WEBVTT
Kind: captions
Language: en

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[Applause]

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so<00:00:15.570><c> both</c><00:00:17.550><c> is</c><00:00:18.550><c> with</c><00:00:18.760><c> this</c><00:00:19.050><c> routine</c><00:00:20.050><c> vendors</c><00:00:20.470><c> to</c>

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so both is with this routine vendors to
 

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so both is with this routine vendors to
you<00:00:20.890><c> in</c><00:00:21.250><c> Madrid</c><00:00:21.820><c> Spain</c><00:00:23.130><c> so</c><00:00:24.130><c> today</c><00:00:24.430><c> we</c><00:00:24.700><c> want</c><00:00:24.910><c> to</c>

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you in Madrid Spain so today we want to
 

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you in Madrid Spain so today we want to
present<00:00:25.119><c> you</c><00:00:25.599><c> our</c><00:00:25.630><c> you</c><00:00:25.900><c> know</c><00:00:25.960><c> a</c><00:00:26.080><c> token</c><00:00:26.560><c> start</c>

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present you our you know a token start
 

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present you our you know a token start
it's<00:00:27.430><c> a</c><00:00:27.490><c> stomach</c><00:00:27.730><c> for</c><00:00:28.060><c> financial</c><00:00:28.539><c> payments</c><00:00:28.990><c> in</c>

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it's a stomach for financial payments in
 

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it's a stomach for financial payments in
any<00:00:29.410><c> operation</c><00:00:30.130><c> that</c><00:00:30.160><c> is</c><00:00:30.430><c> using</c><00:00:30.850><c> tokenize</c>

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any operation that is using tokenize
 

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any operation that is using tokenize
money<00:00:32.129><c> some</c><00:00:33.129><c> of</c><00:00:33.160><c> the</c><00:00:33.340><c> possible</c><00:00:33.730><c> use</c><00:00:33.940><c> cases</c><00:00:34.210><c> to</c>

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money some of the possible use cases to
 

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money some of the possible use cases to
be<00:00:34.720><c> were</c><00:00:35.320><c> thinking</c><00:00:35.739><c> about</c><00:00:35.860><c> originally</c>

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be were thinking about originally
 

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be were thinking about originally
interval<00:00:37.059><c> already</c><00:00:37.420><c> connected</c><00:00:37.960><c> our</c><00:00:38.140><c> baggage</c>

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interval already connected our baggage
 

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interval already connected our baggage
string<00:00:38.860><c> supply</c><00:00:39.640><c> chain</c><00:00:40.000><c> cash</c><00:00:40.720><c> pouring</c><00:00:41.199><c> market</c>

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string supply chain cash pouring market
 

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string supply chain cash pouring market
liquidity<00:00:42.010><c> smart</c><00:00:42.969><c> labor</c><00:00:43.239><c> contracts</c><00:00:43.780><c> but</c>

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liquidity smart labor contracts but
 

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liquidity smart labor contracts but
there<00:00:44.500><c> are</c><00:00:44.680><c> many</c><00:00:44.829><c> more</c><00:00:45.070><c> possible</c><00:00:45.730><c> use</c><00:00:45.910><c> cases</c>

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there are many more possible use cases
 

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there are many more possible use cases
for<00:00:46.570><c> a</c><00:00:46.630><c> standard</c>

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for a standard
 

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for a standard
so<00:00:48.550><c> maybe</c><00:00:48.940><c> the</c><00:00:49.270><c> the</c><00:00:49.719><c> functionalities</c><00:00:50.320><c> we</c><00:00:50.500><c> were</c>

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so maybe the the functionalities we were
 

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so maybe the the functionalities we were
envisioning<00:00:51.070><c> to</c><00:00:51.280><c> include</c><00:00:51.579><c> them</c><00:00:51.760><c> into</c><00:00:52.120><c> this</c>

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envisioning to include them into this
 

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envisioning to include them into this
are<00:00:52.450><c> now</c><00:00:52.629><c> where</c><00:00:52.899><c> black</c><00:00:53.890><c> holes</c><00:00:54.309><c> during</c><00:00:54.910><c> payout</c>

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are now where black holes during payout
 

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are now where black holes during payout
the<00:00:55.719><c> panties</c><00:00:56.170><c> that</c><00:00:56.200><c> we</c><00:00:56.590><c> are</c><00:00:56.710><c> going</c><00:00:56.890><c> to</c><00:00:57.039><c> be</c><00:00:57.309><c> you</c>

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the panties that we are going to be you
 

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the panties that we are going to be you
need<00:00:58.600><c> an</c><00:00:58.780><c> experienced</c><00:00:59.289><c> match</c>

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need an experienced match
 

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need an experienced match
so<00:01:01.360><c> our</c><00:01:01.510><c> first</c><00:01:01.719><c> building</c><00:01:02.199><c> those</c><00:01:02.800><c> different</c>

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so our first building those different
 

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so our first building those different
clients<00:01:03.610><c> so</c><00:01:04.059><c> if</c><00:01:04.149><c> compliance</c><00:01:04.780><c> what</c><00:01:04.960><c> we</c><00:01:05.080><c> want</c><00:01:05.259><c> to</c>

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clients so if compliance what we want to
 

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clients so if compliance what we want to
do<00:01:05.560><c> is</c><00:01:05.740><c> any</c><00:01:06.009><c> compliance</c><00:01:06.460><c> check</c><00:01:07.000><c> like</c><00:01:07.300><c> after</c>

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do is any compliance check like after
 

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do is any compliance check like after
money<00:01:07.960><c> laundering</c><00:01:08.380><c> or</c><00:01:08.770><c> capacity</c><00:01:09.399><c> to</c><00:01:10.090><c> do</c><00:01:10.240><c> it</c>

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money laundering or capacity to do it
 

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money laundering or capacity to do it
completely<00:01:10.600><c> unchanged</c><00:01:11.440><c> so</c><00:01:11.740><c> can</c><00:01:11.979><c> everything</c>

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completely unchanged so can everything
 

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completely unchanged so can everything
be<00:01:12.490><c> done</c><00:01:12.850><c> in</c><00:01:13.060><c> one</c><00:01:13.300><c> transaction</c><00:01:14.010><c> another</c><00:01:15.010><c> thing</c>

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be done in one transaction another thing
 

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be done in one transaction another thing
that<00:01:15.520><c> we</c><00:01:15.640><c> were</c><00:01:15.760><c> thinking</c><00:01:15.790><c> about</c><00:01:16.180><c> was</c><00:01:16.510><c> among</c>

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that we were thinking about was among
 

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that we were thinking about was among
the<00:01:16.960><c> token</c><00:01:17.560><c> support</c><00:01:18.010><c> so</c><00:01:18.400><c> it's</c><00:01:18.490><c> not</c><00:01:18.670><c> just</c><00:01:18.729><c> one</c>

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the token support so it's not just one
 

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the token support so it's not just one
token<00:01:19.570><c> that</c><00:01:19.720><c> is</c><00:01:19.930><c> supported</c><00:01:20.530><c> per</c><00:01:20.680><c> contract</c>

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token that is supported per contract
 

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token that is supported per contract
that<00:01:21.670><c> is</c><00:01:21.820><c> really</c><00:01:22.060><c> similar</c><00:01:22.330><c> and</c><00:01:23.140><c> then</c><00:01:23.320><c> one</c>

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that is really similar and then one
 

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that is really similar and then one
possibly<00:01:24.010><c> use</c><00:01:24.189><c> case</c><00:01:24.460><c> for</c><00:01:24.490><c> this</c><00:01:24.820><c> would</c><00:01:25.030><c> be</c><00:01:25.060><c> a</c>

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possibly use case for this would be a
 

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possibly use case for this would be a
recommend<00:01:26.140><c> in</c><00:01:26.290><c> the</c><00:01:26.409><c> bar</c><00:01:26.590><c> to</c><00:01:26.890><c> put</c><00:01:27.100><c> up</c><00:01:27.220><c> their</c><00:01:27.430><c> own</c>

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recommend in the bar to put up their own
 

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recommend in the bar to put up their own
compliance<00:01:27.970><c> mark</c><00:01:28.509><c> contract</c><00:01:29.020><c> if</c><00:01:29.259><c> their</c>

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compliance mark contract if their
 

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compliance mark contract if their
specific<00:01:29.920><c> compliance</c><00:01:30.280><c> words</c><00:01:30.729><c> and</c><00:01:31.540><c> are</c><00:01:31.689><c> we</c>

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specific compliance words and are we
 

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specific compliance words and are we
talking<00:01:32.320><c> that's</c><00:01:32.680><c> regulated</c><00:01:33.009><c> and</c><00:01:33.729><c> forth</c><00:01:34.060><c> of</c>

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talking that's regulated and forth of
 

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talking that's regulated and forth of
interest

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interest
 

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interest
produce<00:01:35.659><c> this</c><00:01:35.899><c> contract</c><00:01:36.469><c> to</c><00:01:37.159><c> check</c><00:01:37.429><c> these</c>

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produce this contract to check these
 

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produce this contract to check these
roots<00:01:38.000><c> and</c><00:01:38.359><c> not</c><00:01:38.479><c> have</c><00:01:38.719><c> the</c><00:01:38.899><c> collector</c><00:01:39.380><c> of</c><00:01:39.560><c> a</c>

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roots and not have the collector of a
 

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roots and not have the collector of a
connotation<00:01:39.979><c> or</c><00:01:40.460><c> the</c><00:01:40.609><c> time</c><00:01:41.350><c> the</c><00:01:42.350><c> second</c>

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connotation or the time the second
 

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connotation or the time the second
building<00:01:42.890><c> block</c><00:01:43.039><c> is</c><00:01:43.429><c> our</c><00:01:43.579><c> Keystone</c><00:01:44.030><c> which</c><00:01:44.719><c> may</c>

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building block is our Keystone which may
 

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building block is our Keystone which may
be<00:01:46.179><c> warrantied</c><00:01:47.350><c> help</c><00:01:48.350><c> yet</c><00:01:48.920><c> one</c><00:01:49.159><c> get</c><00:01:49.399><c> allowance</c>

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be warrantied help yet one get allowance
 

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be warrantied help yet one get allowance
so<00:01:50.359><c> you</c><00:01:50.390><c> have</c><00:01:50.990><c> help</c><00:01:51.560><c> balance</c><00:01:52.130><c> with</c><00:01:52.549><c> bellow</c>

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so you have help balance with bellow
 

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so you have help balance with bellow
that<00:01:53.659><c> can</c><00:01:53.899><c> only</c><00:01:54.140><c> be</c><00:01:54.319><c> transferred</c><00:01:54.979><c> on</c><00:01:55.310><c> a</c><00:01:55.369><c> given</c>

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that can only be transferred on a given
 

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that can only be transferred on a given
trader<00:01:56.450><c> history</c><00:01:57.380><c> will</c><00:01:57.709><c> be</c><00:01:57.799><c> only</c><00:01:58.039><c> done</c><00:01:58.609><c> by</c>

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trader history will be only done by
 

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trader history will be only done by
another<00:01:59.390><c> and</c><00:02:00.020><c> no</c><00:02:00.799><c> today's</c><00:02:01.100><c> the</c><00:02:01.250><c> one</c><00:02:01.429><c> who</c><00:02:01.520><c> is</c>

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another and no today's the one who is
 

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another and no today's the one who is
going<00:02:01.850><c> to</c><00:02:02.030><c> execute</c><00:02:02.299><c> it</c><00:02:02.689><c> the</c><00:02:02.719><c> way</c><00:02:02.959><c> they're</c><00:02:03.140><c> to</c>

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going to execute it the way they're to
 

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going to execute it the way they're to
release<00:02:03.740><c> it</c><00:02:03.969><c> or</c><00:02:04.969><c> either</c><00:02:05.829><c> release</c><00:02:06.829><c> it</c><00:02:07.039><c> and</c><00:02:07.899><c> you</c>

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release it or either release it and you
 

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release it or either release it and you
can<00:02:09.079><c> configure</c><00:02:09.440><c> holes</c><00:02:09.920><c> for</c><00:02:10.220><c> the</c><00:02:10.310><c> given</c>

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can configure holes for the given
 

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can configure holes for the given
expression<00:02:12.370><c> so</c><00:02:13.370><c> the</c><00:02:13.489><c> whole</c><00:02:13.670><c> we</c><00:02:14.120><c> use</c><00:02:14.299><c> like</c><00:02:14.569><c> a</c>

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expression so the whole we use like a
 

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expression so the whole we use like a
thing<00:02:15.890><c> that</c><00:02:16.130><c> they</c><00:02:16.250><c> put</c><00:02:16.660><c> on</c><00:02:17.660><c> top</c><00:02:17.900><c> above</c><00:02:18.170><c> so</c><00:02:18.709><c> one</c>

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thing that they put on top above so one
 

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thing that they put on top above so one
thing<00:02:19.280><c> that</c><00:02:19.310><c> they</c><00:02:19.549><c> put</c><00:02:19.760><c> on</c><00:02:20.060><c> top</c><00:02:20.569><c> is</c><00:02:20.840><c> secure</c>

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thing that they put on top is secure
 

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thing that they put on top is secure
so<00:02:21.890><c> the</c><00:02:22.010><c> clearing</c><00:02:22.370><c> can</c><00:02:22.549><c> just</c><00:02:22.790><c> be</c><00:02:22.910><c> imagined</c><00:02:23.480><c> as</c>

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so the clearing can just be imagined as
 

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so the clearing can just be imagined as
a<00:02:23.629><c> number</c><00:02:23.930><c> of</c><00:02:24.049><c> transfer</c><00:02:24.530><c> but</c><00:02:25.430><c> it's</c><00:02:25.700><c> stunning</c>

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a number of transfer but it's stunning
 

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a number of transfer but it's stunning
two<00:02:26.269><c> steps</c><00:02:26.599><c> and</c><00:02:26.870><c> what's</c><00:02:27.110><c> one</c><00:02:27.620><c> so</c><00:02:28.250><c> the</c><00:02:28.370><c> second</c>

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two steps and what's one so the second
 

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two steps and what's one so the second
step<00:02:28.849><c> is</c><00:02:29.209><c> here</c><00:02:29.510><c> or</c><00:02:29.660><c> near</c><00:02:29.840><c> because</c><00:02:30.379><c> there</c><00:02:30.560><c> will</c>

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step is here or near because there will
 

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step is here or near because there will
be<00:02:30.769><c> compliance</c><00:02:31.489><c> checks</c><00:02:31.879><c> that</c><00:02:32.060><c> need</c><00:02:32.120><c> to</c><00:02:32.390><c> be</c>

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be compliance checks that need to be
 

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be compliance checks that need to be
done<00:02:32.690><c> off</c><00:02:32.959><c> chain</c><00:02:33.700><c> so</c><00:02:34.720><c> depending</c><00:02:35.720><c> on</c><00:02:35.840><c> the</c><00:02:36.019><c> of</c>

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done off chain so depending on the of
 

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done off chain so depending on the of
chain<00:02:36.470><c> compliance</c><00:02:37.129><c> checks</c><00:02:37.459><c> the</c><00:02:37.760><c> curing</c><00:02:38.120><c> agent</c>

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chain compliance checks the curing agent
 

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chain compliance checks the curing agent
can<00:02:38.690><c> be</c><00:02:38.810><c> due</c><00:02:38.959><c> to</c><00:02:38.989><c> decide</c><00:02:39.829><c> to</c><00:02:40.280><c> either</c><00:02:40.370><c> execute</c>

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can be due to decide to either execute
 

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can be due to decide to either execute
to<00:02:41.359><c> transfer</c><00:02:41.840><c> a</c><00:02:41.870><c> lot</c><00:02:42.049><c> the</c><00:02:42.680><c> important</c><00:02:43.130><c> thing</c>

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to transfer a lot the important thing
 

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to transfer a lot the important thing
here<00:02:43.519><c> is</c><00:02:43.760><c> because</c><00:02:44.329><c> it's</c><00:02:44.540><c> using</c><00:02:44.930><c> the</c><00:02:45.049><c> hold</c>

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here is because it's using the hold
 

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here is because it's using the hold
during<00:02:46.160><c> this</c><00:02:46.430><c> compliance</c><00:02:47.000><c> checks</c><00:02:47.329><c> the</c><00:02:47.569><c> token</c>

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during this compliance checks the token
 

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during this compliance checks the token
are<00:02:48.079><c> really</c><00:02:48.319><c> helped</c><00:02:48.680><c> so</c><00:02:48.980><c> the</c><00:02:49.100><c> curing</c><00:02:49.880><c> agent</c>

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are really helped so the curing agent
 

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are really helped so the curing agent
makes<00:02:50.480><c> these</c><00:02:50.660><c> decisions</c><00:02:50.950><c> we</c><00:02:51.950><c> assured</c><00:02:52.370><c> the</c>

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makes these decisions we assured the
 

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makes these decisions we assured the
tokens<00:02:53.209><c> are</c><00:02:53.329><c> really</c><00:02:53.569><c> there</c><00:02:53.810><c> in</c><00:02:54.319><c> the</c><00:02:54.560><c> account</c>

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tokens are really there in the account
 

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tokens are really there in the account
of<00:02:55.069><c> the</c>

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of the
 

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of the
but<00:02:56.200><c> as</c><00:02:56.319><c> holder</c><00:02:56.830><c> and</c><00:02:57.250><c> a</c><00:02:57.489><c> really</c><00:02:57.730><c> durable</c>

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but as holder and a really durable
 

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but as holder and a really durable
transcript<00:02:59.160><c> and</c><00:03:00.160><c> the</c><00:03:00.819><c> last</c><00:03:01.140><c> building</c><00:03:02.140><c> block</c>

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transcript and the last building block
 

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transcript and the last building block
is<00:03:02.650><c> mainly</c><00:03:03.040><c> enabling</c><00:03:04.590><c> decentralized</c><00:03:06.510><c> start</c>

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is mainly enabling decentralized start
 

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is mainly enabling decentralized start
request<00:03:08.940><c> into</c><00:03:09.940><c> funding</c><00:03:10.780><c> and</c><00:03:10.959><c> male</c><00:03:11.590><c> progressed</c>

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request into funding and male progressed
 

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request into funding and male progressed
so<00:03:12.370><c> mainly</c><00:03:12.730><c> nowadays</c><00:03:13.420><c> funding</c><00:03:14.140><c> at</c><00:03:14.260><c> VI</c><00:03:14.470><c> request</c>

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so mainly nowadays funding at VI request
 

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so mainly nowadays funding at VI request
must<00:03:15.129><c> be</c><00:03:15.220><c> done</c><00:03:15.489><c> centralized</c><00:03:16.480><c> in</c><00:03:17.290><c> this</c><00:03:17.470><c> case</c><00:03:17.709><c> we</c>

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must be done centralized in this case we
 

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must be done centralized in this case we
unable<00:03:18.610><c> to</c><00:03:19.120><c> do</c><00:03:19.989><c> this</c><00:03:20.140><c> progressive</c>

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unable to do this progressive
 

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unable to do this progressive
decentralized<00:03:21.430><c> word</c><00:03:21.940><c> we</c><00:03:22.180><c> have</c><00:03:22.360><c> the</c><00:03:22.540><c> pain</c><00:03:22.780><c> of</c>

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decentralized word we have the pain of
 

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decentralized word we have the pain of
instruction<00:03:23.530><c> dissipated</c><00:03:24.129><c> instruction</c><00:03:24.700><c> the</c>

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instruction dissipated instruction the
 

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instruction dissipated instruction the
instructs<00:03:27.010><c> the</c><00:03:27.280><c> operator</c><00:03:27.670><c> of</c><00:03:27.849><c> the</c><00:03:28.000><c> money</c>

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instructs the operator of the money
 

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instructs the operator of the money
talking<00:03:28.780><c> to</c><00:03:29.290><c> either</c><00:03:29.440><c> family</c><00:03:29.860><c> but</c><00:03:30.400><c> way</c><00:03:30.670><c> out</c><00:03:30.700><c> and</c>

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talking to either family but way out and
 

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talking to either family but way out and
the<00:03:31.720><c> payment</c><00:03:32.140><c> details</c><00:03:32.290><c> are</c><00:03:32.769><c> not</c><00:03:33.010><c> disclosure</c>

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the payment details are not disclosure
 

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the payment details are not disclosure
the<00:03:34.299><c> inside</c><00:03:35.079><c> the</c><00:03:35.290><c> chamber</c><00:03:36.160><c> the</c><00:03:37.230><c> interchange</c>

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the inside the chamber the interchange
 

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the inside the chamber the interchange
of<00:03:38.560><c> chain</c><00:03:39.010><c> and</c><00:03:39.370><c> then</c><00:03:39.910><c> the</c><00:03:40.239><c> operator</c>

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of chain and then the operator
 

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of chain and then the operator
reads<00:03:41.709><c> the</c><00:03:41.980><c> and</c><00:03:42.220><c> request</c><00:03:42.640><c> that</c><00:03:42.730><c> they</c><00:03:42.970><c> are</c>

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reads the and request that they are
 

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reads the and request that they are
oppressed<00:03:43.510><c> and</c><00:03:43.660><c> then</c><00:03:43.900><c> tries</c><00:03:44.769><c> to</c><00:03:44.799><c> fulfill</c><00:03:45.670><c> it</c>

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oppressed and then tries to fulfill it
 

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oppressed and then tries to fulfill it
so<00:03:47.349><c> if</c><00:03:47.470><c> you</c><00:03:47.590><c> put</c><00:03:47.799><c> all</c><00:03:48.040><c> these</c><00:03:48.310><c> four</c><00:03:48.610><c> things</c>

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so if you put all these four things
 

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so if you put all these four things
together<00:03:49.180><c> becomes</c><00:03:49.989><c> or</c><00:03:50.200><c> email</c><00:03:50.620><c> tokens</c><00:03:51.069><c> mother</c>

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together becomes or email tokens mother
 

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together becomes or email tokens mother
which<00:03:51.940><c> is</c><00:03:52.180><c> published</c><00:03:53.019><c> by</c><00:03:53.230><c> us</c><00:03:53.260><c> under</c><00:03:53.860><c> P</c><00:03:54.370><c> 2020</c><00:03:55.120><c> so</c>

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which is published by us under P 2020 so
 

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which is published by us under P 2020 so
the<00:03:56.049><c> important</c><00:03:56.470><c> thing</c><00:03:56.530><c> here</c><00:03:56.680><c> is</c><00:03:56.860><c> also</c><00:03:57.160><c> the</c>

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the important thing here is also the
 

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the important thing here is also the
expense<00:03:57.910><c> the</c><00:03:58.209><c> years</c><00:03:58.420><c> of</c><00:03:58.629><c> 20</c><00:03:58.989><c> so</c><00:03:59.049><c> this</c><00:03:59.319><c> means</c>

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expense the years of 20 so this means
 

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expense the years of 20 so this means
are<00:03:59.859><c> the</c><00:04:00.160><c> functions</c><00:04:00.700><c> that</c><00:04:00.850><c> you</c><00:04:01.030><c> use</c><00:04:01.299><c> the</c><00:04:01.600><c> years</c>

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are the functions that you use the years
 

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are the functions that you use the years
of<00:04:01.989><c> 20</c><00:04:02.319><c> are</c><00:04:02.440><c> also</c><00:04:02.620><c> supported</c><00:04:03.280><c> them</c><00:04:03.459><c> and</c><00:04:04.090><c> our</c>

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of 20 are also supported them and our
 

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of 20 are also supported them and our
make<00:04:04.660><c> the</c><00:04:04.870><c> warning</c><00:04:05.200><c> here</c><00:04:05.410><c> is</c><00:04:05.560><c> really</c><00:04:05.829><c> the</c>

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make the warning here is really the
 

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make the warning here is really the
financial<00:04:06.280><c> institutions</c><00:04:06.850><c> have</c><00:04:07.690><c> a</c><00:04:07.720><c> way</c><00:04:07.959><c> to</c>

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financial institutions have a way to
 

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financial institutions have a way to
embrace<00:04:08.670><c> decentralization</c><00:04:09.670><c> of</c><00:04:10.630><c> the</c>

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embrace decentralization of the
 

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embrace decentralization of the
blockchain<00:04:11.670><c> specifically</c><00:04:12.989><c> so</c><00:04:13.989><c> somehow</c><00:04:14.560><c> needs</c>

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blockchain specifically so somehow needs
 

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blockchain specifically so somehow needs
user<00:04:15.250><c> uses</c><00:04:16.180><c> adoption</c><00:04:17.079><c> so</c><00:04:17.410><c> this</c><00:04:17.620><c> is</c><00:04:17.769><c> why</c><00:04:17.889><c> we</c>

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user uses adoption so this is why we
 

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user uses adoption so this is why we
have<00:04:18.340><c> been</c><00:04:18.579><c> working</c><00:04:19.239><c> with</c><00:04:19.599><c> different</c><00:04:19.780><c> work</c>

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have been working with different work
 

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have been working with different work
groups<00:04:20.260><c> so</c><00:04:21.099><c> nowadays</c><00:04:21.820><c> we</c><00:04:22.060><c> are</c><00:04:22.330><c> working</c><00:04:22.510><c> with</c><00:04:22.780><c> a</c>

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groups so nowadays we are working with a
 

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groups so nowadays we are working with a
tougher<00:04:23.080><c> economic</c><00:04:24.000><c> initiative</c><00:04:25.000><c> with</c><00:04:25.180><c> this</c>

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tougher economic initiative with this
 

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tougher economic initiative with this
part<00:04:25.990><c> of</c><00:04:26.169><c> the</c><00:04:26.289><c> a</c><00:04:26.580><c> mainly</c><00:04:27.580><c> reshape</c>

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part of the a mainly reshape
 

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part of the a mainly reshape
fine<00:04:29.360><c> tuning</c><00:04:29.720><c> or</c><00:04:29.900><c> stander</c><00:04:30.440><c> in</c><00:04:31.100><c> the</c><00:04:31.220><c> other</c><00:04:31.370><c> way</c>

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fine tuning or stander in the other way
 

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fine tuning or stander in the other way
we<00:04:31.880><c> are</c><00:04:32.090><c> part</c><00:04:32.509><c> of</c><00:04:32.720><c> the</c><00:04:32.870><c> ITU</c><00:04:33.320><c> which</c><00:04:34.280><c> has</c>

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we are part of the ITU which has
 

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we are part of the ITU which has
included<00:04:35.419><c> our</c><00:04:35.720><c> research</c><00:04:36.169><c> into</c><00:04:36.650><c> the</c><00:04:36.770><c> last</c>

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included our research into the last
 

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included our research into the last
procedure<00:04:38.330><c> thank</c><00:04:38.900><c> you</c><00:04:39.229><c> and</c><00:04:39.500><c> mr.</c><00:04:39.680><c> different</c>

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procedure thank you and mr. different
 

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procedure thank you and mr. different
workers<00:04:40.430><c> and</c><00:04:40.910><c> their</c><00:04:41.150><c> factory</c><00:04:42.080><c> England</c><00:04:42.470><c> who</c>

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workers and their factory England who
 

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workers and their factory England who
independent<00:04:43.970><c> validation</c><00:04:44.860><c> so</c><00:04:45.860><c> the</c><00:04:46.449><c> standard</c>

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independent validation so the standard
 

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independent validation so the standard
is<00:04:47.570><c> already</c><00:04:47.870><c> finished</c><00:04:48.680><c> it</c><00:04:49.009><c> can</c><00:04:49.190><c> be</c><00:04:49.310><c> used</c><00:04:49.550><c> by</c>

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is already finished it can be used by
 

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is already finished it can be used by
anybody<00:04:49.970><c> but</c><00:04:50.360><c> we</c><00:04:50.539><c> are</c><00:04:50.630><c> also</c><00:04:51.139><c> thinking</c><00:04:51.470><c> about</c>

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anybody but we are also thinking about
 

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anybody but we are also thinking about
some<00:04:52.400><c> other</c><00:04:52.430><c> functionalities</c><00:04:53.360><c> that</c><00:04:53.389><c> we</c><00:04:53.600><c> could</c>

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some other functionalities that we could
 

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some other functionalities that we could
have<00:04:54.020><c> in</c><00:04:54.169><c> the</c><00:04:54.259><c> future</c>

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have in the future
 

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have in the future
one<00:04:55.310><c> thing</c><00:04:55.580><c> would</c><00:04:55.820><c> be</c><00:04:56.030><c> overdrafts</c><00:04:56.570><c> because</c>

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one thing would be overdrafts because
 

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one thing would be overdrafts because
you<00:04:57.650><c> stint</c><00:04:57.919><c> of</c><00:04:58.100><c> the</c><00:04:58.970><c> tokens</c><00:04:59.389><c> and</c><00:04:59.990><c> other</c><00:05:00.199><c> thing</c>

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you stint of the tokens and other thing
 

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you stint of the tokens and other thing
will<00:05:00.650><c> be</c><00:05:00.800><c> the</c><00:05:00.919><c> s-cross</c><00:05:01.250><c> which</c><00:05:01.880><c> would</c><00:05:02.120><c> be</c><00:05:02.270><c> a</c>

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will be the s-cross which would be a
 

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will be the s-cross which would be a
more<00:05:02.509><c> complex</c><00:05:02.960><c> form</c><00:05:03.320><c> but</c><00:05:04.039><c> also</c><00:05:04.220><c> connecting</c>

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more complex form but also connecting
 

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more complex form but also connecting
existing<00:05:05.449><c> standards</c><00:05:05.870><c> one</c><00:05:06.289><c> of</c><00:05:06.410><c> our</c><00:05:06.560><c> close</c>

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existing standards one of our close
 

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existing standards one of our close
localizer<00:05:07.610><c> our</c><00:05:07.940><c> researches</c><00:05:09.910><c> we</c><00:05:10.910><c> have</c><00:05:11.120><c> built</c>

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localizer our researches we have built
 

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localizer our researches we have built
the<00:05:11.570><c> system</c><00:05:11.720><c> area</c><00:05:12.259><c> between</c><00:05:12.560><c> two</c><00:05:13.009><c> parties</c>

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the system area between two parties
 

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the system area between two parties
morality<00:05:14.870><c> the</c><00:05:15.550><c> company</c><00:05:16.550><c> also</c><00:05:16.729><c> basin</c><00:05:17.180><c> and</c>

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morality the company also basin and
 

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morality the company also basin and
Spain<00:05:17.930><c> focus</c><00:05:18.710><c> on</c><00:05:18.830><c> liquidity</c><00:05:18.979><c> markets</c>

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Spain focus on liquidity markets
 

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Spain focus on liquidity markets
I<00:05:19.970><c> have</c><00:05:20.509><c> others</c><00:05:20.870><c> which</c><00:05:21.199><c> we</c><00:05:21.440><c> are</c><00:05:21.800><c> based</c><00:05:22.669><c> on</c><00:05:22.910><c> and</c>

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I have others which we are based on and
 

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I have others which we are based on and
I<00:05:23.870><c> kind</c><00:05:24.199><c> of</c><00:05:24.320><c> product</c><00:05:24.889><c> and</c><00:05:25.009><c> the</c><00:05:25.099><c> first</c><00:05:25.310><c> venture</c>

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I kind of product and the first venture
 

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I kind of product and the first venture
reliable<00:05:26.180><c> which</c><00:05:26.509><c> is</c><00:05:26.630><c> a</c><00:05:26.660><c> bit</c><00:05:26.960><c> to</c><00:05:27.110><c> be</c><00:05:27.289><c> very</c><00:05:27.620><c> much</c>

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reliable which is a bit to be very much
 

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reliable which is a bit to be very much
platform<00:05:28.220><c> based</c><00:05:28.789><c> on</c><00:05:29.060><c> organized</c><00:05:29.690><c> euros</c><00:05:31.060><c> with</c>

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platform based on organized euros with
 

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platform based on organized euros with
the<00:05:32.180><c> ammonia</c><00:05:32.570><c> essence</c><00:05:33.020><c> and</c><00:05:33.740><c> when</c><00:05:33.919><c> you</c><00:05:34.010><c> can</c>

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the ammonia essence and when you can
 

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the ammonia essence and when you can
take<00:05:34.340><c> 10</c><00:05:34.789><c> award</c><00:05:35.180><c> of</c><00:05:35.419><c> my</c><00:05:35.750><c> stomach</c><00:05:36.139><c> and</c>

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[Applause]