WEBVTT Kind: captions Language: en 00:00:09.190 --> 00:00:39.780 align:start position:0% [Music] 00:00:39.780 --> 00:00:39.790 align:start position:0% 00:00:39.790 --> 00:00:45.720 align:start position:0% hello<00:00:42.000> okay<00:00:43.260> we<00:00:44.260> are<00:00:44.410> moving<00:00:44.770> on<00:00:44.980> to<00:00:45.010> the<00:00:45.400> the 00:00:45.720 --> 00:00:45.730 align:start position:0% hello okay we are moving on to the the 00:00:45.730 --> 00:00:47.730 align:start position:0% hello okay we are moving on to the the panel<00:00:46.150> and<00:00:46.330> this<00:00:46.450> panel<00:00:46.510> is<00:00:46.930> about<00:00:46.960> Casper<00:00:47.710> and 00:00:47.730 --> 00:00:47.740 align:start position:0% panel and this panel is about Casper and 00:00:47.740 --> 00:00:50.610 align:start position:0% panel and this panel is about Casper and distributed<00:00:48.490> consensus<00:00:49.060> my<00:00:49.720> name<00:00:49.930> is<00:00:50.050> Alicia 00:00:50.610 --> 00:00:50.620 align:start position:0% distributed consensus my name is Alicia 00:00:50.620 --> 00:00:53.400 align:start position:0% distributed consensus my name is Alicia I'm<00:00:50.860> a<00:00:50.980> professor<00:00:51.310> Cornell<00:00:51.880> and<00:00:52.720> I'm<00:00:53.050> very 00:00:53.400 --> 00:00:53.410 align:start position:0% I'm a professor Cornell and I'm very 00:00:53.410 --> 00:00:55.620 align:start position:0% I'm a professor Cornell and I'm very honored<00:00:53.680> to<00:00:54.040> moderate<00:00:54.340> this<00:00:54.580> panel<00:00:54.640> we<00:00:55.450> have 00:00:55.620 --> 00:00:55.630 align:start position:0% honored to moderate this panel we have 00:00:55.630 --> 00:00:59.460 align:start position:0% honored to moderate this panel we have four<00:00:56.050> distinguished<00:00:56.739> panelists<00:00:57.370> and<00:00:58.470> I'm 00:00:59.460 --> 00:00:59.470 align:start position:0% four distinguished panelists and I'm 00:00:59.470 --> 00:01:01.770 align:start position:0% four distinguished panelists and I'm going<00:00:59.920> to<00:01:00.070> begin<00:01:00.430> by<00:01:00.760> having<00:01:00.790> the<00:01:01.239> panelists 00:01:01.770 --> 00:01:01.780 align:start position:0% going to begin by having the panelists 00:01:01.780 --> 00:01:03.990 align:start position:0% going to begin by having the panelists each<00:01:01.900> means<00:01:02.470> each<00:01:02.800> spent<00:01:03.280> two<00:01:03.460> minutes<00:01:03.820> to 00:01:03.990 --> 00:01:04.000 align:start position:0% each means each spent two minutes to 00:01:04.000 --> 00:01:07.920 align:start position:0% each means each spent two minutes to introduce<00:01:04.239> themselves<00:01:04.690> and<00:01:05.290> also<00:01:05.979> and<00:01:06.930> maybe 00:01:07.920 --> 00:01:07.930 align:start position:0% introduce themselves and also and maybe 00:01:07.930 --> 00:01:11.340 align:start position:0% introduce themselves and also and maybe a<00:01:08.490> short<00:01:09.490> concise<00:01:10.060> statements<00:01:10.870> are<00:01:11.050> pitched 00:01:11.340 --> 00:01:11.350 align:start position:0% a short concise statements are pitched 00:01:11.350 --> 00:01:13.219 align:start position:0% a short concise statements are pitched that<00:01:11.680> you<00:01:11.830> would<00:01:11.979> like<00:01:12.160> to<00:01:12.340> make<00:01:12.550> regarding 00:01:13.219 --> 00:01:13.229 align:start position:0% that you would like to make regarding 00:01:13.229 --> 00:01:16.469 align:start position:0% that you would like to make regarding distributed<00:01:14.229> consensus<00:01:14.790> and<00:01:15.790> then<00:01:16.030> I'm<00:01:16.240> going 00:01:16.469 --> 00:01:16.479 align:start position:0% distributed consensus and then I'm going 00:01:16.479 --> 00:01:19.170 align:start position:0% distributed consensus and then I'm going to<00:01:16.740> ask<00:01:17.740> questions<00:01:18.100> and<00:01:18.729> I'm<00:01:18.850> going<00:01:19.000> to<00:01:19.090> open 00:01:19.170 --> 00:01:19.180 align:start position:0% to ask questions and I'm going to open 00:01:19.180 --> 00:01:20.790 align:start position:0% to ask questions and I'm going to open it<00:01:19.479> up<00:01:19.630> for<00:01:19.990> the<00:01:20.110> audience<00:01:20.440> to<00:01:20.470> ask<00:01:20.650> questions 00:01:20.790 --> 00:01:20.800 align:start position:0% it up for the audience to ask questions 00:01:20.800 --> 00:01:23.670 align:start position:0% it up for the audience to ask questions so<00:01:21.580> because<00:01:21.880> we<00:01:22.030> have<00:01:22.060> a<00:01:22.300> big<00:01:22.570> room<00:01:22.810> for<00:01:23.530> those 00:01:23.670 --> 00:01:23.680 align:start position:0% so because we have a big room for those 00:01:23.680 --> 00:01:25.260 align:start position:0% so because we have a big room for those of<00:01:23.890> you<00:01:24.040> who<00:01:24.190> want<00:01:24.340> to<00:01:24.369> ask<00:01:24.460> questions<00:01:24.790> I'm 00:01:25.260 --> 00:01:25.270 align:start position:0% of you who want to ask questions I'm 00:01:25.270 --> 00:01:27.270 align:start position:0% of you who want to ask questions I'm going<00:01:25.450> to<00:01:25.540> ask<00:01:25.690> you<00:01:25.960> to<00:01:26.140> move<00:01:26.259> to<00:01:26.470> the<00:01:26.590> front<00:01:26.830> so 00:01:27.270 --> 00:01:27.280 align:start position:0% going to ask you to move to the front so 00:01:27.280 --> 00:01:28.680 align:start position:0% going to ask you to move to the front so everyone<00:01:27.640> can<00:01:27.790> hear<00:01:28.030> you<00:01:28.180> when<00:01:28.390> you're<00:01:28.509> asked 00:01:28.680 --> 00:01:28.690 align:start position:0% everyone can hear you when you're asked 00:01:28.690 --> 00:01:29.969 align:start position:0% everyone can hear you when you're asked questions<00:01:29.140> ok<00:01:29.650> all<00:01:29.800> right 00:01:29.969 --> 00:01:29.979 align:start position:0% questions ok all right 00:01:29.979 --> 00:01:37.310 align:start position:0% questions ok all right let's<00:01:30.880> maybe<00:01:31.119> start<00:01:31.240> from<00:01:34.410> so<00:01:35.410> hello<00:01:36.310> everyone 00:01:37.310 --> 00:01:37.320 align:start position:0% let's maybe start from so hello everyone 00:01:37.320 --> 00:01:41.580 align:start position:0% let's maybe start from so hello everyone who<00:01:38.320> here<00:01:38.530> does<00:01:38.680> not<00:01:38.710> know<00:01:39.009> my<00:01:39.130> name<00:01:40.380> ok<00:01:41.380> I<00:01:41.410> see 00:01:41.580 --> 00:01:41.590 align:start position:0% who here does not know my name ok I see 00:01:41.590 --> 00:01:43.530 align:start position:0% who here does not know my name ok I see some<00:01:41.770> hands<00:01:41.979> right<00:01:42.220> it's<00:01:42.340> good<00:01:42.580> I'm<00:01:43.030> Vitalik 00:01:43.530 --> 00:01:43.540 align:start position:0% some hands right it's good I'm Vitalik 00:01:43.540 --> 00:01:45.149 align:start position:0% some hands right it's good I'm Vitalik chief<00:01:44.020> scientist<00:01:44.530> of<00:01:44.650> the<00:01:44.800> etherium 00:01:45.149 --> 00:01:45.159 align:start position:0% chief scientist of the etherium 00:01:45.159 --> 00:01:47.940 align:start position:0% chief scientist of the etherium foundation<00:01:45.760> so<00:01:46.690> earlier<00:01:47.110> this<00:01:47.200> morning<00:01:47.560> I 00:01:47.940 --> 00:01:47.950 align:start position:0% foundation so earlier this morning I 00:01:47.950 --> 00:01:51.240 align:start position:0% foundation so earlier this morning I gave<00:01:48.340> an<00:01:48.460> introduction<00:01:49.060> to<00:01:49.229> it<00:01:50.250> basically 00:01:51.240 --> 00:01:51.250 align:start position:0% gave an introduction to it basically 00:01:51.250 --> 00:01:54.540 align:start position:0% gave an introduction to it basically what<00:01:51.820> if<00:01:52.000> Theory<00:01:52.240> M<00:01:52.420> is<00:01:53.130> from<00:01:54.130> a<00:01:54.220> technical 00:01:54.540 --> 00:01:54.550 align:start position:0% what if Theory M is from a technical 00:01:54.550 --> 00:01:56.700 align:start position:0% what if Theory M is from a technical standpoint<00:01:54.940> but<00:01:55.360> I<00:01:55.390> also<00:01:55.720> mentions<00:01:56.200> that<00:01:56.320> in 00:01:56.700 --> 00:01:56.710 align:start position:0% standpoint but I also mentions that in 00:01:56.710 --> 00:01:59.460 align:start position:0% standpoint but I also mentions that in later<00:01:57.040> today<00:01:57.310> I'd<00:01:57.670> be<00:01:58.200> talking<00:01:59.200> a<00:01:59.260> bit<00:01:59.440> more 00:01:59.460 --> 00:01:59.470 align:start position:0% later today I'd be talking a bit more 00:01:59.470 --> 00:02:03.570 align:start position:0% later today I'd be talking a bit more about<00:01:59.970> some<00:02:00.970> of<00:02:01.000> the<00:02:02.159> projected<00:02:03.159> things<00:02:03.400> that 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protocols<00:02:20.620> that 00:02:20.880 --> 00:02:20.890 align:start position:0% proof of stake consensus protocols that 00:02:20.890 --> 00:02:23.150 align:start position:0% proof of stake consensus protocols that we<00:02:21.070> have<00:02:21.250> been<00:02:21.459> thinking<00:02:21.940> about<00:02:22.180> and 00:02:23.150 --> 00:02:23.160 align:start position:0% we have been thinking about and 00:02:23.160 --> 00:02:25.740 align:start position:0% we have been thinking about and developing<00:02:24.160> researching<00:02:24.730> over<00:02:24.820> the<00:02:25.060> last<00:02:25.269> few 00:02:25.740 --> 00:02:25.750 align:start position:0% developing researching over the last few 00:02:25.750 --> 00:02:29.520 align:start position:0% developing researching over the last few years<00:02:25.920> that<00:02:26.920> are<00:02:27.630> based<00:02:28.630> around<00:02:28.840> a<00:02:29.200> couple<00:02:29.380> of 00:02:29.520 --> 00:02:29.530 align:start position:0% years that are based around a couple of 00:02:29.530 --> 00:02:31.380 align:start position:0% years that are based around a couple of principles<00:02:29.890> and<00:02:30.430> so<00:02:30.640> one<00:02:30.850> of<00:02:30.880> them<00:02:31.150> is 00:02:31.380 --> 00:02:31.390 align:start position:0% principles and so one of them is 00:02:31.390 --> 00:02:34.710 align:start position:0% principles and so one of them is obviously<00:02:32.580> decentralization<00:02:33.580> and<00:02:34.060> visiting 00:02:34.710 --> 00:02:34.720 align:start position:0% obviously decentralization and visiting 00:02:34.720 --> 00:02:36.479 align:start position:0% obviously decentralization and visiting fault<00:02:34.959> tolerance<00:02:35.380> which<00:02:35.920> is<00:02:36.070> really<00:02:36.459> a 00:02:36.479 --> 00:02:36.489 align:start position:0% fault tolerance which is really a 00:02:36.489 --> 00:02:38.130 align:start position:0% fault tolerance which is really a synonym<00:02:36.880> for<00:02:36.910> decentralization<00:02:37.660> because 00:02:38.130 --> 00:02:38.140 align:start position:0% synonym for decentralization because 00:02:38.140 --> 00:02:40.080 align:start position:0% synonym for decentralization because both<00:02:38.350> words<00:02:38.650> basically<00:02:38.950> mean<00:02:39.340> that<00:02:39.580> one 00:02:40.080 --> 00:02:40.090 align:start position:0% both words basically mean that one 00:02:40.090 --> 00:02:42.390 align:start position:0% both words basically mean that one single<00:02:40.450> guy<00:02:40.600> can't<00:02:40.930> screw<00:02:41.200> up<00:02:41.290> and<00:02:41.500> break<00:02:42.250> the 00:02:42.390 --> 00:02:42.400 align:start position:0% single guy can't screw up and break the 00:02:42.400 --> 00:02:45.870 align:start position:0% single guy can't screw up and break the whole<00:02:42.519> thing<00:02:43.470> then<00:02:44.470> we<00:02:44.799> also<00:02:44.950> have<00:02:45.340> this<00:02:45.489> idea 00:02:45.870 --> 00:02:45.880 align:start position:0% whole thing then we also have this idea 00:02:45.880 --> 00:02:47.819 align:start position:0% whole thing then we also have this idea of<00:02:45.970> economic<00:02:46.269> security<00:02:46.840> that<00:02:47.260> I'm<00:02:47.350> sure<00:02:47.560> if<00:02:47.680> I 00:02:47.819 --> 00:02:47.829 align:start position:0% of economic security that I'm sure if I 00:02:47.829 --> 00:02:49.409 align:start position:0% of economic security that I'm sure if I will<00:02:48.070> talk<00:02:48.280> about<00:02:48.519> much<00:02:48.700> more<00:02:48.940> and<00:02:49.150> can<00:02:49.269> we 00:02:49.409 --> 00:02:49.419 align:start position:0% will talk about much more and can we 00:02:49.419 --> 00:02:50.790 align:start position:0% will talk about much more and can we don't<00:02:49.570> really<00:02:49.930> cry 00:02:50.790 --> 00:02:50.800 align:start position:0% don't really cry 00:02:50.800 --> 00:02:53.130 align:start position:0% don't really cry him<00:02:51.010> for<00:02:51.250> and<00:02:51.430> of<00:02:51.520> pushing<00:02:51.850> hard<00:02:52.090> on<00:02:52.360> putting 00:02:53.130 --> 00:02:53.140 align:start position:0% him for and of pushing hard on putting 00:02:53.140 --> 00:02:55.170 align:start position:0% him for and of pushing hard on putting that<00:02:53.290> at<00:02:53.560> the<00:02:53.650> front<00:02:53.860> of<00:02:53.980> the<00:02:54.070> agenda<00:02:54.550> so 00:02:55.170 --> 00:02:55.180 align:start position:0% that at the front of the agenda so 00:02:55.180 --> 00:02:58.380 align:start position:0% that at the front of the agenda so personally<00:02:55.900> I<00:02:56.370> have<00:02:57.370> been<00:02:57.520> spending<00:02:57.790> my<00:02:58.090> time 00:02:58.380 --> 00:02:58.390 align:start position:0% personally I have been spending my time 00:02:58.390 --> 00:03:01.290 align:start position:0% personally I have been spending my time more<00:02:59.290> specifically<00:02:59.920> on<00:03:00.220> movie<00:03:00.820> pushing 00:03:01.290 --> 00:03:01.300 align:start position:0% more specifically on movie pushing 00:03:01.300 --> 00:03:03.180 align:start position:0% more specifically on movie pushing forward<00:03:01.690> with<00:03:01.720> a<00:03:02.010> Casper<00:03:03.010> the<00:03:03.160> Friendly 00:03:03.180 --> 00:03:03.190 align:start position:0% forward with a Casper the Friendly 00:03:03.190 --> 00:03:05.850 align:start position:0% forward with a Casper the Friendly finality<00:03:03.910> gadget<00:03:04.510> or<00:03:04.720> I<00:03:04.900> can't<00:03:05.170> wear<00:03:05.290> a<00:03:05.320> Casper 00:03:05.850 --> 00:03:05.860 align:start position:0% finality gadget or I can't wear a Casper 00:03:05.860 --> 00:03:09.060 align:start position:0% finality gadget or I can't wear a Casper FFG<00:03:06.340> so<00:03:07.030> this<00:03:07.210> is<00:03:07.360> what<00:03:07.600> one<00:03:08.170> of<00:03:08.290> the<00:03:08.380> two<00:03:08.710> and 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at the same time theoretically being a fully<00:03:24.100> fledged<00:03:24.460> and<00:03:24.910> provably<00:03:25.600> safe<00:03:26.100> safe 00:03:27.090 --> 00:03:27.100 align:start position:0% fully fledged and provably safe safe 00:03:27.100 --> 00:03:28.650 align:start position:0% fully fledged and provably safe safe under<00:03:27.370> asynchrony<00:03:27.940> a<00:03:27.970> busy<00:03:28.450> teen 00:03:28.650 --> 00:03:28.660 align:start position:0% under asynchrony a busy teen 00:03:28.660 --> 00:03:30.930 align:start position:0% under asynchrony a busy teen fault-tolerant<00:03:29.260> consensus<00:03:29.710> algorithm<00:03:30.010> so 00:03:30.930 --> 00:03:30.940 align:start position:0% fault-tolerant consensus algorithm so 00:03:30.940 --> 00:03:33.480 align:start position:0% fault-tolerant consensus algorithm so the<00:03:31.090> idea<00:03:31.390> is<00:03:31.630> that<00:03:31.840> it<00:03:32.080> really<00:03:32.320> it<00:03:32.470> takes<00:03:32.710> sort 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basically translates them into 00:03:42.130 --> 00:03:45.060 align:start position:0% and it's basically translates them into a<00:03:42.550> blockchain<00:03:42.850> context<00:03:43.690> and<00:03:43.900> like<00:03:44.770> really 00:03:45.060 --> 00:03:45.070 align:start position:0% a blockchain context and like really 00:03:45.070 --> 00:03:46.710 align:start position:0% a blockchain context and like really simplifies<00:03:45.550> them<00:03:45.790> substantially<00:03:46.060> to<00:03:46.630> the 00:03:46.710 --> 00:03:46.720 align:start position:0% simplifies them substantially to the 00:03:46.720 --> 00:03:48.810 align:start position:0% simplifies them substantially to the point<00:03:46.960> we<00:03:47.200> are<00:03:47.350> as<00:03:47.650> a<00:03:47.890> chunk<00:03:48.460> we<00:03:48.640> showed 00:03:48.810 --> 00:03:48.820 align:start position:0% point we are as a chunk we showed 00:03:48.820 --> 00:03:51.000 align:start position:0% point we are as a chunk we showed earlier<00:03:49.150> today<00:03:49.450> the<00:03:49.720> kind<00:03:50.020> of<00:03:50.080> consensus 00:03:51.000 --> 00:03:51.010 align:start position:0% earlier today the kind of consensus 00:03:51.010 --> 00:03:52.950 align:start position:0% earlier today the kind of consensus rules<00:03:51.310> swashy<00:03:51.670> condition<00:03:52.210> fortress<00:03:52.690> walls 00:03:52.950 --> 00:03:52.960 align:start position:0% rules swashy condition fortress walls 00:03:52.960 --> 00:03:55.440 align:start position:0% rules swashy condition fortress walls are<00:03:53.140> fairly<00:03:53.920> simple<00:03:54.190> to<00:03:54.340> implement<00:03:54.520> so<00:03:55.330> the 00:03:55.440 --> 00:03:55.450 align:start position:0% are fairly simple to implement so the 00:03:55.450 --> 00:03:57.510 align:start position:0% are fairly simple to implement so the goal<00:03:55.660> of<00:03:55.690> casper<00:03:56.200> FFG<00:03:56.590> is<00:03:56.739> to<00:03:56.890> basically<00:03:57.220> be<00:03:57.489> a 00:03:57.510 --> 00:03:57.520 align:start position:0% goal of casper FFG is to basically be a 00:03:57.520 --> 00:03:59.820 align:start position:0% goal of casper FFG is to basically be a proof<00:03:58.390> of<00:03:58.510> stake<00:03:58.750> that<00:03:59.020> can<00:03:59.230> be<00:03:59.380> implemented 00:03:59.820 --> 00:03:59.830 align:start position:0% proof of stake that can be implemented 00:03:59.830 --> 00:04:01.770 align:start position:0% proof of stake that can be implemented fairly<00:04:00.280> quickly<00:04:00.489> overlaid<00:04:01.090> onto<00:04:01.300> any<00:04:01.540> proof 00:04:01.770 --> 00:04:01.780 align:start position:0% fairly quickly overlaid onto any proof 00:04:01.780 --> 00:04:05.220 align:start position:0% fairly quickly overlaid onto any proof work<00:04:02.050> chain<00:04:02.290> today<00:04:02.650> within<00:04:03.400> i<00:04:03.880> -<00:04:03.940> in<00:04:04.840> leader 00:04:05.220 --> 00:04:05.230 align:start position:0% work chain today within i - in leader 00:04:05.230 --> 00:04:06.690 align:start position:0% work chain today within i - in leader stages<00:04:05.680> of<00:04:05.800> the<00:04:05.920> roadmap<00:04:06.310> and<00:04:06.340> like 00:04:06.690 --> 00:04:06.700 align:start position:0% stages of the roadmap and like 00:04:06.700 --> 00:04:08.820 align:start position:0% stages of the roadmap and like implementing<00:04:07.330> more<00:04:07.900> advanced<00:04:08.290> things<00:04:08.530> like 00:04:08.820 --> 00:04:08.830 align:start position:0% implementing more advanced things like 00:04:08.830 --> 00:04:10.260 align:start position:0% implementing more advanced things like full<00:04:09.070> proof<00:04:09.280> of<00:04:09.370> mistakes<00:04:09.670> so<00:04:09.880> getting<00:04:10.090> at 00:04:10.260 --> 00:04:10.270 align:start position:0% full proof of mistakes so getting at 00:04:10.270 --> 00:04:11.550 align:start position:0% full proof of mistakes so getting at getting<00:04:10.870> rid<00:04:10.989> of<00:04:11.050> the<00:04:11.200> proof<00:04:11.380> of<00:04:11.470> work 00:04:11.550 --> 00:04:11.560 align:start position:0% getting rid of the proof of work 00:04:11.560 --> 00:04:14.160 align:start position:0% getting rid of the proof of work completely<00:04:12.130> as<00:04:12.820> well<00:04:12.850> as<00:04:13.270> know<00:04:13.480> things<00:04:13.840> like 00:04:14.160 --> 00:04:14.170 align:start position:0% completely as well as know things like 00:04:14.170 --> 00:04:16.680 align:start position:0% completely as well as know things like some<00:04:14.709> of<00:04:14.800> the<00:04:14.920> more<00:04:15.070> advanced<00:04:15.520> features<00:04:15.940> that 00:04:16.680 --> 00:04:16.690 align:start position:0% some of the more advanced features that 00:04:16.690 --> 00:04:21.630 align:start position:0% some of the more advanced features that Vlad<00:04:16.900> wants<00:04:17.049> to<00:04:17.260> include<00:04:19.890> yeah<00:04:20.890> I<00:04:21.280> think 00:04:21.630 --> 00:04:21.640 align:start position:0% Vlad wants to include yeah I think 00:04:21.640 --> 00:04:25.770 align:start position:0% Vlad wants to include yeah I think thanks<00:04:22.419> for<00:04:22.600> thanks<00:04:22.960> for<00:04:23.050> talking<00:04:24.360> yeah<00:04:25.360> so<00:04:25.570> I 00:04:25.770 --> 00:04:25.780 align:start position:0% thanks for thanks for talking yeah so I 00:04:25.780 --> 00:04:27.810 align:start position:0% thanks for thanks for talking yeah so I mean<00:04:25.930> I<00:04:26.080> definitely<00:04:26.500> you<00:04:27.160> know<00:04:27.280> feel<00:04:27.520> like<00:04:27.550> the 00:04:27.810 --> 00:04:27.820 align:start position:0% mean I definitely you know feel like the 00:04:27.820 --> 00:04:29.490 align:start position:0% mean I definitely you know feel like the proof<00:04:28.690> stake<00:04:28.840> research<00:04:29.140> that<00:04:29.380> we've<00:04:29.470> been 00:04:29.490 --> 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--> 00:04:36.659 align:start position:0% economic stuff and the consensus stuff and<00:04:34.750> you<00:04:35.230> know<00:04:35.290> they're<00:04:35.380> really<00:04:35.500> kind<00:04:35.800> of<00:04:35.860> at 00:04:36.659 --> 00:04:36.669 align:start position:0% and you know they're really kind of at 00:04:36.669 --> 00:04:37.620 align:start position:0% and you know they're really kind of at the<00:04:36.760> end<00:04:36.850> of<00:04:36.910> the<00:04:36.970> day<00:04:37.120> end<00:04:37.270> up<00:04:37.360> being<00:04:37.510> really 00:04:37.620 --> 00:04:37.630 align:start position:0% the end of the day end up being really 00:04:37.630 --> 00:04:40.470 align:start position:0% the end of the day end up being really tightly<00:04:37.990> connected<00:04:38.200> because<00:04:38.650> the<00:04:39.370> limits<00:04:40.120> to 00:04:40.470 --> 00:04:40.480 align:start position:0% tightly connected because the limits to 00:04:40.480 --> 00:04:42.000 align:start position:0% tightly connected because the limits to our<00:04:40.510> ability<00:04:40.750> to<00:04:40.930> incentivize<00:04:41.380> the<00:04:41.530> knows<00:04:41.710> is 00:04:42.000 --> 00:04:42.010 align:start position:0% our ability to incentivize the knows is 00:04:42.010 --> 00:04:44.460 align:start position:0% our ability to incentivize the knows is to<00:04:42.250> infer<00:04:42.669> that<00:04:43.360> what<00:04:43.870> behavior<00:04:44.260> they 00:04:44.460 --> 00:04:44.470 align:start position:0% to infer that what behavior they 00:04:44.470 --> 00:04:46.230 align:start position:0% to infer that what behavior they actually<00:04:45.070> did<00:04:45.280> and<00:04:45.550> the<00:04:45.820> limit<00:04:46.060> and<00:04:46.120> the 00:04:46.230 --> 00:04:46.240 align:start position:0% actually did and the limit and the 00:04:46.240 --> 00:04:47.280 align:start position:0% actually did and the limit and the limits<00:04:46.510> there<00:04:46.660> are<00:04:46.780> actually<00:04:47.020> limits<00:04:47.230> to 00:04:47.280 --> 00:04:47.290 align:start position:0% limits there are actually limits to 00:04:47.290 --> 00:04:49.110 align:start position:0% limits there are actually limits to fault<00:04:47.500> attributions<00:04:48.100> and<00:04:48.310> that<00:04:48.730> has<00:04:48.880> to<00:04:48.970> do 00:04:49.110 --> 00:04:49.120 align:start position:0% fault attributions and that has to do 00:04:49.120 --> 00:04:50.370 align:start position:0% fault attributions and that has to do with<00:04:49.270> like<00:04:49.419> the<00:04:49.540> really<00:04:49.720> the<00:04:49.840> mechanics<00:04:50.290> of 00:04:50.370 --> 00:04:50.380 align:start position:0% with like the really the mechanics of 00:04:50.380 --> 00:04:51.600 align:start position:0% with like the really the mechanics of the<00:04:50.470> protocol<00:04:50.860> right<00:04:51.040> which<00:04:51.160> is<00:04:51.250> why<00:04:51.340> we<00:04:51.430> need 00:04:51.600 --> 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faults we can find them right so 00:04:58.660 --> 00:05:01.260 align:start position:0% are faults we can find them right so that<00:04:58.780> we<00:04:58.870> can<00:04:59.020> penalize<00:04:59.410> the<00:04:59.979> faulty<00:05:00.430> nodes<00:05:00.640> so 00:05:01.260 --> 00:05:01.270 align:start position:0% that we can penalize the faulty nodes so 00:05:01.270 --> 00:05:02.070 align:start position:0% that we can penalize the faulty nodes so that<00:05:01.419> not<00:05:01.720> only 00:05:02.070 --> 00:05:02.080 align:start position:0% that not only 00:05:02.080 --> 00:05:04.320 align:start position:0% that not only you<00:05:02.560> know<00:05:02.650> can<00:05:02.830> we<00:05:02.919> tolerate<00:05:03.129> faults<00:05:03.580> but<00:05:03.970> we 00:05:04.320 --> 00:05:04.330 align:start position:0% you know can we tolerate faults but we 00:05:04.330 --> 00:05:07.439 align:start position:0% you know can we tolerate faults but we also<00:05:04.479> disincentivize<00:05:05.409> them<00:05:05.620> so<00:05:06.090> you<00:05:07.090> know<00:05:07.180> and 00:05:07.439 --> 00:05:07.449 align:start position:0% also disincentivize them so you know and 00:05:07.449 --> 00:05:10.529 align:start position:0% also disincentivize them so you know and I<00:05:07.689> think<00:05:07.750> that<00:05:08.080> like<00:05:08.470> the<00:05:08.979> both<00:05:09.939> sides<00:05:10.270> of<00:05:10.449> the 00:05:10.529 --> 00:05:10.539 align:start position:0% I think that like the both sides of the 00:05:10.539 --> 00:05:13.080 align:start position:0% I think that like the both sides of the research<00:05:10.930> have<00:05:11.650> kind<00:05:11.949> of<00:05:12.009> come<00:05:12.639> a<00:05:12.669> long<00:05:12.879> way 00:05:13.080 --> 00:05:13.090 align:start position:0% research have kind of come a long way 00:05:13.090 --> 00:05:14.429 align:start position:0% research have kind of come a long way and<00:05:13.330> actually<00:05:13.449> feed<00:05:13.750> into<00:05:14.050> each<00:05:14.110> other 00:05:14.429 --> 00:05:14.439 align:start position:0% and actually feed into each other 00:05:14.439 --> 00:05:18.629 align:start position:0% and actually feed into each other actually<00:05:14.650> in<00:05:15.219> a<00:05:15.280> very<00:05:15.460> kind<00:05:15.639> of<00:05:15.729> tight<00:05:15.969> way<00:05:17.639> to 00:05:18.629 --> 00:05:18.639 align:start position:0% actually in a very kind of tight way to 00:05:18.639 --> 00:05:20.399 align:start position:0% actually in a very kind of tight way to me<00:05:18.789> like<00:05:19.150> today<00:05:19.449> the<00:05:19.900> thing<00:05:20.050> that's<00:05:20.199> the<00:05:20.229> most 00:05:20.399 --> 00:05:20.409 align:start position:0% me like today the thing that's the most 00:05:20.409 --> 00:05:21.899 align:start position:0% me like today the thing that's the most exciting<00:05:20.650> to<00:05:20.889> me<00:05:20.919> is<00:05:21.009> kind<00:05:21.460> of<00:05:21.490> the<00:05:21.580> stuff<00:05:21.729> that 00:05:21.899 --> 00:05:21.909 align:start position:0% exciting to me is kind of the stuff that 00:05:21.909 --> 00:05:23.399 align:start position:0% exciting to me is kind of the stuff that I<00:05:21.969> kind<00:05:22.150> of<00:05:22.180> just<00:05:22.240> showed<00:05:22.479> right<00:05:22.750> I<00:05:22.930> like<00:05:23.289> the 00:05:23.399 --> 00:05:23.409 align:start position:0% I kind of just showed right I like the 00:05:23.409 --> 00:05:24.869 align:start position:0% I kind of just showed right I like the fact<00:05:23.590> that<00:05:23.710> I<00:05:23.800> think<00:05:24.009> we<00:05:24.069> can<00:05:24.159> get<00:05:24.310> like<00:05:24.460> I<00:05:24.490> mean 00:05:24.869 --> 00:05:24.879 align:start position:0% fact that I think we can get like I mean 00:05:24.879 --> 00:05:27.029 align:start position:0% fact that I think we can get like I mean I'm<00:05:24.939> sure<00:05:25.000> we<00:05:25.240> can<00:05:25.300> get<00:05:25.710> asynchronous<00:05:26.710> safety 00:05:27.029 --> 00:05:27.039 align:start position:0% I'm sure we can get asynchronous safety 00:05:27.039 --> 00:05:29.040 align:start position:0% I'm sure we can get asynchronous safety with<00:05:27.370> any<00:05:27.550> like<00:05:28.000> you<00:05:28.389> know<00:05:28.539> just<00:05:28.810> like<00:05:28.900> pick 00:05:29.040 --> 00:05:29.050 align:start position:0% with any like you know just like pick 00:05:29.050 --> 00:05:30.659 align:start position:0% with any like you know just like pick your<00:05:29.169> fault<00:05:29.349> tolerance<00:05:29.740> threshold<00:05:29.889> with<00:05:30.550> an 00:05:30.659 --> 00:05:30.669 align:start position:0% your fault tolerance threshold with an 00:05:30.669 --> 00:05:34.020 align:start position:0% your fault tolerance threshold with an overhead<00:05:31.030> of<00:05:31.120> nakamoto<00:05:31.479> consensus<00:05:32.759> is<00:05:33.759> I 00:05:34.020 --> 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position:0% kind of want to echo what Alex said that 00:05:41.889 --> 00:05:43.619 align:start position:0% kind of want to echo what Alex said that I<00:05:41.949> think<00:05:42.099> the<00:05:42.310> simplicity<00:05:42.849> of<00:05:43.060> the<00:05:43.180> protocol 00:05:43.619 --> 00:05:43.629 align:start position:0% I think the simplicity of the protocol 00:05:43.629 --> 00:05:45.360 align:start position:0% I think the simplicity of the protocol specification<00:05:44.440> and<00:05:44.680> this<00:05:44.800> is<00:05:44.889> implicitly<00:05:45.280> of 00:05:45.360 --> 00:05:45.370 align:start position:0% specification and this is implicitly of 00:05:45.370 --> 00:05:47.969 align:start position:0% specification and this is implicitly of the<00:05:45.430> proofs<00:05:45.699> is<00:05:46.030> the<00:05:46.870> kind<00:05:47.020> of<00:05:47.050> paramount<00:05:47.500> to 00:05:47.969 --> 00:05:47.979 align:start position:0% the proofs is the kind of paramount to 00:05:47.979 --> 00:05:50.820 align:start position:0% the proofs is the kind of paramount to our<00:05:48.789> like<00:05:49.479> design<00:05:49.719> philosophy<00:05:50.110> or<00:05:50.319> our<00:05:50.530> design 00:05:50.820 --> 00:05:50.830 align:start position:0% our like design philosophy or our design 00:05:50.830 --> 00:05:55.890 align:start position:0% our like design philosophy or our design goal<00:05:53.400> hello<00:05:54.400> I<00:05:54.430> am<00:05:54.639> Peter<00:05:54.940> from<00:05:55.300> priority 00:05:55.890 --> 00:05:55.900 align:start position:0% goal hello I am Peter from priority 00:05:55.900 --> 00:06:01.019 align:start position:0% goal hello I am Peter from priority technologies<00:05:56.650> so<00:05:57.840> at<00:05:59.669> parity<00:06:00.669> we've<00:06:00.819> been 00:06:01.019 --> 00:06:01.029 align:start position:0% technologies so at parity we've been 00:06:01.029 --> 00:06:04.080 align:start position:0% technologies so at parity we've been implementing<00:06:02.610> we've<00:06:03.610> been<00:06:03.759> working<00:06:04.029> on 00:06:04.080 --> 00:06:04.090 align:start position:0% implementing we've been working on 00:06:04.090 --> 00:06:07.170 align:start position:0% implementing we've been working on consensus<00:06:04.719> and<00:06:04.960> on<00:06:05.830> implementation<00:06:06.520> in 00:06:07.170 --> 00:06:07.180 align:start position:0% consensus and on implementation in 00:06:07.180 --> 00:06:09.830 align:start position:0% consensus and on implementation in particular<00:06:07.719> of<00:06:07.930> consensus<00:06:08.500> for<00:06:09.069> a<00:06:09.099> while<00:06:09.310> and 00:06:09.830 --> 00:06:09.840 align:start position:0% particular of consensus for a while and 00:06:09.840 --> 00:06:12.830 align:start position:0% particular of consensus for a while and we<00:06:10.840> kind<00:06:11.080> of<00:06:11.139> taken<00:06:11.440> a<00:06:11.529> step<00:06:12.069> by<00:06:12.219> step<00:06:12.250> approach 00:06:12.830 --> 00:06:12.840 align:start position:0% we kind of taken a step by step approach 00:06:12.840 --> 00:06:15.930 align:start position:0% we kind of taken a step by step approach now<00:06:13.840> it's<00:06:14.319> somewhat<00:06:14.650> converging<00:06:15.190> to<00:06:15.370> a<00:06:15.580> lot<00:06:15.789> of 00:06:15.930 --> 00:06:15.940 align:start position:0% now it's somewhat converging to a lot of 00:06:15.940 --> 00:06:19.350 align:start position:0% now it's somewhat converging to a lot of a<00:06:16.389> lot<00:06:16.629> of<00:06:16.659> research<00:06:17.229> that<00:06:17.440> is<00:06:17.740> coming<00:06:18.610> out<00:06:18.819> but 00:06:19.350 --> 00:06:19.360 align:start position:0% a lot of research that is coming out but 00:06:19.360 --> 00:06:21.809 align:start position:0% a lot of research that is coming out but we<00:06:19.930> started<00:06:20.229> off<00:06:20.500> by<00:06:20.529> separating<00:06:21.460> the 00:06:21.809 --> 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position:0% so when if it might be determined by the 00:06:32.259 --> 00:06:35.399 align:start position:0% so when if it might be determined by the start<00:06:32.860> by<00:06:33.129> their<00:06:33.310> stake<00:06:33.550> or<00:06:33.849> by<00:06:34.089> support<00:06:34.599> of 00:06:35.399 --> 00:06:35.409 align:start position:0% start by their stake or by support of 00:06:35.409 --> 00:06:37.140 align:start position:0% start by their stake or by support of other<00:06:35.680> parties<00:06:36.129> so<00:06:36.339> that<00:06:36.520> would<00:06:36.699> be<00:06:36.819> proof<00:06:37.060> of 00:06:37.140 --> 00:06:37.150 align:start position:0% other parties so that would be proof of 00:06:37.150 --> 00:06:39.869 align:start position:0% other parties so that would be proof of Authority<00:06:37.719> and<00:06:37.990> then<00:06:38.800> the<00:06:39.310> consensus 00:06:39.869 --> 00:06:39.879 align:start position:0% Authority and then the consensus 00:06:39.879 --> 00:06:43.469 align:start position:0% Authority and then the consensus algorithm<00:06:40.180> itself<00:06:40.979> and<00:06:41.979> then<00:06:42.279> we<00:06:43.029> started<00:06:43.360> off 00:06:43.469 --> 00:06:43.479 align:start position:0% algorithm itself and then we started off 00:06:43.479 --> 00:06:46.980 align:start position:0% algorithm itself and then we started off with<00:06:43.690> a<00:06:43.810> very<00:06:44.129> kind<00:06:45.129> of<00:06:45.250> simple<00:06:45.990> consensus 00:06:46.980 --> 00:06:46.990 align:start position:0% with a very kind of simple consensus 00:06:46.990 --> 00:06:50.519 align:start position:0% with a very kind of simple consensus algorithm<00:06:47.319> that<00:06:47.770> was<00:06:47.949> based<00:06:48.430> on<00:06:48.610> a<00:06:49.529> basically 00:06:50.519 --> 00:06:50.529 align:start position:0% algorithm that was based on a basically 00:06:50.529 --> 00:06:54.869 align:start position:0% algorithm that was based on a basically issuing<00:06:51.069> proposals<00:06:51.729> in<00:06:51.940> in<00:06:52.210> around<00:06:52.479> so<00:06:53.699> it<00:06:54.699> is 00:06:54.869 --> 00:06:54.879 align:start position:0% issuing proposals in in around so it is 00:06:54.879 --> 00:06:56.969 align:start position:0% issuing proposals in in around so it is somewhat<00:06:55.210> similar<00:06:55.539> to<00:06:55.779> what<00:06:55.930> what<00:06:56.589> Vlad 00:06:56.969 --> 00:06:56.979 align:start position:0% somewhat similar to what what Vlad 00:06:56.979 --> 00:07:00.269 align:start position:0% somewhat similar to what what Vlad talked<00:06:57.279> about<00:06:58.089> at<00:06:58.270> the<00:06:58.300> end<00:06:58.569> were<00:06:59.279> validators 00:07:00.269 --> 00:07:00.279 align:start position:0% talked about at the end were validators 00:07:00.279 --> 00:07:03.980 align:start position:0% talked about at the end were validators kind<00:07:01.270> of<00:07:01.389> issuer<00:07:01.719> blocks 00:07:03.980 --> 00:07:03.990 align:start position:0% kind of issuer blocks 00:07:03.990 --> 00:07:08.239 align:start position:0% kind of issuer blocks sequentially<00:07:04.990> and<00:07:05.169> then<00:07:06.449> then<00:07:07.449> we<00:07:07.599> added 00:07:08.239 --> 00:07:08.249 align:start position:0% sequentially and then then we added 00:07:08.249 --> 00:07:11.909 align:start position:0% sequentially and then then we added finality<00:07:09.249> so<00:07:09.789> that<00:07:10.089> was<00:07:10.240> basically<00:07:10.599> a<00:07:10.919> module 00:07:11.909 --> 00:07:11.919 align:start position:0% finality so that was basically a module 00:07:11.919 --> 00:07:13.860 align:start position:0% finality so that was basically a module that<00:07:12.069> then<00:07:12.249> looks<00:07:12.819> at<00:07:13.029> the<00:07:13.150> blockchain<00:07:13.659> and 00:07:13.860 --> 00:07:13.870 align:start position:0% that then looks at the blockchain and 00:07:13.870 --> 00:07:15.929 align:start position:0% that then looks at the blockchain and any<00:07:14.169> and<00:07:14.499> any<00:07:14.650> particular<00:07:15.009> point<00:07:15.400> and<00:07:15.669> sees 00:07:15.929 --> 00:07:15.939 align:start position:0% any and any particular point and sees 00:07:15.939 --> 00:07:18.119 align:start position:0% any and any particular point and sees who<00:07:16.479> signed<00:07:16.749> off<00:07:16.930> on<00:07:17.139> on<00:07:17.439> which<00:07:17.620> chain<00:07:17.860> and 00:07:18.119 --> 00:07:18.129 align:start position:0% who signed off on on which chain and 00:07:18.129 --> 00:07:19.860 align:start position:0% who signed off on on which chain and basically<00:07:18.849> if<00:07:19.029> someone<00:07:19.240> signed<00:07:19.569> off<00:07:19.689> on<00:07:19.809> a 00:07:19.860 --> 00:07:19.870 align:start position:0% basically if someone signed off on a 00:07:19.870 --> 00:07:21.719 align:start position:0% basically if someone signed off on a chained<00:07:20.139> and<00:07:20.379> the<00:07:20.949> knot<00:07:21.099> contributes<00:07:21.610> to 00:07:21.719 --> 00:07:21.729 align:start position:0% chained and the knot contributes to 00:07:21.729 --> 00:07:25.649 align:start position:0% chained and the knot contributes to finalizing<00:07:22.210> that<00:07:22.509> particular<00:07:23.020> chain<00:07:23.259> and<00:07:24.659> now 00:07:25.649 --> 00:07:25.659 align:start position:0% finalizing that particular chain and now 00:07:25.659 --> 00:07:30.719 align:start position:0% finalizing that particular chain and now I<00:07:25.689> think<00:07:27.029> we<00:07:28.029> the<00:07:29.020> other<00:07:29.830> things<00:07:30.129> that<00:07:30.370> that 00:07:30.719 --> 00:07:30.729 align:start position:0% I think we the other things that that 00:07:30.729 --> 00:07:33.029 align:start position:0% I think we the other things that that will<00:07:30.939> be<00:07:31.059> interesting<00:07:31.509> is<00:07:31.659> introducing<00:07:32.409> new 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align:start position:0% by releasing blocks but also releasing just<00:07:40.960> simply<00:07:41.319> statements<00:07:42.189> on<00:07:42.309> validity<00:07:42.490> of<00:07:43.449> a 00:07:43.589 --> 00:07:43.599 align:start position:0% just simply statements on validity of a 00:07:43.599 --> 00:07:47.639 align:start position:0% just simply statements on validity of a particular<00:07:44.110> chain<00:07:44.580> act<00:07:45.580> speeding<00:07:46.509> up<00:07:46.659> how<00:07:47.139> how 00:07:47.639 --> 00:07:47.649 align:start position:0% particular chain act speeding up how how 00:07:47.649 --> 00:07:49.260 align:start position:0% particular chain act speeding up how how fast<00:07:47.889> the<00:07:48.009> blocks<00:07:48.249> can<00:07:48.430> be<00:07:48.460> finalized<00:07:49.059> in 00:07:49.260 --> 00:07:49.270 align:start position:0% fast the blocks can be finalized in 00:07:49.270 --> 00:07:51.570 align:start position:0% fast the blocks can be finalized in these<00:07:49.389> types<00:07:49.629> of<00:07:49.779> algorithms<00:07:50.110> and<00:07:50.529> of<00:07:51.370> course 00:07:51.570 --> 00:07:51.580 align:start position:0% these types of algorithms and of course 00:07:51.580 --> 00:07:53.339 align:start position:0% these types of algorithms and of course working<00:07:51.759> more<00:07:52.059> on<00:07:52.120> the<00:07:52.360> validator<00:07:52.779> set<00:07:53.139> so 00:07:53.339 --> 00:07:53.349 align:start position:0% working more on the validator set so 00:07:53.349 --> 00:07:55.559 align:start position:0% working more on the validator set so more<00:07:53.770> working<00:07:54.399> more<00:07:54.550> on<00:07:54.610> the<00:07:54.819> economic<00:07:55.360> side 00:07:55.559 --> 00:07:55.569 align:start position:0% more working more on the economic side 00:07:55.569 --> 00:07:59.219 align:start position:0% more working more on the economic side of<00:07:55.629> those<00:07:56.349> protocols<00:07:56.620> and<00:07:58.080> yeah<00:07:59.080> the 00:07:59.219 --> 00:07:59.229 align:start position:0% of those protocols and yeah the 00:07:59.229 --> 00:08:01.469 align:start position:0% of those protocols and yeah the validator<00:07:59.620> set<00:07:59.919> as<00:08:00.159> are<00:08:00.639> right<00:08:00.999> now<00:08:01.180> they 00:08:01.469 --> 00:08:01.479 align:start position:0% validator set as are right now they 00:08:01.479 --> 00:08:04.350 align:start position:0% validator set as are right now they support<00:08:02.129> providing<00:08:03.129> misbehaviour<00:08:04.059> proofs 00:08:04.350 --> 00:08:04.360 align:start position:0% support providing misbehaviour proofs 00:08:04.360 --> 00:08:06.420 align:start position:0% support providing misbehaviour proofs and<00:08:04.659> those<00:08:04.990> misbehaviour<00:08:05.559> proofs<00:08:05.889> can<00:08:06.069> depend 00:08:06.420 --> 00:08:06.430 align:start position:0% and those misbehaviour proofs can depend 00:08:06.430 --> 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proof happens<00:08:13.930> on<00:08:14.110> chain<00:08:14.430> and<00:08:15.430> then<00:08:16.360> sloshing<00:08:17.080> can 00:08:17.219 --> 00:08:17.229 align:start position:0% happens on chain and then sloshing can 00:08:17.229 --> 00:08:20.279 align:start position:0% happens on chain and then sloshing can be<00:08:17.379> done<00:08:17.529> based<00:08:17.680> on<00:08:17.889> that<00:08:18.899> okay<00:08:19.899> well<00:08:20.080> thank 00:08:20.279 --> 00:08:20.289 align:start position:0% be done based on that okay well thank 00:08:20.289 --> 00:08:21.779 align:start position:0% be done based on that okay well thank you<00:08:20.349> very<00:08:20.409> much<00:08:20.680> for<00:08:20.860> having<00:08:20.949> me<00:08:21.129> here<00:08:21.399> my<00:08:21.610> name 00:08:21.779 --> 00:08:21.789 align:start position:0% you very much for having me here my name 00:08:21.789 --> 00:08:23.670 align:start position:0% you very much for having me here my name is<00:08:21.939> Amin<00:08:22.300> Geun<00:08:22.509> Sarah<00:08:22.779> I'm<00:08:23.020> a<00:08:23.139> professor<00:08:23.469> at 00:08:23.670 --> 00:08:23.680 align:start position:0% is Amin Geun Sarah I'm a professor at 00:08:23.680 --> 00:08:25.589 align:start position:0% is Amin Geun Sarah I'm a professor at Cornell<00:08:23.830> University<00:08:24.060> I'm<00:08:25.060> also<00:08:25.389> a 00:08:25.589 --> 00:08:25.599 align:start position:0% Cornell University I'm also a 00:08:25.599 --> 00:08:27.059 align:start position:0% Cornell University I'm also a co-director<00:08:26.050> at<00:08:26.349> the<00:08:26.469> initiative<00:08:26.889> for 00:08:27.059 --> 00:08:27.069 align:start position:0% co-director at the initiative for 00:08:27.069 --> 00:08:29.839 align:start position:0% co-director at the initiative for cryptocurrencies<00:08:27.580> and<00:08:28.060> smart<00:08:28.240> contracts<00:08:28.719> so 00:08:29.839 --> 00:08:29.849 align:start position:0% cryptocurrencies and smart contracts so 00:08:29.849 --> 00:08:32.399 align:start position:0% cryptocurrencies and smart contracts so there<00:08:30.849> are<00:08:31.060> a<00:08:31.389> couple<00:08:31.629> of<00:08:31.810> things<00:08:32.019> that<00:08:32.110> people 00:08:32.399 --> 00:08:32.409 align:start position:0% there are a couple of things that people 00:08:32.409 --> 00:08:34.230 align:start position:0% there are a couple of things that people should<00:08:32.589> maybe<00:08:33.010> know<00:08:33.250> about<00:08:33.550> me<00:08:33.729> but<00:08:33.880> the<00:08:33.909> most 00:08:34.230 --> 00:08:34.240 align:start position:0% should maybe know about me but the most 00:08:34.240 --> 00:08:37.079 align:start position:0% should maybe know about me but the most important<00:08:34.899> one<00:08:35.519> beyond<00:08:36.519> anything<00:08:36.760> I've<00:08:36.969> done 00:08:37.079 --> 00:08:37.089 align:start position:0% important one beyond anything I've done 00:08:37.089 --> 00:08:39.959 align:start position:0% important one beyond anything I've done in<00:08:37.180> the<00:08:37.269> past<00:08:37.389> like<00:08:37.719> I<00:08:37.870> did<00:08:38.409> play<00:08:39.069> a<00:08:39.099> pretty<00:08:39.459> you 00:08:39.959 --> 00:08:39.969 align:start position:0% in the past like I did play a pretty you 00:08:39.969 --> 00:08:42.000 align:start position:0% in the past like I did play a pretty you know<00:08:40.089> early<00:08:40.569> role<00:08:40.839> in<00:08:41.079> cryptocurrencies<00:08:41.500> and 00:08:42.000 --> 00:08:42.010 align:start position:0% know early role in cryptocurrencies and 00:08:42.010 --> 00:08:45.360 align:start position:0% know early role in cryptocurrencies and something<00:08:42.310> called<00:08:42.430> karma<00:08:42.760> in<00:08:43.419> 2002<00:08:44.290> 2003<00:08:44.980> it 00:08:45.360 --> 00:08:45.370 align:start position:0% something called karma in 2002 2003 it 00:08:45.370 --> 00:08:48.360 align:start position:0% something called karma in 2002 2003 it was<00:08:45.579> one<00:08:45.790> of<00:08:45.819> the<00:08:45.970> first<00:08:46.120> implemented<00:08:47.370> system 00:08:48.360 --> 00:08:48.370 align:start position:0% was one of the first implemented system 00:08:48.370 --> 00:08:52.290 align:start position:0% was one of the first implemented system with<00:08:48.550> a<00:08:48.579> proof-of-work<00:08:49.860> minting<00:08:50.860> in<00:08:50.980> it<00:08:51.300> but 00:08:52.290 --> 00:08:52.300 align:start position:0% with a proof-of-work minting in it but 00:08:52.300 --> 00:08:55.230 align:start position:0% with a proof-of-work minting in it but beyond<00:08:53.199> that<00:08:53.410> so<00:08:54.399> many<00:08:54.519> of<00:08:54.730> you<00:08:54.850> know<00:08:54.970> that<00:08:55.209> I 00:08:55.230 --> 00:08:55.240 align:start position:0% beyond that so many of you know that I 00:08:55.240 --> 00:08:57.569 align:start position:0% beyond that so many of you know that I played<00:08:55.690> a<00:08:55.720> role<00:08:55.959> in<00:08:56.310> anticipating<00:08:57.310> the<00:08:57.430> Dow 00:08:57.569 --> 00:08:57.579 align:start position:0% played a role in anticipating the Dow 00:08:57.579 --> 00:09:00.180 align:start position:0% played a role in anticipating the Dow hack<00:08:57.850> and<00:08:58.029> so<00:08:58.149> forth<00:08:58.389> but<00:08:59.230> the<00:08:59.350> most<00:08:59.589> important 00:09:00.180 --> 00:09:00.190 align:start position:0% hack and so forth but the most important 00:09:00.190 --> 00:09:02.610 align:start position:0% hack and so forth but the most important thing<00:09:00.339> I<00:09:00.490> think<00:09:00.519> is<00:09:00.940> is<00:09:01.449> the<00:09:01.660> following<00:09:01.990> it's 00:09:02.610 --> 00:09:02.620 align:start position:0% thing I think is is the following it's 00:09:02.620 --> 00:09:05.340 align:start position:0% thing I think is is the following it's it's<00:09:02.980> I<00:09:03.069> think<00:09:03.329> why<00:09:04.329> partly<00:09:04.899> why<00:09:05.050> I'm<00:09:05.199> so 00:09:05.340 --> 00:09:05.350 align:start position:0% it's I think why partly why I'm so 00:09:05.350 --> 00:09:06.569 align:start position:0% it's I think why partly why I'm so excited<00:09:05.649> to<00:09:05.769> be<00:09:05.889> here<00:09:06.040> this<00:09:06.190> is<00:09:06.250> a<00:09:06.339> very 00:09:06.569 --> 00:09:06.579 align:start position:0% excited to be here this is a very 00:09:06.579 --> 00:09:08.730 align:start position:0% excited to be here this is a very science<00:09:07.060> driven<00:09:07.240> community<00:09:07.870> and<00:09:08.079> in<00:09:08.529> much<00:09:08.709> of 00:09:08.730 --> 00:09:08.740 align:start position:0% science driven community and in much of 00:09:08.740 --> 00:09:11.490 align:start position:0% science driven community and in much of my<00:09:09.040> work<00:09:09.069> what<00:09:09.610> I<00:09:09.639> really<00:09:10.060> value<00:09:10.420> is<00:09:10.690> science 00:09:11.490 --> 00:09:11.500 align:start position:0% my work what I really value is science 00:09:11.500 --> 00:09:14.429 align:start position:0% my work what I really value is science based<00:09:11.769> design<00:09:12.310> with<00:09:12.819> strong<00:09:13.209> guarantees<00:09:13.750> so 00:09:14.429 --> 00:09:14.439 align:start position:0% based design with strong guarantees so 00:09:14.439 --> 00:09:16.120 align:start position:0% based design with strong guarantees so this<00:09:14.709> is<00:09:14.829> a<00:09:14.860> domain<00:09:15.100> where<00:09:15.579> there<00:09:15.850> are 00:09:16.120 --> 00:09:16.130 align:start position:0% this is a domain where there are 00:09:16.130 --> 00:09:18.000 align:start position:0% this is a domain where there are many<00:09:16.280> many<00:09:16.610> many<00:09:16.850> many<00:09:17.030> reasonable<00:09:17.660> sounding 00:09:18.000 --> 00:09:18.010 align:start position:0% many many many many reasonable sounding 00:09:18.010 --> 00:09:20.110 align:start position:0% many many many many reasonable sounding protocols<00:09:19.010> that<00:09:19.160> anybody<00:09:19.580> could<00:09:19.790> just<00:09:19.820> come 00:09:20.110 --> 00:09:20.120 align:start position:0% protocols that anybody could just come 00:09:20.120 --> 00:09:21.340 align:start position:0% protocols that anybody could just come up<00:09:20.240> with<00:09:20.390> at<00:09:20.510> any<00:09:20.660> one<00:09:20.870> time 00:09:21.340 --> 00:09:21.350 align:start position:0% up with at any one time 00:09:21.350 --> 00:09:23.230 align:start position:0% up with at any one time you<00:09:21.710> know<00:09:21.830> I<00:09:21.860> essentially<00:09:22.430> reach<00:09:22.640> into<00:09:22.910> my<00:09:22.940> gut 00:09:23.230 --> 00:09:23.240 align:start position:0% you know I essentially reach into my gut 00:09:23.240 --> 00:09:25.030 align:start position:0% you know I essentially reach into my gut and<00:09:23.480> I<00:09:23.540> give<00:09:23.750> you<00:09:23.840> something<00:09:24.230> or<00:09:24.380> any<00:09:24.650> sends<00:09:24.950> a 00:09:25.030 --> 00:09:25.040 align:start position:0% and I give you something or any sends a 00:09:25.040 --> 00:09:28.060 align:start position:0% and I give you something or any sends a message<00:09:25.370> to<00:09:25.400> be<00:09:25.700> sends<00:09:26.060> a<00:09:26.120> message<00:09:26.390> to<00:09:26.420> see<00:09:27.070> and 00:09:28.060 --> 00:09:28.070 align:start position:0% message to be sends a message to see and 00:09:28.070 --> 00:09:30.400 align:start position:0% message to be sends a message to see and there's<00:09:28.880> been<00:09:29.090> no<00:09:29.300> shortage<00:09:29.540> of<00:09:29.810> white<00:09:30.020> papers 00:09:30.400 --> 00:09:30.410 align:start position:0% there's been no shortage of white papers 00:09:30.410 --> 00:09:32.200 align:start position:0% there's been no shortage of white papers containing<00:09:30.800> these<00:09:31.040> kinds<00:09:31.370> of<00:09:31.430> what<00:09:31.880> we<00:09:32.000> call 00:09:32.200 --> 00:09:32.210 align:start position:0% containing these kinds of what we call 00:09:32.210 --> 00:09:35.110 align:start position:0% containing these kinds of what we call designed<00:09:32.990> by<00:09:33.170> gut<00:09:33.410> or<00:09:33.680> wishful<00:09:34.610> thinking 00:09:35.110 --> 00:09:35.120 align:start position:0% designed by gut or wishful thinking 00:09:35.120 --> 00:09:37.870 align:start position:0% designed by gut or wishful thinking design<00:09:35.270> or<00:09:35.720> sunny<00:09:35.990> day<00:09:36.200> design<00:09:36.590> and<00:09:36.830> those<00:09:37.730> are 00:09:37.870 --> 00:09:37.880 align:start position:0% design or sunny day design and those are 00:09:37.880 --> 00:09:41.050 align:start position:0% design or sunny day design and those are fine<00:09:38.090> they<00:09:38.870> might<00:09:39.110> work<00:09:39.320> but<00:09:40.310> as<00:09:40.550> we<00:09:40.880> often 00:09:41.050 --> 00:09:41.060 align:start position:0% fine they might work but as we often 00:09:41.060 --> 00:09:43.300 align:start position:0% fine they might work but as we often find<00:09:41.330> out<00:09:41.570> the<00:09:41.810> the<00:09:42.080> devil<00:09:42.680> is<00:09:42.800> in<00:09:42.890> the<00:09:42.980> details 00:09:43.300 --> 00:09:43.310 align:start position:0% find out the the devil is in the details 00:09:43.310 --> 00:09:45.940 align:start position:0% find out the the devil is in the details and<00:09:43.550> what<00:09:44.420> you<00:09:44.570> should<00:09:44.780> all<00:09:44.930> demand<00:09:45.290> as<00:09:45.890> a 00:09:45.940 --> 00:09:45.950 align:start position:0% and what you should all demand as a 00:09:45.950 --> 00:09:49.240 align:start position:0% and what you should all demand as a community<00:09:46.520> our<00:09:46.760> actual<00:09:47.480> hard<00:09:47.750> proofs<00:09:48.250> within 00:09:49.240 --> 00:09:49.250 align:start position:0% community our actual hard proofs within 00:09:49.250 --> 00:09:50.710 align:start position:0% community our actual hard proofs within the<00:09:49.340> absence<00:09:49.700> of<00:09:49.790> those<00:09:49.940> proofs<00:09:50.300> these 00:09:50.710 --> 00:09:50.720 align:start position:0% the absence of those proofs these 00:09:50.720 --> 00:09:54.400 align:start position:0% the absence of those proofs these systems<00:09:51.140> typically<00:09:51.440> tend<00:09:51.740> to<00:09:51.860> falter<00:09:52.370> so<00:09:53.410> in 00:09:54.400 --> 00:09:54.410 align:start position:0% systems typically tend to falter so in 00:09:54.410 --> 00:09:56.560 align:start position:0% systems typically tend to falter so in every<00:09:55.070> answer<00:09:55.310> that<00:09:55.670> I<00:09:55.760> give<00:09:55.910> to<00:09:55.940> any<00:09:56.180> question 00:09:56.560 --> 00:09:56.570 align:start position:0% every answer that I give to any question 00:09:56.570 --> 00:09:58.030 align:start position:0% every answer that I give to any question it's<00:09:56.750> colored<00:09:57.050> by<00:09:57.230> the<00:09:57.290> science<00:09:57.770> driven 00:09:58.030 --> 00:09:58.040 align:start position:0% it's colored by the science driven 00:09:58.040 --> 00:09:59.830 align:start position:0% it's colored by the science driven design<00:09:58.190> I'm<00:09:58.490> very<00:09:59.030> much<00:09:59.240> restricted<00:09:59.720> in<00:09:59.810> what 00:09:59.830 --> 00:09:59.840 align:start position:0% design I'm very much restricted in what 00:09:59.840 --> 00:10:02.830 align:start position:0% design I'm very much restricted in what I<00:09:59.990> can<00:10:00.140> say<00:10:00.440> publicly<00:10:01.070> and<00:10:01.490> privately<00:10:01.840> because 00:10:02.830 --> 00:10:02.840 align:start position:0% I can say publicly and privately because 00:10:02.840 --> 00:10:05.470 align:start position:0% I can say publicly and privately because I<00:10:02.960> know<00:10:03.320> I<00:10:03.560> have<00:10:04.550> to<00:10:04.670> just<00:10:04.880> say<00:10:05.000> things<00:10:05.060> that<00:10:05.300> I 00:10:05.470 --> 00:10:05.480 align:start position:0% I know I have to just say things that I 00:10:05.480 --> 00:10:08.080 align:start position:0% I know I have to just say things that I know<00:10:05.540> to<00:10:05.690> be<00:10:05.780> true<00:10:05.870> that<00:10:06.710> has<00:10:07.460> allowed<00:10:07.820> me<00:10:08.060> to 00:10:08.080 --> 00:10:08.090 align:start position:0% know to be true that has allowed me to 00:10:08.090 --> 00:10:11.530 align:start position:0% know to be true that has allowed me to actually<00:10:08.390> be<00:10:08.540> very<00:10:08.840> correct<00:10:09.650> in<00:10:10.450> you<00:10:11.450> know 00:10:11.530 --> 00:10:11.540 align:start position:0% actually be very correct in you know 00:10:11.540 --> 00:10:13.660 align:start position:0% actually be very correct in you know present<00:10:11.930> in<00:10:12.140> some<00:10:12.320> ways<00:10:12.470> but<00:10:13.160> it<00:10:13.250> also<00:10:13.400> means 00:10:13.660 --> 00:10:13.670 align:start position:0% present in some ways but it also means 00:10:13.670 --> 00:10:16.540 align:start position:0% present in some ways but it also means that<00:10:13.840> that<00:10:14.840> I<00:10:14.930> demand<00:10:15.110> a<00:10:15.350> higher<00:10:15.500> bar<00:10:15.860> for<00:10:15.890> for 00:10:16.540 --> 00:10:16.550 align:start position:0% that that I demand a higher bar for for 00:10:16.550 --> 00:10:19.000 align:start position:0% that that I demand a higher bar for for protocol<00:10:16.910> designs<00:10:17.240> and<00:10:18.080> I<00:10:18.260> hope<00:10:18.440> you<00:10:18.620> will<00:10:18.800> too 00:10:19.000 --> 00:10:19.010 align:start position:0% protocol designs and I hope you will too 00:10:19.010 --> 00:10:22.360 align:start position:0% protocol designs and I hope you will too and<00:10:19.280> I<00:10:20.030> think<00:10:20.300> what<00:10:20.540> we're<00:10:20.720> seeing<00:10:20.960> happen<00:10:21.830> is 00:10:22.360 --> 00:10:22.370 align:start position:0% and I think what we're seeing happen is 00:10:22.370 --> 00:10:24.640 align:start position:0% and I think what we're seeing happen is kasper<00:10:23.270> is<00:10:23.420> gradually<00:10:24.050> getting<00:10:24.140> to<00:10:24.380> the<00:10:24.500> point 00:10:24.640 --> 00:10:24.650 align:start position:0% kasper is gradually getting to the point 00:10:24.650 --> 00:10:26.440 align:start position:0% kasper is gradually getting to the point where<00:10:24.920> it's<00:10:25.130> actually<00:10:25.280> beginning<00:10:26.090> to<00:10:26.270> reach 00:10:26.440 --> 00:10:26.450 align:start position:0% where it's actually beginning to reach 00:10:26.450 --> 00:10:28.810 align:start position:0% where it's actually beginning to reach that<00:10:26.690> far<00:10:26.930> and<00:10:27.230> we're<00:10:28.100> finally<00:10:28.310> getting<00:10:28.730> to 00:10:28.810 --> 00:10:28.820 align:start position:0% that far and we're finally getting to 00:10:28.820 --> 00:10:30.040 align:start position:0% that far and we're finally getting to the<00:10:28.910> point<00:10:29.060> where<00:10:29.300> we<00:10:29.420> understand<00:10:29.900> the 00:10:30.040 --> 00:10:30.050 align:start position:0% the point where we understand the 00:10:30.050 --> 00:10:32.530 align:start position:0% the point where we understand the workings<00:10:30.650> of<00:10:30.740> the<00:10:30.800> protocol<00:10:31.130> better<00:10:31.460> and<00:10:31.730> we 00:10:32.530 --> 00:10:32.540 align:start position:0% workings of the protocol better and we 00:10:32.540 --> 00:10:38.800 align:start position:0% workings of the protocol better and we will<00:10:32.720> hopefully<00:10:33.080> soon<00:10:33.440> have<00:10:34.010> something<00:10:37.810> thank 00:10:38.800 --> 00:10:38.810 align:start position:0% will hopefully soon have something thank 00:10:38.810 --> 00:10:40.390 align:start position:0% will hopefully soon have something thank you<00:10:38.900> so<00:10:39.080> much<00:10:39.290> for<00:10:39.440> the<00:10:39.530> excellent<00:10:39.650> statements 00:10:40.390 --> 00:10:40.400 align:start position:0% you so much for the excellent statements 00:10:40.400 --> 00:10:42.460 align:start position:0% you so much for the excellent statements and<00:10:40.580> I'm<00:10:41.180> going<00:10:41.390> to<00:10:41.510> begin<00:10:41.660> by<00:10:41.810> asking<00:10:42.110> a 00:10:42.460 --> 00:10:42.470 align:start position:0% and I'm going to begin by asking a 00:10:42.470 --> 00:10:44.950 align:start position:0% and I'm going to begin by asking a couple<00:10:42.620> questions<00:10:42.890> and<00:10:43.390> if<00:10:44.390> you<00:10:44.570> would<00:10:44.780> like 00:10:44.950 --> 00:10:44.960 align:start position:0% couple questions and if you would like 00:10:44.960 --> 00:10:46.930 align:start position:0% couple questions and if you would like to<00:10:45.110> ask<00:10:45.290> a<00:10:45.500> question<00:10:45.620> I'm<00:10:46.100> going<00:10:46.310> to<00:10:46.520> ask<00:10:46.700> you 00:10:46.930 --> 00:10:46.940 align:start position:0% to ask a question I'm going to ask you 00:10:46.940 --> 00:10:48.940 align:start position:0% to ask a question I'm going to ask you to<00:10:47.150> maybe<00:10:47.300> move<00:10:47.660> to<00:10:47.690> the<00:10:47.990> front<00:10:48.140> and<00:10:48.590> at<00:10:48.920> the 00:10:48.940 --> 00:10:48.950 align:start position:0% to maybe move to the front and at the 00:10:48.950 --> 00:10:52.660 align:start position:0% to maybe move to the front and at the yellow<00:10:49.340> line<00:10:49.580> and<00:10:49.790> then<00:10:50.590> me<00:10:51.590> will<00:10:51.920> be<00:10:52.220> able<00:10:52.400> to 00:10:52.660 --> 00:10:52.670 align:start position:0% yellow line and then me will be able to 00:10:52.670 --> 00:10:56.860 align:start position:0% yellow line and then me will be able to and<00:10:53.060> pass<00:10:53.630> you<00:10:53.780> the<00:10:54.020> mic<00:10:54.460> okay<00:10:55.460> so<00:10:55.970> my<00:10:56.570> first 00:10:56.860 --> 00:10:56.870 align:start position:0% and pass you the mic okay so my first 00:10:56.870 --> 00:11:00.250 align:start position:0% and pass you the mic okay so my first question<00:10:57.080> is<00:10:57.770> regarding<00:10:58.570> the<00:10:59.570> debate<00:10:59.990> which 00:11:00.250 --> 00:11:00.260 align:start position:0% question is regarding the debate which 00:11:00.260 --> 00:11:01.840 align:start position:0% question is regarding the debate which improve<00:11:00.620> our<00:11:00.770> work<00:11:00.950> and<00:11:01.160> proof<00:11:01.400> of<00:11:01.520> stake 00:11:01.840 --> 00:11:01.850 align:start position:0% improve our work and proof of stake 00:11:01.850 --> 00:11:03.640 align:start position:0% improve our work and proof of stake right<00:11:02.210> so<00:11:02.360> we<00:11:02.510> all<00:11:02.630> know<00:11:02.840> proof<00:11:03.110> of<00:11:03.230> work<00:11:03.470> is 00:11:03.640 --> 00:11:03.650 align:start position:0% right so we all know proof of work is 00:11:03.650 --> 00:11:06.010 align:start position:0% right so we all know proof of work is probably<00:11:04.160> in<00:11:04.280> the<00:11:04.370> longer<00:11:04.640> term<00:11:04.670> not<00:11:05.570> what<00:11:05.840> we 00:11:06.010 --> 00:11:06.020 align:start position:0% probably in the longer term not what we 00:11:06.020 --> 00:11:08.290 align:start position:0% probably in the longer term not what we want<00:11:06.260> because<00:11:07.100> of<00:11:07.460> the<00:11:07.610> enormous<00:11:07.910> energy 00:11:08.290 --> 00:11:08.300 align:start position:0% want because of the enormous energy 00:11:08.300 --> 00:11:10.750 align:start position:0% want because of the enormous energy waste<00:11:09.040> but<00:11:10.040> there<00:11:10.190> have<00:11:10.340> been<00:11:10.370> a<00:11:10.520> lot<00:11:10.730> of 00:11:10.750 --> 00:11:10.760 align:start position:0% waste but there have been a lot of 00:11:10.760 --> 00:11:13.750 align:start position:0% waste but there have been a lot of debate<00:11:11.060> in<00:11:11.420> the<00:11:11.450> community<00:11:12.020> about<00:11:12.890> the 00:11:13.750 --> 00:11:13.760 align:start position:0% debate in the community about the 00:11:13.760 --> 00:11:16.210 align:start position:0% debate in the community about the security<00:11:14.210> of<00:11:14.750> proof<00:11:15.230> of<00:11:15.410> work<00:11:15.620> versus<00:11:16.100> the 00:11:16.210 --> 00:11:16.220 align:start position:0% security of proof of work versus the 00:11:16.220 --> 00:11:18.460 align:start position:0% security of proof of work versus the security<00:11:16.640> of<00:11:16.670> proof<00:11:16.910> of<00:11:17.090> stake<00:11:17.540> you<00:11:18.140> know<00:11:18.260> some 00:11:18.460 --> 00:11:18.470 align:start position:0% security of proof of stake you know some 00:11:18.470 --> 00:11:20.080 align:start position:0% security of proof of stake you know some argue<00:11:18.830> proof<00:11:19.070> of<00:11:19.190> work<00:11:19.340> is<00:11:19.520> more<00:11:19.700> secure 00:11:20.080 --> 00:11:20.090 align:start position:0% argue proof of work is more secure 00:11:20.090 --> 00:11:21.670 align:start position:0% argue proof of work is more secure others<00:11:20.420> argue<00:11:20.630> proof<00:11:20.960> of<00:11:21.080> stake<00:11:21.320> is<00:11:21.500> more 00:11:21.670 --> 00:11:21.680 align:start position:0% others argue proof of stake is more 00:11:21.680 --> 00:11:25.690 align:start position:0% others argue proof of stake is more secure<00:11:22.090> so<00:11:23.090> for<00:11:23.300> aetherium<00:11:23.780> for<00:11:24.020> instance<00:11:24.320> one 00:11:25.690 --> 00:11:25.700 align:start position:0% secure so for aetherium for instance one 00:11:25.700 --> 00:11:27.860 align:start position:0% secure so for aetherium for instance one reason<00:11:26.700> why<00:11:26.820> you<00:11:26.880> guys<00:11:27.150> start<00:11:27.390> moving<00:11:27.690> to 00:11:27.860 --> 00:11:27.870 align:start position:0% reason why you guys start moving to 00:11:27.870 --> 00:11:30.200 align:start position:0% reason why you guys start moving to proof<00:11:28.680> of<00:11:28.860> steak<00:11:29.160> I<00:11:29.340> mean<00:11:29.490> obviously<00:11:29.610> other 00:11:30.200 --> 00:11:30.210 align:start position:0% proof of steak I mean obviously other 00:11:30.210 --> 00:11:32.390 align:start position:0% proof of steak I mean obviously other other<00:11:30.960> than<00:11:31.200> the<00:11:31.410> the<00:11:31.590> energy<00:11:31.740> waste<00:11:32.160> you're 00:11:32.390 --> 00:11:32.400 align:start position:0% other than the the energy waste you're 00:11:32.400 --> 00:11:33.860 align:start position:0% other than the the energy waste you're also<00:11:32.580> you<00:11:32.790> also<00:11:32.940> want<00:11:33.150> to<00:11:33.180> have<00:11:33.270> an<00:11:33.510> incentive 00:11:33.860 --> 00:11:33.870 align:start position:0% also you also want to have an incentive 00:11:33.870 --> 00:11:37.370 align:start position:0% also you also want to have an incentive compatible<00:11:34.470> protocol<00:11:35.180> but<00:11:36.180> I<00:11:36.540> wonder<00:11:37.230> what 00:11:37.370 --> 00:11:37.380 align:start position:0% compatible protocol but I wonder what 00:11:37.380 --> 00:11:39.440 align:start position:0% compatible protocol but I wonder what you<00:11:37.530> guys<00:11:37.560> think<00:11:38.370> of<00:11:38.580> this<00:11:38.760> question<00:11:38.970> like<00:11:39.330> the 00:11:39.440 --> 00:11:39.450 align:start position:0% you guys think of this question like the 00:11:39.450 --> 00:11:41.150 align:start position:0% you guys think of this question like the security<00:11:39.870> of<00:11:39.900> proof<00:11:40.350> of<00:11:40.470> work<00:11:40.590> versus<00:11:40.980> proof 00:11:41.150 --> 00:11:41.160 align:start position:0% security of proof of work versus proof 00:11:41.160 --> 00:11:44.330 align:start position:0% security of proof of work versus proof of<00:11:41.310> steak<00:11:41.580> in<00:11:42.060> particular<00:11:42.890> imagine<00:11:43.890> I'm<00:11:44.040> not<00:11:44.070> a 00:11:44.330 --> 00:11:44.340 align:start position:0% of steak in particular imagine I'm not a 00:11:44.340 --> 00:11:45.320 align:start position:0% of steak in particular imagine I'm not a rational<00:11:44.700> player 00:11:45.320 --> 00:11:45.330 align:start position:0% rational player 00:11:45.330 --> 00:11:46.940 align:start position:0% rational player I<00:11:45.480> just<00:11:45.690> want<00:11:45.870> to<00:11:45.960> attack<00:11:46.290> the<00:11:46.440> system<00:11:46.620> and 00:11:46.940 --> 00:11:46.950 align:start position:0% I just want to attack the system and 00:11:46.950 --> 00:11:49.220 align:start position:0% I just want to attack the system and break<00:11:47.160> the<00:11:47.310> consistency<00:11:48.030> do<00:11:48.690> you<00:11:48.780> think<00:11:49.050> like 00:11:49.220 --> 00:11:49.230 align:start position:0% break the consistency do you think like 00:11:49.230 --> 00:11:50.810 align:start position:0% break the consistency do you think like the<00:11:49.350> proof<00:11:49.560> of<00:11:49.710> steak<00:11:49.980> approach<00:11:50.370> actually 00:11:50.810 --> 00:11:50.820 align:start position:0% the proof of steak approach actually 00:11:50.820 --> 00:11:57.560 align:start position:0% the proof of steak approach actually increases<00:11:51.420> the<00:11:51.570> cost<00:11:51.780> of<00:11:52.020> such<00:11:52.200> an<00:11:52.320> attack<00:11:56.570> so 00:11:57.560 --> 00:11:57.570 align:start position:0% increases the cost of such an attack so 00:11:57.570 --> 00:11:59.180 align:start position:0% increases the cost of such an attack so firstly<00:11:57.960> I<00:11:58.080> would<00:11:58.410> say<00:11:58.500> like<00:11:58.620> okay<00:11:58.800> proof<00:11:59.100> of 00:11:59.180 --> 00:11:59.190 align:start position:0% firstly I would say like okay proof of 00:11:59.190 --> 00:12:01.720 align:start position:0% firstly I would say like okay proof of work<00:11:59.370> is<00:11:59.580> not<00:11:59.820> a<00:11:59.880> synchronously<00:12:00.480> safe<00:12:00.780> right 00:12:01.720 --> 00:12:01.730 align:start position:0% work is not a synchronously safe right 00:12:01.730 --> 00:12:04.310 align:start position:0% work is not a synchronously safe right and<00:12:02.730> that's<00:12:02.880> one<00:12:02.970> of<00:12:03.060> the<00:12:03.120> main<00:12:03.320> differences 00:12:04.310 --> 00:12:04.320 align:start position:0% and that's one of the main differences 00:12:04.320 --> 00:12:05.900 align:start position:0% and that's one of the main differences actually<00:12:04.710> between<00:12:04.860> proofs<00:12:05.100> taken<00:12:05.340> before<00:12:05.610> is 00:12:05.900 --> 00:12:05.910 align:start position:0% actually between proofs taken before is 00:12:05.910 --> 00:12:08.900 align:start position:0% actually between proofs taken before is a<00:12:06.950> improve<00:12:07.950> steak<00:12:08.190> you<00:12:08.310> can<00:12:08.340> actually<00:12:08.730> achieve 00:12:08.900 --> 00:12:08.910 align:start position:0% a improve steak you can actually achieve 00:12:08.910 --> 00:12:11.270 align:start position:0% a improve steak you can actually achieve like<00:12:09.330> finality<00:12:10.200> right<00:12:10.470> and<00:12:10.980> like<00:12:11.130> actually 00:12:11.270 --> 00:12:11.280 align:start position:0% like finality right and like actually 00:12:11.280 --> 00:12:13.520 align:start position:0% like finality right and like actually decisions<00:12:12.150> that<00:12:12.420> are<00:12:12.570> not<00:12:12.930> be<00:12:13.080> reverted<00:12:13.410> and 00:12:13.520 --> 00:12:13.530 align:start position:0% decisions that are not be reverted and 00:12:13.530 --> 00:12:16.040 align:start position:0% decisions that are not be reverted and that<00:12:14.130> are<00:12:14.220> safe<00:12:14.430> in<00:12:14.610> acing<00:12:15.150> cream<00:12:15.330> I<00:12:15.630> think 00:12:16.040 --> 00:12:16.050 align:start position:0% that are safe in acing cream I think 00:12:16.050 --> 00:12:18.230 align:start position:0% that are safe in acing cream I think like<00:12:16.320> that<00:12:16.470> increases<00:12:17.100> security<00:12:17.310> a<00:12:17.520> lot<00:12:17.670> and<00:12:17.940> I 00:12:18.230 --> 00:12:18.240 align:start position:0% like that increases security a lot and I 00:12:18.240 --> 00:12:21.560 align:start position:0% like that increases security a lot and I think<00:12:18.420> that<00:12:18.570> in<00:12:19.140> terms<00:12:19.410> of<00:12:19.590> the<00:12:20.040> the<00:12:20.970> damage 00:12:21.560 --> 00:12:21.570 align:start position:0% think that in terms of the the damage 00:12:21.570 --> 00:12:23.090 align:start position:0% think that in terms of the the damage that<00:12:21.630> an<00:12:21.780> attack<00:12:22.080> could<00:12:22.230> do<00:12:22.410> the<00:12:22.770> fact<00:12:23.010> that 00:12:23.090 --> 00:12:23.100 align:start position:0% that an attack could do the fact that 00:12:23.100 --> 00:12:24.680 align:start position:0% that an attack could do the fact that blocks<00:12:23.370> can't<00:12:23.640> be<00:12:23.730> reverted<00:12:24.210> arbitrarily 00:12:24.680 --> 00:12:24.690 align:start position:0% blocks can't be reverted arbitrarily 00:12:24.690 --> 00:12:27.290 align:start position:0% blocks can't be reverted arbitrarily really<00:12:25.470> mitigates<00:12:25.920> that<00:12:26.040> and<00:12:26.400> then<00:12:26.820> and<00:12:27.120> then 00:12:27.290 --> 00:12:27.300 align:start position:0% really mitigates that and then and then 00:12:27.300 --> 00:12:30.260 align:start position:0% really mitigates that and then and then additionally<00:12:27.930> the<00:12:28.380> fact<00:12:28.620> that<00:12:28.710> when<00:12:29.100> they<00:12:29.400> do 00:12:30.260 --> 00:12:30.270 align:start position:0% additionally the fact that when they do 00:12:30.270 --> 00:12:32.390 align:start position:0% additionally the fact that when they do when<00:12:30.690> the<00:12:30.780> safety<00:12:31.140> failure<00:12:31.380> does<00:12:31.590> happen<00:12:31.980> the 00:12:32.390 --> 00:12:32.400 align:start position:0% when the safety failure does happen the 00:12:32.400 --> 00:12:34.430 align:start position:0% when the safety failure does happen the faults<00:12:32.700> are<00:12:32.760> attributable<00:12:33.210> and<00:12:33.600> the<00:12:34.110> knows 00:12:34.430 --> 00:12:34.440 align:start position:0% faults are attributable and the knows 00:12:34.440 --> 00:12:36.590 align:start position:0% faults are attributable and the knows who<00:12:34.590> attack<00:12:34.860> can<00:12:35.130> lose<00:12:35.310> money<00:12:35.490> means<00:12:36.210> that<00:12:36.450> the 00:12:36.590 --> 00:12:36.600 align:start position:0% who attack can lose money means that the 00:12:36.600 --> 00:12:38.030 align:start position:0% who attack can lose money means that the knows<00:12:36.780> who<00:12:36.990> are<00:12:37.050> attacking<00:12:37.350> can<00:12:37.680> operate<00:12:38.010> a 00:12:38.030 --> 00:12:38.040 align:start position:0% knows who are attacking can operate a 00:12:38.040 --> 00:12:40.400 align:start position:0% knows who are attacking can operate a will<00:12:38.370> operate<00:12:38.580> at<00:12:38.760> a<00:12:38.820> higher<00:12:39.030> cost<00:12:39.140> the<00:12:40.140> nodes 00:12:40.400 --> 00:12:40.410 align:start position:0% will operate at a higher cost the nodes 00:12:40.410 --> 00:12:42.470 align:start position:0% will operate at a higher cost the nodes who<00:12:40.920> are<00:12:40.980> not<00:12:41.190> attacking<00:12:41.490> which<00:12:41.910> is<00:12:42.000> like<00:12:42.240> not 00:12:42.470 --> 00:12:42.480 align:start position:0% who are not attacking which is like not 00:12:42.480 --> 00:12:43.820 align:start position:0% who are not attacking which is like not a<00:12:42.510> cannot<00:12:42.840> the<00:12:42.930> case<00:12:43.050> improve<00:12:43.410> works<00:12:43.620> I<00:12:43.800> think 00:12:43.820 --> 00:12:43.830 align:start position:0% a cannot the case improve works I think 00:12:43.830 --> 00:12:47.480 align:start position:0% a cannot the case improve works I think you<00:12:44.670> know<00:12:44.870> for<00:12:45.870> those<00:12:45.960> reasons<00:12:46.290> and<00:12:46.350> more<00:12:46.620> like 00:12:47.480 --> 00:12:47.490 align:start position:0% you know for those reasons and more like 00:12:47.490 --> 00:12:49.430 align:start position:0% you know for those reasons and more like proof<00:12:47.640> steak<00:12:47.820> is<00:12:47.970> like<00:12:48.120> gonna<00:12:48.810> be<00:12:48.990> more 00:12:49.430 --> 00:12:49.440 align:start position:0% proof steak is like gonna be more 00:12:49.440 --> 00:12:51.560 align:start position:0% proof steak is like gonna be more expensive<00:12:49.740> to<00:12:49.890> attack<00:12:50.280> and<00:12:50.550> your<00:12:51.360> attacks 00:12:51.560 --> 00:12:51.570 align:start position:0% expensive to attack and your attacks 00:12:51.570 --> 00:12:55.280 align:start position:0% expensive to attack and your attacks gonna<00:12:51.690> be<00:12:51.810> more<00:12:52.050> limited<00:12:52.940> yeah<00:12:53.940> so<00:12:54.240> let's<00:12:54.990> say 00:12:55.280 --> 00:12:55.290 align:start position:0% gonna be more limited yeah so let's say 00:12:55.290 --> 00:12:58.610 align:start position:0% gonna be more limited yeah so let's say that<00:12:55.760> you<00:12:56.760> are<00:12:56.970> just<00:12:57.960> to<00:12:58.050> be<00:12:58.080> politically 00:12:58.610 --> 00:12:58.620 align:start position:0% that you are just to be politically 00:12:58.620 --> 00:12:59.810 align:start position:0% that you are just to be politically neutral<00:12:58.650> the<00:12:59.130> government<00:12:59.520> of<00:12:59.610> the<00:12:59.700> Democratic 00:12:59.810 --> 00:12:59.820 align:start position:0% neutral the government of the Democratic 00:12:59.820 --> 00:13:03.320 align:start position:0% neutral the government of the Democratic People's<00:13:00.330> Republic<00:13:00.540> of<00:13:00.990> Korea<00:13:01.050> and<00:13:02.030> you<00:13:03.030> want 00:13:03.320 --> 00:13:03.330 align:start position:0% People's Republic of Korea and you want 00:13:03.330 --> 00:13:06.830 align:start position:0% People's Republic of Korea and you want to<00:13:03.720> just<00:13:04.610> basically<00:13:05.610> take<00:13:05.940> to<00:13:06.120> destroy<00:13:06.540> a 00:13:06.830 --> 00:13:06.840 align:start position:0% to just basically take to destroy a 00:13:06.840 --> 00:13:08.810 align:start position:0% to just basically take to destroy a proof<00:13:07.170> of<00:13:07.260> work<00:13:07.380> watching<00:13:07.890> right<00:13:08.340> so<00:13:08.550> what<00:13:08.730> do 00:13:08.810 --> 00:13:08.820 align:start position:0% proof of work watching right so what do 00:13:08.820 --> 00:13:11.630 align:start position:0% proof of work watching right so what do you<00:13:08.910> do<00:13:09.060> step<00:13:09.960> one<00:13:10.170> but<00:13:10.680> one<00:13:11.040> you<00:13:11.430> know<00:13:11.490> we 00:13:11.630 --> 00:13:11.640 align:start position:0% you do step one but one you know we 00:13:11.640 --> 00:13:13.280 align:start position:0% you do step one but one you know we could<00:13:11.850> just<00:13:12.030> imagine<00:13:12.240> a<00:13:12.510> very<00:13:12.630> full<00:13:12.930> direct 00:13:13.280 --> 00:13:13.290 align:start position:0% could just imagine a very full direct 00:13:13.290 --> 00:13:15.590 align:start position:0% could just imagine a very full direct attack<00:13:13.590> right<00:13:13.830> so<00:13:14.070> you<00:13:14.130> would<00:13:14.460> get<00:13:15.150> a<00:13:15.210> billion 00:13:15.590 --> 00:13:15.600 align:start position:0% attack right so you would get a billion 00:13:15.600 --> 00:13:18.050 align:start position:0% attack right so you would get a billion dollars<00:13:15.900> and<00:13:16.140> you<00:13:16.980> know<00:13:17.100> okay<00:13:17.250> fine<00:13:17.700> some<00:13:17.970> of 00:13:18.050 --> 00:13:18.060 align:start position:0% dollars and you know okay fine some of 00:13:18.060 --> 00:13:19.460 align:start position:0% dollars and you know okay fine some of your<00:13:18.180> people<00:13:18.330> can<00:13:18.450> go<00:13:18.720> without<00:13:18.960> food<00:13:19.020> but<00:13:19.380> you 00:13:19.460 --> 00:13:19.470 align:start position:0% your people can go without food but you 00:13:19.470 --> 00:13:21.260 align:start position:0% your people can go without food but you get<00:13:19.620> a<00:13:19.650> billion<00:13:19.980> dollars<00:13:20.310> and<00:13:20.880> you<00:13:21.090> buy<00:13:21.240> a 00:13:21.260 --> 00:13:21.270 align:start position:0% get a billion dollars and you buy a 00:13:21.270 --> 00:13:24.260 align:start position:0% get a billion dollars and you buy a whole<00:13:21.540> bunch<00:13:21.720> of<00:13:21.810> a<00:13:21.930> six<00:13:22.230> and<00:13:22.880> then<00:13:23.880> you<00:13:24.090> just 00:13:24.260 --> 00:13:24.270 align:start position:0% whole bunch of a six and then you just 00:13:24.270 --> 00:13:26.480 align:start position:0% whole bunch of a six and then you just launch<00:13:24.450> a<00:13:24.570> 51%<00:13:24.930> attack<00:13:25.230> on<00:13:25.560> the<00:13:25.650> network<00:13:25.920> now 00:13:26.480 --> 00:13:26.490 align:start position:0% launch a 51% attack on the network now 00:13:26.490 --> 00:13:29.000 align:start position:0% launch a 51% attack on the network now what<00:13:27.180> it<00:13:27.420> would<00:13:27.870> are<00:13:28.170> the<00:13:28.320> developers<00:13:28.740> going 00:13:29.000 --> 00:13:29.010 align:start position:0% what it would are the developers going 00:13:29.010 --> 00:13:30.470 align:start position:0% what it would are the developers going to<00:13:29.100> do<00:13:29.220> in<00:13:29.310> response<00:13:29.460> well<00:13:29.970> they<00:13:30.060> have<00:13:30.180> exactly 00:13:30.470 --> 00:13:30.480 align:start position:0% to do in response well they have exactly 00:13:30.480 --> 00:13:32.630 align:start position:0% to do in response well they have exactly one<00:13:30.810> strategy<00:13:31.110> which<00:13:31.560> has<00:13:31.590> changed<00:13:32.010> the 00:13:32.630 --> 00:13:32.640 align:start position:0% one strategy which has changed the 00:13:32.640 --> 00:13:34.340 align:start position:0% one strategy which has changed the proof-of-work<00:13:32.970> algorithm<00:13:33.600> so<00:13:34.080> let's<00:13:34.230> say 00:13:34.340 --> 00:13:34.350 align:start position:0% proof-of-work algorithm so let's say 00:13:34.350 --> 00:13:36.410 align:start position:0% proof-of-work algorithm so let's say they<00:13:34.470> do<00:13:34.530> that<00:13:34.740> right<00:13:35.070> so<00:13:35.220> what<00:13:35.370> happens<00:13:35.730> this 00:13:36.410 --> 00:13:36.420 align:start position:0% they do that right so what happens this 00:13:36.420 --> 00:13:38.360 align:start position:0% they do that right so what happens this is<00:13:36.570> basically<00:13:36.960> kind<00:13:37.140> of<00:13:37.260> literally<00:13:37.980> the<00:13:38.190> best 00:13:38.360 --> 00:13:38.370 align:start position:0% is basically kind of literally the best 00:13:38.370 --> 00:13:39.170 align:start position:0% is basically kind of literally the best possible<00:13:38.850> care 00:13:39.170 --> 00:13:39.180 align:start position:0% possible care 00:13:39.180 --> 00:13:41.180 align:start position:0% possible care because<00:13:39.660> if<00:13:39.780> you<00:13:39.870> don't<00:13:40.020> do<00:13:40.260> that<00:13:40.410> then<00:13:41.040> they 00:13:41.180 --> 00:13:41.190 align:start position:0% because if you don't do that then they 00:13:41.190 --> 00:13:42.740 align:start position:0% because if you don't do that then they can<00:13:41.310> do<00:13:41.490> what's<00:13:41.670> called<00:13:41.730> a<00:13:41.940> spawn<00:13:42.180> camp<00:13:42.450> attack 00:13:42.740 --> 00:13:42.750 align:start position:0% can do what's called a spawn camp attack 00:13:42.750 --> 00:13:44.150 align:start position:0% can do what's called a spawn camp attack which<00:13:43.020> is<00:13:43.170> basically<00:13:43.500> they<00:13:43.650> just<00:13:43.860> keep<00:13:44.040> on 00:13:44.150 --> 00:13:44.160 align:start position:0% which is basically they just keep on 00:13:44.160 --> 00:13:45.380 align:start position:0% which is basically they just keep on attacking<00:13:44.280> over<00:13:44.670> and<00:13:44.880> over<00:13:45.030> again<00:13:45.120> and<00:13:45.300> they 00:13:45.380 --> 00:13:45.390 align:start position:0% attacking over and over again and they 00:13:45.390 --> 00:13:47.500 align:start position:0% attacking over and over again and they make<00:13:45.540> your<00:13:45.660> chain<00:13:45.840> permanently<00:13:46.350> useless<00:13:46.740> so 00:13:47.500 --> 00:13:47.510 align:start position:0% make your chain permanently useless so 00:13:47.510 --> 00:13:50.120 align:start position:0% make your chain permanently useless so you<00:13:48.510> changed<00:13:48.840> probe<00:13:49.080> work<00:13:49.260> algorithm<00:13:49.830> which 00:13:50.120 --> 00:13:50.130 align:start position:0% you changed probe work algorithm which 00:13:50.130 --> 00:13:52.040 align:start position:0% you changed probe work algorithm which means<00:13:50.340> the<00:13:50.490> Asics<00:13:50.880> become<00:13:51.150> useless<00:13:51.390> which 00:13:52.040 --> 00:13:52.050 align:start position:0% means the Asics become useless which 00:13:52.050 --> 00:13:54.230 align:start position:0% means the Asics become useless which means<00:13:52.290> that<00:13:52.620> you<00:13:52.920> know<00:13:52.980> the<00:13:53.190> attacker<00:13:53.880> has 00:13:54.230 --> 00:13:54.240 align:start position:0% means that you know the attacker has 00:13:54.240 --> 00:13:57.080 align:start position:0% means that you know the attacker has lost<00:13:54.810> a<00:13:54.960> billion<00:13:55.110> dollars<00:13:55.560> but<00:13:56.220> all<00:13:56.580> of<00:13:56.940> the 00:13:57.080 --> 00:13:57.090 align:start position:0% lost a billion dollars but all of the 00:13:57.090 --> 00:13:58.910 align:start position:0% lost a billion dollars but all of the good<00:13:57.300> guy<00:13:57.450> miners<00:13:57.840> lost<00:13:58.200> all<00:13:58.410> of<00:13:58.650> their<00:13:58.860> money 00:13:58.910 --> 00:13:58.920 align:start position:0% good guy miners lost all of their money 00:13:58.920 --> 00:14:01.280 align:start position:0% good guy miners lost all of their money as<00:13:59.250> well<00:13:59.460> right<00:14:00.030> so<00:14:00.210> that's<00:14:00.360> one<00:14:00.810> area<00:14:01.080> where 00:14:01.280 --> 00:14:01.290 align:start position:0% as well right so that's one area where 00:14:01.290 --> 00:14:03.170 align:start position:0% as well right so that's one area where like<00:14:02.040> proof-of-work<00:14:02.400> already<00:14:02.850> started 00:14:03.170 --> 00:14:03.180 align:start position:0% like proof-of-work already started 00:14:03.180 --> 00:14:04.640 align:start position:0% like proof-of-work already started social<00:14:03.420> weakness<00:14:03.780> because<00:14:03.960> it<00:14:04.230> means<00:14:04.380> that<00:14:04.530> if 00:14:04.640 --> 00:14:04.650 align:start position:0% social weakness because it means that if 00:14:04.650 --> 00:14:06.440 align:start position:0% social weakness because it means that if an<00:14:04.890> attack<00:14:05.160> is<00:14:05.310> going<00:14:05.460> to<00:14:05.610> happen<00:14:05.910> then 00:14:06.440 --> 00:14:06.450 align:start position:0% an attack is going to happen then 00:14:06.450 --> 00:14:08.150 align:start position:0% an attack is going to happen then there's<00:14:06.690> actually<00:14:07.110> fairly<00:14:07.500> little<00:14:07.770> incentive 00:14:08.150 --> 00:14:08.160 align:start position:0% there's actually fairly little incentive 00:14:08.160 --> 00:14:10.910 align:start position:0% there's actually fairly little incentive to<00:14:08.550> be<00:14:08.760> on<00:14:09.030> the<00:14:09.540> attack<00:14:09.630> on<00:14:10.170> the<00:14:10.320> non<00:14:10.440> attacking 00:14:10.910 --> 00:14:10.920 align:start position:0% to be on the attack on the non attacking 00:14:10.920 --> 00:14:12.830 align:start position:0% to be on the attack on the non attacking side<00:14:11.130> versus<00:14:11.610> being<00:14:11.880> on<00:14:12.060> the<00:14:12.180> attacking<00:14:12.480> side 00:14:12.830 --> 00:14:12.840 align:start position:0% side versus being on the attacking side 00:14:12.840 --> 00:14:16.100 align:start position:0% side versus being on the attacking side so<00:14:13.530> then<00:14:13.680> okay<00:14:13.800> it's<00:14:14.400> down<00:14:14.610> at<00:14:14.760> GPUs<00:14:15.150> now<00:14:15.780> let's 00:14:16.100 --> 00:14:16.110 align:start position:0% so then okay it's down at GPUs now let's 00:14:16.110 --> 00:14:17.750 align:start position:0% so then okay it's down at GPUs now let's say<00:14:16.260> you<00:14:16.320> get<00:14:16.560> another<00:14:16.740> billion<00:14:17.130> dollars<00:14:17.160> and 00:14:17.750 --> 00:14:17.760 align:start position:0% say you get another billion dollars and 00:14:17.760 --> 00:14:19.850 align:start position:0% say you get another billion dollars and you<00:14:18.330> basically<00:14:18.510> corner<00:14:18.990> the<00:14:19.110> market<00:14:19.410> on<00:14:19.470> GPUs 00:14:19.850 --> 00:14:19.860 align:start position:0% you basically corner the market on GPUs 00:14:19.860 --> 00:14:22.700 align:start position:0% you basically corner the market on GPUs well<00:14:20.640> what<00:14:21.240> is<00:14:21.360> okay<00:14:21.690> you<00:14:21.990> do<00:14:22.200> you<00:14:22.530> launch 00:14:22.700 --> 00:14:22.710 align:start position:0% well what is okay you do you launch 00:14:22.710 --> 00:14:25.700 align:start position:0% well what is okay you do you launch another<00:14:22.950> 51%<00:14:23.760> attack<00:14:23.790> now<00:14:24.540> this<00:14:24.870> time<00:14:25.110> GPUs 00:14:25.700 --> 00:14:25.710 align:start position:0% another 51% attack now this time GPUs 00:14:25.710 --> 00:14:28.310 align:start position:0% another 51% attack now this time GPUs are<00:14:25.920> general<00:14:26.310> purpose<00:14:26.430> hardware<00:14:26.880> and<00:14:27.270> so<00:14:27.810> the 00:14:28.310 --> 00:14:28.320 align:start position:0% are general purpose hardware and so the 00:14:28.320 --> 00:14:30.110 align:start position:0% are general purpose hardware and so the developers<00:14:28.800> have<00:14:29.040> no<00:14:29.280> other<00:14:29.490> counter<00:14:29.940> move 00:14:30.110 --> 00:14:30.120 align:start position:0% developers have no other counter move 00:14:30.120 --> 00:14:32.060 align:start position:0% developers have no other counter move right<00:14:30.480> basically<00:14:31.140> step<00:14:31.500> three<00:14:31.680> of<00:14:31.710> the<00:14:31.890> game 00:14:32.060 --> 00:14:32.070 align:start position:0% right basically step three of the game 00:14:32.070 --> 00:14:33.680 align:start position:0% right basically step three of the game and<00:14:32.340> that's<00:14:32.490> game<00:14:32.670> over<00:14:32.730> you<00:14:33.150> know<00:14:33.240> if<00:14:33.360> you<00:14:33.510> can 00:14:33.680 --> 00:14:33.690 align:start position:0% and that's game over you know if you can 00:14:33.690 --> 00:14:37.520 align:start position:0% and that's game over you know if you can just<00:14:33.900> you<00:14:33.960> know<00:14:34.260> the<00:14:35.570> you<00:14:36.570> know<00:14:36.660> the<00:14:36.870> North 00:14:37.520 --> 00:14:37.530 align:start position:0% just you know the you know the North 00:14:37.530 --> 00:14:39.200 align:start position:0% just you know the you know the North Korean<00:14:37.950> government<00:14:37.980> can<00:14:38.550> just<00:14:38.730> keep<00:14:38.880> on<00:14:39.000> you 00:14:39.200 --> 00:14:39.210 align:start position:0% Korean government can just keep on you 00:14:39.210 --> 00:14:41.000 align:start position:0% Korean government can just keep on you know<00:14:39.240> doing<00:14:39.630> a<00:14:39.690> spawn<00:14:39.960> camping<00:14:40.410> can<00:14:40.650> keep<00:14:40.830> on 00:14:41.000 --> 00:14:41.010 align:start position:0% know doing a spawn camping can keep on 00:14:41.010 --> 00:14:43.190 align:start position:0% know doing a spawn camping can keep on the<00:14:41.220> sensoring<00:14:41.640> transactions<00:14:42.300> doing<00:14:42.510> 51% 00:14:43.190 --> 00:14:43.200 align:start position:0% the sensoring transactions doing 51% 00:14:43.200 --> 00:14:44.750 align:start position:0% the sensoring transactions doing 51% attacks<00:14:43.470> you<00:14:44.010> cannot<00:14:44.310> change<00:14:44.550> the 00:14:44.750 --> 00:14:44.760 align:start position:0% attacks you cannot change the 00:14:44.760 --> 00:14:46.430 align:start position:0% attacks you cannot change the proof-of-work<00:14:45.090> algorithm<00:14:45.660> again<00:14:45.870> because<00:14:46.260> if 00:14:46.430 --> 00:14:46.440 align:start position:0% proof-of-work algorithm again because if 00:14:46.440 --> 00:14:48.290 align:start position:0% proof-of-work algorithm again because if you<00:14:46.530> change<00:14:46.710> it<00:14:46.890> again<00:14:47.040> then<00:14:47.760> while<00:14:48.060> for<00:14:48.240> the 00:14:48.290 --> 00:14:48.300 align:start position:0% you change it again then while for the 00:14:48.300 --> 00:14:50.090 align:start position:0% you change it again then while for the new<00:14:48.420> algorithm<00:14:48.690> GPUs<00:14:49.350> are<00:14:49.500> going<00:14:49.650> to<00:14:49.710> work<00:14:49.860> for 00:14:50.090 --> 00:14:50.100 align:start position:0% new algorithm GPUs are going to work for 00:14:50.100 --> 00:14:54.830 align:start position:0% new algorithm GPUs are going to work for it<00:14:50.190> as<00:14:50.280> well<00:14:50.430> so<00:14:51.710> this<00:14:52.710> kind<00:14:53.190> of<00:14:53.310> puts<00:14:53.510> an<00:14:54.510> upper 00:14:54.830 --> 00:14:54.840 align:start position:0% it as well so this kind of puts an upper 00:14:54.840 --> 00:14:56.390 align:start position:0% it as well so this kind of puts an upper balance<00:14:55.230> on<00:14:55.350> basically<00:14:55.770> the<00:14:55.980> amount<00:14:56.280> of 00:14:56.390 --> 00:14:56.400 align:start position:0% balance on basically the amount of 00:14:56.400 --> 00:14:58.040 align:start position:0% balance on basically the amount of damage<00:14:56.820> that<00:14:56.850> a<00:14:57.060> proof-of-work<00:14:57.420> chain<00:14:57.840> can 00:14:58.040 --> 00:14:58.050 align:start position:0% damage that a proof-of-work chain can 00:14:58.050 --> 00:15:00.620 align:start position:0% damage that a proof-of-work chain can take<00:14:58.400> which<00:14:59.400> basically<00:14:59.760> means<00:15:00.120> that<00:15:00.300> a 00:15:00.620 --> 00:15:00.630 align:start position:0% take which basically means that a 00:15:00.630 --> 00:15:02.780 align:start position:0% take which basically means that a proof-of-work<00:15:01.260> chain<00:15:01.740> has<00:15:02.040> in<00:15:02.310> order<00:15:02.490> to 00:15:02.780 --> 00:15:02.790 align:start position:0% proof-of-work chain has in order to 00:15:02.790 --> 00:15:05.390 align:start position:0% proof-of-work chain has in order to survive<00:15:03.270> has<00:15:04.020> to<00:15:04.260> make<00:15:04.440> this<00:15:04.620> cost<00:15:04.920> of<00:15:05.130> attack 00:15:05.390 --> 00:15:05.400 align:start position:0% survive has to make this cost of attack 00:15:05.400 --> 00:15:07.400 align:start position:0% survive has to make this cost of attack very<00:15:05.730> high<00:15:06.000> which<00:15:06.330> is<00:15:06.480> basically<00:15:06.930> this<00:15:07.170> kind 00:15:07.400 --> 00:15:07.410 align:start position:0% very high which is basically this kind 00:15:07.410 --> 00:15:09.980 align:start position:0% very high which is basically this kind of<00:15:07.530> doctrine<00:15:08.400> of<00:15:08.700> you<00:15:09.000> know<00:15:09.120> like<00:15:09.240> survival 00:15:09.980 --> 00:15:09.990 align:start position:0% of doctrine of you know like survival 00:15:09.990 --> 00:15:11.360 align:start position:0% of doctrine of you know like survival through<00:15:10.200> the<00:15:10.320> through<00:15:10.590> domination<00:15:11.280> and 00:15:11.360 --> 00:15:11.370 align:start position:0% through the through domination and 00:15:11.370 --> 00:15:13.550 align:start position:0% through the through domination and massive<00:15:11.700> hash<00:15:11.850> power<00:15:12.090> now<00:15:12.930> let's<00:15:13.170> do<00:15:13.290> look<00:15:13.440> at 00:15:13.550 --> 00:15:13.560 align:start position:0% massive hash power now let's do look at 00:15:13.560 --> 00:15:16.520 align:start position:0% massive hash power now let's do look at proof<00:15:13.740> of<00:15:13.830> stake<00:15:14.070> okay<00:15:14.940> so<00:15:15.570> you<00:15:15.990> know<00:15:16.110> uncle 00:15:16.520 --> 00:15:16.530 align:start position:0% proof of stake okay so you know uncle 00:15:16.530 --> 00:15:18.170 align:start position:0% proof of stake okay so you know uncle Kim<00:15:16.740> buys<00:15:16.950> up<00:15:17.160> a<00:15:17.250> hundred<00:15:17.340> million<00:15:17.790> dollars<00:15:18.030> of 00:15:18.170 --> 00:15:18.180 align:start position:0% Kim buys up a hundred million dollars of 00:15:18.180 --> 00:15:21.530 align:start position:0% Kim buys up a hundred million dollars of ether<00:15:18.450> then<00:15:19.290> you<00:15:19.890> know<00:15:19.980> it<00:15:20.100> doesn't<00:15:20.490> okay<00:15:20.820> fine 00:15:21.530 --> 00:15:21.540 align:start position:0% ether then you know it doesn't okay fine 00:15:21.540 --> 00:15:25.490 align:start position:0% ether then you know it doesn't okay fine you<00:15:21.840> know<00:15:21.990> BFT<00:15:22.890> 33<00:15:23.460> 34<00:15:24.150> percent<00:15:24.510> balance<00:15:24.900> so 00:15:25.490 --> 00:15:25.500 align:start position:0% you know BFT 33 34 percent balance so 00:15:25.500 --> 00:15:27.050 align:start position:0% you know BFT 33 34 percent balance so you<00:15:25.530> can<00:15:25.770> definitely<00:15:25.920> launch<00:15:26.520> a<00:15:26.610> 34<00:15:27.030> percent 00:15:27.050 --> 00:15:27.060 align:start position:0% you can definitely launch a 34 percent 00:15:27.060 --> 00:15:30.170 align:start position:0% you can definitely launch a 34 percent attack<00:15:27.630> or<00:15:27.840> a<00:15:27.870> 51%<00:15:28.260> attack<00:15:28.620> so<00:15:29.460> okay 00:15:30.170 --> 00:15:30.180 align:start position:0% attack or a 51% attack so okay 00:15:30.180 --> 00:15:33.350 align:start position:0% attack or a 51% attack so okay you<00:15:30.420> launch<00:15:30.660> an<00:15:30.750> attack<00:15:30.870> and<00:15:31.790> let's<00:15:32.790> say<00:15:33.030> this 00:15:33.350 --> 00:15:33.360 align:start position:0% you launch an attack and let's say this 00:15:33.360 --> 00:15:34.970 align:start position:0% you launch an attack and let's say this breaks<00:15:33.630> finality<00:15:34.200> or<00:15:34.380> this<00:15:34.620> sense<00:15:34.830> there's 00:15:34.970 --> 00:15:34.980 align:start position:0% breaks finality or this sense there's 00:15:34.980 --> 00:15:37.490 align:start position:0% breaks finality or this sense there's transactions<00:15:35.550> for<00:15:35.700> a<00:15:35.760> while<00:15:35.940> well<00:15:36.480> guess<00:15:37.320> what 00:15:37.490 --> 00:15:37.500 align:start position:0% transactions for a while well guess what 00:15:37.500 --> 00:15:39.770 align:start position:0% transactions for a while well guess what the<00:15:37.920> economics<00:15:38.520> of<00:15:38.640> Casper<00:15:39.060> are<00:15:39.180> designed<00:15:39.570> in 00:15:39.770 --> 00:15:39.780 align:start position:0% the economics of Casper are designed in 00:15:39.780 --> 00:15:41.570 align:start position:0% the economics of Casper are designed in such<00:15:39.930> a<00:15:39.990> way<00:15:40.230> that<00:15:40.260> if<00:15:40.560> you<00:15:40.680> do<00:15:40.860> this<00:15:41.010> then 00:15:41.570 --> 00:15:41.580 align:start position:0% such a way that if you do this then 00:15:41.580 --> 00:15:44.210 align:start position:0% such a way that if you do this then worst<00:15:42.420> comes<00:15:42.690> to<00:15:42.750> worst<00:15:42.870> the<00:15:43.530> community<00:15:44.040> can 00:15:44.210 --> 00:15:44.220 align:start position:0% worst comes to worst the community can 00:15:44.220 --> 00:15:46.100 align:start position:0% worst comes to worst the community can coordinate<00:15:44.490> a<00:15:44.670> hard<00:15:44.880> fork<00:15:45.150> so<00:15:45.720> this<00:15:45.960> is<00:15:46.080> a 00:15:46.100 --> 00:15:46.110 align:start position:0% coordinate a hard fork so this is a 00:15:46.110 --> 00:15:48.260 align:start position:0% coordinate a hard fork so this is a totally<00:15:46.500> legitimate<00:15:46.800> move<00:15:47.130> because<00:15:47.640> you<00:15:48.180> know 00:15:48.260 --> 00:15:48.270 align:start position:0% totally legitimate move because you know 00:15:48.270 --> 00:15:49.760 align:start position:0% totally legitimate move because you know even<00:15:48.540> the<00:15:48.720> proof-of-work<00:15:49.020> people<00:15:49.500> agree<00:15:49.740> that 00:15:49.760 --> 00:15:49.770 align:start position:0% even the proof-of-work people agree that 00:15:49.770 --> 00:15:50.990 align:start position:0% even the proof-of-work people agree that changing<00:15:50.250> the<00:15:50.400> proof<00:15:50.520> of<00:15:50.610> work<00:15:50.760> is<00:15:50.970> a 00:15:50.990 --> 00:15:51.000 align:start position:0% changing the proof of work is a 00:15:51.000 --> 00:15:52.090 align:start position:0% changing the proof of work is a legitimate<00:15:51.480> move<00:15:51.630> to<00:15:51.780> count 00:15:52.090 --> 00:15:52.100 align:start position:0% legitimate move to count 00:15:52.100 --> 00:15:54.699 align:start position:0% legitimate move to count 51%<00:15:52.519> attack<00:15:52.880> and<00:15:53.449> that's<00:15:53.899> also<00:15:54.139> a<00:15:54.290> hard<00:15:54.470> fork 00:15:54.699 --> 00:15:54.709 align:start position:0% 51% attack and that's also a hard fork 00:15:54.709 --> 00:15:56.439 align:start position:0% 51% attack and that's also a hard fork so<00:15:55.130> the<00:15:55.250> community<00:15:55.670> that's<00:15:55.819> a<00:15:55.880> hard<00:15:56.060> fork<00:15:56.300> to 00:15:56.439 --> 00:15:56.449 align:start position:0% so the community that's a hard fork to 00:15:56.449 --> 00:15:58.540 align:start position:0% so the community that's a hard fork to hard<00:15:56.630> fork<00:15:56.839> away<00:15:57.079> from<00:15:57.230> the<00:15:57.350> attack<00:15:57.649> now<00:15:58.459> the 00:15:58.540 --> 00:15:58.550 align:start position:0% hard fork away from the attack now the 00:15:58.550 --> 00:16:00.550 align:start position:0% hard fork away from the attack now the difference<00:15:59.060> here<00:15:59.389> is<00:15:59.420> first<00:15:59.839> of<00:15:59.990> all<00:16:00.110> the 00:16:00.550 --> 00:16:00.560 align:start position:0% difference here is first of all the 00:16:00.560 --> 00:16:02.680 align:start position:0% difference here is first of all the attacker<00:16:00.860> actually<00:16:01.370> does<00:16:01.850> who<00:16:02.149> is<00:16:02.269> most<00:16:02.509> or 00:16:02.680 --> 00:16:02.690 align:start position:0% attacker actually does who is most or 00:16:02.690 --> 00:16:04.030 align:start position:0% attacker actually does who is most or all<00:16:02.720> they're<00:16:02.930> all<00:16:02.959> or<00:16:03.259> all<00:16:03.440> of<00:16:03.470> the<00:16:03.680> money<00:16:03.860> they 00:16:04.030 --> 00:16:04.040 align:start position:0% all they're all or all of the money they 00:16:04.040 --> 00:16:07.210 align:start position:0% all they're all or all of the money they used<00:16:04.220> to<00:16:04.370> attack<00:16:04.699> and<00:16:04.940> second<00:16:05.860> anyone<00:16:06.860> who<00:16:07.069> did 00:16:07.210 --> 00:16:07.220 align:start position:0% used to attack and second anyone who did 00:16:07.220 --> 00:16:09.220 align:start position:0% used to attack and second anyone who did not<00:16:07.370> participate<00:16:07.730> in<00:16:08.000> the<00:16:08.209> attack<00:16:08.509> does<00:16:09.050> not 00:16:09.220 --> 00:16:09.230 align:start position:0% not participate in the attack does not 00:16:09.230 --> 00:16:11.980 align:start position:0% not participate in the attack does not lose<00:16:09.440> any<00:16:09.680> money<00:16:09.860> so<00:16:10.699> okay<00:16:11.180> step<00:16:11.600> two<00:16:11.750> of<00:16:11.779> the 00:16:11.980 --> 00:16:11.990 align:start position:0% lose any money so okay step two of the 00:16:11.990 --> 00:16:14.050 align:start position:0% lose any money so okay step two of the game<00:16:12.170> basically<00:16:13.040> three<00:16:13.579> days<00:16:13.730> of<00:16:13.910> chaos 00:16:14.050 --> 00:16:14.060 align:start position:0% game basically three days of chaos 00:16:14.060 --> 00:16:15.759 align:start position:0% game basically three days of chaos happened<00:16:14.569> the<00:16:14.660> community<00:16:15.079> recovers<00:16:15.529> there's 00:16:15.759 --> 00:16:15.769 align:start position:0% happened the community recovers there's 00:16:15.769 --> 00:16:17.800 align:start position:0% happened the community recovers there's a<00:16:15.829> hard<00:16:16.040> Fork<00:16:16.339> well<00:16:16.880> okay<00:16:17.209> buy<00:16:17.420> up<00:16:17.600> another 00:16:17.800 --> 00:16:17.810 align:start position:0% a hard Fork well okay buy up another 00:16:17.810 --> 00:16:19.090 align:start position:0% a hard Fork well okay buy up another hundred<00:16:17.990> million<00:16:18.350> dollars<00:16:18.680> do<00:16:18.860> another 00:16:19.090 --> 00:16:19.100 align:start position:0% hundred million dollars do another 00:16:19.100 --> 00:16:21.100 align:start position:0% hundred million dollars do another attack<00:16:19.430> okay<00:16:20.389> three<00:16:20.630> days<00:16:20.779> of<00:16:20.959> chaos 00:16:21.100 --> 00:16:21.110 align:start position:0% attack okay three days of chaos 00:16:21.110 --> 00:16:23.290 align:start position:0% attack okay three days of chaos community<00:16:21.709> recovers<00:16:22.130> do<00:16:22.579> you<00:16:22.639> another<00:16:22.819> buy<00:16:23.180> up 00:16:23.290 --> 00:16:23.300 align:start position:0% community recovers do you another buy up 00:16:23.300 --> 00:16:24.639 align:start position:0% community recovers do you another buy up another<00:16:23.509> hundred<00:16:23.720> million<00:16:24.079> dollars<00:16:24.319> of<00:16:24.440> ether 00:16:24.639 --> 00:16:24.649 align:start position:0% another hundred million dollars of ether 00:16:24.649 --> 00:16:26.800 align:start position:0% another hundred million dollars of ether do<00:16:24.800> another<00:16:24.980> attack<00:16:25.370> well<00:16:26.000> soon<00:16:26.300> enough<00:16:26.420> the 00:16:26.800 --> 00:16:26.810 align:start position:0% do another attack well soon enough the 00:16:26.810 --> 00:16:28.269 align:start position:0% do another attack well soon enough the community<00:16:27.230> is<00:16:27.319> going<00:16:27.529> to<00:16:27.589> realize<00:16:27.980> that<00:16:28.160> this 00:16:28.269 --> 00:16:28.279 align:start position:0% community is going to realize that this 00:16:28.279 --> 00:16:31.240 align:start position:0% community is going to realize that this is<00:16:28.430> what's<00:16:28.610> happening<00:16:29.029> eventually<00:16:30.069> uncle<00:16:31.069> Kim 00:16:31.240 --> 00:16:31.250 align:start position:0% is what's happening eventually uncle Kim 00:16:31.250 --> 00:16:32.860 align:start position:0% is what's happening eventually uncle Kim is<00:16:31.370> going<00:16:31.519> to<00:16:31.639> run<00:16:31.790> out<00:16:31.910> of<00:16:31.940> money<00:16:32.180> and<00:16:32.420> so 00:16:32.860 --> 00:16:32.870 align:start position:0% is going to run out of money and so 00:16:32.870 --> 00:16:34.509 align:start position:0% is going to run out of money and so they're<00:16:33.050> just<00:16:33.259> going<00:16:33.410> to<00:16:33.560> sit<00:16:33.740> quietly<00:16:33.980> and 00:16:34.509 --> 00:16:34.519 align:start position:0% they're just going to sit quietly and 00:16:34.519 --> 00:16:36.340 align:start position:0% they're just going to sit quietly and people<00:16:35.269> are<00:16:35.360> going<00:16:35.540> to<00:16:35.630> start<00:16:35.870> buying<00:16:36.110> up 00:16:36.340 --> 00:16:36.350 align:start position:0% people are going to start buying up 00:16:36.350 --> 00:16:38.019 align:start position:0% people are going to start buying up ether<00:16:36.680> and<00:16:37.100> each<00:16:37.310> and<00:16:37.519> every<00:16:37.699> one<00:16:37.850> of<00:16:37.880> these 00:16:38.019 --> 00:16:38.029 align:start position:0% ether and each and every one of these 00:16:38.029 --> 00:16:39.819 align:start position:0% ether and each and every one of these attacks<00:16:38.240> is<00:16:38.660> going<00:16:38.870> to<00:16:38.959> keep<00:16:39.139> increasing<00:16:39.350> the 00:16:39.819 --> 00:16:39.829 align:start position:0% attacks is going to keep increasing the 00:16:39.829 --> 00:16:42.490 align:start position:0% attacks is going to keep increasing the price<00:16:40.009> of<00:16:40.160> ether<00:16:40.490> because<00:16:41.060> it's<00:16:42.019> basically 00:16:42.490 --> 00:16:42.500 align:start position:0% price of ether because it's basically 00:16:42.500 --> 00:16:44.410 align:start position:0% price of ether because it's basically taking<00:16:42.949> 100<00:16:43.279> million<00:16:43.550> dollars<00:16:43.819> of<00:16:43.970> ether<00:16:44.240> off 00:16:44.410 --> 00:16:44.420 align:start position:0% taking 100 million dollars of ether off 00:16:44.420 --> 00:16:46.059 align:start position:0% taking 100 million dollars of ether off the<00:16:44.540> market<00:16:44.870> each<00:16:45.019> time<00:16:45.259> and<00:16:45.620> permanently 00:16:46.059 --> 00:16:46.069 align:start position:0% the market each time and permanently 00:16:46.069 --> 00:16:48.670 align:start position:0% the market each time and permanently destroying<00:16:46.490> it<00:16:46.699> so<00:16:47.079> eventually<00:16:48.079> you<00:16:48.470> run<00:16:48.589> out 00:16:48.670 --> 00:16:48.680 align:start position:0% destroying it so eventually you run out 00:16:48.680 --> 00:16:50.769 align:start position:0% destroying it so eventually you run out of<00:16:48.829> money<00:16:48.980> and<00:16:49.310> the<00:16:49.399> community<00:16:49.819> wins<00:16:50.029> right<00:16:50.600> so 00:16:50.769 --> 00:16:50.779 align:start position:0% of money and the community wins right so 00:16:50.779 --> 00:16:53.439 align:start position:0% of money and the community wins right so this<00:16:50.899> is<00:16:50.959> kind<00:16:51.290> of<00:16:51.949> basically<00:16:52.550> the<00:16:52.670> moral<00:16:53.300> of 00:16:53.439 --> 00:16:53.449 align:start position:0% this is kind of basically the moral of 00:16:53.449 --> 00:16:56.110 align:start position:0% this is kind of basically the moral of the<00:16:53.569> story<00:16:53.600> is<00:16:53.899> that<00:16:54.079> because<00:16:54.769> in<00:16:55.610> proof<00:16:56.000> of 00:16:56.110 --> 00:16:56.120 align:start position:0% the story is that because in proof of 00:16:56.120 --> 00:16:58.740 align:start position:0% the story is that because in proof of stake<00:16:56.420> thus<00:16:56.810> taking<00:16:57.350> coins<00:16:57.589> are<00:16:57.829> defined<00:16:58.279> in 00:16:58.740 --> 00:16:58.750 align:start position:0% stake thus taking coins are defined in 00:16:58.750 --> 00:17:01.420 align:start position:0% stake thus taking coins are defined in the<00:16:59.750> assets<00:17:00.139> used<00:17:00.350> to<00:17:00.500> stake<00:17:00.769> are<00:17:00.980> defined 00:17:01.420 --> 00:17:01.430 align:start position:0% the assets used to stake are defined 00:17:01.430 --> 00:17:04.149 align:start position:0% the assets used to stake are defined inside<00:17:01.759> the<00:17:02.240> system<00:17:02.660> the<00:17:03.319> results<00:17:03.769> basically 00:17:04.149 --> 00:17:04.159 align:start position:0% inside the system the results basically 00:17:04.159 --> 00:17:05.980 align:start position:0% inside the system the results basically is<00:17:04.309> that<00:17:04.339> you<00:17:04.549> can<00:17:04.850> make<00:17:05.089> these<00:17:05.270> rules<00:17:05.659> that 00:17:05.980 --> 00:17:05.990 align:start position:0% is that you can make these rules that 00:17:05.990 --> 00:17:08.289 align:start position:0% is that you can make these rules that yeah<00:17:06.799> a<00:17:06.829> huge<00:17:07.339> amount<00:17:07.549> of<00:17:07.640> flexibility<00:17:08.179> to 00:17:08.289 --> 00:17:08.299 align:start position:0% yeah a huge amount of flexibility to 00:17:08.299 --> 00:17:10.149 align:start position:0% yeah a huge amount of flexibility to make<00:17:08.449> these<00:17:08.600> rules<00:17:08.929> that<00:17:09.169> are<00:17:09.350> basically 00:17:10.149 --> 00:17:10.159 align:start position:0% make these rules that are basically 00:17:10.159 --> 00:17:12.130 align:start position:0% make these rules that are basically extremely<00:17:10.850> lopsided<00:17:11.480> in<00:17:11.539> the<00:17:11.689> defenders 00:17:12.130 --> 00:17:12.140 align:start position:0% extremely lopsided in the defenders 00:17:12.140 --> 00:17:14.860 align:start position:0% extremely lopsided in the defenders favor<00:17:12.350> and<00:17:12.699> that<00:17:13.699> basically<00:17:14.120> means<00:17:14.419> that<00:17:14.569> no 00:17:14.860 --> 00:17:14.870 align:start position:0% favor and that basically means that no 00:17:14.870 --> 00:17:17.230 align:start position:0% favor and that basically means that no if<00:17:15.289> but<00:17:15.709> if<00:17:16.010> the<00:17:16.280> attacker<00:17:16.579> has<00:17:16.850> some<00:17:17.059> amount 00:17:17.230 --> 00:17:17.240 align:start position:0% if but if the attacker has some amount 00:17:17.240 --> 00:17:19.659 align:start position:0% if but if the attacker has some amount of<00:17:17.360> money<00:17:17.569> then<00:17:17.959> they<00:17:18.589> can<00:17:18.890> basically<00:17:19.130> break 00:17:19.659 --> 00:17:19.669 align:start position:0% of money then they can basically break 00:17:19.669 --> 00:17:21.340 align:start position:0% of money then they can basically break the<00:17:19.819> system<00:17:20.000> maximum<00:17:20.630> a<00:17:20.750> limited<00:17:21.079> amount<00:17:21.289> of 00:17:21.340 --> 00:17:21.350 align:start position:0% the system maximum a limited amount of 00:17:21.350 --> 00:17:23.470 align:start position:0% the system maximum a limited amount of times<00:17:21.589> now<00:17:22.220> one<00:17:22.490> really<00:17:22.760> nice<00:17:22.909> goal<00:17:23.179> for<00:17:23.390> this 00:17:23.470 --> 00:17:23.480 align:start position:0% times now one really nice goal for this 00:17:23.480 --> 00:17:25.510 align:start position:0% times now one really nice goal for this is<00:17:23.689> of<00:17:23.809> course<00:17:23.959> to<00:17:24.230> see<00:17:24.829> if<00:17:24.890> we<00:17:25.010> can<00:17:25.159> actually 00:17:25.510 --> 00:17:25.520 align:start position:0% is of course to see if we can actually 00:17:25.520 --> 00:17:26.890 align:start position:0% is of course to see if we can actually formally<00:17:25.970> prove<00:17:26.209> you<00:17:26.539> know<00:17:26.659> what's<00:17:26.780> the 00:17:26.890 --> 00:17:26.900 align:start position:0% formally prove you know what's the 00:17:26.900 --> 00:17:28.810 align:start position:0% formally prove you know what's the balance<00:17:27.260> on<00:17:27.380> amount<00:17:28.159> of<00:17:28.280> money<00:17:28.459> you<00:17:28.640> have 00:17:28.810 --> 00:17:28.820 align:start position:0% balance on amount of money you have 00:17:28.820 --> 00:17:30.760 align:start position:0% balance on amount of money you have divided<00:17:29.330> by<00:17:29.450> the<00:17:29.510> number<00:17:30.080> of<00:17:30.289> times<00:17:30.500> you<00:17:30.650> can 00:17:30.760 --> 00:17:30.770 align:start position:0% divided by the number of times you can 00:17:30.770 --> 00:17:32.770 align:start position:0% divided by the number of times you can break<00:17:30.950> you<00:17:31.159> can<00:17:31.400> force<00:17:32.120> the<00:17:32.270> community<00:17:32.720> to 00:17:32.770 --> 00:17:32.780 align:start position:0% break you can force the community to 00:17:32.780 --> 00:17:34.210 align:start position:0% break you can force the community to hard<00:17:32.990> fork<00:17:33.200> which<00:17:33.440> would<00:17:33.650> by<00:17:33.770> itself<00:17:34.010> be<00:17:34.190> a 00:17:34.210 --> 00:17:34.220 align:start position:0% hard fork which would by itself be a 00:17:34.220 --> 00:17:36.070 align:start position:0% hard fork which would by itself be a very<00:17:34.400> interesting<00:17:34.669> challenge<00:17:35.059> but<00:17:35.419> we 00:17:36.070 --> 00:17:36.080 align:start position:0% very interesting challenge but we 00:17:36.080 --> 00:17:39.640 align:start position:0% very interesting challenge but we stopping<00:17:36.440> itself<00:17:36.740> shows<00:17:36.919> the<00:17:37.100> asymmetry<00:17:38.650> so 00:17:39.640 --> 00:17:39.650 align:start position:0% stopping itself shows the asymmetry so 00:17:39.650 --> 00:17:44.020 align:start position:0% stopping itself shows the asymmetry so to<00:17:40.640> pile<00:17:41.090> on<00:17:41.360> the<00:17:41.659> both<00:17:42.409> blood<00:17:42.770> and<00:17:42.830> the<00:17:43.669> Telex 00:17:44.020 --> 00:17:44.030 align:start position:0% to pile on the both blood and the Telex 00:17:44.030 --> 00:17:45.909 align:start position:0% to pile on the both blood and the Telex responses<00:17:44.600> I<00:17:44.750> think<00:17:45.200> what's<00:17:45.320> going<00:17:45.470> on<00:17:45.650> here 00:17:45.909 --> 00:17:45.919 align:start position:0% responses I think what's going on here 00:17:45.919 --> 00:17:48.070 align:start position:0% responses I think what's going on here is<00:17:46.070> fairly<00:17:46.549> straightforward<00:17:46.940> with<00:17:47.659> proof<00:17:47.929> of 00:17:48.070 --> 00:17:48.080 align:start position:0% is fairly straightforward with proof of 00:17:48.080 --> 00:17:50.169 align:start position:0% is fairly straightforward with proof of work<00:17:48.350> we're<00:17:48.679> at<00:17:48.830> the<00:17:48.980> mercy<00:17:49.190> of<00:17:49.429> hardware 00:17:50.169 --> 00:17:50.179 align:start position:0% work we're at the mercy of hardware 00:17:50.179 --> 00:17:52.870 align:start position:0% work we're at the mercy of hardware trends<00:17:50.600> that's<00:17:51.200> that's<00:17:51.740> it<00:17:51.980> we're<00:17:52.340> the 00:17:52.870 --> 00:17:52.880 align:start position:0% trends that's that's it we're the 00:17:52.880 --> 00:17:54.730 align:start position:0% trends that's that's it we're the control<00:17:53.360> of<00:17:53.390> the<00:17:53.690> security<00:17:53.870> of<00:17:54.169> the<00:17:54.260> system<00:17:54.470> is 00:17:54.730 --> 00:17:54.740 align:start position:0% control of the security of the system is 00:17:54.740 --> 00:17:57.490 align:start position:0% control of the security of the system is out<00:17:54.890> of<00:17:54.919> our<00:17:55.130> hands<00:17:55.429> as<00:17:55.840> trans<00:17:56.840> change<00:17:57.230> as 00:17:57.490 --> 00:17:57.500 align:start position:0% out of our hands as trans change as 00:17:57.500 --> 00:18:00.039 align:start position:0% out of our hands as trans change as people<00:17:57.919> invent<00:17:58.400> new<00:17:58.909> technologies<00:17:59.270> with 00:18:00.039 --> 00:18:00.049 align:start position:0% people invent new technologies with 00:18:00.049 --> 00:18:01.700 align:start position:0% people invent new technologies with let's<00:18:00.620> say<00:18:00.799> with 00:18:01.700 --> 00:18:01.710 align:start position:0% let's say with 00:18:01.710 --> 00:18:05.000 align:start position:0% let's say with various<00:18:02.420> process<00:18:03.420> level<00:18:03.660> tricks<00:18:04.080> to<00:18:04.560> get<00:18:04.770> to 00:18:05.000 --> 00:18:05.010 align:start position:0% various process level tricks to get to 00:18:05.010 --> 00:18:07.160 align:start position:0% various process level tricks to get to pack<00:18:05.190> more<00:18:05.490> transistors<00:18:06.030> to<00:18:06.450> pack<00:18:06.900> better 00:18:07.160 --> 00:18:07.170 align:start position:0% pack more transistors to pack better 00:18:07.170 --> 00:18:11.030 align:start position:0% pack more transistors to pack better hashers<00:18:07.710> into<00:18:08.400> the<00:18:08.670> same<00:18:08.880> diarrhea<00:18:09.510> as<00:18:10.380> people 00:18:11.030 --> 00:18:11.040 align:start position:0% hashers into the same diarrhea as people 00:18:11.040 --> 00:18:13.220 align:start position:0% hashers into the same diarrhea as people come<00:18:11.160> up<00:18:11.280> with<00:18:11.460> better<00:18:11.780> heat<00:18:12.780> cooling 00:18:13.220 --> 00:18:13.230 align:start position:0% come up with better heat cooling 00:18:13.230 --> 00:18:15.740 align:start position:0% come up with better heat cooling etcetera<00:18:13.890> tip<00:18:14.070> tricks<00:18:14.370> we're<00:18:15.210> going<00:18:15.420> to<00:18:15.540> see 00:18:15.740 --> 00:18:15.750 align:start position:0% etcetera tip tricks we're going to see 00:18:15.750 --> 00:18:18.320 align:start position:0% etcetera tip tricks we're going to see hash<00:18:16.320> power<00:18:16.590> shift<00:18:16.980> hands<00:18:17.430> and<00:18:17.610> we<00:18:17.970> will<00:18:18.000> have 00:18:18.320 --> 00:18:18.330 align:start position:0% hash power shift hands and we will have 00:18:18.330 --> 00:18:20.600 align:start position:0% hash power shift hands and we will have absolutely<00:18:18.930> nothing<00:18:19.470> in<00:18:19.590> our<00:18:19.710> hands<00:18:19.950> no<00:18:20.310> knobs 00:18:20.600 --> 00:18:20.610 align:start position:0% absolutely nothing in our hands no knobs 00:18:20.610 --> 00:18:23.150 align:start position:0% absolutely nothing in our hands no knobs we<00:18:20.880> can<00:18:21.060> twist<00:18:21.360> to<00:18:21.870> control<00:18:22.320> what<00:18:22.560> happens<00:18:22.710> I 00:18:23.150 --> 00:18:23.160 align:start position:0% we can twist to control what happens I 00:18:23.160 --> 00:18:24.470 align:start position:0% we can twist to control what happens I think<00:18:23.430> everything<00:18:24.060> that<00:18:24.150> you<00:18:24.300> heard<00:18:24.450> from 00:18:24.470 --> 00:18:24.480 align:start position:0% think everything that you heard from 00:18:24.480 --> 00:18:27.800 align:start position:0% think everything that you heard from metallic<00:18:25.110> was<00:18:25.230> like<00:18:25.380> exactly<00:18:26.810> fundamentally 00:18:27.800 --> 00:18:27.810 align:start position:0% metallic was like exactly fundamentally 00:18:27.810 --> 00:18:29.810 align:start position:0% metallic was like exactly fundamentally rooted<00:18:27.930> at<00:18:28.200> that<00:18:28.230> cause<00:18:28.590> and<00:18:28.860> with<00:18:29.490> proof<00:18:29.700> of 00:18:29.810 --> 00:18:29.820 align:start position:0% rooted at that cause and with proof of 00:18:29.820 --> 00:18:32.540 align:start position:0% rooted at that cause and with proof of stake<00:18:30.120> we<00:18:30.750> have<00:18:31.020> the<00:18:31.230> ability<00:18:31.680> to<00:18:31.740> actually 00:18:32.540 --> 00:18:32.550 align:start position:0% stake we have the ability to actually 00:18:32.550 --> 00:18:35.660 align:start position:0% stake we have the ability to actually put<00:18:32.870> independent<00:18:33.870> individual<00:18:34.710> knobs<00:18:35.070> on<00:18:35.490> each 00:18:35.660 --> 00:18:35.670 align:start position:0% put independent individual knobs on each 00:18:35.670 --> 00:18:37.280 align:start position:0% put independent individual knobs on each and<00:18:35.850> every<00:18:36.120> one<00:18:36.270> of<00:18:36.300> the<00:18:36.510> participants<00:18:37.020> in<00:18:37.200> the 00:18:37.280 --> 00:18:37.290 align:start position:0% and every one of the participants in the 00:18:37.290 --> 00:18:39.980 align:start position:0% and every one of the participants in the system<00:18:37.650> this<00:18:38.190> is<00:18:38.400> huge<00:18:38.760> it<00:18:39.390> gives<00:18:39.600> us<00:18:39.780> an 00:18:39.980 --> 00:18:39.990 align:start position:0% system this is huge it gives us an 00:18:39.990 --> 00:18:42.620 align:start position:0% system this is huge it gives us an additional<00:18:40.520> multiple<00:18:41.520> levels<00:18:42.150> multiple 00:18:42.620 --> 00:18:42.630 align:start position:0% additional multiple levels multiple 00:18:42.630 --> 00:18:44.750 align:start position:0% additional multiple levels multiple dimensions<00:18:43.080> of<00:18:43.170> control<00:18:43.530> over<00:18:43.680> the<00:18:43.860> system<00:18:44.010> it 00:18:44.750 --> 00:18:44.760 align:start position:0% dimensions of control over the system it 00:18:44.760 --> 00:18:46.490 align:start position:0% dimensions of control over the system it also<00:18:45.030> makes<00:18:45.450> the<00:18:45.600> problem<00:18:46.050> much<00:18:46.440> more 00:18:46.490 --> 00:18:46.500 align:start position:0% also makes the problem much more 00:18:46.500 --> 00:18:49.250 align:start position:0% also makes the problem much more difficult<00:18:47.250> that's<00:18:47.910> why<00:18:48.150> there<00:18:48.750> are<00:18:48.840> multiple 00:18:49.250 --> 00:18:49.260 align:start position:0% difficult that's why there are multiple 00:18:49.260 --> 00:18:51.020 align:start position:0% difficult that's why there are multiple casper<00:18:49.680> the<00:18:49.710> world<00:18:50.250> multiple<00:18:50.670> casper 00:18:51.020 --> 00:18:51.030 align:start position:0% casper the world multiple casper 00:18:51.030 --> 00:18:53.270 align:start position:0% casper the world multiple casper variants<00:18:51.480> that's<00:18:52.230> why<00:18:52.440> it's<00:18:52.740> actually<00:18:53.040> hard 00:18:53.270 --> 00:18:53.280 align:start position:0% variants that's why it's actually hard 00:18:53.280 --> 00:18:55.310 align:start position:0% variants that's why it's actually hard to<00:18:53.460> figure<00:18:53.610> out<00:18:53.850> exactly<00:18:54.090> what<00:18:54.750> you<00:18:54.900> should<00:18:54.930> do 00:18:55.310 --> 00:18:55.320 align:start position:0% to figure out exactly what you should do 00:18:55.320 --> 00:18:57.710 align:start position:0% to figure out exactly what you should do because<00:18:55.770> the<00:18:56.160> design<00:18:56.490> space<00:18:56.760> is<00:18:56.820> so<00:18:57.270> big<00:18:57.540> and 00:18:57.710 --> 00:18:57.720 align:start position:0% because the design space is so big and 00:18:57.720 --> 00:19:01.430 align:start position:0% because the design space is so big and and<00:18:58.590> so<00:18:59.130> if<00:18:59.400> you<00:18:59.640> could<00:18:59.850> conquer<00:19:00.120> the<00:19:00.750> design 00:19:01.430 --> 00:19:01.440 align:start position:0% and so if you could conquer the design 00:19:01.440 --> 00:19:02.870 align:start position:0% and so if you could conquer the design challenge<00:19:01.950> if<00:19:02.100> you<00:19:02.130> could<00:19:02.400> come<00:19:02.580> up<00:19:02.700> with<00:19:02.820> a 00:19:02.870 --> 00:19:02.880 align:start position:0% challenge if you could come up with a 00:19:02.880 --> 00:19:04.700 align:start position:0% challenge if you could come up with a protocol<00:19:03.360> whose<00:19:03.570> properties<00:19:04.200> you<00:19:04.350> can<00:19:04.470> prove 00:19:04.700 --> 00:19:04.710 align:start position:0% protocol whose properties you can prove 00:19:04.710 --> 00:19:08.390 align:start position:0% protocol whose properties you can prove then<00:19:05.750> the<00:19:06.750> potential<00:19:07.170> for<00:19:07.590> having<00:19:07.920> a<00:19:08.010> secure 00:19:08.390 --> 00:19:08.400 align:start position:0% then the potential for having a secure 00:19:08.400 --> 00:19:11.330 align:start position:0% then the potential for having a secure protocol<00:19:09.120> is<00:19:09.510> much<00:19:09.930> higher<00:19:10.200> for<00:19:10.950> proof<00:19:11.220> of 00:19:11.330 --> 00:19:11.340 align:start position:0% protocol is much higher for proof of 00:19:11.340 --> 00:19:14.810 align:start position:0% protocol is much higher for proof of stake<00:19:11.610> than<00:19:11.850> for<00:19:12.060> proof<00:19:12.240> of<00:19:12.390> work<00:19:13.790> yeah<00:19:14.790> I 00:19:14.810 --> 00:19:14.820 align:start position:0% stake than for proof of work yeah I 00:19:14.820 --> 00:19:17.570 align:start position:0% stake than for proof of work yeah I think<00:19:15.000> as<00:19:15.750> was<00:19:16.020> mentioned<00:19:16.410> previously<00:19:16.650> we've 00:19:17.570 --> 00:19:17.580 align:start position:0% think as was mentioned previously we've 00:19:17.580 --> 00:19:19.820 align:start position:0% think as was mentioned previously we've proof<00:19:17.850> of<00:19:17.970> stake<00:19:18.180> the<00:19:18.390> distribution<00:19:19.320> of 00:19:19.820 --> 00:19:19.830 align:start position:0% proof of stake the distribution of 00:19:19.830 --> 00:19:23.060 align:start position:0% proof of stake the distribution of control<00:19:20.550> and<00:19:20.880> of<00:19:21.380> stake<00:19:22.380> hairs<00:19:22.590> can<00:19:22.770> be<00:19:22.890> much 00:19:23.060 --> 00:19:23.070 align:start position:0% control and of stake hairs can be much 00:19:23.070 --> 00:19:25.670 align:start position:0% control and of stake hairs can be much wider<00:19:23.280> so<00:19:23.640> anyone<00:19:24.030> that<00:19:24.240> has<00:19:24.420> any<00:19:24.690> sort<00:19:25.020> of<00:19:25.440> use 00:19:25.670 --> 00:19:25.680 align:start position:0% wider so anyone that has any sort of use 00:19:25.680 --> 00:19:27.950 align:start position:0% wider so anyone that has any sort of use of<00:19:25.710> the<00:19:26.070> network<00:19:26.430> and<00:19:26.700> can<00:19:27.300> submit<00:19:27.570> a<00:19:27.720> stake 00:19:27.950 --> 00:19:27.960 align:start position:0% of the network and can submit a stake 00:19:27.960 --> 00:19:31.640 align:start position:0% of the network and can submit a stake and<00:19:28.260> and<00:19:28.590> in<00:19:29.010> a<00:19:29.160> way<00:19:29.840> be<00:19:30.840> invested<00:19:31.410> in<00:19:31.560> the 00:19:31.640 --> 00:19:31.650 align:start position:0% and and in a way be invested in the 00:19:31.650 --> 00:19:33.950 align:start position:0% and and in a way be invested in the security<00:19:32.190> of<00:19:32.220> the<00:19:32.400> network<00:19:32.520> and<00:19:33.000> there's<00:19:33.720> much 00:19:33.950 --> 00:19:33.960 align:start position:0% security of the network and there's much 00:19:33.960 --> 00:19:36.020 align:start position:0% security of the network and there's much less<00:19:34.170> overhead<00:19:34.320> to<00:19:34.890> hold<00:19:35.340> and<00:19:35.520> is<00:19:35.610> taking<00:19:35.910> the 00:19:36.020 --> 00:19:36.030 align:start position:0% less overhead to hold and is taking the 00:19:36.030 --> 00:19:37.460 align:start position:0% less overhead to hold and is taking the network<00:19:36.360> rather<00:19:36.570> than<00:19:36.810> having<00:19:37.080> to<00:19:37.290> buy<00:19:37.440> a 00:19:37.460 --> 00:19:37.470 align:start position:0% network rather than having to buy a 00:19:37.470 --> 00:19:39.800 align:start position:0% network rather than having to buy a miner<00:19:37.800> and<00:19:38.130> mine<00:19:38.430> on<00:19:38.610> the<00:19:38.730> network<00:19:39.090> or<00:19:39.270> buying 00:19:39.800 --> 00:19:39.810 align:start position:0% miner and mine on the network or buying 00:19:39.810 --> 00:19:42.860 align:start position:0% miner and mine on the network or buying a<00:19:39.930> share<00:19:40.140> in<00:19:40.320> a<00:19:40.440> mining<00:19:41.220> company<00:19:41.370> it's<00:19:42.210> a<00:19:42.330> much 00:19:42.860 --> 00:19:42.870 align:start position:0% a share in a mining company it's a much 00:19:42.870 --> 00:19:44.990 align:start position:0% a share in a mining company it's a much more<00:19:43.020> direct<00:19:43.230> connection<00:19:44.070> to<00:19:44.430> the<00:19:44.580> protocol 00:19:44.990 --> 00:19:45.000 align:start position:0% more direct connection to the protocol 00:19:45.000 --> 00:19:49.360 align:start position:0% more direct connection to the protocol itself<00:19:45.890> but<00:19:46.890> then<00:19:47.360> at<00:19:48.360> the<00:19:48.450> same<00:19:48.630> time<00:19:48.840> I<00:19:48.870> think 00:19:49.360 --> 00:19:49.370 align:start position:0% itself but then at the same time I think 00:19:49.370 --> 00:19:52.490 align:start position:0% itself but then at the same time I think what<00:19:50.370> was<00:19:50.700> another<00:19:51.660> problem<00:19:52.080> that<00:19:52.200> can<00:19:52.380> arise 00:19:52.490 --> 00:19:52.500 align:start position:0% what was another problem that can arise 00:19:52.500 --> 00:19:56.050 align:start position:0% what was another problem that can arise is<00:19:53.060> if<00:19:54.060> we<00:19:54.300> have<00:19:54.420> many<00:19:54.660> participants<00:19:55.140> in<00:19:55.710> the 00:19:56.050 --> 00:19:56.060 align:start position:0% is if we have many participants in the 00:19:56.060 --> 00:19:59.810 align:start position:0% is if we have many participants in the consensus<00:19:57.060> it<00:19:57.900> becomes<00:19:58.500> very 00:19:59.810 --> 00:19:59.820 align:start position:0% consensus it becomes very 00:19:59.820 --> 00:20:01.670 align:start position:0% consensus it becomes very expensive<00:20:00.690> to<00:20:00.810> run<00:20:00.930> the<00:20:01.050> consensus<00:20:01.500> process 00:20:01.670 --> 00:20:01.680 align:start position:0% expensive to run the consensus process 00:20:01.680 --> 00:20:03.500 align:start position:0% expensive to run the consensus process amongst<00:20:02.160> many<00:20:02.370> participants<00:20:02.940> so<00:20:03.150> a<00:20:03.180> lot<00:20:03.390> of 00:20:03.500 --> 00:20:03.510 align:start position:0% amongst many participants so a lot of 00:20:03.510 --> 00:20:05.780 align:start position:0% amongst many participants so a lot of systems<00:20:03.870> have<00:20:04.080> something<00:20:04.500> like<00:20:05.130> a<00:20:05.160> delegated 00:20:05.780 --> 00:20:05.790 align:start position:0% systems have something like a delegated 00:20:05.790 --> 00:20:07.760 align:start position:0% systems have something like a delegated proof<00:20:06.000> of<00:20:06.120> stake<00:20:06.330> where<00:20:06.600> only<00:20:06.900> a<00:20:07.080> few<00:20:07.410> parties 00:20:07.760 --> 00:20:07.770 align:start position:0% proof of stake where only a few parties 00:20:07.770 --> 00:20:09.500 align:start position:0% proof of stake where only a few parties actually<00:20:07.950> participate<00:20:08.670> in<00:20:08.700> consensus<00:20:09.330> while 00:20:09.500 --> 00:20:09.510 align:start position:0% actually participate in consensus while 00:20:09.510 --> 00:20:11.750 align:start position:0% actually participate in consensus while everyone<00:20:09.990> is<00:20:10.140> kind<00:20:10.320> of<00:20:10.470> just<00:20:11.040> delegating<00:20:11.520> to 00:20:11.750 --> 00:20:11.760 align:start position:0% everyone is kind of just delegating to 00:20:11.760 --> 00:20:13.370 align:start position:0% everyone is kind of just delegating to someone<00:20:12.090> else<00:20:12.270> and<00:20:12.510> that<00:20:12.540> can<00:20:13.200> potentially 00:20:13.370 --> 00:20:13.380 align:start position:0% someone else and that can potentially 00:20:13.380 --> 00:20:16.820 align:start position:0% someone else and that can potentially lead<00:20:13.770> to<00:20:14.070> issues<00:20:14.250> with<00:20:15.200> with<00:20:16.200> very<00:20:16.620> few 00:20:16.820 --> 00:20:16.830 align:start position:0% lead to issues with with very few 00:20:16.830 --> 00:20:21.260 align:start position:0% lead to issues with with very few parties<00:20:17.460> kind<00:20:17.760> of<00:20:18.290> having<00:20:19.370> a<00:20:20.370> lot<00:20:20.790> of<00:20:20.910> control 00:20:21.260 --> 00:20:21.270 align:start position:0% parties kind of having a lot of control 00:20:21.270 --> 00:20:24.650 align:start position:0% parties kind of having a lot of control over<00:20:21.510> the<00:20:21.660> network<00:20:21.780> so<00:20:22.620> I<00:20:22.980> think<00:20:23.070> an<00:20:23.970> important 00:20:24.650 --> 00:20:24.660 align:start position:0% over the network so I think an important 00:20:24.660 --> 00:20:25.700 align:start position:0% over the network so I think an important thing<00:20:24.840> that<00:20:24.900> we'll<00:20:25.170> need<00:20:25.290> to<00:20:25.350> think<00:20:25.620> about 00:20:25.700 --> 00:20:25.710 align:start position:0% thing that we'll need to think about 00:20:25.710 --> 00:20:28.580 align:start position:0% thing that we'll need to think about this<00:20:25.950> how<00:20:26.880> to<00:20:26.940> kind<00:20:27.330> of<00:20:27.450> manage<00:20:27.930> this<00:20:28.170> balance 00:20:28.580 --> 00:20:28.590 align:start position:0% this how to kind of manage this balance 00:20:28.590 --> 00:20:30.950 align:start position:0% this how to kind of manage this balance between<00:20:29.060> distributing<00:20:30.060> the<00:20:30.180> power<00:20:30.390> to<00:20:30.660> every 00:20:30.950 --> 00:20:30.960 align:start position:0% between distributing the power to every 00:20:30.960 --> 00:20:32.900 align:start position:0% between distributing the power to every single<00:20:31.110> person<00:20:31.380> that<00:20:32.070> wants<00:20:32.280> to<00:20:32.340> have<00:20:32.520> it<00:20:32.670> and 00:20:32.900 --> 00:20:32.910 align:start position:0% single person that wants to have it and 00:20:32.910 --> 00:20:39.500 align:start position:0% single person that wants to have it and and<00:20:33.380> and<00:20:35.390> maintaining<00:20:36.390> security<00:20:37.520> or<00:20:38.520> being 00:20:39.500 --> 00:20:39.510 align:start position:0% and and maintaining security or being 00:20:39.510 --> 00:20:41.030 align:start position:0% and and maintaining security or being able<00:20:39.690> to<00:20:39.870> run<00:20:40.110> this<00:20:40.230> consensus<00:20:40.800> in<00:20:40.920> an 00:20:41.030 --> 00:20:41.040 align:start position:0% able to run this consensus in an 00:20:41.040 --> 00:20:41.980 align:start position:0% able to run this consensus in an efficient<00:20:41.490> way 00:20:41.980 --> 00:20:41.990 align:start position:0% efficient way 00:20:41.990 --> 00:20:45.440 align:start position:0% efficient way just<00:20:42.990> a<00:20:43.110> really<00:20:43.440> quick<00:20:43.560> add-on<00:20:44.610> even<00:20:45.180> if<00:20:45.270> the 00:20:45.440 --> 00:20:45.450 align:start position:0% just a really quick add-on even if the 00:20:45.450 --> 00:20:47.000 align:start position:0% just a really quick add-on even if the concentration<00:20:46.290> of<00:20:46.320> proof<00:20:46.500> work<00:20:46.650> approvers 00:20:47.000 --> 00:20:47.010 align:start position:0% concentration of proof work approvers 00:20:47.010 --> 00:20:48.560 align:start position:0% concentration of proof work approvers say<00:20:47.070> go<00:20:47.160> the<00:20:47.280> same<00:20:47.490> the<00:20:48.030> fact<00:20:48.300> that<00:20:48.360> there's 00:20:48.560 --> 00:20:48.570 align:start position:0% say go the same the fact that there's 00:20:48.570 --> 00:20:49.910 align:start position:0% say go the same the fact that there's lower<00:20:48.780> barriers<00:20:49.200> of<00:20:49.320> entry<00:20:49.380> and<00:20:49.710> prove<00:20:49.890> a 00:20:49.910 --> 00:20:49.920 align:start position:0% lower barriers of entry and prove a 00:20:49.920 --> 00:20:51.410 align:start position:0% lower barriers of entry and prove a mistake<00:20:50.250> will<00:20:50.460> mean<00:20:50.550> that<00:20:50.610> it<00:20:50.790> behaves<00:20:51.210> in<00:20:51.360> a 00:20:51.410 --> 00:20:51.420 align:start position:0% mistake will mean that it behaves in a 00:20:51.420 --> 00:20:54.530 align:start position:0% mistake will mean that it behaves in a more<00:20:51.570> competitive<00:20:51.810> way<00:20:52.140> so<00:20:52.980> even<00:20:53.640> though<00:20:54.510> I 00:20:54.530 --> 00:20:54.540 align:start position:0% more competitive way so even though I 00:20:54.540 --> 00:20:56.480 align:start position:0% more competitive way so even though I totally<00:20:55.230> agree<00:20:55.380> I<00:20:55.410> think<00:20:55.530> like<00:20:55.800> stake<00:20:56.370> is 00:20:56.480 --> 00:20:56.490 align:start position:0% totally agree I think like stake is 00:20:56.490 --> 00:20:57.980 align:start position:0% totally agree I think like stake is gonna<00:20:56.790> be<00:20:56.880> less<00:20:57.060> concentrated<00:20:57.600> than<00:20:57.720> work 00:20:57.980 --> 00:20:57.990 align:start position:0% gonna be less concentrated than work 00:20:57.990 --> 00:21:00.320 align:start position:0% gonna be less concentrated than work it's<00:20:58.770> gonna<00:20:59.070> be<00:20:59.160> more<00:20:59.460> competitive<00:20:59.760> even<00:21:00.180> if 00:21:00.320 --> 00:21:00.330 align:start position:0% it's gonna be more competitive even if 00:21:00.330 --> 00:21:03.080 align:start position:0% it's gonna be more competitive even if it's<00:21:00.480> the<00:21:00.570> same<00:21:00.720> concentration<00:21:01.940> because<00:21:02.940> the 00:21:03.080 --> 00:21:03.090 align:start position:0% it's the same concentration because the 00:21:03.090 --> 00:21:06.560 align:start position:0% it's the same concentration because the lower<00:21:03.360> barriers<00:21:03.750> entry<00:21:04.910> yes<00:21:05.910> I<00:21:06.060> really<00:21:06.270> liked 00:21:06.560 --> 00:21:06.570 align:start position:0% lower barriers entry yes I really liked 00:21:06.570 --> 00:21:08.840 align:start position:0% lower barriers entry yes I really liked our<00:21:06.750> points<00:21:07.140> and<00:21:07.320> let's<00:21:08.220> take<00:21:08.550> a<00:21:08.580> question 00:21:08.840 --> 00:21:08.850 align:start position:0% our points and let's take a question 00:21:08.850 --> 00:21:12.400 align:start position:0% our points and let's take a question from<00:21:09.120> the<00:21:09.420> audience 00:21:12.400 --> 00:21:12.410 align:start position:0% 00:21:12.410 --> 00:21:16.420 align:start position:0% cool<00:21:13.410> is<00:21:14.370> there<00:21:14.670> concern<00:21:14.970> for<00:21:15.270> link<00:21:15.510> rot<00:21:15.780> with 00:21:16.420 --> 00:21:16.430 align:start position:0% cool is there concern for link rot with 00:21:16.430 --> 00:21:23.980 align:start position:0% cool is there concern for link rot with Casper<00:21:17.430> implementation<00:21:21.980> link<00:21:22.980> rot<00:21:23.190> like 00:21:23.980 --> 00:21:23.990 align:start position:0% Casper implementation link rot like 00:21:23.990 --> 00:21:27.320 align:start position:0% Casper implementation link rot like something<00:21:24.990> maybe<00:21:25.260> is<00:21:25.500> staked<00:21:26.220> and<00:21:26.520> placed<00:21:27.120> in 00:21:27.320 --> 00:21:27.330 align:start position:0% something maybe is staked and placed in 00:21:27.330 --> 00:21:28.880 align:start position:0% something maybe is staked and placed in the<00:21:27.420> chain<00:21:27.660> and<00:21:27.930> validated<00:21:28.440> and<00:21:28.530> placed<00:21:28.770> in 00:21:28.880 --> 00:21:28.890 align:start position:0% the chain and validated and placed in 00:21:28.890 --> 00:21:34.420 align:start position:0% the chain and validated and placed in the<00:21:28.980> chain<00:21:29.220> but<00:21:29.430> the<00:21:30.200> the<00:21:31.200> chain<00:21:31.530> that<00:21:31.800> it's 00:21:34.420 --> 00:21:34.430 align:start position:0% the chain but the the chain that it's 00:21:34.430 --> 00:21:40.040 align:start position:0% the chain but the the chain that it's representing<00:21:35.430> is<00:21:35.610> no<00:21:36.330> longer<00:21:36.630> exists<00:21:38.960> do<00:21:39.960> you 00:21:40.040 --> 00:21:40.050 align:start position:0% representing is no longer exists do you 00:21:40.050 --> 00:21:42.350 align:start position:0% representing is no longer exists do you mean<00:21:40.890> can<00:21:41.220> no<00:21:41.310> longer<00:21:41.490> be<00:21:41.670> downloaded<00:21:42.120> or<00:21:42.210> do 00:21:42.350 --> 00:21:42.360 align:start position:0% mean can no longer be downloaded or do 00:21:42.360 --> 00:21:44.210 align:start position:0% mean can no longer be downloaded or do you<00:21:42.450> mean<00:21:42.570> right<00:21:42.810> yeah<00:21:43.140> yeah<00:21:43.620> like<00:21:43.830> some<00:21:44.070> of 00:21:44.210 --> 00:21:44.220 align:start position:0% you mean right yeah yeah like some of 00:21:44.220 --> 00:21:46.760 align:start position:0% you mean right yeah yeah like some of some<00:21:44.370> of<00:21:44.430> the<00:21:44.640> people<00:21:45.060> who<00:21:45.360> were<00:21:46.200> part<00:21:46.500> of<00:21:46.590> this 00:21:46.760 --> 00:21:46.770 align:start position:0% some of the people who were part of this 00:21:46.770 --> 00:21:49.880 align:start position:0% some of the people who were part of this this<00:21:47.160> chain<00:21:47.430> that<00:21:47.460> was<00:21:47.880> then<00:21:48.410> used<00:21:49.410> to<00:21:49.530> be 00:21:49.880 --> 00:21:49.890 align:start position:0% this chain that was then used to be 00:21:49.890 --> 00:21:52.100 align:start position:0% this chain that was then used to be placed<00:21:50.160> in<00:21:50.310> the<00:21:50.400> main<00:21:50.550> chain<00:21:50.850> that<00:21:51.510> doesn't 00:21:52.100 --> 00:21:52.110 align:start position:0% placed in the main chain that doesn't 00:21:52.110 --> 00:21:56.270 align:start position:0% placed in the main chain that doesn't exist<00:21:52.410> anymore<00:21:52.680> or<00:21:52.980> the<00:21:54.620> you<00:21:55.620> you<00:21:55.860> seem<00:21:56.160> like 00:21:56.270 --> 00:21:56.280 align:start position:0% exist anymore or the you you seem like 00:21:56.280 --> 00:21:57.830 align:start position:0% exist anymore or the you you seem like you're<00:21:56.400> describing<00:21:56.550> a<00:21:57.030> scheme<00:21:57.270> that<00:21:57.450> involves 00:21:57.830 --> 00:21:57.840 align:start position:0% you're describing a scheme that involves 00:21:57.840 --> 00:21:59.360 align:start position:0% you're describing a scheme that involves multiple<00:21:57.990> chains<00:21:58.560> so<00:21:58.770> it's<00:21:58.890> a<00:21:58.980> good<00:21:59.250> question 00:21:59.360 --> 00:21:59.370 align:start position:0% multiple chains so it's a good question 00:21:59.370 --> 00:22:03.620 align:start position:0% multiple chains so it's a good question about<00:21:59.700> sharding<00:22:00.200> yeah<00:22:01.200> I<00:22:01.230> think<00:22:01.380> so<00:22:01.940> yeah<00:22:02.940> okay 00:22:03.620 --> 00:22:03.630 align:start position:0% about sharding yeah I think so yeah okay 00:22:03.630 --> 00:22:06.140 align:start position:0% about sharding yeah I think so yeah okay just<00:22:03.660> the<00:22:04.050> kind<00:22:04.290> of<00:22:04.520> fast<00:22:05.520> forward<00:22:05.640> ahead 00:22:06.140 --> 00:22:06.150 align:start position:0% just the kind of fast forward ahead 00:22:06.150 --> 00:22:07.910 align:start position:0% just the kind of fast forward ahead about<00:22:06.330> one<00:22:06.540> hour<00:22:06.690> before<00:22:06.960> we<00:22:07.230> fast<00:22:07.470> rewind 00:22:07.910 --> 00:22:07.920 align:start position:0% about one hour before we fast rewind 00:22:07.920 --> 00:22:10.430 align:start position:0% about one hour before we fast rewind back<00:22:08.310> to<00:22:08.550> here<00:22:08.760> I<00:22:08.820> guess<00:22:09.120> it<00:22:09.750> the<00:22:10.080> answer<00:22:10.410> is 00:22:10.430 --> 00:22:10.440 align:start position:0% back to here I guess it the answer is 00:22:10.440 --> 00:22:12.920 align:start position:0% back to here I guess it the answer is that<00:22:10.770> there<00:22:10.920> definitely<00:22:11.100> is<00:22:11.610> our<00:22:12.030> in<00:22:12.450> general 00:22:12.920 --> 00:22:12.930 align:start position:0% that there definitely is our in general 00:22:12.930 --> 00:22:16.460 align:start position:0% that there definitely is our in general worry<00:22:13.230> is<00:22:13.410> that<00:22:13.680> if<00:22:14.370> the<00:22:15.240> system<00:22:15.600> gets<00:22:15.990> shorted 00:22:16.460 --> 00:22:16.470 align:start position:0% worry is that if the system gets shorted 00:22:16.470 --> 00:22:17.810 align:start position:0% worry is that if the system gets shorted to<00:22:16.590> the<00:22:16.710> points<00:22:17.010> we<00:22:17.130> are<00:22:17.220> a<00:22:17.280> very<00:22:17.400> small<00:22:17.760> number 00:22:17.810 --> 00:22:17.820 align:start position:0% to the points we are a very small number 00:22:17.820 --> 00:22:21.830 align:start position:0% to the points we are a very small number of<00:22:18.210> nodes<00:22:18.600> and<00:22:20.180> storing<00:22:21.180> each<00:22:21.360> individual 00:22:21.830 --> 00:22:21.840 align:start position:0% of nodes and storing each individual 00:22:21.840 --> 00:22:23.300 align:start position:0% of nodes and storing each individual piece<00:22:22.020> of<00:22:22.140> data<00:22:22.380> then<00:22:22.710> it<00:22:22.830> is<00:22:22.920> totally 00:22:23.300 --> 00:22:23.310 align:start position:0% piece of data then it is totally 00:22:23.310 --> 00:22:25.520 align:start position:0% piece of data then it is totally possible<00:22:23.520> that<00:22:23.880> some<00:22:24.660> portions<00:22:25.080> of<00:22:25.170> the<00:22:25.320> state 00:22:25.520 --> 00:22:25.530 align:start position:0% possible that some portions of the state 00:22:25.530 --> 00:22:27.740 align:start position:0% possible that some portions of the state could<00:22:25.860> just<00:22:26.100> end<00:22:26.310> up<00:22:26.400> getting<00:22:26.580> lost<00:22:26.880> now<00:22:27.600> there 00:22:27.740 --> 00:22:27.750 align:start position:0% could just end up getting lost now there 00:22:27.750 --> 00:22:29.240 align:start position:0% could just end up getting lost now there are<00:22:27.900> ways<00:22:28.110> to<00:22:28.140> make<00:22:28.410> the<00:22:28.530> protocol<00:22:28.980> more 00:22:29.240 --> 00:22:29.250 align:start position:0% are ways to make the protocol more 00:22:29.250 --> 00:22:31.490 align:start position:0% are ways to make the protocol more capable<00:22:29.670> of<00:22:29.760> surviving<00:22:30.090> that<00:22:30.450> and<00:22:30.960> there<00:22:31.320> are 00:22:31.490 --> 00:22:31.500 align:start position:0% capable of surviving that and there are 00:22:31.500 --> 00:22:33.830 align:start position:0% capable of surviving that and there are also<00:22:31.770> ways<00:22:31.980> of<00:22:32.280> mitigating<00:22:32.460> that<00:22:32.940> and<00:22:33.180> you<00:22:33.300> can 00:22:33.830 --> 00:22:33.840 align:start position:0% also ways of mitigating that and you can 00:22:33.840 --> 00:22:35.180 align:start position:0% also ways of mitigating that and you can there<00:22:33.990> are<00:22:34.080> also<00:22:34.290> ways<00:22:34.560> a<00:22:34.590> bit<00:22:34.890> of<00:22:35.040> an 00:22:35.180 --> 00:22:35.190 align:start position:0% there are also ways a bit of an 00:22:35.190 --> 00:22:38.210 align:start position:0% there are also ways a bit of an incentivizing<00:22:35.940> storage<00:22:36.330> and<00:22:36.900> there<00:22:37.410> are<00:22:37.560> you 00:22:38.210 --> 00:22:38.220 align:start position:0% incentivizing storage and there are you 00:22:38.220 --> 00:22:40.190 align:start position:0% incentivizing storage and there are you could<00:22:38.460> also<00:22:38.700> just<00:22:38.910> basically<00:22:39.750> limit<00:22:40.110> the 00:22:40.190 --> 00:22:40.200 align:start position:0% could also just basically limit the 00:22:40.200 --> 00:22:41.750 align:start position:0% could also just basically limit the shorting<00:22:40.530> coefficients<00:22:41.130> so<00:22:41.250> that<00:22:41.400> you<00:22:41.490> still 00:22:41.750 --> 00:22:41.760 align:start position:0% shorting coefficients so that you still 00:22:41.760 --> 00:22:43.580 align:start position:0% shorting coefficients so that you still have<00:22:42.000> any<00:22:42.570> like<00:22:42.900> statistically<00:22:43.380> speaking 00:22:43.580 --> 00:22:43.590 align:start position:0% have any like statistically speaking 00:22:43.590 --> 00:22:45.230 align:start position:0% have any like statistically speaking like<00:22:44.040> a<00:22:44.070> few<00:22:44.400> hundred<00:22:44.430> people<00:22:44.760> storing<00:22:45.180> each 00:22:45.230 --> 00:22:45.240 align:start position:0% like a few hundred people storing each 00:22:45.240 --> 00:22:47.000 align:start position:0% like a few hundred people storing each piece<00:22:45.450> of<00:22:45.600> data<00:22:45.750> so<00:22:45.990> that's<00:22:46.230> safe<00:22:46.440> enough<00:22:46.740> and 00:22:47.000 --> 00:22:47.010 align:start position:0% piece of data so that's safe enough and 00:22:47.010 --> 00:22:48.610 align:start position:0% piece of data so that's safe enough and this<00:22:47.130> is<00:22:47.250> a<00:22:47.280> very<00:22:47.490> active<00:22:47.670> area<00:22:47.880> of<00:22:48.060> research 00:22:48.610 --> 00:22:48.620 align:start position:0% this is a very active area of research 00:22:48.620 --> 00:22:52.850 align:start position:0% this is a very active area of research thank<00:22:49.620> you<00:22:50.750> okay<00:22:51.750> we<00:22:52.110> can<00:22:52.320> take<00:22:52.470> maybe<00:22:52.710> one 00:22:52.850 --> 00:22:52.860 align:start position:0% thank you okay we can take maybe one 00:22:52.860 --> 00:22:54.470 align:start position:0% thank you okay we can take maybe one more<00:22:53.130> question<00:22:53.190> from<00:22:53.700> the<00:22:53.880> audience<00:22:54.030> and 00:22:54.470 --> 00:22:54.480 align:start position:0% more question from the audience and 00:22:54.480 --> 00:22:59.980 align:start position:0% more question from the audience and hopefully<00:22:55.080> I<00:22:55.110> got<00:22:55.620> to<00:22:55.740> ask<00:22:55.890> my<00:22:56.100> last<00:22:56.340> question 00:22:59.980 --> 00:22:59.990 align:start position:0% 00:22:59.990 --> 00:23:02.830 align:start position:0% okay<00:23:00.990> here's<00:23:01.350> a<00:23:01.410> question<00:23:01.710> sort<00:23:02.220> of<00:23:02.310> on<00:23:02.430> the 00:23:02.830 --> 00:23:02.840 align:start position:0% okay here's a question sort of on the 00:23:02.840 --> 00:23:05.390 align:start position:0% okay here's a question sort of on the economic<00:23:03.840> mechanics<00:23:04.260> of<00:23:04.440> between<00:23:04.830> perf<00:23:05.220> work 00:23:05.390 --> 00:23:05.400 align:start position:0% economic mechanics of between perf work 00:23:05.400 --> 00:23:07.190 align:start position:0% economic mechanics of between perf work improves<00:23:05.730> take<00:23:05.910> so<00:23:06.360> I<00:23:06.390> mean<00:23:06.510> obviously<00:23:06.750> we're 00:23:07.190 --> 00:23:07.200 align:start position:0% improves take so I mean obviously we're 00:23:07.200 --> 00:23:08.690 align:start position:0% improves take so I mean obviously we're now<00:23:07.320> improving<00:23:07.620> working<00:23:07.980> in<00:23:08.190> Bitcoin<00:23:08.580> for 00:23:08.690 --> 00:23:08.700 align:start position:0% now improving working in Bitcoin for 00:23:08.700 --> 00:23:11.030 align:start position:0% now improving working in Bitcoin for example<00:23:09.090> or<00:23:09.300> a<00:23:09.330> theorem<00:23:09.690> is<00:23:10.620> the<00:23:10.680> useless 00:23:11.030 --> 00:23:11.040 align:start position:0% example or a theorem is the useless 00:23:11.040 --> 00:23:12.880 align:start position:0% example or a theorem is the useless outside<00:23:11.670> of<00:23:11.820> the<00:23:11.970> community<00:23:12.090> etherium<00:23:12.630> I<00:23:12.720> mean 00:23:12.880 --> 00:23:12.890 align:start position:0% outside of the community etherium I mean 00:23:12.890 --> 00:23:14.840 align:start position:0% outside of the community etherium I mean you<00:23:13.890> know<00:23:13.980> you're<00:23:14.220> just<00:23:14.430> doing<00:23:14.610> a<00:23:14.640> bunch<00:23:14.790> of 00:23:14.840 --> 00:23:14.850 align:start position:0% you know you're just doing a bunch of 00:23:14.850 --> 00:23:16.550 align:start position:0% you know you're just doing a bunch of hashes<00:23:15.210> or<00:23:15.360> competing<00:23:15.840> a<00:23:15.900> hash<00:23:16.020> with<00:23:16.260> a<00:23:16.320> dag 00:23:16.550 --> 00:23:16.560 align:start position:0% hashes or competing a hash with a dag 00:23:16.560 --> 00:23:19.130 align:start position:0% hashes or competing a hash with a dag but<00:23:17.280> say<00:23:17.490> if<00:23:17.580> you<00:23:17.670> had<00:23:17.790> a<00:23:17.820> proof<00:23:18.030> work<00:23:18.270> like<00:23:18.570> you 00:23:19.130 --> 00:23:19.140 align:start position:0% but say if you had a proof work like you 00:23:19.140 --> 00:23:20.360 align:start position:0% but say if you had a proof work like you know<00:23:19.230> to<00:23:19.290> try<00:23:19.620> out<00:23:19.680> like<00:23:19.950> if<00:23:20.130> you<00:23:20.220> could 00:23:20.360 --> 00:23:20.370 align:start position:0% know to try out like if you could 00:23:20.370 --> 00:23:22.910 align:start position:0% know to try out like if you could somehow<00:23:21.170> constructively<00:23:22.170> work<00:23:22.470> that<00:23:22.710> wasn't 00:23:22.910 --> 00:23:22.920 align:start position:0% somehow constructively work that wasn't 00:23:22.920 --> 00:23:25.100 align:start position:0% somehow constructively work that wasn't pre<00:23:23.250> my<00:23:23.400> novel<00:23:23.700> that<00:23:24.060> solves<00:23:24.510> an<00:23:24.570> interesting 00:23:25.100 --> 00:23:25.110 align:start position:0% pre my novel that solves an interesting 00:23:25.110 --> 00:23:26.720 align:start position:0% pre my novel that solves an interesting problem<00:23:25.290> like<00:23:25.620> protein<00:23:26.280> folding<00:23:26.610> or 00:23:26.720 --> 00:23:26.730 align:start position:0% problem like protein folding or 00:23:26.730 --> 00:23:28.250 align:start position:0% problem like protein folding or Traveling<00:23:27.180> Salesman 00:23:28.250 --> 00:23:28.260 align:start position:0% Traveling Salesman 00:23:28.260 --> 00:23:30.800 align:start position:0% Traveling Salesman then<00:23:29.190> I<00:23:29.340> think<00:23:29.550> on<00:23:29.670> whisper<00:23:30.390> work<00:23:30.600> you<00:23:30.690> have 00:23:30.800 --> 00:23:30.810 align:start position:0% then I think on whisper work you have 00:23:30.810 --> 00:23:33.200 align:start position:0% then I think on whisper work you have this<00:23:30.930> nice<00:23:31.230> benefit<00:23:31.740> that<00:23:31.920> nicer<00:23:32.790> benefit 00:23:33.200 --> 00:23:33.210 align:start position:0% this nice benefit that nicer benefit 00:23:33.210 --> 00:23:35.090 align:start position:0% this nice benefit that nicer benefit that<00:23:33.840> you<00:23:33.930> kind<00:23:34.200> of<00:23:34.260> lose<00:23:34.380> interest<00:23:34.680> ache<00:23:34.920> that 00:23:35.090 --> 00:23:35.100 align:start position:0% that you kind of lose interest ache that 00:23:35.100 --> 00:23:36.740 align:start position:0% that you kind of lose interest ache that you<00:23:35.580> can<00:23:35.700> say<00:23:35.790> look<00:23:35.970> here<00:23:36.240> we<00:23:36.390> have<00:23:36.420> Moore's 00:23:36.740 --> 00:23:36.750 align:start position:0% you can say look here we have Moore's 00:23:36.750 --> 00:23:40.070 align:start position:0% you can say look here we have Moore's Law<00:23:36.990> and<00:23:37.760> maximum<00:23:38.760> processing<00:23:39.300> power<00:23:39.480> sorry 00:23:40.070 --> 00:23:40.080 align:start position:0% Law and maximum processing power sorry 00:23:40.080 --> 00:23:41.960 align:start position:0% Law and maximum processing power sorry the<00:23:40.470> maximum<00:23:40.980> manufacturing<00:23:41.460> capacity<00:23:41.880> in 00:23:41.960 --> 00:23:41.970 align:start position:0% the maximum manufacturing capacity in 00:23:41.970 --> 00:23:43.760 align:start position:0% the maximum manufacturing capacity in the<00:23:42.030> world<00:23:42.210> and<00:23:42.420> say<00:23:42.540> you<00:23:42.960> know<00:23:43.080> in<00:23:43.500> the<00:23:43.650> next 00:23:43.760 --> 00:23:43.770 align:start position:0% the world and say you know in the next 00:23:43.770 --> 00:23:45.830 align:start position:0% the world and say you know in the next year<00:23:44.160> like<00:23:44.670> the<00:23:44.850> hash<00:23:45.030> rate<00:23:45.240> could<00:23:45.420> only<00:23:45.570> grow 00:23:45.830 --> 00:23:45.840 align:start position:0% year like the hash rate could only grow 00:23:45.840 --> 00:23:47.210 align:start position:0% year like the hash rate could only grow up<00:23:46.020> to<00:23:46.110> this<00:23:46.230> point<00:23:46.470> right<00:23:46.620> and<00:23:46.860> the<00:23:46.950> hash<00:23:47.070> sure 00:23:47.210 --> 00:23:47.220 align:start position:0% up to this point right and the hash sure 00:23:47.220 --> 00:23:50.570 align:start position:0% up to this point right and the hash sure grows<00:23:47.490> beyond<00:23:48.090> that<00:23:48.210> point<00:23:48.420> then<00:23:48.840> the<00:23:49.350> if<00:23:50.310> like 00:23:50.570 --> 00:23:50.580 align:start position:0% grows beyond that point then the if like 00:23:50.580 --> 00:23:52.460 align:start position:0% grows beyond that point then the if like the<00:23:50.760> price<00:23:51.330> remains<00:23:51.480> the<00:23:51.690> same<00:23:51.840> and<00:23:52.050> if<00:23:52.320> the 00:23:52.460 --> 00:23:52.470 align:start position:0% the price remains the same and if the 00:23:52.470 --> 00:23:54.050 align:start position:0% the price remains the same and if the hash<00:23:52.890> green<00:23:53.100> is<00:23:53.190> Briana<00:23:53.460> beyond<00:23:53.700> that<00:23:53.850> point 00:23:54.050 --> 00:23:54.060 align:start position:0% hash green is Briana beyond that point 00:23:54.060 --> 00:23:56.510 align:start position:0% hash green is Briana beyond that point you<00:23:54.870> know<00:23:54.990> means<00:23:55.200> that<00:23:55.350> like<00:23:55.620> the<00:23:55.800> growth<00:23:56.340> of 00:23:56.510 --> 00:23:56.520 align:start position:0% you know means that like the growth of 00:23:56.520 --> 00:23:59.560 align:start position:0% you know means that like the growth of the<00:23:56.610> hash<00:23:56.760> chains<00:23:57.210> power 00:23:59.560 --> 00:23:59.570 align:start position:0% the hash chains power 00:23:59.570 --> 00:24:02.060 align:start position:0% the hash chains power exceeded<00:24:00.570> the<00:24:00.720> Moore's<00:24:01.320> Law<00:24:01.470> curve<00:24:01.500> so<00:24:02.010> you 00:24:02.060 --> 00:24:02.070 align:start position:0% exceeded the Moore's Law curve so you 00:24:02.070 --> 00:24:03.649 align:start position:0% exceeded the Moore's Law curve so you know<00:24:02.250> like<00:24:02.370> there<00:24:02.640> has<00:24:02.850> been<00:24:03.000> more<00:24:03.150> economic 00:24:03.649 --> 00:24:03.659 align:start position:0% know like there has been more economic 00:24:03.659 --> 00:24:06.500 align:start position:0% know like there has been more economic interest<00:24:03.900> in<00:24:03.960> the<00:24:04.080> chain<00:24:04.549> and<00:24:05.549> you<00:24:06.179> know<00:24:06.299> like 00:24:06.500 --> 00:24:06.510 align:start position:0% interest in the chain and you know like 00:24:06.510 --> 00:24:08.169 align:start position:0% interest in the chain and you know like you<00:24:06.659> can<00:24:06.780> actually<00:24:06.900> could<00:24:07.289> have<00:24:07.409> like<00:24:07.559> a<00:24:07.590> total 00:24:08.169 --> 00:24:08.179 align:start position:0% you can actually could have like a total 00:24:08.179 --> 00:24:11.870 align:start position:0% you can actually could have like a total upper<00:24:09.179> bound<00:24:09.510> like<00:24:09.720> if<00:24:10.679> a<00:24:10.919> hundred<00:24:11.220> percent<00:24:11.700> of 00:24:11.870 --> 00:24:11.880 align:start position:0% upper bound like if a hundred percent of 00:24:11.880 --> 00:24:15.260 align:start position:0% upper bound like if a hundred percent of all<00:24:12.710> you<00:24:13.710> know<00:24:13.799> new<00:24:14.070> processors<00:24:14.580> are<00:24:14.760> end<00:24:15.030> up 00:24:15.260 --> 00:24:15.270 align:start position:0% all you know new processors are end up 00:24:15.270 --> 00:24:16.669 align:start position:0% all you know new processors are end up being<00:24:15.750> used<00:24:15.870> to<00:24:15.990> the<00:24:16.080> further<00:24:16.260> proof<00:24:16.440> of<00:24:16.500> work 00:24:16.669 --> 00:24:16.679 align:start position:0% being used to the further proof of work 00:24:16.679 --> 00:24:18.140 align:start position:0% being used to the further proof of work obviously<00:24:17.460> you<00:24:17.520> can't<00:24:17.730> have<00:24:17.880> that<00:24:18.030> because 00:24:18.140 --> 00:24:18.150 align:start position:0% obviously you can't have that because 00:24:18.150 --> 00:24:19.580 align:start position:0% obviously you can't have that because that<00:24:18.659> makes<00:24:18.840> less<00:24:19.049> versus<00:24:19.440> society 00:24:19.580 --> 00:24:19.590 align:start position:0% that makes less versus society 00:24:19.590 --> 00:24:22.279 align:start position:0% that makes less versus society invaluable<00:24:20.250> and<00:24:20.730> therefore<00:24:21.480> like<00:24:21.720> I<00:24:21.960> mean 00:24:22.279 --> 00:24:22.289 align:start position:0% invaluable and therefore like I mean 00:24:22.289 --> 00:24:23.270 align:start position:0% invaluable and therefore like I mean there's<00:24:22.470> there's<00:24:22.679> a<00:24:22.770> good<00:24:22.919> balance<00:24:23.039> there 00:24:23.270 --> 00:24:23.280 align:start position:0% there's there's a good balance there 00:24:23.280 --> 00:24:24.710 align:start position:0% there's there's a good balance there there's<00:24:23.580> like<00:24:23.669> about<00:24:23.940> like<00:24:24.090> there's<00:24:24.360> a<00:24:24.419> parity 00:24:24.710 --> 00:24:24.720 align:start position:0% there's like about like there's a parity 00:24:24.720 --> 00:24:26.180 align:start position:0% there's like about like there's a parity balance<00:24:24.990> there<00:24:25.140> that<00:24:25.260> you<00:24:25.320> can't<00:24:25.440> compute<00:24:25.980> and 00:24:26.180 --> 00:24:26.190 align:start position:0% balance there that you can't compute and 00:24:26.190 --> 00:24:28.580 align:start position:0% balance there that you can't compute and improve<00:24:26.820> a<00:24:26.850> stake<00:24:27.539> this<00:24:28.080> isn't<00:24:28.350> the<00:24:28.409> case 00:24:28.580 --> 00:24:28.590 align:start position:0% improve a stake this isn't the case 00:24:28.590 --> 00:24:32.450 align:start position:0% improve a stake this isn't the case because<00:24:30.260> like<00:24:31.260> the<00:24:31.620> proof 00:24:32.450 --> 00:24:32.460 align:start position:0% because like the proof 00:24:32.460 --> 00:24:33.950 align:start position:0% because like the proof yeah<00:24:32.549> like<00:24:32.730> say<00:24:32.880> we<00:24:33.090> have<00:24:33.210> okay<00:24:33.450> 10<00:24:33.630> percent<00:24:33.900> we 00:24:33.950 --> 00:24:33.960 align:start position:0% yeah like say we have okay 10 percent we 00:24:33.960 --> 00:24:35.390 align:start position:0% yeah like say we have okay 10 percent we either<00:24:34.080> can<00:24:34.320> be<00:24:34.350> staked<00:24:34.650> on<00:24:34.770> any<00:24:34.890> one<00:24:35.010> time<00:24:35.190> or 00:24:35.390 --> 00:24:35.400 align:start position:0% either can be staked on any one time or 00:24:35.400 --> 00:24:38.419 align:start position:0% either can be staked on any one time or something<00:24:35.640> like<00:24:35.760> that<00:24:36.380> the<00:24:37.380> secure<00:24:38.039> the<00:24:38.220> chain 00:24:38.419 --> 00:24:38.429 align:start position:0% something like that the secure the chain 00:24:38.429 --> 00:24:39.950 align:start position:0% something like that the secure the chain from<00:24:38.549> one<00:24:38.760> one<00:24:38.909> to<00:24:39.000> from<00:24:39.480> one<00:24:39.630> morning<00:24:39.840> to<00:24:39.900> the 00:24:39.950 --> 00:24:39.960 align:start position:0% from one one to from one morning to the 00:24:39.960 --> 00:24:43.100 align:start position:0% from one one to from one morning to the other<00:24:40.110> really<00:24:40.710> depends<00:24:41.130> on<00:24:41.270> like<00:24:42.270> the<00:24:42.750> chains 00:24:43.100 --> 00:24:43.110 align:start position:0% other really depends on like the chains 00:24:43.110 --> 00:24:46.640 align:start position:0% other really depends on like the chains total<00:24:43.770> value<00:24:44.100> come<00:24:44.700> over<00:24:45.419> like<00:24:45.990> the<00:24:46.289> ratio<00:24:46.590> of 00:24:46.640 --> 00:24:46.650 align:start position:0% total value come over like the ratio of 00:24:46.650 --> 00:24:49.669 align:start position:0% total value come over like the ratio of that<00:24:46.919> over<00:24:47.330> world's<00:24:48.330> processing<00:24:49.110> person 00:24:49.669 --> 00:24:49.679 align:start position:0% that over world's processing person 00:24:49.679 --> 00:24:51.710 align:start position:0% that over world's processing person purchasing<00:24:50.549> power<00:24:50.880> parity<00:24:51.240> right<00:24:51.419> the<00:24:51.539> world 00:24:51.710 --> 00:24:51.720 align:start position:0% purchasing power parity right the world 00:24:51.720 --> 00:24:54.529 align:start position:0% purchasing power parity right the world GDP<00:24:52.110> so<00:24:53.039> the<00:24:53.280> world's<00:24:53.520> GDP<00:24:53.610> is<00:24:53.850> way<00:24:54.000> high<00:24:54.240> and 00:24:54.529 --> 00:24:54.539 align:start position:0% GDP so the world's GDP is way high and 00:24:54.539 --> 00:24:56.480 align:start position:0% GDP so the world's GDP is way high and the<00:24:55.169> chain<00:24:55.380> becomes<00:24:55.799> much<00:24:56.070> more<00:24:56.340> valuable 00:24:56.480 --> 00:24:56.490 align:start position:0% the chain becomes much more valuable 00:24:56.490 --> 00:25:00.020 align:start position:0% the chain becomes much more valuable like<00:24:57.020> then<00:24:58.020> like<00:24:58.590> because<00:24:59.280> it's<00:24:59.520> like<00:24:59.580> like 00:25:00.020 --> 00:25:00.030 align:start position:0% like then like because it's like like 00:25:00.030 --> 00:25:01.430 align:start position:0% like then like because it's like like the<00:25:00.120> price<00:25:00.390> is<00:25:00.510> really<00:25:00.630> a<00:25:00.750> lagging<00:25:00.929> indicator 00:25:01.430 --> 00:25:01.440 align:start position:0% the price is really a lagging indicator 00:25:01.440 --> 00:25:03.950 align:start position:0% the price is really a lagging indicator or<00:25:01.530> that<00:25:01.650> somebody<00:25:02.429> could<00:25:02.669> come<00:25:03.059> in<00:25:03.210> and<00:25:03.330> like 00:25:03.950 --> 00:25:03.960 align:start position:0% or that somebody could come in and like 00:25:03.960 --> 00:25:05.600 align:start position:0% or that somebody could come in and like end<00:25:04.380> up<00:25:04.559> having<00:25:04.799> a<00:25:04.860> freedom<00:25:05.100> or<00:25:05.190> person<00:25:05.400> attack 00:25:05.600 --> 00:25:05.610 align:start position:0% end up having a freedom or person attack 00:25:05.610 --> 00:25:08.419 align:start position:0% end up having a freedom or person attack on<00:25:05.760> the<00:25:05.850> chain<00:25:06.030> because<00:25:06.720> it<00:25:06.809> would<00:25:06.929> or<00:25:07.429> have 00:25:08.419 --> 00:25:08.429 align:start position:0% on the chain because it would or have 00:25:08.429 --> 00:25:09.620 align:start position:0% on the chain because it would or have disproportionate<00:25:09.120> stake<00:25:09.299> in<00:25:09.390> the<00:25:09.450> chain 00:25:09.620 --> 00:25:09.630 align:start position:0% disproportionate stake in the chain 00:25:09.630 --> 00:25:10.760 align:start position:0% disproportionate stake in the chain because<00:25:09.840> it<00:25:09.929> would<00:25:10.020> be<00:25:10.140> valuable<00:25:10.409> for<00:25:10.559> them 00:25:10.760 --> 00:25:10.770 align:start position:0% because it would be valuable for them 00:25:10.770 --> 00:25:13.430 align:start position:0% because it would be valuable for them and<00:25:10.950> if<00:25:11.520> they<00:25:11.700> do<00:25:11.760> either<00:25:12.720> way<00:25:12.900> like<00:25:13.080> also<00:25:13.350> if 00:25:13.430 --> 00:25:13.440 align:start position:0% and if they do either way like also if 00:25:13.440 --> 00:25:16.100 align:start position:0% and if they do either way like also if they<00:25:13.530> do<00:25:13.590> buy<00:25:13.830> a<00:25:13.860> lot<00:25:14.130> of<00:25:14.159> stake<00:25:14.490> to<00:25:14.909> do<00:25:15.110> Anthony 00:25:16.100 --> 00:25:16.110 align:start position:0% they do buy a lot of stake to do Anthony 00:25:16.110 --> 00:25:18.620 align:start position:0% they do buy a lot of stake to do Anthony 1%<00:25:16.530> attack<00:25:16.740> they<00:25:17.100> could<00:25:17.250> short<00:25:17.580> right<00:25:18.059> right 00:25:18.620 --> 00:25:18.630 align:start position:0% 1% attack they could short right right 00:25:18.630 --> 00:25:19.789 align:start position:0% 1% attack they could short right right before<00:25:18.870> did<00:25:18.990> you<00:25:19.020> attack<00:25:19.289> the<00:25:19.409> attack<00:25:19.620> which 00:25:19.789 --> 00:25:19.799 align:start position:0% before did you attack the attack which 00:25:19.799 --> 00:25:21.680 align:start position:0% before did you attack the attack which makes<00:25:20.010> it<00:25:20.130> cheaper<00:25:20.730> or<00:25:20.880> perhaps<00:25:21.090> worthwhile 00:25:21.680 --> 00:25:21.690 align:start position:0% makes it cheaper or perhaps worthwhile 00:25:21.690 --> 00:25:23.810 align:start position:0% makes it cheaper or perhaps worthwhile so<00:25:21.929> how<00:25:22.320> do<00:25:22.380> you<00:25:22.590> sort<00:25:23.039> of<00:25:23.100> balance<00:25:23.490> of<00:25:23.610> you 00:25:23.810 --> 00:25:23.820 align:start position:0% so how do you sort of balance of you 00:25:23.820 --> 00:25:25.430 align:start position:0% so how do you sort of balance of you know<00:25:23.880> like<00:25:24.059> what<00:25:24.360> do<00:25:24.419> you<00:25:24.450> see 00:25:25.430 --> 00:25:25.440 align:start position:0% know like what do you see 00:25:25.440 --> 00:25:28.010 align:start position:0% know like what do you see like<00:25:26.130> doing<00:25:26.909> the<00:25:27.059> mechanism<00:25:27.450> design<00:25:27.750> so<00:25:27.900> that 00:25:28.010 --> 00:25:28.020 align:start position:0% like doing the mechanism design so that 00:25:28.020 --> 00:25:29.870 align:start position:0% like doing the mechanism design so that you<00:25:28.080> balance<00:25:28.230> these<00:25:28.500> incentives<00:25:29.039> like<00:25:29.580> people 00:25:29.870 --> 00:25:29.880 align:start position:0% you balance these incentives like people 00:25:29.880 --> 00:25:31.460 align:start position:0% you balance these incentives like people can't<00:25:30.059> that<00:25:30.270> like<00:25:30.480> you<00:25:30.780> make<00:25:30.929> it<00:25:31.049> harder<00:25:31.289> like 00:25:31.460 --> 00:25:31.470 align:start position:0% can't that like you make it harder like 00:25:31.470 --> 00:25:32.930 align:start position:0% can't that like you make it harder like expensive<00:25:31.860> too<00:25:32.100> short<00:25:32.400> right<00:25:32.490> before<00:25:32.820> doing 00:25:32.930 --> 00:25:32.940 align:start position:0% expensive too short right before doing 00:25:32.940 --> 00:25:35.330 align:start position:0% expensive too short right before doing that<00:25:33.150> you<00:25:33.240> do<00:25:33.360> an<00:25:33.450> attack<00:25:33.690> and<00:25:33.900> and<00:25:34.080> like<00:25:34.950> keep 00:25:35.330 --> 00:25:35.340 align:start position:0% that you do an attack and and like keep 00:25:35.340 --> 00:25:39.320 align:start position:0% that you do an attack and and like keep more<00:25:36.590> predictable<00:25:37.590> bounds<00:25:38.159> unlike<00:25:38.460> like<00:25:39.120> the 00:25:39.320 --> 00:25:39.330 align:start position:0% more predictable bounds unlike like the 00:25:39.330 --> 00:25:41.360 align:start position:0% more predictable bounds unlike like the amount<00:25:39.539> of<00:25:39.870> cloud<00:25:40.409> the<00:25:40.559> consensus<00:25:41.100> behavior 00:25:41.360 --> 00:25:41.370 align:start position:0% amount of cloud the consensus behavior 00:25:41.370 --> 00:25:43.490 align:start position:0% amount of cloud the consensus behavior can<00:25:41.520> change<00:25:41.549> from<00:25:41.820> one<00:25:41.909> more<00:25:42.090> to<00:25:42.240> the<00:25:42.299> next<00:25:42.630> so 00:25:43.490 --> 00:25:43.500 align:start position:0% can change from one more to the next so 00:25:43.500 --> 00:25:45.409 align:start position:0% can change from one more to the next so let<00:25:44.070> me<00:25:44.190> let<00:25:44.429> me<00:25:44.460> tackle<00:25:44.669> the<00:25:44.909> first<00:25:45.090> part<00:25:45.360> of 00:25:45.409 --> 00:25:45.419 align:start position:0% let me let me tackle the first part of 00:25:45.419 --> 00:25:47.470 align:start position:0% let me let me tackle the first part of this<00:25:45.570> question<00:25:45.780> which<00:25:46.380> had<00:25:46.620> to<00:25:46.770> do<00:25:46.950> with 00:25:47.470 --> 00:25:47.480 align:start position:0% this question which had to do with 00:25:47.480 --> 00:25:50.210 align:start position:0% this question which had to do with useful<00:25:48.480> proofs<00:25:48.720> of<00:25:48.870> work<00:25:49.080> so<00:25:49.740> that's<00:25:49.980> an<00:25:50.130> idea 00:25:50.210 --> 00:25:50.220 align:start position:0% useful proofs of work so that's an idea 00:25:50.220 --> 00:25:53.570 align:start position:0% useful proofs of work so that's an idea that<00:25:50.490> comes<00:25:50.850> up<00:25:51.000> over<00:25:52.039> and<00:25:53.039> over<00:25:53.100> again<00:25:53.280> I've 00:25:53.570 --> 00:25:53.580 align:start position:0% that comes up over and over again I've 00:25:53.580 --> 00:25:55.880 align:start position:0% that comes up over and over again I've seen<00:25:53.760> it<00:25:53.850> in<00:25:53.970> many<00:25:54.120> different<00:25:54.299> forms<00:25:54.720> so<00:25:55.200> first 00:25:55.880 --> 00:25:55.890 align:start position:0% seen it in many different forms so first 00:25:55.890 --> 00:25:57.649 align:start position:0% seen it in many different forms so first of<00:25:56.039> all<00:25:56.159> coin<00:25:56.460> designers<00:25:57.030> of<00:25:57.150> different<00:25:57.450> kinds 00:25:57.649 --> 00:25:57.659 align:start position:0% of all coin designers of different kinds 00:25:57.659 --> 00:25:59.960 align:start position:0% of all coin designers of different kinds typically<00:25:58.080> shun<00:25:58.530> this<00:25:58.740> idea<00:25:59.100> for<00:25:59.610> a<00:25:59.640> very 00:25:59.960 --> 00:25:59.970 align:start position:0% typically shun this idea for a very 00:25:59.970 --> 00:26:03.020 align:start position:0% typically shun this idea for a very simple<00:26:00.210> reason<00:26:00.440> the<00:26:01.440> the<00:26:02.280> main<00:26:02.520> reason<00:26:02.880> they 00:26:03.020 --> 00:26:03.030 align:start position:0% simple reason the the main reason they 00:26:03.030 --> 00:26:06.710 align:start position:0% simple reason the the main reason they cite<00:26:03.299> is<00:26:03.539> if<00:26:03.929> it<00:26:04.650> was<00:26:04.919> the<00:26:05.130> case<00:26:05.340> that<00:26:05.720> minting 00:26:06.710 --> 00:26:06.720 align:start position:0% cite is if it was the case that minting 00:26:06.720 --> 00:26:08.760 align:start position:0% cite is if it was the case that minting Bitcoin<00:26:07.140> correspond<00:26:07.830> to<00:26:07.980> doing 00:26:08.760 --> 00:26:08.770 align:start position:0% Bitcoin correspond to doing 00:26:08.770 --> 00:26:12.150 align:start position:0% Bitcoin correspond to doing you<00:26:08.830> know<00:26:08.970> 50,000<00:26:09.970> protein<00:26:10.330> folds<00:26:10.810> and<00:26:11.020> and<00:26:11.650> we 00:26:12.150 --> 00:26:12.160 align:start position:0% you know 50,000 protein folds and and we 00:26:12.160 --> 00:26:14.070 align:start position:0% you know 50,000 protein folds and and we know<00:26:12.430> the<00:26:12.700> current<00:26:12.910> cost<00:26:13.330> of<00:26:13.540> doing<00:26:13.720> one 00:26:14.070 --> 00:26:14.080 align:start position:0% know the current cost of doing one 00:26:14.080 --> 00:26:16.370 align:start position:0% know the current cost of doing one protein<00:26:14.500> fold<00:26:14.830> on<00:26:15.040> Amazon<00:26:15.460> Turk<00:26:15.700> or<00:26:15.850> whatever 00:26:16.370 --> 00:26:16.380 align:start position:0% protein fold on Amazon Turk or whatever 00:26:16.380 --> 00:26:19.290 align:start position:0% protein fold on Amazon Turk or whatever that<00:26:17.380> would<00:26:17.680> anchor<00:26:18.010> the<00:26:18.430> price<00:26:18.700> of<00:26:18.970> a<00:26:19.120> Bitcoin 00:26:19.290 --> 00:26:19.300 align:start position:0% that would anchor the price of a Bitcoin 00:26:19.300 --> 00:26:21.870 align:start position:0% that would anchor the price of a Bitcoin and<00:26:19.780> people<00:26:20.710> don't<00:26:20.890> want<00:26:21.160> that<00:26:21.310> they<00:26:21.550> wanted 00:26:21.870 --> 00:26:21.880 align:start position:0% and people don't want that they wanted 00:26:21.880 --> 00:26:23.940 align:start position:0% and people don't want that they wanted to<00:26:21.940> go<00:26:22.120> to<00:26:22.180> the<00:26:22.360> moon<00:26:22.540> and<00:26:23.080> if<00:26:23.290> it<00:26:23.410> is<00:26:23.530> the<00:26:23.710> case 00:26:23.940 --> 00:26:23.950 align:start position:0% to go to the moon and if it is the case 00:26:23.950 --> 00:26:26.670 align:start position:0% to go to the moon and if it is the case that<00:26:24.250> that<00:26:25.180> a<00:26:25.240> protein<00:26:25.690> fold<00:26:25.960> is<00:26:26.140> five<00:26:26.320> cents 00:26:26.670 --> 00:26:26.680 align:start position:0% that that a protein fold is five cents 00:26:26.680 --> 00:26:28.560 align:start position:0% that that a protein fold is five cents then<00:26:26.920> you<00:26:27.070> are<00:26:27.250> it's<00:26:27.760> you're<00:26:27.910> stuck<00:26:28.300> with<00:26:28.510> a 00:26:28.560 --> 00:26:28.570 align:start position:0% then you are it's you're stuck with a 00:26:28.570 --> 00:26:30.900 align:start position:0% then you are it's you're stuck with a Bitcoin<00:26:29.020> price<00:26:29.350> being<00:26:29.890> five<00:26:30.220> times<00:26:30.550> fifty 00:26:30.900 --> 00:26:30.910 align:start position:0% Bitcoin price being five times fifty 00:26:30.910 --> 00:26:32.790 align:start position:0% Bitcoin price being five times fifty thousand<00:26:31.360> five<00:26:31.600> cents<00:26:31.840> times<00:26:32.050> fifty<00:26:32.380> thousand 00:26:32.790 --> 00:26:32.800 align:start position:0% thousand five cents times fifty thousand 00:26:32.800 --> 00:26:35.100 align:start position:0% thousand five cents times fifty thousand at<00:26:33.190> least<00:26:33.220> in<00:26:33.670> people's<00:26:34.300> minds<00:26:34.720> and<00:26:34.900> that 00:26:35.100 --> 00:26:35.110 align:start position:0% at least in people's minds and that 00:26:35.110 --> 00:26:36.180 align:start position:0% at least in people's minds and that would<00:26:35.260> create<00:26:35.380> some<00:26:35.530> kind<00:26:35.800> of<00:26:35.890> a<00:26:35.950> price 00:26:36.180 --> 00:26:36.190 align:start position:0% would create some kind of a price 00:26:36.190 --> 00:26:36.660 align:start position:0% would create some kind of a price barrier 00:26:36.660 --> 00:26:36.670 align:start position:0% barrier 00:26:36.670 --> 00:26:38.880 align:start position:0% barrier so<00:26:37.210> you<00:26:37.270> see<00:26:37.510> coin<00:26:37.780> designers<00:26:38.290> shunning<00:26:38.770> this 00:26:38.880 --> 00:26:38.890 align:start position:0% so you see coin designers shunning this 00:26:38.890 --> 00:26:41.550 align:start position:0% so you see coin designers shunning this idea<00:26:39.250> in<00:26:40.180> response<00:26:40.690> academics<00:26:41.260> have<00:26:41.380> looked 00:26:41.550 --> 00:26:41.560 align:start position:0% idea in response academics have looked 00:26:41.560 --> 00:26:42.480 align:start position:0% idea in response academics have looked at<00:26:41.680> this<00:26:41.800> and<00:26:42.010> they've<00:26:42.130> come<00:26:42.310> up<00:26:42.340> with 00:26:42.480 --> 00:26:42.490 align:start position:0% at this and they've come up with 00:26:42.490 --> 00:26:45.240 align:start position:0% at this and they've come up with different<00:26:43.240> ideas<00:26:43.510> for<00:26:43.990> using<00:26:44.260> useful<00:26:45.010> proofs 00:26:45.240 --> 00:26:45.250 align:start position:0% different ideas for using useful proofs 00:26:45.250 --> 00:26:48.720 align:start position:0% different ideas for using useful proofs of<00:26:45.430> useful<00:26:45.940> proofs<00:26:46.930> of<00:26:47.110> useful<00:26:47.470> work<00:26:47.730> using 00:26:48.720 --> 00:26:48.730 align:start position:0% of useful proofs of useful work using 00:26:48.730 --> 00:26:50.700 align:start position:0% of useful proofs of useful work using things<00:26:48.940> like<00:26:49.090> secure<00:26:49.570> hardware<00:26:49.990> to<00:26:50.230> show<00:26:50.470> that 00:26:50.700 --> 00:26:50.710 align:start position:0% things like secure hardware to show that 00:26:50.710 --> 00:26:53.340 align:start position:0% things like secure hardware to show that this<00:26:51.160> person<00:26:51.730> actually<00:26:51.910> dedicated<00:26:52.780> their<00:26:52.960> CPU 00:26:53.340 --> 00:26:53.350 align:start position:0% this person actually dedicated their CPU 00:26:53.350 --> 00:26:55.320 align:start position:0% this person actually dedicated their CPU to<00:26:53.920> doing<00:26:54.280> something<00:26:54.670> of<00:26:54.760> importance<00:26:55.270> to 00:26:55.320 --> 00:26:55.330 align:start position:0% to doing something of importance to 00:26:55.330 --> 00:26:57.180 align:start position:0% to doing something of importance to themselves<00:26:55.990> and<00:26:56.140> it's<00:26:56.230> up<00:26:56.410> to<00:26:56.620> you<00:26:56.770> what<00:26:56.980> that 00:26:57.180 --> 00:26:57.190 align:start position:0% themselves and it's up to you what that 00:26:57.190 --> 00:26:59.550 align:start position:0% themselves and it's up to you what that was<00:26:57.400> and<00:26:57.870> there<00:26:58.870> is<00:26:58.930> some<00:26:59.050> interesting<00:26:59.260> work 00:26:59.550 --> 00:26:59.560 align:start position:0% was and there is some interesting work 00:26:59.560 --> 00:27:01.920 align:start position:0% was and there is some interesting work coming<00:26:59.770> out<00:26:59.950> of<00:27:00.070> academia<00:27:00.370> on<00:27:00.640> that<00:27:00.790> front<00:27:01.000> so 00:27:01.920 --> 00:27:01.930 align:start position:0% coming out of academia on that front so 00:27:01.930 --> 00:27:03.660 align:start position:0% coming out of academia on that front so that's<00:27:02.110> that<00:27:02.710> maybe<00:27:02.980> goes<00:27:03.250> towards 00:27:03.660 --> 00:27:03.670 align:start position:0% that's that maybe goes towards 00:27:03.670 --> 00:27:06.570 align:start position:0% that's that maybe goes towards addressing<00:27:04.450> that<00:27:04.570> issue<00:27:04.860> the<00:27:05.860> second<00:27:06.310> part<00:27:06.490> of 00:27:06.570 --> 00:27:06.580 align:start position:0% addressing that issue the second part of 00:27:06.580 --> 00:27:07.920 align:start position:0% addressing that issue the second part of your<00:27:06.700> question<00:27:06.760> I<00:27:07.180> think<00:27:07.210> had<00:27:07.480> to<00:27:07.570> do<00:27:07.720> with 00:27:07.920 --> 00:27:07.930 align:start position:0% your question I think had to do with 00:27:07.930 --> 00:27:10.170 align:start position:0% your question I think had to do with what<00:27:08.620> happens<00:27:08.980> when<00:27:09.130> somebody<00:27:09.490> is<00:27:09.670> shorting 00:27:10.170 --> 00:27:10.180 align:start position:0% what happens when somebody is shorting 00:27:10.180 --> 00:27:12.720 align:start position:0% what happens when somebody is shorting and<00:27:10.300> attacking<00:27:10.600> and<00:27:10.980> and<00:27:11.980> now<00:27:12.130> analyzing 00:27:12.720 --> 00:27:12.730 align:start position:0% and attacking and and now analyzing 00:27:12.730 --> 00:27:14.220 align:start position:0% and attacking and and now analyzing those<00:27:12.940> kinds<00:27:13.210> of<00:27:13.330> situations<00:27:13.810> is<00:27:13.930> always 00:27:14.220 --> 00:27:14.230 align:start position:0% those kinds of situations is always 00:27:14.230 --> 00:27:17.160 align:start position:0% those kinds of situations is always difficult<00:27:14.470> but<00:27:15.300> you<00:27:16.300> know<00:27:16.390> what<00:27:16.540> what<00:27:16.810> can<00:27:16.840> one 00:27:17.160 --> 00:27:17.170 align:start position:0% difficult but you know what what can one 00:27:17.170 --> 00:27:20.040 align:start position:0% difficult but you know what what can one do<00:27:17.670> essentially<00:27:18.670> we<00:27:18.850> can<00:27:18.970> reason<00:27:19.360> about<00:27:19.510> coins 00:27:20.040 --> 00:27:20.050 align:start position:0% do essentially we can reason about coins 00:27:20.050 --> 00:27:22.680 align:start position:0% do essentially we can reason about coins in<00:27:20.380> the<00:27:20.500> system<00:27:20.890> and<00:27:21.190> we<00:27:21.940> can<00:27:21.970> model<00:27:22.570> the 00:27:22.680 --> 00:27:22.690 align:start position:0% in the system and we can model the 00:27:22.690 --> 00:27:24.390 align:start position:0% in the system and we can model the amount<00:27:22.960> of<00:27:23.140> damage<00:27:23.500> one<00:27:23.710> can<00:27:23.890> do<00:27:24.070> to<00:27:24.100> the 00:27:24.390 --> 00:27:24.400 align:start position:0% amount of damage one can do to the 00:27:24.400 --> 00:27:26.490 align:start position:0% amount of damage one can do to the external<00:27:24.880> value<00:27:25.090> of<00:27:25.270> the<00:27:25.390> coin<00:27:25.570> as<00:27:25.780> well<00:27:25.810> and 00:27:26.490 --> 00:27:26.500 align:start position:0% external value of the coin as well and 00:27:26.500 --> 00:27:28.260 align:start position:0% external value of the coin as well and we<00:27:26.620> haven't<00:27:26.860> seen<00:27:27.100> much<00:27:27.400> analysis<00:27:27.940> of<00:27:28.090> that 00:27:28.260 --> 00:27:28.270 align:start position:0% we haven't seen much analysis of that 00:27:28.270 --> 00:27:30.240 align:start position:0% we haven't seen much analysis of that kind<00:27:28.540> but<00:27:29.050> I<00:27:29.080> hope<00:27:29.350> that<00:27:29.560> moving<00:27:29.680> forward<00:27:30.040> we 00:27:30.240 --> 00:27:30.250 align:start position:0% kind but I hope that moving forward we 00:27:30.250 --> 00:27:31.650 align:start position:0% kind but I hope that moving forward we will<00:27:30.490> see<00:27:30.640> people<00:27:30.790> take<00:27:31.090> that<00:27:31.300> into<00:27:31.630> account 00:27:31.650 --> 00:27:31.660 align:start position:0% will see people take that into account 00:27:31.660 --> 00:27:34.230 align:start position:0% will see people take that into account because<00:27:32.530> the<00:27:32.680> coins<00:27:32.920> their<00:27:33.550> number<00:27:34.000> doesn't 00:27:34.230 --> 00:27:34.240 align:start position:0% because the coins their number doesn't 00:27:34.240 --> 00:27:35.910 align:start position:0% because the coins their number doesn't matter<00:27:34.570> what<00:27:34.870> matters<00:27:35.020> is<00:27:35.380> the<00:27:35.470> external 00:27:35.910 --> 00:27:35.920 align:start position:0% matter what matters is the external 00:27:35.920 --> 00:27:40.800 align:start position:0% matter what matters is the external market<00:27:36.190> value<00:27:37.710> in<00:27:38.710> terms<00:27:38.980> of<00:27:39.130> shorting<00:27:39.850> if<00:27:40.450> the 00:27:40.800 --> 00:27:40.810 align:start position:0% market value in terms of shorting if the 00:27:40.810 --> 00:27:43.560 align:start position:0% market value in terms of shorting if the value<00:27:41.050> is<00:27:41.170> going<00:27:41.650> away<00:27:42.370> completely<00:27:43.120> then<00:27:43.330> then 00:27:43.560 --> 00:27:43.570 align:start position:0% value is going away completely then then 00:27:43.570 --> 00:27:45.840 align:start position:0% value is going away completely then then you<00:27:44.020> will<00:27:44.140> not<00:27:44.320> be<00:27:44.560> able<00:27:44.710> to<00:27:44.830> close<00:27:45.430> your<00:27:45.580> short 00:27:45.840 --> 00:27:45.850 align:start position:0% you will not be able to close your short 00:27:45.850 --> 00:27:48.930 align:start position:0% you will not be able to close your short anyways<00:27:46.210> but<00:27:46.870> in<00:27:47.590> terms<00:27:47.830> of<00:27:47.980> like<00:27:48.130> purchasing 00:27:48.930 --> 00:27:48.940 align:start position:0% anyways but in terms of like purchasing 00:27:48.940 --> 00:27:51.450 align:start position:0% anyways but in terms of like purchasing power<00:27:49.260> this<00:27:50.260> is<00:27:50.380> something<00:27:50.860> also<00:27:51.250> something 00:27:51.450 --> 00:27:51.460 align:start position:0% power this is something also something 00:27:51.460 --> 00:27:54.930 align:start position:0% power this is something also something that<00:27:51.640> that<00:27:52.060> in<00:27:52.360> general<00:27:52.630> grows<00:27:53.170> and<00:27:53.850> you<00:27:54.850> know 00:27:54.930 --> 00:27:54.940 align:start position:0% that that in general grows and you know 00:27:54.940 --> 00:27:56.430 align:start position:0% that that in general grows and you know we<00:27:55.090> could<00:27:55.270> argue<00:27:55.540> that<00:27:55.570> it<00:27:55.930> might<00:27:56.080> be<00:27:56.230> growing 00:27:56.430 --> 00:27:56.440 align:start position:0% we could argue that it might be growing 00:27:56.440 --> 00:27:59.870 align:start position:0% we could argue that it might be growing at<00:27:56.740> a<00:27:56.830> similar<00:27:57.160> pace<00:27:57.430> to<00:27:57.700> two<00:27:58.110> advances<00:27:59.110> in 00:27:59.870 --> 00:27:59.880 align:start position:0% at a similar pace to two advances in 00:27:59.880 --> 00:28:07.200 align:start position:0% at a similar pace to two advances in computing<00:28:00.880> hardware<00:28:05.850> take<00:28:06.850> one<00:28:07.060> more 00:28:07.200 --> 00:28:07.210 align:start position:0% computing hardware take one more 00:28:07.210 --> 00:28:11.210 align:start position:0% computing hardware take one more question<00:28:07.390> from<00:28:07.810> the<00:28:07.900> audience 00:28:11.210 --> 00:28:11.220 align:start position:0% 00:28:11.220 --> 00:28:13.769 align:start position:0% okay<00:28:12.220> just<00:28:13.210> a<00:28:13.239> quick<00:28:13.330> question<00:28:13.570> about 00:28:13.769 --> 00:28:13.779 align:start position:0% okay just a quick question about 00:28:13.779 --> 00:28:15.749 align:start position:0% okay just a quick question about economic<00:28:14.559> finality<00:28:15.070> I<00:28:15.099> mean<00:28:15.340> you<00:28:15.580> mentioned 00:28:15.749 --> 00:28:15.759 align:start position:0% economic finality I mean you mentioned 00:28:15.759 --> 00:28:18.810 align:start position:0% economic finality I mean you mentioned that<00:28:16.210> an<00:28:17.049> attacker<00:28:17.440> might<00:28:17.499> buy<00:28:17.889> coins<00:28:18.309> mighty 00:28:18.810 --> 00:28:18.820 align:start position:0% that an attacker might buy coins mighty 00:28:18.820 --> 00:28:20.639 align:start position:0% that an attacker might buy coins mighty fur<00:28:19.149> and<00:28:19.359> lunch<00:28:19.809> an<00:28:19.929> attack<00:28:20.200> and<00:28:20.409> then<00:28:20.440> the 00:28:20.639 --> 00:28:20.649 align:start position:0% fur and lunch an attack and then the 00:28:20.649 --> 00:28:22.469 align:start position:0% fur and lunch an attack and then the community<00:28:21.070> might<00:28:21.340> realize<00:28:22.210> they<00:28:22.419> don't 00:28:22.469 --> 00:28:22.479 align:start position:0% community might realize they don't 00:28:22.479 --> 00:28:24.539 align:start position:0% community might realize they don't attack<00:28:22.840> and<00:28:23.049> slash<00:28:23.440> him<00:28:23.739> and<00:28:23.859> art<00:28:24.009> fork<00:28:24.249> and<00:28:24.429> so 00:28:24.539 --> 00:28:24.549 align:start position:0% attack and slash him and art fork and so 00:28:24.549 --> 00:28:27.180 align:start position:0% attack and slash him and art fork and so on<00:28:24.700> but<00:28:25.509> do<00:28:26.109> you<00:28:26.169> think<00:28:26.229> that<00:28:26.409> commitment<00:28:27.039> to 00:28:27.180 --> 00:28:27.190 align:start position:0% on but do you think that commitment to 00:28:27.190 --> 00:28:29.879 align:start position:0% on but do you think that commitment to attack<00:28:27.489> yeah<00:28:27.700> it's<00:28:28.269> in<00:28:28.629> attack<00:28:29.590> the<00:28:29.710> first 00:28:29.879 --> 00:28:29.889 align:start position:0% attack yeah it's in attack the first 00:28:29.889 --> 00:28:32.969 align:start position:0% attack yeah it's in attack the first step<00:28:30.099> i<00:28:30.450> redo<00:28:31.450> my<00:28:31.599> attack<00:28:31.899> I<00:28:32.139> do<00:28:32.440> it<00:28:32.559> again<00:28:32.799> I<00:28:32.830> do 00:28:32.969 --> 00:28:32.979 align:start position:0% step i redo my attack I do it again I do 00:28:32.979 --> 00:28:34.409 align:start position:0% step i redo my attack I do it again I do it<00:28:33.129> again<00:28:33.340> I'd<00:28:33.429> do<00:28:33.519> it<00:28:33.549> again<00:28:33.669> some 00:28:34.409 --> 00:28:34.419 align:start position:0% it again I'd do it again some 00:28:34.419 --> 00:28:36.169 align:start position:0% it again I'd do it again some commitments<00:28:35.019> your<00:28:35.139> attacks<00:28:35.409> might<00:28:35.739> be 00:28:36.169 --> 00:28:36.179 align:start position:0% commitments your attacks might be 00:28:36.179 --> 00:28:39.869 align:start position:0% commitments your attacks might be community<00:28:37.179> destroying<00:28:37.629> and<00:28:38.229> also<00:28:38.619> might<00:28:39.159> for 00:28:39.869 --> 00:28:39.879 align:start position:0% community destroying and also might for 00:28:39.879 --> 00:28:42.359 align:start position:0% community destroying and also might for example<00:28:40.499> incentivize<00:28:41.499> people<00:28:41.679> to<00:28:41.950> sell<00:28:42.190> that 00:28:42.359 --> 00:28:42.369 align:start position:0% example incentivize people to sell that 00:28:42.369 --> 00:28:43.799 align:start position:0% example incentivize people to sell that coin<00:28:42.609> and<00:28:42.879> leave<00:28:43.299> the<00:28:43.389> port<00:28:43.570> O'Call 00:28:43.799 --> 00:28:43.809 align:start position:0% coin and leave the port O'Call 00:28:43.809 --> 00:28:47.339 align:start position:0% coin and leave the port O'Call no<00:28:44.649> because<00:28:45.159> like<00:28:46.149> as<00:28:46.359> I<00:28:46.509> said<00:28:46.779> basically<00:28:47.019> I 00:28:47.339 --> 00:28:47.349 align:start position:0% no because like as I said basically I 00:28:47.349 --> 00:28:49.560 align:start position:0% no because like as I said basically I believe<00:28:48.249> that<00:28:48.460> if<00:28:48.549> we<00:28:48.669> can<00:28:48.789> make<00:28:48.970> a<00:28:49.149> spur<00:28:49.389> work 00:28:49.560 --> 00:28:49.570 align:start position:0% believe that if we can make a spur work 00:28:49.570 --> 00:28:51.239 align:start position:0% believe that if we can make a spur work well<00:28:49.779> enough<00:28:50.049> then<00:28:50.289> attacks<00:28:50.739> will<00:28:50.979> make<00:28:51.099> the 00:28:51.239 --> 00:28:51.249 align:start position:0% well enough then attacks will make the 00:28:51.249 --> 00:28:53.639 align:start position:0% well enough then attacks will make the ether<00:28:51.519> price<00:28:51.759> go<00:28:51.940> up<00:28:52.179> and<00:28:52.419> so<00:28:52.899> a<00:28:52.929> commitment<00:28:53.559> to 00:28:53.639 --> 00:28:53.649 align:start position:0% ether price go up and so a commitment to 00:28:53.649 --> 00:28:55.200 align:start position:0% ether price go up and so a commitment to attack<00:28:53.950> will<00:28:54.129> incentivize<00:28:54.340> people<00:28:54.820> to<00:28:55.090> buy 00:28:55.200 --> 00:28:55.210 align:start position:0% attack will incentivize people to buy 00:28:55.210 --> 00:28:58.229 align:start position:0% attack will incentivize people to buy buy<00:28:55.419> buy<00:28:55.799> basically<00:28:56.799> yeah<00:28:57.009> in<00:28:57.639> my<00:28:57.820> view<00:28:57.879> is 00:28:58.229 --> 00:28:58.239 align:start position:0% buy buy basically yeah in my view is 00:28:58.239 --> 00:29:00.570 align:start position:0% buy buy basically yeah in my view is kind<00:28:58.599> of<00:28:58.720> those<00:28:59.349> sort<00:28:59.950> of<00:28:59.979> crypts<00:29:00.190> we<00:29:00.340> can<00:29:00.460> on 00:29:00.570 --> 00:29:00.580 align:start position:0% kind of those sort of crypts we can on 00:29:00.580 --> 00:29:04.499 align:start position:0% kind of those sort of crypts we can on the<00:29:00.669> Holy<00:29:00.879> Grail<00:29:01.149> I<00:29:03.149> think<00:29:04.149> I<00:29:04.210> think<00:29:04.389> actually 00:29:04.499 --> 00:29:04.509 align:start position:0% the Holy Grail I think I think actually 00:29:04.509 --> 00:29:06.450 align:start position:0% the Holy Grail I think I think actually the<00:29:04.749> question<00:29:04.960> you're<00:29:05.169> asking<00:29:05.200> is<00:29:05.559> if<00:29:06.009> someone 00:29:06.450 --> 00:29:06.460 align:start position:0% the question you're asking is if someone 00:29:06.460 --> 00:29:07.680 align:start position:0% the question you're asking is if someone commits<00:29:06.729> hard<00:29:06.940> enough<00:29:07.059> to<00:29:07.179> attack<00:29:07.389> nee<00:29:07.509> can 00:29:07.680 --> 00:29:07.690 align:start position:0% commits hard enough to attack nee can 00:29:07.690 --> 00:29:10.019 align:start position:0% commits hard enough to attack nee can they<00:29:07.779> demoralize<00:29:08.499> everyone<00:29:08.979> and<00:29:09.220> have<00:29:09.909> them 00:29:10.019 --> 00:29:10.029 align:start position:0% they demoralize everyone and have them 00:29:10.029 --> 00:29:12.570 align:start position:0% they demoralize everyone and have them no<00:29:10.179> longer<00:29:10.299> believe<00:29:10.749> the<00:29:10.989> story<00:29:11.259> that<00:29:11.830> we<00:29:12.369> will 00:29:12.570 --> 00:29:12.580 align:start position:0% no longer believe the story that we will 00:29:12.580 --> 00:29:14.249 align:start position:0% no longer believe the story that we will just<00:29:12.820> sell<00:29:13.119> the<00:29:13.330> coins<00:29:13.509> to<00:29:13.720> the<00:29:13.779> attacker<00:29:14.080> at 00:29:14.249 --> 00:29:14.259 align:start position:0% just sell the coins to the attacker at 00:29:14.259 --> 00:29:16.080 align:start position:0% just sell the coins to the attacker at higher<00:29:14.409> and<00:29:14.529> higher<00:29:14.619> prices<00:29:15.039> right<00:29:15.519> and<00:29:15.669> the 00:29:16.080 --> 00:29:16.090 align:start position:0% higher and higher prices right and the 00:29:16.090 --> 00:29:17.639 align:start position:0% higher and higher prices right and the question<00:29:16.210> like<00:29:16.720> whether<00:29:16.960> people<00:29:17.470> will<00:29:17.529> be 00:29:17.639 --> 00:29:17.649 align:start position:0% question like whether people will be 00:29:17.649 --> 00:29:19.499 align:start position:0% question like whether people will be demoralized<00:29:17.919> or<00:29:18.309> not<00:29:18.460> it's<00:29:18.669> kind<00:29:18.789> of<00:29:18.940> really 00:29:19.499 --> 00:29:19.509 align:start position:0% demoralized or not it's kind of really 00:29:19.509 --> 00:29:21.509 align:start position:0% demoralized or not it's kind of really about<00:29:19.779> you<00:29:20.289> know<00:29:20.379> there<00:29:20.739> are<00:29:20.799> kind<00:29:20.950> of<00:29:21.009> states 00:29:21.509 --> 00:29:21.519 align:start position:0% about you know there are kind of states 00:29:21.519 --> 00:29:23.789 align:start position:0% about you know there are kind of states of<00:29:21.669> knowledge<00:29:21.999> and<00:29:22.179> confidence<00:29:22.389> in<00:29:22.869> the<00:29:23.259> kind 00:29:23.789 --> 00:29:23.799 align:start position:0% of knowledge and confidence in the kind 00:29:23.799 --> 00:29:25.859 align:start position:0% of knowledge and confidence in the kind of<00:29:23.830> belief<00:29:24.249> that<00:29:24.279> you<00:29:24.519> can't<00:29:24.940> conduct<00:29:25.690> this 00:29:25.859 --> 00:29:25.869 align:start position:0% of belief that you can't conduct this 00:29:25.869 --> 00:29:29.609 align:start position:0% of belief that you can't conduct this attack<00:29:27.570> you<00:29:28.570> know<00:29:28.659> over<00:29:28.960> and<00:29:29.080> over<00:29:29.259> again<00:29:29.379> if 00:29:29.609 --> 00:29:29.619 align:start position:0% attack you know over and over again if 00:29:29.619 --> 00:29:31.830 align:start position:0% attack you know over and over again if it<00:29:29.710> costs<00:29:30.099> you<00:29:30.309> like<00:29:31.029> a<00:29:31.059> significant<00:29:31.690> amount 00:29:31.830 --> 00:29:31.840 align:start position:0% it costs you like a significant amount 00:29:31.840 --> 00:29:33.299 align:start position:0% it costs you like a significant amount every<00:29:32.109> time<00:29:32.320> and<00:29:32.619> I<00:29:32.739> think<00:29:32.889> if<00:29:32.950> people<00:29:33.009> really 00:29:33.299 --> 00:29:33.309 align:start position:0% every time and I think if people really 00:29:33.309 --> 00:29:35.580 align:start position:0% every time and I think if people really believe<00:29:33.580> that<00:29:33.849> then<00:29:34.509> it<00:29:34.899> shouldn't<00:29:35.229> make<00:29:35.529> you 00:29:35.580 --> 00:29:35.590 align:start position:0% believe that then it shouldn't make you 00:29:35.590 --> 00:29:36.960 align:start position:0% believe that then it shouldn't make you lose<00:29:35.889> confidence<00:29:36.099> you<00:29:36.549> should<00:29:36.580> know<00:29:36.820> that 00:29:36.960 --> 00:29:36.970 align:start position:0% lose confidence you should know that 00:29:36.970 --> 00:29:38.489 align:start position:0% lose confidence you should know that okay<00:29:37.090> this<00:29:37.269> is<00:29:37.419> only<00:29:37.509> in<00:29:37.629> having<00:29:37.749> a<00:29:37.929> finite<00:29:38.289> and 00:29:38.489 --> 00:29:38.499 align:start position:0% okay this is only in having a finite and 00:29:38.499 --> 00:29:40.919 align:start position:0% okay this is only in having a finite and small<00:29:38.710> number<00:29:38.919> of<00:29:39.009> times<00:29:39.479> and<00:29:40.479> therefore<00:29:40.690> you 00:29:40.919 --> 00:29:40.929 align:start position:0% small number of times and therefore you 00:29:40.929 --> 00:29:42.359 align:start position:0% small number of times and therefore you won't<00:29:41.049> just<00:29:41.259> dump<00:29:41.440> your<00:29:41.499> coins<00:29:41.799> in<00:29:42.009> response 00:29:42.359 --> 00:29:42.369 align:start position:0% won't just dump your coins in response 00:29:42.369 --> 00:29:43.859 align:start position:0% won't just dump your coins in response of<00:29:42.639> the<00:29:42.759> sphere<00:29:43.090> of<00:29:43.210> the<00:29:43.299> persistent<00:29:43.690> attack 00:29:43.859 --> 00:29:43.869 align:start position:0% of the sphere of the persistent attack 00:29:43.869 --> 00:29:48.180 align:start position:0% of the sphere of the persistent attack basically<00:29:44.559> you<00:29:45.220> know<00:29:45.340> can<00:29:46.379> someone<00:29:47.379> commit<00:29:47.830> to 00:29:48.180 --> 00:29:48.190 align:start position:0% basically you know can someone commit to 00:29:48.190 --> 00:29:49.169 align:start position:0% basically you know can someone commit to attacking<00:29:48.489> the<00:29:48.549> protocol<00:29:48.849> and<00:29:48.940> therefore 00:29:49.169 --> 00:29:49.179 align:start position:0% attacking the protocol and therefore 00:29:49.179 --> 00:29:51.659 align:start position:0% attacking the protocol and therefore demoralize<00:29:49.690> the<00:29:50.529> etherion<00:29:50.859> community<00:29:51.249> to<00:29:51.580> the 00:29:51.659 --> 00:29:51.669 align:start position:0% demoralize the etherion community to the 00:29:51.669 --> 00:29:53.570 align:start position:0% demoralize the etherion community to the point<00:29:51.849> where<00:29:51.999> the<00:29:52.119> price<00:29:52.330> goes<00:29:52.539> so<00:29:52.690> low<00:29:52.869> that 00:29:53.570 --> 00:29:53.580 align:start position:0% point where the price goes so low that 00:29:53.580 --> 00:29:56.489 align:start position:0% point where the price goes so low that like<00:29:54.580> just<00:29:54.970> get<00:29:55.119> security<00:29:55.749> goes<00:29:55.929> to<00:29:56.019> zero<00:29:56.200> I 00:29:56.489 --> 00:29:56.499 align:start position:0% like just get security goes to zero I 00:29:56.499 --> 00:29:59.099 align:start position:0% like just get security goes to zero I mean<00:29:56.950> in<00:29:57.789> theory<00:29:58.330> but<00:29:58.629> I<00:29:58.659> don't<00:29:58.899> think<00:29:59.019> it's 00:29:59.099 --> 00:29:59.109 align:start position:0% mean in theory but I don't think it's 00:29:59.109 --> 00:30:03.450 align:start position:0% mean in theory but I don't think it's very<00:29:59.169> likely<00:30:01.409> okay<00:30:02.409> we<00:30:02.529> have<00:30:02.679> time<00:30:03.070> for<00:30:03.099> one 00:30:03.450 --> 00:30:03.460 align:start position:0% very likely okay we have time for one 00:30:03.460 --> 00:30:08.220 align:start position:0% very likely okay we have time for one last<00:30:03.489> question 00:30:08.220 --> 00:30:08.230 align:start position:0% 00:30:08.230 --> 00:30:11.650 align:start position:0% hey<00:30:09.310> my<00:30:10.310> understanding<00:30:10.640> with<00:30:10.730> Casper<00:30:11.150> is<00:30:11.360> that 00:30:11.650 --> 00:30:11.660 align:start position:0% hey my understanding with Casper is that 00:30:11.660 --> 00:30:13.960 align:start position:0% hey my understanding with Casper is that if<00:30:11.990> I<00:30:12.260> have<00:30:12.860> been<00:30:12.980> offline<00:30:13.250> for<00:30:13.310> a<00:30:13.550> while<00:30:13.700> and 00:30:13.960 --> 00:30:13.970 align:start position:0% if I have been offline for a while and 00:30:13.970 --> 00:30:15.160 align:start position:0% if I have been offline for a while and then<00:30:14.120> I<00:30:14.180> come<00:30:14.450> back<00:30:14.480> online 00:30:15.160 --> 00:30:15.170 align:start position:0% then I come back online 00:30:15.170 --> 00:30:17.410 align:start position:0% then I come back online I<00:30:15.200> need<00:30:15.800> the<00:30:16.010> Genesis<00:30:16.340> block<00:30:16.460> a<00:30:16.880> forked<00:30:17.270> choice 00:30:17.410 --> 00:30:17.420 align:start position:0% I need the Genesis block a forked choice 00:30:17.420 --> 00:30:19.900 align:start position:0% I need the Genesis block a forked choice rule<00:30:17.660> and<00:30:17.990> the<00:30:18.350> current<00:30:18.650> validator<00:30:19.010> set<00:30:19.220> so<00:30:19.880> I 00:30:19.900 --> 00:30:19.910 align:start position:0% rule and the current validator set so I 00:30:19.910 --> 00:30:20.830 align:start position:0% rule and the current validator set so I was<00:30:20.000> wondering<00:30:20.120> if<00:30:20.300> you<00:30:20.360> could<00:30:20.480> talk<00:30:20.570> a<00:30:20.630> bit 00:30:20.830 --> 00:30:20.840 align:start position:0% was wondering if you could talk a bit 00:30:20.840 --> 00:30:22.780 align:start position:0% was wondering if you could talk a bit about<00:30:21.140> sort<00:30:21.560> of<00:30:21.620> the<00:30:21.800> attack<00:30:22.040> surface<00:30:22.220> of<00:30:22.640> that 00:30:22.780 --> 00:30:22.790 align:start position:0% about sort of the attack surface of that 00:30:22.790 --> 00:30:25.270 align:start position:0% about sort of the attack surface of that validator<00:30:23.510> set<00:30:23.720> being<00:30:23.960> subjective<00:30:24.500> and<00:30:24.770> if 00:30:25.270 --> 00:30:25.280 align:start position:0% validator set being subjective and if 00:30:25.280 --> 00:30:26.530 align:start position:0% validator set being subjective and if there's<00:30:25.490> ways<00:30:25.640> to<00:30:25.820> mitigate<00:30:25.940> that<00:30:26.300> with 00:30:26.530 --> 00:30:26.540 align:start position:0% there's ways to mitigate that with 00:30:26.540 --> 00:30:29.200 align:start position:0% there's ways to mitigate that with Casper<00:30:26.900> when<00:30:27.110> I<00:30:27.140> switch<00:30:27.290> over<00:30:27.940> but<00:30:28.940> you<00:30:29.060> only 00:30:29.200 --> 00:30:29.210 align:start position:0% Casper when I switch over but you only 00:30:29.210 --> 00:30:33.460 align:start position:0% Casper when I switch over but you only have<00:30:29.420> 55<00:30:29.930> seconds<00:30:31.780> yeah<00:30:32.780> you<00:30:32.840> don't<00:30:33.200> use<00:30:33.350> the 00:30:33.460 --> 00:30:33.470 align:start position:0% have 55 seconds yeah you don't use the 00:30:33.470 --> 00:30:34.720 align:start position:0% have 55 seconds yeah you don't use the Genesis<00:30:33.800> block<00:30:33.920> you<00:30:34.100> use<00:30:34.220> something<00:30:34.610> more 00:30:34.720 --> 00:30:34.730 align:start position:0% Genesis block you use something more 00:30:34.730 --> 00:30:39.100 align:start position:0% Genesis block you use something more recent<00:30:36.280> the<00:30:37.280> idea<00:30:38.150> is<00:30:38.420> right<00:30:38.690> that<00:30:38.840> there<00:30:39.020> is 00:30:39.100 --> 00:30:39.110 align:start position:0% recent the idea is right that there is 00:30:39.110 --> 00:30:41.770 align:start position:0% recent the idea is right that there is this<00:30:39.350> kind<00:30:39.860> of<00:30:39.920> like<00:30:40.100> withdraw<00:30:41.060> a<00:30:41.090> revert 00:30:41.770 --> 00:30:41.780 align:start position:0% this kind of like withdraw a revert 00:30:41.780 --> 00:30:43.630 align:start position:0% this kind of like withdraw a revert limit<00:30:42.110> and<00:30:42.320> so<00:30:42.860> like<00:30:43.040> there<00:30:43.190> might<00:30:43.280> be<00:30:43.340> some 00:30:43.630 --> 00:30:43.640 align:start position:0% limit and so like there might be some 00:30:43.640 --> 00:30:45.640 align:start position:0% limit and so like there might be some period<00:30:44.060> like<00:30:44.240> say<00:30:44.450> for<00:30:44.690> months<00:30:45.020> as<00:30:45.350> long<00:30:45.560> as 00:30:45.640 --> 00:30:45.650 align:start position:0% period like say for months as long as 00:30:45.650 --> 00:30:47.170 align:start position:0% period like say for months as long as you<00:30:45.770> log<00:30:46.010> in<00:30:46.160> within<00:30:46.460> that<00:30:46.580> period<00:30:46.790> of<00:30:46.970> time 00:30:47.170 --> 00:30:47.180 align:start position:0% you log in within that period of time 00:30:47.180 --> 00:30:49.630 align:start position:0% you log in within that period of time then<00:30:47.570> you<00:30:48.380> would<00:30:48.530> authenticate<00:30:48.860> the<00:30:49.340> current 00:30:49.630 --> 00:30:49.640 align:start position:0% then you would authenticate the current 00:30:49.640 --> 00:30:51.490 align:start position:0% then you would authenticate the current state<00:30:49.940> based<00:30:50.330> on<00:30:50.630> the<00:30:50.750> information<00:30:51.020> that<00:30:51.320> you 00:30:51.490 --> 00:30:51.500 align:start position:0% state based on the information that you 00:30:51.500 --> 00:30:53.230 align:start position:0% state based on the information that you know<00:30:51.680> given<00:30:52.160> the<00:30:52.280> previous<00:30:52.490> state<00:30:52.940> that<00:30:53.150> you 00:30:53.230 --> 00:30:53.240 align:start position:0% know given the previous state that you 00:30:53.240 --> 00:30:55.330 align:start position:0% know given the previous state that you were<00:30:53.360> aware<00:30:53.600> of<00:30:53.870> at<00:30:54.290> the<00:30:54.530> last<00:30:54.710> time<00:30:54.980> when<00:30:55.220> you 00:30:55.330 --> 00:30:55.340 align:start position:0% were aware of at the last time when you 00:30:55.340 --> 00:30:57.880 align:start position:0% were aware of at the last time when you logged<00:30:55.550> off<00:30:55.760> so<00:30:56.330> if<00:30:56.540> you<00:30:56.690> log<00:30:56.900> on<00:30:57.110> for<00:30:57.350> it<00:30:57.440> if 00:30:57.880 --> 00:30:57.890 align:start position:0% logged off so if you log on for it if 00:30:57.890 --> 00:30:59.830 align:start position:0% logged off so if you log on for it if you<00:30:58.100> log<00:30:58.250> off<00:30:58.490> for<00:30:58.730> a<00:30:58.760> to<00:30:59.000> long<00:30:59.180> period<00:30:59.570> of<00:30:59.660> time 00:30:59.830 --> 00:30:59.840 align:start position:0% you log off for a to long period of time 00:30:59.840 --> 00:31:01.990 align:start position:0% you log off for a to long period of time then<00:31:00.200> like<00:31:00.710> it<00:31:00.860> does<00:31:01.070> become<00:31:01.460> possible<00:31:01.940> to 00:31:01.990 --> 00:31:02.000 align:start position:0% then like it does become possible to 00:31:02.000 --> 00:31:04.590 align:start position:0% then like it does become possible to make<00:31:02.240> attacks<00:31:02.630> where<00:31:02.900> those<00:31:03.050> attacks<00:31:03.440> are<00:31:03.710> not 00:31:04.590 --> 00:31:04.600 align:start position:0% make attacks where those attacks are not 00:31:04.600 --> 00:31:09.640 align:start position:0% make attacks where those attacks are not like<00:31:05.600> we<00:31:06.140> are<00:31:06.260> the<00:31:07.000> those<00:31:08.000> attacks<00:31:08.780> can<00:31:09.620> happen 00:31:09.640 --> 00:31:09.650 align:start position:0% like we are the those attacks can happen 00:31:09.650 --> 00:31:12.820 align:start position:0% like we are the those attacks can happen without<00:31:10.100> the<00:31:10.340> attack<00:31:10.640> or<00:31:11.140> penalties<00:31:12.140> but<00:31:12.440> if 00:31:12.820 --> 00:31:12.830 align:start position:0% without the attack or penalties but if 00:31:12.830 --> 00:31:14.290 align:start position:0% without the attack or penalties but if you<00:31:13.100> log<00:31:13.280> on<00:31:13.430> more<00:31:13.640> frequently<00:31:14.060> than<00:31:14.150> that 00:31:14.290 --> 00:31:14.300 align:start position:0% you log on more frequently than that 00:31:14.300 --> 00:31:17.860 align:start position:0% you log on more frequently than that does<00:31:14.420> not<00:31:14.510> happen<00:31:15.520> okay<00:31:16.520> all<00:31:16.700> right<00:31:16.880> so<00:31:17.540> let's 00:31:17.860 --> 00:31:17.870 align:start position:0% does not happen okay all right so let's 00:31:17.870 --> 00:31:19.630 align:start position:0% does not happen okay all right so let's thank<00:31:18.110> the<00:31:18.350> panelists<00:31:18.980> for<00:31:19.040> an<00:31:19.250> excellent 00:31:19.630 --> 00:31:19.640 align:start position:0% thank the panelists for an excellent 00:31:19.640 --> 00:31:21.280 align:start position:0% thank the panelists for an excellent panel<00:31:20.000> and<00:31:20.360> thank<00:31:20.540> you<00:31:20.630> very<00:31:20.690> much<00:31:21.050> for<00:31:21.170> your 00:31:21.280 --> 00:31:21.290 align:start position:0% panel and thank you very much for your 00:31:21.290 --> 00:31:23.230 align:start position:0% panel and thank you very much for your participation 00:31:23.230 --> 00:31:23.240 align:start position:0% participation 00:31:23.240 --> 00:31:27.279 align:start position:0% participation thank<00:31:24.140> you<00:31:24.289> very<00:31:24.350> much<00:31:25.450> our<00:31:26.450> next<00:31:26.840> speaker<00:31:27.110> is 00:31:27.279 --> 00:31:27.289 align:start position:0% thank you very much our next speaker is 00:31:27.289 --> 00:31:30.279 align:start position:0% thank you very much our next speaker is Jason<00:31:27.950> twitch<00:31:28.750> introducing<00:31:29.750> the<00:31:29.779> true--but 00:31:30.279 --> 00:31:30.289 align:start position:0% Jason twitch introducing the true--but 00:31:30.289 --> 00:31:42.830 align:start position:0% Jason twitch introducing the true--but virtual<00:31:30.890> machine<00:31:31.659> Thank<00:31:32.659> You<00:31:32.809> panelists 00:31:42.830 --> 00:31:42.840 align:start position:0% 00:31:42.840 --> 00:31:53.810 align:start position:0% [Music]