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so<00:00:00.659><c> my</c><00:00:00.810><c> name</c><00:00:00.960><c> is</c><00:00:00.989><c> Lawrence</c><00:00:01.439><c> Breidenbach</c><00:00:01.770><c> I'm</c>

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so my name is Lawrence Breidenbach I'm
 

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so my name is Lawrence Breidenbach I'm
from<00:00:02.340><c> ETH</c><00:00:02.700><c> Zurich</c><00:00:03.090><c> and</c><00:00:03.300><c> ic3</c><00:00:03.720><c> the</c><00:00:04.049><c> initiative</c>

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from ETH Zurich and ic3 the initiative
 

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from ETH Zurich and ic3 the initiative
for<00:00:04.529><c> cryptocurrencies</c><00:00:04.920><c> and</c><00:00:05.130><c> contracts</c><00:00:05.609><c> and</c>

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for cryptocurrencies and contracts and
 

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for cryptocurrencies and contracts and
this<00:00:06.420><c> right</c><00:00:06.600><c> here</c><00:00:06.750><c> is</c><00:00:06.810><c> my</c><00:00:06.839><c> buddy</c><00:00:07.200><c> hi</c><00:00:08.010><c> I'm</c><00:00:08.189><c> Tyler</c>

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this right here is my buddy hi I'm Tyler
 

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this right here is my buddy hi I'm Tyler
I'm<00:00:08.820><c> with</c><00:00:08.940><c> Cornell</c><00:00:09.240><c> University</c><00:00:09.780><c> I'm</c><00:00:09.900><c> also</c>

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I'm with Cornell University I'm also
 

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I'm with Cornell University I'm also
with<00:00:10.290><c> ic3</c><00:00:10.590><c> and</c><00:00:11.509><c> today</c><00:00:12.509><c> we're</c><00:00:12.660><c> going</c><00:00:12.809><c> to</c><00:00:12.870><c> be</c>

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with ic3 and today we're going to be
 

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with ic3 and today we're going to be
talking<00:00:13.349><c> to</c><00:00:13.559><c> you</c><00:00:13.679><c> about</c><00:00:13.769><c> lip</c><00:00:14.340><c> Submarine</c><00:00:14.790><c> a</c><00:00:15.179><c> new</c>

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talking to you about lip Submarine a new
 

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talking to you about lip Submarine a new
smart<00:00:16.049><c> contract</c><00:00:16.410><c> library</c><00:00:16.770><c> that</c><00:00:16.920><c> you</c><00:00:17.010><c> can</c><00:00:17.070><c> use</c>

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smart contract library that you can use
 

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smart contract library that you can use
to<00:00:17.490><c> temporarily</c><00:00:17.940><c> hide</c><00:00:18.359><c> transactions</c><00:00:19.350><c> on</c>

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to temporarily hide transactions on
 

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to temporarily hide transactions on
aetherium<00:00:19.800><c> and</c><00:00:19.949><c> hopefully</c><00:00:20.850><c> defeat</c>

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aetherium and hopefully defeat
 

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aetherium and hopefully defeat
frontrunners<00:00:21.840><c> if</c><00:00:22.320><c> you</c><00:00:22.890><c> saw</c><00:00:23.070><c> those</c><00:00:23.279><c> talk</c>

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frontrunners if you saw those talk
 

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frontrunners if you saw those talk
yesterday<00:00:23.990><c> so</c><00:00:24.990><c> a</c><00:00:25.019><c> little</c><00:00:25.260><c> bit</c><00:00:25.410><c> about</c><00:00:25.529><c> the</c>

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yesterday so a little bit about the
 

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yesterday so a little bit about the
background<00:00:27.109><c> alright</c><00:00:28.109><c> here</c><00:00:28.289><c> we</c><00:00:28.320><c> go</c><00:00:28.470><c> yeah</c><00:00:28.650><c> so</c>

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background alright here we go yeah so
 

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background alright here we go yeah so
this<00:00:28.890><c> is</c><00:00:29.039><c> based</c><00:00:29.250><c> on</c><00:00:29.429><c> research</c><00:00:29.970><c> we</c><00:00:30.660><c> did</c><00:00:30.810><c> at</c><00:00:30.900><c> ic3</c>

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this is based on research we did at ic3
 

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this is based on research we did at ic3
with<00:00:32.309><c> my</c><00:00:32.550><c> colleagues</c><00:00:33.950><c> yeah</c><00:00:34.950><c> it's</c><00:00:35.070><c> working</c>

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with my colleagues yeah it's working
 

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with my colleagues yeah it's working
phil<00:00:35.880><c> diane</c><00:00:36.210><c> florian</c><00:00:36.630><c> trauma</c><00:00:36.870><c> and</c><00:00:37.230><c> re</c><00:00:37.500><c> jules</c>

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phil diane florian trauma and re jules
 

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phil diane florian trauma and re jules
so<00:00:38.610><c> if</c><00:00:38.670><c> you're</c><00:00:38.850><c> curious</c><00:00:39.059><c> about</c><00:00:39.360><c> the</c>

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so if you're curious about the
 

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so if you're curious about the
intricacies<00:00:40.739><c> you</c><00:00:40.860><c> can</c><00:00:41.040><c> check</c><00:00:41.190><c> out</c><00:00:41.370><c> that</c><00:00:41.399><c> stuff</c>

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intricacies you can check out that stuff
 

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intricacies you can check out that stuff
but<00:00:42.989><c> today</c><00:00:43.170><c> I'm</c><00:00:43.410><c> not</c><00:00:43.469><c> going</c><00:00:43.710><c> to</c><00:00:43.770><c> bore</c><00:00:43.920><c> you</c><00:00:44.040><c> with</c>

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but today I'm not going to bore you with
 

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but today I'm not going to bore you with
that<00:00:44.340><c> we're</c><00:00:44.579><c> gonna</c><00:00:44.670><c> dive</c><00:00:45.000><c> right</c><00:00:45.270><c> into</c><00:00:45.480><c> sort</c><00:00:46.289><c> of</c>

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that we're gonna dive right into sort of
 

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that we're gonna dive right into sort of
the<00:00:46.469><c> motivation</c><00:00:46.590><c> and</c><00:00:47.070><c> then</c><00:00:47.160><c> Tyler</c><00:00:47.670><c> is</c><00:00:47.820><c> gonna</c>

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the motivation and then Tyler is gonna
 

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the motivation and then Tyler is gonna
tell<00:00:48.180><c> you</c><00:00:48.300><c> a</c><00:00:48.329><c> little</c><00:00:48.420><c> bit</c><00:00:48.570><c> about</c><00:00:48.899><c> how</c><00:00:49.559><c> this</c>

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tell you a little bit about how this
 

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tell you a little bit about how this
works<00:00:50.300><c> so</c><00:00:51.300><c> why</c><00:00:51.899><c> would</c><00:00:52.140><c> you</c><00:00:52.230><c> want</c><00:00:52.379><c> to</c>

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works so why would you want to
 

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works so why would you want to
temporarily<00:00:52.860><c> hide</c><00:00:53.219><c> transactions</c><00:00:54.120><c> on</c>

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temporarily hide transactions on
 

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temporarily hide transactions on
etherion<00:00:55.170><c> well</c><00:00:55.949><c> basically</c><00:00:56.610><c> you</c><00:00:56.699><c> want</c><00:00:56.850><c> to</c><00:00:56.910><c> hide</c>

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etherion well basically you want to hide
 

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etherion well basically you want to hide
transactions<00:00:57.570><c> whenever</c><00:00:57.960><c> you</c><00:00:58.469><c> worry</c><00:00:58.680><c> about</c>

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transactions whenever you worry about
 

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transactions whenever you worry about
somebody<00:00:59.190><c> else</c><00:00:59.340><c> seeing</c><00:00:59.550><c> the</c><00:00:59.699><c> transaction</c><00:01:00.210><c> and</c>

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somebody else seeing the transaction and
 

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somebody else seeing the transaction and
doing<00:01:00.570><c> something</c><00:01:00.809><c> evil</c><00:01:01.350><c> with</c><00:01:01.920><c> the</c><00:01:02.010><c> knowledge</c>

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doing something evil with the knowledge
 

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doing something evil with the knowledge
that<00:01:02.370><c> that</c><00:01:02.550><c> transaction</c><00:01:03.120><c> will</c><00:01:03.270><c> be</c><00:01:03.390><c> included</c>

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that that transaction will be included
 

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that that transaction will be included
later<00:01:04.049><c> so</c><00:01:04.589><c> the</c><00:01:05.100><c> typical</c><00:01:05.519><c> use</c><00:01:05.700><c> case</c><00:01:05.880><c> would</c><00:01:06.090><c> be</c>

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later so the typical use case would be
 

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later so the typical use case would be
to<00:01:06.240><c> prevent</c><00:01:06.540><c> front-running</c><00:01:06.990><c> but</c><00:01:07.260><c> it's</c><00:01:07.380><c> also</c>

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to prevent front-running but it's also
 

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to prevent front-running but it's also
useful<00:01:07.860><c> for</c><00:01:07.890><c> things</c><00:01:08.189><c> like</c><00:01:08.250><c> sealed</c><00:01:08.909><c> bid</c>

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useful for things like sealed bid
 

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useful for things like sealed bid
auctions<00:01:09.600><c> and</c><00:01:09.780><c> things</c><00:01:09.900><c> like</c><00:01:10.049><c> that</c><00:01:11.180><c> on</c><00:01:12.180><c> chain</c>

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auctions and things like that on chain
 

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auctions and things like that on chain
voting<00:01:12.750><c> is</c><00:01:12.840><c> another</c><00:01:13.080><c> case</c><00:01:13.290><c> where</c><00:01:13.350><c> you</c><00:01:13.920><c> might</c>

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voting is another case where you might
 

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voting is another case where you might
want<00:01:14.070><c> to</c><00:01:14.280><c> hide</c><00:01:14.460><c> the</c><00:01:14.610><c> fact</c><00:01:14.640><c> that</c><00:01:15.000><c> you're</c>

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want to hide the fact that you're
 

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want to hide the fact that you're
participating<00:01:15.900><c> in</c><00:01:16.320><c> a</c><00:01:16.380><c> vote</c><00:01:17.299><c> clear</c><00:01:18.299><c> token</c>

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participating in a vote clear token
 

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participating in a vote clear token
offerings<00:01:18.960><c> challenge</c><00:01:19.380><c> protocols</c><00:01:19.740><c> and</c><00:01:20.100><c> maybe</c>

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offerings challenge protocols and maybe
 

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offerings challenge protocols and maybe
soon<00:01:20.759><c> your</c><00:01:20.970><c> DAP</c><00:01:22.820><c> so</c><00:01:23.820><c> let</c><00:01:24.270><c> me</c><00:01:24.420><c> motivate</c><00:01:24.540><c> this</c><00:01:24.869><c> a</c>

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soon your DAP so let me motivate this a
 

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soon your DAP so let me motivate this a
little<00:01:25.110><c> bit</c><00:01:25.259><c> with</c><00:01:25.470><c> an</c><00:01:25.590><c> example</c><00:01:26.009><c> in</c><00:01:26.100><c> case</c><00:01:26.310><c> that</c>

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little bit with an example in case that
 

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little bit with an example in case that
you<00:01:27.030><c> want</c><00:01:27.180><c> to</c><00:01:27.240><c> know</c><00:01:27.330><c> more</c><00:01:27.509><c> about</c><00:01:27.630><c> how</c><00:01:27.900><c> this</c>

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you want to know more about how this
 

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you want to know more about how this
front-running<00:01:28.470><c> attack</c><00:01:28.770><c> would</c><00:01:29.159><c> look</c><00:01:29.369><c> like</c><00:01:29.630><c> and</c>

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front-running attack would look like and
 

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front-running attack would look like and
I'm<00:01:30.780><c> gonna</c><00:01:30.900><c> be</c><00:01:31.110><c> specifically</c><00:01:31.770><c> talking</c><00:01:32.070><c> about</c>

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I'm gonna be specifically talking about
 

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I'm gonna be specifically talking about
an<00:01:32.700><c> example</c><00:01:33.119><c> where</c><00:01:33.509><c> we</c><00:01:33.750><c> have</c><00:01:33.840><c> a</c><00:01:33.869><c> text</c><00:01:34.170><c> contract</c>

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an example where we have a text contract
 

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an example where we have a text contract
similar<00:01:34.950><c> to</c><00:01:35.130><c> say</c><00:01:35.340><c> Bank</c><00:01:35.820><c> or</c><00:01:36.060><c> or</c><00:01:36.630><c> a</c><00:01:36.689><c> uni</c><00:01:36.990><c> swab</c>

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similar to say Bank or or a uni swab
 

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similar to say Bank or or a uni swab
that<00:01:37.259><c> is</c><00:01:37.650><c> acting</c><00:01:38.130><c> as</c><00:01:38.220><c> a</c><00:01:38.250><c> sort</c><00:01:38.460><c> of</c><00:01:38.490><c> automated</c>

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that is acting as a sort of automated
 

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that is acting as a sort of automated
market-maker<00:01:40.130><c> and</c><00:01:41.130><c> so</c><00:01:41.189><c> what</c><00:01:41.310><c> happens</c><00:01:41.579><c> here</c><00:01:41.610><c> is</c>

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market-maker and so what happens here is
 

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market-maker and so what happens here is
that<00:01:41.909><c> we</c><00:01:42.030><c> have</c><00:01:42.150><c> our</c><00:01:42.270><c> user</c><00:01:42.570><c> who</c><00:01:43.530><c> wants</c><00:01:43.649><c> to</c><00:01:43.860><c> buy</c>

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that we have our user who wants to buy
 

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that we have our user who wants to buy
some<00:01:44.040><c> tokens</c><00:01:44.579><c> say</c><00:01:44.700><c> and</c><00:01:44.880><c> so</c><00:01:44.970><c> she</c><00:01:45.090><c> broadcasts</c><00:01:45.689><c> a</c>

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some tokens say and so she broadcasts a
 

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some tokens say and so she broadcasts a
buy<00:01:45.899><c> transaction</c><00:01:46.590><c> to</c><00:01:46.770><c> the</c><00:01:46.860><c> etherium</c><00:01:47.250><c> network</c>

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buy transaction to the etherium network
 

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buy transaction to the etherium network
and<00:01:49.049><c> now</c><00:01:49.259><c> that</c><00:01:49.500><c> now</c><00:01:49.649><c> that</c><00:01:49.680><c> transaction</c><00:01:50.610><c> gets</c>

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and now that now that transaction gets
 

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and now that now that transaction gets
propagated<00:01:51.000><c> on</c><00:01:51.390><c> the</c><00:01:51.479><c> network</c><00:01:51.810><c> sits</c><00:01:52.649><c> in</c><00:01:52.770><c> the</c>

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propagated on the network sits in the
 

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propagated on the network sits in the
men<00:01:52.979><c> pole</c><00:01:53.189><c> for</c><00:01:53.399><c> some</c><00:01:53.579><c> time</c><00:01:53.729><c> and</c><00:01:53.939><c> it's</c><00:01:54.030><c> finally</c>

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men pole for some time and it's finally
 

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men pole for some time and it's finally
included<00:01:54.840><c> in</c><00:01:54.930><c> a</c><00:01:55.020><c> block</c><00:01:55.259><c> at</c><00:01:55.950><c> which</c><00:01:56.070><c> point</c><00:01:56.340><c> it</c>

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included in a block at which point it
 

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included in a block at which point it
sort<00:01:56.670><c> of</c><00:01:56.700><c> reaches</c><00:01:57.210><c> our</c><00:01:57.570><c> decks</c><00:01:57.840><c> smart</c><00:01:58.110><c> contract</c>

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sort of reaches our decks smart contract
 

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sort of reaches our decks smart contract
now<00:01:59.460><c> what</c><00:01:59.610><c> a</c><00:01:59.640><c> malicious</c><00:01:59.790><c> user</c><00:02:00.030><c> or</c><00:02:00.390><c> a</c>

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now what a malicious user or a
 

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now what a malicious user or a
front-runner<00:02:00.719><c> can</c><00:02:01.020><c> do</c><00:02:01.170><c> is</c><00:02:01.320><c> that</c><00:02:01.619><c> he</c><00:02:01.649><c> can</c><00:02:01.890><c> use</c>

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front-runner can do is that he can use
 

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front-runner can do is that he can use
this<00:02:02.369><c> window</c><00:02:02.880><c> of</c><00:02:03.030><c> time</c><00:02:03.270><c> this</c><00:02:03.570><c> gap</c><00:02:03.869><c> between</c><00:02:04.229><c> the</c>

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this window of time this gap between the
 

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this window of time this gap between the
when<00:02:04.560><c> the</c><00:02:04.680><c> transaction</c><00:02:05.100><c> is</c><00:02:05.189><c> broadcast</c><00:02:05.700><c> and</c>

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when the transaction is broadcast and
 

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when the transaction is broadcast and
when<00:02:06.479><c> it</c><00:02:06.570><c> is</c><00:02:06.659><c> included</c><00:02:07.049><c> in</c><00:02:07.110><c> the</c><00:02:07.200><c> block</c><00:02:07.640><c> knowing</c>

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when it is included in the block knowing
 

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when it is included in the block knowing
that<00:02:08.819><c> the</c><00:02:08.910><c> transaction</c><00:02:09.360><c> will</c><00:02:09.479><c> be</c><00:02:09.569><c> included</c><00:02:09.929><c> in</c>

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that the transaction will be included in
 

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that the transaction will be included in
a<00:02:10.080><c> future</c><00:02:10.319><c> block</c><00:02:10.500><c> but</c><00:02:10.830><c> quickly</c><00:02:11.009><c> sneakin</c><00:02:11.550><c> in</c>

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a future block but quickly sneakin in
 

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a future block but quickly sneakin in
front<00:02:11.849><c> of</c><00:02:11.940><c> the</c><00:02:12.030><c> transaction</c><00:02:12.540><c> and</c><00:02:12.720><c> sort</c><00:02:13.260><c> of</c>

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front of the transaction and sort of
 

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front of the transaction and sort of
at<00:02:13.920><c> our</c><00:02:14.040><c> users</c><00:02:14.340><c> expense</c><00:02:14.750><c> so</c><00:02:15.750><c> the</c><00:02:15.840><c> way</c><00:02:15.930><c> that</c><00:02:16.110><c> the</c>

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at our users expense so the way that the
 

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at our users expense so the way that the
front-runner<00:02:16.710><c> might</c><00:02:16.920><c> be</c><00:02:17.040><c> able</c><00:02:17.160><c> to</c><00:02:17.280><c> do</c><00:02:17.370><c> this</c><00:02:17.520><c> is</c>

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front-runner might be able to do this is
 

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front-runner might be able to do this is
in<00:02:18.450><c> the</c><00:02:18.600><c> simplest</c><00:02:18.930><c> case</c><00:02:19.080><c> by</c><00:02:19.230><c> simply</c>

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in the simplest case by simply
 

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in the simplest case by simply
sandwiching<00:02:20.070><c> this</c><00:02:20.190><c> transaction</c><00:02:20.580><c> so</c><00:02:21.390><c> the</c>

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sandwiching this transaction so the
 

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sandwiching this transaction so the
front-runner<00:02:22.020><c> would</c><00:02:22.200><c> place</c><00:02:22.380><c> a</c><00:02:22.410><c> buy</c><00:02:22.650><c> order</c><00:02:22.860><c> in</c>

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front-runner would place a buy order in
 

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front-runner would place a buy order in
front<00:02:23.400><c> of</c><00:02:23.520><c> our</c><00:02:23.730><c> users</c><00:02:24.090><c> buy</c><00:02:24.330><c> order</c><00:02:24.630><c> this</c><00:02:25.320><c> buy</c>

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front of our users buy order this buy
 

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front of our users buy order this buy
order<00:02:25.740><c> would</c><00:02:25.890><c> drive</c><00:02:26.160><c> up</c><00:02:26.340><c> the</c><00:02:26.460><c> price</c><00:02:26.780><c> then</c><00:02:27.780><c> our</c>

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order would drive up the price then our
 

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order would drive up the price then our
users<00:02:28.230><c> buy</c><00:02:28.410><c> order</c><00:02:28.650><c> would</c><00:02:28.740><c> arrive</c><00:02:28.980><c> buying</c><00:02:29.400><c> at</c><00:02:29.520><c> a</c>

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users buy order would arrive buying at a
 

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users buy order would arrive buying at a
higher<00:02:29.760><c> price</c><00:02:30.120><c> than</c><00:02:30.690><c> a</c><00:02:31.140><c> twitch</c><00:02:31.410><c> would</c><00:02:31.560><c> have</c>

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higher price than a twitch would have
 

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higher price than a twitch would have
bought<00:02:31.890><c> if</c><00:02:32.040><c> it</c><00:02:32.130><c> hadn't</c><00:02:32.370><c> been</c><00:02:32.430><c> for</c><00:02:32.490><c> the</c><00:02:32.670><c> front</c>

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bought if it hadn't been for the front
 

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bought if it hadn't been for the front
runner<00:02:33.000><c> and</c><00:02:33.240><c> then</c><00:02:33.690><c> the</c><00:02:33.780><c> front</c><00:02:33.959><c> runner</c><00:02:34.110><c> can</c>

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runner and then the front runner can
 

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runner and then the front runner can
immediately<00:02:34.500><c> sell</c><00:02:34.890><c> again</c><00:02:35.130><c> basically</c>

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immediately sell again basically
 

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immediately sell again basically
pocketing<00:02:36.090><c> the</c><00:02:36.209><c> spread</c><00:02:36.480><c> and</c><00:02:36.920><c> benefiting</c><00:02:37.920><c> at</c>

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pocketing the spread and benefiting at
 

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pocketing the spread and benefiting at
our<00:02:38.160><c> poor</c><00:02:38.459><c> users</c><00:02:38.730><c> expense</c><00:02:39.090><c> here</c><00:02:39.290><c> and</c><00:02:40.290><c> this</c>

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our poor users expense here and this
 

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our poor users expense here and this
attack<00:02:40.680><c> is</c><00:02:40.830><c> far</c><00:02:41.010><c> from</c><00:02:41.130><c> theoretical</c><00:02:41.430><c> so</c>

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attack is far from theoretical so
 

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attack is far from theoretical so
there's<00:02:42.030><c> actually</c><00:02:42.390><c> a</c><00:02:42.420><c> blog</c><00:02:42.810><c> post</c><00:02:43.080><c> out</c><00:02:43.200><c> there</c>

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there's actually a blog post out there
 

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there's actually a blog post out there
where<00:02:43.560><c> somebody</c><00:02:43.830><c> kind</c><00:02:44.010><c> of</c><00:02:44.070><c> computed</c><00:02:44.490><c> that</c>

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where somebody kind of computed that
 

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where somebody kind of computed that
they<00:02:45.150><c> could</c><00:02:45.330><c> make</c><00:02:45.510><c> like</c><00:02:45.690><c> I</c><00:02:45.840><c> don't</c><00:02:45.930><c> know</c><00:02:46.050><c> I</c>

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they could make like I don't know I
 

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they could make like I don't know I
think<00:02:46.400><c> tens</c><00:02:47.400><c> of</c><00:02:47.520><c> thousands</c><00:02:47.850><c> hundreds</c><00:02:48.090><c> of</c>

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think tens of thousands hundreds of
 

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think tens of thousands hundreds of
thousands<00:02:48.450><c> maybe</c><00:02:48.600><c> even</c><00:02:48.720><c> millions</c><00:02:48.870><c> of</c><00:02:49.470><c> dollars</c>

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thousands maybe even millions of dollars
 

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thousands maybe even millions of dollars
a<00:02:49.739><c> year</c><00:02:49.860><c> just</c><00:02:50.160><c> running</c><00:02:50.790><c> this</c><00:02:50.940><c> against</c><00:02:51.209><c> Bangor</c>

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a year just running this against Bangor
 

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a year just running this against Bangor
and<00:02:51.870><c> with</c><00:02:52.470><c> a</c><00:02:52.500><c> proliferation</c><00:02:52.890><c> of</c><00:02:53.220><c> more</c><00:02:53.400><c> and</c>

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and with a proliferation of more and
 

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and with a proliferation of more and
more<00:02:53.580><c> Texas</c><00:02:53.940><c> this</c><00:02:54.150><c> becomes</c><00:02:54.450><c> more</c><00:02:54.630><c> and</c><00:02:54.720><c> more</c><00:02:54.840><c> of</c>

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more Texas this becomes more and more of
 

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more Texas this becomes more and more of
a<00:02:54.959><c> problem</c><00:02:55.700><c> so</c><00:02:56.700><c> at</c><00:02:56.910><c> this</c><00:02:57.030><c> point</c><00:02:57.209><c> I'm</c><00:02:57.360><c> gonna</c>

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a problem so at this point I'm gonna
 

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a problem so at this point I'm gonna
hand<00:02:57.690><c> over</c><00:02:57.870><c> to</c><00:02:57.989><c> Tyler</c><00:02:58.200><c> and</c><00:02:58.290><c> he's</c><00:02:58.680><c> gonna</c><00:02:58.800><c> tell</c>

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hand over to Tyler and he's gonna tell
 

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hand over to Tyler and he's gonna tell
you<00:02:59.250><c> about</c><00:02:59.459><c> how</c><00:02:59.850><c> we</c><00:02:59.910><c> can</c><00:03:00.060><c> prevent</c><00:03:00.420><c> this</c><00:03:00.570><c> with</c>

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you about how we can prevent this with
 

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you about how we can prevent this with
Lipstadt<00:03:01.200><c> myrin</c><00:03:02.000><c> thanks</c><00:03:03.000><c> Lawrence</c><00:03:03.239><c> so</c><00:03:04.080><c> if</c><00:03:04.739><c> you</c>

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Lipstadt myrin thanks Lawrence so if you
 

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Lipstadt myrin thanks Lawrence so if you
notice<00:03:05.160><c> the</c><00:03:05.190><c> key</c><00:03:05.459><c> problem</c><00:03:05.760><c> that</c><00:03:05.880><c> we</c><00:03:05.970><c> have</c><00:03:06.120><c> here</c>

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notice the key problem that we have here
 

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notice the key problem that we have here
is<00:03:06.570><c> that</c><00:03:06.810><c> there</c><00:03:07.170><c> is</c><00:03:07.380><c> a</c><00:03:07.410><c> period</c><00:03:07.860><c> of</c><00:03:07.890><c> time</c>

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is that there is a period of time
 

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is that there is a period of time
in-between<00:03:08.340><c> a</c><00:03:08.910><c> time</c><00:03:09.570><c> when</c><00:03:09.720><c> a</c><00:03:09.750><c> user</c><00:03:09.989><c> wants</c><00:03:10.380><c> to</c>

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in-between a time when a user wants to
 

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in-between a time when a user wants to
broadcast<00:03:10.739><c> a</c><00:03:11.130><c> transaction</c><00:03:11.640><c> to</c><00:03:11.730><c> the</c><00:03:11.760><c> network</c>

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broadcast a transaction to the network
 

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broadcast a transaction to the network
and<00:03:12.209><c> when</c><00:03:12.450><c> it's</c><00:03:12.600><c> actually</c><00:03:12.780><c> hardened</c><00:03:13.320><c> into</c><00:03:13.470><c> a</c>

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and when it's actually hardened into a
 

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and when it's actually hardened into a
block<00:03:13.890><c> and</c><00:03:14.160><c> like</c><00:03:14.340><c> canonically</c><00:03:15.150><c> in</c><00:03:15.300><c> the</c><00:03:15.390><c> chain</c>

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block and like canonically in the chain
 

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block and like canonically in the chain
so<00:03:16.350><c> in</c><00:03:17.130><c> that</c><00:03:17.430><c> period</c><00:03:17.790><c> of</c><00:03:17.820><c> time</c><00:03:17.910><c> a</c><00:03:18.299><c> attacker</c><00:03:18.959><c> can</c>

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so in that period of time a attacker can
 

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so in that period of time a attacker can
see<00:03:19.410><c> this</c><00:03:19.620><c> and</c><00:03:19.860><c> then</c><00:03:20.250><c> futz</c><00:03:20.820><c> with</c><00:03:20.970><c> the</c><00:03:21.060><c> order</c><00:03:21.330><c> so</c>

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see this and then futz with the order so
 

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see this and then futz with the order so
we<00:03:22.380><c> were</c><00:03:22.470><c> thinking</c><00:03:22.590><c> about</c><00:03:22.920><c> how</c><00:03:23.040><c> do</c><00:03:23.100><c> we</c><00:03:23.250><c> solve</c>

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we were thinking about how do we solve
 

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we were thinking about how do we solve
this<00:03:23.700><c> well</c><00:03:24.030><c> what's</c><00:03:24.840><c> the</c><00:03:24.989><c> key</c><00:03:25.140><c> insight</c><00:03:25.530><c> well</c><00:03:25.920><c> we</c>

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this well what's the key insight well we
 

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this well what's the key insight well we
can<00:03:27.030><c> hide</c><00:03:27.780><c> this</c><00:03:27.989><c> transaction</c><00:03:28.470><c> maybe</c><00:03:28.860><c> and</c>

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can hide this transaction maybe and
 

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can hide this transaction maybe and
prevent<00:03:29.760><c> users</c><00:03:30.420><c> from</c><00:03:30.570><c> attackers</c><00:03:31.440><c> from</c><00:03:31.709><c> seeing</c>

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prevent users from attackers from seeing
 

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prevent users from attackers from seeing
this<00:03:32.130><c> transaction</c><00:03:32.670><c> and</c><00:03:32.820><c> then</c><00:03:32.910><c> they</c><00:03:33.000><c> don't</c>

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this transaction and then they don't
 

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this transaction and then they don't
know<00:03:33.390><c> that</c><00:03:33.959><c> the</c><00:03:34.080><c> transaction</c><00:03:34.530><c> exists</c><00:03:34.799><c> so</c><00:03:34.950><c> then</c>

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know that the transaction exists so then
 

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know that the transaction exists so then
they<00:03:35.220><c> can't</c><00:03:35.459><c> front</c><00:03:35.910><c> run</c><00:03:36.000><c> it</c><00:03:37.880><c> so</c><00:03:38.880><c> how</c><00:03:38.970><c> do</c><00:03:39.030><c> we</c><00:03:39.120><c> do</c>

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they can't front run it so how do we do
 

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they can't front run it so how do we do
this<00:03:39.480><c> well</c><00:03:39.900><c> we</c><00:03:40.530><c> use</c><00:03:40.680><c> a</c><00:03:40.709><c> technique</c><00:03:41.100><c> called</c><00:03:41.250><c> a</c>

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this well we use a technique called a
 

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this well we use a technique called a
commit<00:03:41.670><c> reveal</c><00:03:41.880><c> scheme</c><00:03:42.209><c> but</c><00:03:43.079><c> a</c><00:03:43.140><c> normal</c><00:03:43.380><c> commit</c>

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commit reveal scheme but a normal commit
 

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commit reveal scheme but a normal commit
real<00:03:43.769><c> scheme</c><00:03:44.100><c> can't</c><00:03:44.459><c> flow</c><00:03:44.700><c> or</c><00:03:44.940><c> hide</c><00:03:45.150><c> the</c><00:03:45.299><c> flow</c>

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real scheme can't flow or hide the flow
 

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real scheme can't flow or hide the flow
of<00:03:45.510><c> money</c><00:03:45.810><c> right</c><00:03:46.200><c> because</c><00:03:46.410><c> the</c><00:03:47.010><c> flow</c><00:03:47.190><c> of</c><00:03:47.220><c> money</c>

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of money right because the flow of money
 

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of money right because the flow of money
and<00:03:47.579><c> cerium</c><00:03:48.209><c> has</c><00:03:48.360><c> to</c><00:03:48.480><c> be</c><00:03:48.600><c> public</c><00:03:48.930><c> so</c><00:03:49.470><c> how</c><00:03:49.620><c> do</c><00:03:49.680><c> we</c>

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and cerium has to be public so how do we
 

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and cerium has to be public so how do we
deal<00:03:49.950><c> with</c><00:03:49.980><c> this</c><00:03:50.190><c> well</c><00:03:50.459><c> we</c><00:03:51.120><c> we</c><00:03:51.450><c> do</c><00:03:51.600><c> some</c>

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deal with this well we we do some
 

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deal with this well we we do some
cryptographic<00:03:51.980><c> magic</c><00:03:52.980><c> and</c><00:03:53.160><c> we</c><00:03:53.400><c> make</c><00:03:53.579><c> this</c>

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cryptographic magic and we make this
 

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cryptographic magic and we make this
marina<00:03:54.299><c> dress</c><00:03:54.600><c> and</c><00:03:54.870><c> so</c><00:03:55.470><c> then</c><00:03:55.680><c> what</c><00:03:56.040><c> we</c><00:03:56.130><c> do</c><00:03:56.250><c> is</c>

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marina dress and so then what we do is
 

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marina dress and so then what we do is
we<00:03:56.610><c> send</c><00:03:56.790><c> this</c><00:03:56.970><c> money</c><00:03:57.150><c> to</c><00:03:57.299><c> the</c><00:03:57.329><c> submarine</c>

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we send this money to the submarine
 

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we send this money to the submarine
address<00:03:57.989><c> in</c><00:03:58.140><c> the</c><00:03:58.230><c> form</c><00:03:58.350><c> of</c><00:03:58.530><c> a</c><00:03:58.590><c> commit</c><00:03:58.890><c> and</c><00:03:59.130><c> then</c>

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address in the form of a commit and then
 

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address in the form of a commit and then
it<00:03:59.940><c> just</c><00:04:00.060><c> looks</c><00:04:00.269><c> like</c><00:04:00.329><c> a</c><00:04:00.420><c> simple</c><00:04:00.660><c> scent</c><00:04:00.989><c> of</c>

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it just looks like a simple scent of
 

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it just looks like a simple scent of
ether<00:04:01.440><c> to</c><00:04:02.180><c> any</c><00:04:03.180><c> address</c><00:04:03.660><c> on</c><00:04:03.900><c> the</c><00:04:03.959><c> network</c>

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ether to any address on the network
 

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ether to any address on the network
which<00:04:04.530><c> is</c><00:04:04.739><c> actually</c><00:04:05.130><c> some</c><00:04:05.430><c> like</c><00:04:05.670><c> small</c>

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which is actually some like small
 

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which is actually some like small
percentage<00:04:06.450><c> like</c><00:04:06.570><c> something</c><00:04:06.930><c> like</c><00:04:07.049><c> 2%</c><00:04:07.200><c> of</c><00:04:07.680><c> all</c>

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percentage like something like 2% of all
 

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percentage like something like 2% of all
transactions<00:04:08.730><c> on</c><00:04:08.850><c> the</c><00:04:08.880><c> network</c><00:04:09.150><c> are</c><00:04:09.269><c> actually</c>

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transactions on the network are actually
 

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transactions on the network are actually
simple<00:04:09.959><c> sends</c><00:04:10.290><c> so</c><00:04:10.530><c> this</c><00:04:10.950><c> is</c><00:04:11.040><c> actually</c><00:04:11.310><c> a</c><00:04:11.340><c> lot</c>

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simple sends so this is actually a lot
 

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simple sends so this is actually a lot
of<00:04:11.610><c> transactions</c><00:04:12.120><c> that</c><00:04:12.180><c> you</c><00:04:12.329><c> can</c><00:04:12.480><c> hide</c><00:04:12.690><c> in</c><00:04:12.870><c> and</c>

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of transactions that you can hide in and
 

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of transactions that you can hide in and
then<00:04:13.850><c> later</c><00:04:14.850><c> we</c><00:04:15.209><c> can</c><00:04:16.400><c> reveal</c><00:04:17.400><c> the</c><00:04:17.640><c> existence</c>

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then later we can reveal the existence
 

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then later we can reveal the existence
of<00:04:18.180><c> this</c><00:04:18.299><c> commit</c><00:04:18.660><c> and</c><00:04:18.870><c> sort</c><00:04:19.560><c> of</c><00:04:19.709><c> an</c><00:04:20.609><c> attacker</c>

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of this commit and sort of an attacker
 

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of this commit and sort of an attacker
can<00:04:21.299><c> see</c><00:04:21.450><c> this</c><00:04:21.570><c> reveal</c><00:04:21.900><c> but</c><00:04:22.289><c> by</c><00:04:22.500><c> the</c><00:04:22.560><c> time</c><00:04:22.800><c> that</c>

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can see this reveal but by the time that
 

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can see this reveal but by the time that
they<00:04:23.070><c> see</c><00:04:23.130><c> this</c><00:04:23.310><c> reveal</c><00:04:23.640><c> the</c><00:04:24.120><c> commit</c><00:04:24.390><c> already</c>

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they see this reveal the commit already
 

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they see this reveal the commit already
happened<00:04:25.020><c> and</c><00:04:25.169><c> so</c><00:04:25.289><c> they</c><00:04:25.410><c> can't</c><00:04:25.680><c> insert</c><00:04:26.400><c> their</c>

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happened and so they can't insert their
 

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happened and so they can't insert their
own<00:04:26.700><c> commit</c>

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own commit
 

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own commit
head<00:04:27.330><c> of</c><00:04:27.449><c> that</c><00:04:27.569><c> committee</c><00:04:27.750><c> so</c><00:04:28.080><c> we</c><00:04:28.199><c> can</c><00:04:28.319><c> enforce</c>

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head of that committee so we can enforce
 

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head of that committee so we can enforce
an<00:04:28.979><c> ordering</c><00:04:29.400><c> of</c><00:04:29.520><c> transactions</c><00:04:30.240><c> for</c><00:04:31.050><c> commits</c>

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an ordering of transactions for commits
 

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an ordering of transactions for commits
and<00:04:31.800><c> then</c><00:04:32.639><c> later</c><00:04:32.819><c> the</c><00:04:33.000><c> smart</c><00:04:33.870><c> contract</c><00:04:34.020><c> can</c><00:04:34.500><c> go</c>

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and then later the smart contract can go
 

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and then later the smart contract can go
get<00:04:34.830><c> the</c><00:04:34.919><c> money</c><00:04:35.069><c> and</c><00:04:35.250><c> unlock</c><00:04:35.550><c> the</c><00:04:35.729><c> money</c><00:04:35.880><c> from</c>

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get the money and unlock the money from
 

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get the money and unlock the money from
the<00:04:36.180><c> account</c><00:04:36.270><c> and</c><00:04:36.690><c> and</c><00:04:36.900><c> and</c><00:04:37.470><c> get</c><00:04:37.770><c> the</c><00:04:37.889><c> money</c>

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the account and and and get the money
 

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the account and and and get the money
and<00:04:38.639><c> so</c><00:04:39.030><c> by</c><00:04:39.150><c> doing</c><00:04:39.210><c> this</c><00:04:39.449><c> we</c><00:04:39.509><c> sort</c><00:04:39.870><c> of</c><00:04:39.960><c> prevent</c>

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and so by doing this we sort of prevent
 

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and so by doing this we sort of prevent
the<00:04:40.380><c> ability</c><00:04:40.710><c> to</c><00:04:40.740><c> front</c><00:04:41.310><c> run</c><00:04:41.340><c> transactions</c>

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the ability to front run transactions
 

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the ability to front run transactions
thanks<00:04:44.669><c> for</c><00:04:44.789><c> that</c><00:04:44.910><c> explanation</c><00:04:45.090><c> Tyler</c><00:04:45.479><c> yeah</c>

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thanks for that explanation Tyler yeah
 

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thanks for that explanation Tyler yeah
and<00:04:45.960><c> so</c><00:04:46.410><c> this</c><00:04:46.530><c> was</c><00:04:46.680><c> just</c><00:04:46.710><c> a</c><00:04:46.919><c> short</c><00:04:47.099><c> sneak</c><00:04:47.400><c> peek</c>

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and so this was just a short sneak peek
 

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and so this was just a short sneak peek
unfortunately<00:04:48.180><c> it's</c><00:04:48.449><c> a</c><00:04:48.660><c> little</c><00:04:48.870><c> too</c><00:04:48.990><c> much</c>

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unfortunately it's a little too much
 

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unfortunately it's a little too much
stuff<00:04:49.349><c> to</c><00:04:49.380><c> pack</c><00:04:49.680><c> into</c><00:04:50.009><c> five</c><00:04:50.160><c> minutes</c><00:04:50.430><c> but</c><00:04:50.970><c> if</c>

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stuff to pack into five minutes but if
 

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stuff to pack into five minutes but if
you're<00:04:51.180><c> curious</c><00:04:51.449><c> I</c><00:04:51.780><c> encourage</c><00:04:52.169><c> you</c><00:04:52.289><c> to</c><00:04:52.319><c> check</c>

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you're curious I encourage you to check
 

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you're curious I encourage you to check
out<00:04:52.860><c> loop</c><00:04:53.069><c> submarineroid</c><00:04:53.550><c> org</c><00:04:53.759><c> we're</c><00:04:54.690><c> very</c>

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out loop submarineroid org we're very
 

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out loop submarineroid org we're very
part<00:04:55.169><c> of</c><00:04:55.229><c> the</c><00:04:55.319><c> web</c><00:04:55.440><c> design</c><00:04:55.710><c> at</c><00:04:55.860><c> least</c><00:04:56.009><c> I</c><00:04:56.160><c> am</c>

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part of the web design at least I am
 

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part of the web design at least I am
although<00:04:56.460><c> he</c><00:04:56.789><c> thinks</c><00:04:57.030><c> it's</c><00:04:57.150><c> tacky</c><00:04:57.419><c> but</c><00:04:58.909><c> yeah</c>

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although he thinks it's tacky but yeah
 

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although he thinks it's tacky but yeah
look<00:05:00.599><c> at</c><00:05:00.720><c> the</c><00:05:00.810><c> details</c><00:05:01.080><c> there</c><00:05:01.319><c> we</c><00:05:01.680><c> have</c><00:05:01.770><c> links</c>

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look at the details there we have links
 

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look at the details there we have links
to<00:05:02.069><c> the</c><00:05:02.220><c> papers</c><00:05:02.550><c> to</c><00:05:02.759><c> the</c><00:05:02.789><c> blog</c><00:05:03.030><c> post</c><00:05:03.270><c> and</c><00:05:03.990><c> all</c>

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to the papers to the blog post and all
 

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to the papers to the blog post and all
of<00:05:04.169><c> our</c><00:05:04.259><c> code</c><00:05:04.500><c> is</c><00:05:04.620><c> open</c><00:05:04.740><c> source</c><00:05:04.889><c> no</c><00:05:05.580><c> token</c>

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of our code is open source no token
 

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of our code is open source no token
required<00:05:06.440><c> check</c><00:05:07.440><c> it</c><00:05:07.590><c> out</c><00:05:07.680><c> on</c><00:05:07.800><c> github</c><00:05:08.360><c> and</c><00:05:09.360><c> yeah</c>

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required check it out on github and yeah
 

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required check it out on github and yeah
don't<00:05:09.900><c> forget</c><00:05:10.139><c> to</c><00:05:10.289><c> Like</c><00:05:10.620><c> and</c><00:05:10.800><c> subscribe</c>

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don't forget to Like and subscribe
 

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don't forget to Like and subscribe
message<00:05:11.789><c> us</c><00:05:11.940><c> on</c><00:05:12.090><c> Twitter</c><00:05:12.419><c> whatever</c><00:05:13.169><c> other</c>

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message us on Twitter whatever other
 

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message us on Twitter whatever other
forms<00:05:13.949><c> of</c><00:05:13.979><c> outreach</c><00:05:14.370><c> people</c><00:05:14.789><c> usually</c>

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forms of outreach people usually
 

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forms of outreach people usually
encourage<00:05:15.569><c> and</c><00:05:16.560><c> finally</c><00:05:16.919><c> there</c><00:05:17.069><c> will</c><00:05:17.190><c> be</c><00:05:17.250><c> a</c>

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encourage and finally there will be a
 

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encourage and finally there will be a
talk<00:05:17.550><c> by</c><00:05:17.819><c> our</c><00:05:17.940><c> two</c><00:05:18.150><c> colleagues</c><00:05:18.330><c> that</c><00:05:18.630><c> we</c>

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talk by our two colleagues that we
 

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talk by our two colleagues that we
mentioned<00:05:18.990><c> before</c>

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mentioned before
 

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mentioned before
Triana<00:05:19.710><c> scanned</c><00:05:20.039><c> Ari</c><00:05:20.220><c> and</c><00:05:20.610><c> Stefan</c><00:05:21.449><c> gasoline</c>

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Triana scanned Ari and Stefan gasoline
 

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Triana scanned Ari and Stefan gasoline
at<00:05:22.520><c> the</c><00:05:23.520><c> next</c><00:05:23.880><c> session</c><00:05:24.330><c> I</c><00:05:24.449><c> think</c><00:05:24.479><c> the</c><00:05:24.870><c> privacy</c>

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at the next session I think the privacy
 

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at the next session I think the privacy
session<00:05:26.150><c> for</c><00:05:27.150><c> something</c><00:05:27.690><c> yeah</c><00:05:28.110><c> go</c><00:05:28.470><c> check</c><00:05:28.500><c> it</c>

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session for something yeah go check it
 

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session for something yeah go check it
out<00:05:28.889><c> they</c><00:05:29.130><c> will</c><00:05:29.310><c> talk</c><00:05:29.430><c> about</c><00:05:29.460><c> how</c><00:05:30.000><c> easy</c><00:05:30.210><c> it</c><00:05:30.389><c> is</c>

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out they will talk about how easy it is
 

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out they will talk about how easy it is
to<00:05:30.630><c> actually</c><00:05:30.780><c> take</c><00:05:31.169><c> your</c><00:05:31.289><c> existing</c><00:05:31.500><c> contract</c>

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to actually take your existing contract
 

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to actually take your existing contract
and<00:05:32.250><c> upgrade</c><00:05:32.639><c> it</c><00:05:32.849><c> using</c><00:05:33.449><c> lip</c><00:05:33.570><c> Submarine</c><00:05:33.960><c> to</c>

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and upgrade it using lip Submarine to
 

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and upgrade it using lip Submarine to
proof<00:05:34.380><c> it</c><00:05:34.500><c> against</c><00:05:34.680><c> front-running</c>

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you