WEBVTT Kind: captions Language: en 00:00:17.180 --> 00:00:21.500 align:start position:0% so<00:00:18.439> this<00:00:19.439> talk<00:00:19.680> is<00:00:20.090> basically<00:00:21.090> designed<00:00:21.300> to 00:00:21.500 --> 00:00:21.510 align:start position:0% so this talk is basically designed to 00:00:21.510 --> 00:00:22.640 align:start position:0% so this talk is basically designed to come<00:00:21.660> out<00:00:21.810> to<00:00:21.930> my<00:00:22.050> first<00:00:22.289> talk<00:00:22.500> which 00:00:22.640 --> 00:00:22.650 align:start position:0% come out to my first talk which 00:00:22.650 --> 00:00:24.170 align:start position:0% come out to my first talk which hopefully<00:00:22.859> I<00:00:23.279> mean<00:00:23.490> there<00:00:23.789> were<00:00:23.850> more<00:00:24.000> of<00:00:24.060> you 00:00:24.170 --> 00:00:24.180 align:start position:0% hopefully I mean there were more of you 00:00:24.180 --> 00:00:25.640 align:start position:0% hopefully I mean there were more of you listening<00:00:24.570> to<00:00:24.630> that<00:00:24.720> talk<00:00:24.960> in<00:00:25.080> this<00:00:25.170> talk<00:00:25.410> so<00:00:25.439> I 00:00:25.640 --> 00:00:25.650 align:start position:0% listening to that talk in this talk so I 00:00:25.650 --> 00:00:29.720 align:start position:0% listening to that talk in this talk so I guess<00:00:25.800> we<00:00:25.949> won't<00:00:26.099> have<00:00:26.279> a<00:00:26.340> big<00:00:26.970> problem<00:00:28.730> and 00:00:29.720 --> 00:00:29.730 align:start position:0% guess we won't have a big problem and 00:00:29.730 --> 00:00:31.400 align:start position:0% guess we won't have a big problem and basically<00:00:30.150> the<00:00:30.480> the<00:00:30.689> first<00:00:30.900> talk<00:00:31.019> was<00:00:31.109> kind<00:00:31.320> of 00:00:31.400 --> 00:00:31.410 align:start position:0% basically the the first talk was kind of 00:00:31.410 --> 00:00:33.560 align:start position:0% basically the the first talk was kind of discussing<00:00:31.949> this<00:00:32.189> the<00:00:32.489> problem<00:00:32.910> space<00:00:33.180> what 00:00:33.560 --> 00:00:33.570 align:start position:0% discussing this the problem space what 00:00:33.570 --> 00:00:35.090 align:start position:0% discussing this the problem space what are<00:00:33.660> the<00:00:33.750> kind<00:00:33.899> of<00:00:33.930> design<00:00:34.320> requirements<00:00:34.980> that 00:00:35.090 --> 00:00:35.100 align:start position:0% are the kind of design requirements that 00:00:35.100 --> 00:00:37.250 align:start position:0% are the kind of design requirements that we<00:00:35.250> have<00:00:35.430> when<00:00:35.640> we<00:00:35.760> are<00:00:36.690> trying<00:00:36.809> to<00:00:36.899> build<00:00:37.020> a 00:00:37.250 --> 00:00:37.260 align:start position:0% we have when we are trying to build a 00:00:37.260 --> 00:00:40.610 align:start position:0% we have when we are trying to build a public<00:00:37.530> consensus<00:00:38.489> protocol<00:00:39.020> and<00:00:40.020> Casper<00:00:40.469> is 00:00:40.610 --> 00:00:40.620 align:start position:0% public consensus protocol and Casper is 00:00:40.620 --> 00:00:43.490 align:start position:0% public consensus protocol and Casper is my<00:00:40.890> kind<00:00:41.670> of<00:00:41.879> and<00:00:42.210> you<00:00:42.719> know<00:00:42.750> in<00:00:42.960> collaboration 00:00:43.490 --> 00:00:43.500 align:start position:0% my kind of and you know in collaboration 00:00:43.500 --> 00:00:44.720 align:start position:0% my kind of and you know in collaboration with<00:00:43.530> italic<00:00:44.070> and<00:00:44.190> the<00:00:44.250> field<00:00:44.430> people 00:00:44.720 --> 00:00:44.730 align:start position:0% with italic and the field people 00:00:44.730 --> 00:00:47.389 align:start position:0% with italic and the field people solution<00:00:45.719> attempted<00:00:46.379> solution<00:00:46.920> to<00:00:47.309> this 00:00:47.389 --> 00:00:47.399 align:start position:0% solution attempted solution to this 00:00:47.399 --> 00:00:51.529 align:start position:0% solution attempted solution to this public<00:00:47.700> consensus<00:00:48.180> problem<00:00:49.399> so<00:00:50.399> this<00:00:51.239> talks 00:00:51.529 --> 00:00:51.539 align:start position:0% public consensus problem so this talks 00:00:51.539 --> 00:00:54.770 align:start position:0% public consensus problem so this talks to<00:00:51.600> give<00:00:51.750> you<00:00:51.870> kind<00:00:52.110> of<00:00:52.260> an<00:00:52.379> overview<00:00:52.550> of<00:00:53.780> the 00:00:54.770 --> 00:00:54.780 align:start position:0% to give you kind of an overview of the 00:00:54.780 --> 00:00:56.420 align:start position:0% to give you kind of an overview of the process<00:00:55.230> that<00:00:55.379> led<00:00:55.559> to<00:00:55.620> the<00:00:55.920> development<00:00:56.070> of 00:00:56.420 --> 00:00:56.430 align:start position:0% process that led to the development of 00:00:56.430 --> 00:00:58.970 align:start position:0% process that led to the development of Casper<00:00:56.879> Casper's<00:00:57.480> Deline<00:00:57.840> design<00:00:58.320> philosophy 00:00:58.970 --> 00:00:58.980 align:start position:0% Casper Casper's Deline design philosophy 00:00:58.980 --> 00:01:01.430 align:start position:0% Casper Casper's Deline design philosophy the<00:00:59.760> different<00:01:00.059> parts<00:01:00.359> of<00:01:00.510> Casper<00:01:01.140> as<00:01:01.410> a 00:01:01.430 --> 00:01:01.440 align:start position:0% the different parts of Casper as a 00:01:01.440 --> 00:01:05.630 align:start position:0% the different parts of Casper as a protocol<00:01:02.219> and<00:01:02.460> then<00:01:03.019> the<00:01:04.019> failure<00:01:04.379> modes<00:01:04.640> like 00:01:05.630 --> 00:01:05.640 align:start position:0% protocol and then the failure modes like 00:01:05.640 --> 00:01:07.609 align:start position:0% protocol and then the failure modes like you<00:01:05.909> know<00:01:06.000> what<00:01:06.210> can<00:01:06.360> go<00:01:06.510> wrong<00:01:06.780> given<00:01:07.439> how 00:01:07.609 --> 00:01:07.619 align:start position:0% you know what can go wrong given how 00:01:07.619 --> 00:01:13.130 align:start position:0% you know what can go wrong given how many<00:01:07.680> faulty<00:01:08.430> nodes<00:01:09.920> so<00:01:11.450> let's<00:01:12.450> let's<00:01:12.990> get 00:01:13.130 --> 00:01:13.140 align:start position:0% many faulty nodes so let's let's get 00:01:13.140 --> 00:01:20.090 align:start position:0% many faulty nodes so let's let's get started<00:01:14.960> so<00:01:15.960> the<00:01:16.820> first<00:01:17.820> design<00:01:19.009> principle<00:01:20.009> is 00:01:20.090 --> 00:01:20.100 align:start position:0% started so the first design principle is 00:01:20.100 --> 00:01:21.320 align:start position:0% started so the first design principle is that<00:01:20.159> it<00:01:20.340> should<00:01:20.460> be<00:01:20.520> suited<00:01:20.820> for<00:01:21.000> public 00:01:21.320 --> 00:01:21.330 align:start position:0% that it should be suited for public 00:01:21.330 --> 00:01:24.249 align:start position:0% that it should be suited for public consensus<00:01:21.930> which<00:01:22.650> is<00:01:22.860> basically<00:01:23.640> to<00:01:24.060> say 00:01:24.249 --> 00:01:24.259 align:start position:0% consensus which is basically to say 00:01:24.259 --> 00:01:26.420 align:start position:0% consensus which is basically to say Center<00:01:25.259> for<00:01:25.380> the<00:01:25.439> kind<00:01:25.650> of<00:01:25.710> analysis<00:01:26.189> that<00:01:26.220> I 00:01:26.420 --> 00:01:26.430 align:start position:0% Center for the kind of analysis that I 00:01:26.430 --> 00:01:29.359 align:start position:0% Center for the kind of analysis that I shared<00:01:27.180> in<00:01:27.360> my<00:01:27.600> talk<00:01:27.840> earlier<00:01:28.140> this<00:01:28.229> morning 00:01:29.359 --> 00:01:29.369 align:start position:0% shared in my talk earlier this morning 00:01:29.369 --> 00:01:31.850 align:start position:0% shared in my talk earlier this morning basically<00:01:30.210> Casper<00:01:31.170> should<00:01:31.380> work<00:01:31.590> in<00:01:31.799> a 00:01:31.850 --> 00:01:31.860 align:start position:0% basically Casper should work in a 00:01:31.860 --> 00:01:33.590 align:start position:0% basically Casper should work in a context<00:01:32.369> where<00:01:32.490> a<00:01:32.670> majority<00:01:32.939> you've<00:01:33.360> knows 00:01:33.590 --> 00:01:33.600 align:start position:0% context where a majority you've knows 00:01:33.600 --> 00:01:35.749 align:start position:0% context where a majority you've knows our<00:01:33.869> rationale<00:01:34.350> including<00:01:34.860> to<00:01:35.100> undermine 00:01:35.749 --> 00:01:35.759 align:start position:0% our rationale including to undermine 00:01:35.759 --> 00:01:38.520 align:start position:0% our rationale including to undermine protocol 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basically<00:01:47.710> what<00:01:48.250> we<00:01:48.370> want<00:01:48.550> to<00:01:48.640> have<00:01:48.820> is 00:01:49.170 --> 00:01:49.180 align:start position:0% basically what we want to have is 00:01:49.180 --> 00:01:51.600 align:start position:0% basically what we want to have is coverage<00:01:49.990> of<00:01:50.200> Byzantine<00:01:50.680> faults<00:01:51.190> with 00:01:51.600 --> 00:01:51.610 align:start position:0% coverage of Byzantine faults with 00:01:51.610 --> 00:01:54.570 align:start position:0% coverage of Byzantine faults with disincentives<00:01:53.280> specifically<00:01:54.280> been<00:01:54.520> the 00:01:54.570 --> 00:01:54.580 align:start position:0% disincentives specifically been the 00:01:54.580 --> 00:01:56.340 align:start position:0% disincentives specifically been the default<00:01:54.940> that<00:01:55.180> undermine<00:01:55.869> protocol 00:01:56.340 --> 00:01:56.350 align:start position:0% default that undermine protocol 00:01:56.350 --> 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want an attacker who has a budget<00:02:02.950> to<00:02:03.040> spend<00:02:03.310> to<00:02:03.520> have<00:02:03.700> to<00:02:03.910> budget<00:02:04.360> a<00:02:04.390> lot 00:02:04.590 --> 00:02:04.600 align:start position:0% budget to spend to have to budget a lot 00:02:04.600 --> 00:02:07.380 align:start position:0% budget to spend to have to budget a lot of<00:02:04.720> money<00:02:04.900> in<00:02:05.140> order<00:02:05.440> to<00:02:06.060> undermine<00:02:07.060> the 00:02:07.380 --> 00:02:07.390 align:start position:0% of money in order to undermine the 00:02:07.390 --> 00:02:10.020 align:start position:0% of money in order to undermine the properties<00:02:08.020> of<00:02:08.229> the<00:02:08.679> consensus<00:02:09.039> protocol<00:02:09.399> so 00:02:10.020 --> 00:02:10.030 align:start position:0% properties of the consensus protocol so 00:02:10.030 --> 00:02:11.729 align:start position:0% properties of the consensus protocol so this<00:02:10.179> is<00:02:10.300> like<00:02:10.420> the<00:02:10.540> first<00:02:10.840> most<00:02:11.320> important 00:02:11.729 --> 00:02:11.739 align:start position:0% this is like the first most important 00:02:11.739 --> 00:02:14.940 align:start position:0% this is like the first most important design<00:02:11.860> goal<00:02:12.489> of<00:02:12.850> kaspar<00:02:13.270> we<00:02:14.170> want<00:02:14.350> to<00:02:14.440> make<00:02:14.830> it 00:02:14.940 --> 00:02:14.950 align:start position:0% design goal of kaspar we want to make it 00:02:14.950 --> 00:02:18.300 align:start position:0% design goal of kaspar we want to make it expensive<00:02:15.700> for<00:02:16.270> an<00:02:16.360> adversary<00:02:16.840> to<00:02:17.290> bribe<00:02:17.980> a 00:02:18.300 --> 00:02:18.310 align:start position:0% expensive for an adversary to bribe a 00:02:18.310 --> 00:02:20.340 align:start position:0% expensive for an adversary to bribe a rational<00:02:19.180> majority<00:02:19.510> of<00:02:19.600> nodes<00:02:19.810> under<00:02:20.140> Moe 00:02:20.340 --> 00:02:20.350 align:start position:0% rational majority of nodes under Moe 00:02:20.350 --> 00:02:24.780 align:start position:0% rational majority of nodes under Moe undermine<00:02:20.920> the<00:02:21.040> protocol<00:02:21.430> so<00:02:22.360> and<00:02:23.489> so<00:02:24.489> we<00:02:24.640> want 00:02:24.780 --> 00:02:24.790 align:start position:0% undermine the protocol so and so we want 00:02:24.790 --> 00:02:27.570 align:start position:0% undermine the protocol so and so we want to<00:02:24.850> cover<00:02:25.060> this<00:02:25.750> base<00:02:26.200> of<00:02:26.530> Byzantine<00:02:27.280> faults 00:02:27.570 --> 00:02:27.580 align:start position:0% to cover this base of Byzantine faults 00:02:27.580 --> 00:02:30.690 align:start position:0% to cover this base of Byzantine faults with<00:02:27.670> disincentives<00:02:28.709> that's<00:02:29.709> important<00:02:30.430> but 00:02:30.690 --> 00:02:30.700 align:start position:0% with disincentives that's important but 00:02:30.700 --> 00:02:34.770 align:start position:0% with disincentives that's important but not<00:02:30.880> in<00:02:31.060> gold<00:02:32.520> so<00:02:33.520> another<00:02:33.880> another<00:02:34.180> key 00:02:34.770 --> 00:02:34.780 align:start position:0% not in gold so another another key 00:02:34.780 --> 00:02:36.360 align:start position:0% not in gold so another another key design<00:02:35.080> of<00:02:35.290> goal<00:02:35.440> is<00:02:35.709> that<00:02:35.920> it<00:02:36.010> should<00:02:36.130> be<00:02:36.190> like 00:02:36.360 --> 00:02:36.370 align:start position:0% design of goal is that it should be like 00:02:36.370 --> 00:02:39.150 align:start position:0% design of goal is that it should be like client<00:02:36.640> friendly<00:02:37.350> and<00:02:38.350> then<00:02:38.560> the<00:02:38.680> last<00:02:38.830> design 00:02:39.150 --> 00:02:39.160 align:start position:0% client friendly and then the last design 00:02:39.160 --> 00:02:40.860 align:start position:0% client friendly and then the last design goal<00:02:39.370> is<00:02:39.489> that<00:02:39.610> it<00:02:39.700> should<00:02:39.790> be<00:02:39.850> good<00:02:40.060> for<00:02:40.360> users 00:02:40.860 --> 00:02:40.870 align:start position:0% goal is that it should be good for users 00:02:40.870 --> 00:02:44.910 align:start position:0% goal is that it should be good for users and<00:02:40.989> application<00:02:41.410> developers<00:02:43.500> basically<00:02:44.500> and 00:02:44.910 --> 00:02:44.920 align:start position:0% and application developers basically and 00:02:44.920 --> 00:02:46.289 align:start position:0% and application developers basically and there<00:02:45.130> and<00:02:45.280> there's<00:02:45.430> -<00:02:45.610> in<00:02:45.820> this<00:02:45.940> two<00:02:46.150> main 00:02:46.289 --> 00:02:46.299 align:start position:0% there and there's - in this two main 00:02:46.299 --> 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position:0% you the state of the finality of transactions<00:02:52.739> so<00:02:53.739> you<00:02:54.160> won't<00:02:54.430> be<00:02:54.519> surprised 00:02:54.900 --> 00:02:54.910 align:start position:0% transactions so you won't be surprised 00:02:54.910 --> 00:02:57.930 align:start position:0% transactions so you won't be surprised if<00:02:55.299> a<00:02:55.600> transaction<00:02:55.989> is<00:02:56.230> reverted<00:02:56.620> and<00:02:56.940> you 00:02:57.930 --> 00:02:57.940 align:start position:0% if a transaction is reverted and you 00:02:57.940 --> 00:02:59.460 align:start position:0% if a transaction is reverted and you will<00:02:58.090> know<00:02:58.269> when<00:02:58.510> it<00:02:58.540> can't<00:02:58.810> be<00:02:58.930> reverted<00:02:59.290> and 00:02:59.460 --> 00:02:59.470 align:start position:0% will know when it can't be reverted and 00:02:59.470 --> 00:03:01.350 align:start position:0% will know when it can't be reverted and then<00:03:00.070> Casper's<00:03:00.459> also<00:03:00.670> a<00:03:00.700> little<00:03:00.940> latency 00:03:01.350 --> 00:03:01.360 align:start position:0% then Casper's also a little latency 00:03:01.360 --> 00:03:04.050 align:start position:0% then Casper's also a little latency which<00:03:02.320> i<00:03:02.860> think<00:03:03.070> is<00:03:03.280> like<00:03:03.400> really<00:03:03.580> important 00:03:04.050 --> 00:03:04.060 align:start position:0% which i think is like really important 00:03:04.060 --> 00:03:07.530 align:start position:0% which i think is like really important for<00:03:04.650> user<00:03:05.650> experience<00:03:06.130> I<00:03:06.310> mean<00:03:06.640> as<00:03:07.180> everyone 00:03:07.530 --> 00:03:07.540 align:start position:0% for user experience I mean as everyone 00:03:07.540 --> 00:03:08.910 align:start position:0% for user experience I mean as everyone probably<00:03:07.630> agrees<00:03:08.049> when<00:03:08.620> you're<00:03:08.799> out<00:03:08.890> of 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we're<00:03:16.370> gonna<00:03:16.459> cover<00:03:16.640> some<00:03:17.540> background 00:03:17.920 --> 00:03:17.930 align:start position:0% so and we're gonna cover some background 00:03:17.930 --> 00:03:20.380 align:start position:0% so and we're gonna cover some background knowledge<00:03:18.080> before<00:03:18.500> we<00:03:18.620> really<00:03:18.980> get<00:03:19.129> into<00:03:19.390> the 00:03:20.380 --> 00:03:20.390 align:start position:0% knowledge before we really get into the 00:03:20.390 --> 00:03:23.080 align:start position:0% knowledge before we really get into the heart<00:03:20.629> of<00:03:20.720> what's<00:03:21.379> new<00:03:21.560> about<00:03:21.680> Casper<00:03:22.090> so 00:03:23.080 --> 00:03:23.090 align:start position:0% heart of what's new about Casper so 00:03:23.090 --> 00:03:26.740 align:start position:0% heart of what's new about Casper so first<00:03:23.720> thing<00:03:23.930> is<00:03:24.280> security<00:03:25.280> Casper<00:03:26.239> is<00:03:26.420> a 00:03:26.740 --> 00:03:26.750 align:start position:0% first thing is security Casper is a 00:03:26.750 --> 00:03:28.630 align:start position:0% first thing is security Casper is a variation<00:03:27.530> on<00:03:27.590> security<00:03:28.099> deposit<00:03:28.489> based 00:03:28.630 --> 00:03:28.640 align:start position:0% variation on security deposit based 00:03:28.640 --> 00:03:33.820 align:start position:0% variation on security deposit based proof<00:03:28.879> mistake<00:03:29.260> so<00:03:32.200> it's<00:03:33.200> hard<00:03:33.440> to<00:03:33.500> stress 00:03:33.820 --> 00:03:33.830 align:start position:0% proof mistake so it's hard to stress 00:03:33.830 --> 00:03:35.289 align:start position:0% proof mistake so it's hard to stress enough<00:03:34.069> how<00:03:34.099> important<00:03:34.700> security<00:03:34.940> deposits 00:03:35.289 --> 00:03:35.299 align:start position:0% enough how important security deposits 00:03:35.299 --> 00:03:37.930 align:start position:0% enough how important security deposits are<00:03:35.450> to<00:03:35.780> secure<00:03:36.680> in<00:03:36.769> public<00:03:37.069> because<00:03:37.790> it's 00:03:37.930 --> 00:03:37.940 align:start position:0% are to secure in public because it's 00:03:37.940 --> 00:03:39.430 align:start position:0% are to secure in public because it's protocol<00:03:38.330> especially<00:03:38.750> for<00:03:38.870> state<00:03:39.019> because 00:03:39.430 --> 00:03:39.440 align:start position:0% protocol especially for state because 00:03:39.440 --> 00:03:41.470 align:start position:0% protocol especially for state because it's<00:03:39.620> protocols<00:03:39.980> and<00:03:40.340> I'll<00:03:40.970> explain<00:03:41.269> why 00:03:41.470 --> 00:03:41.480 align:start position:0% it's protocols and I'll explain why 00:03:41.480 --> 00:03:43.300 align:start position:0% it's protocols and I'll explain why first<00:03:41.959> I'll<00:03:42.200> mention<00:03:42.530> that<00:03:42.739> this<00:03:42.920> this 00:03:43.300 --> 00:03:43.310 align:start position:0% first I'll mention that this this 00:03:43.310 --> 00:03:44.890 align:start position:0% first I'll mention that this this concept<00:03:43.580> was<00:03:43.879> discovered<00:03:44.239> independently<00:03:44.450> by 00:03:44.890 --> 00:03:44.900 align:start position:0% concept was discovered independently by 00:03:44.900 --> 00:03:48.880 align:start position:0% concept was discovered independently by many<00:03:45.410> people<00:03:45.790> including<00:03:46.790> j-kwon<00:03:47.890> Nick 00:03:48.880 --> 00:03:48.890 align:start position:0% many people including j-kwon Nick 00:03:48.890 --> 00:03:51.610 align:start position:0% many people including j-kwon Nick Williamson<00:03:49.370> credits<00:03:49.970> Jake<00:03:50.299> Wanda<00:03:50.599> is<00:03:50.780> working 00:03:51.610 --> 00:03:51.620 align:start position:0% Williamson credits Jake Wanda is working 00:03:51.620 --> 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this protocol<00:03:58.099> this<00:03:58.400> idea<00:03:58.610> that<00:03:58.790> we<00:03:58.910> can<00:03:59.060> use 00:03:59.140 --> 00:03:59.150 align:start position:0% protocol this idea that we can use 00:03:59.150 --> 00:04:00.910 align:start position:0% protocol this idea that we can use security<00:03:59.540> deposits<00:03:59.989> to<00:04:00.200> secure<00:04:00.500> a<00:04:00.530> consensus 00:04:00.910 --> 00:04:00.920 align:start position:0% security deposits to secure a consensus 00:04:00.920 --> 00:04:04.360 align:start position:0% security deposits to secure a consensus protocol<00:04:02.650> ideas<00:04:03.650> that<00:04:03.799> people<00:04:04.069> would<00:04:04.250> have<00:04:04.340> to 00:04:04.360 --> 00:04:04.370 align:start position:0% protocol ideas that people would have to 00:04:04.370 --> 00:04:05.500 align:start position:0% protocol ideas that people would have to place<00:04:04.549> the<00:04:04.670> security<00:04:04.970> deposit<00:04:05.120> in<00:04:05.329> order<00:04:05.450> to 00:04:05.500 --> 00:04:05.510 align:start position:0% place the security deposit in order to 00:04:05.510 --> 00:04:07.240 align:start position:0% place the security deposit in order to produce<00:04:05.629> blocks<00:04:05.959> and<00:04:06.230> if<00:04:06.709> they<00:04:06.860> do<00:04:06.920> something 00:04:07.240 --> 00:04:07.250 align:start position:0% produce blocks and if they do something 00:04:07.250 --> 00:04:09.839 align:start position:0% produce blocks and if they do something bad<00:04:07.430> then<00:04:07.879> they<00:04:08.000> would<00:04:08.120> lose<00:04:08.239> their<00:04:08.450> deposit 00:04:09.839 --> 00:04:09.849 align:start position:0% bad then they would lose their deposit 00:04:09.849 --> 00:04:12.970 align:start position:0% bad then they would lose their deposit so<00:04:10.849> please<00:04:11.150> stake<00:04:11.329> in<00:04:11.480> general<00:04:11.750> uses<00:04:12.079> digital 00:04:12.970 --> 00:04:12.980 align:start position:0% so please stake in general uses digital 00:04:12.980 --> 00:04:14.500 align:start position:0% so please stake in general uses digital assets<00:04:13.220> it's<00:04:13.340> not<00:04:13.459> defined<00:04:13.849> in<00:04:13.940> the<00:04:13.970> consensus 00:04:14.500 --> 00:04:14.510 align:start position:0% assets it's not defined in the consensus 00:04:14.510 --> 00:04:17.199 align:start position:0% assets it's not defined in the consensus as<00:04:14.750> anti-civil<00:04:15.560> mechanism<00:04:16.039> or<00:04:16.699> as<00:04:16.820> proof<00:04:17.000> work 00:04:17.199 --> 00:04:17.209 align:start position:0% as anti-civil mechanism or as proof work 00:04:17.209 --> 00:04:19.870 align:start position:0% as anti-civil mechanism or as proof work uses<00:04:17.630> computational<00:04:18.380> resources<00:04:19.100> to<00:04:19.669> find 00:04:19.870 --> 00:04:19.880 align:start position:0% uses computational resources to find 00:04:19.880 --> 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work thing theme of<00:04:26.690> using<00:04:26.930> outside<00:04:27.080> resources<00:04:27.560> like<00:04:27.800> you<00:04:27.889> have 00:04:28.029 --> 00:04:28.039 align:start position:0% of using outside resources like you have 00:04:28.039 --> 00:04:29.409 align:start position:0% of using outside resources like you have proof<00:04:28.220> the<00:04:28.370> store<00:04:28.610> is<00:04:28.760> proof<00:04:28.970> of<00:04:29.060> bandwidth 00:04:29.409 --> 00:04:29.419 align:start position:0% proof the store is proof of bandwidth 00:04:29.419 --> 00:04:30.969 align:start position:0% proof the store is proof of bandwidth and<00:04:29.690> all<00:04:30.110> these<00:04:30.200> things<00:04:30.410> could<00:04:30.650> be<00:04:30.710> used 00:04:30.969 --> 00:04:30.979 align:start position:0% and all these things could be used 00:04:30.979 --> 00:04:33.070 align:start position:0% and all these things could be used conceivably<00:04:31.820> as<00:04:32.030> ante<00:04:32.360> civil<00:04:32.599> mechanism<00:04:32.960> and 00:04:33.070 --> 00:04:33.080 align:start position:0% conceivably as ante civil mechanism and 00:04:33.080 --> 00:04:34.870 align:start position:0% conceivably as ante civil mechanism and there<00:04:33.560> have<00:04:33.710> been<00:04:33.770> some<00:04:33.979> people<00:04:34.340> who<00:04:34.580> look<00:04:34.729> at 00:04:34.870 --> 00:04:34.880 align:start position:0% there have been some people who look at 00:04:34.880 --> 00:04:36.879 align:start position:0% there have been some people who look at designs<00:04:35.720> of<00:04:35.990> crypto<00:04:36.260> currencies<00:04:36.590> based<00:04:36.740> on 00:04:36.879 --> 00:04:36.889 align:start position:0% designs of crypto currencies based on 00:04:36.889 --> 00:04:38.650 align:start position:0% designs of crypto currencies based on those<00:04:37.120> but<00:04:38.120> basically<00:04:38.330> there's 00:04:38.650 --> 00:04:38.660 align:start position:0% those but basically there's 00:04:38.660 --> 00:04:40.629 align:start position:0% those but basically there's traditionally<00:04:39.229> said<00:04:39.770> to<00:04:39.860> be<00:04:39.950> two<00:04:40.130> fundamental 00:04:40.629 --> 00:04:40.639 align:start position:0% traditionally said to be two fundamental 00:04:40.639 --> 00:04:42.279 align:start position:0% traditionally said to be two fundamental problems<00:04:40.970> of<00:04:41.030> forsake<00:04:41.389> there<00:04:41.780> nothing<00:04:42.080> is<00:04:42.169> a 00:04:42.279 --> 00:04:42.289 align:start position:0% problems of forsake there nothing is a 00:04:42.289 --> 00:04:43.330 align:start position:0% problems of forsake there nothing is a problem<00:04:42.620> and<00:04:42.740> the<00:04:42.830> long-range<00:04:43.070> attack 00:04:43.330 --> 00:04:43.340 align:start position:0% problem and the long-range attack 00:04:43.340 --> 00:04:45.279 align:start position:0% problem and the long-range attack problem<00:04:43.669> so<00:04:44.570> the<00:04:44.660> thing<00:04:44.870> is<00:04:44.900> a<00:04:45.080> problem 00:04:45.279 --> 00:04:45.289 align:start position:0% problem so the thing is a problem 00:04:45.289 --> 00:04:47.980 align:start position:0% problem so the thing is a problem basically<00:04:45.560> is<00:04:46.150> an<00:04:47.150> traditional<00:04:47.419> proof<00:04:47.810> state 00:04:47.980 --> 00:04:47.990 align:start position:0% basically is an traditional proof state 00:04:47.990 --> 00:04:49.540 align:start position:0% basically is an traditional proof state court<00:04:48.200> goes<00:04:48.320> like<00:04:48.500> you<00:04:48.530> know<00:04:48.740> pure<00:04:49.010> coin 00:04:49.540 --> 00:04:49.550 align:start position:0% court goes like you know pure coin 00:04:49.550 --> 00:04:52.870 align:start position:0% court goes like you know pure coin etc<00:04:50.180> next 00:04:52.870 --> 00:04:52.880 align:start position:0% etc next 00:04:52.880 --> 00:04:55.070 align:start position:0% etc next nodes<00:04:53.880> don't<00:04:54.060> have<00:04:54.240> any<00:04:54.360> disincentive<00:04:54.930> from 00:04:55.070 --> 00:04:55.080 align:start position:0% nodes don't have any disincentive from 00:04:55.080 --> 00:04:57.439 align:start position:0% nodes don't have any disincentive from being<00:04:55.260> Byzantine<00:04:56.060> signatures<00:04:57.060> are<00:04:57.120> easy<00:04:57.270> to 00:04:57.439 --> 00:04:57.449 align:start position:0% being Byzantine signatures are easy to 00:04:57.449 --> 00:04:58.909 align:start position:0% being Byzantine signatures are easy to produce<00:04:57.600> and<00:04:57.960> they<00:04:58.199> don't<00:04:58.350> lose<00:04:58.500> tokens<00:04:58.830> for 00:04:58.909 --> 00:04:58.919 align:start position:0% produce and they don't lose tokens for 00:04:58.919 --> 00:05:00.350 align:start position:0% produce and they don't lose tokens for being<00:04:59.070> Byzantine<00:04:59.430> and<00:04:59.580> so<00:05:00.000> they<00:05:00.180> have<00:05:00.300> an 00:05:00.350 --> 00:05:00.360 align:start position:0% being Byzantine and so they have an 00:05:00.360 --> 00:05:02.240 align:start position:0% being Byzantine and so they have an incentive<00:05:00.419> to<00:05:00.750> like<00:05:00.990> sign<00:05:01.290> on<00:05:01.560> both<00:05:01.740> chains 00:05:02.240 --> 00:05:02.250 align:start position:0% incentive to like sign on both chains 00:05:02.250 --> 00:05:05.330 align:start position:0% incentive to like sign on both chains and<00:05:02.610> they<00:05:03.110> they<00:05:04.110> cannot<00:05:04.290> they<00:05:04.530> basically<00:05:04.830> have 00:05:05.330 --> 00:05:05.340 align:start position:0% and they they cannot they basically have 00:05:05.340 --> 00:05:07.010 align:start position:0% and they they cannot they basically have no<00:05:05.520> expenses<00:05:06.000> and<00:05:06.180> so<00:05:06.270> any<00:05:06.449> profit<00:05:06.810> they<00:05:06.900> can 00:05:07.010 --> 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worst-case<00:05:12.090> analysis<00:05:12.660> because<00:05:12.990> they<00:05:13.380> don't 00:05:13.550 --> 00:05:13.560 align:start position:0% worst-case analysis because they don't 00:05:13.560 --> 00:05:14.780 align:start position:0% worst-case analysis because they don't have<00:05:13.680> any<00:05:13.860> disincentives<00:05:14.430> and<00:05:14.580> they'll<00:05:14.699> so 00:05:14.780 --> 00:05:14.790 align:start position:0% have any disincentives and they'll so 00:05:14.790 --> 00:05:17.300 align:start position:0% have any disincentives and they'll so basically<00:05:15.150> do<00:05:15.270> it<00:05:15.360> for<00:05:15.479> free<00:05:15.979> the<00:05:16.979> security 00:05:17.300 --> 00:05:17.310 align:start position:0% basically do it for free the security 00:05:17.310 --> 00:05:18.740 align:start position:0% basically do it for free the security deposit<00:05:17.490> solve<00:05:17.850> anything<00:05:18.180> at<00:05:18.270> stake<00:05:18.419> problem 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position:0% removing that security deposit when there<00:05:26.370> are<00:05:26.510> demonstrably<00:05:27.510> Byzantine<00:05:28.260> in<00:05:28.620> some 00:05:28.790 --> 00:05:28.800 align:start position:0% there are demonstrably Byzantine in some 00:05:28.800 --> 00:05:33.320 align:start position:0% there are demonstrably Byzantine in some way<00:05:29.660> so<00:05:30.660> it<00:05:31.020> basically<00:05:31.139> requires<00:05:31.560> that<00:05:32.550> this 00:05:33.320 --> 00:05:33.330 align:start position:0% way so it basically requires that this 00:05:33.330 --> 00:05:35.300 align:start position:0% way so it basically requires that this proof<00:05:34.110> of<00:05:34.350> them<00:05:34.500> being<00:05:34.650> Byzantine<00:05:35.100> is 00:05:35.300 --> 00:05:35.310 align:start position:0% proof of them being Byzantine is 00:05:35.310 --> 00:05:36.590 align:start position:0% proof of them being Byzantine is discovered<00:05:35.940> and<00:05:36.120> published<00:05:36.240> to<00:05:36.510> the 00:05:36.590 --> 00:05:36.600 align:start position:0% discovered and published to the 00:05:36.600 --> 00:05:38.330 align:start position:0% discovered and published to the blockchain<00:05:36.840> in<00:05:37.380> order<00:05:37.590> to<00:05:37.680> affect<00:05:38.010> their 00:05:38.330 --> 00:05:38.340 align:start position:0% blockchain in order to affect their 00:05:38.340 --> 00:05:40.760 align:start position:0% blockchain in order to affect their balances<00:05:38.970> in<00:05:39.270> their<00:05:39.479> deposits<00:05:39.990> right<00:05:40.289> because 00:05:40.760 --> 00:05:40.770 align:start position:0% balances in their deposits right because 00:05:40.770 --> 00:05:42.140 align:start position:0% balances in their deposits right because everything<00:05:41.190> that<00:05:41.310> affects<00:05:41.400> the<00:05:41.669> state<00:05:41.940> of 00:05:42.140 --> 00:05:42.150 align:start position:0% everything that affects the state of 00:05:42.150 --> 00:05:44.060 align:start position:0% everything that affects the state of Archon<00:05:42.510> has<00:05:42.630> to<00:05:42.750> be<00:05:42.960> published<00:05:43.800> in<00:05:43.919> through 00:05:44.060 --> 00:05:44.070 align:start position:0% Archon has to be published in through 00:05:44.070 --> 00:05:45.800 align:start position:0% Archon has to be published in through box<00:05:44.280> in<00:05:44.460> and<00:05:44.669> so<00:05:45.090> that<00:05:45.210> the<00:05:45.300> state<00:05:45.449> transition 00:05:45.800 --> 00:05:45.810 align:start position:0% box in and so that the state transition 00:05:45.810 --> 00:05:48.650 align:start position:0% box in and so that the state transition function<00:05:45.840> can<00:05:46.229> update<00:05:46.410> their<00:05:47.419> state<00:05:48.419> of<00:05:48.449> the 00:05:48.650 --> 00:05:48.660 align:start position:0% function can update their state of the 00:05:48.660 --> 00:05:50.390 align:start position:0% function can update their state of the state<00:05:48.840> of<00:05:48.930> their<00:05:49.020> bonds<00:05:49.320> or<00:05:49.410> the<00:05:49.440> state<00:05:50.310> of 00:05:50.390 --> 00:05:50.400 align:start position:0% state of their bonds or the state of 00:05:50.400 --> 00:05:52.070 align:start position:0% state of their bonds or the state of something<00:05:50.550> in<00:05:50.699> the<00:05:50.760> ledger<00:05:50.910> so<00:05:51.600> basically<00:05:51.810> as 00:05:52.070 --> 00:05:52.080 align:start position:0% something in the ledger so basically as 00:05:52.080 --> 00:05:53.600 align:start position:0% something in the ledger so basically as long<00:05:52.110> as<00:05:52.410> these<00:05:52.710> evidence<00:05:53.100> transactions 00:05:53.600 --> 00:05:53.610 align:start position:0% long as these evidence transactions 00:05:53.610 --> 00:05:57.219 align:start position:0% long as these evidence transactions aren't<00:05:53.820> censored<00:05:54.150> faults<00:05:55.139> can<00:05:55.289> be<00:05:55.380> punished 00:05:57.219 --> 00:05:57.229 align:start position:0% aren't censored faults can be punished 00:05:57.229 --> 00:06:01.670 align:start position:0% aren't censored faults can be punished and<00:05:58.229> now<00:05:58.289> this<00:05:59.039> is<00:05:59.160> kind<00:05:59.340> of<00:05:59.400> a<00:05:59.550> broad<00:06:00.680> almost 00:06:01.670 --> 00:06:01.680 align:start position:0% and now this is kind of a broad almost 00:06:01.680 --> 00:06:03.740 align:start position:0% and now this is kind of a broad almost philosophical<00:06:02.250> point<00:06:02.460> where<00:06:03.030> in<00:06:03.450> proof<00:06:03.630> of 00:06:03.740 --> 00:06:03.750 align:start position:0% philosophical point where in proof of 00:06:03.750 --> 00:06:08.659 align:start position:0% philosophical point where in proof of work<00:06:04.400> the<00:06:05.400> consensus<00:06:06.950> in<00:06:07.950> producing<00:06:08.340> changes 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an attacker should be<00:06:20.400> willing<00:06:20.550> to<00:06:20.700> spend<00:06:20.849> at<00:06:20.970> any<00:06:21.090> time<00:06:21.330> in 00:06:22.029 --> 00:06:22.039 align:start position:0% be willing to spend at any time in 00:06:22.039 --> 00:06:24.620 align:start position:0% be willing to spend at any time in security<00:06:23.039> deposit<00:06:23.370> groups<00:06:23.550> take<00:06:23.760> consensus 00:06:24.620 --> 00:06:24.630 align:start position:0% security deposit groups take consensus 00:06:24.630 --> 00:06:26.750 align:start position:0% security deposit groups take consensus should<00:06:24.810> be<00:06:24.900> cheap<00:06:25.139> for<00:06:25.169> everyone<00:06:25.710> except<00:06:26.699> for 00:06:26.750 --> 00:06:26.760 align:start position:0% should be cheap for everyone except for 00:06:26.760 --> 00:06:28.969 align:start position:0% should be cheap for everyone except for attackers<00:06:27.060> during<00:06:27.570> an<00:06:27.660> attack<00:06:27.930> and<00:06:28.229> this<00:06:28.830> is 00:06:28.969 --> 00:06:28.979 align:start position:0% attackers during an attack and this is 00:06:28.979 --> 00:06:31.610 align:start position:0% attackers during an attack and this is kind<00:06:29.190> of<00:06:29.220> a<00:06:29.310> big<00:06:29.460> shift<00:06:30.000> in<00:06:30.210> approach<00:06:30.960> where 00:06:31.610 --> 00:06:31.620 align:start position:0% kind of a big shift in approach where 00:06:31.620 --> 00:06:33.500 align:start position:0% kind of a big shift in approach where instead<00:06:32.430> of<00:06:32.490> everyone<00:06:32.849> always<00:06:33.180> incurring 00:06:33.500 --> 00:06:33.510 align:start position:0% instead of everyone always incurring 00:06:33.510 --> 00:06:35.120 align:start position:0% instead of everyone always incurring more<00:06:33.630> of<00:06:34.080> an<00:06:34.169> expense<00:06:34.500> than<00:06:34.650> attacker<00:06:34.889> might 00:06:35.120 --> 00:06:35.130 align:start position:0% more of an expense than attacker might 00:06:35.130 --> 00:06:38.960 align:start position:0% more of an expense than attacker might ever<00:06:35.400> incur<00:06:36.500> people<00:06:37.500> don't<00:06:37.740> incur<00:06:38.039> an<00:06:38.340> expense 00:06:38.960 --> 00:06:38.970 align:start position:0% ever incur people don't incur an expense 00:06:38.970 --> 00:06:41.120 align:start position:0% ever incur people don't incur an expense but<00:06:39.690> an<00:06:39.780> attacker<00:06:40.139> will<00:06:40.410> incur<00:06:40.680> a<00:06:40.710> very<00:06:40.919> large 00:06:41.120 --> 00:06:41.130 align:start position:0% but an attacker will incur a very large 00:06:41.130 --> 00:06:44.420 align:start position:0% but an attacker will incur a very large expense<00:06:41.750> so<00:06:42.750> this<00:06:42.930> this<00:06:43.349> kind<00:06:43.680> of<00:06:43.770> it's<00:06:44.130> this 00:06:44.420 --> 00:06:44.430 align:start position:0% expense so this this kind of it's this 00:06:44.430 --> 00:06:46.010 align:start position:0% expense so this this kind of it's this approach<00:06:44.820> promises<00:06:45.660> to<00:06:45.720> be<00:06:45.810> much<00:06:45.930> more 00:06:46.010 --> 00:06:46.020 align:start position:0% approach promises to be much more 00:06:46.020 --> 00:06:48.409 align:start position:0% approach promises to be much more economically<00:06:46.620> efficient<00:06:47.130> because<00:06:47.580> instead 00:06:48.409 --> 00:06:48.419 align:start position:0% economically efficient because instead 00:06:48.419 --> 00:06:49.850 align:start position:0% economically efficient because instead of<00:06:48.539> everyone<00:06:48.810> having<00:06:49.080> to<00:06:49.320> always<00:06:49.470> in<00:06:49.650> current 00:06:49.850 --> 00:06:49.860 align:start position:0% of everyone having to always in current 00:06:49.860 --> 00:06:51.710 align:start position:0% of everyone having to always in current expense<00:06:50.130> only<00:06:50.760> attackers<00:06:51.150> occurred<00:06:51.630> the 00:06:51.710 --> 00:06:51.720 align:start position:0% expense only attackers occurred the 00:06:51.720 --> 00:06:54.800 align:start position:0% expense only attackers occurred the expense<00:06:51.990> during<00:06:52.260> attack<00:06:52.560> so<00:06:53.190> this<00:06:53.699> is<00:06:53.910> an<00:06:54.000> also 00:06:54.800 --> 00:06:54.810 align:start position:0% expense during attack so this is an also 00:06:54.810 --> 00:06:57.469 align:start position:0% expense during attack so this is an also very<00:06:55.139> was<00:06:55.590> like<00:06:55.710> an<00:06:55.800> important<00:06:56.479> perspective 00:06:57.469 --> 00:06:57.479 align:start position:0% very was like an important perspective 00:06:57.479 --> 00:07:01.430 align:start position:0% very was like an important perspective change<00:06:58.199> and<00:06:58.530> how<00:06:58.770> to<00:06:58.830> secure<00:06:59.430> consents 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for<00:07:09.120> which<00:07:09.960> compensates<00:07:10.260> you<00:07:10.470> for 00:07:10.550 --> 00:07:10.560 align:start position:0% incentive for which compensates you for 00:07:10.560 --> 00:07:12.500 align:start position:0% incentive for which compensates you for your<00:07:10.770> computational<00:07:11.190> work<00:07:11.370> and<00:07:11.610> security 00:07:12.500 --> 00:07:12.510 align:start position:0% your computational work and security 00:07:12.510 --> 00:07:14.540 align:start position:0% your computational work and security deposit<00:07:12.900> base<00:07:13.380> mistake<00:07:13.800> the<00:07:13.950> disincentives 00:07:14.540 --> 00:07:14.550 align:start position:0% deposit base mistake the disincentives 00:07:14.550 --> 00:07:16.520 align:start position:0% deposit base mistake the disincentives is<00:07:14.760> basically<00:07:15.210> just<00:07:15.300> a<00:07:15.510> forfeiture<00:07:15.990> of<00:07:16.290> their 00:07:16.520 --> 00:07:16.530 align:start position:0% is basically just a forfeiture of their 00:07:16.530 --> 00:07:20.690 align:start position:0% is basically just a forfeiture of their security<00:07:16.890> deposit<00:07:19.250> so<00:07:20.250> then<00:07:20.430> we<00:07:20.550> have<00:07:20.670> a 00:07:20.690 --> 00:07:20.700 align:start position:0% security deposit so then we have a 00:07:20.700 --> 00:07:22.130 align:start position:0% security deposit so then we have a long-range<00:07:21.030> attack<00:07:21.240> problem<00:07:21.570> one<00:07:21.810> attack 00:07:22.130 --> 00:07:22.140 align:start position:0% long-range attack problem one attack 00:07:22.140 --> 00:07:24.410 align:start position:0% long-range attack problem one attack problem<00:07:22.440> has<00:07:22.860> basically<00:07:23.490> that<00:07:23.760> an<00:07:23.910> adversary 00:07:24.410 --> 00:07:24.420 align:start position:0% problem has basically that an adversary 00:07:24.420 --> 00:07:26.930 align:start position:0% problem has basically that an adversary controls<00:07:24.930> old<00:07:25.230> keys<00:07:25.650> he's<00:07:26.340> no<00:07:26.610> longer<00:07:26.670> have 00:07:26.930 --> 00:07:26.940 align:start position:0% controls old keys he's no longer have 00:07:26.940 --> 00:07:30.230 align:start position:0% controls old keys he's no longer have coins<00:07:27.150> in<00:07:27.300> them<00:07:27.420> perhaps<00:07:27.710> and<00:07:29.150> well<00:07:30.150> the 00:07:30.230 --> 00:07:30.240 align:start position:0% coins in them perhaps and well the 00:07:30.240 --> 00:07:31.100 align:start position:0% coins in them perhaps and well the reason<00:07:30.420> we<00:07:30.510> assume<00:07:30.690> they<00:07:30.750> don't<00:07:30.840> allure 00:07:31.100 --> 00:07:31.110 align:start position:0% reason we assume they don't allure 00:07:31.110 --> 00:07:32.690 align:start position:0% reason we assume they don't allure normal<00:07:31.560> teasing<00:07:32.010> them<00:07:32.070> because<00:07:32.310> it's<00:07:32.490> cheap 00:07:32.690 --> 00:07:32.700 align:start position:0% normal teasing them because it's cheap 00:07:32.700 --> 00:07:34.100 align:start position:0% normal teasing them because it's cheap for<00:07:32.850> the<00:07:32.910> attacker<00:07:33.150> to<00:07:33.240> buy<00:07:33.420> these<00:07:33.480> keep<00:07:33.840> by 00:07:34.100 --> 00:07:34.110 align:start position:0% for the attacker to buy these keep by 00:07:34.110 --> 00:07:35.960 align:start position:0% for the attacker to buy these keep by these<00:07:34.350> two<00:07:34.500> keys<00:07:34.710> technically<00:07:35.610> to<00:07:35.670> use<00:07:35.760> old 00:07:35.960 --> 00:07:35.970 align:start position:0% these two keys technically to use old 00:07:35.970 --> 00:07:38.360 align:start position:0% these two keys technically to use old keys<00:07:36.240> it's<00:07:37.050> a<00:07:37.110> pretty<00:07:37.230> change<00:07:37.770> that<00:07:37.950> for<00:07:38.160> I 00:07:38.360 --> 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all-purpose<00:07:45.840> takes<00:07:46.140> so<00:07:46.350> long<00:07:46.530> as<00:07:46.770> the<00:07:47.670> thing 00:07:47.930 --> 00:07:47.940 align:start position:0% all-purpose takes so long as the thing 00:07:47.940 --> 00:07:49.640 align:start position:0% all-purpose takes so long as the thing that<00:07:47.970> people<00:07:48.390> use<00:07:48.630> to<00:07:48.900> authenticate<00:07:49.290> the 00:07:49.640 --> 00:07:49.650 align:start position:0% that people use to authenticate the 00:07:49.650 --> 00:07:50.870 align:start position:0% that people use to authenticate the current<00:07:49.890> state<00:07:50.070> is<00:07:50.220> the<00:07:50.340> Genesis<00:07:50.670> block 00:07:50.870 --> 00:07:50.880 align:start position:0% current state is the Genesis block 00:07:50.880 --> 00:07:53.030 align:start position:0% current state is the Genesis block because<00:07:51.600> the<00:07:51.960> Genesis<00:07:52.290> block<00:07:52.410> is<00:07:52.680> something 00:07:53.030 --> 00:07:53.040 align:start position:0% because the Genesis block is something 00:07:53.040 --> 00:07:55.340 align:start position:0% because the Genesis block is something those<00:07:53.160> by<00:07:54.060> our<00:07:54.480> current<00:07:54.660> assumption<00:07:55.080> produce 00:07:55.340 --> 00:07:55.350 align:start position:0% those by our current assumption produce 00:07:55.350 --> 00:07:57.260 align:start position:0% those by our current assumption produce a<00:07:55.410> long<00:07:55.560> time<00:07:55.740> ago<00:07:55.980> and<00:07:56.190> the<00:07:56.640> people<00:07:56.880> who<00:07:57.000> have 00:07:57.260 --> 00:07:57.270 align:start position:0% a long time ago and the people who have 00:07:57.270 --> 00:07:59.540 align:start position:0% a long time ago and the people who have is<00:07:57.450> something<00:07:58.020> at<00:07:58.110> stake<00:07:58.200> then<00:07:58.530> no<00:07:59.520> longer 00:07:59.540 --> 00:07:59.550 align:start position:0% is something at stake then no longer 00:07:59.550 --> 00:08:00.890 align:start position:0% is something at stake then no longer have<00:07:59.850> something<00:08:00.090> at<00:08:00.180> stake<00:08:00.240> now<00:08:00.510> and<00:08:00.750> so<00:08:00.810> if 00:08:00.890 --> 00:08:00.900 align:start position:0% have something at stake now and so if 00:08:00.900 --> 00:08:02.210 align:start position:0% have something at stake now and so if you<00:08:00.990> rely<00:08:01.230> on<00:08:01.290> you<00:08:01.560> can't<00:08:01.770> rely<00:08:01.980> on<00:08:02.010> their 00:08:02.210 --> 00:08:02.220 align:start position:0% you rely on you can't rely on their 00:08:02.220 --> 00:08:03.710 align:start position:0% you rely on you can't rely on their signatures<00:08:02.640> their<00:08:02.880> signatures<00:08:03.270> effectively 00:08:03.710 --> 00:08:03.720 align:start position:0% signatures their signatures effectively 00:08:03.720 --> 00:08:06.380 align:start position:0% signatures their signatures effectively mean<00:08:03.900> nothing<00:08:04.200> because<00:08:04.980> they<00:08:05.880> no<00:08:06.060> longer<00:08:06.090> have 00:08:06.380 --> 00:08:06.390 align:start position:0% mean nothing because they no longer have 00:08:06.390 --> 00:08:07.520 align:start position:0% mean nothing because they no longer have something<00:08:06.780> at<00:08:06.870> stake<00:08:06.900> and<00:08:07.200> it<00:08:07.290> can't<00:08:07.440> be 00:08:07.520 --> 00:08:07.530 align:start position:0% something at stake and it can't be 00:08:07.530 --> 00:08:10.220 align:start position:0% something at stake and it can't be punished<00:08:07.860> for<00:08:07.980> making<00:08:08.540> for<00:08:09.540> equivocating<00:08:10.110> for 00:08:10.220 --> 00:08:10.230 align:start position:0% punished for making for equivocating for 00:08:10.230 --> 00:08:13.460 align:start position:0% punished for making for equivocating for making<00:08:10.410> bad<00:08:10.560> signatures<00:08:11.010> so<00:08:12.140> what<00:08:13.140> we<00:08:13.230> need<00:08:13.350> to 00:08:13.460 --> 00:08:13.470 align:start position:0% making bad signatures so what we need to 00:08:13.470 --> 00:08:15.230 align:start position:0% making bad signatures so what we need to do<00:08:13.560> to<00:08:14.310> get<00:08:14.580> around<00:08:14.760> long-range<00:08:15.090> attack 00:08:15.230 --> 00:08:15.240 align:start position:0% do to get around long-range attack 00:08:15.240 --> 00:08:17.180 align:start position:0% do to get around long-range attack problem<00:08:15.540> is<00:08:15.690> to<00:08:16.110> change<00:08:16.500> the<00:08:16.650> authentication 00:08:17.180 --> 00:08:17.190 align:start position:0% problem is to change the authentication 00:08:17.190 --> 00:08:18.560 align:start position:0% problem is to change the authentication model<00:08:17.340> instead<00:08:17.910> of<00:08:17.970> authenticating 00:08:18.560 --> 00:08:18.570 align:start position:0% model instead of authenticating 00:08:18.570 --> 00:08:19.790 align:start position:0% model instead of authenticating everything<00:08:18.870> based<00:08:19.110> on<00:08:19.230> your<00:08:19.410> knowledge<00:08:19.590> of 00:08:19.790 --> 00:08:19.800 align:start position:0% everything based on your knowledge of 00:08:19.800 --> 00:08:21.800 align:start position:0% everything based on your knowledge of the<00:08:19.890> Genesis<00:08:20.220> block<00:08:20.340> you<00:08:20.940> authenticate<00:08:21.480> based 00:08:21.800 --> 00:08:21.810 align:start position:0% the Genesis block you authenticate based 00:08:21.810 --> 00:08:23.450 align:start position:0% the Genesis block you authenticate based on<00:08:21.960> your<00:08:22.140> knowledge<00:08:22.350> of<00:08:22.500> who<00:08:22.680> currently<00:08:23.010> has 00:08:23.450 --> 00:08:23.460 align:start position:0% on your knowledge of who currently has 00:08:23.460 --> 00:08:24.800 align:start position:0% on your knowledge of who currently has something<00:08:23.790> at<00:08:23.880> stake<00:08:24.090> and<00:08:24.270> therefore<00:08:24.660> who 00:08:24.800 --> 00:08:24.810 align:start position:0% something at stake and therefore who 00:08:24.810 --> 00:08:26.900 align:start position:0% something at stake and therefore who currently<00:08:25.110> has<00:08:26.040> signatures<00:08:26.550> that<00:08:26.700> you<00:08:26.790> can 00:08:26.900 --> 00:08:26.910 align:start position:0% currently has signatures that you can 00:08:26.910 --> 00:08:31.000 align:start position:0% currently has signatures that you can trust<00:08:27.530> so<00:08:28.530> basically<00:08:28.920> this<00:08:29.460> means<00:08:29.760> that 00:08:31.000 --> 00:08:31.010 align:start position:0% trust so basically this means that 00:08:31.010 --> 00:08:33.830 align:start position:0% trust so basically this means that clients<00:08:32.010> have<00:08:32.400> to<00:08:32.760> know<00:08:32.910> who<00:08:33.300> currently<00:08:33.570> has<00:08:33.810> a 00:08:33.830 --> 00:08:33.840 align:start position:0% clients have to know who currently has a 00:08:33.840 --> 00:08:35.180 align:start position:0% clients have to know who currently has a deposit<00:08:34.290> in<00:08:34.410> order<00:08:34.500> to<00:08:34.680> synchronize<00:08:35.040> to<00:08:35.130> the 00:08:35.180 --> 00:08:35.190 align:start position:0% deposit in order to synchronize to the 00:08:35.190 --> 00:08:38.720 align:start position:0% deposit in order to synchronize to the state<00:08:35.430> and<00:08:36.470> if<00:08:37.470> they're<00:08:37.710> able<00:08:38.010> to<00:08:38.160> stay<00:08:38.580> online 00:08:38.720 --> 00:08:38.730 align:start position:0% state and if they're able to stay online 00:08:38.730 --> 00:08:40.760 align:start position:0% state and if they're able to stay online often<00:08:39.300> enough<00:08:39.690> then<00:08:40.260> they'll<00:08:40.410> be<00:08:40.500> able<00:08:40.680> to 00:08:40.760 --> 00:08:40.770 align:start position:0% often enough then they'll be able to 00:08:40.770 --> 00:08:45.890 align:start position:0% often enough then they'll be able to maintain<00:08:41.010> this<00:08:41.370> list<00:08:41.640> so<00:08:44.450> the<00:08:45.450> validators 00:08:45.890 --> 00:08:45.900 align:start position:0% maintain this list so the validators 00:08:45.900 --> 00:08:48.380 align:start position:0% maintain this list so the validators rotate<00:08:46.410> over<00:08:46.530> time<00:08:46.830> the<00:08:47.490> the<00:08:47.850> state<00:08:48.270> of<00:08:48.300> the 00:08:48.380 --> 00:08:48.390 align:start position:0% rotate over time the the state of the 00:08:48.390 --> 00:08:50.240 align:start position:0% rotate over time the the state of the set<00:08:48.660> of<00:08:48.750> validators<00:08:49.110> today<00:08:49.410> is<00:08:49.770> not<00:08:50.010> to<00:08:50.070> be<00:08:50.160> the 00:08:50.240 --> 00:08:50.250 align:start position:0% set of validators today is not to be the 00:08:50.250 --> 00:08:51.410 align:start position:0% set of validators today is not to be the same<00:08:50.400> as<00:08:50.520> the<00:08:50.580> set<00:08:50.700> of<00:08:50.730> validators<00:08:51.180> in<00:08:51.300> two 00:08:51.410 --> 00:08:51.420 align:start position:0% same as the set of validators in two 00:08:51.420 --> 00:08:53.570 align:start position:0% same as the set of validators in two years<00:08:51.720> so<00:08:52.380> if<00:08:52.470> you<00:08:52.590> come<00:08:52.860> online<00:08:53.040> in<00:08:53.190> two<00:08:53.340> years 00:08:53.570 --> 00:08:53.580 align:start position:0% years so if you come online in two years 00:08:53.580 --> 00:08:54.950 align:start position:0% years so if you come online in two years of<00:08:53.730> the<00:08:53.880> only<00:08:54.210> knowing<00:08:54.450> the<00:08:54.540> list<00:08:54.750> of<00:08:54.900> the 00:08:54.950 --> 00:08:54.960 align:start position:0% of the only knowing the list of the 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the validators<00:09:00.510> rotate<00:09:00.870> then<00:09:01.320> you<00:09:01.860> can<00:09:02.010> use<00:09:02.220> the 00:09:02.450 --> 00:09:02.460 align:start position:0% validators rotate then you can use the 00:09:02.460 --> 00:09:04.460 align:start position:0% validators rotate then you can use the fact<00:09:02.670> that<00:09:02.820> you<00:09:03.000> know<00:09:03.150> who's<00:09:03.450> bonded<00:09:03.780> today<00:09:04.020> to 00:09:04.460 --> 00:09:04.470 align:start position:0% fact that you know who's bonded today to 00:09:04.470 --> 00:09:07.130 align:start position:0% fact that you know who's bonded today to learn<00:09:05.070> who's<00:09:05.340> bonded<00:09:05.640> in<00:09:05.820> the<00:09:05.970> future<00:09:06.240> at 00:09:07.130 --> 00:09:07.140 align:start position:0% learn who's bonded in the future at 00:09:07.140 --> 00:09:08.780 align:start position:0% learn who's bonded in the future at every<00:09:07.350> step<00:09:07.590> using<00:09:08.100> the<00:09:08.490> eken 00:09:08.780 --> 00:09:08.790 align:start position:0% every step using the eken 00:09:08.790 --> 00:09:10.130 align:start position:0% every step using the eken assurance<00:09:09.330> that<00:09:09.510> if<00:09:09.690> these<00:09:09.780> people<00:09:09.840> were 00:09:10.130 --> 00:09:10.140 align:start position:0% assurance that if these people were 00:09:10.140 --> 00:09:11.180 align:start position:0% assurance that if these people were lying<00:09:10.350> to<00:09:10.530> you<00:09:10.620> they<00:09:10.800> would<00:09:10.920> lose<00:09:11.010> their 00:09:11.180 --> 00:09:11.190 align:start position:0% lying to you they would lose their 00:09:11.190 --> 00:09:16.160 align:start position:0% lying to you they would lose their security<00:09:11.550> deposits<00:09:12.320> so<00:09:14.360> this<00:09:15.360> this<00:09:15.780> kind<00:09:15.840> of 00:09:16.160 --> 00:09:16.170 align:start position:0% security deposits so this this kind of 00:09:16.170 --> 00:09:19.400 align:start position:0% security deposits so this this kind of is<00:09:16.380> thing<00:09:16.890> called<00:09:16.920> weak<00:09:17.190> subjectivity<00:09:18.410> and 00:09:19.400 --> 00:09:19.410 align:start position:0% is thing called weak subjectivity and 00:09:19.410 --> 00:09:22.130 align:start position:0% is thing called weak subjectivity and basically<00:09:20.280> it's<00:09:21.060> kind<00:09:21.240> of<00:09:21.360> like<00:09:21.510> a<00:09:21.540> single 00:09:22.130 --> 00:09:22.140 align:start position:0% basically it's kind of like a single 00:09:22.140 --> 00:09:23.510 align:start position:0% basically it's kind of like a single public<00:09:22.320> key<00:09:22.620> for<00:09:22.860> the<00:09:22.950> whole<00:09:23.070> blockchain 00:09:23.510 --> 00:09:23.520 align:start position:0% public key for the whole blockchain 00:09:23.520 --> 00:09:24.560 align:start position:0% public key for the whole blockchain which<00:09:23.700> you<00:09:24.030> need<00:09:24.150> to<00:09:24.270> authenticate 00:09:24.560 --> 00:09:24.570 align:start position:0% which you need to authenticate 00:09:24.570 --> 00:09:26.450 align:start position:0% which you need to authenticate out-of-band<00:09:25.380> before<00:09:25.830> you<00:09:25.950> can<00:09:26.070> synchronize 00:09:26.450 --> 00:09:26.460 align:start position:0% out-of-band before you can synchronize 00:09:26.460 --> 00:09:28.820 align:start position:0% out-of-band before you can synchronize and<00:09:26.700> which<00:09:27.120> kind<00:09:27.360> of<00:09:27.420> changes<00:09:27.840> over<00:09:28.440> time<00:09:28.590> but 00:09:28.820 --> 00:09:28.830 align:start position:0% and which kind of changes over time but 00:09:28.830 --> 00:09:30.500 align:start position:0% and which kind of changes over time but you<00:09:28.920> can<00:09:29.070> figure<00:09:29.580> out<00:09:29.790> you<00:09:30.090> can<00:09:30.210> watch<00:09:30.330> the 00:09:30.500 --> 00:09:30.510 align:start position:0% you can figure out you can watch the 00:09:30.510 --> 00:09:31.940 align:start position:0% you can figure out you can watch the change<00:09:30.720> happening<00:09:31.110> if<00:09:31.260> you<00:09:31.290> have<00:09:31.530> the<00:09:31.710> current 00:09:31.940 --> 00:09:31.950 align:start position:0% change happening if you have the current 00:09:31.950 --> 00:09:34.010 align:start position:0% change happening if you have the current public<00:09:32.160> key<00:09:32.570> so<00:09:33.570> you<00:09:33.630> can<00:09:33.750> kind<00:09:33.870> of<00:09:33.900> be 00:09:34.010 --> 00:09:34.020 align:start position:0% public key so you can kind of be 00:09:34.020 --> 00:09:36.200 align:start position:0% public key so you can kind of be man-in-the-middle<00:09:34.530> attacked<00:09:34.950> if<00:09:35.340> you<00:09:36.030> have 00:09:36.200 --> 00:09:36.210 align:start position:0% man-in-the-middle attacked if you have 00:09:36.210 --> 00:09:39.470 align:start position:0% man-in-the-middle attacked if you have the<00:09:36.330> wrong<00:09:36.570> key<00:09:37.500> there<00:09:37.850> and<00:09:38.850> you'll<00:09:39.030> let<00:09:39.210> show 00:09:39.470 --> 00:09:39.480 align:start position:0% the wrong key there and you'll let show 00:09:39.480 --> 00:09:41.240 align:start position:0% the wrong key there and you'll let show up<00:09:39.630> in<00:09:39.810> some<00:09:39.960> kind<00:09:40.110> of<00:09:40.320> non-existent<00:09:40.530> economy 00:09:41.240 --> 00:09:41.250 align:start position:0% up in some kind of non-existent economy 00:09:41.250 --> 00:09:43.220 align:start position:0% up in some kind of non-existent economy but<00:09:42.240> and<00:09:42.540> so<00:09:42.660> there's<00:09:42.840> basically<00:09:42.900> some 00:09:43.220 --> 00:09:43.230 align:start position:0% but and so there's basically some 00:09:43.230 --> 00:09:46.130 align:start position:0% but and so there's basically some trade-offs<00:09:43.590> here<00:09:43.800> right<00:09:44.070> in<00:09:44.900> kind<00:09:45.900> of<00:09:45.930> proof 00:09:46.130 --> 00:09:46.140 align:start position:0% trade-offs here right in kind of proof 00:09:46.140 --> 00:09:47.630 align:start position:0% trade-offs here right in kind of proof work<00:09:46.350> you<00:09:46.830> just<00:09:47.010> need<00:09:47.100> to<00:09:47.160> know<00:09:47.250> the<00:09:47.340> Genesis 00:09:47.630 --> 00:09:47.640 align:start position:0% work you just need to know the Genesis 00:09:47.640 --> 00:09:49.430 align:start position:0% work you just need to know the Genesis block<00:09:47.820> and<00:09:48.120> you<00:09:48.300> can<00:09:48.330> authenticate<00:09:49.110> the 00:09:49.430 --> 00:09:49.440 align:start position:0% block and you can authenticate the 00:09:49.440 --> 00:09:52.370 align:start position:0% block and you can authenticate the current<00:09:49.650> state<00:09:50.330> whereas<00:09:51.330> in<00:09:51.570> this<00:09:52.140> kind<00:09:52.320> of 00:09:52.370 --> 00:09:52.380 align:start position:0% current state whereas in this kind of 00:09:52.380 --> 00:09:54.470 align:start position:0% current state whereas in this kind of proof<00:09:52.830> state<00:09:52.980> model<00:09:53.340> you<00:09:53.700> need<00:09:53.820> to<00:09:54.030> be<00:09:54.330> online 00:09:54.470 --> 00:09:54.480 align:start position:0% proof state model you need to be online 00:09:54.480 --> 00:09:56.600 align:start position:0% proof state model you need to be online sufficiently<00:09:55.050> often<00:09:55.470> to<00:09:55.740> have<00:09:56.220> a<00:09:56.250> current 00:09:56.600 --> 00:09:56.610 align:start position:0% sufficiently often to have a current 00:09:56.610 --> 00:09:58.930 align:start position:0% sufficiently often to have a current picture<00:09:56.910> of<00:09:57.090> the<00:09:57.540> set<00:09:57.690> of<00:09:57.780> Ponta<00:09:58.080> validators 00:09:58.930 --> 00:09:58.940 align:start position:0% picture of the set of Ponta validators 00:09:58.940 --> 00:10:01.700 align:start position:0% picture of the set of Ponta validators so<00:09:59.940> that<00:10:00.360> there<00:10:00.630> is<00:10:00.750> some<00:10:00.960> cost<00:10:01.200> there<00:10:01.500> in 00:10:01.700 --> 00:10:01.710 align:start position:0% so that there is some cost there in 00:10:01.710 --> 00:10:03.470 align:start position:0% so that there is some cost there in terms<00:10:01.950> of<00:10:02.100> what<00:10:02.700> we<00:10:02.820> can<00:10:02.970> provide<00:10:03.270> as<00:10:03.450> a 00:10:03.470 --> 00:10:03.480 align:start position:0% terms of what we can provide as a 00:10:03.480 --> 00:10:05.960 align:start position:0% terms of what we can provide as a service<00:10:03.650> to<00:10:04.650> notes<00:10:04.830> who<00:10:05.010> are<00:10:05.160> offline<00:10:05.580> very 00:10:05.960 --> 00:10:05.970 align:start position:0% service to notes who are offline very 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much more like client friendly than proof<00:10:15.450> work<00:10:15.750> or<00:10:15.960> any<00:10:16.200> agenda<00:10:16.440> Genesis<00:10:16.980> block 00:10:17.090 --> 00:10:17.100 align:start position:0% proof work or any agenda Genesis block 00:10:17.100 --> 00:10:19.120 align:start position:0% proof work or any agenda Genesis block authentication<00:10:17.520> model<00:10:18.390> could<00:10:18.540> ever<00:10:18.660> be 00:10:19.120 --> 00:10:19.130 align:start position:0% authentication model could ever be 00:10:19.130 --> 00:10:22.070 align:start position:0% authentication model could ever be because<00:10:20.330> you<00:10:21.330> don't<00:10:21.450> have<00:10:21.510> to<00:10:21.630> download<00:10:21.810> the 00:10:22.070 --> 00:10:22.080 align:start position:0% because you don't have to download the 00:10:22.080 --> 00:10:24.920 align:start position:0% because you don't have to download the header<00:10:22.230> change<00:10:22.530> you<00:10:23.220> don't<00:10:23.370> have<00:10:23.460> to<00:10:23.930> compare 00:10:24.920 --> 00:10:24.930 align:start position:0% header change you don't have to compare 00:10:24.930 --> 00:10:26.960 align:start position:0% header change you don't have to compare scores<00:10:25.380> of<00:10:25.740> forks<00:10:26.100> that<00:10:26.190> come<00:10:26.730> from<00:10:26.820> the 00:10:26.960 --> 00:10:26.970 align:start position:0% scores of forks that come from the 00:10:26.970 --> 00:10:29.540 align:start position:0% scores of forks that come from the beginning<00:10:27.300> of<00:10:27.390> time<00:10:27.770> you<00:10:28.770> just<00:10:28.980> you<00:10:29.190> have<00:10:29.340> a 00:10:29.540 --> 00:10:29.550 align:start position:0% beginning of time you just you have a 00:10:29.550 --> 00:10:31.580 align:start position:0% beginning of time you just you have a piece<00:10:29.940> of<00:10:29.970> currently<00:10:30.690> economically 00:10:31.580 --> 00:10:31.590 align:start position:0% piece of currently economically 00:10:31.590 --> 00:10:33.680 align:start position:0% piece of currently economically meaningful<00:10:32.160> information<00:10:32.340> which<00:10:33.090> you<00:10:33.300> can<00:10:33.480> use 00:10:33.680 --> 00:10:33.690 align:start position:0% meaningful information which you can use 00:10:33.690 --> 00:10:35.270 align:start position:0% meaningful information which you can use to<00:10:33.960> immediately<00:10:34.170> sync<00:10:34.680> up<00:10:34.800> with<00:10:34.890> the<00:10:34.950> current 00:10:35.270 --> 00:10:35.280 align:start position:0% to immediately sync up with the current 00:10:35.280 --> 00:10:38.210 align:start position:0% to immediately sync up with the current state<00:10:35.550> and<00:10:36.330> so<00:10:37.050> the<00:10:37.320> level<00:10:37.800> of<00:10:37.830> like<00:10:38.010> kind<00:10:38.190> of 00:10:38.210 --> 00:10:38.220 align:start position:0% state and so the level of like kind of 00:10:38.220 --> 00:10:40.280 align:start position:0% state and so the level of like kind of friendliness<00:10:38.490> that's<00:10:38.730> possible<00:10:39.180> in<00:10:39.390> this 00:10:40.280 --> 00:10:40.290 align:start position:0% friendliness that's possible in this 00:10:40.290 --> 00:10:42.350 align:start position:0% friendliness that's possible in this kind<00:10:40.560> of<00:10:40.680> weekly<00:10:41.190> subjective<00:10:41.610> model<00:10:41.880> is<00:10:42.000> much 00:10:42.350 --> 00:10:42.360 align:start position:0% kind of weekly subjective model is much 00:10:42.360 --> 00:10:44.420 align:start position:0% kind of weekly subjective model is much much<00:10:42.570> greater<00:10:42.630> than<00:10:43.350> what's<00:10:43.530> possible<00:10:43.920> in<00:10:44.130> a 00:10:44.420 --> 00:10:44.430 align:start position:0% much greater than what's possible in a 00:10:44.430 --> 00:10:47.420 align:start position:0% much greater than what's possible in a proof<00:10:44.790> of<00:10:44.880> work<00:10:45.150> or<00:10:45.350> kind<00:10:46.350> of<00:10:46.440> Genesis<00:10:47.280> block 00:10:47.420 --> 00:10:47.430 align:start position:0% proof of work or kind of Genesis block 00:10:47.430 --> 00:10:50.420 align:start position:0% proof of work or kind of Genesis block authentication<00:10:47.850> model<00:10:49.100> so<00:10:50.100> those<00:10:50.250> are<00:10:50.370> the 00:10:50.420 --> 00:10:50.430 align:start position:0% authentication model so those are the 00:10:50.430 --> 00:10:53.480 align:start position:0% authentication model so those are the trade-offs<00:10:50.730> for<00:10:51.480> that<00:10:51.600> design<00:10:52.280> it's<00:10:53.280> it's 00:10:53.480 --> 00:10:53.490 align:start position:0% trade-offs for that design it's it's 00:10:53.490 --> 00:10:56.960 align:start position:0% trade-offs for that design it's it's it's<00:10:54.390> this<00:10:54.630> again<00:10:55.050> this<00:10:55.200> this<00:10:55.440> idea<00:10:56.130> of<00:10:56.640> that 00:10:56.960 --> 00:10:56.970 align:start position:0% it's this again this this idea of that 00:10:56.970 --> 00:10:58.280 align:start position:0% it's this again this this idea of that you<00:10:57.210> need<00:10:57.360> to<00:10:57.600> know<00:10:57.870> that<00:10:57.960> people<00:10:58.110> are 00:10:58.280 --> 00:10:58.290 align:start position:0% you need to know that people are 00:10:58.290 --> 00:10:59.840 align:start position:0% you need to know that people are currently<00:10:58.410> deposit<00:10:58.980> is<00:10:59.100> fundamental<00:10:59.700> to 00:10:59.840 --> 00:10:59.850 align:start position:0% currently deposit is fundamental to 00:10:59.850 --> 00:11:02.300 align:start position:0% currently deposit is fundamental to using<00:11:00.600> security<00:11:01.440> deposit<00:11:01.800> based<00:11:01.950> per<00:11:02.100> stick 00:11:02.300 --> 00:11:02.310 align:start position:0% using security deposit based per stick 00:11:02.310 --> 00:11:05.420 align:start position:0% using security deposit based per stick in<00:11:02.490> a<00:11:02.550> way<00:11:02.640> that<00:11:02.820> is<00:11:02.940> economically<00:11:04.430> secure 00:11:05.420 --> 00:11:05.430 align:start position:0% in a way that is economically secure 00:11:05.430 --> 00:11:06.860 align:start position:0% in a way that is economically secure because<00:11:05.940> people<00:11:06.330> who<00:11:06.390> no<00:11:06.510> longer<00:11:06.540> have 00:11:06.860 --> 00:11:06.870 align:start position:0% because people who no longer have 00:11:06.870 --> 00:11:08.300 align:start position:0% because people who no longer have deposits<00:11:07.290> are<00:11:07.440> willing<00:11:07.710> to<00:11:07.800> sell<00:11:07.980> their<00:11:08.100> keys 00:11:08.300 --> 00:11:08.310 align:start position:0% deposits are willing to sell their keys 00:11:08.310 --> 00:11:11.990 align:start position:0% deposits are willing to sell their keys for<00:11:08.700> free<00:11:09.740> almost<00:11:10.740> straight<00:11:10.890> perhaps<00:11:11.190> on<00:11:11.400> an 00:11:11.990 --> 00:11:12.000 align:start position:0% for free almost straight perhaps on an 00:11:12.000 --> 00:11:14.780 align:start position:0% for free almost straight perhaps on an epsilon<00:11:12.420> is<00:11:12.480> greater<00:11:12.540> than<00:11:12.720> zero 00:11:14.780 --> 00:11:14.790 align:start position:0% epsilon is greater than zero 00:11:14.790 --> 00:11:16.860 align:start position:0% epsilon is greater than zero so<00:11:15.790> some<00:11:16.329> more<00:11:16.389> background<00:11:16.569> knowledge 00:11:16.860 --> 00:11:16.870 align:start position:0% so some more background knowledge 00:11:16.870 --> 00:11:18.329 align:start position:0% so some more background knowledge there's<00:11:17.199> the<00:11:17.290> ghost<00:11:17.440> protocol<00:11:17.920> for<00:11:18.100> proof<00:11:18.279> of 00:11:18.329 --> 00:11:18.339 align:start position:0% there's the ghost protocol for proof of 00:11:18.339 --> 00:11:21.629 align:start position:0% there's the ghost protocol for proof of work<00:11:18.459> this<00:11:19.029> is<00:11:19.089> a<00:11:19.209> protocol<00:11:19.630> called<00:11:20.639> 3d 00:11:21.629 --> 00:11:21.639 align:start position:0% work this is a protocol called 3d 00:11:21.639 --> 00:11:23.819 align:start position:0% work this is a protocol called 3d heaviest<00:11:22.120> observed<00:11:22.420> subtree<00:11:22.899> produced<00:11:23.680> by 00:11:23.819 --> 00:11:23.829 align:start position:0% heaviest observed subtree produced by 00:11:23.829 --> 00:11:28.590 align:start position:0% heaviest observed subtree produced by Samba<00:11:24.370> Samba<00:11:25.000> Linsky<00:11:25.300> in<00:11:25.389> zohar<00:11:27.449> quite<00:11:28.449> some 00:11:28.590 --> 00:11:28.600 align:start position:0% Samba Samba Linsky in zohar quite some 00:11:28.600 --> 00:11:32.009 align:start position:0% Samba Samba Linsky in zohar quite some time<00:11:28.779> ago<00:11:28.990> and<00:11:29.199> basically<00:11:30.029> it<00:11:31.029> can<00:11:31.480> reduce<00:11:31.630> the 00:11:32.009 --> 00:11:32.019 align:start position:0% time ago and basically it can reduce the 00:11:32.019 --> 00:11:33.990 align:start position:0% time ago and basically it can reduce the block<00:11:32.199> latency<00:11:32.620> without<00:11:32.860> reducing<00:11:33.790> the 00:11:33.990 --> 00:11:34.000 align:start position:0% block latency without reducing the 00:11:34.000 --> 00:11:36.269 align:start position:0% block latency without reducing the security<00:11:34.509> for<00:11:35.079> a<00:11:35.110> purple<00:11:35.410> work<00:11:35.500> chain<00:11:35.740> in 00:11:36.269 --> 00:11:36.279 align:start position:0% security for a purple work chain in 00:11:36.279 --> 00:11:38.639 align:start position:0% security for a purple work chain in proof<00:11:36.579> of<00:11:36.670> work<00:11:36.790> a<00:11:37.180> miner<00:11:37.810> is<00:11:38.110> only<00:11:38.319> rewarded 00:11:38.639 --> 00:11:38.649 align:start position:0% proof of work a miner is only rewarded 00:11:38.649 --> 00:11:40.800 align:start position:0% proof of work a miner is only rewarded for<00:11:38.709> a<00:11:38.800> block<00:11:38.949> if<00:11:39.160> it<00:11:39.579> is<00:11:39.850> eventually<00:11:40.540> part<00:11:40.750> of 00:11:40.800 --> 00:11:40.810 align:start position:0% for a block if it is eventually part of 00:11:40.810 --> 00:11:42.780 align:start position:0% for a block if it is eventually part of the<00:11:40.870> chain<00:11:41.079> so<00:11:41.319> if<00:11:42.160> there<00:11:42.430> are<00:11:42.490> these<00:11:42.670> things 00:11:42.780 --> 00:11:42.790 align:start position:0% the chain so if there are these things 00:11:42.790 --> 00:11:44.309 align:start position:0% the chain so if there are these things called<00:11:42.940> orphan<00:11:43.300> blocks<00:11:43.480> which<00:11:43.750> miner<00:11:43.990> finds 00:11:44.309 --> 00:11:44.319 align:start position:0% called orphan blocks which miner finds 00:11:44.319 --> 00:11:45.800 align:start position:0% called orphan blocks which miner finds but<00:11:44.649> doesn't<00:11:45.040> get<00:11:45.130> included<00:11:45.490> in<00:11:45.550> the<00:11:45.610> chain 00:11:45.800 --> 00:11:45.810 align:start position:0% but doesn't get included in the chain 00:11:45.810 --> 00:11:48.389 align:start position:0% but doesn't get included in the chain and<00:11:46.810> these<00:11:46.990> blocks<00:11:47.199> don't<00:11:47.949> contribute<00:11:48.160> to 00:11:48.389 --> 00:11:48.399 align:start position:0% and these blocks don't contribute to 00:11:48.399 --> 00:11:50.879 align:start position:0% and these blocks don't contribute to security<00:11:48.850> of<00:11:49.060> Bitcoin<00:11:49.750> for<00:11:49.870> example<00:11:50.230> but<00:11:50.649> in<00:11:50.829> a 00:11:50.879 --> 00:11:50.889 align:start position:0% security of Bitcoin for example but in a 00:11:50.889 --> 00:11:52.680 align:start position:0% security of Bitcoin for example but in a theorem<00:11:51.220> we<00:11:51.339> have<00:11:51.519> this<00:11:52.420> kind<00:11:52.660> of 00:11:52.680 --> 00:11:52.690 align:start position:0% theorem we have this kind of 00:11:52.690 --> 00:11:54.509 align:start position:0% theorem we have this kind of implementation<00:11:53.199> of<00:11:53.410> ghost<00:11:53.620> that<00:11:53.860> makes<00:11:54.279> it<00:11:54.399> so 00:11:54.509 --> 00:11:54.519 align:start position:0% implementation of ghost that makes it so 00:11:54.519 --> 00:11:57.150 align:start position:0% implementation of ghost that makes it so that<00:11:54.990> we<00:11:55.990> include<00:11:56.290> orphan<00:11:56.589> blocks<00:11:56.800> and<00:11:57.069> they 00:11:57.150 --> 00:11:57.160 align:start position:0% that we include orphan blocks and they 00:11:57.160 --> 00:11:59.490 align:start position:0% that we include orphan blocks and they contribute<00:11:57.579> both<00:11:58.149> to<00:11:58.209> the<00:11:58.810> score<00:11:59.019> of<00:11:59.170> the<00:11:59.290> fork 00:11:59.490 --> 00:11:59.500 align:start position:0% contribute both to the score of the fork 00:11:59.500 --> 00:12:00.930 align:start position:0% contribute both to the score of the fork and<00:11:59.709> we<00:11:59.829> compensate<00:12:00.250> the<00:12:00.339> miners<00:12:00.610> for<00:12:00.790> their 00:12:00.930 --> 00:12:00.940 align:start position:0% and we compensate the miners for their 00:12:00.940 --> 00:12:03.629 align:start position:0% and we compensate the miners for their work<00:12:01.089> so<00:12:01.870> the<00:12:02.079> miners<00:12:02.259> aren't<00:12:02.649> screwed<00:12:03.490> by 00:12:03.629 --> 00:12:03.639 align:start position:0% work so the miners aren't screwed by 00:12:03.639 --> 00:12:05.490 align:start position:0% work so the miners aren't screwed by having<00:12:03.970> their<00:12:04.089> block<00:12:04.480> be<00:12:04.660> orphaned<00:12:05.019> and<00:12:05.170> the 00:12:05.490 --> 00:12:05.500 align:start position:0% having their block be orphaned and the 00:12:05.500 --> 00:12:07.710 align:start position:0% having their block be orphaned and the spork<00:12:05.889> is<00:12:06.040> secured<00:12:06.430> because<00:12:06.819> we<00:12:07.240> don't<00:12:07.480> lose 00:12:07.710 --> 00:12:07.720 align:start position:0% spork is secured because we don't lose 00:12:07.720 --> 00:12:09.509 align:start position:0% spork is secured because we don't lose the<00:12:07.959> work<00:12:08.110> the<00:12:08.380> work<00:12:08.589> still<00:12:08.920> become<00:12:09.130> still<00:12:09.459> as 00:12:09.509 --> 00:12:09.519 align:start position:0% the work the work still become still as 00:12:09.519 --> 00:12:12.809 align:start position:0% the work the work still become still as part<00:12:09.759> of<00:12:09.880> like<00:12:10.029> the<00:12:11.160> comparison<00:12:12.160> of<00:12:12.430> the<00:12:12.519> forks 00:12:12.809 --> 00:12:12.819 align:start position:0% part of like the comparison of the forks 00:12:12.819 --> 00:12:19.259 align:start position:0% part of like the comparison of the forks so<00:12:13.810> so<00:12:14.410> basically<00:12:14.829> ghost<00:12:16.800> made<00:12:18.060> proof<00:12:19.060> of<00:12:19.180> work 00:12:19.259 --> 00:12:19.269 align:start position:0% so so basically ghost made proof of work 00:12:19.269 --> 00:12:20.910 align:start position:0% so so basically ghost made proof of work lower<00:12:19.540> latency<00:12:20.019> without<00:12:20.290> compromising<00:12:20.829> on 00:12:20.910 --> 00:12:20.920 align:start position:0% lower latency without compromising on 00:12:20.920 --> 00:12:25.379 align:start position:0% lower latency without compromising on security<00:12:22.290> so<00:12:23.290> and<00:12:23.889> basically<00:12:24.279> there<00:12:25.240> but 00:12:25.379 --> 00:12:25.389 align:start position:0% security so and basically there but 00:12:25.389 --> 00:12:29.249 align:start position:0% security so and basically there but there<00:12:25.540> there<00:12:26.110> are<00:12:27.569> in<00:12:28.569> theorem<00:12:28.959> we<00:12:29.019> have<00:12:29.050> an 00:12:29.249 --> 00:12:29.259 align:start position:0% there there are in theorem we have an 00:12:29.259 --> 00:12:30.840 align:start position:0% there there are in theorem we have an implementation<00:12:29.439> of<00:12:29.800> ghost<00:12:30.040> but<00:12:30.519> it's<00:12:30.639> not<00:12:30.730> the 00:12:30.840 --> 00:12:30.850 align:start position:0% implementation of ghost but it's not the 00:12:30.850 --> 00:12:32.670 align:start position:0% implementation of ghost but it's not the full<00:12:31.060> ghost<00:12:31.509> protocol<00:12:31.930> is<00:12:31.990> given<00:12:32.259> by<00:12:32.350> Zohar 00:12:32.670 --> 00:12:32.680 align:start position:0% full ghost protocol is given by Zohar 00:12:32.680 --> 00:12:37.530 align:start position:0% full ghost protocol is given by Zohar and<00:12:32.800> somke<00:12:33.639> Lansky<00:12:35.069> and<00:12:36.069> basically<00:12:36.819> we 00:12:37.530 --> 00:12:37.540 align:start position:0% and somke Lansky and basically we 00:12:37.540 --> 00:12:39.449 align:start position:0% and somke Lansky and basically we include<00:12:37.899> orphan<00:12:38.290> the<00:12:38.829> headers<00:12:39.100> of<00:12:39.220> orphan 00:12:39.449 --> 00:12:39.459 align:start position:0% include orphan the headers of orphan 00:12:39.459 --> 00:12:41.429 align:start position:0% include orphan the headers of orphan blocks<00:12:39.670> into<00:12:40.000> the<00:12:40.120> into<00:12:40.360> block<00:12:40.540> chains<00:12:40.839> and<00:12:41.139> I 00:12:41.429 --> 00:12:41.439 align:start position:0% blocks into the into block chains and I 00:12:41.439 --> 00:12:43.949 align:start position:0% blocks into the into block chains and I think<00:12:41.589> should<00:12:42.399> be<00:12:42.430> to<00:12:42.579> their<00:12:42.699> fork<00:12:42.970> but<00:12:43.720> what 00:12:43.949 --> 00:12:43.959 align:start position:0% think should be to their fork but what 00:12:43.959 --> 00:12:47.400 align:start position:0% think should be to their fork but what we<00:12:44.079> don't<00:12:44.319> do<00:12:44.709> is<00:12:45.490> actually<00:12:46.300> have<00:12:46.630> a<00:12:46.660> block 00:12:47.400 --> 00:12:47.410 align:start position:0% we don't do is actually have a block 00:12:47.410 --> 00:12:52.860 align:start position:0% we don't do is actually have a block tree<00:12:47.860> based<00:12:48.160> rule<00:12:48.959> and<00:12:50.490> basically<00:12:51.490> so<00:12:51.970> and<00:12:52.750> the 00:12:52.860 --> 00:12:52.870 align:start position:0% tree based rule and basically so and the 00:12:52.870 --> 00:12:54.480 align:start position:0% tree based rule and basically so and the reason<00:12:52.959> we<00:12:53.170> do<00:12:53.290> this<00:12:53.410> is<00:12:53.470> because<00:12:53.800> it's<00:12:54.220> kind 00:12:54.480 --> 00:12:54.490 align:start position:0% reason we do this is because it's kind 00:12:54.490 --> 00:12:55.650 align:start position:0% reason we do this is because it's kind of<00:12:54.519> simpler<00:12:54.939> and<00:12:55.060> we<00:12:55.089> get<00:12:55.269> most<00:12:55.449> of<00:12:55.569> the 00:12:55.650 --> 00:12:55.660 align:start position:0% of simpler and we get most of the 00:12:55.660 --> 00:12:59.129 align:start position:0% of simpler and we get most of the benefits<00:12:56.050> but<00:12:56.860> if<00:12:57.040> we<00:12:57.189> did<00:12:57.370> have<00:12:57.870> the<00:12:58.870> full<00:12:59.050> of 00:12:59.129 --> 00:12:59.139 align:start position:0% benefits but if we did have the full of 00:12:59.139 --> 00:13:00.120 align:start position:0% benefits but if we did have the full of the<00:12:59.230> full<00:12:59.410> implementation<00:12:59.620> we<00:12:59.920> could<00:13:00.040> have 00:13:00.120 --> 00:13:00.130 align:start position:0% the full implementation we could have 00:13:00.130 --> 00:13:01.679 align:start position:0% the full implementation we could have even<00:13:00.220> lower<00:13:00.459> at<00:13:00.730> lower<00:13:00.880> latency<00:13:01.240> blocks<00:13:01.480> we 00:13:01.679 --> 00:13:01.689 align:start position:0% even lower at lower latency blocks we 00:13:01.689 --> 00:13:03.660 align:start position:0% even lower at lower latency blocks we also<00:13:01.959> kind<00:13:02.139> of<00:13:02.230> execute<00:13:02.769> transactions<00:13:03.519> for 00:13:03.660 --> 00:13:03.670 align:start position:0% also kind of execute transactions for 00:13:03.670 --> 00:13:07.259 align:start position:0% also kind of execute transactions for Morphin<00:13:03.970> blocks<00:13:04.230> and<00:13:05.850> selfish<00:13:06.850> mining<00:13:07.149> and 00:13:07.259 --> 00:13:07.269 align:start position:0% Morphin blocks and selfish mining and 00:13:07.269 --> 00:13:09.059 align:start position:0% Morphin blocks and selfish mining and and<00:13:07.540> and<00:13:07.870> money<00:13:08.199> of<00:13:08.290> course<00:13:08.470> would<00:13:08.589> be<00:13:08.680> even 00:13:09.059 --> 00:13:09.069 align:start position:0% and and money of course would be even 00:13:09.069 --> 00:13:11.940 align:start position:0% and and money of course would be even less<00:13:09.189> even<00:13:09.519> less<00:13:09.639> attractive 00:13:11.940 --> 00:13:11.950 align:start position:0% less even less attractive 00:13:11.950 --> 00:13:14.550 align:start position:0% less even less attractive so<00:13:12.579> Casper<00:13:13.120> is<00:13:13.329> an<00:13:13.450> adaptation<00:13:13.570> of<00:13:13.990> ghosts<00:13:14.230> to 00:13:14.550 --> 00:13:14.560 align:start position:0% so Casper is an adaptation of ghosts to 00:13:14.560 --> 00:13:16.530 align:start position:0% so Casper is an adaptation of ghosts to prove<00:13:14.709> thick<00:13:14.950> and<00:13:15.220> we<00:13:15.850> have<00:13:15.970> this<00:13:16.089> similar 00:13:16.530 --> 00:13:16.540 align:start position:0% prove thick and we have this similar 00:13:16.540 --> 00:13:17.730 align:start position:0% prove thick and we have this similar kind<00:13:16.570> of<00:13:16.959> thing<00:13:17.139> where<00:13:17.320> we<00:13:17.350> can<00:13:17.470> have<00:13:17.589> like<00:13:17.709> a 00:13:17.730 --> 00:13:17.740 align:start position:0% kind of thing where we can have like a 00:13:17.740 --> 00:13:20.430 align:start position:0% kind of thing where we can have like a more<00:13:18.279> complex<00:13:18.790> version<00:13:19.300> with<00:13:19.510> like<00:13:19.690> trees<00:13:20.110> and 00:13:20.430 --> 00:13:20.440 align:start position:0% more complex version with like trees and 00:13:20.440 --> 00:13:23.400 align:start position:0% more complex version with like trees and or<00:13:20.980> a<00:13:21.010> simpler<00:13:21.430> version<00:13:21.519> that<00:13:22.329> still<00:13:23.170> has<00:13:23.260> some 00:13:23.400 --> 00:13:23.410 align:start position:0% or a simpler version that still has some 00:13:23.410 --> 00:13:25.530 align:start position:0% or a simpler version that still has some of<00:13:23.500> the<00:13:23.589> ghost-like<00:13:23.829> properties<00:13:24.339> and<00:13:25.240> this<00:13:25.389> is 00:13:25.530 --> 00:13:25.540 align:start position:0% of the ghost-like properties and this is 00:13:25.540 --> 00:13:26.519 align:start position:0% of the ghost-like properties and this is one<00:13:25.690> of<00:13:25.720> the<00:13:25.899> things<00:13:26.139> that<00:13:26.320> we're<00:13:26.410> still 00:13:26.519 --> 00:13:26.529 align:start position:0% one of the things that we're still 00:13:26.529 --> 00:13:29.250 align:start position:0% one of the things that we're still debating<00:13:26.980> between<00:13:27.279> me<00:13:27.610> and<00:13:27.730> Alec<00:13:28.089> about<00:13:28.540> what 00:13:29.250 --> 00:13:29.260 align:start position:0% debating between me and Alec about what 00:13:29.260 --> 00:13:30.840 align:start position:0% debating between me and Alec about what would<00:13:29.410> be<00:13:29.500> appropriate<00:13:29.860> for<00:13:30.040> the<00:13:30.519> release<00:13:30.730> of 00:13:30.840 --> 00:13:30.850 align:start position:0% would be appropriate for the release of 00:13:30.850 --> 00:13:35.910 align:start position:0% would be appropriate for the release of Casper<00:13:32.339> basically<00:13:33.339> so<00:13:34.029> certainly<00:13:34.920> incentives 00:13:35.910 --> 00:13:35.920 align:start position:0% Casper basically so certainly incentives 00:13:35.920 --> 00:13:36.840 align:start position:0% Casper basically so certainly incentives will<00:13:36.040> be<00:13:36.130> a<00:13:36.160> function<00:13:36.339> of<00:13:36.550> orphaned 00:13:36.840 --> 00:13:36.850 align:start position:0% will be a function of orphaned 00:13:36.850 --> 00:13:39.960 align:start position:0% will be a function of orphaned information<00:13:37.300> so<00:13:37.779> that<00:13:37.810> much<00:13:38.110> we<00:13:38.260> agree<00:13:38.320> on<00:13:38.970> now 00:13:39.960 --> 00:13:39.970 align:start position:0% information so that much we agree on now 00:13:39.970 --> 00:13:41.900 align:start position:0% information so that much we agree on now what<00:13:40.180> we<00:13:40.269> don't<00:13:40.480> agree<00:13:40.630> on<00:13:40.690> is<00:13:40.990> whether<00:13:41.260> or<00:13:41.470> not 00:13:41.900 --> 00:13:41.910 align:start position:0% what we don't agree on is whether or not 00:13:41.910 --> 00:13:46.379 align:start position:0% what we don't agree on is whether or not we<00:13:42.910> will<00:13:43.199> allow<00:13:44.199> orphaned<00:13:44.649> locks<00:13:44.860> to<00:13:45.250> have<00:13:46.000> the 00:13:46.379 --> 00:13:46.389 align:start position:0% we will allow orphaned locks to have the 00:13:46.389 --> 00:13:48.990 align:start position:0% we will allow orphaned locks to have the the<00:13:46.810> bets<00:13:47.199> that<00:13:47.440> there<00:13:47.620> including<00:13:48.000> contribute 00:13:48.990 --> 00:13:49.000 align:start position:0% the bets that there including contribute 00:13:49.000 --> 00:13:51.509 align:start position:0% the bets that there including contribute to<00:13:49.209> the<00:13:49.329> that<00:13:50.079> history<00:13:50.680> or<00:13:50.860> whether<00:13:51.279> to 00:13:51.509 --> 00:13:51.519 align:start position:0% to the that history or whether to 00:13:51.519 --> 00:13:53.490 align:start position:0% to the that history or whether to execute<00:13:52.329> transactions<00:13:52.990> for<00:13:53.110> market<00:13:53.320> blocks 00:13:53.490 --> 00:13:53.500 align:start position:0% execute transactions for market blocks 00:13:53.500 --> 00:13:57.240 align:start position:0% execute transactions for market blocks if<00:13:53.829> we<00:13:54.310> allow<00:13:54.519> these<00:13:54.670> things<00:13:55.440> then<00:13:56.440> we<00:13:56.829> will 00:13:57.240 --> 00:13:57.250 align:start position:0% if we allow these things then we will 00:13:57.250 --> 00:14:00.569 align:start position:0% if we allow these things then we will have<00:13:58.769> it'll<00:13:59.769> be<00:13:59.860> like<00:14:00.010> a<00:14:00.040> little<00:14:00.250> bit<00:14:00.430> more 00:14:00.569 --> 00:14:00.579 align:start position:0% have it'll be like a little bit more 00:14:00.579 --> 00:14:02.480 align:start position:0% have it'll be like a little bit more complex<00:14:01.029> from<00:14:01.120> the<00:14:01.240> protocol<00:14:01.480> point<00:14:01.750> of<00:14:01.810> view 00:14:02.480 --> 00:14:02.490 align:start position:0% complex from the protocol point of view 00:14:02.490 --> 00:14:05.430 align:start position:0% complex from the protocol point of view but<00:14:03.490> it<00:14:04.060> will<00:14:04.300> have<00:14:04.510> we'll<00:14:05.050> be<00:14:05.139> able<00:14:05.230> to<00:14:05.320> have 00:14:05.430 --> 00:14:05.440 align:start position:0% but it will have we'll be able to have 00:14:05.440 --> 00:14:11.060 align:start position:0% but it will have we'll be able to have slightly<00:14:05.620> lower<00:14:05.920> latency<00:14:06.459> and<00:14:08.070> basically 00:14:11.060 --> 00:14:11.070 align:start position:0% slightly lower latency and basically 00:14:11.070 --> 00:14:13.530 align:start position:0% slightly lower latency and basically with<00:14:12.070> more<00:14:12.339> complex<00:14:12.670> versions<00:14:13.060> of<00:14:13.180> Casper 00:14:13.530 --> 00:14:13.540 align:start position:0% with more complex versions of Casper 00:14:13.540 --> 00:14:15.300 align:start position:0% with more complex versions of Casper that<00:14:13.810> like<00:14:13.959> fully<00:14:14.320> implement<00:14:14.829> this<00:14:14.980> tree 00:14:15.300 --> 00:14:15.310 align:start position:0% that like fully implement this tree 00:14:15.310 --> 00:14:18.569 align:start position:0% that like fully implement this tree choice<00:14:15.550> rule<00:14:15.930> we<00:14:16.930> can<00:14:17.019> go<00:14:17.199> well<00:14:17.769> below<00:14:18.100> the 00:14:18.569 --> 00:14:18.579 align:start position:0% choice rule we can go well below the 00:14:18.579 --> 00:14:20.340 align:start position:0% choice rule we can go well below the end-to-end<00:14:18.850> Network<00:14:19.300> latency<00:14:19.720> in<00:14:19.990> terms<00:14:20.199> of 00:14:20.340 --> 00:14:20.350 align:start position:0% end-to-end Network latency in terms of 00:14:20.350 --> 00:14:22.019 align:start position:0% end-to-end Network latency in terms of producing<00:14:20.709> blocks<00:14:20.890> which<00:14:21.490> is<00:14:21.610> good<00:14:21.730> for<00:14:21.850> user 00:14:22.019 --> 00:14:22.029 align:start position:0% producing blocks which is good for user 00:14:22.029 --> 00:14:23.430 align:start position:0% producing blocks which is good for user experience<00:14:22.510> but<00:14:22.660> it<00:14:22.899> increases<00:14:23.350> the 00:14:23.430 --> 00:14:23.440 align:start position:0% experience but it increases the 00:14:23.440 --> 00:14:25.079 align:start position:0% experience but it increases the implementation<00:14:23.949> complexity<00:14:24.339> because<00:14:25.000> we 00:14:25.079 --> 00:14:25.089 align:start position:0% implementation complexity because we 00:14:25.089 --> 00:14:26.519 align:start position:0% implementation complexity because we actually<00:14:25.329> have<00:14:25.420> to<00:14:25.480> do<00:14:25.600> tree<00:14:25.959> choice<00:14:26.199> as 00:14:26.519 --> 00:14:26.529 align:start position:0% actually have to do tree choice as 00:14:26.529 --> 00:14:29.040 align:start position:0% actually have to do tree choice as opposed<00:14:27.100> to<00:14:27.220> just<00:14:27.490> blockchain<00:14:28.269> choice<00:14:28.510> so<00:14:28.990> if 00:14:29.040 --> 00:14:29.050 align:start position:0% opposed to just blockchain choice so if 00:14:29.050 --> 00:14:30.180 align:start position:0% opposed to just blockchain choice so if the<00:14:29.140> old<00:14:29.260> blocks<00:14:29.470> are<00:14:29.620> retained<00:14:29.980> in<00:14:30.100> the 00:14:30.180 --> 00:14:30.190 align:start position:0% the old blocks are retained in the 00:14:30.190 --> 00:14:32.400 align:start position:0% the old blocks are retained in the innocent<00:14:30.670> in<00:14:30.790> a<00:14:30.910> single<00:14:31.269> chain<00:14:31.570> then<00:14:32.199> they 00:14:32.400 --> 00:14:32.410 align:start position:0% innocent in a single chain then they 00:14:32.410 --> 00:14:35.009 align:start position:0% innocent in a single chain then they have<00:14:32.529> to<00:14:32.910> you<00:14:33.910> kind<00:14:34.060> of<00:14:34.120> have<00:14:34.209> to<00:14:34.300> wait<00:14:34.420> for<00:14:34.690> at 00:14:35.009 --> 00:14:35.019 align:start position:0% have to you kind of have to wait for at 00:14:35.019 --> 00:14:36.990 align:start position:0% have to you kind of have to wait for at least<00:14:35.110> half<00:14:35.230> a<00:14:35.470> network<00:14:35.740> latency<00:14:36.130> say<00:14:36.310> well 00:14:36.990 --> 00:14:37.000 align:start position:0% least half a network latency say well 00:14:37.000 --> 00:14:38.490 align:start position:0% least half a network latency say well you<00:14:37.120> have<00:14:37.300> to<00:14:37.390> wait<00:14:37.480> for<00:14:37.690> the<00:14:37.959> next<00:14:38.110> validator 00:14:38.490 --> 00:14:38.500 align:start position:0% you have to wait for the next validator 00:14:38.500 --> 00:14:42.540 align:start position:0% you have to wait for the next validator to<00:14:38.560> produce<00:14:38.890> a<00:14:38.949> block<00:14:39.130> on<00:14:39.279> previous<00:14:39.640> ones<00:14:41.550> so 00:14:42.540 --> 00:14:42.550 align:start position:0% to produce a block on previous ones so 00:14:42.550 --> 00:14:44.189 align:start position:0% to produce a block on previous ones so we<00:14:43.089> kind<00:14:43.300> of<00:14:43.329> arguing<00:14:43.660> about<00:14:43.779> whether<00:14:44.050> the 00:14:44.189 --> 00:14:44.199 align:start position:0% we kind of arguing about whether the 00:14:44.199 --> 00:14:46.769 align:start position:0% we kind of arguing about whether the complexity<00:14:44.740> of<00:14:44.769> the<00:14:45.100> of<00:14:45.370> bringing<00:14:45.760> the<00:14:45.970> block 00:14:46.769 --> 00:14:46.779 align:start position:0% complexity of the of bringing the block 00:14:46.779 --> 00:14:48.300 align:start position:0% complexity of the of bringing the block time<00:14:47.019> below<00:14:47.290> the<00:14:47.440> network<00:14:47.649> latency<00:14:48.040> is<00:14:48.130> worth 00:14:48.300 --> 00:14:48.310 align:start position:0% time below the network latency is worth 00:14:48.310 --> 00:14:51.540 align:start position:0% time below the network latency is worth it<00:14:49.769> additionally<00:14:50.769> this<00:14:50.980> is<00:14:51.100> kind<00:14:51.310> of<00:14:51.339> a<00:14:51.430> neat 00:14:51.540 --> 00:14:51.550 align:start position:0% it additionally this is kind of a neat 00:14:51.550 --> 00:14:53.340 align:start position:0% it additionally this is kind of a neat thing<00:14:51.579> I<00:14:52.000> came<00:14:52.300> up<00:14:52.390> with<00:14:52.510> a<00:14:52.540> way<00:14:52.870> to<00:14:52.899> make<00:14:53.140> this 00:14:53.340 --> 00:14:53.350 align:start position:0% thing I came up with a way to make this 00:14:53.350 --> 00:14:55.559 align:start position:0% thing I came up with a way to make this tree<00:14:53.890> choice<00:14:54.100> rule<00:14:54.370> light<00:14:55.120> client<00:14:55.360> friendly 00:14:55.559 --> 00:14:55.569 align:start position:0% tree choice rule light client friendly 00:14:55.569 --> 00:14:57.420 align:start position:0% tree choice rule light client friendly so<00:14:56.319> you<00:14:56.350> could<00:14:56.709> imagine<00:14:56.860> that<00:14:57.040> as<00:14:57.190> a<00:14:57.220> light 00:14:57.420 --> 00:14:57.430 align:start position:0% so you could imagine that as a light 00:14:57.430 --> 00:14:59.730 align:start position:0% so you could imagine that as a light client<00:14:57.790> watching<00:14:58.089> like<00:14:58.269> so<00:14:58.720> network<00:14:59.410> latency 00:14:59.730 --> 00:14:59.740 align:start position:0% client watching like so network latency 00:14:59.740 --> 00:15:00.900 align:start position:0% client watching like so network latency blocks<00:14:59.980> you<00:15:00.130> might<00:15:00.279> have<00:15:00.459> a<00:15:00.550> kind<00:15:00.730> of<00:15:00.760> a 00:15:00.900 --> 00:15:00.910 align:start position:0% blocks you might have a kind of a 00:15:00.910 --> 00:15:03.920 align:start position:0% blocks you might have a kind of a nightmare<00:15:02.100> really<00:15:03.100> only<00:15:03.430> through<00:15:03.550> mist<00:15:03.730> left 00:15:03.920 --> 00:15:03.930 align:start position:0% nightmare really only through mist left 00:15:03.930 --> 00:15:05.340 align:start position:0% nightmare really only through mist left you're<00:15:04.930> kidding 00:15:05.340 --> 00:15:05.350 align:start position:0% you're kidding 00:15:05.350 --> 00:15:07.570 align:start position:0% you're kidding oh<00:15:05.380> my<00:15:05.920> god 00:15:07.570 --> 00:15:07.580 align:start position:0% oh my god 00:15:07.580 --> 00:15:11.370 align:start position:0% oh my god do<00:15:08.180> I<00:15:08.240> actually<00:15:08.480> have<00:15:08.630> Theresa<00:15:08.959> oh<00:15:09.970> my<00:15:10.970> god 00:15:11.370 --> 00:15:11.380 align:start position:0% do I actually have Theresa oh my god 00:15:11.380 --> 00:15:15.220 align:start position:0% do I actually have Theresa oh my god okay<00:15:12.380> so<00:15:12.850> you<00:15:13.850> can't<00:15:14.330> the<00:15:14.630> teachers<00:15:14.930> world<00:15:15.140> and 00:15:15.220 --> 00:15:15.230 align:start position:0% okay so you can't the teachers world and 00:15:15.230 --> 00:15:21.130 align:start position:0% okay so you can't the teachers world and state<00:15:15.380> transition<00:15:15.770> function<00:15:19.990> from<00:15:20.990> our 00:15:21.130 --> 00:15:21.140 align:start position:0% state transition function from our 00:15:21.140 --> 00:15:22.449 align:start position:0% state transition function from our previous<00:15:21.260> talk 00:15:22.449 --> 00:15:22.459 align:start position:0% previous talk 00:15:22.459 --> 00:15:25.449 align:start position:0% previous talk Castro<00:15:23.209> chooses<00:15:23.510> availability<00:15:24.339> what<00:15:25.339> we're 00:15:25.449 --> 00:15:25.459 align:start position:0% Castro chooses availability what we're 00:15:25.459 --> 00:15:27.310 align:start position:0% Castro chooses availability what we're gonna<00:15:25.550> do<00:15:25.820> consensus<00:15:26.300> by<00:15:26.480> having<00:15:26.870> iterative 00:15:27.310 --> 00:15:27.320 align:start position:0% gonna do consensus by having iterative 00:15:27.320 --> 00:15:29.710 align:start position:0% gonna do consensus by having iterative betting<00:15:27.649> on<00:15:27.940> whether<00:15:28.940> blocks<00:15:29.330> win<00:15:29.570> at<00:15:29.690> a 00:15:29.710 --> 00:15:29.720 align:start position:0% betting on whether blocks win at a 00:15:29.720 --> 00:15:32.320 align:start position:0% betting on whether blocks win at a particular<00:15:30.140> height<00:15:30.279> and<00:15:31.279> basically<00:15:31.940> the 00:15:32.320 --> 00:15:32.330 align:start position:0% particular height and basically the 00:15:32.330 --> 00:15:33.310 align:start position:0% particular height and basically the betting<00:15:32.570> games<00:15:32.720> of<00:15:32.839> different<00:15:33.050> heights<00:15:33.200> are 00:15:33.310 --> 00:15:33.320 align:start position:0% betting games of different heights are 00:15:33.320 --> 00:15:34.870 align:start position:0% betting games of different heights are independent<00:15:33.770> and<00:15:33.890> if<00:15:34.040> and<00:15:34.339> the<00:15:34.459> betting<00:15:34.700> games 00:15:34.870 --> 00:15:34.880 align:start position:0% independent and if and the betting games 00:15:34.880 --> 00:15:36.880 align:start position:0% independent and if and the betting games can<00:15:35.089> finalize<00:15:35.510> blocks<00:15:35.839> if<00:15:36.110> you<00:15:36.470> have<00:15:36.740> a<00:15:36.770> whole 00:15:36.880 --> 00:15:36.890 align:start position:0% can finalize blocks if you have a whole 00:15:36.890 --> 00:15:38.050 align:start position:0% can finalize blocks if you have a whole bunch<00:15:36.920> of<00:15:37.070> finalist<00:15:37.430> blocks<00:15:37.580> in<00:15:37.700> row<00:15:37.850> then<00:15:38.029> you 00:15:38.050 --> 00:15:38.060 align:start position:0% bunch of finalist blocks in row then you 00:15:38.060 --> 00:15:43.180 align:start position:0% bunch of finalist blocks in row then you have<00:15:38.270> finalized<00:15:38.690> state<00:15:41.470> so<00:15:42.470> non<00:15:42.800> non 00:15:43.180 --> 00:15:43.190 align:start position:0% have finalized state so non non 00:15:43.190 --> 00:15:45.790 align:start position:0% have finalized state so non non finalized<00:15:43.610> blocks<00:15:43.850> sorry<00:15:44.690> final<00:15:45.500> light<00:15:45.589> box 00:15:45.790 --> 00:15:45.800 align:start position:0% finalized blocks sorry final light box 00:15:45.800 --> 00:15:47.410 align:start position:0% finalized blocks sorry final light box aren't<00:15:46.040> reverted<00:15:46.370> for<00:15:46.520> two<00:15:46.880> reasons<00:15:47.209> one<00:15:47.270> of 00:15:47.410 --> 00:15:47.420 align:start position:0% aren't reverted for two reasons one of 00:15:47.420 --> 00:15:49.329 align:start position:0% aren't reverted for two reasons one of them<00:15:47.570> is<00:15:47.720> that<00:15:47.899> reverting<00:15:48.680> a<00:15:48.740> finalized<00:15:49.130> block 00:15:49.329 --> 00:15:49.339 align:start position:0% them is that reverting a finalized block 00:15:49.339 --> 00:15:52.269 align:start position:0% them is that reverting a finalized block would<00:15:50.200> would<00:15:51.200> create<00:15:51.440> a<00:15:51.470> very<00:15:51.890> large<00:15:52.130> amount 00:15:52.269 --> 00:15:52.279 align:start position:0% would would create a very large amount 00:15:52.279 --> 00:15:54.579 align:start position:0% would would create a very large amount of<00:15:52.839> evidence<00:15:53.839> of<00:15:53.930> malfeasance<00:15:54.080> which<00:15:54.470> would 00:15:54.579 --> 00:15:54.589 align:start position:0% of evidence of malfeasance which would 00:15:54.589 --> 00:15:56.290 align:start position:0% of evidence of malfeasance which would lead<00:15:54.740> to<00:15:54.770> a<00:15:54.890> very<00:15:54.950> large<00:15:55.279> amount<00:15:55.670> of<00:15:55.820> loss<00:15:56.120> of 00:15:56.290 --> 00:15:56.300 align:start position:0% lead to a very large amount of loss of 00:15:56.300 --> 00:15:57.730 align:start position:0% lead to a very large amount of loss of security<00:15:56.600> deposits<00:15:56.959> so<00:15:57.350> we<00:15:57.410> have<00:15:57.529> an<00:15:57.589> economic 00:15:57.730 --> 00:15:57.740 align:start position:0% security deposits so we have an economic 00:15:57.740 --> 00:15:59.800 align:start position:0% security deposits so we have an economic assurance<00:15:58.399> that<00:15:58.850> to<00:15:59.029> finalize<00:15:59.360> blocks<00:15:59.570> won't 00:15:59.800 --> 00:15:59.810 align:start position:0% assurance that to finalize blocks won't 00:15:59.810 --> 00:16:01.570 align:start position:0% assurance that to finalize blocks won't be<00:15:59.899> created<00:16:00.350> because<00:16:00.500> it<00:16:01.040> creates<00:16:01.370> a<00:16:01.430> lot<00:16:01.459> of 00:16:01.570 --> 00:16:01.580 align:start position:0% be created because it creates a lot of 00:16:01.580 --> 00:16:03.130 align:start position:0% be created because it creates a lot of this<00:16:01.730> evidence<00:16:02.060> which<00:16:02.209> can<00:16:02.360> be<00:16:02.450> used<00:16:02.720> to 00:16:03.130 --> 00:16:03.140 align:start position:0% this evidence which can be used to 00:16:03.140 --> 00:16:04.510 align:start position:0% this evidence which can be used to punish<00:16:03.320> a<00:16:03.470> lot<00:16:03.589> of<00:16:03.680> them<00:16:03.800> which<00:16:03.920> means<00:16:04.040> that<00:16:04.220> an 00:16:04.510 --> 00:16:04.520 align:start position:0% punish a lot of them which means that an 00:16:04.520 --> 00:16:05.650 align:start position:0% punish a lot of them which means that an adversary<00:16:04.880> we<00:16:05.029> have<00:16:05.149> to<00:16:05.209> spend<00:16:05.420> a<00:16:05.480> lot<00:16:05.630> of 00:16:05.650 --> 00:16:05.660 align:start position:0% adversary we have to spend a lot of 00:16:05.660 --> 00:16:08.320 align:start position:0% adversary we have to spend a lot of money<00:16:05.870> to<00:16:06.140> refer<00:16:06.500> to<00:16:06.529> finalized<00:16:06.950> block<00:16:07.330> and 00:16:08.320 --> 00:16:08.330 align:start position:0% money to refer to finalized block and 00:16:08.330 --> 00:16:10.329 align:start position:0% money to refer to finalized block and the<00:16:08.480> other<00:16:08.690> reason<00:16:09.020> is<00:16:09.140> that<00:16:09.170> clients<00:16:09.800> were 00:16:10.329 --> 00:16:10.339 align:start position:0% the other reason is that clients were 00:16:10.339 --> 00:16:12.870 align:start position:0% the other reason is that clients were there<00:16:10.490> for<00:16:10.670> choice<00:16:10.820> rule<00:16:11.060> will<00:16:11.300> refuse<00:16:11.779> to 00:16:12.870 --> 00:16:12.880 align:start position:0% there for choice rule will refuse to 00:16:12.880 --> 00:16:15.639 align:start position:0% there for choice rule will refuse to adopted<00:16:13.880> work<00:16:14.120> that<00:16:14.329> doesn't<00:16:14.540> include<00:16:15.350> a 00:16:15.639 --> 00:16:15.649 align:start position:0% adopted work that doesn't include a 00:16:15.649 --> 00:16:19.000 align:start position:0% adopted work that doesn't include a finalized<00:16:16.130> block<00:16:16.430> a<00:16:16.579> finalized<00:16:17.300> block<00:16:17.709> and<00:16:18.709> so 00:16:19.000 --> 00:16:19.010 align:start position:0% finalized block a finalized block and so 00:16:19.010 --> 00:16:21.510 align:start position:0% finalized block a finalized block and so this<00:16:19.430> this<00:16:19.850> version<00:16:20.060> of<00:16:20.270> finality<00:16:20.540> via 00:16:21.510 --> 00:16:21.520 align:start position:0% this this version of finality via 00:16:21.520 --> 00:16:24.430 align:start position:0% this this version of finality via clients<00:16:22.520> strict<00:16:23.079> unwillingness<00:16:24.079> River 00:16:24.430 --> 00:16:24.440 align:start position:0% clients strict unwillingness River 00:16:24.440 --> 00:16:26.860 align:start position:0% clients strict unwillingness River blocks<00:16:24.680> can<00:16:25.220> lead<00:16:25.370> to<00:16:25.459> consensus<00:16:25.970> failure<00:16:26.660> in 00:16:26.860 --> 00:16:26.870 align:start position:0% blocks can lead to consensus failure in 00:16:26.870 --> 00:16:28.780 align:start position:0% blocks can lead to consensus failure in the<00:16:26.990> case<00:16:27.140> where<00:16:27.350> there's<00:16:27.529> two<00:16:28.220> finalized 00:16:28.780 --> 00:16:28.790 align:start position:0% the case where there's two finalized 00:16:28.790 --> 00:16:30.480 align:start position:0% the case where there's two finalized blocks<00:16:29.029> shown<00:16:29.329> to<00:16:29.510> G<00:16:29.630> different<00:16:29.779> clients 00:16:30.480 --> 00:16:30.490 align:start position:0% blocks shown to G different clients 00:16:30.490 --> 00:16:32.650 align:start position:0% blocks shown to G different clients before<00:16:31.490> they<00:16:31.700> see<00:16:31.760> each<00:16:32.089> other's<00:16:32.329> finalized 00:16:32.650 --> 00:16:32.660 align:start position:0% before they see each other's finalized 00:16:32.660 --> 00:16:36.090 align:start position:0% before they see each other's finalized blocks<00:16:33.790> but<00:16:34.790> it<00:16:34.970> provides<00:16:35.329> an<00:16:35.540> ironclad 00:16:36.090 --> 00:16:36.100 align:start position:0% blocks but it provides an ironclad 00:16:36.100 --> 00:16:38.440 align:start position:0% blocks but it provides an ironclad guarantee<00:16:37.100> of<00:16:37.220> finality<00:16:37.490> in<00:16:37.970> the<00:16:38.180> sense<00:16:38.390> that 00:16:38.440 --> 00:16:38.450 align:start position:0% guarantee of finality in the sense that 00:16:38.450 --> 00:16:40.840 align:start position:0% guarantee of finality in the sense that this<00:16:39.020> we<00:16:39.740> know<00:16:39.890> that<00:16:39.920> this<00:16:40.160> block<00:16:40.370> will<00:16:40.520> not<00:16:40.550> be 00:16:40.840 --> 00:16:40.850 align:start position:0% this we know that this block will not be 00:16:40.850 --> 00:16:42.579 align:start position:0% this we know that this block will not be reverted<00:16:41.270> because<00:16:41.510> the<00:16:41.630> client<00:16:41.959> just<00:16:41.990> refuses 00:16:42.579 --> 00:16:42.589 align:start position:0% reverted because the client just refuses 00:16:42.589 --> 00:16:47.280 align:start position:0% reverted because the client just refuses to<00:16:42.709> do<00:16:42.829> it<00:16:42.920> based<00:16:43.130> on<00:16:43.250> their<00:16:43.370> fortress<00:16:44.000> wall<00:16:44.770> so 00:16:47.280 --> 00:16:47.290 align:start position:0% to do it based on their fortress wall so 00:16:47.290 --> 00:16:49.090 align:start position:0% to do it based on their fortress wall so Casper<00:16:48.290> designed<00:16:48.620> to<00:16:48.709> be<00:16:48.770> sensitive 00:16:49.090 --> 00:16:49.100 align:start position:0% Casper designed to be sensitive 00:16:49.100 --> 00:16:52.329 align:start position:0% Casper designed to be sensitive resistant<00:16:50.770> basically<00:16:51.770> what<00:16:51.890> the<00:16:52.040> way<00:16:52.100> we<00:16:52.220> do 00:16:52.329 --> 00:16:52.339 align:start position:0% resistant basically what the way we do 00:16:52.339 --> 00:16:54.430 align:start position:0% resistant basically what the way we do this<00:16:52.459> is<00:16:52.520> mean<00:16:52.790> if<00:16:53.300> some<00:16:53.660> nodes<00:16:53.899> are<00:16:54.050> offline 00:16:54.430 --> 00:16:54.440 align:start position:0% this is mean if some nodes are offline 00:16:54.440 --> 00:16:58.150 align:start position:0% this is mean if some nodes are offline we're<00:16:54.980> going<00:16:55.250> to<00:16:56.470> disincentivize<00:16:57.500> if<00:16:57.980> we're 00:16:58.150 --> 00:16:58.160 align:start position:0% we're going to disincentivize if we're 00:16:58.160 --> 00:16:59.260 align:start position:0% we're going to disincentivize if we're going<00:16:58.279> to<00:16:58.339> see<00:16:58.459> that<00:16:58.579> they<00:16:58.670> were<00:16:58.700> censored<00:16:59.089> and 00:16:59.260 --> 00:16:59.270 align:start position:0% going to see that they were censored and 00:16:59.270 --> 00:17:03.010 align:start position:0% going to see that they were censored and punish<00:17:00.200> everyone<00:17:00.730> so<00:17:01.730> it<00:17:01.940> so<00:17:02.240> if<00:17:02.390> you<00:17:02.779> were<00:17:02.870> to 00:17:03.010 --> 00:17:03.020 align:start position:0% punish everyone so it so if you were to 00:17:03.020 --> 00:17:04.780 align:start position:0% punish everyone so it so if you were to censor<00:17:03.290> some<00:17:03.470> some<00:17:03.860> majora<00:17:04.189> it's<00:17:04.370> a<00:17:04.429> minority 00:17:04.780 --> 00:17:04.790 align:start position:0% censor some some majora it's a minority 00:17:04.790 --> 00:17:07.540 align:start position:0% censor some some majora it's a minority then<00:17:05.089> the<00:17:05.839> remaining<00:17:06.079> everyone<00:17:06.980> would<00:17:07.250> would 00:17:07.540 --> 00:17:07.550 align:start position:0% then the remaining everyone would would 00:17:07.550 --> 00:17:09.010 align:start position:0% then the remaining everyone would would lose<00:17:07.760> lose<00:17:08.209> money<00:17:08.360> so<00:17:08.569> that<00:17:08.689> if<00:17:08.780> a<00:17:08.839> large 00:17:09.010 --> 00:17:09.020 align:start position:0% lose lose money so that if a large 00:17:09.020 --> 00:17:10.720 align:start position:0% lose lose money so that if a large coalition<00:17:09.380> were<00:17:09.589> to<00:17:09.679> cooperate<00:17:09.860> to<00:17:10.309> censor<00:17:10.699> a 00:17:10.720 --> 00:17:10.730 align:start position:0% coalition were to cooperate to censor a 00:17:10.730 --> 00:17:12.370 align:start position:0% coalition were to cooperate to censor a minority<00:17:11.300> then<00:17:11.780> they<00:17:11.990> would<00:17:12.110> have<00:17:12.199> to<00:17:12.260> do<00:17:12.350> that 00:17:12.370 --> 00:17:12.380 align:start position:0% minority then they would have to do that 00:17:12.380 --> 00:17:14.770 align:start position:0% minority then they would have to do that at<00:17:12.620> their<00:17:12.740> expense<00:17:13.220> so<00:17:13.910> unlike<00:17:14.150> before<00:17:14.360> in 00:17:14.770 --> 00:17:14.780 align:start position:0% at their expense so unlike before in 00:17:14.780 --> 00:17:16.390 align:start position:0% at their expense so unlike before in traditional<00:17:15.079> mistake<00:17:15.410> it's<00:17:15.709> you<00:17:16.069> don't<00:17:16.220> get<00:17:16.370> a 00:17:16.390 --> 00:17:16.400 align:start position:0% traditional mistake it's you don't get a 00:17:16.400 --> 00:17:18.770 align:start position:0% traditional mistake it's you don't get a raise<00:17:16.640> for<00:17:17.089> censoring<00:17:17.419> you<00:17:17.990> get 00:17:18.770 --> 00:17:18.780 align:start position:0% raise for censoring you get 00:17:18.780 --> 00:17:21.050 align:start position:0% raise for censoring you get you<00:17:19.140> know<00:17:19.230> you<00:17:19.290> lose<00:17:19.980> money<00:17:20.400> your<00:17:20.550> salary<00:17:20.820> goes 00:17:21.050 --> 00:17:21.060 align:start position:0% you know you lose money your salary goes 00:17:21.060 --> 00:17:24.860 align:start position:0% you know you lose money your salary goes down<00:17:21.740> so<00:17:22.760> and<00:17:23.760> and<00:17:24.090> then<00:17:24.210> we<00:17:24.360> basically<00:17:24.600> have 00:17:24.860 --> 00:17:24.870 align:start position:0% down so and and then we basically have 00:17:24.870 --> 00:17:26.330 align:start position:0% down so and and then we basically have to<00:17:25.020> go<00:17:25.110> through<00:17:25.380> our<00:17:25.620> failure<00:17:25.950> modes<00:17:26.130> really 00:17:26.330 --> 00:17:26.340 align:start position:0% to go through our failure modes really 00:17:26.340 --> 00:17:28.340 align:start position:0% to go through our failure modes really quickly<00:17:26.610> so<00:17:27.210> history<00:17:27.690> perversion<00:17:28.140> is 00:17:28.340 --> 00:17:28.350 align:start position:0% quickly so history perversion is 00:17:28.350 --> 00:17:30.500 align:start position:0% quickly so history perversion is something<00:17:28.680> that<00:17:28.770> can<00:17:28.890> happen<00:17:29.360> for<00:17:30.360> non 00:17:30.500 --> 00:17:30.510 align:start position:0% something that can happen for non 00:17:30.510 --> 00:17:33.230 align:start position:0% something that can happen for non finalized<00:17:30.960> blocks<00:17:31.230> in<00:17:32.130> which<00:17:32.190> case<00:17:32.640> clients 00:17:33.230 --> 00:17:33.240 align:start position:0% finalized blocks in which case clients 00:17:33.240 --> 00:17:34.280 align:start position:0% finalized blocks in which case clients will<00:17:33.330> know<00:17:33.480> that<00:17:33.510> the<00:17:33.840> block<00:17:33.990> wasn't 00:17:34.280 --> 00:17:34.290 align:start position:0% will know that the block wasn't 00:17:34.290 --> 00:17:36.050 align:start position:0% will know that the block wasn't finalized<00:17:34.650> because<00:17:35.130> Caspar<00:17:35.580> tells<00:17:35.790> you<00:17:35.940> the 00:17:36.050 --> 00:17:36.060 align:start position:0% finalized because Caspar tells you the 00:17:36.060 --> 00:17:38.060 align:start position:0% finalized because Caspar tells you the state<00:17:36.210> of<00:17:36.300> the<00:17:36.360> finality<00:17:36.600> of<00:17:36.840> the<00:17:36.930> block<00:17:37.110> and 00:17:38.060 --> 00:17:38.070 align:start position:0% state of the finality of the block and 00:17:38.070 --> 00:17:42.650 align:start position:0% state of the finality of the block and so<00:17:40.310> so<00:17:41.310> the<00:17:41.460> that's<00:17:41.820> that's<00:17:42.150> there<00:17:42.420> is<00:17:42.510> like 00:17:42.650 --> 00:17:42.660 align:start position:0% so so the that's that's there is like 00:17:42.660 --> 00:17:44.860 align:start position:0% so so the that's that's there is like some<00:17:42.870> significant<00:17:43.410> mitigation<00:17:43.500> there 00:17:44.860 --> 00:17:44.870 align:start position:0% some significant mitigation there 00:17:44.870 --> 00:17:46.820 align:start position:0% some significant mitigation there preventing<00:17:45.870> finality<00:17:46.350> is<00:17:46.410> kind<00:17:46.590> of<00:17:46.620> a<00:17:46.680> more 00:17:46.820 --> 00:17:46.830 align:start position:0% preventing finality is kind of a more 00:17:46.830 --> 00:17:49.040 align:start position:0% preventing finality is kind of a more serious<00:17:47.100> failure<00:17:47.820> mode<00:17:47.970> where<00:17:48.270> a<00:17:48.300> coalition 00:17:49.040 --> 00:17:49.050 align:start position:0% serious failure mode where a coalition 00:17:49.050 --> 00:17:50.810 align:start position:0% serious failure mode where a coalition could<00:17:49.200> stop<00:17:49.530> an<00:17:49.710> ally<00:17:49.800> from<00:17:50.010> occurring<00:17:50.340> which 00:17:50.810 --> 00:17:50.820 align:start position:0% could stop an ally from occurring which 00:17:50.820 --> 00:17:52.280 align:start position:0% could stop an ally from occurring which prevents<00:17:51.210> them<00:17:51.300> from<00:17:51.360> introducing<00:17:51.720> a<00:17:51.960> new<00:17:52.110> set 00:17:52.280 --> 00:17:52.290 align:start position:0% prevents them from introducing a new set 00:17:52.290 --> 00:17:54.500 align:start position:0% prevents them from introducing a new set of<00:17:52.320> validators<00:17:52.800> this<00:17:53.700> is<00:17:53.820> kinda<00:17:54.210> important 00:17:54.500 --> 00:17:54.510 align:start position:0% of validators this is kinda important 00:17:54.510 --> 00:17:56.330 align:start position:0% of validators this is kinda important that<00:17:55.080> you<00:17:55.350> need<00:17:55.530> to<00:17:55.710> introduce<00:17:55.890> you<00:17:56.190> need<00:17:56.280> to 00:17:56.330 --> 00:17:56.340 align:start position:0% that you need to introduce you need to 00:17:56.340 --> 00:17:58.310 align:start position:0% that you need to introduce you need to finalize<00:17:56.700> a<00:17:56.760> new<00:17:56.940> set<00:17:57.090> of<00:17:57.120> validators<00:17:57.570> before 00:17:58.310 --> 00:17:58.320 align:start position:0% finalize a new set of validators before 00:17:58.320 --> 00:18:00.320 align:start position:0% finalize a new set of validators before the<00:17:58.500> first<00:17:58.710> set<00:17:58.860> of<00:17:58.890> validators<00:17:59.370> can<00:17:59.790> can 00:18:00.320 --> 00:18:00.330 align:start position:0% the first set of validators can can 00:18:00.330 --> 00:18:04.460 align:start position:0% the first set of validators can can rotate<00:18:00.750> because<00:18:02.060> you<00:18:03.060> must<00:18:03.360> know<00:18:03.780> for<00:18:04.440> sure 00:18:04.460 --> 00:18:04.470 align:start position:0% rotate because you must know for sure 00:18:04.470 --> 00:18:06.050 align:start position:0% rotate because you must know for sure who<00:18:05.100> the<00:18:05.190> validators<00:18:05.580> are<00:18:05.730> when<00:18:05.940> you<00:18:06.030> come 00:18:06.050 --> 00:18:06.060 align:start position:0% who the validators are when you come 00:18:06.060 --> 00:18:11.120 align:start position:0% who the validators are when you come online<00:18:06.480> as<00:18:06.660> a<00:18:06.690> client<00:18:09.650> censorship<00:18:10.650> is<00:18:10.800> another 00:18:11.120 --> 00:18:11.130 align:start position:0% online as a client censorship is another 00:18:11.130 --> 00:18:13.360 align:start position:0% online as a client censorship is another is<00:18:11.280> like<00:18:11.430> the<00:18:11.550> most<00:18:11.760> severe<00:18:12.030> failure<00:18:12.390> mode<00:18:12.540> if 00:18:13.360 --> 00:18:13.370 align:start position:0% is like the most severe failure mode if 00:18:13.370 --> 00:18:15.800 align:start position:0% is like the most severe failure mode if censorship<00:18:14.370> is<00:18:14.520> successful<00:18:15.000> then<00:18:15.420> evidence 00:18:15.800 --> 00:18:15.810 align:start position:0% censorship is successful then evidence 00:18:15.810 --> 00:18:17.150 align:start position:0% censorship is successful then evidence transactions<00:18:16.320> can't<00:18:16.530> get<00:18:16.650> in<00:18:16.800> and<00:18:16.980> people 00:18:17.150 --> 00:18:17.160 align:start position:0% transactions can't get in and people 00:18:17.160 --> 00:18:19.060 align:start position:0% transactions can't get in and people aren't<00:18:17.520> gonna<00:18:17.700> be<00:18:17.820> disincentivized<00:18:18.450> from 00:18:19.060 --> 00:18:19.070 align:start position:0% aren't gonna be disincentivized from 00:18:19.070 --> 00:18:21.050 align:start position:0% aren't gonna be disincentivized from committing<00:18:20.070> Byzantine<00:18:20.490> behavior<00:18:20.790> because 00:18:21.050 --> 00:18:21.060 align:start position:0% committing Byzantine behavior because 00:18:21.060 --> 00:18:23.120 align:start position:0% committing Byzantine behavior because they<00:18:21.440> won't<00:18:22.440> lose<00:18:22.530> their<00:18:22.590> security<00:18:23.070> deposit 00:18:23.120 --> 00:18:23.130 align:start position:0% they won't lose their security deposit 00:18:23.130 --> 00:18:24.950 align:start position:0% they won't lose their security deposit so<00:18:23.940> while<00:18:24.180> we<00:18:24.270> do<00:18:24.390> have<00:18:24.540> an<00:18:24.600> economic 00:18:24.950 --> 00:18:24.960 align:start position:0% so while we do have an economic 00:18:24.960 --> 00:18:27.200 align:start position:0% so while we do have an economic assurance<00:18:25.320> that<00:18:25.530> they're<00:18:26.310> sensitive<00:18:26.940> is 00:18:27.200 --> 00:18:27.210 align:start position:0% assurance that they're sensitive is 00:18:27.210 --> 00:18:29.120 align:start position:0% assurance that they're sensitive is expensive<00:18:27.630> if<00:18:28.050> you<00:18:28.350> get<00:18:28.470> sufficiently<00:18:28.890> close 00:18:29.120 --> 00:18:29.130 align:start position:0% expensive if you get sufficiently close 00:18:29.130 --> 00:18:31.340 align:start position:0% expensive if you get sufficiently close to<00:18:29.250> 100%<00:18:29.580> of<00:18:29.850> nodes<00:18:30.450> to<00:18:30.690> get<00:18:30.960> together<00:18:31.080> to 00:18:31.340 --> 00:18:31.350 align:start position:0% to 100% of nodes to get together to 00:18:31.350 --> 00:18:33.860 align:start position:0% to 100% of nodes to get together to censor<00:18:31.620> that<00:18:31.800> disincentive<00:18:32.700> shrinks<00:18:33.030> because 00:18:33.860 --> 00:18:33.870 align:start position:0% censor that disincentive shrinks because 00:18:33.870 --> 00:18:35.600 align:start position:0% censor that disincentive shrinks because the<00:18:34.470> protocol<00:18:34.800> can't<00:18:35.040> tell<00:18:35.280> if<00:18:35.400> there's<00:18:35.550> any 00:18:35.600 --> 00:18:35.610 align:start position:0% the protocol can't tell if there's any 00:18:35.610 --> 00:18:37.280 align:start position:0% the protocol can't tell if there's any censorship<00:18:35.940> at<00:18:36.150> all<00:18:36.360> knows<00:18:36.570> our<00:18:36.720> sensory<00:18:37.020> if 00:18:37.280 --> 00:18:37.290 align:start position:0% censorship at all knows our sensory if 00:18:37.290 --> 00:18:39.110 align:start position:0% censorship at all knows our sensory if some<00:18:37.650> ones<00:18:37.920> are<00:18:38.010> missing<00:18:38.130> it<00:18:38.640> could<00:18:38.880> it<00:18:39.090> could 00:18:39.110 --> 00:18:39.120 align:start position:0% some ones are missing it could it could 00:18:39.120 --> 00:18:40.700 align:start position:0% some ones are missing it could it could no<00:18:39.570> it<00:18:39.750> could<00:18:39.870> kind<00:18:40.020> of<00:18:40.050> infer<00:18:40.320> that<00:18:40.500> maybe 00:18:40.700 --> 00:18:40.710 align:start position:0% no it could kind of infer that maybe 00:18:40.710 --> 00:18:42.650 align:start position:0% no it could kind of infer that maybe those<00:18:41.310> in<00:18:41.520> the<00:18:41.760> blocking<00:18:41.970> those<00:18:42.240> nodes<00:18:42.420> aren't 00:18:42.650 --> 00:18:42.660 align:start position:0% those in the blocking those nodes aren't 00:18:42.660 --> 00:18:46.220 align:start position:0% those in the blocking those nodes aren't being<00:18:42.750> included<00:18:43.580> so<00:18:44.580> and<00:18:45.330> moreover<00:18:45.810> the<00:18:46.020> cost 00:18:46.220 --> 00:18:46.230 align:start position:0% being included so and moreover the cost 00:18:46.230 --> 00:18:47.480 align:start position:0% being included so and moreover the cost of<00:18:46.380> censorship<00:18:46.620> only<00:18:46.920> exists<00:18:47.130> for<00:18:47.160> a<00:18:47.280> finite 00:18:47.480 --> 00:18:47.490 align:start position:0% of censorship only exists for a finite 00:18:47.490 --> 00:18:48.620 align:start position:0% of censorship only exists for a finite amount<00:18:47.610> of<00:18:47.850> time<00:18:47.910> because<00:18:48.240> we<00:18:48.330> can't<00:18:48.480> punish 00:18:48.620 --> 00:18:48.630 align:start position:0% amount of time because we can't punish 00:18:48.630 --> 00:18:51.190 align:start position:0% amount of time because we can't punish people<00:18:48.840> forever<00:18:49.050> if<00:18:49.470> some<00:18:49.770> nodes<00:18:50.250> are<00:18:50.430> offline 00:18:51.190 --> 00:18:51.200 align:start position:0% people forever if some nodes are offline 00:18:51.200 --> 00:18:53.900 align:start position:0% people forever if some nodes are offline so<00:18:52.200> there's<00:18:52.350> an<00:18:52.530> there's<00:18:52.800> like<00:18:53.040> a<00:18:53.070> cost<00:18:53.460> that 00:18:53.900 --> 00:18:53.910 align:start position:0% so there's an there's like a cost that 00:18:53.910 --> 00:18:55.910 align:start position:0% so there's an there's like a cost that an<00:18:54.150> adversary<00:18:54.540> can<00:18:54.870> pay<00:18:55.110> to<00:18:55.170> censor<00:18:55.620> Network 00:18:55.910 --> 00:18:55.920 align:start position:0% an adversary can pay to censor Network 00:18:55.920 --> 00:18:57.560 align:start position:0% an adversary can pay to censor Network and<00:18:56.130> in<00:18:56.700> there<00:18:56.820> but<00:18:57.030> there<00:18:57.150> are<00:18:57.180> some<00:18:57.390> there 00:18:57.560 --> 00:18:57.570 align:start position:0% and in there but there are some there 00:18:57.570 --> 00:18:58.790 align:start position:0% and in there but there are some there are<00:18:57.630> some<00:18:57.750> ways<00:18:57.930> you<00:18:57.990> can<00:18:58.050> mitigate<00:18:58.200> it<00:18:58.470> one<00:18:58.680> of 00:18:58.790 --> 00:18:58.800 align:start position:0% are some ways you can mitigate it one of 00:18:58.800 --> 00:19:01.160 align:start position:0% are some ways you can mitigate it one of them<00:18:58.890> is<00:18:59.010> through<00:18:59.220> like<00:18:59.630> cryptographic<00:19:00.630> means 00:19:01.160 --> 00:19:01.170 align:start position:0% them is through like cryptographic means 00:19:01.170 --> 00:19:02.960 align:start position:0% them is through like cryptographic means you're<00:19:01.440> like<00:19:01.560> time<00:19:02.130> locket<00:19:02.430> ography<00:19:02.760> and 00:19:02.960 --> 00:19:02.970 align:start position:0% you're like time locket ography and 00:19:02.970 --> 00:19:05.870 align:start position:0% you're like time locket ography and sorry<00:19:03.150> I'm<00:19:03.270> really<00:19:03.390> close<00:19:03.720> to<00:19:03.810> done<00:19:03.960> or<00:19:04.730> on<00:19:05.730> the 00:19:05.870 --> 00:19:05.880 align:start position:0% sorry I'm really close to done or on the 00:19:05.880 --> 00:19:07.190 align:start position:0% sorry I'm really close to done or on the skating<00:19:06.090> transactions<00:19:06.660> basically<00:19:07.020> to<00:19:07.110> make 00:19:07.190 --> 00:19:07.200 align:start position:0% skating transactions basically to make 00:19:07.200 --> 00:19:08.960 align:start position:0% skating transactions basically to make it<00:19:07.320> hard<00:19:07.530> to<00:19:07.800> censor<00:19:08.160> sound<00:19:08.370> transactions<00:19:08.880> as 00:19:08.960 --> 00:19:08.970 align:start position:0% it hard to censor sound transactions as 00:19:08.970 --> 00:19:10.820 align:start position:0% it hard to censor sound transactions as though<00:19:09.060> censoring<00:19:09.450> all<00:19:09.570> of<00:19:09.690> them<00:19:09.830> there's 00:19:10.820 --> 00:19:10.830 align:start position:0% though censoring all of them there's 00:19:10.830 --> 00:19:12.770 align:start position:0% though censoring all of them there's also<00:19:10.980> economic<00:19:11.820> sanctions<00:19:12.180> clients<00:19:12.660> can 00:19:12.770 --> 00:19:12.780 align:start position:0% also economic sanctions clients can 00:19:12.780 --> 00:19:15.410 align:start position:0% also economic sanctions clients can detect<00:19:13.380> censorship<00:19:13.890> under<00:19:14.760> certain<00:19:15.060> Network 00:19:15.410 --> 00:19:15.420 align:start position:0% detect censorship under certain Network 00:19:15.420 --> 00:19:18.050 align:start position:0% detect censorship under certain Network assumptions<00:19:15.810> and<00:19:16.620> then<00:19:17.250> they<00:19:17.430> could<00:19:17.580> treat 00:19:18.050 --> 00:19:18.060 align:start position:0% assumptions and then they could treat 00:19:18.060 --> 00:19:19.430 align:start position:0% assumptions and then they could treat that<00:19:18.240> fork<00:19:18.540> as<00:19:18.660> having<00:19:18.960> a<00:19:19.020> low<00:19:19.140> score<00:19:19.410> and 00:19:19.430 --> 00:19:19.440 align:start position:0% that fork as having a low score and 00:19:19.440 --> 00:19:20.660 align:start position:0% that fork as having a low score and therefore<00:19:19.860> choose<00:19:20.010> another<00:19:20.220> fork<00:19:20.550> which 00:19:20.660 --> 00:19:20.670 align:start position:0% therefore choose another fork which 00:19:20.670 --> 00:19:21.830 align:start position:0% therefore choose another fork which might<00:19:20.820> have<00:19:20.910> a<00:19:20.970> minority<00:19:21.360> of<00:19:21.390> nodes 00:19:21.830 --> 00:19:21.840 align:start position:0% might have a minority of nodes 00:19:21.840 --> 00:19:24.770 align:start position:0% might have a minority of nodes though<00:19:22.200> who<00:19:22.350> aren't<00:19:22.500> censoring<00:19:22.950> or<00:19:23.730> we<00:19:24.630> could 00:19:24.770 --> 00:19:24.780 align:start position:0% though who aren't censoring or we could 00:19:24.780 --> 00:19:26.990 align:start position:0% though who aren't censoring or we could just<00:19:24.810> create<00:19:25.260> a<00:19:25.290> hard<00:19:25.440> fork<00:19:25.620> that<00:19:26.190> removes<00:19:26.850> the 00:19:26.990 --> 00:19:27.000 align:start position:0% just create a hard fork that removes the 00:19:27.000 --> 00:19:28.250 align:start position:0% just create a hard fork that removes the censoring<00:19:27.330> validators<00:19:27.750> from<00:19:27.960> the<00:19:28.080> set<00:19:28.230> of 00:19:28.250 --> 00:19:28.260 align:start position:0% censoring validators from the set of 00:19:28.260 --> 00:19:28.940 align:start position:0% censoring validators from the set of alligators 00:19:28.940 --> 00:19:28.950 align:start position:0% alligators 00:19:28.950 --> 00:19:30.620 align:start position:0% alligators there's<00:19:29.460> enough<00:19:29.640> community<00:19:30.090> backing<00:19:30.240> behind 00:19:30.620 --> 00:19:30.630 align:start position:0% there's enough community backing behind 00:19:30.630 --> 00:19:32.600 align:start position:0% there's enough community backing behind it<00:19:30.750> then<00:19:31.260> that's<00:19:31.410> like<00:19:31.530> a<00:19:31.860> very<00:19:32.220> strong 00:19:32.600 --> 00:19:32.610 align:start position:0% it then that's like a very strong 00:19:32.610 --> 00:19:34.700 align:start position:0% it then that's like a very strong economic<00:19:33.180> disincentive<00:19:33.450> to<00:19:33.720> attack<00:19:34.110> because 00:19:34.700 --> 00:19:34.710 align:start position:0% economic disincentive to attack because 00:19:34.710 --> 00:19:35.870 align:start position:0% economic disincentive to attack because if<00:19:34.860> the<00:19:35.010> community<00:19:35.280> is<00:19:35.370> able<00:19:35.640> really<00:19:35.730> to 00:19:35.870 --> 00:19:35.880 align:start position:0% if the community is able really to 00:19:35.880 --> 00:19:37.430 align:start position:0% if the community is able really to govern<00:19:36.210> the<00:19:36.300> code<00:19:36.450> so<00:19:36.660> well<00:19:36.840> that<00:19:37.200> they<00:19:37.290> can 00:19:37.430 --> 00:19:37.440 align:start position:0% govern the code so well that they can 00:19:37.440 --> 00:19:40.400 align:start position:0% govern the code so well that they can hard<00:19:37.620> work<00:19:37.860> in<00:19:37.980> response<00:19:38.280> to<00:19:38.370> censorship<00:19:39.410> so 00:19:40.400 --> 00:19:40.410 align:start position:0% hard work in response to censorship so 00:19:40.410 --> 00:19:41.840 align:start position:0% hard work in response to censorship so while<00:19:40.800> some<00:19:40.920> of<00:19:41.040> these<00:19:41.130> flailing<00:19:41.610> Mo's<00:19:41.730> are 00:19:41.840 --> 00:19:41.850 align:start position:0% while some of these flailing Mo's are 00:19:41.850 --> 00:19:43.390 align:start position:0% while some of these flailing Mo's are pretty<00:19:42.030> bad<00:19:42.150> actually 00:19:43.390 --> 00:19:43.400 align:start position:0% pretty bad actually 00:19:43.400 --> 00:19:45.490 align:start position:0% pretty bad actually Casper<00:19:44.400> has<00:19:44.520> more<00:19:44.700> complete<00:19:45.060> coverage<00:19:45.330> of 00:19:45.490 --> 00:19:45.500 align:start position:0% Casper has more complete coverage of 00:19:45.500 --> 00:19:48.980 align:start position:0% Casper has more complete coverage of faults<00:19:46.500> and<00:19:47.150> in<00:19:48.150> this<00:19:48.660> kind<00:19:48.840> of<00:19:48.870> economic 00:19:48.980 --> 00:19:48.990 align:start position:0% faults and in this kind of economic 00:19:48.990 --> 00:19:51.050 align:start position:0% faults and in this kind of economic setting<00:19:49.650> than<00:19:50.370> any<00:19:50.520> other<00:19:50.700> consensus 00:19:51.050 --> 00:19:51.060 align:start position:0% setting than any other consensus 00:19:51.060 --> 00:19:52.700 align:start position:0% setting than any other consensus protocol<00:19:51.420> out<00:19:51.600> there<00:19:51.750> right<00:19:51.870> now<00:19:51.900> but<00:19:52.260> the 00:19:52.700 --> 00:19:52.710 align:start position:0% protocol out there right now but the 00:19:52.710 --> 00:19:54.020 align:start position:0% protocol out there right now but the devil<00:19:52.950> is<00:19:53.040> in<00:19:53.100> the<00:19:53.190> details<00:19:53.520> there's<00:19:53.760> lots<00:19:53.910> of 00:19:54.020 --> 00:19:54.030 align:start position:0% devil is in the details there's lots of 00:19:54.030 --> 00:19:56.300 align:start position:0% devil is in the details there's lots of Parsley's<00:19:54.660> the<00:19:55.140> way<00:19:55.290> that<00:19:55.470> these<00:19:55.560> rules<00:19:55.980> for 00:19:56.300 --> 00:19:56.310 align:start position:0% Parsley's the way that these rules for 00:19:56.310 --> 00:19:57.530 align:start position:0% Parsley's the way that these rules for incentivizing<00:19:56.940> consensus<00:19:57.420> in 00:19:57.530 --> 00:19:57.540 align:start position:0% incentivizing consensus in 00:19:57.540 --> 00:19:58.640 align:start position:0% incentivizing consensus in disincentivizing<00:19:58.110> things<00:19:58.290> have<00:19:58.500> to<00:19:58.590> be 00:19:58.640 --> 00:19:58.650 align:start position:0% disincentivizing things have to be 00:19:58.650 --> 00:20:00.890 align:start position:0% disincentivizing things have to be specified<00:19:58.830> so<00:19:59.270> the<00:20:00.270> the<00:20:00.600> complete 00:20:00.890 --> 00:20:00.900 align:start position:0% specified so the the complete 00:20:00.900 --> 00:20:03.050 align:start position:0% specified so the the complete specification<00:20:01.110> isn't<00:20:01.800> available<00:20:01.980> yet<00:20:02.460> as<00:20:02.640> you 00:20:03.050 --> 00:20:03.060 align:start position:0% specification isn't available yet as you 00:20:03.060 --> 00:20:05.450 align:start position:0% specification isn't available yet as you may<00:20:03.180> have<00:20:03.210> noticed<00:20:04.010> there's<00:20:05.010> still<00:20:05.190> details 00:20:05.450 --> 00:20:05.460 align:start position:0% may have noticed there's still details 00:20:05.460 --> 00:20:06.740 align:start position:0% may have noticed there's still details of<00:20:05.640> the<00:20:05.700> protocol<00:20:06.030> they<00:20:06.090> may<00:20:06.150> be<00:20:06.270> finalized 00:20:06.740 --> 00:20:06.750 align:start position:0% of the protocol they may be finalized 00:20:06.750 --> 00:20:09.200 align:start position:0% of the protocol they may be finalized however<00:20:07.140> we<00:20:07.890> are<00:20:07.920> starting<00:20:08.430> to<00:20:08.520> do<00:20:08.640> formal 00:20:09.200 --> 00:20:09.210 align:start position:0% however we are starting to do formal 00:20:09.210 --> 00:20:11.180 align:start position:0% however we are starting to do formal implementation<00:20:09.960> and<00:20:10.080> verification<00:20:10.620> of<00:20:10.770> the 00:20:11.180 --> 00:20:11.190 align:start position:0% implementation and verification of the 00:20:11.190 --> 00:20:13.910 align:start position:0% implementation and verification of the protocol<00:20:11.580> specifically<00:20:12.590> we're<00:20:13.590> looking<00:20:13.620> at 00:20:13.910 --> 00:20:13.920 align:start position:0% protocol specifically we're looking at 00:20:13.920 --> 00:20:15.830 align:start position:0% protocol specifically we're looking at some<00:20:14.850> of<00:20:14.910> the<00:20:15.000> economics<00:20:15.390> but<00:20:15.480> mostly<00:20:15.660> the 00:20:15.830 --> 00:20:15.840 align:start position:0% some of the economics but mostly the 00:20:15.840 --> 00:20:18.770 align:start position:0% some of the economics but mostly the convergence<00:20:16.260> properties<00:20:17.060> and<00:20:18.060> that<00:20:18.450> and<00:20:18.660> that 00:20:18.770 --> 00:20:18.780 align:start position:0% convergence properties and that and that 00:20:18.780 --> 00:20:22.280 align:start position:0% convergence properties and that and that concludes<00:20:19.050> my<00:20:19.200> talk<00:20:19.260> sorry<00:20:19.800> for<00:20:20.130> the<00:20:20.190> way