WEBVTT Kind: captions Language: en 00:00:01.070 --> 00:00:11.660 align:start position:0% [Applause] 00:00:11.660 --> 00:00:11.670 align:start position:0% 00:00:11.670 --> 00:00:15.269 align:start position:0% it's<00:00:12.670> either<00:00:12.759> grew<00:00:12.969> up<00:00:13.119> good<00:00:13.990> afternoon 00:00:15.269 --> 00:00:15.279 align:start position:0% it's either grew up good afternoon 00:00:15.279 --> 00:00:18.540 align:start position:0% it's either grew up good afternoon Paula<00:00:15.910> Myers<00:00:16.150> and<00:00:16.740> today<00:00:17.740> we're<00:00:18.039> gonna<00:00:18.130> walk 00:00:18.540 --> 00:00:18.550 align:start position:0% Paula Myers and today we're gonna walk 00:00:18.550 --> 00:00:20.999 align:start position:0% Paula Myers and today we're gonna walk through<00:00:18.820> validating<00:00:19.539> each<00:00:19.720> two<00:00:19.990> and<00:00:20.349> getting 00:00:20.999 --> 00:00:21.009 align:start position:0% through validating each two and getting 00:00:21.009 --> 00:00:22.470 align:start position:0% through validating each two and getting up<00:00:21.130> to<00:00:21.310> the<00:00:21.430> warrants<00:00:21.759> that<00:00:21.789> you<00:00:21.970> will<00:00:22.150> receive 00:00:22.470 --> 00:00:22.480 align:start position:0% up to the warrants that you will receive 00:00:22.480 --> 00:00:24.510 align:start position:0% up to the warrants that you will receive is<00:00:22.570> another<00:00:22.840> day<00:00:23.020> but<00:00:23.980> we're<00:00:24.099> gonna<00:00:24.189> do<00:00:24.340> it<00:00:24.460> in 00:00:24.510 --> 00:00:24.520 align:start position:0% is another day but we're gonna do it in 00:00:24.520 --> 00:00:26.459 align:start position:0% is another day but we're gonna do it in space<00:00:24.779> so<00:00:25.779> we're<00:00:25.900> going<00:00:25.989> to<00:00:26.050> make<00:00:26.140> it<00:00:26.259> fun 00:00:26.459 --> 00:00:26.469 align:start position:0% space so we're going to make it fun 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00:00:35.340 align:start position:0% you please look into the space this is a topic<00:00:34.570> that<00:00:34.600> doesn't<00:00:34.930> have<00:00:35.020> a<00:00:35.050> lot<00:00:35.260> of 00:00:35.340 --> 00:00:35.350 align:start position:0% topic that doesn't have a lot of 00:00:35.350 --> 00:00:37.020 align:start position:0% topic that doesn't have a lot of transparency<00:00:35.590> it's<00:00:36.160> super<00:00:36.430> crucial<00:00:36.670> these 00:00:37.020 --> 00:00:37.030 align:start position:0% transparency it's super crucial these 00:00:37.030 --> 00:00:39.029 align:start position:0% transparency it's super crucial these are<00:00:37.210> distributed<00:00:37.899> systems<00:00:38.500> with<00:00:38.620> incentive 00:00:39.029 --> 00:00:39.039 align:start position:0% are distributed systems with incentive 00:00:39.039 --> 00:00:40.920 align:start position:0% are distributed systems with incentive bubbles<00:00:39.430> and<00:00:39.730> there's<00:00:40.180> been<00:00:40.300> a<00:00:40.329> few<00:00:40.480> people<00:00:40.660> of 00:00:40.920 --> 00:00:40.930 align:start position:0% bubbles and there's been a few people of 00:00:40.930 --> 00:00:42.689 align:start position:0% bubbles and there's been a few people of ecosystem<00:00:41.590> publish<00:00:41.890> research<00:00:42.039> on<00:00:42.460> what<00:00:42.609> the 00:00:42.689 --> 00:00:42.699 align:start position:0% ecosystem publish research on what the 00:00:42.699 --> 00:00:45.029 align:start position:0% ecosystem publish research on what the incentives<00:00:43.179> for<00:00:43.269> East<00:00:43.449> you<00:00:43.600> are<00:00:43.890> but<00:00:44.890> most 00:00:45.029 --> 00:00:45.039 align:start position:0% incentives for East you are but most 00:00:45.039 --> 00:00:46.619 align:start position:0% incentives for East you are but most American<00:00:45.579> consensus<00:00:46.030> in<00:00:46.179> the<00:00:46.239> yeah<00:00:46.390> we've 00:00:46.619 --> 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will release and I have a model that 00:00:53.769 --> 00:00:55.860 align:start position:0% we will release and I have a model that everyone<00:00:54.219> can<00:00:54.399> have<00:00:54.550> a<00:00:54.789> telegram<00:00:55.329> group<00:00:55.569> will 00:00:55.860 --> 00:00:55.870 align:start position:0% everyone can have a telegram group will 00:00:55.870 --> 00:01:00.509 align:start position:0% everyone can have a telegram group will launch<00:00:56.050> after<00:00:56.229> this<00:00:58.079> educate<00:00:59.079> everyone<00:00:59.519> the 00:01:00.509 --> 00:01:00.519 align:start position:0% launch after this educate everyone the 00:01:00.519 --> 00:01:02.459 align:start position:0% launch after this educate everyone the super<00:01:00.819> important<00:01:01.149> topic<00:01:01.479> that's<00:01:01.629> not<00:01:02.260> talking 00:01:02.459 --> 00:01:02.469 align:start position:0% super important topic that's not talking 00:01:02.469 --> 00:01:06.050 align:start position:0% super important topic that's not talking about<00:01:02.620> too<00:01:02.829> much<00:01:03.120> so<00:01:04.120> let's<00:01:04.150> get<00:01:04.390> started 00:01:06.050 --> 00:01:06.060 align:start position:0% about too much so let's get started 00:01:06.060 --> 00:01:09.240 align:start position:0% about too much so let's get started so<00:01:07.060> today<00:01:07.409> we<00:01:08.409> have<00:01:08.440> a<00:01:08.560> special<00:01:08.680> guest<00:01:09.010> star 00:01:09.240 --> 00:01:09.250 align:start position:0% so today we have a special guest star 00:01:09.250 --> 00:01:14.010 align:start position:0% so today we have a special guest star her<00:01:09.400> name's<00:01:09.580> Alice<00:01:12.150> she's<00:01:13.150> gonna<00:01:13.270> be<00:01:13.420> a<00:01:13.630> ballad 00:01:14.010 --> 00:01:14.020 align:start position:0% her name's Alice she's gonna be a ballad 00:01:14.020 --> 00:01:16.970 align:start position:0% her name's Alice she's gonna be a ballad 82<00:01:14.590> chain<00:01:14.830> space 00:01:16.970 --> 00:01:16.980 align:start position:0% 82 chain space 00:01:16.980 --> 00:01:20.340 align:start position:0% 82 chain space so<00:01:17.980> over<00:01:18.400> the<00:01:18.490> journey<00:01:18.750> we're<00:01:19.750> going<00:01:19.780> to<00:01:19.990> touch 00:01:20.340 --> 00:01:20.350 align:start position:0% so over the journey we're going to touch 00:01:20.350 --> 00:01:23.160 align:start position:0% so over the journey we're going to touch on<00:01:20.500> a<00:01:20.560> few<00:01:20.650> topics<00:01:21.570> leading<00:01:22.570> up<00:01:22.690> to<00:01:22.720> what<00:01:23.050> we 00:01:23.160 --> 00:01:23.170 align:start position:0% on a few topics leading up to what we 00:01:23.170 --> 00:01:25.350 align:start position:0% on a few topics leading up to what we eat<00:01:23.350> to<00:01:23.530> the<00:01:23.560> calculator<00:01:24.070> is<00:01:24.250> we're<00:01:25.240> gonna 00:01:25.350 --> 00:01:25.360 align:start position:0% eat to the calculator is we're gonna 00:01:25.360 --> 00:01:27.030 align:start position:0% eat to the calculator is we're gonna start<00:01:25.570> with<00:01:25.630> what<00:01:25.900> is<00:01:26.020> the<00:01:26.050> bacon<00:01:26.290> Chang<00:01:26.590> I'm 00:01:27.030 --> 00:01:27.040 align:start position:0% start with what is the bacon Chang I'm 00:01:27.040 --> 00:01:29.330 align:start position:0% start with what is the bacon Chang I'm sure<00:01:27.220> everyone<00:01:27.520> gets<00:01:27.790> crabby<00:01:27.940> Chang 00:01:29.330 --> 00:01:29.340 align:start position:0% sure everyone gets crabby Chang 00:01:29.340 --> 00:01:33.570 align:start position:0% sure everyone gets crabby Chang definitely<00:01:30.340> needs<00:01:31.000> to<00:01:31.060> conference<00:01:32.400> might<00:01:33.400> cut 00:01:33.570 --> 00:01:33.580 align:start position:0% definitely needs to conference might cut 00:01:33.580 --> 00:01:34.760 align:start position:0% definitely needs to conference might cut away<00:01:33.730> become<00:01:33.880> about<00:01:34.270> the<00:01:34.390> Nader 00:01:34.760 --> 00:01:34.770 align:start position:0% away become about the Nader 00:01:34.770 --> 00:01:37.230 align:start position:0% away become about the Nader what<00:01:35.770> his<00:01:35.860> house<00:01:36.040> responsible<00:01:36.730> for<00:01:36.940> I<00:01:37.150> know 00:01:37.230 --> 00:01:37.240 align:start position:0% what his house responsible for I know 00:01:37.240 --> 00:01:39.110 align:start position:0% what his house responsible for I know she<00:01:37.330> stay<00:01:37.780> a<00:01:38.020> validator<00:01:38.440> and<00:01:38.680> then<00:01:38.800> ultimately 00:01:39.110 --> 00:01:39.120 align:start position:0% she stay a validator and then ultimately 00:01:39.120 --> 00:01:40.510 align:start position:0% she stay a validator and then ultimately what<00:01:40.120> is<00:01:40.240> she 00:01:40.510 --> 00:01:40.520 align:start position:0% what is she 00:01:40.520 --> 00:01:42.969 align:start position:0% what is she in<00:01:40.579> return<00:01:40.909> for<00:01:40.939> doing<00:01:41.270> so<00:01:41.530> when<00:01:42.530> they<00:01:42.679> gonna 00:01:42.969 --> 00:01:42.979 align:start position:0% in return for doing so when they gonna 00:01:42.979 --> 00:01:45.069 align:start position:0% in return for doing so when they gonna walk<00:01:43.250> through<00:01:43.460> some<00:01:43.820> economics<00:01:44.420> if<00:01:44.539> they<00:01:44.719> CRO 00:01:45.069 --> 00:01:45.079 align:start position:0% walk through some economics if they CRO 00:01:45.079 --> 00:01:46.539 align:start position:0% walk through some economics if they CRO is<00:01:45.200> this<00:01:45.679> is<00:01:45.770> the<00:01:45.890> big<00:01:46.070> thing<00:01:46.250> that<00:01:46.280> we're<00:01:46.520> all 00:01:46.539 --> 00:01:46.549 align:start position:0% is this is the big thing that we're all 00:01:46.549 --> 00:01:49.389 align:start position:0% is this is the big thing that we're all hearing<00:01:46.909> that<00:01:47.179> for<00:01:47.799> it's<00:01:48.799> the<00:01:48.979> event<00:01:49.250> that 00:01:49.389 --> 00:01:49.399 align:start position:0% hearing that for it's the event that 00:01:49.399 --> 00:01:51.760 align:start position:0% hearing that for it's the event that basically<00:01:49.789> bootstraps<00:01:50.360> the<00:01:50.450> BB<00:01:50.689> chain<00:01:50.899> we're 00:01:51.760 --> 00:01:51.770 align:start position:0% basically bootstraps the BB chain we're 00:01:51.770 --> 00:01:53.440 align:start position:0% basically bootstraps the BB chain we're gonna<00:01:51.860> walk<00:01:52.070> through<00:01:52.100> the<00:01:52.280> results<00:01:52.520> and<00:01:52.789> we'll 00:01:53.440 --> 00:01:53.450 align:start position:0% gonna walk through the results and we'll 00:01:53.450 --> 00:01:54.999 align:start position:0% gonna walk through the results and we'll talk<00:01:53.659> about<00:01:53.750> these<00:01:53.899> two<00:01:54.110> calculator<00:01:54.590> how 00:01:54.999 --> 00:01:55.009 align:start position:0% talk about these two calculator how 00:01:55.009 --> 00:01:56.740 align:start position:0% talk about these two calculator how everyone<00:01:55.280> can<00:01:55.310> get<00:01:55.490> involved<00:01:55.729> in<00:01:56.090> what<00:01:56.659> the 00:01:56.740 --> 00:01:56.750 align:start position:0% everyone can get involved in what the 00:01:56.750 --> 00:01:59.859 align:start position:0% everyone can get involved in what the ultimate<00:01:56.840> intentions<00:01:57.469> of<00:01:57.560> it<00:01:57.649> are<00:01:58.390> so<00:01:59.390> let's 00:01:59.859 --> 00:01:59.869 align:start position:0% ultimate intentions of it are so let's 00:01:59.869 --> 00:02:01.809 align:start position:0% ultimate intentions of it are so let's just<00:02:00.020> start<00:02:00.140> a<00:02:00.200> high-level<00:02:00.640> I'm<00:02:01.640> sure 00:02:01.809 --> 00:02:01.819 align:start position:0% just start a high-level I'm sure 00:02:01.819 --> 00:02:03.219 align:start position:0% just start a high-level I'm sure everyone<00:02:02.209> has<00:02:02.270> also<00:02:02.479> probably<00:02:02.840> seeing<00:02:03.049> this 00:02:03.219 --> 00:02:03.229 align:start position:0% everyone has also probably seeing this 00:02:03.229 --> 00:02:05.469 align:start position:0% everyone has also probably seeing this chart<00:02:04.009> a<00:02:04.069> million<00:02:04.310> times<00:02:04.490> but<00:02:04.789> we're<00:02:05.270> going<00:02:05.420> to 00:02:05.469 --> 00:02:05.479 align:start position:0% chart a million times but we're going to 00:02:05.479 --> 00:02:07.090 align:start position:0% chart a million times but we're going to primarily<00:02:05.780> be<00:02:05.899> focusing<00:02:06.439> today<00:02:06.619> on<00:02:06.740> the 00:02:07.090 --> 00:02:07.100 align:start position:0% primarily be focusing today on the 00:02:07.100 --> 00:02:08.710 align:start position:0% primarily be focusing today on the beacon<00:02:07.399> chain<00:02:07.610> which<00:02:07.880> is<00:02:07.909> the<00:02:08.209> coordination 00:02:08.710 --> 00:02:08.720 align:start position:0% beacon chain which is the coordination 00:02:08.720 --> 00:02:12.100 align:start position:0% beacon chain which is the coordination they<00:02:08.869> are<00:02:08.989> the<00:02:09.170> spine<00:02:09.530> that<00:02:09.920> leads<00:02:10.099> to<00:02:11.110> it's 00:02:12.100 --> 00:02:12.110 align:start position:0% they are the spine that leads to it's 00:02:12.110 --> 00:02:13.330 align:start position:0% they are the spine that leads to it's the<00:02:12.200> main<00:02:12.379> part<00:02:12.410> where<00:02:12.769> all<00:02:12.860> the<00:02:12.980> action 00:02:13.330 --> 00:02:13.340 align:start position:0% the main part where all the action 00:02:13.340 --> 00:02:15.370 align:start position:0% the main part where all the action happens<00:02:13.370> this<00:02:13.849> is<00:02:13.910> where<00:02:14.120> Alice<00:02:14.780> and<00:02:15.170> all<00:02:15.230> our 00:02:15.370 --> 00:02:15.380 align:start position:0% happens this is where Alice and all our 00:02:15.380 --> 00:02:17.770 align:start position:0% happens this is where Alice and all our friends<00:02:15.470> hang<00:02:15.769> out<00:02:16.360> so<00:02:17.360> the<00:02:17.450> coordination 00:02:17.770 --> 00:02:17.780 align:start position:0% friends hang out so the coordination 00:02:17.780 --> 00:02:19.660 align:start position:0% friends hang out so the coordination layer<00:02:18.079> itself<00:02:18.500> you<00:02:18.860> can<00:02:19.010> think<00:02:19.160> of<00:02:19.220> it<00:02:19.370> it<00:02:19.459> does 00:02:19.660 --> 00:02:19.670 align:start position:0% layer itself you can think of it it does 00:02:19.670 --> 00:02:22.809 align:start position:0% layer itself you can think of it it does a<00:02:20.060> few<00:02:20.510> key<00:02:20.870> components<00:02:21.250> its<00:02:22.250> stores<00:02:22.519> and 00:02:22.809 --> 00:02:22.819 align:start position:0% a few key components its stores and 00:02:22.819 --> 00:02:26.500 align:start position:0% a few key components its stores and managed<00:02:23.120> Allison<00:02:24.110> elements<00:02:24.819> it<00:02:25.819> provides<00:02:26.150> a 00:02:26.500 --> 00:02:26.510 align:start position:0% managed Allison elements it provides a 00:02:26.510 --> 00:02:29.170 align:start position:0% managed Allison elements it provides a random<00:02:27.079> component<00:02:27.620> to<00:02:27.829> basically<00:02:28.670> select<00:02:29.030> who 00:02:29.170 --> 00:02:29.180 align:start position:0% random component to basically select who 00:02:29.180 --> 00:02:31.449 align:start position:0% random component to basically select who gets<00:02:29.390> to<00:02:29.569> validate<00:02:29.980> this<00:02:30.980> is<00:02:31.160> where<00:02:31.310> the 00:02:31.449 --> 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committees and 00:02:38.840 --> 00:02:41.199 align:start position:0% for my actions and then committees and cross<00:02:39.440> link<00:02:39.680> processing<00:02:40.220> which<00:02:40.400> is<00:02:40.579> a<00:02:40.790> bit 00:02:41.199 --> 00:02:41.209 align:start position:0% cross link processing which is a bit 00:02:41.209 --> 00:02:43.539 align:start position:0% cross link processing which is a bit more<00:02:41.480> in<00:02:42.470> place<00:02:42.650> it<00:02:42.799> makes<00:02:43.010> sense<00:02:43.250> once 00:02:43.539 --> 00:02:43.549 align:start position:0% more in place it makes sense once 00:02:43.549 --> 00:02:46.000 align:start position:0% more in place it makes sense once they're<00:02:43.730> starting<00:02:44.120> and<00:02:44.329> but<00:02:44.750> in<00:02:45.650> the<00:02:45.829> future 00:02:46.000 --> 00:02:46.010 align:start position:0% they're starting and but in the future 00:02:46.010 --> 00:02:48.520 align:start position:0% they're starting and but in the future this<00:02:46.250> is<00:02:46.310> also<00:02:46.819> all<00:02:47.540> of<00:02:47.600> that<00:02:47.840> is<00:02:47.930> included<00:02:48.380> it 00:02:48.520 --> 00:02:48.530 align:start position:0% this is also all of that is included it 00:02:48.530 --> 00:02:54.309 align:start position:0% this is also all of that is included it takes<00:02:48.739> places<00:02:48.980> it<00:02:49.280> some<00:02:49.489> of<00:02:49.609> these<00:02:49.700> gist<00:02:53.319> so 00:02:54.309 --> 00:02:54.319 align:start position:0% takes places it some of these gist so 00:02:54.319 --> 00:02:56.920 align:start position:0% takes places it some of these gist so let's<00:02:54.560> just<00:02:54.680> talk<00:02:54.799> about<00:02:54.859> the<00:02:55.100> paces<00:02:55.660> I'm<00:02:56.660> not 00:02:56.920 --> 00:02:56.930 align:start position:0% let's just talk about the paces I'm not 00:02:56.930 --> 00:02:58.390 align:start position:0% let's just talk about the paces I'm not gonna<00:02:57.049> talk<00:02:57.170> about<00:02:57.350> thanks<00:02:57.590> to<00:02:57.739> today<00:02:58.010> because 00:02:58.390 --> 00:02:58.400 align:start position:0% gonna talk about thanks to today because 00:02:58.400 --> 00:03:01.420 align:start position:0% gonna talk about thanks to today because it's<00:02:58.760> a<00:02:58.850> bit<00:02:59.030> out<00:02:59.660> there<00:02:59.720> and<00:03:00.290> it's<00:03:01.160> a<00:03:01.250> bit 00:03:01.420 --> 00:03:01.430 align:start position:0% it's a bit out there and it's a bit 00:03:01.430 --> 00:03:02.770 align:start position:0% it's a bit out there and it's a bit still<00:03:01.730> unknown<00:03:02.060> there's<00:03:02.239> a<00:03:02.269> lot<00:03:02.450> of<00:03:02.510> good<00:03:02.600> work 00:03:02.770 --> 00:03:02.780 align:start position:0% still unknown there's a lot of good work 00:03:02.780 --> 00:03:03.960 align:start position:0% still unknown there's a lot of good work being<00:03:03.049> done 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are 00:03:10.450 --> 00:03:11.550 align:start position:0% ahead now that 0 and 1 the specs are foreverment<00:03:10.990> people<00:03:11.230> are<00:03:11.290> spending<00:03:11.440> time 00:03:11.550 --> 00:03:11.560 align:start position:0% foreverment people are spending time 00:03:11.560 --> 00:03:14.130 align:start position:0% foreverment people are spending time well<00:03:11.890> phase<00:03:12.100> 2<00:03:12.370> the<00:03:13.180> big<00:03:13.480> thing<00:03:13.720> is<00:03:13.840> is<00:03:13.990> that 00:03:14.130 --> 00:03:14.140 align:start position:0% well phase 2 the big thing is is that 00:03:14.140 --> 00:03:15.840 align:start position:0% well phase 2 the big thing is is that between<00:03:14.590> phase<00:03:14.920> zero<00:03:15.190> phase<00:03:15.490> one<00:03:15.730> thing 00:03:15.840 --> 00:03:15.850 align:start position:0% between phase zero phase one thing 00:03:15.850 --> 00:03:18.000 align:start position:0% between phase zero phase one thing economics<00:03:16.390> do<00:03:16.540> not<00:03:16.720> change<00:03:17.050> but<00:03:17.680> between 00:03:18.000 --> 00:03:18.010 align:start position:0% economics do not change but between 00:03:18.010 --> 00:03:19.980 align:start position:0% economics do not change but between phase<00:03:18.430> zero<00:03:18.670> thanks<00:03:19.060> to<00:03:19.210> the<00:03:19.330> economics<00:03:19.810> will 00:03:19.980 --> 00:03:19.990 align:start position:0% phase zero thanks to the economics will 00:03:19.990 --> 00:03:22.950 align:start position:0% phase zero thanks to the economics will change<00:03:20.260> and<00:03:21.100> we'll<00:03:21.310> get<00:03:21.400> into<00:03:21.550> that<00:03:21.670> so<00:03:22.420> let's 00:03:22.950 --> 00:03:22.960 align:start position:0% change and we'll get into that so let's 00:03:22.960 --> 00:03:24.270 align:start position:0% change and we'll get into that so let's just<00:03:23.020> talk<00:03:23.200> about<00:03:23.320> what<00:03:23.530> phase<00:03:23.710> zero<00:03:23.950> does<00:03:24.250> not 00:03:24.270 --> 00:03:24.280 align:start position:0% just talk about what phase zero does not 00:03:24.280 --> 00:03:25.680 align:start position:0% just talk about what phase zero does not there's<00:03:25.060> no<00:03:25.240> media 00:03:25.680 --> 00:03:25.690 align:start position:0% there's no media 00:03:25.690 --> 00:03:27.540 align:start position:0% there's no media there's<00:03:26.140> no<00:03:26.290> smart<00:03:26.590> contracts<00:03:27.070> and<00:03:27.430> not 00:03:27.540 --> 00:03:27.550 align:start position:0% there's no smart contracts and not 00:03:27.550 --> 00:03:29.070 align:start position:0% there's no smart contracts and not transfer<00:03:27.910> assets<00:03:28.060> and<00:03:28.450> there's<00:03:28.570> no<00:03:28.690> accounts 00:03:29.070 --> 00:03:29.080 align:start position:0% transfer assets and there's no accounts 00:03:29.080 --> 00:03:31.830 align:start position:0% transfer assets and there's no accounts so<00:03:30.040> it's<00:03:30.130> basically<00:03:30.490> it's<00:03:31.150> the<00:03:31.270> heavy<00:03:31.450> lifting 00:03:31.830 --> 00:03:31.840 align:start position:0% so it's basically it's the heavy lifting 00:03:31.840 --> 00:03:33.330 align:start position:0% so it's basically it's the heavy lifting in<00:03:31.930> the<00:03:31.990> system<00:03:32.350> however<00:03:32.560> there's<00:03:32.920> really<00:03:33.100> no 00:03:33.330 --> 00:03:33.340 align:start position:0% in the system however there's really no 00:03:33.340 --> 00:03:35.550 align:start position:0% in the system however there's really no activity<00:03:33.880> inside<00:03:34.210> of<00:03:34.360> it<00:03:34.480> it's<00:03:35.440> just 00:03:35.550 --> 00:03:35.560 align:start position:0% activity inside of it it's just 00:03:35.560 --> 00:03:38.360 align:start position:0% activity inside of it it's just basically<00:03:36.070> propagating<00:03:36.970> and<00:03:37.300> applying<00:03:37.660> FFG 00:03:38.360 --> 00:03:38.370 align:start position:0% basically propagating and applying FFG 00:03:38.370 --> 00:03:43.199 align:start position:0% basically propagating and applying FFG hanging<00:03:39.370> out<00:03:39.490> of<00:03:39.670> your<00:03:40.890> returns<00:03:41.890> and<00:03:42.340> slashing 00:03:43.199 --> 00:03:43.209 align:start position:0% hanging out of your returns and slashing 00:03:43.209 --> 00:03:44.790 align:start position:0% hanging out of your returns and slashing but<00:03:43.900> we<00:03:44.020> hope<00:03:44.170> that<00:03:44.200> everyone<00:03:44.440> ex<00:03:44.680> all 00:03:44.790 --> 00:03:44.800 align:start position:0% but we hope that everyone ex all 00:03:44.800 --> 00:03:46.260 align:start position:0% but we hope that everyone ex all statements<00:03:45.100> time<00:03:45.459> creating<00:03:45.760> that<00:03:45.910> it<00:03:46.000> doesn't 00:03:46.260 --> 00:03:46.270 align:start position:0% statements time creating that it doesn't 00:03:46.270 --> 00:03:48.630 align:start position:0% statements time creating that it doesn't happen<00:03:46.390> I<00:03:47.050> also<00:03:47.560> want<00:03:47.920> to<00:03:47.980> address<00:03:48.130> slashing 00:03:48.630 --> 00:03:48.640 align:start position:0% happen I also want to address slashing 00:03:48.640 --> 00:03:51.270 align:start position:0% happen I also want to address slashing and<00:03:48.880> this<00:03:49.000> today<00:03:49.270> that<00:03:49.930> is<00:03:50.290> kind<00:03:50.500> of<00:03:50.530> a<00:03:50.650> b2<00:03:51.100> of 00:03:51.270 --> 00:03:51.280 align:start position:0% and this today that is kind of a b2 of 00:03:51.280 --> 00:03:52.980 align:start position:0% and this today that is kind of a b2 of the<00:03:51.370> model<00:03:51.730> and<00:03:51.940> essentially<00:03:52.780> what<00:03:52.900> we're 00:03:52.980 --> 00:03:52.990 align:start position:0% the model and essentially what we're 00:03:52.990 --> 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for<00:03:59.920> cross-linking<00:04:00.910> this<00:04:01.690> is<00:04:01.780> going<00:04:01.930> to<00:04:01.990> be 00:04:02.130 --> 00:04:02.140 align:start position:0% for cross-linking this is going to be 00:04:02.140 --> 00:04:04.590 align:start position:0% for cross-linking this is going to be empty<00:04:02.920> shard<00:04:03.340> blocks<00:04:03.610> but<00:04:03.970> then<00:04:04.300> we<00:04:04.480> all 00:04:04.590 --> 00:04:04.600 align:start position:0% empty shard blocks but then we all 00:04:04.600 --> 00:04:06.540 align:start position:0% empty shard blocks but then we all communicating<00:04:05.500> together<00:04:05.740> but<00:04:06.250> there<00:04:06.400> won't 00:04:06.540 --> 00:04:06.550 align:start position:0% communicating together but there won't 00:04:06.550 --> 00:04:08.670 align:start position:0% communicating together but there won't be<00:04:06.580> anything<00:04:06.880> inside<00:04:07.240> of<00:04:07.390> them<00:04:07.540> so<00:04:08.050> in<00:04:08.410> phase 00:04:08.670 --> 00:04:08.680 align:start position:0% be anything inside of them so in phase 00:04:08.680 --> 00:04:11.220 align:start position:0% be anything inside of them so in phase one<00:04:09.040> shards<00:04:09.580> exist<00:04:10.030> but<00:04:10.930> there's<00:04:11.110> really 00:04:11.220 --> 00:04:11.230 align:start position:0% one shards exist but there's really 00:04:11.230 --> 00:04:12.180 align:start position:0% one shards exist but there's really nothing<00:04:11.440> inside 00:04:12.180 --> 00:04:12.190 align:start position:0% nothing inside 00:04:12.190 --> 00:04:14.970 align:start position:0% nothing inside making<00:04:12.670> sure<00:04:12.700> that<00:04:13.050> the<00:04:14.050> machine<00:04:14.200> operates<00:04:14.800> as 00:04:14.970 --> 00:04:14.980 align:start position:0% making sure that the machine operates as 00:04:14.980 --> 00:04:18.650 align:start position:0% making sure that the machine operates as its<00:04:15.160> supposed<00:04:15.430> to 00:04:18.650 --> 00:04:18.660 align:start position:0% 00:04:18.660 --> 00:04:22.410 align:start position:0% so<00:04:19.660> I'm<00:04:20.140> an<00:04:20.260> analyst<00:04:20.470> I<00:04:20.739> have<00:04:21.300> 32e 00:04:22.410 --> 00:04:22.420 align:start position:0% so I'm an analyst I have 32e 00:04:22.420 --> 00:04:26.490 align:start position:0% so I'm an analyst I have 32e I<00:04:22.870> want<00:04:23.680> to<00:04:23.740> join<00:04:23.950> how<00:04:24.400> do<00:04:24.460> i<00:04:24.580> do<00:04:24.640> so<00:04:25.410> so<00:04:26.410> the 00:04:26.490 --> 00:04:26.500 align:start position:0% I want to join how do i do so so the 00:04:26.500 --> 00:04:27.600 align:start position:0% I want to join how do i do so so the first<00:04:26.530> thing<00:04:26.830> that<00:04:26.860> you're<00:04:27.070> gonna<00:04:27.160> need<00:04:27.400> is<00:04:27.580> a 00:04:27.600 --> 00:04:27.610 align:start position:0% first thing that you're gonna need is a 00:04:27.610 --> 00:04:30.360 align:start position:0% first thing that you're gonna need is a p2<00:04:27.940> note<00:04:28.150> you<00:04:29.110> can<00:04:29.260> though<00:04:29.380> it<00:04:29.500> can<00:04:29.650> mean<00:04:29.860> a<00:04:29.890> few 00:04:30.360 --> 00:04:30.370 align:start position:0% p2 note you can though it can mean a few 00:04:30.370 --> 00:04:32.480 align:start position:0% p2 note you can though it can mean a few different<00:04:30.670> things<00:04:30.820> it<00:04:31.750> can<00:04:31.900> be<00:04:31.990> in<00:04:32.050> a<00:04:32.110> laptop 00:04:32.480 --> 00:04:32.490 align:start position:0% different things it can be in a laptop 00:04:32.490 --> 00:04:37.050 align:start position:0% different things it can be in a laptop desktop<00:04:33.490> computer<00:04:34.030> or<00:04:34.240> it<00:04:34.630> can<00:04:34.780> mean<00:04:34.930> a<00:04:35.140> PS<00:04:36.130> if 00:04:37.050 --> 00:04:37.060 align:start position:0% desktop computer or it can mean a PS if 00:04:37.060 --> 00:04:38.910 align:start position:0% desktop computer or it can mean a PS if you<00:04:37.300> are<00:04:38.050> doing<00:04:38.440> this<00:04:38.530> with<00:04:38.680> larger 00:04:38.910 --> 00:04:38.920 align:start position:0% you are doing this with larger 00:04:38.920 --> 00:04:40.710 align:start position:0% you are doing this with larger quantities<00:04:39.340> or<00:04:39.640> you're<00:04:40.150> worried<00:04:40.630> about 00:04:40.710 --> 00:04:40.720 align:start position:0% quantities or you're worried about 00:04:40.720 --> 00:04:43.560 align:start position:0% quantities or you're worried about system<00:04:41.530> uptime<00:04:42.250> your<00:04:42.700> own<00:04:42.820> household<00:04:43.180> more 00:04:43.560 --> 00:04:43.570 align:start position:0% system uptime your own household more 00:04:43.570 --> 00:04:45.630 align:start position:0% system uptime your own household more right<00:04:43.720> here<00:04:43.900> ain't<00:04:44.110> no<00:04:44.290> meant<00:04:44.500> to<00:04:45.340> be<00:04:45.430> able<00:04:45.520> to 00:04:45.630 --> 00:04:45.640 align:start position:0% right here ain't no meant to be able to 00:04:45.640 --> 00:04:47.220 align:start position:0% right here ain't no meant to be able to do<00:04:45.790> most<00:04:46.030> people<00:04:46.120> in<00:04:46.480> this<00:04:46.570> industry<00:04:46.780> are<00:04:47.020> the 00:04:47.220 --> 00:04:47.230 align:start position:0% do most people in this industry are the 00:04:47.230 --> 00:04:51.360 align:start position:0% do most people in this industry are the F<00:04:47.770> largest<00:04:48.190> asset<00:04:48.580> even<00:04:49.200> we<00:04:50.200> based<00:04:50.680> the<00:04:50.980> model 00:04:51.360 --> 00:04:51.370 align:start position:0% F largest asset even we based the model 00:04:51.370 --> 00:04:54.570 align:start position:0% F largest asset even we based the model and<00:04:51.550> some<00:04:51.730> analysis<00:04:52.270> on<00:04:52.510> the<00:04:53.380> ESP<00:04:53.920> feed<00:04:54.250> option 00:04:54.570 --> 00:04:54.580 align:start position:0% and some analysis on the ESP feed option 00:04:54.580 --> 00:04:56.580 align:start position:0% and some analysis on the ESP feed option on<00:04:54.670> these<00:04:54.790> people<00:04:55.150> you<00:04:56.050> need<00:04:56.230> to<00:04:56.320> choose<00:04:56.560> your 00:04:56.580 --> 00:04:56.590 align:start position:0% on these people you need to choose your 00:04:56.590 --> 00:04:59.040 align:start position:0% on these people you need to choose your client<00:04:57.220> of<00:04:57.280> choice<00:04:57.490> this<00:04:57.880> includes<00:04:58.390> Artemis 00:04:59.040 --> 00:04:59.050 align:start position:0% client of choice this includes Artemis 00:04:59.050 --> 00:05:02.280 align:start position:0% client of choice this includes Artemis this<00:04:59.290> includes<00:04:59.740> prism<00:05:00.720> there's<00:05:01.720> six<00:05:02.170> or<00:05:02.260> seven 00:05:02.280 --> 00:05:02.290 align:start position:0% this includes prism there's six or seven 00:05:02.290 --> 00:05:03.930 align:start position:0% this includes prism there's six or seven different<00:05:02.530> ones<00:05:02.890> everyone<00:05:03.490> I'm<00:05:03.610> sure<00:05:03.790> is 00:05:03.930 --> 00:05:03.940 align:start position:0% different ones everyone I'm sure is 00:05:03.940 --> 00:05:05.700 align:start position:0% different ones everyone I'm sure is seeing<00:05:04.180> the<00:05:04.270> recent<00:05:04.570> Interop<00:05:04.900> news<00:05:05.170> behind 00:05:05.700 --> 00:05:05.710 align:start position:0% seeing the recent Interop news behind 00:05:05.710 --> 00:05:07.050 align:start position:0% seeing the recent Interop news behind all<00:05:06.010> that<00:05:06.190> such<00:05:06.400> as<00:05:06.490> really<00:05:06.700> great<00:05:06.850> progress 00:05:07.050 --> 00:05:07.060 align:start position:0% all that such as really great progress 00:05:07.060 --> 00:05:09.480 align:start position:0% all that such as really great progress being<00:05:07.390> made<00:05:07.510> on<00:05:07.900> that<00:05:08.350> side<00:05:08.590> of<00:05:08.830> the<00:05:09.010> equation 00:05:09.480 --> 00:05:09.490 align:start position:0% being made on that side of the equation 00:05:09.490 --> 00:05:10.680 align:start position:0% being made on that side of the equation but<00:05:09.610> that's<00:05:09.820> kind<00:05:10.000> of<00:05:10.030> how<00:05:10.150> you<00:05:10.210> get<00:05:10.390> started 00:05:10.680 --> 00:05:10.690 align:start position:0% but that's kind of how you get started 00:05:10.690 --> 00:05:12.090 align:start position:0% but that's kind of how you get started you<00:05:10.900> need<00:05:10.930> to<00:05:11.140> have<00:05:11.290> those<00:05:11.410> cheap<00:05:11.680> or<00:05:11.860> things 00:05:12.090 --> 00:05:12.100 align:start position:0% you need to have those cheap or things 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supposed to have an in-depth<00:05:18.400> thought<00:05:18.630> but<00:05:19.630> it<00:05:19.720> has<00:05:19.810> been 00:05:19.950 --> 00:05:19.960 align:start position:0% in-depth thought but it has been 00:05:19.960 --> 00:05:23.610 align:start position:0% in-depth thought but it has been recently<00:05:20.410> delayed<00:05:20.860> due<00:05:21.220> to<00:05:21.250> BLS<00:05:22.020> so<00:05:23.020> now<00:05:23.170> we're 00:05:23.610 --> 00:05:23.620 align:start position:0% recently delayed due to BLS so now we're 00:05:23.620 --> 00:05:26.220 align:start position:0% recently delayed due to BLS so now we're kind<00:05:23.830> of<00:05:23.890> targeting<00:05:24.490> January<00:05:25.060> 2020<00:05:25.630> or<00:05:25.780> at 00:05:26.220 --> 00:05:26.230 align:start position:0% kind of targeting January 2020 or at 00:05:26.230 --> 00:05:26.770 align:start position:0% kind of targeting January 2020 or at some 00:05:26.770 --> 00:05:26.780 align:start position:0% some 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and<00:05:34.250> then<00:05:34.370> basically 00:05:35.170 --> 00:05:35.180 align:start position:0% generating a PK and then basically 00:05:35.180 --> 00:05:37.330 align:start position:0% generating a PK and then basically having<00:05:35.540> a<00:05:35.750> withdrawal<00:05:36.110> key<00:05:36.650> which<00:05:37.070> could<00:05:37.250> be 00:05:37.330 --> 00:05:37.340 align:start position:0% having a withdrawal key which could be 00:05:37.340 --> 00:05:38.950 align:start position:0% having a withdrawal key which could be both<00:05:37.520> with<00:05:37.790> your<00:05:37.880> vitae<00:05:38.210> it<00:05:38.270> also<00:05:38.480> happens<00:05:38.900> to 00:05:38.950 --> 00:05:38.960 align:start position:0% both with your vitae it also happens to 00:05:38.960 --> 00:05:42.010 align:start position:0% both with your vitae it also happens to be<00:05:39.020> hot<00:05:39.610> so<00:05:40.610> you<00:05:40.760> can<00:05:40.970> continually<00:05:41.750> have 00:05:42.010 --> 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it's not technical<00:05:51.080> it's<00:05:51.380> something<00:05:51.770> more<00:05:51.980> of<00:05:52.100> like<00:05:52.250> a 00:05:52.270 --> 00:05:52.280 align:start position:0% technical it's something more of like a 00:05:52.280 --> 00:05:54.820 align:start position:0% technical it's something more of like a risk<00:05:52.550> tolerance<00:05:53.060> so<00:05:53.419> if<00:05:53.870> you<00:05:54.080> participate<00:05:54.800> in 00:05:54.820 --> 00:05:54.830 align:start position:0% risk tolerance so if you participate in 00:05:54.830 --> 00:05:57.310 align:start position:0% risk tolerance so if you participate in this<00:05:55.070> level<00:05:55.310> of<00:05:55.550> it<00:05:55.700> you<00:05:56.600> must<00:05:56.750> understand 00:05:57.310 --> 00:05:57.320 align:start position:0% this level of it you must understand 00:05:57.320 --> 00:05:59.620 align:start position:0% this level of it you must understand this<00:05:57.590> there's<00:05:58.070> going<00:05:58.310> to<00:05:58.370> be<00:05:58.430> a<00:05:58.550> a<00:05:59.000> time<00:05:59.390> gap 00:05:59.620 --> 00:05:59.630 align:start position:0% this there's going to be a a time gap 00:05:59.630 --> 00:06:01.180 align:start position:0% this there's going to be a a time gap which<00:05:59.930> is<00:06:00.050> not<00:06:00.260> work<00:06:00.470> fine<00:06:00.770> that's<00:06:00.980> one<00:06:01.100> of 00:06:01.180 --> 00:06:01.190 align:start position:0% which is not work fine that's one of 00:06:01.190 --> 00:06:02.440 align:start position:0% which is not work fine that's one of those<00:06:01.280> before 00:06:02.440 --> 00:06:02.450 align:start position:0% those before 00:06:02.450 --> 00:06:05.140 align:start position:0% those before but<00:06:02.870> you're<00:06:03.830> eath<00:06:04.070> one<00:06:04.310> gets<00:06:04.490> burned<00:06:04.790> and<00:06:05.060> you 00:06:05.140 --> 00:06:05.150 align:start position:0% but you're eath one gets burned and you 00:06:05.150 --> 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minutes there it's more than what wasn't<00:06:12.560> asked<00:06:12.890> but<00:06:13.250> it's<00:06:13.580> more<00:06:13.820> of<00:06:13.880> a<00:06:13.910> human 00:06:14.050 --> 00:06:14.060 align:start position:0% wasn't asked but it's more of a human 00:06:14.060 --> 00:06:15.400 align:start position:0% wasn't asked but it's more of a human risk<00:06:14.360> grammar<00:06:14.630> that<00:06:14.900> you<00:06:15.020> have<00:06:15.110> to<00:06:15.200> think 00:06:15.400 --> 00:06:15.410 align:start position:0% risk grammar that you have to think 00:06:15.410 --> 00:06:20.230 align:start position:0% risk grammar that you have to think about<00:06:17.410> so<00:06:18.410> you<00:06:19.220> know<00:06:19.310> what<00:06:19.790> do<00:06:19.850> I<00:06:19.880> have<00:06:19.970> to<00:06:20.090> do 00:06:20.230 --> 00:06:20.240 align:start position:0% about so you know what do I have to do 00:06:20.240 --> 00:06:22.600 align:start position:0% about so you know what do I have to do I've<00:06:21.080> done<00:06:21.229> all<00:06:21.350> the<00:06:21.440> pre<00:06:21.590> steps<00:06:21.919> I<00:06:22.280> have<00:06:22.460> my 00:06:22.600 --> 00:06:22.610 align:start position:0% I've done all the pre steps I have my 00:06:22.610 --> 00:06:25.810 align:start position:0% I've done all the pre steps I have my eat<00:06:22.850> I've<00:06:23.240> lost<00:06:23.479> the<00:06:23.660> process<00:06:24.110> I<00:06:24.669> figured<00:06:25.669> out 00:06:25.810 --> 00:06:25.820 align:start position:0% eat I've lost the process I figured out 00:06:25.820 --> 00:06:27.340 align:start position:0% eat I've lost the process I figured out how<00:06:26.090> to<00:06:26.120> use<00:06:26.330> the<00:06:26.450> command<00:06:26.780> line<00:06:26.870> I've<00:06:27.200> done 00:06:27.340 --> 00:06:27.350 align:start position:0% how to use the command line I've done 00:06:27.350 --> 00:06:30.700 align:start position:0% how to use the command line I've done all<00:06:27.470> this<00:06:27.530> stuff<00:06:27.590> like<00:06:27.950> stuff<00:06:28.419> so<00:06:29.419> now<00:06:29.650> what<00:06:30.650> do 00:06:30.700 --> 00:06:30.710 align:start position:0% all this stuff like stuff so now what do 00:06:30.710 --> 00:06:32.680 align:start position:0% all this stuff like stuff so now what do I<00:06:30.770> actually<00:06:30.919> have<00:06:31.220> to<00:06:31.340> do<00:06:31.490> so<00:06:32.330> there's<00:06:32.510> two 00:06:32.680 --> 00:06:32.690 align:start position:0% I actually have to do so there's two 00:06:32.690 --> 00:06:35.880 align:start position:0% I actually have to do so there's two main<00:06:32.900> things<00:06:32.930> that<00:06:33.410> take<00:06:33.710> place<00:06:33.860> as<00:06:34.850> a 00:06:35.880 --> 00:06:35.890 align:start position:0% main things that take place as a 00:06:35.890 --> 00:06:39.730 align:start position:0% main things that take place as a participant<00:06:36.890> inside<00:06:37.370> of<00:06:37.490> me<00:06:37.580> -<00:06:38.440> you<00:06:39.440> propose 00:06:39.730 --> 00:06:39.740 align:start position:0% participant inside of me - you propose 00:06:39.740 --> 00:06:42.310 align:start position:0% participant inside of me - you propose new<00:06:39.890> blocks<00:06:40.130> this<00:06:40.729> happens<00:06:41.060> infrequently<00:06:41.320> and 00:06:42.310 --> 00:06:42.320 align:start position:0% new blocks this happens infrequently and 00:06:42.320 --> 00:06:43.490 align:start position:0% new blocks this happens infrequently and if<00:06:42.530> you 00:06:43.490 --> 00:06:43.500 align:start position:0% if you 00:06:43.500 --> 00:06:46.250 align:start position:0% if you in<00:06:43.590> the<00:06:43.770> human<00:06:44.100> test<00:06:44.340> which<00:06:44.970> is<00:06:45.120> the<00:06:45.720> signing 00:06:46.250 --> 00:06:46.260 align:start position:0% in the human test which is the signing 00:06:46.260 --> 00:06:48.350 align:start position:0% in the human test which is the signing of<00:06:46.320> new<00:06:46.470> bucks<00:06:46.800> this<00:06:47.160> happens<00:06:47.550> much<00:06:48.330> more 00:06:48.350 --> 00:06:48.360 align:start position:0% of new bucks this happens much more 00:06:48.360 --> 00:06:50.090 align:start position:0% of new bucks this happens much more often<00:06:48.690> and<00:06:48.990> it's<00:06:49.080> much<00:06:49.200> more<00:06:49.380> important<00:06:50.070> to 00:06:50.090 --> 00:06:50.100 align:start position:0% often and it's much more important to 00:06:50.100 --> 00:06:51.860 align:start position:0% often and it's much more important to the<00:06:50.250> overall<00:06:50.490> system<00:06:51.120> without<00:06:51.210> corners<00:06:51.690> so 00:06:51.860 --> 00:06:51.870 align:start position:0% the overall system without corners so 00:06:51.870 --> 00:06:53.510 align:start position:0% the overall system without corners so those<00:06:52.440> are<00:06:52.620> two<00:06:52.740> main<00:06:52.890> things<00:06:52.920> are<00:06:53.190> some<00:06:53.340> other 00:06:53.510 --> 00:06:53.520 align:start position:0% those are two main things are some other 00:06:53.520 --> 00:06:55.810 align:start position:0% those are two main things are some other small<00:06:53.850> he<00:06:54.240> wants<00:06:54.540> things<00:06:54.690> that<00:06:55.020> exist<00:06:55.560> but 00:06:55.810 --> 00:06:55.820 align:start position:0% small he wants things that exist but 00:06:55.820 --> 00:06:57.980 align:start position:0% small he wants things that exist but it's<00:06:56.820> a<00:06:56.880> lot<00:06:57.060> to<00:06:57.180> get<00:06:57.300> through<00:06:57.420> twenty<00:06:57.750> minutes 00:06:57.980 --> 00:06:57.990 align:start position:0% it's a lot to get through twenty minutes 00:06:57.990 --> 00:06:59.270 align:start position:0% it's a lot to get through twenty minutes so<00:06:58.050> we're<00:06:58.230> just<00:06:58.350> going<00:06:58.500> to<00:06:58.530> keep<00:06:58.860> behind<00:06:59.100> that 00:06:59.270 --> 00:06:59.280 align:start position:0% so we're just going to keep behind that 00:06:59.280 --> 00:07:00.530 align:start position:0% so we're just going to keep behind that list<00:06:59.460> of<00:06:59.610> two<00:06:59.760> main<00:06:59.970> things<00:07:00.120> that<00:07:00.330> you<00:07:00.420> do 00:07:00.530 --> 00:07:00.540 align:start position:0% list of two main things that you do 00:07:00.540 --> 00:07:03.950 align:start position:0% list of two main things that you do those<00:07:00.690> are<00:07:00.780> your<00:07:00.870> two<00:07:00.990> actions<00:07:02.690> so<00:07:03.690> now<00:07:03.810> let's 00:07:03.950 --> 00:07:03.960 align:start position:0% those are your two actions so now let's 00:07:03.960 --> 00:07:05.930 align:start position:0% those are your two actions so now let's talk<00:07:04.080> about<00:07:04.140> you<00:07:04.800> know<00:07:04.920> where<00:07:05.490> do<00:07:05.610> these<00:07:05.700> come 00:07:05.930 --> 00:07:05.940 align:start position:0% talk about you know where do these come 00:07:05.940 --> 00:07:07.790 align:start position:0% talk about you know where do these come from<00:07:06.000> what<00:07:06.870> are<00:07:07.020> they 00:07:07.790 --> 00:07:07.800 align:start position:0% from what are they 00:07:07.800 --> 00:07:09.530 align:start position:0% from what are they we've<00:07:08.520> been<00:07:08.730> talking<00:07:08.880> to<00:07:09.120> return<00:07:09.420> your 00:07:09.530 --> 00:07:09.540 align:start position:0% we've been talking to return your 00:07:09.540 --> 00:07:11.420 align:start position:0% we've been talking to return your certain<00:07:09.810> actions<00:07:10.200> I<00:07:10.590> have<00:07:11.040> to<00:07:11.160> have<00:07:11.250> certain 00:07:11.420 --> 00:07:11.430 align:start position:0% certain actions I have to have certain 00:07:11.430 --> 00:07:13.130 align:start position:0% certain actions I have to have certain things<00:07:11.640> to<00:07:11.790> give<00:07:11.940> them<00:07:12.150> so<00:07:12.630> now<00:07:12.750> let's<00:07:12.960> talk 00:07:13.130 --> 00:07:13.140 align:start position:0% things to give them so now let's talk 00:07:13.140 --> 00:07:15.830 align:start position:0% things to give them so now let's talk about<00:07:13.640> what<00:07:14.640> they<00:07:14.850> are<00:07:14.880> and<00:07:15.330> where<00:07:15.510> they<00:07:15.660> come 00:07:15.830 --> 00:07:15.840 align:start position:0% about what they are and where they come 00:07:15.840 --> 00:07:16.070 align:start position:0% about what they are and where they come from 00:07:16.070 --> 00:07:16.080 align:start position:0% from 00:07:16.080 --> 00:07:19.910 align:start position:0% from so<00:07:16.710> the<00:07:17.040> FFG<00:07:17.610> award<00:07:17.970> is<00:07:18.750> what<00:07:18.960> you<00:07:19.110> receive<00:07:19.530> a 00:07:19.910 --> 00:07:19.920 align:start position:0% so the FFG award is what you receive a 00:07:19.920 --> 00:07:22.610 align:start position:0% so the FFG award is what you receive a zero<00:07:20.310> that<00:07:20.880> has<00:07:21.480> actually<00:07:21.840> grown<00:07:21.990> up<00:07:22.290> into 00:07:22.610 --> 00:07:22.620 align:start position:0% zero that has actually grown up into 00:07:22.620 --> 00:07:26.540 align:start position:0% zero that has actually grown up into five<00:07:23.040> components<00:07:24.440> of<00:07:25.440> it<00:07:25.620> too<00:07:25.980> technical<00:07:26.520> for 00:07:26.540 --> 00:07:26.550 align:start position:0% five components of it too technical for 00:07:26.550 --> 00:07:27.860 align:start position:0% five components of it too technical for what<00:07:26.820> we're<00:07:26.910> going<00:07:27.030> to<00:07:27.120> talk<00:07:27.270> about<00:07:27.300> today<00:07:27.690> but 00:07:27.860 --> 00:07:27.870 align:start position:0% what we're going to talk about today but 00:07:27.870 --> 00:07:31.100 align:start position:0% what we're going to talk about today but essentially<00:07:28.530> that<00:07:28.890> is<00:07:29.190> chopped<00:07:29.490> up<00:07:29.730> into<00:07:30.540> five 00:07:31.100 --> 00:07:31.110 align:start position:0% essentially that is chopped up into five 00:07:31.110 --> 00:07:33.740 align:start position:0% essentially that is chopped up into five different<00:07:31.320> things<00:07:31.640> and<00:07:32.640> that's<00:07:32.940> the<00:07:33.300> basic 00:07:33.740 --> 00:07:33.750 align:start position:0% different things and that's the basic 00:07:33.750 --> 00:07:35.900 align:start position:0% different things and that's the basic reward<00:07:34.140> is<00:07:34.410> what<00:07:34.830> you<00:07:34.950> will<00:07:35.100> receive<00:07:35.250> a<00:07:35.880> zero 00:07:35.900 --> 00:07:35.910 align:start position:0% reward is what you will receive a zero 00:07:35.910 --> 00:07:38.980 align:start position:0% reward is what you will receive a zero things<00:07:36.660> one<00:07:36.990> for<00:07:37.710> bootstrapping<00:07:38.130> the<00:07:38.400> system 00:07:38.980 --> 00:07:38.990 align:start position:0% things one for bootstrapping the system 00:07:38.990 --> 00:07:41.750 align:start position:0% things one for bootstrapping the system there<00:07:39.990> will<00:07:40.140> be<00:07:40.170> no<00:07:40.440> network<00:07:41.130> fees<00:07:41.310> until<00:07:41.580> it 00:07:41.750 --> 00:07:41.760 align:start position:0% there will be no network fees until it 00:07:41.760 --> 00:07:44.000 align:start position:0% there will be no network fees until it base<00:07:41.910> two<00:07:42.150> and<00:07:42.930> then<00:07:43.080> later<00:07:43.290> on<00:07:43.350> phase<00:07:43.680> two<00:07:43.890> as 00:07:44.000 --> 00:07:44.010 align:start position:0% base two and then later on phase two as 00:07:44.010 --> 00:07:46.100 align:start position:0% base two and then later on phase two as well<00:07:44.130> you<00:07:44.550> can<00:07:44.700> essentially<00:07:45.060> you<00:07:45.750> know<00:07:45.870> call 00:07:46.100 --> 00:07:46.110 align:start position:0% well you can essentially you know call 00:07:46.110 --> 00:07:48.170 align:start position:0% well you can essentially you know call people<00:07:46.410> out<00:07:46.500> there<00:07:46.760> you<00:07:47.760> can<00:07:47.940> receive 00:07:48.170 --> 00:07:48.180 align:start position:0% people out there you can receive 00:07:48.180 --> 00:07:52.070 align:start position:0% people out there you can receive something<00:07:48.600> they<00:07:48.810> return<00:07:49.140> it<00:07:49.440> as<00:07:49.620> well<00:07:50.900> in<00:07:51.900> the 00:07:52.070 --> 00:07:52.080 align:start position:0% something they return it as well in the 00:07:52.080 --> 00:07:54.260 align:start position:0% something they return it as well in the model<00:07:52.350> that<00:07:52.440> we<00:07:52.530> built<00:07:52.560> it<00:07:53.550> includes<00:07:53.910> all<00:07:54.150> of 00:07:54.260 --> 00:07:54.270 align:start position:0% model that we built it includes all of 00:07:54.270 --> 00:07:55.880 align:start position:0% model that we built it includes all of it<00:07:54.390> and<00:07:54.540> it<00:07:54.600> can<00:07:54.690> be<00:07:54.810> toggled<00:07:55.020> that<00:07:55.800> the 00:07:55.880 --> 00:07:55.890 align:start position:0% it and it can be toggled that the 00:07:55.890 --> 00:07:59.659 align:start position:0% it and it can be toggled that the primary<00:07:56.100> announces<00:07:56.850> today<00:07:57.030> we<00:07:57.210> pay<00:07:57.360> zero<00:07:58.669> so 00:07:59.659 --> 00:07:59.669 align:start position:0% primary announces today we pay zero so 00:07:59.669 --> 00:08:02.390 align:start position:0% primary announces today we pay zero so let's<00:08:00.090> talk<00:08:00.180> about<00:08:00.300> the<00:08:00.480> system<00:08:00.660> right<00:08:01.400> how's 00:08:02.390 --> 00:08:02.400 align:start position:0% let's talk about the system right how's 00:08:02.400 --> 00:08:04.670 align:start position:0% let's talk about the system right how's this<00:08:02.580> thing<00:08:02.640> designed<00:08:03.260> where<00:08:04.260> the<00:08:04.500> main 00:08:04.670 --> 00:08:04.680 align:start position:0% this thing designed where the main 00:08:04.680 --> 00:08:07.340 align:start position:0% this thing designed where the main rewards<00:08:05.100> coming<00:08:05.490> from<00:08:05.930> ulta<00:08:06.930> to<00:08:07.050> link<00:08:07.230> what 00:08:07.340 --> 00:08:07.350 align:start position:0% rewards coming from ulta to link what 00:08:07.350 --> 00:08:09.650 align:start position:0% rewards coming from ulta to link what are<00:08:07.440> the<00:08:07.500> key<00:08:07.650> drivers<00:08:07.830> all<00:08:08.669> academic<00:08:09.270> modest 00:08:09.650 --> 00:08:09.660 align:start position:0% are the key drivers all academic modest 00:08:09.660 --> 00:08:11.480 align:start position:0% are the key drivers all academic modest existing<00:08:10.110> key<00:08:10.260> drivers<00:08:10.620> that<00:08:10.650> can<00:08:10.830> be<00:08:10.919> sent 00:08:11.480 --> 00:08:11.490 align:start position:0% existing key drivers that can be sent 00:08:11.490 --> 00:08:15.020 align:start position:0% existing key drivers that can be sent playing<00:08:12.210> with<00:08:12.360> E<00:08:13.050> -<00:08:13.680> has<00:08:13.889> in<00:08:14.550> my<00:08:14.729> opinion 00:08:15.020 --> 00:08:15.030 align:start position:0% playing with E - has in my opinion 00:08:15.030 --> 00:08:17.450 align:start position:0% playing with E - has in my opinion severely<00:08:15.630> different<00:08:16.169> and<00:08:16.319> actually<00:08:17.009> mature 00:08:17.450 --> 00:08:17.460 align:start position:0% severely different and actually mature 00:08:17.460 --> 00:08:18.710 align:start position:0% severely different and actually mature group<00:08:17.849> mistake 00:08:18.710 --> 00:08:18.720 align:start position:0% group mistake 00:08:18.720 --> 00:08:20.629 align:start position:0% group mistake design<00:08:19.349> methodologies<00:08:19.979> behind<00:08:20.280> it<00:08:20.400> even 00:08:20.629 --> 00:08:20.639 align:start position:0% design methodologies behind it even 00:08:20.639 --> 00:08:23.659 align:start position:0% design methodologies behind it even though<00:08:20.789> POS<00:08:21.300> introduced<00:08:22.340> so<00:08:23.340> let's<00:08:23.490> talk 00:08:23.659 --> 00:08:23.669 align:start position:0% though POS introduced so let's talk 00:08:23.669 --> 00:08:26.570 align:start position:0% though POS introduced so let's talk about<00:08:23.729> two<00:08:24.060> of<00:08:24.150> those<00:08:24.240> so<00:08:24.930> number<00:08:25.860> one<00:08:26.069> totally 00:08:26.570 --> 00:08:26.580 align:start position:0% about two of those so number one totally 00:08:26.580 --> 00:08:28.969 align:start position:0% about two of those so number one totally fits<00:08:26.759> take<00:08:27.470> number<00:08:28.470> two 00:08:28.969 --> 00:08:28.979 align:start position:0% fits take number two 00:08:28.979 --> 00:08:32.089 align:start position:0% fits take number two thanks<00:08:29.639> for<00:08:29.789> work<00:08:29.990> number<00:08:30.990> three<00:08:31.319> what<00:08:31.889> is<00:08:31.979> the 00:08:32.089 --> 00:08:32.099 align:start position:0% thanks for work number three what is the 00:08:32.099 --> 00:08:34.100 align:start position:0% thanks for work number three what is the average<00:08:32.339> network<00:08:32.909> percent<00:08:33.270> online<00:08:33.419> of<00:08:33.959> all 00:08:34.100 --> 00:08:34.110 align:start position:0% average network percent online of all 00:08:34.110 --> 00:08:38.050 align:start position:0% average network percent online of all the<00:08:34.200> participants<00:08:34.770> inside<00:08:35.159> of<00:08:35.250> the<00:08:35.310> system 00:08:38.050 --> 00:08:38.060 align:start position:0% 00:08:38.060 --> 00:08:41.630 align:start position:0% Chloe<00:08:39.060> that<00:08:39.450> state<00:08:40.130> you<00:08:41.130> can<00:08:41.250> think<00:08:41.459> of<00:08:41.550> this 00:08:41.630 --> 00:08:41.640 align:start position:0% Chloe that state you can think of this 00:08:41.640 --> 00:08:45.139 align:start position:0% Chloe that state you can think of this as<00:08:41.899> you<00:08:42.899> can<00:08:42.959> see<00:08:43.050> on<00:08:43.260> the<00:08:43.320> chart<00:08:43.349> here<00:08:44.149> the 00:08:45.139 --> 00:08:45.149 align:start position:0% as you can see on the chart here the 00:08:45.149 --> 00:08:46.579 align:start position:0% as you can see on the chart here the more<00:08:45.390> that<00:08:45.540> at<00:08:45.630> stake<00:08:45.839> in<00:08:46.020> the<00:08:46.080> network<00:08:46.410> with 00:08:46.579 --> 00:08:46.589 align:start position:0% more that at stake in the network with 00:08:46.589 --> 00:08:49.400 align:start position:0% more that at stake in the network with less<00:08:46.740> than<00:08:46.920> I<00:08:46.980> get<00:08:47.480> these<00:08:48.480> two<00:08:48.690> red<00:08:48.899> dots<00:08:49.140> are 00:08:49.400 --> 00:08:49.410 align:start position:0% less than I get these two red dots are 00:08:49.410 --> 00:08:51.590 align:start position:0% less than I get these two red dots are two<00:08:49.740> key<00:08:50.070> points<00:08:50.399> of<00:08:50.760> bootstrapping<00:08:51.300> this 00:08:51.590 --> 00:08:51.600 align:start position:0% two key points of bootstrapping this 00:08:51.600 --> 00:08:54.590 align:start position:0% two key points of bootstrapping this system<00:08:52.459> two<00:08:53.459> million<00:08:53.790> eight<00:08:53.970> states<00:08:54.360> is<00:08:54.570> the 00:08:54.590 --> 00:08:54.600 align:start position:0% system two million eight states is the 00:08:54.600 --> 00:08:57.920 align:start position:0% system two million eight states is the first<00:08:54.930> red<00:08:55.140> dot<00:08:55.350> and<00:08:55.980> four<00:08:56.700> point<00:08:56.940> two<00:08:57.060> is<00:08:57.330> the 00:08:57.920 --> 00:08:57.930 align:start position:0% first red dot and four point two is the 00:08:57.930 --> 00:08:59.449 align:start position:0% first red dot and four point two is the second<00:08:58.320> red<00:08:58.440> thought<00:08:58.649> we've<00:08:59.040> given<00:08:59.220> a<00:08:59.339> bit 00:08:59.449 --> 00:08:59.459 align:start position:0% second red thought we've given a bit 00:08:59.459 --> 00:09:01.790 align:start position:0% second red thought we've given a bit more<00:08:59.700> into<00:09:00.120> what<00:09:00.450> those<00:09:01.200> mean<00:09:01.440> and<00:09:01.620> why 00:09:01.790 --> 00:09:01.800 align:start position:0% more into what those mean and why 00:09:01.800 --> 00:09:04.100 align:start position:0% more into what those mean and why they're<00:09:02.040> important<00:09:02.550> but<00:09:03.420> ultimately<00:09:03.870> I<00:09:03.930> guess 00:09:04.100 --> 00:09:04.110 align:start position:0% they're important but ultimately I guess 00:09:04.110 --> 00:09:05.389 align:start position:0% they're important but ultimately I guess a<00:09:04.140> comment<00:09:04.560> that<00:09:04.649> I'd<00:09:04.740> like<00:09:04.920> to<00:09:05.040> make<00:09:05.250> about 00:09:05.389 --> 00:09:05.399 align:start position:0% a comment that I'd like to make about 00:09:05.399 --> 00:09:07.880 align:start position:0% a comment that I'd like to make about how<00:09:05.790> the<00:09:05.850> system<00:09:06.390> is<00:09:06.510> designed<00:09:06.660> is<00:09:07.050> that<00:09:07.080> you 00:09:07.880 --> 00:09:07.890 align:start position:0% how the system is designed is that you 00:09:07.890 --> 00:09:10.250 align:start position:0% how the system is designed is that you know<00:09:07.980> people<00:09:08.010> have<00:09:08.690> different<00:09:09.690> ways<00:09:09.720> of 00:09:10.250 --> 00:09:10.260 align:start position:0% know people have different ways of 00:09:10.260 --> 00:09:13.220 align:start position:0% know people have different ways of saying<00:09:10.770> what<00:09:11.490> the<00:09:11.610> return<00:09:12.029> is<00:09:12.300> or<00:09:12.660> what<00:09:12.930> the 00:09:13.220 --> 00:09:13.230 align:start position:0% saying what the return is or what the 00:09:13.230 --> 00:09:15.550 align:start position:0% saying what the return is or what the resort<00:09:13.680> level<00:09:14.070> is<00:09:14.190> a<00:09:14.339> heuristic<00:09:14.760> protocol 00:09:15.550 --> 00:09:15.560 align:start position:0% resort level is a heuristic protocol 00:09:15.560 --> 00:09:18.590 align:start position:0% resort level is a heuristic protocol most<00:09:16.560> people<00:09:16.920> are<00:09:17.010> watching<00:09:17.550> POS<00:09:18.120> with<00:09:18.390> dead 00:09:18.590 --> 00:09:18.600 align:start position:0% most people are watching POS with dead 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a shared POS where unless<00:09:26.399> we<00:09:26.670> have<00:09:26.760> a<00:09:26.790> proper<00:09:27.089> token 00:09:27.500 --> 00:09:27.510 align:start position:0% unless we have a proper token 00:09:27.510 --> 00:09:30.170 align:start position:0% unless we have a proper token distribution<00:09:28.310> and<00:09:29.310> everything<00:09:29.760> is<00:09:29.850> already 00:09:30.170 --> 00:09:30.180 align:start position:0% distribution and everything is already 00:09:30.180 --> 00:09:33.410 align:start position:0% distribution and everything is already in<00:09:30.300> the<00:09:30.450> ecosystem<00:09:31.220> you<00:09:32.220> aren't<00:09:32.850> able<00:09:32.970> to<00:09:33.149> do 00:09:33.410 --> 00:09:33.420 align:start position:0% in the ecosystem you aren't able to do 00:09:33.420 --> 00:09:38.360 align:start position:0% in the ecosystem you aren't able to do this<00:09:33.950> also<00:09:34.950> a<00:09:34.980> big<00:09:35.399> proponent<00:09:35.579> of<00:09:36.980> not<00:09:37.980> having 00:09:38.360 --> 00:09:38.370 align:start position:0% this also a big proponent of not having 00:09:38.370 --> 00:09:42.380 align:start position:0% this also a big proponent of not having a<00:09:38.520> cap<00:09:39.050> so<00:09:40.339> people<00:09:41.339> who<00:09:41.610> run<00:09:41.760> POS<00:09:42.060> network 00:09:42.380 --> 00:09:42.390 align:start position:0% a cap so people who run POS network 00:09:42.390 --> 00:09:43.639 align:start position:0% a cap so people who run POS network sometimes<00:09:42.779> with<00:09:42.990> essentially<00:09:43.350> mining 00:09:43.639 --> 00:09:43.649 align:start position:0% sometimes with essentially mining 00:09:43.649 --> 00:09:45.710 align:start position:0% sometimes with essentially mining schedules<00:09:44.100> would<00:09:44.250> like<00:09:44.459> a<00:09:44.490> fixed 00:09:45.710 --> 00:09:45.720 align:start position:0% schedules would like a fixed 00:09:45.720 --> 00:09:48.499 align:start position:0% schedules would like a fixed period<00:09:46.649> it's<00:09:46.829> a<00:09:46.920> big<00:09:47.129> debate<00:09:47.360> should<00:09:48.360> there<00:09:48.480> be 00:09:48.499 --> 00:09:48.509 align:start position:0% period it's a big debate should there be 00:09:48.509 --> 00:09:50.269 align:start position:0% period it's a big debate should there be a<00:09:48.629> cap<00:09:48.810> supply<00:09:49.230> enough 00:09:50.269 --> 00:09:50.279 align:start position:0% a cap supply enough 00:09:50.279 --> 00:09:52.280 align:start position:0% a cap supply enough I<00:09:50.310> personally<00:09:50.910> that<00:09:51.449> you<00:09:51.600> can't<00:09:51.839> run<00:09:52.139> this 00:09:52.280 --> 00:09:52.290 align:start position:0% I personally that you can't run this 00:09:52.290 --> 00:09:56.090 align:start position:0% I personally that you can't run this economic<00:09:52.769> model<00:09:52.920> if<00:09:53.250> there<00:09:53.430> is<00:09:53.519> a<00:09:53.639> cap<00:09:55.100> but 00:09:56.090 --> 00:09:56.100 align:start position:0% economic model if there is a cap but 00:09:56.100 --> 00:09:57.079 align:start position:0% economic model if there is a cap but we're<00:09:56.370> going<00:09:56.550> to<00:09:56.639> have<00:09:56.730> a<00:09:56.790> debate<00:09:56.970> about 00:09:57.079 --> 00:09:57.089 align:start position:0% we're going to have a debate about 00:09:57.089 --> 00:09:58.689 align:start position:0% we're going to have a debate about people<00:09:57.930> of<00:09:57.990> intercuts 00:09:58.689 --> 00:09:58.699 align:start position:0% people of intercuts 00:09:58.699 --> 00:10:01.900 align:start position:0% people of intercuts the<00:09:59.699> second<00:10:00.089> part<00:10:00.269> of<00:10:00.360> it<00:10:00.720> base<00:10:01.199> reward<00:10:01.620> factor 00:10:01.900 --> 00:10:01.910 align:start position:0% the second part of it base reward factor 00:10:01.910 --> 00:10:06.079 align:start position:0% the second part of it base reward factor right<00:10:02.910> now<00:10:03.089> the<00:10:03.269> spec<00:10:03.689> is<00:10:03.839> at<00:10:03.990> 64<00:10:04.589> and<00:10:04.970> this<00:10:05.970> is 00:10:06.079 --> 00:10:06.089 align:start position:0% right now the spec is at 64 and this is 00:10:06.089 --> 00:10:08.329 align:start position:0% right now the spec is at 64 and this is basically<00:10:06.480> showing<00:10:06.839> you<00:10:07.019> from<00:10:07.740> to<00:10:07.980> attend 00:10:08.329 --> 00:10:08.339 align:start position:0% basically showing you from to attend 00:10:08.339 --> 00:10:10.429 align:start position:0% basically showing you from to attend maybe<00:10:08.610> what<00:10:09.029> you<00:10:09.149> would<00:10:09.269> receive<00:10:09.660> with<00:10:10.410> a 00:10:10.429 --> 00:10:10.439 align:start position:0% maybe what you would receive with a 00:10:10.439 --> 00:10:11.840 align:start position:0% maybe what you would receive with a bunch<00:10:10.680> of<00:10:10.769> the<00:10:10.920> fix<00:10:11.100> variables<00:10:11.579> which<00:10:11.759> will 00:10:11.840 --> 00:10:11.850 align:start position:0% bunch of the fix variables which will 00:10:11.850 --> 00:10:13.850 align:start position:0% bunch of the fix variables which will all<00:10:11.939> be<00:10:12.089> inside<00:10:12.360> of<00:10:12.389> the<00:10:12.509> model<00:10:12.839> but<00:10:13.769> the 00:10:13.850 --> 00:10:13.860 align:start position:0% all be inside of the model but the 00:10:13.860 --> 00:10:16.910 align:start position:0% all be inside of the model but the primary<00:10:14.220> point<00:10:14.490> of<00:10:14.610> this<00:10:14.730> is<00:10:14.910> to<00:10:15.060> show<00:10:15.089> that<00:10:15.920> as 00:10:16.910 --> 00:10:16.920 align:start position:0% primary point of this is to show that as 00:10:16.920 --> 00:10:19.220 align:start position:0% primary point of this is to show that as a<00:10:17.100> base<00:10:17.459> reward<00:10:17.850> increases<00:10:18.509> what<00:10:18.839> I<00:10:18.870> get<00:10:19.110> in 00:10:19.220 --> 00:10:19.230 align:start position:0% a base reward increases what I get in 00:10:19.230 --> 00:10:22.040 align:start position:0% a base reward increases what I get in return<00:10:19.259> also<00:10:19.829> increases<00:10:20.579> and<00:10:20.819> as<00:10:21.209> the<00:10:21.240> amount 00:10:22.040 --> 00:10:22.050 align:start position:0% return also increases and as the amount 00:10:22.050 --> 00:10:26.240 align:start position:0% return also increases and as the amount of<00:10:22.550> value<00:10:23.550> in<00:10:23.730> network<00:10:24.029> states<00:10:24.709> it<00:10:25.709> decreases 00:10:26.240 --> 00:10:26.250 align:start position:0% of value in network states it decreases 00:10:26.250 --> 00:10:28.129 align:start position:0% of value in network states it decreases over<00:10:26.459> time<00:10:26.490> so<00:10:26.879> it's<00:10:27.029> staying<00:10:27.540> true<00:10:27.750> to<00:10:27.839> its 00:10:28.129 --> 00:10:28.139 align:start position:0% over time so it's staying true to its 00:10:28.139 --> 00:10:30.590 align:start position:0% over time so it's staying true to its design<00:10:28.709> principles<00:10:29.279> and<00:10:29.339> it<00:10:29.459> matches<00:10:29.730> what<00:10:30.509> we 00:10:30.590 --> 00:10:30.600 align:start position:0% design principles and it matches what we 00:10:30.600 --> 00:10:33.350 align:start position:0% design principles and it matches what we just<00:10:30.720> looked<00:10:30.959> at<00:10:31.490> the<00:10:32.490> third<00:10:32.699> factor<00:10:33.120> is<00:10:33.209> your 00:10:33.350 --> 00:10:33.360 align:start position:0% just looked at the third factor is your 00:10:33.360 --> 00:10:35.900 align:start position:0% just looked at the third factor is your average<00:10:33.660> number<00:10:34.019> percent<00:10:34.290> online<00:10:34.670> this<00:10:35.670> one<00:10:35.879> I 00:10:35.900 --> 00:10:35.910 align:start position:0% average number percent online this one I 00:10:35.910 --> 00:10:38.809 align:start position:0% average number percent online this one I think<00:10:36.000> is<00:10:36.149> quite<00:10:36.240> cool<00:10:36.709> and<00:10:37.709> not<00:10:38.040> really<00:10:38.399> spoke 00:10:38.809 --> 00:10:38.819 align:start position:0% think is quite cool and not really spoke 00:10:38.819 --> 00:10:40.759 align:start position:0% think is quite cool and not really spoke about<00:10:39.000> too<00:10:39.180> much<00:10:39.329> so<00:10:40.019> it's<00:10:40.139> basically<00:10:40.470> like<00:10:40.589> a 00:10:40.759 --> 00:10:40.769 align:start position:0% about too much so it's basically like a 00:10:40.769 --> 00:10:44.059 align:start position:0% about too much so it's basically like a collective<00:10:41.399> reward<00:10:41.819> mindsets<00:10:42.529> where<00:10:43.529> if 00:10:44.059 --> 00:10:44.069 align:start position:0% collective reward mindsets where if 00:10:44.069 --> 00:10:44.940 align:start position:0% collective reward mindsets where if everyone 00:10:44.940 --> 00:10:44.950 align:start position:0% everyone 00:10:44.950 --> 00:10:46.770 align:start position:0% everyone work<00:10:45.280> is<00:10:45.460> providing<00:10:45.970> uptime<00:10:46.330> and<00:10:46.600> being 00:10:46.770 --> 00:10:46.780 align:start position:0% work is providing uptime and being 00:10:46.780 --> 00:10:49.680 align:start position:0% work is providing uptime and being consistent<00:10:47.200> their<00:10:47.650> behavior<00:10:48.330> than<00:10:49.330> everyone 00:10:49.680 --> 00:10:49.690 align:start position:0% consistent their behavior than everyone 00:10:49.690 --> 00:10:51.630 align:start position:0% consistent their behavior than everyone else<00:10:49.900> is<00:10:50.230> something<00:10:50.650> in<00:10:50.740> return<00:10:50.890> for<00:10:51.220> it<00:10:51.460> so 00:10:51.630 --> 00:10:51.640 align:start position:0% else is something in return for it so 00:10:51.640 --> 00:10:53.550 align:start position:0% else is something in return for it so what<00:10:51.850> it<00:10:51.970> does<00:10:52.150> is<00:10:52.360> it<00:10:52.480> sets<00:10:53.110> of<00:10:53.260> us<00:10:53.410> is 00:10:53.550 --> 00:10:53.560 align:start position:0% what it does is it sets of us is 00:10:53.560 --> 00:10:55.680 align:start position:0% what it does is it sets of us is collectively<00:10:54.220> better<00:10:55.000> behavior<00:10:55.390> for 00:10:55.680 --> 00:10:55.690 align:start position:0% collectively better behavior for 00:10:55.690 --> 00:10:58.260 align:start position:0% collectively better behavior for everyone<00:10:56.110> to<00:10:57.010> stay<00:10:57.280> online<00:10:57.490> than<00:10:57.910> to<00:10:58.030> stay 00:10:58.260 --> 00:10:58.270 align:start position:0% everyone to stay online than to stay 00:10:58.270 --> 00:11:02.250 align:start position:0% everyone to stay online than to stay alive<00:10:59.250> it's<00:11:00.250> a<00:11:00.340> primary<00:11:00.610> driver<00:11:01.180> of<00:11:01.360> what's 00:11:02.250 --> 00:11:02.260 align:start position:0% alive it's a primary driver of what's 00:11:02.260 --> 00:11:06.030 align:start position:0% alive it's a primary driver of what's the<00:11:02.590> of<00:11:03.370> what<00:11:03.730> you<00:11:03.910> get<00:11:04.090> out<00:11:04.150> in<00:11:04.570> return<00:11:04.930> and<00:11:05.800> I 00:11:06.030 --> 00:11:06.040 align:start position:0% the of what you get out in return and I 00:11:06.040 --> 00:11:08.100 align:start position:0% the of what you get out in return and I haven't<00:11:06.430> seen<00:11:06.670> it<00:11:06.790> collectively<00:11:07.360> implemented 00:11:08.100 --> 00:11:08.110 align:start position:0% haven't seen it collectively implemented 00:11:08.110 --> 00:11:11.160 align:start position:0% haven't seen it collectively implemented about<00:11:08.770> the<00:11:08.980> Oseberg<00:11:09.220> also<00:11:09.850> I<00:11:10.150> find<00:11:10.990> this 00:11:11.160 --> 00:11:11.170 align:start position:0% about the Oseberg also I find this 00:11:11.170 --> 00:11:13.350 align:start position:0% about the Oseberg also I find this person<00:11:11.410> to<00:11:11.650> be<00:11:11.740> one<00:11:11.890> of<00:11:11.980> the<00:11:12.070> more<00:11:12.360> genius 00:11:13.350 --> 00:11:13.360 align:start position:0% person to be one of the more genius 00:11:13.360 --> 00:11:14.850 align:start position:0% person to be one of the more genius things<00:11:13.570> that<00:11:13.690> these<00:11:13.810> two<00:11:14.050> interested<00:11:14.590> see<00:11:14.740> how 00:11:14.850 --> 00:11:14.860 align:start position:0% things that these two interested see how 00:11:14.860 --> 00:11:17.190 align:start position:0% things that these two interested see how it<00:11:14.920> plays<00:11:15.100> out<00:11:15.250> but<00:11:15.850> again<00:11:15.910> two<00:11:16.900> million<00:11:17.170> a 00:11:17.190 --> 00:11:17.200 align:start position:0% it plays out but again two million a 00:11:17.200 --> 00:11:19.080 align:start position:0% it plays out but again two million a mistake<00:11:17.530> 4.2<00:11:18.040> million<00:11:18.280> just<00:11:18.610> remember<00:11:18.940> those 00:11:19.080 --> 00:11:19.090 align:start position:0% mistake 4.2 million just remember those 00:11:19.090 --> 00:11:22.050 align:start position:0% mistake 4.2 million just remember those -<00:11:19.360> those<00:11:19.540> are<00:11:19.690> very<00:11:19.720> crucial<00:11:20.620> levels<00:11:21.130> and<00:11:21.790> for 00:11:22.050 --> 00:11:22.060 align:start position:0% - those are very crucial levels and for 00:11:22.060 --> 00:11:23.520 align:start position:0% - those are very crucial levels and for a<00:11:22.090> relative<00:11:22.480> comparison<00:11:22.600> right<00:11:23.200> now<00:11:23.350> that 00:11:23.520 --> 00:11:23.530 align:start position:0% a relative comparison right now that 00:11:23.530 --> 00:11:24.990 align:start position:0% a relative comparison right now that side<00:11:23.680> of<00:11:23.770> all<00:11:23.920> the<00:11:24.100> minor<00:11:24.370> protocols<00:11:24.790> there's 00:11:24.990 --> 00:11:25.000 align:start position:0% side of all the minor protocols there's 00:11:25.000 --> 00:11:28.860 align:start position:0% side of all the minor protocols there's 2.8<00:11:25.690> an<00:11:25.960> ether<00:11:26.350> lot<00:11:27.120> but<00:11:28.120> again<00:11:28.300> as<00:11:28.690> you<00:11:28.720> can 00:11:28.860 --> 00:11:28.870 align:start position:0% 2.8 an ether lot but again as you can 00:11:28.870 --> 00:11:32.220 align:start position:0% 2.8 an ether lot but again as you can see<00:11:28.960> from<00:11:29.290> 70%<00:11:29.710> to<00:11:30.130> 100%<00:11:30.250> year<00:11:31.210> when<00:11:32.080> you 00:11:32.220 --> 00:11:32.230 align:start position:0% see from 70% to 100% year when you 00:11:32.230 --> 00:11:34.500 align:start position:0% see from 70% to 100% year when you receive<00:11:32.680> them<00:11:32.920> the<00:11:33.010> protocol<00:11:33.490> increases<00:11:34.270> over 00:11:34.500 --> 00:11:34.510 align:start position:0% receive them the protocol increases over 00:11:34.510 --> 00:11:37.980 align:start position:0% receive them the protocol increases over time<00:11:34.540> as<00:11:34.840> we<00:11:34.960> provide<00:11:35.170> more<00:11:36.040> uptime<00:11:36.990> our 00:11:37.980 --> 00:11:37.990 align:start position:0% time as we provide more uptime our 00:11:37.990 --> 00:11:40.890 align:start position:0% time as we provide more uptime our fourth<00:11:38.230> component<00:11:38.530> which<00:11:38.890> is<00:11:39.540> not<00:11:40.540> included 00:11:40.890 --> 00:11:40.900 align:start position:0% fourth component which is not included 00:11:40.900 --> 00:11:42.300 align:start position:0% fourth component which is not included in<00:11:41.230> the<00:11:41.350> last<00:11:41.530> year<00:11:41.740> that<00:11:41.770> is<00:11:42.010> sent<00:11:42.220> that's 00:11:42.300 --> 00:11:42.310 align:start position:0% in the last year that is sent that's 00:11:42.310 --> 00:11:43.620 align:start position:0% in the last year that is sent that's something<00:11:42.640> I<00:11:42.730> think<00:11:42.940> we<00:11:43.240> should<00:11:43.390> talk<00:11:43.570> about 00:11:43.620 --> 00:11:43.630 align:start position:0% something I think we should talk about 00:11:43.630 --> 00:11:49.050 align:start position:0% something I think we should talk about is<00:11:44.130> a<00:11:45.130> lot<00:11:45.760> of<00:11:45.880> POS<00:11:46.210> protocols<00:11:47.700> not<00:11:48.700> gonna<00:11:48.910> name 00:11:49.050 --> 00:11:49.060 align:start position:0% is a lot of POS protocols not gonna name 00:11:49.060 --> 00:11:52.200 align:start position:0% is a lot of POS protocols not gonna name names<00:11:49.090> but<00:11:49.840> they<00:11:50.430> what<00:11:51.430> you<00:11:51.550> get<00:11:51.700> in<00:11:51.790> return<00:11:51.820> is 00:11:52.200 --> 00:11:52.210 align:start position:0% names but they what you get in return is 00:11:52.210 --> 00:11:53.520 align:start position:0% names but they what you get in return is based<00:11:52.420> on<00:11:52.540> how<00:11:52.660> many<00:11:52.720> times<00:11:52.870> you<00:11:53.230> have<00:11:53.380> which 00:11:53.520 --> 00:11:53.530 align:start position:0% based on how many times you have which 00:11:53.530 --> 00:11:55.620 align:start position:0% based on how many times you have which is<00:11:53.650> twice<00:11:53.830> they<00:11:54.160> centralized<00:11:54.790> element<00:11:55.420> of<00:11:55.480> all 00:11:55.620 --> 00:11:55.630 align:start position:0% is twice they centralized element of all 00:11:55.630 --> 00:11:57.300 align:start position:0% is twice they centralized element of all of<00:11:55.720> this<00:11:55.840> so<00:11:56.440> like<00:11:56.590> this<00:11:56.740> is<00:11:56.890> like<00:11:56.920> a<00:11:57.040> whale 00:11:57.300 --> 00:11:57.310 align:start position:0% of this so like this is like a whale 00:11:57.310 --> 00:12:00.530 align:start position:0% of this so like this is like a whale scale<00:11:57.640> we<00:11:58.630> have<00:11:58.840> different<00:11:59.500> amounts<00:11:59.830> of 00:12:00.530 --> 00:12:00.540 align:start position:0% scale we have different amounts of 00:12:00.540 --> 00:12:02.220 align:start position:0% scale we have different amounts of clients<00:12:01.540> that<00:12:01.630> you<00:12:01.690> could<00:12:01.840> run<00:12:01.960> in<00:12:02.050> the<00:12:02.110> bottom 00:12:02.220 --> 00:12:02.230 align:start position:0% clients that you could run in the bottom 00:12:02.230 --> 00:12:03.870 align:start position:0% clients that you could run in the bottom of<00:12:02.440> it<00:12:02.470> stretches<00:12:02.800> from<00:12:02.830> 1<00:12:03.130> to<00:12:03.220> 50<00:12:03.550> which 00:12:03.870 --> 00:12:03.880 align:start position:0% of it stretches from 1 to 50 which 00:12:03.880 --> 00:12:06.300 align:start position:0% of it stretches from 1 to 50 which basically<00:12:04.180> means<00:12:04.540> at<00:12:05.320> a<00:12:05.410> protocol<00:12:05.800> level<00:12:05.950> X 00:12:06.300 --> 00:12:06.310 align:start position:0% basically means at a protocol level X 00:12:06.310 --> 00:12:10.320 align:start position:0% basically means at a protocol level X cost<00:12:07.170> if<00:12:08.170> I'm<00:12:08.380> validating<00:12:09.220> with<00:12:09.310> 32<00:12:09.760> E<00:12:09.790> or<00:12:10.240> I'm 00:12:10.320 --> 00:12:10.330 align:start position:0% cost if I'm validating with 32 E or I'm 00:12:10.330 --> 00:12:13.650 align:start position:0% cost if I'm validating with 32 E or I'm validating<00:12:10.810> was<00:12:10.900> 1600<00:12:11.770> I<00:12:12.580> receive<00:12:13.270> the<00:12:13.420> same 00:12:13.650 --> 00:12:13.660 align:start position:0% validating was 1600 I receive the same 00:12:13.660 --> 00:12:14.910 align:start position:0% validating was 1600 I receive the same thing 00:12:14.910 --> 00:12:14.920 align:start position:0% thing 00:12:14.920 --> 00:12:17.519 align:start position:0% thing so<00:12:15.250> achieving<00:12:15.850> economies<00:12:16.300> of<00:12:16.329> scale<00:12:16.779> at<00:12:17.259> the 00:12:17.519 --> 00:12:17.529 align:start position:0% so achieving economies of scale at the 00:12:17.529 --> 00:12:20.280 align:start position:0% so achieving economies of scale at the protocol<00:12:18.040> level<00:12:18.100> inside<00:12:18.639> of<00:12:18.699> youth<00:12:18.910> -<00:12:19.290> it's 00:12:20.280 --> 00:12:20.290 align:start position:0% protocol level inside of youth - it's 00:12:20.290 --> 00:12:21.990 align:start position:0% protocol level inside of youth - it's not<00:12:20.500> something<00:12:20.769> that<00:12:21.100> is<00:12:21.220> possible<00:12:21.730> it's<00:12:21.910> more 00:12:21.990 --> 00:12:22.000 align:start position:0% not something that is possible it's more 00:12:22.000 --> 00:12:23.879 align:start position:0% not something that is possible it's more about<00:12:22.329> how<00:12:22.930> many<00:12:23.110> plans<00:12:23.320> is<00:12:23.500> happening<00:12:23.769> on 00:12:23.879 --> 00:12:23.889 align:start position:0% about how many plans is happening on 00:12:23.889 --> 00:12:26.519 align:start position:0% about how many plans is happening on each<00:12:24.040> node<00:12:24.310> so<00:12:25.000> ultimately<00:12:25.329> end<00:12:26.230> of<00:12:26.290> the<00:12:26.350> day 00:12:26.519 --> 00:12:26.529 align:start position:0% each node so ultimately end of the day 00:12:26.529 --> 00:12:28.530 align:start position:0% each node so ultimately end of the day the<00:12:26.889> premise<00:12:27.220> of<00:12:27.339> this<00:12:27.519> being<00:12:27.820> designed<00:12:28.089> to<00:12:28.360> be 00:12:28.530 --> 00:12:28.540 align:start position:0% the premise of this being designed to be 00:12:28.540 --> 00:12:29.939 align:start position:0% the premise of this being designed to be the<00:12:28.570> most<00:12:28.690> a<00:12:28.930> centralized<00:12:29.440> actually<00:12:29.889> in 00:12:29.939 --> 00:12:29.949 align:start position:0% the most a centralized actually in 00:12:29.949 --> 00:12:32.400 align:start position:0% the most a centralized actually in Austria<00:12:30.370> so<00:12:30.880> I<00:12:31.540> think<00:12:31.630> it's<00:12:31.839> a<00:12:31.990> really<00:12:32.199> cool 00:12:32.400 --> 00:12:32.410 align:start position:0% Austria so I think it's a really cool 00:12:32.410 --> 00:12:33.930 align:start position:0% Austria so I think it's a really cool thing<00:12:32.649> to<00:12:32.680> have<00:12:33.069> to<00:12:33.220> write<00:12:33.399> the<00:12:33.519> numbers<00:12:33.790> and 00:12:33.930 --> 00:12:33.940 align:start position:0% thing to have to write the numbers and 00:12:33.940 --> 00:12:36.210 align:start position:0% thing to have to write the numbers and seeing<00:12:34.180> this<00:12:34.300> come<00:12:34.540> out<00:12:35.040> is<00:12:36.040> something 00:12:36.210 --> 00:12:36.220 align:start position:0% seeing this come out is something 00:12:36.220 --> 00:12:38.370 align:start position:0% seeing this come out is something important<00:12:36.699> to<00:12:36.759> remember<00:12:36.880> this<00:12:37.300> yes<00:12:38.079> to<00:12:38.230> the 00:12:38.370 --> 00:12:38.380 align:start position:0% important to remember this yes to the 00:12:38.380 --> 00:12:44.879 align:start position:0% important to remember this yes to the mission<00:12:40.259> so<00:12:42.870> positively<00:12:43.870> unless<00:12:44.620> it's<00:12:44.800> going 00:12:44.879 --> 00:12:44.889 align:start position:0% mission so positively unless it's going 00:12:44.889 --> 00:12:46.650 align:start position:0% mission so positively unless it's going to<00:12:45.009> happen<00:12:45.130> this<00:12:45.339> is<00:12:45.399> kind<00:12:45.670> of<00:12:45.730> how<00:12:45.880> everything 00:12:46.650 --> 00:12:46.660 align:start position:0% to happen this is kind of how everything 00:12:46.660 --> 00:12:50.370 align:start position:0% to happen this is kind of how everything starts<00:12:47.490> January<00:12:48.490> 2020<00:12:49.240> are<00:12:49.720> kind<00:12:49.959> of<00:12:50.019> some<00:12:50.319> of 00:12:50.370 --> 00:12:50.380 align:start position:0% starts January 2020 are kind of some of 00:12:50.380 --> 00:12:51.569 align:start position:0% starts January 2020 are kind of some of the<00:12:50.440> data<00:12:50.560> people<00:12:50.920> have<00:12:51.009> been<00:12:51.190> throwing 00:12:51.569 --> 00:12:51.579 align:start position:0% the data people have been throwing 00:12:51.579 --> 00:12:53.660 align:start position:0% the data people have been throwing around<00:12:51.730> I<00:12:52.420> was<00:12:52.720> supposed<00:12:52.930> to<00:12:52.959> be<00:12:53.079> very<00:12:53.259> calm 00:12:53.660 --> 00:12:53.670 align:start position:0% around I was supposed to be very calm 00:12:53.670 --> 00:12:55.860 align:start position:0% around I was supposed to be very calm that<00:12:54.670> kind<00:12:54.910> of<00:12:54.940> gives<00:12:55.089> us<00:12:55.209> a<00:12:55.269> bit<00:12:55.509> more<00:12:55.660> time<00:12:55.810> to 00:12:55.860 --> 00:12:55.870 align:start position:0% that kind of gives us a bit more time to 00:12:55.870 --> 00:12:58.050 align:start position:0% that kind of gives us a bit more time to educate<00:12:56.380> on<00:12:56.860> economics<00:12:57.370> advice<00:12:57.699> that<00:12:57.910> they 00:12:58.050 --> 00:12:58.060 align:start position:0% educate on economics advice that they 00:12:58.060 --> 00:12:59.990 align:start position:0% educate on economics advice that they need<00:12:58.180> to<00:12:58.300> kind<00:12:58.449> of<00:12:58.569> gather<00:12:59.139> more<00:12:59.589> of<00:12:59.680> a 00:12:59.990 --> 00:13:00.000 align:start position:0% need to kind of gather more of a 00:13:00.000 --> 00:13:02.069 align:start position:0% need to kind of gather more of a collective<00:13:01.000> the<00:13:01.240> exclusion<00:13:01.600> of<00:13:01.690> people<00:13:01.720> to<00:13:01.990> be 00:13:02.069 --> 00:13:02.079 align:start position:0% collective the exclusion of people to be 00:13:02.079 --> 00:13:04.559 align:start position:0% collective the exclusion of people to be a<00:13:02.110> part<00:13:02.199> of<00:13:02.410> this<00:13:02.790> the<00:13:03.790> two<00:13:03.940> million<00:13:04.149> needs<00:13:04.389> to 00:13:04.559 --> 00:13:04.569 align:start position:0% a part of this the two million needs to 00:13:04.569 --> 00:13:05.579 align:start position:0% a part of this the two million needs to let's<00:13:04.720> talk<00:13:04.899> about<00:13:05.139> that<00:13:05.290> but<00:13:05.500> that's 00:13:05.579 --> 00:13:05.589 align:start position:0% let's talk about that but that's 00:13:05.589 --> 00:13:06.900 align:start position:0% let's talk about that but that's important 00:13:06.900 --> 00:13:06.910 align:start position:0% important 00:13:06.910 --> 00:13:08.939 align:start position:0% important so<00:13:07.569> to<00:13:07.630> get<00:13:07.870> the<00:13:08.019> change<00:13:08.259> started<00:13:08.769> that's 00:13:08.939 --> 00:13:08.949 align:start position:0% so to get the change started that's 00:13:08.949 --> 00:13:13.079 align:start position:0% so to get the change started that's equivalent<00:13:09.160> to<00:13:10.649> 65,536<00:13:11.649> validators<00:13:12.160> so 00:13:13.079 --> 00:13:13.089 align:start position:0% equivalent to 65,536 validators so 00:13:13.089 --> 00:13:15.180 align:start position:0% equivalent to 65,536 validators so looking<00:13:13.569> at<00:13:13.750> what<00:13:13.959> combined<00:13:14.380> Awards<00:13:14.889> would<00:13:15.040> be 00:13:15.180 --> 00:13:15.190 align:start position:0% looking at what combined Awards would be 00:13:15.190 --> 00:13:17.790 align:start position:0% looking at what combined Awards would be the<00:13:15.339> economics<00:13:15.940> at<00:13:16.120> two<00:13:16.300> million<00:13:16.449> East<00:13:16.720> Inc<00:13:17.019> is 00:13:17.790 --> 00:13:17.800 align:start position:0% the economics at two million East Inc is 00:13:17.800 --> 00:13:19.500 align:start position:0% the economics at two million East Inc is something<00:13:18.130> quite<00:13:18.339> interesting<00:13:18.670> to<00:13:19.120> look<00:13:19.329> at 00:13:19.500 --> 00:13:19.510 align:start position:0% something quite interesting to look at 00:13:19.510 --> 00:13:21.900 align:start position:0% something quite interesting to look at the<00:13:20.380> next<00:13:20.649> number<00:13:20.680> that's<00:13:21.190> the<00:13:21.310> island<00:13:21.490> on<00:13:21.880> the 00:13:21.900 --> 00:13:21.910 align:start position:0% the next number that's the island on the 00:13:21.910 --> 00:13:25.139 align:start position:0% the next number that's the island on the charts<00:13:22.269> is<00:13:22.389> for<00:13:22.630> one<00:13:22.839> single<00:13:23.050> inning<00:13:24.089> so<00:13:25.089> you 00:13:25.139 --> 00:13:25.149 align:start position:0% charts is for one single inning so you 00:13:25.149 --> 00:13:28.230 align:start position:0% charts is for one single inning so you can<00:13:25.360> think<00:13:25.569> of<00:13:25.660> this<00:13:25.779> as<00:13:26.050> once<00:13:26.709> we<00:13:26.949> enter<00:13:27.370> phase 00:13:28.230 --> 00:13:28.240 align:start position:0% can think of this as once we enter phase 00:13:28.240 --> 00:13:31.590 align:start position:0% can think of this as once we enter phase 2<00:13:28.600> it<00:13:28.899> starts<00:13:29.019> with<00:13:29.410> lie<00:13:29.589> what<00:13:30.430> is<00:13:30.550> the<00:13:30.850> minimum 00:13:31.590 --> 00:13:31.600 align:start position:0% 2 it starts with lie what is the minimum 00:13:31.600 --> 00:13:34.470 align:start position:0% 2 it starts with lie what is the minimum amount<00:13:31.750> of<00:13:32.410> eat<00:13:32.800> it<00:13:33.010> needs<00:13:33.190> to<00:13:33.339> be<00:13:33.459> state<00:13:33.790> for<00:13:34.449> a 00:13:34.470 --> 00:13:34.480 align:start position:0% amount of eat it needs to be state for a 00:13:34.480 --> 00:13:38.550 align:start position:0% amount of eat it needs to be state for a fully<00:13:35.079> started<00:13:35.440> system<00:13:35.860> to<00:13:36.459> be<00:13:36.550> secure<00:13:37.170> so<00:13:38.170> I 00:13:38.550 --> 00:13:38.560 align:start position:0% fully started system to be secure so I 00:13:38.560 --> 00:13:39.990 align:start position:0% fully started system to be secure so I personally<00:13:38.860> think<00:13:39.069> is<00:13:39.250> being<00:13:39.459> particularly 00:13:39.990 --> 00:13:40.000 align:start position:0% personally think is being particularly 00:13:40.000 --> 00:13:42.480 align:start position:0% personally think is being particularly easily<00:13:40.569> fine<00:13:41.380> and<00:13:41.740> we'll<00:13:41.889> get<00:13:42.040> there<00:13:42.279> but 00:13:42.480 --> 00:13:42.490 align:start position:0% easily fine and we'll get there but 00:13:42.490 --> 00:13:43.730 align:start position:0% easily fine and we'll get there but ultimately<00:13:42.610> I<00:13:42.940> think<00:13:42.970> we<00:13:43.329> really 00:13:43.730 --> 00:13:43.740 align:start position:0% ultimately I think we really 00:13:43.740 --> 00:13:45.860 align:start position:0% ultimately I think we really do<00:13:43.920> is<00:13:44.040> in<00:13:44.190> this<00:13:44.310> first<00:13:44.370> sprint<00:13:45.330> of<00:13:45.480> all<00:13:45.630> this 00:13:45.860 --> 00:13:45.870 align:start position:0% do is in this first sprint of all this 00:13:45.870 --> 00:13:48.290 align:start position:0% do is in this first sprint of all this proof<00:13:46.200> to<00:13:46.230> 4.2<00:13:46.980> billion<00:13:47.220> so<00:13:47.910> that<00:13:48.060> when 00:13:48.290 --> 00:13:48.300 align:start position:0% proof to 4.2 billion so that when 00:13:48.300 --> 00:13:51.370 align:start position:0% proof to 4.2 billion so that when today's<00:13:48.600> toothpicks<00:13:49.140> in<00:13:49.880> the<00:13:50.880> call<00:13:51.090> to<00:13:51.120> action 00:13:51.370 --> 00:13:51.380 align:start position:0% today's toothpicks in the call to action 00:13:51.380 --> 00:13:53.540 align:start position:0% today's toothpicks in the call to action won't<00:13:52.380> have<00:13:52.590> to<00:13:52.740> be<00:13:52.860> too<00:13:53.040> severe<00:13:53.400> and 00:13:53.540 --> 00:13:53.550 align:start position:0% won't have to be too severe and 00:13:53.550 --> 00:13:55.130 align:start position:0% won't have to be too severe and distracting<00:13:54.210> and<00:13:54.360> ultimately<00:13:54.720> much<00:13:54.930> learning 00:13:55.130 --> 00:13:55.140 align:start position:0% distracting and ultimately much learning 00:13:55.140 --> 00:13:57.640 align:start position:0% distracting and ultimately much learning takes<00:13:55.440> place<00:13:55.940> everything<00:13:56.940> will<00:13:57.060> be<00:13:57.150> in<00:13:57.180> there 00:13:57.640 --> 00:13:57.650 align:start position:0% takes place everything will be in there 00:13:57.650 --> 00:14:00.950 align:start position:0% takes place everything will be in there again<00:13:58.680> Thanks<00:13:59.120> network<00:14:00.120> thiis<00:14:00.300> not<00:14:00.540> included 00:14:00.950 --> 00:14:00.960 align:start position:0% again Thanks network thiis not included 00:14:00.960 --> 00:14:03.080 align:start position:0% again Thanks network thiis not included and<00:14:01.710> your<00:14:01.860> bad<00:14:02.010> side<00:14:02.250> transfer<00:14:02.730> will<00:14:02.940> hold 00:14:03.080 --> 00:14:03.090 align:start position:0% and your bad side transfer will hold 00:14:03.090 --> 00:14:07.550 align:start position:0% and your bad side transfer will hold until<00:14:03.300> Facebook<00:14:05.960> so<00:14:06.960> let's<00:14:07.110> talk<00:14:07.200> about<00:14:07.260> some 00:14:07.550 --> 00:14:07.560 align:start position:0% until Facebook so let's talk about some 00:14:07.560 --> 00:14:09.950 align:start position:0% until Facebook so let's talk about some of<00:14:07.590> the<00:14:07.740> assumptions<00:14:08.160> in<00:14:08.520> the<00:14:08.640> model<00:14:08.960> some 00:14:09.950 --> 00:14:09.960 align:start position:0% of the assumptions in the model some 00:14:09.960 --> 00:14:11.720 align:start position:0% of the assumptions in the model some from<00:14:10.200> the<00:14:10.290> charts<00:14:10.590> that<00:14:10.710> were<00:14:10.890> about<00:14:11.430> to<00:14:11.580> go 00:14:11.720 --> 00:14:11.730 align:start position:0% from the charts that were about to go 00:14:11.730 --> 00:14:14.810 align:start position:0% from the charts that were about to go through<00:14:11.760> so<00:14:12.390> on<00:14:12.510> the<00:14:12.630> network<00:14:12.990> side<00:14:13.260> of<00:14:13.470> it<00:14:13.820> we 00:14:14.810 --> 00:14:14.820 align:start position:0% through so on the network side of it we 00:14:14.820 --> 00:14:17.030 align:start position:0% through so on the network side of it we take<00:14:15.060> a<00:14:15.090> look<00:14:15.360> at<00:14:15.510> between<00:14:15.810> two<00:14:16.620> and<00:14:16.860> ten 00:14:17.030 --> 00:14:17.040 align:start position:0% take a look at between two and ten 00:14:17.040 --> 00:14:19.130 align:start position:0% take a look at between two and ten million<00:14:17.370> East<00:14:17.550> States<00:14:17.850> and<00:14:18.540> I<00:14:18.780> personally 00:14:19.130 --> 00:14:19.140 align:start position:0% million East States and I personally 00:14:19.140 --> 00:14:22.070 align:start position:0% million East States and I personally think<00:14:19.260> that<00:14:19.350> that's<00:14:20.120> achievable<00:14:21.120> at<00:14:21.690> the<00:14:21.840> 10 00:14:22.070 --> 00:14:22.080 align:start position:0% think that that's achievable at the 10 00:14:22.080 --> 00:14:24.740 align:start position:0% think that that's achievable at the 10 million<00:14:22.320> plus<00:14:22.650> and<00:14:23.190> maybe<00:14:23.730> not<00:14:23.970> in<00:14:24.030> this<00:14:24.420> first 00:14:24.740 --> 00:14:24.750 align:start position:0% million plus and maybe not in this first 00:14:24.750 --> 00:14:26.960 align:start position:0% million plus and maybe not in this first phase<00:14:24.870> zero<00:14:25.290> push<00:14:25.650> but<00:14:25.980> ultimately<00:14:26.820> I<00:14:26.940> think 00:14:26.960 --> 00:14:26.970 align:start position:0% phase zero push but ultimately I think 00:14:26.970 --> 00:14:28.850 align:start position:0% phase zero push but ultimately I think that's<00:14:27.420> kind<00:14:27.690> of<00:14:27.780> where<00:14:28.080> the<00:14:28.410> equilibrium 00:14:28.850 --> 00:14:28.860 align:start position:0% that's kind of where the equilibrium 00:14:28.860 --> 00:14:32.660 align:start position:0% that's kind of where the equilibrium will<00:14:29.580> be<00:14:29.610> picked<00:14:29.940> between<00:14:30.210> 10<00:14:30.390> and<00:14:30.420> 20<00:14:31.670> ninety 00:14:32.660 --> 00:14:32.670 align:start position:0% will be picked between 10 and 20 ninety 00:14:32.670 --> 00:14:35.960 align:start position:0% will be picked between 10 and 20 ninety percent<00:14:32.820> average<00:14:33.150> online<00:14:34.490> kind<00:14:35.490> of<00:14:35.640> just<00:14:35.820> the 00:14:35.960 --> 00:14:35.970 align:start position:0% percent average online kind of just the 00:14:35.970 --> 00:14:37.760 align:start position:0% percent average online kind of just the base<00:14:36.180> running<00:14:36.780> the<00:14:36.900> model<00:14:37.020> based<00:14:37.290> on<00:14:37.440> that<00:14:37.560> but 00:14:37.760 --> 00:14:37.770 align:start position:0% base running the model based on that but 00:14:37.770 --> 00:14:39.860 align:start position:0% base running the model based on that but sensitize<00:14:38.520> into<00:14:38.790> different<00:14:39.060> charts 00:14:39.860 --> 00:14:39.870 align:start position:0% sensitize into different charts 00:14:39.870 --> 00:14:44.120 align:start position:0% sensitize into different charts thanks<00:14:40.350> forward<00:14:40.590> 64<00:14:41.190> and<00:14:41.610> again<00:14:41.970> no<00:14:42.450> peace<00:14:43.130> let 00:14:44.120 --> 00:14:44.130 align:start position:0% thanks forward 64 and again no peace let 00:14:44.130 --> 00:14:46.430 align:start position:0% thanks forward 64 and again no peace let me<00:14:44.190> take<00:14:44.340> a<00:14:44.370> look<00:14:44.580> at<00:14:44.700> our<00:14:44.940> validator<00:14:45.390> Alice<00:14:46.290> is 00:14:46.430 --> 00:14:46.440 align:start position:0% me take a look at our validator Alice is 00:14:46.440 --> 00:14:49.250 align:start position:0% me take a look at our validator Alice is acting<00:14:47.000> she's<00:14:48.000> a<00:14:48.030> single<00:14:48.360> individual 00:14:49.250 --> 00:14:49.260 align:start position:0% acting she's a single individual 00:14:49.260 --> 00:14:51.410 align:start position:0% acting she's a single individual validator<00:14:49.710> she<00:14:49.890> only<00:14:50.010> has<00:14:50.190> 32<00:14:50.610> e<00:14:50.640> she's 00:14:51.410 --> 00:14:51.420 align:start position:0% validator she only has 32 e she's 00:14:51.420 --> 00:14:55.160 align:start position:0% validator she only has 32 e she's providing<00:14:51.840> 98%<00:14:52.770> 98<00:14:53.730> percent<00:14:54.030> uptime<00:14:54.180> she<00:14:55.050> has 00:14:55.160 --> 00:14:55.170 align:start position:0% providing 98% 98 percent uptime she has 00:14:55.170 --> 00:14:58.340 align:start position:0% providing 98% 98 percent uptime she has a<00:14:55.310> 250<00:14:56.310> dollar<00:14:56.820> computer<00:14:57.300> with<00:14:58.260> the 00:14:58.340 --> 00:14:58.350 align:start position:0% a 250 dollar computer with the 00:14:58.350 --> 00:15:00.759 align:start position:0% a 250 dollar computer with the two-and-a-half-year<00:14:59.190> light<00:14:59.790> button<00:15:00.090> so<00:15:00.300> that 00:15:00.759 --> 00:15:00.769 align:start position:0% two-and-a-half-year light button so that 00:15:00.769 --> 00:15:04.269 align:start position:0% two-and-a-half-year light button so that basically<00:15:01.369> our<00:15:01.639> Kostas<00:15:02.180> schedule<00:15:03.079> over<00:15:03.439> two 00:15:04.269 --> 00:15:04.279 align:start position:0% basically our Kostas schedule over two 00:15:04.279 --> 00:15:06.879 align:start position:0% basically our Kostas schedule over two and<00:15:04.369> a<00:15:04.430> half<00:15:04.519> years<00:15:04.779> we<00:15:05.779> don't<00:15:05.990> include<00:15:06.199> Robert 00:15:06.879 --> 00:15:06.889 align:start position:0% and a half years we don't include Robert 00:15:06.889 --> 00:15:09.939 align:start position:0% and a half years we don't include Robert and<00:15:07.249> I<00:15:07.430> speak<00:15:07.850> as<00:15:08.779> cost<00:15:09.199> in<00:15:09.410> this<00:15:09.470> equation 00:15:09.939 --> 00:15:09.949 align:start position:0% and I speak as cost in this equation 00:15:09.949 --> 00:15:11.439 align:start position:0% and I speak as cost in this equation it's<00:15:10.069> kind<00:15:10.189> of<00:15:10.220> a<00:15:10.279> sub<00:15:10.490> cost<00:15:10.730> we<00:15:10.910> assume<00:15:11.209> that 00:15:11.439 --> 00:15:11.449 align:start position:0% it's kind of a sub cost we assume that 00:15:11.449 --> 00:15:14.829 align:start position:0% it's kind of a sub cost we assume that most<00:15:12.050> of<00:15:12.350> your<00:15:12.559> average<00:15:13.160> humans<00:15:13.569> that<00:15:14.569> will<00:15:14.749> be 00:15:14.829 --> 00:15:14.839 align:start position:0% most of your average humans that will be 00:15:14.839 --> 00:15:16.480 align:start position:0% most of your average humans that will be participating<00:15:15.110> in<00:15:15.499> this<00:15:15.619> earlier<00:15:15.980> stage<00:15:16.249> will 00:15:16.480 --> 00:15:16.490 align:start position:0% participating in this earlier stage will 00:15:16.490 --> 00:15:18.609 align:start position:0% participating in this earlier stage will have<00:15:16.519> this<00:15:16.819> but<00:15:17.509> the<00:15:17.779> model<00:15:18.110> that<00:15:18.259> you<00:15:18.470> can 00:15:18.609 --> 00:15:18.619 align:start position:0% have this but the model that you can 00:15:18.619 --> 00:15:20.710 align:start position:0% have this but the model that you can toggle<00:15:18.889> it<00:15:19.100> and<00:15:19.850> you<00:15:19.970> can<00:15:20.119> decide<00:15:20.389> whether<00:15:20.660> or 00:15:20.710 --> 00:15:20.720 align:start position:0% toggle it and you can decide whether or 00:15:20.720 --> 00:15:23.040 align:start position:0% toggle it and you can decide whether or not<00:15:20.779> you<00:15:21.019> think<00:15:21.050> this<00:15:21.439> is<00:15:21.619> needed<00:15:22.040> or<00:15:22.160> unneeded 00:15:23.040 --> 00:15:23.050 align:start position:0% not you think this is needed or unneeded 00:15:23.050 --> 00:15:27.400 align:start position:0% not you think this is needed or unneeded these<00:15:24.050> prices<00:15:24.649> that<00:15:24.920> 182<00:15:25.929> it<00:15:26.929> was<00:15:27.050> a<00:15:27.110> bit<00:15:27.230> lower 00:15:27.400 --> 00:15:27.410 align:start position:0% these prices that 182 it was a bit lower 00:15:27.410 --> 00:15:29.949 align:start position:0% these prices that 182 it was a bit lower but<00:15:27.619> you<00:15:27.889> know<00:15:28.300> it's<00:15:29.300> I<00:15:29.449> changed<00:15:29.749> everything 00:15:29.949 --> 00:15:29.959 align:start position:0% but you know it's I changed everything 00:15:29.959 --> 00:15:34.840 align:start position:0% but you know it's I changed everything the<00:15:30.319> evening<00:15:31.309> yesterday<00:15:31.490> women<00:15:33.369> so<00:15:34.369> it's 00:15:34.840 --> 00:15:34.850 align:start position:0% the evening yesterday women so it's 00:15:34.850 --> 00:15:35.980 align:start position:0% the evening yesterday women so it's talking<00:15:35.029> about<00:15:35.089> phase<00:15:35.360> zero 00:15:35.980 --> 00:15:35.990 align:start position:0% talking about phase zero 00:15:35.990 --> 00:15:38.739 align:start position:0% talking about phase zero now<00:15:36.949> here's<00:15:37.730> what<00:15:37.970> you're<00:15:38.089> going<00:15:38.240> to<00:15:38.300> get<00:15:38.480> a 00:15:38.739 --> 00:15:38.749 align:start position:0% now here's what you're going to get a 00:15:38.749 --> 00:15:40.900 align:start position:0% now here's what you're going to get a pure<00:15:39.139> protocol<00:15:39.619> network<00:15:39.980> level<00:15:40.160> this 00:15:40.900 --> 00:15:40.910 align:start position:0% pure protocol network level this 00:15:40.910 --> 00:15:43.299 align:start position:0% pure protocol network level this includes<00:15:41.269> no<00:15:41.509> cost<00:15:41.809> this<00:15:42.079> includes<00:15:42.470> nothing 00:15:43.299 --> 00:15:43.309 align:start position:0% includes no cost this includes nothing 00:15:43.309 --> 00:15:47.859 align:start position:0% includes no cost this includes nothing like<00:15:43.490> that<00:15:43.699> so<00:15:44.360> you<00:15:45.170> will<00:15:45.350> receive<00:15:45.850> in<00:15:46.869> Ivanova 00:15:47.859 --> 00:15:47.869 align:start position:0% like that so you will receive in Ivanova 00:15:47.869 --> 00:15:50.919 align:start position:0% like that so you will receive in Ivanova into<00:15:48.259> an<00:15:48.350> inflation<00:15:48.999> 10.5%<00:15:49.999> at<00:15:50.540> that<00:15:50.720> two 00:15:50.919 --> 00:15:50.929 align:start position:0% into an inflation 10.5% at that two 00:15:50.929 --> 00:15:52.749 align:start position:0% into an inflation 10.5% at that two million<00:15:51.199> level<00:15:51.709> which<00:15:51.980> it's<00:15:52.369> the<00:15:52.490> Beagle 00:15:52.749 --> 00:15:52.759 align:start position:0% million level which it's the Beagle 00:15:52.759 --> 00:15:56.049 align:start position:0% million level which it's the Beagle chain<00:15:52.999> picked<00:15:53.240> off<00:15:54.429> call<00:15:55.429> it<00:15:55.579> secure<00:15:55.970> is 00:15:56.049 --> 00:15:56.059 align:start position:0% chain picked off call it secure is 00:15:56.059 --> 00:15:58.480 align:start position:0% chain picked off call it secure is charting<00:15:56.540> which<00:15:56.720> is<00:15:56.869> our<00:15:57.050> 4.2<00:15:57.769> million<00:15:58.069> level 00:15:58.480 --> 00:15:58.490 align:start position:0% charting which is our 4.2 million level 00:15:58.490 --> 00:16:04.650 align:start position:0% charting which is our 4.2 million level you'll<00:15:58.939> receive<00:15:59.389> seven<00:15:59.809> point<00:16:00.170> two<00:16:00.259> or<00:16:00.410> seven 00:16:04.650 --> 00:16:04.660 align:start position:0% 00:16:04.660 --> 00:16:12.189 align:start position:0% any<00:16:05.660> of<00:16:05.779> us<00:16:09.100> now<00:16:10.100> let's<00:16:10.339> take<00:16:10.579> a<00:16:10.790> look<00:16:11.059> at<00:16:11.300> what 00:16:12.189 --> 00:16:12.199 align:start position:0% any of us now let's take a look at what 00:16:12.199 --> 00:16:14.230 align:start position:0% any of us now let's take a look at what you<00:16:12.319> would<00:16:12.439> receive<00:16:12.829> when<00:16:13.189> applying<00:16:13.610> that 00:16:14.230 --> 00:16:14.240 align:start position:0% you would receive when applying that 00:16:14.240 --> 00:16:16.809 align:start position:0% you would receive when applying that cost<00:16:14.600> so<00:16:14.990> when<00:16:15.949> these<00:16:16.040> perfect<00:16:16.579> when<00:16:16.730> these 00:16:16.809 --> 00:16:16.819 align:start position:0% cost so when these perfect when these 00:16:16.819 --> 00:16:18.489 align:start position:0% cost so when these perfect when these numbers<00:16:16.970> first<00:16:17.329> came<00:16:17.569> out<00:16:17.720> and<00:16:18.050> you<00:16:18.139> run<00:16:18.439> a 00:16:18.489 --> 00:16:18.499 align:start position:0% numbers first came out and you run a 00:16:18.499 --> 00:16:20.919 align:start position:0% numbers first came out and you run a bunch<00:16:18.679> of<00:16:18.800> models<00:16:19.129> on<00:16:19.309> it<00:16:19.459> at<00:16:20.449> the<00:16:20.629> beginning 00:16:20.919 --> 00:16:20.929 align:start position:0% bunch of models on it at the beginning 00:16:20.929 --> 00:16:26.530 align:start position:0% bunch of models on it at the beginning of<00:16:21.079> the<00:16:21.199> year<00:16:21.970> they<00:16:22.970> weren't<00:16:23.559> net<00:16:24.559> positive<00:16:25.540> it 00:16:26.530 --> 00:16:26.540 align:start position:0% of the year they weren't net positive it 00:16:26.540 --> 00:16:28.360 align:start position:0% of the year they weren't net positive it was<00:16:26.660> in<00:16:26.779> the<00:16:26.870> red<00:16:27.050> which<00:16:27.769> led<00:16:28.009> me<00:16:28.129> to<00:16:28.220> believe 00:16:28.360 --> 00:16:28.370 align:start position:0% was in the red which led me to believe 00:16:28.370 --> 00:16:31.449 align:start position:0% was in the red which led me to believe that<00:16:28.550> I<00:16:29.059> don't<00:16:29.209> believe<00:16:29.509> it's<00:16:29.749> a<00:16:30.129> protocol<00:16:31.129> or 00:16:31.449 --> 00:16:31.459 align:start position:0% that I don't believe it's a protocol or 00:16:31.459 --> 00:16:35.400 align:start position:0% that I don't believe it's a protocol or foundation<00:16:32.120> responsibility<00:16:32.990> to<00:16:33.290> to<00:16:33.860> base<00:16:34.360> the 00:16:35.400 --> 00:16:35.410 align:start position:0% foundation responsibility to to base the 00:16:35.410 --> 00:16:39.400 align:start position:0% foundation responsibility to to base the design<00:16:36.410> of<00:16:36.649> a<00:16:36.740> protocol<00:16:37.189> on<00:16:37.459> Hospital 00:16:39.400 --> 00:16:39.410 align:start position:0% design of a protocol on Hospital 00:16:39.410 --> 00:16:41.329 align:start position:0% design of a protocol on Hospital when<00:16:40.410> thinking<00:16:40.620> about<00:16:40.800> making<00:16:41.160> this<00:16:41.220> a 00:16:41.329 --> 00:16:41.339 align:start position:0% when thinking about making this a 00:16:41.339 --> 00:16:43.150 align:start position:0% when thinking about making this a reality<00:16:41.490> since<00:16:41.879> it's<00:16:42.000> such<00:16:42.149> a<00:16:42.180> human<00:16:42.600> based 00:16:43.150 --> 00:16:43.160 align:start position:0% reality since it's such a human based 00:16:43.160 --> 00:16:47.869 align:start position:0% reality since it's such a human based technology<00:16:44.160> so<00:16:44.819> at<00:16:45.319> our<00:16:46.319> phase<00:16:46.949> zero<00:16:47.279> two 00:16:47.869 --> 00:16:47.879 align:start position:0% technology so at our phase zero two 00:16:47.879 --> 00:16:50.150 align:start position:0% technology so at our phase zero two million<00:16:48.269> to<00:16:48.509> get<00:16:48.629> the<00:16:48.899> beacon<00:16:49.170> chain<00:16:49.410> started 00:16:50.150 --> 00:16:50.160 align:start position:0% million to get the beacon chain started 00:16:50.160 --> 00:16:52.509 align:start position:0% million to get the beacon chain started you'll<00:16:51.060> receive<00:16:51.449> a<00:16:51.750> six<00:16:51.990> point<00:16:52.170> nine<00:16:52.199> percent 00:16:52.509 --> 00:16:52.519 align:start position:0% you'll receive a six point nine percent 00:16:52.519 --> 00:16:55.160 align:start position:0% you'll receive a six point nine percent which<00:16:53.519> i<00:16:53.610> think<00:16:53.699> is<00:16:53.939> quite<00:16:54.480> competitive 00:16:55.160 --> 00:16:55.170 align:start position:0% which i think is quite competitive 00:16:55.170 --> 00:16:57.230 align:start position:0% which i think is quite competitive considering<00:16:55.860> the<00:16:55.980> risk<00:16:56.189> profile<00:16:56.610> of<00:16:56.639> built 00:16:57.230 --> 00:16:57.240 align:start position:0% considering the risk profile of built 00:16:57.240 --> 00:17:00.019 align:start position:0% considering the risk profile of built out<00:16:57.449> a<00:16:57.480> theory<00:16:57.750> of<00:16:57.839> this<00:16:58.019> and<00:16:58.410> other<00:16:59.029> fruit 00:17:00.019 --> 00:17:00.029 align:start position:0% out a theory of this and other fruit 00:17:00.029 --> 00:17:05.029 align:start position:0% out a theory of this and other fruit mistake<00:17:01.399> so<00:17:02.399> at<00:17:02.850> four<00:17:03.089> point<00:17:03.300> two<00:17:03.860> million<00:17:04.860> as 00:17:05.029 --> 00:17:05.039 align:start position:0% mistake so at four point two million as 00:17:05.039 --> 00:17:07.880 align:start position:0% mistake so at four point two million as well<00:17:05.189> go<00:17:06.059> get<00:17:06.209> three<00:17:06.630> point<00:17:06.870> six<00:17:07.020> percent<00:17:07.230> so 00:17:07.880 --> 00:17:07.890 align:start position:0% well go get three point six percent so 00:17:07.890 --> 00:17:11.000 align:start position:0% well go get three point six percent so that's<00:17:08.130> that's<00:17:08.429> the<00:17:08.640> ideal<00:17:09.059> setting<00:17:09.390> of<00:17:10.010> when 00:17:11.000 --> 00:17:11.010 align:start position:0% that's that's the ideal setting of when 00:17:11.010 --> 00:17:13.159 align:start position:0% that's that's the ideal setting of when we<00:17:11.220> think<00:17:11.490> that<00:17:11.669> the<00:17:12.240> system<00:17:12.569> will<00:17:12.630> be<00:17:12.689> secure 00:17:13.159 --> 00:17:13.169 align:start position:0% we think that the system will be secure 00:17:13.169 --> 00:17:19.699 align:start position:0% we think that the system will be secure and<00:17:17.299> I'm<00:17:18.299> pretty<00:17:18.630> comfortable<00:17:18.780> with<00:17:19.140> that<00:17:19.409> to 00:17:19.699 --> 00:17:19.709 align:start position:0% and I'm pretty comfortable with that to 00:17:19.709 --> 00:17:22.699 align:start position:0% and I'm pretty comfortable with that to be<00:17:19.740> honest<00:17:20.039> with<00:17:20.130> you<00:17:20.339> I<00:17:20.970> do<00:17:21.419> think<00:17:21.780> that<00:17:21.870> at 00:17:22.699 --> 00:17:22.709 align:start position:0% be honest with you I do think that at 00:17:22.709 --> 00:17:24.819 align:start position:0% be honest with you I do think that at the<00:17:22.829> lower<00:17:23.010> end<00:17:23.280> it's<00:17:23.400> a<00:17:23.520> ten<00:17:23.850> minute<00:17:24.000> bite<00:17:24.270> low 00:17:24.819 --> 00:17:24.829 align:start position:0% the lower end it's a ten minute bite low 00:17:24.829 --> 00:17:27.590 align:start position:0% the lower end it's a ten minute bite low but<00:17:25.829> then<00:17:26.010> again<00:17:26.130> it's<00:17:26.490> kind<00:17:27.270> of<00:17:27.329> a<00:17:27.390> call<00:17:27.569> to 00:17:27.590 --> 00:17:27.600 align:start position:0% but then again it's kind of a call to 00:17:27.600 --> 00:17:28.940 align:start position:0% but then again it's kind of a call to action<00:17:27.809> of<00:17:28.049> what<00:17:28.199> we're<00:17:28.350> doing<00:17:28.470> there<00:17:28.799> while 00:17:28.940 --> 00:17:28.950 align:start position:0% action of what we're doing there while 00:17:28.950 --> 00:17:31.130 align:start position:0% action of what we're doing there while they're<00:17:29.039> putting<00:17:29.280> this<00:17:29.340> together<00:17:29.520> is<00:17:30.140> getting 00:17:31.130 --> 00:17:31.140 align:start position:0% they're putting this together is getting 00:17:31.140 --> 00:17:33.520 align:start position:0% they're putting this together is getting insight<00:17:31.650> from<00:17:32.130> people<00:17:32.370> who<00:17:32.669> already<00:17:32.850> comments 00:17:33.520 --> 00:17:33.530 align:start position:0% insight from people who already comments 00:17:33.530 --> 00:17:36.169 align:start position:0% insight from people who already comments people<00:17:34.530> who've<00:17:34.770> actually<00:17:34.860> looked<00:17:35.549> at<00:17:35.700> and 00:17:36.169 --> 00:17:36.179 align:start position:0% people who've actually looked at and 00:17:36.179 --> 00:17:40.190 align:start position:0% people who've actually looked at and understand<00:17:36.840> human<00:17:37.049> behavior<00:17:38.030> like<00:17:39.200> vultures 00:17:40.190 --> 00:17:40.200 align:start position:0% understand human behavior like vultures 00:17:40.200 --> 00:17:42.409 align:start position:0% understand human behavior like vultures because<00:17:41.190> right<00:17:41.400> now<00:17:41.549> it's<00:17:41.940> a<00:17:42.059> bunch<00:17:42.270> of 00:17:42.409 --> 00:17:42.419 align:start position:0% because right now it's a bunch of 00:17:42.419 --> 00:17:44.330 align:start position:0% because right now it's a bunch of technologists<00:17:43.169> and<00:17:43.380> ex<00:17:43.559> bankers<00:17:44.039> trying<00:17:44.280> to 00:17:44.330 --> 00:17:44.340 align:start position:0% technologists and ex bankers trying to 00:17:44.340 --> 00:17:45.680 align:start position:0% technologists and ex bankers trying to figure<00:17:44.520> this<00:17:44.640> stuff<00:17:44.760> out<00:17:45.000> which<00:17:45.210> has<00:17:45.360> got<00:17:45.539> us 00:17:45.680 --> 00:17:45.690 align:start position:0% figure this stuff out which has got us 00:17:45.690 --> 00:17:50.270 align:start position:0% figure this stuff out which has got us pretty<00:17:46.080> far<00:17:46.760> but<00:17:47.760> ultimately<00:17:48.500> this<00:17:49.500> means<00:17:49.559> for 00:17:50.270 --> 00:17:50.280 align:start position:0% pretty far but ultimately this means for 00:17:50.280 --> 00:17:54.370 align:start position:0% pretty far but ultimately this means for their<00:17:50.400> insight<00:17:50.820> from<00:17:51.270> other<00:17:51.720> people<00:17:52.110> as<00:17:52.409> well 00:17:54.370 --> 00:17:54.380 align:start position:0% their insight from other people as well 00:17:54.380 --> 00:17:57.680 align:start position:0% their insight from other people as well so<00:17:55.380> this<00:17:55.770> is<00:17:55.919> kind<00:17:56.100> of<00:17:56.159> interesting<00:17:56.340> one<00:17:56.760> being 00:17:57.680 --> 00:17:57.690 align:start position:0% so this is kind of interesting one being 00:17:57.690 --> 00:17:59.659 align:start position:0% so this is kind of interesting one being at<00:17:57.780> DEFCON<00:17:58.200> this<00:17:58.440> is<00:17:58.590> kind<00:17:58.830> of<00:17:58.950> the<00:17:59.130> way<00:17:59.610> the 00:17:59.659 --> 00:17:59.669 align:start position:0% at DEFCON this is kind of the way the 00:17:59.669 --> 00:18:03.350 align:start position:0% at DEFCON this is kind of the way the scale<00:18:00.030> I<00:18:00.960> do<00:18:01.650> believe<00:18:02.070> that<00:18:02.100> form<00:18:02.789> a<00:18:02.850> face<00:18:03.120> your 00:18:03.350 --> 00:18:03.360 align:start position:0% scale I do believe that form a face your 00:18:03.360 --> 00:18:06.230 align:start position:0% scale I do believe that form a face your perspective<00:18:03.960> like<00:18:04.230> we're<00:18:04.500> going<00:18:04.860> to<00:18:04.890> need<00:18:05.340> not 00:18:06.230 --> 00:18:06.240 align:start position:0% perspective like we're going to need not 00:18:06.240 --> 00:18:07.880 align:start position:0% perspective like we're going to need not an<00:18:06.330> element<00:18:06.809> of<00:18:06.840> centralization<00:18:07.230> but<00:18:07.770> we're 00:18:07.880 --> 00:18:07.890 align:start position:0% an element of centralization but we're 00:18:07.890 --> 00:18:08.180 align:start position:0% an element of centralization but we're sir 00:18:08.180 --> 00:18:08.190 align:start position:0% sir 00:18:08.190 --> 00:18:10.610 align:start position:0% sir we<00:18:08.280> going<00:18:08.520> to<00:18:08.700> need<00:18:08.970> some<00:18:09.420> larger<00:18:09.990> eat<00:18:10.230> folders 00:18:10.610 --> 00:18:10.620 align:start position:0% we going to need some larger eat folders 00:18:10.620 --> 00:18:12.550 align:start position:0% we going to need some larger eat folders to<00:18:10.830> come<00:18:11.010> in<00:18:11.160> here<00:18:11.340> and<00:18:11.520> bootstrap<00:18:11.760> this<00:18:12.060> thing 00:18:12.550 --> 00:18:12.560 align:start position:0% to come in here and bootstrap this thing 00:18:12.560 --> 00:18:16.490 align:start position:0% to come in here and bootstrap this thing so<00:18:13.560> this<00:18:13.860> model<00:18:14.360> this<00:18:15.360> chart<00:18:16.020> within<00:18:16.380> the 00:18:16.490 --> 00:18:16.500 align:start position:0% so this model this chart within the 00:18:16.500 --> 00:18:20.180 align:start position:0% so this model this chart within the model<00:18:16.820> is<00:18:17.820> based<00:18:18.510> on<00:18:18.780> use<00:18:19.050> of<00:18:19.080> a<00:18:19.230> VPS<00:18:19.650> to<00:18:19.860> visual 00:18:20.180 --> 00:18:20.190 align:start position:0% model is based on use of a VPS to visual 00:18:20.190 --> 00:18:23.450 align:start position:0% model is based on use of a VPS to visual ocean<00:18:20.580> at<00:18:20.820> $20<00:18:21.330> a<00:18:21.390> month<00:18:21.620> its<00:18:22.620> assumes<00:18:23.310> that 00:18:23.450 --> 00:18:23.460 align:start position:0% ocean at $20 a month its assumes that 00:18:23.460 --> 00:18:26.060 align:start position:0% ocean at $20 a month its assumes that you<00:18:23.700> can<00:18:23.910> fit<00:18:24.180> 16<00:18:24.840> clients<00:18:25.440> on<00:18:25.620> each<00:18:25.800> machine 00:18:26.060 --> 00:18:26.070 align:start position:0% you can fit 16 clients on each machine 00:18:26.070 --> 00:18:28.070 align:start position:0% you can fit 16 clients on each machine which<00:18:26.520> is<00:18:26.670> quite<00:18:26.910> conservative<00:18:27.300> but<00:18:27.720> that<00:18:27.930> can 00:18:28.070 --> 00:18:28.080 align:start position:0% which is quite conservative but that can 00:18:28.080 --> 00:18:30.650 align:start position:0% which is quite conservative but that can all<00:18:28.200> be<00:18:28.230> flex<00:18:28.590> inside<00:18:28.980> the<00:18:29.130> model<00:18:29.660> and 00:18:30.650 --> 00:18:30.660 align:start position:0% all be flex inside the model and 00:18:30.660 --> 00:18:32.930 align:start position:0% all be flex inside the model and ultimately<00:18:31.110> this<00:18:31.320> is<00:18:31.380> what<00:18:31.590> your<00:18:32.040> return 00:18:32.930 --> 00:18:32.940 align:start position:0% ultimately this is what your return 00:18:32.940 --> 00:18:35.600 align:start position:0% ultimately this is what your return stitch<00:18:33.480> what<00:18:33.690> would<00:18:33.900> be<00:18:34.250> again<00:18:35.250> just<00:18:35.520> to 00:18:35.600 --> 00:18:35.610 align:start position:0% stitch what would be again just to 00:18:35.610 --> 00:18:37.730 align:start position:0% stitch what would be again just to comment<00:18:35.820> on<00:18:36.090> the<00:18:36.480> decentralize<00:18:37.140> design<00:18:37.530> the 00:18:37.730 --> 00:18:37.740 align:start position:0% comment on the decentralize design the 00:18:37.740 --> 00:18:40.010 align:start position:0% comment on the decentralize design the protocol<00:18:38.190> as<00:18:38.370> you<00:18:38.940> can<00:18:39.060> see<00:18:39.300> economies<00:18:39.990> of 00:18:40.010 --> 00:18:40.020 align:start position:0% protocol as you can see economies of 00:18:40.020 --> 00:18:42.050 align:start position:0% protocol as you can see economies of scale<00:18:40.320> can<00:18:40.560> only<00:18:40.770> be<00:18:41.010> achieved<00:18:41.130> to<00:18:41.550> a<00:18:41.640> certain 00:18:42.050 --> 00:18:42.060 align:start position:0% scale can only be achieved to a certain 00:18:42.060 --> 00:18:44.090 align:start position:0% scale can only be achieved to a certain degree<00:18:42.150> as<00:18:42.660> a<00:18:42.720> large<00:18:43.170> person<00:18:43.590> on<00:18:43.680> the<00:18:43.770> network 00:18:44.090 --> 00:18:44.100 align:start position:0% degree as a large person on the network 00:18:44.100 --> 00:18:47.990 align:start position:0% degree as a large person on the network which<00:18:44.220> i<00:18:44.310> think<00:18:44.370> is<00:18:44.610> quite<00:18:44.730> cool<00:18:45.440> but<00:18:47.000> anyway 00:18:47.990 --> 00:18:48.000 align:start position:0% which i think is quite cool but anyway 00:18:48.000 --> 00:18:49.310 align:start position:0% which i think is quite cool but anyway else<00:18:48.120> in<00:18:48.210> the<00:18:48.270> room<00:18:48.420> this<00:18:48.750> is<00:18:48.900> what<00:18:49.050> you<00:18:49.200> can 00:18:49.310 --> 00:18:49.320 align:start position:0% else in the room this is what you can 00:18:49.320 --> 00:18:51.050 align:start position:0% else in the room this is what you can expect<00:18:49.470> with<00:18:49.890> a<00:18:50.070> zero<00:18:50.340> if<00:18:50.610> your<00:18:50.730> vendors<00:18:50.940> to 00:18:51.050 --> 00:18:51.060 align:start position:0% expect with a zero if your vendors to 00:18:51.060 --> 00:18:56.390 align:start position:0% expect with a zero if your vendors to help<00:18:51.090> me<00:18:51.420> out<00:18:53.690> so<00:18:54.690> you<00:18:55.350> know<00:18:55.440> what<00:18:55.650> we<00:18:55.800> this<00:18:56.220> has 00:18:56.390 --> 00:18:56.400 align:start position:0% help me out so you know what we this has 00:18:56.400 --> 00:18:58.370 align:start position:0% help me out so you know what we this has been<00:18:56.630> four<00:18:57.630> or<00:18:57.690> five<00:18:57.840> months<00:18:58.110> to<00:18:58.170> put<00:18:58.320> this 00:18:58.370 --> 00:18:58.380 align:start position:0% been four or five months to put this 00:18:58.380 --> 00:19:00.200 align:start position:0% been four or five months to put this together<00:18:58.560> where's<00:18:59.430> the<00:18:59.520> point<00:18:59.700> of<00:18:59.820> all<00:18:59.970> of<00:19:00.090> it 00:19:00.200 --> 00:19:00.210 align:start position:0% together where's the point of all of it 00:19:00.210 --> 00:19:02.570 align:start position:0% together where's the point of all of it what<00:19:00.420> we<00:19:00.480> want<00:19:00.630> to<00:19:00.690> do<00:19:00.810> with<00:19:00.960> it<00:19:01.580> essentially 00:19:02.570 --> 00:19:02.580 align:start position:0% what we want to do with it essentially 00:19:02.580 --> 00:19:06.290 align:start position:0% what we want to do with it essentially we're<00:19:03.090> launching<00:19:03.450> two<00:19:03.810> calculator<00:19:04.610> and<00:19:05.610> the 00:19:06.290 --> 00:19:06.300 align:start position:0% we're launching two calculator and the 00:19:06.300 --> 00:19:08.780 align:start position:0% we're launching two calculator and the purpose<00:19:06.600> of<00:19:06.720> this<00:19:06.870> is<00:19:07.140> to<00:19:07.410> educate<00:19:07.770> the<00:19:08.640> person 00:19:08.780 --> 00:19:08.790 align:start position:0% purpose of this is to educate the person 00:19:08.790 --> 00:19:11.720 align:start position:0% purpose of this is to educate the person thanks<00:19:09.270> to<00:19:09.390> inform<00:19:10.070> this<00:19:11.070> is<00:19:11.250> for<00:19:11.430> people<00:19:11.580> who 00:19:11.720 --> 00:19:11.730 align:start position:0% thanks to inform this is for people who 00:19:11.730 --> 00:19:13.580 align:start position:0% thanks to inform this is for people who want<00:19:12.090> to<00:19:12.150> validate<00:19:12.450> this<00:19:12.900> is<00:19:13.080> for<00:19:13.260> people<00:19:13.440> who 00:19:13.580 --> 00:19:13.590 align:start position:0% want to validate this is for people who 00:19:13.590 --> 00:19:17.300 align:start position:0% want to validate this is for people who do<00:19:13.950> research<00:19:14.990> this<00:19:15.990> is<00:19:16.170> this<00:19:16.440> is<00:19:16.590> for<00:19:16.800> anyone 00:19:17.300 --> 00:19:17.310 align:start position:0% do research this is this is for anyone 00:19:17.310 --> 00:19:19.820 align:start position:0% do research this is this is for anyone who<00:19:17.370> wants<00:19:17.550> to<00:19:17.880> add<00:19:18.150> feedback<00:19:18.480> to<00:19:18.870> it<00:19:19.020> so<00:19:19.260> it'll 00:19:19.820 --> 00:19:19.830 align:start position:0% who wants to add feedback to it so it'll 00:19:19.830 --> 00:19:21.980 align:start position:0% who wants to add feedback to it so it'll be<00:19:19.980> an<00:19:20.130> advanced<00:19:20.460> calculator<00:19:21.120> that<00:19:21.210> has<00:19:21.390> a 00:19:21.980 --> 00:19:21.990 align:start position:0% be an advanced calculator that has a 00:19:21.990 --> 00:19:24.350 align:start position:0% be an advanced calculator that has a series<00:19:22.350> of<00:19:22.460> validator<00:19:23.460> assumptions<00:19:24.030> and 00:19:24.350 --> 00:19:24.360 align:start position:0% series of validator assumptions and 00:19:24.360 --> 00:19:27.740 align:start position:0% series of validator assumptions and network<00:19:25.140> assumptions<00:19:26.090> basic<00:19:27.090> and<00:19:27.270> advanced 00:19:27.740 --> 00:19:27.750 align:start position:0% network assumptions basic and advanced 00:19:27.750 --> 00:19:29.870 align:start position:0% network assumptions basic and advanced there's<00:19:28.530> going<00:19:28.650> to<00:19:28.710> be<00:19:28.770> a<00:19:28.860> feedback<00:19:29.370> form<00:19:29.640> as 00:19:29.870 --> 00:19:29.880 align:start position:0% there's going to be a feedback form as 00:19:29.880 --> 00:19:31.700 align:start position:0% there's going to be a feedback form as well<00:19:30.060> which<00:19:30.330> we<00:19:30.960> think<00:19:31.110> is<00:19:31.260> probably<00:19:31.440> going<00:19:31.650> to 00:19:31.700 --> 00:19:31.710 align:start position:0% well which we think is probably going to 00:19:31.710 --> 00:19:33.230 align:start position:0% well which we think is probably going to be<00:19:31.770> the<00:19:31.860> most<00:19:31.980> important<00:19:32.490> thing<00:19:32.520> where<00:19:32.880> we 00:19:33.230 --> 00:19:33.240 align:start position:0% be the most important thing where we 00:19:33.240 --> 00:19:35.090 align:start position:0% be the most important thing where we want<00:19:33.480> all<00:19:33.660> the<00:19:33.780> feedback<00:19:34.260> and<00:19:34.380> comments<00:19:34.920> about 00:19:35.090 --> 00:19:35.100 align:start position:0% want all the feedback and comments about 00:19:35.100 --> 00:19:37.430 align:start position:0% want all the feedback and comments about this<00:19:35.820> fact<00:19:36.150> about<00:19:36.480> the<00:19:36.660> economics<00:19:37.170> to<00:19:37.260> take 00:19:37.430 --> 00:19:37.440 align:start position:0% this fact about the economics to take 00:19:37.440 --> 00:19:39.860 align:start position:0% this fact about the economics to take place<00:19:37.650> in<00:19:37.890> one<00:19:38.220> setting<00:19:38.610> because<00:19:39.600> ultimately 00:19:39.860 --> 00:19:39.870 align:start position:0% place in one setting because ultimately 00:19:39.870 --> 00:19:42.470 align:start position:0% place in one setting because ultimately at<00:19:40.410> this<00:19:40.590> point<00:19:40.920> if<00:19:41.160> people<00:19:41.610> aren't<00:19:41.790> stoked<00:19:42.240> on 00:19:42.470 --> 00:19:42.480 align:start position:0% at this point if people aren't stoked on 00:19:42.480 --> 00:19:42.880 align:start position:0% at this point if people aren't stoked on the 00:19:42.880 --> 00:19:42.890 align:start position:0% the 00:19:42.890 --> 00:19:46.390 align:start position:0% the be<00:19:43.790> a<00:19:43.820> heart<00:19:44.210> force<00:19:44.480> that's<00:19:44.720> going<00:19:44.990> to<00:19:45.400> entail 00:19:46.390 --> 00:19:46.400 align:start position:0% be a heart force that's going to entail 00:19:46.400 --> 00:19:50.230 align:start position:0% be a heart force that's going to entail affirmation<00:19:47.330> and<00:19:47.510> a<00:19:47.630> lot<00:19:47.809> at<00:19:48.230> this<00:19:48.350> point<00:19:49.240> so 00:19:50.230 --> 00:19:50.240 align:start position:0% affirmation and a lot at this point so 00:19:50.240 --> 00:19:51.700 align:start position:0% affirmation and a lot at this point so we<00:19:50.420> were<00:19:50.570> like<00:19:50.720> where<00:19:51.020> are<00:19:51.110> we<00:19:51.200> now<00:19:51.380> with<00:19:51.440> all 00:19:51.700 --> 00:19:51.710 align:start position:0% we were like where are we now with all 00:19:51.710 --> 00:19:55.210 align:start position:0% we were like where are we now with all this<00:19:52.480> we<00:19:53.480> have<00:19:53.630> enjoyment<00:19:54.140> we<00:19:54.860> have<00:19:55.010> all<00:19:55.130> the 00:19:55.210 --> 00:19:55.220 align:start position:0% this we have enjoyment we have all the 00:19:55.220 --> 00:19:57.430 align:start position:0% this we have enjoyment we have all the business<00:19:55.460> logic<00:19:55.580> involved<00:19:56.059> built<00:19:56.990> into<00:19:57.290> it 00:19:57.430 --> 00:19:57.440 align:start position:0% business logic involved built into it 00:19:57.440 --> 00:19:59.350 align:start position:0% business logic involved built into it today<00:19:58.280> we're<00:19:58.520> going<00:19:58.610> to<00:19:58.700> launch<00:19:58.820> this<00:19:59.090> group 00:19:59.350 --> 00:19:59.360 align:start position:0% today we're going to launch this group 00:19:59.360 --> 00:20:01.870 align:start position:0% today we're going to launch this group here<00:19:59.630> where<00:20:00.620> I<00:20:00.650> will<00:20:00.920> drop<00:20:01.130> the<00:20:01.280> bottle<00:20:01.610> into 00:20:01.870 --> 00:20:01.880 align:start position:0% here where I will drop the bottle into 00:20:01.880 --> 00:20:04.690 align:start position:0% here where I will drop the bottle into it<00:20:02.059> and<00:20:02.809> anyone<00:20:03.200> that<00:20:03.260> has<00:20:03.410> questions<00:20:04.040> as 00:20:04.690 --> 00:20:04.700 align:start position:0% it and anyone that has questions as 00:20:04.700 --> 00:20:07.390 align:start position:0% it and anyone that has questions as comments<00:20:05.679> I'm<00:20:06.679> not<00:20:06.860> going<00:20:07.010> to<00:20:07.070> do<00:20:07.130> that<00:20:07.250> during 00:20:07.390 --> 00:20:07.400 align:start position:0% comments I'm not going to do that during 00:20:07.400 --> 00:20:09.910 align:start position:0% comments I'm not going to do that during the<00:20:07.549> talk<00:20:07.820> today<00:20:08.030> but<00:20:08.390> ultimately<00:20:09.380> we'll<00:20:09.740> do 00:20:09.910 --> 00:20:09.920 align:start position:0% the talk today but ultimately we'll do 00:20:09.920 --> 00:20:11.890 align:start position:0% the talk today but ultimately we'll do all<00:20:10.130> of<00:20:10.160> that<00:20:10.309> and<00:20:10.640> cause<00:20:10.850> it<00:20:11.090> one<00:20:11.510> of<00:20:11.630> the<00:20:11.690> kind 00:20:11.890 --> 00:20:11.900 align:start position:0% all of that and cause it one of the kind 00:20:11.900 --> 00:20:13.690 align:start position:0% all of that and cause it one of the kind of<00:20:12.049> single<00:20:12.440> source<00:20:12.650> of<00:20:12.770> truth<00:20:12.860> so<00:20:13.309> that<00:20:13.340> we<00:20:13.549> can 00:20:13.690 --> 00:20:13.700 align:start position:0% of single source of truth so that we can 00:20:13.700 --> 00:20:15.370 align:start position:0% of single source of truth so that we can continually<00:20:14.150> get<00:20:14.390> feedback<00:20:14.809> on<00:20:14.990> this<00:20:15.169> cos 00:20:15.370 --> 00:20:15.380 align:start position:0% continually get feedback on this cos 00:20:15.380 --> 00:20:19.780 align:start position:0% continually get feedback on this cos it's<00:20:16.160> super<00:20:16.429> crucial<00:20:16.580> to<00:20:16.970> do<00:20:17.150> so<00:20:18.490> so<00:20:19.490> to<00:20:19.610> kind 00:20:19.780 --> 00:20:19.790 align:start position:0% it's super crucial to do so so to kind 00:20:19.790 --> 00:20:21.760 align:start position:0% it's super crucial to do so so to kind of<00:20:19.850> close<00:20:20.059> it<00:20:20.210> out<00:20:20.350> there<00:20:21.350> was<00:20:21.470> a<00:20:21.500> lot<00:20:21.710> of 00:20:21.760 --> 00:20:21.770 align:start position:0% of close it out there was a lot of 00:20:21.770 --> 00:20:26.260 align:start position:0% of close it out there was a lot of people<00:20:22.630> who<00:20:23.630> helped<00:20:23.990> with<00:20:24.200> this<00:20:24.350> effort<00:20:25.270> both 00:20:26.260 --> 00:20:26.270 align:start position:0% people who helped with this effort both 00:20:26.270 --> 00:20:29.340 align:start position:0% people who helped with this effort both inside<00:20:27.080> a<00:20:27.110> consensus<00:20:27.799> at<00:20:27.980> the<00:20:28.190> EF<00:20:28.549> outside 00:20:29.340 --> 00:20:29.350 align:start position:0% inside a consensus at the EF outside 00:20:29.350 --> 00:20:31.810 align:start position:0% inside a consensus at the EF outside this<00:20:30.350> is<00:20:30.530> kind<00:20:30.770> of<00:20:30.860> the<00:20:31.040> maintenance<00:20:31.549> of 00:20:31.810 --> 00:20:31.820 align:start position:0% this is kind of the maintenance of 00:20:31.820 --> 00:20:33.580 align:start position:0% this is kind of the maintenance of people<00:20:32.090> here<00:20:32.299> that<00:20:32.330> helped<00:20:33.140> out<00:20:33.290> with<00:20:33.410> all 00:20:33.580 --> 00:20:33.590 align:start position:0% people here that helped out with all 00:20:33.590 --> 00:20:35.860 align:start position:0% people here that helped out with all this<00:20:33.770> so<00:20:34.040> it<00:20:34.910> was<00:20:35.030> a<00:20:35.120> coordinated<00:20:35.330> effort<00:20:35.570> for 00:20:35.860 --> 00:20:35.870 align:start position:0% this so it was a coordinated effort for 00:20:35.870 --> 00:20:38.020 align:start position:0% this so it was a coordinated effort for everyone<00:20:36.200> so<00:20:36.440> everyone<00:20:36.679> involved<00:20:37.580> because<00:20:37.880> it 00:20:38.020 --> 00:20:38.030 align:start position:0% everyone so everyone involved because it 00:20:38.030 --> 00:20:42.250 align:start position:0% everyone so everyone involved because it was<00:20:38.600> above<00:20:38.840> it<00:20:38.990> to<00:20:39.110> get<00:20:39.380> this<00:20:39.500> done<00:20:40.419> and<00:20:41.419> that's 00:20:42.250 --> 00:20:42.260 align:start position:0% was above it to get this done and that's 00:20:42.260 --> 00:20:44.200 align:start position:0% was above it to get this done and that's it<00:20:42.440> if<00:20:43.070> you<00:20:43.100> want<00:20:43.309> to<00:20:43.340> hit<00:20:43.460> me<00:20:43.580> up<00:20:43.610> here's<00:20:44.000> my 00:20:44.200 --> 00:20:44.210 align:start position:0% it if you want to hit me up here's my 00:20:44.210 --> 00:20:47.530 align:start position:0% it if you want to hit me up here's my sonogram<00:20:44.570> and<00:20:44.929> that<00:20:45.230> my<00:20:45.380> Twitter<00:20:45.730> I<00:20:46.730> can't 00:20:47.530 --> 00:20:47.540 align:start position:0% sonogram and that my Twitter I can't 00:20:47.540 --> 00:20:49.060 align:start position:0% sonogram and that my Twitter I can't believe<00:20:47.720> both<00:20:47.840> of<00:20:47.900> which<00:20:48.140> were<00:20:48.290> not<00:20:48.410> taken<00:20:48.830> but 00:20:49.060 --> 00:20:49.070 align:start position:0% believe both of which were not taken but 00:20:49.070 --> 00:20:51.280 align:start position:0% believe both of which were not taken but they<00:20:49.220> weren't<00:20:49.690> so<00:20:50.690> please<00:20:50.929> feel<00:20:51.049> free<00:20:51.140> to 00:20:51.280 --> 00:20:51.290 align:start position:0% they weren't so please feel free to 00:20:51.290 --> 00:20:52.659 align:start position:0% they weren't so please feel free to reach<00:20:51.440> out<00:20:51.620> if<00:20:51.770> you<00:20:51.799> guys<00:20:51.980> have<00:20:52.160> any<00:20:52.309> questions 00:20:52.659 --> 00:20:52.669 align:start position:0% reach out if you guys have any questions 00:20:52.669 --> 00:20:54.940 align:start position:0% reach out if you guys have any questions and<00:20:52.940> I'll<00:20:53.510> drop<00:20:53.750> the<00:20:53.900> model<00:20:54.260> into<00:20:54.470> the 00:20:54.940 --> 00:20:54.950 align:start position:0% and I'll drop the model into the 00:20:54.950 --> 00:20:57.280 align:start position:0% and I'll drop the model into the telegram<00:20:55.400> group<00:20:55.750> because<00:20:56.750> start<00:20:56.960> jamming 00:20:57.280 --> 00:20:57.290 align:start position:0% telegram group because start jamming 00:20:57.290 --> 00:20:59.820 align:start position:0% telegram group because start jamming thanks 00:20:59.820 --> 00:20:59.830 align:start position:0% thanks 00:20:59.830 --> 00:21:09.090 align:start position:0% thanks [Applause] 00:21:09.090 --> 00:21:09.100 align:start position:0% 00:21:09.100 --> 00:21:11.160 align:start position:0% you