WEBVTT Kind: captions Language: en 00:00:01.070 --> 00:00:05.350 align:start position:0% [Applause] 00:00:05.350 --> 00:00:05.360 align:start position:0% [Applause] 00:00:05.360 --> 00:00:13.270 align:start position:0% [Applause] you 00:00:13.270 --> 00:00:13.280 align:start position:0% 00:00:13.280 --> 00:00:19.550 align:start position:0% yes<00:00:15.980> my<00:00:16.980> name<00:00:17.099> is<00:00:17.160> carl<00:00:17.369> ember<00:00:17.869> your<00:00:18.869> project 00:00:19.550 --> 00:00:19.560 align:start position:0% yes my name is carl ember your project 00:00:19.560 --> 00:00:22.069 align:start position:0% yes my name is carl ember your project called<00:00:19.829> universal<00:00:20.579> market<00:00:20.820> access<00:00:21.000> or<00:00:21.900> every 00:00:22.069 --> 00:00:22.079 align:start position:0% called universal market access or every 00:00:22.079 --> 00:00:25.999 align:start position:0% called universal market access or every month<00:00:22.520> and<00:00:23.599> i'm<00:00:24.599> quite<00:00:24.960> pleased<00:00:25.320> to<00:00:25.560> present 00:00:25.999 --> 00:00:26.009 align:start position:0% month and i'm quite pleased to present 00:00:26.009 --> 00:00:27.859 align:start position:0% month and i'm quite pleased to present you<00:00:26.250> guys<00:00:26.460> this<00:00:26.699> recently<00:00:27.119> paper<00:00:27.330> we<00:00:27.539> just<00:00:27.720> put 00:00:27.859 --> 00:00:27.869 align:start position:0% you guys this recently paper we just put 00:00:27.869 --> 00:00:31.490 align:start position:0% you guys this recently paper we just put out<00:00:28.070> it's<00:00:29.070> fresh<00:00:29.640> to<00:00:30.029> draft<00:00:30.269> along<00:00:31.080> a<00:00:31.140> bit 00:00:31.490 --> 00:00:31.500 align:start position:0% out it's fresh to draft along a bit 00:00:31.500 --> 00:00:33.799 align:start position:0% out it's fresh to draft along a bit decks<00:00:31.800> and<00:00:32.129> this<00:00:32.699> is<00:00:32.820> our<00:00:33.030> design<00:00:33.449> or 00:00:33.799 --> 00:00:33.809 align:start position:0% decks and this is our design or 00:00:33.809 --> 00:00:36.650 align:start position:0% decks and this is our design or decentralized<00:00:34.680> effects<00:00:35.269> easy<00:00:36.269> what<00:00:36.510> we're 00:00:36.650 --> 00:00:36.660 align:start position:0% decentralized effects easy what we're 00:00:36.660 --> 00:00:41.560 align:start position:0% decentralized effects easy what we're calling<00:00:36.809> priceless<00:00:37.559> financial<00:00:37.980> contracts<00:00:39.980> so 00:00:41.560 --> 00:00:41.570 align:start position:0% calling priceless financial contracts so 00:00:41.570 --> 00:00:43.640 align:start position:0% calling priceless financial contracts so goals<00:00:42.570> of<00:00:42.720> this<00:00:42.809> talk<00:00:43.019> just<00:00:43.199> to<00:00:43.350> give<00:00:43.500> you<00:00:43.589> an 00:00:43.640 --> 00:00:43.650 align:start position:0% goals of this talk just to give you an 00:00:43.650 --> 00:00:45.680 align:start position:0% goals of this talk just to give you an overview<00:00:43.860> when<00:00:44.850> you<00:00:44.970> guys<00:00:45.089> about<00:00:45.239> it<00:00:45.449> decks 00:00:45.680 --> 00:00:45.690 align:start position:0% overview when you guys about it decks 00:00:45.690 --> 00:00:47.840 align:start position:0% overview when you guys about it decks works<00:00:45.960> I<00:00:46.290> wanna<00:00:46.799> explain<00:00:47.070> this<00:00:47.129> concept<00:00:47.519> of 00:00:47.840 --> 00:00:47.850 align:start position:0% works I wanna explain this concept of 00:00:47.850 --> 00:00:49.969 align:start position:0% works I wanna explain this concept of priceless<00:00:48.390> financial<00:00:48.780> contracts<00:00:49.379> and<00:00:49.559> then 00:00:49.969 --> 00:00:49.979 align:start position:0% priceless financial contracts and then 00:00:49.979 --> 00:00:51.770 align:start position:0% priceless financial contracts and then go<00:00:50.129> to<00:00:50.190> some<00:00:50.400> details<00:00:50.820> will<00:00:51.089> be<00:00:51.119> impacting 00:00:51.770 --> 00:00:51.780 align:start position:0% go to some details will be impacting 00:00:51.780 --> 00:00:55.609 align:start position:0% go to some details will be impacting enable<00:00:52.460> so<00:00:53.570> as<00:00:54.570> a<00:00:54.629> starting<00:00:55.049> point<00:00:55.199> was<00:00:55.470> to 00:00:55.609 --> 00:00:55.619 align:start position:0% enable so as a starting point was to 00:00:55.619 --> 00:00:58.549 align:start position:0% enable so as a starting point was to talk<00:00:55.949> about<00:00:56.100> what<00:00:56.369> the<00:00:56.640> next<00:00:56.879> is<00:00:57.239> and<00:00:57.600> I'm<00:00:58.379> not 00:00:58.549 --> 00:00:58.559 align:start position:0% talk about what the next is and I'm not 00:00:58.559 --> 00:01:00.109 align:start position:0% talk about what the next is and I'm not really<00:00:58.710> picking<00:00:58.949> on<00:00:59.159> Big<00:00:59.339> Mac<00:00:59.489> cos<00:00:59.760> I've<00:00:59.939> got 00:01:00.109 --> 00:01:00.119 align:start position:0% really picking on Big Mac cos I've got 00:01:00.119 --> 00:01:02.149 align:start position:0% really picking on Big Mac cos I've got any<00:01:00.470> centralized<00:01:01.470> futures<00:01:01.799> exchange 00:01:02.149 --> 00:01:02.159 align:start position:0% any centralized futures exchange 00:01:02.159 --> 00:01:04.899 align:start position:0% any centralized futures exchange anything<00:01:02.850> that<00:01:03.119> has<00:01:03.269> levered<00:01:03.659> transactions 00:01:04.899 --> 00:01:04.909 align:start position:0% anything that has levered transactions 00:01:04.909 --> 00:01:08.810 align:start position:0% anything that has levered transactions and<00:01:05.909> so<00:01:06.240> we've<00:01:06.570> acts<00:01:06.810> like<00:01:07.200> the<00:01:07.950> CME<00:01:08.400> trading 00:01:08.810 --> 00:01:08.820 align:start position:0% and so we've acts like the CME trading 00:01:08.820 --> 00:01:12.469 align:start position:0% and so we've acts like the CME trading futures<00:01:09.000> ur<00:01:09.540> or<00:01:09.810> any<00:01:10.259> CFD<00:01:10.890> provider<00:01:11.420> is<00:01:12.420> a 00:01:12.469 --> 00:01:12.479 align:start position:0% futures ur or any CFD provider is a 00:01:12.479 --> 00:01:14.650 align:start position:0% futures ur or any CFD provider is a lever<00:01:12.960> derivative<00:01:13.590> trading<00:01:13.830> platform 00:01:14.650 --> 00:01:14.660 align:start position:0% lever derivative trading platform 00:01:14.660 --> 00:01:17.560 align:start position:0% lever derivative trading platform institution<00:01:15.660> exchange<00:01:16.020> and<00:01:16.310> the<00:01:17.310> exchange 00:01:17.560 --> 00:01:17.570 align:start position:0% institution exchange and the exchange 00:01:17.570 --> 00:01:20.480 align:start position:0% institution exchange and the exchange itself<00:01:18.570> provides<00:01:19.170> a<00:01:19.350> bunch<00:01:19.680> of<00:01:19.860> functions 00:01:20.480 --> 00:01:20.490 align:start position:0% itself provides a bunch of functions 00:01:20.490 --> 00:01:23.030 align:start position:0% itself provides a bunch of functions that<00:01:20.760> make<00:01:21.270> it<00:01:21.390> usable<00:01:21.900> to<00:01:22.320> the<00:01:22.650> people<00:01:22.950> that 00:01:23.030 --> 00:01:23.040 align:start position:0% that make it usable to the people that 00:01:23.040 --> 00:01:26.180 align:start position:0% that make it usable to the people that trade<00:01:23.280> on<00:01:23.600> those<00:01:24.600> functions<00:01:25.050> are<00:01:25.170> require<00:01:25.950> a 00:01:26.180 --> 00:01:26.190 align:start position:0% trade on those functions are require a 00:01:26.190 --> 00:01:28.760 align:start position:0% trade on those functions are require a trusted<00:01:26.700> third<00:01:26.970> party<00:01:27.330> operator<00:01:27.750> and<00:01:28.530> so 00:01:28.760 --> 00:01:28.770 align:start position:0% trusted third party operator and so 00:01:28.770 --> 00:01:31.640 align:start position:0% trusted third party operator and so those<00:01:28.920> are<00:01:29.070> things<00:01:29.280> like<00:01:29.670> custody<00:01:30.630> margin<00:01:31.110> for 00:01:31.640 --> 00:01:31.650 align:start position:0% those are things like custody margin for 00:01:31.650 --> 00:01:35.120 align:start position:0% those are things like custody margin for all<00:01:31.800> the<00:01:31.920> positions<00:01:32.750> moving<00:01:33.830> margin<00:01:34.830> backing 00:01:35.120 --> 00:01:35.130 align:start position:0% all the positions moving margin backing 00:01:35.130 --> 00:01:38.030 align:start position:0% all the positions moving margin backing for<00:01:35.280> clearing<00:01:35.870> and<00:01:36.870> ensuring<00:01:37.470> the<00:01:37.560> solvency 00:01:38.030 --> 00:01:38.040 align:start position:0% for clearing and ensuring the solvency 00:01:38.040 --> 00:01:41.649 align:start position:0% for clearing and ensuring the solvency of<00:01:38.610> all<00:01:39.180> the<00:01:39.270> positions<00:01:39.750> in<00:01:40.140> the<00:01:40.380> exchange 00:01:41.649 --> 00:01:41.659 align:start position:0% of all the positions in the exchange 00:01:41.659 --> 00:01:44.000 align:start position:0% of all the positions in the exchange what's<00:01:42.659> really<00:01:42.900> important<00:01:43.260> notice<00:01:43.560> reminded 00:01:44.000 --> 00:01:44.010 align:start position:0% what's really important notice reminded 00:01:44.010 --> 00:01:46.640 align:start position:0% what's really important notice reminded of<00:01:44.400> is<00:01:44.610> that<00:01:44.760> when<00:01:45.000> like<00:01:45.240> Bob<00:01:45.600> and<00:01:45.630> Alice<00:01:46.080> trade 00:01:46.640 --> 00:01:46.650 align:start position:0% of is that when like Bob and Alice trade 00:01:46.650 --> 00:01:49.700 align:start position:0% of is that when like Bob and Alice trade on<00:01:46.890> baymax<00:01:47.600> Bob<00:01:48.600> and<00:01:48.870> Alice<00:01:49.020> might<00:01:49.380> actually 00:01:49.700 --> 00:01:49.710 align:start position:0% on baymax Bob and Alice might actually 00:01:49.710 --> 00:01:52.399 align:start position:0% on baymax Bob and Alice might actually end<00:01:50.130> up<00:01:50.460> having<00:01:50.520> offsetting<00:01:51.240> positions<00:01:51.659> but 00:01:52.399 --> 00:01:52.409 align:start position:0% end up having offsetting positions but 00:01:52.409 --> 00:01:54.530 align:start position:0% end up having offsetting positions but they<00:01:52.590> don't<00:01:52.740> face<00:01:53.040> each<00:01:53.310> other<00:01:53.540> everyone 00:01:54.530 --> 00:01:54.540 align:start position:0% they don't face each other everyone 00:01:54.540 --> 00:01:57.140 align:start position:0% they don't face each other everyone faces<00:01:54.900> the<00:01:55.470> exchange<00:01:56.010> the<00:01:56.820> exchange 00:01:57.140 --> 00:01:57.150 align:start position:0% faces the exchange the exchange 00:01:57.150 --> 00:01:58.340 align:start position:0% faces the exchange the exchange functions<00:01:57.600> is<00:01:57.690> what's<00:01:57.900> called<00:01:58.049> like<00:01:58.229> a 00:01:58.340 --> 00:01:58.350 align:start position:0% functions is what's called like a 00:01:58.350 --> 00:01:59.960 align:start position:0% functions is what's called like a central<00:01:58.860> clearing<00:01:59.190> counterparty<00:01:59.790> and 00:01:59.960 --> 00:01:59.970 align:start position:0% central clearing counterparty and 00:01:59.970 --> 00:02:01.670 align:start position:0% central clearing counterparty and they're<00:02:00.720> the<00:02:00.870> ones<00:02:01.080> that<00:02:01.170> ensure<00:02:01.650> the 00:02:01.670 --> 00:02:01.680 align:start position:0% they're the ones that ensure the 00:02:01.680 --> 00:02:02.810 align:start position:0% they're the ones that ensure the solvency<00:02:02.100> of 00:02:02.810 --> 00:02:02.820 align:start position:0% solvency of 00:02:02.820 --> 00:02:09.050 align:start position:0% solvency of all<00:02:02.880> the<00:02:03.000> positions<00:02:04.310> so<00:02:07.399> the<00:02:08.399> next<00:02:08.640> doesn't<00:02:09.000> do 00:02:09.050 --> 00:02:09.060 align:start position:0% all the positions so the next doesn't do 00:02:09.060 --> 00:02:10.880 align:start position:0% all the positions so the next doesn't do things<00:02:09.300> all<00:02:09.660> these<00:02:09.810> exchanges<00:02:10.229> that's<00:02:10.530> time 00:02:10.880 --> 00:02:10.890 align:start position:0% things all these exchanges that's time 00:02:10.890 --> 00:02:12.560 align:start position:0% things all these exchanges that's time of<00:02:11.039> Hornets<00:02:11.280> training<00:02:11.610> we<00:02:11.850> like<00:02:12.060> that<00:02:12.240> with 00:02:12.560 --> 00:02:12.570 align:start position:0% of Hornets training we like that with 00:02:12.570 --> 00:02:13.970 align:start position:0% of Hornets training we like that with high<00:02:12.720> leverage<00:02:12.959> just<00:02:13.080> as<00:02:13.380> things<00:02:13.590> that<00:02:13.740> people 00:02:13.970 --> 00:02:13.980 align:start position:0% high leverage just as things that people 00:02:13.980 --> 00:02:15.980 align:start position:0% high leverage just as things that people want<00:02:14.340> I<00:02:14.640> think<00:02:15.270> max<00:02:15.420> is<00:02:15.480> going<00:02:15.630> on<00:02:15.780> a<00:02:15.840> big 00:02:15.980 --> 00:02:15.990 align:start position:0% want I think max is going on a big 00:02:15.990 --> 00:02:17.660 align:start position:0% want I think max is going on a big business<00:02:16.350> you<00:02:16.380> need<00:02:16.800> you<00:02:17.010> to<00:02:17.160> change<00:02:17.370> big 00:02:17.660 --> 00:02:17.670 align:start position:0% business you need you to change big 00:02:17.670 --> 00:02:20.020 align:start position:0% business you need you to change big distances<00:02:18.090> these<00:02:18.330> are<00:02:18.480> services<00:02:19.080> people<00:02:19.290> want 00:02:20.020 --> 00:02:20.030 align:start position:0% distances these are services people want 00:02:20.030 --> 00:02:23.440 align:start position:0% distances these are services people want but<00:02:21.030> they've<00:02:21.570> are<00:02:21.780> completely<00:02:22.290> custodial<00:02:22.860> and 00:02:23.440 --> 00:02:23.450 align:start position:0% but they've are completely custodial and 00:02:23.450 --> 00:02:27.080 align:start position:0% but they've are completely custodial and the<00:02:24.450> exchange<00:02:25.080> sets<00:02:25.620> the<00:02:25.770> rules<00:02:25.920> of<00:02:26.130> game<00:02:26.370> so 00:02:27.080 --> 00:02:27.090 align:start position:0% the exchange sets the rules of game so 00:02:27.090 --> 00:02:29.150 align:start position:0% the exchange sets the rules of game so the<00:02:27.209> exchange<00:02:27.390> decides<00:02:28.050> what<00:02:28.770> leverage<00:02:28.980> you 00:02:29.150 --> 00:02:29.160 align:start position:0% the exchange decides what leverage you 00:02:29.160 --> 00:02:31.190 align:start position:0% the exchange decides what leverage you get<00:02:29.370> how<00:02:29.940> you<00:02:30.000> trade<00:02:30.300> on<00:02:30.510> it<00:02:30.570> up<00:02:30.810> but 00:02:31.190 --> 00:02:31.200 align:start position:0% get how you trade on it up but 00:02:31.200 --> 00:02:33.560 align:start position:0% get how you trade on it up but importantly<00:02:31.709> they<00:02:31.920> also<00:02:32.040> decide<00:02:32.570> when 00:02:33.560 --> 00:02:33.570 align:start position:0% importantly they also decide when 00:02:33.570 --> 00:02:36.500 align:start position:0% importantly they also decide when positions<00:02:34.440> get<00:02:34.620> liquidated<00:02:35.239> you<00:02:36.239> know<00:02:36.360> like 00:02:36.500 --> 00:02:36.510 align:start position:0% positions get liquidated you know like 00:02:36.510 --> 00:02:39.380 align:start position:0% positions get liquidated you know like they<00:02:36.720> have<00:02:36.900> that<00:02:36.930> power<00:02:37.260> and<00:02:37.950> so<00:02:38.670> this<00:02:39.030> is<00:02:39.180> like 00:02:39.380 --> 00:02:39.390 align:start position:0% they have that power and so this is like 00:02:39.390 --> 00:02:41.630 align:start position:0% they have that power and so this is like really<00:02:39.739> centralized<00:02:40.739> it's<00:02:41.130> not<00:02:41.280> just<00:02:41.489> like<00:02:41.610> a 00:02:41.630 --> 00:02:41.640 align:start position:0% really centralized it's not just like a 00:02:41.640 --> 00:02:43.370 align:start position:0% really centralized it's not just like a centralized<00:02:42.209> point<00:02:42.630> base<00:02:42.840> or<00:02:43.050> whatever<00:02:43.140> area 00:02:43.370 --> 00:02:43.380 align:start position:0% centralized point base or whatever area 00:02:43.380 --> 00:02:44.870 align:start position:0% centralized point base or whatever area whether<00:02:43.950> it's<00:02:44.010> just<00:02:44.250> Estonia 00:02:44.870 --> 00:02:44.880 align:start position:0% whether it's just Estonia 00:02:44.880 --> 00:02:47.440 align:start position:0% whether it's just Estonia there's<00:02:45.600> also<00:02:45.870> this<00:02:46.140> whole<00:02:46.200> aspect<00:02:46.890> of 00:02:47.440 --> 00:02:47.450 align:start position:0% there's also this whole aspect of 00:02:47.450 --> 00:02:51.350 align:start position:0% there's also this whole aspect of centralization<00:02:48.800> around<00:02:49.800> trusting<00:02:50.790> Big<00:02:51.120> Macs 00:02:51.350 --> 00:02:51.360 align:start position:0% centralization around trusting Big Macs 00:02:51.360 --> 00:02:54.290 align:start position:0% centralization around trusting Big Macs or<00:02:51.630> whatever<00:02:52.020> exchange<00:02:52.410> to<00:02:53.010> monitor<00:02:53.550> your 00:02:54.290 --> 00:02:54.300 align:start position:0% or whatever exchange to monitor your 00:02:54.300 --> 00:02:56.509 align:start position:0% or whatever exchange to monitor your position<00:02:54.870> solvency<00:02:55.380> correctly<00:02:55.860> and<00:02:56.100> to<00:02:56.400> not 00:02:56.509 --> 00:02:56.519 align:start position:0% position solvency correctly and to not 00:02:56.519 --> 00:02:58.910 align:start position:0% position solvency correctly and to not let<00:02:56.700> the<00:02:56.790> date<00:02:56.910> you<00:02:57.000> have<00:02:57.090> a<00:02:57.150> long<00:02:57.269> time<00:02:57.920> so 00:02:58.910 --> 00:02:58.920 align:start position:0% let the date you have a long time so 00:02:58.920 --> 00:03:03.290 align:start position:0% let the date you have a long time so this<00:02:59.010> is<00:02:59.160> bad<00:02:59.310> it's<00:02:59.790> a<00:02:59.880> number<00:03:00.150> one<00:03:02.030> so<00:03:03.030> the 00:03:03.290 --> 00:03:03.300 align:start position:0% this is bad it's a number one so the 00:03:03.300 --> 00:03:05.020 align:start position:0% this is bad it's a number one so the question<00:03:03.660> is<00:03:03.780> certainly<00:03:04.320> why<00:03:04.800> is 00:03:05.020 --> 00:03:05.030 align:start position:0% question is certainly why is 00:03:05.030 --> 00:03:07.670 align:start position:0% question is certainly why is decentralizing<00:03:06.030> picnics<00:03:06.450> so<00:03:06.720> hard<00:03:07.080> what 00:03:07.670 --> 00:03:07.680 align:start position:0% decentralizing picnics so hard what 00:03:07.680 --> 00:03:09.620 align:start position:0% decentralizing picnics so hard what makes<00:03:07.890> it<00:03:08.070> so<00:03:08.280> difficult<00:03:08.549> why<00:03:09.030> can't<00:03:09.360> we<00:03:09.480> just 00:03:09.620 --> 00:03:09.630 align:start position:0% makes it so difficult why can't we just 00:03:09.630 --> 00:03:12.470 align:start position:0% makes it so difficult why can't we just like<00:03:09.840> run<00:03:10.110> this<00:03:10.260> on<00:03:10.440> the<00:03:10.530> blockchain<00:03:10.769> and<00:03:11.480> the 00:03:12.470 --> 00:03:12.480 align:start position:0% like run this on the blockchain and the 00:03:12.480 --> 00:03:13.970 align:start position:0% like run this on the blockchain and the things<00:03:12.900> that<00:03:13.019> there's<00:03:13.170> just<00:03:13.320> so<00:03:13.560> many<00:03:13.620> damn 00:03:13.970 --> 00:03:13.980 align:start position:0% things that there's just so many damn 00:03:13.980 --> 00:03:16.759 align:start position:0% things that there's just so many damn transactions<00:03:14.790> you<00:03:14.910> have<00:03:14.940> to<00:03:15.120> check<00:03:15.390> so<00:03:16.230> the 00:03:16.759 --> 00:03:16.769 align:start position:0% transactions you have to check so the 00:03:16.769 --> 00:03:19.190 align:start position:0% transactions you have to check so the idea<00:03:17.130> is<00:03:17.370> that<00:03:17.430> bid<00:03:17.910> next<00:03:18.180> functions<00:03:18.600> as<00:03:18.840> this 00:03:19.190 --> 00:03:19.200 align:start position:0% idea is that bid next functions as this 00:03:19.200 --> 00:03:22.220 align:start position:0% idea is that bid next functions as this somewhat<00:03:20.100> of<00:03:20.160> a<00:03:20.220> black<00:03:20.430> box<00:03:20.700> that<00:03:21.060> has<00:03:21.690> all<00:03:21.989> the 00:03:22.220 --> 00:03:22.230 align:start position:0% somewhat of a black box that has all the 00:03:22.230 --> 00:03:25.069 align:start position:0% somewhat of a black box that has all the position<00:03:22.860> and<00:03:23.070> margin<00:03:23.519> data<00:03:23.760> for<00:03:24.540> everybody 00:03:25.069 --> 00:03:25.079 align:start position:0% position and margin data for everybody 00:03:25.079 --> 00:03:28.009 align:start position:0% position and margin data for everybody of<00:03:25.320> all<00:03:25.470> the<00:03:25.560> trades<00:03:25.890> of<00:03:26.070> the<00:03:26.160> system<00:03:26.519> and<00:03:27.030> they 00:03:28.009 --> 00:03:28.019 align:start position:0% of all the trades of the system and they 00:03:28.019 --> 00:03:29.900 align:start position:0% of all the trades of the system and they go<00:03:28.140> through<00:03:28.410> and<00:03:28.560> they<00:03:28.620> check<00:03:29.070> the<00:03:29.459> solvency 00:03:29.900 --> 00:03:29.910 align:start position:0% go through and they check the solvency 00:03:29.910 --> 00:03:32.810 align:start position:0% go through and they check the solvency of<00:03:30.060> all<00:03:30.450> trades<00:03:30.930> with<00:03:31.170> each<00:03:31.350> price<00:03:31.739> tick<00:03:32.070> so 00:03:32.810 --> 00:03:32.820 align:start position:0% of all trades with each price tick so 00:03:32.820 --> 00:03:35.600 align:start position:0% of all trades with each price tick so every<00:03:33.150> price<00:03:33.480> update<00:03:34.079> they're<00:03:34.590> checking<00:03:34.860> the 00:03:35.600 --> 00:03:35.610 align:start position:0% every price update they're checking the 00:03:35.610 --> 00:03:38.120 align:start position:0% every price update they're checking the the<00:03:36.000> solvency<00:03:36.900> of<00:03:36.930> every<00:03:37.290> position<00:03:37.620> in<00:03:37.980> the 00:03:38.120 --> 00:03:38.130 align:start position:0% the solvency of every position in the 00:03:38.130 --> 00:03:40.160 align:start position:0% the solvency of every position in the system<00:03:38.519> and<00:03:38.790> that's<00:03:39.600> just<00:03:39.840> a<00:03:39.900> lot<00:03:40.110> of 00:03:40.160 --> 00:03:40.170 align:start position:0% system and that's just a lot of 00:03:40.170 --> 00:03:42.170 align:start position:0% system and that's just a lot of transactions<00:03:40.890> you<00:03:41.070> can't<00:03:41.280> run<00:03:41.489> that<00:03:41.640> chain 00:03:42.170 --> 00:03:42.180 align:start position:0% transactions you can't run that chain 00:03:42.180 --> 00:03:45.110 align:start position:0% transactions you can't run that chain and<00:03:43.110> the<00:03:43.200> data<00:03:43.410> is<00:03:43.560> available<00:03:43.860> to<00:03:44.340> do<00:03:44.459> so<00:03:44.670> if 00:03:45.110 --> 00:03:45.120 align:start position:0% and the data is available to do so if 00:03:45.120 --> 00:03:49.310 align:start position:0% and the data is available to do so if you<00:03:45.180> get<00:03:45.450> have<00:03:45.630> it<00:03:46.790> so<00:03:47.790> what<00:03:48.750> are<00:03:48.870> we<00:03:48.959> gonna<00:03:49.079> do 00:03:49.310 --> 00:03:49.320 align:start position:0% you get have it so what are we gonna do 00:03:49.320 --> 00:03:51.020 align:start position:0% you get have it so what are we gonna do so<00:03:49.620> we're<00:03:49.739> gonna<00:03:49.860> try<00:03:50.130> to<00:03:50.220> solve<00:03:50.549> this<00:03:50.760> with 00:03:51.020 --> 00:03:51.030 align:start position:0% so we're gonna try to solve this with 00:03:51.030 --> 00:03:53.690 align:start position:0% so we're gonna try to solve this with block<00:03:51.510> chains<00:03:51.860> but<00:03:52.860> more<00:03:53.070> importantly<00:03:53.489> with 00:03:53.690 --> 00:03:53.700 align:start position:0% block chains but more importantly with 00:03:53.700 --> 00:03:55.370 align:start position:0% block chains but more importantly with some<00:03:53.880> later<00:03:54.090> to<00:03:54.390> thinking's<00:03:54.840> and<00:03:55.049> later<00:03:55.200> to 00:03:55.370 --> 00:03:55.380 align:start position:0% some later to thinking's and later to 00:03:55.380 --> 00:03:57.300 align:start position:0% some later to thinking's and later to concepts<00:03:55.980> that<00:03:56.459> we're<00:03:56.640> gonna<00:03:56.730> look 00:03:57.300 --> 00:03:57.310 align:start position:0% concepts that we're gonna look 00:03:57.310 --> 00:04:03.630 align:start position:0% concepts that we're gonna look to<00:03:57.459> a<00:03:57.850> financial<00:03:58.420> contract<00:03:58.780> design<00:04:01.740> so<00:04:02.740> okay 00:04:03.630 --> 00:04:03.640 align:start position:0% to a financial contract design so okay 00:04:03.640 --> 00:04:05.130 align:start position:0% to a financial contract design so okay good<00:04:04.390> idea 00:04:05.130 --> 00:04:05.140 align:start position:0% good idea 00:04:05.140 --> 00:04:08.520 align:start position:0% good idea our<00:04:05.430> observation<00:04:06.569> on<00:04:07.569> a<00:04:07.630> futures<00:04:08.140> exchange 00:04:08.520 --> 00:04:08.530 align:start position:0% our observation on a futures exchange 00:04:08.530 --> 00:04:11.670 align:start position:0% our observation on a futures exchange like<00:04:08.800> index<00:04:09.340> position<00:04:10.270> data<00:04:10.780> does<00:04:11.110> not<00:04:11.290> change 00:04:11.670 --> 00:04:11.680 align:start position:0% like index position data does not change 00:04:11.680 --> 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anyone to monitor<00:04:21.519> positions<00:04:22.090> to<00:04:22.540> verify<00:04:23.020> their 00:04:23.250 --> 00:04:23.260 align:start position:0% monitor positions to verify their 00:04:23.260 --> 00:04:25.950 align:start position:0% monitor positions to verify their solvency<00:04:24.030> and<00:04:25.030> it's<00:04:25.600> missus<00:04:25.930> pretty 00:04:25.950 --> 00:04:25.960 align:start position:0% solvency and it's missus pretty 00:04:25.960 --> 00:04:28.620 align:start position:0% solvency and it's missus pretty interesting<00:04:26.530> right<00:04:26.850> we<00:04:27.850> can<00:04:28.090> actually<00:04:28.240> put 00:04:28.620 --> 00:04:28.630 align:start position:0% interesting right we can actually put 00:04:28.630 --> 00:04:30.750 align:start position:0% interesting right we can actually put the<00:04:28.720> position<00:04:29.080> data<00:04:29.230> on<00:04:29.560> chain<00:04:29.950> when<00:04:30.640> you 00:04:30.750 --> 00:04:30.760 align:start position:0% the position data on chain when you 00:04:30.760 --> 00:04:32.880 align:start position:0% the position data on chain when you design<00:04:31.060> a<00:04:31.090> system<00:04:31.180> where<00:04:31.780> anyone<00:04:32.230> can<00:04:32.440> monitor 00:04:32.880 --> 00:04:32.890 align:start position:0% design a system where anyone can monitor 00:04:32.890 --> 00:04:35.030 align:start position:0% design a system where anyone can monitor the<00:04:33.190> solvency<00:04:33.580> of<00:04:33.669> that<00:04:33.850> data<00:04:34.060> off<00:04:34.330> chain 00:04:35.030 --> 00:04:35.040 align:start position:0% the solvency of that data off chain 00:04:35.040 --> 00:04:37.710 align:start position:0% the solvency of that data off chain allowing<00:04:36.040> us<00:04:36.160> to<00:04:36.190> have<00:04:36.340> a<00:04:36.820> design<00:04:37.240> with<00:04:37.480> no 00:04:37.710 --> 00:04:37.720 align:start position:0% allowing us to have a design with no 00:04:37.720 --> 00:04:40.380 align:start position:0% allowing us to have a design with no centralized<00:04:38.260> proceed<00:04:38.740> and<00:04:38.950> no<00:04:39.730> centralized 00:04:40.380 --> 00:04:40.390 align:start position:0% centralized proceed and no centralized 00:04:40.390 --> 00:04:44.850 align:start position:0% centralized proceed and no centralized arbiter<00:04:40.930> proper<00:04:41.500> authorization<00:04:43.200> so<00:04:44.200> index 00:04:44.850 --> 00:04:44.860 align:start position:0% arbiter proper authorization so index 00:04:44.860 --> 00:04:47.760 align:start position:0% arbiter proper authorization so index does<00:04:45.310> this<00:04:45.610> by<00:04:46.330> allowing<00:04:46.630> any<00:04:47.020> Janata<00:04:47.380> Party 00:04:47.760 --> 00:04:47.770 align:start position:0% does this by allowing any Janata Party 00:04:47.770 --> 00:04:50.850 align:start position:0% does this by allowing any Janata Party to<00:04:47.950> dispute<00:04:48.610> any<00:04:48.940> opposite<00:04:49.479> position<00:04:49.930> so<00:04:50.650> any 00:04:50.850 --> 00:04:50.860 align:start position:0% to dispute any opposite position so any 00:04:50.860 --> 00:04:53.730 align:start position:0% to dispute any opposite position so any long<00:04:51.220> dispute<00:04:52.000> any<00:04:52.150> short<00:04:52.570> and<00:04:52.930> in<00:04:53.350> short<00:04:53.530> in 00:04:53.730 --> 00:04:53.740 align:start position:0% long dispute any short and in short in 00:04:53.740 --> 00:04:57.510 align:start position:0% long dispute any short and in short in dispute<00:04:54.100> any<00:04:54.250> long<00:04:54.520> and<00:04:55.500> Oracle<00:04:56.500> is<00:04:56.680> only<00:04:56.979> used 00:04:57.510 --> 00:04:57.520 align:start position:0% dispute any long and Oracle is only used 00:04:57.520 --> 00:04:59.310 align:start position:0% dispute any long and Oracle is only used to<00:04:57.760> resolve<00:04:58.180> these<00:04:58.330> disputes<00:04:58.510> when<00:04:59.200> they 00:04:59.310 --> 00:04:59.320 align:start position:0% to resolve these disputes when they 00:04:59.320 --> 00:05:01.500 align:start position:0% to resolve these disputes when they happen<00:04:59.740> so<00:05:00.669> this<00:05:00.760> is<00:05:00.910> very<00:05:01.060> much<00:05:01.240> like<00:05:01.360> an 00:05:01.500 --> 00:05:01.510 align:start position:0% happen so this is very much like an 00:05:01.510 --> 00:05:04.110 align:start position:0% happen so this is very much like an Oracle<00:05:01.840> minimize<00:05:02.410> design<00:05:02.860> we<00:05:03.280> only<00:05:03.580> use<00:05:03.970> an 00:05:04.110 --> 00:05:04.120 align:start position:0% Oracle minimize design we only use an 00:05:04.120 --> 00:05:06.900 align:start position:0% Oracle minimize design we only use an Oracle<00:05:04.630> when<00:05:05.050> a<00:05:05.080> dispute<00:05:05.320> happens<00:05:05.890> and<00:05:06.790> I'll 00:05:06.900 --> 00:05:06.910 align:start position:0% Oracle when a dispute happens and I'll 00:05:06.910 --> 00:05:10.640 align:start position:0% Oracle when a dispute happens and I'll go<00:05:07.060> into<00:05:07.180> more<00:05:07.240> detail<00:05:07.750> on<00:05:07.780> that<00:05:07.960> in<00:05:08.620> a<00:05:08.680> second 00:05:10.640 --> 00:05:10.650 align:start position:0% go into more detail on that in a second 00:05:10.650 --> 00:05:13.230 align:start position:0% go into more detail on that in a second penalties<00:05:11.650> are<00:05:11.800> then<00:05:11.919> paid<00:05:12.190> to<00:05:12.640> the<00:05:12.760> disputer 00:05:13.230 --> 00:05:13.240 align:start position:0% penalties are then paid to the disputer 00:05:13.240 --> 00:05:15.510 align:start position:0% penalties are then paid to the disputer by<00:05:13.390> the<00:05:13.450> disputed<00:05:14.020> position<00:05:14.410> if<00:05:14.950> the<00:05:15.160> dispute 00:05:15.510 --> 00:05:15.520 align:start position:0% by the disputed position if the dispute 00:05:15.520 --> 00:05:17.430 align:start position:0% by the disputed position if the dispute is<00:05:15.700> deemed<00:05:16.000> valid<00:05:16.270> by<00:05:16.539> water<00:05:16.870> so<00:05:17.410> there's 00:05:17.430 --> 00:05:17.440 align:start position:0% is deemed valid by water so there's 00:05:17.440 --> 00:05:19.800 align:start position:0% is deemed valid by water so there's common<00:05:18.010> consensus<00:05:18.490> here<00:05:18.669> to<00:05:19.330> correctly 00:05:19.800 --> 00:05:19.810 align:start position:0% common consensus here to correctly 00:05:19.810 --> 00:05:23.040 align:start position:0% common consensus here to correctly dispute<00:05:20.410> one<00:05:20.620> of<00:05:20.710> course<00:05:21.450> but<00:05:22.450> wait<00:05:22.600> efficient 00:05:23.040 --> 00:05:23.050 align:start position:0% dispute one of course but wait efficient 00:05:23.050 --> 00:05:24.870 align:start position:0% dispute one of course but wait efficient rates<00:05:23.700> okay 00:05:24.870 --> 00:05:24.880 align:start position:0% rates okay 00:05:24.880 --> 00:05:27.360 align:start position:0% rates okay so<00:05:25.570> a<00:05:25.600> core<00:05:25.870> idea<00:05:26.020> here<00:05:26.530> we<00:05:26.860> are<00:05:26.890> going<00:05:27.130> to<00:05:27.190> ask 00:05:27.360 --> 00:05:27.370 align:start position:0% so a core idea here we are going to ask 00:05:27.370 --> 00:05:30.480 align:start position:0% so a core idea here we are going to ask people<00:05:27.910> off<00:05:28.150> chain<00:05:28.539> to<00:05:29.380> monitor<00:05:29.860> the<00:05:30.039> exchange 00:05:30.480 --> 00:05:30.490 align:start position:0% people off chain to monitor the exchange 00:05:30.490 --> 00:05:32.460 align:start position:0% people off chain to monitor the exchange to<00:05:31.030> see<00:05:31.240> this<00:05:31.450> properly<00:05:31.870> collateralized 00:05:32.460 --> 00:05:32.470 align:start position:0% to see this properly collateralized 00:05:32.470 --> 00:05:35.969 align:start position:0% to see this properly collateralized that's<00:05:33.010> like<00:05:33.250> the<00:05:33.460> big<00:05:33.729> idea<00:05:34.240> and<00:05:34.530> there<00:05:35.530> is<00:05:35.710> no 00:05:35.969 --> 00:05:35.979 align:start position:0% that's like the big idea and there is no 00:05:35.979 --> 00:05:40.830 align:start position:0% that's like the big idea and there is no on<00:05:36.370> chain<00:05:36.700> high-speed<00:05:37.320> important<00:05:38.320> one<00:05:39.840> all 00:05:40.830 --> 00:05:40.840 align:start position:0% on chain high-speed important one all 00:05:40.840 --> 00:05:43.230 align:start position:0% on chain high-speed important one all right<00:05:41.110> so<00:05:41.950> let's<00:05:42.370> just<00:05:42.550> talk<00:05:42.729> about<00:05:42.789> what's 00:05:43.230 --> 00:05:43.240 align:start position:0% right so let's just talk about what's 00:05:43.240 --> 00:05:44.790 align:start position:0% right so let's just talk about what's happening<00:05:43.570> on<00:05:43.720> chain<00:05:44.020> I'll<00:05:44.229> change 00:05:44.790 --> 00:05:44.800 align:start position:0% happening on chain I'll change 00:05:44.800 --> 00:05:48.860 align:start position:0% happening on chain I'll change details<00:05:45.610> here<00:05:46.449> and<00:05:46.599> why<00:05:47.199> this<00:05:47.259> can<00:05:47.590> be<00:05:47.650> fast<00:05:47.889> so 00:05:48.860 --> 00:05:48.870 align:start position:0% details here and why this can be fast so 00:05:48.870 --> 00:05:53.760 align:start position:0% details here and why this can be fast so um<00:05:49.870> the<00:05:50.770> decks<00:05:51.099> only<00:05:51.580> puts<00:05:51.909> a<00:05:52.270> data<00:05:52.990> on<00:05:53.319> chain 00:05:53.760 --> 00:05:53.770 align:start position:0% um the decks only puts a data on chain 00:05:53.770 --> 00:05:56.369 align:start position:0% um the decks only puts a data on chain that<00:05:54.159> needs<00:05:54.430> to<00:05:54.610> be<00:05:54.639> on<00:05:54.909> chain<00:05:55.180> put<00:05:56.050> some 00:05:56.369 --> 00:05:56.379 align:start position:0% that needs to be on chain put some 00:05:56.379 --> 00:05:58.430 align:start position:0% that needs to be on chain put some pretty<00:05:56.620> democratic<00:05:57.250> or<00:05:57.400> exchange<00:05:57.819> functions 00:05:58.430 --> 00:05:58.440 align:start position:0% pretty democratic or exchange functions 00:05:58.440 --> 00:06:02.129 align:start position:0% pretty democratic or exchange functions so<00:05:59.440> margin<00:06:00.340> deposits<00:06:00.879> and<00:06:00.970> withdrawals<00:06:01.139> those 00:06:02.129 --> 00:06:02.139 align:start position:0% so margin deposits and withdrawals those 00:06:02.139 --> 00:06:04.230 align:start position:0% so margin deposits and withdrawals those happen<00:06:02.530> very<00:06:02.680> rarely<00:06:02.979> people<00:06:03.400> contributing 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that's<00:06:19.150> exactly<00:06:19.629> what<00:06:20.199> happens<00:06:20.560> like<00:06:20.710> that 00:06:20.730 --> 00:06:20.740 align:start position:0% that's exactly what happens like that 00:06:20.740 --> 00:06:22.170 align:start position:0% that's exactly what happens like that next<00:06:21.039> to<00:06:21.099> it<00:06:21.280> but<00:06:21.400> it's<00:06:21.520> like<00:06:21.669> low<00:06:21.849> single 00:06:22.170 --> 00:06:22.180 align:start position:0% next to it but it's like low single 00:06:22.180 --> 00:06:25.080 align:start position:0% next to it but it's like low single digits<00:06:22.479> or<00:06:23.409> you<00:06:23.650> believe<00:06:23.860> that<00:06:24.039> it's<00:06:24.340> a<00:06:24.430> pop<00:06:24.639> to 00:06:25.080 --> 00:06:25.090 align:start position:0% digits or you believe that it's a pop to 00:06:25.090 --> 00:06:26.730 align:start position:0% digits or you believe that it's a pop to some<00:06:25.300> border<00:06:25.629> on<00:06:25.810> the<00:06:25.870> three<00:06:26.080> right<00:06:26.349> now<00:06:26.500> wait 00:06:26.730 --> 00:06:26.740 align:start position:0% some border on the three right now wait 00:06:26.740 --> 00:06:28.950 align:start position:0% some border on the three right now wait you<00:06:26.830> could<00:06:26.979> get<00:06:27.159> pretty<00:06:27.400> close<00:06:27.610> so<00:06:27.940> we<00:06:28.719> can 00:06:28.950 --> 00:06:28.960 align:start position:0% you could get pretty close so we can 00:06:28.960 --> 00:06:33.029 align:start position:0% you could get pretty close so we can also<00:06:29.229> record<00:06:29.770> that<00:06:30.069> data<00:06:30.310> on<00:06:30.729> chain<00:06:32.039> the 00:06:33.029 --> 00:06:33.039 align:start position:0% also record that data on chain the 00:06:33.039 --> 00:06:35.369 align:start position:0% also record that data on chain the interesting<00:06:33.819> part<00:06:34.060> and<00:06:34.210> where<00:06:34.389> the<00:06:34.509> scales<00:06:34.930> is 00:06:35.369 --> 00:06:35.379 align:start position:0% interesting part and where the scales is 00:06:35.379 --> 00:06:38.430 align:start position:0% interesting part and where the scales is all<00:06:35.800> the<00:06:36.099> measuring<00:06:36.580> created<00:06:37.120> solvency<00:06:37.690> so 00:06:38.430 --> 00:06:38.440 align:start position:0% all the measuring created solvency so 00:06:38.440 --> 00:06:41.339 align:start position:0% all the measuring created solvency so checking<00:06:38.889> all<00:06:39.099> the<00:06:39.219> positions<00:06:39.870> good<00:06:40.870> next<00:06:41.229> has 00:06:41.339 --> 00:06:41.349 align:start position:0% checking all the positions good next has 00:06:41.349 --> 00:06:43.170 align:start position:0% checking all the positions good next has like<00:06:41.590> ten<00:06:42.099> tens<00:06:42.580> of<00:06:42.759> thousands<00:06:43.090> of 00:06:43.170 --> 00:06:43.180 align:start position:0% like ten tens of thousands of 00:06:43.180 --> 00:06:45.629 align:start position:0% like ten tens of thousands of transactions<00:06:43.750> per<00:06:43.840> second<00:06:44.139> to<00:06:44.229> check<00:06:44.460> all<00:06:45.460> the 00:06:45.629 --> 00:06:45.639 align:start position:0% transactions per second to check all the 00:06:45.639 --> 00:06:47.100 align:start position:0% transactions per second to check all the positions<00:06:46.090> of<00:06:46.180> their<00:06:46.330> system<00:06:46.690> and<00:06:46.900> every 00:06:47.100 --> 00:06:47.110 align:start position:0% positions of their system and every 00:06:47.110 --> 00:06:49.499 align:start position:0% positions of their system and every price<00:06:47.319> tick<00:06:47.560> but<00:06:48.490> we<00:06:48.669> are<00:06:48.789> pushing<00:06:49.029> that<00:06:49.240> off 00:06:49.499 --> 00:06:49.509 align:start position:0% price tick but we are pushing that off 00:06:49.509 --> 00:06:51.600 align:start position:0% price tick but we are pushing that off gene<00:06:49.900> because<00:06:50.590> now<00:06:50.770> we've<00:06:50.979> recorded<00:06:51.310> that 00:06:51.600 --> 00:06:51.610 align:start position:0% gene because now we've recorded that 00:06:51.610 --> 00:06:54.180 align:start position:0% gene because now we've recorded that trade<00:06:52.120> and<00:06:52.330> position<00:06:52.719> data<00:06:52.900> off<00:06:53.289> chain<00:06:53.650> so 00:06:54.180 --> 00:06:54.190 align:start position:0% trade and position data off chain so 00:06:54.190 --> 00:06:56.370 align:start position:0% trade and position data off chain so anyone<00:06:54.759> off<00:06:55.000> change<00:06:55.360> and<00:06:55.569> check<00:06:55.840> the<00:06:56.020> solvency 00:06:56.370 --> 00:06:56.380 align:start position:0% anyone off change and check the solvency 00:06:56.380 --> 00:06:57.930 align:start position:0% anyone off change and check the solvency position<00:06:56.889> that's<00:06:57.190> where<00:06:57.370> I<00:06:57.400> stay<00:06:57.639> ability 00:06:57.930 --> 00:06:57.940 align:start position:0% position that's where I stay ability 00:06:57.940 --> 00:07:01.379 align:start position:0% position that's where I stay ability going<00:06:58.060> from<00:06:59.130> one<00:07:00.130> point<00:07:00.370> of<00:07:00.520> women<00:07:00.789> clear<00:07:01.090> is 00:07:01.379 --> 00:07:01.389 align:start position:0% going from one point of women clear is 00:07:01.389 --> 00:07:04.170 align:start position:0% going from one point of women clear is that<00:07:01.650> these<00:07:02.650> X<00:07:03.009> does<00:07:03.340> not<00:07:03.370> solve<00:07:03.759> like<00:07:04.060> a 00:07:04.170 --> 00:07:04.180 align:start position:0% that these X does not solve like a 00:07:04.180 --> 00:07:05.969 align:start position:0% that these X does not solve like a decentralized<00:07:04.779> order<00:07:05.050> book<00:07:05.259> problems<00:07:05.680> that's 00:07:05.969 --> 00:07:05.979 align:start position:0% decentralized order book problems that's 00:07:05.979 --> 00:07:08.820 align:start position:0% decentralized order book problems that's not<00:07:06.190> what<00:07:06.370> we're<00:07:06.550> starting<00:07:06.969> at<00:07:07.210> salt<00:07:07.830> belongs 00:07:08.820 --> 00:07:08.830 align:start position:0% not what we're starting at salt belongs 00:07:08.830 --> 00:07:11.040 align:start position:0% not what we're starting at salt belongs and<00:07:09.340> shorts<00:07:09.759> in<00:07:10.029> this<00:07:10.270> treating<00:07:10.630> systems 00:07:11.040 --> 00:07:11.050 align:start position:0% and shorts in this treating systems 00:07:11.050 --> 00:07:12.719 align:start position:0% and shorts in this treating systems still<00:07:11.380> need<00:07:11.560> a<00:07:11.590> mechanism<00:07:11.860> to<00:07:12.279> find<00:07:12.490> each 00:07:12.719 --> 00:07:12.729 align:start position:0% still need a mechanism to find each 00:07:12.729 --> 00:07:15.450 align:start position:0% still need a mechanism to find each other<00:07:13.110> that<00:07:14.110> would<00:07:14.169> be<00:07:14.259> in<00:07:14.349> a<00:07:14.379> workbook<00:07:14.560> we<00:07:15.279> are 00:07:15.450 --> 00:07:15.460 align:start position:0% other that would be in a workbook we are 00:07:15.460 --> 00:07:19.080 align:start position:0% other that would be in a workbook we are building<00:07:15.849> on<00:07:16.000> there's<00:07:16.779> great<00:07:17.580> Senate<00:07:18.580> trusted 00:07:19.080 --> 00:07:19.090 align:start position:0% building on there's great Senate trusted 00:07:19.090 --> 00:07:20.490 align:start position:0% building on there's great Senate trusted designs<00:07:19.389> what<00:07:19.750> peer-to-peer<00:07:19.960> work<00:07:20.319> what 00:07:20.490 --> 00:07:20.500 align:start position:0% designs what peer-to-peer work what 00:07:20.500 --> 00:07:22.529 align:start position:0% designs what peer-to-peer work what designs<00:07:20.770> that<00:07:20.949> 0x<00:07:21.340> mesh<00:07:21.610> that<00:07:22.240> are<00:07:22.360> pretty 00:07:22.529 --> 00:07:22.539 align:start position:0% designs that 0x mesh that are pretty 00:07:22.539 --> 00:07:26.240 align:start position:0% designs that 0x mesh that are pretty interesting<00:07:23.110> approaches<00:07:23.560> to<00:07:23.650> solving<00:07:23.919> at<00:07:24.039> all 00:07:26.240 --> 00:07:26.250 align:start position:0% 00:07:26.250 --> 00:07:31.589 align:start position:0% okay<00:07:27.250> so<00:07:28.180> let's<00:07:29.490> let's<00:07:30.490> go<00:07:30.669> into<00:07:30.879> an<00:07:31.210> example 00:07:31.589 --> 00:07:31.599 align:start position:0% okay so let's let's go into an example 00:07:31.599 --> 00:07:34.379 align:start position:0% okay so let's let's go into an example just<00:07:32.259> to<00:07:32.349> try<00:07:32.979> to<00:07:33.039> illustrate<00:07:33.490> what's 00:07:34.379 --> 00:07:34.389 align:start position:0% just to try to illustrate what's 00:07:34.389 --> 00:07:37.279 align:start position:0% just to try to illustrate what's happening<00:07:34.900> with<00:07:35.259> this<00:07:35.469> this<00:07:35.949> design<00:07:36.340> so 00:07:37.279 --> 00:07:37.289 align:start position:0% happening with this this design so 00:07:37.289 --> 00:07:41.040 align:start position:0% happening with this this design so remember<00:07:38.289> on<00:07:38.529> the<00:07:39.009> tree<00:07:39.520> the<00:07:39.879> deposit<00:07:40.449> the 00:07:41.040 --> 00:07:41.050 align:start position:0% remember on the tree the deposit the 00:07:41.050 --> 00:07:42.930 align:start position:0% remember on the tree the deposit the trim<00:07:41.289> position<00:07:41.710> data<00:07:41.860> is<00:07:41.979> recorded<00:07:42.250> on<00:07:42.610> chain 00:07:42.930 --> 00:07:42.940 align:start position:0% trim position data is recorded on chain 00:07:42.940 --> 00:07:47.040 align:start position:0% trim position data is recorded on chain and<00:07:43.840> anyone<00:07:44.349> can<00:07:44.529> check<00:07:44.830> the<00:07:45.159> positions<00:07:46.050> so 00:07:47.040 --> 00:07:47.050 align:start position:0% and anyone can check the positions so 00:07:47.050 --> 00:07:49.140 align:start position:0% and anyone can check the positions so would<00:07:47.770> start<00:07:48.069> see<00:07:48.250> we're<00:07:48.430> going<00:07:48.520> to<00:07:48.610> leave<00:07:48.789> all 00:07:49.140 --> 00:07:49.150 align:start position:0% would start see we're going to leave all 00:07:49.150 --> 00:07:53.159 align:start position:0% would start see we're going to leave all of<00:07:49.180> our<00:07:49.389> lungs<00:07:49.830> l1<00:07:50.830> through<00:07:51.069> Ln<00:07:51.520> over<00:07:51.930> here<00:07:52.930> and 00:07:53.159 --> 00:07:53.169 align:start position:0% of our lungs l1 through Ln over here and 00:07:53.169 --> 00:07:55.980 align:start position:0% of our lungs l1 through Ln over here and our<00:07:53.259> shorts<00:07:53.589> s1<00:07:54.099> through<00:07:54.339> SN<00:07:54.699> the<00:07:55.360> important 00:07:55.980 --> 00:07:55.990 align:start position:0% our shorts s1 through SN the important 00:07:55.990 --> 00:07:56.459 align:start position:0% our shorts s1 through SN the important point 00:07:56.459 --> 00:07:56.469 align:start position:0% point 00:07:56.469 --> 00:08:00.269 align:start position:0% point l1<00:07:56.860> does<00:07:57.460> not<00:07:57.669> face<00:07:57.969> s1<00:07:58.630> and<00:07:58.899> s2<00:07:59.500> does<00:07:59.919> not<00:08:00.070> face 00:08:00.269 --> 00:08:00.279 align:start position:0% l1 does not face s1 and s2 does not face 00:08:00.279 --> 00:08:03.719 align:start position:0% l1 does not face s1 and s2 does not face l2<00:08:00.930> they<00:08:01.930> all<00:08:02.110> based<00:08:02.440> on<00:08:02.860> contract<00:08:03.490> an 00:08:03.719 --> 00:08:03.729 align:start position:0% l2 they all based on contract an 00:08:03.729 --> 00:08:05.909 align:start position:0% l2 they all based on contract an exchange<00:08:04.180> so<00:08:05.020> they're<00:08:05.409> not<00:08:05.589> directly 00:08:05.909 --> 00:08:05.919 align:start position:0% exchange so they're not directly 00:08:05.919 --> 00:08:09.930 align:start position:0% exchange so they're not directly offsetting<00:08:07.830> but<00:08:08.830> we're<00:08:08.949> gonna<00:08:09.070> record<00:08:09.490> we're 00:08:09.930 --> 00:08:09.940 align:start position:0% offsetting but we're gonna record we're 00:08:09.940 --> 00:08:11.700 align:start position:0% offsetting but we're gonna record we're gonna<00:08:10.060> also<00:08:10.180> define<00:08:10.659> a<00:08:10.899> market<00:08:11.169> here<00:08:11.500> we're 00:08:11.700 --> 00:08:11.710 align:start position:0% gonna also define a market here we're 00:08:11.710 --> 00:08:13.350 align:start position:0% gonna also define a market here we're going<00:08:11.860> to<00:08:11.919> create<00:08:12.099> the<00:08:12.399> price<00:08:12.610> of<00:08:12.759> Bitcoin<00:08:13.120> and 00:08:13.350 --> 00:08:13.360 align:start position:0% going to create the price of Bitcoin and 00:08:13.360 --> 00:08:15.180 align:start position:0% going to create the price of Bitcoin and let's<00:08:13.990> just<00:08:14.139> say<00:08:14.380> there's<00:08:14.620> a<00:08:14.680> starting<00:08:15.009> price 00:08:15.180 --> 00:08:15.190 align:start position:0% let's just say there's a starting price 00:08:15.190 --> 00:08:19.320 align:start position:0% let's just say there's a starting price of<00:08:15.250> Bitcoin<00:08:15.789> at<00:08:16.380> $10,000<00:08:17.380> per<00:08:18.039> coin<00:08:18.250> and<00:08:18.580> so 00:08:19.320 --> 00:08:19.330 align:start position:0% of Bitcoin at $10,000 per coin and so 00:08:19.330 --> 00:08:21.329 align:start position:0% of Bitcoin at $10,000 per coin and so our<00:08:19.659> EB<00:08:20.199> function<00:08:20.649> for<00:08:20.889> what<00:08:21.009> Long's<00:08:21.190> and 00:08:21.329 --> 00:08:21.339 align:start position:0% our EB function for what Long's and 00:08:21.339 --> 00:08:23.159 align:start position:0% our EB function for what Long's and shorts<00:08:21.399> get<00:08:21.729> paid<00:08:21.909> out<00:08:22.060> is<00:08:22.630> going<00:08:22.899> to<00:08:22.990> eat 00:08:23.159 --> 00:08:23.169 align:start position:0% shorts get paid out is going to eat 00:08:23.169 --> 00:08:26.010 align:start position:0% shorts get paid out is going to eat current<00:08:23.800> price<00:08:24.130> minus<00:08:24.610> 10,000<00:08:25.210> so<00:08:25.839> our 00:08:26.010 --> 00:08:26.020 align:start position:0% current price minus 10,000 so our 00:08:26.020 --> 00:08:28.529 align:start position:0% current price minus 10,000 so our initial<00:08:26.830> price<00:08:27.069> of<00:08:27.219> 10,000<00:08:27.819> wants<00:08:28.210> and<00:08:28.330> shorts 00:08:28.529 --> 00:08:28.539 align:start position:0% initial price of 10,000 wants and shorts 00:08:28.539 --> 00:08:31.499 align:start position:0% initial price of 10,000 wants and shorts both<00:08:28.690> made<00:08:28.870> zero<00:08:29.080> dollars<00:08:29.529> all<00:08:30.159> flat<00:08:30.550> and<00:08:30.729> we 00:08:31.499 --> 00:08:31.509 align:start position:0% both made zero dollars all flat and we 00:08:31.509 --> 00:08:33.870 align:start position:0% both made zero dollars all flat and we have<00:08:31.630> a<00:08:31.690> margin<00:08:32.199> requirement<00:08:32.740> here<00:08:32.979> of<00:08:33.219> 10%<00:08:33.640> of 00:08:33.870 --> 00:08:33.880 align:start position:0% have a margin requirement here of 10% of 00:08:33.880 --> 00:08:36.149 align:start position:0% have a margin requirement here of 10% of the<00:08:33.940> current<00:08:34.209> price<00:08:34.419> which<00:08:35.380> means<00:08:35.409> we<00:08:35.740> got<00:08:35.949> two 00:08:36.149 --> 00:08:36.159 align:start position:0% the current price which means we got two 00:08:36.159 --> 00:08:38.730 align:start position:0% the current price which means we got two tanks<00:08:36.310> leveraged<00:08:36.819> for<00:08:37.510> $1,000<00:08:38.349> you<00:08:38.589> get 00:08:38.730 --> 00:08:38.740 align:start position:0% tanks leveraged for $1,000 you get 00:08:38.740 --> 00:08:40.159 align:start position:0% tanks leveraged for $1,000 you get $10,000<00:08:39.459> exposure 00:08:40.159 --> 00:08:40.169 align:start position:0% $10,000 exposure 00:08:40.169 --> 00:08:44.340 align:start position:0% $10,000 exposure jump<00:08:41.169> into<00:08:41.409> some<00:08:41.529> details<00:08:41.829> okay<00:08:42.510> so<00:08:43.510> we're 00:08:44.340 --> 00:08:44.350 align:start position:0% jump into some details okay so we're 00:08:44.350 --> 00:08:45.990 align:start position:0% jump into some details okay so we're throwing<00:08:44.380> B<00:08:44.800> report<00:08:44.949> this<00:08:45.279> data<00:08:45.339> on<00:08:45.670> chain 00:08:45.990 --> 00:08:46.000 align:start position:0% throwing B report this data on chain 00:08:46.000 --> 00:08:48.569 align:start position:0% throwing B report this data on chain everybody<00:08:46.690> agrees<00:08:47.110> that<00:08:47.500> the<00:08:48.100> price<00:08:48.430> of 00:08:48.569 --> 00:08:48.579 align:start position:0% everybody agrees that the price of 00:08:48.579 --> 00:08:51.090 align:start position:0% everybody agrees that the price of Bitcoin<00:08:48.940> is<00:08:48.970> $10,000<00:08:49.899> they've<00:08:50.529> checked<00:08:50.920> the 00:08:51.090 --> 00:08:51.100 align:start position:0% Bitcoin is $10,000 they've checked the 00:08:51.100 --> 00:08:53.730 align:start position:0% Bitcoin is $10,000 they've checked the energy<00:08:51.430> gain<00:08:51.610> margin<00:08:52.120> and<00:08:52.440> everybody<00:08:53.440> looks 00:08:53.730 --> 00:08:53.740 align:start position:0% energy gain margin and everybody looks 00:08:53.740 --> 00:08:56.490 align:start position:0% energy gain margin and everybody looks good<00:08:54.459> they'll<00:08:54.819> check<00:08:55.209> out<00:08:55.390> everybody<00:08:55.810> thinks 00:08:56.490 --> 00:08:56.500 align:start position:0% good they'll check out everybody thinks 00:08:56.500 --> 00:08:58.889 align:start position:0% good they'll check out everybody thinks everyone<00:08:57.069> is<00:08:57.100> correctly<00:08:57.610> march<00:08:57.910> into<00:08:58.120> the 00:08:58.889 --> 00:08:58.899 align:start position:0% everyone is correctly march into the 00:08:58.899 --> 00:09:01.100 align:start position:0% everyone is correctly march into the system<00:08:59.230> insolvent 00:09:01.100 --> 00:09:01.110 align:start position:0% system insolvent 00:09:01.110 --> 00:09:05.280 align:start position:0% system insolvent so<00:09:02.110> let's<00:09:02.860> now<00:09:03.100> say<00:09:03.459> that<00:09:04.060> LT<00:09:04.630> thinks<00:09:05.170> the 00:09:05.280 --> 00:09:05.290 align:start position:0% so let's now say that LT thinks the 00:09:05.290 --> 00:09:09.720 align:start position:0% so let's now say that LT thinks the price<00:09:05.529> of<00:09:05.709> Bitcoin<00:09:05.860> might<00:09:06.610> drop<00:09:07.180> to<00:09:07.899> 9500<00:09:08.860> and 00:09:09.720 --> 00:09:09.730 align:start position:0% price of Bitcoin might drop to 9500 and 00:09:09.730 --> 00:09:11.069 align:start position:0% price of Bitcoin might drop to 9500 and if<00:09:09.880> that<00:09:10.029> were<00:09:10.270> to<00:09:10.329> happen 00:09:11.069 --> 00:09:11.079 align:start position:0% if that were to happen 00:09:11.079 --> 00:09:13.319 align:start position:0% if that were to happen l2<00:09:11.709> knows<00:09:12.010> that<00:09:12.520> they<00:09:12.699> will<00:09:12.850> be<00:09:12.970> under 00:09:13.319 --> 00:09:13.329 align:start position:0% l2 knows that they will be under 00:09:13.329 --> 00:09:15.290 align:start position:0% l2 knows that they will be under collateralized<00:09:13.959> that<00:09:14.560> will<00:09:14.649> lose<00:09:14.829> my 00:09:15.290 --> 00:09:15.300 align:start position:0% collateralized that will lose my 00:09:15.300 --> 00:09:17.450 align:start position:0% collateralized that will lose my dollars<00:09:15.660> because<00:09:15.960> they're<00:09:16.110> long<00:09:16.320> the<00:09:17.250> lose<00:09:17.430> of 00:09:17.450 --> 00:09:17.460 align:start position:0% dollars because they're long the lose of 00:09:17.460 --> 00:09:19.280 align:start position:0% dollars because they're long the lose of their<00:09:17.790> dollars<00:09:18.060> and<00:09:18.330> they'll<00:09:18.480> no<00:09:18.660> longer<00:09:18.690> meet 00:09:19.280 --> 00:09:19.290 align:start position:0% their dollars and they'll no longer meet 00:09:19.290 --> 00:09:21.530 align:start position:0% their dollars and they'll no longer meet their<00:09:19.500> margin<00:09:19.860> requirement<00:09:20.370> of<00:09:20.550> ten<00:09:21.120> personal 00:09:21.530 --> 00:09:21.540 align:start position:0% their margin requirement of ten personal 00:09:21.540 --> 00:09:22.100 align:start position:0% their margin requirement of ten personal price 00:09:22.100 --> 00:09:22.110 align:start position:0% price 00:09:22.110 --> 00:09:24.950 align:start position:0% price so<00:09:22.950> what<00:09:23.130> else<00:09:23.370> he<00:09:23.580> does<00:09:23.790> deposit<00:09:24.600> additional 00:09:24.950 --> 00:09:24.960 align:start position:0% so what else he does deposit additional 00:09:24.960 --> 00:09:27.560 align:start position:0% so what else he does deposit additional margin<00:09:25.700> they're<00:09:26.700> doing<00:09:27.060> this<00:09:27.180> to<00:09:27.240> make<00:09:27.510> sure 00:09:27.560 --> 00:09:27.570 align:start position:0% margin they're doing this to make sure 00:09:27.570 --> 00:09:29.990 align:start position:0% margin they're doing this to make sure they<00:09:27.960> don't<00:09:28.170> get<00:09:28.380> disputed<00:09:29.040> and<00:09:29.220> liquidated 00:09:29.990 --> 00:09:30.000 align:start position:0% they don't get disputed and liquidated 00:09:30.000 --> 00:09:33.740 align:start position:0% they don't get disputed and liquidated in<00:09:30.150> their<00:09:31.130> cool<00:09:32.130> easy<00:09:32.520> this<00:09:32.970> is<00:09:33.150> exactly<00:09:33.570> how 00:09:33.740 --> 00:09:33.750 align:start position:0% in their cool easy this is exactly how 00:09:33.750 --> 00:09:35.630 align:start position:0% in their cool easy this is exactly how we're<00:09:34.050> going<00:09:34.230> to<00:09:34.290> get<00:09:34.410> next<00:09:34.560> to<00:09:34.740> where<00:09:35.280> if<00:09:35.430> you 00:09:35.630 --> 00:09:35.640 align:start position:0% we're going to get next to where if you 00:09:35.640 --> 00:09:37.010 align:start position:0% we're going to get next to where if you didn't<00:09:36.330> if<00:09:36.480> you're<00:09:36.600> ready<00:09:36.810> to<00:09:36.870> get<00:09:36.960> your 00:09:37.010 --> 00:09:37.020 align:start position:0% didn't if you're ready to get your 00:09:37.020 --> 00:09:38.600 align:start position:0% didn't if you're ready to get your partner<00:09:37.410> department<00:09:37.890> you<00:09:38.040> don't<00:09:38.280> deposit 00:09:38.600 --> 00:09:38.610 align:start position:0% partner department you don't deposit 00:09:38.610 --> 00:09:43.930 align:start position:0% partner department you don't deposit more<00:09:38.910> margin<00:09:39.330> you'll<00:09:39.870> get<00:09:40.080> to<00:09:40.200> put<00:09:40.350> it 00:09:43.930 --> 00:09:43.940 align:start position:0% 00:09:43.940 --> 00:09:47.780 align:start position:0% let's<00:09:44.940> go<00:09:45.150> through<00:09:45.510> another<00:09:46.320> example<00:09:46.460> where<00:09:47.460> l 00:09:47.780 --> 00:09:47.790 align:start position:0% let's go through another example where l 00:09:47.790 --> 00:09:52.480 align:start position:0% let's go through another example where l 2<00:09:48.060> does<00:09:48.300> not<00:09:48.330> deposit<00:09:49.230> additional<00:09:49.650> margin<00:09:50.420> but 00:09:52.480 --> 00:09:52.490 align:start position:0% 2 does not deposit additional margin but 00:09:52.490 --> 00:09:55.970 align:start position:0% 2 does not deposit additional margin but s1<00:09:53.490> does<00:09:54.180> indeed<00:09:54.660> think<00:09:55.020> the<00:09:55.200> break<00:09:55.440> price<00:09:55.740> of 00:09:55.970 --> 00:09:55.980 align:start position:0% s1 does indeed think the break price of 00:09:55.980 --> 00:09:59.990 align:start position:0% s1 does indeed think the break price of Bitcoin<00:09:56.340> has<00:09:56.580> brought<00:09:56.940> to<00:09:57.350> 9500<00:09:58.760> note<00:09:59.760> that<00:09:59.970> I 00:09:59.990 --> 00:10:00.000 align:start position:0% Bitcoin has brought to 9500 note that I 00:10:00.000 --> 00:10:01.820 align:start position:0% Bitcoin has brought to 9500 note that I said<00:10:00.240> it's<00:10:00.450> this<00:10:00.660> is<00:10:00.810> expose<00:10:01.290> with<00:10:01.470> me<00:10:01.590> there 00:10:01.820 --> 00:10:01.830 align:start position:0% said it's this is expose with me there 00:10:01.830 --> 00:10:03.980 align:start position:0% said it's this is expose with me there is<00:10:01.950> no<00:10:02.130> one<00:10:02.310> chain<00:10:02.580> crispy<00:10:03.030> for<00:10:03.510> them<00:10:03.660> to<00:10:03.780> point 00:10:03.980 --> 00:10:03.990 align:start position:0% is no one chain crispy for them to point 00:10:03.990 --> 00:10:06.440 align:start position:0% is no one chain crispy for them to point to<00:10:04.520> basically<00:10:05.520> it's<00:10:05.670> like<00:10:05.790> a<00:10:05.910> bring<00:10:06.210> their<00:10:06.330> own 00:10:06.440 --> 00:10:06.450 align:start position:0% to basically it's like a bring their own 00:10:06.450 --> 00:10:08.990 align:start position:0% to basically it's like a bring their own price<00:10:06.690> neat<00:10:06.900> concept<00:10:07.340> s1<00:10:08.340> is<00:10:08.520> looking<00:10:08.850> at<00:10:08.910> the 00:10:08.990 --> 00:10:09.000 align:start position:0% price neat concept s1 is looking at the 00:10:09.000 --> 00:10:10.310 align:start position:0% price neat concept s1 is looking at the world<00:10:09.090> and<00:10:09.360> says<00:10:09.570> hey<00:10:09.780> I<00:10:09.810> think<00:10:09.930> the<00:10:10.140> press 00:10:10.310 --> 00:10:10.320 align:start position:0% world and says hey I think the press 00:10:10.320 --> 00:10:12.530 align:start position:0% world and says hey I think the press bitcoins<00:10:10.740> 95<00:10:11.190> underneath<00:10:11.580> they're<00:10:12.360> then 00:10:12.530 --> 00:10:12.540 align:start position:0% bitcoins 95 underneath they're then 00:10:12.540 --> 00:10:15.440 align:start position:0% bitcoins 95 underneath they're then going<00:10:12.570> on<00:10:13.230> to<00:10:13.410> our<00:10:13.920> auction<00:10:14.130> data<00:10:14.700> and<00:10:15.060> they 00:10:15.440 --> 00:10:15.450 align:start position:0% going on to our auction data and they 00:10:15.450 --> 00:10:18.620 align:start position:0% going on to our auction data and they see<00:10:15.780> that<00:10:16.080> out<00:10:16.230> of<00:10:16.260> price<00:10:16.590> of<00:10:16.800> 9500<00:10:17.550> l2<00:10:18.330> would 00:10:18.620 --> 00:10:18.630 align:start position:0% see that out of price of 9500 l2 would 00:10:18.630 --> 00:10:21.140 align:start position:0% see that out of price of 9500 l2 would actually<00:10:19.080> be<00:10:19.200> under<00:10:19.500> clad<00:10:19.800> lies<00:10:20.040> according<00:10:20.820> to 00:10:21.140 --> 00:10:21.150 align:start position:0% actually be under clad lies according to 00:10:21.150 --> 00:10:24.440 align:start position:0% actually be under clad lies according to our<00:10:21.210> MPBN<00:10:21.870> margin<00:10:22.200> functions<00:10:22.650> and<00:10:23.190> so<00:10:24.090> what 00:10:24.440 --> 00:10:24.450 align:start position:0% our MPBN margin functions and so what 00:10:24.450 --> 00:10:27.920 align:start position:0% our MPBN margin functions and so what one<00:10:25.380> does<00:10:25.710> is<00:10:26.160> they<00:10:26.310> go<00:10:26.490> ahead<00:10:26.640> and<00:10:26.910> dispute<00:10:27.450> l2 00:10:27.920 --> 00:10:27.930 align:start position:0% one does is they go ahead and dispute l2 00:10:27.930 --> 00:10:30.560 align:start position:0% one does is they go ahead and dispute l2 they<00:10:28.740> say<00:10:29.070> hey<00:10:29.400> I<00:10:29.430> think<00:10:29.790> you're<00:10:30.030> under 00:10:30.560 --> 00:10:30.570 align:start position:0% they say hey I think you're under 00:10:30.570 --> 00:10:31.280 align:start position:0% they say hey I think you're under clutter<00:10:30.870> lives 00:10:31.280 --> 00:10:31.290 align:start position:0% clutter lives 00:10:31.290 --> 00:10:34.520 align:start position:0% clutter lives your<00:10:31.560> default<00:10:32.130> and<00:10:32.970> at<00:10:33.630> that<00:10:33.810> point<00:10:34.110> that 00:10:34.520 --> 00:10:34.530 align:start position:0% your default and at that point that 00:10:34.530 --> 00:10:37.960 align:start position:0% your default and at that point that dispute<00:10:35.100> goes<00:10:35.460> to<00:10:35.820> Oracle<00:10:36.480> that's<00:10:37.350> going<00:10:37.710> to 00:10:37.960 --> 00:10:37.970 align:start position:0% dispute goes to Oracle that's going to 00:10:37.970 --> 00:10:41.840 align:start position:0% dispute goes to Oracle that's going to resolve<00:10:38.970> this<00:10:39.530> this<00:10:40.530> disagreement<00:10:41.160> was<00:10:41.310> this 00:10:41.840 --> 00:10:41.850 align:start position:0% resolve this this disagreement was this 00:10:41.850 --> 00:10:45.860 align:start position:0% resolve this this disagreement was this issue<00:10:42.470> and<00:10:43.470> s1<00:10:44.190> is<00:10:44.280> right<00:10:44.550> LT<00:10:45.420> will<00:10:45.600> be<00:10:45.630> a 00:10:45.860 --> 00:10:45.870 align:start position:0% issue and s1 is right LT will be a 00:10:45.870 --> 00:10:49.730 align:start position:0% issue and s1 is right LT will be a penalty<00:10:46.140> to<00:10:46.410> s1<00:10:46.800> this<00:10:47.280> Depot<00:10:47.670> penalty<00:10:48.440> if<00:10:49.440> s1 00:10:49.730 --> 00:10:49.740 align:start position:0% penalty to s1 this Depot penalty if s1 00:10:49.740 --> 00:10:51.770 align:start position:0% penalty to s1 this Depot penalty if s1 was<00:10:50.070> wrong<00:10:50.310> according<00:10:50.880> to<00:10:51.060> the<00:10:51.150> Oracle<00:10:51.570> the 00:10:51.770 --> 00:10:51.780 align:start position:0% was wrong according to the Oracle the 00:10:51.780 --> 00:10:53.990 align:start position:0% was wrong according to the Oracle the penalty<00:10:52.440> will<00:10:52.590> go<00:10:52.680> the<00:10:52.830> other<00:10:52.980> way<00:10:53.100> to 00:10:53.990 --> 00:10:54.000 align:start position:0% penalty will go the other way to 00:10:54.000 --> 00:10:56.240 align:start position:0% penalty will go the other way to compensate<00:10:54.420> l2<00:10:55.140> for<00:10:55.470> being<00:10:55.710> unfairly 00:10:56.240 --> 00:10:56.250 align:start position:0% compensate l2 for being unfairly 00:10:56.250 --> 00:11:03.830 align:start position:0% compensate l2 for being unfairly disputed<00:10:58.190> ok<00:10:59.390> core<00:11:00.390> design<00:11:00.750> core<00:11:01.020> idea<00:11:02.840> so 00:11:03.830 --> 00:11:03.840 align:start position:0% disputed ok core design core idea so 00:11:03.840 --> 00:11:06.410 align:start position:0% disputed ok core design core idea so these<00:11:04.650> are<00:11:04.860> the<00:11:04.950> core<00:11:05.250> function<00:11:05.880> signatures 00:11:06.410 --> 00:11:06.420 align:start position:0% these are the core function signatures 00:11:06.420 --> 00:11:07.970 align:start position:0% these are the core function signatures in<00:11:06.840> are<00:11:07.020> just<00:11:07.260> initial 00:11:07.970 --> 00:11:07.980 align:start position:0% in are just initial 00:11:07.980 --> 00:11:09.070 align:start position:0% in are just initial simple<00:11:08.400> design 00:11:09.070 --> 00:11:09.080 align:start position:0% simple design 00:11:09.080 --> 00:11:10.930 align:start position:0% simple design I'll<00:11:09.620> actually<00:11:09.770> just<00:11:09.980> jump<00:11:10.310> ahead<00:11:10.430> to<00:11:10.640> the 00:11:10.930 --> 00:11:10.940 align:start position:0% I'll actually just jump ahead to the 00:11:10.940 --> 00:11:14.980 align:start position:0% I'll actually just jump ahead to the slide<00:11:11.240> even<00:11:11.530> second<00:11:13.300> that<00:11:14.300> agreed<00:11:14.630> is<00:11:14.750> pretty 00:11:14.980 --> 00:11:14.990 align:start position:0% slide even second that agreed is pretty 00:11:14.990 --> 00:11:16.450 align:start position:0% slide even second that agreed is pretty bright<00:11:15.260> so<00:11:15.500> you<00:11:15.560> can't<00:11:15.830> read<00:11:16.010> that<00:11:16.040> but 00:11:16.450 --> 00:11:16.460 align:start position:0% bright so you can't read that but 00:11:16.460 --> 00:11:18.340 align:start position:0% bright so you can't read that but basically<00:11:16.940> says<00:11:17.420> we<00:11:17.690> got<00:11:17.870> have-nots 00:11:18.340 --> 00:11:18.350 align:start position:0% basically says we got have-nots 00:11:18.350 --> 00:11:23.110 align:start position:0% basically says we got have-nots situation<00:11:19.360> so<00:11:21.790> imagine<00:11:22.790> you're<00:11:22.970> now<00:11:23.090> a 00:11:23.110 --> 00:11:23.120 align:start position:0% situation so imagine you're now a 00:11:23.120 --> 00:11:27.250 align:start position:0% situation so imagine you're now a position<00:11:23.810> in<00:11:24.410> this<00:11:24.740> big<00:11:25.280> deck<00:11:25.550> system<00:11:26.050> at<00:11:27.050> any 00:11:27.250 --> 00:11:27.260 align:start position:0% position in this big deck system at any 00:11:27.260 --> 00:11:30.820 align:start position:0% position in this big deck system at any given<00:11:27.500> time<00:11:27.800> you<00:11:27.860> can<00:11:28.280> do<00:11:28.460> one<00:11:29.120> of<00:11:29.620> four<00:11:30.620> things 00:11:30.820 --> 00:11:30.830 align:start position:0% given time you can do one of four things 00:11:30.830 --> 00:11:32.980 align:start position:0% given time you can do one of four things you<00:11:31.550> can<00:11:31.700> do<00:11:31.790> nothing<00:11:31.940> if<00:11:32.330> you<00:11:32.660> think<00:11:32.870> you're 00:11:32.980 --> 00:11:32.990 align:start position:0% you can do nothing if you think you're 00:11:32.990 --> 00:11:35.350 align:start position:0% you can do nothing if you think you're correctly<00:11:33.950> correctly<00:11:34.280> collateralized<00:11:35.060> and 00:11:35.350 --> 00:11:35.360 align:start position:0% correctly correctly collateralized and 00:11:35.360 --> 00:11:36.960 align:start position:0% correctly correctly collateralized and you<00:11:35.420> want<00:11:35.600> to<00:11:35.750> sit<00:11:35.930> there<00:11:36.080> and<00:11:36.290> you're<00:11:36.500> happy 00:11:36.960 --> 00:11:36.970 align:start position:0% you want to sit there and you're happy 00:11:36.970 --> 00:11:39.880 align:start position:0% you want to sit there and you're happy you<00:11:37.970> can<00:11:38.150> deposit<00:11:38.540> additional<00:11:39.290> margin<00:11:39.470> in 00:11:39.880 --> 00:11:39.890 align:start position:0% you can deposit additional margin in 00:11:39.890 --> 00:11:42.130 align:start position:0% you can deposit additional margin in your<00:11:40.010> position<00:11:40.460> which<00:11:41.060> you<00:11:41.090> would<00:11:41.510> do<00:11:41.720> if<00:11:42.020> you 00:11:42.130 --> 00:11:42.140 align:start position:0% your position which you would do if you 00:11:42.140 --> 00:11:43.540 align:start position:0% your position which you would do if you think<00:11:42.380> that<00:11:42.740> trade<00:11:43.100> is<00:11:43.190> going<00:11:43.310> to<00:11:43.430> move 00:11:43.540 --> 00:11:43.550 align:start position:0% think that trade is going to move 00:11:43.550 --> 00:11:45.550 align:start position:0% think that trade is going to move against<00:11:43.880> you<00:11:44.030> and<00:11:44.270> your<00:11:44.750> you<00:11:45.050> might<00:11:45.260> get 00:11:45.550 --> 00:11:45.560 align:start position:0% against you and your you might get 00:11:45.560 --> 00:11:49.210 align:start position:0% against you and your you might get liquid<00:11:46.720> or<00:11:47.720> you<00:11:47.960> can<00:11:48.200> with<00:11:48.470> you<00:11:48.770> can<00:11:48.950> withdraw 00:11:49.210 --> 00:11:49.220 align:start position:0% liquid or you can with you can withdraw 00:11:49.220 --> 00:11:51.580 align:start position:0% liquid or you can with you can withdraw we've<00:11:49.850> requested<00:11:50.240> withdrawal<00:11:50.810> at<00:11:50.960> margin<00:11:51.320> so 00:11:51.580 --> 00:11:51.590 align:start position:0% we've requested withdrawal at margin so 00:11:51.590 --> 00:11:53.350 align:start position:0% we've requested withdrawal at margin so the<00:11:51.740> trade<00:11:51.980> has<00:11:52.100> moved<00:11:52.280> a<00:11:52.370> lot<00:11:52.580> in<00:11:52.790> your<00:11:52.940> finger 00:11:53.350 --> 00:11:53.360 align:start position:0% the trade has moved a lot in your finger 00:11:53.360 --> 00:11:54.670 align:start position:0% the trade has moved a lot in your finger and<00:11:53.570> you're<00:11:53.720> up<00:11:53.900> a<00:11:53.930> lot<00:11:54.200> of<00:11:54.230> money 00:11:54.670 --> 00:11:54.680 align:start position:0% and you're up a lot of money 00:11:54.680 --> 00:11:56.800 align:start position:0% and you're up a lot of money you<00:11:55.310> did<00:11:55.490> make<00:11:55.640> a<00:11:55.670> request<00:11:56.090> to<00:11:56.420> withdraw<00:11:56.540> that 00:11:56.800 --> 00:11:56.810 align:start position:0% you did make a request to withdraw that 00:11:56.810 --> 00:11:59.860 align:start position:0% you did make a request to withdraw that money<00:11:57.490> note<00:11:58.490> that<00:11:58.880> you<00:11:59.030> cannot<00:11:59.360> immediately 00:11:59.860 --> 00:11:59.870 align:start position:0% money note that you cannot immediately 00:11:59.870 --> 00:12:02.040 align:start position:0% money note that you cannot immediately withdraw<00:12:00.530> the<00:12:00.590> money<00:12:00.770> because<00:12:01.280> we<00:12:01.400> need<00:12:01.610> to 00:12:02.040 --> 00:12:02.050 align:start position:0% withdraw the money because we need to 00:12:02.050 --> 00:12:06.390 align:start position:0% withdraw the money because we need to have<00:12:03.050> a<00:12:03.400> time<00:12:04.400> lock<00:12:04.670> to<00:12:05.630> allow<00:12:05.930> other 00:12:06.390 --> 00:12:06.400 align:start position:0% have a time lock to allow other 00:12:06.400 --> 00:12:09.490 align:start position:0% have a time lock to allow other participants<00:12:07.400> to<00:12:07.730> verify<00:12:08.630> edit<00:12:08.900> that<00:12:09.020> request 00:12:09.490 --> 00:12:09.500 align:start position:0% participants to verify edit that request 00:12:09.500 --> 00:12:11.530 align:start position:0% participants to verify edit that request it's<00:12:10.070> valid<00:12:10.610> that<00:12:10.940> you're<00:12:11.090> not<00:12:11.210> trying<00:12:11.450> to 00:12:11.530 --> 00:12:11.540 align:start position:0% it's valid that you're not trying to 00:12:11.540 --> 00:12:12.850 align:start position:0% it's valid that you're not trying to take<00:12:11.660> up<00:12:11.810> too<00:12:12.020> much<00:12:12.230> money<00:12:12.500> out<00:12:12.650> of<00:12:12.740> your 00:12:12.850 --> 00:12:12.860 align:start position:0% take up too much money out of your 00:12:12.860 --> 00:12:16.750 align:start position:0% take up too much money out of your position<00:12:13.250> or<00:12:13.900> you<00:12:14.900> can<00:12:14.930> dispute<00:12:15.760> someone 00:12:16.750 --> 00:12:16.760 align:start position:0% position or you can dispute someone 00:12:16.760 --> 00:12:18.010 align:start position:0% position or you can dispute someone else's<00:12:17.090> position<00:12:17.270> and<00:12:17.570> say<00:12:17.690> that<00:12:17.840> under 00:12:18.010 --> 00:12:18.020 align:start position:0% else's position and say that under 00:12:18.020 --> 00:12:21.400 align:start position:0% else's position and say that under paralyzed<00:12:19.030> so<00:12:20.030> in<00:12:20.210> order<00:12:20.450> to<00:12:20.600> be<00:12:20.780> here<00:12:21.080> is<00:12:21.230> that 00:12:21.400 --> 00:12:21.410 align:start position:0% paralyzed so in order to be here is that 00:12:21.410 --> 00:12:24.180 align:start position:0% paralyzed so in order to be here is that in<00:12:21.710> the<00:12:21.980> optimistic<00:12:22.640> path<00:12:23.060> in<00:12:23.450> the<00:12:23.540> happy<00:12:23.750> path 00:12:24.180 --> 00:12:24.190 align:start position:0% in the optimistic path in the happy path 00:12:24.190 --> 00:12:26.680 align:start position:0% in the optimistic path in the happy path they're<00:12:25.190> just<00:12:25.370> depositing<00:12:26.120> or<00:12:26.330> withdrawing 00:12:26.680 --> 00:12:26.690 align:start position:0% they're just depositing or withdrawing 00:12:26.690 --> 00:12:28.780 align:start position:0% they're just depositing or withdrawing margin<00:12:27.200> and<00:12:27.410> making<00:12:28.070> sure<00:12:28.250> your<00:12:28.430> position 00:12:28.780 --> 00:12:28.790 align:start position:0% margin and making sure your position 00:12:28.790 --> 00:12:31.630 align:start position:0% margin and making sure your position stays<00:12:29.030> perfectly<00:12:29.480> finalized<00:12:30.340> there<00:12:31.340> is<00:12:31.460> no 00:12:31.630 --> 00:12:31.640 align:start position:0% stays perfectly finalized there is no 00:12:31.640 --> 00:12:33.460 align:start position:0% stays perfectly finalized there is no need<00:12:31.910> for<00:12:31.940> an<00:12:32.240> Oracle<00:12:32.570> and<00:12:32.840> Oracle<00:12:33.230> price 00:12:33.460 --> 00:12:33.470 align:start position:0% need for an Oracle and Oracle price 00:12:33.470 --> 00:12:36.580 align:start position:0% need for an Oracle and Oracle price while<00:12:34.070> you're<00:12:34.250> staying<00:12:34.490> at<00:12:34.790> happy<00:12:35.120> path<00:12:35.590> the 00:12:36.580 --> 00:12:36.590 align:start position:0% while you're staying at happy path the 00:12:36.590 --> 00:12:38.530 align:start position:0% while you're staying at happy path the only<00:12:36.620> time<00:12:37.130> we<00:12:37.280> would<00:12:37.310> even<00:12:37.550> or<00:12:37.940> a<00:12:38.000> boulder<00:12:38.450> an 00:12:38.530 --> 00:12:38.540 align:start position:0% only time we would even or a boulder an 00:12:38.540 --> 00:12:40.900 align:start position:0% only time we would even or a boulder an Oracle<00:12:38.870> price<00:12:39.140> is<00:12:39.860> when<00:12:40.190> there's<00:12:40.370> a<00:12:40.430> dispute 00:12:40.900 --> 00:12:40.910 align:start position:0% Oracle price is when there's a dispute 00:12:40.910 --> 00:12:42.970 align:start position:0% Oracle price is when there's a dispute when<00:12:41.390> somebody<00:12:41.810> says<00:12:42.050> hey<00:12:42.290> this<00:12:42.440> position<00:12:42.890> is 00:12:42.970 --> 00:12:42.980 align:start position:0% when somebody says hey this position is 00:12:42.980 --> 00:12:46.840 align:start position:0% when somebody says hey this position is under<00:12:43.220> cloud<00:12:43.400> wise<00:12:44.860> so<00:12:45.860> just<00:12:46.130> to<00:12:46.280> go<00:12:46.400> back<00:12:46.430> to 00:12:46.840 --> 00:12:46.850 align:start position:0% under cloud wise so just to go back to 00:12:46.850 --> 00:12:49.240 align:start position:0% under cloud wise so just to go back to that<00:12:46.970> last<00:12:47.180> slide<00:12:47.330> for<00:12:47.600> a<00:12:47.750> second<00:12:48.170> these<00:12:49.130> are 00:12:49.240 --> 00:12:49.250 align:start position:0% that last slide for a second these are 00:12:49.250 --> 00:12:51.610 align:start position:0% that last slide for a second these are like<00:12:49.400> the<00:12:49.520> core<00:12:49.760> core<00:12:50.510> functions<00:12:51.020> of<00:12:51.290> this 00:12:51.610 --> 00:12:51.620 align:start position:0% like the core core functions of this 00:12:51.620 --> 00:12:54.520 align:start position:0% like the core core functions of this simplistic<00:12:52.490> design<00:12:52.900> the<00:12:53.900> markets<00:12:54.290> happen 00:12:54.520 --> 00:12:54.530 align:start position:0% simplistic design the markets happen 00:12:54.530 --> 00:12:56.890 align:start position:0% simplistic design the markets happen anytime<00:12:55.150> withdraws<00:12:56.150> can<00:12:56.420> happen<00:12:56.660> anytime 00:12:56.890 --> 00:12:56.900 align:start position:0% anytime withdraws can happen anytime 00:12:56.900 --> 00:12:57.720 align:start position:0% anytime withdraws can happen anytime again 00:12:57.720 --> 00:12:57.730 align:start position:0% again 00:12:57.730 --> 00:13:00.629 align:start position:0% again I'm<00:12:57.999> walked<00:12:58.329> by<00:12:58.989> this<00:12:59.049> delay<00:12:59.799> this<00:13:00.100> lightness 00:13:00.629 --> 00:13:00.639 align:start position:0% I'm walked by this delay this lightness 00:13:00.639 --> 00:13:03.989 align:start position:0% I'm walked by this delay this lightness requirement<00:13:01.470> and<00:13:02.470> once<00:13:02.709> that<00:13:02.829> passes<00:13:03.369> that 00:13:03.989 --> 00:13:03.999 align:start position:0% requirement and once that passes that 00:13:03.999 --> 00:13:05.970 align:start position:0% requirement and once that passes that anybody<00:13:04.419> can<00:13:04.660> withdraw<00:13:04.959> that<00:13:05.139> mark<00:13:05.529> then<00:13:05.799> the 00:13:05.970 --> 00:13:05.980 align:start position:0% anybody can withdraw that mark then the 00:13:05.980 --> 00:13:11.900 align:start position:0% anybody can withdraw that mark then the other<00:13:06.850> drop<00:13:07.089> request<00:13:07.419> goes<00:13:07.629> through<00:13:10.679> disputes 00:13:11.900 --> 00:13:11.910 align:start position:0% other drop request goes through disputes 00:13:11.910 --> 00:13:14.759 align:start position:0% other drop request goes through disputes remember<00:13:12.910> any<00:13:13.089> long<00:13:13.419> can<00:13:13.749> dispute<00:13:14.139> any<00:13:14.379> short 00:13:14.759 --> 00:13:14.769 align:start position:0% remember any long can dispute any short 00:13:14.769 --> 00:13:18.239 align:start position:0% remember any long can dispute any short and<00:13:15.100> vice<00:13:15.639> versa<00:13:16.649> what's<00:13:17.649> interesting<00:13:17.980> about 00:13:18.239 --> 00:13:18.249 align:start position:0% and vice versa what's interesting about 00:13:18.249 --> 00:13:19.889 align:start position:0% and vice versa what's interesting about this<00:13:18.609> is<00:13:18.879> that<00:13:19.059> because<00:13:19.179> we<00:13:19.569> have<00:13:19.689> many 00:13:19.889 --> 00:13:19.899 align:start position:0% this is that because we have many 00:13:19.899 --> 00:13:22.139 align:start position:0% this is that because we have many Watchers<00:13:20.499> of<00:13:20.589> the<00:13:20.799> system<00:13:21.160> we've<00:13:21.699> got<00:13:21.730> many 00:13:22.139 --> 00:13:22.149 align:start position:0% Watchers of the system we've got many 00:13:22.149 --> 00:13:22.590 align:start position:0% Watchers of the system we've got many Long's 00:13:22.590 --> 00:13:22.600 align:start position:0% Long's 00:13:22.600 --> 00:13:24.179 align:start position:0% Long's and<00:13:22.779> many<00:13:22.959> shorts<00:13:23.350> and<00:13:23.529> they're<00:13:23.619> all<00:13:23.769> watching 00:13:24.179 --> 00:13:24.189 align:start position:0% and many shorts and they're all watching 00:13:24.189 --> 00:13:26.069 align:start position:0% and many shorts and they're all watching with<00:13:24.279> each<00:13:24.399> other<00:13:24.609> we<00:13:25.509> can<00:13:25.629> actually<00:13:25.809> have<00:13:25.989> a 00:13:26.069 --> 00:13:26.079 align:start position:0% with each other we can actually have a 00:13:26.079 --> 00:13:26.879 align:start position:0% with each other we can actually have a pretty<00:13:26.319> short 00:13:26.879 --> 00:13:26.889 align:start position:0% pretty short 00:13:26.889 --> 00:13:29.340 align:start position:0% pretty short liveness<00:13:27.249> requirement<00:13:28.089> our<00:13:28.569> time<00:13:28.929> law<00:13:29.139> on 00:13:29.340 --> 00:13:29.350 align:start position:0% liveness requirement our time law on 00:13:29.350 --> 00:13:31.379 align:start position:0% liveness requirement our time law on disputes<00:13:29.739> can<00:13:29.859> be<00:13:29.919> pretty<00:13:30.189> short<00:13:30.459> because<00:13:31.329> we 00:13:31.379 --> 00:13:31.389 align:start position:0% disputes can be pretty short because we 00:13:31.389 --> 00:13:33.359 align:start position:0% disputes can be pretty short because we can<00:13:31.629> be<00:13:31.720> pretty<00:13:32.049> confident<00:13:32.649> that<00:13:32.739> somebody's 00:13:33.359 --> 00:13:33.369 align:start position:0% can be pretty confident that somebody's 00:13:33.369 --> 00:13:36.289 align:start position:0% can be pretty confident that somebody's going<00:13:33.519> to<00:13:33.579> be<00:13:33.730> there<00:13:33.910> to<00:13:34.329> watch<00:13:34.509> the<00:13:34.689> system 00:13:36.289 --> 00:13:36.299 align:start position:0% going to be there to watch the system 00:13:36.299 --> 00:13:38.549 align:start position:0% going to be there to watch the system the<00:13:37.299> last<00:13:37.480> two<00:13:37.749> things<00:13:37.959> here<00:13:38.259> are<00:13:38.410> really 00:13:38.549 --> 00:13:38.559 align:start position:0% the last two things here are really 00:13:38.559 --> 00:13:40.559 align:start position:0% the last two things here are really about<00:13:38.889> entering<00:13:39.549> and<00:13:39.699> exiting<00:13:39.819> trades<00:13:40.239> in<00:13:40.540> the 00:13:40.559 --> 00:13:40.569 align:start position:0% about entering and exiting trades in the 00:13:40.569 --> 00:13:43.379 align:start position:0% about entering and exiting trades in the position<00:13:40.959> so<00:13:41.919> we<00:13:42.579> have<00:13:42.730> a<00:13:42.790> simple<00:13:43.089> design 00:13:43.379 --> 00:13:43.389 align:start position:0% position so we have a simple design 00:13:43.389 --> 00:13:45.239 align:start position:0% position so we have a simple design where<00:13:43.629> anytime<00:13:43.809> you<00:13:44.139> want<00:13:44.350> to<00:13:44.439> enter<00:13:44.919> a<00:13:44.949> new 00:13:45.239 --> 00:13:45.249 align:start position:0% where anytime you want to enter a new 00:13:45.249 --> 00:13:48.329 align:start position:0% where anytime you want to enter a new position<00:13:45.459> you<00:13:45.970> can<00:13:46.149> create<00:13:46.569> a<00:13:46.869> pair<00:13:47.319> so<00:13:47.980> any 00:13:48.329 --> 00:13:48.339 align:start position:0% position you can create a pair so any 00:13:48.339 --> 00:13:51.119 align:start position:0% position you can create a pair so any long<00:13:48.639> and<00:13:48.879> short<00:13:49.149> find<00:13:50.049> each<00:13:50.199> other<00:13:50.439> say<00:13:50.919> hey 00:13:51.119 --> 00:13:51.129 align:start position:0% long and short find each other say hey 00:13:51.129 --> 00:13:52.619 align:start position:0% long and short find each other say hey we<00:13:51.279> want<00:13:51.309> to<00:13:51.489> do<00:13:51.609> a<00:13:51.639> trade<00:13:51.879> this<00:13:52.089> price<00:13:52.389> and 00:13:52.619 --> 00:13:52.629 align:start position:0% we want to do a trade this price and 00:13:52.629 --> 00:13:54.960 align:start position:0% we want to do a trade this price and negotiate<00:13:53.019> that<00:13:53.199> off<00:13:53.350> chain<00:13:53.589> and<00:13:53.889> they<00:13:54.699> come 00:13:54.960 --> 00:13:54.970 align:start position:0% negotiate that off chain and they come 00:13:54.970 --> 00:13:56.429 align:start position:0% negotiate that off chain and they come to<00:13:55.089> the<00:13:55.179> system<00:13:55.569> they're<00:13:55.749> like<00:13:55.899> hey<00:13:56.139> here's 00:13:56.429 --> 00:13:56.439 align:start position:0% to the system they're like hey here's 00:13:56.439 --> 00:14:00.389 align:start position:0% to the system they're like hey here's our<00:13:56.619> new<00:13:56.829> pair<00:13:57.699> of<00:13:57.999> Long's<00:13:58.480> and<00:13:58.660> shorts<00:13:59.399> we 00:14:00.389 --> 00:14:00.399 align:start position:0% our new pair of Long's and shorts we 00:14:00.399 --> 00:14:04.199 align:start position:0% our new pair of Long's and shorts we want<00:14:00.639> to<00:14:00.730> enter<00:14:01.269> the<00:14:01.660> system<00:14:02.789> the<00:14:03.789> bids<00:14:03.999> X 00:14:04.199 --> 00:14:04.209 align:start position:0% want to enter the system the bids X 00:14:04.209 --> 00:14:07.139 align:start position:0% want to enter the system the bids X contract<00:14:04.689> just<00:14:05.139> has<00:14:05.410> to<00:14:05.589> check<00:14:05.949> that<00:14:06.639> that<00:14:06.699> new 00:14:07.139 --> 00:14:07.149 align:start position:0% contract just has to check that that new 00:14:07.149 --> 00:14:09.059 align:start position:0% contract just has to check that that new pair<00:14:07.449> of<00:14:07.600> long<00:14:07.779> shorts<00:14:08.379> these<00:14:08.529> correctly 00:14:09.059 --> 00:14:09.069 align:start position:0% pair of long shorts these correctly 00:14:09.069 --> 00:14:11.849 align:start position:0% pair of long shorts these correctly margined<00:14:09.609> and<00:14:09.850> you<00:14:10.749> can<00:14:10.929> do<00:14:11.109> that<00:14:11.319> at<00:14:11.529> the<00:14:11.619> club 00:14:11.849 --> 00:14:11.859 align:start position:0% margined and you can do that at the club 00:14:11.859 --> 00:14:13.859 align:start position:0% margined and you can do that at the club track<00:14:12.279> this<00:14:12.699> is<00:14:12.850> a<00:14:12.879> little<00:14:13.089> bit<00:14:13.209> contagious 00:14:13.859 --> 00:14:13.869 align:start position:0% track this is a little bit contagious 00:14:13.869 --> 00:14:15.419 align:start position:0% track this is a little bit contagious he'll<00:14:14.109> but<00:14:14.319> we<00:14:14.439> do<00:14:14.559> with<00:14:14.679> a<00:14:14.739> clever<00:14:14.949> trick<00:14:15.160> of 00:14:15.419 --> 00:14:15.429 align:start position:0% he'll but we do with a clever trick of 00:14:15.429 --> 00:14:18.029 align:start position:0% he'll but we do with a clever trick of having<00:14:16.119> that<00:14:16.209> new<00:14:16.480> pair<00:14:16.839> points<00:14:17.739> to<00:14:17.919> an 00:14:18.029 --> 00:14:18.039 align:start position:0% having that new pair points to an 00:14:18.039 --> 00:14:20.460 align:start position:0% having that new pair points to an existing<00:14:18.549> long<00:14:18.759> and<00:14:18.939> short<00:14:19.149> position<00:14:19.539> that<00:14:20.199> it 00:14:20.460 --> 00:14:20.470 align:start position:0% existing long and short position that it 00:14:20.470 --> 00:14:22.229 align:start position:0% existing long and short position that it is<00:14:20.499> equally<00:14:21.129> collateralized<00:14:21.730> two<00:14:21.910> or<00:14:22.089> more 00:14:22.229 --> 00:14:22.239 align:start position:0% is equally collateralized two or more 00:14:22.239 --> 00:14:24.439 align:start position:0% is equally collateralized two or more plasma<00:14:22.720> this<00:14:23.139> is<00:14:23.350> detailed<00:14:23.739> in<00:14:23.799> white<00:14:24.009> paper 00:14:24.439 --> 00:14:24.449 align:start position:0% plasma this is detailed in white paper 00:14:24.449 --> 00:14:26.759 align:start position:0% plasma this is detailed in white paper but<00:14:25.449> really<00:14:25.720> it's<00:14:25.839> a<00:14:25.929> shortcut<00:14:26.289> for<00:14:26.589> us<00:14:26.649> to 00:14:26.759 --> 00:14:26.769 align:start position:0% but really it's a shortcut for us to 00:14:26.769 --> 00:14:29.269 align:start position:0% but really it's a shortcut for us to have<00:14:26.859> an<00:14:27.009> instant<00:14:27.549> entry<00:14:28.299> through<00:14:28.689> the<00:14:28.779> system 00:14:29.269 --> 00:14:29.279 align:start position:0% have an instant entry through the system 00:14:29.279 --> 00:14:32.789 align:start position:0% have an instant entry through the system and<00:14:30.279> then<00:14:31.179> we<00:14:31.209> have<00:14:31.419> a<00:14:31.449> simple<00:14:31.809> mechanism 00:14:32.789 --> 00:14:32.799 align:start position:0% and then we have a simple mechanism 00:14:32.799 --> 00:14:35.220 align:start position:0% and then we have a simple mechanism where<00:14:33.309> you<00:14:33.339> can<00:14:33.489> instantaneously<00:14:34.119> exit<00:14:34.989> a 00:14:35.220 --> 00:14:35.230 align:start position:0% where you can instantaneously exit a 00:14:35.230 --> 00:14:36.929 align:start position:0% where you can instantaneously exit a trade<00:14:35.499> in<00:14:36.009> the<00:14:36.069> position<00:14:36.429> to<00:14:36.579> draw<00:14:36.789> your 00:14:36.929 --> 00:14:36.939 align:start position:0% trade in the position to draw your 00:14:36.939 --> 00:14:39.830 align:start position:0% trade in the position to draw your margin<00:14:37.379> if<00:14:38.379> you're<00:14:38.589> a<00:14:38.619> long<00:14:38.919> you<00:14:39.309> do<00:14:39.489> that 00:14:39.830 --> 00:14:39.840 align:start position:0% margin if you're a long you do that 00:14:39.840 --> 00:14:42.440 align:start position:0% margin if you're a long you do that by<00:14:40.050> an<00:14:40.290> offset<00:14:40.500> in<00:14:40.710> short<00:14:41.040> position<00:14:41.490> and<00:14:41.730> then 00:14:42.440 --> 00:14:42.450 align:start position:0% by an offset in short position and then 00:14:42.450 --> 00:14:44.900 align:start position:0% by an offset in short position and then you're<00:14:42.570> immediately<00:14:42.690> able<00:14:43.530> to<00:14:43.860> withdraw<00:14:44.070> they 00:14:44.900 --> 00:14:44.910 align:start position:0% you're immediately able to withdraw they 00:14:44.910 --> 00:14:48.410 align:start position:0% you're immediately able to withdraw they combined<00:14:45.480> long<00:14:45.750> and<00:14:45.960> short<00:14:46.200> deposits<00:14:47.420> so 00:14:48.410 --> 00:14:48.420 align:start position:0% combined long and short deposits so 00:14:48.420 --> 00:14:50.690 align:start position:0% combined long and short deposits so those<00:14:49.320> are<00:14:49.500> detailing<00:14:49.860> bit<00:14:50.130> more<00:14:50.280> detail<00:14:50.580> the 00:14:50.690 --> 00:14:50.700 align:start position:0% those are detailing bit more detail the 00:14:50.700 --> 00:14:55.700 align:start position:0% those are detailing bit more detail the white<00:14:50.850> paper<00:14:51.060> just<00:14:51.810> a<00:14:51.900> quick<00:14:52.110> overview<00:14:54.710> so 00:14:55.700 --> 00:14:55.710 align:start position:0% white paper just a quick overview so 00:14:55.710 --> 00:14:58.520 align:start position:0% white paper just a quick overview so again<00:14:56.370> that's<00:14:56.670> in<00:14:56.880> slide<00:14:57.150> this<00:14:58.020> kind<00:14:58.320> of<00:14:58.350> looks 00:14:58.520 --> 00:14:58.530 align:start position:0% again that's in slide this kind of looks 00:14:58.530 --> 00:15:00.950 align:start position:0% again that's in slide this kind of looks ugly<00:14:58.800> or<00:14:58.920> -<00:14:59.390> that's<00:15:00.390> the<00:15:00.600> idea 00:15:00.950 --> 00:15:00.960 align:start position:0% ugly or - that's the idea 00:15:00.960 --> 00:15:02.420 align:start position:0% ugly or - that's the idea this<00:15:01.200> is<00:15:01.320> meant<00:15:01.560> to<00:15:01.620> be<00:15:01.800> a<00:15:01.830> bit<00:15:02.010> of<00:15:02.100> a<00:15:02.190> like<00:15:02.340> a 00:15:02.420 --> 00:15:02.430 align:start position:0% this is meant to be a bit of a like a 00:15:02.430 --> 00:15:04.340 align:start position:0% this is meant to be a bit of a like a layer<00:15:02.610> to<00:15:02.910> your<00:15:02.940> financial<00:15:03.600> contract<00:15:04.020> design 00:15:04.340 --> 00:15:04.350 align:start position:0% layer to your financial contract design 00:15:04.350 --> 00:15:08.150 align:start position:0% layer to your financial contract design where<00:15:05.160> we<00:15:06.060> are<00:15:06.240> assuming<00:15:07.050> that<00:15:07.200> things<00:15:07.680> stay 00:15:08.150 --> 00:15:08.160 align:start position:0% where we are assuming that things stay 00:15:08.160 --> 00:15:11.060 align:start position:0% where we are assuming that things stay in<00:15:08.400> the<00:15:08.550> happy<00:15:08.910> path<00:15:09.120> and<00:15:09.510> you're<00:15:10.350> only<00:15:10.680> using 00:15:11.060 --> 00:15:11.070 align:start position:0% in the happy path and you're only using 00:15:11.070 --> 00:15:14.570 align:start position:0% in the happy path and you're only using our<00:15:11.400> Oracle<00:15:11.840> when<00:15:12.840> there<00:15:13.170> is<00:15:13.290> an<00:15:13.580> unhappy 00:15:14.570 --> 00:15:14.580 align:start position:0% our Oracle when there is an unhappy 00:15:14.580 --> 00:15:16.730 align:start position:0% our Oracle when there is an unhappy dispute<00:15:15.480> when<00:15:15.810> sort<00:15:16.080> of<00:15:16.140> something<00:15:16.530> goes 00:15:16.730 --> 00:15:16.740 align:start position:0% dispute when sort of something goes 00:15:16.740 --> 00:15:24.200 align:start position:0% dispute when sort of something goes wrong<00:15:21.020> so<00:15:22.020> we're<00:15:22.920> calling<00:15:23.130> this<00:15:23.340> the 00:15:24.200 --> 00:15:24.210 align:start position:0% wrong so we're calling this the 00:15:24.210 --> 00:15:27.560 align:start position:0% wrong so we're calling this the priceless<00:15:24.450> financial<00:15:25.260> contract<00:15:25.830> design<00:15:26.570> and 00:15:27.560 --> 00:15:27.570 align:start position:0% priceless financial contract design and 00:15:27.570 --> 00:15:29.480 align:start position:0% priceless financial contract design and the<00:15:27.690> quality<00:15:27.810> here<00:15:28.500> is<00:15:28.530> that<00:15:28.920> if<00:15:29.070> everyone 00:15:29.480 --> 00:15:29.490 align:start position:0% the quality here is that if everyone 00:15:29.490 --> 00:15:32.120 align:start position:0% the quality here is that if everyone behaves<00:15:30.150> as<00:15:30.420> they're<00:15:30.630> supposed<00:15:30.840> to<00:15:31.290> if 00:15:32.120 --> 00:15:32.130 align:start position:0% behaves as they're supposed to if 00:15:32.130 --> 00:15:35.720 align:start position:0% behaves as they're supposed to if everyone<00:15:33.230> doesn't<00:15:34.230> default<00:15:34.740> in<00:15:34.980> adds<00:15:35.220> margin 00:15:35.720 --> 00:15:35.730 align:start position:0% everyone doesn't default in adds margin 00:15:35.730 --> 00:15:37.970 align:start position:0% everyone doesn't default in adds margin appropriately<00:15:36.480> that<00:15:37.290> we<00:15:37.440> don't<00:15:37.680> actually 00:15:37.970 --> 00:15:37.980 align:start position:0% appropriately that we don't actually 00:15:37.980 --> 00:15:39.980 align:start position:0% appropriately that we don't actually need<00:15:38.280> an<00:15:38.670> Unchained<00:15:39.270> price 00:15:39.980 --> 00:15:39.990 align:start position:0% need an Unchained price 00:15:39.990 --> 00:15:44.330 align:start position:0% need an Unchained price it's<00:15:40.500> bracelets<00:15:42.170> this<00:15:43.170> is<00:15:43.320> the<00:15:43.410> habitat<00:15:43.560> we 00:15:44.330 --> 00:15:44.340 align:start position:0% it's bracelets this is the habitat we 00:15:44.340 --> 00:15:46.430 align:start position:0% it's bracelets this is the habitat we stay<00:15:44.520> in<00:15:44.580> the<00:15:44.700> happy<00:15:44.880> path<00:15:45.180> we<00:15:45.450> need<00:15:45.630> no<00:15:45.900> prices 00:15:46.430 --> 00:15:46.440 align:start position:0% stay in the happy path we need no prices 00:15:46.440 --> 00:15:51.380 align:start position:0% stay in the happy path we need no prices on<00:15:46.680> chain<00:15:48.890> other<00:15:49.890> coral<00:15:50.430> kind<00:15:50.640> of<00:15:50.700> concepts<00:15:51.210> of 00:15:51.380 --> 00:15:51.390 align:start position:0% on chain other coral kind of concepts of 00:15:51.390 --> 00:15:54.230 align:start position:0% on chain other coral kind of concepts of this<00:15:51.930> is<00:15:52.890> this<00:15:53.460> framework<00:15:53.820> that<00:15:54.120> were 00:15:54.230 --> 00:15:54.240 align:start position:0% this is this framework that were 00:15:54.240 --> 00:15:56.690 align:start position:0% this is this framework that were proposing<00:15:54.920> is<00:15:55.920> that<00:15:56.190> when<00:15:56.340> someone<00:15:56.520> behaves 00:15:56.690 --> 00:15:56.700 align:start position:0% proposing is that when someone behaves 00:15:56.700 --> 00:15:58.610 align:start position:0% proposing is that when someone behaves badly<00:15:57.000> it<00:15:57.540> needs<00:15:57.780> to<00:15:57.870> be<00:15:57.960> observable<00:15:58.380> off 00:15:58.610 --> 00:15:58.620 align:start position:0% badly it needs to be observable off 00:15:58.620 --> 00:16:00.170 align:start position:0% badly it needs to be observable off chain 00:16:00.170 --> 00:16:00.180 align:start position:0% chain 00:16:00.180 --> 00:16:03.440 align:start position:0% chain we<00:16:01.140> need<00:16:01.320> rewards<00:16:01.920> to<00:16:02.580> the<00:16:02.670> correctly<00:16:03.090> reward 00:16:03.440 --> 00:16:03.450 align:start position:0% we need rewards to the correctly reward 00:16:03.450 --> 00:16:06.490 align:start position:0% we need rewards to the correctly reward participants<00:16:04.260> for<00:16:04.800> disputing<00:16:05.640> bad<00:16:05.940> behavior 00:16:06.490 --> 00:16:06.500 align:start position:0% participants for disputing bad behavior 00:16:06.500 --> 00:16:09.680 align:start position:0% participants for disputing bad behavior and<00:16:07.500> that<00:16:07.830> dispute<00:16:08.370> is<00:16:08.430> proven<00:16:08.820> valid<00:16:09.240> we<00:16:09.510> need 00:16:09.680 --> 00:16:09.690 align:start position:0% and that dispute is proven valid we need 00:16:09.690 --> 00:16:12.080 align:start position:0% and that dispute is proven valid we need that<00:16:10.290> behavior<00:16:10.800> to<00:16:10.830> be<00:16:11.130> punished<00:16:11.610> to<00:16:12.000> be 00:16:12.080 --> 00:16:12.090 align:start position:0% that behavior to be punished to be 00:16:12.090 --> 00:16:16.430 align:start position:0% that behavior to be punished to be penalized<00:16:13.130> and<00:16:14.180> we<00:16:15.180> only<00:16:15.480> need<00:16:15.810> on<00:16:16.020> chain 00:16:16.430 --> 00:16:16.440 align:start position:0% penalized and we only need on chain 00:16:16.440 --> 00:16:19.730 align:start position:0% penalized and we only need on chain prices<00:16:17.010> to<00:16:17.370> resolve<00:16:17.790> disputes<00:16:18.500> which<00:16:19.500> means 00:16:19.730 --> 00:16:19.740 align:start position:0% prices to resolve disputes which means 00:16:19.740 --> 00:16:22.070 align:start position:0% prices to resolve disputes which means that<00:16:19.980> the<00:16:20.070> Oracle<00:16:20.370> functions<00:16:21.030> as<00:16:21.270> a<00:16:21.330> sort<00:16:21.840> of 00:16:22.070 --> 00:16:22.080 align:start position:0% that the Oracle functions as a sort of 00:16:22.080 --> 00:16:24.980 align:start position:0% that the Oracle functions as a sort of dispute<00:16:22.950> resolution<00:16:23.670> mechanism<00:16:24.300> which 00:16:24.980 --> 00:16:24.990 align:start position:0% dispute resolution mechanism which 00:16:24.990 --> 00:16:27.280 align:start position:0% dispute resolution mechanism which should<00:16:25.170> be<00:16:25.290> relatively<00:16:25.860> infrequently<00:16:26.610> used 00:16:27.280 --> 00:16:27.290 align:start position:0% should be relatively infrequently used 00:16:27.290 --> 00:16:31.040 align:start position:0% should be relatively infrequently used so<00:16:28.290> these<00:16:29.280> are<00:16:29.460> the<00:16:29.580> sort<00:16:30.060> of<00:16:30.090> priceless 00:16:31.040 --> 00:16:31.050 align:start position:0% so these are the sort of priceless 00:16:31.050 --> 00:16:33.620 align:start position:0% so these are the sort of priceless Mitchell<00:16:31.620> contra<00:16:31.890> design<00:16:32.250> this<00:16:32.850> is<00:16:33.030> something 00:16:33.620 --> 00:16:33.630 align:start position:0% Mitchell contra design this is something 00:16:33.630 --> 00:16:35.280 align:start position:0% Mitchell contra design this is something new<00:16:33.990> that<00:16:34.230> we're<00:16:34.440> gonna<00:16:34.560> write<00:16:34.740> more<00:16:34.950> about 00:16:35.280 --> 00:16:35.290 align:start position:0% new that we're gonna write more about 00:16:35.290 --> 00:16:37.350 align:start position:0% new that we're gonna write more about we<00:16:35.530> would<00:16:35.710> really<00:16:35.890> love<00:16:36.130> feedback<00:16:36.430> on<00:16:37.090> this 00:16:37.350 --> 00:16:37.360 align:start position:0% we would really love feedback on this 00:16:37.360 --> 00:16:40.320 align:start position:0% we would really love feedback on this idea<00:16:37.750> but<00:16:38.590> again<00:16:38.920> it's<00:16:39.070> all<00:16:39.190> about<00:16:39.220> how<00:16:39.970> we<00:16:40.030> can 00:16:40.320 --> 00:16:40.330 align:start position:0% idea but again it's all about how we can 00:16:40.330 --> 00:16:43.110 align:start position:0% idea but again it's all about how we can minimize<00:16:40.540> Oracle<00:16:41.290> usage<00:16:41.710> to<00:16:42.370> allow<00:16:42.640> us<00:16:42.820> to<00:16:42.970> do 00:16:43.110 --> 00:16:43.120 align:start position:0% minimize Oracle usage to allow us to do 00:16:43.120 --> 00:16:46.920 align:start position:0% minimize Oracle usage to allow us to do higher<00:16:43.480> leverage<00:16:43.870> higher<00:16:44.320> speed<00:16:45.210> things<00:16:46.210> with 00:16:46.920 --> 00:16:46.930 align:start position:0% higher leverage higher speed things with 00:16:46.930 --> 00:16:53.460 align:start position:0% higher leverage higher speed things with defy<00:16:47.560> and<00:16:47.860> with<00:16:48.070> venture<00:16:48.400> contracts<00:16:51.510> so<00:16:52.510> going 00:16:53.460 --> 00:16:53.470 align:start position:0% defy and with venture contracts so going 00:16:53.470 --> 00:16:55.860 align:start position:0% defy and with venture contracts so going touch<00:16:53.950> deeper<00:16:54.370> on<00:16:54.760> what<00:16:55.180> this<00:16:55.330> means<00:16:55.570> for 00:16:55.860 --> 00:16:55.870 align:start position:0% touch deeper on what this means for 00:16:55.870 --> 00:17:01.140 align:start position:0% touch deeper on what this means for Oracle<00:16:56.710> design<00:16:57.070> itself<00:16:58.050> so<00:17:00.150> reading 00:17:01.140 --> 00:17:01.150 align:start position:0% Oracle design itself so reading 00:17:01.150 --> 00:17:03.450 align:start position:0% Oracle design itself so reading contracts<00:17:01.810> priceless<00:17:02.410> late<00:17:02.620> I'm<00:17:02.860> repeating 00:17:03.450 --> 00:17:03.460 align:start position:0% contracts priceless late I'm repeating 00:17:03.460 --> 00:17:05.640 align:start position:0% contracts priceless late I'm repeating the<00:17:03.670> point<00:17:03.940> my<00:17:04.150> last<00:17:04.329> slide<00:17:04.480> ready<00:17:05.380> to<00:17:05.500> put 00:17:05.640 --> 00:17:05.650 align:start position:0% the point my last slide ready to put 00:17:05.650 --> 00:17:07.680 align:start position:0% the point my last slide ready to put contracts<00:17:06.040> baselessly<00:17:06.520> means<00:17:06.880> Oracle's 00:17:07.680 --> 00:17:07.690 align:start position:0% contracts baselessly means Oracle's 00:17:07.690 --> 00:17:09.960 align:start position:0% contracts baselessly means Oracle's become<00:17:08.110> dispute<00:17:08.740> resolution<00:17:09.370> mechanisms 00:17:09.960 --> 00:17:09.970 align:start position:0% become dispute resolution mechanisms 00:17:09.970 --> 00:17:12.090 align:start position:0% become dispute resolution mechanisms that<00:17:10.660> only<00:17:11.290> need<00:17:11.470> to<00:17:11.560> be<00:17:11.680> used<00:17:11.920> with 00:17:12.090 --> 00:17:12.100 align:start position:0% that only need to be used with 00:17:12.100 --> 00:17:14.760 align:start position:0% that only need to be used with counterparties<00:17:12.640> fail<00:17:12.880> to<00:17:13.030> agree<00:17:13.209> that<00:17:13.770> we 00:17:14.760 --> 00:17:14.770 align:start position:0% counterparties fail to agree that we 00:17:14.770 --> 00:17:17.329 align:start position:0% counterparties fail to agree that we didn't<00:17:15.010> find<00:17:15.160> interesting<00:17:15.400> and<00:17:15.820> novel<00:17:16.329> and 00:17:17.329 --> 00:17:17.339 align:start position:0% didn't find interesting and novel and 00:17:17.339 --> 00:17:20.100 align:start position:0% didn't find interesting and novel and the<00:17:18.339> example<00:17:18.730> here<00:17:18.910> is<00:17:19.030> to<00:17:19.240> point<00:17:19.510> to<00:17:19.660> like<00:17:19.959> the 00:17:20.100 --> 00:17:20.110 align:start position:0% the example here is to point to like the 00:17:20.110 --> 00:17:24.569 align:start position:0% the example here is to point to like the fiat<00:17:20.440> world<00:17:20.709> where<00:17:22.440> me<00:17:23.440> and<00:17:23.470> would<00:17:23.949> enter<00:17:24.339> into 00:17:24.569 --> 00:17:24.579 align:start position:0% fiat world where me and would enter into 00:17:24.579 --> 00:17:27.180 align:start position:0% fiat world where me and would enter into a<00:17:24.820> legal<00:17:25.089> contract<00:17:25.600> financial<00:17:26.470> contracts<00:17:27.010> a 00:17:27.180 --> 00:17:27.190 align:start position:0% a legal contract financial contracts a 00:17:27.190 --> 00:17:28.800 align:start position:0% a legal contract financial contracts a lot<00:17:27.339> more<00:17:27.640> like<00:17:27.820> legal<00:17:28.150> contracts<00:17:28.690> we're 00:17:28.800 --> 00:17:28.810 align:start position:0% lot more like legal contracts we're 00:17:28.810 --> 00:17:30.240 align:start position:0% lot more like legal contracts we're going<00:17:28.930> to<00:17:29.020> turn<00:17:29.170> the<00:17:29.260> legal<00:17:29.530> contract<00:17:29.980> let<00:17:30.160> me 00:17:30.240 --> 00:17:30.250 align:start position:0% going to turn the legal contract let me 00:17:30.250 --> 00:17:31.680 align:start position:0% going to turn the legal contract let me do<00:17:30.430> that<00:17:30.610> privately 00:17:31.680 --> 00:17:31.690 align:start position:0% do that privately 00:17:31.690 --> 00:17:33.720 align:start position:0% do that privately we've<00:17:32.290> no<00:17:32.470> intention<00:17:32.980> of<00:17:33.040> litigating<00:17:33.490> that 00:17:33.720 --> 00:17:33.730 align:start position:0% we've no intention of litigating that 00:17:33.730 --> 00:17:35.820 align:start position:0% we've no intention of litigating that contract<00:17:34.390> we<00:17:34.810> only<00:17:34.990> litigate<00:17:35.500> it<00:17:35.680> if 00:17:35.820 --> 00:17:35.830 align:start position:0% contract we only litigate it if 00:17:35.830 --> 00:17:37.500 align:start position:0% contract we only litigate it if something<00:17:36.190> goes<00:17:36.310> wrong<00:17:36.400> we<00:17:36.820> fail<00:17:37.120> to<00:17:37.150> maintain 00:17:37.500 --> 00:17:37.510 align:start position:0% something goes wrong we fail to maintain 00:17:37.510 --> 00:17:40.920 align:start position:0% something goes wrong we fail to maintain the<00:17:38.200> terms<00:17:38.590> of<00:17:38.770> trade<00:17:39.240> the<00:17:40.240> same<00:17:40.510> concepts 00:17:40.920 --> 00:17:40.930 align:start position:0% the terms of trade the same concepts 00:17:40.930 --> 00:17:42.720 align:start position:0% the terms of trade the same concepts being<00:17:41.080> applied<00:17:41.380> here<00:17:41.440> where<00:17:42.280> we're<00:17:42.490> saying 00:17:42.720 --> 00:17:42.730 align:start position:0% being applied here where we're saying 00:17:42.730 --> 00:17:44.250 align:start position:0% being applied here where we're saying hey<00:17:43.000> let's<00:17:43.300> enter<00:17:43.600> into<00:17:43.750> a<00:17:43.900> financial 00:17:44.250 --> 00:17:44.260 align:start position:0% hey let's enter into a financial 00:17:44.260 --> 00:17:47.520 align:start position:0% hey let's enter into a financial contract<00:17:45.040> that<00:17:45.610> we<00:17:45.880> both<00:17:46.330> know<00:17:46.660> the<00:17:46.900> terms<00:17:47.140> and 00:17:47.520 --> 00:17:47.530 align:start position:0% contract that we both know the terms and 00:17:47.530 --> 00:17:52.220 align:start position:0% contract that we both know the terms and we're<00:17:48.100> going<00:17:48.310> to<00:17:48.430> do<00:17:49.390> what<00:17:50.110> we've<00:17:50.260> gotta<00:17:50.500> do 00:17:52.220 --> 00:17:52.230 align:start position:0% we're going to do what we've gotta do 00:17:52.230 --> 00:17:54.600 align:start position:0% we're going to do what we've gotta do but<00:17:53.230> we're<00:17:53.350> only<00:17:53.530> pointed<00:17:54.010> to<00:17:54.100> see<00:17:54.220> you<00:17:54.400> only 00:17:54.600 --> 00:17:54.610 align:start position:0% but we're only pointed to see you only 00:17:54.610 --> 00:17:56.580 align:start position:0% but we're only pointed to see you only to<00:17:54.820> use<00:17:55.000> an<00:17:55.150> Oracle<00:17:55.630> it's<00:17:56.110> something<00:17:56.500> this 00:17:56.580 --> 00:17:56.590 align:start position:0% to use an Oracle it's something this 00:17:56.590 --> 00:18:01.800 align:start position:0% to use an Oracle it's something this long<00:17:58.890> three<00:17:59.890> Oracle's<00:18:00.580> as<00:18:00.820> dispute 00:18:01.800 --> 00:18:01.810 align:start position:0% long three Oracle's as dispute 00:18:01.810 --> 00:18:04.170 align:start position:0% long three Oracle's as dispute resolution<00:18:02.260> mechanisms<00:18:02.860> arguably<00:18:03.760> buildings 00:18:04.170 --> 00:18:04.180 align:start position:0% resolution mechanisms arguably buildings 00:18:04.180 --> 00:18:05.790 align:start position:0% resolution mechanisms arguably buildings of<00:18:04.330> the<00:18:04.420> design<00:18:04.780> space<00:18:05.140> for<00:18:05.470> decentralized 00:18:05.790 --> 00:18:05.800 align:start position:0% of the design space for decentralized 00:18:05.800 --> 00:18:09.510 align:start position:0% of the design space for decentralized Oracle's<00:18:06.720> since<00:18:07.720> we<00:18:08.230> can<00:18:08.470> do<00:18:08.710> things<00:18:09.070> a<00:18:09.400> little 00:18:09.510 --> 00:18:09.520 align:start position:0% Oracle's since we can do things a little 00:18:09.520 --> 00:18:12.120 align:start position:0% Oracle's since we can do things a little bit<00:18:09.640> differently<00:18:10.150> we<00:18:11.050> no<00:18:11.200> longer<00:18:11.230> need<00:18:11.800> like 00:18:12.120 --> 00:18:12.130 align:start position:0% bit differently we no longer need like 00:18:12.130 --> 00:18:14.640 align:start position:0% bit differently we no longer need like an<00:18:12.280> auction<00:18:12.790> price<00:18:13.180> team<00:18:13.480> that's<00:18:14.050> constantly 00:18:14.640 --> 00:18:14.650 align:start position:0% an auction price team that's constantly 00:18:14.650 --> 00:18:18.120 align:start position:0% an auction price team that's constantly pushing<00:18:15.130> of<00:18:15.370> a<00:18:16.090> lag<00:18:16.330> or<00:18:16.780> real<00:18:16.990> time<00:18:17.020> price<00:18:17.680> to 00:18:18.120 --> 00:18:18.130 align:start position:0% pushing of a lag or real time price to 00:18:18.130 --> 00:18:20.700 align:start position:0% pushing of a lag or real time price to the<00:18:18.250> chain<00:18:18.660> we<00:18:19.660> can<00:18:19.780> instead<00:18:20.080> the<00:18:20.290> Oracle 00:18:20.700 --> 00:18:20.710 align:start position:0% the chain we can instead the Oracle 00:18:20.710 --> 00:18:23.070 align:start position:0% the chain we can instead the Oracle speech<00:18:21.060> relatively<00:18:22.060> slowly<00:18:22.300> expensive<00:18:22.900> and 00:18:23.070 --> 00:18:23.080 align:start position:0% speech relatively slowly expensive and 00:18:23.080 --> 00:18:25.940 align:start position:0% speech relatively slowly expensive and potentially<00:18:23.860> late<00:18:24.400> far<00:18:24.790> more<00:18:25.030> decentralized 00:18:25.940 --> 00:18:25.950 align:start position:0% potentially late far more decentralized 00:18:25.950 --> 00:18:28.050 align:start position:0% potentially late far more decentralized because<00:18:26.950> they<00:18:27.100> should<00:18:27.250> be<00:18:27.370> relatively<00:18:27.790> rarely 00:18:28.050 --> 00:18:28.060 align:start position:0% because they should be relatively rarely 00:18:28.060 --> 00:18:30.090 align:start position:0% because they should be relatively rarely used<00:18:28.480> again<00:18:29.410> like<00:18:29.800> you 00:18:30.090 --> 00:18:30.100 align:start position:0% used again like you 00:18:30.100 --> 00:18:32.250 align:start position:0% used again like you for<00:18:30.370> technology<00:18:30.850> you<00:18:31.179> don't<00:18:31.360> go<00:18:31.570> to<00:18:31.630> court<00:18:32.049> for 00:18:32.250 --> 00:18:32.260 align:start position:0% for technology you don't go to court for 00:18:32.260 --> 00:18:34.260 align:start position:0% for technology you don't go to court for every<00:18:32.559> contract<00:18:33.039> you<00:18:33.160> write<00:18:33.370> you<00:18:33.910> only<00:18:34.059> go<00:18:34.240> to 00:18:34.260 --> 00:18:34.270 align:start position:0% every contract you write you only go to 00:18:34.270 --> 00:18:37.680 align:start position:0% every contract you write you only go to work<00:18:34.630> when<00:18:34.840> there's<00:18:34.990> a<00:18:35.049> major<00:18:35.200> dispute<00:18:36.360> and<00:18:37.360> it 00:18:37.680 --> 00:18:37.690 align:start position:0% work when there's a major dispute and it 00:18:37.690 --> 00:18:40.590 align:start position:0% work when there's a major dispute and it also<00:18:37.840> lets<00:18:38.200> our<00:18:38.470> Oracle's<00:18:38.980> be<00:18:39.160> cigarettes<00:18:39.880> we 00:18:40.590 --> 00:18:40.600 align:start position:0% also lets our Oracle's be cigarettes we 00:18:40.600 --> 00:18:41.850 align:start position:0% also lets our Oracle's be cigarettes we don't<00:18:40.870> need<00:18:41.169> the<00:18:41.410> dispute<00:18:41.830> resolution 00:18:41.850 --> 00:18:41.860 align:start position:0% don't need the dispute resolution 00:18:41.860 --> 00:18:43.950 align:start position:0% don't need the dispute resolution process<00:18:42.250> to<00:18:42.880> be<00:18:43.000> happening<00:18:43.270> at<00:18:43.390> the<00:18:43.450> same<00:18:43.660> time 00:18:43.950 --> 00:18:43.960 align:start position:0% process to be happening at the same time 00:18:43.960 --> 00:18:47.610 align:start position:0% process to be happening at the same time as<00:18:44.260> the<00:18:44.620> rest<00:18:44.740> of<00:18:44.890> the<00:18:44.950> contract<00:18:45.190> system<00:18:45.990> so<00:18:46.990> we 00:18:47.610 --> 00:18:47.620 align:start position:0% as the rest of the contract system so we 00:18:47.620 --> 00:18:49.409 align:start position:0% as the rest of the contract system so we must<00:18:47.799> built<00:18:48.100> a<00:18:48.190> design<00:18:48.490> for<00:18:48.910> this<00:18:49.120> type<00:18:49.390> of 00:18:49.409 --> 00:18:49.419 align:start position:0% must built a design for this type of 00:18:49.419 --> 00:18:50.850 align:start position:0% must built a design for this type of Oracle<00:18:50.020> that<00:18:50.049> we<00:18:50.289> call<00:18:50.500> our<00:18:50.650> data 00:18:50.850 --> 00:18:50.860 align:start position:0% Oracle that we call our data 00:18:50.860 --> 00:18:53.279 align:start position:0% Oracle that we call our data verification<00:18:51.070> mechanism<00:18:52.000> that<00:18:52.990> actually 00:18:53.279 --> 00:18:53.289 align:start position:0% verification mechanism that actually 00:18:53.289 --> 00:18:55.140 align:start position:0% verification mechanism that actually puts<00:18:53.500> economic<00:18:53.980> guarantees<00:18:54.490> early<00:18:55.030> on 00:18:55.140 --> 00:18:55.150 align:start position:0% puts economic guarantees early on 00:18:55.150 --> 00:18:58.590 align:start position:0% puts economic guarantees early on profitability<00:18:56.789> that<00:18:57.789> design<00:18:58.150> you<00:18:58.179> gotta 00:18:58.590 --> 00:18:58.600 align:start position:0% profitability that design you gotta 00:18:58.600 --> 00:19:00.210 align:start position:0% profitability that design you gotta weigh<00:18:58.690> paper<00:18:58.900> and<00:18:59.289> it's<00:18:59.440> actually<00:18:59.740> been<00:18:59.890> built 00:19:00.210 --> 00:19:00.220 align:start position:0% weigh paper and it's actually been built 00:19:00.220 --> 00:19:03.210 align:start position:0% weigh paper and it's actually been built it's<00:19:00.970> on<00:19:01.120> test<00:19:01.390> net<00:19:01.600> it's<00:19:02.500> well<00:19:02.740> suited<00:19:03.039> to 00:19:03.210 --> 00:19:03.220 align:start position:0% it's on test net it's well suited to 00:19:03.220 --> 00:19:05.490 align:start position:0% it's on test net it's well suited to support<00:19:03.730> this<00:19:03.909> type<00:19:04.120> of<00:19:04.179> priceless<00:19:04.900> financial 00:19:05.490 --> 00:19:05.500 align:start position:0% support this type of priceless financial 00:19:05.500 --> 00:19:09.779 align:start position:0% support this type of priceless financial contract<00:19:06.750> so<00:19:07.750> just<00:19:08.409> to<00:19:08.590> wrap<00:19:08.830> up<00:19:08.890> really 00:19:09.779 --> 00:19:09.789 align:start position:0% contract so just to wrap up really 00:19:09.789 --> 00:19:11.180 align:start position:0% contract so just to wrap up really quickly 00:19:11.180 --> 00:19:11.190 align:start position:0% quickly 00:19:11.190 --> 00:19:15.029 align:start position:0% quickly we<00:19:12.190> introduced<00:19:12.610> this<00:19:12.760> idea<00:19:12.909> bit<00:19:13.510> index<00:19:14.200> which 00:19:15.029 --> 00:19:15.039 align:start position:0% we introduced this idea bit index which 00:19:15.039 --> 00:19:17.460 align:start position:0% we introduced this idea bit index which is<00:19:15.240> decentralizing<00:19:16.240> bit<00:19:16.450> max<00:19:16.659> something<00:19:17.289> that 00:19:17.460 --> 00:19:17.470 align:start position:0% is decentralizing bit max something that 00:19:17.470 --> 00:19:20.430 align:start position:0% is decentralizing bit max something that has<00:19:17.730> but<00:19:18.730> it<00:19:18.940> really<00:19:19.450> hard<00:19:19.630> to<00:19:19.690> do<00:19:19.900> it<00:19:20.020> define 00:19:20.430 --> 00:19:20.440 align:start position:0% has but it really hard to do it define 00:19:20.440 --> 00:19:23.460 align:start position:0% has but it really hard to do it define and<00:19:21.429> we<00:19:21.460> did<00:19:21.789> this<00:19:21.970> using<00:19:22.390> this<00:19:22.750> concept<00:19:23.110> of 00:19:23.460 --> 00:19:23.470 align:start position:0% and we did this using this concept of 00:19:23.470 --> 00:19:26.070 align:start position:0% and we did this using this concept of presence<00:19:23.980> financial<00:19:24.340> contracts<00:19:24.970> where<00:19:25.720> we 00:19:26.070 --> 00:19:26.080 align:start position:0% presence financial contracts where we 00:19:26.080 --> 00:19:29.310 align:start position:0% presence financial contracts where we are<00:19:26.260> pushing<00:19:26.679> all<00:19:27.130> of<00:19:27.370> the<00:19:27.520> work<00:19:27.730> off<00:19:28.000> chain<00:19:28.450> so 00:19:29.310 --> 00:19:29.320 align:start position:0% are pushing all of the work off chain so 00:19:29.320 --> 00:19:31.200 align:start position:0% are pushing all of the work off chain so we<00:19:29.350> are<00:19:29.559> getting<00:19:29.679> greater<00:19:30.070> scalability<00:19:30.460> by 00:19:31.200 --> 00:19:31.210 align:start position:0% we are getting greater scalability by 00:19:31.210 --> 00:19:33.390 align:start position:0% we are getting greater scalability by having<00:19:31.570> positions<00:19:32.049> there<00:19:32.590> solving<00:19:33.039> CV 00:19:33.390 --> 00:19:33.400 align:start position:0% having positions there solving CV 00:19:33.400 --> 00:19:35.850 align:start position:0% having positions there solving CV monitor<00:19:33.909> off<00:19:34.150> chain<00:19:34.450> and<00:19:34.690> force<00:19:35.440> via<00:19:35.650> this 00:19:35.850 --> 00:19:35.860 align:start position:0% monitor off chain and force via this 00:19:35.860 --> 00:19:38.789 align:start position:0% monitor off chain and force via this piece<00:19:36.750> we're<00:19:37.750> doing<00:19:37.960> this<00:19:38.110> with<00:19:38.320> out<00:19:38.500> and 00:19:38.789 --> 00:19:38.799 align:start position:0% piece we're doing this with out and 00:19:38.799 --> 00:19:41.700 align:start position:0% piece we're doing this with out and Auntie<00:19:39.159> priced<00:19:39.549> feed<00:19:39.990> people<00:19:40.990> bring<00:19:41.350> your<00:19:41.530> own 00:19:41.700 --> 00:19:41.710 align:start position:0% Auntie priced feed people bring your own 00:19:41.710 --> 00:19:44.700 align:start position:0% Auntie priced feed people bring your own press<00:19:42.100> PETA<00:19:42.429> off<00:19:42.640> chain<00:19:43.470> and<00:19:44.470> we're 00:19:44.700 --> 00:19:44.710 align:start position:0% press PETA off chain and we're 00:19:44.710 --> 00:19:46.529 align:start position:0% press PETA off chain and we're minimizing<00:19:45.039> Oracle<00:19:45.760> usage<00:19:46.120> so<00:19:46.390> we're 00:19:46.529 --> 00:19:46.539 align:start position:0% minimizing Oracle usage so we're 00:19:46.539 --> 00:19:48.720 align:start position:0% minimizing Oracle usage so we're reframing<00:19:47.049> the<00:19:47.200> use<00:19:47.409> of<00:19:47.590> an<00:19:47.679> Oracle<00:19:47.950> as<00:19:48.280> purely 00:19:48.720 --> 00:19:48.730 align:start position:0% reframing the use of an Oracle as purely 00:19:48.730 --> 00:19:51.840 align:start position:0% reframing the use of an Oracle as purely a<00:19:48.850> dispute<00:19:49.390> resolution<00:19:49.900> function<00:19:50.610> this<00:19:51.610> lets 00:19:51.840 --> 00:19:51.850 align:start position:0% a dispute resolution function this lets 00:19:51.850 --> 00:19:53.880 align:start position:0% a dispute resolution function this lets us<00:19:51.970> build<00:19:52.150> what<00:19:52.570> we're<00:19:52.720> calling<00:19:52.870> the<00:19:53.110> ask<00:19:53.500> to 00:19:53.880 --> 00:19:53.890 align:start position:0% us build what we're calling the ask to 00:19:53.890 --> 00:19:57.299 align:start position:0% us build what we're calling the ask to eat<00:19:54.070> by<00:19:54.250> products<00:19:54.700> like<00:19:55.510> a<00:19:55.720> Dex<00:19:56.260> an<00:19:56.559> exchange 00:19:57.299 --> 00:19:57.309 align:start position:0% eat by products like a Dex an exchange 00:19:57.309 --> 00:20:00.149 align:start position:0% eat by products like a Dex an exchange with<00:19:57.640> leverage<00:19:58.320> it<00:19:59.320> also<00:19:59.559> lets<00:19:59.830> us<00:19:59.980> build 00:20:00.149 --> 00:20:00.159 align:start position:0% with leverage it also lets us build 00:20:00.159 --> 00:20:02.279 align:start position:0% with leverage it also lets us build synthetic<00:20:00.760> tokens<00:20:01.150> were<00:20:01.510> we're<00:20:01.900> big<00:20:02.080> on 00:20:02.279 --> 00:20:02.289 align:start position:0% synthetic tokens were we're big on 00:20:02.289 --> 00:20:04.200 align:start position:0% synthetic tokens were we're big on synthetic<00:20:02.530> token<00:20:03.100> suggest<00:20:03.520> can<00:20:03.700> go<00:20:04.059> to<00:20:04.120> our 00:20:04.200 --> 00:20:04.210 align:start position:0% synthetic token suggest can go to our 00:20:04.210 --> 00:20:06.600 align:start position:0% synthetic token suggest can go to our website<00:20:04.390> we<00:20:04.780> don't<00:20:04.929> like<00:20:05.080> that<00:20:05.370> we<00:20:06.370> can<00:20:06.520> do 00:20:06.600 --> 00:20:06.610 align:start position:0% website we don't like that we can do 00:20:06.610 --> 00:20:09.029 align:start position:0% website we don't like that we can do this<00:20:06.760> with<00:20:06.909> Lola<00:20:07.179> flower<00:20:07.510> apartments<00:20:08.289> because 00:20:09.029 --> 00:20:09.039 align:start position:0% this with Lola flower apartments because 00:20:09.039 --> 00:20:10.799 align:start position:0% this with Lola flower apartments because we<00:20:09.549> can<00:20:09.700> be<00:20:09.760> much<00:20:09.909> more<00:20:10.059> efficient<00:20:10.600> with<00:20:10.720> our 00:20:10.799 --> 00:20:10.809 align:start position:0% we can be much more efficient with our 00:20:10.809 --> 00:20:13.470 align:start position:0% we can be much more efficient with our margin<00:20:11.260> usage<00:20:11.620> by<00:20:12.220> not<00:20:12.460> having<00:20:12.850> a<00:20:12.940> leg<00:20:13.240> to 00:20:13.470 --> 00:20:13.480 align:start position:0% margin usage by not having a leg to 00:20:13.480 --> 00:20:17.640 align:start position:0% margin usage by not having a leg to press<00:20:13.690> feed<00:20:13.900> or<00:20:14.409> any<00:20:14.950> kind<00:20:15.159> of<00:20:15.190> delay<00:20:15.929> and<00:20:16.929> what 00:20:17.640 --> 00:20:17.650 align:start position:0% press feed or any kind of delay and what 00:20:17.650 --> 00:20:19.590 align:start position:0% press feed or any kind of delay and what kind<00:20:17.890> of<00:20:17.980> swaps<00:20:18.220> options<00:20:18.700> all<00:20:19.090> sorts<00:20:19.480> other 00:20:19.590 --> 00:20:19.600 align:start position:0% kind of swaps options all sorts other 00:20:19.600 --> 00:20:21.990 align:start position:0% kind of swaps options all sorts other angel<00:20:20.020> contracts<00:20:20.530> and<00:20:20.770> this<00:20:21.610> is<00:20:21.760> sort<00:20:21.970> of 00:20:21.990 --> 00:20:22.000 align:start position:0% angel contracts and this is sort of 00:20:22.000 --> 00:20:24.180 align:start position:0% angel contracts and this is sort of stuff<00:20:22.270> that<00:20:22.450> frankly<00:20:23.020> we<00:20:23.530> love<00:20:23.710> talking<00:20:23.919> to 00:20:24.180 --> 00:20:24.190 align:start position:0% stuff that frankly we love talking to 00:20:24.190 --> 00:20:26.090 align:start position:0% stuff that frankly we love talking to all<00:20:24.850> you<00:20:25.150> about 00:20:26.090 --> 00:20:26.100 align:start position:0% all you about 00:20:26.100 --> 00:20:28.400 align:start position:0% all you about you<00:20:26.250> want<00:20:26.400> to<00:20:26.460> build<00:20:26.690> and<00:20:27.690> how<00:20:28.050> can<00:20:28.110> go<00:20:28.380> a 00:20:28.400 --> 00:20:28.410 align:start position:0% you want to build and how can go a 00:20:28.410 --> 00:20:37.340 align:start position:0% you want to build and how can go a building<00:20:30.410> okay<00:20:32.840> so<00:20:34.340> wrapping<00:20:35.340> up<00:20:36.170> we've<00:20:37.170> got<00:20:37.200> a 00:20:37.340 --> 00:20:37.350 align:start position:0% building okay so wrapping up we've got a 00:20:37.350 --> 00:20:39.080 align:start position:0% building okay so wrapping up we've got a lot<00:20:37.530> research<00:20:37.890> out<00:20:38.100> there<00:20:38.130> that<00:20:38.580> would<00:20:38.910> love 00:20:39.080 --> 00:20:39.090 align:start position:0% lot research out there that would love 00:20:39.090 --> 00:20:41.510 align:start position:0% lot research out there that would love feedback<00:20:39.480> on<00:20:39.660> this<00:20:40.410> video<00:20:40.680> text<00:20:41.040> paper<00:20:41.220> we 00:20:41.510 --> 00:20:41.520 align:start position:0% feedback on this video text paper we 00:20:41.520 --> 00:20:43.880 align:start position:0% feedback on this video text paper we just<00:20:41.700> published<00:20:42.030> last<00:20:42.090> week<00:20:42.380> it's<00:20:43.380> it's<00:20:43.800> a 00:20:43.880 --> 00:20:43.890 align:start position:0% just published last week it's it's a 00:20:43.890 --> 00:20:46.100 align:start position:0% just published last week it's it's a research<00:20:44.160> paper<00:20:44.370> it's<00:20:44.760> a<00:20:44.820> draft<00:20:45.060> we<00:20:45.900> love 00:20:46.100 --> 00:20:46.110 align:start position:0% research paper it's a draft we love 00:20:46.110 --> 00:20:48.830 align:start position:0% research paper it's a draft we love feedback<00:20:46.290> on<00:20:46.680> this<00:20:46.770> design<00:20:47.420> we<00:20:48.420> also<00:20:48.540> have<00:20:48.810> our 00:20:48.830 --> 00:20:48.840 align:start position:0% feedback on this design we also have our 00:20:48.840 --> 00:20:51.230 align:start position:0% feedback on this design we also have our designed<00:20:49.230> for<00:20:49.440> our<00:20:49.710> Oracle<00:20:50.280> our<00:20:50.730> dispute 00:20:51.230 --> 00:20:51.240 align:start position:0% designed for our Oracle our dispute 00:20:51.240 --> 00:20:53.300 align:start position:0% designed for our Oracle our dispute resolution<00:20:51.690> style<00:20:51.930> horrible<00:20:52.410> that<00:20:53.190> we 00:20:53.300 --> 00:20:53.310 align:start position:0% resolution style horrible that we 00:20:53.310 --> 00:20:56.210 align:start position:0% resolution style horrible that we published<00:20:53.700> a<00:20:53.910> couple<00:20:54.780> months<00:20:55.050> ago<00:20:55.260> that<00:20:56.100> we 00:20:56.210 --> 00:20:56.220 align:start position:0% published a couple months ago that we 00:20:56.220 --> 00:21:01.370 align:start position:0% published a couple months ago that we was<00:20:56.310> left<00:20:56.490> feedback<00:20:56.640> on<00:20:57.590> and<00:20:59.990> the<00:21:00.990> response<00:21:01.290> of 00:21:01.370 --> 00:21:01.380 align:start position:0% was left feedback on and the response of 00:21:01.380 --> 00:21:04.850 align:start position:0% was left feedback on and the response of us<00:21:01.530> here<00:21:01.740> at<00:21:02.010> Def<00:21:02.250> Con<00:21:03.170> please<00:21:04.170> join<00:21:04.800> our 00:21:04.850 --> 00:21:04.860 align:start position:0% us here at Def Con please join our 00:21:04.860 --> 00:21:07.820 align:start position:0% us here at Def Con please join our developer<00:21:05.310> slack<00:21:05.550> let's<00:21:05.940> go<00:21:06.030> get<00:21:06.300> up<00:21:06.590> links<00:21:07.590> to 00:21:07.820 --> 00:21:07.830 align:start position:0% developer slack let's go get up links to 00:21:07.830 --> 00:21:09.800 align:start position:0% developer slack let's go get up links to where<00:21:08.040> you<00:21:08.070> find<00:21:08.490> various<00:21:08.790> things<00:21:09.030> and<00:21:09.270> find 00:21:09.800 --> 00:21:09.810 align:start position:0% where you find various things and find 00:21:09.810 --> 00:21:10.130 align:start position:0% where you find various things and find us 00:21:10.130 --> 00:21:10.140 align:start position:0% us 00:21:10.140 --> 00:21:14.070 align:start position:0% us thanks<00:21:11.040> very<00:21:11.160> much 00:21:14.070 --> 00:21:14.080 align:start position:0% 00:21:14.080 --> 00:21:22.450 align:start position:0% [Applause] 00:21:22.450 --> 00:21:22.460 align:start position:0% 00:21:22.460 --> 00:21:24.520 align:start position:0% you