WEBVTT Kind: captions Language: en 00:00:00.330 --> 00:00:04.450 align:start position:0% [Applause] 00:00:04.450 --> 00:00:04.460 align:start position:0% [Applause] 00:00:04.460 --> 00:00:07.700 align:start position:0% [Applause] I<00:00:05.460> love<00:00:05.759> interim<00:00:06.120> music<00:00:06.509> at<00:00:06.690> conferences<00:00:07.500> is 00:00:07.700 --> 00:00:07.710 align:start position:0% I love interim music at conferences is 00:00:07.710 --> 00:00:10.370 align:start position:0% I love interim music at conferences is incredible<00:00:08.309> by<00:00:09.000> the<00:00:09.030> way<00:00:09.269> I<00:00:09.300> had<00:00:09.840> a<00:00:09.870> whole<00:00:10.110> like 00:00:10.370 --> 00:00:10.380 align:start position:0% incredible by the way I had a whole like 00:00:10.380 --> 00:00:12.709 align:start position:0% incredible by the way I had a whole like intro<00:00:10.830> thing<00:00:11.160> planned<00:00:11.790> or<00:00:12.179> something<00:00:12.540> that<00:00:12.690> I 00:00:12.709 --> 00:00:12.719 align:start position:0% intro thing planned or something that I 00:00:12.719 --> 00:00:14.530 align:start position:0% intro thing planned or something that I was<00:00:12.870> gonna<00:00:13.019> say<00:00:13.259> but<00:00:13.769> I<00:00:13.830> just<00:00:13.889> got<00:00:14.190> to<00:00:14.280> say<00:00:14.429> like 00:00:14.530 --> 00:00:14.540 align:start position:0% was gonna say but I just got to say like 00:00:14.540 --> 00:00:16.760 align:start position:0% was gonna say but I just got to say like reiterate<00:00:15.540> what<00:00:15.809> what<00:00:16.199> she<00:00:16.379> just<00:00:16.590> said<00:00:16.740> that 00:00:16.760 --> 00:00:16.770 align:start position:0% reiterate what what she just said that 00:00:16.770 --> 00:00:19.070 align:start position:0% reiterate what what she just said that was<00:00:17.010> awesome<00:00:17.430> I'm<00:00:17.730> a<00:00:17.880> huge<00:00:18.090> fan<00:00:18.270> like<00:00:18.330> let's 00:00:19.070 --> 00:00:19.080 align:start position:0% was awesome I'm a huge fan like let's 00:00:19.080 --> 00:00:20.840 align:start position:0% was awesome I'm a huge fan like let's please<00:00:19.380> your<00:00:19.680> unique<00:00:19.980> backgrounds<00:00:20.520> it<00:00:20.760> is 00:00:20.840 --> 00:00:20.850 align:start position:0% please your unique backgrounds it is 00:00:20.850 --> 00:00:22.400 align:start position:0% please your unique backgrounds it is incredibly<00:00:21.330> important<00:00:21.810> who's<00:00:22.080> going<00:00:22.199> to<00:00:22.260> talk 00:00:22.400 --> 00:00:22.410 align:start position:0% incredibly important who's going to talk 00:00:22.410 --> 00:00:24.019 align:start position:0% incredibly important who's going to talk about<00:00:22.529> that<00:00:22.740> in<00:00:22.859> the<00:00:22.980> end<00:00:23.130> of<00:00:23.189> my<00:00:23.279> slides<00:00:23.550> now 00:00:24.019 --> 00:00:24.029 align:start position:0% about that in the end of my slides now 00:00:24.029 --> 00:00:24.740 align:start position:0% about that in the end of my slides now I'm<00:00:24.090> talking<00:00:24.300> about<00:00:24.449> at<00:00:24.570> the<00:00:24.660> beginning 00:00:24.740 --> 00:00:24.750 align:start position:0% I'm talking about at the beginning 00:00:24.750 --> 00:00:29.599 align:start position:0% I'm talking about at the beginning anyway<00:00:25.710> my<00:00:26.430> talk<00:00:26.730> is<00:00:27.029> on<00:00:27.949> scalable<00:00:28.949> scaling 00:00:29.599 --> 00:00:29.609 align:start position:0% anyway my talk is on scalable scaling 00:00:29.609 --> 00:00:33.260 align:start position:0% anyway my talk is on scalable scaling crypto<00:00:30.000> economics<00:00:30.630> and<00:00:31.309> also<00:00:32.309> a<00:00:32.340> plasma 00:00:33.260 --> 00:00:33.270 align:start position:0% crypto economics and also a plasma 00:00:33.270 --> 00:00:36.290 align:start position:0% crypto economics and also a plasma primer<00:00:33.930> so<00:00:34.440> let's<00:00:34.710> let's<00:00:35.280> dive<00:00:35.610> right<00:00:35.640> in<00:00:36.059> so 00:00:36.290 --> 00:00:36.300 align:start position:0% primer so let's let's dive right in so 00:00:36.300 --> 00:00:40.520 align:start position:0% primer so let's let's dive right in so this<00:00:36.540> is<00:00:36.899> a<00:00:37.230> map<00:00:37.770> of<00:00:38.010> human<00:00:39.020> knowledge<00:00:40.020> and 00:00:40.520 --> 00:00:40.530 align:start position:0% this is a map of human knowledge and 00:00:40.530 --> 00:00:43.430 align:start position:0% this is a map of human knowledge and consciousness<00:00:41.460> we<00:00:41.969> have<00:00:42.230> science<00:00:43.230> like 00:00:43.430 --> 00:00:43.440 align:start position:0% consciousness we have science like 00:00:43.440 --> 00:00:45.740 align:start position:0% consciousness we have science like physics<00:00:43.469> equals<00:00:44.399> mc-squared<00:00:44.730> that<00:00:45.239> is<00:00:45.390> a<00:00:45.420> meme 00:00:45.740 --> 00:00:45.750 align:start position:0% physics equals mc-squared that is a meme 00:00:45.750 --> 00:00:48.709 align:start position:0% physics equals mc-squared that is a meme we<00:00:46.260> have<00:00:46.559> computer<00:00:47.399> science<00:00:47.730> we<00:00:48.239> have<00:00:48.510> you 00:00:48.709 --> 00:00:48.719 align:start position:0% we have computer science we have you 00:00:48.719 --> 00:00:50.090 align:start position:0% we have computer science we have you know<00:00:48.840> philosophy<00:00:49.410> we've<00:00:49.559> got<00:00:49.739> all<00:00:49.920> these 00:00:50.090 --> 00:00:50.100 align:start position:0% know philosophy we've got all these 00:00:50.100 --> 00:00:51.830 align:start position:0% know philosophy we've got all these different<00:00:50.160> disciplines<00:00:50.879> we've<00:00:51.059> got<00:00:51.239> you<00:00:51.719> know 00:00:51.830 --> 00:00:51.840 align:start position:0% different disciplines we've got you know 00:00:51.840 --> 00:00:54.590 align:start position:0% different disciplines we've got you know history<00:00:52.620> we<00:00:53.070> have<00:00:53.190> cryptography<00:00:54.090> we<00:00:54.480> have 00:00:54.590 --> 00:00:54.600 align:start position:0% history we have cryptography we have 00:00:54.600 --> 00:00:56.600 align:start position:0% history we have cryptography we have economics<00:00:55.440> I<00:00:55.620> wonder<00:00:55.949> if<00:00:56.070> you<00:00:56.219> know<00:00:56.430> where 00:00:56.600 --> 00:00:56.610 align:start position:0% economics I wonder if you know where 00:00:56.610 --> 00:00:59.599 align:start position:0% economics I wonder if you know where this<00:00:56.760> is<00:00:57.000> going<00:00:57.390> well<00:00:57.809> right<00:00:58.020> on<00:00:58.559> this<00:00:59.010> right 00:00:59.599 --> 00:00:59.609 align:start position:0% this is going well right on this right 00:00:59.609 --> 00:01:01.790 align:start position:0% this is going well right on this right there<00:00:59.640> right<00:01:00.239> there<00:01:00.449> precisely<00:01:00.719> there<00:01:01.320> no 00:01:01.790 --> 00:01:01.800 align:start position:0% there right there precisely there no 00:01:01.800 --> 00:01:04.520 align:start position:0% there right there precisely there no other<00:01:01.949> place<00:01:02.219> there<00:01:02.670> is<00:01:02.879> crypto<00:01:03.690> economics 00:01:04.520 --> 00:01:04.530 align:start position:0% other place there is crypto economics 00:01:04.530 --> 00:01:06.649 align:start position:0% other place there is crypto economics this<00:01:04.769> kind<00:01:05.040> of<00:01:05.129> very<00:01:05.339> weird<00:01:05.700> weird<00:01:06.240> thing<00:01:06.479> it's 00:01:06.649 --> 00:01:06.659 align:start position:0% this kind of very weird weird thing it's 00:01:06.659 --> 00:01:10.160 align:start position:0% this kind of very weird weird thing it's like<00:01:06.780> an<00:01:06.930> innocent<00:01:07.380> idea<00:01:08.310> kind<00:01:08.909> of<00:01:09.020> signal<00:01:10.020> and 00:01:10.160 --> 00:01:10.170 align:start position:0% like an innocent idea kind of signal and 00:01:10.170 --> 00:01:12.760 align:start position:0% like an innocent idea kind of signal and so<00:01:10.350> what<00:01:10.560> we<00:01:10.680> have<00:01:10.950> is<00:01:11.220> it<00:01:11.790> is<00:01:12.030> a<00:01:12.150> kind<00:01:12.540> of 00:01:12.760 --> 00:01:12.770 align:start position:0% so what we have is it is a kind of 00:01:12.770 --> 00:01:15.380 align:start position:0% so what we have is it is a kind of combination<00:01:13.770> of<00:01:13.860> cryptography<00:01:14.430> and<00:01:15.030> a 00:01:15.380 --> 00:01:15.390 align:start position:0% combination of cryptography and a 00:01:15.390 --> 00:01:17.960 align:start position:0% combination of cryptography and a combination<00:01:15.869> of<00:01:16.320> economics<00:01:17.130> and<00:01:17.400> a 00:01:17.960 --> 00:01:17.970 align:start position:0% combination of economics and a 00:01:17.970 --> 00:01:19.490 align:start position:0% combination of economics and a combination<00:01:18.360> of<00:01:18.720> you<00:01:18.810> know<00:01:18.840> distributed 00:01:19.490 --> 00:01:19.500 align:start position:0% combination of you know distributed 00:01:19.500 --> 00:01:21.170 align:start position:0% combination of you know distributed systems<00:01:19.890> it's<00:01:20.040> pulling<00:01:20.400> in<00:01:20.490> a<00:01:20.580> lot<00:01:20.759> of<00:01:20.790> ideas 00:01:21.170 --> 00:01:21.180 align:start position:0% systems it's pulling in a lot of ideas 00:01:21.180 --> 00:01:23.300 align:start position:0% systems it's pulling in a lot of ideas maybe<00:01:21.360> even<00:01:21.659> some<00:01:21.869> you<00:01:22.049> know<00:01:22.320> philosophy<00:01:23.159> in 00:01:23.300 --> 00:01:23.310 align:start position:0% maybe even some you know philosophy in 00:01:23.310 --> 00:01:25.370 align:start position:0% maybe even some you know philosophy in there<00:01:23.520> too<00:01:23.820> but<00:01:24.390> absolutely<00:01:25.049> no<00:01:25.200> history 00:01:25.370 --> 00:01:25.380 align:start position:0% there too but absolutely no history 00:01:25.380 --> 00:01:27.679 align:start position:0% there too but absolutely no history because<00:01:25.920> you<00:01:26.310> know<00:01:26.430> why<00:01:26.880> look<00:01:27.150> back<00:01:27.360> we<00:01:27.509> like 00:01:27.679 --> 00:01:27.689 align:start position:0% because you know why look back we like 00:01:27.689 --> 00:01:28.910 align:start position:0% because you know why look back we like the<00:01:27.840> mistakes<00:01:28.200> are<00:01:28.320> better<00:01:28.439> the<00:01:28.590> second<00:01:28.890> time 00:01:28.910 --> 00:01:28.920 align:start position:0% the mistakes are better the second time 00:01:28.920 --> 00:01:31.069 align:start position:0% the mistakes are better the second time and<00:01:29.310> and<00:01:29.400> you<00:01:29.790> know<00:01:29.909> why<00:01:30.390> physics<00:01:30.869> there<00:01:31.020> are 00:01:31.069 --> 00:01:31.079 align:start position:0% and and you know why physics there are 00:01:31.079 --> 00:01:32.780 align:start position:0% and and you know why physics there are no<00:01:31.170> physical<00:01:31.380> limits<00:01:31.920> in<00:01:32.040> the<00:01:32.159> crypto<00:01:32.490> space 00:01:32.780 --> 00:01:32.790 align:start position:0% no physical limits in the crypto space 00:01:32.790 --> 00:01:34.730 align:start position:0% no physical limits in the crypto space come<00:01:33.119> on<00:01:33.270> okay<00:01:33.630> we<00:01:33.750> get<00:01:33.869> out<00:01:33.990> of<00:01:34.110> here<00:01:34.259> anyway 00:01:34.730 --> 00:01:34.740 align:start position:0% come on okay we get out of here anyway 00:01:34.740 --> 00:01:37.100 align:start position:0% come on okay we get out of here anyway so<00:01:35.280> we're<00:01:35.579> pulling<00:01:35.909> in<00:01:36.030> all<00:01:36.270> these<00:01:36.420> ideas<00:01:36.930> from 00:01:37.100 --> 00:01:37.110 align:start position:0% so we're pulling in all these ideas from 00:01:37.110 --> 00:01:38.990 align:start position:0% so we're pulling in all these ideas from different<00:01:37.320> fields<00:01:38.009> to<00:01:38.310> kind<00:01:38.610> of<00:01:38.670> create 00:01:38.990 --> 00:01:39.000 align:start position:0% different fields to kind of create 00:01:39.000 --> 00:01:41.630 align:start position:0% different fields to kind of create something<00:01:39.509> pretty<00:01:40.320> cool<00:01:40.710> and<00:01:41.130> and<00:01:41.400> you<00:01:41.520> know 00:01:41.630 --> 00:01:41.640 align:start position:0% something pretty cool and and you know 00:01:41.640 --> 00:01:43.760 align:start position:0% something pretty cool and and you know what<00:01:42.150> what<00:01:42.420> is<00:01:42.509> that<00:01:42.689> so<00:01:42.840> what<00:01:43.259> does<00:01:43.649> this 00:01:43.760 --> 00:01:43.770 align:start position:0% what what is that so what does this 00:01:43.770 --> 00:01:45.410 align:start position:0% what what is that so what does this actually<00:01:44.009> do<00:01:44.280> we<00:01:44.430> have<00:01:44.579> a<00:01:44.610> bunch<00:01:44.880> of<00:01:45.000> gerbils 00:01:45.410 --> 00:01:45.420 align:start position:0% actually do we have a bunch of gerbils 00:01:45.420 --> 00:01:47.060 align:start position:0% actually do we have a bunch of gerbils and<00:01:45.600> they<00:01:45.659> kind<00:01:45.869> of<00:01:45.930> come<00:01:46.350> I'm<00:01:46.530> a<00:01:46.860> terrible 00:01:47.060 --> 00:01:47.070 align:start position:0% and they kind of come I'm a terrible 00:01:47.070 --> 00:01:49.399 align:start position:0% and they kind of come I'm a terrible person<00:01:47.250> hopefully<00:01:47.610> people<00:01:47.880> know<00:01:48.119> and<00:01:48.420> and<00:01:49.079> and 00:01:49.399 --> 00:01:49.409 align:start position:0% person hopefully people know and and and 00:01:49.409 --> 00:01:50.870 align:start position:0% person hopefully people know and and and they're<00:01:49.680> they're<00:01:49.979> learning<00:01:50.220> about<00:01:50.460> all<00:01:50.729> the 00:01:50.870 --> 00:01:50.880 align:start position:0% they're they're learning about all the 00:01:50.880 --> 00:01:52.760 align:start position:0% they're they're learning about all the different<00:01:51.180> fields<00:01:51.450> everything<00:01:52.049> that<00:01:52.200> we<00:01:52.320> we 00:01:52.760 --> 00:01:52.770 align:start position:0% different fields everything that we we 00:01:52.770 --> 00:01:54.410 align:start position:0% different fields everything that we we want<00:01:53.070> to<00:01:53.159> do<00:01:53.280> and<00:01:53.430> some<00:01:53.610> get<00:01:53.759> into<00:01:54.030> computer 00:01:54.410 --> 00:01:54.420 align:start position:0% want to do and some get into computer 00:01:54.420 --> 00:01:55.990 align:start position:0% want to do and some get into computer science<00:01:54.570> some<00:01:54.930> get<00:01:55.079> into<00:01:55.350> physics<00:01:55.740> and 00:01:55.990 --> 00:01:56.000 align:start position:0% science some get into physics and 00:01:56.000 --> 00:01:57.920 align:start position:0% science some get into physics and hopefully<00:01:57.000> there<00:01:57.180> can<00:01:57.329> be<00:01:57.450> this<00:01:57.570> like<00:01:57.780> little 00:01:57.920 --> 00:01:57.930 align:start position:0% hopefully there can be this like little 00:01:57.930 --> 00:01:59.870 align:start position:0% hopefully there can be this like little flag<00:01:58.380> that<00:01:58.680> says<00:01:58.890> you<00:01:59.009> know<00:01:59.100> this<00:01:59.310> is<00:01:59.369> crypto 00:01:59.870 --> 00:01:59.880 align:start position:0% flag that says you know this is crypto 00:01:59.880 --> 00:02:01.399 align:start position:0% flag that says you know this is crypto economics<00:02:00.299> there's<00:02:00.479> something<00:02:00.840> cool<00:02:01.110> here 00:02:01.399 --> 00:02:01.409 align:start position:0% economics there's something cool here 00:02:01.409 --> 00:02:03.830 align:start position:0% economics there's something cool here maybe<00:02:01.770> maybe<00:02:02.490> I<00:02:02.700> mean<00:02:03.000> people<00:02:03.420> in<00:02:03.509> this<00:02:03.630> room 00:02:03.830 --> 00:02:03.840 align:start position:0% maybe maybe I mean people in this room 00:02:03.840 --> 00:02:05.240 align:start position:0% maybe maybe I mean people in this room hopefully<00:02:04.170> think<00:02:04.590> that<00:02:04.740> there's<00:02:04.920> something 00:02:05.240 --> 00:02:05.250 align:start position:0% hopefully think that there's something 00:02:05.250 --> 00:02:07.789 align:start position:0% hopefully think that there's something cool<00:02:05.430> in<00:02:05.729> in<00:02:06.329> you<00:02:06.600> know<00:02:06.719> what<00:02:07.200> we're<00:02:07.380> doing<00:02:07.680> and 00:02:07.789 --> 00:02:07.799 align:start position:0% cool in in you know what we're doing and 00:02:07.799 --> 00:02:09.410 align:start position:0% cool in in you know what we're doing and so<00:02:07.920> hopefully<00:02:08.129> they<00:02:08.399> can<00:02:08.610> come<00:02:08.849> in<00:02:09.060> and<00:02:09.300> they 00:02:09.410 --> 00:02:09.420 align:start position:0% so hopefully they can come in and they 00:02:09.420 --> 00:02:11.690 align:start position:0% so hopefully they can come in and they can<00:02:09.599> get<00:02:09.780> some<00:02:09.840> good<00:02:10.140> ideas<00:02:10.530> and<00:02:10.709> spread<00:02:11.520> that 00:02:11.690 --> 00:02:11.700 align:start position:0% can get some good ideas and spread that 00:02:11.700 --> 00:02:13.820 align:start position:0% can get some good ideas and spread that information<00:02:11.849> to<00:02:12.840> different<00:02:13.379> fields<00:02:13.500> and<00:02:13.650> we 00:02:13.820 --> 00:02:13.830 align:start position:0% information to different fields and we 00:02:13.830 --> 00:02:16.070 align:start position:0% information to different fields and we can<00:02:13.920> actually<00:02:14.310> like<00:02:14.460> influence<00:02:15.120> other<00:02:15.480> fields 00:02:16.070 --> 00:02:16.080 align:start position:0% can actually like influence other fields 00:02:16.080 --> 00:02:17.930 align:start position:0% can actually like influence other fields to<00:02:16.260> really<00:02:16.560> care<00:02:16.920> about<00:02:17.040> decentralization 00:02:17.930 --> 00:02:17.940 align:start position:0% to really care about decentralization 00:02:17.940 --> 00:02:20.240 align:start position:0% to really care about decentralization when<00:02:18.270> we<00:02:18.360> create<00:02:18.690> Internet<00:02:19.140> applications<00:02:19.770> to 00:02:20.240 --> 00:02:20.250 align:start position:0% when we create Internet applications to 00:02:20.250 --> 00:02:23.180 align:start position:0% when we create Internet applications to really<00:02:20.580> you<00:02:20.850> know<00:02:20.880> make<00:02:21.540> make<00:02:21.900> the<00:02:22.530> Facebook 00:02:23.180 --> 00:02:23.190 align:start position:0% really you know make make the Facebook 00:02:23.190 --> 00:02:25.280 align:start position:0% really you know make make the Facebook 2.0<00:02:23.760> or<00:02:24.030> something<00:02:24.390> like<00:02:24.570> this<00:02:24.750> make<00:02:25.260> sure 00:02:25.280 --> 00:02:25.290 align:start position:0% 2.0 or something like this make sure 00:02:25.290 --> 00:02:27.500 align:start position:0% 2.0 or something like this make sure that<00:02:25.560> it's<00:02:25.740> not<00:02:26.010> you<00:02:26.340> know<00:02:26.460> just<00:02:26.700> a<00:02:26.850> single 00:02:27.500 --> 00:02:27.510 align:start position:0% that it's not you know just a single 00:02:27.510 --> 00:02:29.660 align:start position:0% that it's not you know just a single kind<00:02:27.810> of<00:02:27.870> processor<00:02:28.500> that<00:02:28.710> holds<00:02:29.310> everyone's 00:02:29.660 --> 00:02:29.670 align:start position:0% kind of processor that holds everyone's 00:02:29.670 --> 00:02:31.880 align:start position:0% kind of processor that holds everyone's chat<00:02:29.940> information<00:02:30.660> and<00:02:30.990> holds<00:02:31.530> everyone's 00:02:31.880 --> 00:02:31.890 align:start position:0% chat information and holds everyone's 00:02:31.890 --> 00:02:34.130 align:start position:0% chat information and holds everyone's private<00:02:32.340> keys<00:02:32.550> and<00:02:32.910> make<00:02:33.450> sure<00:02:33.630> that<00:02:33.840> you<00:02:34.020> know 00:02:34.130 --> 00:02:34.140 align:start position:0% private keys and make sure that you know 00:02:34.140 --> 00:02:35.690 align:start position:0% private keys and make sure that you know it<00:02:34.380> videogames<00:02:35.040> in<00:02:35.190> the<00:02:35.280> future<00:02:35.520> maybe 00:02:35.690 --> 00:02:35.700 align:start position:0% it videogames in the future maybe 00:02:35.700 --> 00:02:38.000 align:start position:0% it videogames in the future maybe they're<00:02:35.940> like<00:02:36.180> assets<00:02:36.720> or<00:02:36.930> any<00:02:37.170> any<00:02:37.470> internet 00:02:38.000 --> 00:02:38.010 align:start position:0% they're like assets or any any internet 00:02:38.010 --> 00:02:40.700 align:start position:0% they're like assets or any any internet assets<00:02:38.430> are<00:02:38.580> not<00:02:38.970> held<00:02:39.240> just<00:02:39.510> by<00:02:39.630> a<00:02:40.110> central 00:02:40.700 --> 00:02:40.710 align:start position:0% assets are not held just by a central 00:02:40.710 --> 00:02:42.080 align:start position:0% assets are not held just by a central operator<00:02:41.100> that<00:02:41.220> can<00:02:41.310> kind<00:02:41.520> of<00:02:41.610> you<00:02:41.970> know 00:02:42.080 --> 00:02:42.090 align:start position:0% operator that can kind of you know 00:02:42.090 --> 00:02:43.640 align:start position:0% operator that can kind of you know freeze<00:02:42.450> your<00:02:42.630> account<00:02:42.660> for<00:02:43.140> instance<00:02:43.470> and 00:02:43.640 --> 00:02:43.650 align:start position:0% freeze your account for instance and 00:02:43.650 --> 00:02:45.350 align:start position:0% freeze your account for instance and instead<00:02:43.980> maybe<00:02:44.520> you<00:02:44.790> know<00:02:44.880> put<00:02:45.090> it<00:02:45.210> on<00:02:45.330> a 00:02:45.350 --> 00:02:45.360 align:start position:0% instead maybe you know put it on a 00:02:45.360 --> 00:02:47.060 align:start position:0% instead maybe you know put it on a decentralized<00:02:46.140> network<00:02:46.200> everyone's<00:02:46.860> holding 00:02:47.060 --> 00:02:47.070 align:start position:0% decentralized network everyone's holding 00:02:47.070 --> 00:02:48.680 align:start position:0% decentralized network everyone's holding their<00:02:47.340> private<00:02:47.730> keys<00:02:47.940> and<00:02:48.270> you<00:02:48.600> know 00:02:48.680 --> 00:02:48.690 align:start position:0% their private keys and you know 00:02:48.690 --> 00:02:50.840 align:start position:0% their private keys and you know encrypting<00:02:49.350> their<00:02:49.500> messages<00:02:50.040> and<00:02:50.070> oh<00:02:50.460> my<00:02:50.640> gosh 00:02:50.840 --> 00:02:50.850 align:start position:0% encrypting their messages and oh my gosh 00:02:50.850 --> 00:02:52.880 align:start position:0% encrypting their messages and oh my gosh this<00:02:51.030> is<00:02:51.090> like<00:02:51.360> a<00:02:51.390> dream<00:02:52.230> this<00:02:52.440> just<00:02:52.650> gets<00:02:52.800> me 00:02:52.880 --> 00:02:52.890 align:start position:0% this is like a dream this just gets me 00:02:52.890 --> 00:02:54.620 align:start position:0% this is like a dream this just gets me so<00:02:53.070> excited<00:02:53.190> to<00:02:53.610> be<00:02:53.730> amazing<00:02:54.120> and<00:02:54.300> you<00:02:54.510> know 00:02:54.620 --> 00:02:54.630 align:start position:0% so excited to be amazing and you know 00:02:54.630 --> 00:02:56.660 align:start position:0% so excited to be amazing and you know all<00:02:54.870> these<00:02:55.050> like<00:02:55.350> assets<00:02:55.800> maybe<00:02:55.980> there<00:02:56.220> exists 00:02:56.660 --> 00:02:56.670 align:start position:0% all these like assets maybe there exists 00:02:56.670 --> 00:02:58.550 align:start position:0% all these like assets maybe there exists on<00:02:56.880> on<00:02:57.390> a<00:02:57.450> chain<00:02:57.870> that<00:02:58.050> no<00:02:58.200> one<00:02:58.320> really 00:02:58.550 --> 00:02:58.560 align:start position:0% on on a chain that no one really 00:02:58.560 --> 00:03:00.140 align:start position:0% on on a chain that no one really controls<00:02:58.980> and<00:02:59.220> so<00:02:59.310> no<00:02:59.459> one<00:02:59.610> can<00:02:59.730> actually<00:02:59.880> you 00:03:00.140 --> 00:03:00.150 align:start position:0% controls and so no one can actually you 00:03:00.150 --> 00:03:02.150 align:start position:0% controls and so no one can actually you know<00:03:00.180> freeze<00:03:00.720> your<00:03:00.930> account<00:03:01.200> so<00:03:01.350> maybe<00:03:01.530> maybe 00:03:02.150 --> 00:03:02.160 align:start position:0% know freeze your account so maybe maybe 00:03:02.160 --> 00:03:04.340 align:start position:0% know freeze your account so maybe maybe just<00:03:02.580> maybe<00:03:03.030> we<00:03:03.630> can<00:03:03.840> create<00:03:03.959> the 00:03:04.340 --> 00:03:04.350 align:start position:0% just maybe we can create the 00:03:04.350 --> 00:03:06.740 align:start position:0% just maybe we can create the decentralized<00:03:05.100> Internet<00:03:05.850> infrastructure 00:03:06.740 --> 00:03:06.750 align:start position:0% decentralized Internet infrastructure 00:03:06.750 --> 00:03:08.990 align:start position:0% decentralized Internet infrastructure that<00:03:07.260> we<00:03:07.410> all<00:03:07.560> want<00:03:07.830> that<00:03:08.040> we<00:03:08.130> all<00:03:08.280> know<00:03:08.490> no<00:03:08.880> one 00:03:08.990 --> 00:03:09.000 align:start position:0% that we all want that we all know no one 00:03:09.000 --> 00:03:12.140 align:start position:0% that we all want that we all know no one loved<00:03:09.150> but<00:03:09.510> but<00:03:10.410> if<00:03:10.709> we<00:03:11.459> are<00:03:11.580> actually<00:03:11.790> going 00:03:12.140 --> 00:03:12.150 align:start position:0% loved but but if we are actually going 00:03:12.150 --> 00:03:14.300 align:start position:0% loved but but if we are actually going to<00:03:12.330> spread<00:03:12.630> this<00:03:12.780> information<00:03:13.440> back<00:03:13.650> there<00:03:14.190> is 00:03:14.300 --> 00:03:14.310 align:start position:0% to spread this information back there is 00:03:14.310 --> 00:03:15.590 align:start position:0% to spread this information back there is something<00:03:14.640> that<00:03:14.760> we<00:03:14.850> need<00:03:15.000> to<00:03:15.030> do<00:03:15.360> our 00:03:15.590 --> 00:03:15.600 align:start position:0% something that we need to do our 00:03:15.600 --> 00:03:17.690 align:start position:0% something that we need to do our networks<00:03:16.380> are<00:03:16.530> pretty<00:03:16.890> small<00:03:17.190> they're<00:03:17.520> pretty 00:03:17.690 --> 00:03:17.700 align:start position:0% networks are pretty small they're pretty 00:03:17.700 --> 00:03:19.759 align:start position:0% networks are pretty small they're pretty you<00:03:18.030> know<00:03:18.060> relatively<00:03:18.780> relatively<00:03:19.290> wimpy<00:03:19.739> and 00:03:19.759 --> 00:03:19.769 align:start position:0% you know relatively relatively wimpy and 00:03:19.769 --> 00:03:21.320 align:start position:0% you know relatively relatively wimpy and if<00:03:19.920> we<00:03:20.040> were<00:03:20.130> to<00:03:20.280> actually<00:03:20.430> have<00:03:20.880> the<00:03:21.090> kind<00:03:21.239> of 00:03:21.320 --> 00:03:21.330 align:start position:0% if we were to actually have the kind of 00:03:21.330 --> 00:03:24.170 align:start position:0% if we were to actually have the kind of weight<00:03:21.630> of<00:03:21.870> just<00:03:22.440> the<00:03:22.800> world<00:03:23.070> Internet<00:03:23.790> users 00:03:24.170 --> 00:03:24.180 align:start position:0% weight of just the world Internet users 00:03:24.180 --> 00:03:26.720 align:start position:0% weight of just the world Internet users on<00:03:24.510> our<00:03:24.870> systems<00:03:25.500> it<00:03:26.010> would<00:03:26.280> just<00:03:26.519> you<00:03:26.610> know 00:03:26.720 --> 00:03:26.730 align:start position:0% on our systems it would just you know 00:03:26.730 --> 00:03:29.780 align:start position:0% on our systems it would just you know hold<00:03:27.630> up<00:03:27.840> no<00:03:28.080> it<00:03:28.350> actually<00:03:28.560> probably<00:03:29.160> wouldn't 00:03:29.780 --> 00:03:29.790 align:start position:0% hold up no it actually probably wouldn't 00:03:29.790 --> 00:03:31.790 align:start position:0% hold up no it actually probably wouldn't work<00:03:29.880> out<00:03:30.060> fifteen<00:03:30.690> transactions<00:03:31.290> per<00:03:31.410> second 00:03:31.790 --> 00:03:31.800 align:start position:0% work out fifteen transactions per second 00:03:31.800 --> 00:03:33.710 align:start position:0% work out fifteen transactions per second that's<00:03:32.160> not<00:03:32.370> going<00:03:32.670> to<00:03:32.790> that's<00:03:33.360> not<00:03:33.540> going<00:03:33.660> to 00:03:33.710 --> 00:03:33.720 align:start position:0% that's not going to that's not going to 00:03:33.720 --> 00:03:36.290 align:start position:0% that's not going to that's not going to cut<00:03:33.989> it<00:03:34.019> right<00:03:34.140> so<00:03:34.739> we<00:03:34.860> need<00:03:34.980> to<00:03:35.190> scale<00:03:35.580> we<00:03:36.150> need 00:03:36.290 --> 00:03:36.300 align:start position:0% cut it right so we need to scale we need 00:03:36.300 --> 00:03:38.420 align:start position:0% cut it right so we need to scale we need to<00:03:36.480> scale<00:03:36.780> up<00:03:37.050> we<00:03:37.290> need<00:03:37.440> to<00:03:37.560> scale<00:03:37.890> we<00:03:38.130> need<00:03:38.280> to 00:03:38.420 --> 00:03:38.430 align:start position:0% to scale up we need to scale we need to 00:03:38.430 --> 00:03:40.610 align:start position:0% to scale up we need to scale we need to scale<00:03:38.730> we<00:03:39.000> need<00:03:39.150> to<00:03:39.300> scale<00:03:39.660> we<00:03:39.930> need<00:03:40.080> to<00:03:40.200> scale 00:03:40.610 --> 00:03:40.620 align:start position:0% scale we need to scale we need to scale 00:03:40.620 --> 00:03:42.920 align:start position:0% scale we need to scale we need to scale we<00:03:41.130> need<00:03:41.160> to<00:03:41.459> scale<00:03:41.790> we<00:03:42.090> need<00:03:42.239> to<00:03:42.390> scale<00:03:42.630> it's<00:03:42.840> a 00:03:42.920 --> 00:03:42.930 align:start position:0% we need to scale we need to scale it's a 00:03:42.930 --> 00:03:46.009 align:start position:0% we need to scale we need to scale it's a shocking<00:03:43.320> number<00:03:44.040> of<00:03:44.370> puns<00:03:44.790> that<00:03:45.269> you<00:03:45.840> can 00:03:46.009 --> 00:03:46.019 align:start position:0% shocking number of puns that you can 00:03:46.019 --> 00:03:49.310 align:start position:0% shocking number of puns that you can look<00:03:46.260> up<00:03:46.530> for<00:03:47.040> scale<00:03:47.430> it's<00:03:48.209> incredible<00:03:48.930> I<00:03:49.080> was 00:03:49.310 --> 00:03:49.320 align:start position:0% look up for scale it's incredible I was 00:03:49.320 --> 00:03:51.680 align:start position:0% look up for scale it's incredible I was shocked<00:03:49.830> and<00:03:50.040> this<00:03:50.130> is<00:03:50.220> a<00:03:50.250> scale<00:03:50.580> bug<00:03:50.910> anyway 00:03:51.680 --> 00:03:51.690 align:start position:0% shocked and this is a scale bug anyway 00:03:51.690 --> 00:03:54.110 align:start position:0% shocked and this is a scale bug anyway we<00:03:52.050> need<00:03:52.170> to<00:03:52.380> scale<00:03:52.800> this<00:03:53.519> is<00:03:53.760> you<00:03:54.000> know 00:03:54.110 --> 00:03:54.120 align:start position:0% we need to scale this is you know 00:03:54.120 --> 00:03:55.970 align:start position:0% we need to scale this is you know there's<00:03:54.420> with<00:03:54.720> us<00:03:54.870> where<00:03:55.170> we<00:03:55.290> are<00:03:55.320> Prague<00:03:55.709> oh 00:03:55.970 --> 00:03:55.980 align:start position:0% there's with us where we are Prague oh 00:03:55.980 --> 00:03:57.650 align:start position:0% there's with us where we are Prague oh my<00:03:56.310> god<00:03:56.489> we<00:03:56.610> need<00:03:56.760> to<00:03:56.850> that's<00:03:57.090> the<00:03:57.239> whole<00:03:57.420> earth 00:03:57.650 --> 00:03:57.660 align:start position:0% my god we need to that's the whole earth 00:03:57.660 --> 00:03:59.900 align:start position:0% my god we need to that's the whole earth but<00:03:57.930> I'm<00:03:58.019> sure<00:03:58.170> and<00:03:58.500> there<00:03:59.100> if<00:03:59.310> we're<00:03:59.489> now 00:03:59.900 --> 00:03:59.910 align:start position:0% but I'm sure and there if we're now 00:03:59.910 --> 00:04:01.580 align:start position:0% but I'm sure and there if we're now here's<00:04:00.150> here's<00:04:00.450> galaxy<00:04:00.840> so<00:04:00.989> I<00:04:01.019> created<00:04:01.410> this 00:04:01.580 --> 00:04:01.590 align:start position:0% here's here's galaxy so I created this 00:04:01.590 --> 00:04:03.800 align:start position:0% here's here's galaxy so I created this terrible<00:04:02.040> waste<00:04:02.280> of<00:04:02.459> time<00:04:02.700> website<00:04:03.120> for<00:04:03.630> scale 00:04:03.800 --> 00:04:03.810 align:start position:0% terrible waste of time website for scale 00:04:03.810 --> 00:04:05.240 align:start position:0% terrible waste of time website for scale DEFCON<00:04:04.200> it's<00:04:04.350> like<00:04:04.470> cookie<00:04:04.739> clicker<00:04:04.890> boat 00:04:05.240 --> 00:04:05.250 align:start position:0% DEFCON it's like cookie clicker boat 00:04:05.250 --> 00:04:07.100 align:start position:0% DEFCON it's like cookie clicker boat shared<00:04:05.550> wheel<00:04:05.760> and<00:04:05.970> we<00:04:06.239> can<00:04:06.390> scale<00:04:06.690> so<00:04:06.930> every 00:04:07.100 --> 00:04:07.110 align:start position:0% shared wheel and we can scale so every 00:04:07.110 --> 00:04:08.810 align:start position:0% shared wheel and we can scale so every time<00:04:07.230> you<00:04:07.380> hear<00:04:07.530> scale<00:04:07.800> click<00:04:08.100> click<00:04:08.459> one<00:04:08.670> on 00:04:08.810 --> 00:04:08.820 align:start position:0% time you hear scale click click one on 00:04:08.820 --> 00:04:11.270 align:start position:0% time you hear scale click click one on that<00:04:08.940> website<00:04:09.120> scale<00:04:09.630> DEFCON<00:04:09.989> comm<00:04:10.350> anyway<00:04:10.890> so 00:04:11.270 --> 00:04:11.280 align:start position:0% that website scale DEFCON comm anyway so 00:04:11.280 --> 00:04:13.130 align:start position:0% that website scale DEFCON comm anyway so people<00:04:11.850> are<00:04:11.940> talking<00:04:12.180> about<00:04:12.239> a<00:04:12.360> theorem<00:04:12.660> 2.0 00:04:13.130 --> 00:04:13.140 align:start position:0% people are talking about a theorem 2.0 00:04:13.140 --> 00:04:16.039 align:start position:0% people are talking about a theorem 2.0 right<00:04:13.650> and<00:04:13.890> I<00:04:14.190> or<00:04:14.459> you<00:04:14.880> know<00:04:15.000> sir<00:04:15.180> serenity<00:04:15.959> and 00:04:16.039 --> 00:04:16.049 align:start position:0% right and I or you know sir serenity and 00:04:16.049 --> 00:04:18.650 align:start position:0% right and I or you know sir serenity and and<00:04:16.260> you<00:04:16.830> know<00:04:16.950> it<00:04:17.190> is<00:04:17.669> incredibly<00:04:18.209> cool<00:04:18.479> we 00:04:18.650 --> 00:04:18.660 align:start position:0% and you know it is incredibly cool we 00:04:18.660 --> 00:04:20.539 align:start position:0% and you know it is incredibly cool we have<00:04:18.930> all<00:04:19.200> of<00:04:19.350> these<00:04:19.470> you<00:04:19.680> know<00:04:19.709> the<00:04:20.190> beacon 00:04:20.539 --> 00:04:20.549 align:start position:0% have all of these you know the beacon 00:04:20.549 --> 00:04:23.120 align:start position:0% have all of these you know the beacon chain<00:04:20.850> creating<00:04:21.450> all<00:04:21.570> of<00:04:21.600> the<00:04:22.130> regenerating 00:04:23.120 --> 00:04:23.130 align:start position:0% chain creating all of the regenerating 00:04:23.130 --> 00:04:24.800 align:start position:0% chain creating all of the regenerating randomness<00:04:23.610> which<00:04:23.789> allows<00:04:24.030> block<00:04:24.330> proposal 00:04:24.800 --> 00:04:24.810 align:start position:0% randomness which allows block proposal 00:04:24.810 --> 00:04:26.390 align:start position:0% randomness which allows block proposal for<00:04:24.960> the<00:04:25.080> shard<00:04:25.350> chains<00:04:25.680> and<00:04:25.979> you<00:04:26.280> know 00:04:26.390 --> 00:04:26.400 align:start position:0% for the shard chains and you know 00:04:26.400 --> 00:04:27.530 align:start position:0% for the shard chains and you know committing<00:04:26.880> to 00:04:27.530 --> 00:04:27.540 align:start position:0% committing to 00:04:27.540 --> 00:04:29.570 align:start position:0% committing to finalizing<00:04:28.200> the<00:04:28.470> shard<00:04:28.680> chains<00:04:29.010> and<00:04:29.220> it's 00:04:29.570 --> 00:04:29.580 align:start position:0% finalizing the shard chains and it's 00:04:29.580 --> 00:04:31.610 align:start position:0% finalizing the shard chains and it's really<00:04:29.880> cool<00:04:30.060> but<00:04:30.210> in<00:04:30.480> this<00:04:30.810> talk<00:04:31.140> I'm<00:04:31.380> going 00:04:31.610 --> 00:04:31.620 align:start position:0% really cool but in this talk I'm going 00:04:31.620 --> 00:04:34.010 align:start position:0% really cool but in this talk I'm going to<00:04:31.710> mostly<00:04:32.040> focus<00:04:32.130> on<00:04:32.550> a<00:04:32.610> single<00:04:32.970> single<00:04:33.690> chain 00:04:34.010 --> 00:04:34.020 align:start position:0% to mostly focus on a single single chain 00:04:34.020 --> 00:04:37.550 align:start position:0% to mostly focus on a single single chain maybe<00:04:34.440> maybe<00:04:34.890> maybe<00:04:35.360> plasma<00:04:36.360> so<00:04:36.690> well<00:04:37.290> let's 00:04:37.550 --> 00:04:37.560 align:start position:0% maybe maybe maybe plasma so well let's 00:04:37.560 --> 00:04:39.590 align:start position:0% maybe maybe maybe plasma so well let's let's<00:04:37.890> dive<00:04:38.100> in<00:04:38.370> what<00:04:38.610> you<00:04:38.820> know<00:04:38.940> before<00:04:39.480> we 00:04:39.590 --> 00:04:39.600 align:start position:0% let's dive in what you know before we 00:04:39.600 --> 00:04:42.620 align:start position:0% let's dive in what you know before we have<00:04:39.870> this<00:04:40.230> kind<00:04:40.620> of<00:04:40.740> construction<00:04:41.160> I<00:04:41.630> really 00:04:42.620 --> 00:04:42.630 align:start position:0% have this kind of construction I really 00:04:42.630 --> 00:04:44.210 align:start position:0% have this kind of construction I really think<00:04:42.870> that<00:04:42.930> we<00:04:43.140> can<00:04:43.290> have<00:04:43.530> something<00:04:43.800> very 00:04:44.210 --> 00:04:44.220 align:start position:0% think that we can have something very 00:04:44.220 --> 00:04:45.800 align:start position:0% think that we can have something very cool<00:04:44.520> with<00:04:44.700> plasma<00:04:44.910> and<00:04:45.210> I'm<00:04:45.270> going<00:04:45.480> to<00:04:45.510> talk 00:04:45.800 --> 00:04:45.810 align:start position:0% cool with plasma and I'm going to talk 00:04:45.810 --> 00:04:48.020 align:start position:0% cool with plasma and I'm going to talk about<00:04:45.840> some<00:04:46.170> exciting<00:04:46.530> stuff<00:04:46.740> later<00:04:47.610> on<00:04:47.820> in 00:04:48.020 --> 00:04:48.030 align:start position:0% about some exciting stuff later on in 00:04:48.030 --> 00:04:49.850 align:start position:0% about some exciting stuff later on in this<00:04:48.150> talk<00:04:48.390> so<00:04:48.630> what<00:04:48.810> is<00:04:48.930> plasma<00:04:49.170> in<00:04:49.500> the<00:04:49.530> first 00:04:49.850 --> 00:04:49.860 align:start position:0% this talk so what is plasma in the first 00:04:49.860 --> 00:04:51.950 align:start position:0% this talk so what is plasma in the first place<00:04:50.160> let's<00:04:50.760> dive<00:04:51.000> right<00:04:51.030> in<00:04:51.360> well<00:04:51.570> it's<00:04:51.870> an 00:04:51.950 --> 00:04:51.960 align:start position:0% place let's dive right in well it's an 00:04:51.960 --> 00:04:54.050 align:start position:0% place let's dive right in well it's an architecture<00:04:52.530> for<00:04:52.680> layer<00:04:52.890> two<00:04:53.220> black<00:04:53.790> chains 00:04:54.050 --> 00:04:54.060 align:start position:0% architecture for layer two black chains 00:04:54.060 --> 00:04:55.670 align:start position:0% architecture for layer two black chains secured<00:04:54.390> with<00:04:54.510> a<00:04:54.540> neck<00:04:54.750> and<00:04:54.870> exit<00:04:55.230> mechanism 00:04:55.670 --> 00:04:55.680 align:start position:0% secured with a neck and exit mechanism 00:04:55.680 --> 00:04:57.350 align:start position:0% secured with a neck and exit mechanism it's<00:04:56.040> kind<00:04:56.220> of<00:04:56.250> confusing<00:04:56.400> doesn't<00:04:57.120> make<00:04:57.210> any 00:04:57.350 --> 00:04:57.360 align:start position:0% it's kind of confusing doesn't make any 00:04:57.360 --> 00:04:59.480 align:start position:0% it's kind of confusing doesn't make any sense<00:04:57.600> hopefully<00:04:58.080> this<00:04:58.560> will<00:04:58.710> illuminate 00:04:59.480 --> 00:04:59.490 align:start position:0% sense hopefully this will illuminate 00:04:59.490 --> 00:05:01.040 align:start position:0% sense hopefully this will illuminate things<00:04:59.700> a<00:04:59.880> little<00:05:00.150> bit<00:05:00.270> and<00:05:00.450> I<00:05:00.510> want<00:05:00.690> everyone 00:05:01.040 --> 00:05:01.050 align:start position:0% things a little bit and I want everyone 00:05:01.050 --> 00:05:03.380 align:start position:0% things a little bit and I want everyone to<00:05:01.170> have<00:05:01.380> an<00:05:01.500> idea<00:05:01.980> what<00:05:02.550> plasma<00:05:02.970> is<00:05:03.090> because 00:05:03.380 --> 00:05:03.390 align:start position:0% to have an idea what plasma is because 00:05:03.390 --> 00:05:04.880 align:start position:0% to have an idea what plasma is because the<00:05:03.480> entire<00:05:03.810> reason<00:05:04.050> why<00:05:04.350> we're<00:05:04.560> building 00:05:04.880 --> 00:05:04.890 align:start position:0% the entire reason why we're building 00:05:04.890 --> 00:05:05.510 align:start position:0% the entire reason why we're building these<00:05:05.010> systems 00:05:05.510 --> 00:05:05.520 align:start position:0% these systems 00:05:05.520 --> 00:05:07.790 align:start position:0% these systems what<00:05:05.910> like<00:05:06.150> decentralization<00:05:06.900> means<00:05:07.230> is<00:05:07.410> you 00:05:07.790 --> 00:05:07.800 align:start position:0% what like decentralization means is you 00:05:07.800 --> 00:05:10.580 align:start position:0% what like decentralization means is you have<00:05:08.040> a<00:05:08.070> reason<00:05:08.520> to<00:05:08.790> trust<00:05:09.240> the<00:05:09.780> internet 00:05:10.580 --> 00:05:10.590 align:start position:0% have a reason to trust the internet 00:05:10.590 --> 00:05:12.260 align:start position:0% have a reason to trust the internet system<00:05:11.040> you<00:05:11.430> know<00:05:11.550> infrastructure<00:05:12.120> that 00:05:12.260 --> 00:05:12.270 align:start position:0% system you know infrastructure that 00:05:12.270 --> 00:05:13.820 align:start position:0% system you know infrastructure that you're<00:05:12.450> using<00:05:12.720> right<00:05:13.230> we<00:05:13.440> need<00:05:13.590> to<00:05:13.710> establish 00:05:13.820 --> 00:05:13.830 align:start position:0% you're using right we need to establish 00:05:13.830 --> 00:05:15.770 align:start position:0% you're using right we need to establish trust<00:05:14.280> so<00:05:14.430> you<00:05:14.460> need<00:05:14.700> to<00:05:14.790> know<00:05:14.910> how<00:05:15.090> this<00:05:15.390> kind 00:05:15.770 --> 00:05:15.780 align:start position:0% trust so you need to know how this kind 00:05:15.780 --> 00:05:17.420 align:start position:0% trust so you need to know how this kind of<00:05:15.870> stuff<00:05:16.350> works<00:05:16.590> if<00:05:16.770> it's<00:05:17.040> going<00:05:17.220> to<00:05:17.310> be 00:05:17.420 --> 00:05:17.430 align:start position:0% of stuff works if it's going to be 00:05:17.430 --> 00:05:20.030 align:start position:0% of stuff works if it's going to be adopted<00:05:17.880> on<00:05:18.060> a<00:05:18.090> large<00:05:18.450> scale<00:05:18.810> so<00:05:19.320> we<00:05:19.770> have<00:05:19.920> the 00:05:20.030 --> 00:05:20.040 align:start position:0% adopted on a large scale so we have the 00:05:20.040 --> 00:05:21.830 align:start position:0% adopted on a large scale so we have the etherium<00:05:20.400> chain<00:05:20.640> we've<00:05:21.150> got<00:05:21.330> the<00:05:21.450> plasma 00:05:21.830 --> 00:05:21.840 align:start position:0% etherium chain we've got the plasma 00:05:21.840 --> 00:05:24.050 align:start position:0% etherium chain we've got the plasma contract<00:05:22.290> the<00:05:22.470> plasma<00:05:22.800> contract<00:05:23.190> is<00:05:23.370> deployed 00:05:24.050 --> 00:05:24.060 align:start position:0% contract the plasma contract is deployed 00:05:24.060 --> 00:05:26.090 align:start position:0% contract the plasma contract is deployed to<00:05:24.540> the<00:05:24.690> etherium<00:05:25.050> main<00:05:25.260> chain<00:05:25.500> and<00:05:25.710> mined<00:05:25.920> by 00:05:26.090 --> 00:05:26.100 align:start position:0% to the etherium main chain and mined by 00:05:26.100 --> 00:05:28.400 align:start position:0% to the etherium main chain and mined by a<00:05:26.130> miner<00:05:26.460> right<00:05:27.090> it's<00:05:27.390> pretty<00:05:27.570> simple<00:05:27.960> so<00:05:28.140> far 00:05:28.400 --> 00:05:28.410 align:start position:0% a miner right it's pretty simple so far 00:05:28.410 --> 00:05:30.620 align:start position:0% a miner right it's pretty simple so far this<00:05:28.770> plasma<00:05:29.220> contract<00:05:29.640> has<00:05:29.850> an<00:05:29.970> address<00:05:30.300> has 00:05:30.620 --> 00:05:30.630 align:start position:0% this plasma contract has an address has 00:05:30.630 --> 00:05:32.570 align:start position:0% this plasma contract has an address has an<00:05:30.780> eighth<00:05:30.960> balance<00:05:31.410> and<00:05:31.560> it<00:05:31.830> acts<00:05:31.980> as<00:05:32.190> a<00:05:32.220> kind 00:05:32.570 --> 00:05:32.580 align:start position:0% an eighth balance and it acts as a kind 00:05:32.580 --> 00:05:35.180 align:start position:0% an eighth balance and it acts as a kind of<00:05:32.700> judge<00:05:33.000> is<00:05:33.210> a<00:05:33.240> kind<00:05:33.510> of<00:05:33.600> mediator<00:05:34.140> for<00:05:34.890> all 00:05:35.180 --> 00:05:35.190 align:start position:0% of judge is a kind of mediator for all 00:05:35.190 --> 00:05:37.460 align:start position:0% of judge is a kind of mediator for all of<00:05:35.460> the<00:05:35.610> the<00:05:36.180> you<00:05:36.540> know<00:05:36.660> funds<00:05:37.050> that<00:05:37.320> it's 00:05:37.460 --> 00:05:37.470 align:start position:0% of the the you know funds that it's 00:05:37.470 --> 00:05:40.460 align:start position:0% of the the you know funds that it's going<00:05:37.650> to<00:05:37.770> with<00:05:38.340> a<00:05:38.600> oversee<00:05:39.600> and<00:05:39.840> notice<00:05:40.350> that 00:05:40.460 --> 00:05:40.470 align:start position:0% going to with a oversee and notice that 00:05:40.470 --> 00:05:42.200 align:start position:0% going to with a oversee and notice that this<00:05:40.590> mediator<00:05:41.040> is<00:05:41.190> determinist<00:05:41.850> to<00:05:41.940> get<00:05:42.090> his 00:05:42.200 --> 00:05:42.210 align:start position:0% this mediator is determinist to get his 00:05:42.210 --> 00:05:44.740 align:start position:0% this mediator is determinist to get his objective<00:05:42.780> there<00:05:42.930> is<00:05:43.020> no<00:05:43.170> kind<00:05:43.410> of<00:05:43.500> you<00:05:43.860> know<00:05:43.980> a 00:05:44.740 --> 00:05:44.750 align:start position:0% objective there is no kind of you know a 00:05:44.750 --> 00:05:47.540 align:start position:0% objective there is no kind of you know a question<00:05:45.750> who's<00:05:46.350> controlling<00:05:46.950> this<00:05:47.220> it<00:05:47.430> is 00:05:47.540 --> 00:05:47.550 align:start position:0% question who's controlling this it is 00:05:47.550 --> 00:05:50.750 align:start position:0% question who's controlling this it is automatically<00:05:48.210> executed<00:05:48.900> like<00:05:49.050> a<00:05:49.260> robot<00:05:49.760> well 00:05:50.750 --> 00:05:50.760 align:start position:0% automatically executed like a robot well 00:05:50.760 --> 00:05:52.460 align:start position:0% automatically executed like a robot well in<00:05:50.940> a<00:05:51.000> robot<00:05:51.270> that<00:05:51.360> has<00:05:51.510> no<00:05:51.630> opinions<00:05:52.110> outside 00:05:52.460 --> 00:05:52.470 align:start position:0% in a robot that has no opinions outside 00:05:52.470 --> 00:05:54.950 align:start position:0% in a robot that has no opinions outside of<00:05:52.590> just<00:05:52.770> following<00:05:53.010> orders<00:05:53.160> so<00:05:53.790> we<00:05:54.540> also<00:05:54.690> have 00:05:54.950 --> 00:05:54.960 align:start position:0% of just following orders so we also have 00:05:54.960 --> 00:05:56.570 align:start position:0% of just following orders so we also have this<00:05:55.080> operator<00:05:55.680> the<00:05:55.890> operator<00:05:56.250> can<00:05:56.430> be<00:05:56.490> a 00:05:56.570 --> 00:05:56.580 align:start position:0% this operator the operator can be a 00:05:56.580 --> 00:05:58.880 align:start position:0% this operator the operator can be a single<00:05:56.910> entity<00:05:57.420> it<00:05:57.900> can<00:05:58.110> also<00:05:58.320> be<00:05:58.560> a<00:05:58.590> know<00:05:58.860> a 00:05:58.880 --> 00:05:58.890 align:start position:0% single entity it can also be a know a 00:05:58.890 --> 00:06:01.130 align:start position:0% single entity it can also be a know a proof<00:05:59.220> of<00:05:59.310> stake<00:05:59.610> validator<00:06:00.210> set<00:06:00.540> right<00:06:00.990> it's 00:06:01.130 --> 00:06:01.140 align:start position:0% proof of stake validator set right it's 00:06:01.140 --> 00:06:04.610 align:start position:0% proof of stake validator set right it's actually<00:06:01.440> surprisingly<00:06:02.010> easy<00:06:02.370> to<00:06:03.500> you<00:06:04.500> know 00:06:04.610 --> 00:06:04.620 align:start position:0% actually surprisingly easy to you know 00:06:04.620 --> 00:06:06.410 align:start position:0% actually surprisingly easy to you know turn<00:06:04.800> this<00:06:04.980> into<00:06:05.190> a<00:06:05.310> proof<00:06:05.550> of<00:06:05.670> sake<00:06:05.880> system<00:06:06.240> so 00:06:06.410 --> 00:06:06.420 align:start position:0% turn this into a proof of sake system so 00:06:06.420 --> 00:06:08.240 align:start position:0% turn this into a proof of sake system so we<00:06:06.870> might<00:06:07.050> as<00:06:07.170> well<00:06:07.200> lock<00:06:07.470> up<00:06:07.620> some<00:06:07.740> coins<00:06:08.010> and 00:06:08.240 --> 00:06:08.250 align:start position:0% we might as well lock up some coins and 00:06:08.250 --> 00:06:11.090 align:start position:0% we might as well lock up some coins and do<00:06:08.430> that<00:06:08.580> so<00:06:09.120> next<00:06:09.810> we<00:06:09.930> have<00:06:10.110> the<00:06:10.260> plasma<00:06:10.530> chain 00:06:11.090 --> 00:06:11.100 align:start position:0% do that so next we have the plasma chain 00:06:11.100 --> 00:06:13.850 align:start position:0% do that so next we have the plasma chain itself<00:06:11.640> the<00:06:12.120> plasma<00:06:12.510> chain<00:06:12.750> consists<00:06:13.500> on<00:06:13.590> of 00:06:13.850 --> 00:06:13.860 align:start position:0% itself the plasma chain consists on of 00:06:13.860 --> 00:06:16.670 align:start position:0% itself the plasma chain consists on of off<00:06:14.040> chain<00:06:14.550> data<00:06:15.020> this<00:06:16.020> is<00:06:16.200> where<00:06:16.350> we<00:06:16.440> get<00:06:16.560> our 00:06:16.670 --> 00:06:16.680 align:start position:0% off chain data this is where we get our 00:06:16.680 --> 00:06:18.770 align:start position:0% off chain data this is where we get our scalability<00:06:17.130> from<00:06:17.700> this<00:06:17.910> is<00:06:18.060> you<00:06:18.360> know<00:06:18.480> store 00:06:18.770 --> 00:06:18.780 align:start position:0% scalability from this is you know store 00:06:18.780 --> 00:06:20.690 align:start position:0% scalability from this is you know store it<00:06:18.870> up<00:06:18.960> in<00:06:19.110> the<00:06:19.200> cloud<00:06:19.500> it's<00:06:19.830> a<00:06:20.010> whole<00:06:20.280> lot<00:06:20.670> of 00:06:20.690 --> 00:06:20.700 align:start position:0% it up in the cloud it's a whole lot of 00:06:20.700 --> 00:06:23.930 align:start position:0% it up in the cloud it's a whole lot of data<00:06:21.150> and<00:06:21.510> here<00:06:22.260> it<00:06:22.710> also<00:06:22.890> it<00:06:23.220> consists<00:06:23.670> of<00:06:23.700> on 00:06:23.930 --> 00:06:23.940 align:start position:0% data and here it also it consists of on 00:06:23.940 --> 00:06:25.610 align:start position:0% data and here it also it consists of on chain<00:06:24.210> data<00:06:24.390> like<00:06:24.630> block<00:06:24.900> commitments<00:06:25.530> as 00:06:25.610 --> 00:06:25.620 align:start position:0% chain data like block commitments as 00:06:25.620 --> 00:06:28.880 align:start position:0% chain data like block commitments as well<00:06:26.280> as<00:06:26.580> deposits<00:06:27.420> and<00:06:27.570> exits<00:06:28.170> and<00:06:28.320> so<00:06:28.710> this 00:06:28.880 --> 00:06:28.890 align:start position:0% well as deposits and exits and so this 00:06:28.890 --> 00:06:30.590 align:start position:0% well as deposits and exits and so this is<00:06:29.040> all<00:06:29.220> on<00:06:29.460> the<00:06:29.700> etherium<00:06:30.060> main<00:06:30.210> chain<00:06:30.420> and 00:06:30.590 --> 00:06:30.600 align:start position:0% is all on the etherium main chain and 00:06:30.600 --> 00:06:32.870 align:start position:0% is all on the etherium main chain and the<00:06:30.930> key<00:06:31.080> is<00:06:31.200> that<00:06:31.230> our<00:06:31.680> security<00:06:32.250> actually 00:06:32.870 --> 00:06:32.880 align:start position:0% the key is that our security actually 00:06:32.880 --> 00:06:34.910 align:start position:0% the key is that our security actually comes<00:06:33.270> from<00:06:33.540> and<00:06:33.720> derives<00:06:34.080> from<00:06:34.260> the<00:06:34.500> etherium 00:06:34.910 --> 00:06:34.920 align:start position:0% comes from and derives from the etherium 00:06:34.920 --> 00:06:36.770 align:start position:0% comes from and derives from the etherium main<00:06:35.130> chain<00:06:35.460> so<00:06:35.880> if<00:06:36.000> the<00:06:36.090> etherium<00:06:36.420> main<00:06:36.510> chain 00:06:36.770 --> 00:06:36.780 align:start position:0% main chain so if the etherium main chain 00:06:36.780 --> 00:06:40.010 align:start position:0% main chain so if the etherium main chain is<00:06:37.080> to<00:06:37.320> you<00:06:37.590> know<00:06:37.680> hold<00:06:38.190> up<00:06:38.970> its<00:06:39.270> properties<00:06:39.720> of 00:06:40.010 --> 00:06:40.020 align:start position:0% is to you know hold up its properties of 00:06:40.020 --> 00:06:40.830 align:start position:0% is to you know hold up its properties of you<00:06:40.140> know<00:06:40.260> since 00:06:40.830 --> 00:06:40.840 align:start position:0% you know since 00:06:40.840 --> 00:06:43.830 align:start position:0% you know since resistance<00:06:41.500> and<00:06:41.889> and<00:06:42.130> you<00:06:42.639> know<00:06:42.760> safety<00:06:43.480> then 00:06:43.830 --> 00:06:43.840 align:start position:0% resistance and and you know safety then 00:06:43.840 --> 00:06:45.659 align:start position:0% resistance and and you know safety then what<00:06:44.320> we<00:06:44.440> get<00:06:44.620> is<00:06:44.680> we<00:06:44.919> get<00:06:45.160> the<00:06:45.400> same 00:06:45.659 --> 00:06:45.669 align:start position:0% what we get is we get the same 00:06:45.669 --> 00:06:47.850 align:start position:0% what we get is we get the same properties<00:06:46.210> of<00:06:46.360> our<00:06:46.630> plasma<00:06:47.199> chain<00:06:47.470> we<00:06:47.710> get 00:06:47.850 --> 00:06:47.860 align:start position:0% properties of our plasma chain we get 00:06:47.860 --> 00:06:50.100 align:start position:0% properties of our plasma chain we get that<00:06:48.010> same<00:06:48.310> level<00:06:48.610> of<00:06:48.820> security<00:06:49.210> and<00:06:49.570> so<00:06:49.960> we 00:06:50.100 --> 00:06:50.110 align:start position:0% that same level of security and so we 00:06:50.110 --> 00:06:52.379 align:start position:0% that same level of security and so we while<00:06:50.590> storing<00:06:51.100> minimal<00:06:51.610> data<00:06:51.850> on<00:06:52.150> the 00:06:52.379 --> 00:06:52.389 align:start position:0% while storing minimal data on the 00:06:52.389 --> 00:06:54.360 align:start position:0% while storing minimal data on the etherium<00:06:52.810> chain<00:06:53.110> and<00:06:53.350> so<00:06:53.710> there's<00:06:54.070> actually 00:06:54.360 --> 00:06:54.370 align:start position:0% etherium chain and so there's actually 00:06:54.370 --> 00:06:56.250 align:start position:0% etherium chain and so there's actually something<00:06:54.580> fun<00:06:54.940> that<00:06:55.389> I<00:06:55.419> heard<00:06:55.750> well<00:06:55.960> you<00:06:56.110> can 00:06:56.250 --> 00:06:56.260 align:start position:0% something fun that I heard well you can 00:06:56.260 --> 00:06:58.129 align:start position:0% something fun that I heard well you can actually<00:06:56.680> achieve<00:06:56.770> this<00:06:57.310> kind<00:06:57.550> of<00:06:57.639> like 00:06:58.129 --> 00:06:58.139 align:start position:0% actually achieve this kind of like 00:06:58.139 --> 00:07:01.590 align:start position:0% actually achieve this kind of like scalability<00:06:59.139> stuff<00:06:59.470> with<00:06:59.889> cryptography<00:07:00.600> just 00:07:01.590 --> 00:07:01.600 align:start position:0% scalability stuff with cryptography just 00:07:01.600 --> 00:07:03.810 align:start position:0% scalability stuff with cryptography just alone<00:07:01.870> using<00:07:02.229> stuff<00:07:02.440> like<00:07:02.500> ZK<00:07:02.979> snarks<00:07:03.340> roll-up 00:07:03.810 --> 00:07:03.820 align:start position:0% alone using stuff like ZK snarks roll-up 00:07:03.820 --> 00:07:06.120 align:start position:0% alone using stuff like ZK snarks roll-up and<00:07:04.120> and<00:07:04.479> and<00:07:04.720> you<00:07:05.380> know<00:07:05.500> some<00:07:05.710> some<00:07:05.979> really 00:07:06.120 --> 00:07:06.130 align:start position:0% and and and you know some some really 00:07:06.130 --> 00:07:07.740 align:start position:0% and and and you know some some really cool<00:07:06.340> tech<00:07:06.639> that's<00:07:06.850> coming<00:07:07.120> out<00:07:07.210> soon<00:07:07.360> but 00:07:07.740 --> 00:07:07.750 align:start position:0% cool tech that's coming out soon but 00:07:07.750 --> 00:07:09.060 align:start position:0% cool tech that's coming out soon but just<00:07:07.990> and<00:07:08.139> Drake<00:07:08.320> has<00:07:08.530> this<00:07:08.650> thing<00:07:08.860> that<00:07:09.040> I 00:07:09.060 --> 00:07:09.070 align:start position:0% just and Drake has this thing that I 00:07:09.070 --> 00:07:09.659 align:start position:0% just and Drake has this thing that I really<00:07:09.340> love 00:07:09.659 --> 00:07:09.669 align:start position:0% really love 00:07:09.669 --> 00:07:11.700 align:start position:0% really love where<00:07:09.940> if<00:07:10.090> if<00:07:10.360> you<00:07:10.510> can't<00:07:10.780> use<00:07:11.020> cryptography 00:07:11.700 --> 00:07:11.710 align:start position:0% where if if you can't use cryptography 00:07:11.710 --> 00:07:14.010 align:start position:0% where if if you can't use cryptography than<00:07:12.160> try<00:07:12.400> crypto<00:07:12.790> economics<00:07:13.300> because<00:07:13.450> the 00:07:14.010 --> 00:07:14.020 align:start position:0% than try crypto economics because the 00:07:14.020 --> 00:07:15.420 align:start position:0% than try crypto economics because the cryptography<00:07:14.530> is<00:07:14.650> very<00:07:14.800> expensive<00:07:15.040> at<00:07:15.280> this 00:07:15.420 --> 00:07:15.430 align:start position:0% cryptography is very expensive at this 00:07:15.430 --> 00:07:17.879 align:start position:0% cryptography is very expensive at this moment<00:07:15.580> so<00:07:15.880> it's<00:07:16.600> pretty<00:07:16.720> cool<00:07:16.960> I'm<00:07:17.200> a<00:07:17.590> fan<00:07:17.770> of 00:07:17.879 --> 00:07:17.889 align:start position:0% moment so it's pretty cool I'm a fan of 00:07:17.889 --> 00:07:19.740 align:start position:0% moment so it's pretty cool I'm a fan of that<00:07:17.979> little<00:07:18.250> saying<00:07:18.400> so<00:07:18.520> lastly<00:07:19.090> we<00:07:19.300> have<00:07:19.540> our 00:07:19.740 --> 00:07:19.750 align:start position:0% that little saying so lastly we have our 00:07:19.750 --> 00:07:22.320 align:start position:0% that little saying so lastly we have our users<00:07:20.320> of<00:07:20.530> course<00:07:20.950> and<00:07:21.280> so<00:07:21.639> we've<00:07:21.760> got<00:07:21.940> Alice 00:07:22.320 --> 00:07:22.330 align:start position:0% users of course and so we've got Alice 00:07:22.330 --> 00:07:24.450 align:start position:0% users of course and so we've got Alice and<00:07:22.510> Bob<00:07:22.840> Alice<00:07:23.530> on<00:07:23.650> the<00:07:23.740> Left<00:07:23.919> Bob<00:07:24.160> on<00:07:24.370> the 00:07:24.450 --> 00:07:24.460 align:start position:0% and Bob Alice on the Left Bob on the 00:07:24.460 --> 00:07:26.250 align:start position:0% and Bob Alice on the Left Bob on the rights<00:07:24.669> very<00:07:24.970> important<00:07:25.270> that<00:07:25.360> you<00:07:25.450> know<00:07:25.600> now 00:07:26.250 --> 00:07:26.260 align:start position:0% rights very important that you know now 00:07:26.260 --> 00:07:28.770 align:start position:0% rights very important that you know now we<00:07:26.919> have<00:07:27.340> three<00:07:27.669> steps<00:07:28.030> main<00:07:28.330> steps<00:07:28.600> for<00:07:28.750> all 00:07:28.770 --> 00:07:28.780 align:start position:0% we have three steps main steps for all 00:07:28.780 --> 00:07:30.330 align:start position:0% we have three steps main steps for all of<00:07:28.960> these<00:07:29.080> plasma<00:07:29.440> chains<00:07:29.650> you<00:07:29.830> deposit 00:07:30.330 --> 00:07:30.340 align:start position:0% of these plasma chains you deposit 00:07:30.340 --> 00:07:32.250 align:start position:0% of these plasma chains you deposit tokens<00:07:30.700> you<00:07:31.000> transact<00:07:31.450> on<00:07:31.630> the<00:07:31.720> plasma<00:07:31.900> chain 00:07:32.250 --> 00:07:32.260 align:start position:0% tokens you transact on the plasma chain 00:07:32.260 --> 00:07:34.320 align:start position:0% tokens you transact on the plasma chain and<00:07:32.440> then<00:07:32.770> you<00:07:32.800> exit<00:07:33.340> token<00:07:33.729> so<00:07:33.910> first<00:07:34.150> we're 00:07:34.320 --> 00:07:34.330 align:start position:0% and then you exit token so first we're 00:07:34.330 --> 00:07:36.210 align:start position:0% and then you exit token so first we're going<00:07:34.419> to<00:07:34.510> deposit<00:07:34.840> some<00:07:35.229> tokens<00:07:35.560> so<00:07:35.680> Alice 00:07:36.210 --> 00:07:36.220 align:start position:0% going to deposit some tokens so Alice 00:07:36.220 --> 00:07:38.340 align:start position:0% going to deposit some tokens so Alice signs<00:07:36.430> and<00:07:36.639> aetherium<00:07:36.940> transaction<00:07:37.539> sends<00:07:38.229> it 00:07:38.340 --> 00:07:38.350 align:start position:0% signs and aetherium transaction sends it 00:07:38.350 --> 00:07:40.710 align:start position:0% signs and aetherium transaction sends it to<00:07:38.500> the<00:07:38.530> miner<00:07:38.889> the<00:07:39.490> miner<00:07:39.699> mines<00:07:40.060> it<00:07:40.300> and<00:07:40.510> now 00:07:40.710 --> 00:07:40.720 align:start position:0% to the miner the miner mines it and now 00:07:40.720 --> 00:07:43.740 align:start position:0% to the miner the miner mines it and now it<00:07:41.050> is<00:07:41.229> recorded<00:07:41.949> in<00:07:42.430> the<00:07:42.729> you<00:07:43.210> know<00:07:43.300> aetherium 00:07:43.740 --> 00:07:43.750 align:start position:0% it is recorded in the you know aetherium 00:07:43.750 --> 00:07:45.870 align:start position:0% it is recorded in the you know aetherium chain<00:07:44.050> it<00:07:44.320> reduces<00:07:44.830> her<00:07:45.039> eath<00:07:45.280> balance<00:07:45.729> and 00:07:45.870 --> 00:07:45.880 align:start position:0% chain it reduces her eath balance and 00:07:45.880 --> 00:07:48.270 align:start position:0% chain it reduces her eath balance and sends<00:07:46.300> that<00:07:46.330> eath<00:07:46.750> to<00:07:47.229> the<00:07:47.440> plasma<00:07:47.830> contract 00:07:48.270 --> 00:07:48.280 align:start position:0% sends that eath to the plasma contract 00:07:48.280 --> 00:07:51.300 align:start position:0% sends that eath to the plasma contract to<00:07:48.490> control<00:07:49.000> sounds<00:07:49.750> good<00:07:49.960> so<00:07:50.200> far<00:07:50.229> and<00:07:50.740> so<00:07:51.130> now 00:07:51.300 --> 00:07:51.310 align:start position:0% to control sounds good so far and so now 00:07:51.310 --> 00:07:53.310 align:start position:0% to control sounds good so far and so now we've<00:07:51.490> got<00:07:51.700> this<00:07:51.880> deposit<00:07:52.360> record<00:07:52.960> the 00:07:53.310 --> 00:07:53.320 align:start position:0% we've got this deposit record the 00:07:53.320 --> 00:07:55.710 align:start position:0% we've got this deposit record the deposit<00:07:53.950> record<00:07:54.250> is<00:07:54.400> immediately<00:07:54.940> kind<00:07:55.630> of 00:07:55.710 --> 00:07:55.720 align:start position:0% deposit record is immediately kind of 00:07:55.720 --> 00:07:57.990 align:start position:0% deposit record is immediately kind of reflected<00:07:56.410> on<00:07:56.590> the<00:07:56.889> plasma<00:07:57.099> chain<00:07:57.639> it<00:07:57.880> is 00:07:57.990 --> 00:07:58.000 align:start position:0% reflected on the plasma chain it is 00:07:58.000 --> 00:07:59.640 align:start position:0% reflected on the plasma chain it is stored<00:07:58.360> in<00:07:58.570> the<00:07:58.690> main<00:07:58.840> chain<00:07:59.080> it<00:07:59.200> is<00:07:59.320> a<00:07:59.349> little 00:07:59.640 --> 00:07:59.650 align:start position:0% stored in the main chain it is a little 00:07:59.650 --> 00:08:01.650 align:start position:0% stored in the main chain it is a little piece<00:07:59.830> of<00:07:59.950> data<00:08:00.099> not<00:08:00.610> very<00:08:00.880> expensive<00:08:01.360> but<00:08:01.510> it 00:08:01.650 --> 00:08:01.660 align:start position:0% piece of data not very expensive but it 00:08:01.660 --> 00:08:03.570 align:start position:0% piece of data not very expensive but it is<00:08:01.810> you<00:08:02.139> know<00:08:02.200> it's<00:08:02.410> it's<00:08:02.620> a<00:08:02.740> non-trivial<00:08:03.130> cost 00:08:03.570 --> 00:08:03.580 align:start position:0% is you know it's it's a non-trivial cost 00:08:03.580 --> 00:08:07.350 align:start position:0% is you know it's it's a non-trivial cost of<00:08:03.789> gas<00:08:04.000> and<00:08:04.960> then<00:08:05.229> that<00:08:05.560> gives<00:08:05.889> us<00:08:06.160> 100<00:08:07.030> piece 00:08:07.350 --> 00:08:07.360 align:start position:0% of gas and then that gives us 100 piece 00:08:07.360 --> 00:08:09.600 align:start position:0% of gas and then that gives us 100 piece so<00:08:07.720> this<00:08:07.900> is<00:08:08.080> a<00:08:08.110> kind<00:08:08.380> of<00:08:08.470> you<00:08:08.770> know<00:08:08.889> plasma 00:08:09.600 --> 00:08:09.610 align:start position:0% so this is a kind of you know plasma 00:08:09.610 --> 00:08:12.180 align:start position:0% so this is a kind of you know plasma chain<00:08:09.880> version<00:08:10.419> of<00:08:10.539> the<00:08:10.990> the<00:08:11.020> the<00:08:11.380> asset<00:08:12.010> and 00:08:12.180 --> 00:08:12.190 align:start position:0% chain version of the the the asset and 00:08:12.190 --> 00:08:13.740 align:start position:0% chain version of the the the asset and this<00:08:12.460> works<00:08:12.700> not<00:08:12.910> just<00:08:12.940> for<00:08:13.150> eath<00:08:13.360> but<00:08:13.630> this 00:08:13.740 --> 00:08:13.750 align:start position:0% this works not just for eath but this 00:08:13.750 --> 00:08:15.330 align:start position:0% this works not just for eath but this works<00:08:13.930> for<00:08:14.050> any<00:08:14.229> arbitrary<00:08:14.440> token<00:08:14.979> as<00:08:15.099> well<00:08:15.250> as 00:08:15.330 --> 00:08:15.340 align:start position:0% works for any arbitrary token as well as 00:08:15.340 --> 00:08:17.370 align:start position:0% works for any arbitrary token as well as E<00:08:15.490> or<00:08:15.550> C<00:08:15.580> seven<00:08:15.970> twenty<00:08:16.210> ones<00:08:16.419> anything<00:08:17.229> that 00:08:17.370 --> 00:08:17.380 align:start position:0% E or C seven twenty ones anything that 00:08:17.380 --> 00:08:20.520 align:start position:0% E or C seven twenty ones anything that you<00:08:17.500> you<00:08:17.770> know<00:08:17.889> want<00:08:18.520> to<00:08:18.760> any<00:08:19.180> asset<00:08:19.690> works<00:08:20.320> on 00:08:20.520 --> 00:08:20.530 align:start position:0% you you know want to any asset works on 00:08:20.530 --> 00:08:23.219 align:start position:0% you you know want to any asset works on one<00:08:20.710> of<00:08:20.740> these<00:08:20.919> these<00:08:21.250> chains<00:08:21.720> now<00:08:22.720> next<00:08:23.139> you 00:08:23.219 --> 00:08:23.229 align:start position:0% one of these these chains now next you 00:08:23.229 --> 00:08:25.339 align:start position:0% one of these these chains now next you can<00:08:23.410> transact<00:08:23.800> on<00:08:24.099> the<00:08:24.250> plasma<00:08:24.430> chain<00:08:24.729> so 00:08:25.339 --> 00:08:25.349 align:start position:0% can transact on the plasma chain so 00:08:25.349 --> 00:08:28.560 align:start position:0% can transact on the plasma chain so alice<00:08:26.349> creates<00:08:26.740> a<00:08:26.860> plasma<00:08:27.360> transaction<00:08:28.360> and 00:08:28.560 --> 00:08:28.570 align:start position:0% alice creates a plasma transaction and 00:08:28.570 --> 00:08:31.050 align:start position:0% alice creates a plasma transaction and you<00:08:29.470> know<00:08:29.590> it's<00:08:29.770> sending<00:08:29.979> to<00:08:30.220> Bob<00:08:30.370> 50<00:08:30.789> coins 00:08:31.050 --> 00:08:31.060 align:start position:0% you know it's sending to Bob 50 coins 00:08:31.060 --> 00:08:34.050 align:start position:0% you know it's sending to Bob 50 coins and<00:08:31.389> it's<00:08:32.140> sent<00:08:32.440> directly<00:08:32.979> to<00:08:33.130> the<00:08:33.580> plasma 00:08:34.050 --> 00:08:34.060 align:start position:0% and it's sent directly to the plasma 00:08:34.060 --> 00:08:35.640 align:start position:0% and it's sent directly to the plasma operators<00:08:34.630> or<00:08:34.870> maybe<00:08:35.169> you<00:08:35.409> know<00:08:35.529> the 00:08:35.640 --> 00:08:35.650 align:start position:0% operators or maybe you know the 00:08:35.650 --> 00:08:38.640 align:start position:0% operators or maybe you know the validators<00:08:36.219> and<00:08:36.459> created<00:08:37.360> in<00:08:37.539> a<00:08:37.630> they<00:08:38.320> come<00:08:38.529> to 00:08:38.640 --> 00:08:38.650 align:start position:0% validators and created in a they come to 00:08:38.650 --> 00:08:40.589 align:start position:0% validators and created in a they come to consensus<00:08:39.099> on<00:08:39.279> it<00:08:39.430> they<00:08:39.789> form<00:08:40.029> a<00:08:40.120> block<00:08:40.360> and 00:08:40.589 --> 00:08:40.599 align:start position:0% consensus on it they form a block and 00:08:40.599 --> 00:08:43.380 align:start position:0% consensus on it they form a block and they<00:08:40.959> submit<00:08:41.200> that<00:08:41.469> block<00:08:41.680> to<00:08:42.219> the<00:08:42.760> the 00:08:43.380 --> 00:08:43.390 align:start position:0% they submit that block to the the 00:08:43.390 --> 00:08:46.290 align:start position:0% they submit that block to the the actually<00:08:44.110> sorry<00:08:44.380> they<00:08:44.890> actually<00:08:45.520> create<00:08:46.089> a 00:08:46.290 --> 00:08:46.300 align:start position:0% actually sorry they actually create a 00:08:46.300 --> 00:08:48.329 align:start position:0% actually sorry they actually create a Merkle<00:08:46.660> tree<00:08:46.810> of<00:08:46.900> that<00:08:47.050> block<00:08:47.260> and<00:08:47.410> a<00:08:47.650> compact 00:08:48.329 --> 00:08:48.339 align:start position:0% Merkle tree of that block and a compact 00:08:48.339 --> 00:08:50.550 align:start position:0% Merkle tree of that block and a compact block<00:08:48.790> commitment<00:08:49.480> so<00:08:49.630> this<00:08:49.780> is<00:08:49.930> a<00:08:49.959> you<00:08:50.530> know 00:08:50.550 --> 00:08:50.560 align:start position:0% block commitment so this is a you know 00:08:50.560 --> 00:08:53.730 align:start position:0% block commitment so this is a you know constant<00:08:51.250> size<00:08:51.490> basically<00:08:52.420> a<00:08:52.720> hash<00:08:53.170> which<00:08:53.589> is 00:08:53.730 --> 00:08:53.740 align:start position:0% constant size basically a hash which is 00:08:53.740 --> 00:08:54.490 align:start position:0% constant size basically a hash which is submitted<00:08:54.250> to 00:08:54.490 --> 00:08:54.500 align:start position:0% submitted to 00:08:54.500 --> 00:08:55.870 align:start position:0% submitted to the<00:08:54.680> main<00:08:54.860> etherium<00:08:55.280> chain<00:08:55.490> that<00:08:55.640> is<00:08:55.790> a 00:08:55.870 --> 00:08:55.880 align:start position:0% the main etherium chain that is a 00:08:55.880 --> 00:08:57.700 align:start position:0% the main etherium chain that is a commitment<00:08:56.330> to<00:08:56.420> the<00:08:56.540> block<00:08:56.720> and<00:08:56.930> then<00:08:57.470> the 00:08:57.700 --> 00:08:57.710 align:start position:0% commitment to the block and then the 00:08:57.710 --> 00:08:59.530 align:start position:0% commitment to the block and then the actual<00:08:58.040> block<00:08:58.310> data<00:08:58.580> itself<00:08:58.970> is<00:08:59.150> made 00:08:59.530 --> 00:08:59.540 align:start position:0% actual block data itself is made 00:08:59.540 --> 00:09:01.570 align:start position:0% actual block data itself is made available<00:08:59.660> for<00:09:00.080> all<00:09:00.230> users<00:09:00.380> to<00:09:00.590> download<00:09:00.890> so 00:09:01.570 --> 00:09:01.580 align:start position:0% available for all users to download so 00:09:01.580 --> 00:09:03.250 align:start position:0% available for all users to download so notice<00:09:01.970> that<00:09:02.000> the<00:09:02.270> blog<00:09:02.480> is<00:09:02.660> currently<00:09:03.050> grayed 00:09:03.250 --> 00:09:03.260 align:start position:0% notice that the blog is currently grayed 00:09:03.260 --> 00:09:04.330 align:start position:0% notice that the blog is currently grayed out<00:09:03.290> that's<00:09:03.680> because<00:09:03.920> it's<00:09:04.070> not<00:09:04.190> yet 00:09:04.330 --> 00:09:04.340 align:start position:0% out that's because it's not yet 00:09:04.340 --> 00:09:06.520 align:start position:0% out that's because it's not yet committed<00:09:04.580> to<00:09:04.880> and<00:09:05.090> so<00:09:05.720> eventually<00:09:06.110> what<00:09:06.410> we 00:09:06.520 --> 00:09:06.530 align:start position:0% committed to and so eventually what we 00:09:06.530 --> 00:09:08.800 align:start position:0% committed to and so eventually what we will<00:09:06.650> do<00:09:06.770> is<00:09:06.920> we<00:09:07.070> will<00:09:07.100> mine<00:09:07.550> a<00:09:07.580> block<00:09:08.090> on<00:09:08.360> the 00:09:08.800 --> 00:09:08.810 align:start position:0% will do is we will mine a block on the 00:09:08.810 --> 00:09:10.480 align:start position:0% will do is we will mine a block on the etherium<00:09:09.260> chain<00:09:09.500> with<00:09:10.040> that<00:09:10.280> block 00:09:10.480 --> 00:09:10.490 align:start position:0% etherium chain with that block 00:09:10.490 --> 00:09:12.160 align:start position:0% etherium chain with that block commitment<00:09:10.970> and<00:09:11.060> that<00:09:11.120> will<00:09:11.540> kind<00:09:11.870> of<00:09:11.990> like 00:09:12.160 --> 00:09:12.170 align:start position:0% commitment and that will kind of like 00:09:12.170 --> 00:09:14.980 align:start position:0% commitment and that will kind of like commit<00:09:12.860> the<00:09:13.250> plasma<00:09:13.700> block<00:09:13.940> to<00:09:14.510> the<00:09:14.780> main 00:09:14.980 --> 00:09:14.990 align:start position:0% commit the plasma block to the main 00:09:14.990 --> 00:09:16.780 align:start position:0% commit the plasma block to the main chain<00:09:15.230> so<00:09:15.470> now<00:09:15.620> we<00:09:15.680> have<00:09:15.950> the<00:09:16.100> security<00:09:16.430> of<00:09:16.550> the 00:09:16.780 --> 00:09:16.790 align:start position:0% chain so now we have the security of the 00:09:16.790 --> 00:09:19.470 align:start position:0% chain so now we have the security of the main<00:09:16.970> chain<00:09:17.270> so<00:09:17.780> sounds<00:09:18.710> pretty<00:09:18.980> good<00:09:19.160> so<00:09:19.340> far 00:09:19.470 --> 00:09:19.480 align:start position:0% main chain so sounds pretty good so far 00:09:19.480 --> 00:09:22.240 align:start position:0% main chain so sounds pretty good so far and<00:09:20.480> we<00:09:20.780> now<00:09:20.930> need<00:09:21.170> to<00:09:21.230> you<00:09:21.590> know<00:09:21.710> update<00:09:22.070> the 00:09:22.240 --> 00:09:22.250 align:start position:0% and we now need to you know update the 00:09:22.250 --> 00:09:23.980 align:start position:0% and we now need to you know update the state<00:09:22.490> and<00:09:22.730> so<00:09:22.880> we<00:09:23.060> have<00:09:23.210> this<00:09:23.330> you<00:09:23.540> know<00:09:23.570> path 00:09:23.980 --> 00:09:23.990 align:start position:0% state and so we have this you know path 00:09:23.990 --> 00:09:25.780 align:start position:0% state and so we have this you know path and<00:09:24.320> we're<00:09:24.530> going<00:09:24.740> to<00:09:24.770> send<00:09:25.070> it<00:09:25.190> to<00:09:25.220> Bob<00:09:25.460> and 00:09:25.780 --> 00:09:25.790 align:start position:0% and we're going to send it to Bob and 00:09:25.790 --> 00:09:28.240 align:start position:0% and we're going to send it to Bob and you<00:09:26.090> know<00:09:26.210> if<00:09:26.300> mine<00:09:26.510> is<00:09:26.540> 50<00:09:26.960> plus<00:09:27.230> 50<00:09:27.380> and<00:09:27.740> we're 00:09:28.240 --> 00:09:28.250 align:start position:0% you know if mine is 50 plus 50 and we're 00:09:28.250 --> 00:09:30.160 align:start position:0% you know if mine is 50 plus 50 and we're good<00:09:28.520> so<00:09:28.880> we've<00:09:29.270> transacted<00:09:29.810> on<00:09:29.900> the<00:09:30.020> plasma 00:09:30.160 --> 00:09:30.170 align:start position:0% good so we've transacted on the plasma 00:09:30.170 --> 00:09:31.540 align:start position:0% good so we've transacted on the plasma chain<00:09:30.500> but<00:09:30.650> the<00:09:30.800> point<00:09:31.100> of<00:09:31.220> these<00:09:31.340> plasma 00:09:31.540 --> 00:09:31.550 align:start position:0% chain but the point of these plasma 00:09:31.550 --> 00:09:33.850 align:start position:0% chain but the point of these plasma chains<00:09:31.880> we<00:09:32.240> can<00:09:32.360> transact<00:09:32.660> a<00:09:32.840> lot<00:09:33.080> right<00:09:33.620> we 00:09:33.850 --> 00:09:33.860 align:start position:0% chains we can transact a lot right we 00:09:33.860 --> 00:09:35.920 align:start position:0% chains we can transact a lot right we currently<00:09:34.100> don't<00:09:34.460> scale<00:09:34.850> we<00:09:35.330> want<00:09:35.480> to<00:09:35.690> scale 00:09:35.920 --> 00:09:35.930 align:start position:0% currently don't scale we want to scale 00:09:35.930 --> 00:09:39.610 align:start position:0% currently don't scale we want to scale pretty<00:09:36.680> simple<00:09:37.130> so<00:09:37.760> what<00:09:38.510> we<00:09:38.720> can<00:09:38.870> do<00:09:39.020> is<00:09:39.260> you 00:09:39.610 --> 00:09:39.620 align:start position:0% pretty simple so what we can do is you 00:09:39.620 --> 00:09:41.080 align:start position:0% pretty simple so what we can do is you know<00:09:39.740> notice<00:09:40.280> that<00:09:40.400> this<00:09:40.610> transaction 00:09:41.080 --> 00:09:41.090 align:start position:0% know notice that this transaction 00:09:41.090 --> 00:09:44.290 align:start position:0% know notice that this transaction process<00:09:41.750> everything<00:09:42.170> is<00:09:42.590> going<00:09:43.250> on<00:09:43.700> all<00:09:44.090> the 00:09:44.290 --> 00:09:44.300 align:start position:0% process everything is going on all the 00:09:44.300 --> 00:09:45.820 align:start position:0% process everything is going on all the kind<00:09:44.510> of<00:09:44.570> main<00:09:44.810> information<00:09:45.050> is<00:09:45.380> going<00:09:45.500> on<00:09:45.680> off 00:09:45.820 --> 00:09:45.830 align:start position:0% kind of main information is going on off 00:09:45.830 --> 00:09:48.070 align:start position:0% kind of main information is going on off chain<00:09:46.460> right<00:09:47.060> it's<00:09:47.300> not<00:09:47.510> actually<00:09:47.900> being 00:09:48.070 --> 00:09:48.080 align:start position:0% chain right it's not actually being 00:09:48.080 --> 00:09:50.110 align:start position:0% chain right it's not actually being committed<00:09:48.470> to<00:09:48.500> the<00:09:48.650> main<00:09:48.800> chain<00:09:49.040> and<00:09:49.250> there's 00:09:50.110 --> 00:09:50.120 align:start position:0% committed to the main chain and there's 00:09:50.120 --> 00:09:52.180 align:start position:0% committed to the main chain and there's only<00:09:50.300> a<00:09:50.450> constant<00:09:51.140> size<00:09:51.350> commitment<00:09:51.920> to<00:09:52.070> the 00:09:52.180 --> 00:09:52.190 align:start position:0% only a constant size commitment to the 00:09:52.190 --> 00:09:53.890 align:start position:0% only a constant size commitment to the main<00:09:52.340> chain<00:09:52.550> so<00:09:52.730> the<00:09:52.880> larger<00:09:53.300> the<00:09:53.390> block<00:09:53.570> it 00:09:53.890 --> 00:09:53.900 align:start position:0% main chain so the larger the block it 00:09:53.900 --> 00:09:55.510 align:start position:0% main chain so the larger the block it doesn't<00:09:54.740> actually<00:09:54.830> affect<00:09:55.040> what<00:09:55.400> you're 00:09:55.510 --> 00:09:55.520 align:start position:0% doesn't actually affect what you're 00:09:55.520 --> 00:09:56.950 align:start position:0% doesn't actually affect what you're committing<00:09:55.850> to<00:09:56.000> the<00:09:56.150> main<00:09:56.300> the<00:09:56.420> theorem<00:09:56.720> chain 00:09:56.950 --> 00:09:56.960 align:start position:0% committing to the main the theorem chain 00:09:56.960 --> 00:09:58.450 align:start position:0% committing to the main the theorem chain so<00:09:57.380> you<00:09:57.470> can<00:09:57.740> instead<00:09:57.980> of<00:09:58.040> having<00:09:58.250> one 00:09:58.450 --> 00:09:58.460 align:start position:0% so you can instead of having one 00:09:58.460 --> 00:09:59.890 align:start position:0% so you can instead of having one transaction<00:09:58.730> you<00:09:58.970> can<00:09:59.089> have<00:09:59.180> a<00:09:59.240> whole<00:09:59.480> lot<00:09:59.750> of 00:09:59.890 --> 00:09:59.900 align:start position:0% transaction you can have a whole lot of 00:09:59.900 --> 00:10:01.870 align:start position:0% transaction you can have a whole lot of transactions<00:10:00.500> send<00:10:01.010> them<00:10:01.160> all<00:10:01.400> to<00:10:01.430> the 00:10:01.870 --> 00:10:01.880 align:start position:0% transactions send them all to the 00:10:01.880 --> 00:10:04.510 align:start position:0% transactions send them all to the etherium<00:10:02.300> the<00:10:02.810> the<00:10:03.050> plasma<00:10:04.010> operators 00:10:04.510 --> 00:10:04.520 align:start position:0% etherium the the plasma operators 00:10:04.520 --> 00:10:06.490 align:start position:0% etherium the the plasma operators they'll<00:10:04.970> create<00:10:05.240> a<00:10:05.330> block<00:10:05.630> they'll<00:10:06.140> create<00:10:06.410> a 00:10:06.490 --> 00:10:06.500 align:start position:0% they'll create a block they'll create a 00:10:06.500 --> 00:10:08.500 align:start position:0% they'll create a block they'll create a Merkel<00:10:06.800> tree<00:10:06.980> Merkel<00:10:07.310> route<00:10:07.550> and<00:10:07.760> they<00:10:08.330> will 00:10:08.500 --> 00:10:08.510 align:start position:0% Merkel tree Merkel route and they will 00:10:08.510 --> 00:10:11.110 align:start position:0% Merkel tree Merkel route and they will submit<00:10:08.720> that<00:10:09.050> that<00:10:10.010> block<00:10:10.339> commitment<00:10:10.850> to<00:10:10.970> the 00:10:11.110 --> 00:10:11.120 align:start position:0% submit that that block commitment to the 00:10:11.120 --> 00:10:12.820 align:start position:0% submit that that block commitment to the main<00:10:11.270> chain<00:10:11.540> and<00:10:11.750> so<00:10:11.839> instead<00:10:12.110> of<00:10:12.170> being<00:10:12.410> bound 00:10:12.820 --> 00:10:12.830 align:start position:0% main chain and so instead of being bound 00:10:12.830 --> 00:10:14.530 align:start position:0% main chain and so instead of being bound by<00:10:12.980> the<00:10:13.130> you<00:10:13.400> know<00:10:13.430> aetherium<00:10:13.970> transaction 00:10:14.530 --> 00:10:14.540 align:start position:0% by the you know aetherium transaction 00:10:14.540 --> 00:10:16.360 align:start position:0% by the you know aetherium transaction limit<00:10:14.780> which<00:10:14.900> is<00:10:15.020> like<00:10:15.140> 15<00:10:15.500> transactions<00:10:16.250> per 00:10:16.360 --> 00:10:16.370 align:start position:0% limit which is like 15 transactions per 00:10:16.370 --> 00:10:18.880 align:start position:0% limit which is like 15 transactions per second<00:10:16.700> today<00:10:16.910> you<00:10:17.330> know<00:10:17.420> you<00:10:17.630> know<00:10:17.930> maybe<00:10:18.740> a 00:10:18.880 --> 00:10:18.890 align:start position:0% second today you know you know maybe a 00:10:18.890 --> 00:10:21.310 align:start position:0% second today you know you know maybe a thousand<00:10:19.310> times<00:10:19.520> X<00:10:19.730> that<00:10:19.940> you<00:10:20.690> know<00:10:21.080> in<00:10:21.260> a 00:10:21.310 --> 00:10:21.320 align:start position:0% thousand times X that you know in a 00:10:21.320 --> 00:10:23.920 align:start position:0% thousand times X that you know in a little<00:10:21.770> bit<00:10:22.070> but<00:10:22.550> still<00:10:22.790> you<00:10:23.089> know<00:10:23.180> we<00:10:23.750> can 00:10:23.920 --> 00:10:23.930 align:start position:0% little bit but still you know we can 00:10:23.930 --> 00:10:28.210 align:start position:0% little bit but still you know we can already<00:10:24.490> get<00:10:25.490> these<00:10:25.730> massive<00:10:26.210> blocks<00:10:26.870> just<00:10:27.260> by 00:10:28.210 --> 00:10:28.220 align:start position:0% already get these massive blocks just by 00:10:28.220 --> 00:10:30.850 align:start position:0% already get these massive blocks just by using<00:10:28.490> a<00:10:28.880> kind<00:10:29.120> of<00:10:29.210> sensible<00:10:30.080> a<00:10:30.380> you<00:10:30.770> know 00:10:30.850 --> 00:10:30.860 align:start position:0% using a kind of sensible a you know 00:10:30.860 --> 00:10:32.860 align:start position:0% using a kind of sensible a you know sensible<00:10:31.310> crypto<00:10:31.580> economic<00:10:32.030> mechanism<00:10:32.480> like 00:10:32.860 --> 00:10:32.870 align:start position:0% sensible crypto economic mechanism like 00:10:32.870 --> 00:10:35.470 align:start position:0% sensible crypto economic mechanism like plasma<00:10:33.110> so<00:10:33.830> how<00:10:34.610> many<00:10:34.790> transactions<00:10:35.360> per 00:10:35.470 --> 00:10:35.480 align:start position:0% plasma so how many transactions per 00:10:35.480 --> 00:10:37.120 align:start position:0% plasma so how many transactions per second<00:10:35.810> you<00:10:35.900> ask<00:10:36.080> well<00:10:36.589> we're<00:10:36.800> gonna<00:10:36.890> talk 00:10:37.120 --> 00:10:37.130 align:start position:0% second you ask well we're gonna talk 00:10:37.130 --> 00:10:38.829 align:start position:0% second you ask well we're gonna talk about<00:10:37.400> it<00:10:37.550> soon<00:10:37.730> so<00:10:38.150> the<00:10:38.360> last<00:10:38.480> thing<00:10:38.690> is 00:10:38.829 --> 00:10:38.839 align:start position:0% about it soon so the last thing is 00:10:38.839 --> 00:10:41.200 align:start position:0% about it soon so the last thing is exiting<00:10:39.320> tokens<00:10:39.710> right<00:10:40.190> Bob<00:10:40.400> wants<00:10:40.760> to<00:10:40.850> exit 00:10:41.200 --> 00:10:41.210 align:start position:0% exiting tokens right Bob wants to exit 00:10:41.210 --> 00:10:43.920 align:start position:0% exiting tokens right Bob wants to exit their<00:10:41.330> core<00:10:41.570> his<00:10:42.110> coins<00:10:42.410> and<00:10:42.710> he<00:10:43.310> creates<00:10:43.640> a 00:10:43.920 --> 00:10:43.930 align:start position:0% their core his coins and he creates a 00:10:43.930 --> 00:10:46.660 align:start position:0% their core his coins and he creates a transaction<00:10:44.930> which<00:10:45.140> exits<00:10:45.650> the<00:10:45.890> which<00:10:46.520> is 00:10:46.660 --> 00:10:46.670 align:start position:0% transaction which exits the which is 00:10:46.670 --> 00:10:48.520 align:start position:0% transaction which exits the which is like<00:10:46.820> I<00:10:46.970> want<00:10:47.300> to<00:10:47.420> exit<00:10:47.780> sends<00:10:48.050> it<00:10:48.170> to<00:10:48.260> the<00:10:48.350> main 00:10:48.520 --> 00:10:48.530 align:start position:0% like I want to exit sends it to the main 00:10:48.530 --> 00:10:50.500 align:start position:0% like I want to exit sends it to the main chain<00:10:48.800> the<00:10:49.339> main<00:10:49.520> chain<00:10:49.790> starts<00:10:50.180> out<00:10:50.330> this 00:10:50.500 --> 00:10:50.510 align:start position:0% chain the main chain starts out this 00:10:50.510 --> 00:10:53.380 align:start position:0% chain the main chain starts out this exit<00:10:51.170> process<00:10:51.830> and<00:10:52.280> there's<00:10:52.640> seven<00:10:52.910> days<00:10:53.150> for 00:10:53.380 --> 00:10:53.390 align:start position:0% exit process and there's seven days for 00:10:53.390 --> 00:10:55.390 align:start position:0% exit process and there's seven days for a<00:10:53.450> challenge<00:10:54.020> to<00:10:54.260> be<00:10:54.440> submitted<00:10:55.250> so 00:10:55.390 --> 00:10:55.400 align:start position:0% a challenge to be submitted so 00:10:55.400 --> 00:10:57.250 align:start position:0% a challenge to be submitted so essentially<00:10:55.820> what<00:10:55.970> happens<00:10:56.300> is<00:10:56.420> we<00:10:56.630> have<00:10:56.870> this 00:10:57.250 --> 00:10:57.260 align:start position:0% essentially what happens is we have this 00:10:57.260 --> 00:10:58.690 align:start position:0% essentially what happens is we have this challenge<00:10:57.650> period<00:10:57.890> at<00:10:57.950> seven<00:10:58.250> days<00:10:58.370> and<00:10:58.640> we 00:10:58.690 --> 00:10:58.700 align:start position:0% challenge period at seven days and we 00:10:58.700 --> 00:11:01.480 align:start position:0% challenge period at seven days and we wait<00:10:58.970> for<00:10:59.540> a<00:10:59.600> you<00:11:00.260> know<00:11:00.290> the 00:11:01.480 --> 00:11:01.490 align:start position:0% wait for a you know the 00:11:01.490 --> 00:11:03.790 align:start position:0% wait for a you know the you<00:11:01.670> know<00:11:01.760> Alice<00:11:02.300> if<00:11:02.630> Alice<00:11:03.110> thinks<00:11:03.589> that<00:11:03.709> this 00:11:03.790 --> 00:11:03.800 align:start position:0% you know Alice if Alice thinks that this 00:11:03.800 --> 00:11:05.980 align:start position:0% you know Alice if Alice thinks that this exit<00:11:04.190> is<00:11:04.279> invalid<00:11:04.820> and<00:11:04.910> not<00:11:05.149> actually<00:11:05.779> you 00:11:05.980 --> 00:11:05.990 align:start position:0% exit is invalid and not actually you 00:11:05.990 --> 00:11:07.630 align:start position:0% exit is invalid and not actually you know<00:11:06.110> maybe<00:11:06.560> it's<00:11:06.770> trying<00:11:06.920> to<00:11:07.100> steal<00:11:07.310> someone 00:11:07.630 --> 00:11:07.640 align:start position:0% know maybe it's trying to steal someone 00:11:07.640 --> 00:11:09.670 align:start position:0% know maybe it's trying to steal someone else's<00:11:07.700> coins<00:11:08.149> Alice<00:11:08.870> can<00:11:09.080> send<00:11:09.350> a<00:11:09.500> message 00:11:09.670 --> 00:11:09.680 align:start position:0% else's coins Alice can send a message 00:11:09.680 --> 00:11:11.680 align:start position:0% else's coins Alice can send a message saying<00:11:10.010> this<00:11:10.220> exit<00:11:10.550> is<00:11:10.640> invalid<00:11:11.089> prove<00:11:11.360> it<00:11:11.510> to 00:11:11.680 --> 00:11:11.690 align:start position:0% saying this exit is invalid prove it to 00:11:11.690 --> 00:11:12.490 align:start position:0% saying this exit is invalid prove it to this<00:11:11.810> dispute 00:11:12.490 --> 00:11:12.500 align:start position:0% this dispute 00:11:12.500 --> 00:11:15.160 align:start position:0% this dispute you<00:11:12.709> know<00:11:12.830> contract<00:11:13.490> and<00:11:13.760> then<00:11:14.600> the<00:11:14.779> exit<00:11:15.080> will 00:11:15.160 --> 00:11:15.170 align:start position:0% you know contract and then the exit will 00:11:15.170 --> 00:11:17.740 align:start position:0% you know contract and then the exit will be<00:11:15.200> cancelled<00:11:15.709> but<00:11:15.890> in<00:11:16.279> our<00:11:16.430> case<00:11:16.730> the<00:11:17.390> exit 00:11:17.740 --> 00:11:17.750 align:start position:0% be cancelled but in our case the exit 00:11:17.750 --> 00:11:19.810 align:start position:0% be cancelled but in our case the exit was<00:11:17.839> just<00:11:18.080> fine<00:11:18.260> and<00:11:18.529> so<00:11:18.709> it<00:11:18.890> goes<00:11:19.010> through<00:11:19.310> we 00:11:19.810 --> 00:11:19.820 align:start position:0% was just fine and so it goes through we 00:11:19.820 --> 00:11:22.930 align:start position:0% was just fine and so it goes through we wait<00:11:20.230> and<00:11:21.230> finally<00:11:22.190> Bob<00:11:22.370> submits<00:11:22.850> a 00:11:22.930 --> 00:11:22.940 align:start position:0% wait and finally Bob submits a 00:11:22.940 --> 00:11:24.850 align:start position:0% wait and finally Bob submits a withdrawal<00:11:23.120> transaction<00:11:23.990> sends<00:11:24.620> it<00:11:24.709> to<00:11:24.830> the 00:11:24.850 --> 00:11:24.860 align:start position:0% withdrawal transaction sends it to the 00:11:24.860 --> 00:11:26.980 align:start position:0% withdrawal transaction sends it to the main<00:11:25.040> aetherium<00:11:25.430> chain<00:11:25.670> and<00:11:25.880> receives<00:11:26.660> the 00:11:26.980 --> 00:11:26.990 align:start position:0% main aetherium chain and receives the 00:11:26.990 --> 00:11:29.740 align:start position:0% main aetherium chain and receives the you<00:11:27.649> know<00:11:27.770> the<00:11:27.950> the<00:11:28.370> reduces<00:11:29.000> the<00:11:29.120> balances<00:11:29.600> on 00:11:29.740 --> 00:11:29.750 align:start position:0% you know the the reduces the balances on 00:11:29.750 --> 00:11:33.310 align:start position:0% you know the the reduces the balances on the<00:11:30.190> plasma<00:11:31.190> chain<00:11:31.550> and<00:11:31.899> receives<00:11:32.899> the<00:11:33.050> money 00:11:33.310 --> 00:11:33.320 align:start position:0% the plasma chain and receives the money 00:11:33.320 --> 00:11:35.800 align:start position:0% the plasma chain and receives the money on<00:11:33.589> the<00:11:34.130> etherium<00:11:34.610> chain<00:11:34.820> sent<00:11:35.240> from<00:11:35.600> the 00:11:35.800 --> 00:11:35.810 align:start position:0% on the etherium chain sent from the 00:11:35.810 --> 00:11:37.810 align:start position:0% on the etherium chain sent from the plasma<00:11:36.050> contract<00:11:36.680> itself<00:11:37.010> so<00:11:37.370> this<00:11:37.520> is<00:11:37.670> the 00:11:37.810 --> 00:11:37.820 align:start position:0% plasma contract itself so this is the 00:11:37.820 --> 00:11:40.090 align:start position:0% plasma contract itself so this is the general<00:11:38.300> construction<00:11:38.930> for<00:11:39.470> all<00:11:39.709> of<00:11:39.950> these 00:11:40.090 --> 00:11:40.100 align:start position:0% general construction for all of these 00:11:40.100 --> 00:11:42.130 align:start position:0% general construction for all of these plasma<00:11:40.430> chains<00:11:40.910> it's<00:11:41.360> pretty<00:11:41.600> cool<00:11:41.779> pretty 00:11:42.130 --> 00:11:42.140 align:start position:0% plasma chains it's pretty cool pretty 00:11:42.140 --> 00:11:44.230 align:start position:0% plasma chains it's pretty cool pretty like<00:11:42.500> all<00:11:42.740> of<00:11:43.130> the<00:11:43.250> plasma<00:11:43.459> designs<00:11:43.970> whether 00:11:44.230 --> 00:11:44.240 align:start position:0% like all of the plasma designs whether 00:11:44.240 --> 00:11:47.650 align:start position:0% like all of the plasma designs whether it<00:11:44.390> be<00:11:44.480> plasma<00:11:44.930> you<00:11:45.290> know<00:11:45.410> cash<00:11:45.770> MVP<00:11:46.520> etc<00:11:47.240> they 00:11:47.650 --> 00:11:47.660 align:start position:0% it be plasma you know cash MVP etc they 00:11:47.660 --> 00:11:50.740 align:start position:0% it be plasma you know cash MVP etc they all<00:11:47.899> follow<00:11:48.350> this<00:11:48.620> same<00:11:48.980> kind<00:11:49.490> of<00:11:49.670> format<00:11:50.120> so 00:11:50.740 --> 00:11:50.750 align:start position:0% all follow this same kind of format so 00:11:50.750 --> 00:11:52.920 align:start position:0% all follow this same kind of format so that's<00:11:51.320> pretty<00:11:51.589> cool<00:11:51.830> that's<00:11:52.190> pretty<00:11:52.339> cool 00:11:52.920 --> 00:11:52.930 align:start position:0% that's pretty cool that's pretty cool 00:11:52.930 --> 00:11:56.139 align:start position:0% that's pretty cool that's pretty cool now<00:11:54.190> unfortunately<00:11:55.190> this<00:11:55.580> was<00:11:55.760> only<00:11:55.940> one 00:11:56.139 --> 00:11:56.149 align:start position:0% now unfortunately this was only one 00:11:56.149 --> 00:11:58.389 align:start position:0% now unfortunately this was only one transaction<00:11:56.540> and<00:11:56.959> they<00:11:57.589> you<00:11:57.860> know<00:11:57.980> there's<00:11:58.220> no 00:11:58.389 --> 00:11:58.399 align:start position:0% transaction and they you know there's no 00:11:58.399 --> 00:12:00.880 align:start position:0% transaction and they you know there's no point<00:11:58.760> of<00:11:58.940> having<00:11:59.180> a<00:11:59.570> coin<00:12:00.080> on<00:12:00.320> a<00:12:00.350> plasma<00:12:00.589> chain 00:12:00.880 --> 00:12:00.890 align:start position:0% point of having a coin on a plasma chain 00:12:00.890 --> 00:12:02.230 align:start position:0% point of having a coin on a plasma chain if<00:12:01.010> you<00:12:01.040> only<00:12:01.220> transact<00:12:01.670> it<00:12:01.850> once<00:12:02.029> because 00:12:02.230 --> 00:12:02.240 align:start position:0% if you only transact it once because 00:12:02.240 --> 00:12:03.430 align:start position:0% if you only transact it once because then<00:12:02.360> you're<00:12:02.480> just<00:12:02.510> you<00:12:02.930> know<00:12:03.050> sending<00:12:03.350> it 00:12:03.430 --> 00:12:03.440 align:start position:0% then you're just you know sending it 00:12:03.440 --> 00:12:05.800 align:start position:0% then you're just you know sending it once<00:12:03.649> withdrawing<00:12:04.430> it<00:12:04.640> and<00:12:04.820> the<00:12:05.000> gas<00:12:05.180> cost<00:12:05.540> is 00:12:05.800 --> 00:12:05.810 align:start position:0% once withdrawing it and the gas cost is 00:12:05.810 --> 00:12:07.540 align:start position:0% once withdrawing it and the gas cost is like<00:12:06.020> not<00:12:06.230> even<00:12:06.260> you're<00:12:06.770> not<00:12:06.800> even<00:12:07.100> saving<00:12:07.339> any 00:12:07.540 --> 00:12:07.550 align:start position:0% like not even you're not even saving any 00:12:07.550 --> 00:12:10.449 align:start position:0% like not even you're not even saving any money<00:12:07.610> and<00:12:08.029> so<00:12:08.390> we<00:12:08.839> really<00:12:09.140> want<00:12:09.380> like<00:12:09.620> a<00:12:09.829> huge 00:12:10.449 --> 00:12:10.459 align:start position:0% money and so we really want like a huge 00:12:10.459 --> 00:12:12.280 align:start position:0% money and so we really want like a huge number<00:12:10.790> of<00:12:10.940> transactions<00:12:11.600> on<00:12:11.750> these<00:12:11.899> plasma 00:12:12.280 --> 00:12:12.290 align:start position:0% number of transactions on these plasma 00:12:12.290 --> 00:12:14.019 align:start position:0% number of transactions on these plasma chains<00:12:12.470> it<00:12:12.770> would<00:12:12.920> be<00:12:13.040> ideal<00:12:13.250> if<00:12:13.670> they<00:12:13.820> could 00:12:14.019 --> 00:12:14.029 align:start position:0% chains it would be ideal if they could 00:12:14.029 --> 00:12:16.120 align:start position:0% chains it would be ideal if they could be<00:12:14.120> massive<00:12:14.959> or<00:12:15.200> at<00:12:15.320> least<00:12:15.529> you<00:12:15.649> know<00:12:15.680> have<00:12:15.920> one 00:12:16.120 --> 00:12:16.130 align:start position:0% be massive or at least you know have one 00:12:16.130 --> 00:12:18.880 align:start position:0% be massive or at least you know have one humungous<00:12:16.970> plasma<00:12:17.870> jayan<00:12:18.230> that<00:12:18.380> would<00:12:18.529> be<00:12:18.620> so 00:12:18.880 --> 00:12:18.890 align:start position:0% humungous plasma jayan that would be so 00:12:18.890 --> 00:12:20.710 align:start position:0% humungous plasma jayan that would be so cool<00:12:19.220> because<00:12:19.700> then<00:12:19.940> we<00:12:20.029> get<00:12:20.149> these<00:12:20.329> cheap 00:12:20.710 --> 00:12:20.720 align:start position:0% cool because then we get these cheap 00:12:20.720 --> 00:12:23.500 align:start position:0% cool because then we get these cheap transactions<00:12:21.470> for<00:12:22.040> you<00:12:22.459> know<00:12:22.579> all<00:12:22.790> of<00:12:22.850> the 00:12:23.500 --> 00:12:23.510 align:start position:0% transactions for you know all of the 00:12:23.510 --> 00:12:25.480 align:start position:0% transactions for you know all of the etherium<00:12:23.959> assets<00:12:24.440> and<00:12:24.620> we<00:12:24.800> can<00:12:24.980> get<00:12:25.130> them<00:12:25.310> you 00:12:25.480 --> 00:12:25.490 align:start position:0% etherium assets and we can get them you 00:12:25.490 --> 00:12:28.930 align:start position:0% etherium assets and we can get them you know<00:12:25.610> way<00:12:25.910> sooner<00:12:26.890> then<00:12:27.890> you<00:12:27.920> know<00:12:28.310> then<00:12:28.670> then 00:12:28.930 --> 00:12:28.940 align:start position:0% know way sooner then you know then then 00:12:28.940 --> 00:12:30.610 align:start position:0% know way sooner then you know then then we<00:12:29.060> can<00:12:29.209> see<00:12:29.360> and<00:12:29.480> we'll<00:12:29.630> see<00:12:29.839> you<00:12:30.230> know<00:12:30.320> how 00:12:30.610 --> 00:12:30.620 align:start position:0% we can see and we'll see you know how 00:12:30.620 --> 00:12:32.710 align:start position:0% we can see and we'll see you know how many<00:12:30.860> transactions<00:12:31.550> we<00:12:31.730> actually<00:12:32.089> get<00:12:32.300> pretty 00:12:32.710 --> 00:12:32.720 align:start position:0% many transactions we actually get pretty 00:12:32.720 --> 00:12:36.280 align:start position:0% many transactions we actually get pretty soon<00:12:32.990> so<00:12:33.380> a<00:12:33.589> brief<00:12:34.160> recap<00:12:35.029> of<00:12:35.089> plasma<00:12:35.899> history 00:12:36.280 --> 00:12:36.290 align:start position:0% soon so a brief recap of plasma history 00:12:36.290 --> 00:12:38.199 align:start position:0% soon so a brief recap of plasma history right<00:12:36.560> this<00:12:36.800> is<00:12:36.950> it's<00:12:37.339> been<00:12:37.550> a<00:12:37.579> crazy<00:12:37.970> journey 00:12:38.199 --> 00:12:38.209 align:start position:0% right this is it's been a crazy journey 00:12:38.209 --> 00:12:40.540 align:start position:0% right this is it's been a crazy journey with<00:12:38.720> a<00:12:38.750> lot<00:12:39.050> of<00:12:39.079> different<00:12:39.410> crazy<00:12:40.160> names 00:12:40.540 --> 00:12:40.550 align:start position:0% with a lot of different crazy names 00:12:40.550 --> 00:12:43.000 align:start position:0% with a lot of different crazy names ending<00:12:41.300> up<00:12:41.480> with<00:12:41.720> this<00:12:41.930> kind<00:12:42.200> of<00:12:42.320> like<00:12:42.470> last 00:12:43.000 --> 00:12:43.010 align:start position:0% ending up with this kind of like last 00:12:43.010 --> 00:12:44.530 align:start position:0% ending up with this kind of like last little<00:12:43.310> plasma<00:12:43.520> thing<00:12:43.910> which<00:12:44.060> I<00:12:44.180> will<00:12:44.329> talk 00:12:44.530 --> 00:12:44.540 align:start position:0% little plasma thing which I will talk 00:12:44.540 --> 00:12:47.889 align:start position:0% little plasma thing which I will talk about<00:12:45.250> anyway<00:12:46.250> so<00:12:46.790> first<00:12:47.329> it<00:12:47.540> started<00:12:47.810> out 00:12:47.889 --> 00:12:47.899 align:start position:0% about anyway so first it started out 00:12:47.899 --> 00:12:49.750 align:start position:0% about anyway so first it started out with<00:12:47.990> this<00:12:48.170> white<00:12:48.440> paper<00:12:48.649> right<00:12:49.130> we're<00:12:49.370> we're 00:12:49.750 --> 00:12:49.760 align:start position:0% with this white paper right we're we're 00:12:49.760 --> 00:12:51.100 align:start position:0% with this white paper right we're we're we're<00:12:50.089> climbing<00:12:50.360> we're<00:12:50.690> starting<00:12:51.020> the 00:12:51.100 --> 00:12:51.110 align:start position:0% we're climbing we're starting the 00:12:51.110 --> 00:12:52.870 align:start position:0% we're climbing we're starting the mountain<00:12:51.440> it<00:12:51.709> had<00:12:51.920> a<00:12:51.950> general<00:12:52.370> idea<00:12:52.490> of<00:12:52.730> the 00:12:52.870 --> 00:12:52.880 align:start position:0% mountain it had a general idea of the 00:12:52.880 --> 00:12:55.030 align:start position:0% mountain it had a general idea of the format<00:12:53.240> of<00:12:53.270> plasma<00:12:53.750> but<00:12:54.260> it<00:12:54.470> was<00:12:54.589> a<00:12:54.620> little<00:12:54.800> bit 00:12:55.030 --> 00:12:55.040 align:start position:0% format of plasma but it was a little bit 00:12:55.040 --> 00:12:56.949 align:start position:0% format of plasma but it was a little bit fuzzy<00:12:55.250> didn't<00:12:55.700> really<00:12:55.970> like<00:12:56.209> it<00:12:56.450> didn't 00:12:56.949 --> 00:12:56.959 align:start position:0% fuzzy didn't really like it didn't 00:12:56.959 --> 00:12:58.389 align:start position:0% fuzzy didn't really like it didn't didn't<00:12:57.500> feel<00:12:57.680> like<00:12:57.890> it<00:12:58.070> you<00:12:58.160> could<00:12:58.370> really 00:12:58.389 --> 00:12:58.399 align:start position:0% didn't feel like it you could really 00:12:58.399 --> 00:13:01.090 align:start position:0% didn't feel like it you could really implement<00:12:59.240> it<00:12:59.390> just<00:12:59.630> from<00:12:59.810> that<00:12:59.959> spec<00:13:00.320> and<00:13:00.620> so 00:13:01.090 --> 00:13:01.100 align:start position:0% implement it just from that spec and so 00:13:01.100 --> 00:13:03.010 align:start position:0% implement it just from that spec and so what<00:13:01.459> happened<00:13:01.820> is<00:13:01.850> vitalik<00:13:02.510> created<00:13:02.930> this 00:13:03.010 --> 00:13:03.020 align:start position:0% what happened is vitalik created this 00:13:03.020 --> 00:13:06.069 align:start position:0% what happened is vitalik created this plasma<00:13:03.709> MVP<00:13:04.190> architecture<00:13:04.880> which<00:13:05.420> was<00:13:05.660> you 00:13:06.069 --> 00:13:06.079 align:start position:0% plasma MVP architecture which was you 00:13:06.079 --> 00:13:08.260 align:start position:0% plasma MVP architecture which was you know<00:13:06.110> really<00:13:06.529> great<00:13:06.860> it<00:13:07.100> had<00:13:07.310> had<00:13:07.700> a<00:13:07.730> you<00:13:08.180> know 00:13:08.260 --> 00:13:08.270 align:start position:0% know really great it had had a you know 00:13:08.270 --> 00:13:09.640 align:start position:0% know really great it had had a you know had<00:13:08.450> a<00:13:08.480> lot<00:13:08.720> going<00:13:09.020> for<00:13:09.050> it<00:13:09.230> but<00:13:09.380> there<00:13:09.560> was 00:13:09.640 --> 00:13:09.650 align:start position:0% had a lot going for it but there was 00:13:09.650 --> 00:13:11.860 align:start position:0% had a lot going for it but there was some<00:13:09.800> clear<00:13:10.040> flaws<00:13:10.459> with<00:13:10.820> with<00:13:11.120> this<00:13:11.329> spec<00:13:11.630> and 00:13:11.860 --> 00:13:11.870 align:start position:0% some clear flaws with with this spec and 00:13:11.870 --> 00:13:13.660 align:start position:0% some clear flaws with with this spec and one<00:13:12.290> of<00:13:12.410> those<00:13:12.529> flaws<00:13:12.770> was<00:13:13.070> confirmation 00:13:13.660 --> 00:13:13.670 align:start position:0% one of those flaws was confirmation 00:13:13.670 --> 00:13:15.130 align:start position:0% one of those flaws was confirmation signatures<00:13:14.420> mass 00:13:15.130 --> 00:13:15.140 align:start position:0% signatures mass 00:13:15.140 --> 00:13:16.900 align:start position:0% signatures mass and<00:13:15.290> no<00:13:15.829> trustless<00:13:16.250> like<00:13:16.459> lines<00:13:16.640> so<00:13:16.760> we'll 00:13:16.900 --> 00:13:16.910 align:start position:0% and no trustless like lines so we'll 00:13:16.910 --> 00:13:18.730 align:start position:0% and no trustless like lines so we'll talk<00:13:17.029> about<00:13:17.149> confirmation<00:13:17.540> signatures<00:13:18.170> very 00:13:18.730 --> 00:13:18.740 align:start position:0% talk about confirmation signatures very 00:13:18.740 --> 00:13:20.620 align:start position:0% talk about confirmation signatures very briefly<00:13:19.100> it's<00:13:19.579> a<00:13:19.670> pretty<00:13:19.880> silly<00:13:20.180> thing<00:13:20.450> so 00:13:20.620 --> 00:13:20.630 align:start position:0% briefly it's a pretty silly thing so 00:13:20.630 --> 00:13:23.560 align:start position:0% briefly it's a pretty silly thing so when<00:13:21.110> Alice<00:13:21.529> sent<00:13:21.829> a<00:13:21.950> transaction<00:13:22.640> and<00:13:22.820> it<00:13:23.420> got 00:13:23.560 --> 00:13:23.570 align:start position:0% when Alice sent a transaction and it got 00:13:23.570 --> 00:13:25.240 align:start position:0% when Alice sent a transaction and it got committed<00:13:23.899> to<00:13:24.140> the<00:13:24.230> main<00:13:24.410> chain<00:13:24.620> turns<00:13:25.100> out 00:13:25.240 --> 00:13:25.250 align:start position:0% committed to the main chain turns out 00:13:25.250 --> 00:13:27.490 align:start position:0% committed to the main chain turns out that<00:13:25.339> it<00:13:25.459> wouldn't<00:13:25.700> actually<00:13:25.850> be<00:13:26.300> valid<00:13:27.260> yet 00:13:27.490 --> 00:13:27.500 align:start position:0% that it wouldn't actually be valid yet 00:13:27.500 --> 00:13:29.829 align:start position:0% that it wouldn't actually be valid yet in<00:13:27.649> fact<00:13:28.130> Alice<00:13:28.850> needed<00:13:29.240> to<00:13:29.420> sign<00:13:29.779> a 00:13:29.829 --> 00:13:29.839 align:start position:0% in fact Alice needed to sign a 00:13:29.839 --> 00:13:31.960 align:start position:0% in fact Alice needed to sign a transaction<00:13:30.560> saying<00:13:30.740> I<00:13:30.829> saw<00:13:31.279> this<00:13:31.519> message 00:13:31.960 --> 00:13:31.970 align:start position:0% transaction saying I saw this message 00:13:31.970 --> 00:13:34.449 align:start position:0% transaction saying I saw this message and<00:13:32.149> send<00:13:32.450> it<00:13:32.540> directly<00:13:32.870> to<00:13:32.990> Bob<00:13:33.230> this<00:13:33.860> would 00:13:34.449 --> 00:13:34.459 align:start position:0% and send it directly to Bob this would 00:13:34.459 --> 00:13:36.550 align:start position:0% and send it directly to Bob this would make<00:13:34.670> the<00:13:34.820> transaction<00:13:35.120> valid<00:13:35.690> and<00:13:35.839> to<00:13:36.470> be 00:13:36.550 --> 00:13:36.560 align:start position:0% make the transaction valid and to be 00:13:36.560 --> 00:13:38.710 align:start position:0% make the transaction valid and to be honest<00:13:36.890> that<00:13:36.950> is<00:13:37.160> a<00:13:37.190> terrible<00:13:37.790> UX<00:13:38.120> that<00:13:38.360> would 00:13:38.710 --> 00:13:38.720 align:start position:0% honest that is a terrible UX that would 00:13:38.720 --> 00:13:40.240 align:start position:0% honest that is a terrible UX that would be<00:13:38.810> so<00:13:39.019> complicated<00:13:39.200> to<00:13:39.620> implement<00:13:40.070> you<00:13:40.130> have 00:13:40.240 --> 00:13:40.250 align:start position:0% be so complicated to implement you have 00:13:40.250 --> 00:13:42.040 align:start position:0% be so complicated to implement you have to<00:13:40.399> send<00:13:40.640> to<00:13:40.820> trick<00:13:41.060> like<00:13:41.300> sign<00:13:41.540> two<00:13:41.779> things 00:13:42.040 --> 00:13:42.050 align:start position:0% to send to trick like sign two things 00:13:42.050 --> 00:13:44.350 align:start position:0% to send to trick like sign two things just<00:13:42.320> to<00:13:42.440> send<00:13:42.620> one<00:13:42.829> coin<00:13:43.130> that's<00:13:43.670> craziness 00:13:44.350 --> 00:13:44.360 align:start position:0% just to send one coin that's craziness 00:13:44.360 --> 00:13:46.480 align:start position:0% just to send one coin that's craziness I<00:13:44.390> don't<00:13:44.779> know<00:13:44.870> it<00:13:45.140> was<00:13:45.410> not<00:13:45.620> not<00:13:45.920> great<00:13:46.130> the 00:13:46.480 --> 00:13:46.490 align:start position:0% I don't know it was not not great the 00:13:46.490 --> 00:13:48.220 align:start position:0% I don't know it was not not great the next<00:13:46.640> one<00:13:46.880> is<00:13:47.000> the<00:13:47.149> mass<00:13:47.329> X<00:13:47.570> of<00:13:47.690> ulnar<00:13:47.930> ability 00:13:48.220 --> 00:13:48.230 align:start position:0% next one is the mass X of ulnar ability 00:13:48.230 --> 00:13:51.009 align:start position:0% next one is the mass X of ulnar ability this<00:13:48.320> is<00:13:48.500> the<00:13:48.649> scariest<00:13:49.220> of<00:13:49.430> all<00:13:49.730> probably<00:13:50.480> so 00:13:51.009 --> 00:13:51.019 align:start position:0% this is the scariest of all probably so 00:13:51.019 --> 00:13:53.590 align:start position:0% this is the scariest of all probably so we<00:13:51.320> have<00:13:51.589> one<00:13:52.190> transaction<00:13:52.940> in<00:13:53.120> this<00:13:53.329> block 00:13:53.590 --> 00:13:53.600 align:start position:0% we have one transaction in this block 00:13:53.600 --> 00:13:56.350 align:start position:0% we have one transaction in this block and<00:13:53.810> that<00:13:54.200> transaction<00:13:54.920> is<00:13:55.070> read<00:13:55.880> what<00:13:56.240> does 00:13:56.350 --> 00:13:56.360 align:start position:0% and that transaction is read what does 00:13:56.360 --> 00:13:58.180 align:start position:0% and that transaction is read what does that<00:13:56.510> mean<00:13:56.660> that<00:13:56.870> means<00:13:57.050> it's<00:13:57.230> invalid<00:13:57.980> it 00:13:58.180 --> 00:13:58.190 align:start position:0% that mean that means it's invalid it 00:13:58.190 --> 00:14:00.069 align:start position:0% that mean that means it's invalid it means<00:13:58.610> that<00:13:58.820> it<00:13:58.970> is<00:13:59.000> spending<00:13:59.660> more<00:14:00.019> money 00:14:00.069 --> 00:14:00.079 align:start position:0% means that it is spending more money 00:14:00.079 --> 00:14:02.680 align:start position:0% means that it is spending more money than<00:14:00.980> it<00:14:01.130> actually<00:14:01.670> has<00:14:01.940> right<00:14:02.240> this<00:14:02.390> is<00:14:02.510> just 00:14:02.680 --> 00:14:02.690 align:start position:0% than it actually has right this is just 00:14:02.690 --> 00:14:04.150 align:start position:0% than it actually has right this is just literally<00:14:02.959> an<00:14:03.140> invalid<00:14:03.470> transaction<00:14:03.890> Alice 00:14:04.150 --> 00:14:04.160 align:start position:0% literally an invalid transaction Alice 00:14:04.160 --> 00:14:06.940 align:start position:0% literally an invalid transaction Alice is<00:14:04.250> not<00:14:04.370> sending<00:14:04.850> this<00:14:05.240> evil<00:14:05.899> Mallory<00:14:06.380> gerbil 00:14:06.940 --> 00:14:06.950 align:start position:0% is not sending this evil Mallory gerbil 00:14:06.950 --> 00:14:08.560 align:start position:0% is not sending this evil Mallory gerbil nine<00:14:07.399> nine<00:14:07.579> nine<00:14:07.610> nine<00:14:07.880> nine<00:14:07.910> coins<00:14:08.360> that's 00:14:08.560 --> 00:14:08.570 align:start position:0% nine nine nine nine nine coins that's 00:14:08.570 --> 00:14:11.560 align:start position:0% nine nine nine nine nine coins that's crazy<00:14:08.959> talk<00:14:09.320> so<00:14:09.860> what<00:14:10.550> is<00:14:10.640> happening<00:14:11.060> is<00:14:11.209> that 00:14:11.560 --> 00:14:11.570 align:start position:0% crazy talk so what is happening is that 00:14:11.570 --> 00:14:13.660 align:start position:0% crazy talk so what is happening is that transaction<00:14:12.320> maybe<00:14:12.560> gets<00:14:12.800> included<00:14:13.070> into<00:14:13.579> the 00:14:13.660 --> 00:14:13.670 align:start position:0% transaction maybe gets included into the 00:14:13.670 --> 00:14:15.190 align:start position:0% transaction maybe gets included into the plasma<00:14:14.000> chain<00:14:14.209> because<00:14:14.480> Mallory<00:14:14.899> and<00:14:15.110> the 00:14:15.190 --> 00:14:15.200 align:start position:0% plasma chain because Mallory and the 00:14:15.200 --> 00:14:17.500 align:start position:0% plasma chain because Mallory and the operator<00:14:15.620> are<00:14:15.860> colluding<00:14:16.640> some<00:14:16.940> kind<00:14:17.149> of<00:14:17.269> you 00:14:17.500 --> 00:14:17.510 align:start position:0% operator are colluding some kind of you 00:14:17.510 --> 00:14:19.990 align:start position:0% operator are colluding some kind of you know<00:14:17.600> some<00:14:17.870> nasty<00:14:18.500> business<00:14:18.649> is<00:14:18.980> going<00:14:19.250> on<00:14:19.459> so 00:14:19.990 --> 00:14:20.000 align:start position:0% know some nasty business is going on so 00:14:20.000 --> 00:14:22.480 align:start position:0% know some nasty business is going on so then<00:14:20.209> Mallory<00:14:20.810> this<00:14:21.529> you<00:14:21.769> know<00:14:21.890> evil<00:14:22.160> gerbil 00:14:22.480 --> 00:14:22.490 align:start position:0% then Mallory this you know evil gerbil 00:14:22.490 --> 00:14:24.610 align:start position:0% then Mallory this you know evil gerbil is<00:14:22.579> going<00:14:22.790> to<00:14:22.880> submit<00:14:23.209> an<00:14:23.390> exit<00:14:23.839> of<00:14:23.959> all<00:14:24.440> of 00:14:24.610 --> 00:14:24.620 align:start position:0% is going to submit an exit of all of 00:14:24.620 --> 00:14:27.160 align:start position:0% is going to submit an exit of all of those<00:14:24.800> coins<00:14:25.220> attempting<00:14:25.970> to<00:14:26.149> drain<00:14:26.600> the 00:14:27.160 --> 00:14:27.170 align:start position:0% those coins attempting to drain the 00:14:27.170 --> 00:14:29.110 align:start position:0% those coins attempting to drain the plasma<00:14:27.709> smart<00:14:28.010> contract<00:14:28.459> of<00:14:28.610> all<00:14:28.820> of<00:14:28.970> its 00:14:29.110 --> 00:14:29.120 align:start position:0% plasma smart contract of all of its 00:14:29.120 --> 00:14:31.449 align:start position:0% plasma smart contract of all of its money<00:14:29.420> right<00:14:30.079> and<00:14:30.260> it's<00:14:30.560> going<00:14:30.740> to<00:14:30.829> reference 00:14:31.449 --> 00:14:31.459 align:start position:0% money right and it's going to reference 00:14:31.459 --> 00:14:34.810 align:start position:0% money right and it's going to reference that<00:14:31.640> invalid<00:14:32.300> transaction<00:14:32.959> in<00:14:33.230> its<00:14:33.800> proof<00:14:34.310> to 00:14:34.810 --> 00:14:34.820 align:start position:0% that invalid transaction in its proof to 00:14:34.820 --> 00:14:38.139 align:start position:0% that invalid transaction in its proof to the<00:14:35.029> plasma<00:14:35.420> contract<00:14:35.990> now<00:14:36.500> because<00:14:37.399> of<00:14:37.820> the 00:14:38.139 --> 00:14:38.149 align:start position:0% the plasma contract now because of the 00:14:38.149 --> 00:14:39.819 align:start position:0% the plasma contract now because of the way<00:14:38.300> the<00:14:38.480> plasma<00:14:38.810> contract<00:14:39.199> was<00:14:39.350> designed<00:14:39.680> in 00:14:39.819 --> 00:14:39.829 align:start position:0% way the plasma contract was designed in 00:14:39.829 --> 00:14:42.550 align:start position:0% way the plasma contract was designed in MVP<00:14:40.100> it<00:14:40.779> created<00:14:41.779> this<00:14:41.870> ticking<00:14:42.290> time-bomb 00:14:42.550 --> 00:14:42.560 align:start position:0% MVP it created this ticking time-bomb 00:14:42.560 --> 00:14:44.980 align:start position:0% MVP it created this ticking time-bomb where<00:14:42.949> everyone<00:14:43.490> had<00:14:43.699> to<00:14:43.850> exit<00:14:44.240> within<00:14:44.540> seven 00:14:44.980 --> 00:14:44.990 align:start position:0% where everyone had to exit within seven 00:14:44.990 --> 00:14:47.439 align:start position:0% where everyone had to exit within seven days<00:14:45.019> and<00:14:45.560> if<00:14:45.829> they<00:14:45.949> did<00:14:46.190> not<00:14:46.430> exit<00:14:46.970> well 00:14:47.439 --> 00:14:47.449 align:start position:0% days and if they did not exit well 00:14:47.449 --> 00:14:49.540 align:start position:0% days and if they did not exit well you'll<00:14:47.930> see<00:14:48.230> the<00:14:48.529> people<00:14:48.920> who<00:14:49.010> did<00:14:49.220> exit 00:14:49.540 --> 00:14:49.550 align:start position:0% you'll see the people who did exit 00:14:49.550 --> 00:14:50.800 align:start position:0% you'll see the people who did exit they'd<00:14:49.699> get<00:14:49.850> their<00:14:50.029> money<00:14:50.180> back<00:14:50.390> that's<00:14:50.600> great 00:14:50.800 --> 00:14:50.810 align:start position:0% they'd get their money back that's great 00:14:50.810 --> 00:14:53.920 align:start position:0% they'd get their money back that's great but<00:14:51.290> the<00:14:51.410> people<00:14:51.709> who<00:14:51.829> didn't<00:14:52.190> exit<00:14:52.610> time<00:14:53.209> jump 00:14:53.920 --> 00:14:53.930 align:start position:0% but the people who didn't exit time jump 00:14:53.930 --> 00:14:56.650 align:start position:0% but the people who didn't exit time jump boom<00:14:54.500> it<00:14:54.860> would<00:14:55.010> explode<00:14:55.490> and<00:14:55.820> all<00:14:56.000> the<00:14:56.449> money 00:14:56.650 --> 00:14:56.660 align:start position:0% boom it would explode and all the money 00:14:56.660 --> 00:14:59.290 align:start position:0% boom it would explode and all the money would<00:14:56.870> be<00:14:56.930> sent<00:14:57.410> directly<00:14:57.890> to<00:14:58.010> the<00:14:58.850> you<00:14:59.180> know 00:14:59.290 --> 00:14:59.300 align:start position:0% would be sent directly to the you know 00:14:59.300 --> 00:15:02.170 align:start position:0% would be sent directly to the you know person<00:14:59.839> who<00:14:59.959> had<00:15:00.230> this<00:15:00.589> invalid<00:15:01.339> exit<00:15:01.760> right 00:15:02.170 --> 00:15:02.180 align:start position:0% person who had this invalid exit right 00:15:02.180 --> 00:15:04.750 align:start position:0% person who had this invalid exit right so<00:15:02.360> this<00:15:02.600> is<00:15:02.890> extremely<00:15:03.890> bad<00:15:04.100> if<00:15:04.399> you're<00:15:04.550> like 00:15:04.750 --> 00:15:04.760 align:start position:0% so this is extremely bad if you're like 00:15:04.760 --> 00:15:06.639 align:start position:0% so this is extremely bad if you're like asleep<00:15:05.149> for<00:15:05.360> a<00:15:05.390> little<00:15:05.630> bit<00:15:05.750> then<00:15:06.170> you<00:15:06.320> lose 00:15:06.639 --> 00:15:06.649 align:start position:0% asleep for a little bit then you lose 00:15:06.649 --> 00:15:08.710 align:start position:0% asleep for a little bit then you lose all<00:15:06.829> your<00:15:06.860> money<00:15:07.010> with<00:15:07.730> you<00:15:08.029> know<00:15:08.149> very<00:15:08.570> very 00:15:08.710 --> 00:15:08.720 align:start position:0% all your money with you know very very 00:15:08.720 --> 00:15:10.600 align:start position:0% all your money with you know very very little<00:15:08.990> recourse<00:15:09.529> it's<00:15:09.769> very<00:15:09.890> easy<00:15:10.160> for<00:15:10.310> the 00:15:10.600 --> 00:15:10.610 align:start position:0% little recourse it's very easy for the 00:15:10.610 --> 00:15:12.460 align:start position:0% little recourse it's very easy for the plasma<00:15:10.910> operator<00:15:11.209> to<00:15:11.329> just<00:15:11.570> you<00:15:12.050> know<00:15:12.079> go<00:15:12.350> away 00:15:12.460 --> 00:15:12.470 align:start position:0% plasma operator to just you know go away 00:15:12.470 --> 00:15:14.980 align:start position:0% plasma operator to just you know go away and<00:15:12.740> take<00:15:12.949> a<00:15:13.010> whole<00:15:13.519> lot<00:15:13.850> of<00:15:13.880> money<00:15:14.029> now<00:15:14.660> it 00:15:14.980 --> 00:15:14.990 align:start position:0% and take a whole lot of money now it 00:15:14.990 --> 00:15:17.019 align:start position:0% and take a whole lot of money now it gets<00:15:15.230> even<00:15:15.470> worse<00:15:15.500> we're<00:15:16.459> talking<00:15:16.820> about<00:15:16.910> a 00:15:17.019 --> 00:15:17.029 align:start position:0% gets even worse we're talking about a 00:15:17.029 --> 00:15:19.569 align:start position:0% gets even worse we're talking about a massive<00:15:17.720> plasma<00:15:18.110> chain<00:15:18.320> or<00:15:18.470> a<00:15:18.500> couple<00:15:18.890> massive 00:15:19.569 --> 00:15:19.579 align:start position:0% massive plasma chain or a couple massive 00:15:19.579 --> 00:15:22.060 align:start position:0% massive plasma chain or a couple massive plasma<00:15:19.970> chains<00:15:20.209> so<00:15:20.600> like<00:15:21.079> in<00:15:21.260> that<00:15:21.589> case<00:15:21.649> we 00:15:22.060 --> 00:15:22.070 align:start position:0% plasma chains so like in that case we 00:15:22.070 --> 00:15:24.400 align:start position:0% plasma chains so like in that case we have<00:15:22.220> a<00:15:22.250> huge<00:15:22.760> number<00:15:23.000> of<00:15:23.180> users<00:15:23.329> and<00:15:23.839> if<00:15:24.290> a 00:15:24.400 --> 00:15:24.410 align:start position:0% have a huge number of users and if a 00:15:24.410 --> 00:15:26.290 align:start position:0% have a huge number of users and if a huge<00:15:24.770> number<00:15:24.920> of<00:15:25.069> users<00:15:25.430> are<00:15:25.610> all<00:15:25.790> trying<00:15:26.240> to 00:15:26.290 --> 00:15:26.300 align:start position:0% huge number of users are all trying to 00:15:26.300 --> 00:15:28.690 align:start position:0% huge number of users are all trying to submit<00:15:26.540> exits<00:15:27.140> within<00:15:27.620> seven<00:15:27.949> weeks 00:15:28.690 --> 00:15:28.700 align:start position:0% submit exits within seven weeks 00:15:28.700 --> 00:15:30.850 align:start position:0% submit exits within seven weeks seven<00:15:29.210> days<00:15:29.390> maybe<00:15:29.810> that's<00:15:30.140> not<00:15:30.380> enough<00:15:30.650> time 00:15:30.850 --> 00:15:30.860 align:start position:0% seven days maybe that's not enough time 00:15:30.860 --> 00:15:32.650 align:start position:0% seven days maybe that's not enough time for<00:15:31.130> all<00:15:31.250> of<00:15:31.280> them<00:15:31.490> to<00:15:31.610> be<00:15:31.730> processed<00:15:32.210> and<00:15:32.330> so 00:15:32.650 --> 00:15:32.660 align:start position:0% for all of them to be processed and so 00:15:32.660 --> 00:15:34.270 align:start position:0% for all of them to be processed and so you<00:15:32.960> know<00:15:33.050> if<00:15:33.230> you<00:15:33.350> thought<00:15:33.560> crypto<00:15:33.950> Kitty's 00:15:34.270 --> 00:15:34.280 align:start position:0% you know if you thought crypto Kitty's 00:15:34.280 --> 00:15:36.730 align:start position:0% you know if you thought crypto Kitty's clogged<00:15:34.760> the<00:15:35.030> etherium<00:15:35.480> Network<00:15:35.780> my<00:15:36.080> goodness 00:15:36.730 --> 00:15:36.740 align:start position:0% clogged the etherium Network my goodness 00:15:36.740 --> 00:15:39.280 align:start position:0% clogged the etherium Network my goodness this<00:15:37.430> would<00:15:37.610> be<00:15:37.760> a<00:15:37.970> nightmare<00:15:38.690> this<00:15:38.960> is<00:15:39.020> just 00:15:39.280 --> 00:15:39.290 align:start position:0% this would be a nightmare this is just 00:15:39.290 --> 00:15:40.960 align:start position:0% this would be a nightmare this is just it<00:15:39.440> just<00:15:39.650> like<00:15:39.800> breaks<00:15:40.130> the<00:15:40.340> whole<00:15:40.520> system<00:15:40.850> you 00:15:40.960 --> 00:15:40.970 align:start position:0% it just like breaks the whole system you 00:15:40.970 --> 00:15:43.060 align:start position:0% it just like breaks the whole system you literally<00:15:41.300> can't<00:15:41.720> scale<00:15:41.990> up<00:15:42.230> to<00:15:42.440> this<00:15:42.860> point 00:15:43.060 --> 00:15:43.070 align:start position:0% literally can't scale up to this point 00:15:43.070 --> 00:15:44.890 align:start position:0% literally can't scale up to this point so<00:15:43.190> it's<00:15:43.400> you<00:15:43.550> know<00:15:43.670> it's<00:15:44.180> gone<00:15:44.390> supernova 00:15:44.890 --> 00:15:44.900 align:start position:0% so it's you know it's gone supernova 00:15:44.900 --> 00:15:46.450 align:start position:0% so it's you know it's gone supernova game<00:15:45.890> over 00:15:46.450 --> 00:15:46.460 align:start position:0% game over 00:15:46.460 --> 00:15:49.090 align:start position:0% game over let's<00:15:46.850> try<00:15:47.060> again<00:15:47.540> so<00:15:47.840> no<00:15:48.560> trustless<00:15:48.890> like 00:15:49.090 --> 00:15:49.100 align:start position:0% let's try again so no trustless like 00:15:49.100 --> 00:15:50.500 align:start position:0% let's try again so no trustless like line<00:15:49.310> this<00:15:49.520> isn't<00:15:49.850> you<00:15:50.150> know<00:15:50.180> another 00:15:50.500 --> 00:15:50.510 align:start position:0% line this isn't you know another 00:15:50.510 --> 00:15:53.410 align:start position:0% line this isn't you know another important<00:15:51.110> piece<00:15:51.290> we<00:15:52.280> remember<00:15:52.910> had<00:15:53.180> this 00:15:53.410 --> 00:15:53.420 align:start position:0% important piece we remember had this 00:15:53.420 --> 00:15:55.150 align:start position:0% important piece we remember had this this<00:15:53.810> because<00:15:54.350> this<00:15:54.530> ticking<00:15:54.890> time-bomb 00:15:55.150 --> 00:15:55.160 align:start position:0% this because this ticking time-bomb 00:15:55.160 --> 00:15:58.570 align:start position:0% this because this ticking time-bomb exists<00:15:56.000> we<00:15:56.570> need<00:15:56.810> to<00:15:57.290> check<00:15:57.710> every<00:15:58.130> user<00:15:58.310> needs 00:15:58.570 --> 00:15:58.580 align:start position:0% exists we need to check every user needs 00:15:58.580 --> 00:16:00.760 align:start position:0% exists we need to check every user needs to<00:15:58.700> check<00:15:58.970> that<00:15:59.240> there<00:15:59.780> isn't<00:15:59.960> an<00:16:00.350> invalid 00:16:00.760 --> 00:16:00.770 align:start position:0% to check that there isn't an invalid 00:16:00.770 --> 00:16:02.470 align:start position:0% to check that there isn't an invalid transaction<00:16:01.250> included<00:16:01.640> in<00:16:01.730> our<00:16:01.850> block<00:16:02.090> which 00:16:02.470 --> 00:16:02.480 align:start position:0% transaction included in our block which 00:16:02.480 --> 00:16:03.790 align:start position:0% transaction included in our block which means<00:16:02.690> they<00:16:02.810> need<00:16:02.840> to<00:16:03.080> download<00:16:03.320> and<00:16:03.680> process 00:16:03.790 --> 00:16:03.800 align:start position:0% means they need to download and process 00:16:03.800 --> 00:16:05.890 align:start position:0% means they need to download and process every<00:16:04.430> single<00:16:04.640> transaction<00:16:05.150> looking<00:16:05.720> for 00:16:05.890 --> 00:16:05.900 align:start position:0% every single transaction looking for 00:16:05.900 --> 00:16:08.920 align:start position:0% every single transaction looking for that<00:16:06.050> single<00:16:06.430> invalid<00:16:07.430> transaction<00:16:08.210> this<00:16:08.690> is 00:16:08.920 --> 00:16:08.930 align:start position:0% that single invalid transaction this is 00:16:08.930 --> 00:16:11.470 align:start position:0% that single invalid transaction this is a<00:16:08.960> serious<00:16:09.590> problem<00:16:09.830> because<00:16:10.820> you<00:16:11.180> know<00:16:11.270> for 00:16:11.470 --> 00:16:11.480 align:start position:0% a serious problem because you know for 00:16:11.480 --> 00:16:13.450 align:start position:0% a serious problem because you know for it's<00:16:11.870> great<00:16:12.080> that<00:16:12.290> they<00:16:12.410> can<00:16:12.590> exit<00:16:13.010> but<00:16:13.340> the 00:16:13.450 --> 00:16:13.460 align:start position:0% it's great that they can exit but the 00:16:13.460 --> 00:16:15.220 align:start position:0% it's great that they can exit but the thing<00:16:13.640> is<00:16:13.670> that<00:16:13.790> downloading<00:16:14.690> and<00:16:14.810> processing 00:16:15.220 --> 00:16:15.230 align:start position:0% thing is that downloading and processing 00:16:15.230 --> 00:16:16.780 align:start position:0% thing is that downloading and processing every<00:16:15.500> single<00:16:15.800> block<00:16:15.950> if<00:16:16.130> those<00:16:16.280> blocks<00:16:16.550> get 00:16:16.780 --> 00:16:16.790 align:start position:0% every single block if those blocks get 00:16:16.790 --> 00:16:19.210 align:start position:0% every single block if those blocks get really<00:16:17.030> big<00:16:17.210> creates<00:16:17.870> a<00:16:17.990> huge<00:16:18.410> bottleneck<00:16:18.860> and 00:16:19.210 --> 00:16:19.220 align:start position:0% really big creates a huge bottleneck and 00:16:19.220 --> 00:16:20.920 align:start position:0% really big creates a huge bottleneck and so<00:16:19.340> instead<00:16:19.760> of<00:16:19.880> getting<00:16:20.150> you<00:16:20.240> know<00:16:20.270> tons<00:16:20.780> of 00:16:20.920 --> 00:16:20.930 align:start position:0% so instead of getting you know tons of 00:16:20.930 --> 00:16:22.420 align:start position:0% so instead of getting you know tons of transactions<00:16:21.440> per<00:16:21.560> second<00:16:21.920> we<00:16:22.220> have<00:16:22.340> to 00:16:22.420 --> 00:16:22.430 align:start position:0% transactions per second we have to 00:16:22.430 --> 00:16:24.190 align:start position:0% transactions per second we have to download<00:16:22.580> everything<00:16:23.180> and<00:16:23.570> so<00:16:23.900> that<00:16:24.020> means 00:16:24.190 --> 00:16:24.200 align:start position:0% download everything and so that means 00:16:24.200 --> 00:16:25.030 align:start position:0% download everything and so that means like<00:16:24.320> you<00:16:24.470> know<00:16:24.590> maybe<00:16:24.800> a<00:16:24.890> hundred 00:16:25.030 --> 00:16:25.040 align:start position:0% like you know maybe a hundred 00:16:25.040 --> 00:16:26.740 align:start position:0% like you know maybe a hundred transactions<00:16:25.730> per<00:16:25.880> second<00:16:26.090> maybe<00:16:26.210> a<00:16:26.300> thousand 00:16:26.740 --> 00:16:26.750 align:start position:0% transactions per second maybe a thousand 00:16:26.750 --> 00:16:28.660 align:start position:0% transactions per second maybe a thousand transactions<00:16:27.260> per<00:16:27.470> second<00:16:27.740> but<00:16:27.830> like<00:16:28.250> it's 00:16:28.660 --> 00:16:28.670 align:start position:0% transactions per second but like it's 00:16:28.670 --> 00:16:31.660 align:start position:0% transactions per second but like it's very<00:16:28.940> limited<00:16:29.420> by<00:16:29.600> the<00:16:29.660> client<00:16:30.400> ability<00:16:31.400> to 00:16:31.660 --> 00:16:31.670 align:start position:0% very limited by the client ability to 00:16:31.670 --> 00:16:33.670 align:start position:0% very limited by the client ability to download<00:16:31.940> the<00:16:32.600> transactions<00:16:33.230> so<00:16:33.350> that's<00:16:33.500> not 00:16:33.670 --> 00:16:33.680 align:start position:0% download the transactions so that's not 00:16:33.680 --> 00:16:37.060 align:start position:0% download the transactions so that's not good<00:16:34.300> next<00:16:35.300> more<00:16:36.050> viable<00:16:36.290> plasma<00:16:36.860> you<00:16:36.980> know 00:16:37.060 --> 00:16:37.070 align:start position:0% good next more viable plasma you know 00:16:37.070 --> 00:16:39.040 align:start position:0% good next more viable plasma you know Kelvin<00:16:37.520> created<00:16:38.000> and<00:16:38.120> Kevin<00:16:38.540> and<00:16:38.630> Ben<00:16:38.780> Jones 00:16:39.040 --> 00:16:39.050 align:start position:0% Kelvin created and Kevin and Ben Jones 00:16:39.050 --> 00:16:42.220 align:start position:0% Kelvin created and Kevin and Ben Jones actually<00:16:39.620> created<00:16:39.980> this<00:16:40.100> this<00:16:40.780> spec<00:16:41.780> that 00:16:42.220 --> 00:16:42.230 align:start position:0% actually created this this spec that 00:16:42.230 --> 00:16:45.040 align:start position:0% actually created this this spec that iterates<00:16:43.160> on<00:16:43.340> the<00:16:43.520> MVP<00:16:44.060> and<00:16:44.330> removes<00:16:44.900> those 00:16:45.040 --> 00:16:45.050 align:start position:0% iterates on the MVP and removes those 00:16:45.050 --> 00:16:46.570 align:start position:0% iterates on the MVP and removes those confirmation<00:16:45.680> signatures<00:16:46.100> think<00:16:46.430> goodness 00:16:46.570 --> 00:16:46.580 align:start position:0% confirmation signatures think goodness 00:16:46.580 --> 00:16:48.580 align:start position:0% confirmation signatures think goodness that<00:16:46.880> was<00:16:46.970> that<00:16:47.270> was<00:16:47.420> you<00:16:47.870> know<00:16:47.990> he<00:16:48.170> needed<00:16:48.380> to 00:16:48.580 --> 00:16:48.590 align:start position:0% that was that was you know he needed to 00:16:48.590 --> 00:16:50.980 align:start position:0% that was that was you know he needed to go<00:16:48.710> needed<00:16:49.160> to<00:16:49.280> go<00:16:49.400> but<00:16:49.820> then<00:16:50.090> there<00:16:50.600> was<00:16:50.720> also 00:16:50.980 --> 00:16:50.990 align:start position:0% go needed to go but then there was also 00:16:50.990 --> 00:16:53.980 align:start position:0% go needed to go but then there was also this<00:16:51.440> plasma<00:16:52.310> caches<00:16:52.820> plasma<00:16:53.270> ridiculousness 00:16:53.980 --> 00:16:53.990 align:start position:0% this plasma caches plasma ridiculousness 00:16:53.990 --> 00:16:55.870 align:start position:0% this plasma caches plasma ridiculousness pretty<00:16:54.320> silly<00:16:54.620> but<00:16:54.800> nonetheless 00:16:55.870 --> 00:16:55.880 align:start position:0% pretty silly but nonetheless 00:16:55.880 --> 00:16:57.760 align:start position:0% pretty silly but nonetheless plasma<00:16:56.360> cash<00:16:56.540> came<00:16:56.930> out<00:16:57.080> and<00:16:57.320> so<00:16:57.530> that 00:16:57.760 --> 00:16:57.770 align:start position:0% plasma cash came out and so that 00:16:57.770 --> 00:16:59.980 align:start position:0% plasma cash came out and so that actually<00:16:58.160> got<00:16:58.280> us<00:16:58.460> a<00:16:58.490> little<00:16:58.790> closer<00:16:59.150> I<00:16:59.300> would 00:16:59.980 --> 00:16:59.990 align:start position:0% actually got us a little closer I would 00:16:59.990 --> 00:17:02.200 align:start position:0% actually got us a little closer I would say<00:17:00.170> and<00:17:00.440> so<00:17:00.560> that<00:17:00.770> kind<00:17:00.980> of<00:17:01.090> mitigated<00:17:02.090> this 00:17:02.200 --> 00:17:02.210 align:start position:0% say and so that kind of mitigated this 00:17:02.210 --> 00:17:04.180 align:start position:0% say and so that kind of mitigated this max<00:17:02.450> mass<00:17:02.810> exit<00:17:03.200> volunteer<00:17:03.470> bility<00:17:03.770> and<00:17:03.950> it 00:17:04.180 --> 00:17:04.190 align:start position:0% max mass exit volunteer bility and it 00:17:04.190 --> 00:17:06.640 align:start position:0% max mass exit volunteer bility and it also<00:17:04.430> gave<00:17:04.790> us<00:17:04.820> a<00:17:05.120> trustless<00:17:05.750> light<00:17:06.050> client<00:17:06.500> so 00:17:06.640 --> 00:17:06.650 align:start position:0% also gave us a trustless light client so 00:17:06.650 --> 00:17:08.079 align:start position:0% also gave us a trustless light client so so<00:17:06.920> we'll<00:17:07.070> look<00:17:07.220> at<00:17:07.370> how<00:17:07.520> this<00:17:07.699> kind<00:17:07.880> of<00:17:08.030> works 00:17:08.079 --> 00:17:08.089 align:start position:0% so we'll look at how this kind of works 00:17:08.089 --> 00:17:10.720 align:start position:0% so we'll look at how this kind of works what<00:17:08.690> we<00:17:08.900> did<00:17:09.110> with<00:17:09.290> plasma<00:17:09.530> cash<00:17:09.949> is<00:17:10.190> we<00:17:10.550> said 00:17:10.720 --> 00:17:10.730 align:start position:0% what we did with plasma cash is we said 00:17:10.730 --> 00:17:12.340 align:start position:0% what we did with plasma cash is we said okay<00:17:10.970> each<00:17:11.209> transaction<00:17:11.720> is<00:17:12.050> going<00:17:12.260> to 00:17:12.340 --> 00:17:12.350 align:start position:0% okay each transaction is going to 00:17:12.350 --> 00:17:14.560 align:start position:0% okay each transaction is going to specify<00:17:12.890> an<00:17:12.949> index<00:17:13.220> in<00:17:13.610> a<00:17:13.699> Merkle<00:17:14.000> tree<00:17:14.209> which 00:17:14.560 --> 00:17:14.570 align:start position:0% specify an index in a Merkle tree which 00:17:14.570 --> 00:17:16.750 align:start position:0% specify an index in a Merkle tree which corresponds<00:17:15.170> to<00:17:15.230> a<00:17:15.350> unique<00:17:15.770> asset<00:17:16.010> at<00:17:16.430> that 00:17:16.750 --> 00:17:16.760 align:start position:0% corresponds to a unique asset at that 00:17:16.760 --> 00:17:19.060 align:start position:0% corresponds to a unique asset at that index<00:17:17.180> and<00:17:17.480> what<00:17:18.110> that<00:17:18.290> means<00:17:18.530> is<00:17:18.680> that<00:17:18.709> gives 00:17:19.060 --> 00:17:19.070 align:start position:0% index and what that means is that gives 00:17:19.070 --> 00:17:21.100 align:start position:0% index and what that means is that gives us<00:17:19.220> like<00:17:19.430> these<00:17:19.610> kind<00:17:19.820> of<00:17:19.880> you<00:17:20.209> know<00:17:20.329> single 00:17:21.100 --> 00:17:21.110 align:start position:0% us like these kind of you know single 00:17:21.110 --> 00:17:23.680 align:start position:0% us like these kind of you know single assets<00:17:21.709> at<00:17:21.890> every<00:17:22.220> single<00:17:22.459> leaf<00:17:23.000> node<00:17:23.240> of<00:17:23.449> this 00:17:23.680 --> 00:17:23.690 align:start position:0% assets at every single leaf node of this 00:17:23.690 --> 00:17:25.630 align:start position:0% assets at every single leaf node of this Merkle<00:17:24.020> tree<00:17:24.230> and<00:17:24.410> so<00:17:24.680> exits<00:17:25.190> will<00:17:25.339> specify 00:17:25.630 --> 00:17:25.640 align:start position:0% Merkle tree and so exits will specify 00:17:25.640 --> 00:17:27.760 align:start position:0% Merkle tree and so exits will specify the<00:17:26.000> particular<00:17:26.329> coins<00:17:27.020> that<00:17:27.260> you<00:17:27.320> are<00:17:27.500> trying 00:17:27.760 --> 00:17:27.770 align:start position:0% the particular coins that you are trying 00:17:27.770 --> 00:17:30.400 align:start position:0% the particular coins that you are trying to<00:17:27.920> exit<00:17:28.459> and<00:17:28.580> challenges<00:17:29.540> will<00:17:29.990> kind<00:17:30.350> of 00:17:30.400 --> 00:17:30.410 align:start position:0% to exit and challenges will kind of 00:17:30.410 --> 00:17:32.770 align:start position:0% to exit and challenges will kind of refute<00:17:30.950> that<00:17:31.160> particular<00:17:31.850> coin<00:17:32.300> in<00:17:32.570> that 00:17:32.770 --> 00:17:32.780 align:start position:0% refute that particular coin in that 00:17:32.780 --> 00:17:34.210 align:start position:0% refute that particular coin in that particular<00:17:33.080> index<00:17:33.620> in<00:17:33.740> that<00:17:33.800> particular 00:17:34.210 --> 00:17:34.220 align:start position:0% particular index in that particular 00:17:34.220 --> 00:17:35.950 align:start position:0% particular index in that particular Merkle<00:17:34.730> tree<00:17:34.910> particular<00:17:35.510> particular 00:17:35.950 --> 00:17:35.960 align:start position:0% Merkle tree particular particular 00:17:35.960 --> 00:17:39.460 align:start position:0% Merkle tree particular particular particular<00:17:36.440> and<00:17:36.710> so<00:17:37.100> we<00:17:37.610> have<00:17:37.850> multiple<00:17:38.720> this 00:17:39.460 --> 00:17:39.470 align:start position:0% particular and so we have multiple this 00:17:39.470 --> 00:17:41.350 align:start position:0% particular and so we have multiple this this<00:17:39.830> actual<00:17:40.310> information<00:17:40.610> I<00:17:40.970> won't<00:17:41.150> go<00:17:41.210> into 00:17:41.350 --> 00:17:41.360 align:start position:0% this actual information I won't go into 00:17:41.360 --> 00:17:42.430 align:start position:0% this actual information I won't go into details<00:17:41.780> gave 00:17:42.430 --> 00:17:42.440 align:start position:0% details gave 00:17:42.440 --> 00:17:45.639 align:start position:0% details gave us<00:17:42.559> enough<00:17:43.009> information<00:17:43.370> to<00:17:43.960> cancel<00:17:44.960> exits<00:17:45.529> if 00:17:45.639 --> 00:17:45.649 align:start position:0% us enough information to cancel exits if 00:17:45.649 --> 00:17:47.740 align:start position:0% us enough information to cancel exits if they're<00:17:45.950> invalid<00:17:46.490> instead<00:17:47.240> of<00:17:47.360> forcing 00:17:47.740 --> 00:17:47.750 align:start position:0% they're invalid instead of forcing 00:17:47.750 --> 00:17:50.230 align:start position:0% they're invalid instead of forcing everyone<00:17:48.350> else<00:17:48.529> to<00:17:48.740> exit<00:17:49.100> you<00:17:49.519> just<00:17:49.759> respond 00:17:50.230 --> 00:17:50.240 align:start position:0% everyone else to exit you just respond 00:17:50.240 --> 00:17:53.350 align:start position:0% everyone else to exit you just respond proving<00:17:51.019> to<00:17:51.200> that<00:17:51.350> that<00:17:51.649> a<00:17:51.679> plasma<00:17:52.669> contract 00:17:53.350 --> 00:17:53.360 align:start position:0% proving to that that a plasma contract 00:17:53.360 --> 00:17:55.149 align:start position:0% proving to that that a plasma contract that<00:17:53.720> the<00:17:53.960> exit<00:17:54.350> was<00:17:54.500> invalid<00:17:54.919> that<00:17:55.039> the 00:17:55.149 --> 00:17:55.159 align:start position:0% that the exit was invalid that the 00:17:55.159 --> 00:17:57.129 align:start position:0% that the exit was invalid that the transaction<00:17:55.759> was<00:17:55.850> invalid<00:17:56.299> and<00:17:56.389> we<00:17:56.600> cancelled 00:17:57.129 --> 00:17:57.139 align:start position:0% transaction was invalid and we cancelled 00:17:57.139 --> 00:17:59.110 align:start position:0% transaction was invalid and we cancelled the<00:17:57.200> exit<00:17:57.529> in<00:17:57.620> the<00:17:57.710> first<00:17:57.919> place<00:17:58.129> so<00:17:58.549> this 00:17:59.110 --> 00:17:59.120 align:start position:0% the exit in the first place so this 00:17:59.120 --> 00:18:01.149 align:start position:0% the exit in the first place so this meant<00:17:59.419> that<00:17:59.509> not<00:17:59.899> everyone<00:18:00.350> needed<00:18:00.590> to<00:18:00.860> submit 00:18:01.149 --> 00:18:01.159 align:start position:0% meant that not everyone needed to submit 00:18:01.159 --> 00:18:04.539 align:start position:0% meant that not everyone needed to submit a<00:18:01.360> exit<00:18:02.360> before<00:18:02.779> that<00:18:02.990> time<00:18:03.259> limit<00:18:03.440> one<00:18:04.070> person 00:18:04.539 --> 00:18:04.549 align:start position:0% a exit before that time limit one person 00:18:04.549 --> 00:18:07.060 align:start position:0% a exit before that time limit one person needed<00:18:04.820> to<00:18:04.940> submit<00:18:05.269> a<00:18:05.500> cancellation<00:18:06.500> of<00:18:06.679> that 00:18:07.060 --> 00:18:07.070 align:start position:0% needed to submit a cancellation of that 00:18:07.070 --> 00:18:09.249 align:start position:0% needed to submit a cancellation of that invalid<00:18:07.639> exit<00:18:08.059> so<00:18:08.360> that's<00:18:08.570> pretty<00:18:08.809> cool<00:18:09.019> and 00:18:09.249 --> 00:18:09.259 align:start position:0% invalid exit so that's pretty cool and 00:18:09.259 --> 00:18:12.340 align:start position:0% invalid exit so that's pretty cool and by<00:18:09.679> the<00:18:09.740> way<00:18:09.919> you<00:18:10.759> know<00:18:10.850> a<00:18:10.990> deposit<00:18:11.990> is<00:18:12.110> burned 00:18:12.340 --> 00:18:12.350 align:start position:0% by the way you know a deposit is burned 00:18:12.350 --> 00:18:15.159 align:start position:0% by the way you know a deposit is burned to<00:18:12.529> kind<00:18:12.980> of<00:18:13.070> like<00:18:13.220> pay<00:18:13.610> for<00:18:14.059> this<00:18:14.269> this<00:18:14.690> the 00:18:15.159 --> 00:18:15.169 align:start position:0% to kind of like pay for this this the 00:18:15.169 --> 00:18:15.639 align:start position:0% to kind of like pay for this this the trouble 00:18:15.639 --> 00:18:15.649 align:start position:0% trouble 00:18:15.649 --> 00:18:18.490 align:start position:0% trouble so<00:18:15.889> no<00:18:16.519> rust<00:18:16.759> to<00:18:16.909> exit<00:18:17.299> and<00:18:17.450> the<00:18:17.960> attack<00:18:18.230> failed 00:18:18.490 --> 00:18:18.500 align:start position:0% so no rust to exit and the attack failed 00:18:18.500 --> 00:18:20.529 align:start position:0% so no rust to exit and the attack failed thank<00:18:18.889> goodness<00:18:19.399> but<00:18:19.850> there<00:18:20.179> is<00:18:20.299> more 00:18:20.529 --> 00:18:20.539 align:start position:0% thank goodness but there is more 00:18:20.539 --> 00:18:22.749 align:start position:0% thank goodness but there is more thankfully<00:18:21.139> we<00:18:21.259> also<00:18:21.470> have<00:18:21.889> a<00:18:22.039> trustless 00:18:22.749 --> 00:18:22.759 align:start position:0% thankfully we also have a trustless 00:18:22.759 --> 00:18:24.399 align:start position:0% thankfully we also have a trustless light<00:18:23.120> client<00:18:23.600> this<00:18:23.750> is<00:18:23.899> actually<00:18:24.259> pretty 00:18:24.399 --> 00:18:24.409 align:start position:0% light client this is actually pretty 00:18:24.409 --> 00:18:26.710 align:start position:0% light client this is actually pretty cool<00:18:24.529> so<00:18:25.220> remember<00:18:25.610> that<00:18:25.639> the<00:18:25.879> reason<00:18:26.210> why<00:18:26.389> we 00:18:26.710 --> 00:18:26.720 align:start position:0% cool so remember that the reason why we 00:18:26.720 --> 00:18:28.659 align:start position:0% cool so remember that the reason why we had<00:18:26.899> to<00:18:27.019> download<00:18:27.409> everything<00:18:27.769> is<00:18:28.100> because<00:18:28.549> we 00:18:28.659 --> 00:18:28.669 align:start position:0% had to download everything is because we 00:18:28.669 --> 00:18:30.519 align:start position:0% had to download everything is because we didn't<00:18:29.000> know<00:18:29.149> where<00:18:29.450> in<00:18:29.720> the<00:18:29.840> block<00:18:30.080> that 00:18:30.519 --> 00:18:30.529 align:start position:0% didn't know where in the block that 00:18:30.529 --> 00:18:32.919 align:start position:0% didn't know where in the block that invalid<00:18:31.100> transaction<00:18:31.610> would<00:18:31.789> be<00:18:31.970> located<00:18:32.509> but 00:18:32.919 --> 00:18:32.929 align:start position:0% invalid transaction would be located but 00:18:32.929 --> 00:18:36.730 align:start position:0% invalid transaction would be located but because<00:18:33.440> we<00:18:33.679> have<00:18:33.919> a<00:18:33.950> particular<00:18:34.639> coin<00:18:35.480> ID<00:18:36.139> for 00:18:36.730 --> 00:18:36.740 align:start position:0% because we have a particular coin ID for 00:18:36.740 --> 00:18:38.440 align:start position:0% because we have a particular coin ID for every<00:18:37.039> coin<00:18:37.220> that<00:18:37.399> we<00:18:37.519> care<00:18:37.730> about<00:18:37.759> that<00:18:38.090> means 00:18:38.440 --> 00:18:38.450 align:start position:0% every coin that we care about that means 00:18:38.450 --> 00:18:40.149 align:start position:0% every coin that we care about that means that<00:18:38.629> if<00:18:38.750> Alice<00:18:39.169> owns<00:18:39.409> maybe<00:18:39.799> at<00:18:39.950> five 00:18:40.149 --> 00:18:40.159 align:start position:0% that if Alice owns maybe at five 00:18:40.159 --> 00:18:42.159 align:start position:0% that if Alice owns maybe at five different<00:18:40.399> coins<00:18:40.789> Alice<00:18:41.480> is<00:18:41.629> only<00:18:41.840> going<00:18:42.080> to 00:18:42.159 --> 00:18:42.169 align:start position:0% different coins Alice is only going to 00:18:42.169 --> 00:18:43.810 align:start position:0% different coins Alice is only going to download<00:18:42.440> five<00:18:42.860> different<00:18:43.129> Merkle<00:18:43.490> trees<00:18:43.669> or 00:18:43.810 --> 00:18:43.820 align:start position:0% download five different Merkle trees or 00:18:43.820 --> 00:18:45.610 align:start position:0% download five different Merkle trees or in<00:18:43.850> this<00:18:44.120> case<00:18:44.299> Alice<00:18:44.840> owns<00:18:45.019> you<00:18:45.200> know<00:18:45.289> one<00:18:45.500> or 00:18:45.610 --> 00:18:45.620 align:start position:0% in this case Alice owns you know one or 00:18:45.620 --> 00:18:49.049 align:start position:0% in this case Alice owns you know one or two<00:18:45.649> coins<00:18:46.039> and<00:18:46.389> they<00:18:47.389> only<00:18:47.929> need<00:18:48.200> to<00:18:48.230> download 00:18:49.049 --> 00:18:49.059 align:start position:0% two coins and they only need to download 00:18:49.059 --> 00:18:52.210 align:start position:0% two coins and they only need to download those<00:18:50.059> particular<00:18:50.720> trees<00:18:51.230> and<00:18:51.409> so<00:18:51.529> now<00:18:51.889> we<00:18:51.950> can 00:18:52.210 --> 00:18:52.220 align:start position:0% those particular trees and so now we can 00:18:52.220 --> 00:18:54.070 align:start position:0% those particular trees and so now we can scale<00:18:52.490> the<00:18:52.700> block<00:18:52.909> sizes<00:18:53.179> up<00:18:53.450> and<00:18:53.600> the<00:18:53.990> amount 00:18:54.070 --> 00:18:54.080 align:start position:0% scale the block sizes up and the amount 00:18:54.080 --> 00:18:56.259 align:start position:0% scale the block sizes up and the amount of<00:18:54.379> download<00:18:54.830> like<00:18:55.610> the<00:18:55.759> size<00:18:55.970> of<00:18:56.179> the 00:18:56.259 --> 00:18:56.269 align:start position:0% of download like the size of the 00:18:56.269 --> 00:18:58.539 align:start position:0% of download like the size of the download<00:18:56.629> scales<00:18:56.990> logarithmically<00:18:57.860> which 00:18:58.539 --> 00:18:58.549 align:start position:0% download scales logarithmically which 00:18:58.549 --> 00:19:00.549 align:start position:0% download scales logarithmically which basically<00:18:59.000> means<00:18:59.330> you<00:18:59.779> can<00:18:59.960> scale<00:19:00.080> it<00:19:00.379> you 00:19:00.549 --> 00:19:00.559 align:start position:0% basically means you can scale it you 00:19:00.559 --> 00:19:02.769 align:start position:0% basically means you can scale it you know<00:19:00.649> exponential<00:19:01.610> logarithmic<00:19:01.759> it's<00:19:02.690> an 00:19:02.769 --> 00:19:02.779 align:start position:0% know exponential logarithmic it's an 00:19:02.779 --> 00:19:05.289 align:start position:0% know exponential logarithmic it's an amazing<00:19:03.139> thing<00:19:03.350> Oh<00:19:03.470> looking<00:19:04.429> like<00:19:04.730> if<00:19:04.940> you 00:19:05.289 --> 00:19:05.299 align:start position:0% amazing thing Oh looking like if you 00:19:05.299 --> 00:19:07.450 align:start position:0% amazing thing Oh looking like if you don't<00:19:05.450> know<00:19:05.570> logarithmic<00:19:06.230> oh<00:19:06.440> god<00:19:07.100> I<00:19:07.129> love<00:19:07.220> it 00:19:07.450 --> 00:19:07.460 align:start position:0% don't know logarithmic oh god I love it 00:19:07.460 --> 00:19:11.080 align:start position:0% don't know logarithmic oh god I love it anyway<00:19:08.139> so<00:19:09.279> that<00:19:10.279> means<00:19:10.490> you<00:19:10.730> know<00:19:10.820> maybe<00:19:10.970> a 00:19:11.080 --> 00:19:11.090 align:start position:0% anyway so that means you know maybe a 00:19:11.090 --> 00:19:12.519 align:start position:0% anyway so that means you know maybe a thousand<00:19:11.539> transactions<00:19:12.049> per<00:19:12.200> second<00:19:12.440> or 00:19:12.519 --> 00:19:12.529 align:start position:0% thousand transactions per second or 00:19:12.529 --> 00:19:13.659 align:start position:0% thousand transactions per second or maybe<00:19:12.679> even<00:19:12.769> like<00:19:13.039> ten<00:19:13.279> thousand 00:19:13.659 --> 00:19:13.669 align:start position:0% maybe even like ten thousand 00:19:13.669 --> 00:19:15.220 align:start position:0% maybe even like ten thousand transactions<00:19:14.179> per<00:19:14.330> second<00:19:14.659> it's<00:19:14.809> you<00:19:15.139> know 00:19:15.220 --> 00:19:15.230 align:start position:0% transactions per second it's you know 00:19:15.230 --> 00:19:16.990 align:start position:0% transactions per second it's you know pretty<00:19:15.710> good<00:19:16.009> with<00:19:16.190> this<00:19:16.399> light<00:19:16.610> client 00:19:16.990 --> 00:19:17.000 align:start position:0% pretty good with this light client 00:19:17.000 --> 00:19:19.149 align:start position:0% pretty good with this light client however<00:19:17.240> unfortunately<00:19:18.080> we<00:19:18.799> introduced 00:19:19.149 --> 00:19:19.159 align:start position:0% however unfortunately we introduced 00:19:19.159 --> 00:19:21.070 align:start position:0% however unfortunately we introduced another<00:19:19.399> bottleneck<00:19:19.730> really<00:19:20.450> sad<00:19:20.659> we<00:19:20.870> have 00:19:21.070 --> 00:19:21.080 align:start position:0% another bottleneck really sad we have 00:19:21.080 --> 00:19:22.899 align:start position:0% another bottleneck really sad we have these<00:19:21.230> huge<00:19:21.500> transaction<00:19:22.279> history<00:19:22.399> proofs 00:19:22.899 --> 00:19:22.909 align:start position:0% these huge transaction history proofs 00:19:22.909 --> 00:19:25.149 align:start position:0% these huge transaction history proofs which<00:19:23.419> that<00:19:23.779> which<00:19:24.049> means<00:19:24.289> is<00:19:24.500> that<00:19:24.529> if<00:19:24.860> you're 00:19:25.149 --> 00:19:25.159 align:start position:0% which that which means is that if you're 00:19:25.159 --> 00:19:27.039 align:start position:0% which that which means is that if you're downloading<00:19:25.429> the<00:19:25.909> history<00:19:26.269> for<00:19:26.509> your<00:19:26.720> coin 00:19:27.039 --> 00:19:27.049 align:start position:0% downloading the history for your coin 00:19:27.049 --> 00:19:28.450 align:start position:0% downloading the history for your coin you<00:19:27.289> need<00:19:27.409> to<00:19:27.559> download<00:19:27.740> that<00:19:27.919> history<00:19:28.279> for 00:19:28.450 --> 00:19:28.460 align:start position:0% you need to download that history for 00:19:28.460 --> 00:19:30.519 align:start position:0% you need to download that history for every<00:19:28.850> single<00:19:29.149> block<00:19:29.360> that's<00:19:29.600> ever<00:19:29.809> published 00:19:30.519 --> 00:19:30.529 align:start position:0% every single block that's ever published 00:19:30.529 --> 00:19:32.710 align:start position:0% every single block that's ever published and<00:19:30.620> that<00:19:30.980> means<00:19:31.190> downloading<00:19:32.029> a<00:19:32.120> huge<00:19:32.450> amount 00:19:32.710 --> 00:19:32.720 align:start position:0% and that means downloading a huge amount 00:19:32.720 --> 00:19:34.180 align:start position:0% and that means downloading a huge amount of<00:19:32.809> information<00:19:33.049> and<00:19:33.500> so<00:19:33.830> with<00:19:33.980> like<00:19:34.159> a 00:19:34.180 --> 00:19:34.190 align:start position:0% of information and so with like a 00:19:34.190 --> 00:19:36.279 align:start position:0% of information and so with like a thousand<00:19:34.669> transactions<00:19:35.480> or<00:19:35.659> ten<00:19:35.779> thousand 00:19:36.279 --> 00:19:36.289 align:start position:0% thousand transactions or ten thousand 00:19:36.289 --> 00:19:37.720 align:start position:0% thousand transactions or ten thousand transactions<00:19:36.830> per<00:19:36.980> second<00:19:37.309> they<00:19:37.519> could<00:19:37.669> be 00:19:37.720 --> 00:19:37.730 align:start position:0% transactions per second they could be 00:19:37.730 --> 00:19:39.700 align:start position:0% transactions per second they could be like<00:19:37.909> a<00:19:38.059> gigabyte<00:19:38.690> of<00:19:38.720> history<00:19:39.139> per<00:19:39.440> coin 00:19:39.700 --> 00:19:39.710 align:start position:0% like a gigabyte of history per coin 00:19:39.710 --> 00:19:41.710 align:start position:0% like a gigabyte of history per coin which<00:19:40.190> is<00:19:40.220> crazy<00:19:40.759> like<00:19:41.210> it<00:19:41.330> literally<00:19:41.690> just 00:19:41.710 --> 00:19:41.720 align:start position:0% which is crazy like it literally just 00:19:41.720 --> 00:19:43.060 align:start position:0% which is crazy like it literally just doesn't<00:19:42.139> make<00:19:42.200> sense<00:19:42.259> once<00:19:42.649> again<00:19:42.830> it<00:19:42.950> like 00:19:43.060 --> 00:19:43.070 align:start position:0% doesn't make sense once again it like 00:19:43.070 --> 00:19:45.100 align:start position:0% doesn't make sense once again it like breaks<00:19:43.429> the<00:19:43.669> whole<00:19:43.820> thing<00:19:44.120> it's<00:19:44.509> insane<00:19:44.899> it's 00:19:45.100 --> 00:19:45.110 align:start position:0% breaks the whole thing it's insane it's 00:19:45.110 --> 00:19:47.889 align:start position:0% breaks the whole thing it's insane it's very<00:19:45.350> very<00:19:45.649> sad<00:19:45.860> so<00:19:46.370> that's<00:19:47.210> a<00:19:47.389> problem<00:19:47.600> the 00:19:47.889 --> 00:19:47.899 align:start position:0% very very sad so that's a problem the 00:19:47.899 --> 00:19:50.560 align:start position:0% very very sad so that's a problem the other<00:19:47.929> issue<00:19:48.379> is<00:19:48.559> that<00:19:48.740> we<00:19:49.100> now<00:19:49.340> have<00:19:49.610> you<00:19:50.450> know 00:19:50.560 --> 00:19:50.570 align:start position:0% other issue is that we now have you know 00:19:50.570 --> 00:19:52.570 align:start position:0% other issue is that we now have you know this<00:19:50.779> is<00:19:50.929> no<00:19:51.169> there's<00:19:51.529> no<00:19:51.679> fungible<00:19:52.159> tokens 00:19:52.570 --> 00:19:52.580 align:start position:0% this is no there's no fungible tokens 00:19:52.580 --> 00:19:54.340 align:start position:0% this is no there's no fungible tokens support<00:19:52.879> no<00:19:53.000> good<00:19:53.269> fungible<00:19:53.720> tokens<00:19:54.049> support 00:19:54.340 --> 00:19:54.350 align:start position:0% support no good fungible tokens support 00:19:54.350 --> 00:19:55.420 align:start position:0% support no good fungible tokens support so<00:19:54.470> the<00:19:54.590> idea<00:19:54.919> here 00:19:55.420 --> 00:19:55.430 align:start position:0% so the idea here 00:19:55.430 --> 00:19:58.660 align:start position:0% so the idea here was<00:19:55.670> okay<00:19:56.060> every<00:19:56.810> single<00:19:57.170> coin<00:19:57.440> has<00:19:58.070> every 00:19:58.660 --> 00:19:58.670 align:start position:0% was okay every single coin has every 00:19:58.670 --> 00:20:00.070 align:start position:0% was okay every single coin has every single<00:19:58.790> index<00:19:59.240> has<00:19:59.420> a<00:19:59.450> different<00:19:59.870> unique 00:20:00.070 --> 00:20:00.080 align:start position:0% single index has a different unique 00:20:00.080 --> 00:20:01.690 align:start position:0% single index has a different unique asset<00:20:00.590> and<00:20:00.770> so<00:20:01.010> maybe<00:20:01.190> you<00:20:01.310> have<00:20:01.340> a<00:20:01.460> few 00:20:01.690 --> 00:20:01.700 align:start position:0% asset and so maybe you have a few 00:20:01.700 --> 00:20:03.490 align:start position:0% asset and so maybe you have a few dollars<00:20:01.940> in<00:20:02.390> some<00:20:02.600> of<00:20:02.690> the<00:20:02.780> indices<00:20:03.140> and<00:20:03.350> maybe 00:20:03.490 --> 00:20:03.500 align:start position:0% dollars in some of the indices and maybe 00:20:03.500 --> 00:20:05.200 align:start position:0% dollars in some of the indices and maybe you<00:20:03.560> have<00:20:03.650> a<00:20:03.710> $5<00:20:04.280> bill<00:20:04.520> you<00:20:04.880> know<00:20:04.970> another 00:20:05.200 --> 00:20:05.210 align:start position:0% you have a $5 bill you know another 00:20:05.210 --> 00:20:06.730 align:start position:0% you have a $5 bill you know another maybe<00:20:05.510> a<00:20:05.630> hundred<00:20:05.840> dollar<00:20:06.110> bill<00:20:06.200> so<00:20:06.590> if<00:20:06.680> you 00:20:06.730 --> 00:20:06.740 align:start position:0% maybe a hundred dollar bill so if you 00:20:06.740 --> 00:20:07.660 align:start position:0% maybe a hundred dollar bill so if you want<00:20:06.890> to<00:20:06.950> send<00:20:07.100> one<00:20:07.190> hundred<00:20:07.400> and<00:20:07.460> six<00:20:07.640> dollars 00:20:07.660 --> 00:20:07.670 align:start position:0% want to send one hundred and six dollars 00:20:07.670 --> 00:20:09.850 align:start position:0% want to send one hundred and six dollars you<00:20:07.970> have<00:20:08.090> to<00:20:08.180> send<00:20:08.390> three<00:20:08.660> transactions<00:20:09.350> with 00:20:09.850 --> 00:20:09.860 align:start position:0% you have to send three transactions with 00:20:09.860 --> 00:20:12.730 align:start position:0% you have to send three transactions with you<00:20:10.220> know<00:20:10.310> five<00:20:11.030> and<00:20:11.330> a<00:20:11.420> one<00:20:11.690> and<00:20:11.720> a<00:20:12.050> hundred 00:20:12.730 --> 00:20:12.740 align:start position:0% you know five and a one and a hundred 00:20:12.740 --> 00:20:14.830 align:start position:0% you know five and a one and a hundred this<00:20:13.040> is<00:20:13.220> like<00:20:13.340> a<00:20:13.370> usability<00:20:14.090> nightmare<00:20:14.660> to<00:20:14.810> be 00:20:14.830 --> 00:20:14.840 align:start position:0% this is like a usability nightmare to be 00:20:14.840 --> 00:20:16.990 align:start position:0% this is like a usability nightmare to be quite<00:20:15.200> honest<00:20:15.590> and<00:20:15.800> just<00:20:16.220> doesn't<00:20:16.430> work<00:20:16.640> once 00:20:16.990 --> 00:20:17.000 align:start position:0% quite honest and just doesn't work once 00:20:17.000 --> 00:20:19.030 align:start position:0% quite honest and just doesn't work once again<00:20:17.120> for<00:20:17.870> you<00:20:18.050> know<00:20:18.080> wallet<00:20:18.470> software<00:20:18.890> it's 00:20:19.030 --> 00:20:19.040 align:start position:0% again for you know wallet software it's 00:20:19.040 --> 00:20:22.030 align:start position:0% again for you know wallet software it's like<00:20:19.220> pretty<00:20:19.940> pretty<00:20:20.270> bad<00:20:20.510> um<00:20:20.990> so<00:20:21.410> yet<00:20:21.920> again 00:20:22.030 --> 00:20:22.040 align:start position:0% like pretty pretty bad um so yet again 00:20:22.040 --> 00:20:24.880 align:start position:0% like pretty pretty bad um so yet again another<00:20:22.730> issue<00:20:23.030> another<00:20:23.450> big<00:20:23.930> you<00:20:24.410> know<00:20:24.500> leap 00:20:24.880 --> 00:20:24.890 align:start position:0% another issue another big you know leap 00:20:24.890 --> 00:20:27.430 align:start position:0% another issue another big you know leap that<00:20:25.160> we<00:20:25.310> have<00:20:25.460> to<00:20:25.610> hurdle<00:20:25.820> like<00:20:26.390> this<00:20:26.780> we're 00:20:27.430 --> 00:20:27.440 align:start position:0% that we have to hurdle like this we're 00:20:27.440 --> 00:20:28.870 align:start position:0% that we have to hurdle like this we're getting<00:20:27.650> closer<00:20:27.920> but<00:20:28.250> we're<00:20:28.460> still<00:20:28.670> not<00:20:28.850> there 00:20:28.870 --> 00:20:28.880 align:start position:0% getting closer but we're still not there 00:20:28.880 --> 00:20:31.630 align:start position:0% getting closer but we're still not there so<00:20:29.360> plasma<00:20:29.930> debit<00:20:30.410> came<00:20:30.560> along<00:20:30.830> dan<00:20:31.070> Robinson 00:20:31.630 --> 00:20:31.640 align:start position:0% so plasma debit came along dan Robinson 00:20:31.640 --> 00:20:34.270 align:start position:0% so plasma debit came along dan Robinson super<00:20:32.480> super<00:20:32.750> awesome<00:20:33.170> kind<00:20:33.860> of<00:20:33.920> addressed 00:20:34.270 --> 00:20:34.280 align:start position:0% super super awesome kind of addressed 00:20:34.280 --> 00:20:35.980 align:start position:0% super super awesome kind of addressed this<00:20:34.430> no<00:20:34.640> fungible<00:20:35.090> tokens<00:20:35.510> issue<00:20:35.690> with 00:20:35.980 --> 00:20:35.990 align:start position:0% this no fungible tokens issue with 00:20:35.990 --> 00:20:38.290 align:start position:0% this no fungible tokens issue with combining<00:20:36.800> state<00:20:37.040> channels<00:20:37.460> and<00:20:37.670> plasma<00:20:38.090> and 00:20:38.290 --> 00:20:38.300 align:start position:0% combining state channels and plasma and 00:20:38.300 --> 00:20:40.270 align:start position:0% combining state channels and plasma and that<00:20:38.690> you<00:20:38.960> know<00:20:39.050> that<00:20:39.260> got<00:20:39.500> us<00:20:39.620> a<00:20:39.740> long<00:20:39.950> way<00:20:39.980> you 00:20:40.270 --> 00:20:40.280 align:start position:0% that you know that got us a long way you 00:20:40.280 --> 00:20:41.710 align:start position:0% that you know that got us a long way you know<00:20:40.580> that<00:20:40.730> got<00:20:40.880> us<00:20:41.000> significantly<00:20:41.210> further 00:20:41.710 --> 00:20:41.720 align:start position:0% know that got us significantly further 00:20:41.720 --> 00:20:43.240 align:start position:0% know that got us significantly further it<00:20:41.930> also<00:20:42.080> helped<00:20:42.500> with<00:20:42.560> the<00:20:42.740> transaction 00:20:43.240 --> 00:20:43.250 align:start position:0% it also helped with the transaction 00:20:43.250 --> 00:20:44.980 align:start position:0% it also helped with the transaction history<00:20:43.340> proofs<00:20:43.760> so<00:20:44.090> this<00:20:44.270> was<00:20:44.480> this<00:20:44.780> was 00:20:44.980 --> 00:20:44.990 align:start position:0% history proofs so this was this was 00:20:44.990 --> 00:20:46.990 align:start position:0% history proofs so this was this was along<00:20:45.260> the<00:20:45.530> you<00:20:45.740> know<00:20:45.860> the<00:20:46.040> right<00:20:46.280> the<00:20:46.760> right 00:20:46.990 --> 00:20:47.000 align:start position:0% along the you know the right the right 00:20:47.000 --> 00:20:49.420 align:start position:0% along the you know the right the right you<00:20:47.630> know<00:20:47.660> the<00:20:47.780> right<00:20:48.200> path<00:20:48.620> it<00:20:48.980> was<00:20:49.100> it<00:20:49.310> was 00:20:49.420 --> 00:20:49.430 align:start position:0% you know the right path it was it was 00:20:49.430 --> 00:20:51.460 align:start position:0% you know the right path it was it was getting<00:20:49.580> there<00:20:49.850> but<00:20:50.210> then<00:20:50.450> you<00:20:50.690> know<00:20:50.990> a<00:20:51.020> couple 00:20:51.460 --> 00:20:51.470 align:start position:0% getting there but then you know a couple 00:20:51.470 --> 00:20:54.610 align:start position:0% getting there but then you know a couple posts<00:20:52.040> by<00:20:52.160> Vitalik<00:20:52.790> and<00:20:52.970> you<00:20:53.720> know<00:20:53.840> seventeen 00:20:54.610 --> 00:20:54.620 align:start position:0% posts by Vitalik and you know seventeen 00:20:54.620 --> 00:20:56.890 align:start position:0% posts by Vitalik and you know seventeen plasma<00:20:55.190> implementers<00:20:55.730> calls<00:20:56.030> later<00:20:56.330> my<00:20:56.600> god 00:20:56.890 --> 00:20:56.900 align:start position:0% plasma implementers calls later my god 00:20:56.900 --> 00:21:00.880 align:start position:0% plasma implementers calls later my god these<00:20:57.200> have<00:20:57.380> been<00:20:57.500> crazy<00:20:58.010> and<00:20:59.590> yet<00:21:00.590> another 00:21:00.880 --> 00:21:00.890 align:start position:0% these have been crazy and yet another 00:21:00.890 --> 00:21:04.690 align:start position:0% these have been crazy and yet another plasma<00:21:01.220> thank<00:21:01.730> goodness<00:21:02.090> um<00:21:02.680> a<00:21:03.680> prime<00:21:04.100> this<00:21:04.490> is 00:21:04.690 --> 00:21:04.700 align:start position:0% plasma thank goodness um a prime this is 00:21:04.700 --> 00:21:07.990 align:start position:0% plasma thank goodness um a prime this is this<00:21:05.150> is<00:21:05.420> I<00:21:05.630> would<00:21:06.230> say<00:21:06.470> you<00:21:07.010> know<00:21:07.130> I<00:21:07.370> feel<00:21:07.670> I 00:21:07.990 --> 00:21:08.000 align:start position:0% this is I would say you know I feel I 00:21:08.000 --> 00:21:10.600 align:start position:0% this is I would say you know I feel I feel<00:21:08.240> like<00:21:08.690> we<00:21:08.840> have<00:21:08.930> finally<00:21:09.410> hit<00:21:09.680> the<00:21:09.920> peak 00:21:10.600 --> 00:21:10.610 align:start position:0% feel like we have finally hit the peak 00:21:10.610 --> 00:21:13.420 align:start position:0% feel like we have finally hit the peak of<00:21:10.910> a<00:21:11.270> mountain<00:21:11.300> and<00:21:11.900> it<00:21:12.320> is<00:21:12.470> very<00:21:12.980> nice<00:21:13.220> and 00:21:13.420 --> 00:21:13.430 align:start position:0% of a mountain and it is very nice and 00:21:13.430 --> 00:21:15.640 align:start position:0% of a mountain and it is very nice and some<00:21:13.610> Sun<00:21:13.880> is<00:21:14.090> coming<00:21:14.330> up<00:21:14.600> I<00:21:14.750> have<00:21:14.870> felt<00:21:15.140> to<00:21:15.500> be 00:21:15.640 --> 00:21:15.650 align:start position:0% some Sun is coming up I have felt to be 00:21:15.650 --> 00:21:17.440 align:start position:0% some Sun is coming up I have felt to be honest<00:21:16.010> like<00:21:16.160> all<00:21:16.340> of<00:21:16.610> these<00:21:16.760> you<00:21:17.060> know<00:21:17.180> all<00:21:17.210> of 00:21:17.440 --> 00:21:17.450 align:start position:0% honest like all of these you know all of 00:21:17.450 --> 00:21:19.210 align:start position:0% honest like all of these you know all of the<00:21:17.720> research<00:21:18.050> leading<00:21:18.590> up<00:21:18.710> to<00:21:18.890> now<00:21:18.980> there's 00:21:19.210 --> 00:21:19.220 align:start position:0% the research leading up to now there's 00:21:19.220 --> 00:21:20.200 align:start position:0% the research leading up to now there's always<00:21:19.430> been<00:21:19.760> like<00:21:19.970> that 00:21:20.200 --> 00:21:20.210 align:start position:0% always been like that 00:21:20.210 --> 00:21:22.690 align:start position:0% always been like that layering<00:21:20.720> issue<00:21:21.080> that<00:21:21.740> you<00:21:21.860> really<00:21:22.190> wanted<00:21:22.580> to 00:21:22.690 --> 00:21:22.700 align:start position:0% layering issue that you really wanted to 00:21:22.700 --> 00:21:25.780 align:start position:0% layering issue that you really wanted to solve<00:21:22.910> but<00:21:23.360> plasma<00:21:23.780> prime<00:21:24.050> who<00:21:24.560> it's<00:21:25.400> looking 00:21:25.780 --> 00:21:25.790 align:start position:0% solve but plasma prime who it's looking 00:21:25.790 --> 00:21:27.820 align:start position:0% solve but plasma prime who it's looking downhill<00:21:26.270> it's<00:21:26.570> looking<00:21:26.930> downhill<00:21:27.320> I'm<00:21:27.500> very 00:21:27.820 --> 00:21:27.830 align:start position:0% downhill it's looking downhill I'm very 00:21:27.830 --> 00:21:30.520 align:start position:0% downhill it's looking downhill I'm very excited<00:21:28.430> as<00:21:28.520> you<00:21:28.580> can<00:21:29.180> see<00:21:29.420> so<00:21:29.900> what<00:21:30.290> does<00:21:30.410> it 00:21:30.520 --> 00:21:30.530 align:start position:0% excited as you can see so what does it 00:21:30.530 --> 00:21:32.770 align:start position:0% excited as you can see so what does it do<00:21:30.650> well<00:21:30.920> it<00:21:31.100> addresses<00:21:31.550> this<00:21:32.060> no<00:21:32.300> fungible 00:21:32.770 --> 00:21:32.780 align:start position:0% do well it addresses this no fungible 00:21:32.780 --> 00:21:35.380 align:start position:0% do well it addresses this no fungible tokens<00:21:33.200> issue<00:21:33.410> with<00:21:34.100> just<00:21:34.520> replacing<00:21:35.180> all<00:21:35.330> of 00:21:35.380 --> 00:21:35.390 align:start position:0% tokens issue with just replacing all of 00:21:35.390 --> 00:21:37.630 align:start position:0% tokens issue with just replacing all of the<00:21:36.110> leaf<00:21:36.410> nodes<00:21:36.710> with<00:21:37.040> a<00:21:37.070> single 00:21:37.630 --> 00:21:37.640 align:start position:0% the leaf nodes with a single 00:21:37.640 --> 00:21:39.940 align:start position:0% the leaf nodes with a single denomination<00:21:38.210> and<00:21:38.540> instead<00:21:39.290> of<00:21:39.350> having<00:21:39.650> a 00:21:39.940 --> 00:21:39.950 align:start position:0% denomination and instead of having a 00:21:39.950 --> 00:21:41.890 align:start position:0% denomination and instead of having a single<00:21:40.190> like<00:21:40.550> a<00:21:40.580> small<00:21:40.910> Merkel<00:21:41.240> tree<00:21:41.390> of<00:21:41.540> a<00:21:41.660> you 00:21:41.890 --> 00:21:41.900 align:start position:0% single like a small Merkel tree of a you 00:21:41.900 --> 00:21:43.660 align:start position:0% single like a small Merkel tree of a you know<00:21:42.020> a<00:21:42.050> bunch<00:21:42.290> of<00:21:42.410> non<00:21:42.710> fungible<00:21:43.070> assets<00:21:43.400> we 00:21:43.660 --> 00:21:43.670 align:start position:0% know a bunch of non fungible assets we 00:21:43.670 --> 00:21:45.910 align:start position:0% know a bunch of non fungible assets we have<00:21:43.760> a<00:21:43.820> huge<00:21:44.240> Merkel<00:21:44.660> tree<00:21:44.870> and<00:21:45.110> our<00:21:45.380> sins 00:21:45.910 --> 00:21:45.920 align:start position:0% have a huge Merkel tree and our sins 00:21:45.920 --> 00:21:49.150 align:start position:0% have a huge Merkel tree and our sins they<00:21:46.460> specify<00:21:47.000> a<00:21:47.240> range<00:21:47.660> of<00:21:47.990> tokens<00:21:48.410> and<00:21:48.560> so<00:21:48.920> if 00:21:49.150 --> 00:21:49.160 align:start position:0% they specify a range of tokens and so if 00:21:49.160 --> 00:21:50.890 align:start position:0% they specify a range of tokens and so if I'm<00:21:49.310> going<00:21:49.370> to<00:21:49.670> send<00:21:49.940> you<00:21:50.120> some<00:21:50.150> coins<00:21:50.630> I'm 00:21:50.890 --> 00:21:50.900 align:start position:0% I'm going to send you some coins I'm 00:21:50.900 --> 00:21:53.110 align:start position:0% I'm going to send you some coins I'm going<00:21:51.440> to<00:21:51.560> send<00:21:51.800> you<00:21:51.890> you<00:21:52.130> know<00:21:52.250> tokens<00:21:52.700> 0 00:21:53.110 --> 00:21:53.120 align:start position:0% going to send you you know tokens 0 00:21:53.120 --> 00:21:55.780 align:start position:0% going to send you you know tokens 0 through<00:21:53.450> 105<00:21:54.230> and<00:21:54.530> so<00:21:54.620> this<00:21:54.800> preserves<00:21:55.220> our 00:21:55.780 --> 00:21:55.790 align:start position:0% through 105 and so this preserves our 00:21:55.790 --> 00:21:57.430 align:start position:0% through 105 and so this preserves our property<00:21:56.360> from<00:21:56.480> plasma<00:21:56.840> cash<00:21:57.020> that<00:21:57.200> we<00:21:57.290> get<00:21:57.410> a 00:21:57.430 --> 00:21:57.440 align:start position:0% property from plasma cash that we get a 00:21:57.440 --> 00:22:00.010 align:start position:0% property from plasma cash that we get a light<00:21:57.770> client<00:21:58.220> support<00:21:58.610> but<00:21:59.030> it<00:21:59.240> also<00:21:59.540> allows 00:22:00.010 --> 00:22:00.020 align:start position:0% light client support but it also allows 00:22:00.020 --> 00:22:01.990 align:start position:0% light client support but it also allows us<00:22:00.050> to<00:22:00.260> get<00:22:00.500> this<00:22:00.680> fungible<00:22:01.160> tokens<00:22:01.610> support 00:22:01.990 --> 00:22:02.000 align:start position:0% us to get this fungible tokens support 00:22:02.000 --> 00:22:04.840 align:start position:0% us to get this fungible tokens support so<00:22:02.330> it's<00:22:02.450> actually<00:22:02.780> pretty<00:22:03.230> cool<00:22:03.440> and<00:22:04.370> we<00:22:04.400> have 00:22:04.840 --> 00:22:04.850 align:start position:0% so it's actually pretty cool and we have 00:22:04.850 --> 00:22:06.580 align:start position:0% so it's actually pretty cool and we have the<00:22:05.000> same<00:22:05.240> simple<00:22:05.600> challenges<00:22:06.110> that<00:22:06.230> we<00:22:06.350> have 00:22:06.580 --> 00:22:06.590 align:start position:0% the same simple challenges that we have 00:22:06.590 --> 00:22:08.530 align:start position:0% the same simple challenges that we have in<00:22:06.830> plasma<00:22:07.250> cash<00:22:07.430> so<00:22:07.640> we<00:22:07.730> get<00:22:07.880> to<00:22:08.000> build<00:22:08.270> on 00:22:08.530 --> 00:22:08.540 align:start position:0% in plasma cash so we get to build on 00:22:08.540 --> 00:22:09.190 align:start position:0% in plasma cash so we get to build on that<00:22:08.780> that 00:22:09.190 --> 00:22:09.200 align:start position:0% that that 00:22:09.200 --> 00:22:11.049 align:start position:0% that that research<00:22:09.440> another<00:22:09.950> thing<00:22:10.279> is<00:22:10.490> it<00:22:10.760> addresses 00:22:11.049 --> 00:22:11.059 align:start position:0% research another thing is it addresses 00:22:11.059 --> 00:22:13.419 align:start position:0% research another thing is it addresses the<00:22:11.299> huge<00:22:11.659> history<00:22:12.110> transaction<00:22:12.740> proofs<00:22:12.980> with 00:22:13.419 --> 00:22:13.429 align:start position:0% the huge history transaction proofs with 00:22:13.429 --> 00:22:15.220 align:start position:0% the huge history transaction proofs with some<00:22:13.669> RSA<00:22:14.179> magic<00:22:14.630> which<00:22:14.750> you<00:22:14.870> can<00:22:15.019> learn<00:22:15.169> about 00:22:15.220 --> 00:22:15.230 align:start position:0% some RSA magic which you can learn about 00:22:15.230 --> 00:22:19.629 align:start position:0% some RSA magic which you can learn about in<00:22:15.799> a<00:22:16.010> plasma<00:22:16.960> implementers<00:22:17.960> call<00:22:18.950> that<00:22:19.549> we 00:22:19.629 --> 00:22:19.639 align:start position:0% in a plasma implementers call that we 00:22:19.639 --> 00:22:21.759 align:start position:0% in a plasma implementers call that we had<00:22:19.789> recently<00:22:20.029> as<00:22:20.389> well<00:22:20.690> as<00:22:20.870> a<00:22:20.899> few<00:22:21.350> blog<00:22:21.559> post 00:22:21.759 --> 00:22:21.769 align:start position:0% had recently as well as a few blog post 00:22:21.769 --> 00:22:24.100 align:start position:0% had recently as well as a few blog post by<00:22:21.919> metallic<00:22:22.340> you<00:22:22.760> can<00:22:22.909> actually<00:22:23.240> prove<00:22:23.600> that 00:22:24.100 --> 00:22:24.110 align:start position:0% by metallic you can actually prove that 00:22:24.110 --> 00:22:26.590 align:start position:0% by metallic you can actually prove that there<00:22:24.289> were<00:22:24.380> no<00:22:24.620> coins<00:22:25.039> transacted<00:22:25.820> in<00:22:25.909> a<00:22:26.269> long 00:22:26.590 --> 00:22:26.600 align:start position:0% there were no coins transacted in a long 00:22:26.600 --> 00:22:29.710 align:start position:0% there were no coins transacted in a long range<00:22:27.139> of<00:22:27.529> blocks<00:22:27.919> with<00:22:28.460> a<00:22:28.639> single<00:22:29.240> proof<00:22:29.539> a 00:22:29.710 --> 00:22:29.720 align:start position:0% range of blocks with a single proof a 00:22:29.720 --> 00:22:31.570 align:start position:0% range of blocks with a single proof a single<00:22:30.169> witness<00:22:30.380> and<00:22:30.769> so<00:22:31.100> what<00:22:31.279> does<00:22:31.429> this 00:22:31.570 --> 00:22:31.580 align:start position:0% single witness and so what does this 00:22:31.580 --> 00:22:34.060 align:start position:0% single witness and so what does this mean<00:22:31.880> this<00:22:32.389> means<00:22:32.450> that<00:22:32.929> as<00:22:33.110> a<00:22:33.139> user<00:22:33.409> if<00:22:33.860> I 00:22:34.060 --> 00:22:34.070 align:start position:0% mean this means that as a user if I 00:22:34.070 --> 00:22:37.450 align:start position:0% mean this means that as a user if I don't<00:22:34.309> transact<00:22:34.760> my<00:22:34.990> coin<00:22:35.990> I<00:22:36.260> can<00:22:36.860> just<00:22:37.100> you 00:22:37.450 --> 00:22:37.460 align:start position:0% don't transact my coin I can just you 00:22:37.460 --> 00:22:39.370 align:start position:0% don't transact my coin I can just you know<00:22:37.539> download<00:22:38.539> one<00:22:38.870> piece<00:22:39.110> of<00:22:39.289> information 00:22:39.370 --> 00:22:39.380 align:start position:0% know download one piece of information 00:22:39.380 --> 00:22:43.120 align:start position:0% know download one piece of information that<00:22:40.070> kind<00:22:40.669> of<00:22:40.899> covers<00:22:41.899> the<00:22:41.929> entire<00:22:42.500> range<00:22:42.529> of 00:22:43.120 --> 00:22:43.130 align:start position:0% that kind of covers the entire range of 00:22:43.130 --> 00:22:44.259 align:start position:0% that kind of covers the entire range of blocks<00:22:43.370> and<00:22:43.519> proves<00:22:43.760> that<00:22:43.820> I<00:22:43.909> have<00:22:44.090> not 00:22:44.259 --> 00:22:44.269 align:start position:0% blocks and proves that I have not 00:22:44.269 --> 00:22:46.149 align:start position:0% blocks and proves that I have not transacted<00:22:44.840> my<00:22:44.960> coin<00:22:45.200> for<00:22:45.649> maybe<00:22:45.799> a<00:22:45.889> hundred 00:22:46.149 --> 00:22:46.159 align:start position:0% transacted my coin for maybe a hundred 00:22:46.159 --> 00:22:48.580 align:start position:0% transacted my coin for maybe a hundred or<00:22:46.549> maybe<00:22:46.880> a<00:22:46.940> thousand<00:22:47.450> blocks<00:22:47.659> so<00:22:47.809> that<00:22:47.840> saves 00:22:48.580 --> 00:22:48.590 align:start position:0% or maybe a thousand blocks so that saves 00:22:48.590 --> 00:22:50.889 align:start position:0% or maybe a thousand blocks so that saves us<00:22:48.769> a<00:22:48.950> hundred<00:22:49.519> or<00:22:49.669> a<00:22:49.700> thousand<00:22:50.120> or<00:22:50.240> way<00:22:50.539> more 00:22:50.889 --> 00:22:50.899 align:start position:0% us a hundred or a thousand or way more 00:22:50.899 --> 00:22:53.590 align:start position:0% us a hundred or a thousand or way more Merkle<00:22:51.740> tree<00:22:52.010> branches<00:22:52.669> that<00:22:52.820> we<00:22:52.970> would<00:22:53.419> have 00:22:53.590 --> 00:22:53.600 align:start position:0% Merkle tree branches that we would have 00:22:53.600 --> 00:22:55.539 align:start position:0% Merkle tree branches that we would have needed<00:22:53.929> to<00:22:54.049> download<00:22:54.169> otherwise<00:22:54.830> so<00:22:55.370> we're 00:22:55.539 --> 00:22:55.549 align:start position:0% needed to download otherwise so we're 00:22:55.549 --> 00:22:57.460 align:start position:0% needed to download otherwise so we're you<00:22:55.669> know<00:22:55.700> we're<00:22:56.000> back<00:22:56.149> down<00:22:56.450> to<00:22:56.510> a<00:22:56.750> reasonable 00:22:57.460 --> 00:22:57.470 align:start position:0% you know we're back down to a reasonable 00:22:57.470 --> 00:22:58.990 align:start position:0% you know we're back down to a reasonable size<00:22:57.500> you<00:22:57.860> know<00:22:57.950> kilobytes<00:22:58.370> maybe<00:22:58.639> a<00:22:58.700> megabyte 00:22:58.990 --> 00:22:59.000 align:start position:0% size you know kilobytes maybe a megabyte 00:22:59.000 --> 00:23:00.850 align:start position:0% size you know kilobytes maybe a megabyte whatever<00:22:59.299> transaction<00:23:00.230> history<00:23:00.350> so<00:23:00.710> our 00:23:00.850 --> 00:23:00.860 align:start position:0% whatever transaction history so our 00:23:00.860 --> 00:23:02.139 align:start position:0% whatever transaction history so our transaction<00:23:01.399> history<00:23:01.460> instead<00:23:01.850> of<00:23:01.970> growing 00:23:02.139 --> 00:23:02.149 align:start position:0% transaction history instead of growing 00:23:02.149 --> 00:23:04.269 align:start position:0% transaction history instead of growing linearly<00:23:02.659> with<00:23:02.960> the<00:23:03.260> number<00:23:03.380> of<00:23:03.710> blocks<00:23:03.950> that 00:23:04.269 --> 00:23:04.279 align:start position:0% linearly with the number of blocks that 00:23:04.279 --> 00:23:05.830 align:start position:0% linearly with the number of blocks that are<00:23:04.340> being<00:23:04.580> added<00:23:04.730> to<00:23:04.940> the<00:23:05.000> plasma<00:23:05.299> chain<00:23:05.480> it's 00:23:05.830 --> 00:23:05.840 align:start position:0% are being added to the plasma chain it's 00:23:05.840 --> 00:23:07.419 align:start position:0% are being added to the plasma chain it's growing<00:23:06.080> linearly<00:23:06.559> with<00:23:06.679> the<00:23:06.830> number<00:23:06.919> of<00:23:07.190> trek 00:23:07.419 --> 00:23:07.429 align:start position:0% growing linearly with the number of trek 00:23:07.429 --> 00:23:09.220 align:start position:0% growing linearly with the number of trek times<00:23:07.700> we<00:23:07.940> transact<00:23:08.299> that<00:23:08.570> particular<00:23:08.840> coin 00:23:09.220 --> 00:23:09.230 align:start position:0% times we transact that particular coin 00:23:09.230 --> 00:23:12.940 align:start position:0% times we transact that particular coin much<00:23:09.980> more<00:23:10.309> reasonable<00:23:10.899> so<00:23:11.899> this<00:23:12.380> is<00:23:12.500> 10,000 00:23:12.940 --> 00:23:12.950 align:start position:0% much more reasonable so this is 10,000 00:23:12.950 --> 00:23:14.529 align:start position:0% much more reasonable so this is 10,000 transactions<00:23:13.399> per<00:23:13.580> second<00:23:13.820> limit<00:23:14.029> maybe<00:23:14.179> like 00:23:14.529 --> 00:23:14.539 align:start position:0% transactions per second limit maybe like 00:23:14.539 --> 00:23:16.060 align:start position:0% transactions per second limit maybe like a<00:23:14.690> hundred<00:23:15.080> thousand<00:23:15.440> transactions<00:23:15.919> per 00:23:16.060 --> 00:23:16.070 align:start position:0% a hundred thousand transactions per 00:23:16.070 --> 00:23:17.529 align:start position:0% a hundred thousand transactions per second<00:23:16.370> that<00:23:16.490> would<00:23:16.580> be<00:23:16.700> like<00:23:16.970> incredibly 00:23:17.529 --> 00:23:17.539 align:start position:0% second that would be like incredibly 00:23:17.539 --> 00:23:19.659 align:start position:0% second that would be like incredibly cool<00:23:17.750> and<00:23:17.809> then<00:23:18.169> there<00:23:18.529> isn't<00:23:18.980> it<00:23:19.190> doesn't 00:23:19.659 --> 00:23:19.669 align:start position:0% cool and then there isn't it doesn't 00:23:19.669 --> 00:23:21.759 align:start position:0% cool and then there isn't it doesn't feel<00:23:19.880> like<00:23:19.940> there<00:23:20.480> is<00:23:20.690> a<00:23:20.990> kind<00:23:21.320> of<00:23:21.380> you<00:23:21.740> know 00:23:21.759 --> 00:23:21.769 align:start position:0% feel like there is a kind of you know 00:23:21.769 --> 00:23:24.039 align:start position:0% feel like there is a kind of you know thing<00:23:22.220> looming<00:23:22.730> ahead<00:23:22.850> that<00:23:23.299> that<00:23:23.480> keeps<00:23:23.870> us 00:23:24.039 --> 00:23:24.049 align:start position:0% thing looming ahead that that keeps us 00:23:24.049 --> 00:23:25.600 align:start position:0% thing looming ahead that that keeps us from<00:23:24.200> doing<00:23:24.380> this<00:23:24.590> in<00:23:24.799> a<00:23:24.980> like<00:23:25.190> kind<00:23:25.549> of 00:23:25.600 --> 00:23:25.610 align:start position:0% from doing this in a like kind of 00:23:25.610 --> 00:23:28.120 align:start position:0% from doing this in a like kind of implementation<00:23:26.269> production<00:23:27.049> setting<00:23:27.409> so 00:23:28.120 --> 00:23:28.130 align:start position:0% implementation production setting so 00:23:28.130 --> 00:23:30.460 align:start position:0% implementation production setting so bonus<00:23:28.760> while<00:23:29.450> all<00:23:29.720> this<00:23:29.870> research<00:23:30.080> was<00:23:30.440> going 00:23:30.460 --> 00:23:30.470 align:start position:0% bonus while all this research was going 00:23:30.470 --> 00:23:32.200 align:start position:0% bonus while all this research was going on<00:23:30.830> we<00:23:31.070> kind<00:23:31.250> of<00:23:31.340> figured<00:23:31.610> out<00:23:31.730> how<00:23:31.970> to<00:23:32.029> do 00:23:32.200 --> 00:23:32.210 align:start position:0% on we kind of figured out how to do 00:23:32.210 --> 00:23:34.240 align:start position:0% on we kind of figured out how to do atomic<00:23:32.690> swaps<00:23:32.929> as<00:23:33.169> well<00:23:33.350> as<00:23:33.559> you<00:23:33.919> know<00:23:34.039> batch 00:23:34.240 --> 00:23:34.250 align:start position:0% atomic swaps as well as you know batch 00:23:34.250 --> 00:23:35.889 align:start position:0% atomic swaps as well as you know batch auctions<00:23:34.789> some<00:23:35.000> simple<00:23:35.269> designs<00:23:35.570> you<00:23:35.779> can 00:23:35.889 --> 00:23:35.899 align:start position:0% auctions some simple designs you can 00:23:35.899 --> 00:23:37.330 align:start position:0% auctions some simple designs you can just<00:23:36.080> kind<00:23:36.260> of<00:23:36.320> plug<00:23:36.559> in<00:23:36.740> play<00:23:36.950> with<00:23:37.190> these 00:23:37.330 --> 00:23:37.340 align:start position:0% just kind of plug in play with these 00:23:37.340 --> 00:23:39.580 align:start position:0% just kind of plug in play with these these<00:23:37.850> auction<00:23:38.210> designs<00:23:38.570> and<00:23:38.809> so<00:23:38.899> we<00:23:39.409> can 00:23:39.580 --> 00:23:39.590 align:start position:0% these auction designs and so we can 00:23:39.590 --> 00:23:41.259 align:start position:0% these auction designs and so we can build<00:23:39.799> on<00:23:40.039> this<00:23:40.190> atomic<00:23:40.460> swap<00:23:40.789> thing<00:23:41.090> that 00:23:41.259 --> 00:23:41.269 align:start position:0% build on this atomic swap thing that 00:23:41.269 --> 00:23:43.090 align:start position:0% build on this atomic swap thing that that<00:23:41.419> is<00:23:41.600> native<00:23:41.899> to<00:23:42.049> the<00:23:42.230> plasma<00:23:42.710> chain<00:23:42.889> and 00:23:43.090 --> 00:23:43.100 align:start position:0% that is native to the plasma chain and 00:23:43.100 --> 00:23:45.250 align:start position:0% that is native to the plasma chain and we<00:23:43.399> get<00:23:43.639> this<00:23:43.970> kind<00:23:44.179> of<00:23:44.299> scalable<00:23:44.870> crypto 00:23:45.250 --> 00:23:45.260 align:start position:0% we get this kind of scalable crypto 00:23:45.260 --> 00:23:46.990 align:start position:0% we get this kind of scalable crypto economics<00:23:45.830> we<00:23:45.919> get<00:23:46.100> the<00:23:46.220> scalable<00:23:46.730> you<00:23:46.789> know 00:23:46.990 --> 00:23:47.000 align:start position:0% economics we get the scalable you know 00:23:47.000 --> 00:23:49.600 align:start position:0% economics we get the scalable you know payments<00:23:47.480> and<00:23:47.659> exchange<00:23:48.380> at<00:23:48.679> the<00:23:49.070> same<00:23:49.279> time 00:23:49.600 --> 00:23:49.610 align:start position:0% payments and exchange at the same time 00:23:49.610 --> 00:23:51.730 align:start position:0% payments and exchange at the same time and<00:23:49.820> so<00:23:49.909> this<00:23:50.059> is<00:23:50.210> really<00:23:50.630> really<00:23:50.929> cool<00:23:51.289> in<00:23:51.559> my 00:23:51.730 --> 00:23:51.740 align:start position:0% and so this is really really cool in my 00:23:51.740 --> 00:23:52.299 align:start position:0% and so this is really really cool in my opinion 00:23:52.299 --> 00:23:52.309 align:start position:0% opinion 00:23:52.309 --> 00:23:54.909 align:start position:0% opinion and<00:23:52.429> so<00:23:52.730> even<00:23:53.360> cooler<00:23:53.659> right<00:23:54.320> okay<00:23:54.620> so<00:23:54.679> I'm 00:23:54.909 --> 00:23:54.919 align:start position:0% and so even cooler right okay so I'm 00:23:54.919 --> 00:23:56.470 align:start position:0% and so even cooler right okay so I'm saying<00:23:55.220> all<00:23:55.370> these<00:23:55.519> things<00:23:55.760> you<00:23:55.940> have<00:23:56.149> now<00:23:56.419> the 00:23:56.470 --> 00:23:56.480 align:start position:0% saying all these things you have now the 00:23:56.480 --> 00:23:58.720 align:start position:0% saying all these things you have now the intuitions<00:23:57.169> for<00:23:57.320> what<00:23:57.590> all<00:23:57.710> this<00:23:57.860> means<00:23:58.070> but 00:23:58.720 --> 00:23:58.730 align:start position:0% intuitions for what all this means but 00:23:58.730 --> 00:24:01.149 align:start position:0% intuitions for what all this means but not<00:23:59.240> only<00:23:59.510> is<00:23:59.929> this<00:24:00.200> is<00:24:00.409> this<00:24:00.710> you<00:24:01.039> know 00:24:01.149 --> 00:24:01.159 align:start position:0% not only is this is this you know 00:24:01.159 --> 00:24:03.820 align:start position:0% not only is this is this you know research<00:24:01.970> here<00:24:02.269> but<00:24:02.659> River<00:24:03.110> key<00:24:03.350> for<00:24:03.529> a<00:24:03.559> friend 00:24:03.820 --> 00:24:03.830 align:start position:0% research here but River key for a friend 00:24:03.830 --> 00:24:05.139 align:start position:0% research here but River key for a friend of<00:24:03.919> mine<00:24:03.980> I<00:24:04.100> was<00:24:04.220> telling<00:24:04.580> about<00:24:04.639> I<00:24:04.789> was<00:24:05.029> like 00:24:05.139 --> 00:24:05.149 align:start position:0% of mine I was telling about I was like 00:24:05.149 --> 00:24:07.870 align:start position:0% of mine I was telling about I was like men<00:24:05.450> this<00:24:06.139> stuff<00:24:06.409> is<00:24:06.590> exciting<00:24:07.340> as<00:24:07.460> heck<00:24:07.669> I 00:24:07.870 --> 00:24:07.880 align:start position:0% men this stuff is exciting as heck I 00:24:07.880 --> 00:24:09.549 align:start position:0% men this stuff is exciting as heck I don't<00:24:08.149> know<00:24:08.240> what<00:24:08.450> I'm<00:24:08.570> doing<00:24:08.899> plasm<00:24:09.230> proud<00:24:09.409> I 00:24:09.549 --> 00:24:09.559 align:start position:0% don't know what I'm doing plasm proud I 00:24:09.559 --> 00:24:10.960 align:start position:0% don't know what I'm doing plasm proud I don't<00:24:09.740> know<00:24:09.830> I<00:24:10.039> don't<00:24:10.250> know<00:24:10.309> what<00:24:10.460> the<00:24:10.549> problem 00:24:10.960 --> 00:24:10.970 align:start position:0% don't know I don't know what the problem 00:24:10.970 --> 00:24:12.129 align:start position:0% don't know I don't know what the problem is<00:24:11.059> yet<00:24:11.269> like<00:24:11.570> I<00:24:11.659> don't<00:24:11.720> know<00:24:11.870> why<00:24:12.080> this 00:24:12.129 --> 00:24:12.139 align:start position:0% is yet like I don't know why this 00:24:12.139 --> 00:24:14.620 align:start position:0% is yet like I don't know why this wouldn't<00:24:12.559> work<00:24:12.710> and<00:24:13.070> what<00:24:13.909> he<00:24:14.059> did<00:24:14.240> was<00:24:14.419> he 00:24:14.620 --> 00:24:14.630 align:start position:0% wouldn't work and what he did was he 00:24:14.630 --> 00:24:16.779 align:start position:0% wouldn't work and what he did was he implemented<00:24:15.260> in<00:24:15.440> a<00:24:15.590> single<00:24:16.100> week<00:24:16.340> literally 00:24:16.779 --> 00:24:16.789 align:start position:0% implemented in a single week literally 00:24:16.789 --> 00:24:18.279 align:start position:0% implemented in a single week literally one<00:24:17.120> week<00:24:17.269> you<00:24:17.389> can<00:24:17.419> check<00:24:17.570> the<00:24:17.809> commits<00:24:18.139> a 00:24:18.279 --> 00:24:18.289 align:start position:0% one week you can check the commits a 00:24:18.289 --> 00:24:21.120 align:start position:0% one week you can check the commits a kind<00:24:18.769> of<00:24:18.799> like<00:24:18.980> pre-alpha<00:24:19.970> you<00:24:20.600> know<00:24:20.720> kind 00:24:21.120 --> 00:24:21.130 align:start position:0% kind of like pre-alpha you know kind 00:24:21.130 --> 00:24:23.789 align:start position:0% kind of like pre-alpha you know kind basic<00:24:21.700> basic<00:24:22.000> version<00:24:22.720> of<00:24:22.750> a<00:24:23.080> testament<00:24:23.620> of 00:24:23.789 --> 00:24:23.799 align:start position:0% basic basic version of a testament of 00:24:23.799 --> 00:24:27.480 align:start position:0% basic basic version of a testament of this<00:24:24.250> kind<00:24:24.549> of<00:24:24.700> plasma<00:24:25.470> variant<00:24:26.470> and<00:24:26.620> so<00:24:27.039> this 00:24:27.480 --> 00:24:27.490 align:start position:0% this kind of plasma variant and so this 00:24:27.490 --> 00:24:29.250 align:start position:0% this kind of plasma variant and so this is<00:24:27.669> literally<00:24:28.120> you<00:24:28.240> know<00:24:28.360> the<00:24:28.539> right<00:24:28.809> now<00:24:28.990> it 00:24:29.250 --> 00:24:29.260 align:start position:0% is literally you know the right now it 00:24:29.260 --> 00:24:31.080 align:start position:0% is literally you know the right now it is<00:24:29.620> a<00:24:29.650> little<00:24:30.100> bit<00:24:30.309> you<00:24:30.520> know<00:24:30.549> where<00:24:30.880> we're 00:24:31.080 --> 00:24:31.090 align:start position:0% is a little bit you know where we're 00:24:31.090 --> 00:24:32.880 align:start position:0% is a little bit you know where we're going<00:24:31.330> to<00:24:31.480> kind<00:24:31.840> of<00:24:31.990> release<00:24:32.350> hopefully 00:24:32.880 --> 00:24:32.890 align:start position:0% going to kind of release hopefully 00:24:32.890 --> 00:24:35.940 align:start position:0% going to kind of release hopefully hopefully<00:24:33.130> tonight<00:24:33.610> maybe<00:24:34.150> tomorrow<00:24:34.440> but<00:24:35.440> but 00:24:35.940 --> 00:24:35.950 align:start position:0% hopefully tonight maybe tomorrow but but 00:24:35.950 --> 00:24:38.070 align:start position:0% hopefully tonight maybe tomorrow but but a<00:24:35.980> kind<00:24:36.340> of<00:24:36.460> like<00:24:36.610> pre<00:24:36.940> pre-alpha<00:24:37.570> it's<00:24:37.870> not 00:24:38.070 --> 00:24:38.080 align:start position:0% a kind of like pre pre-alpha it's not 00:24:38.080 --> 00:24:39.539 align:start position:0% a kind of like pre pre-alpha it's not it's<00:24:38.289> not<00:24:38.440> quite<00:24:38.650> this<00:24:38.799> was<00:24:39.010> literally<00:24:39.400> one 00:24:39.539 --> 00:24:39.549 align:start position:0% it's not quite this was literally one 00:24:39.549 --> 00:24:41.700 align:start position:0% it's not quite this was literally one week<00:24:39.730> of<00:24:39.910> work<00:24:40.090> but<00:24:40.450> the<00:24:40.570> point<00:24:40.840> is<00:24:41.080> that<00:24:41.350> it<00:24:41.679> is 00:24:41.700 --> 00:24:41.710 align:start position:0% week of work but the point is that it is 00:24:41.710 --> 00:24:45.029 align:start position:0% week of work but the point is that it is actually<00:24:42.010> possible<00:24:42.450> to<00:24:43.450> create<00:24:43.720> this<00:24:44.530> chain 00:24:45.029 --> 00:24:45.039 align:start position:0% actually possible to create this chain 00:24:45.039 --> 00:24:47.909 align:start position:0% actually possible to create this chain in<00:24:45.309> a<00:24:45.490> very<00:24:46.030> reasonable<00:24:46.450> very<00:24:47.049> it's<00:24:47.320> like<00:24:47.500> it's 00:24:47.909 --> 00:24:47.919 align:start position:0% in a very reasonable very it's like it's 00:24:47.919 --> 00:24:50.549 align:start position:0% in a very reasonable very it's like it's a<00:24:48.070> clean<00:24:48.309> architecture<00:24:49.179> finally<00:24:49.840> and<00:24:50.020> this<00:24:50.500> is 00:24:50.549 --> 00:24:50.559 align:start position:0% a clean architecture finally and this is 00:24:50.559 --> 00:24:52.049 align:start position:0% a clean architecture finally and this is the<00:24:50.860> kind<00:24:51.070> of<00:24:51.100> process<00:24:51.520> that<00:24:51.549> I've<00:24:51.760> noticed 00:24:52.049 --> 00:24:52.059 align:start position:0% the kind of process that I've noticed 00:24:52.059 --> 00:24:54.390 align:start position:0% the kind of process that I've noticed happen<00:24:52.690> all<00:24:52.900> the<00:24:53.110> time<00:24:53.320> where<00:24:53.530> you<00:24:53.650> research<00:24:54.190> a 00:24:54.390 --> 00:24:54.400 align:start position:0% happen all the time where you research a 00:24:54.400 --> 00:24:56.520 align:start position:0% happen all the time where you research a problem<00:24:55.030> over<00:24:55.390> and<00:24:55.750> over<00:24:55.929> and<00:24:56.080> over<00:24:56.140> again<00:24:56.320> you 00:24:56.520 --> 00:24:56.530 align:start position:0% problem over and over and over again you 00:24:56.530 --> 00:24:58.169 align:start position:0% problem over and over and over again you iterate<00:24:56.919> you<00:24:57.039> iterate<00:24:57.370> you<00:24:57.490> iterate<00:24:57.789> and<00:24:57.970> you 00:24:58.169 --> 00:24:58.179 align:start position:0% iterate you iterate you iterate and you 00:24:58.179 --> 00:24:59.820 align:start position:0% iterate you iterate you iterate and you find<00:24:58.450> out<00:24:58.630> there's<00:24:58.840> a<00:24:58.900> new<00:24:59.110> problem<00:24:59.590> there's<00:24:59.770> a 00:24:59.820 --> 00:24:59.830 align:start position:0% find out there's a new problem there's a 00:24:59.830 --> 00:25:01.799 align:start position:0% find out there's a new problem there's a new<00:24:59.980> complexity<00:25:00.460> there's<00:25:00.760> a<00:25:00.820> new<00:25:01.059> area<00:25:01.419> of 00:25:01.799 --> 00:25:01.809 align:start position:0% new complexity there's a new area of 00:25:01.809 --> 00:25:03.690 align:start position:0% new complexity there's a new area of difficulty<00:25:02.470> there's<00:25:02.770> a<00:25:02.860> new<00:25:03.039> bottleneck<00:25:03.520> and 00:25:03.690 --> 00:25:03.700 align:start position:0% difficulty there's a new bottleneck and 00:25:03.700 --> 00:25:05.490 align:start position:0% difficulty there's a new bottleneck and you<00:25:04.030> kind<00:25:04.240> of<00:25:04.299> plug<00:25:04.630> those<00:25:04.870> holes<00:25:04.929> and<00:25:05.409> you 00:25:05.490 --> 00:25:05.500 align:start position:0% you kind of plug those holes and you 00:25:05.500 --> 00:25:07.770 align:start position:0% you kind of plug those holes and you kind<00:25:05.710> of<00:25:05.770> expand<00:25:06.309> your<00:25:06.789> processing<00:25:07.659> capacity 00:25:07.770 --> 00:25:07.780 align:start position:0% kind of expand your processing capacity 00:25:07.780 --> 00:25:09.570 align:start position:0% kind of expand your processing capacity but<00:25:08.230> this<00:25:08.380> is<00:25:08.500> the<00:25:08.590> first<00:25:08.799> time<00:25:09.070> where<00:25:09.549> a 00:25:09.570 --> 00:25:09.580 align:start position:0% but this is the first time where a 00:25:09.580 --> 00:25:11.549 align:start position:0% but this is the first time where a scalable<00:25:10.179> plasma<00:25:10.510> chain<00:25:10.690> kind<00:25:11.140> of<00:25:11.320> makes 00:25:11.549 --> 00:25:11.559 align:start position:0% scalable plasma chain kind of makes 00:25:11.559 --> 00:25:13.680 align:start position:0% scalable plasma chain kind of makes sense<00:25:11.860> in<00:25:12.220> some<00:25:12.520> ways<00:25:12.730> which<00:25:12.970> is<00:25:13.000> super<00:25:13.539> cool 00:25:13.680 --> 00:25:13.690 align:start position:0% sense in some ways which is super cool 00:25:13.690 --> 00:25:15.600 align:start position:0% sense in some ways which is super cool and<00:25:13.929> so<00:25:14.320> you<00:25:14.679> know<00:25:14.770> this<00:25:14.980> is<00:25:15.159> this<00:25:15.429> was 00:25:15.600 --> 00:25:15.610 align:start position:0% and so you know this is this was 00:25:15.610 --> 00:25:18.000 align:start position:0% and so you know this is this was implemented<00:25:15.970> in<00:25:16.330> Python<00:25:16.570> using<00:25:17.200> leveldb<00:25:17.559> you 00:25:18.000 --> 00:25:18.010 align:start position:0% implemented in Python using leveldb you 00:25:18.010 --> 00:25:20.520 align:start position:0% implemented in Python using leveldb you know<00:25:18.360> super<00:25:19.360> super<00:25:19.659> simple<00:25:19.990> stuff<00:25:20.140> basically 00:25:20.520 --> 00:25:20.530 align:start position:0% know super super simple stuff basically 00:25:20.530 --> 00:25:22.200 align:start position:0% know super super simple stuff basically so<00:25:20.799> that<00:25:20.830> people<00:25:21.159> can<00:25:21.309> read<00:25:21.490> it<00:25:21.640> also<00:25:21.880> in<00:25:22.030> Viper 00:25:22.200 --> 00:25:22.210 align:start position:0% so that people can read it also in Viper 00:25:22.210 --> 00:25:23.430 align:start position:0% so that people can read it also in Viper I<00:25:22.330> should<00:25:22.570> have<00:25:22.659> written<00:25:22.809> that<00:25:22.960> up<00:25:23.140> there 00:25:23.430 --> 00:25:23.440 align:start position:0% I should have written that up there 00:25:23.440 --> 00:25:26.310 align:start position:0% I should have written that up there shout<00:25:23.860> out<00:25:23.980> to<00:25:24.010> Viper<00:25:24.280> super<00:25:24.820> fun<00:25:25.030> and<00:25:25.900> so 00:25:26.310 --> 00:25:26.320 align:start position:0% shout out to Viper super fun and so 00:25:26.320 --> 00:25:28.380 align:start position:0% shout out to Viper super fun and so great<00:25:26.980> there's<00:25:27.340> there<00:25:27.730> is<00:25:27.820> this<00:25:27.940> kind<00:25:28.150> of<00:25:28.270> like 00:25:28.380 --> 00:25:28.390 align:start position:0% great there's there is this kind of like 00:25:28.390 --> 00:25:30.240 align:start position:0% great there's there is this kind of like what<00:25:28.750> what<00:25:28.990> is<00:25:29.020> what<00:25:29.350> lies<00:25:29.500> ahead<00:25:29.710> and<00:25:29.890> and 00:25:30.240 --> 00:25:30.250 align:start position:0% what what is what lies ahead and and 00:25:30.250 --> 00:25:31.590 align:start position:0% what what is what lies ahead and and everyone<00:25:30.760> knows<00:25:30.880> you<00:25:31.179> know<00:25:31.299> who<00:25:31.419> does 00:25:31.590 --> 00:25:31.600 align:start position:0% everyone knows you know who does 00:25:31.600 --> 00:25:33.240 align:start position:0% everyone knows you know who does hill-climbing<00:25:31.960> stuff<00:25:32.409> that<00:25:32.590> they<00:25:32.710> this<00:25:33.070> could 00:25:33.240 --> 00:25:33.250 align:start position:0% hill-climbing stuff that they this could 00:25:33.250 --> 00:25:35.730 align:start position:0% hill-climbing stuff that they this could be<00:25:33.340> a<00:25:33.370> local<00:25:33.669> Maxima<00:25:34.090> but<00:25:34.900> nonetheless<00:25:35.080> it 00:25:35.730 --> 00:25:35.740 align:start position:0% be a local Maxima but nonetheless it 00:25:35.740 --> 00:25:38.100 align:start position:0% be a local Maxima but nonetheless it looks<00:25:36.280> pretty<00:25:36.549> good<00:25:36.760> right<00:25:36.820> with<00:25:37.450> one<00:25:37.929> thing 00:25:38.100 --> 00:25:38.110 align:start position:0% looks pretty good right with one thing 00:25:38.110 --> 00:25:39.270 align:start position:0% looks pretty good right with one thing that's<00:25:38.320> really<00:25:38.500> cool<00:25:38.740> is<00:25:38.770> we<00:25:39.010> can<00:25:39.159> actually 00:25:39.270 --> 00:25:39.280 align:start position:0% that's really cool is we can actually 00:25:39.280 --> 00:25:41.549 align:start position:0% that's really cool is we can actually you<00:25:39.820> know<00:25:39.909> the<00:25:40.090> smart<00:25:40.480> contract<00:25:40.720> side<00:25:41.350> of 00:25:41.549 --> 00:25:41.559 align:start position:0% you know the smart contract side of 00:25:41.559 --> 00:25:43.830 align:start position:0% you know the smart contract side of things<00:25:41.740> can<00:25:42.220> stay<00:25:42.460> the<00:25:42.640> same<00:25:42.820> as<00:25:43.059> we<00:25:43.450> scale 00:25:43.830 --> 00:25:43.840 align:start position:0% things can stay the same as we scale 00:25:43.840 --> 00:25:46.940 align:start position:0% things can stay the same as we scale this<00:25:44.200> this<00:25:44.559> operator<00:25:45.130> so<00:25:45.370> as<00:25:45.580> we<00:25:46.000> you<00:25:46.419> know 00:25:46.940 --> 00:25:46.950 align:start position:0% this this operator so as we you know 00:25:46.950 --> 00:25:49.560 align:start position:0% this this operator so as we you know kind<00:25:47.950> of<00:25:48.070> optimize<00:25:48.669> the<00:25:49.000> kind<00:25:49.179> of<00:25:49.270> back-end 00:25:49.560 --> 00:25:49.570 align:start position:0% kind of optimize the kind of back-end 00:25:49.570 --> 00:25:52.320 align:start position:0% kind of optimize the kind of back-end side<00:25:50.350> of<00:25:50.620> this<00:25:50.950> plasma<00:25:51.429> chain<00:25:51.760> we<00:25:52.179> can 00:25:52.320 --> 00:25:52.330 align:start position:0% side of this plasma chain we can 00:25:52.330 --> 00:25:54.480 align:start position:0% side of this plasma chain we can actually<00:25:52.450> keep<00:25:52.929> the<00:25:53.230> same<00:25:53.470> block<00:25:53.860> structure 00:25:54.480 --> 00:25:54.490 align:start position:0% actually keep the same block structure 00:25:54.490 --> 00:25:57.659 align:start position:0% actually keep the same block structure keep<00:25:54.760> the<00:25:54.940> same<00:25:55.179> general<00:25:55.710> format<00:25:56.710> and<00:25:56.950> instead 00:25:57.659 --> 00:25:57.669 align:start position:0% keep the same general format and instead 00:25:57.669 --> 00:25:59.460 align:start position:0% keep the same general format and instead we're<00:25:58.210> just<00:25:58.240> scaling<00:25:58.900> you<00:25:59.049> know<00:25:59.169> maybe<00:25:59.350> a 00:25:59.460 --> 00:25:59.470 align:start position:0% we're just scaling you know maybe a 00:25:59.470 --> 00:26:01.140 align:start position:0% we're just scaling you know maybe a computing<00:25:59.980> cluster<00:26:00.340> so<00:26:00.520> we<00:26:00.640> can<00:26:00.789> basically 00:26:01.140 --> 00:26:01.150 align:start position:0% computing cluster so we can basically 00:26:01.150 --> 00:26:02.909 align:start position:0% computing cluster so we can basically you<00:26:01.539> can<00:26:01.780> shard<00:26:02.080> Merkle<00:26:02.380> trees<00:26:02.559> very<00:26:02.740> easily 00:26:02.909 --> 00:26:02.919 align:start position:0% you can shard Merkle trees very easily 00:26:02.919 --> 00:26:05.370 align:start position:0% you can shard Merkle trees very easily so<00:26:03.309> that's<00:26:03.820> cool<00:26:03.940> so<00:26:04.150> like<00:26:04.299> 100<00:26:04.870> transactions 00:26:05.370 --> 00:26:05.380 align:start position:0% so that's cool so like 100 transactions 00:26:05.380 --> 00:26:07.289 align:start position:0% so that's cool so like 100 transactions per<00:26:05.530> sec<00:26:05.710> 100,000<00:26:06.460> transactions<00:26:06.909> per<00:26:07.000> second 00:26:07.289 --> 00:26:07.299 align:start position:0% per sec 100,000 transactions per second 00:26:07.299 --> 00:26:09.120 align:start position:0% per sec 100,000 transactions per second and<00:26:07.390> like<00:26:07.570> the<00:26:08.020> thing<00:26:08.320> is<00:26:08.409> that<00:26:08.559> i<00:26:08.740> was<00:26:09.010> not 00:26:09.120 --> 00:26:09.130 align:start position:0% and like the thing is that i was not 00:26:09.130 --> 00:26:10.799 align:start position:0% and like the thing is that i was not going<00:26:09.309> to<00:26:09.400> be<00:26:09.520> satisfied<00:26:09.700> or<00:26:10.059> you<00:26:10.570> know<00:26:10.659> i'm 00:26:10.799 --> 00:26:10.809 align:start position:0% going to be satisfied or you know i'm 00:26:10.809 --> 00:26:13.620 align:start position:0% going to be satisfied or you know i'm not<00:26:10.840> satisfied<00:26:11.559> until<00:26:11.860> a<00:26:12.549> crypto<00:26:13.179> economic 00:26:13.620 --> 00:26:13.630 align:start position:0% not satisfied until a crypto economic 00:26:13.630 --> 00:26:16.080 align:start position:0% not satisfied until a crypto economic mechanism<00:26:14.110> a<00:26:14.140> script<00:26:14.590> like<00:26:14.740> a<00:26:14.770> real<00:26:15.400> secure 00:26:16.080 --> 00:26:16.090 align:start position:0% mechanism a script like a real secure 00:26:16.090 --> 00:26:17.640 align:start position:0% mechanism a script like a real secure blockchain<00:26:16.690> like<00:26:16.900> a<00:26:16.929> blockchain<00:26:17.230> that<00:26:17.530> is 00:26:17.640 --> 00:26:17.650 align:start position:0% blockchain like a blockchain that is 00:26:17.650 --> 00:26:20.370 align:start position:0% blockchain like a blockchain that is really<00:26:18.070> decentralized<00:26:18.760> and<00:26:18.970> good<00:26:19.390> can<00:26:20.049> can 00:26:20.370 --> 00:26:20.380 align:start position:0% really decentralized and good can can 00:26:20.380 --> 00:26:22.950 align:start position:0% really decentralized and good can can process<00:26:20.950> huge<00:26:21.760> amounts<00:26:22.240> of<00:26:22.330> transactions<00:26:22.900> per 00:26:22.950 --> 00:26:22.960 align:start position:0% process huge amounts of transactions per 00:26:22.960 --> 00:26:25.279 align:start position:0% process huge amounts of transactions per second<00:26:23.380> that<00:26:23.500> you<00:26:23.679> know<00:26:23.799> these<00:26:24.190> centralized 00:26:25.279 --> 00:26:25.289 align:start position:0% second that you know these centralized 00:26:25.289 --> 00:26:27.240 align:start position:0% second that you know these centralized architectures<00:26:26.289> have<00:26:26.530> been<00:26:26.710> able<00:26:26.799> to<00:26:27.039> process 00:26:27.240 --> 00:26:27.250 align:start position:0% architectures have been able to process 00:26:27.250 --> 00:26:30.360 align:start position:0% architectures have been able to process for<00:26:27.549> a<00:26:27.610> long<00:26:27.880> time<00:26:28.270> so<00:26:28.690> like<00:26:28.840> this<00:26:29.380> is<00:26:29.650> the<00:26:30.190> goal 00:26:30.360 --> 00:26:30.370 align:start position:0% for a long time so like this is the goal 00:26:30.370 --> 00:26:32.970 align:start position:0% for a long time so like this is the goal the<00:26:30.850> explicit<00:26:31.360> goal<00:26:31.510> and<00:26:31.780> it<00:26:32.080> is<00:26:32.110> actually<00:26:32.530> you 00:26:32.970 --> 00:26:32.980 align:start position:0% the explicit goal and it is actually you 00:26:32.980 --> 00:26:34.520 align:start position:0% the explicit goal and it is actually you know<00:26:33.100> it's<00:26:33.460> it's<00:26:33.700> seeming 00:26:34.520 --> 00:26:34.530 align:start position:0% know it's it's seeming 00:26:34.530 --> 00:26:37.760 align:start position:0% know it's it's seeming so<00:26:35.120> another<00:26:36.120> cool<00:26:36.360> thing<00:26:36.390> just<00:26:36.870> like<00:26:36.990> randomly 00:26:37.760 --> 00:26:37.770 align:start position:0% so another cool thing just like randomly 00:26:37.770 --> 00:26:40.160 align:start position:0% so another cool thing just like randomly there<00:26:38.100> even<00:26:38.490> in<00:26:38.610> a<00:26:38.730> sharded<00:26:39.210> context<00:26:39.750> these 00:26:40.160 --> 00:26:40.170 align:start position:0% there even in a sharded context these 00:26:40.170 --> 00:26:41.810 align:start position:0% there even in a sharded context these plasma<00:26:40.560> chains<00:26:40.740> do<00:26:40.980> make<00:26:41.160> some<00:26:41.400> sense<00:26:41.640> so<00:26:41.760> you 00:26:41.810 --> 00:26:41.820 align:start position:0% plasma chains do make some sense so you 00:26:41.820 --> 00:26:43.550 align:start position:0% plasma chains do make some sense so you can<00:26:42.000> actually<00:26:42.240> you<00:26:42.780> know<00:26:42.870> as<00:26:43.050> you're<00:26:43.320> building 00:26:43.550 --> 00:26:43.560 align:start position:0% can actually you know as you're building 00:26:43.560 --> 00:26:45.110 align:start position:0% can actually you know as you're building up<00:26:43.860> the<00:26:44.010> beacon<00:26:44.280> chain<00:26:44.490> as<00:26:44.640> you're<00:26:44.820> building 00:26:45.110 --> 00:26:45.120 align:start position:0% up the beacon chain as you're building 00:26:45.120 --> 00:26:46.580 align:start position:0% up the beacon chain as you're building up<00:26:45.210> the<00:26:45.360> shard<00:26:45.600> chains<00:26:45.900> you<00:26:46.290> can<00:26:46.320> actually 00:26:46.580 --> 00:26:46.590 align:start position:0% up the shard chains you can actually 00:26:46.590 --> 00:26:49.040 align:start position:0% up the shard chains you can actually create<00:26:47.250> a<00:26:47.310> plasma<00:26:47.580> chain<00:26:47.910> that<00:26:48.030> has<00:26:48.270> a<00:26:48.540> plasma 00:26:49.040 --> 00:26:49.050 align:start position:0% create a plasma chain that has a plasma 00:26:49.050 --> 00:26:51.200 align:start position:0% create a plasma chain that has a plasma contract<00:26:49.470> across<00:26:49.800> multiple<00:26:50.220> shards<00:26:50.610> so<00:26:51.090> if 00:26:51.200 --> 00:26:51.210 align:start position:0% contract across multiple shards so if 00:26:51.210 --> 00:26:54.350 align:start position:0% contract across multiple shards so if you<00:26:51.330> spawn<00:26:51.750> your<00:26:52.470> I<00:26:52.500> see<00:26:53.460> 20<00:26:53.670> tokens<00:26:54.120> on<00:26:54.330> a 00:26:54.350 --> 00:26:54.360 align:start position:0% you spawn your I see 20 tokens on a 00:26:54.360 --> 00:26:56.390 align:start position:0% you spawn your I see 20 tokens on a different<00:26:54.840> shard<00:26:55.140> then<00:26:55.740> you<00:26:55.920> can<00:26:56.070> actually 00:26:56.390 --> 00:26:56.400 align:start position:0% different shard then you can actually 00:26:56.400 --> 00:26:58.460 align:start position:0% different shard then you can actually deposit<00:26:56.850> into<00:26:57.060> the<00:26:57.180> same<00:26:57.450> massive<00:26:57.870> plasma 00:26:58.460 --> 00:26:58.470 align:start position:0% deposit into the same massive plasma 00:26:58.470 --> 00:27:00.530 align:start position:0% deposit into the same massive plasma chain<00:26:58.650> and<00:26:58.860> transact<00:26:59.550> that<00:26:59.790> that<00:27:00.090> you<00:27:00.420> know 00:27:00.530 --> 00:27:00.540 align:start position:0% chain and transact that that you know 00:27:00.540 --> 00:27:02.300 align:start position:0% chain and transact that that you know thing<00:27:00.780> independently<00:27:01.170> so<00:27:01.860> that's<00:27:02.040> pretty 00:27:02.300 --> 00:27:02.310 align:start position:0% thing independently so that's pretty 00:27:02.310 --> 00:27:04.190 align:start position:0% thing independently so that's pretty cool<00:27:02.520> and<00:27:02.790> you<00:27:03.120> can<00:27:03.150> even<00:27:03.420> you<00:27:03.870> can<00:27:04.050> even 00:27:04.190 --> 00:27:04.200 align:start position:0% cool and you can even you can even 00:27:04.200 --> 00:27:06.920 align:start position:0% cool and you can even you can even commit<00:27:04.740> to<00:27:05.190> you<00:27:05.460> can<00:27:05.640> commit<00:27:06.090> to<00:27:06.120> token 00:27:06.920 --> 00:27:06.930 align:start position:0% commit to you can commit to token 00:27:06.930 --> 00:27:09.500 align:start position:0% commit to you can commit to token allocations<00:27:07.680> on<00:27:07.860> chain<00:27:08.370> with<00:27:08.850> a<00:27:08.880> Merkel<00:27:09.270> tree 00:27:09.500 --> 00:27:09.510 align:start position:0% allocations on chain with a Merkel tree 00:27:09.510 --> 00:27:11.300 align:start position:0% allocations on chain with a Merkel tree and<00:27:09.690> then<00:27:10.020> immediately<00:27:10.290> transact<00:27:11.130> those 00:27:11.300 --> 00:27:11.310 align:start position:0% and then immediately transact those 00:27:11.310 --> 00:27:13.100 align:start position:0% and then immediately transact those coins<00:27:11.580> in<00:27:11.790> the<00:27:11.970> plasma<00:27:12.150> chain<00:27:12.510> in<00:27:12.690> a<00:27:12.780> scalable 00:27:13.100 --> 00:27:13.110 align:start position:0% coins in the plasma chain in a scalable 00:27:13.110 --> 00:27:14.830 align:start position:0% coins in the plasma chain in a scalable setting<00:27:13.530> so<00:27:13.620> you<00:27:13.680> don't<00:27:13.740> even<00:27:13.980> need<00:27:14.130> to<00:27:14.190> like 00:27:14.830 --> 00:27:14.840 align:start position:0% setting so you don't even need to like 00:27:14.840 --> 00:27:17.780 align:start position:0% setting so you don't even need to like register<00:27:15.840> the<00:27:16.170> the<00:27:16.470> tokens<00:27:17.160> themselves<00:27:17.670> on 00:27:17.780 --> 00:27:17.790 align:start position:0% register the the tokens themselves on 00:27:17.790 --> 00:27:20.120 align:start position:0% register the the tokens themselves on the<00:27:18.150> main<00:27:18.360> chain<00:27:18.690> so<00:27:19.080> it's<00:27:19.200> pretty<00:27:19.710> pretty 00:27:20.120 --> 00:27:20.130 align:start position:0% the main chain so it's pretty pretty 00:27:20.130 --> 00:27:21.890 align:start position:0% the main chain so it's pretty pretty cool<00:27:20.430> these<00:27:20.670> are<00:27:20.820> like<00:27:20.970> some<00:27:21.360> very<00:27:21.630> cool 00:27:21.890 --> 00:27:21.900 align:start position:0% cool these are like some very cool 00:27:21.900 --> 00:27:24.260 align:start position:0% cool these are like some very cool designs<00:27:22.320> and<00:27:22.580> hopefully<00:27:23.580> and<00:27:23.850> I<00:27:24.000> actually 00:27:24.260 --> 00:27:24.270 align:start position:0% designs and hopefully and I actually 00:27:24.270 --> 00:27:26.420 align:start position:0% designs and hopefully and I actually right<00:27:24.840> now<00:27:25.020> I'm<00:27:25.200> not<00:27:25.350> seeing<00:27:25.650> why<00:27:25.800> not<00:27:26.040> you 00:27:26.420 --> 00:27:26.430 align:start position:0% right now I'm not seeing why not you 00:27:26.430 --> 00:27:29.240 align:start position:0% right now I'm not seeing why not you know<00:27:26.520> we<00:27:26.760> can<00:27:26.910> scale<00:27:27.270> to<00:27:27.330> a<00:27:27.780> very<00:27:28.620> large<00:27:29.040> you 00:27:29.240 --> 00:27:29.250 align:start position:0% know we can scale to a very large you 00:27:29.250 --> 00:27:31.160 align:start position:0% know we can scale to a very large you know<00:27:29.370> a<00:27:29.400> kind<00:27:29.550> of<00:27:29.670> like<00:27:29.850> global<00:27:30.600> internet 00:27:31.160 --> 00:27:31.170 align:start position:0% know a kind of like global internet 00:27:31.170 --> 00:27:33.830 align:start position:0% know a kind of like global internet scale<00:27:31.560> like<00:27:32.040> we<00:27:32.250> need<00:27:32.430> we<00:27:32.970> need<00:27:33.180> to<00:27:33.420> make<00:27:33.600> sure 00:27:33.830 --> 00:27:33.840 align:start position:0% scale like we need we need to make sure 00:27:33.840 --> 00:27:35.690 align:start position:0% scale like we need we need to make sure that<00:27:34.050> these<00:27:34.200> crypto<00:27:34.680> economic<00:27:35.130> mechanisms<00:27:35.580> if 00:27:35.690 --> 00:27:35.700 align:start position:0% that these crypto economic mechanisms if 00:27:35.700 --> 00:27:37.310 align:start position:0% that these crypto economic mechanisms if we're<00:27:35.880> going<00:27:36.060> to<00:27:36.240> say<00:27:36.390> that<00:27:36.420> decentralization 00:27:37.310 --> 00:27:37.320 align:start position:0% we're going to say that decentralization 00:27:37.320 --> 00:27:39.470 align:start position:0% we're going to say that decentralization is<00:27:37.620> the<00:27:37.800> way<00:27:37.950> this<00:27:38.220> is<00:27:38.370> the<00:27:38.520> future<00:27:38.850> this<00:27:39.300> is 00:27:39.470 --> 00:27:39.480 align:start position:0% is the way this is the future this is 00:27:39.480 --> 00:27:40.730 align:start position:0% is the way this is the future this is the<00:27:39.630> you<00:27:39.750> know<00:27:39.810> the<00:27:39.990> way<00:27:40.080> we<00:27:40.260> should<00:27:40.410> do<00:27:40.530> things 00:27:40.730 --> 00:27:40.740 align:start position:0% the you know the way we should do things 00:27:40.740 --> 00:27:43.010 align:start position:0% the you know the way we should do things well<00:27:41.220> we<00:27:41.610> need<00:27:41.790> to<00:27:41.910> show<00:27:42.120> that<00:27:42.150> it<00:27:42.390> actually 00:27:43.010 --> 00:27:43.020 align:start position:0% well we need to show that it actually 00:27:43.020 --> 00:27:45.890 align:start position:0% well we need to show that it actually works<00:27:43.350> for<00:27:44.100> supporting<00:27:44.940> a<00:27:45.150> large<00:27:45.510> number<00:27:45.870> of 00:27:45.890 --> 00:27:45.900 align:start position:0% works for supporting a large number of 00:27:45.900 --> 00:27:48.260 align:start position:0% works for supporting a large number of users<00:27:46.110> and<00:27:46.560> so<00:27:46.740> of<00:27:46.980> course<00:27:47.010> the<00:27:47.520> theorem<00:27:47.790> 2.0 00:27:48.260 --> 00:27:48.270 align:start position:0% users and so of course the theorem 2.0 00:27:48.270 --> 00:27:50.690 align:start position:0% users and so of course the theorem 2.0 has<00:27:48.570> that<00:27:48.990> kind<00:27:49.350> of<00:27:49.470> vision<00:27:49.740> in<00:27:50.130> it<00:27:50.310> and<00:27:50.490> is 00:27:50.690 --> 00:27:50.700 align:start position:0% has that kind of vision in it and is 00:27:50.700 --> 00:27:52.970 align:start position:0% has that kind of vision in it and is actually<00:27:51.270> you<00:27:51.390> know<00:27:51.510> very<00:27:52.230> far<00:27:52.500> along<00:27:52.740> and<00:27:52.890> I 00:27:52.970 --> 00:27:52.980 align:start position:0% actually you know very far along and I 00:27:52.980 --> 00:27:54.410 align:start position:0% actually you know very far along and I wish<00:27:53.160> I<00:27:53.280> could<00:27:53.310> you<00:27:53.670> know<00:27:53.760> I<00:27:53.790> wish<00:27:54.090> I<00:27:54.180> had<00:27:54.300> an 00:27:54.410 --> 00:27:54.420 align:start position:0% wish I could you know I wish I had an 00:27:54.420 --> 00:27:56.000 align:start position:0% wish I could you know I wish I had an hour<00:27:54.540> so<00:27:54.840> I<00:27:54.870> could<00:27:55.050> just<00:27:55.200> do<00:27:55.320> the<00:27:55.440> next<00:27:55.680> talk<00:27:55.830> on 00:27:56.000 --> 00:27:56.010 align:start position:0% hour so I could just do the next talk on 00:27:56.010 --> 00:27:58.630 align:start position:0% hour so I could just do the next talk on the<00:27:56.160> theorem<00:27:56.370> 2.0<00:27:56.700> but<00:27:56.910> or<00:27:57.270> on<00:27:57.540> serenity<00:27:57.960> but 00:27:58.630 --> 00:27:58.640 align:start position:0% the theorem 2.0 but or on serenity but 00:27:58.640 --> 00:28:01.490 align:start position:0% the theorem 2.0 but or on serenity but hopefully<00:27:59.640> even<00:27:59.850> with<00:28:00.300> this<00:28:00.510> you<00:28:00.750> know<00:28:01.020> with 00:28:01.490 --> 00:28:01.500 align:start position:0% hopefully even with this you know with 00:28:01.500 --> 00:28:03.890 align:start position:0% hopefully even with this you know with plasma<00:28:01.770> next<00:28:02.370> to<00:28:02.520> you<00:28:02.940> know<00:28:03.030> aetherium<00:28:03.300> 1.0<00:28:03.840> or 00:28:03.890 --> 00:28:03.900 align:start position:0% plasma next to you know aetherium 1.0 or 00:28:03.900 --> 00:28:06.560 align:start position:0% plasma next to you know aetherium 1.0 or theorem<00:28:04.410> 2.0<00:28:04.920> and<00:28:05.160> more<00:28:05.940> you<00:28:06.150> know<00:28:06.270> of<00:28:06.390> course 00:28:06.560 --> 00:28:06.570 align:start position:0% theorem 2.0 and more you know of course 00:28:06.570 --> 00:28:08.120 align:start position:0% theorem 2.0 and more you know of course this<00:28:06.780> is<00:28:06.930> not<00:28:07.050> the<00:28:07.200> only<00:28:07.440> technology<00:28:07.710> that's 00:28:08.120 --> 00:28:08.130 align:start position:0% this is not the only technology that's 00:28:08.130 --> 00:28:10.220 align:start position:0% this is not the only technology that's going<00:28:08.370> to<00:28:08.430> be<00:28:08.550> required<00:28:08.700> for<00:28:09.210> this<00:28:09.330> hopefully 00:28:10.220 --> 00:28:10.230 align:start position:0% going to be required for this hopefully 00:28:10.230 --> 00:28:12.290 align:start position:0% going to be required for this hopefully we<00:28:10.380> can<00:28:10.530> actually<00:28:10.770> support<00:28:11.460> this<00:28:11.880> kind<00:28:12.120> of 00:28:12.290 --> 00:28:12.300 align:start position:0% we can actually support this kind of 00:28:12.300 --> 00:28:14.660 align:start position:0% we can actually support this kind of real<00:28:12.570> global<00:28:13.440> economy<00:28:14.010> and<00:28:14.130> hopefully<00:28:14.400> we<00:28:14.520> can 00:28:14.660 --> 00:28:14.670 align:start position:0% real global economy and hopefully we can 00:28:14.670 --> 00:28:17.690 align:start position:0% real global economy and hopefully we can create<00:28:14.820> a<00:28:15.360> you<00:28:15.690> know<00:28:15.990> the<00:28:16.890> crypto<00:28:17.250> economy 00:28:17.690 --> 00:28:17.700 align:start position:0% create a you know the crypto economy 00:28:17.700 --> 00:28:19.250 align:start position:0% create a you know the crypto economy make<00:28:17.940> sure<00:28:18.120> that<00:28:18.270> it<00:28:18.420> is<00:28:18.510> a<00:28:18.540> self-sufficient 00:28:19.250 --> 00:28:19.260 align:start position:0% make sure that it is a self-sufficient 00:28:19.260 --> 00:28:20.900 align:start position:0% make sure that it is a self-sufficient you<00:28:19.410> know<00:28:19.530> this<00:28:19.710> is<00:28:19.860> this<00:28:20.220> is<00:28:20.400> going<00:28:20.580> to<00:28:20.790> be 00:28:20.900 --> 00:28:20.910 align:start position:0% you know this is this is going to be 00:28:20.910 --> 00:28:22.880 align:start position:0% you know this is this is going to be something<00:28:21.300> that<00:28:21.330> I<00:28:21.690> don't<00:28:22.200> I<00:28:22.290> don't<00:28:22.350> see<00:28:22.650> like 00:28:22.880 --> 00:28:22.890 align:start position:0% something that I don't I don't see like 00:28:22.890 --> 00:28:25.880 align:start position:0% something that I don't I don't see like external<00:28:23.790> value<00:28:24.090> coming<00:28:24.660> into<00:28:24.990> the<00:28:25.590> you<00:28:25.860> know 00:28:25.880 --> 00:28:25.890 align:start position:0% external value coming into the you know 00:28:25.890 --> 00:28:27.860 align:start position:0% external value coming into the you know crypto<00:28:26.310> system<00:28:26.670> I<00:28:26.820> think<00:28:27.240> this<00:28:27.390> is<00:28:27.510> the<00:28:27.630> point 00:28:27.860 --> 00:28:27.870 align:start position:0% crypto system I think this is the point 00:28:27.870 --> 00:28:29.750 align:start position:0% crypto system I think this is the point where<00:28:28.080> like<00:28:28.380> the<00:28:28.500> external<00:28:28.770> value<00:28:29.070> has<00:28:29.400> come 00:28:29.750 --> 00:28:29.760 align:start position:0% where like the external value has come 00:28:29.760 --> 00:28:31.190 align:start position:0% where like the external value has come into<00:28:29.910> the<00:28:30.090> crypto<00:28:30.360> system<00:28:30.660> people<00:28:30.900> are<00:28:31.020> like 00:28:31.190 --> 00:28:31.200 align:start position:0% into the crypto system people are like 00:28:31.200 --> 00:28:32.690 align:start position:0% into the crypto system people are like oh<00:28:31.290> wow<00:28:31.470> this<00:28:31.620> is<00:28:31.680> really<00:28:31.950> cool<00:28:32.040> and<00:28:32.610> are 00:28:32.690 --> 00:28:32.700 align:start position:0% oh wow this is really cool and are 00:28:32.700 --> 00:28:34.970 align:start position:0% oh wow this is really cool and are speculating<00:28:33.210> all<00:28:33.300> day<00:28:33.480> however<00:28:34.230> we<00:28:34.680> need<00:28:34.830> to 00:28:34.970 --> 00:28:34.980 align:start position:0% speculating all day however we need to 00:28:34.980 --> 00:28:36.590 align:start position:0% speculating all day however we need to actually<00:28:35.130> generate<00:28:35.520> value<00:28:35.970> within<00:28:36.360> our 00:28:36.590 --> 00:28:36.600 align:start position:0% actually generate value within our 00:28:36.600 --> 00:28:39.050 align:start position:0% actually generate value within our economy<00:28:36.990> and<00:28:37.350> actually<00:28:37.800> create<00:28:38.250> like<00:28:38.610> this 00:28:39.050 --> 00:28:39.060 align:start position:0% economy and actually create like this 00:28:39.060 --> 00:28:42.170 align:start position:0% economy and actually create like this internet<00:28:39.950> future<00:28:40.950> thing<00:28:41.370> I<00:28:41.580> don't<00:28:41.670> know<00:28:41.880> this 00:28:42.170 --> 00:28:42.180 align:start position:0% internet future thing I don't know this 00:28:42.180 --> 00:28:44.060 align:start position:0% internet future thing I don't know this kind<00:28:42.480> of<00:28:42.510> Internet<00:28:42.900> land<00:28:43.200> that<00:28:43.500> is<00:28:43.650> actually 00:28:44.060 --> 00:28:44.070 align:start position:0% kind of Internet land that is actually 00:28:44.070 --> 00:28:45.890 align:start position:0% kind of Internet land that is actually free<00:28:44.400> and<00:28:44.700> decentralized<00:28:45.360> which<00:28:45.660> would<00:28:45.780> be 00:28:45.890 --> 00:28:45.900 align:start position:0% free and decentralized which would be 00:28:45.900 --> 00:28:47.100 align:start position:0% free and decentralized which would be pretty<00:28:46.050> cool<00:28:46.290> and<00:28:46.440> hopeful 00:28:47.100 --> 00:28:47.110 align:start position:0% pretty cool and hopeful 00:28:47.110 --> 00:28:49.740 align:start position:0% pretty cool and hopeful this<00:28:47.380> will<00:28:47.950> be<00:28:48.070> enough<00:28:48.340> to<00:28:48.549> really<00:28:48.790> spread<00:28:49.420> the 00:28:49.740 --> 00:28:49.750 align:start position:0% this will be enough to really spread the 00:28:49.750 --> 00:28:51.900 align:start position:0% this will be enough to really spread the memes<00:28:50.470> of<00:28:50.770> decentralization<00:28:51.580> x' 00:28:51.900 --> 00:28:51.910 align:start position:0% memes of decentralization x' 00:28:51.910 --> 00:28:54.200 align:start position:0% memes of decentralization x' @<00:28:52.080> decentralization<00:28:53.080> as<00:28:53.380> well<00:28:53.620> as<00:28:53.740> the<00:28:53.860> means 00:28:54.200 --> 00:28:54.210 align:start position:0% @ decentralization as well as the means 00:28:54.210 --> 00:28:57.210 align:start position:0% @ decentralization as well as the means is<00:28:55.210> a<00:28:55.240> fun<00:28:55.480> one<00:28:55.600> anyway<00:28:56.049> so<00:28:56.470> that<00:28:56.830> is<00:28:57.010> that<00:28:57.160> is 00:28:57.210 --> 00:28:57.220 align:start position:0% is a fun one anyway so that is that is 00:28:57.220 --> 00:28:59.640 align:start position:0% is a fun one anyway so that is that is that<00:28:57.370> I<00:28:57.520> just<00:28:57.970> put<00:28:58.540> this<00:28:58.660> here<00:28:58.929> I'm<00:28:59.260> just<00:28:59.500> like 00:28:59.640 --> 00:28:59.650 align:start position:0% that I just put this here I'm just like 00:28:59.650 --> 00:29:01.380 align:start position:0% that I just put this here I'm just like shilling<00:29:00.010> Yoona<00:29:00.309> swap<00:29:00.549> for<00:29:00.760> a<00:29:00.790> slide<00:29:01.030> I<00:29:01.059> don't 00:29:01.380 --> 00:29:01.390 align:start position:0% shilling Yoona swap for a slide I don't 00:29:01.390 --> 00:29:03.960 align:start position:0% shilling Yoona swap for a slide I don't know<00:29:01.559> it<00:29:02.559> was<00:29:02.770> interesting<00:29:03.309> anyway<00:29:03.520> I'm<00:29:03.790> also 00:29:03.960 --> 00:29:03.970 align:start position:0% know it was interesting anyway I'm also 00:29:03.970 --> 00:29:05.669 align:start position:0% know it was interesting anyway I'm also stealing<00:29:04.330> crypto<00:29:04.690> economics<00:29:05.110> test<00:29:05.320> study<00:29:05.470> for 00:29:05.669 --> 00:29:05.679 align:start position:0% stealing crypto economics test study for 00:29:05.679 --> 00:29:07.919 align:start position:0% stealing crypto economics test study for a<00:29:05.710> slide<00:29:05.950> i<00:29:06.179> crypto<00:29:07.179> economics<00:29:07.600> test<00:29:07.780> study 00:29:07.919 --> 00:29:07.929 align:start position:0% a slide i crypto economics test study 00:29:07.929 --> 00:29:09.990 align:start position:0% a slide i crypto economics test study it's<00:29:08.200> a<00:29:08.290> course<00:29:08.770> and<00:29:09.070> a<00:29:09.429> book<00:29:09.670> written<00:29:09.850> by 00:29:09.990 --> 00:29:10.000 align:start position:0% it's a course and a book written by 00:29:10.000 --> 00:29:13.500 align:start position:0% it's a course and a book written by jinglun<00:29:10.600> wing<00:29:10.809> and<00:29:11.020> I<00:29:11.590> am<00:29:11.920> I<00:29:12.640> just<00:29:12.850> like<00:29:13.299> I<00:29:13.480> just 00:29:13.500 --> 00:29:13.510 align:start position:0% jinglun wing and I am I just like I just 00:29:13.510 --> 00:29:15.330 align:start position:0% jinglun wing and I am I just like I just I'm<00:29:14.110> working<00:29:14.410> on<00:29:14.500> the<00:29:14.620> lectures<00:29:15.010> and<00:29:15.220> so<00:29:15.309> I 00:29:15.330 --> 00:29:15.340 align:start position:0% I'm working on the lectures and so I 00:29:15.340 --> 00:29:17.010 align:start position:0% I'm working on the lectures and so I just<00:29:15.580> like<00:29:15.730> put<00:29:15.940> through<00:29:16.270> a<00:29:16.570> couple<00:29:16.900> lectures 00:29:17.010 --> 00:29:17.020 align:start position:0% just like put through a couple lectures 00:29:17.020 --> 00:29:18.419 align:start position:0% just like put through a couple lectures they're<00:29:17.650> actually<00:29:17.950> it's<00:29:18.040> not<00:29:18.100> just<00:29:18.309> me 00:29:18.419 --> 00:29:18.429 align:start position:0% they're actually it's not just me 00:29:18.429 --> 00:29:19.590 align:start position:0% they're actually it's not just me working<00:29:18.700> on<00:29:18.790> the<00:29:18.880> lectures<00:29:19.150> to<00:29:19.270> be<00:29:19.360> honest 00:29:19.590 --> 00:29:19.600 align:start position:0% working on the lectures to be honest 00:29:19.600 --> 00:29:22.710 align:start position:0% working on the lectures to be honest there's<00:29:20.320> also<00:29:20.500> you<00:29:20.679> know<00:29:20.940> Kevin<00:29:21.940> Kevin<00:29:22.450> who's 00:29:22.710 --> 00:29:22.720 align:start position:0% there's also you know Kevin Kevin who's 00:29:22.720 --> 00:29:25.020 align:start position:0% there's also you know Kevin Kevin who's working<00:29:23.020> on<00:29:23.110> some<00:29:23.770> lectures<00:29:24.130> as<00:29:24.309> well<00:29:24.640> as<00:29:24.760> Jing 00:29:25.020 --> 00:29:25.030 align:start position:0% working on some lectures as well as Jing 00:29:25.030 --> 00:29:27.600 align:start position:0% working on some lectures as well as Jing so<00:29:25.450> like<00:29:25.600> this<00:29:25.990> is<00:29:26.140> a<00:29:26.169> super<00:29:26.740> super<00:29:27.130> cool<00:29:27.309> thing 00:29:27.600 --> 00:29:27.610 align:start position:0% so like this is a super super cool thing 00:29:27.610 --> 00:29:30.000 align:start position:0% so like this is a super super cool thing and<00:29:27.820> once<00:29:28.600> again<00:29:28.750> this<00:29:28.990> is<00:29:29.080> what<00:29:29.260> this<00:29:29.679> was<00:29:29.830> the 00:29:30.000 --> 00:29:30.010 align:start position:0% and once again this is what this was the 00:29:30.010 --> 00:29:31.740 align:start position:0% and once again this is what this was the beginning<00:29:30.370> of<00:29:30.610> my<00:29:30.760> talk<00:29:30.820> was<00:29:31.179> like<00:29:31.330> okay<00:29:31.600> we 00:29:31.740 --> 00:29:31.750 align:start position:0% beginning of my talk was like okay we 00:29:31.750 --> 00:29:33.480 align:start position:0% beginning of my talk was like okay we need<00:29:31.780> to<00:29:32.470> make<00:29:32.620> sure<00:29:32.679> that<00:29:32.919> everyone<00:29:33.340> is 00:29:33.480 --> 00:29:33.490 align:start position:0% need to make sure that everyone is 00:29:33.490 --> 00:29:35.280 align:start position:0% need to make sure that everyone is included<00:29:33.640> that<00:29:34.090> we<00:29:34.450> you<00:29:34.690> know<00:29:34.720> spread<00:29:35.140> this 00:29:35.280 --> 00:29:35.290 align:start position:0% included that we you know spread this 00:29:35.290 --> 00:29:38.460 align:start position:0% included that we you know spread this information<00:29:35.860> because<00:29:36.780> you<00:29:37.780> know<00:29:37.900> everyone 00:29:38.460 --> 00:29:38.470 align:start position:0% information because you know everyone 00:29:38.470 --> 00:29:40.110 align:start position:0% information because you know everyone has<00:29:38.679> something<00:29:39.010> unique<00:29:39.370> to<00:29:39.640> contribute 00:29:40.110 --> 00:29:40.120 align:start position:0% has something unique to contribute 00:29:40.120 --> 00:29:42.419 align:start position:0% has something unique to contribute really<00:29:40.660> and<00:29:40.870> to<00:29:41.320> be<00:29:41.440> honest<00:29:41.830> if<00:29:41.980> we're<00:29:42.160> going 00:29:42.419 --> 00:29:42.429 align:start position:0% really and to be honest if we're going 00:29:42.429 --> 00:29:44.789 align:start position:0% really and to be honest if we're going to<00:29:42.580> create<00:29:42.820> this<00:29:43.030> like<00:29:43.240> new<00:29:43.780> future<00:29:44.290> free 00:29:44.789 --> 00:29:44.799 align:start position:0% to create this like new future free 00:29:44.799 --> 00:29:47.610 align:start position:0% to create this like new future free amazing<00:29:45.520> economy<00:29:46.030> like<00:29:46.510> the<00:29:46.990> only<00:29:47.290> way<00:29:47.440> that 00:29:47.610 --> 00:29:47.620 align:start position:0% amazing economy like the only way that 00:29:47.620 --> 00:29:49.049 align:start position:0% amazing economy like the only way that we're<00:29:47.740> going<00:29:47.860> to<00:29:47.950> prevent<00:29:48.280> it<00:29:48.460> from<00:29:48.520> kind<00:29:48.970> of 00:29:49.049 --> 00:29:49.059 align:start position:0% we're going to prevent it from kind of 00:29:49.059 --> 00:29:51.780 align:start position:0% we're going to prevent it from kind of degrading<00:29:49.419> into<00:29:49.900> a<00:29:49.929> centralized<00:29:50.669> you<00:29:51.669> know 00:29:51.780 --> 00:29:51.790 align:start position:0% degrading into a centralized you know 00:29:51.790 --> 00:29:54.180 align:start position:0% degrading into a centralized you know like<00:29:52.600> basically<00:29:53.049> control<00:29:53.530> system<00:29:53.950> power 00:29:54.180 --> 00:29:54.190 align:start position:0% like basically control system power 00:29:54.190 --> 00:29:56.190 align:start position:0% like basically control system power structure<00:29:54.640> that<00:29:54.669> we<00:29:54.910> hate<00:29:55.150> already<00:29:55.630> today 00:29:56.190 --> 00:29:56.200 align:start position:0% structure that we hate already today 00:29:56.200 --> 00:29:58.530 align:start position:0% structure that we hate already today well<00:29:56.590> it's<00:29:56.860> only<00:29:57.220> going<00:29:57.669> to<00:29:57.760> happen<00:29:58.000> if<00:29:58.299> we 00:29:58.530 --> 00:29:58.540 align:start position:0% well it's only going to happen if we 00:29:58.540 --> 00:30:00.390 align:start position:0% well it's only going to happen if we have<00:29:58.570> people<00:29:59.500> from<00:29:59.650> different<00:29:59.799> communities 00:30:00.390 --> 00:30:00.400 align:start position:0% have people from different communities 00:30:00.400 --> 00:30:02.400 align:start position:0% have people from different communities that<00:30:00.640> have<00:30:00.940> the<00:30:01.179> actual<00:30:01.510> information<00:30:01.720> access 00:30:02.400 --> 00:30:02.410 align:start position:0% that have the actual information access 00:30:02.410 --> 00:30:04.049 align:start position:0% that have the actual information access to<00:30:02.559> this<00:30:02.679> information<00:30:03.190> to<00:30:03.370> build<00:30:03.580> it<00:30:03.760> together 00:30:04.049 --> 00:30:04.059 align:start position:0% to this information to build it together 00:30:04.059 --> 00:30:05.940 align:start position:0% to this information to build it together because<00:30:04.840> otherwise<00:30:05.169> we're<00:30:05.470> going<00:30:05.590> to<00:30:05.679> forget 00:30:05.940 --> 00:30:05.950 align:start position:0% because otherwise we're going to forget 00:30:05.950 --> 00:30:07.530 align:start position:0% because otherwise we're going to forget certain<00:30:06.549> things<00:30:06.669> we're<00:30:07.030> going<00:30:07.210> to<00:30:07.330> create 00:30:07.530 --> 00:30:07.540 align:start position:0% certain things we're going to create 00:30:07.540 --> 00:30:09.390 align:start position:0% certain things we're going to create systems<00:30:07.929> that<00:30:08.110> don't<00:30:08.260> actually<00:30:09.070> promote 00:30:09.390 --> 00:30:09.400 align:start position:0% systems that don't actually promote 00:30:09.400 --> 00:30:11.159 align:start position:0% systems that don't actually promote equality<00:30:09.790> and<00:30:10.150> instead<00:30:10.450> kind<00:30:10.809> of<00:30:10.870> promote<00:30:11.140> a 00:30:11.159 --> 00:30:11.169 align:start position:0% equality and instead kind of promote a 00:30:11.169 --> 00:30:13.470 align:start position:0% equality and instead kind of promote a single<00:30:11.559> person's<00:30:11.890> interest<00:30:12.220> I<00:30:12.400> am<00:30:12.910> I<00:30:13.150> fall 00:30:13.470 --> 00:30:13.480 align:start position:0% single person's interest I am I fall 00:30:13.480 --> 00:30:15.360 align:start position:0% single person's interest I am I fall victim<00:30:13.780> to<00:30:13.809> this<00:30:14.080> too<00:30:14.260> like<00:30:14.470> I<00:30:14.650> do<00:30:14.740> things<00:30:15.220> that 00:30:15.360 --> 00:30:15.370 align:start position:0% victim to this too like I do things that 00:30:15.370 --> 00:30:18.060 align:start position:0% victim to this too like I do things that I<00:30:15.429> really<00:30:15.910> absolutely<00:30:16.780> regret<00:30:17.080> while<00:30:17.590> while 00:30:18.060 --> 00:30:18.070 align:start position:0% I really absolutely regret while while 00:30:18.070 --> 00:30:19.890 align:start position:0% I really absolutely regret while while completely<00:30:18.549> having<00:30:18.970> the<00:30:19.059> right<00:30:19.179> intentions<00:30:19.720> I 00:30:19.890 --> 00:30:19.900 align:start position:0% completely having the right intentions I 00:30:19.900 --> 00:30:22.320 align:start position:0% completely having the right intentions I you<00:30:20.470> know<00:30:20.590> will<00:30:21.100> will<00:30:21.400> you<00:30:21.640> know<00:30:21.730> make<00:30:22.090> make 00:30:22.320 --> 00:30:22.330 align:start position:0% you know will will you know make make 00:30:22.330 --> 00:30:24.210 align:start position:0% you know will will you know make make mistakes<00:30:22.720> so<00:30:22.900> we<00:30:23.530> all<00:30:23.650> have<00:30:23.830> to<00:30:23.980> you<00:30:24.130> know 00:30:24.210 --> 00:30:24.220 align:start position:0% mistakes so we all have to you know 00:30:24.220 --> 00:30:26.520 align:start position:0% mistakes so we all have to you know remember<00:30:24.520> we're<00:30:25.179> all<00:30:25.299> we're<00:30:25.840> human<00:30:26.140> we<00:30:26.500> need 00:30:26.520 --> 00:30:26.530 align:start position:0% remember we're all we're human we need 00:30:26.530 --> 00:30:28.350 align:start position:0% remember we're all we're human we need to<00:30:26.770> make<00:30:26.919> sure<00:30:27.070> that<00:30:27.250> other<00:30:27.460> people<00:30:27.549> kind<00:30:28.270> of 00:30:28.350 --> 00:30:28.360 align:start position:0% to make sure that other people kind of 00:30:28.360 --> 00:30:30.060 align:start position:0% to make sure that other people kind of can<00:30:28.510> balance<00:30:28.660> us<00:30:28.960> out<00:30:29.140> we're<00:30:29.860> in<00:30:29.890> this 00:30:30.060 --> 00:30:30.070 align:start position:0% can balance us out we're in this 00:30:30.070 --> 00:30:32.820 align:start position:0% can balance us out we're in this together<00:30:30.250> and<00:30:30.700> like<00:30:31.020> hopefully<00:30:32.020> this<00:30:32.530> this 00:30:32.820 --> 00:30:32.830 align:start position:0% together and like hopefully this this 00:30:32.830 --> 00:30:34.830 align:start position:0% together and like hopefully this this whole<00:30:32.980> thing<00:30:33.160> will<00:30:33.309> work<00:30:33.460> so<00:30:33.760> you<00:30:34.299> know<00:30:34.419> check 00:30:34.830 --> 00:30:34.840 align:start position:0% whole thing will work so you know check 00:30:34.840 --> 00:30:37.049 align:start position:0% whole thing will work so you know check out<00:30:34.990> that<00:30:35.200> Devcon<00:30:35.679> are<00:30:36.070> scaling<00:30:36.610> to<00:30:36.730> have<00:30:36.850> god 00:30:37.049 --> 00:30:37.059 align:start position:0% out that Devcon are scaling to have god 00:30:37.059 --> 00:30:39.150 align:start position:0% out that Devcon are scaling to have god cough<00:30:37.540> that<00:30:37.780> ridiculous<00:30:38.230> website<00:30:38.650> by<00:30:38.980> the<00:30:39.040> way 00:30:39.150 --> 00:30:39.160 align:start position:0% cough that ridiculous website by the way 00:30:39.160 --> 00:30:41.100 align:start position:0% cough that ridiculous website by the way it's<00:30:39.280> probably<00:30:39.429> broken<00:30:39.910> right<00:30:40.150> now<00:30:40.179> but<00:30:40.809> but 00:30:41.100 --> 00:30:41.110 align:start position:0% it's probably broken right now but but 00:30:41.110 --> 00:30:45.180 align:start position:0% it's probably broken right now but but whatever<00:30:41.669> but<00:30:42.669> more<00:30:42.940> importantly<00:30:43.540> check<00:30:44.230> out 00:30:45.180 --> 00:30:45.190 align:start position:0% whatever but more importantly check out 00:30:45.190 --> 00:30:48.299 align:start position:0% whatever but more importantly check out the<00:30:45.429> the<00:30:45.970> plasma<00:30:46.299> prime<00:30:46.980> implementation<00:30:47.980> that 00:30:48.299 --> 00:30:48.309 align:start position:0% the the plasma prime implementation that 00:30:48.309 --> 00:30:49.919 align:start position:0% the the plasma prime implementation that is<00:30:48.460> you<00:30:48.640> know<00:30:48.760> I'm<00:30:49.030> gonna<00:30:49.150> I'll<00:30:49.570> send<00:30:49.809> out<00:30:49.900> a 00:30:49.919 --> 00:30:49.929 align:start position:0% is you know I'm gonna I'll send out a 00:30:49.929 --> 00:30:51.810 align:start position:0% is you know I'm gonna I'll send out a tweet<00:30:50.140> or<00:30:50.290> two<00:30:50.950> and<00:30:51.190> when<00:30:51.400> and<00:30:51.610> you<00:30:51.700> can 00:30:51.810 --> 00:30:51.820 align:start position:0% tweet or two and when and you can 00:30:51.820 --> 00:30:53.340 align:start position:0% tweet or two and when and you can download<00:30:51.970> it<00:30:52.240> and<00:30:52.540> actually<00:30:52.809> like<00:30:53.110> send 00:30:53.340 --> 00:30:53.350 align:start position:0% download it and actually like send 00:30:53.350 --> 00:30:54.780 align:start position:0% download it and actually like send transactions<00:30:53.919> and<00:30:54.190> and<00:30:54.400> you<00:30:54.520> know<00:30:54.640> mess 00:30:54.780 --> 00:30:54.790 align:start position:0% transactions and and you know mess 00:30:54.790 --> 00:30:56.310 align:start position:0% transactions and and you know mess around<00:30:54.910> on<00:30:55.120> a<00:30:55.179> plasma<00:30:55.390> train<00:30:55.690> and<00:30:55.870> exit<00:30:56.169> and 00:30:56.310 --> 00:30:56.320 align:start position:0% around on a plasma train and exit and 00:30:56.320 --> 00:30:58.380 align:start position:0% around on a plasma train and exit and then<00:30:56.710> let's<00:30:57.429> scale<00:30:57.669> this<00:30:57.700> thing<00:30:57.880> up<00:30:58.179> because 00:30:58.380 --> 00:30:58.390 align:start position:0% then let's scale this thing up because 00:30:58.390 --> 00:31:00.500 align:start position:0% then let's scale this thing up because it's<00:30:58.750> actually<00:30:58.960> possible 00:31:00.500 --> 00:31:00.510 align:start position:0% it's actually possible 00:31:00.510 --> 00:31:03.120 align:start position:0% it's actually possible no<00:31:00.990> thank<00:31:01.380> you 00:31:03.120 --> 00:31:03.130 align:start position:0% no thank you 00:31:03.130 --> 00:31:18.820 align:start position:0% no thank you [Applause] 00:31:18.820 --> 00:31:18.830 align:start position:0% 00:31:18.830 --> 00:31:20.890 align:start position:0% you