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cool<00:00:01.020><c> so</c><00:00:01.439><c> thanks</c><00:00:02.070><c> for</c><00:00:02.220><c> joining</c><00:00:02.280><c> me</c><00:00:02.730><c> here</c><00:00:02.760><c> today</c>

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cool so thanks for joining me here today
 

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cool so thanks for joining me here today
I'm<00:00:03.389><c> going</c><00:00:03.510><c> to</c><00:00:03.570><c> be</c><00:00:03.689><c> talking</c><00:00:03.870><c> about</c>

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I'm going to be talking about
 

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I'm going to be talking about
decentralized<00:00:05.790><c> identity</c><00:00:06.359><c> and</c><00:00:06.480><c> reputation</c><00:00:07.069><c> so</c>

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decentralized identity and reputation so
 

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decentralized identity and reputation so
first<00:00:08.460><c> of</c><00:00:08.580><c> all</c><00:00:08.700><c> I'm</c><00:00:09.090><c> Sina</c><00:00:09.570><c> I</c><00:00:10.380><c> was</c><00:00:10.910><c> previously</c>

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first of all I'm Sina I was previously
 

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first of all I'm Sina I was previously
the<00:00:12.030><c> engineering</c><00:00:12.750><c> lead</c><00:00:12.870><c> at</c><00:00:13.139><c> Rubin</c><00:00:13.559><c> a</c><00:00:13.769><c> project</c>

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the engineering lead at Rubin a project
 

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the engineering lead at Rubin a project
for<00:00:14.429><c> a</c><00:00:14.490><c> scaling</c><00:00:14.849><c> computation</c><00:00:15.509><c> on</c><00:00:15.570><c> Assyria</c>

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for a scaling computation on Assyria
 

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for a scaling computation on Assyria
also<00:00:17.100><c> helps</c><00:00:17.400><c> launch</c><00:00:17.670><c> this</c><00:00:17.850><c> project</c><00:00:18.090><c> called</c>

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also helps launch this project called
 

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also helps launch this project called
eath<00:00:18.720><c> prize</c><00:00:18.990><c> where</c><00:00:19.320><c> we</c><00:00:19.500><c> interviewed</c><00:00:20.220><c> over</c><00:00:20.400><c> a</c>

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eath prize where we interviewed over a
 

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eath prize where we interviewed over a
hundred<00:00:20.910><c> engineers</c><00:00:21.150><c> around</c><00:00:21.570><c> the</c><00:00:21.779><c> space</c><00:00:22.050><c> to</c>

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hundred engineers around the space to
 

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hundred engineers around the space to
pinpoint<00:00:23.310><c> shared</c><00:00:24.560><c> problems</c><00:00:25.560><c> around</c>

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pinpoint shared problems around
 

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pinpoint shared problems around
development<00:00:26.340><c> you</c><00:00:26.820><c> know</c><00:00:26.939><c> like</c><00:00:27.349><c> deploying</c><00:00:28.349><c> a</c>

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development you know like deploying a
 

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development you know like deploying a
test<00:00:28.740><c> net</c><00:00:28.980><c> or</c><00:00:29.279><c> doing</c><00:00:29.550><c> security</c><00:00:30.029><c> audits</c><00:00:30.359><c> and</c>

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test net or doing security audits and
 

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test net or doing security audits and
helped<00:00:31.710><c> fund</c><00:00:31.949><c> resources</c><00:00:32.309><c> towards</c><00:00:32.880><c> solving</c>

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helped fund resources towards solving
 

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helped fund resources towards solving
those<00:00:33.300><c> problems</c><00:00:33.360><c> and</c><00:00:34.130><c> more</c><00:00:35.130><c> recently</c><00:00:35.579><c> I've</c>

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those problems and more recently I've
 

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those problems and more recently I've
been<00:00:35.910><c> exploring</c><00:00:36.239><c> open</c><00:00:36.630><c> problems</c><00:00:37.110><c> and</c><00:00:37.440><c> helping</c>

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been exploring open problems and helping
 

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been exploring open problems and helping
at<00:00:38.700><c> the</c><00:00:38.760><c> theorem</c><00:00:39.210><c> foundations</c><00:00:39.719><c> with</c><00:00:39.960><c> the</c>

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at the theorem foundations with the
 

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at the theorem foundations with the
Grants<00:00:40.500><c> Program</c><00:00:41.989><c> so</c><00:00:42.989><c> today</c><00:00:43.320><c> I'm</c><00:00:43.440><c> going</c><00:00:43.559><c> to</c>

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Grants Program so today I'm going to
 

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Grants Program so today I'm going to
talk<00:00:43.800><c> about</c><00:00:43.829><c> identity</c><00:00:44.489><c> and</c><00:00:44.730><c> I</c><00:00:45.420><c> think</c><00:00:45.750><c> identity</c>

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talk about identity and I think identity
 

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talk about identity and I think identity
is<00:00:46.410><c> one</c><00:00:46.590><c> of</c><00:00:46.710><c> the</c><00:00:46.860><c> most</c><00:00:47.160><c> important</c><00:00:47.610><c> problems</c>

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is one of the most important problems
 

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is one of the most important problems
any<00:00:48.390><c> of</c><00:00:48.539><c> us</c><00:00:48.629><c> could</c><00:00:48.809><c> be</c><00:00:48.899><c> working</c><00:00:49.079><c> on</c><00:00:49.460><c> in</c><00:00:50.460><c> the</c>

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any of us could be working on in the
 

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any of us could be working on in the
blockchain<00:00:50.879><c> space</c><00:00:51.890><c> identity</c><00:00:52.890><c> plays</c><00:00:53.190><c> into</c><00:00:53.879><c> a</c>

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blockchain space identity plays into a
 

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blockchain space identity plays into a
whole<00:00:54.930><c> host</c><00:00:55.199><c> of</c><00:00:55.500><c> things</c><00:00:55.860><c> that</c><00:00:56.760><c> we're</c><00:00:56.910><c> all</c>

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whole host of things that we're all
 

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whole host of things that we're all
excited<00:00:57.480><c> about</c><00:00:57.539><c> so</c><00:00:58.469><c> I'm</c><00:00:58.559><c> just</c><00:00:58.739><c> gonna</c><00:00:58.920><c> kind</c><00:00:59.129><c> of</c>

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excited about so I'm just gonna kind of
 

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excited about so I'm just gonna kind of
talk<00:00:59.430><c> through</c><00:00:59.730><c> a</c><00:00:59.789><c> few</c><00:01:00.059><c> of</c><00:01:00.090><c> them</c><00:01:00.329><c> the</c><00:01:00.870><c> first</c><00:01:01.140><c> is</c>

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talk through a few of them the first is
 

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talk through a few of them the first is
you<00:01:01.620><c> know</c><00:01:01.739><c> if</c><00:01:02.010><c> you</c><00:01:02.280><c> if</c><00:01:03.270><c> you're</c><00:01:03.539><c> familiar</c><00:01:03.719><c> with</c>

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you know if you if you're familiar with
 

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you know if you if you're familiar with
some<00:01:04.199><c> of</c><00:01:04.409><c> the</c><00:01:04.500><c> protocols</c><00:01:05.010><c> that</c><00:01:05.159><c> are</c><00:01:05.280><c> being</c>

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some of the protocols that are being
 

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some of the protocols that are being
built<00:01:05.790><c> you</c><00:01:06.600><c> know</c><00:01:07.350><c> that</c><00:01:07.650><c> aetherium</c><00:01:08.220><c> addresses</c>

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built you know that aetherium addresses
 

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built you know that aetherium addresses
are<00:01:09.000><c> pseudonymous</c><00:01:09.510><c> you</c><00:01:09.900><c> can</c><00:01:10.049><c> create</c><00:01:10.290><c> a</c><00:01:10.350><c> new</c>

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are pseudonymous you can create a new
 

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are pseudonymous you can create a new
one<00:01:10.740><c> at</c><00:01:10.890><c> zero</c><00:01:10.920><c> cost</c><00:01:11.340><c> and</c><00:01:11.760><c> because</c><00:01:12.689><c> of</c><00:01:12.720><c> that</c><00:01:12.990><c> a</c>

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one at zero cost and because of that a
 

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one at zero cost and because of that a
lot<00:01:13.500><c> of</c><00:01:13.530><c> the</c><00:01:13.710><c> protocols</c><00:01:14.130><c> that</c><00:01:14.220><c> exists</c><00:01:14.790><c> like</c>

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lot of the protocols that exists like
 

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lot of the protocols that exists like
you<00:01:15.210><c> know</c><00:01:15.299><c> Casper</c><00:01:16.490><c> live</c><00:01:17.490><c> peer</c><00:01:17.909><c> for</c><00:01:18.240><c> you</c><00:01:18.540><c> know</c>

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you know Casper live peer for you know
 

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you know Casper live peer for you know
decentralized<00:01:19.320><c> video</c><00:01:19.650><c> streaming</c><00:01:20.040><c> true</c><00:01:20.549><c> bid</c>

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decentralized video streaming true bid
 

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decentralized video streaming true bid
for<00:01:20.970><c> computation</c><00:01:21.689><c> the</c><00:01:22.470><c> only</c><00:01:22.710><c> way</c><00:01:22.860><c> you</c><00:01:22.920><c> have</c><00:01:23.070><c> of</c>

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for computation the only way you have of
 

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for computation the only way you have of
keeping<00:01:23.820><c> your</c><00:01:23.880><c> participants</c><00:01:24.450><c> honest</c><00:01:24.930><c> is</c><00:01:25.170><c> to</c>

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keeping your participants honest is to
 

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keeping your participants honest is to
make<00:01:25.920><c> them</c><00:01:26.130><c> deposit</c><00:01:26.670><c> some</c><00:01:26.880><c> stake</c><00:01:27.240><c> and</c><00:01:27.570><c> then</c><00:01:27.930><c> if</c>

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make them deposit some stake and then if
 

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make them deposit some stake and then if
they<00:01:28.170><c> do</c><00:01:28.229><c> something</c><00:01:28.590><c> wrong</c>

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they do something wrong
 

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they do something wrong
burning<00:01:29.640><c> that</c><00:01:29.759><c> stake</c><00:01:30.119><c> and</c><00:01:30.450><c> that</c><00:01:31.409><c> by</c>

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burning that stake and that by
 

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burning that stake and that by
definition<00:01:31.650><c> is</c><00:01:32.280><c> a</c><00:01:32.310><c> one-off</c><00:01:32.579><c> game</c><00:01:34.159><c> now</c><00:01:35.159><c> imagine</c>

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definition is a one-off game now imagine
 

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definition is a one-off game now imagine
if<00:01:35.729><c> instead</c><00:01:36.150><c> of</c><00:01:36.439><c> staking</c><00:01:37.439><c> eath</c><00:01:38.369><c> or</c><00:01:38.700><c> some</c>

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if instead of staking eath or some
 

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if instead of staking eath or some
amount<00:01:39.150><c> of</c><00:01:39.450><c> monetary</c><00:01:39.900><c> collateral</c><00:01:40.680><c> people</c><00:01:41.520><c> had</c>

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amount of monetary collateral people had
 

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amount of monetary collateral people had
to<00:01:41.909><c> stake</c><00:01:42.479><c> their</c><00:01:42.840><c> reputation</c><00:01:43.530><c> and</c><00:01:44.130><c> their</c>

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to stake their reputation and their
 

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to stake their reputation and their
persistent<00:01:45.030><c> identity</c><00:01:45.479><c> and</c><00:01:45.750><c> if</c><00:01:46.229><c> they</c><00:01:46.350><c> did</c>

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persistent identity and if they did
 

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persistent identity and if they did
something<00:01:46.890><c> wrong</c><00:01:47.040><c> it</c><00:01:47.220><c> was</c><00:01:47.340><c> a</c><00:01:47.369><c> reputation</c><00:01:48.060><c> that</c>

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something wrong it was a reputation that
 

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something wrong it was a reputation that
would<00:01:48.270><c> take</c><00:01:48.390><c> a</c><00:01:48.420><c> hit</c><00:01:48.689><c> this</c><00:01:49.229><c> would</c><00:01:49.470><c> give</c><00:01:49.619><c> us</c><00:01:49.770><c> much</c>

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would take a hit this would give us much
 

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would take a hit this would give us much
stronger<00:01:50.280><c> guarantees</c><00:01:50.909><c> around</c><00:01:51.119><c> the</c><00:01:51.360><c> space</c>

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stronger guarantees around the space
 

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stronger guarantees around the space
there's<00:01:53.130><c> a</c><00:01:53.189><c> whole</c><00:01:53.430><c> host</c><00:01:53.610><c> of</c><00:01:53.850><c> application</c>

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there's a whole host of application
 

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there's a whole host of application
layer<00:01:54.659><c> things</c><00:01:54.930><c> depend</c><00:01:55.350><c> on</c><00:01:55.409><c> identity</c><00:01:55.950><c> one</c><00:01:56.340><c> is</c>

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layer things depend on identity one is
 

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layer things depend on identity one is
governance<00:01:57.119><c> you</c><00:01:57.899><c> know</c><00:01:58.020><c> if</c><00:01:58.290><c> you</c><00:01:58.950><c> want</c><00:01:59.310><c> to</c><00:01:59.610><c> do</c>

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governance you know if you want to do
 

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governance you know if you want to do
any<00:02:00.030><c> kind</c><00:02:00.299><c> of</c><00:02:00.420><c> quadratic</c><00:02:00.990><c> voting</c><00:02:01.409><c> you</c><00:02:01.770><c> need</c><00:02:02.040><c> a</c>

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any kind of quadratic voting you need a
 

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any kind of quadratic voting you need a
sense<00:02:03.509><c> of</c><00:02:03.719><c> identity</c><00:02:04.280><c> on</c><00:02:05.280><c> chain</c><00:02:05.640><c> lending</c>

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sense of identity on chain lending
 

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sense of identity on chain lending
relies<00:02:06.719><c> on</c><00:02:06.750><c> identity</c><00:02:07.380><c> to</c><00:02:07.560><c> be</c><00:02:07.680><c> able</c><00:02:07.770><c> to</c>

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relies on identity to be able to
 

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relies on identity to be able to
underwrite<00:02:09.090><c> the</c><00:02:09.239><c> loans</c><00:02:09.450><c> determine</c><00:02:09.959><c> how</c><00:02:10.080><c> risky</c>

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underwrite the loans determine how risky
 

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underwrite the loans determine how risky
someone<00:02:10.890><c> is</c><00:02:11.009><c> because</c><00:02:11.340><c> you</c><00:02:11.459><c> just</c><00:02:11.670><c> can't</c><00:02:11.879><c> give</c>

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someone is because you just can't give
 

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someone is because you just can't give
money<00:02:12.360><c> to</c><00:02:12.540><c> someone</c><00:02:12.840><c> who's</c><00:02:12.989><c> an</c>

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money to someone who's an
 

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money to someone who's an
and<00:02:13.769><c> could</c><00:02:13.920><c> disappear</c><00:02:14.629><c> air</c><00:02:15.629><c> drops</c><00:02:16.049><c> which</c><00:02:16.319><c> are</c>

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and could disappear air drops which are
 

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and could disappear air drops which are
you<00:02:16.680><c> know</c><00:02:16.799><c> means</c><00:02:17.489><c> of</c><00:02:17.760><c> economic</c><00:02:18.030><c> distribution</c>

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you know means of economic distribution
 

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you know means of economic distribution
and<00:02:19.110><c> bootstrapping</c><00:02:19.560><c> networks</c><00:02:20.040><c> it's</c><00:02:20.310><c> one</c><00:02:20.489><c> of</c>

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and bootstrapping networks it's one of
 

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and bootstrapping networks it's one of
the<00:02:20.819><c> very</c><00:02:21.540><c> interesting</c><00:02:21.810><c> like</c><00:02:22.319><c> crypto</c><00:02:22.769><c> native</c>

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the very interesting like crypto native
 

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the very interesting like crypto native
primitives<00:02:23.610><c> that</c><00:02:23.670><c> we</c><00:02:23.790><c> have</c><00:02:24.090><c> having</c><00:02:24.930><c> identity</c>

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primitives that we have having identity
 

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primitives that we have having identity
would<00:02:25.620><c> would</c><00:02:26.010><c> help</c><00:02:26.700><c> people</c><00:02:26.909><c> do</c><00:02:27.599><c> these</c><00:02:27.780><c> in</c><00:02:27.930><c> a</c>

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would would help people do these in a
 

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would would help people do these in a
more<00:02:28.170><c> nuanced</c><00:02:28.650><c> way</c><00:02:28.709><c> and</c><00:02:30.260><c> raid</c><00:02:31.260><c> limiting</c><00:02:31.650><c> and</c>

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more nuanced way and raid limiting and
 

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more nuanced way and raid limiting and
pricing<00:02:32.220><c> so</c><00:02:32.459><c> some</c><00:02:33.269><c> of</c><00:02:33.420><c> the</c><00:02:33.540><c> web</c><00:02:33.780><c> to</c><00:02:33.989><c> services</c>

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pricing so some of the web to services
 

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pricing so some of the web to services
that<00:02:34.709><c> we</c><00:02:34.829><c> all</c><00:02:34.950><c> use</c><00:02:35.519><c> and</c><00:02:35.819><c> and</c><00:02:36.390><c> which</c><00:02:36.659><c> are</c><00:02:36.810><c> great</c>

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that we all use and and which are great
 

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that we all use and and which are great
you<00:02:37.260><c> know</c><00:02:37.349><c> for</c><00:02:37.530><c> example</c><00:02:37.590><c> Dropbox</c><00:02:38.480><c> make</c>

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you know for example Dropbox make
 

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you know for example Dropbox make
extensive<00:02:40.079><c> use</c><00:02:40.319><c> of</c><00:02:40.470><c> these</c><00:02:40.739><c> techniques</c><00:02:41.220><c> for</c>

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extensive use of these techniques for
 

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extensive use of these techniques for
example<00:02:42.299><c> you</c><00:02:42.750><c> know</c><00:02:42.840><c> there's</c><00:02:43.049><c> freemium</c><00:02:43.349><c> models</c>

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example you know there's freemium models
 

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example you know there's freemium models
where<00:02:44.040><c> as</c><00:02:44.189><c> a</c><00:02:44.220><c> new</c><00:02:44.459><c> user</c><00:02:44.700><c> you</c><00:02:45.060><c> get</c><00:02:45.269><c> free</c><00:02:45.540><c> access</c>

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where as a new user you get free access
 

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where as a new user you get free access
to<00:02:45.930><c> the</c><00:02:46.140><c> service</c><00:02:46.609><c> or</c><00:02:47.609><c> there's</c><00:02:48.030><c> tiered</c><00:02:48.680><c> usage</c>

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to the service or there's tiered usage
 

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to the service or there's tiered usage
models<00:02:50.129><c> whereas</c><00:02:50.640><c> a</c><00:02:50.670><c> pro</c><00:02:51.000><c> user</c><00:02:51.239><c> you</c><00:02:51.599><c> get</c><00:02:51.840><c> you</c>

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models whereas a pro user you get you
 

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models whereas a pro user you get you
get<00:02:52.560><c> a</c><00:02:52.620><c> discount</c><00:02:52.889><c> on</c><00:02:53.340><c> what</c><00:02:54.299><c> you're</c><00:02:54.450><c> doing</c><00:02:54.750><c> and</c>

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get a discount on what you're doing and
 

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get a discount on what you're doing and
you<00:02:55.500><c> just</c><00:02:55.680><c> can't</c><00:02:55.920><c> replicate</c><00:02:56.190><c> these</c><00:02:56.549><c> models</c><00:02:56.909><c> on</c>

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you just can't replicate these models on
 

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you just can't replicate these models on
the<00:02:57.120><c> blockchain</c><00:02:57.329><c> right</c><00:02:57.720><c> now</c><00:02:57.950><c> and</c><00:02:59.659><c> finally</c><00:03:00.659><c> the</c>

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the blockchain right now and finally the
 

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the blockchain right now and finally the
problem<00:03:01.319><c> of</c><00:03:01.590><c> sampling</c><00:03:02.129><c> which</c><00:03:02.340><c> is</c><00:03:02.489><c> kind</c><00:03:02.790><c> of</c>

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problem of sampling which is kind of
 

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problem of sampling which is kind of
theoretical<00:03:03.450><c> but</c><00:03:03.659><c> if</c><00:03:03.900><c> you</c><00:03:04.230><c> if</c><00:03:04.680><c> you</c><00:03:05.040><c> can</c>

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theoretical but if you if you can
 

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theoretical but if you if you can
basically<00:03:05.489><c> pick</c><00:03:06.209><c> an</c><00:03:07.019><c> address</c><00:03:07.829><c> from</c><00:03:08.069><c> amongst</c><00:03:08.700><c> a</c>

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basically pick an address from amongst a
 

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basically pick an address from amongst a
number<00:03:09.090><c> of</c><00:03:09.510><c> addresses</c><00:03:09.870><c> and</c><00:03:10.319><c> right</c><00:03:10.769><c> now</c><00:03:10.889><c> you</c>

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number of addresses and right now you
 

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number of addresses and right now you
can't<00:03:11.280><c> do</c><00:03:11.459><c> this</c><00:03:11.639><c> because</c><00:03:11.819><c> they</c><00:03:12.120><c> can</c><00:03:12.299><c> be</c>

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can't do this because they can be
 

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can't do this because they can be
Sibbald<00:03:13.040><c> this</c><00:03:14.040><c> would</c><00:03:14.280><c> change</c><00:03:14.670><c> everything</c>

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Sibbald this would change everything
 

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Sibbald this would change everything
this<00:03:15.540><c> is</c><00:03:15.720><c> basically</c><00:03:16.139><c> you</c><00:03:16.530><c> know</c><00:03:16.560><c> in</c><00:03:16.920><c> some</c><00:03:17.280><c> way</c>

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this is basically you know in some way
 

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this is basically you know in some way
it's<00:03:17.609><c> what</c><00:03:17.819><c> proof</c><00:03:18.090><c> of</c><00:03:18.269><c> work</c><00:03:18.480><c> and</c><00:03:18.780><c> proof</c><00:03:18.959><c> of</c>

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it's what proof of work and proof of
 

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it's what proof of work and proof of
stake<00:03:19.440><c> and</c><00:03:19.769><c> these</c><00:03:20.609><c> various</c><00:03:21.120><c> mechanisms</c><00:03:21.299><c> are</c>

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stake and these various mechanisms are
 

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stake and these various mechanisms are
trying<00:03:22.079><c> to</c><00:03:22.169><c> get</c><00:03:22.260><c> at</c><00:03:22.440><c> is</c><00:03:22.620><c> selecting</c><00:03:23.489><c> a</c><00:03:23.579><c> leader</c>

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trying to get at is selecting a leader
 

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trying to get at is selecting a leader
or<00:03:24.120><c> sampling</c><00:03:24.720><c> a</c><00:03:24.900><c> number</c><00:03:25.139><c> of</c><00:03:25.230><c> people</c><00:03:25.530><c> from</c><00:03:25.680><c> a</c>

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or sampling a number of people from a
 

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or sampling a number of people from a
large<00:03:26.040><c> pool</c><00:03:26.250><c> and</c><00:03:27.889><c> even</c><00:03:28.889><c> in</c><00:03:28.980><c> the</c><00:03:29.099><c> real</c><00:03:29.250><c> world</c>

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large pool and even in the real world
 

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large pool and even in the real world
we're<00:03:30.239><c> seeing</c><00:03:30.480><c> identity</c><00:03:31.199><c> become</c><00:03:31.680><c> or</c><00:03:31.980><c> digital</c>

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we're seeing identity become or digital
 

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we're seeing identity become or digital
identity<00:03:32.849><c> become</c><00:03:33.150><c> more</c><00:03:33.329><c> and</c><00:03:33.389><c> more</c><00:03:33.510><c> important</c>

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identity become more and more important
 

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identity become more and more important
so<00:03:34.109><c> the</c><00:03:34.739><c> odd</c><00:03:34.889><c> power</c><00:03:35.160><c> program</c><00:03:35.609><c> in</c><00:03:35.730><c> India</c><00:03:36.060><c> it's</c><00:03:36.930><c> a</c>

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so the odd power program in India it's a
 

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so the odd power program in India it's a
identity<00:03:37.889><c> system</c><00:03:38.310><c> based</c><00:03:38.519><c> on</c><00:03:38.699><c> biometrics</c><00:03:39.599><c> and</c>

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identity system based on biometrics and
 

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identity system based on biometrics and
has<00:03:40.049><c> over</c><00:03:40.769><c> 1</c><00:03:40.949><c> billion</c><00:03:41.190><c> people</c><00:03:41.699><c> using</c><00:03:42.660><c> it</c><00:03:42.870><c> now</c>

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has over 1 billion people using it now
 

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has over 1 billion people using it now
and<00:03:43.349><c> you</c><00:03:43.620><c> can</c><00:03:43.769><c> use</c><00:03:43.949><c> it</c><00:03:43.980><c> to</c><00:03:44.310><c> sign</c><00:03:44.639><c> up</c><00:03:44.760><c> for</c><00:03:44.790><c> bank</c>

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and you can use it to sign up for bank
 

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and you can use it to sign up for bank
accounts

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accounts
 

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accounts
take<00:03:46.379><c> out</c><00:03:46.560><c> loans</c><00:03:47.030><c> ear</c><00:03:48.030><c> esident</c><00:03:48.419><c> see</c><00:03:48.629><c> an</c>

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take out loans ear esident see an
 

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take out loans ear esident see an
Estonia<00:03:49.139><c> of</c><00:03:49.230><c> course</c><00:03:49.500><c> and</c><00:03:50.000><c> you</c><00:03:51.000><c> know</c><00:03:51.120><c> China's</c>

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Estonia of course and you know China's
 

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Estonia of course and you know China's
rolling<00:03:52.260><c> out</c><00:03:52.379><c> this</c><00:03:52.590><c> virtual</c><00:03:52.980><c> ID</c><00:03:53.129><c> which</c><00:03:53.549><c> you</c>

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rolling out this virtual ID which you
 

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rolling out this virtual ID which you
know<00:03:54.299><c> could</c><00:03:54.750><c> speak</c><00:03:55.019><c> to</c><00:03:55.230><c> alternate</c><00:03:55.859><c> ways</c><00:03:56.040><c> that</c>

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know could speak to alternate ways that
 

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know could speak to alternate ways that
we<00:03:56.400><c> could</c><00:03:56.579><c> you</c><00:03:56.909><c> know</c><00:03:56.940><c> provide</c><00:03:57.480><c> a</c><00:03:57.510><c> more</c><00:03:57.780><c> self</c>

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we could you know provide a more self
 

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we could you know provide a more self
sovereign<00:03:58.379><c> way</c><00:03:58.470><c> of</c><00:03:58.590><c> doing</c><00:03:58.799><c> this</c><00:03:59.180><c> so</c><00:04:00.180><c> today</c><00:04:00.269><c> I'm</c>

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sovereign way of doing this so today I'm
 

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sovereign way of doing this so today I'm
going<00:04:00.780><c> to</c><00:04:00.870><c> talk</c><00:04:01.019><c> about</c><00:04:01.290><c> what</c><00:04:01.470><c> we</c><00:04:01.560><c> mean</c><00:04:01.709><c> by</c>

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going to talk about what we mean by
 

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going to talk about what we mean by
identity<00:04:02.220><c> and</c><00:04:02.340><c> reputation</c><00:04:02.549><c> and</c><00:04:03.090><c> then</c><00:04:03.269><c> talk</c>

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identity and reputation and then talk
 

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identity and reputation and then talk
through<00:04:03.959><c> some</c><00:04:04.620><c> of</c><00:04:05.190><c> the</c><00:04:05.280><c> nuances</c><00:04:05.790><c> through</c><00:04:06.150><c> the</c>

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through some of the nuances through the
 

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through some of the nuances through the
lens<00:04:06.449><c> of</c><00:04:06.599><c> three</c><00:04:06.959><c> particular</c><00:04:07.470><c> applications</c>

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lens of three particular applications
 

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lens of three particular applications
governance<00:04:08.819><c> lending</c><00:04:09.269><c> and</c><00:04:09.510><c> security</c><00:04:09.989><c> tokens</c>

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governance lending and security tokens
 

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governance lending and security tokens
so<00:04:11.909><c> an</c><00:04:12.000><c> identity</c><00:04:12.510><c> is</c><00:04:13.069><c> basically</c><00:04:14.069><c> you</c><00:04:14.370><c> know</c><00:04:14.400><c> the</c>

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so an identity is basically you know the
 

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so an identity is basically you know the
atomic<00:04:14.909><c> actor</c><00:04:15.449><c> within</c><00:04:15.659><c> the</c><00:04:15.840><c> system</c><00:04:16.199><c> so</c><00:04:16.380><c> if</c>

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atomic actor within the system so if
 

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atomic actor within the system so if
we're<00:04:16.829><c> talking</c><00:04:17.039><c> about</c><00:04:17.340><c> a</c><00:04:17.760><c> cerium</c><00:04:18.150><c> right</c><00:04:18.359><c> now</c>

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we're talking about a cerium right now
 

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we're talking about a cerium right now
each<00:04:19.199><c> a</c><00:04:19.440><c> cerium</c><00:04:19.769><c> address</c><00:04:20.099><c> could</c><00:04:20.400><c> be</c><00:04:20.549><c> an</c>

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each a cerium address could be an
 

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each a cerium address could be an
identity<00:04:21.120><c> when</c><00:04:21.750><c> you're</c><00:04:21.959><c> you</c><00:04:22.229><c> know</c><00:04:22.349><c> buying</c><00:04:22.860><c> a</c>

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identity when you're you know buying a
 

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identity when you're you know buying a
toke

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toke
 

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toke
zero<00:04:25.040><c> X</c><00:04:25.340><c> or</c><00:04:25.639><c> Y</c><00:04:25.700><c> or</c><00:04:26.030><c> you</c><00:04:27.020><c> know</c><00:04:27.139><c> staking</c><00:04:27.980><c> some</c>

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zero X or Y or you know staking some
 

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zero X or Y or you know staking some
eath<00:04:28.780><c> in</c><00:04:29.780><c> a</c><00:04:30.200><c> protocol</c><00:04:30.680><c> that</c><00:04:31.040><c> it's</c><00:04:31.639><c> that</c><00:04:31.850><c> I</c>

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eath in a protocol that it's that I
 

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eath in a protocol that it's that I
that's<00:04:32.360><c> the</c><00:04:32.570><c> identity</c><00:04:33.050><c> and</c><00:04:33.230><c> these</c><00:04:33.830><c> addresses</c>

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that's the identity and these addresses
 

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that's the identity and these addresses
can<00:04:34.550><c> obviously</c><00:04:34.850><c> be</c><00:04:35.090><c> backed</c><00:04:35.330><c> by</c><00:04:35.510><c> by</c><00:04:35.840><c> a</c><00:04:35.870><c> human</c>

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can obviously be backed by by a human
 

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can obviously be backed by by a human
being<00:04:36.470><c> who's</c><00:04:37.040><c> controlling</c><00:04:37.550><c> the</c><00:04:37.639><c> private</c><00:04:38.000><c> key</c>

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being who's controlling the private key
 

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being who's controlling the private key
or<00:04:38.450><c> they</c><00:04:39.050><c> could</c><00:04:39.350><c> be</c><00:04:39.380><c> back</c><00:04:39.770><c> or</c><00:04:40.010><c> they</c><00:04:40.190><c> could</c><00:04:40.370><c> be</c><00:04:40.460><c> a</c>

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or they could be back or they could be a
 

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or they could be back or they could be a
smart<00:04:40.820><c> contract</c><00:04:40.970><c> that</c><00:04:41.570><c> has</c><00:04:42.190><c> interesting</c>

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smart contract that has interesting
 

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smart contract that has interesting
mechanisms<00:04:43.760><c> around</c><00:04:44.320><c> you</c><00:04:45.320><c> know</c><00:04:45.490><c> different</c>

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mechanisms around you know different
 

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mechanisms around you know different
different<00:04:47.570><c> spending</c><00:04:48.410><c> limits</c><00:04:48.800><c> access</c><00:04:49.280><c> control</c>

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different spending limits access control
 

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different spending limits access control
mechanisms<00:04:50.360><c> and</c><00:04:51.639><c> if</c><00:04:52.639><c> you</c><00:04:53.060><c> know</c><00:04:53.180><c> you</c><00:04:53.240><c> build</c><00:04:53.750><c> up</c>

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mechanisms and if you know you build up
 

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mechanisms and if you know you build up
a<00:04:54.020><c> history</c><00:04:54.380><c> as</c><00:04:54.590><c> you</c><00:04:54.740><c> engage</c><00:04:55.010><c> with</c><00:04:55.040><c> the</c><00:04:55.250><c> network</c>

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a history as you engage with the network
 

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a history as you engage with the network
through<00:04:55.760><c> your</c><00:04:55.940><c> identity</c><00:04:56.419><c> and</c><00:04:56.600><c> this</c><00:04:56.750><c> speaks</c><00:04:57.020><c> to</c>

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through your identity and this speaks to
 

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through your identity and this speaks to
the<00:04:57.260><c> importance</c><00:04:57.680><c> of</c><00:04:57.830><c> being</c><00:04:58.250><c> this</c><00:04:58.700><c> identity</c>

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the importance of being this identity
 

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the importance of being this identity
being<00:04:59.510><c> secure</c><00:04:59.990><c> and</c><00:05:00.200><c> why</c><00:05:00.680><c> if</c><00:05:00.919><c> you</c><00:05:01.040><c> have</c><00:05:01.070><c> a</c>

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being secure and why if you have a
 

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being secure and why if you have a
multi-sig<00:05:01.790><c> and</c><00:05:01.940><c> you</c><00:05:02.000><c> have</c><00:05:02.150><c> ways</c><00:05:02.419><c> to</c><00:05:02.600><c> recover</c>

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multi-sig and you have ways to recover
 

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multi-sig and you have ways to recover
your<00:05:03.200><c> keys</c><00:05:04.479><c> is</c><00:05:05.479><c> it's</c><00:05:05.840><c> important</c><00:05:06.320><c> and</c>

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your keys is it's important and
 

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your keys is it's important and
obviously<00:05:07.190><c> it</c><00:05:07.310><c> plays</c><00:05:07.460><c> into</c><00:05:07.669><c> the</c><00:05:07.820><c> user</c>

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obviously it plays into the user
 

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obviously it plays into the user
experience<00:05:08.270><c> which</c><00:05:08.540><c> a</c><00:05:08.600><c> lot</c><00:05:08.750><c> of</c><00:05:08.780><c> other</c><00:05:08.990><c> people</c>

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experience which a lot of other people
 

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experience which a lot of other people
are<00:05:09.380><c> talking</c><00:05:09.740><c> about</c><00:05:09.830><c> at</c><00:05:10.190><c> this</c><00:05:10.340><c> conference</c><00:05:11.169><c> the</c>

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are talking about at this conference the
 

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are talking about at this conference the
next<00:05:12.410><c> kind</c><00:05:12.590><c> of</c><00:05:12.680><c> part</c><00:05:13.460><c> of</c><00:05:13.610><c> this</c><00:05:13.820><c> that</c><00:05:14.270><c> that</c><00:05:14.630><c> you</c>

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next kind of part of this that that you
 

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next kind of part of this that that you
should<00:05:15.440><c> know</c><00:05:15.590><c> about</c><00:05:15.620><c> is</c><00:05:16.130><c> that</c><00:05:16.520><c> this</c><00:05:16.700><c> idea</c><00:05:16.880><c> of</c><00:05:17.060><c> a</c>

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should know about is that this idea of a
 

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should know about is that this idea of a
claim<00:05:17.479><c> which</c><00:05:18.169><c> is</c><00:05:18.200><c> you</c><00:05:18.530><c> know</c><00:05:18.620><c> you</c><00:05:18.710><c> have</c><00:05:19.010><c> all</c>

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claim which is you know you have all
 

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claim which is you know you have all
these<00:05:19.310><c> identities</c><00:05:19.940><c> dispersed</c><00:05:20.540><c> around</c><00:05:20.750><c> the</c>

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these identities dispersed around the
 

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these identities dispersed around the
network<00:05:21.139><c> and</c><00:05:21.590><c> each</c><00:05:21.979><c> one</c><00:05:22.190><c> of</c><00:05:22.220><c> them</c><00:05:22.460><c> can</c><00:05:22.700><c> claim</c>

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network and each one of them can claim
 

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network and each one of them can claim
something<00:05:23.540><c> about</c><00:05:23.750><c> another</c><00:05:23.960><c> one</c><00:05:24.229><c> so</c><00:05:24.889><c> you</c><00:05:25.220><c> can</c>

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something about another one so you can
 

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something about another one so you can
you<00:05:26.210><c> can</c><00:05:26.419><c> you</c><00:05:26.630><c> know</c><00:05:26.720><c> identity</c><00:05:27.260><c> a</c><00:05:27.290><c> can</c><00:05:27.830><c> say</c><00:05:28.039><c> that</c>

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you can you know identity a can say that
 

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you can you know identity a can say that
identity<00:05:28.669><c> B</c><00:05:28.940><c> has</c><00:05:29.300><c> passed</c><00:05:29.600><c> kyc</c><00:05:30.289><c> or</c><00:05:30.500><c> that</c>

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identity B has passed kyc or that
 

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identity B has passed kyc or that
they're<00:05:31.610><c> you</c><00:05:31.850><c> know</c><00:05:31.880><c> a</c><00:05:31.970><c> resident</c><00:05:32.330><c> of</c><00:05:32.750><c> this</c>

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they're you know a resident of this
 

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they're you know a resident of this
country<00:05:33.380><c> or</c><00:05:33.590><c> they</c><00:05:33.830><c> they</c><00:05:34.160><c> have</c><00:05:34.370><c> this</c><00:05:34.610><c> income</c>

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country or they they have this income
 

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country or they they have this income
and<00:05:35.210><c> these</c><00:05:35.510><c> could</c><00:05:35.720><c> play</c><00:05:35.900><c> different</c><00:05:36.880><c> it's</c><00:05:37.880><c> just</c>

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and these could play different it's just
 

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and these could play different it's just
kind<00:05:38.270><c> of</c><00:05:38.330><c> a</c><00:05:38.419><c> primitive</c><00:05:38.630><c> that</c><00:05:38.990><c> you</c><00:05:39.080><c> can</c><00:05:39.260><c> use</c>

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kind of a primitive that you can use
 

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kind of a primitive that you can use
within<00:05:39.650><c> different</c><00:05:40.039><c> applications</c><00:05:40.580><c> and</c><00:05:42.039><c> you</c>

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within different applications and you
 

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within different applications and you
don't<00:05:43.220><c> really</c><00:05:43.400><c> need</c><00:05:43.610><c> to</c><00:05:43.669><c> enforce</c><00:05:44.150><c> any</c><00:05:44.330><c> kind</c><00:05:44.630><c> of</c>

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don't really need to enforce any kind of
 

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don't really need to enforce any kind of
authority<00:05:45.169><c> here</c><00:05:45.440><c> any</c><00:05:45.680><c> you</c><00:05:46.160><c> know</c><00:05:46.250><c> any</c><00:05:46.580><c> I</c><00:05:46.880><c> can</c>

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authority here any you know any I can
 

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authority here any you know any I can
claim<00:05:47.450><c> something</c><00:05:47.870><c> about</c><00:05:48.080><c> someone</c><00:05:48.410><c> else</c><00:05:48.560><c> they</c>

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claim something about someone else they
 

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claim something about someone else they
can<00:05:49.010><c> claim</c><00:05:49.190><c> something</c><00:05:49.490><c> about</c><00:05:49.820><c> someone</c><00:05:50.120><c> else</c>

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can claim something about someone else
 

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can claim something about someone else
and<00:05:50.450><c> there's</c><00:05:50.930><c> a</c><00:05:50.990><c> lot</c><00:05:51.200><c> of</c><00:05:51.320><c> awesome</c><00:05:51.470><c> teams</c>

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and there's a lot of awesome teams
 

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and there's a lot of awesome teams
working<00:05:52.220><c> on</c><00:05:52.550><c> pushing</c><00:05:53.000><c> this</c><00:05:53.120><c> stuff</c><00:05:53.270><c> forward</c>

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working on pushing this stuff forward
 

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working on pushing this stuff forward
project<00:05:54.710><c> like</c><00:05:54.860><c> Zeppelin</c><00:05:55.280><c> TPL</c><00:05:55.789><c> bloom</c><00:05:56.270><c> you</c><00:05:56.720><c> port</c>

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project like Zeppelin TPL bloom you port
 

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project like Zeppelin TPL bloom you port
GRC<00:05:57.800><c> 725</c><00:05:58.550><c> and</c><00:05:58.789><c> 735</c><00:05:59.510><c> there's</c><00:06:00.350><c> different</c>

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GRC 725 and 735 there's different
 

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GRC 725 and 735 there's different
architectures<00:06:01.430><c> you</c><00:06:01.700><c> know</c><00:06:01.789><c> like</c><00:06:02.030><c> storing</c>

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architectures you know like storing
 

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architectures you know like storing
these<00:06:02.570><c> claims</c><00:06:02.900><c> in</c><00:06:03.139><c> a</c><00:06:03.260><c> in</c><00:06:03.500><c> a</c><00:06:03.889><c> smart</c><00:06:04.160><c> contract</c>

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these claims in a in a smart contract
 

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these claims in a in a smart contract
registry<00:06:05.180><c> storing</c><00:06:05.720><c> them</c><00:06:05.900><c> with</c><00:06:06.289><c> the</c><00:06:06.500><c> user</c><00:06:06.860><c> in</c><00:06:07.100><c> a</c>

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registry storing them with the user in a
 

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registry storing them with the user in a
more<00:06:07.340><c> self</c><00:06:07.580><c> sovereign</c><00:06:08.030><c> way</c><00:06:08.320><c> and</c><00:06:09.320><c> this</c><00:06:09.620><c> is</c><00:06:09.770><c> kind</c>

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more self sovereign way and this is kind
 

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more self sovereign way and this is kind
of<00:06:10.010><c> an</c><00:06:10.130><c> area</c><00:06:10.340><c> of</c><00:06:10.550><c> active</c><00:06:11.090><c> experimentation</c><00:06:11.650><c> and</c>

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of an area of active experimentation and
 

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of an area of active experimentation and
what<00:06:14.450><c> do</c><00:06:14.510><c> we</c><00:06:14.600><c> mean</c><00:06:14.780><c> by</c><00:06:14.810><c> reputation</c>

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what do we mean by reputation
 

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what do we mean by reputation
reputation<00:06:17.479><c> is</c><00:06:17.600><c> you</c><00:06:17.870><c> know</c><00:06:17.990><c> when</c><00:06:18.410><c> you</c><00:06:18.919><c> when</c><00:06:19.430><c> one</c>

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reputation is you know when you when one
 

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reputation is you know when you when one
of<00:06:19.700><c> these</c><00:06:19.850><c> identities</c><00:06:20.479><c> kind</c><00:06:20.840><c> of</c><00:06:20.990><c> builds</c><00:06:21.350><c> up</c>

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of these identities kind of builds up
 

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of these identities kind of builds up
trust<00:06:21.919><c> over</c><00:06:22.370><c> time</c><00:06:22.400><c> so</c><00:06:23.030><c> it</c><00:06:23.120><c> goes</c><00:06:23.270><c> from</c><00:06:23.450><c> this</c>

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trust over time so it goes from this
 

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trust over time so it goes from this
state<00:06:23.900><c> of</c><00:06:24.050><c> being</c><00:06:24.260><c> just</c><00:06:24.500><c> this</c><00:06:24.620><c> anonymous</c><00:06:25.220><c> you</c>

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state of being just this anonymous you
 

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state of being just this anonymous you
know<00:06:25.610><c> a</c><00:06:25.910><c> theorem</c><00:06:26.780><c> addressed</c><00:06:27.139><c> to</c><00:06:27.500><c> to</c><00:06:28.160><c> an</c>

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know a theorem addressed to to an
 

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know a theorem addressed to to an
identity<00:06:28.880><c> that</c><00:06:29.030><c> people</c><00:06:29.330><c> can</c><00:06:29.510><c> trust</c><00:06:29.750><c> and</c><00:06:30.110><c> you</c>

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identity that people can trust and you
 

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identity that people can trust and you
can<00:06:30.950><c> think</c><00:06:31.160><c> of</c><00:06:31.310><c> this</c><00:06:31.539><c> analogously</c><00:06:32.539><c> to</c><00:06:32.750><c> the</c>

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can think of this analogously to the
 

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can think of this analogously to the
real<00:06:33.050><c> world</c><00:06:33.260><c> so</c><00:06:33.680><c> think</c><00:06:34.580><c> of</c><00:06:34.729><c> you</c><00:06:34.970><c> you</c><00:06:35.210><c> know</c><00:06:35.330><c> just</c>

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real world so think of you you know just
 

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real world so think of you you know just
hearing<00:06:36.620><c> of</c>

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hearing of
 

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hearing of
an<00:06:37.520><c> engineer</c><00:06:38.060><c> for</c><00:06:38.360><c> the</c><00:06:38.449><c> first</c><00:06:38.660><c> time</c><00:06:38.900><c> who</c>

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an engineer for the first time who
 

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an engineer for the first time who
you've<00:06:39.350><c> never</c><00:06:39.500><c> met</c><00:06:39.830><c> before</c><00:06:39.980><c> you</c><00:06:40.280><c> don't</c><00:06:40.430><c> know</c>

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you've never met before you don't know
 

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you've never met before you don't know
anything<00:06:40.820><c> about</c><00:06:40.910><c> them</c><00:06:41.270><c> how</c><00:06:41.690><c> do</c><00:06:41.810><c> you</c><00:06:41.900><c> know</c><00:06:42.050><c> if</c>

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anything about them how do you know if
 

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anything about them how do you know if
they're<00:06:42.350><c> any</c><00:06:42.470><c> good</c><00:06:42.590><c> or</c><00:06:43.010><c> if</c><00:06:43.130><c> you</c><00:06:43.250><c> should</c><00:06:43.460><c> you</c>

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they're any good or if you should you
 

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they're any good or if you should you
know<00:06:43.669><c> work</c><00:06:43.850><c> with</c><00:06:43.880><c> them</c>

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know work with them
 

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know work with them
this<00:06:44.810><c> can</c><00:06:45.020><c> happen</c><00:06:45.169><c> into</c><00:06:45.530><c> one</c><00:06:45.830><c> of</c><00:06:45.949><c> two</c><00:06:46.100><c> ways</c>

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this can happen into one of two ways
 

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this can happen into one of two ways
really<00:06:46.669><c> either</c><00:06:47.060><c> someone</c><00:06:47.750><c> you</c><00:06:47.840><c> already</c><00:06:47.960><c> trust</c>

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really either someone you already trust
 

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really either someone you already trust
goes<00:06:49.310><c> on</c><00:06:49.520><c> out</c><00:06:49.850><c> on</c><00:06:50.030><c> the</c><00:06:50.120><c> limb</c><00:06:50.300><c> and</c><00:06:50.330><c> it's</c><00:06:50.630><c> like</c><00:06:50.780><c> no</c>

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goes on out on the limb and it's like no
 

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goes on out on the limb and it's like no
this<00:06:51.229><c> person</c><00:06:51.380><c> is</c><00:06:51.590><c> amazing</c><00:06:52.040><c> like</c><00:06:52.780><c> and</c><00:06:53.780><c> and</c>

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this person is amazing like and and
 

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this person is amazing like and and
through<00:06:54.919><c> that</c><00:06:55.160><c> through</c><00:06:55.610><c> their</c><00:06:55.880><c> you</c><00:06:56.090><c> know</c>

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through that through their you know
 

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through that through their you know
trust<00:06:56.600><c> you</c><00:06:56.990><c> you</c><00:06:57.229><c> take</c><00:06:57.440><c> a</c><00:06:57.470><c> chance</c><00:06:57.770><c> on</c><00:06:57.979><c> this</c>

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trust you you take a chance on this
 

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trust you you take a chance on this
person<00:06:58.490><c> or</c><00:06:59.110><c> that</c><00:07:00.580><c> that</c><00:07:01.580><c> graph</c><00:07:01.940><c> of</c><00:07:02.180><c> trust</c><00:07:02.479><c> isn't</c>

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person or that that graph of trust isn't
 

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person or that that graph of trust isn't
there<00:07:02.990><c> and</c><00:07:03.199><c> instead</c><00:07:03.710><c> this</c><00:07:03.949><c> person</c><00:07:04.400><c> just</c><00:07:04.430><c> shows</c>

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there and instead this person just shows
 

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there and instead this person just shows
up<00:07:05.030><c> and</c><00:07:05.240><c> does</c><00:07:05.360><c> some</c><00:07:05.570><c> good</c><00:07:05.750><c> work</c><00:07:05.960><c> over</c><00:07:06.229><c> time</c><00:07:06.470><c> and</c>

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up and does some good work over time and
 

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up and does some good work over time and
through<00:07:07.040><c> their</c><00:07:07.220><c> own</c><00:07:07.370><c> good</c><00:07:07.580><c> behavior</c><00:07:08.030><c> they</c>

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through their own good behavior they
 

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through their own good behavior they
build<00:07:08.449><c> up</c><00:07:08.600><c> their</c><00:07:08.750><c> reputation</c><00:07:09.320><c> so</c><00:07:09.830><c> we</c><00:07:09.950><c> can</c><00:07:10.070><c> use</c>

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build up their reputation so we can use
 

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build up their reputation so we can use
the<00:07:10.430><c> same</c><00:07:10.639><c> two</c><00:07:10.910><c> kinds</c><00:07:11.210><c> of</c><00:07:11.240><c> ideas</c><00:07:11.660><c> on</c>

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the same two kinds of ideas on
 

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the same two kinds of ideas on
blockchains<00:07:13.510><c> so</c><00:07:14.510><c> let's</c><00:07:14.630><c> talk</c><00:07:14.750><c> about</c>

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blockchains so let's talk about
 

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blockchains so let's talk about
governance<00:07:15.440><c> a</c><00:07:15.560><c> little</c><00:07:15.770><c> bit</c><00:07:17.830><c> governance</c><00:07:18.830><c> is</c>

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governance a little bit governance is
 

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governance a little bit governance is
really<00:07:19.669><c> important</c><00:07:20.419><c> in</c><00:07:20.510><c> this</c><00:07:20.600><c> space</c><00:07:20.900><c> you</c><00:07:21.110><c> know</c>

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really important in this space you know
 

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really important in this space you know
as<00:07:21.440><c> it</c><00:07:21.590><c> comes</c><00:07:21.860><c> to</c><00:07:22.450><c> decentralized</c><00:07:23.450><c> networks</c>

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as it comes to decentralized networks
 

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as it comes to decentralized networks
upgrading<00:07:24.590><c> without</c><00:07:25.100><c> you</c><00:07:25.370><c> know</c><00:07:25.490><c> a</c><00:07:25.520><c> central</c>

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upgrading without you know a central
 

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upgrading without you know a central
party<00:07:26.330><c> making</c><00:07:26.510><c> that</c><00:07:26.780><c> choice</c><00:07:27.020><c> when</c><00:07:27.770><c> it</c><00:07:27.919><c> comes</c>

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party making that choice when it comes
 

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party making that choice when it comes
to<00:07:28.310><c> allocating</c><00:07:28.880><c> funds</c><00:07:29.740><c> and</c><00:07:31.780><c> making</c><00:07:32.780><c> decisions</c>

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to allocating funds and making decisions
 

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to allocating funds and making decisions
as<00:07:33.500><c> a</c><00:07:33.560><c> whole</c><00:07:33.860><c> and</c><00:07:34.570><c> we</c><00:07:35.570><c> can't</c><00:07:35.900><c> really</c><00:07:36.470><c> replicate</c>

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as a whole and we can't really replicate
 

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as a whole and we can't really replicate
the<00:07:37.280><c> model</c><00:07:37.580><c> that</c><00:07:37.699><c> exists</c><00:07:38.120><c> in</c><00:07:38.180><c> the</c><00:07:38.270><c> real</c><00:07:38.389><c> world</c>

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the model that exists in the real world
 

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the model that exists in the real world
which<00:07:38.900><c> is</c><00:07:39.050><c> one-person</c><00:07:39.590><c> one-vote</c><00:07:39.620><c> because</c>

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which is one-person one-vote because
 

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which is one-person one-vote because
obviously<00:07:41.510><c> you</c><00:07:42.139><c> know</c><00:07:42.260><c> you</c><00:07:42.320><c> can</c><00:07:42.590><c> spin</c><00:07:42.830><c> up</c>

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obviously you know you can spin up
 

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obviously you know you can spin up
multiple<00:07:43.460><c> addresses</c><00:07:43.970><c> and</c><00:07:44.240><c> Cybil</c><00:07:44.539><c> the</c><00:07:44.690><c> system</c>

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multiple addresses and Cybil the system
 

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multiple addresses and Cybil the system
and<00:07:45.340><c> so</c><00:07:46.340><c> what's</c><00:07:46.610><c> been</c><00:07:46.760><c> happening</c><00:07:46.789><c> so</c><00:07:47.360><c> far</c><00:07:47.389><c> is</c>

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and so what's been happening so far is
 

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and so what's been happening so far is
coin<00:07:48.200><c> voting</c><00:07:48.620><c> which</c><00:07:48.950><c> is</c><00:07:49.130><c> you</c><00:07:49.400><c> know</c><00:07:49.490><c> you</c><00:07:49.550><c> have</c>

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coin voting which is you know you have
 

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coin voting which is you know you have
the<00:07:49.970><c> scarce</c><00:07:50.270><c> resource</c><00:07:50.780><c> which</c><00:07:51.080><c> which</c><00:07:51.380><c> is</c><00:07:51.410><c> the</c>

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the scarce resource which which is the
 

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the scarce resource which which is the
number<00:07:52.520><c> of</c><00:07:52.660><c> tokens</c><00:07:53.660><c> you</c><00:07:53.840><c> have</c><00:07:54.220><c> or</c><00:07:55.220><c> the</c><00:07:55.370><c> number</c>

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number of tokens you have or the number
 

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number of tokens you have or the number
of<00:07:55.729><c> the</c><00:07:56.419><c> amount</c><00:07:56.660><c> of</c><00:07:56.690><c> eath</c><00:07:56.930><c> you</c><00:07:57.110><c> have</c><00:07:57.320><c> and</c><00:07:57.710><c> you</c>

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of the amount of eath you have and you
 

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of the amount of eath you have and you
stake<00:07:58.789><c> this</c><00:07:59.090><c> eath</c><00:07:59.900><c> and</c><00:08:00.289><c> it's</c><00:08:00.979><c> your</c><00:08:01.490><c> voice</c><00:08:01.849><c> in</c>

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stake this eath and it's your voice in
 

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stake this eath and it's your voice in
this<00:08:02.740><c> vote</c><00:08:03.740><c> is</c><00:08:04.010><c> determined</c><00:08:04.639><c> by</c><00:08:04.760><c> how</c><00:08:05.000><c> much</c><00:08:05.150><c> you</c>

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this vote is determined by how much you
 

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this vote is determined by how much you
stake<00:08:05.570><c> and</c><00:08:05.990><c> this</c><00:08:06.979><c> this</c><00:08:07.370><c> works</c><00:08:07.760><c> but</c><00:08:08.750><c> you</c><00:08:09.020><c> know</c>

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stake and this this works but you know
 

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stake and this this works but you know
it<00:08:09.260><c> has</c><00:08:09.440><c> this</c><00:08:09.650><c> problem</c><00:08:10.130><c> of</c><00:08:10.280><c> being</c><00:08:10.520><c> plutocratic</c>

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it has this problem of being plutocratic
 

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it has this problem of being plutocratic
which<00:08:11.479><c> is</c><00:08:11.660><c> people</c><00:08:12.260><c> with</c><00:08:12.530><c> more</c><00:08:12.770><c> money</c><00:08:12.800><c> get</c><00:08:13.190><c> more</c>

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which is people with more money get more
 

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which is people with more money get more
voice<00:08:13.669><c> in</c><00:08:13.880><c> the</c><00:08:14.000><c> system</c><00:08:14.330><c> so</c><00:08:14.900><c> this</c><00:08:15.050><c> all</c><00:08:15.229><c> speaks</c>

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voice in the system so this all speaks
 

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voice in the system so this all speaks
to<00:08:15.740><c> this</c><00:08:15.860><c> need</c><00:08:16.160><c> for</c><00:08:16.840><c> decentralized</c><00:08:17.840><c> civil</c>

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to this need for decentralized civil
 

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to this need for decentralized civil
resistant<00:08:19.310><c> identity</c><00:08:19.789><c> civil</c><00:08:20.660><c> resistant</c>

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resistant identity civil resistant
 

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resistant identity civil resistant
meaning<00:08:21.229><c> you</c><00:08:22.130><c> can't</c><00:08:22.490><c> you</c><00:08:23.300><c> can't</c><00:08:23.599><c> you</c><00:08:23.720><c> know</c><00:08:23.900><c> one</c>

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meaning you can't you can't you know one
 

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meaning you can't you can't you know one
person<00:08:24.830><c> can't</c><00:08:25.130><c> spin</c><00:08:25.370><c> up</c><00:08:25.490><c> multiple</c><00:08:25.940><c> identities</c>

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person can't spin up multiple identities
 

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person can't spin up multiple identities
and<00:08:26.690><c> it's</c><00:08:27.200><c> decentralized</c><00:08:27.680><c> meaning</c><00:08:28.340><c> it</c>

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and it's decentralized meaning it
 

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and it's decentralized meaning it
emerges<00:08:28.940><c> from</c><00:08:29.060><c> the</c><00:08:29.210><c> network</c><00:08:29.510><c> and</c><00:08:30.880><c> this</c><00:08:31.880><c> is</c>

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emerges from the network and this is
 

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emerges from the network and this is
this<00:08:32.360><c> is</c><00:08:32.539><c> one</c><00:08:32.750><c> of</c><00:08:32.900><c> the</c><00:08:33.110><c> hardest</c><00:08:33.830><c> problems</c><00:08:34.279><c> that</c>

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this is one of the hardest problems that
 

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this is one of the hardest problems that
exists<00:08:35.000><c> in</c><00:08:35.120><c> the</c><00:08:35.240><c> space</c><00:08:35.360><c> and</c><00:08:35.810><c> I</c><00:08:35.959><c> think</c><00:08:36.229><c> anyone</c>

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exists in the space and I think anyone
 

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exists in the space and I think anyone
who<00:08:37.400><c> wants</c><00:08:37.610><c> to</c><00:08:37.700><c> work</c><00:08:37.820><c> on</c><00:08:38.000><c> interesting</c>

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who wants to work on interesting
 

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who wants to work on interesting
research<00:08:39.050><c> problems</c><00:08:39.620><c> should</c><00:08:39.800><c> go</c><00:08:39.979><c> and</c><00:08:40.070><c> attack</c>

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research problems should go and attack
 

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research problems should go and attack
this<00:08:40.550><c> and</c><00:08:41.120><c> I'll</c><00:08:41.180><c> just</c><00:08:41.390><c> talk</c><00:08:41.630><c> through</c><00:08:41.870><c> kind</c><00:08:42.229><c> of</c>

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this and I'll just talk through kind of
 

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this and I'll just talk through kind of
a<00:08:42.380><c> thought</c><00:08:42.529><c> experiment</c><00:08:42.860><c> of</c><00:08:43.190><c> how</c><00:08:43.250><c> how</c><00:08:44.120><c> you</c><00:08:44.180><c> can</c>

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a thought experiment of how how you can
 

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a thought experiment of how how you can
think<00:08:44.660><c> about</c><00:08:44.870><c> this</c><00:08:45.080><c> one</c><00:08:45.470><c> one</c><00:08:45.770><c> method</c><00:08:46.160><c> of</c>

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think about this one one method of
 

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think about this one one method of
approaching<00:08:46.820><c> this</c><00:08:47.150><c> though</c>

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approaching this though
 

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approaching this though
no<00:08:47.940><c> system</c><00:08:48.330><c> has</c><00:08:48.480><c> been</c><00:08:48.600><c> built</c><00:08:48.840><c> they</c><00:08:49.050><c> fully</c>

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no system has been built they fully
 

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no system has been built they fully
achieves<00:08:49.620><c> this</c><00:08:49.800><c> so</c><00:08:50.760><c> think</c><00:08:51.060><c> that</c><00:08:51.180><c> there</c><00:08:51.360><c> is</c>

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achieves this so think that there is
 

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achieves this so think that there is
some<00:08:51.600><c> protocol</c><00:08:52.110><c> let's</c><00:08:52.650><c> say</c><00:08:52.860><c> you</c><00:08:52.920><c> know</c><00:08:53.160><c> one</c><00:08:53.370><c> of</c>

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some protocol let's say you know one of
 

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some protocol let's say you know one of
my<00:08:53.640><c> favorites</c><00:08:54.090><c> zero</c><00:08:54.600><c> X</c><00:08:54.980><c> wants</c><00:08:55.980><c> to</c><00:08:56.400><c> upgrade</c>

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my favorites zero X wants to upgrade
 

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my favorites zero X wants to upgrade
their<00:08:57.450><c> contracts</c><00:08:58.140><c> this</c><00:08:58.320><c> is</c><00:08:58.530><c> you</c><00:08:58.680><c> know</c><00:08:58.800><c> a</c>

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their contracts this is you know a
 

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their contracts this is you know a
couple<00:09:00.000><c> like</c><00:09:00.390><c> sometime</c><00:09:00.930><c> in</c><00:09:01.080><c> the</c><00:09:01.170><c> future</c><00:09:01.500><c> and</c>

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couple like sometime in the future and
 

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couple like sometime in the future and
the<00:09:01.740><c> system</c><00:09:02.040><c> is</c><00:09:02.130><c> fully</c><00:09:02.310><c> decentralized</c><00:09:02.490><c> and</c>

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the system is fully decentralized and
 

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the system is fully decentralized and
they<00:09:03.750><c> want</c><00:09:03.930><c> the</c><00:09:04.050><c> network</c><00:09:04.380><c> to</c><00:09:04.560><c> vote</c><00:09:04.830><c> on</c><00:09:05.100><c> whether</c>

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they want the network to vote on whether
 

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they want the network to vote on whether
you<00:09:05.730><c> know</c><00:09:05.820><c> this</c><00:09:06.060><c> change</c><00:09:06.300><c> happens</c><00:09:06.780><c> or</c><00:09:06.990><c> how</c><00:09:07.170><c> it</c>

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you know this change happens or how it
 

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you know this change happens or how it
happens<00:09:07.680><c> and</c><00:09:08.660><c> one</c><00:09:09.660><c> one</c><00:09:10.200><c> way</c><00:09:10.380><c> you</c><00:09:10.440><c> could</c><00:09:10.770><c> do</c>

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happens and one one way you could do
 

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happens and one one way you could do
this<00:09:11.040><c> instead</c><00:09:11.340><c> of</c><00:09:11.520><c> doing</c><00:09:11.580><c> the</c><00:09:11.880><c> coin</c><00:09:12.120><c> voting</c><00:09:12.510><c> is</c>

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this instead of doing the coin voting is
 

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this instead of doing the coin voting is
you<00:09:13.290><c> could</c><00:09:13.500><c> just</c><00:09:13.530><c> announce</c><00:09:14.220><c> that</c><00:09:14.700><c> any</c><00:09:15.450><c> theorem</c>

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you could just announce that any theorem
 

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you could just announce that any theorem
address<00:09:16.470><c> who</c><00:09:16.650><c> wants</c><00:09:16.860><c> to</c><00:09:16.920><c> have</c><00:09:17.040><c> an</c><00:09:17.130><c> input</c><00:09:17.280><c> on</c>

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address who wants to have an input on
 

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address who wants to have an input on
this<00:09:17.760><c> we're</c><00:09:18.090><c> just</c><00:09:18.120><c> going</c><00:09:18.360><c> to</c><00:09:18.570><c> airdrop</c>

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this we're just going to airdrop
 

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this we're just going to airdrop
a<00:09:19.530><c> hundred</c><00:09:20.130><c> you</c><00:09:20.400><c> know</c><00:09:20.430><c> vote</c><00:09:21.060><c> tokens</c><00:09:21.600><c> onto</c><00:09:22.380><c> them</c>

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a hundred you know vote tokens onto them
 

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a hundred you know vote tokens onto them
and<00:09:22.740><c> so</c><00:09:23.400><c> you</c><00:09:23.430><c> just</c><00:09:23.760><c> give</c><00:09:24.690><c> this</c><00:09:24.870><c> to</c><00:09:24.930><c> everyone</c><00:09:25.320><c> on</c>

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and so you just give this to everyone on
 

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and so you just give this to everyone on
the<00:09:25.620><c> network</c><00:09:25.920><c> and</c><00:09:26.250><c> obviously</c><00:09:26.910><c> you</c><00:09:27.300><c> can't</c><00:09:27.540><c> just</c>

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the network and obviously you can't just
 

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the network and obviously you can't just
like<00:09:27.900><c> you</c><00:09:27.990><c> have</c><00:09:28.080><c> these</c><00:09:28.170><c> people</c><00:09:28.470><c> to</c><00:09:28.620><c> vote</c><00:09:28.800><c> with</c>

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like you have these people to vote with
 

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like you have these people to vote with
these<00:09:29.130><c> tokens</c><00:09:29.310><c> because</c><00:09:29.670><c> it</c><00:09:29.940><c> would</c><00:09:30.030><c> be</c><00:09:30.180><c> civil</c>

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these tokens because it would be civil
 

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these tokens because it would be civil
but<00:09:31.230><c> what</c><00:09:31.560><c> happens</c><00:09:31.920><c> instead</c><00:09:32.220><c> is</c><00:09:32.370><c> there's</c><00:09:32.730><c> a</c>

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but what happens instead is there's a
 

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but what happens instead is there's a
campaigning<00:09:33.330><c> period</c><00:09:33.840><c> where</c><00:09:34.200><c> anyone</c><00:09:34.860><c> can</c><00:09:35.280><c> you</c>

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campaigning period where anyone can you
 

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campaigning period where anyone can you
know<00:09:36.090><c> use</c><00:09:36.360><c> the</c><00:09:36.390><c> existing</c><00:09:37.080><c> social</c><00:09:37.230><c> channels</c><00:09:37.860><c> to</c>

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know use the existing social channels to
 

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know use the existing social channels to
campaign<00:09:38.520><c> for</c><00:09:38.760><c> their</c><00:09:38.940><c> voice</c><00:09:39.150><c> to</c><00:09:39.390><c> be</c><00:09:39.510><c> heard</c><00:09:39.540><c> so</c>

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campaign for their voice to be heard so
 

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campaign for their voice to be heard so
you<00:09:40.470><c> know</c><00:09:40.800><c> the</c><00:09:41.040><c> core</c><00:09:41.340><c> 0x</c><00:09:41.820><c> team</c><00:09:42.120><c> people</c><00:09:42.930><c> in</c><00:09:43.140><c> the</c>

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you know the core 0x team people in the
 

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you know the core 0x team people in the
community<00:09:43.770><c> developer</c><00:09:44.760><c> is</c><00:09:44.970><c> anonymous</c><00:09:45.660><c> you</c>

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community developer is anonymous you
 

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community developer is anonymous you
know<00:09:45.840><c> reddit</c><00:09:46.320><c> commenter</c><00:09:46.800><c> is</c><00:09:46.950><c> everyone</c><00:09:47.760><c> would</c>

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know reddit commenter is everyone would
 

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know reddit commenter is everyone would
make<00:09:48.090><c> their</c><00:09:48.330><c> case</c><00:09:48.570><c> for</c><00:09:48.600><c> why</c><00:09:49.170><c> why</c><00:09:49.890><c> they</c><00:09:50.340><c> should</c>

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make their case for why why they should
 

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make their case for why why they should
have<00:09:51.210><c> an</c><00:09:51.360><c> input</c><00:09:51.690><c> into</c><00:09:51.810><c> this</c><00:09:52.050><c> and</c><00:09:52.350><c> you</c><00:09:52.980><c> know</c>

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have an input into this and you know
 

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have an input into this and you know
they<00:09:53.220><c> would</c><00:09:53.340><c> list</c><00:09:53.640><c> their</c><00:09:54.030><c> aetherium</c><00:09:54.510><c> address</c>

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they would list their aetherium address
 

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they would list their aetherium address
next<00:09:55.050><c> to</c><00:09:55.230><c> their</c><00:09:55.380><c> name</c><00:09:55.620><c> and</c><00:09:56.690><c> during</c><00:09:57.690><c> this</c><00:09:57.870><c> month</c>

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next to their name and during this month
 

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next to their name and during this month
of<00:09:58.470><c> campaigning</c><00:09:58.980><c> you</c><00:09:59.460><c> go</c><00:09:59.640><c> and</c><00:09:59.850><c> allocate</c><00:10:00.420><c> your</c>

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of campaigning you go and allocate your
 

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of campaigning you go and allocate your
vote<00:10:00.900><c> tokens</c><00:10:01.380><c> between</c><00:10:02.370><c> all</c><00:10:02.580><c> these</c><00:10:02.730><c> other</c>

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vote tokens between all these other
 

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vote tokens between all these other
people<00:10:03.150><c> and</c><00:10:03.450><c> whatever</c><00:10:03.600><c> proportions</c><00:10:04.260><c> that</c><00:10:04.410><c> you</c>

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people and whatever proportions that you
 

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people and whatever proportions that you
want<00:10:04.680><c> and</c><00:10:05.630><c> now</c><00:10:06.630><c> once</c><00:10:06.990><c> the</c><00:10:07.080><c> month</c><00:10:07.290><c> is</c><00:10:07.440><c> over</c><00:10:07.710><c> you</c>

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want and now once the month is over you
 

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want and now once the month is over you
take<00:10:08.070><c> the</c><00:10:08.250><c> vote</c><00:10:08.430><c> so</c><00:10:08.670><c> everyone</c><00:10:09.000><c> just</c><00:10:09.150><c> cast</c>

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take the vote so everyone just cast
 

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take the vote so everyone just cast
their<00:10:09.600><c> vote</c><00:10:09.810><c> once</c><00:10:10.580><c> but</c><00:10:11.580><c> instead</c><00:10:12.450><c> of</c><00:10:13.310><c> counting</c>

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their vote once but instead of counting
 

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their vote once but instead of counting
each<00:10:14.460><c> vote</c><00:10:14.940><c> as</c><00:10:15.180><c> equal</c><00:10:15.630><c> or</c><00:10:15.900><c> equal</c><00:10:16.860><c> to</c><00:10:17.040><c> the</c>

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each vote as equal or equal to the
 

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each vote as equal or equal to the
number<00:10:17.190><c> of</c><00:10:17.550><c> tokens</c><00:10:17.790><c> they</c><00:10:18.150><c> had</c><00:10:18.590><c> instead</c><00:10:19.590><c> you</c>

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number of tokens they had instead you
 

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number of tokens they had instead you
know<00:10:20.190><c> the</c><00:10:20.340><c> naive</c><00:10:20.640><c> way</c><00:10:20.820><c> would</c><00:10:21.000><c> be</c><00:10:21.120><c> how</c><00:10:21.390><c> many</c>

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know the naive way would be how many
 

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know the naive way would be how many
vote<00:10:21.840><c> tokens</c><00:10:22.260><c> that</c><00:10:22.320><c> they</c><00:10:22.500><c> get</c><00:10:22.680><c> allocated</c><00:10:22.890><c> to</c>

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vote tokens that they get allocated to
 

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vote tokens that they get allocated to
them<00:10:23.490><c> by</c><00:10:23.610><c> the</c><00:10:23.670><c> community</c><00:10:24.180><c> which</c><00:10:24.780><c> would</c>

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them by the community which would
 

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them by the community which would
already<00:10:25.080><c> be</c><00:10:25.290><c> pretty</c><00:10:25.650><c> interesting</c><00:10:26.100><c> but</c><00:10:26.730><c> what</c>

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already be pretty interesting but what
 

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already be pretty interesting but what
you<00:10:27.000><c> could</c><00:10:27.150><c> do</c><00:10:27.330><c> is</c><00:10:27.540><c> actually</c><00:10:27.720><c> run</c><00:10:28.250><c> PageRank</c><00:10:29.250><c> on</c>

00:10:29.450 --> 00:10:29.460 align:start position:0%
you could do is actually run PageRank on
 

00:10:29.460 --> 00:10:30.740 align:start position:0%
you could do is actually run PageRank on
this<00:10:29.640><c> which</c><00:10:29.880><c> is</c><00:10:29.910><c> you</c><00:10:30.180><c> know</c><00:10:30.300><c> google's</c>

00:10:30.740 --> 00:10:30.750 align:start position:0%
this which is you know google's
 

00:10:30.750 --> 00:10:33.200 align:start position:0%
this which is you know google's
algorithm<00:10:31.080><c> for</c><00:10:31.530><c> ranking</c><00:10:31.980><c> websites</c><00:10:32.460><c> so</c><00:10:33.150><c> you</c>

00:10:33.200 --> 00:10:33.210 align:start position:0%
algorithm for ranking websites so you
 

00:10:33.210 --> 00:10:36.220 align:start position:0%
algorithm for ranking websites so you
would<00:10:33.420><c> say</c><00:10:33.660><c> you</c><00:10:34.530><c> know</c><00:10:34.650><c> this</c><00:10:34.890><c> person</c><00:10:35.060><c> you</c><00:10:36.060><c> know</c>

00:10:36.220 --> 00:10:36.230 align:start position:0%
would say you know this person you know
 

00:10:36.230 --> 00:10:40.160 align:start position:0%
would say you know this person you know
person<00:10:37.230><c> X</c><00:10:37.470><c> received</c><00:10:38.190><c> all</c><00:10:39.000><c> these</c><00:10:39.390><c> vote</c><00:10:39.720><c> tokens</c>

00:10:40.160 --> 00:10:40.170 align:start position:0%
person X received all these vote tokens
 

00:10:40.170 --> 00:10:41.960 align:start position:0%
person X received all these vote tokens
to<00:10:40.290><c> them</c><00:10:40.440><c> so</c><00:10:40.740><c> they're</c><00:10:40.980><c> their</c><00:10:41.310><c> voice</c><00:10:41.520><c> obviously</c>

00:10:41.960 --> 00:10:41.970 align:start position:0%
to them so they're their voice obviously
 

00:10:41.970 --> 00:10:43.820 align:start position:0%
to them so they're their voice obviously
matters<00:10:42.150><c> and</c><00:10:42.600><c> you</c><00:10:42.930><c> can</c><00:10:43.110><c> imagine</c><00:10:43.560><c> you</c><00:10:43.710><c> know</c>

00:10:43.820 --> 00:10:43.830 align:start position:0%
matters and you can imagine you know
 

00:10:43.830 --> 00:10:46.730 align:start position:0%
matters and you can imagine you know
well<00:10:44.790><c> in</c><00:10:44.970><c> a</c><00:10:45.060><c> mirror</c><00:10:45.330><c> from</c><00:10:45.540><c> 0</c><00:10:45.780><c> X</c><00:10:46.020><c> receiving</c><00:10:46.560><c> all</c>

00:10:46.730 --> 00:10:46.740 align:start position:0%
well in a mirror from 0 X receiving all
 

00:10:46.740 --> 00:10:49.070 align:start position:0%
well in a mirror from 0 X receiving all
these<00:10:46.890><c> vote</c><00:10:47.130><c> tokens</c><00:10:47.580><c> but</c><00:10:48.570><c> then</c><00:10:48.750><c> you</c><00:10:48.840><c> wouldn't</c>

00:10:49.070 --> 00:10:49.080 align:start position:0%
these vote tokens but then you wouldn't
 

00:10:49.080 --> 00:10:50.330 align:start position:0%
these vote tokens but then you wouldn't
stop<00:10:49.290><c> there</c><00:10:49.530><c> you</c><00:10:49.650><c> would</c><00:10:49.770><c> iterate</c><00:10:49.950><c> the</c>

00:10:50.330 --> 00:10:50.340 align:start position:0%
stop there you would iterate the
 

00:10:50.340 --> 00:10:52.400 align:start position:0%
stop there you would iterate the
algorithm<00:10:51.060><c> again</c><00:10:51.300><c> and</c><00:10:51.630><c> you'd</c><00:10:51.720><c> be</c><00:10:51.870><c> like</c><00:10:51.990><c> who</c>

00:10:52.400 --> 00:10:52.410 align:start position:0%
algorithm again and you'd be like who
 

00:10:52.410 --> 00:10:54.170 align:start position:0%
algorithm again and you'd be like who
have<00:10:52.650><c> these</c><00:10:52.800><c> people</c><00:10:53.070><c> allocated</c><00:10:53.730><c> their</c>

00:10:54.170 --> 00:10:54.180 align:start position:0%
have these people allocated their
 

00:10:54.180 --> 00:10:57.850 align:start position:0%
have these people allocated their
limited<00:10:54.570><c> hundred</c><00:10:54.960><c> vote</c><00:10:55.140><c> tokens</c><00:10:55.560><c> and</c><00:10:56.600><c> those</c>

00:10:57.850 --> 00:10:57.860 align:start position:0%
limited hundred vote tokens and those
 

00:10:57.860 --> 00:11:01.040 align:start position:0%
limited hundred vote tokens and those
edges<00:10:58.860><c> themselves</c><00:10:59.520><c> have</c><00:10:59.670><c> more</c><00:10:59.970><c> value</c>

00:11:01.040 --> 00:11:01.050 align:start position:0%
edges themselves have more value
 

00:11:01.050 --> 00:11:03.620 align:start position:0%
edges themselves have more value
and<00:11:01.170><c> this</c><00:11:01.770><c> wasn't</c><00:11:02.070><c> determined</c><00:11:02.700><c> by</c><00:11:03.240><c> you</c><00:11:03.540><c> know</c>

00:11:03.620 --> 00:11:03.630 align:start position:0%
and this wasn't determined by you know
 

00:11:03.630 --> 00:11:05.480 align:start position:0%
and this wasn't determined by you know
any<00:11:03.840><c> centralized</c><00:11:04.500><c> process</c><00:11:04.980><c> it's</c><00:11:05.220><c> just</c><00:11:05.400><c> a</c>

00:11:05.480 --> 00:11:05.490 align:start position:0%
any centralized process it's just a
 

00:11:05.490 --> 00:11:07.640 align:start position:0%
any centralized process it's just a
property<00:11:05.910><c> of</c><00:11:05.970><c> the</c><00:11:06.060><c> network</c><00:11:06.360><c> people</c><00:11:06.990><c> someone</c>

00:11:07.640 --> 00:11:07.650 align:start position:0%
property of the network people someone
 

00:11:07.650 --> 00:11:09.710 align:start position:0%
property of the network people someone
gets<00:11:07.920><c> a</c><00:11:08.100><c> lot</c><00:11:08.520><c> of</c><00:11:08.550><c> votes</c><00:11:08.910><c> from</c><00:11:09.090><c> the</c><00:11:09.240><c> community</c>

00:11:09.710 --> 00:11:09.720 align:start position:0%
gets a lot of votes from the community
 

00:11:09.720 --> 00:11:11.990 align:start position:0%
gets a lot of votes from the community
and<00:11:09.930><c> because</c><00:11:10.740><c> of</c><00:11:10.890><c> that</c><00:11:11.070><c> their</c><00:11:11.460><c> own</c><00:11:11.670><c> votes</c>

00:11:11.990 --> 00:11:12.000 align:start position:0%
and because of that their own votes
 

00:11:12.000 --> 00:11:15.170 align:start position:0%
and because of that their own votes
become<00:11:12.450><c> more</c><00:11:12.810><c> important</c><00:11:13.290><c> and</c><00:11:13.500><c> then</c><00:11:14.100><c> you</c><00:11:15.060><c> know</c>

00:11:15.170 --> 00:11:15.180 align:start position:0%
become more important and then you know
 

00:11:15.180 --> 00:11:17.210 align:start position:0%
become more important and then you know
in<00:11:15.330><c> turn</c><00:11:15.540><c> that</c><00:11:15.840><c> person's</c><00:11:16.380><c> votes</c><00:11:16.710><c> become</c><00:11:17.070><c> more</c>

00:11:17.210 --> 00:11:17.220 align:start position:0%
in turn that person's votes become more
 

00:11:17.220 --> 00:11:19.220 align:start position:0%
in turn that person's votes become more
intense<00:11:17.460><c> so</c><00:11:17.700><c> this</c><00:11:17.850><c> this</c><00:11:18.210><c> process</c><00:11:18.630><c> converges</c>

00:11:19.220 --> 00:11:19.230 align:start position:0%
intense so this this process converges
 

00:11:19.230 --> 00:11:22.580 align:start position:0%
intense so this this process converges
and<00:11:19.470><c> is</c><00:11:19.890><c> a</c><00:11:20.160><c> really</c><00:11:20.460><c> interesting</c><00:11:20.670><c> idea</c><00:11:21.590><c> the</c>

00:11:22.580 --> 00:11:22.590 align:start position:0%
and is a really interesting idea the
 

00:11:22.590 --> 00:11:26.000 align:start position:0%
and is a really interesting idea the
problem<00:11:22.800><c> is</c><00:11:23.300><c> that</c><00:11:24.300><c> you</c><00:11:24.780><c> know</c><00:11:24.900><c> this</c><00:11:25.200><c> approach</c>

00:11:26.000 --> 00:11:26.010 align:start position:0%
problem is that you know this approach
 

00:11:26.010 --> 00:11:29.240 align:start position:0%
problem is that you know this approach
also<00:11:26.730><c> can</c><00:11:26.970><c> be</c><00:11:27.150><c> Sibbald</c><00:11:27.570><c> so</c><00:11:27.960><c> you</c><00:11:28.710><c> can</c><00:11:28.980><c> you</c><00:11:29.160><c> know</c>

00:11:29.240 --> 00:11:29.250 align:start position:0%
also can be Sibbald so you can you know
 

00:11:29.250 --> 00:11:31.460 align:start position:0%
also can be Sibbald so you can you know
if<00:11:29.370><c> you</c><00:11:29.460><c> have</c><00:11:29.610><c> the</c><00:11:29.790><c> real</c><00:11:30.000><c> trust</c><00:11:30.690><c> graph</c><00:11:30.990><c> here</c><00:11:31.350><c> of</c>

00:11:31.460 --> 00:11:31.470 align:start position:0%
if you have the real trust graph here of
 

00:11:31.470 --> 00:11:33.800 align:start position:0%
if you have the real trust graph here of
all<00:11:31.590><c> these</c><00:11:31.710><c> people</c><00:11:32.150><c> you</c><00:11:33.150><c> know</c><00:11:33.180><c> allocating</c>

00:11:33.800 --> 00:11:33.810 align:start position:0%
all these people you know allocating
 

00:11:33.810 --> 00:11:35.840 align:start position:0%
all these people you know allocating
their<00:11:33.960><c> tokens</c><00:11:34.350><c> within</c><00:11:34.620><c> the</c><00:11:34.800><c> real</c><00:11:34.980><c> if</c><00:11:35.550><c> your</c>

00:11:35.840 --> 00:11:35.850 align:start position:0%
their tokens within the real if your
 

00:11:35.850 --> 00:11:37.850 align:start position:0%
their tokens within the real if your
Mikko<00:11:36.090><c> system</c><00:11:36.510><c> someone</c><00:11:37.290><c> could</c><00:11:37.470><c> just</c><00:11:37.620><c> spin</c><00:11:37.830><c> up</c>

00:11:37.850 --> 00:11:37.860 align:start position:0%
Mikko system someone could just spin up
 

00:11:37.860 --> 00:11:39.830 align:start position:0%
Mikko system someone could just spin up
a<00:11:38.190><c> thousand</c><00:11:38.580><c> addresses</c><00:11:39.030><c> and</c><00:11:39.240><c> replicate</c><00:11:39.720><c> the</c>

00:11:39.830 --> 00:11:39.840 align:start position:0%
a thousand addresses and replicate the
 

00:11:39.840 --> 00:11:41.740 align:start position:0%
a thousand addresses and replicate the
exact<00:11:40.080><c> same</c><00:11:40.260><c> structure</c><00:11:40.680><c> on</c><00:11:40.800><c> this</c><00:11:40.950><c> side</c><00:11:41.160><c> and</c>

00:11:41.740 --> 00:11:41.750 align:start position:0%
exact same structure on this side and
 

00:11:41.750 --> 00:11:44.240 align:start position:0%
exact same structure on this side and
this<00:11:42.750><c> is</c><00:11:42.810><c> why</c><00:11:43.080><c> this</c><00:11:43.140><c> is</c><00:11:43.290><c> an</c><00:11:43.470><c> open</c><00:11:43.740><c> problem</c><00:11:43.950><c> so</c>

00:11:44.240 --> 00:11:44.250 align:start position:0%
this is why this is an open problem so
 

00:11:44.250 --> 00:11:46.730 align:start position:0%
this is why this is an open problem so
some<00:11:44.430><c> ideas</c><00:11:44.760><c> there</c><00:11:44.790><c> are</c><00:11:45.210><c> having</c><00:11:45.870><c> globally</c>

00:11:46.730 --> 00:11:46.740 align:start position:0%
some ideas there are having globally
 

00:11:46.740 --> 00:11:50.690 align:start position:0%
some ideas there are having globally
trusted<00:11:47.190><c> peers</c><00:11:47.490><c> you</c><00:11:47.850><c> know</c><00:11:47.970><c> maybe</c><00:11:48.210><c> like</c><00:11:48.920><c> 10</c><00:11:49.920><c> 50</c>

00:11:50.690 --> 00:11:50.700 align:start position:0%
trusted peers you know maybe like 10 50
 

00:11:50.700 --> 00:11:52.700 align:start position:0%
trusted peers you know maybe like 10 50
or<00:11:50.880><c> 100</c><00:11:51.270><c> or</c><00:11:51.360><c> dresses</c><00:11:51.840><c> that</c><00:11:52.080><c> kind</c><00:11:52.320><c> of</c><00:11:52.350><c> everyone</c>

00:11:52.700 --> 00:11:52.710 align:start position:0%
or 100 or dresses that kind of everyone
 

00:11:52.710 --> 00:11:55.490 align:start position:0%
or 100 or dresses that kind of everyone
agrees<00:11:53.070><c> should</c><00:11:53.490><c> be</c><00:11:53.670><c> trusted</c><00:11:54.150><c> and</c><00:11:54.360><c> you</c><00:11:55.230><c> kind</c><00:11:55.440><c> of</c>

00:11:55.490 --> 00:11:55.500 align:start position:0%
agrees should be trusted and you kind of
 

00:11:55.500 --> 00:11:57.050 align:start position:0%
agrees should be trusted and you kind of
start<00:11:55.830><c> the</c><00:11:55.950><c> graph</c><00:11:56.220><c> from</c><00:11:56.460><c> them</c><00:11:56.730><c> and</c><00:11:56.940><c> you're</c>

00:11:57.050 --> 00:11:57.060 align:start position:0%
start the graph from them and you're
 

00:11:57.060 --> 00:11:58.340 align:start position:0%
start the graph from them and you're
like<00:11:57.090><c> who</c><00:11:57.330><c> do</c><00:11:57.420><c> these</c><00:11:57.540><c> people</c><00:11:57.810><c> across</c><00:11:58.080><c> who</c><00:11:58.260><c> do</c>

00:11:58.340 --> 00:11:58.350 align:start position:0%
like who do these people across who do
 

00:11:58.350 --> 00:11:59.840 align:start position:0%
like who do these people across who do
they<00:11:58.500><c> trust</c><00:11:58.800><c> and</c><00:11:58.980><c> this</c><00:11:59.130><c> has</c><00:11:59.280><c> a</c><00:11:59.310><c> way</c><00:11:59.490><c> of</c><00:11:59.520><c> like</c>

00:11:59.840 --> 00:11:59.850 align:start position:0%
they trust and this has a way of like
 

00:11:59.850 --> 00:12:01.760 align:start position:0%
they trust and this has a way of like
bringing<00:12:00.480><c> the</c><00:12:00.660><c> network</c><00:12:00.960><c> to</c><00:12:01.230><c> grounding</c><00:12:01.680><c> the</c>

00:12:01.760 --> 00:12:01.770 align:start position:0%
bringing the network to grounding the
 

00:12:01.770 --> 00:12:04.430 align:start position:0%
bringing the network to grounding the
network<00:12:02.100><c> another</c><00:12:03.060><c> approach</c><00:12:03.480><c> is</c><00:12:03.510><c> to</c><00:12:03.810><c> requiring</c>

00:12:04.430 --> 00:12:04.440 align:start position:0%
network another approach is to requiring
 

00:12:04.440 --> 00:12:06.710 align:start position:0%
network another approach is to requiring
a<00:12:04.650><c> scarce</c><00:12:04.950><c> resource</c><00:12:05.010><c> to</c><00:12:05.490><c> create</c><00:12:05.730><c> an</c><00:12:05.850><c> edge</c><00:12:06.030><c> so</c>

00:12:06.710 --> 00:12:06.720 align:start position:0%
a scarce resource to create an edge so
 

00:12:06.720 --> 00:12:09.350 align:start position:0%
a scarce resource to create an edge so
you<00:12:07.110><c> know</c><00:12:07.200><c> you</c><00:12:07.260><c> could</c><00:12:07.470><c> use</c><00:12:08.100><c> those</c><00:12:08.430><c> 0x</c><00:12:08.970><c> tokens</c>

00:12:09.350 --> 00:12:09.360 align:start position:0%
you know you could use those 0x tokens
 

00:12:09.360 --> 00:12:12.560 align:start position:0%
you know you could use those 0x tokens
to<00:12:09.630><c> to</c><00:12:10.380><c> create</c><00:12:10.620><c> these</c><00:12:10.950><c> edges</c><00:12:11.550><c> and</c><00:12:11.760><c> that</c><00:12:12.240><c> makes</c>

00:12:12.560 --> 00:12:12.570 align:start position:0%
to to create these edges and that makes
 

00:12:12.570 --> 00:12:14.570 align:start position:0%
to to create these edges and that makes
them<00:12:12.900><c> means</c><00:12:13.500><c> that</c><00:12:13.680><c> one</c><00:12:13.830><c> person</c><00:12:14.160><c> just</c><00:12:14.310><c> can't</c>

00:12:14.570 --> 00:12:14.580 align:start position:0%
them means that one person just can't
 

00:12:14.580 --> 00:12:16.150 align:start position:0%
them means that one person just can't
create<00:12:14.880><c> an</c><00:12:15.030><c> infinite</c><00:12:15.300><c> number</c><00:12:15.660><c> of</c><00:12:15.690><c> them</c><00:12:15.870><c> and</c>

00:12:16.150 --> 00:12:16.160 align:start position:0%
create an infinite number of them and
 

00:12:16.160 --> 00:12:18.350 align:start position:0%
create an infinite number of them and
the<00:12:17.160><c> final</c><00:12:17.490><c> one</c><00:12:17.580><c> is</c><00:12:17.640><c> you</c><00:12:17.820><c> could</c><00:12:17.970><c> you</c><00:12:18.210><c> could</c>

00:12:18.350 --> 00:12:18.360 align:start position:0%
the final one is you could you could
 

00:12:18.360 --> 00:12:20.060 align:start position:0%
the final one is you could you could
pattern<00:12:18.750><c> match</c><00:12:18.930><c> from</c><00:12:19.140><c> the</c><00:12:19.200><c> top</c><00:12:19.470><c> down</c><00:12:19.710><c> so</c><00:12:19.950><c> you</c>

00:12:20.060 --> 00:12:20.070 align:start position:0%
pattern match from the top down so you
 

00:12:20.070 --> 00:12:23.690 align:start position:0%
pattern match from the top down so you
could<00:12:20.190><c> say</c><00:12:20.430><c> that</c><00:12:21.440><c> you</c><00:12:22.440><c> know</c><00:12:22.530><c> these</c><00:12:23.130><c> addresses</c>

00:12:23.690 --> 00:12:23.700 align:start position:0%
could say that you know these addresses
 

00:12:23.700 --> 00:12:25.550 align:start position:0%
could say that you know these addresses
seem<00:12:23.910><c> to</c><00:12:24.060><c> be</c><00:12:24.150><c> trusting</c><00:12:24.570><c> themselves</c><00:12:24.780><c> within</c>

00:12:25.550 --> 00:12:25.560 align:start position:0%
seem to be trusting themselves within
 

00:12:25.560 --> 00:12:27.410 align:start position:0%
seem to be trusting themselves within
this<00:12:25.800><c> cluster</c><00:12:26.040><c> but</c><00:12:26.460><c> no</c><00:12:26.610><c> one</c><00:12:26.790><c> from</c><00:12:26.910><c> the</c><00:12:27.060><c> outside</c>

00:12:27.410 --> 00:12:27.420 align:start position:0%
this cluster but no one from the outside
 

00:12:27.420 --> 00:12:30.740 align:start position:0%
this cluster but no one from the outside
is<00:12:27.570><c> trusting</c><00:12:27.960><c> them</c><00:12:28.110><c> and</c><00:12:28.970><c> the</c><00:12:29.970><c> next</c><00:12:30.210><c> problem</c><00:12:30.570><c> is</c>

00:12:30.740 --> 00:12:30.750 align:start position:0%
is trusting them and the next problem is
 

00:12:30.750 --> 00:12:33.610 align:start position:0%
is trusting them and the next problem is
how<00:12:30.930><c> do</c><00:12:30.990><c> you</c><00:12:31.080><c> actually</c><00:12:31.910><c> incentivize</c><00:12:32.910><c> these</c>

00:12:33.610 --> 00:12:33.620 align:start position:0%
how do you actually incentivize these
 

00:12:33.620 --> 00:12:36.470 align:start position:0%
how do you actually incentivize these
these<00:12:34.620><c> people</c><00:12:35.070><c> to</c><00:12:35.280><c> allocate</c><00:12:36.000><c> these</c><00:12:36.240><c> tokens</c>

00:12:36.470 --> 00:12:36.480 align:start position:0%
these people to allocate these tokens
 

00:12:36.480 --> 00:12:39.500 align:start position:0%
these people to allocate these tokens
correctly<00:12:37.110><c> so</c><00:12:37.650><c> what's</c><00:12:37.890><c> what</c><00:12:38.610><c> makes</c><00:12:38.850><c> you</c><00:12:39.090><c> spend</c>

00:12:39.500 --> 00:12:39.510 align:start position:0%
correctly so what's what makes you spend
 

00:12:39.510 --> 00:12:41.180 align:start position:0%
correctly so what's what makes you spend
the<00:12:39.690><c> time</c><00:12:39.930><c> and</c><00:12:39.960><c> the</c><00:12:40.200><c> due</c><00:12:40.350><c> diligence</c><00:12:40.500><c> to</c><00:12:40.950><c> find</c>

00:12:41.180 --> 00:12:41.190 align:start position:0%
the time and the due diligence to find
 

00:12:41.190 --> 00:12:44.300 align:start position:0%
the time and the due diligence to find
out<00:12:41.370><c> who</c><00:12:41.550><c> to</c><00:12:41.730><c> give</c><00:12:41.880><c> your</c><00:12:42.060><c> tokens</c><00:12:42.450><c> to</c><00:12:42.630><c> and</c><00:12:43.310><c> what</c>

00:12:44.300 --> 00:12:44.310 align:start position:0%
out who to give your tokens to and what
 

00:12:44.310 --> 00:12:45.980 align:start position:0%
out who to give your tokens to and what
prevents<00:12:44.700><c> you</c><00:12:44.880><c> from</c><00:12:44.940><c> giving</c><00:12:45.390><c> this</c><00:12:45.540><c> to</c><00:12:45.750><c> just</c>

00:12:45.980 --> 00:12:45.990 align:start position:0%
prevents you from giving this to just
 

00:12:45.990 --> 00:12:47.980 align:start position:0%
prevents you from giving this to just
you<00:12:46.170><c> know</c><00:12:46.260><c> bad</c><00:12:46.530><c> actors</c><00:12:46.920><c> in</c><00:12:46.950><c> the</c><00:12:47.160><c> system</c><00:12:47.490><c> and</c>

00:12:47.980 --> 00:12:47.990 align:start position:0%
you know bad actors in the system and
 

00:12:47.990 --> 00:12:50.300 align:start position:0%
you know bad actors in the system and
you<00:12:48.990><c> know</c><00:12:49.110><c> there's</c><00:12:49.380><c> ideas</c><00:12:49.710><c> around</c><00:12:49.950><c> using</c>

00:12:50.300 --> 00:12:50.310 align:start position:0%
you know there's ideas around using
 

00:12:50.310 --> 00:12:53.060 align:start position:0%
you know there's ideas around using
collateral<00:12:51.030><c> and</c><00:12:51.410><c> requiring</c><00:12:52.410><c> people</c><00:12:52.650><c> you</c><00:12:52.950><c> know</c>

00:12:53.060 --> 00:12:53.070 align:start position:0%
collateral and requiring people you know
 

00:12:53.070 --> 00:12:55.250 align:start position:0%
collateral and requiring people you know
lock<00:12:53.370><c> up</c><00:12:53.610><c> some</c><00:12:53.790><c> value</c><00:12:54.210><c> that</c><00:12:54.420><c> they</c><00:12:54.540><c> get</c><00:12:54.720><c> back</c><00:12:54.960><c> in</c>

00:12:55.250 --> 00:12:55.260 align:start position:0%
lock up some value that they get back in
 

00:12:55.260 --> 00:12:59.120 align:start position:0%
lock up some value that they get back in
time<00:12:55.500><c> or</c><00:12:56.330><c> if</c><00:12:57.330><c> these</c><00:12:57.780><c> edges</c><00:12:58.230><c> actually</c><00:12:58.410><c> come</c><00:12:58.980><c> to</c>

00:12:59.120 --> 00:12:59.130 align:start position:0%
time or if these edges actually come to
 

00:12:59.130 --> 00:13:01.070 align:start position:0%
time or if these edges actually come to
existence<00:12:59.550><c> as</c><00:12:59.760><c> a</c><00:12:59.790><c> byproduct</c><00:13:00.240><c> of</c><00:13:00.600><c> existing</c>

00:13:01.070 --> 00:13:01.080 align:start position:0%
existence as a byproduct of existing
 

00:13:01.080 --> 00:13:02.690 align:start position:0%
existence as a byproduct of existing
behavior<00:13:01.200><c> so</c><00:13:01.650><c> a</c><00:13:01.680><c> great</c><00:13:01.980><c> example</c><00:13:02.430><c> of</c><00:13:02.490><c> this</c><00:13:02.640><c> is</c>

00:13:02.690 --> 00:13:02.700 align:start position:0%
behavior so a great example of this is
 

00:13:02.700 --> 00:13:06.200 align:start position:0%
behavior so a great example of this is
in<00:13:03.090><c> the</c><00:13:03.540><c> web</c><00:13:03.720><c> itself</c><00:13:04.140><c> where</c><00:13:04.950><c> you</c><00:13:05.700><c> know</c><00:13:05.820><c> Google</c>

00:13:06.200 --> 00:13:06.210 align:start position:0%
in the web itself where you know Google
 

00:13:06.210 --> 00:13:07.790 align:start position:0%
in the web itself where you know Google
didn't<00:13:06.510><c> go</c><00:13:06.690><c> to</c><00:13:06.750><c> all</c><00:13:07.020><c> these</c><00:13:07.140><c> people</c><00:13:07.470><c> and</c><00:13:07.560><c> tell</c>

00:13:07.790 --> 00:13:07.800 align:start position:0%
didn't go to all these people and tell
 

00:13:07.800 --> 00:13:09.470 align:start position:0%
didn't go to all these people and tell
them<00:13:07.830><c> to</c><00:13:08.160><c> point</c><00:13:08.400><c> to</c><00:13:08.580><c> each</c><00:13:08.700><c> other</c><00:13:08.910><c> so</c><00:13:09.180><c> that</c><00:13:09.360><c> the</c>

00:13:09.470 --> 00:13:09.480 align:start position:0%
them to point to each other so that the
 

00:13:09.480 --> 00:13:11.750 align:start position:0%
them to point to each other so that the
PageRank<00:13:09.900><c> algorithm</c><00:13:10.200><c> could</c><00:13:10.590><c> work</c><00:13:10.770><c> instead</c>

00:13:11.750 --> 00:13:11.760 align:start position:0%
PageRank algorithm could work instead
 

00:13:11.760 --> 00:13:13.960 align:start position:0%
PageRank algorithm could work instead
someone<00:13:12.150><c> who's</c><00:13:12.330><c> building</c><00:13:12.870><c> a</c><00:13:13.080><c> website</c>

00:13:13.960 --> 00:13:13.970 align:start position:0%
someone who's building a website
 

00:13:13.970 --> 00:13:16.340 align:start position:0%
someone who's building a website
personally<00:13:14.970><c> just</c><00:13:15.240><c> wants</c><00:13:15.570><c> to</c><00:13:15.690><c> have</c><00:13:15.840><c> good</c><00:13:16.080><c> links</c>

00:13:16.340 --> 00:13:16.350 align:start position:0%
personally just wants to have good links
 

00:13:16.350 --> 00:13:17.990 align:start position:0%
personally just wants to have good links
going<00:13:16.740><c> out</c><00:13:16.890><c> because</c><00:13:17.160><c> that</c><00:13:17.490><c> means</c><00:13:17.670><c> that</c><00:13:17.880><c> their</c>

00:13:17.990 --> 00:13:18.000 align:start position:0%
going out because that means that their
 

00:13:18.000 --> 00:13:19.580 align:start position:0%
going out because that means that their
website<00:13:18.330><c> is</c><00:13:18.450><c> more</c><00:13:18.600><c> interesting</c><00:13:19.080><c> and</c><00:13:19.200><c> they</c><00:13:19.410><c> get</c>

00:13:19.580 --> 00:13:19.590 align:start position:0%
website is more interesting and they get
 

00:13:19.590 --> 00:13:21.320 align:start position:0%
website is more interesting and they get
more<00:13:19.770><c> traffic</c><00:13:20.040><c> and</c><00:13:20.580><c> you</c><00:13:20.760><c> know</c><00:13:20.880><c> they're</c><00:13:21.300><c> just</c>

00:13:21.320 --> 00:13:21.330 align:start position:0%
more traffic and you know they're just
 

00:13:21.330 --> 00:13:25.070 align:start position:0%
more traffic and you know they're just
doing<00:13:21.660><c> that</c><00:13:21.840><c> in</c><00:13:21.960><c> a</c><00:13:22.050><c> selfish</c><00:13:22.380><c> way</c><00:13:22.560><c> and</c><00:13:23.330><c> and</c><00:13:24.330><c> that</c>

00:13:25.070 --> 00:13:25.080 align:start position:0%
doing that in a selfish way and and that
 

00:13:25.080 --> 00:13:26.930 align:start position:0%
doing that in a selfish way and and that
in<00:13:25.290><c> turn</c><00:13:25.500><c> means</c><00:13:25.830><c> that</c><00:13:26.070><c> this</c><00:13:26.160><c> PageRank</c><00:13:26.670><c> can</c><00:13:26.820><c> be</c>

00:13:26.930 --> 00:13:26.940 align:start position:0%
in turn means that this PageRank can be
 

00:13:26.940 --> 00:13:30.170 align:start position:0%
in turn means that this PageRank can be
built<00:13:27.150><c> on</c><00:13:27.270><c> top</c><00:13:27.330><c> of</c><00:13:27.510><c> it</c><00:13:27.810><c> so</c><00:13:28.700><c> there's</c><00:13:29.700><c> projects</c>

00:13:30.170 --> 00:13:30.180 align:start position:0%
built on top of it so there's projects
 

00:13:30.180 --> 00:13:31.610 align:start position:0%
built on top of it so there's projects
exploring<00:13:30.630><c> this</c><00:13:30.720><c> encrypted</c><00:13:31.200><c> as</c><00:13:31.290><c> well</c><00:13:31.440><c> like</c>

00:13:31.610 --> 00:13:31.620 align:start position:0%
exploring this encrypted as well like
 

00:13:31.620 --> 00:13:32.990 align:start position:0%
exploring this encrypted as well like
source<00:13:31.890><c> cred</c><00:13:32.160><c> which</c><00:13:32.310><c> is</c><00:13:32.520><c> doing</c><00:13:32.730><c> it</c><00:13:32.820><c> for</c><00:13:32.850><c> a</c>

00:13:32.990 --> 00:13:33.000 align:start position:0%
source cred which is doing it for a
 

00:13:33.000 --> 00:13:38.300 align:start position:0%
source cred which is doing it for a
github<00:13:34.550><c> so</c><00:13:35.550><c> this</c><00:13:35.970><c> you</c><00:13:36.960><c> know</c><00:13:37.080><c> this</c><00:13:37.350><c> is</c><00:13:37.560><c> a</c><00:13:37.830><c> really</c>

00:13:38.300 --> 00:13:38.310 align:start position:0%
github so this you know this is a really
 

00:13:38.310 --> 00:13:41.180 align:start position:0%
github so this you know this is a really
interesting<00:13:38.490><c> area</c><00:13:38.840><c> to</c><00:13:39.840><c> explore</c><00:13:40.200><c> and</c><00:13:40.560><c> you</c>

00:13:41.180 --> 00:13:41.190 align:start position:0%
interesting area to explore and you
 

00:13:41.190 --> 00:13:44.090 align:start position:0%
interesting area to explore and you
should<00:13:41.370><c> all</c><00:13:41.490><c> kind</c><00:13:41.700><c> of</c><00:13:41.760><c> look</c><00:13:41.970><c> into</c><00:13:42.120><c> it</c><00:13:43.100><c> next</c>

00:13:44.090 --> 00:13:44.100 align:start position:0%
should all kind of look into it next
 

00:13:44.100 --> 00:13:45.530 align:start position:0%
should all kind of look into it next
kind<00:13:44.280><c> of</c><00:13:44.340><c> application</c><00:13:44.940><c> will</c><00:13:45.060><c> look</c><00:13:45.210><c> at</c><00:13:45.360><c> is</c>

00:13:45.530 --> 00:13:45.540 align:start position:0%
kind of application will look at is
 

00:13:45.540 --> 00:13:49.010 align:start position:0%
kind of application will look at is
lending<00:13:46.760><c> so</c><00:13:47.760><c> lending</c><00:13:48.300><c> you</c><00:13:48.480><c> know</c><00:13:48.600><c> intuitively</c>

00:13:49.010 --> 00:13:49.020 align:start position:0%
lending so lending you know intuitively
 

00:13:49.020 --> 00:13:51.050 align:start position:0%
lending so lending you know intuitively
makes<00:13:49.740><c> sense</c><00:13:50.010><c> as</c><00:13:50.190><c> a</c><00:13:50.220><c> place</c><00:13:50.490><c> where</c><00:13:50.520><c> we</c><00:13:51.000><c> all</c>

00:13:51.050 --> 00:13:51.060 align:start position:0%
makes sense as a place where we all
 

00:13:51.060 --> 00:13:54.380 align:start position:0%
makes sense as a place where we all
should<00:13:51.450><c> look</c><00:13:51.990><c> for</c><00:13:52.590><c> applying</c><00:13:53.520><c> this</c><00:13:53.940><c> blockchain</c>

00:13:54.380 --> 00:13:54.390 align:start position:0%
should look for applying this blockchain
 

00:13:54.390 --> 00:13:56.210 align:start position:0%
should look for applying this blockchain
technology<00:13:54.990><c> you</c><00:13:55.440><c> know</c><00:13:55.560><c> it's</c><00:13:55.710><c> a</c><00:13:55.830><c> global</c>

00:13:56.210 --> 00:13:56.220 align:start position:0%
technology you know it's a global
 

00:13:56.220 --> 00:13:58.910 align:start position:0%
technology you know it's a global
network<00:13:56.670><c> you</c><00:13:57.060><c> can</c><00:13:57.240><c> write</c><00:13:58.110><c> code</c><00:13:58.470><c> instead</c><00:13:58.860><c> of</c>

00:13:58.910 --> 00:13:58.920 align:start position:0%
network you can write code instead of
 

00:13:58.920 --> 00:14:03.620 align:start position:0%
network you can write code instead of
legal<00:13:59.280><c> contracts</c><00:14:00.090><c> its</c><00:14:00.660><c> self</c><00:14:00.960><c> enforcing</c><00:14:02.630><c> but</c>

00:14:03.620 --> 00:14:03.630 align:start position:0%
legal contracts its self enforcing but
 

00:14:03.630 --> 00:14:05.210 align:start position:0%
legal contracts its self enforcing but
then<00:14:03.780><c> again</c><00:14:04.050><c> there's</c><00:14:04.230><c> a</c><00:14:04.320><c> problem</c><00:14:04.560><c> you</c><00:14:04.980><c> can't</c>

00:14:05.210 --> 00:14:05.220 align:start position:0%
then again there's a problem you can't
 

00:14:05.220 --> 00:14:07.520 align:start position:0%
then again there's a problem you can't
just<00:14:05.550><c> extend</c><00:14:06.060><c> the</c><00:14:06.180><c> line</c><00:14:06.360><c> of</c><00:14:06.510><c> credit</c><00:14:06.660><c> to</c><00:14:07.110><c> an</c>

00:14:07.520 --> 00:14:07.530 align:start position:0%
just extend the line of credit to an
 

00:14:07.530 --> 00:14:10.280 align:start position:0%
just extend the line of credit to an
anonymous<00:14:08.070><c> person</c><00:14:08.990><c> because</c><00:14:09.990><c> they</c><00:14:10.110><c> can</c>

00:14:10.280 --> 00:14:10.290 align:start position:0%
anonymous person because they can
 

00:14:10.290 --> 00:14:11.930 align:start position:0%
anonymous person because they can
disappear<00:14:10.800><c> they</c><00:14:11.070><c> can</c><00:14:11.280><c> take</c><00:14:11.460><c> that</c><00:14:11.640><c> money</c><00:14:11.820><c> and</c>

00:14:11.930 --> 00:14:11.940 align:start position:0%
disappear they can take that money and
 

00:14:11.940 --> 00:14:12.380 align:start position:0%
disappear they can take that money and
run

00:14:12.380 --> 00:14:12.390 align:start position:0%
run
 

00:14:12.390 --> 00:14:16.490 align:start position:0%
run
and<00:14:14.060><c> so</c><00:14:15.060><c> there's</c><00:14:15.240><c> a</c><00:14:15.300><c> few</c><00:14:15.570><c> ideas</c><00:14:16.020><c> I'll</c><00:14:16.170><c> kind</c><00:14:16.410><c> of</c>

00:14:16.490 --> 00:14:16.500 align:start position:0%
and so there's a few ideas I'll kind of
 

00:14:16.500 --> 00:14:18.470 align:start position:0%
and so there's a few ideas I'll kind of
talk<00:14:16.770><c> through</c><00:14:17.040><c> a</c><00:14:17.160><c> spectrum</c><00:14:17.730><c> of</c><00:14:17.850><c> them</c><00:14:18.000><c> here</c><00:14:18.300><c> and</c>

00:14:18.470 --> 00:14:18.480 align:start position:0%
talk through a spectrum of them here and
 

00:14:18.480 --> 00:14:21.440 align:start position:0%
talk through a spectrum of them here and
my<00:14:19.170><c> goal</c><00:14:19.410><c> is</c><00:14:19.530><c> to</c><00:14:19.650><c> show</c><00:14:19.860><c> that</c><00:14:20.130><c> the</c><00:14:20.910><c> identity</c>

00:14:21.440 --> 00:14:21.450 align:start position:0%
my goal is to show that the identity
 

00:14:21.450 --> 00:14:23.840 align:start position:0%
my goal is to show that the identity
systems<00:14:21.840><c> that</c><00:14:22.020><c> we</c><00:14:22.110><c> build</c><00:14:22.140><c> are</c><00:14:22.680><c> nuanced</c><00:14:23.670><c> and</c>

00:14:23.840 --> 00:14:23.850 align:start position:0%
systems that we build are nuanced and
 

00:14:23.850 --> 00:14:26.480 align:start position:0%
systems that we build are nuanced and
and<00:14:24.150><c> relates</c><00:14:24.960><c> to</c><00:14:25.230><c> what</c><00:14:26.040><c> we're</c><00:14:26.220><c> trying</c><00:14:26.400><c> to</c>

00:14:26.480 --> 00:14:26.490 align:start position:0%
and relates to what we're trying to
 

00:14:26.490 --> 00:14:29.120 align:start position:0%
and relates to what we're trying to
achieve<00:14:26.610><c> on</c><00:14:26.970><c> application</c><00:14:27.630><c> layer</c><00:14:27.800><c> so</c>

00:14:29.120 --> 00:14:29.130 align:start position:0%
achieve on application layer so
 

00:14:29.130 --> 00:14:31.370 align:start position:0%
achieve on application layer so
there's<00:14:29.730><c> existing</c><00:14:30.210><c> companies</c><00:14:30.810><c> in</c><00:14:30.960><c> the</c><00:14:31.050><c> web</c><00:14:31.200><c> 2</c>

00:14:31.370 --> 00:14:31.380 align:start position:0%
there's existing companies in the web 2
 

00:14:31.380 --> 00:14:33.080 align:start position:0%
there's existing companies in the web 2
world<00:14:31.590><c> that</c><00:14:31.860><c> give</c><00:14:32.040><c> out</c><00:14:32.190><c> loans</c><00:14:32.430><c> to</c><00:14:32.670><c> people</c>

00:14:33.080 --> 00:14:33.090 align:start position:0%
world that give out loans to people
 

00:14:33.090 --> 00:14:35.900 align:start position:0%
world that give out loans to people
without<00:14:33.270><c> credit</c><00:14:33.720><c> scores</c><00:14:33.990><c> and</c><00:14:34.580><c> you</c><00:14:35.580><c> know</c><00:14:35.670><c> they</c>

00:14:35.900 --> 00:14:35.910 align:start position:0%
without credit scores and you know they
 

00:14:35.910 --> 00:14:38.150 align:start position:0%
without credit scores and you know they
begin<00:14:36.330><c> by</c><00:14:36.540><c> lending</c><00:14:36.960><c> really</c><00:14:37.230><c> small</c><00:14:37.470><c> amounts</c><00:14:37.980><c> so</c>

00:14:38.150 --> 00:14:38.160 align:start position:0%
begin by lending really small amounts so
 

00:14:38.160 --> 00:14:40.670 align:start position:0%
begin by lending really small amounts so
you<00:14:38.520><c> know</c><00:14:38.700><c> let's</c><00:14:39.180><c> say</c><00:14:39.360><c> it's</c><00:14:39.630><c> a</c><00:14:39.960><c> village</c><00:14:40.260><c> in</c>

00:14:40.670 --> 00:14:40.680 align:start position:0%
you know let's say it's a village in
 

00:14:40.680 --> 00:14:43.040 align:start position:0%
you know let's say it's a village in
sub-saharan<00:14:41.280><c> Africa</c><00:14:41.730><c> they</c><00:14:42.270><c> start</c><00:14:42.570><c> by</c><00:14:42.720><c> lending</c>

00:14:43.040 --> 00:14:43.050 align:start position:0%
sub-saharan Africa they start by lending
 

00:14:43.050 --> 00:14:45.770 align:start position:0%
sub-saharan Africa they start by lending
out<00:14:43.200><c> five</c><00:14:43.500><c> dollars</c><00:14:43.920><c> a</c><00:14:44.220><c> month</c><00:14:44.700><c> or</c><00:14:45.360><c> until</c><00:14:45.660><c> the</c>

00:14:45.770 --> 00:14:45.780 align:start position:0%
out five dollars a month or until the
 

00:14:45.780 --> 00:14:47.660 align:start position:0%
out five dollars a month or until the
loan<00:14:45.960><c> is</c><00:14:45.990><c> paid</c><00:14:46.140><c> back</c><00:14:46.530><c> and</c><00:14:46.950><c> then</c><00:14:47.160><c> as</c><00:14:47.370><c> this</c>

00:14:47.660 --> 00:14:47.670 align:start position:0%
loan is paid back and then as this
 

00:14:47.670 --> 00:14:49.280 align:start position:0%
loan is paid back and then as this
person<00:14:48.030><c> builds</c><00:14:48.330><c> up</c><00:14:48.420><c> reputation</c><00:14:49.110><c> they</c>

00:14:49.280 --> 00:14:49.290 align:start position:0%
person builds up reputation they
 

00:14:49.290 --> 00:14:52.040 align:start position:0%
person builds up reputation they
increase<00:14:49.620><c> that</c><00:14:49.800><c> amount</c><00:14:50.100><c> and</c><00:14:50.870><c> this</c><00:14:51.870><c> is</c>

00:14:52.040 --> 00:14:52.050 align:start position:0%
increase that amount and this is
 

00:14:52.050 --> 00:14:53.630 align:start position:0%
increase that amount and this is
actually<00:14:52.440><c> worked</c><00:14:52.800><c> you</c><00:14:53.160><c> know</c><00:14:53.250><c> these</c><00:14:53.430><c> are</c>

00:14:53.630 --> 00:14:53.640 align:start position:0%
actually worked you know these are
 

00:14:53.640 --> 00:14:56.510 align:start position:0%
actually worked you know these are
successful<00:14:54.150><c> companies</c><00:14:55.340><c> actually</c><00:14:56.340><c> like</c>

00:14:56.510 --> 00:14:56.520 align:start position:0%
successful companies actually like
 

00:14:56.520 --> 00:14:59.060 align:start position:0%
successful companies actually like
making<00:14:56.820><c> a</c><00:14:56.880><c> difference</c><00:14:57.210><c> in</c><00:14:57.330><c> the</c><00:14:57.390><c> world</c><00:14:57.950><c> but</c><00:14:58.950><c> the</c>

00:14:59.060 --> 00:14:59.070 align:start position:0%
making a difference in the world but the
 

00:14:59.070 --> 00:15:00.740 align:start position:0%
making a difference in the world but the
critical<00:14:59.430><c> thing</c><00:14:59.490><c> is</c><00:14:59.820><c> that</c><00:14:59.850><c> they</c><00:15:00.180><c> all</c><00:15:00.300><c> rely</c><00:15:00.720><c> on</c>

00:15:00.740 --> 00:15:00.750 align:start position:0%
critical thing is that they all rely on
 

00:15:00.750 --> 00:15:03.410 align:start position:0%
critical thing is that they all rely on
this<00:15:01.200><c> person's</c><00:15:01.710><c> real-world</c><00:15:02.130><c> identity</c><00:15:02.670><c> so</c>

00:15:03.410 --> 00:15:03.420 align:start position:0%
this person's real-world identity so
 

00:15:03.420 --> 00:15:06.950 align:start position:0%
this person's real-world identity so
they<00:15:03.780><c> they</c><00:15:04.200><c> you</c><00:15:04.410><c> know</c><00:15:04.790><c> reads</c><00:15:05.790><c> there</c><00:15:06.210><c> you</c><00:15:06.570><c> use</c>

00:15:06.950 --> 00:15:06.960 align:start position:0%
they they you know reads there you use
 

00:15:06.960 --> 00:15:09.020 align:start position:0%
they they you know reads there you use
the<00:15:07.170><c> person's</c><00:15:07.560><c> contact</c><00:15:07.980><c> list</c><00:15:08.280><c> and</c><00:15:08.580><c> GPS</c>

00:15:09.020 --> 00:15:09.030 align:start position:0%
the person's contact list and GPS
 

00:15:09.030 --> 00:15:11.690 align:start position:0%
the person's contact list and GPS
location<00:15:09.630><c> and</c><00:15:09.930><c> if</c><00:15:10.410><c> they</c><00:15:10.980><c> have</c><00:15:11.190><c> identity</c>

00:15:11.690 --> 00:15:11.700 align:start position:0%
location and if they have identity
 

00:15:11.700 --> 00:15:13.430 align:start position:0%
location and if they have identity
information<00:15:12.000><c> and</c><00:15:12.450><c> they</c><00:15:12.570><c> use</c><00:15:12.810><c> these</c><00:15:13.050><c> things</c><00:15:13.230><c> to</c>

00:15:13.430 --> 00:15:13.440 align:start position:0%
information and they use these things to
 

00:15:13.440 --> 00:15:15.860 align:start position:0%
information and they use these things to
underwrite<00:15:13.920><c> that</c><00:15:13.950><c> person's</c><00:15:14.520><c> risk</c><00:15:14.790><c> and</c><00:15:15.120><c> know</c>

00:15:15.860 --> 00:15:15.870 align:start position:0%
underwrite that person's risk and know
 

00:15:15.870 --> 00:15:18.500 align:start position:0%
underwrite that person's risk and know
that<00:15:16.140><c> in</c><00:15:16.350><c> the</c><00:15:16.500><c> future</c><00:15:16.860><c> if</c><00:15:16.950><c> this</c><00:15:17.100><c> person</c><00:15:17.520><c> you</c>

00:15:18.500 --> 00:15:18.510 align:start position:0%
that in the future if this person you
 

00:15:18.510 --> 00:15:21.050 align:start position:0%
that in the future if this person you
know<00:15:19.010><c> exits</c><00:15:20.010><c> the</c><00:15:20.160><c> system</c><00:15:20.550><c> that</c><00:15:20.760><c> they</c><00:15:20.880><c> don't</c>

00:15:21.050 --> 00:15:21.060 align:start position:0%
know exits the system that they don't
 

00:15:21.060 --> 00:15:23.960 align:start position:0%
know exits the system that they don't
let<00:15:21.240><c> them</c><00:15:21.390><c> in</c><00:15:21.510><c> again</c><00:15:21.720><c> so</c><00:15:22.680><c> this</c><00:15:23.520><c> is</c><00:15:23.700><c> how</c><00:15:23.820><c> these</c>

00:15:23.960 --> 00:15:23.970 align:start position:0%
let them in again so this is how these
 

00:15:23.970 --> 00:15:24.770 align:start position:0%
let them in again so this is how these
systems<00:15:24.210><c> have</c><00:15:24.570><c> been</c>

00:15:24.770 --> 00:15:24.780 align:start position:0%
systems have been
 

00:15:24.780 --> 00:15:29.530 align:start position:0%
systems have been
able<00:15:25.110><c> to</c><00:15:25.670><c> build</c><00:15:26.670><c> up</c><00:15:26.940><c> trust</c><00:15:27.900><c> over</c><00:15:28.320><c> time</c><00:15:28.590><c> and</c>

00:15:29.530 --> 00:15:29.540 align:start position:0%
able to build up trust over time and
 

00:15:29.540 --> 00:15:32.390 align:start position:0%
able to build up trust over time and
that's<00:15:30.540><c> not</c><00:15:30.990><c> really</c><00:15:31.380><c> available</c><00:15:31.470><c> to</c><00:15:31.980><c> us</c><00:15:32.100><c> in</c><00:15:32.310><c> the</c>

00:15:32.390 --> 00:15:32.400 align:start position:0%
that's not really available to us in the
 

00:15:32.400 --> 00:15:35.060 align:start position:0%
that's not really available to us in the
crypto<00:15:32.730><c> space</c><00:15:33.000><c> if</c><00:15:33.240><c> we</c><00:15:33.630><c> want</c><00:15:33.870><c> to</c><00:15:33.990><c> build</c><00:15:34.320><c> fully</c>

00:15:35.060 --> 00:15:35.070 align:start position:0%
crypto space if we want to build fully
 

00:15:35.070 --> 00:15:37.310 align:start position:0%
crypto space if we want to build fully
anonymous<00:15:35.430><c> you</c><00:15:35.970><c> know</c><00:15:36.000><c> decentralized</c><00:15:36.870><c> learned</c>

00:15:37.310 --> 00:15:37.320 align:start position:0%
anonymous you know decentralized learned
 

00:15:37.320 --> 00:15:39.680 align:start position:0%
anonymous you know decentralized learned
lending<00:15:37.770><c> systems</c><00:15:38.160><c> and</c><00:15:38.430><c> the</c><00:15:39.060><c> example</c><00:15:39.480><c> of</c><00:15:39.540><c> this</c>

00:15:39.680 --> 00:15:39.690 align:start position:0%
lending systems and the example of this
 

00:15:39.690 --> 00:15:42.590 align:start position:0%
lending systems and the example of this
kind<00:15:39.930><c> of</c><00:15:40.080><c> was</c><00:15:40.590><c> shown</c><00:15:40.860><c> and</c><00:15:41.430><c> you</c><00:15:41.520><c> know</c><00:15:41.760><c> earlier</c>

00:15:42.590 --> 00:15:42.600 align:start position:0%
kind of was shown and you know earlier
 

00:15:42.600 --> 00:15:45.860 align:start position:0%
kind of was shown and you know earlier
when<00:15:43.200><c> this</c><00:15:43.950><c> awesome</c><00:15:44.400><c> company</c><00:15:44.580><c> BTC</c><00:15:45.390><c> jam</c><00:15:45.630><c> which</c>

00:15:45.860 --> 00:15:45.870 align:start position:0%
when this awesome company BTC jam which
 

00:15:45.870 --> 00:15:47.600 align:start position:0%
when this awesome company BTC jam which
was<00:15:46.020><c> doing</c><00:15:46.320><c> Bitcoin</c><00:15:47.010><c> lending</c><00:15:47.430><c> in</c><00:15:47.520><c> the</c>

00:15:47.600 --> 00:15:47.610 align:start position:0%
was doing Bitcoin lending in the
 

00:15:47.610 --> 00:15:50.660 align:start position:0%
was doing Bitcoin lending in the
developing<00:15:48.060><c> world</c><00:15:48.320><c> you</c><00:15:49.320><c> know</c><00:15:49.920><c> a</c><00:15:50.190><c> lot</c><00:15:50.580><c> of</c>

00:15:50.660 --> 00:15:50.670 align:start position:0%
developing world you know a lot of
 

00:15:50.670 --> 00:15:52.100 align:start position:0%
developing world you know a lot of
people<00:15:50.910><c> were</c><00:15:51.060><c> very</c><00:15:51.120><c> excited</c><00:15:51.630><c> about</c><00:15:51.660><c> it</c><00:15:51.960><c> but</c>

00:15:52.100 --> 00:15:52.110 align:start position:0%
people were very excited about it but
 

00:15:52.110 --> 00:15:53.960 align:start position:0%
people were very excited about it but
there<00:15:52.290><c> was</c><00:15:52.410><c> just</c><00:15:52.590><c> a</c><00:15:52.740><c> lot</c><00:15:52.950><c> of</c><00:15:52.980><c> exit</c><00:15:53.460><c> scams</c><00:15:53.700><c> so</c>

00:15:53.960 --> 00:15:53.970 align:start position:0%
there was just a lot of exit scams so
 

00:15:53.970 --> 00:15:56.300 align:start position:0%
there was just a lot of exit scams so
people<00:15:54.330><c> would</c><00:15:54.570><c> build</c><00:15:55.320><c> up</c><00:15:55.530><c> their</c><00:15:55.680><c> reputation</c>

00:15:56.300 --> 00:15:56.310 align:start position:0%
people would build up their reputation
 

00:15:56.310 --> 00:15:58.730 align:start position:0%
people would build up their reputation
by<00:15:56.490><c> borrowing</c><00:15:56.910><c> paying</c><00:15:57.450><c> back</c><00:15:57.660><c> in</c><00:15:57.870><c> time</c><00:15:58.110><c> not</c>

00:15:58.730 --> 00:15:58.740 align:start position:0%
by borrowing paying back in time not
 

00:15:58.740 --> 00:16:00.530 align:start position:0%
by borrowing paying back in time not
defaulting<00:15:59.370><c> and</c><00:15:59.610><c> as</c><00:15:59.760><c> soon</c><00:15:59.940><c> as</c><00:16:00.030><c> this</c><00:16:00.210><c> value</c>

00:16:00.530 --> 00:16:00.540 align:start position:0%
defaulting and as soon as this value
 

00:16:00.540 --> 00:16:01.790 align:start position:0%
defaulting and as soon as this value
would<00:16:00.660><c> get</c><00:16:00.840><c> large</c><00:16:01.050><c> enough</c><00:16:01.320><c> they</c><00:16:01.530><c> would</c><00:16:01.650><c> just</c>

00:16:01.790 --> 00:16:01.800 align:start position:0%
would get large enough they would just
 

00:16:01.800 --> 00:16:03.320 align:start position:0%
would get large enough they would just
run<00:16:01.950><c> away</c><00:16:02.100><c> with</c><00:16:02.190><c> the</c><00:16:02.460><c> money</c><00:16:02.490><c> and</c><00:16:02.820><c> then</c><00:16:03.210><c> they'd</c>

00:16:03.320 --> 00:16:03.330 align:start position:0%
run away with the money and then they'd
 

00:16:03.330 --> 00:16:05.060 align:start position:0%
run away with the money and then they'd
start<00:16:03.480><c> over</c><00:16:03.870><c> again</c><00:16:03.900><c> so</c><00:16:04.590><c> how</c><00:16:04.740><c> do</c><00:16:04.800><c> you</c><00:16:04.890><c> solve</c>

00:16:05.060 --> 00:16:05.070 align:start position:0%
start over again so how do you solve
 

00:16:05.070 --> 00:16:10.580 align:start position:0%
start over again so how do you solve
that<00:16:07.790><c> another</c><00:16:08.790><c> idea</c><00:16:09.150><c> is</c><00:16:09.360><c> okay</c><00:16:09.960><c> let's</c><00:16:10.200><c> not</c><00:16:10.380><c> do</c>

00:16:10.580 --> 00:16:10.590 align:start position:0%
that another idea is okay let's not do
 

00:16:10.590 --> 00:16:12.710 align:start position:0%
that another idea is okay let's not do
this<00:16:10.770><c> decentralize</c><00:16:11.430><c> Anonymous</c><00:16:11.970><c> thing</c><00:16:12.240><c> let's</c>

00:16:12.710 --> 00:16:12.720 align:start position:0%
this decentralize Anonymous thing let's
 

00:16:12.720 --> 00:16:15.170 align:start position:0%
this decentralize Anonymous thing let's
do<00:16:12.960><c> peer-to-peer</c><00:16:13.680><c> loans</c><00:16:14.250><c> in</c><00:16:14.460><c> a</c><00:16:14.550><c> user's</c><00:16:14.940><c> own</c>

00:16:15.170 --> 00:16:15.180 align:start position:0%
do peer-to-peer loans in a user's own
 

00:16:15.180 --> 00:16:17.900 align:start position:0%
do peer-to-peer loans in a user's own
community<00:16:15.780><c> so</c><00:16:16.110><c> in</c><00:16:16.290><c> their</c><00:16:16.410><c> own</c><00:16:16.530><c> village</c><00:16:16.980><c> people</c>

00:16:17.900 --> 00:16:17.910 align:start position:0%
community so in their own village people
 

00:16:17.910 --> 00:16:21.080 align:start position:0%
community so in their own village people
trust<00:16:18.330><c> them</c><00:16:18.570><c> socially</c><00:16:19.290><c> so</c><00:16:20.130><c> so</c><00:16:20.670><c> you</c><00:16:20.730><c> can</c><00:16:20.820><c> do</c>

00:16:21.080 --> 00:16:21.090 align:start position:0%
trust them socially so so you can do
 

00:16:21.090 --> 00:16:22.760 align:start position:0%
trust them socially so so you can do
that<00:16:21.300><c> and</c><00:16:21.540><c> you</c><00:16:21.990><c> know</c><00:16:22.140><c> that</c><00:16:22.350><c> wasn't</c><00:16:22.530><c> possible</c>

00:16:22.760 --> 00:16:22.770 align:start position:0%
that and you know that wasn't possible
 

00:16:22.770 --> 00:16:24.260 align:start position:0%
that and you know that wasn't possible
before<00:16:23.100><c> either</c><00:16:23.370><c> we</c><00:16:23.610><c> can</c><00:16:23.700><c> use</c><00:16:23.760><c> blockchain</c>

00:16:24.260 --> 00:16:24.270 align:start position:0%
before either we can use blockchain
 

00:16:24.270 --> 00:16:26.570 align:start position:0%
before either we can use blockchain
technology<00:16:24.750><c> to</c><00:16:24.870><c> enable</c><00:16:25.080><c> that</c><00:16:25.410><c> there's</c><00:16:26.250><c> a</c><00:16:26.340><c> few</c>

00:16:26.570 --> 00:16:26.580 align:start position:0%
technology to enable that there's a few
 

00:16:26.580 --> 00:16:28.730 align:start position:0%
technology to enable that there's a few
questions<00:16:26.700><c> there</c><00:16:27.210><c> again</c><00:16:27.630><c> more</c><00:16:27.930><c> on</c><00:16:28.140><c> the</c><00:16:28.320><c> social</c>

00:16:28.730 --> 00:16:28.740 align:start position:0%
questions there again more on the social
 

00:16:28.740 --> 00:16:30.020 align:start position:0%
questions there again more on the social
layer<00:16:28.890><c> rather</c><00:16:29.280><c> than</c><00:16:29.580><c> on</c><00:16:29.640><c> tech</c><00:16:29.820><c> tech</c><00:16:30.000><c> tech</c>

00:16:30.020 --> 00:16:30.030 align:start position:0%
layer rather than on tech tech tech
 

00:16:30.030 --> 00:16:32.570 align:start position:0%
layer rather than on tech tech tech
technology<00:16:30.990><c> layer</c><00:16:31.140><c> which</c><00:16:31.740><c> is</c><00:16:31.950><c> you</c><00:16:32.130><c> know</c><00:16:32.220><c> do</c>

00:16:32.570 --> 00:16:32.580 align:start position:0%
technology layer which is you know do
 

00:16:32.580 --> 00:16:34.460 align:start position:0%
technology layer which is you know do
that<00:16:32.760><c> desert</c><00:16:33.120><c> community</c><00:16:33.540><c> actually</c><00:16:33.870><c> have</c><00:16:34.110><c> the</c>

00:16:34.460 --> 00:16:34.470 align:start position:0%
that desert community actually have the
 

00:16:34.470 --> 00:16:36.550 align:start position:0%
that desert community actually have the
capital<00:16:34.710><c> to</c><00:16:35.100><c> lend</c><00:16:35.340><c> like</c><00:16:35.670><c> is</c><00:16:35.820><c> that</c><00:16:35.850><c> a</c>

00:16:36.550 --> 00:16:36.560 align:start position:0%
capital to lend like is that a
 

00:16:36.560 --> 00:16:40.430 align:start position:0%
capital to lend like is that a
believable<00:16:37.560><c> idea</c><00:16:37.950><c> and</c><00:16:38.220><c> the</c><00:16:38.610><c> other</c><00:16:38.730><c> one</c><00:16:39.000><c> is</c><00:16:39.440><c> do</c>

00:16:40.430 --> 00:16:40.440 align:start position:0%
believable idea and the other one is do
 

00:16:40.440 --> 00:16:42.170 align:start position:0%
believable idea and the other one is do
people<00:16:40.770><c> like</c><00:16:41.010><c> to</c><00:16:41.220><c> borrow</c><00:16:41.430><c> or</c><00:16:41.610><c> lend</c><00:16:41.640><c> from</c>

00:16:42.170 --> 00:16:42.180 align:start position:0%
people like to borrow or lend from
 

00:16:42.180 --> 00:16:44.060 align:start position:0%
people like to borrow or lend from
people<00:16:42.600><c> they</c><00:16:42.720><c> know</c><00:16:42.930><c> you</c><00:16:43.620><c> know</c><00:16:43.710><c> if</c><00:16:43.800><c> you</c><00:16:43.920><c> think</c>

00:16:44.060 --> 00:16:44.070 align:start position:0%
people they know you know if you think
 

00:16:44.070 --> 00:16:45.860 align:start position:0%
people they know you know if you think
about<00:16:44.220><c> it</c><00:16:44.490><c> right</c><00:16:44.670><c> now</c><00:16:44.850><c> would</c><00:16:45.210><c> you</c><00:16:45.390><c> take</c><00:16:45.660><c> out</c>

00:16:45.860 --> 00:16:45.870 align:start position:0%
about it right now would you take out
 

00:16:45.870 --> 00:16:49.070 align:start position:0%
about it right now would you take out
you<00:16:46.170><c> know</c><00:16:46.290><c> a</c><00:16:46.560><c> loan</c><00:16:47.250><c> from</c><00:16:47.490><c> your</c><00:16:47.670><c> friends</c><00:16:48.180><c> or</c>

00:16:49.070 --> 00:16:49.080 align:start position:0%
you know a loan from your friends or
 

00:16:49.080 --> 00:16:51.350 align:start position:0%
you know a loan from your friends or
would<00:16:49.620><c> you</c><00:16:49.740><c> lend</c><00:16:50.010><c> to</c><00:16:50.190><c> your</c><00:16:50.400><c> friends</c><00:16:50.790><c> and</c><00:16:50.940><c> how</c>

00:16:51.350 --> 00:16:51.360 align:start position:0%
would you lend to your friends and how
 

00:16:51.360 --> 00:16:52.670 align:start position:0%
would you lend to your friends and how
would<00:16:51.420><c> that</c><00:16:51.600><c> impact</c><00:16:52.200><c> your</c><00:16:52.440><c> personal</c>

00:16:52.670 --> 00:16:52.680 align:start position:0%
would that impact your personal
 

00:16:52.680 --> 00:16:54.860 align:start position:0%
would that impact your personal
relationship<00:16:53.460><c> so</c><00:16:54.030><c> some</c><00:16:54.270><c> people</c><00:16:54.630><c> you</c><00:16:54.780><c> know</c>

00:16:54.860 --> 00:16:54.870 align:start position:0%
relationship so some people you know
 

00:16:54.870 --> 00:16:56.420 align:start position:0%
relationship so some people you know
there's<00:16:55.230><c> some</c><00:16:55.410><c> research</c><00:16:55.740><c> that</c><00:16:55.770><c> shows</c><00:16:55.980><c> people</c>

00:16:56.420 --> 00:16:56.430 align:start position:0%
there's some research that shows people
 

00:16:56.430 --> 00:16:58.510 align:start position:0%
there's some research that shows people
actually<00:16:56.550><c> behave</c><00:16:56.850><c> better</c><00:16:57.120><c> if</c><00:16:57.360><c> you</c><00:16:57.480><c> do</c><00:16:57.630><c> that</c>

00:16:58.510 --> 00:16:58.520 align:start position:0%
actually behave better if you do that
 

00:16:58.520 --> 00:17:01.070 align:start position:0%
actually behave better if you do that
because<00:16:59.520><c> of</c><00:16:59.670><c> the</c><00:16:59.820><c> social</c><00:17:00.000><c> accountability</c><00:17:00.510><c> and</c>

00:17:01.070 --> 00:17:01.080 align:start position:0%
because of the social accountability and
 

00:17:01.080 --> 00:17:03.350 align:start position:0%
because of the social accountability and
there's<00:17:01.320><c> there's</c><00:17:01.830><c> a</c><00:17:02.160><c> bunch</c><00:17:02.820><c> of</c><00:17:02.910><c> people</c><00:17:03.210><c> who</c>

00:17:03.350 --> 00:17:03.360 align:start position:0%
there's there's a bunch of people who
 

00:17:03.360 --> 00:17:05.270 align:start position:0%
there's there's a bunch of people who
think<00:17:03.600><c> that</c><00:17:03.960><c> you</c><00:17:04.320><c> know</c><00:17:04.440><c> people</c><00:17:04.980><c> would</c><00:17:05.100><c> rather</c>

00:17:05.270 --> 00:17:05.280 align:start position:0%
think that you know people would rather
 

00:17:05.280 --> 00:17:07.430 align:start position:0%
think that you know people would rather
have<00:17:05.730><c> this</c><00:17:05.970><c> relationship</c><00:17:06.480><c> with</c><00:17:06.840><c> some</c><00:17:07.080><c> bank</c>

00:17:07.430 --> 00:17:07.440 align:start position:0%
have this relationship with some bank
 

00:17:07.440 --> 00:17:09.710 align:start position:0%
have this relationship with some bank
and<00:17:07.710><c> not</c><00:17:08.370><c> involved</c><00:17:08.940><c> or</c><00:17:09.030><c> you</c><00:17:09.240><c> know</c><00:17:09.390><c> have</c><00:17:09.570><c> the</c>

00:17:09.710 --> 00:17:09.720 align:start position:0%
and not involved or you know have the
 

00:17:09.720 --> 00:17:11.120 align:start position:0%
and not involved or you know have the
separation<00:17:10.140><c> between</c><00:17:10.470><c> the</c><00:17:10.680><c> personal</c><00:17:10.950><c> and</c><00:17:11.010><c> the</c>

00:17:11.120 --> 00:17:11.130 align:start position:0%
separation between the personal and the
 

00:17:11.130 --> 00:17:13.520 align:start position:0%
separation between the personal and the
financial<00:17:11.640><c> life</c><00:17:11.790><c> so</c><00:17:12.780><c> again</c><00:17:13.020><c> things</c><00:17:13.290><c> that</c><00:17:13.350><c> we</c>

00:17:13.520 --> 00:17:13.530 align:start position:0%
financial life so again things that we
 

00:17:13.530 --> 00:17:17.150 align:start position:0%
financial life so again things that we
need<00:17:13.650><c> to</c><00:17:13.740><c> all</c><00:17:13.860><c> think</c><00:17:14.070><c> about</c><00:17:14.570><c> and</c><00:17:15.890><c> you</c><00:17:16.890><c> know</c><00:17:16.980><c> the</c>

00:17:17.150 --> 00:17:17.160 align:start position:0%
need to all think about and you know the
 

00:17:17.160 --> 00:17:20.030 align:start position:0%
need to all think about and you know the
the<00:17:17.660><c> you</c><00:17:18.660><c> know</c><00:17:18.690><c> the</c><00:17:18.810><c> on</c><00:17:19.170><c> the</c><00:17:19.350><c> other</c><00:17:19.380><c> side</c><00:17:19.830><c> of</c><00:17:19.950><c> a</c>

00:17:20.030 --> 00:17:20.040 align:start position:0%
the you know the on the other side of a
 

00:17:20.040 --> 00:17:24.140 align:start position:0%
the you know the on the other side of a
continuum<00:17:20.580><c> is</c><00:17:20.780><c> okay</c><00:17:21.780><c> it's</c><00:17:22.050><c> it's</c><00:17:22.770><c> actually</c><00:17:23.220><c> not</c>

00:17:24.140 --> 00:17:24.150 align:start position:0%
continuum is okay it's it's actually not
 

00:17:24.150 --> 00:17:26.510 align:start position:0%
continuum is okay it's it's actually not
using<00:17:24.960><c> the</c><00:17:25.050><c> blockchain</c><00:17:25.320><c> for</c><00:17:26.130><c> peer-to-peer</c>

00:17:26.510 --> 00:17:26.520 align:start position:0%
using the blockchain for peer-to-peer
 

00:17:26.520 --> 00:17:30.290 align:start position:0%
using the blockchain for peer-to-peer
you<00:17:27.180><c> know</c><00:17:27.350><c> lending</c><00:17:28.400><c> for</c><00:17:29.400><c> you</c><00:17:29.640><c> know</c><00:17:29.760><c> building</c>

00:17:30.290 --> 00:17:30.300 align:start position:0%
you know lending for you know building
 

00:17:30.300 --> 00:17:32.480 align:start position:0%
you know lending for you know building
up<00:17:30.420><c> reputation</c><00:17:31.170><c> we're</c><00:17:31.860><c> just</c><00:17:32.070><c> using</c><00:17:32.280><c> the</c>

00:17:32.480 --> 00:17:32.490 align:start position:0%
up reputation we're just using the
 

00:17:32.490 --> 00:17:34.340 align:start position:0%
up reputation we're just using the
blockchain<00:17:32.880><c> to</c><00:17:33.060><c> simplify</c><00:17:33.570><c> the</c><00:17:33.630><c> payment</c><00:17:34.140><c> rails</c>

00:17:34.340 --> 00:17:34.350 align:start position:0%
blockchain to simplify the payment rails
 

00:17:34.350 --> 00:17:36.500 align:start position:0%
blockchain to simplify the payment rails
and<00:17:34.560><c> make</c><00:17:34.740><c> it</c><00:17:34.890><c> global</c><00:17:35.160><c> and</c><00:17:35.700><c> automate</c><00:17:36.210><c> you</c><00:17:36.390><c> know</c>

00:17:36.500 --> 00:17:36.510 align:start position:0%
and make it global and automate you know
 

00:17:36.510 --> 00:17:36.830 align:start position:0%
and make it global and automate you know
the

00:17:36.830 --> 00:17:36.840 align:start position:0%
the
 

00:17:36.840 --> 00:17:39.740 align:start position:0%
the
settlement<00:17:37.289><c> and</c><00:17:37.580><c> you</c><00:17:38.580><c> know</c><00:17:38.880><c> the</c><00:17:39.090><c> case</c><00:17:39.299><c> here</c><00:17:39.600><c> is</c>

00:17:39.740 --> 00:17:39.750 align:start position:0%
settlement and you know the case here is
 

00:17:39.750 --> 00:17:41.060 align:start position:0%
settlement and you know the case here is
that<00:17:39.870><c> even</c><00:17:40.169><c> the</c><00:17:40.289><c> peer-to-peer</c><00:17:40.500><c> lending</c>

00:17:41.060 --> 00:17:41.070 align:start position:0%
that even the peer-to-peer lending
 

00:17:41.070 --> 00:17:42.890 align:start position:0%
that even the peer-to-peer lending
market<00:17:41.400><c> places</c><00:17:41.789><c> like</c><00:17:42.029><c> Lending</c><00:17:42.450><c> Club</c><00:17:42.480><c> and</c>

00:17:42.890 --> 00:17:42.900 align:start position:0%
market places like Lending Club and
 

00:17:42.900 --> 00:17:44.240 align:start position:0%
market places like Lending Club and
prosper<00:17:43.320><c> and</c><00:17:43.440><c> these</c><00:17:43.620><c> companies</c><00:17:43.860><c> that</c><00:17:44.130><c> have</c>

00:17:44.240 --> 00:17:44.250 align:start position:0%
prosper and these companies that have
 

00:17:44.250 --> 00:17:46.430 align:start position:0%
prosper and these companies that have
been<00:17:44.370><c> built</c><00:17:44.549><c> over</c><00:17:44.760><c> the</c><00:17:44.820><c> last</c><00:17:44.880><c> ten</c><00:17:45.210><c> years</c><00:17:45.440><c> even</c>

00:17:46.430 --> 00:17:46.440 align:start position:0%
been built over the last ten years even
 

00:17:46.440 --> 00:17:47.899 align:start position:0%
been built over the last ten years even
though<00:17:46.559><c> their</c><00:17:46.710><c> peer</c><00:17:46.950><c> to</c><00:17:47.100><c> peer</c><00:17:47.309><c> most</c><00:17:47.610><c> of</c><00:17:47.760><c> the</c>

00:17:47.899 --> 00:17:47.909 align:start position:0%
though their peer to peer most of the
 

00:17:47.909 --> 00:17:49.279 align:start position:0%
though their peer to peer most of the
volume<00:17:48.120><c> comes</c><00:17:48.539><c> from</c><00:17:48.720><c> institutional</c>

00:17:49.279 --> 00:17:49.289 align:start position:0%
volume comes from institutional
 

00:17:49.289 --> 00:17:52.340 align:start position:0%
volume comes from institutional
investors<00:17:49.770><c> and</c><00:17:50.059><c> the</c><00:17:51.059><c> catch</c><00:17:51.480><c> is</c><00:17:51.840><c> that</c><00:17:51.870><c> if</c><00:17:52.230><c> you</c>

00:17:52.340 --> 00:17:52.350 align:start position:0%
investors and the catch is that if you
 

00:17:52.350 --> 00:17:54.019 align:start position:0%
investors and the catch is that if you
talk<00:17:52.590><c> to</c><00:17:52.740><c> these</c><00:17:52.860><c> institutions</c><00:17:53.159><c> they</c><00:17:53.730><c> actually</c>

00:17:54.019 --> 00:17:54.029 align:start position:0%
talk to these institutions they actually
 

00:17:54.029 --> 00:17:57.260 align:start position:0%
talk to these institutions they actually
can't<00:17:54.299><c> go</c><00:17:54.539><c> off</c><00:17:54.720><c> of</c><00:17:54.929><c> peer</c><00:17:55.650><c> to</c><00:17:55.710><c> peer</c><00:17:56.010><c> claims</c><00:17:56.370><c> like</c>

00:17:57.260 --> 00:17:57.270 align:start position:0%
can't go off of peer to peer claims like
 

00:17:57.270 --> 00:17:59.330 align:start position:0%
can't go off of peer to peer claims like
they<00:17:57.510><c> don't</c><00:17:57.900><c> think</c><00:17:58.230><c> it's</c><00:17:58.529><c> not</c><00:17:58.650><c> good</c><00:17:58.860><c> enough</c><00:17:59.100><c> if</c>

00:17:59.330 --> 00:17:59.340 align:start position:0%
they don't think it's not good enough if
 

00:17:59.340 --> 00:18:01.580 align:start position:0%
they don't think it's not good enough if
you<00:17:59.610><c> know</c><00:17:59.730><c> 10</c><00:18:00.059><c> a</c><00:18:00.360><c> theorem</c><00:18:00.779><c> addresses</c><00:18:01.230><c> or</c><00:18:01.470><c> your</c>

00:18:01.580 --> 00:18:01.590 align:start position:0%
you know 10 a theorem addresses or your
 

00:18:01.590 --> 00:18:03.200 align:start position:0%
you know 10 a theorem addresses or your
friends<00:18:01.890><c> in</c><00:18:01.950><c> the</c><00:18:02.039><c> community</c><00:18:02.460><c> say</c><00:18:02.700><c> that</c><00:18:03.029><c> you</c>

00:18:03.200 --> 00:18:03.210 align:start position:0%
friends in the community say that you
 

00:18:03.210 --> 00:18:05.360 align:start position:0%
friends in the community say that you
have<00:18:03.390><c> this</c><00:18:03.600><c> income</c><00:18:03.990><c> they</c><00:18:04.590><c> actually</c><00:18:04.919><c> needs</c><00:18:05.190><c> to</c>

00:18:05.360 --> 00:18:05.370 align:start position:0%
have this income they actually needs to
 

00:18:05.370 --> 00:18:06.860 align:start position:0%
have this income they actually needs to
know<00:18:05.520><c> that</c><00:18:05.549><c> and</c><00:18:05.970><c> you</c><00:18:06.299><c> know</c><00:18:06.390><c> when</c><00:18:06.510><c> it</c><00:18:06.600><c> comes</c><00:18:06.690><c> to</c>

00:18:06.860 --> 00:18:06.870 align:start position:0%
know that and you know when it comes to
 

00:18:06.870 --> 00:18:08.870 align:start position:0%
know that and you know when it comes to
the<00:18:06.929><c> KYC</c><00:18:07.200><c> naml</c><00:18:07.770><c> they</c><00:18:07.919><c> actually</c><00:18:08.159><c> need</c><00:18:08.340><c> certify</c>

00:18:08.870 --> 00:18:08.880 align:start position:0%
the KYC naml they actually need certify
 

00:18:08.880 --> 00:18:13.940 align:start position:0%
the KYC naml they actually need certify
the<00:18:08.940><c> authorities</c><00:18:09.390><c> to</c><00:18:09.480><c> do</c><00:18:09.600><c> that</c><00:18:09.779><c> so</c><00:18:12.289><c> so</c><00:18:13.289><c> you</c>

00:18:13.940 --> 00:18:13.950 align:start position:0%
the authorities to do that so so you
 

00:18:13.950 --> 00:18:16.159 align:start position:0%
the authorities to do that so so you
know<00:18:13.980><c> again</c><00:18:14.490><c> it's</c><00:18:14.820><c> like</c><00:18:15.029><c> you</c><00:18:15.330><c> you</c><00:18:15.840><c> need</c><00:18:16.020><c> to</c>

00:18:16.159 --> 00:18:16.169 align:start position:0%
know again it's like you you need to
 

00:18:16.169 --> 00:18:18.380 align:start position:0%
know again it's like you you need to
think<00:18:16.409><c> about</c><00:18:16.590><c> how</c><00:18:17.130><c> what</c><00:18:17.520><c> the</c><00:18:17.640><c> application</c><00:18:18.210><c> is</c>

00:18:18.380 --> 00:18:18.390 align:start position:0%
think about how what the application is
 

00:18:18.390 --> 00:18:20.960 align:start position:0%
think about how what the application is
as<00:18:18.630><c> you</c><00:18:19.020><c> design</c><00:18:19.470><c> the</c><00:18:19.679><c> identity</c><00:18:20.220><c> reputation</c>

00:18:20.960 --> 00:18:20.970 align:start position:0%
as you design the identity reputation
 

00:18:20.970 --> 00:18:23.360 align:start position:0%
as you design the identity reputation
layer<00:18:21.350><c> the</c><00:18:22.350><c> final</c><00:18:22.649><c> thing</c><00:18:22.830><c> I</c><00:18:22.919><c> wanted</c><00:18:23.100><c> to</c><00:18:23.220><c> talk</c>

00:18:23.360 --> 00:18:23.370 align:start position:0%
layer the final thing I wanted to talk
 

00:18:23.370 --> 00:18:26.000 align:start position:0%
layer the final thing I wanted to talk
about<00:18:23.399><c> is</c><00:18:23.970><c> security</c><00:18:24.570><c> tokens</c><00:18:25.320><c> which</c><00:18:25.559><c> have</c><00:18:25.860><c> been</c>

00:18:26.000 --> 00:18:26.010 align:start position:0%
about is security tokens which have been
 

00:18:26.010 --> 00:18:27.799 align:start position:0%
about is security tokens which have been
getting<00:18:26.250><c> a</c><00:18:26.309><c> lot</c><00:18:26.460><c> of</c><00:18:26.490><c> you</c><00:18:27.179><c> know</c><00:18:27.210><c> attention</c>

00:18:27.799 --> 00:18:27.809 align:start position:0%
getting a lot of you know attention
 

00:18:27.809 --> 00:18:31.730 align:start position:0%
getting a lot of you know attention
recently<00:18:28.350><c> and</c><00:18:29.720><c> the</c><00:18:30.720><c> case</c><00:18:30.929><c> makes</c><00:18:31.260><c> sense</c><00:18:31.559><c> you</c>

00:18:31.730 --> 00:18:31.740 align:start position:0%
recently and the case makes sense you
 

00:18:31.740 --> 00:18:33.049 align:start position:0%
recently and the case makes sense you
know<00:18:31.830><c> so</c><00:18:31.980><c> the</c><00:18:32.070><c> idea</c><00:18:32.130><c> is</c><00:18:32.490><c> that</c><00:18:32.520><c> there's</c><00:18:32.850><c> all</c>

00:18:33.049 --> 00:18:33.059 align:start position:0%
know so the idea is that there's all
 

00:18:33.059 --> 00:18:35.120 align:start position:0%
know so the idea is that there's all
these<00:18:33.210><c> real-world</c><00:18:33.510><c> illiquid</c><00:18:34.230><c> assets</c><00:18:34.890><c> like</c>

00:18:35.120 --> 00:18:35.130 align:start position:0%
these real-world illiquid assets like
 

00:18:35.130 --> 00:18:38.090 align:start position:0%
these real-world illiquid assets like
real<00:18:35.370><c> estate</c><00:18:35.460><c> art</c><00:18:36.260><c> private</c><00:18:37.260><c> company</c><00:18:37.620><c> equity</c>

00:18:38.090 --> 00:18:38.100 align:start position:0%
real estate art private company equity
 

00:18:38.100 --> 00:18:41.360 align:start position:0%
real estate art private company equity
and<00:18:38.370><c> you</c><00:18:39.059><c> can</c><00:18:39.299><c> tokenize</c><00:18:39.929><c> them</c><00:18:40.200><c> you</c><00:18:40.620><c> can</c><00:18:40.860><c> open</c>

00:18:41.360 --> 00:18:41.370 align:start position:0%
and you can tokenize them you can open
 

00:18:41.370 --> 00:18:43.190 align:start position:0%
and you can tokenize them you can open
them<00:18:41.460><c> to</c><00:18:41.610><c> global</c><00:18:41.940><c> markets</c>

00:18:43.190 --> 00:18:43.200 align:start position:0%
them to global markets
 

00:18:43.200 --> 00:18:46.820 align:start position:0%
them to global markets
you<00:18:43.860><c> know</c><00:18:43.980><c> people</c><00:18:44.490><c> can</c><00:18:45.409><c> people</c><00:18:46.409><c> can</c><00:18:46.620><c> own</c>

00:18:46.820 --> 00:18:46.830 align:start position:0%
you know people can people can own
 

00:18:46.830 --> 00:18:50.690 align:start position:0%
you know people can people can own
fractional<00:18:47.399><c> amounts</c><00:18:47.909><c> and</c><00:18:48.289><c> and</c><00:18:49.490><c> you</c><00:18:50.490><c> know</c><00:18:50.580><c> it</c>

00:18:50.690 --> 00:18:50.700 align:start position:0%
fractional amounts and and you know it
 

00:18:50.700 --> 00:18:53.360 align:start position:0%
fractional amounts and and you know it
seems<00:18:50.940><c> like</c><00:18:51.029><c> a</c><00:18:51.120><c> value</c><00:18:51.480><c> add</c><00:18:51.630><c> and</c><00:18:52.529><c> maybe</c><00:18:53.159><c> this</c>

00:18:53.360 --> 00:18:53.370 align:start position:0%
seems like a value add and maybe this
 

00:18:53.370 --> 00:18:55.639 align:start position:0%
seems like a value add and maybe this
would<00:18:53.549><c> open</c><00:18:53.940><c> up</c><00:18:54.029><c> ownership</c><00:18:54.600><c> to</c><00:18:54.899><c> you</c><00:18:55.559><c> know</c>

00:18:55.639 --> 00:18:55.649 align:start position:0%
would open up ownership to you know
 

00:18:55.649 --> 00:18:57.620 align:start position:0%
would open up ownership to you know
people<00:18:56.070><c> who</c><00:18:56.279><c> aren't</c><00:18:56.730><c> in</c><00:18:56.880><c> the</c><00:18:57.000><c> US</c><00:18:57.330><c> you</c><00:18:57.510><c> know</c>

00:18:57.620 --> 00:18:57.630 align:start position:0%
people who aren't in the US you know
 

00:18:57.630 --> 00:18:59.990 align:start position:0%
people who aren't in the US you know
someone<00:18:57.929><c> could</c><00:18:58.140><c> own</c><00:18:58.620><c> a</c><00:18:58.679><c> piece</c><00:18:59.100><c> of</c><00:18:59.130><c> an</c><00:18:59.429><c> American</c>

00:18:59.990 --> 00:19:00.000 align:start position:0%
someone could own a piece of an American
 

00:19:00.000 --> 00:19:03.049 align:start position:0%
someone could own a piece of an American
company<00:19:00.350><c> even</c><00:19:01.350><c> if</c><00:19:01.470><c> they</c><00:19:01.620><c> live</c><00:19:01.860><c> in</c><00:19:02.130><c> Asia</c><00:19:02.520><c> or</c><00:19:02.909><c> in</c>

00:19:03.049 --> 00:19:03.059 align:start position:0%
company even if they live in Asia or in
 

00:19:03.059 --> 00:19:09.049 align:start position:0%
company even if they live in Asia or in
Africa<00:19:05.210><c> so</c><00:19:06.210><c> we</c><00:19:07.340><c> actually</c><00:19:08.340><c> like</c><00:19:08.490><c> looked</c><00:19:08.789><c> into</c>

00:19:09.049 --> 00:19:09.059 align:start position:0%
Africa so we actually like looked into
 

00:19:09.059 --> 00:19:10.880 align:start position:0%
Africa so we actually like looked into
this<00:19:09.210><c> because</c><00:19:09.690><c> we</c><00:19:09.840><c> were</c><00:19:10.200><c> kind</c><00:19:10.409><c> of</c><00:19:10.529><c> researching</c>

00:19:10.880 --> 00:19:10.890 align:start position:0%
this because we were kind of researching
 

00:19:10.890 --> 00:19:14.169 align:start position:0%
this because we were kind of researching
identity<00:19:11.490><c> broadly</c><00:19:11.909><c> and</c><00:19:12.120><c> it</c><00:19:13.049><c> turns</c><00:19:13.350><c> out</c><00:19:13.590><c> that</c>

00:19:14.169 --> 00:19:14.179 align:start position:0%
identity broadly and it turns out that
 

00:19:14.179 --> 00:19:17.440 align:start position:0%
identity broadly and it turns out that
if<00:19:15.179><c> these</c><00:19:15.690><c> issuers</c><00:19:16.200><c> are</c><00:19:16.380><c> in</c><00:19:16.500><c> regulated</c>

00:19:17.440 --> 00:19:17.450 align:start position:0%
if these issuers are in regulated
 

00:19:17.450 --> 00:19:20.419 align:start position:0%
if these issuers are in regulated
countries<00:19:18.450><c> themselves</c><00:19:18.630><c> and</c><00:19:19.289><c> because</c><00:19:19.950><c> this</c><00:19:20.279><c> is</c>

00:19:20.419 --> 00:19:20.429 align:start position:0%
countries themselves and because this is
 

00:19:20.429 --> 00:19:23.210 align:start position:0%
countries themselves and because this is
like<00:19:20.580><c> in</c><00:19:20.789><c> the</c><00:19:20.909><c> name</c><00:19:21.090><c> as</c><00:19:21.270><c> a</c><00:19:21.299><c> security</c><00:19:21.779><c> token</c><00:19:22.230><c> the</c>

00:19:23.210 --> 00:19:23.220 align:start position:0%
like in the name as a security token the
 

00:19:23.220 --> 00:19:24.860 align:start position:0%
like in the name as a security token the
compliance<00:19:23.820><c> means</c><00:19:23.970><c> that</c><00:19:24.240><c> they're</c><00:19:24.450><c> actually</c>

00:19:24.860 --> 00:19:24.870 align:start position:0%
compliance means that they're actually
 

00:19:24.870 --> 00:19:27.529 align:start position:0%
compliance means that they're actually
on<00:19:24.960><c> the</c><00:19:25.049><c> hook</c><00:19:25.260><c> for</c><00:19:25.289><c> who</c><00:19:25.710><c> buys</c><00:19:25.950><c> these</c><00:19:26.399><c> tokens</c><00:19:26.700><c> so</c>

00:19:27.529 --> 00:19:27.539 align:start position:0%
on the hook for who buys these tokens so
 

00:19:27.539 --> 00:19:29.419 align:start position:0%
on the hook for who buys these tokens so
they<00:19:27.690><c> need</c><00:19:27.929><c> to</c><00:19:28.230><c> you</c><00:19:28.409><c> know</c><00:19:28.529><c> run</c><00:19:28.890><c> all</c><00:19:29.159><c> the</c>

00:19:29.419 --> 00:19:29.429 align:start position:0%
they need to you know run all the
 

00:19:29.429 --> 00:19:30.950 align:start position:0%
they need to you know run all the
traditional<00:19:29.880><c> processes</c><00:19:30.450><c> that</c><00:19:30.690><c> they</c><00:19:30.779><c> would</c>

00:19:30.950 --> 00:19:30.960 align:start position:0%
traditional processes that they would
 

00:19:30.960 --> 00:19:33.380 align:start position:0%
traditional processes that they would
have<00:19:31.110><c> to</c><00:19:31.320><c> in</c><00:19:31.440><c> the</c><00:19:31.529><c> real</c><00:19:31.710><c> world</c><00:19:31.970><c> on</c><00:19:32.970><c> the</c><00:19:33.179><c> buyers</c>

00:19:33.380 --> 00:19:33.390 align:start position:0%
have to in the real world on the buyers
 

00:19:33.390 --> 00:19:37.610 align:start position:0%
have to in the real world on the buyers
so<00:19:33.899><c> you</c><00:19:33.960><c> know</c><00:19:34.320><c> kyc</c><00:19:35.070><c> AML</c><00:19:35.700><c> accreditation</c><00:19:36.570><c> o</c><00:19:36.899><c> fact</c>

00:19:37.610 --> 00:19:37.620 align:start position:0%
so you know kyc AML accreditation o fact
 

00:19:37.620 --> 00:19:41.960 align:start position:0%
so you know kyc AML accreditation o fact
list<00:19:37.919><c> debarment</c><00:19:38.610><c> lists</c><00:19:39.029><c> and</c><00:19:40.520><c> and</c><00:19:41.520><c> that's</c><00:19:41.730><c> fair</c>

00:19:41.960 --> 00:19:41.970 align:start position:0%
list debarment lists and and that's fair
 

00:19:41.970 --> 00:19:42.860 align:start position:0%
list debarment lists and and that's fair
enough

00:19:42.860 --> 00:19:42.870 align:start position:0%
enough
 

00:19:42.870 --> 00:19:44.450 align:start position:0%
enough
and<00:19:43.110><c> you</c><00:19:43.559><c> know</c><00:19:43.679><c> then</c><00:19:43.890><c> you</c><00:19:43.980><c> think</c><00:19:44.159><c> about</c><00:19:44.309><c> what</c>

00:19:44.450 --> 00:19:44.460 align:start position:0%
and you know then you think about what
 

00:19:44.460 --> 00:19:46.279 align:start position:0%
and you know then you think about what
you<00:19:44.880><c> could</c><00:19:45.030><c> really</c><00:19:45.179><c> change</c><00:19:45.480><c> on</c><00:19:45.720><c> the</c><00:19:45.809><c> identity</c>

00:19:46.279 --> 00:19:46.289 align:start position:0%
you could really change on the identity
 

00:19:46.289 --> 00:19:47.870 align:start position:0%
you could really change on the identity
layer<00:19:46.440><c> and</c><00:19:46.710><c> you</c><00:19:46.770><c> realize</c><00:19:47.130><c> that</c><00:19:47.159><c> again</c>

00:19:47.870 --> 00:19:47.880 align:start position:0%
layer and you realize that again
 

00:19:47.880 --> 00:19:49.640 align:start position:0%
layer and you realize that again
peer-to-peer<00:19:48.450><c> identity</c><00:19:49.169><c> is</c><00:19:49.260><c> don't</c>

00:19:49.640 --> 00:19:49.650 align:start position:0%
peer-to-peer identity is don't
 

00:19:49.650 --> 00:19:52.070 align:start position:0%
peer-to-peer identity is don't
because<00:19:50.130><c> this</c><00:19:50.640><c> issuer</c><00:19:51.120><c> is</c><00:19:51.240><c> actually</c><00:19:51.660><c> legally</c>

00:19:52.070 --> 00:19:52.080 align:start position:0%
because this issuer is actually legally
 

00:19:52.080 --> 00:19:54.560 align:start position:0%
because this issuer is actually legally
on<00:19:52.200><c> the</c><00:19:52.320><c> hook</c><00:19:52.530><c> like</c><00:19:52.920><c> they</c><00:19:53.100><c> will</c><00:19:53.280><c> go</c><00:19:53.880><c> to</c><00:19:53.910><c> jail</c><00:19:54.059><c> if</c>

00:19:54.560 --> 00:19:54.570 align:start position:0%
on the hook like they will go to jail if
 

00:19:54.570 --> 00:19:56.840 align:start position:0%
on the hook like they will go to jail if
they<00:19:54.990><c> if</c><00:19:55.559><c> the</c><00:19:55.800><c> government</c><00:19:56.220><c> realizes</c><00:19:56.640><c> that</c>

00:19:56.840 --> 00:19:56.850 align:start position:0%
they if the government realizes that
 

00:19:56.850 --> 00:19:59.420 align:start position:0%
they if the government realizes that
someone<00:19:57.210><c> did</c><00:19:57.510><c> in</c><00:19:57.630><c> half</c><00:19:57.809><c> the</c><00:19:58.050><c> KYC</c><00:19:58.350><c> AML</c><00:19:58.830><c> so</c><00:19:59.309><c> they</c>

00:19:59.420 --> 00:19:59.430 align:start position:0%
someone did in half the KYC AML so they
 

00:19:59.430 --> 00:20:01.280 align:start position:0%
someone did in half the KYC AML so they
need<00:19:59.670><c> to</c><00:19:59.820><c> rely</c><00:20:00.090><c> on</c><00:20:00.120><c> certified</c><00:20:00.720><c> authorities</c><00:20:01.170><c> to</c>

00:20:01.280 --> 00:20:01.290 align:start position:0%
need to rely on certified authorities to
 

00:20:01.290 --> 00:20:05.690 align:start position:0%
need to rely on certified authorities to
do<00:20:01.410><c> that</c><00:20:02.330><c> and</c><00:20:03.350><c> another</c><00:20:04.350><c> kind</c><00:20:04.710><c> of</c><00:20:04.890><c> nuance</c><00:20:05.220><c> again</c>

00:20:05.690 --> 00:20:05.700 align:start position:0%
do that and another kind of nuance again
 

00:20:05.700 --> 00:20:08.900 align:start position:0%
do that and another kind of nuance again
that<00:20:05.970><c> emerges</c><00:20:06.510><c> is</c><00:20:06.720><c> so</c><00:20:07.620><c> you</c><00:20:07.680><c> could</c><00:20:07.980><c> you</c><00:20:08.820><c> know</c>

00:20:08.900 --> 00:20:08.910 align:start position:0%
that emerges is so you could you know
 

00:20:08.910 --> 00:20:13.040 align:start position:0%
that emerges is so you could you know
you<00:20:09.000><c> say</c><00:20:09.630><c> that</c><00:20:09.920><c> you</c><00:20:10.920><c> know</c><00:20:11.010><c> let's</c><00:20:11.400><c> put</c><00:20:12.050><c> let's</c>

00:20:13.040 --> 00:20:13.050 align:start position:0%
you say that you know let's put let's
 

00:20:13.050 --> 00:20:16.370 align:start position:0%
you say that you know let's put let's
put<00:20:13.140><c> the</c><00:20:13.620><c> KYC</c><00:20:14.160><c> AML</c><00:20:14.700><c> self</c><00:20:15.570><c> sovereign</c><00:20:16.050><c> the</c><00:20:16.200><c> user</c>

00:20:16.370 --> 00:20:16.380 align:start position:0%
put the KYC AML self sovereign the user
 

00:20:16.380 --> 00:20:18.260 align:start position:0%
put the KYC AML self sovereign the user
host<00:20:16.740><c> them</c><00:20:17.010><c> and</c><00:20:17.220><c> this</c><00:20:17.640><c> is</c><00:20:17.790><c> what</c><00:20:17.940><c> you</c><00:20:18.180><c> know</c>

00:20:18.260 --> 00:20:18.270 align:start position:0%
host them and this is what you know
 

00:20:18.270 --> 00:20:20.000 align:start position:0%
host them and this is what you know
awesome<00:20:18.809><c> company</c><00:20:19.080><c> like</c><00:20:19.290><c> bloom</c><00:20:19.530><c> is</c><00:20:19.710><c> doing</c>

00:20:20.000 --> 00:20:20.010 align:start position:0%
awesome company like bloom is doing
 

00:20:20.010 --> 00:20:23.090 align:start position:0%
awesome company like bloom is doing
right<00:20:20.160><c> now</c><00:20:20.220><c> so</c><00:20:20.820><c> it's</c><00:20:21.120><c> the</c><00:20:21.900><c> station's</c><00:20:22.830><c> come</c>

00:20:23.090 --> 00:20:23.100 align:start position:0%
right now so it's the station's come
 

00:20:23.100 --> 00:20:25.190 align:start position:0%
right now so it's the station's come
from<00:20:23.429><c> regulated</c><00:20:24.179><c> authorities</c><00:20:24.690><c> but</c><00:20:24.900><c> the</c><00:20:25.020><c> user</c>

00:20:25.190 --> 00:20:25.200 align:start position:0%
from regulated authorities but the user
 

00:20:25.200 --> 00:20:27.140 align:start position:0%
from regulated authorities but the user
actually<00:20:25.440><c> holds</c><00:20:25.920><c> them</c><00:20:26.100><c> they</c><00:20:26.580><c> reveal</c><00:20:26.940><c> them</c>

00:20:27.140 --> 00:20:27.150 align:start position:0%
actually holds them they reveal them
 

00:20:27.150 --> 00:20:29.570 align:start position:0%
actually holds them they reveal them
when<00:20:27.300><c> they</c><00:20:27.420><c> want</c><00:20:28.130><c> but</c><00:20:29.130><c> there's</c><00:20:29.309><c> other</c><00:20:29.490><c> things</c>

00:20:29.570 --> 00:20:29.580 align:start position:0%
when they want but there's other things
 

00:20:29.580 --> 00:20:32.780 align:start position:0%
when they want but there's other things
you<00:20:29.820><c> need</c><00:20:30.000><c> to</c><00:20:30.059><c> navigate</c><00:20:30.179><c> here</c><00:20:30.690><c> so</c><00:20:31.070><c> the</c><00:20:32.070><c> these</c>

00:20:32.780 --> 00:20:32.790 align:start position:0%
you need to navigate here so the these
 

00:20:32.790 --> 00:20:36.380 align:start position:0%
you need to navigate here so the these
providers<00:20:33.570><c> the</c><00:20:34.290><c> K</c><00:20:34.590><c> the</c><00:20:34.860><c> tester</c><00:20:35.790><c> is</c><00:20:35.820><c> actually</c>

00:20:36.380 --> 00:20:36.390 align:start position:0%
providers the K the tester is actually
 

00:20:36.390 --> 00:20:38.299 align:start position:0%
providers the K the tester is actually
there<00:20:36.570><c> incentives</c><00:20:36.840><c> are</c><00:20:37.260><c> right</c><00:20:37.890><c> now</c><00:20:38.040><c> you</c><00:20:38.100><c> know</c>

00:20:38.299 --> 00:20:38.309 align:start position:0%
there incentives are right now you know
 

00:20:38.309 --> 00:20:41.299 align:start position:0%
there incentives are right now you know
if<00:20:38.429><c> a</c><00:20:38.520><c> user</c><00:20:38.700><c> is</c><00:20:38.850><c> going</c><00:20:39.000><c> to</c><00:20:39.150><c> buy</c><00:20:40.080><c> five</c><00:20:41.010><c> different</c>

00:20:41.299 --> 00:20:41.309 align:start position:0%
if a user is going to buy five different
 

00:20:41.309 --> 00:20:45.080 align:start position:0%
if a user is going to buy five different
tokens<00:20:42.080><c> each</c><00:20:43.080><c> of</c><00:20:43.290><c> those</c><00:20:43.380><c> platforms</c><00:20:43.910><c> does</c><00:20:44.910><c> the</c>

00:20:45.080 --> 00:20:45.090 align:start position:0%
tokens each of those platforms does the
 

00:20:45.090 --> 00:20:47.360 align:start position:0%
tokens each of those platforms does the
KYC<00:20:45.420><c> wants</c><00:20:45.960><c> and</c><00:20:46.140><c> this</c><00:20:46.410><c> like</c><00:20:46.620><c> provider</c><00:20:47.010><c> like</c>

00:20:47.360 --> 00:20:47.370 align:start position:0%
KYC wants and this like provider like
 

00:20:47.370 --> 00:20:49.790 align:start position:0%
KYC wants and this like provider like
makes<00:20:47.910><c> money</c><00:20:48.179><c> from</c><00:20:48.420><c> that</c><00:20:48.600><c> so</c><00:20:49.140><c> by</c><00:20:49.290><c> putting</c><00:20:49.530><c> this</c>

00:20:49.790 --> 00:20:49.800 align:start position:0%
makes money from that so by putting this
 

00:20:49.800 --> 00:20:51.080 align:start position:0%
makes money from that so by putting this
stuff<00:20:49.980><c> on</c><00:20:50.190><c> chain</c><00:20:50.490><c> you're</c><00:20:50.640><c> actually</c><00:20:50.940><c> like</c>

00:20:51.080 --> 00:20:51.090 align:start position:0%
stuff on chain you're actually like
 

00:20:51.090 --> 00:20:54.590 align:start position:0%
stuff on chain you're actually like
lowering<00:20:51.600><c> the</c><00:20:52.470><c> redundancy</c><00:20:53.150><c> so</c><00:20:54.150><c> there's</c><00:20:54.330><c> a</c><00:20:54.420><c> lot</c>

00:20:54.590 --> 00:20:54.600 align:start position:0%
lowering the redundancy so there's a lot
 

00:20:54.600 --> 00:20:56.840 align:start position:0%
lowering the redundancy so there's a lot
of<00:20:54.630><c> kind</c><00:20:54.960><c> of</c><00:20:55.080><c> case-by-case</c><00:20:55.650><c> nuances</c><00:20:56.580><c> that</c><00:20:56.760><c> you</c>

00:20:56.840 --> 00:20:56.850 align:start position:0%
of kind of case-by-case nuances that you
 

00:20:56.850 --> 00:21:01.400 align:start position:0%
of kind of case-by-case nuances that you
need<00:20:57.030><c> to</c><00:20:57.120><c> navigate</c><00:20:57.290><c> and</c><00:20:59.000><c> so</c><00:21:00.000><c> just</c><00:21:00.990><c> wanted</c><00:21:01.290><c> to</c>

00:21:01.400 --> 00:21:01.410 align:start position:0%
need to navigate and so just wanted to
 

00:21:01.410 --> 00:21:04.400 align:start position:0%
need to navigate and so just wanted to
kind<00:21:01.620><c> of</c><00:21:01.710><c> give</c><00:21:01.920><c> some</c><00:21:02.160><c> context</c><00:21:03.290><c> you</c><00:21:04.290><c> know</c>

00:21:04.400 --> 00:21:04.410 align:start position:0%
kind of give some context you know
 

00:21:04.410 --> 00:21:07.850 align:start position:0%
kind of give some context you know
beyond<00:21:05.070><c> the</c><00:21:05.400><c> key</c><00:21:05.730><c> management</c><00:21:05.940><c> and</c><00:21:06.690><c> the</c><00:21:07.650><c> user</c>

00:21:07.850 --> 00:21:07.860 align:start position:0%
beyond the key management and the user
 

00:21:07.860 --> 00:21:09.860 align:start position:0%
beyond the key management and the user
experience<00:21:08.309><c> and</c><00:21:08.910><c> these</c><00:21:09.330><c> things</c><00:21:09.570><c> which</c><00:21:09.720><c> are</c>

00:21:09.860 --> 00:21:09.870 align:start position:0%
experience and these things which are
 

00:21:09.870 --> 00:21:12.470 align:start position:0%
experience and these things which are
all<00:21:10.020><c> really</c><00:21:10.350><c> important</c><00:21:10.800><c> and</c><00:21:11.030><c> we</c><00:21:12.030><c> need</c><00:21:12.179><c> to</c><00:21:12.300><c> work</c>

00:21:12.470 --> 00:21:12.480 align:start position:0%
all really important and we need to work
 

00:21:12.480 --> 00:21:14.720 align:start position:0%
all really important and we need to work
on<00:21:12.690><c> to</c><00:21:12.900><c> make</c><00:21:12.929><c> this</c><00:21:13.350><c> stuff</c><00:21:13.590><c> viable</c><00:21:14.130><c> for</c><00:21:14.400><c> people</c>

00:21:14.720 --> 00:21:14.730 align:start position:0%
on to make this stuff viable for people
 

00:21:14.730 --> 00:21:16.610 align:start position:0%
on to make this stuff viable for people
who<00:21:14.880><c> aren't</c><00:21:15.090><c> you</c><00:21:15.690><c> know</c><00:21:15.780><c> born</c><00:21:16.050><c> in</c><00:21:16.200><c> the</c><00:21:16.350><c> space</c>

00:21:16.610 --> 00:21:16.620 align:start position:0%
who aren't you know born in the space
 

00:21:16.620 --> 00:21:18.020 align:start position:0%
who aren't you know born in the space
like<00:21:16.950><c> so</c><00:21:17.130><c> they</c><00:21:17.220><c> can</c><00:21:17.370><c> actually</c><00:21:17.640><c> use</c><00:21:17.790><c> this</c><00:21:17.970><c> stuff</c>

00:21:18.020 --> 00:21:18.030 align:start position:0%
like so they can actually use this stuff
 

00:21:18.030 --> 00:21:22.400 align:start position:0%
like so they can actually use this stuff
but<00:21:19.520><c> we</c><00:21:20.520><c> need</c><00:21:20.670><c> to</c><00:21:20.790><c> actually</c><00:21:21.210><c> think</c><00:21:21.450><c> about</c><00:21:21.600><c> what</c>

00:21:22.400 --> 00:21:22.410 align:start position:0%
but we need to actually think about what
 

00:21:22.410 --> 00:21:25.610 align:start position:0%
but we need to actually think about what
use<00:21:23.130><c> cases</c><00:21:23.400><c> we're</c><00:21:23.760><c> building</c><00:21:24.120><c> for</c><00:21:24.330><c> and</c><00:21:24.620><c> design</c>

00:21:25.610 --> 00:21:25.620 align:start position:0%
use cases we're building for and design
 

00:21:25.620 --> 00:21:27.530 align:start position:0%
use cases we're building for and design
with<00:21:26.280><c> with</c><00:21:26.610><c> that</c><00:21:26.760><c> in</c><00:21:26.940><c> mind</c><00:21:27.120><c> from</c><00:21:27.360><c> the</c>

00:21:27.530 --> 00:21:27.540 align:start position:0%
with with that in mind from the
 

00:21:27.540 --> 00:21:30.380 align:start position:0%
with with that in mind from the
architecture<00:21:28.020><c> layer</c><00:21:28.230><c> and</c><00:21:29.090><c> that's</c><00:21:30.090><c> what</c><00:21:30.300><c> I'll</c>

00:21:30.380 --> 00:21:30.390 align:start position:0%
architecture layer and that's what I'll
 

00:21:30.390 --> 00:21:32.030 align:start position:0%
architecture layer and that's what I'll
leave<00:21:30.570><c> you</c><00:21:30.690><c> with</c>

00:21:32.030 --> 00:21:32.040 align:start position:0%
leave you with
 

00:21:32.040 --> 00:21:35.820 align:start position:0%
leave you with
[Applause]

00:21:35.820 --> 00:21:35.830 align:start position:0%
 
 

00:21:35.830 --> 00:21:44.370 align:start position:0%
 
yeah<00:21:41.670><c> we</c><00:21:42.670><c> we</c><00:21:43.120><c> do</c><00:21:43.240><c> say</c><00:21:43.390><c> they</c><00:21:43.480><c> have</c><00:21:43.690><c> about</c><00:21:44.140><c> four</c>

00:21:44.370 --> 00:21:44.380 align:start position:0%
yeah we we do say they have about four
 

00:21:44.380 --> 00:21:46.140 align:start position:0%
yeah we we do say they have about four
minutes<00:21:44.530><c> to</c><00:21:44.860><c> anyone</c><00:21:45.280><c> have</c><00:21:45.430><c> once</c><00:21:45.730><c> to</c><00:21:45.880><c> ask</c><00:21:46.030><c> a</c>

00:21:46.140 --> 00:21:46.150 align:start position:0%
minutes to anyone have once to ask a
 

00:21:46.150 --> 00:21:48.740 align:start position:0%
minutes to anyone have once to ask a
question<00:21:46.770><c> okay</c><00:21:47.770><c> down</c><00:21:48.190><c> there</c>

00:21:48.740 --> 00:21:48.750 align:start position:0%
question okay down there
 

00:21:48.750 --> 00:21:52.040 align:start position:0%
question okay down there
hello<00:21:49.780><c> demetria's</c><00:21:50.680><c> Pollak</c><00:21:50.980><c> knows</c><00:21:51.190><c> is</c><00:21:51.340><c> safe</c>

00:21:52.040 --> 00:21:52.050 align:start position:0%
hello demetria's Pollak knows is safe
 

00:21:52.050 --> 00:21:55.680 align:start position:0%
hello demetria's Pollak knows is safe
let's<00:21:53.050><c> imagine</c><00:21:53.290><c> that</c><00:21:53.530><c> you</c><00:21:53.980><c> have</c><00:21:54.250><c> solved</c><00:21:55.240><c> most</c>

00:21:55.680 --> 00:21:55.690 align:start position:0%
let's imagine that you have solved most
 

00:21:55.690 --> 00:21:58.140 align:start position:0%
let's imagine that you have solved most
of<00:21:55.900><c> the</c><00:21:55.960><c> problems</c><00:21:56.380><c> that</c><00:21:56.440><c> you</c><00:21:56.740><c> you</c><00:21:57.670><c> are</c><00:21:57.700><c> talking</c>

00:21:58.140 --> 00:21:58.150 align:start position:0%
of the problems that you you are talking
 

00:21:58.150 --> 00:22:02.430 align:start position:0%
of the problems that you you are talking
about<00:21:59.430><c> in</c><00:22:00.430><c> this</c><00:22:00.640><c> in</c><00:22:00.940><c> this</c><00:22:01.180><c> case</c><00:22:01.420><c> what</c><00:22:01.990><c> would</c><00:22:02.230><c> be</c>

00:22:02.430 --> 00:22:02.440 align:start position:0%
about in this in this case what would be
 

00:22:02.440 --> 00:22:04.980 align:start position:0%
about in this in this case what would be
the<00:22:02.860><c> major</c><00:22:03.040><c> problems</c><00:22:03.670><c> for</c><00:22:04.120><c> the</c><00:22:04.180><c> adoption</c><00:22:04.900><c> of</c>

00:22:04.980 --> 00:22:04.990 align:start position:0%
the major problems for the adoption of
 

00:22:04.990 --> 00:22:08.910 align:start position:0%
the major problems for the adoption of
the<00:22:05.140><c> decentralized</c><00:22:05.700><c> identity</c><00:22:07.920><c> decentralized</c>

00:22:08.910 --> 00:22:08.920 align:start position:0%
the decentralized identity decentralized
 

00:22:08.920 --> 00:22:10.980 align:start position:0%
the decentralized identity decentralized
meaning<00:22:09.340><c> it's</c><00:22:09.520><c> not</c><00:22:09.610><c> pegged</c><00:22:10.150><c> on</c><00:22:10.360><c> the</c><00:22:10.840><c> real</c>

00:22:10.980 --> 00:22:10.990 align:start position:0%
meaning it's not pegged on the real
 

00:22:10.990 --> 00:22:14.060 align:start position:0%
meaning it's not pegged on the real
world<00:22:11.170><c> it's</c><00:22:11.800><c> emerges</c><00:22:12.340><c> from</c><00:22:12.520><c> the</c><00:22:12.670><c> network</c>

00:22:14.060 --> 00:22:14.070 align:start position:0%
world it's emerges from the network
 

00:22:14.070 --> 00:22:18.150 align:start position:0%
world it's emerges from the network
maybe<00:22:15.070><c> in</c><00:22:15.400><c> this</c><00:22:15.520><c> case</c><00:22:15.580><c> like</c><00:22:16.350><c> maybe</c><00:22:17.350><c> it</c><00:22:17.530><c> depends</c>

00:22:18.150 --> 00:22:18.160 align:start position:0%
maybe in this case like maybe it depends
 

00:22:18.160 --> 00:22:19.380 align:start position:0%
maybe in this case like maybe it depends
on<00:22:18.190><c> the</c><00:22:18.340><c> problems</c><00:22:18.700><c> that</c><00:22:18.730><c> you</c><00:22:18.910><c> were</c><00:22:19.060><c> talking</c>

00:22:19.380 --> 00:22:19.390 align:start position:0%
on the problems that you were talking
 

00:22:19.390 --> 00:22:23.640 align:start position:0%
on the problems that you were talking
about<00:22:19.570><c> but</c><00:22:20.700><c> in</c><00:22:21.700><c> a</c><00:22:21.820><c> sense</c><00:22:22.030><c> what</c><00:22:23.020><c> would</c><00:22:23.170><c> be</c><00:22:23.320><c> the</c>

00:22:23.640 --> 00:22:23.650 align:start position:0%
about but in a sense what would be the
 

00:22:23.650 --> 00:22:30.030 align:start position:0%
about but in a sense what would be the
adoption<00:22:24.610><c> barriers</c><00:22:25.090><c> for</c><00:22:26.550><c> yeah</c><00:22:28.950><c> so</c><00:22:29.950><c> the</c>

00:22:30.030 --> 00:22:30.040 align:start position:0%
adoption barriers for yeah so the
 

00:22:30.040 --> 00:22:31.860 align:start position:0%
adoption barriers for yeah so the
question<00:22:30.370><c> is</c><00:22:30.520><c> what</c><00:22:30.850><c> would</c><00:22:31.060><c> be</c><00:22:31.210><c> the</c><00:22:31.360><c> adoption</c>

00:22:31.860 --> 00:22:31.870 align:start position:0%
question is what would be the adoption
 

00:22:31.870 --> 00:22:35.430 align:start position:0%
question is what would be the adoption
barriers<00:22:32.260><c> to</c><00:22:32.620><c> an</c><00:22:33.010><c> identity</c><00:22:33.460><c> system</c><00:22:33.940><c> and</c><00:22:34.510><c> I</c>

00:22:35.430 --> 00:22:35.440 align:start position:0%
barriers to an identity system and I
 

00:22:35.440 --> 00:22:38.370 align:start position:0%
barriers to an identity system and I
think<00:22:35.710><c> there's</c><00:22:36.010><c> you</c><00:22:36.850><c> know</c><00:22:37.150><c> you</c><00:22:37.380><c> there's</c>

00:22:38.370 --> 00:22:38.380 align:start position:0%
think there's you know you there's
 

00:22:38.380 --> 00:22:40.860 align:start position:0%
think there's you know you there's
multiple<00:22:38.860><c> aspects</c><00:22:39.400><c> to</c><00:22:39.550><c> this</c><00:22:39.700><c> one</c><00:22:40.240><c> part</c><00:22:40.630><c> of</c><00:22:40.720><c> it</c>

00:22:40.860 --> 00:22:40.870 align:start position:0%
multiple aspects to this one part of it
 

00:22:40.870 --> 00:22:43.350 align:start position:0%
multiple aspects to this one part of it
is<00:22:40.980><c> you</c><00:22:41.980><c> just</c><00:22:42.220><c> need</c><00:22:42.370><c> to</c><00:22:42.550><c> have</c><00:22:42.730><c> like</c><00:22:42.970><c> a</c><00:22:43.030><c> very</c>

00:22:43.350 --> 00:22:43.360 align:start position:0%
is you just need to have like a very
 

00:22:43.360 --> 00:22:45.570 align:start position:0%
is you just need to have like a very
compelling<00:22:43.810><c> use</c><00:22:44.080><c> case</c><00:22:44.350><c> where</c><00:22:45.070><c> people</c><00:22:45.340><c> are</c>

00:22:45.570 --> 00:22:45.580 align:start position:0%
compelling use case where people are
 

00:22:45.580 --> 00:22:47.280 align:start position:0%
compelling use case where people are
coming<00:22:45.970><c> in</c><00:22:46.090><c> and</c><00:22:46.270><c> using</c><00:22:46.480><c> you</c><00:22:46.900><c> know</c><00:22:46.990><c> because</c>

00:22:47.280 --> 00:22:47.290 align:start position:0%
coming in and using you know because
 

00:22:47.290 --> 00:22:49.320 align:start position:0%
coming in and using you know because
this<00:22:47.470><c> technology</c><00:22:47.830><c> still</c><00:22:48.430><c> it's</c><00:22:48.730><c> it's</c><00:22:48.940><c> hard</c><00:22:49.270><c> to</c>

00:22:49.320 --> 00:22:49.330 align:start position:0%
this technology still it's it's hard to
 

00:22:49.330 --> 00:22:52.800 align:start position:0%
this technology still it's it's hard to
use<00:22:49.600><c> and</c><00:22:50.850><c> one</c><00:22:51.850><c> thing</c><00:22:52.060><c> you</c><00:22:52.180><c> notice</c><00:22:52.510><c> is</c><00:22:52.780><c> that</c>

00:22:52.800 --> 00:22:52.810 align:start position:0%
use and one thing you notice is that
 

00:22:52.810 --> 00:22:56.610 align:start position:0%
use and one thing you notice is that
identity<00:22:53.650><c> in</c><00:22:53.890><c> the</c><00:22:54.280><c> web</c><00:22:54.730><c> 2</c><00:22:54.970><c> world</c><00:22:55.240><c> has</c><00:22:55.630><c> always</c>

00:22:56.610 --> 00:22:56.620 align:start position:0%
identity in the web 2 world has always
 

00:22:56.620 --> 00:23:00.810 align:start position:0%
identity in the web 2 world has always
emerged<00:22:57.130><c> as</c><00:22:57.310><c> a</c><00:22:57.370><c> byproduct</c><00:22:57.910><c> of</c><00:22:58.680><c> an</c><00:22:59.820><c> application</c>

00:23:00.810 --> 00:23:00.820 align:start position:0%
emerged as a byproduct of an application
 

00:23:00.820 --> 00:23:03.030 align:start position:0%
emerged as a byproduct of an application
that<00:23:01.000><c> people</c><00:23:01.240><c> actually</c><00:23:01.600><c> want</c><00:23:01.960><c> to</c><00:23:02.020><c> use</c><00:23:02.080><c> so</c>

00:23:03.030 --> 00:23:03.040 align:start position:0%
that people actually want to use so
 

00:23:03.040 --> 00:23:05.040 align:start position:0%
that people actually want to use so
there's<00:23:03.400><c> been</c><00:23:03.610><c> attempt</c><00:23:04.120><c> to</c><00:23:04.270><c> build</c><00:23:04.450><c> more</c><00:23:04.750><c> self</c>

00:23:05.040 --> 00:23:05.050 align:start position:0%
there's been attempt to build more self
 

00:23:05.050 --> 00:23:07.920 align:start position:0%
there's been attempt to build more self
sovereign<00:23:05.530><c> identity</c><00:23:06.220><c> on</c><00:23:06.490><c> web</c><00:23:07.210><c> to</c><00:23:07.480><c> you</c><00:23:07.840><c> know</c>

00:23:07.920 --> 00:23:07.930 align:start position:0%
sovereign identity on web to you know
 

00:23:07.930 --> 00:23:11.280 align:start position:0%
sovereign identity on web to you know
from<00:23:08.320><c> 10</c><00:23:08.830><c> 15</c><00:23:09.280><c> years</c><00:23:09.490><c> ago</c><00:23:09.730><c> but</c><00:23:10.600><c> eventually</c><00:23:10.930><c> what</c>

00:23:11.280 --> 00:23:11.290 align:start position:0%
from 10 15 years ago but eventually what
 

00:23:11.290 --> 00:23:13.200 align:start position:0%
from 10 15 years ago but eventually what
became<00:23:11.590><c> people's</c><00:23:11.980><c> identity</c><00:23:12.520><c> was</c><00:23:12.730><c> their</c><00:23:12.910><c> email</c>

00:23:13.200 --> 00:23:13.210 align:start position:0%
became people's identity was their email
 

00:23:13.210 --> 00:23:14.730 align:start position:0%
became people's identity was their email
address<00:23:13.540><c> because</c><00:23:13.750><c> they</c><00:23:14.020><c> were</c><00:23:14.110><c> just</c><00:23:14.320><c> using</c><00:23:14.530><c> it</c>

00:23:14.730 --> 00:23:14.740 align:start position:0%
address because they were just using it
 

00:23:14.740 --> 00:23:16.500 align:start position:0%
address because they were just using it
to<00:23:14.830><c> communicate</c><00:23:15.040><c> with</c><00:23:15.520><c> everyone</c><00:23:15.790><c> it</c><00:23:16.360><c> was</c>

00:23:16.500 --> 00:23:16.510 align:start position:0%
to communicate with everyone it was
 

00:23:16.510 --> 00:23:18.210 align:start position:0%
to communicate with everyone it was
their<00:23:16.660><c> facebook</c><00:23:17.140><c> login</c><00:23:17.380><c> because</c><00:23:17.770><c> you</c><00:23:18.130><c> know</c>

00:23:18.210 --> 00:23:18.220 align:start position:0%
their facebook login because you know
 

00:23:18.220 --> 00:23:19.710 align:start position:0%
their facebook login because you know
everyone<00:23:18.730><c> had</c><00:23:18.940><c> it</c><00:23:19.090><c> and</c><00:23:19.300><c> people</c><00:23:19.450><c> had</c>

00:23:19.710 --> 00:23:19.720 align:start position:0%
everyone had it and people had
 

00:23:19.720 --> 00:23:21.510 align:start position:0%
everyone had it and people had
originally<00:23:20.080><c> joins</c><00:23:20.350><c> to</c><00:23:20.620><c> build</c><00:23:20.800><c> relationships</c>

00:23:21.510 --> 00:23:21.520 align:start position:0%
originally joins to build relationships
 

00:23:21.520 --> 00:23:24.180 align:start position:0%
originally joins to build relationships
and<00:23:21.640><c> stay</c><00:23:21.880><c> in</c><00:23:21.970><c> touch</c><00:23:22.000><c> so</c><00:23:22.900><c> I</c><00:23:22.930><c> think</c><00:23:23.260><c> a</c><00:23:23.620><c> key</c><00:23:23.920><c> part</c>

00:23:24.180 --> 00:23:24.190 align:start position:0%
and stay in touch so I think a key part
 

00:23:24.190 --> 00:23:26.280 align:start position:0%
and stay in touch so I think a key part
is<00:23:24.310><c> actually</c><00:23:24.520><c> having</c><00:23:25.030><c> use</c><00:23:25.270><c> cases</c><00:23:25.540><c> that</c><00:23:25.960><c> pull</c>

00:23:26.280 --> 00:23:26.290 align:start position:0%
is actually having use cases that pull
 

00:23:26.290 --> 00:23:30.030 align:start position:0%
is actually having use cases that pull
people<00:23:26.320><c> in</c><00:23:26.830><c> and</c><00:23:27.100><c> then</c><00:23:28.000><c> beyond</c><00:23:28.600><c> that</c><00:23:28.720><c> it's</c><00:23:29.110><c> you</c>

00:23:30.030 --> 00:23:30.040 align:start position:0%
people in and then beyond that it's you
 

00:23:30.040 --> 00:23:33.990 align:start position:0%
people in and then beyond that it's you
know<00:23:30.810><c> security</c><00:23:31.810><c> so</c><00:23:32.320><c> you</c><00:23:32.650><c> know</c><00:23:32.740><c> having</c><00:23:33.070><c> you</c>

00:23:33.990 --> 00:23:34.000 align:start position:0%
know security so you know having you
 

00:23:34.000 --> 00:23:35.310 align:start position:0%
know security so you know having you
know<00:23:34.090><c> there's</c><00:23:34.300><c> a</c><00:23:34.360><c> lot</c><00:23:34.540><c> of</c><00:23:34.660><c> good</c><00:23:34.780><c> ideas</c><00:23:34.930><c> around</c>

00:23:35.310 --> 00:23:35.320 align:start position:0%
know there's a lot of good ideas around
 

00:23:35.320 --> 00:23:36.720 align:start position:0%
know there's a lot of good ideas around
having<00:23:35.680><c> different</c><00:23:36.010><c> keys</c><00:23:36.220><c> with</c><00:23:36.460><c> different</c>

00:23:36.720 --> 00:23:36.730 align:start position:0%
having different keys with different
 

00:23:36.730 --> 00:23:38.670 align:start position:0%
having different keys with different
levels<00:23:36.850><c> of</c><00:23:37.120><c> permissions</c><00:23:37.660><c> different</c><00:23:38.530><c> key</c>

00:23:38.670 --> 00:23:38.680 align:start position:0%
levels of permissions different key
 

00:23:38.680 --> 00:23:40.380 align:start position:0%
levels of permissions different key
recovery<00:23:38.980><c> mechanisms</c><00:23:39.730><c> because</c><00:23:40.030><c> you</c><00:23:40.180><c> just</c>

00:23:40.380 --> 00:23:40.390 align:start position:0%
recovery mechanisms because you just
 

00:23:40.390 --> 00:23:42.390 align:start position:0%
recovery mechanisms because you just
can't<00:23:40.690><c> you</c><00:23:41.260><c> can't</c><00:23:41.590><c> you</c><00:23:41.710><c> know</c><00:23:41.920><c> lose</c><00:23:42.190><c> your</c>

00:23:42.390 --> 00:23:42.400 align:start position:0%
can't you can't you know lose your
 

00:23:42.400 --> 00:23:44.510 align:start position:0%
can't you can't you know lose your
identity<00:23:42.940><c> and</c><00:23:43.210><c> most</c><00:23:43.810><c> people</c><00:23:44.170><c> aren't</c><00:23:44.320><c> gonna</c>

00:23:44.510 --> 00:23:44.520 align:start position:0%
identity and most people aren't gonna
 

00:23:44.520 --> 00:23:47.190 align:start position:0%
identity and most people aren't gonna
aren't<00:23:45.520><c> going</c><00:23:45.730><c> to</c><00:23:45.790><c> like</c><00:23:45.970><c> have</c><00:23:46.510><c> the</c><00:23:46.810><c> level</c><00:23:47.080><c> of</c>

00:23:47.190 --> 00:23:47.200 align:start position:0%
aren't going to like have the level of
 

00:23:47.200 --> 00:23:47.869 align:start position:0%
aren't going to like have the level of
understand

00:23:47.869 --> 00:23:47.879 align:start position:0%
understand
 

00:23:47.879 --> 00:23:49.279 align:start position:0%
understand
the<00:23:48.089><c> SEC</c><00:23:48.269><c> knowledge</c><00:23:48.539><c> ease</c><00:23:48.659><c> like</c><00:23:48.839><c> be</c><00:23:49.019><c> able</c><00:23:49.109><c> to</c>

00:23:49.279 --> 00:23:49.289 align:start position:0%
the SEC knowledge ease like be able to
 

00:23:49.289 --> 00:23:51.649 align:start position:0%
the SEC knowledge ease like be able to
do<00:23:49.379><c> that</c><00:23:49.529><c> stuff</c><00:23:49.799><c> hands-on</c><00:23:50.190><c> and</c><00:23:50.489><c> the</c><00:23:51.479><c> user</c>

00:23:51.649 --> 00:23:51.659 align:start position:0%
do that stuff hands-on and the user
 

00:23:51.659 --> 00:23:54.949 align:start position:0%
do that stuff hands-on and the user
experience<00:23:52.139><c> so</c><00:23:52.679><c> you</c><00:23:53.369><c> know</c><00:23:53.489><c> even</c><00:23:54.479><c> having</c><00:23:54.839><c> to</c>

00:23:54.949 --> 00:23:54.959 align:start position:0%
experience so you know even having to
 

00:23:54.959 --> 00:23:59.109 align:start position:0%
experience so you know even having to
understand<00:23:56.449><c> you</c><00:23:57.449><c> know</c><00:23:57.569><c> claims</c><00:23:58.319><c> or</c>

00:23:59.109 --> 00:23:59.119 align:start position:0%
understand you know claims or
 

00:23:59.119 --> 00:24:02.119 align:start position:0%
understand you know claims or
transactions<00:24:00.119><c> or</c><00:24:00.479><c> delegation</c><00:24:01.289><c> or</c><00:24:01.769><c> all</c><00:24:01.949><c> these</c>

00:24:02.119 --> 00:24:02.129 align:start position:0%
transactions or delegation or all these
 

00:24:02.129 --> 00:24:03.829 align:start position:0%
transactions or delegation or all these
things<00:24:02.369><c> need</c><00:24:02.579><c> to</c><00:24:02.639><c> get</c><00:24:02.819><c> abstracted</c><00:24:03.389><c> over</c><00:24:03.569><c> time</c>

00:24:03.829 --> 00:24:03.839 align:start position:0%
things need to get abstracted over time
 

00:24:03.839 --> 00:24:06.289 align:start position:0%
things need to get abstracted over time
which<00:24:04.499><c> I</c><00:24:04.649><c> think</c><00:24:04.679><c> I'm</c><00:24:05.249><c> hopeful</c><00:24:05.789><c> will</c><00:24:05.940><c> happen</c>

00:24:06.289 --> 00:24:06.299 align:start position:0%
which I think I'm hopeful will happen
 

00:24:06.299 --> 00:24:08.239 align:start position:0%
which I think I'm hopeful will happen
given<00:24:06.659><c> how</c><00:24:07.109><c> many</c><00:24:07.289><c> great</c><00:24:07.679><c> people</c><00:24:07.859><c> are</c><00:24:08.069><c> working</c>

00:24:08.239 --> 00:24:08.249 align:start position:0%
given how many great people are working
 

00:24:08.249 --> 00:24:10.309 align:start position:0%
given how many great people are working
on<00:24:08.399><c> in</c><00:24:08.609><c> this</c><00:24:08.729><c> space</c><00:24:08.999><c> but</c><00:24:09.569><c> it's</c><00:24:09.749><c> all</c><00:24:09.869><c> stuff</c><00:24:10.139><c> we</c>

00:24:10.309 --> 00:24:10.319 align:start position:0%
on in this space but it's all stuff we
 

00:24:10.319 --> 00:24:25.189 align:start position:0%
on in this space but it's all stuff we
need<00:24:10.440><c> to</c><00:24:10.469><c> figure</c><00:24:10.829><c> out</c><00:24:12.589><c> thank</c><00:24:13.589><c> you</c><00:24:24.199><c> we're</c>

00:24:25.189 --> 00:24:25.199 align:start position:0%
need to figure out thank you we're
 

00:24:25.199 --> 00:24:27.109 align:start position:0%
need to figure out thank you we're
working<00:24:25.619><c> in</c><00:24:25.769><c> the</c><00:24:25.979><c> south</c><00:24:26.279><c> sovereign</c><00:24:26.639><c> identity</c>

00:24:27.109 --> 00:24:27.119 align:start position:0%
working in the south sovereign identity
 

00:24:27.119 --> 00:24:30.709 align:start position:0%
working in the south sovereign identity
space<00:24:27.479><c> and</c><00:24:27.899><c> would</c><00:24:28.739><c> be</c><00:24:28.919><c> curious</c><00:24:29.509><c> what's</c><00:24:30.509><c> your</c>

00:24:30.709 --> 00:24:30.719 align:start position:0%
space and would be curious what's your
 

00:24:30.719 --> 00:24:33.169 align:start position:0%
space and would be curious what's your
opinion<00:24:31.049><c> about</c><00:24:31.349><c> the</c><00:24:31.709><c> major</c><00:24:32.159><c> challenges</c><00:24:32.849><c> to</c>

00:24:33.169 --> 00:24:33.179 align:start position:0%
opinion about the major challenges to
 

00:24:33.179 --> 00:24:36.169 align:start position:0%
opinion about the major challenges to
get<00:24:33.419><c> the</c><00:24:33.719><c> the</c><00:24:34.379><c> current</c><00:24:34.799><c> understanding</c><00:24:35.609><c> of</c>

00:24:36.169 --> 00:24:36.179 align:start position:0%
get the the current understanding of
 

00:24:36.179 --> 00:24:38.779 align:start position:0%
get the the current understanding of
south<00:24:36.389><c> sovereign</c><00:24:36.749><c> identity</c><00:24:37.349><c> either</c><00:24:37.789><c> the</c>

00:24:38.779 --> 00:24:38.789 align:start position:0%
south sovereign identity either the
 

00:24:38.789 --> 00:24:41.059 align:start position:0%
south sovereign identity either the
approach<00:24:39.059><c> of</c><00:24:39.089><c> you</c><00:24:39.359><c> port</c><00:24:39.659><c> or</c><00:24:40.049><c> sovereign</c><00:24:40.589><c> or</c>

00:24:41.059 --> 00:24:41.069 align:start position:0%
approach of you port or sovereign or
 

00:24:41.069 --> 00:24:43.519 align:start position:0%
approach of you port or sovereign or
whoever<00:24:41.639><c> where</c><00:24:42.389><c> do</c><00:24:42.539><c> you</c><00:24:42.690><c> see</c><00:24:42.959><c> the</c><00:24:43.259><c> major</c>

00:24:43.519 --> 00:24:43.529 align:start position:0%
whoever where do you see the major
 

00:24:43.529 --> 00:24:45.889 align:start position:0%
whoever where do you see the major
challenges<00:24:44.129><c> to</c><00:24:44.190><c> get</c><00:24:44.489><c> its</c><00:24:44.669><c> owner</c><00:24:45.029><c> on</c><00:24:45.449><c> a</c><00:24:45.479><c> broader</c>

00:24:45.889 --> 00:24:45.899 align:start position:0%
challenges to get its owner on a broader
 

00:24:45.899 --> 00:24:51.619 align:start position:0%
challenges to get its owner on a broader
level<00:24:46.789><c> towards</c><00:24:47.789><c> people</c><00:24:50.089><c> even</c><00:24:51.089><c> here</c><00:24:51.359><c> in</c><00:24:51.509><c> the</c>

00:24:51.619 --> 00:24:51.629 align:start position:0%
level towards people even here in the
 

00:24:51.629 --> 00:24:54.559 align:start position:0%
level towards people even here in the
room<00:24:51.809><c> so</c><00:24:52.169><c> basically</c><00:24:52.649><c> take</c><00:24:53.399><c> take</c><00:24:53.969><c> that</c><00:24:54.209><c> crowd</c>

00:24:54.559 --> 00:24:54.569 align:start position:0%
room so basically take take that crowd
 

00:24:54.569 --> 00:24:58.009 align:start position:0%
room so basically take take that crowd
and<00:24:54.869><c> not</c><00:24:55.019><c> just</c><00:24:55.379><c> the</c><00:24:55.769><c> ordinary</c><00:24:56.159><c> person</c><00:24:56.779><c> yeah</c><00:24:57.779><c> if</c>

00:24:58.009 --> 00:24:58.019 align:start position:0%
and not just the ordinary person yeah if
 

00:24:58.019 --> 00:25:01.249 align:start position:0%
and not just the ordinary person yeah if
you<00:24:58.199><c> like</c><00:24:58.409><c> I</c><00:24:58.739><c> think</c><00:24:59.609><c> this</c><00:24:59.969><c> speaks</c><00:25:00.269><c> to</c><00:25:00.509><c> why</c><00:25:01.049><c> it's</c>

00:25:01.249 --> 00:25:01.259 align:start position:0%
you like I think this speaks to why it's
 

00:25:01.259 --> 00:25:03.409 align:start position:0%
you like I think this speaks to why it's
important<00:25:01.739><c> to</c><00:25:01.919><c> think</c><00:25:02.789><c> of</c><00:25:02.940><c> the</c><00:25:03.119><c> design</c>

00:25:03.409 --> 00:25:03.419 align:start position:0%
important to think of the design
 

00:25:03.419 --> 00:25:05.959 align:start position:0%
important to think of the design
consciously<00:25:04.109><c> up</c><00:25:04.319><c> front</c><00:25:04.619><c> so</c><00:25:05.369><c> you</c><00:25:05.399><c> know</c><00:25:05.609><c> if</c><00:25:05.849><c> you</c>

00:25:05.959 --> 00:25:05.969 align:start position:0%
consciously up front so you know if you
 

00:25:05.969 --> 00:25:08.029 align:start position:0%
consciously up front so you know if you
let<00:25:06.179><c> it</c><00:25:06.209><c> purely</c><00:25:06.659><c> emerge</c><00:25:07.049><c> as</c><00:25:07.259><c> a</c><00:25:07.289><c> byproduct</c><00:25:07.679><c> of</c>

00:25:08.029 --> 00:25:08.039 align:start position:0%
let it purely emerge as a byproduct of
 

00:25:08.039 --> 00:25:09.649 align:start position:0%
let it purely emerge as a byproduct of
the<00:25:08.159><c> application</c><00:25:08.729><c> then</c><00:25:09.179><c> you</c><00:25:09.209><c> don't</c><00:25:09.539><c> really</c>

00:25:09.649 --> 00:25:09.659 align:start position:0%
the application then you don't really
 

00:25:09.659 --> 00:25:11.389 align:start position:0%
the application then you don't really
know<00:25:09.839><c> what's</c><00:25:10.049><c> going</c><00:25:10.109><c> to</c><00:25:10.229><c> happen</c><00:25:10.289><c> you</c><00:25:10.979><c> know</c>

00:25:11.389 --> 00:25:11.399 align:start position:0%
know what's going to happen you know
 

00:25:11.399 --> 00:25:13.489 align:start position:0%
know what's going to happen you know
all<00:25:11.819><c> these</c><00:25:12.059><c> claims</c><00:25:12.299><c> might</c><00:25:12.599><c> be</c><00:25:12.719><c> on</c><00:25:12.839><c> chain</c><00:25:13.199><c> and</c>

00:25:13.489 --> 00:25:13.499 align:start position:0%
all these claims might be on chain and
 

00:25:13.499 --> 00:25:15.499 align:start position:0%
all these claims might be on chain and
like<00:25:13.649><c> it</c><00:25:13.799><c> might</c><00:25:13.979><c> be</c><00:25:14.190><c> you</c><00:25:14.399><c> know</c><00:25:14.519><c> might</c><00:25:15.119><c> complete</c>

00:25:15.499 --> 00:25:15.509 align:start position:0%
like it might be you know might complete
 

00:25:15.509 --> 00:25:18.409 align:start position:0%
like it might be you know might complete
lack<00:25:15.690><c> privacy</c><00:25:16.259><c> or</c><00:25:16.769><c> you</c><00:25:17.309><c> know</c><00:25:17.429><c> some</c><00:25:17.759><c> the</c><00:25:18.149><c> the</c>

00:25:18.409 --> 00:25:18.419 align:start position:0%
lack privacy or you know some the the
 

00:25:18.419 --> 00:25:20.419 align:start position:0%
lack privacy or you know some the the
dominant<00:25:19.319><c> service</c><00:25:19.679><c> that's</c><00:25:19.889><c> getting</c><00:25:20.190><c> all</c><00:25:20.279><c> the</c>

00:25:20.419 --> 00:25:20.429 align:start position:0%
dominant service that's getting all the
 

00:25:20.429 --> 00:25:21.859 align:start position:0%
dominant service that's getting all the
traction<00:25:20.699><c> might</c><00:25:21.119><c> just</c><00:25:21.389><c> store</c><00:25:21.569><c> all</c><00:25:21.749><c> the</c>

00:25:21.859 --> 00:25:21.869 align:start position:0%
traction might just store all the
 

00:25:21.869 --> 00:25:24.139 align:start position:0%
traction might just store all the
information<00:25:21.899><c> in</c><00:25:22.739><c> a</c><00:25:23.129><c> centralized</c><00:25:23.609><c> server</c><00:25:23.849><c> so</c>

00:25:24.139 --> 00:25:24.149 align:start position:0%
information in a centralized server so
 

00:25:24.149 --> 00:25:25.309 align:start position:0%
information in a centralized server so
it's<00:25:24.299><c> good</c><00:25:24.449><c> that</c><00:25:24.599><c> we're</c><00:25:24.719><c> thinking</c><00:25:24.839><c> about</c><00:25:25.109><c> it</c>

00:25:25.309 --> 00:25:25.319 align:start position:0%
it's good that we're thinking about it
 

00:25:25.319 --> 00:25:29.779 align:start position:0%
it's good that we're thinking about it
up<00:25:25.440><c> front</c><00:25:25.709><c> I</c><00:25:26.669><c> think</c><00:25:27.329><c> I</c><00:25:28.339><c> mean</c><00:25:29.339><c> I've</c><00:25:29.459><c> seen</c><00:25:29.729><c> some</c>

00:25:29.779 --> 00:25:29.789 align:start position:0%
up front I think I mean I've seen some
 

00:25:29.789 --> 00:25:31.279 align:start position:0%
up front I think I mean I've seen some
approaches<00:25:30.659><c> that</c><00:25:30.779><c> are</c><00:25:30.839><c> pretty</c><00:25:31.079><c> interesting</c>

00:25:31.279 --> 00:25:31.289 align:start position:0%
approaches that are pretty interesting
 

00:25:31.289 --> 00:25:33.559 align:start position:0%
approaches that are pretty interesting
like<00:25:31.859><c> again</c><00:25:32.219><c> talking</c><00:25:32.699><c> to</c><00:25:32.879><c> the</c><00:25:33.059><c> bloom</c><00:25:33.299><c> team</c>

00:25:33.559 --> 00:25:33.569 align:start position:0%
like again talking to the bloom team
 

00:25:33.569 --> 00:25:35.209 align:start position:0%
like again talking to the bloom team
while<00:25:33.959><c> you're</c><00:25:34.139><c> here</c><00:25:34.409><c> would</c><00:25:34.529><c> be</c><00:25:34.739><c> like</c><00:25:35.069><c> they</c>

00:25:35.209 --> 00:25:35.219 align:start position:0%
while you're here would be like they
 

00:25:35.219 --> 00:25:37.099 align:start position:0%
while you're here would be like they
have<00:25:35.369><c> a</c><00:25:35.399><c> pretty</c><00:25:35.669><c> interesting</c><00:25:35.759><c> go</c><00:25:36.659><c> to</c><00:25:36.719><c> market</c>

00:25:37.099 --> 00:25:37.109 align:start position:0%
have a pretty interesting go to market
 

00:25:37.109 --> 00:25:40.549 align:start position:0%
have a pretty interesting go to market
strategy<00:25:38.419><c> yeah</c><00:25:39.419><c> I</c><00:25:39.509><c> think</c><00:25:39.779><c> is</c><00:25:39.929><c> Hughes</c><00:25:40.169><c> cases</c>

00:25:40.549 --> 00:25:40.559 align:start position:0%
strategy yeah I think is Hughes cases
 

00:25:40.559 --> 00:25:43.339 align:start position:0%
strategy yeah I think is Hughes cases
user<00:25:41.039><c> experience</c><00:25:41.639><c> security</c><00:25:42.239><c> it's</c><00:25:43.109><c> kind</c><00:25:43.289><c> of</c>

00:25:43.339 --> 00:25:43.349 align:start position:0%
user experience security it's kind of
 

00:25:43.349 --> 00:25:45.529 align:start position:0%
user experience security it's kind of
things