WEBVTT Kind: captions Language: en 00:00:09.190 --> 00:00:15.870 align:start position:0% [Music] 00:00:15.870 --> 00:00:15.880 align:start position:0% [Music] 00:00:15.880 --> 00:00:20.410 align:start position:0% [Music] okay<00:00:17.860> I'd<00:00:18.860> like<00:00:19.430> to<00:00:19.610> present<00:00:20.000> to<00:00:20.240> you<00:00:20.390> a 00:00:20.410 --> 00:00:20.420 align:start position:0% okay I'd like to present to you a 00:00:20.420 --> 00:00:22.270 align:start position:0% okay I'd like to present to you a proposal<00:00:20.810> for<00:00:21.500> a<00:00:21.560> smart<00:00:22.130> contract 00:00:22.270 --> 00:00:22.280 align:start position:0% proposal for a smart contract 00:00:22.280 --> 00:00:24.940 align:start position:0% proposal for a smart contract programming<00:00:22.910> language<00:00:23.210> which<00:00:23.600> is<00:00:23.950> radically 00:00:24.940 --> 00:00:24.950 align:start position:0% programming language which is radically 00:00:24.950 --> 00:00:26.410 align:start position:0% programming language which is radically different<00:00:24.980> from<00:00:25.280> everything<00:00:25.790> we've<00:00:26.000> seen<00:00:26.030> so 00:00:26.410 --> 00:00:26.420 align:start position:0% different from everything we've seen so 00:00:26.420 --> 00:00:30.940 align:start position:0% different from everything we've seen so far<00:00:26.860> the<00:00:27.860> main<00:00:28.520> drawback<00:00:29.120> is<00:00:29.450> that<00:00:29.480> it's<00:00:30.020> still 00:00:30.940 --> 00:00:30.950 align:start position:0% far the main drawback is that it's still 00:00:30.950 --> 00:00:38.500 align:start position:0% far the main drawback is that it's still just<00:00:31.220> a<00:00:31.400> proposal<00:00:34.270> and<00:00:35.270> the<00:00:35.680> the<00:00:36.680> main<00:00:37.510> yeah 00:00:38.500 --> 00:00:38.510 align:start position:0% just a proposal and the the main yeah 00:00:38.510 --> 00:00:41.860 align:start position:0% just a proposal and the the main yeah the<00:00:38.900> main<00:00:39.050> goal<00:00:39.350> here<00:00:39.890> is<00:00:40.160> not<00:00:41.090> necessarily<00:00:41.510> to 00:00:41.860 --> 00:00:41.870 align:start position:0% the main goal here is not necessarily to 00:00:41.870 --> 00:00:43.510 align:start position:0% the main goal here is not necessarily to create<00:00:41.900> a<00:00:42.290> programming<00:00:42.739> language<00:00:42.770> which 00:00:43.510 --> 00:00:43.520 align:start position:0% create a programming language which 00:00:43.520 --> 00:00:45.520 align:start position:0% create a programming language which makes<00:00:43.760> it<00:00:43.880> easy<00:00:44.120> to<00:00:44.239> write<00:00:44.540> smart<00:00:44.930> contracts 00:00:45.520 --> 00:00:45.530 align:start position:0% makes it easy to write smart contracts 00:00:45.530 --> 00:00:48.700 align:start position:0% makes it easy to write smart contracts but<00:00:46.100> more<00:00:46.460> a<00:00:46.850> programming<00:00:47.630> language<00:00:47.710> which 00:00:48.700 --> 00:00:48.710 align:start position:0% but more a programming language which 00:00:48.710 --> 00:00:50.530 align:start position:0% but more a programming language which makes<00:00:48.950> it<00:00:49.130> possible<00:00:49.489> to<00:00:49.970> write<00:00:50.149> smart 00:00:50.530 --> 00:00:50.540 align:start position:0% makes it possible to write smart 00:00:50.540 --> 00:00:53.400 align:start position:0% makes it possible to write smart contracts<00:00:51.140> which<00:00:51.320> are<00:00:51.560> easy<00:00:52.280> to<00:00:52.640> understand 00:00:53.400 --> 00:00:53.410 align:start position:0% contracts which are easy to understand 00:00:53.410 --> 00:00:56.889 align:start position:0% contracts which are easy to understand ok<00:00:54.410> so<00:00:55.309> let's<00:00:55.550> take<00:00:55.670> a<00:00:55.730> look<00:00:55.880> at<00:00:56.000> how<00:00:56.329> smart 00:00:56.889 --> 00:00:56.899 align:start position:0% ok so let's take a look at how smart 00:00:56.899 --> 00:00:59.350 align:start position:0% ok so let's take a look at how smart contracts<00:00:57.410> are<00:00:57.590> written<00:00:57.920> nowadays<00:00:58.760> in<00:00:59.120> a 00:00:59.350 --> 00:00:59.360 align:start position:0% contracts are written nowadays in a 00:00:59.360 --> 00:01:03.670 align:start position:0% contracts are written nowadays in a language<00:00:59.809> console<00:01:00.320> Aditi<00:01:01.989> yeah<00:01:02.989> we<00:01:03.140> have<00:01:03.260> a<00:01:03.290> as 00:01:03.670 --> 00:01:03.680 align:start position:0% language console Aditi yeah we have a as 00:01:03.680 --> 00:01:05.980 align:start position:0% language console Aditi yeah we have a as an<00:01:03.860> example<00:01:04.129> here<00:01:04.399> a<00:01:04.640> smart<00:01:05.540> contract<00:01:05.900> that 00:01:05.980 --> 00:01:05.990 align:start position:0% an example here a smart contract that 00:01:05.990 --> 00:01:08.020 align:start position:0% an example here a smart contract that has<00:01:06.200> some<00:01:06.380> kind<00:01:06.500> of<00:01:06.590> crowdfunding<00:01:07.280> it's 00:01:08.020 --> 00:01:08.030 align:start position:0% has some kind of crowdfunding it's 00:01:08.030 --> 00:01:10.480 align:start position:0% has some kind of crowdfunding it's simplified<00:01:08.990> so<00:01:09.530> some<00:01:09.920> some<00:01:10.070> aspects<00:01:10.430> are 00:01:10.480 --> 00:01:10.490 align:start position:0% simplified so some some aspects are 00:01:10.490 --> 00:01:14.350 align:start position:0% simplified so some some aspects are missing<00:01:10.760> and<00:01:11.470> so<00:01:12.470> it<00:01:12.650> starts<00:01:12.979> with<00:01:13.040> a<00:01:13.400> mapping 00:01:14.350 --> 00:01:14.360 align:start position:0% missing and so it starts with a mapping 00:01:14.360 --> 00:01:17.590 align:start position:0% missing and so it starts with a mapping that<00:01:15.100> stores<00:01:16.100> the<00:01:16.280> the<00:01:16.909> balances<00:01:17.450> of<00:01:17.479> the 00:01:17.590 --> 00:01:17.600 align:start position:0% that stores the the balances of the 00:01:17.600 --> 00:01:19.359 align:start position:0% that stores the the balances of the participants<00:01:18.170> so<00:01:18.380> participants<00:01:18.710> can<00:01:19.130> send 00:01:19.359 --> 00:01:19.369 align:start position:0% participants so participants can send 00:01:19.369 --> 00:01:21.820 align:start position:0% participants so participants can send ether<00:01:20.090> into<00:01:20.420> this<00:01:20.840> smart<00:01:21.140> contract<00:01:21.560> and<00:01:21.740> it 00:01:21.820 --> 00:01:21.830 align:start position:0% ether into this smart contract and it 00:01:21.830 --> 00:01:24.039 align:start position:0% ether into this smart contract and it just<00:01:22.010> registers<00:01:22.430> who<00:01:22.940> contributed<00:01:23.570> it<00:01:23.720> how 00:01:24.039 --> 00:01:24.049 align:start position:0% just registers who contributed it how 00:01:24.049 --> 00:01:27.010 align:start position:0% just registers who contributed it how much<00:01:24.260> and<00:01:24.560> then<00:01:25.430> there<00:01:25.610> is<00:01:25.700> a<00:01:25.729> a<00:01:26.330> boolean<00:01:26.840> flag 00:01:27.010 --> 00:01:27.020 align:start position:0% much and then there is a a boolean flag 00:01:27.020 --> 00:01:30.100 align:start position:0% much and then there is a a boolean flag called<00:01:27.409> locked<00:01:28.270> which<00:01:29.270> can<00:01:29.510> be<00:01:29.630> set<00:01:29.930> to<00:01:29.960> true 00:01:30.100 --> 00:01:30.110 align:start position:0% called locked which can be set to true 00:01:30.110 --> 00:01:33.250 align:start position:0% called locked which can be set to true when<00:01:30.979> the<00:01:31.549> function<00:01:32.060> lock<00:01:32.299> is<00:01:32.479> called<00:01:32.750> so<00:01:32.930> this 00:01:33.250 --> 00:01:33.260 align:start position:0% when the function lock is called so this 00:01:33.260 --> 00:01:35.410 align:start position:0% when the function lock is called so this function<00:01:33.650> lock<00:01:33.799> usually<00:01:34.430> probably<00:01:35.090> needs 00:01:35.410 --> 00:01:35.420 align:start position:0% function lock usually probably needs 00:01:35.420 --> 00:01:38.500 align:start position:0% function lock usually probably needs some<00:01:35.510> more<00:01:35.830> checking<00:01:36.830> so<00:01:37.369> that<00:01:37.520> not<00:01:37.970> everyone 00:01:38.500 --> 00:01:38.510 align:start position:0% some more checking so that not everyone 00:01:38.510 --> 00:01:40.630 align:start position:0% some more checking so that not everyone can<00:01:38.869> call<00:01:39.110> it<00:01:39.290> but<00:01:39.500> yeah<00:01:40.040> there<00:01:40.220> is<00:01:40.340> a<00:01:40.369> way<00:01:40.580> so 00:01:40.630 --> 00:01:40.640 align:start position:0% can call it but yeah there is a way so 00:01:40.640 --> 00:01:43.270 align:start position:0% can call it but yeah there is a way so that<00:01:41.060> the<00:01:41.780> flag<00:01:41.990> is<00:01:42.020> initially<00:01:42.590> set<00:01:42.830> to<00:01:42.860> to 00:01:43.270 --> 00:01:43.280 align:start position:0% that the flag is initially set to to 00:01:43.280 --> 00:01:45.219 align:start position:0% that the flag is initially set to to false<00:01:43.549> and<00:01:43.939> there<00:01:44.150> is<00:01:44.240> a<00:01:44.270> way<00:01:44.479> to<00:01:44.540> set<00:01:45.020> it<00:01:45.049> to 00:01:45.219 --> 00:01:45.229 align:start position:0% false and there is a way to set it to 00:01:45.229 --> 00:01:47.230 align:start position:0% false and there is a way to set it to true<00:01:45.470> at<00:01:45.650> some<00:01:45.680> point<00:01:46.130> in<00:01:46.400> the<00:01:46.850> lifetime<00:01:47.210> of 00:01:47.230 --> 00:01:47.240 align:start position:0% true at some point in the lifetime of 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this function called funder<00:01:55.850> and<00:01:56.770> your<00:01:57.770> contribution<00:01:58.280> will<00:01:58.400> be 00:01:58.420 --> 00:01:58.430 align:start position:0% funder and your contribution will be 00:01:58.430 --> 00:02:01.929 align:start position:0% funder and your contribution will be registered<00:01:59.240> and<00:01:59.770> still<00:02:00.770> well<00:02:01.070> this<00:02:01.280> contract 00:02:01.929 --> 00:02:01.939 align:start position:0% registered and still well this contract 00:02:01.939 --> 00:02:05.230 align:start position:0% registered and still well this contract is<00:02:02.150> unlocked<00:02:03.189> you<00:02:04.189> can<00:02:04.369> also<00:02:04.490> call<00:02:04.790> withdraw 00:02:05.230 --> 00:02:05.240 align:start position:0% is unlocked you can also call withdraw 00:02:05.240 --> 00:02:06.880 align:start position:0% is unlocked you can also call withdraw if<00:02:05.509> you<00:02:05.689> change<00:02:06.020> your<00:02:06.200> mind<00:02:06.409> and<00:02:06.560> said<00:02:06.680> I<00:02:06.770> I 00:02:06.880 --> 00:02:06.890 align:start position:0% if you change your mind and said I I 00:02:06.890 --> 00:02:08.529 align:start position:0% if you change your mind and said I I don't<00:02:07.159> want<00:02:07.430> to<00:02:07.520> contribute<00:02:07.729> money<00:02:08.030> there<00:02:08.239> and 00:02:08.529 --> 00:02:08.539 align:start position:0% don't want to contribute money there and 00:02:08.539 --> 00:02:14.020 align:start position:0% don't want to contribute money there and if<00:02:09.349> we<00:02:09.470> just<00:02:12.220> send<00:02:13.220> you<00:02:13.370> back<00:02:13.520> everything<00:02:13.849> you 00:02:14.020 --> 00:02:14.030 align:start position:0% if we just send you back everything you 00:02:14.030 --> 00:02:14.710 align:start position:0% if we just send you back everything you contribute<00:02:14.390> it 00:02:14.710 --> 00:02:14.720 align:start position:0% contribute it 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little complicated but<00:02:24.500> yeah<00:02:25.010> I<00:02:25.040> mean<00:02:25.160> we<00:02:25.430> we<00:02:25.760> saw<00:02:25.940> that 00:02:26.080 --> 00:02:26.090 align:start position:0% but yeah I mean we we saw that 00:02:26.090 --> 00:02:27.520 align:start position:0% but yeah I mean we we saw that everything<00:02:26.450> works<00:02:26.630> I<00:02:26.900> can<00:02:26.930> send<00:02:27.230> my<00:02:27.290> money 00:02:27.520 --> 00:02:27.530 align:start position:0% everything works I can send my money 00:02:27.530 --> 00:02:32.200 align:start position:0% everything works I can send my money there<00:02:27.770> and<00:02:28.040> I<00:02:28.850> can<00:02:28.970> also<00:02:29.090> withdraw<00:02:31.030> for<00:02:32.030> some 00:02:32.200 --> 00:02:32.210 align:start position:0% there and I can also withdraw for some 00:02:32.210 --> 00:02:34.480 align:start position:0% there and I can also withdraw for some time<00:02:32.450> until<00:02:32.720> the<00:02:33.350> point<00:02:33.590> where<00:02:33.830> someone<00:02:34.100> locks 00:02:34.480 --> 00:02:34.490 align:start position:0% time until the point where someone locks 00:02:34.490 --> 00:02:36.250 align:start position:0% time until the point where someone locks the<00:02:34.820> smart<00:02:35.060> contract<00:02:35.240> and<00:02:35.630> then<00:02:35.780> the<00:02:35.960> money<00:02:36.110> is 00:02:36.250 --> 00:02:36.260 align:start position:0% the smart contract and then the money is 00:02:36.260 --> 00:02:39.070 align:start position:0% the smart contract and then the money is there<00:02:36.520> but<00:02:37.520> it<00:02:37.670> turns<00:02:37.910> out<00:02:38.060> if<00:02:38.330> you<00:02:38.600> take<00:02:39.050> a 00:02:39.070 --> 00:02:39.080 align:start position:0% there but it turns out if you take a 00:02:39.080 --> 00:02:41.890 align:start position:0% there but it turns out if you take a deeper<00:02:39.770> look<00:02:39.800> at<00:02:40.220> the<00:02:41.090> stuff<00:02:41.510> that<00:02:41.540> does 00:02:41.890 --> 00:02:41.900 align:start position:0% deeper look at the stuff that does 00:02:41.900 --> 00:02:44.260 align:start position:0% deeper look at the stuff that does something<00:02:42.410> complicated<00:02:42.830> there<00:02:43.310> there<00:02:44.120> is<00:02:44.240> a 00:02:44.260 --> 00:02:44.270 align:start position:0% something complicated there there is a 00:02:44.270 --> 00:02:47.080 align:start position:0% something complicated there there is a tiny<00:02:44.630> line<00:02:44.990> of<00:02:45.230> code<00:02:45.470> that<00:02:45.860> says<00:02:46.130> a<00:02:46.460> lot<00:02:46.490> equals 00:02:47.080 --> 00:02:47.090 align:start position:0% tiny line of code that says a lot equals 00:02:47.090 --> 00:02:52.180 align:start position:0% tiny line of code that says a lot equals false<00:02:47.300> so<00:02:48.640> it<00:02:49.640> turns<00:02:49.940> out<00:02:50.650> there<00:02:51.650> actually<00:02:51.680> is 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position:0% could actually withdraw their money even 00:03:02.540 --> 00:03:03.580 align:start position:0% could actually withdraw their money even though<00:03:02.660> the<00:03:02.840> contract<00:03:03.080> has<00:03:03.260> been<00:03:03.440> locked 00:03:03.580 --> 00:03:03.590 align:start position:0% though the contract has been locked 00:03:03.590 --> 00:03:09.360 align:start position:0% though the contract has been locked before<00:03:04.720> okay<00:03:05.720> is<00:03:05.840> that<00:03:05.990> kind<00:03:06.410> of<00:03:06.470> clear<00:03:07.840> so<00:03:08.840> and 00:03:09.360 --> 00:03:09.370 align:start position:0% before okay is that kind of clear so and 00:03:09.370 --> 00:03:12.750 align:start position:0% before okay is that kind of clear so and the<00:03:10.370> the<00:03:10.580> problem<00:03:10.700> here<00:03:11.060> is<00:03:11.180> of<00:03:11.210> course<00:03:11.570> that 00:03:12.750 --> 00:03:12.760 align:start position:0% the the problem here is of course that 00:03:12.760 --> 00:03:14.950 align:start position:0% the the problem here is of course that anywhere<00:03:13.760> in<00:03:13.820> the<00:03:14.030> in<00:03:14.270> the<00:03:14.360> smart<00:03:14.570> contract 00:03:14.950 --> 00:03:14.960 align:start position:0% anywhere in the in the smart contract 00:03:14.960 --> 00:03:17.080 align:start position:0% anywhere in the in the smart contract you<00:03:15.020> can<00:03:15.170> hide<00:03:15.410> this<00:03:15.800> tiny<00:03:16.220> line<00:03:16.550> that<00:03:16.850> says 00:03:17.080 --> 00:03:17.090 align:start position:0% you can hide this tiny line that says 00:03:17.090 --> 00:03:18.400 align:start position:0% you can hide this tiny line that says locked<00:03:17.540> equals<00:03:17.960> false 00:03:18.400 --> 00:03:18.410 align:start position:0% locked equals false 00:03:18.410 --> 00:03:22.360 align:start position:0% locked equals false and<00:03:18.530> then<00:03:19.160> somehow<00:03:20.290> yeah<00:03:21.290> so<00:03:21.709> if<00:03:21.950> you<00:03:22.010> if<00:03:22.280> you 00:03:22.360 --> 00:03:22.370 align:start position:0% and then somehow yeah so if you if you 00:03:22.370 --> 00:03:24.190 align:start position:0% and then somehow yeah so if you if you want<00:03:22.520> to<00:03:22.610> find<00:03:22.820> out<00:03:23.030> whether<00:03:23.300> it<00:03:23.989> is<00:03:24.050> possible 00:03:24.190 --> 00:03:24.200 align:start position:0% want to find out whether it is possible 00:03:24.200 --> 00:03:27.310 align:start position:0% want to find out whether it is possible to<00:03:24.850> to<00:03:25.850> only<00:03:26.239> lock<00:03:26.450> the<00:03:26.630> smart<00:03:26.840> contract<00:03:26.989> once 00:03:27.310 --> 00:03:27.320 align:start position:0% to to only lock the smart contract once 00:03:27.320 --> 00:03:28.750 align:start position:0% to to only lock the smart contract once and<00:03:27.500> not<00:03:27.590> unlock<00:03:27.860> it<00:03:28.010> later<00:03:28.250> you<00:03:28.489> have<00:03:28.640> to 00:03:28.750 --> 00:03:28.760 align:start position:0% and not unlock it later you have to 00:03:28.760 --> 00:03:31.360 align:start position:0% and not unlock it later you have to analyze<00:03:28.970> the<00:03:29.209> full<00:03:29.420> thing<00:03:29.630> and<00:03:29.980> find<00:03:30.980> every 00:03:31.360 --> 00:03:31.370 align:start position:0% analyze the full thing and find every 00:03:31.370 --> 00:03:33.520 align:start position:0% analyze the full thing and find every occurrence<00:03:31.670> of<00:03:31.910> the<00:03:32.120> word<00:03:32.150> locked<00:03:32.780> inside<00:03:33.140> the 00:03:33.520 --> 00:03:33.530 align:start position:0% occurrence of the word locked inside the 00:03:33.530 --> 00:03:36.760 align:start position:0% occurrence of the word locked inside the smart<00:03:33.739> contract<00:03:33.950> and<00:03:34.570> I<00:03:35.570> would<00:03:36.290> I<00:03:36.500> would<00:03:36.650> say 00:03:36.760 --> 00:03:36.770 align:start position:0% smart contract and I would I would say 00:03:36.770 --> 00:03:39.330 align:start position:0% smart contract and I would I would say that<00:03:36.920> this<00:03:36.980> is<00:03:37.040> a<00:03:37.430> general<00:03:38.330> problem<00:03:38.600> of<00:03:38.989> any 00:03:39.330 --> 00:03:39.340 align:start position:0% that this is a general problem of any 00:03:39.340 --> 00:03:41.380 align:start position:0% that this is a general problem of any text<00:03:40.340> based<00:03:40.520> programming<00:03:41.090> language<00:03:41.360> that 00:03:41.380 --> 00:03:41.390 align:start position:0% text based programming language that 00:03:41.390 --> 00:03:44.110 align:start position:0% text based programming language that variables<00:03:42.200> can<00:03:42.380> be<00:03:42.500> referenced<00:03:42.970> just<00:03:43.970> by 00:03:44.110 --> 00:03:44.120 align:start position:0% variables can be referenced just by 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idea<00:03:51.739> is<00:03:52.250> there<00:03:52.700> in<00:03:52.910> all<00:03:53.300> text<00:03:53.600> based 00:03:53.740 --> 00:03:53.750 align:start position:0% idea is there in all text based 00:03:53.750 --> 00:03:55.960 align:start position:0% idea is there in all text based programming<00:03:54.170> languages<00:03:54.530> and<00:03:54.680> the<00:03:55.400> problem 00:03:55.960 --> 00:03:55.970 align:start position:0% programming languages and the problem 00:03:55.970 --> 00:03:56.949 align:start position:0% programming languages and the problem why<00:03:56.060> this<00:03:56.120> is<00:03:56.390> weird 00:03:56.949 --> 00:03:56.959 align:start position:0% why this is weird 00:03:56.959 --> 00:04:01.180 align:start position:0% why this is weird is<00:03:57.430> people<00:03:59.080> when<00:04:00.080> people<00:04:00.110> deal<00:04:00.500> with<00:04:00.530> abstract 00:04:01.180 --> 00:04:01.190 align:start position:0% is people when people deal with abstract 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analogy<00:04:09.290> to<00:04:09.560> to<00:04:09.830> the<00:04:09.950> real 00:04:10.120 --> 00:04:10.130 align:start position:0% some kind of analogy to to the real 00:04:10.130 --> 00:04:12.910 align:start position:0% some kind of analogy to to the real world<00:04:10.400> and<00:04:10.610> I<00:04:11.450> would<00:04:12.170> say<00:04:12.320> this<00:04:12.470> this 00:04:12.910 --> 00:04:12.920 align:start position:0% world and I would say this this 00:04:12.920 --> 00:04:16.479 align:start position:0% world and I would say this this referencing<00:04:14.440> kind<00:04:15.440> of<00:04:15.530> breaks<00:04:15.860> the<00:04:16.010> another 00:04:16.479 --> 00:04:16.489 align:start position:0% referencing kind of breaks the another 00:04:16.489 --> 00:04:19.870 align:start position:0% referencing kind of breaks the another analogy<00:04:17.030> first<00:04:17.390> so<00:04:17.570> I<00:04:17.900> don't<00:04:18.290> know<00:04:18.880> imagine 00:04:19.870 --> 00:04:19.880 align:start position:0% analogy first so I don't know imagine 00:04:19.880 --> 00:04:22.140 align:start position:0% analogy first so I don't know imagine walking<00:04:20.630> the<00:04:20.930> streets<00:04:21.140> of<00:04:21.260> Cancun<00:04:21.620> and 00:04:22.140 --> 00:04:22.150 align:start position:0% walking the streets of Cancun and 00:04:22.150 --> 00:04:23.590 align:start position:0% walking the streets of Cancun and shouting 00:04:23.590 --> 00:04:23.600 align:start position:0% shouting 00:04:23.600 --> 00:04:25.770 align:start position:0% shouting Vitalik<00:04:24.289> watering<00:04:24.710> and 00:04:25.770 --> 00:04:25.780 align:start position:0% Vitalik watering and 00:04:25.780 --> 00:04:28.300 align:start position:0% Vitalik watering and with<00:04:26.780> helicopter<00:04:27.320> next<00:04:27.560> to<00:04:27.650> you<00:04:27.740> that<00:04:28.190> that's 00:04:28.300 --> 00:04:28.310 align:start position:0% with helicopter next to you that that's 00:04:28.310 --> 00:04:29.740 align:start position:0% with helicopter next to you that that's weird<00:04:28.550> right<00:04:28.639> that<00:04:28.970> doesn't<00:04:29.270> really<00:04:29.479> work<00:04:29.660> in 00:04:29.740 --> 00:04:29.750 align:start position:0% weird right that doesn't really work in 00:04:29.750 --> 00:04:30.850 align:start position:0% weird right that doesn't really work in the<00:04:29.840> real<00:04:29.960> world<00:04:29.990> why<00:04:30.289> should<00:04:30.500> it<00:04:30.530> work<00:04:30.620> in 00:04:30.850 --> 00:04:30.860 align:start position:0% the real world why should it work in 00:04:30.860 --> 00:04:34.870 align:start position:0% the real world why should it work in programming<00:04:31.250> languages<00:04:31.520> so<00:04:32.360> and<00:04:33.520> yeah<00:04:34.520> the 00:04:34.870 --> 00:04:34.880 align:start position:0% programming languages so and yeah the 00:04:34.880 --> 00:04:36.520 align:start position:0% programming languages so and yeah the problem<00:04:35.210> is<00:04:35.300> you<00:04:35.509> don't<00:04:35.570> see<00:04:35.900> there's<00:04:36.410> no 00:04:36.520 --> 00:04:36.530 align:start position:0% problem is you don't see there's no 00:04:36.530 --> 00:04:37.659 align:start position:0% problem is you don't see there's no visible<00:04:36.830> connection<00:04:37.220> between<00:04:37.370> the 00:04:37.659 --> 00:04:37.669 align:start position:0% visible connection between the 00:04:37.669 --> 00:04:39.520 align:start position:0% visible connection between the declaration<00:04:38.120> of<00:04:38.180> something<00:04:38.539> and<00:04:38.720> the 00:04:39.520 --> 00:04:39.530 align:start position:0% declaration of something and the 00:04:39.530 --> 00:04:44.170 align:start position:0% declaration of something and the referencing<00:04:40.490> something<00:04:42.280> there<00:04:43.280> are<00:04:43.490> tools 00:04:44.170 --> 00:04:44.180 align:start position:0% referencing something there are tools 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or<00:05:10.960> encapsulation 00:05:11.950 --> 00:05:11.960 align:start position:0% modularity of software or encapsulation 00:05:11.960 --> 00:05:15.029 align:start position:0% modularity of software or encapsulation which<00:05:12.139> kind<00:05:12.440> of<00:05:12.500> helps<00:05:13.460> limit<00:05:13.940> the 00:05:15.029 --> 00:05:15.039 align:start position:0% which kind of helps limit the 00:05:15.039 --> 00:05:16.779 align:start position:0% which kind of helps limit the consequences<00:05:16.039> of<00:05:16.070> their<00:05:16.310> problem<00:05:16.580> but<00:05:16.610> it 00:05:16.779 --> 00:05:16.789 align:start position:0% consequences of their problem but it 00:05:16.789 --> 00:05:22.230 align:start position:0% consequences of their problem but it doesn't<00:05:17.000> eliminate<00:05:17.090> the<00:05:17.360> problem<00:05:19.180> and<00:05:20.740> yeah 00:05:22.230 --> 00:05:22.240 align:start position:0% doesn't eliminate the problem and yeah 00:05:22.240 --> 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oh<00:05:31.479> yeah 00:05:32.469 --> 00:05:32.479 align:start position:0% languages is that they always oh yeah 00:05:32.479 --> 00:05:34.980 align:start position:0% languages is that they always oh yeah they<00:05:32.900> always<00:05:33.830> have<00:05:34.159> to<00:05:34.310> use<00:05:34.430> a<00:05:34.460> certain 00:05:34.980 --> 00:05:34.990 align:start position:0% they always have to use a certain 00:05:34.990 --> 00:05:37.390 align:start position:0% they always have to use a certain natural<00:05:35.990> language<00:05:36.440> and<00:05:36.650> I'm<00:05:36.919> not<00:05:37.130> talking 00:05:37.390 --> 00:05:37.400 align:start position:0% natural language and I'm not talking 00:05:37.400 --> 00:05:40.689 align:start position:0% natural language and I'm not talking about<00:05:37.539> syntactic<00:05:38.539> elements<00:05:39.110> here<00:05:39.949> like<00:05:40.159> for 00:05:40.689 --> 00:05:40.699 align:start position:0% about syntactic elements here like for 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identifiers<00:05:47.270> so<00:05:47.930> variables<00:05:48.710> and<00:05:49.039> functions 00:05:49.839 --> 00:05:49.849 align:start position:0% identifiers so variables and functions 00:05:49.849 --> 00:05:52.779 align:start position:0% identifiers so variables and functions always<00:05:50.270> have<00:05:50.479> to<00:05:50.599> have<00:05:50.720> a<00:05:50.750> name<00:05:50.930> and<00:05:51.550> this<00:05:52.550> name 00:05:52.779 --> 00:05:52.789 align:start position:0% always have to have a name and this name 00:05:52.789 --> 00:05:56.499 align:start position:0% always have to have a name and this name is<00:05:53.780> always<00:05:54.259> a<00:05:54.889> word<00:05:55.460> in<00:05:55.789> a<00:05:55.970> certain<00:05:56.330> natural 00:05:56.499 --> 00:05:56.509 align:start position:0% is always a word in a certain natural 00:05:56.509 --> 00:06:00.279 align:start position:0% is always a word in a certain natural language<00:05:57.169> and<00:05:57.380> if<00:05:58.310> you're<00:05:58.580> not<00:05:59.030> to<00:05:59.300> provision 00:06:00.279 --> 00:06:00.289 align:start position:0% language and if you're not to provision 00:06:00.289 --> 00:06:01.719 align:start position:0% language and if you're not to provision in<00:06:00.380> that<00:06:00.500> language<00:06:00.680> it's<00:06:01.130> hard<00:06:01.430> for<00:06:01.610> you<00:06:01.699> to 00:06:01.719 --> 00:06:01.729 align:start position:0% in that language it's hard for you to 00:06:01.729 --> 00:06:08.350 align:start position:0% in that language it's hard for you to understand<00:06:02.300> the<00:06:02.449> software<00:06:02.630> and<00:06:04.690> the<00:06:07.360> humans 00:06:08.350 --> 00:06:08.360 align:start position:0% understand the software and the humans 00:06:08.360 --> 00:06:11.980 align:start position:0% understand the software and the humans all<00:06:08.659> speak<00:06:09.199> different<00:06:09.560> languages<00:06:10.460> and<00:06:10.990> the 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--> 00:06:21.169 align:start position:0% kind of makes it hard for people who are 00:06:21.169 --> 00:06:25.330 align:start position:0% kind of makes it hard for people who are not<00:06:21.560> that<00:06:21.590> good<00:06:21.979> in<00:06:22.639> English<00:06:23.000> and<00:06:24.039> so<00:06:25.039> imagine 00:06:25.330 --> 00:06:25.340 align:start position:0% not that good in English and so imagine 00:06:25.340 --> 00:06:26.860 align:start position:0% not that good in English and so imagine you're<00:06:25.729> you're<00:06:26.030> such<00:06:26.210> a<00:06:26.240> person<00:06:26.599> you<00:06:26.690> don't 00:06:26.860 --> 00:06:26.870 align:start position:0% you're you're such a person you don't 00:06:26.870 --> 00:06:28.770 align:start position:0% you're you're such a person you don't just<00:06:27.110> speak<00:06:27.289> English<00:06:27.380> very<00:06:27.650> well<00:06:27.740> and<00:06:28.099> then 00:06:28.770 --> 00:06:28.780 align:start position:0% just speak English very well and then 00:06:28.780 --> 00:06:31.330 align:start position:0% just speak English very well and then software<00:06:29.780> or<00:06:30.020> a<00:06:30.050> smart<00:06:30.500> contract<00:06:30.650> will<00:06:31.070> look 00:06:31.330 --> 00:06:31.340 align:start position:0% software or a smart contract will look 00:06:31.340 --> 00:06:34.320 align:start position:0% software or a smart contract will look like<00:06:31.520> this<00:06:31.759> to<00:06:31.940> you 00:06:34.320 --> 00:06:34.330 align:start position:0% 00:06:34.330 --> 00:06:37.500 align:start position:0% this<00:06:35.330> is<00:06:35.479> an<00:06:35.599> actual<00:06:36.050> language<00:06:36.469> so 00:06:37.500 --> 00:06:37.510 align:start position:0% this is an actual language so 00:06:37.510 --> 00:06:40.440 align:start position:0% this is an actual language so bonus<00:06:38.350> points<00:06:38.680> for<00:06:38.890> anyone<00:06:39.220> who<00:06:39.340> can<00:06:39.550> find<00:06:39.880> out 00:06:40.440 --> 00:06:40.450 align:start position:0% bonus points for anyone who can find out 00:06:40.450 --> 00:06:43.710 align:start position:0% bonus points for anyone who can find out which<00:06:40.660> language<00:06:41.020> it<00:06:41.140> is<00:06:41.230> and<00:06:41.820> even<00:06:42.820> more<00:06:43.210> bonus 00:06:43.710 --> 00:06:43.720 align:start position:0% which language it is and even more bonus 00:06:43.720 --> 00:06:46.620 align:start position:0% which language it is and even more bonus points<00:06:43.750> for<00:06:44.170> someone<00:06:44.950> who<00:06:45.280> can<00:06:46.120> tell<00:06:46.330> me<00:06:46.360> what 00:06:46.620 --> 00:06:46.630 align:start position:0% points for someone who can tell me what 00:06:46.630 --> 00:06:51.950 align:start position:0% points for someone who can tell me what the<00:06:46.840> smart<00:06:47.020> contract<00:06:47.440> does<00:06:47.590> I<00:06:47.830> already<00:06:48.280> heard 00:06:51.950 --> 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align:start position:0% can't say what it does without actually seeing<00:07:02.470> some<00:07:02.800> functions<00:07:03.220> so<00:07:03.490> here's<00:07:04.300> some 00:07:04.500 --> 00:07:04.510 align:start position:0% seeing some functions so here's some 00:07:04.510 --> 00:07:13.230 align:start position:0% seeing some functions so here's some more<00:07:04.630> code<00:07:04.870> does<00:07:05.320> that<00:07:05.500> help<00:07:09.930> yeah<00:07:10.930> I<00:07:12.240> guess 00:07:13.230 --> 00:07:13.240 align:start position:0% more code does that help yeah I guess 00:07:13.240 --> 00:07:20.760 align:start position:0% more code does that help yeah I guess you<00:07:13.330> get<00:07:13.450> the<00:07:13.540> point<00:07:13.750> so<00:07:14.790> when<00:07:18.930> when<00:07:19.930> I<00:07:19.960> explain 00:07:20.760 --> 00:07:20.770 align:start position:0% you get the point so when when I explain 00:07:20.770 --> 00:07:23.730 align:start position:0% you get the point so when when I explain a<00:07:21.100> theorem<00:07:21.610> to<00:07:21.820> people<00:07:22.240> I<00:07:22.510> often<00:07:23.050> use<00:07:23.260> the 00:07:23.730 --> 00:07:23.740 align:start position:0% a theorem to people I often use the 00:07:23.740 --> 00:07:26.640 align:start position:0% a theorem to people I often use the analogy<00:07:24.070> of<00:07:24.220> a<00:07:25.410> yeah 00:07:26.640 --> 00:07:26.650 align:start position:0% analogy of a yeah 00:07:26.650 --> 00:07:28.800 align:start position:0% analogy of a yeah a<00:07:26.680> soda<00:07:27.310> vending<00:07:27.550> machine<00:07:28.090> for<00:07:28.300> example<00:07:28.690> so 00:07:28.800 --> 00:07:28.810 align:start position:0% a soda vending machine for example so 00:07:28.810 --> 00:07:31.350 align:start position:0% a soda vending machine for example so imagine<00:07:29.410> you<00:07:29.710> have<00:07:29.740> a<00:07:30.160> soda<00:07:30.730> vending<00:07:30.880> machine 00:07:31.350 --> 00:07:31.360 align:start position:0% imagine you have a soda vending machine 00:07:31.360 --> 00:07:34.740 align:start position:0% imagine you have a soda vending machine that<00:07:31.750> is<00:07:32.400> somewhere<00:07:33.400> in<00:07:33.670> the<00:07:33.850> public<00:07:34.210> anyone 00:07:34.740 --> 00:07:34.750 align:start position:0% that is somewhere in the public anyone 00:07:34.750 --> 00:07:37.500 align:start position:0% that is somewhere in the public anyone can<00:07:34.810> walk<00:07:35.260> up<00:07:35.410> to<00:07:35.440> it<00:07:35.590> and<00:07:35.980> buy<00:07:36.880> soda<00:07:37.150> from<00:07:37.390> it 00:07:37.500 --> 00:07:37.510 align:start position:0% can walk up to it and buy soda from it 00:07:37.510 --> 00:07:40.160 align:start position:0% can walk up to it and buy soda from it and<00:07:37.690> anyone<00:07:38.110> can<00:07:38.260> go<00:07:38.320> there<00:07:38.530> and<00:07:38.830> use<00:07:39.040> it<00:07:39.220> and 00:07:40.160 --> 00:07:40.170 align:start position:0% and anyone can go there and use it and 00:07:40.170 --> 00:07:42.720 align:start position:0% and anyone can go there and use it and even<00:07:41.170> more<00:07:41.290> so<00:07:41.620> this<00:07:41.860> soda<00:07:42.160> vending<00:07:42.310> machine 00:07:42.720 --> 00:07:42.730 align:start position:0% even more so this soda vending machine 00:07:42.730 --> 00:07:45.320 align:start position:0% even more so this soda vending machine is<00:07:43.030> made<00:07:43.510> out<00:07:43.630> of<00:07:43.840> glass<00:07:44.110> and<00:07:44.500> this<00:07:45.040> means 00:07:45.320 --> 00:07:45.330 align:start position:0% is made out of glass and this means 00:07:45.330 --> 00:07:49.230 align:start position:0% is made out of glass and this means everyone<00:07:46.650> which<00:07:47.650> is<00:07:47.910> common<00:07:48.910> for<00:07:49.030> soda 00:07:49.230 --> 00:07:49.240 align:start position:0% everyone which is common for soda 00:07:49.240 --> 00:07:50.940 align:start position:0% everyone which is common for soda machines<00:07:49.600> you<00:07:49.960> can<00:07:49.990> see<00:07:50.320> whether<00:07:50.560> there<00:07:50.800> are 00:07:50.940 --> 00:07:50.950 align:start position:0% machines you can see whether there are 00:07:50.950 --> 00:07:52.650 align:start position:0% machines you can see whether there are actually<00:07:51.370> still<00:07:51.670> drinks<00:07:51.970> inside<00:07:52.270> before 00:07:52.650 --> 00:07:52.660 align:start position:0% actually still drinks inside before 00:07:52.660 --> 00:07:54.990 align:start position:0% actually still drinks inside before interacting<00:07:53.560> with<00:07:53.680> it<00:07:53.800> but<00:07:54.310> even<00:07:54.430> more<00:07:54.730> you 00:07:54.990 --> 00:07:55.000 align:start position:0% interacting with it but even more you 00:07:55.000 --> 00:07:56.910 align:start position:0% interacting with it but even more you can<00:07:55.120> also<00:07:55.240> because<00:07:56.020> it's<00:07:56.170> fully<00:07:56.470> made<00:07:56.650> out<00:07:56.800> of 00:07:56.910 --> 00:07:56.920 align:start position:0% can also because it's fully made out of 00:07:56.920 --> 00:07:58.800 align:start position:0% can also because it's fully made out of glass<00:07:57.100> you<00:07:57.400> can<00:07:57.550> even<00:07:57.700> see<00:07:58.210> whether<00:07:58.480> there<00:07:58.690> is 00:07:58.800 --> 00:07:58.810 align:start position:0% glass you can even see whether there is 00:07:58.810 --> 00:08:01.980 align:start position:0% glass you can even see whether there is still<00:07:59.020> change<00:07:59.470> in<00:07:59.770> the<00:08:00.570> inside<00:08:01.570> the<00:08:01.690> machine 00:08:01.980 --> 00:08:01.990 align:start position:0% still change in the inside the machine 00:08:01.990 --> 00:08:04.890 align:start position:0% still change in the inside the machine so<00:08:02.350> you<00:08:02.920> see<00:08:03.670> whether<00:08:03.820> it<00:08:03.940> makes<00:08:04.090> sense<00:08:04.180> to<00:08:04.480> pay 00:08:04.890 --> 00:08:04.900 align:start position:0% so you see whether it makes sense to pay 00:08:04.900 --> 00:08:06.660 align:start position:0% so you see whether it makes sense to pay with<00:08:05.050> with<00:08:05.230> large<00:08:05.500> coins<00:08:05.800> or<00:08:06.010> small<00:08:06.220> coins<00:08:06.460> and 00:08:06.660 --> 00:08:06.670 align:start position:0% with with large coins or small coins and 00:08:06.670 --> 00:08:12.330 align:start position:0% with with large coins or small coins and so<00:08:06.760> on<00:08:06.880> and<00:08:07.710> you<00:08:08.710> can<00:08:08.980> even<00:08:09.250> try<00:08:09.730> to<00:08:11.100> find<00:08:12.100> out 00:08:12.330 --> 00:08:12.340 align:start position:0% so on and you can even try to find out 00:08:12.340 --> 00:08:15.300 align:start position:0% so on and you can even try to find out how<00:08:13.150> it<00:08:13.270> works<00:08:13.510> because<00:08:14.170> you<00:08:14.410> can<00:08:14.650> see<00:08:14.860> it<00:08:15.100> see 00:08:15.300 --> 00:08:15.310 align:start position:0% how it works because you can see it see 00:08:15.310 --> 00:08:18.810 align:start position:0% how it works because you can see it see every<00:08:15.580> part<00:08:16.090> that<00:08:16.270> moves<00:08:16.450> it's<00:08:17.490> it's<00:08:18.490> a<00:08:18.610> little 00:08:18.810 --> 00:08:18.820 align:start position:0% every part that moves it's it's a little 00:08:18.820 --> 00:08:21.780 align:start position:0% every part that moves it's it's a little difficult<00:08:18.970> probably<00:08:19.510> but<00:08:20.170> it's<00:08:20.700> possible<00:08:21.700> in 00:08:21.780 --> 00:08:21.790 align:start position:0% difficult probably but it's possible in 00:08:21.790 --> 00:08:27.000 align:start position:0% difficult probably but it's possible in principle<00:08:21.910> and<00:08:22.500> this<00:08:23.500> is<00:08:25.110> yeah<00:08:26.110> this<00:08:26.440> is 00:08:27.000 --> 00:08:27.010 align:start position:0% principle and this is yeah this is 00:08:27.010 --> 00:08:29.760 align:start position:0% principle and this is yeah this is unprecedented<00:08:27.400> in<00:08:27.850> software<00:08:28.330> and<00:08:28.540> we<00:08:29.170> have<00:08:29.380> a 00:08:29.760 --> 00:08:29.770 align:start position:0% unprecedented in software and we have a 00:08:29.770 --> 00:08:33.630 align:start position:0% unprecedented in software and we have a kind<00:08:30.160> of<00:08:30.630> similar<00:08:31.710> thing<00:08:32.710> with<00:08:33.040> open<00:08:33.370> source 00:08:33.630 --> 00:08:33.640 align:start position:0% kind of similar thing with open source 00:08:33.640 --> 00:08:38.400 align:start position:0% kind of similar thing with open source because<00:08:34.180> you<00:08:34.330> can<00:08:34.540> actually<00:08:35.260> see<00:08:37.410> how 00:08:38.400 --> 00:08:38.410 align:start position:0% because you can actually see how 00:08:38.410 --> 00:08:39.930 align:start position:0% because you can actually see how software<00:08:38.800> is<00:08:38.919> written<00:08:39.340> but<00:08:39.550> that<00:08:39.700> doesn't 00:08:39.930 --> 00:08:39.940 align:start position:0% software is written but that doesn't 00:08:39.940 --> 00:08:42.000 align:start position:0% software is written but that doesn't help<00:08:40.120> you<00:08:40.270> if<00:08:40.440> some<00:08:41.440> software<00:08:41.710> runs<00:08:41.830> on<00:08:41.919> a 00:08:42.000 --> 00:08:42.010 align:start position:0% help you if some software runs on a 00:08:42.010 --> 00:08:43.170 align:start position:0% help you if some software runs on a server<00:08:42.160> and<00:08:42.490> you<00:08:42.580> actually<00:08:42.729> don't<00:08:43.030> know 00:08:43.170 --> 00:08:43.180 align:start position:0% server and you actually don't know 00:08:43.180 --> 00:08:45.900 align:start position:0% server and you actually don't know whether<00:08:43.870> that<00:08:44.350> server<00:08:45.100> was<00:08:45.250> compiled<00:08:45.760> from 00:08:45.900 --> 00:08:45.910 align:start position:0% whether that server was compiled from 00:08:45.910 --> 00:08:47.790 align:start position:0% whether that server was compiled from the<00:08:46.090> source<00:08:46.300> code<00:08:46.510> but<00:08:46.540> with<00:08:47.050> if<00:08:47.410> you<00:08:47.590> know<00:08:47.650> you 00:08:47.790 --> 00:08:47.800 align:start position:0% the source code but with if you know you 00:08:47.800 --> 00:08:49.070 align:start position:0% the source code but with if you know you may<00:08:47.920> actually<00:08:48.100> can<00:08:48.790> be 00:08:49.070 --> 00:08:49.080 align:start position:0% may actually can be 00:08:49.080 --> 00:08:51.920 align:start position:0% may actually can be about<00:08:49.320> that<00:08:49.470> I<00:08:49.740> think<00:08:50.700> I'm<00:08:50.910> running<00:08:51.060> a<00:08:51.270> little 00:08:51.920 --> 00:08:51.930 align:start position:0% about that I think I'm running a little 00:08:51.930 --> 00:08:54.920 align:start position:0% about that I think I'm running a little bit<00:08:52.110> late<00:08:52.290> so<00:08:52.350> let<00:08:53.070> me<00:08:53.160> try<00:08:53.250> to<00:08:53.400> speed<00:08:53.580> up<00:08:53.730> and<00:08:54.300> I 00:08:54.920 --> 00:08:54.930 align:start position:0% bit late so let me try to speed up and I 00:08:54.930 --> 00:08:56.780 align:start position:0% bit late so let me try to speed up and I would<00:08:55.140> like<00:08:55.320> to<00:08:55.350> use<00:08:55.650> this<00:08:55.860> machine<00:08:56.160> analogy 00:08:56.780 --> 00:08:56.790 align:start position:0% would like to use this machine analogy 00:08:56.790 --> 00:08:59.180 align:start position:0% would like to use this machine analogy and<00:08:57.690> extend<00:08:58.230> it<00:08:58.350> into<00:08:58.530> a<00:08:58.680> programming 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00:09:14.150 align:start position:0% have these dashed lines which are basically<00:09:12.420> the<00:09:12.690> the<00:09:13.050> the<00:09:13.530> casing<00:09:13.950> of<00:09:14.100> the 00:09:14.150 --> 00:09:14.160 align:start position:0% basically the the the casing of the 00:09:14.160 --> 00:09:16.220 align:start position:0% basically the the the casing of the machine<00:09:14.610> and<00:09:14.790> you<00:09:15.300> can<00:09:15.450> only<00:09:15.570> manipulate<00:09:15.750> it 00:09:16.220 --> 00:09:16.230 align:start position:0% machine and you can only manipulate it 00:09:16.230 --> 00:09:18.520 align:start position:0% machine and you can only manipulate it from<00:09:16.740> outside<00:09:17.340> of<00:09:17.580> these<00:09:17.700> dashed<00:09:17.970> lines<00:09:18.090> and 00:09:18.520 --> 00:09:18.530 align:start position:0% from outside of these dashed lines and 00:09:18.530 --> 00:09:21.590 align:start position:0% from outside of these dashed lines and what<00:09:19.530> you<00:09:19.590> can<00:09:19.740> do<00:09:19.830> is<00:09:19.950> you<00:09:20.520> can<00:09:20.700> send<00:09:21.000> ether 00:09:21.590 --> 00:09:21.600 align:start position:0% what you can do is you can send ether 00:09:21.600 --> 00:09:24.860 align:start position:0% what you can do is you can send ether inside<00:09:22.230> that<00:09:22.530> machine<00:09:23.120> we<00:09:24.120> all<00:09:24.240> know<00:09:24.390> it<00:09:24.570> know 00:09:24.860 --> 00:09:24.870 align:start position:0% inside that machine we all know it know 00:09:24.870 --> 00:09:26.570 align:start position:0% inside that machine we all know it know that<00:09:24.900> if<00:09:25.380> there<00:09:25.500> is<00:09:25.590> a<00:09:25.620> liquid<00:09:25.800> that<00:09:25.980> flows 00:09:26.570 --> 00:09:26.580 align:start position:0% that if there is a liquid that flows 00:09:26.580 --> 00:09:30.200 align:start position:0% that if there is a liquid that flows through<00:09:26.910> pipes<00:09:27.120> so<00:09:27.780> you<00:09:27.840> can<00:09:28.730> pour<00:09:29.730> ether 00:09:30.200 --> 00:09:30.210 align:start position:0% through pipes so you can pour ether 00:09:30.210 --> 00:09:31.910 align:start position:0% through pipes so you can pour ether inside<00:09:30.540> that<00:09:30.720> pipe<00:09:30.930> it<00:09:31.230> will<00:09:31.380> follow<00:09:31.740> the 00:09:31.910 --> 00:09:31.920 align:start position:0% inside that pipe it will follow the 00:09:31.920 --> 00:09:33.470 align:start position:0% inside that pipe it will follow the direction<00:09:32.040> of<00:09:32.370> the<00:09:32.550> arrow<00:09:32.700> or<00:09:32.970> it<00:09:33.270> will<00:09:33.390> also 00:09:33.470 --> 00:09:33.480 align:start position:0% direction of the arrow or it will also 00:09:33.480 --> 00:09:37.010 align:start position:0% direction of the arrow or it will also always<00:09:34.290> flow<00:09:34.860> downwards<00:09:35.310> and<00:09:35.460> then<00:09:36.090> it<00:09:36.480> enters 00:09:37.010 --> 00:09:37.020 align:start position:0% always flow downwards and then it enters 00:09:37.020 --> 00:09:40.160 align:start position:0% always flow downwards and then it enters this<00:09:37.170> gadget<00:09:37.500> here<00:09:37.800> which<00:09:38.130> is<00:09:38.370> a<00:09:39.170> so-called 00:09:40.160 --> 00:09:40.170 align:start position:0% this gadget here which is a so-called 00:09:40.170 --> 00:09:43.190 align:start position:0% this gadget here which is a so-called splitter<00:09:40.710> and<00:09:40.980> it<00:09:41.490> moves<00:09:41.820> half<00:09:42.570> of<00:09:42.690> the<00:09:42.840> ether 00:09:43.190 --> 00:09:43.200 align:start position:0% splitter and it moves half of the ether 00:09:43.200 --> 00:09:45.590 align:start position:0% splitter and it moves half of the ether that<00:09:43.280> enters<00:09:44.280> the<00:09:44.520> gadget<00:09:44.880> to<00:09:45.030> the<00:09:45.120> left<00:09:45.300> and 00:09:45.590 --> 00:09:45.600 align:start position:0% that enters the gadget to the left and 00:09:45.600 --> 00:09:46.970 align:start position:0% that enters the gadget to the left and the<00:09:45.720> other<00:09:45.840> half<00:09:46.050> to<00:09:46.380> the<00:09:46.470> right<00:09:46.620> because<00:09:46.890> the 00:09:46.970 --> 00:09:46.980 align:start position:0% the other half to the right because the 00:09:46.980 --> 00:09:49.730 align:start position:0% the other half to the right because the setting<00:09:47.250> is<00:09:47.340> 50/50<00:09:48.030> and<00:09:48.330> then<00:09:49.290> if<00:09:49.530> there 00:09:49.730 --> 00:09:49.740 align:start position:0% setting is 50/50 and then if there 00:09:49.740 --> 00:09:52.070 align:start position:0% setting is 50/50 and then if there continues<00:09:50.370> flowing<00:09:50.700> in<00:09:50.910> that<00:09:51.000> pipe<00:09:51.270> and<00:09:51.570> at 00:09:52.070 --> 00:09:52.080 align:start position:0% continues flowing in that pipe and at 00:09:52.080 --> 00:09:53.630 align:start position:0% continues flowing in that pipe and at the<00:09:52.200> end<00:09:52.350> it's<00:09:52.500> sent<00:09:52.710> to<00:09:52.800> that<00:09:52.980> the<00:09:53.250> the<00:09:53.430> the 00:09:53.630 --> 00:09:53.640 align:start position:0% the end it's sent to that the the the 00:09:53.640 --> 00:09:55.100 align:start position:0% the end it's sent to that the the the ether<00:09:53.820> that<00:09:53.850> comes<00:09:54.210> out<00:09:54.390> of<00:09:54.510> the<00:09:54.570> left<00:09:54.720> side<00:09:54.810> is 00:09:55.100 --> 00:09:55.110 align:start position:0% ether that comes out of the left side is 00:09:55.110 --> 00:09:56.390 align:start position:0% ether that comes out of the left side is sent<00:09:55.320> to<00:09:55.440> this<00:09:55.560> address<00:09:55.620> and<00:09:55.950> the<00:09:56.160> ether<00:09:56.370> that 00:09:56.390 --> 00:09:56.400 align:start position:0% sent to this address and the ether that 00:09:56.400 --> 00:09:57.680 align:start position:0% sent to this address and the ether that comes<00:09:56.700> out<00:09:56.820> of<00:09:56.940> the<00:09:57.030> right<00:09:57.180> side<00:09:57.210> is<00:09:57.480> set<00:09:57.600> to 00:09:57.680 --> 00:09:57.690 align:start position:0% comes out of the right side is set to 00:09:57.690 --> 00:10:01.480 align:start position:0% comes out of the right side is set to that<00:09:57.780> address<00:09:59.090> quite<00:10:00.090> simple<00:10:00.390> contracts 00:10:01.480 --> 00:10:01.490 align:start position:0% that address quite simple contracts 00:10:01.490 --> 00:10:04.280 align:start position:0% that address quite simple contracts concept<00:10:02.490> doesn't<00:10:03.240> do<00:10:03.300> much<00:10:03.420> unfortunately<00:10:03.720> so 00:10:04.280 --> 00:10:04.290 align:start position:0% concept doesn't do much unfortunately so 00:10:04.290 --> 00:10:06.380 align:start position:0% concept doesn't do much unfortunately so let's<00:10:04.860> take<00:10:05.160> a<00:10:05.190> look<00:10:05.340> at<00:10:05.460> a<00:10:05.490> more<00:10:05.820> complicated 00:10:06.380 --> 00:10:06.390 align:start position:0% let's take a look at a more complicated 00:10:06.390 --> 00:10:09.850 align:start position:0% let's take a look at a more complicated example<00:10:07.490> we<00:10:08.490> can<00:10:08.640> add<00:10:08.760> a<00:10:08.790> lever<00:10:09.210> to<00:10:09.360> this 00:10:09.850 --> 00:10:09.860 align:start position:0% example we can add a lever to this 00:10:09.860 --> 00:10:13.280 align:start position:0% example we can add a lever to this splitter<00:10:10.860> which<00:10:11.250> allows<00:10:11.760> that<00:10:12.480> account<00:10:12.990> here 00:10:13.280 --> 00:10:13.290 align:start position:0% splitter which allows that account here 00:10:13.290 --> 00:10:15.470 align:start position:0% splitter which allows that account here on<00:10:13.410> the<00:10:13.500> right<00:10:13.680> to<00:10:14.160> modify<00:10:14.640> the<00:10:15.030> splitting 00:10:15.470 --> 00:10:15.480 align:start position:0% on the right to modify the splitting 00:10:15.480 --> 00:10:19.760 align:start position:0% on the right to modify the splitting ratio<00:10:15.930> currently<00:10:16.650> it's<00:10:16.770> set<00:10:16.920> to<00:10:17.240> 25<00:10:18.240> 74<00:10:18.930> but<00:10:19.230> at 00:10:19.760 --> 00:10:19.770 align:start position:0% ratio currently it's set to 25 74 but at 00:10:19.770 --> 00:10:22.610 align:start position:0% ratio currently it's set to 25 74 but at any<00:10:19.950> point<00:10:20.010> in<00:10:20.370> time<00:10:20.400> this<00:10:21.330> person<00:10:21.750> behind<00:10:22.380> the 00:10:22.610 --> 00:10:22.620 align:start position:0% any point in time this person behind the 00:10:22.620 --> 00:10:24.440 align:start position:0% any point in time this person behind the account<00:10:22.920> on<00:10:23.130> the<00:10:23.220> right<00:10:23.370> side<00:10:23.610> can<00:10:23.970> modify 00:10:24.440 --> 00:10:24.450 align:start position:0% account on the right side can modify 00:10:24.450 --> 00:10:28.940 align:start position:0% account on the right side can modify this<00:10:24.630> ratio<00:10:26.960> okay<00:10:27.960> it's<00:10:28.350> still<00:10:28.530> not<00:10:28.710> very 00:10:28.940 --> 00:10:28.950 align:start position:0% this ratio okay it's still not very 00:10:28.950 --> 00:10:31.970 align:start position:0% this ratio okay it's still not very useful<00:10:29.160> let's<00:10:30.120> take<00:10:30.360> a<00:10:30.390> look<00:10:30.660> at<00:10:30.750> a<00:10:30.980> little 00:10:31.970 --> 00:10:31.980 align:start position:0% useful let's take a look at a little 00:10:31.980 --> 00:10:37.280 align:start position:0% useful let's take a look at a little more<00:10:32.270> complicated<00:10:33.270> example<00:10:36.200> people<00:10:37.200> have 00:10:37.280 --> 00:10:37.290 align:start position:0% more complicated example people have 00:10:37.290 --> 00:10:41.360 align:start position:0% more complicated example people have been<00:10:37.470> to<00:10:37.680> Def<00:10:38.190> Con<00:10:38.490> one<00:10:39.290> might<00:10:40.290> recognize<00:10:41.130> this 00:10:41.360 --> 00:10:41.370 align:start position:0% been to Def Con one might recognize this 00:10:41.370 --> 00:10:44.780 align:start position:0% been to Def Con one might recognize this again<00:10:42.110> so<00:10:43.110> I<00:10:43.410> did<00:10:43.620> a<00:10:43.800> live<00:10:44.070> coding<00:10:44.340> session 00:10:44.780 --> 00:10:44.790 align:start position:0% again so I did a live coding session 00:10:44.790 --> 00:10:47.000 align:start position:0% again so I did a live coding session there<00:10:45.180> back<00:10:45.660> then<00:10:45.840> and<00:10:46.110> I<00:10:46.560> wrote<00:10:46.830> a<00:10:46.860> small 00:10:47.000 --> 00:10:47.010 align:start position:0% there back then and I wrote a small 00:10:47.010 --> 00:10:48.470 align:start position:0% there back then and I wrote a small contract<00:10:47.460> which<00:10:47.580> does<00:10:47.820> exactly<00:10:48.090> the<00:10:48.330> same 00:10:48.470 --> 00:10:48.480 align:start position:0% contract which does exactly the same 00:10:48.480 --> 00:10:53.740 align:start position:0% contract which does exactly the same thing<00:10:48.660> as<00:10:48.810> this<00:10:49.080> Babbage<00:10:50.010> machine<00:10:50.340> here<00:10:51.680> okay 00:10:53.740 --> 00:10:53.750 align:start position:0% thing as this Babbage machine here okay 00:10:53.750 --> 00:10:56.480 align:start position:0% thing as this Babbage machine here okay there<00:10:54.750> are<00:10:54.870> two<00:10:55.050> sides<00:10:55.350> the<00:10:55.770> left<00:10:55.950> side<00:10:56.220> can 00:10:56.480 --> 00:10:56.490 align:start position:0% there are two sides the left side can 00:10:56.490 --> 00:10:58.880 align:start position:0% there are two sides the left side can only<00:10:56.640> be<00:10:56.880> used<00:10:57.630> by<00:10:57.960> this<00:10:58.020> account<00:10:58.680> and<00:10:58.800> the 00:10:58.880 --> 00:10:58.890 align:start position:0% only be used by this account and the 00:10:58.890 --> 00:11:00.620 align:start position:0% only be used by this account and the right<00:10:59.040> side<00:10:59.280> can<00:10:59.430> only<00:10:59.580> be<00:10:59.820> used<00:10:59.970> by<00:11:00.480> that 00:11:00.620 --> 00:11:00.630 align:start position:0% right side can only be used by that 00:11:00.630 --> 00:11:01.140 align:start position:0% right side can only be used by that account 00:11:01.140 --> 00:11:01.150 align:start position:0% account 00:11:01.150 --> 00:11:03.240 align:start position:0% account so<00:11:01.270> there's<00:11:01.480> a<00:11:01.540> I<00:11:02.290> call<00:11:02.710> it<00:11:02.830> seller<00:11:03.040> and<00:11:03.220> buyer 00:11:03.240 --> 00:11:03.250 align:start position:0% so there's a I call it seller and buyer 00:11:03.250 --> 00:11:05.970 align:start position:0% so there's a I call it seller and buyer I<00:11:03.790> know<00:11:04.510> I<00:11:04.630> used<00:11:04.990> the<00:11:05.230> English<00:11:05.320> language<00:11:05.740> again 00:11:05.970 --> 00:11:05.980 align:start position:0% I know I used the English language again 00:11:05.980 --> 00:11:09.450 align:start position:0% I know I used the English language again but<00:11:06.540> the<00:11:07.540> difference<00:11:08.050> here<00:11:08.290> is<00:11:08.320> that<00:11:08.440> the<00:11:09.250> fact 00:11:09.450 --> 00:11:09.460 align:start position:0% but the difference here is that the fact 00:11:09.460 --> 00:11:11.220 align:start position:0% but the difference here is that the fact that<00:11:09.550> this<00:11:09.790> address<00:11:10.390> is<00:11:10.510> called<00:11:10.720> seller<00:11:10.990> is 00:11:11.220 --> 00:11:11.230 align:start position:0% that this address is called seller is 00:11:11.230 --> 00:11:14.610 align:start position:0% that this address is called seller is not<00:11:11.470> a<00:11:11.820> inherent<00:11:12.820> part<00:11:13.780> of<00:11:13.960> the<00:11:14.050> language<00:11:14.200> it's 00:11:14.610 --> 00:11:14.620 align:start position:0% not a inherent part of the language it's 00:11:14.620 --> 00:11:16.440 align:start position:0% not a inherent part of the language it's just<00:11:14.860> a<00:11:15.070> it's<00:11:15.430> basically<00:11:15.670> just<00:11:15.760> a<00:11:15.940> comment<00:11:16.150> and 00:11:16.440 --> 00:11:16.450 align:start position:0% just a it's basically just a comment and 00:11:16.450 --> 00:11:17.790 align:start position:0% just a it's basically just a comment and you<00:11:16.600> could<00:11:16.930> have<00:11:17.110> comments<00:11:17.500> in<00:11:17.560> different 00:11:17.790 --> 00:11:17.800 align:start position:0% you could have comments in different 00:11:17.800 --> 00:11:22.710 align:start position:0% you could have comments in different languages<00:11:18.070> at<00:11:18.220> the<00:11:18.310> same<00:11:18.460> time<00:11:20.310> so<00:11:21.720> both 00:11:22.710 --> 00:11:22.720 align:start position:0% languages at the same time so both 00:11:22.720 --> 00:11:24.780 align:start position:0% languages at the same time so both seller<00:11:23.260> and<00:11:23.440> buyer<00:11:23.470> can<00:11:23.860> send<00:11:24.070> ether<00:11:24.400> into 00:11:24.780 --> 00:11:24.790 align:start position:0% seller and buyer can send ether into 00:11:24.790 --> 00:11:27.420 align:start position:0% seller and buyer can send ether into this<00:11:24.970> ether<00:11:25.540> tank<00:11:25.840> and<00:11:26.110> both<00:11:26.890> sides<00:11:27.190> of<00:11:27.310> the 00:11:27.420 --> 00:11:27.430 align:start position:0% this ether tank and both sides of the 00:11:27.430 --> 00:11:31.760 align:start position:0% this ether tank and both sides of the tank<00:11:27.670> can<00:11:27.940> hold<00:11:27.970> up<00:11:28.480> to<00:11:28.540> ten<00:11:28.930> ether<00:11:29.230> and<00:11:29.700> AD<00:11:30.700> and 00:11:31.760 --> 00:11:31.770 align:start position:0% tank can hold up to ten ether and AD and 00:11:31.770 --> 00:11:34.170 align:start position:0% tank can hold up to ten ether and AD and they<00:11:32.770> can<00:11:32.920> also<00:11:33.040> press<00:11:33.310> this<00:11:33.460> abort<00:11:33.850> button 00:11:34.170 --> 00:11:34.180 align:start position:0% they can also press this abort button 00:11:34.180 --> 00:11:37.320 align:start position:0% they can also press this abort button which<00:11:34.540> opens<00:11:35.080> the<00:11:35.230> valve<00:11:35.440> here<00:11:35.830> and<00:11:36.180> let's<00:11:37.180> see 00:11:37.320 --> 00:11:37.330 align:start position:0% which opens the valve here and let's see 00:11:37.330 --> 00:11:40.170 align:start position:0% which opens the valve here and let's see ether<00:11:37.600> flow<00:11:37.810> out<00:11:38.020> of<00:11:38.050> the<00:11:38.290> tank<00:11:38.530> and<00:11:39.090> send<00:11:40.090> it 00:11:40.170 --> 00:11:40.180 align:start position:0% ether flow out of the tank and send it 00:11:40.180 --> 00:11:42.420 align:start position:0% ether flow out of the tank and send it back<00:11:40.210> to<00:11:40.360> the<00:11:40.720> to<00:11:41.200> the<00:11:41.320> person<00:11:41.710> that<00:11:41.770> put<00:11:42.190> it<00:11:42.280> in 00:11:42.420 --> 00:11:42.430 align:start position:0% back to the to the person that put it in 00:11:42.430 --> 00:11:45.720 align:start position:0% back to the to the person that put it in and<00:11:42.870> the<00:11:43.870> interesting<00:11:44.230> thing<00:11:44.260> now<00:11:44.680> is<00:11:44.920> that<00:11:45.190> as 00:11:45.720 --> 00:11:45.730 align:start position:0% and the interesting thing now is that as 00:11:45.730 --> 00:11:49.080 align:start position:0% and the interesting thing now is that as soon<00:11:45.820> as<00:11:46.590> so<00:11:47.590> these<00:11:48.010> these<00:11:48.310> things<00:11:48.580> on<00:11:48.790> the<00:11:48.880> top 00:11:49.080 --> 00:11:49.090 align:start position:0% soon as so these these things on the top 00:11:49.090 --> 00:11:51.210 align:start position:0% soon as so these these things on the top here<00:11:49.360> are<00:11:49.510> floating<00:11:49.900> switches<00:11:50.350> they<00:11:51.040> are 00:11:51.210 --> 00:11:51.220 align:start position:0% here are floating switches they are 00:11:51.220 --> 00:11:53.820 align:start position:0% here are floating switches they are currently<00:11:51.670> off<00:11:51.850> but<00:11:52.570> as<00:11:52.810> soon<00:11:53.080> as<00:11:53.260> both 00:11:53.820 --> 00:11:53.830 align:start position:0% currently off but as soon as both 00:11:53.830 --> 00:11:59.520 align:start position:0% currently off but as soon as both parties<00:11:54.870> send<00:11:56.310> the<00:11:57.310> full<00:11:57.550> ten<00:11:58.180> ether<00:11:58.540> into<00:11:58.810> the 00:11:59.520 --> 00:11:59.530 align:start position:0% parties send the full ten ether into the 00:11:59.530 --> 00:12:01.950 align:start position:0% parties send the full ten ether into the tank<00:11:59.890> the<00:12:00.400> floating<00:12:00.640> switch<00:12:01.000> activates<00:12:01.720> an 00:12:01.950 --> 00:12:01.960 align:start position:0% tank the floating switch activates an 00:12:01.960 --> 00:12:04.620 align:start position:0% tank the floating switch activates an open<00:12:02.650> open<00:12:03.490> opens<00:12:03.790> the<00:12:03.910> valve<00:12:04.090> here<00:12:04.390> at<00:12:04.540> the 00:12:04.620 --> 00:12:04.630 align:start position:0% open open opens the valve here at the 00:12:04.630 --> 00:12:09.030 align:start position:0% open open opens the valve here at the bottom<00:12:04.930> and<00:12:06.210> if<00:12:07.210> both<00:12:07.930> valves<00:12:08.380> are<00:12:08.590> open<00:12:08.950> at 00:12:09.030 --> 00:12:09.040 align:start position:0% bottom and if both valves are open at 00:12:09.040 --> 00:12:11.490 align:start position:0% bottom and if both valves are open at the<00:12:09.130> same<00:12:09.340> time<00:12:09.580> which<00:12:09.850> means<00:12:10.060> if<00:12:10.330> both<00:12:10.780> seller 00:12:11.490 --> 00:12:11.500 align:start position:0% the same time which means if both seller 00:12:11.500 --> 00:12:16.260 align:start position:0% the same time which means if both seller and<00:12:11.740> buyer<00:12:12.000> deposit<00:12:13.000> ten<00:12:13.210> ether<00:12:13.510> then<00:12:14.730> the<00:12:15.730> the 00:12:16.260 --> 00:12:16.270 align:start position:0% and buyer deposit ten ether then the the 00:12:16.270 --> 00:12:18.300 align:start position:0% and buyer deposit ten ether then the the combined<00:12:16.660> twenty<00:12:17.080> ether<00:12:17.440> will<00:12:17.680> flow<00:12:17.890> into<00:12:18.100> the 00:12:18.300 --> 00:12:18.310 align:start position:0% combined twenty ether will flow into the 00:12:18.310 --> 00:12:21.720 align:start position:0% combined twenty ether will flow into the bottom<00:12:18.580> tank<00:12:18.900> and<00:12:19.900> at<00:12:20.050> that<00:12:20.140> point<00:12:20.410> you<00:12:21.130> it's 00:12:21.720 --> 00:12:21.730 align:start position:0% bottom tank and at that point you it's 00:12:21.730 --> 00:12:24.360 align:start position:0% bottom tank and at that point you it's visually<00:12:22.660> clear<00:12:23.020> I<00:12:23.050> would<00:12:23.440> say<00:12:23.620> at<00:12:23.890> that<00:12:24.070> point 00:12:24.360 --> 00:12:24.370 align:start position:0% visually clear I would say at that point 00:12:24.370 --> 00:12:25.710 align:start position:0% visually clear I would say at that point if<00:12:24.610> the<00:12:24.760> ether<00:12:25.000> is<00:12:25.090> in<00:12:25.210> the<00:12:25.300> bottom<00:12:25.540> tank 00:12:25.710 --> 00:12:25.720 align:start position:0% if the ether is in the bottom tank 00:12:25.720 --> 00:12:28.260 align:start position:0% if the ether is in the bottom tank there's<00:12:26.410> no<00:12:26.650> this<00:12:27.340> abort<00:12:27.790> button<00:12:28.000> doesn't 00:12:28.260 --> 00:12:28.270 align:start position:0% there's no this abort button doesn't 00:12:28.270 --> 00:12:30.180 align:start position:0% there's no this abort button doesn't have<00:12:28.420> any<00:12:28.540> function<00:12:28.870> anymore<00:12:29.140> and<00:12:29.380> this<00:12:30.040> is 00:12:30.180 --> 00:12:30.190 align:start position:0% have any function anymore and this is 00:12:30.190 --> 00:12:32.370 align:start position:0% have any function anymore and this is something<00:12:30.400> which<00:12:30.640> is<00:12:30.760> very<00:12:31.000> easy<00:12:31.210> to<00:12:31.330> to<00:12:32.110> see 00:12:32.370 --> 00:12:32.380 align:start position:0% something which is very easy to to see 00:12:32.380 --> 00:12:35.340 align:start position:0% something which is very easy to to see in<00:12:32.620> this<00:12:32.800> visual<00:12:33.600> yeah<00:12:34.600> using<00:12:34.930> this<00:12:35.080> visual 00:12:35.340 --> 00:12:35.350 align:start position:0% in this visual yeah using this visual 00:12:35.350 --> 00:12:37.200 align:start position:0% in this visual yeah using this visual programming<00:12:35.500> language<00:12:35.740> but<00:12:36.220> it's<00:12:36.550> probably 00:12:37.200 --> 00:12:37.210 align:start position:0% programming language but it's probably 00:12:37.210 --> 00:12:38.670 align:start position:0% programming language but it's probably quite<00:12:37.360> hard<00:12:37.630> to<00:12:37.690> see<00:12:37.900> in<00:12:38.050> a<00:12:38.170> text-based 00:12:38.670 --> 00:12:38.680 align:start position:0% quite hard to see in a text-based 00:12:38.680 --> 00:12:41.220 align:start position:0% quite hard to see in a text-based programming<00:12:39.190> language<00:12:39.490> another<00:12:40.480> thing<00:12:40.810> you 00:12:41.220 --> 00:12:41.230 align:start position:0% programming language another thing you 00:12:41.230 --> 00:12:44.280 align:start position:0% programming language another thing you can<00:12:41.800> easily<00:12:41.980> see<00:12:42.850> in<00:12:43.180> this<00:12:43.480> diagram<00:12:43.780> is<00:12:44.230> that 00:12:44.280 --> 00:12:44.290 align:start position:0% can easily see in this diagram is that 00:12:44.290 --> 00:12:47.970 align:start position:0% can easily see in this diagram is that the<00:12:45.130> upper<00:12:45.400> part<00:12:45.700> is<00:12:46.600> fully<00:12:47.230> symmetric<00:12:47.770> with 00:12:47.970 --> 00:12:47.980 align:start position:0% the upper part is fully symmetric with 00:12:47.980 --> 00:12:50.130 align:start position:0% the upper part is fully symmetric with rigged<00:12:48.220> regards<00:12:48.850> to<00:12:49.030> seller<00:12:49.390> and<00:12:49.600> buyer<00:12:49.630> and 00:12:50.130 --> 00:12:50.140 align:start position:0% rigged regards to seller and buyer and 00:12:50.140 --> 00:12:53.700 align:start position:0% rigged regards to seller and buyer and only<00:12:50.830> the<00:12:50.950> lower<00:12:51.100> part<00:12:51.490> is<00:12:51.840> asymmetric<00:12:52.840> this 00:12:53.700 --> 00:12:53.710 align:start position:0% only the lower part is asymmetric this 00:12:53.710 --> 00:12:55.290 align:start position:0% only the lower part is asymmetric this is<00:12:53.800> also<00:12:53.890> something<00:12:54.160> you<00:12:54.310> can't<00:12:54.880> really<00:12:55.060> see 00:12:55.290 --> 00:12:55.300 align:start position:0% is also something you can't really see 00:12:55.300 --> 00:12:57.080 align:start position:0% is also something you can't really see in<00:12:55.360> in<00:12:55.660> text-based<00:12:56.020> programming<00:12:56.500> languages 00:12:57.080 --> 00:12:57.090 align:start position:0% in in text-based programming languages 00:12:57.090 --> 00:12:59.280 align:start position:0% in in text-based programming languages okay<00:12:58.090> let's<00:12:58.240> continue<00:12:58.330> how<00:12:58.630> how<00:12:58.900> this<00:12:59.080> works 00:12:59.280 --> 00:12:59.290 align:start position:0% okay let's continue how how this works 00:12:59.290 --> 00:13:01.710 align:start position:0% okay let's continue how how this works we<00:12:59.500> have<00:12:59.800> two<00:13:00.460> other<00:13:00.640> buttons<00:13:00.820> that<00:13:01.180> operate 00:13:01.710 --> 00:13:01.720 align:start position:0% we have two other buttons that operate 00:13:01.720 --> 00:13:04.740 align:start position:0% we have two other buttons that operate the<00:13:01.750> bottom<00:13:02.140> tank<00:13:02.580> the<00:13:03.580> the<00:13:04.210> buyer<00:13:04.420> can 00:13:04.740 --> 00:13:04.750 align:start position:0% the bottom tank the the buyer can 00:13:04.750 --> 00:13:07.350 align:start position:0% the bottom tank the the buyer can release<00:13:05.110> the<00:13:05.680> payment<00:13:06.100> to<00:13:06.760> the<00:13:06.880> seller<00:13:07.030> and 00:13:07.350 --> 00:13:07.360 align:start position:0% release the payment to the seller and 00:13:07.360 --> 00:13:12.410 align:start position:0% release the payment to the seller and the<00:13:08.080> seller<00:13:09.030> can<00:13:10.030> refund<00:13:10.900> the<00:13:11.080> buyer<00:13:11.320> which 00:13:12.410 --> 00:13:12.420 align:start position:0% the seller can refund the buyer which 00:13:12.420 --> 00:13:13.920 align:start position:0% the seller can refund the buyer which moves<00:13:13.420> the 00:13:13.920 --> 00:13:13.930 align:start position:0% moves the 00:13:13.930 --> 00:13:17.579 align:start position:0% moves the her<00:13:14.050> into<00:13:14.350> a<00:13:14.380> splitter<00:13:14.680> and<00:13:15.149> moves<00:13:16.320> half<00:13:17.320> the 00:13:17.579 --> 00:13:17.589 align:start position:0% her into a splitter and moves half the 00:13:17.589 --> 00:13:19.980 align:start position:0% her into a splitter and moves half the fed<00:13:17.830> back<00:13:18.130> to<00:13:18.160> the<00:13:18.399> seller<00:13:19.089> and<00:13:19.330> half<00:13:19.660> of<00:13:19.839> it 00:13:19.980 --> 00:13:19.990 align:start position:0% fed back to the seller and half of it 00:13:19.990 --> 00:13:23.730 align:start position:0% fed back to the seller and half of it back<00:13:20.230> to<00:13:20.350> the<00:13:20.440> buyer<00:13:22.170> okay<00:13:23.170> that's<00:13:23.350> how<00:13:23.470> how 00:13:23.730 --> 00:13:23.740 align:start position:0% back to the buyer okay that's how how 00:13:23.740 --> 00:13:25.110 align:start position:0% back to the buyer okay that's how how how<00:13:24.010> the<00:13:24.070> smart<00:13:24.460> contract<00:13:24.580> works<00:13:24.880> what's 00:13:25.110 --> 00:13:25.120 align:start position:0% how the smart contract works what's 00:13:25.120 --> 00:13:27.590 align:start position:0% how the smart contract works what's what's<00:13:25.630> the<00:13:25.720> idea<00:13:25.960> behind<00:13:26.110> this<00:13:26.860> is<00:13:27.010> an<00:13:27.130> escrow 00:13:27.590 --> 00:13:27.600 align:start position:0% what's the idea behind this is an escrow 00:13:27.600 --> 00:13:30.900 align:start position:0% what's the idea behind this is an escrow smart<00:13:28.600> contract<00:13:28.990> so<00:13:29.560> the<00:13:30.370> seller<00:13:30.580> sells 00:13:30.900 --> 00:13:30.910 align:start position:0% smart contract so the seller sells 00:13:30.910 --> 00:13:34.490 align:start position:0% smart contract so the seller sells something<00:13:31.180> has<00:13:31.690> to<00:13:31.959> put<00:13:32.140> up<00:13:32.170> a<00:13:32.290> deposit<00:13:32.440> and 00:13:34.490 --> 00:13:34.500 align:start position:0% something has to put up a deposit and 00:13:34.500 --> 00:13:37.620 align:start position:0% something has to put up a deposit and when<00:13:35.500> when<00:13:36.160> the<00:13:36.310> ether<00:13:36.640> flows<00:13:37.060> into<00:13:37.270> the<00:13:37.480> lower 00:13:37.620 --> 00:13:37.630 align:start position:0% when when the ether flows into the lower 00:13:37.630 --> 00:13:39.900 align:start position:0% when when the ether flows into the lower tank<00:13:37.930> then<00:13:38.320> the<00:13:38.500> seller<00:13:38.740> sends<00:13:39.220> the<00:13:39.430> item<00:13:39.790> to 00:13:39.900 --> 00:13:39.910 align:start position:0% tank then the seller sends the item to 00:13:39.910 --> 00:13:43.500 align:start position:0% tank then the seller sends the item to the<00:13:39.940> buyer<00:13:40.209> and<00:13:40.860> when<00:13:41.860> the<00:13:42.370> buyer<00:13:42.550> receives 00:13:43.500 --> 00:13:43.510 align:start position:0% the buyer and when the buyer receives 00:13:43.510 --> 00:13:46.500 align:start position:0% the buyer and when the buyer receives the<00:13:43.959> item<00:13:44.250> she<00:13:45.250> presses<00:13:45.580> the<00:13:45.760> release<00:13:46.029> payment 00:13:46.500 --> 00:13:46.510 align:start position:0% the item she presses the release payment 00:13:46.510 --> 00:13:49.110 align:start position:0% the item she presses the release payment button<00:13:46.810> which<00:13:47.290> pays<00:13:47.680> the<00:13:48.100> seller<00:13:48.279> and<00:13:48.670> if<00:13:49.000> the 00:13:49.110 --> 00:13:49.120 align:start position:0% button which pays the seller and if the 00:13:49.120 --> 00:13:50.820 align:start position:0% button which pays the seller and if the item<00:13:49.330> does<00:13:49.450> not<00:13:49.480> arrive<00:13:49.870> they<00:13:50.170> have<00:13:50.290> to<00:13:50.410> kind 00:13:50.820 --> 00:13:50.830 align:start position:0% item does not arrive they have to kind 00:13:50.830 --> 00:13:54.060 align:start position:0% item does not arrive they have to kind of<00:13:51.300> come<00:13:52.300> to<00:13:52.450> an<00:13:52.540> agreement<00:13:52.779> and<00:13:53.290> one<00:13:53.740> of<00:13:53.860> the 00:13:54.060 --> 00:13:54.070 align:start position:0% of come to an agreement and one of the 00:13:54.070 --> 00:13:55.680 align:start position:0% of come to an agreement and one of the outcomes<00:13:54.339> of<00:13:54.610> the<00:13:54.670> agreement<00:13:55.089> might<00:13:55.240> be<00:13:55.480> that 00:13:55.680 --> 00:13:55.690 align:start position:0% outcomes of the agreement might be that 00:13:55.690 --> 00:13:57.680 align:start position:0% outcomes of the agreement might be that the<00:13:55.870> seller<00:13:56.110> just<00:13:56.260> refunds<00:13:56.709> the<00:13:56.860> buyer<00:13:57.040> which 00:13:57.680 --> 00:13:57.690 align:start position:0% the seller just refunds the buyer which 00:13:57.690 --> 00:14:00.000 align:start position:0% the seller just refunds the buyer which results<00:13:58.690> in<00:13:58.779> the<00:13:58.870> seller<00:13:59.110> retrieving<00:13:59.950> the 00:14:00.000 --> 00:14:00.010 align:start position:0% results in the seller retrieving the 00:14:00.010 --> 00:14:01.889 align:start position:0% results in the seller retrieving the deposit<00:14:00.370> again<00:14:00.610> and<00:14:00.850> the<00:14:01.360> buyers<00:14:01.660> already 00:14:01.889 --> 00:14:01.899 align:start position:0% deposit again and the buyers already 00:14:01.899 --> 00:14:11.130 align:start position:0% deposit again and the buyers already very<00:14:02.440> good<00:14:02.529> deposit<00:14:02.920> again<00:14:05.070> okay<00:14:07.680> yeah<00:14:08.680> so<00:14:10.140> as 00:14:11.130 --> 00:14:11.140 align:start position:0% very good deposit again okay yeah so as 00:14:11.140 --> 00:14:13.980 align:start position:0% very good deposit again okay yeah so as I<00:14:11.529> said<00:14:11.800> this<00:14:12.190> is<00:14:12.520> for<00:14:13.149> now<00:14:13.300> just<00:14:13.540> a<00:14:13.720> common 00:14:13.980 --> 00:14:13.990 align:start position:0% I said this is for now just a common 00:14:13.990 --> 00:14:16.230 align:start position:0% I said this is for now just a common concept<00:14:14.520> unfortunately<00:14:15.520> there's<00:14:15.790> not<00:14:16.029> much 00:14:16.230 --> 00:14:16.240 align:start position:0% concept unfortunately there's not much 00:14:16.240 --> 00:14:18.780 align:start position:0% concept unfortunately there's not much more<00:14:16.420> than<00:14:16.600> this<00:14:17.050> talk<00:14:17.290> here<00:14:17.560> but<00:14:18.100> I<00:14:18.370> welcome 00:14:18.780 --> 00:14:18.790 align:start position:0% more than this talk here but I welcome 00:14:18.790 --> 00:14:20.790 align:start position:0% more than this talk here but I welcome everyone<00:14:19.060> to<00:14:19.360> join<00:14:19.570> the<00:14:19.720> discussion<00:14:20.140> we<00:14:20.650> have 00:14:20.790 --> 00:14:20.800 align:start position:0% everyone to join the discussion we have 00:14:20.800 --> 00:14:25.290 align:start position:0% everyone to join the discussion we have a<00:14:21.510> Google<00:14:22.510> Group<00:14:22.660> here<00:14:23.529> and<00:14:23.740> if<00:14:24.730> you<00:14:24.880> have<00:14:25.060> any 00:14:25.290 --> 00:14:25.300 align:start position:0% a Google Group here and if you have any 00:14:25.300 --> 00:14:29.750 align:start position:0% a Google Group here and if you have any ideas<00:14:25.690> about<00:14:26.730> more<00:14:27.730> gadgets 00:14:29.750 --> 00:14:29.760 align:start position:0% ideas about more gadgets 00:14:29.760 --> 00:14:32.490 align:start position:0% ideas about more gadgets please<00:14:30.760> propose<00:14:31.450> that<00:14:31.630> in<00:14:31.779> this<00:14:31.930> in<00:14:32.320> this 00:14:32.490 --> 00:14:32.500 align:start position:0% please propose that in this in this 00:14:32.500 --> 00:14:35.880 align:start position:0% please propose that in this in this discussion<00:14:32.920> group<00:14:33.070> and<00:14:33.510> oh<00:14:34.510> yeah<00:14:34.839> of<00:14:35.440> course<00:14:35.500> I 00:14:35.880 --> 00:14:35.890 align:start position:0% discussion group and oh yeah of course I 00:14:35.890 --> 00:14:37.800 align:start position:0% discussion group and oh yeah of course I mean<00:14:35.980> the<00:14:36.220> idea<00:14:36.640> is<00:14:36.700> of<00:14:36.820> course<00:14:37.120> also<00:14:37.540> to<00:14:37.570> have 00:14:37.800 --> 00:14:37.810 align:start position:0% mean the idea is of course also to have 00:14:37.810 --> 00:14:40.140 align:start position:0% mean the idea is of course also to have a<00:14:37.839> graphical<00:14:38.410> IDE<00:14:38.709> where<00:14:39.040> you<00:14:39.130> can<00:14:39.550> select 00:14:40.140 --> 00:14:40.150 align:start position:0% a graphical IDE where you can select 00:14:40.150 --> 00:14:42.090 align:start position:0% a graphical IDE where you can select these<00:14:40.270> gadgets<00:14:40.510> and<00:14:40.990> snap<00:14:41.200> them<00:14:41.380> together<00:14:41.529> and 00:14:42.090 --> 00:14:42.100 align:start position:0% these gadgets and snap them together and 00:14:42.100 --> 00:14:45.420 align:start position:0% these gadgets and snap them together and connect<00:14:42.459> them<00:14:42.610> and<00:14:42.940> but<00:14:43.570> and<00:14:44.200> of<00:14:45.100> course<00:14:45.339> you 00:14:45.420 --> 00:14:45.430 align:start position:0% connect them and but and of course you 00:14:45.430 --> 00:14:47.280 align:start position:0% connect them and but and of course you can<00:14:45.610> also<00:14:45.760> create<00:14:46.180> smart<00:14:46.750> contracts<00:14:47.200> which 00:14:47.280 --> 00:14:47.290 align:start position:0% can also create smart contracts which 00:14:47.290 --> 00:14:49.790 align:start position:0% can also create smart contracts which have<00:14:47.440> very<00:14:47.680> complicated<00:14:48.279> pipes<00:14:48.850> running<00:14:49.330> all 00:14:49.790 --> 00:14:49.800 align:start position:0% have very complicated pipes running all 00:14:49.800 --> 00:14:52.920 align:start position:0% have very complicated pipes running all across<00:14:50.800> the<00:14:50.980> screen<00:14:51.190> this<00:14:52.029> that<00:14:52.510> the<00:14:52.630> language 00:14:52.920 --> 00:14:52.930 align:start position:0% across the screen this that the language 00:14:52.930 --> 00:14:54.420 align:start position:0% across the screen this that the language doesn't<00:14:53.200> prevent<00:14:53.620> you<00:14:53.800> from<00:14:53.830> doing<00:14:54.070> with<00:14:54.339> that 00:14:54.420 --> 00:14:54.430 align:start position:0% doesn't prevent you from doing with that 00:14:54.430 --> 00:14:56.190 align:start position:0% doesn't prevent you from doing with that but<00:14:54.670> you<00:14:54.940> immediately<00:14:55.180> see<00:14:55.570> that<00:14:55.600> it<00:14:56.020> looks 00:14:56.190 --> 00:14:56.200 align:start position:0% but you immediately see that it looks 00:14:56.200 --> 00:14:57.750 align:start position:0% but you immediately see that it looks really<00:14:56.500> really<00:14:56.650> messy<00:14:57.100> if<00:14:57.190> you<00:14:57.279> do<00:14:57.400> that<00:14:57.550> and 00:14:57.750 --> 00:14:57.760 align:start position:0% really really messy if you do that and 00:14:57.760 --> 00:15:02.519 align:start position:0% really really messy if you do that and so<00:14:58.540> you're<00:14:58.750> encouraged<00:14:59.170> to<00:14:59.550> create<00:15:01.529> machines 00:15:02.519 --> 00:15:02.529 align:start position:0% so you're encouraged to create machines 00:15:02.529 --> 00:15:06.030 align:start position:0% so you're encouraged to create machines that<00:15:03.010> look<00:15:03.279> simple<00:15:04.270> and<00:15:04.600> are<00:15:05.020> easy<00:15:05.290> to<00:15:05.410> explain 00:15:06.030 --> 00:15:06.040 align:start position:0% that look simple and are easy to explain 00:15:06.040 --> 00:15:09.329 align:start position:0% that look simple and are easy to explain okay<00:15:07.029> that's<00:15:07.420> what<00:15:07.570> it<00:15:08.160> thanks<00:15:09.160> for<00:15:09.220> your 00:15:09.329 --> 00:15:09.339 align:start position:0% okay that's what it thanks for your 00:15:09.339 --> 00:15:11.000 align:start position:0% okay that's what it thanks for your attention 00:15:11.000 --> 00:15:11.010 align:start position:0% attention 00:15:11.010 --> 00:15:17.020 align:start position:0% attention [Applause] 00:15:17.020 --> 00:15:17.030 align:start position:0% [Applause] 00:15:17.030 --> 00:15:24.610 align:start position:0% [Applause] [Music]