WEBVTT Kind: captions Language: en 00:00:01.070 --> 00:00:10.260 align:start position:0% [Applause] 00:00:10.260 --> 00:00:10.270 align:start position:0% 00:00:10.270 --> 00:00:12.549 align:start position:0% thank<00:00:11.270> you<00:00:11.450> all<00:00:11.630> for<00:00:11.870> being<00:00:11.990> here<00:00:12.290> for 00:00:12.549 --> 00:00:12.559 align:start position:0% thank you all for being here for 00:00:12.559 --> 00:00:14.020 align:start position:0% thank you all for being here for building<00:00:12.950> synthetic<00:00:13.370> derivatives<00:00:13.820> on 00:00:14.020 --> 00:00:14.030 align:start position:0% building synthetic derivatives on 00:00:14.030 --> 00:00:16.900 align:start position:0% building synthetic derivatives on aetherium<00:00:14.799> just<00:00:15.799> to<00:00:15.950> quickly<00:00:16.130> start<00:00:16.520> off<00:00:16.670> by 00:00:16.900 --> 00:00:16.910 align:start position:0% aetherium just to quickly start off by 00:00:16.910 --> 00:00:19.300 align:start position:0% aetherium just to quickly start off by introducing<00:00:17.060> ourselves<00:00:17.570> my<00:00:18.560> name<00:00:18.710> is<00:00:18.830> Alison 00:00:19.300 --> 00:00:19.310 align:start position:0% introducing ourselves my name is Alison 00:00:19.310 --> 00:00:22.179 align:start position:0% introducing ourselves my name is Alison I'm<00:00:19.550> the<00:00:19.670> co-founder<00:00:19.849> of<00:00:20.180> Puma<00:00:20.570> I<00:00:21.410> come<00:00:21.860> from<00:00:22.040> a 00:00:22.179 --> 00:00:22.189 align:start position:0% I'm the co-founder of Puma I come from a 00:00:22.189 --> 00:00:23.890 align:start position:0% I'm the co-founder of Puma I come from a traditional<00:00:22.670> institutional<00:00:23.510> finance 00:00:23.890 --> 00:00:23.900 align:start position:0% traditional institutional finance 00:00:23.900 --> 00:00:26.320 align:start position:0% traditional institutional finance background<00:00:24.380> after<00:00:25.250> graduating<00:00:25.849> college<00:00:25.880> I 00:00:26.320 --> 00:00:26.330 align:start position:0% background after graduating college I 00:00:26.330 --> 00:00:28.330 align:start position:0% background after graduating college I traded<00:00:26.630> interest<00:00:27.380> rate<00:00:27.529> products<00:00:27.890> at<00:00:28.039> Goldman 00:00:28.330 --> 00:00:28.340 align:start position:0% traded interest rate products at Goldman 00:00:28.340 --> 00:00:30.099 align:start position:0% traded interest rate products at Goldman Sachs<00:00:28.550> for<00:00:28.940> about<00:00:29.300> six<00:00:29.570> years 00:00:30.099 --> 00:00:30.109 align:start position:0% Sachs for about six years 00:00:30.109 --> 00:00:31.720 align:start position:0% Sachs for about six years managed<00:00:30.619> at<00:00:30.740> thirty<00:00:30.920> billion<00:00:31.130> dollar<00:00:31.400> buck 00:00:31.720 --> 00:00:31.730 align:start position:0% managed at thirty billion dollar buck 00:00:31.730 --> 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particularly<00:00:39.620> fun<00:00:39.830> decided<00:00:40.820> to<00:00:40.879> get<00:00:41.000> back 00:00:41.619 --> 00:00:41.629 align:start position:0% particularly fun decided to get back 00:00:41.629 --> 00:00:44.290 align:start position:0% particularly fun decided to get back into<00:00:41.989> my<00:00:42.260> roots<00:00:42.470> and<00:00:42.620> technology<00:00:43.129> joined<00:00:43.879> a 00:00:44.290 --> 00:00:44.300 align:start position:0% into my roots and technology joined a 00:00:44.300 --> 00:00:46.329 align:start position:0% into my roots and technology joined a start-up<00:00:44.750> in<00:00:45.110> California<00:00:45.589> that<00:00:45.830> did<00:00:46.040> mobile 00:00:46.329 --> 00:00:46.339 align:start position:0% start-up in California that did mobile 00:00:46.339 --> 00:00:48.910 align:start position:0% start-up in California that did mobile lending<00:00:46.989> still<00:00:47.989> that<00:00:48.260> company<00:00:48.680> is<00:00:48.769> still 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position:0% art the existing financial system just 00:01:01.190 --> 00:01:02.680 align:start position:0% art the existing financial system just weren't<00:01:01.369> aligned<00:01:01.879> between<00:01:02.239> different 00:01:02.680 --> 00:01:02.690 align:start position:0% weren't aligned between different 00:01:02.690 --> 00:01:04.810 align:start position:0% weren't aligned between different stakeholders<00:01:02.869> so<00:01:03.710> I<00:01:03.739> got<00:01:03.979> married<00:01:04.250> in<00:01:04.309> chanted 00:01:04.810 --> 00:01:04.820 align:start position:0% stakeholders so I got married in chanted 00:01:04.820 --> 00:01:06.280 align:start position:0% stakeholders so I got married in chanted with<00:01:05.030> all<00:01:05.180> of<00:01:05.299> this<00:01:05.360> blockchain<00:01:05.840> stuff<00:01:06.140> the 00:01:06.280 --> 00:01:06.290 align:start position:0% with all of this blockchain stuff the 00:01:06.290 --> 00:01:08.020 align:start position:0% with all of this blockchain stuff the idea<00:01:06.560> that<00:01:06.799> you<00:01:06.890> could<00:01:07.040> embed<00:01:07.190> economic 00:01:08.020 --> 00:01:08.030 align:start position:0% idea that you could embed economic 00:01:08.030 --> 00:01:10.570 align:start position:0% idea that you could embed economic incentives<00:01:08.540> into<00:01:08.869> a<00:01:09.080> technology<00:01:09.710> and<00:01:09.950> changed 00:01:10.570 --> 00:01:10.580 align:start position:0% incentives into a technology and changed 00:01:10.580 --> 00:01:12.789 align:start position:0% incentives into a technology and changed the<00:01:10.729> way<00:01:10.850> that<00:01:11.030> people<00:01:11.090> interact<00:01:11.570> with<00:01:11.840> it<00:01:12.020> and 00:01:12.789 --> 00:01:12.799 align:start position:0% the way that people interact with it and 00:01:12.799 --> 00:01:14.709 align:start position:0% the way that people interact with it and so<00:01:12.979> that's<00:01:13.190> how<00:01:13.430> I<00:01:13.490> came<00:01:13.700> about<00:01:14.060> to<00:01:14.420> get 00:01:14.709 --> 00:01:14.719 align:start position:0% so that's how I came about to get 00:01:14.719 --> 00:01:17.980 align:start position:0% so that's how I came about to get started<00:01:15.020> with<00:01:15.140> uma<00:01:15.549> my<00:01:16.549> co-presenter<00:01:17.180> is<00:01:17.479> my 00:01:17.980 --> 00:01:17.990 align:start position:0% started with uma my co-presenter is my 00:01:17.990 --> 00:01:22.029 align:start position:0% started with uma my co-presenter is my colleague<00:01:18.320> regina<00:01:18.619> by<00:01:19.719> regina<00:01:20.719> I<00:01:21.200> lira 00:01:22.029 --> 00:01:22.039 align:start position:0% colleague regina by regina I lira 00:01:22.039 --> 00:01:24.249 align:start position:0% colleague regina by regina I lira financial<00:01:22.520> engineering<00:01:22.880> efforts<00:01:23.240> at<00:01:23.479> uma<00:01:23.810> I 00:01:24.249 --> 00:01:24.259 align:start position:0% financial engineering efforts at uma I 00:01:24.259 --> 00:01:26.709 align:start position:0% financial engineering efforts at uma I also<00:01:24.740> came<00:01:25.009> from<00:01:25.310> a<00:01:25.609> traditional<00:01:25.969> I'd<00:01:26.600> say 00:01:26.709 --> 00:01:26.719 align:start position:0% also came from a traditional I'd say 00:01:26.719 --> 00:01:29.529 align:start position:0% also came from a traditional I'd say finance<00:01:27.049> background<00:01:27.229> so<00:01:27.799> prior<00:01:28.159> to<00:01:28.539> joining 00:01:29.529 --> 00:01:29.539 align:start position:0% finance background so prior to joining 00:01:29.539 --> 00:01:31.569 align:start position:0% finance background so prior to joining Emma<00:01:30.049> iOS<00:01:30.859> AI<00:01:31.070> could<00:01:31.310> be<00:01:31.369> derivative 00:01:31.569 --> 00:01:31.579 align:start position:0% Emma iOS AI could be derivative 00:01:31.579 --> 00:01:33.849 align:start position:0% Emma iOS AI could be derivative structure<00:01:32.149> at<00:01:32.450> a<00:01:32.479> bank<00:01:32.719> so<00:01:33.229> I<00:01:33.259> thought<00:01:33.619> a<00:01:33.649> lot 00:01:33.849 --> 00:01:33.859 align:start position:0% structure at a bank so I thought a lot 00:01:33.859 --> 00:01:36.010 align:start position:0% structure at a bank so I thought a lot about<00:01:34.390> different<00:01:35.390> kinds<00:01:35.600> of<00:01:35.659> natural 00:01:36.010 --> 00:01:36.020 align:start position:0% about different kinds of natural 00:01:36.020 --> 00:01:38.139 align:start position:0% about different kinds of natural products<00:01:36.530> and<00:01:36.740> how<00:01:36.859> to<00:01:36.920> structure<00:01:37.219> bespoke 00:01:38.139 --> 00:01:38.149 align:start position:0% products and how to structure bespoke 00:01:38.149 --> 00:01:43.450 align:start position:0% products and how to structure bespoke trades<00:01:38.570> for<00:01:38.899> clients<00:01:41.140> so<00:01:42.140> first<00:01:42.619> just<00:01:42.770> to<00:01:43.159> tell 00:01:43.450 --> 00:01:43.460 align:start position:0% trades for clients so first just to tell 00:01:43.460 --> 00:01:45.219 align:start position:0% trades for clients so first just to tell you<00:01:43.579> a<00:01:43.609> little<00:01:43.789> bit<00:01:43.999> about<00:01:44.179> what<00:01:44.600> we<00:01:44.719> do<00:01:44.840> at<00:01:44.960> uma 00:01:45.219 --> 00:01:45.229 align:start position:0% you a little bit about what we do at uma 00:01:45.229 --> 00:01:47.260 align:start position:0% you a little bit about what we do at uma we<00:01:45.799> build<00:01:46.009> financial<00:01:46.460> infrastructure<00:01:46.880> for 00:01:47.260 --> 00:01:47.270 align:start position:0% we build financial infrastructure for 00:01:47.270 --> 00:01:49.719 align:start position:0% we build financial infrastructure for aetherium<00:01:47.570> and<00:01:48.109> specifically<00:01:49.070> this<00:01:49.460> means 00:01:49.719 --> 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associate 00:02:05.050 --> 00:02:05.060 align:start position:0% payoffs associate 00:02:05.060 --> 00:02:08.620 align:start position:0% payoffs associate these<00:02:05.150> financial<00:02:05.360> contracts<00:02:07.090> today<00:02:08.090> this<00:02:08.479> is 00:02:08.620 --> 00:02:08.630 align:start position:0% these financial contracts today this is 00:02:08.630 --> 00:02:10.090 align:start position:0% these financial contracts today this is beliefs<00:02:09.020> agenda<00:02:09.410> we're<00:02:09.590> going<00:02:09.619> to<00:02:09.800> be<00:02:09.890> talking 00:02:10.090 --> 00:02:10.100 align:start position:0% beliefs agenda we're going to be talking 00:02:10.100 --> 00:02:12.250 align:start position:0% beliefs agenda we're going to be talking about<00:02:10.310> synthetic<00:02:11.120> derivatives<00:02:11.569> different 00:02:12.250 --> 00:02:12.260 align:start position:0% about synthetic derivatives different 00:02:12.260 --> 00:02:14.140 align:start position:0% about synthetic derivatives different types<00:02:12.470> of<00:02:12.650> derivatives<00:02:13.160> the<00:02:13.790> market<00:02:14.060> dynamics 00:02:14.140 --> 00:02:14.150 align:start position:0% types of derivatives the market dynamics 00:02:14.150 --> 00:02:16.059 align:start position:0% types of derivatives the market dynamics with<00:02:14.750> which<00:02:14.930> they<00:02:15.110> trade<00:02:15.410> just<00:02:15.740> a<00:02:15.830> high-level 00:02:16.059 --> 00:02:16.069 align:start position:0% with which they trade just a high-level 00:02:16.069 --> 00:02:19.030 align:start position:0% with which they trade just a high-level overview<00:02:17.200> and<00:02:18.200> then<00:02:18.290> we're<00:02:18.470> also<00:02:18.590> going<00:02:18.860> to<00:02:18.980> be 00:02:19.030 --> 00:02:19.040 align:start position:0% overview and then we're also going to be 00:02:19.040 --> 00:02:20.830 align:start position:0% overview and then we're also going to be talking<00:02:19.250> about<00:02:19.459> what<00:02:19.970> you<00:02:20.030> can<00:02:20.180> actually<00:02:20.360> do 00:02:20.830 --> 00:02:20.840 align:start position:0% talking about what you can actually do 00:02:20.840 --> 00:02:25.059 align:start position:0% talking about what you can actually do with<00:02:21.190> today<00:02:22.190> we've<00:02:22.880> created<00:02:23.860> basically<00:02:24.860> a 00:02:25.059 --> 00:02:25.069 align:start position:0% with today we've created basically a 00:02:25.069 --> 00:02:27.130 align:start position:0% with today we've created basically a subset<00:02:25.640> a<00:02:25.819> particular<00:02:26.300> type<00:02:26.510> of<00:02:26.540> synthetic 00:02:27.130 --> 00:02:27.140 align:start position:0% subset a particular type of synthetic 00:02:27.140 --> 00:02:28.510 align:start position:0% subset a particular type of synthetic derivative<00:02:27.530> that<00:02:27.680> you<00:02:27.770> can<00:02:27.890> actually<00:02:28.010> use<00:02:28.340> and 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talk a little bit about ways 00:02:35.030 --> 00:02:38.050 align:start position:0% going to talk a little bit about ways that<00:02:35.450> they<00:02:36.260> are<00:02:36.290> both<00:02:36.830> being<00:02:37.100> used<00:02:37.489> and<00:02:37.790> could 00:02:38.050 --> 00:02:38.060 align:start position:0% that they are both being used and could 00:02:38.060 --> 00:02:40.600 align:start position:0% that they are both being used and could be<00:02:38.239> applied<00:02:38.570> to<00:02:39.470> different<00:02:39.560> use<00:02:39.860> cases<00:02:40.100> today 00:02:40.600 --> 00:02:40.610 align:start position:0% be applied to different use cases today 00:02:40.610 --> 00:02:42.160 align:start position:0% be applied to different use cases today and<00:02:41.030> how<00:02:41.180> you<00:02:41.239> could<00:02:41.450> actually<00:02:41.600> extend<00:02:42.050> it 00:02:42.160 --> 00:02:42.170 align:start position:0% and how you could actually extend it 00:02:42.170 --> 00:02:45.340 align:start position:0% and how you could actually extend it further<00:02:42.550> and<00:02:43.550> then<00:02:43.760> lastly<00:02:44.239> because<00:02:44.930> all 00:02:45.340 --> 00:02:45.350 align:start position:0% further and then lastly because all 00:02:45.350 --> 00:02:48.160 align:start position:0% further and then lastly because all derivatives<00:02:45.880> fundamentally<00:02:46.880> require<00:02:47.269> an 00:02:48.160 --> 00:02:48.170 align:start position:0% derivatives fundamentally require an 00:02:48.170 --> 00:02:50.530 align:start position:0% derivatives fundamentally require an ancient<00:02:48.800> Oracle<00:02:49.040> we're<00:02:49.730> also<00:02:49.850> going<00:02:50.150> to<00:02:50.300> touch 00:02:50.530 --> 00:02:50.540 align:start position:0% ancient Oracle we're also going to touch 00:02:50.540 --> 00:02:53.470 align:start position:0% ancient Oracle we're also going to touch on<00:02:50.810> how<00:02:51.050> you<00:02:51.110> can<00:02:51.350> actually<00:02:51.500> write<00:02:51.860> a<00:02:52.480> secure 00:02:53.470 --> 00:02:53.480 align:start position:0% on how you can actually write a secure 00:02:53.480 --> 00:02:55.420 align:start position:0% on how you can actually write a secure scalable<00:02:53.959> financial<00:02:54.739> contracts<00:02:55.130> on<00:02:55.340> the 00:02:55.420 --> 00:02:55.430 align:start position:0% scalable financial contracts on the 00:02:55.430 --> 00:02:58.059 align:start position:0% scalable financial contracts on the blockchain<00:02:55.640> that<00:02:56.360> don't<00:02:56.780> require<00:02:57.110> a 00:02:58.059 --> 00:02:58.069 align:start position:0% blockchain that don't require a 00:02:58.069 --> 00:03:00.400 align:start position:0% blockchain that don't require a constantly<00:02:58.819> live<00:02:59.030> on<00:02:59.330> chain<00:02:59.630> price<00:02:59.930> Oracle 00:03:00.400 --> 00:03:00.410 align:start position:0% constantly live on chain price Oracle 00:03:00.410 --> 00:03:01.960 align:start position:0% constantly live on chain price Oracle called<00:03:00.739> the<00:03:00.830> priceless<00:03:01.069> contract<00:03:01.670> design 00:03:01.960 --> 00:03:01.970 align:start position:0% called the priceless contract design 00:03:01.970 --> 00:03:04.390 align:start position:0% called the priceless contract design framework<00:03:02.840> and<00:03:03.470> hopefully<00:03:04.040> we'll<00:03:04.220> have<00:03:04.340> a 00:03:04.390 --> 00:03:04.400 align:start position:0% framework and hopefully we'll have a 00:03:04.400 --> 00:03:09.559 align:start position:0% framework and hopefully we'll have a little<00:03:04.489> bit<00:03:04.790> of<00:03:04.880> time<00:03:05.060> at<00:03:05.209> the<00:03:05.330> end<00:03:05.390> for<00:03:05.600> Q&A<00:03:07.450> ok 00:03:09.559 --> 00:03:09.569 align:start position:0% little bit of time at the end for Q&A ok 00:03:09.569 --> 00:03:12.949 align:start position:0% little bit of time at the end for Q&A ok so<00:03:10.549> just<00:03:11.549> to<00:03:11.790> really<00:03:12.090> quickly<00:03:12.540> introduce 00:03:12.949 --> 00:03:12.959 align:start position:0% so just to really quickly introduce 00:03:12.959 --> 00:03:14.839 align:start position:0% so just to really quickly introduce synthetic<00:03:13.379> derivatives<00:03:13.799> here<00:03:14.010> I'm<00:03:14.219> sorry<00:03:14.700> if 00:03:14.839 --> 00:03:14.849 align:start position:0% synthetic derivatives here I'm sorry if 00:03:14.849 --> 00:03:16.520 align:start position:0% synthetic derivatives here I'm sorry if this<00:03:15.030> is<00:03:15.180> a<00:03:15.209> little<00:03:15.480> basic<00:03:15.659> for<00:03:16.079> some<00:03:16.290> of<00:03:16.379> you 00:03:16.520 --> 00:03:16.530 align:start position:0% this is a little basic for some of you 00:03:16.530 --> 00:03:19.640 align:start position:0% this is a little basic for some of you but<00:03:17.489> derivatives<00:03:18.150> are<00:03:18.480> a<00:03:18.540> very<00:03:19.109> very<00:03:19.319> very 00:03:19.640 --> 00:03:19.650 align:start position:0% but derivatives are a very very very 00:03:19.650 --> 00:03:22.819 align:start position:0% but derivatives are a very very very flexible<00:03:21.200> invention<00:03:22.200> within<00:03:22.500> financial 00:03:22.819 --> 00:03:22.829 align:start position:0% flexible invention within financial 00:03:22.829 --> 00:03:24.920 align:start position:0% flexible invention within financial products<00:03:23.310> where<00:03:23.909> basically<00:03:24.390> you<00:03:24.569> can<00:03:24.719> create 00:03:24.920 --> 00:03:24.930 align:start position:0% products where basically you can create 00:03:24.930 --> 00:03:27.050 align:start position:0% products where basically you can create any<00:03:25.200> arbitrary<00:03:25.950> payout<00:03:26.280> structure<00:03:26.700> that<00:03:26.909> you 00:03:27.050 --> 00:03:27.060 align:start position:0% any arbitrary payout structure that you 00:03:27.060 --> 00:03:29.630 align:start position:0% any arbitrary payout structure that you want<00:03:27.329> based<00:03:28.319> on<00:03:28.530> external<00:03:29.040> reference<00:03:29.370> data 00:03:29.630 --> 00:03:29.640 align:start position:0% want based on external reference data 00:03:29.640 --> 00:03:33.229 align:start position:0% want based on external reference data and<00:03:29.909> so<00:03:30.510> what<00:03:31.230> we<00:03:31.709> build<00:03:32.040> at<00:03:32.189> uma<00:03:32.519> is<00:03:32.730> basically 00:03:33.229 --> 00:03:33.239 align:start position:0% and so what we build at uma is basically 00:03:33.239 --> 00:03:35.479 align:start position:0% and so what we build at uma is basically the<00:03:33.510> smart<00:03:33.750> contract<00:03:33.930> templates<00:03:34.530> of<00:03:34.859> if<00:03:35.129> this 00:03:35.479 --> 00:03:35.489 align:start position:0% the smart contract templates of if this 00:03:35.489 --> 00:03:37.429 align:start position:0% the smart contract templates of if this then<00:03:35.849> that<00:03:35.909> logic<00:03:36.720> for<00:03:37.019> how<00:03:37.139> different 00:03:37.429 --> 00:03:37.439 align:start position:0% then that logic for how different 00:03:37.439 --> 00:03:39.920 align:start position:0% then that logic for how different payouts<00:03:38.010> should<00:03:38.430> work<00:03:38.609> and<00:03:39.480> then<00:03:39.750> the 00:03:39.920 --> 00:03:39.930 align:start position:0% payouts should work and then the 00:03:39.930 --> 00:03:42.619 align:start position:0% payouts should work and then the decentralized<00:03:40.680> Oracle<00:03:41.459> service<00:03:41.790> to<00:03:42.180> validate 00:03:42.619 --> 00:03:42.629 align:start position:0% decentralized Oracle service to validate 00:03:42.629 --> 00:03:46.059 align:start position:0% decentralized Oracle service to validate the<00:03:43.049> accuracy<00:03:43.439> of<00:03:43.799> this<00:03:43.920> external<00:03:44.250> reference 00:03:46.059 --> 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derivatives sorry I'm American so I used<00:03:54.090> a<00:03:54.209> football<00:03:54.659> example<00:03:55.139> here<00:03:55.730> but<00:03:56.730> you 00:03:57.080 --> 00:03:57.090 align:start position:0% used a football example here but you 00:03:57.090 --> 00:03:59.780 align:start position:0% used a football example here but you know<00:03:57.239> these<00:03:58.220> binary<00:03:59.220> discrete<00:03:59.639> and 00:03:59.780 --> 00:03:59.790 align:start position:0% know these binary discrete and 00:03:59.790 --> 00:04:01.280 align:start position:0% know these binary discrete and continuous<00:03:59.879> examples<00:04:00.720> here<00:04:00.930> really<00:04:01.200> are 00:04:01.280 --> 00:04:01.290 align:start position:0% continuous examples here really are 00:04:01.290 --> 00:04:03.379 align:start position:0% continuous examples here really are actually<00:04:02.250> the<00:04:02.400> simplest<00:04:02.669> examples<00:04:03.239> of 00:04:03.379 --> 00:04:03.389 align:start position:0% actually the simplest examples of 00:04:03.389 --> 00:04:04.759 align:start position:0% actually the simplest examples of derivatives<00:04:03.720> that<00:04:03.840> you<00:04:03.900> can<00:04:04.049> make<00:04:04.230> so<00:04:04.680> you 00:04:04.759 --> 00:04:04.769 align:start position:0% derivatives that you can make so you 00:04:04.769 --> 00:04:06.229 align:start position:0% derivatives that you can make so you could<00:04:04.889> create<00:04:05.040> a<00:04:05.129> binary<00:04:05.370> derivative<00:04:06.030> that's 00:04:06.229 --> 00:04:06.239 align:start position:0% could create a binary derivative that's 00:04:06.239 --> 00:04:08.030 align:start position:0% could create a binary derivative that's answering<00:04:06.659> a<00:04:06.720> yes/no<00:04:07.139> question<00:04:07.169> like<00:04:07.859> will 00:04:08.030 --> 00:04:08.040 align:start position:0% answering a yes/no question like will 00:04:08.040 --> 00:04:10.849 align:start position:0% answering a yes/no question like will the<00:04:08.159> Giants<00:04:08.549> win<00:04:08.730> their<00:04:08.909> next<00:04:09.060> game<00:04:09.329> if<00:04:10.319> yes<00:04:10.680> to 00:04:10.849 --> 00:04:10.859 align:start position:0% the Giants win their next game if yes to 00:04:10.859 --> 00:04:14.119 align:start position:0% the Giants win their next game if yes to pay<00:04:11.040> Alice<00:04:11.430> if<00:04:11.639> no<00:04:11.879> pay<00:04:12.180> Bob<00:04:12.650> that<00:04:13.650> really<00:04:14.010> is<00:04:14.099> a 00:04:14.119 --> 00:04:14.129 align:start position:0% pay Alice if no pay Bob that really is a 00:04:14.129 --> 00:04:16.759 align:start position:0% pay Alice if no pay Bob that really is a binary<00:04:14.579> derivative<00:04:15.209> same<00:04:16.109> with<00:04:16.289> the<00:04:16.500> street 00:04:16.759 --> 00:04:16.769 align:start position:0% binary derivative same with the street 00:04:16.769 --> 00:04:18.529 align:start position:0% binary derivative same with the street where<00:04:16.949> you're<00:04:17.070> choosing<00:04:17.519> between<00:04:17.669> a<00:04:17.880> discrete 00:04:18.529 --> 00:04:18.539 align:start position:0% where you're choosing between a discrete 00:04:18.539 --> 00:04:22.879 align:start position:0% where you're choosing between a discrete set<00:04:18.840> of<00:04:18.900> possible<00:04:19.769> outcomes<00:04:21.289> like<00:04:22.289> which<00:04:22.500> team 00:04:22.879 --> 00:04:22.889 align:start position:0% set of possible outcomes like which team 00:04:22.889 --> 00:04:24.529 align:start position:0% set of possible outcomes like which team within<00:04:23.340> the<00:04:23.430> NFL<00:04:23.639> is<00:04:23.909> going<00:04:24.090> to<00:04:24.210> win<00:04:24.330> the<00:04:24.419> Super 00:04:24.529 --> 00:04:24.539 align:start position:0% within the NFL is going to win the Super 00:04:24.539 --> 00:04:26.330 align:start position:0% within the NFL is going to win the Super Bowl<00:04:24.720> this<00:04:24.870> year<00:04:25.199> and<00:04:26.039> then<00:04:26.159> there's 00:04:26.330 --> 00:04:26.340 align:start position:0% Bowl this year and then there's 00:04:26.340 --> 00:04:29.180 align:start position:0% Bowl this year and then there's continuous<00:04:26.880> derivatives<00:04:27.120> of<00:04:27.750> like<00:04:28.470> how<00:04:29.010> many 00:04:29.180 --> 00:04:29.190 align:start position:0% continuous derivatives of like how many 00:04:29.190 --> 00:04:30.740 align:start position:0% continuous derivatives of like how many rushing<00:04:29.580> yards<00:04:29.849> are<00:04:29.970> you<00:04:30.060> going<00:04:30.210> to<00:04:30.300> have<00:04:30.449> or 00:04:30.740 --> 00:04:30.750 align:start position:0% rushing yards are you going to have or 00:04:30.750 --> 00:04:33.620 align:start position:0% rushing yards are you going to have or what's<00:04:30.930> the<00:04:31.020> valuation<00:04:31.650> of<00:04:31.949> a<00:04:32.070> given<00:04:32.370> team<00:04:32.630> and 00:04:33.620 --> 00:04:33.630 align:start position:0% what's the valuation of a given team and 00:04:33.630 --> 00:04:35.210 align:start position:0% what's the valuation of a given team and just<00:04:33.900> like<00:04:34.110> when<00:04:34.289> you're<00:04:34.409> making<00:04:34.560> a<00:04:34.740> bet<00:04:34.979> with 00:04:35.210 --> 00:04:35.220 align:start position:0% just like when you're making a bet with 00:04:35.220 --> 00:04:38.060 align:start position:0% just like when you're making a bet with somebody<00:04:35.580> you<00:04:36.030> have<00:04:36.210> to<00:04:36.330> define<00:04:36.990> the<00:04:37.229> terms<00:04:37.710> of 00:04:38.060 --> 00:04:38.070 align:start position:0% somebody you have to define the terms of 00:04:38.070 --> 00:04:41.300 align:start position:0% somebody you have to define the terms of a<00:04:38.220> derivative<00:04:38.430> in<00:04:38.909> advance<00:04:39.300> so<00:04:40.020> if<00:04:40.860> you<00:04:41.070> and<00:04:41.250> I 00:04:41.300 --> 00:04:41.310 align:start position:0% a derivative in advance so if you and I 00:04:41.310 --> 00:04:44.240 align:start position:0% a derivative in advance so if you and I were<00:04:41.639> to<00:04:42.000> make<00:04:42.539> a<00:04:42.599> bet<00:04:42.900> right<00:04:43.229> in<00:04:43.590> advance<00:04:43.979> we'd 00:04:44.240 --> 00:04:44.250 align:start position:0% were to make a bet right in advance we'd 00:04:44.250 --> 00:04:46.310 align:start position:0% were to make a bet right in advance we'd say<00:04:44.490> what<00:04:44.699> size<00:04:44.940> like<00:04:44.970> ten<00:04:45.750> dollars<00:04:45.900> that<00:04:46.229> the 00:04:46.310 --> 00:04:46.320 align:start position:0% say what size like ten dollars that the 00:04:46.320 --> 00:04:48.770 align:start position:0% say what size like ten dollars that the Giants<00:04:46.650> win<00:04:46.770> their<00:04:46.949> next<00:04:47.159> game<00:04:47.479> we<00:04:48.479> would<00:04:48.659> also 00:04:48.770 --> 00:04:48.780 align:start position:0% Giants win their next game we would also 00:04:48.780 --> 00:04:50.689 align:start position:0% Giants win their next game we would also define<00:04:49.169> the<00:04:49.199> expiration<00:04:49.710> or<00:04:50.099> it<00:04:50.430> might<00:04:50.580> be 00:04:50.689 --> 00:04:50.699 align:start position:0% define the expiration or it might be 00:04:50.699 --> 00:04:52.700 align:start position:0% define the expiration or it might be implied<00:04:51.060> that<00:04:51.449> the<00:04:51.750> exploration<00:04:52.380> is<00:04:52.530> right 00:04:52.700 --> 00:04:52.710 align:start position:0% implied that the exploration is right 00:04:52.710 --> 00:04:55.310 align:start position:0% implied that the exploration is right after<00:04:52.860> the<00:04:53.130> next<00:04:53.280> game<00:04:53.490> occurs<00:04:53.990> and<00:04:54.990> we'd<00:04:55.199> also 00:04:55.310 --> 00:04:55.320 align:start position:0% after the next game occurs and we'd also 00:04:55.320 --> 00:04:56.779 align:start position:0% after the next game occurs and we'd also have<00:04:55.470> to<00:04:55.650> talk<00:04:55.830> about<00:04:56.070> the<00:04:56.220> collateralization 00:04:56.779 --> 00:04:56.789 align:start position:0% have to talk about the collateralization 00:04:56.789 --> 00:04:59.510 align:start position:0% have to talk about the collateralization and<00:04:57.360> payout<00:04:57.630> terms<00:04:57.930> do<00:04:58.380> I<00:04:58.440> just<00:04:58.680> trust<00:04:59.010> you<00:04:59.280> or 00:04:59.510 --> 00:04:59.520 align:start position:0% and payout terms do I just trust you or 00:04:59.520 --> 00:05:01.399 align:start position:0% and payout terms do I just trust you or are<00:05:00.000> we<00:05:00.150> both<00:05:00.330> going<00:05:00.570> to<00:05:00.690> put<00:05:00.900> ten<00:05:01.139> dollars 00:05:01.399 --> 00:05:01.409 align:start position:0% are we both going to put ten dollars 00:05:01.409 --> 00:05:02.960 align:start position:0% are we both going to put ten dollars into<00:05:01.590> a<00:05:01.680> pot<00:05:01.949> and<00:05:02.159> have<00:05:02.280> somebody<00:05:02.490> else<00:05:02.639> hold 00:05:02.960 --> 00:05:02.970 align:start position:0% into a pot and have somebody else hold 00:05:02.970 --> 00:05:04.550 align:start position:0% into a pot and have somebody else hold on<00:05:03.090> to<00:05:03.270> it<00:05:03.389> and<00:05:03.570> are<00:05:04.169> we<00:05:04.260> talking<00:05:04.500> about 00:05:04.550 --> 00:05:04.560 align:start position:0% on to it and are we talking about 00:05:04.560 --> 00:05:07.070 align:start position:0% on to it and are we talking about dollars<00:05:05.010> or<00:05:05.310> die<00:05:05.580> or<00:05:05.970> eath<00:05:06.270> as<00:05:06.479> the<00:05:06.810> payout 00:05:07.070 --> 00:05:07.080 align:start position:0% dollars or die or eath as the payout 00:05:07.080 --> 00:05:08.090 align:start position:0% dollars or die or eath as the payout currency 00:05:08.090 --> 00:05:08.100 align:start position:0% currency 00:05:08.100 --> 00:05:10.100 align:start position:0% currency and<00:05:08.580> then<00:05:08.730> finally<00:05:09.150> there's<00:05:09.360> the<00:05:09.450> valuation 00:05:10.100 --> 00:05:10.110 align:start position:0% and then finally there's the valuation 00:05:10.110 --> 00:05:12.470 align:start position:0% and then finally there's the valuation function<00:05:10.530> so<00:05:10.830> a<00:05:11.070> really<00:05:11.550> simple<00:05:11.880> binary<00:05:12.090> bet 00:05:12.470 --> 00:05:12.480 align:start position:0% function so a really simple binary bet 00:05:12.480 --> 00:05:14.510 align:start position:0% function so a really simple binary bet is<00:05:12.660> really<00:05:12.900> easy<00:05:13.050> to<00:05:13.170> understand<00:05:13.620> ten<00:05:14.220> dollars 00:05:14.510 --> 00:05:14.520 align:start position:0% is really easy to understand ten dollars 00:05:14.520 --> 00:05:16.850 align:start position:0% is really easy to understand ten dollars if<00:05:14.970> the<00:05:15.330> Giants<00:05:15.690> win<00:05:15.870> the<00:05:15.900> next<00:05:16.050> game<00:05:16.230> for<00:05:16.740> me 00:05:16.850 --> 00:05:16.860 align:start position:0% if the Giants win the next game for me 00:05:16.860 --> 00:05:18.590 align:start position:0% if the Giants win the next game for me and<00:05:17.100> ten<00:05:17.430> dollars<00:05:17.550> at<00:05:17.880> the<00:05:17.940> Giants<00:05:18.240> lose<00:05:18.420> their 00:05:18.590 --> 00:05:18.600 align:start position:0% and ten dollars at the Giants lose their 00:05:18.600 --> 00:05:20.960 align:start position:0% and ten dollars at the Giants lose their next<00:05:18.810> game<00:05:18.930> for<00:05:19.200> you<00:05:19.520> but<00:05:20.520> the<00:05:20.700> valuation 00:05:20.960 --> 00:05:20.970 align:start position:0% next game for you but the valuation 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Giants ever<00:05:29.730> win<00:05:30.210> the<00:05:30.480> nectar<00:05:30.840> if<00:05:30.900> the<00:05:31.110> Giants<00:05:31.440> win 00:05:31.580 --> 00:05:31.590 align:start position:0% ever win the nectar if the Giants win 00:05:31.590 --> 00:05:34.010 align:start position:0% ever win the nectar if the Giants win the<00:05:31.620> next<00:05:31.890> three<00:05:32.190> of<00:05:32.310> five<00:05:32.550> or<00:05:32.940> if<00:05:33.450> the<00:05:33.630> Giants 00:05:34.010 --> 00:05:34.020 align:start position:0% the next three of five or if the Giants 00:05:34.020 --> 00:05:36.920 align:start position:0% the next three of five or if the Giants ever<00:05:34.170> win<00:05:34.700> some<00:05:35.700> number<00:05:36.060> of<00:05:36.180> games<00:05:36.420> in<00:05:36.720> some 00:05:36.920 --> 00:05:36.930 align:start position:0% ever win some number of games in some 00:05:36.930 --> 00:05:38.930 align:start position:0% ever win some number of games in some particular<00:05:37.470> permutation<00:05:37.830> of<00:05:38.250> ways<00:05:38.460> over<00:05:38.820> the 00:05:38.930 --> 00:05:38.940 align:start position:0% particular permutation of ways over the 00:05:38.940 --> 00:05:46.100 align:start position:0% particular permutation of ways over the next<00:05:39.210> 10<00:05:39.480> years<00:05:39.510> of<00:05:40.110> existence<00:05:43.070> so<00:05:44.070> the<00:05:45.110> thing 00:05:46.100 --> 00:05:46.110 align:start position:0% next 10 years of existence so the thing 00:05:46.110 --> 00:05:47.720 align:start position:0% next 10 years of existence so the thing that<00:05:46.140> powers<00:05:46.650> all<00:05:47.220> of<00:05:47.370> these<00:05:47.490> synthetic 00:05:47.720 --> 00:05:47.730 align:start position:0% that powers all of these synthetic 00:05:47.730 --> 00:05:51.980 align:start position:0% that powers all of these synthetic derivatives<00:05:48.590> is<00:05:49.590> a<00:05:50.220> external<00:05:51.180> reference<00:05:51.750> so 00:05:51.980 --> 00:05:51.990 align:start position:0% derivatives is a external reference so 00:05:51.990 --> 00:05:54.200 align:start position:0% derivatives is a external reference so in<00:05:52.110> the<00:05:52.230> example<00:05:52.650> of<00:05:53.040> you<00:05:53.340> and<00:05:53.490> I<00:05:53.580> making<00:05:53.850> this 00:05:54.200 --> 00:05:54.210 align:start position:0% in the example of you and I making this 00:05:54.210 --> 00:05:56.420 align:start position:0% in the example of you and I making this bet<00:05:54.600> about<00:05:54.990> whether<00:05:55.590> the<00:05:55.800> Giants<00:05:56.160> are<00:05:56.250> going 00:05:56.420 --> 00:05:56.430 align:start position:0% bet about whether the Giants are going 00:05:56.430 --> 00:05:58.670 align:start position:0% bet about whether the Giants are going to<00:05:56.520> win<00:05:56.700> the<00:05:57.450> next<00:05:57.600> game<00:05:57.870> or<00:05:58.020> not<00:05:58.140> you<00:05:58.590> know 00:05:58.670 --> 00:05:58.680 align:start position:0% to win the next game or not you know 00:05:58.680 --> 00:06:03.200 align:start position:0% to win the next game or not you know we're<00:05:58.830> kind<00:05:59.040> of<00:05:59.130> also<00:05:59.570> implicitly<00:06:02.210> where 00:06:03.200 --> 00:06:03.210 align:start position:0% we're kind of also implicitly where 00:06:03.210 --> 00:06:05.270 align:start position:0% we're kind of also implicitly where we're<00:06:03.450> where<00:06:03.900> we<00:06:03.930> need<00:06:04.380> a<00:06:04.560> way<00:06:04.830> to<00:06:04.890> actually 00:06:05.270 --> 00:06:05.280 align:start position:0% we're where we need a way to actually 00:06:05.280 --> 00:06:07.760 align:start position:0% we're where we need a way to actually reference<00:06:06.150> and<00:06:06.330> validate<00:06:06.750> you<00:06:07.440> know<00:06:07.560> who 00:06:07.760 --> 00:06:07.770 align:start position:0% reference and validate you know who 00:06:07.770 --> 00:06:09.320 align:start position:0% reference and validate you know who actually<00:06:07.980> won<00:06:08.340> that<00:06:08.550> next<00:06:08.850> game<00:06:09.030> and 00:06:09.320 --> 00:06:09.330 align:start position:0% actually won that next game and 00:06:09.330 --> 00:06:10.850 align:start position:0% actually won that next game and unfortunately<00:06:09.660> when<00:06:10.350> it<00:06:10.440> comes<00:06:10.620> to 00:06:10.850 --> 00:06:10.860 align:start position:0% unfortunately when it comes to 00:06:10.860 --> 00:06:12.680 align:start position:0% unfortunately when it comes to blockchain<00:06:11.340> smart<00:06:11.610> contracts<00:06:12.150> well<00:06:12.570> they're 00:06:12.680 --> 00:06:12.690 align:start position:0% blockchain smart contracts well they're 00:06:12.690 --> 00:06:14.030 align:start position:0% blockchain smart contracts well they're actually<00:06:12.780> quite<00:06:13.050> dumb<00:06:13.350> when<00:06:13.590> it<00:06:13.680> comes<00:06:13.890> to 00:06:14.030 --> 00:06:14.040 align:start position:0% actually quite dumb when it comes to 00:06:14.040 --> 00:06:15.320 align:start position:0% actually quite dumb when it comes to external<00:06:14.460> data<00:06:14.640> they<00:06:14.820> have<00:06:14.940> no<00:06:15.120> way<00:06:15.300> of 00:06:15.320 --> 00:06:15.330 align:start position:0% external data they have no way of 00:06:15.330 --> 00:06:17.180 align:start position:0% external data they have no way of knowing<00:06:15.930> anything<00:06:16.290> about<00:06:16.500> the<00:06:16.740> external 00:06:17.180 --> 00:06:17.190 align:start position:0% knowing anything about the external 00:06:17.190 --> 00:06:21.620 align:start position:0% knowing anything about the external world<00:06:17.480> and<00:06:18.650> unfortunately<00:06:20.420> there's<00:06:21.420> no 00:06:21.620 --> 00:06:21.630 align:start position:0% world and unfortunately there's no 00:06:21.630 --> 00:06:24.890 align:start position:0% world and unfortunately there's no external<00:06:22.080> penalty<00:06:22.680> if<00:06:23.670> we<00:06:24.210> encode<00:06:24.540> all<00:06:24.780> this 00:06:24.890 --> 00:06:24.900 align:start position:0% external penalty if we encode all this 00:06:24.900 --> 00:06:26.840 align:start position:0% external penalty if we encode all this logic<00:06:25.320> into<00:06:25.470> a<00:06:25.590> smart<00:06:25.890> contract<00:06:26.340> but<00:06:26.610> somehow 00:06:26.840 --> 00:06:26.850 align:start position:0% logic into a smart contract but somehow 00:06:26.850 --> 00:06:31.520 align:start position:0% logic into a smart contract but somehow you're<00:06:27.150> able<00:06:27.420> to<00:06:27.450> corrupt<00:06:27.810> the<00:06:27.930> Oracle<00:06:30.530> so 00:06:31.520 --> 00:06:31.530 align:start position:0% you're able to corrupt the Oracle so 00:06:31.530 --> 00:06:35.150 align:start position:0% you're able to corrupt the Oracle so what<00:06:32.280> we<00:06:32.430> need<00:06:32.640> to<00:06:32.670> do<00:06:32.970> is<00:06:33.440> in<00:06:34.440> order<00:06:34.710> for<00:06:35.070> us<00:06:35.100> to 00:06:35.150 --> 00:06:35.160 align:start position:0% what we need to do is in order for us to 00:06:35.160 --> 00:06:37.670 align:start position:0% what we need to do is in order for us to even<00:06:35.930> begin<00:06:36.930> to<00:06:36.960> think<00:06:37.290> about<00:06:37.470> building 00:06:37.670 --> 00:06:37.680 align:start position:0% even begin to think about building 00:06:37.680 --> 00:06:39.350 align:start position:0% even begin to think about building synthetic<00:06:38.190> derivatives<00:06:38.640> we<00:06:38.940> need<00:06:39.090> a<00:06:39.180> way<00:06:39.330> of 00:06:39.350 --> 00:06:39.360 align:start position:0% synthetic derivatives we need a way of 00:06:39.360 --> 00:06:42.680 align:start position:0% synthetic derivatives we need a way of being<00:06:39.690> able<00:06:39.810> to<00:06:39.930> build<00:06:40.140> an<00:06:40.470> honest<00:06:41.040> Oracle<00:06:41.690> and 00:06:42.680 --> 00:06:42.690 align:start position:0% being able to build an honest Oracle and 00:06:42.690 --> 00:06:45.470 align:start position:0% being able to build an honest Oracle and so<00:06:42.960> our<00:06:43.320> the<00:06:44.070> way<00:06:44.250> that<00:06:44.640> we've<00:06:44.850> basically 00:06:45.470 --> 00:06:45.480 align:start position:0% so our the way that we've basically 00:06:45.480 --> 00:06:48.020 align:start position:0% so our the way that we've basically defined<00:06:45.900> an<00:06:46.110> honest<00:06:46.440> Oracle<00:06:46.890> here<00:06:47.130> is<00:06:47.340> we're 00:06:48.020 --> 00:06:48.030 align:start position:0% defined an honest Oracle here is we're 00:06:48.030 --> 00:06:49.940 align:start position:0% defined an honest Oracle here is we're simply<00:06:48.360> trying<00:06:48.510> to<00:06:48.660> create<00:06:48.960> an<00:06:49.110> Oracle<00:06:49.560> where 00:06:49.940 --> 00:06:49.950 align:start position:0% simply trying to create an Oracle where 00:06:49.950 --> 00:06:52.010 align:start position:0% simply trying to create an Oracle where the<00:06:50.190> cost<00:06:50.550> to<00:06:50.850> corrupt<00:06:51.150> this<00:06:51.240> Oracle<00:06:51.690> is<00:06:51.810> going 00:06:52.010 --> 00:06:52.020 align:start position:0% the cost to corrupt this Oracle is going 00:06:52.020 --> 00:06:54.700 align:start position:0% the cost to corrupt this Oracle is going to<00:06:52.110> be<00:06:52.200> greater<00:06:52.410> than<00:06:52.650> the<00:06:52.800> profit<00:06:53.190> our<00:06:53.940> actual 00:06:54.700 --> 00:06:54.710 align:start position:0% to be greater than the profit our actual 00:06:54.710 --> 00:06:57.560 align:start position:0% to be greater than the profit our actual initial<00:06:55.710> assertion<00:06:56.370> is<00:06:56.610> that<00:06:56.790> any<00:06:57.060> on<00:06:57.330> chain 00:06:57.560 --> 00:06:57.570 align:start position:0% initial assertion is that any on chain 00:06:57.570 --> 00:07:00.110 align:start position:0% initial assertion is that any on chain Oracle<00:06:58.020> can<00:06:58.290> be<00:06:58.470> corrupted<00:06:58.920> there's<00:06:59.460> some<00:06:59.850> way 00:07:00.110 --> 00:07:00.120 align:start position:0% Oracle can be corrupted there's some way 00:07:00.120 --> 00:07:02.560 align:start position:0% Oracle can be corrupted there's some way in<00:07:00.420> which<00:07:00.480> you<00:07:01.080> could<00:07:01.380> pretend 00:07:02.560 --> 00:07:02.570 align:start position:0% in which you could pretend 00:07:02.570 --> 00:07:04.720 align:start position:0% in which you could pretend whether<00:07:02.990> through<00:07:03.230> a<00:07:03.320> bribe<00:07:03.590> or<00:07:03.860> even<00:07:04.310> hardware 00:07:04.720 --> 00:07:04.730 align:start position:0% whether through a bribe or even hardware 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that if we're going to be using an Oracle<00:07:13.520> to<00:07:14.620> to<00:07:15.790> validate<00:07:16.790> the<00:07:16.970> payouts<00:07:17.390> of<00:07:17.630> a 00:07:17.920 --> 00:07:17.930 align:start position:0% Oracle to to validate the payouts of a 00:07:17.930 --> 00:07:18.970 align:start position:0% Oracle to to validate the payouts of a multi-billion<00:07:18.710> dollar<00:07:18.740> a 00:07:18.970 --> 00:07:18.980 align:start position:0% multi-billion dollar a 00:07:18.980 --> 00:07:21.790 align:start position:0% multi-billion dollar a multitrillion-dollar<00:07:19.610> contract<00:07:20.620> that<00:07:21.620> we 00:07:21.790 --> 00:07:21.800 align:start position:0% multitrillion-dollar contract that we 00:07:21.800 --> 00:07:23.710 align:start position:0% multitrillion-dollar contract that we have<00:07:21.980> a<00:07:22.010> way<00:07:22.280> to<00:07:22.310> guarantee<00:07:23.060> that<00:07:23.090> it<00:07:23.390> will<00:07:23.570> be 00:07:23.710 --> 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position:0% and Bob entering into a contract that 00:07:32.180 --> 00:07:34.660 align:start position:0% and Bob entering into a contract that has<00:07:32.390> external<00:07:33.020> reference<00:07:33.380> data<00:07:33.650> the<00:07:34.370> way<00:07:34.490> that 00:07:34.660 --> 00:07:34.670 align:start position:0% has external reference data the way that 00:07:34.670 --> 00:07:36.010 align:start position:0% has external reference data the way that we<00:07:34.760> can<00:07:34.880> think<00:07:35.000> about<00:07:35.120> setting<00:07:35.750> up<00:07:35.810> these 00:07:36.010 --> 00:07:36.020 align:start position:0% we can think about setting up these 00:07:36.020 --> 00:07:38.890 align:start position:0% we can think about setting up these incentives<00:07:36.560> is<00:07:37.030> any<00:07:38.030> amount<00:07:38.300> of<00:07:38.450> money<00:07:38.510> that 00:07:38.890 --> 00:07:38.900 align:start position:0% incentives is any amount of money that 00:07:38.900 --> 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earn<00:07:45.200> if<00:07:45.470> they<00:07:45.620> were<00:07:45.680> able<00:07:45.890> to<00:07:46.100> corrupt<00:07:46.310> the 00:07:46.450 --> 00:07:46.460 align:start position:0% earn if they were able to corrupt the 00:07:46.460 --> 00:07:51.070 align:start position:0% earn if they were able to corrupt the data<00:07:46.870> and<00:07:48.010> the<00:07:49.010> amount<00:07:49.280> of<00:07:49.400> money<00:07:49.640> that<00:07:50.080> Oracle 00:07:51.070 --> 00:07:51.080 align:start position:0% data and the amount of money that Oracle 00:07:51.080 --> 00:07:53.590 align:start position:0% data and the amount of money that Oracle would<00:07:51.710> accept<00:07:52.130> as<00:07:52.280> a<00:07:52.310> bribe<00:07:52.580> to<00:07:53.150> actually 00:07:53.590 --> 00:07:53.600 align:start position:0% would accept as a bribe to actually 00:07:53.600 --> 00:07:55.630 align:start position:0% would accept as a bribe to actually corrupt<00:07:54.470> that<00:07:54.560> data<00:07:54.800> as<00:07:55.040> kind<00:07:55.310> of<00:07:55.340> the 00:07:55.630 --> 00:07:55.640 align:start position:0% corrupt that data as kind of the 00:07:55.640 --> 00:07:57.610 align:start position:0% corrupt that data as kind of the potential<00:07:56.060> cost<00:07:56.270> of<00:07:56.450> corruption<00:07:56.810> so<00:07:57.320> what<00:07:57.500> we 00:07:57.610 --> 00:07:57.620 align:start position:0% potential cost of corruption so what we 00:07:57.620 --> 00:08:00.490 align:start position:0% potential cost of corruption so what we need<00:07:57.770> to<00:07:57.800> do<00:07:58.040> is<00:07:58.490> to<00:07:59.360> design<00:07:59.840> a<00:07:59.870> mechanism<00:08:00.110> to 00:08:00.490 --> 00:08:00.500 align:start position:0% need to do is to design a mechanism to 00:08:00.500 --> 00:08:02.980 align:start position:0% need to do is to design a mechanism to keep<00:08:00.920> the<00:08:01.100> cost<00:08:01.340> of<00:08:01.580> corruption<00:08:02.030> greater<00:08:02.720> than 00:08:02.980 --> 00:08:02.990 align:start position:0% keep the cost of corruption greater than 00:08:02.990 --> 00:08:05.830 align:start position:0% keep the cost of corruption greater than the<00:08:03.080> potential<00:08:03.410> profit<00:08:04.310> from<00:08:04.460> corruption<00:08:04.840> and 00:08:05.830 --> 00:08:05.840 align:start position:0% the potential profit from corruption and 00:08:05.840 --> 00:08:07.450 align:start position:0% the potential profit from corruption and so<00:08:06.110> it's<00:08:06.470> really<00:08:06.650> just<00:08:06.740> three<00:08:07.100> simple<00:08:07.400> steps 00:08:07.450 --> 00:08:07.460 align:start position:0% so it's really just three simple steps 00:08:07.460 --> 00:08:09.160 align:start position:0% so it's really just three simple steps figure<00:08:08.120> out<00:08:08.240> what<00:08:08.360> the<00:08:08.480> cost<00:08:08.690> of<00:08:08.870> corrupting 00:08:09.160 --> 00:08:09.170 align:start position:0% figure out what the cost of corrupting 00:08:09.170 --> 00:08:10.780 align:start position:0% figure out what the cost of corrupting an<00:08:09.260> Oracle<00:08:09.590> is<00:08:09.740> figure<00:08:10.280> out<00:08:10.310> the<00:08:10.550> potential 00:08:10.780 --> 00:08:10.790 align:start position:0% an Oracle is figure out the potential 00:08:10.790 --> 00:08:12.370 align:start position:0% an Oracle is figure out the potential profit<00:08:11.240> somebody<00:08:11.570> could<00:08:11.690> make<00:08:11.720> by<00:08:12.020> corrupting 00:08:12.370 --> 00:08:12.380 align:start position:0% profit somebody could make by corrupting 00:08:12.380 --> 00:08:15.130 align:start position:0% profit somebody could make by corrupting the<00:08:12.500> Oracle<00:08:12.890> and<00:08:13.130> have<00:08:13.580> this<00:08:13.730> mechanism<00:08:14.140> build 00:08:15.130 --> 00:08:15.140 align:start position:0% the Oracle and have this mechanism build 00:08:15.140 --> 00:08:16.600 align:start position:0% the Oracle and have this mechanism build this<00:08:15.290> mechanism<00:08:15.590> and<00:08:15.920> prove<00:08:16.130> that<00:08:16.160> it's<00:08:16.460> white 00:08:16.600 --> 00:08:16.610 align:start position:0% this mechanism and prove that it's white 00:08:16.610 --> 00:08:21.159 align:start position:0% this mechanism and prove that it's white or<00:08:18.580> I<00:08:19.580> cut<00:08:20.210> the<00:08:20.330> slides<00:08:20.570> with<00:08:20.780> all<00:08:20.900> the<00:08:21.020> math 00:08:21.159 --> 00:08:21.169 align:start position:0% or I cut the slides with all the math 00:08:21.169 --> 00:08:24.550 align:start position:0% or I cut the slides with all the math but<00:08:21.760> the<00:08:22.760> white<00:08:23.030> paper<00:08:23.240> is<00:08:23.419> on<00:08:23.600> our<00:08:23.750> github<00:08:24.260> if 00:08:24.550 --> 00:08:24.560 align:start position:0% but the white paper is on our github if 00:08:24.560 --> 00:08:26.230 align:start position:0% but the white paper is on our github if any<00:08:24.710> of<00:08:24.830> you<00:08:24.919> are<00:08:25.010> so<00:08:25.220> inclined<00:08:25.430> to<00:08:25.730> go<00:08:25.820> and 00:08:26.230 --> 00:08:26.240 align:start position:0% any of you are so inclined to go and 00:08:26.240 --> 00:08:32.280 align:start position:0% any of you are so inclined to go and look<00:08:26.510> at<00:08:26.690> it<00:08:27.490> okay<00:08:28.490> so 00:08:32.280 --> 00:08:32.290 align:start position:0% 00:08:32.290 --> 00:08:37.620 align:start position:0% do<00:08:32.800> my<00:08:32.980> protocol<00:08:33.600> yeah<00:08:34.600> um<00:08:35.320> okay<00:08:35.650> so<00:08:36.630> talking 00:08:37.620 --> 00:08:37.630 align:start position:0% do my protocol yeah um okay so talking 00:08:37.630 --> 00:08:39.810 align:start position:0% do my protocol yeah um okay so talking about<00:08:37.870> synthetic<00:08:38.020> derivatives<00:08:38.710> I<00:08:38.950> gave<00:08:39.670> the 00:08:39.810 --> 00:08:39.820 align:start position:0% about synthetic derivatives I gave the 00:08:39.820 --> 00:08:41.100 align:start position:0% about synthetic derivatives I gave the really<00:08:40.090> high<00:08:40.270> overview<00:08:40.660> of<00:08:40.750> how<00:08:40.870> you<00:08:40.930> can 00:08:41.100 --> 00:08:41.110 align:start position:0% really high overview of how you can 00:08:41.110 --> 00:08:42.630 align:start position:0% really high overview of how you can create<00:08:41.260> arbitrary<00:08:41.650> payouts<00:08:42.280> and<00:08:42.520> these 00:08:42.630 --> 00:08:42.640 align:start position:0% create arbitrary payouts and these 00:08:42.640 --> 00:08:45.240 align:start position:0% create arbitrary payouts and these payouts<00:08:42.880> mean<00:08:43.210> binary<00:08:43.990> or<00:08:44.410> discrete<00:08:44.980> or 00:08:45.240 --> 00:08:45.250 align:start position:0% payouts mean binary or discrete or 00:08:45.250 --> 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created<00:08:51.910> which<00:08:52.090> is<00:08:52.210> how<00:08:52.330> many 00:08:52.380 --> 00:08:52.390 align:start position:0% they're created which is how many 00:08:52.390 --> 00:08:55.170 align:start position:0% they're created which is how many counterparties<00:08:53.170> are<00:08:53.200> involved<00:08:53.770> so<00:08:54.610> if<00:08:55.000> it's 00:08:55.170 --> 00:08:55.180 align:start position:0% counterparties are involved so if it's 00:08:55.180 --> 00:08:57.060 align:start position:0% counterparties are involved so if it's just<00:08:55.420> a<00:08:55.630> bet<00:08:55.810> between<00:08:55.960> me<00:08:56.260> and<00:08:56.380> you<00:08:56.560> that's<00:08:56.980> a 00:08:57.060 --> 00:08:57.070 align:start position:0% just a bet between me and you that's a 00:08:57.070 --> 00:08:59.040 align:start position:0% just a bet between me and you that's a bilateral<00:08:57.580> trade<00:08:57.820> typically<00:08:58.600> those<00:08:58.750> are<00:08:58.900> done 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position:0% the terms of this thing we can make it 00:09:06.520 --> 00:09:08.310 align:start position:0% the terms of this thing we can make it very<00:09:06.790> very<00:09:06.910> customized<00:09:07.690> we<00:09:07.900> can<00:09:08.050> make<00:09:08.200> the 00:09:08.310 --> 00:09:08.320 align:start position:0% very very customized we can make the 00:09:08.320 --> 00:09:10.860 align:start position:0% very very customized we can make the payout<00:09:08.710> in<00:09:08.980> Nike<00:09:09.910> shoes<00:09:10.150> if<00:09:10.390> we<00:09:10.540> wanted<00:09:10.810> to 00:09:10.860 --> 00:09:10.870 align:start position:0% payout in Nike shoes if we wanted to 00:09:10.870 --> 00:09:12.480 align:start position:0% payout in Nike shoes if we wanted to even<00:09:11.560> there<00:09:11.710> are<00:09:11.800> nobody<00:09:11.920> else<00:09:12.220> in<00:09:12.370> their 00:09:12.480 --> 00:09:12.490 align:start position:0% even there are nobody else in their 00:09:12.490 --> 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shoes in<00:09:20.830> other<00:09:21.670> types<00:09:22.480> of<00:09:22.660> synthetic<00:09:22.810> derivatives 00:09:23.490 --> 00:09:23.500 align:start position:0% in other types of synthetic derivatives 00:09:23.500 --> 00:09:24.900 align:start position:0% in other types of synthetic derivatives the<00:09:23.770> number<00:09:23.980> of<00:09:24.070> counter<00:09:24.370> parties<00:09:24.670> involved 00:09:24.900 --> 00:09:24.910 align:start position:0% the number of counter parties involved 00:09:24.910 --> 00:09:27.600 align:start position:0% the number of counter parties involved are<00:09:25.180> way<00:09:25.330> more<00:09:25.360> numerous<00:09:25.720> so<00:09:26.190> in<00:09:27.190> some<00:09:27.460> cases 00:09:27.600 --> 00:09:27.610 align:start position:0% are way more numerous so in some cases 00:09:27.610 --> 00:09:29.850 align:start position:0% are way more numerous so in some cases you<00:09:27.880> have<00:09:28.300> many<00:09:28.750> people<00:09:29.050> who<00:09:29.440> want<00:09:29.620> to<00:09:29.650> be<00:09:29.800> on 00:09:29.850 --> 00:09:29.860 align:start position:0% you have many people who want to be on 00:09:29.860 --> 00:09:31.380 align:start position:0% you have many people who want to be on one<00:09:30.040> side<00:09:30.250> and<00:09:30.430> many<00:09:30.580> people<00:09:30.910> who<00:09:31.030> want<00:09:31.210> to<00:09:31.240> be 00:09:31.380 --> 00:09:31.390 align:start position:0% one side and many people who want to be 00:09:31.390 --> 00:09:34.140 align:start position:0% one side and many people who want to be on<00:09:31.480> the<00:09:31.570> other<00:09:31.660> side<00:09:32.610> typically<00:09:33.610> when<00:09:34.000> that 00:09:34.140 --> 00:09:34.150 align:start position:0% on the other side typically when that 00:09:34.150 --> 00:09:36.600 align:start position:0% on the other side typically when that happens<00:09:34.540> a<00:09:35.230> good<00:09:35.740> example<00:09:36.040> of<00:09:36.220> that<00:09:36.280> would<00:09:36.430> be 00:09:36.600 --> 00:09:36.610 align:start position:0% happens a good example of that would be 00:09:36.610 --> 00:09:39.120 align:start position:0% happens a good example of that would be like<00:09:37.060> you<00:09:37.750> know<00:09:37.870> bit<00:09:38.080> Mex<00:09:38.260> perpetual<00:09:38.770> futures 00:09:39.120 --> 00:09:39.130 align:start position:0% like you know bit Mex perpetual futures 00:09:39.130 --> 00:09:40.830 align:start position:0% like you know bit Mex perpetual futures where<00:09:39.400> many<00:09:39.580> people<00:09:39.910> are<00:09:40.030> long<00:09:40.270> perpetual 00:09:40.830 --> 00:09:40.840 align:start position:0% where many people are long perpetual 00:09:40.840 --> 00:09:42.240 align:start position:0% where many people are long perpetual futures<00:09:41.140> on<00:09:41.260> bit<00:09:41.410> mechs<00:09:41.620> many<00:09:41.920> people<00:09:42.160> are 00:09:42.240 --> 00:09:42.250 align:start position:0% futures on bit mechs many people are 00:09:42.250 --> 00:09:43.980 align:start position:0% futures on bit mechs many people are short<00:09:42.460> perpetual<00:09:42.970> futures<00:09:43.270> on<00:09:43.420> bit<00:09:43.570> backs<00:09:43.780> and 00:09:43.980 --> 00:09:43.990 align:start position:0% short perpetual futures on bit backs and 00:09:43.990 --> 00:09:46.920 align:start position:0% short perpetual futures on bit backs and what<00:09:44.440> happens<00:09:44.830> in<00:09:45.220> the<00:09:45.610> bit<00:09:45.880> Mex<00:09:46.060> exchange<00:09:46.540> is 00:09:46.920 --> 00:09:46.930 align:start position:0% what happens in the bit Mex exchange is 00:09:46.930 --> 00:09:49.680 align:start position:0% what happens in the bit Mex exchange is every<00:09:47.770> single<00:09:48.190> term<00:09:48.550> of<00:09:48.820> the<00:09:48.910> contract<00:09:49.090> is 00:09:49.680 --> 00:09:49.690 align:start position:0% every single term of the contract is 00:09:49.690 --> 00:09:52.230 align:start position:0% every single term of the contract is already<00:09:50.410> standardized<00:09:51.070> and<00:09:51.340> the<00:09:51.670> only<00:09:51.850> thing 00:09:52.230 --> 00:09:52.240 align:start position:0% already standardized and the only thing 00:09:52.240 --> 00:09:53.790 align:start position:0% already standardized and the only thing that<00:09:52.420> people<00:09:52.540> are<00:09:52.720> negotiating<00:09:53.500> when<00:09:53.680> they 00:09:53.790 --> 00:09:53.800 align:start position:0% that people are negotiating when they 00:09:53.800 --> 00:09:56.400 align:start position:0% that people are negotiating when they actually<00:09:54.130> trade<00:09:54.430> is<00:09:54.640> price<00:09:55.240> and<00:09:55.270> size<00:09:55.690> so<00:09:56.290> it 00:09:56.400 --> 00:09:56.410 align:start position:0% actually trade is price and size so it 00:09:56.410 --> 00:09:58.380 align:start position:0% actually trade is price and size so it simplifies<00:09:56.860> the<00:09:57.130> potential<00:09:57.880> terms<00:09:58.150> for 00:09:58.380 --> 00:09:58.390 align:start position:0% simplifies the potential terms for 00:09:58.390 --> 00:10:00.120 align:start position:0% simplifies the potential terms for negotiation<00:09:59.080> because<00:09:59.380> everything<00:09:59.740> has<00:09:59.890> else 00:10:00.120 --> 00:10:00.130 align:start position:0% negotiation because everything has else 00:10:00.130 --> 00:10:02.220 align:start position:0% negotiation because everything has else has<00:10:00.370> been<00:10:00.490> standardized<00:10:00.970> and<00:10:01.060> advanced<00:10:01.570> and 00:10:02.220 --> 00:10:02.230 align:start position:0% has been standardized and advanced and 00:10:02.230 --> 00:10:04.410 align:start position:0% has been standardized and advanced and it<00:10:02.350> allows<00:10:02.650> many<00:10:03.430> people<00:10:03.820> who<00:10:03.880> are<00:10:03.970> long<00:10:04.180> and 00:10:04.410 --> 00:10:04.420 align:start position:0% it allows many people who are long and 00:10:04.420 --> 00:10:06.450 align:start position:0% it allows many people who are long and many<00:10:04.600> people<00:10:04.960> who<00:10:05.110> are<00:10:05.200> short<00:10:05.590> to<00:10:05.830> actually<00:10:06.340> be 00:10:06.450 --> 00:10:06.460 align:start position:0% many people who are short to actually be 00:10:06.460 --> 00:10:08.070 align:start position:0% many people who are short to actually be able<00:10:06.550> to<00:10:06.640> coordinate<00:10:06.970> to<00:10:07.420> do<00:10:07.570> a<00:10:07.600> trade<00:10:07.900> with 00:10:08.070 --> 00:10:08.080 align:start position:0% able to coordinate to do a trade with 00:10:08.080 --> 00:10:09.260 align:start position:0% able to coordinate to do a trade with each<00:10:08.200> other 00:10:09.260 --> 00:10:09.270 align:start position:0% each other 00:10:09.270 --> 00:10:12.480 align:start position:0% each other generally<00:10:10.270> speaking<00:10:10.690> many<00:10:10.990> to<00:10:11.230> many<00:10:11.470> when<00:10:12.340> the 00:10:12.480 --> 00:10:12.490 align:start position:0% generally speaking many to many when the 00:10:12.490 --> 00:10:15.360 align:start position:0% generally speaking many to many when the counterparties<00:10:13.240> are<00:10:13.360> many-to-many<00:10:14.370> those 00:10:15.360 --> 00:10:15.370 align:start position:0% counterparties are many-to-many those 00:10:15.370 --> 00:10:19.140 align:start position:0% counterparties are many-to-many those products<00:10:16.090> trade<00:10:16.420> on<00:10:16.690> exchanges<00:10:17.940> then<00:10:18.940> there's 00:10:19.140 --> 00:10:19.150 align:start position:0% products trade on exchanges then there's 00:10:19.150 --> 00:10:22.500 align:start position:0% products trade on exchanges then there's this<00:10:19.390> kind<00:10:19.630> of<00:10:20.250> newish<00:10:21.250> paradigm<00:10:21.850> that<00:10:21.880> exists 00:10:22.500 --> 00:10:22.510 align:start position:0% this kind of newish paradigm that exists 00:10:22.510 --> 00:10:24.750 align:start position:0% this kind of newish paradigm that exists in<00:10:23.320> this<00:10:23.530> blockchain<00:10:23.950> space<00:10:24.220> which<00:10:24.460> is<00:10:24.580> a 00:10:24.750 --> 00:10:24.760 align:start position:0% in this blockchain space which is a 00:10:24.760 --> 00:10:27.450 align:start position:0% in this blockchain space which is a one-to-many<00:10:25.240> a<00:10:25.600> coordination<00:10:26.380> mechanism<00:10:27.010> so 00:10:27.450 --> 00:10:27.460 align:start position:0% one-to-many a coordination mechanism so 00:10:27.460 --> 00:10:29.460 align:start position:0% one-to-many a coordination mechanism so that<00:10:27.520> could<00:10:27.730> be<00:10:27.850> like<00:10:28.060> one<00:10:28.330> smart<00:10:28.720> contract<00:10:29.200> to 00:10:29.460 --> 00:10:29.470 align:start position:0% that could be like one smart contract to 00:10:29.470 --> 00:10:32.280 align:start position:0% that could be like one smart contract to many<00:10:29.710> users<00:10:30.190> of<00:10:30.220> the<00:10:30.520> smart<00:10:30.760> contract<00:10:31.210> or<00:10:31.570> what 00:10:32.280 --> 00:10:32.290 align:start position:0% many users of the smart contract or what 00:10:32.290 --> 00:10:33.540 align:start position:0% many users of the smart contract or what regina<00:10:32.590> is<00:10:32.680> going<00:10:32.950> to<00:10:33.040> be<00:10:33.160> talking<00:10:33.370> about 00:10:33.540 --> 00:10:33.550 align:start position:0% regina is going to be talking about 00:10:33.550 --> 00:10:35.070 align:start position:0% regina is going to be talking about later<00:10:33.760> is<00:10:34.000> actually<00:10:34.300> our<00:10:34.420> first<00:10:34.570> template 00:10:35.070 --> 00:10:35.080 align:start position:0% later is actually our first template 00:10:35.080 --> 00:10:36.900 align:start position:0% later is actually our first template which<00:10:35.800> is<00:10:35.920> a<00:10:35.950> template<00:10:36.340> that<00:10:36.370> lets<00:10:36.640> you<00:10:36.730> build 00:10:36.900 --> 00:10:36.910 align:start position:0% which is a template that lets you build 00:10:36.910 --> 00:10:38.590 align:start position:0% which is a template that lets you build synthetic<00:10:37.480> tokens<00:10:37.900> where<00:10:38.200> there 00:10:38.590 --> 00:10:38.600 align:start position:0% synthetic tokens where there 00:10:38.600 --> 00:10:41.140 align:start position:0% synthetic tokens where there one<00:10:39.170> creator<00:10:39.740> of<00:10:39.860> the<00:10:40.340> synthetic<00:10:40.550> token 00:10:41.140 --> 00:10:41.150 align:start position:0% one creator of the synthetic token 00:10:41.150 --> 00:10:43.900 align:start position:0% one creator of the synthetic token facility<00:10:41.840> and<00:10:42.080> many<00:10:42.680> users<00:10:43.130> of<00:10:43.310> the<00:10:43.730> synthetic 00:10:43.900 --> 00:10:43.910 align:start position:0% facility and many users of the synthetic 00:10:43.910 --> 00:10:45.670 align:start position:0% facility and many users of the synthetic token<00:10:44.510> that<00:10:44.540> gets<00:10:44.780> created<00:10:45.200> from<00:10:45.500> that 00:10:45.670 --> 00:10:45.680 align:start position:0% token that gets created from that 00:10:45.680 --> 00:10:47.770 align:start position:0% token that gets created from that facility<00:10:45.830> and<00:10:46.820> depending<00:10:47.180> on<00:10:47.300> the<00:10:47.360> specific 00:10:47.770 --> 00:10:47.780 align:start position:0% facility and depending on the specific 00:10:47.780 --> 00:10:50.110 align:start position:0% facility and depending on the specific dynamics<00:10:48.290> of<00:10:48.560> that<00:10:49.040> contract<00:10:49.820> that<00:10:49.970> they 00:10:50.110 --> 00:10:50.120 align:start position:0% dynamics of that contract that they 00:10:50.120 --> 00:10:52.420 align:start position:0% dynamics of that contract that they create<00:10:50.480> that<00:10:50.990> product<00:10:51.410> could<00:10:51.800> substance 00:10:52.420 --> 00:10:52.430 align:start position:0% create that product could substance 00:10:52.430 --> 00:10:55.330 align:start position:0% create that product could substance subsequently<00:10:53.000> trade<00:10:53.480> peer-to-peer<00:10:54.140> OTC<00:10:55.100> or 00:10:55.330 --> 00:10:55.340 align:start position:0% subsequently trade peer-to-peer OTC or 00:10:55.340 --> 00:10:59.320 align:start position:0% subsequently trade peer-to-peer OTC or on<00:10:55.640> exchange<00:10:56.090> depending<00:10:56.660> on<00:10:56.780> how<00:10:57.650> liquid<00:10:58.330> how 00:10:59.320 --> 00:10:59.330 align:start position:0% on exchange depending on how liquid how 00:10:59.330 --> 00:11:04.910 align:start position:0% on exchange depending on how liquid how liquid<00:10:59.720> the<00:10:59.810> underlying<00:11:00.170> product<00:11:00.440> becomes 00:11:04.910 --> 00:11:04.920 align:start position:0% 00:11:04.920 --> 00:11:07.009 align:start position:0% so<00:11:05.459> Alison<00:11:05.970> mentioned<00:11:06.389> one<00:11:06.629> of<00:11:06.660> the<00:11:06.749> first 00:11:07.009 --> 00:11:07.019 align:start position:0% so Alison mentioned one of the first 00:11:07.019 --> 00:11:09.889 align:start position:0% so Alison mentioned one of the first products<00:11:07.889> our<00:11:08.160> financial<00:11:08.699> product<00:11:09.540> templates 00:11:09.889 --> 00:11:09.899 align:start position:0% products our financial product templates 00:11:09.899 --> 00:11:11.929 align:start position:0% products our financial product templates that<00:11:10.049> we've<00:11:10.199> created<00:11:10.439> is<00:11:11.160> one<00:11:11.699> of<00:11:11.790> these 00:11:11.929 --> 00:11:11.939 align:start position:0% that we've created is one of these 00:11:11.939 --> 00:11:14.449 align:start position:0% that we've created is one of these synthetic<00:11:12.209> token<00:11:12.779> builders<00:11:13.109> so<00:11:13.769> I'll<00:11:14.189> talk<00:11:14.429> a 00:11:14.449 --> 00:11:14.459 align:start position:0% synthetic token builders so I'll talk a 00:11:14.459 --> 00:11:15.919 align:start position:0% synthetic token builders so I'll talk a little<00:11:14.579> bit<00:11:14.850> more<00:11:14.879> about<00:11:15.209> what<00:11:15.509> is<00:11:15.600> another 00:11:15.919 --> 00:11:15.929 align:start position:0% little bit more about what is another 00:11:15.929 --> 00:11:17.960 align:start position:0% little bit more about what is another asset<00:11:16.170> token<00:11:16.589> is<00:11:16.799> and<00:11:17.100> then<00:11:17.279> I'll<00:11:17.459> also<00:11:17.609> show 00:11:17.960 --> 00:11:17.970 align:start position:0% asset token is and then I'll also show 00:11:17.970 --> 00:11:21.409 align:start position:0% asset token is and then I'll also show you<00:11:18.029> hopefully<00:11:18.929> a<00:11:19.259> video<00:11:19.589> of<00:11:20.309> how<00:11:20.790> you<00:11:21.269> can 00:11:21.409 --> 00:11:21.419 align:start position:0% you hopefully a video of how you can 00:11:21.419 --> 00:11:23.059 align:start position:0% you hopefully a video of how you can actually<00:11:21.449> use<00:11:21.929> these<00:11:22.439> synthetic<00:11:22.619> token 00:11:23.059 --> 00:11:23.069 align:start position:0% actually use these synthetic token 00:11:23.069 --> 00:11:24.470 align:start position:0% actually use these synthetic token builder<00:11:23.279> to<00:11:23.369> build<00:11:23.429> your<00:11:23.699> own<00:11:23.759> synthetic 00:11:24.470 --> 00:11:24.480 align:start position:0% builder to build your own synthetic 00:11:24.480 --> 00:11:28.159 align:start position:0% builder to build your own synthetic tokens<00:11:24.809> on<00:11:25.139> repeat<00:11:25.470> a<00:11:25.589> snap<00:11:25.859> today<00:11:27.139> so<00:11:28.139> a 00:11:28.159 --> 00:11:28.169 align:start position:0% tokens on repeat a snap today so a 00:11:28.169 --> 00:11:30.829 align:start position:0% tokens on repeat a snap today so a synthetic<00:11:28.410> asset<00:11:29.009> token<00:11:29.369> is<00:11:29.609> as<00:11:30.149> Allison<00:11:30.660> said 00:11:30.829 --> 00:11:30.839 align:start position:0% synthetic asset token is as Allison said 00:11:30.839 --> 00:11:33.499 align:start position:0% synthetic asset token is as Allison said a<00:11:31.019> type<00:11:31.169> of<00:11:31.199> one-to-many<00:11:32.269> derivative<00:11:33.269> a 00:11:33.499 --> 00:11:33.509 align:start position:0% a type of one-to-many derivative a 00:11:33.509 --> 00:11:35.090 align:start position:0% a type of one-to-many derivative a synthetic<00:11:33.959> derivative<00:11:34.319> and<00:11:34.619> what<00:11:34.769> that<00:11:34.889> means 00:11:35.090 --> 00:11:35.100 align:start position:0% synthetic derivative and what that means 00:11:35.100 --> 00:11:38.389 align:start position:0% synthetic derivative and what that means is<00:11:35.309> that<00:11:35.509> one<00:11:36.509> person<00:11:36.749> such<00:11:37.439> as<00:11:37.589> me<00:11:37.739> could 00:11:38.389 --> 00:11:38.399 align:start position:0% is that one person such as me could 00:11:38.399 --> 00:11:40.759 align:start position:0% is that one person such as me could create<00:11:38.790> a<00:11:39.059> token<00:11:39.629> facility<00:11:40.079> which<00:11:40.470> is<00:11:40.499> this 00:11:40.759 --> 00:11:40.769 align:start position:0% create a token facility which is this 00:11:40.769 --> 00:11:43.759 align:start position:0% create a token facility which is this rectangle<00:11:42.139> could<00:11:43.139> create<00:11:43.290> this<00:11:43.439> token 00:11:43.759 --> 00:11:43.769 align:start position:0% rectangle could create this token 00:11:43.769 --> 00:11:47.179 align:start position:0% rectangle could create this token facility<00:11:44.160> and<00:11:44.429> then<00:11:45.089> mint<00:11:45.720> tokens<00:11:46.410> from<00:11:47.009> that 00:11:47.179 --> 00:11:47.189 align:start position:0% facility and then mint tokens from that 00:11:47.189 --> 00:11:48.859 align:start position:0% facility and then mint tokens from that token<00:11:47.549> facility<00:11:47.970> but<00:11:48.389> I<00:11:48.449> can<00:11:48.600> then<00:11:48.689> distribute 00:11:48.859 --> 00:11:48.869 align:start position:0% token facility but I can then distribute 00:11:48.869 --> 00:11:50.780 align:start position:0% token facility but I can then distribute to<00:11:49.290> other<00:11:49.439> people<00:11:49.829> to<00:11:50.040> give<00:11:50.189> from<00:11:50.339> afterwards 00:11:50.780 --> 00:11:50.790 align:start position:0% to other people to give from afterwards 00:11:50.790 --> 00:11:52.789 align:start position:0% to other people to give from afterwards so<00:11:51.509> in<00:11:51.660> that<00:11:51.749> sounds<00:11:52.109> it's<00:11:52.230> one<00:11:52.410> too<00:11:52.559> many<00:11:52.649> or 00:11:52.789 --> 00:11:52.799 align:start position:0% so in that sounds it's one too many or 00:11:52.799 --> 00:11:54.799 align:start position:0% so in that sounds it's one too many or I'm<00:11:53.160> a<00:11:53.189> single<00:11:53.669> token<00:11:53.850> sponsor<00:11:54.389> giving 00:11:54.799 --> 00:11:54.809 align:start position:0% I'm a single token sponsor giving 00:11:54.809 --> 00:11:56.629 align:start position:0% I'm a single token sponsor giving financial<00:11:55.049> risk<00:11:55.439> to<00:11:55.649> many<00:11:56.040> different<00:11:56.220> people 00:11:56.629 --> 00:11:56.639 align:start position:0% financial risk to many different people 00:11:56.639 --> 00:11:58.579 align:start position:0% financial risk to many different people all<00:11:57.029> who<00:11:57.389> just<00:11:57.569> watch<00:11:57.959> won't<00:11:58.109> have<00:11:58.259> to<00:11:58.410> hold 00:11:58.579 --> 00:11:58.589 align:start position:0% all who just watch won't have to hold 00:11:58.589 --> 00:12:00.409 align:start position:0% all who just watch won't have to hold some<00:11:58.769> children<00:11:59.129> so<00:11:59.999> they<00:12:00.119> don't<00:12:00.269> actually 00:12:00.409 --> 00:12:00.419 align:start position:0% some children so they don't actually 00:12:00.419 --> 00:12:02.090 align:start position:0% some children so they don't actually have<00:12:00.569> to<00:12:00.660> enter<00:12:00.959> any<00:12:01.139> particular<00:12:01.649> spoke 00:12:02.090 --> 00:12:02.100 align:start position:0% have to enter any particular spoke 00:12:02.100 --> 00:12:03.979 align:start position:0% have to enter any particular spoke agreement<00:12:02.489> with<00:12:02.579> me<00:12:02.730> all<00:12:03.209> I<00:12:03.269> have<00:12:03.629> to<00:12:03.749> do<00:12:03.869> is 00:12:03.979 --> 00:12:03.989 align:start position:0% agreement with me all I have to do is 00:12:03.989 --> 00:12:05.210 align:start position:0% agreement with me all I have to do is buy<00:12:04.139> a<00:12:04.169> token<00:12:04.559> that<00:12:04.589> was<00:12:04.769> created<00:12:05.040> from<00:12:05.129> the 00:12:05.210 --> 00:12:05.220 align:start position:0% buy a token that was created from the 00:12:05.220 --> 00:12:09.379 align:start position:0% buy a token that was created from the token<00:12:05.519> facility<00:12:05.970> that<00:12:06.179> I<00:12:06.359> created<00:12:07.459> okay<00:12:08.459> so<00:12:08.999> in 00:12:09.379 --> 00:12:09.389 align:start position:0% token facility that I created okay so in 00:12:09.389 --> 00:12:11.179 align:start position:0% token facility that I created okay so in that<00:12:09.509> sense<00:12:09.809> of<00:12:10.019> some<00:12:10.169> that<00:12:10.319> isotope<00:12:10.860> it<00:12:11.009> looks 00:12:11.179 --> 00:12:11.189 align:start position:0% that sense of some that isotope it looks 00:12:11.189 --> 00:12:13.759 align:start position:0% that sense of some that isotope it looks a<00:12:11.309> lot<00:12:11.519> like<00:12:11.879> other<00:12:12.509> over<00:12:13.199> collateralized 00:12:13.759 --> 00:12:13.769 align:start position:0% a lot like other over collateralized 00:12:13.769 --> 00:12:14.989 align:start position:0% a lot like other over collateralized lending<00:12:13.949> facilities<00:12:14.579> that<00:12:14.699> you<00:12:14.790> might<00:12:14.910> have 00:12:14.989 --> 00:12:14.999 align:start position:0% lending facilities that you might have 00:12:14.999 --> 00:12:17.720 align:start position:0% lending facilities that you might have seen<00:12:15.259> so<00:12:16.259> I<00:12:16.290> think<00:12:16.529> this<00:12:16.799> looks<00:12:17.009> very<00:12:17.220> similar 00:12:17.720 --> 00:12:17.730 align:start position:0% seen so I think this looks very similar 00:12:17.730 --> 00:12:20.629 align:start position:0% seen so I think this looks very similar to<00:12:17.850> for<00:12:18.329> example<00:12:18.389> a<00:12:18.779> maker<00:12:18.989> CDP<00:12:19.529> where<00:12:20.249> in<00:12:20.549> the 00:12:20.629 --> 00:12:20.639 align:start position:0% to for example a maker CDP where in the 00:12:20.639 --> 00:12:23.389 align:start position:0% to for example a maker CDP where in the same<00:12:20.819> framework<00:12:21.779> you're<00:12:22.529> depositing<00:12:22.889> some 00:12:23.389 --> 00:12:23.399 align:start position:0% same framework you're depositing some 00:12:23.399 --> 00:12:24.889 align:start position:0% same framework you're depositing some collateral<00:12:23.699> and<00:12:24.119> then<00:12:24.509> using<00:12:24.869> that 00:12:24.889 --> 00:12:24.899 align:start position:0% collateral and then using that 00:12:24.899 --> 00:12:26.960 align:start position:0% collateral and then using that collateral<00:12:25.499> to<00:12:25.679> back<00:12:25.949> tokens<00:12:26.610> that<00:12:26.730> your 00:12:26.960 --> 00:12:26.970 align:start position:0% collateral to back tokens that your 00:12:26.970 --> 00:12:28.970 align:start position:0% collateral to back tokens that your vintage<00:12:27.209> and<00:12:27.929> then<00:12:28.139> distributing<00:12:28.739> to<00:12:28.829> other 00:12:28.970 --> 00:12:28.980 align:start position:0% vintage and then distributing to other 00:12:28.980 --> 00:12:31.519 align:start position:0% vintage and then distributing to other people<00:12:29.509> there<00:12:30.509> are<00:12:30.629> definitely<00:12:31.199> a<00:12:31.259> couple<00:12:31.290> of 00:12:31.519 --> 00:12:31.529 align:start position:0% people there are definitely a couple of 00:12:31.529 --> 00:12:33.109 align:start position:0% people there are definitely a couple of differences<00:12:31.889> though<00:12:32.220> between<00:12:32.459> this<00:12:32.819> and<00:12:33.059> who 00:12:33.109 --> 00:12:33.119 align:start position:0% differences though between this and who 00:12:33.119 --> 00:12:37.009 align:start position:0% differences though between this and who make<00:12:33.239> your<00:12:33.360> CD<00:12:33.629> key<00:12:33.809> namely<00:12:34.649> that<00:12:35.549> these<00:12:36.449> for 00:12:37.009 --> 00:12:37.019 align:start position:0% make your CD key namely that these for 00:12:37.019 --> 00:12:40.340 align:start position:0% make your CD key namely that these for example<00:12:37.079> are<00:12:37.529> expiring<00:12:38.069> tokens<00:12:38.549> so<00:12:39.480> what 00:12:40.340 --> 00:12:40.350 align:start position:0% example are expiring tokens so what 00:12:40.350 --> 00:12:43.159 align:start position:0% example are expiring tokens so what happens<00:12:40.709> here<00:12:40.799> is<00:12:40.980> if<00:12:41.519> I<00:12:41.790> create<00:12:42.360> this<00:12:42.660> token 00:12:43.159 --> 00:12:43.169 align:start position:0% happens here is if I create this token 00:12:43.169 --> 00:12:43.789 align:start position:0% happens here is if I create this token facility 00:12:43.789 --> 00:12:43.799 align:start position:0% facility 00:12:43.799 --> 00:12:46.129 align:start position:0% facility I<00:12:43.829> use<00:12:44.610> that<00:12:44.910> to<00:12:45.119> create<00:12:45.299> some<00:12:45.660> synthetic 00:12:46.129 --> 00:12:46.139 align:start position:0% I use that to create some synthetic 00:12:46.139 --> 00:12:48.129 align:start position:0% I use that to create some synthetic tokens<00:12:46.649> that<00:12:46.739> track<00:12:47.069> the<00:12:47.220> price<00:12:47.429> of<00:12:47.669> something 00:12:48.129 --> 00:12:48.139 align:start position:0% tokens that track the price of something 00:12:48.139 --> 00:12:50.869 align:start position:0% tokens that track the price of something and<00:12:49.139> what<00:12:49.289> happens<00:12:49.679> is<00:12:49.860> the<00:12:50.039> after<00:12:50.579> a<00:12:50.610> certain 00:12:50.869 --> 00:12:50.879 align:start position:0% and what happens is the after a certain 00:12:50.879 --> 00:12:53.809 align:start position:0% and what happens is the after a certain expiration<00:12:51.660> timestamp<00:12:52.399> the<00:12:53.399> amount<00:12:53.699> of 00:12:53.809 --> 00:12:53.819 align:start position:0% expiration timestamp the amount of 00:12:53.819 --> 00:12:55.850 align:start position:0% expiration timestamp the amount of backing<00:12:54.269> collateral<00:12:54.720> that<00:12:54.839> backs<00:12:55.110> the<00:12:55.470> tokens 00:12:55.850 --> 00:12:55.860 align:start position:0% backing collateral that backs the tokens 00:12:55.860 --> 00:12:57.170 align:start position:0% backing collateral that backs the tokens is<00:12:56.189> fixed 00:12:57.170 --> 00:12:57.180 align:start position:0% is fixed 00:12:57.180 --> 00:12:58.670 align:start position:0% is fixed so<00:12:57.270> it's<00:12:57.390> fixed<00:12:57.750> to<00:12:57.780> whatever<00:12:58.140> in<00:12:58.320> the<00:12:58.410> latest 00:12:58.670 --> 00:12:58.680 align:start position:0% so it's fixed to whatever in the latest 00:12:58.680 --> 00:13:01.610 align:start position:0% so it's fixed to whatever in the latest price<00:12:59.010> was<00:12:59.220> at<00:12:59.370> that<00:12:59.490> point<00:12:59.730> and<00:13:00.440> anyone<00:13:01.440> can 00:13:01.610 --> 00:13:01.620 align:start position:0% price was at that point and anyone can 00:13:01.620 --> 00:13:03.680 align:start position:0% price was at that point and anyone can then<00:13:01.770> redeem<00:13:02.100> those<00:13:02.310> tokens<00:13:02.610> for<00:13:03.240> the<00:13:03.390> backing 00:13:03.680 --> 00:13:03.690 align:start position:0% then redeem those tokens for the backing 00:13:03.690 --> 00:13:05.930 align:start position:0% then redeem those tokens for the backing collateral<00:13:04.110> so<00:13:05.100> it's<00:13:05.220> one<00:13:05.400> really<00:13:05.700> big 00:13:05.930 --> 00:13:05.940 align:start position:0% collateral so it's one really big 00:13:05.940 --> 00:13:08.020 align:start position:0% collateral so it's one really big difference<00:13:06.630> between<00:13:07.260> this<00:13:07.650> and<00:13:07.860> other 00:13:08.020 --> 00:13:08.030 align:start position:0% difference between this and other 00:13:08.030 --> 00:13:10.390 align:start position:0% difference between this and other communities<00:13:09.030> perpetual<00:13:09.480> lending<00:13:09.750> facilities 00:13:10.390 --> 00:13:10.400 align:start position:0% communities perpetual lending facilities 00:13:10.400 --> 00:13:12.710 align:start position:0% communities perpetual lending facilities but<00:13:11.400> in<00:13:11.670> some<00:13:12.030> ways<00:13:12.210> it<00:13:12.390> is<00:13:12.420> very<00:13:12.540> similar 00:13:12.710 --> 00:13:12.720 align:start position:0% but in some ways it is very similar 00:13:12.720 --> 00:13:14.810 align:start position:0% but in some ways it is very similar right<00:13:13.200> so<00:13:13.500> you've<00:13:13.680> also<00:13:13.830> got<00:13:14.160> these<00:13:14.370> good<00:13:14.640> and 00:13:14.810 --> 00:13:14.820 align:start position:0% right so you've also got these good and 00:13:14.820 --> 00:13:16.910 align:start position:0% right so you've also got these good and bad<00:13:15.000> situations<00:13:15.300> where<00:13:15.900> depending<00:13:16.620> on<00:13:16.710> what 00:13:16.910 --> 00:13:16.920 align:start position:0% bad situations where depending on what 00:13:16.920 --> 00:13:19.070 align:start position:0% bad situations where depending on what the<00:13:17.190> Unchained<00:13:18.060> price<00:13:18.300> feed<00:13:18.540> tells<00:13:18.780> you<00:13:18.960> the 00:13:19.070 --> 00:13:19.080 align:start position:0% the Unchained price feed tells you the 00:13:19.080 --> 00:13:21.380 align:start position:0% the Unchained price feed tells you the prices<00:13:19.590> you<00:13:20.220> can<00:13:20.400> be<00:13:20.520> under<00:13:20.940> or<00:13:21.120> over 00:13:21.380 --> 00:13:21.390 align:start position:0% prices you can be under or over 00:13:21.390 --> 00:13:22.760 align:start position:0% prices you can be under or over collateralized<00:13:21.990> relative<00:13:22.530> to<00:13:22.650> the 00:13:22.760 --> 00:13:22.770 align:start position:0% collateralized relative to the 00:13:22.770 --> 00:13:24.980 align:start position:0% collateralized relative to the collaboration<00:13:23.190> requirements<00:13:24.060> so<00:13:24.810> in<00:13:24.930> the 00:13:24.980 --> 00:13:24.990 align:start position:0% collaboration requirements so in the 00:13:24.990 --> 00:13:27.980 align:start position:0% collaboration requirements so in the good<00:13:25.140> case<00:13:25.410> the<00:13:26.370> price<00:13:26.610> key<00:13:26.820> tells<00:13:27.120> you<00:13:27.300> okay 00:13:27.980 --> 00:13:27.990 align:start position:0% good case the price key tells you okay 00:13:27.990 --> 00:13:30.050 align:start position:0% good case the price key tells you okay this<00:13:28.170> is<00:13:28.260> the<00:13:28.380> actual<00:13:28.740> price<00:13:29.040> that's<00:13:29.760> how<00:13:29.910> much 00:13:30.050 --> 00:13:30.060 align:start position:0% this is the actual price that's how much 00:13:30.060 --> 00:13:31.760 align:start position:0% this is the actual price that's how much collateral<00:13:30.330> you<00:13:30.660> need<00:13:30.780> to<00:13:30.900> have<00:13:31.080> to<00:13:31.380> back<00:13:31.590> the 00:13:31.760 --> 00:13:31.770 align:start position:0% collateral you need to have to back the 00:13:31.770 --> 00:13:33.620 align:start position:0% collateral you need to have to back the tokens<00:13:32.130> you<00:13:32.970> need<00:13:33.150> to<00:13:33.240> be<00:13:33.330> over 00:13:33.620 --> 00:13:33.630 align:start position:0% tokens you need to be over 00:13:33.630 --> 00:13:35.450 align:start position:0% tokens you need to be over collateralized<00:13:34.230> by<00:13:34.470> say<00:13:34.770> five<00:13:35.070> or<00:13:35.280> ten 00:13:35.450 --> 00:13:35.460 align:start position:0% collateralized by say five or ten 00:13:35.460 --> 00:13:37.730 align:start position:0% collateralized by say five or ten percent<00:13:35.610> that's<00:13:36.540> where<00:13:36.780> that<00:13:36.870> is<00:13:37.110> and<00:13:37.380> oh 00:13:37.730 --> 00:13:37.740 align:start position:0% percent that's where that is and oh 00:13:37.740 --> 00:13:39.500 align:start position:0% percent that's where that is and oh great<00:13:38.040> you've<00:13:38.280> got<00:13:38.310> access<00:13:38.700> collateral<00:13:39.330> in 00:13:39.500 --> 00:13:39.510 align:start position:0% great you've got access collateral in 00:13:39.510 --> 00:13:42.590 align:start position:0% great you've got access collateral in excess<00:13:40.050> of<00:13:40.080> your<00:13:40.350> required<00:13:40.740> clock<00:13:41.010> in<00:13:41.600> the 00:13:42.590 --> 00:13:42.600 align:start position:0% excess of your required clock in the 00:13:42.600 --> 00:13:44.570 align:start position:0% excess of your required clock in the back<00:13:42.780> case<00:13:43.050> what<00:13:43.770> happens<00:13:44.100> is<00:13:44.160> let's<00:13:44.400> say 00:13:44.570 --> 00:13:44.580 align:start position:0% back case what happens is let's say 00:13:44.580 --> 00:13:46.490 align:start position:0% back case what happens is let's say again<00:13:45.060> the<00:13:45.210> reference<00:13:45.540> price<00:13:45.720> comes<00:13:46.050> in<00:13:46.260> at 00:13:46.490 --> 00:13:46.500 align:start position:0% again the reference price comes in at 00:13:46.500 --> 00:13:48.830 align:start position:0% again the reference price comes in at this<00:13:46.680> it<00:13:47.640> says<00:13:47.880> you<00:13:48.030> need<00:13:48.150> to<00:13:48.210> have<00:13:48.330> this<00:13:48.570> much 00:13:48.830 --> 00:13:48.840 align:start position:0% this it says you need to have this much 00:13:48.840 --> 00:13:50.510 align:start position:0% this it says you need to have this much required<00:13:49.230> quadrille<00:13:49.770> but<00:13:50.250> you're<00:13:50.370> under 00:13:50.510 --> 00:13:50.520 align:start position:0% required quadrille but you're under 00:13:50.520 --> 00:13:52.970 align:start position:0% required quadrille but you're under collateralized<00:13:51.210> relative<00:13:51.750> to<00:13:51.870> that<00:13:52.020> that's 00:13:52.970 --> 00:13:52.980 align:start position:0% collateralized relative to that that's 00:13:52.980 --> 00:13:55.160 align:start position:0% collateralized relative to that that's fine<00:13:53.130> a<00:13:53.640> penalty<00:13:54.270> is<00:13:54.330> assessed 00:13:55.160 --> 00:13:55.170 align:start position:0% fine a penalty is assessed 00:13:55.170 --> 00:13:57.610 align:start position:0% fine a penalty is assessed that's<00:13:55.560> awarded<00:13:56.070> to<00:13:56.490> the<00:13:56.670> token<00:13:57.030> holders 00:13:57.610 --> 00:13:57.620 align:start position:0% that's awarded to the token holders 00:13:57.620 --> 00:14:00.110 align:start position:0% that's awarded to the token holders anyone<00:13:58.620> who<00:13:58.800> holds<00:13:58.950> those<00:13:59.190> tokens<00:13:59.640> is<00:13:59.760> equal 00:14:00.110 --> 00:14:00.120 align:start position:0% anyone who holds those tokens is equal 00:14:00.120 --> 00:14:02.450 align:start position:0% anyone who holds those tokens is equal to<00:14:00.240> come<00:14:00.450> in<00:14:00.660> and<00:14:00.870> redeem<00:14:01.200> their<00:14:01.410> tokens<00:14:01.830> for 00:14:02.450 --> 00:14:02.460 align:start position:0% to come in and redeem their tokens for 00:14:02.460 --> 00:14:03.950 align:start position:0% to come in and redeem their tokens for the<00:14:02.640> backing<00:14:02.970> collateral<00:14:03.390> plus<00:14:03.750> a 00:14:03.950 --> 00:14:03.960 align:start position:0% the backing collateral plus a 00:14:03.960 --> 00:14:05.480 align:start position:0% the backing collateral plus a proportional<00:14:04.500> amount<00:14:04.560> of<00:14:04.800> the<00:14:04.890> penalty<00:14:05.280> and 00:14:05.480 --> 00:14:05.490 align:start position:0% proportional amount of the penalty and 00:14:05.490 --> 00:14:08.990 align:start position:0% proportional amount of the penalty and the<00:14:06.120> whole<00:14:06.270> trades<00:14:06.540> on<00:14:06.720> ground<00:14:07.310> so<00:14:08.310> there<00:14:08.850> are 00:14:08.990 --> 00:14:09.000 align:start position:0% the whole trades on ground so there are 00:14:09.000 --> 00:14:11.420 align:start position:0% the whole trades on ground so there are two<00:14:09.240> or<00:14:09.420> at<00:14:09.480> the<00:14:09.600> main<00:14:09.810> differences<00:14:10.320> here<00:14:10.560> one 00:14:11.420 --> 00:14:11.430 align:start position:0% two or at the main differences here one 00:14:11.430 --> 00:14:14.030 align:start position:0% two or at the main differences here one is<00:14:11.640> that<00:14:11.670> the<00:14:12.120> tokens<00:14:12.480> always<00:14:12.990> have<00:14:13.470> an<00:14:13.620> X<00:14:13.740> Bri 00:14:14.030 --> 00:14:14.040 align:start position:0% is that the tokens always have an X Bri 00:14:14.040 --> 00:14:17.300 align:start position:0% is that the tokens always have an X Bri so<00:14:14.910> they<00:14:15.420> have<00:14:15.630> this<00:14:15.990> future<00:14:16.800> where<00:14:16.980> they<00:14:17.190> can 00:14:17.300 --> 00:14:17.310 align:start position:0% so they have this future where they can 00:14:17.310 --> 00:14:18.770 align:start position:0% so they have this future where they can be<00:14:17.400> redeemed<00:14:17.670> for<00:14:17.940> the<00:14:18.060> backing<00:14:18.360> collateral 00:14:18.770 --> 00:14:18.780 align:start position:0% be redeemed for the backing collateral 00:14:18.780 --> 00:14:21.470 align:start position:0% be redeemed for the backing collateral when<00:14:18.930> they<00:14:19.050> expire<00:14:19.380> and<00:14:20.340> the<00:14:20.520> second<00:14:20.910> is<00:14:21.150> that 00:14:21.470 --> 00:14:21.480 align:start position:0% when they expire and the second is that 00:14:21.480 --> 00:14:23.330 align:start position:0% when they expire and the second is that these<00:14:21.960> token<00:14:22.410> facilities<00:14:22.800> are<00:14:22.920> not<00:14:23.040> fungible 00:14:23.330 --> 00:14:23.340 align:start position:0% these token facilities are not fungible 00:14:23.340 --> 00:14:27.260 align:start position:0% these token facilities are not fungible if<00:14:24.300> I<00:14:24.510> create<00:14:25.050> a<00:14:25.230> token<00:14:25.590> facility<00:14:26.070> and<00:14:26.310> I<00:14:26.880> admit 00:14:27.260 --> 00:14:27.270 align:start position:0% if I create a token facility and I admit 00:14:27.270 --> 00:14:30.950 align:start position:0% if I create a token facility and I admit these<00:14:27.480> tokens<00:14:28.940> those<00:14:29.940> tokens<00:14:30.420> can't<00:14:30.780> be 00:14:30.950 --> 00:14:30.960 align:start position:0% these tokens those tokens can't be 00:14:30.960 --> 00:14:33.230 align:start position:0% these tokens those tokens can't be redeemed<00:14:31.320> against<00:14:31.920> someone<00:14:32.370> else's<00:14:32.700> facility 00:14:33.230 --> 00:14:33.240 align:start position:0% redeemed against someone else's facility 00:14:33.240 --> 00:14:36.080 align:start position:0% redeemed against someone else's facility so<00:14:34.020> they're<00:14:34.140> not<00:14:34.290> fungible<00:14:34.620> in<00:14:34.920> that<00:14:35.070> sense<00:14:35.280> or 00:14:36.080 --> 00:14:36.090 align:start position:0% so they're not fungible in that sense or 00:14:36.090 --> 00:14:39.050 align:start position:0% so they're not fungible in that sense or as<00:14:36.330> with<00:14:36.750> dye<00:14:37.020> right<00:14:37.680> diet<00:14:38.070> is<00:14:38.220> fungible<00:14:38.670> you 00:14:39.050 --> 00:14:39.060 align:start position:0% as with dye right diet is fungible you 00:14:39.060 --> 00:14:42.170 align:start position:0% as with dye right diet is fungible you can<00:14:39.210> use<00:14:39.300> try<00:14:39.480> to<00:14:39.540> close<00:14:39.780> out<00:14:39.990> anyone's<00:14:40.350> cdz<00:14:41.180> so 00:14:42.170 --> 00:14:42.180 align:start position:0% can use try to close out anyone's cdz so 00:14:42.180 --> 00:14:43.670 align:start position:0% can use try to close out anyone's cdz so those<00:14:42.390> are<00:14:42.540> two<00:14:42.750> of<00:14:42.780> the<00:14:42.990> main<00:14:43.200> differences 00:14:43.670 --> 00:14:43.680 align:start position:0% those are two of the main differences 00:14:43.680 --> 00:14:45.500 align:start position:0% those are two of the main differences behind<00:14:44.130> the<00:14:44.250> synthetic<00:14:44.400> asset<00:14:44.880> tokens<00:14:45.240> and 00:14:45.500 --> 00:14:45.510 align:start position:0% behind the synthetic asset tokens and 00:14:45.510 --> 00:14:47.120 align:start position:0% behind the synthetic asset tokens and I'm<00:14:45.870> more<00:14:46.080> than<00:14:46.200> happy<00:14:46.380> to<00:14:46.470> discuss<00:14:46.650> some<00:14:47.040> of 00:14:47.120 --> 00:14:47.130 align:start position:0% I'm more than happy to discuss some of 00:14:47.130 --> 00:14:49.760 align:start position:0% I'm more than happy to discuss some of the<00:14:47.220> motivations<00:14:47.790> behind<00:14:47.880> why<00:14:48.630> we<00:14:48.660> chose<00:14:49.050> to 00:14:49.760 --> 00:14:49.770 align:start position:0% the motivations behind why we chose to 00:14:49.770 --> 00:14:52.310 align:start position:0% the motivations behind why we chose to include<00:14:50.550> those<00:14:50.700> two<00:14:50.910> features<00:14:51.270> that<00:14:51.510> has<00:14:52.290> a 00:14:52.310 --> 00:14:52.320 align:start position:0% include those two features that has a 00:14:52.320 --> 00:14:54.270 align:start position:0% include those two features that has a toll<00:14:52.740> on<00:14:53.070> stead<00:14:53.670> of 00:14:54.270 --> 00:14:54.280 align:start position:0% toll on stead of 00:14:54.280 --> 00:14:56.850 align:start position:0% toll on stead of but<00:14:54.880> that's<00:14:55.090> roughly<00:14:55.600> how<00:14:56.110> a<00:14:56.440> synthetic 00:14:56.850 --> 00:14:56.860 align:start position:0% but that's roughly how a synthetic 00:14:56.860 --> 00:14:59.250 align:start position:0% but that's roughly how a synthetic asymptoting<00:14:57.790> works<00:14:58.030> and<00:14:58.840> we<00:14:58.900> think<00:14:59.110> this<00:14:59.200> is 00:14:59.250 --> 00:14:59.260 align:start position:0% asymptoting works and we think this is 00:14:59.260 --> 00:15:01.110 align:start position:0% asymptoting works and we think this is really<00:14:59.380> exciting<00:14:59.710> because<00:15:00.310> it<00:15:00.670> means<00:15:00.700> that 00:15:01.110 --> 00:15:01.120 align:start position:0% really exciting because it means that 00:15:01.120 --> 00:15:03.810 align:start position:0% really exciting because it means that you<00:15:01.480> can<00:15:01.660> use<00:15:01.690> this<00:15:02.590> in<00:15:03.130> your<00:15:03.220> contract 00:15:03.810 --> 00:15:03.820 align:start position:0% you can use this in your contract 00:15:03.820 --> 00:15:06.150 align:start position:0% you can use this in your contract template<00:15:04.350> to<00:15:05.350> create<00:15:05.500> lots<00:15:05.890> of<00:15:06.100> different 00:15:06.150 --> 00:15:06.160 align:start position:0% template to create lots of different 00:15:06.160 --> 00:15:08.790 align:start position:0% template to create lots of different kinds<00:15:06.790> of<00:15:06.880> natural<00:15:07.060> risk<00:15:07.450> and<00:15:07.780> provide<00:15:08.560> that 00:15:08.790 --> 00:15:08.800 align:start position:0% kinds of natural risk and provide that 00:15:08.800 --> 00:15:10.380 align:start position:0% kinds of natural risk and provide that type<00:15:08.980> of<00:15:09.040> financial<00:15:09.370> risk<00:15:09.580> to<00:15:09.880> lots<00:15:10.210> of 00:15:10.380 --> 00:15:10.390 align:start position:0% type of financial risk to lots of 00:15:10.390 --> 00:15:12.990 align:start position:0% type of financial risk to lots of different<00:15:10.510> people<00:15:10.780> the<00:15:11.710> single<00:15:12.220> a<00:15:12.310> universal 00:15:12.990 --> 00:15:13.000 align:start position:0% different people the single a universal 00:15:13.000 --> 00:15:14.390 align:start position:0% different people the single a universal market<00:15:13.270> access 00:15:14.390 --> 00:15:14.400 align:start position:0% market access 00:15:14.400 --> 00:15:16.860 align:start position:0% market access so<00:15:15.400> I<00:15:15.670> also<00:15:16.000> will<00:15:16.240> discuss<00:15:16.540> some<00:15:16.720> other 00:15:16.860 --> 00:15:16.870 align:start position:0% so I also will discuss some other 00:15:16.870 --> 00:15:18.630 align:start position:0% so I also will discuss some other examples<00:15:17.410> of<00:15:17.500> that<00:15:17.650> but<00:15:17.860> first<00:15:18.070> I'm<00:15:18.370> going<00:15:18.520> to 00:15:18.630 --> 00:15:18.640 align:start position:0% examples of that but first I'm going to 00:15:18.640 --> 00:15:21.900 align:start position:0% examples of that but first I'm going to show<00:15:18.850> you<00:15:20.190> that<00:15:21.190> you<00:15:21.280> can<00:15:21.430> build<00:15:21.670> your<00:15:21.850> own 00:15:21.900 --> 00:15:21.910 align:start position:0% show you that you can build your own 00:15:21.910 --> 00:15:24.450 align:start position:0% show you that you can build your own token<00:15:22.900> honoring<00:15:23.650> to<00:15:23.740> be<00:15:23.800> using<00:15:24.130> the<00:15:24.250> synthetic 00:15:24.450 --> 00:15:24.460 align:start position:0% token honoring to be using the synthetic 00:15:24.460 --> 00:15:27.780 align:start position:0% token honoring to be using the synthetic token<00:15:24.970> barrier<00:15:25.240> so<00:15:26.110> if<00:15:26.920> you're<00:15:27.400> connected<00:15:27.610> to 00:15:27.780 --> 00:15:27.790 align:start position:0% token barrier so if you're connected to 00:15:27.790 --> 00:15:29.610 align:start position:0% token barrier so if you're connected to the<00:15:27.970> Wi-Fi<00:15:28.120> you<00:15:28.660> can<00:15:28.780> go<00:15:28.870> to<00:15:28.930> token<00:15:29.320> builder 00:15:29.610 --> 00:15:29.620 align:start position:0% the Wi-Fi you can go to token builder 00:15:29.620 --> 00:15:30.630 align:start position:0% the Wi-Fi you can go to token builder human<00:15:30.220> project 00:15:30.630 --> 00:15:30.640 align:start position:0% human project 00:15:30.640 --> 00:15:32.880 align:start position:0% human project org<00:15:30.970> and<00:15:31.240> on<00:15:31.840> wrinkly<00:15:32.200> test<00:15:32.410> net<00:15:32.590> you'll<00:15:32.740> be 00:15:32.880 --> 00:15:32.890 align:start position:0% org and on wrinkly test net you'll be 00:15:32.890 --> 00:15:35.220 align:start position:0% org and on wrinkly test net you'll be able<00:15:33.070> to<00:15:33.430> actually<00:15:33.850> follow<00:15:34.420> along<00:15:34.900> with<00:15:35.110> us 00:15:35.220 --> 00:15:35.230 align:start position:0% able to actually follow along with us 00:15:35.230 --> 00:15:36.570 align:start position:0% able to actually follow along with us hopefully<00:15:35.380> that<00:15:35.770> video<00:15:35.860> there<00:15:36.160> not<00:15:36.340> to<00:15:36.430> show 00:15:36.570 --> 00:15:36.580 align:start position:0% hopefully that video there not to show 00:15:36.580 --> 00:15:39.900 align:start position:0% hopefully that video there not to show you<00:15:36.640> you<00:15:37.480> just<00:15:37.660> need<00:15:37.810> to<00:15:37.900> have<00:15:38.020> tests<00:15:38.980> eath<00:15:39.550> and 00:15:39.900 --> 00:15:39.910 align:start position:0% you you just need to have tests eath and 00:15:39.910 --> 00:15:44.250 align:start position:0% you you just need to have tests eath and test<00:15:40.120> net<00:15:40.300> die 00:15:44.250 --> 00:15:44.260 align:start position:0% 00:15:44.260 --> 00:15:46.710 align:start position:0% all<00:15:44.800> right<00:15:44.950> so<00:15:45.460> let<00:15:45.760> me<00:15:45.850> try<00:15:46.120> to<00:15:46.210> get<00:15:46.570> this 00:15:46.710 --> 00:15:46.720 align:start position:0% all right so let me try to get this 00:15:46.720 --> 00:15:55.560 align:start position:0% all right so let me try to get this video<00:15:46.960> up<00:15:47.580> summary<00:15:52.980> okay<00:15:53.980> so<00:15:54.880> if<00:15:55.060> you're<00:15:55.210> able 00:15:55.560 --> 00:15:55.570 align:start position:0% video up summary okay so if you're able 00:15:55.570 --> 00:15:57.240 align:start position:0% video up summary okay so if you're able to<00:15:55.600> get<00:15:55.780> to<00:15:55.900> this<00:15:55.990> website<00:15:56.410> and<00:15:56.590> you<00:15:56.710> have<00:15:56.800> test 00:15:57.240 --> 00:15:57.250 align:start position:0% to get to this website and you have test 00:15:57.250 --> 00:15:59.430 align:start position:0% to get to this website and you have test it<00:15:57.370> you<00:15:57.460> can<00:15:57.610> doesn't<00:15:57.760> die<00:15:58.230> first<00:15:59.230> thing 00:15:59.430 --> 00:15:59.440 align:start position:0% it you can doesn't die first thing 00:15:59.440 --> 00:16:00.870 align:start position:0% it you can doesn't die first thing you're<00:15:59.530> gonna<00:15:59.590> do<00:15:59.800> is<00:15:59.830> move<00:16:00.100> in<00:16:00.310> a<00:16:00.550> token 00:16:00.870 --> 00:16:00.880 align:start position:0% you're gonna do is move in a token 00:16:00.880 --> 00:16:03.510 align:start position:0% you're gonna do is move in a token facility<00:16:01.330> so<00:16:01.810> it's<00:16:01.930> actually<00:16:02.140> creating<00:16:03.010> that 00:16:03.510 --> 00:16:03.520 align:start position:0% facility so it's actually creating that 00:16:03.520 --> 00:16:04.980 align:start position:0% facility so it's actually creating that box<00:16:03.880> that<00:16:04.210> I<00:16:04.240> showed<00:16:04.540> you<00:16:04.570> in<00:16:04.780> the<00:16:04.810> diagram 00:16:04.980 --> 00:16:04.990 align:start position:0% box that I showed you in the diagram 00:16:04.990 --> 00:16:07.380 align:start position:0% box that I showed you in the diagram before<00:16:05.590> right<00:16:06.070> so<00:16:06.760> what<00:16:06.910> does<00:16:06.970> that<00:16:07.030> mean 00:16:07.380 --> 00:16:07.390 align:start position:0% before right so what does that mean 00:16:07.390 --> 00:16:08.730 align:start position:0% before right so what does that mean you're<00:16:07.840> studying<00:16:08.050> a<00:16:08.200> bunch<00:16:08.380> of<00:16:08.530> parameters 00:16:08.730 --> 00:16:08.740 align:start position:0% you're studying a bunch of parameters 00:16:08.740 --> 00:16:11.550 align:start position:0% you're studying a bunch of parameters and<00:16:09.220> then<00:16:09.460> launching<00:16:09.880> a<00:16:10.000> smart<00:16:10.270> contract<00:16:10.560> so 00:16:11.550 --> 00:16:11.560 align:start position:0% and then launching a smart contract so 00:16:11.560 --> 00:16:12.960 align:start position:0% and then launching a smart contract so when<00:16:11.650> you<00:16:11.740> launch<00:16:12.010> the<00:16:12.220> smart<00:16:12.430> contract<00:16:12.820> it's 00:16:12.960 --> 00:16:12.970 align:start position:0% when you launch the smart contract it's 00:16:12.970 --> 00:16:14.480 align:start position:0% when you launch the smart contract it's like<00:16:13.090> you're<00:16:13.210> opening<00:16:13.360> a<00:16:13.630> new<00:16:13.750> token<00:16:13.960> facility 00:16:14.480 --> 00:16:14.490 align:start position:0% like you're opening a new token facility 00:16:14.490 --> 00:16:16.590 align:start position:0% like you're opening a new token facility then<00:16:15.490> you're<00:16:15.640> going<00:16:15.730> to<00:16:15.790> deposit<00:16:16.150> some<00:16:16.540> money 00:16:16.590 --> 00:16:16.600 align:start position:0% then you're going to deposit some money 00:16:16.600 --> 00:16:19.100 align:start position:0% then you're going to deposit some money into<00:16:17.110> that<00:16:17.200> trophy<00:16:17.530> facility<00:16:17.980> right<00:16:18.880> and 00:16:19.100 --> 00:16:19.110 align:start position:0% into that trophy facility right and 00:16:19.110 --> 00:16:21.870 align:start position:0% into that trophy facility right and borrow<00:16:20.110> tokens<00:16:20.650> that<00:16:20.740> are<00:16:20.890> backed<00:16:21.160> by<00:16:21.580> some 00:16:21.870 --> 00:16:21.880 align:start position:0% borrow tokens that are backed by some 00:16:21.880 --> 00:16:24.960 align:start position:0% borrow tokens that are backed by some portion<00:16:22.390> of<00:16:22.450> that<00:16:22.570> margin<00:16:23.490> so<00:16:24.490> in<00:16:24.610> this<00:16:24.730> case 00:16:24.960 --> 00:16:24.970 align:start position:0% portion of that margin so in this case 00:16:24.970 --> 00:16:26.730 align:start position:0% portion of that margin so in this case they're<00:16:25.150> depositing<00:16:25.630> 10,000<00:16:26.200> tests<00:16:26.410> net<00:16:26.590> died 00:16:26.730 --> 00:16:26.740 align:start position:0% they're depositing 10,000 tests net died 00:16:26.740 --> 00:16:28.800 align:start position:0% they're depositing 10,000 tests net died in<00:16:26.980> withdrawing<00:16:27.370> five<00:16:27.670> children's<00:16:28.090> so 00:16:28.800 --> 00:16:28.810 align:start position:0% in withdrawing five children's so 00:16:28.810 --> 00:16:30.480 align:start position:0% in withdrawing five children's so they're<00:16:28.930> borrowing<00:16:29.230> five<00:16:29.680> tokens<00:16:29.950> that<00:16:30.310> are 00:16:30.480 --> 00:16:30.490 align:start position:0% they're borrowing five tokens that are 00:16:30.490 --> 00:16:32.910 align:start position:0% they're borrowing five tokens that are backed<00:16:30.790> by<00:16:31.090> the<00:16:31.660> 10,000<00:16:32.470> died<00:16:32.620> that<00:16:32.830> they 00:16:32.910 --> 00:16:32.920 align:start position:0% backed by the 10,000 died that they 00:16:32.920 --> 00:16:36.210 align:start position:0% backed by the 10,000 died that they deposited<00:16:33.900> so<00:16:34.900> I<00:16:34.930> think<00:16:35.230> this<00:16:35.560> this<00:16:35.830> clip<00:16:36.100> is 00:16:36.210 --> 00:16:36.220 align:start position:0% deposited so I think this this clip is 00:16:36.220 --> 00:16:40.650 align:start position:0% deposited so I think this this clip is actually<00:16:36.400> 50<00:16:37.120> seconds<00:16:37.630> so<00:16:38.320> really<00:16:38.890> fast<00:16:39.660> and 00:16:40.650 --> 00:16:40.660 align:start position:0% actually 50 seconds so really fast and 00:16:40.660 --> 00:16:41.820 align:start position:0% actually 50 seconds so really fast and if<00:16:40.840> you<00:16:40.900> know<00:16:41.020> you're<00:16:41.200> doing<00:16:41.410> a<00:16:41.470> presence 00:16:41.820 --> 00:16:41.830 align:start position:0% if you know you're doing a presence 00:16:41.830 --> 00:16:44.190 align:start position:0% if you know you're doing a presence that's<00:16:42.040> super<00:16:42.250> fast<00:16:42.460> but<00:16:43.180> you<00:16:43.900> should<00:16:44.080> feel 00:16:44.190 --> 00:16:44.200 align:start position:0% that's super fast but you should feel 00:16:44.200 --> 00:16:46.320 align:start position:0% that's super fast but you should feel free<00:16:44.410> to<00:16:44.530> actually<00:16:45.130> go<00:16:45.340> in<00:16:45.550> look<00:16:46.090> at<00:16:46.240> the 00:16:46.320 --> 00:16:46.330 align:start position:0% free to actually go in look at the 00:16:46.330 --> 00:16:48.530 align:start position:0% free to actually go in look at the different<00:16:46.780> price<00:16:47.110> feeds<00:16:47.470> that<00:16:47.800> we've<00:16:48.040> already 00:16:48.530 --> 00:16:48.540 align:start position:0% different price feeds that we've already 00:16:48.540 --> 00:16:50.730 align:start position:0% different price feeds that we've already curated<00:16:49.540> for<00:16:49.750> you<00:16:49.900> as<00:16:50.140> well<00:16:50.380> as<00:16:50.470> some<00:16:50.620> of<00:16:50.680> the 00:16:50.730 --> 00:16:50.740 align:start position:0% curated for you as well as some of the 00:16:50.740 --> 00:16:53.130 align:start position:0% curated for you as well as some of the experts<00:16:51.130> that<00:16:51.220> we've<00:16:51.400> curated<00:16:51.900> play<00:16:52.900> around 00:16:53.130 --> 00:16:53.140 align:start position:0% experts that we've curated play around 00:16:53.140 --> 00:16:55.050 align:start position:0% experts that we've curated play around with<00:16:53.350> it<00:16:53.590> create<00:16:53.920> your<00:16:54.040> own<00:16:54.070> tokens<00:16:54.520> send<00:16:54.940> them 00:16:55.050 --> 00:16:55.060 align:start position:0% with it create your own tokens send them 00:16:55.060 --> 00:16:58.280 align:start position:0% with it create your own tokens send them to<00:16:55.180> people<00:16:55.620> have<00:16:56.620> test<00:16:57.010> net<00:16:57.280> financial<00:16:57.730> notes 00:16:58.280 --> 00:16:58.290 align:start position:0% to people have test net financial notes 00:16:58.290 --> 00:17:01.590 align:start position:0% to people have test net financial notes and<00:16:59.290> then<00:16:59.530> check<00:16:59.710> it<00:16:59.740> out<00:17:00.000> but<00:17:01.000> that's<00:17:01.180> how 00:17:01.590 --> 00:17:01.600 align:start position:0% and then check it out but that's how 00:17:01.600 --> 00:17:04.050 align:start position:0% and then check it out but that's how we've<00:17:01.990> basically<00:17:02.380> shown<00:17:02.890> you<00:17:03.070> the<00:17:03.670> financial 00:17:04.050 --> 00:17:04.060 align:start position:0% we've basically shown you the financial 00:17:04.060 --> 00:17:05.940 align:start position:0% we've basically shown you the financial engineering<00:17:04.420> behind<00:17:04.630> it<00:17:04.810> right 00:17:05.940 --> 00:17:05.950 align:start position:0% engineering behind it right 00:17:05.950 --> 00:17:07.790 align:start position:0% engineering behind it right and<00:17:06.340> then<00:17:06.520> we've<00:17:06.640> shown<00:17:07.030> you<00:17:07.300> an 00:17:07.790 --> 00:17:07.800 align:start position:0% and then we've shown you an 00:17:07.800 --> 00:17:09.810 align:start position:0% and then we've shown you an implementation<00:17:08.800> or<00:17:09.040> a<00:17:09.070> way<00:17:09.250> that<00:17:09.430> people<00:17:09.670> can 00:17:09.810 --> 00:17:09.820 align:start position:0% implementation or a way that people can 00:17:09.820 --> 00:17:11.460 align:start position:0% implementation or a way that people can access<00:17:10.300> that<00:17:10.480> type<00:17:11.020> of<00:17:11.050> financial 00:17:11.460 --> 00:17:11.470 align:start position:0% access that type of financial 00:17:11.470 --> 00:17:12.829 align:start position:0% access that type of financial engineering 00:17:12.829 --> 00:17:12.839 align:start position:0% engineering 00:17:12.839 --> 00:17:15.439 align:start position:0% engineering I<00:17:12.870> think<00:17:13.500> especially<00:17:13.709> the<00:17:14.159> structure<00:17:14.549> I<00:17:14.850> see 00:17:15.439 --> 00:17:15.449 align:start position:0% I think especially the structure I see 00:17:15.449 --> 00:17:17.269 align:start position:0% I think especially the structure I see the<00:17:15.600> first<00:17:15.779> kind<00:17:16.110> of<00:17:16.199> diagram<00:17:16.620> with<00:17:16.829> boxes<00:17:17.250> and 00:17:17.269 --> 00:17:17.279 align:start position:0% the first kind of diagram with boxes and 00:17:17.279 --> 00:17:18.860 align:start position:0% the first kind of diagram with boxes and arrows<00:17:17.490> and<00:17:17.640> cash<00:17:17.939> flows<00:17:18.270> it<00:17:18.480> makes<00:17:18.630> a<00:17:18.689> lot<00:17:18.839> of 00:17:18.860 --> 00:17:18.870 align:start position:0% arrows and cash flows it makes a lot of 00:17:18.870 --> 00:17:20.689 align:start position:0% arrows and cash flows it makes a lot of sense<00:17:19.079> to<00:17:19.140> me<00:17:19.260> but<00:17:19.919> one<00:17:20.039> of<00:17:20.130> the<00:17:20.220> really<00:17:20.520> cool 00:17:20.689 --> 00:17:20.699 align:start position:0% sense to me but one of the really cool 00:17:20.699 --> 00:17:22.819 align:start position:0% sense to me but one of the really cool things<00:17:21.029> about<00:17:21.230> tokenizing<00:17:22.230> this<00:17:22.559> kind<00:17:22.770> of 00:17:22.819 --> 00:17:22.829 align:start position:0% things about tokenizing this kind of 00:17:22.829 --> 00:17:24.789 align:start position:0% things about tokenizing this kind of natural<00:17:23.010> risk<00:17:23.339> is<00:17:23.789> that<00:17:23.850> it<00:17:24.059> becomes<00:17:24.179> very 00:17:24.789 --> 00:17:24.799 align:start position:0% natural risk is that it becomes very 00:17:24.799 --> 00:17:27.860 align:start position:0% natural risk is that it becomes very accessible<00:17:25.799> once<00:17:26.699> you<00:17:26.819> have<00:17:27.000> these<00:17:27.179> tokens<00:17:27.659> on 00:17:27.860 --> 00:17:27.870 align:start position:0% accessible once you have these tokens on 00:17:27.870 --> 00:17:29.419 align:start position:0% accessible once you have these tokens on test<00:17:28.140> it<00:17:28.319> you<00:17:28.529> can<00:17:28.679> just<00:17:28.830> send<00:17:29.039> them<00:17:29.100> to<00:17:29.220> anyone 00:17:29.419 --> 00:17:29.429 align:start position:0% test it you can just send them to anyone 00:17:29.429 --> 00:17:30.980 align:start position:0% test it you can just send them to anyone and<00:17:29.730> begin<00:17:29.940> your<00:17:30.059> financial<00:17:30.450> risk<00:17:30.600> that<00:17:30.779> way 00:17:30.980 --> 00:17:30.990 align:start position:0% and begin your financial risk that way 00:17:30.990 --> 00:17:32.810 align:start position:0% and begin your financial risk that way there's<00:17:31.650> no<00:17:31.830> need<00:17:32.010> to<00:17:32.039> hammer<00:17:32.309> out<00:17:32.490> a 00:17:32.810 --> 00:17:32.820 align:start position:0% there's no need to hammer out a 00:17:32.820 --> 00:17:34.730 align:start position:0% there's no need to hammer out a bilateral<00:17:33.299> agreement<00:17:33.900> between<00:17:34.529> two 00:17:34.730 --> 00:17:34.740 align:start position:0% bilateral agreement between two 00:17:34.740 --> 00:17:38.570 align:start position:0% bilateral agreement between two counterparties<00:17:35.570> so<00:17:36.570> that's<00:17:36.750> the<00:17:36.929> video<00:17:37.580> me 00:17:38.570 --> 00:17:38.580 align:start position:0% counterparties so that's the video me 00:17:38.580 --> 00:17:41.840 align:start position:0% counterparties so that's the video me close<00:17:39.179> this<00:17:39.980> was<00:17:40.980> anyone<00:17:41.309> able<00:17:41.400> to<00:17:41.700> actually 00:17:41.840 --> 00:17:41.850 align:start position:0% close this was anyone able to actually 00:17:41.850 --> 00:17:47.060 align:start position:0% close this was anyone able to actually get<00:17:42.120> onto<00:17:42.299> the<00:17:42.450> token<00:17:42.720> builder<00:17:44.929> well<00:17:45.929> we<00:17:46.740> tried 00:17:47.060 --> 00:17:47.070 align:start position:0% get onto the token builder well we tried 00:17:47.070 --> 00:17:52.610 align:start position:0% get onto the token builder well we tried and<00:17:48.110> for<00:17:49.110> at<00:17:49.169> least<00:17:49.320> trying<00:17:49.860> this<00:17:50.850> is<00:17:51.059> a<00:17:51.620> look 00:17:52.610 --> 00:17:52.620 align:start position:0% and for at least trying this is a look 00:17:52.620 --> 00:17:55.580 align:start position:0% and for at least trying this is a look at<00:17:52.740> a<00:17:52.770> QR<00:17:53.190> code<00:17:53.490> for<00:17:53.880> that<00:17:54.059> theory<00:17:55.020> of<00:17:55.169> galaxy 00:17:55.580 --> 00:17:55.590 align:start position:0% at a QR code for that theory of galaxy 00:17:55.590 --> 00:17:57.860 align:start position:0% at a QR code for that theory of galaxy game<00:17:55.770> so<00:17:56.580> that's<00:17:56.700> going<00:17:56.850> to<00:17:56.909> be<00:17:57.059> our<00:17:57.179> little 00:17:57.860 --> 00:17:57.870 align:start position:0% game so that's going to be our little 00:17:57.870 --> 00:18:00.289 align:start position:0% game so that's going to be our little challenge<00:17:58.590> but<00:17:58.860> feel<00:17:59.640> free<00:17:59.760> to<00:17:59.820> scan<00:18:00.059> that<00:18:00.240> and 00:18:00.289 --> 00:18:00.299 align:start position:0% challenge but feel free to scan that and 00:18:00.299 --> 00:18:02.750 align:start position:0% challenge but feel free to scan that and collect<00:18:00.809> your<00:18:00.899> in<00:18:01.200> your<00:18:01.289> star<00:18:01.529> I'm<00:18:02.370> just<00:18:02.610> going 00:18:02.750 --> 00:18:02.760 align:start position:0% collect your in your star I'm just going 00:18:02.760 --> 00:18:05.210 align:start position:0% collect your in your star I'm just going to<00:18:02.820> pass<00:18:02.970> it<00:18:03.120> around<00:18:03.210> to<00:18:03.480> so<00:18:04.200> the<00:18:04.649> Machine<00:18:05.130> I 00:18:05.210 --> 00:18:05.220 align:start position:0% to pass it around to so the Machine I 00:18:05.220 --> 00:18:08.960 align:start position:0% to pass it around to so the Machine I can<00:18:05.460> move<00:18:05.760> up<00:18:05.940> reputation<00:18:06.809> if<00:18:07.020> you<00:18:07.640> don't<00:18:08.640> have 00:18:08.960 --> 00:18:08.970 align:start position:0% can move up reputation if you don't have 00:18:08.970 --> 00:18:12.500 align:start position:0% can move up reputation if you don't have it<00:18:09.149> yet 00:18:12.500 --> 00:18:12.510 align:start position:0% 00:18:12.510 --> 00:18:16.050 align:start position:0% okay<00:18:13.510> I<00:18:13.780> see<00:18:14.590> some<00:18:14.620> phones<00:18:15.040> so<00:18:15.550> I<00:18:15.580> will<00:18:15.850> give 00:18:16.050 --> 00:18:16.060 align:start position:0% okay I see some phones so I will give 00:18:16.060 --> 00:18:22.440 align:start position:0% okay I see some phones so I will give you<00:18:16.140> three<00:18:17.140> seconds<00:18:20.790> okay<00:18:21.790> that's<00:18:22.060> it<00:18:22.270> I'll 00:18:22.440 --> 00:18:22.450 align:start position:0% you three seconds okay that's it I'll 00:18:22.450 --> 00:18:23.790 align:start position:0% you three seconds okay that's it I'll set<00:18:22.660> so<00:18:22.900> we're<00:18:23.260> moving<00:18:23.350> forward 00:18:23.790 --> 00:18:23.800 align:start position:0% set so we're moving forward 00:18:23.800 --> 00:18:30.900 align:start position:0% set so we're moving forward but<00:18:24.070> anyway<00:18:24.580> so<00:18:29.490> now<00:18:30.490> we're<00:18:30.580> going<00:18:30.670> to<00:18:30.760> talk 00:18:30.900 --> 00:18:30.910 align:start position:0% but anyway so now we're going to talk 00:18:30.910 --> 00:18:32.280 align:start position:0% but anyway so now we're going to talk about<00:18:30.940> a<00:18:31.390> bit<00:18:31.630> more<00:18:31.870> about<00:18:32.050> the<00:18:32.170> financial 00:18:32.280 --> 00:18:32.290 align:start position:0% about a bit more about the financial 00:18:32.290 --> 00:18:34.830 align:start position:0% about a bit more about the financial engineering<00:18:32.890> behind<00:18:33.250> the<00:18:33.400> scenes<00:18:33.670> and<00:18:34.090> what 00:18:34.830 --> 00:18:34.840 align:start position:0% engineering behind the scenes and what 00:18:34.840 --> 00:18:37.980 align:start position:0% engineering behind the scenes and what that<00:18:34.990> synthetic<00:18:35.320> acid<00:18:35.890> token<00:18:36.250> really<00:18:36.850> is<00:18:37.780> and 00:18:37.980 --> 00:18:37.990 align:start position:0% that synthetic acid token really is and 00:18:37.990 --> 00:18:40.920 align:start position:0% that synthetic acid token really is and what<00:18:38.080> it's<00:18:38.230> doing<00:18:38.290> so<00:18:39.420> as<00:18:40.420> I<00:18:40.540> mentioned<00:18:40.870> before 00:18:40.920 --> 00:18:40.930 align:start position:0% what it's doing so as I mentioned before 00:18:40.930 --> 00:18:44.820 align:start position:0% what it's doing so as I mentioned before right<00:18:41.430> in<00:18:42.430> that<00:18:42.820> video<00:18:43.150> but<00:18:43.630> someone<00:18:44.320> did<00:18:44.530> was 00:18:44.820 --> 00:18:44.830 align:start position:0% right in that video but someone did was 00:18:44.830 --> 00:18:46.710 align:start position:0% right in that video but someone did was the<00:18:45.100> first<00:18:45.340> thing<00:18:45.550> he<00:18:45.610> did<00:18:45.850> was<00:18:46.030> he<00:18:46.090> defined<00:18:46.630> a 00:18:46.710 --> 00:18:46.720 align:start position:0% the first thing he did was he defined a 00:18:46.720 --> 00:18:49.020 align:start position:0% the first thing he did was he defined a couple<00:18:46.960> of<00:18:47.050> parameters<00:18:47.500> so<00:18:48.370> he<00:18:48.520> chose<00:18:48.730> a 00:18:49.020 --> 00:18:49.030 align:start position:0% couple of parameters so he chose a 00:18:49.030 --> 00:18:50.430 align:start position:0% couple of parameters so he chose a freight<00:18:49.240> speed<00:18:49.540> you<00:18:49.720> chose<00:18:49.930> an<00:18:50.050> expiration 00:18:50.430 --> 00:18:50.440 align:start position:0% freight speed you chose an expiration 00:18:50.440 --> 00:18:50.940 align:start position:0% freight speed you chose an expiration date 00:18:50.940 --> 00:18:50.950 align:start position:0% date 00:18:50.950 --> 00:18:53.070 align:start position:0% date he<00:18:51.040> chose<00:18:51.280> a<00:18:51.550> name<00:18:52.030> for<00:18:52.270> his<00:18:52.390> tokens<00:18:52.780> and<00:18:52.960> his 00:18:53.070 --> 00:18:53.080 align:start position:0% he chose a name for his tokens and his 00:18:53.080 --> 00:18:55.740 align:start position:0% he chose a name for his tokens and his total<00:18:53.290> facility<00:18:54.150> then<00:18:55.150> he<00:18:55.330> employed<00:18:55.660> the 00:18:55.740 --> 00:18:55.750 align:start position:0% total facility then he employed the 00:18:55.750 --> 00:18:57.570 align:start position:0% total facility then he employed the contract<00:18:56.230> right<00:18:56.470> so<00:18:56.680> now<00:18:56.800> we've<00:18:57.040> actually<00:18:57.220> got 00:18:57.570 --> 00:18:57.580 align:start position:0% contract right so now we've actually got 00:18:57.580 --> 00:18:59.700 align:start position:0% contract right so now we've actually got a<00:18:57.610> Toby's<00:18:58.030> facility<00:18:58.480> that's<00:18:59.050> live<00:18:59.380> on<00:18:59.680> earth 00:18:59.700 --> 00:18:59.710 align:start position:0% a Toby's facility that's live on earth 00:18:59.710 --> 00:19:04.110 align:start position:0% a Toby's facility that's live on earth we<00:19:00.040> test<00:19:00.280> now<00:19:01.440> nobody<00:19:02.440> knew<00:19:02.650> he<00:19:03.340> deposited<00:19:03.970> the 00:19:04.110 --> 00:19:04.120 align:start position:0% we test now nobody knew he deposited the 00:19:04.120 --> 00:19:06.810 align:start position:0% we test now nobody knew he deposited the collateral<00:19:04.630> gracie<00:19:05.170> deposited<00:19:05.830> died<00:19:06.010> died<00:19:06.760> is 00:19:06.810 --> 00:19:06.820 align:start position:0% collateral gracie deposited died died is 00:19:06.820 --> 00:19:08.610 align:start position:0% collateral gracie deposited died died is the<00:19:07.240> margin<00:19:07.690> currency<00:19:08.110> that<00:19:08.230> we've<00:19:08.380> chosen 00:19:08.610 --> 00:19:08.620 align:start position:0% the margin currency that we've chosen 00:19:08.620 --> 00:19:10.350 align:start position:0% the margin currency that we've chosen for<00:19:08.770> this<00:19:09.130> synthetic<00:19:09.460> token<00:19:09.910> will<00:19:10.060> there<00:19:10.240> at 00:19:10.350 --> 00:19:10.360 align:start position:0% for this synthetic token will there at 00:19:10.360 --> 00:19:12.420 align:start position:0% for this synthetic token will there at this<00:19:10.510> point<00:19:10.890> but<00:19:11.890> of<00:19:12.100> course<00:19:12.280> that's 00:19:12.420 --> 00:19:12.430 align:start position:0% this point but of course that's 00:19:12.430 --> 00:19:15.510 align:start position:0% this point but of course that's something<00:19:13.030> needs<00:19:13.600> change<00:19:14.130> we<00:19:15.130> see<00:19:15.430> you 00:19:15.510 --> 00:19:15.520 align:start position:0% something needs change we see you 00:19:15.520 --> 00:19:17.130 align:start position:0% something needs change we see you probably<00:19:15.880> died<00:19:16.090> in<00:19:16.150> the<00:19:16.420> choking<00:19:16.720> facility 00:19:17.130 --> 00:19:17.140 align:start position:0% probably died in the choking facility 00:19:17.140 --> 00:19:19.350 align:start position:0% probably died in the choking facility then<00:19:17.710> you<00:19:17.800> borrow<00:19:18.100> tokens<00:19:18.730> that<00:19:18.910> are<00:19:19.030> backed 00:19:19.350 --> 00:19:19.360 align:start position:0% then you borrow tokens that are backed 00:19:19.360 --> 00:19:21.630 align:start position:0% then you borrow tokens that are backed by<00:19:19.540> some<00:19:19.870> portion<00:19:20.230> of<00:19:20.290> that<00:19:20.350> guy<00:19:20.640> remember 00:19:21.630 --> 00:19:21.640 align:start position:0% by some portion of that guy remember 00:19:21.640 --> 00:19:23.250 align:start position:0% by some portion of that guy remember that<00:19:21.940> you're<00:19:22.060> over<00:19:22.330> collateralizing<00:19:22.990> the 00:19:23.250 --> 00:19:23.260 align:start position:0% that you're over collateralizing the 00:19:23.260 --> 00:19:24.780 align:start position:0% that you're over collateralizing the value<00:19:23.620> of<00:19:23.710> the<00:19:23.800> tokens<00:19:24.130> like<00:19:24.250> our<00:19:24.400> borrowing 00:19:24.780 --> 00:19:24.790 align:start position:0% value of the tokens like our borrowing 00:19:24.790 --> 00:19:27.540 align:start position:0% value of the tokens like our borrowing and<00:19:25.330> so<00:19:25.690> there<00:19:25.990> will<00:19:26.140> be<00:19:26.200> at<00:19:26.710> least<00:19:26.740> as<00:19:27.310> much 00:19:27.540 --> 00:19:27.550 align:start position:0% and so there will be at least as much 00:19:27.550 --> 00:19:29.820 align:start position:0% and so there will be at least as much dye<00:19:28.060> in<00:19:28.270> there<00:19:28.390> as<00:19:28.510> the<00:19:28.750> value<00:19:28.870> of<00:19:29.620> the<00:19:29.710> dye 00:19:29.820 --> 00:19:29.830 align:start position:0% dye in there as the value of the dye 00:19:29.830 --> 00:19:32.550 align:start position:0% dye in there as the value of the dye value<00:19:30.190> tokens<00:19:30.610> that<00:19:30.640> you're<00:19:30.850> borrowing<00:19:31.560> and 00:19:32.550 --> 00:19:32.560 align:start position:0% value tokens that you're borrowing and 00:19:32.560 --> 00:19:34.110 align:start position:0% value tokens that you're borrowing and then<00:19:32.710> once<00:19:33.010> you<00:19:33.160> do<00:19:33.280> that<00:19:33.310> right<00:19:33.730> that's<00:19:33.940> all 00:19:34.110 --> 00:19:34.120 align:start position:0% then once you do that right that's all 00:19:34.120 --> 00:19:36.060 align:start position:0% then once you do that right that's all done<00:19:34.330> by<00:19:34.480> its<00:19:34.840> token<00:19:35.200> sponsors<00:19:35.650> so<00:19:35.800> that<00:19:35.920> was 00:19:36.060 --> 00:19:36.070 align:start position:0% done by its token sponsors so that was 00:19:36.070 --> 00:19:37.470 align:start position:0% done by its token sponsors so that was the<00:19:36.190> position<00:19:36.340> that<00:19:36.700> I<00:19:36.760> was<00:19:36.970> saying<00:19:37.210> I<00:19:37.330> had 00:19:37.470 --> 00:19:37.480 align:start position:0% the position that I was saying I had 00:19:37.480 --> 00:19:38.070 align:start position:0% the position that I was saying I had before 00:19:38.070 --> 00:19:38.080 align:start position:0% before 00:19:38.080 --> 00:19:40.290 align:start position:0% before I'm<00:19:38.380> a<00:19:38.530> token<00:19:38.860> sponsor<00:19:39.280> so<00:19:39.700> I'm<00:19:39.850> creating<00:19:40.120> this 00:19:40.290 --> 00:19:40.300 align:start position:0% I'm a token sponsor so I'm creating this 00:19:40.300 --> 00:19:41.730 align:start position:0% I'm a token sponsor so I'm creating this hooking<00:19:40.600> facility<00:19:41.020> and<00:19:41.110> then<00:19:41.200> borrowing<00:19:41.620> the 00:19:41.730 --> 00:19:41.740 align:start position:0% hooking facility and then borrowing the 00:19:41.740 --> 00:19:45.570 align:start position:0% hooking facility and then borrowing the tokens<00:19:42.180> and<00:19:43.180> now<00:19:43.390> as<00:19:43.720> a<00:19:43.750> token<00:19:44.020> sponsor<00:19:44.620> now 00:19:45.570 --> 00:19:45.580 align:start position:0% tokens and now as a token sponsor now 00:19:45.580 --> 00:19:47.040 align:start position:0% tokens and now as a token sponsor now that<00:19:45.700> I<00:19:45.730> have<00:19:45.940> these<00:19:46.090> tokens<00:19:46.360> I<00:19:46.600> like<00:19:46.750> to<00:19:46.900> is 00:19:47.040 --> 00:19:47.050 align:start position:0% that I have these tokens I like to is 00:19:47.050 --> 00:19:49.980 align:start position:0% that I have these tokens I like to is some<00:19:47.230> I<00:19:47.850> trade<00:19:48.850> them<00:19:49.000> some<00:19:49.270> I<00:19:49.450> trade<00:19:49.720> them<00:19:49.870> with 00:19:49.980 --> 00:19:49.990 align:start position:0% some I trade them some I trade them with 00:19:49.990 --> 00:19:51.960 align:start position:0% some I trade them some I trade them with a<00:19:50.170> token<00:19:50.350> holder<00:19:50.800> I'm<00:19:51.280> to<00:19:51.490> actually<00:19:51.850> begin 00:19:51.960 --> 00:19:51.970 align:start position:0% a token holder I'm to actually begin 00:19:51.970 --> 00:19:54.840 align:start position:0% a token holder I'm to actually begin having<00:19:52.360> financial<00:19:52.630> risk<00:19:53.430> just<00:19:54.430> raise<00:19:54.820> your 00:19:54.840 --> 00:19:54.850 align:start position:0% having financial risk just raise your 00:19:54.850 --> 00:19:57.330 align:start position:0% having financial risk just raise your hand<00:19:55.210> if<00:19:55.360> you<00:19:55.510> understand<00:19:56.200> why<00:19:56.650> the<00:19:56.710> token 00:19:57.330 --> 00:19:57.340 align:start position:0% hand if you understand why the token 00:19:57.340 --> 00:19:58.950 align:start position:0% hand if you understand why the token sponsor<00:19:57.760> doesn't<00:19:58.060> have<00:19:58.330> anything<00:19:58.600> actual 00:19:58.950 --> 00:19:58.960 align:start position:0% sponsor doesn't have anything actual 00:19:58.960 --> 00:20:01.720 align:start position:0% sponsor doesn't have anything actual risk<00:19:59.110> here<00:19:59.500> before<00:19:59.950> this 00:20:01.720 --> 00:20:01.730 align:start position:0% risk here before this 00:20:01.730 --> 00:20:05.060 align:start position:0% risk here before this okay<00:20:02.730> okay<00:20:03.360> so<00:20:03.600> I<00:20:04.049> think<00:20:04.320> that's<00:20:04.710> actually 00:20:05.060 --> 00:20:05.070 align:start position:0% okay okay so I think that's actually 00:20:05.070 --> 00:20:07.340 align:start position:0% okay okay so I think that's actually that's<00:20:05.250> a<00:20:05.429> really<00:20:05.760> interesting<00:20:06.260> data<00:20:07.260> point 00:20:07.340 --> 00:20:07.350 align:start position:0% that's a really interesting data point 00:20:07.350 --> 00:20:09.200 align:start position:0% that's a really interesting data point happy<00:20:07.980> to<00:20:08.070> go<00:20:08.190> into<00:20:08.400> that<00:20:08.490> in<00:20:08.610> more<00:20:08.670> detail 00:20:09.200 --> 00:20:09.210 align:start position:0% happy to go into that in more detail 00:20:09.210 --> 00:20:11.000 align:start position:0% happy to go into that in more detail later<00:20:09.240> but<00:20:09.780> that's<00:20:10.530> also<00:20:10.679> an<00:20:10.920> interesting 00:20:11.000 --> 00:20:11.010 align:start position:0% later but that's also an interesting 00:20:11.010 --> 00:20:14.330 align:start position:0% later but that's also an interesting tidbit<00:20:11.580> about<00:20:12.000> this<00:20:12.809> kind<00:20:13.080> of<00:20:13.200> token<00:20:13.950> system 00:20:14.330 --> 00:20:14.340 align:start position:0% tidbit about this kind of token system 00:20:14.340 --> 00:20:16.400 align:start position:0% tidbit about this kind of token system toking<00:20:14.910> facility<00:20:15.390> employment<00:20:15.900> is<00:20:16.350> that 00:20:16.400 --> 00:20:16.410 align:start position:0% toking facility employment is that 00:20:16.410 --> 00:20:18.620 align:start position:0% toking facility employment is that before<00:20:17.100> here<00:20:17.520> before<00:20:17.850> you<00:20:17.940> trade<00:20:18.179> them<00:20:18.330> with 00:20:18.620 --> 00:20:18.630 align:start position:0% before here before you trade them with 00:20:18.630 --> 00:20:21.020 align:start position:0% before here before you trade them with anyone<00:20:19.140> you<00:20:19.799> actually<00:20:20.160> have<00:20:20.309> no<00:20:20.340> risk<00:20:20.760> to<00:20:21.000> the 00:20:21.020 --> 00:20:21.030 align:start position:0% anyone you actually have no risk to the 00:20:21.030 --> 00:20:23.539 align:start position:0% anyone you actually have no risk to the price<00:20:21.299> feed<00:20:21.540> that<00:20:21.630> you're<00:20:21.780> using<00:20:22.309> but<00:20:23.309> in<00:20:23.400> any 00:20:23.539 --> 00:20:23.549 align:start position:0% price feed that you're using but in any 00:20:23.549 --> 00:20:26.539 align:start position:0% price feed that you're using but in any case<00:20:24.530> sure<00:20:25.530> you<00:20:25.740> have<00:20:25.830> a<00:20:25.890> good<00:20:26.040> question<00:20:26.190> on 00:20:26.539 --> 00:20:26.549 align:start position:0% case sure you have a good question on 00:20:26.549 --> 00:20:28.640 align:start position:0% case sure you have a good question on defining<00:20:26.940> the<00:20:27.179> parameters<00:20:27.390> looks<00:20:28.290> like<00:20:28.500> you 00:20:28.640 --> 00:20:28.650 align:start position:0% defining the parameters looks like you 00:20:28.650 --> 00:20:32.270 align:start position:0% defining the parameters looks like you have<00:20:28.830> a<00:20:29.870> limited<00:20:30.870> set<00:20:31.110> of<00:20:31.140> portables<00:20:31.710> and<00:20:31.980> some 00:20:32.270 --> 00:20:32.280 align:start position:0% have a limited set of portables and some 00:20:32.280 --> 00:20:34.460 align:start position:0% have a limited set of portables and some expiration<00:20:33.150> dates<00:20:33.360> so<00:20:33.929> how<00:20:34.080> do<00:20:34.140> you<00:20:34.290> think 00:20:34.460 --> 00:20:34.470 align:start position:0% expiration dates so how do you think 00:20:34.470 --> 00:20:36.650 align:start position:0% expiration dates so how do you think about<00:20:34.799> letting<00:20:35.490> people<00:20:35.520> create<00:20:36.179> contracts 00:20:36.650 --> 00:20:36.660 align:start position:0% about letting people create contracts 00:20:36.660 --> 00:20:38.810 align:start position:0% about letting people create contracts and<00:20:36.929> do<00:20:37.080> composability<00:20:37.590> versus<00:20:38.549> just 00:20:38.810 --> 00:20:38.820 align:start position:0% and do composability versus just 00:20:38.820 --> 00:20:40.280 align:start position:0% and do composability versus just launching<00:20:39.270> this<00:20:39.419> on<00:20:39.720> yourself 00:20:40.280 --> 00:20:40.290 align:start position:0% launching this on yourself 00:20:40.290 --> 00:20:44.120 align:start position:0% launching this on yourself like<00:20:40.440> launching<00:20:41.100> like<00:20:41.280> the<00:20:43.070> perfect<00:20:44.070> question 00:20:44.120 --> 00:20:44.130 align:start position:0% like launching like the perfect question 00:20:44.130 --> 00:20:45.980 align:start position:0% like launching like the perfect question allison<00:20:44.880> is<00:20:44.970> going<00:20:45.150> to<00:20:45.210> discuss<00:20:45.510> a<00:20:45.720> lot<00:20:45.929> of 00:20:45.980 --> 00:20:45.990 align:start position:0% allison is going to discuss a lot of 00:20:45.990 --> 00:20:49.659 align:start position:0% allison is going to discuss a lot of that<00:20:46.320> in<00:20:46.919> the<00:20:47.250> next<00:20:47.400> couple<00:20:47.520> of<00:20:47.669> sections<00:20:47.880> so 00:20:49.659 --> 00:20:49.669 align:start position:0% that in the next couple of sections so 00:20:49.669 --> 00:20:52.190 align:start position:0% that in the next couple of sections so yeah<00:20:50.669> so<00:20:50.910> I<00:20:50.940> just<00:20:51.059> wanted<00:20:51.419> to<00:20:51.540> highlight<00:20:51.750> here 00:20:52.190 --> 00:20:52.200 align:start position:0% yeah so I just wanted to highlight here 00:20:52.200 --> 00:20:54.830 align:start position:0% yeah so I just wanted to highlight here that<00:20:52.410> the<00:20:52.980> idea<00:20:53.280> someone<00:20:54.150> is<00:20:54.360> defining<00:20:54.720> a 00:20:54.830 --> 00:20:54.840 align:start position:0% that the idea someone is defining a 00:20:54.840 --> 00:20:56.750 align:start position:0% that the idea someone is defining a bunch<00:20:55.020> of<00:20:55.110> parameters<00:20:55.650> and<00:20:55.860> then<00:20:56.130> launching<00:20:56.669> a 00:20:56.750 --> 00:20:56.760 align:start position:0% bunch of parameters and then launching a 00:20:56.760 --> 00:20:58.669 align:start position:0% bunch of parameters and then launching a token<00:20:57.090> facility<00:20:57.540> from<00:20:57.960> which<00:20:58.169> they<00:20:58.380> borrow 00:20:58.669 --> 00:20:58.679 align:start position:0% token facility from which they borrow 00:20:58.679 --> 00:21:00.919 align:start position:0% token facility from which they borrow these<00:20:58.919> targets<00:20:59.309> and<00:20:59.400> sell<00:20:59.730> them<00:20:59.910> but<00:21:00.630> to<00:21:00.840> your 00:21:00.919 --> 00:21:00.929 align:start position:0% these targets and sell them but to your 00:21:00.929 --> 00:21:03.350 align:start position:0% these targets and sell them but to your point<00:21:01.520> absolutely<00:21:02.520> you<00:21:02.640> can<00:21:02.790> change<00:21:03.090> the 00:21:03.350 --> 00:21:03.360 align:start position:0% point absolutely you can change the 00:21:03.360 --> 00:21:04.789 align:start position:0% point absolutely you can change the parameters<00:21:03.480> and<00:21:03.840> we<00:21:03.960> would<00:21:04.080> love<00:21:04.410> to<00:21:04.470> see 00:21:04.789 --> 00:21:04.799 align:start position:0% parameters and we would love to see 00:21:04.799 --> 00:21:06.620 align:start position:0% parameters and we would love to see people<00:21:05.130> change<00:21:05.400> the<00:21:06.030> parameters<00:21:06.419> are 00:21:06.620 --> 00:21:06.630 align:start position:0% people change the parameters are 00:21:06.630 --> 00:21:08.510 align:start position:0% people change the parameters are currently<00:21:07.020> available<00:21:07.260> and<00:21:07.740> include<00:21:08.309> their 00:21:08.510 --> 00:21:08.520 align:start position:0% currently available and include their 00:21:08.520 --> 00:21:12.020 align:start position:0% currently available and include their own<00:21:08.790> parameters<00:21:09.360> so<00:21:10.280> what<00:21:11.280> you<00:21:11.400> can<00:21:11.549> do<00:21:11.700> is 00:21:12.020 --> 00:21:12.030 align:start position:0% own parameters so what you can do is 00:21:12.030 --> 00:21:15.409 align:start position:0% own parameters so what you can do is again<00:21:12.299> if<00:21:12.870> anyone<00:21:13.140> can<00:21:13.470> access<00:21:13.710> this<00:21:14.270> this<00:21:15.270> is 00:21:15.409 --> 00:21:15.419 align:start position:0% again if anyone can access this this is 00:21:15.419 --> 00:21:17.450 align:start position:0% again if anyone can access this this is just<00:21:15.600> a<00:21:15.690> link<00:21:15.929> to<00:21:16.169> that<00:21:16.200> yet<00:21:16.650> have<00:21:16.799> where<00:21:17.190> all 00:21:17.450 --> 00:21:17.460 align:start position:0% just a link to that yet have where all 00:21:17.460 --> 00:21:19.520 align:start position:0% just a link to that yet have where all the<00:21:17.700> code<00:21:17.880> that<00:21:18.090> powers<00:21:18.600> the<00:21:18.929> synthetic<00:21:19.110> choke 00:21:19.520 --> 00:21:19.530 align:start position:0% the code that powers the synthetic choke 00:21:19.530 --> 00:21:22.310 align:start position:0% the code that powers the synthetic choke and<00:21:19.650> builder<00:21:19.890> lives<00:21:20.419> so<00:21:21.419> you<00:21:22.020> would<00:21:22.200> actually 00:21:22.310 --> 00:21:22.320 align:start position:0% and builder lives so you would actually 00:21:22.320 --> 00:21:24.710 align:start position:0% and builder lives so you would actually go<00:21:22.770> there<00:21:23.100> and<00:21:23.400> follow<00:21:23.700> along<00:21:23.910> as<00:21:24.299> I'm<00:21:24.390> talking 00:21:24.710 --> 00:21:24.720 align:start position:0% go there and follow along as I'm talking 00:21:24.720 --> 00:21:26.930 align:start position:0% go there and follow along as I'm talking about<00:21:24.780> this<00:21:25.080> but<00:21:25.290> there<00:21:25.830> is<00:21:25.980> in<00:21:26.549> the<00:21:26.730> code 00:21:26.930 --> 00:21:26.940 align:start position:0% about this but there is in the code 00:21:26.940 --> 00:21:29.090 align:start position:0% about this but there is in the code there's<00:21:27.480> a<00:21:27.600> section<00:21:27.990> where<00:21:28.380> we<00:21:28.710> define<00:21:29.070> a 00:21:29.090 --> 00:21:29.100 align:start position:0% there's a section where we define a 00:21:29.100 --> 00:21:31.430 align:start position:0% there's a section where we define a bunch<00:21:29.400> of<00:21:29.520> parameters<00:21:30.059> in<00:21:30.690> fur<00:21:31.110> to<00:21:31.260> have<00:21:31.350> a 00:21:31.430 --> 00:21:31.440 align:start position:0% bunch of parameters in fur to have a 00:21:31.440 --> 00:21:33.620 align:start position:0% bunch of parameters in fur to have a facility<00:21:31.919> and<00:21:32.429> I<00:21:32.549> want<00:21:32.820> to<00:21:32.880> highlight<00:21:33.090> three 00:21:33.620 --> 00:21:33.630 align:start position:0% facility and I want to highlight three 00:21:33.630 --> 00:21:34.760 align:start position:0% facility and I want to highlight three of<00:21:33.750> these<00:21:33.870> parameters<00:21:34.380> because<00:21:34.650> I<00:21:34.710> think 00:21:34.760 --> 00:21:34.770 align:start position:0% of these parameters because I think 00:21:34.770 --> 00:21:36.440 align:start position:0% of these parameters because I think they'll<00:21:35.070> probably<00:21:35.340> be<00:21:35.700> the<00:21:35.850> most<00:21:36.059> interesting 00:21:36.440 --> 00:21:36.450 align:start position:0% they'll probably be the most interesting 00:21:36.450 --> 00:21:38.480 align:start position:0% they'll probably be the most interesting to<00:21:37.410> people<00:21:37.650> who<00:21:37.890> want<00:21:38.040> to<00:21:38.070> create<00:21:38.190> their<00:21:38.340> own 00:21:38.480 --> 00:21:38.490 align:start position:0% to people who want to create their own 00:21:38.490 --> 00:21:39.860 align:start position:0% to people who want to create their own token<00:21:38.970> facilities<00:21:39.419> they're<00:21:39.600> synthetic 00:21:39.860 --> 00:21:39.870 align:start position:0% token facilities they're synthetic 00:21:39.870 --> 00:21:43.260 align:start position:0% token facilities they're synthetic tokens<00:21:40.460> one<00:21:41.460> is<00:21:41.580> this<00:21:41.910> finer<00:21:42.360> dress 00:21:43.260 --> 00:21:43.270 align:start position:0% tokens one is this finer dress 00:21:43.270 --> 00:21:45.419 align:start position:0% tokens one is this finer dress is<00:21:43.360> basically<00:21:43.840> the<00:21:44.320> price<00:21:44.559> feed<00:21:44.890> right<00:21:45.190> on 00:21:45.419 --> 00:21:45.429 align:start position:0% is basically the price feed right on 00:21:45.429 --> 00:21:47.160 align:start position:0% is basically the price feed right on trading<00:21:45.670> price<00:21:45.880> feed<00:21:46.150> that<00:21:46.480> the<00:21:46.600> token<00:21:46.780> price 00:21:47.160 --> 00:21:47.170 align:start position:0% trading price feed that the token price 00:21:47.170 --> 00:21:49.350 align:start position:0% trading price feed that the token price is<00:21:47.320> going<00:21:47.470> to<00:21:47.559> track<00:21:47.830> so<00:21:48.610> if<00:21:48.820> I<00:21:48.940> say<00:21:49.150> for 00:21:49.350 --> 00:21:49.360 align:start position:0% is going to track so if I say for 00:21:49.360 --> 00:21:51.450 align:start position:0% is going to track so if I say for example<00:21:49.750> that<00:21:49.780> this<00:21:50.080> address<00:21:50.559> points<00:21:50.830> to<00:21:51.190> an 00:21:51.450 --> 00:21:51.460 align:start position:0% example that this address points to an 00:21:51.460 --> 00:21:53.400 align:start position:0% example that this address points to an on<00:21:51.850> chain<00:21:52.090> price<00:21:52.360> feed<00:21:52.630> for<00:21:52.870> the<00:21:52.929> price<00:21:53.140> of 00:21:53.400 --> 00:21:53.410 align:start position:0% on chain price feed for the price of 00:21:53.410 --> 00:21:56.040 align:start position:0% on chain price feed for the price of Bitcoin<00:21:53.950> and<00:21:53.980> die<00:21:54.309> it<00:21:55.030> means<00:21:55.300> that<00:21:55.510> each<00:21:55.690> of<00:21:55.720> my 00:21:56.040 --> 00:21:56.050 align:start position:0% Bitcoin and die it means that each of my 00:21:56.050 --> 00:21:57.600 align:start position:0% Bitcoin and die it means that each of my synthetic<00:21:56.320> asset<00:21:56.920> tokens<00:21:57.280> that<00:21:57.400> I'm 00:21:57.600 --> 00:21:57.610 align:start position:0% synthetic asset tokens that I'm 00:21:57.610 --> 00:21:59.460 align:start position:0% synthetic asset tokens that I'm borrowing<00:21:57.880> from<00:21:58.120> the<00:21:58.210> tribune<00:21:58.540> facility<00:21:58.990> will 00:21:59.460 --> 00:21:59.470 align:start position:0% borrowing from the tribune facility will 00:21:59.470 --> 00:22:03.390 align:start position:0% borrowing from the tribune facility will be<00:21:59.620> backed<00:21:59.920> by<00:22:00.450> that<00:22:01.450> number<00:22:01.809> of<00:22:01.990> die<00:22:02.400> so 00:22:03.390 --> 00:22:03.400 align:start position:0% be backed by that number of die so 00:22:03.400 --> 00:22:05.430 align:start position:0% be backed by that number of die so that's<00:22:03.580> the<00:22:03.730> one<00:22:03.910> but<00:22:04.300> should<00:22:04.750> be<00:22:04.870> interesting 00:22:05.430 --> 00:22:05.440 align:start position:0% that's the one but should be interesting 00:22:05.440 --> 00:22:07.290 align:start position:0% that's the one but should be interesting and<00:22:06.040> then<00:22:06.190> two<00:22:06.340> other<00:22:06.520> ones<00:22:06.760> are<00:22:07.059> the 00:22:07.290 --> 00:22:07.300 align:start position:0% and then two other ones are the 00:22:07.300 --> 00:22:10.049 align:start position:0% and then two other ones are the expiration<00:22:07.720> deed<00:22:08.110> of<00:22:08.230> the<00:22:08.320> facility<00:22:08.800> so<00:22:09.370> in 00:22:10.049 --> 00:22:10.059 align:start position:0% expiration deed of the facility so in 00:22:10.059 --> 00:22:11.640 align:start position:0% expiration deed of the facility so in the<00:22:10.240> synthetic<00:22:10.420> token<00:22:10.929> builder<00:22:11.200> in<00:22:11.290> the<00:22:11.380> video 00:22:11.640 --> 00:22:11.650 align:start position:0% the synthetic token builder in the video 00:22:11.650 --> 00:22:12.810 align:start position:0% the synthetic token builder in the video you<00:22:11.740> might<00:22:12.040> have<00:22:12.130> seen<00:22:12.340> that<00:22:12.400> there<00:22:12.670> are<00:22:12.760> a 00:22:12.810 --> 00:22:12.820 align:start position:0% you might have seen that there are a 00:22:12.820 --> 00:22:15.180 align:start position:0% you might have seen that there are a couple<00:22:13.000> of<00:22:13.240> pre-selected<00:22:14.200> dates<00:22:14.410> that<00:22:15.070> you 00:22:15.180 --> 00:22:15.190 align:start position:0% couple of pre-selected dates that you 00:22:15.190 --> 00:22:17.130 align:start position:0% couple of pre-selected dates that you can<00:22:15.340> choose<00:22:15.520> other<00:22:15.700> ones<00:22:15.970> and<00:22:16.929> then<00:22:17.050> the 00:22:17.130 --> 00:22:17.140 align:start position:0% can choose other ones and then the 00:22:17.140 --> 00:22:19.230 align:start position:0% can choose other ones and then the margin<00:22:17.350> currency<00:22:17.860> of<00:22:17.920> the<00:22:18.010> facility<00:22:18.490> so<00:22:18.730> as<00:22:19.150> I 00:22:19.230 --> 00:22:19.240 align:start position:0% margin currency of the facility so as I 00:22:19.240 --> 00:22:21.240 align:start position:0% margin currency of the facility so as I mentioned<00:22:19.660> right<00:22:20.110> now<00:22:20.320> we're<00:22:20.530> using<00:22:20.559> die<00:22:21.010> on 00:22:21.240 --> 00:22:21.250 align:start position:0% mentioned right now we're using die on 00:22:21.250 --> 00:22:23.070 align:start position:0% mentioned right now we're using die on testa<00:22:21.670> but<00:22:22.210> you<00:22:22.330> could<00:22:22.450> certainly<00:22:22.630> change 00:22:23.070 --> 00:22:23.080 align:start position:0% testa but you could certainly change 00:22:23.080 --> 00:22:25.230 align:start position:0% testa but you could certainly change that<00:22:23.590> to<00:22:23.830> be<00:22:24.040> a<00:22:24.070> different<00:22:24.520> origin<00:22:24.790> currency 00:22:25.230 --> 00:22:25.240 align:start position:0% that to be a different origin currency 00:22:25.240 --> 00:22:28.080 align:start position:0% that to be a different origin currency that<00:22:25.330> you<00:22:25.450> would<00:22:25.540> like<00:22:25.800> we<00:22:26.800> already<00:22:26.980> have<00:22:27.460> some 00:22:28.080 --> 00:22:28.090 align:start position:0% that you would like we already have some 00:22:28.090 --> 00:22:30.150 align:start position:0% that you would like we already have some cool<00:22:28.840> projects<00:22:29.350> that<00:22:29.470> have<00:22:29.559> done<00:22:29.830> things<00:22:30.010> like 00:22:30.150 --> 00:22:30.160 align:start position:0% cool projects that have done things like 00:22:30.160 --> 00:22:32.100 align:start position:0% cool projects that have done things like that<00:22:30.429> or<00:22:30.670> looking<00:22:31.390> to<00:22:31.510> do<00:22:31.630> things<00:22:31.840> like<00:22:31.929> that 00:22:32.100 --> 00:22:32.110 align:start position:0% that or looking to do things like that 00:22:32.110 --> 00:22:33.600 align:start position:0% that or looking to do things like that so<00:22:32.590> Alison's<00:22:33.040> going<00:22:33.190> to<00:22:33.250> spend<00:22:33.429> a<00:22:33.460> bit<00:22:33.580> more 00:22:33.600 --> 00:22:33.610 align:start position:0% so Alison's going to spend a bit more 00:22:33.610 --> 00:22:35.640 align:start position:0% so Alison's going to spend a bit more time<00:22:33.790> talking<00:22:34.390> about<00:22:34.450> those<00:22:35.110> projects<00:22:35.590> that 00:22:35.640 --> 00:22:35.650 align:start position:0% time talking about those projects that 00:22:35.650 --> 00:22:38.070 align:start position:0% time talking about those projects that she's<00:22:35.920> seen<00:22:36.250> as<00:22:36.730> well<00:22:36.940> as<00:22:37.120> some<00:22:37.300> ideas<00:22:37.690> for 00:22:38.070 --> 00:22:38.080 align:start position:0% she's seen as well as some ideas for 00:22:38.080 --> 00:22:39.210 align:start position:0% she's seen as well as some ideas for those<00:22:38.170> of<00:22:38.320> you<00:22:38.410> out<00:22:38.530> there<00:22:38.559> who<00:22:38.800> want<00:22:38.950> to<00:22:39.010> build 00:22:39.210 --> 00:22:39.220 align:start position:0% those of you out there who want to build 00:22:39.220 --> 00:22:44.320 align:start position:0% those of you out there who want to build new<00:22:39.550> things 00:22:44.320 --> 00:22:44.330 align:start position:0% 00:22:44.330 --> 00:22:48.289 align:start position:0% okay<00:22:45.380> so<00:22:46.380> we<00:22:46.799> started<00:22:47.130> off<00:22:47.190> by<00:22:47.250> saying<00:22:47.460> Who<00:22:48.179> am 00:22:48.289 --> 00:22:48.299 align:start position:0% okay so we started off by saying Who am 00:22:48.299 --> 00:22:50.260 align:start position:0% okay so we started off by saying Who am I<00:22:48.390> is<00:22:48.450> a<00:22:48.570> decentralized<00:22:48.929> financial<00:22:49.679> contracts 00:22:50.260 --> 00:22:50.270 align:start position:0% I is a decentralized financial contracts 00:22:50.270 --> 00:22:52.610 align:start position:0% I is a decentralized financial contracts platform<00:22:51.270> with<00:22:51.780> the<00:22:51.809> decentralized<00:22:52.440> oracle 00:22:52.610 --> 00:22:52.620 align:start position:0% platform with the decentralized oracle 00:22:52.620 --> 00:22:54.610 align:start position:0% platform with the decentralized oracle service<00:22:53.130> and<00:22:53.460> smart<00:22:53.730> contract<00:22:54.059> templates 00:22:54.610 --> 00:22:54.620 align:start position:0% service and smart contract templates 00:22:54.620 --> 00:22:56.510 align:start position:0% service and smart contract templates specifically<00:22:55.620> right<00:22:55.830> now<00:22:55.950> the<00:22:56.010> first<00:22:56.250> one 00:22:56.510 --> 00:22:56.520 align:start position:0% specifically right now the first one 00:22:56.520 --> 00:22:58.399 align:start position:0% specifically right now the first one that<00:22:57.179> we've<00:22:57.360> created<00:22:57.659> is<00:22:58.020> the<00:22:58.200> synthetic 00:22:58.399 --> 00:22:58.409 align:start position:0% that we've created is the synthetic 00:22:58.409 --> 00:23:02.510 align:start position:0% that we've created is the synthetic token<00:22:59.010> template<00:22:59.400> and<00:23:00.710> what<00:23:01.710> you<00:23:01.799> can<00:23:01.919> do<00:23:02.100> to 00:23:02.510 --> 00:23:02.520 align:start position:0% token template and what you can do to 00:23:02.520 --> 00:23:04.909 align:start position:0% token template and what you can do to customize<00:23:03.090> and<00:23:03.390> adapt<00:23:03.720> the<00:23:04.169> synthetic<00:23:04.409> token 00:23:04.909 --> 00:23:04.919 align:start position:0% customize and adapt the synthetic token 00:23:04.919 --> 00:23:06.860 align:start position:0% customize and adapt the synthetic token template<00:23:05.280> to<00:23:05.490> your<00:23:05.669> particular<00:23:06.059> use<00:23:06.330> case<00:23:06.630> or 00:23:06.860 --> 00:23:06.870 align:start position:0% template to your particular use case or 00:23:06.870 --> 00:23:10.279 align:start position:0% template to your particular use case or any<00:23:07.049> is<00:23:08.010> first<00:23:08.730> choose<00:23:09.419> the<00:23:09.659> reference<00:23:09.809> price 00:23:10.279 --> 00:23:10.289 align:start position:0% any is first choose the reference price 00:23:10.289 --> 00:23:12.950 align:start position:0% any is first choose the reference price index<00:23:10.710> and<00:23:10.919> as<00:23:11.700> regina<00:23:12.090> mentioned<00:23:12.450> in<00:23:12.630> the<00:23:12.809> UI 00:23:12.950 --> 00:23:12.960 align:start position:0% index and as regina mentioned in the UI 00:23:12.960 --> 00:23:15.289 align:start position:0% index and as regina mentioned in the UI we<00:23:13.380> had<00:23:13.590> already<00:23:13.710> curated<00:23:14.460> a<00:23:14.490> certain<00:23:15.030> set 00:23:15.289 --> 00:23:15.299 align:start position:0% we had already curated a certain set 00:23:15.299 --> 00:23:16.640 align:start position:0% we had already curated a certain set price<00:23:15.600> indices<00:23:15.840> that<00:23:16.049> we<00:23:16.289> thought<00:23:16.409> the 00:23:16.640 --> 00:23:16.650 align:start position:0% price indices that we thought the 00:23:16.650 --> 00:23:19.190 align:start position:0% price indices that we thought the audience<00:23:17.039> might<00:23:17.250> find<00:23:17.460> interesting<00:23:18.080> but<00:23:19.080> the 00:23:19.190 --> 00:23:19.200 align:start position:0% audience might find interesting but the 00:23:19.200 --> 00:23:20.480 align:start position:0% audience might find interesting but the cool<00:23:19.350> thing<00:23:19.380> about<00:23:19.559> derivatives<00:23:20.190> is<00:23:20.340> that 00:23:20.480 --> 00:23:20.490 align:start position:0% cool thing about derivatives is that 00:23:20.490 --> 00:23:22.279 align:start position:0% cool thing about derivatives is that your<00:23:20.610> imagination<00:23:20.760> now<00:23:21.450> is<00:23:21.659> really<00:23:21.990> the<00:23:22.140> limit 00:23:22.279 --> 00:23:22.289 align:start position:0% your imagination now is really the limit 00:23:22.289 --> 00:23:25.220 align:start position:0% your imagination now is really the limit so<00:23:23.280> in<00:23:23.850> terms<00:23:24.179> of<00:23:24.360> the<00:23:24.510> prices<00:23:24.870> that<00:23:24.900> you<00:23:25.080> want 00:23:25.220 --> 00:23:25.230 align:start position:0% so in terms of the prices that you want 00:23:25.230 --> 00:23:26.570 align:start position:0% so in terms of the prices that you want a<00:23:25.260> reference<00:23:25.409> you<00:23:25.740> can<00:23:25.890> reference<00:23:26.039> cross 00:23:26.570 --> 00:23:26.580 align:start position:0% a reference you can reference cross 00:23:26.580 --> 00:23:29.180 align:start position:0% a reference you can reference cross chain<00:23:26.880> assets<00:23:27.299> like<00:23:27.570> Bitcoin<00:23:28.020> or<00:23:28.049> gos<00:23:28.950> or 00:23:29.180 --> 00:23:29.190 align:start position:0% chain assets like Bitcoin or gos or 00:23:29.190 --> 00:23:31.039 align:start position:0% chain assets like Bitcoin or gos or whatever<00:23:29.429> off<00:23:29.909> chain<00:23:30.330> acids<00:23:30.809> like 00:23:31.039 --> 00:23:31.049 align:start position:0% whatever off chain acids like 00:23:31.049 --> 00:23:34.899 align:start position:0% whatever off chain acids like traditional<00:23:31.559> Fiat<00:23:31.830> Adsense<00:23:32.309> old<00:23:33.080> sp500<00:23:34.080> etc 00:23:34.899 --> 00:23:34.909 align:start position:0% traditional Fiat Adsense old sp500 etc 00:23:34.909 --> 00:23:39.200 align:start position:0% traditional Fiat Adsense old sp500 etc local<00:23:35.909> currencies<00:23:36.650> so<00:23:37.650> not<00:23:37.890> just<00:23:38.070> dollars<00:23:38.789> but 00:23:39.200 --> 00:23:39.210 align:start position:0% local currencies so not just dollars but 00:23:39.210 --> 00:23:43.340 align:start position:0% local currencies so not just dollars but sterling<00:23:40.020> or<00:23:40.650> any<00:23:41.400> local<00:23:41.990> foreign<00:23:42.990> exchange 00:23:43.340 --> 00:23:43.350 align:start position:0% sterling or any local foreign exchange 00:23:43.350 --> 00:23:45.020 align:start position:0% sterling or any local foreign exchange currency<00:23:43.830> that<00:23:44.010> you<00:23:44.070> can<00:23:44.429> think<00:23:44.610> of<00:23:44.760> and<00:23:45.000> then 00:23:45.020 --> 00:23:45.030 align:start position:0% currency that you can think of and then 00:23:45.030 --> 00:23:47.960 align:start position:0% currency that you can think of and then also<00:23:45.710> non-tradable<00:23:46.710> things<00:23:47.010> so<00:23:47.400> things<00:23:47.610> that 00:23:47.960 --> 00:23:47.970 align:start position:0% also non-tradable things so things that 00:23:47.970 --> 00:23:50.419 align:start position:0% also non-tradable things so things that aren't<00:23:48.510> inherently<00:23:48.919> assets<00:23:49.919> or<00:23:50.130> things<00:23:50.370> that 00:23:50.419 --> 00:23:50.429 align:start position:0% aren't inherently assets or things that 00:23:50.429 --> 00:23:52.399 align:start position:0% aren't inherently assets or things that you<00:23:50.610> can<00:23:50.730> touch<00:23:50.909> and<00:23:51.059> buy<00:23:51.210> but<00:23:51.929> rather<00:23:52.080> just 00:23:52.399 --> 00:23:52.409 align:start position:0% you can touch and buy but rather just 00:23:52.409 --> 00:23:55.880 align:start position:0% you can touch and buy but rather just price<00:23:53.309> indices<00:23:53.700> so<00:23:54.450> for<00:23:54.690> example<00:23:55.110> the<00:23:55.350> number 00:23:55.880 --> 00:23:55.890 align:start position:0% price indices so for example the number 00:23:55.890 --> 00:23:58.630 align:start position:0% price indices so for example the number of<00:23:55.919> followers<00:23:56.370> that<00:23:56.940> CZ<00:23:57.330> has<00:23:57.539> on<00:23:57.750> twitter<00:23:58.049> or 00:23:58.630 --> 00:23:58.640 align:start position:0% of followers that CZ has on twitter or 00:23:58.640 --> 00:24:01.070 align:start position:0% of followers that CZ has on twitter or the<00:23:59.640> number<00:23:59.850> of<00:23:59.940> votes<00:24:00.360> that<00:24:00.600> a<00:24:00.659> particular 00:24:01.070 --> 00:24:01.080 align:start position:0% the number of votes that a particular 00:24:01.080 --> 00:24:03.680 align:start position:0% the number of votes that a particular reddit<00:24:01.350> post<00:24:01.590> has<00:24:01.860> or<00:24:02.340> my<00:24:02.970> favorite<00:24:03.330> topic 00:24:03.680 --> 00:24:03.690 align:start position:0% reddit post has or my favorite topic 00:24:03.690 --> 00:24:05.149 align:start position:0% reddit post has or my favorite topic interest<00:24:04.140> rates<00:24:04.380> which<00:24:04.650> we're<00:24:04.799> going<00:24:04.950> to<00:24:05.010> get 00:24:05.149 --> 00:24:05.159 align:start position:0% interest rates which we're going to get 00:24:05.159 --> 00:24:08.390 align:start position:0% interest rates which we're going to get into<00:24:05.400> later<00:24:06.620> you<00:24:07.620> can<00:24:07.740> also<00:24:07.860> customize<00:24:08.130> your 00:24:08.390 --> 00:24:08.400 align:start position:0% into later you can also customize your 00:24:08.400 --> 00:24:10.370 align:start position:0% into later you can also customize your margin<00:24:08.789> currencies<00:24:09.299> so<00:24:09.570> you<00:24:09.870> know<00:24:09.960> in<00:24:10.169> the 00:24:10.370 --> 00:24:10.380 align:start position:0% margin currencies so you know in the 00:24:10.380 --> 00:24:13.399 align:start position:0% margin currencies so you know in the Daffy<00:24:11.039> UI<00:24:11.340> we<00:24:11.850> curated<00:24:12.809> it<00:24:12.900> with<00:24:12.990> dye<00:24:13.169> it's 00:24:13.399 --> 00:24:13.409 align:start position:0% Daffy UI we curated it with dye it's 00:24:13.409 --> 00:24:14.840 align:start position:0% Daffy UI we curated it with dye it's just<00:24:13.590> a<00:24:13.650> little<00:24:13.770> bit<00:24:13.950> easier<00:24:14.100> from<00:24:14.460> a<00:24:14.549> mental 00:24:14.840 --> 00:24:14.850 align:start position:0% just a little bit easier from a mental 00:24:14.850 --> 00:24:16.460 align:start position:0% just a little bit easier from a mental model<00:24:14.970> perspective<00:24:15.270> I<00:24:15.750> think<00:24:15.780> to<00:24:16.140> think<00:24:16.320> about 00:24:16.460 --> 00:24:16.470 align:start position:0% model perspective I think to think about 00:24:16.470 --> 00:24:18.260 align:start position:0% model perspective I think to think about things<00:24:16.679> in<00:24:16.770> dollars<00:24:17.130> but<00:24:17.429> you<00:24:17.789> could<00:24:17.909> also<00:24:18.059> use 00:24:18.260 --> 00:24:18.270 align:start position:0% things in dollars but you could also use 00:24:18.270 --> 00:24:20.360 align:start position:0% things in dollars but you could also use Eve<00:24:18.600> or<00:24:18.840> even<00:24:19.409> things<00:24:19.620> like<00:24:19.710> interest<00:24:20.100> bearing 00:24:20.360 --> 00:24:20.370 align:start position:0% Eve or even things like interest bearing 00:24:20.370 --> 00:24:23.029 align:start position:0% Eve or even things like interest bearing stable<00:24:20.940> points<00:24:21.270> so<00:24:22.230> that<00:24:22.380> you<00:24:22.470> can<00:24:22.620> be<00:24:22.710> even 00:24:23.029 --> 00:24:23.039 align:start position:0% stable points so that you can be even 00:24:23.039 --> 00:24:26.299 align:start position:0% stable points so that you can be even more<00:24:23.070> efficient<00:24:23.760> with<00:24:24.179> your<00:24:24.419> margins<00:24:25.309> and 00:24:26.299 --> 00:24:26.309 align:start position:0% more efficient with your margins and 00:24:26.309 --> 00:24:28.100 align:start position:0% more efficient with your margins and then<00:24:26.730> once<00:24:26.940> you've<00:24:27.090> created<00:24:27.390> your<00:24:27.720> synthetic 00:24:28.100 --> 00:24:28.110 align:start position:0% then once you've created your synthetic 00:24:28.110 --> 00:24:30.140 align:start position:0% then once you've created your synthetic token<00:24:28.770> there's<00:24:29.250> a<00:24:29.340> lot<00:24:29.460> of<00:24:29.549> different<00:24:29.970> ways<00:24:30.120> to 00:24:30.140 --> 00:24:30.150 align:start position:0% token there's a lot of different ways to 00:24:30.150 --> 00:24:32.899 align:start position:0% token there's a lot of different ways to actually<00:24:30.900> apply<00:24:31.230> them<00:24:31.590> and<00:24:31.799> use<00:24:31.860> them<00:24:32.400> so<00:24:32.820> you 00:24:32.899 --> 00:24:32.909 align:start position:0% actually apply them and use them so you 00:24:32.909 --> 00:24:34.520 align:start position:0% actually apply them and use them so you could<00:24:33.179> go<00:24:33.330> and<00:24:33.480> trade<00:24:33.720> them<00:24:33.900> on<00:24:33.990> an<00:24:34.110> exchange 00:24:34.520 --> 00:24:34.530 align:start position:0% could go and trade them on an exchange 00:24:34.530 --> 00:24:36.110 align:start position:0% could go and trade them on an exchange or<00:24:34.710> bills<00:24:34.919> and<00:24:35.130> build<00:24:35.400> an<00:24:35.549> exchange<00:24:35.909> around 00:24:36.110 --> 00:24:36.120 align:start position:0% or bills and build an exchange around 00:24:36.120 --> 00:24:38.570 align:start position:0% or bills and build an exchange around synthetic<00:24:36.750> tokens<00:24:37.260> you<00:24:37.950> could<00:24:38.100> use<00:24:38.309> them<00:24:38.549> for 00:24:38.570 --> 00:24:38.580 align:start position:0% synthetic tokens you could use them for 00:24:38.580 --> 00:24:41.690 align:start position:0% synthetic tokens you could use them for local<00:24:39.030> payments<00:24:39.590> you<00:24:40.590> could<00:24:40.770> like<00:24:41.490> for 00:24:41.690 --> 00:24:41.700 align:start position:0% local payments you could like for 00:24:41.700 --> 00:24:43.820 align:start position:0% local payments you could like for example<00:24:42.090> if<00:24:42.210> we<00:24:42.390> had<00:24:42.570> a<00:24:42.600> synthetic<00:24:43.200> yen<00:24:43.409> token 00:24:43.820 --> 00:24:43.830 align:start position:0% example if we had a synthetic yen token 00:24:43.830 --> 00:24:45.220 align:start position:0% example if we had a synthetic yen token we<00:24:44.010> could<00:24:44.159> be<00:24:44.250> trading<00:24:44.580> again<00:24:44.789> with<00:24:44.970> each 00:24:45.220 --> 00:24:45.230 align:start position:0% we could be trading again with each 00:24:45.230 --> 00:24:47.680 align:start position:0% we could be trading again with each there<00:24:45.460> instead<00:24:46.460> of<00:24:46.520> trying<00:24:47.270> to<00:24:47.390> figure<00:24:47.630> out 00:24:47.680 --> 00:24:47.690 align:start position:0% there instead of trying to figure out 00:24:47.690 --> 00:24:49.960 align:start position:0% there instead of trying to figure out actual<00:24:48.350> cash<00:24:48.730> you<00:24:49.730> could<00:24:49.850> obviously 00:24:49.960 --> 00:24:49.970 align:start position:0% actual cash you could obviously 00:24:49.970 --> 00:24:51.909 align:start position:0% actual cash you could obviously interface<00:24:50.809> with<00:24:51.020> them<00:24:51.169> through<00:24:51.380> a<00:24:51.410> wallet<00:24:51.830> or 00:24:51.909 --> 00:24:51.919 align:start position:0% interface with them through a wallet or 00:24:51.919 --> 00:24:53.799 align:start position:0% interface with them through a wallet or some<00:24:52.160> other<00:24:52.280> sort<00:24:52.549> of<00:24:52.580> brokerage<00:24:53.000> experience 00:24:53.799 --> 00:24:53.809 align:start position:0% some other sort of brokerage experience 00:24:53.809 --> 00:24:56.049 align:start position:0% some other sort of brokerage experience and<00:24:54.650> by<00:24:54.860> a<00:24:54.890> brokerage<00:24:55.220> experience<00:24:55.820> just<00:24:56.000> to 00:24:56.049 --> 00:24:56.059 align:start position:0% and by a brokerage experience just to 00:24:56.059 --> 00:24:57.970 align:start position:0% and by a brokerage experience just to differentiate<00:24:56.390> that<00:24:56.600> from<00:24:56.840> exchange<00:24:57.440> that's 00:24:57.970 --> 00:24:57.980 align:start position:0% differentiate that from exchange that's 00:24:57.980 --> 00:25:00.669 align:start position:0% differentiate that from exchange that's like<00:24:58.220> how<00:24:58.429> if<00:24:59.210> you're<00:24:59.480> buying<00:24:59.690> stocks<00:25:00.200> in<00:25:00.590> the 00:25:00.669 --> 00:25:00.679 align:start position:0% like how if you're buying stocks in the 00:25:00.679 --> 00:25:02.110 align:start position:0% like how if you're buying stocks in the US<00:25:00.950> or<00:25:01.160> something<00:25:01.490> you're<00:25:01.640> probably<00:25:01.760> buying 00:25:02.110 --> 00:25:02.120 align:start position:0% US or something you're probably buying 00:25:02.120 --> 00:25:03.549 align:start position:0% US or something you're probably buying them<00:25:02.360> through<00:25:02.570> a<00:25:02.600> broker<00:25:02.990> you're<00:25:03.200> buying<00:25:03.410> them 00:25:03.549 --> 00:25:03.559 align:start position:0% them through a broker you're buying them 00:25:03.559 --> 00:25:05.320 align:start position:0% them through a broker you're buying them through<00:25:03.799> like<00:25:03.919> fidelity<00:25:04.280> or<00:25:04.610> Robin<00:25:05.000> Hood<00:25:05.179> or 00:25:05.320 --> 00:25:05.330 align:start position:0% through like fidelity or Robin Hood or 00:25:05.330 --> 00:25:08.080 align:start position:0% through like fidelity or Robin Hood or etrade<00:25:05.780> as<00:25:06.559> opposed<00:25:06.919> to<00:25:07.040> trading<00:25:07.400> directly<00:25:07.700> on 00:25:08.080 --> 00:25:08.090 align:start position:0% etrade as opposed to trading directly on 00:25:08.090 --> 00:25:10.270 align:start position:0% etrade as opposed to trading directly on the<00:25:08.299> New<00:25:08.750> York<00:25:08.870> Stock<00:25:09.200> Exchange<00:25:09.230> or<00:25:09.980> something 00:25:10.270 --> 00:25:10.280 align:start position:0% the New York Stock Exchange or something 00:25:10.280 --> 00:25:12.640 align:start position:0% the New York Stock Exchange or something like<00:25:10.400> that<00:25:10.809> and<00:25:11.809> then<00:25:11.929> you<00:25:12.020> can<00:25:12.110> also<00:25:12.260> look<00:25:12.500> at 00:25:12.640 --> 00:25:12.650 align:start position:0% like that and then you can also look at 00:25:12.650 --> 00:25:14.860 align:start position:0% like that and then you can also look at creating<00:25:13.580> funding<00:25:13.940> and<00:25:14.059> issuance<00:25:14.419> platform 00:25:14.860 --> 00:25:14.870 align:start position:0% creating funding and issuance platform 00:25:14.870 --> 00:25:17.260 align:start position:0% creating funding and issuance platform so<00:25:15.049> much<00:25:15.200> like<00:25:15.410> the<00:25:15.559> maker<00:25:15.740> CDP<00:25:16.220> portal<00:25:16.669> you 00:25:17.260 --> 00:25:17.270 align:start position:0% so much like the maker CDP portal you 00:25:17.270 --> 00:25:18.610 align:start position:0% so much like the maker CDP portal you could<00:25:17.419> actually<00:25:17.600> use<00:25:17.990> these<00:25:18.230> token 00:25:18.610 --> 00:25:18.620 align:start position:0% could actually use these token 00:25:18.620 --> 00:25:20.799 align:start position:0% could actually use these token facilities<00:25:19.130> to<00:25:19.669> attain<00:25:20.210> leverage<00:25:20.600> for 00:25:20.799 --> 00:25:20.809 align:start position:0% facilities to attain leverage for 00:25:20.809 --> 00:25:22.870 align:start position:0% facilities to attain leverage for yourself<00:25:21.140> but<00:25:21.380> in<00:25:21.559> this<00:25:21.710> case<00:25:21.980> customized 00:25:22.870 --> 00:25:22.880 align:start position:0% yourself but in this case customized 00:25:22.880 --> 00:25:27.220 align:start position:0% yourself but in this case customized levered<00:25:23.299> exposures<00:25:25.450> so<00:25:26.450> just<00:25:26.840> to<00:25:26.960> highlight 00:25:27.220 --> 00:25:27.230 align:start position:0% levered exposures so just to highlight 00:25:27.230 --> 00:25:29.530 align:start position:0% levered exposures so just to highlight some<00:25:27.950> of<00:25:28.070> the<00:25:28.220> use<00:25:28.580> cases<00:25:28.700> that<00:25:29.150> we<00:25:29.510> found 00:25:29.530 --> 00:25:29.540 align:start position:0% some of the use cases that we found 00:25:29.540 --> 00:25:32.260 align:start position:0% some of the use cases that we found really<00:25:29.960> interesting<00:25:30.610> and<00:25:31.610> that<00:25:31.970> were<00:25:32.150> either 00:25:32.260 --> 00:25:32.270 align:start position:0% really interesting and that were either 00:25:32.270 --> 00:25:36.250 align:start position:0% really interesting and that were either working<00:25:33.200> with<00:25:33.380> on<00:25:33.770> proof<00:25:34.040> of<00:25:34.160> concepts<00:25:34.790> or<00:25:35.750> or 00:25:36.250 --> 00:25:36.260 align:start position:0% working with on proof of concepts or or 00:25:36.260 --> 00:25:38.350 align:start position:0% working with on proof of concepts or or supporting<00:25:36.830> in<00:25:36.919> the<00:25:36.980> marketplace 00:25:38.350 --> 00:25:38.360 align:start position:0% supporting in the marketplace 00:25:38.360 --> 00:25:39.870 align:start position:0% supporting in the marketplace I<00:25:38.419> talked<00:25:38.900> a<00:25:38.990> little<00:25:39.080> bit<00:25:39.230> earlier<00:25:39.350> about 00:25:39.870 --> 00:25:39.880 align:start position:0% I talked a little bit earlier about 00:25:39.880 --> 00:25:42.220 align:start position:0% I talked a little bit earlier about local<00:25:40.880> currencies<00:25:41.419> and<00:25:41.690> how<00:25:41.809> they<00:25:41.929> can<00:25:42.080> be 00:25:42.220 --> 00:25:42.230 align:start position:0% local currencies and how they can be 00:25:42.230 --> 00:25:44.380 align:start position:0% local currencies and how they can be used<00:25:42.500> for<00:25:42.740> payments<00:25:43.309> there's<00:25:44.030> a<00:25:44.090> really 00:25:44.380 --> 00:25:44.390 align:start position:0% used for payments there's a really 00:25:44.390 --> 00:25:49.539 align:start position:0% used for payments there's a really interesting<00:25:44.419> company<00:25:45.200> called<00:25:45.470> tempo<00:25:48.549> they're 00:25:49.539 --> 00:25:49.549 align:start position:0% interesting company called tempo they're 00:25:49.549 --> 00:25:53.830 align:start position:0% interesting company called tempo they're building<00:25:50.620> they<00:25:51.620> basically<00:25:52.520> helped<00:25:52.880> NGOs<00:25:53.360> to 00:25:53.830 --> 00:25:53.840 align:start position:0% building they basically helped NGOs to 00:25:53.840 --> 00:25:56.980 align:start position:0% building they basically helped NGOs to give<00:25:54.290> aid<00:25:54.820> directly<00:25:55.820> in<00:25:56.240> places<00:25:56.750> that<00:25:56.840> have 00:25:56.980 --> 00:25:56.990 align:start position:0% give aid directly in places that have 00:25:56.990 --> 00:26:00.070 align:start position:0% give aid directly in places that have been<00:25:57.020> affected<00:25:57.500> by<00:25:57.770> disaster<00:25:58.490> and<00:25:59.480> for<00:25:59.840> an<00:25:59.900> aid 00:26:00.070 --> 00:26:00.080 align:start position:0% been affected by disaster and for an aid 00:26:00.080 --> 00:26:02.260 align:start position:0% been affected by disaster and for an aid recipient<00:26:00.260> right<00:26:01.010> they<00:26:01.549> don't<00:26:01.730> really<00:26:02.090> want 00:26:02.260 --> 00:26:02.270 align:start position:0% recipient right they don't really want 00:26:02.270 --> 00:26:04.539 align:start position:0% recipient right they don't really want to<00:26:02.390> think<00:26:02.480> about<00:26:02.660> died<00:26:02.990> or<00:26:03.410> eath<00:26:03.740> or<00:26:04.100> whatever 00:26:04.539 --> 00:26:04.549 align:start position:0% to think about died or eath or whatever 00:26:04.549 --> 00:26:06.430 align:start position:0% to think about died or eath or whatever they<00:26:04.820> think<00:26:04.880> about<00:26:05.179> their<00:26:05.570> world<00:26:05.809> in<00:26:06.200> their 00:26:06.430 --> 00:26:06.440 align:start position:0% they think about their world in their 00:26:06.440 --> 00:26:08.560 align:start position:0% they think about their world in their local<00:26:06.799> currency<00:26:07.250> but<00:26:07.700> unless<00:26:07.970> their<00:26:08.240> local 00:26:08.560 --> 00:26:08.570 align:start position:0% local currency but unless their local 00:26:08.570 --> 00:26:10.240 align:start position:0% local currency but unless their local currency<00:26:09.020> exists<00:26:09.470> as<00:26:09.590> a<00:26:09.620> stable<00:26:09.980> point<00:26:10.100> on 00:26:10.240 --> 00:26:10.250 align:start position:0% currency exists as a stable point on 00:26:10.250 --> 00:26:11.740 align:start position:0% currency exists as a stable point on blockchain<00:26:10.490> we<00:26:10.910> can't<00:26:11.090> actually<00:26:11.299> use<00:26:11.690> a 00:26:11.740 --> 00:26:11.750 align:start position:0% blockchain we can't actually use a 00:26:11.750 --> 00:26:14.049 align:start position:0% blockchain we can't actually use a blockchain<00:26:12.080> base<00:26:12.440> wallet<00:26:12.860> to<00:26:13.130> facilitate 00:26:14.049 --> 00:26:14.059 align:start position:0% blockchain base wallet to facilitate 00:26:14.059 --> 00:26:16.180 align:start position:0% blockchain base wallet to facilitate that<00:26:14.270> whole<00:26:14.480> process<00:26:14.860> so<00:26:15.860> what<00:26:16.010> we<00:26:16.100> can 00:26:16.180 --> 00:26:16.190 align:start position:0% that whole process so what we can 00:26:16.190 --> 00:26:17.650 align:start position:0% that whole process so what we can actually<00:26:16.250> do<00:26:16.640> then<00:26:16.880> with<00:26:17.210> the<00:26:17.419> synthetic 00:26:17.650 --> 00:26:17.660 align:start position:0% actually do then with the synthetic 00:26:17.660 --> 00:26:20.710 align:start position:0% actually do then with the synthetic token<00:26:18.140> builder<00:26:18.410> is<00:26:18.970> reference<00:26:19.970> the<00:26:20.120> price<00:26:20.419> of 00:26:20.710 --> 00:26:20.720 align:start position:0% token builder is reference the price of 00:26:20.720 --> 00:26:23.080 align:start position:0% token builder is reference the price of the<00:26:20.840> local<00:26:21.140> currency<00:26:21.590> so<00:26:21.950> like<00:26:22.130> the<00:26:22.280> vaatu<00:26:22.700> die 00:26:23.080 --> 00:26:23.090 align:start position:0% the local currency so like the vaatu die 00:26:23.090 --> 00:26:26.140 align:start position:0% the local currency so like the vaatu die exchange<00:26:23.660> rate<00:26:24.130> and<00:26:25.130> then<00:26:25.309> we<00:26:25.460> can<00:26:25.610> margin 00:26:26.140 --> 00:26:26.150 align:start position:0% exchange rate and then we can margin 00:26:26.150 --> 00:26:28.720 align:start position:0% exchange rate and then we can margin that<00:26:26.330> contract<00:26:26.929> with<00:26:27.470> something<00:26:28.429> that<00:26:28.580> has 00:26:28.720 --> 00:26:28.730 align:start position:0% that contract with something that has 00:26:28.730 --> 00:26:30.760 align:start position:0% that contract with something that has real<00:26:28.970> value<00:26:29.000> like<00:26:29.540> die<00:26:29.750> or<00:26:30.020> see<00:26:30.590> die 00:26:30.760 --> 00:26:30.770 align:start position:0% real value like die or see die 00:26:30.770 --> 00:26:33.070 align:start position:0% real value like die or see die interest-bearing<00:26:31.400> die<00:26:31.700> and<00:26:32.090> then<00:26:32.600> we<00:26:32.720> can<00:26:32.840> use 00:26:33.070 --> 00:26:33.080 align:start position:0% interest-bearing die and then we can use 00:26:33.080 --> 00:26:35.030 align:start position:0% interest-bearing die and then we can use these<00:26:33.380> synthetic<00:26:33.919> basu<00:26:34.280> tokens<00:26:34.669> that<00:26:34.730> get 00:26:35.030 --> 00:26:35.040 align:start position:0% these synthetic basu tokens that get 00:26:35.040 --> 00:26:38.240 align:start position:0% these synthetic basu tokens that get created<00:26:35.420> in<00:26:36.420> the<00:26:36.900> actual<00:26:37.290> wallet<00:26:37.830> and<00:26:37.920> payment 00:26:38.240 --> 00:26:38.250 align:start position:0% created in the actual wallet and payment 00:26:38.250 --> 00:26:39.410 align:start position:0% created in the actual wallet and payment system<00:26:38.580> so<00:26:38.760> that<00:26:38.850> from<00:26:38.970> a<00:26:39.120> user<00:26:39.300> experience 00:26:39.410 --> 00:26:39.420 align:start position:0% system so that from a user experience 00:26:39.420 --> 00:26:41.780 align:start position:0% system so that from a user experience perspective<00:26:39.930> the<00:26:40.560> end<00:26:40.740> user<00:26:41.040> just<00:26:41.400> thinks<00:26:41.670> oh 00:26:41.780 --> 00:26:41.790 align:start position:0% perspective the end user just thinks oh 00:26:41.790 --> 00:26:43.700 align:start position:0% perspective the end user just thinks oh I'm<00:26:42.210> moving<00:26:42.330> bought<00:26:42.960> you<00:26:43.170> around 00:26:43.700 --> 00:26:43.710 align:start position:0% I'm moving bought you around 00:26:43.710 --> 00:26:44.990 align:start position:0% I'm moving bought you around great<00:26:43.920> like<00:26:44.160> I'm<00:26:44.310> familiar<00:26:44.520> with<00:26:44.760> that 00:26:44.990 --> 00:26:45.000 align:start position:0% great like I'm familiar with that 00:26:45.000 --> 00:26:46.280 align:start position:0% great like I'm familiar with that instead<00:26:45.270> of<00:26:45.330> having<00:26:45.540> to<00:26:45.750> do<00:26:45.870> some<00:26:46.050> sort<00:26:46.230> of 00:26:46.280 --> 00:26:46.290 align:start position:0% instead of having to do some sort of 00:26:46.290 --> 00:26:48.290 align:start position:0% instead of having to do some sort of mental<00:26:46.710> gymnastics<00:26:46.980> around<00:26:47.760> what's<00:26:48.000> the<00:26:48.150> dye 00:26:48.290 --> 00:26:48.300 align:start position:0% mental gymnastics around what's the dye 00:26:48.300 --> 00:26:52.370 align:start position:0% mental gymnastics around what's the dye to<00:26:48.360> bought<00:26:48.810> to<00:26:49.020> exchange<00:26:49.410> rate<00:26:49.620> is<00:26:51.380> another 00:26:52.370 --> 00:26:52.380 align:start position:0% to bought to exchange rate is another 00:26:52.380 --> 00:26:54.440 align:start position:0% to bought to exchange rate is another really<00:26:52.860> cool<00:26:53.070> use<00:26:53.370> case<00:26:53.640> I<00:26:53.850> don't<00:26:53.910> know<00:26:54.120> Tom's 00:26:54.440 --> 00:26:54.450 align:start position:0% really cool use case I don't know Tom's 00:26:54.450 --> 00:26:57.110 align:start position:0% really cool use case I don't know Tom's here<00:26:54.780> but<00:26:55.070> if<00:26:56.070> you're<00:26:56.790> building 00:26:57.110 --> 00:26:57.120 align:start position:0% here but if you're building 00:26:57.120 --> 00:26:58.700 align:start position:0% here but if you're building International<00:26:57.840> wallets<00:26:58.200> or<00:26:58.350> serving 00:26:58.700 --> 00:26:58.710 align:start position:0% International wallets or serving 00:26:58.710 --> 00:27:00.560 align:start position:0% International wallets or serving international<00:26:59.250> users<00:26:59.490> many<00:26:59.940> of<00:27:00.090> them<00:27:00.300> lack 00:27:00.560 --> 00:27:00.570 align:start position:0% international users many of them lack 00:27:00.570 --> 00:27:04.700 align:start position:0% international users many of them lack access<00:27:00.810> to<00:27:01.640> international<00:27:03.440> traditional<00:27:04.440> Fiat 00:27:04.700 --> 00:27:04.710 align:start position:0% access to international traditional Fiat 00:27:04.710 --> 00:27:06.860 align:start position:0% access to international traditional Fiat assets<00:27:05.160> or<00:27:05.820> if<00:27:06.180> they're<00:27:06.360> already<00:27:06.540> crypto 00:27:06.860 --> 00:27:06.870 align:start position:0% assets or if they're already crypto 00:27:06.870 --> 00:27:08.990 align:start position:0% assets or if they're already crypto native<00:27:07.200> just<00:27:07.560> would<00:27:07.800> prefer<00:27:08.100> the<00:27:08.430> convenience 00:27:08.990 --> 00:27:09.000 align:start position:0% native just would prefer the convenience 00:27:09.000 --> 00:27:10.520 align:start position:0% native just would prefer the convenience of<00:27:09.180> being<00:27:09.240> able<00:27:09.480> to<00:27:09.600> manage<00:27:09.810> all<00:27:10.260> of<00:27:10.290> their 00:27:10.520 --> 00:27:10.530 align:start position:0% of being able to manage all of their 00:27:10.530 --> 00:27:12.310 align:start position:0% of being able to manage all of their financial<00:27:10.800> assets<00:27:11.100> out<00:27:11.430> of<00:27:11.460> a<00:27:11.610> single<00:27:11.820> wallet 00:27:12.310 --> 00:27:12.320 align:start position:0% financial assets out of a single wallet 00:27:12.320 --> 00:27:16.210 align:start position:0% financial assets out of a single wallet so<00:27:13.320> what<00:27:13.440> we<00:27:13.500> can<00:27:13.590> do<00:27:13.770> is<00:27:14.130> reference<00:27:14.790> something 00:27:16.210 --> 00:27:16.220 align:start position:0% so what we can do is reference something 00:27:16.220 --> 00:27:19.400 align:start position:0% so what we can do is reference something something<00:27:17.220> like<00:27:17.250> the<00:27:17.610> sp500<00:27:18.210> or<00:27:18.750> another 00:27:19.400 --> 00:27:19.410 align:start position:0% something like the sp500 or another 00:27:19.410 --> 00:27:22.580 align:start position:0% something like the sp500 or another major<00:27:19.710> global<00:27:20.100> Stock<00:27:20.430> Exchange<00:27:21.470> margin<00:27:22.470> and 00:27:22.580 --> 00:27:22.590 align:start position:0% major global Stock Exchange margin and 00:27:22.590 --> 00:27:24.530 align:start position:0% major global Stock Exchange margin and again<00:27:22.800> either<00:27:23.070> in<00:27:23.370> a<00:27:23.610> stable<00:27:23.850> point<00:27:24.240> or<00:27:24.450> an 00:27:24.530 --> 00:27:24.540 align:start position:0% again either in a stable point or an 00:27:24.540 --> 00:27:26.150 align:start position:0% again either in a stable point or an interest-bearing<00:27:24.990> stable<00:27:25.470> point<00:27:25.710> depending 00:27:26.150 --> 00:27:26.160 align:start position:0% interest-bearing stable point depending 00:27:26.160 --> 00:27:27.680 align:start position:0% interest-bearing stable point depending on<00:27:26.250> how<00:27:26.430> capital<00:27:26.850> efficient<00:27:27.180> you<00:27:27.270> want<00:27:27.450> to<00:27:27.540> be 00:27:27.680 --> 00:27:27.690 align:start position:0% on how capital efficient you want to be 00:27:27.690 --> 00:27:30.440 align:start position:0% on how capital efficient you want to be create<00:27:28.590> these<00:27:28.740> synthetic<00:27:29.010> tokens<00:27:29.700> that<00:27:30.030> track 00:27:30.440 --> 00:27:30.450 align:start position:0% create these synthetic tokens that track 00:27:30.450 --> 00:27:33.710 align:start position:0% create these synthetic tokens that track the<00:27:30.960> value<00:27:31.110> of<00:27:31.710> let's<00:27:32.370> say<00:27:32.520> the<00:27:32.640> S&P<00:27:32.940> 500<00:27:33.180> and 00:27:33.710 --> 00:27:33.720 align:start position:0% the value of let's say the S&P 500 and 00:27:33.720 --> 00:27:35.720 align:start position:0% the value of let's say the S&P 500 and then<00:27:34.110> actually<00:27:34.500> sell<00:27:35.010> that<00:27:35.250> to<00:27:35.610> these 00:27:35.720 --> 00:27:35.730 align:start position:0% then actually sell that to these 00:27:35.730 --> 00:27:37.430 align:start position:0% then actually sell that to these international<00:27:36.330> users<00:27:36.570> that<00:27:36.900> are<00:27:37.020> looking<00:27:37.050> to 00:27:37.430 --> 00:27:37.440 align:start position:0% international users that are looking to 00:27:37.440 --> 00:27:41.270 align:start position:0% international users that are looking to invest<00:27:37.970> in<00:27:38.970> US<00:27:39.510> stock<00:27:39.780> indices<00:27:40.680> but<00:27:41.010> don't 00:27:41.270 --> 00:27:41.280 align:start position:0% invest in US stock indices but don't 00:27:41.280 --> 00:27:46.400 align:start position:0% invest in US stock indices but don't otherwise<00:27:41.520> have<00:27:41.880> access<00:27:42.060> to<00:27:42.330> it<00:27:42.660> and<00:27:45.290> then<00:27:46.290> the 00:27:46.400 --> 00:27:46.410 align:start position:0% otherwise have access to it and then the 00:27:46.410 --> 00:27:48.410 align:start position:0% otherwise have access to it and then the third<00:27:46.440> use<00:27:46.800> case<00:27:46.830> is<00:27:47.340> making<00:27:47.700> otherwise 00:27:48.410 --> 00:27:48.420 align:start position:0% third use case is making otherwise 00:27:48.420 --> 00:27:50.930 align:start position:0% third use case is making otherwise untradable<00:27:49.200> things<00:27:49.710> actually<00:27:50.100> become 00:27:50.930 --> 00:27:50.940 align:start position:0% untradable things actually become 00:27:50.940 --> 00:27:52.520 align:start position:0% untradable things actually become tradable<00:27:51.420> so<00:27:51.870> a<00:27:51.930> lot<00:27:52.050> of<00:27:52.080> people<00:27:52.200> talk<00:27:52.500> about 00:27:52.520 --> 00:27:52.530 align:start position:0% tradable so a lot of people talk about 00:27:52.530 --> 00:27:54.710 align:start position:0% tradable so a lot of people talk about Bitcoin<00:27:53.190> dollars<00:27:53.580> that's<00:27:53.880> right 00:27:54.710 --> 00:27:54.720 align:start position:0% Bitcoin dollars that's right 00:27:54.720 --> 00:27:56.360 align:start position:0% Bitcoin dollars that's right and<00:27:54.930> you<00:27:55.050> can<00:27:55.170> look<00:27:55.380> at<00:27:55.590> you<00:27:55.830> know<00:27:55.920> the<00:27:56.040> Bitcoin 00:27:56.360 --> 00:27:56.370 align:start position:0% and you can look at you know the Bitcoin 00:27:56.370 --> 00:27:59.420 align:start position:0% and you can look at you know the Bitcoin dominance<00:27:56.850> index<00:27:57.800> or<00:27:58.800> you<00:27:58.980> could<00:27:59.100> look<00:27:59.190> at<00:27:59.340> an 00:27:59.420 --> 00:27:59.430 align:start position:0% dominance index or you could look at an 00:27:59.430 --> 00:28:01.160 align:start position:0% dominance index or you could look at an altcoin<00:27:59.670> dominance<00:28:00.390> index<00:28:00.690> whatever<00:28:00.960> it<00:28:01.080> is 00:28:01.160 --> 00:28:01.170 align:start position:0% altcoin dominance index whatever it is 00:28:01.170 --> 00:28:02.630 align:start position:0% altcoin dominance index whatever it is it's<00:28:01.560> actually<00:28:01.650> really<00:28:02.100> really<00:28:02.190> hard<00:28:02.520> to 00:28:02.630 --> 00:28:02.640 align:start position:0% it's actually really really hard to 00:28:02.640 --> 00:28:04.130 align:start position:0% it's actually really really hard to trade<00:28:02.910> right<00:28:03.180> there's<00:28:03.360> thousands<00:28:03.840> of<00:28:03.930> coins 00:28:04.130 --> 00:28:04.140 align:start position:0% trade right there's thousands of coins 00:28:04.140 --> 00:28:05.990 align:start position:0% trade right there's thousands of coins imagine<00:28:04.710> trying<00:28:04.890> to<00:28:05.010> actually<00:28:05.190> go<00:28:05.550> around<00:28:05.820> and 00:28:05.990 --> 00:28:06.000 align:start position:0% imagine trying to actually go around and 00:28:06.000 --> 00:28:07.580 align:start position:0% imagine trying to actually go around and swapping<00:28:06.420> those<00:28:06.600> in<00:28:06.840> and<00:28:06.960> out<00:28:07.080> and<00:28:07.260> then 00:28:07.580 --> 00:28:07.590 align:start position:0% swapping those in and out and then 00:28:07.590 --> 00:28:10.910 align:start position:0% swapping those in and out and then rebalancing<00:28:08.370> it<00:28:08.520> in<00:28:08.760> live<00:28:09.360> time<00:28:09.690> you'd<00:28:10.590> incur 00:28:10.910 --> 00:28:10.920 align:start position:0% rebalancing it in live time you'd incur 00:28:10.920 --> 00:28:13.160 align:start position:0% rebalancing it in live time you'd incur a<00:28:10.950> great<00:28:11.250> deal<00:28:11.430> of<00:28:11.600> trading<00:28:12.600> cost<00:28:12.810> and<00:28:13.080> it's 00:28:13.160 --> 00:28:13.170 align:start position:0% a great deal of trading cost and it's 00:28:13.170 --> 00:28:15.080 align:start position:0% a great deal of trading cost and it's just<00:28:13.320> kind<00:28:13.470> of<00:28:13.530> a<00:28:13.650> headache<00:28:14.010> well<00:28:14.730> what<00:28:15.000> you 00:28:15.080 --> 00:28:15.090 align:start position:0% just kind of a headache well what you 00:28:15.090 --> 00:28:16.430 align:start position:0% just kind of a headache well what you could<00:28:15.210> do<00:28:15.360> instead<00:28:15.510> is<00:28:15.960> you<00:28:16.050> could<00:28:16.200> create<00:28:16.350> a 00:28:16.430 --> 00:28:16.440 align:start position:0% could do instead is you could create a 00:28:16.440 --> 00:28:18.500 align:start position:0% could do instead is you could create a synthetic<00:28:16.650> token<00:28:17.190> that<00:28:17.220> directly<00:28:17.790> references 00:28:18.500 --> 00:28:18.510 align:start position:0% synthetic token that directly references 00:28:18.510 --> 00:28:20.740 align:start position:0% synthetic token that directly references the<00:28:18.780> Bitcoin<00:28:19.080> dominance<00:28:19.530> index<00:28:19.860> itself 00:28:20.740 --> 00:28:20.750 align:start position:0% the Bitcoin dominance index itself 00:28:20.750 --> 00:28:23.240 align:start position:0% the Bitcoin dominance index itself margin<00:28:21.750> it<00:28:21.870> in<00:28:22.080> whatever<00:28:22.530> you<00:28:22.800> think<00:28:23.040> makes 00:28:23.240 --> 00:28:23.250 align:start position:0% margin it in whatever you think makes 00:28:23.250 --> 00:28:25.970 align:start position:0% margin it in whatever you think makes sense<00:28:23.600> and<00:28:24.600> then<00:28:24.900> take<00:28:25.440> these<00:28:25.620> subsequent 00:28:25.970 --> 00:28:25.980 align:start position:0% sense and then take these subsequent 00:28:25.980 --> 00:28:27.710 align:start position:0% sense and then take these subsequent tokens<00:28:26.460> and<00:28:26.670> trade<00:28:26.970> them<00:28:27.150> out<00:28:27.270> so<00:28:27.510> if<00:28:27.600> you 00:28:27.710 --> 00:28:27.720 align:start position:0% tokens and trade them out so if you 00:28:27.720 --> 00:28:29.750 align:start position:0% tokens and trade them out so if you wanted<00:28:28.110> to<00:28:28.260> if<00:28:28.620> you're<00:28:28.770> a<00:28:28.800> Bitcoin<00:28:29.190> maximalist 00:28:29.750 --> 00:28:29.760 align:start position:0% wanted to if you're a Bitcoin maximalist 00:28:29.760 --> 00:28:32.750 align:start position:0% wanted to if you're a Bitcoin maximalist right<00:28:30.480> you<00:28:31.050> could<00:28:31.200> actually<00:28:31.350> buy<00:28:31.710> a<00:28:32.070> Bitcoin 00:28:32.750 --> 00:28:32.760 align:start position:0% right you could actually buy a Bitcoin 00:28:32.760 --> 00:28:35.090 align:start position:0% right you could actually buy a Bitcoin dominance<00:28:33.270> token<00:28:33.780> or<00:28:33.960> if<00:28:34.380> you're<00:28:34.560> an<00:28:34.650> Allpoint 00:28:35.090 --> 00:28:35.100 align:start position:0% dominance token or if you're an Allpoint 00:28:35.100 --> 00:28:37.379 align:start position:0% dominance token or if you're an Allpoint if<00:28:35.310> you<00:28:35.400> wanted<00:28:35.580> to<00:28:35.700> short<00:28:35.910> like<00:28:36.240> the<00:28:36.420> 2017 00:28:37.379 --> 00:28:37.389 align:start position:0% if you wanted to short like the 2017 00:28:37.389 --> 00:28:39.539 align:start position:0% if you wanted to short like the 2017 okras<00:28:37.989> you<00:28:38.200> could<00:28:38.379> try<00:28:38.559> to<00:28:38.619> create<00:28:39.369> this 00:28:39.539 --> 00:28:39.549 align:start position:0% okras you could try to create this 00:28:39.549 --> 00:28:41.699 align:start position:0% okras you could try to create this facility<00:28:40.029> and<00:28:40.149> sell<00:28:40.450> an<00:28:40.599> L<00:28:40.929> point<00:28:41.289> dominance 00:28:41.699 --> 00:28:41.709 align:start position:0% facility and sell an L point dominance 00:28:41.709 --> 00:28:45.959 align:start position:0% facility and sell an L point dominance token<00:28:42.519> to<00:28:42.669> somebody<00:28:42.969> else<00:28:43.119> as<00:28:43.299> well<00:28:44.729> on<00:28:45.729> the 00:28:45.959 --> 00:28:45.969 align:start position:0% token to somebody else as well on the 00:28:45.969 --> 00:28:49.079 align:start position:0% token to somebody else as well on the topic<00:28:46.359> of<00:28:46.539> non-tradable<00:28:47.499> indices<00:28:47.859> I'm<00:28:48.849> gonna 00:28:49.079 --> 00:28:49.089 align:start position:0% topic of non-tradable indices I'm gonna 00:28:49.089 --> 00:28:52.699 align:start position:0% topic of non-tradable indices I'm gonna talk<00:28:49.269> about<00:28:49.389> interest<00:28:49.839> rates<00:28:50.049> in<00:28:50.320> particular 00:28:52.699 --> 00:28:52.709 align:start position:0% talk about interest rates in particular 00:28:52.709 --> 00:28:56.009 align:start position:0% talk about interest rates in particular so<00:28:53.709> interest<00:28:54.669> rates<00:28:54.759> have<00:28:55.209> this<00:28:55.599> really 00:28:56.009 --> 00:28:56.019 align:start position:0% so interest rates have this really 00:28:56.019 --> 00:28:59.940 align:start position:0% so interest rates have this really really<00:28:56.200> interesting<00:28:56.889> quality<00:28:57.519> where<00:28:58.950> they 00:28:59.940 --> 00:28:59.950 align:start position:0% really interesting quality where they 00:28:59.950 --> 00:29:01.649 align:start position:0% really interesting quality where they give<00:29:00.129> you<00:29:00.279> one<00:29:00.489> more<00:29:00.609> variable<00:29:00.999> to<00:29:01.269> play<00:29:01.450> with 00:29:01.649 --> 00:29:01.659 align:start position:0% give you one more variable to play with 00:29:01.659 --> 00:29:03.329 align:start position:0% give you one more variable to play with so<00:29:02.320> most<00:29:02.529> of<00:29:02.619> the<00:29:02.709> time<00:29:02.889> if<00:29:03.009> you're<00:29:03.129> trading 00:29:03.329 --> 00:29:03.339 align:start position:0% so most of the time if you're trading 00:29:03.339 --> 00:29:05.099 align:start position:0% so most of the time if you're trading something<00:29:03.729> like<00:29:04.029> if<00:29:04.149> you're<00:29:04.269> trading<00:29:04.509> Bitcoin 00:29:05.099 --> 00:29:05.109 align:start position:0% something like if you're trading Bitcoin 00:29:05.109 --> 00:29:07.440 align:start position:0% something like if you're trading Bitcoin for<00:29:05.409> East<00:29:05.619> there's<00:29:06.339> only<00:29:06.489> two<00:29:06.759> variables<00:29:06.969> that 00:29:07.440 --> 00:29:07.450 align:start position:0% for East there's only two variables that 00:29:07.450 --> 00:29:10.169 align:start position:0% for East there's only two variables that you<00:29:07.570> care<00:29:07.839> about<00:29:07.929> how<00:29:08.619> much<00:29:09.039> am<00:29:09.729> i<00:29:09.909> treating 00:29:10.169 --> 00:29:10.179 align:start position:0% you care about how much am i treating 00:29:10.179 --> 00:29:13.129 align:start position:0% you care about how much am i treating and<00:29:10.539> what's<00:29:11.109> the<00:29:11.289> price<00:29:11.589> that<00:29:12.099> I'm<00:29:12.219> trading<00:29:12.489> at 00:29:13.129 --> 00:29:13.139 align:start position:0% and what's the price that I'm trading at 00:29:13.139 --> 00:29:15.479 align:start position:0% and what's the price that I'm trading at and<00:29:14.139> you<00:29:14.469> know<00:29:14.559> most<00:29:14.739> things<00:29:15.009> kind<00:29:15.219> of<00:29:15.279> follow 00:29:15.479 --> 00:29:15.489 align:start position:0% and you know most things kind of follow 00:29:15.489 --> 00:29:18.719 align:start position:0% and you know most things kind of follow your<00:29:15.669> standard<00:29:16.440> 2d<00:29:17.440> supply<00:29:18.070> and<00:29:18.219> demand<00:29:18.459> curve 00:29:18.719 --> 00:29:18.729 align:start position:0% your standard 2d supply and demand curve 00:29:18.729 --> 00:29:20.609 align:start position:0% your standard 2d supply and demand curve when<00:29:19.450> you're<00:29:19.570> trading<00:29:19.779> interest<00:29:20.229> rates<00:29:20.469> you 00:29:20.609 --> 00:29:20.619 align:start position:0% when you're trading interest rates you 00:29:20.619 --> 00:29:23.699 align:start position:0% when you're trading interest rates you add<00:29:20.919> another<00:29:21.279> variable<00:29:21.579> of<00:29:21.999> time<00:29:22.269> so<00:29:23.139> interest 00:29:23.699 --> 00:29:23.709 align:start position:0% add another variable of time so interest 00:29:23.709 --> 00:29:26.489 align:start position:0% add another variable of time so interest rates<00:29:23.950> measure<00:29:24.369> the<00:29:24.669> cost<00:29:25.119> of<00:29:25.539> renting<00:29:26.109> some 00:29:26.489 --> 00:29:26.499 align:start position:0% rates measure the cost of renting some 00:29:26.499 --> 00:29:29.819 align:start position:0% rates measure the cost of renting some amount<00:29:26.829> of<00:29:26.979> money<00:29:27.249> for<00:29:27.969> a<00:29:28.029> period<00:29:28.539> of<00:29:28.629> time 00:29:29.819 --> 00:29:29.829 align:start position:0% amount of money for a period of time 00:29:29.829 --> 00:29:33.089 align:start position:0% amount of money for a period of time and<00:29:31.109> you<00:29:32.109> end<00:29:32.289> up<00:29:32.409> being<00:29:32.649> able<00:29:32.739> to<00:29:32.859> basically 00:29:33.089 --> 00:29:33.099 align:start position:0% and you end up being able to basically 00:29:33.099 --> 00:29:35.609 align:start position:0% and you end up being able to basically create<00:29:33.489> these<00:29:33.789> 3d<00:29:34.479> interest<00:29:35.019> rate<00:29:35.229> curves 00:29:35.609 --> 00:29:35.619 align:start position:0% create these 3d interest rate curves 00:29:35.619 --> 00:29:38.549 align:start position:0% create these 3d interest rate curves according<00:29:36.279> to<00:29:36.690> what<00:29:37.690> the<00:29:37.809> cost<00:29:38.109> of<00:29:38.289> rent<00:29:38.440> in 00:29:38.549 --> 00:29:38.559 align:start position:0% according to what the cost of rent in 00:29:38.559 --> 00:29:40.259 align:start position:0% according to what the cost of rent in that<00:29:38.709> money<00:29:38.859> is<00:29:39.070> how<00:29:39.669> much<00:29:39.849> money<00:29:40.089> you're 00:29:40.259 --> 00:29:40.269 align:start position:0% that money is how much money you're 00:29:40.269 --> 00:29:42.119 align:start position:0% that money is how much money you're trying<00:29:40.570> to<00:29:40.690> rent<00:29:40.899> and<00:29:41.169> how<00:29:41.559> long<00:29:41.859> you're 00:29:42.119 --> 00:29:42.129 align:start position:0% trying to rent and how long you're 00:29:42.129 --> 00:29:44.729 align:start position:0% trying to rent and how long you're trying<00:29:42.399> to<00:29:42.489> rent<00:29:42.669> it<00:29:42.820> for<00:29:43.320> the<00:29:44.320> killer<00:29:44.529> use 00:29:44.729 --> 00:29:44.739 align:start position:0% trying to rent it for the killer use 00:29:44.739 --> 00:29:46.769 align:start position:0% trying to rent it for the killer use case<00:29:44.979> centerfire<00:29:45.459> and<00:29:45.759> basically<00:29:46.539> all<00:29:46.749> of 00:29:46.769 --> 00:29:46.779 align:start position:0% case centerfire and basically all of 00:29:46.779 --> 00:29:49.019 align:start position:0% case centerfire and basically all of defy<00:29:47.200> has<00:29:47.559> been<00:29:47.889> within<00:29:48.190> borrowing<00:29:48.849> and 00:29:49.019 --> 00:29:49.029 align:start position:0% defy has been within borrowing and 00:29:49.029 --> 00:29:52.979 align:start position:0% defy has been within borrowing and lending<00:29:49.379> and<00:29:50.579> that<00:29:51.579> the<00:29:52.239> interest<00:29:52.690> rates<00:29:52.899> that 00:29:52.979 --> 00:29:52.989 align:start position:0% lending and that the interest rates that 00:29:52.989 --> 00:29:54.859 align:start position:0% lending and that the interest rates that are<00:29:53.079> used<00:29:53.529> in<00:29:53.859> those<00:29:53.950> borrowing<00:29:54.519> and<00:29:54.639> lending 00:29:54.859 --> 00:29:54.869 align:start position:0% are used in those borrowing and lending 00:29:54.869 --> 00:29:58.109 align:start position:0% are used in those borrowing and lending protocols<00:29:55.869> and<00:29:56.440> all<00:29:56.649> just<00:29:56.889> been<00:29:57.159> short-term 00:29:58.109 --> 00:29:58.119 align:start position:0% protocols and all just been short-term 00:29:58.119 --> 00:29:59.399 align:start position:0% protocols and all just been short-term interest<00:29:58.479> rates<00:29:58.719> they're<00:29:58.929> more<00:29:59.139> or<00:29:59.169> less 00:29:59.399 --> 00:29:59.409 align:start position:0% interest rates they're more or less 00:29:59.409 --> 00:30:02.219 align:start position:0% interest rates they're more or less ignoring<00:30:00.129> time<00:30:00.399> and<00:30:00.820> they're<00:30:01.299> saying<00:30:01.599> here's 00:30:02.219 --> 00:30:02.229 align:start position:0% ignoring time and they're saying here's 00:30:02.229 --> 00:30:05.969 align:start position:0% ignoring time and they're saying here's the<00:30:02.469> cost<00:30:02.709> to<00:30:02.979> rent<00:30:03.249> die<00:30:03.849> for<00:30:04.779> you<00:30:05.529> know<00:30:05.619> to 00:30:05.969 --> 00:30:05.979 align:start position:0% the cost to rent die for you know to 00:30:05.979 --> 00:30:08.759 align:start position:0% the cost to rent die for you know to rent<00:30:06.190> you<00:30:06.429> know<00:30:06.519> a<00:30:06.759> hundred<00:30:07.149> die<00:30:07.479> and<00:30:08.409> then<00:30:08.619> the 00:30:08.759 --> 00:30:08.769 align:start position:0% rent you know a hundred die and then the 00:30:08.769 --> 00:30:11.879 align:start position:0% rent you know a hundred die and then the interest<00:30:09.249> rate<00:30:09.549> actually<00:30:09.820> resets<00:30:10.659> every<00:30:11.619> time 00:30:11.879 --> 00:30:11.889 align:start position:0% interest rate actually resets every time 00:30:11.889 --> 00:30:14.609 align:start position:0% interest rate actually resets every time the<00:30:12.639> stability<00:30:13.059> fee<00:30:13.239> changes<00:30:13.719> or<00:30:13.929> every<00:30:14.409> time 00:30:14.609 --> 00:30:14.619 align:start position:0% the stability fee changes or every time 00:30:14.619 --> 00:30:16.169 align:start position:0% the stability fee changes or every time somebody<00:30:15.009> new<00:30:15.219> interacts<00:30:15.849> with<00:30:15.999> that 00:30:16.169 --> 00:30:16.179 align:start position:0% somebody new interacts with that 00:30:16.179 --> 00:30:22.259 align:start position:0% somebody new interacts with that compound<00:30:16.629> lending<00:30:16.959> pool<00:30:18.509> but<00:30:19.509> oh<00:30:19.959> but<00:30:20.799> if<00:30:21.729> we 00:30:22.259 --> 00:30:22.269 align:start position:0% compound lending pool but oh but if we 00:30:22.269 --> 00:30:23.699 align:start position:0% compound lending pool but oh but if we wanted<00:30:22.509> to<00:30:22.659> create<00:30:22.839> an<00:30:23.079> interest<00:30:23.320> rate<00:30:23.589> market 00:30:23.699 --> 00:30:23.709 align:start position:0% wanted to create an interest rate market 00:30:23.709 --> 00:30:26.569 align:start position:0% wanted to create an interest rate market we<00:30:24.070> could<00:30:24.219> actually<00:30:24.459> create<00:30:24.940> a<00:30:25.239> market<00:30:25.929> for 00:30:26.569 --> 00:30:26.579 align:start position:0% we could actually create a market for 00:30:26.579 --> 00:30:29.609 align:start position:0% we could actually create a market for how<00:30:27.579> much<00:30:27.789> it<00:30:27.969> would<00:30:28.059> cost<00:30:28.089> to<00:30:28.629> rent<00:30:29.440> that 00:30:29.609 --> 00:30:29.619 align:start position:0% how much it would cost to rent that 00:30:29.619 --> 00:30:33.060 align:start position:0% how much it would cost to rent that specific<00:30:30.190> amount<00:30:30.489> of<00:30:30.639> die<00:30:30.909> for<00:30:31.809> a<00:30:32.079> defined<00:30:32.589> and 00:30:33.060 --> 00:30:33.070 align:start position:0% specific amount of die for a defined and 00:30:33.070 --> 00:30:36.389 align:start position:0% specific amount of die for a defined and longer<00:30:33.609> period<00:30:34.599> of<00:30:34.719> time<00:30:34.959> the<00:30:35.889> reason<00:30:36.279> why 00:30:36.389 --> 00:30:36.399 align:start position:0% longer period of time the reason why 00:30:36.399 --> 00:30:37.520 align:start position:0% longer period of time the reason why this<00:30:36.459> is 00:30:37.520 --> 00:30:37.530 align:start position:0% this is 00:30:37.530 --> 00:30:39.750 align:start position:0% this is it's<00:30:38.530> because<00:30:38.800> first<00:30:39.070> of<00:30:39.190> all<00:30:39.250> it's<00:30:39.370> a<00:30:39.400> huge 00:30:39.750 --> 00:30:39.760 align:start position:0% it's because first of all it's a huge 00:30:39.760 --> 00:30:43.170 align:start position:0% it's because first of all it's a huge huge<00:30:40.210> huge<00:30:40.390> market<00:30:41.160> if<00:30:42.160> we<00:30:42.580> look<00:30:42.730> at<00:30:42.820> the<00:30:42.910> Fiat 00:30:43.170 --> 00:30:43.180 align:start position:0% huge huge market if we look at the Fiat 00:30:43.180 --> 00:30:45.570 align:start position:0% huge huge market if we look at the Fiat world<00:30:43.480> derivatives<00:30:44.020> are<00:30:44.140> 500<00:30:44.830> plus<00:30:45.100> trillion 00:30:45.570 --> 00:30:45.580 align:start position:0% world derivatives are 500 plus trillion 00:30:45.580 --> 00:30:48.060 align:start position:0% world derivatives are 500 plus trillion dollar<00:30:45.760> market<00:30:46.150> almost<00:30:46.990> all<00:30:47.470> of<00:30:47.530> it<00:30:47.860> is 00:30:48.060 --> 00:30:48.070 align:start position:0% dollar market almost all of it is 00:30:48.070 --> 00:30:52.350 align:start position:0% dollar market almost all of it is interest<00:30:48.550> rates<00:30:50.280> so<00:30:51.280> and<00:30:51.640> if<00:30:51.970> you<00:30:52.120> want<00:30:52.300> to 00:30:52.350 --> 00:30:52.360 align:start position:0% interest rates so and if you want to 00:30:52.360 --> 00:30:53.940 align:start position:0% interest rates so and if you want to talk<00:30:52.450> about<00:30:52.510> uniquely<00:30:53.140> enabled<00:30:53.500> use<00:30:53.650> cases 00:30:53.940 --> 00:30:53.950 align:start position:0% talk about uniquely enabled use cases 00:30:53.950 --> 00:30:55.620 align:start position:0% talk about uniquely enabled use cases these<00:30:54.400> things<00:30:54.640> have<00:30:54.940> to<00:30:54.970> be<00:30:55.210> traded 00:30:55.620 --> 00:30:55.630 align:start position:0% these things have to be traded 00:30:55.630 --> 00:30:57.210 align:start position:0% these things have to be traded synthetically<00:30:56.170> there<00:30:56.620> is<00:30:56.740> no<00:30:56.860> other<00:30:56.980> way<00:30:57.190> to 00:30:57.210 --> 00:30:57.220 align:start position:0% synthetically there is no other way to 00:30:57.220 --> 00:30:59.580 align:start position:0% synthetically there is no other way to trade<00:30:57.760> time<00:30:58.300> without<00:30:58.990> a<00:30:59.260> synthetic 00:30:59.580 --> 00:30:59.590 align:start position:0% trade time without a synthetic 00:30:59.590 --> 00:31:01.170 align:start position:0% trade time without a synthetic derivative<00:31:00.160> because<00:31:00.400> an<00:31:00.520> interest<00:31:00.850> rate<00:31:00.910> is 00:31:01.170 --> 00:31:01.180 align:start position:0% derivative because an interest rate is 00:31:01.180 --> 00:31:03.120 align:start position:0% derivative because an interest rate is an<00:31:01.330> abstract<00:31:01.780> thing<00:31:02.080> you<00:31:02.290> can't<00:31:02.530> touch<00:31:02.770> look 00:31:03.120 --> 00:31:03.130 align:start position:0% an abstract thing you can't touch look 00:31:03.130 --> 00:31:05.250 align:start position:0% an abstract thing you can't touch look see<00:31:03.370> or<00:31:03.580> feel<00:31:03.790> it<00:31:03.940> it's<00:31:04.060> not<00:31:04.120> a<00:31:04.180> token<00:31:04.660> you<00:31:05.140> can 00:31:05.250 --> 00:31:05.260 align:start position:0% see or feel it it's not a token you can 00:31:05.260 --> 00:31:06.630 align:start position:0% see or feel it it's not a token you can only<00:31:05.500> trade<00:31:05.920> it<00:31:06.040> in<00:31:06.160> the<00:31:06.220> form<00:31:06.430> of<00:31:06.580> a 00:31:06.630 --> 00:31:06.640 align:start position:0% only trade it in the form of a 00:31:06.640 --> 00:31:09.240 align:start position:0% only trade it in the form of a derivative<00:31:07.110> and<00:31:08.110> it's<00:31:08.290> important<00:31:08.740> actually 00:31:09.240 --> 00:31:09.250 align:start position:0% derivative and it's important actually 00:31:09.250 --> 00:31:11.430 align:start position:0% derivative and it's important actually that<00:31:09.430> we<00:31:09.550> are<00:31:09.820> able<00:31:10.180> to<00:31:10.360> trade<00:31:10.870> these<00:31:11.050> interest 00:31:11.430 --> 00:31:11.440 align:start position:0% that we are able to trade these interest 00:31:11.440 --> 00:31:13.680 align:start position:0% that we are able to trade these interest rates<00:31:11.530> and<00:31:11.890> allow<00:31:12.310> people<00:31:12.640> to<00:31:13.000> trade<00:31:13.300> interest 00:31:13.680 --> 00:31:13.690 align:start position:0% rates and allow people to trade interest 00:31:13.690 --> 00:31:17.490 align:start position:0% rates and allow people to trade interest rate<00:31:13.900> risk<00:31:14.670> over<00:31:15.670> time<00:31:15.870> because<00:31:16.870> right<00:31:17.320> now 00:31:17.490 --> 00:31:17.500 align:start position:0% rate risk over time because right now 00:31:17.500 --> 00:31:19.440 align:start position:0% rate risk over time because right now the<00:31:17.560> only<00:31:17.860> reason<00:31:18.430> why<00:31:18.670> people<00:31:18.910> are<00:31:19.030> using 00:31:19.440 --> 00:31:19.450 align:start position:0% the only reason why people are using 00:31:19.450 --> 00:31:21.090 align:start position:0% the only reason why people are using these<00:31:19.570> borrowing<00:31:20.050> and<00:31:20.170> lending<00:31:20.200> pools<00:31:20.620> in<00:31:20.770> d5 00:31:21.090 --> 00:31:21.100 align:start position:0% these borrowing and lending pools in d5 00:31:21.100 --> 00:31:23.190 align:start position:0% these borrowing and lending pools in d5 it's<00:31:21.610> generally<00:31:22.000> for<00:31:22.150> speculative<00:31:22.600> and<00:31:23.020> kind 00:31:23.190 --> 00:31:23.200 align:start position:0% it's generally for speculative and kind 00:31:23.200 --> 00:31:26.280 align:start position:0% it's generally for speculative and kind of<00:31:23.290> not<00:31:23.560> price<00:31:23.920> sensitive<00:31:24.460> use<00:31:24.790> cases<00:31:25.290> right 00:31:26.280 --> 00:31:26.290 align:start position:0% of not price sensitive use cases right 00:31:26.290 --> 00:31:27.840 align:start position:0% of not price sensitive use cases right if<00:31:26.440> I<00:31:26.530> believe<00:31:26.800> that<00:31:26.950> eath<00:31:27.100> is<00:31:27.280> going<00:31:27.490> to<00:31:27.610> moon 00:31:27.840 --> 00:31:27.850 align:start position:0% if I believe that eath is going to moon 00:31:27.850 --> 00:31:29.910 align:start position:0% if I believe that eath is going to moon next<00:31:28.390> week<00:31:28.570> I<00:31:28.780> don't<00:31:29.020> really<00:31:29.260> care<00:31:29.590> if<00:31:29.800> I'm 00:31:29.910 --> 00:31:29.920 align:start position:0% next week I don't really care if I'm 00:31:29.920 --> 00:31:32.640 align:start position:0% next week I don't really care if I'm borrowing<00:31:30.130> at<00:31:30.430> 1<00:31:30.580> percent<00:31:30.790> 10<00:31:31.210> percent<00:31:31.240> or<00:31:31.810> 25 00:31:32.640 --> 00:31:32.650 align:start position:0% borrowing at 1 percent 10 percent or 25 00:31:32.650 --> 00:31:35.010 align:start position:0% borrowing at 1 percent 10 percent or 25 percent<00:31:33.000> but<00:31:34.000> if<00:31:34.090> you're<00:31:34.210> talking<00:31:34.420> about<00:31:34.630> non 00:31:35.010 --> 00:31:35.020 align:start position:0% percent but if you're talking about non 00:31:35.020 --> 00:31:38.460 align:start position:0% percent but if you're talking about non speculative<00:31:35.770> use<00:31:35.920> cases<00:31:36.190> a<00:31:36.910> home<00:31:37.450> loan<00:31:37.810> car 00:31:38.460 --> 00:31:38.470 align:start position:0% speculative use cases a home loan car 00:31:38.470 --> 00:31:41.790 align:start position:0% speculative use cases a home loan car loan<00:31:38.770> business<00:31:39.430> loans<00:31:39.730> student<00:31:40.420> loan<00:31:40.800> price 00:31:41.790 --> 00:31:41.800 align:start position:0% loan business loans student loan price 00:31:41.800 --> 00:31:44.490 align:start position:0% loan business loans student loan price does<00:31:42.190> matter<00:31:42.460> a<00:31:42.580> lot<00:31:42.790> more<00:31:43.090> and<00:31:43.330> the<00:31:44.050> ability 00:31:44.490 --> 00:31:44.500 align:start position:0% does matter a lot more and the ability 00:31:44.500 --> 00:31:46.800 align:start position:0% does matter a lot more and the ability for<00:31:44.580> borrowers<00:31:45.580> and<00:31:45.760> lenders<00:31:45.940> to<00:31:46.450> actually 00:31:46.800 --> 00:31:46.810 align:start position:0% for borrowers and lenders to actually 00:31:46.810 --> 00:31:48.630 align:start position:0% for borrowers and lenders to actually start<00:31:47.170> offsetting<00:31:47.890> their<00:31:48.100> interest<00:31:48.460> rate 00:31:48.630 --> 00:31:48.640 align:start position:0% start offsetting their interest rate 00:31:48.640 --> 00:31:50.880 align:start position:0% start offsetting their interest rate risks<00:31:49.030> the<00:31:49.360> ability<00:31:49.690> to<00:31:49.810> walk<00:31:50.020> in<00:31:50.320> interest 00:31:50.880 --> 00:31:50.890 align:start position:0% risks the ability to walk in interest 00:31:50.890 --> 00:31:53.310 align:start position:0% risks the ability to walk in interest rates<00:31:51.160> or<00:31:51.480> speculate<00:31:52.480> on<00:31:52.630> interest<00:31:52.960> rates<00:31:53.170> is 00:31:53.310 --> 00:31:53.320 align:start position:0% rates or speculate on interest rates is 00:31:53.320 --> 00:31:55.680 align:start position:0% rates or speculate on interest rates is a<00:31:53.620> fundamental<00:31:54.430> necessity<00:31:55.000> in<00:31:55.210> order<00:31:55.510> for 00:31:55.680 --> 00:31:55.690 align:start position:0% a fundamental necessity in order for 00:31:55.690 --> 00:31:57.390 align:start position:0% a fundamental necessity in order for these<00:31:55.780> use<00:31:55.990> cases<00:31:56.080> to<00:31:56.470> get<00:31:56.860> unlocked<00:31:57.190> and 00:31:57.390 --> 00:31:57.400 align:start position:0% these use cases to get unlocked and 00:31:57.400 --> 00:32:01.050 align:start position:0% these use cases to get unlocked and define<00:31:57.760> so<00:31:58.330> this<00:31:58.450> is<00:31:58.570> why<00:31:59.100> you<00:32:00.100> know<00:32:00.220> we<00:32:00.790> care<00:32:01.030> a 00:32:01.050 --> 00:32:01.060 align:start position:0% define so this is why you know we care a 00:32:01.060 --> 00:32:03.090 align:start position:0% define so this is why you know we care a lot<00:32:01.180> about<00:32:01.240> this<00:32:01.600> there's<00:32:01.900> a<00:32:01.990> whole<00:32:02.170> hour<00:32:02.770> and 00:32:03.090 --> 00:32:03.100 align:start position:0% lot about this there's a whole hour and 00:32:03.100 --> 00:32:04.860 align:start position:0% lot about this there's a whole hour and a<00:32:03.130> half<00:32:03.310> long<00:32:03.520> workshop<00:32:03.850> on<00:32:04.210> YouTube<00:32:04.570> that<00:32:04.840> you 00:32:04.860 --> 00:32:04.870 align:start position:0% a half long workshop on YouTube that you 00:32:04.870 --> 00:32:06.450 align:start position:0% a half long workshop on YouTube that you guys<00:32:05.080> can<00:32:05.320> find<00:32:05.530> later<00:32:05.770> if<00:32:06.010> you<00:32:06.130> want<00:32:06.280> to<00:32:06.370> go 00:32:06.450 --> 00:32:06.460 align:start position:0% guys can find later if you want to go 00:32:06.460 --> 00:32:08.640 align:start position:0% guys can find later if you want to go really<00:32:06.730> deeper<00:32:07.180> in<00:32:07.330> but<00:32:08.140> I'm<00:32:08.230> gonna<00:32:08.380> highlight 00:32:08.640 --> 00:32:08.650 align:start position:0% really deeper in but I'm gonna highlight 00:32:08.650 --> 00:32:10.290 align:start position:0% really deeper in but I'm gonna highlight three<00:32:09.100> ways<00:32:09.250> actually<00:32:09.550> that<00:32:09.880> you<00:32:09.970> can<00:32:10.090> create 00:32:10.290 --> 00:32:10.300 align:start position:0% three ways actually that you can create 00:32:10.300 --> 00:32:12.590 align:start position:0% three ways actually that you can create interest<00:32:10.690> rate<00:32:10.870> products<00:32:11.380> with<00:32:11.560> uma<00:32:11.860> today 00:32:12.590 --> 00:32:12.600 align:start position:0% interest rate products with uma today 00:32:12.600 --> 00:32:15.510 align:start position:0% interest rate products with uma today using<00:32:13.600> the<00:32:13.690> synthetic<00:32:13.870> token<00:32:14.530> template<00:32:14.920> now 00:32:15.510 --> 00:32:15.520 align:start position:0% using the synthetic token template now 00:32:15.520 --> 00:32:17.370 align:start position:0% using the synthetic token template now I'm<00:32:15.610> not<00:32:15.790> saying<00:32:16.150> that<00:32:16.300> the<00:32:16.720> synthetic<00:32:16.930> token 00:32:17.370 --> 00:32:17.380 align:start position:0% I'm not saying that the synthetic token 00:32:17.380 --> 00:32:21.240 align:start position:0% I'm not saying that the synthetic token template<00:32:17.740> is<00:32:18.150> necessarily<00:32:19.150> the<00:32:19.510> way<00:32:19.690> that<00:32:20.250> it 00:32:21.240 --> 00:32:21.250 align:start position:0% template is necessarily the way that it 00:32:21.250 --> 00:32:23.030 align:start position:0% template is necessarily the way that it should<00:32:21.310> be<00:32:21.850> created<00:32:22.210> or<00:32:22.330> the<00:32:22.360> way<00:32:22.510> that<00:32:22.630> it 00:32:23.030 --> 00:32:23.040 align:start position:0% should be created or the way that it 00:32:23.040 --> 00:32:25.590 align:start position:0% should be created or the way that it necessarily<00:32:24.040> will<00:32:24.400> exist<00:32:24.820> forever<00:32:25.180> and<00:32:25.480> ever 00:32:25.590 --> 00:32:25.600 align:start position:0% necessarily will exist forever and ever 00:32:25.600 --> 00:32:28.180 align:start position:0% necessarily will exist forever and ever ever<00:32:25.930> but<00:32:26.500> these<00:32:26.650> are<00:32:26.800> actually<00:32:27.520> three 00:32:28.180 --> 00:32:28.190 align:start position:0% ever but these are actually three 00:32:28.190 --> 00:32:29.110 align:start position:0% ever but these are actually three different<00:32:28.429> ways<00:32:28.549> that<00:32:28.700> you<00:32:28.820> can<00:32:28.940> actually 00:32:29.110 --> 00:32:29.120 align:start position:0% different ways that you can actually 00:32:29.120 --> 00:32:31.149 align:start position:0% different ways that you can actually create<00:32:29.450> them<00:32:29.659> today<00:32:29.809> that<00:32:30.710> would<00:32:30.830> give<00:32:31.039> us 00:32:31.149 --> 00:32:31.159 align:start position:0% create them today that would give us 00:32:31.159 --> 00:32:33.879 align:start position:0% create them today that would give us price<00:32:31.490> discovery<00:32:31.940> and<00:32:32.929> insight<00:32:33.379> into<00:32:33.649> how 00:32:33.879 --> 00:32:33.889 align:start position:0% price discovery and insight into how 00:32:33.889 --> 00:32:36.730 align:start position:0% price discovery and insight into how this<00:32:34.070> market<00:32:34.250> could<00:32:34.639> evolve<00:32:35.440> and<00:32:36.440> so<00:32:36.620> these 00:32:36.730 --> 00:32:36.740 align:start position:0% this market could evolve and so these 00:32:36.740 --> 00:32:38.950 align:start position:0% this market could evolve and so these three<00:32:37.009> are<00:32:37.039> why<00:32:38.000> it<00:32:38.059> took<00:32:38.240> kind<00:32:38.809> of<00:32:38.840> a 00:32:38.950 --> 00:32:38.960 align:start position:0% three are why it took kind of a 00:32:38.960 --> 00:32:40.690 align:start position:0% three are why it took kind of a simplified<00:32:39.409> version<00:32:39.620> of<00:32:39.830> Dan<00:32:40.009> Robinson's<00:32:40.490> Y 00:32:40.690 --> 00:32:40.700 align:start position:0% simplified version of Dan Robinson's Y 00:32:40.700 --> 00:32:43.090 align:start position:0% simplified version of Dan Robinson's Y tokens<00:32:41.200> Summa<00:32:42.200> which<00:32:42.409> is<00:32:42.559> a<00:32:42.590> project<00:32:42.889> that 00:32:43.090 --> 00:32:43.100 align:start position:0% tokens Summa which is a project that 00:32:43.100 --> 00:32:45.310 align:start position:0% tokens Summa which is a project that came<00:32:43.309> out<00:32:43.460> of<00:32:43.549> each<00:32:43.669> Boston<00:32:44.149> and<00:32:44.899> then<00:32:45.049> fixed 00:32:45.310 --> 00:32:45.320 align:start position:0% came out of each Boston and then fixed 00:32:45.320 --> 00:32:46.960 align:start position:0% came out of each Boston and then fixed rate<00:32:45.470> tokens<00:32:45.830> which<00:32:46.100> is<00:32:46.279> more<00:32:46.730> or<00:32:46.820> less 00:32:46.960 --> 00:32:46.970 align:start position:0% rate tokens which is more or less 00:32:46.970 --> 00:32:50.830 align:start position:0% rate tokens which is more or less something<00:32:47.179> that<00:32:47.389> I<00:32:47.419> made<00:32:47.600> up<00:32:48.610> so<00:32:49.610> to<00:32:49.669> dive<00:32:50.600> into 00:32:50.830 --> 00:32:50.840 align:start position:0% something that I made up so to dive into 00:32:50.840 --> 00:32:55.299 align:start position:0% something that I made up so to dive into these<00:32:51.110> um<00:32:52.720> so<00:32:53.720> how<00:32:54.590> many<00:32:54.769> of<00:32:54.830> you<00:32:54.950> have<00:32:55.159> read 00:32:55.299 --> 00:32:55.309 align:start position:0% these um so how many of you have read 00:32:55.309 --> 00:33:00.279 align:start position:0% these um so how many of you have read the<00:32:55.490> white<00:32:55.669> Hogan<00:32:56.090> paper<00:32:56.720> just<00:32:58.240> okay<00:32:59.240> okay<00:32:59.360> so 00:33:00.279 --> 00:33:00.289 align:start position:0% the white Hogan paper just okay okay so 00:33:00.289 --> 00:33:03.399 align:start position:0% the white Hogan paper just okay okay so the<00:33:01.129> way<00:33:01.279> that<00:33:01.580> basically<00:33:02.090> Y<00:33:02.450> tokens<00:33:02.929> work<00:33:03.169> is 00:33:03.399 --> 00:33:03.409 align:start position:0% the way that basically Y tokens work is 00:33:03.409 --> 00:33:06.789 align:start position:0% the way that basically Y tokens work is you're<00:33:03.679> trying<00:33:03.980> to<00:33:04.129> create<00:33:04.279> a<00:33:05.679> yield<00:33:06.679> curve 00:33:06.789 --> 00:33:06.799 align:start position:0% you're trying to create a yield curve 00:33:06.799 --> 00:33:09.610 align:start position:0% you're trying to create a yield curve for<00:33:07.610> what<00:33:07.970> the<00:33:08.179> eight<00:33:08.480> dollar<00:33:08.870> funding<00:33:09.440> rate 00:33:09.610 --> 00:33:09.620 align:start position:0% for what the eight dollar funding rate 00:33:09.620 --> 00:33:12.909 align:start position:0% for what the eight dollar funding rate looks<00:33:09.980> like<00:33:10.250> over<00:33:10.820> time<00:33:11.090> so<00:33:12.049> how<00:33:12.320> much<00:33:12.559> money 00:33:12.909 --> 00:33:12.919 align:start position:0% looks like over time so how much money 00:33:12.919 --> 00:33:15.190 align:start position:0% looks like over time so how much money will<00:33:13.279> it<00:33:13.309> cost<00:33:13.700> or<00:33:14.299> sorry<00:33:14.659> how<00:33:14.809> much<00:33:14.990> will<00:33:15.169> it 00:33:15.190 --> 00:33:15.200 align:start position:0% will it cost or sorry how much will it 00:33:15.200 --> 00:33:17.740 align:start position:0% will it cost or sorry how much will it cost<00:33:15.320> for<00:33:15.980> me<00:33:16.009> to<00:33:16.129> borrow<00:33:16.549> dollars<00:33:17.090> against<00:33:17.600> my 00:33:17.740 --> 00:33:17.750 align:start position:0% cost for me to borrow dollars against my 00:33:17.750 --> 00:33:19.899 align:start position:0% cost for me to borrow dollars against my eighth<00:33:17.960> for<00:33:18.620> different<00:33:19.070> periods<00:33:19.610> of<00:33:19.730> time 00:33:19.899 --> 00:33:19.909 align:start position:0% eighth for different periods of time 00:33:19.909 --> 00:33:22.690 align:start position:0% eighth for different periods of time that's<00:33:20.210> that's<00:33:20.649> what<00:33:21.649> a<00:33:21.860> yield<00:33:22.100> curve<00:33:22.190> for 00:33:22.690 --> 00:33:22.700 align:start position:0% that's that's what a yield curve for 00:33:22.700 --> 00:33:25.240 align:start position:0% that's that's what a yield curve for each<00:33:22.789> dollar<00:33:23.059> would<00:33:23.419> be<00:33:23.629> and<00:33:24.559> and<00:33:24.889> that's<00:33:25.100> what 00:33:25.240 --> 00:33:25.250 align:start position:0% each dollar would be and and that's what 00:33:25.250 --> 00:33:27.129 align:start position:0% each dollar would be and and that's what the<00:33:25.370> motivation<00:33:25.879> is<00:33:25.970> for<00:33:26.029> creating<00:33:26.419> y<00:33:26.720> tokens 00:33:27.129 --> 00:33:27.139 align:start position:0% the motivation is for creating y tokens 00:33:27.139 --> 00:33:29.320 align:start position:0% the motivation is for creating y tokens is<00:33:27.320> the<00:33:27.919> way<00:33:28.039> that<00:33:28.190> it<00:33:28.309> would<00:33:28.399> work<00:33:28.429> is<00:33:28.940> you 00:33:29.320 --> 00:33:29.330 align:start position:0% is the way that it would work is you 00:33:29.330 --> 00:33:31.230 align:start position:0% is the way that it would work is you take<00:33:29.659> the<00:33:29.840> uma<00:33:30.080> synthetic<00:33:30.470> token<00:33:30.740> template 00:33:31.230 --> 00:33:31.240 align:start position:0% take the uma synthetic token template 00:33:31.240 --> 00:33:33.940 align:start position:0% take the uma synthetic token template you<00:33:32.240> make<00:33:32.419> the<00:33:32.570> reference<00:33:32.720> price<00:33:33.139> index<00:33:33.590> the 00:33:33.940 --> 00:33:33.950 align:start position:0% you make the reference price index the 00:33:33.950 --> 00:33:36.279 align:start position:0% you make the reference price index the price<00:33:34.190> of<00:33:34.370> dollar<00:33:34.519> e<00:33:34.820> so<00:33:35.570> it's<00:33:35.720> just<00:33:35.840> one 00:33:36.279 --> 00:33:36.289 align:start position:0% price of dollar e so it's just one 00:33:36.289 --> 00:33:39.369 align:start position:0% price of dollar e so it's just one divided<00:33:36.740> by<00:33:36.769> the<00:33:36.980> price<00:33:37.279> of<00:33:37.309> e<00:33:37.779> you<00:33:38.779> use<00:33:39.049> eath 00:33:39.369 --> 00:33:39.379 align:start position:0% divided by the price of e you use eath 00:33:39.379 --> 00:33:41.649 align:start position:0% divided by the price of e you use eath as<00:33:39.679> the<00:33:39.889> margin<00:33:40.190> currency<00:33:40.700> and<00:33:40.940> you<00:33:40.970> basically 00:33:41.649 --> 00:33:41.659 align:start position:0% as the margin currency and you basically 00:33:41.659 --> 00:33:43.539 align:start position:0% as the margin currency and you basically just<00:33:41.960> say<00:33:42.289> that<00:33:42.590> every<00:33:42.860> toe<00:33:43.070> can<00:33:43.220> I<00:33:43.309> borrow 00:33:43.539 --> 00:33:43.549 align:start position:0% just say that every toe can I borrow 00:33:43.549 --> 00:33:47.860 align:start position:0% just say that every toe can I borrow will<00:33:44.360> pay<00:33:44.659> out<00:33:44.929> $1<00:33:45.740> at<00:33:46.009> expiration<00:33:46.610> if<00:33:47.029> the 00:33:47.860 --> 00:33:47.870 align:start position:0% will pay out $1 at expiration if the 00:33:47.870 --> 00:33:50.470 align:start position:0% will pay out $1 at expiration if the price<00:33:48.080> of<00:33:48.110> East<00:33:48.470> goes<00:33:48.769> up<00:33:49.039> it's<00:33:49.429> less<00:33:49.820> East<00:33:50.179> and 00:33:50.470 --> 00:33:50.480 align:start position:0% price of East goes up it's less East and 00:33:50.480 --> 00:33:52.659 align:start position:0% price of East goes up it's less East and if<00:33:50.779> the<00:33:50.899> price<00:33:51.110> of<00:33:51.139> East<00:33:51.500> goes<00:33:51.710> down<00:33:52.009> its<00:33:52.340> more 00:33:52.659 --> 00:33:52.669 align:start position:0% if the price of East goes down its more 00:33:52.669 --> 00:33:55.269 align:start position:0% if the price of East goes down its more East<00:33:52.940> it's<00:33:53.149> always<00:33:53.419> $1<00:33:53.960> worth<00:33:54.409> of<00:33:54.470> East<00:33:55.039> at 00:33:55.269 --> 00:33:55.279 align:start position:0% East it's always $1 worth of East at 00:33:55.279 --> 00:33:59.919 align:start position:0% East it's always $1 worth of East at expiration<00:33:56.620> and<00:33:57.970> so<00:33:58.970> effectively<00:33:59.480> it's<00:33:59.720> sort 00:33:59.919 --> 00:33:59.929 align:start position:0% expiration and so effectively it's sort 00:33:59.929 --> 00:34:01.389 align:start position:0% expiration and so effectively it's sort of<00:33:59.990> like<00:34:00.169> what<00:34:00.379> you've<00:34:00.500> created<00:34:00.710> there<00:34:01.159> is<00:34:01.279> an 00:34:01.389 --> 00:34:01.399 align:start position:0% of like what you've created there is an 00:34:01.399 --> 00:34:04.389 align:start position:0% of like what you've created there is an expiring<00:34:01.879> stable<00:34:02.570> point<00:34:02.950> from<00:34:03.950> the<00:34:04.100> token 00:34:04.389 --> 00:34:04.399 align:start position:0% expiring stable point from the token 00:34:04.399 --> 00:34:06.190 align:start position:0% expiring stable point from the token sponsors<00:34:04.850> perspective<00:34:05.480> if<00:34:05.720> they<00:34:05.960> were<00:34:06.019> to 00:34:06.190 --> 00:34:06.200 align:start position:0% sponsors perspective if they were to 00:34:06.200 --> 00:34:08.200 align:start position:0% sponsors perspective if they were to create<00:34:06.500> this<00:34:06.769> product<00:34:07.159> create<00:34:07.730> this<00:34:07.879> token 00:34:08.200 --> 00:34:08.210 align:start position:0% create this product create this token 00:34:08.210 --> 00:34:10.659 align:start position:0% create this product create this token facility<00:34:08.659> and<00:34:08.780> borrow<00:34:09.050> tokens<00:34:09.530> against<00:34:09.889> it<00:34:10.040> it 00:34:10.659 --> 00:34:10.669 align:start position:0% facility and borrow tokens against it it 00:34:10.669 --> 00:34:12.339 align:start position:0% facility and borrow tokens against it it would<00:34:10.819> enable<00:34:11.030> them<00:34:11.359> to<00:34:11.389> get<00:34:11.690> levered<00:34:12.139> east 00:34:12.339 --> 00:34:12.349 align:start position:0% would enable them to get levered east 00:34:12.349 --> 00:34:14.349 align:start position:0% would enable them to get levered east exposure<00:34:12.800> kind<00:34:13.310> of<00:34:13.369> a<00:34:13.460> similar<00:34:13.819> reason<00:34:14.030> to<00:34:14.240> why 00:34:14.349 --> 00:34:14.359 align:start position:0% exposure kind of a similar reason to why 00:34:14.359 --> 00:34:16.270 align:start position:0% exposure kind of a similar reason to why anybody<00:34:14.720> might<00:34:14.869> open<00:34:15.169> up<00:34:15.290> a<00:34:15.440> a<00:34:15.619> maker<00:34:15.859> doughsay 00:34:16.270 --> 00:34:16.280 align:start position:0% anybody might open up a a maker doughsay 00:34:16.280 --> 00:34:16.889 align:start position:0% anybody might open up a a maker doughsay appears 00:34:16.889 --> 00:34:16.899 align:start position:0% appears 00:34:16.899 --> 00:34:20.549 align:start position:0% appears like<00:34:17.169> that<00:34:17.789> but<00:34:18.789> the<00:34:18.879> difference<00:34:19.240> is<00:34:19.419> that<00:34:19.779> the 00:34:20.549 --> 00:34:20.559 align:start position:0% like that but the difference is that the 00:34:20.559 --> 00:34:21.779 align:start position:0% like that but the difference is that the way<00:34:20.740> that<00:34:20.950> they<00:34:21.039> would<00:34:21.159> get<00:34:21.279> this<00:34:21.429> exposure 00:34:21.779 --> 00:34:21.789 align:start position:0% way that they would get this exposure 00:34:21.789 --> 00:34:25.470 align:start position:0% way that they would get this exposure would<00:34:22.629> be<00:34:23.099> with<00:34:24.099> a<00:34:24.129> fixed<00:34:24.520> interest<00:34:24.789> rate<00:34:25.059> over 00:34:25.470 --> 00:34:25.480 align:start position:0% would be with a fixed interest rate over 00:34:25.480 --> 00:34:29.190 align:start position:0% would be with a fixed interest rate over the<00:34:25.510> lifetime<00:34:25.809> of<00:34:26.250> that<00:34:27.250> token<00:34:27.579> facility<00:34:28.200> from 00:34:29.190 --> 00:34:29.200 align:start position:0% the lifetime of that token facility from 00:34:29.200 --> 00:34:31.409 align:start position:0% the lifetime of that token facility from a<00:34:29.319> token<00:34:29.649> holders<00:34:29.950> perspective<00:34:30.549> they<00:34:31.119> get<00:34:31.299> to 00:34:31.409 --> 00:34:31.419 align:start position:0% a token holders perspective they get to 00:34:31.419 --> 00:34:33.599 align:start position:0% a token holders perspective they get to own<00:34:31.539> a<00:34:31.569> token<00:34:31.990> that<00:34:32.020> they<00:34:32.289> can<00:34:32.440> redeem<00:34:32.770> for<00:34:32.829> $1 00:34:33.599 --> 00:34:33.609 align:start position:0% own a token that they can redeem for $1 00:34:33.609 --> 00:34:36.839 align:start position:0% own a token that they can redeem for $1 at<00:34:33.940> expiration<00:34:34.450> and<00:34:35.200> they're<00:34:35.799> buying<00:34:36.039> it<00:34:36.369> for 00:34:36.839 --> 00:34:36.849 align:start position:0% at expiration and they're buying it for 00:34:36.849 --> 00:34:38.879 align:start position:0% at expiration and they're buying it for less<00:34:37.059> than<00:34:37.359> one<00:34:37.510> dollar<00:34:37.659> initially<00:34:38.349> free 00:34:38.879 --> 00:34:38.889 align:start position:0% less than one dollar initially free 00:34:38.889 --> 00:34:40.859 align:start position:0% less than one dollar initially free money<00:34:39.069> right<00:34:39.220> but<00:34:39.609> basically<00:34:39.909> it's<00:34:40.149> it's<00:34:40.569> kind 00:34:40.859 --> 00:34:40.869 align:start position:0% money right but basically it's it's kind 00:34:40.869 --> 00:34:43.230 align:start position:0% money right but basically it's it's kind of<00:34:40.929> like<00:34:41.369> interest<00:34:42.369> it's<00:34:42.789> an<00:34:42.940> interest 00:34:43.230 --> 00:34:43.240 align:start position:0% of like interest it's an interest 00:34:43.240 --> 00:34:45.149 align:start position:0% of like interest it's an interest bearing<00:34:43.389> token<00:34:43.929> interest<00:34:44.500> bearing<00:34:44.649> stable 00:34:45.149 --> 00:34:45.159 align:start position:0% bearing token interest bearing stable 00:34:45.159 --> 00:34:46.919 align:start position:0% bearing token interest bearing stable point<00:34:45.460> but<00:34:45.700> you<00:34:46.029> know<00:34:46.059> kind<00:34:46.329> of<00:34:46.419> different 00:34:46.919 --> 00:34:46.929 align:start position:0% point but you know kind of different 00:34:46.929 --> 00:34:51.299 align:start position:0% point but you know kind of different from<00:34:47.230> seed<00:34:47.919> die<00:34:48.779> and<00:34:49.779> if<00:34:50.529> we<00:34:50.679> have<00:34:50.859> a<00:34:50.889> market 00:34:51.299 --> 00:34:51.309 align:start position:0% from seed die and if we have a market 00:34:51.309 --> 00:34:53.789 align:start position:0% from seed die and if we have a market for<00:34:51.549> this<00:34:51.760> what<00:34:52.419> we<00:34:52.510> could<00:34:52.690> do<00:34:52.839> is<00:34:53.260> observe<00:34:53.559> the 00:34:53.789 --> 00:34:53.799 align:start position:0% for this what we could do is observe the 00:34:53.799 --> 00:34:57.029 align:start position:0% for this what we could do is observe the market<00:34:54.220> price<00:34:54.520> for<00:34:54.909> these<00:34:55.299> y<00:34:55.839> tokens<00:34:56.409> that 00:34:57.029 --> 00:34:57.039 align:start position:0% market price for these y tokens that 00:34:57.039 --> 00:34:59.519 align:start position:0% market price for these y tokens that have<00:34:57.250> different<00:34:57.609> expiration<00:34:58.240> date<00:34:58.420> and<00:34:58.630> use 00:34:59.519 --> 00:34:59.529 align:start position:0% have different expiration date and use 00:34:59.529 --> 00:35:03.240 align:start position:0% have different expiration date and use that<00:34:59.859> market<00:35:00.279> price<00:35:00.520> to<00:35:01.109> calculate<00:35:02.109> back<00:35:02.650> into 00:35:03.240 --> 00:35:03.250 align:start position:0% that market price to calculate back into 00:35:03.250 --> 00:35:05.760 align:start position:0% that market price to calculate back into what<00:35:03.520> the<00:35:03.700> implied<00:35:04.089> funding<00:35:04.690> rate<00:35:04.869> for<00:35:05.529> East 00:35:05.760 --> 00:35:05.770 align:start position:0% what the implied funding rate for East 00:35:05.770 --> 00:35:07.710 align:start position:0% what the implied funding rate for East dollar<00:35:06.069> is<00:35:06.369> for<00:35:06.760> different<00:35:07.059> periods<00:35:07.420> of<00:35:07.510> time 00:35:07.710 --> 00:35:07.720 align:start position:0% dollar is for different periods of time 00:35:07.720 --> 00:35:10.260 align:start position:0% dollar is for different periods of time so<00:35:08.289> you<00:35:08.349> could<00:35:08.589> create<00:35:08.740> a<00:35:08.890> a<00:35:09.279> Y<00:35:09.849> token<00:35:10.240> that 00:35:10.260 --> 00:35:10.270 align:start position:0% so you could create a a Y token that 00:35:10.270 --> 00:35:11.609 align:start position:0% so you could create a a Y token that expires<00:35:10.720> in<00:35:10.839> three<00:35:11.200> months 00:35:11.609 --> 00:35:11.619 align:start position:0% expires in three months 00:35:11.619 --> 00:35:13.559 align:start position:0% expires in three months a<00:35:11.650> why<00:35:12.069> token<00:35:12.400> that<00:35:12.430> expires<00:35:12.880> in<00:35:12.970> six<00:35:13.299> months 00:35:13.559 --> 00:35:13.569 align:start position:0% a why token that expires in six months 00:35:13.569 --> 00:35:15.660 align:start position:0% a why token that expires in six months and<00:35:13.750> a<00:35:14.020> why<00:35:14.200> -<00:35:14.440> that<00:35:14.589> expires<00:35:15.010> in<00:35:15.130> one<00:35:15.430> year 00:35:15.660 --> 00:35:15.670 align:start position:0% and a why - that expires in one year 00:35:15.670 --> 00:35:18.450 align:start position:0% and a why - that expires in one year they<00:35:16.180> would<00:35:16.329> all<00:35:16.420> have<00:35:16.450> different<00:35:16.900> prices<00:35:17.460> and 00:35:18.450 --> 00:35:18.460 align:start position:0% they would all have different prices and 00:35:18.460 --> 00:35:19.980 align:start position:0% they would all have different prices and based<00:35:18.700> on<00:35:18.880> that<00:35:19.000> price<00:35:19.240> you<00:35:19.599> could<00:35:19.750> get<00:35:19.869> an 00:35:19.980 --> 00:35:19.990 align:start position:0% based on that price you could get an 00:35:19.990 --> 00:35:22.380 align:start position:0% based on that price you could get an implied<00:35:20.289> interest<00:35:20.740> rate<00:35:21.000> based<00:35:22.000> on<00:35:22.210> that 00:35:22.380 --> 00:35:22.390 align:start position:0% implied interest rate based on that 00:35:22.390 --> 00:35:23.849 align:start position:0% implied interest rate based on that implied<00:35:22.720> interest<00:35:23.109> rate<00:35:23.319> you'd<00:35:23.500> be<00:35:23.619> able<00:35:23.710> to 00:35:23.849 --> 00:35:23.859 align:start position:0% implied interest rate you'd be able to 00:35:23.859 --> 00:35:25.500 align:start position:0% implied interest rate you'd be able to build<00:35:24.039> out<00:35:24.160> a<00:35:24.190> yield<00:35:24.490> curve<00:35:24.579> and<00:35:25.029> then<00:35:25.390> you'd 00:35:25.500 --> 00:35:25.510 align:start position:0% build out a yield curve and then you'd 00:35:25.510 --> 00:35:27.599 align:start position:0% build out a yield curve and then you'd have<00:35:25.720> better<00:35:25.930> visibility<00:35:26.319> into<00:35:26.950> what<00:35:27.490> the 00:35:27.599 --> 00:35:27.609 align:start position:0% have better visibility into what the 00:35:27.609 --> 00:35:29.309 align:start position:0% have better visibility into what the market<00:35:27.940> expects<00:35:28.329> the<00:35:28.599> east<00:35:28.720> dollar<00:35:28.930> funding 00:35:29.309 --> 00:35:29.319 align:start position:0% market expects the east dollar funding 00:35:29.319 --> 00:35:31.410 align:start position:0% market expects the east dollar funding rate<00:35:29.500> to<00:35:29.710> look<00:35:29.890> like<00:35:30.160> over<00:35:30.490> periods<00:35:31.119> of<00:35:31.210> time 00:35:31.410 --> 00:35:31.420 align:start position:0% rate to look like over periods of time 00:35:31.420 --> 00:35:33.480 align:start position:0% rate to look like over periods of time right<00:35:31.960> now<00:35:32.109> all<00:35:32.470> we<00:35:32.650> know<00:35:32.799> is<00:35:32.980> that<00:35:33.130> the<00:35:33.220> makers 00:35:33.480 --> 00:35:33.490 align:start position:0% right now all we know is that the makers 00:35:33.490 --> 00:35:35.819 align:start position:0% right now all we know is that the makers -<00:35:33.640> what<00:35:34.089> the<00:35:34.210> maker<00:35:34.390> Stability<00:35:35.140> fee<00:35:35.289> is<00:35:35.440> today 00:35:35.819 --> 00:35:35.829 align:start position:0% - what the maker Stability fee is today 00:35:35.829 --> 00:35:37.859 align:start position:0% - what the maker Stability fee is today we<00:35:36.309> don't<00:35:36.490> know<00:35:36.670> what<00:35:36.849> it'll<00:35:37.029> be<00:35:37.089> next<00:35:37.450> week<00:35:37.630> we 00:35:37.859 --> 00:35:37.869 align:start position:0% we don't know what it'll be next week we 00:35:37.869 --> 00:35:39.240 align:start position:0% we don't know what it'll be next week we don't<00:35:37.990> know<00:35:38.170> what<00:35:38.319> it'll<00:35:38.440> be<00:35:38.500> next<00:35:38.829> month<00:35:39.010> and 00:35:39.240 --> 00:35:39.250 align:start position:0% don't know what it'll be next month and 00:35:39.250 --> 00:35:40.890 align:start position:0% don't know what it'll be next month and it's<00:35:39.730> actually<00:35:40.000> quite<00:35:40.210> hard<00:35:40.240> to<00:35:40.569> figure<00:35:40.809> out 00:35:40.890 --> 00:35:40.900 align:start position:0% it's actually quite hard to figure out 00:35:40.900 --> 00:35:42.390 align:start position:0% it's actually quite hard to figure out what<00:35:41.079> expectations<00:35:41.319> are<00:35:41.799> if<00:35:41.890> any<00:35:42.039> of<00:35:42.130> you<00:35:42.220> have 00:35:42.390 --> 00:35:42.400 align:start position:0% what expectations are if any of you have 00:35:42.400 --> 00:35:43.980 align:start position:0% what expectations are if any of you have ever<00:35:42.490> been<00:35:42.609> on<00:35:42.910> any<00:35:43.089> of<00:35:43.480> those<00:35:43.569> governance 00:35:43.980 --> 00:35:43.990 align:start position:0% ever been on any of those governance 00:35:43.990 --> 00:35:45.900 align:start position:0% ever been on any of those governance calls<00:35:44.260> there's<00:35:44.529> quite<00:35:44.680> a<00:35:44.710> bit<00:35:44.890> of<00:35:44.920> debate<00:35:45.220> this 00:35:45.900 --> 00:35:45.910 align:start position:0% calls there's quite a bit of debate this 00:35:45.910 --> 00:35:48.059 align:start position:0% calls there's quite a bit of debate this would<00:35:46.329> actually<00:35:47.020> give<00:35:47.200> them<00:35:47.470> more<00:35:47.740> insight 00:35:48.059 --> 00:35:48.069 align:start position:0% would actually give them more insight 00:35:48.069 --> 00:35:51.180 align:start position:0% would actually give them more insight into<00:35:48.250> what<00:35:48.549> the<00:35:48.670> market<00:35:49.410> already<00:35:50.410> naturally 00:35:51.180 --> 00:35:51.190 align:start position:0% into what the market already naturally 00:35:51.190 --> 00:35:57.370 align:start position:0% into what the market already naturally expects<00:35:51.970> the<00:35:52.510> interest<00:35:52.869> rates<00:35:53.079> to<00:35:53.230> be 00:35:57.370 --> 00:35:57.380 align:start position:0% 00:35:57.380 --> 00:36:00.349 align:start position:0% another<00:35:58.380> way<00:35:58.529> to<00:35:58.559> treat<00:35:58.829> this<00:35:59.009> is<00:35:59.279> through<00:35:59.640> soo 00:36:00.349 --> 00:36:00.359 align:start position:0% another way to treat this is through soo 00:36:00.359 --> 00:36:02.120 align:start position:0% another way to treat this is through soo much<00:36:00.509> oaken's<00:36:00.839> where<00:36:01.200> basically<00:36:01.920> the 00:36:02.120 --> 00:36:02.130 align:start position:0% much oaken's where basically the 00:36:02.130 --> 00:36:06.700 align:start position:0% much oaken's where basically the reference<00:36:02.490> price<00:36:02.730> index<00:36:03.150> is<00:36:04.369> 100<00:36:05.369> minus<00:36:05.880> the 00:36:06.700 --> 00:36:06.710 align:start position:0% reference price index is 100 minus the 00:36:06.710 --> 00:36:10.190 align:start position:0% reference price index is 100 minus the expected<00:36:07.710> to<00:36:08.490> the<00:36:08.670> stability<00:36:09.359> fee<00:36:09.869> that<00:36:10.049> you 00:36:10.190 --> 00:36:10.200 align:start position:0% expected to the stability fee that you 00:36:10.200 --> 00:36:13.970 align:start position:0% expected to the stability fee that you would<00:36:10.230> pay<00:36:10.349> between<00:36:11.099> two<00:36:11.309> fixed<00:36:11.700> dates<00:36:12.980> so 00:36:13.970 --> 00:36:13.980 align:start position:0% would pay between two fixed dates so 00:36:13.980 --> 00:36:15.890 align:start position:0% would pay between two fixed dates so let's<00:36:14.670> say<00:36:14.789> we're<00:36:14.970> the<00:36:15.150> two<00:36:15.299> fixed<00:36:15.480> dates<00:36:15.720> are 00:36:15.890 --> 00:36:15.900 align:start position:0% let's say we're the two fixed dates are 00:36:15.900 --> 00:36:20.289 align:start position:0% let's say we're the two fixed dates are January<00:36:16.140> 1st<00:36:16.740> to<00:36:17.099> December<00:36:17.130> 31st<00:36:18.289> and<00:36:19.289> we're 00:36:20.289 --> 00:36:20.299 align:start position:0% January 1st to December 31st and we're 00:36:20.299 --> 00:36:22.370 align:start position:0% January 1st to December 31st and we're what<00:36:21.299> we're<00:36:21.420> referencing<00:36:21.569> is<00:36:22.049> what<00:36:22.259> the 00:36:22.370 --> 00:36:22.380 align:start position:0% what we're referencing is what the 00:36:22.380 --> 00:36:24.980 align:start position:0% what we're referencing is what the market<00:36:22.680> expects<00:36:23.160> the<00:36:23.549> stability<00:36:24.210> fee<00:36:24.450> to<00:36:24.720> be 00:36:24.980 --> 00:36:24.990 align:start position:0% market expects the stability fee to be 00:36:24.990 --> 00:36:28.400 align:start position:0% market expects the stability fee to be on<00:36:25.259> average<00:36:25.829> between<00:36:26.160> Jan<00:36:26.700> 1<00:36:26.970> and<00:36:27.240> DS<00:36:27.690> 31<00:36:28.170> and 00:36:28.400 --> 00:36:28.410 align:start position:0% on average between Jan 1 and DS 31 and 00:36:28.410 --> 00:36:31.849 align:start position:0% on average between Jan 1 and DS 31 and then<00:36:28.859> we<00:36:28.980> take<00:36:29.160> 100<00:36:29.759> minus<00:36:30.329> that<00:36:30.529> so<00:36:31.529> the<00:36:31.619> price 00:36:31.849 --> 00:36:31.859 align:start position:0% then we take 100 minus that so the price 00:36:31.859 --> 00:36:34.220 align:start position:0% then we take 100 minus that so the price of<00:36:32.069> this<00:36:32.160> thing<00:36:32.220> would<00:36:32.640> generally<00:36:33.630> always<00:36:33.809> be 00:36:34.220 --> 00:36:34.230 align:start position:0% of this thing would generally always be 00:36:34.230 --> 00:36:40.039 align:start position:0% of this thing would generally always be less<00:36:34.529> than<00:36:34.829> 100<00:36:36.049> the<00:36:37.049> reason<00:36:37.549> and<00:36:38.779> the<00:36:39.779> reason 00:36:40.039 --> 00:36:40.049 align:start position:0% less than 100 the reason and the reason 00:36:40.049 --> 00:36:41.420 align:start position:0% less than 100 the reason and the reason why<00:36:40.140> somebody<00:36:40.470> might<00:36:40.529> actually<00:36:40.859> want<00:36:41.220> to<00:36:41.250> do 00:36:41.420 --> 00:36:41.430 align:start position:0% why somebody might actually want to do 00:36:41.430 --> 00:36:43.730 align:start position:0% why somebody might actually want to do this<00:36:41.579> is<00:36:41.940> if<00:36:42.210> they<00:36:42.359> wanted<00:36:42.779> to<00:36:42.839> really 00:36:43.730 --> 00:36:43.740 align:start position:0% this is if they wanted to really 00:36:43.740 --> 00:36:45.589 align:start position:0% this is if they wanted to really directly<00:36:44.279> speculate<00:36:45.059> on<00:36:45.089> what<00:36:45.420> their 00:36:45.589 --> 00:36:45.599 align:start position:0% directly speculate on what their 00:36:45.599 --> 00:36:47.630 align:start position:0% directly speculate on what their expectation<00:36:46.230> of<00:36:46.380> what<00:36:46.829> the<00:36:46.950> expectation<00:36:47.519> of 00:36:47.630 --> 00:36:47.640 align:start position:0% expectation of what the expectation of 00:36:47.640 --> 00:36:50.539 align:start position:0% expectation of what the expectation of interest<00:36:48.359> rates<00:36:48.569> are<00:36:48.750> over<00:36:48.900> time<00:36:49.200> so<00:36:50.099> the 00:36:50.539 --> 00:36:50.549 align:start position:0% interest rates are over time so the 00:36:50.549 --> 00:36:53.420 align:start position:0% interest rates are over time so the token<00:36:50.880> sponsor<00:36:51.470> would<00:36:52.470> make<00:36:52.650> money<00:36:52.890> if<00:36:53.130> rates 00:36:53.420 --> 00:36:53.430 align:start position:0% token sponsor would make money if rates 00:36:53.430 --> 00:36:55.549 align:start position:0% token sponsor would make money if rates increase<00:36:54.000> effectively<00:36:54.599> a<00:36:54.630> token<00:36:55.140> sponsor 00:36:55.549 --> 00:36:55.559 align:start position:0% increase effectively a token sponsor 00:36:55.559 --> 00:36:57.049 align:start position:0% increase effectively a token sponsor could<00:36:55.710> use<00:36:55.920> this<00:36:56.130> if<00:36:56.369> they<00:36:56.490> were<00:36:56.549> a<00:36:56.609> borrower 00:36:57.049 --> 00:36:57.059 align:start position:0% could use this if they were a borrower 00:36:57.059 --> 00:36:58.819 align:start position:0% could use this if they were a borrower and<00:36:57.359> they<00:36:57.809> were<00:36:57.869> worried<00:36:58.259> that<00:36:58.500> interest 00:36:58.819 --> 00:36:58.829 align:start position:0% and they were worried that interest 00:36:58.829 --> 00:37:01.430 align:start position:0% and they were worried that interest rates<00:36:59.009> were<00:36:59.130> going<00:36:59.160> to<00:36:59.430> increase<00:36:59.960> and<00:37:00.960> so<00:37:01.319> they 00:37:01.430 --> 00:37:01.440 align:start position:0% rates were going to increase and so they 00:37:01.440 --> 00:37:03.890 align:start position:0% rates were going to increase and so they could<00:37:01.589> create<00:37:01.890> these<00:37:02.160> too<00:37:02.400> much<00:37:02.549> hook<00:37:02.759> ins<00:37:02.970> in 00:37:03.890 --> 00:37:03.900 align:start position:0% could create these too much hook ins in 00:37:03.900 --> 00:37:07.099 align:start position:0% could create these too much hook ins in order<00:37:04.380> to<00:37:04.559> match<00:37:04.740> off<00:37:04.980> the<00:37:05.190> P&L<00:37:05.579> there<00:37:06.109> from 00:37:07.099 --> 00:37:07.109 align:start position:0% order to match off the P&L there from 00:37:07.109 --> 00:37:09.170 align:start position:0% order to match off the P&L there from assume<00:37:07.410> a<00:37:07.529> holders<00:37:08.009> perspective<00:37:08.640> they<00:37:09.000> make 00:37:09.170 --> 00:37:09.180 align:start position:0% assume a holders perspective they make 00:37:09.180 --> 00:37:12.529 align:start position:0% assume a holders perspective they make money<00:37:09.359> if<00:37:09.539> rates<00:37:09.779> decline<00:37:10.609> it's<00:37:11.609> kind<00:37:12.089> of<00:37:12.240> like 00:37:12.529 --> 00:37:12.539 align:start position:0% money if rates decline it's kind of like 00:37:12.539 --> 00:37:14.660 align:start position:0% money if rates decline it's kind of like a<00:37:12.779> lender<00:37:13.289> who<00:37:13.650> wants<00:37:13.920> to<00:37:14.039> lock<00:37:14.250> in<00:37:14.490> their 00:37:14.660 --> 00:37:14.670 align:start position:0% a lender who wants to lock in their 00:37:14.670 --> 00:37:16.249 align:start position:0% a lender who wants to lock in their interest<00:37:15.029> rate<00:37:15.240> today<00:37:15.569> because<00:37:15.930> they<00:37:16.049> think 00:37:16.249 --> 00:37:16.259 align:start position:0% interest rate today because they think 00:37:16.259 --> 00:37:17.599 align:start position:0% interest rate today because they think interest<00:37:16.500> rates<00:37:16.619> are<00:37:16.859> really<00:37:17.069> high<00:37:17.160> and 00:37:17.599 --> 00:37:17.609 align:start position:0% interest rates are really high and 00:37:17.609 --> 00:37:19.009 align:start position:0% interest rates are really high and they're<00:37:18.029> going<00:37:18.210> to<00:37:18.299> go<00:37:18.390> down<00:37:18.599> in<00:37:18.779> the<00:37:18.869> future 00:37:19.009 --> 00:37:19.019 align:start position:0% they're going to go down in the future 00:37:19.019 --> 00:37:21.680 align:start position:0% they're going to go down in the future and<00:37:19.609> the<00:37:20.609> same<00:37:20.819> deal<00:37:20.970> we<00:37:21.210> can<00:37:21.359> look<00:37:21.480> at<00:37:21.599> the 00:37:21.680 --> 00:37:21.690 align:start position:0% and the same deal we can look at the 00:37:21.690 --> 00:37:24.079 align:start position:0% and the same deal we can look at the market<00:37:21.990> implied<00:37:22.289> price<00:37:22.700> and<00:37:23.700> it<00:37:23.819> will<00:37:23.910> reveal 00:37:24.079 --> 00:37:24.089 align:start position:0% market implied price and it will reveal 00:37:24.089 --> 00:37:25.490 align:start position:0% market implied price and it will reveal information<00:37:24.359> about<00:37:24.960> what<00:37:25.079> the<00:37:25.170> market 00:37:25.490 --> 00:37:25.500 align:start position:0% information about what the market 00:37:25.500 --> 00:37:28.950 align:start position:0% information about what the market expects<00:37:26.390> the<00:37:27.390> interest<00:37:27.720> rate<00:37:27.869> to<00:37:27.900> finally<00:37:28.410> be 00:37:28.950 --> 00:37:28.960 align:start position:0% expects the interest rate to finally be 00:37:28.960 --> 00:37:32.490 align:start position:0% expects the interest rate to finally be the<00:37:29.080> future<00:37:30.450> final<00:37:31.450> version<00:37:31.810> is<00:37:32.080> a<00:37:32.109> fixed-rate 00:37:32.490 --> 00:37:32.500 align:start position:0% the future final version is a fixed-rate 00:37:32.500 --> 00:37:34.740 align:start position:0% the future final version is a fixed-rate token<00:37:32.950> it's<00:37:33.310> just<00:37:33.520> kind<00:37:33.970> of<00:37:34.089> like<00:37:34.300> too<00:37:34.599> much 00:37:34.740 --> 00:37:34.750 align:start position:0% token it's just kind of like too much 00:37:34.750 --> 00:37:36.990 align:start position:0% token it's just kind of like too much pumpkins<00:37:35.140> but<00:37:35.380> a<00:37:35.440> little<00:37:35.650> bit<00:37:35.830> simplified<00:37:36.130> you 00:37:36.990 --> 00:37:37.000 align:start position:0% pumpkins but a little bit simplified you 00:37:37.000 --> 00:37:39.240 align:start position:0% pumpkins but a little bit simplified you just<00:37:37.240> directly<00:37:37.750> reference<00:37:38.200> an<00:37:38.410> expectation 00:37:39.240 --> 00:37:39.250 align:start position:0% just directly reference an expectation 00:37:39.250 --> 00:37:40.800 align:start position:0% just directly reference an expectation of<00:37:39.580> what<00:37:39.760> an<00:37:39.880> interest<00:37:40.150> rate<00:37:40.300> will<00:37:40.420> be<00:37:40.510> between 00:37:40.800 --> 00:37:40.810 align:start position:0% of what an interest rate will be between 00:37:40.810 --> 00:37:43.620 align:start position:0% of what an interest rate will be between two<00:37:41.109> fixed<00:37:41.380> dates<00:37:41.589> and<00:37:41.830> you<00:37:42.310> tokenize<00:37:42.790> it<00:37:43.000> so 00:37:43.620 --> 00:37:43.630 align:start position:0% two fixed dates and you tokenize it so 00:37:43.630 --> 00:37:46.740 align:start position:0% two fixed dates and you tokenize it so if<00:37:44.290> I<00:37:44.560> say<00:37:44.859> like<00:37:45.250> you<00:37:45.730> know<00:37:45.760> between<00:37:46.030> Jan<00:37:46.420> 1<00:37:46.599> and 00:37:46.740 --> 00:37:46.750 align:start position:0% if I say like you know between Jan 1 and 00:37:46.750 --> 00:37:48.540 align:start position:0% if I say like you know between Jan 1 and D<00:37:46.810> 31<00:37:47.230> the<00:37:47.410> expected<00:37:47.800> interest<00:37:47.980> rate<00:37:48.220> is<00:37:48.339> 10% 00:37:48.540 --> 00:37:48.550 align:start position:0% D 31 the expected interest rate is 10% 00:37:48.550 --> 00:37:53.010 align:start position:0% D 31 the expected interest rate is 10% every<00:37:49.119> token<00:37:49.920> so<00:37:50.920> the<00:37:51.460> interest<00:37:51.820> I<00:37:52.180> 100<00:37:52.900> I'll 00:37:53.010 --> 00:37:53.020 align:start position:0% every token so the interest I 100 I'll 00:37:53.020 --> 00:37:56.820 align:start position:0% every token so the interest I 100 I'll own<00:37:53.200> would<00:37:53.440> be<00:37:53.530> 10<00:37:53.770> died<00:37:54.660> then<00:37:55.660> the<00:37:56.380> token 00:37:56.820 --> 00:37:56.830 align:start position:0% own would be 10 died then the token 00:37:56.830 --> 00:37:58.859 align:start position:0% own would be 10 died then the token would<00:37:57.160> be<00:37:57.280> redeemed<00:37:57.670> for<00:37:58.030> 10<00:37:58.270> died<00:37:58.480> at 00:37:58.859 --> 00:37:58.869 align:start position:0% would be redeemed for 10 died at 00:37:58.869 --> 00:38:01.170 align:start position:0% would be redeemed for 10 died at expiration<00:37:59.410> and<00:37:59.820> then<00:38:00.820> you<00:38:00.910> can<00:38:01.060> directly 00:38:01.170 --> 00:38:01.180 align:start position:0% expiration and then you can directly 00:38:01.180 --> 00:38:03.300 align:start position:0% expiration and then you can directly trade<00:38:01.810> these<00:38:02.080> fixed<00:38:02.440> rate<00:38:02.560> tokens<00:38:02.950> between 00:38:03.300 --> 00:38:03.310 align:start position:0% trade these fixed rate tokens between 00:38:03.310 --> 00:38:05.550 align:start position:0% trade these fixed rate tokens between each<00:38:03.430> other<00:38:03.609> so<00:38:04.119> every<00:38:04.150> token<00:38:04.839> is<00:38:05.050> effectively 00:38:05.550 --> 00:38:05.560 align:start position:0% each other so every token is effectively 00:38:05.560 --> 00:38:07.710 align:start position:0% each other so every token is effectively the<00:38:05.980> variable<00:38:06.849> interest<00:38:07.089> rate<00:38:07.300> that<00:38:07.420> you 00:38:07.710 --> 00:38:07.720 align:start position:0% the variable interest rate that you 00:38:07.720 --> 00:38:12.480 align:start position:0% the variable interest rate that you expect<00:38:08.640> the<00:38:09.640> maker<00:38:10.390> Dao<00:38:10.570> system<00:38:11.230> to<00:38:11.589> cost<00:38:12.190> you 00:38:12.480 --> 00:38:12.490 align:start position:0% expect the maker Dao system to cost you 00:38:12.490 --> 00:38:18.380 align:start position:0% expect the maker Dao system to cost you on<00:38:12.700> a<00:38:12.730> $100<00:38:13.390> loan<00:38:13.680> over<00:38:14.680> those<00:38:14.830> 2<00:38:15.130> fixed<00:38:15.490> dates 00:38:18.380 --> 00:38:18.390 align:start position:0% 00:38:18.390 --> 00:38:21.990 align:start position:0% so<00:38:19.710> to<00:38:20.710> kind<00:38:20.920> of<00:38:20.980> summarize<00:38:21.040> what<00:38:21.820> we've 00:38:21.990 --> 00:38:22.000 align:start position:0% so to kind of summarize what we've 00:38:22.000 --> 00:38:23.400 align:start position:0% so to kind of summarize what we've covered<00:38:22.030> there<00:38:22.750> with<00:38:22.960> all<00:38:23.080> these<00:38:23.200> different 00:38:23.400 --> 00:38:23.410 align:start position:0% covered there with all these different 00:38:23.410 --> 00:38:27.150 align:start position:0% covered there with all these different use<00:38:23.740> cases<00:38:24.869> synthetic<00:38:25.869> products<00:38:26.260> are<00:38:26.560> highly 00:38:27.150 --> 00:38:27.160 align:start position:0% use cases synthetic products are highly 00:38:27.160 --> 00:38:29.700 align:start position:0% use cases synthetic products are highly composable<00:38:27.940> within<00:38:28.480> the<00:38:28.630> defy<00:38:28.990> and<00:38:29.380> general 00:38:29.700 --> 00:38:29.710 align:start position:0% composable within the defy and general 00:38:29.710 --> 00:38:32.970 align:start position:0% composable within the defy and general etherium<00:38:30.190> universe<00:38:30.609> and<00:38:31.270> the<00:38:31.930> innovation<00:38:32.650> can 00:38:32.970 --> 00:38:32.980 align:start position:0% etherium universe and the innovation can 00:38:32.980 --> 00:38:34.320 align:start position:0% etherium universe and the innovation can kind<00:38:33.190> of<00:38:33.250> occur<00:38:33.550> at<00:38:33.700> many<00:38:33.880> different<00:38:33.940> levels 00:38:34.320 --> 00:38:34.330 align:start position:0% kind of occur at many different levels 00:38:34.330 --> 00:38:37.310 align:start position:0% kind of occur at many different levels the<00:38:34.690> innovation<00:38:35.140> can<00:38:35.320> concur<00:38:35.619> of<00:38:35.859> her<00:38:36.190> at<00:38:36.520> the 00:38:37.310 --> 00:38:37.320 align:start position:0% the innovation can concur of her at the 00:38:37.320 --> 00:38:39.720 align:start position:0% the innovation can concur of her at the price<00:38:38.320> index<00:38:38.589> level<00:38:39.099> where<00:38:39.310> you<00:38:39.400> can<00:38:39.550> just 00:38:39.720 --> 00:38:39.730 align:start position:0% price index level where you can just 00:38:39.730 --> 00:38:42.780 align:start position:0% price index level where you can just make<00:38:40.030> up<00:38:40.240> basically<00:38:40.960> or<00:38:41.320> reference<00:38:42.130> arbitrary 00:38:42.780 --> 00:38:42.790 align:start position:0% make up basically or reference arbitrary 00:38:42.790 --> 00:38:45.150 align:start position:0% make up basically or reference arbitrary price<00:38:43.119> indices<00:38:43.450> the<00:38:44.349> financial<00:38:44.770> engineering 00:38:45.150 --> 00:38:45.160 align:start position:0% price indices the financial engineering 00:38:45.160 --> 00:38:47.480 align:start position:0% price indices the financial engineering level<00:38:45.460> basically<00:38:46.420> the<00:38:46.570> interaction<00:38:47.320> between 00:38:47.480 --> 00:38:47.490 align:start position:0% level basically the interaction between 00:38:47.490 --> 00:38:50.940 align:start position:0% level basically the interaction between the<00:38:48.490> price<00:38:49.300> index<00:38:49.540> and<00:38:49.990> the<00:38:50.080> margin<00:38:50.410> currency 00:38:50.940 --> 00:38:50.950 align:start position:0% the price index and the margin currency 00:38:50.950 --> 00:38:52.410 align:start position:0% the price index and the margin currency and<00:38:51.250> the<00:38:51.430> payout<00:38:51.700> structure<00:38:52.030> that<00:38:52.300> you're 00:38:52.410 --> 00:38:52.420 align:start position:0% and the payout structure that you're 00:38:52.420 --> 00:38:55.200 align:start position:0% and the payout structure that you're creating<00:38:52.690> or<00:38:53.680> even<00:38:54.369> at<00:38:54.490> the<00:38:54.520> application 00:38:55.200 --> 00:38:55.210 align:start position:0% creating or even at the application 00:38:55.210 --> 00:38:57.030 align:start position:0% creating or even at the application layer<00:38:55.330> so<00:38:55.900> how<00:38:56.140> you're<00:38:56.380> delivering<00:38:56.530> the 00:38:57.030 --> 00:38:57.040 align:start position:0% layer so how you're delivering the 00:38:57.040 --> 00:38:58.980 align:start position:0% layer so how you're delivering the product<00:38:57.400> to<00:38:57.520> the<00:38:57.609> user<00:38:57.849> and<00:38:58.150> what's<00:38:58.330> new<00:38:58.810> or 00:38:58.980 --> 00:38:58.990 align:start position:0% product to the user and what's new or 00:38:58.990 --> 00:39:01.380 align:start position:0% product to the user and what's new or unique<00:38:59.200> or<00:38:59.710> different<00:38:59.920> or<00:39:00.520> special<00:39:00.609> about<00:39:01.089> the 00:39:01.380 --> 00:39:01.390 align:start position:0% unique or different or special about the 00:39:01.390 --> 00:39:03.140 align:start position:0% unique or different or special about the way<00:39:01.510> that<00:39:01.660> you're<00:39:01.780> delivering<00:39:02.020> that<00:39:02.260> product 00:39:03.140 --> 00:39:03.150 align:start position:0% way that you're delivering that product 00:39:03.150 --> 00:39:05.790 align:start position:0% way that you're delivering that product and<00:39:04.150> synthetics<00:39:04.960> are<00:39:05.080> really<00:39:05.260> great<00:39:05.440> because 00:39:05.790 --> 00:39:05.800 align:start position:0% and synthetics are really great because 00:39:05.800 --> 00:39:07.530 align:start position:0% and synthetics are really great because they<00:39:06.040> you<00:39:06.369> know<00:39:06.460> offer<00:39:06.670> the<00:39:06.910> features<00:39:07.240> of 00:39:07.530 --> 00:39:07.540 align:start position:0% they you know offer the features of 00:39:07.540 --> 00:39:09.720 align:start position:0% they you know offer the features of leverage<00:39:08.080> support<00:39:08.980> for<00:39:09.190> cross<00:39:09.369> chain<00:39:09.609> off 00:39:09.720 --> 00:39:09.730 align:start position:0% leverage support for cross chain off 00:39:09.730 --> 00:39:12.870 align:start position:0% leverage support for cross chain off chain<00:39:10.060> non-tradable<00:39:10.750> assets<00:39:11.230> and<00:39:12.130> this 00:39:12.870 --> 00:39:12.880 align:start position:0% chain non-tradable assets and this 00:39:12.880 --> 00:39:14.799 align:start position:0% chain non-tradable assets and this ability<00:39:13.540> for<00:39:13.930> synthetics<00:39:14.410> to 00:39:14.799 --> 00:39:14.809 align:start position:0% ability for synthetics to 00:39:14.809 --> 00:39:16.509 align:start position:0% ability for synthetics to we'll<00:39:14.900> risk<00:39:15.140> transfer<00:39:15.619> for<00:39:15.949> things<00:39:16.189> that<00:39:16.400> were 00:39:16.509 --> 00:39:16.519 align:start position:0% we'll risk transfer for things that were 00:39:16.519 --> 00:39:20.109 align:start position:0% we'll risk transfer for things that were previously<00:39:17.140> not<00:39:18.140> tradable<00:39:18.650> is<00:39:18.949> critical<00:39:19.909> for 00:39:20.109 --> 00:39:20.119 align:start position:0% previously not tradable is critical for 00:39:20.119 --> 00:39:21.999 align:start position:0% previously not tradable is critical for developing<00:39:20.179> markets<00:39:21.140> like<00:39:21.469> interest<00:39:21.829> rate 00:39:21.999 --> 00:39:22.009 align:start position:0% developing markets like interest rate 00:39:22.009 --> 00:39:24.969 align:start position:0% developing markets like interest rate markets<00:39:22.809> where<00:39:23.809> we<00:39:23.839> can<00:39:24.229> start<00:39:24.529> to<00:39:24.769> think 00:39:24.969 --> 00:39:24.979 align:start position:0% markets where we can start to think 00:39:24.979 --> 00:39:26.649 align:start position:0% markets where we can start to think about<00:39:25.039> supporting<00:39:25.699> non-speculative<00:39:26.390> news 00:39:26.649 --> 00:39:26.659 align:start position:0% about supporting non-speculative news 00:39:26.659 --> 00:39:32.019 align:start position:0% about supporting non-speculative news cases<00:39:27.999> and<00:39:28.999> so<00:39:29.209> Regina<00:39:30.159> is<00:39:31.159> now<00:39:31.429> going<00:39:31.699> to<00:39:31.819> talk 00:39:32.019 --> 00:39:32.029 align:start position:0% cases and so Regina is now going to talk 00:39:32.029 --> 00:39:34.829 align:start position:0% cases and so Regina is now going to talk about<00:39:32.269> how<00:39:32.630> you<00:39:32.689> can<00:39:32.959> actually<00:39:33.140> build 00:39:34.829 --> 00:39:34.839 align:start position:0% about how you can actually build 00:39:34.839 --> 00:39:37.269 align:start position:0% about how you can actually build contract<00:39:35.839> templates<00:39:36.169> not<00:39:36.469> necessarily<00:39:37.009> just 00:39:37.269 --> 00:39:37.279 align:start position:0% contract templates not necessarily just 00:39:37.279 --> 00:39:38.949 align:start position:0% contract templates not necessarily just the<00:39:37.369> synthetic<00:39:38.119> token<00:39:38.419> one<00:39:38.569> that<00:39:38.719> we<00:39:38.839> already 00:39:38.949 --> 00:39:38.959 align:start position:0% the synthetic token one that we already 00:39:38.959 --> 00:39:40.929 align:start position:0% the synthetic token one that we already have<00:39:39.229> but<00:39:39.709> other<00:39:39.859> contract<00:39:40.369> templates<00:39:40.729> that 00:39:40.929 --> 00:39:40.939 align:start position:0% have but other contract templates that 00:39:40.939 --> 00:39:43.870 align:start position:0% have but other contract templates that are<00:39:40.999> safe<00:39:41.329> secure<00:39:41.589> and<00:39:42.589> scalable<00:39:42.890> the 00:39:43.870 --> 00:39:43.880 align:start position:0% are safe secure and scalable the 00:39:43.880 --> 00:39:45.640 align:start position:0% are safe secure and scalable the fundaments<00:39:44.359> as<00:39:44.509> great<00:39:44.779> as<00:39:44.929> some<00:39:45.079> synthetics 00:39:45.640 --> 00:39:45.650 align:start position:0% fundaments as great as some synthetics 00:39:45.650 --> 00:39:48.159 align:start position:0% fundaments as great as some synthetics are<00:39:45.890> at<00:39:46.729> a<00:39:46.789> fundamental<00:39:47.089> level<00:39:47.390> they<00:39:47.989> all 00:39:48.159 --> 00:39:48.169 align:start position:0% are at a fundamental level they all 00:39:48.169 --> 00:39:50.859 align:start position:0% are at a fundamental level they all require<00:39:48.559> an<00:39:49.009> Oracle<00:39:49.489> and<00:39:49.669> on<00:39:50.299> Jane<00:39:50.599> price 00:39:50.859 --> 00:39:50.869 align:start position:0% require an Oracle and on Jane price 00:39:50.869 --> 00:39:54.189 align:start position:0% require an Oracle and on Jane price feeds<00:39:51.140> are<00:39:51.409> expensive<00:39:52.099> they<00:39:52.640> are<00:39:53.479> hard<00:39:54.049> to 00:39:54.189 --> 00:39:54.199 align:start position:0% feeds are expensive they are hard to 00:39:54.199 --> 00:39:56.349 align:start position:0% feeds are expensive they are hard to maintain<00:39:54.349> they're<00:39:54.859> dangerous<00:39:55.369> you<00:39:56.239> know<00:39:56.329> a 00:39:56.349 --> 00:39:56.359 align:start position:0% maintain they're dangerous you know a 00:39:56.359 --> 00:39:59.529 align:start position:0% maintain they're dangerous you know a number<00:39:56.749> of<00:39:56.949> d-phi<00:39:57.949> projects<00:39:58.789> out<00:39:58.969> there<00:39:59.239> all 00:39:59.529 --> 00:39:59.539 align:start position:0% number of d-phi projects out there all 00:39:59.539 --> 00:40:01.659 align:start position:0% number of d-phi projects out there all do<00:39:59.959> use<00:40:00.199> Oracle's<00:40:00.739> and<00:40:00.979> many<00:40:01.159> of<00:40:01.309> them<00:40:01.429> have 00:40:01.659 --> 00:40:01.669 align:start position:0% do use Oracle's and many of them have 00:40:01.669 --> 00:40:03.579 align:start position:0% do use Oracle's and many of them have had<00:40:01.969> Oracle<00:40:02.539> that<00:40:02.689> has<00:40:02.779> actually<00:40:03.079> failed<00:40:03.289> at 00:40:03.579 --> 00:40:03.589 align:start position:0% had Oracle that has actually failed at 00:40:03.589 --> 00:40:05.469 align:start position:0% had Oracle that has actually failed at some<00:40:03.799> point<00:40:04.039> or<00:40:04.130> the<00:40:04.249> other<00:40:04.400> and<00:40:05.179> so<00:40:05.359> we 00:40:05.469 --> 00:40:05.479 align:start position:0% some point or the other and so we 00:40:05.479 --> 00:40:07.209 align:start position:0% some point or the other and so we actually<00:40:05.599> believe<00:40:06.049> that<00:40:06.079> you<00:40:06.739> know<00:40:06.829> it's 00:40:07.209 --> 00:40:07.219 align:start position:0% actually believe that you know it's 00:40:07.219 --> 00:40:08.620 align:start position:0% actually believe that you know it's going<00:40:07.429> to<00:40:07.549> be<00:40:07.609> really<00:40:07.849> hard<00:40:08.089> for<00:40:08.179> defined 00:40:08.620 --> 00:40:08.630 align:start position:0% going to be really hard for defined 00:40:08.630 --> 00:40:11.289 align:start position:0% going to be really hard for defined actually<00:40:09.199> scaled<00:40:09.559> at<00:40:09.859> a<00:40:10.039> global<00:40:10.429> and<00:40:10.849> large 00:40:11.289 --> 00:40:11.299 align:start position:0% actually scaled at a global and large 00:40:11.299 --> 00:40:14.559 align:start position:0% actually scaled at a global and large size<00:40:11.769> without<00:40:12.769> a<00:40:13.309> secure<00:40:13.699> arm<00:40:13.909> chain<00:40:14.179> there 00:40:14.559 --> 00:40:14.569 align:start position:0% size without a secure arm chain there 00:40:14.569 --> 00:40:16.599 align:start position:0% size without a secure arm chain there sorry<00:40:14.809> without<00:40:15.079> a<00:40:15.109> secure<00:40:15.529> Oracle<00:40:16.009> but<00:40:16.459> we 00:40:16.599 --> 00:40:16.609 align:start position:0% sorry without a secure Oracle but we 00:40:16.609 --> 00:40:18.279 align:start position:0% sorry without a secure Oracle but we believe<00:40:16.880> that<00:40:16.909> the<00:40:17.150> right<00:40:17.390> way<00:40:17.630> to<00:40:18.109> actually 00:40:18.279 --> 00:40:18.289 align:start position:0% believe that the right way to actually 00:40:18.289 --> 00:40:20.229 align:start position:0% believe that the right way to actually build<00:40:18.709> these<00:40:18.890> contracts<00:40:19.459> that<00:40:19.729> need<00:40:19.969> an 00:40:20.229 --> 00:40:20.239 align:start position:0% build these contracts that need an 00:40:20.239 --> 00:40:22.539 align:start position:0% build these contracts that need an external<00:40:20.569> price<00:40:20.900> reference<00:40:21.349> is<00:40:21.559> actually<00:40:22.339> to 00:40:22.539 --> 00:40:22.549 align:start position:0% external price reference is actually to 00:40:22.549 --> 00:40:25.419 align:start position:0% external price reference is actually to minimize<00:40:23.059> the<00:40:23.329> use<00:40:23.359> of<00:40:23.539> on<00:40:23.809> chain<00:40:24.339> Oracle's<00:40:25.339> at 00:40:25.419 --> 00:40:25.429 align:start position:0% minimize the use of on chain Oracle's at 00:40:25.429 --> 00:40:26.979 align:start position:0% minimize the use of on chain Oracle's at all<00:40:25.549> and<00:40:25.789> so<00:40:26.150> Regina<00:40:26.479> is<00:40:26.569> going<00:40:26.689> to<00:40:26.749> talk<00:40:26.900> about 00:40:26.979 --> 00:40:26.989 align:start position:0% all and so Regina is going to talk about 00:40:26.989 --> 00:40:29.709 align:start position:0% all and so Regina is going to talk about our<00:40:27.459> framework<00:40:28.459> for<00:40:28.729> writing<00:40:28.849> templates<00:40:29.419> that 00:40:29.709 --> 00:40:29.719 align:start position:0% our framework for writing templates that 00:40:29.719 --> 00:40:34.059 align:start position:0% our framework for writing templates that fulfill<00:40:30.109> this<00:40:30.259> I<00:40:32.169> want<00:40:33.169> to<00:40:33.229> emphasize<00:40:33.679> one 00:40:34.059 --> 00:40:34.069 align:start position:0% fulfill this I want to emphasize one 00:40:34.069 --> 00:40:36.069 align:start position:0% fulfill this I want to emphasize one more<00:40:34.099> time<00:40:34.249> that<00:40:34.549> the<00:40:35.089> topic<00:40:35.839> of<00:40:35.989> this 00:40:36.069 --> 00:40:36.079 align:start position:0% more time that the topic of this 00:40:36.079 --> 00:40:38.140 align:start position:0% more time that the topic of this workshop<00:40:36.529> is<00:40:36.829> building<00:40:37.609> synthetic 00:40:38.140 --> 00:40:38.150 align:start position:0% workshop is building synthetic 00:40:38.150 --> 00:40:41.109 align:start position:0% workshop is building synthetic derivatives<00:40:38.919> so<00:40:39.919> what<00:40:40.219> we<00:40:40.339> mean<00:40:40.459> by<00:40:40.519> synthetic 00:40:41.109 --> 00:40:41.119 align:start position:0% derivatives so what we mean by synthetic 00:40:41.119 --> 00:40:45.459 align:start position:0% derivatives so what we mean by synthetic is<00:40:41.539> specifically<00:40:42.199> this<00:40:42.319> that<00:40:44.079> the<00:40:45.079> financial 00:40:45.459 --> 00:40:45.469 align:start position:0% is specifically this that the financial 00:40:45.469 --> 00:40:48.999 align:start position:0% is specifically this that the financial risk<00:40:45.619> that<00:40:45.739> you<00:40:45.799> have<00:40:45.979> on<00:40:46.849> chain<00:40:47.409> comes<00:40:48.409> from 00:40:48.999 --> 00:40:49.009 align:start position:0% risk that you have on chain comes from 00:40:49.009 --> 00:40:51.309 align:start position:0% risk that you have on chain comes from an<00:40:49.489> external<00:40:50.239> price<00:40:50.599> feed<00:40:50.839> come<00:40:51.049> from<00:40:51.229> a 00:40:51.309 --> 00:40:51.319 align:start position:0% an external price feed come from a 00:40:51.319 --> 00:40:53.469 align:start position:0% an external price feed come from a reference<00:40:51.589> asset<00:40:52.339> that<00:40:52.579> the<00:40:52.939> derivative<00:40:53.329> is 00:40:53.469 --> 00:40:53.479 align:start position:0% reference asset that the derivative is 00:40:53.479 --> 00:40:56.559 align:start position:0% reference asset that the derivative is referring<00:40:54.049> to<00:40:54.130> rather<00:40:55.130> than<00:40:55.339> any<00:40:56.059> sort<00:40:56.479> of 00:40:56.559 --> 00:40:56.569 align:start position:0% referring to rather than any sort of 00:40:56.569 --> 00:40:59.920 align:start position:0% referring to rather than any sort of physical<00:40:57.009> token<00:40:58.009> that's<00:40:58.369> being<00:40:58.519> borrowed<00:40:58.880> or 00:40:59.920 --> 00:40:59.930 align:start position:0% physical token that's being borrowed or 00:40:59.930 --> 00:41:02.440 align:start position:0% physical token that's being borrowed or -<00:41:00.230> chief<00:41:00.620> leverage<00:41:01.280> I<00:41:01.310> just<00:41:02.180> wanna<00:41:02.330> emphasize 00:41:02.440 --> 00:41:02.450 align:start position:0% - chief leverage I just wanna emphasize 00:41:02.450 --> 00:41:04.810 align:start position:0% - chief leverage I just wanna emphasize up<00:41:02.780> like<00:41:02.960> very<00:41:03.350> very<00:41:03.410> clearly<00:41:03.830> because<00:41:04.280> I 00:41:04.810 --> 00:41:04.820 align:start position:0% up like very very clearly because I 00:41:04.820 --> 00:41:07.300 align:start position:0% up like very very clearly because I think<00:41:05.210> the<00:41:05.810> rest<00:41:06.020> of<00:41:06.170> this<00:41:06.440> talk<00:41:06.860> is<00:41:06.890> going<00:41:07.220> to 00:41:07.300 --> 00:41:07.310 align:start position:0% think the rest of this talk is going to 00:41:07.310 --> 00:41:08.530 align:start position:0% think the rest of this talk is going to be<00:41:07.400> about<00:41:07.610> getting<00:41:07.790> rid<00:41:08.060> of<00:41:08.150> those<00:41:08.240> price 00:41:08.530 --> 00:41:08.540 align:start position:0% be about getting rid of those price 00:41:08.540 --> 00:41:10.480 align:start position:0% be about getting rid of those price feeds<00:41:08.810> and<00:41:09.080> so<00:41:09.620> I<00:41:09.650> want<00:41:09.920> to<00:41:09.980> make<00:41:10.070> sure<00:41:10.100> that 00:41:10.480 --> 00:41:10.490 align:start position:0% feeds and so I want to make sure that 00:41:10.490 --> 00:41:12.310 align:start position:0% feeds and so I want to make sure that we're<00:41:10.610> gonna<00:41:10.700> chance<00:41:11.060> it<00:41:11.180> like<00:41:11.330> synthetic 00:41:12.310 --> 00:41:12.320 align:start position:0% we're gonna chance it like synthetic 00:41:12.320 --> 00:41:14.650 align:start position:0% we're gonna chance it like synthetic derivatives<00:41:12.800> are<00:41:13.010> all<00:41:13.190> about<00:41:13.580> referencing<00:41:14.480> an 00:41:14.650 --> 00:41:14.660 align:start position:0% derivatives are all about referencing an 00:41:14.660 --> 00:41:17.310 align:start position:0% derivatives are all about referencing an asset<00:41:15.110> and<00:41:15.350> they<00:41:15.830> have<00:41:15.920> nothing<00:41:16.040> to<00:41:16.250> do<00:41:16.370> with 00:41:17.310 --> 00:41:17.320 align:start position:0% asset and they have nothing to do with 00:41:17.320 --> 00:41:19.990 align:start position:0% asset and they have nothing to do with like<00:41:18.320> actually<00:41:19.040> physically<00:41:19.430> borrowing<00:41:19.850> and 00:41:19.990 --> 00:41:20.000 align:start position:0% like actually physically borrowing and 00:41:20.000 --> 00:41:22.450 align:start position:0% like actually physically borrowing and lending<00:41:20.030> anything<00:41:20.510> to<00:41:20.600> get<00:41:20.660> leverage<00:41:21.190> so<00:41:22.190> on 00:41:22.450 --> 00:41:22.460 align:start position:0% lending anything to get leverage so on 00:41:22.460 --> 00:41:25.270 align:start position:0% lending anything to get leverage so on that<00:41:22.730> note<00:41:23.380> we<00:41:24.380> talked<00:41:24.620> about<00:41:24.860> the<00:41:24.980> stokin 00:41:25.270 --> 00:41:25.280 align:start position:0% that note we talked about the stokin 00:41:25.280 --> 00:41:28.720 align:start position:0% that note we talked about the stokin facility<00:41:25.700> right<00:41:26.180> and<00:41:26.510> how<00:41:27.460> there<00:41:28.460> is<00:41:28.700> a 00:41:28.720 --> 00:41:28.730 align:start position:0% facility right and how there is a 00:41:28.730 --> 00:41:31.360 align:start position:0% facility right and how there is a certain<00:41:29.120> price<00:41:29.800> that<00:41:30.800> comes<00:41:30.950> in<00:41:31.100> from<00:41:31.250> this 00:41:31.360 --> 00:41:31.370 align:start position:0% certain price that comes in from this 00:41:31.370 --> 00:41:33.430 align:start position:0% certain price that comes in from this price<00:41:31.580> feed<00:41:31.850> that<00:41:32.690> tells<00:41:32.930> you<00:41:33.020> how<00:41:33.230> much 00:41:33.430 --> 00:41:33.440 align:start position:0% price feed that tells you how much 00:41:33.440 --> 00:41:35.020 align:start position:0% price feed that tells you how much collaterally<00:41:34.100> needs<00:41:34.310> have<00:41:34.520> to<00:41:34.700> actually 00:41:35.020 --> 00:41:35.030 align:start position:0% collaterally needs have to actually 00:41:35.030 --> 00:41:37.180 align:start position:0% collaterally needs have to actually fully<00:41:35.210> back<00:41:35.480> the<00:41:35.660> tokens<00:41:36.080> and<00:41:36.290> then<00:41:36.800> again 00:41:37.180 --> 00:41:37.190 align:start position:0% fully back the tokens and then again 00:41:37.190 --> 00:41:38.890 align:start position:0% fully back the tokens and then again will<00:41:37.400> your<00:41:37.520> Kalaa<00:41:37.760> causation<00:41:38.270> requirement<00:41:38.780> is 00:41:38.890 --> 00:41:38.900 align:start position:0% will your Kalaa causation requirement is 00:41:38.900 --> 00:41:41.530 align:start position:0% will your Kalaa causation requirement is so<00:41:39.680> fast<00:41:40.010> off<00:41:40.280> of<00:41:40.460> this<00:41:40.610> one<00:41:40.820> price<00:41:41.150> fee<00:41:41.360> that's 00:41:41.530 --> 00:41:41.540 align:start position:0% so fast off of this one price fee that's 00:41:41.540 --> 00:41:45.040 align:start position:0% so fast off of this one price fee that's being<00:41:41.750> pushed<00:41:42.050> into<00:41:42.350> this<00:41:42.730> token<00:41:43.730> facility<00:41:44.150> we 00:41:45.040 --> 00:41:45.050 align:start position:0% being pushed into this token facility we 00:41:45.050 --> 00:41:47.380 align:start position:0% being pushed into this token facility we know<00:41:45.350> both<00:41:45.740> the<00:41:46.130> price<00:41:46.760> of<00:41:47.030> the<00:41:47.090> Mondavi 00:41:47.380 --> 00:41:47.390 align:start position:0% know both the price of the Mondavi 00:41:47.390 --> 00:41:50.020 align:start position:0% know both the price of the Mondavi plateau<00:41:47.810> and<00:41:48.140> the<00:41:48.290> micro<00:41:48.590> fired<00:41:48.860> bottle<00:41:49.340> some 00:41:50.020 --> 00:41:50.030 align:start position:0% plateau and the micro fired bottle some 00:41:50.030 --> 00:41:51.880 align:start position:0% plateau and the micro fired bottle some of<00:41:50.270> these<00:41:50.390> two<00:41:50.630> things<00:41:50.870> then<00:41:51.500> we<00:41:51.590> just<00:41:51.740> do<00:41:51.830> a 00:41:51.880 --> 00:41:51.890 align:start position:0% of these two things then we just do a 00:41:51.890 --> 00:41:53.530 align:start position:0% of these two things then we just do a check<00:41:52.190> to<00:41:52.730> see<00:41:52.910> if<00:41:53.000> you<00:41:53.120> have<00:41:53.300> sufficient 00:41:53.530 --> 00:41:53.540 align:start position:0% check to see if you have sufficient 00:41:53.540 --> 00:41:54.730 align:start position:0% check to see if you have sufficient collateral<00:41:53.930> to<00:41:54.350> meet<00:41:54.530> those<00:41:54.650> requirements 00:41:54.730 --> 00:41:54.740 align:start position:0% collateral to meet those requirements 00:41:54.740 --> 00:41:57.640 align:start position:0% collateral to meet those requirements right<00:41:55.400> and<00:41:55.640> so<00:41:56.270> depending<00:41:56.810> on<00:41:56.900> what<00:41:57.020> price<00:41:57.320> the 00:41:57.640 --> 00:41:57.650 align:start position:0% right and so depending on what price the 00:41:57.650 --> 00:41:59.680 align:start position:0% right and so depending on what price the price<00:41:57.830> feed<00:41:58.130> pushes<00:41:58.550> you<00:41:59.210> know<00:41:59.390> that<00:41:59.600> you're 00:41:59.680 --> 00:41:59.690 align:start position:0% price feed pushes you know that you're 00:41:59.690 --> 00:42:01.030 align:start position:0% price feed pushes you know that you're either<00:41:59.810> in<00:42:00.050> this<00:42:00.230> state<00:42:00.500> or<00:42:00.710> in<00:42:00.770> this<00:42:00.890> state 00:42:01.030 --> 00:42:01.040 align:start position:0% either in this state or in this state 00:42:01.040 --> 00:42:03.070 align:start position:0% either in this state or in this state and<00:42:01.670> once<00:42:01.850> you're<00:42:01.970> in<00:42:02.000> this<00:42:02.180> state<00:42:02.360> you<00:42:02.750> know 00:42:03.070 --> 00:42:03.080 align:start position:0% and once you're in this state you know 00:42:03.080 --> 00:42:04.360 align:start position:0% and once you're in this state you know that<00:42:03.260> okay<00:42:03.440> great<00:42:03.680> like<00:42:03.860> it's<00:42:04.010> penalties 00:42:04.360 --> 00:42:04.370 align:start position:0% that okay great like it's penalties 00:42:04.370 --> 00:42:06.850 align:start position:0% that okay great like it's penalties assessed<00:42:04.640> and<00:42:05.000> that<00:42:05.990> all<00:42:06.230> gets<00:42:06.380> paid<00:42:06.680> out<00:42:06.830> to 00:42:06.850 --> 00:42:06.860 align:start position:0% assessed and that all gets paid out to 00:42:06.860 --> 00:42:08.819 align:start position:0% assessed and that all gets paid out to the<00:42:07.010> token<00:42:07.370> holders<00:42:07.640> and<00:42:07.850> people 00:42:08.819 --> 00:42:08.829 align:start position:0% the token holders and people 00:42:08.829 --> 00:42:12.910 align:start position:0% the token holders and people so<00:42:09.829> this<00:42:10.670> is<00:42:10.819> how<00:42:11.359> probably<00:42:12.319> most<00:42:12.680> people 00:42:12.910 --> 00:42:12.920 align:start position:0% so this is how probably most people 00:42:12.920 --> 00:42:15.069 align:start position:0% so this is how probably most people think<00:42:13.069> of<00:42:13.250> synthetic<00:42:14.000> derivatives<00:42:14.089> I'd<00:42:14.839> say 00:42:15.069 --> 00:42:15.079 align:start position:0% think of synthetic derivatives I'd say 00:42:15.079 --> 00:42:17.319 align:start position:0% think of synthetic derivatives I'd say in<00:42:15.200> fact<00:42:15.349> this<00:42:15.529> has<00:42:15.710> a<00:42:16.010> lot<00:42:16.460> of<00:42:16.640> analogies<00:42:17.180> to 00:42:17.319 --> 00:42:17.329 align:start position:0% in fact this has a lot of analogies to 00:42:17.329 --> 00:42:20.440 align:start position:0% in fact this has a lot of analogies to how<00:42:17.599> Fiat<00:42:18.470> works<00:42:18.770> and<00:42:19.160> how<00:42:19.450> synthetic 00:42:20.440 --> 00:42:20.450 align:start position:0% how Fiat works and how synthetic 00:42:20.450 --> 00:42:23.230 align:start position:0% how Fiat works and how synthetic derivatives<00:42:20.569> are<00:42:21.020> settled<00:42:21.380> in<00:42:21.440> Fiat<00:42:21.799> so<00:42:22.549> if 00:42:23.230 --> 00:42:23.240 align:start position:0% derivatives are settled in Fiat so if 00:42:23.240 --> 00:42:26.710 align:start position:0% derivatives are settled in Fiat so if this<00:42:23.480> is<00:42:23.660> our<00:42:24.069> existing<00:42:25.069> framework<00:42:25.670> for<00:42:26.569> how 00:42:26.710 --> 00:42:26.720 align:start position:0% this is our existing framework for how 00:42:26.720 --> 00:42:28.660 align:start position:0% this is our existing framework for how we<00:42:26.750> march<00:42:27.289> in<00:42:27.529> and<00:42:27.770> trade<00:42:28.039> and<00:42:28.339> set<00:42:28.549> all 00:42:28.660 --> 00:42:28.670 align:start position:0% we march in and trade and set all 00:42:28.670 --> 00:42:30.549 align:start position:0% we march in and trade and set all synthetic<00:42:29.059> derivatives<00:42:29.480> we've<00:42:30.109> got<00:42:30.230> a<00:42:30.260> lot<00:42:30.529> of 00:42:30.549 --> 00:42:30.559 align:start position:0% synthetic derivatives we've got a lot of 00:42:30.559 --> 00:42:33.010 align:start position:0% synthetic derivatives we've got a lot of pensee<00:42:31.220> on<00:42:31.339> this<00:42:31.520> price<00:42:31.730> view<00:42:31.970> and<00:42:32.240> that's<00:42:32.720> why 00:42:33.010 --> 00:42:33.020 align:start position:0% pensee on this price view and that's why 00:42:33.020 --> 00:42:35.410 align:start position:0% pensee on this price view and that's why these<00:42:33.079> prices<00:42:33.740> are<00:42:33.770> so<00:42:34.099> expensive<00:42:34.430> we<00:42:35.240> pay<00:42:35.390> a 00:42:35.410 --> 00:42:35.420 align:start position:0% these prices are so expensive we pay a 00:42:35.420 --> 00:42:38.740 align:start position:0% these prices are so expensive we pay a lot<00:42:35.660> for<00:42:35.690> them<00:42:36.049> in<00:42:36.619> the<00:42:36.770> fiat<00:42:37.010> world<00:42:37.329> and<00:42:38.329> of 00:42:38.740 --> 00:42:38.750 align:start position:0% lot for them in the fiat world and of 00:42:38.750 --> 00:42:40.210 align:start position:0% lot for them in the fiat world and of course<00:42:38.960> as<00:42:39.230> Alison's<00:42:39.680> been<00:42:39.829> talking<00:42:40.099> about 00:42:40.210 --> 00:42:40.220 align:start position:0% course as Alison's been talking about 00:42:40.220 --> 00:42:42.760 align:start position:0% course as Alison's been talking about with<00:42:40.339> the<00:42:40.430> Oracle<00:42:40.670> they're<00:42:41.359> corruptible<00:42:41.930> so 00:42:42.760 --> 00:42:42.770 align:start position:0% with the Oracle they're corruptible so 00:42:42.770 --> 00:42:44.380 align:start position:0% with the Oracle they're corruptible so if<00:42:42.980> I<00:42:43.250> have<00:42:43.400> students<00:42:43.760> make<00:42:43.789> a<00:42:43.910> lot<00:42:44.119> of<00:42:44.150> money 00:42:44.380 --> 00:42:44.390 align:start position:0% if I have students make a lot of money 00:42:44.390 --> 00:42:47.109 align:start position:0% if I have students make a lot of money by<00:42:44.839> saving<00:42:45.410> me<00:42:45.740> from<00:42:45.829> this<00:42:46.010> penalty<00:42:46.339> maybe 00:42:47.109 --> 00:42:47.119 align:start position:0% by saving me from this penalty maybe 00:42:47.119 --> 00:42:49.059 align:start position:0% by saving me from this penalty maybe it's<00:42:47.329> really<00:42:47.510> in<00:42:47.720> my<00:42:47.839> favorite<00:42:48.349> to<00:42:48.740> crop<00:42:48.950> this 00:42:49.059 --> 00:42:49.069 align:start position:0% it's really in my favorite to crop this 00:42:49.069 --> 00:42:51.760 align:start position:0% it's really in my favorite to crop this price<00:42:49.339> steep<00:42:49.579> so<00:42:50.059> I<00:42:50.089> can<00:42:50.299> keep<00:42:50.510> the<00:42:50.569> penalty<00:42:51.109> or 00:42:51.760 --> 00:42:51.770 align:start position:0% price steep so I can keep the penalty or 00:42:51.770 --> 00:42:53.740 align:start position:0% price steep so I can keep the penalty or so<00:42:52.190> that<00:42:52.309> I<00:42:52.369> can<00:42:52.579> really<00:42:52.880> reduce<00:42:53.390> the<00:42:53.599> amount 00:42:53.740 --> 00:42:53.750 align:start position:0% so that I can really reduce the amount 00:42:53.750 --> 00:42:55.779 align:start position:0% so that I can really reduce the amount of<00:42:54.079> money<00:42:54.410> that<00:42:54.470> token<00:42:54.950> holders<00:42:55.250> get<00:42:55.430> I<00:42:55.640> might 00:42:55.779 --> 00:42:55.789 align:start position:0% of money that token holders get I might 00:42:55.789 --> 00:42:57.819 align:start position:0% of money that token holders get I might want<00:42:55.970> to<00:42:56.029> accomplish<00:42:56.480> my<00:42:56.809> scheme<00:42:57.079> there<00:42:57.710> are<00:42:57.770> a 00:42:57.819 --> 00:42:57.829 align:start position:0% want to accomplish my scheme there are a 00:42:57.829 --> 00:43:00.279 align:start position:0% want to accomplish my scheme there are a lot<00:42:57.950> of<00:42:57.980> reasons<00:42:58.430> that<00:42:58.609> in<00:42:59.059> defy<00:42:59.630> especially 00:43:00.279 --> 00:43:00.289 align:start position:0% lot of reasons that in defy especially 00:43:00.289 --> 00:43:02.920 align:start position:0% lot of reasons that in defy especially this<00:43:00.799> is<00:43:00.859> susceptible<00:43:01.309> and<00:43:01.789> in<00:43:02.240> Fiat<00:43:02.660> that 00:43:02.920 --> 00:43:02.930 align:start position:0% this is susceptible and in Fiat that 00:43:02.930 --> 00:43:04.180 align:start position:0% this is susceptible and in Fiat that there<00:43:03.260> are<00:43:03.319> a<00:43:03.349> lot<00:43:03.440> of<00:43:03.470> reasons<00:43:03.829> why<00:43:03.890> this<00:43:03.980> is 00:43:04.180 --> 00:43:04.190 align:start position:0% there are a lot of reasons why this is 00:43:04.190 --> 00:43:06.819 align:start position:0% there are a lot of reasons why this is really<00:43:04.520> expensive<00:43:04.880> so<00:43:05.329> it-it's<00:43:06.109> things<00:43:06.650> like 00:43:06.819 --> 00:43:06.829 align:start position:0% really expensive so it-it's things like 00:43:06.829 --> 00:43:08.410 align:start position:0% really expensive so it-it's things like it's<00:43:06.950> Fiat<00:43:07.220> it's<00:43:07.460> expensive<00:43:07.730> from<00:43:08.059> a<00:43:08.180> dollar 00:43:08.410 --> 00:43:08.420 align:start position:0% it's Fiat it's expensive from a dollar 00:43:08.420 --> 00:43:10.960 align:start position:0% it's Fiat it's expensive from a dollar cost<00:43:08.750> perspective<00:43:09.170> and<00:43:09.650> in<00:43:10.339> d5<00:43:10.670> it's<00:43:10.849> also 00:43:10.960 --> 00:43:10.970 align:start position:0% cost perspective and in d5 it's also 00:43:10.970 --> 00:43:12.880 align:start position:0% cost perspective and in d5 it's also expensive<00:43:11.299> from<00:43:11.569> a<00:43:11.720> leg<00:43:11.900> computation<00:43:12.799> and 00:43:12.880 --> 00:43:12.890 align:start position:0% expensive from a leg computation and 00:43:12.890 --> 00:43:18.730 align:start position:0% expensive from a leg computation and keeping<00:43:13.160> things<00:43:13.430> alive<00:43:13.819> on<00:43:14.450> constructors 00:43:18.730 --> 00:43:18.740 align:start position:0% 00:43:18.740 --> 00:43:20.710 align:start position:0% is<00:43:19.160> there<00:43:19.369> any<00:43:19.520> legal<00:43:19.880> framework<00:43:20.480> to 00:43:20.710 --> 00:43:20.720 align:start position:0% is there any legal framework to 00:43:20.720 --> 00:43:24.250 align:start position:0% is there any legal framework to basically<00:43:21.589> put<00:43:21.829> some<00:43:21.980> liability<00:43:22.609> and<00:43:22.760> for<00:43:23.260> for 00:43:24.250 --> 00:43:24.260 align:start position:0% basically put some liability and for for 00:43:24.260 --> 00:43:26.799 align:start position:0% basically put some liability and for for the<00:43:24.799> price<00:43:24.980> it's<00:43:25.220> like<00:43:25.970> in<00:43:26.299> the<00:43:26.510> current 00:43:26.799 --> 00:43:26.809 align:start position:0% the price it's like in the current 00:43:26.809 --> 00:43:30.970 align:start position:0% the price it's like in the current business<00:43:27.069> India<00:43:28.720> yeah<00:43:29.720> sorry<00:43:30.109> in<00:43:30.440> traditional 00:43:30.970 --> 00:43:30.980 align:start position:0% business India yeah sorry in traditional 00:43:30.980 --> 00:43:35.380 align:start position:0% business India yeah sorry in traditional finance<00:43:31.789> I<00:43:31.940> think<00:43:33.130> there<00:43:34.130> there<00:43:34.549> might<00:43:34.849> be<00:43:34.880> I 00:43:35.380 --> 00:43:35.390 align:start position:0% finance I think there there might be I 00:43:35.390 --> 00:43:38.279 align:start position:0% finance I think there there might be I would<00:43:35.900> say<00:43:35.930> the<00:43:36.650> larger<00:43:37.339> places<00:43:37.730> the<00:43:37.910> more 00:43:38.279 --> 00:43:38.289 align:start position:0% would say the larger places the more 00:43:38.289 --> 00:43:40.299 align:start position:0% would say the larger places the more conventional<00:43:39.289> way<00:43:39.470> that<00:43:39.799> we've<00:43:39.980> addressed 00:43:40.299 --> 00:43:40.309 align:start position:0% conventional way that we've addressed 00:43:40.309 --> 00:43:43.870 align:start position:0% conventional way that we've addressed this<00:43:40.609> issue<00:43:40.819> in<00:43:40.970> Fiat<00:43:41.450> is<00:43:41.980> we<00:43:42.980> hire<00:43:43.279> a<00:43:43.309> lot<00:43:43.700> of 00:43:43.870 --> 00:43:43.880 align:start position:0% this issue in Fiat is we hire a lot of 00:43:43.880 --> 00:43:46.809 align:start position:0% this issue in Fiat is we hire a lot of people<00:43:44.000> to<00:43:44.750> look<00:43:44.779> at<00:43:45.170> prices<00:43:45.680> and<00:43:46.010> confirm 00:43:46.809 --> 00:43:46.819 align:start position:0% people to look at prices and confirm 00:43:46.819 --> 00:43:48.819 align:start position:0% people to look at prices and confirm that<00:43:47.180> the<00:43:47.390> prices<00:43:47.779> that<00:43:47.990> are<00:43:48.049> being<00:43:48.230> sent<00:43:48.559> from 00:43:48.819 --> 00:43:48.829 align:start position:0% that the prices that are being sent from 00:43:48.829 --> 00:43:51.250 align:start position:0% that the prices that are being sent from one<00:43:49.579> custodian<00:43:50.180> to<00:43:50.299> the<00:43:50.390> other<00:43:50.480> custodian<00:43:51.020> are 00:43:51.250 --> 00:43:51.260 align:start position:0% one custodian to the other custodian are 00:43:51.260 --> 00:43:53.580 align:start position:0% one custodian to the other custodian are currently<00:43:51.799> some<00:43:52.099> of<00:43:52.220> the<00:43:52.309> will<00:43:52.430> neither 00:43:53.580 --> 00:43:53.590 align:start position:0% currently some of the will neither 00:43:53.590 --> 00:43:55.650 align:start position:0% currently some of the will neither we<00:43:53.710> can<00:43:53.890> undo<00:43:54.160> the<00:43:54.280> things<00:43:54.400> right<00:43:54.730> and<00:43:55.180> yeah 00:43:55.650 --> 00:43:55.660 align:start position:0% we can undo the things right and yeah 00:43:55.660 --> 00:43:56.970 align:start position:0% we can undo the things right and yeah let's<00:43:55.870> another<00:43:56.140> thing<00:43:56.260> you<00:43:56.380> can<00:43:56.500> do<00:43:56.620> on<00:43:56.650> Fiat 00:43:56.970 --> 00:43:56.980 align:start position:0% let's another thing you can do on Fiat 00:43:56.980 --> 00:43:58.020 align:start position:0% let's another thing you can do on Fiat is<00:43:57.130> that<00:43:57.280> you<00:43:57.340> could<00:43:57.490> undo<00:43:57.880> these 00:43:58.020 --> 00:43:58.030 align:start position:0% is that you could undo these 00:43:58.030 --> 00:43:59.910 align:start position:0% is that you could undo these transactions<00:43:58.690> so<00:43:58.870> you<00:43:59.020> can<00:43:59.170> hire<00:43:59.410> people<00:43:59.440> to 00:43:59.910 --> 00:43:59.920 align:start position:0% transactions so you can hire people to 00:43:59.920 --> 00:44:03.240 align:start position:0% transactions so you can hire people to go<00:44:00.880> back<00:44:01.030> and<00:44:01.420> move<00:44:01.870> money<00:44:02.170> back<00:44:02.410> from<00:44:02.740> certain 00:44:03.240 --> 00:44:03.250 align:start position:0% go back and move money back from certain 00:44:03.250 --> 00:44:04.860 align:start position:0% go back and move money back from certain accounts<00:44:03.580> to<00:44:03.700> their<00:44:03.760> goats<00:44:04.000> we<00:44:04.570> should<00:44:04.720> be 00:44:04.860 --> 00:44:04.870 align:start position:0% accounts to their goats we should be 00:44:04.870 --> 00:44:07.830 align:start position:0% accounts to their goats we should be able<00:44:04.960> to<00:44:05.230> pack<00:44:05.380> for<00:44:05.620> this<00:44:05.880> future<00:44:06.880> I<00:44:07.210> know<00:44:07.660> it's 00:44:07.830 --> 00:44:07.840 align:start position:0% able to pack for this future I know it's 00:44:07.840 --> 00:44:09.860 align:start position:0% able to pack for this future I know it's not<00:44:08.080> fully<00:44:08.530> process<00:44:09.100> on<00:44:09.280> that<00:44:09.310> Senate 00:44:09.860 --> 00:44:09.870 align:start position:0% not fully process on that Senate 00:44:09.870 --> 00:44:14.940 align:start position:0% not fully process on that Senate automated<00:44:10.870> but<00:44:11.020> know<00:44:11.800> this<00:44:11.920> is<00:44:12.070> the<00:44:13.200> like<00:44:14.200> I 00:44:14.940 --> 00:44:14.950 align:start position:0% automated but know this is the like I 00:44:14.950 --> 00:44:15.930 align:start position:0% automated but know this is the like I think<00:44:15.100> that's<00:44:15.310> a<00:44:15.400> little<00:44:15.490> bit<00:44:15.670> out<00:44:15.760> of<00:44:15.790> scope 00:44:15.930 --> 00:44:15.940 align:start position:0% think that's a little bit out of scope 00:44:15.940 --> 00:44:17.430 align:start position:0% think that's a little bit out of scope for<00:44:16.090> this<00:44:16.270> presentation<00:44:16.840> but<00:44:17.110> happy<00:44:17.320> to 00:44:17.430 --> 00:44:17.440 align:start position:0% for this presentation but happy to 00:44:17.440 --> 00:44:20.580 align:start position:0% for this presentation but happy to discuss<00:44:17.800> later<00:44:18.840> okay<00:44:19.840> so<00:44:19.900> as<00:44:20.170> I<00:44:20.260> mentioned 00:44:20.580 --> 00:44:20.590 align:start position:0% discuss later okay so as I mentioned 00:44:20.590 --> 00:44:22.440 align:start position:0% discuss later okay so as I mentioned before<00:44:20.650> right<00:44:21.040> in<00:44:21.250> that<00:44:21.730> picture<00:44:22.090> we've<00:44:22.300> got 00:44:22.440 --> 00:44:22.450 align:start position:0% before right in that picture we've got 00:44:22.450 --> 00:44:24.090 align:start position:0% before right in that picture we've got these<00:44:22.570> crises<00:44:22.900> that<00:44:23.080> are<00:44:23.260> regularly<00:44:23.560> pushing 00:44:24.090 --> 00:44:24.100 align:start position:0% these crises that are regularly pushing 00:44:24.100 --> 00:44:27.510 align:start position:0% these crises that are regularly pushing prices<00:44:24.390> to<00:44:25.390> smart<00:44:25.990> contracts<00:44:26.380> so<00:44:27.070> one<00:44:27.340> way<00:44:27.460> to 00:44:27.510 --> 00:44:27.520 align:start position:0% prices to smart contracts so one way to 00:44:27.520 --> 00:44:29.250 align:start position:0% prices to smart contracts so one way to visualize<00:44:27.700> this<00:44:28.240> is<00:44:28.300> to<00:44:28.540> say<00:44:28.690> okay<00:44:28.990> we've<00:44:29.110> got 00:44:29.250 --> 00:44:29.260 align:start position:0% visualize this is to say okay we've got 00:44:29.260 --> 00:44:31.080 align:start position:0% visualize this is to say okay we've got this<00:44:29.440> price<00:44:29.680> feed<00:44:29.950> that<00:44:30.160> runs<00:44:30.400> that<00:44:30.670> someone 00:44:31.080 --> 00:44:31.090 align:start position:0% this price feed that runs that someone 00:44:31.090 --> 00:44:33.390 align:start position:0% this price feed that runs that someone has<00:44:31.300> to<00:44:31.480> maintain<00:44:31.870> it's<00:44:32.770> an<00:44:32.890> unverified 00:44:33.390 --> 00:44:33.400 align:start position:0% has to maintain it's an unverified 00:44:33.400 --> 00:44:36.300 align:start position:0% has to maintain it's an unverified priced<00:44:34.030> feed<00:44:34.270> your<00:44:35.080> innocence<00:44:35.500> but<00:44:35.800> I'm<00:44:36.160> gonna 00:44:36.300 --> 00:44:36.310 align:start position:0% priced feed your innocence but I'm gonna 00:44:36.310 --> 00:44:37.980 align:start position:0% priced feed your innocence but I'm gonna say<00:44:36.610> it's<00:44:37.000> just<00:44:37.450> something<00:44:37.720> that's<00:44:37.840> been 00:44:37.980 --> 00:44:37.990 align:start position:0% say it's just something that's been 00:44:37.990 --> 00:44:40.440 align:start position:0% say it's just something that's been piped<00:44:38.350> in<00:44:38.560> from<00:44:38.590> say<00:44:38.980> Bloomberg<00:44:39.460> onto<00:44:40.330> the 00:44:40.440 --> 00:44:40.450 align:start position:0% piped in from say Bloomberg onto the 00:44:40.450 --> 00:44:40.920 align:start position:0% piped in from say Bloomberg onto the blockchain 00:44:40.920 --> 00:44:40.930 align:start position:0% blockchain 00:44:40.930 --> 00:44:44.460 align:start position:0% blockchain maybe<00:44:41.650> we're<00:44:41.920> using<00:44:42.960> some<00:44:43.960> service<00:44:44.260> that 00:44:44.460 --> 00:44:44.470 align:start position:0% maybe we're using some service that 00:44:44.470 --> 00:44:45.540 align:start position:0% maybe we're using some service that ensures<00:44:44.770> that<00:44:44.800> you<00:44:45.130> know<00:44:45.220> it's<00:44:45.310> not<00:44:45.400> been 00:44:45.540 --> 00:44:45.550 align:start position:0% ensures that you know it's not been 00:44:45.550 --> 00:44:48.090 align:start position:0% ensures that you know it's not been corrupted<00:44:45.760> from<00:44:46.240> Bloomberg<00:44:46.840> on<00:44:47.620> its<00:44:47.830> way<00:44:48.040> to 00:44:48.090 --> 00:44:48.100 align:start position:0% corrupted from Bloomberg on its way to 00:44:48.100 --> 00:44:48.810 align:start position:0% corrupted from Bloomberg on its way to the<00:44:48.370> blockchain 00:44:48.810 --> 00:44:48.820 align:start position:0% the blockchain 00:44:48.820 --> 00:44:50.820 align:start position:0% the blockchain but<00:44:49.420> it's<00:44:49.570> unverified<00:44:50.260> in<00:44:50.410> the<00:44:50.500> sense<00:44:50.710> that 00:44:50.820 --> 00:44:50.830 align:start position:0% but it's unverified in the sense that 00:44:50.830 --> 00:44:52.770 align:start position:0% but it's unverified in the sense that like<00:44:51.160> if<00:44:51.580> it<00:44:51.790> comes<00:44:52.000> out<00:44:52.180> incorrect<00:44:52.630> from 00:44:52.770 --> 00:44:52.780 align:start position:0% like if it comes out incorrect from 00:44:52.780 --> 00:44:54.510 align:start position:0% like if it comes out incorrect from Bloomberg<00:44:53.140> we<00:44:53.980> don't<00:44:54.160> really<00:44:54.280> have<00:44:54.490> a 00:44:54.510 --> 00:44:54.520 align:start position:0% Bloomberg we don't really have a 00:44:54.520 --> 00:44:57.360 align:start position:0% Bloomberg we don't really have a solution<00:44:55.000> so<00:44:55.450> here<00:44:56.320> is<00:44:56.470> my<00:44:56.590> price<00:44:57.010> see<00:44:57.190> that's 00:44:57.360 --> 00:44:57.370 align:start position:0% solution so here is my price see that's 00:44:57.370 --> 00:44:59.550 align:start position:0% solution so here is my price see that's regularly<00:44:57.790> pushing<00:44:58.300> prices<00:44:58.840> to<00:44:59.110> this<00:44:59.230> smart 00:44:59.550 --> 00:44:59.560 align:start position:0% regularly pushing prices to this smart 00:44:59.560 --> 00:45:02.310 align:start position:0% regularly pushing prices to this smart contract<00:45:00.010> I'd<00:45:00.520> say<00:45:00.850> frequent<00:45:01.330> 15-minutes 00:45:02.310 --> 00:45:02.320 align:start position:0% contract I'd say frequent 15-minutes 00:45:02.320 --> 00:45:05.640 align:start position:0% contract I'd say frequent 15-minutes price<00:45:02.530> updates<00:45:02.920> right<00:45:04.020> so<00:45:05.020> the<00:45:05.110> question<00:45:05.470> is 00:45:05.640 --> 00:45:05.650 align:start position:0% price updates right so the question is 00:45:05.650 --> 00:45:07.530 align:start position:0% price updates right so the question is how<00:45:05.950> do<00:45:06.010> you<00:45:06.100> provide<00:45:06.400> prices<00:45:06.910> so<00:45:07.150> quickly 00:45:07.530 --> 00:45:07.540 align:start position:0% how do you provide prices so quickly 00:45:07.540 --> 00:45:09.630 align:start position:0% how do you provide prices so quickly from<00:45:07.600> a<00:45:07.900> decentralized<00:45:08.890> economically 00:45:09.630 --> 00:45:09.640 align:start position:0% from a decentralized economically 00:45:09.640 --> 00:45:12.630 align:start position:0% from a decentralized economically guaranteed<00:45:10.180> or<00:45:11.160> say<00:45:12.160> that's<00:45:12.340> the<00:45:12.490> big 00:45:12.630 --> 00:45:12.640 align:start position:0% guaranteed or say that's the big 00:45:12.640 --> 00:45:13.680 align:start position:0% guaranteed or say that's the big question<00:45:12.790> that<00:45:13.090> we're<00:45:13.300> trying<00:45:13.330> to<00:45:13.570> answer 00:45:13.680 --> 00:45:13.690 align:start position:0% question that we're trying to answer 00:45:13.690 --> 00:45:15.660 align:start position:0% question that we're trying to answer right<00:45:14.170> we<00:45:14.620> want<00:45:14.890> these<00:45:15.070> prices<00:45:15.400> to<00:45:15.490> come 00:45:15.660 --> 00:45:15.670 align:start position:0% right we want these prices to come 00:45:15.670 --> 00:45:17.010 align:start position:0% right we want these prices to come frequently<00:45:15.910> so<00:45:16.330> that<00:45:16.450> we<00:45:16.540> can<00:45:16.660> liquidate 00:45:17.010 --> 00:45:17.020 align:start position:0% frequently so that we can liquidate 00:45:17.020 --> 00:45:18.780 align:start position:0% frequently so that we can liquidate people<00:45:17.440> when<00:45:17.860> they<00:45:17.950> need<00:45:18.130> to<00:45:18.160> be<00:45:18.280> liquidated 00:45:18.780 --> 00:45:18.790 align:start position:0% people when they need to be liquidated 00:45:18.790 --> 00:45:21.120 align:start position:0% people when they need to be liquidated but<00:45:19.270> we<00:45:19.360> also<00:45:19.510> need<00:45:19.810> enough<00:45:20.110> time<00:45:20.350> to<00:45:20.680> actually 00:45:21.120 --> 00:45:21.130 align:start position:0% but we also need enough time to actually 00:45:21.130 --> 00:45:23.190 align:start position:0% but we also need enough time to actually have<00:45:21.370> I<00:45:21.730> guess<00:45:22.300> in<00:45:22.420> the<00:45:22.510> Fiat<00:45:22.750> world<00:45:22.960> to<00:45:23.110> have 00:45:23.190 --> 00:45:23.200 align:start position:0% have I guess in the Fiat world to have 00:45:23.200 --> 00:45:25.950 align:start position:0% have I guess in the Fiat world to have like<00:45:23.440> humans<00:45:23.830> look<00:45:24.130> at<00:45:24.310> prices<00:45:24.820> and<00:45:25.120> check<00:45:25.720> to 00:45:25.950 --> 00:45:25.960 align:start position:0% like humans look at prices and check to 00:45:25.960 --> 00:45:27.960 align:start position:0% like humans look at prices and check to make<00:45:26.080> sure<00:45:26.140> that<00:45:26.260> they're<00:45:26.500> correct<00:45:26.740> so<00:45:27.670> how<00:45:27.910> do 00:45:27.960 --> 00:45:27.970 align:start position:0% make sure that they're correct so how do 00:45:27.970 --> 00:45:31.350 align:start position:0% make sure that they're correct so how do we<00:45:28.180> how<00:45:28.780> do<00:45:28.840> we<00:45:28.990> address<00:45:29.740> this<00:45:29.980> problem<00:45:30.360> and 00:45:31.350 --> 00:45:31.360 align:start position:0% we how do we address this problem and 00:45:31.360 --> 00:45:33.150 align:start position:0% we how do we address this problem and then<00:45:31.510> there<00:45:31.660> are<00:45:31.750> two<00:45:32.080> options<00:45:32.770> that<00:45:32.950> were 00:45:33.150 --> 00:45:33.160 align:start position:0% then there are two options that were 00:45:33.160 --> 00:45:37.140 align:start position:0% then there are two options that were currently<00:45:33.880> seeing<00:45:34.330> in<00:45:35.490> the<00:45:36.490> person<00:45:36.910> you<00:45:36.940> can 00:45:37.140 --> 00:45:37.150 align:start position:0% currently seeing in the person you can 00:45:37.150 --> 00:45:39.990 align:start position:0% currently seeing in the person you can implement<00:45:37.420> a<00:45:37.780> delay<00:45:38.080> at<00:45:38.410> the<00:45:38.560> Oracle<00:45:38.860> level<00:45:39.310> so 00:45:39.990 --> 00:45:40.000 align:start position:0% implement a delay at the Oracle level so 00:45:40.000 --> 00:45:41.850 align:start position:0% implement a delay at the Oracle level so what<00:45:40.180> you<00:45:40.300> can<00:45:40.420> do<00:45:40.570> is<00:45:40.720> you<00:45:40.870> can<00:45:40.960> say<00:45:41.170> we're 00:45:41.850 --> 00:45:41.860 align:start position:0% what you can do is you can say we're 00:45:41.860 --> 00:45:43.700 align:start position:0% what you can do is you can say we're still<00:45:42.190> gonna<00:45:42.340> get<00:45:42.490> prices<00:45:42.970> every 00:45:43.700 --> 00:45:43.710 align:start position:0% still gonna get prices every 00:45:43.710 --> 00:45:47.120 align:start position:0% still gonna get prices every minutes<00:45:44.540> but<00:45:45.540> each<00:45:45.630> of<00:45:45.660> those<00:45:45.900> prices<00:45:46.349> is 00:45:47.120 --> 00:45:47.130 align:start position:0% minutes but each of those prices is 00:45:47.130 --> 00:45:49.550 align:start position:0% minutes but each of those prices is going<00:45:47.160> to<00:45:47.430> be<00:45:47.490> delayed<00:45:47.730> by<00:45:47.910> an<00:45:47.970> hour<00:45:48.470> so<00:45:49.470> the 00:45:49.550 --> 00:45:49.560 align:start position:0% going to be delayed by an hour so the 00:45:49.560 --> 00:45:52.760 align:start position:0% going to be delayed by an hour so the price<00:45:49.830> you<00:45:50.010> get<00:45:50.190> at<00:45:50.339> 1:00<00:45:50.700> p.m.<00:45:50.730> is<00:45:51.770> actually 00:45:52.760 --> 00:45:52.770 align:start position:0% price you get at 1:00 p.m. is actually 00:45:52.770 --> 00:45:55.660 align:start position:0% price you get at 1:00 p.m. is actually the<00:45:52.980> price<00:45:53.190> from<00:45:53.369> false<00:45:53.609> yeah<00:45:53.820> so<00:45:54.570> 1<00:45:54.750> p.m.<00:45:55.020> in 00:45:55.660 --> 00:45:55.670 align:start position:0% the price from false yeah so 1 p.m. in 00:45:55.670 --> 00:45:57.829 align:start position:0% the price from false yeah so 1 p.m. in blockchain<00:45:56.670> timer<00:45:56.910> like<00:45:57.270> real<00:45:57.599> real-time 00:45:57.829 --> 00:45:57.839 align:start position:0% blockchain timer like real real-time 00:45:57.839 --> 00:46:00.410 align:start position:0% blockchain timer like real real-time corresponds<00:45:58.680> to<00:45:58.770> a<00:45:58.859> price<00:45:59.099> of<00:45:59.240> pocket 00:46:00.410 --> 00:46:00.420 align:start position:0% corresponds to a price of pocket 00:46:00.420 --> 00:46:02.450 align:start position:0% corresponds to a price of pocket so<00:46:00.839> you're<00:46:01.410> basically<00:46:01.770> giving<00:46:01.920> people<00:46:02.250> a 00:46:02.450 --> 00:46:02.460 align:start position:0% so you're basically giving people a 00:46:02.460 --> 00:46:05.300 align:start position:0% so you're basically giving people a one-hour<00:46:02.820> delay<00:46:03.119> before<00:46:03.960> the<00:46:04.260> price<00:46:05.099> from 00:46:05.300 --> 00:46:05.310 align:start position:0% one-hour delay before the price from 00:46:05.310 --> 00:46:07.220 align:start position:0% one-hour delay before the price from public<00:46:05.640> lock<00:46:05.820> hits<00:46:06.270> the<00:46:06.540> blockchain<00:46:06.750> at<00:46:07.080> 1 00:46:07.220 --> 00:46:07.230 align:start position:0% public lock hits the blockchain at 1 00:46:07.230 --> 00:46:08.320 align:start position:0% public lock hits the blockchain at 1 o'clock 00:46:08.320 --> 00:46:08.330 align:start position:0% o'clock 00:46:08.330 --> 00:46:10.940 align:start position:0% o'clock one<00:46:09.330> thing<00:46:09.540> that's<00:46:09.630> really<00:46:09.810> cool<00:46:09.960> is<00:46:10.200> this 00:46:10.940 --> 00:46:10.950 align:start position:0% one thing that's really cool is this 00:46:10.950 --> 00:46:12.560 align:start position:0% one thing that's really cool is this looks<00:46:11.250> kind<00:46:11.490> of<00:46:11.609> like<00:46:11.790> how<00:46:11.940> settlement<00:46:12.420> works 00:46:12.560 --> 00:46:12.570 align:start position:0% looks kind of like how settlement works 00:46:12.570 --> 00:46:16.609 align:start position:0% looks kind of like how settlement works in<00:46:12.750> fiat<00:46:13.080> so<00:46:13.859> right<00:46:14.190> now<00:46:14.369> if<00:46:14.880> you<00:46:15.359> trade<00:46:15.960> stocks 00:46:16.609 --> 00:46:16.619 align:start position:0% in fiat so right now if you trade stocks 00:46:16.619 --> 00:46:20.180 align:start position:0% in fiat so right now if you trade stocks let's<00:46:17.460> say<00:46:17.640> in<00:46:17.940> your<00:46:18.470> brokerage<00:46:19.470> account<00:46:19.830> as 00:46:20.180 --> 00:46:20.190 align:start position:0% let's say in your brokerage account as 00:46:20.190 --> 00:46:22.880 align:start position:0% let's say in your brokerage account as Alison<00:46:20.609> mentioned<00:46:21.200> you<00:46:22.200> get<00:46:22.380> filled<00:46:22.710> at<00:46:22.859> a 00:46:22.880 --> 00:46:22.890 align:start position:0% Alison mentioned you get filled at a 00:46:22.890 --> 00:46:25.070 align:start position:0% Alison mentioned you get filled at a certain<00:46:23.190> price<00:46:23.430> and<00:46:23.490> you<00:46:23.910> know<00:46:24.119> that<00:46:24.420> you<00:46:24.630> got 00:46:25.070 --> 00:46:25.080 align:start position:0% certain price and you know that you got 00:46:25.080 --> 00:46:27.140 align:start position:0% certain price and you know that you got executed<00:46:25.710> at<00:46:25.859> say<00:46:26.190> the<00:46:26.339> price<00:46:26.550> about<00:46:26.730> 12 00:46:27.140 --> 00:46:27.150 align:start position:0% executed at say the price about 12 00:46:27.150 --> 00:46:29.960 align:start position:0% executed at say the price about 12 o'clock<00:46:27.410> but<00:46:28.410> the<00:46:28.890> stock<00:46:29.460> doesn't<00:46:29.820> actually 00:46:29.960 --> 00:46:29.970 align:start position:0% o'clock but the stock doesn't actually 00:46:29.970 --> 00:46:33.740 align:start position:0% o'clock but the stock doesn't actually arrive<00:46:30.630> at<00:46:31.080> your<00:46:31.140> custodian<00:46:31.800> until<00:46:32.490> say<00:46:32.820> two 00:46:33.740 --> 00:46:33.750 align:start position:0% arrive at your custodian until say two 00:46:33.750 --> 00:46:35.120 align:start position:0% arrive at your custodian until say two business<00:46:34.109> days<00:46:34.140> later<00:46:34.500> so<00:46:34.980> you<00:46:35.040> know 00:46:35.120 --> 00:46:35.130 align:start position:0% business days later so you know 00:46:35.130 --> 00:46:37.010 align:start position:0% business days later so you know physically<00:46:35.730> have<00:46:35.970> it<00:46:36.240> or<00:46:36.660> you<00:46:36.750> don't<00:46:36.810> have 00:46:37.010 --> 00:46:37.020 align:start position:0% physically have it or you don't have 00:46:37.020 --> 00:46:38.870 align:start position:0% physically have it or you don't have that<00:46:37.230> record<00:46:37.500> implemented<00:46:38.220> until<00:46:38.520> that<00:46:38.700> time 00:46:38.870 --> 00:46:38.880 align:start position:0% that record implemented until that time 00:46:38.880 --> 00:46:41.380 align:start position:0% that record implemented until that time so<00:46:39.660> in<00:46:39.810> that<00:46:39.930> way<00:46:40.109> right<00:46:40.380> it's<00:46:40.530> a<00:46:40.589> lot<00:46:40.800> like 00:46:41.380 --> 00:46:41.390 align:start position:0% so in that way right it's a lot like 00:46:41.390 --> 00:46:44.359 align:start position:0% so in that way right it's a lot like this<00:46:42.390> kind<00:46:42.690> of<00:46:42.750> mechanism<00:46:43.020> where<00:46:43.890> you've<00:46:44.130> got 00:46:44.359 --> 00:46:44.369 align:start position:0% this kind of mechanism where you've got 00:46:44.369 --> 00:46:46.730 align:start position:0% this kind of mechanism where you've got this<00:46:44.580> price<00:46:45.060> that's<00:46:45.540> delayed<00:46:45.960> then<00:46:46.410> hitting 00:46:46.730 --> 00:46:46.740 align:start position:0% this price that's delayed then hitting 00:46:46.740 --> 00:46:48.440 align:start position:0% this price that's delayed then hitting the<00:46:46.830> blockchain<00:46:47.040> at<00:46:47.369> a<00:46:47.400> later<00:46:47.640> time<00:46:47.880> and<00:46:48.119> then 00:46:48.440 --> 00:46:48.450 align:start position:0% the blockchain at a later time and then 00:46:48.450 --> 00:46:50.900 align:start position:0% the blockchain at a later time and then you<00:46:48.570> move<00:46:48.780> you<00:46:49.380> actually<00:46:49.859> move<00:46:50.130> tokens<00:46:50.730> or 00:46:50.900 --> 00:46:50.910 align:start position:0% you move you actually move tokens or 00:46:50.910 --> 00:46:52.730 align:start position:0% you move you actually move tokens or collateral<00:46:51.180> at<00:46:51.510> 1:00<00:46:51.780> p.m.<00:46:51.810> to<00:46:52.290> correspond<00:46:52.710> to 00:46:52.730 --> 00:46:52.740 align:start position:0% collateral at 1:00 p.m. to correspond to 00:46:52.740 --> 00:46:56.500 align:start position:0% collateral at 1:00 p.m. to correspond to the<00:46:52.950> 12th<00:46:53.160> BAM<00:46:53.310> price<00:46:53.900> so<00:46:54.900> that's<00:46:55.109> one<00:46:55.619> option 00:46:56.500 --> 00:46:56.510 align:start position:0% the 12th BAM price so that's one option 00:46:56.510 --> 00:46:58.700 align:start position:0% the 12th BAM price so that's one option one<00:46:57.510> of<00:46:57.599> the<00:46:57.780> challenges<00:46:58.260> with<00:46:58.380> this<00:46:58.500> though 00:46:58.700 --> 00:46:58.710 align:start position:0% one of the challenges with this though 00:46:58.710 --> 00:47:01.310 align:start position:0% one of the challenges with this though is<00:46:58.830> it<00:46:58.920> puts<00:46:59.099> everyone<00:46:59.460> on<00:46:59.490> the<00:46:59.609> same<00:46:59.820> clock<00:47:00.320> so 00:47:01.310 --> 00:47:01.320 align:start position:0% is it puts everyone on the same clock so 00:47:01.320 --> 00:47:03.800 align:start position:0% is it puts everyone on the same clock so this<00:47:01.950> is<00:47:02.099> a<00:47:02.130> great<00:47:02.460> because<00:47:02.910> let's<00:47:03.420> say<00:47:03.599> you've 00:47:03.800 --> 00:47:03.810 align:start position:0% this is a great because let's say you've 00:47:03.810 --> 00:47:06.589 align:start position:0% this is a great because let's say you've got<00:47:03.839> a<00:47:04.349> lot<00:47:04.740> of<00:47:04.890> different<00:47:05.490> smart<00:47:06.119> contracts 00:47:06.589 --> 00:47:06.599 align:start position:0% got a lot of different smart contracts 00:47:06.599 --> 00:47:10.400 align:start position:0% got a lot of different smart contracts all<00:47:06.780> depend<00:47:07.109> on<00:47:07.260> the<00:47:07.349> same<00:47:07.530> price<00:47:09.109> and<00:47:10.109> this<00:47:10.349> is 00:47:10.400 --> 00:47:10.410 align:start position:0% all depend on the same price and this is 00:47:10.410 --> 00:47:12.410 align:start position:0% all depend on the same price and this is fine<00:47:11.070> but<00:47:11.400> it<00:47:11.490> means<00:47:11.609> that<00:47:11.940> let's<00:47:12.119> say<00:47:12.270> you've 00:47:12.410 --> 00:47:12.420 align:start position:0% fine but it means that let's say you've 00:47:12.420 --> 00:47:14.630 align:start position:0% fine but it means that let's say you've got<00:47:12.450> some<00:47:13.140> contracts<00:47:13.680> that<00:47:13.830> have<00:47:13.890> you<00:47:14.310> know<00:47:14.430> a 00:47:14.630 --> 00:47:14.640 align:start position:0% got some contracts that have you know a 00:47:14.640 --> 00:47:16.640 align:start position:0% got some contracts that have you know a small<00:47:15.089> amount<00:47:15.390> of<00:47:15.450> money<00:47:15.630> and<00:47:15.990> you're<00:47:16.260> ok 00:47:16.640 --> 00:47:16.650 align:start position:0% small amount of money and you're ok 00:47:16.650 --> 00:47:18.589 align:start position:0% small amount of money and you're ok having<00:47:16.950> it<00:47:17.190> be<00:47:17.400> updated<00:47:17.880> every<00:47:17.940> 15<00:47:18.420> minutes 00:47:18.589 --> 00:47:18.599 align:start position:0% having it be updated every 15 minutes 00:47:18.599 --> 00:47:20.780 align:start position:0% having it be updated every 15 minutes you<00:47:18.750> don't<00:47:18.839> need<00:47:19.080> the<00:47:19.260> one<00:47:19.410> hour<00:47:19.560> delay<00:47:19.830> it's 00:47:20.780 --> 00:47:20.790 align:start position:0% you don't need the one hour delay it's 00:47:20.790 --> 00:47:22.490 align:start position:0% you don't need the one hour delay it's not<00:47:20.970> that<00:47:21.089> much<00:47:21.180> money<00:47:21.420> at<00:47:21.570> risk<00:47:21.780> like<00:47:22.020> I'd<00:47:22.320> be 00:47:22.490 --> 00:47:22.500 align:start position:0% not that much money at risk like I'd be 00:47:22.500 --> 00:47:24.530 align:start position:0% not that much money at risk like I'd be happy<00:47:22.650> without<00:47:22.859> it<00:47:23.160> but<00:47:24.030> let's<00:47:24.240> say<00:47:24.330> you<00:47:24.420> also 00:47:24.530 --> 00:47:24.540 align:start position:0% happy without it but let's say you also 00:47:24.540 --> 00:47:26.329 align:start position:0% happy without it but let's say you also have<00:47:24.810> some<00:47:25.440> contracts<00:47:25.830> that<00:47:25.890> have<00:47:25.950> a<00:47:26.040> lot<00:47:26.310> of 00:47:26.329 --> 00:47:26.339 align:start position:0% have some contracts that have a lot of 00:47:26.339 --> 00:47:27.740 align:start position:0% have some contracts that have a lot of money<00:47:26.580> and<00:47:26.730> you<00:47:26.820> really<00:47:27.240> really<00:47:27.390> care<00:47:27.720> about 00:47:27.740 --> 00:47:27.750 align:start position:0% money and you really really care about 00:47:27.750 --> 00:47:29.990 align:start position:0% money and you really really care about making<00:47:28.320> sure<00:47:28.380> those<00:47:28.560> prices<00:47:28.830> are<00:47:29.070> right<00:47:29.250> well 00:47:29.990 --> 00:47:30.000 align:start position:0% making sure those prices are right well 00:47:30.000 --> 00:47:32.900 align:start position:0% making sure those prices are right well this<00:47:30.119> it<00:47:30.869> works<00:47:31.200> but<00:47:31.740> it<00:47:31.890> puts<00:47:32.070> our<00:47:32.280> own<00:47:32.430> signal 00:47:32.900 --> 00:47:32.910 align:start position:0% this it works but it puts our own signal 00:47:32.910 --> 00:47:37.280 align:start position:0% this it works but it puts our own signal so<00:47:33.480> you<00:47:33.900> me<00:47:34.349> not<00:47:34.530> I<00:47:34.560> do 00:47:37.280 --> 00:47:37.290 align:start position:0% 00:47:37.290 --> 00:47:39.770 align:start position:0% another<00:47:38.010> option<00:47:38.490> is<00:47:38.790> you<00:47:39.210> can<00:47:39.330> implement<00:47:39.540> the 00:47:39.770 --> 00:47:39.780 align:start position:0% another option is you can implement the 00:47:39.780 --> 00:47:42.530 align:start position:0% another option is you can implement the delay<00:47:39.990> at<00:47:40.290> the<00:47:40.380> smart<00:47:40.590> contract<00:47:41.100> well<00:47:41.420> so<00:47:42.420> what 00:47:42.530 --> 00:47:42.540 align:start position:0% delay at the smart contract well so what 00:47:42.540 --> 00:47:45.590 align:start position:0% delay at the smart contract well so what you<00:47:42.600> can<00:47:42.750> say<00:47:42.960> is<00:47:43.550> great<00:47:44.550> so<00:47:44.790> again<00:47:45.090> the<00:47:45.330> price 00:47:45.590 --> 00:47:45.600 align:start position:0% you can say is great so again the price 00:47:45.600 --> 00:47:48.020 align:start position:0% you can say is great so again the price is<00:47:45.780> coming<00:47:46.170> in<00:47:46.320> exactly<00:47:47.190> at<00:47:47.310> one<00:47:47.490> o'clock<00:47:47.700> this 00:47:48.020 --> 00:47:48.030 align:start position:0% is coming in exactly at one o'clock this 00:47:48.030 --> 00:47:51.950 align:start position:0% is coming in exactly at one o'clock this time<00:47:48.320> then<00:47:49.320> what<00:47:49.470> we<00:47:49.590> say<00:47:49.940> that's<00:47:50.940> fine 00:47:51.950 --> 00:47:51.960 align:start position:0% time then what we say that's fine 00:47:51.960 --> 00:47:54.500 align:start position:0% time then what we say that's fine we<00:47:52.410> recognize<00:47:52.980> that<00:47:53.010> price<00:47:53.550> on<00:47:53.850> chain<00:47:54.180> but 00:47:54.500 --> 00:47:54.510 align:start position:0% we recognize that price on chain but 00:47:54.510 --> 00:47:57.370 align:start position:0% we recognize that price on chain but we're<00:47:54.660> gonna<00:47:54.810> move<00:47:55.110> margin<00:47:55.770> at<00:47:56.670> two<00:47:56.940> o'clock 00:47:57.370 --> 00:47:57.380 align:start position:0% we're gonna move margin at two o'clock 00:47:57.380 --> 00:48:00.170 align:start position:0% we're gonna move margin at two o'clock so<00:47:58.380> here<00:47:58.620> it's<00:47:58.770> just<00:47:58.860> like<00:47:59.280> the<00:47:59.520> the<00:47:59.850> picture<00:48:00.150> I 00:48:00.170 --> 00:48:00.180 align:start position:0% so here it's just like the the picture I 00:48:00.180 --> 00:48:03.020 align:start position:0% so here it's just like the the picture I had<00:48:00.330> before<00:48:00.510> but<00:48:01.020> instead<00:48:01.860> of<00:48:02.130> implementing 00:48:03.020 --> 00:48:03.030 align:start position:0% had before but instead of implementing 00:48:03.030 --> 00:48:04.850 align:start position:0% had before but instead of implementing the<00:48:03.210> delay<00:48:03.420> at<00:48:03.540> the<00:48:03.570> Oracle<00:48:03.900> level<00:48:04.350> we're 00:48:04.850 --> 00:48:04.860 align:start position:0% the delay at the Oracle level we're 00:48:04.860 --> 00:48:06.200 align:start position:0% the delay at the Oracle level we're implementing<00:48:05.400> it<00:48:05.550> an<00:48:05.670> athlete<00:48:06.000> smart 00:48:06.200 --> 00:48:06.210 align:start position:0% implementing it an athlete smart 00:48:06.210 --> 00:48:09.350 align:start position:0% implementing it an athlete smart entrepreneurial<00:48:06.980> but<00:48:07.980> still<00:48:08.280> it<00:48:08.610> again<00:48:09.210> it 00:48:09.350 --> 00:48:09.360 align:start position:0% entrepreneurial but still it again it 00:48:09.360 --> 00:48:11.480 align:start position:0% entrepreneurial but still it again it looks<00:48:09.480> still<00:48:10.140> like<00:48:10.170> someone<00:48:10.620> to<00:48:10.710> Fiat<00:48:10.950> it 00:48:11.480 --> 00:48:11.490 align:start position:0% looks still like someone to Fiat it 00:48:11.490 --> 00:48:13.460 align:start position:0% looks still like someone to Fiat it still<00:48:11.790> looks<00:48:12.060> like<00:48:12.150> the<00:48:12.330> option<00:48:12.930> from<00:48:13.050> before 00:48:13.460 --> 00:48:13.470 align:start position:0% still looks like the option from before 00:48:13.470 --> 00:48:15.650 align:start position:0% still looks like the option from before the<00:48:14.100> only<00:48:14.280> difference<00:48:14.640> is<00:48:14.940> do<00:48:15.360> you<00:48:15.420> implement 00:48:15.650 --> 00:48:15.660 align:start position:0% the only difference is do you implement 00:48:15.660 --> 00:48:17.810 align:start position:0% the only difference is do you implement the<00:48:15.870> delay<00:48:16.080> when<00:48:16.260> removing<00:48:16.530> margin<00:48:17.070> or<00:48:17.640> do<00:48:17.730> we 00:48:17.810 --> 00:48:17.820 align:start position:0% the delay when removing margin or do we 00:48:17.820 --> 00:48:19.310 align:start position:0% the delay when removing margin or do we implement<00:48:18.090> the<00:48:18.330> delay<00:48:18.570> of<00:48:18.720> when<00:48:18.840> the<00:48:18.930> price<00:48:19.170> is 00:48:19.310 --> 00:48:19.320 align:start position:0% implement the delay of when the price is 00:48:19.320 --> 00:48:23.750 align:start position:0% implement the delay of when the price is coming<00:48:19.500> on<00:48:19.800> chain<00:48:20.960> requires<00:48:21.960> fewer<00:48:22.760> Oracle 00:48:23.750 --> 00:48:23.760 align:start position:0% coming on chain requires fewer Oracle 00:48:23.760 --> 00:48:25.820 align:start position:0% coming on chain requires fewer Oracle calls<00:48:24.060> in<00:48:24.420> the<00:48:24.540> sense<00:48:24.750> that<00:48:24.840> you<00:48:25.350> don't<00:48:25.380> have 00:48:25.820 --> 00:48:25.830 align:start position:0% calls in the sense that you don't have 00:48:25.830 --> 00:48:28.760 align:start position:0% calls in the sense that you don't have for<00:48:26.430> example<00:48:26.780> here<00:48:27.780> right<00:48:28.140> like<00:48:28.410> you<00:48:28.530> don't 00:48:28.760 --> 00:48:28.770 align:start position:0% for example here right like you don't 00:48:28.770 --> 00:48:31.760 align:start position:0% for example here right like you don't have<00:48:29.180> this<00:48:30.180> limits<00:48:30.630> one<00:48:31.020> hour<00:48:31.140> delays<00:48:31.470> it's<00:48:31.740> a 00:48:31.760 --> 00:48:31.770 align:start position:0% have this limits one hour delays it's a 00:48:31.770 --> 00:48:34.970 align:start position:0% have this limits one hour delays it's a little<00:48:31.950> bit<00:48:32.070> less<00:48:32.300> Oracle<00:48:33.300> intensive<00:48:33.870> but<00:48:34.860> you 00:48:34.970 --> 00:48:34.980 align:start position:0% little bit less Oracle intensive but you 00:48:34.980 --> 00:48:36.950 align:start position:0% little bit less Oracle intensive but you still<00:48:35.220> have<00:48:35.310> the<00:48:35.430> problem<00:48:35.850> of<00:48:35.970> you<00:48:36.240> just<00:48:36.450> put<00:48:36.810> a 00:48:36.950 --> 00:48:36.960 align:start position:0% still have the problem of you just put a 00:48:36.960 --> 00:48:38.960 align:start position:0% still have the problem of you just put a one<00:48:37.140> hour<00:48:37.290> delay<00:48:37.470> summer<00:48:37.920> whether<00:48:38.580> it's<00:48:38.790> at 00:48:38.960 --> 00:48:38.970 align:start position:0% one hour delay summer whether it's at 00:48:38.970 --> 00:48:41.920 align:start position:0% one hour delay summer whether it's at this<00:48:39.120> level 00:48:41.920 --> 00:48:41.930 align:start position:0% 00:48:41.930 --> 00:48:44.829 align:start position:0% so<00:48:42.470> the<00:48:42.800> benefit<00:48:43.160> of<00:48:43.190> the<00:48:43.339> delay<00:48:43.609> is<00:48:43.880> if<00:48:44.660> you 00:48:44.829 --> 00:48:44.839 align:start position:0% so the benefit of the delay is if you 00:48:44.839 --> 00:48:47.109 align:start position:0% so the benefit of the delay is if you have<00:48:45.109> for<00:48:45.920> example<00:48:45.950> a<00:48:46.490> price<00:48:46.790> that<00:48:47.030> you're 00:48:47.109 --> 00:48:47.119 align:start position:0% have for example a price that you're 00:48:47.119 --> 00:48:50.140 align:start position:0% have for example a price that you're seeing<00:48:47.359> in<00:48:47.480> the<00:48:47.569> real<00:48:47.780> world<00:48:48.020> at<00:48:48.550> 12<00:48:49.550> o'clock 00:48:50.140 --> 00:48:50.150 align:start position:0% seeing in the real world at 12 o'clock 00:48:50.150 --> 00:48:53.109 align:start position:0% seeing in the real world at 12 o'clock it<00:48:50.930> gives<00:48:51.230> time<00:48:51.589> for<00:48:51.829> us<00:48:51.890> all<00:48:52.069> to<00:48:52.160> agree<00:48:52.790> that 00:48:53.109 --> 00:48:53.119 align:start position:0% it gives time for us all to agree that 00:48:53.119 --> 00:48:54.790 align:start position:0% it gives time for us all to agree that that<00:48:53.450> price<00:48:53.809> for<00:48:54.020> 12<00:48:54.230> o'clock<00:48:54.440> was<00:48:54.650> the 00:48:54.790 --> 00:48:54.800 align:start position:0% that price for 12 o'clock was the 00:48:54.800 --> 00:48:56.530 align:start position:0% that price for 12 o'clock was the correct<00:48:54.980> price<00:48:55.250> and<00:48:55.490> when<00:48:55.670> I<00:48:55.700> say<00:48:55.910> us<00:48:56.180> all<00:48:56.359> to 00:48:56.530 --> 00:48:56.540 align:start position:0% correct price and when I say us all to 00:48:56.540 --> 00:48:59.260 align:start position:0% correct price and when I say us all to agree<00:48:56.720> I<00:48:56.750> mean<00:48:56.920> physically<00:48:57.920> for<00:48:58.250> like<00:48:58.400> human 00:48:59.260 --> 00:48:59.270 align:start position:0% agree I mean physically for like human 00:48:59.270 --> 00:49:01.120 align:start position:0% agree I mean physically for like human human<00:48:59.690> analysts<00:49:00.200> to<00:49:00.349> look<00:49:00.380> at<00:49:00.680> it<00:49:00.800> and<00:49:01.010> like 00:49:01.120 --> 00:49:01.130 align:start position:0% human analysts to look at it and like 00:49:01.130 --> 00:49:03.220 align:start position:0% human analysts to look at it and like confirm<00:49:01.670> oh<00:49:01.910> that<00:49:02.210> makes<00:49:02.390> sense<00:49:02.569> the<00:49:02.869> price<00:49:03.050> of 00:49:03.220 --> 00:49:03.230 align:start position:0% confirm oh that makes sense the price of 00:49:03.230 --> 00:49:07.450 align:start position:0% confirm oh that makes sense the price of the<00:49:03.290> SNP<00:49:03.619> is<00:49:03.710> not<00:49:03.920> 200<00:49:04.700> right<00:49:05.440> and<00:49:06.440> so<00:49:07.010> it<00:49:07.190> gives 00:49:07.450 --> 00:49:07.460 align:start position:0% the SNP is not 200 right and so it gives 00:49:07.460 --> 00:49:10.359 align:start position:0% the SNP is not 200 right and so it gives people<00:49:07.609> a<00:49:07.910> chance<00:49:07.940> to<00:49:08.210> review<00:49:08.510> so<00:49:09.109> as<00:49:09.470> you<00:49:10.250> can 00:49:10.359 --> 00:49:10.369 align:start position:0% people a chance to review so as you can 00:49:10.369 --> 00:49:12.730 align:start position:0% people a chance to review so as you can see<00:49:10.550> both<00:49:10.790> of<00:49:11.000> these<00:49:11.089> options<00:49:11.359> are<00:49:11.750> doable 00:49:12.730 --> 00:49:12.740 align:start position:0% see both of these options are doable 00:49:12.740 --> 00:49:15.250 align:start position:0% see both of these options are doable certainly<00:49:13.430> they<00:49:13.609> have<00:49:13.849> been<00:49:14.059> implemented<00:49:14.660> but 00:49:15.250 --> 00:49:15.260 align:start position:0% certainly they have been implemented but 00:49:15.260 --> 00:49:17.890 align:start position:0% certainly they have been implemented but they're<00:49:15.380> not<00:49:15.500> great<00:49:16.010> like<00:49:16.490> you<00:49:17.420> still<00:49:17.690> have 00:49:17.890 --> 00:49:17.900 align:start position:0% they're not great like you still have 00:49:17.900 --> 00:49:19.510 align:start position:0% they're not great like you still have this<00:49:18.050> whole<00:49:18.260> settlement<00:49:18.619> issue<00:49:18.890> we<00:49:19.309> still 00:49:19.510 --> 00:49:19.520 align:start position:0% this whole settlement issue we still 00:49:19.520 --> 00:49:24.790 align:start position:0% this whole settlement issue we still have<00:49:19.750> unverified<00:49:20.750> price<00:49:20.990> feeds<00:49:22.839> so<00:49:23.839> what<00:49:24.680> I'm 00:49:24.790 --> 00:49:24.800 align:start position:0% have unverified price feeds so what I'm 00:49:24.800 --> 00:49:27.940 align:start position:0% have unverified price feeds so what I'm gonna<00:49:24.950> propose<00:49:25.280> is<00:49:26.290> instead<00:49:27.290> of<00:49:27.440> pushing 00:49:27.940 --> 00:49:27.950 align:start position:0% gonna propose is instead of pushing 00:49:27.950 --> 00:49:31.000 align:start position:0% gonna propose is instead of pushing prices<00:49:28.640> to<00:49:28.819> smart<00:49:29.059> contracts<00:49:29.660> let's<00:49:30.650> let<00:49:30.890> the 00:49:31.000 --> 00:49:31.010 align:start position:0% prices to smart contracts let's let the 00:49:31.010 --> 00:49:32.680 align:start position:0% prices to smart contracts let's let the projects<00:49:31.400> just<00:49:31.550> pull<00:49:31.910> them<00:49:32.150> when<00:49:32.420> they<00:49:32.540> need 00:49:32.680 --> 00:49:32.690 align:start position:0% projects just pull them when they need 00:49:32.690 --> 00:49:37.030 align:start position:0% projects just pull them when they need them<00:49:33.250> right<00:49:34.250> so<00:49:34.790> instead<00:49:35.329> of<00:49:35.390> having<00:49:35.750> all<00:49:36.349> of 00:49:37.030 --> 00:49:37.040 align:start position:0% them right so instead of having all of 00:49:37.040 --> 00:49:39.490 align:start position:0% them right so instead of having all of these<00:49:37.400> prices<00:49:37.940> pushed<00:49:38.329> onto<00:49:39.079> the<00:49:39.230> smart 00:49:39.490 --> 00:49:39.500 align:start position:0% these prices pushed onto the smart 00:49:39.500 --> 00:49:42.190 align:start position:0% these prices pushed onto the smart contract<00:49:40.000> why<00:49:41.000> not<00:49:41.240> have<00:49:41.390> a<00:49:41.480> smart<00:49:41.750> contract 00:49:42.190 --> 00:49:42.200 align:start position:0% contract why not have a smart contract 00:49:42.200 --> 00:49:45.010 align:start position:0% contract why not have a smart contract that<00:49:42.440> says<00:49:42.740> okay<00:49:43.640> like<00:49:43.910> I<00:49:44.059> don't<00:49:44.240> need<00:49:44.540> to<00:49:44.750> know 00:49:45.010 --> 00:49:45.020 align:start position:0% that says okay like I don't need to know 00:49:45.020 --> 00:49:47.500 align:start position:0% that says okay like I don't need to know the<00:49:45.200> price<00:49:45.380> right<00:49:45.680> now<00:49:45.710> because<00:49:46.510> everything's 00:49:47.500 --> 00:49:47.510 align:start position:0% the price right now because everything's 00:49:47.510 --> 00:49:50.079 align:start position:0% the price right now because everything's going<00:49:47.780> fine<00:49:48.130> there<00:49:49.130> are<00:49:49.160> no<00:49:49.309> limitations<00:49:49.940> I 00:49:50.079 --> 00:49:50.089 align:start position:0% going fine there are no limitations I 00:49:50.089 --> 00:49:50.710 align:start position:0% going fine there are no limitations I don't<00:49:50.210> think<00:49:50.359> there<00:49:50.450> should<00:49:50.480> be<00:49:50.630> any 00:49:50.710 --> 00:49:50.720 align:start position:0% don't think there should be any 00:49:50.720 --> 00:49:53.770 align:start position:0% don't think there should be any limitations<00:49:51.470> it's<00:49:52.280> fine<00:49:52.579> right<00:49:53.030> so<00:49:53.359> so<00:49:53.599> we're 00:49:53.770 --> 00:49:53.780 align:start position:0% limitations it's fine right so so we're 00:49:53.780 --> 00:49:57.400 align:start position:0% limitations it's fine right so so we're here<00:49:54.079> everything's<00:49:54.770> going<00:49:55.130> fine<00:49:55.660> then<00:49:56.660> when 00:49:57.400 --> 00:49:57.410 align:start position:0% here everything's going fine then when 00:49:57.410 --> 00:49:59.349 align:start position:0% here everything's going fine then when you<00:49:57.559> see<00:49:57.890> in<00:49:58.069> this<00:49:58.190> defy<00:49:58.520> smart<00:49:58.819> contract<00:49:59.210> that 00:49:59.349 --> 00:49:59.359 align:start position:0% you see in this defy smart contract that 00:49:59.359 --> 00:50:00.640 align:start position:0% you see in this defy smart contract that there's<00:49:59.900> something<00:50:00.170> that<00:50:00.290> would<00:50:00.500> require 00:50:00.640 --> 00:50:00.650 align:start position:0% there's something that would require 00:50:00.650 --> 00:50:02.950 align:start position:0% there's something that would require their<00:50:01.069> price<00:50:01.309> say<00:50:02.059> oh<00:50:02.299> hey<00:50:02.599> like<00:50:02.809> I<00:50:02.900> think 00:50:02.950 --> 00:50:02.960 align:start position:0% their price say oh hey like I think 00:50:02.960 --> 00:50:05.079 align:start position:0% their price say oh hey like I think there<00:50:03.200> should<00:50:03.349> be<00:50:03.380> a<00:50:03.470> liquidation<00:50:03.890> here<00:50:04.220> why 00:50:05.079 --> 00:50:05.089 align:start position:0% there should be a liquidation here why 00:50:05.089 --> 00:50:06.970 align:start position:0% there should be a liquidation here why not<00:50:05.270> let<00:50:05.510> them<00:50:05.690> just<00:50:05.900> raise<00:50:06.319> that<00:50:06.559> as<00:50:06.710> an<00:50:06.799> issue 00:50:06.970 --> 00:50:06.980 align:start position:0% not let them just raise that as an issue 00:50:06.980 --> 00:50:09.010 align:start position:0% not let them just raise that as an issue I'm<00:50:07.640> going<00:50:07.790> to<00:50:07.849> call<00:50:08.030> that<00:50:08.059> a<00:50:08.270> dispute<00:50:08.780> in<00:50:08.869> this 00:50:09.010 --> 00:50:09.020 align:start position:0% I'm going to call that a dispute in this 00:50:09.020 --> 00:50:11.440 align:start position:0% I'm going to call that a dispute in this picture<00:50:09.349> but<00:50:10.130> raise<00:50:10.339> that<00:50:10.549> as<00:50:10.730> an<00:50:10.819> issue<00:50:11.000> and 00:50:11.440 --> 00:50:11.450 align:start position:0% picture but raise that as an issue and 00:50:11.450 --> 00:50:16.859 align:start position:0% picture but raise that as an issue and then<00:50:12.230> let<00:50:12.470> an<00:50:12.740> Oracle<00:50:13.190> handle<00:50:13.460> it 00:50:16.859 --> 00:50:16.869 align:start position:0% 00:50:16.869 --> 00:50:20.140 align:start position:0% so<00:50:17.869> this<00:50:18.260> concept<00:50:18.859> I<00:50:19.039> think<00:50:19.069> is<00:50:19.430> one<00:50:19.970> of<00:50:20.000> the 00:50:20.140 --> 00:50:20.150 align:start position:0% so this concept I think is one of the 00:50:20.150 --> 00:50:21.819 align:start position:0% so this concept I think is one of the most<00:50:20.690> important<00:50:21.200> things<00:50:21.349> that<00:50:21.470> king 00:50:21.819 --> 00:50:21.829 align:start position:0% most important things that king 00:50:21.829 --> 00:50:23.769 align:start position:0% most important things that king designing<00:50:22.819> like<00:50:22.970> finished<00:50:23.240> contracts<00:50:23.660> that 00:50:23.769 --> 00:50:23.779 align:start position:0% designing like finished contracts that 00:50:23.779 --> 00:50:26.890 align:start position:0% designing like finished contracts that are<00:50:23.900> compatible<00:50:24.200> with<00:50:24.529> an<00:50:25.039> Oracle<00:50:25.789> is<00:50:26.690> this 00:50:26.890 --> 00:50:26.900 align:start position:0% are compatible with an Oracle is this 00:50:26.900 --> 00:50:30.819 align:start position:0% are compatible with an Oracle is this movement<00:50:27.170> away<00:50:27.529> from<00:50:27.680> a<00:50:28.430> push<00:50:29.289> mentality<00:50:30.289> into 00:50:30.819 --> 00:50:30.829 align:start position:0% movement away from a push mentality into 00:50:30.829 --> 00:50:33.460 align:start position:0% movement away from a push mentality into a<00:50:31.010> poll<00:50:31.309> mentality<00:50:31.970> so<00:50:32.839> as<00:50:32.930> you<00:50:33.019> can<00:50:33.140> see<00:50:33.200> here 00:50:33.460 --> 00:50:33.470 align:start position:0% a poll mentality so as you can see here 00:50:33.470 --> 00:50:34.660 align:start position:0% a poll mentality so as you can see here right<00:50:33.500> you're<00:50:33.859> moving<00:50:34.099> away<00:50:34.220> from<00:50:34.369> having 00:50:34.660 --> 00:50:34.670 align:start position:0% right you're moving away from having 00:50:34.670 --> 00:50:36.519 align:start position:0% right you're moving away from having someone<00:50:35.059> pushed<00:50:35.510> prices<00:50:35.809> into<00:50:36.260> a<00:50:36.289> smart 00:50:36.519 --> 00:50:36.529 align:start position:0% someone pushed prices into a smart 00:50:36.529 --> 00:50:38.230 align:start position:0% someone pushed prices into a smart contract<00:50:36.680> and<00:50:37.190> just<00:50:37.670> letting<00:50:37.940> the<00:50:38.000> smart 00:50:38.230 --> 00:50:38.240 align:start position:0% contract and just letting the smart 00:50:38.240 --> 00:50:42.250 align:start position:0% contract and just letting the smart contract<00:50:38.680> pull<00:50:39.680> prices<00:50:40.309> from<00:50:41.019> hiddenness<00:50:42.019> can 00:50:42.250 --> 00:50:42.260 align:start position:0% contract pull prices from hiddenness can 00:50:42.260 --> 00:50:43.720 align:start position:0% contract pull prices from hiddenness can be<00:50:42.500> decentralized<00:50:42.829> economically 00:50:43.720 --> 00:50:43.730 align:start position:0% be decentralized economically 00:50:43.730 --> 00:50:45.579 align:start position:0% be decentralized economically guaranteeing<00:50:44.240> of<00:50:44.329> our<00:50:44.480> goal<00:50:44.690> and<00:50:44.960> just<00:50:45.349> pull 00:50:45.579 --> 00:50:45.589 align:start position:0% guaranteeing of our goal and just pull 00:50:45.589 --> 00:50:53.400 align:start position:0% guaranteeing of our goal and just pull those<00:50:45.769> prices<00:50:46.279> when<00:50:47.059> it<00:50:47.150> eats<00:50:47.329> them<00:50:49.779> great 00:50:53.400 --> 00:50:53.410 align:start position:0% 00:50:53.410 --> 00:50:55.200 align:start position:0% [Music] 00:50:55.200 --> 00:50:55.210 align:start position:0% [Music] 00:50:55.210 --> 00:50:58.859 align:start position:0% [Music] great<00:50:55.839> question<00:50:56.910> so<00:50:57.910> the<00:50:58.059> smart<00:50:58.300> contracts 00:50:58.859 --> 00:50:58.869 align:start position:0% great question so the smart contracts 00:50:58.869 --> 00:51:00.660 align:start position:0% great question so the smart contracts doesn't<00:50:59.559> know<00:50:59.650> what<00:50:59.829> the<00:50:59.920> prices<00:51:00.339> all<00:51:00.550> right 00:51:00.660 --> 00:51:00.670 align:start position:0% doesn't know what the prices all right 00:51:00.670 --> 00:51:01.799 align:start position:0% doesn't know what the prices all right because<00:51:00.819> the<00:51:00.910> support<00:51:01.059> contract<00:51:01.540> hasn't 00:51:01.799 --> 00:51:01.809 align:start position:0% because the support contract hasn't 00:51:01.809 --> 00:51:04.410 align:start position:0% because the support contract hasn't actually<00:51:02.440> pulled<00:51:03.069> for<00:51:03.339> a<00:51:03.369> price<00:51:03.640> it<00:51:04.030> doesn't 00:51:04.410 --> 00:51:04.420 align:start position:0% actually pulled for a price it doesn't 00:51:04.420 --> 00:51:05.760 align:start position:0% actually pulled for a price it doesn't know<00:51:04.569> it<00:51:05.020> doesn't<00:51:05.260> know<00:51:05.319> if<00:51:05.440> you<00:51:05.559> should<00:51:05.710> be 00:51:05.760 --> 00:51:05.770 align:start position:0% know it doesn't know if you should be 00:51:05.770 --> 00:51:07.740 align:start position:0% know it doesn't know if you should be liquidated<00:51:06.099> but<00:51:07.000> we've<00:51:07.119> got<00:51:07.270> a<00:51:07.300> bunch<00:51:07.599> of 00:51:07.740 --> 00:51:07.750 align:start position:0% liquidated but we've got a bunch of 00:51:07.750 --> 00:51:09.990 align:start position:0% liquidated but we've got a bunch of human<00:51:08.079> beings<00:51:08.380> interacting<00:51:09.309> or<00:51:09.430> I<00:51:09.640> guess<00:51:09.849> like 00:51:09.990 --> 00:51:10.000 align:start position:0% human beings interacting or I guess like 00:51:10.000 --> 00:51:12.420 align:start position:0% human beings interacting or I guess like other<00:51:10.359> robots<00:51:11.069> interacting<00:51:12.069> with<00:51:12.309> these 00:51:12.420 --> 00:51:12.430 align:start position:0% other robots interacting with these 00:51:12.430 --> 00:51:15.329 align:start position:0% other robots interacting with these smart<00:51:12.670> contracts<00:51:13.150> and<00:51:13.680> they<00:51:14.680> can<00:51:15.010> do<00:51:15.160> the<00:51:15.309> work 00:51:15.329 --> 00:51:15.339 align:start position:0% smart contracts and they can do the work 00:51:15.339 --> 00:51:18.780 align:start position:0% smart contracts and they can do the work of<00:51:15.700> saying<00:51:16.000> oh<00:51:16.240> based<00:51:16.930> on<00:51:17.170> my<00:51:17.700> assumption<00:51:18.700> of 00:51:18.780 --> 00:51:18.790 align:start position:0% of saying oh based on my assumption of 00:51:18.790 --> 00:51:20.099 align:start position:0% of saying oh based on my assumption of what<00:51:18.819> the<00:51:19.030> price<00:51:19.210> is<00:51:19.240> right<00:51:19.540> now<00:51:19.720> I<00:51:19.990> don't 00:51:20.099 --> 00:51:20.109 align:start position:0% what the price is right now I don't 00:51:20.109 --> 00:51:22.140 align:start position:0% what the price is right now I don't think<00:51:20.349> there<00:51:20.589> should<00:51:20.740> be<00:51:20.770> a<00:51:20.859> liquidation<00:51:21.250> so<00:51:22.119> I 00:51:22.140 --> 00:51:22.150 align:start position:0% think there should be a liquidation so I 00:51:22.150 --> 00:51:23.910 align:start position:0% think there should be a liquidation so I don't<00:51:22.450> need<00:51:22.660> to<00:51:22.809> raise<00:51:23.050> a<00:51:23.079> dispute<00:51:23.680> to<00:51:23.710> make 00:51:23.910 --> 00:51:23.920 align:start position:0% don't need to raise a dispute to make 00:51:23.920 --> 00:51:25.680 align:start position:0% don't need to raise a dispute to make that<00:51:24.069> smart<00:51:24.309> contract<00:51:24.700> to<00:51:24.790> pull<00:51:25.000> a<00:51:25.059> price<00:51:25.390> down 00:51:25.680 --> 00:51:25.690 align:start position:0% that smart contract to pull a price down 00:51:25.690 --> 00:51:29.670 align:start position:0% that smart contract to pull a price down what<00:51:26.589> I<00:51:26.619> can<00:51:26.859> do<00:51:26.980> is<00:51:27.099> I<00:51:27.220> can<00:51:27.280> say<00:51:27.579> well<00:51:28.450> it<00:51:29.440> looks 00:51:29.670 --> 00:51:29.680 align:start position:0% what I can do is I can say well it looks 00:51:29.680 --> 00:51:32.490 align:start position:0% what I can do is I can say well it looks fine<00:51:29.950> to<00:51:29.980> me<00:51:30.160> because<00:51:30.730> I<00:51:30.910> can<00:51:31.240> see<00:51:31.480> off<00:51:32.050> chain 00:51:32.490 --> 00:51:32.500 align:start position:0% fine to me because I can see off chain 00:51:32.500 --> 00:51:34.980 align:start position:0% fine to me because I can see off chain that<00:51:33.130> oh<00:51:33.490> like<00:51:34.000> I<00:51:34.089> look<00:51:34.270> at<00:51:34.359> the<00:51:34.450> price<00:51:34.690> on 00:51:34.980 --> 00:51:34.990 align:start position:0% that oh like I look at the price on 00:51:34.990 --> 00:51:37.319 align:start position:0% that oh like I look at the price on Bloomberg<00:51:35.349> it<00:51:35.680> looks<00:51:35.920> fine<00:51:36.220> I<00:51:36.550> think<00:51:37.089> that 00:51:37.319 --> 00:51:37.329 align:start position:0% Bloomberg it looks fine I think that 00:51:37.329 --> 00:51:39.930 align:start position:0% Bloomberg it looks fine I think that these<00:51:37.599> should<00:51:38.140> not<00:51:38.200> be<00:51:38.319> liquidated<00:51:38.770> I'm<00:51:39.640> okay 00:51:39.930 --> 00:51:39.940 align:start position:0% these should not be liquidated I'm okay 00:51:39.940 --> 00:51:41.790 align:start position:0% these should not be liquidated I'm okay I<00:51:39.970> don't<00:51:40.119> need<00:51:40.240> to<00:51:40.300> pull<00:51:40.540> a<00:51:40.569> price<00:51:40.780> so<00:51:41.500> I'm 00:51:41.790 --> 00:51:41.800 align:start position:0% I don't need to pull a price so I'm 00:51:41.800 --> 00:51:44.579 align:start position:0% I don't need to pull a price so I'm basically<00:51:41.980> saying<00:51:42.520> that<00:51:42.670> the<00:51:43.200> human<00:51:44.200> beings 00:51:44.579 --> 00:51:44.589 align:start position:0% basically saying that the human beings 00:51:44.589 --> 00:51:46.650 align:start position:0% basically saying that the human beings or<00:51:44.920> the<00:51:45.069> other<00:51:45.190> robots<00:51:45.550> interacting<00:51:46.450> with<00:51:46.630> a 00:51:46.650 --> 00:51:46.660 align:start position:0% or the other robots interacting with a 00:51:46.660 --> 00:51:49.319 align:start position:0% or the other robots interacting with a smart<00:51:46.960> contract<00:51:47.460> are<00:51:48.460> looking<00:51:48.880> at<00:51:48.970> that<00:51:49.119> smart 00:51:49.319 --> 00:51:49.329 align:start position:0% smart contract are looking at that smart 00:51:49.329 --> 00:51:51.059 align:start position:0% smart contract are looking at that smart contract<00:51:49.690> and<00:51:49.839> saying<00:51:50.020> I<00:51:50.170> don't<00:51:50.470> need<00:51:50.770> to<00:51:50.950> go 00:51:51.059 --> 00:51:51.069 align:start position:0% contract and saying I don't need to go 00:51:51.069 --> 00:51:53.910 align:start position:0% contract and saying I don't need to go pull<00:51:51.369> a<00:51:51.400> price<00:51:51.700> right<00:51:51.940> now<00:51:52.260> I'm<00:51:53.260> letting<00:51:53.559> them 00:51:53.910 --> 00:51:53.920 align:start position:0% pull a price right now I'm letting them 00:51:53.920 --> 00:51:56.370 align:start position:0% pull a price right now I'm letting them decide<00:51:54.339> when<00:51:54.970> okay<00:51:55.869> there's<00:51:56.050> actually<00:51:56.200> a 00:51:56.370 --> 00:51:56.380 align:start position:0% decide when okay there's actually a 00:51:56.380 --> 00:51:58.170 align:start position:0% decide when okay there's actually a situation<00:51:56.589> where<00:51:57.099> someone's<00:51:57.579> actually<00:51:58.059> in 00:51:58.170 --> 00:51:58.180 align:start position:0% situation where someone's actually in 00:51:58.180 --> 00:51:59.880 align:start position:0% situation where someone's actually in default<00:51:58.480> someone<00:51:58.930> needs<00:51:59.200> to<00:51:59.380> be<00:51:59.559> disputed 00:51:59.880 --> 00:51:59.890 align:start position:0% default someone needs to be disputed 00:51:59.890 --> 00:52:02.190 align:start position:0% default someone needs to be disputed someone<00:52:00.640> needs<00:52:00.819> to<00:52:00.910> be<00:52:01.000> liquidated<00:52:01.390> at<00:52:01.720> that 00:52:02.190 --> 00:52:02.200 align:start position:0% someone needs to be liquidated at that 00:52:02.200 --> 00:52:04.980 align:start position:0% someone needs to be liquidated at that time<00:52:02.500> there<00:52:03.309> needs<00:52:03.579> to<00:52:03.700> be<00:52:03.849> an<00:52:04.299> issue<00:52:04.720> that's 00:52:04.980 --> 00:52:04.990 align:start position:0% time there needs to be an issue that's 00:52:04.990 --> 00:52:08.760 align:start position:0% time there needs to be an issue that's raised<00:52:05.319> to<00:52:05.920> another<00:52:06.609> power<00:52:07.290> that<00:52:08.290> I<00:52:08.380> can<00:52:08.559> say 00:52:08.760 --> 00:52:08.770 align:start position:0% raised to another power that I can say 00:52:08.770 --> 00:52:11.339 align:start position:0% raised to another power that I can say okay<00:52:09.700> you're<00:52:10.000> correct<00:52:10.450> you're<00:52:10.930> right<00:52:11.170> and 00:52:11.339 --> 00:52:11.349 align:start position:0% okay you're correct you're right and 00:52:11.349 --> 00:52:13.620 align:start position:0% okay you're correct you're right and segregated<00:52:12.010> I'm<00:52:12.609> now<00:52:12.880> going<00:52:13.089> to<00:52:13.180> give<00:52:13.420> you<00:52:13.510> the 00:52:13.620 --> 00:52:13.630 align:start position:0% segregated I'm now going to give you the 00:52:13.630 --> 00:52:18.690 align:start position:0% segregated I'm now going to give you the final<00:52:13.930> verdict<00:52:14.319> on<00:52:14.500> what<00:52:14.829> that<00:52:14.980> price<00:52:15.190> is 00:52:18.690 --> 00:52:18.700 align:start position:0% 00:52:18.700 --> 00:52:21.010 align:start position:0% great<00:52:19.700> question 00:52:21.010 --> 00:52:21.020 align:start position:0% great question 00:52:21.020 --> 00:52:22.390 align:start position:0% great question I<00:52:21.050> actually<00:52:21.440> know<00:52:21.680> it's<00:52:21.830> a<00:52:21.890> really<00:52:22.280> great 00:52:22.390 --> 00:52:22.400 align:start position:0% I actually know it's a really great 00:52:22.400 --> 00:52:24.790 align:start position:0% I actually know it's a really great technical<00:52:22.880> question<00:52:23.270> left<00:52:23.450> oh<00:52:23.780> sorry<00:52:24.260> are<00:52:24.440> we 00:52:24.790 --> 00:52:24.800 align:start position:0% technical question left oh sorry are we 00:52:24.800 --> 00:52:26.190 align:start position:0% technical question left oh sorry are we worried<00:52:25.130> about<00:52:25.160> das<00:52:25.460> attacks 00:52:26.190 --> 00:52:26.200 align:start position:0% worried about das attacks 00:52:26.200 --> 00:52:28.600 align:start position:0% worried about das attacks great<00:52:27.200> question<00:52:27.650> our<00:52:27.890> team<00:52:28.130> has<00:52:28.280> done<00:52:28.310> some 00:52:28.600 --> 00:52:28.610 align:start position:0% great question our team has done some 00:52:28.610 --> 00:52:30.430 align:start position:0% great question our team has done some thinking<00:52:28.790> on<00:52:29.060> that<00:52:29.090> I<00:52:29.630> will<00:52:30.050> put<00:52:30.200> you<00:52:30.290> in<00:52:30.410> touch 00:52:30.430 --> 00:52:30.440 align:start position:0% thinking on that I will put you in touch 00:52:30.440 --> 00:52:34.690 align:start position:0% thinking on that I will put you in touch with<00:52:30.590> this<00:52:31.190> people<00:52:31.369> after<00:52:31.850> this<00:52:32.980> so<00:52:33.980> what<00:52:34.520> I 00:52:34.690 --> 00:52:34.700 align:start position:0% with this people after this so what I 00:52:34.700 --> 00:52:36.190 align:start position:0% with this people after this so what I want<00:52:35.000> I<00:52:35.090> want<00:52:35.240> to<00:52:35.270> get<00:52:35.390> through<00:52:35.660> the<00:52:35.780> rest<00:52:35.960> of 00:52:36.190 --> 00:52:36.200 align:start position:0% want I want to get through the rest of 00:52:36.200 --> 00:52:38.350 align:start position:0% want I want to get through the rest of these<00:52:37.130> slides<00:52:37.190> because<00:52:37.760> I<00:52:37.940> do<00:52:38.000> want<00:52:38.330> to 00:52:38.350 --> 00:52:38.360 align:start position:0% these slides because I do want to 00:52:38.360 --> 00:52:40.540 align:start position:0% these slides because I do want to mention<00:52:38.540> this<00:52:38.930> in<00:52:39.140> the<00:52:39.530> context<00:52:40.040> of<00:52:40.130> synthetic 00:52:40.540 --> 00:52:40.550 align:start position:0% mention this in the context of synthetic 00:52:40.550 --> 00:52:42.550 align:start position:0% mention this in the context of synthetic tokens<00:52:40.880> which<00:52:41.000> I<00:52:41.090> hope<00:52:41.300> will<00:52:41.450> be<00:52:41.630> helpful<00:52:41.930> in 00:52:42.550 --> 00:52:42.560 align:start position:0% tokens which I hope will be helpful in 00:52:42.560 --> 00:52:44.380 align:start position:0% tokens which I hope will be helpful in understanding<00:52:42.650> the<00:52:43.190> framework<00:52:43.550> more<00:52:44.210> than 00:52:44.380 --> 00:52:44.390 align:start position:0% understanding the framework more than 00:52:44.390 --> 00:52:45.940 align:start position:0% understanding the framework more than happy<00:52:44.540> to<00:52:44.630> take<00:52:44.780> questions<00:52:44.960> after<00:52:45.619> this<00:52:45.740> and 00:52:45.940 --> 00:52:45.950 align:start position:0% happy to take questions after this and 00:52:45.950 --> 00:52:49.510 align:start position:0% happy to take questions after this and outside<00:52:46.720> cool<00:52:47.720> so<00:52:48.170> I<00:52:48.500> talked<00:52:49.220> about<00:52:49.280> this 00:52:49.510 --> 00:52:49.520 align:start position:0% outside cool so I talked about this 00:52:49.520 --> 00:52:52.030 align:start position:0% outside cool so I talked about this framework<00:52:49.820> right<00:52:50.260> now<00:52:51.260> let's<00:52:51.440> talk<00:52:51.619> about<00:52:51.770> how 00:52:52.030 --> 00:52:52.040 align:start position:0% framework right now let's talk about how 00:52:52.040 --> 00:52:53.950 align:start position:0% framework right now let's talk about how you<00:52:52.100> might<00:52:52.400> apply<00:52:52.880> them<00:52:53.300> to<00:52:53.510> the<00:52:53.750> synthetic 00:52:53.950 --> 00:52:53.960 align:start position:0% you might apply them to the synthetic 00:52:53.960 --> 00:52:55.510 align:start position:0% you might apply them to the synthetic tokens<00:52:54.590> that<00:52:54.740> we<00:52:54.890> were<00:52:54.980> just<00:52:55.130> talking<00:52:55.460> about 00:52:55.510 --> 00:52:55.520 align:start position:0% tokens that we were just talking about 00:52:55.520 --> 00:52:57.609 align:start position:0% tokens that we were just talking about because<00:52:56.030> in<00:52:56.300> the<00:52:56.630> synthetic<00:52:56.810> tokens<00:52:57.290> before 00:52:57.609 --> 00:52:57.619 align:start position:0% because in the synthetic tokens before 00:52:57.619 --> 00:52:59.740 align:start position:0% because in the synthetic tokens before right<00:52:57.800> there<00:52:58.460> still<00:52:58.760> is<00:52:58.940> that<00:52:59.119> problem<00:52:59.570> of 00:52:59.740 --> 00:52:59.750 align:start position:0% right there still is that problem of 00:52:59.750 --> 00:53:01.240 align:start position:0% right there still is that problem of okay<00:53:00.380> we've<00:53:00.590> got<00:53:00.710> these<00:53:00.800> aren't<00:53:01.010> we<00:53:01.160> and 00:53:01.240 --> 00:53:01.250 align:start position:0% okay we've got these aren't we and 00:53:01.250 --> 00:53:02.500 align:start position:0% okay we've got these aren't we and phrases<00:53:01.520> to<00:53:01.550> each<00:53:01.700> other<00:53:01.850> team<00:53:02.060> is<00:53:02.150> really 00:53:02.500 --> 00:53:02.510 align:start position:0% phrases to each other team is really 00:53:02.510 --> 00:53:04.390 align:start position:0% phrases to each other team is really hard<00:53:02.750> to<00:53:02.869> put<00:53:03.020> on<00:53:03.050> chaining<00:53:03.530> but<00:53:04.100> those<00:53:04.250> are 00:53:04.390 --> 00:53:04.400 align:start position:0% hard to put on chaining but those are 00:53:04.400 --> 00:53:07.060 align:start position:0% hard to put on chaining but those are still<00:53:04.520> comfortable<00:53:05.270> and<00:53:05.480> potentially<00:53:06.070> could 00:53:07.060 --> 00:53:07.070 align:start position:0% still comfortable and potentially could 00:53:07.070 --> 00:53:09.550 align:start position:0% still comfortable and potentially could cause<00:53:07.280> limitations<00:53:08.210> on<00:53:08.300> their<00:53:08.390> Trinity<00:53:08.750> so 00:53:09.550 --> 00:53:09.560 align:start position:0% cause limitations on their Trinity so 00:53:09.560 --> 00:53:11.350 align:start position:0% cause limitations on their Trinity so how<00:53:09.740> do<00:53:09.800> we<00:53:09.920> make<00:53:10.130> these<00:53:10.310> synthetic<00:53:10.760> tokens<00:53:11.090> in 00:53:11.350 --> 00:53:11.360 align:start position:0% how do we make these synthetic tokens in 00:53:11.360 --> 00:53:15.970 align:start position:0% how do we make these synthetic tokens in the<00:53:11.840> priceless<00:53:12.170> framework<00:53:12.830> I<00:53:14.380> I<00:53:15.380> kind<00:53:15.860> of 00:53:15.970 --> 00:53:15.980 align:start position:0% the priceless framework I I kind of 00:53:15.980 --> 00:53:17.350 align:start position:0% the priceless framework I I kind of mentioned<00:53:16.310> this<00:53:16.550> in<00:53:16.730> my<00:53:16.760> answer<00:53:17.150> to<00:53:17.330> that 00:53:17.350 --> 00:53:17.360 align:start position:0% mentioned this in my answer to that 00:53:17.360 --> 00:53:21.609 align:start position:0% mentioned this in my answer to that questions<00:53:18.020> that<00:53:18.170> I<00:53:18.410> took<00:53:18.860> it<00:53:19.010> but<00:53:20.470> here<00:53:21.470> does 00:53:21.609 --> 00:53:21.619 align:start position:0% questions that I took it but here does 00:53:21.619 --> 00:53:23.500 align:start position:0% questions that I took it but here does it<00:53:21.710> here's<00:53:21.890> what<00:53:22.040> you<00:53:22.100> can<00:53:22.250> do<00:53:22.369> right<00:53:22.640> you've 00:53:23.500 --> 00:53:23.510 align:start position:0% it here's what you can do right you've 00:53:23.510 --> 00:53:25.000 align:start position:0% it here's what you can do right you've got<00:53:23.780> the<00:53:24.020> token<00:53:24.230> facility 00:53:25.000 --> 00:53:25.010 align:start position:0% got the token facility 00:53:25.010 --> 00:53:26.650 align:start position:0% got the token facility you<00:53:25.190> know<00:53:25.400> there's<00:53:25.700> backing<00:53:26.090> collateral<00:53:26.540> in 00:53:26.650 --> 00:53:26.660 align:start position:0% you know there's backing collateral in 00:53:26.660 --> 00:53:29.440 align:start position:0% you know there's backing collateral in it<00:53:26.780> and<00:53:26.960> you<00:53:27.859> know<00:53:28.100> that<00:53:28.460> there<00:53:28.760> is<00:53:28.970> some 00:53:29.440 --> 00:53:29.450 align:start position:0% it and you know that there is some 00:53:29.450 --> 00:53:33.040 align:start position:0% it and you know that there is some hearts<00:53:29.690> proto<00:53:29.900> plot<00:53:30.310> so<00:53:31.310> I<00:53:31.550> can<00:53:32.420> see<00:53:32.780> this 00:53:33.040 --> 00:53:33.050 align:start position:0% hearts proto plot so I can see this 00:53:33.050 --> 00:53:36.160 align:start position:0% hearts proto plot so I can see this information<00:53:33.260> I<00:53:33.920> can<00:53:34.609> see<00:53:34.970> this<00:53:35.930> information 00:53:36.160 --> 00:53:36.170 align:start position:0% information I can see this information 00:53:36.170 --> 00:53:38.230 align:start position:0% information I can see this information kind<00:53:36.740> of<00:53:36.890> but<00:53:37.340> what<00:53:37.460> I<00:53:37.490> really<00:53:37.760> did<00:53:37.880> see<00:53:38.030> is<00:53:38.119> the 00:53:38.230 --> 00:53:38.240 align:start position:0% kind of but what I really did see is the 00:53:38.240 --> 00:53:41.710 align:start position:0% kind of but what I really did see is the total<00:53:38.540> clock<00:53:38.750> and<00:53:39.400> then<00:53:40.400> I'm<00:53:40.760> sorry<00:53:41.570> I'm 00:53:41.710 --> 00:53:41.720 align:start position:0% total clock and then I'm sorry I'm 00:53:41.720 --> 00:53:43.570 align:start position:0% total clock and then I'm sorry I'm saying<00:53:41.960> I<00:53:42.080> is<00:53:42.200> the<00:53:42.680> token<00:53:42.890> holder<00:53:43.220> right<00:53:43.430> so 00:53:43.570 --> 00:53:43.580 align:start position:0% saying I is the token holder right so 00:53:43.580 --> 00:53:45.040 align:start position:0% saying I is the token holder right so I'm<00:53:43.730> someone<00:53:44.030> who<00:53:44.119> holds<00:53:44.450> a<00:53:44.510> token<00:53:44.840> that<00:53:44.869> was 00:53:45.040 --> 00:53:45.050 align:start position:0% I'm someone who holds a token that was 00:53:45.050 --> 00:53:47.650 align:start position:0% I'm someone who holds a token that was patient<00:53:45.410> right<00:53:45.560> here<00:53:45.820> what<00:53:46.820> I<00:53:46.850> can<00:53:47.119> say<00:53:47.330> is<00:53:47.510> I 00:53:47.650 --> 00:53:47.660 align:start position:0% patient right here what I can say is I 00:53:47.660 --> 00:53:51.280 align:start position:0% patient right here what I can say is I see<00:53:48.050> the<00:53:48.230> total<00:53:48.560> cloud<00:53:49.000> when<00:53:50.000> I<00:53:50.030> look<00:53:50.510> outside 00:53:51.280 --> 00:53:51.290 align:start position:0% see the total cloud when I look outside 00:53:51.290 --> 00:53:53.710 align:start position:0% see the total cloud when I look outside of<00:53:51.710> tests<00:53:52.040> that<00:53:52.130> I<00:53:52.310> love<00:53:52.609> and<00:53:52.880> I<00:53:52.940> say<00:53:53.119> oh<00:53:53.300> a 00:53:53.710 --> 00:53:53.720 align:start position:0% of tests that I love and I say oh a 00:53:53.720 --> 00:53:54.930 align:start position:0% of tests that I love and I say oh a bloomberg<00:53:54.080> is<00:53:54.200> telling<00:53:54.440> you<00:53:54.500> this<00:53:54.619> price 00:53:54.930 --> 00:53:54.940 align:start position:0% bloomberg is telling you this price 00:53:54.940 --> 00:53:58.870 align:start position:0% bloomberg is telling you this price based<00:53:55.940> on<00:53:56.180> that<00:53:56.450> information<00:53:56.720> I<00:53:57.530> can<00:53:58.340> say<00:53:58.520> well 00:53:58.870 --> 00:53:58.880 align:start position:0% based on that information I can say well 00:53:58.880 --> 00:54:00.490 align:start position:0% based on that information I can say well that<00:53:59.030> looks<00:53:59.240> right<00:53:59.450> okay<00:53:59.869> he's<00:54:00.080> got<00:54:00.230> enough 00:54:00.490 --> 00:54:00.500 align:start position:0% that looks right okay he's got enough 00:54:00.500 --> 00:54:03.849 align:start position:0% that looks right okay he's got enough collateral<00:54:01.100> that<00:54:01.280> it's<00:54:01.910> that<00:54:02.390> price<00:54:02.810> we're<00:54:03.770> to 00:54:03.849 --> 00:54:03.859 align:start position:0% collateral that it's that price we're to 00:54:03.859 --> 00:54:05.859 align:start position:0% collateral that it's that price we're to be<00:54:03.980> pulled<00:54:04.369> onto<00:54:04.790> the<00:54:04.940> blockchain<00:54:05.240> right<00:54:05.720> now 00:54:05.859 --> 00:54:05.869 align:start position:0% be pulled onto the blockchain right now 00:54:05.869 --> 00:54:08.410 align:start position:0% be pulled onto the blockchain right now and<00:54:06.260> it<00:54:06.710> really<00:54:06.980> were<00:54:07.220> that<00:54:07.369> price<00:54:07.640> there 00:54:08.410 --> 00:54:08.420 align:start position:0% and it really were that price there 00:54:08.420 --> 00:54:10.780 align:start position:0% and it really were that price there would<00:54:08.570> be<00:54:08.600> no<00:54:08.840> issue<00:54:09.160> this<00:54:10.160> person<00:54:10.609> wouldn't 00:54:10.780 --> 00:54:10.790 align:start position:0% would be no issue this person wouldn't 00:54:10.790 --> 00:54:12.130 align:start position:0% would be no issue this person wouldn't have<00:54:10.940> enough<00:54:11.180> back<00:54:11.359> in<00:54:11.390> collateral<00:54:11.750> they 00:54:12.130 --> 00:54:12.140 align:start position:0% have enough back in collateral they 00:54:12.140 --> 00:54:12.790 align:start position:0% have enough back in collateral they would<00:54:12.290> have<00:54:12.500> an 00:54:12.790 --> 00:54:12.800 align:start position:0% would have an 00:54:12.800 --> 00:54:14.680 align:start position:0% would have an to<00:54:12.920> meet<00:54:13.070> the<00:54:13.190> required<00:54:13.550> collateral<00:54:14.120> these 00:54:14.680 --> 00:54:14.690 align:start position:0% to meet the required collateral these 00:54:14.690 --> 00:54:16.390 align:start position:0% to meet the required collateral these question<00:54:15.290> marks<00:54:15.320> would<00:54:15.740> turn<00:54:15.920> into<00:54:16.070> checks 00:54:16.390 --> 00:54:16.400 align:start position:0% question marks would turn into checks 00:54:16.400 --> 00:54:20.140 align:start position:0% question marks would turn into checks and<00:54:17.110> so<00:54:18.110> what<00:54:18.830> I<00:54:18.860> can<00:54:19.160> do<00:54:19.310> as<00:54:19.460> a<00:54:19.490> token<00:54:19.760> holder 00:54:20.140 --> 00:54:20.150 align:start position:0% and so what I can do as a token holder 00:54:20.150 --> 00:54:23.320 align:start position:0% and so what I can do as a token holder is<00:54:20.270> say<00:54:20.500> this<00:54:21.500> looks<00:54:21.770> fine<00:54:22.040> I<00:54:22.400> don't<00:54:22.790> need<00:54:23.150> you 00:54:23.320 --> 00:54:23.330 align:start position:0% is say this looks fine I don't need you 00:54:23.330 --> 00:54:26.260 align:start position:0% is say this looks fine I don't need you to<00:54:23.480> pull<00:54:23.690> in<00:54:23.900> a<00:54:24.220> price<00:54:25.220> I<00:54:25.550> don't<00:54:25.790> need<00:54:25.940> you<00:54:26.120> to 00:54:26.260 --> 00:54:26.270 align:start position:0% to pull in a price I don't need you to 00:54:26.270 --> 00:54:28.660 align:start position:0% to pull in a price I don't need you to pull<00:54:27.050> that<00:54:27.080> data<00:54:27.380> and<00:54:27.800> perform<00:54:28.340> that<00:54:28.490> very 00:54:28.660 --> 00:54:28.670 align:start position:0% pull that data and perform that very 00:54:28.670 --> 00:54:30.640 align:start position:0% pull that data and perform that very expensive<00:54:29.210> check<00:54:30.170> to<00:54:30.350> make<00:54:30.440> sure<00:54:30.500> that 00:54:30.640 --> 00:54:30.650 align:start position:0% expensive check to make sure that 00:54:30.650 --> 00:54:33.220 align:start position:0% expensive check to make sure that everyone<00:54:31.070> agrees<00:54:31.340> on<00:54:31.490> the<00:54:31.580> price<00:54:31.930> this<00:54:32.930> looks 00:54:33.220 --> 00:54:33.230 align:start position:0% everyone agrees on the price this looks 00:54:33.230 --> 00:54:36.130 align:start position:0% everyone agrees on the price this looks fine<00:54:33.440> I'm<00:54:33.740> happy<00:54:34.130> with<00:54:34.220> it<00:54:34.310> the<00:54:35.270> token<00:54:35.630> sponsor 00:54:36.130 --> 00:54:36.140 align:start position:0% fine I'm happy with it the token sponsor 00:54:36.140 --> 00:54:39.010 align:start position:0% fine I'm happy with it the token sponsor is<00:54:36.350> free<00:54:36.770> right<00:54:37.100> now<00:54:37.490> to<00:54:37.670> keep<00:54:38.060> depositing<00:54:38.480> or 00:54:39.010 --> 00:54:39.020 align:start position:0% is free right now to keep depositing or 00:54:39.020 --> 00:54:40.630 align:start position:0% is free right now to keep depositing or withdrawing<00:54:39.380> margins<00:54:39.920> from<00:54:40.130> their<00:54:40.340> token 00:54:40.630 --> 00:54:40.640 align:start position:0% withdrawing margins from their token 00:54:40.640 --> 00:54:42.340 align:start position:0% withdrawing margins from their token facility<00:54:41.060> they're<00:54:41.240> free<00:54:41.510> to<00:54:41.690> keep<00:54:41.900> doing<00:54:42.230> this 00:54:42.340 --> 00:54:42.350 align:start position:0% facility they're free to keep doing this 00:54:42.350 --> 00:54:45.870 align:start position:0% facility they're free to keep doing this because<00:54:43.310> no<00:54:44.060> one's<00:54:44.270> disputed<00:54:44.900> his<00:54:45.020> position 00:54:45.870 --> 00:54:45.880 align:start position:0% because no one's disputed his position 00:54:45.880 --> 00:54:51.370 align:start position:0% because no one's disputed his position but<00:54:48.640> if<00:54:49.640> something<00:54:50.180> were<00:54:50.300> to<00:54:50.360> happen<00:54:50.510> let's 00:54:51.370 --> 00:54:51.380 align:start position:0% but if something were to happen let's 00:54:51.380 --> 00:54:52.810 align:start position:0% but if something were to happen let's say<00:54:51.470> I<00:54:51.560> look<00:54:51.860> off<00:54:52.040> chain<00:54:52.340> on<00:54:52.460> the<00:54:52.550> chod<00:54:52.700> we 00:54:52.810 --> 00:54:52.820 align:start position:0% say I look off chain on the chod we 00:54:52.820 --> 00:54:54.070 align:start position:0% say I look off chain on the chod we called<00:54:53.000> our<00:54:53.180> little<00:54:53.390> Goff<00:54:53.540> chain<00:54:53.810> and<00:54:54.020> the 00:54:54.070 --> 00:54:54.080 align:start position:0% called our little Goff chain and the 00:54:54.080 --> 00:54:56.190 align:start position:0% called our little Goff chain and the price<00:54:54.290> actually<00:54:54.770> looks<00:54:55.040> really<00:54:55.280> really<00:54:55.910> high 00:54:56.190 --> 00:54:56.200 align:start position:0% price actually looks really really high 00:54:56.200 --> 00:54:58.410 align:start position:0% price actually looks really really high and<00:54:57.200> I<00:54:57.320> think<00:54:57.560> to<00:54:57.620> myself 00:54:58.410 --> 00:54:58.420 align:start position:0% and I think to myself 00:54:58.420 --> 00:55:01.720 align:start position:0% and I think to myself the<00:54:59.420> total<00:54:59.720> collateral<00:55:00.280> actually<00:55:01.280> is<00:55:01.400> lower 00:55:01.720 --> 00:55:01.730 align:start position:0% the total collateral actually is lower 00:55:01.730 --> 00:55:03.550 align:start position:0% the total collateral actually is lower than<00:55:02.030> the<00:55:02.150> required<00:55:02.480> collateral<00:55:03.020> there 00:55:03.550 --> 00:55:03.560 align:start position:0% than the required collateral there 00:55:03.560 --> 00:55:05.620 align:start position:0% than the required collateral there should<00:55:03.860> be<00:55:03.980> more<00:55:04.220> collateral<00:55:04.550> in<00:55:04.850> here<00:55:05.030> right 00:55:05.620 --> 00:55:05.630 align:start position:0% should be more collateral in here right 00:55:05.630 --> 00:55:07.570 align:start position:0% should be more collateral in here right that's<00:55:05.810> an<00:55:06.050> issue<00:55:06.170> why<00:55:06.680> it's<00:55:06.830> a<00:55:06.890> spread<00:55:07.130> right 00:55:07.570 --> 00:55:07.580 align:start position:0% that's an issue why it's a spread right 00:55:07.580 --> 00:55:10.480 align:start position:0% that's an issue why it's a spread right that's<00:55:08.060> an<00:55:08.270> issue<00:55:08.590> so<00:55:09.590> what<00:55:09.800> should<00:55:09.950> I<00:55:10.040> do 00:55:10.480 --> 00:55:10.490 align:start position:0% that's an issue so what should I do 00:55:10.490 --> 00:55:15.370 align:start position:0% that's an issue so what should I do I<00:55:10.520> should<00:55:11.360> say<00:55:12.280> that<00:55:13.280> looks<00:55:13.550> wrong<00:55:13.930> EVM<00:55:14.960> help 00:55:15.370 --> 00:55:15.380 align:start position:0% I should say that looks wrong EVM help 00:55:15.380 --> 00:55:18.340 align:start position:0% I should say that looks wrong EVM help us<00:55:15.560> resolve<00:55:15.710> this<00:55:16.070> dispute<00:55:16.750> raise<00:55:17.750> this<00:55:18.050> issue 00:55:18.340 --> 00:55:18.350 align:start position:0% us resolve this dispute raise this issue 00:55:18.350 --> 00:55:20.950 align:start position:0% us resolve this dispute raise this issue -<00:55:19.130> as<00:55:19.370> I<00:55:19.460> was<00:55:19.610> saying<00:55:19.850> before<00:55:19.910> the<00:55:20.510> other<00:55:20.630> power 00:55:20.950 --> 00:55:20.960 align:start position:0% - as I was saying before the other power 00:55:20.960 --> 00:55:23.560 align:start position:0% - as I was saying before the other power this<00:55:21.410> is<00:55:21.470> DBM<00:55:21.890> raise<00:55:22.640> this<00:55:22.850> issue<00:55:23.000> to<00:55:23.210> them<00:55:23.330> and 00:55:23.560 --> 00:55:23.570 align:start position:0% this is DBM raise this issue to them and 00:55:23.570 --> 00:55:25.810 align:start position:0% this is DBM raise this issue to them and say<00:55:23.750> hey<00:55:24.410> we<00:55:24.650> need<00:55:24.770> you<00:55:24.920> to<00:55:25.040> pull<00:55:25.280> a<00:55:25.310> price<00:55:25.640> off 00:55:25.810 --> 00:55:25.820 align:start position:0% say hey we need you to pull a price off 00:55:25.820 --> 00:55:27.790 align:start position:0% say hey we need you to pull a price off chain<00:55:26.060> now<00:55:26.210> we<00:55:26.870> need<00:55:27.080> you<00:55:27.200> to<00:55:27.320> come<00:55:27.530> and 00:55:27.790 --> 00:55:27.800 align:start position:0% chain now we need you to come and 00:55:27.800 --> 00:55:29.200 align:start position:0% chain now we need you to come and resolve<00:55:27.950> this<00:55:28.280> dispute<00:55:28.490> because<00:55:28.940> I<00:55:29.090> think 00:55:29.200 --> 00:55:29.210 align:start position:0% resolve this dispute because I think 00:55:29.210 --> 00:55:31.660 align:start position:0% resolve this dispute because I think this<00:55:29.660> guy<00:55:29.900> is<00:55:29.930> under<00:55:30.410> collateralized<00:55:31.040> you 00:55:31.660 --> 00:55:31.670 align:start position:0% this guy is under collateralized you 00:55:31.670 --> 00:55:33.750 align:start position:0% this guy is under collateralized you need<00:55:31.820> to<00:55:31.940> help<00:55:32.120> us<00:55:32.330> resolve<00:55:32.540> that<00:55:32.810> issue<00:55:32.990> and 00:55:33.750 --> 00:55:33.760 align:start position:0% need to help us resolve that issue and 00:55:33.760 --> 00:55:36.400 align:start position:0% need to help us resolve that issue and that's<00:55:34.760> why<00:55:35.000> you<00:55:35.180> miss<00:55:35.360> building<00:55:35.690> a<00:55:35.750> TPM<00:55:36.110> to 00:55:36.400 --> 00:55:36.410 align:start position:0% that's why you miss building a TPM to 00:55:36.410 --> 00:55:38.440 align:start position:0% that's why you miss building a TPM to help<00:55:37.280> you<00:55:37.430> answer<00:55:37.550> that<00:55:37.760> question<00:55:38.120> right<00:55:38.150> to 00:55:38.440 --> 00:55:38.450 align:start position:0% help you answer that question right to 00:55:38.450 --> 00:55:41.140 align:start position:0% help you answer that question right to say<00:55:38.630> hi<00:55:39.500> how<00:55:39.740> can<00:55:39.800> I<00:55:39.980> help<00:55:40.010> in<00:55:40.490> this<00:55:40.580> situation 00:55:41.140 --> 00:55:41.150 align:start position:0% say hi how can I help in this situation 00:55:41.150 --> 00:55:43.900 align:start position:0% say hi how can I help in this situation great<00:55:41.600> so<00:55:42.110> we've<00:55:42.260> got<00:55:42.500> these<00:55:43.340> two<00:55:43.700> scenarios 00:55:43.900 --> 00:55:43.910 align:start position:0% great so we've got these two scenarios 00:55:43.910 --> 00:55:46.870 align:start position:0% great so we've got these two scenarios right<00:55:44.420> in<00:55:44.630> the<00:55:45.020> happy<00:55:45.380> path<00:55:45.590> in<00:55:46.040> the<00:55:46.700> happy 00:55:46.870 --> 00:55:46.880 align:start position:0% right in the happy path in the happy 00:55:46.880 --> 00:55:49.750 align:start position:0% right in the happy path in the happy scenario<00:55:47.150> this<00:55:48.140> is<00:55:48.320> going<00:55:48.620> on<00:55:48.800> no<00:55:49.430> one<00:55:49.580> needs 00:55:49.750 --> 00:55:49.760 align:start position:0% scenario this is going on no one needs 00:55:49.760 --> 00:55:51.870 align:start position:0% scenario this is going on no one needs to<00:55:49.850> pull<00:55:50.180> an<00:55:50.360> expensive<00:55:50.810> price<00:55:51.170> on<00:55:51.440> chain 00:55:51.870 --> 00:55:51.880 align:start position:0% to pull an expensive price on chain 00:55:51.880 --> 00:55:54.010 align:start position:0% to pull an expensive price on chain tokens<00:55:52.880> phones<00:55:53.060> that<00:55:53.180> are<00:55:53.270> free<00:55:53.480> to<00:55:53.570> deposit 00:55:54.010 --> 00:55:54.020 align:start position:0% tokens phones that are free to deposit 00:55:54.020 --> 00:55:56.260 align:start position:0% tokens phones that are free to deposit and<00:55:54.140> withdraw<00:55:54.530> with<00:55:54.830> no<00:55:55.040> delay<00:55:55.370> well<00:55:55.880> with 00:55:56.260 --> 00:55:56.270 align:start position:0% and withdraw with no delay well with 00:55:56.270 --> 00:55:58.120 align:start position:0% and withdraw with no delay well with some<00:55:56.480> delay<00:55:56.690> I'll<00:55:56.840> go<00:55:56.960> to<00:55:57.020> the<00:55:57.200> delayed<00:55:57.440> this 00:55:58.120 --> 00:55:58.130 align:start position:0% some delay I'll go to the delayed this 00:55:58.130 --> 00:56:01.140 align:start position:0% some delay I'll go to the delayed this but<00:55:58.790> they're<00:55:59.270> free<00:55:59.540> to<00:55:59.690> deposit<00:55:59.990> in<00:56:00.260> withdraw 00:56:01.140 --> 00:56:01.150 align:start position:0% but they're free to deposit in withdraw 00:56:01.150 --> 00:56:02.830 align:start position:0% but they're free to deposit in withdraw and 00:56:02.830 --> 00:56:02.840 align:start position:0% and 00:56:02.840 --> 00:56:06.640 align:start position:0% and unhappy<00:56:03.200> hath<00:56:03.530> an<00:56:04.190> unhappy<00:56:04.640> case<00:56:05.170> well<00:56:06.170> we've 00:56:06.640 --> 00:56:06.650 align:start position:0% unhappy hath an unhappy case well we've 00:56:06.650 --> 00:56:10.210 align:start position:0% unhappy hath an unhappy case well we've frozen<00:56:07.070> the<00:56:07.370> margin<00:56:07.880> in<00:56:08.270> here<00:56:08.630> while<00:56:09.320> this<00:56:09.710> DVM 00:56:10.210 --> 00:56:10.220 align:start position:0% frozen the margin in here while this DVM 00:56:10.220 --> 00:56:12.730 align:start position:0% frozen the margin in here while this DVM the<00:56:11.030> DVM<00:56:11.360> stands<00:56:11.540> for<00:56:11.690> data<00:56:12.440> verification 00:56:12.730 --> 00:56:12.740 align:start position:0% the DVM stands for data verification 00:56:12.740 --> 00:56:15.640 align:start position:0% the DVM stands for data verification mechanism<00:56:13.640> but<00:56:13.990> while<00:56:14.990> this<00:56:15.200> dispute 00:56:15.640 --> 00:56:15.650 align:start position:0% mechanism but while this dispute 00:56:15.650 --> 00:56:18.190 align:start position:0% mechanism but while this dispute resolution<00:56:16.220> process<00:56:16.640> takes<00:56:16.880> place<00:56:16.970> we<00:56:17.870> freeze 00:56:18.190 --> 00:56:18.200 align:start position:0% resolution process takes place we freeze 00:56:18.200 --> 00:56:20.110 align:start position:0% resolution process takes place we freeze the<00:56:18.410> margin<00:56:18.770> and<00:56:19.100> someone<00:56:19.580> else<00:56:19.790> does<00:56:20.090> that 00:56:20.110 --> 00:56:20.120 align:start position:0% the margin and someone else does that 00:56:20.120 --> 00:56:20.680 align:start position:0% the margin and someone else does that work 00:56:20.680 --> 00:56:20.690 align:start position:0% work 00:56:20.690 --> 00:56:25.270 align:start position:0% work of<00:56:20.750> pulling<00:56:21.110> about<00:56:21.260> price<00:56:21.620> chain<00:56:24.070> so<00:56:25.070> what 00:56:25.270 --> 00:56:25.280 align:start position:0% of pulling about price chain so what 00:56:25.280 --> 00:56:27.070 align:start position:0% of pulling about price chain so what does<00:56:25.430> that<00:56:25.460> mean<00:56:25.790> for<00:56:26.090> a<00:56:26.150> smart<00:56:26.420> contract<00:56:26.870> if 00:56:27.070 --> 00:56:27.080 align:start position:0% does that mean for a smart contract if 00:56:27.080 --> 00:56:29.080 align:start position:0% does that mean for a smart contract if you're<00:56:27.200> building<00:56:27.440> a<00:56:27.980> smart<00:56:28.370> contract<00:56:28.820> that 00:56:29.080 --> 00:56:29.090 align:start position:0% you're building a smart contract that 00:56:29.090 --> 00:56:31.780 align:start position:0% you're building a smart contract that intends<00:56:29.840> to<00:56:29.990> use<00:56:30.140> this<00:56:30.590> framework<00:56:30.890> what 00:56:31.780 --> 00:56:31.790 align:start position:0% intends to use this framework what 00:56:31.790 --> 00:56:33.850 align:start position:0% intends to use this framework what additional<00:56:32.750> considerations<00:56:33.410> you<00:56:33.590> need<00:56:33.620> to 00:56:33.850 --> 00:56:33.860 align:start position:0% additional considerations you need to 00:56:33.860 --> 00:56:38.290 align:start position:0% additional considerations you need to have<00:56:34.540> the<00:56:35.540> way<00:56:35.690> it<00:56:35.840> works<00:56:36.080> is<00:56:36.380> your<00:56:37.340> smart 00:56:38.290 --> 00:56:38.300 align:start position:0% have the way it works is your smart 00:56:38.300 --> 00:56:39.640 align:start position:0% have the way it works is your smart contract<00:56:38.720> remember<00:56:39.020> this<00:56:39.260> is<00:56:39.350> the<00:56:39.470> token 00:56:39.640 --> 00:56:39.650 align:start position:0% contract remember this is the token 00:56:39.650 --> 00:56:41.830 align:start position:0% contract remember this is the token facility<00:56:40.250> from<00:56:40.400> before<00:56:40.820> that<00:56:40.850> was<00:56:41.420> deployed 00:56:41.830 --> 00:56:41.840 align:start position:0% facility from before that was deployed 00:56:41.840 --> 00:56:44.950 align:start position:0% facility from before that was deployed in<00:56:42.110> the<00:56:42.290> ring<00:56:42.620> feet<00:56:42.770> s<00:56:42.950> net<00:56:43.480> this<00:56:44.480> token 00:56:44.950 --> 00:56:44.960 align:start position:0% in the ring feet s net this token 00:56:44.960 --> 00:56:47.800 align:start position:0% in the ring feet s net this token facility<00:56:45.440> needs<00:56:45.680> to<00:56:46.070> consistently<00:56:46.940> pay<00:56:47.240> these 00:56:47.800 --> 00:56:47.810 align:start position:0% facility needs to consistently pay these 00:56:47.810 --> 00:56:50.560 align:start position:0% facility needs to consistently pay these continuous<00:56:48.380> taxes<00:56:48.850> so<00:56:49.850> what<00:56:50.060> we<00:56:50.150> have<00:56:50.300> in<00:56:50.510> this 00:56:50.560 --> 00:56:50.570 align:start position:0% continuous taxes so what we have in this 00:56:50.570 --> 00:56:52.120 align:start position:0% continuous taxes so what we have in this picture<00:56:50.780> is<00:56:51.110> they're<00:56:51.260> paying<00:56:51.560> taxes 00:56:52.120 --> 00:56:52.130 align:start position:0% picture is they're paying taxes 00:56:52.130 --> 00:56:55.330 align:start position:0% picture is they're paying taxes regularly<00:56:52.880> to<00:56:53.630> this<00:56:53.780> Ummah<00:56:54.200> store<00:56:54.650> contractor 00:56:55.330 --> 00:56:55.340 align:start position:0% regularly to this Ummah store contractor 00:56:55.340 --> 00:56:57.820 align:start position:0% regularly to this Ummah store contractor so<00:56:56.090> you've<00:56:56.570> got<00:56:56.720> a<00:56:56.930> token<00:56:57.140> facility<00:56:57.650> that's 00:56:57.820 --> 00:56:57.830 align:start position:0% so you've got a token facility that's 00:56:57.830 --> 00:57:00.130 align:start position:0% so you've got a token facility that's paying<00:56:58.340> these<00:56:58.520> taxes<00:56:59.000> and<00:56:59.150> that<00:56:59.450> helps<00:56:59.930> ensure 00:57:00.130 --> 00:57:00.140 align:start position:0% paying these taxes and that helps ensure 00:57:00.140 --> 00:57:02.200 align:start position:0% paying these taxes and that helps ensure that<00:57:00.770> going<00:57:01.100> back<00:57:01.250> to<00:57:01.430> Allison's<00:57:01.880> statement 00:57:02.200 --> 00:57:02.210 align:start position:0% that going back to Allison's statement 00:57:02.210 --> 00:57:04.000 align:start position:0% that going back to Allison's statement about<00:57:02.330> the<00:57:02.450> Oracle<00:57:02.840> it<00:57:03.320> helps<00:57:03.560> ensure<00:57:03.980> that 00:57:04.000 --> 00:57:04.010 align:start position:0% about the Oracle it helps ensure that 00:57:04.010 --> 00:57:07.930 align:start position:0% about the Oracle it helps ensure that the<00:57:04.520> cost<00:57:04.850> of<00:57:05.090> corruption<00:57:05.650> is<00:57:06.650> higher<00:57:07.100> than 00:57:07.930 --> 00:57:07.940 align:start position:0% the cost of corruption is higher than 00:57:07.940 --> 00:57:10.270 align:start position:0% the cost of corruption is higher than the<00:57:08.090> profit<00:57:08.450> from<00:57:08.570> corruption<00:57:09.100> because<00:57:10.100> what 00:57:10.270 --> 00:57:10.280 align:start position:0% the profit from corruption because what 00:57:10.280 --> 00:57:12.820 align:start position:0% the profit from corruption because what this<00:57:10.400> is<00:57:10.580> today<00:57:10.850> is<00:57:10.910> it's<00:57:11.180> saying<00:57:11.360> these<00:57:12.050> taxes 00:57:12.820 --> 00:57:12.830 align:start position:0% this is today is it's saying these taxes 00:57:12.830 --> 00:57:15.580 align:start position:0% this is today is it's saying these taxes are<00:57:13.670> going<00:57:14.090> to<00:57:14.210> make<00:57:14.330> the<00:57:14.450> cost<00:57:14.750> of<00:57:15.080> corruption 00:57:15.580 --> 00:57:15.590 align:start position:0% are going to make the cost of corruption 00:57:15.590 --> 00:57:19.360 align:start position:0% are going to make the cost of corruption higher<00:57:16.000> and<00:57:17.440> once<00:57:18.440> you've<00:57:18.620> done<00:57:18.800> that<00:57:18.860> right 00:57:19.360 --> 00:57:19.370 align:start position:0% higher and once you've done that right 00:57:19.370 --> 00:57:21.130 align:start position:0% higher and once you've done that right once<00:57:19.550> you've<00:57:19.700> created<00:57:19.970> a<00:57:20.270> token<00:57:20.630> facility 00:57:21.130 --> 00:57:21.140 align:start position:0% once you've created a token facility 00:57:21.140 --> 00:57:24.040 align:start position:0% once you've created a token facility that's<00:57:21.680> up<00:57:21.920> to<00:57:22.160> date<00:57:22.310> out<00:57:22.490> of<00:57:22.520> taxes<00:57:23.120> let's<00:57:23.780> pay 00:57:24.040 --> 00:57:24.050 align:start position:0% that's up to date out of taxes let's pay 00:57:24.050 --> 00:57:26.560 align:start position:0% that's up to date out of taxes let's pay the<00:57:24.290> correct<00:57:24.530> amount<00:57:24.710> of<00:57:24.770> taxes<00:57:25.190> it<00:57:26.090> gives 00:57:26.560 --> 00:57:26.570 align:start position:0% the correct amount of taxes it gives 00:57:26.570 --> 00:57:30.550 align:start position:0% the correct amount of taxes it gives them<00:57:26.930> the<00:57:27.230> ability<00:57:27.860> to<00:57:28.310> later<00:57:28.970> call<00:57:29.900> the<00:57:30.110> DBM 00:57:30.550 --> 00:57:30.560 align:start position:0% them the ability to later call the DBM 00:57:30.560 --> 00:57:31.450 align:start position:0% them the ability to later call the DBM when<00:57:30.800> they<00:57:30.890> need<00:57:31.100> it 00:57:31.450 --> 00:57:31.460 align:start position:0% when they need it 00:57:31.460 --> 00:57:33.700 align:start position:0% when they need it so<00:57:32.450> what<00:57:32.690> you<00:57:32.780> can<00:57:32.930> do<00:57:33.080> is<00:57:33.230> you<00:57:33.380> can<00:57:33.530> say<00:57:33.680> well 00:57:33.700 --> 00:57:33.710 align:start position:0% so what you can do is you can say well 00:57:33.710 --> 00:57:38.140 align:start position:0% so what you can do is you can say well as<00:57:34.210> the<00:57:35.210> asuma's<00:57:35.990> DBM<00:57:36.440> as<00:57:36.650> the<00:57:36.800> Oracle<00:57:37.250> I<00:57:37.460> say 00:57:38.140 --> 00:57:38.150 align:start position:0% as the asuma's DBM as the Oracle I say 00:57:38.150 --> 00:57:40.210 align:start position:0% as the asuma's DBM as the Oracle I say well<00:57:38.420> great<00:57:38.630> this<00:57:38.960> token<00:57:39.320> facility<00:57:39.710> has<00:57:39.890> paid 00:57:40.210 --> 00:57:40.220 align:start position:0% well great this token facility has paid 00:57:40.220 --> 00:57:42.550 align:start position:0% well great this token facility has paid its<00:57:40.370> taxes<00:57:40.850> regularly<00:57:41.330> now<00:57:42.050> that<00:57:42.290> they<00:57:42.380> need 00:57:42.550 --> 00:57:42.560 align:start position:0% its taxes regularly now that they need 00:57:42.560 --> 00:57:44.320 align:start position:0% its taxes regularly now that they need to<00:57:42.650> raise<00:57:42.800> a<00:57:42.830> dispute<00:57:43.310> I'm<00:57:43.760> more<00:57:44.030> than<00:57:44.150> happy 00:57:44.320 --> 00:57:44.330 align:start position:0% to raise a dispute I'm more than happy 00:57:44.330 --> 00:57:45.130 align:start position:0% to raise a dispute I'm more than happy to 00:57:45.130 --> 00:57:45.140 align:start position:0% to 00:57:45.140 --> 00:57:46.900 align:start position:0% to when<00:57:45.740> they<00:57:45.830> do<00:57:45.890> that<00:57:46.160> right<00:57:46.310> the<00:57:46.610> token 00:57:46.900 --> 00:57:46.910 align:start position:0% when they do that right the token 00:57:46.910 --> 00:57:48.910 align:start position:0% when they do that right the token facility<00:57:47.330> requests<00:57:48.020> the<00:57:48.110> price<00:57:48.320> on<00:57:48.590> train<00:57:48.800> you 00:57:48.910 --> 00:57:48.920 align:start position:0% facility requests the price on train you 00:57:48.920 --> 00:57:50.590 align:start position:0% facility requests the price on train you pull<00:57:49.160> it<00:57:49.310> in<00:57:49.400> to<00:57:49.550> result<00:57:49.850> in<00:57:49.910> dispute<00:57:50.270> it 00:57:50.590 --> 00:57:50.600 align:start position:0% pull it in to result in dispute it 00:57:50.600 --> 00:57:53.890 align:start position:0% pull it in to result in dispute it generates<00:57:51.560> an<00:57:51.650> answer<00:57:51.950> and<00:57:52.190> then<00:57:52.850> you<00:57:53.240> as<00:57:53.660> the 00:57:53.890 --> 00:57:53.900 align:start position:0% generates an answer and then you as the 00:57:53.900 --> 00:57:55.690 align:start position:0% generates an answer and then you as the smart<00:57:54.140> contract<00:57:54.320> can<00:57:54.770> go<00:57:54.890> in<00:57:55.070> and<00:57:55.340> retrieve 00:57:55.690 --> 00:57:55.700 align:start position:0% smart contract can go in and retrieve 00:57:55.700 --> 00:58:04.000 align:start position:0% smart contract can go in and retrieve the<00:57:56.090> price<00:57:56.330> from<00:57:57.050> that<00:57:57.260> Oracle<00:58:00.610> great<00:58:01.640> so<00:58:03.010> to 00:58:04.000 --> 00:58:04.010 align:start position:0% the price from that Oracle great so to 00:58:04.010 --> 00:58:06.220 align:start position:0% the price from that Oracle great so to recap<00:58:04.160> what<00:58:04.880> we've<00:58:05.090> discussed<00:58:05.690> so<00:58:06.200> far 00:58:06.220 --> 00:58:06.230 align:start position:0% recap what we've discussed so far 00:58:06.230 --> 00:58:09.070 align:start position:0% recap what we've discussed so far actually<00:58:07.220> I<00:58:07.310> guess<00:58:07.490> this<00:58:07.610> is<00:58:07.760> all<00:58:08.000> of<00:58:08.510> it<00:58:08.630> but 00:58:09.070 --> 00:58:09.080 align:start position:0% actually I guess this is all of it but 00:58:09.080 --> 00:58:11.190 align:start position:0% actually I guess this is all of it but to<00:58:09.230> recap<00:58:09.500> what<00:58:09.710> we've<00:58:09.860> what<00:58:10.130> we've<00:58:10.190> discussed 00:58:11.190 --> 00:58:11.200 align:start position:0% to recap what we've what we've discussed 00:58:11.200 --> 00:58:13.840 align:start position:0% to recap what we've what we've discussed we<00:58:12.200> started<00:58:12.590> out<00:58:12.680> this<00:58:12.830> conversation<00:58:13.040> talking 00:58:13.840 --> 00:58:13.850 align:start position:0% we started out this conversation talking 00:58:13.850 --> 00:58:16.300 align:start position:0% we started out this conversation talking about<00:58:14.090> on<00:58:14.570> chain<00:58:15.020> price<00:58:15.260> feeds<00:58:15.560> and<00:58:15.830> sancho 00:58:16.300 --> 00:58:16.310 align:start position:0% about on chain price feeds and sancho 00:58:16.310 --> 00:58:18.790 align:start position:0% about on chain price feeds and sancho contract<00:58:16.760> templates<00:58:17.090> right<00:58:17.510> we<00:58:18.350> started<00:58:18.680> out 00:58:18.790 --> 00:58:18.800 align:start position:0% contract templates right we started out 00:58:18.800 --> 00:58:21.850 align:start position:0% contract templates right we started out talking<00:58:19.040> about<00:58:19.280> how<00:58:19.660> with<00:58:20.660> ease<00:58:21.050> and<00:58:21.470> with<00:58:21.710> our 00:58:21.850 --> 00:58:21.860 align:start position:0% talking about how with ease and with our 00:58:21.860 --> 00:58:25.330 align:start position:0% talking about how with ease and with our synthetic<00:58:22.100> token<00:58:22.790> builder<00:58:24.130> contract<00:58:25.130> with 00:58:25.330 --> 00:58:25.340 align:start position:0% synthetic token builder contract with 00:58:25.340 --> 00:58:27.610 align:start position:0% synthetic token builder contract with the<00:58:25.430> synthetic<00:58:25.610> asset<00:58:26.090> token<00:58:26.390> contract<00:58:26.870> all 00:58:27.610 --> 00:58:27.620 align:start position:0% the synthetic asset token contract all 00:58:27.620 --> 00:58:29.140 align:start position:0% the synthetic asset token contract all the<00:58:27.650> different<00:58:28.130> kinds<00:58:28.490> of<00:58:28.550> things<00:58:28.760> you<00:58:28.880> can<00:58:28.910> do 00:58:29.140 --> 00:58:29.150 align:start position:0% the different kinds of things you can do 00:58:29.150 --> 00:58:32.440 align:start position:0% the different kinds of things you can do with<00:58:29.270> that<00:58:29.420> Allison<00:58:30.140> gave<00:58:30.350> like<00:58:30.850> six<00:58:31.850> or<00:58:32.150> nine 00:58:32.440 --> 00:58:32.450 align:start position:0% with that Allison gave like six or nine 00:58:32.450 --> 00:58:34.330 align:start position:0% with that Allison gave like six or nine examples<00:58:33.140> of<00:58:33.560> things<00:58:33.890> that<00:58:34.040> you<00:58:34.100> can<00:58:34.250> build 00:58:34.330 --> 00:58:34.340 align:start position:0% examples of things that you can build 00:58:34.340 --> 00:58:36.790 align:start position:0% examples of things that you can build with<00:58:34.430> that<00:58:34.640> and<00:58:34.940> more<00:58:35.510> and<00:58:36.230> we<00:58:36.440> would<00:58:36.560> love 00:58:36.790 --> 00:58:36.800 align:start position:0% with that and more and we would love 00:58:36.800 --> 00:58:39.070 align:start position:0% with that and more and we would love love<00:58:37.220> love<00:58:37.280> to<00:58:37.460> hear<00:58:37.880> other<00:58:38.390> things<00:58:38.540> that<00:58:39.020> you 00:58:39.070 --> 00:58:39.080 align:start position:0% love love to hear other things that you 00:58:39.080 --> 00:58:40.690 align:start position:0% love love to hear other things that you want<00:58:39.260> to<00:58:39.320> do<00:58:39.500> with<00:58:39.650> these<00:58:39.800> things<00:58:40.010> and<00:58:40.370> how<00:58:40.640> you 00:58:40.690 --> 00:58:40.700 align:start position:0% want to do with these things and how you 00:58:40.700 --> 00:58:42.210 align:start position:0% want to do with these things and how you might<00:58:40.940> use<00:58:41.210> them<00:58:41.540> in<00:58:41.630> different<00:58:41.900> applications 00:58:42.210 --> 00:58:42.220 align:start position:0% might use them in different applications 00:58:42.220 --> 00:58:45.070 align:start position:0% might use them in different applications so<00:58:43.220> if<00:58:43.280> you<00:58:43.370> have<00:58:43.490> ideas<00:58:43.700> about<00:58:44.000> that<00:58:44.360> please 00:58:45.070 --> 00:58:45.080 align:start position:0% so if you have ideas about that please 00:58:45.080 --> 00:58:47.590 align:start position:0% so if you have ideas about that please please<00:58:45.380> talk<00:58:45.590> to<00:58:45.710> Allison<00:58:46.270> because<00:58:47.270> we're 00:58:47.590 --> 00:58:47.600 align:start position:0% please talk to Allison because we're 00:58:47.600 --> 00:58:48.880 align:start position:0% please talk to Allison because we're thinking<00:58:47.780> a<00:58:47.990> lot<00:58:48.110> about<00:58:48.170> you<00:58:48.560> know<00:58:48.590> how<00:58:48.680> you 00:58:48.880 --> 00:58:48.890 align:start position:0% thinking a lot about you know how you 00:58:48.890 --> 00:58:51.700 align:start position:0% thinking a lot about you know how you can<00:58:49.160> use<00:58:49.280> these<00:58:49.460> templates<00:58:49.760> to<00:58:50.090> to<00:58:50.720> meet<00:58:51.320> cool 00:58:51.700 --> 00:58:51.710 align:start position:0% can use these templates to to meet cool 00:58:51.710 --> 00:58:55.630 align:start position:0% can use these templates to to meet cool tools<00:58:52.610> for<00:58:52.940> other<00:58:53.150> projects<00:58:54.160> then<00:58:55.160> from<00:58:55.400> there 00:58:55.630 --> 00:58:55.640 align:start position:0% tools for other projects then from there 00:58:55.640 --> 00:58:57.640 align:start position:0% tools for other projects then from there we<00:58:56.150> talked<00:58:56.420> about<00:58:56.570> how<00:58:56.810> you<00:58:56.870> could<00:58:57.200> deploy 00:58:57.640 --> 00:58:57.650 align:start position:0% we talked about how you could deploy 00:58:57.650 --> 00:58:59.650 align:start position:0% we talked about how you could deploy these<00:58:57.950> commands<00:58:58.370> or<00:58:58.490> contracts<00:58:58.970> with<00:58:59.420> new 00:58:59.650 --> 00:58:59.660 align:start position:0% these commands or contracts with new 00:58:59.660 --> 00:59:02.590 align:start position:0% these commands or contracts with new parameters<00:59:00.290> so<00:59:01.130> we<00:59:01.250> talked<00:59:01.520> about<00:59:01.670> how<00:59:02.090> if<00:59:02.450> you 00:59:02.590 --> 00:59:02.600 align:start position:0% parameters so we talked about how if you 00:59:02.600 --> 00:59:04.570 align:start position:0% parameters so we talked about how if you change<00:59:02.900> for<00:59:03.110> example<00:59:03.170> the<00:59:03.500> price<00:59:03.800> speed<00:59:04.130> or 00:59:04.570 --> 00:59:04.580 align:start position:0% change for example the price speed or 00:59:04.580 --> 00:59:07.120 align:start position:0% change for example the price speed or you<00:59:04.640> change<00:59:05.420> the<00:59:06.110> expiration<00:59:06.470> date<00:59:06.680> or<00:59:06.980> the 00:59:07.120 --> 00:59:07.130 align:start position:0% you change the expiration date or the 00:59:07.130 --> 00:59:09.550 align:start position:0% you change the expiration date or the merchant<00:59:07.310> currency<00:59:07.970> you<00:59:08.510> can<00:59:08.690> make<00:59:08.870> new 00:59:09.550 --> 00:59:09.560 align:start position:0% merchant currency you can make new 00:59:09.560 --> 00:59:11.580 align:start position:0% merchant currency you can make new things<00:59:09.590> that<00:59:10.100> go<00:59:10.580> into<00:59:10.730> those<00:59:10.940> applications 00:59:11.580 --> 00:59:11.590 align:start position:0% things that go into those applications 00:59:11.590 --> 00:59:13.810 align:start position:0% things that go into those applications Matt<00:59:12.590> writes<00:59:12.980> who's<00:59:13.310> our<00:59:13.490> lead<00:59:13.760> engineer 00:59:13.810 --> 00:59:13.820 align:start position:0% Matt writes who's our lead engineer 00:59:13.820 --> 00:59:16.870 align:start position:0% Matt writes who's our lead engineer sitting<00:59:14.480> here<00:59:14.840> and<00:59:15.410> can<00:59:15.800> help<00:59:16.010> it<00:59:16.190> anyone<00:59:16.850> who 00:59:16.870 --> 00:59:16.880 align:start position:0% sitting here and can help it anyone who 00:59:16.880 --> 00:59:18.250 align:start position:0% sitting here and can help it anyone who has<00:59:17.000> questions<00:59:17.120> about<00:59:17.420> how<00:59:17.630> to<00:59:17.690> do<00:59:17.870> that<00:59:17.990> from 00:59:18.250 --> 00:59:18.260 align:start position:0% has questions about how to do that from 00:59:18.260 --> 00:59:20.500 align:start position:0% has questions about how to do that from a<00:59:18.320> technical<00:59:18.470> perspective<00:59:19.150> and<00:59:20.150> then<00:59:20.420> we 00:59:20.500 --> 00:59:20.510 align:start position:0% a technical perspective and then we 00:59:20.510 --> 00:59:23.050 align:start position:0% a technical perspective and then we ended<00:59:20.780> this<00:59:20.930> conversation<00:59:21.650> with<00:59:22.160> how<00:59:22.580> you<00:59:22.640> can 00:59:23.050 --> 00:59:23.060 align:start position:0% ended this conversation with how you can 00:59:23.060 --> 00:59:25.660 align:start position:0% ended this conversation with how you can use<00:59:23.390> you<00:59:24.110> can<00:59:24.140> escape<00:59:24.770> these<00:59:24.980> on<00:59:25.190> train<00:59:25.430> price 00:59:25.660 --> 00:59:25.670 align:start position:0% use you can escape these on train price 00:59:25.670 --> 00:59:28.320 align:start position:0% use you can escape these on train price feeds<00:59:25.970> and<00:59:26.300> build<00:59:26.810> things<00:59:26.960> that<00:59:27.110> rely<00:59:27.500> on 00:59:28.320 --> 00:59:28.330 align:start position:0% feeds and build things that rely on 00:59:28.330 --> 00:59:30.550 align:start position:0% feeds and build things that rely on Oracle's<00:59:29.330> or<00:59:29.660> these<00:59:29.840> kinds<00:59:30.050> of<00:59:30.080> backup 00:59:30.550 --> 00:59:30.560 align:start position:0% Oracle's or these kinds of backup 00:59:30.560 --> 00:59:31.970 align:start position:0% Oracle's or these kinds of backup Oracle's<00:59:31.010> like<00:59:31.220> the<00:59:31.430> most 00:59:31.970 --> 00:59:31.980 align:start position:0% Oracle's like the most 00:59:31.980 --> 00:59:33.680 align:start position:0% Oracle's like the most and<00:59:32.310> how<00:59:32.670> you<00:59:32.760> can<00:59:32.910> do<00:59:33.089> so<00:59:33.210> many<00:59:33.270> different 00:59:33.680 --> 00:59:33.690 align:start position:0% and how you can do so many different 00:59:33.690 --> 00:59:35.839 align:start position:0% and how you can do so many different types<00:59:33.839> of<00:59:33.990> financial<00:59:34.260> products<00:59:34.680> in<00:59:35.160> that<00:59:35.430> way 00:59:35.839 --> 00:59:35.849 align:start position:0% types of financial products in that way 00:59:35.849 --> 00:59:37.040 align:start position:0% types of financial products in that way and<00:59:36.060> see<00:59:36.210> if<00:59:36.270> you<00:59:36.390> want<00:59:36.570> to<00:59:36.599> talk<00:59:36.750> about<00:59:36.900> that 00:59:37.040 --> 00:59:37.050 align:start position:0% and see if you want to talk about that 00:59:37.050 --> 00:59:40.220 align:start position:0% and see if you want to talk about that more<00:59:37.310> please<00:59:38.310> find<00:59:38.640> me<00:59:38.790> so<00:59:39.690> that's<00:59:39.930> kind<00:59:40.140> of 00:59:40.220 --> 00:59:40.230 align:start position:0% more please find me so that's kind of 00:59:40.230 --> 00:59:44.270 align:start position:0% more please find me so that's kind of what<00:59:40.650> we've<00:59:40.800> discussed<00:59:41.450> so<00:59:42.450> far<00:59:43.099> more<00:59:44.099> than 00:59:44.270 --> 00:59:44.280 align:start position:0% what we've discussed so far more than 00:59:44.280 --> 00:59:46.819 align:start position:0% what we've discussed so far more than happy<00:59:44.460> to<00:59:44.550> take<00:59:44.760> questions<00:59:44.970> now<00:59:45.510> and<00:59:46.260> have 00:59:46.819 --> 00:59:46.829 align:start position:0% happy to take questions now and have 00:59:46.829 --> 00:59:53.510 align:start position:0% happy to take questions now and have additional<00:59:47.250> conversations<00:59:49.430> well<00:59:52.280> is<00:59:53.280> there<00:59:53.490> a 00:59:53.510 --> 00:59:53.520 align:start position:0% additional conversations well is there a 00:59:53.520 --> 00:59:55.670 align:start position:0% additional conversations well is there a mic<00:59:53.760> we<00:59:53.910> should<00:59:54.060> use<00:59:54.240> or<00:59:54.540> should<00:59:55.380> they<00:59:55.470> just 00:59:55.670 --> 00:59:55.680 align:start position:0% mic we should use or should they just 00:59:55.680 --> 01:00:02.510 align:start position:0% mic we should use or should they just yell<00:59:57.020> just<00:59:58.020> yell<00:59:58.230> okay<01:00:00.680> can<01:00:01.680> you<01:00:01.710> explain<01:00:01.890> more 01:00:02.510 --> 01:00:02.520 align:start position:0% yell just yell okay can you explain more 01:00:02.520 --> 01:00:06.710 align:start position:0% yell just yell okay can you explain more details<01:00:02.880> how<01:00:04.160> taxes<01:00:05.160> from<01:00:05.849> the<01:00:06.119> contract<01:00:06.540> to 01:00:06.710 --> 01:00:06.720 align:start position:0% details how taxes from the contract to 01:00:06.720 --> 01:00:15.570 align:start position:0% details how taxes from the contract to may<01:00:07.710> will<01:00:08.700> help<01:00:09.030> to<01:00:11.599> keep<01:00:12.599> the<01:00:13.230> Oracle 01:00:15.570 --> 01:00:15.580 align:start position:0% may will help to keep the Oracle 01:00:15.580 --> 01:00:19.710 align:start position:0% may will help to keep the Oracle there<01:00:15.940> sure<01:00:16.150> sure<01:00:16.600> so<01:00:16.810> it's<01:00:17.800> a<01:00:18.330> basic<01:00:19.330> idea<01:00:19.480> of 01:00:19.710 --> 01:00:19.720 align:start position:0% there sure sure so it's a basic idea of 01:00:19.720 --> 01:00:24.540 align:start position:0% there sure sure so it's a basic idea of how<01:00:19.960> the<01:00:20.170> Oracle<01:00:20.710> works<01:00:20.950> is<01:00:21.280> that<01:00:23.220> when<01:00:24.220> the 01:00:24.540 --> 01:00:24.550 align:start position:0% how the Oracle works is that when the 01:00:24.550 --> 01:00:26.190 align:start position:0% how the Oracle works is that when the Oracle<01:00:24.850> is<01:00:24.970> requested<01:00:25.570> the<01:00:25.750> price<01:00:26.080> is 01:00:26.190 --> 01:00:26.200 align:start position:0% Oracle is requested the price is 01:00:26.200 --> 01:00:30.240 align:start position:0% Oracle is requested the price is requested<01:00:26.710> from<01:00:26.800> the<01:00:26.890> Oracle<01:00:29.040> okay<01:00:30.040> what<01:00:30.220> a 01:00:30.240 --> 01:00:30.250 align:start position:0% requested from the Oracle okay what a 01:00:30.250 --> 01:00:31.560 align:start position:0% requested from the Oracle okay what a wonder<01:00:30.460> price<01:00:30.610> is<01:00:30.760> requested<01:00:31.270> from<01:00:31.390> the 01:00:31.560 --> 01:00:31.570 align:start position:0% wonder price is requested from the 01:00:31.570 --> 01:00:34.110 align:start position:0% wonder price is requested from the Oracle<01:00:31.960> the<01:00:32.590> Oracle<01:00:33.040> then<01:00:33.250> goes<01:00:33.550> out<01:00:33.820> to<01:00:34.060> a 01:00:34.110 --> 01:00:34.120 align:start position:0% Oracle the Oracle then goes out to a 01:00:34.120 --> 01:00:37.050 align:start position:0% Oracle the Oracle then goes out to a bunch<01:00:34.270> of<01:00:34.360> people<01:00:34.750> or<01:00:35.290> I<01:00:35.920> mean<01:00:36.730> they're<01:00:36.880> saying 01:00:37.050 --> 01:00:37.060 align:start position:0% bunch of people or I mean they're saying 01:00:37.060 --> 01:00:38.430 align:start position:0% bunch of people or I mean they're saying that's<01:00:37.150> very<01:00:37.330> colloquial<01:00:37.570> e<01:00:37.780> but<01:00:37.990> it<01:00:38.290> goes 01:00:38.430 --> 01:00:38.440 align:start position:0% that's very colloquial e but it goes 01:00:38.440 --> 01:00:40.710 align:start position:0% that's very colloquial e but it goes autopunch<01:00:38.800> people<01:00:39.190> and<01:00:39.340> says<01:00:39.520> tell<01:00:40.360> us<01:00:40.540> what 01:00:40.710 --> 01:00:40.720 align:start position:0% autopunch people and says tell us what 01:00:40.720 --> 01:00:42.260 align:start position:0% autopunch people and says tell us what you<01:00:40.840> think<01:00:41.080> the<01:00:41.260> correct<01:00:41.560> price<01:00:41.830> should<01:00:42.010> be 01:00:42.260 --> 01:00:42.270 align:start position:0% you think the correct price should be 01:00:42.270 --> 01:00:45.570 align:start position:0% you think the correct price should be those<01:00:43.270> people<01:00:43.750> then<01:00:44.170> submit<01:00:44.950> their<01:00:45.160> answers 01:00:45.570 --> 01:00:45.580 align:start position:0% those people then submit their answers 01:00:45.580 --> 01:00:47.520 align:start position:0% those people then submit their answers for<01:00:46.060> oh<01:00:46.270> I<01:00:46.330> think<01:00:46.480> the<01:00:46.750> price<01:00:46.960> should<01:00:47.140> be<01:00:47.200> this 01:00:47.520 --> 01:00:47.530 align:start position:0% for oh I think the price should be this 01:00:47.530 --> 01:00:50.040 align:start position:0% for oh I think the price should be this and<01:00:47.830> they<01:00:48.670> also<01:00:48.850> have<01:00:49.090> some<01:00:49.330> balance<01:00:49.810> of 01:00:50.040 --> 01:00:50.050 align:start position:0% and they also have some balance of 01:00:50.050 --> 01:00:53.220 align:start position:0% and they also have some balance of voting<01:00:50.260> tokens<01:00:51.300> so<01:00:52.300> those<01:00:52.480> voting<01:00:52.870> tokens 01:00:53.220 --> 01:00:53.230 align:start position:0% voting tokens so those voting tokens 01:00:53.230 --> 01:00:55.590 align:start position:0% voting tokens so those voting tokens influence<01:00:53.830> or<01:00:54.670> determined<01:00:55.270> how<01:00:55.420> much 01:00:55.590 --> 01:00:55.600 align:start position:0% influence or determined how much 01:00:55.600 --> 01:00:58.260 align:start position:0% influence or determined how much influence<01:00:55.930> they<01:00:56.260> have<01:00:56.410> over<01:00:56.830> the<01:00:56.980> correct<01:00:57.280> the 01:00:58.260 --> 01:00:58.270 align:start position:0% influence they have over the correct the 01:00:58.270 --> 01:00:59.850 align:start position:0% influence they have over the correct the final<01:00:58.570> price<01:00:58.810> that's<01:00:59.020> returned<01:00:59.350> to<01:00:59.500> the<01:00:59.650> smart 01:00:59.850 --> 01:00:59.860 align:start position:0% final price that's returned to the smart 01:00:59.860 --> 01:01:02.910 align:start position:0% final price that's returned to the smart contract<01:01:00.300> so<01:01:01.300> the<01:01:01.840> it's<01:01:02.200> basically<01:01:02.350> if<01:01:02.800> you 01:01:02.910 --> 01:01:02.920 align:start position:0% contract so the it's basically if you 01:01:02.920 --> 01:01:05.850 align:start position:0% contract so the it's basically if you own<01:01:03.160> more<01:01:03.730> voting<01:01:03.970> tokens<01:01:04.420> you<01:01:05.290> have<01:01:05.530> more<01:01:05.770> of 01:01:05.850 --> 01:01:05.860 align:start position:0% own more voting tokens you have more of 01:01:05.860 --> 01:01:08.910 align:start position:0% own more voting tokens you have more of a<01:01:05.950> say<01:01:06.220> in<01:01:06.430> what<01:01:06.580> the<01:01:06.670> references<01:01:07.240> the<01:01:08.230> taxes 01:01:08.910 --> 01:01:08.920 align:start position:0% a say in what the references the taxes 01:01:08.920 --> 01:01:11.960 align:start position:0% a say in what the references the taxes that<01:01:08.950> I<01:01:09.160> was<01:01:09.490> describing<01:01:09.820> for<01:01:10.210> those<01:01:10.450> go<01:01:10.870> to<01:01:10.930> do 01:01:11.960 --> 01:01:11.970 align:start position:0% that I was describing for those go to do 01:01:11.970 --> 01:01:13.740 align:start position:0% that I was describing for those go to do token<01:01:12.970> buybacks 01:01:13.740 --> 01:01:13.750 align:start position:0% token buybacks 01:01:13.750 --> 01:01:16.110 align:start position:0% token buybacks so<01:01:14.320> those<01:01:14.590> increase<01:01:15.130> the<01:01:15.340> cost<01:01:15.550> of<01:01:15.700> corruption 01:01:16.110 --> 01:01:16.120 align:start position:0% so those increase the cost of corruption 01:01:16.120 --> 01:01:19.260 align:start position:0% so those increase the cost of corruption because<01:01:16.420> now<01:01:16.720> those<01:01:17.590> tokens<01:01:18.040> have<01:01:18.220> gone<01:01:18.430> to<01:01:18.760> to 01:01:19.260 --> 01:01:19.270 align:start position:0% because now those tokens have gone to to 01:01:19.270 --> 01:01:21.240 align:start position:0% because now those tokens have gone to to increase<01:01:19.540> the<01:01:19.810> price<01:01:20.050> of<01:01:20.080> the<01:01:20.260> tokens<01:01:20.650> so<01:01:21.160> if 01:01:21.240 --> 01:01:21.250 align:start position:0% increase the price of the tokens so if 01:01:21.250 --> 01:01:24.840 align:start position:0% increase the price of the tokens so if you<01:01:21.400> want<01:01:21.610> to<01:01:21.670> go<01:01:21.910> and<01:01:22.240> bribe<01:01:22.930> the<01:01:23.890> Oracle<01:01:24.370> you 01:01:24.840 --> 01:01:24.850 align:start position:0% you want to go and bribe the Oracle you 01:01:24.850 --> 01:01:26.190 align:start position:0% you want to go and bribe the Oracle you need<01:01:25.000> to<01:01:25.060> go<01:01:25.180> out<01:01:25.390> and<01:01:25.570> buy<01:01:25.720> more<01:01:25.750> voting 01:01:26.190 --> 01:01:26.200 align:start position:0% need to go out and buy more voting 01:01:26.200 --> 01:01:28.500 align:start position:0% need to go out and buy more voting tokens<01:01:26.680> for<01:01:27.310> those<01:01:27.430> voting<01:01:27.790> tokens<01:01:28.150> are<01:01:28.360> now 01:01:28.500 --> 01:01:28.510 align:start position:0% tokens for those voting tokens are now 01:01:28.510 --> 01:01:33.330 align:start position:0% tokens for those voting tokens are now expensive<01:01:29.200> that's<01:01:29.530> a<01:01:29.680> cost<01:01:29.890> approach<01:01:32.310> so<01:01:33.310> the 01:01:33.330 --> 01:01:33.340 align:start position:0% expensive that's a cost approach so the 01:01:33.340 --> 01:01:38.630 align:start position:0% expensive that's a cost approach so the only<01:01:33.940> way<01:01:34.240> to<01:01:35.080> get<01:01:35.290> that<01:01:36.250> audience<01:01:37.150> is<01:01:37.960> from 01:01:38.630 --> 01:01:38.640 align:start position:0% only way to get that audience is from 01:01:38.640 --> 01:01:42.390 align:start position:0% only way to get that audience is from taxes<01:01:39.640> which<01:01:40.270> were<01:01:40.480> say<01:01:40.690> oh<01:01:40.930> well<01:01:41.650> I<01:01:41.890> can<01:01:42.220> get 01:01:42.390 --> 01:01:42.400 align:start position:0% taxes which were say oh well I can get 01:01:42.400 --> 01:01:47.280 align:start position:0% taxes which were say oh well I can get it<01:01:42.580> somewhere<01:01:44.010> somewhere<01:01:45.010> else<01:01:45.570> if<01:01:46.570> I<01:01:46.840> want<01:01:47.110> to 01:01:47.280 --> 01:01:47.290 align:start position:0% it somewhere somewhere else if I want to 01:01:47.290 --> 01:01:50.310 align:start position:0% it somewhere somewhere else if I want to vote<01:01:47.530> on<01:01:47.850> prices<01:01:48.850> for<01:01:49.210> the<01:01:49.300> Oracle<01:01:49.630> I<01:01:49.840> can<01:01:50.200> go 01:01:50.310 --> 01:01:50.320 align:start position:0% vote on prices for the Oracle I can go 01:01:50.320 --> 01:01:53.700 align:start position:0% vote on prices for the Oracle I can go out<01:01:50.500> and<01:01:50.530> buy<01:01:50.860> the<01:01:50.920> boat<01:01:51.340> token<01:01:52.110> but<01:01:53.110> the<01:01:53.440> price 01:01:53.700 --> 01:01:53.710 align:start position:0% out and buy the boat token but the price 01:01:53.710 --> 01:01:55.230 align:start position:0% out and buy the boat token but the price at<01:01:53.920> which<01:01:53.950> I<01:01:54.130> have<01:01:54.250> to<01:01:54.370> buy<01:01:54.490> the<01:01:54.550> voting<01:01:54.970> token 01:01:55.230 --> 01:01:55.240 align:start position:0% at which I have to buy the voting token 01:01:55.240 --> 01:01:56.790 align:start position:0% at which I have to buy the voting token is<01:01:55.360> influenced<01:01:55.900> of<01:01:55.990> course<01:01:56.170> by<01:01:56.380> that<01:01:56.590> at<01:01:56.710> the 01:01:56.790 --> 01:01:56.800 align:start position:0% is influenced of course by that at the 01:01:56.800 --> 01:02:01.960 align:start position:0% is influenced of course by that at the buybacks 01:02:01.960 --> 01:02:01.970 align:start position:0% 01:02:01.970 --> 01:02:07.459 align:start position:0% 20<01:02:02.970> seconds<01:02:03.269> here<01:02:03.390> I'm<01:02:03.599> going<01:02:03.900> to<01:02:04.079> use 01:02:07.459 --> 01:02:07.469 align:start position:0% 01:02:07.469 --> 01:02:09.809 align:start position:0% because<01:02:08.469> I<01:02:08.589> wouldn't<01:02:09.160> really<01:02:09.309> need<01:02:09.460> your<01:02:09.549> cost 01:02:09.809 --> 01:02:09.819 align:start position:0% because I wouldn't really need your cost 01:02:09.819 --> 01:02:12.930 align:start position:0% because I wouldn't really need your cost right<01:02:10.170> somebody<01:02:11.170> I<01:02:11.289> said<01:02:11.559> people<01:02:11.920> are<01:02:11.979> living 01:02:12.930 --> 01:02:12.940 align:start position:0% right somebody I said people are living 01:02:12.940 --> 01:02:15.330 align:start position:0% right somebody I said people are living I'll<01:02:13.660> let<01:02:13.960> math<01:02:14.140> math<01:02:14.410> you<01:02:14.530> know<01:02:14.950> get<01:02:15.100> burned 01:02:15.330 --> 01:02:15.340 align:start position:0% I'll let math math you know get burned 01:02:15.340 --> 01:02:18.180 align:start position:0% I'll let math math you know get burned they<01:02:15.850> get<01:02:16.150> the<01:02:16.810> ideas<01:02:17.110> that<01:02:17.140> it<01:02:17.470> be<01:02:17.590> prizes<01:02:17.920> out 01:02:18.180 --> 01:02:18.190 align:start position:0% they get the ideas that it be prizes out 01:02:18.190 --> 01:02:20.160 align:start position:0% they get the ideas that it be prizes out of<01:02:18.310> all<01:02:18.520> the<01:02:19.000> value<01:02:19.390> of<01:02:19.450> those<01:02:19.570> vote<01:02:19.780> oaken's 01:02:20.160 --> 01:02:20.170 align:start position:0% of all the value of those vote oaken's 01:02:20.170 --> 01:02:22.770 align:start position:0% of all the value of those vote oaken's go<01:02:20.620> to<01:02:20.680> zero<01:02:20.950> because<01:02:21.250> you<01:02:21.880> effectively<01:02:22.510> from 01:02:22.770 --> 01:02:22.780 align:start position:0% go to zero because you effectively from 01:02:22.780 --> 01:02:24.750 align:start position:0% go to zero because you effectively from those<01:02:23.110> into<01:02:23.410> that<01:02:23.530> worthless<01:02:23.740> because<01:02:24.610> you're 01:02:24.750 --> 01:02:24.760 align:start position:0% those into that worthless because you're 01:02:24.760 --> 01:02:26.040 align:start position:0% those into that worthless because you're gonna<01:02:24.910> expect<01:02:25.150> use<01:02:25.540> the<01:02:25.660> system<01:02:25.900> in<01:02:25.960> the 01:02:26.040 --> 01:02:26.050 align:start position:0% gonna expect use the system in the 01:02:26.050 --> 01:02:29.370 align:start position:0% gonna expect use the system in the future<01:02:26.370> so<01:02:27.570> so<01:02:28.570> the<01:02:28.660> boat<01:02:28.810> tokens<01:02:29.140> you<01:02:29.230> don't 01:02:29.370 --> 01:02:29.380 align:start position:0% future so so the boat tokens you don't 01:02:29.380 --> 01:02:31.200 align:start position:0% future so so the boat tokens you don't burn<01:02:29.590> them<01:02:29.770> the<01:02:30.490> idea<01:02:30.760> is<01:02:30.880> that<01:02:30.910> you're 01:02:31.200 --> 01:02:31.210 align:start position:0% burn them the idea is that you're 01:02:31.210 --> 01:02:32.790 align:start position:0% burn them the idea is that you're holding<01:02:31.420> them<01:02:31.720> so<01:02:32.110> if<01:02:32.230> you<01:02:32.410> were<01:02:32.530> to<01:02:32.680> do 01:02:32.790 --> 01:02:32.800 align:start position:0% holding them so if you were to do 01:02:32.800 --> 01:02:34.890 align:start position:0% holding them so if you were to do something<01:02:33.100> bad<01:02:33.310> the<01:02:33.970> value<01:02:34.390> you're<01:02:34.510> holding 01:02:34.890 --> 01:02:34.900 align:start position:0% something bad the value you're holding 01:02:34.900 --> 01:02:36.810 align:start position:0% something bad the value you're holding will<01:02:35.080> go<01:02:35.200> to<01:02:35.260> zero<01:02:35.530> so<01:02:36.190> that's<01:02:36.370> that's<01:02:36.640> the 01:02:36.810 --> 01:02:36.820 align:start position:0% will go to zero so that's that's the 01:02:36.820 --> 01:02:45.230 align:start position:0% will go to zero so that's that's the economic 01:02:45.230 --> 01:02:45.240 align:start position:0% 01:02:45.240 --> 01:02:47.280 align:start position:0% because<01:02:46.240> I<01:02:46.330> think 01:02:47.280 --> 01:02:47.290 align:start position:0% because I think 01:02:47.290 --> 01:02:49.660 align:start position:0% because I think place 01:02:49.660 --> 01:02:49.670 align:start position:0% place 01:02:49.670 --> 01:02:52.750 align:start position:0% place human<01:02:50.670> goodness 01:02:52.750 --> 01:02:52.760 align:start position:0% human goodness 01:02:52.760 --> 01:02:55.480 align:start position:0% human goodness maybe<01:02:52.970> fix<01:02:53.240> that<01:02:53.480> we<01:02:53.570> have<01:02:53.890> another<01:02:54.890> hybrid 01:02:55.480 --> 01:02:55.490 align:start position:0% maybe fix that we have another hybrid 01:02:55.490 --> 01:02:56.750 align:start position:0% maybe fix that we have another hybrid humans 01:02:56.750 --> 01:02:56.760 align:start position:0% humans 01:02:56.760 --> 01:02:59.289 align:start position:0% humans that<01:02:57.060> continues<01:02:57.990> to<01:02:58.200> have 01:02:59.289 --> 01:02:59.299 align:start position:0% that continues to have 01:02:59.299 --> 01:03:01.160 align:start position:0% that continues to have and 01:03:01.160 --> 01:03:01.170 align:start position:0% and 01:03:01.170 --> 01:03:19.780 align:start position:0% and have 01:03:19.780 --> 01:03:19.790 align:start position:0% 01:03:19.790 --> 01:03:25.100 align:start position:0% okay<01:03:21.470> that's<01:03:22.470> more<01:03:22.800> a<01:03:22.860> statement<01:03:23.810> so<01:03:24.810> I<01:03:24.840> think 01:03:25.100 --> 01:03:25.110 align:start position:0% okay that's more a statement so I think 01:03:25.110 --> 01:03:27.560 align:start position:0% okay that's more a statement so I think that<01:03:25.550> in<01:03:26.550> some<01:03:26.610> ways<01:03:27.030> there<01:03:27.240> are<01:03:27.270> a<01:03:27.360> lot<01:03:27.540> of 01:03:27.560 --> 01:03:27.570 align:start position:0% that in some ways there are a lot of 01:03:27.570 --> 01:03:29.420 align:start position:0% that in some ways there are a lot of corollaries<01:03:28.170> to<01:03:28.200> the<01:03:28.470> fiat<01:03:28.710> world<01:03:29.010> right<01:03:29.250> but 01:03:29.420 --> 01:03:29.430 align:start position:0% corollaries to the fiat world right but 01:03:29.430 --> 01:03:30.500 align:start position:0% corollaries to the fiat world right but like<01:03:29.520> when<01:03:29.700> you<01:03:29.790> and<01:03:29.910> I<01:03:30.000> enter<01:03:30.270> into<01:03:30.420> a 01:03:30.500 --> 01:03:30.510 align:start position:0% like when you and I enter into a 01:03:30.510 --> 01:03:33.260 align:start position:0% like when you and I enter into a contract<01:03:31.050> in<01:03:31.440> the<01:03:31.650> regular<01:03:32.010> Fiat<01:03:32.370> world<01:03:32.580> we're 01:03:33.260 --> 01:03:33.270 align:start position:0% contract in the regular Fiat world we're 01:03:33.270 --> 01:03:34.850 align:start position:0% contract in the regular Fiat world we're abiding<01:03:33.570> by<01:03:33.870> the<01:03:33.930> terms<01:03:34.020> of<01:03:34.290> the<01:03:34.350> contract 01:03:34.850 --> 01:03:34.860 align:start position:0% abiding by the terms of the contract 01:03:34.860 --> 01:03:35.960 align:start position:0% abiding by the terms of the contract because<01:03:35.220> we<01:03:35.340> know<01:03:35.460> there's<01:03:35.640> external 01:03:35.960 --> 01:03:35.970 align:start position:0% because we know there's external 01:03:35.970 --> 01:03:38.240 align:start position:0% because we know there's external consequences<01:03:36.750> if<01:03:36.900> we<01:03:36.930> fail<01:03:37.320> we<01:03:37.770> know<01:03:37.920> that<01:03:38.160> you 01:03:38.240 --> 01:03:38.250 align:start position:0% consequences if we fail we know that you 01:03:38.250 --> 01:03:39.860 align:start position:0% consequences if we fail we know that you can<01:03:38.400> take<01:03:38.550> me<01:03:38.670> to<01:03:38.700> court<01:03:39.000> you<01:03:39.090> can<01:03:39.240> sue<01:03:39.480> me 01:03:39.860 --> 01:03:39.870 align:start position:0% can take me to court you can sue me 01:03:39.870 --> 01:03:41.090 align:start position:0% can take me to court you can sue me potentially<01:03:40.410> if<01:03:40.470> I<01:03:40.530> did<01:03:40.680> something<01:03:40.920> really 01:03:41.090 --> 01:03:41.100 align:start position:0% potentially if I did something really 01:03:41.100 --> 01:03:43.580 align:start position:0% potentially if I did something really bad<01:03:41.640> somebody<01:03:41.970> could<01:03:42.360> send<01:03:42.540> me<01:03:42.600> to<01:03:42.690> jail<01:03:42.750> right 01:03:43.580 --> 01:03:43.590 align:start position:0% bad somebody could send me to jail right 01:03:43.590 --> 01:03:45.320 align:start position:0% bad somebody could send me to jail right in<01:03:43.740> the<01:03:44.070> blockchain<01:03:44.280> land<01:03:44.700> there<01:03:44.880> is<01:03:45.000> no<01:03:45.150> such 01:03:45.320 --> 01:03:45.330 align:start position:0% in the blockchain land there is no such 01:03:45.330 --> 01:03:47.000 align:start position:0% in the blockchain land there is no such thing<01:03:45.600> so<01:03:45.780> this<01:03:45.900> horrible<01:03:46.320> that<01:03:46.470> we<01:03:46.590> built<01:03:46.830> is 01:03:47.000 --> 01:03:47.010 align:start position:0% thing so this horrible that we built is 01:03:47.010 --> 01:03:51.550 align:start position:0% thing so this horrible that we built is basically<01:03:47.370> a<01:03:47.460> primitive<01:03:48.350> that<01:03:49.350> allows<01:03:50.340> us<01:03:50.370> to 01:03:51.550 --> 01:03:51.560 align:start position:0% basically a primitive that allows us to 01:03:51.560 --> 01:03:54.620 align:start position:0% basically a primitive that allows us to create<01:03:52.560> an<01:03:52.650> economic<01:03:53.010> incentive<01:03:53.160> to<01:03:53.540> be<01:03:54.540> able 01:03:54.620 --> 01:03:54.630 align:start position:0% create an economic incentive to be able 01:03:54.630 --> 01:03:56.900 align:start position:0% create an economic incentive to be able to<01:03:54.720> get<01:03:54.930> some<01:03:55.110> of<01:03:55.140> this<01:03:55.260> off<01:03:55.470> chain<01:03:55.800> data<01:03:56.340> on 01:03:56.900 --> 01:03:56.910 align:start position:0% to get some of this off chain data on 01:03:56.910 --> 01:03:59.150 align:start position:0% to get some of this off chain data on tape<01:03:57.480> and<01:03:57.690> be<01:03:57.840> able<01:03:57.900> to<01:03:58.080> verify<01:03:58.320> things<01:03:58.620> that 01:03:59.150 --> 01:03:59.160 align:start position:0% tape and be able to verify things that 01:03:59.160 --> 01:04:00.710 align:start position:0% tape and be able to verify things that you<01:03:59.220> can<01:03:59.340> do<01:03:59.460> more<01:03:59.730> with<01:03:59.910> our<01:03:59.940> smart<01:04:00.300> contracts 01:04:00.710 --> 01:04:00.720 align:start position:0% you can do more with our smart contracts 01:04:00.720 --> 01:04:01.910 align:start position:0% you can do more with our smart contracts that<01:04:00.870> we<01:04:00.960> otherwise<01:04:01.170> would<01:04:01.470> not<01:04:01.590> be<01:04:01.710> able<01:04:01.800> to 01:04:01.910 --> 01:04:01.920 align:start position:0% that we otherwise would not be able to 01:04:01.920 --> 01:04:04.130 align:start position:0% that we otherwise would not be able to do<01:04:02.100> because<01:04:02.610> in<01:04:03.000> this<01:04:03.150> blockchain<01:04:03.660> global 01:04:04.130 --> 01:04:04.140 align:start position:0% do because in this blockchain global 01:04:04.140 --> 01:04:06.290 align:start position:0% do because in this blockchain global world<01:04:04.350> there<01:04:04.620> is<01:04:04.680> no<01:04:04.830> you<01:04:05.280> know<01:04:05.400> external<01:04:06.030> Jail 01:04:06.290 --> 01:04:06.300 align:start position:0% world there is no you know external Jail 01:04:06.300 --> 01:04:08.210 align:start position:0% world there is no you know external Jail there<01:04:06.570> is<01:04:06.630> no<01:04:06.750> external<01:04:07.110> single<01:04:07.620> global<01:04:07.800> court 01:04:08.210 --> 01:04:08.220 align:start position:0% there is no external single global court 01:04:08.220 --> 01:04:13.940 align:start position:0% there is no external single global court system<01:04:08.580> that<01:04:08.730> we<01:04:08.820> can<01:04:08.940> all<01:04:09.030> arbitrate<01:04:09.510> you 01:04:13.940 --> 01:04:13.950 align:start position:0% 01:04:13.950 --> 01:04:29.330 align:start position:0% what<01:04:14.520> is<01:04:14.760> the<01:04:15.180> wonders<01:04:15.900> of<01:04:24.200> what<01:04:25.200> happened 01:04:29.330 --> 01:04:29.340 align:start position:0% 01:04:29.340 --> 01:04:31.670 align:start position:0% great<01:04:30.270> so<01:04:30.390> on<01:04:30.480> the<01:04:30.570> first<01:04:30.750> question<01:04:30.870> let's<01:04:31.560> say 01:04:31.670 --> 01:04:31.680 align:start position:0% great so on the first question let's say 01:04:31.680 --> 01:04:33.880 align:start position:0% great so on the first question let's say you're<01:04:32.220> right<01:04:32.370> so<01:04:32.520> so<01:04:32.730> let's<01:04:32.970> say<01:04:33.060> someone 01:04:33.880 --> 01:04:33.890 align:start position:0% you're right so so let's say someone 01:04:33.890 --> 01:04:38.390 align:start position:0% you're right so so let's say someone misses<01:04:34.890> like<01:04:35.280> a<01:04:35.580> situation<01:04:35.790> where<01:04:36.860> the<01:04:37.860> right 01:04:38.390 --> 01:04:38.400 align:start position:0% misses like a situation where the right 01:04:38.400 --> 01:04:43.010 align:start position:0% misses like a situation where the right so<01:04:38.610> let's<01:04:38.820> say<01:04:38.940> in<01:04:39.120> that<01:04:39.300> in<01:04:39.510> that<01:04:39.660> diagram<01:04:42.020> in 01:04:43.010 --> 01:04:43.020 align:start position:0% so let's say in that in that diagram in 01:04:43.020 --> 01:04:45.230 align:start position:0% so let's say in that in that diagram in that<01:04:43.200> diagram<01:04:43.530> right<01:04:43.740> so<01:04:44.130> there<01:04:45.120> was<01:04:45.210> a 01:04:45.230 --> 01:04:45.240 align:start position:0% that diagram right so there was a 01:04:45.240 --> 01:04:47.000 align:start position:0% that diagram right so there was a situation<01:04:45.480> where<01:04:45.930> initially<01:04:46.470> we<01:04:46.590> were<01:04:46.710> here 01:04:47.000 --> 01:04:47.010 align:start position:0% situation where initially we were here 01:04:47.010 --> 01:04:49.820 align:start position:0% situation where initially we were here and<01:04:47.220> then<01:04:47.490> we<01:04:47.610> got<01:04:47.790> here<01:04:48.180> and<01:04:48.390> no<01:04:48.630> one<01:04:48.840> called 01:04:49.820 --> 01:04:49.830 align:start position:0% and then we got here and no one called 01:04:49.830 --> 01:04:51.740 align:start position:0% and then we got here and no one called the<01:04:49.980> pole<01:04:50.130> for<01:04:50.310> a<01:04:50.370> phrase<01:04:50.580> there<01:04:51.510> are<01:04:51.630> two 01:04:51.740 --> 01:04:51.750 align:start position:0% the pole for a phrase there are two 01:04:51.750 --> 01:04:54.770 align:start position:0% the pole for a phrase there are two outcomes<01:04:52.080> right<01:04:52.440> one<01:04:53.280> is<01:04:53.790> the<01:04:54.420> next<01:04:54.540> time 01:04:54.770 --> 01:04:54.780 align:start position:0% outcomes right one is the next time 01:04:54.780 --> 01:04:56.810 align:start position:0% outcomes right one is the next time someone<01:04:54.990> does<01:04:55.230> call<01:04:55.650> for<01:04:55.680> a<01:04:55.920> phrase<01:04:56.190> we're 01:04:56.810 --> 01:04:56.820 align:start position:0% someone does call for a phrase we're 01:04:56.820 --> 01:04:58.460 align:start position:0% someone does call for a phrase we're still<01:04:57.060> here<01:04:57.270> so<01:04:57.480> eventually<01:04:57.780> it<01:04:57.990> gets<01:04:58.050> caught 01:04:58.460 --> 01:04:58.470 align:start position:0% still here so eventually it gets caught 01:04:58.470 --> 01:05:00.950 align:start position:0% still here so eventually it gets caught just<01:04:58.800> not<01:04:58.920> by<01:04:59.070> the<01:04:59.130> first<01:04:59.370> person<01:04:59.820> the<01:05:00.570> second 01:05:00.950 --> 01:05:00.960 align:start position:0% just not by the first person the second 01:05:00.960 --> 01:05:05.540 align:start position:0% just not by the first person the second case<01:05:01.170> is<01:05:03.020> find<01:05:04.020> the<01:05:04.200> time<01:05:04.470> someone's<01:05:05.010> come<01:05:05.130> in 01:05:05.540 --> 01:05:05.550 align:start position:0% case is find the time someone's come in 01:05:05.550 --> 01:05:08.090 align:start position:0% case is find the time someone's come in to<01:05:05.700> say<01:05:05.880> okay<01:05:06.390> something<01:05:06.840> looks<01:05:07.200> off<01:05:07.440> we're 01:05:08.090 --> 01:05:08.100 align:start position:0% to say okay something looks off we're 01:05:08.100 --> 01:05:10.580 align:start position:0% to say okay something looks off we're back<01:05:08.310> here<01:05:08.670> in<01:05:08.910> which<01:05:09.810> case<01:05:09.840> what's<01:05:10.200> happened 01:05:10.580 --> 01:05:10.590 align:start position:0% back here in which case what's happened 01:05:10.590 --> 01:05:12.320 align:start position:0% back here in which case what's happened is<01:05:10.770> you've<01:05:10.980> given<01:05:11.550> someone<01:05:11.910> that<01:05:12.060> kind<01:05:12.210> of 01:05:12.320 --> 01:05:12.330 align:start position:0% is you've given someone that kind of 01:05:12.330 --> 01:05:16.370 align:start position:0% is you've given someone that kind of like<01:05:14.150> optionality<01:05:15.150> right<01:05:15.750> and<01:05:15.990> saying<01:05:16.170> oh 01:05:16.370 --> 01:05:16.380 align:start position:0% like optionality right and saying oh 01:05:16.380 --> 01:05:18.650 align:start position:0% like optionality right and saying oh well<01:05:16.680> oh<01:05:17.010> I<01:05:17.310> know<01:05:17.520> I'm<01:05:17.790> under<01:05:17.940> collateralize 01:05:18.650 --> 01:05:18.660 align:start position:0% well oh I know I'm under collateralize 01:05:18.660 --> 01:05:20.600 align:start position:0% well oh I know I'm under collateralize but<01:05:19.110> I'm<01:05:19.230> just<01:05:19.440> gonna<01:05:19.530> hope<01:05:19.860> that<01:05:19.890> no<01:05:20.370> one 01:05:20.600 --> 01:05:20.610 align:start position:0% but I'm just gonna hope that no one 01:05:20.610 --> 01:05:23.690 align:start position:0% but I'm just gonna hope that no one calls<01:05:21.390> to<01:05:22.050> pull<01:05:22.200> fair<01:05:22.410> price<01:05:22.650> I<01:05:22.920> think<01:05:23.520> that's 01:05:23.690 --> 01:05:23.700 align:start position:0% calls to pull fair price I think that's 01:05:23.700 --> 01:05:26.180 align:start position:0% calls to pull fair price I think that's a<01:05:23.820> very<01:05:23.940> valid<01:05:24.270> concern<01:05:24.630> but<01:05:25.230> the<01:05:25.770> hope<01:05:25.980> is 01:05:26.180 --> 01:05:26.190 align:start position:0% a very valid concern but the hope is 01:05:26.190 --> 01:05:28.040 align:start position:0% a very valid concern but the hope is that<01:05:26.220> with<01:05:26.820> lots<01:05:27.240> of<01:05:27.390> different<01:05:27.900> about 01:05:28.040 --> 01:05:28.050 align:start position:0% that with lots of different about 01:05:28.050 --> 01:05:30.500 align:start position:0% that with lots of different about utopian<01:05:28.530> or<01:05:28.740> voting<01:05:29.190> lots<01:05:30.150> of<01:05:30.210> different 01:05:30.500 --> 01:05:30.510 align:start position:0% utopian or voting lots of different 01:05:30.510 --> 01:05:32.120 align:start position:0% utopian or voting lots of different voters<01:05:30.780> or<01:05:31.380> is<01:05:31.500> lots<01:05:31.710> of<01:05:31.830> different 01:05:32.120 --> 01:05:32.130 align:start position:0% voters or is lots of different 01:05:32.130 --> 01:05:34.310 align:start position:0% voters or is lots of different counterparties<01:05:32.730> in<01:05:32.970> a<01:05:33.120> system<01:05:33.480> that<01:05:33.660> has<01:05:33.840> like 01:05:34.310 --> 01:05:34.320 align:start position:0% counterparties in a system that has like 01:05:34.320 --> 01:05:36.650 align:start position:0% counterparties in a system that has like more<01:05:34.440> liquidity<01:05:34.680> that<01:05:35.490> people<01:05:36.330> will<01:05:36.510> be 01:05:36.650 --> 01:05:36.660 align:start position:0% more liquidity that people will be 01:05:36.660 --> 01:05:38.960 align:start position:0% more liquidity that people will be monitoring<01:05:37.050> that<01:05:37.170> stuff<01:05:37.470> and<01:05:37.770> I<01:05:38.310> would<01:05:38.640> say 01:05:38.960 --> 01:05:38.970 align:start position:0% monitoring that stuff and I would say 01:05:38.970 --> 01:05:40.570 align:start position:0% monitoring that stuff and I would say actually<01:05:39.480> one<01:05:39.840> of<01:05:39.870> the<01:05:40.080> cool<01:05:40.260> things<01:05:40.470> about 01:05:40.570 --> 01:05:40.580 align:start position:0% actually one of the cool things about 01:05:40.580 --> 01:05:42.410 align:start position:0% actually one of the cool things about potentially<01:05:41.580> the<01:05:41.670> way<01:05:41.790> that<01:05:41.970> this<01:05:42.090> ecosystem 01:05:42.410 --> 01:05:42.420 align:start position:0% potentially the way that this ecosystem 01:05:42.420 --> 01:05:46.040 align:start position:0% potentially the way that this ecosystem grows<01:05:42.870> is<01:05:43.380> that<01:05:43.590> we<01:05:43.830> eventually<01:05:44.100> have<01:05:45.050> third 01:05:46.040 --> 01:05:46.050 align:start position:0% grows is that we eventually have third 01:05:46.050 --> 01:05:48.500 align:start position:0% grows is that we eventually have third parties<01:05:46.530> that<01:05:46.620> are<01:05:46.950> incentivized<01:05:47.610> to<01:05:48.240> watch 01:05:48.500 --> 01:05:48.510 align:start position:0% parties that are incentivized to watch 01:05:48.510 --> 01:05:50.810 align:start position:0% parties that are incentivized to watch for<01:05:48.870> this<01:05:48.990> kind<01:05:49.260> of<01:05:49.380> stuff<01:05:49.650> and<01:05:49.980> pull<01:05:50.310> pulled 01:05:50.810 --> 01:05:50.820 align:start position:0% for this kind of stuff and pull pulled 01:05:50.820 --> 01:05:54.260 align:start position:0% for this kind of stuff and pull pulled for<01:05:51.180> those<01:05:51.300> kinds<01:05:51.690> of<01:05:51.810> price<01:05:52.500> feeds<01:05:52.800> or<01:05:53.370> pull 01:05:54.260 --> 01:05:54.270 align:start position:0% for those kinds of price feeds or pull 01:05:54.270 --> 01:05:56.180 align:start position:0% for those kinds of price feeds or pull those<01:05:54.480> prices<01:05:54.720> because<01:05:55.530> they've<01:05:55.800> got<01:05:55.980> some 01:05:56.180 --> 01:05:56.190 align:start position:0% those prices because they've got some 01:05:56.190 --> 01:05:58.400 align:start position:0% those prices because they've got some kind<01:05:56.430> of<01:05:56.520> economic<01:05:56.760> incentives<01:05:57.420> to<01:05:57.510> do<01:05:57.630> so<01:05:57.660> so 01:05:58.400 --> 01:05:58.410 align:start position:0% kind of economic incentives to do so so 01:05:58.410 --> 01:05:59.540 align:start position:0% kind of economic incentives to do so so I<01:05:58.440> think<01:05:58.530> there<01:05:58.740> are<01:05:58.800> lots<01:05:58.890> of<01:05:59.070> ways<01:05:59.220> that<01:05:59.460> this 01:05:59.540 --> 01:05:59.550 align:start position:0% I think there are lots of ways that this 01:05:59.550 --> 01:06:01.250 align:start position:0% I think there are lots of ways that this could<01:05:59.790> could<01:06:00.030> be<01:06:00.150> built<01:06:00.390> up<01:06:00.720> in<01:06:00.900> the<01:06:00.990> future 01:06:01.250 --> 01:06:01.260 align:start position:0% could could be built up in the future 01:06:01.260 --> 01:06:05.000 align:start position:0% could could be built up in the future and<01:06:01.470> has<01:06:01.860> like<01:06:02.070> different<01:06:02.370> add-on<01:06:02.640> features 01:06:05.000 --> 01:06:05.010 align:start position:0% and has like different add-on features 01:06:05.010 --> 01:06:08.870 align:start position:0% and has like different add-on features so<01:06:05.609> all<01:06:06.359> this<01:06:06.720> driving<01:06:07.680> and<01:06:08.010> placement<01:06:08.609> would 01:06:08.870 --> 01:06:08.880 align:start position:0% so all this driving and placement would 01:06:08.880 --> 01:06:19.350 align:start position:0% so all this driving and placement would still<01:06:09.660> like<01:06:10.109> in<01:06:10.830> whatever 01:06:19.350 --> 01:06:19.360 align:start position:0% 01:06:19.360 --> 01:06:23.650 align:start position:0% two<01:06:19.960> types<01:06:20.920> of<01:06:21.160> legal<01:06:21.610> contracts 01:06:23.650 --> 01:06:23.660 align:start position:0% two types of legal contracts 01:06:23.660 --> 01:06:27.970 align:start position:0% two types of legal contracts enable<01:06:24.640> someone<01:06:25.640> to<01:06:26.030> operate 01:06:27.970 --> 01:06:27.980 align:start position:0% enable someone to operate 01:06:27.980 --> 01:06:31.020 align:start position:0% enable someone to operate right 01:06:31.020 --> 01:06:31.030 align:start position:0% 01:06:31.030 --> 01:06:33.870 align:start position:0% so<01:06:31.390> a<01:06:31.870> pretty<01:06:32.350> complicated<01:06:32.860> because<01:06:33.490> every 01:06:33.870 --> 01:06:33.880 align:start position:0% so a pretty complicated because every 01:06:33.880 --> 01:06:35.550 align:start position:0% so a pretty complicated because every country<01:06:34.210> kind<01:06:34.360> of<01:06:34.510> has<01:06:34.660> their<01:06:34.870> own<01:06:34.930> set<01:06:35.530> of 01:06:35.550 --> 01:06:35.560 align:start position:0% country kind of has their own set of 01:06:35.560 --> 01:06:37.530 align:start position:0% country kind of has their own set of rules<01:06:35.800> the<01:06:36.670> first<01:06:36.880> thing<01:06:37.060> to<01:06:37.240> kind<01:06:37.510> of 01:06:37.530 --> 01:06:37.540 align:start position:0% rules the first thing to kind of 01:06:37.540 --> 01:06:39.240 align:start position:0% rules the first thing to kind of understand<01:06:37.990> is<01:06:38.200> that<01:06:38.230> sadly<01:06:38.830> there's<01:06:39.040> a<01:06:39.100> lot 01:06:39.240 --> 01:06:39.250 align:start position:0% understand is that sadly there's a lot 01:06:39.250 --> 01:06:40.680 align:start position:0% understand is that sadly there's a lot of<01:06:39.340> ambiguity<01:06:39.550> when<01:06:39.970> it<01:06:40.060> comes<01:06:40.240> to<01:06:40.360> this<01:06:40.450> stuff 01:06:40.680 --> 01:06:40.690 align:start position:0% of ambiguity when it comes to this stuff 01:06:40.690 --> 01:06:42.090 align:start position:0% of ambiguity when it comes to this stuff actually<01:06:41.080> not<01:06:41.440> just<01:06:41.710> because<01:06:41.950> of<01:06:41.980> the 01:06:42.090 --> 01:06:42.100 align:start position:0% actually not just because of the 01:06:42.100 --> 01:06:43.470 align:start position:0% actually not just because of the blockchain<01:06:42.310> aspect<01:06:42.940> but<01:06:43.120> just<01:06:43.330> in<01:06:43.450> general 01:06:43.470 --> 01:06:43.480 align:start position:0% blockchain aspect but just in general 01:06:43.480 --> 01:06:45.150 align:start position:0% blockchain aspect but just in general the<01:06:43.840> definition<01:06:44.290> of<01:06:44.380> a<01:06:44.440> derivative<01:06:44.560> and<01:06:45.070> the 01:06:45.150 --> 01:06:45.160 align:start position:0% the definition of a derivative and the 01:06:45.160 --> 01:06:46.260 align:start position:0% the definition of a derivative and the definition<01:06:45.550> that<01:06:45.640> missile<01:06:45.850> carries<01:06:46.090> not 01:06:46.260 --> 01:06:46.270 align:start position:0% definition that missile carries not 01:06:46.270 --> 01:06:49.350 align:start position:0% definition that missile carries not always<01:06:47.020> super<01:06:47.470> clear<01:06:47.860> and<01:06:48.730> it<01:06:48.820> really<01:06:49.000> depends 01:06:49.350 --> 01:06:49.360 align:start position:0% always super clear and it really depends 01:06:49.360 --> 01:06:50.370 align:start position:0% always super clear and it really depends on<01:06:49.390> the<01:06:49.510> specific<01:06:49.600> facts<01:06:50.110> and<01:06:50.320> circumstances 01:06:50.370 --> 01:06:50.380 align:start position:0% on the specific facts and circumstances 01:06:50.380 --> 01:06:52.620 align:start position:0% on the specific facts and circumstances of<01:06:50.920> what<01:06:51.100> you're<01:06:51.220> trying<01:06:51.400> to<01:06:51.460> create<01:06:51.670> so<01:06:52.240> if 01:06:52.620 --> 01:06:52.630 align:start position:0% of what you're trying to create so if 01:06:52.630 --> 01:06:55.050 align:start position:0% of what you're trying to create so if for<01:06:52.810> example<01:06:52.870> you're<01:06:53.380> using<01:06:53.620> a<01:06:54.070> non<01:06:54.460> security 01:06:55.050 --> 01:06:55.060 align:start position:0% for example you're using a non security 01:06:55.060 --> 01:06:57.030 align:start position:0% for example you're using a non security as<01:06:55.240> the<01:06:55.660> if<01:06:56.050> you're<01:06:56.440> using<01:06:56.590> something<01:06:56.920> that's 01:06:57.030 --> 01:06:57.040 align:start position:0% as the if you're using something that's 01:06:57.040 --> 01:06:59.310 align:start position:0% as the if you're using something that's not<01:06:57.340> a<01:06:57.400> security<01:06:57.940> as<01:06:58.060> collateral<01:06:58.360> like<01:06:58.870> E<01:06:59.050> and 01:06:59.310 --> 01:06:59.320 align:start position:0% not a security as collateral like E and 01:06:59.320 --> 01:07:00.960 align:start position:0% not a security as collateral like E and you're<01:06:59.980> using<01:07:00.190> something<01:07:00.490> that's<01:07:00.760> not<01:07:00.910> a 01:07:00.960 --> 01:07:00.970 align:start position:0% you're using something that's not a 01:07:00.970 --> 01:07:03.720 align:start position:0% you're using something that's not a security<01:07:01.450> as<01:07:01.780> the<01:07:02.350> reference<01:07:03.070> price<01:07:03.280> index 01:07:03.720 --> 01:07:03.730 align:start position:0% security as the reference price index 01:07:03.730 --> 01:07:07.470 align:start position:0% security as the reference price index like<01:07:04.030> the<01:07:04.150> price<01:07:04.330> of<01:07:04.510> Bitcoin<01:07:05.550> and<01:07:06.550> you<01:07:07.270> don't 01:07:07.470 --> 01:07:07.480 align:start position:0% like the price of Bitcoin and you don't 01:07:07.480 --> 01:07:10.230 align:start position:0% like the price of Bitcoin and you don't have<01:07:07.720> very<01:07:07.750> high<01:07:08.170> leverage<01:07:08.440> then<01:07:09.400> you<01:07:10.150> know 01:07:10.230 --> 01:07:10.240 align:start position:0% have very high leverage then you know 01:07:10.240 --> 01:07:12.240 align:start position:0% have very high leverage then you know it's<01:07:10.420> unclear<01:07:10.810> these<01:07:10.990> products<01:07:11.530> depending<01:07:12.160> on 01:07:12.240 --> 01:07:12.250 align:start position:0% it's unclear these products depending on 01:07:12.250 --> 01:07:13.740 align:start position:0% it's unclear these products depending on jurisdiction<01:07:12.340> could<01:07:12.970> be<01:07:13.060> classified<01:07:13.330> as<01:07:13.600> a 01:07:13.740 --> 01:07:13.750 align:start position:0% jurisdiction could be classified as a 01:07:13.750 --> 01:07:17.490 align:start position:0% jurisdiction could be classified as a derivative<01:07:14.080> or<01:07:14.500> a<01:07:15.330> loan<01:07:16.330> or<01:07:16.690> a<01:07:16.750> hybrid 01:07:17.490 --> 01:07:17.500 align:start position:0% derivative or a loan or a hybrid 01:07:17.500 --> 01:07:19.700 align:start position:0% derivative or a loan or a hybrid instrument<01:07:18.190> but<01:07:18.520> certainly<01:07:18.880> not<01:07:19.030> a<01:07:19.060> security 01:07:19.700 --> 01:07:19.710 align:start position:0% instrument but certainly not a security 01:07:19.710 --> 01:07:21.870 align:start position:0% instrument but certainly not a security alternatively<01:07:20.710> if<01:07:21.040> you<01:07:21.070> use<01:07:21.340> a<01:07:21.370> preference 01:07:21.870 --> 01:07:21.880 align:start position:0% alternatively if you use a preference 01:07:21.880 --> 01:07:23.580 align:start position:0% alternatively if you use a preference price<01:07:22.090> index<01:07:22.450> that<01:07:22.600> absolutely<01:07:23.290> is<01:07:23.560> a 01:07:23.580 --> 01:07:23.590 align:start position:0% price index that absolutely is a 01:07:23.590 --> 01:07:25.260 align:start position:0% price index that absolutely is a security<01:07:24.160> like<01:07:24.340> the<01:07:24.460> price<01:07:24.670> of<01:07:24.820> Apple<01:07:25.090> stock 01:07:25.260 --> 01:07:25.270 align:start position:0% security like the price of Apple stock 01:07:25.270 --> 01:07:27.720 align:start position:0% security like the price of Apple stock or<01:07:26.260> if<01:07:26.440> you're<01:07:26.590> using<01:07:26.770> a<01:07:26.920> margin<01:07:27.100> currency<01:07:27.640> and 01:07:27.720 --> 01:07:27.730 align:start position:0% or if you're using a margin currency and 01:07:27.730 --> 01:07:30.120 align:start position:0% or if you're using a margin currency and that<01:07:27.790> absolutely<01:07:28.390> is<01:07:28.690> a<01:07:28.720> security<01:07:29.350> like<01:07:29.980> some 01:07:30.120 --> 01:07:30.130 align:start position:0% that absolutely is a security like some 01:07:30.130 --> 01:07:32.550 align:start position:0% that absolutely is a security like some sort<01:07:30.310> of<01:07:30.340> an<01:07:30.430> sto<01:07:30.790> thing<01:07:31.150> then<01:07:31.930> yeah<01:07:32.110> like<01:07:32.380> that 01:07:32.550 --> 01:07:32.560 align:start position:0% sort of an sto thing then yeah like that 01:07:32.560 --> 01:07:34.140 align:start position:0% sort of an sto thing then yeah like that would<01:07:32.770> probably<01:07:32.830> be<01:07:33.130> subject<01:07:33.580> to<01:07:33.640> Security's 01:07:34.140 --> 01:07:34.150 align:start position:0% would probably be subject to Security's 01:07:34.150 --> 01:07:35.850 align:start position:0% would probably be subject to Security's regulations<01:07:34.360> but<01:07:34.960> it<01:07:35.050> always<01:07:35.170> depends<01:07:35.590> on<01:07:35.740> the 01:07:35.850 --> 01:07:35.860 align:start position:0% regulations but it always depends on the 01:07:35.860 --> 01:07:37.920 align:start position:0% regulations but it always depends on the precise<01:07:36.460> combination<01:07:36.760> there's<01:07:37.630> things<01:07:37.840> that 01:07:37.920 --> 01:07:37.930 align:start position:0% precise combination there's things that 01:07:37.930 --> 01:07:44.240 align:start position:0% precise combination there's things that you're<01:07:38.080> trying<01:07:38.290> to<01:07:38.320> do 01:07:44.240 --> 01:07:44.250 align:start position:0% 01:07:44.250 --> 01:07:48.069 align:start position:0% so<01:07:44.549> every<01:07:44.819> one<01:07:44.940> of<01:07:44.970> these<01:07:45.059> unique<01:07:45.510> effects 01:07:48.069 --> 01:07:48.079 align:start position:0% 01:07:48.079 --> 01:07:51.850 align:start position:0% plus<01:07:49.079> the<01:07:49.500> traffic<01:07:50.099> was<01:07:50.190> following 01:07:51.850 --> 01:07:51.860 align:start position:0% plus the traffic was following 01:07:51.860 --> 01:07:53.830 align:start position:0% plus the traffic was following obviously<01:07:52.520> UX<01:07:52.850> work<01:07:53.120> with<01:07:53.330> this<01:07:53.540> when<01:07:53.810> you 01:07:53.830 --> 01:07:53.840 align:start position:0% obviously UX work with this when you 01:07:53.840 --> 01:07:56.230 align:start position:0% obviously UX work with this when you have<01:07:54.110> thousands<01:07:54.650> of<01:07:54.770> different<01:07:54.890> codons<01:07:55.400> this 01:07:56.230 --> 01:07:56.240 align:start position:0% have thousands of different codons this 01:07:56.240 --> 01:07:58.030 align:start position:0% have thousands of different codons this interoperate<01:07:57.080> with 01:07:58.030 --> 01:07:58.040 align:start position:0% interoperate with 01:07:58.040 --> 01:08:04.300 align:start position:0% interoperate with like<01:07:58.520> this<01:07:58.970> isn't<01:07:59.120> gonna<01:07:59.330> what<01:08:03.310> great 01:08:04.300 --> 01:08:04.310 align:start position:0% like this isn't gonna what great 01:08:04.310 --> 01:08:06.400 align:start position:0% like this isn't gonna what great question<01:08:04.730> I<01:08:04.940> think<01:08:05.420> again<01:08:05.660> there<01:08:06.020> are<01:08:06.170> like 01:08:06.400 --> 01:08:06.410 align:start position:0% question I think again there are like 01:08:06.410 --> 01:08:07.960 align:start position:0% question I think again there are like two<01:08:06.710> different<01:08:06.830> ways<01:08:07.160> that<01:08:07.430> this<01:08:07.580> could<01:08:07.790> well 01:08:07.960 --> 01:08:07.970 align:start position:0% two different ways that this could well 01:08:07.970 --> 01:08:10.210 align:start position:0% two different ways that this could well and<01:08:08.180> probably<01:08:08.510> more<01:08:08.660> one<01:08:09.470> way<01:08:09.650> that<01:08:09.860> I<01:08:09.920> can<01:08:10.070> see 01:08:10.210 --> 01:08:10.220 align:start position:0% and probably more one way that I can see 01:08:10.220 --> 01:08:12.430 align:start position:0% and probably more one way that I can see the<01:08:10.340> ball<01:08:10.490> thing<01:08:10.700> is<01:08:10.910> we<01:08:11.750> do<01:08:11.900> more<01:08:12.020> financial 01:08:12.430 --> 01:08:12.440 align:start position:0% the ball thing is we do more financial 01:08:12.440 --> 01:08:14.080 align:start position:0% the ball thing is we do more financial engineering<01:08:12.770> work<01:08:13.040> on<01:08:13.250> making<01:08:13.580> those<01:08:13.700> tokens 01:08:14.080 --> 01:08:14.090 align:start position:0% engineering work on making those tokens 01:08:14.090 --> 01:08:15.700 align:start position:0% engineering work on making those tokens fungible<01:08:14.540> between<01:08:14.990> different<01:08:15.380> contracts 01:08:15.700 --> 01:08:15.710 align:start position:0% fungible between different contracts 01:08:15.710 --> 01:08:18.249 align:start position:0% fungible between different contracts that<01:08:15.830> have<01:08:15.890> the<01:08:16.190> same<01:08:16.370> parameters<01:08:16.930> we've<01:08:17.930> done 01:08:18.249 --> 01:08:18.259 align:start position:0% that have the same parameters we've done 01:08:18.259 --> 01:08:19.809 align:start position:0% that have the same parameters we've done some<01:08:18.529> thinking<01:08:18.830> about<01:08:19.069> how<01:08:19.490> you<01:08:19.549> can 01:08:19.809 --> 01:08:19.819 align:start position:0% some thinking about how you can 01:08:19.819 --> 01:08:21.970 align:start position:0% some thinking about how you can implement<01:08:20.089> that<01:08:20.270> and<01:08:21.109> decided<01:08:21.500> not<01:08:21.529> to<01:08:21.620> launch 01:08:21.970 --> 01:08:21.980 align:start position:0% implement that and decided not to launch 01:08:21.980 --> 01:08:23.680 align:start position:0% implement that and decided not to launch our<01:08:22.220> initial<01:08:22.819> version<01:08:23.210> with<01:08:23.450> those 01:08:23.680 --> 01:08:23.690 align:start position:0% our initial version with those 01:08:23.690 --> 01:08:25.210 align:start position:0% our initial version with those additional<01:08:24.170> features<01:08:24.440> because<01:08:24.920> they<01:08:25.040> seem 01:08:25.210 --> 01:08:25.220 align:start position:0% additional features because they seem 01:08:25.220 --> 01:08:27.430 align:start position:0% additional features because they seem very<01:08:25.250> very<01:08:25.700> complicated<01:08:25.970> but<01:08:26.839> it's<01:08:26.990> possible 01:08:27.430 --> 01:08:27.440 align:start position:0% very very complicated but it's possible 01:08:27.440 --> 01:08:29.559 align:start position:0% very very complicated but it's possible to<01:08:27.650> make<01:08:27.830> a<01:08:28.069> system<01:08:28.580> where<01:08:28.819> all<01:08:28.850> those<01:08:29.330> things 01:08:29.559 --> 01:08:29.569 align:start position:0% to make a system where all those things 01:08:29.569 --> 01:08:31.390 align:start position:0% to make a system where all those things are<01:08:29.660> fun<01:08:29.779> -<01:08:29.870> I<01:08:29.900> mean<01:08:30.080> dye<01:08:30.440> is<01:08:30.500> an<01:08:30.859> example<01:08:31.160> of 01:08:31.390 --> 01:08:31.400 align:start position:0% are fun - I mean dye is an example of 01:08:31.400 --> 01:08:33.370 align:start position:0% are fun - I mean dye is an example of something<01:08:31.700> where<01:08:32.150> they<01:08:32.270> are<01:08:32.330> much<01:08:32.480> well<01:08:32.660> and 01:08:33.370 --> 01:08:33.380 align:start position:0% something where they are much well and 01:08:33.380 --> 01:08:36.430 align:start position:0% something where they are much well and the<01:08:33.620> second<01:08:34.040> is<01:08:34.900> depending<01:08:35.900> on<01:08:35.990> the<01:08:36.109> way<01:08:36.230> that 01:08:36.430 --> 01:08:36.440 align:start position:0% the second is depending on the way that 01:08:36.440 --> 01:08:38.019 align:start position:0% the second is depending on the way that that<01:08:36.529> marketplace<01:08:36.950> for<01:08:37.339> synthetic<01:08:37.700> tokens 01:08:38.019 --> 01:08:38.029 align:start position:0% that marketplace for synthetic tokens 01:08:38.029 --> 01:08:40.720 align:start position:0% that marketplace for synthetic tokens looks<01:08:38.299> in<01:08:38.600> the<01:08:38.720> future<01:08:39.080> potentially<01:08:40.040> we<01:08:40.609> could 01:08:40.720 --> 01:08:40.730 align:start position:0% looks in the future potentially we could 01:08:40.730 --> 01:08:42.010 align:start position:0% looks in the future potentially we could have<01:08:40.970> you<01:08:41.270> know<01:08:41.299> lots<01:08:41.779> of<01:08:41.960> different 01:08:42.010 --> 01:08:42.020 align:start position:0% have you know lots of different 01:08:42.020 --> 01:08:44.140 align:start position:0% have you know lots of different individual<01:08:42.950> token<01:08:43.339> sponsors<01:08:43.790> who<01:08:44.000> then 01:08:44.140 --> 01:08:44.150 align:start position:0% individual token sponsors who then 01:08:44.150 --> 01:08:46.390 align:start position:0% individual token sponsors who then create<01:08:44.540> children's<01:08:44.960> and<01:08:45.140> sell<01:08:45.400> individuals 01:08:46.390 --> 01:08:46.400 align:start position:0% create children's and sell individuals 01:08:46.400 --> 01:08:48.490 align:start position:0% create children's and sell individuals but<01:08:47.240> depending<01:08:47.750> on<01:08:47.839> the<01:08:47.930> way<01:08:48.020> that<01:08:48.049> the<01:08:48.470> the 01:08:48.490 --> 01:08:48.500 align:start position:0% but depending on the way that the the 01:08:48.500 --> 01:08:51.010 align:start position:0% but depending on the way that the the ecosystem<01:08:49.490> looks<01:08:49.640> in<01:08:49.759> the<01:08:49.850> future<01:08:50.089> you<01:08:50.839> could 01:08:51.010 --> 01:08:51.020 align:start position:0% ecosystem looks in the future you could 01:08:51.020 --> 01:08:52.780 align:start position:0% ecosystem looks in the future you could imagine<01:08:51.259> a<01:08:51.470> scenario<01:08:51.589> where<01:08:52.100> there<01:08:52.370> actually 01:08:52.780 --> 01:08:52.790 align:start position:0% imagine a scenario where there actually 01:08:52.790 --> 01:08:56.140 align:start position:0% imagine a scenario where there actually is<01:08:52.940> one<01:08:53.270> big<01:08:54.259> token<01:08:54.770> sponsor<01:08:55.220> and<01:08:55.730> maybe<01:08:56.000> that 01:08:56.140 --> 01:08:56.150 align:start position:0% is one big token sponsor and maybe that 01:08:56.150 --> 01:08:59.230 align:start position:0% is one big token sponsor and maybe that one<01:08:56.390> big<01:08:56.630> token<01:08:57.049> sponsor<01:08:57.470> is<01:08:57.589> actually<01:08:58.250> some 01:08:59.230 --> 01:08:59.240 align:start position:0% one big token sponsor is actually some 01:08:59.240 --> 01:09:01.450 align:start position:0% one big token sponsor is actually some collection<01:08:59.960> of<01:08:59.990> individuals<01:09:00.890> who've<01:09:01.100> pooled 01:09:01.450 --> 01:09:01.460 align:start position:0% collection of individuals who've pooled 01:09:01.460 --> 01:09:03.160 align:start position:0% collection of individuals who've pooled their<01:09:01.549> risks<01:09:02.000> of<01:09:02.120> power<01:09:02.330> right<01:09:02.630> there<01:09:02.660> there's 01:09:03.160 --> 01:09:03.170 align:start position:0% their risks of power right there there's 01:09:03.170 --> 01:09:05.140 align:start position:0% their risks of power right there there's so<01:09:03.290> many<01:09:03.380> ways<01:09:03.680> that<01:09:03.920> this<01:09:04.040> could<01:09:04.279> grow<01:09:04.819> and 01:09:05.140 --> 01:09:05.150 align:start position:0% so many ways that this could grow and 01:09:05.150 --> 01:09:07.180 align:start position:0% so many ways that this could grow and change<01:09:05.180> leggings<01:09:05.960> definitely<01:09:06.680> like<01:09:06.859> the 01:09:07.180 --> 01:09:07.190 align:start position:0% change leggings definitely like the 01:09:07.190 --> 01:09:08.019 align:start position:0% change leggings definitely like the first<01:09:07.400> thing<01:09:07.580> I<01:09:07.609> mentioned<01:09:07.790> with<01:09:08.000> the 01:09:08.019 --> 01:09:08.029 align:start position:0% first thing I mentioned with the 01:09:08.029 --> 01:09:09.820 align:start position:0% first thing I mentioned with the financial<01:09:08.450> engineering<01:09:08.870> is<01:09:09.020> one<01:09:09.200> thing<01:09:09.410> the 01:09:09.820 --> 01:09:09.830 align:start position:0% financial engineering is one thing the 01:09:09.830 --> 01:09:11.559 align:start position:0% financial engineering is one thing the composability<01:09:10.400> with<01:09:10.730> other<01:09:10.940> ways<01:09:11.150> to<01:09:11.359> pull 01:09:11.559 --> 01:09:11.569 align:start position:0% composability with other ways to pull 01:09:11.569 --> 01:09:14.050 align:start position:0% composability with other ways to pull risk<01:09:11.810> is<01:09:11.990> another<01:09:12.310> lastly<01:09:13.310> is<01:09:13.430> maybe<01:09:13.700> there<01:09:13.940> is 01:09:14.050 --> 01:09:14.060 align:start position:0% risk is another lastly is maybe there is 01:09:14.060 --> 01:09:16.150 align:start position:0% risk is another lastly is maybe there is like<01:09:14.240> UX<01:09:14.600> solution<01:09:15.020> that<01:09:15.170> works<01:09:15.350> better<01:09:15.589> so<01:09:16.100> I 01:09:16.150 --> 01:09:16.160 align:start position:0% like UX solution that works better so I 01:09:16.160 --> 01:09:17.769 align:start position:0% like UX solution that works better so I think<01:09:16.250> there<01:09:16.430> were<01:09:16.520> lots<01:09:16.790> of<01:09:17.060> different<01:09:17.660> ways 01:09:17.769 --> 01:09:17.779 align:start position:0% think there were lots of different ways 01:09:17.779 --> 01:09:19.390 align:start position:0% think there were lots of different ways that<01:09:17.839> this<01:09:18.109> could<01:09:18.290> go<01:09:18.470> and<01:09:18.680> I'd<01:09:18.799> be<01:09:18.920> more<01:09:19.160> than 01:09:19.390 --> 01:09:19.400 align:start position:0% that this could go and I'd be more than 01:09:19.400 --> 01:09:20.710 align:start position:0% that this could go and I'd be more than happy<01:09:19.520> to<01:09:19.700> can<01:09:20.089> you<01:09:20.180> continue<01:09:20.540> that 01:09:20.710 --> 01:09:20.720 align:start position:0% happy to can you continue that 01:09:20.720 --> 01:09:25.840 align:start position:0% happy to can you continue that conversation 01:09:25.840 --> 01:09:25.850 align:start position:0% 01:09:25.850 --> 01:09:28.689 align:start position:0% if<01:09:26.330> you<01:09:26.480> consider<01:09:26.900> this<01:09:27.139> from<01:09:27.549> Melissa<01:09:28.549> you 01:09:28.689 --> 01:09:28.699 align:start position:0% if you consider this from Melissa you 01:09:28.699 --> 01:09:31.510 align:start position:0% if you consider this from Melissa you have<01:09:28.880> the<01:09:29.060> light<01:09:29.799> do<01:09:30.799> you<01:09:30.859> think<01:09:31.219> this<01:09:31.400> would 01:09:31.510 --> 01:09:31.520 align:start position:0% have the light do you think this would 01:09:31.520 --> 01:09:33.309 align:start position:0% have the light do you think this would work<01:09:31.730> from<01:09:31.969> a<01:09:32.060> parametric<01:09:32.690> insurance 01:09:33.309 --> 01:09:33.319 align:start position:0% work from a parametric insurance 01:09:33.319 --> 01:09:34.469 align:start position:0% work from a parametric insurance perspective 01:09:34.469 --> 01:09:34.479 align:start position:0% perspective 01:09:34.479 --> 01:09:36.809 align:start position:0% perspective but<01:09:35.049> you<01:09:35.139> just<01:09:35.319> have<01:09:35.559> an<01:09:35.799> event<01:09:36.130> you<01:09:36.519> get<01:09:36.670> to 01:09:36.809 --> 01:09:36.819 align:start position:0% but you just have an event you get to 01:09:36.819 --> 01:09:42.839 align:start position:0% but you just have an event you get to pale<01:09:37.529> festival<01:09:38.529> is<01:09:38.650> too<01:09:38.799> much<01:09:38.949> right<01:09:41.549> yeah<01:09:42.549> so 01:09:42.839 --> 01:09:42.849 align:start position:0% pale festival is too much right yeah so 01:09:42.849 --> 01:09:45.169 align:start position:0% pale festival is too much right yeah so your<01:09:43.420> question<01:09:43.690> is<01:09:43.749> about<01:09:44.159> parametric 01:09:45.169 --> 01:09:45.179 align:start position:0% your question is about parametric 01:09:45.179 --> 01:09:47.459 align:start position:0% your question is about parametric insurance<01:09:46.179> yeah<01:09:46.479> well<01:09:46.659> just<01:09:46.779> insurance<01:09:47.289> in 01:09:47.459 --> 01:09:47.469 align:start position:0% insurance yeah well just insurance in 01:09:47.469 --> 01:09:49.079 align:start position:0% insurance yeah well just insurance in general<01:09:47.499> we<01:09:47.859> have<01:09:48.130> events<01:09:48.609> and<01:09:48.729> this<01:09:48.819> would<01:09:48.999> be 01:09:49.079 --> 01:09:49.089 align:start position:0% general we have events and this would be 01:09:49.089 --> 01:09:51.120 align:start position:0% general we have events and this would be a<01:09:49.119> panel<01:09:49.569> tool<01:09:49.779> because<01:09:50.589> the<01:09:50.709> minutes 01:09:51.120 --> 01:09:51.130 align:start position:0% a panel tool because the minutes 01:09:51.130 --> 01:09:54.059 align:start position:0% a panel tool because the minutes essentially<01:09:51.639> the<01:09:51.940> same<01:09:52.150> logic<01:09:52.630> just<01:09:53.069> a 01:09:54.059 --> 01:09:54.069 align:start position:0% essentially the same logic just a 01:09:54.069 --> 01:09:59.069 align:start position:0% essentially the same logic just a different<01:09:54.400> price<01:09:54.550> feeder<01:09:55.440> so<01:09:57.090> yes<01:09:58.090> asterisk 01:09:59.069 --> 01:09:59.079 align:start position:0% different price feeder so yes asterisk 01:09:59.079 --> 01:10:02.520 align:start position:0% different price feeder so yes asterisk with<01:09:59.530> some<01:09:59.769> caveats<01:10:00.719> so<01:10:01.719> I<01:10:02.110> think<01:10:02.170> the<01:10:02.380> biggest 01:10:02.520 --> 01:10:02.530 align:start position:0% with some caveats so I think the biggest 01:10:02.530 --> 01:10:04.589 align:start position:0% with some caveats so I think the biggest issue<01:10:02.769> with<01:10:02.920> binary<01:10:03.280> payouts<01:10:03.820> on<01:10:04.059> chain<01:10:04.329> is 01:10:04.589 --> 01:10:04.599 align:start position:0% issue with binary payouts on chain is 01:10:04.599 --> 01:10:07.049 align:start position:0% issue with binary payouts on chain is the<01:10:05.349> question<01:10:05.619> of<01:10:05.679> margining<01:10:06.099> so<01:10:06.550> if<01:10:06.729> you<01:10:06.849> want 01:10:07.049 --> 01:10:07.059 align:start position:0% the question of margining so if you want 01:10:07.059 --> 01:10:08.609 align:start position:0% the question of margining so if you want like<01:10:07.239> a<01:10:07.269> million<01:10:07.630> dollar<01:10:07.780> cot<01:10:08.079> insurance 01:10:08.609 --> 01:10:08.619 align:start position:0% like a million dollar cot insurance 01:10:08.619 --> 01:10:10.949 align:start position:0% like a million dollar cot insurance policy<01:10:09.130> like<01:10:09.429> I<01:10:09.610> get<01:10:09.999> a<01:10:10.030> million<01:10:10.360> dollars<01:10:10.690> if 01:10:10.949 --> 01:10:10.959 align:start position:0% policy like I get a million dollars if 01:10:10.959 --> 01:10:13.799 align:start position:0% policy like I get a million dollars if the<01:10:11.079> rain<01:10:11.289> is<01:10:11.469> really<01:10:11.619> bad<01:10:11.889> this<01:10:12.130> year<01:10:12.809> then 01:10:13.799 --> 01:10:13.809 align:start position:0% the rain is really bad this year then 01:10:13.809 --> 01:10:16.259 align:start position:0% the rain is really bad this year then the<01:10:14.380> only<01:10:14.499> way<01:10:14.619> to<01:10:14.739> do<01:10:15.280> it<01:10:15.309> really<01:10:15.729> safely<01:10:16.179> is 01:10:16.259 --> 01:10:16.269 align:start position:0% the only way to do it really safely is 01:10:16.269 --> 01:10:17.850 align:start position:0% the only way to do it really safely is to<01:10:16.389> put<01:10:16.570> the<01:10:16.659> full<01:10:16.840> million<01:10:17.050> dollars<01:10:17.499> into 01:10:17.850 --> 01:10:17.860 align:start position:0% to put the full million dollars into 01:10:17.860 --> 01:10:19.770 align:start position:0% to put the full million dollars into that<01:10:17.979> contract<01:10:18.519> from<01:10:18.670> day<01:10:18.849> one<01:10:19.090> and<01:10:19.300> then<01:10:19.630> have 01:10:19.770 --> 01:10:19.780 align:start position:0% that contract from day one and then have 01:10:19.780 --> 01:10:21.239 align:start position:0% that contract from day one and then have an<01:10:19.869> Oracle<01:10:20.139> that<01:10:20.440> tells<01:10:20.679> you<01:10:20.829> whether<01:10:21.039> it 01:10:21.239 --> 01:10:21.249 align:start position:0% an Oracle that tells you whether it 01:10:21.249 --> 01:10:22.859 align:start position:0% an Oracle that tells you whether it rained<01:10:21.459> really<01:10:21.729> badly<01:10:21.909> was<01:10:22.209> here<01:10:22.389> or<01:10:22.510> not<01:10:22.539> but 01:10:22.859 --> 01:10:22.869 align:start position:0% rained really badly was here or not but 01:10:22.869 --> 01:10:24.810 align:start position:0% rained really badly was here or not but that's<01:10:23.139> really<01:10:23.469> really<01:10:23.739> capital<01:10:24.249> inefficient 01:10:24.810 --> 01:10:24.820 align:start position:0% that's really really capital inefficient 01:10:24.820 --> 01:10:26.759 align:start position:0% that's really really capital inefficient and<01:10:24.999> most<01:10:25.780> insurance<01:10:25.959> products<01:10:26.619> don't 01:10:26.759 --> 01:10:26.769 align:start position:0% and most insurance products don't 01:10:26.769 --> 01:10:28.500 align:start position:0% and most insurance products don't actually<01:10:26.979> work<01:10:27.249> that<01:10:27.489> way<01:10:27.729> generally<01:10:28.360> when 01:10:28.500 --> 01:10:28.510 align:start position:0% actually work that way generally when 01:10:28.510 --> 01:10:29.459 align:start position:0% actually work that way generally when you<01:10:28.599> buy<01:10:28.749> a<01:10:28.780> million<01:10:29.139> dollar<01:10:29.289> insurance 01:10:29.459 --> 01:10:29.469 align:start position:0% you buy a million dollar insurance 01:10:29.469 --> 01:10:32.580 align:start position:0% you buy a million dollar insurance policy<01:10:29.829> from<01:10:30.550> a<01:10:30.729> normal<01:10:31.090> insurance<01:10:31.749> provider 01:10:32.580 --> 01:10:32.590 align:start position:0% policy from a normal insurance provider 01:10:32.590 --> 01:10:34.410 align:start position:0% policy from a normal insurance provider they're<01:10:33.010> only<01:10:33.219> putting<01:10:33.550> up<01:10:33.699> a<01:10:33.849> small<01:10:34.179> amount 01:10:34.410 --> 01:10:34.420 align:start position:0% they're only putting up a small amount 01:10:34.420 --> 01:10:35.699 align:start position:0% they're only putting up a small amount of<01:10:34.570> money<01:10:34.690> a<01:10:34.809> small<01:10:35.139> fraction<01:10:35.559> of<01:10:35.650> that 01:10:35.699 --> 01:10:35.709 align:start position:0% of money a small fraction of that 01:10:35.709 --> 01:10:39.540 align:start position:0% of money a small fraction of that million<01:10:36.070> dollars<01:10:36.369> and<01:10:38.159> they<01:10:39.159> don't<01:10:39.309> have<01:10:39.429> to 01:10:39.540 --> 01:10:39.550 align:start position:0% million dollars and they don't have to 01:10:39.550 --> 01:10:40.979 align:start position:0% million dollars and they don't have to put<01:10:39.909> the<01:10:39.999> full<01:10:40.209> million<01:10:40.449> dollars<01:10:40.809> upfront 01:10:40.979 --> 01:10:40.989 align:start position:0% put the full million dollars upfront 01:10:40.989 --> 01:10:42.239 align:start position:0% put the full million dollars upfront otherwise<01:10:41.440> they<01:10:41.590> wouldn't<01:10:41.769> be<01:10:41.829> able<01:10:41.920> to<01:10:42.039> write 01:10:42.239 --> 01:10:42.249 align:start position:0% otherwise they wouldn't be able to write 01:10:42.249 --> 01:10:44.339 align:start position:0% otherwise they wouldn't be able to write as<01:10:42.519> many<01:10:42.729> policies<01:10:43.150> as<01:10:43.300> they<01:10:43.329> do<01:10:43.749> in<01:10:44.019> the<01:10:44.050> fiat 01:10:44.339 --> 01:10:44.349 align:start position:0% as many policies as they do in the fiat 01:10:44.349 --> 01:10:47.250 align:start position:0% as many policies as they do in the fiat world<01:10:44.820> so<01:10:45.820> it's<01:10:45.999> it's<01:10:46.209> I<01:10:46.510> think<01:10:46.929> this<01:10:47.050> is<01:10:47.170> an 01:10:47.250 --> 01:10:47.260 align:start position:0% world so it's it's I think this is an 01:10:47.260 --> 01:10:49.709 align:start position:0% world so it's it's I think this is an area<01:10:47.409> where<01:10:47.709> at<01:10:47.920> least<01:10:48.039> for<01:10:48.309> right<01:10:48.340> now<01:10:48.719> and 01:10:49.709 --> 01:10:49.719 align:start position:0% area where at least for right now and 01:10:49.719 --> 01:10:51.089 align:start position:0% area where at least for right now and the<01:10:49.869> way<01:10:49.989> that<01:10:50.199> we've<01:10:50.530> thought<01:10:50.709> about<01:10:50.769> writing 01:10:51.089 --> 01:10:51.099 align:start position:0% the way that we've thought about writing 01:10:51.099 --> 01:10:52.919 align:start position:0% the way that we've thought about writing insurance<01:10:51.369> on<01:10:51.969> the<01:10:52.150> blockchain<01:10:52.329> that<01:10:52.840> it 01:10:52.919 --> 01:10:52.929 align:start position:0% insurance on the blockchain that it 01:10:52.929 --> 01:10:54.509 align:start position:0% insurance on the blockchain that it would<01:10:53.019> probably<01:10:53.349> be<01:10:53.469> less<01:10:53.650> competitive<01:10:54.249> to 01:10:54.509 --> 01:10:54.519 align:start position:0% would probably be less competitive to 01:10:54.519 --> 01:10:59.010 align:start position:0% would probably be less competitive to the<01:10:54.639> Fiat<01:10:54.880> alternative 01:10:59.010 --> 01:10:59.020 align:start position:0% 01:10:59.020 --> 01:11:02.410 align:start position:0% at<01:11:00.020> least<01:11:00.260> I<01:11:00.350> certainly<01:11:00.980> have<01:11:01.280> all<01:11:01.580> the<01:11:02.060> money 01:11:02.410 --> 01:11:02.420 align:start position:0% at least I certainly have all the money 01:11:02.420 --> 01:11:05.890 align:start position:0% at least I certainly have all the money in<01:11:02.570> governments<01:11:03.560> and<01:11:04.100> then<01:11:04.850> as<01:11:05.210> an<01:11:05.420> investor 01:11:05.890 --> 01:11:05.900 align:start position:0% in governments and then as an investor 01:11:05.900 --> 01:11:07.720 align:start position:0% in governments and then as an investor you<01:11:06.020> just<01:11:06.230> take<01:11:06.469> the<01:11:06.679> recipe<01:11:06.860> gets<01:11:07.280> reserved 01:11:07.720 --> 01:11:07.730 align:start position:0% you just take the recipe gets reserved 01:11:07.730 --> 01:11:10.750 align:start position:0% you just take the recipe gets reserved at<01:11:08.120> the<01:11:08.210> wheel<01:11:08.360> money<01:11:08.600> goes<01:11:08.810> away<01:11:09.550> if<01:11:10.550> the 01:11:10.750 --> 01:11:10.760 align:start position:0% at the wheel money goes away if the 01:11:10.760 --> 01:11:18.669 align:start position:0% at the wheel money goes away if the event<01:11:10.969> happens<01:11:11.770> but<01:11:15.640> I<01:11:17.320> was<01:11:18.320> just<01:11:18.350> saying 01:11:18.669 --> 01:11:18.679 align:start position:0% event happens but I was just saying 01:11:18.679 --> 01:11:20.410 align:start position:0% event happens but I was just saying there<01:11:18.980> are<01:11:19.040> catastrophe<01:11:19.760> balls<01:11:19.969> where<01:11:20.330> you 01:11:20.410 --> 01:11:20.420 align:start position:0% there are catastrophe balls where you 01:11:20.420 --> 01:11:27.399 align:start position:0% there are catastrophe balls where you put<01:11:20.630> all<01:11:20.840> the<01:11:21.050> miles<01:11:21.290> runs<01:11:25.780> there's<01:11:26.780> a<01:11:26.840> kind<01:11:27.199> of 01:11:27.399 --> 01:11:27.409 align:start position:0% put all the miles runs there's a kind of 01:11:27.409 --> 01:11:28.750 align:start position:0% put all the miles runs there's a kind of bonds<01:11:27.830> where<01:11:28.010> you<01:11:28.070> put<01:11:28.310> all<01:11:28.489> the<01:11:28.640> money 01:11:28.750 --> 01:11:28.760 align:start position:0% bonds where you put all the money 01:11:28.760 --> 01:11:30.880 align:start position:0% bonds where you put all the money upfront<01:11:29.260> disappears<01:11:30.260> that<01:11:30.409> the<01:11:30.530> bad<01:11:30.710> that 01:11:30.880 --> 01:11:30.890 align:start position:0% upfront disappears that the bad that 01:11:30.890 --> 01:11:33.370 align:start position:0% upfront disappears that the bad that never<01:11:31.010> happens<01:11:31.540> but<01:11:32.540> not<01:11:32.810> actually<01:11:33.199> sure<01:11:33.350> how 01:11:33.370 --> 01:11:33.380 align:start position:0% never happens but not actually sure how 01:11:33.380 --> 01:11:36.010 align:start position:0% never happens but not actually sure how popular<01:11:33.890> they<01:11:34.040> are<01:11:34.420> yeah<01:11:35.420> and<01:11:35.840> there's 01:11:36.010 --> 01:11:36.020 align:start position:0% popular they are yeah and there's 01:11:36.020 --> 01:11:37.540 align:start position:0% popular they are yeah and there's actually<01:11:36.350> still<01:11:36.590> embedded<01:11:36.890> leverage<01:11:37.370> in 01:11:37.540 --> 01:11:37.550 align:start position:0% actually still embedded leverage in 01:11:37.550 --> 01:11:38.860 align:start position:0% actually still embedded leverage in those<01:11:37.730> and<01:11:37.969> the<01:11:38.090> way<01:11:38.179> that<01:11:38.360> they<01:11:38.480> work<01:11:38.630> in<01:11:38.780> the 01:11:38.860 --> 01:11:38.870 align:start position:0% those and the way that they work in the 01:11:38.870 --> 01:11:40.720 align:start position:0% those and the way that they work in the Fiat<01:11:39.110> world<01:11:39.409> that<01:11:39.679> doesn't<01:11:40.159> really<01:11:40.370> translate 01:11:40.720 --> 01:11:40.730 align:start position:0% Fiat world that doesn't really translate 01:11:40.730 --> 01:11:47.200 align:start position:0% Fiat world that doesn't really translate easily<01:11:41.090> into<01:11:41.449> watching<01:11:41.630> land<01:11:42.080> okay 01:11:47.200 --> 01:11:47.210 align:start position:0% 01:11:47.210 --> 01:11:49.020 align:start position:0% and<01:11:47.360> you<01:11:47.900> know<01:11:48.050> your 01:11:49.020 --> 01:11:49.030 align:start position:0% and you know your 01:11:49.030 --> 01:11:51.670 align:start position:0% and you know your or<01:11:50.030> you<01:11:50.210> have<01:11:50.390> a<01:11:50.420> dispute<01:11:50.870> you<01:11:50.990> see<01:11:51.320> that<01:11:51.530> the 01:11:51.670 --> 01:11:51.680 align:start position:0% or you have a dispute you see that the 01:11:51.680 --> 01:11:53.569 align:start position:0% or you have a dispute you see that the conference<01:11:52.070> is<01:11:52.220> gonna<01:11:52.370> fail 01:11:53.569 --> 01:11:53.579 align:start position:0% conference is gonna fail 01:11:53.579 --> 01:11:57.030 align:start position:0% conference is gonna fail when<01:11:53.790> it's<01:11:53.940> what<01:11:54.570> is<01:11:54.860> relative<01:11:55.860> happy 01:11:57.030 --> 01:11:57.040 align:start position:0% when it's what is relative happy 01:11:57.040 --> 01:11:59.669 align:start position:0% when it's what is relative happy immediate<01:11:57.790> pricing<01:11:58.510> when<01:11:59.050> he<01:11:59.170> started<01:11:59.560> the 01:11:59.669 --> 01:11:59.679 align:start position:0% immediate pricing when he started the 01:11:59.679 --> 01:12:01.670 align:start position:0% immediate pricing when he started the presentation 01:12:01.670 --> 01:12:01.680 align:start position:0% presentation 01:12:01.680 --> 01:12:04.830 align:start position:0% presentation very<01:12:02.680> expensive<01:12:03.400> or<01:12:03.760> those<01:12:03.970> price<01:12:04.240> providers 01:12:04.830 --> 01:12:04.840 align:start position:0% very expensive or those price providers 01:12:04.840 --> 01:12:06.600 align:start position:0% very expensive or those price providers can<01:12:05.110> be<01:12:05.260> very<01:12:05.440> expensive<01:12:05.710> and<01:12:06.190> I<01:12:06.280> agree<01:12:06.490> with 01:12:06.600 --> 01:12:06.610 align:start position:0% can be very expensive and I agree with 01:12:06.610 --> 01:12:09.510 align:start position:0% can be very expensive and I agree with you<01:12:06.760> but<01:12:07.450> if<01:12:07.900> any<01:12:08.110> on<01:12:08.290> the<01:12:08.350> magnitude<01:12:08.860> of<01:12:09.070> the 01:12:09.510 --> 01:12:09.520 align:start position:0% you but if any on the magnitude of the 01:12:09.520 --> 01:12:11.149 align:start position:0% you but if any on the magnitude of the crisis 01:12:11.149 --> 01:12:11.159 align:start position:0% crisis 01:12:11.159 --> 01:12:15.310 align:start position:0% crisis and<01:12:12.090> significant<01:12:13.040> trillionaire<01:12:14.040> business 01:12:15.310 --> 01:12:15.320 align:start position:0% and significant trillionaire business 01:12:15.320 --> 01:12:17.320 align:start position:0% and significant trillionaire business so<01:12:15.500> the<01:12:15.650> question<01:12:16.010> is<01:12:16.160> more<01:12:16.520> like<01:12:16.700> about<01:12:17.030> being 01:12:17.320 --> 01:12:17.330 align:start position:0% so the question is more like about being 01:12:17.330 --> 01:12:18.659 align:start position:0% so the question is more like about being the<01:12:17.510> Oracles 01:12:18.659 --> 01:12:18.669 align:start position:0% the Oracles 01:12:18.669 --> 01:12:20.909 align:start position:0% the Oracles what<01:12:19.269> if<01:12:19.419> you<01:12:19.599> would<01:12:19.749> have<01:12:19.929> like<01:12:20.199> five<01:12:20.499> six 01:12:20.909 --> 01:12:20.919 align:start position:0% what if you would have like five six 01:12:20.919 --> 01:12:22.799 align:start position:0% what if you would have like five six different<01:12:21.219> Oracle's<01:12:21.969> we<01:12:22.300> have<01:12:22.419> read<01:12:22.630> the 01:12:22.799 --> 01:12:22.809 align:start position:0% different Oracle's we have read the 01:12:22.809 --> 01:12:25.350 align:start position:0% different Oracle's we have read the derivative<01:12:23.409> from<01:12:24.159> page<01:12:24.459> you<01:12:24.760> have<01:12:24.789> beliefs 01:12:25.350 --> 01:12:25.360 align:start position:0% derivative from page you have beliefs 01:12:25.360 --> 01:12:27.989 align:start position:0% derivative from page you have beliefs where<01:12:25.719> this<01:12:25.929> price<01:12:26.289> is<01:12:26.679> coming<01:12:26.919> from<01:12:27.249> if<01:12:27.760> it's 01:12:27.989 --> 01:12:27.999 align:start position:0% where this price is coming from if it's 01:12:27.999 --> 01:12:29.639 align:start position:0% where this price is coming from if it's going<01:12:28.149> to<01:12:28.269> be<01:12:28.419> from<01:12:28.780> the<01:12:28.929> central<01:12:29.260> bank<01:12:29.439> or 01:12:29.639 --> 01:12:29.649 align:start position:0% going to be from the central bank or 01:12:29.649 --> 01:12:32.279 align:start position:0% going to be from the central bank or from<01:12:29.800> Reuters<01:12:30.789> they've<01:12:31.510> only<01:12:31.689> work<01:12:31.899> at<01:12:32.079> this 01:12:32.279 --> 01:12:32.289 align:start position:0% from Reuters they've only work at this 01:12:32.289 --> 01:12:35.759 align:start position:0% from Reuters they've only work at this specific<01:12:32.530> time<01:12:32.909> so<01:12:33.909> my<01:12:34.659> question<01:12:35.079> would<01:12:35.229> be<01:12:35.289> is 01:12:35.759 --> 01:12:35.769 align:start position:0% specific time so my question would be is 01:12:35.769 --> 01:12:41.100 align:start position:0% specific time so my question would be is this<01:12:36.119> Olmec<01:12:37.119> famous<01:12:38.159> about<01:12:39.840> forgetting<01:12:40.840> about 01:12:41.100 --> 01:12:41.110 align:start position:0% this Olmec famous about forgetting about 01:12:41.110 --> 01:12:44.939 align:start position:0% this Olmec famous about forgetting about the<01:12:41.849> price<01:12:42.849> provider<01:12:43.389> or<01:12:43.689> not<01:12:43.899> trusting<01:12:44.590> the 01:12:44.939 --> 01:12:44.949 align:start position:0% the price provider or not trusting the 01:12:44.949 --> 01:12:48.359 align:start position:0% the price provider or not trusting the price<01:12:45.159> provider<01:12:45.550> because<01:12:47.070> the<01:12:48.070> financial 01:12:48.359 --> 01:12:48.369 align:start position:0% price provider because the financial 01:12:48.369 --> 01:12:54.750 align:start position:0% price provider because the financial services<01:12:52.199> so<01:12:53.199> I<01:12:53.590> think<01:12:53.860> that<01:12:54.280> when<01:12:54.489> we<01:12:54.610> were 01:12:54.750 --> 01:12:54.760 align:start position:0% services so I think that when we were 01:12:54.760 --> 01:12:56.520 align:start position:0% services so I think that when we were saying<01:12:55.030> expensive<01:12:55.689> we<01:12:55.959> actually<01:12:56.349> meant 01:12:56.520 --> 01:12:56.530 align:start position:0% saying expensive we actually meant 01:12:56.530 --> 01:12:58.889 align:start position:0% saying expensive we actually meant expensive<01:12:57.130> in<01:12:57.429> a<01:12:57.909> number<01:12:58.329> of<01:12:58.360> different<01:12:58.599> ways 01:12:58.889 --> 01:12:58.899 align:start position:0% expensive in a number of different ways 01:12:58.899 --> 01:13:00.989 align:start position:0% expensive in a number of different ways so<01:12:59.469> expensive<01:12:59.829> is<01:13:00.099> expensive<01:13:00.579> in<01:13:00.760> terms<01:13:00.820> of 01:13:00.989 --> 01:13:00.999 align:start position:0% so expensive is expensive in terms of 01:13:00.999 --> 01:13:02.759 align:start position:0% so expensive is expensive in terms of actually<01:13:01.389> purchasing<01:13:01.959> the<01:13:02.050> data<01:13:02.320> and<01:13:02.530> getting 01:13:02.759 --> 01:13:02.769 align:start position:0% actually purchasing the data and getting 01:13:02.769 --> 01:13:05.129 align:start position:0% actually purchasing the data and getting a<01:13:02.829> license<01:13:03.340> with<01:13:03.579> Bloomberg<01:13:03.880> or<01:13:04.360> whoever<01:13:04.719> for 01:13:05.129 --> 01:13:05.139 align:start position:0% a license with Bloomberg or whoever for 01:13:05.139 --> 01:13:07.379 align:start position:0% a license with Bloomberg or whoever for that<01:13:05.320> data<01:13:05.530> but<01:13:06.130> there's<01:13:06.309> also<01:13:06.489> expense<01:13:07.059> with 01:13:07.379 --> 01:13:07.389 align:start position:0% that data but there's also expense with 01:13:07.389 --> 01:13:09.270 align:start position:0% that data but there's also expense with running<01:13:07.840> your<01:13:07.869> off<01:13:08.110> chain<01:13:08.409> servers<01:13:08.860> running 01:13:09.270 --> 01:13:09.280 align:start position:0% running your off chain servers running 01:13:09.280 --> 01:13:11.159 align:start position:0% running your off chain servers running the<01:13:09.459> DevOps<01:13:09.880> effectively<01:13:10.659> between<01:13:10.869> your 01:13:11.159 --> 01:13:11.169 align:start position:0% the DevOps effectively between your 01:13:11.169 --> 01:13:12.629 align:start position:0% the DevOps effectively between your opportunity<01:13:11.619> server<01:13:11.829> and<01:13:12.159> your<01:13:12.249> on<01:13:12.369> chain 01:13:12.629 --> 01:13:12.639 align:start position:0% opportunity server and your on chain 01:13:12.639 --> 01:13:15.659 align:start position:0% opportunity server and your on chain communication<01:13:13.329> paying<01:13:13.959> the<01:13:14.169> gas<01:13:14.289> fees<01:13:14.709> and 01:13:15.659 --> 01:13:15.669 align:start position:0% communication paying the gas fees and 01:13:15.669 --> 01:13:17.429 align:start position:0% communication paying the gas fees and then<01:13:15.880> also<01:13:16.059> all<01:13:16.360> of<01:13:16.510> the<01:13:16.630> coordination<01:13:17.050> costs 01:13:17.429 --> 01:13:17.439 align:start position:0% then also all of the coordination costs 01:13:17.439 --> 01:13:19.439 align:start position:0% then also all of the coordination costs amongst<01:13:18.039> anybody<01:13:18.459> who's<01:13:18.669> participating<01:13:19.300> in<01:13:19.360> a 01:13:19.439 --> 01:13:19.449 align:start position:0% amongst anybody who's participating in a 01:13:19.449 --> 01:13:23.729 align:start position:0% amongst anybody who's participating in a contract<01:13:19.959> like<01:13:21.719> the<01:13:22.719> centralized<01:13:23.199> version<01:13:23.530> so 01:13:23.729 --> 01:13:23.739 align:start position:0% contract like the centralized version so 01:13:23.739 --> 01:13:26.370 align:start position:0% contract like the centralized version so bit<01:13:23.919> max<01:13:24.099> for<01:13:24.399> example<01:13:24.820> they<01:13:25.809> just<01:13:26.019> decide 01:13:26.370 --> 01:13:26.380 align:start position:0% bit max for example they just decide 01:13:26.380 --> 01:13:29.250 align:start position:0% bit max for example they just decide what<01:13:26.800> their<01:13:26.949> XP<01:13:27.309> team<01:13:27.519> indexing<01:13:28.059> is<01:13:28.179> and<01:13:28.449> when 01:13:29.250 --> 01:13:29.260 align:start position:0% what their XP team indexing is and when 01:13:29.260 --> 01:13:31.109 align:start position:0% what their XP team indexing is and when they<01:13:29.380> decided<01:13:29.889> that<01:13:29.919> this<01:13:30.159> annex<01:13:30.489> wasn't<01:13:30.969> good 01:13:31.109 --> 01:13:31.119 align:start position:0% they decided that this annex wasn't good 01:13:31.119 --> 01:13:33.029 align:start position:0% they decided that this annex wasn't good enough<01:13:31.149> or<01:13:31.630> when<01:13:32.110> they<01:13:32.229> want<01:13:32.439> to<01:13:32.559> tweak<01:13:32.800> their 01:13:33.029 --> 01:13:33.039 align:start position:0% enough or when they want to tweak their 01:13:33.039 --> 01:13:33.719 align:start position:0% enough or when they want to tweak their algorithm 01:13:33.719 --> 01:13:33.729 align:start position:0% algorithm 01:13:33.729 --> 01:13:34.439 align:start position:0% algorithm they<01:13:33.909> just<01:13:34.059> make<01:13:34.209> that<01:13:34.389> decision 01:13:34.439 --> 01:13:34.449 align:start position:0% they just make that decision 01:13:34.449 --> 01:13:36.810 align:start position:0% they just make that decision unilaterally<01:13:35.110> and<01:13:36.010> they<01:13:36.130> changed<01:13:36.579> the<01:13:36.699> way 01:13:36.810 --> 01:13:36.820 align:start position:0% unilaterally and they changed the way 01:13:36.820 --> 01:13:38.669 align:start position:0% unilaterally and they changed the way they<01:13:36.969> calculate<01:13:37.149> the<01:13:37.479> price<01:13:37.659> index<01:13:38.079> they<01:13:38.439> cook 01:13:38.669 --> 01:13:38.679 align:start position:0% they calculate the price index they cook 01:13:38.679 --> 01:13:40.319 align:start position:0% they calculate the price index they cook up<01:13:38.800> the<01:13:38.949> new<01:13:39.070> API<01:13:39.399> is<01:13:39.519> they<01:13:39.820> do<01:13:39.939> all<01:13:40.059> that<01:13:40.179> stuff 01:13:40.319 --> 01:13:40.329 align:start position:0% up the new API is they do all that stuff 01:13:40.329 --> 01:13:42.330 align:start position:0% up the new API is they do all that stuff but<01:13:41.079> in<01:13:41.199> this<01:13:41.289> blockchain<01:13:41.739> decentralized 01:13:42.330 --> 01:13:42.340 align:start position:0% but in this blockchain decentralized 01:13:42.340 --> 01:13:44.639 align:start position:0% but in this blockchain decentralized land<01:13:42.489> if<01:13:42.610> you<01:13:42.699> don't<01:13:42.880> want<01:13:43.149> a<01:13:43.300> single<01:13:43.599> point<01:13:44.530> of 01:13:44.639 --> 01:13:44.649 align:start position:0% land if you don't want a single point of 01:13:44.649 --> 01:13:46.260 align:start position:0% land if you don't want a single point of authority<01:13:45.099> in<01:13:45.280> that<01:13:45.340> way<01:13:45.639> to<01:13:45.699> make 01:13:46.260 --> 01:13:46.270 align:start position:0% authority in that way to make 01:13:46.270 --> 01:13:48.630 align:start position:0% authority in that way to make decisions<01:13:46.630> but<01:13:47.140> you<01:13:47.530> similarly<01:13:48.460> have 01:13:48.630 --> 01:13:48.640 align:start position:0% decisions but you similarly have 01:13:48.640 --> 01:13:50.130 align:start position:0% decisions but you similarly have thousands<01:13:49.330> of<01:13:49.450> people<01:13:49.600> who<01:13:49.780> are<01:13:49.930> long<01:13:50.110> and 01:13:50.130 --> 01:13:50.140 align:start position:0% thousands of people who are long and 01:13:50.140 --> 01:13:51.720 align:start position:0% thousands of people who are long and dozens<01:13:50.680> people<01:13:50.980> who<01:13:51.070> are<01:13:51.130> short<01:13:51.400> this<01:13:51.610> is 01:13:51.720 --> 01:13:51.730 align:start position:0% dozens people who are short this is 01:13:51.730 --> 01:13:53.220 align:start position:0% dozens people who are short this is seamless<01:13:52.030> burn<01:13:52.150> doctor<01:13:52.330> how<01:13:52.930> can<01:13:53.110> you 01:13:53.220 --> 01:13:53.230 align:start position:0% seamless burn doctor how can you 01:13:53.230 --> 01:13:55.620 align:start position:0% seamless burn doctor how can you actually<01:13:53.410> do<01:13:53.800> that<01:13:53.830> effectively<01:13:54.250> just<01:13:55.180> as<01:13:55.450> own 01:13:55.620 --> 01:13:55.630 align:start position:0% actually do that effectively just as own 01:13:55.630 --> 01:13:58.530 align:start position:0% actually do that effectively just as own Oracle<01:13:56.290> maybe<01:13:56.740> the<01:13:57.040> Oracle<01:13:57.550> must<01:13:57.850> be<01:13:58.150> like<01:13:58.390> a 01:13:58.530 --> 01:13:58.540 align:start position:0% Oracle maybe the Oracle must be like a 01:13:58.540 --> 01:14:00.450 align:start position:0% Oracle maybe the Oracle must be like a centralized<01:13:59.170> already<01:13:59.590> established<01:14:00.190> trust 01:14:00.450 --> 01:14:00.460 align:start position:0% centralized already established trust 01:14:00.460 --> 01:14:03.030 align:start position:0% centralized already established trust for<01:14:00.730> the<01:14:00.850> party<01:14:01.300> like<01:14:01.780> a<01:14:01.810> ruler<01:14:02.290> or<01:14:02.470> for<01:14:02.800> some 01:14:03.030 --> 01:14:03.040 align:start position:0% for the party like a ruler or for some 01:14:03.040 --> 01:14:09.359 align:start position:0% for the party like a ruler or for some writers<01:14:03.490> or<01:14:07.620> artists 01:14:09.359 --> 01:14:09.369 align:start position:0% writers or artists 01:14:09.369 --> 01:14:10.919 align:start position:0% writers or artists so<01:14:09.639> it's<01:14:09.790> I<01:14:09.940> mean<01:14:10.060> it<01:14:10.179> depends<01:14:10.480> I<01:14:10.630> think<01:14:10.659> on 01:14:10.919 --> 01:14:10.929 align:start position:0% so it's I mean it depends I think on 01:14:10.929 --> 01:14:13.200 align:start position:0% so it's I mean it depends I think on your<01:14:11.050> use<01:14:11.230> case<01:14:11.380> and<01:14:11.830> where<01:14:12.219> and<01:14:12.610> why<01:14:12.880> you're 01:14:13.200 --> 01:14:13.210 align:start position:0% your use case and where and why you're 01:14:13.210 --> 01:14:15.479 align:start position:0% your use case and where and why you're willing<01:14:13.540> to<01:14:13.570> accept<01:14:14.560> that<01:14:14.619> centralization 01:14:15.479 --> 01:14:15.489 align:start position:0% willing to accept that centralization 01:14:15.489 --> 01:14:17.760 align:start position:0% willing to accept that centralization but<01:14:16.119> again<01:14:16.360> even<01:14:16.659> if<01:14:16.900> you<01:14:17.020> are<01:14:17.230> willing<01:14:17.619> to 01:14:17.760 --> 01:14:17.770 align:start position:0% but again even if you are willing to 01:14:17.770 --> 01:14:20.520 align:start position:0% but again even if you are willing to accept<01:14:18.190> Thomson<01:14:18.909> Reuters<01:14:19.060> as<01:14:19.540> the<01:14:19.989> source<01:14:20.290> of 01:14:20.520 --> 01:14:20.530 align:start position:0% accept Thomson Reuters as the source of 01:14:20.530 --> 01:14:21.870 align:start position:0% accept Thomson Reuters as the source of truth<01:14:20.830> and<01:14:21.099> you're<01:14:21.250> willing<01:14:21.429> to<01:14:21.580> say<01:14:21.790> I'm 01:14:21.870 --> 01:14:21.880 align:start position:0% truth and you're willing to say I'm 01:14:21.880 --> 01:14:24.120 align:start position:0% truth and you're willing to say I'm going<01:14:22.000> to<01:14:22.060> go<01:14:22.179> with<01:14:22.330> that<01:14:22.510> price<01:14:22.780> things<01:14:23.710> still 01:14:24.120 --> 01:14:24.130 align:start position:0% going to go with that price things still 01:14:24.130 --> 01:14:26.609 align:start position:0% going to go with that price things still happen<01:14:24.639> you<01:14:24.820> still<01:14:24.880> get<01:14:25.300> in<01:14:25.510> again<01:14:25.810> you<01:14:26.380> still 01:14:26.609 --> 01:14:26.619 align:start position:0% happen you still get in again you still 01:14:26.619 --> 01:14:28.950 align:start position:0% happen you still get in again you still get<01:14:26.770> 0<01:14:26.800> you<01:14:27.610> get<01:14:27.699> flash<01:14:28.060> crashes<01:14:28.599> where<01:14:28.840> they 01:14:28.950 --> 01:14:28.960 align:start position:0% get 0 you get flash crashes where they 01:14:28.960 --> 01:14:31.560 align:start position:0% get 0 you get flash crashes where they go<01:14:29.080> back<01:14:29.260> and<01:14:29.469> break<01:14:29.619> the<01:14:29.800> price<01:14:30.070> and<01:14:30.400> in<01:14:31.150> a 01:14:31.560 --> 01:14:31.570 align:start position:0% go back and break the price and in a 01:14:31.570 --> 01:14:33.000 align:start position:0% go back and break the price and in a smart<01:14:31.840> contract<01:14:32.050> world<01:14:32.560> where<01:14:32.889> you're 01:14:33.000 --> 01:14:33.010 align:start position:0% smart contract world where you're 01:14:33.010 --> 01:14:34.560 align:start position:0% smart contract world where you're everybody's<01:14:33.489> kind<01:14:33.699> of<01:14:33.760> self<01:14:34.000> custody<01:14:34.510> in 01:14:34.560 --> 01:14:34.570 align:start position:0% everybody's kind of self custody in 01:14:34.570 --> 01:14:36.120 align:start position:0% everybody's kind of self custody in their<01:14:34.719> own<01:14:34.840> points<01:14:35.380> well<01:14:35.860> if<01:14:35.980> you're<01:14:36.099> using 01:14:36.120 --> 01:14:36.130 align:start position:0% their own points well if you're using 01:14:36.130 --> 01:14:38.760 align:start position:0% their own points well if you're using that<01:14:36.580> in<01:14:36.790> a<01:14:36.940> end<01:14:37.060> or<01:14:37.300> the<01:14:37.599> zero<01:14:37.840> price<01:14:38.230> from 01:14:38.760 --> 01:14:38.770 align:start position:0% that in a end or the zero price from 01:14:38.770 --> 01:14:40.830 align:start position:0% that in a end or the zero price from tops<01:14:39.040> of<01:14:39.219> Raiders<01:14:39.550> the<01:14:40.000> coins<01:14:40.239> already<01:14:40.570> moved 01:14:40.830 --> 01:14:40.840 align:start position:0% tops of Raiders the coins already moved 01:14:40.840 --> 01:14:43.919 align:start position:0% tops of Raiders the coins already moved that's<01:14:41.679> a<01:14:41.860> very<01:14:42.159> very<01:14:42.429> bad<01:14:42.750> yeah<01:14:43.750> your 01:14:43.919 --> 01:14:43.929 align:start position:0% that's a very very bad yeah your 01:14:43.929 --> 01:14:46.560 align:start position:0% that's a very very bad yeah your underclothes<01:14:44.500> our<01:14:44.830> lives<01:14:45.070> like<01:14:45.429> before<01:14:45.909> right 01:14:46.560 --> 01:14:46.570 align:start position:0% underclothes our lives like before right 01:14:46.570 --> 01:14:48.720 align:start position:0% underclothes our lives like before right you<01:14:47.080> see<01:14:47.320> the<01:14:47.469> price<01:14:47.679> of<01:14:47.889> the<01:14:47.980> real<01:14:48.159> world<01:14:48.520> and 01:14:48.720 --> 01:14:48.730 align:start position:0% you see the price of the real world and 01:14:48.730 --> 01:14:49.890 align:start position:0% you see the price of the real world and then<01:14:48.849> you're<01:14:49.000> like<01:14:49.119> oops 01:14:49.890 --> 01:14:49.900 align:start position:0% then you're like oops 01:14:49.900 --> 01:14:52.020 align:start position:0% then you're like oops right<01:14:50.440> and<01:14:50.710> though<01:14:50.860> in<01:14:51.099> this<01:14:51.310> system<01:14:51.580> right 01:14:52.020 --> 01:14:52.030 align:start position:0% right and though in this system right 01:14:52.030 --> 01:14:54.330 align:start position:0% right and though in this system right before<01:14:52.510> the<01:14:52.690> points<01:14:53.020> in<01:14:53.110> actually<01:14:53.469> move<01:14:53.739> you 01:14:54.330 --> 01:14:54.340 align:start position:0% before the points in actually move you 01:14:54.340 --> 01:14:56.939 align:start position:0% before the points in actually move you go<01:14:54.790> to<01:14:54.849> a<01:14:55.449> decentralized<01:14:56.230> verification 01:14:56.939 --> 01:14:56.949 align:start position:0% go to a decentralized verification 01:14:56.949 --> 01:14:58.919 align:start position:0% go to a decentralized verification mechanism<01:14:57.520> to<01:14:57.969> actually<01:14:58.239> validate<01:14:58.389> that<01:14:58.780> this 01:14:58.919 --> 01:14:58.929 align:start position:0% mechanism to actually validate that this 01:14:58.929 --> 01:15:01.350 align:start position:0% mechanism to actually validate that this price<01:14:59.230> is<01:14:59.920> the<01:15:00.340> right<01:15:00.489> price<01:15:00.820> rather<01:15:01.119> than 01:15:01.350 --> 01:15:01.360 align:start position:0% price is the right price rather than 01:15:01.360 --> 01:15:06.430 align:start position:0% price is the right price rather than just<01:15:01.540> directly<01:15:01.960> and<01:15:02.170> gently<01:15:02.530> using<01:15:02.739> it 01:15:06.430 --> 01:15:06.440 align:start position:0% 01:15:06.440 --> 01:15:10.820 align:start position:0% what<01:15:07.070> prevents<01:15:08.030> the 01:15:10.820 --> 01:15:10.830 align:start position:0% 01:15:10.830 --> 01:15:19.200 align:start position:0% from<01:15:11.750> shorting<01:15:16.790> so<01:15:17.790> in<01:15:17.880> the<01:15:17.940> case<01:15:18.120> that<01:15:18.150> you 01:15:19.200 --> 01:15:19.210 align:start position:0% from shorting so in the case that you 01:15:19.210 --> 01:15:21.520 align:start position:0% from shorting so in the case that you pneumatic<01:15:20.210> construct<01:15:20.690> pulses<01:15:21.020> instant 01:15:21.520 --> 01:15:21.530 align:start position:0% pneumatic construct pulses instant 01:15:21.530 --> 01:15:23.950 align:start position:0% pneumatic construct pulses instant previous<01:15:21.860> point<01:15:22.580> participation<01:15:23.270> trophy 01:15:23.950 --> 01:15:23.960 align:start position:0% previous point participation trophy 01:15:23.960 --> 01:15:25.570 align:start position:0% previous point participation trophy Department<01:15:24.440> something<01:15:25.070> that<01:15:25.190> would<01:15:25.280> allow<01:15:25.430> me 01:15:25.570 --> 01:15:25.580 align:start position:0% Department something that would allow me 01:15:25.580 --> 01:15:31.440 align:start position:0% Department something that would allow me to<01:15:25.610> flow<01:15:26.000> across<01:15:26.180> America 01:15:31.440 --> 01:15:31.450 align:start position:0% 01:15:31.450 --> 01:15:33.610 align:start position:0% there's<01:15:32.450> absolutely<01:15:32.630> potentially<01:15:33.260> an<01:15:33.350> even 01:15:33.610 --> 01:15:33.620 align:start position:0% there's absolutely potentially an even 01:15:33.620 --> 01:15:37.450 align:start position:0% there's absolutely potentially an even easier<01:15:33.740> way<01:15:34.070> to<01:15:34.100> do<01:15:34.340> that<01:15:34.550> which<01:15:34.790> is<01:15:36.190> if<01:15:37.190> these 01:15:37.450 --> 01:15:37.460 align:start position:0% easier way to do that which is if these 01:15:37.460 --> 01:15:39.160 align:start position:0% easier way to do that which is if these tokens<01:15:37.880> were<01:15:38.030> on<01:15:38.210> some<01:15:38.510> sort<01:15:38.690> of<01:15:38.750> a<01:15:38.870> landing 01:15:39.160 --> 01:15:39.170 align:start position:0% tokens were on some sort of a landing 01:15:39.170 --> 01:15:40.390 align:start position:0% tokens were on some sort of a landing protocol<01:15:39.530> and<01:15:39.680> they<01:15:39.770> were<01:15:39.830> being<01:15:40.010> lent<01:15:40.220> out 01:15:40.390 --> 01:15:40.400 align:start position:0% protocol and they were being lent out 01:15:40.400 --> 01:15:41.830 align:start position:0% protocol and they were being lent out their<01:15:40.670> massive<01:15:41.030> size<01:15:41.150> you<01:15:41.450> could<01:15:41.540> simply 01:15:41.830 --> 01:15:41.840 align:start position:0% their massive size you could simply 01:15:41.840 --> 01:15:43.480 align:start position:0% their massive size you could simply borrow<01:15:42.080> the<01:15:42.260> tokens<01:15:42.620> take<01:15:42.920> no<01:15:43.070> price<01:15:43.310> risk 01:15:43.480 --> 01:15:43.490 align:start position:0% borrow the tokens take no price risk 01:15:43.490 --> 01:15:46.930 align:start position:0% borrow the tokens take no price risk yourself<01:15:44.380> use<01:15:45.380> the<01:15:45.560> tokens<01:15:45.890> to<01:15:46.070> vote<01:15:46.280> create 01:15:46.930 --> 01:15:46.940 align:start position:0% yourself use the tokens to vote create 01:15:46.940 --> 01:15:49.060 align:start position:0% yourself use the tokens to vote create lots<01:15:47.150> of<01:15:47.300> bad<01:15:47.480> prices<01:15:47.990> that<01:15:48.380> break<01:15:48.620> every 01:15:49.060 --> 01:15:49.070 align:start position:0% lots of bad prices that break every 01:15:49.070 --> 01:15:51.490 align:start position:0% lots of bad prices that break every contract<01:15:49.550> and<01:15:49.820> then<01:15:50.270> you<01:15:50.660> know<01:15:50.750> make<01:15:51.200> out<01:15:51.350> like 01:15:51.490 --> 01:15:51.500 align:start position:0% contract and then you know make out like 01:15:51.500 --> 01:15:55.780 align:start position:0% contract and then you know make out like a<01:15:51.560> bandit<01:15:52.180> so<01:15:53.860> huge<01:15:54.860> problems<01:15:55.250> will<01:15:55.460> be<01:15:55.580> really 01:15:55.780 --> 01:15:55.790 align:start position:0% a bandit so huge problems will be really 01:15:55.790 --> 01:15:57.310 align:start position:0% a bandit so huge problems will be really interesting<01:15:56.150> to<01:15:56.240> see<01:15:56.390> how<01:15:56.510> that<01:15:56.690> evolves<01:15:56.900> but 01:15:57.310 --> 01:15:57.320 align:start position:0% interesting to see how that evolves but 01:15:57.320 --> 01:16:00.370 align:start position:0% interesting to see how that evolves but as<01:15:58.000> that's<01:15:59.000> why<01:15:59.210> the<01:15:59.300> initial<01:15:59.690> conditions<01:16:00.050> of 01:16:00.370 --> 01:16:00.380 align:start position:0% as that's why the initial conditions of 01:16:00.380 --> 01:16:02.260 align:start position:0% as that's why the initial conditions of the<01:16:00.680> token<01:16:00.980> distribution<01:16:01.490> actually<01:16:02.000> matter<01:16:02.180> a 01:16:02.260 --> 01:16:02.270 align:start position:0% the token distribution actually matter a 01:16:02.270 --> 01:16:03.850 align:start position:0% the token distribution actually matter a big<01:16:02.510> deal<01:16:02.720> and<01:16:02.990> why<01:16:03.110> it's<01:16:03.290> really<01:16:03.530> important 01:16:03.850 --> 01:16:03.860 align:start position:0% big deal and why it's really important 01:16:03.860 --> 01:16:06.000 align:start position:0% big deal and why it's really important that<01:16:03.890> you<01:16:04.040> have<01:16:04.220> a<01:16:04.460> really<01:16:05.060> highly<01:16:05.420> engaged 01:16:06.000 --> 01:16:06.010 align:start position:0% that you have a really highly engaged 01:16:06.010 --> 01:16:11.770 align:start position:0% that you have a really highly engaged voter<01:16:07.010> community<01:16:07.700> so<01:16:08.380> as<01:16:09.610> a<01:16:10.610> rational<01:16:11.270> Ummah 01:16:11.770 --> 01:16:11.780 align:start position:0% voter community so as a rational Ummah 01:16:11.780 --> 01:16:13.750 align:start position:0% voter community so as a rational Ummah token<01:16:12.350> holder<01:16:12.590> as<01:16:12.710> a<01:16:12.740> rational<01:16:13.250> stakeholder<01:16:13.730> I 01:16:13.750 --> 01:16:13.760 align:start position:0% token holder as a rational stakeholder I 01:16:13.760 --> 01:16:15.730 align:start position:0% token holder as a rational stakeholder I should<01:16:14.030> never<01:16:14.210> lend<01:16:14.570> these<01:16:14.720> out<01:16:14.930> or<01:16:15.200> if<01:16:15.500> I<01:16:15.620> ever 01:16:15.730 --> 01:16:15.740 align:start position:0% should never lend these out or if I ever 01:16:15.740 --> 01:16:17.290 align:start position:0% should never lend these out or if I ever observed<01:16:16.280> that<01:16:16.670> there<01:16:16.850> is<01:16:16.940> a<01:16:16.970> meaningful 01:16:17.290 --> 01:16:17.300 align:start position:0% observed that there is a meaningful 01:16:17.300 --> 01:16:19.750 align:start position:0% observed that there is a meaningful portion<01:16:17.750> of<01:16:17.840> these<01:16:17.960> things<01:16:18.200> lent<01:16:18.440> out<01:16:18.530> then<01:16:19.430> I 01:16:19.750 --> 01:16:19.760 align:start position:0% portion of these things lent out then I 01:16:19.760 --> 01:16:22.930 align:start position:0% portion of these things lent out then I should<01:16:20.060> not<01:16:20.090> I<01:16:20.570> should<01:16:20.990> no<01:16:21.110> longer<01:16:21.280> own<01:16:22.280> these 01:16:22.930 --> 01:16:22.940 align:start position:0% should not I should no longer own these 01:16:22.940 --> 01:16:28.770 align:start position:0% should not I should no longer own these tokens 01:16:28.770 --> 01:16:28.780 align:start position:0% 01:16:28.780 --> 01:16:30.720 align:start position:0% so<01:16:29.380> these<01:16:29.500> are<01:16:29.679> ghosts<01:16:29.860> while<01:16:30.130> copying<01:16:30.369> these 01:16:30.720 --> 01:16:30.730 align:start position:0% so these are ghosts while copying these 01:16:30.730 --> 01:16:35.310 align:start position:0% so these are ghosts while copying these contracts<01:16:31.420> and<01:16:31.659> something<01:16:33.780> great<01:16:34.780> that's 01:16:35.310 --> 01:16:35.320 align:start position:0% contracts and something great that's 01:16:35.320 --> 01:16:38.070 align:start position:0% contracts and something great that's really<01:16:35.469> little<01:16:36.099> ammunition 01:16:38.070 --> 01:16:38.080 align:start position:0% really little ammunition 01:16:38.080 --> 01:16:40.540 align:start position:0% really little ammunition the<01:16:39.080> coordination<01:16:39.500> required<01:16:39.740> to<01:16:40.130> get 01:16:40.540 --> 01:16:40.550 align:start position:0% the coordination required to get 01:16:40.550 --> 01:16:42.700 align:start position:0% the coordination required to get everyone<01:16:40.880> up<01:16:41.000> easily<01:16:41.330> exhibit<01:16:41.900> their 01:16:42.700 --> 01:16:42.710 align:start position:0% everyone up easily exhibit their 01:16:42.710 --> 01:16:46.180 align:start position:0% everyone up easily exhibit their contracts<01:16:43.190> before<01:16:43.670> something<01:16:44.060> happens<01:16:45.190> but 01:16:46.180 --> 01:16:46.190 align:start position:0% contracts before something happens but 01:16:46.190 --> 01:16:47.200 align:start position:0% contracts before something happens but you<01:16:46.250> need<01:16:46.490> somebody<01:16:46.790> on<01:16:46.850> the<01:16:46.970> other<01:16:47.060> side 01:16:47.200 --> 01:16:47.210 align:start position:0% you need somebody on the other side 01:16:47.210 --> 01:16:48.880 align:start position:0% you need somebody on the other side who's<01:16:47.600> willing<01:16:47.870> to<01:16:47.900> go<01:16:48.110> Leopard<01:16:48.440> lon 01:16:48.880 --> 01:16:48.890 align:start position:0% who's willing to go Leopard lon 01:16:48.890 --> 01:16:50.410 align:start position:0% who's willing to go Leopard lon so<01:16:49.100> if<01:16:49.250> you<01:16:49.370> want<01:16:49.550> a<01:16:49.580> short<01:16:49.910> a<01:16:50.030> trillion 01:16:50.410 --> 01:16:50.420 align:start position:0% so if you want a short a trillion 01:16:50.420 --> 01:16:51.910 align:start position:0% so if you want a short a trillion dollars<01:16:50.690> worth<01:16:50.840> of<01:16:50.960> these<01:16:51.080> uma<01:16:51.350> tokens<01:16:51.710> you 01:16:51.910 --> 01:16:51.920 align:start position:0% dollars worth of these uma tokens you 01:16:51.920 --> 01:16:53.140 align:start position:0% dollars worth of these uma tokens you got<01:16:52.040> to<01:16:52.160> find<01:16:52.310> somebody<01:16:52.550> who's<01:16:52.760> willing<01:16:52.790> to<01:16:53.000> go 01:16:53.140 --> 01:16:53.150 align:start position:0% got to find somebody who's willing to go 01:16:53.150 --> 01:16:55.860 align:start position:0% got to find somebody who's willing to go a<01:16:53.180> trillion<01:16:53.540> dollars<01:16:53.780> long<01:16:54.020> so<01:16:54.710> in<01:16:55.340> that 01:16:55.860 --> 01:16:55.870 align:start position:0% a trillion dollars long so in that 01:16:55.870 --> 01:16:58.930 align:start position:0% a trillion dollars long so in that discovery<01:16:56.870> process<01:16:57.080> in<01:16:57.800> it<01:16:58.250> will<01:16:58.400> impact<01:16:58.760> the 01:16:58.930 --> 01:16:58.940 align:start position:0% discovery process in it will impact the 01:16:58.940 --> 01:17:00.340 align:start position:0% discovery process in it will impact the market<01:16:59.240> there<01:16:59.450> will<01:16:59.570> be<01:16:59.630> signal<01:17:00.140> to<01:17:00.260> the 01:17:00.340 --> 01:17:00.350 align:start position:0% market there will be signal to the 01:17:00.350 --> 01:17:02.770 align:start position:0% market there will be signal to the market<01:17:00.620> that<01:17:00.650> this<01:17:00.830> is<01:17:00.980> happening<01:17:01.270> and<01:17:02.270> so 01:17:02.770 --> 01:17:02.780 align:start position:0% market that this is happening and so 01:17:02.780 --> 01:17:06.490 align:start position:0% market that this is happening and so that<01:17:03.310> it<01:17:04.310> should<01:17:04.940> not<01:17:05.120> happen<01:17:05.540> it<01:17:06.230> would<01:17:06.410> be 01:17:06.490 --> 01:17:06.500 align:start position:0% that it should not happen it would be 01:17:06.500 --> 01:17:11.620 align:start position:0% that it should not happen it would be irrational<01:17:06.890> for<01:17:07.370> that<01:17:10.120> so<01:17:11.120> if<01:17:11.240> it<01:17:11.360> isn't<01:17:11.600> a 01:17:11.620 --> 01:17:11.630 align:start position:0% irrational for that so if it isn't a 01:17:11.630 --> 01:17:13.540 align:start position:0% irrational for that so if it isn't a payoff<01:17:11.930> and<01:17:12.200> on<01:17:12.470> my<01:17:12.680> comment<01:17:13.040> value<01:17:13.280> is<01:17:13.400> left 01:17:13.540 --> 01:17:13.550 align:start position:0% payoff and on my comment value is left 01:17:13.550 --> 01:17:14.780 align:start position:0% payoff and on my comment value is left inside 01:17:14.780 --> 01:17:14.790 align:start position:0% inside 01:17:14.790 --> 01:17:17.830 align:start position:0% inside like<01:17:15.790> for<01:17:16.150> example<01:17:16.330> if 01:17:17.830 --> 01:17:17.840 align:start position:0% like for example if 01:17:17.840 --> 01:17:19.840 align:start position:0% like for example if if<01:17:18.050> the<01:17:18.200> group<01:17:18.410> of<01:17:18.560> what<01:17:18.740> a<01:17:18.770> lot<01:17:18.980> more<01:17:19.190> there's 01:17:19.840 --> 01:17:19.850 align:start position:0% if the group of what a lot more there's 01:17:19.850 --> 01:17:22.929 align:start position:0% if the group of what a lot more there's a<01:17:20.030> lot<01:17:20.060> of<01:17:20.360> capitals 01:17:22.929 --> 01:17:22.939 align:start position:0% a lot of capitals 01:17:22.939 --> 01:17:25.339 align:start position:0% a lot of capitals that<01:17:23.939> risk<01:17:24.149> very<01:17:24.389> much<01:17:24.510> so<01:17:24.929> that<01:17:25.109> that's 01:17:25.339 --> 01:17:25.349 align:start position:0% that risk very much so that that's 01:17:25.349 --> 01:17:26.869 align:start position:0% that risk very much so that that's actually<01:17:25.499> the<01:17:25.769> system<01:17:25.949> that<01:17:26.219> we<01:17:26.369> built<01:17:26.399> where 01:17:26.869 --> 01:17:26.879 align:start position:0% actually the system that we built where 01:17:26.879 --> 01:17:29.750 align:start position:0% actually the system that we built where if<01:17:27.149> you<01:17:27.300> have<01:17:27.539> let's<01:17:28.109> say<01:17:28.229> a<01:17:28.649> hundred<01:17:29.369> million 01:17:29.750 --> 01:17:29.760 align:start position:0% if you have let's say a hundred million 01:17:29.760 --> 01:17:31.790 align:start position:0% if you have let's say a hundred million dollars<01:17:30.089> of<01:17:30.419> margin<01:17:30.659> locked<01:17:31.109> inside<01:17:31.289> of<01:17:31.559> smart 01:17:31.790 --> 01:17:31.800 align:start position:0% dollars of margin locked inside of smart 01:17:31.800 --> 01:17:33.619 align:start position:0% dollars of margin locked inside of smart contracts<01:17:32.219> that<01:17:32.399> are<01:17:32.550> referencing<01:17:33.149> the<01:17:33.329> uma 01:17:33.619 --> 01:17:33.629 align:start position:0% contracts that are referencing the uma 01:17:33.629 --> 01:17:37.609 align:start position:0% contracts that are referencing the uma Oracle<01:17:34.639> then<01:17:35.639> the<01:17:36.119> uma<01:17:36.510> tokens<01:17:36.959> must<01:17:37.289> be<01:17:37.439> worth 01:17:37.609 --> 01:17:37.619 align:start position:0% Oracle then the uma tokens must be worth 01:17:37.619 --> 01:17:39.319 align:start position:0% Oracle then the uma tokens must be worth at<01:17:37.859> least<01:17:37.889> 100<01:17:38.669> million<01:17:38.789> dollars<01:17:39.089> or<01:17:39.209> the 01:17:39.319 --> 01:17:39.329 align:start position:0% at least 100 million dollars or the 01:17:39.329 --> 01:17:41.029 align:start position:0% at least 100 million dollars or the value<01:17:39.629> of<01:17:39.689> the<01:17:39.780> voting<01:17:40.139> tokens<01:17:40.499> actually<01:17:40.829> must 01:17:41.029 --> 01:17:41.039 align:start position:0% value of the voting tokens actually must 01:17:41.039 --> 01:17:42.919 align:start position:0% value of the voting tokens actually must be<01:17:41.159> worth<01:17:41.309> at<01:17:41.489> least<01:17:41.519> 100<01:17:42.059> million<01:17:42.179> dollars<01:17:42.570> in 01:17:42.919 --> 01:17:42.929 align:start position:0% be worth at least 100 million dollars in 01:17:42.929 --> 01:17:45.020 align:start position:0% be worth at least 100 million dollars in order<01:17:43.109> to<01:17:43.229> prevent<01:17:43.530> a<01:17:43.679> civil<01:17:43.859> attack<01:17:44.219> so 01:17:45.020 --> 01:17:45.030 align:start position:0% order to prevent a civil attack so 01:17:45.030 --> 01:17:46.399 align:start position:0% order to prevent a civil attack so that's<01:17:45.209> actually<01:17:45.359> why<01:17:45.689> we<01:17:45.899> have<01:17:45.929> that<01:17:46.199> dynamic 01:17:46.399 --> 01:17:46.409 align:start position:0% that's actually why we have that dynamic 01:17:46.409 --> 01:17:49.250 align:start position:0% that's actually why we have that dynamic tax<01:17:46.919> rate<01:17:47.189> that<01:17:48.179> Regina<01:17:48.809> talked<01:17:49.109> about 01:17:49.250 --> 01:17:49.260 align:start position:0% tax rate that Regina talked about 01:17:49.260 --> 01:17:52.579 align:start position:0% tax rate that Regina talked about earlier<01:17:49.559> so<01:17:50.070> if<01:17:50.489> we<01:17:51.059> ever<01:17:51.179> observed<01:17:51.689> that<01:17:52.169> the 01:17:52.579 --> 01:17:52.589 align:start position:0% earlier so if we ever observed that the 01:17:52.589 --> 01:17:55.699 align:start position:0% earlier so if we ever observed that the value<01:17:52.949> of<01:17:53.039> the<01:17:53.159> tokens<01:17:53.550> is<01:17:53.969> too<01:17:54.629> low<01:17:54.959> for<01:17:55.289> the 01:17:55.699 --> 01:17:55.709 align:start position:0% value of the tokens is too low for the 01:17:55.709 --> 01:17:57.109 align:start position:0% value of the tokens is too low for the system<01:17:56.189> to<01:17:56.219> be<01:17:56.459> guaranteed<01:17:56.909> to<01:17:57.030> be 01:17:57.109 --> 01:17:57.119 align:start position:0% system to be guaranteed to be 01:17:57.119 --> 01:17:58.669 align:start position:0% system to be guaranteed to be economically<01:17:57.570> safe<01:17:57.929> because<01:17:58.260> there's<01:17:58.530> so 01:17:58.669 --> 01:17:58.679 align:start position:0% economically safe because there's so 01:17:58.679 --> 01:18:00.409 align:start position:0% economically safe because there's so much<01:17:58.800> margin<01:17:59.189> in<01:17:59.280> the<01:17:59.369> system<01:17:59.729> we<01:18:00.300> would 01:18:00.409 --> 01:18:00.419 align:start position:0% much margin in the system we would 01:18:00.419 --> 01:18:02.239 align:start position:0% much margin in the system we would actually<01:18:00.780> implement<01:18:00.989> the<01:18:01.320> tax<01:18:01.559> on<01:18:01.769> the<01:18:01.889> system 01:18:02.239 --> 01:18:02.249 align:start position:0% actually implement the tax on the system 01:18:02.249 --> 01:18:04.939 align:start position:0% actually implement the tax on the system and<01:18:02.519> use<01:18:03.179> that<01:18:03.359> tax<01:18:03.659> to<01:18:03.929> buy<01:18:04.109> and<01:18:04.320> burn<01:18:04.469> tokens 01:18:04.939 --> 01:18:04.949 align:start position:0% and use that tax to buy and burn tokens 01:18:04.949 --> 01:18:06.500 align:start position:0% and use that tax to buy and burn tokens until<01:18:05.280> the<01:18:05.399> market<01:18:05.669> cap<01:18:05.879> got<01:18:06.089> high<01:18:06.269> enough 01:18:06.500 --> 01:18:06.510 align:start position:0% until the market cap got high enough 01:18:06.510 --> 01:18:15.379 align:start position:0% until the market cap got high enough again<01:18:13.639> yeah<01:18:14.639> every<01:18:14.939> contract<01:18:15.329> has 01:18:15.379 --> 01:18:15.389 align:start position:0% again yeah every contract has 01:18:15.389 --> 01:18:18.049 align:start position:0% again yeah every contract has potentially<01:18:16.379> different<01:18:16.559> collateral<01:18:17.039> and<01:18:17.219> the 01:18:18.049 --> 01:18:18.059 align:start position:0% potentially different collateral and the 01:18:18.059 --> 01:18:19.849 align:start position:0% potentially different collateral and the acceptance<01:18:18.659> of<01:18:18.749> collateral<01:18:19.169> is<01:18:19.409> a<01:18:19.439> governance 01:18:19.849 --> 01:18:19.859 align:start position:0% acceptance of collateral is a governance 01:18:19.859 --> 01:18:22.009 align:start position:0% acceptance of collateral is a governance parameter<01:18:20.309> of<01:18:20.399> the<01:18:20.519> system<01:18:20.550> so<01:18:21.359> you<01:18:21.809> wouldn't 01:18:22.009 --> 01:18:22.019 align:start position:0% parameter of the system so you wouldn't 01:18:22.019 --> 01:18:23.959 align:start position:0% parameter of the system so you wouldn't be<01:18:22.079> able<01:18:22.199> to<01:18:22.349> just<01:18:22.530> use<01:18:22.709> some<01:18:23.039> random<01:18:23.459> alt 01:18:23.959 --> 01:18:23.969 align:start position:0% be able to just use some random alt 01:18:23.969 --> 01:18:25.489 align:start position:0% be able to just use some random alt point<01:18:24.269> that<01:18:24.449> nobody<01:18:24.839> actually<01:18:24.989> knows<01:18:25.289> what 01:18:25.489 --> 01:18:25.499 align:start position:0% point that nobody actually knows what 01:18:25.499 --> 01:18:28.459 align:start position:0% point that nobody actually knows what the<01:18:25.619> value<01:18:25.949> is<01:18:26.030> please<01:18:27.030> take<01:18:27.780> your<01:18:27.959> stuff<01:18:28.320> with 01:18:28.459 --> 01:18:28.469 align:start position:0% the value is please take your stuff with 01:18:28.469 --> 01:18:28.669 align:start position:0% the value is please take your stuff with you 01:18:28.669 --> 01:18:28.679 align:start position:0% you 01:18:28.679 --> 01:18:32.810 align:start position:0% you don't<01:18:29.189> give<01:18:29.280> it<01:18:29.399> here<01:18:29.719> before<01:18:30.719> you<01:18:30.959> do<01:18:31.820> we 01:18:32.810 --> 01:18:32.820 align:start position:0% don't give it here before you do we 01:18:32.820 --> 01:18:34.699 align:start position:0% don't give it here before you do we would<01:18:33.119> still<01:18:33.329> have<01:18:33.359> more<01:18:34.139> time<01:18:34.349> for<01:18:34.409> more 01:18:34.699 --> 01:18:34.709 align:start position:0% would still have more time for more 01:18:34.709 --> 01:18:36.739 align:start position:0% would still have more time for more questions<01:18:35.070> okay<01:18:35.519> I<01:18:35.849> remember<01:18:36.269> to<01:18:36.479> leave<01:18:36.629> this 01:18:36.739 --> 01:18:36.749 align:start position:0% questions okay I remember to leave this 01:18:36.749 --> 01:18:38.060 align:start position:0% questions okay I remember to leave this up<01:18:36.929> so<01:18:37.079> that<01:18:37.109> you<01:18:37.289> at<01:18:37.379> least<01:18:37.409> you<01:18:37.679> guys<01:18:37.769> know 01:18:38.060 --> 01:18:38.070 align:start position:0% up so that you at least you guys know 01:18:38.070 --> 01:18:41.680 align:start position:0% up so that you at least you guys know who<01:18:38.399> we<01:18:38.550> are<01:18:38.729> and<01:18:39.050> come<01:18:40.050> find<01:18:40.260> us<01:18:40.349> later 01:18:41.680 --> 01:18:41.690 align:start position:0% who we are and come find us later 01:18:41.690 --> 01:18:46.120 align:start position:0% who we are and come find us later [Music] 01:18:46.120 --> 01:18:46.130 align:start position:0% 01:18:46.130 --> 01:18:49.310 align:start position:0% it<01:18:47.130> seems<01:18:47.400> to<01:18:47.579> me<01:18:47.699> this<01:18:47.880> time<01:18:48.210> like<01:18:48.989> looking 01:18:49.310 --> 01:18:49.320 align:start position:0% it seems to me this time like looking 01:18:49.320 --> 01:18:51.770 align:start position:0% it seems to me this time like looking more<01:18:49.790> circle<01:18:50.790> this<01:18:50.909> together<01:18:51.449> they'll<01:18:51.659> make 01:18:51.770 --> 01:18:51.780 align:start position:0% more circle this together they'll make 01:18:51.780 --> 01:18:56.290 align:start position:0% more circle this together they'll make sure<01:18:51.989> that<01:18:52.639> by<01:18:53.639> using<01:18:54.210> the<01:18:54.449> pole 01:18:56.290 --> 01:18:56.300 align:start position:0% sure that by using the pole 01:18:56.300 --> 01:19:04.430 align:start position:0% sure that by using the pole push<01:18:59.780> using<01:19:00.780> the<01:19:01.260> list<01:19:02.060> to<01:19:03.060> external<01:19:03.960> parties 01:19:04.430 --> 01:19:04.440 align:start position:0% push using the list to external parties 01:19:04.440 --> 01:19:09.920 align:start position:0% push using the list to external parties that<01:19:05.040> are<01:19:05.100> hard<01:19:05.730> and<01:19:06.500> I<01:19:07.880> wonder<01:19:08.880> if<01:19:09.030> there<01:19:09.660> are 01:19:09.920 --> 01:19:09.930 align:start position:0% that are hard and I wonder if there are 01:19:09.930 --> 01:19:21.050 align:start position:0% that are hard and I wonder if there are some<01:19:10.680> ways<01:19:18.980> sufficient<01:19:19.980> level<01:19:20.520> of<01:19:20.610> market 01:19:21.050 --> 01:19:21.060 align:start position:0% some ways sufficient level of market 01:19:21.060 --> 01:19:23.649 align:start position:0% some ways sufficient level of market players<01:19:21.360> and<01:19:21.870> sufficient<01:19:22.650> amount<01:19:22.860> of<01:19:22.920> market 01:19:23.649 --> 01:19:23.659 align:start position:0% players and sufficient amount of market 01:19:23.659 --> 01:19:26.800 align:start position:0% players and sufficient amount of market need<01:19:23.810> to<01:19:23.989> catch<01:19:24.469> those<01:19:25.060> enemies<01:19:26.060> is<01:19:26.330> where<01:19:26.600> we 01:19:26.800 --> 01:19:26.810 align:start position:0% need to catch those enemies is where we 01:19:26.810 --> 01:19:27.490 align:start position:0% need to catch those enemies is where we do 01:19:27.490 --> 01:19:27.500 align:start position:0% do 01:19:27.500 --> 01:19:34.910 align:start position:0% do you<01:19:28.030> invoke<01:19:29.030> some<01:19:29.330> kind<01:19:29.630> of<01:19:30.190> call<01:19:31.190> it<01:19:32.650> is 01:19:34.910 --> 01:19:34.920 align:start position:0% you invoke some kind of call it is 01:19:34.920 --> 01:19:35.770 align:start position:0% you invoke some kind of call it is and 01:19:35.770 --> 01:19:35.780 align:start position:0% and 01:19:35.780 --> 01:19:38.560 align:start position:0% and where<01:19:35.960> there<01:19:36.200> might<01:19:36.380> be<01:19:36.410> like<01:19:37.000> things<01:19:38.000> where 01:19:38.560 --> 01:19:38.570 align:start position:0% where there might be like things where 01:19:38.570 --> 01:19:40.660 align:start position:0% where there might be like things where you<01:19:38.660> just<01:19:38.810> got<01:19:39.380> to<01:19:39.500> noticing<01:19:40.010> things<01:19:40.550> are 01:19:40.660 --> 01:19:40.670 align:start position:0% you just got to noticing things are 01:19:40.670 --> 01:19:44.030 align:start position:0% you just got to noticing things are happening<01:19:41.120> because<01:19:41.300> you're<01:19:41.780> not<01:19:42.020> practicing 01:19:44.030 --> 01:19:44.040 align:start position:0% happening because you're not practicing 01:19:44.040 --> 01:19:49.130 align:start position:0% happening because you're not practicing rarely<01:19:45.350> data<01:19:46.350> right<01:19:46.770> so<01:19:47.420> I'm<01:19:48.420> just<01:19:48.660> curious<01:19:48.870> if 01:19:49.130 --> 01:19:49.140 align:start position:0% rarely data right so I'm just curious if 01:19:49.140 --> 01:19:52.070 align:start position:0% rarely data right so I'm just curious if you've<01:19:49.230> thought<01:19:49.500> about<01:19:49.770> this<01:19:50.160> more<01:19:50.850> and<01:19:51.240> you 01:19:52.070 --> 01:19:52.080 align:start position:0% you've thought about this more and you 01:19:52.080 --> 01:19:56.340 align:start position:0% you've thought about this more and you know<01:19:52.230> maybe<01:19:52.890> there's<01:19:53.130> some<01:19:53.250> things<01:19:53.460> being 01:19:56.340 --> 01:19:56.350 align:start position:0% 01:19:56.350 --> 01:19:58.630 align:start position:0% yeah<01:19:57.350> I<01:19:57.380> mean<01:19:57.680> definitely<01:19:57.830> I<01:19:58.070> think<01:19:58.100> one<01:19:58.610> of 01:19:58.630 --> 01:19:58.640 align:start position:0% yeah I mean definitely I think one of 01:19:58.640 --> 01:20:00.370 align:start position:0% yeah I mean definitely I think one of the<01:19:58.790> key<01:19:58.940> takeaways<01:19:59.120> is<01:19:59.660> just<01:19:59.870> economic 01:20:00.370 --> 01:20:00.380 align:start position:0% the key takeaways is just economic 01:20:00.380 --> 01:20:02.670 align:start position:0% the key takeaways is just economic incentives<01:20:00.950> drive<01:20:01.160> the<01:20:01.310> world<01:20:01.489> right<01:20:01.820> and<01:20:01.850> so 01:20:02.670 --> 01:20:02.680 align:start position:0% incentives drive the world right and so 01:20:02.680 --> 01:20:04.870 align:start position:0% incentives drive the world right and so within<01:20:03.680> months<01:20:04.040> of<01:20:04.250> maker<01:20:04.460> it<01:20:04.580> out<01:20:04.700> for 01:20:04.870 --> 01:20:04.880 align:start position:0% within months of maker it out for 01:20:04.880 --> 01:20:06.370 align:start position:0% within months of maker it out for example<01:20:05.030> releasing<01:20:05.630> their<01:20:05.780> keep<01:20:05.989> their 01:20:06.370 --> 01:20:06.380 align:start position:0% example releasing their keep their 01:20:06.380 --> 01:20:07.870 align:start position:0% example releasing their keep their reference<01:20:06.890> implementation<01:20:07.460> of<01:20:07.550> the<01:20:07.610> keeper 01:20:07.870 --> 01:20:07.880 align:start position:0% reference implementation of the keeper 01:20:07.880 --> 01:20:09.130 align:start position:0% reference implementation of the keeper code<01:20:08.060> somebody<01:20:08.390> had<01:20:08.510> already<01:20:08.600> improved<01:20:08.989> it 01:20:09.130 --> 01:20:09.140 align:start position:0% code somebody had already improved it 01:20:09.140 --> 01:20:11.260 align:start position:0% code somebody had already improved it and<01:20:09.290> their<01:20:10.100> original<01:20:10.489> code<01:20:10.670> was<01:20:10.910> being<01:20:11.120> beat 01:20:11.260 --> 01:20:11.270 align:start position:0% and their original code was being beat 01:20:11.270 --> 01:20:13.300 align:start position:0% and their original code was being beat every<01:20:11.570> single<01:20:11.600> time<01:20:12.050> and<01:20:12.739> they<01:20:12.830> haven't<01:20:13.010> yet 01:20:13.300 --> 01:20:13.310 align:start position:0% every single time and they haven't yet 01:20:13.310 --> 01:20:16.750 align:start position:0% every single time and they haven't yet had<01:20:13.550> a<01:20:13.610> failed<01:20:14.120> you<01:20:14.510> know<01:20:15.340> liquidation<01:20:16.340> so 01:20:16.750 --> 01:20:16.760 align:start position:0% had a failed you know liquidation so 01:20:16.760 --> 01:20:18.520 align:start position:0% had a failed you know liquidation so similarly<01:20:17.210> that<01:20:17.480> we<01:20:17.690> didn't<01:20:17.900> go<01:20:18.050> into<01:20:18.320> it 01:20:18.520 --> 01:20:18.530 align:start position:0% similarly that we didn't go into it 01:20:18.530 --> 01:20:20.170 align:start position:0% similarly that we didn't go into it explicitly<01:20:19.010> here<01:20:19.280> but<01:20:19.460> a<01:20:19.610> portion<01:20:20.030> of<01:20:20.120> the 01:20:20.170 --> 01:20:20.180 align:start position:0% explicitly here but a portion of the 01:20:20.180 --> 01:20:22.510 align:start position:0% explicitly here but a portion of the penalty<01:20:20.540> actually<01:20:20.900> is<01:20:21.160> basically<01:20:22.160> paid<01:20:22.370> out 01:20:22.510 --> 01:20:22.520 align:start position:0% penalty actually is basically paid out 01:20:22.520 --> 01:20:24.400 align:start position:0% penalty actually is basically paid out to<01:20:22.550> the<01:20:22.730> collar<01:20:22.970> of<01:20:23.120> the<01:20:23.239> dispute<01:20:23.630> and<01:20:23.780> so<01:20:24.290> we 01:20:24.400 --> 01:20:24.410 align:start position:0% to the collar of the dispute and so we 01:20:24.410 --> 01:20:25.870 align:start position:0% to the collar of the dispute and so we economically<01:20:24.920> incentivize<01:20:25.520> people<01:20:25.730> to 01:20:25.870 --> 01:20:25.880 align:start position:0% economically incentivize people to 01:20:25.880 --> 01:20:28.030 align:start position:0% economically incentivize people to actually<01:20:26.390> go<01:20:26.570> and<01:20:26.840> dispute<01:20:27.410> in<01:20:27.560> addition<01:20:27.950> to 01:20:28.030 --> 01:20:28.040 align:start position:0% actually go and dispute in addition to 01:20:28.040 --> 01:20:29.229 align:start position:0% actually go and dispute in addition to just<01:20:28.160> saying<01:20:28.400> like<01:20:28.550> everybody<01:20:28.880> takes<01:20:29.090> some 01:20:29.229 --> 01:20:29.239 align:start position:0% just saying like everybody takes some 01:20:29.239 --> 01:20:30.820 align:start position:0% just saying like everybody takes some responsibility<01:20:30.050> for<01:20:30.230> it<01:20:30.350> because<01:20:30.560> like<01:20:30.710> you 01:20:30.820 --> 01:20:30.830 align:start position:0% responsibility for it because like you 01:20:30.830 --> 01:20:43.810 align:start position:0% responsibility for it because like you kind<01:20:31.010> of 01:20:43.810 --> 01:20:43.820 align:start position:0% 01:20:43.820 --> 01:20:45.100 align:start position:0% yeah<01:20:44.330> definitely 01:20:45.100 --> 01:20:45.110 align:start position:0% yeah definitely 01:20:45.110 --> 01:20:47.020 align:start position:0% yeah definitely I<01:20:45.350> think<01:20:46.040> also<01:20:46.160> standardization<01:20:46.940> is 01:20:47.020 --> 01:20:47.030 align:start position:0% I think also standardization is 01:20:47.030 --> 01:20:49.000 align:start position:0% I think also standardization is important<01:20:47.450> so<01:20:47.660> if<01:20:47.780> you<01:20:47.960> so<01:20:48.560> I<01:20:48.590> think<01:20:48.710> if<01:20:48.950> you 01:20:49.000 --> 01:20:49.010 align:start position:0% important so if you so I think if you 01:20:49.010 --> 01:20:50.560 align:start position:0% important so if you so I think if you had<01:20:49.220> affiliates<01:20:49.640> for<01:20:49.760> contracts<01:20:50.330> and<01:20:50.510> a 01:20:50.560 --> 01:20:50.570 align:start position:0% had affiliates for contracts and a 01:20:50.570 --> 01:20:52.420 align:start position:0% had affiliates for contracts and a million<01:20:50.810> different<01:20:50.900> ways<01:20:51.170> to<01:20:51.650> all<01:20:52.190> of<01:20:52.310> them 01:20:52.420 --> 01:20:52.430 align:start position:0% million different ways to all of them 01:20:52.430 --> 01:20:55.090 align:start position:0% million different ways to all of them and<01:20:52.670> you<01:20:53.570> had<01:20:53.750> to<01:20:53.870> write<01:20:54.140> a<01:20:54.200> separate<01:20:54.500> API<01:20:54.650> for 01:20:55.090 --> 01:20:55.100 align:start position:0% and you had to write a separate API for 01:20:55.100 --> 01:20:55.960 align:start position:0% and you had to write a separate API for each<01:20:55.190> of<01:20:55.310> them<01:20:55.430> or<01:20:55.520> whatever<01:20:55.760> to<01:20:55.940> actually 01:20:55.960 --> 01:20:55.970 align:start position:0% each of them or whatever to actually 01:20:55.970 --> 01:20:58.750 align:start position:0% each of them or whatever to actually protection<01:20:56.930> be<01:20:57.530> the<01:20:57.860> keeper<01:20:58.340> that's<01:20:58.610> a 01:20:58.750 --> 01:20:58.760 align:start position:0% protection be the keeper that's a 01:20:58.760 --> 01:21:00.760 align:start position:0% protection be the keeper that's a souvenir<01:20:59.030> heart<01:20:59.570> so<01:21:00.230> I<01:21:00.260> think<01:21:00.320> the<01:21:00.530> key 01:21:00.760 --> 01:21:00.770 align:start position:0% souvenir heart so I think the key 01:21:00.770 --> 01:21:02.470 align:start position:0% souvenir heart so I think the key partner<01:21:01.190> really<01:21:01.700> sorts<01:21:02.060> of<01:21:02.120> systems<01:21:02.270> I<01:21:02.450> think 01:21:02.470 --> 01:21:02.480 align:start position:0% partner really sorts of systems I think 01:21:02.480 --> 01:21:04.090 align:start position:0% partner really sorts of systems I think you're<01:21:02.750> successful<01:21:03.260> to<01:21:03.320> make<01:21:03.500> sure<01:21:03.680> there's<01:21:04.010> a 01:21:04.090 --> 01:21:04.100 align:start position:0% you're successful to make sure there's a 01:21:04.100 --> 01:21:06.760 align:start position:0% you're successful to make sure there's a standard<01:21:04.640> way<01:21:04.850> to<01:21:05.480> quickly<01:21:05.960> look<01:21:06.320> through<01:21:06.350> all 01:21:06.760 --> 01:21:06.770 align:start position:0% standard way to quickly look through all 01:21:06.770 --> 01:21:08.050 align:start position:0% standard way to quickly look through all the<01:21:06.950> contracts<01:21:07.400> to<01:21:07.460> make<01:21:07.610> sure<01:21:07.730> they're<01:21:07.880> going 01:21:08.050 --> 01:21:08.060 align:start position:0% the contracts to make sure they're going 01:21:08.060 --> 01:21:09.820 align:start position:0% the contracts to make sure they're going to<01:21:08.120> you<01:21:08.360> -<01:21:08.540> across<01:21:08.750> the<01:21:08.870> monitors<01:21:09.230> so<01:21:09.680> for 01:21:09.820 --> 01:21:09.830 align:start position:0% to you - across the monitors so for 01:21:09.830 --> 01:21:11.830 align:start position:0% to you - across the monitors so for instance<01:21:10.130> if<01:21:10.490> you<01:21:10.610> had<01:21:10.760> ten<01:21:11.180> maker<01:21:11.420> doubts<01:21:11.690> you 01:21:11.830 --> 01:21:11.840 align:start position:0% instance if you had ten maker doubts you 01:21:11.840 --> 01:21:13.690 align:start position:0% instance if you had ten maker doubts you must<01:21:12.080> all<01:21:12.320> have<01:21:12.500> the<01:21:12.560> same<01:21:12.680> API<01:21:12.860> so<01:21:13.280> the<01:21:13.460> same 01:21:13.690 --> 01:21:13.700 align:start position:0% must all have the same API so the same 01:21:13.700 --> 01:21:14.800 align:start position:0% must all have the same API so the same keeper<01:21:14.060> who<01:21:14.240> we<01:21:14.360> work<01:21:14.540> for 01:21:14.800 --> 01:21:14.810 align:start position:0% keeper who we work for 01:21:14.810 --> 01:21:17.850 align:start position:0% keeper who we work for so<01:21:15.290> one<01:21:15.950> person<01:21:16.160> can<01:21:16.370> run<01:21:16.550> one<01:21:16.760> system<01:21:17.060> monitor 01:21:17.850 --> 01:21:17.860 align:start position:0% so one person can run one system monitor 01:21:17.860 --> 01:21:24.600 align:start position:0% so one person can run one system monitor 100,000<01:21:18.860> contracts 01:21:24.600 --> 01:21:24.610 align:start position:0% 01:21:24.610 --> 01:21:26.790 align:start position:0% yeah<01:21:25.179> how<01:21:25.480> would<01:21:25.600> you<01:21:25.719> say<01:21:25.929> your<01:21:26.170> Oracle 01:21:26.790 --> 01:21:26.800 align:start position:0% yeah how would you say your Oracle 01:21:26.800 --> 01:21:32.120 align:start position:0% yeah how would you say your Oracle solution<01:21:27.250> papers<01:21:27.580> from<01:21:28.020> their<01:21:29.020> solutions 01:21:32.120 --> 01:21:32.130 align:start position:0% 01:21:32.130 --> 01:21:34.010 align:start position:0% I<01:21:32.160> have<01:21:32.340> like<01:21:32.520> chained<01:21:32.790> lineker<01:21:33.300> some<01:21:33.960> of 01:21:34.010 --> 01:21:34.020 align:start position:0% I have like chained lineker some of 01:21:34.020 --> 01:21:35.270 align:start position:0% I have like chained lineker some of these<01:21:34.110> other<01:21:34.290> systems<01:21:34.560> how<01:21:34.860> would<01:21:35.010> you<01:21:35.100> say 01:21:35.270 --> 01:21:35.280 align:start position:0% these other systems how would you say 01:21:35.280 --> 01:21:38.420 align:start position:0% these other systems how would you say this<01:21:35.670> comes<01:21:35.880> in<01:21:36.120> America<01:21:37.100> however<01:21:38.100> there<01:21:38.280> was 01:21:38.420 --> 01:21:38.430 align:start position:0% this comes in America however there was 01:21:38.430 --> 01:21:41.570 align:start position:0% this comes in America however there was not<01:21:38.820> necessary<01:21:39.750> sir<01:21:40.140> we<01:21:40.920> around<01:21:41.370> the 01:21:41.570 --> 01:21:41.580 align:start position:0% not necessary sir we around the 01:21:41.580 --> 01:21:43.610 align:start position:0% not necessary sir we around the financial<01:21:42.030> engineering<01:21:42.390> order<01:21:43.050> everyone's 01:21:43.610 --> 01:21:43.620 align:start position:0% financial engineering order everyone's 01:21:43.620 --> 01:21:47.270 align:start position:0% financial engineering order everyone's part<01:21:43.860> of<01:21:43.920> that<01:21:44.180> yeah<01:21:45.180> so<01:21:45.900> I<01:21:46.320> think<01:21:46.590> the<01:21:46.710> system 01:21:47.270 --> 01:21:47.280 align:start position:0% part of that yeah so I think the system 01:21:47.280 --> 01:21:48.770 align:start position:0% part of that yeah so I think the system is<01:21:47.370> very<01:21:47.520> different<01:21:47.640> from<01:21:48.060> systems<01:21:48.540> like 01:21:48.770 --> 01:21:48.780 align:start position:0% is very different from systems like 01:21:48.780 --> 01:21:50.960 align:start position:0% is very different from systems like chain<01:21:49.050> link<01:21:49.290> because<01:21:50.130> what<01:21:50.490> tree<01:21:50.640> link<01:21:50.880> is 01:21:50.960 --> 01:21:50.970 align:start position:0% chain link because what tree link is 01:21:50.970 --> 01:21:52.400 align:start position:0% chain link because what tree link is effectively<01:21:51.360> doing<01:21:51.630> is<01:21:51.870> taking<01:21:52.080> the 01:21:52.400 --> 01:21:52.410 align:start position:0% effectively doing is taking the 01:21:52.410 --> 01:21:55.640 align:start position:0% effectively doing is taking the programmatic<01:21:52.710> API<01:21:53.100> data<01:21:53.550> and<01:21:53.850> then<01:21:54.440> making<01:21:55.440> it 01:21:55.640 --> 01:21:55.650 align:start position:0% programmatic API data and then making it 01:21:55.650 --> 01:21:56.870 align:start position:0% programmatic API data and then making it such<01:21:55.830> that<01:21:56.010> rather<01:21:56.130> than<01:21:56.310> having<01:21:56.490> a<01:21:56.640> single 01:21:56.870 --> 01:21:56.880 align:start position:0% such that rather than having a single 01:21:56.880 --> 01:21:58.370 align:start position:0% such that rather than having a single node<01:21:57.150> reporting<01:21:57.570> on<01:21:57.660> it<01:21:57.780> you<01:21:57.870> have<01:21:57.930> multiple 01:21:58.370 --> 01:21:58.380 align:start position:0% node reporting on it you have multiple 01:21:58.380 --> 01:22:01.400 align:start position:0% node reporting on it you have multiple notes<01:21:58.560> from<01:21:58.740> morning<01:21:59.040> on<01:21:59.160> it<01:21:59.810> where<01:22:00.810> settlers 01:22:01.400 --> 01:22:01.410 align:start position:0% notes from morning on it where settlers 01:22:01.410 --> 01:22:03.050 align:start position:0% notes from morning on it where settlers augur<01:22:01.680> and<01:22:01.920> that<01:22:02.040> we<01:22:02.130> both<01:22:02.490> use<01:22:02.730> a<01:22:02.760> shelling 01:22:03.050 --> 01:22:03.060 align:start position:0% augur and that we both use a shelling 01:22:03.060 --> 01:22:04.760 align:start position:0% augur and that we both use a shelling point<01:22:03.360> game<01:22:03.540> to<01:22:03.750> incentivize<01:22:04.260> the<01:22:04.410> reporting 01:22:04.760 --> 01:22:04.770 align:start position:0% point game to incentivize the reporting 01:22:04.770 --> 01:22:07.130 align:start position:0% point game to incentivize the reporting of<01:22:04.830> honest<01:22:05.160> like<01:22:05.430> honest<01:22:05.790> reporting<01:22:06.210> but 01:22:07.130 --> 01:22:07.140 align:start position:0% of honest like honest reporting but 01:22:07.140 --> 01:22:09.290 align:start position:0% of honest like honest reporting but we're<01:22:07.290> different<01:22:07.620> in<01:22:07.890> the<01:22:08.300> implementation 01:22:09.290 --> 01:22:09.300 align:start position:0% we're different in the implementation 01:22:09.300 --> 01:22:11.990 align:start position:0% we're different in the implementation details<01:22:09.770> specifically<01:22:10.770> that<01:22:10.950> augur<01:22:11.160> has<01:22:11.790> to 01:22:11.990 --> 01:22:12.000 align:start position:0% details specifically that augur has to 01:22:12.000 --> 01:22:15.410 align:start position:0% details specifically that augur has to have<01:22:12.150> a<01:22:12.180> designated<01:22:12.810> reporter<01:22:14.420> initially 01:22:15.410 --> 01:22:15.420 align:start position:0% have a designated reporter initially 01:22:15.420 --> 01:22:16.760 align:start position:0% have a designated reporter initially rather<01:22:15.630> than<01:22:15.840> artists<01:22:16.230> we're<01:22:16.410> actually<01:22:16.530> using 01:22:16.760 --> 01:22:16.770 align:start position:0% rather than artists we're actually using 01:22:16.770 --> 01:22:18.590 align:start position:0% rather than artists we're actually using the<01:22:16.980> entire<01:22:17.280> network<01:22:17.550> for<01:22:18.000> reporting<01:22:18.390> and 01:22:18.590 --> 01:22:18.600 align:start position:0% the entire network for reporting and 01:22:18.600 --> 01:22:20.630 align:start position:0% the entire network for reporting and also<01:22:19.020> augers<01:22:19.500> markets<01:22:19.890> are<01:22:20.070> done<01:22:20.220> in<01:22:20.310> natural 01:22:20.630 --> 01:22:20.640 align:start position:0% also augers markets are done in natural 01:22:20.640 --> 01:22:24.560 align:start position:0% also augers markets are done in natural language<01:22:21.000> which<01:22:21.810> is<01:22:22.850> beneficial<01:22:23.850> for<01:22:24.330> some 01:22:24.560 --> 01:22:24.570 align:start position:0% language which is beneficial for some 01:22:24.570 --> 01:22:27.050 align:start position:0% language which is beneficial for some things<01:22:24.810> and<01:22:25.020> that<01:22:25.110> you<01:22:25.170> can<01:22:25.380> do<01:22:25.680> more<01:22:26.060> but 01:22:27.050 --> 01:22:27.060 align:start position:0% things and that you can do more but 01:22:27.060 --> 01:22:28.550 align:start position:0% things and that you can do more but really<01:22:27.210> harmful<01:22:27.780> for<01:22:27.900> other<01:22:28.050> things<01:22:28.140> and<01:22:28.500> that 01:22:28.550 --> 01:22:28.560 align:start position:0% really harmful for other things and that 01:22:28.560 --> 01:22:32.270 align:start position:0% really harmful for other things and that a<01:22:28.620> lot<01:22:28.800> of<01:22:28.830> markets<01:22:29.190> resolved<01:22:29.580> in<01:22:30.470> invalid<01:22:31.470> in 01:22:32.270 --> 01:22:32.280 align:start position:0% a lot of markets resolved in invalid in 01:22:32.280 --> 01:22:35.630 align:start position:0% a lot of markets resolved in invalid in uma<01:22:32.880> system<01:22:33.300> the<01:22:33.920> price<01:22:34.920> requests<01:22:35.490> are 01:22:35.630 --> 01:22:35.640 align:start position:0% uma system the price requests are 01:22:35.640 --> 01:22:37.610 align:start position:0% uma system the price requests are standardized<01:22:36.360> so<01:22:36.900> there's<01:22:37.080> just<01:22:37.140> a<01:22:37.320> simple 01:22:37.610 --> 01:22:37.620 align:start position:0% standardized so there's just a simple 01:22:37.620 --> 01:22:43.739 align:start position:0% standardized so there's just a simple identifier 01:22:43.739 --> 01:22:43.749 align:start position:0% 01:22:43.749 --> 01:22:47.049 align:start position:0% the<01:22:44.749> schedule<01:22:45.260> this<01:22:45.499> argument<01:22:45.860> system<01:22:46.309> it<01:22:46.519> is 01:22:47.049 --> 01:22:47.059 align:start position:0% the schedule this argument system it is 01:22:47.059 --> 01:22:49.839 align:start position:0% the schedule this argument system it is a<01:22:47.300> whole<01:22:47.599> system<01:22:47.900> which<01:22:48.260> is<01:22:48.739> of<01:22:48.920> course<01:22:49.099> quite 01:22:49.839 --> 01:22:49.849 align:start position:0% a whole system which is of course quite 01:22:49.849 --> 01:22:51.450 align:start position:0% a whole system which is of course quite as<01:22:49.999> much<01:22:50.210> less 01:22:51.450 --> 01:22:51.460 align:start position:0% as much less 01:22:51.460 --> 01:22:56.090 align:start position:0% as much less place<01:22:51.970> of<01:22:52.120> information<01:22:52.690> and<01:22:53.010> the<01:22:54.010> strength 01:22:56.090 --> 01:22:56.100 align:start position:0% place of information and the strength 01:22:56.100 --> 01:22:59.420 align:start position:0% place of information and the strength regularity<01:22:56.970> love<01:22:57.480> but<01:22:58.170> still<01:22:58.350> if<01:22:58.740> you<01:22:58.770> need<01:22:59.100> a 01:22:59.420 --> 01:22:59.430 align:start position:0% regularity love but still if you need a 01:22:59.430 --> 01:23:02.420 align:start position:0% regularity love but still if you need a specific<01:23:00.300> actions<01:23:01.200> more<01:23:01.440> like<01:23:01.590> some<01:23:01.980> people 01:23:02.420 --> 01:23:02.430 align:start position:0% specific actions more like some people 01:23:02.430 --> 01:23:05.410 align:start position:0% specific actions more like some people maybe<01:23:02.850> it's<01:23:03.120> warming<01:23:03.390> and<01:23:03.570> water<01:23:03.840> you<01:23:04.140> asked 01:23:05.410 --> 01:23:05.420 align:start position:0% maybe it's warming and water you asked 01:23:05.420 --> 01:23:10.430 align:start position:0% maybe it's warming and water you asked event<01:23:06.420> some<01:23:08.570> active<01:23:09.570> so<01:23:10.050> you<01:23:10.200> cannot<01:23:10.380> have 01:23:10.430 --> 01:23:10.440 align:start position:0% event some active so you cannot have 01:23:10.440 --> 01:23:12.710 align:start position:0% event some active so you cannot have like<01:23:10.740> 50<01:23:11.670> already<01:23:11.910> let's<01:23:12.150> do<01:23:12.300> the<01:23:12.540> same 01:23:12.710 --> 01:23:12.720 align:start position:0% like 50 already let's do the same 01:23:12.720 --> 01:23:14.000 align:start position:0% like 50 already let's do the same information<01:23:13.110> or<01:23:13.350> a<01:23:13.380> thousand<01:23:13.830> organizations 01:23:14.000 --> 01:23:14.010 align:start position:0% information or a thousand organizations 01:23:14.010 --> 01:23:16.940 align:start position:0% information or a thousand organizations information<01:23:14.790> as<01:23:15.330> to<01:23:15.360> what<01:23:15.720> happened<01:23:16.170> to<01:23:16.500> just 01:23:16.940 --> 01:23:16.950 align:start position:0% information as to what happened to just 01:23:16.950 --> 01:23:21.110 align:start position:0% information as to what happened to just regularly<01:23:17.340> push<01:23:17.670> data<01:23:19.370> different<01:23:20.370> different 01:23:21.110 --> 01:23:21.120 align:start position:0% regularly push data different different 01:23:21.120 --> 01:23:22.850 align:start position:0% regularly push data different different cool<01:23:22.020> that<01:23:22.230> one<01:23:22.470> piece<01:23:22.650> of<01:23:22.680> information 01:23:22.850 --> 01:23:22.860 align:start position:0% cool that one piece of information 01:23:22.860 --> 01:23:26.180 align:start position:0% cool that one piece of information because<01:23:23.370> they're<01:23:23.640> all<01:23:24.350> doing<01:23:25.350> contracts<01:23:26.040> on 01:23:26.180 --> 01:23:26.190 align:start position:0% because they're all doing contracts on 01:23:26.190 --> 01:23:28.790 align:start position:0% because they're all doing contracts on for<01:23:26.760> example<01:23:27.210> like<01:23:27.720> your<01:23:28.170> chancy<01:23:28.590> it<01:23:28.680> would 01:23:28.790 --> 01:23:28.800 align:start position:0% for example like your chancy it would 01:23:28.800 --> 01:23:34.510 align:start position:0% for example like your chancy it would have<01:23:28.980> that<01:23:29.580> actually<01:23:30.240> request<01:23:30.630> each<01:23:30.900> time 01:23:34.510 --> 01:23:34.520 align:start position:0% 01:23:34.520 --> 01:23:35.589 align:start position:0% yeah<01:23:34.730> and<01:23:34.940> I<01:23:35.000> would<01:23:35.150> say<01:23:35.179> that's<01:23:35.420> actually 01:23:35.589 --> 01:23:35.599 align:start position:0% yeah and I would say that's actually 01:23:35.599 --> 01:23:37.660 align:start position:0% yeah and I would say that's actually feature<01:23:35.989> not<01:23:36.230> a<01:23:36.289> bug<01:23:36.380> because<01:23:37.190> it<01:23:37.340> prevents 01:23:37.660 --> 01:23:37.670 align:start position:0% feature not a bug because it prevents 01:23:37.670 --> 01:23:41.470 align:start position:0% feature not a bug because it prevents parasitic<01:23:38.090> usage<01:23:39.130> parasitic<01:23:40.130> usage<01:23:40.489> so<01:23:41.300> it 01:23:41.470 --> 01:23:41.480 align:start position:0% parasitic usage parasitic usage so it 01:23:41.480 --> 01:23:43.600 align:start position:0% parasitic usage parasitic usage so it ensures<01:23:41.659> then<01:23:42.230> that<01:23:42.530> if<01:23:42.739> there's<01:23:43.099> lots<01:23:43.460> of 01:23:43.600 --> 01:23:43.610 align:start position:0% ensures then that if there's lots of 01:23:43.610 --> 01:23:45.220 align:start position:0% ensures then that if there's lots of contracts<01:23:44.150> that<01:23:44.300> would<01:23:44.570> like<01:23:44.809> to<01:23:44.840> use<01:23:45.110> our 01:23:45.220 --> 01:23:45.230 align:start position:0% contracts that would like to use our 01:23:45.230 --> 01:23:47.410 align:start position:0% contracts that would like to use our Oracle<01:23:45.530> well<01:23:46.099> in<01:23:46.219> order<01:23:46.340> to<01:23:46.460> use<01:23:46.789> it<01:23:47.000> and<01:23:47.239> have 01:23:47.410 --> 01:23:47.420 align:start position:0% Oracle well in order to use it and have 01:23:47.420 --> 01:23:48.939 align:start position:0% Oracle well in order to use it and have the<01:23:47.630> Oracle<01:23:47.929> use<01:23:48.170> for<01:23:48.380> them<01:23:48.559> they've<01:23:48.770> got<01:23:48.800> to 01:23:48.939 --> 01:23:48.949 align:start position:0% the Oracle use for them they've got to 01:23:48.949 --> 01:23:50.740 align:start position:0% the Oracle use for them they've got to be<01:23:49.099> paying<01:23:49.309> their<01:23:49.460> taxes<01:23:49.880> they<01:23:50.239> can't<01:23:50.480> just 01:23:50.740 --> 01:23:50.750 align:start position:0% be paying their taxes they can't just 01:23:50.750 --> 01:23:55.520 align:start position:0% be paying their taxes they can't just observe<01:23:51.469> what<01:23:51.500> other<01:23:51.949> contracts<01:23:52.639> are<01:23:52.760> getting 01:23:55.520 --> 01:23:55.530 align:start position:0% 01:23:55.530 --> 01:23:59.170 align:start position:0% don't<01:23:56.370> worry<01:23:56.580> I'm<01:23:56.760> freaking<01:23:57.000> out 01:23:59.170 --> 01:23:59.180 align:start position:0% don't worry I'm freaking out 01:23:59.180 --> 01:24:02.510 align:start position:0% don't worry I'm freaking out still<01:24:00.180> have<01:24:00.330> five<01:24:00.750> minutes<01:24:00.900> one<01:24:01.520> lucky 01:24:02.510 --> 01:24:02.520 align:start position:0% still have five minutes one lucky 01:24:02.520 --> 01:24:04.040 align:start position:0% still have five minutes one lucky peeking<01:24:02.910> about<01:24:03.150> that<01:24:03.300> even<01:24:03.510> stranger<01:24:03.840> would 01:24:04.040 --> 01:24:04.050 align:start position:0% peeking about that even stranger would 01:24:04.050 --> 01:24:05.690 align:start position:0% peeking about that even stranger would it<01:24:04.170> make<01:24:04.350> sense<01:24:04.590> in<01:24:04.740> your<01:24:04.860> opinion<01:24:05.220> to<01:24:05.370> be<01:24:05.400> nice 01:24:05.690 --> 01:24:05.700 align:start position:0% it make sense in your opinion to be nice 01:24:05.700 --> 01:24:08.420 align:start position:0% it make sense in your opinion to be nice under<01:24:06.300> the<01:24:06.450> users<01:24:06.780> on<01:24:07.080> the<01:24:07.230> system<01:24:07.410> to<01:24:08.280> an 01:24:08.420 --> 01:24:08.430 align:start position:0% under the users on the system to an 01:24:08.430 --> 01:24:12.260 align:start position:0% under the users on the system to an agreement<01:24:09.030> in<01:24:10.310> currently<01:24:11.310> users<01:24:11.670> to<01:24:11.940> be<01:24:12.090> net 01:24:12.260 --> 01:24:12.270 align:start position:0% agreement in currently users to be net 01:24:12.270 --> 01:24:16.220 align:start position:0% agreement in currently users to be net magnetic<01:24:12.720> recommending<01:24:13.350> the<01:24:13.440> users<01:24:15.080> with<01:24:16.080> the 01:24:16.220 --> 01:24:16.230 align:start position:0% magnetic recommending the users with the 01:24:16.230 --> 01:24:19.010 align:start position:0% magnetic recommending the users with the sponsors<01:24:16.710> and<01:24:17.030> Oracle<01:24:18.030> now<01:24:18.720> look<01:24:18.930> at 01:24:19.010 --> 01:24:19.020 align:start position:0% sponsors and Oracle now look at 01:24:19.020 --> 01:24:20.330 align:start position:0% sponsors and Oracle now look at something<01:24:19.260> that<01:24:19.410> could<01:24:19.740> happen<01:24:20.100> at<01:24:20.220> the 01:24:20.330 --> 01:24:20.340 align:start position:0% something that could happen at the 01:24:20.340 --> 01:24:22.970 align:start position:0% something that could happen at the application<01:24:20.850> layer<01:24:20.990> if<01:24:21.990> that<01:24:22.380> was<01:24:22.500> a<01:24:22.530> desired 01:24:22.970 --> 01:24:22.980 align:start position:0% application layer if that was a desired 01:24:22.980 --> 01:24:25.640 align:start position:0% application layer if that was a desired feature<01:24:23.450> but<01:24:24.450> not<01:24:24.660> a<01:24:24.690> built-in<01:24:25.140> feature<01:24:25.320> of 01:24:25.640 --> 01:24:25.650 align:start position:0% feature but not a built-in feature of 01:24:25.650 --> 01:24:30.190 align:start position:0% feature but not a built-in feature of this<01:24:26.300> are<01:24:27.300> you<01:24:27.420> planning<01:24:27.780> to<01:24:27.960> visit<01:24:28.320> the<01:24:29.220> Regal 01:24:30.190 --> 01:24:30.200 align:start position:0% this are you planning to visit the Regal 01:24:30.200 --> 01:24:34.960 align:start position:0% this are you planning to visit the Regal why<01:24:31.200> not<01:24:31.850> there's<01:24:32.850> over<01:24:33.540> a<01:24:33.600> hundred<01:24:33.930> countries 01:24:34.960 --> 01:24:34.970 align:start position:0% why not there's over a hundred countries 01:24:34.970 --> 01:24:38.240 align:start position:0% why not there's over a hundred countries in<01:24:35.970> many<01:24:36.180> countries<01:24:36.420> impact<01:24:36.960> areas<01:24:37.320> and<01:24:38.100> the 01:24:38.240 --> 01:24:38.250 align:start position:0% in many countries impact areas and the 01:24:38.250 --> 01:24:39.890 align:start position:0% in many countries impact areas and the financial<01:24:38.670> instrument<01:24:39.060> will<01:24:39.180> be<01:24:39.210> considered 01:24:39.890 --> 01:24:39.900 align:start position:0% financial instrument will be considered 01:24:39.900 --> 01:24:43.930 align:start position:0% financial instrument will be considered as<01:24:40.020> a<01:24:40.050> security<01:24:40.650> so<01:24:40.950> if<01:24:41.670> using<01:24:42.210> for<01:24:42.360> adoption 01:24:43.930 --> 01:24:43.940 align:start position:0% as a security so if using for adoption 01:24:43.940 --> 01:24:46.340 align:start position:0% as a security so if using for adoption yeah<01:24:44.940> so<01:24:45.270> I<01:24:45.300> think<01:24:45.450> that<01:24:45.690> that<01:24:45.840> again<01:24:45.990> is<01:24:46.290> just 01:24:46.340 --> 01:24:46.350 align:start position:0% yeah so I think that that again is just 01:24:46.350 --> 01:24:47.570 align:start position:0% yeah so I think that that again is just something<01:24:46.740> that<01:24:46.770> needs<01:24:46.890> to<01:24:47.130> be<01:24:47.190> handled<01:24:47.460> at 01:24:47.570 --> 01:24:47.580 align:start position:0% something that needs to be handled at 01:24:47.580 --> 01:24:48.830 align:start position:0% something that needs to be handled at the<01:24:47.670> application<01:24:48.150> layer<01:24:48.270> and<01:24:48.570> not<01:24:48.720> the 01:24:48.830 --> 01:24:48.840 align:start position:0% the application layer and not the 01:24:48.840 --> 01:24:52.070 align:start position:0% the application layer and not the protocol<01:24:49.260> there<01:24:49.850> so<01:24:50.850> on<01:24:51.120> on<01:24:51.420> the<01:24:51.660> decision 01:24:52.070 --> 01:24:52.080 align:start position:0% protocol there so on on the decision 01:24:52.080 --> 01:24:54.470 align:start position:0% protocol there so on on the decision resolution<01:24:52.740> process<01:24:53.220> one<01:24:54.090> thing<01:24:54.300> that 01:24:54.470 --> 01:24:54.480 align:start position:0% resolution process one thing that 01:24:54.480 --> 01:24:55.850 align:start position:0% resolution process one thing that occurred<01:24:55.050> to<01:24:55.080> me<01:24:55.320> is 01:24:55.850 --> 01:24:55.860 align:start position:0% occurred to me is 01:24:55.860 --> 01:24:58.610 align:start position:0% occurred to me is you<01:24:56.370> not<01:24:56.790> only<01:24:57.000> need<01:24:57.450> to<01:24:57.480> be<01:24:57.750> able<01:24:57.870> to<01:24:58.020> then 01:24:58.610 --> 01:24:58.620 align:start position:0% you not only need to be able to then 01:24:58.620 --> 01:25:01.820 align:start position:0% you not only need to be able to then very<01:24:59.220> near<01:25:00.120> Oracle<01:25:00.720> to<01:25:01.050> find<01:25:01.530> out<01:25:01.710> with 01:25:01.820 --> 01:25:01.830 align:start position:0% very near Oracle to find out with 01:25:01.830 --> 01:25:05.140 align:start position:0% very near Oracle to find out with different<01:25:01.950> places<01:25:02.430> and<01:25:02.940> see<01:25:03.150> whether<01:25:03.330> there's 01:25:05.140 --> 01:25:05.150 align:start position:0% different places and see whether there's 01:25:05.150 --> 01:25:07.820 align:start position:0% different places and see whether there's discrepancy<01:25:06.380> yeah 01:25:07.820 --> 01:25:07.830 align:start position:0% discrepancy yeah 01:25:07.830 --> 01:25:11.300 align:start position:0% discrepancy yeah we<01:25:08.400> also<01:25:08.760> need<01:25:09.540> to<01:25:09.570> like<01:25:10.020> at<01:25:10.470> least<01:25:10.650> I'm<01:25:11.070> asked 01:25:11.300 --> 01:25:11.310 align:start position:0% we also need to like at least I'm asked 01:25:11.310 --> 01:25:13.880 align:start position:0% we also need to like at least I'm asked do<01:25:11.880> you<01:25:11.970> need<01:25:12.300> to<01:25:12.480> then<01:25:12.690> Larry<01:25:13.110> that<01:25:13.410> sort<01:25:13.830> of 01:25:13.880 --> 01:25:13.890 align:start position:0% do you need to then Larry that sort of 01:25:13.890 --> 01:25:15.990 align:start position:0% do you need to then Larry that sort of like<01:25:14.280> a<01:25:14.310> ceremonious 01:25:15.990 --> 01:25:16.000 align:start position:0% like a ceremonious 01:25:16.000 --> 01:25:20.940 align:start position:0% like a ceremonious to<01:25:16.330> verify<01:25:16.540> that<01:25:16.980> this<01:25:19.710> upside-down 01:25:20.940 --> 01:25:20.950 align:start position:0% to verify that this upside-down 01:25:20.950 --> 01:25:22.410 align:start position:0% to verify that this upside-down look<01:25:21.250> I<01:25:21.430> don't<01:25:21.640> know<01:25:21.700> what<01:25:21.850> you<01:25:21.940> call<01:25:22.060> it<01:25:22.120> a 01:25:22.410 --> 01:25:22.420 align:start position:0% look I don't know what you call it a 01:25:22.420 --> 01:25:25.160 align:start position:0% look I don't know what you call it a derivative<01:25:22.840> worse<01:25:23.290> it's<01:25:23.800> not 01:25:25.160 --> 01:25:25.170 align:start position:0% derivative worse it's not 01:25:25.170 --> 01:25:27.270 align:start position:0% derivative worse it's not yeah<01:25:26.170> where's<01:25:26.469> under<01:25:26.710> collateralized 01:25:27.270 --> 01:25:27.280 align:start position:0% yeah where's under collateralized 01:25:27.280 --> 01:25:29.190 align:start position:0% yeah where's under collateralized weather<01:25:28.060> this<01:25:28.239> day<01:25:28.420> has<01:25:28.570> occurred<01:25:28.930> in<01:25:29.080> the 01:25:29.190 --> 01:25:29.200 align:start position:0% weather this day has occurred in the 01:25:29.200 --> 01:25:31.500 align:start position:0% weather this day has occurred in the recent<01:25:29.560> past<01:25:29.800> right<01:25:30.280> because<01:25:30.610> it<01:25:30.760> did<01:25:31.030> the 01:25:31.500 --> 01:25:31.510 align:start position:0% recent past right because it did the 01:25:31.510 --> 01:25:33.209 align:start position:0% recent past right because it did the dispute<01:25:31.960> generally<01:25:32.530> is<01:25:32.650> saying<01:25:32.950> like 01:25:33.209 --> 01:25:33.219 align:start position:0% dispute generally is saying like 01:25:33.219 --> 01:25:36.270 align:start position:0% dispute generally is saying like something<01:25:34.120> happened<01:25:34.570> here<01:25:34.840> right<01:25:35.130> but<01:25:36.130> it 01:25:36.270 --> 01:25:36.280 align:start position:0% something happened here right but it 01:25:36.280 --> 01:25:38.400 align:start position:0% something happened here right but it might<01:25:36.489> not<01:25:36.520> it<01:25:37.000> might<01:25:37.360> not<01:25:37.630> be<01:25:37.840> in<01:25:37.960> that<01:25:38.080> state 01:25:38.400 --> 01:25:38.410 align:start position:0% might not it might not be in that state 01:25:38.410 --> 01:25:41.729 align:start position:0% might not it might not be in that state anymore<01:25:38.770> right<01:25:39.430> so<01:25:39.700> I<01:25:40.030> assume<01:25:40.960> you<01:25:41.110> have<01:25:41.260> to<01:25:41.380> go 01:25:41.729 --> 01:25:41.739 align:start position:0% anymore right so I assume you have to go 01:25:41.739 --> 01:25:51.780 align:start position:0% anymore right so I assume you have to go back<01:25:41.980> away<01:25:49.050> so<01:25:50.050> the<01:25:50.200> point<01:25:50.469> you<01:25:50.530> call<01:25:51.460> this<01:25:51.580> do 01:25:51.780 --> 01:25:51.790 align:start position:0% back away so the point you call this do 01:25:51.790 --> 01:25:53.790 align:start position:0% back away so the point you call this do you<01:25:51.850> say<01:25:52.120> you're<01:25:52.630> basically<01:25:52.870> saying<01:25:53.050> contract 01:25:53.790 --> 01:25:53.800 align:start position:0% you say you're basically saying contract 01:25:53.800 --> 01:25:55.950 align:start position:0% you say you're basically saying contract is<01:25:53.920> bad<01:25:54.130> right<01:25:54.460> now<01:25:54.489> yeah<01:25:55.270> we<01:25:55.480> take<01:25:55.630> time 01:25:55.950 --> 01:25:55.960 align:start position:0% is bad right now yeah we take time 01:25:55.960 --> 01:25:57.209 align:start position:0% is bad right now yeah we take time Stanley<01:25:56.350> yeah<01:25:56.620> it's<01:25:56.739> gonna<01:25:56.830> take<01:25:57.040> some<01:25:57.190> time 01:25:57.209 --> 01:25:57.219 align:start position:0% Stanley yeah it's gonna take some time 01:25:57.219 --> 01:25:59.130 align:start position:0% Stanley yeah it's gonna take some time to<01:25:57.370> get<01:25:57.520> resolved<01:25:57.969> but<01:25:58.180> you<01:25:58.330> figure<01:25:58.960> out<01:25:58.989> the 01:25:59.130 --> 01:25:59.140 align:start position:0% to get resolved but you figure out the 01:25:59.140 --> 01:26:00.870 align:start position:0% to get resolved but you figure out the price<01:25:59.320> exactly<01:25:59.950> that<01:26:00.130> time<01:26:00.370> sampling<01:26:00.760> is 01:26:00.870 --> 01:26:00.880 align:start position:0% price exactly that time sampling is 01:26:00.880 --> 01:26:04.590 align:start position:0% price exactly that time sampling is called<01:26:01.450> and<01:26:01.780> you<01:26:01.870> say<01:26:02.140> is<01:26:02.860> it<01:26:02.980> is<01:26:03.450> freeze<01:26:04.450> all 01:26:04.590 --> 01:26:04.600 align:start position:0% called and you say is it is freeze all 01:26:04.600 --> 01:26:05.910 align:start position:0% called and you say is it is freeze all the<01:26:04.660> parts<01:26:04.870> of<01:26:04.930> the<01:26:04.989> contract<01:26:05.410> so<01:26:05.620> basically 01:26:05.910 --> 01:26:05.920 align:start position:0% the parts of the contract so basically 01:26:05.920 --> 01:26:09.549 align:start position:0% the parts of the contract so basically contract<01:26:06.430> waits<01:26:06.700> to<01:26:07.390> see<01:26:07.600> it<01:26:07.930> was 01:26:09.549 --> 01:26:09.559 align:start position:0% contract waits to see it was 01:26:09.559 --> 01:26:12.129 align:start position:0% contract waits to see it was let's<01:26:09.949> add<01:26:10.099> that<01:26:10.360> right<01:26:11.360> into<01:26:11.599> the<01:26:11.719> price<01:26:11.900> net 01:26:12.129 --> 01:26:12.139 align:start position:0% let's add that right into the price net 01:26:12.139 --> 01:26:14.290 align:start position:0% let's add that right into the price net exactly<01:26:12.530> so<01:26:12.949> you're<01:26:13.159> saying<01:26:13.400> that<01:26:13.489> there<01:26:14.179> is 01:26:14.290 --> 01:26:14.300 align:start position:0% exactly so you're saying that there is 01:26:14.300 --> 01:26:17.410 align:start position:0% exactly so you're saying that there is no<01:26:14.630> support<01:26:14.900> for<01:26:15.559> like<01:26:15.829> some<01:26:16.699> kind<01:26:16.909> of<01:26:16.969> domino 01:26:17.410 --> 01:26:17.420 align:start position:0% no support for like some kind of domino 01:26:17.420 --> 01:26:18.330 align:start position:0% no support for like some kind of domino effect 01:26:18.330 --> 01:26:18.340 align:start position:0% effect 01:26:18.340 --> 01:26:24.490 align:start position:0% effect got<01:26:19.150> it<01:26:19.330> at<01:26:19.540> the<01:26:19.780> store<01:26:19.810> opening<01:26:20.560> time 01:26:24.490 --> 01:26:24.500 align:start position:0% 01:26:24.500 --> 01:26:27.130 align:start position:0% correct<01:26:25.400> there's<01:26:25.610> me<01:26:26.270> I<01:26:26.510> would<01:26:26.750> think<01:26:26.780> notice 01:26:27.130 --> 01:26:27.140 align:start position:0% correct there's me I would think notice 01:26:27.140 --> 01:26:28.810 align:start position:0% correct there's me I would think notice where<01:26:27.350> I'd<01:26:27.410> say<01:26:27.650> like<01:26:27.830> the<01:26:28.100> items<01:26:28.700> on<01:26:28.790> your 01:26:28.810 --> 01:26:28.820 align:start position:0% where I'd say like the items on your 01:26:28.820 --> 01:26:31.219 align:start position:0% where I'd say like the items on your financial<01:26:29.180> contract<01:26:29.660> unemployment 01:26:31.219 --> 01:26:31.229 align:start position:0% financial contract unemployment 01:26:31.229 --> 01:26:34.580 align:start position:0% financial contract unemployment ideally<01:26:32.219> it<01:26:32.789> should<01:26:32.849> be<01:26:33.119> more<01:26:33.300> of<01:26:33.360> a<01:26:33.570> dream<01:26:34.469> or 01:26:34.580 --> 01:26:34.590 align:start position:0% ideally it should be more of a dream or 01:26:34.590 --> 01:26:36.109 align:start position:0% ideally it should be more of a dream or president<01:26:35.070> these<01:26:35.429> are<01:26:35.550> all<01:26:35.639> simpler<01:26:35.999> because 01:26:36.109 --> 01:26:36.119 align:start position:0% president these are all simpler because 01:26:36.119 --> 01:26:38.239 align:start position:0% president these are all simpler because the<01:26:36.539> value<01:26:36.809> it's<01:26:37.380> kind<01:26:37.530> of<01:26:37.559> complicated 01:26:38.239 --> 01:26:38.249 align:start position:0% the value it's kind of complicated 01:26:38.249 --> 01:26:39.529 align:start position:0% the value it's kind of complicated people<01:26:38.489> say<01:26:38.639> I<01:26:38.670> wanted<01:26:38.849> it<01:26:38.940> weird<01:26:39.150> less<01:26:39.300> like 01:26:39.529 --> 01:26:39.539 align:start position:0% people say I wanted it weird less like 01:26:39.539 --> 01:26:41.930 align:start position:0% people say I wanted it weird less like 10<01:26:39.840> prices<01:26:40.289> and<01:26:40.920> I<01:26:40.979> want<01:26:41.159> to<01:26:41.219> like<01:26:41.309> check<01:26:41.789> out 01:26:41.930 --> 01:26:41.940 align:start position:0% 10 prices and I want to like check out 01:26:41.940 --> 01:26:43.279 align:start position:0% 10 prices and I want to like check out this<01:26:42.030> kind<01:26:42.239> of<01:26:42.329> arbitrary<01:26:42.719> points<01:26:43.050> because 01:26:43.279 --> 01:26:43.289 align:start position:0% this kind of arbitrary points because 01:26:43.289 --> 01:26:46.850 align:start position:0% this kind of arbitrary points because time<01:26:43.469> is<01:26:43.590> continuous<01:26:45.349> any<01:26:46.349> invited<01:26:46.739> and 01:26:46.850 --> 01:26:46.860 align:start position:0% time is continuous any invited and 01:26:46.860 --> 01:26:48.140 align:start position:0% time is continuous any invited and they're<01:26:46.949> also<01:26:47.070> developing<01:26:47.579> but<01:26:47.729> also<01:26:47.969> like 01:26:48.140 --> 01:26:48.150 align:start position:0% they're also developing but also like 01:26:48.150 --> 01:26:50.569 align:start position:0% they're also developing but also like all<01:26:48.329> our<01:26:48.539> Oracle<01:26:48.809> does<01:26:49.079> is<01:26:49.409> then<01:26:49.619> it<01:26:50.070> returns 01:26:50.569 --> 01:26:50.579 align:start position:0% all our Oracle does is then it returns 01:26:50.579 --> 01:26:52.669 align:start position:0% all our Oracle does is then it returns what<01:26:51.059> is<01:26:51.150> the<01:26:51.269> price<01:26:51.510> of<01:26:51.719> this<01:26:51.809> thing<01:26:52.110> at<01:26:52.349> this 01:26:52.669 --> 01:26:52.679 align:start position:0% what is the price of this thing at this 01:26:52.679 --> 01:26:54.620 align:start position:0% what is the price of this thing at this time<01:26:52.949> if<01:26:53.369> you<01:26:53.639> wanted<01:26:53.880> your<01:26:53.999> contract<01:26:54.449> to<01:26:54.539> be 01:26:54.620 --> 01:26:54.630 align:start position:0% time if you wanted your contract to be 01:26:54.630 --> 01:26:56.989 align:start position:0% time if you wanted your contract to be complicated<01:26:54.989> you<01:26:55.679> could<01:26:55.979> request<01:26:56.400> some<01:26:56.760> sort 01:26:56.989 --> 01:26:56.999 align:start position:0% complicated you could request some sort 01:26:56.999 --> 01:26:58.520 align:start position:0% complicated you could request some sort of<01:26:57.090> a<01:26:57.150> slightly<01:26:57.420> historical<01:26:58.079> price<01:26:58.289> I<01:26:58.409> mean 01:26:58.520 --> 01:26:58.530 align:start position:0% of a slightly historical price I mean 01:26:58.530 --> 01:27:00.229 align:start position:0% of a slightly historical price I mean there's<01:26:58.679> limitations<01:26:59.309> to<01:26:59.459> how<01:26:59.610> historical 01:27:00.229 --> 01:27:00.239 align:start position:0% there's limitations to how historical 01:27:00.239 --> 01:27:01.580 align:start position:0% there's limitations to how historical you<01:27:00.420> go<01:27:00.599> and<01:27:00.869> then<01:27:01.139> you<01:27:01.170> can<01:27:01.320> design<01:27:01.440> your 01:27:01.580 --> 01:27:01.590 align:start position:0% you go and then you can design your 01:27:01.590 --> 01:27:04.069 align:start position:0% you go and then you can design your contract<01:27:02.309> for<01:27:03.119> that<01:27:03.269> domino<01:27:03.659> effect<01:27:03.929> if<01:27:04.050> you 01:27:04.069 --> 01:27:04.079 align:start position:0% contract for that domino effect if you 01:27:04.079 --> 01:27:05.899 align:start position:0% contract for that domino effect if you wanted<01:27:04.380> it<01:27:04.499> to<01:27:04.650> we<01:27:05.039> didn't<01:27:05.340> make<01:27:05.429> that<01:27:05.489> design 01:27:05.899 --> 01:27:05.909 align:start position:0% wanted it to we didn't make that design 01:27:05.909 --> 01:27:19.080 align:start position:0% wanted it to we didn't make that design decision<01:27:06.329> but<01:27:06.449> you<01:27:06.570> could<01:27:07.909> this<01:27:08.909> is<01:27:08.969> that 01:27:19.080 --> 01:27:19.090 align:start position:0% 01:27:19.090 --> 01:27:22.370 align:start position:0% I<01:27:19.119> want<01:27:19.659> to<01:27:19.750> talk<01:27:19.900> about<01:27:20.110> it 01:27:22.370 --> 01:27:22.380 align:start position:0% I want to talk about it 01:27:22.380 --> 01:27:24.830 align:start position:0% I want to talk about it or<01:27:22.530> distance<01:27:23.159> and<01:27:23.310> employment<01:27:23.790> because<01:27:24.329> most 01:27:24.830 --> 01:27:24.840 align:start position:0% or distance and employment because most 01:27:24.840 --> 01:27:27.729 align:start position:0% or distance and employment because most of<01:27:24.960> the<01:27:25.639> costs<01:27:26.639> of<01:27:26.820> all<01:27:27.030> girls 01:27:27.729 --> 01:27:27.739 align:start position:0% of the costs of all girls 01:27:27.739 --> 01:27:31.250 align:start position:0% of the costs of all girls collaterally<01:27:28.739> need<01:27:28.920> to<01:27:29.040> have<01:27:29.329> secure 01:27:31.250 --> 01:27:31.260 align:start position:0% collaterally need to have secure 01:27:31.260 --> 01:27:34.160 align:start position:0% collaterally need to have secure in<01:27:32.010> operation<01:27:32.250> and<01:27:33.120> the<01:27:33.480> fact<01:27:33.750> that<01:27:33.840> now<01:27:34.140> we 01:27:34.160 --> 01:27:34.170 align:start position:0% in operation and the fact that now we 01:27:34.170 --> 01:27:37.430 align:start position:0% in operation and the fact that now we work<01:27:34.710> in<01:27:34.860> the<01:27:34.980> form<01:27:35.250> of<01:27:35.960> Jewish<01:27:36.960> means<01:27:37.260> that 01:27:37.430 --> 01:27:37.440 align:start position:0% work in the form of Jewish means that 01:27:37.440 --> 01:27:40.520 align:start position:0% work in the form of Jewish means that they<01:27:37.560> get<01:27:37.770> much<01:27:38.040> less<01:27:38.340> with<01:27:39.200> still<01:27:40.200> the<01:27:40.380> little 01:27:40.520 --> 01:27:40.530 align:start position:0% they get much less with still the little 01:27:40.530 --> 01:27:42.890 align:start position:0% they get much less with still the little all<01:27:40.770> the<01:27:40.920> same<01:27:41.070> collateral<01:27:41.550> so<01:27:42.060> somebody 01:27:42.890 --> 01:27:42.900 align:start position:0% all the same collateral so somebody 01:27:42.900 --> 01:27:46.970 align:start position:0% all the same collateral so somebody needs<01:27:43.020> to<01:27:43.080> pay<01:27:43.410> for<01:27:44.330> the<01:27:45.330> fact<01:27:45.510> that<01:27:45.630> they<01:27:45.980> they 01:27:46.970 --> 01:27:46.980 align:start position:0% needs to pay for the fact that they they 01:27:46.980 --> 01:27:53.870 align:start position:0% needs to pay for the fact that they they operating<01:27:47.640> in<01:27:47.880> a<01:27:48.170> indistinct<01:27:52.520> so<01:27:53.520> one<01:27:53.730> way<01:27:53.850> to 01:27:53.870 --> 01:27:53.880 align:start position:0% operating in a indistinct so one way to 01:27:53.880 --> 01:27:57.470 align:start position:0% operating in a indistinct so one way to think<01:27:54.030> about<01:27:54.450> like<01:27:54.870> a<01:27:55.370> much<01:27:56.370> boating<01:27:56.910> token 01:27:57.470 --> 01:27:57.480 align:start position:0% think about like a much boating token 01:27:57.480 --> 01:28:01.450 align:start position:0% think about like a much boating token holders<01:27:57.830> incentives<01:27:58.940> is<01:28:00.410> basically 01:28:01.450 --> 01:28:01.460 align:start position:0% holders incentives is basically 01:28:01.460 --> 01:28:03.410 align:start position:0% holders incentives is basically compensating<01:28:02.460> them<01:28:02.580> for<01:28:02.910> the<01:28:03.180> work<01:28:03.390> that 01:28:03.410 --> 01:28:03.420 align:start position:0% compensating them for the work that 01:28:03.420 --> 01:28:05.930 align:start position:0% compensating them for the work that they're<01:28:03.810> doing<01:28:03.950> of<01:28:04.950> providing<01:28:05.370> these<01:28:05.460> prices 01:28:05.930 --> 01:28:05.940 align:start position:0% they're doing of providing these prices 01:28:05.940 --> 01:28:07.460 align:start position:0% they're doing of providing these prices and<01:28:06.120> compensating<01:28:07.050> them<01:28:07.170> for<01:28:07.410> the 01:28:07.460 --> 01:28:07.470 align:start position:0% and compensating them for the 01:28:07.470 --> 01:28:09.530 align:start position:0% and compensating them for the opportunity<01:28:08.160> cost<01:28:08.430> of<01:28:08.760> holding<01:28:09.120> onto<01:28:09.270> these 01:28:09.530 --> 01:28:09.540 align:start position:0% opportunity cost of holding onto these 01:28:09.540 --> 01:28:11.540 align:start position:0% opportunity cost of holding onto these tokens<01:28:09.840> rather<01:28:10.620> than<01:28:10.860> selling<01:28:11.190> these<01:28:11.280> tokens 01:28:11.540 --> 01:28:11.550 align:start position:0% tokens rather than selling these tokens 01:28:11.550 --> 01:28:13.700 align:start position:0% tokens rather than selling these tokens and<01:28:12.060> find<01:28:12.420> something<01:28:12.870> else<01:28:13.200> that<01:28:13.530> could<01:28:13.650> be 01:28:13.700 --> 01:28:13.710 align:start position:0% and find something else that could be 01:28:13.710 --> 01:28:15.229 align:start position:0% and find something else that could be productive<01:28:14.190> or<01:28:14.400> more<01:28:14.520> yielding<01:28:14.880> or<01:28:15.030> something 01:28:15.229 --> 01:28:15.239 align:start position:0% productive or more yielding or something 01:28:15.239 --> 01:28:15.710 align:start position:0% productive or more yielding or something like<01:28:15.330> that 01:28:15.710 --> 01:28:15.720 align:start position:0% like that 01:28:15.720 --> 01:28:17.150 align:start position:0% like that and<01:28:15.810> when<01:28:16.140> you<01:28:16.230> actually<01:28:16.350> do<01:28:16.590> the<01:28:16.710> math<01:28:16.739> which 01:28:17.150 --> 01:28:17.160 align:start position:0% and when you actually do the math which 01:28:17.160 --> 01:28:19.570 align:start position:0% and when you actually do the math which is<01:28:17.430> in<01:28:17.640> our<01:28:17.730> white<01:28:17.910> paper<01:28:18.120> you<01:28:18.840> can<01:28:19.380> basically 01:28:19.570 --> 01:28:19.580 align:start position:0% is in our white paper you can basically 01:28:19.580 --> 01:28:22.430 align:start position:0% is in our white paper you can basically think<01:28:20.580> of<01:28:20.700> it<01:28:20.850> the<01:28:21.300> value<01:28:21.630> of<01:28:21.720> these<01:28:21.840> tokens<01:28:22.050> as 01:28:22.430 --> 01:28:22.440 align:start position:0% think of it the value of these tokens as 01:28:22.440 --> 01:28:24.080 align:start position:0% think of it the value of these tokens as being<01:28:22.770> a<01:28:22.890> discounted<01:28:23.489> cash<01:28:23.550> flow<01:28:24.060> a 01:28:24.080 --> 01:28:24.090 align:start position:0% being a discounted cash flow a 01:28:24.090 --> 01:28:25.790 align:start position:0% being a discounted cash flow a discounted<01:28:24.840> cash<01:28:24.960> flow<01:28:25.170> series<01:28:25.380> of<01:28:25.650> all 01:28:25.790 --> 01:28:25.800 align:start position:0% discounted cash flow series of all 01:28:25.800 --> 01:28:28.270 align:start position:0% discounted cash flow series of all future<01:28:26.100> expected<01:28:26.670> to<01:28:26.820> men's<01:28:27.030> hands<01:28:27.330> and 01:28:28.270 --> 01:28:28.280 align:start position:0% future expected to men's hands and 01:28:28.280 --> 01:28:31.010 align:start position:0% future expected to men's hands and there's<01:28:29.280> kind<01:28:29.489> of<01:28:29.610> different<01:28:29.670> stages<01:28:30.570> for 01:28:31.010 --> 01:28:31.020 align:start position:0% there's kind of different stages for 01:28:31.020 --> 01:28:33.470 align:start position:0% there's kind of different stages for what<01:28:31.320> a<01:28:31.350> total<01:28:31.710> holder<01:28:31.950> would<01:28:32.070> expect<01:28:32.550> over 01:28:33.470 --> 01:28:33.480 align:start position:0% what a total holder would expect over 01:28:33.480 --> 01:28:35.240 align:start position:0% what a total holder would expect over different<01:28:33.690> periods<01:28:34.110> of<01:28:34.380> the<01:28:34.440> ecosystem<01:28:35.010> sperm 01:28:35.240 --> 01:28:35.250 align:start position:0% different periods of the ecosystem sperm 01:28:35.250 --> 01:28:38.090 align:start position:0% different periods of the ecosystem sperm so<01:28:35.970> at<01:28:36.150> steady<01:28:36.450> state<01:28:36.650> which<01:28:37.650> is<01:28:37.770> kind<01:28:37.950> of<01:28:37.980> like 01:28:38.090 --> 01:28:38.100 align:start position:0% so at steady state which is kind of like 01:28:38.100 --> 01:28:39.820 align:start position:0% so at steady state which is kind of like where<01:28:38.220> Fiat<01:28:38.489> derivatives<01:28:38.940> are<01:28:39.120> right<01:28:39.360> now 01:28:39.820 --> 01:28:39.830 align:start position:0% where Fiat derivatives are right now 01:28:39.830 --> 01:28:42.500 align:start position:0% where Fiat derivatives are right now Fiat<01:28:40.830> derivatives<01:28:41.280> have<01:28:41.400> been<01:28:41.520> around<01:28:41.970> 500 01:28:42.500 --> 01:28:42.510 align:start position:0% Fiat derivatives have been around 500 01:28:42.510 --> 01:28:44.690 align:start position:0% Fiat derivatives have been around 500 trillion<01:28:42.750> dollars<01:28:43.200> of<01:28:43.560> notional<01:28:44.100> volume<01:28:44.489> for 01:28:44.690 --> 01:28:44.700 align:start position:0% trillion dollars of notional volume for 01:28:44.700 --> 01:28:46.880 align:start position:0% trillion dollars of notional volume for like<01:28:44.820> the<01:28:44.940> last<01:28:45.060> 10<01:28:45.390> or<01:28:45.540> 20<01:28:45.780> years<01:28:45.860> run<01:28:46.860> a 01:28:46.880 --> 01:28:46.890 align:start position:0% like the last 10 or 20 years run a 01:28:46.890 --> 01:28:49.020 align:start position:0% like the last 10 or 20 years run a steady<01:28:47.250> state<01:28:47.580> in<01:28:47.820> the<01:28:47.940> movie 01:28:49.020 --> 01:28:49.030 align:start position:0% steady state in the movie 01:28:49.030 --> 01:28:52.260 align:start position:0% steady state in the movie the<01:28:49.840> desired<01:28:50.650> compensation<01:28:51.430> for<01:28:51.760> Puma<01:28:51.880> token 01:28:52.260 --> 01:28:52.270 align:start position:0% the desired compensation for Puma token 01:28:52.270 --> 01:28:57.290 align:start position:0% the desired compensation for Puma token holders<01:28:52.540> is<01:28:52.750> pretty<01:28:53.590> much<01:28:53.740> simply<01:28:54.160> just<01:28:54.460> the 01:28:57.290 --> 01:28:57.300 align:start position:0% holders is pretty much simply just the 01:28:57.300 --> 01:28:59.820 align:start position:0% holders is pretty much simply just the yields<01:28:58.300> that<01:28:58.360> they<01:28:58.630> want<01:28:58.870> to<01:28:58.930> be<01:28:59.110> earning<01:28:59.380> on 01:28:59.820 --> 01:28:59.830 align:start position:0% yields that they want to be earning on 01:28:59.830 --> 01:29:02.700 align:start position:0% yields that they want to be earning on their<01:29:00.190> assets<01:29:00.670> whatever<01:29:01.660> that<01:29:01.870> target<01:29:02.350> yields 01:29:02.700 --> 01:29:02.710 align:start position:0% their assets whatever that target yields 01:29:02.710 --> 01:29:04.110 align:start position:0% their assets whatever that target yields might<01:29:02.860> be<01:29:03.100> it<01:29:03.220> might<01:29:03.370> be<01:29:03.490> a<01:29:03.520> function<01:29:03.910> of<01:29:04.030> the 01:29:04.110 --> 01:29:04.120 align:start position:0% might be it might be a function of the 01:29:04.120 --> 01:29:05.820 align:start position:0% might be it might be a function of the environment<01:29:04.360> it<01:29:05.110> might<01:29:05.320> be<01:29:05.440> a<01:29:05.470> function<01:29:05.740> of 01:29:05.820 --> 01:29:05.830 align:start position:0% environment it might be a function of 01:29:05.830 --> 01:29:07.740 align:start position:0% environment it might be a function of how<01:29:05.920> much<01:29:06.070> work<01:29:06.250> they<01:29:06.370> have<01:29:06.490> to<01:29:06.580> do<01:29:06.670> etc<01:29:06.760> but 01:29:07.740 --> 01:29:07.750 align:start position:0% how much work they have to do etc but 01:29:07.750 --> 01:29:09.000 align:start position:0% how much work they have to do etc but you<01:29:07.840> can<01:29:07.990> think<01:29:08.470> about<01:29:08.590> what<01:29:08.860> those 01:29:09.000 --> 01:29:09.010 align:start position:0% you can think about what those 01:29:09.010 --> 01:29:10.260 align:start position:0% you can think about what those assumptions<01:29:09.340> might<01:29:09.640> be<01:29:09.730> you<01:29:09.850> can<01:29:10.000> look<01:29:10.180> at 01:29:10.260 --> 01:29:10.270 align:start position:0% assumptions might be you can look at 01:29:10.270 --> 01:29:12.390 align:start position:0% assumptions might be you can look at like<01:29:10.390> traditional<01:29:10.840> stocks<01:29:11.200> and<01:29:12.010> what<01:29:12.310> the 01:29:12.390 --> 01:29:12.400 align:start position:0% like traditional stocks and what the 01:29:12.400 --> 01:29:15.120 align:start position:0% like traditional stocks and what the dividend<01:29:12.790> yields<01:29:13.210> are<01:29:13.420> for<01:29:13.750> those<01:29:13.900> things<01:29:14.290> and 01:29:15.120 --> 01:29:15.130 align:start position:0% dividend yields are for those things and 01:29:15.130 --> 01:29:17.430 align:start position:0% dividend yields are for those things and and<01:29:15.520> come<01:29:15.850> to<01:29:15.970> some<01:29:16.150> number<01:29:16.480> like<01:29:16.690> if<01:29:16.900> an<01:29:17.170> Ummah 01:29:17.430 --> 01:29:17.440 align:start position:0% and come to some number like if an Ummah 01:29:17.440 --> 01:29:19.050 align:start position:0% and come to some number like if an Ummah token<01:29:17.710> holder<01:29:17.920> backed<01:29:18.070> Amanda<01:29:18.460> five<01:29:18.820> percent 01:29:19.050 --> 01:29:19.060 align:start position:0% token holder backed Amanda five percent 01:29:19.060 --> 01:29:20.910 align:start position:0% token holder backed Amanda five percent annualized<01:29:19.630> yield<01:29:19.900> or<01:29:20.050> a<01:29:20.110> 10%<01:29:20.590> annualized 01:29:20.910 --> 01:29:20.920 align:start position:0% annualized yield or a 10% annualized 01:29:20.920 --> 01:29:23.190 align:start position:0% annualized yield or a 10% annualized yield<01:29:21.220> and<01:29:21.430> then<01:29:21.700> backed<01:29:21.970> that<01:29:22.300> into<01:29:22.840> what<01:29:23.080> the 01:29:23.190 --> 01:29:23.200 align:start position:0% yield and then backed that into what the 01:29:23.200 --> 01:29:27.390 align:start position:0% yield and then backed that into what the taxes<01:29:23.620> would<01:29:23.740> look<01:29:23.950> like<01:29:24.130> on<01:29:24.430> on<01:29:25.980> on<01:29:26.980> the 01:29:27.390 --> 01:29:27.400 align:start position:0% taxes would look like on on on the 01:29:27.400 --> 01:29:29.160 align:start position:0% taxes would look like on on on the financial<01:29:27.910> contract<01:29:28.270> users<01:29:28.570> and<01:29:28.990> it's 01:29:29.160 --> 01:29:29.170 align:start position:0% financial contract users and it's 01:29:29.170 --> 01:29:31.380 align:start position:0% financial contract users and it's actually<01:29:29.440> quite<01:29:29.530> reasonable<01:29:29.880> so<01:29:30.880> back<01:29:31.180> of<01:29:31.330> the 01:29:31.380 --> 01:29:31.390 align:start position:0% actually quite reasonable so back of the 01:29:31.390 --> 01:29:32.940 align:start position:0% actually quite reasonable so back of the envelope<01:29:31.510> math<01:29:31.840> tells<01:29:32.170> us<01:29:32.380> that<01:29:32.590> something 01:29:32.940 --> 01:29:32.950 align:start position:0% envelope math tells us that something 01:29:32.950 --> 01:29:34.830 align:start position:0% envelope math tells us that something like<01:29:33.040> a<01:29:33.100> 50<01:29:33.430> basis<01:29:33.700> point<01:29:33.910> annualized<01:29:34.300> tax<01:29:34.570> on 01:29:34.830 --> 01:29:34.840 align:start position:0% like a 50 basis point annualized tax on 01:29:34.840 --> 01:29:37.260 align:start position:0% like a 50 basis point annualized tax on these<01:29:35.830> financial<01:29:36.160> contract<01:29:36.670> templates<01:29:37.030> on 01:29:37.260 --> 01:29:37.270 align:start position:0% these financial contract templates on 01:29:37.270 --> 01:29:39.090 align:start position:0% these financial contract templates on just<01:29:37.540> the<01:29:37.690> margin<01:29:38.110> which<01:29:38.380> is<01:29:38.410> an<01:29:38.620> even<01:29:38.860> smaller 01:29:39.090 --> 01:29:39.100 align:start position:0% just the margin which is an even smaller 01:29:39.100 --> 01:29:40.950 align:start position:0% just the margin which is an even smaller percentage<01:29:39.760> of<01:29:40.090> notional<01:29:40.480> would<01:29:40.840> be 01:29:40.950 --> 01:29:40.960 align:start position:0% percentage of notional would be 01:29:40.960 --> 01:29:42.300 align:start position:0% percentage of notional would be sufficient<01:29:41.380> to<01:29:41.410> compensate<01:29:41.620> in<01:29:42.100> whichever 01:29:42.300 --> 01:29:42.310 align:start position:0% sufficient to compensate in whichever 01:29:42.310 --> 01:29:43.770 align:start position:0% sufficient to compensate in whichever holders<01:29:42.730> and<01:29:42.880> still<01:29:43.090> earn<01:29:43.240> the<01:29:43.360> mclubbe<01:29:43.630> a 01:29:43.770 --> 01:29:43.780 align:start position:0% holders and still earn the mclubbe a 01:29:43.780 --> 01:29:46.459 align:start position:0% holders and still earn the mclubbe a healthy 01:29:46.459 --> 01:29:46.469 align:start position:0% 01:29:46.469 --> 01:29:48.680 align:start position:0% it's<01:29:46.710> about<01:29:47.010> the<01:29:47.250> roadmap<01:29:47.640> that<01:29:48.210> the<01:29:48.330> current 01:29:48.680 --> 01:29:48.690 align:start position:0% it's about the roadmap that the current 01:29:48.690 --> 01:29:52.670 align:start position:0% it's about the roadmap that the current usage<01:29:49.260> I<01:29:49.620> senior<01:29:50.310> but<01:29:50.820> the<01:29:51.510> material<01:29:52.320> but<01:29:52.469> are 01:29:52.670 --> 01:29:52.680 align:start position:0% usage I senior but the material but are 01:29:52.680 --> 01:29:54.010 align:start position:0% usage I senior but the material but are you<01:29:52.860> launching<01:29:53.070> an<01:29:53.340> agnostic 01:29:54.010 --> 01:29:54.020 align:start position:0% you launching an agnostic 01:29:54.020 --> 01:29:56.899 align:start position:0% you launching an agnostic and<01:29:54.739> then<01:29:55.340> the<01:29:55.489> second<01:29:55.790> question<01:29:55.880> is<01:29:56.239> that 01:29:56.899 --> 01:29:56.909 align:start position:0% and then the second question is that 01:29:56.909 --> 01:29:59.530 align:start position:0% and then the second question is that that's<01:29:57.179> mentoring<01:29:57.659> that<01:29:57.949> any<01:29:58.949> water 01:29:59.530 --> 01:29:59.540 align:start position:0% that's mentoring that any water 01:29:59.540 --> 01:30:02.170 align:start position:0% that's mentoring that any water basically<01:30:00.540> built 01:30:02.170 --> 01:30:02.180 align:start position:0% basically built 01:30:02.180 --> 01:30:05.880 align:start position:0% basically built the<01:30:02.570> best<01:30:02.900> six<01:30:03.200> months 01:30:05.880 --> 01:30:05.890 align:start position:0% 01:30:05.890 --> 01:30:09.100 align:start position:0% it's<01:30:06.890> basically<01:30:07.700> only<01:30:08.120> interest<01:30:08.600> rates<01:30:08.810> more 01:30:09.100 --> 01:30:09.110 align:start position:0% it's basically only interest rates more 01:30:09.110 --> 01:30:12.370 align:start position:0% it's basically only interest rates more effects<01:30:09.680> it's<01:30:10.160> a<01:30:10.340> dying<01:30:10.820> versus<01:30:11.450> what<01:30:12.230> are<01:30:12.260> the 01:30:12.370 --> 01:30:12.380 align:start position:0% effects it's a dying versus what are the 01:30:12.380 --> 01:30:14.430 align:start position:0% effects it's a dying versus what are the actual 01:30:14.430 --> 01:30:14.440 align:start position:0% actual 01:30:14.440 --> 01:30:17.250 align:start position:0% actual that<01:30:15.440> are 01:30:17.250 --> 01:30:17.260 align:start position:0% that are 01:30:17.260 --> 01:30:21.210 align:start position:0% that are sure<01:30:17.950> so<01:30:18.450> the<01:30:19.450> synthetic<01:30:20.110> token<01:30:20.440> template<01:30:20.950> but 01:30:21.210 --> 01:30:21.220 align:start position:0% sure so the synthetic token template but 01:30:21.220 --> 01:30:23.250 align:start position:0% sure so the synthetic token template but financial<01:30:22.060> contract<01:30:22.480> template<01:30:22.840> it's<01:30:23.020> both 01:30:23.250 --> 01:30:23.260 align:start position:0% financial contract template it's both 01:30:23.260 --> 01:30:25.560 align:start position:0% financial contract template it's both deployed<01:30:23.710> on<01:30:23.950> maintenance<01:30:24.250> and<01:30:24.550> test<01:30:24.910> set<01:30:25.120> the 01:30:25.560 --> 01:30:25.570 align:start position:0% deployed on maintenance and test set the 01:30:25.570 --> 01:30:27.240 align:start position:0% deployed on maintenance and test set the Mina<01:30:25.810> implementation<01:30:26.560> is<01:30:26.710> referencing<01:30:27.190> a 01:30:27.240 --> 01:30:27.250 align:start position:0% Mina implementation is referencing a 01:30:27.250 --> 01:30:29.220 align:start position:0% Mina implementation is referencing a centralized<01:30:27.820> Oracle<01:30:28.300> so<01:30:28.510> it<01:30:28.570> was<01:30:28.690> really<01:30:28.930> just 01:30:29.220 --> 01:30:29.230 align:start position:0% centralized Oracle so it was really just 01:30:29.230 --> 01:30:30.810 align:start position:0% centralized Oracle so it was really just to<01:30:29.440> test<01:30:29.650> proof<01:30:29.920> of<01:30:30.040> concepts<01:30:30.430> at<01:30:30.550> different 01:30:30.810 --> 01:30:30.820 align:start position:0% to test proof of concepts at different 01:30:30.820 --> 01:30:33.450 align:start position:0% to test proof of concepts at different application<01:30:31.390> and<01:30:31.630> use<01:30:32.110> cases<01:30:32.320> earlier<01:30:33.220> this 01:30:33.450 --> 01:30:33.460 align:start position:0% application and use cases earlier this 01:30:33.460 --> 01:30:35.640 align:start position:0% application and use cases earlier this year<01:30:33.520> a<01:30:33.940> market<01:30:34.270> maker<01:30:34.330> used<01:30:34.720> it<01:30:34.900> to<01:30:35.050> create<01:30:35.410> a 01:30:35.640 --> 01:30:35.650 align:start position:0% year a market maker used it to create a 01:30:35.650 --> 01:30:37.680 align:start position:0% year a market maker used it to create a US<01:30:35.950> stock<01:30:36.190> index<01:30:36.580> token<01:30:36.970> so<01:30:37.150> that<01:30:37.300> anybody<01:30:37.540> who 01:30:37.680 --> 01:30:37.690 align:start position:0% US stock index token so that anybody who 01:30:37.690 --> 01:30:40.440 align:start position:0% US stock index token so that anybody who goes<01:30:37.930> to<01:30:38.140> crypto<01:30:38.440> could<01:30:38.830> also<01:30:39.160> vote<01:30:39.550> u.s.<01:30:40.030> get 01:30:40.440 --> 01:30:40.450 align:start position:0% goes to crypto could also vote u.s. get 01:30:40.450 --> 01:30:42.900 align:start position:0% goes to crypto could also vote u.s. get exposure<01:30:40.750> to<01:30:40.900> US<01:30:41.260> stocks<01:30:41.530> we<01:30:42.520> ended<01:30:42.820> up 01:30:42.900 --> 01:30:42.910 align:start position:0% exposure to US stocks we ended up 01:30:42.910 --> 01:30:45.000 align:start position:0% exposure to US stocks we ended up deprecating<01:30:43.720> that<01:30:43.900> and<01:30:44.590> now<01:30:44.739> we're<01:30:44.920> working 01:30:45.000 --> 01:30:45.010 align:start position:0% deprecating that and now we're working 01:30:45.010 --> 01:30:48.180 align:start position:0% deprecating that and now we're working with<01:30:45.280> other<01:30:45.460> kind<01:30:46.330> of<01:30:46.680> other<01:30:47.680> proof<01:30:48.070> of 01:30:48.180 --> 01:30:48.190 align:start position:0% with other kind of other proof of 01:30:48.190 --> 01:30:50.040 align:start position:0% with other kind of other proof of concepts<01:30:48.640> around<01:30:49.060> we<01:30:49.420> I<01:30:49.450> think<01:30:49.810> I<01:30:49.870> mentioned 01:30:50.040 --> 01:30:50.050 align:start position:0% concepts around we I think I mentioned 01:30:50.050 --> 01:30:51.930 align:start position:0% concepts around we I think I mentioned currencies<01:30:50.650> earlier<01:30:51.040> there's<01:30:51.400> a<01:30:51.460> different 01:30:51.930 --> 01:30:51.940 align:start position:0% currencies earlier there's a different 01:30:51.940 --> 01:30:53.790 align:start position:0% currencies earlier there's a different stock<01:30:52.270> thing<01:30:52.570> that<01:30:52.750> we're<01:30:52.870> working<01:30:52.960> on<01:30:53.260> now<01:30:53.500> at 01:30:53.790 --> 01:30:53.800 align:start position:0% stock thing that we're working on now at 01:30:53.800 --> 01:30:55.800 align:start position:0% stock thing that we're working on now at the<01:30:53.890> different<01:30:54.310> application<01:30:55.239> layer<01:30:55.390> provider 01:30:55.800 --> 01:30:55.810 align:start position:0% the different application layer provider 01:30:55.810 --> 01:30:57.479 align:start position:0% the different application layer provider those<01:30:56.320> are<01:30:56.470> coming<01:30:56.650> out<01:30:56.770> later<01:30:57.010> this<01:30:57.070> year<01:30:57.250> or 01:30:57.479 --> 01:30:57.489 align:start position:0% those are coming out later this year or 01:30:57.489 --> 01:30:59.760 align:start position:0% those are coming out later this year or next<01:30:57.640> on<01:30:58.150> the<01:30:58.570> decentralized<01:30:59.140> oracle<01:30:59.350> site 01:30:59.760 --> 01:30:59.770 align:start position:0% next on the decentralized oracle site 01:30:59.770 --> 01:31:02.940 align:start position:0% next on the decentralized oracle site our<01:31:00.460> biggest<01:31:01.000> internal<01:31:01.600> priority<01:31:02.110> is<01:31:02.320> to<01:31:02.739> get 01:31:02.940 --> 01:31:02.950 align:start position:0% our biggest internal priority is to get 01:31:02.950 --> 01:31:05.910 align:start position:0% our biggest internal priority is to get that<01:31:03.100> on<01:31:03.190> to<01:31:03.460> banette<01:31:04.470> later<01:31:05.470> this<01:31:05.680> year<01:31:05.860> or 01:31:05.910 --> 01:31:05.920 align:start position:0% that on to banette later this year or 01:31:05.920 --> 01:31:08.160 align:start position:0% that on to banette later this year or early<01:31:06.340> next<01:31:06.370> year<01:31:06.720> right<01:31:07.720> now<01:31:07.750> that's<01:31:08.020> still 01:31:08.160 --> 01:31:08.170 align:start position:0% early next year right now that's still 01:31:08.170 --> 01:31:11.460 align:start position:0% early next year right now that's still improved<01:31:08.470> all<01:31:08.590> the<01:31:08.739> testing<01:31:09.100> and<01:31:10.030> your<01:31:10.750> final 01:31:11.460 --> 01:31:11.470 align:start position:0% improved all the testing and your final 01:31:11.470 --> 01:31:13.590 align:start position:0% improved all the testing and your final question<01:31:12.070> or<01:31:12.460> watching<01:31:12.910> across<01:31:13.090> the<01:31:13.420> block 01:31:13.590 --> 01:31:13.600 align:start position:0% question or watching across the block 01:31:13.600 --> 01:31:18.020 align:start position:0% question or watching across the block changes<01:31:14.200> theoretically<01:31:15.130> yes<01:31:16.590> years 01:31:18.020 --> 01:31:18.030 align:start position:0% changes theoretically yes years 01:31:18.030 --> 01:31:20.580 align:start position:0% changes theoretically yes years theoretically<01:31:19.030> yes<01:31:19.330> but<01:31:19.600> practically 01:31:20.580 --> 01:31:20.590 align:start position:0% theoretically yes but practically 01:31:20.590 --> 01:31:23.280 align:start position:0% theoretically yes but practically speaking<01:31:21.100> the<01:31:22.090> Orion<01:31:22.450> community<01:31:22.870> is<01:31:23.020> pretty 01:31:23.280 --> 01:31:23.290 align:start position:0% speaking the Orion community is pretty 01:31:23.290 --> 01:31:25.050 align:start position:0% speaking the Orion community is pretty magical<01:31:23.470> and<01:31:23.980> I<01:31:24.040> think<01:31:24.250> defy<01:31:24.550> composability 01:31:25.050 --> 01:31:25.060 align:start position:0% magical and I think defy composability 01:31:25.060 --> 01:31:27.630 align:start position:0% magical and I think defy composability and<01:31:25.570> standardization<01:31:26.350> is<01:31:26.680> a<01:31:26.710> huge<01:31:27.220> component 01:31:27.630 --> 01:31:27.640 align:start position:0% and standardization is a huge component 01:31:27.640 --> 01:31:30.300 align:start position:0% and standardization is a huge component of<01:31:28.030> what<01:31:28.330> gives<01:31:28.510> this<01:31:28.690> stuff<01:31:28.930> value<01:31:29.320> so<01:31:29.950> until 01:31:30.300 --> 01:31:30.310 align:start position:0% of what gives this stuff value so until 01:31:30.310 --> 01:31:32.040 align:start position:0% of what gives this stuff value so until there<01:31:30.460> unless<01:31:30.670> other<01:31:30.940> block<01:31:31.330> chains<01:31:31.600> actually 01:31:32.040 --> 01:31:32.050 align:start position:0% there unless other block chains actually 01:31:32.050 --> 01:31:34.800 align:start position:0% there unless other block chains actually have<01:31:32.980> that<01:31:33.280> type<01:31:33.550> of<01:31:33.580> community<01:31:34.300> where<01:31:34.570> things 01:31:34.800 --> 01:31:34.810 align:start position:0% have that type of community where things 01:31:34.810 --> 01:31:35.710 align:start position:0% have that type of community where things happen 01:31:35.710 --> 01:31:35.720 align:start position:0% happen 01:31:35.720 --> 01:31:37.240 align:start position:0% happen since<01:31:35.990> it<01:31:36.170> doesn't<01:31:36.320> make<01:31:36.530> sense<01:31:36.560> to<01:31:36.800> try<01:31:37.010> to<01:31:37.100> go 01:31:37.240 --> 01:31:37.250 align:start position:0% since it doesn't make sense to try to go 01:31:37.250 --> 01:31:41.330 align:start position:0% since it doesn't make sense to try to go into<01:31:37.400> playoffs<01:31:37.790> right 01:31:41.330 --> 01:31:41.340 align:start position:0% 01:31:41.340 --> 01:31:46.490 align:start position:0% so<01:31:42.920> do<01:31:43.920> you<01:31:44.039> talk 01:31:46.490 --> 01:31:46.500 align:start position:0% 01:31:46.500 --> 01:31:48.919 align:start position:0% which<01:31:46.950> is<01:31:47.100> why<01:31:47.670> nose 01:31:48.919 --> 01:31:48.929 align:start position:0% which is why nose 01:31:48.929 --> 01:31:51.860 align:start position:0% which is why nose let's<01:31:49.380> say<01:31:49.670> prices<01:31:50.670> that<01:31:51.239> being<01:31:51.449> pushed<01:31:51.719> to 01:31:51.860 --> 01:31:51.870 align:start position:0% let's say prices that being pushed to 01:31:51.870 --> 01:31:54.320 align:start position:0% let's say prices that being pushed to change<01:31:52.170> we<01:31:52.949> have<01:31:53.100> one<01:31:53.429> of<01:31:53.550> these<01:31:53.730> students 01:31:54.320 --> 01:31:54.330 align:start position:0% change we have one of these students 01:31:54.330 --> 01:31:58.640 align:start position:0% change we have one of these students existence<01:31:54.900> that<01:31:55.110> used<01:31:55.350> the<01:31:55.500> same<01:31:57.650> basic 01:31:58.640 --> 01:31:58.650 align:start position:0% existence that used the same basic 01:31:58.650 --> 01:32:02.439 align:start position:0% existence that used the same basic offense<01:31:59.190> methods<01:31:59.820> in<01:31:59.969> batch<01:32:00.179> the<01:32:00.449> samples 01:32:02.439 --> 01:32:02.449 align:start position:0% offense methods in batch the samples 01:32:02.449 --> 01:32:05.199 align:start position:0% offense methods in batch the samples choose<01:32:03.199> one<01:32:03.590> price<01:32:03.949> people 01:32:05.199 --> 01:32:05.209 align:start position:0% choose one price people 01:32:05.209 --> 01:32:06.969 align:start position:0% choose one price people you<01:32:05.420> can<01:32:05.630> actually<01:32:06.019> end<01:32:06.170> up<01:32:06.260> with<01:32:06.320> a<01:32:06.739> lot<01:32:06.949> more 01:32:06.969 --> 01:32:06.979 align:start position:0% you can actually end up with a lot more 01:32:06.979 --> 01:32:11.140 align:start position:0% you can actually end up with a lot more than<01:32:07.519> is<01:32:08.289> being<01:32:09.289> paid<01:32:09.679> taxes<01:32:10.249> because<01:32:10.820> I<01:32:10.939> got 01:32:11.140 --> 01:32:11.150 align:start position:0% than is being paid taxes because I got 01:32:11.150 --> 01:32:12.850 align:start position:0% than is being paid taxes because I got only<01:32:11.329> to<01:32:11.539> double<01:32:11.780> up<01:32:11.869> your<01:32:12.380> someone's<01:32:12.679> just 01:32:12.850 --> 01:32:12.860 align:start position:0% only to double up your someone's just 01:32:12.860 --> 01:32:15.129 align:start position:0% only to double up your someone's just created<01:32:13.189> the<01:32:13.249> article<01:32:13.699> last<01:32:14.360> five<01:32:14.599> minutes<01:32:14.809> I 01:32:15.129 --> 01:32:15.139 align:start position:0% created the article last five minutes I 01:32:15.139 --> 01:32:18.160 align:start position:0% created the article last five minutes I probably<01:32:15.469> don't<01:32:15.619> need<01:32:15.709> to<01:32:15.800> create 01:32:18.160 --> 01:32:18.170 align:start position:0% 01:32:18.170 --> 01:32:23.260 align:start position:0% yeah<01:32:18.830> yeah<01:32:19.370> so<01:32:19.820> what<01:32:20.390> you<01:32:20.630> what<01:32:21.230> you<01:32:21.530> are<01:32:22.270> the 01:32:23.260 --> 01:32:23.270 align:start position:0% yeah yeah so what you what you are the 01:32:23.270 --> 01:32:24.220 align:start position:0% yeah yeah so what you what you are the question<01:32:23.510> you're<01:32:23.630> asking<01:32:23.660> about<01:32:23.960> is 01:32:24.220 --> 01:32:24.230 align:start position:0% question you're asking about is 01:32:24.230 --> 01:32:26.110 align:start position:0% question you're asking about is basically<01:32:24.650> what<01:32:24.860> a<01:32:24.980> girl<01:32:25.190> calls<01:32:25.430> parasitic 01:32:26.110 --> 01:32:26.120 align:start position:0% basically what a girl calls parasitic 01:32:26.120 --> 01:32:28.330 align:start position:0% basically what a girl calls parasitic usage<01:32:26.510> right<01:32:26.989> and<01:32:27.230> maybe<01:32:27.530> do<01:32:28.070> you<01:32:28.130> want<01:32:28.250> to 01:32:28.330 --> 01:32:28.340 align:start position:0% usage right and maybe do you want to 01:32:28.340 --> 01:32:30.700 align:start position:0% usage right and maybe do you want to talk<01:32:28.460> about<01:32:28.520> it<01:32:28.850> yeah<01:32:29.360> I<01:32:29.390> mean<01:32:29.570> we<01:32:30.290> have<01:32:30.469> some 01:32:30.700 --> 01:32:30.710 align:start position:0% talk about it yeah I mean we have some 01:32:30.710 --> 01:32:34.270 align:start position:0% talk about it yeah I mean we have some we<01:32:31.520> have<01:32:31.750> quite<01:32:32.750> a<01:32:32.780> few<01:32:32.810> ideas<01:32:33.020> but<01:32:33.260> how<01:32:33.560> to<01:32:33.620> how 01:32:34.270 --> 01:32:34.280 align:start position:0% we have quite a few ideas but how to how 01:32:34.280 --> 01:32:37.060 align:start position:0% we have quite a few ideas but how to how to<01:32:34.310> deal<01:32:34.520> with<01:32:34.550> this<01:32:34.760> but<01:32:35.690> the<01:32:36.199> rough<01:32:36.530> idea<01:32:36.710> is 01:32:37.060 --> 01:32:37.070 align:start position:0% to deal with this but the rough idea is 01:32:37.070 --> 01:32:40.870 align:start position:0% to deal with this but the rough idea is that<01:32:37.340> like<01:32:37.690> we<01:32:38.890> we<01:32:39.890> don't<01:32:40.070> want<01:32:40.370> me<01:32:40.580> to<01:32:40.699> be<01:32:40.790> able 01:32:40.870 --> 01:32:40.880 align:start position:0% that like we we don't want me to be able 01:32:40.880 --> 01:32:44.229 align:start position:0% that like we we don't want me to be able to<01:32:41.030> do<01:32:41.150> that<01:32:41.330> we<01:32:41.660> want<01:32:42.020> you<01:32:42.430> so<01:32:43.430> we<01:32:43.610> have<01:32:43.790> we 01:32:44.229 --> 01:32:44.239 align:start position:0% to do that we want you so we have we 01:32:44.239 --> 01:32:46.479 align:start position:0% to do that we want you so we have we have<01:32:44.270> designs<01:32:44.870> for<01:32:45.230> like<01:32:45.440> a<01:32:45.590> basic<01:32:46.010> white 01:32:46.479 --> 01:32:46.489 align:start position:0% have designs for like a basic white 01:32:46.489 --> 01:32:48.130 align:start position:0% have designs for like a basic white listing<01:32:46.910> contract<01:32:47.060> in<01:32:47.420> some<01:32:47.570> ways<01:32:47.750> they<01:32:47.960> send 01:32:48.130 --> 01:32:48.140 align:start position:0% listing contract in some ways they send 01:32:48.140 --> 01:32:49.360 align:start position:0% listing contract in some ways they send their<01:32:48.230> bytecode<01:32:48.620> I'm<01:32:48.860> sure<01:32:49.010> they<01:32:49.130> kind<01:32:49.310> of 01:32:49.360 --> 01:32:49.370 align:start position:0% their bytecode I'm sure they kind of 01:32:49.370 --> 01:32:51.729 align:start position:0% their bytecode I'm sure they kind of fold<01:32:49.880> to<01:32:50.390> allow<01:32:50.600> them<01:32:50.719> into<01:32:50.960> our<01:32:51.020> systems<01:32:51.410> and 01:32:51.729 --> 01:32:51.739 align:start position:0% fold to allow them into our systems and 01:32:51.739 --> 01:32:53.610 align:start position:0% fold to allow them into our systems and it's<01:32:52.580> a<01:32:52.640> little<01:32:52.790> bit<01:32:52.910> technical<01:32:53.090> how<01:32:53.540> we 01:32:53.610 --> 01:32:53.620 align:start position:0% it's a little bit technical how we 01:32:53.620 --> 01:32:56.709 align:start position:0% it's a little bit technical how we prevent<01:32:54.620> contracts<01:32:55.460> from<01:32:56.060> getting<01:32:56.449> around 01:32:56.709 --> 01:32:56.719 align:start position:0% prevent contracts from getting around 01:32:56.719 --> 01:32:58.510 align:start position:0% prevent contracts from getting around with<01:32:56.900> those<01:32:57.020> white<01:32:57.320> lists<01:32:57.590> but<01:32:58.100> I<01:32:58.160> just<01:32:58.340> like 01:32:58.510 --> 01:32:58.520 align:start position:0% with those white lists but I just like 01:32:58.520 --> 01:33:01.000 align:start position:0% with those white lists but I just like reading<01:32:58.760> the<01:32:58.940> breaching<01:32:59.570> data<01:32:59.780> like<01:33:00.410> basic 01:33:01.000 --> 01:33:01.010 align:start position:0% reading the breaching data like basic 01:33:01.010 --> 01:33:02.650 align:start position:0% reading the breaching data like basic proving<01:33:01.370> the<01:33:01.430> existence<01:33:01.760> of<01:33:02.150> our<01:33:02.270> contract 01:33:02.650 --> 01:33:02.660 align:start position:0% proving the existence of our contract 01:33:02.660 --> 01:33:04.900 align:start position:0% proving the existence of our contract and<01:33:02.780> reading<01:33:02.989> it<01:33:03.080> that<01:33:03.230> what<01:33:03.550> but<01:33:04.550> it's<01:33:04.850> a 01:33:04.900 --> 01:33:04.910 align:start position:0% and reading it that what but it's a 01:33:04.910 --> 01:33:07.259 align:start position:0% and reading it that what but it's a little<01:33:05.030> more<01:33:05.150> like<01:33:05.390> we<01:33:05.630> can<01:33:05.750> talk<01:33:05.840> offline 01:33:07.259 --> 01:33:07.269 align:start position:0% little more like we can talk offline 01:33:07.269 --> 01:33:09.810 align:start position:0% little more like we can talk offline I<01:33:07.590> mean<01:33:08.590> the<01:33:08.679> summary<01:33:09.190> is<01:33:09.340> kind<01:33:09.550> of<01:33:09.610> mr. 01:33:09.810 --> 01:33:09.820 align:start position:0% I mean the summary is kind of mr. 01:33:09.820 --> 01:33:12.029 align:start position:0% I mean the summary is kind of mr. fuzzing<01:33:10.179> so<01:33:10.420> that<01:33:10.570> you<01:33:10.900> can't<01:33:11.139> directly<01:33:11.739> read 01:33:12.029 --> 01:33:12.039 align:start position:0% fuzzing so that you can't directly read 01:33:12.039 --> 01:33:14.580 align:start position:0% fuzzing so that you can't directly read outputs<01:33:12.730> but<01:33:13.179> it's<01:33:13.659> all<01:33:13.809> fuzz<01:33:14.139> that's 01:33:14.580 --> 01:33:14.590 align:start position:0% outputs but it's all fuzz that's 01:33:14.590 --> 01:33:16.830 align:start position:0% outputs but it's all fuzz that's pregnant<01:33:14.829> information<01:33:15.489> yeah<01:33:15.610> we<01:33:15.789> do<01:33:16.300> payout 01:33:16.830 --> 01:33:16.840 align:start position:0% pregnant information yeah we do payout 01:33:16.840 --> 01:33:18.239 align:start position:0% pregnant information yeah we do payout this<01:33:16.989> rather<01:33:17.289> than<01:33:17.409> late<01:33:17.679> prices<01:33:18.099> so<01:33:18.219> you 01:33:18.239 --> 01:33:18.249 align:start position:0% this rather than late prices so you 01:33:18.249 --> 01:33:20.729 align:start position:0% this rather than late prices so you don't<01:33:18.489> say<01:33:18.670> the<01:33:18.820> price<01:33:18.999> is<01:33:19.030> $5<01:33:19.809> you<01:33:19.929> say<01:33:20.110> this 01:33:20.729 --> 01:33:20.739 align:start position:0% don't say the price is $5 you say this 01:33:20.739 --> 01:33:23.009 align:start position:0% don't say the price is $5 you say this person<01:33:21.099> just<01:33:21.219> $7<01:33:21.699> whispering<01:33:22.210> for<01:33:22.389> help<01:33:22.570> and 01:33:23.009 --> 01:33:23.019 align:start position:0% person just $7 whispering for help and 01:33:23.019 --> 01:33:24.750 align:start position:0% person just $7 whispering for help and that<01:33:23.079> way<01:33:23.650> it's<01:33:23.889> you<01:33:24.010> need<01:33:24.130> to<01:33:24.249> the<01:33:24.340> contract 01:33:24.750 --> 01:33:24.760 align:start position:0% that way it's you need to the contract 01:33:24.760 --> 01:33:26.549 align:start position:0% that way it's you need to the contract and<01:33:24.909> not<01:33:25.059> everybody<01:33:25.900> can<01:33:26.079> use<01:33:26.260> that<01:33:26.380> because 01:33:26.549 --> 01:33:26.559 align:start position:0% and not everybody can use that because 01:33:26.559 --> 01:33:28.439 align:start position:0% and not everybody can use that because it's<01:33:27.340> specific<01:33:28.090> to<01:33:28.210> that<01:33:28.239> particular 01:33:28.439 --> 01:33:28.449 align:start position:0% it's specific to that particular 01:33:28.449 --> 01:33:29.669 align:start position:0% it's specific to that particular contract<01:33:28.960> if<01:33:29.110> you<01:33:29.199> want<01:33:29.380> to<01:33:29.469> oppress<01:33:29.650> each 01:33:29.669 --> 01:33:29.679 align:start position:0% contract if you want to oppress each 01:33:29.679 --> 01:33:31.109 align:start position:0% contract if you want to oppress each other 01:33:31.109 --> 01:33:31.119 align:start position:0% other 01:33:31.119 --> 01:33:39.440 align:start position:0% other so<01:33:31.630> you<01:33:31.810> can<01:33:31.989> take 01:33:39.440 --> 01:33:39.450 align:start position:0% 01:33:39.450 --> 01:33:43.590 align:start position:0% that<01:33:40.450> expiry<01:33:40.900> so<01:33:41.680> I<01:33:41.710> got<01:33:42.370> these<01:33:42.520> tokens<01:33:42.730> like<01:33:43.570> a 01:33:43.590 --> 01:33:43.600 align:start position:0% that expiry so I got these tokens like a 01:33:43.600 --> 01:33:44.660 align:start position:0% that expiry so I got these tokens like a thousand<01:33:43.990> people 01:33:44.660 --> 01:33:44.670 align:start position:0% thousand people 01:33:44.670 --> 01:33:46.700 align:start position:0% thousand people the<01:33:44.730> nominees<01:33:45.060> was<01:33:45.300> my<01:33:45.780> thing<01:33:45.990> is<01:33:46.170> going<01:33:46.380> pull 01:33:46.700 --> 01:33:46.710 align:start position:0% the nominees was my thing is going pull 01:33:46.710 --> 01:33:51.770 align:start position:0% the nominees was my thing is going pull there<01:33:47.100> on<01:33:47.190> the<01:33:47.310> line<01:33:47.780> right 01:33:51.770 --> 01:33:51.780 align:start position:0% 01:33:51.780 --> 01:33:56.100 align:start position:0% it's<01:33:52.780> a<01:33:52.840> great<01:33:52.989> question<01:33:53.140> and<01:33:53.590> I<01:33:54.190> think<01:33:55.110> there 01:33:56.100 --> 01:33:56.110 align:start position:0% it's a great question and I think there 01:33:56.110 --> 01:33:58.080 align:start position:0% it's a great question and I think there is<01:33:56.260> like<01:33:56.500> a<01:33:56.730> challenge<01:33:57.730> of<01:33:57.790> how<01:33:57.880> do<01:33:57.940> you 01:33:58.080 --> 01:33:58.090 align:start position:0% is like a challenge of how do you 01:33:58.090 --> 01:34:00.210 align:start position:0% is like a challenge of how do you broadcast<01:33:58.660> to<01:33:58.989> all<01:33:59.050> ticket<01:33:59.500> holders<01:33:59.800> that's 01:34:00.210 --> 01:34:00.220 align:start position:0% broadcast to all ticket holders that's 01:34:00.220 --> 01:34:02.880 align:start position:0% broadcast to all ticket holders that's time<01:34:00.580> totally<01:34:01.060> repins<01:34:01.570> regularly<01:34:02.350> they<01:34:02.530> they 01:34:02.880 --> 01:34:02.890 align:start position:0% time totally repins regularly they they 01:34:02.890 --> 01:34:04.979 align:start position:0% time totally repins regularly they they know<01:34:03.160> that<01:34:03.580> they<01:34:03.790> should<01:34:04.060> go<01:34:04.750> back<01:34:04.930> and 01:34:04.979 --> 01:34:04.989 align:start position:0% know that they should go back and 01:34:04.989 --> 01:34:07.680 align:start position:0% know that they should go back and routine<01:34:05.470> for<01:34:05.739> the<01:34:05.830> afterlife<01:34:06.100> model<01:34:06.520> again<01:34:07.480> a 01:34:07.680 --> 01:34:07.690 align:start position:0% routine for the afterlife model again a 01:34:07.690 --> 01:34:09.060 align:start position:0% routine for the afterlife model again a lot<01:34:07.989> of<01:34:08.110> different<01:34:08.380> solutions<01:34:08.500> I'm<01:34:08.890> going<01:34:09.010> to 01:34:09.060 --> 01:34:09.070 align:start position:0% lot of different solutions I'm going to 01:34:09.070 --> 01:34:11.700 align:start position:0% lot of different solutions I'm going to throw<01:34:09.220> out<01:34:09.370> there<01:34:09.580> one<01:34:09.970> is<01:34:10.239> that<01:34:10.540> you<01:34:11.530> know<01:34:11.650> you 01:34:11.700 --> 01:34:11.710 align:start position:0% throw out there one is that you know you 01:34:11.710 --> 01:34:13.290 align:start position:0% throw out there one is that you know you could<01:34:11.950> have<01:34:12.070> the<01:34:12.489> walnuts<01:34:12.880> being<01:34:13.090> in<01:34:13.150> charge 01:34:13.290 --> 01:34:13.300 align:start position:0% could have the walnuts being in charge 01:34:13.300 --> 01:34:14.910 align:start position:0% could have the walnuts being in charge of<01:34:13.480> that<01:34:13.600> race<01:34:13.840> if<01:34:13.989> your<01:34:14.140> wallets<01:34:14.440> supporting 01:34:14.910 --> 01:34:14.920 align:start position:0% of that race if your wallets supporting 01:34:14.920 --> 01:34:16.560 align:start position:0% of that race if your wallets supporting these<01:34:14.980> kinds<01:34:15.160> of<01:34:15.340> tokens<01:34:15.700> like<01:34:16.000> you're<01:34:16.360> able 01:34:16.560 --> 01:34:16.570 align:start position:0% these kinds of tokens like you're able 01:34:16.570 --> 01:34:17.880 align:start position:0% these kinds of tokens like you're able to<01:34:16.660> go<01:34:16.750> back<01:34:16.930> and<01:34:17.200> read<01:34:17.440> what<01:34:17.710> is<01:34:17.800> the 01:34:17.880 --> 01:34:17.890 align:start position:0% to go back and read what is the 01:34:17.890 --> 01:34:19.920 align:start position:0% to go back and read what is the expiration<01:34:18.160> notify<01:34:18.940> your<01:34:19.060> users<01:34:19.390> rate<01:34:19.750> that's 01:34:19.920 --> 01:34:19.930 align:start position:0% expiration notify your users rate that's 01:34:19.930 --> 01:34:22.200 align:start position:0% expiration notify your users rate that's one<01:34:20.140> way<01:34:20.320> the<01:34:20.650> other<01:34:21.130> way<01:34:21.280> is<01:34:21.520> in<01:34:21.970> our 01:34:22.200 --> 01:34:22.210 align:start position:0% one way the other way is in our 01:34:22.210 --> 01:34:24.030 align:start position:0% one way the other way is in our synthetic<01:34:22.480> token<01:34:22.960> builder<01:34:23.230> dab<01:34:23.470> and<01:34:23.770> we<01:34:23.830> have 01:34:24.030 --> 01:34:24.040 align:start position:0% synthetic token builder dab and we have 01:34:24.040 --> 01:34:26.580 align:start position:0% synthetic token builder dab and we have right<01:34:24.280> now<01:34:24.600> it's<01:34:25.600> geared<01:34:25.960> really<01:34:26.260> towards 01:34:26.580 --> 01:34:26.590 align:start position:0% right now it's geared really towards 01:34:26.590 --> 01:34:27.930 align:start position:0% right now it's geared really towards toget<01:34:26.950> sponsors<01:34:27.340> right<01:34:27.430> because<01:34:27.700> it<01:34:27.790> shows 01:34:27.930 --> 01:34:27.940 align:start position:0% toget sponsors right because it shows 01:34:27.940 --> 01:34:30.000 align:start position:0% toget sponsors right because it shows you<01:34:28.090> what<01:34:28.570> your<01:34:28.720> collateralization<01:34:29.110> is<01:34:29.620> and 01:34:30.000 --> 01:34:30.010 align:start position:0% you what your collateralization is and 01:34:30.010 --> 01:34:32.430 align:start position:0% you what your collateralization is and what<01:34:30.340> you<01:34:30.430> should<01:34:30.840> deposit<01:34:31.840> or<01:34:32.080> withdraw 01:34:32.430 --> 01:34:32.440 align:start position:0% what you should deposit or withdraw 01:34:32.440 --> 01:34:35.070 align:start position:0% what you should deposit or withdraw again<01:34:33.370> that<01:34:33.790> could<01:34:33.970> turn<01:34:34.120> into<01:34:34.300> a<01:34:34.450> portal<01:34:34.870> that 01:34:35.070 --> 01:34:35.080 align:start position:0% again that could turn into a portal that 01:34:35.080 --> 01:34:37.260 align:start position:0% again that could turn into a portal that all<01:34:35.440> ticket<01:34:35.890> holders<01:34:35.920> as<01:34:36.700> well<01:34:36.730> as<01:34:36.910> token 01:34:37.260 --> 01:34:37.270 align:start position:0% all ticket holders as well as token 01:34:37.270 --> 01:34:39.180 align:start position:0% all ticket holders as well as token sponsors<01:34:37.660> a<01:34:38.230> lot<01:34:38.500> of<01:34:38.620> different<01:34:38.890> answers 01:34:39.180 --> 01:34:39.190 align:start position:0% sponsors a lot of different answers 01:34:39.190 --> 01:34:40.650 align:start position:0% sponsors a lot of different answers about<01:34:39.489> but<01:34:40.060> we<01:34:40.180> definitely<01:34:40.360> love<01:34:40.600> to 01:34:40.650 --> 01:34:40.660 align:start position:0% about but we definitely love to 01:34:40.660 --> 01:34:42.660 align:start position:0% about but we definitely love to collaborate<01:34:40.960> on<01:34:41.440> different<01:34:42.250> types<01:34:42.550> of 01:34:42.660 --> 01:34:42.670 align:start position:0% collaborate on different types of 01:34:42.670 --> 01:34:43.500 align:start position:0% collaborate on different types of products<01:34:42.940> if<01:34:43.000> you're<01:34:43.120> interested<01:34:43.420> in 01:34:43.500 --> 01:34:43.510 align:start position:0% products if you're interested in 01:34:43.510 --> 01:34:44.970 align:start position:0% products if you're interested in building<01:34:43.660> that<01:34:44.080> kind<01:34:44.260> of<01:34:44.290> functionality<01:34:44.440> I 01:34:44.970 --> 01:34:44.980 align:start position:0% building that kind of functionality I 01:34:44.980 --> 01:34:46.620 align:start position:0% building that kind of functionality I mean<01:34:45.220> ultimately<01:34:45.340> I<01:34:45.700> would<01:34:46.000> say<01:34:46.150> they<01:34:46.300> kind<01:34:46.570> of 01:34:46.620 --> 01:34:46.630 align:start position:0% mean ultimately I would say they kind of 01:34:46.630 --> 01:34:48.660 align:start position:0% mean ultimately I would say they kind of the<01:34:47.320> solutions<01:34:47.710> that<01:34:47.770> we've<01:34:47.980> envisioned<01:34:48.400> all 01:34:48.660 --> 01:34:48.670 align:start position:0% the solutions that we've envisioned all 01:34:48.670 --> 01:34:50.400 align:start position:0% the solutions that we've envisioned all currently<01:34:49.330> live<01:34:49.570> at<01:34:49.690> the<01:34:49.780> application<01:34:50.290> layer 01:34:50.400 --> 01:34:50.410 align:start position:0% currently live at the application layer 01:34:50.410 --> 01:34:52.020 align:start position:0% currently live at the application layer not<01:34:50.650> the<01:34:50.770> protocol<01:34:51.130> layer<01:34:51.340> so<01:34:51.610> we're<01:34:51.760> building 01:34:52.020 --> 01:34:52.030 align:start position:0% not the protocol layer so we're building 01:34:52.030 --> 01:34:53.760 align:start position:0% not the protocol layer so we're building this<01:34:52.180> infrastructure<01:34:52.690> and<01:34:52.930> would<01:34:53.050> love<01:34:53.170> to<01:34:53.410> if 01:34:53.760 --> 01:34:53.770 align:start position:0% this infrastructure and would love to if 01:34:53.770 --> 01:34:55.020 align:start position:0% this infrastructure and would love to if you<01:34:53.890> have<01:34:54.070> ideas<01:34:54.250> about<01:34:54.430> how<01:34:54.580> we<01:34:54.700> can<01:34:54.880> support 01:34:55.020 --> 01:34:55.030 align:start position:0% you have ideas about how we can support 01:34:55.030 --> 01:34:56.880 align:start position:0% you have ideas about how we can support at<01:34:55.300> the<01:34:55.360> protocol<01:34:55.720> level<01:34:55.780> would<01:34:56.500> love<01:34:56.650> to<01:34:56.770> hear 01:34:56.880 --> 01:34:56.890 align:start position:0% at the protocol level would love to hear 01:34:56.890 --> 01:35:00.930 align:start position:0% at the protocol level would love to hear them<01:34:57.040> otherwise<01:34:58.830> okay<01:34:59.830> yeah<01:35:00.400> I<01:35:00.580> think<01:35:00.730> we're 01:35:00.930 --> 01:35:00.940 align:start position:0% them otherwise okay yeah I think we're 01:35:00.940 --> 01:35:02.729 align:start position:0% them otherwise okay yeah I think we're gonna<01:35:01.030> and<01:35:01.480> here<01:35:01.750> but<01:35:02.020> with<01:35:02.200> lavash<01:35:02.500> had 01:35:02.729 --> 01:35:02.739 align:start position:0% gonna and here but with lavash had 01:35:02.739 --> 01:35:10.530 align:start position:0% gonna and here but with lavash had outside<01:35:03.730> and<01:35:04.090> they<01:35:04.600> are<01:35:04.630> Thomas 01:35:10.530 --> 01:35:10.540 align:start position:0% 01:35:10.540 --> 01:35:18.400 align:start position:0% [Applause] 01:35:18.400 --> 01:35:18.410 align:start position:0% 01:35:18.410 --> 01:35:20.470 align:start position:0% you