WEBVTT Kind: captions Language: en 00:00:18.740 --> 00:00:20.750 align:start position:0% actually<00:00:19.740> a<00:00:19.770> theorem<00:00:20.039> for<00:00:20.160> dummies<00:00:20.369> wasn't<00:00:20.699> my 00:00:20.750 --> 00:00:20.760 align:start position:0% actually a theorem for dummies wasn't my 00:00:20.760 --> 00:00:25.210 align:start position:0% actually a theorem for dummies wasn't my original<00:00:20.880> title<00:00:21.539> the<00:00:22.020> original<00:00:22.380> titles<00:00:22.890> there 00:00:25.210 --> 00:00:25.220 align:start position:0% 00:00:25.220 --> 00:00:28.070 align:start position:0% so<00:00:26.359> while<00:00:27.359> I've<00:00:27.480> been<00:00:27.510> working<00:00:27.900> on<00:00:28.019> the 00:00:28.070 --> 00:00:28.080 align:start position:0% so while I've been working on the 00:00:28.080 --> 00:00:31.880 align:start position:0% so while I've been working on the project<00:00:29.449> my<00:00:30.449> appreciation<00:00:31.349> for<00:00:31.529> precisely 00:00:31.880 --> 00:00:31.890 align:start position:0% project my appreciation for precisely 00:00:31.890 --> 00:00:35.900 align:start position:0% project my appreciation for precisely what<00:00:32.189> it<00:00:32.309> is<00:00:32.460> has<00:00:32.820> changed<00:00:33.510> somewhat<00:00:34.910> evolved 00:00:35.900 --> 00:00:35.910 align:start position:0% what it is has changed somewhat evolved 00:00:35.910 --> 00:00:38.180 align:start position:0% what it is has changed somewhat evolved let's<00:00:36.090> say<00:00:36.590> at<00:00:37.590> the<00:00:37.680> beginning 00:00:38.180 --> 00:00:38.190 align:start position:0% let's say at the beginning 00:00:38.190 --> 00:00:41.990 align:start position:0% let's say at the beginning etherium<00:00:39.180> was<00:00:39.420> always<00:00:40.020> kind<00:00:40.290> of<00:00:40.379> sold<00:00:41.309> as<00:00:41.579> this 00:00:41.990 --> 00:00:42.000 align:start position:0% etherium was always kind of sold as this 00:00:42.000 --> 00:00:44.540 align:start position:0% etherium was always kind of sold as this notion<00:00:42.450> as<00:00:42.780> Bitcoin<00:00:43.290> thing<00:00:43.590> but<00:00:43.890> Bitcoin<00:00:44.309> with 00:00:44.540 --> 00:00:44.550 align:start position:0% notion as Bitcoin thing but Bitcoin with 00:00:44.550 --> 00:00:48.200 align:start position:0% notion as Bitcoin thing but Bitcoin with maybe<00:00:44.789> some<00:00:45.710> features<00:00:46.710> removed<00:00:47.010> or<00:00:47.489> some<00:00:47.910> sort 00:00:48.200 --> 00:00:48.210 align:start position:0% maybe some features removed or some sort 00:00:48.210 --> 00:00:50.479 align:start position:0% maybe some features removed or some sort of<00:00:48.270> added<00:00:48.750> extra<00:00:48.930> thing<00:00:49.500> of<00:00:49.680> having<00:00:49.890> a<00:00:50.309> a 00:00:50.479 --> 00:00:50.489 align:start position:0% of added extra thing of having a a 00:00:50.489 --> 00:00:53.750 align:start position:0% of added extra thing of having a a virtual<00:00:51.239> machine<00:00:51.629> or<00:00:52.219> extended<00:00:53.219> scripting 00:00:53.750 --> 00:00:53.760 align:start position:0% virtual machine or extended scripting 00:00:53.760 --> 00:00:56.330 align:start position:0% virtual machine or extended scripting language<00:00:54.090> let's<00:00:54.329> say<00:00:54.949> and<00:00:55.949> that<00:00:56.100> didn't 00:00:56.330 --> 00:00:56.340 align:start position:0% language let's say and that didn't 00:00:56.340 --> 00:00:59.360 align:start position:0% language let's say and that didn't really<00:00:56.579> it<00:00:57.390> was<00:00:57.539> a<00:00:57.570> cool<00:00:57.930> idea<00:00:58.350> but<00:00:59.070> it<00:00:59.160> wasn't 00:00:59.360 --> 00:00:59.370 align:start position:0% really it was a cool idea but it wasn't 00:00:59.370 --> 00:01:01.790 align:start position:0% really it was a cool idea but it wasn't really<00:00:59.670> really<00:01:00.300> get<00:01:00.449> to<00:01:00.570> the<00:01:01.109> heart<00:01:01.379> of<00:01:01.590> what 00:01:01.790 --> 00:01:01.800 align:start position:0% really really get to the heart of what 00:01:01.800 --> 00:01:05.060 align:start position:0% really really get to the heart of what it<00:01:01.949> was<00:01:02.100> that<00:01:02.129> we<00:01:02.370> were<00:01:02.489> making<00:01:02.989> and<00:01:03.989> you<00:01:04.920> know 00:01:05.060 --> 00:01:05.070 align:start position:0% it was that we were making and you know 00:01:05.070 --> 00:01:06.350 align:start position:0% it was that we were making and you know that<00:01:05.250> the<00:01:05.400> idea<00:01:05.519> of<00:01:05.760> what<00:01:05.909> a<00:01:05.939> theorem<00:01:06.240> was 00:01:06.350 --> 00:01:06.360 align:start position:0% that the idea of what a theorem was 00:01:06.360 --> 00:01:08.210 align:start position:0% that the idea of what a theorem was going<00:01:06.510> to<00:01:06.600> do<00:01:06.750> was<00:01:07.049> was<00:01:07.290> quite<00:01:07.560> limited<00:01:07.890> in 00:01:08.210 --> 00:01:08.220 align:start position:0% going to do was was quite limited in 00:01:08.220 --> 00:01:09.710 align:start position:0% going to do was was quite limited in scope<00:01:08.490> it<00:01:08.700> was<00:01:08.820> essentially<00:01:09.270> going<00:01:09.390> to<00:01:09.479> be<00:01:09.570> an 00:01:09.710 --> 00:01:09.720 align:start position:0% scope it was essentially going to be an 00:01:09.720 --> 00:01:11.240 align:start position:0% scope it was essentially going to be an abstraction<00:01:10.140> platform<00:01:10.680> for<00:01:10.890> mass<00:01:11.070> of<00:01:11.189> the 00:01:11.240 --> 00:01:11.250 align:start position:0% abstraction platform for mass of the 00:01:11.250 --> 00:01:12.920 align:start position:0% abstraction platform for mass of the coin<00:01:11.400> style<00:01:11.729> financial<00:01:12.330> contracts<00:01:12.810> on<00:01:12.900> a 00:01:12.920 --> 00:01:12.930 align:start position:0% coin style financial contracts on a 00:01:12.930 --> 00:01:18.020 align:start position:0% coin style financial contracts on a blockchain<00:01:14.509> as<00:01:15.509> time<00:01:15.810> went<00:01:15.990> on<00:01:16.790> especially<00:01:17.790> I 00:01:18.020 --> 00:01:18.030 align:start position:0% blockchain as time went on especially I 00:01:18.030 --> 00:01:21.950 align:start position:0% blockchain as time went on especially I remember<00:01:18.630> in<00:01:18.750> January<00:01:19.470> 2014<00:01:20.750> when<00:01:21.750> we<00:01:21.810> all 00:01:21.950 --> 00:01:21.960 align:start position:0% remember in January 2014 when we all 00:01:21.960 --> 00:01:24.020 align:start position:0% remember in January 2014 when we all gathered<00:01:22.290> in<00:01:22.350> Miami<00:01:22.680> and<00:01:22.920> I<00:01:23.310> was<00:01:23.340> kind<00:01:23.640> of<00:01:23.700> I'd 00:01:24.020 --> 00:01:24.030 align:start position:0% gathered in Miami and I was kind of I'd 00:01:24.030 --> 00:01:26.780 align:start position:0% gathered in Miami and I was kind of I'd had<00:01:24.210> very<00:01:24.479> little<00:01:24.750> sleep<00:01:24.869> that<00:01:25.140> week<00:01:25.460> and<00:01:26.460> I 00:01:26.780 --> 00:01:26.790 align:start position:0% had very little sleep that week and I 00:01:26.790 --> 00:01:29.929 align:start position:0% had very little sleep that week and I was<00:01:26.939> thinking<00:01:27.290> what<00:01:28.290> is<00:01:28.920> there<00:01:29.549> some<00:01:29.759> better 00:01:29.929 --> 00:01:29.939 align:start position:0% was thinking what is there some better 00:01:29.939 --> 00:01:31.700 align:start position:0% was thinking what is there some better way<00:01:30.150> of<00:01:30.329> thinking<00:01:30.780> about<00:01:30.840> this<00:01:31.140> other<00:01:31.439> than 00:01:31.700 --> 00:01:31.710 align:start position:0% way of thinking about this other than 00:01:31.710 --> 00:01:33.710 align:start position:0% way of thinking about this other than you<00:01:31.979> know<00:01:32.100> Bitcoin<00:01:32.610> but<00:01:32.909> with<00:01:33.030> some<00:01:33.299> sort<00:01:33.659> of 00:01:33.710 --> 00:01:33.720 align:start position:0% you know Bitcoin but with some sort of 00:01:33.720 --> 00:01:35.569 align:start position:0% you know Bitcoin but with some sort of additional<00:01:34.229> richness<00:01:34.950> in<00:01:35.100> the<00:01:35.189> scripting 00:01:35.569 --> 00:01:35.579 align:start position:0% additional richness in the scripting 00:01:35.579 --> 00:01:38.510 align:start position:0% additional richness in the scripting language<00:01:36.290> my<00:01:37.290> mind<00:01:37.470> got<00:01:37.590> to<00:01:37.710> crypto<00:01:38.040> finance 00:01:38.510 --> 00:01:38.520 align:start position:0% language my mind got to crypto finance 00:01:38.520 --> 00:01:40.880 align:start position:0% language my mind got to crypto finance and<00:01:39.270> I<00:01:39.329> was<00:01:39.450> thinking<00:01:39.689> well<00:01:39.780> if<00:01:39.890> Bitcoin 00:01:40.880 --> 00:01:40.890 align:start position:0% and I was thinking well if Bitcoin 00:01:40.890 --> 00:01:43.639 align:start position:0% and I was thinking well if Bitcoin scripted<00:01:41.220> finance<00:01:41.579> was<00:01:41.759> aetherium<00:01:42.240> and<00:01:42.649> this 00:01:43.639 --> 00:01:43.649 align:start position:0% scripted finance was aetherium and this 00:01:43.649 --> 00:01:45.230 align:start position:0% scripted finance was aetherium and this is<00:01:43.799> where<00:01:43.950> the<00:01:44.100> notion<00:01:44.460> of<00:01:44.520> crypto<00:01:44.790> law<00:01:44.970> came 00:01:45.230 --> 00:01:45.240 align:start position:0% is where the notion of crypto law came 00:01:45.240 --> 00:01:46.609 align:start position:0% is where the notion of crypto law came from<00:01:45.390> it's<00:01:45.570> actually<00:01:45.869> well<00:01:46.170> actually<00:01:46.200> it's 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talk is about a later 00:02:03.899 --> 00:02:07.160 align:start position:0% basically this talk is about a later sort<00:02:04.710> of<00:02:04.770> realization<00:02:05.640> as<00:02:05.759> it<00:02:05.880> were<00:02:06.000> of<00:02:06.180> of 00:02:07.160 --> 00:02:07.170 align:start position:0% sort of realization as it were of of 00:02:07.170 --> 00:02:10.429 align:start position:0% sort of realization as it were of of what<00:02:07.469> aetherium<00:02:08.039> is 00:02:10.429 --> 00:02:10.439 align:start position:0% 00:02:10.439 --> 00:02:14.759 align:start position:0% so<00:02:11.760> we<00:02:12.760> can<00:02:12.939> answer<00:02:13.120> the<00:02:14.049> how<00:02:14.230> that<00:02:14.500> was<00:02:14.739> the 00:02:14.759 --> 00:02:14.769 align:start position:0% so we can answer the how that was the 00:02:14.769 --> 00:02:16.619 align:start position:0% so we can answer the how that was the first<00:02:15.099> thing<00:02:15.280> we<00:02:15.340> answered<00:02:15.760> that<00:02:16.060> was<00:02:16.209> quite 00:02:16.619 --> 00:02:16.629 align:start position:0% first thing we answered that was quite 00:02:16.629 --> 00:02:18.690 align:start position:0% first thing we answered that was quite quite<00:02:17.379> reasonably<00:02:17.859> presented<00:02:18.400> in<00:02:18.579> the 00:02:18.690 --> 00:02:18.700 align:start position:0% quite reasonably presented in the 00:02:18.700 --> 00:02:23.449 align:start position:0% quite reasonably presented in the italics<00:02:19.030> white<00:02:19.299> paper<00:02:20.250> back<00:02:21.250> in<00:02:21.430> November<00:02:22.239> and 00:02:23.449 --> 00:02:23.459 align:start position:0% italics white paper back in November and 00:02:23.459 --> 00:02:26.130 align:start position:0% italics white paper back in November and we've<00:02:24.459> got<00:02:24.640> a<00:02:24.670> pretty<00:02:25.000> good<00:02:25.120> idea<00:02:25.269> of<00:02:25.480> why<00:02:25.719> that 00:02:26.130 --> 00:02:26.140 align:start position:0% we've got a pretty good idea of why that 00:02:26.140 --> 00:02:28.039 align:start position:0% we've got a pretty good idea of why that kind<00:02:26.379> of<00:02:26.439> stems<00:02:26.680> from<00:02:26.920> the<00:02:27.099> Bitcoin<00:02:27.819> space 00:02:28.039 --> 00:02:28.049 align:start position:0% kind of stems from the Bitcoin space 00:02:28.049 --> 00:02:30.330 align:start position:0% kind of stems from the Bitcoin space decentralization<00:02:29.049> why<00:02:29.500> you<00:02:29.889> know<00:02:29.980> why<00:02:30.129> it's<00:02:30.280> a 00:02:30.330 --> 00:02:30.340 align:start position:0% decentralization why you know why it's a 00:02:30.340 --> 00:02:32.819 align:start position:0% decentralization why you know why it's a good<00:02:30.489> thing<00:02:30.670> but<00:02:31.150> the<00:02:31.750> what<00:02:32.079> like<00:02:32.620> what 00:02:32.819 --> 00:02:32.829 align:start position:0% good thing but the what like what 00:02:32.829 --> 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it<00:02:39.609> but<00:02:39.790> they<00:02:39.909> don't<00:02:40.030> don't 00:02:40.470 --> 00:02:40.480 align:start position:0% know they want it but they don't don't 00:02:40.480 --> 00:02:44.849 align:start position:0% know they want it but they don't don't really<00:02:40.629> know<00:02:40.750> what<00:02:41.019> it<00:02:41.230> is<00:02:41.439> so<00:02:43.439> for<00:02:44.439> this<00:02:44.530> talk 00:02:44.849 --> 00:02:44.859 align:start position:0% really know what it is so for this talk 00:02:44.859 --> 00:02:47.099 align:start position:0% really know what it is so for this talk I'm<00:02:45.220> going<00:02:45.700> to<00:02:45.790> try<00:02:45.970> and<00:02:46.090> avoid<00:02:46.150> using<00:02:46.870> much<00:02:47.079> of 00:02:47.099 --> 00:02:47.109 align:start position:0% I'm going to try and avoid using much of 00:02:47.109 --> 00:02:49.199 align:start position:0% I'm going to try and avoid using much of the<00:02:47.319> language<00:02:47.709> that<00:02:47.739> we<00:02:47.919> see<00:02:48.189> in<00:02:48.430> this<00:02:48.700> English 00:02:49.199 --> 00:02:49.209 align:start position:0% the language that we see in this English 00:02:49.209 --> 00:02:51.240 align:start position:0% the language that we see in this English conference<00:02:49.689> so<00:02:49.840> far<00:02:49.870> so<00:02:50.799> I'm<00:02:50.889> going<00:02:51.040> to<00:02:51.069> try 00:02:51.240 --> 00:02:51.250 align:start position:0% conference so far so I'm going to try 00:02:51.250 --> 00:02:52.740 align:start position:0% conference so far so I'm going to try and<00:02:51.370> avoid<00:02:51.430> using<00:02:52.030> these<00:02:52.269> technical<00:02:52.689> terms 00:02:52.740 --> 00:02:52.750 align:start position:0% and avoid using these technical terms 00:02:52.750 --> 00:02:54.149 align:start position:0% and avoid using these technical terms because<00:02:53.109> these<00:02:53.230> technical<00:02:53.590> terms<00:02:53.650> help<00:02:54.040> us 00:02:54.149 --> 00:02:54.159 align:start position:0% because these technical terms help us 00:02:54.159 --> 00:02:56.280 align:start position:0% because these technical terms help us describe<00:02:54.459> and<00:02:54.849> how<00:02:55.359> it<00:02:55.510> works<00:02:55.719> but<00:02:55.930> they<00:02:56.109> don't 00:02:56.280 --> 00:02:56.290 align:start position:0% describe and how it works but they don't 00:02:56.290 --> 00:03:00.240 align:start position:0% describe and how it works but they don't really<00:02:56.530> help<00:02:56.739> us<00:02:56.950> describe<00:02:57.159> what<00:02:57.489> it<00:02:57.639> is<00:02:59.250> so 00:03:00.240 --> 00:03:00.250 align:start position:0% really help us describe what it is so 00:03:00.250 --> 00:03:04.020 align:start position:0% really help us describe what it is so what<00:03:00.400> is<00:03:00.579> it<00:03:01.650> well<00:03:02.650> for<00:03:03.129> a<00:03:03.189> long<00:03:03.340> period<00:03:03.819> we 00:03:04.020 --> 00:03:04.030 align:start position:0% what is it well for a long period we 00:03:04.030 --> 00:03:06.869 align:start position:0% what is it well for a long period we just<00:03:04.269> didn't<00:03:04.540> know<00:03:05.310> this<00:03:06.310> has<00:03:06.459> probably<00:03:06.700> lost 00:03:06.869 --> 00:03:06.879 align:start position:0% just didn't know this has probably lost 00:03:06.879 --> 00:03:09.000 align:start position:0% just didn't know this has probably lost on<00:03:07.150> most<00:03:07.299> you<00:03:07.450> votes<00:03:07.659> from<00:03:07.810> a<00:03:07.930> very<00:03:08.859> good 00:03:09.000 --> 00:03:09.010 align:start position:0% on most you votes from a very good 00:03:09.010 --> 00:03:10.559 align:start position:0% on most you votes from a very good comedy<00:03:09.340> called<00:03:09.459> look<00:03:09.639> around<00:03:09.939> you<00:03:10.150> if<00:03:10.329> you<00:03:10.480> get 00:03:10.559 --> 00:03:10.569 align:start position:0% comedy called look around you if you get 00:03:10.569 --> 00:03:12.770 align:start position:0% comedy called look around you if you get the<00:03:10.689> opportunity<00:03:10.840> to<00:03:11.169> see<00:03:11.409> it<00:03:11.530> please<00:03:12.310> do 00:03:12.770 --> 00:03:12.780 align:start position:0% the opportunity to see it please do 00:03:12.780 --> 00:03:15.180 align:start position:0% the opportunity to see it please do well<00:03:13.780> actually<00:03:13.930> aetherium<00:03:14.470> is<00:03:14.650> a<00:03:14.709> computer 00:03:15.180 --> 00:03:15.190 align:start position:0% well actually aetherium is a computer 00:03:15.190 --> 00:03:16.409 align:start position:0% well actually aetherium is a computer it's<00:03:15.489> computer<00:03:15.819> a<00:03:15.849> bit<00:03:15.879> like<00:03:16.060> this<00:03:16.180> one<00:03:16.329> this 00:03:16.409 --> 00:03:16.419 align:start position:0% it's computer a bit like this one this 00:03:16.419 --> 00:03:19.890 align:start position:0% it's computer a bit like this one this is<00:03:16.479> this<00:03:17.319> is<00:03:17.500> a<00:03:17.530> computer<00:03:17.979> this<00:03:18.280> is<00:03:18.489> I<00:03:19.269> think<00:03:19.810> it 00:03:19.890 --> 00:03:19.900 align:start position:0% is this is a computer this is I think it 00:03:19.900 --> 00:03:22.469 align:start position:0% is this is a computer this is I think it was<00:03:20.019> around<00:03:20.199> the<00:03:20.349> early<00:03:20.979> 50s<00:03:21.489> and<00:03:21.760> this<00:03:22.359> is 00:03:22.469 --> 00:03:22.479 align:start position:0% was around the early 50s and this is 00:03:22.479 --> 00:03:24.719 align:start position:0% was around the early 50s and this is what<00:03:22.599> they<00:03:22.690> thought<00:03:22.959> a<00:03:23.260> home<00:03:24.040> computer<00:03:24.310> would 00:03:24.719 --> 00:03:24.729 align:start position:0% what they thought a home computer would 00:03:24.729 --> 00:03:29.369 align:start position:0% what they thought a home computer would look<00:03:24.909> like<00:03:25.090> by<00:03:25.780> 2004<00:03:27.239> this<00:03:28.239> one<00:03:28.510> runs<00:03:28.750> Fortran 00:03:29.369 --> 00:03:29.379 align:start position:0% look like by 2004 this one runs Fortran 00:03:29.379 --> 00:03:36.360 align:start position:0% look like by 2004 this one runs Fortran so<00:03:29.620> it's<00:03:29.769> easy<00:03:30.010> to<00:03:30.250> use<00:03:30.579> a<00:03:35.250> theorem<00:03:36.250> is<00:03:36.340> a 00:03:36.360 --> 00:03:36.370 align:start position:0% so it's easy to use a theorem is a 00:03:36.370 --> 00:03:39.780 align:start position:0% so it's easy to use a theorem is a computer<00:03:36.819> it's<00:03:38.159> it's<00:03:39.159> not<00:03:39.340> a<00:03:39.370> very<00:03:39.579> good 00:03:39.780 --> 00:03:39.790 align:start position:0% computer it's it's not a very good 00:03:39.790 --> 00:03:43.140 align:start position:0% computer it's it's not a very good computer<00:03:40.150> it's<00:03:40.780> really<00:03:41.259> slow<00:03:41.939> it's<00:03:42.939> also 00:03:43.140 --> 00:03:43.150 align:start position:0% computer it's really slow it's also 00:03:43.150 --> 00:03:45.539 align:start position:0% computer it's really slow it's also really<00:03:43.599> really<00:03:44.109> expensive<00:03:44.409> as<00:03:45.009> most<00:03:45.250> of<00:03:45.400> you 00:03:45.539 --> 00:03:45.549 align:start position:0% really really expensive as most of you 00:03:45.549 --> 00:03:47.670 align:start position:0% really really expensive as most of you probably<00:03:45.790> know<00:03:46.359> by<00:03:46.689> now<00:03:46.720> that<00:03:47.169> at<00:03:47.349> least<00:03:47.470> no 00:03:47.670 --> 00:03:47.680 align:start position:0% probably know by now that at least no 00:03:47.680 --> 00:03:50.849 align:start position:0% probably know by now that at least no one<00:03:47.709> has<00:03:47.889> been<00:03:48.009> developing<00:03:48.430> on<00:03:48.549> it<00:03:49.109> and<00:03:50.109> it's 00:03:50.849 --> 00:03:50.859 align:start position:0% one has been developing on it and it's 00:03:50.859 --> 00:03:52.499 align:start position:0% one has been developing on it and it's got<00:03:50.979> this<00:03:51.129> odd<00:03:51.280> property<00:03:51.729> of<00:03:51.879> not<00:03:52.120> always 00:03:52.499 --> 00:03:52.509 align:start position:0% got this odd property of not always 00:03:52.509 --> 00:03:54.659 align:start position:0% got this odd property of not always being<00:03:52.840> exactly<00:03:53.439> decisive<00:03:54.129> about<00:03:54.340> what<00:03:54.519> has 00:03:54.659 --> 00:03:54.669 align:start position:0% being exactly decisive about what has 00:03:54.669 --> 00:03:58.409 align:start position:0% being exactly decisive about what has happened<00:03:54.699> in<00:03:55.239> terms<00:03:55.299> of<00:03:55.599> its<00:03:55.750> i/o<00:03:57.419> although 00:03:58.409 --> 00:03:58.419 align:start position:0% happened in terms of its i/o although 00:03:58.419 --> 00:04:00.240 align:start position:0% happened in terms of its i/o although you<00:03:58.810> know<00:03:58.930> after<00:03:59.319> a<00:03:59.349> minute<00:03:59.709> it<00:03:59.829> generally 00:04:00.240 --> 00:04:00.250 align:start position:0% you know after a minute it generally 00:04:00.250 --> 00:04:01.830 align:start position:0% you know after a minute it generally gets<00:04:00.400> a<00:04:00.519> bit<00:04:00.639> more<00:04:00.759> a<00:04:00.939> bit<00:04:01.000> more<00:04:01.269> certain<00:04:01.780> about 00:04:01.830 --> 00:04:01.840 align:start position:0% gets a bit more a bit more certain about 00:04:01.840 --> 00:04:04.409 align:start position:0% gets a bit more a bit more certain about things<00:04:02.199> but<00:04:03.009> it<00:04:03.099> does<00:04:03.250> take<00:04:03.489> that<00:04:03.669> extra<00:04:04.150> time 00:04:04.409 --> 00:04:04.419 align:start position:0% things but it does take that extra time 00:04:04.419 --> 00:04:07.800 align:start position:0% things but it does take that extra time so<00:04:05.409> so<00:04:05.650> far<00:04:05.949> it's<00:04:06.220> it's<00:04:06.699> not<00:04:07.060> seeming<00:04:07.629> like 00:04:07.800 --> 00:04:07.810 align:start position:0% so so far it's it's not seeming like 00:04:07.810 --> 00:04:10.979 align:start position:0% so so far it's it's not seeming like such<00:04:08.409> a<00:04:08.439> good<00:04:09.009> invention<00:04:09.629> it<00:04:10.629> seems<00:04:10.840> like 00:04:10.979 --> 00:04:10.989 align:start position:0% such a good invention it seems like 00:04:10.989 --> 00:04:14.520 align:start position:0% such a good invention it seems like we're<00:04:11.109> going<00:04:11.199> backwards<00:04:11.500> a<00:04:11.829> little<00:04:11.859> bit<00:04:13.530> but 00:04:14.520 --> 00:04:14.530 align:start position:0% we're going backwards a little bit but 00:04:14.530 --> 00:04:16.080 align:start position:0% we're going backwards a little bit but actually<00:04:14.979> it's<00:04:15.250> got<00:04:15.459> some<00:04:15.699> really 00:04:16.080 --> 00:04:16.090 align:start position:0% actually it's got some really 00:04:16.090 --> 00:04:21.149 align:start position:0% actually it's got some really interesting<00:04:16.389> properties<00:04:17.400> and<00:04:20.070> what<00:04:21.070> I'm 00:04:21.149 --> 00:04:21.159 align:start position:0% interesting properties and what I'm 00:04:21.159 --> 00:04:22.800 align:start position:0% interesting properties and what I'm going<00:04:21.310> to<00:04:21.340> try<00:04:21.549> and<00:04:21.729> show<00:04:22.120> you<00:04:22.180> is<00:04:22.450> what<00:04:22.659> these 00:04:22.800 --> 00:04:22.810 align:start position:0% going to try and show you is what these 00:04:22.810 --> 00:04:24.060 align:start position:0% going to try and show you is what these properties<00:04:23.229> are<00:04:23.260> when<00:04:23.710> we<00:04:23.830> think 00:04:24.060 --> 00:04:24.070 align:start position:0% properties are when we think 00:04:24.070 --> 00:04:28.020 align:start position:0% properties are when we think about<00:04:24.280> etherium<00:04:24.790> as<00:04:24.910> just<00:04:25.390> a<00:04:25.480> computer<00:04:26.700> so<00:04:27.700> the 00:04:28.020 --> 00:04:28.030 align:start position:0% about etherium as just a computer so the 00:04:28.030 --> 00:04:29.670 align:start position:0% about etherium as just a computer so the first<00:04:28.240> thing<00:04:28.510> to<00:04:28.690> notice<00:04:29.020> is<00:04:29.320> that<00:04:29.350> it's<00:04:29.620> a 00:04:29.670 --> 00:04:29.680 align:start position:0% first thing to notice is that it's a 00:04:29.680 --> 00:04:30.990 align:start position:0% first thing to notice is that it's a global<00:04:29.800> singleton<00:04:30.400> and<00:04:30.580> it's<00:04:30.760> one<00:04:30.970> of 00:04:30.990 --> 00:04:31.000 align:start position:0% global singleton and it's one of 00:04:31.000 --> 00:04:33.930 align:start position:0% global singleton and it's one of possibly<00:04:31.960> the<00:04:32.050> first<00:04:32.590> global<00:04:33.490> singleton 00:04:33.930 --> 00:04:33.940 align:start position:0% possibly the first global singleton 00:04:33.940 --> 00:04:36.690 align:start position:0% possibly the first global singleton computer<00:04:34.390> that's<00:04:35.040> fundamentally<00:04:36.040> not 00:04:36.690 --> 00:04:36.700 align:start position:0% computer that's fundamentally not 00:04:36.700 --> 00:04:39.360 align:start position:0% computer that's fundamentally not localized<00:04:37.420> right<00:04:37.990> it's<00:04:38.320> it's<00:04:38.560> all<00:04:39.010> other 00:04:39.360 --> 00:04:39.370 align:start position:0% localized right it's it's all other 00:04:39.370 --> 00:04:41.730 align:start position:0% localized right it's it's all other computers<00:04:39.910> are<00:04:40.480> generally<00:04:40.870> either<00:04:40.900> physical 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there's<00:04:55.240> only<00:04:55.330> one<00:04:55.570> of<00:04:55.720> them<00:04:55.870> and 00:04:56.010 --> 00:04:56.020 align:start position:0% world yet there's only one of them and 00:04:56.020 --> 00:05:00.120 align:start position:0% world yet there's only one of them and that's<00:04:56.620> a<00:04:56.770> bit<00:04:56.890> of<00:04:56.980> an<00:04:57.070> odd<00:04:57.160> notion<00:04:59.040> it's<00:05:00.040> a 00:05:00.120 --> 00:05:00.130 align:start position:0% that's a bit of an odd notion it's a 00:05:00.130 --> 00:05:01.740 align:start position:0% that's a bit of an odd notion it's a computer<00:05:00.610> that<00:05:00.760> in<00:05:00.970> general<00:05:01.270> you<00:05:01.570> know 00:05:01.740 --> 00:05:01.750 align:start position:0% computer that in general you know 00:05:01.750 --> 00:05:03.660 align:start position:0% computer that in general you know there's<00:05:01.990> no<00:05:02.110> reset<00:05:02.530> button<00:05:02.560> there's<00:05:03.220> no<00:05:03.400> power 00:05:03.660 --> 00:05:03.670 align:start position:0% there's no reset button there's no power 00:05:03.670 --> 00:05:06.330 align:start position:0% there's no reset button there's no power button<00:05:04.120> you<00:05:04.270> can't<00:05:04.450> turn<00:05:04.720> it<00:05:04.780> off<00:05:05.050> and<00:05:05.680> that 00:05:06.330 --> 00:05:06.340 align:start position:0% button you can't turn it off and that 00:05:06.340 --> 00:05:08.580 align:start position:0% button you can't turn it off and that again<00:05:06.700> is<00:05:06.760> a<00:05:07.000> bit<00:05:07.210> of<00:05:07.300> an<00:05:07.390> odd<00:05:07.480> sort<00:05:07.840> of<00:05:08.020> an<00:05:08.410> odd 00:05:08.580 --> 00:05:08.590 align:start position:0% again is a bit of an odd sort of an odd 00:05:08.590 --> 00:05:12.780 align:start position:0% again is a bit of an odd sort of an odd sort<00:05:08.740> of<00:05:08.920> thing<00:05:09.070> to<00:05:09.990> to<00:05:10.990> think<00:05:11.440> about<00:05:11.650> is<00:05:12.610> my 00:05:12.780 --> 00:05:12.790 align:start position:0% sort of thing to to think about is my 00:05:12.790 --> 00:05:18.480 align:start position:0% sort of thing to to think about is my mic<00:05:13.000> still<00:05:13.240> working<00:05:13.570> yeah<00:05:15.090> and<00:05:17.250> secondly<00:05:18.250> it 00:05:18.480 --> 00:05:18.490 align:start position:0% mic still working yeah and secondly it 00:05:18.490 --> 00:05:20.490 align:start position:0% mic still working yeah and secondly it yeah<00:05:18.700> thirdly<00:05:19.030> it's<00:05:19.420> ubiquitous<00:05:19.720> which<00:05:20.290> is 00:05:20.490 --> 00:05:20.500 align:start position:0% yeah thirdly it's ubiquitous which is 00:05:20.500 --> 00:05:22.320 align:start position:0% yeah thirdly it's ubiquitous which is all<00:05:20.620> you<00:05:20.860> know<00:05:20.980> wherever's<00:05:21.700> the<00:05:21.910> internet 00:05:22.320 --> 00:05:22.330 align:start position:0% all you know wherever's the internet 00:05:22.330 --> 00:05:24.090 align:start position:0% all you know wherever's the internet everyone<00:05:22.750> everyone<00:05:23.500> who<00:05:23.590> can<00:05:23.710> use<00:05:23.920> the 00:05:24.090 --> 00:05:24.100 align:start position:0% everyone everyone who can use the 00:05:24.100 --> 00:05:26.730 align:start position:0% everyone everyone who can use the Internet<00:05:24.460> actually<00:05:24.790> has<00:05:24.970> free<00:05:25.810> access<00:05:25.840> you 00:05:26.730 --> 00:05:26.740 align:start position:0% Internet actually has free access you 00:05:26.740 --> 00:05:29.730 align:start position:0% Internet actually has free access you know<00:05:26.860> fair<00:05:27.490> access<00:05:28.150> to<00:05:28.660> this<00:05:28.840> resource<00:05:29.470> to 00:05:29.730 --> 00:05:29.740 align:start position:0% know fair access to this resource to 00:05:29.740 --> 00:05:33.000 align:start position:0% know fair access to this resource to this<00:05:29.860> single<00:05:30.270> to<00:05:31.270> the<00:05:31.300> single<00:05:31.690> computer<00:05:32.010> and 00:05:33.000 --> 00:05:33.010 align:start position:0% this single to the single computer and 00:05:33.010 --> 00:05:35.400 align:start position:0% this single to the single computer and there's<00:05:33.430> more<00:05:34.050> there<00:05:35.050> aren't<00:05:35.290> that<00:05:35.350> many 00:05:35.400 --> 00:05:35.410 align:start position:0% there's more there aren't that many 00:05:35.410 --> 00:05:38.040 align:start position:0% there's more there aren't that many computers<00:05:36.160> which<00:05:37.000> in<00:05:37.180> terms<00:05:37.450> of<00:05:37.660> the<00:05:37.780> sort<00:05:37.990> of 00:05:38.040 --> 00:05:38.050 align:start position:0% computers which in terms of the sort of 00:05:38.050 --> 00:05:40.620 align:start position:0% computers which in terms of the sort of hardware<00:05:38.530> are<00:05:38.830> actually<00:05:39.640> multi-user 00:05:40.620 --> 00:05:40.630 align:start position:0% hardware are actually multi-user 00:05:40.630 --> 00:05:43.640 align:start position:0% hardware are actually multi-user they're<00:05:40.960> fundamentally<00:05:41.800> multi-user<00:05:42.370> yeah<00:05:43.240> so 00:05:43.640 --> 00:05:43.650 align:start position:0% they're fundamentally multi-user yeah so 00:05:43.650 --> 00:05:46.620 align:start position:0% they're fundamentally multi-user yeah so every<00:05:44.650> time<00:05:45.010> someone<00:05:45.430> uses<00:05:45.730> the<00:05:46.090> etherium 00:05:46.620 --> 00:05:46.630 align:start position:0% every time someone uses the etherium 00:05:46.630 --> 00:05:49.620 align:start position:0% every time someone uses the etherium computer<00:05:47.170> they're<00:05:47.770> logged<00:05:48.010> in<00:05:48.220> and<00:05:48.540> there<00:05:49.540> are 00:05:49.620 --> 00:05:49.630 align:start position:0% computer they're logged in and there are 00:05:49.630 --> 00:05:53.400 align:start position:0% computer they're logged in and there are as<00:05:49.780> many<00:05:49.960> user<00:05:50.260> account<00:05:50.680> as<00:05:51.160> we<00:05:52.060> need<00:05:52.410> very 00:05:53.400 --> 00:05:53.410 align:start position:0% as many user account as we need very 00:05:53.410 --> 00:05:57.450 align:start position:0% as many user account as we need very kind<00:05:53.860> of<00:05:53.920> odd<00:05:54.040> notion<00:05:54.780> as<00:05:55.780> a<00:05:56.680> computer<00:05:57.310> is 00:05:57.450 --> 00:05:57.460 align:start position:0% kind of odd notion as a computer is 00:05:57.460 --> 00:05:59.610 align:start position:0% kind of odd notion as a computer is natively<00:05:57.910> object<00:05:58.330> oriented<00:05:58.780> object 00:05:59.610 --> 00:05:59.620 align:start position:0% natively object oriented object 00:05:59.620 --> 00:06:02.550 align:start position:0% natively object oriented object orientation<00:06:00.160> is<00:06:00.490> built<00:06:00.850> into<00:06:01.230> the<00:06:02.230> computer 00:06:02.550 --> 00:06:02.560 align:start position:0% orientation is built into the computer 00:06:02.560 --> 00:06:05.010 align:start position:0% orientation is built into the computer itself<00:06:03.150> encapsulation<00:06:04.150> is<00:06:04.270> built<00:06:04.480> in<00:06:04.630> code 00:06:05.010 --> 00:06:05.020 align:start position:0% itself encapsulation is built in code 00:06:05.020 --> 00:06:07.440 align:start position:0% itself encapsulation is built in code has<00:06:05.380> data<00:06:05.710> and<00:06:06.070> the<00:06:06.220> to<00:06:06.430> own<00:06:06.670> deck<00:06:06.940> strictly 00:06:07.440 --> 00:06:07.450 align:start position:0% has data and the to own deck strictly 00:06:07.450 --> 00:06:09.540 align:start position:0% has data and the to own deck strictly linked<00:06:07.870> and<00:06:08.050> yet<00:06:08.740> there's<00:06:08.950> encapsulation 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accessible<00:06:17.740> this<00:06:18.070> one<00:06:18.340> we<00:06:18.730> can<00:06:18.910> we<00:06:19.180> can 00:06:19.350 --> 00:06:19.360 align:start position:0% accessible this one we can we can 00:06:19.360 --> 00:06:21.510 align:start position:0% accessible this one we can we can interact<00:06:19.840> with<00:06:19.930> it<00:06:20.140> just<00:06:20.350> using<00:06:20.710> fairly 00:06:21.510 --> 00:06:21.520 align:start position:0% interact with it just using fairly 00:06:21.520 --> 00:06:25.190 align:start position:0% interact with it just using fairly simple<00:06:22.000> web<00:06:22.270> primitives<00:06:22.840> JavaScript<00:06:23.560> and 00:06:25.190 --> 00:06:25.200 align:start position:0% simple web primitives JavaScript and 00:06:25.200 --> 00:06:29.250 align:start position:0% simple web primitives JavaScript and it's<00:06:26.200> inherently<00:06:26.950> auditable<00:06:28.020> verifiable<00:06:29.020> and 00:06:29.250 --> 00:06:29.260 align:start position:0% it's inherently auditable verifiable and 00:06:29.260 --> 00:06:31.650 align:start position:0% it's inherently auditable verifiable and auditable<00:06:29.770> and<00:06:30.150> there<00:06:31.150> are<00:06:31.240> not<00:06:31.300> that<00:06:31.360> many 00:06:31.650 --> 00:06:31.660 align:start position:0% auditable and there are not that many 00:06:31.660 --> 00:06:33.029 align:start position:0% auditable and there are not that many computers<00:06:32.200> which<00:06:32.380> we<00:06:32.530> can 00:06:33.029 --> 00:06:33.039 align:start position:0% computers which we can 00:06:33.039 --> 00:06:35.850 align:start position:0% computers which we can replay<00:06:33.669> everything<00:06:34.599> of<00:06:34.900> the<00:06:35.020> past<00:06:35.289> and<00:06:35.589> always 00:06:35.850 --> 00:06:35.860 align:start position:0% replay everything of the past and always 00:06:35.860 --> 00:06:38.100 align:start position:0% replay everything of the past and always be<00:06:36.249> absolutely<00:06:36.939> certain<00:06:37.479> of<00:06:37.569> getting<00:06:37.930> the 00:06:38.100 --> 00:06:38.110 align:start position:0% be absolutely certain of getting the 00:06:38.110 --> 00:06:42.719 align:start position:0% be absolutely certain of getting the same<00:06:38.409> result<00:06:39.339> so<00:06:40.710> there's<00:06:41.710> my<00:06:41.949> rather<00:06:42.399> dodgy 00:06:42.719 --> 00:06:42.729 align:start position:0% same result so there's my rather dodgy 00:06:42.729 --> 00:06:45.029 align:start position:0% same result so there's my rather dodgy artist's<00:06:43.330> impression<00:06:43.449> of<00:06:43.839> the<00:06:44.559> ethereal 00:06:45.029 --> 00:06:45.039 align:start position:0% artist's impression of the ethereal 00:06:45.039 --> 00:06:52.559 align:start position:0% artist's impression of the ethereal computer<00:06:50.580> there's<00:06:51.580> the<00:06:51.729> world<00:06:51.909> because 00:06:52.559 --> 00:06:52.569 align:start position:0% computer there's the world because 00:06:52.569 --> 00:06:54.450 align:start position:0% computer there's the world because actually<00:06:52.960> it's<00:06:53.080> a<00:06:53.229> it's<00:06:53.499> a<00:06:53.589> global<00:06:54.009> singleton 00:06:54.450 --> 00:06:54.460 align:start position:0% actually it's a it's a global singleton 00:06:54.460 --> 00:06:57.269 align:start position:0% actually it's a it's a global singleton as<00:06:54.789> the<00:06:54.909> globe<00:06:55.149> and<00:06:55.619> all<00:06:56.619> these<00:06:56.800> boxes<00:06:57.039> are 00:06:57.269 --> 00:06:57.279 align:start position:0% as the globe and all these boxes are 00:06:57.279 --> 00:06:59.040 align:start position:0% as the globe and all these boxes are accounts<00:06:57.849> they're<00:06:58.149> they're<00:06:58.300> they're<00:06:58.479> objects 00:06:59.040 --> 00:06:59.050 align:start position:0% accounts they're they're they're objects 00:06:59.050 --> 00:07:02.639 align:start position:0% accounts they're they're they're objects right<00:06:59.409> on<00:07:00.300> the<00:07:01.300> side<00:07:01.509> there<00:07:01.869> they're<00:07:02.499> the 00:07:02.639 --> 00:07:02.649 align:start position:0% right on the side there they're the 00:07:02.649 --> 00:07:04.290 align:start position:0% right on the side there they're the external<00:07:03.219> accounts<00:07:03.639> they're<00:07:03.849> the<00:07:03.969> ones<00:07:04.149> that 00:07:04.290 --> 00:07:04.300 align:start position:0% external accounts they're the ones that 00:07:04.300 --> 00:07:06.540 align:start position:0% external accounts they're the ones that the<00:07:04.719> objects<00:07:05.169> from<00:07:05.319> which<00:07:05.559> messages<00:07:06.159> get 00:07:06.540 --> 00:07:06.550 align:start position:0% the objects from which messages get 00:07:06.550 --> 00:07:09.749 align:start position:0% the objects from which messages get injected<00:07:07.360> in<00:07:07.719> from<00:07:07.960> the<00:07:08.080> outside<00:07:08.199> and<00:07:08.770> in<00:07:09.520> the 00:07:09.749 --> 00:07:09.759 align:start position:0% injected in from the outside and in the 00:07:09.759 --> 00:07:11.969 align:start position:0% injected in from the outside and in the middle<00:07:10.059> there<00:07:10.270> these<00:07:10.749> are<00:07:10.809> all<00:07:11.020> the<00:07:11.229> objects 00:07:11.969 --> 00:07:11.979 align:start position:0% middle there these are all the objects 00:07:11.979 --> 00:07:13.040 align:start position:0% middle there these are all the objects that<00:07:12.039> are<00:07:12.249> executing<00:07:12.819> in<00:07:12.909> this 00:07:13.040 --> 00:07:13.050 align:start position:0% that are executing in this 00:07:13.050 --> 00:07:14.939 align:start position:0% that are executing in this object-oriented<00:07:14.050> execution<00:07:14.499> environment<00:07:14.830> or 00:07:14.939 --> 00:07:14.949 align:start position:0% object-oriented execution environment or 00:07:14.949 --> 00:07:18.719 align:start position:0% object-oriented execution environment or the<00:07:15.069> etherium<00:07:15.699> world<00:07:16.330> computer<00:07:17.490> once<00:07:18.490> you're 00:07:18.719 --> 00:07:18.729 align:start position:0% the etherium world computer once you're 00:07:18.729 --> 00:07:20.760 align:start position:0% the etherium world computer once you're in<00:07:18.879> there<00:07:19.180> you<00:07:19.389> can't<00:07:19.659> get<00:07:19.779> out<00:07:19.960> so<00:07:20.499> the<00:07:20.620> only 00:07:20.760 --> 00:07:20.770 align:start position:0% in there you can't get out so the only 00:07:20.770 --> 00:07:23.489 align:start position:0% in there you can't get out so the only way<00:07:20.949> of<00:07:21.069> getting<00:07:21.099> stuff<00:07:21.550> in<00:07:21.669> is<00:07:22.110> by<00:07:23.110> these 00:07:23.489 --> 00:07:23.499 align:start position:0% way of getting stuff in is by these 00:07:23.499 --> 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executing<00:07:34.809> within<00:07:35.080> this<00:07:35.369> computer<00:07:36.369> I<00:07:38.249> mean<00:07:39.249> we 00:07:39.329 --> 00:07:39.339 align:start position:0% executing within this computer I mean we 00:07:39.339 --> 00:07:40.649 align:start position:0% executing within this computer I mean we get<00:07:39.459> some<00:07:39.669> really<00:07:39.879> nice<00:07:40.059> guarantees<00:07:40.509> got 00:07:40.649 --> 00:07:40.659 align:start position:0% get some really nice guarantees got 00:07:40.659 --> 00:07:44.129 align:start position:0% get some really nice guarantees got atomicity<00:07:41.319> right<00:07:42.149> so<00:07:43.149> atomicity<00:07:43.599> for<00:07:44.050> those 00:07:44.129 --> 00:07:44.139 align:start position:0% atomicity right so atomicity for those 00:07:44.139 --> 00:07:46.469 align:start position:0% atomicity right so atomicity for those who<00:07:44.289> do<00:07:44.409> database<00:07:44.889> programming<00:07:45.370> or<00:07:45.639> those<00:07:46.360> who 00:07:46.469 --> 00:07:46.479 align:start position:0% who do database programming or those who 00:07:46.479 --> 00:07:47.639 align:start position:0% who do database programming or those who don't<00:07:46.689> do<00:07:46.870> theydo<00:07:47.080> based<00:07:47.229> programming<00:07:47.559> I 00:07:47.639 --> 00:07:47.649 align:start position:0% don't do theydo based programming I 00:07:47.649 --> 00:07:49.829 align:start position:0% don't do theydo based programming I guess<00:07:47.800> our<00:07:48.309> that<00:07:48.819> basically<00:07:49.330> we<00:07:49.449> don't<00:07:49.599> have 00:07:49.829 --> 00:07:49.839 align:start position:0% guess our that basically we don't have 00:07:49.839 --> 00:07:51.389 align:start position:0% guess our that basically we don't have to<00:07:49.990> think<00:07:50.169> about<00:07:50.349> whether<00:07:50.709> a<00:07:50.979> transaction 00:07:51.389 --> 00:07:51.399 align:start position:0% to think about whether a transaction 00:07:51.399 --> 00:07:53.249 align:start position:0% to think about whether a transaction fails<00:07:51.909> halfway<00:07:52.330> through<00:07:52.599> either<00:07:52.870> the<00:07:53.080> whole 00:07:53.249 --> 00:07:53.259 align:start position:0% fails halfway through either the whole 00:07:53.259 --> 00:07:55.320 align:start position:0% fails halfway through either the whole thing<00:07:53.469> executes<00:07:53.949> as<00:07:54.099> expected<00:07:54.729> or<00:07:55.029> it<00:07:55.120> doesn't 00:07:55.320 --> 00:07:55.330 align:start position:0% thing executes as expected or it doesn't 00:07:55.330 --> 00:07:58.189 align:start position:0% thing executes as expected or it doesn't right<00:07:56.110> we<00:07:56.529> don't<00:07:56.709> have<00:07:56.800> to<00:07:56.889> bother<00:07:57.039> sort<00:07:57.370> of 00:07:58.189 --> 00:07:58.199 align:start position:0% right we don't have to bother sort of 00:07:58.199 --> 00:08:01.290 align:start position:0% right we don't have to bother sort of setting<00:07:59.199> a<00:07:59.529> particular<00:08:00.009> sort<00:08:00.430> of<00:08:00.490> safeguards 00:08:01.290 --> 00:08:01.300 align:start position:0% setting a particular sort of safeguards 00:08:01.300 --> 00:08:04.439 align:start position:0% setting a particular sort of safeguards in<00:08:02.259> order<00:08:02.439> to<00:08:02.559> rollback<00:08:02.889> things<00:08:03.430> we<00:08:04.300> get 00:08:04.439 --> 00:08:04.449 align:start position:0% in order to rollback things we get 00:08:04.449 --> 00:08:06.749 align:start position:0% in order to rollback things we get synchronous<00:08:05.110> operation<00:08:05.409> so<00:08:05.979> objects<00:08:06.639> are 00:08:06.749 --> 00:08:06.759 align:start position:0% synchronous operation so objects are 00:08:06.759 --> 00:08:08.429 align:start position:0% synchronous operation so objects are guaranteed<00:08:07.209> not<00:08:07.240> to<00:08:07.509> interfere<00:08:07.930> with<00:08:08.319> each 00:08:08.429 --> 00:08:08.439 align:start position:0% guaranteed not to interfere with each 00:08:08.439 --> 00:08:09.629 align:start position:0% guaranteed not to interfere with each other<00:08:08.589> we<00:08:08.709> don't<00:08:08.800> need<00:08:08.919> to<00:08:09.069> think<00:08:09.279> about<00:08:09.490> the 00:08:09.629 --> 00:08:09.639 align:start position:0% other we don't need to think about the 00:08:09.639 --> 00:08:11.790 align:start position:0% other we don't need to think about the threading<00:08:10.059> or<00:08:10.240> processes<00:08:10.990> or<00:08:11.199> shared<00:08:11.499> memory 00:08:11.790 --> 00:08:11.800 align:start position:0% threading or processes or shared memory 00:08:11.800 --> 00:08:14.549 align:start position:0% threading or processes or shared memory any<00:08:11.949> of<00:08:12.099> that<00:08:12.219> nonsense<00:08:13.319> but<00:08:14.319> most 00:08:14.549 --> 00:08:14.559 align:start position:0% any of that nonsense but most 00:08:14.559 --> 00:08:16.409 align:start position:0% any of that nonsense but most importantly<00:08:15.129> we<00:08:15.309> get<00:08:15.430> provenance<00:08:15.999> so<00:08:16.149> this<00:08:16.269> is 00:08:16.409 --> 00:08:16.419 align:start position:0% importantly we get provenance so this is 00:08:16.419 --> 00:08:20.579 align:start position:0% importantly we get provenance so this is a<00:08:16.449> very<00:08:16.899> odd<00:08:17.669> notion<00:08:18.669> right<00:08:19.059> all<00:08:19.930> of<00:08:19.990> the 00:08:20.579 --> 00:08:20.589 align:start position:0% a very odd notion right all of the 00:08:20.589 --> 00:08:24.689 align:start position:0% a very odd notion right all of the messages<00:08:21.249> in<00:08:21.490> our<00:08:21.969> computer<00:08:22.919> have<00:08:23.919> some 00:08:24.689 --> 00:08:24.699 align:start position:0% messages in our computer have some 00:08:24.699 --> 00:08:27.719 align:start position:0% messages in our computer have some origin<00:08:25.269> we<00:08:25.809> can<00:08:26.019> check<00:08:26.499> to<00:08:26.529> see<00:08:26.800> who<00:08:27.219> sent<00:08:27.550> the 00:08:27.719 --> 00:08:27.729 align:start position:0% origin we can check to see who sent the 00:08:27.729 --> 00:08:30.689 align:start position:0% origin we can check to see who sent the message<00:08:27.759> to<00:08:28.059> us<00:08:28.830> and<00:08:29.830> we<00:08:29.949> can't<00:08:30.159> normally<00:08:30.309> do 00:08:30.689 --> 00:08:30.699 align:start position:0% message to us and we can't normally do 00:08:30.699 --> 00:08:32.550 align:start position:0% message to us and we can't normally do that<00:08:30.969> right<00:08:31.419> there<00:08:31.779> are<00:08:31.870> not<00:08:31.990> many<00:08:32.110> object 00:08:32.550 --> 00:08:32.560 align:start position:0% that right there are not many object 00:08:32.560 --> 00:08:34.559 align:start position:0% that right there are not many object oriented<00:08:32.949> execution<00:08:33.909> environments<00:08:34.360> where<00:08:34.479> we 00:08:34.559 --> 00:08:34.569 align:start position:0% oriented execution environments where we 00:08:34.569 --> 00:08:36.629 align:start position:0% oriented execution environments where we can<00:08:34.719> do<00:08:34.899> that<00:08:35.079> and<00:08:35.889> so<00:08:36.039> if<00:08:36.159> you<00:08:36.250> know<00:08:36.459> of 00:08:36.629 --> 00:08:36.639 align:start position:0% can do that and so if you know of 00:08:36.639 --> 00:08:38.250 align:start position:0% can do that and so if you know of another<00:08:37.029> object<00:08:37.329> oriented<00:08:37.779> execution 00:08:38.250 --> 00:08:38.260 align:start position:0% another object oriented execution 00:08:38.260 --> 00:08:40.759 align:start position:0% another object oriented execution environment<00:08:38.680> where<00:08:38.769> you<00:08:38.860> can<00:08:39.010> check<00:08:39.449> always 00:08:40.759 --> 00:08:40.769 align:start position:0% environment where you can check always 00:08:40.769 --> 00:08:45.860 align:start position:0% environment where you can check always which<00:08:41.789> object<00:08:42.789> sent<00:08:43.300> you<00:08:43.539> the<00:08:43.839> message<00:08:44.050> anyone 00:08:45.860 --> 00:08:45.870 align:start position:0% which object sent you the message anyone 00:08:45.870 --> 00:08:50.780 align:start position:0% which object sent you the message anyone nope<00:08:46.880> it's<00:08:47.880> the<00:08:47.970> first<00:08:48.240> I<00:08:48.420> guess<00:08:49.730> and<00:08:50.730> that 00:08:50.780 --> 00:08:50.790 align:start position:0% nope it's the first I guess and that 00:08:50.790 --> 00:08:54.460 align:start position:0% nope it's the first I guess and that that<00:08:51.270> allows<00:08:51.630> us<00:08:51.930> to<00:08:52.170> build<00:08:52.350> certain<00:08:53.280> security 00:08:54.460 --> 00:08:54.470 align:start position:0% that allows us to build certain security 00:08:54.470 --> 00:08:58.430 align:start position:0% that allows us to build certain security constraints<00:08:55.470> into<00:08:55.890> the<00:08:56.100> operation<00:08:56.670> of<00:08:57.440> our 00:08:58.430 --> 00:08:58.440 align:start position:0% constraints into the operation of our 00:08:58.440 --> 00:09:02.480 align:start position:0% constraints into the operation of our code<00:08:59.720> furthermore<00:09:00.720> there's<00:09:01.230> permanence<00:09:01.800> an 00:09:02.480 --> 00:09:02.490 align:start position:0% code furthermore there's permanence an 00:09:02.490 --> 00:09:05.060 align:start position:0% code furthermore there's permanence an object's<00:09:02.820> data<00:09:03.090> is<00:09:03.620> permanent<00:09:04.620> is<00:09:04.710> they<00:09:04.830> did 00:09:05.060 --> 00:09:05.070 align:start position:0% object's data is permanent is they did 00:09:05.070 --> 00:09:08.600 align:start position:0% object's data is permanent is they did it<00:09:05.340> lasts<00:09:06.000> it<00:09:06.300> it<00:09:06.780> cannot<00:09:07.380> it<00:09:08.070> doesn't<00:09:08.340> change 00:09:08.600 --> 00:09:08.610 align:start position:0% it lasts it it cannot it doesn't change 00:09:08.610 --> 00:09:10.970 align:start position:0% it lasts it it cannot it doesn't change when<00:09:08.910> when<00:09:09.180> the<00:09:09.300> computer<00:09:09.840> sort<00:09:10.050> of<00:09:10.140> goes<00:09:10.710> off 00:09:10.970 --> 00:09:10.980 align:start position:0% when when the computer sort of goes off 00:09:10.980 --> 00:09:14.090 align:start position:0% when when the computer sort of goes off alright<00:09:11.820> there<00:09:12.120> is<00:09:12.240> no<00:09:12.420> off<00:09:12.690> for<00:09:13.140> this<00:09:13.260> and<00:09:13.530> the 00:09:14.090 --> 00:09:14.100 align:start position:0% alright there is no off for this and the 00:09:14.100 --> 00:09:16.340 align:start position:0% alright there is no off for this and the objects<00:09:14.640> oddly<00:09:14.790> enough<00:09:15.000> are<00:09:15.270> immortal<00:09:15.840> so 00:09:16.340 --> 00:09:16.350 align:start position:0% objects oddly enough are immortal so 00:09:16.350 --> 00:09:17.840 align:start position:0% objects oddly enough are immortal so there's<00:09:16.530> no<00:09:16.680> notion<00:09:16.950> if<00:09:17.250> the<00:09:17.370> object<00:09:17.700> doesn't 00:09:17.840 --> 00:09:17.850 align:start position:0% there's no notion if the object doesn't 00:09:17.850 --> 00:09:20.240 align:start position:0% there's no notion if the object doesn't delete<00:09:18.210> itself<00:09:18.660> there's<00:09:19.380> no<00:09:19.620> notion<00:09:19.890> that<00:09:20.130> the 00:09:20.240 --> 00:09:20.250 align:start position:0% delete itself there's no notion that the 00:09:20.250 --> 00:09:21.560 align:start position:0% delete itself there's no notion that the object<00:09:20.580> is<00:09:20.700> ever<00:09:20.820> going<00:09:20.970> to<00:09:21.030> die<00:09:21.210> there's<00:09:21.480> no 00:09:21.560 --> 00:09:21.570 align:start position:0% object is ever going to die there's no 00:09:21.570 --> 00:09:23.210 align:start position:0% object is ever going to die there's no system<00:09:22.080> admin<00:09:22.410> who<00:09:22.500> can<00:09:22.680> come<00:09:22.860> along<00:09:23.070> and 00:09:23.210 --> 00:09:23.220 align:start position:0% system admin who can come along and 00:09:23.220 --> 00:09:25.220 align:start position:0% system admin who can come along and actually<00:09:23.490> sort<00:09:23.640> of<00:09:23.670> delete<00:09:24.060> the<00:09:24.270> object<00:09:24.660> they 00:09:25.220 --> 00:09:25.230 align:start position:0% actually sort of delete the object they 00:09:25.230 --> 00:09:27.740 align:start position:0% actually sort of delete the object they can't<00:09:25.470> log<00:09:25.740> in<00:09:25.920> as<00:09:26.130> as<00:09:26.430> root<00:09:26.790> and<00:09:27.000> just<00:09:27.090> RM 00:09:27.740 --> 00:09:27.750 align:start position:0% can't log in as as root and just RM 00:09:27.750 --> 00:09:31.700 align:start position:0% can't log in as as root and just RM doesn't<00:09:28.620> work<00:09:28.800> and<00:09:29.720> if<00:09:30.720> the<00:09:30.870> object<00:09:31.350> doesn't 00:09:31.700 --> 00:09:31.710 align:start position:0% doesn't work and if the object doesn't 00:09:31.710 --> 00:09:34.160 align:start position:0% doesn't work and if the object doesn't have<00:09:31.860> code<00:09:32.370> that<00:09:32.610> actually<00:09:32.930> commits<00:09:33.930> suicide 00:09:34.160 --> 00:09:34.170 align:start position:0% have code that actually commits suicide 00:09:34.170 --> 00:09:36.650 align:start position:0% have code that actually commits suicide then<00:09:35.040> no<00:09:35.340> other<00:09:35.490> object<00:09:35.940> can<00:09:36.060> force<00:09:36.300> it<00:09:36.480> ever 00:09:36.650 --> 00:09:36.660 align:start position:0% then no other object can force it ever 00:09:36.660 --> 00:09:42.880 align:start position:0% then no other object can force it ever to<00:09:36.930> die<00:09:37.410> it's<00:09:38.070> very<00:09:38.790> very<00:09:39.540> strange<00:09:39.900> notion<00:09:41.060> and 00:09:42.880 --> 00:09:42.890 align:start position:0% to die it's very very strange notion and 00:09:42.890 --> 00:09:47.300 align:start position:0% to die it's very very strange notion and finally<00:09:45.020> the<00:09:46.020> code<00:09:46.350> that<00:09:46.710> executes<00:09:47.010> is 00:09:47.300 --> 00:09:47.310 align:start position:0% finally the code that executes is 00:09:47.310 --> 00:09:49.340 align:start position:0% finally the code that executes is immutable<00:09:47.610> cannot<00:09:48.420> be<00:09:48.510> changed<00:09:48.870> this<00:09:49.050> wasn't 00:09:49.340 --> 00:09:49.350 align:start position:0% immutable cannot be changed this wasn't 00:09:49.350 --> 00:09:50.450 align:start position:0% immutable cannot be changed this wasn't the<00:09:49.410> case<00:09:49.530> in<00:09:49.710> some<00:09:49.890> of<00:09:49.950> the<00:09:50.010> earlier<00:09:50.310> versions 00:09:50.450 --> 00:09:50.460 align:start position:0% the case in some of the earlier versions 00:09:50.460 --> 00:09:53.060 align:start position:0% the case in some of the earlier versions of<00:09:50.730> etherium<00:09:51.210> but<00:09:51.510> in<00:09:51.630> the<00:09:51.890> version<00:09:52.890> that<00:09:52.980> we 00:09:53.060 --> 00:09:53.070 align:start position:0% of etherium but in the version that we 00:09:53.070 --> 00:09:55.940 align:start position:0% of etherium but in the version that we have<00:09:53.220> now<00:09:53.430> the<00:09:53.790> code<00:09:54.030> is<00:09:54.270> immutable<00:09:54.890> so<00:09:55.890> you 00:09:55.940 --> 00:09:55.950 align:start position:0% have now the code is immutable so you 00:09:55.950 --> 00:09:57.770 align:start position:0% have now the code is immutable so you can<00:09:56.220> be<00:09:56.310> absolutely<00:09:56.490> certain<00:09:56.970> that<00:09:57.390> if<00:09:57.600> this 00:09:57.770 --> 00:09:57.780 align:start position:0% can be absolutely certain that if this 00:09:57.780 --> 00:10:00.620 align:start position:0% can be absolutely certain that if this object's<00:09:58.260> code<00:09:58.440> is<00:09:58.680> is<00:09:59.280> X<00:09:59.610> it<00:09:59.910> isn't<00:10:00.450> going<00:10:00.570> to 00:10:00.620 --> 00:10:00.630 align:start position:0% object's code is is X it isn't going to 00:10:00.630 --> 00:10:07.910 align:start position:0% object's code is is X it isn't going to be<00:10:00.690> Y<00:10:00.960> down<00:10:01.230> the<00:10:01.380> line<00:10:05.240> so<00:10:06.240> why<00:10:07.110> what's<00:10:07.800> the 00:10:07.910 --> 00:10:07.920 align:start position:0% be Y down the line so why what's the 00:10:07.920 --> 00:10:09.590 align:start position:0% be Y down the line so why what's the point<00:10:08.130> of<00:10:08.340> having<00:10:08.430> these<00:10:08.730> particular 00:10:09.590 --> 00:10:09.600 align:start position:0% point of having these particular 00:10:09.600 --> 00:10:12.650 align:start position:0% point of having these particular attributes<00:10:10.320> what<00:10:10.740> does<00:10:10.890> it<00:10:11.010> give<00:10:11.160> us<00:10:11.660> I'm 00:10:12.650 --> 00:10:12.660 align:start position:0% attributes what does it give us I'm 00:10:12.660 --> 00:10:13.940 align:start position:0% attributes what does it give us I'm going<00:10:12.780> to<00:10:12.870> list<00:10:13.170> a<00:10:13.320> few<00:10:13.350> things<00:10:13.710> a<00:10:13.920> few 00:10:13.940 --> 00:10:13.950 align:start position:0% going to list a few things a few 00:10:13.950 --> 00:10:17.270 align:start position:0% going to list a few things a few thoughts<00:10:14.340> on<00:10:14.760> this<00:10:15.110> and<00:10:16.110> the<00:10:16.260> first<00:10:16.500> is<00:10:16.710> while 00:10:17.270 --> 00:10:17.280 align:start position:0% thoughts on this and the first is while 00:10:17.280 --> 00:10:19.400 align:start position:0% thoughts on this and the first is while aetherium<00:10:17.640> is<00:10:17.910> a<00:10:18.210> commons<00:10:18.750> for<00:10:18.900> innovation 00:10:19.400 --> 00:10:19.410 align:start position:0% aetherium is a commons for innovation 00:10:19.410 --> 00:10:22.220 align:start position:0% aetherium is a commons for innovation right<00:10:19.890> it's<00:10:20.610> a<00:10:20.910> place<00:10:21.510> where<00:10:21.810> we<00:10:21.870> can<00:10:22.110> all 00:10:22.220 --> 00:10:22.230 align:start position:0% right it's a place where we can all 00:10:22.230 --> 00:10:26.300 align:start position:0% right it's a place where we can all upload<00:10:22.770> code<00:10:23.870> upload<00:10:24.870> ideas<00:10:25.350> in<00:10:25.620> terms<00:10:25.950> of 00:10:26.300 --> 00:10:26.310 align:start position:0% upload code upload ideas in terms of 00:10:26.310 --> 00:10:30.710 align:start position:0% upload code upload ideas in terms of human<00:10:26.970> interaction<00:10:27.600> and<00:10:27.780> have<00:10:28.560> it<00:10:28.710> just<00:10:29.720> work 00:10:30.710 --> 00:10:30.720 align:start position:0% human interaction and have it just work 00:10:30.720 --> 00:10:33.350 align:start position:0% human interaction and have it just work with<00:10:31.290> other<00:10:31.560> things<00:10:31.850> transparently<00:10:32.850> we<00:10:33.180> don't 00:10:33.350 --> 00:10:33.360 align:start position:0% with other things transparently we don't 00:10:33.360 --> 00:10:36.230 align:start position:0% with other things transparently we don't need<00:10:33.600> to<00:10:33.900> think<00:10:34.140> about<00:10:34.440> you<00:10:34.920> know<00:10:35.040> the<00:10:36.000> worst 00:10:36.230 --> 00:10:36.240 align:start position:0% need to think about you know the worst 00:10:36.240 --> 00:10:38.750 align:start position:0% need to think about you know the worst signing<00:10:36.990> partnership<00:10:37.950> contracts<00:10:38.490> with<00:10:38.610> other 00:10:38.750 --> 00:10:38.760 align:start position:0% signing partnership contracts with other 00:10:38.760 --> 00:10:40.490 align:start position:0% signing partnership contracts with other businesses<00:10:39.300> in<00:10:39.510> the<00:10:39.720> same<00:10:39.900> way<00:10:40.050> that<00:10:40.170> uber 00:10:40.490 --> 00:10:40.500 align:start position:0% businesses in the same way that uber 00:10:40.500 --> 00:10:41.810 align:start position:0% businesses in the same way that uber would<00:10:40.620> have<00:10:40.800> to<00:10:40.980> do<00:10:41.130> if<00:10:41.280> it<00:10:41.400> wanted<00:10:41.700> to 00:10:41.810 --> 00:10:41.820 align:start position:0% would have to do if it wanted to 00:10:41.820 --> 00:10:43.430 align:start position:0% would have to do if it wanted to integrate<00:10:42.030> its<00:10:42.390> services<00:10:42.810> with<00:10:43.020> let's<00:10:43.230> say 00:10:43.430 --> 00:10:43.440 align:start position:0% integrate its services with let's say 00:10:43.440 --> 00:10:45.470 align:start position:0% integrate its services with let's say air<00:10:43.470> B&B<00:10:43.830> we<00:10:44.640> don't<00:10:44.820> need<00:10:44.880> to<00:10:45.000> consider<00:10:45.390> that 00:10:45.470 --> 00:10:45.480 align:start position:0% air B&B we don't need to consider that 00:10:45.480 --> 00:10:47.360 align:start position:0% air B&B we don't need to consider that because<00:10:45.720> if<00:10:46.080> we<00:10:46.110> have<00:10:46.320> a<00:10:46.350> decentralized<00:10:46.740> uber 00:10:47.360 --> 00:10:47.370 align:start position:0% because if we have a decentralized uber 00:10:47.370 --> 00:10:49.460 align:start position:0% because if we have a decentralized uber operating<00:10:47.910> on<00:10:48.000> aetherium<00:10:48.300> and<00:10:48.630> the<00:10:49.020> same<00:10:49.230> for 00:10:49.460 --> 00:10:49.470 align:start position:0% operating on aetherium and the same for 00:10:49.470 --> 00:10:51.350 align:start position:0% operating on aetherium and the same for a<00:10:49.500> sort<00:10:49.740> of<00:10:49.770> version<00:10:50.040> of<00:10:50.280> air<00:10:50.400> B&B<00:10:50.580> then<00:10:50.940> they 00:10:51.350 --> 00:10:51.360 align:start position:0% a sort of version of air B&B then they 00:10:51.360 --> 00:10:54.170 align:start position:0% a sort of version of air B&B then they can<00:10:51.540> operate<00:10:51.990> with<00:10:52.140> each<00:10:52.260> other<00:10:52.470> if<00:10:52.970> if<00:10:53.970> they 00:10:54.170 --> 00:10:54.180 align:start position:0% can operate with each other if if they 00:10:54.180 --> 00:10:55.400 align:start position:0% can operate with each other if if they want<00:10:54.390> to<00:10:54.480> and<00:10:54.720> they<00:10:54.810> don't<00:10:54.960> have<00:10:55.050> to<00:10:55.140> ask<00:10:55.260> for 00:10:55.400 --> 00:10:55.410 align:start position:0% want to and they don't have to ask for 00:10:55.410 --> 00:10:58.610 align:start position:0% want to and they don't have to ask for permission<00:10:55.530> of<00:10:55.980> the<00:10:56.100> other 00:10:58.610 --> 00:10:58.620 align:start position:0% 00:10:58.620 --> 00:11:01.130 align:start position:0% compared<00:10:59.250> to<00:10:59.310> servers<00:10:59.760> this<00:11:00.000> is<00:11:00.210> this 00:11:01.130 --> 00:11:01.140 align:start position:0% compared to servers this is this 00:11:01.140 --> 00:11:03.280 align:start position:0% compared to servers this is this unleashes<00:11:01.710> massive<00:11:02.370> amounts<00:11:02.700> of<00:11:02.790> potential 00:11:03.280 --> 00:11:03.290 align:start position:0% unleashes massive amounts of potential 00:11:03.290 --> 00:11:09.710 align:start position:0% unleashes massive amounts of potential innovation<00:11:04.290> for<00:11:04.500> business<00:11:08.180> servers<00:11:09.180> provide 00:11:09.710 --> 00:11:09.720 align:start position:0% innovation for business servers provide 00:11:09.720 --> 00:11:13.490 align:start position:0% innovation for business servers provide barriers<00:11:10.590> servers<00:11:11.280> are<00:11:11.400> cumbersome<00:11:11.850> and<00:11:12.500> yeah 00:11:13.490 --> 00:11:13.500 align:start position:0% barriers servers are cumbersome and yeah 00:11:13.500 --> 00:11:15.530 align:start position:0% barriers servers are cumbersome and yeah they<00:11:13.710> make<00:11:13.860> interoperability<00:11:14.520> difficult<00:11:15.330> and 00:11:15.530 --> 00:11:15.540 align:start position:0% they make interoperability difficult and 00:11:15.540 --> 00:11:17.720 align:start position:0% they make interoperability difficult and these<00:11:16.020> barriers<00:11:16.560> basically<00:11:17.040> make<00:11:17.160> monopolies 00:11:17.720 --> 00:11:17.730 align:start position:0% these barriers basically make monopolies 00:11:17.730 --> 00:11:19.340 align:start position:0% these barriers basically make monopolies and<00:11:17.760> monopolies<00:11:18.360> are<00:11:18.480> generally<00:11:18.900> bad<00:11:19.050> for 00:11:19.340 --> 00:11:19.350 align:start position:0% and monopolies are generally bad for 00:11:19.350 --> 00:11:23.540 align:start position:0% and monopolies are generally bad for innovation<00:11:19.860> and<00:11:22.040> of<00:11:23.040> course<00:11:23.280> we<00:11:23.430> have 00:11:23.540 --> 00:11:23.550 align:start position:0% innovation and of course we have 00:11:23.550 --> 00:11:25.400 align:start position:0% innovation and of course we have interesting<00:11:24.020> repercussions<00:11:25.020> for<00:11:25.170> privacy 00:11:25.400 --> 00:11:25.410 align:start position:0% interesting repercussions for privacy 00:11:25.410 --> 00:11:27.410 align:start position:0% interesting repercussions for privacy now<00:11:25.620> of<00:11:25.830> course<00:11:26.130> the<00:11:26.310> open<00:11:26.640> chain<00:11:26.880> doesn't 00:11:27.410 --> 00:11:27.420 align:start position:0% now of course the open chain doesn't 00:11:27.420 --> 00:11:29.780 align:start position:0% now of course the open chain doesn't really<00:11:27.780> get<00:11:28.710> you<00:11:28.830> much<00:11:29.040> in<00:11:29.220> terms<00:11:29.370> of<00:11:29.520> privacy 00:11:29.780 --> 00:11:29.790 align:start position:0% really get you much in terms of privacy 00:11:29.790 --> 00:11:31.760 align:start position:0% really get you much in terms of privacy quite<00:11:30.060> the<00:11:30.180> opposite<00:11:30.510> but<00:11:30.690> what<00:11:31.380> it<00:11:31.470> does<00:11:31.650> is 00:11:31.760 --> 00:11:31.770 align:start position:0% quite the opposite but what it does is 00:11:31.770 --> 00:11:33.620 align:start position:0% quite the opposite but what it does is it<00:11:31.860> makes<00:11:32.010> you<00:11:32.160> think<00:11:32.430> it<00:11:33.060> makes<00:11:33.300> you<00:11:33.420> think 00:11:33.620 --> 00:11:33.630 align:start position:0% it makes you think it makes you think 00:11:33.630 --> 00:11:34.910 align:start position:0% it makes you think it makes you think about<00:11:33.780> what<00:11:34.020> data<00:11:34.200> you<00:11:34.440> actually<00:11:34.560> want<00:11:34.860> to 00:11:34.910 --> 00:11:34.920 align:start position:0% about what data you actually want to 00:11:34.920 --> 00:11:37.760 align:start position:0% about what data you actually want to place<00:11:35.250> in<00:11:35.580> the<00:11:36.120> wild<00:11:36.510> and<00:11:36.840> what<00:11:37.320> data<00:11:37.530> you<00:11:37.740> want 00:11:37.760 --> 00:11:37.770 align:start position:0% place in the wild and what data you want 00:11:37.770 --> 00:11:40.400 align:start position:0% place in the wild and what data you want to<00:11:37.950> keep<00:11:38.160> safely<00:11:38.910> locked<00:11:39.090> away<00:11:39.300> on<00:11:39.660> the<00:11:40.020> user's 00:11:40.400 --> 00:11:40.410 align:start position:0% to keep safely locked away on the user's 00:11:40.410 --> 00:11:43.460 align:start position:0% to keep safely locked away on the user's machine<00:11:40.730> yeah<00:11:41.730> what<00:11:42.090> it<00:11:42.210> doesn't<00:11:42.510> do<00:11:43.020> is<00:11:43.260> it 00:11:43.460 --> 00:11:43.470 align:start position:0% machine yeah what it doesn't do is it 00:11:43.470 --> 00:11:45.680 align:start position:0% machine yeah what it doesn't do is it doesn't<00:11:43.620> give<00:11:43.950> you<00:11:44.160> this<00:11:44.340> false<00:11:44.760> security<00:11:45.240> of 00:11:45.680 --> 00:11:45.690 align:start position:0% doesn't give you this false security of 00:11:45.690 --> 00:11:48.110 align:start position:0% doesn't give you this false security of placing<00:11:46.350> on<00:11:46.470> a<00:11:46.500> third<00:11:46.740> party<00:11:47.160> server<00:11:47.400> where 00:11:48.110 --> 00:11:48.120 align:start position:0% placing on a third party server where 00:11:48.120 --> 00:11:50.660 align:start position:0% placing on a third party server where only<00:11:48.330> the<00:11:48.630> the<00:11:49.200> elite<00:11:49.530> hackers<00:11:50.160> and<00:11:50.370> those<00:11:50.520> who 00:11:50.660 --> 00:11:50.670 align:start position:0% only the the elite hackers and those who 00:11:50.670 --> 00:11:52.460 align:start position:0% only the the elite hackers and those who want<00:11:50.850> to<00:11:50.910> pay<00:11:51.150> them<00:11:51.390> can<00:11:51.630> get<00:11:51.750> access<00:11:51.930> to<00:11:52.170> it 00:11:52.460 --> 00:11:52.470 align:start position:0% want to pay them can get access to it 00:11:52.470 --> 00:11:58.370 align:start position:0% want to pay them can get access to it and<00:11:52.740> that's<00:11:53.670> kind<00:11:53.880> of<00:11:54.000> nice<00:11:56.900> we<00:11:57.900> also<00:11:58.080> get<00:11:58.320> this 00:11:58.370 --> 00:11:58.380 align:start position:0% and that's kind of nice we also get this 00:11:58.380 --> 00:11:59.420 align:start position:0% and that's kind of nice we also get this NAT<00:11:58.650> this<00:11:58.890> nice 00:11:59.420 --> 00:11:59.430 align:start position:0% NAT this nice 00:11:59.430 --> 00:12:02.390 align:start position:0% NAT this nice authenticity<00:12:00.050> yeah<00:12:01.050> so<00:12:01.920> with<00:12:02.130> server 00:12:02.390 --> 00:12:02.400 align:start position:0% authenticity yeah so with server 00:12:02.400 --> 00:12:04.190 align:start position:0% authenticity yeah so with server interactions<00:12:03.150> basically<00:12:03.690> it's<00:12:03.840> the<00:12:03.990> server 00:12:04.190 --> 00:12:04.200 align:start position:0% interactions basically it's the server 00:12:04.200 --> 00:12:05.390 align:start position:0% interactions basically it's the server that<00:12:04.410> authenticates<00:12:04.920> you<00:12:05.100> or<00:12:05.220> some 00:12:05.390 --> 00:12:05.400 align:start position:0% that authenticates you or some 00:12:05.400 --> 00:12:07.370 align:start position:0% that authenticates you or some third-party<00:12:05.610> service<00:12:06.300> that<00:12:06.540> you<00:12:06.660> essentially 00:12:07.370 --> 00:12:07.380 align:start position:0% third-party service that you essentially 00:12:07.380 --> 00:12:09.890 align:start position:0% third-party service that you essentially have<00:12:07.620> to<00:12:07.650> trust<00:12:08.030> with<00:12:09.030> etherium<00:12:09.540> you 00:12:09.890 --> 00:12:09.900 align:start position:0% have to trust with etherium you 00:12:09.900 --> 00:12:11.900 align:start position:0% have to trust with etherium you authenticate<00:12:10.500> in<00:12:10.680> and<00:12:10.890> of<00:12:10.980> being<00:12:11.310> yourself 00:12:11.900 --> 00:12:11.910 align:start position:0% authenticate in and of being yourself 00:12:11.910 --> 00:12:13.550 align:start position:0% authenticate in and of being yourself had<00:12:12.120> enough<00:12:12.360> having<00:12:12.630> access<00:12:13.020> to<00:12:13.230> your<00:12:13.320> private 00:12:13.550 --> 00:12:13.560 align:start position:0% had enough having access to your private 00:12:13.560 --> 00:12:16.490 align:start position:0% had enough having access to your private key<00:12:13.920> or<00:12:14.420> if<00:12:15.420> you've<00:12:15.600> got<00:12:15.630> to<00:12:15.930> factor<00:12:16.110> stuff 00:12:16.490 --> 00:12:16.500 align:start position:0% key or if you've got to factor stuff 00:12:16.500 --> 00:12:21.860 align:start position:0% key or if you've got to factor stuff then<00:12:16.710> your<00:12:16.830> private<00:12:17.220> keys<00:12:19.670> if<00:12:20.670> they're<00:12:21.570> M<00:12:21.720> is 00:12:21.860 --> 00:12:21.870 align:start position:0% then your private keys if they're M is 00:12:21.870 --> 00:12:25.990 align:start position:0% then your private keys if they're M is the<00:12:21.990> world's<00:12:22.320> first<00:12:22.650> decentralized<00:12:23.430> computer 00:12:25.990 --> 00:12:26.000 align:start position:0% 00:12:26.000 --> 00:12:28.640 align:start position:0% that's<00:12:27.000> kind<00:12:27.510> of<00:12:27.600> an<00:12:27.780> interesting<00:12:28.140> thing<00:12:28.500> in 00:12:28.640 --> 00:12:28.650 align:start position:0% that's kind of an interesting thing in 00:12:28.650 --> 00:12:32.930 align:start position:0% that's kind of an interesting thing in and<00:12:28.770> of<00:12:28.830> itself<00:12:31.100> because<00:12:32.100> it's<00:12:32.280> decentralized 00:12:32.930 --> 00:12:32.940 align:start position:0% and of itself because it's decentralized 00:12:32.940 --> 00:12:34.700 align:start position:0% and of itself because it's decentralized there's<00:12:33.180> no<00:12:33.330> single<00:12:33.630> point<00:12:33.780> of<00:12:33.930> control<00:12:34.080> or 00:12:34.700 --> 00:12:34.710 align:start position:0% there's no single point of control or 00:12:34.710 --> 00:12:37.730 align:start position:0% there's no single point of control or failure<00:12:35.250> or<00:12:35.400> any<00:12:35.880> single<00:12:36.210> bottleneck<00:12:36.840> in 00:12:37.730 --> 00:12:37.740 align:start position:0% failure or any single bottleneck in 00:12:37.740 --> 00:12:43.939 align:start position:0% failure or any single bottleneck in principle 00:12:43.939 --> 00:12:43.949 align:start position:0% 00:12:43.949 --> 00:12:48.569 align:start position:0% in<00:12:44.949> terms<00:12:45.399> of<00:12:45.730> where<00:12:46.600> things<00:12:46.959> have<00:12:47.800> been<00:12:47.829> going 00:12:48.569 --> 00:12:48.579 align:start position:0% in terms of where things have been going 00:12:48.579 --> 00:12:51.329 align:start position:0% in terms of where things have been going if<00:12:48.699> you<00:12:48.819> look<00:12:49.060> into<00:12:49.420> history<00:12:50.230> you<00:12:50.649> find<00:12:50.680> that 00:12:51.329 --> 00:12:51.339 align:start position:0% if you look into history you find that 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there's<00:13:02.110> a 00:13:02.129 --> 00:13:02.139 align:start position:0% happening eventually you find there's a 00:13:02.139 --> 00:13:04.319 align:start position:0% happening eventually you find there's a strong<00:13:02.440> player<00:13:02.680> a<00:13:02.949> strong<00:13:03.790> player<00:13:04.000> sort<00:13:04.240> of 00:13:04.319 --> 00:13:04.329 align:start position:0% strong player a strong player sort of 00:13:04.329 --> 00:13:05.970 align:start position:0% strong player a strong player sort of picks<00:13:04.569> up<00:13:04.720> all<00:13:04.839> the<00:13:04.870> dispersed<00:13:05.319> they<00:13:05.470> they<00:13:05.800> add 00:13:05.970 --> 00:13:05.980 align:start position:0% picks up all the dispersed they they add 00:13:05.980 --> 00:13:08.939 align:start position:0% picks up all the dispersed they they add rules<00:13:06.370> and<00:13:06.610> they<00:13:06.670> rule<00:13:07.389> they<00:13:08.139> rule<00:13:08.470> they<00:13:08.769> they 00:13:08.939 --> 00:13:08.949 align:start position:0% rules and they rule they rule they they 00:13:08.949 --> 00:13:13.170 align:start position:0% rules and they rule they rule they they they<00:13:09.310> they<00:13:09.519> place<00:13:11.550> they<00:13:12.550> place<00:13:12.970> their<00:13:13.149> own 00:13:13.170 --> 00:13:13.180 align:start position:0% they they place they place their own 00:13:13.180 --> 00:13:16.889 align:start position:0% they they place they place their own laws<00:13:13.540> of<00:13:13.870> interaction<00:13:15.360> with<00:13:16.360> this<00:13:16.540> structure 00:13:16.889 --> 00:13:16.899 align:start position:0% laws of interaction with this structure 00:13:16.899 --> 00:13:19.259 align:start position:0% laws of interaction with this structure in<00:13:17.139> place<00:13:17.410> you<00:13:17.800> generally<00:13:18.339> find<00:13:18.550> that<00:13:18.790> there's 00:13:19.259 --> 00:13:19.269 align:start position:0% in place you generally find that there's 00:13:19.269 --> 00:13:22.259 align:start position:0% in place you generally find that there's enough<00:13:20.190> development<00:13:21.190> such<00:13:21.519> that<00:13:21.730> these<00:13:21.850> event 00:13:22.259 --> 00:13:22.269 align:start position:0% enough development such that these event 00:13:22.269 --> 00:13:23.699 align:start position:0% enough development such that these event these<00:13:22.480> initial<00:13:23.050> structures<00:13:23.470> are<00:13:23.589> not 00:13:23.699 --> 00:13:23.709 align:start position:0% these initial structures are not 00:13:23.709 --> 00:13:25.040 align:start position:0% these initial structures are not necessary<00:13:24.310> anymore 00:13:25.040 --> 00:13:25.050 align:start position:0% necessary anymore 00:13:25.050 --> 00:13:27.389 align:start position:0% necessary anymore if<00:13:26.050> we<00:13:26.139> look<00:13:26.319> in<00:13:26.410> software<00:13:26.860> development<00:13:27.279> we 00:13:27.389 --> 00:13:27.399 align:start position:0% if we look in software development we 00:13:27.399 --> 00:13:28.860 align:start position:0% if we look in software development we find<00:13:27.639> that<00:13:27.819> originally<00:13:28.449> there<00:13:28.569> were<00:13:28.630> sort<00:13:28.810> of 00:13:28.860 --> 00:13:28.870 align:start position:0% find that originally there were sort of 00:13:28.870 --> 00:13:30.990 align:start position:0% find that originally there were sort of individual<00:13:29.319> coders<00:13:29.740> eventually<00:13:30.459> there<00:13:30.880> was 00:13:30.990 --> 00:13:31.000 align:start position:0% individual coders eventually there was 00:13:31.000 --> 00:13:33.059 align:start position:0% individual coders eventually there was this<00:13:31.180> notion<00:13:31.420> of<00:13:31.740> coders<00:13:32.740> getting<00:13:32.949> together 00:13:33.059 --> 00:13:33.069 align:start position:0% this notion of coders getting together 00:13:33.069 --> 00:13:35.129 align:start position:0% this notion of coders getting together into<00:13:33.399> a<00:13:33.430> strict<00:13:33.790> hierarchy<00:13:33.970> right<00:13:34.660> this<00:13:34.990> is 00:13:35.129 --> 00:13:35.139 align:start position:0% into a strict hierarchy right this is 00:13:35.139 --> 00:13:36.780 align:start position:0% into a strict hierarchy right this is the<00:13:35.259> sort<00:13:35.470> of<00:13:35.500> thing<00:13:35.709> that<00:13:35.740> originally<00:13:36.699> the 00:13:36.780 --> 00:13:36.790 align:start position:0% the sort of thing that originally the 00:13:36.790 --> 00:13:38.460 align:start position:0% the sort of thing that originally the good<00:13:36.940> new<00:13:37.060> project<00:13:37.509> was<00:13:37.600> like<00:13:37.839> but<00:13:38.319> also 00:13:38.460 --> 00:13:38.470 align:start position:0% good new project was like but also 00:13:38.470 --> 00:13:42.269 align:start position:0% good new project was like but also obviously<00:13:39.279> corporate<00:13:39.970> software<00:13:40.420> firms<00:13:41.279> when 00:13:42.269 --> 00:13:42.279 align:start position:0% obviously corporate software firms when 00:13:42.279 --> 00:13:43.530 align:start position:0% obviously corporate software firms when there<00:13:42.459> was<00:13:42.550> a<00:13:42.579> sufficient<00:13:43.149> amount<00:13:43.240> of 00:13:43.530 --> 00:13:43.540 align:start position:0% there was a sufficient amount of 00:13:43.540 --> 00:13:45.360 align:start position:0% there was a sufficient amount of development<00:13:43.810> we<00:13:44.290> ended<00:13:44.620> up<00:13:44.709> with<00:13:44.949> having<00:13:45.130> this 00:13:45.360 --> 00:13:45.370 align:start position:0% development we ended up with having this 00:13:45.370 --> 00:13:47.429 align:start position:0% development we ended up with having this in<00:13:45.970> this<00:13:46.120> case<00:13:46.300> the<00:13:46.480> internet<00:13:46.930> was<00:13:47.079> mostly 00:13:47.429 --> 00:13:47.439 align:start position:0% in this case the internet was mostly 00:13:47.439 --> 00:13:49.319 align:start position:0% in this case the internet was mostly mostly<00:13:48.040> but<00:13:48.250> obviously<00:13:48.610> version<00:13:48.970> control 00:13:49.319 --> 00:13:49.329 align:start position:0% mostly but obviously version control 00:13:49.329 --> 00:13:51.030 align:start position:0% mostly but obviously version control systems<00:13:49.689> really<00:13:49.870> helped<00:13:50.199> we<00:13:50.620> ended<00:13:50.829> up<00:13:50.889> with 00:13:51.030 --> 00:13:51.040 align:start position:0% systems really helped we ended up with 00:13:51.040 --> 00:13:53.009 align:start position:0% systems really helped we ended up with things<00:13:51.279> like<00:13:51.490> this<00:13:51.790> bizarre<00:13:52.209> model<00:13:52.569> as<00:13:52.720> Eric 00:13:53.009 --> 00:13:53.019 align:start position:0% things like this bizarre model as Eric 00:13:53.019 --> 00:13:55.079 align:start position:0% things like this bizarre model as Eric Raymond<00:13:53.350> mentioned<00:13:53.709> in<00:13:53.800> his<00:13:53.920> in<00:13:54.130> his<00:13:54.189> in<00:13:55.029> his 00:13:55.079 --> 00:13:55.089 align:start position:0% Raymond mentioned in his in his in his 00:13:55.089 --> 00:13:58.230 align:start position:0% Raymond mentioned in his in his in his paper<00:13:56.370> finally<00:13:57.370> we're<00:13:57.519> sort<00:13:57.699> of<00:13:57.730> evolving 00:13:58.230 --> 00:13:58.240 align:start position:0% paper finally we're sort of evolving 00:13:58.240 --> 00:14:00.780 align:start position:0% paper finally we're sort of evolving further<00:13:59.019> even<00:13:59.740> more<00:13:59.920> decentralized<00:14:00.550> from<00:14:00.699> the 00:14:00.780 --> 00:14:00.790 align:start position:0% further even more decentralized from the 00:14:00.790 --> 00:14:03.090 align:start position:0% further even more decentralized from the bazaar<00:14:01.120> model<00:14:01.269> into<00:14:01.959> this<00:14:02.079> kind<00:14:02.350> of<00:14:02.439> github 00:14:03.090 --> 00:14:03.100 align:start position:0% bazaar model into this kind of github 00:14:03.100 --> 00:14:05.850 align:start position:0% bazaar model into this kind of github style<00:14:03.639> you<00:14:03.880> know<00:14:04.000> everyone<00:14:04.779> clones<00:14:05.050> everyone 00:14:05.850 --> 00:14:05.860 align:start position:0% style you know everyone clones everyone 00:14:05.860 --> 00:14:08.189 align:start position:0% style you know everyone clones everyone Forks<00:14:06.250> and<00:14:06.610> there<00:14:07.569> is<00:14:07.660> sort<00:14:07.839> of<00:14:07.899> horizontal 00:14:08.189 --> 00:14:08.199 align:start position:0% Forks and there is sort of horizontal 00:14:08.199 --> 00:14:10.230 align:start position:0% Forks and there is sort of horizontal gene<00:14:08.829> transfer<00:14:08.860> of<00:14:09.550> all<00:14:09.639> of<00:14:09.819> the<00:14:09.910> various 00:14:10.230 --> 00:14:10.240 align:start position:0% gene transfer of all of the various 00:14:10.240 --> 00:14:13.590 align:start position:0% gene transfer of all of the various ideas<00:14:10.660> going<00:14:10.870> on<00:14:11.050> in<00:14:11.139> coding<00:14:12.180> we<00:14:13.180> see<00:14:13.329> the<00:14:13.449> same 00:14:13.590 --> 00:14:13.600 align:start position:0% ideas going on in coding we see the same 00:14:13.600 --> 00:14:15.360 align:start position:0% ideas going on in coding we see the same thing<00:14:13.839> happening<00:14:14.199> with<00:14:14.380> other<00:14:14.680> aspects<00:14:15.279> of 00:14:15.360 --> 00:14:15.370 align:start position:0% thing happening with other aspects of 00:14:15.370 --> 00:14:17.429 align:start position:0% thing happening with other aspects of the<00:14:15.459> world<00:14:15.639> so<00:14:15.970> in<00:14:16.089> computing<00:14:16.630> we<00:14:16.930> began<00:14:17.199> with 00:14:17.429 --> 00:14:17.439 align:start position:0% the world so in computing we began with 00:14:17.439 --> 00:14:19.410 align:start position:0% the world so in computing we began with like<00:14:17.620> the<00:14:17.740> mainframe<00:14:18.279> and<00:14:18.459> then<00:14:19.149> there<00:14:19.329> was 00:14:19.410 --> 00:14:19.420 align:start position:0% like the mainframe and then there was 00:14:19.420 --> 00:14:20.790 align:start position:0% like the mainframe and then there was kind<00:14:19.540> of<00:14:19.630> this<00:14:19.720> server<00:14:19.990> client<00:14:20.230> architecture 00:14:20.790 --> 00:14:20.800 align:start position:0% kind of this server client architecture 00:14:20.800 --> 00:14:22.199 align:start position:0% kind of this server client architecture and<00:14:20.920> we<00:14:20.980> are<00:14:21.100> indeed<00:14:21.399> getting<00:14:21.639> into<00:14:22.089> the 00:14:22.199 --> 00:14:22.209 align:start position:0% and we are indeed getting into the 00:14:22.209 --> 00:14:24.689 align:start position:0% and we are indeed getting into the peer-to-peer<00:14:22.560> thing<00:14:23.560> now<00:14:23.709> with<00:14:23.949> you<00:14:24.610> know 00:14:24.689 --> 00:14:24.699 align:start position:0% peer-to-peer thing now with you know 00:14:24.699 --> 00:14:27.240 align:start position:0% peer-to-peer thing now with you know sort<00:14:24.850> of<00:14:24.939> Napster<00:14:25.300> BitTorrent<00:14:25.899> and<00:14:26.250> Bitcoin 00:14:27.240 --> 00:14:27.250 align:start position:0% sort of Napster BitTorrent and Bitcoin 00:14:27.250 --> 00:14:28.910 align:start position:0% sort of Napster BitTorrent and Bitcoin and<00:14:27.519> obviously<00:14:28.060> aetherium 00:14:28.910 --> 00:14:28.920 align:start position:0% and obviously aetherium 00:14:28.920 --> 00:14:31.379 align:start position:0% and obviously aetherium same<00:14:29.920> with<00:14:30.100> kind<00:14:30.279> of<00:14:30.370> governments<00:14:30.790> as<00:14:30.910> well<00:14:31.060> it 00:14:31.379 --> 00:14:31.389 align:start position:0% same with kind of governments as well it 00:14:31.389 --> 00:14:33.210 align:start position:0% same with kind of governments as well it kind<00:14:31.660> of<00:14:31.689> began<00:14:31.899> with<00:14:32.110> Anka<00:14:32.410> Aniki<00:14:32.949> right<00:14:33.130> and 00:14:33.210 --> 00:14:33.220 align:start position:0% kind of began with Anka Aniki right and 00:14:33.220 --> 00:14:34.319 align:start position:0% kind of began with Anka Aniki right and then<00:14:33.310> eventually<00:14:33.519> there<00:14:33.790> was<00:14:33.850> some<00:14:34.000> sort<00:14:34.240> of 00:14:34.319 --> 00:14:34.329 align:start position:0% then eventually there was some sort of 00:14:34.329 --> 00:14:35.699 align:start position:0% then eventually there was some sort of like<00:14:34.509> king<00:14:34.750> or<00:14:34.930> Emperor<00:14:35.259> that<00:14:35.410> sort<00:14:35.649> of 00:14:35.699 --> 00:14:35.709 align:start position:0% like king or Emperor that sort of 00:14:35.709 --> 00:14:38.370 align:start position:0% like king or Emperor that sort of gathered<00:14:36.670> enough<00:14:36.880> strength<00:14:37.269> to<00:14:37.389> enforce<00:14:37.990> the 00:14:38.370 --> 00:14:38.380 align:start position:0% gathered enough strength to enforce the 00:14:38.380 --> 00:14:40.590 align:start position:0% gathered enough strength to enforce the rule<00:14:38.589> of<00:14:38.740> law<00:14:38.949> over<00:14:39.790> a<00:14:39.819> particular<00:14:40.329> you<00:14:40.449> know<00:14:40.569> a 00:14:40.590 --> 00:14:40.600 align:start position:0% rule of law over a particular you know a 00:14:40.600 --> 00:14:43.650 align:start position:0% rule of law over a particular you know a sufficiently<00:14:41.439> large<00:14:41.680> amount<00:14:42.009> of<00:14:42.100> area<00:14:42.850> and<00:14:43.060> of 00:14:43.650 --> 00:14:43.660 align:start position:0% sufficiently large amount of area and of 00:14:43.660 --> 00:14:45.090 align:start position:0% sufficiently large amount of area and of course<00:14:43.899> eventually<00:14:44.110> they<00:14:44.410> had<00:14:44.529> to<00:14:44.649> cede<00:14:44.860> power 00:14:45.090 --> 00:14:45.100 align:start position:0% course eventually they had to cede power 00:14:45.100 --> 00:14:46.889 align:start position:0% course eventually they had to cede power because<00:14:45.579> other<00:14:45.970> structures<00:14:46.449> were<00:14:46.540> able<00:14:46.720> to<00:14:46.810> be 00:14:46.889 --> 00:14:46.899 align:start position:0% because other structures were able to be 00:14:46.899 --> 00:14:48.530 align:start position:0% because other structures were able to be built<00:14:47.050> once<00:14:47.319> that<00:14:47.500> rule<00:14:47.649> of<00:14:47.800> law<00:14:47.949> was<00:14:48.069> in<00:14:48.189> place 00:14:48.530 --> 00:14:48.540 align:start position:0% built once that rule of law was in place 00:14:48.540 --> 00:14:50.910 align:start position:0% built once that rule of law was in place we<00:14:49.540> ended<00:14:49.779> up<00:14:49.810> with<00:14:49.959> like<00:14:50.050> an<00:14:50.199> aristocracy<00:14:50.529> or 00:14:50.910 --> 00:14:50.920 align:start position:0% we ended up with like an aristocracy or 00:14:50.920 --> 00:14:52.949 align:start position:0% we ended up with like an aristocracy or a<00:14:50.980> merchant<00:14:51.160> class<00:14:51.579> and<00:14:52.000> eventually<00:14:52.630> we<00:14:52.750> sort 00:14:52.949 --> 00:14:52.959 align:start position:0% a merchant class and eventually we sort 00:14:52.959 --> 00:14:55.319 align:start position:0% a merchant class and eventually we sort of<00:14:53.050> we<00:14:53.980> end<00:14:54.130> up<00:14:54.250> with<00:14:54.399> with<00:14:54.730> something<00:14:55.089> that 00:14:55.319 --> 00:14:55.329 align:start position:0% of we end up with with something that 00:14:55.329 --> 00:14:56.070 align:start position:0% of we end up with with something that approximates 00:14:56.070 --> 00:14:56.080 align:start position:0% approximates 00:14:56.080 --> 00:15:00.210 align:start position:0% approximates ma<00:14:56.200> cracy<00:14:57.960> say<00:14:58.960> with<00:14:59.110> distant<00:14:59.500> sails<00:14:59.770> you<00:15:00.040> know 00:15:00.210 --> 00:15:00.220 align:start position:0% ma cracy say with distant sails you know 00:15:00.220 --> 00:15:02.370 align:start position:0% ma cracy say with distant sails you know the<00:15:00.340> the<00:15:00.730> examples<00:15:01.210> continue<00:15:01.690> and<00:15:01.870> we<00:15:01.930> end<00:15:02.260> up 00:15:02.370 --> 00:15:02.380 align:start position:0% the the examples continue and we end up 00:15:02.380 --> 00:15:03.720 align:start position:0% the the examples continue and we end up with<00:15:02.560> you<00:15:02.770> know<00:15:02.860> originally<00:15:03.340> there's<00:15:03.520> sort<00:15:03.670> of 00:15:03.720 --> 00:15:03.730 align:start position:0% with you know originally there's sort of 00:15:03.730 --> 00:15:04.920 align:start position:0% with you know originally there's sort of back<00:15:03.880> of<00:15:04.000> the<00:15:04.060> magazine<00:15:04.390> and<00:15:04.540> then<00:15:04.660> we<00:15:04.750> had<00:15:04.840> the 00:15:04.920 --> 00:15:04.930 align:start position:0% back of the magazine and then we had the 00:15:04.930 --> 00:15:06.390 align:start position:0% back of the magazine and then we had the internet<00:15:05.260> with<00:15:05.380> Amazon<00:15:05.740> right<00:15:06.040> but<00:15:06.220> still 00:15:06.390 --> 00:15:06.400 align:start position:0% internet with Amazon right but still 00:15:06.400 --> 00:15:09.300 align:start position:0% internet with Amazon right but still only<00:15:06.550> one<00:15:06.820> matchmaker<00:15:07.090> one<00:15:07.810> merchant<00:15:08.320> and 00:15:09.300 --> 00:15:09.310 align:start position:0% only one matchmaker one merchant and 00:15:09.310 --> 00:15:10.860 align:start position:0% only one matchmaker one merchant and then<00:15:09.490> we<00:15:09.550> got<00:15:09.670> this<00:15:09.790> marketplace<00:15:10.270> idea<00:15:10.720> why 00:15:10.860 --> 00:15:10.870 align:start position:0% then we got this marketplace idea why 00:15:10.870 --> 00:15:12.330 align:start position:0% then we got this marketplace idea why they're<00:15:11.020> still<00:15:11.170> a<00:15:11.200> single<00:15:11.560> matchmaker<00:15:11.980> but 00:15:12.330 --> 00:15:12.340 align:start position:0% they're still a single matchmaker but 00:15:12.340 --> 00:15:13.680 align:start position:0% they're still a single matchmaker but there<00:15:12.490> are<00:15:12.580> lots<00:15:12.760> of<00:15:12.880> merchants<00:15:13.330> all<00:15:13.450> sort<00:15:13.630> of 00:15:13.680 --> 00:15:13.690 align:start position:0% there are lots of merchants all sort of 00:15:13.690 --> 00:15:15.210 align:start position:0% there are lots of merchants all sort of operating<00:15:14.080> within<00:15:14.380> the<00:15:14.500> within<00:15:15.130> the 00:15:15.210 --> 00:15:15.220 align:start position:0% operating within the within the 00:15:15.220 --> 00:15:17.760 align:start position:0% operating within the within the framework<00:15:15.640> and<00:15:16.200> probably<00:15:17.200> eventually<00:15:17.350> we're 00:15:17.760 --> 00:15:17.770 align:start position:0% framework and probably eventually we're 00:15:17.770 --> 00:15:20.400 align:start position:0% framework and probably eventually we're going<00:15:17.890> to<00:15:17.950> see<00:15:18.130> a<00:15:18.810> plurality<00:15:19.810> of<00:15:19.840> matchmakers 00:15:20.400 --> 00:15:20.410 align:start position:0% going to see a plurality of matchmakers 00:15:20.410 --> 00:15:22.230 align:start position:0% going to see a plurality of matchmakers where<00:15:20.560> matchmaking<00:15:21.040> itself<00:15:21.550> is<00:15:21.760> a<00:15:21.790> service 00:15:22.230 --> 00:15:22.240 align:start position:0% where matchmaking itself is a service 00:15:22.240 --> 00:15:26.640 align:start position:0% where matchmaking itself is a service that<00:15:22.270> can<00:15:22.630> be<00:15:22.720> provided<00:15:23.260> by<00:15:23.610> by<00:15:24.610> a<00:15:24.640> market<00:15:25.650> same 00:15:26.640 --> 00:15:26.650 align:start position:0% that can be provided by by a market same 00:15:26.650 --> 00:15:29.910 align:start position:0% that can be provided by by a market same with<00:15:26.770> communication<00:15:27.400> and<00:15:28.620> that<00:15:29.620> there<00:15:29.800> is<00:15:29.890> a 00:15:29.910 --> 00:15:29.920 align:start position:0% with communication and that there is a 00:15:29.920 --> 00:15:33.240 align:start position:0% with communication and that there is a theme<00:15:30.220> here<00:15:31.080> we<00:15:32.080> begin<00:15:32.380> with<00:15:32.560> nothing<00:15:32.740> we 00:15:33.240 --> 00:15:33.250 align:start position:0% theme here we begin with nothing we 00:15:33.250 --> 00:15:34.800 align:start position:0% theme here we begin with nothing we centralize<00:15:33.610> in<00:15:33.970> order<00:15:34.150> to<00:15:34.270> enforce<00:15:34.660> these 00:15:34.800 --> 00:15:34.810 align:start position:0% centralize in order to enforce these 00:15:34.810 --> 00:15:36.270 align:start position:0% centralize in order to enforce these initial<00:15:35.260> rules<00:15:35.500> and<00:15:35.740> then<00:15:36.040> we<00:15:36.130> can 00:15:36.270 --> 00:15:36.280 align:start position:0% initial rules and then we can 00:15:36.280 --> 00:15:37.860 align:start position:0% initial rules and then we can decentralize<00:15:36.880> once<00:15:37.120> that<00:15:37.330> structures<00:15:37.750> in 00:15:37.860 --> 00:15:37.870 align:start position:0% decentralize once that structures in 00:15:37.870 --> 00:15:40.740 align:start position:0% decentralize once that structures in place<00:15:38.520> we<00:15:39.520> decentralized<00:15:40.180> because<00:15:40.450> it's<00:15:40.600> more 00:15:40.740 --> 00:15:40.750 align:start position:0% place we decentralized because it's more 00:15:40.750 --> 00:15:42.180 align:start position:0% place we decentralized because it's more efficient<00:15:41.140> it's<00:15:41.290> more<00:15:41.500> scalable<00:15:41.770> and<00:15:42.070> it's 00:15:42.180 --> 00:15:42.190 align:start position:0% efficient it's more scalable and it's 00:15:42.190 --> 00:15:47.580 align:start position:0% efficient it's more scalable and it's more<00:15:42.340> resilient<00:15:42.790> to<00:15:42.910> attack<00:15:43.180> a<00:15:46.590> theorem 00:15:47.580 --> 00:15:47.590 align:start position:0% more resilient to attack a theorem 00:15:47.590 --> 00:15:50.550 align:start position:0% more resilient to attack a theorem commoditize<00:15:48.130> is<00:15:48.310> trust<00:15:48.990> this<00:15:49.990> is<00:15:50.200> something 00:15:50.550 --> 00:15:50.560 align:start position:0% commoditize is trust this is something 00:15:50.560 --> 00:15:52.020 align:start position:0% commoditize is trust this is something that<00:15:50.740> I<00:15:50.770> think<00:15:50.860> the<00:15:51.100> Economist<00:15:51.580> discovered 00:15:52.020 --> 00:15:52.030 align:start position:0% that I think the Economist discovered 00:15:52.030 --> 00:15:56.640 align:start position:0% that I think the Economist discovered last<00:15:52.750> week<00:15:53.130> it's<00:15:54.130> a<00:15:54.400> it's<00:15:54.940> a<00:15:55.150> it's<00:15:55.450> a<00:15:55.750> bridge 00:15:56.640 --> 00:15:56.650 align:start position:0% last week it's a it's a it's a bridge 00:15:56.650 --> 00:15:58.980 align:start position:0% last week it's a it's a it's a bridge you<00:15:57.340> know<00:15:57.460> to<00:15:57.520> cross<00:15:57.850> the<00:15:58.090> sort<00:15:58.420> of<00:15:58.480> boundaries 00:15:58.980 --> 00:15:58.990 align:start position:0% you know to cross the sort of boundaries 00:15:58.990 --> 00:16:02.490 align:start position:0% you know to cross the sort of boundaries of<00:15:59.580> these<00:16:00.580> these<00:16:00.970> sways<00:16:01.360> of<00:16:01.660> land<00:16:01.960> where 00:16:02.490 --> 00:16:02.500 align:start position:0% of these these sways of land where 00:16:02.500 --> 00:16:04.380 align:start position:0% of these these sways of land where there's<00:16:02.950> internal<00:16:03.460> trust<00:16:03.910> but<00:16:04.150> they<00:16:04.210> don't 00:16:04.380 --> 00:16:04.390 align:start position:0% there's internal trust but they don't 00:16:04.390 --> 00:16:06.840 align:start position:0% there's internal trust but they don't really<00:16:04.570> trust<00:16:04.750> each<00:16:04.930> other<00:16:05.140> and<00:16:05.700> that's<00:16:06.700> why 00:16:06.840 --> 00:16:06.850 align:start position:0% really trust each other and that's why 00:16:06.850 --> 00:16:09.660 align:start position:0% really trust each other and that's why we're<00:16:06.970> going<00:16:07.060> to<00:16:07.120> find<00:16:07.360> that<00:16:07.570> the<00:16:07.720> initial<00:16:08.670> use 00:16:09.660 --> 00:16:09.670 align:start position:0% we're going to find that the initial use 00:16:09.670 --> 00:16:11.580 align:start position:0% we're going to find that the initial use cases<00:16:09.970> spawning<00:16:10.780> from<00:16:10.960> because<00:16:11.230> that's<00:16:11.380> where 00:16:11.580 --> 00:16:11.590 align:start position:0% cases spawning from because that's where 00:16:11.590 --> 00:16:15.360 align:start position:0% cases spawning from because that's where it<00:16:11.710> can<00:16:11.830> really<00:16:12.070> deliver<00:16:12.250> value<00:16:12.820> initially<00:16:14.370> we 00:16:15.360 --> 00:16:15.370 align:start position:0% it can really deliver value initially we 00:16:15.370 --> 00:16:16.920 align:start position:0% it can really deliver value initially we could<00:16:15.550> call<00:16:15.700> it<00:16:15.850> indeed<00:16:16.090> a<00:16:16.150> platform<00:16:16.570> for<00:16:16.690> zero 00:16:16.920 --> 00:16:16.930 align:start position:0% could call it indeed a platform for zero 00:16:16.930 --> 00:16:22.740 align:start position:0% could call it indeed a platform for zero trust<00:16:17.260> computing<00:16:18.870> and<00:16:21.000> in<00:16:22.000> a<00:16:22.090> way<00:16:22.240> a<00:16:22.270> theorem 00:16:22.740 --> 00:16:22.750 align:start position:0% trust computing and in a way a theorem 00:16:22.750 --> 00:16:25.560 align:start position:0% trust computing and in a way a theorem could<00:16:22.930> be<00:16:23.050> the<00:16:23.200> court<00:16:23.440> of<00:16:23.590> the<00:16:23.680> internet<00:16:24.570> sort 00:16:25.560 --> 00:16:25.570 align:start position:0% could be the court of the internet sort 00:16:25.570 --> 00:16:27.330 align:start position:0% could be the court of the internet sort of<00:16:25.660> interesting<00:16:26.170> notion<00:16:26.560> where<00:16:26.710> the<00:16:26.890> Internet 00:16:27.330 --> 00:16:27.340 align:start position:0% of interesting notion where the Internet 00:16:27.340 --> 00:16:30.900 align:start position:0% of interesting notion where the Internet can<00:16:27.520> have<00:16:27.670> its<00:16:27.820> own<00:16:27.940> its<00:16:28.510> own<00:16:28.630> sort<00:16:28.900> of<00:16:29.910> place 00:16:30.900 --> 00:16:30.910 align:start position:0% can have its own its own sort of place 00:16:30.910 --> 00:16:33.300 align:start position:0% can have its own its own sort of place to<00:16:31.150> determine<00:16:31.660> what<00:16:32.470> is<00:16:32.620> what<00:16:32.950> is<00:16:33.040> right<00:16:33.280> or 00:16:33.300 --> 00:16:33.310 align:start position:0% to determine what is what is right or 00:16:33.310 --> 00:16:34.800 align:start position:0% to determine what is what is right or wrong<00:16:33.700> or<00:16:33.850> when<00:16:33.970> two<00:16:34.150> people<00:16:34.330> over<00:16:34.690> the 00:16:34.800 --> 00:16:34.810 align:start position:0% wrong or when two people over the 00:16:34.810 --> 00:16:36.690 align:start position:0% wrong or when two people over the Internet<00:16:35.170> have<00:16:35.350> an<00:16:35.590> issue<00:16:36.040> with<00:16:36.310> each<00:16:36.460> other 00:16:36.690 --> 00:16:36.700 align:start position:0% Internet have an issue with each other 00:16:36.700 --> 00:16:38.250 align:start position:0% Internet have an issue with each other there<00:16:37.030> is<00:16:37.060> a<00:16:37.150> lack<00:16:37.420> of<00:16:37.450> consensus<00:16:38.110> then 00:16:38.250 --> 00:16:38.260 align:start position:0% there is a lack of consensus then 00:16:38.260 --> 00:16:45.840 align:start position:0% there is a lack of consensus then etherion<00:16:38.620> could<00:16:38.770> step<00:16:39.010> in<00:16:39.190> in<00:16:39.340> principle<00:16:44.850> if 00:16:45.840 --> 00:16:45.850 align:start position:0% etherion could step in in principle if 00:16:45.850 --> 00:16:48.780 align:start position:0% etherion could step in in principle if there<00:16:46.120> iam<00:16:46.300> is<00:16:46.420> a<00:16:47.070> crypto<00:16:48.070> law<00:16:48.250> platform<00:16:48.700> in 00:16:48.780 --> 00:16:48.790 align:start position:0% there iam is a crypto law platform in 00:16:48.790 --> 00:16:50.730 align:start position:0% there iam is a crypto law platform in this<00:16:48.910> sense<00:16:49.150> right<00:16:49.480> it's<00:16:49.720> a<00:16:49.810> decentralized 00:16:50.730 --> 00:16:50.740 align:start position:0% this sense right it's a decentralized 00:16:50.740 --> 00:16:55.950 align:start position:0% this sense right it's a decentralized legal<00:16:51.670> system<00:16:52.440> native<00:16:53.440> to<00:16:53.650> the<00:16:53.740> Internet<00:16:54.960> we 00:16:55.950 --> 00:16:55.960 align:start position:0% legal system native to the Internet we 00:16:55.960 --> 00:16:57.780 align:start position:0% legal system native to the Internet we can<00:16:56.110> implement<00:16:56.350> these<00:16:56.620> arbitrary<00:16:57.370> social 00:16:57.780 --> 00:16:57.790 align:start position:0% can implement these arbitrary social 00:16:57.790 --> 00:17:00.240 align:start position:0% can implement these arbitrary social contracts<00:16:58.360> and<00:16:58.510> have<00:16:58.840> people<00:16:59.080> operate<00:17:00.040> within 00:17:00.240 --> 00:17:00.250 align:start position:0% contracts and have people operate within 00:17:00.250 --> 00:17:02.370 align:start position:0% contracts and have people operate within them<00:17:00.550> with<00:17:01.240> nothing<00:17:01.420> more<00:17:01.720> than<00:17:01.780> access<00:17:02.230> to 00:17:02.370 --> 00:17:02.380 align:start position:0% them with nothing more than access to 00:17:02.380 --> 00:17:05.449 align:start position:0% them with nothing more than access to the<00:17:02.470> Internet 00:17:05.449 --> 00:17:05.459 align:start position:0% 00:17:05.459 --> 00:17:08.669 align:start position:0% it's<00:17:06.459> also<00:17:06.669> a<00:17:06.819> pivotal<00:17:07.329> part<00:17:07.809> of<00:17:08.169> the<00:17:08.350> notion 00:17:08.669 --> 00:17:08.679 align:start position:0% it's also a pivotal part of the notion 00:17:08.679 --> 00:17:10.980 align:start position:0% it's also a pivotal part of the notion of<00:17:08.769> this<00:17:08.980> serverless<00:17:09.909> internet<00:17:10.449> right<00:17:10.720> the 00:17:10.980 --> 00:17:10.990 align:start position:0% of this serverless internet right the 00:17:10.990 --> 00:17:13.439 align:start position:0% of this serverless internet right the notion<00:17:11.319> of<00:17:11.409> like<00:17:12.089> whatever<00:17:13.089> you<00:17:13.149> want<00:17:13.269> to<00:17:13.360> call 00:17:13.439 --> 00:17:13.449 align:start position:0% notion of like whatever you want to call 00:17:13.449 --> 00:17:18.240 align:start position:0% notion of like whatever you want to call it<00:17:13.600> the<00:17:13.689> post<00:17:13.839> Snowden<00:17:14.350> web<00:17:14.529> right<00:17:14.829> web<00:17:15.130> 3<00:17:17.250> it 00:17:18.240 --> 00:17:18.250 align:start position:0% it the post Snowden web right web 3 it 00:17:18.250 --> 00:17:19.799 align:start position:0% it the post Snowden web right web 3 it provides<00:17:18.579> the<00:17:18.730> zero<00:17:18.939> trust<00:17:19.209> computing<00:17:19.689> part 00:17:19.799 --> 00:17:19.809 align:start position:0% provides the zero trust computing part 00:17:19.809 --> 00:17:20.850 align:start position:0% provides the zero trust computing part it<00:17:19.990> provides<00:17:20.260> the<00:17:20.409> part<00:17:20.620> that<00:17:20.740> actually 00:17:20.850 --> 00:17:20.860 align:start position:0% it provides the part that actually 00:17:20.860 --> 00:17:23.730 align:start position:0% it provides the part that actually underpins<00:17:21.669> all<00:17:22.000> of<00:17:22.209> the<00:17:22.360> all<00:17:23.199> the<00:17:23.409> stuff<00:17:23.589> that 00:17:23.730 --> 00:17:23.740 align:start position:0% underpins all of the all the stuff that 00:17:23.740 --> 00:17:26.220 align:start position:0% underpins all of the all the stuff that we'd<00:17:23.829> normally<00:17:24.069> go<00:17:24.490> to<00:17:24.549> an<00:17:25.029> authority<00:17:25.659> to<00:17:26.019> the 00:17:26.220 --> 00:17:26.230 align:start position:0% we'd normally go to an authority to the 00:17:26.230 --> 00:17:27.750 align:start position:0% we'd normally go to an authority to the database<00:17:26.740> sitting<00:17:27.069> on<00:17:27.159> a<00:17:27.189> server<00:17:27.519> somewhere 00:17:27.750 --> 00:17:27.760 align:start position:0% database sitting on a server somewhere 00:17:27.760 --> 00:17:30.840 align:start position:0% database sitting on a server somewhere and<00:17:28.620> with<00:17:29.620> a<00:17:29.830> bunch<00:17:30.039> of<00:17:30.130> other<00:17:30.309> technologies 00:17:30.840 --> 00:17:30.850 align:start position:0% and with a bunch of other technologies 00:17:30.850 --> 00:17:34.289 align:start position:0% and with a bunch of other technologies it<00:17:31.000> can<00:17:31.179> it<00:17:31.990> can<00:17:32.140> actually<00:17:32.260> provide<00:17:32.740> that<00:17:33.299> that 00:17:34.289 --> 00:17:34.299 align:start position:0% it can it can actually provide that that 00:17:34.299 --> 00:17:36.210 align:start position:0% it can it can actually provide that that that<00:17:34.539> infrastructure<00:17:35.320> for<00:17:35.590> doing<00:17:35.890> massively 00:17:36.210 --> 00:17:36.220 align:start position:0% that infrastructure for doing massively 00:17:36.220 --> 00:17:39.210 align:start position:0% that infrastructure for doing massively multi-user<00:17:36.700> applications<00:17:37.360> in<00:17:37.510> a<00:17:37.600> in<00:17:38.110> a<00:17:38.620> you 00:17:39.210 --> 00:17:39.220 align:start position:0% multi-user applications in a in a you 00:17:39.220 --> 00:17:43.230 align:start position:0% multi-user applications in a in a you know<00:17:39.429> in<00:17:39.519> a<00:17:39.580> truly<00:17:39.789> different<00:17:40.179> manner<00:17:41.130> so<00:17:42.240> yeah 00:17:43.230 --> 00:17:43.240 align:start position:0% know in a truly different manner so yeah 00:17:43.240 --> 00:17:46.860 align:start position:0% know in a truly different manner so yeah that's<00:17:43.750> my<00:17:43.899> thoughts<00:17:44.350> on<00:17:45.059> what<00:17:46.059> aetherium<00:17:46.720> is 00:17:46.860 --> 00:17:46.870 align:start position:0% that's my thoughts on what aetherium is 00:17:46.870 --> 00:17:49.799 align:start position:0% that's my thoughts on what aetherium is over<00:17:47.529> and<00:17:47.679> above<00:17:47.889> being<00:17:48.159> a<00:17:49.120> scriptable 00:17:49.799 --> 00:17:49.809 align:start position:0% over and above being a scriptable 00:17:49.809 --> 00:17:59.820 align:start position:0% over and above being a scriptable blockchain<00:17:50.490> environment<00:17:52.049> any<00:17:53.049> questions<00:17:58.830> so 00:17:59.820 --> 00:17:59.830 align:start position:0% blockchain environment any questions so 00:17:59.830 --> 00:18:03.960 align:start position:0% blockchain environment any questions so I<00:18:00.269> wanted<00:18:01.269> to<00:18:01.330> ask<00:18:02.080> if<00:18:02.679> you<00:18:03.220> are<00:18:03.460> thinking 00:18:03.960 --> 00:18:03.970 align:start position:0% I wanted to ask if you are thinking 00:18:03.970 --> 00:18:06.539 align:start position:0% I wanted to ask if you are thinking about<00:18:04.090> because<00:18:05.019> like<00:18:05.440> basically<00:18:05.830> a<00:18:05.980> theorem 00:18:06.539 --> 00:18:06.549 align:start position:0% about because like basically a theorem 00:18:06.549 --> 00:18:10.500 align:start position:0% about because like basically a theorem is<00:18:06.760> a<00:18:07.029> tool<00:18:07.630> yeah<00:18:08.130> so<00:18:09.130> that's<00:18:09.370> like<00:18:09.669> one<00:18:10.240> part 00:18:10.500 --> 00:18:10.510 align:start position:0% is a tool yeah so that's like one part 00:18:10.510 --> 00:18:14.700 align:start position:0% is a tool yeah so that's like one part of<00:18:10.630> the<00:18:10.750> story<00:18:11.049> but<00:18:11.860> it's<00:18:12.039> also<00:18:13.710> important 00:18:14.700 --> 00:18:14.710 align:start position:0% of the story but it's also important 00:18:14.710 --> 00:18:17.399 align:start position:0% of the story but it's also important that<00:18:15.130> the<00:18:15.429> people<00:18:15.610> that<00:18:15.909> using<00:18:16.299> the<00:18:16.419> tool<00:18:16.600> are 00:18:17.399 --> 00:18:17.409 align:start position:0% that the people that using the tool are 00:18:17.409 --> 00:18:22.889 align:start position:0% that the people that using the tool are also<00:18:17.649> important<00:18:18.309> so<00:18:19.139> have<00:18:20.139> you<00:18:21.299> know<00:18:22.299> did<00:18:22.720> you 00:18:22.889 --> 00:18:22.899 align:start position:0% also important so have you know did you 00:18:22.899 --> 00:18:24.960 align:start position:0% also important so have you know did you think<00:18:23.230> about<00:18:23.559> these<00:18:23.710> things<00:18:23.950> or<00:18:24.429> is<00:18:24.700> there 00:18:24.960 --> 00:18:24.970 align:start position:0% think about these things or is there 00:18:24.970 --> 00:18:27.419 align:start position:0% think about these things or is there anything<00:18:25.299> that<00:18:25.539> could<00:18:26.080> like<00:18:26.620> go<00:18:26.799> in<00:18:27.010> parallel 00:18:27.419 --> 00:18:27.429 align:start position:0% anything that could like go in parallel 00:18:27.429 --> 00:18:29.850 align:start position:0% anything that could like go in parallel with<00:18:27.789> the<00:18:28.000> development<00:18:28.029> of<00:18:28.750> the<00:18:28.870> tools<00:18:29.169> that 00:18:29.850 --> 00:18:29.860 align:start position:0% with the development of the tools that 00:18:29.860 --> 00:18:34.500 align:start position:0% with the development of the tools that could<00:18:30.039> help<00:18:30.450> you<00:18:31.450> know<00:18:32.700> with<00:18:33.700> that<00:18:33.970> the 00:18:34.500 --> 00:18:34.510 align:start position:0% could help you know with that the 00:18:34.510 --> 00:18:37.769 align:start position:0% could help you know with that the consciousness<00:18:35.169> part<00:18:35.440> of<00:18:35.799> the<00:18:36.220> problem<00:18:36.610> so<00:18:36.820> you 00:18:37.769 --> 00:18:37.779 align:start position:0% consciousness part of the problem so you 00:18:37.779 --> 00:18:41.549 align:start position:0% consciousness part of the problem so you know<00:18:37.870> to<00:18:37.960> educate<00:18:38.500> the<00:18:38.620> people<00:18:38.769> how<00:18:39.760> to<00:18:40.559> live 00:18:41.549 --> 00:18:41.559 align:start position:0% know to educate the people how to live 00:18:41.559 --> 00:18:48.299 align:start position:0% know to educate the people how to live within<00:18:41.889> a<00:18:45.389> system<00:18:46.389> that<00:18:46.659> is<00:18:47.100> facilitated<00:18:48.100> by<00:18:48.279> a 00:18:48.299 --> 00:18:48.309 align:start position:0% within a system that is facilitated by a 00:18:48.309 --> 00:18:51.360 align:start position:0% within a system that is facilitated by a tool<00:18:48.639> like<00:18:48.820> this<00:18:49.740> because<00:18:50.740> that<00:18:50.919> the<00:18:51.070> people 00:18:51.360 --> 00:18:51.370 align:start position:0% tool like this because that the people 00:18:51.370 --> 00:18:53.430 align:start position:0% tool like this because that the people could<00:18:51.580> could<00:18:51.909> either<00:18:52.090> you<00:18:52.720> know<00:18:52.809> make<00:18:53.139> it<00:18:53.169> or 00:18:53.430 --> 00:18:53.440 align:start position:0% could could either you know make it or 00:18:53.440 --> 00:18:58.379 align:start position:0% could could either you know make it or break<00:18:53.649> it<00:18:53.679> yep<00:18:54.929> yeah<00:18:55.929> I<00:18:55.960> mean<00:18:56.260> I<00:18:57.190> think<00:18:58.120> it's 00:18:58.379 --> 00:18:58.389 align:start position:0% break it yep yeah I mean I think it's 00:18:58.389 --> 00:18:59.970 align:start position:0% break it yep yeah I mean I think it's not<00:18:58.539> especially<00:18:58.809> clear<00:18:59.260> what<00:18:59.440> that<00:18:59.470> what<00:18:59.830> that 00:18:59.970 --> 00:18:59.980 align:start position:0% not especially clear what that what that 00:18:59.980 --> 00:19:04.080 align:start position:0% not especially clear what that what that system<00:19:00.190> is<00:19:00.519> going<00:19:00.549> to<00:19:00.669> be<00:19:00.909> yeah<00:19:01.899> I<00:19:02.820> think<00:19:03.820> we'll 00:19:04.080 --> 00:19:04.090 align:start position:0% system is going to be yeah I think we'll 00:19:04.090 --> 00:19:06.450 align:start position:0% system is going to be yeah I think we'll sort<00:19:04.360> of<00:19:04.419> discover<00:19:04.809> that<00:19:04.960> in<00:19:05.139> the<00:19:05.260> coming<00:19:05.590> in 00:19:06.450 --> 00:19:06.460 align:start position:0% sort of discover that in the coming in 00:19:06.460 --> 00:19:10.289 align:start position:0% sort of discover that in the coming in the<00:19:06.639> coming<00:19:06.850> years<00:19:07.950> when<00:19:08.950> we<00:19:09.190> see<00:19:09.970> the 00:19:10.289 --> 00:19:10.299 align:start position:0% the coming years when we see the 00:19:10.299 --> 00:19:11.879 align:start position:0% the coming years when we see the infrastructure<00:19:10.809> that<00:19:11.080> gets<00:19:11.440> built<00:19:11.620> I<00:19:11.769> mean 00:19:11.879 --> 00:19:11.889 align:start position:0% infrastructure that gets built I mean 00:19:11.889 --> 00:19:15.880 align:start position:0% infrastructure that gets built I mean this<00:19:12.010> is<00:19:12.190> this<00:19:12.789> is<00:19:12.850> very<00:19:13.059> much<00:19:13.480> the<00:19:13.720> sort<00:19:13.929> of 00:19:15.880 --> 00:19:15.890 align:start position:0% this is this is very much the sort of 00:19:15.890 --> 00:19:19.060 align:start position:0% this is this is very much the sort of the<00:19:16.250> core<00:19:16.490> technology<00:19:17.120> layer<00:19:17.330> and<00:19:17.890> just<00:19:18.890> as 00:19:19.060 --> 00:19:19.070 align:start position:0% the core technology layer and just as 00:19:19.070 --> 00:19:20.860 align:start position:0% the core technology layer and just as you<00:19:19.640> know<00:19:19.730> when<00:19:19.850> the<00:19:19.880> first<00:19:20.090> computers<00:19:20.660> came 00:19:20.860 --> 00:19:20.870 align:start position:0% you know when the first computers came 00:19:20.870 --> 00:19:22.840 align:start position:0% you know when the first computers came out<00:19:21.049> in<00:19:21.200> their<00:19:21.320> 40s<00:19:21.770> and<00:19:22.040> you<00:19:22.429> know<00:19:22.549> it's<00:19:22.700> like 00:19:22.840 --> 00:19:22.850 align:start position:0% out in their 40s and you know it's like 00:19:22.850 --> 00:19:24.730 align:start position:0% out in their 40s and you know it's like ah<00:19:23.000> you<00:19:23.840> know<00:19:23.960> what<00:19:24.110> what's<00:19:24.260> this<00:19:24.410> going<00:19:24.590> to<00:19:24.650> do 00:19:24.730 --> 00:19:24.740 align:start position:0% ah you know what what's this going to do 00:19:24.740 --> 00:19:25.870 align:start position:0% ah you know what what's this going to do it<00:19:24.860> might<00:19:25.010> make<00:19:25.160> a<00:19:25.220> few<00:19:25.309> people<00:19:25.760> who<00:19:25.850> are 00:19:25.870 --> 00:19:25.880 align:start position:0% it might make a few people who are 00:19:25.880 --> 00:19:28.000 align:start position:0% it might make a few people who are sitting<00:19:26.240> a<00:19:26.360> hall<00:19:26.570> doing<00:19:26.900> abacus<00:19:27.380> calculations 00:19:28.000 --> 00:19:28.010 align:start position:0% sitting a hall doing abacus calculations 00:19:28.010 --> 00:19:29.950 align:start position:0% sitting a hall doing abacus calculations out<00:19:28.130> of<00:19:28.220> a<00:19:28.280> job<00:19:28.490> but<00:19:28.640> basically<00:19:29.179> is<00:19:29.510> it<00:19:29.780> going 00:19:29.950 --> 00:19:29.960 align:start position:0% out of a job but basically is it going 00:19:29.960 --> 00:19:31.780 align:start position:0% out of a job but basically is it going to<00:19:30.049> change<00:19:30.260> the<00:19:30.410> world<00:19:30.620> well<00:19:31.370> we<00:19:31.490> can't<00:19:31.700> really 00:19:31.780 --> 00:19:31.790 align:start position:0% to change the world well we can't really 00:19:31.790 --> 00:19:33.430 align:start position:0% to change the world well we can't really see<00:19:32.030> what<00:19:32.210> the<00:19:32.299> final<00:19:32.480> applications<00:19:33.080> are<00:19:33.230> so 00:19:33.430 --> 00:19:33.440 align:start position:0% see what the final applications are so 00:19:33.440 --> 00:19:36.280 align:start position:0% see what the final applications are so maybe<00:19:33.650> not<00:19:33.920> and<00:19:34.460> of<00:19:34.580> course<00:19:34.790> yeah<00:19:35.150> it<00:19:36.080> turned 00:19:36.280 --> 00:19:36.290 align:start position:0% maybe not and of course yeah it turned 00:19:36.290 --> 00:19:39.430 align:start position:0% maybe not and of course yeah it turned out<00:19:36.410> rather<00:19:36.590> differently<00:19:37.130> so<00:19:37.340> and<00:19:38.440> it's 00:19:39.430 --> 00:19:39.440 align:start position:0% out rather differently so and it's 00:19:39.440 --> 00:19:43.600 align:start position:0% out rather differently so and it's difficult<00:19:40.130> to<00:19:40.280> comment<00:19:40.520> on<00:19:40.760> precisely<00:19:42.040> how<00:19:43.040> we 00:19:43.600 --> 00:19:43.610 align:start position:0% difficult to comment on precisely how we 00:19:43.610 --> 00:19:47.020 align:start position:0% difficult to comment on precisely how we might<00:19:44.330> try<00:19:44.720> to<00:19:44.750> shape<00:19:45.580> what<00:19:46.580> the<00:19:46.790> eventual 00:19:47.020 --> 00:19:47.030 align:start position:0% might try to shape what the eventual 00:19:47.030 --> 00:19:53.320 align:start position:0% might try to shape what the eventual outcome<00:19:47.360> is<00:19:47.780> from<00:19:48.380> this<00:19:48.559> technology<00:19:50.799> but<00:19:52.330> yeah 00:19:53.320 --> 00:19:53.330 align:start position:0% outcome is from this technology but yeah 00:19:53.330 --> 00:19:57.100 align:start position:0% outcome is from this technology but yeah I<00:19:53.360> guess<00:19:54.340> attempting<00:19:55.340> to<00:19:55.460> be<00:19:55.610> useful<00:19:56.450> and 00:19:57.100 --> 00:19:57.110 align:start position:0% I guess attempting to be useful and 00:19:57.110 --> 00:20:01.120 align:start position:0% I guess attempting to be useful and inclusive<00:19:58.070> is<00:19:58.580> probably<00:19:59.150> a<00:20:00.100> reasonably<00:20:01.100> good 00:20:01.120 --> 00:20:01.130 align:start position:0% inclusive is probably a reasonably good 00:20:01.130 --> 00:20:06.960 align:start position:0% inclusive is probably a reasonably good way<00:20:01.400> to<00:20:01.460> to<00:20:02.450> set<00:20:02.630> about<00:20:02.870> it<00:20:04.450> one<00:20:05.450> more<00:20:05.570> question 00:20:06.960 --> 00:20:06.970 align:start position:0% way to to set about it one more question 00:20:06.970 --> 00:20:09.310 align:start position:0% way to to set about it one more question do<00:20:07.970> you<00:20:08.059> have<00:20:08.090> any<00:20:08.179> thoughts<00:20:08.510> on<00:20:08.660> what<00:20:08.900> some<00:20:09.290> of 00:20:09.310 --> 00:20:09.320 align:start position:0% do you have any thoughts on what some of 00:20:09.320 --> 00:20:11.860 align:start position:0% do you have any thoughts on what some of the<00:20:09.590> like<00:20:10.240> the<00:20:11.240> things<00:20:11.480> that<00:20:11.570> are<00:20:11.720> going<00:20:11.809> to 00:20:11.860 --> 00:20:11.870 align:start position:0% the like the things that are going to 00:20:11.870 --> 00:20:14.770 align:start position:0% the like the things that are going to take<00:20:12.169> the<00:20:12.350> longest<00:20:12.799> or<00:20:12.980> be<00:20:13.130> the<00:20:13.250> hardest<00:20:13.610> to<00:20:14.179> to 00:20:14.770 --> 00:20:14.780 align:start position:0% take the longest or be the hardest to to 00:20:14.780 --> 00:20:16.870 align:start position:0% take the longest or be the hardest to to transition<00:20:15.380> from<00:20:15.410> the<00:20:15.770> old<00:20:15.799> model<00:20:16.100> onto<00:20:16.580> this 00:20:16.870 --> 00:20:16.880 align:start position:0% transition from the old model onto this 00:20:16.880 --> 00:20:24.250 align:start position:0% transition from the old model onto this new<00:20:17.030> model<00:20:17.330> oh<00:20:20.110> um<00:20:21.160> I<00:20:22.630> guess<00:20:23.630> inevitably 00:20:24.250 --> 00:20:24.260 align:start position:0% new model oh um I guess inevitably 00:20:24.260 --> 00:20:28.419 align:start position:0% new model oh um I guess inevitably there's<00:20:26.140> with<00:20:27.140> any<00:20:27.290> new<00:20:27.530> way<00:20:27.710> of<00:20:27.740> doing<00:20:28.040> things 00:20:28.419 --> 00:20:28.429 align:start position:0% there's with any new way of doing things 00:20:28.429 --> 00:20:31.390 align:start position:0% there's with any new way of doing things there<00:20:28.669> are<00:20:28.790> people<00:20:29.120> who<00:20:29.330> stand<00:20:29.960> to<00:20:30.340> benefit<00:20:31.340> a 00:20:31.390 --> 00:20:31.400 align:start position:0% there are people who stand to benefit a 00:20:31.400 --> 00:20:33.130 align:start position:0% there are people who stand to benefit a lot<00:20:31.640> and<00:20:31.850> there<00:20:32.299> are<00:20:32.419> people<00:20:32.510> who<00:20:32.750> stand<00:20:33.049> to 00:20:33.130 --> 00:20:33.140 align:start position:0% lot and there are people who stand to 00:20:33.140 --> 00:20:39.400 align:start position:0% lot and there are people who stand to benefit<00:20:33.890> much<00:20:34.250> much<00:20:34.580> less<00:20:34.850> and<00:20:38.410> yeah 00:20:39.400 --> 00:20:39.410 align:start position:0% benefit much much less and yeah 00:20:39.410 --> 00:20:42.850 align:start position:0% benefit much much less and yeah persuading<00:20:40.100> them<00:20:40.250> that<00:20:40.660> actually<00:20:41.660> there's<00:20:42.650> no 00:20:42.850 --> 00:20:42.860 align:start position:0% persuading them that actually there's no 00:20:42.860 --> 00:20:44.470 align:start position:0% persuading them that actually there's no option<00:20:43.280> they<00:20:43.549> should<00:20:43.760> really<00:20:44.059> you<00:20:44.330> know<00:20:44.450> I 00:20:44.470 --> 00:20:44.480 align:start position:0% option they should really you know I 00:20:44.480 --> 00:20:45.549 align:start position:0% option they should really you know I don't<00:20:44.780> know<00:20:44.840> what<00:20:44.990> what<00:20:45.140> do<00:20:45.230> they<00:20:45.350> say<00:20:45.500> you 00:20:45.549 --> 00:20:45.559 align:start position:0% don't know what what do they say you 00:20:45.559 --> 00:20:47.620 align:start position:0% don't know what what do they say you should<00:20:45.890> you<00:20:46.730> know<00:20:46.850> shoot<00:20:47.120> yourself<00:20:47.480> in<00:20:47.570> the 00:20:47.620 --> 00:20:47.630 align:start position:0% should you know shoot yourself in the 00:20:47.630 --> 00:20:48.970 align:start position:0% should you know shoot yourself in the foot<00:20:47.870> I'll<00:20:48.049> be<00:20:48.140> shot<00:20:48.350> in<00:20:48.440> the<00:20:48.500> head<00:20:48.590> tomorrow 00:20:48.970 --> 00:20:48.980 align:start position:0% foot I'll be shot in the head tomorrow 00:20:48.980 --> 00:20:51.070 align:start position:0% foot I'll be shot in the head tomorrow you<00:20:49.250> know<00:20:49.370> it's<00:20:49.610> like<00:20:49.760> well<00:20:50.000> persuading<00:20:50.990> them 00:20:51.070 --> 00:20:51.080 align:start position:0% you know it's like well persuading them 00:20:51.080 --> 00:20:52.419 align:start position:0% you know it's like well persuading them to<00:20:51.110> shoot<00:20:51.380> themselves<00:20:51.530> in<00:20:51.770> the<00:20:51.830> foot<00:20:51.890> now<00:20:52.220> is 00:20:52.419 --> 00:20:52.429 align:start position:0% to shoot themselves in the foot now is 00:20:52.429 --> 00:20:57.220 align:start position:0% to shoot themselves in the foot now is going<00:20:52.610> to<00:20:52.669> be<00:20:52.760> difficult<00:20:53.210> so<00:20:53.620> I<00:20:55.960> would<00:20:56.960> say 00:20:57.220 --> 00:20:57.230 align:start position:0% going to be difficult so I would say 00:20:57.230 --> 00:21:03.340 align:start position:0% going to be difficult so I would say that<00:20:59.320> it's<00:21:01.179> the<00:21:02.179> hardest<00:21:02.570> things<00:21:02.780> to<00:21:02.960> me<00:21:03.080> seem 00:21:03.340 --> 00:21:03.350 align:start position:0% that it's the hardest things to me seem 00:21:03.350 --> 00:21:06.010 align:start position:0% that it's the hardest things to me seem to<00:21:03.470> be<00:21:03.559> the<00:21:03.710> people<00:21:04.010> who<00:21:04.040> at<00:21:04.940> the<00:21:05.090> moment<00:21:05.120> relat 00:21:06.010 --> 00:21:06.020 align:start position:0% to be the people who at the moment relat 00:21:06.020 --> 00:21:09.430 align:start position:0% to be the people who at the moment relat have<00:21:06.290> a<00:21:06.320> relatively<00:21:07.070> easy<00:21:08.230> existence<00:21:09.230> or 00:21:09.430 --> 00:21:09.440 align:start position:0% have a relatively easy existence or 00:21:09.440 --> 00:21:11.140 align:start position:0% have a relatively easy existence or people<00:21:09.830> I<00:21:09.890> say<00:21:10.040> people<00:21:10.250> in<00:21:10.429> organizations 00:21:11.140 --> 00:21:11.150 align:start position:0% people I say people in organizations 00:21:11.150 --> 00:21:12.640 align:start position:0% people I say people in organizations because<00:21:11.360> that's<00:21:11.720> what<00:21:11.900> that's<00:21:12.320> what<00:21:12.470> it<00:21:12.559> is 00:21:12.640 --> 00:21:12.650 align:start position:0% because that's what that's what it is 00:21:12.650 --> 00:21:15.370 align:start position:0% because that's what that's what it is isn't<00:21:12.830> it<00:21:12.950> and<00:21:13.940> persuading<00:21:14.690> these<00:21:14.840> guys<00:21:15.080> that 00:21:15.370 --> 00:21:15.380 align:start position:0% isn't it and persuading these guys that 00:21:15.380 --> 00:21:17.740 align:start position:0% isn't it and persuading these guys that actually<00:21:15.890> what<00:21:16.040> you<00:21:17.000> know<00:21:17.120> they<00:21:17.270> need<00:21:17.720> to 00:21:17.740 --> 00:21:17.750 align:start position:0% actually what you know they need to 00:21:17.750 --> 00:21:19.659 align:start position:0% actually what you know they need to start<00:21:18.230> thinking<00:21:18.320> about<00:21:18.650> things<00:21:19.040> in<00:21:19.220> a<00:21:19.340> in<00:21:19.580> a 00:21:19.659 --> 00:21:19.669 align:start position:0% start thinking about things in a in a 00:21:19.669 --> 00:21:21.400 align:start position:0% start thinking about things in a in a different<00:21:19.700> manner<00:21:20.150> a<00:21:20.380> radically<00:21:21.380> different 00:21:21.400 --> 00:21:21.410 align:start position:0% different manner a radically different 00:21:21.410 --> 00:21:24.640 align:start position:0% different manner a radically different manner<00:21:22.000> is<00:21:23.000> is<00:21:23.960> going<00:21:24.140> to<00:21:24.200> be<00:21:24.290> the<00:21:24.410> hardest 00:21:24.640 --> 00:21:24.650 align:start position:0% manner is is going to be the hardest 00:21:24.650 --> 00:21:26.409 align:start position:0% manner is is going to be the hardest task<00:21:24.950> and<00:21:25.220> the<00:21:25.490> only<00:21:25.640> way<00:21:25.910> we're<00:21:26.150> going<00:21:26.270> to<00:21:26.330> be 00:21:26.409 --> 00:21:26.419 align:start position:0% task and the only way we're going to be 00:21:26.419 --> 00:21:28.090 align:start position:0% task and the only way we're going to be able<00:21:26.510> to<00:21:26.660> do<00:21:26.780> that<00:21:26.990> is<00:21:27.200> basically<00:21:27.620> it's<00:21:28.010> how 00:21:28.090 --> 00:21:28.100 align:start position:0% able to do that is basically it's how 00:21:28.100 --> 00:21:28.960 align:start position:0% able to do that is basically it's how you<00:21:28.160> convince<00:21:28.640> and 00:21:28.960 --> 00:21:28.970 align:start position:0% you convince and 00:21:28.970 --> 00:21:31.510 align:start position:0% you convince and better<00:21:29.120> to<00:21:29.419> invest<00:21:29.570> right<00:21:30.049> it's<00:21:30.320> an<00:21:30.470> MVP<00:21:30.890> so 00:21:31.510 --> 00:21:31.520 align:start position:0% better to invest right it's an MVP so 00:21:31.520 --> 00:21:34.149 align:start position:0% better to invest right it's an MVP so you<00:21:31.669> show<00:21:31.940> them<00:21:32.090> look<00:21:32.299> there<00:21:33.230> you<00:21:33.679> can<00:21:33.830> see<00:21:34.039> it 00:21:34.149 --> 00:21:34.159 align:start position:0% you show them look there you can see it 00:21:34.159 --> 00:21:36.940 align:start position:0% you show them look there you can see it working<00:21:34.370> it's<00:21:35.059> this<00:21:35.780> is<00:21:35.990> how<00:21:36.140> you<00:21:36.650> know<00:21:36.740> once 00:21:36.940 --> 00:21:36.950 align:start position:0% working it's this is how you know once 00:21:36.950 --> 00:21:38.830 align:start position:0% working it's this is how you know once people<00:21:37.130> realize<00:21:37.640> this<00:21:37.880> you're<00:21:38.450> not<00:21:38.600> going<00:21:38.750> to 00:21:38.830 --> 00:21:38.840 align:start position:0% people realize this you're not going to 00:21:38.840 --> 00:21:40.270 align:start position:0% people realize this you're not going to be<00:21:38.929> competing<00:21:39.380> with<00:21:39.590> this<00:21:39.830> that<00:21:39.950> you<00:21:39.980> can't 00:21:40.270 --> 00:21:40.280 align:start position:0% be competing with this that you can't 00:21:40.280 --> 00:21:41.950 align:start position:0% be competing with this that you can't possibly<00:21:40.520> compete<00:21:41.120> with<00:21:41.240> this<00:21:41.299> technology<00:21:41.780> so 00:21:41.950 --> 00:21:41.960 align:start position:0% possibly compete with this technology so 00:21:41.960 --> 00:21:44.740 align:start position:0% possibly compete with this technology so just<00:21:42.260> get<00:21:43.130> real<00:21:43.370> and<00:21:43.610> start<00:21:43.880> start<00:21:44.330> thinking 00:21:44.740 --> 00:21:44.750 align:start position:0% just get real and start start thinking 00:21:44.750 --> 00:21:46.600 align:start position:0% just get real and start start thinking in<00:21:44.840> different<00:21:44.870> ways<00:21:45.260> but<00:21:45.530> yeah<00:21:46.250> I<00:21:46.280> don't<00:21:46.490> know 00:21:46.600 --> 00:21:46.610 align:start position:0% in different ways but yeah I don't know 00:21:46.610 --> 00:21:49.450 align:start position:0% in different ways but yeah I don't know I<00:21:46.789> guess<00:21:47.059> that's<00:21:47.690> probably<00:21:47.929> why<00:21:48.230> ting<00:21:48.470> and<00:21:49.400> we 00:21:49.450 --> 00:21:49.460 align:start position:0% I guess that's probably why ting and we 00:21:49.460 --> 00:21:52.000 align:start position:0% I guess that's probably why ting and we just<00:21:49.580> have<00:21:49.669> one<00:21:49.820> more<00:21:49.940> quick<00:21:50.120> question<00:21:50.530> a<00:21:51.530> lot 00:21:52.000 --> 00:21:52.010 align:start position:0% just have one more quick question a lot 00:21:52.010 --> 00:21:53.830 align:start position:0% just have one more quick question a lot of<00:21:52.070> us<00:21:52.220> heard<00:21:52.700> in<00:21:52.880> this<00:21:53.030> conference<00:21:53.330> relative 00:21:53.830 --> 00:21:53.840 align:start position:0% of us heard in this conference relative 00:21:53.840 --> 00:21:55.990 align:start position:0% of us heard in this conference relative to<00:21:54.020> previously<00:21:54.470> a<00:21:54.799> lot<00:21:54.830> about<00:21:55.220> private<00:21:55.760> chains 00:21:55.990 --> 00:21:56.000 align:start position:0% to previously a lot about private chains 00:21:56.000 --> 00:21:58.330 align:start position:0% to previously a lot about private chains right<00:21:56.390> and<00:21:56.600> my<00:21:57.200> question<00:21:57.530> to<00:21:57.559> you<00:21:57.710> is<00:21:57.919> as<00:21:58.130> we 00:21:58.330 --> 00:21:58.340 align:start position:0% right and my question to you is as we 00:21:58.340 --> 00:22:00.880 align:start position:0% right and my question to you is as we progress<00:21:58.580> forward<00:21:59.120> into<00:21:59.809> the<00:21:59.929> future<00:22:00.289> how<00:22:00.830> do 00:22:00.880 --> 00:22:00.890 align:start position:0% progress forward into the future how do 00:22:00.890 --> 00:22:02.710 align:start position:0% progress forward into the future how do we<00:22:01.039> ensure<00:22:01.400> that<00:22:01.429> sort<00:22:02.059> of<00:22:02.090> like<00:22:02.240> the<00:22:02.419> public 00:22:02.710 --> 00:22:02.720 align:start position:0% we ensure that sort of like the public 00:22:02.720 --> 00:22:05.409 align:start position:0% we ensure that sort of like the public chain<00:22:02.960> doesn't<00:22:03.350> get<00:22:03.470> starved<00:22:04.070> while<00:22:04.549> the<00:22:04.909> sort 00:22:05.409 --> 00:22:05.419 align:start position:0% chain doesn't get starved while the sort 00:22:05.419 --> 00:22:07.779 align:start position:0% chain doesn't get starved while the sort like<00:22:05.539> the<00:22:05.690> concept<00:22:06.049> of<00:22:06.289> a<00:22:06.559> private<00:22:07.309> chain<00:22:07.520> sort 00:22:07.779 --> 00:22:07.789 align:start position:0% like the concept of a private chain sort 00:22:07.789 --> 00:22:10.060 align:start position:0% like the concept of a private chain sort of<00:22:07.880> flourishes<00:22:08.360> naturally<00:22:09.200> because<00:22:09.470> of<00:22:09.500> the 00:22:10.060 --> 00:22:10.070 align:start position:0% of flourishes naturally because of the 00:22:10.070 --> 00:22:14.649 align:start position:0% of flourishes naturally because of the investment<00:22:10.640> in<00:22:10.850> in<00:22:11.419> it<00:22:12.520> yeah<00:22:13.520> good<00:22:13.820> question<00:22:13.909> I 00:22:14.649 --> 00:22:14.659 align:start position:0% investment in in it yeah good question I 00:22:14.659 --> 00:22:18.700 align:start position:0% investment in in it yeah good question I would<00:22:15.260> say<00:22:15.470> that<00:22:15.679> the<00:22:17.049> the<00:22:18.049> first<00:22:18.320> thing<00:22:18.500> to<00:22:18.590> do 00:22:18.700 --> 00:22:18.710 align:start position:0% would say that the the first thing to do 00:22:18.710 --> 00:22:20.230 align:start position:0% would say that the the first thing to do is<00:22:18.830> to<00:22:18.950> make<00:22:19.100> sure<00:22:19.309> that<00:22:19.520> all<00:22:19.909> of<00:22:19.970> the 00:22:20.230 --> 00:22:20.240 align:start position:0% is to make sure that all of the 00:22:20.240 --> 00:22:21.760 align:start position:0% is to make sure that all of the technology<00:22:20.720> that<00:22:20.870> goes<00:22:20.929> into<00:22:21.200> private<00:22:21.559> chains 00:22:21.760 --> 00:22:21.770 align:start position:0% technology that goes into private chains 00:22:21.770 --> 00:22:25.029 align:start position:0% technology that goes into private chains is<00:22:22.039> free<00:22:22.520> and<00:22:22.669> open<00:22:23.409> the<00:22:24.409> second<00:22:24.740> thing<00:22:24.830> to<00:22:24.919> do 00:22:25.029 --> 00:22:25.039 align:start position:0% is free and open the second thing to do 00:22:25.039 --> 00:22:27.570 align:start position:0% is free and open the second thing to do is<00:22:25.190> as<00:22:25.400> much<00:22:25.580> as<00:22:25.760> possible<00:22:26.150> make<00:22:26.330> sure<00:22:26.360> that 00:22:27.570 --> 00:22:27.580 align:start position:0% is as much as possible make sure that 00:22:27.580 --> 00:22:30.460 align:start position:0% is as much as possible make sure that resources<00:22:28.580> are<00:22:28.730> shared<00:22:28.940> so<00:22:29.390> any<00:22:29.570> of<00:22:29.720> the<00:22:29.870> sort 00:22:30.460 --> 00:22:30.470 align:start position:0% resources are shared so any of the sort 00:22:30.470 --> 00:22:32.520 align:start position:0% resources are shared so any of the sort of<00:22:30.530> resources<00:22:31.490> that<00:22:31.640> go<00:22:31.789> into<00:22:31.940> private<00:22:32.179> chains 00:22:32.520 --> 00:22:32.530 align:start position:0% of resources that go into private chains 00:22:32.530 --> 00:22:35.289 align:start position:0% of resources that go into private chains necessarily<00:22:33.530> go<00:22:33.710> into<00:22:33.890> public<00:22:34.880> chains<00:22:35.030> so<00:22:35.150> one 00:22:35.289 --> 00:22:35.299 align:start position:0% necessarily go into public chains so one 00:22:35.299 --> 00:22:37.480 align:start position:0% necessarily go into public chains so one way<00:22:35.390> of<00:22:35.419> doing<00:22:35.539> this<00:22:35.750> is<00:22:35.990> by<00:22:36.140> making<00:22:36.490> avoiding 00:22:37.480 --> 00:22:37.490 align:start position:0% way of doing this is by making avoiding 00:22:37.490 --> 00:22:39.760 align:start position:0% way of doing this is by making avoiding like<00:22:37.640> forking<00:22:38.150> code<00:22:38.299> bases<00:22:38.720> and<00:22:38.900> trying<00:22:39.620> to 00:22:39.760 --> 00:22:39.770 align:start position:0% like forking code bases and trying to 00:22:39.770 --> 00:22:41.620 align:start position:0% like forking code bases and trying to integrate<00:22:40.010> as<00:22:40.370> much<00:22:40.549> as<00:22:40.700> possible<00:22:41.090> into<00:22:41.240> as 00:22:41.620 --> 00:22:41.630 align:start position:0% integrate as much as possible into as 00:22:41.630 --> 00:22:44.350 align:start position:0% integrate as much as possible into as the<00:22:41.870> same<00:22:42.080> code<00:22:42.350> base<00:22:42.380> yeah<00:22:43.280> so<00:22:44.000> that<00:22:44.179> IP 00:22:44.350 --> 00:22:44.360 align:start position:0% the same code base yeah so that IP 00:22:44.360 --> 00:22:46.899 align:start position:0% the same code base yeah so that IP cannot<00:22:45.020> be<00:22:45.260> sort<00:22:45.530> of<00:22:45.590> torn<00:22:45.919> out<00:22:46.130> and<00:22:46.159> kept 00:22:46.899 --> 00:22:46.909 align:start position:0% cannot be sort of torn out and kept 00:22:46.909 --> 00:22:51.279 align:start position:0% cannot be sort of torn out and kept hidden<00:22:47.809> in<00:22:47.990> the<00:22:48.110> dark<00:22:49.150> and<00:22:50.150> the<00:22:50.720> the<00:22:51.020> final 00:22:51.279 --> 00:22:51.289 align:start position:0% hidden in the dark and the the final 00:22:51.289 --> 00:22:53.200 align:start position:0% hidden in the dark and the the final things<00:22:51.440> that<00:22:51.559> I<00:22:51.620> think<00:22:51.679> is<00:22:51.860> is<00:22:52.100> more<00:22:52.520> strategic 00:22:53.200 --> 00:22:53.210 align:start position:0% things that I think is is more strategic 00:22:53.210 --> 00:22:55.890 align:start position:0% things that I think is is more strategic and<00:22:53.330> that's<00:22:53.690> to<00:22:53.960> try<00:22:54.140> and<00:22:54.230> make<00:22:54.559> sure<00:22:54.860> that 00:22:55.890 --> 00:22:55.900 align:start position:0% and that's to try and make sure that 00:22:55.900 --> 00:22:59.260 align:start position:0% and that's to try and make sure that we're<00:22:56.900> always<00:22:57.080> looking<00:22:57.260> forward<00:22:58.190> to<00:22:58.549> the 00:22:59.260 --> 00:22:59.270 align:start position:0% we're always looking forward to the 00:22:59.270 --> 00:23:01.899 align:start position:0% we're always looking forward to the point<00:22:59.510> where<00:22:59.919> whatever<00:23:00.919> it<00:23:01.070> is<00:23:01.190> that<00:23:01.460> private 00:23:01.899 --> 00:23:01.909 align:start position:0% point where whatever it is that private 00:23:01.909 --> 00:23:04.539 align:start position:0% point where whatever it is that private chains<00:23:02.150> deliver<00:23:02.570> the<00:23:03.320> public<00:23:03.980> chain<00:23:04.190> can<00:23:04.400> also 00:23:04.539 --> 00:23:04.549 align:start position:0% chains deliver the public chain can also 00:23:04.549 --> 00:23:06.490 align:start position:0% chains deliver the public chain can also deliver<00:23:04.880> so<00:23:05.480> we<00:23:05.630> should<00:23:05.780> be<00:23:05.809> looking<00:23:05.929> forward 00:23:06.490 --> 00:23:06.500 align:start position:0% deliver so we should be looking forward 00:23:06.500 --> 00:23:09.130 align:start position:0% deliver so we should be looking forward to<00:23:06.740> a<00:23:06.770> point<00:23:07.130> where<00:23:07.510> we're<00:23:08.510> not<00:23:08.720> there<00:23:08.900> aren't 00:23:09.130 --> 00:23:09.140 align:start position:0% to a point where we're not there aren't 00:23:09.140 --> 00:23:11.230 align:start position:0% to a point where we're not there aren't private<00:23:09.470> chains<00:23:09.830> and<00:23:10.100> the<00:23:10.340> open<00:23:10.640> chain<00:23:10.880> you 00:23:11.230 --> 00:23:11.240 align:start position:0% private chains and the open chain you 00:23:11.240 --> 00:23:12.760 align:start position:0% private chains and the open chain you know<00:23:11.270> where<00:23:11.600> is<00:23:11.720> a<00:23:11.750> we<00:23:12.289> should<00:23:12.350> be<00:23:12.500> looking<00:23:12.710> to 00:23:12.760 --> 00:23:12.770 align:start position:0% know where is a we should be looking to 00:23:12.770 --> 00:23:14.200 align:start position:0% know where is a we should be looking to a<00:23:12.799> point<00:23:13.039> where<00:23:13.190> that's<00:23:13.280> a<00:23:13.429> false<00:23:13.640> choice<00:23:13.880> and 00:23:14.200 --> 00:23:14.210 align:start position:0% a point where that's a false choice and 00:23:14.210 --> 00:23:15.789 align:start position:0% a point where that's a false choice and where<00:23:14.360> there's<00:23:14.510> actually<00:23:14.600> the<00:23:15.289> real<00:23:15.530> choice 00:23:15.789 --> 00:23:15.799 align:start position:0% where there's actually the real choice 00:23:15.799 --> 00:23:18.250 align:start position:0% where there's actually the real choice is<00:23:16.070> a<00:23:16.100> single<00:23:16.610> sort<00:23:16.880> of<00:23:16.909> hybrid<00:23:17.659> chain<00:23:17.900> where 00:23:18.250 --> 00:23:18.260 align:start position:0% is a single sort of hybrid chain where 00:23:18.260 --> 00:23:20.890 align:start position:0% is a single sort of hybrid chain where what<00:23:18.919> what<00:23:19.909> needs<00:23:20.179> to<00:23:20.360> be<00:23:20.450> private<00:23:20.720> for 00:23:20.890 --> 00:23:20.900 align:start position:0% what what needs to be private for 00:23:20.900 --> 00:23:23.230 align:start position:0% what what needs to be private for particular<00:23:21.230> applications<00:23:21.890> is<00:23:22.010> private<00:23:22.490> what 00:23:23.230 --> 00:23:23.240 align:start position:0% particular applications is private what 00:23:23.240 --> 00:23:24.730 align:start position:0% particular applications is private what does<00:23:23.419> it<00:23:23.510> need<00:23:23.630> to<00:23:23.720> be<00:23:23.780> private<00:23:23.990> isn't<00:23:24.380> private 00:23:24.730 --> 00:23:24.740 align:start position:0% does it need to be private isn't private 00:23:24.740 --> 00:23:28.180 align:start position:0% does it need to be private isn't private and<00:23:25.179> actually<00:23:26.179> all<00:23:26.360> operates<00:23:26.960> in<00:23:27.200> essentially 00:23:28.180 --> 00:23:28.190 align:start position:0% and actually all operates in essentially 00:23:28.190 --> 00:23:31.120 align:start position:0% and actually all operates in essentially the<00:23:28.220> same<00:23:28.570> environment<00:23:29.570> so<00:23:30.320> that's<00:23:30.799> something 00:23:31.120 --> 00:23:31.130 align:start position:0% the same environment so that's something 00:23:31.130 --> 00:23:32.440 align:start position:0% the same environment so that's something that<00:23:31.429> I'd<00:23:31.730> like<00:23:31.909> to<00:23:31.940> see<00:23:32.179> and<00:23:32.330> that's 00:23:32.440 --> 00:23:32.450 align:start position:0% that I'd like to see and that's 00:23:32.450 --> 00:23:34.419 align:start position:0% that I'd like to see and that's something<00:23:32.659> that<00:23:32.840> I<00:23:32.990> hope<00:23:33.320> you<00:23:33.710> know<00:23:33.860> as<00:23:34.039> a 00:23:34.419 --> 00:23:34.429 align:start position:0% something that I hope you know as a 00:23:34.429 --> 00:23:37.450 align:start position:0% something that I hope you know as a community<00:23:35.000> we<00:23:35.240> can<00:23:35.270> eventually<00:23:36.340> develop<00:23:37.340> an 00:23:37.450 --> 00:23:37.460 align:start position:0% community we can eventually develop an 00:23:37.460 --> 00:23:38.030 align:start position:0% community we can eventually develop an and 00:23:38.030 --> 00:23:38.040 align:start position:0% and 00:23:38.040 --> 00:23:41.750 align:start position:0% and and<00:23:38.130> implement<00:23:39.260> great<00:23:40.260> thank<00:23:41.010> you<00:23:41.070> and<00:23:41.400> good 00:23:41.750 --> 00:23:41.760 align:start position:0% and implement great thank you and good 00:23:41.760 --> 00:23:44.240 align:start position:0% and implement great thank you and good for<00:23:41.880> Gavin