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my<00:00:00.890><c> name</c><00:00:01.040><c> is</c><00:00:01.130><c> Wil</c><00:00:01.250><c> warren</c><00:00:01.609><c> I'm</c><00:00:01.879><c> here</c><00:00:02.090><c> with</c>

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my name is Wil warren I'm here with
 

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my name is Wil warren I'm here with
Peter<00:00:02.600><c> Zeitz</c><00:00:03.139><c> and</c><00:00:03.430><c> we're</c><00:00:04.430><c> from</c><00:00:04.759><c> the</c><00:00:04.940><c> 0x</c>

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Peter Zeitz and we're from the 0x
 

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Peter Zeitz and we're from the 0x
protocol<00:00:06.140><c> core</c><00:00:06.620><c> development</c><00:00:07.040><c> team</c><00:00:07.840><c> and</c><00:00:09.099><c> Xerox</c>

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protocol core development team and Xerox
 

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protocol core development team and Xerox
just<00:00:10.429><c> briefly</c><00:00:10.820><c> 0x</c><00:00:11.300><c> Protocol</c><00:00:11.750><c> is</c><00:00:12.019><c> an</c><00:00:12.290><c> open</c>

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just briefly 0x Protocol is an open
 

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just briefly 0x Protocol is an open
protocol<00:00:13.160><c> for</c><00:00:13.969><c> peer-to-peer</c><00:00:14.269><c> exchange</c><00:00:15.019><c> of</c>

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protocol for peer-to-peer exchange of
 

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protocol for peer-to-peer exchange of
aetherium<00:00:15.799><c> tokens</c><00:00:16.810><c> we're</c><00:00:17.810><c> not</c><00:00:17.930><c> gonna</c><00:00:18.020><c> be</c>

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aetherium tokens we're not gonna be
 

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aetherium tokens we're not gonna be
talking<00:00:18.350><c> about</c><00:00:18.410><c> that</c><00:00:18.680><c> too</c><00:00:18.980><c> much</c>

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talking about that too much
 

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talking about that too much
instead<00:00:20.180><c> we're</c><00:00:20.330><c> gonna</c><00:00:20.390><c> be</c><00:00:20.570><c> talking</c><00:00:20.900><c> about</c><00:00:20.960><c> how</c>

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instead we're gonna be talking about how
 

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instead we're gonna be talking about how
we're<00:00:21.830><c> thinking</c><00:00:21.860><c> about</c><00:00:22.430><c> building</c><00:00:22.670><c> a</c>

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we're thinking about building a
 

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we're thinking about building a
self-sustaining<00:00:23.780><c> ecosystem</c><00:00:24.100><c> through</c>

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self-sustaining ecosystem through
 

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self-sustaining ecosystem through
governance<00:00:28.210><c> but</c><00:00:29.210><c> before</c><00:00:29.720><c> we</c><00:00:30.230><c> get</c><00:00:30.410><c> into</c><00:00:30.770><c> that</c>

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governance but before we get into that
 

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governance but before we get into that
I'm<00:00:32.239><c> just</c><00:00:32.509><c> gonna</c><00:00:32.630><c> provide</c><00:00:33.020><c> a</c><00:00:33.080><c> little</c><00:00:33.440><c> bit</c><00:00:33.590><c> of</c>

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I'm just gonna provide a little bit of
 

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I'm just gonna provide a little bit of
background<00:00:34.280><c> on</c><00:00:34.730><c> 0x</c><00:00:35.720><c> the</c><00:00:36.560><c> history</c><00:00:36.920><c> of</c><00:00:37.010><c> 0x</c><00:00:37.460><c> and</c>

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background on 0x the history of 0x and
 

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background on 0x the history of 0x and
how<00:00:38.330><c> governance</c><00:00:39.230><c> has</c><00:00:39.440><c> been</c><00:00:39.740><c> a</c><00:00:39.950><c> critical</c><00:00:40.790><c> piece</c>

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how governance has been a critical piece
 

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how governance has been a critical piece
of<00:00:41.090><c> the</c><00:00:41.360><c> project</c><00:00:41.600><c> a</c><00:00:42.380><c> core</c><00:00:42.950><c> requirement</c><00:00:43.610><c> from</c>

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of the project a core requirement from
 

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of the project a core requirement from
the<00:00:43.940><c> very</c><00:00:44.180><c> beginning</c><00:00:45.460><c> and</c><00:00:46.460><c> so</c><00:00:46.760><c> I'm</c><00:00:47.180><c> gonna</c><00:00:47.329><c> talk</c>

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the very beginning and so I'm gonna talk
 

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the very beginning and so I'm gonna talk
a<00:00:47.600><c> little</c><00:00:47.840><c> bit</c><00:00:47.960><c> about</c><00:00:47.990><c> technical</c><00:00:48.920><c> protocol</c>

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a little bit about technical protocol
 

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a little bit about technical protocol
governance<00:00:50.770><c> so</c><00:00:51.940><c> initially</c><00:00:52.940><c> very</c><00:00:53.180><c> on</c><00:00:53.420><c> before</c>

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governance so initially very on before
 

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governance so initially very on before
we<00:00:54.110><c> were</c><00:00:54.230><c> actually</c><00:00:54.620><c> working</c><00:00:55.160><c> on</c><00:00:55.460><c> what</c><00:00:55.820><c> is</c><00:00:55.910><c> now</c>

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we were actually working on what is now
 

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we were actually working on what is now
0x<00:00:56.630><c> we</c><00:00:57.620><c> were</c><00:00:57.739><c> initially</c><00:00:57.920><c> building</c><00:00:58.489><c> a</c>

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0x we were initially building a
 

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0x we were initially building a
for-profit<00:01:00.280><c> decentralized</c><00:01:01.280><c> exchange</c><00:01:02.020><c> that</c>

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for-profit decentralized exchange that
 

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for-profit decentralized exchange that
would<00:01:03.110><c> be</c><00:01:03.230><c> owned</c><00:01:03.410><c> by</c><00:01:03.560><c> a</c><00:01:03.590><c> corporation</c><00:01:03.829><c> and</c>

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would be owned by a corporation and
 

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would be owned by a corporation and
would<00:01:05.420><c> be</c><00:01:05.659><c> generating</c><00:01:06.490><c> revenues</c><00:01:07.490><c> and</c>

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would be generating revenues and
 

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would be generating revenues and
something<00:01:09.080><c> that</c><00:01:09.200><c> we</c><00:01:09.460><c> identified</c><00:01:10.460><c> very</c><00:01:10.670><c> early</c>

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something that we identified very early
 

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something that we identified very early
on<00:01:11.030><c> was</c><00:01:11.990><c> that</c><00:01:12.020><c> we</c><00:01:12.470><c> were</c><00:01:12.590><c> building</c><00:01:12.830><c> this</c><00:01:13.430><c> system</c>

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on was that we were building this system
 

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on was that we were building this system
of<00:01:14.030><c> smart</c><00:01:14.270><c> contracts</c><00:01:14.720><c> on</c><00:01:15.050><c> top</c><00:01:15.770><c> of</c><00:01:15.979><c> a</c><00:01:16.100><c> rapidly</c>

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of smart contracts on top of a rapidly
 

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of smart contracts on top of a rapidly
evolving<00:01:17.180><c> technology</c><00:01:18.110><c> stack</c><00:01:18.670><c> so</c><00:01:19.670><c> etherium</c>

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evolving technology stack so etherium
 

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evolving technology stack so etherium
was<00:01:20.479><c> still</c><00:01:21.020><c> in</c><00:01:21.110><c> its</c><00:01:21.260><c> infancy</c><00:01:21.460><c> the</c><00:01:22.460><c> etherium</c>

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was still in its infancy the etherium
 

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was still in its infancy the etherium
virtual<00:01:23.450><c> machine</c><00:01:23.750><c> was</c><00:01:24.430><c> changing</c><00:01:25.430><c> the</c><00:01:26.150><c> smart</c>

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virtual machine was changing the smart
 

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virtual machine was changing the smart
contract<00:01:27.070><c> programming</c><00:01:28.070><c> language</c><00:01:28.370><c> was</c>

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contract programming language was
 

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contract programming language was
changing<00:01:29.290><c> everything</c><00:01:30.290><c> was</c><00:01:30.680><c> you</c><00:01:31.070><c> know</c>

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changing everything was you know
 

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changing everything was you know
changing<00:01:32.030><c> at</c><00:01:32.090><c> a</c><00:01:32.150><c> very</c><00:01:32.330><c> rapid</c><00:01:32.659><c> pace</c><00:01:33.220><c> and</c><00:01:34.220><c> so</c><00:01:34.520><c> you</c>

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changing at a very rapid pace and so you
 

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changing at a very rapid pace and so you
know<00:01:35.119><c> what</c><00:01:35.630><c> we</c><00:01:35.750><c> realized</c><00:01:36.440><c> is</c><00:01:36.770><c> that</c><00:01:36.830><c> if</c><00:01:37.340><c> we</c><00:01:37.850><c> were</c>

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know what we realized is that if we were
 

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know what we realized is that if we were
to<00:01:38.150><c> build</c><00:01:38.360><c> our</c><00:01:39.400><c> protocol</c><00:01:40.400><c> for</c><00:01:40.580><c> a</c><00:01:40.610><c> peer</c><00:01:40.790><c> to</c>

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to build our protocol for a peer to
 

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to build our protocol for a peer to
build<00:01:41.510><c> our</c><00:01:41.810><c> decentralized</c><00:01:42.260><c> exchange</c><00:01:42.830><c> in</c><00:01:43.400><c> a</c>

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build our decentralized exchange in a
 

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build our decentralized exchange in a
single<00:01:43.909><c> monolithic</c><00:01:44.390><c> smart</c><00:01:44.990><c> contract</c><00:01:45.470><c> that</c>

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single monolithic smart contract that
 

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single monolithic smart contract that
there<00:01:46.520><c> would</c><00:01:46.700><c> be</c><00:01:46.729><c> some</c><00:01:47.030><c> issues</c><00:01:47.450><c> when</c><00:01:47.869><c> we</c><00:01:47.990><c> would</c>

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there would be some issues when we would
 

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there would be some issues when we would
have<00:01:48.350><c> to</c><00:01:48.590><c> upgrade</c><00:01:48.799><c> and</c><00:01:49.810><c> that</c><00:01:50.810><c> we</c><00:01:50.900><c> would</c><00:01:51.020><c> have</c>

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have to upgrade and that we would have
 

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have to upgrade and that we would have
to<00:01:51.200><c> upgrade</c><00:01:51.439><c> frequently</c><00:01:52.900><c> so</c><00:01:53.900><c> here</c><00:01:54.200><c> you</c><00:01:54.290><c> can</c>

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to upgrade frequently so here you can
 

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to upgrade frequently so here you can
see<00:01:54.650><c> in</c><00:01:54.979><c> the</c><00:01:55.430><c> slide</c><00:01:55.880><c> there</c><00:01:56.540><c> is</c><00:01:56.600><c> this</c><00:01:57.020><c> smart</c>

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see in the slide there is this smart
 

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see in the slide there is this smart
contract<00:01:58.159><c> represented</c><00:01:58.759><c> as</c><00:01:58.880><c> a</c><00:01:58.909><c> triangle</c><00:01:59.860><c> you</c>

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contract represented as a triangle you
 

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contract represented as a triangle you
can<00:02:00.920><c> think</c><00:02:01.250><c> of</c><00:02:01.340><c> this</c><00:02:01.460><c> as</c><00:02:01.520><c> containing</c><00:02:02.150><c> all</c><00:02:02.299><c> of</c>

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can think of this as containing all of
 

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can think of this as containing all of
the<00:02:02.570><c> logic</c><00:02:02.830><c> associated</c><00:02:03.830><c> with</c><00:02:03.979><c> exchange</c><00:02:04.909><c> and</c>

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the logic associated with exchange and
 

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the logic associated with exchange and
you<00:02:05.780><c> have</c><00:02:05.930><c> these</c><00:02:06.080><c> traders</c><00:02:06.500><c> that</c><00:02:06.860><c> are</c>

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you have these traders that are
 

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you have these traders that are
depositing<00:02:08.269><c> their</c><00:02:08.479><c> they've</c><00:02:08.779><c> deposited</c><00:02:09.379><c> their</c>

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depositing their they've deposited their
 

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depositing their they've deposited their
funds<00:02:09.709><c> into</c><00:02:10.039><c> the</c><00:02:10.129><c> contract</c><00:02:10.609><c> and</c><00:02:10.759><c> they're</c>

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funds into the contract and they're
 

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funds into the contract and they're
using<00:02:11.060><c> it</c><00:02:11.209><c> to</c><00:02:11.269><c> trade</c><00:02:11.629><c> and</c><00:02:12.010><c> one</c><00:02:13.010><c> of</c><00:02:13.099><c> the</c><00:02:13.159><c> issues</c>

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using it to trade and one of the issues
 

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using it to trade and one of the issues
that

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that
 

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that
you<00:02:14.180><c> encounter</c><00:02:14.660><c> when</c><00:02:14.900><c> you're</c><00:02:14.990><c> building</c><00:02:15.350><c> on</c>

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you encounter when you're building on
 

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you encounter when you're building on
top<00:02:15.590><c> of</c><00:02:15.650><c> a</c><00:02:15.860><c> rapidly</c><00:02:16.280><c> evolving</c><00:02:16.760><c> technology</c>

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top of a rapidly evolving technology
 

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top of a rapidly evolving technology
stack<00:02:17.570><c> and</c><00:02:19.720><c> you</c><00:02:20.720><c> have</c><00:02:20.930><c> to</c><00:02:21.050><c> upgrade</c><00:02:21.230><c> your</c><00:02:21.470><c> smart</c>

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stack and you have to upgrade your smart
 

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stack and you have to upgrade your smart
contracts<00:02:22.130><c> is</c><00:02:22.400><c> that</c><00:02:24.430><c> your</c><00:02:25.430><c> users</c><00:02:25.880><c> have</c><00:02:25.910><c> to</c>

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contracts is that your users have to
 

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contracts is that your users have to
withdraw<00:02:26.960><c> their</c><00:02:27.470><c> funds</c><00:02:27.710><c> from</c><00:02:28.190><c> your</c><00:02:28.460><c> old</c><00:02:28.610><c> smart</c>

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withdraw their funds from your old smart
 

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withdraw their funds from your old smart
contract

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contract
 

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contract
deposit<00:02:30.140><c> them</c><00:02:30.290><c> to</c><00:02:30.500><c> a</c><00:02:30.530><c> new</c><00:02:30.800><c> smart</c><00:02:31.100><c> contract</c><00:02:31.610><c> and</c>

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deposit them to a new smart contract and
 

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deposit them to a new smart contract and
it's<00:02:32.450><c> a</c><00:02:32.570><c> costly</c><00:02:33.290><c> in</c><00:02:33.970><c> time</c><00:02:34.970><c> intensive</c><00:02:35.540><c> process</c>

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it's a costly in time intensive process
 

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it's a costly in time intensive process
now<00:02:37.670><c> further</c><00:02:38.120><c> as</c><00:02:38.560><c> you</c><00:02:39.560><c> continue</c><00:02:39.980><c> to</c><00:02:40.100><c> do</c><00:02:40.220><c> these</c>

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now further as you continue to do these
 

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now further as you continue to do these
upgrades<00:02:41.050><c> another</c><00:02:42.050><c> issue</c><00:02:42.290><c> is</c><00:02:42.800><c> that</c><00:02:44.080><c> you'll</c>

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upgrades another issue is that you'll
 

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upgrades another issue is that you'll
have<00:02:45.230><c> user</c><00:02:45.530><c> churn</c><00:02:45.860><c> so</c><00:02:46.640><c> every</c><00:02:47.420><c> time</c><00:02:47.570><c> you</c><00:02:47.690><c> do</c><00:02:47.810><c> an</c>

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have user churn so every time you do an
 

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have user churn so every time you do an
upgrade<00:02:48.050><c> it's</c><00:02:48.440><c> it's</c><00:02:48.709><c> a</c><00:02:48.860><c> costly</c><00:02:49.430><c> and</c>

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upgrade it's it's a costly and
 

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upgrade it's it's a costly and
time-consuming<00:02:49.850><c> process</c><00:02:50.420><c> and</c><00:02:50.959><c> users</c><00:02:51.709><c> will</c>

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time-consuming process and users will
 

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time-consuming process and users will
drop<00:02:52.040><c> off</c><00:02:54.010><c> and</c><00:02:55.010><c> another</c><00:02:55.520><c> issue</c><00:02:55.730><c> with</c><00:02:56.209><c> doing</c>

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drop off and another issue with doing
 

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drop off and another issue with doing
upgrades<00:02:57.260><c> in</c><00:02:57.650><c> this</c><00:02:57.770><c> way</c><00:02:57.950><c> is</c><00:02:58.190><c> that</c><00:02:59.180><c> it</c><00:03:00.140><c> can</c><00:03:00.380><c> lead</c>

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upgrades in this way is that it can lead
 

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upgrades in this way is that it can lead
to<00:03:00.590><c> fragmentation</c><00:03:01.459><c> so</c><00:03:01.670><c> some</c><00:03:02.630><c> of</c><00:03:02.660><c> the</c><00:03:02.900><c> people</c>

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to fragmentation so some of the people
 

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to fragmentation so some of the people
might<00:03:03.530><c> decide</c><00:03:03.950><c> not</c><00:03:04.010><c> to</c><00:03:04.310><c> move</c><00:03:04.970><c> to</c><00:03:05.300><c> the</c><00:03:05.450><c> new</c><00:03:05.720><c> and</c>

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might decide not to move to the new and
 

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might decide not to move to the new and
most<00:03:06.890><c> most</c><00:03:07.730><c> recent</c><00:03:08.180><c> version</c><00:03:08.630><c> of</c><00:03:08.660><c> the</c><00:03:09.050><c> contract</c>

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most most recent version of the contract
 

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most most recent version of the contract
and<00:03:10.430><c> this</c><00:03:10.610><c> fragments</c><00:03:11.480><c> the</c><00:03:11.570><c> network</c><00:03:11.840><c> and</c>

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and this fragments the network and
 

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and this fragments the network and
destroys<00:03:12.740><c> a</c><00:03:12.830><c> lot</c><00:03:12.950><c> of</c><00:03:13.040><c> the</c><00:03:13.130><c> valuable</c><00:03:13.520><c> network</c>

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destroys a lot of the valuable network
 

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destroys a lot of the valuable network
effects<00:03:14.150><c> that</c><00:03:14.270><c> you</c><00:03:14.390><c> get</c><00:03:14.510><c> around</c><00:03:14.750><c> liquidity</c><00:03:16.660><c> so</c>

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effects that you get around liquidity so
 

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effects that you get around liquidity so
we<00:03:18.140><c> realized</c><00:03:18.560><c> that</c><00:03:18.769><c> in</c><00:03:19.280><c> order</c><00:03:19.459><c> to</c><00:03:19.790><c> create</c><00:03:20.209><c> a</c>

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we realized that in order to create a
 

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we realized that in order to create a
system<00:03:20.750><c> that</c><00:03:21.170><c> would</c><00:03:21.320><c> make</c><00:03:21.560><c> sense</c><00:03:21.769><c> for</c><00:03:22.010><c> us</c><00:03:22.070><c> long</c>

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system that would make sense for us long
 

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system that would make sense for us long
term<00:03:22.580><c> we</c><00:03:22.880><c> needed</c><00:03:23.180><c> to</c><00:03:23.269><c> build</c><00:03:23.390><c> a</c><00:03:23.690><c> modular</c>

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term we needed to build a modular
 

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term we needed to build a modular
pipeline<00:03:24.890><c> of</c><00:03:25.280><c> etherium</c><00:03:25.730><c> smart</c><00:03:26.030><c> contracts</c>

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pipeline of etherium smart contracts
 

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pipeline of etherium smart contracts
this<00:03:27.950><c> pipeline</c><00:03:28.340><c> would</c><00:03:28.760><c> allow</c><00:03:29.000><c> you</c><00:03:29.060><c> to</c><00:03:29.420><c> replace</c>

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this pipeline would allow you to replace
 

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this pipeline would allow you to replace
parts<00:03:30.890><c> of</c><00:03:31.040><c> it</c><00:03:31.190><c> without</c><00:03:31.580><c> affecting</c><00:03:31.760><c> the</c><00:03:32.180><c> other</c>

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parts of it without affecting the other
 

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parts of it without affecting the other
parts<00:03:32.720><c> of</c><00:03:32.810><c> the</c><00:03:32.930><c> system</c><00:03:33.400><c> and</c><00:03:34.400><c> you</c><00:03:35.180><c> know</c><00:03:35.300><c> this</c><00:03:35.780><c> is</c>

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parts of the system and you know this is
 

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parts of the system and you know this is
kind<00:03:36.350><c> of</c><00:03:36.410><c> a</c><00:03:36.560><c> diagram</c><00:03:37.519><c> of</c><00:03:37.610><c> what</c><00:03:38.090><c> that</c><00:03:38.330><c> pipeline</c>

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kind of a diagram of what that pipeline
 

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kind of a diagram of what that pipeline
looks<00:03:38.959><c> like</c><00:03:39.290><c> and</c><00:03:39.910><c> what</c><00:03:40.910><c> you</c><00:03:41.000><c> can</c><00:03:41.150><c> do</c><00:03:41.300><c> is</c><00:03:41.540><c> you</c>

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looks like and what you can do is you
 

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looks like and what you can do is you
can<00:03:42.170><c> unhook</c><00:03:42.590><c> one</c><00:03:42.860><c> module</c><00:03:43.280><c> and</c><00:03:43.630><c> hook</c><00:03:44.630><c> in</c><00:03:44.780><c> a</c><00:03:44.900><c> new</c>

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can unhook one module and hook in a new
 

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can unhook one module and hook in a new
module<00:03:45.230><c> and</c><00:03:45.680><c> it</c><00:03:46.280><c> allows</c><00:03:46.489><c> your</c><00:03:46.700><c> users</c><00:03:47.360><c> to</c>

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module and it allows your users to
 

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module and it allows your users to
seamlessly<00:03:48.019><c> transition</c><00:03:48.880><c> to</c><00:03:49.880><c> the</c><00:03:50.480><c> most</c><00:03:50.870><c> recent</c>

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seamlessly transition to the most recent
 

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seamlessly transition to the most recent
and<00:03:51.530><c> up-to-date</c><00:03:52.010><c> version</c><00:03:52.450><c> with</c><00:03:53.450><c> practically</c>

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and up-to-date version with practically
 

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and up-to-date version with practically
zero<00:03:54.560><c> friction</c><00:03:55.330><c> now</c><00:03:56.330><c> when</c><00:03:56.959><c> we</c><00:03:57.080><c> were</c><00:03:57.170><c> building</c>

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zero friction now when we were building
 

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zero friction now when we were building
our<00:03:57.680><c> own</c><00:03:57.980><c> for-profit</c><00:03:58.910><c> decentralized</c>

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our own for-profit decentralized
 

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our own for-profit decentralized
exchange<00:03:59.870><c> this</c><00:04:00.140><c> was</c><00:04:00.290><c> a</c><00:04:00.320><c> very</c><00:04:00.500><c> easy</c><00:04:01.269><c> process</c>

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exchange this was a very easy process
 

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exchange this was a very easy process
for<00:04:02.510><c> us</c><00:04:02.900><c> to</c><00:04:03.200><c> do</c><00:04:03.350><c> you</c><00:04:03.739><c> know</c><00:04:03.890><c> we</c><00:04:04.489><c> own</c><00:04:04.820><c> these</c>

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for us to do you know we own these
 

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for us to do you know we own these
contracts<00:04:05.780><c> we</c><00:04:06.049><c> can</c><00:04:06.200><c> just</c><00:04:06.410><c> decide</c><00:04:06.739><c> to</c><00:04:07.010><c> upgrade</c>

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contracts we can just decide to upgrade
 

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contracts we can just decide to upgrade
them<00:04:07.670><c> whenever</c><00:04:08.120><c> we</c><00:04:08.390><c> want</c><00:04:08.630><c> it's</c><00:04:09.320><c> our</c><00:04:09.620><c> decision</c>

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them whenever we want it's our decision
 

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them whenever we want it's our decision
but<00:04:12.250><c> as</c><00:04:13.250><c> we</c><00:04:13.580><c> spent</c><00:04:13.820><c> more</c><00:04:13.910><c> time</c><00:04:13.970><c> in</c><00:04:14.209><c> the</c>

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but as we spent more time in the
 

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but as we spent more time in the
etherium<00:04:14.900><c> space</c><00:04:15.350><c> and</c><00:04:15.769><c> met</c><00:04:15.980><c> with</c><00:04:16.130><c> more</c><00:04:16.310><c> teams</c>

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etherium space and met with more teams
 

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etherium space and met with more teams
that<00:04:16.850><c> are</c><00:04:16.970><c> developing</c><00:04:17.479><c> on</c><00:04:17.750><c> top</c><00:04:17.930><c> of</c><00:04:18.080><c> aetherium</c>

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that are developing on top of aetherium
 

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that are developing on top of aetherium
we<00:04:19.070><c> very</c><00:04:19.280><c> quickly</c><00:04:19.430><c> realized</c><00:04:20.000><c> that</c><00:04:20.180><c> there</c><00:04:20.359><c> are</c>

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we very quickly realized that there are
 

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we very quickly realized that there are
many<00:04:20.660><c> aetherium</c><00:04:21.140><c> projects</c><00:04:21.709><c> that</c><00:04:21.890><c> require</c>

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many aetherium projects that require
 

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many aetherium projects that require
exchange<00:04:22.880><c> functionality</c><00:04:24.099><c> and</c><00:04:25.099><c> we</c><00:04:25.910><c> determined</c>

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exchange functionality and we determined
 

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exchange functionality and we determined
that

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that
 

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that
all<00:04:27.350><c> of</c><00:04:27.620><c> the</c><00:04:27.710><c> work</c><00:04:27.890><c> we</c><00:04:27.920><c> were</c><00:04:28.190><c> doing</c><00:04:28.220><c> this</c>

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all of the work we were doing this
 

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all of the work we were doing this
system<00:04:29.300><c> that</c><00:04:29.480><c> we</c><00:04:29.570><c> were</c><00:04:29.660><c> we're</c><00:04:29.990><c> confident</c><00:04:30.470><c> was</c>

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system that we were we're confident was
 

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system that we were we're confident was
designed<00:04:31.070><c> in</c><00:04:31.190><c> a</c><00:04:31.250><c> very</c><00:04:31.430><c> good</c><00:04:31.520><c> way</c><00:04:31.870><c> would</c><00:04:32.870><c> have</c>

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designed in a very good way would have
 

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designed in a very good way would have
much<00:04:33.230><c> greater</c><00:04:33.410><c> impact</c><00:04:33.920><c> if</c><00:04:34.280><c> we</c><00:04:34.580><c> designed</c><00:04:35.210><c> it</c><00:04:35.330><c> to</c>

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much greater impact if we designed it to
 

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much greater impact if we designed it to
be<00:04:35.480><c> an</c><00:04:35.780><c> open</c><00:04:36.140><c> protocol</c><00:04:36.590><c> rather</c><00:04:37.340><c> than</c><00:04:37.580><c> a</c>

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be an open protocol rather than a
 

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be an open protocol rather than a
proprietary<00:04:38.420><c> exchange</c><00:04:39.350><c> so</c><00:04:40.070><c> anyone</c><00:04:40.550><c> could</c>

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proprietary exchange so anyone could
 

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proprietary exchange so anyone could
build<00:04:40.880><c> their</c><00:04:41.090><c> own</c><00:04:41.170><c> exchanges</c><00:04:42.170><c> or</c><00:04:42.380><c> markets</c><00:04:42.740><c> on</c>

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build their own exchanges or markets on
 

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build their own exchanges or markets on
top<00:04:43.040><c> of</c><00:04:43.190><c> it</c><00:04:46.240><c> so</c><00:04:47.240><c> in</c><00:04:47.690><c> an</c><00:04:48.140><c> open</c><00:04:48.410><c> protocol</c><00:04:48.800><c> there</c>

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top of it so in an open protocol there
 

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top of it so in an open protocol there
are<00:04:49.220><c> many</c><00:04:49.460><c> different</c><00:04:49.880><c> stakeholders</c><00:04:50.420><c> there's</c>

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are many different stakeholders there's
 

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are many different stakeholders there's
you<00:04:51.350><c> know</c><00:04:51.470><c> today</c><00:04:52.100><c> they're</c><00:04:52.400><c> you</c><00:04:53.270><c> know</c><00:04:53.300><c> there's</c>

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you know today they're you know there's
 

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you know today they're you know there's
15<00:04:54.230><c> or</c><00:04:54.560><c> more</c><00:04:54.830><c> different</c><00:04:55.250><c> real</c><00:04:55.610><c> layers</c><00:04:55.820><c> that</c>

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15 or more different real layers that
 

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15 or more different real layers that
are<00:04:56.300><c> for</c><00:04:56.480><c> profit</c><00:04:56.690><c> businesses</c><00:04:57.200><c> building</c><00:04:57.590><c> on</c>

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are for profit businesses building on
 

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are for profit businesses building on
top<00:04:57.800><c> of</c><00:04:57.980><c> the</c><00:04:58.070><c> same</c><00:04:58.220><c> set</c><00:04:58.460><c> of</c><00:04:58.550><c> smart</c><00:04:58.700><c> contracts</c>

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top of the same set of smart contracts
 

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top of the same set of smart contracts
and<00:05:00.470><c> a</c><00:05:00.500><c> various</c><00:05:01.100><c> infrastructure</c><00:05:01.700><c> projects</c>

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and a various infrastructure projects
 

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and a various infrastructure projects
that<00:05:02.120><c> exist</c><00:05:02.300><c> so</c><00:05:03.170><c> this</c><00:05:03.290><c> begs</c><00:05:03.530><c> the</c><00:05:03.680><c> question</c><00:05:04.070><c> who</c>

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that exist so this begs the question who
 

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that exist so this begs the question who
gets<00:05:05.180><c> to</c><00:05:05.390><c> decide</c><00:05:05.540><c> on</c><00:05:05.900><c> upgrades</c><00:05:06.350><c> and</c><00:05:06.650><c> who</c>

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gets to decide on upgrades and who
 

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gets to decide on upgrades and who
approves<00:05:07.400><c> them</c>

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approves them
 

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approves them
well<00:05:08.750><c> obviously</c><00:05:09.380><c> the</c><00:05:09.500><c> answer</c><00:05:09.680><c> should</c><00:05:10.010><c> be</c><00:05:10.070><c> the</c>

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well obviously the answer should be the
 

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well obviously the answer should be the
stakeholders<00:05:11.030><c> the</c><00:05:11.270><c> people</c><00:05:11.690><c> that</c><00:05:11.810><c> are</c>

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stakeholders the people that are
 

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stakeholders the people that are
actually<00:05:12.320><c> making</c><00:05:12.500><c> use</c><00:05:12.920><c> of</c><00:05:12.950><c> this</c><00:05:13.220><c> system</c>

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actually making use of this system
 

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actually making use of this system
should<00:05:13.730><c> make</c><00:05:13.910><c> those</c><00:05:14.030><c> decisions</c><00:05:14.540><c> so</c><00:05:18.790><c> how</c><00:05:19.790><c> can</c>

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should make those decisions so how can
 

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should make those decisions so how can
we<00:05:20.120><c> identify</c><00:05:20.380><c> who</c><00:05:21.380><c> is</c><00:05:21.530><c> a</c><00:05:21.560><c> stakeholder</c><00:05:22.750><c> so</c><00:05:23.750><c> the</c>

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we identify who is a stakeholder so the
 

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we identify who is a stakeholder so the
way<00:05:24.500><c> that</c><00:05:24.530><c> we</c><00:05:24.830><c> determined</c><00:05:25.400><c> was</c><00:05:25.580><c> the</c><00:05:25.760><c> best</c><00:05:25.940><c> way</c>

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way that we determined was the best way
 

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way that we determined was the best way
to<00:05:26.480><c> measure</c><00:05:27.230><c> this</c><00:05:27.560><c> is</c><00:05:27.860><c> you</c><00:05:28.520><c> want</c><00:05:28.700><c> to</c><00:05:28.760><c> measure</c>

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to measure this is you want to measure
 

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to measure this is you want to measure
how<00:05:29.570><c> much</c><00:05:29.810><c> each</c><00:05:30.110><c> party</c><00:05:30.620><c> values</c><00:05:31.220><c> access</c><00:05:31.880><c> to</c><00:05:32.210><c> the</c>

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how much each party values access to the
 

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how much each party values access to the
protocol<00:05:32.570><c> utility</c><00:05:33.170><c> and</c><00:05:33.530><c> you</c><00:05:34.460><c> can</c><00:05:34.610><c> measure</c>

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protocol utility and you can measure
 

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protocol utility and you can measure
that<00:05:35.000><c> through</c><00:05:35.300><c> a</c><00:05:35.600><c> usage</c><00:05:36.230><c> token</c><00:05:36.650><c> that</c><00:05:36.860><c> is</c><00:05:37.400><c> used</c>

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that through a usage token that is used
 

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that through a usage token that is used
in<00:05:37.940><c> order</c><00:05:38.060><c> to</c><00:05:38.300><c> access</c><00:05:38.570><c> that</c><00:05:38.990><c> protocol</c><00:05:39.260><c> utility</c>

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in order to access that protocol utility
 

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in order to access that protocol utility
so<00:05:41.300><c> this</c><00:05:41.750><c> is</c><00:05:41.900><c> just</c><00:05:42.080><c> a</c><00:05:42.200><c> brief</c><00:05:42.470><c> explanation</c><00:05:42.950><c> of</c>

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so this is just a brief explanation of
 

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so this is just a brief explanation of
what<00:05:43.580><c> technical</c><00:05:44.360><c> protocol</c><00:05:44.840><c> governance</c><00:05:45.230><c> means</c>

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what technical protocol governance means
 

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what technical protocol governance means
in<00:05:45.740><c> the</c><00:05:45.800><c> context</c><00:05:46.280><c> of</c><00:05:46.370><c> 0ex</c><00:05:46.730><c> protocol</c><00:05:47.180><c> but</c><00:05:48.670><c> in</c>

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in the context of 0ex protocol but in
 

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in the context of 0ex protocol but in
you<00:05:49.970><c> know</c><00:05:50.090><c> today</c><00:05:51.020><c> there's</c><00:05:51.500><c> a</c><00:05:52.000><c> vibrant</c>

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you know today there's a vibrant
 

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you know today there's a vibrant
ecosystem<00:05:53.090><c> that</c><00:05:53.720><c> has</c><00:05:53.840><c> developed</c><00:05:54.110><c> around</c><00:05:54.500><c> the</c>

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ecosystem that has developed around the
 

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ecosystem that has developed around the
protocol<00:05:55.220><c> and</c><00:05:56.860><c> governance</c><00:05:57.860><c> has</c><00:05:58.070><c> extended</c>

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protocol and governance has extended
 

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protocol and governance has extended
beyond<00:05:58.850><c> just</c><00:05:59.300><c> technical</c><00:05:59.870><c> protocol</c>

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beyond just technical protocol
 

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beyond just technical protocol
governance<00:06:00.910><c> to</c><00:06:01.910><c> be</c><00:06:02.000><c> something</c><00:06:02.330><c> that's</c><00:06:02.420><c> much</c>

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governance to be something that's much
 

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governance to be something that's much
more<00:06:02.840><c> important</c><00:06:03.350><c> to</c><00:06:03.530><c> create</c><00:06:04.070><c> a</c><00:06:04.130><c> decentralized</c>

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more important to create a decentralized
 

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more important to create a decentralized
ecosystem<00:06:05.540><c> and</c><00:06:05.870><c> so</c><00:06:06.530><c> that's</c><00:06:06.710><c> what</c><00:06:06.920><c> Peter</c><00:06:07.250><c> is</c>

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ecosystem and so that's what Peter is
 

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ecosystem and so that's what Peter is
going<00:06:07.610><c> to</c><00:06:07.820><c> talk</c><00:06:08.000><c> about</c><00:06:08.150><c> now</c>

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going to talk about now
 

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going to talk about now
this<00:06:09.830><c> is</c><00:06:09.950><c> Peter</c><00:06:10.160><c> sites</c><00:06:10.490><c> use</c><00:06:10.910><c> Research</c><00:06:11.300><c> Fellow</c>

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this is Peter sites use Research Fellow
 

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this is Peter sites use Research Fellow
focused<00:06:12.320><c> on</c><00:06:12.470><c> governance</c><00:06:12.920><c> at</c><00:06:13.220><c> zero</c><00:06:13.610><c> X</c><00:06:14.140><c> so</c><00:06:15.280><c> I'm</c>

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focused on governance at zero X so I'm
 

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focused on governance at zero X so I'm
gonna<00:06:16.490><c> hand</c><00:06:16.640><c> it</c><00:06:16.730><c> over</c><00:06:16.790><c> to</c><00:06:16.970><c> Peter</c>

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[Applause]

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[Applause]
 

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[Applause]
all<00:06:25.990><c> right</c><00:06:26.230><c> so</c><00:06:26.530><c> we'll</c><00:06:26.950><c> talk</c><00:06:27.190><c> to</c><00:06:27.340><c> bunch</c><00:06:27.490><c> about</c>

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all right so we'll talk to bunch about
 

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all right so we'll talk to bunch about
upgrades<00:06:28.300><c> and</c><00:06:28.660><c> this</c><00:06:29.470><c> process</c><00:06:29.830><c> this</c>

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upgrades and this process this
 

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upgrades and this process this
collective<00:06:30.790><c> decision-making</c><00:06:31.090><c> process</c><00:06:31.750><c> where</c>

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collective decision-making process where
 

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collective decision-making process where
we<00:06:32.110><c> take</c><00:06:32.260><c> our</c><00:06:32.410><c> software</c><00:06:32.950><c> and</c><00:06:33.130><c> we</c><00:06:33.280><c> improve</c><00:06:33.610><c> upon</c>

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we take our software and we improve upon
 

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we take our software and we improve upon
it<00:06:34.000><c> we'd</c><00:06:34.150><c> introduce</c><00:06:34.540><c> an</c><00:06:34.660><c> upgrade</c><00:06:35.050><c> and</c><00:06:35.290><c> that</c>

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it we'd introduce an upgrade and that
 

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it we'd introduce an upgrade and that
has<00:06:35.560><c> being</c><00:06:35.770><c> this</c><00:06:35.950><c> motivation</c><00:06:36.820><c> for</c><00:06:36.940><c> governance</c>

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has being this motivation for governance
 

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has being this motivation for governance
I've<00:06:38.620><c> had</c><00:06:38.860><c> this</c><00:06:38.980><c> experience</c><00:06:39.190><c> with</c><00:06:39.640><c> software</c>

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I've had this experience with software
 

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I've had this experience with software
upgrades<00:06:40.360><c> as</c><00:06:40.600><c> a</c><00:06:40.630><c> user</c><00:06:40.900><c> of</c><00:06:41.020><c> software</c><00:06:41.560><c> you</c><00:06:41.710><c> know</c>

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upgrades as a user of software you know
 

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upgrades as a user of software you know
where<00:06:41.890><c> Microsoft</c><00:06:42.310><c> sends</c><00:06:42.850><c> me</c><00:06:43.000><c> a</c><00:06:43.210><c> list</c><00:06:43.960><c> of</c>

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where Microsoft sends me a list of
 

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where Microsoft sends me a list of
upgrade<00:06:44.710><c> to</c><00:06:44.860><c> some</c><00:06:45.010><c> numeric</c><00:06:45.370><c> code</c><00:06:45.610><c> and</c><00:06:45.880><c> I</c><00:06:46.360><c> have</c>

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upgrade to some numeric code and I have
 

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upgrade to some numeric code and I have
a<00:06:46.540><c> voice</c><00:06:46.810><c> here</c><00:06:46.840><c> right</c><00:06:47.500><c> I</c><00:06:47.530><c> can</c><00:06:47.860><c> choose</c><00:06:48.190><c> to</c>

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a voice here right I can choose to
 

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a voice here right I can choose to
install<00:06:48.700><c> these</c><00:06:48.880><c> or</c><00:06:49.030><c> not</c><00:06:49.180><c> to</c><00:06:49.330><c> install</c><00:06:49.690><c> these</c>

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install these or not to install these
 

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install these or not to install these
all<00:06:50.980><c> right</c><00:06:51.070><c> so</c><00:06:51.250><c> I</c><00:06:51.280><c> have</c><00:06:51.460><c> this</c><00:06:51.930><c> participate</c><00:06:52.930><c> in</c>

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all right so I have this participate in
 

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all right so I have this participate in
this<00:06:53.080><c> decision</c><00:06:53.320><c> to</c><00:06:53.590><c> upgrade</c><00:06:53.740><c> my</c><00:06:54.010><c> software</c><00:06:54.400><c> and</c>

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this decision to upgrade my software and
 

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this decision to upgrade my software and
Microsoft<00:06:55.600><c> at</c><00:06:55.810><c> least</c><00:06:55.990><c> doesn't</c><00:06:56.500><c> do</c><00:06:56.590><c> it</c><00:06:56.680><c> without</c>

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Microsoft at least doesn't do it without
 

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Microsoft at least doesn't do it without
my<00:06:57.130><c> consent</c><00:06:57.490><c> and</c><00:06:57.870><c> yet</c><00:06:58.870><c> I</c><00:06:58.900><c> feel</c><00:06:59.200><c> don't</c><00:06:59.350><c> feel</c>

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my consent and yet I feel don't feel
 

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my consent and yet I feel don't feel
like<00:06:59.710><c> I'm</c><00:06:59.980><c> empowered</c><00:07:00.490><c> at</c><00:07:00.610><c> all</c><00:07:00.760><c> really</c><00:07:01.210><c> I</c><00:07:01.240><c> feel</c>

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like I'm empowered at all really I feel
 

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like I'm empowered at all really I feel
like<00:07:01.480><c> I</c><00:07:01.630><c> have</c><00:07:01.870><c> to</c><00:07:02.050><c> choose</c><00:07:02.080><c> these</c><00:07:02.440><c> upgrades</c>

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like I have to choose these upgrades
 

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like I have to choose these upgrades
right<00:07:03.220><c> so</c><00:07:03.550><c> my</c><00:07:04.000><c> thinking</c><00:07:04.270><c> behind</c><00:07:04.390><c> this</c><00:07:04.660><c> is</c><00:07:04.840><c> that</c>

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right so my thinking behind this is that
 

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right so my thinking behind this is that
really<00:07:05.200><c> just</c><00:07:06.010><c> the</c><00:07:06.100><c> ability</c><00:07:06.400><c> to</c><00:07:06.430><c> approve</c><00:07:06.820><c> a</c>

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really just the ability to approve a
 

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really just the ability to approve a
change<00:07:07.570><c> in</c><00:07:07.720><c> your</c><00:07:07.810><c> software</c><00:07:08.380><c> really</c><00:07:08.770><c> doesn't</c>

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change in your software really doesn't
 

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change in your software really doesn't
give<00:07:09.160><c> you</c><00:07:09.250><c> very</c><00:07:09.430><c> much</c><00:07:09.550><c> control</c><00:07:10.000><c> it's</c><00:07:10.270><c> not</c>

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give you very much control it's not
 

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give you very much control it's not
sufficient<00:07:10.900><c> to</c><00:07:11.200><c> empower</c><00:07:11.620><c> you</c><00:07:12.010><c> to</c><00:07:12.150><c> ensure</c><00:07:13.150><c> you</c>

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sufficient to empower you to ensure you
 

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sufficient to empower you to ensure you
get<00:07:13.510><c> the</c><00:07:13.600><c> product</c><00:07:13.930><c> you</c><00:07:14.020><c> want</c><00:07:14.230><c> and</c><00:07:14.950><c> so</c><00:07:15.460><c> we</c><00:07:15.550><c> want</c>

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get the product you want and so we want
 

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get the product you want and so we want
to<00:07:15.760><c> think</c><00:07:15.850><c> about</c><00:07:15.940><c> how</c><00:07:16.150><c> can</c><00:07:16.300><c> we</c><00:07:16.330><c> change</c><00:07:16.660><c> this</c>

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to think about how can we change this
 

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to think about how can we change this
how<00:07:17.170><c> can</c><00:07:17.230><c> we</c><00:07:17.380><c> make</c><00:07:17.710><c> it</c><00:07:17.920><c> so</c><00:07:18.100><c> that</c><00:07:18.130><c> our</c><00:07:18.430><c> product</c>

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how can we make it so that our product
 

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how can we make it so that our product
is<00:07:19.090><c> something</c><00:07:19.360><c> that</c><00:07:20.020><c> is</c><00:07:20.140><c> constructed</c><00:07:20.770><c> to</c>

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is something that is constructed to
 

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is something that is constructed to
offer<00:07:21.040><c> users</c><00:07:21.610><c> the</c><00:07:21.790><c> upgrades</c><00:07:22.210><c> that</c><00:07:22.360><c> they</c><00:07:22.750><c> want</c>

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offer users the upgrades that they want
 

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offer users the upgrades that they want
to<00:07:23.230><c> serve</c><00:07:23.470><c> them</c><00:07:23.770><c> and</c><00:07:24.150><c> I</c><00:07:25.150><c> really</c><00:07:25.480><c> feel</c><00:07:25.720><c> that</c><00:07:25.930><c> the</c>

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to serve them and I really feel that the
 

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to serve them and I really feel that the
only<00:07:27.280><c> way</c><00:07:27.640><c> of</c><00:07:27.760><c> doing</c><00:07:27.790><c> this</c><00:07:28.150><c> is</c><00:07:28.210><c> giving</c><00:07:28.660><c> the</c>

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only way of doing this is giving the
 

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only way of doing this is giving the
users<00:07:29.170><c> some</c><00:07:29.590><c> control</c><00:07:29.950><c> over</c><00:07:29.980><c> the</c><00:07:30.190><c> purse</c>

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users some control over the purse
 

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users some control over the purse
strings<00:07:30.670><c> right</c><00:07:31.480><c> so</c><00:07:31.720><c> Microsoft</c><00:07:32.050><c> developers</c>

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strings right so Microsoft developers
 

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strings right so Microsoft developers
they<00:07:32.920><c> work</c><00:07:33.100><c> for</c><00:07:33.310><c> Microsoft</c><00:07:33.490><c> shareholders</c>

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they work for Microsoft shareholders
 

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they work for Microsoft shareholders
they<00:07:35.230><c> give</c><00:07:35.440><c> me</c><00:07:35.620><c> these</c><00:07:35.770><c> deep</c><00:07:35.980><c> resentment</c><00:07:36.310><c> with</c>

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they give me these deep resentment with
 

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they give me these deep resentment with
these<00:07:36.520><c> choices</c><00:07:37.000><c> that</c><00:07:37.570><c> Microsoft</c>

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these choices that Microsoft
 

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these choices that Microsoft
shareholders<00:07:38.770><c> want</c><00:07:38.890><c> me</c><00:07:39.040><c> to</c><00:07:39.160><c> see</c><00:07:39.370><c> and</c><00:07:39.610><c> what</c><00:07:40.060><c> we</c>

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shareholders want me to see and what we
 

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shareholders want me to see and what we
want<00:07:40.360><c> to</c><00:07:40.420><c> see</c><00:07:40.570><c> instead</c><00:07:40.780><c> is</c><00:07:40.990><c> is</c><00:07:41.310><c> the</c><00:07:42.310><c> the</c>

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want to see instead is is the the
 

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want to see instead is is the the
developers<00:07:43.090><c> working</c><00:07:43.450><c> for</c><00:07:43.600><c> token</c><00:07:43.960><c> holders</c><00:07:44.290><c> and</c>

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developers working for token holders and
 

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developers working for token holders and
presenting<00:07:44.980><c> the</c><00:07:45.220><c> Xerox</c><00:07:45.700><c> holder</c><00:07:46.240><c> the</c><00:07:46.420><c> token</c>

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presenting the Xerox holder the token
 

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presenting the Xerox holder the token
holder<00:07:46.990><c> with</c><00:07:47.260><c> a</c><00:07:47.440><c> choice</c><00:07:47.740><c> that</c><00:07:48.220><c> he</c><00:07:48.370><c> wants</c><00:07:48.670><c> to</c>

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holder with a choice that he wants to
 

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holder with a choice that he wants to
see<00:07:48.970><c> so</c><00:07:49.150><c> he</c><00:07:49.390><c> sees</c><00:07:49.840><c> the</c><00:07:49.990><c> code</c><00:07:50.140><c> that</c><00:07:50.290><c> he</c><00:07:50.410><c> wants</c><00:07:50.680><c> to</c>

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see so he sees the code that he wants to
 

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see so he sees the code that he wants to
choose<00:07:51.520><c> to</c><00:07:51.820><c> use</c><00:07:52.120><c> as</c><00:07:52.390><c> opposed</c><00:07:53.200><c> to</c><00:07:53.290><c> what</c><00:07:53.470><c> some</c>

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choose to use as opposed to what some
 

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choose to use as opposed to what some
investor<00:07:54.160><c> might</c><00:07:54.400><c> want</c><00:07:54.820><c> him</c><00:07:54.940><c> to</c><00:07:55.060><c> choose</c><00:07:55.270><c> to</c><00:07:55.420><c> see</c>

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investor might want him to choose to see
 

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investor might want him to choose to see
okay<00:07:56.770><c> so</c><00:07:56.830><c> how</c><00:07:57.160><c> are</c><00:07:57.280><c> you</c><00:07:57.400><c> then</c><00:07:57.520><c> going</c><00:07:57.640><c> to</c>

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okay so how are you then going to
 

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okay so how are you then going to
operationalize<00:07:58.420><c> that</c><00:07:58.450><c> so</c><00:07:58.870><c> that</c><00:07:58.990><c> the</c><00:07:59.320><c> token</c>

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operationalize that so that the token
 

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operationalize that so that the token
holder<00:07:59.980><c> controls</c><00:08:00.310><c> the</c><00:08:00.430><c> purse</c><00:08:00.580><c> strings</c><00:08:00.720><c> but</c>

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holder controls the purse strings but
 

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holder controls the purse strings but
we're<00:08:01.900><c> gonna</c><00:08:02.020><c> start</c><00:08:02.350><c> you</c><00:08:02.860><c> know</c><00:08:02.950><c> by</c><00:08:03.100><c> thinking</c>

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we're gonna start you know by thinking
 

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we're gonna start you know by thinking
about<00:08:03.460><c> a</c><00:08:03.640><c> committee</c><00:08:04.060><c> as</c><00:08:04.330><c> being</c><00:08:04.720><c> a</c><00:08:04.840><c> rep</c><00:08:05.050><c> the</c>

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about a committee as being a rep the
 

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about a committee as being a rep the
your<00:08:05.950><c> X</c><00:08:06.100><c> token</c><00:08:06.430><c> holder</c><00:08:06.640><c> as</c><00:08:06.790><c> electing</c><00:08:07.240><c> a</c>

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your X token holder as electing a
 

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your X token holder as electing a
committee<00:08:07.660><c> and</c><00:08:07.930><c> this</c><00:08:08.320><c> committee</c><00:08:08.380><c> is</c><00:08:08.770><c> going</c><00:08:08.890><c> to</c>

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committee and this committee is going to
 

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committee and this committee is going to
work<00:08:09.610><c> on</c><00:08:09.850><c> the</c><00:08:09.970><c> behalf</c><00:08:10.210><c> of</c><00:08:10.540><c> the</c><00:08:10.600><c> user</c><00:08:11.050><c> the</c><00:08:11.380><c> token</c>

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work on the behalf of the user the token
 

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work on the behalf of the user the token
holder<00:08:12.310><c> you</c><00:08:13.090><c> to</c><00:08:13.300><c> influence</c><00:08:14.170><c> the</c><00:08:14.320><c> allocation</c>

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holder you to influence the allocation
 

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holder you to influence the allocation
of<00:08:14.980><c> funds</c><00:08:15.310><c> for</c><00:08:16.240><c> development</c><00:08:16.450><c> and</c><00:08:16.990><c> our</c>

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of funds for development and our
 

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of funds for development and our
ecosystem<00:08:17.710><c> and</c><00:08:17.920><c> this</c><00:08:18.760><c> is</c><00:08:18.910><c> kind</c><00:08:19.090><c> of</c><00:08:19.150><c> like</c><00:08:19.270><c> a</c>

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ecosystem and this is kind of like a
 

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ecosystem and this is kind of like a
risky<00:08:19.810><c> scary</c><00:08:20.110><c> prospect</c><00:08:20.440><c> we</c><00:08:20.890><c> can</c><00:08:21.010><c> imagine</c><00:08:21.370><c> the</c>

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risky scary prospect we can imagine the
 

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risky scary prospect we can imagine the
users<00:08:21.850><c> directly</c><00:08:22.300><c> choosing</c><00:08:22.870><c> you</c><00:08:23.380><c> know</c><00:08:23.470><c> who</c>

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users directly choosing you know who
 

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users directly choosing you know who
gets<00:08:23.830><c> money</c><00:08:24.070><c> to</c><00:08:24.460><c> build</c><00:08:24.670><c> what</c><00:08:25.530><c> frightens</c><00:08:26.530><c> it's</c>

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gets money to build what frightens it's
 

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gets money to build what frightens it's
releasing<00:08:27.670><c> control</c><00:08:28.150><c> you</c><00:08:28.900><c> know</c><00:08:28.990><c> from</c><00:08:29.260><c> our</c>

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releasing control you know from our
 

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releasing control you know from our
organization<00:08:29.590><c> to</c><00:08:30.520><c> the</c><00:08:30.640><c> community</c><00:08:31.120><c> and</c><00:08:31.330><c> it</c>

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organization to the community and it
 

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organization to the community and it
involves<00:08:32.080><c> a</c><00:08:32.140><c> lot</c><00:08:32.229><c> of</c><00:08:32.290><c> risk</c><00:08:32.680><c> and</c><00:08:32.979><c> so</c><00:08:33.339><c> we</c><00:08:33.460><c> thought</c>

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involves a lot of risk and so we thought
 

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involves a lot of risk and so we thought
the<00:08:33.760><c> best</c><00:08:33.790><c> way</c><00:08:34.089><c> of</c><00:08:34.390><c> approaching</c><00:08:34.750><c> this</c><00:08:35.110><c> in</c>

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the best way of approaching this in
 

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the best way of approaching this in
order<00:08:35.890><c> to</c><00:08:36.040><c> address</c><00:08:36.250><c> this</c><00:08:36.550><c> issue</c><00:08:36.729><c> of</c><00:08:36.849><c> risk</c>

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order to address this issue of risk
 

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order to address this issue of risk
was<00:08:38.050><c> to</c><00:08:38.229><c> start</c><00:08:38.529><c> small</c><00:08:38.860><c> and</c><00:08:39.070><c> work</c><00:08:39.459><c> and</c><00:08:39.729><c> build</c><00:08:39.940><c> up</c>

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was to start small and work and build up
 

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was to start small and work and build up
from<00:08:40.209><c> there</c><00:08:40.300><c> and</c><00:08:40.779><c> so</c><00:08:41.560><c> we</c><00:08:41.620><c> imagine</c><00:08:41.800><c> the</c>

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from there and so we imagine the
 

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from there and so we imagine the
short-term<00:08:42.640><c> of</c><00:08:42.969><c> the</c><00:08:43.149><c> 0x</c><00:08:43.539><c> token</c><00:08:43.899><c> holders</c>

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short-term of the 0x token holders
 

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short-term of the 0x token holders
electing<00:08:44.620><c> a</c><00:08:44.680><c> committee</c><00:08:45.070><c> that's</c><00:08:45.700><c> gonna</c><00:08:46.029><c> be</c>

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electing a committee that's gonna be
 

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electing a committee that's gonna be
responsible<00:08:46.930><c> for</c><00:08:47.050><c> allocating</c><00:08:47.230><c> grant</c><00:08:47.980><c> funds</c>

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responsible for allocating grant funds
 

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responsible for allocating grant funds
to<00:08:48.700><c> community</c><00:08:49.510><c> projects</c><00:08:50.140><c> right</c><00:08:50.440><c> so</c><00:08:50.589><c> these</c><00:08:50.709><c> are</c>

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to community projects right so these are
 

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to community projects right so these are
prod<00:08:51.160><c> the</c><00:08:51.640><c> work</c><00:08:52.269><c> and</c><00:08:52.510><c> development</c><00:08:53.050><c> of</c><00:08:53.200><c> the</c>

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prod the work and development of the
 

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prod the work and development of the
core<00:08:53.440><c> protocol</c><00:08:53.800><c> itself</c><00:08:54.100><c> but</c><00:08:54.910><c> instead</c><00:08:55.240><c> the</c>

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core protocol itself but instead the
 

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core protocol itself but instead the
funding<00:08:55.899><c> of</c><00:08:56.079><c> third</c><00:08:56.890><c> party</c><00:08:57.339><c> development</c><00:08:57.940><c> of</c>

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funding of third party development of
 

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funding of third party development of
projects<00:08:58.720><c> that</c><00:08:58.839><c> are</c><00:08:58.899><c> building</c><00:08:59.410><c> on</c><00:08:59.560><c> the</c><00:08:59.680><c> Xerox</c>

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projects that are building on the Xerox
 

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projects that are building on the Xerox
protocol<00:09:00.459><c> like</c><00:09:00.610><c> these</c><00:09:00.760><c> real</c><00:09:01.029><c> Ayres</c><00:09:01.240><c> or</c><00:09:01.600><c> maybe</c>

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protocol like these real Ayres or maybe
 

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protocol like these real Ayres or maybe
they're<00:09:01.930><c> making</c><00:09:02.050><c> market</c><00:09:02.620><c> making</c><00:09:02.920><c> tools</c><00:09:03.160><c> or</c>

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they're making market making tools or
 

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they're making market making tools or
maybe<00:09:03.970><c> they're</c><00:09:04.209><c> doing</c><00:09:04.620><c> educational</c><00:09:05.620><c> videos</c>

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maybe they're doing educational videos
 

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maybe they're doing educational videos
that<00:09:05.980><c> will</c><00:09:06.220><c> help</c><00:09:06.250><c> attract</c><00:09:06.670><c> users</c><00:09:06.910><c> right</c><00:09:07.480><c> we</c>

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that will help attract users right we
 

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that will help attract users right we
have<00:09:07.779><c> all</c><00:09:07.959><c> these</c><00:09:08.079><c> actors</c><00:09:08.470><c> in</c><00:09:08.560><c> the</c><00:09:08.620><c> ecosystem</c>

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have all these actors in the ecosystem
 

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have all these actors in the ecosystem
you<00:09:09.910><c> know</c><00:09:09.970><c> that</c><00:09:10.420><c> benefit</c><00:09:11.320><c> from</c><00:09:11.440><c> third</c><00:09:11.649><c> party</c>

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you know that benefit from third party
 

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you know that benefit from third party
projects<00:09:12.430><c> which</c><00:09:12.880><c> were</c><00:09:13.060><c> already</c><00:09:13.300><c> funding</c>

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projects which were already funding
 

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projects which were already funding
right<00:09:14.019><c> so</c><00:09:14.170><c> we</c><00:09:14.260><c> already</c><00:09:14.380><c> have</c><00:09:14.560><c> a</c><00:09:14.620><c> program</c>

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right so we already have a program
 

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right so we already have a program
within<00:09:15.160><c> our</c><00:09:15.399><c> organization</c><00:09:16.060><c> to</c><00:09:16.269><c> extend</c><00:09:16.690><c> grants</c>

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within our organization to extend grants
 

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within our organization to extend grants
to<00:09:17.470><c> people</c><00:09:17.800><c> working</c><00:09:18.250><c> to</c><00:09:18.399><c> building</c><00:09:18.760><c> on</c><00:09:18.880><c> our</c>

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to people working to building on our
 

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to people working to building on our
software<00:09:19.959><c> and</c><00:09:20.200><c> we'd</c><00:09:20.980><c> like</c><00:09:21.190><c> to</c><00:09:21.399><c> empower</c><00:09:22.180><c> the</c>

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software and we'd like to empower the
 

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software and we'd like to empower the
community<00:09:22.839><c> to</c><00:09:23.050><c> take</c><00:09:23.500><c> on</c><00:09:23.709><c> that</c><00:09:23.860><c> function</c><00:09:24.040><c> for</c>

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community to take on that function for
 

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community to take on that function for
us<00:09:24.490><c> instead</c><00:09:25.029><c> of</c><00:09:25.120><c> just</c><00:09:25.269><c> doing</c><00:09:25.570><c> it</c><00:09:25.660><c> in</c><00:09:25.690><c> a</c>

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us instead of just doing it in a
 

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us instead of just doing it in a
centralized<00:09:26.170><c> fashion</c><00:09:26.380><c> ourselves</c><00:09:27.040><c> in</c><00:09:28.029><c> the</c>

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centralized fashion ourselves in the
 

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centralized fashion ourselves in the
longer<00:09:28.600><c> term</c><00:09:28.630><c> we</c><00:09:29.170><c> hope</c><00:09:29.380><c> that</c><00:09:29.560><c> this</c><00:09:29.709><c> experience</c>

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longer term we hope that this experience
 

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longer term we hope that this experience
with<00:09:30.550><c> community</c><00:09:31.360><c> directed</c><00:09:31.750><c> grants</c><00:09:32.170><c> will</c>

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with community directed grants will
 

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with community directed grants will
inform<00:09:32.980><c> how</c><00:09:33.130><c> we</c><00:09:33.160><c> can</c><00:09:33.490><c> use</c><00:09:33.730><c> an</c><00:09:33.910><c> elected</c>

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inform how we can use an elected
 

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inform how we can use an elected
committee<00:09:34.540><c> elected</c><00:09:35.410><c> by</c><00:09:35.649><c> the</c><00:09:35.709><c> CRX</c><00:09:36.070><c> token</c>

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committee elected by the CRX token
 

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committee elected by the CRX token
holder<00:09:36.730><c> to</c><00:09:37.600><c> control</c><00:09:38.290><c> the</c><00:09:38.649><c> development</c><00:09:39.130><c> of</c><00:09:39.190><c> the</c>

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holder to control the development of the
 

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holder to control the development of the
core<00:09:39.430><c> protocol</c><00:09:39.880><c> itself</c><00:09:40.269><c> right</c><00:09:40.630><c> so</c><00:09:40.810><c> the</c>

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core protocol itself right so the
 

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core protocol itself right so the
developers<00:09:41.560><c> on</c><00:09:41.800><c> the</c><00:09:41.829><c> core</c><00:09:42.130><c> protocol</c><00:09:42.610><c> are</c>

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developers on the core protocol are
 

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developers on the core protocol are
working<00:09:43.390><c> as</c><00:09:43.570><c> the</c><00:09:43.720><c> employees</c><00:09:44.199><c> of</c><00:09:44.380><c> users</c><00:09:44.800><c> rather</c>

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working as the employees of users rather
 

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working as the employees of users rather
than<00:09:45.459><c> on</c><00:09:45.699><c> behalf</c><00:09:45.940><c> of</c><00:09:46.089><c> someone</c><00:09:46.329><c> else</c><00:09:48.720><c> okay</c><00:09:49.720><c> so</c><00:09:49.779><c> I</c>

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than on behalf of someone else okay so I
 

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than on behalf of someone else okay so I
should<00:09:50.640><c> at</c><00:09:51.640><c> the</c><00:09:51.820><c> start</c><00:09:52.089><c> here</c><00:09:52.360><c> note</c><00:09:52.600><c> that</c><00:09:52.630><c> this</c>

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should at the start here note that this
 

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should at the start here note that this
is<00:09:53.350><c> a</c><00:09:53.380><c> really</c><00:09:53.680><c> hard</c><00:09:53.890><c> area</c><00:09:54.190><c> to</c><00:09:54.250><c> make</c><00:09:54.490><c> any</c><00:09:54.670><c> kind</c>

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is a really hard area to make any kind
 

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is a really hard area to make any kind
of<00:09:54.910><c> commitment</c><00:09:55.120><c> so</c><00:09:55.329><c> this</c><00:09:55.540><c> is</c><00:09:55.720><c> not</c><00:09:56.019><c> a</c>

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of commitment so this is not a
 

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of commitment so this is not a
commitment<00:09:56.649><c> you</c><00:09:56.829><c> know</c><00:09:57.339><c> that</c><00:09:57.670><c> explains</c>

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commitment you know that explains
 

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commitment you know that explains
exactly<00:09:58.269><c> what</c><00:09:58.690><c> we're</c><00:09:58.810><c> going</c><00:09:58.959><c> to</c><00:09:58.990><c> do</c><00:09:59.140><c> because</c>

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exactly what we're going to do because
 

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exactly what we're going to do because
we<00:09:59.440><c> don't</c><00:09:59.529><c> have</c><00:09:59.709><c> sufficient</c><00:09:59.920><c> knowledge</c><00:10:00.250><c> to</c>

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we don't have sufficient knowledge to
 

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we don't have sufficient knowledge to
know<00:10:01.180><c> that</c><00:10:01.390><c> right</c><00:10:01.600><c> now</c><00:10:01.630><c> right</c><00:10:02.230><c> this</c>

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know that right now right this
 

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know that right now right this
presentation<00:10:02.949><c> is</c><00:10:03.160><c> expressing</c><00:10:03.640><c> our</c><00:10:03.730><c> current</c>

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presentation is expressing our current
 

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presentation is expressing our current
understanding<00:10:04.060><c> of</c><00:10:04.690><c> how</c><00:10:05.589><c> we</c><00:10:05.620><c> see</c><00:10:06.449><c> governance</c>

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understanding of how we see governance
 

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understanding of how we see governance
in<00:10:07.570><c> the</c><00:10:07.660><c> Xerox</c><00:10:07.870><c> protocol</c><00:10:08.320><c> evolving</c><00:10:08.769><c> but</c><00:10:08.949><c> that</c>

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in the Xerox protocol evolving but that
 

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in the Xerox protocol evolving but that
understanding<00:10:09.699><c> is</c><00:10:09.790><c> almost</c><00:10:10.329><c> certain</c><00:10:10.540><c> to</c>

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understanding is almost certain to
 

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understanding is almost certain to
change<00:10:10.870><c> in</c><00:10:11.019><c> some</c><00:10:11.230><c> way</c><00:10:11.410><c> you</c><00:10:11.890><c> know</c><00:10:11.980><c> our</c>

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change in some way you know our
 

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change in some way you know our
long-term<00:10:12.490><c> plans</c><00:10:13.000><c> are</c><00:10:13.209><c> gonna</c><00:10:13.360><c> change</c><00:10:13.630><c> as</c><00:10:13.959><c> we</c>

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long-term plans are gonna change as we
 

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long-term plans are gonna change as we
you<00:10:14.740><c> know</c><00:10:14.800><c> do</c><00:10:14.980><c> this</c><00:10:15.130><c> new</c><00:10:15.899><c> experiment</c><00:10:16.899><c> with</c>

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you know do this new experiment with
 

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you know do this new experiment with
governance<00:10:17.320><c> where</c><00:10:17.500><c> we</c><00:10:17.649><c> begin</c><00:10:17.949><c> to</c><00:10:18.130><c> devolve</c>

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governance where we begin to devolve
 

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governance where we begin to devolve
power<00:10:18.820><c> to</c><00:10:19.000><c> our</c><00:10:19.120><c> users</c><00:10:19.480><c> and</c><00:10:19.630><c> get</c><00:10:19.779><c> them</c><00:10:19.959><c> to</c>

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power to our users and get them to
 

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power to our users and get them to
administer<00:10:20.649><c> these</c><00:10:20.740><c> grant</c><00:10:20.980><c> funds</c><00:10:21.220><c> we're</c><00:10:21.880><c> gonna</c>

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administer these grant funds we're gonna
 

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administer these grant funds we're gonna
observe<00:10:22.390><c> what</c><00:10:22.660><c> they</c><00:10:22.779><c> do</c><00:10:22.839><c> and</c><00:10:23.230><c> we're</c><00:10:23.350><c> gonna</c>

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observe what they do and we're gonna
 

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observe what they do and we're gonna
learn<00:10:23.680><c> from</c><00:10:23.709><c> that</c><00:10:24.130><c> to</c><00:10:24.760><c> improve</c><00:10:25.089><c> our</c><00:10:25.360><c> program</c>

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learn from that to improve our program
 

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learn from that to improve our program
we're<00:10:26.140><c> also</c><00:10:26.470><c> observing</c><00:10:26.860><c> all</c><00:10:27.279><c> these</c><00:10:27.459><c> other</c>

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we're also observing all these other
 

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we're also observing all these other
crypto<00:10:28.000><c> projects</c><00:10:28.510><c> and</c><00:10:28.660><c> their</c><00:10:28.750><c> governance</c>

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crypto projects and their governance
 

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crypto projects and their governance
experiments<00:10:30.190><c> and</c><00:10:30.420><c> expecting</c><00:10:31.420><c> to</c><00:10:31.480><c> learn</c><00:10:31.600><c> from</c>

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experiments and expecting to learn from
 

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experiments and expecting to learn from
that<00:10:31.839><c> and</c><00:10:32.260><c> there's</c><00:10:32.949><c> also</c><00:10:33.130><c> this</c><00:10:33.310><c> big</c><00:10:33.519><c> elephant</c>

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that and there's also this big elephant
 

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that and there's also this big elephant
in<00:10:34.120><c> the</c><00:10:34.209><c> room</c><00:10:34.290><c> where</c><00:10:35.290><c> the</c><00:10:35.769><c> legal</c><00:10:36.160><c> environment</c>

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in the room where the legal environment
 

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in the room where the legal environment
for<00:10:37.060><c> for</c><00:10:37.720><c> allocating</c><00:10:38.199><c> funds</c><00:10:38.589><c> and</c><00:10:38.980><c> you</c><00:10:39.610><c> know</c>

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for for allocating funds and you know
 

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for for allocating funds and you know
using<00:10:40.120><c> user</c><00:10:40.630><c> votes</c><00:10:40.990><c> is</c><00:10:41.290><c> very</c><00:10:41.620><c> very</c><00:10:41.890><c> uncertain</c>

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using user votes is very very uncertain
 

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using user votes is very very uncertain
and<00:10:43.110><c> every</c><00:10:44.110><c> kind</c><00:10:44.410><c> of</c><00:10:44.440><c> blockchain</c>

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and every kind of blockchain
 

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and every kind of blockchain
organization<00:10:45.670><c> faces</c><00:10:45.819><c> this</c><00:10:46.060><c> legal</c>

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organization faces this legal
 

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organization faces this legal
uncertainty<00:10:46.750><c> and</c><00:10:46.839><c> so</c><00:10:46.899><c> we're</c><00:10:47.020><c> gonna</c><00:10:47.140><c> have</c><00:10:47.319><c> to</c>

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uncertainty and so we're gonna have to
 

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uncertainty and so we're gonna have to
accommodate<00:10:47.800><c> you</c><00:10:48.339><c> know</c><00:10:48.430><c> whatever</c><00:10:48.790><c> the</c><00:10:49.029><c> law</c>

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accommodate you know whatever the law
 

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accommodate you know whatever the law
allows<00:10:49.510><c> us</c><00:10:49.540><c> to</c><00:10:49.839><c> do</c><00:10:49.930><c> and</c><00:10:50.199><c> you</c><00:10:50.500><c> know</c><00:10:50.620><c> be</c><00:10:50.949><c> flexible</c>

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allows us to do and you know be flexible
 

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allows us to do and you know be flexible
with<00:10:52.250><c> our</c><00:10:52.430><c> plans</c><00:10:52.700><c> to</c><00:10:53.060><c> make</c><00:10:53.210><c> sure</c><00:10:53.330><c> that</c><00:10:53.510><c> we</c>

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with our plans to make sure that we
 

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with our plans to make sure that we
don't<00:10:54.260><c> face</c><00:10:54.500><c> legal</c><00:10:55.040><c> risks</c><00:10:55.370><c> and</c><00:10:55.550><c> that</c><00:10:55.760><c> our</c>

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don't face legal risks and that our
 

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don't face legal risks and that our
token<00:10:56.180><c> holders</c>

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token holders
 

00:10:56.690 --> 00:11:01.290 align:start position:0%
token holders
you<00:10:56.990><c> know</c><00:10:57.080><c> don't</c><00:10:57.230><c> face</c><00:10:57.440><c> legal</c><00:10:58.070><c> risks</c><00:10:58.339><c> as</c><00:10:58.460><c> well</c>

00:11:01.290 --> 00:11:01.300 align:start position:0%
 
 

00:11:01.300 --> 00:11:03.910 align:start position:0%
 
okay<00:11:02.300><c> so</c><00:11:02.360><c> the</c><00:11:02.690><c> first</c><00:11:02.900><c> element</c><00:11:03.320><c> of</c><00:11:03.350><c> this</c><00:11:03.500><c> is</c><00:11:03.710><c> you</c>

00:11:03.910 --> 00:11:03.920 align:start position:0%
okay so the first element of this is you
 

00:11:03.920 --> 00:11:06.220 align:start position:0%
okay so the first element of this is you
know<00:11:03.980><c> we</c><00:11:04.100><c> have</c><00:11:04.279><c> this</c><00:11:04.400><c> committee</c><00:11:05.270><c> that</c><00:11:05.870><c> the</c>

00:11:06.220 --> 00:11:06.230 align:start position:0%
know we have this committee that the
 

00:11:06.230 --> 00:11:07.420 align:start position:0%
know we have this committee that the
token<00:11:06.380><c> holders</c><00:11:06.680><c> are</c><00:11:06.770><c> electing</c><00:11:07.070><c> a</c><00:11:07.130><c> committee</c>

00:11:07.420 --> 00:11:07.430 align:start position:0%
token holders are electing a committee
 

00:11:07.430 --> 00:11:09.760 align:start position:0%
token holders are electing a committee
right<00:11:08.330><c> and</c><00:11:08.600><c> and</c><00:11:08.810><c> then</c><00:11:09.290><c> this</c><00:11:09.380><c> committee</c><00:11:09.680><c> is</c>

00:11:09.760 --> 00:11:09.770 align:start position:0%
right and and then this committee is
 

00:11:09.770 --> 00:11:10.960 align:start position:0%
right and and then this committee is
going<00:11:09.860><c> to</c><00:11:09.950><c> distribute</c><00:11:10.130><c> grants</c><00:11:10.640><c> and</c><00:11:10.790><c> so</c><00:11:10.880><c> the</c>

00:11:10.960 --> 00:11:10.970 align:start position:0%
going to distribute grants and so the
 

00:11:10.970 --> 00:11:12.880 align:start position:0%
going to distribute grants and so the
first<00:11:11.150><c> element</c><00:11:11.300><c> I</c><00:11:11.540><c> want</c><00:11:11.660><c> to</c><00:11:11.779><c> explain</c><00:11:12.200><c> and</c><00:11:12.500><c> help</c>

00:11:12.880 --> 00:11:12.890 align:start position:0%
first element I want to explain and help
 

00:11:12.890 --> 00:11:15.400 align:start position:0%
first element I want to explain and help
you<00:11:13.010><c> understand</c><00:11:13.460><c> is</c><00:11:13.640><c> the</c><00:11:14.300><c> the</c><00:11:14.839><c> use</c><00:11:14.990><c> of</c><00:11:15.140><c> grants</c>

00:11:15.400 --> 00:11:15.410 align:start position:0%
you understand is the the use of grants
 

00:11:15.410 --> 00:11:19.090 align:start position:0%
you understand is the the use of grants
itself<00:11:15.770><c> why</c><00:11:16.070><c> should</c><00:11:16.390><c> we</c><00:11:17.390><c> use</c><00:11:17.960><c> you</c><00:11:18.740><c> know</c><00:11:18.800><c> create</c>

00:11:19.090 --> 00:11:19.100 align:start position:0%
itself why should we use you know create
 

00:11:19.100 --> 00:11:21.250 align:start position:0%
itself why should we use you know create
these<00:11:19.220><c> grants</c><00:11:19.610><c> to</c><00:11:19.730><c> pay</c><00:11:19.970><c> people</c><00:11:20.270><c> to</c><00:11:20.900><c> help</c><00:11:21.080><c> them</c>

00:11:21.250 --> 00:11:21.260 align:start position:0%
these grants to pay people to help them
 

00:11:21.260 --> 00:11:23.380 align:start position:0%
these grants to pay people to help them
use<00:11:21.800><c> our</c><00:11:21.920><c> software</c><00:11:22.190><c> right</c><00:11:23.089><c> what's</c><00:11:23.270><c> the</c>

00:11:23.380 --> 00:11:23.390 align:start position:0%
use our software right what's the
 

00:11:23.390 --> 00:11:25.920 align:start position:0%
use our software right what's the
purpose<00:11:23.720><c> of</c><00:11:23.839><c> this</c><00:11:24.400><c> well</c><00:11:25.400><c> our</c><00:11:25.880><c> understanding</c>

00:11:25.920 --> 00:11:25.930 align:start position:0%
purpose of this well our understanding
 

00:11:25.930 --> 00:11:28.570 align:start position:0%
purpose of this well our understanding
is<00:11:26.930><c> that</c><00:11:26.960><c> we</c><00:11:27.470><c> have</c><00:11:27.620><c> sort</c><00:11:27.800><c> of</c><00:11:27.830><c> this</c><00:11:27.950><c> user</c>

00:11:28.570 --> 00:11:28.580 align:start position:0%
is that we have sort of this user
 

00:11:28.580 --> 00:11:30.910 align:start position:0%
is that we have sort of this user
platform<00:11:29.270><c> with</c><00:11:29.630><c> multiple</c><00:11:30.080><c> classes</c><00:11:30.440><c> of</c><00:11:30.470><c> users</c>

00:11:30.910 --> 00:11:30.920 align:start position:0%
platform with multiple classes of users
 

00:11:30.920 --> 00:11:33.940 align:start position:0%
platform with multiple classes of users
and<00:11:31.640><c> the</c><00:11:32.360><c> activities</c><00:11:32.900><c> of</c><00:11:33.050><c> one</c><00:11:33.230><c> class</c><00:11:33.500><c> of</c><00:11:33.680><c> user</c>

00:11:33.940 --> 00:11:33.950 align:start position:0%
and the activities of one class of user
 

00:11:33.950 --> 00:11:36.730 align:start position:0%
and the activities of one class of user
have<00:11:34.550><c> implications</c><00:11:35.330><c> that</c><00:11:35.630><c> are</c><00:11:36.140><c> broader</c><00:11:36.470><c> than</c>

00:11:36.730 --> 00:11:36.740 align:start position:0%
have implications that are broader than
 

00:11:36.740 --> 00:11:38.380 align:start position:0%
have implications that are broader than
those<00:11:37.160><c> guys</c><00:11:37.310><c> themselves</c><00:11:37.820><c> they</c><00:11:37.940><c> they</c><00:11:38.089><c> affect</c>

00:11:38.380 --> 00:11:38.390 align:start position:0%
those guys themselves they they affect
 

00:11:38.390 --> 00:11:40.329 align:start position:0%
those guys themselves they they affect
the<00:11:38.480><c> entire</c><00:11:38.750><c> ecosystem</c><00:11:39.470><c> they</c><00:11:39.620><c> make</c><00:11:39.770><c> the</c>

00:11:40.329 --> 00:11:40.339 align:start position:0%
the entire ecosystem they make the
 

00:11:40.339 --> 00:11:42.100 align:start position:0%
the entire ecosystem they make the
entire<00:11:40.640><c> ecosystem</c><00:11:41.000><c> more</c><00:11:41.450><c> attractive</c><00:11:41.990><c> to</c>

00:11:42.100 --> 00:11:42.110 align:start position:0%
entire ecosystem more attractive to
 

00:11:42.110 --> 00:11:44.650 align:start position:0%
entire ecosystem more attractive to
other<00:11:42.260><c> participants</c><00:11:43.120><c> so</c><00:11:44.120><c> that</c><00:11:44.270><c> when</c><00:11:44.390><c> if</c><00:11:44.510><c> we</c>

00:11:44.650 --> 00:11:44.660 align:start position:0%
other participants so that when if we
 

00:11:44.660 --> 00:11:46.630 align:start position:0%
other participants so that when if we
fund<00:11:44.960><c> projects</c><00:11:45.710><c> you</c><00:11:45.890><c> know</c><00:11:45.980><c> that</c><00:11:46.130><c> work</c><00:11:46.279><c> in</c><00:11:46.460><c> one</c>

00:11:46.630 --> 00:11:46.640 align:start position:0%
fund projects you know that work in one
 

00:11:46.640 --> 00:11:48.220 align:start position:0%
fund projects you know that work in one
part<00:11:46.850><c> of</c><00:11:46.910><c> the</c><00:11:47.000><c> ecosystem</c><00:11:47.600><c> that</c><00:11:47.630><c> that</c><00:11:48.020><c> not</c>

00:11:48.220 --> 00:11:48.230 align:start position:0%
part of the ecosystem that that not
 

00:11:48.230 --> 00:11:50.470 align:start position:0%
part of the ecosystem that that not
drives<00:11:48.500><c> growth</c><00:11:48.770><c> you</c><00:11:49.220><c> know</c><00:11:49.310><c> all</c><00:11:49.520><c> over</c><00:11:49.910><c> across</c>

00:11:50.470 --> 00:11:50.480 align:start position:0%
drives growth you know all over across
 

00:11:50.480 --> 00:11:52.870 align:start position:0%
drives growth you know all over across
the<00:11:50.600><c> board</c><00:11:51.020><c> it</c><00:11:51.260><c> drives</c><00:11:51.470><c> it</c><00:11:51.770><c> encourages</c><00:11:52.279><c> you</c>

00:11:52.870 --> 00:11:52.880 align:start position:0%
the board it drives it encourages you
 

00:11:52.880 --> 00:11:54.280 align:start position:0%
the board it drives it encourages you
know<00:11:52.970><c> more</c><00:11:53.210><c> users</c><00:11:53.570><c> to</c><00:11:53.690><c> come</c><00:11:53.839><c> on</c><00:11:53.960><c> board</c><00:11:54.110><c> in</c>

00:11:54.280 --> 00:11:54.290 align:start position:0%
know more users to come on board in
 

00:11:54.290 --> 00:11:55.780 align:start position:0%
know more users to come on board in
other<00:11:54.410><c> areas</c><00:11:54.830><c> and</c><00:11:55.130><c> so</c><00:11:55.250><c> there's</c><00:11:55.430><c> kind</c><00:11:55.490><c> of</c><00:11:55.580><c> three</c>

00:11:55.780 --> 00:11:55.790 align:start position:0%
other areas and so there's kind of three
 

00:11:55.790 --> 00:11:57.730 align:start position:0%
other areas and so there's kind of three
kinds<00:11:56.089><c> of</c><00:11:56.150><c> main</c><00:11:56.540><c> projects</c><00:11:57.050><c> we</c><00:11:57.140><c> might</c><00:11:57.290><c> fund</c><00:11:57.529><c> we</c>

00:11:57.730 --> 00:11:57.740 align:start position:0%
kinds of main projects we might fund we
 

00:11:57.740 --> 00:11:59.290 align:start position:0%
kinds of main projects we might fund we
could<00:11:57.890><c> imagine</c><00:11:58.070><c> a</c><00:11:58.250><c> great</c><00:11:58.490><c> the</c><00:11:58.940><c> real</c><00:11:59.089><c> layers</c>

00:11:59.290 --> 00:11:59.300 align:start position:0%
could imagine a great the real layers
 

00:11:59.300 --> 00:12:01.630 align:start position:0%
could imagine a great the real layers
are<00:11:59.510><c> here</c><00:11:59.720><c> so</c><00:12:00.529><c> real</c><00:12:00.920><c> layers</c><00:12:01.100><c> create</c><00:12:01.490><c> these</c>

00:12:01.630 --> 00:12:01.640 align:start position:0%
are here so real layers create these
 

00:12:01.640 --> 00:12:03.670 align:start position:0%
are here so real layers create these
specialized<00:12:02.150><c> asset</c><00:12:02.630><c> markets</c><00:12:03.020><c> where</c><00:12:03.650><c> a</c>

00:12:03.670 --> 00:12:03.680 align:start position:0%
specialized asset markets where a
 

00:12:03.680 --> 00:12:05.380 align:start position:0%
specialized asset markets where a
certain<00:12:04.040><c> class</c><00:12:04.279><c> of</c><00:12:04.310><c> tokens</c><00:12:04.880><c> can</c><00:12:05.060><c> be</c><00:12:05.150><c> traded</c>

00:12:05.380 --> 00:12:05.390 align:start position:0%
certain class of tokens can be traded
 

00:12:05.390 --> 00:12:07.000 align:start position:0%
certain class of tokens can be traded
and<00:12:05.750><c> those</c><00:12:06.050><c> tokens</c><00:12:06.290><c> that</c><00:12:06.500><c> maybe</c><00:12:06.800><c> there's</c><00:12:06.950><c> a</c>

00:12:07.000 --> 00:12:07.010 align:start position:0%
and those tokens that maybe there's a
 

00:12:07.010 --> 00:12:08.110 align:start position:0%
and those tokens that maybe there's a
real<00:12:07.160><c> layer</c><00:12:07.279><c> that</c><00:12:07.400><c> trades</c><00:12:07.640><c> and</c><00:12:07.760><c> utility</c>

00:12:08.110 --> 00:12:08.120 align:start position:0%
real layer that trades and utility
 

00:12:08.120 --> 00:12:10.300 align:start position:0%
real layer that trades and utility
tokens<00:12:08.510><c> there</c><00:12:09.260><c> might</c><00:12:09.410><c> be</c><00:12:09.440><c> a</c><00:12:09.770><c> real</c><00:12:09.950><c> layer</c><00:12:10.100><c> that</c>

00:12:10.300 --> 00:12:10.310 align:start position:0%
tokens there might be a real layer that
 

00:12:10.310 --> 00:12:13.300 align:start position:0%
tokens there might be a real layer that
trades<00:12:10.550><c> and</c><00:12:10.730><c> crypto</c><00:12:11.150><c> kiddies</c><00:12:11.450><c> or</c><00:12:12.220><c> you</c><00:12:13.220><c> know</c>

00:12:13.300 --> 00:12:13.310 align:start position:0%
trades and crypto kiddies or you know
 

00:12:13.310 --> 00:12:14.710 align:start position:0%
trades and crypto kiddies or you know
playing<00:12:13.580><c> cards</c><00:12:14.060><c> you</c><00:12:14.180><c> know</c><00:12:14.270><c> collectible</c>

00:12:14.710 --> 00:12:14.720 align:start position:0%
playing cards you know collectible
 

00:12:14.720 --> 00:12:16.329 align:start position:0%
playing cards you know collectible
playing<00:12:14.930><c> cards</c><00:12:15.350><c> or</c><00:12:15.500><c> maybe</c><00:12:15.709><c> a</c><00:12:15.770><c> really</c><00:12:16.279><c> other</c>

00:12:16.329 --> 00:12:16.339 align:start position:0%
playing cards or maybe a really other
 

00:12:16.339 --> 00:12:17.829 align:start position:0%
playing cards or maybe a really other
trades<00:12:16.640><c> and</c><00:12:16.790><c> security</c><00:12:17.180><c> tokens</c><00:12:17.540><c> venture</c>

00:12:17.829 --> 00:12:17.839 align:start position:0%
trades and security tokens venture
 

00:12:17.839 --> 00:12:19.510 align:start position:0%
trades and security tokens venture
capital<00:12:18.230><c> funds</c><00:12:18.410><c> there</c><00:12:18.980><c> are</c><00:12:19.040><c> all</c><00:12:19.160><c> kinds</c><00:12:19.459><c> of</c>

00:12:19.510 --> 00:12:19.520 align:start position:0%
capital funds there are all kinds of
 

00:12:19.520 --> 00:12:21.760 align:start position:0%
capital funds there are all kinds of
specialized<00:12:20.060><c> asset</c><00:12:20.600><c> markets</c><00:12:20.990><c> and</c><00:12:21.650><c> where</c>

00:12:21.760 --> 00:12:21.770 align:start position:0%
specialized asset markets and where
 

00:12:21.770 --> 00:12:22.960 align:start position:0%
specialized asset markets and where
these<00:12:21.860><c> tokens</c><00:12:22.070><c> are</c><00:12:22.310><c> traded</c><00:12:22.610><c> that</c><00:12:22.700><c> could</c><00:12:22.850><c> be</c>

00:12:22.960 --> 00:12:22.970 align:start position:0%
these tokens are traded that could be
 

00:12:22.970 --> 00:12:25.540 align:start position:0%
these tokens are traded that could be
created<00:12:23.420><c> and</c><00:12:23.690><c> so</c><00:12:24.140><c> one</c><00:12:24.830><c> purpose</c><00:12:25.190><c> of</c><00:12:25.279><c> grants</c>

00:12:25.540 --> 00:12:25.550 align:start position:0%
created and so one purpose of grants
 

00:12:25.550 --> 00:12:27.579 align:start position:0%
created and so one purpose of grants
would<00:12:25.640><c> be</c><00:12:25.730><c> to</c><00:12:25.880><c> create</c><00:12:26.360><c> more</c><00:12:26.540><c> markets</c><00:12:27.290><c> to</c><00:12:27.380><c> begin</c>

00:12:27.579 --> 00:12:27.589 align:start position:0%
would be to create more markets to begin
 

00:12:27.589 --> 00:12:29.890 align:start position:0%
would be to create more markets to begin
to<00:12:27.680><c> serve</c><00:12:27.860><c> new</c><00:12:28.070><c> markets</c><00:12:28.490><c> using</c><00:12:29.150><c> our</c><00:12:29.420><c> protocol</c>

00:12:29.890 --> 00:12:29.900 align:start position:0%
to serve new markets using our protocol
 

00:12:29.900 --> 00:12:32.290 align:start position:0%
to serve new markets using our protocol
and<00:12:30.140><c> then</c><00:12:30.860><c> once</c><00:12:31.400><c> those</c><00:12:31.580><c> markets</c><00:12:31.910><c> are</c><00:12:32.000><c> opened</c>

00:12:32.290 --> 00:12:32.300 align:start position:0%
and then once those markets are opened
 

00:12:32.300 --> 00:12:34.510 align:start position:0%
and then once those markets are opened
up<00:12:32.390><c> that</c><00:12:32.690><c> will</c><00:12:32.839><c> attract</c><00:12:33.230><c> you</c><00:12:33.860><c> know</c><00:12:33.890><c> traders</c>

00:12:34.510 --> 00:12:34.520 align:start position:0%
up that will attract you know traders
 

00:12:34.520 --> 00:12:36.670 align:start position:0%
up that will attract you know traders
who<00:12:34.970><c> are</c><00:12:35.209><c> buying</c><00:12:35.510><c> and</c><00:12:35.839><c> selling</c><00:12:35.990><c> tokens</c><00:12:36.529><c> right</c>

00:12:36.670 --> 00:12:36.680 align:start position:0%
who are buying and selling tokens right
 

00:12:36.680 --> 00:12:38.590 align:start position:0%
who are buying and selling tokens right
someone<00:12:37.010><c> wants</c><00:12:37.370><c> to</c><00:12:37.430><c> buy</c><00:12:37.670><c> a</c><00:12:37.940><c> crypto</c><00:12:38.360><c> could</c><00:12:38.510><c> eat</c>

00:12:38.590 --> 00:12:38.600 align:start position:0%
someone wants to buy a crypto could eat
 

00:12:38.600 --> 00:12:39.970 align:start position:0%
someone wants to buy a crypto could eat
and<00:12:38.750><c> they</c><00:12:38.810><c> might</c><00:12:38.959><c> arrive</c><00:12:39.200><c> at</c><00:12:39.500><c> this</c><00:12:39.620><c> market</c>

00:12:39.970 --> 00:12:39.980 align:start position:0%
and they might arrive at this market
 

00:12:39.980 --> 00:12:41.920 align:start position:0%
and they might arrive at this market
place<00:12:40.010><c> to</c><00:12:40.339><c> do</c><00:12:40.459><c> so</c><00:12:40.670><c> you</c><00:12:41.450><c> know</c><00:12:41.510><c> someone</c><00:12:41.720><c> much</c>

00:12:41.920 --> 00:12:41.930 align:start position:0%
place to do so you know someone much
 

00:12:41.930 --> 00:12:43.300 align:start position:0%
place to do so you know someone much
might<00:12:42.320><c> have</c><00:12:42.440><c> a</c><00:12:42.500><c> bunch</c><00:12:42.680><c> of</c><00:12:42.800><c> crypto</c><00:12:43.100><c> kiddies</c>

00:12:43.300 --> 00:12:43.310 align:start position:0%
might have a bunch of crypto kiddies
 

00:12:43.310 --> 00:12:45.820 align:start position:0%
might have a bunch of crypto kiddies
they've<00:12:43.459><c> collected</c><00:12:43.760><c> and</c><00:12:44.180><c> they</c><00:12:44.930><c> need</c><00:12:45.110><c> to</c><00:12:45.350><c> they</c>

00:12:45.820 --> 00:12:45.830 align:start position:0%
they've collected and they need to they
 

00:12:45.830 --> 00:12:47.260 align:start position:0%
they've collected and they need to they
need<00:12:45.950><c> to</c><00:12:46.130><c> you</c><00:12:46.339><c> know</c><00:12:46.430><c> pay</c><00:12:46.610><c> for</c><00:12:46.850><c> their</c><00:12:46.970><c> mother's</c>

00:12:47.260 --> 00:12:47.270 align:start position:0%
need to you know pay for their mother's
 

00:12:47.270 --> 00:12:48.430 align:start position:0%
need to you know pay for their mother's
medical<00:12:47.600><c> bills</c><00:12:47.870><c> so</c><00:12:47.959><c> they're</c><00:12:48.080><c> going</c><00:12:48.200><c> to</c><00:12:48.290><c> sell</c>

00:12:48.430 --> 00:12:48.440 align:start position:0%
medical bills so they're going to sell
 

00:12:48.440 --> 00:12:49.750 align:start position:0%
medical bills so they're going to sell
all<00:12:48.560><c> their</c><00:12:48.650><c> cryptic</c><00:12:48.950><c> kitties</c><00:12:49.160><c> to</c><00:12:49.250><c> do</c><00:12:49.370><c> that</c><00:12:49.550><c> and</c>

00:12:49.750 --> 00:12:49.760 align:start position:0%
all their cryptic kitties to do that and
 

00:12:49.760 --> 00:12:51.400 align:start position:0%
all their cryptic kitties to do that and
this<00:12:49.910><c> is</c><00:12:49.970><c> the</c><00:12:50.330><c> market</c><00:12:50.660><c> place</c><00:12:50.810><c> is</c><00:12:50.990><c> a</c><00:12:51.020><c> place</c><00:12:51.260><c> they</c>

00:12:51.400 --> 00:12:51.410 align:start position:0%
this is the market place is a place they
 

00:12:51.410 --> 00:12:53.260 align:start position:0%
this is the market place is a place they
can<00:12:51.560><c> take</c><00:12:51.709><c> those</c><00:12:51.860><c> crypto</c><00:12:52.190><c> cookies</c><00:12:52.430><c> to</c><00:12:52.610><c> to</c><00:12:52.760><c> to</c>

00:12:53.260 --> 00:12:53.270 align:start position:0%
can take those crypto cookies to to to
 

00:12:53.270 --> 00:12:54.670 align:start position:0%
can take those crypto cookies to to to
sell<00:12:53.450><c> them</c><00:12:53.600><c> off</c><00:12:53.750><c> all</c><00:12:54.140><c> right</c><00:12:54.230><c> so</c><00:12:54.380><c> those</c><00:12:54.500><c> are</c>

00:12:54.670 --> 00:12:54.680 align:start position:0%
sell them off all right so those are
 

00:12:54.680 --> 00:12:58.900 align:start position:0%
sell them off all right so those are
these<00:12:55.370><c> traders</c><00:12:55.760><c> right</c><00:12:56.570><c> and</c><00:12:56.750><c> as</c><00:12:57.490><c> the</c><00:12:58.490><c> traders</c>

00:12:58.900 --> 00:12:58.910 align:start position:0%
these traders right and as the traders
 

00:12:58.910 --> 00:13:00.490 align:start position:0%
these traders right and as the traders
or<00:12:59.060><c> another</c><00:12:59.240><c> place</c><00:12:59.450><c> we</c><00:12:59.600><c> can</c><00:12:59.720><c> target</c><00:12:59.900><c> resources</c>

00:13:00.490 --> 00:13:00.500 align:start position:0%
or another place we can target resources
 

00:13:00.500 --> 00:13:02.140 align:start position:0%
or another place we can target resources
right<00:13:00.650><c> because</c><00:13:00.829><c> we</c><00:13:00.980><c> can</c><00:13:01.130><c> mark</c><00:13:01.400><c> it</c><00:13:01.579><c> we</c><00:13:02.000><c> can</c>

00:13:02.140 --> 00:13:02.150 align:start position:0%
right because we can mark it we can
 

00:13:02.150 --> 00:13:04.600 align:start position:0%
right because we can mark it we can
develop<00:13:02.390><c> tools</c><00:13:02.750><c> that</c><00:13:03.140><c> make</c><00:13:03.800><c> it</c><00:13:03.920><c> easier</c><00:13:04.310><c> for</c>

00:13:04.600 --> 00:13:04.610 align:start position:0%
develop tools that make it easier for
 

00:13:04.610 --> 00:13:05.380 align:start position:0%
develop tools that make it easier for
users<00:13:04.790><c> to</c><00:13:04.940><c> enter</c>

00:13:05.380 --> 00:13:05.390 align:start position:0%
users to enter
 

00:13:05.390 --> 00:13:08.200 align:start position:0%
users to enter
act<00:13:05.540><c> in</c><00:13:06.530><c> our</c><00:13:06.710><c> ecosystem</c><00:13:07.370><c> and</c><00:13:07.490><c> help</c><00:13:07.940><c> people</c>

00:13:08.200 --> 00:13:08.210 align:start position:0%
act in our ecosystem and help people
 

00:13:08.210 --> 00:13:10.000 align:start position:0%
act in our ecosystem and help people
understand<00:13:08.750><c> how</c><00:13:08.840><c> the</c><00:13:08.960><c> ecosystem</c><00:13:09.200><c> works</c><00:13:09.710><c> that</c>

00:13:10.000 --> 00:13:10.010 align:start position:0%
understand how the ecosystem works that
 

00:13:10.010 --> 00:13:12.580 align:start position:0%
understand how the ecosystem works that
deliver<00:13:10.520><c> them</c><00:13:10.730><c> that</c><00:13:10.930><c> bring</c><00:13:11.930><c> the</c><00:13:12.050><c> users</c><00:13:12.320><c> to</c><00:13:12.470><c> the</c>

00:13:12.580 --> 00:13:12.590 align:start position:0%
deliver them that bring the users to the
 

00:13:12.590 --> 00:13:15.280 align:start position:0%
deliver them that bring the users to the
real<00:13:12.740><c> layers</c><00:13:12.950><c> that</c><00:13:13.820><c> improve</c><00:13:14.480><c> the</c><00:13:14.750><c> environment</c>

00:13:15.280 --> 00:13:15.290 align:start position:0%
real layers that improve the environment
 

00:13:15.290 --> 00:13:17.020 align:start position:0%
real layers that improve the environment
for<00:13:15.320><c> traders</c><00:13:15.770><c> in</c><00:13:16.070><c> different</c><00:13:16.460><c> ways</c><00:13:16.610><c> right</c><00:13:16.910><c> so</c>

00:13:17.020 --> 00:13:17.030 align:start position:0%
for traders in different ways right so
 

00:13:17.030 --> 00:13:18.820 align:start position:0%
for traders in different ways right so
grants<00:13:17.330><c> could</c><00:13:17.480><c> do</c><00:13:17.600><c> that</c><00:13:17.720><c> and</c><00:13:18.020><c> as</c><00:13:18.380><c> we</c><00:13:18.530><c> bring</c><00:13:18.650><c> on</c>

00:13:18.820 --> 00:13:18.830 align:start position:0%
grants could do that and as we bring on
 

00:13:18.830 --> 00:13:20.650 align:start position:0%
grants could do that and as we bring on
more<00:13:18.950><c> traders</c><00:13:19.370><c> there's</c><00:13:20.000><c> another</c><00:13:20.240><c> element</c>

00:13:20.650 --> 00:13:20.660 align:start position:0%
more traders there's another element
 

00:13:20.660 --> 00:13:22.870 align:start position:0%
more traders there's another element
here<00:13:20.780><c> which</c><00:13:21.230><c> is</c><00:13:21.500><c> market</c><00:13:22.010><c> makers</c><00:13:22.340><c> who</c><00:13:22.520><c> provide</c>

00:13:22.870 --> 00:13:22.880 align:start position:0%
here which is market makers who provide
 

00:13:22.880 --> 00:13:26.020 align:start position:0%
here which is market makers who provide
liquidity<00:13:23.110><c> right</c><00:13:24.110><c> because</c><00:13:24.290><c> we</c><00:13:24.440><c> have</c><00:13:24.670><c> on</c><00:13:25.670><c> these</c>

00:13:26.020 --> 00:13:26.030 align:start position:0%
liquidity right because we have on these
 

00:13:26.030 --> 00:13:27.700 align:start position:0%
liquidity right because we have on these
exchanges<00:13:26.330><c> there</c><00:13:26.990><c> are</c><00:13:27.080><c> sort</c><00:13:27.260><c> of</c><00:13:27.290><c> retail</c>

00:13:27.700 --> 00:13:27.710 align:start position:0%
exchanges there are sort of retail
 

00:13:27.710 --> 00:13:29.020 align:start position:0%
exchanges there are sort of retail
customers<00:13:28.250><c> who</c><00:13:28.460><c> are</c><00:13:28.490><c> arriving</c><00:13:28.730><c> there</c>

00:13:29.020 --> 00:13:29.030 align:start position:0%
customers who are arriving there
 

00:13:29.030 --> 00:13:30.670 align:start position:0%
customers who are arriving there
occasionally<00:13:29.330><c> to</c><00:13:29.840><c> buy</c><00:13:29.990><c> and</c><00:13:30.200><c> sell</c><00:13:30.410><c> what</c><00:13:30.560><c> they</c>

00:13:30.670 --> 00:13:30.680 align:start position:0%
occasionally to buy and sell what they
 

00:13:30.680 --> 00:13:33.790 align:start position:0%
occasionally to buy and sell what they
want<00:13:30.920><c> but</c><00:13:31.490><c> they're</c><00:13:31.610><c> also</c><00:13:31.820><c> sort</c><00:13:32.480><c> of</c><00:13:32.800><c> consistent</c>

00:13:33.790 --> 00:13:33.800 align:start position:0%
want but they're also sort of consistent
 

00:13:33.800 --> 00:13:35.560 align:start position:0%
want but they're also sort of consistent
participants<00:13:34.400><c> who</c><00:13:34.520><c> do</c><00:13:34.640><c> market</c><00:13:35.060><c> making</c><00:13:35.210><c> hold</c>

00:13:35.560 --> 00:13:35.570 align:start position:0%
participants who do market making hold
 

00:13:35.570 --> 00:13:38.200 align:start position:0%
participants who do market making hold
an<00:13:35.690><c> inventory</c><00:13:36.020><c> of</c><00:13:36.380><c> assets</c><00:13:36.560><c> of</c><00:13:37.010><c> tokens</c><00:13:37.400><c> on</c><00:13:37.580><c> the</c>

00:13:38.200 --> 00:13:38.210 align:start position:0%
an inventory of assets of tokens on the
 

00:13:38.210 --> 00:13:40.300 align:start position:0%
an inventory of assets of tokens on the
relayer<00:13:38.570><c> and</c><00:13:38.870><c> then</c><00:13:39.530><c> buy</c><00:13:39.710><c> and</c><00:13:39.950><c> sell</c><00:13:40.160><c> these</c>

00:13:40.300 --> 00:13:40.310 align:start position:0%
relayer and then buy and sell these
 

00:13:40.310 --> 00:13:42.520 align:start position:0%
relayer and then buy and sell these
tokens<00:13:40.550><c> in</c><00:13:41.060><c> response</c><00:13:41.540><c> to</c><00:13:41.810><c> sort</c><00:13:42.230><c> of</c><00:13:42.290><c> sporadic</c>

00:13:42.520 --> 00:13:42.530 align:start position:0%
tokens in response to sort of sporadic
 

00:13:42.530 --> 00:13:44.410 align:start position:0%
tokens in response to sort of sporadic
demand<00:13:42.950><c> that</c><00:13:43.340><c> comes</c><00:13:43.700><c> from</c><00:13:43.850><c> these</c><00:13:43.970><c> traders</c><00:13:44.210><c> who</c>

00:13:44.410 --> 00:13:44.420 align:start position:0%
demand that comes from these traders who
 

00:13:44.420 --> 00:13:46.840 align:start position:0%
demand that comes from these traders who
arrive<00:13:44.660><c> you</c><00:13:45.410><c> know</c><00:13:45.500><c> to</c><00:13:45.620><c> buy</c><00:13:45.770><c> and</c><00:13:45.950><c> sell</c><00:13:46.190><c> when</c>

00:13:46.840 --> 00:13:46.850 align:start position:0%
arrive you know to buy and sell when
 

00:13:46.850 --> 00:13:48.640 align:start position:0%
arrive you know to buy and sell when
they<00:13:46.940><c> want</c><00:13:47.120><c> to</c><00:13:47.270><c> write</c><00:13:47.900><c> the</c><00:13:47.990><c> more</c><00:13:48.110><c> traders</c><00:13:48.500><c> we</c>

00:13:48.640 --> 00:13:48.650 align:start position:0%
they want to write the more traders we
 

00:13:48.650 --> 00:13:50.440 align:start position:0%
they want to write the more traders we
have<00:13:48.830><c> they're</c><00:13:49.100><c> coming</c><00:13:49.400><c> to</c><00:13:49.460><c> buy</c><00:13:49.550><c> and</c><00:13:49.700><c> sell</c><00:13:49.880><c> the</c>

00:13:50.440 --> 00:13:50.450 align:start position:0%
have they're coming to buy and sell the
 

00:13:50.450 --> 00:13:52.300 align:start position:0%
have they're coming to buy and sell the
larger<00:13:50.900><c> inventory</c><00:13:51.470><c> of</c><00:13:51.590><c> assets</c><00:13:52.010><c> it</c><00:13:52.130><c> makes</c>

00:13:52.300 --> 00:13:52.310 align:start position:0%
larger inventory of assets it makes
 

00:13:52.310 --> 00:13:54.250 align:start position:0%
larger inventory of assets it makes
sense<00:13:52.550><c> to</c><00:13:53.000><c> hold</c><00:13:53.120><c> on</c><00:13:53.300><c> this</c><00:13:53.390><c> on</c><00:13:53.660><c> this</c><00:13:53.870><c> real</c><00:13:54.080><c> layer</c>

00:13:54.250 --> 00:13:54.260 align:start position:0%
sense to hold on this on this real layer
 

00:13:54.260 --> 00:13:57.910 align:start position:0%
sense to hold on this on this real layer
you<00:13:55.010><c> know</c><00:13:55.100><c> the</c><00:13:55.280><c> more</c><00:13:55.520><c> buyers</c><00:13:56.270><c> the</c><00:13:56.690><c> more</c><00:13:56.920><c> people</c>

00:13:57.910 --> 00:13:57.920 align:start position:0%
you know the more buyers the more people
 

00:13:57.920 --> 00:13:59.560 align:start position:0%
you know the more buyers the more people
holding<00:13:58.280><c> inventories</c><00:13:58.790><c> the</c><00:13:58.970><c> more</c><00:13:59.120><c> markets</c><00:13:59.480><c> it</c>

00:13:59.560 --> 00:13:59.570 align:start position:0%
holding inventories the more markets it
 

00:13:59.570 --> 00:14:01.090 align:start position:0%
holding inventories the more markets it
makes<00:13:59.720><c> a</c><00:13:59.810><c> sense</c><00:14:00.020><c> of</c><00:14:00.140><c> sense</c><00:14:00.290><c> to</c><00:14:00.440><c> open</c><00:14:00.710><c> up</c><00:14:00.830><c> all</c>

00:14:01.090 --> 00:14:01.100 align:start position:0%
makes a sense of sense to open up all
 

00:14:01.100 --> 00:14:03.040 align:start position:0%
makes a sense of sense to open up all
right<00:14:01.190><c> so</c><00:14:01.340><c> if</c><00:14:01.430><c> you</c><00:14:01.520><c> have</c><00:14:01.640><c> a</c><00:14:01.670><c> grant</c><00:14:01.970><c> that</c><00:14:02.780><c> drives</c>

00:14:03.040 --> 00:14:03.050 align:start position:0%
right so if you have a grant that drives
 

00:14:03.050 --> 00:14:04.780 align:start position:0%
right so if you have a grant that drives
growth<00:14:03.260><c> in</c><00:14:03.440><c> one</c><00:14:03.620><c> part</c><00:14:03.860><c> of</c><00:14:03.890><c> the</c><00:14:04.010><c> ecosystem</c><00:14:04.190><c> that</c>

00:14:04.780 --> 00:14:04.790 align:start position:0%
growth in one part of the ecosystem that
 

00:14:04.790 --> 00:14:07.000 align:start position:0%
growth in one part of the ecosystem that
will<00:14:04.940><c> then</c><00:14:05.060><c> fuel</c><00:14:05.420><c> you</c><00:14:06.020><c> know</c><00:14:06.080><c> follow-on</c><00:14:06.800><c> growth</c>

00:14:07.000 --> 00:14:07.010 align:start position:0%
will then fuel you know follow-on growth
 

00:14:07.010 --> 00:14:08.350 align:start position:0%
will then fuel you know follow-on growth
in<00:14:07.190><c> other</c><00:14:07.310><c> parts</c><00:14:07.610><c> of</c><00:14:07.670><c> the</c><00:14:07.760><c> ecosystem</c><00:14:07.910><c> through</c>

00:14:08.350 --> 00:14:08.360 align:start position:0%
in other parts of the ecosystem through
 

00:14:08.360 --> 00:14:10.840 align:start position:0%
in other parts of the ecosystem through
sort<00:14:08.600><c> of</c><00:14:08.630><c> a</c><00:14:08.860><c> self-sustaining</c><00:14:09.860><c> process</c><00:14:10.400><c> or</c><00:14:10.820><c> a</c>

00:14:10.840 --> 00:14:10.850 align:start position:0%
sort of a self-sustaining process or a
 

00:14:10.850 --> 00:14:13.810 align:start position:0%
sort of a self-sustaining process or a
self-perpetuating<00:14:11.780><c> process</c><00:14:12.610><c> all</c><00:14:13.610><c> right</c><00:14:13.700><c> so</c>

00:14:13.810 --> 00:14:13.820 align:start position:0%
self-perpetuating process all right so
 

00:14:13.820 --> 00:14:15.220 align:start position:0%
self-perpetuating process all right so
the<00:14:13.940><c> goal</c><00:14:14.060><c> of</c><00:14:14.120><c> the</c><00:14:14.330><c> grants</c><00:14:14.540><c> then</c><00:14:14.810><c> is</c><00:14:14.960><c> to</c><00:14:15.050><c> sort</c>

00:14:15.220 --> 00:14:15.230 align:start position:0%
the goal of the grants then is to sort
 

00:14:15.230 --> 00:14:17.650 align:start position:0%
the goal of the grants then is to sort
of<00:14:15.260><c> identify</c><00:14:15.910><c> aspects</c><00:14:16.910><c> of</c><00:14:17.030><c> our</c><00:14:17.120><c> ecosystem</c>

00:14:17.650 --> 00:14:17.660 align:start position:0%
of identify aspects of our ecosystem
 

00:14:17.660 --> 00:14:18.760 align:start position:0%
of identify aspects of our ecosystem
that<00:14:17.810><c> are</c><00:14:17.900><c> bottlenecking</c><00:14:18.410><c> that</c><00:14:18.680><c> are</c>

00:14:18.760 --> 00:14:18.770 align:start position:0%
that are bottlenecking that are
 

00:14:18.770 --> 00:14:21.130 align:start position:0%
that are bottlenecking that are
constraining<00:14:19.220><c> growth</c><00:14:19.580><c> right</c><00:14:19.940><c> now</c><00:14:19.970><c> and</c><00:14:20.480><c> help</c>

00:14:21.130 --> 00:14:21.140 align:start position:0%
constraining growth right now and help
 

00:14:21.140 --> 00:14:22.810 align:start position:0%
constraining growth right now and help
to<00:14:21.320><c> alleviate</c><00:14:21.620><c> that</c><00:14:21.920><c> bottleneck</c><00:14:22.400><c> by</c>

00:14:22.810 --> 00:14:22.820 align:start position:0%
to alleviate that bottleneck by
 

00:14:22.820 --> 00:14:26.500 align:start position:0%
to alleviate that bottleneck by
targeting<00:14:23.360><c> funding</c><00:14:24.080><c> to</c><00:14:24.530><c> that</c><00:14:24.680><c> area</c><00:14:25.510><c> because</c>

00:14:26.500 --> 00:14:26.510 align:start position:0%
targeting funding to that area because
 

00:14:26.510 --> 00:14:29.050 align:start position:0%
targeting funding to that area because
that's<00:14:26.690><c> why</c><00:14:26.870><c> grants</c><00:14:27.400><c> but</c><00:14:28.400><c> of</c><00:14:28.520><c> course</c><00:14:28.760><c> grants</c>

00:14:29.050 --> 00:14:29.060 align:start position:0%
that's why grants but of course grants
 

00:14:29.060 --> 00:14:30.810 align:start position:0%
that's why grants but of course grants
do<00:14:29.600><c> not</c><00:14:29.750><c> need</c><00:14:29.990><c> to</c><00:14:30.110><c> involve</c><00:14:30.350><c> the</c><00:14:30.590><c> community</c>

00:14:30.810 --> 00:14:30.820 align:start position:0%
do not need to involve the community
 

00:14:30.820 --> 00:14:33.490 align:start position:0%
do not need to involve the community
right<00:14:31.820><c> we</c><00:14:32.060><c> could</c><00:14:32.300><c> we</c><00:14:32.510><c> have</c><00:14:32.690><c> an</c><00:14:32.780><c> organization</c>

00:14:33.490 --> 00:14:33.500 align:start position:0%
right we could we have an organization
 

00:14:33.500 --> 00:14:34.900 align:start position:0%
right we could we have an organization
that<00:14:33.620><c> has</c><00:14:33.770><c> some</c><00:14:33.980><c> resources</c><00:14:34.430><c> we're</c><00:14:34.700><c> already</c>

00:14:34.900 --> 00:14:34.910 align:start position:0%
that has some resources we're already
 

00:14:34.910 --> 00:14:37.300 align:start position:0%
that has some resources we're already
using<00:14:35.300><c> some</c><00:14:35.450><c> of</c><00:14:35.480><c> those</c><00:14:35.600><c> resources</c><00:14:35.960><c> to</c><00:14:36.890><c> award</c>

00:14:37.300 --> 00:14:37.310 align:start position:0%
using some of those resources to award
 

00:14:37.310 --> 00:14:39.190 align:start position:0%
using some of those resources to award
grants<00:14:37.670><c> to</c><00:14:37.880><c> third</c><00:14:38.030><c> party</c><00:14:38.330><c> projects</c><00:14:38.900><c> as</c><00:14:38.990><c> many</c>

00:14:39.190 --> 00:14:39.200 align:start position:0%
grants to third party projects as many
 

00:14:39.200 --> 00:14:40.900 align:start position:0%
grants to third party projects as many
of<00:14:39.320><c> the</c><00:14:39.380><c> relays</c><00:14:39.650><c> that</c><00:14:39.680><c> have</c><00:14:39.920><c> been</c><00:14:40.010><c> created</c><00:14:40.190><c> you</c>

00:14:40.900 --> 00:14:40.910 align:start position:0%
of the relays that have been created you
 

00:14:40.910 --> 00:14:43.180 align:start position:0%
of the relays that have been created you
know<00:14:41.000><c> are</c><00:14:41.440><c> projects</c><00:14:42.440><c> that</c><00:14:42.620><c> we've</c><00:14:42.800><c> had</c><00:14:42.950><c> some</c>

00:14:43.180 --> 00:14:43.190 align:start position:0%
know are projects that we've had some
 

00:14:43.190 --> 00:14:45.690 align:start position:0%
know are projects that we've had some
involvement<00:14:43.340><c> in</c><00:14:43.940><c> you</c><00:14:44.870><c> know</c><00:14:44.990><c> giving</c>

00:14:45.690 --> 00:14:45.700 align:start position:0%
involvement in you know giving
 

00:14:45.700 --> 00:14:48.010 align:start position:0%
involvement in you know giving
non-dilutive<00:14:46.700><c> capital</c><00:14:47.300><c> just</c><00:14:47.390><c> just</c><00:14:47.600><c> giving</c>

00:14:48.010 --> 00:14:48.020 align:start position:0%
non-dilutive capital just just giving
 

00:14:48.020 --> 00:14:49.540 align:start position:0%
non-dilutive capital just just giving
them<00:14:48.110><c> free</c><00:14:48.320><c> money</c><00:14:48.440><c> essentially</c><00:14:49.040><c> to</c><00:14:49.190><c> help</c><00:14:49.370><c> them</c>

00:14:49.540 --> 00:14:49.550 align:start position:0%
them free money essentially to help them
 

00:14:49.550 --> 00:14:51.550 align:start position:0%
them free money essentially to help them
begin<00:14:49.820><c> building</c><00:14:50.120><c> at</c><00:14:50.480><c> some</c><00:14:51.050><c> point</c><00:14:51.290><c> in</c><00:14:51.470><c> their</c>

00:14:51.550 --> 00:14:51.560 align:start position:0%
begin building at some point in their
 

00:14:51.560 --> 00:14:53.980 align:start position:0%
begin building at some point in their
life<00:14:51.770><c> span</c><00:14:52.150><c> so</c><00:14:53.150><c> we're</c><00:14:53.300><c> already</c><00:14:53.480><c> doing</c><00:14:53.690><c> this</c>

00:14:53.980 --> 00:14:53.990 align:start position:0%
life span so we're already doing this
 

00:14:53.990 --> 00:14:56.050 align:start position:0%
life span so we're already doing this
and<00:14:54.230><c> why</c><00:14:54.440><c> involve</c><00:14:54.800><c> the</c><00:14:55.070><c> community</c><00:14:55.280><c> in</c><00:14:55.670><c> it</c><00:14:55.820><c> well</c>

00:14:56.050 --> 00:14:56.060 align:start position:0%
and why involve the community in it well
 

00:14:56.060 --> 00:14:58.240 align:start position:0%
and why involve the community in it well
as<00:14:56.390><c> I</c><00:14:56.540><c> said</c><00:14:56.600><c> before</c><00:14:56.900><c> and</c><00:14:57.710><c> we</c><00:14:57.860><c> want</c><00:14:58.040><c> to</c><00:14:58.100><c> make</c>

00:14:58.240 --> 00:14:58.250 align:start position:0%
as I said before and we want to make
 

00:14:58.250 --> 00:15:00.880 align:start position:0%
as I said before and we want to make
sure<00:14:58.280><c> that</c><00:14:58.910><c> the</c><00:14:59.780><c> code</c><00:15:00.140><c> that's</c><00:15:00.470><c> created</c><00:15:00.800><c> in</c>

00:15:00.880 --> 00:15:00.890 align:start position:0%
sure that the code that's created in
 

00:15:00.890 --> 00:15:03.070 align:start position:0%
sure that the code that's created in
Azure<00:15:01.010><c> X</c><00:15:01.310><c> ecosystem</c><00:15:02.060><c> is</c><00:15:02.240><c> created</c><00:15:02.780><c> in</c><00:15:02.870><c> order</c><00:15:02.990><c> to</c>

00:15:03.070 --> 00:15:03.080 align:start position:0%
Azure X ecosystem is created in order to
 

00:15:03.080 --> 00:15:05.200 align:start position:0%
Azure X ecosystem is created in order to
serve<00:15:03.440><c> users</c><00:15:04.130><c> and</c><00:15:04.430><c> we</c><00:15:04.640><c> feel</c><00:15:04.820><c> that</c><00:15:04.940><c> the</c><00:15:05.060><c> best</c>

00:15:05.200 --> 00:15:05.210 align:start position:0%
serve users and we feel that the best
 

00:15:05.210 --> 00:15:07.030 align:start position:0%
serve users and we feel that the best
way<00:15:05.420><c> of</c><00:15:05.510><c> guaranteeing</c><00:15:05.690><c> that</c><00:15:06.080><c> is</c><00:15:06.410><c> to</c><00:15:06.920><c> give</c>

00:15:07.030 --> 00:15:07.040 align:start position:0%
way of guaranteeing that is to give
 

00:15:07.040 --> 00:15:09.250 align:start position:0%
way of guaranteeing that is to give
users<00:15:07.340><c> control</c><00:15:08.330><c> over</c><00:15:08.630><c> the</c><00:15:08.720><c> purse</c><00:15:08.900><c> strings</c>

00:15:09.250 --> 00:15:09.260 align:start position:0%
users control over the purse strings
 

00:15:09.260 --> 00:15:12.400 align:start position:0%
users control over the purse strings
right<00:15:09.800><c> so</c><00:15:09.950><c> they</c><00:15:10.220><c> are</c><00:15:10.580><c> the</c><00:15:10.760><c> you</c><00:15:11.390><c> know</c><00:15:11.450><c> the</c><00:15:12.110><c> money</c>

00:15:12.400 --> 00:15:12.410 align:start position:0%
right so they are the you know the money
 

00:15:12.410 --> 00:15:13.810 align:start position:0%
right so they are the you know the money
is<00:15:12.530><c> being</c><00:15:12.650><c> spent</c><00:15:12.740><c> on</c><00:15:13.040><c> their</c><00:15:13.190><c> behalf</c>

00:15:13.810 --> 00:15:13.820 align:start position:0%
is being spent on their behalf
 

00:15:13.820 --> 00:15:15.790 align:start position:0%
is being spent on their behalf
so<00:15:14.180><c> we</c><00:15:14.270><c> feel</c><00:15:14.420><c> that</c><00:15:14.480><c> the</c><00:15:14.720><c> 0x</c><00:15:15.110><c> token</c><00:15:15.500><c> holder</c>

00:15:15.790 --> 00:15:15.800 align:start position:0%
so we feel that the 0x token holder
 

00:15:15.800 --> 00:15:18.270 align:start position:0%
so we feel that the 0x token holder
should<00:15:16.370><c> exercise</c><00:15:16.730><c> ultimate</c><00:15:17.480><c> control</c><00:15:17.930><c> over</c>

00:15:18.270 --> 00:15:18.280 align:start position:0%
should exercise ultimate control over
 

00:15:18.280 --> 00:15:19.330 align:start position:0%
should exercise ultimate control over
resource

00:15:19.330 --> 00:15:19.340 align:start position:0%
resource
 

00:15:19.340 --> 00:15:22.150 align:start position:0%
resource
allocation<00:15:19.760><c> is</c><00:15:20.090><c> your</c><00:15:20.270><c> X</c><00:15:20.420><c> ecosystem</c><00:15:21.080><c> and</c><00:15:21.350><c> in</c>

00:15:22.150 --> 00:15:22.160 align:start position:0%
allocation is your X ecosystem and in
 

00:15:22.160 --> 00:15:25.210 align:start position:0%
allocation is your X ecosystem and in
order<00:15:22.370><c> to</c><00:15:22.460><c> do</c><00:15:22.610><c> that</c><00:15:22.760><c> we</c><00:15:23.390><c> want</c><00:15:23.630><c> to</c><00:15:23.950><c> compare</c><00:15:24.950><c> the</c>

00:15:25.210 --> 00:15:25.220 align:start position:0%
order to do that we want to compare the
 

00:15:25.220 --> 00:15:29.380 align:start position:0%
order to do that we want to compare the
community<00:15:25.640><c> to</c><00:15:26.350><c> determine</c><00:15:27.350><c> how</c><00:15:28.270><c> grants</c><00:15:29.270><c> are</c>

00:15:29.380 --> 00:15:29.390 align:start position:0%
community to determine how grants are
 

00:15:29.390 --> 00:15:30.790 align:start position:0%
community to determine how grants are
allocate<00:15:29.750><c> what</c><00:15:29.960><c> kind</c><00:15:30.140><c> of</c><00:15:30.170><c> types</c><00:15:30.350><c> of</c><00:15:30.470><c> projects</c>

00:15:30.790 --> 00:15:30.800 align:start position:0%
allocate what kind of types of projects
 

00:15:30.800 --> 00:15:32.200 align:start position:0%
allocate what kind of types of projects
are<00:15:30.890><c> created</c><00:15:31.010><c> to</c><00:15:31.340><c> make</c><00:15:31.460><c> sure</c><00:15:31.580><c> they</c><00:15:31.700><c> get</c><00:15:32.030><c> the</c>

00:15:32.200 --> 00:15:32.210 align:start position:0%
are created to make sure they get the
 

00:15:32.210 --> 00:15:34.540 align:start position:0%
are created to make sure they get the
projects<00:15:32.600><c> they</c><00:15:32.750><c> want</c><00:15:32.930><c> in</c><00:15:33.800><c> the</c><00:15:33.980><c> short</c><00:15:34.250><c> term</c>

00:15:34.540 --> 00:15:34.550 align:start position:0%
projects they want in the short term
 

00:15:34.550 --> 00:15:37.150 align:start position:0%
projects they want in the short term
that<00:15:34.790><c> means</c><00:15:35.330><c> community</c><00:15:35.900><c> control</c><00:15:36.290><c> of</c><00:15:36.320><c> grants</c>

00:15:37.150 --> 00:15:37.160 align:start position:0%
that means community control of grants
 

00:15:37.160 --> 00:15:38.830 align:start position:0%
that means community control of grants
distributed<00:15:37.730><c> third</c><00:15:37.910><c> party</c><00:15:38.240><c> projects</c><00:15:38.690><c> that</c>

00:15:38.830 --> 00:15:38.840 align:start position:0%
distributed third party projects that
 

00:15:38.840 --> 00:15:42.070 align:start position:0%
distributed third party projects that
build<00:15:39.110><c> on</c><00:15:39.440><c> our</c><00:15:39.860><c> exchange</c><00:15:40.820><c> standard</c><00:15:41.270><c> and</c><00:15:41.420><c> the</c>

00:15:42.070 --> 00:15:42.080 align:start position:0%
build on our exchange standard and the
 

00:15:42.080 --> 00:15:44.940 align:start position:0%
build on our exchange standard and the
longer<00:15:42.500><c> term</c><00:15:42.800><c> that</c><00:15:43.580><c> means</c><00:15:43.850><c> community</c><00:15:44.480><c> control</c>

00:15:44.940 --> 00:15:44.950 align:start position:0%
longer term that means community control
 

00:15:44.950 --> 00:15:47.380 align:start position:0%
longer term that means community control
upgrades<00:15:45.950><c> and</c><00:15:46.100><c> extensions</c><00:15:46.760><c> is</c><00:15:46.910><c> that</c><00:15:46.940><c> core</c>

00:15:47.380 --> 00:15:47.390 align:start position:0%
upgrades and extensions is that core
 

00:15:47.390 --> 00:15:49.240 align:start position:0%
upgrades and extensions is that core
protocol<00:15:47.960><c> to</c><00:15:48.080><c> the</c><00:15:48.110><c> core</c><00:15:48.410><c> exchange</c><00:15:48.800><c> standard</c>

00:15:49.240 --> 00:15:49.250 align:start position:0%
protocol to the core exchange standard
 

00:15:49.250 --> 00:15:52.420 align:start position:0%
protocol to the core exchange standard
so<00:15:49.760><c> for</c><00:15:49.970><c> example</c><00:15:50.360><c> if</c><00:15:50.660><c> the</c><00:15:51.200><c> users</c><00:15:51.560><c> decide</c><00:15:51.920><c> that</c>

00:15:52.420 --> 00:15:52.430 align:start position:0%
so for example if the users decide that
 

00:15:52.430 --> 00:15:54.760 align:start position:0%
so for example if the users decide that
there's<00:15:52.760><c> a</c><00:15:52.820><c> proposal</c><00:15:53.540><c> to</c><00:15:53.960><c> improve</c><00:15:54.620><c> the</c>

00:15:54.760 --> 00:15:54.770 align:start position:0%
there's a proposal to improve the
 

00:15:54.770 --> 00:15:57.010 align:start position:0%
there's a proposal to improve the
protocol<00:15:55.220><c> that's</c><00:15:55.760><c> created</c><00:15:56.570><c> by</c><00:15:56.600><c> some</c><00:15:56.870><c> other</c>

00:15:57.010 --> 00:15:57.020 align:start position:0%
protocol that's created by some other
 

00:15:57.020 --> 00:15:58.690 align:start position:0%
protocol that's created by some other
development<00:15:57.530><c> team</c><00:15:57.680><c> right</c><00:15:58.220><c> that</c><00:15:58.400><c> that</c><00:15:58.520><c> isn't</c>

00:15:58.690 --> 00:15:58.700 align:start position:0%
development team right that that isn't
 

00:15:58.700 --> 00:16:00.640 align:start position:0%
development team right that that isn't
us<00:15:58.940><c> that</c><00:15:59.690><c> they</c><00:15:59.810><c> could</c><00:15:59.930><c> potentially</c><00:16:00.080><c> choose</c><00:16:00.500><c> to</c>

00:16:00.640 --> 00:16:00.650 align:start position:0%
us that they could potentially choose to
 

00:16:00.650 --> 00:16:03.130 align:start position:0%
us that they could potentially choose to
fund<00:16:00.800><c> that</c><00:16:01.040><c> team</c><00:16:01.790><c> instead</c><00:16:02.360><c> of</c><00:16:02.480><c> the</c><00:16:02.600><c> existing</c>

00:16:03.130 --> 00:16:03.140 align:start position:0%
fund that team instead of the existing
 

00:16:03.140 --> 00:16:07.120 align:start position:0%
fund that team instead of the existing
group<00:16:04.070><c> of</c><00:16:04.190><c> developers</c><00:16:05.680><c> right</c><00:16:06.680><c> so</c><00:16:06.770><c> you</c><00:16:06.860><c> can</c><00:16:06.980><c> see</c>

00:16:07.120 --> 00:16:07.130 align:start position:0%
group of developers right so you can see
 

00:16:07.130 --> 00:16:08.260 align:start position:0%
group of developers right so you can see
probably<00:16:07.430><c> how</c><00:16:07.700><c> that</c><00:16:07.820><c> would</c><00:16:07.940><c> be</c><00:16:07.970><c> really</c>

00:16:08.260 --> 00:16:08.270 align:start position:0%
probably how that would be really
 

00:16:08.270 --> 00:16:10.450 align:start position:0%
probably how that would be really
empowering<00:16:09.230><c> and</c><00:16:09.470><c> it</c><00:16:09.620><c> would</c><00:16:09.740><c> ensure</c><00:16:09.860><c> this</c><00:16:10.250><c> kind</c>

00:16:10.450 --> 00:16:10.460 align:start position:0%
empowering and it would ensure this kind
 

00:16:10.460 --> 00:16:12.790 align:start position:0%
empowering and it would ensure this kind
of<00:16:10.520><c> level</c><00:16:10.760><c> of</c><00:16:10.790><c> accountability</c><00:16:11.270><c> where</c><00:16:12.230><c> the</c>

00:16:12.790 --> 00:16:12.800 align:start position:0%
of level of accountability where the
 

00:16:12.800 --> 00:16:14.830 align:start position:0%
of level of accountability where the
developers<00:16:13.400><c> need</c><00:16:13.670><c> to</c><00:16:13.700><c> be</c><00:16:13.910><c> responsive</c><00:16:14.570><c> to</c><00:16:14.600><c> user</c>

00:16:14.830 --> 00:16:14.840 align:start position:0%
developers need to be responsive to user
 

00:16:14.840 --> 00:16:15.610 align:start position:0%
developers need to be responsive to user
concerns

00:16:15.610 --> 00:16:15.620 align:start position:0%
concerns
 

00:16:15.620 --> 00:16:19.540 align:start position:0%
concerns
in<00:16:16.130><c> order</c><00:16:16.430><c> to</c><00:16:16.460><c> ensure</c><00:16:17.030><c> their</c><00:16:17.330><c> livelihood</c><00:16:18.550><c> okay</c>

00:16:19.540 --> 00:16:19.550 align:start position:0%
in order to ensure their livelihood okay
 

00:16:19.550 --> 00:16:21.490 align:start position:0%
in order to ensure their livelihood okay
so<00:16:19.610><c> what</c><00:16:19.910><c> why</c><00:16:20.120><c> an</c><00:16:20.330><c> elected</c><00:16:20.750><c> committee</c><00:16:21.020><c> right</c>

00:16:21.490 --> 00:16:21.500 align:start position:0%
so what why an elected committee right
 

00:16:21.500 --> 00:16:23.020 align:start position:0%
so what why an elected committee right
so<00:16:21.650><c> we</c><00:16:21.830><c> can</c><00:16:21.950><c> imagine</c><00:16:22.100><c> doing</c><00:16:22.520><c> this</c><00:16:22.610><c> another</c>

00:16:23.020 --> 00:16:23.030 align:start position:0%
so we can imagine doing this another
 

00:16:23.030 --> 00:16:24.850 align:start position:0%
so we can imagine doing this another
ways<00:16:23.300><c> right</c><00:16:23.480><c> it</c><00:16:23.600><c> could</c><00:16:23.720><c> be</c><00:16:23.750><c> that</c><00:16:24.560><c> there's</c><00:16:24.800><c> a</c>

00:16:24.850 --> 00:16:24.860 align:start position:0%
ways right it could be that there's a
 

00:16:24.860 --> 00:16:27.100 align:start position:0%
ways right it could be that there's a
grant<00:16:25.160><c> proposal</c><00:16:25.340><c> a</c><00:16:25.760><c> third</c><00:16:25.970><c> party</c><00:16:26.690><c> project</c>

00:16:27.100 --> 00:16:27.110 align:start position:0%
grant proposal a third party project
 

00:16:27.110 --> 00:16:29.620 align:start position:0%
grant proposal a third party project
creates<00:16:27.380><c> and</c><00:16:27.920><c> it</c><00:16:28.160><c> broadcasts</c><00:16:28.520><c> it</c><00:16:29.090><c> to</c><00:16:29.300><c> all</c><00:16:29.450><c> the</c>

00:16:29.620 --> 00:16:29.630 align:start position:0%
creates and it broadcasts it to all the
 

00:16:29.630 --> 00:16:31.360 align:start position:0%
creates and it broadcasts it to all the
token<00:16:29.960><c> holders</c><00:16:30.260><c> who</c><00:16:30.440><c> read</c><00:16:30.650><c> all</c><00:16:30.830><c> the</c><00:16:30.860><c> details</c>

00:16:31.360 --> 00:16:31.370 align:start position:0%
token holders who read all the details
 

00:16:31.370 --> 00:16:33.820 align:start position:0%
token holders who read all the details
of<00:16:31.460><c> its</c><00:16:31.610><c> white</c><00:16:31.790><c> paper</c><00:16:32.030><c> and</c><00:16:32.360><c> then</c><00:16:33.110><c> figure</c><00:16:33.770><c> out</c>

00:16:33.820 --> 00:16:33.830 align:start position:0%
of its white paper and then figure out
 

00:16:33.830 --> 00:16:34.900 align:start position:0%
of its white paper and then figure out
what<00:16:33.950><c> do</c><00:16:34.100><c> they</c><00:16:34.160><c> want</c><00:16:34.310><c> to</c><00:16:34.370><c> vote</c><00:16:34.490><c> yes</c><00:16:34.700><c> in</c><00:16:34.730><c> this</c>

00:16:34.900 --> 00:16:34.910 align:start position:0%
what do they want to vote yes in this
 

00:16:34.910 --> 00:16:40.690 align:start position:0%
what do they want to vote yes in this
proposal<00:16:35.240><c> or</c><00:16:35.810><c> no</c><00:16:36.400><c> and</c><00:16:37.400><c> we</c><00:16:37.940><c> felt</c><00:16:38.210><c> that</c><00:16:38.650><c> this</c><00:16:39.700><c> for</c>

00:16:40.690 --> 00:16:40.700 align:start position:0%
proposal or no and we felt that this for
 

00:16:40.700 --> 00:16:42.970 align:start position:0%
proposal or no and we felt that this for
this<00:16:40.820><c> type</c><00:16:41.030><c> of</c><00:16:41.060><c> decision</c><00:16:41.770><c> having</c><00:16:42.770><c> every</c>

00:16:42.970 --> 00:16:42.980 align:start position:0%
this type of decision having every
 

00:16:42.980 --> 00:16:45.160 align:start position:0%
this type of decision having every
single<00:16:43.010><c> user</c><00:16:43.460><c> read</c><00:16:44.090><c> and</c><00:16:44.300><c> vote</c><00:16:44.510><c> does</c><00:16:44.810><c> not</c><00:16:44.960><c> make</c>

00:16:45.160 --> 00:16:45.170 align:start position:0%
single user read and vote does not make
 

00:16:45.170 --> 00:16:46.540 align:start position:0%
single user read and vote does not make
much<00:16:45.350><c> sense</c><00:16:45.590><c> right</c><00:16:45.920><c> in</c><00:16:46.160><c> my</c><00:16:46.340><c> interpretation</c>

00:16:46.540 --> 00:16:46.550 align:start position:0%
much sense right in my interpretation
 

00:16:46.550 --> 00:16:48.850 align:start position:0%
much sense right in my interpretation
there's<00:16:47.150><c> kind</c><00:16:47.330><c> of</c><00:16:47.360><c> two</c><00:16:47.450><c> main</c><00:16:48.380><c> types</c><00:16:48.650><c> of</c>

00:16:48.850 --> 00:16:48.860 align:start position:0%
there's kind of two main types of
 

00:16:48.860 --> 00:16:50.740 align:start position:0%
there's kind of two main types of
collective<00:16:49.190><c> decisions</c><00:16:49.610><c> and</c><00:16:49.880><c> depending</c><00:16:50.660><c> on</c>

00:16:50.740 --> 00:16:50.750 align:start position:0%
collective decisions and depending on
 

00:16:50.750 --> 00:16:51.970 align:start position:0%
collective decisions and depending on
what<00:16:50.900><c> type</c><00:16:51.050><c> of</c><00:16:51.080><c> decision</c><00:16:51.560><c> you're</c><00:16:51.650><c> dealing</c>

00:16:51.970 --> 00:16:51.980 align:start position:0%
what type of decision you're dealing
 

00:16:51.980 --> 00:16:53.650 align:start position:0%
what type of decision you're dealing
with<00:16:52.130><c> you</c><00:16:52.520><c> know</c><00:16:52.550><c> you</c><00:16:52.940><c> may</c><00:16:53.210><c> want</c><00:16:53.240><c> to</c><00:16:53.510><c> use</c>

00:16:53.650 --> 00:16:53.660 align:start position:0%
with you know you may want to use
 

00:16:53.660 --> 00:16:55.960 align:start position:0%
with you know you may want to use
participatory<00:16:54.170><c> democracy</c><00:16:54.430><c> to</c><00:16:55.430><c> arrive</c><00:16:55.850><c> at</c>

00:16:55.960 --> 00:16:55.970 align:start position:0%
participatory democracy to arrive at
 

00:16:55.970 --> 00:16:57.580 align:start position:0%
participatory democracy to arrive at
that<00:16:56.000><c> collective</c><00:16:56.390><c> decision</c><00:16:56.720><c> or</c><00:16:56.930><c> you</c><00:16:57.440><c> might</c>

00:16:57.580 --> 00:16:57.590 align:start position:0%
that collective decision or you might
 

00:16:57.590 --> 00:17:00.010 align:start position:0%
that collective decision or you might
want<00:16:57.620><c> to</c><00:16:57.830><c> have</c><00:16:58.010><c> a</c><00:16:58.480><c> delegated</c><00:16:59.480><c> former</c><00:16:59.870><c> to</c><00:16:59.990><c> a</c>

00:17:00.010 --> 00:17:00.020 align:start position:0%
want to have a delegated former to a
 

00:17:00.020 --> 00:17:01.780 align:start position:0%
want to have a delegated former to a
representative<00:17:00.620><c> democracy</c><00:17:00.770><c> where</c><00:17:01.370><c> the</c><00:17:01.520><c> token</c>

00:17:01.780 --> 00:17:01.790 align:start position:0%
representative democracy where the token
 

00:17:01.790 --> 00:17:03.610 align:start position:0%
representative democracy where the token
holders<00:17:02.030><c> elect</c><00:17:02.360><c> a</c><00:17:02.480><c> representative</c><00:17:02.630><c> who</c><00:17:03.410><c> then</c>

00:17:03.610 --> 00:17:03.620 align:start position:0%
holders elect a representative who then
 

00:17:03.620 --> 00:17:06.000 align:start position:0%
holders elect a representative who then
makes<00:17:04.520><c> makes</c><00:17:04.850><c> decisions</c><00:17:05.150><c> in</c><00:17:05.240><c> their</c><00:17:05.360><c> behalf</c>

00:17:06.000 --> 00:17:06.010 align:start position:0%
makes makes decisions in their behalf
 

00:17:06.010 --> 00:17:08.770 align:start position:0%
makes makes decisions in their behalf
it's<00:17:07.010><c> a</c><00:17:07.040><c> participatory</c><00:17:07.700><c> decision</c><00:17:08.180><c> you</c><00:17:08.690><c> know</c>

00:17:08.770 --> 00:17:08.780 align:start position:0%
it's a participatory decision you know
 

00:17:08.780 --> 00:17:10.660 align:start position:0%
it's a participatory decision you know
there<00:17:09.050><c> may</c><00:17:09.170><c> be</c><00:17:09.200><c> cases</c><00:17:09.890><c> where</c><00:17:10.190><c> individuals</c>

00:17:10.660 --> 00:17:10.670 align:start position:0%
there may be cases where individuals
 

00:17:10.670 --> 00:17:12.100 align:start position:0%
there may be cases where individuals
know<00:17:10.850><c> exactly</c><00:17:11.209><c> what</c><00:17:11.390><c> they</c><00:17:11.480><c> want</c><00:17:11.510><c> just</c><00:17:11.990><c> by</c>

00:17:12.100 --> 00:17:12.110 align:start position:0%
know exactly what they want just by
 

00:17:12.110 --> 00:17:13.930 align:start position:0%
know exactly what they want just by
glancing<00:17:12.260><c> at</c><00:17:13.010><c> the</c><00:17:13.100><c> issue</c><00:17:13.250><c> right</c><00:17:13.700><c> they</c><00:17:13.820><c> don't</c>

00:17:13.930 --> 00:17:13.940 align:start position:0%
glancing at the issue right they don't
 

00:17:13.940 --> 00:17:15.970 align:start position:0%
glancing at the issue right they don't
need<00:17:14.090><c> specialized</c><00:17:14.630><c> expertise</c><00:17:15.140><c> they</c><00:17:15.830><c> don't</c>

00:17:15.970 --> 00:17:15.980 align:start position:0%
need specialized expertise they don't
 

00:17:15.980 --> 00:17:17.650 align:start position:0%
need specialized expertise they don't
need<00:17:16.100><c> a</c><00:17:16.130><c> college</c><00:17:16.459><c> degree</c><00:17:16.490><c> they</c><00:17:17.360><c> don't</c><00:17:17.570><c> really</c>

00:17:17.650 --> 00:17:17.660 align:start position:0%
need a college degree they don't really
 

00:17:17.660 --> 00:17:19.270 align:start position:0%
need a college degree they don't really
do<00:17:17.840><c> a</c><00:17:17.870><c> lot</c><00:17:17.959><c> of</c><00:17:18.080><c> research</c><00:17:18.380><c> and</c><00:17:18.860><c> reading</c><00:17:19.040><c> to</c>

00:17:19.270 --> 00:17:19.280 align:start position:0%
do a lot of research and reading to
 

00:17:19.280 --> 00:17:21.250 align:start position:0%
do a lot of research and reading to
figure<00:17:19.520><c> out</c><00:17:19.640><c> to</c><00:17:19.790><c> vote</c><00:17:19.940><c> yes</c><00:17:20.120><c> or</c><00:17:20.240><c> no</c><00:17:20.300><c> maybe</c><00:17:20.930><c> for</c>

00:17:21.250 --> 00:17:21.260 align:start position:0%
figure out to vote yes or no maybe for
 

00:17:21.260 --> 00:17:24.490 align:start position:0%
figure out to vote yes or no maybe for
example<00:17:21.850><c> there's</c><00:17:22.850><c> in</c><00:17:23.209><c> my</c><00:17:23.270><c> municipality</c><00:17:23.780><c> there</c>

00:17:24.490 --> 00:17:24.500 align:start position:0%
example there's in my municipality there
 

00:17:24.500 --> 00:17:26.290 align:start position:0%
example there's in my municipality there
is<00:17:24.590><c> a</c><00:17:24.620><c> proposal</c><00:17:24.980><c> to</c><00:17:25.160><c> create</c><00:17:25.340><c> a</c><00:17:25.490><c> playground</c><00:17:26.030><c> and</c>

00:17:26.290 --> 00:17:26.300 align:start position:0%
is a proposal to create a playground and
 

00:17:26.300 --> 00:17:28.390 align:start position:0%
is a proposal to create a playground and
that<00:17:27.050><c> playground</c><00:17:27.500><c> will</c><00:17:27.650><c> cost</c><00:17:27.800><c> this</c><00:17:28.010><c> much</c><00:17:28.070><c> to</c>

00:17:28.390 --> 00:17:28.400 align:start position:0%
that playground will cost this much to
 

00:17:28.400 --> 00:17:29.830 align:start position:0%
that playground will cost this much to
build<00:17:28.580><c> and</c><00:17:28.850><c> the</c><00:17:29.030><c> taxpayers</c><00:17:29.450><c> will</c><00:17:29.570><c> have</c><00:17:29.660><c> to</c><00:17:29.720><c> pay</c>

00:17:29.830 --> 00:17:29.840 align:start position:0%
build and the taxpayers will have to pay
 

00:17:29.840 --> 00:17:31.930 align:start position:0%
build and the taxpayers will have to pay
and<00:17:30.470><c> say</c><00:17:30.650><c> a</c><00:17:30.680><c> million</c><00:17:30.920><c> dollars</c><00:17:31.310><c> to</c><00:17:31.460><c> fund</c><00:17:31.610><c> it</c><00:17:31.820><c> and</c>

00:17:31.930 --> 00:17:31.940 align:start position:0%
and say a million dollars to fund it and
 

00:17:31.940 --> 00:17:33.159 align:start position:0%
and say a million dollars to fund it and
I<00:17:32.690><c> have</c><00:17:32.840><c> a</c><00:17:32.870><c> couple</c>

00:17:33.159 --> 00:17:33.169 align:start position:0%
I have a couple
 

00:17:33.169 --> 00:17:34.869 align:start position:0%
I have a couple
kids<00:17:33.379><c> I</c><00:17:33.529><c> can</c><00:17:33.679><c> evaluate</c><00:17:33.889><c> now</c><00:17:34.220><c> how</c><00:17:34.340><c> much</c><00:17:34.489><c> benefit</c>

00:17:34.869 --> 00:17:34.879 align:start position:0%
kids I can evaluate now how much benefit
 

00:17:34.879 --> 00:17:36.399 align:start position:0%
kids I can evaluate now how much benefit
my<00:17:35.090><c> kids</c><00:17:35.299><c> get</c><00:17:35.450><c> out</c><00:17:35.509><c> of</c><00:17:35.629><c> playground</c><00:17:36.080><c> is</c><00:17:36.259><c> it</c>

00:17:36.399 --> 00:17:36.409 align:start position:0%
my kids get out of playground is it
 

00:17:36.409 --> 00:17:39.279 align:start position:0%
my kids get out of playground is it
worth<00:17:36.559><c> it</c><00:17:36.879><c> to</c><00:17:37.879><c> pay</c><00:17:38.330><c> that</c><00:17:38.509><c> extra</c><00:17:38.539><c> tax</c><00:17:38.960><c> money</c><00:17:39.230><c> to</c>

00:17:39.279 --> 00:17:39.289 align:start position:0%
worth it to pay that extra tax money to
 

00:17:39.289 --> 00:17:41.499 align:start position:0%
worth it to pay that extra tax money to
build<00:17:39.529><c> that</c><00:17:39.739><c> and</c><00:17:39.980><c> I</c><00:17:40.609><c> don't</c><00:17:40.700><c> need</c><00:17:40.909><c> to</c><00:17:41.059><c> ask</c><00:17:41.210><c> an</c>

00:17:41.499 --> 00:17:41.509 align:start position:0%
build that and I don't need to ask an
 

00:17:41.509 --> 00:17:43.149 align:start position:0%
build that and I don't need to ask an
expert<00:17:41.659><c> right</c><00:17:42.169><c> I</c><00:17:42.200><c> know</c><00:17:42.320><c> right</c><00:17:42.440><c> away</c><00:17:42.889><c> because</c>

00:17:43.149 --> 00:17:43.159 align:start position:0%
expert right I know right away because
 

00:17:43.159 --> 00:17:44.470 align:start position:0%
expert right I know right away because
it<00:17:43.249><c> affects</c><00:17:43.489><c> you</c><00:17:43.700><c> know</c><00:17:43.789><c> I</c><00:17:43.909><c> can</c>

00:17:44.470 --> 00:17:44.480 align:start position:0%
it affects you know I can
 

00:17:44.480 --> 00:17:47.320 align:start position:0%
it affects you know I can
III<00:17:44.749><c> know</c><00:17:45.049><c> as</c><00:17:45.350><c> a</c><00:17:45.489><c> as</c><00:17:46.489><c> a</c><00:17:46.549><c> resident</c><00:17:47.239><c> that</c>

00:17:47.320 --> 00:17:47.330 align:start position:0%
III know as a as a resident that
 

00:17:47.330 --> 00:17:48.669 align:start position:0%
III know as a as a resident that
community<00:17:47.720><c> exactly</c><00:17:47.929><c> whether</c><00:17:48.320><c> it</c><00:17:48.470><c> makes</c><00:17:48.590><c> sense</c>

00:17:48.669 --> 00:17:48.679 align:start position:0%
community exactly whether it makes sense
 

00:17:48.679 --> 00:17:50.320 align:start position:0%
community exactly whether it makes sense
to<00:17:48.919><c> me</c><00:17:49.070><c> or</c><00:17:49.220><c> not</c><00:17:49.340><c> and</c><00:17:49.580><c> I</c><00:17:49.609><c> can</c><00:17:49.730><c> just</c><00:17:49.820><c> vote</c><00:17:49.940><c> yes</c><00:17:50.119><c> or</c>

00:17:50.320 --> 00:17:50.330 align:start position:0%
to me or not and I can just vote yes or
 

00:17:50.330 --> 00:17:52.720 align:start position:0%
to me or not and I can just vote yes or
no<00:17:50.450><c> right</c><00:17:51.320><c> those</c><00:17:51.559><c> types</c><00:17:51.830><c> of</c><00:17:51.919><c> decisions</c><00:17:52.399><c> it</c>

00:17:52.720 --> 00:17:52.730 align:start position:0%
no right those types of decisions it
 

00:17:52.730 --> 00:17:54.909 align:start position:0%
no right those types of decisions it
makes<00:17:53.149><c> a</c><00:17:53.299><c> lot</c><00:17:53.509><c> of</c><00:17:53.539><c> sense</c><00:17:53.929><c> to</c><00:17:54.049><c> govern</c><00:17:54.619><c> the</c>

00:17:54.909 --> 00:17:54.919 align:start position:0%
makes a lot of sense to govern the
 

00:17:54.919 --> 00:17:57.729 align:start position:0%
makes a lot of sense to govern the
participatory<00:17:55.730><c> process</c><00:17:56.470><c> but</c><00:17:57.470><c> there</c><00:17:57.649><c> are</c>

00:17:57.729 --> 00:17:57.739 align:start position:0%
participatory process but there are
 

00:17:57.739 --> 00:17:59.739 align:start position:0%
participatory process but there are
other<00:17:57.859><c> type</c><00:17:58.129><c> of</c><00:17:58.159><c> types</c><00:17:58.730><c> of</c><00:17:58.879><c> decisions</c><00:17:59.359><c> where</c>

00:17:59.739 --> 00:17:59.749 align:start position:0%
other type of types of decisions where
 

00:17:59.749 --> 00:18:01.180 align:start position:0%
other type of types of decisions where
individuals<00:18:00.289><c> need</c><00:18:00.470><c> to</c><00:18:00.499><c> make</c><00:18:00.679><c> a</c><00:18:00.710><c> serious</c>

00:18:01.180 --> 00:18:01.190 align:start position:0%
individuals need to make a serious
 

00:18:01.190 --> 00:18:03.399 align:start position:0%
individuals need to make a serious
effort<00:18:01.460><c> in</c><00:18:01.999><c> order</c><00:18:02.450><c> to</c><00:18:02.659><c> come</c><00:18:02.899><c> to</c><00:18:02.929><c> an</c><00:18:03.080><c> informed</c>

00:18:03.399 --> 00:18:03.409 align:start position:0%
effort in order to come to an informed
 

00:18:03.409 --> 00:18:05.139 align:start position:0%
effort in order to come to an informed
decision<00:18:03.649><c> where</c><00:18:03.950><c> someone</c><00:18:04.340><c> might</c><00:18:04.489><c> need</c><00:18:04.700><c> you</c>

00:18:05.139 --> 00:18:05.149 align:start position:0%
decision where someone might need you
 

00:18:05.149 --> 00:18:07.330 align:start position:0%
decision where someone might need you
know<00:18:05.239><c> a</c><00:18:05.269><c> college</c><00:18:05.570><c> degree</c><00:18:05.869><c> even</c><00:18:06.679><c> a</c><00:18:06.830><c> graduate</c>

00:18:07.330 --> 00:18:07.340 align:start position:0%
know a college degree even a graduate
 

00:18:07.340 --> 00:18:09.099 align:start position:0%
know a college degree even a graduate
degree<00:18:07.609><c> and</c><00:18:07.850><c> then</c><00:18:08.059><c> even</c><00:18:08.570><c> with</c><00:18:08.749><c> these</c><00:18:08.929><c> degrees</c>

00:18:09.099 --> 00:18:09.109 align:start position:0%
degree and then even with these degrees
 

00:18:09.109 --> 00:18:10.810 align:start position:0%
degree and then even with these degrees
they<00:18:09.559><c> would</c><00:18:09.710><c> need</c><00:18:09.830><c> to</c><00:18:09.859><c> do</c><00:18:10.279><c> a</c><00:18:10.309><c> lot</c><00:18:10.519><c> of</c><00:18:10.549><c> reading</c>

00:18:10.810 --> 00:18:10.820 align:start position:0%
they would need to do a lot of reading
 

00:18:10.820 --> 00:18:13.210 align:start position:0%
they would need to do a lot of reading
and<00:18:11.059><c> research</c><00:18:11.529><c> before</c><00:18:12.529><c> they</c><00:18:12.649><c> felt</c><00:18:12.919><c> like</c><00:18:13.070><c> they</c>

00:18:13.210 --> 00:18:13.220 align:start position:0%
and research before they felt like they
 

00:18:13.220 --> 00:18:15.700 align:start position:0%
and research before they felt like they
had<00:18:13.249><c> sufficient</c><00:18:13.850><c> information</c><00:18:14.090><c> to</c><00:18:14.690><c> have</c><00:18:15.679><c> a</c>

00:18:15.700 --> 00:18:15.710 align:start position:0%
had sufficient information to have a
 

00:18:15.710 --> 00:18:17.619 align:start position:0%
had sufficient information to have a
preference<00:18:16.190><c> for</c><00:18:16.429><c> one</c><00:18:16.580><c> outcome</c><00:18:16.789><c> one</c><00:18:17.239><c> decision</c>

00:18:17.619 --> 00:18:17.629 align:start position:0%
preference for one outcome one decision
 

00:18:17.629 --> 00:18:19.269 align:start position:0%
preference for one outcome one decision
over<00:18:17.840><c> another</c><00:18:18.080><c> right</c><00:18:18.470><c> so</c><00:18:18.619><c> it</c><00:18:18.679><c> should</c><00:18:18.859><c> we</c><00:18:18.980><c> scale</c>

00:18:19.269 --> 00:18:19.279 align:start position:0%
over another right so it should we scale
 

00:18:19.279 --> 00:18:22.060 align:start position:0%
over another right so it should we scale
the<00:18:20.029><c> theory</c><00:18:20.359><c> of</c><00:18:20.450><c> network</c><00:18:20.749><c> for</c><00:18:21.019><c> sharding</c><00:18:21.919><c> or</c>

00:18:22.060 --> 00:18:22.070 align:start position:0%
the theory of network for sharding or
 

00:18:22.070 --> 00:18:24.039 align:start position:0%
the theory of network for sharding or
via<00:18:22.220><c> plasma</c><00:18:22.850><c> you</c><00:18:23.269><c> know</c><00:18:23.359><c> which</c><00:18:23.570><c> approach</c><00:18:23.840><c> to</c>

00:18:24.039 --> 00:18:24.049 align:start position:0%
via plasma you know which approach to
 

00:18:24.049 --> 00:18:25.239 align:start position:0%
via plasma you know which approach to
charting<00:18:24.409><c> should</c><00:18:24.559><c> we</c><00:18:24.619><c> use</c><00:18:24.769><c> which</c><00:18:24.950><c> approach</c>

00:18:25.239 --> 00:18:25.249 align:start position:0%
charting should we use which approach
 

00:18:25.249 --> 00:18:27.599 align:start position:0%
charting should we use which approach
the<00:18:25.429><c> plasma</c><00:18:25.879><c> should</c><00:18:26.059><c> be</c><00:18:26.149><c> using</c><00:18:26.419><c> a</c><00:18:26.480><c> dag</c><00:18:26.720><c> or</c><00:18:27.109><c> a</c>

00:18:27.599 --> 00:18:27.609 align:start position:0%
the plasma should be using a dag or a
 

00:18:27.609 --> 00:18:32.289 align:start position:0%
the plasma should be using a dag or a
blockchain<00:18:29.980><c> these</c><00:18:30.980><c> are</c><00:18:31.100><c> very</c><00:18:31.519><c> complex</c><00:18:31.909><c> issues</c>

00:18:32.289 --> 00:18:32.299 align:start position:0%
blockchain these are very complex issues
 

00:18:32.299 --> 00:18:34.599 align:start position:0%
blockchain these are very complex issues
or<00:18:32.809><c> even</c><00:18:33.169><c> an</c><00:18:33.259><c> expert</c><00:18:33.619><c> needs</c><00:18:33.950><c> to</c><00:18:34.100><c> do</c><00:18:34.279><c> it</c><00:18:34.429><c> a</c><00:18:34.489><c> lot</c>

00:18:34.599 --> 00:18:34.609 align:start position:0%
or even an expert needs to do it a lot
 

00:18:34.609 --> 00:18:37.210 align:start position:0%
or even an expert needs to do it a lot
of<00:18:34.759><c> time</c><00:18:34.970><c> to</c><00:18:35.179><c> doing</c><00:18:35.389><c> research</c><00:18:35.889><c> before</c><00:18:36.889><c> they</c>

00:18:37.210 --> 00:18:37.220 align:start position:0%
of time to doing research before they
 

00:18:37.220 --> 00:18:39.789 align:start position:0%
of time to doing research before they
can<00:18:37.309><c> come</c><00:18:37.489><c> to</c><00:18:37.639><c> an</c><00:18:37.850><c> informed</c><00:18:38.480><c> preference</c><00:18:38.899><c> so</c>

00:18:39.789 --> 00:18:39.799 align:start position:0%
can come to an informed preference so
 

00:18:39.799 --> 00:18:41.470 align:start position:0%
can come to an informed preference so
for<00:18:39.950><c> those</c><00:18:40.039><c> classes</c><00:18:40.489><c> of</c><00:18:40.549><c> decisions</c><00:18:40.970><c> it</c><00:18:41.210><c> makes</c>

00:18:41.470 --> 00:18:41.480 align:start position:0%
for those classes of decisions it makes
 

00:18:41.480 --> 00:18:43.419 align:start position:0%
for those classes of decisions it makes
sense<00:18:41.869><c> for</c><00:18:42.049><c> individuals</c><00:18:42.590><c> to</c><00:18:42.739><c> hire</c><00:18:43.009><c> someone</c>

00:18:43.419 --> 00:18:43.429 align:start position:0%
sense for individuals to hire someone
 

00:18:43.429 --> 00:18:45.970 align:start position:0%
sense for individuals to hire someone
who<00:18:44.210><c> has</c><00:18:44.450><c> expertise</c><00:18:45.049><c> to</c><00:18:45.350><c> take</c><00:18:45.559><c> make</c><00:18:45.799><c> that</c>

00:18:45.970 --> 00:18:45.980 align:start position:0%
who has expertise to take make that
 

00:18:45.980 --> 00:18:48.789 align:start position:0%
who has expertise to take make that
effort<00:18:46.279><c> on</c><00:18:46.369><c> their</c><00:18:46.519><c> behalf</c><00:18:47.259><c> rather</c><00:18:48.259><c> than</c><00:18:48.529><c> than</c>

00:18:48.789 --> 00:18:48.799 align:start position:0%
effort on their behalf rather than than
 

00:18:48.799 --> 00:18:50.619 align:start position:0%
effort on their behalf rather than than
making<00:18:49.159><c> decision</c><00:18:49.519><c> directly</c><00:18:49.879><c> through</c><00:18:50.359><c> a</c>

00:18:50.619 --> 00:18:50.629 align:start position:0%
making decision directly through a
 

00:18:50.629 --> 00:18:55.359 align:start position:0%
making decision directly through a
participatory<00:18:51.109><c> process</c><00:18:53.950><c> okay</c><00:18:54.950><c> so</c><00:18:55.009><c> then</c><00:18:55.220><c> the</c>

00:18:55.359 --> 00:18:55.369 align:start position:0%
participatory process okay so then the
 

00:18:55.369 --> 00:18:56.979 align:start position:0%
participatory process okay so then the
next<00:18:55.519><c> question</c><00:18:55.700><c> I</c><00:18:56.059><c> think</c><00:18:56.119><c> that</c><00:18:56.239><c> arises</c><00:18:56.600><c> there</c>

00:18:56.979 --> 00:18:56.989 align:start position:0%
next question I think that arises there
 

00:18:56.989 --> 00:19:00.340 align:start position:0%
next question I think that arises there
is<00:18:57.139><c> right</c><00:18:57.710><c> so</c><00:18:57.889><c> we</c><00:18:58.039><c> have</c><00:18:58.249><c> an</c><00:18:58.600><c> expert</c><00:18:59.600><c> who's</c>

00:19:00.340 --> 00:19:00.350 align:start position:0%
is right so we have an expert who's
 

00:19:00.350 --> 00:19:02.710 align:start position:0%
is right so we have an expert who's
working<00:19:00.769><c> in</c><00:19:00.830><c> the</c><00:19:00.919><c> users</c><00:19:01.159><c> behalf</c><00:19:01.489><c> we</c><00:19:02.450><c> already</c>

00:19:02.710 --> 00:19:02.720 align:start position:0%
working in the users behalf we already
 

00:19:02.720 --> 00:19:04.269 align:start position:0%
working in the users behalf we already
have<00:19:02.899><c> experts</c><00:19:03.320><c> why</c><00:19:03.470><c> do</c><00:19:03.529><c> we</c><00:19:03.710><c> need</c><00:19:03.830><c> to</c><00:19:03.980><c> elect</c>

00:19:04.269 --> 00:19:04.279 align:start position:0%
have experts why do we need to elect
 

00:19:04.279 --> 00:19:05.739 align:start position:0%
have experts why do we need to elect
them<00:19:04.639><c> we</c><00:19:04.820><c> already</c><00:19:04.999><c> have</c><00:19:05.239><c> for</c><00:19:05.389><c> these</c><00:19:05.509><c> core</c>

00:19:05.739 --> 00:19:05.749 align:start position:0%
them we already have for these core
 

00:19:05.749 --> 00:19:06.789 align:start position:0%
them we already have for these core
developers<00:19:06.259><c> who</c><00:19:06.379><c> spend</c><00:19:06.649><c> their</c><00:19:06.739><c> entire</c>

00:19:06.789 --> 00:19:06.799 align:start position:0%
developers who spend their entire
 

00:19:06.799 --> 00:19:08.859 align:start position:0%
developers who spend their entire
working<00:19:07.249><c> life</c><00:19:07.549><c> poring</c><00:19:08.119><c> over</c><00:19:08.210><c> the</c><00:19:08.419><c> protocol</c>

00:19:08.859 --> 00:19:08.869 align:start position:0%
working life poring over the protocol
 

00:19:08.869 --> 00:19:10.659 align:start position:0%
working life poring over the protocol
reading<00:19:09.679><c> white</c><00:19:09.859><c> papers</c><00:19:10.249><c> reading</c><00:19:10.519><c> about</c>

00:19:10.659 --> 00:19:10.669 align:start position:0%
reading white papers reading about
 

00:19:10.669 --> 00:19:12.669 align:start position:0%
reading white papers reading about
emerging<00:19:10.999><c> technologies</c><00:19:11.539><c> making</c><00:19:12.200><c> choices</c>

00:19:12.669 --> 00:19:12.679 align:start position:0%
emerging technologies making choices
 

00:19:12.679 --> 00:19:15.210 align:start position:0%
emerging technologies making choices
about<00:19:13.039><c> what</c><00:19:13.460><c> types</c><00:19:13.879><c> of</c><00:19:14.119><c> things</c><00:19:14.539><c> to</c><00:19:14.690><c> introduce</c>

00:19:15.210 --> 00:19:15.220 align:start position:0%
about what types of things to introduce
 

00:19:15.220 --> 00:19:17.859 align:start position:0%
about what types of things to introduce
if<00:19:16.220><c> we</c><00:19:16.730><c> already</c><00:19:16.850><c> have</c><00:19:16.999><c> these</c><00:19:17.179><c> experts</c><00:19:17.690><c> who</c><00:19:17.809><c> are</c>

00:19:17.859 --> 00:19:17.869 align:start position:0%
if we already have these experts who are
 

00:19:17.869 --> 00:19:19.299 align:start position:0%
if we already have these experts who are
employed<00:19:18.200><c> to</c><00:19:18.230><c> do</c><00:19:18.499><c> this</c><00:19:18.679><c> you</c><00:19:18.889><c> know</c><00:19:18.950><c> why</c><00:19:19.129><c> do</c><00:19:19.190><c> we</c>

00:19:19.299 --> 00:19:19.309 align:start position:0%
employed to do this you know why do we
 

00:19:19.309 --> 00:19:21.749 align:start position:0%
employed to do this you know why do we
need<00:19:19.460><c> more</c><00:19:19.639><c> of</c><00:19:19.700><c> them</c><00:19:19.999><c> okay</c><00:19:20.929><c> what</c><00:19:21.109><c> is</c><00:19:21.200><c> the</c>

00:19:21.749 --> 00:19:21.759 align:start position:0%
need more of them okay what is the
 

00:19:21.759 --> 00:19:24.549 align:start position:0%
need more of them okay what is the
purpose<00:19:22.759><c> of</c><00:19:23.090><c> creating</c><00:19:23.570><c> a</c><00:19:23.869><c> you</c><00:19:24.440><c> know</c><00:19:24.529><c> a</c>

00:19:24.549 --> 00:19:24.559 align:start position:0%
purpose of creating a you know a
 

00:19:24.559 --> 00:19:27.639 align:start position:0%
purpose of creating a you know a
separate<00:19:25.070><c> body</c><00:19:25.249><c> so</c><00:19:26.239><c> here</c><00:19:27.049><c> what</c><00:19:27.289><c> I</c><00:19:27.320><c> think</c><00:19:27.559><c> is</c>

00:19:27.639 --> 00:19:27.649 align:start position:0%
separate body so here what I think is
 

00:19:27.649 --> 00:19:29.080 align:start position:0%
separate body so here what I think is
really<00:19:27.830><c> important</c><00:19:28.249><c> is</c><00:19:28.340><c> that</c><00:19:28.399><c> the</c><00:19:28.730><c> elected</c>

00:19:29.080 --> 00:19:29.090 align:start position:0%
really important is that the elected
 

00:19:29.090 --> 00:19:31.239 align:start position:0%
really important is that the elected
committee<00:19:29.330><c> you</c><00:19:29.659><c> know</c><00:19:29.690><c> provide</c><00:19:30.350><c> a</c><00:19:30.710><c> source</c><00:19:31.129><c> of</c>

00:19:31.239 --> 00:19:31.249 align:start position:0%
committee you know provide a source of
 

00:19:31.249 --> 00:19:33.609 align:start position:0%
committee you know provide a source of
information<00:19:31.850><c> that's</c><00:19:32.090><c> independent</c><00:19:32.899><c> from</c><00:19:33.529><c> the</c>

00:19:33.609 --> 00:19:33.619 align:start position:0%
information that's independent from the
 

00:19:33.619 --> 00:19:35.769 align:start position:0%
information that's independent from the
core<00:19:33.799><c> development</c><00:19:34.249><c> process</c><00:19:34.759><c> right</c><00:19:35.119><c> so</c><00:19:35.149><c> there</c>

00:19:35.769 --> 00:19:35.779 align:start position:0%
core development process right so there
 

00:19:35.779 --> 00:19:37.570 align:start position:0%
core development process right so there
are<00:19:35.869><c> people</c><00:19:36.409><c> looking</c><00:19:36.769><c> over</c><00:19:37.129><c> the</c><00:19:37.190><c> developers</c>

00:19:37.570 --> 00:19:37.580 align:start position:0%
are people looking over the developers
 

00:19:37.580 --> 00:19:39.249 align:start position:0%
are people looking over the developers
shoulders<00:19:38.029><c> observing</c><00:19:38.629><c> what</c><00:19:38.749><c> they're</c><00:19:38.869><c> doing</c>

00:19:39.249 --> 00:19:39.259 align:start position:0%
shoulders observing what they're doing
 

00:19:39.259 --> 00:19:40.570 align:start position:0%
shoulders observing what they're doing
trying<00:19:39.529><c> to</c><00:19:39.619><c> learn</c><00:19:39.710><c> about</c><00:19:40.009><c> the</c><00:19:40.220><c> choices</c>

00:19:40.570 --> 00:19:40.580 align:start position:0%
trying to learn about the choices
 

00:19:40.580 --> 00:19:42.639 align:start position:0%
trying to learn about the choices
they're<00:19:40.759><c> making</c><00:19:40.789><c> and</c><00:19:41.359><c> ensuring</c><00:19:42.289><c> that</c><00:19:42.320><c> those</c>

00:19:42.639 --> 00:19:42.649 align:start position:0%
they're making and ensuring that those
 

00:19:42.649 --> 00:19:44.889 align:start position:0%
they're making and ensuring that those
choices<00:19:42.889><c> are</c><00:19:43.190><c> being</c><00:19:43.340><c> made</c><00:19:43.549><c> on</c><00:19:43.759><c> users</c><00:19:44.570><c> behalf</c>

00:19:44.889 --> 00:19:44.899 align:start position:0%
choices are being made on users behalf
 

00:19:44.899 --> 00:19:46.899 align:start position:0%
choices are being made on users behalf
and<00:19:45.230><c> the</c><00:19:45.739><c> reason</c><00:19:46.039><c> for</c><00:19:46.159><c> this</c><00:19:46.309><c> is</c><00:19:46.580><c> that</c>

00:19:46.899 --> 00:19:46.909 align:start position:0%
and the reason for this is that
 

00:19:46.909 --> 00:19:48.489 align:start position:0%
and the reason for this is that
all<00:19:46.970><c> the</c><00:19:47.149><c> core</c><00:19:47.330><c> developers</c><00:19:47.779><c> are</c><00:19:48.049><c> informed</c>

00:19:48.489 --> 00:19:48.499 align:start position:0%
all the core developers are informed
 

00:19:48.499 --> 00:19:50.799 align:start position:0%
all the core developers are informed
experts<00:19:48.979><c> they're</c><00:19:49.639><c> also</c><00:19:49.879><c> not</c><00:19:50.299><c> particularly</c>

00:19:50.799 --> 00:19:50.809 align:start position:0%
experts they're also not particularly
 

00:19:50.809 --> 00:19:53.259 align:start position:0%
experts they're also not particularly
good<00:19:51.049><c> choices</c><00:19:51.349><c> for</c><00:19:51.649><c> user</c><00:19:51.859><c> advocates</c><00:19:52.549><c> because</c>

00:19:53.259 --> 00:19:53.269 align:start position:0%
good choices for user advocates because
 

00:19:53.269 --> 00:19:55.419 align:start position:0%
good choices for user advocates because
they<00:19:53.389><c> face</c><00:19:53.599><c> a</c><00:19:53.739><c> conflict</c><00:19:54.739><c> of</c><00:19:54.799><c> interest</c><00:19:55.190><c> right</c>

00:19:55.419 --> 00:19:55.429 align:start position:0%
they face a conflict of interest right
 

00:19:55.429 --> 00:19:57.399 align:start position:0%
they face a conflict of interest right
fundamentally<00:19:56.149><c> they're</c><00:19:56.389><c> the</c><00:19:56.539><c> employees</c><00:19:57.139><c> of</c>

00:19:57.399 --> 00:19:57.409 align:start position:0%
fundamentally they're the employees of
 

00:19:57.409 --> 00:20:00.609 align:start position:0%
fundamentally they're the employees of
the<00:19:58.190><c> ZRX</c><00:19:58.580><c> hold</c><00:19:58.849><c> of</c><00:19:58.970><c> the</c><00:19:59.059><c> Xerox</c><00:19:59.440><c> holders</c><00:20:00.440><c> have</c>

00:20:00.609 --> 00:20:00.619 align:start position:0%
the ZRX hold of the Xerox holders have
 

00:20:00.619 --> 00:20:02.830 align:start position:0%
the ZRX hold of the Xerox holders have
crowdfunded<00:20:01.519><c> development</c><00:20:02.179><c> of</c><00:20:02.239><c> this</c><00:20:02.359><c> protocol</c>

00:20:02.830 --> 00:20:02.840 align:start position:0%
crowdfunded development of this protocol
 

00:20:02.840 --> 00:20:06.879 align:start position:0%
crowdfunded development of this protocol
and<00:20:04.090><c> they're</c><00:20:05.090><c> there</c><00:20:05.509><c> for</c><00:20:05.720><c> the</c><00:20:05.749><c> you</c><00:20:05.989><c> know</c><00:20:06.080><c> the</c>

00:20:06.879 --> 00:20:06.889 align:start position:0%
and they're there for the you know the
 

00:20:06.889 --> 00:20:09.099 align:start position:0%
and they're there for the you know the
developers<00:20:07.340><c> are</c><00:20:07.429><c> working</c><00:20:07.460><c> for</c><00:20:07.970><c> them</c><00:20:08.149><c> but</c><00:20:08.359><c> you</c>

00:20:09.099 --> 00:20:09.109 align:start position:0%
developers are working for them but you
 

00:20:09.109 --> 00:20:12.310 align:start position:0%
developers are working for them but you
they<00:20:09.919><c> have</c><00:20:10.070><c> this</c><00:20:10.190><c> issue</c><00:20:10.429><c> that</c><00:20:11.229><c> continuing</c><00:20:12.229><c> to</c>

00:20:12.310 --> 00:20:12.320 align:start position:0%
they have this issue that continuing to
 

00:20:12.320 --> 00:20:13.839 align:start position:0%
they have this issue that continuing to
have<00:20:12.440><c> this</c><00:20:12.590><c> job</c><00:20:12.859><c> is</c><00:20:13.129><c> their</c><00:20:13.309><c> source</c><00:20:13.700><c> of</c>

00:20:13.839 --> 00:20:13.849 align:start position:0%
have this job is their source of
 

00:20:13.849 --> 00:20:15.279 align:start position:0%
have this job is their source of
livelihood<00:20:14.059><c> right</c><00:20:14.659><c> they</c><00:20:14.749><c> have</c><00:20:14.840><c> this</c><00:20:14.960><c> sort</c><00:20:15.169><c> of</c>

00:20:15.279 --> 00:20:15.289 align:start position:0%
livelihood right they have this sort of
 

00:20:15.289 --> 00:20:16.539 align:start position:0%
livelihood right they have this sort of
more<00:20:15.409><c> clean</c><00:20:15.649><c> raises</c><00:20:15.979><c> this</c><00:20:16.099><c> issue</c><00:20:16.340><c> in</c><00:20:16.429><c> this</c>

00:20:16.539 --> 00:20:16.549 align:start position:0%
more clean raises this issue in this
 

00:20:16.549 --> 00:20:18.849 align:start position:0%
more clean raises this issue in this
quote<00:20:16.759><c> you</c><00:20:17.419><c> tell</c><00:20:17.659><c> me</c><00:20:17.809><c> where</c><00:20:18.200><c> a</c><00:20:18.229><c> man</c><00:20:18.440><c> gets</c><00:20:18.710><c> his</c>

00:20:18.849 --> 00:20:18.859 align:start position:0%
quote you tell me where a man gets his
 

00:20:18.859 --> 00:20:20.589 align:start position:0%
quote you tell me where a man gets his
corn<00:20:19.129><c> pone</c><00:20:19.369><c> and</c><00:20:19.639><c> I'll</c><00:20:20.059><c> tell</c><00:20:20.269><c> you</c><00:20:20.359><c> what</c><00:20:20.509><c> his</c>

00:20:20.589 --> 00:20:20.599 align:start position:0%
corn pone and I'll tell you what his
 

00:20:20.599 --> 00:20:23.619 align:start position:0%
corn pone and I'll tell you what his
opinions<00:20:21.080><c> is</c><00:20:21.669><c> so</c><00:20:22.669><c> what's</c><00:20:22.820><c> the</c><00:20:22.940><c> saying</c><00:20:23.210><c> corn</c>

00:20:23.619 --> 00:20:23.629 align:start position:0%
opinions is so what's the saying corn
 

00:20:23.629 --> 00:20:25.239 align:start position:0%
opinions is so what's the saying corn
pone<00:20:23.869><c> here</c><00:20:24.109><c> is</c><00:20:24.259><c> how</c><00:20:24.470><c> a</c><00:20:24.499><c> man</c><00:20:24.710><c> makes</c><00:20:24.919><c> its</c><00:20:25.099><c> living</c>

00:20:25.239 --> 00:20:25.249 align:start position:0%
pone here is how a man makes its living
 

00:20:25.249 --> 00:20:28.229 align:start position:0%
pone here is how a man makes its living
and<00:20:25.580><c> that</c><00:20:26.389><c> is</c><00:20:26.869><c> that</c><00:20:27.049><c> I</c><00:20:27.200><c> need</c><00:20:27.499><c> to</c><00:20:27.529><c> you</c><00:20:27.859><c> know</c><00:20:27.950><c> my</c>

00:20:28.229 --> 00:20:28.239 align:start position:0%
and that is that I need to you know my
 

00:20:28.239 --> 00:20:30.879 align:start position:0%
and that is that I need to you know my
imperative<00:20:29.239><c> is</c><00:20:29.419><c> to</c><00:20:29.450><c> continue</c><00:20:30.109><c> earning</c><00:20:30.590><c> my</c>

00:20:30.879 --> 00:20:30.889 align:start position:0%
imperative is to continue earning my
 

00:20:30.889 --> 00:20:32.710 align:start position:0%
imperative is to continue earning my
daily<00:20:31.159><c> bread</c><00:20:31.399><c> and</c><00:20:32.059><c> I'm</c><00:20:32.149><c> just</c><00:20:32.299><c> gonna</c><00:20:32.389><c> tell</c><00:20:32.599><c> you</c>

00:20:32.710 --> 00:20:32.720 align:start position:0%
daily bread and I'm just gonna tell you
 

00:20:32.720 --> 00:20:34.149 align:start position:0%
daily bread and I'm just gonna tell you
whatever<00:20:32.899><c> is</c><00:20:33.169><c> necessary</c><00:20:33.349><c> to</c><00:20:33.769><c> make</c><00:20:33.919><c> sure</c><00:20:33.950><c> that</c>

00:20:34.149 --> 00:20:34.159 align:start position:0%
whatever is necessary to make sure that
 

00:20:34.159 --> 00:20:41.619 align:start position:0%
whatever is necessary to make sure that
happens<00:20:34.629><c> right</c><00:20:37.690><c> so</c><00:20:38.690><c> if</c><00:20:39.049><c> we</c><00:20:39.320><c> don't</c><00:20:40.179><c> if</c><00:20:41.179><c> we</c><00:20:41.269><c> don't</c>

00:20:41.619 --> 00:20:41.629 align:start position:0%
happens right so if we don't if we don't
 

00:20:41.629 --> 00:20:43.210 align:start position:0%
happens right so if we don't if we don't
have<00:20:41.779><c> an</c><00:20:41.869><c> independent</c><00:20:42.259><c> voice</c><00:20:42.739><c> which</c><00:20:43.070><c> isn't</c>

00:20:43.210 --> 00:20:43.220 align:start position:0%
have an independent voice which isn't
 

00:20:43.220 --> 00:20:45.879 align:start position:0%
have an independent voice which isn't
dependent<00:20:43.549><c> upon</c><00:20:44.139><c> giving</c><00:20:45.139><c> certain</c><00:20:45.320><c> advice</c><00:20:45.649><c> for</c>

00:20:45.879 --> 00:20:45.889 align:start position:0%
dependent upon giving certain advice for
 

00:20:45.889 --> 00:20:47.859 align:start position:0%
dependent upon giving certain advice for
its<00:20:46.009><c> livelihood</c><00:20:46.429><c> right</c><00:20:47.179><c> the</c><00:20:47.299><c> users</c><00:20:47.659><c> really</c>

00:20:47.859 --> 00:20:47.869 align:start position:0%
its livelihood right the users really
 

00:20:47.869 --> 00:20:50.289 align:start position:0%
its livelihood right the users really
can't<00:20:48.259><c> you</c><00:20:48.529><c> know</c><00:20:48.590><c> trust</c><00:20:49.190><c> the</c><00:20:49.369><c> infant</c><00:20:49.609><c> that</c><00:20:49.669><c> the</c>

00:20:50.289 --> 00:20:50.299 align:start position:0%
can't you know trust the infant that the
 

00:20:50.299 --> 00:20:51.700 align:start position:0%
can't you know trust the infant that the
information<00:20:50.749><c> they're</c><00:20:50.869><c> receiving</c><00:20:50.899><c> is</c><00:20:51.499><c> is</c>

00:20:51.700 --> 00:20:51.710 align:start position:0%
information they're receiving is is
 

00:20:51.710 --> 00:20:53.919 align:start position:0%
information they're receiving is is
reliable<00:20:52.309><c> all</c><00:20:53.210><c> right</c><00:20:53.299><c> so</c><00:20:53.419><c> the</c><00:20:53.509><c> solution</c><00:20:53.840><c> then</c>

00:20:53.919 --> 00:20:53.929 align:start position:0%
reliable all right so the solution then
 

00:20:53.929 --> 00:20:57.219 align:start position:0%
reliable all right so the solution then
is<00:20:54.019><c> a</c><00:20:54.080><c> committee</c><00:20:54.409><c> of</c><00:20:55.149><c> outside</c><00:20:56.149><c> experts</c><00:20:56.299><c> all</c>

00:20:57.219 --> 00:20:57.229 align:start position:0%
is a committee of outside experts all
 

00:20:57.229 --> 00:20:58.509 align:start position:0%
is a committee of outside experts all
right<00:20:57.320><c> so</c><00:20:57.470><c> have</c><00:20:57.590><c> the</c><00:20:57.739><c> users</c><00:20:58.009><c> that</c><00:20:58.039><c> vote</c><00:20:58.309><c> people</c>

00:20:58.509 --> 00:20:58.519 align:start position:0%
right so have the users that vote people
 

00:20:58.519 --> 00:21:00.190 align:start position:0%
right so have the users that vote people
in<00:20:58.849><c> in</c><00:20:59.119><c> this</c><00:20:59.330><c> committee</c><00:20:59.599><c> that</c><00:20:59.720><c> are</c><00:20:59.749><c> outside</c><00:21:00.139><c> of</c>

00:21:00.190 --> 00:21:00.200 align:start position:0%
in in this committee that are outside of
 

00:21:00.200 --> 00:21:01.649 align:start position:0%
in in this committee that are outside of
development<00:21:00.710><c> team</c>

00:21:01.649 --> 00:21:01.659 align:start position:0%
development team
 

00:21:01.659 --> 00:21:03.789 align:start position:0%
development team
okay<00:21:02.659><c> so</c><00:21:02.720><c> sort</c><00:21:02.989><c> of</c><00:21:03.080><c> get</c><00:21:03.259><c> a</c><00:21:03.289><c> better</c><00:21:03.440><c> sense</c><00:21:03.710><c> of</c>

00:21:03.789 --> 00:21:03.799 align:start position:0%
okay so sort of get a better sense of
 

00:21:03.799 --> 00:21:05.019 align:start position:0%
okay so sort of get a better sense of
this<00:21:03.919><c> you</c><00:21:03.979><c> know</c><00:21:04.159><c> I'm</c><00:21:04.309><c> gonna</c><00:21:04.429><c> argue</c><00:21:04.639><c> that</c><00:21:04.759><c> that</c>

00:21:05.019 --> 00:21:05.029 align:start position:0%
this you know I'm gonna argue that that
 

00:21:05.029 --> 00:21:07.210 align:start position:0%
this you know I'm gonna argue that that
users<00:21:05.479><c> need</c><00:21:05.929><c> this</c><00:21:06.109><c> access</c><00:21:06.619><c> to</c><00:21:06.739><c> unbiased</c>

00:21:07.210 --> 00:21:07.220 align:start position:0%
users need this access to unbiased
 

00:21:07.220 --> 00:21:08.589 align:start position:0%
users need this access to unbiased
information<00:21:07.340><c> right</c><00:21:07.970><c> so</c><00:21:08.090><c> they</c><00:21:08.179><c> need</c><00:21:08.299><c> to</c><00:21:08.389><c> know</c>

00:21:08.589 --> 00:21:08.599 align:start position:0%
information right so they need to know
 

00:21:08.599 --> 00:21:12.219 align:start position:0%
information right so they need to know
that<00:21:09.559><c> this</c><00:21:10.249><c> source</c><00:21:10.609><c> that</c><00:21:11.149><c> they've</c><00:21:11.479><c> that</c><00:21:11.869><c> is</c>

00:21:12.219 --> 00:21:12.229 align:start position:0%
that this source that they've that is
 

00:21:12.229 --> 00:21:13.359 align:start position:0%
that this source that they've that is
providing<00:21:12.619><c> them</c><00:21:12.710><c> with</c><00:21:12.799><c> advice</c><00:21:12.950><c> is</c>

00:21:13.359 --> 00:21:13.369 align:start position:0%
providing them with advice is
 

00:21:13.369 --> 00:21:14.560 align:start position:0%
providing them with advice is
independent<00:21:13.909><c> from</c><00:21:14.029><c> the</c><00:21:14.090><c> development</c><00:21:14.419><c> process</c>

00:21:14.560 --> 00:21:14.570 align:start position:0%
independent from the development process
 

00:21:14.570 --> 00:21:17.159 align:start position:0%
independent from the development process
and<00:21:14.960><c> they</c><00:21:15.019><c> also</c><00:21:15.169><c> need</c><00:21:15.470><c> to</c><00:21:15.710><c> have</c><00:21:16.309><c> control</c><00:21:16.820><c> over</c>

00:21:17.159 --> 00:21:17.169 align:start position:0%
and they also need to have control over
 

00:21:17.169 --> 00:21:19.419 align:start position:0%
and they also need to have control over
funding<00:21:18.169><c> so</c><00:21:18.289><c> they</c><00:21:18.379><c> can</c><00:21:18.529><c> act</c><00:21:18.769><c> on</c><00:21:18.950><c> that</c><00:21:19.039><c> unbiased</c>

00:21:19.419 --> 00:21:19.429 align:start position:0%
funding so they can act on that unbiased
 

00:21:19.429 --> 00:21:21.879 align:start position:0%
funding so they can act on that unbiased
information<00:21:19.580><c> to</c><00:21:20.210><c> influence</c><00:21:20.840><c> what</c><00:21:21.409><c> projects</c>

00:21:21.879 --> 00:21:21.889 align:start position:0%
information to influence what projects
 

00:21:21.889 --> 00:21:24.190 align:start position:0%
information to influence what projects
get<00:21:22.039><c> built</c><00:21:22.269><c> so</c><00:21:23.269><c> you</c><00:21:23.330><c> can</c><00:21:23.479><c> imagine</c><00:21:23.779><c> some</c><00:21:23.929><c> users</c>

00:21:24.190 --> 00:21:24.200 align:start position:0%
get built so you can imagine some users
 

00:21:24.200 --> 00:21:25.119 align:start position:0%
get built so you can imagine some users
here<00:21:24.379><c> and</c><00:21:24.470><c> they</c><00:21:24.529><c> say</c><00:21:24.649><c> how</c><00:21:24.769><c> do</c><00:21:24.830><c> we</c><00:21:24.919><c> get</c>

00:21:25.119 --> 00:21:25.129 align:start position:0%
here and they say how do we get
 

00:21:25.129 --> 00:21:27.700 align:start position:0%
here and they say how do we get
developers<00:21:25.909><c> to</c><00:21:26.059><c> address</c><00:21:26.299><c> our</c><00:21:26.479><c> concerns</c><00:21:26.710><c> and</c>

00:21:27.700 --> 00:21:27.710 align:start position:0%
developers to address our concerns and
 

00:21:27.710 --> 00:21:29.019 align:start position:0%
developers to address our concerns and
we're<00:21:27.919><c> not</c><00:21:28.039><c> happy</c><00:21:28.369><c> with</c><00:21:28.519><c> the</c><00:21:28.669><c> code</c><00:21:28.849><c> they're</c>

00:21:29.019 --> 00:21:29.029 align:start position:0%
we're not happy with the code they're
 

00:21:29.029 --> 00:21:30.339 align:start position:0%
we're not happy with the code they're
producing<00:21:29.450><c> they</c><00:21:29.629><c> haven't</c><00:21:29.899><c> we</c><00:21:30.049><c> the</c>

00:21:30.339 --> 00:21:30.349 align:start position:0%
producing they haven't we the
 

00:21:30.349 --> 00:21:31.599 align:start position:0%
producing they haven't we the
scalability<00:21:30.859><c> problem</c><00:21:31.190><c> they</c><00:21:31.279><c> haven't</c><00:21:31.549><c> done</c>

00:21:31.599 --> 00:21:31.609 align:start position:0%
scalability problem they haven't done
 

00:21:31.609 --> 00:21:33.369 align:start position:0%
scalability problem they haven't done
anything<00:21:31.669><c> to</c><00:21:31.970><c> address</c><00:21:32.179><c> it</c><00:21:32.389><c> what</c><00:21:32.960><c> if</c><00:21:33.080><c> we</c><00:21:33.169><c> voice</c>

00:21:33.369 --> 00:21:33.379 align:start position:0%
anything to address it what if we voice
 

00:21:33.379 --> 00:21:35.289 align:start position:0%
anything to address it what if we voice
our<00:21:33.590><c> displeasure</c><00:21:33.979><c> by</c><00:21:34.190><c> refusing</c><00:21:34.609><c> to</c><00:21:34.789><c> utilize</c>

00:21:35.289 --> 00:21:35.299 align:start position:0%
our displeasure by refusing to utilize
 

00:21:35.299 --> 00:21:37.330 align:start position:0%
our displeasure by refusing to utilize
the<00:21:35.450><c> software</c><00:21:35.840><c> they</c><00:21:35.929><c> created</c><00:21:36.409><c> so</c><00:21:37.039><c> the</c><00:21:37.129><c> users</c>

00:21:37.330 --> 00:21:37.340 align:start position:0%
the software they created so the users
 

00:21:37.340 --> 00:21:39.159 align:start position:0%
the software they created so the users
are<00:21:37.460><c> considering</c><00:21:37.849><c> that</c><00:21:37.940><c> the</c><00:21:38.599><c> developer</c><00:21:39.019><c> might</c>

00:21:39.159 --> 00:21:39.169 align:start position:0%
are considering that the developer might
 

00:21:39.169 --> 00:21:41.950 align:start position:0%
are considering that the developer might
say<00:21:39.379><c> wait</c><00:21:39.979><c> those</c><00:21:40.759><c> are</c><00:21:40.999><c> critical</c><00:21:41.299><c> security</c>

00:21:41.950 --> 00:21:41.960 align:start position:0%
say wait those are critical security
 

00:21:41.960 --> 00:21:44.440 align:start position:0%
say wait those are critical security
upgrades<00:21:42.529><c> failing</c><00:21:43.309><c> to</c><00:21:43.489><c> utilize</c><00:21:43.940><c> these</c><00:21:44.149><c> could</c>

00:21:44.440 --> 00:21:44.450 align:start position:0%
upgrades failing to utilize these could
 

00:21:44.450 --> 00:21:46.779 align:start position:0%
upgrades failing to utilize these could
put<00:21:44.720><c> your</c><00:21:44.840><c> funds</c><00:21:45.080><c> at</c><00:21:45.259><c> risk</c><00:21:45.499><c> it</c><00:21:45.739><c> could</c><00:21:46.489><c> put</c>

00:21:46.779 --> 00:21:46.789 align:start position:0%
put your funds at risk it could put
 

00:21:46.789 --> 00:21:48.759 align:start position:0%
put your funds at risk it could put
decentralization<00:21:47.690><c> at</c><00:21:47.960><c> risk</c><00:21:48.200><c> it</c><00:21:48.440><c> could</c><00:21:48.619><c> result</c>

00:21:48.759 --> 00:21:48.769 align:start position:0%
decentralization at risk it could result
 

00:21:48.769 --> 00:21:52.089 align:start position:0%
decentralization at risk it could result
in<00:21:49.070><c> someone</c><00:21:50.229><c> capturing</c><00:21:51.229><c> the</c><00:21:51.349><c> protocol</c><00:21:51.830><c> and</c>

00:21:52.089 --> 00:21:52.099 align:start position:0%
in someone capturing the protocol and
 

00:21:52.099 --> 00:21:54.519 align:start position:0%
in someone capturing the protocol and
there's<00:21:52.460><c> this</c><00:21:52.609><c> huge</c><00:21:52.849><c> danger</c><00:21:53.450><c> that</c><00:21:54.019><c> means</c><00:21:54.289><c> that</c>

00:21:54.519 --> 00:21:54.529 align:start position:0%
there's this huge danger that means that
 

00:21:54.529 --> 00:21:55.930 align:start position:0%
there's this huge danger that means that
users<00:21:54.679><c> need</c><00:21:54.950><c> to</c><00:21:55.039><c> download</c><00:21:55.220><c> these</c><00:21:55.519><c> immediately</c>

00:21:55.930 --> 00:21:55.940 align:start position:0%
users need to download these immediately
 

00:21:55.940 --> 00:21:58.570 align:start position:0%
users need to download these immediately
and<00:21:56.239><c> the</c><00:21:56.570><c> users</c><00:21:56.899><c> as</c><00:21:57.139><c> naive</c><00:21:57.950><c> fairly</c><00:21:58.460><c> naive</c>

00:21:58.570 --> 00:21:58.580 align:start position:0%
and the users as naive fairly naive
 

00:21:58.580 --> 00:22:00.460 align:start position:0%
and the users as naive fairly naive
participants<00:21:59.509><c> really</c><00:21:59.659><c> don't</c><00:22:00.169><c> know</c><00:22:00.289><c> how</c><00:22:00.409><c> to</c>

00:22:00.460 --> 00:22:00.470 align:start position:0%
participants really don't know how to
 

00:22:00.470 --> 00:22:00.910 align:start position:0%
participants really don't know how to
react

00:22:00.910 --> 00:22:00.920 align:start position:0%
react
 

00:22:00.920 --> 00:22:02.260 align:start position:0%
react
that<00:22:01.100><c> right</c><00:22:01.340><c> there's</c><00:22:01.520><c> this</c><00:22:01.640><c> risk</c><00:22:01.940><c> that</c><00:22:02.060><c> maybe</c>

00:22:02.260 --> 00:22:02.270 align:start position:0%
that right there's this risk that maybe
 

00:22:02.270 --> 00:22:04.440 align:start position:0%
that right there's this risk that maybe
the<00:22:02.390><c> developers</c><00:22:02.480><c> telling</c><00:22:02.990><c> the</c><00:22:03.080><c> truth</c><00:22:03.350><c> and</c>

00:22:04.440 --> 00:22:04.450 align:start position:0%
the developers telling the truth and
 

00:22:04.450 --> 00:22:06.700 align:start position:0%
the developers telling the truth and
given<00:22:05.450><c> that</c><00:22:05.570><c> risk</c><00:22:05.900><c> most</c><00:22:06.230><c> people</c><00:22:06.590><c> will</c><00:22:06.680><c> just</c>

00:22:06.700 --> 00:22:06.710 align:start position:0%
given that risk most people will just
 

00:22:06.710 --> 00:22:08.800 align:start position:0%
given that risk most people will just
say<00:22:07.040><c> okay</c><00:22:07.160><c> we'll</c><00:22:07.460><c> vote</c><00:22:07.610><c> yes</c><00:22:07.940><c> and</c><00:22:08.270><c> they'll</c><00:22:08.720><c> be</c>

00:22:08.800 --> 00:22:08.810 align:start position:0%
say okay we'll vote yes and they'll be
 

00:22:08.810 --> 00:22:10.810 align:start position:0%
say okay we'll vote yes and they'll be
left<00:22:09.020><c> with</c><00:22:09.170><c> this</c><00:22:09.260><c> problem</c><00:22:09.680><c> still</c><00:22:10.490><c> you</c><00:22:10.730><c> know</c>

00:22:10.810 --> 00:22:10.820 align:start position:0%
left with this problem still you know
 

00:22:10.820 --> 00:22:12.460 align:start position:0%
left with this problem still you know
how<00:22:10.940><c> do</c><00:22:11.000><c> we</c><00:22:11.150><c> get</c><00:22:11.270><c> our</c><00:22:11.390><c> concerns</c><00:22:11.750><c> address</c><00:22:12.110><c> and</c>

00:22:12.460 --> 00:22:12.470 align:start position:0%
how do we get our concerns address and
 

00:22:12.470 --> 00:22:13.990 align:start position:0%
how do we get our concerns address and
they<00:22:12.620><c> can</c><00:22:12.950><c> take</c><00:22:13.190><c> that</c><00:22:13.280><c> back</c><00:22:13.340><c> to</c><00:22:13.490><c> the</c><00:22:13.610><c> developer</c>

00:22:13.990 --> 00:22:14.000 align:start position:0%
they can take that back to the developer
 

00:22:14.000 --> 00:22:16.180 align:start position:0%
they can take that back to the developer
the<00:22:14.870><c> developer</c><00:22:15.230><c> might</c><00:22:15.380><c> say</c><00:22:15.560><c> we</c><00:22:15.860><c> don't</c><00:22:15.950><c> have</c>

00:22:16.180 --> 00:22:16.190 align:start position:0%
the developer might say we don't have
 

00:22:16.190 --> 00:22:17.410 align:start position:0%
the developer might say we don't have
the<00:22:16.340><c> resources</c><00:22:16.790><c> for</c><00:22:17.030><c> addressing</c><00:22:17.360><c> those</c>

00:22:17.410 --> 00:22:17.420 align:start position:0%
the resources for addressing those
 

00:22:17.420 --> 00:22:19.810 align:start position:0%
the resources for addressing those
concerns<00:22:17.600><c> or</c><00:22:18.080><c> it's</c><00:22:18.170><c> infeasible</c><00:22:18.890><c> to</c><00:22:19.100><c> do</c><00:22:19.610><c> that</c>

00:22:19.810 --> 00:22:19.820 align:start position:0%
concerns or it's infeasible to do that
 

00:22:19.820 --> 00:22:23.230 align:start position:0%
concerns or it's infeasible to do that
or<00:22:20.330><c> trying</c><00:22:20.960><c> to</c><00:22:21.460><c> accommodate</c><00:22:22.460><c> what</c><00:22:22.850><c> you</c><00:22:22.970><c> want</c>

00:22:23.230 --> 00:22:23.240 align:start position:0%
or trying to accommodate what you want
 

00:22:23.240 --> 00:22:25.810 align:start position:0%
or trying to accommodate what you want
would<00:22:23.960><c> break</c><00:22:24.320><c> decentralization</c><00:22:25.310><c> which</c><00:22:25.670><c> is</c>

00:22:25.810 --> 00:22:25.820 align:start position:0%
would break decentralization which is
 

00:22:25.820 --> 00:22:27.490 align:start position:0%
would break decentralization which is
our<00:22:25.940><c> key</c><00:22:26.120><c> priority</c><00:22:26.660><c> and</c><00:22:26.840><c> so</c><00:22:27.050><c> we</c><00:22:27.170><c> can</c><00:22:27.320><c> never</c>

00:22:27.490 --> 00:22:27.500 align:start position:0%
our key priority and so we can never
 

00:22:27.500 --> 00:22:29.470 align:start position:0%
our key priority and so we can never
even<00:22:27.710><c> consider</c><00:22:28.100><c> anything</c><00:22:28.520><c> in</c><00:22:28.610><c> that</c><00:22:28.700><c> direction</c>

00:22:29.470 --> 00:22:29.480 align:start position:0%
even consider anything in that direction
 

00:22:29.480 --> 00:22:32.050 align:start position:0%
even consider anything in that direction
and<00:22:29.740><c> the</c><00:22:30.740><c> the</c><00:22:31.040><c> key</c><00:22:31.490><c> problem</c><00:22:31.850><c> here</c><00:22:31.940><c> is</c><00:22:32.000><c> the</c>

00:22:32.050 --> 00:22:32.060 align:start position:0%
and the the key problem here is the
 

00:22:32.060 --> 00:22:33.700 align:start position:0%
and the the key problem here is the
users<00:22:32.420><c> really</c><00:22:32.570><c> can't</c><00:22:32.870><c> evaluate</c><00:22:33.290><c> these</c><00:22:33.410><c> claims</c>

00:22:33.700 --> 00:22:33.710 align:start position:0%
users really can't evaluate these claims
 

00:22:33.710 --> 00:22:35.200 align:start position:0%
users really can't evaluate these claims
the<00:22:33.920><c> users</c><00:22:34.160><c> need</c><00:22:34.310><c> some</c><00:22:34.520><c> independent</c><00:22:35.060><c> source</c>

00:22:35.200 --> 00:22:35.210 align:start position:0%
the users need some independent source
 

00:22:35.210 --> 00:22:36.550 align:start position:0%
the users need some independent source
of<00:22:35.330><c> information</c><00:22:35.780><c> they</c><00:22:35.870><c> can</c><00:22:36.020><c> consult</c><00:22:36.410><c> which</c>

00:22:36.550 --> 00:22:36.560 align:start position:0%
of information they can consult which
 

00:22:36.560 --> 00:22:38.560 align:start position:0%
of information they can consult which
can<00:22:36.740><c> tell</c><00:22:36.890><c> them</c><00:22:37.100><c> is</c><00:22:37.550><c> that</c><00:22:37.820><c> legitimate</c><00:22:37.940><c> or</c><00:22:38.420><c> not</c>

00:22:38.560 --> 00:22:38.570 align:start position:0%
can tell them is that legitimate or not
 

00:22:38.570 --> 00:22:40.180 align:start position:0%
can tell them is that legitimate or not
legitimate<00:22:39.110><c> that</c><00:22:39.470><c> isn't</c><00:22:39.830><c> just</c><00:22:39.860><c> the</c><00:22:40.070><c> guy</c>

00:22:40.180 --> 00:22:40.190 align:start position:0%
legitimate that isn't just the guy
 

00:22:40.190 --> 00:22:41.830 align:start position:0%
legitimate that isn't just the guy
writing<00:22:40.430><c> the</c><00:22:40.610><c> code</c><00:22:40.820><c> and</c><00:22:41.120><c> then</c><00:22:41.510><c> they</c><00:22:41.600><c> need</c><00:22:41.690><c> to</c>

00:22:41.830 --> 00:22:41.840 align:start position:0%
writing the code and then they need to
 

00:22:41.840 --> 00:22:43.450 align:start position:0%
writing the code and then they need to
be<00:22:41.900><c> able</c><00:22:41.990><c> to</c><00:22:42.140><c> act</c><00:22:42.350><c> on</c><00:22:42.530><c> that</c><00:22:42.740><c> by</c><00:22:42.950><c> allocating</c>

00:22:43.450 --> 00:22:43.460 align:start position:0%
be able to act on that by allocating
 

00:22:43.460 --> 00:22:45.250 align:start position:0%
be able to act on that by allocating
money<00:22:43.580><c> to</c><00:22:44.240><c> someone</c><00:22:44.480><c> who's</c><00:22:44.570><c> actually</c><00:22:44.750><c> going</c><00:22:45.080><c> to</c>

00:22:45.250 --> 00:22:45.260 align:start position:0%
money to someone who's actually going to
 

00:22:45.260 --> 00:22:49.210 align:start position:0%
money to someone who's actually going to
work<00:22:45.440><c> to</c><00:22:46.100><c> create</c><00:22:46.280><c> the</c><00:22:46.550><c> code</c><00:22:46.640><c> they</c><00:22:46.850><c> want</c><00:22:48.220><c> okay</c>

00:22:49.210 --> 00:22:49.220 align:start position:0%
work to create the code they want okay
 

00:22:49.220 --> 00:22:50.260 align:start position:0%
work to create the code they want okay
so<00:22:49.280><c> how</c><00:22:49.430><c> will</c><00:22:49.610><c> this</c><00:22:49.730><c> work</c>

00:22:50.260 --> 00:22:50.270 align:start position:0%
so how will this work
 

00:22:50.270 --> 00:22:52.720 align:start position:0%
so how will this work
I<00:22:50.300><c> think</c><00:22:50.690><c> the</c><00:22:50.780><c> first</c><00:22:50.990><c> key</c><00:22:51.920><c> thing</c><00:22:52.130><c> to</c><00:22:52.160><c> focus</c><00:22:52.550><c> on</c>

00:22:52.720 --> 00:22:52.730 align:start position:0%
I think the first key thing to focus on
 

00:22:52.730 --> 00:22:55.570 align:start position:0%
I think the first key thing to focus on
is<00:22:53.200><c> this</c><00:22:54.200><c> source</c><00:22:54.500><c> of</c><00:22:54.680><c> funding</c><00:22:55.100><c> right</c><00:22:55.250><c> we</c><00:22:55.370><c> want</c>

00:22:55.570 --> 00:22:55.580 align:start position:0%
is this source of funding right we want
 

00:22:55.580 --> 00:22:57.370 align:start position:0%
is this source of funding right we want
to<00:22:55.700><c> take</c><00:22:56.120><c> funny</c><00:22:56.390><c> that's</c><00:22:56.570><c> currently</c><00:22:56.870><c> under</c><00:22:57.140><c> the</c>

00:22:57.370 --> 00:22:57.380 align:start position:0%
to take funny that's currently under the
 

00:22:57.380 --> 00:22:59.140 align:start position:0%
to take funny that's currently under the
control<00:22:57.740><c> of</c><00:22:57.770><c> Z</c><00:22:58.040><c> of</c><00:22:58.190><c> our</c><00:22:58.430><c> organization</c><00:22:59.030><c> is</c>

00:22:59.140 --> 00:22:59.150 align:start position:0%
control of Z of our organization is
 

00:22:59.150 --> 00:23:01.600 align:start position:0%
control of Z of our organization is
under<00:22:59.420><c> centralized</c><00:22:59.900><c> control</c><00:23:00.260><c> shown</c><00:23:01.130><c> here</c><00:23:01.460><c> and</c>

00:23:01.600 --> 00:23:01.610 align:start position:0%
under centralized control shown here and
 

00:23:01.610 --> 00:23:04.300 align:start position:0%
under centralized control shown here and
then<00:23:02.030><c> release</c><00:23:02.390><c> it</c><00:23:02.420><c> to</c><00:23:02.780><c> a</c><00:23:02.810><c> committee</c><00:23:03.230><c> which</c><00:23:04.190><c> is</c>

00:23:04.300 --> 00:23:04.310 align:start position:0%
then release it to a committee which is
 

00:23:04.310 --> 00:23:05.680 align:start position:0%
then release it to a committee which is
going<00:23:04.430><c> to</c><00:23:04.520><c> be</c><00:23:04.640><c> controlled</c><00:23:05.030><c> by</c><00:23:05.120><c> the</c><00:23:05.180><c> community</c>

00:23:05.680 --> 00:23:05.690 align:start position:0%
going to be controlled by the community
 

00:23:05.690 --> 00:23:07.270 align:start position:0%
going to be controlled by the community
and<00:23:05.900><c> when</c><00:23:06.350><c> that</c><00:23:06.500><c> when</c><00:23:06.650><c> that</c><00:23:06.740><c> happens</c><00:23:07.100><c> when</c>

00:23:07.270 --> 00:23:07.280 align:start position:0%
and when that when that happens when
 

00:23:07.280 --> 00:23:09.610 align:start position:0%
and when that when that happens when
this<00:23:07.370><c> is</c><00:23:07.790><c> saying</c><00:23:08.000><c> negative</c><00:23:08.870><c> one</c><00:23:09.230><c> months</c><00:23:09.500><c> here</c>

00:23:09.610 --> 00:23:09.620 align:start position:0%
this is saying negative one months here
 

00:23:09.620 --> 00:23:11.230 align:start position:0%
this is saying negative one months here
is<00:23:09.710><c> negative</c><00:23:09.890><c> one</c><00:23:10.220><c> months</c><00:23:10.460><c> before</c><00:23:10.790><c> one</c><00:23:11.060><c> month</c>

00:23:11.230 --> 00:23:11.240 align:start position:0%
is negative one months before one month
 

00:23:11.240 --> 00:23:12.820 align:start position:0%
is negative one months before one month
before<00:23:11.420><c> the</c><00:23:11.660><c> committee</c><00:23:12.050><c> is</c><00:23:12.170><c> elected</c><00:23:12.650><c> we're</c>

00:23:12.820 --> 00:23:12.830 align:start position:0%
before the committee is elected we're
 

00:23:12.830 --> 00:23:15.580 align:start position:0%
before the committee is elected we're
gonna<00:23:12.980><c> grant</c><00:23:13.540><c> funds</c><00:23:14.540><c> to</c><00:23:15.080><c> the</c><00:23:15.170><c> election</c>

00:23:15.580 --> 00:23:15.590 align:start position:0%
gonna grant funds to the election
 

00:23:15.590 --> 00:23:17.410 align:start position:0%
gonna grant funds to the election
process<00:23:15.740><c> and</c><00:23:16.370><c> once</c><00:23:16.610><c> we</c><00:23:16.790><c> do</c><00:23:16.970><c> this</c><00:23:17.090><c> once</c><00:23:17.300><c> we</c>

00:23:17.410 --> 00:23:17.420 align:start position:0%
process and once we do this once we
 

00:23:17.420 --> 00:23:19.150 align:start position:0%
process and once we do this once we
release<00:23:17.570><c> these</c><00:23:17.900><c> funds</c><00:23:18.170><c> there</c><00:23:18.890><c> is</c><00:23:19.010><c> no</c>

00:23:19.150 --> 00:23:19.160 align:start position:0%
release these funds there is no
 

00:23:19.160 --> 00:23:20.470 align:start position:0%
release these funds there is no
centralized<00:23:19.670><c> control</c><00:23:20.030><c> anymore</c>

00:23:20.470 --> 00:23:20.480 align:start position:0%
centralized control anymore
 

00:23:20.480 --> 00:23:23.290 align:start position:0%
centralized control anymore
the<00:23:21.110><c> token</c><00:23:21.530><c> holders</c><00:23:21.860><c> votes</c><00:23:22.190><c> and</c><00:23:22.550><c> the</c><00:23:23.120><c> the</c>

00:23:23.290 --> 00:23:23.300 align:start position:0%
the token holders votes and the the
 

00:23:23.300 --> 00:23:24.700 align:start position:0%
the token holders votes and the the
committee<00:23:23.600><c> they</c><00:23:23.810><c> elect</c><00:23:24.140><c> are</c><00:23:24.260><c> gonna</c><00:23:24.380><c> determine</c>

00:23:24.700 --> 00:23:24.710 align:start position:0%
committee they elect are gonna determine
 

00:23:24.710 --> 00:23:26.740 align:start position:0%
committee they elect are gonna determine
how<00:23:24.890><c> the</c><00:23:24.950><c> money</c><00:23:25.130><c> is</c><00:23:25.190><c> spent</c><00:23:25.280><c> and</c><00:23:26.270><c> even</c><00:23:26.540><c> if</c><00:23:26.630><c> we</c>

00:23:26.740 --> 00:23:26.750 align:start position:0%
how the money is spent and even if we
 

00:23:26.750 --> 00:23:28.300 align:start position:0%
how the money is spent and even if we
don't<00:23:26.900><c> like</c><00:23:27.110><c> this</c><00:23:27.380><c> you</c><00:23:27.890><c> know</c><00:23:27.980><c> we</c><00:23:28.130><c> there's</c>

00:23:28.300 --> 00:23:28.310 align:start position:0%
don't like this you know we there's
 

00:23:28.310 --> 00:23:29.800 align:start position:0%
don't like this you know we there's
nothing<00:23:28.550><c> we</c><00:23:28.670><c> can</c><00:23:28.820><c> do</c><00:23:28.940><c> about</c><00:23:29.090><c> it</c><00:23:29.240><c> without</c><00:23:29.480><c> say</c><00:23:29.780><c> a</c>

00:23:29.800 --> 00:23:29.810 align:start position:0%
nothing we can do about it without say a
 

00:23:29.810 --> 00:23:31.870 align:start position:0%
nothing we can do about it without say a
hard<00:23:30.050><c> worker</c><00:23:30.620><c> fundamentally</c><00:23:31.460><c> changing</c><00:23:31.850><c> the</c>

00:23:31.870 --> 00:23:31.880 align:start position:0%
hard worker fundamentally changing the
 

00:23:31.880 --> 00:23:34.360 align:start position:0%
hard worker fundamentally changing the
code<00:23:32.380><c> all</c><00:23:33.380><c> right</c><00:23:33.500><c> so</c><00:23:33.620><c> this</c><00:23:33.740><c> is</c><00:23:33.890><c> like</c><00:23:34.040><c> this</c><00:23:34.130><c> this</c>

00:23:34.360 --> 00:23:34.370 align:start position:0%
code all right so this is like this this
 

00:23:34.370 --> 00:23:36.850 align:start position:0%
code all right so this is like this this
key<00:23:34.700><c> step</c><00:23:35.000><c> of</c><00:23:35.300><c> moving</c><00:23:35.780><c> from</c><00:23:36.050><c> centralization</c>

00:23:36.850 --> 00:23:36.860 align:start position:0%
key step of moving from centralization
 

00:23:36.860 --> 00:23:38.980 align:start position:0%
key step of moving from centralization
to<00:23:37.130><c> a</c><00:23:37.400><c> decentralized</c><00:23:38.150><c> community</c><00:23:38.600><c> directed</c>

00:23:38.980 --> 00:23:38.990 align:start position:0%
to a decentralized community directed
 

00:23:38.990 --> 00:23:41.340 align:start position:0%
to a decentralized community directed
process<00:23:39.470><c> at</c><00:23:40.310><c> the</c><00:23:40.400><c> same</c><00:23:40.610><c> time</c><00:23:40.850><c> you</c><00:23:41.150><c> know</c>

00:23:41.340 --> 00:23:41.350 align:start position:0%
process at the same time you know
 

00:23:41.350 --> 00:23:43.660 align:start position:0%
process at the same time you know
there's<00:23:42.350><c> needs</c><00:23:42.590><c> to</c><00:23:42.710><c> be</c><00:23:42.770><c> an</c><00:23:42.860><c> election</c><00:23:43.070><c> process</c>

00:23:43.660 --> 00:23:43.670 align:start position:0%
there's needs to be an election process
 

00:23:43.670 --> 00:23:45.550 align:start position:0%
there's needs to be an election process
where<00:23:43.820><c> people</c><00:23:43.850><c> are</c><00:23:44.120><c> nominated</c><00:23:44.690><c> and</c><00:23:44.780><c> the</c><00:23:45.260><c> token</c>

00:23:45.550 --> 00:23:45.560 align:start position:0%
where people are nominated and the token
 

00:23:45.560 --> 00:23:46.990 align:start position:0%
where people are nominated and the token
holders<00:23:45.830><c> I</c><00:23:45.920><c> lacked</c><00:23:46.100><c> a</c><00:23:46.190><c> community</c><00:23:46.550><c> a</c><00:23:46.580><c> committee</c>

00:23:46.990 --> 00:23:47.000 align:start position:0%
holders I lacked a community a committee
 

00:23:47.000 --> 00:23:48.880 align:start position:0%
holders I lacked a community a committee
of<00:23:47.150><c> say</c><00:23:47.300><c> three</c><00:23:47.540><c> people</c><00:23:47.930><c> who's</c><00:23:48.560><c> going</c><00:23:48.800><c> to</c>

00:23:48.880 --> 00:23:48.890 align:start position:0%
of say three people who's going to
 

00:23:48.890 --> 00:23:51.160 align:start position:0%
of say three people who's going to
represent<00:23:49.370><c> them</c><00:23:49.720><c> okay</c><00:23:50.720><c> so</c><00:23:50.780><c> we're</c><00:23:51.020><c> going</c><00:23:51.110><c> to</c>

00:23:51.160 --> 00:23:51.170 align:start position:0%
represent them okay so we're going to
 

00:23:51.170 --> 00:23:53.470 align:start position:0%
represent them okay so we're going to
move<00:23:51.350><c> forward</c><00:23:51.560><c> and</c><00:23:51.830><c> then</c><00:23:52.460><c> after</c><00:23:52.940><c> this</c><00:23:53.240><c> one</c>

00:23:53.470 --> 00:23:53.480 align:start position:0%
move forward and then after this one
 

00:23:53.480 --> 00:23:55.060 align:start position:0%
move forward and then after this one
month<00:23:53.690><c> nomination</c><00:23:54.290><c> election</c><00:23:54.620><c> process</c><00:23:54.950><c> is</c>

00:23:55.060 --> 00:23:55.070 align:start position:0%
month nomination election process is
 

00:23:55.070 --> 00:23:56.350 align:start position:0%
month nomination election process is
over<00:23:55.370><c> there's</c><00:23:55.580><c> this</c><00:23:55.700><c> committee</c><00:23:56.090><c> that's</c>

00:23:56.350 --> 00:23:56.360 align:start position:0%
over there's this committee that's
 

00:23:56.360 --> 00:23:59.680 align:start position:0%
over there's this committee that's
serving<00:23:57.250><c> holding</c><00:23:58.250><c> these</c><00:23:58.550><c> tokens</c><00:23:59.420><c> that</c><00:23:59.510><c> have</c>

00:23:59.680 --> 00:23:59.690 align:start position:0%
serving holding these tokens that have
 

00:23:59.690 --> 00:24:01.810 align:start position:0%
serving holding these tokens that have
in<00:23:59.900><c> multi-state</c><00:24:00.440><c> custody</c><00:24:01.220><c> right</c><00:24:01.520><c> so</c><00:24:01.670><c> this</c><00:24:01.760><c> is</c>

00:24:01.810 --> 00:24:01.820 align:start position:0%
in multi-state custody right so this is
 

00:24:01.820 --> 00:24:03.190 align:start position:0%
in multi-state custody right so this is
there's<00:24:02.090><c> money</c><00:24:02.240><c> that's</c><00:24:02.480><c> taken</c><00:24:02.720><c> from</c><00:24:02.750><c> us</c><00:24:02.990><c> and</c>

00:24:03.190 --> 00:24:03.200 align:start position:0%
there's money that's taken from us and
 

00:24:03.200 --> 00:24:05.350 align:start position:0%
there's money that's taken from us and
transferred<00:24:03.800><c> to</c><00:24:04.460><c> the</c><00:24:04.580><c> community</c><00:24:05.030><c> control</c>

00:24:05.350 --> 00:24:05.360 align:start position:0%
transferred to the community control
 

00:24:05.360 --> 00:24:07.450 align:start position:0%
transferred to the community control
committee<00:24:05.690><c> and</c><00:24:06.020><c> then</c><00:24:06.860><c> the</c><00:24:06.950><c> committee</c><00:24:07.250><c> can</c>

00:24:07.450 --> 00:24:07.460 align:start position:0%
committee and then the committee can
 

00:24:07.460 --> 00:24:09.460 align:start position:0%
committee and then the committee can
look<00:24:07.700><c> at</c><00:24:07.880><c> grant</c><00:24:08.240><c> proposals</c><00:24:08.900><c> from</c><00:24:09.350><c> the</c>

00:24:09.460 --> 00:24:09.470 align:start position:0%
look at grant proposals from the
 

00:24:09.470 --> 00:24:11.620 align:start position:0%
look at grant proposals from the
community<00:24:09.920><c> right</c><00:24:10.130><c> so</c><00:24:10.280><c> independent</c><00:24:11.060><c> project</c>

00:24:11.620 --> 00:24:11.630 align:start position:0%
community right so independent project
 

00:24:11.630 --> 00:24:13.960 align:start position:0%
community right so independent project
startups<00:24:12.170><c> will</c><00:24:12.440><c> ask</c><00:24:12.920><c> what</c><00:24:13.460><c> will</c><00:24:13.580><c> soar</c><00:24:13.880><c> be</c>

00:24:13.960 --> 00:24:13.970 align:start position:0%
startups will ask what will soar be
 

00:24:13.970 --> 00:24:14.770 align:start position:0%
startups will ask what will soar be
begging<00:24:14.270><c> for</c><00:24:14.300><c> fund</c>

00:24:14.770 --> 00:24:14.780 align:start position:0%
begging for fund
 

00:24:14.780 --> 00:24:16.690 align:start position:0%
begging for fund
and<00:24:14.990><c> the</c><00:24:15.740><c> community</c><00:24:16.130><c> the</c><00:24:16.280><c> committee</c><00:24:16.520><c> will</c>

00:24:16.690 --> 00:24:16.700 align:start position:0%
and the community the committee will
 

00:24:16.700 --> 00:24:18.160 align:start position:0%
and the community the committee will
evaluate<00:24:16.940><c> their</c><00:24:17.360><c> proposals</c><00:24:17.900><c> and</c><00:24:17.990><c> see</c><00:24:18.110><c> if</c>

00:24:18.160 --> 00:24:18.170 align:start position:0%
evaluate their proposals and see if
 

00:24:18.170 --> 00:24:19.450 align:start position:0%
evaluate their proposals and see if
they're<00:24:18.320><c> whether</c><00:24:18.590><c> they're</c><00:24:18.830><c> worthy</c><00:24:19.190><c> or</c><00:24:19.310><c> not</c>

00:24:19.450 --> 00:24:19.460 align:start position:0%
they're whether they're worthy or not
 

00:24:19.460 --> 00:24:20.650 align:start position:0%
they're whether they're worthy or not
whether<00:24:19.850><c> they</c><00:24:19.880><c> serve</c><00:24:20.180><c> the</c><00:24:20.330><c> community</c>

00:24:20.650 --> 00:24:20.660 align:start position:0%
whether they serve the community
 

00:24:20.660 --> 00:24:23.140 align:start position:0%
whether they serve the community
interests<00:24:21.110><c> and</c><00:24:21.260><c> say</c><00:24:21.860><c> one</c><00:24:22.040><c> week</c><00:24:22.220><c> later</c><00:24:22.490><c> they</c>

00:24:23.140 --> 00:24:23.150 align:start position:0%
interests and say one week later they
 

00:24:23.150 --> 00:24:25.090 align:start position:0%
interests and say one week later they
have<00:24:23.300><c> a</c><00:24:23.330><c> suggestion</c><00:24:23.840><c> of</c><00:24:24.260><c> a</c><00:24:24.470><c> proposal</c><00:24:24.830><c> they'd</c>

00:24:25.090 --> 00:24:25.100 align:start position:0%
have a suggestion of a proposal they'd
 

00:24:25.100 --> 00:24:27.010 align:start position:0%
have a suggestion of a proposal they'd
like<00:24:25.280><c> to</c><00:24:25.310><c> fund</c><00:24:25.640><c> and</c><00:24:25.970><c> they</c><00:24:26.240><c> they</c><00:24:26.540><c> bring</c><00:24:26.750><c> that</c><00:24:26.900><c> to</c>

00:24:27.010 --> 00:24:27.020 align:start position:0%
like to fund and they they bring that to
 

00:24:27.020 --> 00:24:28.180 align:start position:0%
like to fund and they they bring that to
the<00:24:27.110><c> community</c><00:24:27.230><c> they</c><00:24:27.650><c> announced</c><00:24:28.070><c> the</c>

00:24:28.180 --> 00:24:28.190 align:start position:0%
the community they announced the
 

00:24:28.190 --> 00:24:30.130 align:start position:0%
the community they announced the
community<00:24:28.580><c> we</c><00:24:28.700><c> would</c><00:24:28.820><c> like</c><00:24:28.970><c> to</c><00:24:29.000><c> send</c><00:24:29.390><c> this</c>

00:24:30.130 --> 00:24:30.140 align:start position:0%
community we would like to send this
 

00:24:30.140 --> 00:24:32.920 align:start position:0%
community we would like to send this
many<00:24:30.440><c> ZRX</c><00:24:31.040><c> tokens</c><00:24:31.490><c> to</c><00:24:32.150><c> this</c><00:24:32.360><c> third</c><00:24:32.630><c> party</c>

00:24:32.920 --> 00:24:32.930 align:start position:0%
many ZRX tokens to this third party
 

00:24:32.930 --> 00:24:35.860 align:start position:0%
many ZRX tokens to this third party
project<00:24:33.530><c> what</c><00:24:34.160><c> do</c><00:24:34.220><c> you</c><00:24:34.310><c> think</c><00:24:34.570><c> all</c><00:24:35.570><c> right</c><00:24:35.690><c> so</c>

00:24:35.860 --> 00:24:35.870 align:start position:0%
project what do you think all right so
 

00:24:35.870 --> 00:24:38.350 align:start position:0%
project what do you think all right so
this<00:24:35.990><c> is</c><00:24:36.140><c> announced</c><00:24:36.650><c> and</c><00:24:36.830><c> the</c><00:24:37.820><c> community</c><00:24:38.270><c> is</c>

00:24:38.350 --> 00:24:38.360 align:start position:0%
this is announced and the community is
 

00:24:38.360 --> 00:24:39.580 align:start position:0%
this is announced and the community is
going<00:24:38.480><c> to</c><00:24:38.570><c> have</c><00:24:38.630><c> to</c><00:24:38.780><c> again</c><00:24:39.020><c> of</c><00:24:39.110><c> a</c><00:24:39.200><c> week</c><00:24:39.410><c> to</c>

00:24:39.580 --> 00:24:39.590 align:start position:0%
going to have to again of a week to
 

00:24:39.590 --> 00:24:42.160 align:start position:0%
going to have to again of a week to
observe<00:24:39.680><c> that</c><00:24:40.130><c> and</c><00:24:40.460><c> if</c><00:24:41.450><c> they</c><00:24:41.630><c> choose</c><00:24:41.870><c> not</c><00:24:41.930><c> to</c>

00:24:42.160 --> 00:24:42.170 align:start position:0%
observe that and if they choose not to
 

00:24:42.170 --> 00:24:43.510 align:start position:0%
observe that and if they choose not to
act<00:24:42.410><c> if</c><00:24:42.710><c> they</c><00:24:42.830><c> say</c><00:24:43.010><c> observe</c><00:24:43.250><c> what</c><00:24:43.430><c> the</c>

00:24:43.510 --> 00:24:43.520 align:start position:0%
act if they say observe what the
 

00:24:43.520 --> 00:24:45.520 align:start position:0%
act if they say observe what the
committee<00:24:43.760><c> proposes</c><00:24:44.480><c> to</c><00:24:44.570><c> do</c><00:24:44.720><c> and</c><00:24:45.020><c> decide</c><00:24:45.440><c> to</c>

00:24:45.520 --> 00:24:45.530 align:start position:0%
committee proposes to do and decide to
 

00:24:45.530 --> 00:24:48.430 align:start position:0%
committee proposes to do and decide to
let<00:24:45.680><c> that</c><00:24:45.770><c> happen</c><00:24:46.000><c> then</c><00:24:47.000><c> this</c><00:24:47.300><c> the</c><00:24:47.630><c> CRX</c><00:24:47.990><c> tokens</c>

00:24:48.430 --> 00:24:48.440 align:start position:0%
let that happen then this the CRX tokens
 

00:24:48.440 --> 00:24:51.400 align:start position:0%
let that happen then this the CRX tokens
are<00:24:48.620><c> released</c><00:24:49.040><c> to</c><00:24:49.340><c> the</c><00:24:50.240><c> third</c><00:24:50.630><c> party</c><00:24:50.900><c> project</c>

00:24:51.400 --> 00:24:51.410 align:start position:0%
are released to the third party project
 

00:24:51.410 --> 00:24:53.800 align:start position:0%
are released to the third party project
and<00:24:51.620><c> that</c><00:24:52.460><c> project</c><00:24:52.490><c> is</c><00:24:52.940><c> then</c><00:24:53.090><c> spit</c><00:24:53.480><c> out</c><00:24:53.540><c> some</c>

00:24:53.800 --> 00:24:53.810 align:start position:0%
and that project is then spit out some
 

00:24:53.810 --> 00:24:55.780 align:start position:0%
and that project is then spit out some
some<00:24:54.110><c> code</c><00:24:54.350><c> which</c><00:24:54.590><c> help</c><00:24:54.800><c> hopefully</c><00:24:55.040><c> benefits</c>

00:24:55.780 --> 00:24:55.790 align:start position:0%
some code which help hopefully benefits
 

00:24:55.790 --> 00:24:58.270 align:start position:0%
some code which help hopefully benefits
our<00:24:55.910><c> ecosystem</c><00:24:56.450><c> helps</c><00:24:56.690><c> it</c><00:24:56.810><c> grow</c><00:24:56.920><c> but</c><00:24:57.920><c> we</c><00:24:58.100><c> might</c>

00:24:58.270 --> 00:24:58.280 align:start position:0%
our ecosystem helps it grow but we might
 

00:24:58.280 --> 00:24:59.650 align:start position:0%
our ecosystem helps it grow but we might
work<00:24:58.460><c> maybe</c><00:24:58.730><c> this</c><00:24:58.880><c> committee</c><00:24:59.150><c> is</c><00:24:59.300><c> corrupt</c>

00:24:59.650 --> 00:24:59.660 align:start position:0%
work maybe this committee is corrupt
 

00:24:59.660 --> 00:25:01.780 align:start position:0%
work maybe this committee is corrupt
maybe<00:25:00.020><c> we</c><00:25:00.230><c> have</c><00:25:00.440><c> bribery</c><00:25:01.070><c> or</c><00:25:01.250><c> some</c><00:25:01.460><c> some</c>

00:25:01.780 --> 00:25:01.790 align:start position:0%
maybe we have bribery or some some
 

00:25:01.790 --> 00:25:03.130 align:start position:0%
maybe we have bribery or some some
problem<00:25:02.240><c> that's</c><00:25:02.390><c> results</c><00:25:02.720><c> in</c><00:25:02.780><c> this</c><00:25:02.870><c> committee</c>

00:25:03.130 --> 00:25:03.140 align:start position:0%
problem that's results in this committee
 

00:25:03.140 --> 00:25:05.230 align:start position:0%
problem that's results in this committee
being<00:25:03.350><c> captured</c><00:25:03.890><c> so</c><00:25:04.520><c> that</c><00:25:04.670><c> once</c><00:25:04.940><c> they're</c><00:25:05.150><c> in</c>

00:25:05.230 --> 00:25:05.240 align:start position:0%
being captured so that once they're in
 

00:25:05.240 --> 00:25:07.330 align:start position:0%
being captured so that once they're in
office<00:25:05.330><c> they</c><00:25:05.720><c> no</c><00:25:05.900><c> longer</c><00:25:06.130><c> serve</c><00:25:07.130><c> the</c>

00:25:07.330 --> 00:25:07.340 align:start position:0%
office they no longer serve the
 

00:25:07.340 --> 00:25:08.740 align:start position:0%
office they no longer serve the
interests<00:25:07.670><c> of</c><00:25:07.730><c> token</c><00:25:08.090><c> holders</c><00:25:08.360><c> and</c><00:25:08.600><c> so</c><00:25:08.660><c> we</c>

00:25:08.740 --> 00:25:08.750 align:start position:0%
interests of token holders and so we
 

00:25:08.750 --> 00:25:09.790 align:start position:0%
interests of token holders and so we
want<00:25:08.900><c> the</c><00:25:08.990><c> token</c><00:25:09.230><c> models</c><00:25:09.440><c> to</c><00:25:09.500><c> be</c><00:25:09.560><c> able</c><00:25:09.680><c> to</c>

00:25:09.790 --> 00:25:09.800 align:start position:0%
want the token models to be able to
 

00:25:09.800 --> 00:25:12.070 align:start position:0%
want the token models to be able to
intervene<00:25:10.160><c> in</c><00:25:10.280><c> some</c><00:25:10.460><c> way</c><00:25:10.610><c> and</c><00:25:10.880><c> so</c><00:25:11.780><c> this</c><00:25:11.960><c> is</c>

00:25:12.070 --> 00:25:12.080 align:start position:0%
intervene in some way and so this is
 

00:25:12.080 --> 00:25:13.690 align:start position:0%
intervene in some way and so this is
there's<00:25:12.290><c> this</c><00:25:12.380><c> possibility</c><00:25:12.590><c> that</c><00:25:13.100><c> then</c><00:25:13.580><c> this</c>

00:25:13.690 --> 00:25:13.700 align:start position:0%
there's this possibility that then this
 

00:25:13.700 --> 00:25:15.520 align:start position:0%
there's this possibility that then this
proposals<00:25:14.210><c> announced</c><00:25:14.420><c> and</c><00:25:14.810><c> it's</c><00:25:15.230><c> observed</c>

00:25:15.520 --> 00:25:15.530 align:start position:0%
proposals announced and it's observed
 

00:25:15.530 --> 00:25:17.140 align:start position:0%
proposals announced and it's observed
for<00:25:15.740><c> a</c><00:25:15.770><c> week</c><00:25:15.890><c> and</c><00:25:16.070><c> in</c><00:25:16.160><c> that</c><00:25:16.310><c> weeks</c><00:25:16.490><c> time</c><00:25:16.790><c> the</c>

00:25:17.140 --> 00:25:17.150 align:start position:0%
for a week and in that weeks time the
 

00:25:17.150 --> 00:25:19.810 align:start position:0%
for a week and in that weeks time the
CRX<00:25:17.450><c> holders</c><00:25:17.810><c> can</c><00:25:18.110><c> take</c><00:25:18.290><c> action</c><00:25:18.800><c> to</c><00:25:18.950><c> hold</c><00:25:19.670><c> a</c>

00:25:19.810 --> 00:25:19.820 align:start position:0%
CRX holders can take action to hold a
 

00:25:19.820 --> 00:25:22.120 align:start position:0%
CRX holders can take action to hold a
vote<00:25:20.000><c> to</c><00:25:20.390><c> block</c><00:25:20.600><c> the</c><00:25:21.530><c> proposed</c><00:25:21.860><c> allocation</c>

00:25:22.120 --> 00:25:22.130 align:start position:0%
vote to block the proposed allocation
 

00:25:22.130 --> 00:25:25.570 align:start position:0%
vote to block the proposed allocation
and<00:25:22.820><c> if</c><00:25:23.720><c> they</c><00:25:23.870><c> succeed</c><00:25:23.930><c> in</c><00:25:24.410><c> doing</c><00:25:24.530><c> that</c><00:25:24.830><c> that</c>

00:25:25.570 --> 00:25:25.580 align:start position:0%
and if they succeed in doing that that
 

00:25:25.580 --> 00:25:27.490 align:start position:0%
and if they succeed in doing that that
will<00:25:25.760><c> trigger</c><00:25:26.030><c> election</c><00:25:26.810><c> of</c><00:25:26.930><c> a</c><00:25:26.990><c> new</c><00:25:27.020><c> committee</c>

00:25:27.490 --> 00:25:27.500 align:start position:0%
will trigger election of a new committee
 

00:25:27.500 --> 00:25:28.930 align:start position:0%
will trigger election of a new committee
and<00:25:27.770><c> hopefully</c><00:25:28.160><c> this</c><00:25:28.280><c> new</c><00:25:28.460><c> committee</c><00:25:28.790><c> will</c>

00:25:28.930 --> 00:25:28.940 align:start position:0%
and hopefully this new committee will
 

00:25:28.940 --> 00:25:31.570 align:start position:0%
and hopefully this new committee will
then<00:25:29.090><c> go</c><00:25:29.300><c> on</c><00:25:29.330><c> to</c><00:25:29.720><c> act</c><00:25:30.560><c> truly</c><00:25:31.160><c> on</c><00:25:31.280><c> the</c><00:25:31.310><c> user's</c>

00:25:31.570 --> 00:25:31.580 align:start position:0%
then go on to act truly on the user's
 

00:25:31.580 --> 00:25:34.090 align:start position:0%
then go on to act truly on the user's
behalf<00:25:31.700><c> and</c><00:25:32.090><c> not</c><00:25:32.270><c> propose</c><00:25:32.950><c> allocations</c><00:25:33.950><c> that</c>

00:25:34.090 --> 00:25:34.100 align:start position:0%
behalf and not propose allocations that
 

00:25:34.100 --> 00:25:36.490 align:start position:0%
behalf and not propose allocations that
result<00:25:35.030><c> in</c><00:25:35.150><c> them</c><00:25:35.270><c> being</c><00:25:35.450><c> recalled</c><00:25:35.780><c> you</c><00:25:36.380><c> know</c>

00:25:36.490 --> 00:25:36.500 align:start position:0%
result in them being recalled you know
 

00:25:36.500 --> 00:25:41.410 align:start position:0%
result in them being recalled you know
by<00:25:36.650><c> their</c><00:25:36.830><c> constituents</c><00:25:38.350><c> okay</c><00:25:40.060><c> so</c><00:25:41.060><c> this</c><00:25:41.240><c> is</c>

00:25:41.410 --> 00:25:41.420 align:start position:0%
by their constituents okay so this is
 

00:25:41.420 --> 00:25:43.450 align:start position:0%
by their constituents okay so this is
the<00:25:41.600><c> framework</c><00:25:41.990><c> for</c><00:25:42.320><c> the</c><00:25:42.440><c> grant</c><00:25:42.710><c> program</c><00:25:43.190><c> and</c>

00:25:43.450 --> 00:25:43.460 align:start position:0%
the framework for the grant program and
 

00:25:43.460 --> 00:25:44.680 align:start position:0%
the framework for the grant program and
we<00:25:43.550><c> can</c><00:25:43.700><c> think</c><00:25:43.850><c> of</c><00:25:43.970><c> this</c><00:25:44.060><c> as</c><00:25:44.120><c> being</c><00:25:44.270><c> quite</c>

00:25:44.680 --> 00:25:44.690 align:start position:0%
we can think of this as being quite
 

00:25:44.690 --> 00:25:46.810 align:start position:0%
we can think of this as being quite
generalizable<00:25:45.530><c> and</c><00:25:45.740><c> adapting</c><00:25:46.280><c> it</c><00:25:46.400><c> to</c><00:25:46.430><c> oh</c>

00:25:46.810 --> 00:25:46.820 align:start position:0%
generalizable and adapting it to oh
 

00:25:46.820 --> 00:25:50.200 align:start position:0%
generalizable and adapting it to oh
sorry<00:25:47.660><c> sorry</c><00:25:47.930><c> I</c><00:25:48.020><c> forgot</c><00:25:48.440><c> to</c><00:25:48.500><c> so</c><00:25:49.130><c> if</c><00:25:49.640><c> the</c>

00:25:50.200 --> 00:25:50.210 align:start position:0%
sorry sorry I forgot to so if the
 

00:25:50.210 --> 00:25:52.240 align:start position:0%
sorry sorry I forgot to so if the
proposal<00:25:50.510><c> is</c><00:25:50.660><c> continued</c><00:25:51.140><c> if</c><00:25:51.920><c> there</c><00:25:52.070><c> is</c><00:25:52.130><c> no</c>

00:25:52.240 --> 00:25:52.250 align:start position:0%
proposal is continued if there is no
 

00:25:52.250 --> 00:25:53.530 align:start position:0%
proposal is continued if there is no
blocking<00:25:52.550><c> right</c><00:25:52.880><c> then</c><00:25:53.060><c> then</c><00:25:53.270><c> these</c>

00:25:53.530 --> 00:25:53.540 align:start position:0%
blocking right then then these
 

00:25:53.540 --> 00:25:54.880 align:start position:0%
blocking right then then these
committees<00:25:53.900><c> are</c><00:25:54.020><c> intended</c><00:25:54.410><c> to</c><00:25:54.440><c> serve</c><00:25:54.650><c> for</c><00:25:54.860><c> a</c>

00:25:54.880 --> 00:25:54.890 align:start position:0%
committees are intended to serve for a
 

00:25:54.890 --> 00:25:56.860 align:start position:0%
committees are intended to serve for a
one<00:25:55.160><c> year</c><00:25:55.310><c> long</c><00:25:55.520><c> time</c><00:25:55.880><c> span</c><00:25:56.210><c> and</c><00:25:56.450><c> so</c><00:25:56.720><c> this</c>

00:25:56.860 --> 00:25:56.870 align:start position:0%
one year long time span and so this
 

00:25:56.870 --> 00:25:59.320 align:start position:0%
one year long time span and so this
process<00:25:57.080><c> of</c><00:25:57.380><c> proposing</c><00:25:57.860><c> allocation</c><00:25:58.490><c> and</c><00:25:58.700><c> then</c>

00:25:59.320 --> 00:25:59.330 align:start position:0%
process of proposing allocation and then
 

00:25:59.330 --> 00:26:00.610 align:start position:0%
process of proposing allocation and then
having<00:25:59.510><c> it</c><00:25:59.660><c> go</c><00:25:59.810><c> through</c><00:25:59.990><c> week</c><00:26:00.200><c> later</c><00:26:00.410><c> would</c>

00:26:00.610 --> 00:26:00.620 align:start position:0%
having it go through week later would
 

00:26:00.620 --> 00:26:03.340 align:start position:0%
having it go through week later would
continue<00:26:01.420><c> over</c><00:26:02.420><c> the</c><00:26:02.510><c> course</c><00:26:02.690><c> of</c><00:26:02.810><c> a</c><00:26:02.900><c> year</c><00:26:03.110><c> until</c>

00:26:03.340 --> 00:26:03.350 align:start position:0%
continue over the course of a year until
 

00:26:03.350 --> 00:26:05.560 align:start position:0%
continue over the course of a year until
the<00:26:03.710><c> committee's</c><00:26:04.010><c> terms</c><00:26:04.250><c> expire</c><00:26:04.520><c> and</c><00:26:04.940><c> then</c>

00:26:05.560 --> 00:26:05.570 align:start position:0%
the committee's terms expire and then
 

00:26:05.570 --> 00:26:08.130 align:start position:0%
the committee's terms expire and then
there<00:26:05.810><c> they</c><00:26:06.170><c> go</c><00:26:06.290><c> back</c><00:26:06.470><c> to</c><00:26:06.620><c> being</c><00:26:06.800><c> reelected</c>

00:26:08.130 --> 00:26:08.140 align:start position:0%
there they go back to being reelected
 

00:26:08.140 --> 00:26:11.890 align:start position:0%
there they go back to being reelected
okay<00:26:09.140><c> so</c><00:26:09.380><c> I</c><00:26:09.620><c> was</c><00:26:10.340><c> gonna</c><00:26:10.550><c> say</c><00:26:10.850><c> this</c><00:26:11.300><c> process</c><00:26:11.750><c> is</c>

00:26:11.890 --> 00:26:11.900 align:start position:0%
okay so I was gonna say this process is
 

00:26:11.900 --> 00:26:13.720 align:start position:0%
okay so I was gonna say this process is
quite<00:26:12.080><c> generalizable</c><00:26:12.770><c> and</c><00:26:12.950><c> it's</c><00:26:13.250><c> probably</c>

00:26:13.720 --> 00:26:13.730 align:start position:0%
quite generalizable and it's probably
 

00:26:13.730 --> 00:26:15.280 align:start position:0%
quite generalizable and it's probably
pretty<00:26:14.180><c> easy</c><00:26:14.360><c> to</c><00:26:14.480><c> see</c><00:26:14.570><c> how</c><00:26:14.660><c> we</c><00:26:14.750><c> might</c><00:26:14.870><c> expand</c>

00:26:15.280 --> 00:26:15.290 align:start position:0%
pretty easy to see how we might expand
 

00:26:15.290 --> 00:26:17.320 align:start position:0%
pretty easy to see how we might expand
that<00:26:15.500><c> to</c><00:26:15.560><c> encompass</c><00:26:16.280><c> not</c><00:26:16.430><c> just</c><00:26:16.850><c> governance</c><00:26:17.210><c> of</c>

00:26:17.320 --> 00:26:17.330 align:start position:0%
that to encompass not just governance of
 

00:26:17.330 --> 00:26:19.090 align:start position:0%
that to encompass not just governance of
third<00:26:17.480><c> party</c><00:26:17.720><c> project</c><00:26:18.170><c> funding</c><00:26:18.530><c> but</c><00:26:19.040><c> also</c>

00:26:19.090 --> 00:26:19.100 align:start position:0%
third party project funding but also
 

00:26:19.100 --> 00:26:20.800 align:start position:0%
third party project funding but also
governance<00:26:19.730><c> of</c><00:26:19.880><c> core</c><00:26:20.090><c> development</c><00:26:20.450><c> funding</c>

00:26:20.800 --> 00:26:20.810 align:start position:0%
governance of core development funding
 

00:26:20.810 --> 00:26:24.310 align:start position:0%
governance of core development funding
itself<00:26:21.080><c> and</c><00:26:21.580><c> so</c><00:26:22.580><c> the</c><00:26:22.970><c> couple</c><00:26:23.750><c> differentiators</c>

00:26:24.310 --> 00:26:24.320 align:start position:0%
itself and so the couple differentiators
 

00:26:24.320 --> 00:26:26.500 align:start position:0%
itself and so the couple differentiators
of<00:26:24.620><c> how</c><00:26:24.740><c> that</c><00:26:24.980><c> you</c><00:26:25.730><c> know</c><00:26:25.820><c> might</c><00:26:25.970><c> need</c><00:26:26.120><c> a</c><00:26:26.150><c> change</c>

00:26:26.500 --> 00:26:26.510 align:start position:0%
of how that you know might need a change
 

00:26:26.510 --> 00:26:28.310 align:start position:0%
of how that you know might need a change
to<00:26:26.810><c> encompass</c><00:26:27.260><c> to</c>

00:26:28.310 --> 00:26:28.320 align:start position:0%
to encompass to
 

00:26:28.320 --> 00:26:29.659 align:start position:0%
to encompass to
the<00:26:28.380><c> core</c><00:26:28.559><c> protocol</c><00:26:29.009><c> is</c><00:26:29.190><c> firstly</c><00:26:29.519><c> there</c>

00:26:29.659 --> 00:26:29.669 align:start position:0%
the core protocol is firstly there
 

00:26:29.669 --> 00:26:31.159 align:start position:0%
the core protocol is firstly there
mainly<00:26:29.850><c> be</c><00:26:30.090><c> more</c><00:26:30.269><c> funds</c><00:26:30.570><c> right</c><00:26:30.870><c> so</c><00:26:30.990><c> we</c><00:26:31.080><c> have</c>

00:26:31.159 --> 00:26:31.169 align:start position:0%
mainly be more funds right so we have
 

00:26:31.169 --> 00:26:33.649 align:start position:0%
mainly be more funds right so we have
these<00:26:31.289><c> larger</c><00:26:31.970><c> established</c><00:26:32.970><c> organizations</c>

00:26:33.649 --> 00:26:33.659 align:start position:0%
these larger established organizations
 

00:26:33.659 --> 00:26:35.779 align:start position:0%
these larger established organizations
with<00:26:33.870><c> say</c><00:26:34.019><c> dozens</c><00:26:34.350><c> of</c><00:26:34.500><c> employees</c><00:26:34.649><c> and</c><00:26:35.519><c> they're</c>

00:26:35.779 --> 00:26:35.789 align:start position:0%
with say dozens of employees and they're
 

00:26:35.789 --> 00:26:37.460 align:start position:0%
with say dozens of employees and they're
going<00:26:35.940><c> to</c><00:26:36.029><c> need</c><00:26:36.120><c> to</c><00:26:36.269><c> be</c><00:26:36.360><c> supported</c><00:26:36.809><c> by</c><00:26:36.929><c> larger</c>

00:26:37.460 --> 00:26:37.470 align:start position:0%
going to need to be supported by larger
 

00:26:37.470 --> 00:26:40.519 align:start position:0%
going to need to be supported by larger
allocations<00:26:38.159><c> and</c><00:26:38.899><c> early-stage</c><00:26:39.899><c> startups</c>

00:26:40.519 --> 00:26:40.529 align:start position:0%
allocations and early-stage startups
 

00:26:40.529 --> 00:26:42.799 align:start position:0%
allocations and early-stage startups
okay<00:26:41.519><c> so</c><00:26:41.639><c> we</c><00:26:41.730><c> can</c><00:26:41.850><c> imagine</c><00:26:42.149><c> more</c><00:26:42.269><c> funds</c><00:26:42.509><c> going</c>

00:26:42.799 --> 00:26:42.809 align:start position:0%
okay so we can imagine more funds going
 

00:26:42.809 --> 00:26:44.419 align:start position:0%
okay so we can imagine more funds going
to<00:26:42.899><c> the</c><00:26:42.960><c> committee</c><00:26:43.230><c> and</c><00:26:43.559><c> the</c><00:26:44.009><c> other</c><00:26:44.159><c> issue</c>

00:26:44.419 --> 00:26:44.429 align:start position:0%
to the committee and the other issue
 

00:26:44.429 --> 00:26:46.879 align:start position:0%
to the committee and the other issue
with<00:26:44.759><c> a</c><00:26:45.059><c> larger</c><00:26:45.779><c> project</c><00:26:46.289><c> with</c><00:26:46.470><c> a</c><00:26:46.500><c> bunch</c><00:26:46.740><c> of</c>

00:26:46.879 --> 00:26:46.889 align:start position:0%
with a larger project with a bunch of
 

00:26:46.889 --> 00:26:48.769 align:start position:0%
with a larger project with a bunch of
employees<00:26:47.100><c> with</c><00:26:47.610><c> an</c><00:26:48.029><c> office</c><00:26:48.360><c> building</c><00:26:48.509><c> it's</c>

00:26:48.769 --> 00:26:48.779 align:start position:0%
employees with an office building it's
 

00:26:48.779 --> 00:26:51.620 align:start position:0%
employees with an office building it's
renting<00:26:49.139><c> it</c><00:26:49.919><c> has</c><00:26:50.130><c> this</c><00:26:50.639><c> these</c><00:26:51.149><c> near-term</c>

00:26:51.620 --> 00:26:51.630 align:start position:0%
renting it has this these near-term
 

00:26:51.630 --> 00:26:53.090 align:start position:0%
renting it has this these near-term
funding<00:26:52.139><c> needs</c><00:26:52.470><c> that</c><00:26:52.679><c> it</c><00:26:52.769><c> needs</c><00:26:52.919><c> to</c><00:26:52.980><c> have</c>

00:26:53.090 --> 00:26:53.100 align:start position:0%
funding needs that it needs to have
 

00:26:53.100 --> 00:26:54.999 align:start position:0%
funding needs that it needs to have
certainty<00:26:53.460><c> over</c><00:26:53.669><c> right</c><00:26:54.090><c> it</c><00:26:54.210><c> can't</c><00:26:54.389><c> just</c><00:26:54.480><c> be</c>

00:26:54.999 --> 00:26:55.009 align:start position:0%
certainty over right it can't just be
 

00:26:55.009 --> 00:26:57.409 align:start position:0%
certainty over right it can't just be
getting<00:26:56.009><c> funding</c><00:26:56.279><c> on</c><00:26:56.370><c> a</c><00:26:56.399><c> week-by-week</c><00:26:56.639><c> basis</c>

00:26:57.409 --> 00:26:57.419 align:start position:0%
getting funding on a week-by-week basis
 

00:26:57.419 --> 00:26:58.789 align:start position:0%
getting funding on a week-by-week basis
and<00:26:57.600><c> be</c><00:26:57.690><c> uncertain</c><00:26:58.139><c> whether</c><00:26:58.380><c> it</c><00:26:58.500><c> can</c><00:26:58.590><c> actually</c>

00:26:58.789 --> 00:26:58.799 align:start position:0%
and be uncertain whether it can actually
 

00:26:58.799 --> 00:27:00.289 align:start position:0%
and be uncertain whether it can actually
continue<00:26:59.190><c> to</c><00:26:59.370><c> pay</c><00:26:59.460><c> salaries</c><00:26:59.909><c> instead</c><00:27:00.210><c> it</c>

00:27:00.289 --> 00:27:00.299 align:start position:0%
continue to pay salaries instead it
 

00:27:00.299 --> 00:27:02.419 align:start position:0%
continue to pay salaries instead it
needs<00:27:00.419><c> to</c><00:27:00.539><c> have</c><00:27:00.889><c> certainty</c><00:27:01.889><c> that</c><00:27:02.220><c> it</c><00:27:02.340><c> will</c>

00:27:02.419 --> 00:27:02.429 align:start position:0%
needs to have certainty that it will
 

00:27:02.429 --> 00:27:03.680 align:start position:0%
needs to have certainty that it will
receive<00:27:02.759><c> a</c><00:27:02.879><c> certain</c><00:27:03.120><c> amount</c><00:27:03.210><c> of</c><00:27:03.360><c> money</c><00:27:03.509><c> that</c>

00:27:03.680 --> 00:27:03.690 align:start position:0%
receive a certain amount of money that
 

00:27:03.690 --> 00:27:06.259 align:start position:0%
receive a certain amount of money that
will<00:27:03.960><c> sustain</c><00:27:04.500><c> it</c><00:27:04.860><c> over</c><00:27:05.250><c> say</c><00:27:05.490><c> year</c><00:27:06.090><c> long</c>

00:27:06.259 --> 00:27:06.269 align:start position:0%
will sustain it over say year long
 

00:27:06.269 --> 00:27:08.749 align:start position:0%
will sustain it over say year long
period<00:27:06.690><c> right</c><00:27:07.350><c> so</c><00:27:07.529><c> in</c><00:27:07.649><c> this</c><00:27:07.769><c> modified</c><00:27:08.250><c> process</c>

00:27:08.749 --> 00:27:08.759 align:start position:0%
period right so in this modified process
 

00:27:08.759 --> 00:27:10.940 align:start position:0%
period right so in this modified process
the<00:27:09.450><c> committee</c><00:27:09.659><c> you</c><00:27:10.169><c> know</c><00:27:10.200><c> when</c><00:27:10.500><c> it</c><00:27:10.590><c> holds</c>

00:27:10.940 --> 00:27:10.950 align:start position:0%
the committee you know when it holds
 

00:27:10.950 --> 00:27:12.649 align:start position:0%
the committee you know when it holds
office<00:27:11.159><c> and</c><00:27:11.490><c> then</c><00:27:11.580><c> after</c><00:27:12.090><c> being</c><00:27:12.120><c> office</c><00:27:12.509><c> for</c>

00:27:12.649 --> 00:27:12.659 align:start position:0%
office and then after being office for
 

00:27:12.659 --> 00:27:14.779 align:start position:0%
office and then after being office for
five<00:27:12.840><c> months</c><00:27:13.230><c> it</c><00:27:13.740><c> will</c><00:27:13.860><c> propose</c><00:27:14.220><c> an</c><00:27:14.429><c> annual</c>

00:27:14.779 --> 00:27:14.789 align:start position:0%
five months it will propose an annual
 

00:27:14.789 --> 00:27:17.450 align:start position:0%
five months it will propose an annual
budget<00:27:14.970><c> which</c><00:27:15.840><c> will</c><00:27:16.049><c> govern</c><00:27:16.200><c> all</c><00:27:16.679><c> the</c><00:27:17.039><c> funding</c>

00:27:17.450 --> 00:27:17.460 align:start position:0%
budget which will govern all the funding
 

00:27:17.460 --> 00:27:19.700 align:start position:0%
budget which will govern all the funding
for<00:27:17.639><c> the</c><00:27:17.730><c> core</c><00:27:17.879><c> protocol</c><00:27:18.299><c> for</c><00:27:18.480><c> that</c><00:27:18.509><c> year</c><00:27:18.870><c> and</c>

00:27:19.700 --> 00:27:19.710 align:start position:0%
for the core protocol for that year and
 

00:27:19.710 --> 00:27:20.840 align:start position:0%
for the core protocol for that year and
it<00:27:19.799><c> could</c><00:27:19.830><c> be</c><00:27:20.009><c> distributed</c><00:27:20.279><c> to</c><00:27:20.490><c> say</c><00:27:20.639><c> one</c>

00:27:20.840 --> 00:27:20.850 align:start position:0%
it could be distributed to say one
 

00:27:20.850 --> 00:27:22.070 align:start position:0%
it could be distributed to say one
Development<00:27:21.360><c> House</c><00:27:21.480><c> if</c><00:27:21.750><c> there's</c><00:27:21.899><c> just</c><00:27:21.929><c> one</c>

00:27:22.070 --> 00:27:22.080 align:start position:0%
Development House if there's just one
 

00:27:22.080 --> 00:27:24.320 align:start position:0%
Development House if there's just one
development<00:27:22.500><c> organization</c><00:27:22.980><c> or</c><00:27:23.330><c> multiple</c>

00:27:24.320 --> 00:27:24.330 align:start position:0%
development organization or multiple
 

00:27:24.330 --> 00:27:25.549 align:start position:0%
development organization or multiple
development<00:27:24.779><c> organizations</c><00:27:25.350><c> if</c><00:27:25.470><c> the</c>

00:27:25.549 --> 00:27:25.559 align:start position:0%
development organizations if the
 

00:27:25.559 --> 00:27:27.019 align:start position:0%
development organizations if the
committee<00:27:25.799><c> thinks</c><00:27:26.399><c> that</c><00:27:26.549><c> is</c><00:27:26.669><c> a</c><00:27:26.700><c> you</c><00:27:26.970><c> know</c>

00:27:27.019 --> 00:27:27.029 align:start position:0%
committee thinks that is a you know
 

00:27:27.029 --> 00:27:29.600 align:start position:0%
committee thinks that is a you know
better<00:27:27.269><c> scenario</c><00:27:27.509><c> for</c><00:27:27.960><c> the</c><00:27:28.019><c> users</c><00:27:28.320><c> and</c><00:27:28.610><c> then</c>

00:27:29.600 --> 00:27:29.610 align:start position:0%
better scenario for the users and then
 

00:27:29.610 --> 00:27:31.190 align:start position:0%
better scenario for the users and then
you<00:27:29.940><c> know</c><00:27:30.029><c> given</c><00:27:30.299><c> that</c><00:27:30.330><c> this</c><00:27:30.659><c> is</c><00:27:30.809><c> a</c><00:27:30.840><c> larger</c>

00:27:31.190 --> 00:27:31.200 align:start position:0%
you know given that this is a larger
 

00:27:31.200 --> 00:27:32.960 align:start position:0%
you know given that this is a larger
decision<00:27:31.590><c> that</c><00:27:31.830><c> the</c><00:27:32.340><c> community</c><00:27:32.730><c> lends</c><00:27:32.879><c> a</c>

00:27:32.960 --> 00:27:32.970 align:start position:0%
decision that the community lends a
 

00:27:32.970 --> 00:27:35.330 align:start position:0%
decision that the community lends a
month<00:27:33.259><c> to</c><00:27:34.259><c> either</c><00:27:34.440><c> let</c><00:27:34.740><c> the</c><00:27:34.889><c> decision</c><00:27:35.039><c> go</c>

00:27:35.330 --> 00:27:35.340 align:start position:0%
month to either let the decision go
 

00:27:35.340 --> 00:27:36.499 align:start position:0%
month to either let the decision go
through<00:27:35.639><c> and</c><00:27:35.879><c> then</c><00:27:36.000><c> the</c><00:27:36.059><c> money</c><00:27:36.210><c> will</c><00:27:36.389><c> be</c>

00:27:36.499 --> 00:27:36.509 align:start position:0%
through and then the money will be
 

00:27:36.509 --> 00:27:38.029 align:start position:0%
through and then the money will be
released<00:27:36.779><c> to</c><00:27:36.870><c> development</c><00:27:37.230><c> houses</c><00:27:37.559><c> or</c><00:27:37.710><c> block</c>

00:27:38.029 --> 00:27:38.039 align:start position:0%
released to development houses or block
 

00:27:38.039 --> 00:27:41.259 align:start position:0%
released to development houses or block
it<00:27:38.279><c> in</c><00:27:38.700><c> which</c><00:27:39.120><c> case</c><00:27:39.149><c> we</c><00:27:39.480><c> go</c><00:27:39.659><c> to</c><00:27:39.740><c> re-election</c>

00:27:41.259 --> 00:27:41.269 align:start position:0%
it in which case we go to re-election
 

00:27:41.269 --> 00:27:43.399 align:start position:0%
it in which case we go to re-election
but<00:27:42.269><c> other</c><00:27:42.419><c> than</c><00:27:42.570><c> that</c><00:27:42.659><c> you</c><00:27:43.019><c> know</c><00:27:43.139><c> essentially</c>

00:27:43.399 --> 00:27:43.409 align:start position:0%
but other than that you know essentially
 

00:27:43.409 --> 00:27:46.970 align:start position:0%
but other than that you know essentially
the<00:27:43.710><c> long</c><00:27:44.070><c> term</c><00:27:44.600><c> plan</c><00:27:45.600><c> is</c><00:27:45.899><c> very</c><00:27:46.200><c> similar</c><00:27:46.620><c> to</c>

00:27:46.970 --> 00:27:46.980 align:start position:0%
the long term plan is very similar to
 

00:27:46.980 --> 00:27:50.629 align:start position:0%
the long term plan is very similar to
the<00:27:47.639><c> small-scale</c><00:27:48.419><c> sort</c><00:27:48.990><c> of</c><00:27:49.049><c> short-term</c><00:27:49.639><c> grant</c>

00:27:50.629 --> 00:27:50.639 align:start position:0%
the small-scale sort of short-term grant
 

00:27:50.639 --> 00:27:53.990 align:start position:0%
the small-scale sort of short-term grant
program<00:27:51.059><c> plan</c><00:27:51.950><c> anyways</c><00:27:52.950><c> thank</c><00:27:53.549><c> you</c><00:27:53.610><c> guys</c><00:27:53.820><c> for</c>

00:27:53.990 --> 00:27:54.000 align:start position:0%
program plan anyways thank you guys for
 

00:27:54.000 --> 00:27:55.009 align:start position:0%
program plan anyways thank you guys for
listening<00:27:54.120><c> so</c><00:27:54.450><c> this</c><00:27:54.570><c> is</c><00:27:54.690><c> the</c><00:27:54.779><c> end</c><00:27:54.899><c> of</c><00:27:54.929><c> the</c>

00:27:55.009 --> 00:27:55.019 align:start position:0%
listening so this is the end of the
 

00:27:55.019 --> 00:27:57.379 align:start position:0%
listening so this is the end of the
presentation<00:27:55.529><c> I</c><00:27:55.649><c> just</c><00:27:55.679><c> want</c><00:27:55.980><c> to</c><00:27:56.100><c> ask</c><00:27:56.700><c> if</c><00:27:57.269><c> you</c>

00:27:57.379 --> 00:27:57.389 align:start position:0%
presentation I just want to ask if you
 

00:27:57.389 --> 00:27:59.029 align:start position:0%
presentation I just want to ask if you
guys<00:27:57.480><c> have</c><00:27:57.629><c> any</c><00:27:57.750><c> questions</c><00:27:58.289><c> feedback</c><00:27:58.830><c> or</c>

00:27:59.029 --> 00:27:59.039 align:start position:0%
guys have any questions feedback or
 

00:27:59.039 --> 00:28:00.619 align:start position:0%
guys have any questions feedback or
suggestions<00:27:59.429><c> so</c><00:28:00.059><c> I</c><00:28:00.090><c> can</c><00:28:00.269><c> take</c><00:28:00.330><c> a</c><00:28:00.389><c> question</c>

00:28:00.619 --> 00:28:00.629 align:start position:0%
suggestions so I can take a question
 

00:28:00.629 --> 00:28:02.930 align:start position:0%
suggestions so I can take a question
right<00:28:00.720><c> now</c><00:28:00.870><c> if</c><00:28:01.320><c> there's</c><00:28:01.529><c> time</c><00:28:01.710><c> is</c><00:28:01.889><c> no</c><00:28:02.549><c> no</c><00:28:02.669><c> time</c>

00:28:02.930 --> 00:28:02.940 align:start position:0%
right now if there's time is no no time
 

00:28:02.940 --> 00:28:05.119 align:start position:0%
right now if there's time is no no time
there's<00:28:03.210><c> no</c><00:28:03.240><c> time</c><00:28:03.330><c> sorry</c><00:28:03.659><c> sorry</c><00:28:04.289><c> you</c><00:28:04.830><c> off</c><00:28:04.980><c> to</c>

00:28:05.119 --> 00:28:05.129 align:start position:0%
there's no time sorry sorry you off to
 

00:28:05.129 --> 00:28:06.860 align:start position:0%
there's no time sorry sorry you off to
the<00:28:05.309><c> please</c><00:28:05.730><c> come</c><00:28:06.029><c> talk</c><00:28:06.360><c> to</c><00:28:06.419><c> me</c><00:28:06.539><c> afterwards</c>

00:28:06.860 --> 00:28:06.870 align:start position:0%
the please come talk to me afterwards
 

00:28:06.870 --> 00:28:18.259 align:start position:0%
the please come talk to me afterwards
right<00:28:07.169><c> now</c>

00:28:18.259 --> 00:28:18.269 align:start position:0%
 
 

00:28:18.269 --> 00:28:20.330 align:start position:0%
 
you