480><c> is</c><00:12:58.870><c> basically</c><00:12:59.380><c> here</c><00:12:59.590><c> in</c>

00:12:59.640 --> 00:12:59.650 align:start position:0%
but the mutability is basically here in
 

00:12:59.650 --> 00:13:05.370 align:start position:0%
but the mutability is basically here in
the<00:12:59.770><c> database</c><00:13:00.330><c> and</c><00:13:02.130><c> so</c><00:13:03.240><c> we</c><00:13:04.240><c> think</c><00:13:04.540><c> it's</c><00:13:05.020><c> a</c><00:13:05.260><c> good</c>

00:13:05.370 --> 00:13:05.380 align:start position:0%
the database and so we think it's a good
 

00:13:05.380 --> 00:13:08.430 align:start position:0%
the database and so we think it's a good
idea<00:13:05.740><c> to</c><00:13:06.370><c> make</c><00:13:06.610><c> contracts</c><00:13:07.390><c> updatable</c><00:13:08.020><c> because</c>

00:13:08.430 --> 00:13:08.440 align:start position:0%
idea to make contracts updatable because
 

00:13:08.440 --> 00:13:10.440 align:start position:0%
idea to make contracts updatable because
as<00:13:08.950><c> you</c><00:13:09.070><c> all</c><00:13:09.220><c> know</c><00:13:09.400><c> contracts</c><00:13:10.060><c> can</c><00:13:10.240><c> have</c>

00:13:10.440 --> 00:13:10.450 align:start position:0%
as you all know contracts can have
 

00:13:10.450 --> 00:13:12.150 align:start position:0%
as you all know contracts can have
arrows<00:13:10.960><c> kind</c><00:13:11.200><c> of</c><00:13:11.320><c> bugs</c><00:13:11.530><c> kind</c><00:13:11.770><c> of</c><00:13:11.890><c> attack</c>

00:13:12.150 --> 00:13:12.160 align:start position:0%
arrows kind of bugs kind of attack
 

00:13:12.160 --> 00:13:16.200 align:start position:0%
arrows kind of bugs kind of attack
vectors<00:13:12.580><c> and</c><00:13:12.790><c> can</c><00:13:13.000><c> have</c><00:13:13.620><c> breaches</c><00:13:14.620><c> and</c><00:13:14.980><c> so</c><00:13:15.730><c> the</c>

00:13:16.200 --> 00:13:16.210 align:start position:0%
vectors and can have breaches and so the
 

00:13:16.210 --> 00:13:18.930 align:start position:0%
vectors and can have breaches and so the
ability<00:13:16.660><c> to</c><00:13:16.960><c> exchange</c><00:13:17.380><c> as</c><00:13:17.860><c> part</c><00:13:18.400><c> of</c><00:13:18.610><c> the</c><00:13:18.820><c> whole</c>

00:13:18.930 --> 00:13:18.940 align:start position:0%
ability to exchange as part of the whole
 

00:13:18.940 --> 00:13:21.810 align:start position:0%
ability to exchange as part of the whole
system<00:13:19.150><c> on</c><00:13:20.050><c> the</c><00:13:20.440><c> fly</c><00:13:20.650><c> is</c><00:13:21.010><c> a</c><00:13:21.070><c> very</c><00:13:21.370><c> important</c>

00:13:21.810 --> 00:13:21.820 align:start position:0%
system on the fly is a very important
 

00:13:21.820 --> 00:13:25.320 align:start position:0%
system on the fly is a very important
feature<00:13:21.970><c> and</c><00:13:23.040><c> for</c><00:13:24.040><c> the</c><00:13:24.250><c> customer</c><00:13:24.850><c> we</c><00:13:25.300><c> have</c>

00:13:25.320 --> 00:13:25.330 align:start position:0%
feature and for the customer we have
 

00:13:25.330 --> 00:13:27.270 align:start position:0%
feature and for the customer we have
still<00:13:25.720><c> the</c><00:13:25.750><c> full</c><00:13:26.200><c> transparency</c><00:13:26.530><c> and</c><00:13:27.010><c> full</c>

00:13:27.270 --> 00:13:27.280 align:start position:0%
still the full transparency and full
 

00:13:27.280 --> 00:13:29.310 align:start position:0%
still the full transparency and full
fairness<00:13:27.700><c> because</c><00:13:28.030><c> every</c><00:13:28.360><c> customer</c><00:13:28.810><c> can</c><00:13:28.990><c> see</c>

00:13:29.310 --> 00:13:29.320 align:start position:0%
fairness because every customer can see
 

00:13:29.320 --> 00:13:32.160 align:start position:0%
fairness because every customer can see
if<00:13:30.040><c> we</c><00:13:30.250><c> exchange</c><00:13:30.700><c> part</c><00:13:31.270><c> of</c><00:13:31.360><c> the</c><00:13:31.480><c> contract</c><00:13:31.900><c> it</c>

00:13:32.160 --> 00:13:32.170 align:start position:0%
if we exchange part of the contract it
 

00:13:32.170 --> 00:13:34.800 align:start position:0%
if we exchange part of the contract it
will<00:13:32.320><c> be</c><00:13:32.500><c> visible</c><00:13:32.860><c> and</c><00:13:33.400><c> if</c><00:13:34.030><c> we</c><00:13:34.180><c> are</c><00:13:34.360><c> doing</c>

00:13:34.800 --> 00:13:34.810 align:start position:0%
will be visible and if we are doing
 

00:13:34.810 --> 00:13:36.630 align:start position:0%
will be visible and if we are doing
anything<00:13:35.110><c> wrong</c><00:13:35.470><c> then</c><00:13:35.800><c> this</c><00:13:36.070><c> will</c><00:13:36.220><c> be</c><00:13:36.400><c> very</c>

00:13:36.630 --> 00:13:36.640 align:start position:0%
anything wrong then this will be very
 

00:13:36.640 --> 00:13:40.470 align:start position:0%
anything wrong then this will be very
public<00:13:36.940><c> and</c><00:13:37.480><c> so</c><00:13:38.200><c> we</c><00:13:39.070><c> have</c><00:13:39.220><c> a</c><00:13:39.250><c> great</c><00:13:39.700><c> economic</c>

00:13:40.470 --> 00:13:40.480 align:start position:0%
public and so we have a great economic
 

00:13:40.480 --> 00:13:43.080 align:start position:0%
public and so we have a great economic
incentive<00:13:41.350><c> to</c><00:13:41.860><c> play</c><00:13:42.040><c> fair</c><00:13:42.370><c> with</c><00:13:42.610><c> our</c>

00:13:43.080 --> 00:13:43.090 align:start position:0%
incentive to play fair with our
 

00:13:43.090 --> 00:13:45.030 align:start position:0%
incentive to play fair with our
customers<00:13:43.570><c> because</c><00:13:43.780><c> everybody</c><00:13:44.440><c> will</c><00:13:44.560><c> see</c><00:13:44.800><c> if</c>

00:13:45.030 --> 00:13:45.040 align:start position:0%
customers because everybody will see if
 

00:13:45.040 --> 00:13:48.420 align:start position:0%
customers because everybody will see if
we<00:13:45.250><c> are</c><00:13:45.730><c> doing</c><00:13:46.540><c> something</c><00:13:47.170><c> which</c><00:13:47.800><c> is</c><00:13:47.830><c> not</c><00:13:47.980><c> so</c>

00:13:48.420 --> 00:13:48.430 align:start position:0%
we are doing something which is not so
 

00:13:48.430 --> 00:13:52.640 align:start position:0%
we are doing something which is not so
good<00:13:48.850><c> for</c><00:13:49.060><c> our</c><00:13:49.089><c> customers</c><00:13:50.760><c> now</c><00:13:51.760><c> we</c><00:13:51.820><c> want</c><00:13:52.120><c> to</c>

00:13:52.640 --> 00:13:52.650 align:start position:0%
good for our customers now we want to
 

00:13:52.650 --> 00:13:56.010 align:start position:0%
good for our customers now we want to
put<00:13:53.650><c> a</c><00:13:53.680><c> view</c><00:13:54.370><c> on</c><00:13:54.610><c> the</c><00:13:54.910><c> role</c><00:13:55.060><c> of</c><00:13:55.089><c> tokens</c><00:13:55.720><c> in</c><00:13:55.870><c> this</c>

00:13:56.010 --> 00:13:56.020 align:start position:0%
put a view on the role of tokens in this
 

00:13:56.020 --> 00:13:59.310 align:start position:0%
put a view on the role of tokens in this
protocol<00:13:56.490><c> we</c><00:13:57.490><c> have</c><00:13:57.520><c> our</c><00:13:57.790><c> core</c><00:13:58.089><c> process</c><00:13:58.570><c> and</c><00:13:59.140><c> we</c>

00:13:59.310 --> 00:13:59.320 align:start position:0%
protocol we have our core process and we
 

00:13:59.320 --> 00:14:02.400 align:start position:0%
protocol we have our core process and we
have<00:13:59.500><c> now</c><00:13:59.740><c> many</c><00:14:00.130><c> participants</c><00:14:00.550><c> which</c><00:14:01.410><c> take</c>

00:14:02.400 --> 00:14:02.410 align:start position:0%
have now many participants which take
 

00:14:02.410 --> 00:14:05.010 align:start position:0%
have now many participants which take
one<00:14:02.650><c> role</c><00:14:02.920><c> for</c><00:14:03.160><c> example</c><00:14:03.250><c> here</c><00:14:03.910><c> our</c><00:14:04.060><c> Oracle</c><00:14:04.839><c> and</c>

00:14:05.010 --> 00:14:05.020 align:start position:0%
one role for example here our Oracle and
 

00:14:05.020 --> 00:14:06.750 align:start position:0%
one role for example here our Oracle and
the<00:14:05.110><c> Oracle</c><00:14:05.500><c> is</c><00:14:05.589><c> providing</c><00:14:06.100><c> a</c><00:14:06.190><c> service</c><00:14:06.400><c> it's</c>

00:14:06.750 --> 00:14:06.760 align:start position:0%
the Oracle is providing a service it's
 

00:14:06.760 --> 00:14:10.260 align:start position:0%
the Oracle is providing a service it's
we<00:14:07.570><c> we</c><00:14:08.200><c> send</c><00:14:08.680><c> a</c><00:14:08.800><c> query</c><00:14:09.040><c> to</c><00:14:09.339><c> the</c><00:14:09.520><c> Oracle</c><00:14:09.940><c> and</c><00:14:10.240><c> the</c>

00:14:10.260 --> 00:14:10.270 align:start position:0%
we we send a query to the Oracle and the
 

00:14:10.270 --> 00:14:12.420 align:start position:0%
we we send a query to the Oracle and the
Oracle<00:14:10.839><c> will</c><00:14:11.140><c> then</c><00:14:11.290><c> request</c><00:14:11.680><c> the</c><00:14:11.890><c> data</c><00:14:12.040><c> source</c>

00:14:12.420 --> 00:14:12.430 align:start position:0%
Oracle will then request the data source
 

00:14:12.430 --> 00:14:17.070 align:start position:0%
Oracle will then request the data source
and<00:14:13.380><c> put</c><00:14:14.380><c> in</c><00:14:14.770><c> give</c><00:14:14.980><c> us</c><00:14:15.130><c> back</c><00:14:15.370><c> the</c><00:14:15.970><c> result</c><00:14:16.660><c> by</c><00:14:17.050><c> a</c>

00:14:17.070 --> 00:14:17.080 align:start position:0%
and put in give us back the result by a
 

00:14:17.080 --> 00:14:21.440 align:start position:0%
and put in give us back the result by a
callback<00:14:17.640><c> but</c><00:14:18.640><c> of</c><00:14:18.910><c> course</c><00:14:19.720><c> this</c><00:14:19.960><c> process</c><00:14:20.470><c> is</c>

00:14:21.440 --> 00:14:21.450 align:start position:0%
callback but of course this process is
 

00:14:21.450 --> 00:14:24.180 align:start position:0%
callback but of course this process is
sometimes<00:14:22.450><c> interrupted</c><00:14:23.350><c> there</c><00:14:23.920><c> are</c><00:14:24.010><c> many</c>

00:14:24.180 --> 00:14:24.190 align:start position:0%
sometimes interrupted there are many
 

00:14:24.190 --> 00:14:27.720 align:start position:0%
sometimes interrupted there are many
reasons<00:14:24.420><c> but</c><00:14:25.420><c> at</c><00:14:25.960><c> the</c><00:14:26.140><c> moment</c><00:14:26.320><c> we</c><00:14:26.620><c> have</c><00:14:26.770><c> no</c><00:14:26.800><c> no</c>

00:14:27.720 --> 00:14:27.730 align:start position:0%
reasons but at the moment we have no no
 

00:14:27.730 --> 00:14:30.630 align:start position:0%
reasons but at the moment we have no no
means<00:14:28.000><c> to</c><00:14:28.200><c> incentivize</c><00:14:29.200><c> the</c><00:14:29.589><c> Oracle</c><00:14:30.040><c> to</c>

00:14:30.630 --> 00:14:30.640 align:start position:0%
means to incentivize the Oracle to
 

00:14:30.640 --> 00:14:35.430 align:start position:0%
means to incentivize the Oracle to
deliver<00:14:31.200><c> certain</c><00:14:32.200><c> service</c><00:14:32.860><c> level</c><00:14:34.020><c> we</c><00:14:35.020><c> pay</c><00:14:35.200><c> for</c>

00:14:35.430 --> 00:14:35.440 align:start position:0%
deliver certain service level we pay for
 

00:14:35.440 --> 00:14:37.740 align:start position:0%
deliver certain service level we pay for
the<00:14:35.530><c> query</c><00:14:35.800><c> and</c><00:14:36.100><c> we</c><00:14:36.760><c> get</c><00:14:36.910><c> a</c><00:14:36.940><c> callback</c><00:14:37.240><c> and</c><00:14:37.600><c> it's</c>

00:14:37.740 --> 00:14:37.750 align:start position:0%
the query and we get a callback and it's
 

00:14:37.750 --> 00:14:41.040 align:start position:0%
the query and we get a callback and it's
working<00:14:38.050><c> perfectly</c><00:14:38.610><c> Thomas</c><00:14:39.610><c> yeah</c><00:14:39.850><c> you</c><00:14:40.210><c> he's</c>

00:14:41.040 --> 00:14:41.050 align:start position:0%
working perfectly Thomas yeah you he's
 

00:14:41.050 --> 00:14:45.720 align:start position:0%
working perfectly Thomas yeah you he's
the<00:14:41.500><c> guy</c><00:14:41.860><c> and</c><00:14:42.660><c> we</c><00:14:43.660><c> are</c><00:14:43.780><c> very</c><00:14:44.400><c> satisfied</c><00:14:45.400><c> with</c>

00:14:45.720 --> 00:14:45.730 align:start position:0%
the guy and we are very satisfied with
 

00:14:45.730 --> 00:14:48.570 align:start position:0%
the guy and we are very satisfied with
the<00:14:46.030><c> service</c><00:14:46.060><c> but</c><00:14:46.630><c> still</c><00:14:46.960><c> we</c><00:14:47.320><c> could</c><00:14:48.130><c> imagine</c><00:14:48.370><c> a</c>

00:14:48.570 --> 00:14:48.580 align:start position:0%
the service but still we could imagine a
 

00:14:48.580 --> 00:14:51.449 align:start position:0%
the service but still we could imagine a
situation<00:14:48.850><c> where</c><00:14:49.300><c> this</c><00:14:49.630><c> doesn't</c><00:14:49.930><c> work</c><00:14:50.080><c> and</c><00:14:50.459><c> in</c>

00:14:51.449 --> 00:14:51.459 align:start position:0%
situation where this doesn't work and in
 

00:14:51.459 --> 00:14:53.220 align:start position:0%
situation where this doesn't work and in
case<00:14:51.670><c> he</c><00:14:51.880><c> does</c><00:14:52.030><c> not</c><00:14:52.150><c> deliver</c>

00:14:53.220 --> 00:14:53.230 align:start position:0%
case he does not deliver
 

00:14:53.230 --> 00:14:57.660 align:start position:0%
case he does not deliver
we<00:14:53.350><c> have</c><00:14:53.530><c> to</c><00:14:54.180><c> fill</c><00:14:55.180><c> the</c><00:14:55.390><c> gap</c><00:14:55.540><c> and</c><00:14:55.930><c> now</c><00:14:56.590><c> we</c><00:14:56.670><c> have</c>

00:14:57.660 --> 00:14:57.670 align:start position:0%
we have to fill the gap and now we have
 

00:14:57.670 --> 00:14:59.520 align:start position:0%
we have to fill the gap and now we have
invented<00:14:58.090><c> an</c><00:14:58.210><c> mechanism</c><00:14:58.780><c> which</c><00:14:58.900><c> is</c><00:14:59.050><c> basically</c>

00:14:59.520 --> 00:14:59.530 align:start position:0%
invented an mechanism which is basically
 

00:14:59.530 --> 00:15:03.330 align:start position:0%
invented an mechanism which is basically
a<00:14:59.650><c> staking</c><00:15:00.070><c> mechanism</c><00:15:00.930><c> we</c><00:15:01.930><c> will</c><00:15:02.340><c> incentivize</c>

00:15:03.330 --> 00:15:03.340 align:start position:0%
a staking mechanism we will incentivize
 

00:15:03.340 --> 00:15:06.090 align:start position:0%
a staking mechanism we will incentivize
orbital<00:15:04.090><c> eyes</c><00:15:04.150><c> to</c><00:15:04.390><c> stake</c><00:15:04.660><c> some</c><00:15:05.080><c> tokens</c><00:15:05.680><c> in</c><00:15:05.950><c> our</c>

00:15:06.090 --> 00:15:06.100 align:start position:0%
orbital eyes to stake some tokens in our
 

00:15:06.100 --> 00:15:09.660 align:start position:0%
orbital eyes to stake some tokens in our
contract<00:15:06.700><c> and</c><00:15:07.090><c> in</c><00:15:07.390><c> case</c><00:15:07.660><c> he</c><00:15:08.140><c> delivers</c><00:15:08.590><c> not</c><00:15:09.220><c> in</c>

00:15:09.660 --> 00:15:09.670 align:start position:0%
contract and in case he delivers not in
 

00:15:09.670 --> 00:15:13.950 align:start position:0%
contract and in case he delivers not in
their<00:15:09.880><c> time</c><00:15:10.180><c> then</c><00:15:10.990><c> he</c><00:15:11.530><c> will</c><00:15:11.710><c> lose</c><00:15:12.070><c> his</c><00:15:12.960><c> tokens</c>

00:15:13.950 --> 00:15:13.960 align:start position:0%
their time then he will lose his tokens
 

00:15:13.960 --> 00:15:17.520 align:start position:0%
their time then he will lose his tokens
and<00:15:14.260><c> we</c><00:15:14.950><c> use</c><00:15:15.160><c> this</c><00:15:15.520><c> as</c><00:15:15.970><c> a</c><00:15:16.210><c> way</c><00:15:16.630><c> to</c><00:15:16.690><c> pay</c><00:15:17.170><c> for</c><00:15:17.200><c> a</c>

00:15:17.520 --> 00:15:17.530 align:start position:0%
and we use this as a way to pay for a
 

00:15:17.530 --> 00:15:20.070 align:start position:0%
and we use this as a way to pay for a
fallback<00:15:17.860><c> mechanism</c><00:15:18.160><c> because</c><00:15:19.120><c> then</c><00:15:19.510><c> somebody</c>

00:15:20.070 --> 00:15:20.080 align:start position:0%
fallback mechanism because then somebody
 

00:15:20.080 --> 00:15:22.350 align:start position:0%
fallback mechanism because then somebody
else<00:15:20.290><c> has</c><00:15:20.530><c> to</c><00:15:20.710><c> deliver</c><00:15:21.220><c> the</c><00:15:21.370><c> data</c><00:15:21.520><c> and</c><00:15:21.970><c> this</c>

00:15:22.350 --> 00:15:22.360 align:start position:0%
else has to deliver the data and this
 

00:15:22.360 --> 00:15:25.800 align:start position:0%
else has to deliver the data and this
costs<00:15:23.260><c> a</c><00:15:23.350><c> bit</c><00:15:23.500><c> of</c><00:15:23.650><c> money</c><00:15:23.830><c> and</c><00:15:24.360><c> it</c><00:15:25.360><c> takes</c><00:15:25.390><c> the</c>

00:15:25.800 --> 00:15:25.810 align:start position:0%
costs a bit of money and it takes the
 

00:15:25.810 --> 00:15:29.010 align:start position:0%
costs a bit of money and it takes the
staked<00:15:26.080><c> tokens</c><00:15:26.650><c> to</c><00:15:27.090><c> pay</c><00:15:28.090><c> for</c><00:15:28.450><c> the</c><00:15:28.780><c> fallback</c>

00:15:29.010 --> 00:15:29.020 align:start position:0%
staked tokens to pay for the fallback
 

00:15:29.020 --> 00:15:30.540 align:start position:0%
staked tokens to pay for the fallback
solution<00:15:29.710><c> and</c><00:15:29.890><c> this</c><00:15:30.010><c> is</c><00:15:30.160><c> a</c><00:15:30.190><c> very</c><00:15:30.400><c> generic</c>

00:15:30.540 --> 00:15:30.550 align:start position:0%
solution and this is a very generic
 

00:15:30.550 --> 00:15:32.880 align:start position:0%
solution and this is a very generic
mechanism<00:15:31.300><c> you</c><00:15:31.360><c> can</c><00:15:31.420><c> exchange</c><00:15:32.200><c> or</c><00:15:32.560><c> Clyde's</c>

00:15:32.880 --> 00:15:32.890 align:start position:0%
mechanism you can exchange or Clyde's
 

00:15:32.890 --> 00:15:36.390 align:start position:0%
mechanism you can exchange or Clyde's
against<00:15:33.220><c> any</c><00:15:33.460><c> other</c><00:15:35.130><c> participant</c><00:15:36.130><c> in</c><00:15:36.280><c> the</c>

00:15:36.390 --> 00:15:36.400 align:start position:0%
against any other participant in the
 

00:15:36.400 --> 00:15:40.340 align:start position:0%
against any other participant in the
network<00:15:36.730><c> and</c><00:15:37.230><c> by</c><00:15:38.230><c> such</c><00:15:38.620><c> a</c><00:15:38.650><c> mechanism</c><00:15:39.310><c> we</c>

00:15:40.340 --> 00:15:40.350 align:start position:0%
network and by such a mechanism we
 

00:15:40.350 --> 00:15:42.990 align:start position:0%
network and by such a mechanism we
enable<00:15:41.350><c> many</c><00:15:41.890><c> participants</c><00:15:42.580><c> to</c><00:15:42.850><c> work</c>

00:15:42.990 --> 00:15:43.000 align:start position:0%
enable many participants to work
 

00:15:43.000 --> 00:15:43.800 align:start position:0%
enable many participants to work
together

00:15:43.800 --> 00:15:43.810 align:start position:0%
together
 

00:15:43.810 --> 00:15:46.260 align:start position:0%
together
in<00:15:43.960><c> complex</c><00:15:44.740><c> products</c><00:15:45.460><c> to</c><00:15:45.640><c> work</c><00:15:45.820><c> together</c>

00:15:46.260 --> 00:15:46.270 align:start position:0%
in complex products to work together
 

00:15:46.270 --> 00:15:49.920 align:start position:0%
in complex products to work together
properly<00:15:46.720><c> and</c><00:15:47.230><c> to</c><00:15:48.120><c> agree</c><00:15:49.120><c> on</c><00:15:49.150><c> service</c><00:15:49.660><c> level</c>

00:15:49.920 --> 00:15:49.930 align:start position:0%
properly and to agree on service level
 

00:15:49.930 --> 00:15:51.900 align:start position:0%
properly and to agree on service level
agreements<00:15:50.410><c> and</c><00:15:50.560><c> to</c><00:15:51.010><c> incentivize</c><00:15:51.610><c> such</c>

00:15:51.900 --> 00:15:51.910 align:start position:0%
agreements and to incentivize such
 

00:15:51.910 --> 00:15:53.790 align:start position:0%
agreements and to incentivize such
service<00:15:52.300><c> level</c><00:15:52.570><c> agreements</c><00:15:53.020><c> and</c><00:15:53.320><c> this</c><00:15:53.620><c> is</c><00:15:53.770><c> a</c>

00:15:53.790 --> 00:15:53.800 align:start position:0%
service level agreements and this is a
 

00:15:53.800 --> 00:15:56.970 align:start position:0%
service level agreements and this is a
new<00:15:54.040><c> way</c><00:15:55.020><c> traditionally</c><00:15:56.020><c> is</c><00:15:56.230><c> this</c><00:15:56.500><c> would</c><00:15:56.740><c> be</c>

00:15:56.970 --> 00:15:56.980 align:start position:0%
new way traditionally is this would be
 

00:15:56.980 --> 00:15:59.430 align:start position:0%
new way traditionally is this would be
in<00:15:57.310><c> a</c><00:15:57.460><c> company</c><00:15:58.210><c> context</c><00:15:58.840><c> in</c><00:15:59.020><c> a</c><00:15:59.080><c> company</c>

00:15:59.430 --> 00:15:59.440 align:start position:0%
in a company context in a company
 

00:15:59.440 --> 00:16:01.590 align:start position:0%
in a company context in a company
context<00:15:59.860><c> you</c><00:15:59.980><c> have</c><00:16:00.010><c> also</c><00:16:00.310><c> incent</c><00:16:00.970><c> incentives</c>

00:16:01.590 --> 00:16:01.600 align:start position:0%
context you have also incent incentives
 

00:16:01.600 --> 00:16:03.930 align:start position:0%
context you have also incent incentives
yeah<00:16:01.780><c> if</c><00:16:02.020><c> somebody</c><00:16:02.440><c> doesn't</c><00:16:02.890><c> behave</c><00:16:03.190><c> well</c><00:16:03.460><c> you</c>

00:16:03.930 --> 00:16:03.940 align:start position:0%
yeah if somebody doesn't behave well you
 

00:16:03.940 --> 00:16:06.420 align:start position:0%
yeah if somebody doesn't behave well you
can<00:16:04.120><c> fire</c><00:16:04.360><c> him</c><00:16:04.390><c> or</c><00:16:04.900><c> you</c><00:16:05.080><c> can</c><00:16:05.290><c> reduce</c><00:16:05.620><c> his</c><00:16:05.860><c> wages</c>

00:16:06.420 --> 00:16:06.430 align:start position:0%
can fire him or you can reduce his wages
 

00:16:06.430 --> 00:16:08.550 align:start position:0%
can fire him or you can reduce his wages
in<00:16:07.120><c> a</c><00:16:07.210><c> decentralized</c><00:16:07.510><c> context</c><00:16:08.320><c> you</c><00:16:08.440><c> need</c>

00:16:08.550 --> 00:16:08.560 align:start position:0%
in a decentralized context you need
 

00:16:08.560 --> 00:16:10.920 align:start position:0%
in a decentralized context you need
other<00:16:08.740><c> incentives</c><00:16:09.370><c> and</c><00:16:09.610><c> such</c><00:16:10.030><c> a</c><00:16:10.060><c> mechanism</c><00:16:10.300><c> is</c>

00:16:10.920 --> 00:16:10.930 align:start position:0%
other incentives and such a mechanism is
 

00:16:10.930 --> 00:16:13.260 align:start position:0%
other incentives and such a mechanism is
a<00:16:10.960><c> very</c><00:16:11.260><c> generic</c><00:16:11.800><c> mechanism</c><00:16:12.640><c> which</c><00:16:12.760><c> enables</c>

00:16:13.260 --> 00:16:13.270 align:start position:0%
a very generic mechanism which enables
 

00:16:13.270 --> 00:16:15.270 align:start position:0%
a very generic mechanism which enables
complex<00:16:14.020><c> products</c><00:16:14.560><c> on</c><00:16:14.740><c> the</c><00:16:14.800><c> blockchain</c>

00:16:15.270 --> 00:16:15.280 align:start position:0%
complex products on the blockchain
 

00:16:15.280 --> 00:16:17.640 align:start position:0%
complex products on the blockchain
there's<00:16:15.820><c> many</c><00:16:16.000><c> partisans</c><00:16:16.570><c> to</c><00:16:16.810><c> be</c><00:16:17.200><c> delivered</c>

00:16:17.640 --> 00:16:17.650 align:start position:0%
there's many partisans to be delivered
 

00:16:17.650 --> 00:16:21.510 align:start position:0%
there's many partisans to be delivered
on<00:16:18.040><c> a</c><00:16:18.130><c> very</c><00:16:18.700><c> good</c><00:16:18.940><c> service</c><00:16:19.300><c> level</c><00:16:19.810><c> and</c><00:16:20.130><c> I</c><00:16:21.130><c> think</c>

00:16:21.510 --> 00:16:21.520 align:start position:0%
on a very good service level and I think
 

00:16:21.520 --> 00:16:24.470 align:start position:0%
on a very good service level and I think
this<00:16:21.670><c> is</c><00:16:21.790><c> a</c><00:16:22.590><c> basic</c><00:16:23.590><c> feature</c><00:16:23.740><c> of</c><00:16:24.040><c> every</c>

00:16:24.470 --> 00:16:24.480 align:start position:0%
this is a basic feature of every
 

00:16:24.480 --> 00:16:26.730 align:start position:0%
this is a basic feature of every
business<00:16:25.480><c> network</c><00:16:26.050><c> which</c><00:16:26.350><c> is</c><00:16:26.500><c> working</c>

00:16:26.730 --> 00:16:26.740 align:start position:0%
business network which is working
 

00:16:26.740 --> 00:16:28.910 align:start position:0%
business network which is working
decentralized<00:16:27.580><c> on</c><00:16:27.730><c> a</c><00:16:27.760><c> blockchain</c>

00:16:28.910 --> 00:16:28.920 align:start position:0%
decentralized on a blockchain
 

00:16:28.920 --> 00:16:31.470 align:start position:0%
decentralized on a blockchain
we<00:16:29.920><c> have</c><00:16:30.010><c> other</c><00:16:30.220><c> mechanisms</c><00:16:30.910><c> for</c><00:16:31.030><c> example</c>

00:16:31.470 --> 00:16:31.480 align:start position:0%
we have other mechanisms for example
 

00:16:31.480 --> 00:16:34.560 align:start position:0%
we have other mechanisms for example
instead<00:16:31.960><c> of</c><00:16:32.080><c> staking</c><00:16:32.620><c> we</c><00:16:33.100><c> can</c><00:16:33.250><c> also</c><00:16:33.570><c> reward</c>

00:16:34.560 --> 00:16:34.570 align:start position:0%
instead of staking we can also reward
 

00:16:34.570 --> 00:16:37.050 align:start position:0%
instead of staking we can also reward
somebody<00:16:35.080><c> to</c><00:16:35.350><c> behave</c><00:16:36.010><c> properly</c><00:16:36.250><c> we</c><00:16:36.700><c> can</c><00:16:36.730><c> say</c>

00:16:37.050 --> 00:16:37.060 align:start position:0%
somebody to behave properly we can say
 

00:16:37.060 --> 00:16:39.480 align:start position:0%
somebody to behave properly we can say
if<00:16:37.450><c> you</c><00:16:37.750><c> deliver</c><00:16:38.170><c> in</c><00:16:38.500><c> times</c><00:16:38.800><c> and</c><00:16:39.040><c> you</c><00:16:39.160><c> get</c><00:16:39.340><c> an</c>

00:16:39.480 --> 00:16:39.490 align:start position:0%
if you deliver in times and you get an
 

00:16:39.490 --> 00:16:42.480 align:start position:0%
if you deliver in times and you get an
additional<00:16:39.750><c> reward</c><00:16:40.750><c> you</c><00:16:41.440><c> can</c><00:16:41.590><c> of</c><00:16:41.740><c> course</c><00:16:42.040><c> use</c>

00:16:42.480 --> 00:16:42.490 align:start position:0%
additional reward you can of course use
 

00:16:42.490 --> 00:16:45.330 align:start position:0%
additional reward you can of course use
our<00:16:42.730><c> tokens</c><00:16:43.180><c> for</c><00:16:43.300><c> payments</c><00:16:43.840><c> for</c><00:16:44.340><c> staking</c>

00:16:45.330 --> 00:16:45.340 align:start position:0%
our tokens for payments for staking
 

00:16:45.340 --> 00:16:48.300 align:start position:0%
our tokens for payments for staking
collaterals<00:16:45.880><c> for</c><00:16:46.180><c> vesting</c><00:16:46.600><c> and</c><00:16:46.630><c> I</c><00:16:47.500><c> will</c><00:16:47.920><c> have</c>

00:16:48.300 --> 00:16:48.310 align:start position:0%
collaterals for vesting and I will have
 

00:16:48.310 --> 00:16:50.760 align:start position:0%
collaterals for vesting and I will have
another<00:16:48.340><c> point</c><00:16:49.030><c> which</c><00:16:49.810><c> I</c><00:16:49.990><c> really</c><00:16:50.350><c> introduced</c>

00:16:50.760 --> 00:16:50.770 align:start position:0%
another point which I really introduced
 

00:16:50.770 --> 00:16:54.810 align:start position:0%
another point which I really introduced
in<00:16:51.160><c> the</c><00:16:51.370><c> next</c><00:16:51.610><c> slide</c><00:16:51.820><c> so</c><00:16:53.250><c> this</c><00:16:54.250><c> is</c><00:16:54.370><c> a</c><00:16:54.400><c> basic</c>

00:16:54.810 --> 00:16:54.820 align:start position:0%
in the next slide so this is a basic
 

00:16:54.820 --> 00:16:56.820 align:start position:0%
in the next slide so this is a basic
role<00:16:55.240><c> but</c><00:16:55.660><c> now</c><00:16:55.870><c> you</c><00:16:55.930><c> can</c><00:16:56.200><c> ask</c><00:16:56.350><c> after</c><00:16:56.740><c> the</c>

00:16:56.820 --> 00:16:56.830 align:start position:0%
role but now you can ask after the
 

00:16:56.830 --> 00:16:58.890 align:start position:0%
role but now you can ask after the
economic<00:16:57.010><c> model</c><00:16:57.550><c> behind</c><00:16:57.820><c> this</c><00:16:58.090><c> the</c><00:16:58.480><c> economic</c>

00:16:58.890 --> 00:16:58.900 align:start position:0%
economic model behind this the economic
 

00:16:58.900 --> 00:17:02.850 align:start position:0%
economic model behind this the economic
model<00:16:59.170><c> is</c><00:16:59.320><c> also</c><00:17:00.270><c> quite</c><00:17:01.270><c> easy</c><00:17:01.480><c> in</c><00:17:02.020><c> in</c><00:17:02.770><c> a</c>

00:17:02.850 --> 00:17:02.860 align:start position:0%
model is also quite easy in in a
 

00:17:02.860 --> 00:17:04.559 align:start position:0%
model is also quite easy in in a
traditional<00:17:03.370><c> context</c><00:17:03.880><c> you</c><00:17:04.000><c> have</c>

00:17:04.559 --> 00:17:04.569 align:start position:0%
traditional context you have
 

00:17:04.569 --> 00:17:07.350 align:start position:0%
traditional context you have
service<00:17:05.529><c> consumers</c><00:17:06.069><c> this</c><00:17:06.250><c> can</c><00:17:06.459><c> be</c><00:17:06.610><c> the</c><00:17:07.149><c> end</c>

00:17:07.350 --> 00:17:07.360 align:start position:0%
service consumers this can be the end
 

00:17:07.360 --> 00:17:10.199 align:start position:0%
service consumers this can be the end
users<00:17:07.899><c> all</c><00:17:08.169><c> this</c><00:17:08.350><c> can</c><00:17:08.559><c> also</c><00:17:08.829><c> be</c><00:17:09.009><c> companies</c><00:17:09.639><c> and</c>

00:17:10.199 --> 00:17:10.209 align:start position:0%
users all this can also be companies and
 

00:17:10.209 --> 00:17:12.419 align:start position:0%
users all this can also be companies and
you<00:17:10.419><c> have</c><00:17:10.539><c> service</c><00:17:10.870><c> producers</c><00:17:11.709><c> or</c><00:17:11.949><c> service</c>

00:17:12.419 --> 00:17:12.429 align:start position:0%
you have service producers or service
 

00:17:12.429 --> 00:17:15.090 align:start position:0%
you have service producers or service
providers<00:17:12.970><c> for</c><00:17:13.839><c> example</c><00:17:14.230><c> think</c><00:17:14.559><c> of</c><00:17:14.740><c> insurance</c>

00:17:15.090 --> 00:17:15.100 align:start position:0%
providers for example think of insurance
 

00:17:15.100 --> 00:17:17.480 align:start position:0%
providers for example think of insurance
company<00:17:15.789><c> which</c><00:17:15.939><c> is</c><00:17:16.059><c> using</c><00:17:16.389><c> an</c><00:17:16.480><c> Oracle</c><00:17:16.870><c> the</c>

00:17:17.480 --> 00:17:17.490 align:start position:0%
company which is using an Oracle the
 

00:17:17.490 --> 00:17:19.860 align:start position:0%
company which is using an Oracle the
insurance<00:17:18.490><c> company</c><00:17:18.880><c> pays</c><00:17:19.059><c> a</c><00:17:19.089><c> fee</c><00:17:19.449><c> for</c><00:17:19.720><c> the</c>

00:17:19.860 --> 00:17:19.870 align:start position:0%
insurance company pays a fee for the
 

00:17:19.870 --> 00:17:22.199 align:start position:0%
insurance company pays a fee for the
Oracle<00:17:20.259><c> or</c><00:17:20.470><c> for</c><00:17:20.709><c> the</c><00:17:20.799><c> data</c><00:17:21.009><c> source</c><00:17:21.309><c> and</c><00:17:21.639><c> gets</c>

00:17:22.199 --> 00:17:22.209 align:start position:0%
Oracle or for the data source and gets
 

00:17:22.209 --> 00:17:23.789 align:start position:0%
Oracle or for the data source and gets
the<00:17:22.299><c> service</c><00:17:22.630><c> for</c><00:17:22.779><c> this</c><00:17:22.959><c> the</c><00:17:23.500><c> service</c>

00:17:23.789 --> 00:17:23.799 align:start position:0%
the service for this the service
 

00:17:23.799 --> 00:17:25.949 align:start position:0%
the service for this the service
producer<00:17:24.459><c> has</c><00:17:25.269><c> to</c><00:17:25.449><c> build</c><00:17:25.659><c> up</c><00:17:25.809><c> an</c>

00:17:25.949 --> 00:17:25.959 align:start position:0%
producer has to build up an
 

00:17:25.959 --> 00:17:28.049 align:start position:0%
producer has to build up an
infrastructure<00:17:26.529><c> and</c><00:17:26.949><c> for</c><00:17:27.279><c> this</c><00:17:27.459><c> it</c><00:17:27.639><c> takes</c><00:17:27.880><c> a</c>

00:17:28.049 --> 00:17:28.059 align:start position:0%
infrastructure and for this it takes a
 

00:17:28.059 --> 00:17:31.259 align:start position:0%
infrastructure and for this it takes a
bank<00:17:28.269><c> credit</c><00:17:28.690><c> or</c><00:17:28.929><c> alone</c><00:17:29.320><c> and</c><00:17:29.880><c> so</c><00:17:30.880><c> the</c><00:17:31.059><c> capital</c>

00:17:31.259 --> 00:17:31.269 align:start position:0%
bank credit or alone and so the capital
 

00:17:31.269 --> 00:17:34.259 align:start position:0%
bank credit or alone and so the capital
provider<00:17:31.710><c> gives</c><00:17:32.710><c> a</c><00:17:32.889><c> capital</c><00:17:33.370><c> the</c><00:17:33.850><c> service</c>

00:17:34.259 --> 00:17:34.269 align:start position:0%
provider gives a capital the service
 

00:17:34.269 --> 00:17:36.629 align:start position:0%
provider gives a capital the service
producer<00:17:34.570><c> pays</c><00:17:35.230><c> an</c><00:17:35.440><c> interest</c><00:17:35.799><c> rate</c><00:17:35.889><c> and</c><00:17:36.039><c> this</c>

00:17:36.629 --> 00:17:36.639 align:start position:0%
producer pays an interest rate and this
 

00:17:36.639 --> 00:17:38.399 align:start position:0%
producer pays an interest rate and this
is<00:17:36.789><c> all</c><00:17:36.970><c> very</c><00:17:37.120><c> expensive</c><00:17:37.509><c> as</c><00:17:37.870><c> you</c><00:17:37.899><c> know</c><00:17:38.169><c> and</c>

00:17:38.399 --> 00:17:38.409 align:start position:0%
is all very expensive as you know and
 

00:17:38.409 --> 00:17:41.539 align:start position:0%
is all very expensive as you know and
for<00:17:38.889><c> and</c><00:17:39.370><c> above</c><00:17:39.639><c> all</c><00:17:39.879><c> this</c><00:17:40.149><c> is</c><00:17:40.210><c> very</c><00:17:40.750><c> limited</c>

00:17:41.539 --> 00:17:41.549 align:start position:0%
for and above all this is very limited
 

00:17:41.549 --> 00:17:46.230 align:start position:0%
for and above all this is very limited
this<00:17:42.659><c> structure</c><00:17:43.659><c> here</c><00:17:44.590><c> leads</c><00:17:45.429><c> to</c><00:17:45.759><c> high</c>

00:17:46.230 --> 00:17:46.240 align:start position:0%
this structure here leads to high
 

00:17:46.240 --> 00:17:48.990 align:start position:0%
this structure here leads to high
capital<00:17:46.629><c> in</c><00:17:46.809><c> infrastructure</c><00:17:47.679><c> cost</c><00:17:48.070><c> and</c><00:17:48.399><c> Forex</c>

00:17:48.990 --> 00:17:49.000 align:start position:0%
capital in infrastructure cost and Forex
 

00:17:49.000 --> 00:17:51.299 align:start position:0%
capital in infrastructure cost and Forex
it<00:17:49.330><c> is</c><00:17:49.480><c> not</c><00:17:50.049><c> censorship</c><00:17:50.409><c> resistance</c><00:17:51.129><c> yeah</c>

00:17:51.299 --> 00:17:51.309 align:start position:0%
it is not censorship resistance yeah
 

00:17:51.309 --> 00:17:55.999 align:start position:0%
it is not censorship resistance yeah
people<00:17:51.610><c> banks</c><00:17:52.419><c> can</c><00:17:52.690><c> shut</c><00:17:53.679><c> up</c><00:17:53.860><c> loans</c><00:17:54.789><c> and</c><00:17:55.149><c> then</c>

00:17:55.999 --> 00:17:56.009 align:start position:0%
people banks can shut up loans and then
 

00:17:56.009 --> 00:17:59.330 align:start position:0%
people banks can shut up loans and then
disrupt<00:17:57.009><c> the</c><00:17:57.159><c> business</c><00:17:57.490><c> and</c><00:17:58.269><c> this</c><00:17:58.509><c> happens</c><00:17:58.840><c> so</c>

00:17:59.330 --> 00:17:59.340 align:start position:0%
disrupt the business and this happens so
 

00:17:59.340 --> 00:18:02.070 align:start position:0%
disrupt the business and this happens so
this<00:18:00.340><c> structure</c><00:18:00.759><c> leads</c><00:18:01.149><c> to</c><00:18:01.360><c> centralization</c>

00:18:02.070 --> 00:18:02.080 align:start position:0%
this structure leads to centralization
 

00:18:02.080 --> 00:18:03.779 align:start position:0%
this structure leads to centralization
effects<00:18:02.440><c> and</c><00:18:02.590><c> monopoles</c><00:18:02.950><c> and</c><00:18:03.309><c> it</c><00:18:03.490><c> leads</c><00:18:03.669><c> to</c>

00:18:03.779 --> 00:18:03.789 align:start position:0%
effects and monopoles and it leads to
 

00:18:03.789 --> 00:18:06.269 align:start position:0%
effects and monopoles and it leads to
exclusion<00:18:04.570><c> and</c><00:18:04.779><c> exploitation</c><00:18:05.620><c> so</c><00:18:05.830><c> what</c><00:18:06.129><c> can</c>

00:18:06.269 --> 00:18:06.279 align:start position:0%
exclusion and exploitation so what can
 

00:18:06.279 --> 00:18:08.730 align:start position:0%
exclusion and exploitation so what can
we<00:18:06.429><c> do</c><00:18:06.659><c> we</c><00:18:07.659><c> can</c><00:18:07.840><c> put</c><00:18:08.049><c> the</c><00:18:08.169><c> capital</c><00:18:08.529><c> in</c><00:18:08.620><c> the</c>

00:18:08.730 --> 00:18:08.740 align:start position:0%
we do we can put the capital in the
 

00:18:08.740 --> 00:18:10.649 align:start position:0%
we do we can put the capital in the
middle<00:18:08.980><c> we</c><00:18:09.519><c> share</c><00:18:09.789><c> the</c><00:18:09.940><c> capital</c><00:18:10.389><c> and</c><00:18:10.570><c> the</c>

00:18:10.649 --> 00:18:10.659 align:start position:0%
middle we share the capital and the
 

00:18:10.659 --> 00:18:12.659 align:start position:0%
middle we share the capital and the
infrastructure<00:18:11.230><c> and</c><00:18:11.740><c> every</c><00:18:12.279><c> service</c>

00:18:12.659 --> 00:18:12.669 align:start position:0%
infrastructure and every service
 

00:18:12.669 --> 00:18:14.460 align:start position:0%
infrastructure and every service
provider<00:18:13.059><c> becomes</c><00:18:13.509><c> the</c><00:18:13.659><c> service</c><00:18:13.990><c> consumer</c>

00:18:14.460 --> 00:18:14.470 align:start position:0%
provider becomes the service consumer
 

00:18:14.470 --> 00:18:17.580 align:start position:0%
provider becomes the service consumer
and<00:18:14.679><c> so</c><00:18:14.919><c> both</c><00:18:15.399><c> roles</c><00:18:15.730><c> are</c><00:18:16.000><c> combined</c><00:18:16.419><c> and</c><00:18:16.750><c> now</c>

00:18:17.580 --> 00:18:17.590 align:start position:0%
and so both roles are combined and now
 

00:18:17.590 --> 00:18:19.529 align:start position:0%
and so both roles are combined and now
these<00:18:17.830><c> are</c><00:18:18.190><c> interacting</c><00:18:18.909><c> and</c><00:18:19.029><c> they</c><00:18:19.269><c> share</c>

00:18:19.529 --> 00:18:19.539 align:start position:0%
these are interacting and they share
 

00:18:19.539 --> 00:18:21.799 align:start position:0%
these are interacting and they share
this<00:18:19.899><c> capital</c><00:18:20.740><c> and</c><00:18:20.889><c> the</c><00:18:20.980><c> infrastructure</c><00:18:21.580><c> and</c>

00:18:21.799 --> 00:18:21.809 align:start position:0%
this capital and the infrastructure and
 

00:18:21.809 --> 00:18:24.720 align:start position:0%
this capital and the infrastructure and
this<00:18:22.809><c> is</c><00:18:22.960><c> of</c><00:18:23.259><c> course</c><00:18:23.470><c> a</c><00:18:23.860><c> model</c><00:18:24.399><c> which</c><00:18:24.519><c> is</c><00:18:24.549><c> very</c>

00:18:24.720 --> 00:18:24.730 align:start position:0%
this is of course a model which is very
 

00:18:24.730 --> 00:18:27.029 align:start position:0%
this is of course a model which is very
apt<00:18:25.360><c> for</c><00:18:25.870><c> insurance</c><00:18:26.350><c> because</c><00:18:26.649><c> insurance</c>

00:18:27.029 --> 00:18:27.039 align:start position:0%
apt for insurance because insurance
 

00:18:27.039 --> 00:18:30.419 align:start position:0%
apt for insurance because insurance
works<00:18:27.549><c> on</c><00:18:27.789><c> lots</c><00:18:28.000><c> of</c><00:18:28.210><c> capital</c><00:18:28.629><c> and</c><00:18:29.129><c> this</c><00:18:30.129><c> is</c><00:18:30.279><c> why</c>

00:18:30.419 --> 00:18:30.429 align:start position:0%
works on lots of capital and this is why
 

00:18:30.429 --> 00:18:32.960 align:start position:0%
works on lots of capital and this is why
insurance<00:18:30.669><c> is</c><00:18:31.090><c> such</c><00:18:31.269><c> a</c><00:18:31.299><c> closed</c><00:18:31.830><c> society</c>

00:18:32.960 --> 00:18:32.970 align:start position:0%
insurance is such a closed society
 

00:18:32.970 --> 00:18:35.340 align:start position:0%
insurance is such a closed society
because<00:18:33.970><c> the</c><00:18:34.179><c> capital</c><00:18:34.570><c> requirements</c><00:18:35.110><c> are</c><00:18:35.200><c> so</c>

00:18:35.340 --> 00:18:35.350 align:start position:0%
because the capital requirements are so
 

00:18:35.350 --> 00:18:37.680 align:start position:0%
because the capital requirements are so
high<00:18:35.529><c> small</c><00:18:36.399><c> companies</c><00:18:36.909><c> cannot</c><00:18:37.240><c> afford</c><00:18:37.509><c> the</c>

00:18:37.680 --> 00:18:37.690 align:start position:0%
high small companies cannot afford the
 

00:18:37.690 --> 00:18:39.330 align:start position:0%
high small companies cannot afford the
capital<00:18:38.080><c> and</c><00:18:38.230><c> so</c><00:18:38.409><c> they</c><00:18:38.649><c> are</c><00:18:38.769><c> excluded</c><00:18:39.309><c> from</c>

00:18:39.330 --> 00:18:39.340 align:start position:0%
capital and so they are excluded from
 

00:18:39.340 --> 00:18:41.970 align:start position:0%
capital and so they are excluded from
participating<00:18:40.299><c> in</c><00:18:40.570><c> this</c><00:18:40.750><c> network</c><00:18:41.139><c> we're</c>

00:18:41.970 --> 00:18:41.980 align:start position:0%
participating in this network we're
 

00:18:41.980 --> 00:18:42.990 align:start position:0%
participating in this network we're
sharing<00:18:42.340><c> the</c><00:18:42.429><c> capital</c><00:18:42.820><c> and</c><00:18:42.940><c> the</c>

00:18:42.990 --> 00:18:43.000 align:start position:0%
sharing the capital and the
 

00:18:43.000 --> 00:18:44.430 align:start position:0%
sharing the capital and the
infrastructure<00:18:43.570><c> we</c><00:18:43.840><c> enable</c><00:18:44.259><c> many</c>

00:18:44.430 --> 00:18:44.440 align:start position:0%
infrastructure we enable many
 

00:18:44.440 --> 00:18:46.830 align:start position:0%
infrastructure we enable many
participants<00:18:44.799><c> to</c><00:18:45.370><c> be</c><00:18:45.669><c> part</c><00:18:46.090><c> of</c><00:18:46.330><c> such</c><00:18:46.600><c> an</c>

00:18:46.830 --> 00:18:46.840 align:start position:0%
participants to be part of such an
 

00:18:46.840 --> 00:18:52.590 align:start position:0%
participants to be part of such an
insurance<00:18:47.789><c> network</c><00:18:48.789><c> and</c><00:18:50.340><c> then</c><00:18:51.340><c> this</c><00:18:51.700><c> leads</c><00:18:52.419><c> to</c>

00:18:52.590 --> 00:18:52.600 align:start position:0%
insurance network and then this leads to
 

00:18:52.600 --> 00:18:55.879 align:start position:0%
insurance network and then this leads to
another<00:18:52.870><c> question</c><00:18:53.169><c> how</c><00:18:53.500><c> can</c><00:18:53.559><c> we</c><00:18:54.570><c> how</c><00:18:55.570><c> can</c><00:18:55.600><c> we</c>

00:18:55.879 --> 00:18:55.889 align:start position:0%
another question how can we how can we
 

00:18:55.889 --> 00:18:58.919 align:start position:0%
another question how can we how can we
restrict<00:18:56.889><c> the</c><00:18:57.100><c> access</c><00:18:57.340><c> to</c><00:18:57.909><c> people</c><00:18:58.419><c> who</c><00:18:58.539><c> have</c>

00:18:58.919 --> 00:18:58.929 align:start position:0%
restrict the access to people who have
 

00:18:58.929 --> 00:19:01.019 align:start position:0%
restrict the access to people who have
contributed<00:18:59.440><c> to</c><00:19:00.070><c> the</c><00:19:00.190><c> capital</c><00:19:00.610><c> and</c><00:19:00.730><c> then</c><00:19:00.909><c> we</c>

00:19:01.019 --> 00:19:01.029 align:start position:0%
contributed to the capital and then we
 

00:19:01.029 --> 00:19:04.110 align:start position:0%
contributed to the capital and then we
are<00:19:01.620><c> coming</c><00:19:02.620><c> to</c><00:19:02.919><c> generate</c><00:19:03.490><c> a</c><00:19:03.519><c> user</c><00:19:03.759><c> token</c>

00:19:04.110 --> 00:19:04.120 align:start position:0%
are coming to generate a user token
 

00:19:04.120 --> 00:19:07.860 align:start position:0%
are coming to generate a user token
model<00:19:04.840><c> which</c><00:19:05.169><c> is</c><00:19:05.379><c> also</c><00:19:05.889><c> emerging</c><00:19:06.639><c> I</c><00:19:07.179><c> we</c><00:19:07.779><c> are</c>

00:19:07.860 --> 00:19:07.870 align:start position:0%
model which is also emerging I we are
 

00:19:07.870 --> 00:19:09.810 align:start position:0%
model which is also emerging I we are
not<00:19:08.169><c> just</c><00:19:08.830><c> writing</c><00:19:09.039><c> business</c><00:19:09.340><c> but</c><00:19:09.669><c> we</c><00:19:09.789><c> are</c>

00:19:09.810 --> 00:19:09.820 align:start position:0%
not just writing business but we are
 

00:19:09.820 --> 00:19:11.549 align:start position:0%
not just writing business but we are
thinking<00:19:10.029><c> about</c><00:19:10.450><c> such</c><00:19:10.690><c> a</c><00:19:10.720><c> model</c><00:19:11.080><c> can</c><00:19:11.470><c> also</c>

00:19:11.549 --> 00:19:11.559 align:start position:0%
thinking about such a model can also
 

00:19:11.559 --> 00:19:14.279 align:start position:0%
thinking about such a model can also
says<00:19:11.950><c> it</c><00:19:12.129><c> another</c><00:19:12.820><c> very</c><00:19:13.360><c> well-known</c><00:19:13.750><c> project</c>

00:19:14.279 --> 00:19:14.289 align:start position:0%
says it another very well-known project
 

00:19:14.289 --> 00:19:16.480 align:start position:0%
says it another very well-known project
which<00:19:14.440><c> I</c><00:19:14.620><c> don't</c><00:19:15.039><c> want</c><00:19:15.250><c> to</c><00:19:15.370><c> speak</c><00:19:15.580><c> out</c>

00:19:16.480 --> 00:19:16.490 align:start position:0%
which I don't want to speak out
 

00:19:16.490 --> 00:19:20.650 align:start position:0%
which I don't want to speak out
and<00:19:17.470><c> so</c><00:19:18.470><c> I</c><00:19:18.860><c> think</c><00:19:19.040><c> general</c><00:19:19.610><c> usage</c><00:19:19.970><c> tokens</c><00:19:20.420><c> are</c>

00:19:20.650 --> 00:19:20.660 align:start position:0%
and so I think general usage tokens are
 

00:19:20.660 --> 00:19:23.350 align:start position:0%
and so I think general usage tokens are
very<00:19:21.140><c> apt</c><00:19:21.770><c> for</c><00:19:22.190><c> such</c><00:19:22.580><c> a</c><00:19:22.610><c> model</c><00:19:22.940><c> with</c><00:19:23.030><c> a</c><00:19:23.060><c> shared</c>

00:19:23.350 --> 00:19:23.360 align:start position:0%
very apt for such a model with a shared
 

00:19:23.360 --> 00:19:26.050 align:start position:0%
very apt for such a model with a shared
capital<00:19:23.720><c> and</c><00:19:23.810><c> shared</c><00:19:23.990><c> infrastructure</c><00:19:24.530><c> and</c><00:19:25.060><c> we</c>

00:19:26.050 --> 00:19:26.060 align:start position:0%
capital and shared infrastructure and we
 

00:19:26.060 --> 00:19:28.540 align:start position:0%
capital and shared infrastructure and we
will<00:19:26.210><c> elaborate</c><00:19:26.720><c> on</c><00:19:26.840><c> this</c><00:19:27.170><c> and</c><00:19:27.560><c> hope</c><00:19:28.190><c> we</c><00:19:28.370><c> will</c>

00:19:28.540 --> 00:19:28.550 align:start position:0%
will elaborate on this and hope we will
 

00:19:28.550 --> 00:19:31.390 align:start position:0%
will elaborate on this and hope we will
soon<00:19:28.940><c> be</c><00:19:29.240><c> able</c><00:19:29.390><c> to</c><00:19:29.690><c> present</c><00:19:30.680><c> more</c><00:19:30.830><c> details</c><00:19:31.220><c> on</c>

00:19:31.390 --> 00:19:31.400 align:start position:0%
soon be able to present more details on
 

00:19:31.400 --> 00:19:35.380 align:start position:0%
soon be able to present more details on
this<00:19:32.020><c> basically</c><00:19:33.310><c> if</c><00:19:34.310><c> the</c><00:19:34.490><c> capital</c><00:19:34.700><c> is</c><00:19:34.940><c> outside</c>

00:19:35.380 --> 00:19:35.390 align:start position:0%
this basically if the capital is outside
 

00:19:35.390 --> 00:19:38.400 align:start position:0%
this basically if the capital is outside
of<00:19:35.570><c> such</c><00:19:35.750><c> a</c><00:19:35.780><c> network</c><00:19:36.020><c> sahabas</c><00:19:36.800><c> outside</c><00:19:37.220><c> is</c><00:19:37.430><c> a</c>

00:19:38.400 --> 00:19:38.410 align:start position:0%
of such a network sahabas outside is a
 

00:19:38.410 --> 00:19:41.020 align:start position:0%
of such a network sahabas outside is a
artificial<00:19:39.410><c> heart</c><00:19:39.650><c> and</c><00:19:40.070><c> we</c><00:19:40.550><c> are</c><00:19:40.670><c> moving</c><00:19:40.760><c> the</c>

00:19:41.020 --> 00:19:41.030 align:start position:0%
artificial heart and we are moving the
 

00:19:41.030 --> 00:19:44.620 align:start position:0%
artificial heart and we are moving the
heart<00:19:41.240><c> inside</c><00:19:42.020><c> so</c><00:19:42.500><c> we</c><00:19:43.490><c> hope</c><00:19:43.760><c> that</c><00:19:44.000><c> this</c><00:19:44.420><c> is</c>

00:19:44.620 --> 00:19:44.630 align:start position:0%
heart inside so we hope that this is
 

00:19:44.630 --> 00:19:46.540 align:start position:0%
heart inside so we hope that this is
more<00:19:45.080><c> convenient</c><00:19:45.620><c> and</c><00:19:45.980><c> more</c><00:19:46.160><c> decentralized</c>

00:19:46.540 --> 00:19:46.550 align:start position:0%
more convenient and more decentralized
 

00:19:46.550 --> 00:19:49.870 align:start position:0%
more convenient and more decentralized
solution<00:19:47.330><c> and</c><00:19:47.890><c> that</c><00:19:48.890><c> we</c><00:19:49.010><c> are</c><00:19:49.100><c> working</c><00:19:49.280><c> on</c><00:19:49.580><c> and</c>

00:19:49.870 --> 00:19:49.880 align:start position:0%
solution and that we are working on and
 

00:19:49.880 --> 00:19:52.870 align:start position:0%
solution and that we are working on and
of<00:19:50.270><c> course</c><00:19:50.300><c> this</c><00:19:50.780><c> takes</c><00:19:51.560><c> a</c><00:19:51.920><c> big</c><00:19:52.280><c> community</c>

00:19:52.870 --> 00:19:52.880 align:start position:0%
of course this takes a big community
 

00:19:52.880 --> 00:19:56.380 align:start position:0%
of course this takes a big community
community<00:19:53.870><c> building</c><00:19:54.200><c> is</c><00:19:55.150><c> important</c><00:19:56.150><c> we</c><00:19:56.270><c> have</c>

00:19:56.380 --> 00:19:56.390 align:start position:0%
community building is important we have
 

00:19:56.390 --> 00:20:00.190 align:start position:0%
community building is important we have
lots<00:19:56.810><c> of</c><00:19:56.930><c> challenges</c><00:19:57.170><c> and</c><00:19:57.730><c> so</c><00:19:58.730><c> we</c><00:19:59.660><c> hope</c><00:20:00.140><c> that</c>

00:20:00.190 --> 00:20:00.200 align:start position:0%
lots of challenges and so we hope that
 

00:20:00.200 --> 00:20:03.280 align:start position:0%
lots of challenges and so we hope that
we<00:20:00.470><c> will</c><00:20:01.010><c> see</c><00:20:01.340><c> adoption</c><00:20:02.210><c> of</c><00:20:02.390><c> our</c><00:20:02.630><c> network</c><00:20:03.080><c> we</c>

00:20:03.280 --> 00:20:03.290 align:start position:0%
we will see adoption of our network we
 

00:20:03.290 --> 00:20:05.650 align:start position:0%
we will see adoption of our network we
have<00:20:03.320><c> this</c><00:20:03.830><c> is</c><00:20:03.950><c> our</c><00:20:04.070><c> core</c><00:20:04.430><c> business</c><00:20:04.820><c> to</c><00:20:05.120><c> talk</c>

00:20:05.650 --> 00:20:05.660 align:start position:0%
have this is our core business to talk
 

00:20:05.660 --> 00:20:08.440 align:start position:0%
have this is our core business to talk
to<00:20:05.840><c> people</c><00:20:06.020><c> to</c><00:20:06.320><c> in</c><00:20:07.130><c> to</c><00:20:07.610><c> invite</c><00:20:07.850><c> people</c><00:20:08.120><c> to</c>

00:20:08.440 --> 00:20:08.450 align:start position:0%
to people to in to invite people to
 

00:20:08.450 --> 00:20:11.140 align:start position:0%
to people to in to invite people to
participate<00:20:09.140><c> in</c><00:20:09.740><c> this</c><00:20:09.890><c> network</c><00:20:10.100><c> and</c><00:20:10.520><c> this</c><00:20:11.030><c> is</c>

00:20:11.140 --> 00:20:11.150 align:start position:0%
participate in this network and this is
 

00:20:11.150 --> 00:20:13.930 align:start position:0%
participate in this network and this is
an<00:20:11.270><c> emergent</c><00:20:11.720><c> process</c><00:20:11.900><c> we</c><00:20:12.230><c> can't</c><00:20:12.940><c> became</c>

00:20:13.930 --> 00:20:13.940 align:start position:0%
an emergent process we can't became
 

00:20:13.940 --> 00:20:16.240 align:start position:0%
an emergent process we can't became
control<00:20:14.360><c> this</c><00:20:14.540><c> completely</c><00:20:14.960><c> so</c><00:20:15.530><c> we</c><00:20:15.560><c> don't</c><00:20:15.980><c> want</c>

00:20:16.240 --> 00:20:16.250 align:start position:0%
control this completely so we don't want
 

00:20:16.250 --> 00:20:18.220 align:start position:0%
control this completely so we don't want
to<00:20:16.340><c> control</c><00:20:16.700><c> it</c><00:20:16.880><c> you</c><00:20:17.060><c> want</c><00:20:17.540><c> that</c><00:20:17.780><c> this</c><00:20:17.960><c> is</c><00:20:18.110><c> an</c>

00:20:18.220 --> 00:20:18.230 align:start position:0%
to control it you want that this is an
 

00:20:18.230 --> 00:20:20.800 align:start position:0%
to control it you want that this is an
emergent<00:20:18.650><c> process</c><00:20:18.860><c> and</c><00:20:19.340><c> this</c><00:20:19.880><c> is</c><00:20:19.940><c> a</c><00:20:20.090><c> work</c><00:20:20.630><c> of</c>

00:20:20.800 --> 00:20:20.810 align:start position:0%
emergent process and this is a work of
 

00:20:20.810 --> 00:20:24.430 align:start position:0%
emergent process and this is a work of
many<00:20:21.020><c> and</c><00:20:22.000><c> so</c><00:20:23.000><c> I</c><00:20:23.330><c> want</c><00:20:23.630><c> to</c><00:20:23.690><c> close</c><00:20:23.990><c> with</c><00:20:24.020><c> this</c>

00:20:24.430 --> 00:20:24.440 align:start position:0%
many and so I want to close with this
 

00:20:24.440 --> 00:20:26.320 align:start position:0%
many and so I want to close with this
picture<00:20:24.920><c> many</c><00:20:25.250><c> people</c><00:20:25.610><c> building</c><00:20:26.030><c> on</c><00:20:26.150><c> one</c>

00:20:26.320 --> 00:20:26.330 align:start position:0%
picture many people building on one
 

00:20:26.330 --> 00:20:28.870 align:start position:0%
picture many people building on one
house<00:20:26.570><c> it's</c><00:20:27.410><c> a</c><00:20:27.560><c> complicated</c><00:20:27.980><c> process</c><00:20:28.310><c> it's</c>

00:20:28.870 --> 00:20:28.880 align:start position:0%
house it's a complicated process it's
 

00:20:28.880 --> 00:20:31.900 align:start position:0%
house it's a complicated process it's
not<00:20:28.940><c> easy</c><00:20:29.240><c> but</c><00:20:29.780><c> as</c><00:20:30.590><c> you</c><00:20:30.770><c> know</c><00:20:30.920><c> it</c><00:20:31.520><c> can</c><00:20:31.730><c> happen</c>

00:20:31.900 --> 00:20:31.910 align:start position:0%
not easy but as you know it can happen
 

00:20:31.910 --> 00:20:33.730 align:start position:0%
not easy but as you know it can happen
and<00:20:32.360><c> we</c><00:20:32.690><c> are</c><00:20:32.780><c> happy</c><00:20:32.870><c> to</c><00:20:33.080><c> be</c><00:20:33.200><c> part</c><00:20:33.230><c> of</c><00:20:33.560><c> this</c>

00:20:33.730 --> 00:20:33.740 align:start position:0%
and we are happy to be part of this
 

00:20:33.740 --> 00:20:35.440 align:start position:0%
and we are happy to be part of this
thank<00:20:34.280><c> you</c><00:20:34.400><c> very</c><00:20:34.670><c> much</c><00:20:34.910><c> for</c><00:20:35.090><c> your</c><00:20:35.150><c> attention</c>

00:20:35.440 --> 00:20:35.450 align:start position:0%
thank you very much for your attention
 

00:20:35.450 --> 00:20:36.330 align:start position:0%
thank you very much for your attention
end

00:20:36.330 --> 00:20:36.340 align:start position:0%
end
 

00:20:36.340 --> 00:20:45.380 align:start position:0%
end
[Applause]

00:20:45.380 --> 00:20:45.390 align:start position:0%
 
 

00:20:45.390 --> 00:20:52.969 align:start position:0%
 
[Music]