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much<00:00:14.450><c> more</c><00:00:14.659><c> work</c><00:00:14.719><c> to</c><00:00:14.929><c> be</c><00:00:15.079><c> done</c><00:00:15.169><c> way</c><00:00:15.650><c> beyond</c>

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much more work to be done way beyond
 

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much more work to be done way beyond
what<00:00:16.190><c> I</c><00:00:16.250><c> can</c><00:00:16.430><c> do</c><00:00:16.730><c> and</c><00:00:16.940><c> I</c><00:00:17.330><c> want</c><00:00:17.570><c> you</c><00:00:17.690><c> to</c><00:00:17.810><c> sort</c><00:00:17.990><c> of</c>

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what I can do and I want you to sort of
 

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what I can do and I want you to sort of
get<00:00:18.200><c> you</c><00:00:18.350><c> excited</c><00:00:18.680><c> about</c><00:00:18.950><c> what</c><00:00:19.130><c> one</c><00:00:19.520><c> could</c><00:00:19.790><c> do</c>

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get you excited about what one could do
 

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get you excited about what one could do
in<00:00:20.120><c> this</c><00:00:20.240><c> space</c><00:00:20.390><c> and</c><00:00:20.810><c> what</c><00:00:21.170><c> there</c><00:00:21.350><c> is</c><00:00:21.500><c> to</c><00:00:21.650><c> come</c>

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in this space and what there is to come
 

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in this space and what there is to come
in<00:00:21.980><c> the</c><00:00:22.070><c> research</c><00:00:22.370><c> pipeline</c><00:00:22.610><c> up</c><00:00:23.000><c> ahead</c><00:00:23.240><c> for</c><00:00:23.450><c> us</c>

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in the research pipeline up ahead for us
 

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in the research pipeline up ahead for us
so<00:00:24.350><c> let</c><00:00:24.800><c> me</c><00:00:24.890><c> do</c><00:00:24.980><c> this</c><00:00:25.160><c> beat</c><00:00:25.790><c> a</c><00:00:25.820><c> bit</c><00:00:26.060><c> at</c><00:00:26.180><c> a</c><00:00:26.240><c> time</c>

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so let me do this beat a bit at a time
 

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so let me do this beat a bit at a time
and<00:00:26.660><c> what</c><00:00:27.590><c> I</c><00:00:27.910><c> why</c><00:00:28.910><c> is</c><00:00:28.970><c> this</c><00:00:29.240><c> not</c><00:00:29.450><c> starting</c><00:00:30.110><c> hang</c>

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and what I why is this not starting hang
 

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and what I why is this not starting hang
on<00:00:30.500><c> Oh</c>

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so<00:00:40.670><c> are</c><00:00:41.510><c> we</c><00:00:41.960><c> now</c><00:00:42.200><c> projecting</c><00:00:43.810><c> yes</c><00:00:44.810><c> perfect</c><00:00:45.320><c> so</c>

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so are we now projecting yes perfect so
 

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so are we now projecting yes perfect so
where<00:00:47.270><c> are</c><00:00:47.480><c> we</c><00:00:47.540><c> now</c>

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where are we now
 

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where are we now
so<00:00:48.500><c> starting</c><00:00:49.190><c> out</c><00:00:49.399><c> as</c><00:00:49.820><c> we</c><00:00:50.180><c> are</c><00:00:50.329><c> so</c><00:00:50.510><c> block</c>

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so starting out as we are so block
 

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so starting out as we are so block
chains<00:00:51.290><c> have</c><00:00:51.739><c> become</c><00:00:52.130><c> a</c><00:00:52.399><c> one</c><00:00:53.180><c> of</c><00:00:53.300><c> these</c><00:00:53.450><c> words</c>

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chains have become a one of these words
 

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chains have become a one of these words
that<00:00:53.899><c> requires</c><00:00:54.410><c> no</c><00:00:54.770><c> article</c><00:00:55.370><c> we</c><00:00:55.579><c> don't</c><00:00:55.790><c> talk</c>

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that requires no article we don't talk
 

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that requires no article we don't talk
about<00:00:56.120><c> a</c><00:00:56.390><c> block</c><00:00:56.870><c> chain</c><00:00:57.140><c> we</c><00:00:57.350><c> don't</c><00:00:57.530><c> talk</c><00:00:57.710><c> about</c>

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about a block chain we don't talk about
 

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about a block chain we don't talk about
the<00:00:58.309><c> block</c><00:00:58.640><c> chain</c><00:00:58.910><c> we</c><00:00:59.360><c> talk</c><00:00:59.570><c> about</c><00:00:59.690><c> block</c>

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the block chain we talk about block
 

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the block chain we talk about block
chain<00:01:00.410><c> if</c><00:01:00.530><c> you</c><00:01:00.590><c> walk</c><00:01:00.800><c> around</c><00:01:01.130><c> in</c><00:01:01.460><c> downtown</c>

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chain if you walk around in downtown
 

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chain if you walk around in downtown
Manhattan<00:01:02.360><c> and</c><00:01:02.540><c> you</c><00:01:02.899><c> see</c><00:01:03.140><c> two</c><00:01:03.380><c> suits</c>

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Manhattan and you see two suits
 

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Manhattan and you see two suits
discussing<00:01:05.059><c> FinTech</c><00:01:05.870><c> like</c><00:01:06.110><c> the</c><00:01:06.229><c> stuff</c><00:01:06.380><c> in</c>

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discussing FinTech like the stuff in
 

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discussing FinTech like the stuff in
tech<00:01:06.620><c> stuff</c><00:01:06.830><c> one</c><00:01:07.100><c> of</c><00:01:07.130><c> them</c><00:01:07.340><c> will</c><00:01:07.460><c> turn</c><00:01:07.610><c> to</c><00:01:07.760><c> the</c>

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tech stuff one of them will turn to the
 

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tech stuff one of them will turn to the
other<00:01:07.970><c> and</c><00:01:08.150><c> say</c><00:01:08.299><c> what's</c><00:01:08.840><c> your</c><00:01:09.080><c> strategy</c><00:01:09.380><c> for</c>

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other and say what's your strategy for
 

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other and say what's your strategy for
blockchain<00:01:10.370><c> the</c><00:01:10.880><c> only</c><00:01:11.240><c> other</c><00:01:11.420><c> word</c><00:01:11.690><c> I</c><00:01:11.870><c> know</c>

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blockchain the only other word I know
 

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blockchain the only other word I know
that<00:01:12.350><c> doesn't</c><00:01:12.590><c> require</c><00:01:12.890><c> an</c><00:01:13.070><c> article</c><00:01:13.430><c> like</c>

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that doesn't require an article like
 

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that doesn't require an article like
this<00:01:13.790><c> is</c><00:01:14.000><c> God</c><00:01:14.299><c> so</c><00:01:17.140><c> crypto</c><00:01:18.140><c> cryptocurrencies</c>

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this is God so crypto cryptocurrencies
 

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this is God so crypto cryptocurrencies
have<00:01:19.400><c> become</c><00:01:19.670><c> a</c><00:01:19.700><c> new</c><00:01:19.909><c> asset</c><00:01:20.330><c> class</c><00:01:20.630><c> people</c>

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have become a new asset class people
 

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have become a new asset class people
have<00:01:21.590><c> coined</c><00:01:21.860><c> the</c><00:01:21.950><c> term</c><00:01:22.100><c> crypto</c><00:01:22.520><c> assets</c><00:01:22.940><c> and</c>

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have coined the term crypto assets and
 

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have coined the term crypto assets and
the<00:01:23.720><c> sum</c><00:01:23.930><c> total</c><00:01:24.110><c> value</c><00:01:24.590><c> of</c><00:01:24.680><c> such</c><00:01:24.890><c> assets</c><00:01:25.220><c> is</c>

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the sum total value of such assets is
 

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the sum total value of such assets is
more<00:01:25.700><c> than</c><00:01:25.880><c> 100</c><00:01:26.240><c> billion</c><00:01:26.540><c> dollars</c><00:01:26.869><c> the</c>

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more than 100 billion dollars the
 

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more than 100 billion dollars the
theorem<00:01:28.159><c> itself</c><00:01:28.490><c> has</c><00:01:28.729><c> emerged</c><00:01:29.060><c> as</c><00:01:29.210><c> a</c><00:01:29.240><c> platform</c>

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theorem itself has emerged as a platform
 

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theorem itself has emerged as a platform
for<00:01:29.869><c> new</c><00:01:30.049><c> projects</c><00:01:30.650><c> so</c><00:01:30.979><c> there's</c><00:01:31.220><c> a</c><00:01:31.280><c> lot</c><00:01:31.520><c> of</c>

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for new projects so there's a lot of
 

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for new projects so there's a lot of
money<00:01:31.850><c> going</c><00:01:32.180><c> into</c><00:01:32.330><c> startups</c><00:01:32.869><c> at</c><00:01:33.229><c> at</c><00:01:33.530><c> least</c>

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money going into startups at at least
 

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money going into startups at at least
one<00:01:33.950><c> point</c><00:01:34.130><c> four</c><00:01:34.610><c> billion</c><00:01:34.880><c> the</c><00:01:35.150><c> last</c><00:01:35.360><c> time</c><00:01:35.600><c> I</c>

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one point four billion the last time I
 

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one point four billion the last time I
tallied<00:01:36.020><c> this</c><00:01:36.380><c> which</c><00:01:36.560><c> was</c><00:01:36.770><c> over</c><00:01:37.040><c> a</c><00:01:37.070><c> year</c><00:01:37.130><c> ago</c>

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tallied this which was over a year ago
 

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tallied this which was over a year ago
that<00:01:37.729><c> was</c><00:01:38.420><c> traditional</c><00:01:39.110><c> VC</c><00:01:39.500><c> money</c><00:01:39.950><c> and</c><00:01:40.310><c> a</c><00:01:40.970><c> lot</c>

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that was traditional VC money and a lot
 

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that was traditional VC money and a lot
of<00:01:41.360><c> the</c><00:01:41.659><c> sort</c><00:01:42.020><c> of</c><00:01:42.080><c> the</c><00:01:42.200><c> on-ramps</c><00:01:43.040><c> into</c><00:01:43.369><c> new</c>

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of the sort of the on-ramps into new
 

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of the sort of the on-ramps into new
projects<00:01:44.000><c> has</c><00:01:44.119><c> turned</c><00:01:44.330><c> into</c><00:01:44.509><c> IC</c><00:01:44.900><c> OS</c><00:01:45.080><c> and</c><00:01:45.350><c> I</c><00:01:45.439><c> cos</c>

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projects has turned into IC OS and I cos
 

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projects has turned into IC OS and I cos
are<00:01:45.979><c> projected</c><00:01:46.460><c> to</c><00:01:46.580><c> raise</c><00:01:46.759><c> more</c><00:01:47.150><c> than</c><00:01:47.420><c> a</c><00:01:47.509><c> few</c>

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are projected to raise more than a few
 

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are projected to raise more than a few
billion<00:01:47.990><c> dollars</c><00:01:48.140><c> of</c><00:01:48.650><c> value</c><00:01:48.920><c> in</c><00:01:49.610><c> the</c><00:01:49.909><c> current</c>

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billion dollars of value in the current
 

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billion dollars of value in the current
year

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year
 

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year
so<00:01:51.740><c> with</c><00:01:52.729><c> the</c><00:01:52.850><c> theorem</c><00:01:53.119><c> itself</c><00:01:53.630><c> there's</c><00:01:53.869><c> a</c>

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so with the theorem itself there's a
 

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so with the theorem itself there's a
strong<00:01:54.350><c> foundation</c><00:01:54.650><c> the</c><00:01:55.340><c> EVM</c><00:01:55.850><c> works</c><00:01:56.210><c> very</c>

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strong foundation the EVM works very
 

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strong foundation the EVM works very
well<00:01:56.860><c> there</c><00:01:57.860><c> has</c><00:01:58.009><c> never</c><00:01:58.220><c> been</c><00:01:58.340><c> any</c><00:01:58.670><c> down</c><00:01:58.909><c> time</c>

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well there has never been any down time
 

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well there has never been any down time
since<00:01:59.509><c> its</c><00:01:59.659><c> launch</c><00:01:59.840><c> solidity</c><00:02:00.829><c> is</c><00:02:00.979><c> a</c><00:02:01.100><c> language</c>

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since its launch solidity is a language
 

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since its launch solidity is a language
that<00:02:01.610><c> we</c><00:02:01.850><c> all</c><00:02:02.060><c> have</c><00:02:02.329><c> a</c><00:02:02.360><c> bunch</c><00:02:02.659><c> of</c><00:02:02.810><c> wishes</c><00:02:03.170><c> from</c>

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that we all have a bunch of wishes from
 

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that we all have a bunch of wishes from
and<00:02:03.650><c> it's</c><00:02:04.009><c> evolving</c><00:02:04.579><c> and</c><00:02:04.729><c> it</c><00:02:05.030><c> has</c><00:02:05.210><c> been</c><00:02:05.390><c> very</c>

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and it's evolving and it has been very
 

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and it's evolving and it has been very
successful<00:02:06.290><c> in</c><00:02:06.350><c> getting</c><00:02:06.409><c> people</c><00:02:06.770><c> to</c><00:02:06.950><c> think</c>

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successful in getting people to think
 

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successful in getting people to think
about<00:02:07.369><c> writing</c><00:02:08.119><c> smart</c><00:02:08.539><c> contracts</c><00:02:09.019><c> and</c><00:02:09.229><c> of</c>

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about writing smart contracts and of
 

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about writing smart contracts and of
course<00:02:09.830><c> there's</c><00:02:10.069><c> a</c><00:02:10.130><c> rich</c><00:02:10.399><c> DAP</c><00:02:10.729><c> system</c><00:02:11.150><c> if</c><00:02:11.270><c> you</c>

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course there's a rich DAP system if you
 

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course there's a rich DAP system if you
go<00:02:11.540><c> around</c><00:02:11.630><c> walking</c><00:02:12.110><c> in</c><00:02:12.410><c> the</c><00:02:12.560><c> alleys</c><00:02:13.220><c> here</c><00:02:13.250><c> in</c>

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go around walking in the alleys here in
 

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go around walking in the alleys here in
the

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the
 

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the
always<00:02:14.450><c> you'll</c><00:02:14.930><c> hear</c><00:02:15.200><c> everybody</c><00:02:15.620><c> talking</c><00:02:15.860><c> to</c>

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always you'll hear everybody talking to
 

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always you'll hear everybody talking to
everybody<00:02:16.370><c> else</c><00:02:16.550><c> about</c><00:02:16.670><c> what</c><00:02:16.910><c> their</c><00:02:17.120><c> favorite</c>

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everybody else about what their favorite
 

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everybody else about what their favorite
applications<00:02:18.410><c> are</c><00:02:18.590><c> a</c><00:02:18.620><c> new</c><00:02:18.920><c> new</c><00:02:19.220><c> projects</c><00:02:20.180><c> are</c>

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applications are a new new projects are
 

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applications are a new new projects are
and<00:02:21.140><c> what</c><00:02:21.950><c> what</c><00:02:22.820><c> happened</c><00:02:23.300><c> over</c><00:02:23.510><c> there</c><00:02:27.460><c> okay</c>

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and what what happened over there okay
 

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and what what happened over there okay
how<00:02:30.830><c> is</c><00:02:31.010><c> that</c><00:02:31.190><c> okay</c><00:02:32.260><c> okay</c><00:02:33.520><c> so</c><00:02:34.520><c> so</c><00:02:35.510><c> we</c><00:02:35.630><c> have</c>

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how is that okay okay so so we have
 

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how is that okay okay so so we have
multiple<00:02:36.110><c> implementations</c><00:02:36.770><c> of</c><00:02:37.040><c> of</c><00:02:37.730><c> the</c>

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multiple implementations of of the
 

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multiple implementations of of the
etherium<00:02:38.450><c> code</c><00:02:39.020><c> or</c><00:02:39.380><c> the</c><00:02:39.530><c> etherion</c><00:02:39.890><c> virtual</c>

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etherium code or the etherion virtual
 

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etherium code or the etherion virtual
machine<00:02:40.520><c> there</c><00:02:41.180><c> is</c><00:02:41.209><c> a</c><00:02:41.300><c> and</c><00:02:41.900><c> most</c><00:02:42.140><c> importantly</c>

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machine there is a and most importantly
 

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machine there is a and most importantly
I<00:02:42.890><c> think</c><00:02:43.010><c> this</c><00:02:43.280><c> was</c><00:02:43.490><c> the</c><00:02:43.780><c> main</c><00:02:44.780><c> point</c><00:02:45.110><c> that</c><00:02:45.350><c> I'm</c>

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I think this was the main point that I'm
 

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I think this was the main point that I'm
super<00:02:45.980><c> proud</c><00:02:46.190><c> of</c><00:02:46.430><c> that</c><00:02:46.610><c> that</c><00:02:46.910><c> makes</c><00:02:47.209><c> me</c><00:02:47.360><c> really</c>

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super proud of that that makes me really
 

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super proud of that that makes me really
excited<00:02:47.720><c> when</c><00:02:48.200><c> I'm</c><00:02:48.320><c> here</c><00:02:48.560><c> is</c><00:02:48.860><c> that</c><00:02:48.950><c> there's</c><00:02:49.280><c> a</c>

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excited when I'm here is that there's a
 

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excited when I'm here is that there's a
supportive<00:02:50.200><c> constructive</c><00:02:51.200><c> science</c><00:02:52.040><c> driven</c>

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supportive constructive science driven
 

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supportive constructive science driven
community<00:02:52.670><c> this</c><00:02:53.510><c> is</c><00:02:53.810><c> worth</c><00:02:54.650><c> its</c><00:02:54.950><c> weight</c><00:02:55.040><c> in</c>

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community this is worth its weight in
 

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community this is worth its weight in
any<00:02:56.060><c> currency</c><00:02:56.360><c> plus</c><00:02:57.230><c> any</c><00:02:57.470><c> other</c><00:02:57.590><c> tangible</c>

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any currency plus any other tangible
 

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any currency plus any other tangible
asset<00:02:58.790><c> you</c><00:02:58.910><c> might</c><00:02:59.120><c> imagine</c><00:02:59.390><c> that</c><00:02:59.780><c> is</c><00:03:00.320><c> though</c>

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asset you might imagine that is though
 

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asset you might imagine that is though
is<00:03:00.739><c> the</c><00:03:00.920><c> actual</c><00:03:01.400><c> value</c><00:03:01.790><c> proposition</c><00:03:02.420><c> of</c><00:03:02.600><c> this</c>

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is the actual value proposition of this
 

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is the actual value proposition of this
particular<00:03:03.620><c> system</c><00:03:04.090><c> so</c><00:03:05.530><c> so</c><00:03:06.530><c> let's</c><00:03:06.770><c> see</c><00:03:06.860><c> what</c>

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particular system so so let's see what
 

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particular system so so let's see what
is<00:03:07.880><c> the</c><00:03:08.000><c> significance</c><00:03:08.630><c> of</c><00:03:08.750><c> all</c><00:03:08.930><c> this</c><00:03:09.110><c> what</c>

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is the significance of all this what
 

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is the significance of all this what
does<00:03:09.380><c> this</c><00:03:09.500><c> mean</c><00:03:09.770><c> so</c><00:03:09.980><c> there</c><00:03:10.220><c> are</c><00:03:10.310><c> three</c><00:03:10.640><c> things</c>

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does this mean so there are three things
 

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does this mean so there are three things
that<00:03:11.180><c> really</c><00:03:11.570><c> get</c><00:03:11.780><c> me</c><00:03:11.959><c> excited</c><00:03:11.989><c> the</c><00:03:12.530><c> first</c><00:03:12.739><c> one</c>

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that really get me excited the first one
 

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that really get me excited the first one
is<00:03:13.489><c> that</c><00:03:13.730><c> we're</c><00:03:13.910><c> witnessing</c><00:03:14.239><c> the</c><00:03:14.690><c> emergence</c>

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is that we're witnessing the emergence
 

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is that we're witnessing the emergence
of<00:03:15.230><c> a</c><00:03:15.320><c> new</c><00:03:15.350><c> class</c><00:03:15.709><c> of</c><00:03:15.980><c> systems</c><00:03:16.400><c> these</c><00:03:16.610><c> are</c>

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of a new class of systems these are
 

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of a new class of systems these are
systems<00:03:17.270><c> with</c><00:03:17.480><c> high</c><00:03:17.510><c> integrity</c><00:03:18.380><c> that</c><00:03:18.830><c> can</c>

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systems with high integrity that can
 

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systems with high integrity that can
execute<00:03:19.370><c> programs</c><00:03:20.030><c> and</c><00:03:20.299><c> give</c><00:03:20.450><c> you</c><00:03:20.600><c> strong</c>

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execute programs and give you strong
 

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execute programs and give you strong
assures<00:03:21.920><c> that</c><00:03:22.070><c> they</c><00:03:22.370><c> will</c><00:03:22.519><c> execute</c><00:03:22.790><c> according</c>

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assures that they will execute according
 

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assures that they will execute according
to<00:03:23.630><c> how</c><00:03:24.049><c> you</c><00:03:24.110><c> devise</c><00:03:24.590><c> them</c><00:03:25.150><c> they</c><00:03:26.150><c> achieve</c>

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to how you devise them they achieve
 

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to how you devise them they achieve
their<00:03:26.600><c> trust</c><00:03:26.900><c> worth</c><00:03:27.110><c> trustworthiness</c>

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their trust worth trustworthiness
 

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their trust worth trustworthiness
through<00:03:27.950><c> an</c><00:03:28.010><c> audit</c><00:03:28.130><c> ability</c><00:03:28.670><c> and</c>

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through an audit ability and
 

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through an audit ability and
transparency<00:03:29.769><c> based</c><00:03:30.769><c> on</c><00:03:31.040><c> this</c><00:03:31.540><c> foundation</c><00:03:32.540><c> we</c>

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transparency based on this foundation we
 

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transparency based on this foundation we
are<00:03:32.750><c> seeing</c><00:03:33.200><c> the</c><00:03:33.830><c> emergence</c><00:03:34.250><c> of</c><00:03:34.549><c> a</c><00:03:34.790><c> new</c><00:03:34.970><c> class</c>

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are seeing the emergence of a new class
 

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are seeing the emergence of a new class
of<00:03:35.480><c> financial</c><00:03:36.080><c> instruments</c><00:03:36.650><c> up</c><00:03:36.799><c> until</c><00:03:37.220><c> a</c><00:03:37.250><c> few</c>

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of financial instruments up until a few
 

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of financial instruments up until a few
years<00:03:37.549><c> ago</c><00:03:37.940><c> the</c><00:03:38.209><c> most</c><00:03:38.450><c> exciting</c><00:03:39.110><c> instrument</c><00:03:39.590><c> I</c>

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years ago the most exciting instrument I
 

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years ago the most exciting instrument I
could<00:03:39.950><c> ever</c><00:03:40.190><c> get</c><00:03:40.459><c> my</c><00:03:40.670><c> hands</c><00:03:41.000><c> on</c><00:03:41.209><c> and</c><00:03:41.480><c> believe</c>

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could ever get my hands on and believe
 

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could ever get my hands on and believe
me<00:03:42.380><c> I</c><00:03:42.410><c> tried</c><00:03:42.799><c> in</c><00:03:43.010><c> upstate</c><00:03:43.400><c> New</c><00:03:43.579><c> York</c><00:03:43.610><c> it</c><00:03:43.970><c> was</c>

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me I tried in upstate New York it was
 

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me I tried in upstate New York it was
very<00:03:44.360><c> very</c><00:03:44.570><c> hard</c>

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very very hard
 

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very very hard
they<00:03:45.440><c> made</c><00:03:45.680><c> me</c><00:03:45.890><c> talk</c><00:03:46.130><c> to</c><00:03:46.340><c> when</c><00:03:46.489><c> I</c><00:03:46.519><c> tried</c><00:03:46.820><c> to</c><00:03:46.970><c> buy</c>

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they made me talk to when I tried to buy
 

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they made me talk to when I tried to buy
bonds<00:03:48.230><c> Russian</c><00:03:48.860><c> bonds</c><00:03:49.280><c> they</c><00:03:49.430><c> made</c><00:03:49.640><c> me</c><00:03:49.790><c> talk</c><00:03:50.030><c> to</c>

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bonds Russian bonds they made me talk to
 

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bonds Russian bonds they made me talk to
a<00:03:50.510><c> very</c><00:03:51.170><c> funny</c><00:03:51.470><c> gentleman</c><00:03:52.480><c> at</c><00:03:53.480><c> my</c><00:03:53.630><c> local</c><00:03:53.840><c> bank</c>

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a very funny gentleman at my local bank
 

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a very funny gentleman at my local bank
who<00:03:55.100><c> told</c><00:03:55.340><c> me</c><00:03:55.459><c> that</c><00:03:55.579><c> I</c><00:03:55.610><c> was</c><00:03:55.820><c> essentially</c>

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who told me that I was essentially
 

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who told me that I was essentially
trying<00:03:56.299><c> to</c><00:03:56.480><c> buy</c><00:03:56.570><c> junk</c><00:03:56.840><c> bonds</c><00:03:57.110><c> and</c><00:03:57.290><c> it</c><00:03:57.380><c> was</c>

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trying to buy junk bonds and it was
 

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trying to buy junk bonds and it was
going<00:03:57.650><c> to</c><00:03:57.709><c> be</c><00:03:57.799><c> very</c><00:03:57.980><c> difficult</c><00:03:58.160><c> and</c><00:03:58.519><c> so</c><00:03:58.610><c> forth</c>

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going to be very difficult and so forth
 

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going to be very difficult and so forth
but<00:03:59.269><c> the</c><00:03:59.660><c> most</c><00:03:59.930><c> exciting</c><00:04:00.440><c> financial</c>

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but the most exciting financial
 

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but the most exciting financial
instrument<00:04:01.700><c> that</c><00:04:01.790><c> I</c><00:04:01.940><c> could</c><00:04:02.209><c> possibly</c><00:04:02.660><c> write</c>

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instrument that I could possibly write
 

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instrument that I could possibly write
that<00:04:03.260><c> I</c><00:04:03.440><c> could</c><00:04:03.590><c> get</c><00:04:03.739><c> my</c><00:04:03.920><c> hands</c><00:04:04.220><c> on</c><00:04:04.310><c> was</c><00:04:04.760><c> the</c>

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that I could get my hands on was the
 

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that I could get my hands on was the
debt<00:04:05.150><c> was</c><00:04:05.329><c> a</c><00:04:05.360><c> cheque</c><00:04:05.720><c> and</c><00:04:05.989><c> if</c><00:04:06.410><c> I</c><00:04:06.560><c> was</c><00:04:06.769><c> fancy</c><00:04:07.100><c> I</c>

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debt was a cheque and if I was fancy I
 

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debt was a cheque and if I was fancy I
could<00:04:07.579><c> write</c><00:04:07.730><c> a</c><00:04:07.760><c> post-dated</c><00:04:08.570><c> cheque</c><00:04:08.959><c> and</c><00:04:09.079><c> that</c>

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could write a post-dated cheque and that
 

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could write a post-dated cheque and that
was<00:04:09.380><c> it</c><00:04:09.560><c> and</c><00:04:09.709><c> now</c><00:04:10.370><c> anybody</c><00:04:10.940><c> in</c><00:04:11.329><c> this</c><00:04:11.450><c> room</c><00:04:11.510><c> can</c>

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was it and now anybody in this room can
 

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was it and now anybody in this room can
write<00:04:12.170><c> all</c><00:04:12.440><c> sorts</c><00:04:12.470><c> of</c><00:04:12.920><c> really</c><00:04:13.190><c> fancy</c><00:04:13.610><c> really</c>

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write all sorts of really fancy really
 

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write all sorts of really fancy really
exciting<00:04:14.570><c> instruments</c><00:04:15.079><c> and</c><00:04:15.200><c> that</c><00:04:15.709><c> of</c><00:04:15.920><c> course</c>

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exciting instruments and that of course
 

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exciting instruments and that of course
means<00:04:16.760><c> that</c><00:04:17.150><c> we</c><00:04:17.780><c> can</c><00:04:17.930><c> it's</c><00:04:18.410><c> now</c><00:04:18.650><c> there's</c><00:04:19.040><c> a</c>

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means that we can it's now there's a
 

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means that we can it's now there's a
revolution<00:04:19.669><c> and</c><00:04:19.850><c> it's</c><00:04:19.940><c> in</c><00:04:20.060><c> the</c><00:04:20.150><c> hands</c><00:04:20.329><c> of</c>

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revolution and it's in the hands of
 

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revolution and it's in the hands of
everyone<00:04:20.750><c> and</c><00:04:21.220><c> finally</c><00:04:22.220><c> and</c><00:04:23.030><c> this</c><00:04:23.210><c> is</c>

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everyone and finally and this is
 

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everyone and finally and this is
probably<00:04:23.960><c> the</c><00:04:24.470><c> sort</c><00:04:24.710><c> of</c><00:04:24.770><c> the</c><00:04:24.890><c> most</c><00:04:25.099><c> out</c><00:04:25.400><c> there</c>

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probably the sort of the most out there
 

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probably the sort of the most out there
claim<00:04:26.150><c> there</c>

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claim there
 

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claim there
new<00:04:27.349><c> form</c><00:04:27.800><c> of</c><00:04:28.009><c> social</c><00:04:28.580><c> organization</c><00:04:29.300><c> of</c><00:04:29.389><c> foot</c>

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new form of social organization of foot
 

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new form of social organization of foot
so<00:04:30.229><c> if</c><00:04:30.349><c> I</c><00:04:30.470><c> look</c><00:04:30.680><c> back</c><00:04:30.889><c> at</c><00:04:31.129><c> the</c><00:04:31.250><c> sort</c><00:04:31.430><c> of</c><00:04:31.490><c> the</c>

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so if I look back at the sort of the
 

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so if I look back at the sort of the
history<00:04:31.939><c> of</c><00:04:31.970><c> humanity</c><00:04:32.360><c> going</c><00:04:32.870><c> back</c><00:04:33.139><c> thousands</c>

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history of humanity going back thousands
 

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history of humanity going back thousands
of<00:04:33.889><c> years</c><00:04:33.949><c> there</c><00:04:34.400><c> are</c><00:04:34.430><c> some</c><00:04:34.879><c> highlights</c><00:04:35.389><c> and</c>

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of years there are some highlights and
 

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of years there are some highlights and
how<00:04:35.719><c> people</c><00:04:36.139><c> organize</c><00:04:36.259><c> themselves</c><00:04:36.800><c> so</c><00:04:37.789><c> one</c><00:04:37.969><c> of</c>

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how people organize themselves so one of
 

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how people organize themselves so one of
them<00:04:38.270><c> is</c><00:04:38.300><c> perhaps</c><00:04:38.629><c> the</c><00:04:39.289><c> written</c><00:04:39.620><c> laws</c><00:04:39.860><c> prior</c>

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them is perhaps the written laws prior
 

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them is perhaps the written laws prior
to<00:04:41.030><c> written</c><00:04:41.210><c> laws</c><00:04:41.539><c> you</c><00:04:41.810><c> you</c><00:04:42.080><c> lived</c><00:04:42.409><c> and</c><00:04:42.650><c> died</c>

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to written laws you you lived and died
 

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to written laws you you lived and died
at<00:04:43.129><c> the</c><00:04:43.159><c> behest</c><00:04:43.520><c> of</c><00:04:43.759><c> a</c><00:04:43.879><c> ruler</c><00:04:44.409><c> afterwards</c><00:04:45.409><c> then</c>

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at the behest of a ruler afterwards then
 

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at the behest of a ruler afterwards then
it's<00:04:46.129><c> actually</c><00:04:46.490><c> you've</c><00:04:46.580><c> got</c><00:04:46.610><c> some</c><00:04:46.969><c> rules</c><00:04:47.210><c> and</c>

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it's actually you've got some rules and
 

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it's actually you've got some rules and
you<00:04:47.539><c> have</c><00:04:47.569><c> some</c><00:04:47.900><c> predictability</c><00:04:48.439><c> in</c><00:04:48.770><c> how</c><00:04:48.919><c> your</c>

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you have some predictability in how your
 

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you have some predictability in how your
life<00:04:49.310><c> is</c><00:04:49.460><c> going</c><00:04:49.580><c> to</c><00:04:49.699><c> be</c><00:04:49.819><c> managed</c><00:04:50.150><c> then</c><00:04:50.900><c> we</c><00:04:51.139><c> have</c>

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life is going to be managed then we have
 

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life is going to be managed then we have
to<00:04:51.530><c> again</c><00:04:51.800><c> another</c><00:04:52.099><c> highlight</c><00:04:52.550><c> is</c><00:04:52.699><c> the</c>

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to again another highlight is the
 

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to again another highlight is the
emergence<00:04:53.240><c> of</c><00:04:53.330><c> the</c><00:04:53.449><c> corporation</c><00:04:54.139><c> now</c><00:04:54.620><c> that</c><00:04:54.889><c> we</c>

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emergence of the corporation now that we
 

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emergence of the corporation now that we
have<00:04:55.129><c> corporations</c><00:04:55.580><c> we</c><00:04:55.909><c> don't</c><00:04:56.060><c> have</c><00:04:56.240><c> personal</c>

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have corporations we don't have personal
 

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have corporations we don't have personal
responsibility<00:04:57.439><c> for</c><00:04:57.620><c> everything</c><00:04:57.919><c> we</c><00:04:58.159><c> do</c><00:04:58.340><c> the</c>

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responsibility for everything we do the
 

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responsibility for everything we do the
corporation<00:04:59.360><c> is</c><00:04:59.449><c> a</c><00:04:59.479><c> virtual</c><00:04:59.960><c> entity</c><00:05:00.319><c> and</c><00:05:00.530><c> with</c>

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corporation is a virtual entity and with
 

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corporation is a virtual entity and with
smart<00:05:01.520><c> contracts</c><00:05:02.060><c> we</c><00:05:02.389><c> now</c><00:05:02.629><c> have</c><00:05:02.960><c> the</c><00:05:03.500><c> ability</c>

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smart contracts we now have the ability
 

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smart contracts we now have the ability
to<00:05:04.219><c> have</c><00:05:04.780><c> contractual</c><00:05:06.460><c> contractual</c><00:05:07.460><c> programs</c>

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to have contractual contractual programs
 

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to have contractual contractual programs
that<00:05:08.270><c> manage</c><00:05:08.719><c> assets</c><00:05:09.169><c> that</c><00:05:09.409><c> that</c><00:05:09.860><c> can</c>

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that manage assets that that can
 

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that manage assets that that can
transfer<00:05:10.490><c> value</c><00:05:11.710><c> so</c><00:05:12.819><c> so</c><00:05:13.819><c> now</c><00:05:14.000><c> that's</c><00:05:14.449><c> all</c><00:05:14.659><c> nice</c>

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transfer value so so now that's all nice
 

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transfer value so so now that's all nice
and<00:05:15.110><c> fine</c><00:05:15.259><c> and</c><00:05:15.440><c> good</c><00:05:15.590><c> but</c><00:05:16.039><c> where</c><00:05:16.370><c> do</c><00:05:16.699><c> we</c><00:05:16.819><c> end</c><00:05:16.849><c> up</c>

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and fine and good but where do we end up
 

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and fine and good but where do we end up
with<00:05:17.810><c> challenges</c><00:05:18.469><c> ahead</c><00:05:18.590><c> so</c><00:05:18.979><c> what</c><00:05:19.159><c> what</c><00:05:19.430><c> do</c><00:05:19.580><c> we</c>

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with challenges ahead so what what do we
 

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with challenges ahead so what what do we
all<00:05:19.879><c> what</c><00:05:20.300><c> we</c><00:05:20.449><c> still</c><00:05:20.690><c> have</c><00:05:20.840><c> to</c><00:05:20.960><c> deal</c><00:05:21.110><c> with</c><00:05:21.319><c> I</c>

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all what we still have to deal with I
 

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all what we still have to deal with I
believe<00:05:21.979><c> there</c><00:05:22.370><c> are</c><00:05:22.490><c> three</c><00:05:22.759><c> fundamental</c>

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believe there are three fundamental
 

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believe there are three fundamental
challenges<00:05:23.990><c> in</c><00:05:24.199><c> front</c><00:05:24.500><c> of</c><00:05:24.650><c> us</c><00:05:24.770><c> the</c><00:05:24.979><c> first</c><00:05:25.129><c> one</c>

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challenges in front of us the first one
 

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challenges in front of us the first one
as<00:05:25.580><c> you</c><00:05:25.610><c> all</c><00:05:25.849><c> know</c><00:05:26.060><c> is</c><00:05:26.360><c> scale</c><00:05:26.779><c> your</c><00:05:27.529><c> cousin's</c>

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as you all know is scale your cousin's
 

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as you all know is scale your cousin's
in<00:05:28.340><c> Bitcoin</c><00:05:28.729><c> land</c><00:05:29.029><c> in</c><00:05:29.330><c> fact</c><00:05:29.509><c> many</c><00:05:29.689><c> of</c><00:05:29.840><c> you</c><00:05:29.960><c> are</c>

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in Bitcoin land in fact many of you are
 

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in Bitcoin land in fact many of you are
also<00:05:30.229><c> good</c><00:05:30.529><c> going</c><00:05:30.560><c> holders</c><00:05:31.069><c> I</c><00:05:31.190><c> assume</c><00:05:31.460><c> are</c>

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also good going holders I assume are
 

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also good going holders I assume are
dealing<00:05:32.389><c> with</c><00:05:32.539><c> this</c><00:05:32.719><c> day-in</c><00:05:33.259><c> day-out</c><00:05:33.289><c> and</c><00:05:33.830><c> I</c>

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dealing with this day-in day-out and I
 

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dealing with this day-in day-out and I
want<00:05:34.430><c> to</c><00:05:34.580><c> tell</c><00:05:34.759><c> you</c><00:05:34.879><c> a</c><00:05:34.940><c> little</c><00:05:35.090><c> bit</c><00:05:35.240><c> about</c><00:05:35.569><c> this</c>

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want to tell you a little bit about this
 

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want to tell you a little bit about this
particular<00:05:35.990><c> dilemma</c><00:05:36.830><c> so</c><00:05:37.250><c> that</c><00:05:37.460><c> you're</c><00:05:37.639><c> all</c>

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particular dilemma so that you're all
 

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particular dilemma so that you're all
well<00:05:38.150><c> versed</c><00:05:38.509><c> in</c><00:05:38.840><c> in</c><00:05:39.500><c> the</c><00:05:40.009><c> best</c><00:05:40.370><c> known</c><00:05:41.029><c> on</c>

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well versed in in the best known on
 

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well versed in in the best known on
chain<00:05:41.900><c> and</c><00:05:42.139><c> off</c><00:05:42.289><c> chain</c><00:05:42.620><c> scaling</c><00:05:43.129><c> solutions</c>

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chain and off chain scaling solutions
 

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chain and off chain scaling solutions
okay<00:05:44.389><c> so</c><00:05:44.900><c> the</c><00:05:45.139><c> Bitcoin</c><00:05:45.440><c> folks</c><00:05:45.800><c> they</c><00:05:46.219><c> they</c><00:05:46.759><c> have</c>

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okay so the Bitcoin folks they they have
 

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okay so the Bitcoin folks they they have
an<00:05:47.089><c> information</c><00:05:47.659><c> dissemination</c><00:05:48.199><c> problem</c><00:05:48.740><c> and</c>

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an information dissemination problem and
 

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an information dissemination problem and
they<00:05:50.300><c> won't</c><00:05:50.569><c> really</c><00:05:50.719><c> tell</c><00:05:50.960><c> you</c><00:05:51.110><c> exactly</c><00:05:51.529><c> the</c>

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they won't really tell you exactly the
 

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they won't really tell you exactly the
full<00:05:51.830><c> story</c><00:05:52.159><c> and</c><00:05:52.370><c> it</c><00:05:52.490><c> comes</c><00:05:52.669><c> with</c><00:05:52.849><c> a</c><00:05:52.879><c> funny</c>

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full story and it comes with a funny
 

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full story and it comes with a funny
slant<00:05:53.449><c> depending</c><00:05:53.870><c> on</c><00:05:53.960><c> which</c><00:05:54.080><c> forum</c><00:05:54.409><c> you're</c><00:05:54.560><c> in</c>

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slant depending on which forum you're in
 

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slant depending on which forum you're in
so<00:05:55.310><c> I</c><00:05:55.339><c> want</c><00:05:55.940><c> to</c><00:05:56.000><c> tell</c><00:05:56.240><c> you</c><00:05:56.330><c> what</c><00:05:56.479><c> we</c><00:05:56.629><c> know</c><00:05:56.779><c> from</c>

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so I want to tell you what we know from
 

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so I want to tell you what we know from
from<00:05:57.469><c> academics</c><00:05:58.509><c> second</c><00:05:59.509><c> thing</c><00:05:59.659><c> I</c><00:05:59.750><c> want</c><00:05:59.960><c> to</c>

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from academics second thing I want to
 

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from academics second thing I want to
talk<00:06:00.289><c> to</c><00:06:00.440><c> you</c><00:06:00.500><c> about</c><00:06:00.589><c> and</c><00:06:00.979><c> this</c><00:06:01.069><c> is</c><00:06:01.279><c> where</c><00:06:01.430><c> I</c>

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talk to you about and this is where I
 

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talk to you about and this is where I
get<00:06:01.729><c> kind</c><00:06:01.969><c> of</c><00:06:02.120><c> blue</c><00:06:02.449><c> blue</c><00:06:03.229><c> yonder</c><00:06:04.039><c> type</c><00:06:04.279><c> and</c>

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get kind of blue blue yonder type and
 

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get kind of blue blue yonder type and
talk<00:06:05.810><c> about</c><00:06:06.110><c> things</c><00:06:06.469><c> that</c><00:06:06.560><c> one</c><00:06:06.860><c> could</c><00:06:07.069><c> do</c>

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talk about things that one could do
 

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talk about things that one could do
without<00:06:07.370><c> a</c><00:06:07.550><c> necessarily</c><00:06:08.060><c> your</c><00:06:08.300><c> solution</c><00:06:08.839><c> its</c>

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without a necessarily your solution its
 

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without a necessarily your solution its
correctness<00:06:10.039><c> how</c><00:06:10.490><c> do</c><00:06:10.550><c> we</c><00:06:10.789><c> ensure</c><00:06:11.120><c> that</c><00:06:11.150><c> smart</c>

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correctness how do we ensure that smart
 

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correctness how do we ensure that smart
contracts<00:06:12.199><c> do</c><00:06:12.589><c> what</c><00:06:12.860><c> they</c><00:06:13.039><c> claim</c><00:06:13.219><c> to</c><00:06:13.339><c> do</c><00:06:13.639><c> how</c>

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contracts do what they claim to do how
 

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contracts do what they claim to do how
do<00:06:14.240><c> we</c><00:06:14.449><c> reason</c><00:06:14.719><c> about</c><00:06:14.900><c> them</c><00:06:15.080><c> and</c><00:06:16.449><c> finally</c><00:06:17.449><c> I</c>

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do we reason about them and finally I
 

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do we reason about them and finally I
want<00:06:17.960><c> to</c><00:06:18.080><c> talk</c><00:06:18.289><c> to</c><00:06:18.409><c> you</c><00:06:18.500><c> about</c><00:06:18.589><c> privacy</c><00:06:19.099><c> and</c><00:06:19.370><c> I</c>

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want to talk to you about privacy and I
 

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want to talk to you about privacy and I
want<00:06:19.610><c> to</c><00:06:19.729><c> tell</c><00:06:19.940><c> you</c><00:06:20.089><c> a</c><00:06:20.120><c> little</c><00:06:20.270><c> bit</c><00:06:20.419><c> about</c><00:06:20.690><c> the</c>

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want to tell you a little bit about the
 

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want to tell you a little bit about the
work<00:06:21.020><c> that's</c><00:06:21.259><c> going</c><00:06:21.469><c> on</c><00:06:21.710><c> at</c><00:06:22.159><c> IC</c><00:06:22.610><c> 3</c><00:06:23.379><c> on</c><00:06:24.379><c> how</c><00:06:24.770><c> to</c>

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work that's going on at IC 3 on how to
 

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work that's going on at IC 3 on how to
marry<00:06:25.339><c> to</c><00:06:25.879><c> things</c><00:06:26.360><c> that</c><00:06:26.629><c> most</c><00:06:26.839><c> people</c>

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marry to things that most people
 

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marry to things that most people
consider<00:06:27.409><c> to</c><00:06:28.069><c> be</c><00:06:28.099><c> incompatible</c><00:06:28.879><c> private</c><00:06:29.569><c> data</c>

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consider to be incompatible private data
 

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consider to be incompatible private data
with<00:06:30.620><c> public</c><00:06:31.279><c> lock</c><00:06:31.520><c> chains</c><00:06:32.259><c> so</c><00:06:33.259><c> let's</c><00:06:33.500><c> start</c>

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with public lock chains so let's start
 

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with public lock chains so let's start
with<00:06:33.949><c> the</c><00:06:34.129><c> scale</c><00:06:34.729><c> issue</c><00:06:35.000><c> and</c><00:06:36.430><c> so</c><00:06:37.430><c> everybody</c><00:06:37.819><c> I</c>

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with the scale issue and so everybody I
 

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with the scale issue and so everybody I
assume<00:06:38.240><c> knows</c><00:06:38.569><c> the</c><00:06:38.930><c> operation</c><00:06:39.529><c> of</c><00:06:39.649><c> a</c><00:06:39.740><c> typical</c>

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assume knows the operation of a typical
 

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assume knows the operation of a typical
block

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block
 

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block
you<00:06:41.360><c> have</c><00:06:41.719><c> the</c><00:06:41.990><c> notion</c><00:06:42.199><c> of</c><00:06:42.530><c> a</c><00:06:42.710><c> over</c><00:06:43.099><c> some</c><00:06:43.340><c> kind</c>

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you have the notion of a over some kind
 

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you have the notion of a over some kind
of<00:06:43.610><c> a</c><00:06:43.699><c> block</c><00:06:43.969><c> let's</c><00:06:44.240><c> say</c><00:06:44.419><c> the</c><00:06:44.539><c> Genesis</c><00:06:44.990><c> block</c>

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of a block let's say the Genesis block
 

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of a block let's say the Genesis block
on<00:06:45.409><c> the</c><00:06:45.499><c> left</c><00:06:45.710><c> hand</c><00:06:45.860><c> side</c><00:06:46.219><c> you</c><00:06:46.879><c> have</c>

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on the left hand side you have
 

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on the left hand side you have
transactions<00:06:47.870><c> that</c><00:06:48.050><c> are</c><00:06:48.199><c> issued</c><00:06:48.409><c> you</c><00:06:49.279><c> have</c>

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transactions that are issued you have
 

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transactions that are issued you have
minors<00:06:49.939><c> that</c><00:06:49.969><c> collate</c><00:06:50.659><c> these</c><00:06:50.840><c> transactions</c>

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minors that collate these transactions
 

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minors that collate these transactions
into<00:06:51.909><c> into</c><00:06:52.909><c> blocks</c><00:06:53.240><c> then</c><00:06:54.139><c> they</c><00:06:54.409><c> solve</c><00:06:54.770><c> some</c>

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into into blocks then they solve some
 

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into into blocks then they solve some
kind<00:06:55.310><c> of</c><00:06:55.400><c> a</c><00:06:55.490><c> proof-of-work</c><00:06:55.879><c> puzzle</c><00:06:56.090><c> and</c><00:06:56.749><c> that</c>

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kind of a proof-of-work puzzle and that
 

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kind of a proof-of-work puzzle and that
allows<00:06:57.979><c> the</c><00:06:58.520><c> system</c><00:06:58.729><c> to</c><00:06:59.029><c> attach</c><00:06:59.389><c> the</c><00:06:59.599><c> last</c>

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allows the system to attach the last
 

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allows the system to attach the last
block<00:07:00.139><c> to</c><00:07:00.319><c> the</c><00:07:00.439><c> previous</c><00:07:00.830><c> one</c><00:07:01.039><c> and</c><00:07:01.249><c> once</c><00:07:01.939><c> they</c>

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block to the previous one and once they
 

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block to the previous one and once they
do<00:07:02.180><c> that</c><00:07:02.330><c> they</c><00:07:02.629><c> announce</c><00:07:02.930><c> their</c><00:07:03.139><c> block</c><00:07:03.409><c> and</c>

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do that they announce their block and
 

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do that they announce their block and
the<00:07:04.520><c> the</c><00:07:04.999><c> miners</c><00:07:05.810><c> start</c><00:07:06.080><c> building</c><00:07:06.379><c> the</c><00:07:06.469><c> next</c>

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the the miners start building the next
 

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the the miners start building the next
block<00:07:06.979><c> and</c><00:07:07.159><c> the</c><00:07:07.669><c> next</c><00:07:07.939><c> block</c><00:07:08.150><c> and</c><00:07:08.449><c> so</c><00:07:09.020><c> forth</c>

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block and the next block and so forth
 

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block and the next block and so forth
this<00:07:10.430><c> is</c><00:07:10.699><c> of</c><00:07:11.060><c> course</c><00:07:11.240><c> we</c><00:07:11.449><c> have</c><00:07:11.599><c> to</c><00:07:11.719><c> incentivize</c>

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this is of course we have to incentivize
 

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this is of course we have to incentivize
people<00:07:12.439><c> to</c><00:07:12.620><c> do</c><00:07:12.800><c> this</c><00:07:12.949><c> and</c><00:07:13.219><c> to</c><00:07:13.250><c> do</c><00:07:13.460><c> that</c><00:07:13.669><c> we</c><00:07:13.939><c> give</c>

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people to do this and to do that we give
 

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people to do this and to do that we give
them<00:07:14.300><c> some</c><00:07:14.599><c> kind</c><00:07:14.779><c> of</c><00:07:14.930><c> a</c><00:07:14.990><c> block</c><00:07:15.289><c> reward</c><00:07:15.740><c> for</c>

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them some kind of a block reward for
 

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them some kind of a block reward for
discovering<00:07:16.520><c> these</c><00:07:16.669><c> blocks</c><00:07:17.050><c> this</c><00:07:18.050><c> operation</c>

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discovering these blocks this operation
 

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discovering these blocks this operation
makes<00:07:18.860><c> it</c><00:07:19.009><c> infeasible</c><00:07:19.669><c> to</c><00:07:19.849><c> modify</c><00:07:20.270><c> the</c><00:07:20.330><c> past</c>

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makes it infeasible to modify the past
 

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makes it infeasible to modify the past
as<00:07:21.080><c> the</c><00:07:21.349><c> attacker</c><00:07:21.680><c> as</c><00:07:22.370><c> long</c><00:07:22.550><c> as</c><00:07:22.729><c> the</c><00:07:22.819><c> attacker</c>

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as the attacker as long as the attacker
 

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as the attacker as long as the attacker
does<00:07:23.479><c> not</c><00:07:23.659><c> have</c><00:07:23.960><c> control</c><00:07:24.949><c> of</c><00:07:25.189><c> the</c><00:07:25.580><c> majority</c>

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does not have control of the majority
 

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does not have control of the majority
hash<00:07:26.270><c> power</c><00:07:26.569><c> so</c><00:07:27.169><c> if</c><00:07:27.259><c> we</c><00:07:27.409><c> have</c><00:07:27.529><c> blocks</c><00:07:27.830><c> like</c>

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hash power so if we have blocks like
 

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hash power so if we have blocks like
this<00:07:28.370><c> and</c><00:07:28.729><c> the</c><00:07:29.180><c> blockchain</c><00:07:29.419><c> is</c><00:07:29.659><c> getting</c>

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this and the blockchain is getting
 

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this and the blockchain is getting
extended<00:07:30.830><c> in</c><00:07:31.069><c> some</c><00:07:31.389><c> some</c><00:07:32.389><c> you</c><00:07:33.020><c> know</c><00:07:33.139><c> in</c><00:07:33.289><c> some</c>

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extended in some some you know in some
 

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extended in some some you know in some
reasonable<00:07:34.370><c> form</c><00:07:35.120><c> and</c><00:07:35.360><c> you</c><00:07:35.810><c> decide</c><00:07:36.229><c> to</c><00:07:36.409><c> break</c>

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reasonable form and you decide to break
 

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reasonable form and you decide to break
from<00:07:37.009><c> the</c><00:07:37.279><c> majority</c><00:07:37.610><c> you</c><00:07:37.849><c> decide</c><00:07:38.330><c> hey</c><00:07:38.539><c> I'm</c>

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from the majority you decide hey I'm
 

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from the majority you decide hey I'm
going<00:07:39.050><c> to</c><00:07:39.379><c> pretend</c><00:07:40.189><c> that</c><00:07:40.520><c> I</c><00:07:40.669><c> did</c><00:07:41.089><c> not</c><00:07:41.270><c> make</c>

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going to pretend that I did not make
 

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going to pretend that I did not make
that<00:07:41.569><c> payment</c><00:07:42.080><c> to</c><00:07:42.800><c> that</c><00:07:42.979><c> online</c><00:07:43.189><c> merchant</c>

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that payment to that online merchant
 

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that payment to that online merchant
well<00:07:44.509><c> you</c><00:07:44.750><c> can</c><00:07:45.050><c> do</c><00:07:45.409><c> that</c><00:07:45.650><c> but</c><00:07:46.310><c> but</c><00:07:47.300><c> without</c><00:07:47.779><c> the</c>

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well you can do that but but without the
 

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well you can do that but but without the
majority<00:07:48.469><c> hash</c><00:07:48.620><c> power</c><00:07:48.889><c> you</c><00:07:49.159><c> will</c><00:07:49.310><c> find</c>

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majority hash power you will find
 

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majority hash power you will find
yourself<00:07:49.969><c> falling</c><00:07:50.270><c> behind</c><00:07:50.539><c> and</c><00:07:50.960><c> unable</c><00:07:51.560><c> to</c>

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yourself falling behind and unable to
 

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yourself falling behind and unable to
keep<00:07:52.009><c> up</c><00:07:52.219><c> and</c><00:07:52.430><c> your</c><00:07:53.029><c> portion</c><00:07:53.569><c> of</c><00:07:53.689><c> or</c><00:07:53.900><c> your</c>

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keep up and your portion of or your
 

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keep up and your portion of or your
version<00:07:54.560><c> of</c><00:07:54.650><c> the</c><00:07:54.800><c> financial</c><00:07:55.279><c> history</c><00:07:55.490><c> of</c><00:07:55.610><c> the</c>

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version of the financial history of the
 

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version of the financial history of the
world<00:07:55.939><c> will</c><00:07:56.509><c> be</c><00:07:56.539><c> pruned</c><00:07:56.990><c> and</c><00:07:57.319><c> you'll</c><00:07:58.099><c> be</c><00:07:58.250><c> cut</c>

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world will be pruned and you'll be cut
 

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world will be pruned and you'll be cut
off<00:07:58.550><c> so</c><00:07:59.479><c> this</c><00:08:00.080><c> is</c><00:08:00.229><c> fine</c><00:08:00.469><c> and</c><00:08:00.649><c> dandy</c><00:08:00.710><c> and</c><00:08:01.219><c> at</c><00:08:01.879><c> the</c>

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off so this is fine and dandy and at the
 

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off so this is fine and dandy and at the
core<00:08:02.300><c> of</c><00:08:02.330><c> this</c><00:08:02.659><c> operation</c><00:08:03.319><c> this</c><00:08:03.469><c> is</c><00:08:03.680><c> the</c><00:08:03.889><c> magic</c>

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core of this operation this is the magic
 

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core of this operation this is the magic
that<00:08:04.310><c> Nakamoto</c><00:08:05.000><c> consensus</c><00:08:05.569><c> gave</c><00:08:05.810><c> us</c><00:08:05.990><c> at</c><00:08:06.529><c> the</c>

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that Nakamoto consensus gave us at the
 

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that Nakamoto consensus gave us at the
core<00:08:07.009><c> of</c><00:08:07.039><c> this</c><00:08:07.370><c> operation</c><00:08:08.120><c> is</c><00:08:08.539><c> this</c><00:08:08.810><c> frenetic</c>

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core of this operation is this frenetic
 

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core of this operation is this frenetic
activity<00:08:09.680><c> any</c><00:08:10.279><c> time</c><00:08:10.699><c> a</c><00:08:10.729><c> block</c><00:08:11.210><c> is</c><00:08:11.419><c> found</c><00:08:11.719><c> so</c>

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activity any time a block is found so
 

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activity any time a block is found so
every<00:08:12.409><c> time</c><00:08:12.620><c> somebody</c><00:08:13.009><c> finds</c><00:08:13.520><c> a</c><00:08:13.610><c> block</c><00:08:13.879><c> they</c>

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every time somebody finds a block they
 

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every time somebody finds a block they
have<00:08:14.689><c> to</c><00:08:14.870><c> very</c><00:08:15.169><c> quickly</c><00:08:15.529><c> disseminate</c><00:08:16.310><c> it</c><00:08:16.490><c> so</c>

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have to very quickly disseminate it so
 

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have to very quickly disseminate it so
as<00:08:17.149><c> to</c><00:08:17.180><c> get</c><00:08:17.479><c> other</c><00:08:17.689><c> people</c><00:08:18.110><c> to</c><00:08:18.139><c> adopt</c><00:08:18.560><c> their</c>

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as to get other people to adopt their
 

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as to get other people to adopt their
version<00:08:19.370><c> of</c><00:08:19.490><c> the</c><00:08:19.550><c> reality</c><00:08:20.149><c> and</c><00:08:20.330><c> that's</c><00:08:20.990><c> a</c>

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version of the reality and that's a
 

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version of the reality and that's a
difficult<00:08:21.469><c> thing</c><00:08:21.919><c> to</c><00:08:21.949><c> do</c><00:08:22.339><c> writing</c><00:08:22.969><c> protocols</c>

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difficult thing to do writing protocols
 

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difficult thing to do writing protocols
where<00:08:24.129><c> everybody</c><00:08:25.129><c> gets</c><00:08:25.310><c> access</c><00:08:25.789><c> to</c><00:08:25.939><c> the</c><00:08:26.029><c> same</c>

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where everybody gets access to the same
 

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where everybody gets access to the same
thing<00:08:26.479><c> at</c><00:08:26.599><c> about</c><00:08:26.990><c> the</c><00:08:27.169><c> same</c><00:08:27.379><c> time</c><00:08:27.610><c> without</c>

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thing at about the same time without
 

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thing at about the same time without
giving<00:08:29.270><c> some</c><00:08:29.750><c> kind</c><00:08:29.960><c> of</c><00:08:30.050><c> an</c><00:08:30.139><c> advantage</c><00:08:30.500><c> to</c><00:08:30.860><c> the</c>

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giving some kind of an advantage to the
 

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giving some kind of an advantage to the
bigger<00:08:31.159><c> miners</c><00:08:31.610><c> is</c><00:08:31.849><c> difficult</c><00:08:32.659><c> and</c><00:08:32.870><c> that</c><00:08:33.649><c> of</c>

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bigger miners is difficult and that of
 

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bigger miners is difficult and that of
course<00:08:33.979><c> has</c><00:08:34.310><c> led</c><00:08:34.760><c> to</c><00:08:35.680><c> the</c><00:08:36.680><c> Bitcoin</c><00:08:37.219><c> community</c>

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course has led to the Bitcoin community
 

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course has led to the Bitcoin community
rift<00:08:38.990><c> so</c><00:08:39.890><c> there</c><00:08:40.039><c> has</c><00:08:40.130><c> been</c><00:08:40.159><c> a</c><00:08:40.339><c> civil</c><00:08:40.550><c> war</c><00:08:40.849><c> in</c>

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rift so there has been a civil war in
 

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rift so there has been a civil war in
the<00:08:41.089><c> Bitcoin</c><00:08:41.479><c> world</c><00:08:41.510><c> over</c><00:08:42.320><c> the</c><00:08:42.500><c> size</c><00:08:42.800><c> of</c><00:08:43.190><c> this</c>

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the Bitcoin world over the size of this
 

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the Bitcoin world over the size of this
block<00:08:44.120><c> size</c><00:08:44.390><c> if</c><00:08:44.720><c> you</c><00:08:44.839><c> make</c><00:08:45.050><c> it</c><00:08:45.199><c> too</c><00:08:45.440><c> big</c><00:08:45.680><c> then</c>

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block size if you make it too big then
 

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block size if you make it too big then
you<00:08:47.269><c> have</c><00:08:47.870><c> this</c><00:08:48.019><c> problem</c><00:08:48.699><c> that</c><00:08:50.079><c> that</c><00:08:51.079><c> big</c>

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you have this problem that that big
 

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you have this problem that that big
miners<00:08:51.920><c> have</c><00:08:52.130><c> an</c><00:08:52.250><c> advantage</c><00:08:52.610><c> in</c><00:08:53.029><c> fact</c><00:08:53.569><c> that</c>

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miners have an advantage in fact that
 

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miners have an advantage in fact that
small

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small
 

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small
we'll<00:08:54.709><c> want</c><00:08:54.889><c> to</c><00:08:54.980><c> collate</c><00:08:55.430><c> their</c><00:08:55.670><c> resources</c>

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we'll want to collate their resources
 

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we'll want to collate their resources
and<00:08:56.540><c> combine</c><00:08:57.259><c> to</c><00:08:57.829><c> create</c><00:08:58.220><c> a</c><00:08:58.490><c> bigger</c><00:08:59.029><c> mining</c>

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and combine to create a bigger mining
 

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and combine to create a bigger mining
pool<00:09:00.130><c> if</c><00:09:01.130><c> you</c><00:09:01.370><c> make</c><00:09:01.579><c> it</c><00:09:01.790><c> too</c><00:09:02.449><c> small</c><00:09:02.810><c> then</c><00:09:03.259><c> you</c>

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pool if you make it too small then you
 

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pool if you make it too small then you
limit<00:09:03.740><c> your</c><00:09:03.860><c> throughput</c><00:09:04.430><c> and</c><00:09:04.610><c> exactly</c><00:09:05.120><c> where</c>

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limit your throughput and exactly where
 

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limit your throughput and exactly where
to<00:09:05.389><c> put</c><00:09:05.779><c> that</c><00:09:05.990><c> that</c><00:09:06.380><c> knob</c><00:09:06.740><c> where</c><00:09:07.130><c> to</c><00:09:07.279><c> adjust</c><00:09:07.670><c> it</c>

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to put that that knob where to adjust it
 

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to put that that knob where to adjust it
has<00:09:08.209><c> been</c><00:09:08.449><c> the</c><00:09:08.570><c> subject</c><00:09:08.779><c> of</c><00:09:09.110><c> much</c><00:09:09.380><c> debate</c><00:09:09.649><c> as</c>

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has been the subject of much debate as
 

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has been the subject of much debate as
you<00:09:10.250><c> might</c><00:09:10.819><c> might</c><00:09:11.060><c> have</c><00:09:11.300><c> heard</c><00:09:11.480><c> from</c><00:09:11.630><c> the</c>

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you might might have heard from the
 

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you might might have heard from the
Bitcoin<00:09:11.930><c> folks</c><00:09:12.350><c> in</c><00:09:13.009><c> in</c><00:09:13.490><c> the</c><00:09:13.610><c> theorems</c><00:09:14.089><c> case</c>

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Bitcoin folks in in the theorems case
 

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Bitcoin folks in in the theorems case
the<00:09:15.259><c> blocks</c><00:09:15.529><c> come</c><00:09:16.069><c> every</c><00:09:16.370><c> 14</c><00:09:16.850><c> seconds</c><00:09:17.389><c> the</c>

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the blocks come every 14 seconds the
 

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the blocks come every 14 seconds the
throughput<00:09:18.500><c> comes</c><00:09:18.949><c> out</c><00:09:19.190><c> -</c><00:09:19.399><c> realistically</c><00:09:19.850><c> it</c>

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throughput comes out - realistically it
 

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throughput comes out - realistically it
comes<00:09:20.449><c> out</c><00:09:20.600><c> to</c><00:09:20.750><c> 7</c><00:09:21.110><c> transactions</c><00:09:21.709><c> per</c><00:09:21.860><c> second</c>

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comes out to 7 transactions per second
 

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comes out to 7 transactions per second
if<00:09:22.490><c> all</c><00:09:23.089><c> of</c><00:09:23.269><c> the</c><00:09:23.389><c> transactions</c><00:09:24.290><c> were</c><00:09:24.370><c> just</c>

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if all of the transactions were just
 

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if all of the transactions were just
value<00:09:25.790><c> transfers</c><00:09:26.269><c> simple</c><00:09:26.569><c> transactions</c><00:09:27.199><c> it</c>

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value transfers simple transactions it
 

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value transfers simple transactions it
might<00:09:27.529><c> be</c><00:09:27.680><c> up</c><00:09:28.370><c> to</c><00:09:28.639><c> about</c><00:09:28.819><c> 25</c><00:09:29.509><c> transactions</c><00:09:30.259><c> per</c>

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might be up to about 25 transactions per
 

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might be up to about 25 transactions per
second<00:09:30.800><c> just</c><00:09:31.250><c> so</c><00:09:31.490><c> you</c><00:09:31.550><c> can</c><00:09:31.790><c> visualize</c><00:09:31.850><c> what</c>

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second just so you can visualize what
 

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second just so you can visualize what
that<00:09:32.839><c> means</c>

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that means
 

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that means
I<00:09:33.560><c> believe</c><00:09:34.370><c> the</c><00:09:34.670><c> Bay</c><00:09:34.910><c> Bridge</c><00:09:35.360><c> in</c><00:09:35.690><c> San</c>

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I believe the Bay Bridge in San
 

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I believe the Bay Bridge in San
Francisco<00:09:36.589><c> is</c><00:09:36.740><c> about</c><00:09:37.040><c> about</c><00:09:37.850><c> five</c><00:09:38.269><c> to</c><00:09:38.660><c> seven</c>

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Francisco is about about five to seven
 

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Francisco is about about five to seven
transactions<00:09:39.740><c> a</c><00:09:39.860><c> second</c><00:09:40.339><c> on</c><00:09:40.490><c> a</c><00:09:40.550><c> busy</c><00:09:41.000><c> busy</c>

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transactions a second on a busy busy
 

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transactions a second on a busy busy
evening<00:09:41.660><c> so</c><00:09:42.380><c> that's</c><00:09:42.560><c> about</c><00:09:42.769><c> the</c><00:09:43.069><c> rate</c><00:09:43.220><c> we're</c>

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evening so that's about the rate we're
 

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evening so that's about the rate we're
talking<00:09:43.759><c> about</c><00:09:43.990><c> like</c><00:09:44.990><c> a</c><00:09:45.019><c> an</c><00:09:45.589><c> Ikea</c><00:09:46.040><c> on</c><00:09:46.310><c> a</c>

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talking about like a an Ikea on a
 

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talking about like a an Ikea on a
Saturday<00:09:47.000><c> might</c><00:09:47.300><c> be</c><00:09:47.509><c> a</c><00:09:47.540><c> few</c><00:09:47.899><c> transactions</c><00:09:48.620><c> per</c>

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Saturday might be a few transactions per
 

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Saturday might be a few transactions per
second<00:09:49.190><c> and</c><00:09:49.399><c> so</c><00:09:49.819><c> it's</c><00:09:49.970><c> a</c><00:09:50.089><c> very</c><00:09:50.329><c> hard</c>

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second and so it's a very hard
 

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second and so it's a very hard
foundation<00:09:51.440><c> it's</c><00:09:51.649><c> a</c><00:09:51.740><c> very</c><00:09:51.949><c> limiting</c>

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foundation it's a very limiting
 

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foundation it's a very limiting
foundation<00:09:53.149><c> to</c><00:09:53.540><c> build</c><00:09:53.750><c> a</c><00:09:54.079><c> worldwide</c><00:09:54.680><c> global</c>

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foundation to build a worldwide global
 

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foundation to build a worldwide global
transaction<00:09:55.940><c> system</c><00:09:56.269><c> on</c><00:09:56.420><c> so</c><00:09:57.230><c> and</c><00:09:57.440><c> simply</c>

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transaction system on so and simply
 

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transaction system on so and simply
simply<00:09:58.430><c> increasing</c><00:09:59.240><c> the</c><00:09:59.360><c> block</c><00:09:59.569><c> size</c><00:09:59.810><c> is</c><00:10:00.079><c> not</c>

00:10:00.220 --> 00:10:00.230 align:start position:0%
simply increasing the block size is not
 

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simply increasing the block size is not
a<00:10:00.290><c> long-term</c><00:10:00.709><c> option</c><00:10:01.430><c> so</c><00:10:02.180><c> you</c><00:10:02.420><c> could</c><00:10:02.720><c> up</c><00:10:02.870><c> it</c><00:10:03.019><c> a</c>

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a long-term option so you could up it a
 

00:10:03.050 --> 00:10:04.540 align:start position:0%
a long-term option so you could up it a
little<00:10:03.139><c> bit</c><00:10:03.560><c> in</c><00:10:03.800><c> fact</c><00:10:03.949><c> you</c><00:10:04.100><c> could</c><00:10:04.250><c> up</c><00:10:04.399><c> it</c>

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little bit in fact you could up it
 

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little bit in fact you could up it
certainly<00:10:05.060><c> could</c><00:10:05.209><c> up</c><00:10:05.389><c> the</c><00:10:05.420><c> Bitcoin</c><00:10:05.870><c> block</c>

00:10:06.340 --> 00:10:06.350 align:start position:0%
certainly could up the Bitcoin block
 

00:10:06.350 --> 00:10:08.110 align:start position:0%
certainly could up the Bitcoin block
size<00:10:06.589><c> because</c><00:10:06.949><c> they're</c><00:10:07.130><c> in</c><00:10:07.250><c> a</c><00:10:07.339><c> very</c><00:10:07.370><c> very</c><00:10:07.910><c> low</c>

00:10:08.110 --> 00:10:08.120 align:start position:0%
size because they're in a very very low
 

00:10:08.120 --> 00:10:09.790 align:start position:0%
size because they're in a very very low
range<00:10:08.360><c> but</c><00:10:09.139><c> you</c><00:10:09.199><c> couldn't</c><00:10:09.529><c> help</c><00:10:09.649><c> it</c>

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range but you couldn't help it
 

00:10:09.800 --> 00:10:11.530 align:start position:0%
range but you couldn't help it
indefinitely<00:10:10.459><c> if</c><00:10:10.670><c> the</c><00:10:10.819><c> blocks</c><00:10:11.029><c> were</c><00:10:11.209><c> really</c>

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indefinitely if the blocks were really
 

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indefinitely if the blocks were really
big<00:10:11.720><c> then</c><00:10:12.079><c> there</c><00:10:13.040><c> would</c><00:10:13.190><c> not</c><00:10:13.339><c> be</c><00:10:13.399><c> enough</c><00:10:13.760><c> time</c>

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big then there would not be enough time
 

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big then there would not be enough time
to<00:10:14.180><c> build</c><00:10:14.329><c> on</c><00:10:14.540><c> one</c><00:10:14.810><c> before</c><00:10:15.529><c> the</c><00:10:15.649><c> next</c><00:10:15.800><c> one</c>

00:10:15.939 --> 00:10:15.949 align:start position:0%
to build on one before the next one
 

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to build on one before the next one
arrives<00:10:16.149><c> so</c><00:10:17.149><c> what</c><00:10:17.329><c> have</c><00:10:17.480><c> we</c><00:10:17.630><c> done</c>

00:10:18.009 --> 00:10:18.019 align:start position:0%
arrives so what have we done
 

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arrives so what have we done
academics<00:10:18.680><c> have</c><00:10:18.829><c> looked</c><00:10:19.040><c> at</c><00:10:19.130><c> this</c><00:10:19.250><c> for</c><00:10:19.459><c> this</c>

00:10:19.629 --> 00:10:19.639 align:start position:0%
academics have looked at this for this
 

00:10:19.639 --> 00:10:21.519 align:start position:0%
academics have looked at this for this
this<00:10:19.970><c> issue</c><00:10:20.209><c> and</c><00:10:20.480><c> what</c><00:10:20.600><c> you</c><00:10:20.750><c> typically</c><00:10:21.260><c> have</c>

00:10:21.519 --> 00:10:21.529 align:start position:0%
this issue and what you typically have
 

00:10:21.529 --> 00:10:23.920 align:start position:0%
this issue and what you typically have
in<00:10:21.560><c> bad</c><00:10:21.980><c> communities</c><00:10:22.760><c> is</c><00:10:23.000><c> you</c><00:10:23.449><c> have</c><00:10:23.660><c> what</c><00:10:23.899><c> we</c>

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in bad communities is you have what we
 

00:10:23.930 --> 00:10:27.460 align:start position:0%
in bad communities is you have what we
call<00:10:24.290><c> designed</c><00:10:25.100><c> by</c><00:10:25.310><c> gut</c><00:10:25.610><c> a</c><00:10:25.850><c> designer</c><00:10:26.630><c> ideally</c>

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call designed by gut a designer ideally
 

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call designed by gut a designer ideally
with<00:10:27.589><c> a</c><00:10:27.620><c> big</c><00:10:27.829><c> beard</c><00:10:28.160><c> holds</c><00:10:29.029><c> his</c><00:10:29.180><c> gut</c><00:10:29.420><c> and</c><00:10:29.630><c> says</c>

00:10:29.860 --> 00:10:29.870 align:start position:0%
with a big beard holds his gut and says
 

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with a big beard holds his gut and says
well<00:10:30.050><c> I</c><00:10:30.079><c> feel</c><00:10:30.529><c> like</c><00:10:30.860><c> this</c><00:10:31.100><c> particular</c><00:10:31.760><c> block</c>

00:10:31.990 --> 00:10:32.000 align:start position:0%
well I feel like this particular block
 

00:10:32.000 --> 00:10:34.509 align:start position:0%
well I feel like this particular block
size<00:10:32.269><c> is</c><00:10:32.300><c> the</c><00:10:32.690><c> best</c><00:10:32.720><c> one</c><00:10:33.139><c> and</c><00:10:33.350><c> that's</c><00:10:34.040><c> that's</c>

00:10:34.509 --> 00:10:34.519 align:start position:0%
size is the best one and that's that's
 

00:10:34.519 --> 00:10:36.309 align:start position:0%
size is the best one and that's that's
okay<00:10:34.760><c> it</c><00:10:35.329><c> depends</c><00:10:35.779><c> on</c><00:10:35.839><c> the</c><00:10:36.019><c> sort</c><00:10:36.199><c> of</c><00:10:36.260><c> the</c>

00:10:36.309 --> 00:10:36.319 align:start position:0%
okay it depends on the sort of the
 

00:10:36.319 --> 00:10:38.230 align:start position:0%
okay it depends on the sort of the
people<00:10:36.649><c> swaying</c><00:10:37.130><c> power</c><00:10:37.430><c> of</c><00:10:37.670><c> the</c><00:10:37.790><c> beard</c><00:10:38.000><c> in</c>

00:10:38.230 --> 00:10:38.240 align:start position:0%
people swaying power of the beard in
 

00:10:38.240 --> 00:10:41.740 align:start position:0%
people swaying power of the beard in
some<00:10:38.420><c> sense</c><00:10:38.980><c> but</c><00:10:39.980><c> but</c><00:10:40.850><c> really</c><00:10:41.209><c> that's</c><00:10:41.389><c> no</c><00:10:41.600><c> way</c>

00:10:41.740 --> 00:10:41.750 align:start position:0%
some sense but but really that's no way
 

00:10:41.750 --> 00:10:43.509 align:start position:0%
some sense but but really that's no way
to<00:10:41.779><c> build</c><00:10:42.110><c> systems</c><00:10:42.560><c> ok</c><00:10:42.860><c> the</c><00:10:43.010><c> science</c><00:10:43.399><c> driven</c>

00:10:43.509 --> 00:10:43.519 align:start position:0%
to build systems ok the science driven
 

00:10:43.519 --> 00:10:44.920 align:start position:0%
to build systems ok the science driven
way<00:10:43.819><c> to</c><00:10:43.880><c> build</c><00:10:44.180><c> this</c><00:10:44.300><c> is</c><00:10:44.480><c> you</c><00:10:44.569><c> come</c><00:10:44.750><c> up</c><00:10:44.899><c> with</c>

00:10:44.920 --> 00:10:44.930 align:start position:0%
way to build this is you come up with
 

00:10:44.930 --> 00:10:47.410 align:start position:0%
way to build this is you come up with
metrics<00:10:45.529><c> you</c><00:10:46.100><c> decide</c><00:10:46.550><c> what</c><00:10:46.880><c> your</c><00:10:47.029><c> Minimum</c>

00:10:47.410 --> 00:10:47.420 align:start position:0%
metrics you decide what your Minimum
 

00:10:47.420 --> 00:10:49.960 align:start position:0%
metrics you decide what your Minimum
Viable<00:10:47.449><c> platform</c><00:10:48.290><c> is</c><00:10:48.470><c> you</c><00:10:48.860><c> then</c><00:10:49.130><c> show</c><00:10:49.579><c> that</c>

00:10:49.960 --> 00:10:49.970 align:start position:0%
Viable platform is you then show that
 

00:10:49.970 --> 00:10:51.189 align:start position:0%
Viable platform is you then show that
the<00:10:50.089><c> metrics</c><00:10:50.509><c> you</c><00:10:50.630><c> have</c><00:10:50.720><c> chosen</c><00:10:50.930><c> the</c>

00:10:51.189 --> 00:10:51.199 align:start position:0%
the metrics you have chosen the
 

00:10:51.199 --> 00:10:52.749 align:start position:0%
the metrics you have chosen the
particular<00:10:51.680><c> parameters</c><00:10:52.130><c> you've</c><00:10:52.279><c> chosen</c><00:10:52.519><c> are</c>

00:10:52.749 --> 00:10:52.759 align:start position:0%
particular parameters you've chosen are
 

00:10:52.759 --> 00:10:54.429 align:start position:0%
particular parameters you've chosen are
ideal<00:10:53.089><c> for</c><00:10:53.389><c> what</c><00:10:53.509><c> you</c><00:10:53.660><c> want</c><00:10:53.779><c> to</c><00:10:53.959><c> achieve</c><00:10:54.050><c> and</c>

00:10:54.429 --> 00:10:54.439 align:start position:0%
ideal for what you want to achieve and
 

00:10:54.439 --> 00:10:57.370 align:start position:0%
ideal for what you want to achieve and
to<00:10:55.339><c> help</c><00:10:55.579><c> with</c><00:10:55.730><c> this</c><00:10:55.910><c> process</c><00:10:56.420><c> at</c><00:10:56.630><c> IC</c><00:10:56.959><c> 3</c><00:10:57.230><c> we</c>

00:10:57.370 --> 00:10:57.380 align:start position:0%
to help with this process at IC 3 we
 

00:10:57.380 --> 00:10:59.740 align:start position:0%
to help with this process at IC 3 we
came<00:10:57.560><c> up</c><00:10:57.740><c> with</c><00:10:57.920><c> some</c><00:10:58.519><c> metrics</c><00:10:59.300><c> for</c>

00:10:59.740 --> 00:10:59.750 align:start position:0%
came up with some metrics for
 

00:10:59.750 --> 00:11:01.420 align:start position:0%
came up with some metrics for
characterizing<00:11:00.380><c> nakamoto</c><00:11:00.920><c> consensus</c>

00:11:01.420 --> 00:11:01.430 align:start position:0%
characterizing nakamoto consensus
 

00:11:01.430 --> 00:11:03.250 align:start position:0%
characterizing nakamoto consensus
protocols<00:11:01.880><c> these</c><00:11:02.029><c> are</c><00:11:02.180><c> things</c><00:11:02.420><c> like</c><00:11:02.510><c> mining</c>

00:11:03.250 --> 00:11:03.260 align:start position:0%
protocols these are things like mining
 

00:11:03.260 --> 00:11:05.319 align:start position:0%
protocols these are things like mining
power<00:11:03.410><c> utilization</c><00:11:03.949><c> obviously</c><00:11:04.760><c> you</c><00:11:04.850><c> want</c><00:11:05.060><c> all</c>

00:11:05.319 --> 00:11:05.329 align:start position:0%
power utilization obviously you want all
 

00:11:05.329 --> 00:11:07.140 align:start position:0%
power utilization obviously you want all
of<00:11:05.360><c> the</c><00:11:05.630><c> power</c><00:11:05.810><c> spent</c><00:11:06.230><c> on</c><00:11:06.410><c> mining</c>

00:11:07.140 --> 00:11:07.150 align:start position:0%
of the power spent on mining
 

00:11:07.150 --> 00:11:08.670 align:start position:0%
of the power spent on mining
go<00:11:07.330><c> into</c><00:11:07.570><c> your</c><00:11:07.690><c> blockchain</c><00:11:08.260><c> and</c><00:11:08.440><c> if</c><00:11:08.500><c> that's</c>

00:11:08.670 --> 00:11:08.680 align:start position:0%
go into your blockchain and if that's
 

00:11:08.680 --> 00:11:09.780 align:start position:0%
go into your blockchain and if that's
not<00:11:08.890><c> happening</c><00:11:08.950><c> there</c><00:11:09.340><c> is</c><00:11:09.400><c> something</c><00:11:09.640><c> wrong</c>

00:11:09.780 --> 00:11:09.790 align:start position:0%
not happening there is something wrong
 

00:11:09.790 --> 00:11:11.790 align:start position:0%
not happening there is something wrong
oh<00:11:10.060><c> you</c><00:11:10.480><c> want</c><00:11:10.750><c> the</c><00:11:10.900><c> mining</c><00:11:11.230><c> process</c><00:11:11.590><c> to</c><00:11:11.710><c> be</c>

00:11:11.790 --> 00:11:11.800 align:start position:0%
oh you want the mining process to be
 

00:11:11.800 --> 00:11:14.160 align:start position:0%
oh you want the mining process to be
fair<00:11:12.100><c> even</c><00:11:12.520><c> too</c><00:11:12.670><c> small</c><00:11:12.700><c> miners</c><00:11:13.420><c> you</c><00:11:13.900><c> want</c><00:11:14.080><c> the</c>

00:11:14.160 --> 00:11:14.170 align:start position:0%
fair even too small miners you want the
 

00:11:14.170 --> 00:11:17.160 align:start position:0%
fair even too small miners you want the
consensus<00:11:14.770><c> delay</c><00:11:15.100><c> to</c><00:11:15.160><c> be</c><00:11:15.400><c> low</c><00:11:15.970><c> and</c><00:11:16.270><c> we</c><00:11:17.020><c> also</c>

00:11:17.160 --> 00:11:17.170 align:start position:0%
consensus delay to be low and we also
 

00:11:17.170 --> 00:11:18.210 align:start position:0%
consensus delay to be low and we also
came<00:11:17.440><c> up</c><00:11:17.590><c> with</c><00:11:17.740><c> two</c><00:11:17.890><c> very</c><00:11:17.920><c> interesting</c>

00:11:18.210 --> 00:11:18.220 align:start position:0%
came up with two very interesting
 

00:11:18.220 --> 00:11:19.890 align:start position:0%
came up with two very interesting
metrics<00:11:18.880><c> that</c><00:11:19.000><c> I</c><00:11:19.090><c> don't</c><00:11:19.270><c> have</c><00:11:19.390><c> time</c><00:11:19.600><c> to</c><00:11:19.780><c> go</c>

00:11:19.890 --> 00:11:19.900 align:start position:0%
metrics that I don't have time to go
 

00:11:19.900 --> 00:11:22.740 align:start position:0%
metrics that I don't have time to go
into<00:11:20.080><c> time</c><00:11:20.710><c> to</c><00:11:20.860><c> win</c><00:11:21.010><c> and</c><00:11:21.250><c> time</c><00:11:21.400><c> to</c><00:11:21.580><c> prune</c><00:11:21.820><c> that</c>

00:11:22.740 --> 00:11:22.750 align:start position:0%
into time to win and time to prune that
 

00:11:22.750 --> 00:11:25.110 align:start position:0%
into time to win and time to prune that
talk<00:11:22.960><c> about</c><00:11:23.230><c> the</c><00:11:23.440><c> latency</c><00:11:24.100><c> of</c><00:11:24.130><c> the</c><00:11:24.460><c> process</c><00:11:24.940><c> of</c>

00:11:25.110 --> 00:11:25.120 align:start position:0%
talk about the latency of the process of
 

00:11:25.120 --> 00:11:26.820 align:start position:0%
talk about the latency of the process of
the<00:11:25.240><c> consensus</c><00:11:25.870><c> process</c><00:11:26.050><c> from</c><00:11:26.410><c> the</c><00:11:26.530><c> point</c><00:11:26.680><c> of</c>

00:11:26.820 --> 00:11:26.830 align:start position:0%
the consensus process from the point of
 

00:11:26.830 --> 00:11:30.390 align:start position:0%
the consensus process from the point of
view<00:11:26.890><c> of</c><00:11:27.160><c> a</c><00:11:27.250><c> miner</c><00:11:27.480><c> and</c><00:11:28.480><c> to</c><00:11:29.440><c> aid</c><00:11:29.620><c> this</c><00:11:29.920><c> we</c><00:11:30.220><c> also</c>

00:11:30.390 --> 00:11:30.400 align:start position:0%
view of a miner and to aid this we also
 

00:11:30.400 --> 00:11:33.390 align:start position:0%
view of a miner and to aid this we also
built<00:11:30.820><c> a</c><00:11:30.970><c> bunch</c><00:11:31.150><c> of</c><00:11:31.300><c> effort</c><00:11:32.040><c> apparatus</c><00:11:33.040><c> a</c>

00:11:33.390 --> 00:11:33.400 align:start position:0%
built a bunch of effort apparatus a
 

00:11:33.400 --> 00:11:36.990 align:start position:0%
built a bunch of effort apparatus a
proton<00:11:33.820><c> or</c><00:11:34.060><c> whatever</c><00:11:34.330><c> the</c><00:11:34.480><c> word</c><00:11:34.600><c> is</c><00:11:35.310><c> for</c><00:11:36.310><c> for</c>

00:11:36.990 --> 00:11:37.000 align:start position:0%
proton or whatever the word is for for
 

00:11:37.000 --> 00:11:39.150 align:start position:0%
proton or whatever the word is for for
experimenting<00:11:37.900><c> with</c><00:11:38.110><c> with</c><00:11:38.650><c> consensus</c>

00:11:39.150 --> 00:11:39.160 align:start position:0%
experimenting with with consensus
 

00:11:39.160 --> 00:11:40.740 align:start position:0%
experimenting with with consensus
protocols<00:11:39.580><c> one</c><00:11:39.730><c> thing</c><00:11:39.970><c> we</c><00:11:40.090><c> built</c><00:11:40.300><c> which</c><00:11:40.540><c> is</c><00:11:40.660><c> an</c>

00:11:40.740 --> 00:11:40.750 align:start position:0%
protocols one thing we built which is an
 

00:11:40.750 --> 00:11:43.590 align:start position:0%
protocols one thing we built which is an
interesting<00:11:41.400><c> artifact</c><00:11:42.400><c> is</c><00:11:42.700><c> miniature</c><00:11:43.330><c> world</c>

00:11:43.590 --> 00:11:43.600 align:start position:0%
interesting artifact is miniature world
 

00:11:43.600 --> 00:11:46.470 align:start position:0%
interesting artifact is miniature world
a<00:11:43.900><c> replica</c><00:11:44.650><c> of</c><00:11:44.830><c> the</c><00:11:45.460><c> cryptocurrency</c><00:11:45.790><c> world</c>

00:11:46.470 --> 00:11:46.480 align:start position:0%
a replica of the cryptocurrency world
 

00:11:46.480 --> 00:11:48.630 align:start position:0%
a replica of the cryptocurrency world
one<00:11:46.930><c> for</c><00:11:47.260><c> one</c><00:11:47.500><c> in</c><00:11:47.740><c> the</c><00:11:47.920><c> basement</c><00:11:48.370><c> of</c><00:11:48.490><c> our</c>

00:11:48.630 --> 00:11:48.640 align:start position:0%
one for one in the basement of our
 

00:11:48.640 --> 00:11:50.820 align:start position:0%
one for one in the basement of our
computer<00:11:49.120><c> science</c><00:11:49.450><c> department</c><00:11:49.930><c> so</c><00:11:50.380><c> for</c><00:11:50.560><c> every</c>

00:11:50.820 --> 00:11:50.830 align:start position:0%
computer science department so for every
 

00:11:50.830 --> 00:11:53.190 align:start position:0%
computer science department so for every
Bitcoin<00:11:51.130><c> node</c><00:11:51.640><c> out</c><00:11:51.850><c> there</c><00:11:52.120><c> we</c><00:11:52.540><c> have</c><00:11:52.660><c> a</c><00:11:52.690><c> replica</c>

00:11:53.190 --> 00:11:53.200 align:start position:0%
Bitcoin node out there we have a replica
 

00:11:53.200 --> 00:11:55.560 align:start position:0%
Bitcoin node out there we have a replica
of<00:11:53.230><c> it</c><00:11:53.410><c> in</c><00:11:53.620><c> the</c><00:11:53.830><c> department</c><00:11:53.950><c> and</c><00:11:54.580><c> work</c><00:11:55.240><c> is</c><00:11:55.420><c> on</c>

00:11:55.560 --> 00:11:55.570 align:start position:0%
of it in the department and work is on
 

00:11:55.570 --> 00:11:58.140 align:start position:0%
of it in the department and work is on
their<00:11:55.750><c> way</c><00:11:55.900><c> that</c><00:11:56.500><c> allows</c><00:11:57.340><c> us</c><00:11:57.580><c> that</c><00:11:57.610><c> will</c><00:11:57.940><c> allow</c>

00:11:58.140 --> 00:11:58.150 align:start position:0%
their way that allows us that will allow
 

00:11:58.150 --> 00:12:00.270 align:start position:0%
their way that allows us that will allow
us<00:11:58.360><c> to</c><00:11:58.570><c> have</c><00:11:58.810><c> a</c><00:11:58.840><c> replica</c><00:11:59.350><c> of</c><00:11:59.380><c> every</c><00:11:59.740><c> etherium</c>

00:12:00.270 --> 00:12:00.280 align:start position:0%
us to have a replica of every etherium
 

00:12:00.280 --> 00:12:02.640 align:start position:0%
us to have a replica of every etherium
node<00:12:00.520><c> as</c><00:12:00.760><c> well</c><00:12:00.790><c> these</c><00:12:01.510><c> systems</c><00:12:01.960><c> are</c><00:12:02.140><c> not</c><00:12:02.380><c> that</c>

00:12:02.640 --> 00:12:02.650 align:start position:0%
node as well these systems are not that
 

00:12:02.650 --> 00:12:04.430 align:start position:0%
node as well these systems are not that
big<00:12:02.950><c> that</c><00:12:03.400><c> they</c><00:12:03.580><c> could</c><00:12:03.790><c> not</c><00:12:03.940><c> be</c><00:12:04.090><c> replicated</c>

00:12:04.430 --> 00:12:04.440 align:start position:0%
big that they could not be replicated
 

00:12:04.440 --> 00:12:06.330 align:start position:0%
big that they could not be replicated
especially<00:12:05.440><c> given</c><00:12:05.680><c> the</c><00:12:05.770><c> fact</c><00:12:05.980><c> that</c><00:12:06.070><c> we</c><00:12:06.220><c> don't</c>

00:12:06.330 --> 00:12:06.340 align:start position:0%
especially given the fact that we don't
 

00:12:06.340 --> 00:12:07.890 align:start position:0%
especially given the fact that we don't
have<00:12:06.460><c> to</c><00:12:06.670><c> do</c><00:12:06.940><c> the</c><00:12:07.150><c> mining</c><00:12:07.540><c> when</c><00:12:07.690><c> we</c><00:12:07.810><c> do</c>

00:12:07.890 --> 00:12:07.900 align:start position:0%
have to do the mining when we do
 

00:12:07.900 --> 00:12:10.440 align:start position:0%
have to do the mining when we do
simulations<00:12:08.560><c> we</c><00:12:09.550><c> also</c><00:12:09.760><c> build</c><00:12:10.090><c> relay</c>

00:12:10.440 --> 00:12:10.450 align:start position:0%
simulations we also build relay
 

00:12:10.450 --> 00:12:13.320 align:start position:0%
simulations we also build relay
backbones<00:12:11.020><c> for</c><00:12:11.410><c> for</c><00:12:12.100><c> Bitcoin</c><00:12:12.670><c> to</c><00:12:12.880><c> be</c><00:12:12.940><c> able</c><00:12:13.030><c> to</c>

00:12:13.320 --> 00:12:13.330 align:start position:0%
backbones for for Bitcoin to be able to
 

00:12:13.330 --> 00:12:14.910 align:start position:0%
backbones for for Bitcoin to be able to
be<00:12:13.420><c> able</c><00:12:13.510><c> to</c><00:12:13.660><c> collect</c><00:12:13.930><c> data</c><00:12:14.050><c> from</c><00:12:14.440><c> inside</c><00:12:14.800><c> the</c>

00:12:14.910 --> 00:12:14.920 align:start position:0%
be able to collect data from inside the
 

00:12:14.920 --> 00:12:16.410 align:start position:0%
be able to collect data from inside the
network<00:12:15.100><c> and</c><00:12:15.430><c> we</c><00:12:15.490><c> operate</c><00:12:15.880><c> one</c><00:12:16.060><c> of</c><00:12:16.180><c> the</c><00:12:16.270><c> two</c>

00:12:16.410 --> 00:12:16.420 align:start position:0%
network and we operate one of the two
 

00:12:16.420 --> 00:12:19.380 align:start position:0%
network and we operate one of the two
backbones<00:12:16.660><c> for</c><00:12:17.140><c> Bitcoin</c><00:12:17.520><c> and</c><00:12:18.520><c> so</c><00:12:19.240><c> there</c><00:12:19.360><c> are</c>

00:12:19.380 --> 00:12:19.390 align:start position:0%
backbones for Bitcoin and so there are
 

00:12:19.390 --> 00:12:20.850 align:start position:0%
backbones for Bitcoin and so there are
some<00:12:19.570><c> interesting</c><00:12:19.840><c> findings</c><00:12:20.410><c> that</c><00:12:20.590><c> I</c><00:12:20.680><c> can</c>

00:12:20.850 --> 00:12:20.860 align:start position:0%
some interesting findings that I can
 

00:12:20.860 --> 00:12:23.580 align:start position:0%
some interesting findings that I can
share<00:12:21.040><c> with</c><00:12:21.100><c> you</c><00:12:21.310><c> one</c><00:12:22.270><c> of</c><00:12:22.420><c> them</c><00:12:22.540><c> is</c><00:12:22.750><c> the</c>

00:12:23.580 --> 00:12:23.590 align:start position:0%
share with you one of them is the
 

00:12:23.590 --> 00:12:26.100 align:start position:0%
share with you one of them is the
etherium<00:12:24.100><c> system</c><00:12:24.490><c> actually</c><00:12:24.700><c> the</c><00:12:25.180><c> the</c><00:12:25.780><c> current</c>

00:12:26.100 --> 00:12:26.110 align:start position:0%
etherium system actually the the current
 

00:12:26.110 --> 00:12:28.650 align:start position:0%
etherium system actually the the current
protocol<00:12:26.470><c> incurs</c><00:12:27.340><c> many</c><00:12:27.670><c> uncles</c><00:12:27.880><c> who</c><00:12:28.360><c> you</c><00:12:28.540><c> end</c>

00:12:28.650 --> 00:12:28.660 align:start position:0%
protocol incurs many uncles who you end
 

00:12:28.660 --> 00:12:30.810 align:start position:0%
protocol incurs many uncles who you end
up<00:12:28.840><c> we</c><00:12:29.380><c> end</c><00:12:29.500><c> up</c><00:12:29.710><c> actually</c><00:12:30.040><c> wasting</c><00:12:30.580><c> some</c>

00:12:30.810 --> 00:12:30.820 align:start position:0%
up we end up actually wasting some
 

00:12:30.820 --> 00:12:33.120 align:start position:0%
up we end up actually wasting some
effort<00:12:31.150><c> in</c><00:12:31.300><c> Uncle</c><00:12:31.660><c> blocks</c><00:12:31.930><c> and</c><00:12:32.350><c> it</c><00:12:32.890><c> would</c><00:12:33.010><c> be</c>

00:12:33.120 --> 00:12:33.130 align:start position:0%
effort in Uncle blocks and it would be
 

00:12:33.130 --> 00:12:35.940 align:start position:0%
effort in Uncle blocks and it would be
nice<00:12:33.310><c> to</c><00:12:33.340><c> reduce</c><00:12:33.790><c> that</c><00:12:33.970><c> number</c><00:12:34.560><c> also</c><00:12:35.560><c> we</c><00:12:35.740><c> found</c>

00:12:35.940 --> 00:12:35.950 align:start position:0%
nice to reduce that number also we found
 

00:12:35.950 --> 00:12:37.950 align:start position:0%
nice to reduce that number also we found
that<00:12:36.310><c> the</c><00:12:36.520><c> network</c><00:12:36.850><c> the</c><00:12:37.330><c> network</c><00:12:37.810><c> would</c>

00:12:37.950 --> 00:12:37.960 align:start position:0%
that the network the network would
 

00:12:37.960 --> 00:12:41.220 align:start position:0%
that the network the network would
greatly<00:12:38.230><c> benefit</c><00:12:38.770><c> from</c><00:12:38.830><c> a</c><00:12:39.130><c> relay</c><00:12:39.430><c> network</c><00:12:40.230><c> the</c>

00:12:41.220 --> 00:12:41.230 align:start position:0%
greatly benefit from a relay network the
 

00:12:41.230 --> 00:12:43.590 align:start position:0%
greatly benefit from a relay network the
ecosystem<00:12:42.070><c> the</c><00:12:42.250><c> etherium</c><00:12:42.670><c> mining</c><00:12:43.030><c> ecosystem</c>

00:12:43.590 --> 00:12:43.600 align:start position:0%
ecosystem the etherium mining ecosystem
 

00:12:43.600 --> 00:12:45.630 align:start position:0%
ecosystem the etherium mining ecosystem
as<00:12:43.750><c> it</c><00:12:44.020><c> is</c><00:12:44.170><c> is</c><00:12:44.500><c> more</c><00:12:44.770><c> centralized</c><00:12:45.460><c> than</c>

00:12:45.630 --> 00:12:45.640 align:start position:0%
as it is is more centralized than
 

00:12:45.640 --> 00:12:47.250 align:start position:0%
as it is is more centralized than
Bitcoin<00:12:45.880><c> that's</c><00:12:46.330><c> an</c><00:12:46.480><c> interesting</c><00:12:46.900><c> finding</c>

00:12:47.250 --> 00:12:47.260 align:start position:0%
Bitcoin that's an interesting finding
 

00:12:47.260 --> 00:12:49.860 align:start position:0%
Bitcoin that's an interesting finding
and<00:12:47.520><c> there</c><00:12:48.520><c> are</c><00:12:48.700><c> fewer</c><00:12:48.970><c> number</c><00:12:49.390><c> of</c><00:12:49.510><c> actors</c>

00:12:49.860 --> 00:12:49.870 align:start position:0%
and there are fewer number of actors
 

00:12:49.870 --> 00:12:51.780 align:start position:0%
and there are fewer number of actors
that<00:12:50.020><c> control</c><00:12:50.440><c> more</c><00:12:50.650><c> of</c><00:12:50.800><c> the</c><00:12:50.890><c> hash</c><00:12:51.070><c> power</c><00:12:51.340><c> it</c>

00:12:51.780 --> 00:12:51.790 align:start position:0%
that control more of the hash power it
 

00:12:51.790 --> 00:12:53.970 align:start position:0%
that control more of the hash power it
changes<00:12:52.390><c> from</c><00:12:52.540><c> from</c><00:12:52.930><c> week</c><00:12:53.290><c> to</c><00:12:53.470><c> week</c><00:12:53.500><c> month</c><00:12:53.650><c> to</c>

00:12:53.970 --> 00:12:53.980 align:start position:0%
changes from from week to week month to
 

00:12:53.980 --> 00:12:57.330 align:start position:0%
changes from from week to week month to
month<00:12:54.100><c> but</c><00:12:54.730><c> overall</c><00:12:55.090><c> it's</c><00:12:55.450><c> fewer</c><00:12:55.750><c> and</c><00:12:56.340><c> and</c>

00:12:57.330 --> 00:12:57.340 align:start position:0%
month but overall it's fewer and and
 

00:12:57.340 --> 00:12:59.100 align:start position:0%
month but overall it's fewer and and
it's<00:12:57.550><c> an</c><00:12:57.670><c> interesting</c><00:12:57.940><c> interesting</c><00:12:58.600><c> outcome</c>

00:12:59.100 --> 00:12:59.110 align:start position:0%
it's an interesting interesting outcome
 

00:12:59.110 --> 00:13:01.350 align:start position:0%
it's an interesting interesting outcome
but<00:12:59.590><c> the</c><00:12:59.740><c> real</c><00:12:59.890><c> issue</c><00:13:00.100><c> here</c><00:13:00.250><c> is</c><00:13:00.520><c> okay</c><00:13:01.030><c> so</c><00:13:01.090><c> this</c>

00:13:01.350 --> 00:13:01.360 align:start position:0%
but the real issue here is okay so this
 

00:13:01.360 --> 00:13:02.940 align:start position:0%
but the real issue here is okay so this
is<00:13:01.540><c> all</c><00:13:01.690><c> fine</c><00:13:01.930><c> and</c><00:13:02.110><c> good</c><00:13:02.170><c> these</c><00:13:02.650><c> are</c><00:13:02.680><c> just</c>

00:13:02.940 --> 00:13:02.950 align:start position:0%
is all fine and good these are just
 

00:13:02.950 --> 00:13:05.520 align:start position:0%
is all fine and good these are just
findings<00:13:03.340><c> from</c><00:13:03.430><c> the</c><00:13:03.580><c> current</c><00:13:03.970><c> network</c><00:13:04.530><c> how</c>

00:13:05.520 --> 00:13:05.530 align:start position:0%
findings from the current network how
 

00:13:05.530 --> 00:13:07.680 align:start position:0%
findings from the current network how
would<00:13:05.830><c> one</c><00:13:06.040><c> make</c><00:13:06.310><c> this</c><00:13:06.520><c> better</c><00:13:06.820><c> and</c><00:13:07.120><c> the</c><00:13:07.510><c> funny</c>

00:13:07.680 --> 00:13:07.690 align:start position:0%
would one make this better and the funny
 

00:13:07.690 --> 00:13:09.870 align:start position:0%
would one make this better and the funny
thing<00:13:07.780><c> of</c><00:13:07.990><c> course</c><00:13:08.230><c> here</c><00:13:08.500><c> is</c><00:13:08.680><c> the</c><00:13:08.710><c> theorem</c><00:13:09.640><c> is</c>

00:13:09.870 --> 00:13:09.880 align:start position:0%
thing of course here is the theorem is
 

00:13:09.880 --> 00:13:11.910 align:start position:0%
thing of course here is the theorem is
going<00:13:10.060><c> to</c><00:13:10.180><c> switch</c><00:13:10.360><c> to</c><00:13:10.390><c> a</c><00:13:10.570><c> proof</c><00:13:10.870><c> of</c><00:13:10.990><c> stake</c><00:13:11.320><c> so</c>

00:13:11.910 --> 00:13:11.920 align:start position:0%
going to switch to a proof of stake so
 

00:13:11.920 --> 00:13:13.350 align:start position:0%
going to switch to a proof of stake so
what<00:13:12.070><c> I'm</c><00:13:12.190><c> about</c><00:13:12.460><c> to</c><00:13:12.520><c> tell</c><00:13:12.790><c> you</c><00:13:12.850><c> might</c><00:13:13.150><c> not</c>

00:13:13.350 --> 00:13:13.360 align:start position:0%
what I'm about to tell you might not
 

00:13:13.360 --> 00:13:15.120 align:start position:0%
what I'm about to tell you might not
necessarily<00:13:13.480><c> apply</c><00:13:14.140><c> but</c><00:13:14.350><c> I</c><00:13:14.380><c> want</c><00:13:14.710><c> people</c><00:13:14.920><c> in</c>

00:13:15.120 --> 00:13:15.130 align:start position:0%
necessarily apply but I want people in
 

00:13:15.130 --> 00:13:17.010 align:start position:0%
necessarily apply but I want people in
this<00:13:15.250><c> community</c><00:13:15.400><c> to</c><00:13:15.880><c> know</c><00:13:16.090><c> what</c><00:13:16.660><c> the</c><00:13:16.780><c> best</c>

00:13:17.010 --> 00:13:17.020 align:start position:0%
this community to know what the best
 

00:13:17.020 --> 00:13:19.530 align:start position:0%
this community to know what the best
state<00:13:17.470><c> of</c><00:13:17.500><c> the</c><00:13:17.710><c> art</c><00:13:17.860><c> is</c><00:13:18.130><c> okay</c><00:13:18.640><c> so</c><00:13:19.000><c> the</c><00:13:19.150><c> state</c><00:13:19.390><c> of</c>

00:13:19.530 --> 00:13:19.540 align:start position:0%
state of the art is okay so the state of
 

00:13:19.540 --> 00:13:20.210 align:start position:0%
state of the art is okay so the state of
best<00:13:19.750><c> state</c>

00:13:20.210 --> 00:13:20.220 align:start position:0%
best state
 

00:13:20.220 --> 00:13:22.460 align:start position:0%
best state
the<00:13:20.310><c> art</c><00:13:20.460><c> is</c><00:13:20.670><c> not</c><00:13:20.820><c> let's</c><00:13:21.420><c> tweak</c><00:13:21.720><c> a</c><00:13:21.870><c> parameter</c>

00:13:22.460 --> 00:13:22.470 align:start position:0%
the art is not let's tweak a parameter
 

00:13:22.470 --> 00:13:24.170 align:start position:0%
the art is not let's tweak a parameter
you<00:13:22.560><c> can</c><00:13:22.710><c> only</c><00:13:22.890><c> go</c><00:13:23.130><c> so</c><00:13:23.370><c> far</c><00:13:23.610><c> with</c><00:13:23.670><c> tweaking</c>

00:13:24.170 --> 00:13:24.180 align:start position:0%
you can only go so far with tweaking
 

00:13:24.180 --> 00:13:27.680 align:start position:0%
you can only go so far with tweaking
parameters<00:13:24.690><c> so</c><00:13:25.560><c> I</c><00:13:26.210><c> want</c><00:13:27.210><c> to</c><00:13:27.330><c> talk</c><00:13:27.510><c> to</c><00:13:27.600><c> you</c><00:13:27.660><c> a</c>

00:13:27.680 --> 00:13:27.690 align:start position:0%
parameters so I want to talk to you a
 

00:13:27.690 --> 00:13:29.390 align:start position:0%
parameters so I want to talk to you a
little<00:13:27.840><c> bit</c><00:13:27.930><c> about</c><00:13:28.080><c> Bitcoin</c><00:13:28.560><c> and</c><00:13:28.680><c> G</c><00:13:29.010><c> which</c><00:13:29.370><c> is</c>

00:13:29.390 --> 00:13:29.400 align:start position:0%
little bit about Bitcoin and G which is
 

00:13:29.400 --> 00:13:32.990 align:start position:0%
little bit about Bitcoin and G which is
a<00:13:30.470><c> protocol</c><00:13:31.470><c> for</c><00:13:31.530><c> unchanged</c><00:13:32.280><c> scaling</c><00:13:32.790><c> and</c><00:13:32.910><c> as</c>

00:13:32.990 --> 00:13:33.000 align:start position:0%
a protocol for unchanged scaling and as
 

00:13:33.000 --> 00:13:35.690 align:start position:0%
a protocol for unchanged scaling and as
far<00:13:33.180><c> as</c><00:13:33.240><c> I</c><00:13:33.510><c> know</c><00:13:33.570><c> I'll</c><00:13:34.200><c> also</c><00:13:34.890><c> refer</c><00:13:35.190><c> to</c><00:13:35.520><c> its</c>

00:13:35.690 --> 00:13:35.700 align:start position:0%
far as I know I'll also refer to its
 

00:13:35.700 --> 00:13:37.970 align:start position:0%
far as I know I'll also refer to its
cousin<00:13:36.120><c> Bitcoin</c><00:13:36.570><c> at</c><00:13:36.720><c> the</c><00:13:36.840><c> end</c><00:13:36.990><c> as</c><00:13:37.440><c> far</c><00:13:37.710><c> as</c><00:13:37.860><c> I</c>

00:13:37.970 --> 00:13:37.980 align:start position:0%
cousin Bitcoin at the end as far as I
 

00:13:37.980 --> 00:13:40.100 align:start position:0%
cousin Bitcoin at the end as far as I
know<00:13:38.040><c> this</c><00:13:38.400><c> family</c><00:13:38.820><c> is</c><00:13:38.970><c> the</c><00:13:39.360><c> best</c><00:13:39.600><c> on</c><00:13:39.810><c> chain</c>

00:13:40.100 --> 00:13:40.110 align:start position:0%
know this family is the best on chain
 

00:13:40.110 --> 00:13:44.150 align:start position:0%
know this family is the best on chain
scaling<00:13:40.560><c> protocol</c><00:13:41.480><c> so</c><00:13:42.480><c> so</c><00:13:43.410><c> essentially</c><00:13:43.980><c> this</c>

00:13:44.150 --> 00:13:44.160 align:start position:0%
scaling protocol so so essentially this
 

00:13:44.160 --> 00:13:45.560 align:start position:0%
scaling protocol so so essentially this
starts<00:13:44.550><c> with</c><00:13:44.580><c> a</c><00:13:44.730><c> very</c><00:13:45.030><c> simple</c><00:13:45.330><c> observation</c>

00:13:45.560 --> 00:13:45.570 align:start position:0%
starts with a very simple observation
 

00:13:45.570 --> 00:13:48.740 align:start position:0%
starts with a very simple observation
the<00:13:46.380><c> typical</c><00:13:46.920><c> mining</c><00:13:47.400><c> process</c><00:13:47.850><c> as</c><00:13:48.090><c> we</c><00:13:48.300><c> know</c><00:13:48.540><c> it</c>

00:13:48.740 --> 00:13:48.750 align:start position:0%
the typical mining process as we know it
 

00:13:48.750 --> 00:13:51.620 align:start position:0%
the typical mining process as we know it
has<00:13:49.500><c> blocks</c><00:13:49.920><c> that</c><00:13:50.160><c> serve</c><00:13:50.460><c> two</c><00:13:50.820><c> purposes</c><00:13:50.850><c> one</c>

00:13:51.620 --> 00:13:51.630 align:start position:0%
has blocks that serve two purposes one
 

00:13:51.630 --> 00:13:54.410 align:start position:0%
has blocks that serve two purposes one
is<00:13:52.230><c> that</c><00:13:52.800><c> the</c><00:13:52.980><c> block</c><00:13:53.280><c> acts</c><00:13:53.640><c> as</c><00:13:54.000><c> a</c><00:13:54.030><c> leader</c>

00:13:54.410 --> 00:13:54.420 align:start position:0%
is that the block acts as a leader
 

00:13:54.420 --> 00:13:57.860 align:start position:0%
is that the block acts as a leader
election<00:13:54.890><c> mechanism</c><00:13:55.890><c> and</c><00:13:56.130><c> to</c><00:13:56.880><c> the</c><00:13:57.270><c> leader</c><00:13:57.510><c> dun</c>

00:13:57.860 --> 00:13:57.870 align:start position:0%
election mechanism and to the leader dun
 

00:13:57.870 --> 00:14:00.410 align:start position:0%
election mechanism and to the leader dun
says<00:13:58.170><c> in</c><00:13:58.440><c> the</c><00:13:58.860><c> proceeding</c><00:13:59.580><c> block</c><00:13:59.850><c> interval</c>

00:14:00.410 --> 00:14:00.420 align:start position:0%
says in the proceeding block interval
 

00:14:00.420 --> 00:14:02.480 align:start position:0%
says in the proceeding block interval
the<00:14:00.540><c> following</c><00:14:01.020><c> things</c><00:14:01.260><c> happen</c><00:14:01.680><c> so</c><00:14:02.220><c> it's</c><00:14:02.400><c> a</c>

00:14:02.480 --> 00:14:02.490 align:start position:0%
the following things happen so it's a
 

00:14:02.490 --> 00:14:04.970 align:start position:0%
the following things happen so it's a
retrospective<00:14:03.030><c> protocol</c><00:14:03.870><c> you</c><00:14:04.260><c> elect</c><00:14:04.590><c> me</c><00:14:04.680><c> by</c>

00:14:04.970 --> 00:14:04.980 align:start position:0%
retrospective protocol you elect me by
 

00:14:04.980 --> 00:14:06.560 align:start position:0%
retrospective protocol you elect me by
chance<00:14:05.010><c> and</c><00:14:05.490><c> I</c><00:14:05.550><c> say</c><00:14:05.700><c> okay</c><00:14:05.910><c> guys</c><00:14:06.090><c> well</c><00:14:06.300><c> this</c><00:14:06.450><c> is</c>

00:14:06.560 --> 00:14:06.570 align:start position:0%
chance and I say okay guys well this is
 

00:14:06.570 --> 00:14:08.180 align:start position:0%
chance and I say okay guys well this is
what<00:14:06.690><c> happened</c><00:14:07.020><c> in</c><00:14:07.050><c> the</c><00:14:07.140><c> last</c><00:14:07.290><c> week</c><00:14:07.530><c> so</c><00:14:07.800><c> that's</c>

00:14:08.180 --> 00:14:08.190 align:start position:0%
what happened in the last week so that's
 

00:14:08.190 --> 00:14:10.610 align:start position:0%
what happened in the last week so that's
fine<00:14:08.520><c> except</c><00:14:09.510><c> if</c><00:14:09.630><c> we</c><00:14:09.780><c> were</c><00:14:09.900><c> to</c><00:14:10.050><c> break</c><00:14:10.350><c> these</c>

00:14:10.610 --> 00:14:10.620 align:start position:0%
fine except if we were to break these
 

00:14:10.620 --> 00:14:13.070 align:start position:0%
fine except if we were to break these
two<00:14:10.860><c> functions</c><00:14:11.310><c> apart</c><00:14:11.640><c> we</c><00:14:11.820><c> can</c><00:14:11.850><c> then</c><00:14:12.240><c> end</c><00:14:12.600><c> up</c>

00:14:13.070 --> 00:14:13.080 align:start position:0%
two functions apart we can then end up
 

00:14:13.080 --> 00:14:14.840 align:start position:0%
two functions apart we can then end up
with<00:14:13.140><c> much</c><00:14:13.680><c> better</c><00:14:13.860><c> protocols</c><00:14:14.460><c> with</c><00:14:14.640><c> much</c>

00:14:14.840 --> 00:14:14.850 align:start position:0%
with much better protocols with much
 

00:14:14.850 --> 00:14:17.060 align:start position:0%
with much better protocols with much
stronger<00:14:15.150><c> guarantees</c><00:14:15.720><c> so</c><00:14:16.380><c> the</c><00:14:16.770><c> way</c><00:14:16.890><c> we</c>

00:14:17.060 --> 00:14:17.070 align:start position:0%
stronger guarantees so the way we
 

00:14:17.070 --> 00:14:19.100 align:start position:0%
stronger guarantees so the way we
propose<00:14:17.490><c> to</c><00:14:17.520><c> break</c><00:14:17.880><c> this</c><00:14:18.030><c> up</c><00:14:18.240><c> is</c><00:14:18.570><c> in</c><00:14:18.750><c> turkey</c>

00:14:19.100 --> 00:14:19.110 align:start position:0%
propose to break this up is in turkey
 

00:14:19.110 --> 00:14:21.710 align:start position:0%
propose to break this up is in turkey
blocks<00:14:19.410><c> and</c><00:14:19.650><c> micro</c><00:14:20.010><c> blocks</c><00:14:20.280><c> a</c><00:14:20.550><c> key</c><00:14:21.150><c> block</c><00:14:21.450><c> is</c>

00:14:21.710 --> 00:14:21.720 align:start position:0%
blocks and micro blocks a key block is
 

00:14:21.720 --> 00:14:23.900 align:start position:0%
blocks and micro blocks a key block is
the<00:14:22.020><c> leader</c><00:14:22.230><c> election</c><00:14:22.590><c> portion</c><00:14:23.130><c> of</c><00:14:23.280><c> of</c><00:14:23.640><c> a</c>

00:14:23.900 --> 00:14:23.910 align:start position:0%
the leader election portion of of a
 

00:14:23.910 --> 00:14:26.090 align:start position:0%
the leader election portion of of a
block<00:14:24.180><c> and</c><00:14:24.420><c> essentially</c><00:14:25.230><c> every</c><00:14:25.620><c> now</c><00:14:25.770><c> and</c><00:14:25.980><c> then</c>

00:14:26.090 --> 00:14:26.100 align:start position:0%
block and essentially every now and then
 

00:14:26.100 --> 00:14:28.580 align:start position:0%
block and essentially every now and then
what<00:14:26.340><c> we</c><00:14:26.490><c> do</c><00:14:26.640><c> is</c><00:14:26.790><c> we</c><00:14:26.910><c> elect</c><00:14:27.180><c> a</c><00:14:27.300><c> leader</c><00:14:27.330><c> and</c><00:14:28.170><c> from</c>

00:14:28.580 --> 00:14:28.590 align:start position:0%
what we do is we elect a leader and from
 

00:14:28.590 --> 00:14:30.800 align:start position:0%
what we do is we elect a leader and from
that<00:14:28.740><c> point</c><00:14:29.040><c> on</c><00:14:29.340><c> that</c><00:14:29.700><c> leader</c><00:14:30.120><c> vets</c>

00:14:30.800 --> 00:14:30.810 align:start position:0%
that point on that leader vets
 

00:14:30.810 --> 00:14:33.530 align:start position:0%
that point on that leader vets
transactions<00:14:31.770><c> as</c><00:14:31.890><c> they</c><00:14:32.310><c> come</c><00:14:32.550><c> in</c><00:14:32.760><c> not</c>

00:14:33.530 --> 00:14:33.540 align:start position:0%
transactions as they come in not
 

00:14:33.540 --> 00:14:36.350 align:start position:0%
transactions as they come in not
retrospectively<00:14:34.500><c> not</c><00:14:35.250><c> retroactive</c><00:14:36.000><c> Lee</c><00:14:36.120><c> over</c>

00:14:36.350 --> 00:14:36.360 align:start position:0%
retrospectively not retroactive Lee over
 

00:14:36.360 --> 00:14:38.690 align:start position:0%
retrospectively not retroactive Lee over
the<00:14:36.480><c> last</c><00:14:36.660><c> block</c><00:14:36.990><c> and</c><00:14:37.170><c> interval</c><00:14:37.680><c> but</c><00:14:38.160><c> as</c><00:14:38.310><c> they</c>

00:14:38.690 --> 00:14:38.700 align:start position:0%
the last block and interval but as they
 

00:14:38.700 --> 00:14:40.880 align:start position:0%
the last block and interval but as they
happen<00:14:39.090><c> on</c><00:14:39.210><c> the</c><00:14:39.360><c> fly</c><00:14:39.600><c> and</c><00:14:39.870><c> of</c><00:14:40.320><c> course</c><00:14:40.380><c> the</c><00:14:40.710><c> key</c>

00:14:40.880 --> 00:14:40.890 align:start position:0%
happen on the fly and of course the key
 

00:14:40.890 --> 00:14:43.550 align:start position:0%
happen on the fly and of course the key
block<00:14:41.160><c> is</c><00:14:41.970><c> related</c><00:14:42.540><c> to</c><00:14:42.570><c> the</c><00:14:42.750><c> micro</c><00:14:43.050><c> blocks</c><00:14:43.350><c> by</c>

00:14:43.550 --> 00:14:43.560 align:start position:0%
block is related to the micro blocks by
 

00:14:43.560 --> 00:14:46.250 align:start position:0%
block is related to the micro blocks by
a<00:14:43.590><c> signature</c><00:14:44.100><c> the</c><00:14:44.460><c> signature</c><00:14:45.210><c> in</c><00:14:45.360><c> the</c><00:14:45.480><c> the</c><00:14:46.020><c> key</c>

00:14:46.250 --> 00:14:46.260 align:start position:0%
a signature the signature in the the key
 

00:14:46.260 --> 00:14:49.460 align:start position:0%
a signature the signature in the the key
and<00:14:46.440><c> the</c><00:14:46.530><c> key</c><00:14:46.680><c> block</c><00:14:46.950><c> signs</c><00:14:47.520><c> the</c><00:14:47.850><c> the</c><00:14:48.470><c> the</c>

00:14:49.460 --> 00:14:49.470 align:start position:0%
and the key block signs the the the
 

00:14:49.470 --> 00:14:52.040 align:start position:0%
and the key block signs the the the
transactions<00:14:50.100><c> and</c><00:14:50.220><c> the</c><00:14:50.280><c> micro</c><00:14:50.580><c> blocks</c><00:14:50.820><c> so</c><00:14:51.570><c> the</c>

00:14:52.040 --> 00:14:52.050 align:start position:0%
transactions and the micro blocks so the
 

00:14:52.050 --> 00:14:53.690 align:start position:0%
transactions and the micro blocks so the
thing<00:14:52.290><c> to</c><00:14:52.440><c> notice</c><00:14:52.620><c> is</c><00:14:52.920><c> of</c><00:14:53.070><c> course</c><00:14:53.310><c> that</c><00:14:53.520><c> key</c>

00:14:53.690 --> 00:14:53.700 align:start position:0%
thing to notice is of course that key
 

00:14:53.700 --> 00:14:56.120 align:start position:0%
thing to notice is of course that key
blocks<00:14:53.970><c> are</c><00:14:54.180><c> very</c><00:14:54.420><c> small</c><00:14:54.750><c> and</c><00:14:54.960><c> rare</c><00:14:55.200><c> and</c><00:14:55.590><c> micro</c>

00:14:56.120 --> 00:14:56.130 align:start position:0%
blocks are very small and rare and micro
 

00:14:56.130 --> 00:14:58.910 align:start position:0%
blocks are very small and rare and micro
blocks<00:14:56.430><c> are</c><00:14:56.670><c> small</c><00:14:57.030><c> and</c><00:14:57.240><c> frequent</c><00:14:57.720><c> so</c><00:14:58.350><c> and</c><00:14:58.770><c> of</c>

00:14:58.910 --> 00:14:58.920 align:start position:0%
blocks are small and frequent so and of
 

00:14:58.920 --> 00:15:00.950 align:start position:0%
blocks are small and frequent so and of
course<00:14:59.160><c> the</c><00:14:59.580><c> commonality</c><00:15:00.210><c> is</c><00:15:00.330><c> they're</c><00:15:00.600><c> small</c>

00:15:00.950 --> 00:15:00.960 align:start position:0%
course the commonality is they're small
 

00:15:00.960 --> 00:15:03.110 align:start position:0%
course the commonality is they're small
and<00:15:01.200><c> the</c><00:15:01.440><c> smaller</c><00:15:01.770><c> they</c><00:15:02.070><c> are</c><00:15:02.100><c> the</c><00:15:02.310><c> better</c><00:15:02.940><c> it</c>

00:15:03.110 --> 00:15:03.120 align:start position:0%
and the smaller they are the better it
 

00:15:03.120 --> 00:15:04.910 align:start position:0%
and the smaller they are the better it
is<00:15:03.270><c> what</c><00:15:03.540><c> we're</c><00:15:03.720><c> going</c><00:15:03.960><c> to</c><00:15:04.020><c> do</c><00:15:04.260><c> is</c><00:15:04.680><c> we're</c><00:15:04.890><c> going</c>

00:15:04.910 --> 00:15:04.920 align:start position:0%
is what we're going to do is we're going
 

00:15:04.920 --> 00:15:07.190 align:start position:0%
is what we're going to do is we're going
to<00:15:05.100><c> take</c><00:15:05.430><c> the</c><00:15:05.640><c> process</c><00:15:05.880><c> of</c><00:15:06.300><c> that</c><00:15:06.510><c> frenetic</c>

00:15:07.190 --> 00:15:07.200 align:start position:0%
to take the process of that frenetic
 

00:15:07.200 --> 00:15:09.560 align:start position:0%
to take the process of that frenetic
block<00:15:07.470><c> generation</c><00:15:08.160><c> and</c><00:15:08.400><c> we'll</c><00:15:08.820><c> smear</c><00:15:09.450><c> it</c>

00:15:09.560 --> 00:15:09.570 align:start position:0%
block generation and we'll smear it
 

00:15:09.570 --> 00:15:11.840 align:start position:0%
block generation and we'll smear it
across<00:15:09.720><c> time</c><00:15:10.320><c> we</c><00:15:10.860><c> won't</c><00:15:11.010><c> do</c><00:15:11.160><c> it</c><00:15:11.280><c> all</c><00:15:11.460><c> at</c><00:15:11.640><c> once</c>

00:15:11.840 --> 00:15:11.850 align:start position:0%
across time we won't do it all at once
 

00:15:11.850 --> 00:15:14.390 align:start position:0%
across time we won't do it all at once
and<00:15:12.060><c> go</c><00:15:12.150><c> crazy</c><00:15:12.480><c> and</c><00:15:12.780><c> try</c><00:15:12.840><c> to</c><00:15:13.290><c> scramble</c><00:15:13.740><c> we'll</c>

00:15:14.390 --> 00:15:14.400 align:start position:0%
and go crazy and try to scramble we'll
 

00:15:14.400 --> 00:15:17.180 align:start position:0%
and go crazy and try to scramble we'll
do<00:15:14.550><c> it</c><00:15:14.700><c> slowly</c><00:15:15.380><c> so</c><00:15:16.380><c> the</c><00:15:16.500><c> way</c><00:15:16.620><c> this</c><00:15:16.770><c> is</c><00:15:16.890><c> going</c><00:15:17.070><c> to</c>

00:15:17.180 --> 00:15:17.190 align:start position:0%
do it slowly so the way this is going to
 

00:15:17.190 --> 00:15:19.190 align:start position:0%
do it slowly so the way this is going to
work<00:15:17.220><c> is</c><00:15:17.610><c> that</c><00:15:17.940><c> when</c><00:15:18.330><c> it's</c><00:15:18.540><c> time</c><00:15:18.630><c> to</c><00:15:18.960><c> mine</c>

00:15:19.190 --> 00:15:19.200 align:start position:0%
work is that when it's time to mine
 

00:15:19.200 --> 00:15:21.260 align:start position:0%
work is that when it's time to mine
something<00:15:19.650><c> instead</c><00:15:20.220><c> of</c><00:15:20.280><c> mining</c><00:15:20.730><c> a</c><00:15:20.820><c> giant</c>

00:15:21.260 --> 00:15:21.270 align:start position:0%
something instead of mining a giant
 

00:15:21.270 --> 00:15:22.730 align:start position:0%
something instead of mining a giant
block<00:15:21.540><c> with</c><00:15:21.780><c> everything</c><00:15:22.170><c> that's</c><00:15:22.290><c> happened</c><00:15:22.650><c> in</c>

00:15:22.730 --> 00:15:22.740 align:start position:0%
block with everything that's happened in
 

00:15:22.740 --> 00:15:25.490 align:start position:0%
block with everything that's happened in
the<00:15:22.770><c> preceding</c><00:15:23.340><c> block</c><00:15:24.060><c> interval</c><00:15:24.570><c> we</c><00:15:25.050><c> simply</c>

00:15:25.490 --> 00:15:25.500 align:start position:0%
the preceding block interval we simply
 

00:15:25.500 --> 00:15:27.260 align:start position:0%
the preceding block interval we simply
mine<00:15:25.710><c> a</c><00:15:25.740><c> simple</c><00:15:26.220><c> block</c><00:15:26.460><c> that</c><00:15:26.640><c> says</c><00:15:26.820><c> hey</c><00:15:27.030><c> this</c>

00:15:27.260 --> 00:15:27.270 align:start position:0%
mine a simple block that says hey this
 

00:15:27.270 --> 00:15:29.630 align:start position:0%
mine a simple block that says hey this
is<00:15:27.450><c> my</c><00:15:27.630><c> key</c><00:15:27.900><c> and</c><00:15:28.200><c> that</c><00:15:28.770><c> elects</c><00:15:29.250><c> the</c><00:15:29.310><c> blue</c>

00:15:29.630 --> 00:15:29.640 align:start position:0%
is my key and that elects the blue
 

00:15:29.640 --> 00:15:32.810 align:start position:0%
is my key and that elects the blue
leader<00:15:29.940><c> as</c><00:15:30.600><c> the</c><00:15:30.900><c> leader</c><00:15:31.100><c> from</c><00:15:32.100><c> that</c><00:15:32.280><c> point</c><00:15:32.550><c> on</c>

00:15:32.810 --> 00:15:32.820 align:start position:0%
leader as the leader from that point on
 

00:15:32.820 --> 00:15:33.740 align:start position:0%
leader as the leader from that point on
he<00:15:33.150><c> can</c>

00:15:33.740 --> 00:15:33.750 align:start position:0%
he can
 

00:15:33.750 --> 00:15:35.569 align:start position:0%
he can
transactions<00:15:34.560><c> so</c><00:15:34.709><c> whereas</c><00:15:35.129><c> he</c><00:15:35.370><c> would</c>

00:15:35.569 --> 00:15:35.579 align:start position:0%
transactions so whereas he would
 

00:15:35.579 --> 00:15:39.559 align:start position:0%
transactions so whereas he would
normally<00:15:36.149><c> normally</c><00:15:37.139><c> be</c><00:15:38.060><c> minting</c><00:15:39.060><c> a</c><00:15:39.180><c> giant</c>

00:15:39.559 --> 00:15:39.569 align:start position:0%
normally normally be minting a giant
 

00:15:39.569 --> 00:15:41.420 align:start position:0%
normally normally be minting a giant
block<00:15:39.839><c> with</c><00:15:40.019><c> transactions</c><00:15:40.680><c> in</c><00:15:40.800><c> it</c><00:15:40.949><c> now</c><00:15:41.370><c> he</c>

00:15:41.420 --> 00:15:41.430 align:start position:0%
block with transactions in it now he
 

00:15:41.430 --> 00:15:43.939 align:start position:0%
block with transactions in it now he
starts<00:15:42.029><c> minting</c><00:15:42.420><c> them</c><00:15:42.600><c> one</c><00:15:43.050><c> at</c><00:15:43.259><c> a</c><00:15:43.290><c> time</c>

00:15:43.939 --> 00:15:43.949 align:start position:0%
starts minting them one at a time
 

00:15:43.949 --> 00:15:46.189 align:start position:0%
starts minting them one at a time
linked<00:15:44.550><c> of</c><00:15:44.670><c> course</c><00:15:44.939><c> in</c><00:15:45.120><c> blockchain</c><00:15:45.569><c> formation</c>

00:15:46.189 --> 00:15:46.199 align:start position:0%
linked of course in blockchain formation
 

00:15:46.199 --> 00:15:47.840 align:start position:0%
linked of course in blockchain formation
but<00:15:46.649><c> without</c><00:15:46.980><c> a</c><00:15:47.040><c> proof-of-work</c>

00:15:47.840 --> 00:15:47.850 align:start position:0%
but without a proof-of-work
 

00:15:47.850 --> 00:15:50.360 align:start position:0%
but without a proof-of-work
so<00:15:48.209><c> his</c><00:15:48.420><c> proof</c><00:15:48.660><c> of</c><00:15:48.839><c> work</c><00:15:48.990><c> arrives</c><00:15:49.589><c> first</c><00:15:49.980><c> and</c>

00:15:50.360 --> 00:15:50.370 align:start position:0%
so his proof of work arrives first and
 

00:15:50.370 --> 00:15:52.639 align:start position:0%
so his proof of work arrives first and
then<00:15:50.879><c> the</c><00:15:51.060><c> rest</c><00:15:51.269><c> of</c><00:15:51.420><c> the</c><00:15:51.540><c> block</c><00:15:51.779><c> the</c><00:15:52.079><c> rest</c><00:15:52.529><c> of</c>

00:15:52.639 --> 00:15:52.649 align:start position:0%
then the rest of the block the rest of
 

00:15:52.649 --> 00:15:54.939 align:start position:0%
then the rest of the block the rest of
the<00:15:52.740><c> block</c><00:15:52.949><c> contents</c><00:15:53.490><c> appear</c><00:15:54.120><c> one</c><00:15:54.329><c> at</c><00:15:54.480><c> a</c><00:15:54.540><c> time</c>

00:15:54.939 --> 00:15:54.949 align:start position:0%
the block contents appear one at a time
 

00:15:54.949 --> 00:15:58.519 align:start position:0%
the block contents appear one at a time
so<00:15:55.949><c> this</c><00:15:56.220><c> process</c><00:15:56.490><c> will</c><00:15:57.060><c> lead</c><00:15:57.420><c> us</c><00:15:57.629><c> with</c><00:15:58.019><c> a</c><00:15:58.050><c> to</c><00:15:58.500><c> a</c>

00:15:58.519 --> 00:15:58.529 align:start position:0%
so this process will lead us with a to a
 

00:15:58.529 --> 00:16:00.650 align:start position:0%
so this process will lead us with a to a
chain<00:15:58.860><c> and</c><00:15:59.160><c> at</c><00:15:59.399><c> some</c><00:15:59.670><c> point</c><00:15:59.970><c> it'll</c><00:16:00.509><c> be</c>

00:16:00.650 --> 00:16:00.660 align:start position:0%
chain and at some point it'll be
 

00:16:00.660 --> 00:16:02.329 align:start position:0%
chain and at some point it'll be
somebody<00:16:00.899><c> else's</c><00:16:01.350><c> story</c><00:16:01.589><c> somebody</c><00:16:01.949><c> else</c><00:16:02.160><c> will</c>

00:16:02.329 --> 00:16:02.339 align:start position:0%
somebody else's story somebody else will
 

00:16:02.339 --> 00:16:06.769 align:start position:0%
somebody else's story somebody else will
discover<00:16:02.790><c> a</c><00:16:03.060><c> a</c><00:16:04.819><c> key</c><00:16:05.819><c> block</c><00:16:06.000><c> in</c><00:16:06.300><c> this</c><00:16:06.389><c> case</c><00:16:06.600><c> the</c>

00:16:06.769 --> 00:16:06.779 align:start position:0%
discover a a key block in this case the
 

00:16:06.779 --> 00:16:08.629 align:start position:0%
discover a a key block in this case the
yellow<00:16:06.899><c> leader</c><00:16:07.259><c> and</c><00:16:07.560><c> the</c><00:16:07.920><c> yellow</c><00:16:08.189><c> leader</c><00:16:08.399><c> will</c>

00:16:08.629 --> 00:16:08.639 align:start position:0%
yellow leader and the yellow leader will
 

00:16:08.639 --> 00:16:10.910 align:start position:0%
yellow leader and the yellow leader will
then<00:16:08.819><c> start</c><00:16:09.149><c> issuing</c><00:16:09.329><c> his</c><00:16:10.139><c> own</c><00:16:10.350><c> blocks</c><00:16:10.649><c> his</c>

00:16:10.910 --> 00:16:10.920 align:start position:0%
then start issuing his own blocks his
 

00:16:10.920 --> 00:16:13.759 align:start position:0%
then start issuing his own blocks his
own<00:16:11.069><c> micro</c><00:16:11.399><c> blocks</c><00:16:11.639><c> so</c><00:16:12.449><c> the</c><00:16:12.930><c> critical</c><00:16:13.379><c> part</c><00:16:13.620><c> of</c>

00:16:13.759 --> 00:16:13.769 align:start position:0%
own micro blocks so the critical part of
 

00:16:13.769 --> 00:16:15.710 align:start position:0%
own micro blocks so the critical part of
course<00:16:14.009><c> is</c><00:16:14.220><c> that</c><00:16:14.639><c> I'm</c><00:16:14.790><c> glossing</c><00:16:15.060><c> over</c><00:16:15.360><c> in</c><00:16:15.569><c> this</c>

00:16:15.710 --> 00:16:15.720 align:start position:0%
course is that I'm glossing over in this
 

00:16:15.720 --> 00:16:17.600 align:start position:0%
course is that I'm glossing over in this
talk<00:16:15.930><c> is</c><00:16:16.230><c> getting</c><00:16:16.439><c> the</c><00:16:16.680><c> incentive</c><00:16:17.160><c> structure</c>

00:16:17.600 --> 00:16:17.610 align:start position:0%
talk is getting the incentive structure
 

00:16:17.610 --> 00:16:20.410 align:start position:0%
talk is getting the incentive structure
just<00:16:17.970><c> right</c><00:16:18.360><c> you</c><00:16:18.660><c> want</c><00:16:18.930><c> the</c><00:16:19.019><c> yellow</c><00:16:19.410><c> guy</c><00:16:19.620><c> to</c>

00:16:20.410 --> 00:16:20.420 align:start position:0%
just right you want the yellow guy to
 

00:16:20.420 --> 00:16:23.179 align:start position:0%
just right you want the yellow guy to
attach<00:16:21.420><c> and</c><00:16:21.689><c> extend</c><00:16:22.139><c> the</c><00:16:22.259><c> longest</c><00:16:22.649><c> chain</c><00:16:22.860><c> and</c>

00:16:23.179 --> 00:16:23.189 align:start position:0%
attach and extend the longest chain and
 

00:16:23.189 --> 00:16:25.639 align:start position:0%
attach and extend the longest chain and
you<00:16:23.670><c> don't</c><00:16:23.910><c> want</c><00:16:24.149><c> the</c><00:16:24.269><c> blue</c><00:16:24.480><c> guy</c><00:16:24.689><c> withholding</c>

00:16:25.639 --> 00:16:25.649 align:start position:0%
you don't want the blue guy withholding
 

00:16:25.649 --> 00:16:28.069 align:start position:0%
you don't want the blue guy withholding
any<00:16:25.829><c> data</c><00:16:26.129><c> you</c><00:16:26.399><c> want</c><00:16:26.550><c> him</c><00:16:26.879><c> to</c><00:16:27.060><c> be</c><00:16:27.209><c> to</c><00:16:27.959><c> be</c>

00:16:28.069 --> 00:16:28.079 align:start position:0%
any data you want him to be to be
 

00:16:28.079 --> 00:16:30.319 align:start position:0%
any data you want him to be to be
cooperative<00:16:28.529><c> so</c><00:16:29.189><c> if</c><00:16:29.279><c> you</c><00:16:29.399><c> set</c><00:16:29.610><c> it</c><00:16:29.730><c> up</c><00:16:29.819><c> as</c><00:16:30.000><c> a</c><00:16:30.029><c> set</c>

00:16:30.319 --> 00:16:30.329 align:start position:0%
cooperative so if you set it up as a set
 

00:16:30.329 --> 00:16:32.210 align:start position:0%
cooperative so if you set it up as a set
of<00:16:30.360><c> constraints</c><00:16:30.930><c> the</c><00:16:31.230><c> math</c><00:16:31.439><c> ISM</c><00:16:31.769><c> it</c><00:16:31.949><c> gets</c><00:16:32.100><c> a</c>

00:16:32.210 --> 00:16:32.220 align:start position:0%
of constraints the math ISM it gets a
 

00:16:32.220 --> 00:16:34.189 align:start position:0%
of constraints the math ISM it gets a
tiny<00:16:32.430><c> bit</c><00:16:32.670><c> more</c><00:16:32.819><c> complicated</c><00:16:33.209><c> but</c><00:16:33.930><c> you</c><00:16:34.019><c> can</c>

00:16:34.189 --> 00:16:34.199 align:start position:0%
tiny bit more complicated but you can
 

00:16:34.199 --> 00:16:36.710 align:start position:0%
tiny bit more complicated but you can
come<00:16:34.350><c> up</c><00:16:34.500><c> with</c><00:16:34.529><c> the</c><00:16:34.769><c> actual</c><00:16:35.189><c> actual</c><00:16:36.180><c> incentive</c>

00:16:36.710 --> 00:16:36.720 align:start position:0%
come up with the actual actual incentive
 

00:16:36.720 --> 00:16:38.150 align:start position:0%
come up with the actual actual incentive
structure<00:16:37.139><c> that</c><00:16:37.290><c> will</c><00:16:37.439><c> get</c><00:16:37.589><c> everybody</c><00:16:37.860><c> to</c>

00:16:38.150 --> 00:16:38.160 align:start position:0%
structure that will get everybody to
 

00:16:38.160 --> 00:16:41.720 align:start position:0%
structure that will get everybody to
behave<00:16:38.339><c> cooperatively</c><00:16:38.790><c> and</c><00:16:39.949><c> and</c><00:16:40.949><c> so</c><00:16:41.459><c> in</c><00:16:41.579><c> this</c>

00:16:41.720 --> 00:16:41.730 align:start position:0%
behave cooperatively and and so in this
 

00:16:41.730 --> 00:16:44.360 align:start position:0%
behave cooperatively and and so in this
graph<00:16:42.059><c> we're</c><00:16:42.540><c> showing</c><00:16:42.930><c> what</c><00:16:43.800><c> happens</c><00:16:44.220><c> to</c>

00:16:44.360 --> 00:16:44.370 align:start position:0%
graph we're showing what happens to
 

00:16:44.370 --> 00:16:46.639 align:start position:0%
graph we're showing what happens to
Bitcoin<00:16:44.550><c> and</c><00:16:44.939><c> Bitcoin</c><00:16:45.059><c> and</c><00:16:45.509><c> G</c><00:16:45.720><c> so</c><00:16:46.259><c> aetherium</c>

00:16:46.639 --> 00:16:46.649 align:start position:0%
Bitcoin and Bitcoin and G so aetherium
 

00:16:46.649 --> 00:16:48.530 align:start position:0%
Bitcoin and Bitcoin and G so aetherium
would<00:16:46.949><c> actually</c><00:16:47.399><c> have</c><00:16:47.550><c> the</c><00:16:47.670><c> same</c><00:16:47.970><c> kind</c><00:16:48.329><c> of</c><00:16:48.420><c> a</c>

00:16:48.530 --> 00:16:48.540 align:start position:0%
would actually have the same kind of a
 

00:16:48.540 --> 00:16:52.340 align:start position:0%
would actually have the same kind of a
graph<00:16:48.750><c> so</c><00:16:49.399><c> on</c><00:16:50.399><c> the</c><00:16:50.579><c> x</c><00:16:50.759><c> axis</c><00:16:50.970><c> is</c><00:16:51.360><c> block</c><00:16:51.689><c> size</c><00:16:51.959><c> as</c>

00:16:52.340 --> 00:16:52.350 align:start position:0%
graph so on the x axis is block size as
 

00:16:52.350 --> 00:16:54.769 align:start position:0%
graph so on the x axis is block size as
you<00:16:52.529><c> go</c><00:16:52.680><c> right</c><00:16:53.009><c> it</c><00:16:53.250><c> gets</c><00:16:53.490><c> bigger</c><00:16:53.790><c> on</c><00:16:54.120><c> the</c><00:16:54.600><c> y</c>

00:16:54.769 --> 00:16:54.779 align:start position:0%
you go right it gets bigger on the y
 

00:16:54.779 --> 00:16:58.429 align:start position:0%
you go right it gets bigger on the y
axis<00:16:55.290><c> is</c><00:16:55.319><c> fairness</c><00:16:56.120><c> to</c><00:16:57.120><c> smaller</c><00:16:57.540><c> miners</c><00:16:58.110><c> and</c>

00:16:58.429 --> 00:16:58.439 align:start position:0%
axis is fairness to smaller miners and
 

00:16:58.439 --> 00:17:00.379 align:start position:0%
axis is fairness to smaller miners and
as<00:16:58.829><c> you</c><00:16:58.980><c> can</c><00:16:59.160><c> see</c><00:16:59.399><c> as</c><00:16:59.610><c> you</c><00:16:59.790><c> make</c><00:16:59.970><c> the</c><00:17:00.120><c> blocks</c>

00:17:00.379 --> 00:17:00.389 align:start position:0%
as you can see as you make the blocks
 

00:17:00.389 --> 00:17:02.059 align:start position:0%
as you can see as you make the blocks
bigger<00:17:00.689><c> and</c><00:17:00.930><c> bigger</c><00:17:01.079><c> and</c><00:17:01.290><c> bigger</c>

00:17:02.059 --> 00:17:02.069 align:start position:0%
bigger and bigger and bigger
 

00:17:02.069 --> 00:17:05.299 align:start position:0%
bigger and bigger and bigger
Bitcoin<00:17:02.730><c> starts</c><00:17:03.389><c> starts</c><00:17:04.079><c> deteriorating</c><00:17:04.309><c> now</c>

00:17:05.299 --> 00:17:05.309 align:start position:0%
Bitcoin starts starts deteriorating now
 

00:17:05.309 --> 00:17:06.829 align:start position:0%
Bitcoin starts starts deteriorating now
these<00:17:05.549><c> block</c><00:17:05.819><c> size</c><00:17:06.059><c> have</c><00:17:06.270><c> been</c><00:17:06.390><c> scaled</c><00:17:06.689><c> down</c>

00:17:06.829 --> 00:17:06.839 align:start position:0%
these block size have been scaled down
 

00:17:06.839 --> 00:17:10.130 align:start position:0%
these block size have been scaled down
and<00:17:07.400><c> the</c><00:17:08.400><c> actual</c><00:17:08.760><c> Bitcoin</c><00:17:09.179><c> block</c><00:17:09.480><c> size</c><00:17:09.750><c> debate</c>

00:17:10.130 --> 00:17:10.140 align:start position:0%
and the actual Bitcoin block size debate
 

00:17:10.140 --> 00:17:12.679 align:start position:0%
and the actual Bitcoin block size debate
is<00:17:10.350><c> being</c><00:17:10.620><c> waged</c><00:17:10.890><c> in</c><00:17:11.309><c> that</c><00:17:11.760><c> zone</c><00:17:12.059><c> over</c><00:17:12.329><c> there</c>

00:17:12.679 --> 00:17:12.689 align:start position:0%
is being waged in that zone over there
 

00:17:12.689 --> 00:17:14.569 align:start position:0%
is being waged in that zone over there
actually<00:17:13.260><c> where</c><00:17:13.799><c> it</c><00:17:13.980><c> just</c><00:17:14.400><c> is</c>

00:17:14.569 --> 00:17:14.579 align:start position:0%
actually where it just is
 

00:17:14.579 --> 00:17:16.370 align:start position:0%
actually where it just is
indistinguishable<00:17:15.089><c> well</c><00:17:15.870><c> it</c><00:17:15.929><c> doesn't</c><00:17:16.110><c> matter</c>

00:17:16.370 --> 00:17:16.380 align:start position:0%
indistinguishable well it doesn't matter
 

00:17:16.380 --> 00:17:18.829 align:start position:0%
indistinguishable well it doesn't matter
if<00:17:17.280><c> they</c><00:17:17.490><c> were</c><00:17:17.549><c> to</c><00:17:17.819><c> try</c><00:17:18.000><c> to</c><00:17:18.059><c> push</c><00:17:18.360><c> their</c><00:17:18.569><c> block</c>

00:17:18.829 --> 00:17:18.839 align:start position:0%
if they were to try to push their block
 

00:17:18.839 --> 00:17:21.049 align:start position:0%
if they were to try to push their block
size<00:17:19.079><c> beyond</c><00:17:19.470><c> the</c><00:17:19.620><c> particular</c><00:17:20.220><c> threshold</c>

00:17:21.049 --> 00:17:21.059 align:start position:0%
size beyond the particular threshold
 

00:17:21.059 --> 00:17:22.699 align:start position:0%
size beyond the particular threshold
they<00:17:21.510><c> will</c><00:17:21.659><c> find</c><00:17:21.929><c> that</c><00:17:22.049><c> the</c><00:17:22.260><c> protocol</c>

00:17:22.699 --> 00:17:22.709 align:start position:0%
they will find that the protocol
 

00:17:22.709 --> 00:17:25.549 align:start position:0%
they will find that the protocol
actually<00:17:23.360><c> deteriorates</c><00:17:24.360><c> and</c><00:17:24.600><c> in</c><00:17:25.199><c> contrast</c>

00:17:25.549 --> 00:17:25.559 align:start position:0%
actually deteriorates and in contrast
 

00:17:25.559 --> 00:17:28.279 align:start position:0%
actually deteriorates and in contrast
Bitcoin<00:17:26.159><c> energy</c><00:17:26.459><c> does</c><00:17:26.699><c> not</c><00:17:26.939><c> do</c><00:17:27.179><c> that</c><00:17:27.419><c> and</c><00:17:28.140><c> now</c>

00:17:28.279 --> 00:17:28.289 align:start position:0%
Bitcoin energy does not do that and now
 

00:17:28.289 --> 00:17:29.810 align:start position:0%
Bitcoin energy does not do that and now
it's<00:17:28.439><c> not</c><00:17:28.590><c> surprising</c><00:17:28.860><c> because</c><00:17:29.370><c> of</c><00:17:29.520><c> the</c><00:17:29.700><c> way</c>

00:17:29.810 --> 00:17:29.820 align:start position:0%
it's not surprising because of the way
 

00:17:29.820 --> 00:17:33.110 align:start position:0%
it's not surprising because of the way
it's<00:17:30.000><c> structured</c><00:17:30.740><c> so</c><00:17:31.740><c> where</c><00:17:32.520><c> does</c><00:17:32.700><c> this</c><00:17:32.880><c> get</c>

00:17:33.110 --> 00:17:33.120 align:start position:0%
it's structured so where does this get
 

00:17:33.120 --> 00:17:35.390 align:start position:0%
it's structured so where does this get
take<00:17:33.299><c> us</c><00:17:33.480><c> well</c><00:17:33.780><c> it</c><00:17:33.900><c> takes</c><00:17:34.049><c> us</c><00:17:34.260><c> to</c><00:17:34.409><c> this</c><00:17:34.559><c> to</c><00:17:35.250><c> this</c>

00:17:35.390 --> 00:17:35.400 align:start position:0%
take us well it takes us to this to this
 

00:17:35.400 --> 00:17:38.270 align:start position:0%
take us well it takes us to this to this
location<00:17:36.150><c> where</c><00:17:36.330><c> we</c><00:17:36.809><c> can</c><00:17:36.960><c> achieve</c><00:17:37.110><c> about</c><00:17:37.650><c> 300</c>

00:17:38.270 --> 00:17:38.280 align:start position:0%
location where we can achieve about 300
 

00:17:38.280 --> 00:17:40.549 align:start position:0%
location where we can achieve about 300
transactions<00:17:38.940><c> per</c><00:17:39.059><c> second</c><00:17:39.510><c> about</c><00:17:39.630><c> and</c><00:17:40.049><c> one</c><00:17:40.320><c> to</c>

00:17:40.549 --> 00:17:40.559 align:start position:0%
transactions per second about and one to
 

00:17:40.559 --> 00:17:42.350 align:start position:0%
transactions per second about and one to
two<00:17:40.740><c> orders</c><00:17:41.100><c> of</c><00:17:41.130><c> magnitude</c><00:17:41.280><c> increase</c><00:17:42.120><c> in</c>

00:17:42.350 --> 00:17:42.360 align:start position:0%
two orders of magnitude increase in
 

00:17:42.360 --> 00:17:44.810 align:start position:0%
two orders of magnitude increase in
throughput<00:17:42.899><c> and</c><00:17:43.380><c> that</c><00:17:43.860><c> happens</c><00:17:44.370><c> without</c><00:17:44.789><c> a</c>

00:17:44.810 --> 00:17:44.820 align:start position:0%
throughput and that happens without a
 

00:17:44.820 --> 00:17:46.370 align:start position:0%
throughput and that happens without a
change<00:17:45.270><c> to</c><00:17:45.510><c> the</c><00:17:45.600><c> trust</c>

00:17:46.370 --> 00:17:46.380 align:start position:0%
change to the trust
 

00:17:46.380 --> 00:17:48.260 align:start position:0%
change to the trust
so<00:17:46.710><c> it's</c><00:17:46.799><c> the</c><00:17:46.890><c> same</c><00:17:47.130><c> same</c><00:17:47.640><c> process</c><00:17:48.090><c> as</c><00:17:48.240><c> before</c>

00:17:48.260 --> 00:17:48.270 align:start position:0%
so it's the same same process as before
 

00:17:48.270 --> 00:17:50.930 align:start position:0%
so it's the same same process as before
and<00:17:48.870><c> that</c><00:17:49.620><c> follow-on</c><00:17:50.190><c> work</c><00:17:50.460><c> called</c><00:17:50.730><c> miss</c>

00:17:50.930 --> 00:17:50.940 align:start position:0%
and that follow-on work called miss
 

00:17:50.940 --> 00:17:53.060 align:start position:0%
and that follow-on work called miss
Cohen<00:17:51.330><c> generalizes</c><00:17:52.020><c> this</c><00:17:52.169><c> idea</c><00:17:52.559><c> to</c><00:17:53.039><c> a</c>

00:17:53.060 --> 00:17:53.070 align:start position:0%
Cohen generalizes this idea to a
 

00:17:53.070 --> 00:17:56.779 align:start position:0%
Cohen generalizes this idea to a
coalition<00:17:53.669><c> of</c><00:17:53.760><c> leaders</c><00:17:54.799><c> so</c><00:17:55.799><c> is</c><00:17:56.070><c> this</c><00:17:56.340><c> good</c>

00:17:56.779 --> 00:17:56.789 align:start position:0%
coalition of leaders so is this good
 

00:17:56.789 --> 00:17:59.810 align:start position:0%
coalition of leaders so is this good
I<00:17:56.820><c> think</c><00:17:57.299><c> it's</c><00:17:57.390><c> okay</c><00:17:57.750><c> it's</c><00:17:58.679><c> 300</c><00:17:59.190><c> transactions</c>

00:17:59.810 --> 00:17:59.820 align:start position:0%
I think it's okay it's 300 transactions
 

00:17:59.820 --> 00:18:02.360 align:start position:0%
I think it's okay it's 300 transactions
per<00:17:59.970><c> second</c><00:18:00.419><c> is</c><00:18:00.750><c> not</c><00:18:01.200><c> quite</c><00:18:01.590><c> Google</c><00:18:02.039><c> scale</c>

00:18:02.360 --> 00:18:02.370 align:start position:0%
per second is not quite Google scale
 

00:18:02.370 --> 00:18:04.549 align:start position:0%
per second is not quite Google scale
it's<00:18:02.760><c> not</c><00:18:02.970><c> quite</c><00:18:03.270><c> Lisa</c><00:18:03.539><c> scale</c><00:18:03.960><c> we'd</c><00:18:04.169><c> like</c><00:18:04.410><c> to</c>

00:18:04.549 --> 00:18:04.559 align:start position:0%
it's not quite Lisa scale we'd like to
 

00:18:04.559 --> 00:18:07.610 align:start position:0%
it's not quite Lisa scale we'd like to
do<00:18:04.650><c> much</c><00:18:04.950><c> much</c><00:18:05.340><c> much</c><00:18:05.700><c> better</c><00:18:05.970><c> and</c><00:18:06.480><c> and</c><00:18:07.350><c> I</c><00:18:07.410><c> want</c>

00:18:07.610 --> 00:18:07.620 align:start position:0%
do much much much better and and I want
 

00:18:07.620 --> 00:18:09.169 align:start position:0%
do much much much better and and I want
to<00:18:07.710><c> tell</c><00:18:07.830><c> you</c><00:18:07.950><c> a</c><00:18:08.010><c> little</c><00:18:08.160><c> bit</c><00:18:08.309><c> about</c><00:18:08.640><c> how</c><00:18:08.880><c> to</c><00:18:08.910><c> do</c>

00:18:09.169 --> 00:18:09.179 align:start position:0%
to tell you a little bit about how to do
 

00:18:09.179 --> 00:18:12.380 align:start position:0%
to tell you a little bit about how to do
better<00:18:09.390><c> using</c><00:18:09.960><c> help</c><00:18:10.230><c> of</c><00:18:10.380><c> special</c><00:18:10.830><c> hardware</c><00:18:11.390><c> so</c>

00:18:12.380 --> 00:18:12.390 align:start position:0%
better using help of special hardware so
 

00:18:12.390 --> 00:18:14.450 align:start position:0%
better using help of special hardware so
you've<00:18:13.049><c> probably</c><00:18:13.320><c> heard</c><00:18:13.650><c> of</c><00:18:13.860><c> Ryden</c><00:18:14.309><c> you've</c>

00:18:14.450 --> 00:18:14.460 align:start position:0%
you've probably heard of Ryden you've
 

00:18:14.460 --> 00:18:15.620 align:start position:0%
you've probably heard of Ryden you've
probably<00:18:14.669><c> heard</c><00:18:14.910><c> of</c><00:18:15.059><c> the</c><00:18:15.179><c> Lightning</c><00:18:15.510><c> Network</c>

00:18:15.620 --> 00:18:15.630 align:start position:0%
probably heard of the Lightning Network
 

00:18:15.630 --> 00:18:18.680 align:start position:0%
probably heard of the Lightning Network
all<00:18:16.350><c> of</c><00:18:16.710><c> these</c><00:18:16.860><c> systems</c><00:18:17.400><c> are</c><00:18:17.700><c> protocols</c><00:18:18.450><c> to</c>

00:18:18.680 --> 00:18:18.690 align:start position:0%
all of these systems are protocols to
 

00:18:18.690 --> 00:18:20.860 align:start position:0%
all of these systems are protocols to
take<00:18:18.960><c> the</c><00:18:19.200><c> load</c><00:18:19.470><c> off</c><00:18:19.500><c> of</c><00:18:19.860><c> the</c><00:18:20.220><c> the</c><00:18:20.490><c> blockchain</c>

00:18:20.860 --> 00:18:20.870 align:start position:0%
take the load off of the the blockchain
 

00:18:20.870 --> 00:18:23.870 align:start position:0%
take the load off of the the blockchain
into<00:18:21.870><c> two</c><00:18:22.140><c> pairs</c><00:18:22.530><c> two</c><00:18:22.919><c> parties</c><00:18:23.460><c> that</c>

00:18:23.870 --> 00:18:23.880 align:start position:0%
into two pairs two parties that
 

00:18:23.880 --> 00:18:26.480 align:start position:0%
into two pairs two parties that
communicate<00:18:24.630><c> in</c><00:18:24.870><c> private</c><00:18:25.380><c> and</c><00:18:25.559><c> then</c><00:18:25.980><c> settle</c>

00:18:26.480 --> 00:18:26.490 align:start position:0%
communicate in private and then settle
 

00:18:26.490 --> 00:18:28.310 align:start position:0%
communicate in private and then settle
back<00:18:26.669><c> on</c><00:18:26.909><c> the</c><00:18:27.000><c> main</c><00:18:27.210><c> chain</c><00:18:27.480><c> and</c><00:18:27.780><c> these</c>

00:18:28.310 --> 00:18:28.320 align:start position:0%
back on the main chain and these
 

00:18:28.320 --> 00:18:30.500 align:start position:0%
back on the main chain and these
protocols<00:18:28.679><c> are</c><00:18:29.010><c> software</c><00:18:29.610><c> only</c><00:18:29.730><c> protocols</c>

00:18:30.500 --> 00:18:30.510 align:start position:0%
protocols are software only protocols
 

00:18:30.510 --> 00:18:33.080 align:start position:0%
protocols are software only protocols
and<00:18:30.720><c> as</c><00:18:30.929><c> such</c><00:18:31.260><c> they</c><00:18:31.830><c> are</c><00:18:31.860><c> subject</c><00:18:32.490><c> to</c><00:18:32.520><c> one</c><00:18:32.789><c> big</c>

00:18:33.080 --> 00:18:33.090 align:start position:0%
and as such they are subject to one big
 

00:18:33.090 --> 00:18:35.570 align:start position:0%
and as such they are subject to one big
problem<00:18:33.659><c> if</c><00:18:34.049><c> I'm</c><00:18:34.320><c> a</c><00:18:34.350><c> participant</c><00:18:35.070><c> in</c><00:18:35.280><c> any</c><00:18:35.429><c> of</c>

00:18:35.570 --> 00:18:35.580 align:start position:0%
problem if I'm a participant in any of
 

00:18:35.580 --> 00:18:36.649 align:start position:0%
problem if I'm a participant in any of
these<00:18:35.700><c> networks</c><00:18:36.240><c> and</c><00:18:36.330><c> any</c><00:18:36.480><c> of</c><00:18:36.570><c> these</c>

00:18:36.649 --> 00:18:36.659 align:start position:0%
these networks and any of these
 

00:18:36.659 --> 00:18:39.320 align:start position:0%
these networks and any of these
protocols<00:18:37.020><c> I</c><00:18:37.350><c> have</c><00:18:37.950><c> access</c><00:18:38.429><c> to</c><00:18:38.820><c> all</c><00:18:39.090><c> the</c>

00:18:39.320 --> 00:18:39.330 align:start position:0%
protocols I have access to all the
 

00:18:39.330 --> 00:18:41.779 align:start position:0%
protocols I have access to all the
states<00:18:39.740><c> right</c><00:18:40.740><c> so</c><00:18:40.950><c> I</c><00:18:41.190><c> start</c><00:18:41.580><c> out</c><00:18:41.760><c> a</c>

00:18:41.779 --> 00:18:41.789 align:start position:0%
states right so I start out a
 

00:18:41.789 --> 00:18:43.039 align:start position:0%
states right so I start out a
transaction<00:18:42.510><c> with</c><00:18:42.659><c> you</c><00:18:42.750><c> and</c><00:18:42.900><c> at</c><00:18:42.990><c> the</c>

00:18:43.039 --> 00:18:43.049 align:start position:0%
transaction with you and at the
 

00:18:43.049 --> 00:18:45.380 align:start position:0%
transaction with you and at the
beginning<00:18:43.440><c> of</c><00:18:43.500><c> time</c><00:18:43.740><c> I</c><00:18:44.010><c> have</c><00:18:44.370><c> $100</c><00:18:45.120><c> you</c><00:18:45.299><c> have</c>

00:18:45.380 --> 00:18:45.390 align:start position:0%
beginning of time I have $100 you have
 

00:18:45.390 --> 00:18:48.200 align:start position:0%
beginning of time I have $100 you have
$100<00:18:46.110><c> I</c><00:18:46.350><c> buy</c><00:18:46.799><c> something</c><00:18:47.280><c> from</c><00:18:47.429><c> you</c><00:18:47.669><c> now</c><00:18:48.150><c> you</c>

00:18:48.200 --> 00:18:48.210 align:start position:0%
$100 I buy something from you now you
 

00:18:48.210 --> 00:18:50.210 align:start position:0%
$100 I buy something from you now you
have<00:18:48.539><c> hundred</c><00:18:48.870><c> and</c><00:18:48.990><c> eighty</c><00:18:49.110><c> I</c><00:18:49.289><c> have</c><00:18:49.559><c> twenty</c><00:18:50.010><c> I</c>

00:18:50.210 --> 00:18:50.220 align:start position:0%
have hundred and eighty I have twenty I
 

00:18:50.220 --> 00:18:53.630 align:start position:0%
have hundred and eighty I have twenty I
could<00:18:50.760><c> try</c><00:18:51.030><c> to</c><00:18:51.059><c> settle</c><00:18:51.799><c> using</c><00:18:52.799><c> the</c><00:18:52.919><c> old</c><00:18:53.220><c> state</c>

00:18:53.630 --> 00:18:53.640 align:start position:0%
could try to settle using the old state
 

00:18:53.640 --> 00:18:55.909 align:start position:0%
could try to settle using the old state
as<00:18:53.820><c> opposed</c><00:18:54.120><c> to</c><00:18:54.210><c> the</c><00:18:54.390><c> current</c><00:18:54.780><c> one</c><00:18:54.929><c> 8020</c><00:18:55.679><c> state</c>

00:18:55.909 --> 00:18:55.919 align:start position:0%
as opposed to the current one 8020 state
 

00:18:55.919 --> 00:18:59.720 align:start position:0%
as opposed to the current one 8020 state
and<00:18:56.580><c> that's</c><00:18:56.880><c> a</c><00:18:57.120><c> problem</c><00:18:57.679><c> so</c><00:18:58.679><c> this</c><00:18:58.919><c> requires</c><00:18:59.130><c> an</c>

00:18:59.720 --> 00:18:59.730 align:start position:0%
and that's a problem so this requires an
 

00:18:59.730 --> 00:19:02.390 align:start position:0%
and that's a problem so this requires an
D<00:18:59.820><c> for</c><00:19:00.000><c> your</c><00:19:00.210><c> software</c><00:19:00.450><c> this</c><00:19:01.110><c> requires</c><00:19:01.590><c> you</c><00:19:01.980><c> to</c>

00:19:02.390 --> 00:19:02.400 align:start position:0%
D for your software this requires you to
 

00:19:02.400 --> 00:19:05.450 align:start position:0%
D for your software this requires you to
constantly<00:19:03.090><c> monitor</c><00:19:03.960><c> the</c><00:19:03.990><c> chain</c><00:19:04.380><c> so</c><00:19:04.980><c> that</c><00:19:05.010><c> I</c>

00:19:05.450 --> 00:19:05.460 align:start position:0%
constantly monitor the chain so that I
 

00:19:05.460 --> 00:19:07.669 align:start position:0%
constantly monitor the chain so that I
don't<00:19:05.880><c> try</c><00:19:06.090><c> to</c><00:19:06.120><c> settle</c><00:19:06.510><c> early</c><00:19:06.809><c> and</c><00:19:07.230><c> that</c>

00:19:07.669 --> 00:19:07.679 align:start position:0%
don't try to settle early and that
 

00:19:07.679 --> 00:19:09.890 align:start position:0%
don't try to settle early and that
changes<00:19:08.190><c> the</c><00:19:08.250><c> ecosystem</c><00:19:08.970><c> you</c><00:19:09.090><c> suddenly</c><00:19:09.510><c> start</c>

00:19:09.890 --> 00:19:09.900 align:start position:0%
changes the ecosystem you suddenly start
 

00:19:09.900 --> 00:19:11.690 align:start position:0%
changes the ecosystem you suddenly start
either<00:19:10.169><c> connected</c><00:19:10.950><c> to</c><00:19:11.070><c> the</c><00:19:11.159><c> network</c><00:19:11.520><c> and</c>

00:19:11.690 --> 00:19:11.700 align:start position:0%
either connected to the network and
 

00:19:11.700 --> 00:19:13.580 align:start position:0%
either connected to the network and
watching<00:19:12.150><c> it</c><00:19:12.240><c> like</c><00:19:12.390><c> a</c><00:19:12.419><c> hawk</c><00:19:12.690><c> or</c><00:19:13.200><c> paying</c>

00:19:13.580 --> 00:19:13.590 align:start position:0%
watching it like a hawk or paying
 

00:19:13.590 --> 00:19:15.980 align:start position:0%
watching it like a hawk or paying
someone<00:19:14.070><c> to</c><00:19:14.130><c> do</c><00:19:14.340><c> that</c><00:19:14.370><c> for</c><00:19:14.549><c> you</c><00:19:15.059><c> and</c><00:19:15.299><c> who</c><00:19:15.840><c> is</c>

00:19:15.980 --> 00:19:15.990 align:start position:0%
someone to do that for you and who is
 

00:19:15.990 --> 00:19:16.700 align:start position:0%
someone to do that for you and who is
that<00:19:16.020><c> someone</c>

00:19:16.700 --> 00:19:16.710 align:start position:0%
that someone
 

00:19:16.710 --> 00:19:19.190 align:start position:0%
that someone
it<00:19:16.919><c> begins</c><00:19:17.429><c> to</c><00:19:17.640><c> look</c><00:19:17.669><c> more</c><00:19:18.270><c> and</c><00:19:18.600><c> more</c><00:19:18.690><c> like</c><00:19:18.960><c> a</c>

00:19:19.190 --> 00:19:19.200 align:start position:0%
it begins to look more and more like a
 

00:19:19.200 --> 00:19:21.409 align:start position:0%
it begins to look more and more like a
bank<00:19:19.559><c> which</c><00:19:20.039><c> was</c><00:19:20.070><c> the</c><00:19:20.309><c> exact</c><00:19:20.700><c> same</c><00:19:20.820><c> thing</c><00:19:21.240><c> that</c>

00:19:21.409 --> 00:19:21.419 align:start position:0%
bank which was the exact same thing that
 

00:19:21.419 --> 00:19:23.570 align:start position:0%
bank which was the exact same thing that
I<00:19:21.450><c> should</c><00:19:21.570><c> try</c><00:19:21.929><c> to</c><00:19:21.990><c> get</c><00:19:22.260><c> us</c><00:19:22.409><c> out</c><00:19:22.650><c> of</c><00:19:22.679><c> this</c><00:19:22.950><c> that</c>

00:19:23.570 --> 00:19:23.580 align:start position:0%
I should try to get us out of this that
 

00:19:23.580 --> 00:19:25.279 align:start position:0%
I should try to get us out of this that
was<00:19:23.730><c> one</c><00:19:24.360><c> of</c><00:19:24.390><c> the</c><00:19:24.539><c> main</c><00:19:24.720><c> reasons</c><00:19:25.140><c> that</c><00:19:25.169><c> I</c>

00:19:25.279 --> 00:19:25.289 align:start position:0%
was one of the main reasons that I
 

00:19:25.289 --> 00:19:26.930 align:start position:0%
was one of the main reasons that I
actually<00:19:25.530><c> got</c><00:19:25.919><c> excited</c><00:19:26.250><c> about</c><00:19:26.460><c> these</c><00:19:26.700><c> kinds</c>

00:19:26.930 --> 00:19:26.940 align:start position:0%
actually got excited about these kinds
 

00:19:26.940 --> 00:19:30.529 align:start position:0%
actually got excited about these kinds
of<00:19:27.000><c> systems</c><00:19:27.919><c> the</c><00:19:28.940><c> system</c><00:19:29.940><c> is</c><00:19:30.059><c> vulnerable</c><00:19:30.480><c> to</c>

00:19:30.529 --> 00:19:30.539 align:start position:0%
of systems the system is vulnerable to
 

00:19:30.539 --> 00:19:32.350 align:start position:0%
of systems the system is vulnerable to
transaction<00:19:31.169><c> mail</c><00:19:31.320><c> the</c><00:19:31.470><c> ability</c><00:19:31.950><c> and</c><00:19:32.250><c> the</c>

00:19:32.350 --> 00:19:32.360 align:start position:0%
transaction mail the ability and the
 

00:19:32.360 --> 00:19:34.399 align:start position:0%
transaction mail the ability and the
performance<00:19:33.360><c> of</c><00:19:33.570><c> these</c><00:19:33.929><c> software</c>

00:19:34.399 --> 00:19:34.409 align:start position:0%
performance of these software
 

00:19:34.409 --> 00:19:36.260 align:start position:0%
performance of these software
transactions<00:19:35.309><c> the</c><00:19:35.400><c> software</c><00:19:35.789><c> option</c>

00:19:36.260 --> 00:19:36.270 align:start position:0%
transactions the software option
 

00:19:36.270 --> 00:19:39.320 align:start position:0%
transactions the software option
transaction<00:19:37.200><c> systems</c><00:19:37.530><c> is</c><00:19:37.770><c> limited</c><00:19:38.640><c> so</c><00:19:39.270><c> you</c>

00:19:39.320 --> 00:19:39.330 align:start position:0%
transaction systems is limited so you
 

00:19:39.330 --> 00:19:41.270 align:start position:0%
transaction systems is limited so you
and<00:19:39.600><c> I</c><00:19:39.690><c> have</c><00:19:39.900><c> to</c><00:19:40.049><c> sign</c><00:19:40.320><c> and</c><00:19:40.620><c> re-sign</c><00:19:41.039><c> and</c>

00:19:41.270 --> 00:19:41.280 align:start position:0%
and I have to sign and re-sign and
 

00:19:41.280 --> 00:19:44.690 align:start position:0%
and I have to sign and re-sign and
re-sign<00:19:41.610><c> news</c><00:19:41.940><c> new</c><00:19:42.450><c> transactions</c><00:19:43.400><c> for</c><00:19:44.400><c> every</c>

00:19:44.690 --> 00:19:44.700 align:start position:0%
re-sign news new transactions for every
 

00:19:44.700 --> 00:19:46.820 align:start position:0%
re-sign news new transactions for every
payment<00:19:44.960><c> so</c><00:19:45.960><c> let</c><00:19:46.140><c> me</c><00:19:46.230><c> tell</c><00:19:46.380><c> you</c><00:19:46.500><c> a</c><00:19:46.530><c> little</c><00:19:46.590><c> bit</c>

00:19:46.820 --> 00:19:46.830 align:start position:0%
payment so let me tell you a little bit
 

00:19:46.830 --> 00:19:48.320 align:start position:0%
payment so let me tell you a little bit
about<00:19:46.919><c> an</c><00:19:47.220><c> interesting</c><00:19:47.669><c> development</c><00:19:47.909><c> that's</c>

00:19:48.320 --> 00:19:48.330 align:start position:0%
about an interesting development that's
 

00:19:48.330 --> 00:19:49.970 align:start position:0%
about an interesting development that's
happening<00:19:48.450><c> that</c><00:19:48.900><c> many</c><00:19:49.110><c> people</c><00:19:49.320><c> are</c><00:19:49.530><c> not</c><00:19:49.559><c> aware</c>

00:19:49.970 --> 00:19:49.980 align:start position:0%
happening that many people are not aware
 

00:19:49.980 --> 00:19:53.180 align:start position:0%
happening that many people are not aware
of<00:19:50.150><c> inside</c><00:19:51.150><c> every</c><00:19:51.809><c> shipping</c><00:19:52.200><c> Intel</c><00:19:52.860><c> chip</c>

00:19:53.180 --> 00:19:53.190 align:start position:0%
of inside every shipping Intel chip
 

00:19:53.190 --> 00:19:55.039 align:start position:0%
of inside every shipping Intel chip
today<00:19:53.370><c> is</c><00:19:53.789><c> what</c><00:19:54.030><c> we</c><00:19:54.210><c> call</c><00:19:54.419><c> a</c><00:19:54.450><c> trusted</c>

00:19:55.039 --> 00:19:55.049 align:start position:0%
today is what we call a trusted
 

00:19:55.049 --> 00:19:57.530 align:start position:0%
today is what we call a trusted
execution<00:19:55.440><c> environment</c><00:19:56.370><c> this</c><00:19:56.909><c> is</c><00:19:57.090><c> something</c>

00:19:57.530 --> 00:19:57.540 align:start position:0%
execution environment this is something
 

00:19:57.540 --> 00:19:59.750 align:start position:0%
execution environment this is something
far<00:19:57.870><c> better</c><00:19:58.140><c> than</c><00:19:58.409><c> the</c><00:19:58.530><c> treasurer</c><00:19:58.799><c> something</c>

00:19:59.750 --> 00:19:59.760 align:start position:0%
far better than the treasurer something
 

00:19:59.760 --> 00:20:01.039 align:start position:0%
far better than the treasurer something
far<00:19:59.940><c> better</c><00:20:00.150><c> than</c>

00:20:01.039 --> 00:20:01.049 align:start position:0%
far better than
 

00:20:01.049 --> 00:20:02.659 align:start position:0%
far better than
now<00:20:01.499><c> tell</c><00:20:01.739><c> me</c><00:20:01.769><c> why</c><00:20:02.009><c> there</c><00:20:02.249><c> are</c><00:20:02.279><c> two</c><00:20:02.460><c> reasons</c>

00:20:02.659 --> 00:20:02.669 align:start position:0%
now tell me why there are two reasons
 

00:20:02.669 --> 00:20:04.879 align:start position:0%
now tell me why there are two reasons
why<00:20:02.909><c> it's</c><00:20:03.090><c> better</c><00:20:03.299><c> on</c><00:20:03.629><c> both</c><00:20:03.809><c> dimensions</c><00:20:04.169><c> and</c>

00:20:04.879 --> 00:20:04.889 align:start position:0%
why it's better on both dimensions and
 

00:20:04.889 --> 00:20:07.219 align:start position:0%
why it's better on both dimensions and
it's<00:20:05.070><c> not</c><00:20:05.220><c> just</c><00:20:05.549><c> Intel</c><00:20:05.999><c> it's</c><00:20:06.239><c> also</c><00:20:06.599><c> arm</c><00:20:06.869><c> has</c>

00:20:07.219 --> 00:20:07.229 align:start position:0%
it's not just Intel it's also arm has
 

00:20:07.229 --> 00:20:09.799 align:start position:0%
it's not just Intel it's also arm has
something<00:20:07.619><c> called</c><00:20:07.649><c> trust</c><00:20:08.070><c> zones</c><00:20:08.429><c> and</c><00:20:08.759><c> AMD</c><00:20:09.419><c> has</c>

00:20:09.799 --> 00:20:09.809 align:start position:0%
something called trust zones and AMD has
 

00:20:09.809 --> 00:20:13.789 align:start position:0%
something called trust zones and AMD has
a<00:20:09.840><c> similar</c><00:20:10.830><c> functionality</c><00:20:11.389><c> so</c><00:20:12.389><c> these</c><00:20:12.929><c> this</c><00:20:13.409><c> T</c>

00:20:13.789 --> 00:20:13.799 align:start position:0%
a similar functionality so these this T
 

00:20:13.799 --> 00:20:15.680 align:start position:0%
a similar functionality so these this T
this<00:20:14.039><c> trusted</c><00:20:14.519><c> execution</c><00:20:15.059><c> environment</c>

00:20:15.680 --> 00:20:15.690 align:start position:0%
this trusted execution environment
 

00:20:15.690 --> 00:20:18.609 align:start position:0%
this trusted execution environment
provides<00:20:16.440><c> the</c><00:20:16.919><c> notion</c><00:20:17.309><c> of</c><00:20:17.429><c> high</c><00:20:18.119><c> integrity</c>

00:20:18.609 --> 00:20:18.619 align:start position:0%
provides the notion of high integrity
 

00:20:18.619 --> 00:20:21.469 align:start position:0%
provides the notion of high integrity
secure<00:20:19.619><c> execution</c><00:20:20.399><c> so</c><00:20:20.820><c> you</c><00:20:20.879><c> can</c><00:20:21.029><c> get</c><00:20:21.210><c> some</c>

00:20:21.469 --> 00:20:21.479 align:start position:0%
secure execution so you can get some
 

00:20:21.479 --> 00:20:23.989 align:start position:0%
secure execution so you can get some
code<00:20:21.749><c> to</c><00:20:22.109><c> execute</c><00:20:22.259><c> inside</c><00:20:23.099><c> the</c><00:20:23.309><c> cheap</c><00:20:23.549><c> chip</c>

00:20:23.989 --> 00:20:23.999 align:start position:0%
code to execute inside the cheap chip
 

00:20:23.999 --> 00:20:26.930 align:start position:0%
code to execute inside the cheap chip
unmolested<00:20:24.859><c> if</c><00:20:25.859><c> a</c><00:20:26.070><c> Russian</c><00:20:26.399><c> hacker</c><00:20:26.639><c> comes</c>

00:20:26.930 --> 00:20:26.940 align:start position:0%
unmolested if a Russian hacker comes
 

00:20:26.940 --> 00:20:28.969 align:start position:0%
unmolested if a Russian hacker comes
into<00:20:27.210><c> your</c><00:20:27.359><c> system</c><00:20:27.779><c> and</c><00:20:27.989><c> changes</c><00:20:28.830><c> your</c>

00:20:28.969 --> 00:20:28.979 align:start position:0%
into your system and changes your
 

00:20:28.979 --> 00:20:32.659 align:start position:0%
into your system and changes your
program<00:20:29.899><c> what</c><00:20:30.899><c> will</c><00:20:31.109><c> then</c><00:20:31.320><c> happen</c><00:20:31.349><c> is</c><00:20:32.070><c> that</c>

00:20:32.659 --> 00:20:32.669 align:start position:0%
program what will then happen is that
 

00:20:32.669 --> 00:20:34.759 align:start position:0%
program what will then happen is that
the<00:20:32.849><c> encryption</c><00:20:33.210><c> keys</c><00:20:33.690><c> that</c><00:20:34.109><c> this</c><00:20:34.349><c> program</c>

00:20:34.759 --> 00:20:34.769 align:start position:0%
the encryption keys that this program
 

00:20:34.769 --> 00:20:37.339 align:start position:0%
the encryption keys that this program
runs<00:20:35.009><c> under</c><00:20:35.369><c> is</c><00:20:35.639><c> not</c><00:20:35.999><c> accessible</c><00:20:36.599><c> even</c><00:20:37.169><c> to</c>

00:20:37.339 --> 00:20:37.349 align:start position:0%
runs under is not accessible even to
 

00:20:37.349 --> 00:20:39.979 align:start position:0%
runs under is not accessible even to
that<00:20:37.470><c> new</c><00:20:37.799><c> modified</c><00:20:38.429><c> program</c><00:20:38.759><c> so</c><00:20:39.479><c> it</c><00:20:39.599><c> won't</c><00:20:39.809><c> be</c>

00:20:39.979 --> 00:20:39.989 align:start position:0%
that new modified program so it won't be
 

00:20:39.989 --> 00:20:41.810 align:start position:0%
that new modified program so it won't be
able<00:20:40.139><c> to</c><00:20:40.229><c> read</c><00:20:40.440><c> its</c><00:20:40.619><c> own</c><00:20:40.799><c> data</c><00:20:41.129><c> it</c><00:20:41.429><c> won't</c><00:20:41.669><c> be</c>

00:20:41.810 --> 00:20:41.820 align:start position:0%
able to read its own data it won't be
 

00:20:41.820 --> 00:20:44.080 align:start position:0%
able to read its own data it won't be
able<00:20:41.940><c> to</c><00:20:42.029><c> touch</c><00:20:42.269><c> what</c><00:20:42.509><c> it</c><00:20:42.629><c> touched</c><00:20:42.840><c> before</c><00:20:43.259><c> so</c>

00:20:44.080 --> 00:20:44.090 align:start position:0%
able to touch what it touched before so
 

00:20:44.090 --> 00:20:48.469 align:start position:0%
able to touch what it touched before so
this<00:20:45.090><c> is</c><00:20:45.479><c> is</c><00:20:46.289><c> one</c><00:20:46.619><c> way</c><00:20:46.799><c> of</c><00:20:47.070><c> guaranteeing</c><00:20:47.999><c> that</c>

00:20:48.469 --> 00:20:48.479 align:start position:0%
this is is one way of guaranteeing that
 

00:20:48.479 --> 00:20:50.899 align:start position:0%
this is is one way of guaranteeing that
the<00:20:48.749><c> code</c><00:20:48.929><c> will</c><00:20:49.169><c> only</c><00:20:49.320><c> execute</c><00:20:50.249><c> and</c><00:20:50.399><c> only</c><00:20:50.669><c> take</c>

00:20:50.899 --> 00:20:50.909 align:start position:0%
the code will only execute and only take
 

00:20:50.909 --> 00:20:52.879 align:start position:0%
the code will only execute and only take
those<00:20:51.210><c> steps</c><00:20:51.599><c> that</c><00:20:51.749><c> you</c><00:20:51.989><c> programmed</c><00:20:52.440><c> it</c><00:20:52.590><c> to</c><00:20:52.619><c> do</c>

00:20:52.879 --> 00:20:52.889 align:start position:0%
those steps that you programmed it to do
 

00:20:52.889 --> 00:20:55.219 align:start position:0%
those steps that you programmed it to do
and<00:20:53.399><c> the</c><00:20:54.029><c> second</c><00:20:54.479><c> feature</c><00:20:54.659><c> that</c><00:20:55.049><c> these</c>

00:20:55.219 --> 00:20:55.229 align:start position:0%
and the second feature that these
 

00:20:55.229 --> 00:20:57.769 align:start position:0%
and the second feature that these
environments<00:20:56.009><c> give</c><00:20:56.159><c> you</c><00:20:56.309><c> is</c><00:20:56.779><c> remote</c>

00:20:57.769 --> 00:20:57.779 align:start position:0%
environments give you is remote
 

00:20:57.779 --> 00:21:00.349 align:start position:0%
environments give you is remote
attestation<00:20:58.349><c> not</c><00:20:59.099><c> only</c><00:20:59.669><c> is</c><00:20:59.849><c> the</c><00:21:00.059><c> chip</c>

00:21:00.349 --> 00:21:00.359 align:start position:0%
attestation not only is the chip
 

00:21:00.359 --> 00:21:03.019 align:start position:0%
attestation not only is the chip
executing<00:21:01.139><c> code</c><00:21:01.349><c> with</c><00:21:01.769><c> high</c><00:21:01.950><c> integrity</c><00:21:02.580><c> but</c>

00:21:03.019 --> 00:21:03.029 align:start position:0%
executing code with high integrity but
 

00:21:03.029 --> 00:21:04.849 align:start position:0%
executing code with high integrity but
it's<00:21:03.210><c> able</c><00:21:03.450><c> to</c><00:21:03.720><c> tell</c><00:21:03.960><c> someone</c><00:21:04.320><c> else</c>

00:21:04.849 --> 00:21:04.859 align:start position:0%
it's able to tell someone else
 

00:21:04.859 --> 00:21:08.210 align:start position:0%
it's able to tell someone else
hey<00:21:05.179><c> inside</c><00:21:06.179><c> my</c><00:21:06.419><c> Enclave</c><00:21:06.989><c> inside</c><00:21:07.259><c> my</c><00:21:07.739><c> secure</c>

00:21:08.210 --> 00:21:08.220 align:start position:0%
hey inside my Enclave inside my secure
 

00:21:08.220 --> 00:21:11.089 align:start position:0%
hey inside my Enclave inside my secure
inner<00:21:08.489><c> sanctum</c><00:21:09.059><c> I'm</c><00:21:09.239><c> going</c><00:21:09.779><c> to</c><00:21:09.929><c> execute</c><00:21:10.289><c> some</c>

00:21:11.089 --> 00:21:11.099 align:start position:0%
inner sanctum I'm going to execute some
 

00:21:11.099 --> 00:21:13.549 align:start position:0%
inner sanctum I'm going to execute some
code<00:21:11.129><c> with</c><00:21:11.759><c> the</c><00:21:11.879><c> following</c><00:21:12.299><c> hash</c><00:21:12.690><c> and</c><00:21:13.019><c> if</c><00:21:13.409><c> you</c>

00:21:13.549 --> 00:21:13.559 align:start position:0%
code with the following hash and if you
 

00:21:13.559 --> 00:21:16.159 align:start position:0%
code with the following hash and if you
know<00:21:13.739><c> what</c><00:21:13.950><c> that</c><00:21:14.159><c> code</c><00:21:14.429><c> is</c><00:21:14.669><c> then</c><00:21:15.149><c> you</c><00:21:15.479><c> know</c><00:21:15.809><c> all</c>

00:21:16.159 --> 00:21:16.169 align:start position:0%
know what that code is then you know all
 

00:21:16.169 --> 00:21:19.190 align:start position:0%
know what that code is then you know all
my<00:21:16.470><c> future</c><00:21:16.769><c> behaviors</c><00:21:17.729><c> and</c><00:21:18.029><c> of</c><00:21:18.809><c> course</c><00:21:19.049><c> you</c>

00:21:19.190 --> 00:21:19.200 align:start position:0%
my future behaviors and of course you
 

00:21:19.200 --> 00:21:21.799 align:start position:0%
my future behaviors and of course you
have<00:21:19.379><c> to</c><00:21:19.529><c> trust</c><00:21:19.769><c> that</c><00:21:20.039><c> the</c><00:21:20.489><c> the</c><00:21:20.729><c> that</c><00:21:21.179><c> Intel</c><00:21:21.599><c> a</c>

00:21:21.799 --> 00:21:21.809 align:start position:0%
have to trust that the the that Intel a
 

00:21:21.809 --> 00:21:23.869 align:start position:0%
have to trust that the the that Intel a
company<00:21:22.499><c> with</c><00:21:22.619><c> 56</c><00:21:23.070><c> billion</c><00:21:23.279><c> dollars</c><00:21:23.700><c> at</c><00:21:23.849><c> stake</c>

00:21:23.869 --> 00:21:23.879 align:start position:0%
company with 56 billion dollars at stake
 

00:21:23.879 --> 00:21:25.759 align:start position:0%
company with 56 billion dollars at stake
actually<00:21:24.779><c> got</c><00:21:24.929><c> the</c><00:21:25.109><c> key</c><00:21:25.470><c> implementation</c>

00:21:25.759 --> 00:21:25.769 align:start position:0%
actually got the key implementation
 

00:21:25.769 --> 00:21:30.139 align:start position:0%
actually got the key implementation
correct<00:21:27.049><c> so</c><00:21:28.340><c> so</c><00:21:29.340><c> let</c><00:21:29.489><c> me</c><00:21:29.549><c> tell</c><00:21:29.700><c> you</c><00:21:29.849><c> what</c><00:21:29.970><c> one</c>

00:21:30.139 --> 00:21:30.149 align:start position:0%
correct so so let me tell you what one
 

00:21:30.149 --> 00:21:32.779 align:start position:0%
correct so so let me tell you what one
can<00:21:30.330><c> do</c><00:21:30.479><c> we</c><00:21:30.749><c> developed</c><00:21:31.229><c> a</c><00:21:31.320><c> protocol</c><00:21:31.739><c> for</c><00:21:32.129><c> for</c>

00:21:32.779 --> 00:21:32.789 align:start position:0%
can do we developed a protocol for for
 

00:21:32.789 --> 00:21:35.960 align:start position:0%
can do we developed a protocol for for
value<00:21:33.149><c> transfers</c><00:21:33.690><c> called</c><00:21:33.960><c> T</c><00:21:34.139><c> Chen</c><00:21:34.669><c> very</c><00:21:35.669><c> very</c>

00:21:35.960 --> 00:21:35.970 align:start position:0%
value transfers called T Chen very very
 

00:21:35.970 --> 00:21:37.399 align:start position:0%
value transfers called T Chen very very
quickly<00:21:36.239><c> the</c><00:21:36.509><c> way</c><00:21:36.629><c> this</c><00:21:36.779><c> works</c><00:21:37.049><c> is</c><00:21:37.200><c> as</c><00:21:37.379><c> follows</c>

00:21:37.399 --> 00:21:37.409 align:start position:0%
quickly the way this works is as follows
 

00:21:37.409 --> 00:21:40.219 align:start position:0%
quickly the way this works is as follows
Alice<00:21:38.249><c> and</c><00:21:38.429><c> Bob</c><00:21:38.609><c> on</c><00:21:38.940><c> the</c><00:21:39.059><c> left</c><00:21:39.239><c> and</c><00:21:39.450><c> right</c><00:21:39.509><c> have</c>

00:21:40.219 --> 00:21:40.229 align:start position:0%
Alice and Bob on the left and right have
 

00:21:40.229 --> 00:21:43.999 align:start position:0%
Alice and Bob on the left and right have
in<00:21:40.859><c> their</c><00:21:41.159><c> enclaves</c><00:21:41.669><c> inside</c><00:21:42.210><c> their</c><00:21:42.389><c> T's</c><00:21:43.009><c> two</c>

00:21:43.999 --> 00:21:44.009 align:start position:0%
in their enclaves inside their T's two
 

00:21:44.009 --> 00:21:46.279 align:start position:0%
in their enclaves inside their T's two
keys<00:21:44.309><c> Alice</c><00:21:44.849><c> has</c><00:21:44.999><c> the</c><00:21:45.179><c> green</c><00:21:45.389><c> key</c><00:21:45.690><c> that</c>

00:21:46.279 --> 00:21:46.289 align:start position:0%
keys Alice has the green key that
 

00:21:46.289 --> 00:21:50.450 align:start position:0%
keys Alice has the green key that
commands<00:21:46.710><c> her</c><00:21:47.009><c> green</c><00:21:47.309><c> contract</c><00:21:48.210><c> and</c><00:21:48.950><c> Bob</c><00:21:49.950><c> has</c>

00:21:50.450 --> 00:21:50.460 align:start position:0%
commands her green contract and Bob has
 

00:21:50.460 --> 00:21:52.519 align:start position:0%
commands her green contract and Bob has
the<00:21:50.669><c> the</c><00:21:51.149><c> orange</c><00:21:51.330><c> key</c><00:21:51.720><c> that</c><00:21:51.929><c> commands</c><00:21:52.289><c> his</c>

00:21:52.519 --> 00:21:52.529 align:start position:0%
the the orange key that commands his
 

00:21:52.529 --> 00:21:54.649 align:start position:0%
the the orange key that commands his
contract<00:21:53.039><c> in</c><00:21:53.729><c> the</c><00:21:53.940><c> initial</c><00:21:54.479><c> establishment</c>

00:21:54.649 --> 00:21:54.659 align:start position:0%
contract in the initial establishment
 

00:21:54.659 --> 00:21:58.549 align:start position:0%
contract in the initial establishment
phase<00:21:55.470><c> Alice</c><00:21:56.429><c> and</c><00:21:56.609><c> Bob</c><00:21:56.820><c> securely</c><00:21:57.720><c> swap</c><00:21:58.229><c> keys</c>

00:21:58.549 --> 00:21:58.559 align:start position:0%
phase Alice and Bob securely swap keys
 

00:21:58.559 --> 00:22:00.889 align:start position:0%
phase Alice and Bob securely swap keys
with<00:21:58.799><c> each</c><00:21:58.919><c> other</c><00:21:59.159><c> after</c><00:21:59.509><c> verifying</c><00:22:00.509><c> that</c>

00:22:00.889 --> 00:22:00.899 align:start position:0%
with each other after verifying that
 

00:22:00.899 --> 00:22:03.889 align:start position:0%
with each other after verifying that
that<00:22:01.529><c> both</c><00:22:01.830><c> of</c><00:22:01.859><c> them</c><00:22:02.220><c> are</c><00:22:02.399><c> operating</c><00:22:03.059><c> on</c><00:22:03.179><c> top</c>

00:22:03.889 --> 00:22:03.899 align:start position:0%
that both of them are operating on top
 

00:22:03.899 --> 00:22:06.379 align:start position:0%
that both of them are operating on top
of<00:22:04.080><c> T's</c><00:22:04.399><c> so</c><00:22:05.399><c> this</c><00:22:05.580><c> seems</c><00:22:05.820><c> like</c><00:22:05.909><c> an</c><00:22:06.149><c> anathema</c>

00:22:06.379 --> 00:22:06.389 align:start position:0%
of T's so this seems like an anathema
 

00:22:06.389 --> 00:22:08.479 align:start position:0%
of T's so this seems like an anathema
it's<00:22:06.869><c> like</c><00:22:07.019><c> I</c><00:22:07.169><c> just</c><00:22:07.440><c> gave</c><00:22:07.619><c> my</c><00:22:07.859><c> key</c><00:22:08.099><c> to</c><00:22:08.279><c> someone</c>

00:22:08.479 --> 00:22:08.489 align:start position:0%
it's like I just gave my key to someone
 

00:22:08.489 --> 00:22:10.639 align:start position:0%
it's like I just gave my key to someone
else<00:22:08.729><c> but</c><00:22:08.879><c> I</c><00:22:08.940><c> can</c><00:22:09.299><c> do</c><00:22:09.479><c> so</c><00:22:09.659><c> securely</c><00:22:10.139><c> knowing</c>

00:22:10.639 --> 00:22:10.649 align:start position:0%
else but I can do so securely knowing
 

00:22:10.649 --> 00:22:12.680 align:start position:0%
else but I can do so securely knowing
that<00:22:10.799><c> she</c><00:22:10.979><c> can't</c><00:22:11.220><c> get</c><00:22:11.429><c> my</c><00:22:11.609><c> key</c><00:22:11.820><c> out</c><00:22:11.970><c> she</c><00:22:12.539><c> can</c>

00:22:12.680 --> 00:22:12.690 align:start position:0%
that she can't get my key out she can
 

00:22:12.690 --> 00:22:13.600 align:start position:0%
that she can't get my key out she can
only<00:22:12.809><c> do</c><00:22:13.109><c> those</c>

00:22:13.600 --> 00:22:13.610 align:start position:0%
only do those
 

00:22:13.610 --> 00:22:15.700 align:start position:0%
only do those
that<00:22:13.670><c> I</c><00:22:13.760><c> authorized</c><00:22:14.179><c> her</c><00:22:14.360><c> to</c><00:22:14.510><c> do</c><00:22:14.630><c> the</c><00:22:15.320><c> next</c>

00:22:15.700 --> 00:22:15.710 align:start position:0%
that I authorized her to do the next
 

00:22:15.710 --> 00:22:17.919 align:start position:0%
that I authorized her to do the next
thing<00:22:15.860><c> that</c><00:22:15.890><c> the</c><00:22:16.100><c> protocol</c><00:22:16.549><c> does</c><00:22:16.790><c> is</c><00:22:17.120><c> make</c><00:22:17.900><c> a</c>

00:22:17.919 --> 00:22:17.929 align:start position:0%
thing that the protocol does is make a
 

00:22:17.929 --> 00:22:21.880 align:start position:0%
thing that the protocol does is make a
copy<00:22:18.350><c> of</c><00:22:18.650><c> the</c><00:22:19.490><c> contract</c><00:22:19.940><c> state</c><00:22:20.540><c> into</c><00:22:21.410><c> the</c><00:22:21.650><c> t's</c>

00:22:21.880 --> 00:22:21.890 align:start position:0%
copy of the contract state into the t's
 

00:22:21.890 --> 00:22:24.640 align:start position:0%
copy of the contract state into the t's
so<00:22:22.370><c> now</c><00:22:22.549><c> my</c><00:22:22.760><c> contract</c><00:22:23.299><c> and</c><00:22:23.480><c> yours</c><00:22:23.750><c> are</c><00:22:24.170><c> locked</c>

00:22:24.640 --> 00:22:24.650 align:start position:0%
so now my contract and yours are locked
 

00:22:24.650 --> 00:22:29.530 align:start position:0%
so now my contract and yours are locked
inside<00:22:24.920><c> my</c><00:22:25.630><c> t</c><00:22:26.630><c> and</c><00:22:26.929><c> your</c><00:22:27.350><c> T</c><00:22:27.559><c> and</c><00:22:27.830><c> on</c><00:22:28.790><c> on</c><00:22:29.059><c> chain</c>

00:22:29.530 --> 00:22:29.540 align:start position:0%
inside my t and your T and on on chain
 

00:22:29.540 --> 00:22:32.530 align:start position:0%
inside my t and your T and on on chain
on<00:22:29.929><c> the</c><00:22:30.380><c> actual</c><00:22:30.679><c> chain</c><00:22:31.040><c> we</c><00:22:31.490><c> freeze</c><00:22:31.880><c> the</c><00:22:32.360><c> two</c>

00:22:32.530 --> 00:22:32.540 align:start position:0%
on the actual chain we freeze the two
 

00:22:32.540 --> 00:22:34.419 align:start position:0%
on the actual chain we freeze the two
contracts<00:22:33.200><c> so</c><00:22:33.350><c> now</c><00:22:33.500><c> they</c><00:22:33.770><c> can't</c><00:22:34.040><c> just</c><00:22:34.280><c> more</c>

00:22:34.419 --> 00:22:34.429 align:start position:0%
contracts so now they can't just more
 

00:22:34.429 --> 00:22:36.730 align:start position:0%
contracts so now they can't just more
get<00:22:34.640><c> modified</c><00:22:34.850><c> underneath</c><00:22:35.570><c> us</c><00:22:35.750><c> from</c><00:22:36.559><c> this</c>

00:22:36.730 --> 00:22:36.740 align:start position:0%
get modified underneath us from this
 

00:22:36.740 --> 00:22:39.910 align:start position:0%
get modified underneath us from this
point<00:22:36.980><c> on</c><00:22:37.250><c> I</c><00:22:37.580><c> can</c><00:22:38.270><c> actually</c><00:22:38.510><c> life</c><00:22:39.230><c> goes</c><00:22:39.500><c> on</c><00:22:39.710><c> I</c>

00:22:39.910 --> 00:22:39.920 align:start position:0%
point on I can actually life goes on I
 

00:22:39.920 --> 00:22:41.560 align:start position:0%
point on I can actually life goes on I
don't<00:22:40.190><c> have</c><00:22:40.340><c> to</c><00:22:40.460><c> monitor</c><00:22:40.850><c> the</c><00:22:41.000><c> chain</c><00:22:41.210><c> at</c><00:22:41.390><c> all</c>

00:22:41.560 --> 00:22:41.570 align:start position:0%
don't have to monitor the chain at all
 

00:22:41.570 --> 00:22:42.940 align:start position:0%
don't have to monitor the chain at all
we<00:22:41.750><c> could</c><00:22:41.870><c> be</c><00:22:42.020><c> in</c><00:22:42.110><c> the</c><00:22:42.170><c> middle</c><00:22:42.350><c> of</c><00:22:42.559><c> the</c><00:22:42.650><c> Sahara</c>

00:22:42.940 --> 00:22:42.950 align:start position:0%
we could be in the middle of the Sahara
 

00:22:42.950 --> 00:22:45.220 align:start position:0%
we could be in the middle of the Sahara
just<00:22:43.340><c> the</c><00:22:43.429><c> two</c><00:22:43.580><c> of</c><00:22:43.610><c> us</c><00:22:43.820><c> and</c><00:22:44.120><c> I</c><00:22:44.450><c> can</c><00:22:44.660><c> go</c><00:22:44.780><c> back</c><00:22:45.049><c> and</c>

00:22:45.220 --> 00:22:45.230 align:start position:0%
just the two of us and I can go back and
 

00:22:45.230 --> 00:22:48.760 align:start position:0%
just the two of us and I can go back and
forth<00:22:45.440><c> with</c><00:22:45.559><c> you</c><00:22:45.919><c> and</c><00:22:46.880><c> and</c><00:22:47.600><c> authorize</c><00:22:48.169><c> changes</c>

00:22:48.760 --> 00:22:48.770 align:start position:0%
forth with you and and authorize changes
 

00:22:48.770 --> 00:22:50.860 align:start position:0%
forth with you and and authorize changes
so<00:22:48.950><c> in</c><00:22:49.100><c> this</c><00:22:49.220><c> case</c><00:22:49.490><c> I</c><00:22:49.669><c> made</c><00:22:50.000><c> a</c><00:22:50.059><c> transaction</c>

00:22:50.860 --> 00:22:50.870 align:start position:0%
so in this case I made a transaction
 

00:22:50.870 --> 00:22:52.630 align:start position:0%
so in this case I made a transaction
from<00:22:51.020><c> the</c><00:22:51.200><c> green</c><00:22:51.410><c> contract</c><00:22:52.040><c> to</c><00:22:52.160><c> the</c><00:22:52.250><c> purple</c>

00:22:52.630 --> 00:22:52.640 align:start position:0%
from the green contract to the purple
 

00:22:52.640 --> 00:22:56.080 align:start position:0%
from the green contract to the purple
one<00:22:52.820><c> and</c><00:22:53.950><c> and</c><00:22:54.950><c> the</c><00:22:55.130><c> only</c><00:22:55.280><c> thing</c><00:22:55.549><c> I</c><00:22:55.640><c> need</c><00:22:55.700><c> to</c><00:22:55.940><c> do</c>

00:22:56.080 --> 00:22:56.090 align:start position:0%
one and and the only thing I need to do
 

00:22:56.090 --> 00:22:58.180 align:start position:0%
one and and the only thing I need to do
is<00:22:56.240><c> get</c><00:22:56.419><c> you</c><00:22:56.630><c> a</c><00:22:56.660><c> message</c><00:22:57.169><c> that</c><00:22:57.500><c> says</c><00:22:57.740><c> hey</c><00:22:57.950><c> this</c>

00:22:58.180 --> 00:22:58.190 align:start position:0%
is get you a message that says hey this
 

00:22:58.190 --> 00:23:00.310 align:start position:0%
is get you a message that says hey this
this<00:22:58.460><c> transaction</c><00:22:59.150><c> happened</c><00:22:59.630><c> and</c><00:22:59.840><c> that</c>

00:23:00.310 --> 00:23:00.320 align:start position:0%
this transaction happened and that
 

00:23:00.320 --> 00:23:02.680 align:start position:0%
this transaction happened and that
changes<00:23:00.770><c> your</c><00:23:00.950><c> state</c><00:23:01.280><c> as</c><00:23:01.460><c> well</c><00:23:01.669><c> and</c><00:23:01.880><c> we</c><00:23:02.299><c> can</c><00:23:02.330><c> do</c>

00:23:02.680 --> 00:23:02.690 align:start position:0%
changes your state as well and we can do
 

00:23:02.690 --> 00:23:04.750 align:start position:0%
changes your state as well and we can do
this<00:23:02.870><c> all</c><00:23:03.140><c> day</c><00:23:03.169><c> back</c><00:23:03.860><c> and</c><00:23:04.100><c> forth</c><00:23:04.429><c> back</c><00:23:04.730><c> and</c>

00:23:04.750 --> 00:23:04.760 align:start position:0%
this all day back and forth back and
 

00:23:04.760 --> 00:23:06.730 align:start position:0%
this all day back and forth back and
forth<00:23:05.030><c> constantly</c><00:23:05.900><c> updating</c><00:23:06.350><c> our</c><00:23:06.410><c> state</c>

00:23:06.730 --> 00:23:06.740 align:start position:0%
forth constantly updating our state
 

00:23:06.740 --> 00:23:10.450 align:start position:0%
forth constantly updating our state
without<00:23:07.190><c> having</c><00:23:07.910><c> to</c><00:23:08.090><c> hit</c><00:23:08.330><c> the</c><00:23:08.559><c> actual</c><00:23:09.559><c> chain</c>

00:23:10.450 --> 00:23:10.460 align:start position:0%
without having to hit the actual chain
 

00:23:10.460 --> 00:23:14.020 align:start position:0%
without having to hit the actual chain
and<00:23:10.820><c> at</c><00:23:11.419><c> some</c><00:23:11.690><c> point</c><00:23:11.990><c> we</c><00:23:12.590><c> decide</c><00:23:12.980><c> to</c><00:23:13.130><c> settle</c><00:23:13.429><c> at</c>

00:23:14.020 --> 00:23:14.030 align:start position:0%
and at some point we decide to settle at
 

00:23:14.030 --> 00:23:16.240 align:start position:0%
and at some point we decide to settle at
which<00:23:14.330><c> point</c><00:23:14.630><c> one</c><00:23:15.110><c> of</c><00:23:15.290><c> us</c><00:23:15.410><c> updates</c><00:23:15.860><c> the</c><00:23:16.010><c> chain</c>

00:23:16.240 --> 00:23:16.250 align:start position:0%
which point one of us updates the chain
 

00:23:16.250 --> 00:23:19.600 align:start position:0%
which point one of us updates the chain
with<00:23:16.850><c> the</c><00:23:17.000><c> modified</c><00:23:18.010><c> modified</c><00:23:19.010><c> State</c><00:23:19.309><c> and</c>

00:23:19.600 --> 00:23:19.610 align:start position:0%
with the modified modified State and
 

00:23:19.610 --> 00:23:21.460 align:start position:0%
with the modified modified State and
this<00:23:20.270><c> is</c><00:23:20.390><c> going</c><00:23:20.600><c> to</c><00:23:20.690><c> be</c><00:23:20.780><c> a</c><00:23:20.809><c> two</c><00:23:21.020><c> out</c><00:23:21.169><c> of</c><00:23:21.200><c> two</c>

00:23:21.460 --> 00:23:21.470 align:start position:0%
this is going to be a two out of two
 

00:23:21.470 --> 00:23:23.890 align:start position:0%
this is going to be a two out of two
multi-sig<00:23:22.100><c> so</c><00:23:22.340><c> that</c><00:23:22.520><c> ensures</c><00:23:22.700><c> that</c><00:23:23.210><c> indeed</c>

00:23:23.890 --> 00:23:23.900 align:start position:0%
multi-sig so that ensures that indeed
 

00:23:23.900 --> 00:23:26.289 align:start position:0%
multi-sig so that ensures that indeed
this<00:23:24.110><c> is</c><00:23:24.169><c> an</c><00:23:24.380><c> authorized</c><00:23:24.919><c> new</c><00:23:25.220><c> state</c><00:23:25.580><c> that</c><00:23:26.090><c> got</c>

00:23:26.289 --> 00:23:26.299 align:start position:0%
this is an authorized new state that got
 

00:23:26.299 --> 00:23:29.200 align:start position:0%
this is an authorized new state that got
updated<00:23:26.809><c> in</c><00:23:27.049><c> private</c><00:23:27.559><c> so</c><00:23:28.549><c> this</c><00:23:28.760><c> is</c><00:23:28.940><c> a</c><00:23:28.970><c> pretty</c>

00:23:29.200 --> 00:23:29.210 align:start position:0%
updated in private so this is a pretty
 

00:23:29.210 --> 00:23:31.150 align:start position:0%
updated in private so this is a pretty
nice<00:23:29.510><c> way</c><00:23:29.780><c> of</c><00:23:29.990><c> actually</c><00:23:30.380><c> doing</c><00:23:30.500><c> things</c><00:23:30.830><c> off</c>

00:23:31.150 --> 00:23:31.160 align:start position:0%
nice way of actually doing things off
 

00:23:31.160 --> 00:23:35.620 align:start position:0%
nice way of actually doing things off
chain<00:23:31.490><c> and</c><00:23:33.010><c> we</c><00:23:34.010><c> then</c><00:23:34.370><c> extended</c><00:23:35.000><c> this</c><00:23:35.150><c> work</c><00:23:35.390><c> to</c>

00:23:35.620 --> 00:23:35.630 align:start position:0%
chain and we then extended this work to
 

00:23:35.630 --> 00:23:38.919 align:start position:0%
chain and we then extended this work to
something<00:23:36.020><c> called</c><00:23:36.200><c> T</c><00:23:36.530><c> chain</c><00:23:37.390><c> T</c><00:23:38.390><c> chain</c><00:23:38.660><c> is</c><00:23:38.900><c> a</c>

00:23:38.919 --> 00:23:38.929 align:start position:0%
something called T chain T chain is a
 

00:23:38.929 --> 00:23:41.440 align:start position:0%
something called T chain T chain is a
generalized<00:23:39.530><c> form</c><00:23:39.799><c> of</c><00:23:39.950><c> teach</c><00:23:40.130><c> and</c><00:23:40.450><c> accept</c>

00:23:41.440 --> 00:23:41.450 align:start position:0%
generalized form of teach and accept
 

00:23:41.450 --> 00:23:44.470 align:start position:0%
generalized form of teach and accept
it's<00:23:41.929><c> actually</c><00:23:42.500><c> multi-hop</c><00:23:43.309><c> so</c><00:23:43.970><c> in</c><00:23:44.120><c> this</c><00:23:44.240><c> case</c>

00:23:44.470 --> 00:23:44.480 align:start position:0%
it's actually multi-hop so in this case
 

00:23:44.480 --> 00:23:46.600 align:start position:0%
it's actually multi-hop so in this case
Alice<00:23:44.929><c> and</c><00:23:45.110><c> Bob</c><00:23:45.320><c> are</c><00:23:45.590><c> not</c><00:23:45.799><c> directly</c>

00:23:46.600 --> 00:23:46.610 align:start position:0%
Alice and Bob are not directly
 

00:23:46.610 --> 00:23:48.610 align:start position:0%
Alice and Bob are not directly
communicating<00:23:47.270><c> with</c><00:23:47.419><c> each</c><00:23:47.450><c> other</c><00:23:47.720><c> they</c><00:23:48.410><c> might</c>

00:23:48.610 --> 00:23:48.620 align:start position:0%
communicating with each other they might
 

00:23:48.620 --> 00:23:51.549 align:start position:0%
communicating with each other they might
have<00:23:48.799><c> other</c><00:23:48.950><c> parties</c><00:23:49.490><c> in</c><00:23:49.700><c> line</c><00:23:50.290><c> shown</c><00:23:51.290><c> here</c>

00:23:51.549 --> 00:23:51.559 align:start position:0%
have other parties in line shown here
 

00:23:51.559 --> 00:23:53.470 align:start position:0%
have other parties in line shown here
with<00:23:51.710><c> different</c><00:23:52.070><c> colors</c><00:23:52.429><c> and</c><00:23:52.669><c> the</c><00:23:53.030><c> payments</c>

00:23:53.470 --> 00:23:53.480 align:start position:0%
with different colors and the payments
 

00:23:53.480 --> 00:23:56.350 align:start position:0%
with different colors and the payments
go<00:23:53.510><c> across</c><00:23:54.290><c> multiple</c><00:23:54.919><c> parties</c><00:23:55.549><c> and</c><00:23:55.850><c> they're</c>

00:23:56.350 --> 00:23:56.360 align:start position:0%
go across multiple parties and they're
 

00:23:56.360 --> 00:23:58.960 align:start position:0%
go across multiple parties and they're
guaranteed<00:23:57.049><c> to</c><00:23:57.290><c> be</c><00:23:57.410><c> atomic</c><00:23:57.740><c> that</c><00:23:58.460><c> is</c><00:23:58.700><c> a</c>

00:23:58.960 --> 00:23:58.970 align:start position:0%
guaranteed to be atomic that is a
 

00:23:58.970 --> 00:24:01.000 align:start position:0%
guaranteed to be atomic that is a
transaction<00:23:59.480><c> will</c><00:23:59.900><c> not</c><00:24:00.110><c> get</c><00:24:00.350><c> stuck</c><00:24:00.679><c> in</c><00:24:00.919><c> the</c>

00:24:01.000 --> 00:24:01.010 align:start position:0%
transaction will not get stuck in the
 

00:24:01.010 --> 00:24:03.159 align:start position:0%
transaction will not get stuck in the
middle<00:24:01.280><c> of</c><00:24:01.429><c> let's</c><00:24:02.030><c> say</c><00:24:02.210><c> of</c><00:24:02.480><c> the</c><00:24:02.630><c> country</c><00:24:03.020><c> so</c><00:24:03.140><c> I</c>

00:24:03.159 --> 00:24:03.169 align:start position:0%
middle of let's say of the country so I
 

00:24:03.169 --> 00:24:04.960 align:start position:0%
middle of let's say of the country so I
want<00:24:03.440><c> to</c><00:24:03.590><c> pay</c><00:24:03.770><c> from</c><00:24:03.830><c> New</c><00:24:04.340><c> York</c><00:24:04.580><c> to</c><00:24:04.790><c> San</c>

00:24:04.960 --> 00:24:04.970 align:start position:0%
want to pay from New York to San
 

00:24:04.970 --> 00:24:07.780 align:start position:0%
want to pay from New York to San
Francisco<00:24:05.600><c> my</c><00:24:06.140><c> money</c><00:24:06.440><c> will</c><00:24:06.650><c> not</c><00:24:06.860><c> be</c><00:24:07.010><c> stuck</c><00:24:07.309><c> in</c>

00:24:07.780 --> 00:24:07.790 align:start position:0%
Francisco my money will not be stuck in
 

00:24:07.790 --> 00:24:09.490 align:start position:0%
Francisco my money will not be stuck in
some<00:24:07.850><c> contract</c><00:24:08.660><c> in</c><00:24:08.900><c> Ohio</c>

00:24:09.490 --> 00:24:09.500 align:start position:0%
some contract in Ohio
 

00:24:09.500 --> 00:24:12.159 align:start position:0%
some contract in Ohio
it's<00:24:10.010><c> either</c><00:24:10.250><c> happens</c><00:24:10.850><c> or</c><00:24:10.970><c> it</c><00:24:11.540><c> doesn't</c><00:24:11.570><c> happen</c>

00:24:12.159 --> 00:24:12.169 align:start position:0%
it's either happens or it doesn't happen
 

00:24:12.169 --> 00:24:15.880 align:start position:0%
it's either happens or it doesn't happen
it's<00:24:12.500><c> atomic</c><00:24:13.299><c> so</c><00:24:14.299><c> we</c><00:24:14.870><c> implemented</c><00:24:15.440><c> this</c><00:24:15.620><c> fully</c>

00:24:15.880 --> 00:24:15.890 align:start position:0%
it's atomic so we implemented this fully
 

00:24:15.890 --> 00:24:18.070 align:start position:0%
it's atomic so we implemented this fully
we<00:24:16.280><c> actually</c><00:24:16.640><c> got</c><00:24:16.730><c> the</c><00:24:16.910><c> keys</c><00:24:17.120><c> from</c><00:24:17.450><c> Intel</c><00:24:17.870><c> to</c>

00:24:18.070 --> 00:24:18.080 align:start position:0%
we actually got the keys from Intel to
 

00:24:18.080 --> 00:24:20.799 align:start position:0%
we actually got the keys from Intel to
sign<00:24:18.380><c> it</c><00:24:18.559><c> we</c><00:24:18.679><c> have</c><00:24:18.799><c> an</c><00:24:18.890><c> actual</c><00:24:19.720><c> you</c><00:24:20.720><c> know</c>

00:24:20.799 --> 00:24:20.809 align:start position:0%
sign it we have an actual you know
 

00:24:20.809 --> 00:24:22.480 align:start position:0%
sign it we have an actual you know
actual<00:24:21.080><c> implementation</c><00:24:21.740><c> that</c><00:24:21.950><c> operates</c>

00:24:22.480 --> 00:24:22.490 align:start position:0%
actual implementation that operates
 

00:24:22.490 --> 00:24:25.600 align:start position:0%
actual implementation that operates
directly<00:24:22.820><c> on</c><00:24:23.120><c> hardware</c><00:24:23.919><c> counter</c><00:24:24.919><c> to</c><00:24:25.100><c> what</c><00:24:25.280><c> you</c>

00:24:25.600 --> 00:24:25.610 align:start position:0%
directly on hardware counter to what you
 

00:24:25.610 --> 00:24:27.490 align:start position:0%
directly on hardware counter to what you
know<00:24:25.730><c> the</c><00:24:25.850><c> Bitcoin</c><00:24:26.210><c> trolls</c><00:24:26.480><c> make</c><00:24:26.720><c> noise</c>

00:24:27.490 --> 00:24:27.500 align:start position:0%
know the Bitcoin trolls make noise
 

00:24:27.500 --> 00:24:29.410 align:start position:0%
know the Bitcoin trolls make noise
and<00:24:27.740><c> we</c><00:24:27.830><c> deployed</c><00:24:28.190><c> it</c><00:24:28.220><c> across</c><00:24:28.700><c> the</c><00:24:28.910><c> Atlantic</c>

00:24:29.410 --> 00:24:29.420 align:start position:0%
and we deployed it across the Atlantic
 

00:24:29.420 --> 00:24:32.380 align:start position:0%
and we deployed it across the Atlantic
so<00:24:29.980><c> the</c><00:24:30.980><c> types</c><00:24:31.460><c> of</c><00:24:31.640><c> numbers</c><00:24:32.060><c> that</c><00:24:32.210><c> we</c><00:24:32.360><c> are</c>

00:24:32.380 --> 00:24:32.390 align:start position:0%
so the types of numbers that we are
 

00:24:32.390 --> 00:24:36.190 align:start position:0%
so the types of numbers that we are
seeing<00:24:32.810><c> with</c><00:24:33.110><c> this</c><00:24:33.350><c> this</c><00:24:34.130><c> setup</c><00:24:34.760><c> is</c><00:24:35.330><c> in</c><00:24:35.690><c> excess</c>

00:24:36.190 --> 00:24:36.200 align:start position:0%
seeing with this this setup is in excess
 

00:24:36.200 --> 00:24:38.410 align:start position:0%
seeing with this this setup is in excess
of<00:24:36.350><c> a</c><00:24:36.470><c> hundred</c><00:24:36.680><c> thousand</c><00:24:37.490><c> transactions</c><00:24:38.210><c> per</c>

00:24:38.410 --> 00:24:38.420 align:start position:0%
of a hundred thousand transactions per
 

00:24:38.420 --> 00:24:41.830 align:start position:0%
of a hundred thousand transactions per
second<00:24:38.960><c> per</c><00:24:39.110><c> channel</c><00:24:40.270><c> so</c><00:24:41.270><c> if</c><00:24:41.360><c> you</c><00:24:41.450><c> think</c><00:24:41.660><c> about</c>

00:24:41.830 --> 00:24:41.840 align:start position:0%
second per channel so if you think about
 

00:24:41.840 --> 00:24:44.110 align:start position:0%
second per channel so if you think about
that<00:24:42.020><c> for</c><00:24:42.260><c> a</c><00:24:42.320><c> second</c><00:24:42.740><c> that's</c><00:24:43.220><c> actually</c><00:24:43.700><c> a</c><00:24:43.730><c> lot</c>

00:24:44.110 --> 00:24:44.120 align:start position:0%
that for a second that's actually a lot
 

00:24:44.120 --> 00:24:46.630 align:start position:0%
that for a second that's actually a lot
of<00:24:44.480><c> zeros</c><00:24:44.960><c> that</c><00:24:45.560><c> takes</c><00:24:45.860><c> us</c><00:24:46.010><c> into</c><00:24:46.190><c> a</c><00:24:46.280><c> different</c>

00:24:46.630 --> 00:24:46.640 align:start position:0%
of zeros that takes us into a different
 

00:24:46.640 --> 00:24:48.220 align:start position:0%
of zeros that takes us into a different
domain<00:24:46.850><c> and</c><00:24:47.180><c> you</c><00:24:47.300><c> can</c><00:24:47.450><c> have</c><00:24:47.570><c> as</c><00:24:47.690><c> many</c><00:24:47.870><c> channels</c>

00:24:48.220 --> 00:24:48.230 align:start position:0%
domain and you can have as many channels
 

00:24:48.230 --> 00:24:50.560 align:start position:0%
domain and you can have as many channels
as<00:24:48.470><c> you</c><00:24:48.770><c> like</c><00:24:49.220><c> of</c><00:24:49.610><c> course</c><00:24:49.940><c> then</c><00:24:50.150><c> all</c><00:24:50.240><c> sorts</c><00:24:50.420><c> of</c>

00:24:50.560 --> 00:24:50.570 align:start position:0%
as you like of course then all sorts of
 

00:24:50.570 --> 00:24:52.750 align:start position:0%
as you like of course then all sorts of
other<00:24:50.720><c> issues</c><00:24:50.930><c> begin</c><00:24:51.350><c> to</c><00:24:51.530><c> you</c><00:24:52.220><c> might</c><00:24:52.460><c> have</c><00:24:52.640><c> to</c>

00:24:52.750 --> 00:24:52.760 align:start position:0%
other issues begin to you might have to
 

00:24:52.760 --> 00:24:54.700 align:start position:0%
other issues begin to you might have to
worry<00:24:52.940><c> about</c><00:24:53.090><c> it</c><00:24:53.390><c> if</c><00:24:53.510><c> you</c><00:24:53.630><c> are</c><00:24:53.720><c> actually</c><00:24:53.930><c> if</c>

00:24:54.700 --> 00:24:54.710 align:start position:0%
worry about it if you are actually if
 

00:24:54.710 --> 00:24:56.050 align:start position:0%
worry about it if you are actually if
you're<00:24:54.920><c> a</c><00:24:54.950><c> bit</c><00:24:55.160><c> Phenix</c><00:24:55.520><c> or</c><00:24:55.700><c> if</c><00:24:55.760><c> you're</c><00:24:55.910><c> if</c>

00:24:56.050 --> 00:24:56.060 align:start position:0%
you're a bit Phenix or if you're if
 

00:24:56.060 --> 00:24:57.670 align:start position:0%
you're a bit Phenix or if you're if
you're<00:24:56.090><c> in</c><00:24:56.240><c> exchange</c><00:24:56.720><c> you're</c><00:24:57.260><c> going</c><00:24:57.440><c> to</c><00:24:57.590><c> have</c>

00:24:57.670 --> 00:24:57.680 align:start position:0%
you're in exchange you're going to have
 

00:24:57.680 --> 00:24:59.350 align:start position:0%
you're in exchange you're going to have
to<00:24:57.800><c> worry</c><00:24:58.010><c> about</c><00:24:58.190><c> actually</c><00:24:58.790><c> terminating</c>

00:24:59.350 --> 00:24:59.360 align:start position:0%
to worry about actually terminating
 

00:24:59.360 --> 00:25:03.100 align:start position:0%
to worry about actually terminating
these<00:24:59.800><c> these</c><00:25:00.800><c> channels</c><00:25:01.220><c> on</c><00:25:01.340><c> your</c><00:25:01.520><c> end</c><00:25:01.730><c> but</c><00:25:02.360><c> but</c>

00:25:03.100 --> 00:25:03.110 align:start position:0%
these these channels on your end but but
 

00:25:03.110 --> 00:25:04.630 align:start position:0%
these these channels on your end but but
the<00:25:03.230><c> bottom</c><00:25:03.530><c> line</c><00:25:03.560><c> is</c><00:25:03.740><c> this</c><00:25:04.160><c> gives</c><00:25:04.430><c> you</c><00:25:04.550><c> an</c>

00:25:04.630 --> 00:25:04.640 align:start position:0%
the bottom line is this gives you an
 

00:25:04.640 --> 00:25:07.090 align:start position:0%
the bottom line is this gives you an
enormous<00:25:04.910><c> ability</c><00:25:05.360><c> to</c><00:25:05.720><c> leverage</c><00:25:05.960><c> the</c><00:25:06.140><c> power</c>

00:25:07.090 --> 00:25:07.100 align:start position:0%
enormous ability to leverage the power
 

00:25:07.100 --> 00:25:09.610 align:start position:0%
enormous ability to leverage the power
of<00:25:07.430><c> off</c><00:25:07.700><c> chain</c><00:25:07.910><c> transactions</c><00:25:08.600><c> the</c><00:25:09.110><c> latencies</c>

00:25:09.610 --> 00:25:09.620 align:start position:0%
of off chain transactions the latencies
 

00:25:09.620 --> 00:25:11.500 align:start position:0%
of off chain transactions the latencies
are<00:25:09.860><c> simply</c><00:25:10.400><c> network</c><00:25:10.730><c> latencies</c><00:25:11.210><c> in</c><00:25:11.390><c> this</c>

00:25:11.500 --> 00:25:11.510 align:start position:0%
are simply network latencies in this
 

00:25:11.510 --> 00:25:13.870 align:start position:0%
are simply network latencies in this
case<00:25:11.720><c> and</c><00:25:12.470><c> we're</c><00:25:12.590><c> currently</c><00:25:12.800><c> working</c><00:25:13.070><c> to</c><00:25:13.580><c> port</c>

00:25:13.870 --> 00:25:13.880 align:start position:0%
case and we're currently working to port
 

00:25:13.880 --> 00:25:16.660 align:start position:0%
case and we're currently working to port
it<00:25:14.330><c> to</c><00:25:14.900><c> chain</c><00:25:15.320><c> to</c><00:25:15.620><c> etherium</c><00:25:16.130><c> to</c><00:25:16.280><c> support</c>

00:25:16.660 --> 00:25:16.670 align:start position:0%
it to chain to etherium to support
 

00:25:16.670 --> 00:25:18.810 align:start position:0%
it to chain to etherium to support
etherium<00:25:17.060><c> transactions</c><00:25:17.720><c> and</c><00:25:17.870><c> protocols</c>

00:25:18.810 --> 00:25:18.820 align:start position:0%
etherium transactions and protocols
 

00:25:18.820 --> 00:25:21.610 align:start position:0%
etherium transactions and protocols
contracts<00:25:19.820><c> natively</c><00:25:20.240><c> on</c><00:25:20.540><c> top</c><00:25:21.050><c> of</c><00:25:21.200><c> T</c><00:25:21.350><c> change</c>

00:25:21.610 --> 00:25:21.620 align:start position:0%
contracts natively on top of T change
 

00:25:21.620 --> 00:25:24.480 align:start position:0%
contracts natively on top of T change
our<00:25:21.920><c> implementation</c><00:25:22.670><c> is</c><00:25:22.820><c> is</c><00:25:23.060><c> with</c><00:25:23.300><c> Bitcoin</c>

00:25:24.480 --> 00:25:24.490 align:start position:0%
our implementation is is with Bitcoin
 

00:25:24.490 --> 00:25:27.730 align:start position:0%
our implementation is is with Bitcoin
let<00:25:25.490><c> me</c><00:25:25.670><c> switch</c><00:25:25.910><c> gears</c><00:25:25.940><c> so</c><00:25:26.720><c> this</c><00:25:26.930><c> is</c><00:25:27.140><c> as</c><00:25:27.470><c> far</c><00:25:27.710><c> as</c>

00:25:27.730 --> 00:25:27.740 align:start position:0%
let me switch gears so this is as far as
 

00:25:27.740 --> 00:25:30.040 align:start position:0%
let me switch gears so this is as far as
I<00:25:28.040><c> know</c><00:25:28.100><c> from</c><00:25:28.280><c> my</c><00:25:28.670><c> perspective</c><00:25:29.060><c> the</c><00:25:29.540><c> best</c><00:25:29.720><c> of</c>

00:25:30.040 --> 00:25:30.050 align:start position:0%
I know from my perspective the best of
 

00:25:30.050 --> 00:25:32.020 align:start position:0%
I know from my perspective the best of
on<00:25:30.380><c> chain</c><00:25:30.680><c> and</c><00:25:30.890><c> off</c><00:25:30.980><c> chain</c><00:25:31.280><c> scaling</c><00:25:31.820><c> that's</c>

00:25:32.020 --> 00:25:32.030 align:start position:0%
on chain and off chain scaling that's
 

00:25:32.030 --> 00:25:34.650 align:start position:0%
on chain and off chain scaling that's
Rita<00:25:32.360><c> that</c><00:25:32.630><c> has</c><00:25:32.810><c> been</c><00:25:33.020><c> realized</c><00:25:33.230><c> to</c><00:25:33.830><c> date</c>

00:25:34.650 --> 00:25:34.660 align:start position:0%
Rita that has been realized to date
 

00:25:34.660 --> 00:25:36.370 align:start position:0%
Rita that has been realized to date
let's<00:25:35.660><c> talk</c><00:25:35.900><c> a</c><00:25:35.930><c> little</c><00:25:36.200><c> bit</c><00:25:36.320><c> about</c>

00:25:36.370 --> 00:25:36.380 align:start position:0%
let's talk a little bit about
 

00:25:36.380 --> 00:25:39.490 align:start position:0%
let's talk a little bit about
correctness<00:25:36.980><c> as</c><00:25:37.390><c> I'm</c><00:25:38.390><c> sure</c><00:25:38.600><c> this</c><00:25:39.260><c> is</c><00:25:39.470><c> a</c>

00:25:39.490 --> 00:25:39.500 align:start position:0%
correctness as I'm sure this is a
 

00:25:39.500 --> 00:25:41.770 align:start position:0%
correctness as I'm sure this is a
critical<00:25:40.340><c> issue</c><00:25:40.460><c> for</c><00:25:40.760><c> everybody</c><00:25:41.180><c> here</c><00:25:41.660><c> who</c>

00:25:41.770 --> 00:25:41.780 align:start position:0%
critical issue for everybody here who
 

00:25:41.780 --> 00:25:44.020 align:start position:0%
critical issue for everybody here who
has<00:25:41.960><c> ever</c><00:25:42.140><c> written</c><00:25:42.380><c> any</c><00:25:42.740><c> line</c><00:25:43.010><c> of</c><00:25:43.190><c> code</c><00:25:43.400><c> for</c>

00:25:44.020 --> 00:25:44.030 align:start position:0%
has ever written any line of code for
 

00:25:44.030 --> 00:25:47.860 align:start position:0%
has ever written any line of code for
aetherium<00:25:44.630><c> so</c><00:25:45.640><c> what</c><00:25:46.640><c> do</c><00:25:46.760><c> we</c><00:25:46.820><c> want</c><00:25:47.060><c> to</c><00:25:47.180><c> do</c><00:25:47.330><c> we</c>

00:25:47.860 --> 00:25:47.870 align:start position:0%
aetherium so what do we want to do we
 

00:25:47.870 --> 00:25:49.990 align:start position:0%
aetherium so what do we want to do we
want<00:25:47.900><c> to</c><00:25:48.320><c> be</c><00:25:48.440><c> able</c><00:25:48.560><c> to</c><00:25:48.830><c> verify</c><00:25:49.100><c> that</c><00:25:49.400><c> smart</c>

00:25:49.990 --> 00:25:50.000 align:start position:0%
want to be able to verify that smart
 

00:25:50.000 --> 00:25:52.750 align:start position:0%
want to be able to verify that smart
contracts<00:25:50.570><c> what</c><00:25:51.020><c> do</c><00:25:51.410><c> what</c><00:25:51.800><c> you</c><00:25:52.160><c> think</c><00:25:52.520><c> they</c>

00:25:52.750 --> 00:25:52.760 align:start position:0%
contracts what do what you think they
 

00:25:52.760 --> 00:25:55.720 align:start position:0%
contracts what do what you think they
should<00:25:52.790><c> do</c><00:25:53.210><c> and</c><00:25:53.890><c> this</c><00:25:54.890><c> is</c><00:25:55.100><c> typically</c><00:25:55.430><c> done</c>

00:25:55.720 --> 00:25:55.730 align:start position:0%
should do and this is typically done
 

00:25:55.730 --> 00:25:57.730 align:start position:0%
should do and this is typically done
with<00:25:56.060><c> the</c><00:25:56.210><c> aid</c><00:25:56.330><c> of</c><00:25:56.360><c> a</c><00:25:56.600><c> specification</c><00:25:57.020><c> we</c><00:25:57.500><c> write</c>

00:25:57.730 --> 00:25:57.740 align:start position:0%
with the aid of a specification we write
 

00:25:57.740 --> 00:25:59.380 align:start position:0%
with the aid of a specification we write
in<00:25:57.890><c> some</c><00:25:58.100><c> other</c><00:25:58.280><c> language</c><00:25:58.700><c> typically</c><00:25:59.060><c> a</c><00:25:59.150><c> very</c>

00:25:59.380 --> 00:25:59.390 align:start position:0%
in some other language typically a very
 

00:25:59.390 --> 00:26:02.500 align:start position:0%
in some other language typically a very
mathematical<00:25:59.600><c> language</c><00:26:00.230><c> what</c><00:26:01.190><c> this</c><00:26:01.910><c> contract</c>

00:26:02.500 --> 00:26:02.510 align:start position:0%
mathematical language what this contract
 

00:26:02.510 --> 00:26:05.350 align:start position:0%
mathematical language what this contract
ought<00:26:02.720><c> to</c><00:26:02.990><c> implement</c><00:26:03.410><c> and</c><00:26:03.680><c> then</c><00:26:04.400><c> we</c><00:26:04.670><c> use</c><00:26:04.940><c> lots</c>

00:26:05.350 --> 00:26:05.360 align:start position:0%
ought to implement and then we use lots
 

00:26:05.360 --> 00:26:07.330 align:start position:0%
ought to implement and then we use lots
of<00:26:05.510><c> techniques</c><00:26:05.900><c> from</c><00:26:06.260><c> a</c><00:26:06.410><c> very</c><00:26:06.710><c> rich</c><00:26:07.010><c> field</c>

00:26:07.330 --> 00:26:07.340 align:start position:0%
of techniques from a very rich field
 

00:26:07.340 --> 00:26:09.010 align:start position:0%
of techniques from a very rich field
called<00:26:07.700><c> program</c><00:26:08.120><c> verification</c><00:26:08.390><c> my</c>

00:26:09.010 --> 00:26:09.020 align:start position:0%
called program verification my
 

00:26:09.020 --> 00:26:11.710 align:start position:0%
called program verification my
colleagues<00:26:09.800><c> who</c><00:26:10.070><c> work</c><00:26:10.280><c> on</c><00:26:10.520><c> it</c><00:26:10.700><c> have</c><00:26:11.540><c> been</c>

00:26:11.710 --> 00:26:11.720 align:start position:0%
colleagues who work on it have been
 

00:26:11.720 --> 00:26:13.810 align:start position:0%
colleagues who work on it have been
spending<00:26:11.990><c> decades</c><00:26:12.410><c> on</c><00:26:12.890><c> this</c><00:26:13.100><c> is</c><00:26:13.250><c> ever</c><00:26:13.490><c> since</c>

00:26:13.810 --> 00:26:13.820 align:start position:0%
spending decades on this is ever since
 

00:26:13.820 --> 00:26:15.250 align:start position:0%
spending decades on this is ever since
the<00:26:13.970><c> 60s</c><00:26:14.450><c> people</c><00:26:14.660><c> have</c><00:26:14.960><c> been</c><00:26:15.110><c> paying</c>

00:26:15.250 --> 00:26:15.260 align:start position:0%
the 60s people have been paying
 

00:26:15.260 --> 00:26:17.500 align:start position:0%
the 60s people have been paying
attention<00:26:15.740><c> to</c><00:26:15.860><c> how</c><00:26:16.310><c> do</c><00:26:16.370><c> we</c><00:26:16.610><c> write</c><00:26:16.880><c> bug-free</c>

00:26:17.500 --> 00:26:17.510 align:start position:0%
attention to how do we write bug-free
 

00:26:17.510 --> 00:26:20.610 align:start position:0%
attention to how do we write bug-free
code<00:26:17.600><c> it's</c><00:26:18.170><c> very</c><00:26:18.590><c> very</c><00:26:19.100><c> difficult</c><00:26:19.370><c> this</c>

00:26:20.610 --> 00:26:20.620 align:start position:0%
code it's very very difficult this
 

00:26:20.620 --> 00:26:23.220 align:start position:0%
code it's very very difficult this
typically<00:26:21.620><c> falls</c><00:26:21.980><c> far</c><00:26:22.250><c> short</c><00:26:22.310><c> of</c><00:26:22.730><c> target</c>

00:26:23.220 --> 00:26:23.230 align:start position:0%
typically falls far short of target
 

00:26:23.230 --> 00:26:25.930 align:start position:0%
typically falls far short of target
software<00:26:24.230><c> verification</c><00:26:24.410><c> has</c><00:26:25.070><c> focused</c><00:26:25.460><c> on</c><00:26:25.610><c> two</c>

00:26:25.930 --> 00:26:25.940 align:start position:0%
software verification has focused on two
 

00:26:25.940 --> 00:26:29.440 align:start position:0%
software verification has focused on two
issues<00:26:26.260><c> safety</c><00:26:27.260><c> and</c><00:26:27.470><c> liveness</c><00:26:27.950><c> and</c><00:26:28.460><c> I'm</c><00:26:29.150><c> here</c>

00:26:29.440 --> 00:26:29.450 align:start position:0%
issues safety and liveness and I'm here
 

00:26:29.450 --> 00:26:31.240 align:start position:0%
issues safety and liveness and I'm here
to<00:26:29.600><c> tell</c><00:26:29.810><c> you</c><00:26:29.960><c> that</c><00:26:30.110><c> there</c><00:26:30.260><c> is</c><00:26:30.350><c> much</c><00:26:30.650><c> more</c><00:26:30.680><c> to</c>

00:26:31.240 --> 00:26:31.250 align:start position:0%
to tell you that there is much more to
 

00:26:31.250 --> 00:26:33.550 align:start position:0%
to tell you that there is much more to
this<00:26:31.400><c> domain</c><00:26:31.820><c> than</c><00:26:32.120><c> safety</c><00:26:32.540><c> aliveness</c><00:26:32.900><c> and</c>

00:26:33.550 --> 00:26:33.560 align:start position:0%
this domain than safety aliveness and
 

00:26:33.560 --> 00:26:35.620 align:start position:0%
this domain than safety aliveness and
I'd<00:26:33.650><c> like</c><00:26:33.860><c> to</c><00:26:33.920><c> sensitize</c><00:26:34.640><c> you</c><00:26:34.670><c> to</c><00:26:34.910><c> what</c><00:26:35.270><c> action</c>

00:26:35.620 --> 00:26:35.630 align:start position:0%
I'd like to sensitize you to what action
 

00:26:35.630 --> 00:26:36.820 align:start position:0%
I'd like to sensitize you to what action
needs<00:26:35.780><c> to</c><00:26:35.900><c> happen</c><00:26:36.290><c> to</c><00:26:36.410><c> the</c><00:26:36.500><c> research</c><00:26:36.800><c> that</c>

00:26:36.820 --> 00:26:36.830 align:start position:0%
needs to happen to the research that
 

00:26:36.830 --> 00:26:41.030 align:start position:0%
needs to happen to the research that
needs<00:26:37.190><c> to</c><00:26:37.340><c> come</c><00:26:38.080><c> so</c>

00:26:41.030 --> 00:26:41.040 align:start position:0%
needs to come so
 

00:26:41.040 --> 00:26:45.330 align:start position:0%
needs to come so
yeah<00:26:42.040><c> okay</c><00:26:42.760><c> so</c><00:26:42.820><c> let</c><00:26:43.180><c> me</c><00:26:43.710><c> let</c><00:26:44.710><c> me</c><00:26:44.830><c> expand</c><00:26:45.220><c> on</c>

00:26:45.330 --> 00:26:45.340 align:start position:0%
yeah okay so let me let me expand on
 

00:26:45.340 --> 00:26:48.210 align:start position:0%
yeah okay so let me let me expand on
this<00:26:45.520><c> so</c><00:26:46.180><c> um</c><00:26:46.480><c> so</c><00:26:46.960><c> so</c><00:26:47.290><c> far</c><00:26:47.500><c> the</c><00:26:47.680><c> research</c><00:26:48.010><c> has</c>

00:26:48.210 --> 00:26:48.220 align:start position:0%
this so um so so far the research has
 

00:26:48.220 --> 00:26:51.870 align:start position:0%
this so um so so far the research has
focused<00:26:48.400><c> on</c><00:26:48.700><c> safety</c><00:26:49.120><c> and</c><00:26:49.150><c> -</c><00:26:49.600><c> and</c><00:26:49.840><c> and</c><00:26:50.770><c> so</c><00:26:51.550><c> I</c>

00:26:51.870 --> 00:26:51.880 align:start position:0%
focused on safety and - and and so I
 

00:26:51.880 --> 00:26:57.060 align:start position:0%
focused on safety and - and and so I
think<00:26:52.810><c> okay</c><00:26:53.970><c> so</c><00:26:55.080><c> what</c><00:26:56.080><c> is</c><00:26:56.230><c> safety</c><00:26:56.680><c> safety</c>

00:26:57.060 --> 00:26:57.070 align:start position:0%
think okay so what is safety safety
 

00:26:57.070 --> 00:27:00.390 align:start position:0%
think okay so what is safety safety
means<00:26:57.460><c> that</c><00:26:58.000><c> there</c><00:26:58.540><c> is</c><00:26:58.570><c> no</c><00:26:59.170><c> path</c><00:26:59.500><c> in</c><00:26:59.800><c> a</c><00:26:59.920><c> program</c>

00:27:00.390 --> 00:27:00.400 align:start position:0%
means that there is no path in a program
 

00:27:00.400 --> 00:27:03.330 align:start position:0%
means that there is no path in a program
where<00:27:01.210><c> a</c><00:27:01.510><c> bad</c><00:27:01.780><c> thing</c><00:27:02.140><c> happens</c><00:27:02.650><c> because</c><00:27:03.160><c> I</c><00:27:03.190><c> have</c>

00:27:03.330 --> 00:27:03.340 align:start position:0%
where a bad thing happens because I have
 

00:27:03.340 --> 00:27:06.410 align:start position:0%
where a bad thing happens because I have
a<00:27:03.400><c> predicate</c><00:27:03.820><c> in</c><00:27:03.970><c> mind</c><00:27:04.260><c> things</c><00:27:05.260><c> like</c><00:27:05.560><c> I</c><00:27:05.800><c> lose</c>

00:27:06.410 --> 00:27:06.420 align:start position:0%
a predicate in mind things like I lose
 

00:27:06.420 --> 00:27:10.050 align:start position:0%
a predicate in mind things like I lose
so<00:27:07.420><c> the</c><00:27:07.870><c> number</c><00:27:08.260><c> of</c><00:27:08.290><c> tokens</c><00:27:08.830><c> coming</c><00:27:09.190><c> in</c><00:27:09.370><c> is</c><00:27:09.790><c> not</c>

00:27:10.050 --> 00:27:10.060 align:start position:0%
so the number of tokens coming in is not
 

00:27:10.060 --> 00:27:11.700 align:start position:0%
so the number of tokens coming in is not
equal<00:27:10.420><c> to</c><00:27:10.540><c> the</c><00:27:10.630><c> amount</c><00:27:10.840><c> of</c><00:27:11.020><c> money</c><00:27:11.290><c> going</c><00:27:11.620><c> out</c>

00:27:11.700 --> 00:27:11.710 align:start position:0%
equal to the amount of money going out
 

00:27:11.710 --> 00:27:13.620 align:start position:0%
equal to the amount of money going out
that's<00:27:12.070><c> a</c><00:27:12.250><c> bad</c><00:27:12.460><c> thing</c><00:27:12.490><c> that's</c><00:27:13.060><c> what</c><00:27:13.330><c> happened</c>

00:27:13.620 --> 00:27:13.630 align:start position:0%
that's a bad thing that's what happened
 

00:27:13.630 --> 00:27:15.990 align:start position:0%
that's a bad thing that's what happened
with<00:27:13.720><c> the</c><00:27:13.870><c> Dow</c><00:27:14.050><c> right</c><00:27:14.530><c> so</c><00:27:15.460><c> that</c><00:27:15.610><c> shouldn't</c>

00:27:15.990 --> 00:27:16.000 align:start position:0%
with the Dow right so that shouldn't
 

00:27:16.000 --> 00:27:17.910 align:start position:0%
with the Dow right so that shouldn't
happen<00:27:16.180><c> and</c><00:27:16.450><c> if</c><00:27:16.510><c> it</c><00:27:16.600><c> were</c><00:27:16.870><c> to</c><00:27:16.930><c> happen</c><00:27:17.260><c> I</c><00:27:17.500><c> want</c><00:27:17.650><c> I</c>

00:27:17.910 --> 00:27:17.920 align:start position:0%
happen and if it were to happen I want I
 

00:27:17.920 --> 00:27:19.860 align:start position:0%
happen and if it were to happen I want I
just<00:27:18.370><c> want</c><00:27:18.610><c> the</c><00:27:18.880><c> guarantee</c><00:27:19.390><c> that</c><00:27:19.540><c> that</c><00:27:19.690><c> can</c>

00:27:19.860 --> 00:27:19.870 align:start position:0%
just want the guarantee that that can
 

00:27:19.870 --> 00:27:22.920 align:start position:0%
just want the guarantee that that can
never<00:27:20.050><c> happen</c><00:27:20.170><c> in</c><00:27:20.500><c> my</c><00:27:20.530><c> code</c><00:27:21.270><c> that</c><00:27:22.270><c> is</c><00:27:22.480><c> a</c><00:27:22.510><c> safety</c>

00:27:22.920 --> 00:27:22.930 align:start position:0%
never happen in my code that is a safety
 

00:27:22.930 --> 00:27:25.500 align:start position:0%
never happen in my code that is a safety
criteria<00:27:23.170><c> and</c><00:27:23.830><c> we</c><00:27:24.190><c> understand</c><00:27:24.820><c> quite</c><00:27:25.240><c> well</c>

00:27:25.500 --> 00:27:25.510 align:start position:0%
criteria and we understand quite well
 

00:27:25.510 --> 00:27:27.030 align:start position:0%
criteria and we understand quite well
actually<00:27:25.750><c> the</c><00:27:26.440><c> program</c><00:27:26.860><c> verification</c>

00:27:27.030 --> 00:27:27.040 align:start position:0%
actually the program verification
 

00:27:27.040 --> 00:27:29.070 align:start position:0%
actually the program verification
techniques<00:27:27.820><c> required</c><00:27:28.270><c> to</c><00:27:28.480><c> check</c><00:27:28.660><c> that</c><00:27:28.840><c> kind</c>

00:27:29.070 --> 00:27:29.080 align:start position:0%
techniques required to check that kind
 

00:27:29.080 --> 00:27:32.760 align:start position:0%
techniques required to check that kind
of<00:27:29.170><c> criteria</c><00:27:29.580><c> liveness</c><00:27:30.580><c> means</c><00:27:31.570><c> that</c><00:27:31.990><c> always</c>

00:27:32.760 --> 00:27:32.770 align:start position:0%
of criteria liveness means that always
 

00:27:32.770 --> 00:27:35.490 align:start position:0%
of criteria liveness means that always
eventually<00:27:33.610><c> something</c><00:27:34.240><c> good</c><00:27:34.420><c> happens</c><00:27:34.840><c> okay</c>

00:27:35.490 --> 00:27:35.500 align:start position:0%
eventually something good happens okay
 

00:27:35.500 --> 00:27:37.650 align:start position:0%
eventually something good happens okay
so<00:27:35.560><c> that's</c><00:27:36.100><c> a</c><00:27:36.190><c> precise</c><00:27:36.520><c> statement</c><00:27:36.940><c> so</c><00:27:37.330><c> in</c>

00:27:37.650 --> 00:27:37.660 align:start position:0%
so that's a precise statement so in
 

00:27:37.660 --> 00:27:40.500 align:start position:0%
so that's a precise statement so in
every<00:27:38.290><c> path</c><00:27:38.560><c> there</c><00:27:39.430><c> is</c><00:27:39.460><c> eventually</c><00:27:40.210><c> a</c><00:27:40.240><c> good</c>

00:27:40.500 --> 00:27:40.510 align:start position:0%
every path there is eventually a good
 

00:27:40.510 --> 00:27:42.000 align:start position:0%
every path there is eventually a good
thing<00:27:40.720><c> that</c><00:27:40.750><c> you</c><00:27:40.990><c> want</c><00:27:41.200><c> to</c><00:27:41.260><c> have</c><00:27:41.470><c> happen</c><00:27:41.620><c> the</c>

00:27:42.000 --> 00:27:42.010 align:start position:0%
thing that you want to have happen the
 

00:27:42.010 --> 00:27:44.580 align:start position:0%
thing that you want to have happen the
user<00:27:42.190><c> is</c><00:27:42.460><c> able</c><00:27:42.610><c> to</c><00:27:42.790><c> withdraw</c><00:27:43.060><c> her</c><00:27:43.420><c> funds</c><00:27:43.720><c> that</c>

00:27:44.580 --> 00:27:44.590 align:start position:0%
user is able to withdraw her funds that
 

00:27:44.590 --> 00:27:46.460 align:start position:0%
user is able to withdraw her funds that
should<00:27:45.010><c> be</c><00:27:45.130><c> all</c><00:27:45.250><c> possible</c><00:27:45.760><c> at</c><00:27:45.850><c> all</c><00:27:45.970><c> times</c>

00:27:46.460 --> 00:27:46.470 align:start position:0%
should be all possible at all times
 

00:27:46.470 --> 00:27:51.600 align:start position:0%
should be all possible at all times
so<00:27:48.180><c> so</c><00:27:49.180><c> this</c><00:27:49.450><c> is</c><00:27:49.690><c> a</c><00:27:49.720><c> this</c><00:27:50.680><c> is</c><00:27:50.890><c> what</c><00:27:51.100><c> this</c><00:27:51.340><c> field</c>

00:27:51.600 --> 00:27:51.610 align:start position:0%
so so this is a this is what this field
 

00:27:51.610 --> 00:27:53.700 align:start position:0%
so so this is a this is what this field
has<00:27:51.850><c> really</c><00:27:52.090><c> been</c><00:27:52.360><c> focused</c><00:27:52.780><c> on</c><00:27:52.930><c> why</c><00:27:53.230><c> because</c>

00:27:53.700 --> 00:27:53.710 align:start position:0%
has really been focused on why because
 

00:27:53.710 --> 00:27:55.080 align:start position:0%
has really been focused on why because
they've<00:27:53.860><c> been</c><00:27:53.980><c> worried</c><00:27:54.370><c> about</c><00:27:54.610><c> things</c><00:27:54.940><c> like</c>

00:27:55.080 --> 00:27:55.090 align:start position:0%
they've been worried about things like
 

00:27:55.090 --> 00:27:57.360 align:start position:0%
they've been worried about things like
nuclear<00:27:55.630><c> power</c><00:27:55.840><c> reactors</c><00:27:56.500><c> being</c><00:27:56.710><c> correct</c><00:27:57.130><c> and</c>

00:27:57.360 --> 00:27:57.370 align:start position:0%
nuclear power reactors being correct and
 

00:27:57.370 --> 00:27:59.460 align:start position:0%
nuclear power reactors being correct and
their<00:27:57.910><c> safety</c><00:27:58.360><c> matters</c><00:27:58.780><c> a</c><00:27:59.020><c> lot</c>

00:27:59.460 --> 00:27:59.470 align:start position:0%
their safety matters a lot
 

00:27:59.470 --> 00:28:01.950 align:start position:0%
their safety matters a lot
they're<00:27:59.710><c> liveness</c><00:28:00.160><c> matters</c><00:28:00.700><c> a</c><00:28:00.730><c> lot</c><00:28:01.030><c> but</c><00:28:01.750><c> what</c>

00:28:01.950 --> 00:28:01.960 align:start position:0%
they're liveness matters a lot but what
 

00:28:01.960 --> 00:28:04.800 align:start position:0%
they're liveness matters a lot but what
they<00:28:02.140><c> haven't</c><00:28:02.410><c> paid</c><00:28:02.680><c> attention</c><00:28:03.070><c> to</c><00:28:03.280><c> are</c><00:28:03.850><c> game</c>

00:28:04.800 --> 00:28:04.810 align:start position:0%
they haven't paid attention to are game
 

00:28:04.810 --> 00:28:06.960 align:start position:0%
they haven't paid attention to are game
theoretic<00:28:05.140><c> properties</c><00:28:05.950><c> which</c><00:28:06.310><c> matters</c><00:28:06.730><c> to</c>

00:28:06.960 --> 00:28:06.970 align:start position:0%
theoretic properties which matters to
 

00:28:06.970 --> 00:28:09.870 align:start position:0%
theoretic properties which matters to
you<00:28:07.240><c> and</c><00:28:07.540><c> you</c><00:28:08.290><c> need</c><00:28:08.530><c> to</c><00:28:08.770><c> learn</c><00:28:08.980><c> to</c><00:28:09.040><c> demand</c><00:28:09.670><c> this</c>

00:28:09.870 --> 00:28:09.880 align:start position:0%
you and you need to learn to demand this
 

00:28:09.880 --> 00:28:14.280 align:start position:0%
you and you need to learn to demand this
from<00:28:09.940><c> the</c><00:28:10.270><c> researchers</c><00:28:10.810><c> so</c><00:28:12.300><c> what's</c><00:28:13.300><c> what's</c>

00:28:14.280 --> 00:28:14.290 align:start position:0%
from the researchers so what's what's
 

00:28:14.290 --> 00:28:16.650 align:start position:0%
from the researchers so what's what's
the<00:28:14.470><c> yeah</c><00:28:14.860><c> okay</c><00:28:15.070><c> so</c><00:28:15.130><c> safety</c><00:28:16.000><c> criteria</c><00:28:16.570><c> are</c>

00:28:16.650 --> 00:28:16.660 align:start position:0%
the yeah okay so safety criteria are
 

00:28:16.660 --> 00:28:18.630 align:start position:0%
the yeah okay so safety criteria are
things<00:28:16.900><c> like</c><00:28:17.020><c> sum</c><00:28:17.320><c> total</c><00:28:17.680><c> of</c><00:28:17.770><c> tokens</c><00:28:18.250><c> is</c><00:28:18.430><c> less</c>

00:28:18.630 --> 00:28:18.640 align:start position:0%
things like sum total of tokens is less
 

00:28:18.640 --> 00:28:21.150 align:start position:0%
things like sum total of tokens is less
than<00:28:18.850><c> and</c><00:28:19.060><c> token</c><00:28:19.990><c> balances</c><00:28:20.500><c> are</c><00:28:20.650><c> conserved</c>

00:28:21.150 --> 00:28:21.160 align:start position:0%
than and token balances are conserved
 

00:28:21.160 --> 00:28:23.580 align:start position:0%
than and token balances are conserved
the<00:28:21.850><c> lightness</c><00:28:22.600><c> criteria</c><00:28:23.080><c> are</c><00:28:23.170><c> things</c><00:28:23.440><c> like</c>

00:28:23.580 --> 00:28:23.590 align:start position:0%
the lightness criteria are things like
 

00:28:23.590 --> 00:28:27.180 align:start position:0%
the lightness criteria are things like
the<00:28:23.800><c> smart</c><00:28:24.160><c> contract</c><00:28:24.640><c> does</c><00:28:24.850><c> not</c><00:28:24.880><c> get</c><00:28:25.330><c> stuck</c><00:28:26.190><c> in</c>

00:28:27.180 --> 00:28:27.190 align:start position:0%
the smart contract does not get stuck in
 

00:28:27.190 --> 00:28:29.010 align:start position:0%
the smart contract does not get stuck in
academic<00:28:27.730><c> parlance</c><00:28:28.210><c> these</c><00:28:28.660><c> are</c><00:28:28.870><c> all</c>

00:28:29.010 --> 00:28:29.020 align:start position:0%
academic parlance these are all
 

00:28:29.020 --> 00:28:31.830 align:start position:0%
academic parlance these are all
properties<00:28:29.860><c> you</c><00:28:30.490><c> can</c><00:28:30.700><c> reason</c><00:28:31.090><c> about</c><00:28:31.180><c> them</c><00:28:31.570><c> by</c>

00:28:31.830 --> 00:28:31.840 align:start position:0%
properties you can reason about them by
 

00:28:31.840 --> 00:28:34.560 align:start position:0%
properties you can reason about them by
reasoning<00:28:32.380><c> about</c><00:28:32.650><c> the</c><00:28:33.040><c> execution</c><00:28:33.400><c> trail</c><00:28:34.300><c> the</c>

00:28:34.560 --> 00:28:34.570 align:start position:0%
reasoning about the execution trail the
 

00:28:34.570 --> 00:28:36.930 align:start position:0%
reasoning about the execution trail the
execution<00:28:35.110><c> trace</c><00:28:35.320><c> of</c><00:28:35.740><c> a</c><00:28:36.190><c> single</c><00:28:36.580><c> smart</c>

00:28:36.930 --> 00:28:36.940 align:start position:0%
execution trace of a single smart
 

00:28:36.940 --> 00:28:39.960 align:start position:0%
execution trace of a single smart
contract<00:28:37.480><c> of</c><00:28:38.170><c> a</c><00:28:38.380><c> single</c><00:28:38.770><c> trace</c><00:28:39.010><c> so</c><00:28:39.730><c> I</c><00:28:39.760><c> have</c>

00:28:39.960 --> 00:28:39.970 align:start position:0%
contract of a single trace so I have
 

00:28:39.970 --> 00:28:42.510 align:start position:0%
contract of a single trace so I have
some<00:28:40.240><c> code</c><00:28:40.480><c> it</c><00:28:40.810><c> follows</c><00:28:41.290><c> some</c><00:28:41.320><c> path</c><00:28:41.830><c> and</c><00:28:42.130><c> on</c>

00:28:42.510 --> 00:28:42.520 align:start position:0%
some code it follows some path and on
 

00:28:42.520 --> 00:28:44.700 align:start position:0%
some code it follows some path and on
that<00:28:42.760><c> path</c><00:28:43.000><c> nothing</c><00:28:43.480><c> bad</c><00:28:43.660><c> should</c><00:28:43.690><c> happen</c><00:28:43.960><c> and</c>

00:28:44.700 --> 00:28:44.710 align:start position:0%
that path nothing bad should happen and
 

00:28:44.710 --> 00:28:47.640 align:start position:0%
that path nothing bad should happen and
we<00:28:44.890><c> know</c><00:28:45.160><c> how</c><00:28:45.370><c> to</c><00:28:45.430><c> check</c><00:28:45.820><c> these</c><00:28:45.970><c> things</c><00:28:46.350><c> or</c><00:28:47.350><c> it</c>

00:28:47.640 --> 00:28:47.650 align:start position:0%
we know how to check these things or it
 

00:28:47.650 --> 00:28:49.230 align:start position:0%
we know how to check these things or it
follows<00:28:47.980><c> some</c><00:28:48.010><c> traces</c><00:28:48.550><c> at</c><00:28:48.670><c> the</c><00:28:48.790><c> end</c><00:28:48.910><c> of</c><00:28:49.090><c> that</c>

00:28:49.230 --> 00:28:49.240 align:start position:0%
follows some traces at the end of that
 

00:28:49.240 --> 00:28:50.820 align:start position:0%
follows some traces at the end of that
trace<00:28:49.570><c> there</c><00:28:49.840><c> is</c><00:28:49.930><c> something</c><00:28:50.260><c> good</c><00:28:50.410><c> happening</c>

00:28:50.820 --> 00:28:50.830 align:start position:0%
trace there is something good happening
 

00:28:50.830 --> 00:28:52.930 align:start position:0%
trace there is something good happening
again<00:28:51.370><c> really</c><00:28:51.610><c> we</c><00:28:51.850><c> have</c><00:28:52.000><c> techniques</c>

00:28:52.930 --> 00:28:52.940 align:start position:0%
again really we have techniques
 

00:28:52.940 --> 00:28:54.820 align:start position:0%
again really we have techniques
lightness<00:28:53.330><c> issues</c><00:28:53.660><c> are</c><00:28:53.810><c> not</c><00:28:54.050><c> as</c><00:28:54.260><c> well</c><00:28:54.440><c> covered</c>

00:28:54.820 --> 00:28:54.830 align:start position:0%
lightness issues are not as well covered
 

00:28:54.830 --> 00:28:57.040 align:start position:0%
lightness issues are not as well covered
as<00:28:54.980><c> safety</c><00:28:55.730><c> issues</c><00:28:56.030><c> but</c><00:28:56.510><c> we</c><00:28:56.660><c> have</c><00:28:56.810><c> some</c>

00:28:57.040 --> 00:28:57.050 align:start position:0%
as safety issues but we have some
 

00:28:57.050 --> 00:28:59.140 align:start position:0%
as safety issues but we have some
techniques<00:28:57.440><c> for</c><00:28:57.680><c> them</c><00:28:57.830><c> what</c><00:28:58.520><c> we</c><00:28:58.670><c> have</c><00:28:58.820><c> nothing</c>

00:28:59.140 --> 00:28:59.150 align:start position:0%
techniques for them what we have nothing
 

00:28:59.150 --> 00:29:01.120 align:start position:0%
techniques for them what we have nothing
for<00:28:59.600><c> and</c><00:28:59.960><c> what</c><00:29:00.110><c> I'm</c><00:29:00.290><c> here</c><00:29:00.560><c> to</c><00:29:00.680><c> sort</c><00:29:00.860><c> of</c><00:29:00.920><c> try</c><00:29:01.100><c> to</c>

00:29:01.120 --> 00:29:01.130 align:start position:0%
for and what I'm here to sort of try to
 

00:29:01.130 --> 00:29:04.000 align:start position:0%
for and what I'm here to sort of try to
get<00:29:01.340><c> people</c><00:29:01.610><c> excited</c><00:29:01.700><c> about</c><00:29:02.150><c> our</c><00:29:03.010><c> game</c>

00:29:04.000 --> 00:29:04.010 align:start position:0%
get people excited about our game
 

00:29:04.010 --> 00:29:06.430 align:start position:0%
get people excited about our game
theoretic<00:29:04.370><c> properties</c><00:29:05.180><c> what</c><00:29:05.930><c> do</c><00:29:06.080><c> they</c><00:29:06.230><c> look</c>

00:29:06.430 --> 00:29:06.440 align:start position:0%
theoretic properties what do they look
 

00:29:06.440 --> 00:29:06.970 align:start position:0%
theoretic properties what do they look
like

00:29:06.970 --> 00:29:06.980 align:start position:0%
like
 

00:29:06.980 --> 00:29:09.250 align:start position:0%
like
well<00:29:07.670><c> these</c><00:29:08.090><c> sound</c><00:29:08.480><c> a</c><00:29:08.750><c> little</c><00:29:08.930><c> bit</c><00:29:09.230><c> more</c>

00:29:09.250 --> 00:29:09.260 align:start position:0%
well these sound a little bit more
 

00:29:09.260 --> 00:29:11.890 align:start position:0%
well these sound a little bit more
nebulous<00:29:10.040><c> these</c><00:29:10.370><c> are</c><00:29:10.580><c> properties</c><00:29:11.120><c> like</c><00:29:11.390><c> this</c>

00:29:11.890 --> 00:29:11.900 align:start position:0%
nebulous these are properties like this
 

00:29:11.900 --> 00:29:14.770 align:start position:0%
nebulous these are properties like this
contract<00:29:12.620><c> is</c><00:29:13.100><c> fair</c><00:29:13.550><c> to</c><00:29:13.850><c> all</c><00:29:13.880><c> participants</c>

00:29:14.770 --> 00:29:14.780 align:start position:0%
contract is fair to all participants
 

00:29:14.780 --> 00:29:19.090 align:start position:0%
contract is fair to all participants
okay<00:29:15.440><c> so</c><00:29:16.340><c> this</c><00:29:17.270><c> contract</c><00:29:17.840><c> is</c><00:29:17.990><c> truthful</c><00:29:18.650><c> it</c>

00:29:19.090 --> 00:29:19.100 align:start position:0%
okay so this contract is truthful it
 

00:29:19.100 --> 00:29:21.280 align:start position:0%
okay so this contract is truthful it
elicits<00:29:19.700><c> a</c><00:29:19.850><c> truthful</c><00:29:20.330><c> response</c><00:29:20.510><c> the</c><00:29:21.080><c> way</c><00:29:21.230><c> you</c>

00:29:21.280 --> 00:29:21.290 align:start position:0%
elicits a truthful response the way you
 

00:29:21.290 --> 00:29:24.550 align:start position:0%
elicits a truthful response the way you
actually<00:29:22.060><c> you</c><00:29:23.060><c> know</c><00:29:23.180><c> bid</c><00:29:23.510><c> for</c><00:29:23.840><c> a</c><00:29:23.870><c> truthful</c><00:29:24.350><c> bid</c>

00:29:24.550 --> 00:29:24.560 align:start position:0%
actually you know bid for a truthful bid
 

00:29:24.560 --> 00:29:26.590 align:start position:0%
actually you know bid for a truthful bid
when<00:29:24.770><c> you</c><00:29:24.800><c> are</c><00:29:25.070><c> trying</c><00:29:25.520><c> to</c><00:29:25.610><c> buy</c><00:29:25.820><c> an</c><00:29:25.970><c> e</c><00:29:26.120><c> NS</c><00:29:26.360><c> name</c>

00:29:26.590 --> 00:29:26.600 align:start position:0%
when you are trying to buy an e NS name
 

00:29:26.600 --> 00:29:29.050 align:start position:0%
when you are trying to buy an e NS name
this<00:29:27.350><c> contract</c><00:29:27.800><c> is</c><00:29:27.890><c> incentive</c><00:29:28.310><c> compatible</c>

00:29:29.050 --> 00:29:29.060 align:start position:0%
this contract is incentive compatible
 

00:29:29.060 --> 00:29:30.970 align:start position:0%
this contract is incentive compatible
given<00:29:29.390><c> these</c><00:29:29.570><c> incentives</c><00:29:30.260><c> you</c><00:29:30.470><c> will</c><00:29:30.620><c> do</c><00:29:30.800><c> the</c>

00:29:30.970 --> 00:29:30.980 align:start position:0%
given these incentives you will do the
 

00:29:30.980 --> 00:29:34.570 align:start position:0%
given these incentives you will do the
things<00:29:31.220><c> that</c><00:29:31.310><c> they</c><00:29:31.490><c> want</c><00:29:31.730><c> you</c><00:29:31.850><c> to</c><00:29:32.000><c> do</c><00:29:33.580><c> or</c>

00:29:34.570 --> 00:29:34.580 align:start position:0%
things that they want you to do or
 

00:29:34.580 --> 00:29:36.370 align:start position:0%
things that they want you to do or
things<00:29:35.000><c> like</c><00:29:35.090><c> late</c><00:29:35.570><c> voters</c><00:29:36.080><c> are</c><00:29:36.230><c> not</c>

00:29:36.370 --> 00:29:36.380 align:start position:0%
things like late voters are not
 

00:29:36.380 --> 00:29:39.070 align:start position:0%
things like late voters are not
disadvantaged<00:29:37.220><c> in</c><00:29:37.730><c> as</c><00:29:38.300><c> was</c><00:29:38.540><c> the</c><00:29:38.660><c> case</c><00:29:38.810><c> in</c><00:29:38.870><c> the</c>

00:29:39.070 --> 00:29:39.080 align:start position:0%
disadvantaged in as was the case in the
 

00:29:39.080 --> 00:29:42.340 align:start position:0%
disadvantaged in as was the case in the
Dow<00:29:39.260><c> or</c><00:29:39.610><c> this</c><00:29:40.610><c> contract</c><00:29:41.150><c> is</c><00:29:41.300><c> regret</c><00:29:41.720><c> free</c><00:29:42.110><c> if</c>

00:29:42.340 --> 00:29:42.350 align:start position:0%
Dow or this contract is regret free if
 

00:29:42.350 --> 00:29:44.530 align:start position:0%
Dow or this contract is regret free if
you<00:29:42.500><c> have</c><00:29:42.680><c> the</c><00:29:42.830><c> following</c><00:29:43.280><c> goals</c><00:29:43.460><c> in</c><00:29:43.700><c> mind</c><00:29:43.940><c> no</c>

00:29:44.530 --> 00:29:44.540 align:start position:0%
you have the following goals in mind no
 

00:29:44.540 --> 00:29:46.000 align:start position:0%
you have the following goals in mind no
matter<00:29:44.810><c> what</c><00:29:45.110><c> you</c><00:29:45.290><c> do</c><00:29:45.470><c> as</c><00:29:45.500><c> long</c><00:29:45.650><c> as</c><00:29:45.860><c> you</c>

00:29:46.000 --> 00:29:46.010 align:start position:0%
matter what you do as long as you
 

00:29:46.010 --> 00:29:48.730 align:start position:0%
matter what you do as long as you
rationally<00:29:46.640><c> follow</c><00:29:46.880><c> these</c><00:29:47.150><c> these</c><00:29:48.140><c> steps</c><00:29:48.530><c> you</c>

00:29:48.730 --> 00:29:48.740 align:start position:0%
rationally follow these these steps you
 

00:29:48.740 --> 00:29:50.320 align:start position:0%
rationally follow these these steps you
will<00:29:48.860><c> end</c><00:29:49.040><c> up</c><00:29:49.190><c> at</c><00:29:49.370><c> a</c><00:29:49.400><c> good</c><00:29:49.640><c> place</c><00:29:49.880><c> where</c><00:29:50.180><c> you'll</c>

00:29:50.320 --> 00:29:50.330 align:start position:0%
will end up at a good place where you'll
 

00:29:50.330 --> 00:29:53.050 align:start position:0%
will end up at a good place where you'll
be<00:29:50.480><c> happy</c><00:29:50.840><c> or</c><00:29:51.590><c> most</c><00:29:52.310><c> important</c><00:29:52.820><c> of</c><00:29:52.910><c> all</c>

00:29:53.050 --> 00:29:53.060 align:start position:0%
be happy or most important of all
 

00:29:53.060 --> 00:29:56.260 align:start position:0%
be happy or most important of all
contract<00:29:53.990><c> maximizes</c><00:29:54.890><c> social</c><00:29:55.400><c> utility</c><00:29:55.790><c> and</c>

00:29:56.260 --> 00:29:56.270 align:start position:0%
contract maximizes social utility and
 

00:29:56.270 --> 00:29:58.270 align:start position:0%
contract maximizes social utility and
that<00:29:56.810><c> that</c><00:29:57.170><c> word</c><00:29:57.470><c> typically</c><00:29:57.890><c> doesn't</c><00:29:58.070><c> mean</c>

00:29:58.270 --> 00:29:58.280 align:start position:0%
that that word typically doesn't mean
 

00:29:58.280 --> 00:29:59.440 align:start position:0%
that that word typically doesn't mean
much<00:29:58.460><c> for</c><00:29:58.700><c> people</c><00:29:58.850><c> but</c><00:29:59.060><c> it</c><00:29:59.150><c> really</c><00:29:59.270><c> means</c>

00:29:59.440 --> 00:29:59.450 align:start position:0%
much for people but it really means
 

00:29:59.450 --> 00:30:02.410 align:start position:0%
much for people but it really means
contract<00:30:00.320><c> maximizes</c><00:30:01.130><c> social</c><00:30:01.850><c> outcomes</c><00:30:02.270><c> it</c>

00:30:02.410 --> 00:30:02.420 align:start position:0%
contract maximizes social outcomes it
 

00:30:02.420 --> 00:30:04.180 align:start position:0%
contract maximizes social outcomes it
makes<00:30:02.600><c> the</c><00:30:02.750><c> most</c><00:30:02.990><c> number</c><00:30:03.410><c> of</c><00:30:03.530><c> people</c><00:30:03.860><c> the</c><00:30:04.010><c> most</c>

00:30:04.180 --> 00:30:04.190 align:start position:0%
makes the most number of people the most
 

00:30:04.190 --> 00:30:07.780 align:start position:0%
makes the most number of people the most
happy<00:30:04.640><c> if</c><00:30:04.970><c> you</c><00:30:05.120><c> were</c><00:30:05.860><c> so</c><00:30:06.860><c> these</c><00:30:07.370><c> are</c><00:30:07.550><c> really</c>

00:30:07.780 --> 00:30:07.790 align:start position:0%
happy if you were so these are really
 

00:30:07.790 --> 00:30:09.700 align:start position:0%
happy if you were so these are really
interesting<00:30:07.940><c> and</c><00:30:08.570><c> we</c><00:30:08.660><c> don't</c><00:30:09.140><c> have</c><00:30:09.320><c> techniques</c>

00:30:09.700 --> 00:30:09.710 align:start position:0%
interesting and we don't have techniques
 

00:30:09.710 --> 00:30:12.490 align:start position:0%
interesting and we don't have techniques
for<00:30:10.070><c> actually</c><00:30:10.730><c> dealing</c><00:30:10.940><c> with</c><00:30:11.210><c> them</c><00:30:11.360><c> and</c><00:30:11.600><c> to</c><00:30:12.470><c> be</c>

00:30:12.490 --> 00:30:12.500 align:start position:0%
for actually dealing with them and to be
 

00:30:12.500 --> 00:30:14.350 align:start position:0%
for actually dealing with them and to be
able<00:30:12.620><c> to</c><00:30:12.890><c> even</c><00:30:13.010><c> get</c><00:30:13.310><c> at</c><00:30:13.490><c> these</c><00:30:13.700><c> problems</c><00:30:14.240><c> I</c>

00:30:14.350 --> 00:30:14.360 align:start position:0%
able to even get at these problems I
 

00:30:14.360 --> 00:30:17.020 align:start position:0%
able to even get at these problems I
think<00:30:14.420><c> the</c><00:30:14.660><c> very</c><00:30:14.900><c> first</c><00:30:15.230><c> step</c><00:30:15.590><c> is</c><00:30:15.980><c> to</c><00:30:16.310><c> couple</c><00:30:16.820><c> a</c>

00:30:17.020 --> 00:30:17.030 align:start position:0%
think the very first step is to couple a
 

00:30:17.030 --> 00:30:20.050 align:start position:0%
think the very first step is to couple a
smart<00:30:17.630><c> contract</c><00:30:17.840><c> with</c><00:30:18.680><c> with</c><00:30:19.190><c> models</c><00:30:19.820><c> of</c>

00:30:20.050 --> 00:30:20.060 align:start position:0%
smart contract with with models of
 

00:30:20.060 --> 00:30:22.330 align:start position:0%
smart contract with with models of
utility<00:30:20.780><c> and</c><00:30:21.020><c> the</c><00:30:21.440><c> reason</c><00:30:21.920><c> about</c><00:30:22.130><c> the</c>

00:30:22.330 --> 00:30:22.340 align:start position:0%
utility and the reason about the
 

00:30:22.340 --> 00:30:25.150 align:start position:0%
utility and the reason about the
contract<00:30:22.820><c> and</c><00:30:23.000><c> the</c><00:30:23.150><c> actors</c><00:30:23.600><c> in</c><00:30:24.290><c> that</c><00:30:24.560><c> context</c>

00:30:25.150 --> 00:30:25.160 align:start position:0%
contract and the actors in that context
 

00:30:25.160 --> 00:30:27.640 align:start position:0%
contract and the actors in that context
so<00:30:25.700><c> this</c><00:30:25.910><c> requires</c><00:30:26.390><c> a</c><00:30:26.510><c> set</c><00:30:26.810><c> of</c><00:30:26.840><c> new</c><00:30:27.140><c> techniques</c>

00:30:27.640 --> 00:30:27.650 align:start position:0%
so this requires a set of new techniques
 

00:30:27.650 --> 00:30:29.860 align:start position:0%
so this requires a set of new techniques
that<00:30:27.920><c> I'm</c><00:30:28.430><c> really</c><00:30:28.610><c> happy</c><00:30:28.850><c> that</c><00:30:29.060><c> to</c><00:30:29.600><c> announce</c>

00:30:29.860 --> 00:30:29.870 align:start position:0%
that I'm really happy that to announce
 

00:30:29.870 --> 00:30:34.390 align:start position:0%
that I'm really happy that to announce
that<00:30:30.020><c> myself</c><00:30:31.150><c> re</c><00:30:32.150><c> Jules</c><00:30:32.510><c> and</c><00:30:32.870><c> Andrew</c><00:30:33.530><c> Myers</c><00:30:33.740><c> at</c>

00:30:34.390 --> 00:30:34.400 align:start position:0%
that myself re Jules and Andrew Myers at
 

00:30:34.400 --> 00:30:36.280 align:start position:0%
that myself re Jules and Andrew Myers at
Cornell<00:30:34.880><c> just</c><00:30:35.180><c> got</c><00:30:35.420><c> a</c><00:30:35.450><c> grant</c><00:30:35.810><c> to</c><00:30:35.930><c> actually</c>

00:30:36.280 --> 00:30:36.290 align:start position:0%
Cornell just got a grant to actually
 

00:30:36.290 --> 00:30:39.610 align:start position:0%
Cornell just got a grant to actually
explore<00:30:36.880><c> but</c><00:30:37.880><c> but</c><00:30:38.720><c> they're</c><00:30:38.900><c> not</c><00:30:39.110><c> well</c><00:30:39.350><c> known</c>

00:30:39.610 --> 00:30:39.620 align:start position:0%
explore but but they're not well known
 

00:30:39.620 --> 00:30:43.750 align:start position:0%
explore but but they're not well known
and<00:30:39.920><c> not</c><00:30:40.250><c> well</c><00:30:40.520><c> appreciated</c><00:30:41.830><c> so</c><00:30:42.830><c> the</c><00:30:43.370><c> reason</c>

00:30:43.750 --> 00:30:43.760 align:start position:0%
and not well appreciated so the reason
 

00:30:43.760 --> 00:30:45.490 align:start position:0%
and not well appreciated so the reason
why<00:30:43.880><c> these</c><00:30:43.940><c> techniques</c><00:30:44.570><c> are</c><00:30:44.750><c> difficult</c><00:30:45.290><c> is</c>

00:30:45.490 --> 00:30:45.500 align:start position:0%
why these techniques are difficult is
 

00:30:45.500 --> 00:30:47.380 align:start position:0%
why these techniques are difficult is
because<00:30:45.950><c> we're</c><00:30:46.190><c> not</c><00:30:46.400><c> reasoning</c><00:30:47.090><c> about</c><00:30:47.330><c> a</c>

00:30:47.380 --> 00:30:47.390 align:start position:0%
because we're not reasoning about a
 

00:30:47.390 --> 00:30:51.160 align:start position:0%
because we're not reasoning about a
single<00:30:48.080><c> trace</c><00:30:48.470><c> of</c><00:30:48.740><c> a</c><00:30:48.980><c> program</c><00:30:49.570><c> to</c><00:30:50.570><c> actually</c>

00:30:51.160 --> 00:30:51.170 align:start position:0%
single trace of a program to actually
 

00:30:51.170 --> 00:30:52.570 align:start position:0%
single trace of a program to actually
reason<00:30:51.470><c> about</c><00:30:51.680><c> these</c><00:30:51.890><c> things</c><00:30:52.070><c> these</c><00:30:52.130><c> are</c><00:30:52.190><c> meta</c>

00:30:52.570 --> 00:30:52.580 align:start position:0%
reason about these things these are meta
 

00:30:52.580 --> 00:30:54.700 align:start position:0%
reason about these things these are meta
properties<00:30:53.270><c> they</c><00:30:53.540><c> are</c><00:30:53.570><c> not</c><00:30:53.840><c> related</c><00:30:54.320><c> to</c><00:30:54.350><c> a</c>

00:30:54.700 --> 00:30:54.710 align:start position:0%
properties they are not related to a
 

00:30:54.710 --> 00:30:56.740 align:start position:0%
properties they are not related to a
simple<00:30:55.340><c> prop</c><00:30:55.610><c> they're</c><00:30:55.880><c> related</c><00:30:56.240><c> or</c><00:30:56.330><c> surprised</c>

00:30:56.740 --> 00:30:56.750 align:start position:0%
simple prop they're related or surprised
 

00:30:56.750 --> 00:30:59.380 align:start position:0%
simple prop they're related or surprised
they're<00:30:57.620><c> not</c><00:30:57.650><c> related</c><00:30:58.100><c> to</c><00:30:58.280><c> a</c><00:30:58.370><c> single</c><00:30:58.670><c> trace</c>

00:30:59.380 --> 00:30:59.390 align:start position:0%
they're not related to a single trace
 

00:30:59.390 --> 00:31:01.900 align:start position:0%
they're not related to a single trace
we<00:30:59.840><c> regret</c><00:30:59.960><c> for</c><00:31:00.440><c> example</c><00:31:00.950><c> explores</c><00:31:01.640><c> what</c>

00:31:01.900 --> 00:31:01.910 align:start position:0%
we regret for example explores what
 

00:31:01.910 --> 00:31:02.720 align:start position:0%
we regret for example explores what
happens<00:31:01.940><c> on</c>

00:31:02.720 --> 00:31:02.730 align:start position:0%
happens on
 

00:31:02.730 --> 00:31:06.169 align:start position:0%
happens on
all<00:31:02.850><c> paths</c><00:31:03.210><c> so</c><00:31:04.080><c> I'm</c><00:31:04.919><c> on</c><00:31:05.130><c> one</c><00:31:05.370><c> particular</c><00:31:05.880><c> path</c>

00:31:06.169 --> 00:31:06.179 align:start position:0%
all paths so I'm on one particular path
 

00:31:06.179 --> 00:31:09.409 align:start position:0%
all paths so I'm on one particular path
do<00:31:06.660><c> art</c><00:31:07.200><c> doing</c><00:31:07.710><c> art</c><00:31:08.130><c> are</c><00:31:08.640><c> there</c><00:31:08.880><c> other</c><00:31:09.090><c> paths</c>

00:31:09.409 --> 00:31:09.419 align:start position:0%
do art doing art are there other paths
 

00:31:09.419 --> 00:31:12.770 align:start position:0%
do art doing art are there other paths
where<00:31:10.320><c> if</c><00:31:10.679><c> I</c><00:31:10.860><c> were</c><00:31:10.890><c> to</c><00:31:11.250><c> have</c><00:31:11.669><c> followed</c><00:31:12.150><c> them</c><00:31:12.419><c> I</c>

00:31:12.770 --> 00:31:12.780 align:start position:0%
where if I were to have followed them I
 

00:31:12.780 --> 00:31:14.690 align:start position:0%
where if I were to have followed them I
would<00:31:13.200><c> have</c><00:31:13.350><c> been</c><00:31:13.500><c> better</c><00:31:13.650><c> off</c><00:31:13.830><c> so</c><00:31:14.669><c> that</c>

00:31:14.690 --> 00:31:14.700 align:start position:0%
would have been better off so that
 

00:31:14.700 --> 00:31:17.000 align:start position:0%
would have been better off so that
explores<00:31:15.360><c> a</c><00:31:15.740><c> combinatorially</c><00:31:16.740><c> more</c>

00:31:17.000 --> 00:31:17.010 align:start position:0%
explores a combinatorially more
 

00:31:17.010 --> 00:31:19.490 align:start position:0%
explores a combinatorially more
exploration<00:31:17.580><c> of</c><00:31:18.090><c> paths</c><00:31:18.419><c> and</c><00:31:18.660><c> I'm</c><00:31:19.049><c> very</c><00:31:19.290><c> good</c>

00:31:19.490 --> 00:31:19.500 align:start position:0%
exploration of paths and I'm very good
 

00:31:19.500 --> 00:31:22.820 align:start position:0%
exploration of paths and I'm very good
more<00:31:19.650><c> much</c><00:31:20.429><c> more</c><00:31:20.640><c> complicated</c><00:31:20.940><c> analysis</c><00:31:21.830><c> so</c>

00:31:22.820 --> 00:31:22.830 align:start position:0%
more much more complicated analysis so
 

00:31:22.830 --> 00:31:25.250 align:start position:0%
more much more complicated analysis so
we've<00:31:23.130><c> begun</c><00:31:23.340><c> to</c><00:31:23.490><c> study</c><00:31:23.850><c> this</c><00:31:24.030><c> topic</c><00:31:24.600><c> at</c><00:31:24.750><c> IC</c><00:31:25.080><c> 3</c>

00:31:25.250 --> 00:31:25.260 align:start position:0%
we've begun to study this topic at IC 3
 

00:31:25.260 --> 00:31:26.990 align:start position:0%
we've begun to study this topic at IC 3
but<00:31:25.710><c> much</c><00:31:25.890><c> more</c><00:31:26.070><c> work</c><00:31:26.309><c> is</c><00:31:26.490><c> needed</c><00:31:26.520><c> but</c><00:31:26.970><c> I</c>

00:31:26.990 --> 00:31:27.000 align:start position:0%
but much more work is needed but I
 

00:31:27.000 --> 00:31:28.640 align:start position:0%
but much more work is needed but I
wanted<00:31:27.299><c> to</c><00:31:27.360><c> bring</c><00:31:27.540><c> this</c><00:31:27.720><c> up</c><00:31:27.929><c> in</c><00:31:28.110><c> the</c><00:31:28.200><c> sense</c><00:31:28.470><c> of</c>

00:31:28.640 --> 00:31:28.650 align:start position:0%
wanted to bring this up in the sense of
 

00:31:28.650 --> 00:31:30.830 align:start position:0%
wanted to bring this up in the sense of
an<00:31:29.100><c> economic</c><00:31:29.580><c> trying</c><00:31:29.820><c> to</c><00:31:29.970><c> look</c><00:31:30.179><c> at</c><00:31:30.299><c> this</c><00:31:30.480><c> this</c>

00:31:30.830 --> 00:31:30.840 align:start position:0%
an economic trying to look at this this
 

00:31:30.840 --> 00:31:33.409 align:start position:0%
an economic trying to look at this this
this<00:31:31.320><c> situation</c><00:31:32.309><c> and</c><00:31:32.669><c> trying</c><00:31:32.880><c> to</c><00:31:33.000><c> make</c><00:31:33.150><c> sense</c>

00:31:33.409 --> 00:31:33.419 align:start position:0%
this situation and trying to make sense
 

00:31:33.419 --> 00:31:37.820 align:start position:0%
this situation and trying to make sense
of<00:31:33.600><c> what</c><00:31:33.809><c> needs</c><00:31:34.020><c> to</c><00:31:34.140><c> still</c><00:31:34.410><c> come</c><00:31:35.570><c> so</c><00:31:36.650><c> just</c><00:31:37.650><c> in</c>

00:31:37.820 --> 00:31:37.830 align:start position:0%
of what needs to still come so just in
 

00:31:37.830 --> 00:31:39.560 align:start position:0%
of what needs to still come so just in
case<00:31:37.980><c> don't</c><00:31:38.400><c> forget</c><00:31:38.790><c> that</c><00:31:38.940><c> we</c><00:31:39.090><c> actually</c><00:31:39.270><c> do</c>

00:31:39.560 --> 00:31:39.570 align:start position:0%
case don't forget that we actually do
 

00:31:39.570 --> 00:31:41.600 align:start position:0%
case don't forget that we actually do
need<00:31:39.780><c> regular</c><00:31:40.770><c> good</c><00:31:40.980><c> old</c><00:31:41.160><c> program</c>

00:31:41.600 --> 00:31:41.610 align:start position:0%
need regular good old program
 

00:31:41.610 --> 00:31:43.760 align:start position:0%
need regular good old program
verification<00:31:41.820><c> ok</c><00:31:42.630><c> so</c><00:31:42.690><c> that</c><00:31:42.960><c> still</c><00:31:43.200><c> applies</c><00:31:43.530><c> we</c>

00:31:43.760 --> 00:31:43.770 align:start position:0%
verification ok so that still applies we
 

00:31:43.770 --> 00:31:46.539 align:start position:0%
verification ok so that still applies we
do<00:31:43.950><c> need</c><00:31:44.130><c> safety</c><00:31:44.429><c> criteria</c><00:31:45.090><c> we</c><00:31:45.600><c> do</c><00:31:45.809><c> need</c>

00:31:46.539 --> 00:31:46.549 align:start position:0%
do need safety criteria we do need
 

00:31:46.549 --> 00:31:49.100 align:start position:0%
do need safety criteria we do need
lifeless<00:31:47.549><c> criteria</c><00:31:48.090><c> checked</c><00:31:48.570><c> for</c><00:31:48.929><c> our</c>

00:31:49.100 --> 00:31:49.110 align:start position:0%
lifeless criteria checked for our
 

00:31:49.110 --> 00:31:51.409 align:start position:0%
lifeless criteria checked for our
solidity<00:31:49.590><c> code</c><00:31:49.890><c> we</c><00:31:50.640><c> still</c><00:31:50.910><c> need</c><00:31:51.150><c> additional</c>

00:31:51.409 --> 00:31:51.419 align:start position:0%
solidity code we still need additional
 

00:31:51.419 --> 00:31:54.230 align:start position:0%
solidity code we still need additional
mechanisms<00:31:52.260><c> for</c><00:31:52.410><c> solidity</c><00:31:52.860><c> the</c><00:31:53.280><c> language</c><00:31:53.820><c> is</c>

00:31:54.230 --> 00:31:54.240 align:start position:0%
mechanisms for solidity the language is
 

00:31:54.240 --> 00:31:56.360 align:start position:0%
mechanisms for solidity the language is
not<00:31:54.540><c> enough</c><00:31:54.870><c> we</c><00:31:55.080><c> need</c><00:31:55.260><c> the</c><00:31:55.440><c> runtimes</c><00:31:56.010><c> for</c>

00:31:56.360 --> 00:31:56.370 align:start position:0%
not enough we need the runtimes for
 

00:31:56.370 --> 00:31:58.880 align:start position:0%
not enough we need the runtimes for
smart<00:31:56.669><c> contracts</c><00:31:57.240><c> to</c><00:31:57.720><c> that</c><00:31:57.900><c> and</c><00:31:58.169><c> there</c><00:31:58.530><c> exist</c>

00:31:58.880 --> 00:31:58.890 align:start position:0%
smart contracts to that and there exist
 

00:31:58.890 --> 00:32:00.890 align:start position:0%
smart contracts to that and there exist
entities<00:31:59.370><c> like</c><00:31:59.610><c> virtual</c><00:31:59.970><c> notary</c><00:32:00.360><c> Town</c><00:32:00.570><c> Crier</c>

00:32:00.890 --> 00:32:00.900 align:start position:0%
entities like virtual notary Town Crier
 

00:32:00.900 --> 00:32:03.890 align:start position:0%
entities like virtual notary Town Crier
Oracle<00:32:01.470><c> Oracle</c><00:32:01.950><c> eyes</c><00:32:02.250><c> or</c><00:32:02.850><c> GERD</c><00:32:03.240><c> and</c><00:32:03.540><c> many</c>

00:32:03.890 --> 00:32:03.900 align:start position:0%
Oracle Oracle eyes or GERD and many
 

00:32:03.900 --> 00:32:06.289 align:start position:0%
Oracle Oracle eyes or GERD and many
others<00:32:04.320><c> that</c><00:32:04.350><c> can</c><00:32:04.799><c> import</c><00:32:05.130><c> real</c><00:32:05.549><c> world</c><00:32:05.820><c> facts</c>

00:32:06.289 --> 00:32:06.299 align:start position:0%
others that can import real world facts
 

00:32:06.299 --> 00:32:08.000 align:start position:0%
others that can import real world facts
into<00:32:06.540><c> block</c><00:32:06.750><c> chains</c><00:32:07.049><c> and</c><00:32:07.230><c> they're</c><00:32:07.559><c> very</c><00:32:07.799><c> much</c>

00:32:08.000 --> 00:32:08.010 align:start position:0%
into block chains and they're very much
 

00:32:08.010 --> 00:32:08.450 align:start position:0%
into block chains and they're very much
needed

00:32:08.450 --> 00:32:08.460 align:start position:0%
needed
 

00:32:08.460 --> 00:32:10.909 align:start position:0%
needed
we<00:32:08.940><c> still</c><00:32:09.210><c> need</c><00:32:09.330><c> escape</c><00:32:09.809><c> hatches</c><00:32:10.080><c> in</c><00:32:10.530><c> fact</c><00:32:10.770><c> we</c>

00:32:10.909 --> 00:32:10.919 align:start position:0%
we still need escape hatches in fact we
 

00:32:10.919 --> 00:32:13.970 align:start position:0%
we still need escape hatches in fact we
need<00:32:11.120><c> crowd-sourced</c><00:32:12.120><c> escape</c><00:32:12.600><c> hatches</c><00:32:12.840><c> as</c><00:32:13.710><c> we</c>

00:32:13.970 --> 00:32:13.980 align:start position:0%
need crowd-sourced escape hatches as we
 

00:32:13.980 --> 00:32:15.950 align:start position:0%
need crowd-sourced escape hatches as we
proposed<00:32:14.370><c> shortly</c><00:32:15.059><c> in</c><00:32:15.150><c> the</c><00:32:15.179><c> aftermath</c><00:32:15.660><c> of</c><00:32:15.809><c> the</c>

00:32:15.950 --> 00:32:15.960 align:start position:0%
proposed shortly in the aftermath of the
 

00:32:15.960 --> 00:32:18.680 align:start position:0%
proposed shortly in the aftermath of the
Dow<00:32:16.080><c> where</c><00:32:16.950><c> you</c><00:32:17.100><c> can</c><00:32:17.250><c> say</c><00:32:17.400><c> things</c><00:32:17.460><c> like</c><00:32:17.880><c> well</c><00:32:18.390><c> I</c>

00:32:18.680 --> 00:32:18.690 align:start position:0%
Dow where you can say things like well I
 

00:32:18.690 --> 00:32:22.310 align:start position:0%
Dow where you can say things like well I
want<00:32:19.260><c> a</c><00:32:19.410><c> non-gay</c><00:32:20.070><c> noble</c><00:32:20.490><c> a</c><00:32:20.760><c> way</c><00:32:21.360><c> to</c><00:32:21.419><c> stop</c><00:32:22.049><c> the</c>

00:32:22.310 --> 00:32:22.320 align:start position:0%
want a non-gay noble a way to stop the
 

00:32:22.320 --> 00:32:24.650 align:start position:0%
want a non-gay noble a way to stop the
stop<00:32:22.740><c> to</c><00:32:23.160><c> press</c><00:32:23.429><c> the</c><00:32:23.610><c> red</c><00:32:23.790><c> button</c><00:32:24.210><c> when</c>

00:32:24.650 --> 00:32:24.660 align:start position:0%
stop to press the red button when
 

00:32:24.660 --> 00:32:26.330 align:start position:0%
stop to press the red button when
something<00:32:25.080><c> terrible</c><00:32:25.320><c> has</c><00:32:25.710><c> happened</c><00:32:25.740><c> how</c><00:32:26.280><c> do</c>

00:32:26.330 --> 00:32:26.340 align:start position:0%
something terrible has happened how do
 

00:32:26.340 --> 00:32:28.190 align:start position:0%
something terrible has happened how do
we<00:32:26.520><c> build</c><00:32:26.669><c> those</c><00:32:26.910><c> things</c><00:32:26.940><c> I</c><00:32:27.390><c> don't</c><00:32:27.690><c> want</c><00:32:28.049><c> to</c>

00:32:28.190 --> 00:32:28.200 align:start position:0%
we build those things I don't want to
 

00:32:28.200 --> 00:32:30.320 align:start position:0%
we build those things I don't want to
privilege<00:32:28.620><c> the</c><00:32:28.770><c> developers</c><00:32:29.340><c> and</c><00:32:29.640><c> yet</c><00:32:29.970><c> I</c><00:32:30.120><c> want</c>

00:32:30.320 --> 00:32:30.330 align:start position:0%
privilege the developers and yet I want
 

00:32:30.330 --> 00:32:31.970 align:start position:0%
privilege the developers and yet I want
to<00:32:30.450><c> be</c><00:32:30.570><c> able</c><00:32:30.660><c> to</c><00:32:30.840><c> stop</c><00:32:31.140><c> things</c><00:32:31.410><c> when</c><00:32:31.590><c> when</c><00:32:31.830><c> bad</c>

00:32:31.970 --> 00:32:31.980 align:start position:0%
to be able to stop things when when bad
 

00:32:31.980 --> 00:32:36.440 align:start position:0%
to be able to stop things when when bad
things<00:32:32.010><c> happen</c><00:32:33.169><c> and</c><00:32:34.340><c> right</c><00:32:35.340><c> and</c><00:32:35.580><c> in</c><00:32:35.910><c> fact</c><00:32:36.120><c> many</c>

00:32:36.440 --> 00:32:36.450 align:start position:0%
things happen and right and in fact many
 

00:32:36.450 --> 00:32:38.600 align:start position:0%
things happen and right and in fact many
of<00:32:36.630><c> the</c><00:32:36.870><c> problems</c><00:32:37.320><c> we</c><00:32:37.380><c> found</c><00:32:37.770><c> with</c><00:32:38.010><c> the</c><00:32:38.130><c> dow</c><00:32:38.309><c> of</c>

00:32:38.600 --> 00:32:38.610 align:start position:0%
of the problems we found with the dow of
 

00:32:38.610 --> 00:32:41.630 align:start position:0%
of the problems we found with the dow of
which<00:32:38.880><c> the</c><00:32:39.270><c> dow</c><00:32:39.419><c> hacker</c><00:32:39.690><c> used</c><00:32:39.990><c> one</c><00:32:40.520><c> plus</c><00:32:41.520><c> he</c>

00:32:41.630 --> 00:32:41.640 align:start position:0%
which the dow hacker used one plus he
 

00:32:41.640 --> 00:32:44.900 align:start position:0%
which the dow hacker used one plus he
used<00:32:41.820><c> another</c><00:32:42.090><c> one</c><00:32:43.070><c> many</c><00:32:44.070><c> of</c><00:32:44.280><c> them</c><00:32:44.460><c> were</c><00:32:44.669><c> game</c>

00:32:44.900 --> 00:32:44.910 align:start position:0%
used another one many of them were game
 

00:32:44.910 --> 00:32:47.090 align:start position:0%
used another one many of them were game
theoretic<00:32:45.210><c> bugs</c><00:32:45.690><c> even</c><00:32:46.169><c> if</c><00:32:46.290><c> the</c><00:32:46.440><c> dow</c><00:32:46.590><c> had</c><00:32:46.890><c> not</c>

00:32:47.090 --> 00:32:47.100 align:start position:0%
theoretic bugs even if the dow had not
 

00:32:47.100 --> 00:32:48.860 align:start position:0%
theoretic bugs even if the dow had not
been<00:32:47.340><c> hacked</c><00:32:47.580><c> by</c><00:32:47.760><c> that</c><00:32:48.000><c> hacker</c><00:32:48.299><c> it</c><00:32:48.600><c> would</c><00:32:48.750><c> have</c>

00:32:48.860 --> 00:32:48.870 align:start position:0%
been hacked by that hacker it would have
 

00:32:48.870 --> 00:32:50.360 align:start position:0%
been hacked by that hacker it would have
been<00:32:48.990><c> hacked</c><00:32:49.200><c> by</c><00:32:49.410><c> many</c><00:32:49.620><c> other</c><00:32:49.830><c> hackers</c><00:32:50.100><c> in</c>

00:32:50.360 --> 00:32:50.370 align:start position:0%
been hacked by many other hackers in
 

00:32:50.370 --> 00:32:52.789 align:start position:0%
been hacked by many other hackers in
this<00:32:50.520><c> room</c><00:32:50.730><c> okay</c><00:32:51.150><c> I'm</c><00:32:51.299><c> definitely</c><00:32:52.140><c> certain</c><00:32:52.710><c> of</c>

00:32:52.789 --> 00:32:52.799 align:start position:0%
this room okay I'm definitely certain of
 

00:32:52.799 --> 00:32:55.820 align:start position:0%
this room okay I'm definitely certain of
that<00:32:52.830><c> so</c><00:32:53.820><c> so</c><00:32:54.210><c> we</c><00:32:54.330><c> need</c><00:32:54.510><c> mechanisms</c><00:32:55.230><c> to</c><00:32:55.410><c> to</c><00:32:55.620><c> keep</c>

00:32:55.820 --> 00:32:55.830 align:start position:0%
that so so we need mechanisms to to keep
 

00:32:55.830 --> 00:32:57.190 align:start position:0%
that so so we need mechanisms to to keep
that<00:32:56.010><c> from</c><00:32:56.220><c> happening</c>

00:32:57.190 --> 00:32:57.200 align:start position:0%
that from happening
 

00:32:57.200 --> 00:33:00.470 align:start position:0%
that from happening
so<00:32:58.200><c> in</c><00:32:58.830><c> the</c><00:32:58.980><c> last</c><00:32:59.160><c> few</c><00:32:59.370><c> minutes</c><00:32:59.520><c> I</c><00:32:59.910><c> want</c><00:33:00.360><c> to</c>

00:33:00.470 --> 00:33:00.480 align:start position:0%
so in the last few minutes I want to
 

00:33:00.480 --> 00:33:03.799 align:start position:0%
so in the last few minutes I want to
talk<00:33:00.600><c> to</c><00:33:01.140><c> you</c><00:33:01.260><c> about</c><00:33:01.350><c> another</c><00:33:01.650><c> topic</c><00:33:02.809><c> privacy</c>

00:33:03.799 --> 00:33:03.809 align:start position:0%
talk to you about another topic privacy
 

00:33:03.809 --> 00:33:05.480 align:start position:0%
talk to you about another topic privacy
and<00:33:04.230><c> tell</c><00:33:04.620><c> you</c><00:33:04.740><c> a</c><00:33:04.770><c> little</c><00:33:04.830><c> bit</c><00:33:05.040><c> about</c><00:33:05.280><c> some</c>

00:33:05.480 --> 00:33:05.490 align:start position:0%
and tell you a little bit about some
 

00:33:05.490 --> 00:33:08.120 align:start position:0%
and tell you a little bit about some
ongoing<00:33:05.700><c> work</c><00:33:05.960><c> so</c><00:33:06.960><c> as</c><00:33:07.080><c> you</c><00:33:07.200><c> all</c><00:33:07.350><c> know</c><00:33:07.559><c> private</c>

00:33:08.120 --> 00:33:08.130 align:start position:0%
ongoing work so as you all know private
 

00:33:08.130 --> 00:33:10.220 align:start position:0%
ongoing work so as you all know private
data<00:33:08.370><c> and</c><00:33:08.730><c> public</c><00:33:09.600><c> blockchains</c>

00:33:10.220 --> 00:33:10.230 align:start position:0%
data and public blockchains
 

00:33:10.230 --> 00:33:12.649 align:start position:0%
data and public blockchains
don't<00:33:10.559><c> mix</c><00:33:10.890><c> it's</c><00:33:11.190><c> very</c><00:33:11.370><c> very</c><00:33:12.000><c> difficult</c><00:33:12.510><c> to</c>

00:33:12.649 --> 00:33:12.659 align:start position:0%
don't mix it's very very difficult to
 

00:33:12.659 --> 00:33:14.450 align:start position:0%
don't mix it's very very difficult to
put<00:33:12.870><c> private</c><00:33:13.350><c> information</c><00:33:14.040><c> into</c><00:33:14.250><c> block</c>

00:33:14.450 --> 00:33:14.460 align:start position:0%
put private information into block
 

00:33:14.460 --> 00:33:16.340 align:start position:0%
put private information into block
chains<00:33:14.760><c> because</c><00:33:15.630><c> all</c>

00:33:16.340 --> 00:33:16.350 align:start position:0%
chains because all
 

00:33:16.350 --> 00:33:19.789 align:start position:0%
chains because all
contract<00:33:16.650><c> state</c><00:33:16.950><c> is</c><00:33:17.190><c> public</c><00:33:17.610><c> I</c><00:33:17.850><c> cannot</c><00:33:18.840><c> the</c>

00:33:19.789 --> 00:33:19.799 align:start position:0%
contract state is public I cannot the
 

00:33:19.799 --> 00:33:22.850 align:start position:0%
contract state is public I cannot the
contracts<00:33:20.520><c> cannot</c><00:33:20.910><c> hold</c><00:33:21.179><c> or</c><00:33:21.539><c> or</c><00:33:22.200><c> exercise</c>

00:33:22.850 --> 00:33:22.860 align:start position:0%
contracts cannot hold or or exercise
 

00:33:22.860 --> 00:33:26.060 align:start position:0%
contracts cannot hold or or exercise
secret<00:33:23.309><c> keys</c><00:33:23.580><c> I</c><00:33:23.789><c> cannot</c><00:33:24.179><c> put</c><00:33:24.450><c> API</c><00:33:24.870><c> keys</c><00:33:25.289><c> inside</c>

00:33:26.060 --> 00:33:26.070 align:start position:0%
secret keys I cannot put API keys inside
 

00:33:26.070 --> 00:33:28.100 align:start position:0%
secret keys I cannot put API keys inside
my<00:33:26.309><c> contract</c><00:33:26.789><c> I</c><00:33:26.940><c> would</c><00:33:27.000><c> love</c><00:33:27.390><c> to</c><00:33:27.600><c> be</c><00:33:27.720><c> able</c><00:33:27.960><c> to</c>

00:33:28.100 --> 00:33:28.110 align:start position:0%
my contract I would love to be able to
 

00:33:28.110 --> 00:33:30.320 align:start position:0%
my contract I would love to be able to
have<00:33:28.620><c> my</c><00:33:28.830><c> contract</c><00:33:29.400><c> interact</c><00:33:30.000><c> with</c><00:33:30.179><c> Google</c>

00:33:30.320 --> 00:33:30.330 align:start position:0%
have my contract interact with Google
 

00:33:30.330 --> 00:33:34.190 align:start position:0%
have my contract interact with Google
services<00:33:30.750><c> or</c><00:33:31.530><c> interact</c><00:33:32.100><c> with</c><00:33:32.480><c> with</c><00:33:33.480><c> exchanges</c>

00:33:34.190 --> 00:33:34.200 align:start position:0%
services or interact with with exchanges
 

00:33:34.200 --> 00:33:35.810 align:start position:0%
services or interact with with exchanges
but<00:33:34.380><c> I</c><00:33:34.410><c> can't</c><00:33:34.770><c> put</c><00:33:35.010><c> those</c><00:33:35.160><c> private</c><00:33:35.640><c> keys</c>

00:33:35.810 --> 00:33:35.820 align:start position:0%
but I can't put those private keys
 

00:33:35.820 --> 00:33:37.580 align:start position:0%
but I can't put those private keys
inside<00:33:36.150><c> the</c><00:33:36.210><c> contract</c><00:33:36.720><c> that'd</c><00:33:36.929><c> be</c><00:33:37.020><c> madness</c><00:33:37.440><c> it</c>

00:33:37.580 --> 00:33:37.590 align:start position:0%
inside the contract that'd be madness it
 

00:33:37.590 --> 00:33:39.409 align:start position:0%
inside the contract that'd be madness it
would<00:33:37.710><c> be</c><00:33:38.190><c> revealed</c><00:33:38.549><c> to</c><00:33:38.760><c> anybody</c><00:33:38.970><c> who</c><00:33:39.240><c> dee</c>

00:33:39.409 --> 00:33:39.419 align:start position:0%
would be revealed to anybody who dee
 

00:33:39.419 --> 00:33:43.039 align:start position:0%
would be revealed to anybody who dee
compiles<00:33:39.900><c> my</c><00:33:40.020><c> code</c><00:33:40.669><c> so</c><00:33:41.669><c> but</c><00:33:42.360><c> and</c><00:33:42.630><c> there's</c><00:33:42.809><c> much</c>

00:33:43.039 --> 00:33:43.049 align:start position:0%
compiles my code so but and there's much
 

00:33:43.049 --> 00:33:45.620 align:start position:0%
compiles my code so but and there's much
of<00:33:43.080><c> much</c><00:33:43.740><c> other</c><00:33:44.059><c> private</c><00:33:45.059><c> data</c><00:33:45.240><c> that</c><00:33:45.480><c> we'd</c>

00:33:45.620 --> 00:33:45.630 align:start position:0%
of much other private data that we'd
 

00:33:45.630 --> 00:33:48.440 align:start position:0%
of much other private data that we'd
like<00:33:45.840><c> to</c><00:33:46.049><c> store</c><00:33:46.620><c> them</c><00:33:46.860><c> so</c><00:33:47.640><c> what</c><00:33:47.850><c> can</c><00:33:48.059><c> we</c><00:33:48.210><c> do</c>

00:33:48.440 --> 00:33:48.450 align:start position:0%
like to store them so what can we do
 

00:33:48.450 --> 00:33:50.450 align:start position:0%
like to store them so what can we do
well<00:33:49.320><c> we've</c><00:33:49.620><c> been</c><00:33:49.770><c> working</c><00:33:50.130><c> on</c><00:33:50.250><c> something</c>

00:33:50.450 --> 00:33:50.460 align:start position:0%
well we've been working on something
 

00:33:50.460 --> 00:33:52.970 align:start position:0%
well we've been working on something
called<00:33:50.760><c> cry</c><00:33:51.059><c> baby</c><00:33:51.390><c> it's</c><00:33:51.809><c> a</c><00:33:52.049><c> it</c><00:33:52.620><c> used</c><00:33:52.830><c> to</c><00:33:52.919><c> be</c>

00:33:52.970 --> 00:33:52.980 align:start position:0%
called cry baby it's a it used to be
 

00:33:52.980 --> 00:33:54.590 align:start position:0%
called cry baby it's a it used to be
called<00:33:53.159><c> credible</c><00:33:53.669><c> but</c><00:33:53.940><c> we</c><00:33:54.059><c> thought</c><00:33:54.360><c> it</c><00:33:54.539><c> was</c>

00:33:54.590 --> 00:33:54.600 align:start position:0%
called credible but we thought it was
 

00:33:54.600 --> 00:33:56.510 align:start position:0%
called credible but we thought it was
just<00:33:54.659><c> too</c><00:33:55.559><c> hard</c><00:33:55.770><c> to</c><00:33:55.860><c> type</c><00:33:56.070><c> so</c><00:33:56.220><c> it's</c><00:33:56.340><c> called</c>

00:33:56.510 --> 00:33:56.520 align:start position:0%
just too hard to type so it's called
 

00:33:56.520 --> 00:34:00.110 align:start position:0%
just too hard to type so it's called
credi<00:33:56.789><c> be</c><00:33:57.059><c> for</c><00:33:57.330><c> a</c><00:33:57.360><c> credible</c><00:33:58.020><c> database</c><00:33:59.000><c> it's</c><00:34:00.000><c> a</c>

00:34:00.110 --> 00:34:00.120 align:start position:0%
credi be for a credible database it's a
 

00:34:00.120 --> 00:34:02.270 align:start position:0%
credi be for a credible database it's a
new<00:34:00.240><c> database</c><00:34:00.770><c> implemented</c><00:34:01.770><c> on</c><00:34:01.860><c> secure</c>

00:34:02.270 --> 00:34:02.280 align:start position:0%
new database implemented on secure
 

00:34:02.280 --> 00:34:05.990 align:start position:0%
new database implemented on secure
hardware<00:34:02.490><c> it's</c><00:34:03.270><c> not</c><00:34:04.049><c> on</c><00:34:04.380><c> a</c><00:34:04.440><c> chain</c><00:34:04.860><c> but</c><00:34:05.610><c> on</c><00:34:05.820><c> the</c>

00:34:05.990 --> 00:34:06.000 align:start position:0%
hardware it's not on a chain but on the
 

00:34:06.000 --> 00:34:07.970 align:start position:0%
hardware it's not on a chain but on the
network<00:34:06.450><c> imagine</c><00:34:07.200><c> the</c><00:34:07.289><c> database</c><00:34:07.799><c> that's</c>

00:34:07.970 --> 00:34:07.980 align:start position:0%
network imagine the database that's
 

00:34:07.980 --> 00:34:10.099 align:start position:0%
network imagine the database that's
connected<00:34:08.490><c> to</c><00:34:08.609><c> the</c><00:34:08.730><c> network</c><00:34:08.929><c> connected</c><00:34:09.929><c> to</c>

00:34:10.099 --> 00:34:10.109 align:start position:0%
connected to the network connected to
 

00:34:10.109 --> 00:34:14.270 align:start position:0%
connected to the network connected to
the<00:34:11.359><c> etherium</c><00:34:12.389><c> block</c><00:34:12.840><c> chain</c><00:34:13.139><c> that</c><00:34:13.800><c> gets</c><00:34:14.100><c> its</c>

00:34:14.270 --> 00:34:14.280 align:start position:0%
the etherium block chain that gets its
 

00:34:14.280 --> 00:34:16.310 align:start position:0%
the etherium block chain that gets its
commands<00:34:14.730><c> and</c><00:34:15.119><c> api</c><00:34:15.419><c> from</c><00:34:15.840><c> the</c><00:34:16.080><c> blockchain</c>

00:34:16.310 --> 00:34:16.320 align:start position:0%
commands and api from the blockchain
 

00:34:16.320 --> 00:34:18.200 align:start position:0%
commands and api from the blockchain
itself<00:34:16.919><c> so</c><00:34:17.129><c> it's</c><00:34:17.250><c> tightly</c><00:34:17.490><c> coupled</c><00:34:17.820><c> to</c><00:34:18.000><c> the</c>

00:34:18.200 --> 00:34:18.210 align:start position:0%
itself so it's tightly coupled to the
 

00:34:18.210 --> 00:34:20.840 align:start position:0%
itself so it's tightly coupled to the
blockchain<00:34:18.470><c> but</c><00:34:19.470><c> keeps</c><00:34:19.800><c> its</c><00:34:20.040><c> data</c><00:34:20.280><c> private</c>

00:34:20.840 --> 00:34:20.850 align:start position:0%
blockchain but keeps its data private
 

00:34:20.850 --> 00:34:24.169 align:start position:0%
blockchain but keeps its data private
off<00:34:21.000><c> chain</c><00:34:21.440><c> it's</c><00:34:22.440><c> an</c><00:34:22.619><c> eidetic</c><00:34:23.129><c> database</c><00:34:23.790><c> that</c>

00:34:24.169 --> 00:34:24.179 align:start position:0%
off chain it's an eidetic database that
 

00:34:24.179 --> 00:34:25.940 align:start position:0%
off chain it's an eidetic database that
is<00:34:24.389><c> it</c><00:34:24.540><c> remembers</c><00:34:25.109><c> everything</c><00:34:25.409><c> that</c><00:34:25.679><c> ever</c>

00:34:25.940 --> 00:34:25.950 align:start position:0%
is it remembers everything that ever
 

00:34:25.950 --> 00:34:28.070 align:start position:0%
is it remembers everything that ever
happened<00:34:26.220><c> and</c><00:34:26.760><c> you</c><00:34:27.030><c> can</c><00:34:27.210><c> query</c><00:34:27.450><c> for</c><00:34:27.869><c> past</c>

00:34:28.070 --> 00:34:28.080 align:start position:0%
happened and you can query for past
 

00:34:28.080 --> 00:34:31.070 align:start position:0%
happened and you can query for past
states<00:34:29.000><c> and</c><00:34:30.000><c> as</c><00:34:30.119><c> I</c><00:34:30.210><c> said</c><00:34:30.270><c> it's</c><00:34:30.570><c> blockchain</c>

00:34:31.070 --> 00:34:31.080 align:start position:0%
states and as I said it's blockchain
 

00:34:31.080 --> 00:34:33.139 align:start position:0%
states and as I said it's blockchain
driven<00:34:31.470><c> everything</c><00:34:31.740><c> that</c><00:34:32.070><c> happens</c><00:34:32.429><c> to</c><00:34:32.490><c> it</c><00:34:32.790><c> is</c>

00:34:33.139 --> 00:34:33.149 align:start position:0%
driven everything that happens to it is
 

00:34:33.149 --> 00:34:36.889 align:start position:0%
driven everything that happens to it is
stored<00:34:33.869><c> on</c><00:34:33.990><c> a</c><00:34:34.050><c> blockchain</c><00:34:34.850><c> it</c><00:34:35.850><c> is</c><00:34:36.149><c> just</c><00:34:36.720><c> like</c>

00:34:36.889 --> 00:34:36.899 align:start position:0%
stored on a blockchain it is just like
 

00:34:36.899 --> 00:34:38.690 align:start position:0%
stored on a blockchain it is just like
before<00:34:37.080><c> just</c><00:34:37.350><c> like</c><00:34:37.740><c> the</c><00:34:37.889><c> teach</c><00:34:38.070><c> antichain</c>

00:34:38.690 --> 00:34:38.700 align:start position:0%
before just like the teach antichain
 

00:34:38.700 --> 00:34:41.210 align:start position:0%
before just like the teach antichain
implementations<00:34:39.480><c> relying</c><00:34:40.230><c> on</c><00:34:40.530><c> some</c><00:34:40.859><c> secure</c>

00:34:41.210 --> 00:34:41.220 align:start position:0%
implementations relying on some secure
 

00:34:41.220 --> 00:34:44.300 align:start position:0%
implementations relying on some secure
hardware<00:34:41.790><c> that</c><00:34:42.629><c> advertises</c><00:34:43.500><c> its</c><00:34:43.649><c> presence</c><00:34:44.159><c> on</c>

00:34:44.300 --> 00:34:44.310 align:start position:0%
hardware that advertises its presence on
 

00:34:44.310 --> 00:34:46.669 align:start position:0%
hardware that advertises its presence on
the<00:34:44.520><c> blockchain</c><00:34:44.790><c> its</c><00:34:45.720><c> attests</c><00:34:46.379><c> to</c><00:34:46.440><c> the</c><00:34:46.560><c> fact</c>

00:34:46.669 --> 00:34:46.679 align:start position:0%
the blockchain its attests to the fact
 

00:34:46.679 --> 00:34:48.950 align:start position:0%
the blockchain its attests to the fact
that<00:34:47.040><c> it's</c><00:34:47.280><c> running</c><00:34:47.520><c> on</c><00:34:47.669><c> a</c><00:34:47.700><c> tee</c><00:34:47.970><c> and</c><00:34:48.270><c> it</c><00:34:48.659><c> holds</c>

00:34:48.950 --> 00:34:48.960 align:start position:0%
that it's running on a tee and it holds
 

00:34:48.960 --> 00:34:51.020 align:start position:0%
that it's running on a tee and it holds
some<00:34:49.080><c> private</c><00:34:49.530><c> data</c><00:34:49.740><c> and</c><00:34:50.070><c> once</c><00:34:50.820><c> it's</c>

00:34:51.020 --> 00:34:51.030 align:start position:0%
some private data and once it's
 

00:34:51.030 --> 00:34:52.940 align:start position:0%
some private data and once it's
announced<00:34:51.540><c> this</c><00:34:51.629><c> public</c><00:34:52.290><c> key</c><00:34:52.320><c> on</c><00:34:52.800><c> the</c>

00:34:52.940 --> 00:34:52.950 align:start position:0%
announced this public key on the
 

00:34:52.950 --> 00:34:55.389 align:start position:0%
announced this public key on the
blockchain<00:34:53.190><c> it</c><00:34:53.580><c> is</c><00:34:53.700><c> now</c><00:34:53.850><c> accessible</c><00:34:54.780><c> by</c><00:34:55.290><c> all</c>

00:34:55.389 --> 00:34:55.399 align:start position:0%
blockchain it is now accessible by all
 

00:34:55.399 --> 00:34:57.910 align:start position:0%
blockchain it is now accessible by all
now<00:34:56.399><c> you</c><00:34:56.460><c> can</c><00:34:56.790><c> send</c><00:34:57.060><c> messages</c><00:34:57.300><c> to</c><00:34:57.810><c> it</c>

00:34:57.910 --> 00:34:57.920 align:start position:0%
now you can send messages to it
 

00:34:57.920 --> 00:35:00.680 align:start position:0%
now you can send messages to it
encrypting<00:34:58.920><c> those</c><00:34:59.100><c> messages</c><00:34:59.550><c> for</c><00:35:00.210><c> that</c>

00:35:00.680 --> 00:35:00.690 align:start position:0%
encrypting those messages for that
 

00:35:00.690 --> 00:35:03.349 align:start position:0%
encrypting those messages for that
destination<00:35:01.290><c> so</c><00:35:01.920><c> that</c><00:35:01.950><c> only</c><00:35:02.340><c> this</c><00:35:02.790><c> code</c><00:35:03.090><c> can</c>

00:35:03.349 --> 00:35:03.359 align:start position:0%
destination so that only this code can
 

00:35:03.359 --> 00:35:04.820 align:start position:0%
destination so that only this code can
decode<00:35:03.720><c> what</c><00:35:03.960><c> it</c><00:35:04.080><c> is</c><00:35:04.200><c> that</c><00:35:04.350><c> you</c><00:35:04.470><c> want</c><00:35:04.619><c> to</c><00:35:04.710><c> read</c>

00:35:04.820 --> 00:35:04.830 align:start position:0%
decode what it is that you want to read
 

00:35:04.830 --> 00:35:06.410 align:start position:0%
decode what it is that you want to read
you<00:35:05.010><c> want</c><00:35:05.160><c> to</c><00:35:05.250><c> read</c><00:35:05.369><c> some</c><00:35:05.580><c> genetic</c><00:35:05.940><c> data</c><00:35:06.150><c> out</c>

00:35:06.410 --> 00:35:06.420 align:start position:0%
you want to read some genetic data out
 

00:35:06.420 --> 00:35:09.440 align:start position:0%
you want to read some genetic data out
of<00:35:06.480><c> a</c><00:35:06.690><c> very</c><00:35:06.900><c> private</c><00:35:07.170><c> DNA</c><00:35:08.130><c> database</c><00:35:08.640><c> you</c><00:35:09.119><c> can</c>

00:35:09.440 --> 00:35:09.450 align:start position:0%
of a very private DNA database you can
 

00:35:09.450 --> 00:35:12.230 align:start position:0%
of a very private DNA database you can
actually<00:35:09.780><c> do</c><00:35:10.200><c> that</c><00:35:10.440><c> only</c><00:35:11.100><c> that</c><00:35:11.550><c> guy</c><00:35:11.820><c> will</c><00:35:12.060><c> know</c>

00:35:12.230 --> 00:35:12.240 align:start position:0%
actually do that only that guy will know
 

00:35:12.240 --> 00:35:14.870 align:start position:0%
actually do that only that guy will know
and<00:35:12.510><c> he</c><00:35:13.260><c> will</c><00:35:13.410><c> access</c><00:35:14.310><c> he</c><00:35:14.460><c> will</c><00:35:14.580><c> be</c><00:35:14.670><c> able</c><00:35:14.790><c> to</c>

00:35:14.870 --> 00:35:14.880 align:start position:0%
and he will access he will be able to
 

00:35:14.880 --> 00:35:16.520 align:start position:0%
and he will access he will be able to
access<00:35:15.000><c> this</c><00:35:15.300><c> but</c><00:35:15.930><c> I'm</c><00:35:16.050><c> getting</c><00:35:16.320><c> ahead</c><00:35:16.410><c> of</c>

00:35:16.520 --> 00:35:16.530 align:start position:0%
access this but I'm getting ahead of
 

00:35:16.530 --> 00:35:17.090 align:start position:0%
access this but I'm getting ahead of
myself

00:35:17.090 --> 00:35:17.100 align:start position:0%
myself
 

00:35:17.100 --> 00:35:19.700 align:start position:0%
myself
so<00:35:17.430><c> the</c><00:35:17.790><c> invocation</c><00:35:18.480><c> you</c><00:35:18.780><c> performed</c><00:35:19.380><c> by</c>

00:35:19.700 --> 00:35:19.710 align:start position:0%
so the invocation you performed by
 

00:35:19.710 --> 00:35:22.820 align:start position:0%
so the invocation you performed by
invoking<00:35:20.700><c> methods</c><00:35:21.240><c> on</c><00:35:21.359><c> this</c><00:35:21.540><c> item</c><00:35:21.869><c> that</c><00:35:22.650><c> are</c>

00:35:22.820 --> 00:35:22.830 align:start position:0%
invoking methods on this item that are
 

00:35:22.830 --> 00:35:24.740 align:start position:0%
invoking methods on this item that are
encrypted<00:35:23.369><c> that</c><00:35:23.400><c> you</c><00:35:23.580><c> put</c><00:35:23.850><c> them</c><00:35:24.000><c> as</c><00:35:24.150><c> blobs</c><00:35:24.480><c> on</c>

00:35:24.740 --> 00:35:24.750 align:start position:0%
encrypted that you put them as blobs on
 

00:35:24.750 --> 00:35:26.660 align:start position:0%
encrypted that you put them as blobs on
to<00:35:24.869><c> this</c><00:35:24.960><c> blockchain</c><00:35:25.500><c> send</c><00:35:26.160><c> them</c><00:35:26.280><c> into</c><00:35:26.430><c> the</c>

00:35:26.660 --> 00:35:26.670 align:start position:0%
to this blockchain send them into the
 

00:35:26.670 --> 00:35:28.040 align:start position:0%
to this blockchain send them into the
tea<00:35:26.880><c> and</c><00:35:27.119><c> the</c>

00:35:28.040 --> 00:35:28.050 align:start position:0%
tea and the
 

00:35:28.050 --> 00:35:30.560 align:start position:0%
tea and the
he<00:35:28.140><c> will</c><00:35:28.290><c> compute</c><00:35:28.740><c> on</c><00:35:28.950><c> your</c><00:35:29.340><c> behalf</c><00:35:29.730><c> you</c><00:35:30.030><c> use</c>

00:35:30.560 --> 00:35:30.570 align:start position:0%
he will compute on your behalf you use
 

00:35:30.570 --> 00:35:32.090 align:start position:0%
he will compute on your behalf you use
the<00:35:30.780><c> blockchain</c><00:35:31.050><c> as</c><00:35:31.440><c> a</c><00:35:31.470><c> random</c><00:35:31.950><c> view</c>

00:35:32.090 --> 00:35:32.100 align:start position:0%
the blockchain as a random view
 

00:35:32.100 --> 00:35:35.240 align:start position:0%
the blockchain as a random view
mechanism<00:35:32.700><c> and</c><00:35:32.910><c> this</c><00:35:33.750><c> entity</c><00:35:34.320><c> is</c><00:35:34.620><c> essentially</c>

00:35:35.240 --> 00:35:35.250 align:start position:0%
mechanism and this entity is essentially
 

00:35:35.250 --> 00:35:37.460 align:start position:0%
mechanism and this entity is essentially
a<00:35:35.280><c> nameless</c><00:35:35.640><c> entity</c><00:35:36.300><c> it's</c><00:35:36.690><c> on</c><00:35:36.930><c> the</c><00:35:37.080><c> network</c>

00:35:37.460 --> 00:35:37.470 align:start position:0%
a nameless entity it's on the network
 

00:35:37.470 --> 00:35:38.840 align:start position:0%
a nameless entity it's on the network
but<00:35:37.680><c> you</c><00:35:37.770><c> don't</c><00:35:37.980><c> know</c><00:35:38.100><c> where</c><00:35:38.280><c> it</c><00:35:38.370><c> is</c><00:35:38.520><c> and</c>

00:35:38.840 --> 00:35:38.850 align:start position:0%
but you don't know where it is and
 

00:35:38.850 --> 00:35:40.550 align:start position:0%
but you don't know where it is and
you're<00:35:39.090><c> not</c><00:35:39.240><c> tightly</c><00:35:39.720><c> bound</c><00:35:39.930><c> to</c><00:35:40.260><c> it</c><00:35:40.410><c> you</c>

00:35:40.550 --> 00:35:40.560 align:start position:0%
you're not tightly bound to it you
 

00:35:40.560 --> 00:35:43.130 align:start position:0%
you're not tightly bound to it you
invoke<00:35:41.010><c> them</c><00:35:41.250><c> solely</c><00:35:41.520><c> by</c><00:35:41.790><c> key</c><00:35:42.030><c> this</c><00:35:42.840><c> would</c><00:35:43.020><c> be</c>

00:35:43.130 --> 00:35:43.140 align:start position:0%
invoke them solely by key this would be
 

00:35:43.140 --> 00:35:44.150 align:start position:0%
invoke them solely by key this would be
a<00:35:43.170><c> great</c><00:35:43.440><c> way</c><00:35:43.620><c> to</c><00:35:43.650><c> build</c><00:35:43.920><c> decentralized</c>

00:35:44.150 --> 00:35:44.160 align:start position:0%
a great way to build decentralized
 

00:35:44.160 --> 00:35:48.290 align:start position:0%
a great way to build decentralized
exchanges<00:35:45.150><c> for</c><00:35:45.330><c> example</c><00:35:45.720><c> and</c><00:35:46.700><c> and</c><00:35:47.700><c> so</c><00:35:47.970><c> when</c>

00:35:48.290 --> 00:35:48.300 align:start position:0%
exchanges for example and and so when
 

00:35:48.300 --> 00:35:50.780 align:start position:0%
exchanges for example and and so when
this<00:35:49.200><c> thing</c><00:35:49.440><c> has</c><00:35:49.590><c> computed</c><00:35:50.040><c> the</c><00:35:50.160><c> result</c><00:35:50.520><c> it</c>

00:35:50.780 --> 00:35:50.790 align:start position:0%
this thing has computed the result it
 

00:35:50.790 --> 00:35:52.790 align:start position:0%
this thing has computed the result it
can<00:35:51.060><c> make</c><00:35:51.240><c> the</c><00:35:51.420><c> result</c><00:35:51.750><c> known</c><00:35:52.050><c> back</c><00:35:52.440><c> on</c><00:35:52.650><c> the</c>

00:35:52.790 --> 00:35:52.800 align:start position:0%
can make the result known back on the
 

00:35:52.800 --> 00:35:55.370 align:start position:0%
can make the result known back on the
blockchain<00:35:53.040><c> and</c><00:35:53.690><c> optionally</c><00:35:54.690><c> encrypted</c><00:35:55.230><c> with</c>

00:35:55.370 --> 00:35:55.380 align:start position:0%
blockchain and optionally encrypted with
 

00:35:55.380 --> 00:35:56.930 align:start position:0%
blockchain and optionally encrypted with
the<00:35:55.470><c> key</c><00:35:55.650><c> that</c><00:35:55.800><c> you</c><00:35:55.980><c> provide</c><00:35:56.370><c> so</c><00:35:56.640><c> that</c><00:35:56.670><c> only</c>

00:35:56.930 --> 00:35:56.940 align:start position:0%
the key that you provide so that only
 

00:35:56.940 --> 00:35:59.080 align:start position:0%
the key that you provide so that only
you<00:35:57.240><c> can</c><00:35:57.420><c> read</c><00:35:57.630><c> it</c><00:35:57.780><c> it's</c><00:35:58.680><c> a</c><00:35:58.740><c> very</c>

00:35:59.080 --> 00:35:59.090 align:start position:0%
you can read it it's a very
 

00:35:59.090 --> 00:36:01.340 align:start position:0%
you can read it it's a very
self-contained<00:36:00.090><c> very</c><00:36:00.930><c> simple</c>

00:36:01.340 --> 00:36:01.350 align:start position:0%
self-contained very simple
 

00:36:01.350 --> 00:36:03.790 align:start position:0%
self-contained very simple
straightforward<00:36:01.650><c> application</c><00:36:02.100><c> of</c><00:36:02.640><c> t's</c><00:36:03.450><c> and</c>

00:36:03.790 --> 00:36:03.800 align:start position:0%
straightforward application of t's and
 

00:36:03.800 --> 00:36:06.890 align:start position:0%
straightforward application of t's and
block<00:36:04.800><c> shapes</c><00:36:05.130><c> and</c><00:36:05.430><c> what's</c><00:36:06.180><c> more</c><00:36:06.450><c> is</c><00:36:06.720><c> you</c>

00:36:06.890 --> 00:36:06.900 align:start position:0%
block shapes and what's more is you
 

00:36:06.900 --> 00:36:08.330 align:start position:0%
block shapes and what's more is you
don't<00:36:07.080><c> have</c><00:36:07.140><c> to</c><00:36:07.320><c> have</c><00:36:07.440><c> just</c><00:36:07.680><c> one</c><00:36:07.740><c> of</c><00:36:08.010><c> these</c><00:36:08.130><c> you</c>

00:36:08.330 --> 00:36:08.340 align:start position:0%
don't have to have just one of these you
 

00:36:08.340 --> 00:36:10.280 align:start position:0%
don't have to have just one of these you
can<00:36:08.490><c> have</c><00:36:08.580><c> as</c><00:36:08.730><c> many</c><00:36:08.970><c> of</c><00:36:09.240><c> them</c><00:36:09.420><c> as</c><00:36:09.450><c> you</c><00:36:09.630><c> like</c><00:36:10.020><c> and</c>

00:36:10.280 --> 00:36:10.290 align:start position:0%
can have as many of them as you like and
 

00:36:10.290 --> 00:36:12.620 align:start position:0%
can have as many of them as you like and
they<00:36:10.800><c> would</c><00:36:10.950><c> then</c><00:36:11.160><c> form</c><00:36:11.490><c> some</c><00:36:11.940><c> kind</c><00:36:12.180><c> of</c><00:36:12.270><c> a</c><00:36:12.420><c> an</c>

00:36:12.620 --> 00:36:12.630 align:start position:0%
they would then form some kind of a an
 

00:36:12.630 --> 00:36:20.390 align:start position:0%
they would then form some kind of a an
overlay<00:36:13.350><c> network</c><00:36:13.380><c> on</c><00:36:14.340><c> top</c><00:36:15.590><c> so</c><00:36:17.780><c> okay</c><00:36:18.780><c> so</c><00:36:19.530><c> you</c>

00:36:20.390 --> 00:36:20.400 align:start position:0%
overlay network on top so okay so you
 

00:36:20.400 --> 00:36:22.520 align:start position:0%
overlay network on top so okay so you
can<00:36:20.580><c> have</c><00:36:20.730><c> as</c><00:36:20.940><c> many</c><00:36:21.090><c> many</c><00:36:21.570><c> such</c><00:36:21.810><c> databases</c><00:36:22.380><c> and</c>

00:36:22.520 --> 00:36:22.530 align:start position:0%
can have as many many such databases and
 

00:36:22.530 --> 00:36:25.310 align:start position:0%
can have as many many such databases and
contracts<00:36:23.450><c> okay</c><00:36:24.450><c> so</c><00:36:24.510><c> where</c><00:36:24.780><c> does</c><00:36:24.900><c> that</c><00:36:24.960><c> take</c>

00:36:25.310 --> 00:36:25.320 align:start position:0%
contracts okay so where does that take
 

00:36:25.320 --> 00:36:28.490 align:start position:0%
contracts okay so where does that take
us<00:36:25.350><c> well</c><00:36:26.220><c> you</c><00:36:26.850><c> all</c><00:36:27.060><c> have</c><00:36:27.300><c> built</c><00:36:27.810><c> an</c><00:36:28.080><c> amazing</c>

00:36:28.490 --> 00:36:28.500 align:start position:0%
us well you all have built an amazing
 

00:36:28.500 --> 00:36:31.340 align:start position:0%
us well you all have built an amazing
planetary<00:36:29.460><c> scale</c><00:36:29.870><c> decentralized</c><00:36:30.870><c> computer</c>

00:36:31.340 --> 00:36:31.350 align:start position:0%
planetary scale decentralized computer
 

00:36:31.350 --> 00:36:33.770 align:start position:0%
planetary scale decentralized computer
that<00:36:31.560><c> executes</c><00:36:32.460><c> in</c><00:36:32.730><c> tandem</c><00:36:33.270><c> with</c><00:36:33.450><c> high</c>

00:36:33.770 --> 00:36:33.780 align:start position:0%
that executes in tandem with high
 

00:36:33.780 --> 00:36:36.590 align:start position:0%
that executes in tandem with high
integrity<00:36:34.140><c> it's</c><00:36:35.100><c> sound</c><00:36:35.490><c> it's</c><00:36:35.910><c> secure</c><00:36:36.390><c> and</c>

00:36:36.590 --> 00:36:36.600 align:start position:0%
integrity it's sound it's secure and
 

00:36:36.600 --> 00:36:38.450 align:start position:0%
integrity it's sound it's secure and
it's<00:36:37.170><c> got</c><00:36:37.320><c> lots</c><00:36:37.650><c> of</c><00:36:37.830><c> exciting</c><00:36:38.190><c> new</c>

00:36:38.450 --> 00:36:38.460 align:start position:0%
it's got lots of exciting new
 

00:36:38.460 --> 00:36:40.640 align:start position:0%
it's got lots of exciting new
applications<00:36:39.150><c> there</c><00:36:39.960><c> are</c><00:36:40.050><c> lots</c><00:36:40.230><c> of</c><00:36:40.350><c> exciting</c>

00:36:40.640 --> 00:36:40.650 align:start position:0%
applications there are lots of exciting
 

00:36:40.650 --> 00:36:43.520 align:start position:0%
applications there are lots of exciting
challenges<00:36:41.190><c> ahead</c><00:36:41.310><c> and</c><00:36:41.580><c> I</c><00:36:41.610><c> hope</c><00:36:41.820><c> I</c><00:36:42.410><c> manage</c><00:36:43.410><c> to</c>

00:36:43.520 --> 00:36:43.530 align:start position:0%
challenges ahead and I hope I manage to
 

00:36:43.530 --> 00:36:45.170 align:start position:0%
challenges ahead and I hope I manage to
point<00:36:43.740><c> out</c><00:36:43.890><c> some</c><00:36:44.190><c> some</c><00:36:44.520><c> that</c><00:36:44.670><c> you</c><00:36:44.820><c> knew</c><00:36:45.060><c> about</c>

00:36:45.170 --> 00:36:45.180 align:start position:0%
point out some some that you knew about
 

00:36:45.180 --> 00:36:47.480 align:start position:0%
point out some some that you knew about
and<00:36:45.660><c> maybe</c><00:36:46.140><c> a</c><00:36:46.290><c> few</c><00:36:46.560><c> directions</c><00:36:47.130><c> that</c><00:36:47.250><c> maybe</c>

00:36:47.480 --> 00:36:47.490 align:start position:0%
and maybe a few directions that maybe
 

00:36:47.490 --> 00:36:49.610 align:start position:0%
and maybe a few directions that maybe
you<00:36:47.670><c> have</c><00:36:47.820><c> not</c><00:36:47.970><c> thought</c><00:36:48.150><c> about</c><00:36:48.210><c> and</c><00:36:49.080><c> most</c>

00:36:49.610 --> 00:36:49.620 align:start position:0%
you have not thought about and most
 

00:36:49.620 --> 00:36:50.960 align:start position:0%
you have not thought about and most
importantly<00:36:50.190><c> as</c><00:36:50.310><c> I</c><00:36:50.430><c> mentioned</c><00:36:50.790><c> in</c><00:36:50.880><c> the</c>

00:36:50.960 --> 00:36:50.970 align:start position:0%
importantly as I mentioned in the
 

00:36:50.970 --> 00:36:52.600 align:start position:0%
importantly as I mentioned in the
beginning<00:36:51.090><c> with</c><00:36:51.780><c> a</c><00:36:51.810><c> science</c><00:36:52.320><c> driven</c>

00:36:52.600 --> 00:36:52.610 align:start position:0%
beginning with a science driven
 

00:36:52.610 --> 00:36:55.610 align:start position:0%
beginning with a science driven
constructive<00:36:53.610><c> community</c><00:36:54.120><c> I</c><00:36:54.330><c> look</c><00:36:55.200><c> forward</c><00:36:55.560><c> to</c>

00:36:55.610 --> 00:36:55.620 align:start position:0%
constructive community I look forward to
 

00:36:55.620 --> 00:36:57.710 align:start position:0%
constructive community I look forward to
tackling<00:36:55.860><c> all</c><00:36:56.490><c> of</c><00:36:56.730><c> them</c><00:36:56.880><c> one</c><00:36:57.270><c> by</c><00:36:57.300><c> one</c>

00:36:57.710 --> 00:36:57.720 align:start position:0%
tackling all of them one by one
 

00:36:57.720 --> 00:37:09.110 align:start position:0%
tackling all of them one by one
thank<00:36:58.170><c> you</c>

00:37:09.110 --> 00:37:09.120 align:start position:0%
 
 

00:37:09.120 --> 00:37:11.500 align:start position:0%
 
if<00:37:10.120><c> there</c><00:37:10.330><c> are</c><00:37:10.420><c> questions</c><00:37:10.510><c> like</c>

00:37:11.500 --> 00:37:11.510 align:start position:0%
if there are questions like
 

00:37:11.510 --> 00:37:19.089 align:start position:0%
if there are questions like
[Music]